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   "value": "<span style=\"display:inherit;clear:left;\">No<span class=\"_ _1c\"></span>te Esp<span class=\"_ _2\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>l Bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o C<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to</span><span style=\"display:inherit;clear:left;\">1. Infor<span class=\"_ _2\"></span>mazioni societarie</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. \u00e8 una socie<span class=\"_ _4\"></span>t\u00e0 cos<span class=\"_ _4\"></span>tituit<span class=\"_ _4\"></span>a in Italia, con s<span class=\"_ _4\"></span>ede l<span class=\"_ _4\"></span>egale in v<span class=\"_ _4\"></span>ia T<span class=\"_ _1c\"></span>or<span class=\"_ _4\"></span>nabuoni 2 Fire<span class=\"_ _4\"></span>nze, in forma di </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 p<span class=\"_ _4\"></span>er azio<span class=\"_ _4\"></span>ni, regolat<span class=\"_ _4\"></span>a dal diritto it<span class=\"_ _4\"></span>aliano e organi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a seco<span class=\"_ _4\"></span>ndo il mo<span class=\"_ _4\"></span>dello di amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione e controll<span class=\"_ _4\"></span>o tradi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zionale co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a dei S<span class=\"_ _4\"></span>oci, il Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione e il Colle<span class=\"_ _4\"></span>gio Sindac<span class=\"_ _4\"></span>ale. Le A<span class=\"_ _5\"></span>zioni de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">negoziate sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Eurone<span class=\"_ _4\"></span>xt Milan o<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e ges<span class=\"_ _4\"></span>tito da Bor<span class=\"_ _4\"></span>sa It<span class=\"_ _4\"></span>aliana S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 uno de<span class=\"_ _4\"></span>i principali playe<span class=\"_ _4\"></span>r del s<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>e del lus<span class=\"_ _4\"></span>so le cui or<span class=\"_ _4\"></span>igini pos<span class=\"_ _4\"></span>sono f<span class=\"_ _4\"></span>arsi ri<span class=\"_ _4\"></span>salire al </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _4\"></span>9<span class=\"_ _5\"></span>2<span class=\"_ _4\"></span>7.</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato ap<span class=\"_ _4\"></span>provato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. con de<span class=\"_ _4\"></span>liber<span class=\"_ _4\"></span>a del 6 mar<span class=\"_ _4\"></span>zo 2025.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 att<span class=\"_ _4\"></span>ivo nella cre<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e, pro<span class=\"_ _4\"></span>duzione e ve<span class=\"_ _4\"></span>ndita di b<span class=\"_ _4\"></span>eni di lus<span class=\"_ _4\"></span>so, pe<span class=\"_ _4\"></span>r uomo e donna<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">quali: calzature, p<span class=\"_ _4\"></span>ellet<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>ia, abbigliamento, pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i in set<span class=\"_ _4\"></span>a, gioielli e alt<span class=\"_ _4\"></span>ri acce<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ri. La gamma d<span class=\"_ _4\"></span>ei pro<span class=\"_ _4\"></span>dotti co<span class=\"_ _4\"></span>mpren<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">de anche prof<span class=\"_ _4\"></span>umi, occhiali e orolo<span class=\"_ _4\"></span>gi, realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati su licen<span class=\"_ _4\"></span>za da op<span class=\"_ _4\"></span>erator<span class=\"_ _4\"></span>i ter<span class=\"_ _4\"></span>zi. Ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo ri<span class=\"_ _4\"></span>entra anche la </span><span style=\"display:inherit;clear:left;\">conce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ione in licen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utiliz<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>l marchio Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo e la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne immobiliare. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 pre<span class=\"_ _4\"></span>sente in o<span class=\"_ _4\"></span>ltre 9<span class=\"_ _4\"></span>0 paes<span class=\"_ _4\"></span>i nel mon<span class=\"_ _4\"></span>do, dirett<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, attrave<span class=\"_ _4\"></span>rso s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate </span><span style=\"display:inherit;clear:left;\">in 26 Paesi, e<span class=\"_ _4\"></span>d ef<span class=\"_ _4\"></span>fettua l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di ven<span class=\"_ _4\"></span>dita dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti prev<span class=\"_ _4\"></span>alentem<span class=\"_ _4\"></span>ente att<span class=\"_ _4\"></span>ravers<span class=\"_ _4\"></span>o un <span class=\"ff5f ls5b ws8\">net<span class=\"_ _4\"></span>work</span> di ne<span class=\"_ _4\"></span>gozi monomarc<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo, ge<span class=\"_ _4\"></span>stiti diret<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ente (DOS) o ges<span class=\"_ _4\"></span>titi da te<span class=\"_ _4\"></span>rzi, e<span class=\"_ _4\"></span>d in maniera c<span class=\"_ _4\"></span>omplem<span class=\"_ _4\"></span>entare<span class=\"_ _4\"></span>, attrave<span class=\"_ _4\"></span>rso una p<span class=\"_ _4\"></span>re<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sen<span class=\"_ _4\"></span>za qualif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>so <span class=\"ff5f\">de<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>ment store</span> e <span class=\"ff5f\">sp<span class=\"_ _4\"></span>ecialt<span class=\"_ _4\"></span>y store mult<span class=\"_ _4\"></span>ibr<span class=\"_ _1\"></span>and<span class=\"ff5c\">, oltre alla pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>l canale </span><span class=\"ls68 ws8e\">e<span class=\"_ _4\"></span>-comme<span class=\"_ _4\"></span>rce<span class=\"ff5c ls0 ws92\">. Per </span></span></span></span><span style=\"display:inherit;clear:left;\">mag<span class=\"_ _4\"></span>giori de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli sulle principali at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o si rimanda alla Rela<span class=\"_ _4\"></span>zione sulla ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one.</span><span style=\"display:inherit;clear:left;\">1.1 Dir<span class=\"_ _2\"></span>ezione e coor<span class=\"_ _2\"></span>dinamento</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. \u00e8 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>ta all<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di dire<span class=\"_ _4\"></span>zione e c<span class=\"_ _4\"></span>oordiname<span class=\"_ _4\"></span>nto, ai sensi d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ar<span class=\"_ _4\"></span>t 2<span class=\"_ _2\"></span>497 e s<span class=\"_ _4\"></span>s. de<span class=\"_ _4\"></span>l Codice </span><span style=\"display:inherit;clear:left;\">Civil<span class=\"_ _4\"></span>e, da par<span class=\"_ _4\"></span>te di Fer<span class=\"_ _4\"></span>ragamo Finanz<span class=\"_ _4\"></span>iaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., il cui bilancio co<span class=\"_ _4\"></span>nsolidato \u00e8 di<span class=\"_ _4\"></span>sponibile p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so la se<span class=\"_ _4\"></span>de so<span class=\"_ _4\"></span>ciale in Firen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ze, Via T<span class=\"_ _1c\"></span>ornabuoni<span class=\"_ _2\"></span>, 2.</span><span style=\"display:inherit;clear:left;\">In otte<span class=\"_ _4\"></span>mper<span class=\"_ _4\"></span>anza a quanto dis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 2<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>97<span class=\"_ _2\"></span>-bis c<span class=\"_ _4\"></span>omma 4 c.c<span class=\"_ _4\"></span>. si ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito i dati e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>nziali de<span class=\"_ _4\"></span>l bilancio </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 e 2022 de<span class=\"_ _4\"></span>lla socie<span class=\"_ _4\"></span>t\u00e0 contro<span class=\"_ _4\"></span>llante Ferrag<span class=\"_ _4\"></span>amo Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>..</span><span style=\"display:inherit;clear:left;\">Fer<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agamo Finanziaria S.p<span class=\"_ _1\"></span>.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">(In Euro)<span class=\"_ _a4\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _1dc\"> </span>31 dicembre 2022</span><span style=\"display:inherit;clear:left;\">ST<span class=\"_ _1c\"></span>A<span class=\"_ _1\"></span>TO P<span class=\"_ _1c\"></span>AT<span class=\"_ _1\"></span>RIMONIALE </span><span style=\"display:inherit;clear:left;\">AT<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>I<span class=\"_ _4\"></span>V<span class=\"_ _5\"></span>O</span><span style=\"display:inherit;clear:left;\">B) Immobilizzazioni<span class=\"_ _239\"> </span>178.205.886<span class=\"_ _297\"> </span>175.302.990</span><span style=\"display:inherit;clear:left;\">C) Attivo Circ<span class=\"_ _2\"></span>olante<span class=\"_ _2b2\"> </span><span class=\"ws0\">33.403.828<span class=\"_ _2a6\"> </span>49.269.615</span></span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>) Ratei e Risc<span class=\"_ _1\"></span>onti<span class=\"_ _dd\"> </span>49.584<span class=\"_ _141\"> </span>2.440</span><span style=\"display:inherit;clear:left;\">TO<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ALE A<span class=\"_ _1c\"></span>TTIVO<span class=\"_ _2b3\"> </span><span class=\"ws0\">211.659.298<span class=\"_ _bc\"> </span>224.575.045</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ASSIVO E P<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>TRIMONIO NETT<span class=\"_ _2\"></span>O</span><span style=\"display:inherit;clear:left;\">A) P<span class=\"_ _2\"></span>atrimonio netto</span><span style=\"display:inherit;clear:left;\">- Capitale Sociale<span class=\"_ _2b4\"> </span>49.749.960<span class=\"_ _2a6\"> </span>49.749.960</span><span style=\"display:inherit;clear:left;\">- Riserve<span class=\"_ _1d\"> </span>132.261.860<span class=\"_ _297\"> </span>127.448.376</span><span style=\"display:inherit;clear:left;\">- Utile/(Per<span class=\"_ _2\"></span>dita) dell\u2019esercizio<span class=\"_ _14e\"> </span>24.394.471<span class=\"_ _68\"> </span>29.688.465</span><span style=\"display:inherit;clear:left;\">B) Fondi Rischi ed Oneri<span class=\"_ _189\"> </span>-<span class=\"_ _90\"> </span>-</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>) Debiti<span class=\"_ _2b5\"> </span>5.152.163<span class=\"_ _2a6\"> </span>17.522.360</span><span style=\"display:inherit;clear:left;\">E) Ratei e Risconti<span class=\"_ _1a0\"> </span>100.844<span class=\"_ _2b6\"> </span>165.884</span><span style=\"display:inherit;clear:left;\">TO<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ALE P<span class=\"_ _1c\"></span>A<span class=\"_ _4\"></span>SSIVO E P<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TRIMONIO NETT<span class=\"_ _1\"></span>O<span class=\"_ _22e\"> </span>211.659.298<span class=\"_ _bc\"> </span>224.575.045</span><span style=\"display:inherit;clear:left;\">CONT<span class=\"_ _2\"></span>O ECONOMICO</span><span style=\"display:inherit;clear:left;\">A) Valor<span class=\"_ _2\"></span>e della produzione<span class=\"_ _2b7\"> </span>470.930<span class=\"_ _1c1\"> </span>366.866</span><span style=\"display:inherit;clear:left;\">B) C<span class=\"_ _1\"></span>osti della produzione<span class=\"_ _2b8\"> </span>(2.398.774)<span class=\"_ _215\"> </span>(3.306.037)</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza tr<span class=\"_ _2\"></span>a valore e costi della pr<span class=\"_ _2\"></span>oduzione<span class=\"_ _f9\"> </span>(1.927.844)<span class=\"_ _c4\"> </span>(2.939.171)</span><span style=\"display:inherit;clear:left;\">C) Pr<span class=\"_ _2\"></span>oventi e Oneri Finanziari<span class=\"_ _14\"> </span>25.938.008<span class=\"_ _2a6\"> </span>32.304.452</span><span style=\"display:inherit;clear:left;\">Risultato prima delle imposte<span class=\"_ _246\"> </span>24.010.164<span class=\"_ _7e\"> </span>29.365.281</span><span style=\"display:inherit;clear:left;\">Imposte sul reddito dell\u2019eser<span class=\"_ _1\"></span>cizio, cor<span class=\"_ _2\"></span>renti, differite e anticipate<span class=\"_ _173\"> </span>384.307<span class=\"_ _2b6\"> </span>323.184</span><span style=\"display:inherit;clear:left;\">Utile/(perdita) dell\u2019esercizio<span class=\"_ _2b9\"> </span>24.394.471<span class=\"_ _7e\"> </span>29.688.465</span><span style=\"display:inherit;clear:left;\">2. C<span class=\"_ _2\"></span>riteri di r<span class=\"_ _2\"></span>edazione</span><span style=\"display:inherit;clear:left;\">2.1 Espr<span class=\"_ _2\"></span>essione di confor<span class=\"_ _2\"></span>mit\u00e0 agli IFRS</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. \u00e8 s<span class=\"_ _4\"></span>tato r<span class=\"_ _4\"></span>edatto in c<span class=\"_ _4\"></span>onformit\u00e0 agli <span class=\"ff5f\">I<span class=\"_ _4\"></span>nternational Financial Re<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>ting Standards <span class=\"ff5c\">(IFRS), eme<span class=\"_ _4\"></span>ssi dall<span class=\"_ _4\"></span>\u2019</span>Inte<span class=\"_ _4\"></span>rnational Accounting Standards Bo<span class=\"_ _4\"></span>ard <span class=\"ff5c ls9 ws167\">(\u201cIASB\u201d<span class=\"_ _5\"></span>) ed omologati d<span class=\"_ _1\"></span>all\u2019<span class=\"_ _4\"></span>Unione<span class=\"_ _1\"></span> </span></span><span style=\"display:inherit;clear:left;\">Europea e<span class=\"_ _4\"></span>d in vigore alla dat<span class=\"_ _4\"></span>a di bilancio. Le note e<span class=\"_ _4\"></span>splic<span class=\"_ _4\"></span>ative al Bilancio c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>dato sono s<span class=\"_ _4\"></span>tate inte<span class=\"_ _4\"></span>grate con le infor<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mazio<span class=\"_ _4\"></span>ni agg<span class=\"_ _4\"></span>iuntive richie<span class=\"_ _4\"></span>ste da Con<span class=\"_ _4\"></span>sob e dai prov<span class=\"_ _5\"></span>vedime<span class=\"_ _4\"></span>nti da es<span class=\"_ _4\"></span>sa emanati in at<span class=\"_ _4\"></span>tuazio<span class=\"_ _4\"></span>ne all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>art<span class=\"_ _4\"></span>. 9 de<span class=\"_ _4\"></span>l D.lgs. 38<span class=\"_ _4\"></span>/20<span class=\"_ _4\"></span>05 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>de<span class=\"_ _4\"></span>liber<span class=\"_ _4\"></span>e 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 e 1<span class=\"_ _2\"></span>5520) del 27 luglio 200<span class=\"_ _4\"></span>6 e comunic<span class=\"_ _4\"></span>azione D<span class=\"_ _4\"></span>EM/60<span class=\"_ _4\"></span>64293 del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 78 del </span><span style=\"display:inherit;clear:left;\">Regolam<span class=\"_ _4\"></span>ento emit<span class=\"_ _4\"></span>tenti, de<span class=\"_ _4\"></span>l docume<span class=\"_ _4\"></span>nto CE del n<span class=\"_ _4\"></span>ovembre 20<span class=\"_ _4\"></span>03 e, dove ap<span class=\"_ _4\"></span>plicabili, de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>. Con \u201c<span class=\"_ _4\"></span>IFRS<span class=\"_ _4\"></span>\u201d si </span><span style=\"display:inherit;clear:left;\">intendo<span class=\"_ _4\"></span>no anche gli <span class=\"ff5f\">Inte<span class=\"_ _4\"></span>rnational Accounting Standards </span>(\u201c<span class=\"_ _4\"></span>IA<span class=\"_ _4\"></span>S\u201d<span class=\"_ _4\"></span>) t<span class=\"_ _4\"></span>uttor<span class=\"_ _4\"></span>a in vigore, n<span class=\"_ _4\"></span>onch\u00e9 tut<span class=\"_ _4\"></span>ti i docume<span class=\"_ _4\"></span>nti interpre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati<span class=\"_ _4\"></span>vi eme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i dagli <span class=\"ff5f\">IFRS Interpre<span class=\"_ _4\"></span>tation Committe<span class=\"_ _4\"></span>e</span><span class=\"ls6 wsbc\">, precede<span class=\"_ _4\"></span>ntemente denomi<span class=\"_ _1\"></span>nato <span class=\"ff5f ls3 ws16d\">International Financial Repor<span class=\"_ _4\"></span>ting </span></span></span><span style=\"display:inherit;clear:left;\">Interpret<span class=\"_ _4\"></span>ations Committe<span class=\"_ _4\"></span>e <span class=\"ff5c\">(\u201c<span class=\"_ _4\"></span>IFRIC<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) e<span class=\"_ _4\"></span>d ancor p<span class=\"_ _4\"></span>rima </span>Standing Interpretat<span class=\"_ _4\"></span>ions Committe<span class=\"_ _4\"></span>e <span class=\"ff5c ls32 ws122\">(\u201c<span class=\"_ _4\"></span>SIC<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>)</span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">2.2 C<span class=\"_ _2\"></span>ontenuto e for<span class=\"_ _1\"></span>ma del bilancio c<span class=\"_ _2\"></span>onsolidato</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019unit\u00e0 di valut<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro e tut<span class=\"_ _4\"></span>ti i valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi in migliaia di euro s<span class=\"_ _4\"></span>e non dive<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>amente indic<span class=\"_ _4\"></span>ato.</span><span style=\"display:inherit;clear:left;\">Gli schemi d<span class=\"_ _1\"></span>i presentazione della situ<span class=\"_ _1\"></span>azione patrimon<span class=\"_ _2\"></span>iale e finanziari<span class=\"_ _1\"></span>a consolida<span class=\"_ _1\"></span>ta presentano una distinzione<span class=\"_ _1\"></span> tra </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corrent<span class=\"_ _4\"></span>i e non corre<span class=\"_ _4\"></span>nti, dove:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _165\"></span>le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti compre<span class=\"_ _4\"></span>ndono i s<span class=\"_ _4\"></span>aldi atti<span class=\"_ _4\"></span>vi con ci<span class=\"_ _4\"></span>clo di realiz<span class=\"_ _4\"></span>zo olt<span class=\"_ _4\"></span>re dodici m<span class=\"_ _4\"></span>esi e<span class=\"_ _4\"></span>d includon<span class=\"_ _4\"></span>o le atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali, mater<span class=\"_ _4\"></span>iali, finanz<span class=\"_ _4\"></span>iarie e le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no i saldi at<span class=\"_ _4\"></span>tivi c<span class=\"_ _4\"></span>on ciclo di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo entro i do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>l<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>igibili oltre do<span class=\"_ _4\"></span>dici me<span class=\"_ _4\"></span>si, inclusi i de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, i fon<span class=\"_ _4\"></span>di per </span><span style=\"display:inherit;clear:left;\">rischi e<span class=\"_ _4\"></span>d one<span class=\"_ _4\"></span>ri e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci a dipend<span class=\"_ _4\"></span>enti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ive;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>orrenti co<span class=\"_ _4\"></span>mprendo<span class=\"_ _4\"></span>no le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 e<span class=\"_ _4\"></span>sigibili entro d<span class=\"_ _4\"></span>odici me<span class=\"_ _4\"></span>si, compre<span class=\"_ _4\"></span>sa la quot<span class=\"_ _4\"></span>a a breve d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>inanzia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">menti a m<span class=\"_ _4\"></span>edio<span class=\"_ _4\"></span>-lungo ter<span class=\"_ _4\"></span>mine, dei fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e<span class=\"_ _4\"></span>d oneri e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici a dipe<span class=\"_ _4\"></span>ndenti.</span><span style=\"display:inherit;clear:left;\">Il prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico con<span class=\"_ _4\"></span>solidato \u00e8 p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntato, dive<span class=\"_ _4\"></span>rsam<span class=\"_ _4\"></span>ente dal bilancio s<span class=\"_ _4\"></span>eparato d<span class=\"_ _4\"></span>ella soci<span class=\"_ _4\"></span>et\u00e0 C<span class=\"_ _4\"></span>apo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do una clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one dei co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione, fo<span class=\"_ _4\"></span>rma ritenut<span class=\"_ _4\"></span>a pi\u00f9 rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ativa ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per natura di s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019alloca<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione \u00e8 ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uata dal </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do i centri di c<span class=\"_ _4\"></span>osto ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla spe<span class=\"_ _4\"></span>sa. L<span class=\"_ _4\"></span>a forma sce<span class=\"_ _4\"></span>lta \u00e8, infat<span class=\"_ _4\"></span>ti, conforme </span><span style=\"display:inherit;clear:left;\">alle mo<span class=\"_ _4\"></span>dalit\u00e0 di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting</span> inte<span class=\"_ _4\"></span>rno e di ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span>. Il de<span class=\"_ _4\"></span>ttag<span class=\"_ _4\"></span>lio per natur<span class=\"_ _4\"></span>a di spe<span class=\"_ _4\"></span>sa \u00e8 fornito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>interno de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>ota 36 \u201cCo<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).</span></span> Il ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">\u00e8 st<span class=\"_ _4\"></span>ato predi<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to in bas<span class=\"_ _4\"></span>e al meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to e vie<span class=\"_ _4\"></span>ne pres<span class=\"_ _4\"></span>entato in c<span class=\"_ _4\"></span>onformit\u00e0 allo I<span class=\"_ _4\"></span>AS 7<span class=\"_ _2\"></span>, class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ando i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari tra at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>a, di inves<span class=\"_ _4\"></span>timento e di f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Si pre<span class=\"_ _4\"></span>cisa che co<span class=\"_ _4\"></span>n riferime<span class=\"_ _4\"></span>nto alla delibe<span class=\"_ _4\"></span>ra Cons<span class=\"_ _4\"></span>ob n. 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>19 del 27 luglio 200<span class=\"_ _4\"></span>6 e alla comunic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne n. DEM6<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>4293 </span><span style=\"display:inherit;clear:left;\">del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, n<span class=\"_ _4\"></span>egli sch<span class=\"_ _4\"></span>emi di bilancio \u00e8 dat<span class=\"_ _4\"></span>a evide<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi con par<span class=\"_ _4\"></span>ti c<span class=\"_ _4\"></span>orrelate<span class=\"_ _4\"></span>, ai fini di una </span><span style=\"display:inherit;clear:left;\">migliore informati<span class=\"_ _4\"></span>va.</span><span style=\"display:inherit;clear:left;\">A f<span class=\"_ _4\"></span>ini comparati<span class=\"_ _4\"></span>vi i pros<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>i cons<span class=\"_ _4\"></span>olidati pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano il confronto co<span class=\"_ _4\"></span>n i dati patrimoniali con<span class=\"_ _4\"></span>solidati de<span class=\"_ _4\"></span>l bilancio al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e con i dati eco<span class=\"_ _4\"></span>nomici con<span class=\"_ _4\"></span>solidati de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023.</span><span style=\"display:inherit;clear:left;\">2.3 P<span class=\"_ _2\"></span>rincipi C<span class=\"_ _2\"></span>ontabili</span><span style=\"display:inherit;clear:left;\">2.3.1 Note gener<span class=\"_ _2\"></span>ali</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 s<span class=\"_ _4\"></span>tato re<span class=\"_ _4\"></span>datto in ba<span class=\"_ _4\"></span>se al principio d<span class=\"_ _4\"></span>el cos<span class=\"_ _4\"></span>to st<span class=\"_ _4\"></span>orico, tranne ch<span class=\"_ _4\"></span>e per g<span class=\"_ _4\"></span>li strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati e le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>stinate alla ve<span class=\"_ _4\"></span>ndita che s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo, nonch\u00e9 sul pre<span class=\"_ _4\"></span>supp<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">continuit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale. I pr<span class=\"_ _4\"></span>incipi contab<span class=\"_ _4\"></span>ili adott<span class=\"_ _4\"></span>ati nel B<span class=\"_ _4\"></span>ilancio Cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 sono g<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi di que<span class=\"_ _4\"></span>lli </span><span style=\"display:inherit;clear:left;\">adot<span class=\"_ _4\"></span>tati ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei principi c<span class=\"_ _4\"></span>ontabili inter<span class=\"_ _4\"></span>nazionali di nuov<span class=\"_ _4\"></span>a adozione ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4. Pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">mag<span class=\"_ _4\"></span>giori de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli sui principi di nuov<span class=\"_ _4\"></span>a adozione s<span class=\"_ _4\"></span>i rimanda al succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo parag<span class=\"_ _4\"></span>rafo \u201c<span class=\"_ _4\"></span>Variazioni di principi c<span class=\"_ _4\"></span>ontabili </span><span style=\"display:inherit;clear:left;\">interna<span class=\"_ _4\"></span>zionali<span class=\"_ _4\"></span>\u201d.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazioni discre<span class=\"_ _2\"></span>zionali<span class=\"_ _4\"></span>, st<span class=\"_ _4\"></span>ime c<span class=\"_ _2\"></span>ontabili ed assunzioni significat<span class=\"_ _4\"></span>ive</span><span style=\"display:inherit;clear:left;\">La re<span class=\"_ _4\"></span>dazion<span class=\"_ _4\"></span>e del bilancio c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidato richied<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fettua<span class=\"_ _4\"></span>zione di s<span class=\"_ _4\"></span>time e di as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni sia nella dete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne di </span><span style=\"display:inherit;clear:left;\">alcune att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, sia ne<span class=\"_ _4\"></span>lla valuta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pote<span class=\"_ _4\"></span>nziali, ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uate sulla base d<span class=\"_ _4\"></span>elle migliori </span><span style=\"display:inherit;clear:left;\">informazio<span class=\"_ _4\"></span>ni disponibili. G<span class=\"_ _4\"></span>li eventi p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero non c<span class=\"_ _4\"></span>onfermare pie<span class=\"_ _4\"></span>namente le s<span class=\"_ _4\"></span>time.</span><span style=\"display:inherit;clear:left;\">I principal<span class=\"_ _1\"></span>i dati con<span class=\"_ _1\"></span>getturati si riferiscono a<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fon<span class=\"_ _4\"></span>di obsol<span class=\"_ _4\"></span>esc<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a delle riman<span class=\"_ _4\"></span>enze di mater<span class=\"_ _4\"></span>ie prime e<span class=\"_ _4\"></span>d acce<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ri e delle riman<span class=\"_ _4\"></span>enze di pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i finiti; poic<span class=\"_ _4\"></span>h\u00e9 il Grupp<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>a pro<span class=\"_ _4\"></span>dotti s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>ti agli andame<span class=\"_ _4\"></span>nti del me<span class=\"_ _4\"></span>rcato, all<span class=\"_ _4\"></span>\u2019inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>a della mo<span class=\"_ _4\"></span>da, le rimane<span class=\"_ _4\"></span>nze di pro<span class=\"_ _4\"></span>dotti alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>agione s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tte a ri<span class=\"_ _4\"></span>duzioni di val<span class=\"_ _4\"></span>ore. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, il fondo o<span class=\"_ _4\"></span>bsol<span class=\"_ _4\"></span>esc<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a rimanen<span class=\"_ _4\"></span>ze di prodot<span class=\"_ _4\"></span>ti f<span class=\"_ _4\"></span>initi, rifl<span class=\"_ _4\"></span>ette la </span><span style=\"display:inherit;clear:left;\">stima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls5a wsd4\">management</span> circa l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e di valore att<span class=\"_ _4\"></span>ese s<span class=\"_ _4\"></span>ui prodot<span class=\"_ _4\"></span>ti dell<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se colle<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ni di stagi<span class=\"_ _4\"></span>oni pas<span class=\"_ _4\"></span>sate, te<span class=\"_ _4\"></span>nen<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do in cons<span class=\"_ _4\"></span>idera<span class=\"_ _4\"></span>zione la c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di vende<span class=\"_ _4\"></span>re gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attrave<span class=\"_ _4\"></span>rso i di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>si canali dis<span class=\"_ _4\"></span>tributi<span class=\"_ _4\"></span>vi in cui ope<span class=\"_ _4\"></span>ra il Grupp<span class=\"_ _4\"></span>o. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unzion<span class=\"_ _4\"></span>e pu\u00f2 es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re declinat<span class=\"_ _4\"></span>a in modo di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>o nelle di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche dove il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>, in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella cono<span class=\"_ _4\"></span>scen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>l singolo me<span class=\"_ _4\"></span>rcato in me<span class=\"_ _4\"></span>rito alla capa<span class=\"_ _4\"></span>cit\u00e0 lo<span class=\"_ _4\"></span>cale di as<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>bire la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">di prod<span class=\"_ _4\"></span>otti rife<span class=\"_ _4\"></span>riti a st<span class=\"_ _4\"></span>agioni pa<span class=\"_ _4\"></span>ssate<span class=\"_ _4\"></span>. Indic<span class=\"_ _4\"></span>ativame<span class=\"_ _4\"></span>nte le as<span class=\"_ _4\"></span>sunzioni di s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne preve<span class=\"_ _4\"></span>dono co<span class=\"_ _4\"></span>munque pe<span class=\"_ _4\"></span>rcentuali </span><span style=\"display:inherit;clear:left;\">di sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>scent<span class=\"_ _4\"></span>i con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>aument<span class=\"_ _4\"></span>are dell<span class=\"_ _4\"></span>\u2019anzianit\u00e0 de<span class=\"_ _4\"></span>lla colle<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, in modo t<span class=\"_ _4\"></span>ale da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere da un lato la dimi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nuzion<span class=\"_ _4\"></span>e dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ven<span class=\"_ _4\"></span>dita sui c<span class=\"_ _4\"></span>anali sec<span class=\"_ _4\"></span>ondari (<span class=\"_ _4\"></span>principalme<span class=\"_ _4\"></span>nte <span class=\"ff5f ls5f ws14d\">outlet</span>) e dall<span class=\"_ _4\"></span>\u2019altro la diminuzione de<span class=\"_ _4\"></span>lla probabilit<span class=\"_ _4\"></span>\u00e0 di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a col pa<span class=\"_ _4\"></span>ssare d<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o. Alla ba<span class=\"_ _4\"></span>se della de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione di t<span class=\"_ _4\"></span>ale perc<span class=\"_ _4\"></span>entuale c<span class=\"_ _4\"></span>\u2019\u00e8 sia un\u2019analisi stat<span class=\"_ _4\"></span>istic<span class=\"_ _4\"></span>a del v<span class=\"_ _4\"></span>ariare </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019anzianit\u00e0 de<span class=\"_ _4\"></span>l prodot<span class=\"_ _4\"></span>to in giace<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>, che una valut<span class=\"_ _4\"></span>azione di c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anza n<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o di utiliz<span class=\"_ _4\"></span>zo di p<span class=\"_ _4\"></span>ercentuali. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o si </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>i una variazio<span class=\"_ _4\"></span>ne nelle informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili, le p<span class=\"_ _4\"></span>ercentuali ve<span class=\"_ _4\"></span>ngono rianaliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e ed eve<span class=\"_ _4\"></span>ntualmente ade<span class=\"_ _4\"></span>guate. Il </span><span style=\"display:inherit;clear:left;\">fondo ob<span class=\"_ _4\"></span>sole<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nza di mate<span class=\"_ _4\"></span>rie prime rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la st<span class=\"_ _4\"></span>ima del <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> circa la diminuzione de<span class=\"_ _4\"></span>lla probabilit<span class=\"_ _4\"></span>\u00e0 di utiliz<span class=\"_ _4\"></span>zo </span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>se ch<span class=\"_ _4\"></span>e viene anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata s<span class=\"_ _4\"></span>ulla base de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo delle mate<span class=\"_ _4\"></span>rie prime a l<span class=\"_ _4\"></span>enta mov<span class=\"_ _4\"></span>iment<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ri<span class=\"_ _4\"></span>duzioni<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>ripris<span class=\"_ _4\"></span>tini di valore s<span class=\"_ _4\"></span>ulle atti<span class=\"_ _4\"></span>vit\u00e0 n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da al succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo paragrafo \u201c<span class=\"_ _4\"></span><span><span style=\"display:inherit;clear:left;\">Ridu<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span> durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>ipris<span class=\"_ _4\"></span>tini di valo<span class=\"_ _4\"></span>re di Immobili imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immo<span class=\"_ _4\"></span>biliari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali a </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita<span class=\"_ _4\"></span>, Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, leg<span class=\"_ _4\"></span>ato alla sol<span class=\"_ _4\"></span>vibilit\u00e0 d<span class=\"_ _4\"></span>ella cliente<span class=\"_ _4\"></span>la ed allo <span class=\"ff5f ls59 ws114\">st<span class=\"_ _4\"></span>anding</span><span class=\"ls58 wse8\"> de<span class=\"_ _4\"></span>gli stes</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si, con cui v<span class=\"_ _4\"></span>i sono p<span class=\"_ _4\"></span>eraltro in ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e rappo<span class=\"_ _4\"></span>rti c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidati nel te<span class=\"_ _4\"></span>mpo. Il Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a una matrice pe<span class=\"_ _4\"></span>r calco<span class=\"_ _4\"></span>lare le </span><span style=\"display:inherit;clear:left;\">ECL (<span class=\"ff5f ls0 ws110\">Ex<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cted Credit Los<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span><span class=\"ff5c\">) pe<span class=\"_ _4\"></span>r i crediti co<span class=\"_ _4\"></span>mmerciali. Le aliquote di a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto si bas<span class=\"_ _4\"></span>ano sui gio<span class=\"_ _4\"></span>rni di sca<span class=\"_ _4\"></span>duto per </span></span></span><span style=\"display:inherit;clear:left;\">ogni clas<span class=\"_ _4\"></span>se di clie<span class=\"_ _4\"></span>nti rag<span class=\"_ _4\"></span>gruppat<span class=\"_ _4\"></span>a nei var<span class=\"_ _4\"></span>i segm<span class=\"_ _4\"></span>enti che pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano similari an<span class=\"_ _4\"></span>damenti di pe<span class=\"_ _4\"></span>rdita s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a (<span class=\"_ _2\"></span>ad e<span class=\"_ _4\"></span>semp<span class=\"_ _4\"></span>io, </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica, tip<span class=\"_ _4\"></span>o di prodot<span class=\"_ _4\"></span>to, tipo di clie<span class=\"_ _4\"></span>nte, <span class=\"ff5f ls61 ws116\">rat<span class=\"_ _4\"></span>in<span class=\"_ _4\"></span>g</span> e garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. La matric<span class=\"_ _4\"></span>e si bas<span class=\"_ _4\"></span>a inizialmente sui t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di inso<span class=\"_ _4\"></span>l<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>ati del Grup<span class=\"_ _4\"></span>po. Il Grup<span class=\"_ _4\"></span>po calibr<span class=\"_ _4\"></span>a la matrice pe<span class=\"_ _4\"></span>r aff<span class=\"_ _4\"></span>inare il dato st<span class=\"_ _4\"></span>orico sulle p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>rediti co<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>nali. Ad es<span class=\"_ _4\"></span>empio, se s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che le con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>ste (<span class=\"_ _1\"></span>ad es<span class=\"_ _4\"></span>empio, il ris<span class=\"_ _4\"></span>chio pae<span class=\"_ _4\"></span>se) si </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>riorino l'anno suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivo, ci\u00f2 pu\u00f2 p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare a un aume<span class=\"_ _4\"></span>nto del nume<span class=\"_ _4\"></span>ro di inademp<span class=\"_ _4\"></span>ienze in que<span class=\"_ _4\"></span>l paes<span class=\"_ _4\"></span>e, i t<span class=\"_ _4\"></span>assi di in<span class=\"_ _4\"></span>sol<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>. Ad ogni data di r<span class=\"_ _4\"></span>iferiment<span class=\"_ _4\"></span>o, i tas<span class=\"_ _4\"></span>si di insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono ag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>ornati </span><span style=\"display:inherit;clear:left;\">e vengono anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati i camb<span class=\"_ _4\"></span>iamenti ne<span class=\"_ _4\"></span>lle stime s<span class=\"_ _4\"></span>u ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visionali<span class=\"_ _4\"></span>. La valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della corr<span class=\"_ _4\"></span>elazio<span class=\"_ _4\"></span>ne tra i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici, le condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ionali e le ECL rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano una s<span class=\"_ _4\"></span>tima signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019ammontare </span><span style=\"display:inherit;clear:left;\">di ECL \u00e8 se<span class=\"_ _4\"></span>nsibile ai c<span class=\"_ _4\"></span>ambiamenti de<span class=\"_ _4\"></span>lle circos<span class=\"_ _4\"></span>tanze e de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te. A<span class=\"_ _4\"></span>nche l'e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a stor<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andame<span class=\"_ _4\"></span>nto delle p<span class=\"_ _4\"></span>erdite su cre<span class=\"_ _4\"></span>dito del G<span class=\"_ _4\"></span>ruppo e la p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni econ<span class=\"_ _4\"></span>omiche future p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero </span><span style=\"display:inherit;clear:left;\">non e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>za ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tiva de<span class=\"_ _4\"></span>l cliente in futuro. Pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sull<span class=\"_ _4\"></span>\u2019analisi dei ris<span class=\"_ _4\"></span>chi di credito si </span><span style=\"display:inherit;clear:left;\">rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 1<span class=\"_ _2\"></span>5 \u201c<span class=\"_ _4\"></span>Crediti comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i, in part<span class=\"_ _4\"></span>icolare i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019impe<span class=\"_ _4\"></span>gno contr<span class=\"_ _4\"></span>attuale al rip<span class=\"_ _4\"></span>ristin<span class=\"_ _4\"></span>o futuro di loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o ed i co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">per c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi in cor<span class=\"_ _4\"></span>so o pre<span class=\"_ _4\"></span>vedibili;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>so indiv<span class=\"_ _4\"></span>iduato a ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica dei r<span class=\"_ _4\"></span>icavi da co<span class=\"_ _4\"></span>ntratti c<span class=\"_ _4\"></span>on clienti, ove pre<span class=\"_ _4\"></span>sente n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni co<span class=\"_ _4\"></span>ntrattuali o ne<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">pratic<span class=\"_ _4\"></span>a comme<span class=\"_ _4\"></span>rciale abituale pe<span class=\"_ _4\"></span>r la vendit<span class=\"_ _4\"></span>a di beni. Il G<span class=\"_ _4\"></span>ruppo ha d<span class=\"_ _4\"></span>eterminato che il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re atte<span class=\"_ _4\"></span>so \u00e8 il me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tod<span class=\"_ _4\"></span>o pi\u00f9 appropriato p<span class=\"_ _4\"></span>er s<span class=\"_ _4\"></span>timare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile sulle ve<span class=\"_ _4\"></span>ndite di b<span class=\"_ _4\"></span>eni con dirit<span class=\"_ _4\"></span>ti di res<span class=\"_ _4\"></span>tituzi<span class=\"_ _4\"></span>one, dato </span><span style=\"display:inherit;clear:left;\">l'elev<span class=\"_ _4\"></span>ato numero di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche simili; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>v<span class=\"_ _4\"></span>ita utile d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e macchinari, delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita e de<span class=\"_ _4\"></span>gli inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>bi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liari nonch\u00e9 alla ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l rispe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i requisit<span class=\"_ _4\"></span>i di iscri<span class=\"_ _4\"></span>zione e misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali per co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, i cui v<span class=\"_ _4\"></span>alori so<span class=\"_ _4\"></span>no deter<span class=\"_ _4\"></span>minati in base a s<span class=\"_ _4\"></span>time attuar<span class=\"_ _4\"></span>iali<span class=\"_ _1\"></span>; per l<span class=\"_ _4\"></span>e principali as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni attuariali si </span><span style=\"display:inherit;clear:left;\">rinvia alla not<span class=\"_ _4\"></span>a 2<span class=\"_ _2\"></span>4 \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r bene<span class=\"_ _4\"></span>fici ai dip<span class=\"_ _4\"></span>end<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r impost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite che s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ate nella misur<span class=\"_ _4\"></span>a in cui sia probabile l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>esi<span class=\"_ _4\"></span>sten<span class=\"_ _4\"></span>za di ad<span class=\"_ _4\"></span>eguati utili f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali futuri a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali le diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee o eve<span class=\"_ _4\"></span>ntuali perdite f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali pot<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e. A tal r<span class=\"_ _4\"></span>iguardo, il <span class=\"ff5f ws0\">mana-</span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls0 ws97\"> del Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>ima la probabile manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azione t<span class=\"_ _4\"></span>empo<span class=\"_ _4\"></span>rale e l<span class=\"_ _4\"></span>\u2019ammontare dei fut<span class=\"_ _4\"></span>uri utili fi<span class=\"_ _4\"></span>scalm<span class=\"_ _4\"></span>ente imponibili;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> val<span class=\"_ _4\"></span>or <span class=\"_ _43\"> </span>e<span class=\"_ _4\"></span>quo <span class=\"_ _43\"> </span><span class=\"ff5f ws141\">(fair value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, tra cui ri<span class=\"_ _4\"></span>ves<span class=\"_ _4\"></span>tono par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare impor<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>za gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati, di cui </span></span></span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o fa largo us<span class=\"_ _4\"></span>o per la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di cambio; pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sulle as<span class=\"_ _4\"></span>sunz<span class=\"_ _4\"></span>ioni alla base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f ws0\">fair </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\"> si rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 32 \u201cStr<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari e v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"lsb4 ws13a\">\u201d;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _62\"> </span> v<span class=\"_ _4\"></span>alore <span class=\"_ _22\"> </span>equo <span class=\"_ _22\"> </span><span class=\"ff5f wsa3\">(f<span class=\"_ _1\"></span>air value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> dei piani di pag<span class=\"_ _4\"></span>amento bas<span class=\"_ _4\"></span>ati su az<span class=\"_ _4\"></span>ioni sia regolati p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a che rego<span class=\"_ _4\"></span>lati con azio<span class=\"_ _4\"></span>ni di<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">cui la Capo<span class=\"_ _4\"></span>gruppo f<span class=\"_ _4\"></span>a uso p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>entiva<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> del Grupp<span class=\"_ _4\"></span>o; per i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>ulle ass<span class=\"_ _4\"></span>unzioni alla </span><span style=\"display:inherit;clear:left;\">base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> si rinvia alla not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti bas<span class=\"_ _4\"></span>ati su azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>; </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _4a\"></span>risc<span class=\"_ _4\"></span>hio di socco<span class=\"_ _4\"></span>mben<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>lle controver<span class=\"_ _4\"></span>sie in cui il Gr<span class=\"_ _4\"></span>uppo \u00e8 coinvolto; il Grup<span class=\"_ _4\"></span>po acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a fronte di </span><span style=\"display:inherit;clear:left;\">conten<span class=\"_ _4\"></span>ziosi e c<span class=\"_ _4\"></span>ause l<span class=\"_ _4\"></span>egali in cor<span class=\"_ _4\"></span>so quand<span class=\"_ _4\"></span>o ritiene p<span class=\"_ _4\"></span>robabile che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icher<span class=\"_ _4\"></span>\u00e0 un esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario e quando l<span class=\"_ _4\"></span>\u2019am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e delle p<span class=\"_ _4\"></span>erdite che ne d<span class=\"_ _4\"></span>erive<span class=\"_ _4\"></span>ranno pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte stimato. St<span class=\"_ _4\"></span>ante le ince<span class=\"_ _4\"></span>rte<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze ine<span class=\"_ _4\"></span>renti l<span class=\"_ _4\"></span>\u2019esito di </span><span style=\"display:inherit;clear:left;\">tali pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti, \u00e8 dif<span class=\"_ _4\"></span>ficil<span class=\"_ _4\"></span>e predire co<span class=\"_ _4\"></span>n cer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o che deri<span class=\"_ _4\"></span>ver\u00e0 da t<span class=\"_ _4\"></span>ali controver<span class=\"_ _4\"></span>sie e<span class=\"_ _4\"></span>d \u00e8 quindi pos<span class=\"_ _4\"></span>sibile che il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _4\"></span>ei fondi p<span class=\"_ _4\"></span>er proc<span class=\"_ _4\"></span>ediment<span class=\"_ _4\"></span>i legali p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a variare a se<span class=\"_ _4\"></span>guito di futur<span class=\"_ _4\"></span>i sv<span class=\"_ _4\"></span>iluppi nei pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so. Il Grup<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">monitor<span class=\"_ _4\"></span>a lo <span class=\"ff5f ls46 ws94\">statu<span class=\"_ _4\"></span>s</span> delle c<span class=\"_ _4\"></span>ause e p<span class=\"_ _4\"></span>rocedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so e si co<span class=\"_ _4\"></span>nsulta c<span class=\"_ _4\"></span>on i propri c<span class=\"_ _4\"></span>onsule<span class=\"_ _4\"></span>nti legali e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti in mate<span class=\"_ _4\"></span>ria </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ale. Il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a, inoltre<span class=\"_ _4\"></span>, le po<span class=\"_ _4\"></span>sizioni f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ince<span class=\"_ _4\"></span>rte e s<span class=\"_ _4\"></span>e nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario rile<span class=\"_ _4\"></span>va una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16, sono s<span class=\"_ _4\"></span>tate ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate le se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>time cont<span class=\"_ _4\"></span>abili signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, come G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">qualit\u00e0 di lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls32 ws39e\"> Le<span class=\"_ _4\"></span>ase<span class=\"_ _4\"></span> <span class=\"_ _40\"> </span>te<span class=\"_ _4\"></span>rm</span><span class=\"ls7d ws2d8\">: l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to \u00e8 una tematic<span class=\"_ _4\"></span>a molto ril<span class=\"_ _4\"></span>evante dal mom<span class=\"_ _4\"></span>ento che </span></span><span style=\"display:inherit;clear:left;\">la forma, la le<span class=\"_ _4\"></span>gisla<span class=\"_ _4\"></span>zione e le pr<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i commerciali sui c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto imm<span class=\"_ _4\"></span>obiliare variano sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativam<span class=\"_ _4\"></span>ente da </span><span style=\"display:inherit;clear:left;\">una giurisdi<span class=\"_ _4\"></span>zione a<span class=\"_ _4\"></span>d un'<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ra e la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti delle o<span class=\"_ _4\"></span>pzioni di rinnovo al ter<span class=\"_ _4\"></span>mine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do non can<span class=\"_ _4\"></span>cel<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">labile sulla s<span class=\"_ _4\"></span>tima di leas<span class=\"_ _4\"></span>e term co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni. l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">Interpret<span class=\"_ _4\"></span>ation Committe<span class=\"_ _4\"></span>e</span> ha chiarito che ai </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>ini della ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di esig<span class=\"_ _4\"></span>ibilit\u00e0 un lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o deve cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>are il momento c<span class=\"_ _4\"></span>ontrattual<span class=\"_ _4\"></span>e nel qua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti coinvo<span class=\"_ _4\"></span>lte pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare il loro dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>scinde<span class=\"_ _4\"></span>re il contrat<span class=\"_ _4\"></span>to sen<span class=\"_ _4\"></span>za inco<span class=\"_ _4\"></span>rrere in pe<span class=\"_ _4\"></span>nali </span><span style=\"display:inherit;clear:left;\">che non s<span class=\"_ _4\"></span>ono irrile<span class=\"_ _4\"></span>vanti; il concett<span class=\"_ _4\"></span>o di penal<span class=\"_ _4\"></span>e non deve aver<span class=\"_ _4\"></span>e un\u2019accezio<span class=\"_ _4\"></span>ne mer<span class=\"_ _4\"></span>amente contr<span class=\"_ _4\"></span>attuale<span class=\"_ _4\"></span>, ma va vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">considerando tutti gli<span class=\"_ _1\"></span> aspetti economici del contra<span class=\"_ _1\"></span>tto. Il Gruppo h<span class=\"_ _1\"></span>a considerato tali<span class=\"_ _1\"></span> conclusion<span class=\"_ _1\"></span>i nell\u2019ide<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>fic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella durata d<span class=\"_ _4\"></span>ei contrat<span class=\"_ _4\"></span>ti di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to. Il Grupp<span class=\"_ _4\"></span>o, infatti, pe<span class=\"_ _4\"></span>r la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e della durat<span class=\"_ _4\"></span>a del le<span class=\"_ _4\"></span>ase ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e c<span class=\"_ _4\"></span>ancella<span class=\"_ _4\"></span>zione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente in cap<span class=\"_ _4\"></span>o al loc<span class=\"_ _4\"></span>atario, al loc<span class=\"_ _4\"></span>atore o a ent<span class=\"_ _4\"></span>rambi. In </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili da entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>ntrattuali ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a o meno di </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi disinc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i econo<span class=\"_ _4\"></span>mici nel rif<span class=\"_ _4\"></span>iut<span class=\"_ _4\"></span>are la richies<span class=\"_ _4\"></span>ta di rinnovo c<span class=\"_ _4\"></span>ome richie<span class=\"_ _4\"></span>sto dal par<span class=\"_ _4\"></span>agrafo B34 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili solo da una d<span class=\"_ _4\"></span>elle due par<span class=\"_ _4\"></span>ti ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato il paragr<span class=\"_ _4\"></span>afo B3<span class=\"_ _1\"></span>5 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di quanto sopra<span class=\"_ _4\"></span>, tenuto cont<span class=\"_ _4\"></span>o degli sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ici fat<span class=\"_ _4\"></span>ti e circos<span class=\"_ _4\"></span>tanze no<span class=\"_ _4\"></span>nch\u00e9 de<span class=\"_ _4\"></span>lla stima sull<span class=\"_ _4\"></span>\u2019ess<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">ragion<span class=\"_ _4\"></span>evolmente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione, ha co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato ch<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>-  <span class=\"_ _45\"></span>per i c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di durata annuale rinnov<span class=\"_ _4\"></span>abili automatic<span class=\"_ _4\"></span>amente s<span class=\"_ _4\"></span>alvo disd<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a si \u00e8 cons<span class=\"_ _4\"></span>iderat<span class=\"_ _4\"></span>a una durata me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">di cinque anni, bas<span class=\"_ _4\"></span>ando t<span class=\"_ _4\"></span>ale sce<span class=\"_ _4\"></span>lta su analis<span class=\"_ _4\"></span>i stor<span class=\"_ _4\"></span>iche;</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>- <span class=\"_ _4\"></span> <span class=\"_ _45\"></span>neg<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si se \u00e8 so<span class=\"_ _4\"></span>lo il Grupp<span class=\"_ _4\"></span>o a poter e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare l<span class=\"_ _4\"></span>\u2019opzione, si \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rata una durat<span class=\"_ _4\"></span>a f<span class=\"_ _4\"></span>ino al sec<span class=\"_ _4\"></span>ondo rinno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vo prev<span class=\"_ _4\"></span>isto dal co<span class=\"_ _4\"></span>ntratto, ba<span class=\"_ _4\"></span>sando<span class=\"_ _4\"></span>si sull<span class=\"_ _4\"></span>\u2019eviden<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a e sul fatto di no<span class=\"_ _4\"></span>n poter c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erare ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>to il rinnovo o<span class=\"_ _4\"></span>ltre il se<span class=\"_ _4\"></span>condo p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _166\"> </span> <span class=\"_ _45\"></span> <span class=\"_ _45\"></span>Dop<span class=\"_ _4\"></span>o la data di de<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o, il Gruppo ri<span class=\"_ _4\"></span>vede la dur<span class=\"_ _4\"></span>ata dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso s<span class=\"_ _4\"></span>e si verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a un evento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo o un </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vo cambiame<span class=\"_ _4\"></span>nto delle circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze che, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>ndo dalla volont<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, abbia un'incid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla ragione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a del lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o di ese<span class=\"_ _4\"></span>rcitare un'opzione non p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente inclu<span class=\"_ _4\"></span>sa nella s<span class=\"_ _4\"></span>ua determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f ls7f ws13b\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> o di no<span class=\"_ _4\"></span>n ese<span class=\"_ _4\"></span>rcitare un'opzione pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente inclus<span class=\"_ _4\"></span>a nella sua det<span class=\"_ _4\"></span>erminaz<span class=\"_ _4\"></span>ione della dur<span class=\"_ _4\"></span>ata del <span class=\"ff5f ls7f ws13b\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span><span class=\"ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _165\"></span>De<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto: poich\u00e9 ne<span class=\"_ _4\"></span>lla mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te dei c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o stipulati dal G<span class=\"_ _4\"></span>ruppo, non \u00e8 </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ente un t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse imp<span class=\"_ _4\"></span>licito, il Gruppo ha c<span class=\"_ _4\"></span>alcolato un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so increm<span class=\"_ _4\"></span>ental<span class=\"_ _4\"></span>e di indebit<span class=\"_ _4\"></span>amento <span class=\"ff5f ws125\">(Incre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mental B<span class=\"_ _4\"></span>orrowing Rate-<span class=\"_ _4\"></span>IBR)<span class=\"ff5c\">. Al f<span class=\"_ _4\"></span>ine di dete<span class=\"_ _4\"></span>rminare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IBR da utiliz<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pagame<span class=\"_ _4\"></span>nti futuri </span></span><span style=\"display:inherit;clear:left;\">dei c<span class=\"_ _4\"></span>anoni di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to, il Grupp<span class=\"_ _4\"></span>o ha identif<span class=\"_ _4\"></span>icato o<span class=\"_ _4\"></span>gni Paes<span class=\"_ _4\"></span>e come un p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche </span><span style=\"display:inherit;clear:left;\">simili e ha dete<span class=\"_ _4\"></span>rminato il relativo IBR c<span class=\"_ _4\"></span>ome il ta<span class=\"_ _4\"></span>sso di un<span class=\"_ _4\"></span>o strume<span class=\"_ _4\"></span>nto privo di r<span class=\"_ _4\"></span>ischio de<span class=\"_ _4\"></span>l risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo Paes<span class=\"_ _4\"></span>e in cui il<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato stip<span class=\"_ _4\"></span>ulato, basato sulle di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>se sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze contrat<span class=\"_ _4\"></span>tuali, magg<span class=\"_ _4\"></span>iorato de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Credit spread</span><span class=\"ls69 ws8\"> di Gr<span class=\"_ _4\"></span>uppo.</span></span><span style=\"display:inherit;clear:left;\">Le stim<span class=\"_ _4\"></span>e e le ass<span class=\"_ _4\"></span>unzioni s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fettuate dag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri con il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to delle fun<span class=\"_ _4\"></span>zioni az<span class=\"_ _4\"></span>iendali e, quan<span class=\"_ _4\"></span>do ap<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">propriato, di sp<span class=\"_ _4\"></span>ecialis<span class=\"_ _4\"></span>ti indipe<span class=\"_ _4\"></span>ndent<span class=\"_ _4\"></span>i e sono ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te per<span class=\"_ _4\"></span>iodic<span class=\"_ _4\"></span>amente, i<span class=\"_ _4\"></span>scrive<span class=\"_ _4\"></span>ndo a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, ove richies<span class=\"_ _4\"></span>to,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">gli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i di ciascuna varia<span class=\"_ _4\"></span>zione ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo in cui t<span class=\"_ _4\"></span>ali stim<span class=\"_ _4\"></span>e ed as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni doves<span class=\"_ _4\"></span>sero dif<span class=\"_ _4\"></span>ferir<span class=\"_ _4\"></span>e dalle circost<span class=\"_ _4\"></span>anze </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ive.</span><span style=\"display:inherit;clear:left;\">Riduzione durev<span class=\"_ _1\"></span>ole/Ripristini di valor<span class=\"_ _2\"></span>e di Immobili impianti e macchinari, Investimenti immobiliari, <span class=\"_ _2\"></span>Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vita utile definita, A<span class=\"_ _2\"></span>ttivit\u00e0 per Diritto d\u2019uso e Avviamento</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o monitora c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte il proprio <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> per v<span class=\"_ _4\"></span>alutare se v<span class=\"_ _4\"></span>i siano indic<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e le sue att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti </span><span style=\"display:inherit;clear:left;\">siano so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette al ri<span class=\"_ _4\"></span>schio di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore, tr<span class=\"_ _4\"></span>a cui l'av<span class=\"_ _4\"></span>viamento, gli inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari, le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali con </span><span style=\"display:inherit;clear:left;\">una vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali in cor<span class=\"_ _4\"></span>so)<span class=\"_ _2\"></span>, l<span class=\"_ _4\"></span>e immobiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azioni mate<span class=\"_ _4\"></span>riali e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d'us<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento e le At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali in co<span class=\"_ _4\"></span>rso s<span class=\"_ _4\"></span>ono sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>osti a ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore almen<span class=\"_ _4\"></span>o una volta l<span class=\"_ _4\"></span>\u2019anno (<span class=\"_ _2\"></span>con </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre) o con magg<span class=\"_ _4\"></span>iore fre<span class=\"_ _4\"></span>quenz<span class=\"_ _4\"></span>a, quando le circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze facciano rit<span class=\"_ _4\"></span>enere ch<span class=\"_ _4\"></span>e il valore di is<span class=\"_ _4\"></span>crizio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">potre<span class=\"_ _4\"></span>bbe e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto a p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ad og<span class=\"_ _4\"></span>ni <span class=\"ff5f\">repor<span class=\"_ _4\"></span>ting date</span><span class=\"ls62 ws59\"> s<span class=\"_ _4\"></span>volge l<span class=\"_ _4\"></span>\u2019analisi finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a ad indi<span class=\"_ _4\"></span>viduare la p<span class=\"_ _4\"></span>re</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sen<span class=\"_ _4\"></span>za di eve<span class=\"_ _4\"></span>ntuali indicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls59 ws114\">impairme<span class=\"_ _4\"></span>nt</span><span class=\"ls62 wseb\"> e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdite dur<span class=\"_ _4\"></span>evoli di val<span class=\"_ _4\"></span>ore di Immobili, im<span class=\"_ _4\"></span>pianti e macchinari, Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imenti </span></span><span style=\"display:inherit;clear:left;\">immobiliari, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a ed Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento, me<span class=\"_ _4\"></span>diante la redazi<span class=\"_ _4\"></span>one di </span><span style=\"display:inherit;clear:left;\">check<span class=\"_ _4\"></span>list<span class=\"ff5c ws131\"> che indi<span class=\"_ _4\"></span>viduino la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di indic<span class=\"_ _4\"></span>atori e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni (<span class=\"_ _2\"></span>quali con<span class=\"_ _4\"></span>dizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni </span></span><span style=\"display:inherit;clear:left;\">riguardanti il se<span class=\"_ _4\"></span>ttore e<span class=\"_ _4\"></span>d il merc<span class=\"_ _4\"></span>ato, capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di me<span class=\"_ _4\"></span>rcato, varia<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ien<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te te<span class=\"_ _4\"></span>cnologi<span class=\"_ _4\"></span>co, di mercato, e<span class=\"_ _4\"></span>conomico o n<span class=\"_ _4\"></span>ormativo ne<span class=\"_ _4\"></span>l quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o ne<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato al quale un\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 rivolt<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) </span><span style=\"display:inherit;clear:left;\">o interni (q<span class=\"_ _1\"></span>uali signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata o ci si att<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ar\u00e0 utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata, l<span class=\"_ _4\"></span>\u2019andamento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previs<span class=\"_ _4\"></span>to, </span><span style=\"display:inherit;clear:left;\">cash<span class=\"ff5c ls0 ws0\"> </span><span class=\"ls57 ws97\">f<span class=\"_ _4\"></span>low<span class=\"ff5c ls0 ws0\"> negati<span class=\"_ _4\"></span>vi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span></span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, le CGU dove so<span class=\"_ _4\"></span>no risc<span class=\"_ _4\"></span>ontrati indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span> s<span class=\"_ _4\"></span>ono as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f ls36 wsb\">te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5d\"> di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span></span></span>. In </span><span style=\"display:inherit;clear:left;\">linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls59 wsd8\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls5b ws2b\"> sono st<span class=\"_ _4\"></span>ati condotti considerando<span class=\"_ _1\"></span> qual<span class=\"_ _1\"></span>i CGU<span class=\"_ _1\"></span><span class=\"ff5f ls0 ws150\"> (<span class=\"_ _1\"></span>Cash Ge<span class=\"_ _4\"></span>nerating Units)<span class=\"ff5c\"> le singole </span></span></span></span><span style=\"display:inherit;clear:left;\">aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche in cui il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era, di no<span class=\"_ _4\"></span>rma coincid<span class=\"_ _4\"></span>enti con le s<span class=\"_ _4\"></span>ingole entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po, fatti s<span class=\"_ _4\"></span>alv<span class=\"_ _4\"></span>i i casi in </span><span style=\"display:inherit;clear:left;\">cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po ope<span class=\"_ _4\"></span>rino ne<span class=\"_ _4\"></span>l mede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in te<span class=\"_ _4\"></span>rritori e m<span class=\"_ _4\"></span>ercati limitrof<span class=\"_ _4\"></span>i car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zati da clie<span class=\"_ _4\"></span>ntela </span><span style=\"display:inherit;clear:left;\">comune e<span class=\"_ _4\"></span>d omoge<span class=\"_ _4\"></span>nea. </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, risp<span class=\"_ _4\"></span>etto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Retail Hong Kong \u00e8 s<span class=\"_ _4\"></span>tata s<span class=\"_ _4\"></span>epar<span class=\"_ _4\"></span>ata dalla CGU Cina in linea </span><span style=\"display:inherit;clear:left;\">con il nuovo mo<span class=\"_ _4\"></span>dello dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo pos<span class=\"_ _4\"></span>to in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re dal Grupp<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">La p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto \u00e8 dete<span class=\"_ _4\"></span>rminata valut<span class=\"_ _4\"></span>ando il valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti indi<span class=\"_ _4\"></span>catori di p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore, il v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile di una atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 viene r<span class=\"_ _4\"></span>idott<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">pari al mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e tra il suo <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita e il suo v<span class=\"_ _4\"></span>alore d<span class=\"_ _4\"></span>\u2019uso. Il val<span class=\"_ _4\"></span>ore recup<span class=\"_ _4\"></span>erabil<span class=\"_ _4\"></span>e \u00e8 determinato </span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>ingola atti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, a meno che l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 non ge<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa in e<span class=\"_ _4\"></span>ntrata che s<span class=\"_ _4\"></span>ono ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti dai </span><span style=\"display:inherit;clear:left;\">flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a da altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o gruppi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, ne<span class=\"_ _4\"></span>l qual caso l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 tes<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella CGU a cui </span><span style=\"display:inherit;clear:left;\">appartiene l'a<span class=\"_ _1\"></span>ttivit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il calco<span class=\"_ _4\"></span>lo del <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita si ba<span class=\"_ _4\"></span>sa su dati dis<span class=\"_ _4\"></span>ponibili re<span class=\"_ _4\"></span>lativi a op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di ven<span class=\"_ _4\"></span>dita tra p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i libere e </span><span style=\"display:inherit;clear:left;\">autonom<span class=\"_ _4\"></span>e, di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 simili o prez<span class=\"_ _5\"></span>zi di merc<span class=\"_ _4\"></span>ato os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili, dedot<span class=\"_ _4\"></span>ti i mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i cost<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i alla dismis<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0. Il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso \u00e8 calco<span class=\"_ _4\"></span>lato tramite mo<span class=\"_ _4\"></span>delli di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>o un tas<span class=\"_ _4\"></span>so di sc<span class=\"_ _4\"></span>onto ante impos<span class=\"_ _4\"></span>te che ri<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fl<span class=\"_ _4\"></span>ette la s<span class=\"_ _4\"></span>tima corre<span class=\"_ _4\"></span>nte del me<span class=\"_ _4\"></span>rcato rife<span class=\"_ _4\"></span>rito al cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>naro rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ato al temp<span class=\"_ _4\"></span>o e ai rischi s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cifici d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0. Il v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso \u00e8 il valore at<span class=\"_ _4\"></span>tuale dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i (DCF: <span class=\"ff5f\">Discounted Cash Flow</span>) che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e abbiano origin<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0.</span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lle CGU \u00e8 stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el <span class=\"ff5f\">value in use</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero t<span class=\"_ _4\"></span>ramite il meto<span class=\"_ _4\"></span>do del <span class=\"ff5f\">D<span class=\"_ _4\"></span>iscounted Cash Flow</span> ch<span class=\"_ _4\"></span>e rav<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a nella c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di produrre f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa l<span class=\"_ _4\"></span>\u2019elem<span class=\"_ _4\"></span>ento fonda<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ment<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento att<span class=\"_ _4\"></span>ualiz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di sco<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto (<span class=\"ff5f\">Weighted Average Cost of Capital</span> - WAC<span class=\"_ _1\"></span>C) \u00e8 st<span class=\"_ _4\"></span>ato stimato s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo la formulaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ws0\">Ex<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>ed </span></span><span style=\"display:inherit;clear:left;\">Capital As<span class=\"_ _4\"></span>set Pricing Mode<span class=\"_ _4\"></span>l<span class=\"ff5c lsf2 ws2e9\"> (\"CA<span class=\"_ _2\"></span>PM<span class=\"_ _2\"></span>\") <span class=\"ff5f ls62 wsa\">unconditional</span><span class=\"ls0 ws12a\">, pe<span class=\"_ _4\"></span>r quanto concer<span class=\"_ _4\"></span>ne il cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls3a wsaf\">eq<span class=\"_ _4\"></span>uit<span class=\"_ _4\"></span>y<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws12a\">, me<span class=\"_ _4\"></span>ntre il cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>bito </span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u00e8 stimato c<span class=\"_ _4\"></span>ome somma di <span class=\"ff5f\">risk f<span class=\"_ _4\"></span>ree</span> del p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di riferime<span class=\"_ _4\"></span>nto e <span class=\"ff5f\">interes<span class=\"_ _4\"></span>t coverage ratio</span> delle so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>par<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>nti al <span class=\"ff5f ws0\">panel<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>tima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls36 wsb\">beta</span> e del <span class=\"ff5f ls62 wsa\">de<span class=\"_ _4\"></span>bt equit<span class=\"_ _4\"></span>y ratio</span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita \u201cg<span class=\"_ _4\"></span>\u201d \u00e8 dete<span class=\"_ _4\"></span>rminato come l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ione atte<span class=\"_ _4\"></span>sa n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio \u2013 lungo perio<span class=\"_ _4\"></span>do ne<span class=\"_ _4\"></span>l mercato di r<span class=\"_ _4\"></span>iferimento<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws3a7\"> te<span class=\"_ _4\"></span>rminal <span class=\"_ _40\"> </span>value</span> \u00e8 det<span class=\"_ _4\"></span>erminato con il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>ella rendit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>rpetua a<span class=\"_ _4\"></span>d un tas<span class=\"_ _4\"></span>so di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a \u201c<span class=\"_ _2\"></span>g<span class=\"_ _5\"></span>\u201d di lungo pe<span class=\"_ _4\"></span>riodo </span><span style=\"display:inherit;clear:left;\">I flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a sono r<span class=\"_ _4\"></span>icavati dalle s<span class=\"_ _4\"></span>time elab<span class=\"_ _4\"></span>orate dal <span class=\"ff5f ls56 ws7\">managem<span class=\"_ _4\"></span>ent</span> azien<span class=\"_ _4\"></span>dale, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la mig<span class=\"_ _4\"></span>lior stima </span><span style=\"display:inherit;clear:left;\">effettuabile da<span class=\"_ _1\"></span>l Gruppo, su<span class=\"_ _1\"></span>lle condizion<span class=\"_ _2\"></span>i e<span class=\"_ _4\"></span>conomic<span class=\"_ _1\"></span>he previste nel periodo di pian<span class=\"_ _1\"></span>o, tenendo anc<span class=\"_ _1\"></span>he in considerazione<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>di di analisti di se<span class=\"_ _4\"></span>ttore<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si non inclu<span class=\"_ _4\"></span>dono le at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di ris<span class=\"_ _4\"></span>truttur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per cui il Gr<span class=\"_ _4\"></span>uppo, non abb<span class=\"_ _4\"></span>ia gi\u00e0 un\u2019ob<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bliga<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, n\u00e9 signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivi inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti futuri che incre<span class=\"_ _4\"></span>mente<span class=\"_ _4\"></span>ranno il ren<span class=\"_ _4\"></span>dimento de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to re<span class=\"_ _4\"></span>cuperab<span class=\"_ _4\"></span>ile dipen<span class=\"_ _4\"></span>de sen<span class=\"_ _4\"></span>sibilmente dal t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di </span><span style=\"display:inherit;clear:left;\">sconto ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>ello dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ssa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati cos\u00ec com<span class=\"_ _4\"></span>e dai flus<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai fini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>trapo<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Le proie<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>l piano copron<span class=\"_ _4\"></span>o un arco temp<span class=\"_ _4\"></span>orale mas<span class=\"_ _4\"></span>simo di cinque anni in line<span class=\"_ _4\"></span>a con quanto discip<span class=\"_ _4\"></span>linato dallo IAS </span><span style=\"display:inherit;clear:left;\">36 ed il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita a lungo te<span class=\"_ _4\"></span>rmine (<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>) utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato al f<span class=\"_ _4\"></span>ine della s<span class=\"_ _4\"></span>tima del v<span class=\"_ _4\"></span>alore ter<span class=\"_ _4\"></span>minale dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 st<span class=\"_ _4\"></span>ato as<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sunto pari all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflazi<span class=\"_ _4\"></span>one atte<span class=\"_ _4\"></span>sa ne<span class=\"_ _4\"></span>l medi<span class=\"_ _4\"></span>o\u2013<span class=\"_ _4\"></span>lungo perio<span class=\"_ _4\"></span>do dei p<span class=\"_ _4\"></span>rincipali merc<span class=\"_ _4\"></span>ati in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, pubblic<span class=\"_ _4\"></span>ato sulle </span><span style=\"display:inherit;clear:left;\">primarie ban<span class=\"_ _4\"></span>che dati dispo<span class=\"_ _4\"></span>nibili. Per<span class=\"_ _4\"></span>tanto, se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>ugge<span class=\"_ _4\"></span>rito dalla dot<span class=\"_ _4\"></span>trina, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a g cos\u00ec d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito </span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a che ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re mantenuto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a a tempo in<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>inito, in con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">side<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne dello s<span class=\"_ _4\"></span>tato di maturit<span class=\"_ _4\"></span>\u00e0 del s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re e dei me<span class=\"_ _4\"></span>rcati ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ici nei quali il Gr<span class=\"_ _4\"></span>uppo op<span class=\"_ _4\"></span>era; su oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nti lunghi \u00e8 </span><span style=\"display:inherit;clear:left;\">comunque dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icile pot<span class=\"_ _4\"></span>er sos<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>ere una cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>dente quella d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia ne<span class=\"_ _4\"></span>l suo compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o recup<span class=\"_ _4\"></span>erabile dip<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ensib<span class=\"_ _4\"></span>ilmente dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mode<span class=\"_ _4\"></span>llo dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">cos\u00ec co<span class=\"_ _4\"></span>me dai flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019estr<span class=\"_ _4\"></span>apolaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne ricono<span class=\"_ _4\"></span>sciuta una p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a di valore la<span class=\"_ _4\"></span>ddove il valor<span class=\"_ _4\"></span>e recupe<span class=\"_ _4\"></span>rabile ri<span class=\"_ _4\"></span>sulti inferiore al v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le risult<span class=\"_ _4\"></span>anze dell<span class=\"_ _4\"></span>e valuta<span class=\"_ _4\"></span>zioni ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate per la d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutte l<span class=\"_ _4\"></span>e CGU og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls0 ws119\"> s<span class=\"_ _4\"></span>ono confront<span class=\"_ _4\"></span>ate con il re<span class=\"_ _4\"></span>lativo valore c<span class=\"_ _4\"></span>ontabile e qualo<span class=\"_ _4\"></span>ra il valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ella CGU (incluso </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto attribuit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) ris<span class=\"_ _4\"></span>ulti mag<span class=\"_ _4\"></span>giore de<span class=\"_ _4\"></span>l V<span class=\"_ _1\"></span>alore Re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile si pro<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>r\u00e0 alla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una perdit<span class=\"_ _4\"></span>a di valore p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i due v<span class=\"_ _4\"></span>alori. In cias<span class=\"_ _4\"></span>cuna CGU la perdit<span class=\"_ _4\"></span>a sar<span class=\"_ _4\"></span>\u00e0 imputat<span class=\"_ _4\"></span>a nel se<span class=\"_ _4\"></span>guente o<span class=\"_ _4\"></span>rdine:</span><span style=\"display:inherit;clear:left;\">a.  <span class=\"_ _49\"></span>ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento allo<span class=\"_ _4\"></span>cato all<span class=\"_ _4\"></span>\u2019unit\u00e0 (fino ad annullarl<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>), se la ri<span class=\"_ _4\"></span>duzione \u00e8 rife<span class=\"_ _4\"></span>rita all<span class=\"_ _4\"></span>\u2019unit\u00e0 </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile;</span><span style=\"display:inherit;clear:left;\">b.  <span class=\"_ _45\"></span>ri<span class=\"_ _4\"></span>duzione p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle altre at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0, e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti g<span class=\"_ _4\"></span>i\u00e0 valutate al lo<span class=\"_ _4\"></span>ro </span><span style=\"display:inherit;clear:left;\">valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile.</span><span style=\"display:inherit;clear:left;\">La rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rdite di valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento non p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>sere r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inata in es<span class=\"_ _4\"></span>ercizi f<span class=\"_ _4\"></span>uturi.</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che nell<span class=\"_ _4\"></span>\u2019ambito del p<span class=\"_ _4\"></span>roces<span class=\"_ _4\"></span>so di <span class=\"ff5f ls66 ws11c\">I<span class=\"_ _4\"></span>mpairm<span class=\"_ _4\"></span>ent</span> v<span class=\"_ _4\"></span>iene inf<span class=\"_ _4\"></span>ine formaliz<span class=\"_ _5\"></span>zata una ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, che ha lo sco<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">di valut<span class=\"_ _4\"></span>are i risult<span class=\"_ _4\"></span>ati ottenut<span class=\"_ _4\"></span>i anche al variare d<span class=\"_ _4\"></span>ei principali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari, dei p<span class=\"_ _4\"></span>arametr<span class=\"_ _4\"></span>i W<span class=\"_ _2\"></span>ACC e del t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita g<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Informativ<span class=\"_ _2\"></span>a sulle riduzioni durevoli di v<span class=\"_ _1\"></span>alore</span><span style=\"display:inherit;clear:left;\">Sulla base di quanto pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f\">Impairme<span class=\"_ _4\"></span>nt test</span> app<span class=\"_ _4\"></span>rovata dal Co<span class=\"_ _4\"></span>nsiglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione in dat<span class=\"_ _4\"></span>a 30 </span><span style=\"display:inherit;clear:left;\">gennaio 2025, il Grup<span class=\"_ _4\"></span>po ha analiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent</span> e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o per<span class=\"_ _4\"></span>dite durevoli in rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">alle propr<span class=\"_ _4\"></span>ie attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, ov<span class=\"_ _5\"></span>vero l<span class=\"_ _4\"></span>\u2019eventuale ve<span class=\"_ _4\"></span>nir meno de<span class=\"_ _4\"></span>i motiv<span class=\"_ _4\"></span>i che avevano co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zione di </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zioni durante i pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, il Gr<span class=\"_ _4\"></span>uppo ha ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziato un risult<span class=\"_ _4\"></span>ato ope<span class=\"_ _4\"></span>rativo ne<span class=\"_ _4\"></span>gativo in diminuz<span class=\"_ _4\"></span>ione risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erci<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente, p<span class=\"_ _4\"></span>enaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da un contes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Le incer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze sulla doman<span class=\"_ _4\"></span>da dei be<span class=\"_ _4\"></span>ni di luss<span class=\"_ _4\"></span>o por<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no a mantene<span class=\"_ _4\"></span>re un approc<span class=\"_ _4\"></span>cio prude<span class=\"_ _4\"></span>nte sulle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative di br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi s<span class=\"_ _4\"></span>volta ha in<span class=\"_ _4\"></span>dividuato s<span class=\"_ _4\"></span>egnali di de<span class=\"_ _4\"></span>bole<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a, con una <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span> inferiore ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative su tut<span class=\"_ _4\"></span>te le </span><span style=\"display:inherit;clear:left;\">CGU, che sono s<span class=\"_ _4\"></span>tate co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uente<span class=\"_ _4\"></span>mente sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>oste a <span class=\"ff5f ls59 wse2\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt tes<span class=\"_ _4\"></span>t</span>. Il ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls59 wse2\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5\"> ha d<span class=\"_ _4\"></span>eter<span class=\"_ _4\"></span>minato </span></span><span style=\"display:inherit;clear:left;\">una riduzi<span class=\"_ _4\"></span>one di valor<span class=\"_ _4\"></span>e di Euro 80,2 milioni p<span class=\"_ _4\"></span>er mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si ve<span class=\"_ _4\"></span>da la nota 10 \u201cRidu<span class=\"_ _4\"></span>zioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d </span><span style=\"display:inherit;clear:left;\">del presente documento.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _2\"></span>alutazione degli impatti del cambiamento climatico</span><span style=\"display:inherit;clear:left;\">Come in<span class=\"_ _4\"></span>dicato ne<span class=\"_ _4\"></span>l paragrafo \u201c<span class=\"_ _4\"></span>Principali ris<span class=\"_ _4\"></span>chi ed ince<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lla Relaz<span class=\"_ _4\"></span>ione sulla Ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one, ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha pro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uito il pe<span class=\"_ _4\"></span>rcors<span class=\"_ _4\"></span>o intrapre<span class=\"_ _4\"></span>so nel 2023 p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one di un <span class=\"ff5f\">Climate Change Risk Manageme<span class=\"_ _4\"></span>nt F<span class=\"_ _1\"></span>ramework<span class=\"ff5c\">, f<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">naliz<span class=\"_ _4\"></span>zato a r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>e proprie c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di identif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pote<span class=\"_ _4\"></span>nziali impatt<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari e as<span class=\"_ _4\"></span>sicurare una cor<span class=\"_ _4\"></span>rett<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione e a<span class=\"_ _4\"></span>dattam<span class=\"_ _4\"></span>ento alle sf<span class=\"_ _4\"></span>ide c<span class=\"_ _4\"></span>onnes<span class=\"_ _4\"></span>se al c<span class=\"_ _4\"></span>ambiamento climatico. Le analis<span class=\"_ _4\"></span>i hanno res<span class=\"_ _4\"></span>tituito una valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del </span><span style=\"display:inherit;clear:left;\">rischio l<span class=\"_ _4\"></span>egato al c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o con par<span class=\"_ _4\"></span>ticolare r<span class=\"_ _4\"></span>iferimento all<span class=\"_ _4\"></span>e principali e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni climatich<span class=\"_ _4\"></span>e per i sit<span class=\"_ _4\"></span>i pi\u00f9 </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>anti e per i <span class=\"ff5f ls46 wsc2\">bu<span class=\"_ _4\"></span>sines<span class=\"_ _4\"></span>s suppli<span class=\"_ _4\"></span>ers</span> c<span class=\"_ _4\"></span>hiave per il Grup<span class=\"_ _4\"></span>po. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o, per il bre<span class=\"_ _4\"></span>ve peri<span class=\"_ _4\"></span>odo, le analisi hann<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ituito </span><span style=\"display:inherit;clear:left;\">una quantific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle imp<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>gli eventi climatici e<span class=\"_ _4\"></span>stre<span class=\"_ _4\"></span>mi, in termini di p<span class=\"_ _4\"></span>erdite di fat<span class=\"_ _4\"></span>turato dov<span class=\"_ _4\"></span>ute </span><span style=\"display:inherit;clear:left;\">a interru<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>ll'attivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. <span class=\"ff5f ls59 wsa6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span> interrupt<span class=\"_ _4\"></span>ion</span>) e di costi pe<span class=\"_ _4\"></span>r danni agli <span class=\"ff5f ls36 wsb\">asset</span><span class=\"lsf3 wsde\"> (c<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>d<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span> <span class=\"ff5f ls5a wscc\">prope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>y damage</span></span>)<span class=\"_ _2\"></span>. In<span class=\"_ _4\"></span>oltre, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>diata e approfondit<span class=\"_ _4\"></span>a una pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>voluzion<span class=\"_ _4\"></span>e dell'es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> in perime<span class=\"_ _4\"></span>tro al cambiame<span class=\"_ _4\"></span>nto climatico nel </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>030) e nel lungo ter<span class=\"_ _4\"></span>mine (2050<span class=\"_ _1\"></span>), sec<span class=\"_ _4\"></span>ondo gli s<span class=\"_ _4\"></span>cenari climatici di rife<span class=\"_ _4\"></span>rimento (RCP<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>SSC 8<span class=\"_ _4\"></span>.5), identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ando eve<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuali variaz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve risp<span class=\"_ _4\"></span>etto alle anali<span class=\"_ _4\"></span>si di breve te<span class=\"_ _4\"></span>rmine</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o, negli anni ha raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zato un appro<span class=\"_ _4\"></span>ccio proat<span class=\"_ _4\"></span>tivo de<span class=\"_ _4\"></span>lle dinamiche leg<span class=\"_ _4\"></span>ate al cambiame<span class=\"_ _4\"></span>nto climatico e nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del 2024 sono st<span class=\"_ _4\"></span>ate implem<span class=\"_ _4\"></span>entate di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e azioni in ot<span class=\"_ _4\"></span>tica di mit<span class=\"_ _4\"></span>igazio<span class=\"_ _4\"></span>ne alla pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e ai rischi le<span class=\"_ _4\"></span>gati alla </span><span style=\"display:inherit;clear:left;\">transizione sostenibile. T<span class=\"_ _1c\"></span>ra queste, si citano<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _52\"> </span>- <span class=\"_ _44\"></span> <span class=\"_ _165\"></span>Il Gr<span class=\"_ _4\"></span>uppo ge<span class=\"_ _4\"></span>stis<span class=\"_ _4\"></span>ce i rischi d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019interru<span class=\"_ _4\"></span>zione te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anea de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 dovut<span class=\"_ _4\"></span>a a eventi e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni o eventi </span><span style=\"display:inherit;clear:left;\">naturali, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o poliz<span class=\"_ _4\"></span>ze a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ative a cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura di danni diret<span class=\"_ _4\"></span>ti sugli <span class=\"ff5f ls36 wsb\">as<span class=\"_ _4\"></span>set</span> azie<span class=\"_ _4\"></span>ndali ed eve<span class=\"_ _4\"></span>ntuali relativ<span class=\"_ _4\"></span>i danni </span><span style=\"display:inherit;clear:left;\">indiret<span class=\"_ _4\"></span>ti da inter<span class=\"_ _4\"></span>ruzio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _7b\"> </span>- <span class=\"_ _43\"> </span> Il <span class=\"_ _ae\"> </span>Piano <span class=\"_ _ae\"> </span><span class=\"ff5f ls67 ws8c\">Performance</span><span class=\"ws133\"> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023-2<span class=\"_ _1\"></span>025, approvato dall<span class=\"_ _4\"></span>\u2019As<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea deg<span class=\"_ _4\"></span>li A<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023, </span></span><span style=\"display:inherit;clear:left;\">e rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vato a se<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>zionati dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o amministratori e<span class=\"_ _4\"></span>/o collaboratori di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di altre </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 app<span class=\"_ _4\"></span>arte<span class=\"_ _4\"></span>nenti al G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo, co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati chiave nel p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>eguim<span class=\"_ _4\"></span>ento del s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>so s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dio<span class=\"_ _4\"></span>-lungo termine<span class=\"_ _4\"></span>, preve<span class=\"_ _4\"></span>de obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG<span class=\"_ _4\"></span>, tra cui que<span class=\"_ _4\"></span>lli colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambiental<span class=\"_ _4\"></span>e. Per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti basat<span class=\"_ _4\"></span>i su azioni<span class=\"_ _4\"></span>\u201d d<span class=\"_ _4\"></span>el Bilancio Co<span class=\"_ _4\"></span>nsoli<span class=\"_ _4\"></span>dato.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>Durante il 2024 \u00e8 stato or<span class=\"_ _4\"></span>ganiz<span class=\"_ _4\"></span>zato un <span class=\"ff5f ls57 ws97\">workshop</span> d<span class=\"_ _4\"></span>edicat<span class=\"_ _4\"></span>o alla circolarit\u00e0 d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti, che ha co<span class=\"_ _4\"></span>involto 60 g<span class=\"_ _4\"></span>iovani </span><span style=\"display:inherit;clear:left;\">tale<span class=\"_ _4\"></span>nti dell<span class=\"_ _4\"></span>\u2019azien<span class=\"_ _4\"></span>da impegnati n<span class=\"_ _4\"></span>el ripe<span class=\"_ _4\"></span>nsare una s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei nos<span class=\"_ _4\"></span>tri pro<span class=\"_ _4\"></span>dotti p<span class=\"_ _4\"></span>i\u00f9 iconici in otti<span class=\"_ _4\"></span>ca innovati<span class=\"_ _4\"></span>va e circo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lare. I ri<span class=\"_ _4\"></span>sultati de<span class=\"_ _4\"></span>ll'iniziati<span class=\"_ _4\"></span>va son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>entati all'Amministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, al Dire<span class=\"_ _4\"></span>ttore Cre<span class=\"_ _4\"></span>ativo e all'inte<span class=\"_ _4\"></span>ro ESG </span><span style=\"display:inherit;clear:left;\">Stee<span class=\"_ _4\"></span>ring Commi<span class=\"_ _1\"></span>tte<span class=\"_ _4\"></span>e<span class=\"ff5c\">, se<span class=\"_ _4\"></span>gnando un sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo pas<span class=\"_ _4\"></span>so avant<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o una strate<span class=\"_ _4\"></span>gia azie<span class=\"_ _4\"></span>ndale che ve<span class=\"_ _4\"></span>de la so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 </span></span><span style=\"display:inherit;clear:left;\">come uno d<span class=\"_ _4\"></span>ei valor<span class=\"_ _4\"></span>i distinti<span class=\"_ _4\"></span>vi della marc<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _1\"></span> <span class=\"_ _49\"></span>N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha av<span class=\"_ _4\"></span>viato un p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o di <span class=\"ff5f\">Life C<span class=\"_ _2\"></span>ycle A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>sment<span class=\"ff5c\"> (LCA) su tre d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti pi\u00f9 rap<span class=\"_ _4\"></span>pre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ativi, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ad approfo<span class=\"_ _4\"></span>ndire gli impatt<span class=\"_ _4\"></span>i deriv<span class=\"_ _4\"></span>anti dall'approv<span class=\"_ _4\"></span>vig<span class=\"_ _4\"></span>ionamento e dalla pro<span class=\"_ _4\"></span>duzio<span class=\"_ _4\"></span>ne. Il pro<span class=\"_ _4\"></span>getto </span><span style=\"display:inherit;clear:left;\">ha prev<span class=\"_ _4\"></span>isto un'attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls68 ws8e\">engagem<span class=\"_ _1\"></span>ent<span class=\"ff5c ls0 ws121\"> con i fornitori, volt<span class=\"_ _4\"></span>a a coinvolgerli at<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente e a garantire una v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span></span></span><span style=\"display:inherit;clear:left;\">tras<span class=\"_ _4\"></span>parente lungo la f<span class=\"_ _4\"></span>iliera p<span class=\"_ _4\"></span>rodutt<span class=\"_ _4\"></span>iva, me<span class=\"_ _4\"></span>tte<span class=\"_ _4\"></span>ndo in pratic<span class=\"_ _4\"></span>a la visi<span class=\"_ _4\"></span>one di <span class=\"ff5f ls68 ws8e\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls0 wse2\"> con la catena d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re sempre </span></span></span><span style=\"display:inherit;clear:left;\">pi\u00f9 bas<span class=\"_ _4\"></span>ata anche s<span class=\"_ _4\"></span>u proget<span class=\"_ _4\"></span>ti ESG co<span class=\"_ _4\"></span>ndivi<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>-  <span class=\"_ _47\"></span>Ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di r<span class=\"_ _4\"></span>accolt<span class=\"_ _4\"></span>a dati dei prin<span class=\"_ _4\"></span>cipali fornitori te<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ili e conciari, ince<span class=\"_ _4\"></span>ntrata sull<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>ze chimiche nelle f<span class=\"_ _4\"></span>asi di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, al f<span class=\"_ _4\"></span>ine di monitor<span class=\"_ _4\"></span>are e mitigare gli impat<span class=\"_ _4\"></span>ti dei ri<span class=\"_ _4\"></span>schi di f<span class=\"_ _4\"></span>iliera ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o leg<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 nella Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla Ges<span class=\"_ _4\"></span>tione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o continuer<span class=\"_ _4\"></span>\u00e0 nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2025 a raffo<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>are la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o sugli impatt<span class=\"_ _4\"></span>i po<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>ziali sugli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> e sui proce<span class=\"_ _4\"></span>ssi d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, al fin<span class=\"_ _4\"></span>e di indiriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte ed impl<span class=\"_ _4\"></span>ement<span class=\"_ _4\"></span>are eventuali ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">misure di contro<span class=\"_ _4\"></span>llo per limit<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e a tali ris<span class=\"_ _4\"></span>chi.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.2 Immobili, Impianti e macc<span class=\"_ _1\"></span>hinari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono r<span class=\"_ _4\"></span>ilevate al co<span class=\"_ _4\"></span>sto s<span class=\"_ _4\"></span>torico, comp<span class=\"_ _4\"></span>rensi<span class=\"_ _4\"></span>vo dei co<span class=\"_ _4\"></span>sti acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sori diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte imputab<span class=\"_ _4\"></span>ili e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">alla mes<span class=\"_ _4\"></span>sa in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l be<span class=\"_ _4\"></span>ne per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso p<span class=\"_ _4\"></span>er cui \u00e8 s<span class=\"_ _4\"></span>tato ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ato. T<span class=\"_ _1c\"></span>ale co<span class=\"_ _4\"></span>sto inclu<span class=\"_ _4\"></span>de i cos<span class=\"_ _4\"></span>ti per la s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzion<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te di macchinari e impianti ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui sono s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti se co<span class=\"_ _4\"></span>nformi ai criteri di r<span class=\"_ _4\"></span>ilevaz<span class=\"_ _4\"></span>ione. Il v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to (il </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to meno l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>o accumulato e le pe<span class=\"_ _4\"></span>rdite pe<span class=\"_ _4\"></span>r riduzio<span class=\"_ _4\"></span>ne di valore a<span class=\"_ _4\"></span>ccumulate<span class=\"_ _1\"></span>) delle par<span class=\"_ _4\"></span>ti di ma<span class=\"_ _4\"></span>cchinari e </span><span style=\"display:inherit;clear:left;\">impianti sos<span class=\"_ _4\"></span>tituiti \u00e8 ril<span class=\"_ _4\"></span>evato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co al mome<span class=\"_ _4\"></span>nto della loro s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Le spe<span class=\"_ _4\"></span>se di manute<span class=\"_ _4\"></span>nzion<span class=\"_ _4\"></span>e e riparaz<span class=\"_ _4\"></span>ione, che n<span class=\"_ _4\"></span>on siano sus<span class=\"_ _4\"></span>cet<span class=\"_ _4\"></span>tibili a valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o prolungare la v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua dei b<span class=\"_ _4\"></span>eni, </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sate nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio in cui s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute, in ca<span class=\"_ _4\"></span>so contrar<span class=\"_ _4\"></span>io vengono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mulate dete<span class=\"_ _4\"></span>rminate sec<span class=\"_ _4\"></span>ondo le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uito. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 cal<span class=\"_ _4\"></span>colato in quote cos<span class=\"_ _4\"></span>tanti in b<span class=\"_ _4\"></span>ase alla vit<span class=\"_ _4\"></span>a utile s<span class=\"_ _4\"></span>timata de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a. Le vite ut<span class=\"_ _4\"></span>ili delle </span><span style=\"display:inherit;clear:left;\">principali cla<span class=\"_ _4\"></span>ssi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>guent<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Impianti e Macchinari<span class=\"_ _2bb\"> </span>5-6 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _2bc\"> </span>4-7 anni</span><span style=\"display:inherit;clear:left;\">Altri beni:</span><span style=\"display:inherit;clear:left;\">- Mobili Ar<span class=\"_ _1\"></span>redi Uffici<span class=\"_ _2bd\"> </span>5-8 anni</span><span style=\"display:inherit;clear:left;\">- Macchine Elettr<span class=\"_ _1\"></span>oniche<span class=\"_ _2be\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">- C<span class=\"_ _1\"></span>ollezione Storica<span class=\"_ _2bf\"> </span>5 anni</span><span style=\"display:inherit;clear:left;\">- Automezzi<span class=\"_ _2c0\"> </span><span class=\"ws0\">3-4 anni</span></span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _217\"> </span>Minor<span class=\"_ _1\"></span>e tra la vita utile del bene e la dur<span class=\"_ _2\"></span>ata residua del contr<span class=\"_ _2\"></span>atto di affitto del bene</span><span style=\"display:inherit;clear:left;\">Il valore re<span class=\"_ _4\"></span>siduo d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>ne, la vit<span class=\"_ _4\"></span>a utile e i m<span class=\"_ _4\"></span>etodi di ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento ap<span class=\"_ _4\"></span>plicati s<span class=\"_ _4\"></span>ono riv<span class=\"_ _4\"></span>isti alla f<span class=\"_ _4\"></span>ine di cias<span class=\"_ _4\"></span>cun es<span class=\"_ _4\"></span>ercizio e </span><span style=\"display:inherit;clear:left;\">ade<span class=\"_ _4\"></span>guati, se ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sario, in mo<span class=\"_ _4\"></span>do pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tico.</span><span style=\"display:inherit;clear:left;\">Qualor<span class=\"_ _4\"></span>a part<span class=\"_ _4\"></span>i signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve di tali atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 materiali abbiano dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nti vite utili, t<span class=\"_ _4\"></span>ali compo<span class=\"_ _4\"></span>nenti s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zate s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. I terre<span class=\"_ _4\"></span>ni, sia liberi da co<span class=\"_ _4\"></span>stru<span class=\"_ _4\"></span>zione sia anne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i a fabbric<span class=\"_ _4\"></span>ati, sono r<span class=\"_ _4\"></span>ilevati s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente e no<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in quanto e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti a vit<span class=\"_ _4\"></span>a utile illimitat<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli immobili, impianti e ma<span class=\"_ _4\"></span>cchinari \u00e8 sot<span class=\"_ _4\"></span>topos<span class=\"_ _4\"></span>to a ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. </span><span style=\"display:inherit;clear:left;\">Se e<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>e un\u2019in<span class=\"_ _4\"></span>dicazi<span class=\"_ _4\"></span>one di ques<span class=\"_ _4\"></span>to tip<span class=\"_ _4\"></span>o e nel ca<span class=\"_ _4\"></span>so in cui il valo<span class=\"_ _4\"></span>re di carico e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>da il valore di pre<span class=\"_ _4\"></span>sumibile re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sono s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ate fin<span class=\"_ _4\"></span>o a rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il loro valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo. Il val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">macchinari \u00e8 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entato dal mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re tra il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo net<span class=\"_ _4\"></span>to di vendit<span class=\"_ _4\"></span>a e il valor<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso.</span><span style=\"display:inherit;clear:left;\">Nel d<span class=\"_ _4\"></span>efinire il v<span class=\"_ _4\"></span>alore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari fu<span class=\"_ _4\"></span>turi atte<span class=\"_ _4\"></span>si son<span class=\"_ _4\"></span>o attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto ante </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi sp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 che non gen<span class=\"_ _4\"></span>era f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span>ziari ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti, il valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto econ<span class=\"_ _4\"></span>omico fra i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valo<span class=\"_ _4\"></span>re sono </span><span style=\"display:inherit;clear:left;\">ripris<span class=\"_ _4\"></span>tinate nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano me<span class=\"_ _4\"></span>no i motiv<span class=\"_ _4\"></span>i che le hanno ge<span class=\"_ _4\"></span>nerate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile di un e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nto di immobili, impianti e macchinari e<span class=\"_ _4\"></span>d ogni co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte signif<span class=\"_ _4\"></span>icativo ini<span class=\"_ _4\"></span>zial<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente ril<span class=\"_ _4\"></span>evato \u00e8 eliminato al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lla dismis<span class=\"_ _4\"></span>sione (cio\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ott<span class=\"_ _4\"></span>iene il contro<span class=\"_ _4\"></span>l<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lo<span class=\"_ _2\"></span>) o quan<span class=\"_ _4\"></span>do non ci si at<span class=\"_ _4\"></span>tende al<span class=\"_ _4\"></span>cun bene<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>io econo<span class=\"_ _4\"></span>mico futuro dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019utile/pe<span class=\"_ _4\"></span>rdita </span><span style=\"display:inherit;clear:left;\">che em<span class=\"_ _4\"></span>erge al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>liminazion<span class=\"_ _4\"></span>e contabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>cal<span class=\"_ _4\"></span>colato come dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a tra il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 ed il c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pe<span class=\"_ _4\"></span>rcepito) \u00e8 rilevato a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o quando l<span class=\"_ _4\"></span>\u2019eleme<span class=\"_ _4\"></span>nto \u00e8 eliminato<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>ab<span class=\"_ _4\"></span>ilme<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">2.3.3 In<span class=\"_ _1\"></span>vestimenti Immobiliari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali dete<span class=\"_ _4\"></span>nute a fini di re<span class=\"_ _4\"></span>ddito e no<span class=\"_ _4\"></span>n a uso s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in un\u2019apposit<span class=\"_ _4\"></span>a clas<span class=\"_ _4\"></span>se den<span class=\"_ _4\"></span>omi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nata \u201c<span class=\"_ _4\"></span>Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o lo IA<span class=\"_ _4\"></span>S 40, e s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate al c<span class=\"_ _4\"></span>osto. Le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 rie<span class=\"_ _4\"></span>ntranti in tali f<span class=\"_ _4\"></span>attisp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cie cons<span class=\"_ _4\"></span>iston<span class=\"_ _4\"></span>o in terre<span class=\"_ _4\"></span>ni e/o fabbricati (o parti di f<span class=\"_ _4\"></span>abbric<span class=\"_ _4\"></span>ati) detenuti dal pro<span class=\"_ _4\"></span>priet<span class=\"_ _4\"></span>ario o dal loc<span class=\"_ _4\"></span>atario ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di un </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria o ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a al fine di c<span class=\"_ _4\"></span>once<span class=\"_ _4\"></span>derli in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ie di immobili so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate sep<span class=\"_ _4\"></span>aratame<span class=\"_ _4\"></span>nte dagli altri b<span class=\"_ _4\"></span>eni immobili p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>eduti. G<span class=\"_ _4\"></span>li invest<span class=\"_ _4\"></span>imenti immo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">biliari son<span class=\"_ _4\"></span>o esp<span class=\"_ _4\"></span>osti al n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ei relati<span class=\"_ _4\"></span>vi ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti accumulati e di e<span class=\"_ _4\"></span>ventuali pe<span class=\"_ _4\"></span>rdite di valore<span class=\"_ _4\"></span>. La v<span class=\"_ _4\"></span>ita utile de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari del Gr<span class=\"_ _4\"></span>uppo \u00e8 di 33 anni.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevar<span class=\"_ _4\"></span>ne eventuali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore, </span><span style=\"display:inherit;clear:left;\">qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Le pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">di valore s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co fra i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e s<span class=\"_ _4\"></span>valuta<span class=\"_ _4\"></span>zioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valore </span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inate nel ca<span class=\"_ _4\"></span>so in cui veng<span class=\"_ _4\"></span>ano meno i m<span class=\"_ _4\"></span>otivi ch<span class=\"_ _4\"></span>e le hanno gene<span class=\"_ _4\"></span>rate.</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari son<span class=\"_ _4\"></span>o eliminati dal bilancio quando s<span class=\"_ _4\"></span>ono ce<span class=\"_ _4\"></span>duti (<span class=\"_ _2\"></span>cio<span class=\"_ _4\"></span>\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne il controll<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) o quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>invest<span class=\"_ _4\"></span>imento \u00e8 durevo<span class=\"_ _4\"></span>lmente inutiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abile e non s<span class=\"_ _4\"></span>ono att<span class=\"_ _4\"></span>esi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici fut<span class=\"_ _4\"></span>uri dalla </span><span style=\"display:inherit;clear:left;\">sua ce<span class=\"_ _4\"></span>ssion<span class=\"_ _4\"></span>e. L<span class=\"_ _1c\"></span>'ammontare d<span class=\"_ _4\"></span>el corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tivo da co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rare pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ell'utile o de<span class=\"_ _4\"></span>lla per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante </span><span style=\"display:inherit;clear:left;\">dalla cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di un investim<span class=\"_ _4\"></span>ento immobiliare \u00e8 d<span class=\"_ _4\"></span>eterminato in confor<span class=\"_ _4\"></span>mit\u00e0 ai re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prez<span class=\"_ _4\"></span>zo dell'operazione nell'IF<span class=\"_ _1\"></span>RS 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">2.3.4 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _2\"></span>easing</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta all<span class=\"_ _4\"></span>'inizio de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to se il contr<span class=\"_ _4\"></span>atto \u00e8, o c<span class=\"_ _4\"></span>ontiene<span class=\"_ _4\"></span>, un <span class=\"ff5f ls59 ws114\">lea<span class=\"_ _4\"></span>sing</span>. Il contratto \u00e8<span class=\"_ _4\"></span>, o contien<span class=\"_ _4\"></span>e, un <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span> se<span class=\"_ _4\"></span>, in </span><span style=\"display:inherit;clear:left;\">cambio di un c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo, conferis<span class=\"_ _4\"></span>ce il diritt<span class=\"_ _4\"></span>o di controllare l'utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di un'<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r un perio<span class=\"_ _4\"></span>do di temp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>val<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ta dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali. </span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatario</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o applica un s<span class=\"_ _4\"></span>ingolo mod<span class=\"_ _4\"></span>ello cont<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>i i contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione in cui \u00e8 l<span class=\"_ _4\"></span>ocat<span class=\"_ _4\"></span>ario, ecce<span class=\"_ _4\"></span>tto p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">di breve durat<span class=\"_ _4\"></span>a e contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di beni di val<span class=\"_ _4\"></span>ore esig<span class=\"_ _4\"></span>uo. Il Grupp<span class=\"_ _4\"></span>o rileva una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing<span class=\"_ _4\"></span></span><span class=\"ls0 ws11c\"> e </span></span><span style=\"display:inherit;clear:left;\">un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 per D<span class=\"_ _4\"></span>iritto d\u2019uso: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o rileva un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso alla data di d<span class=\"_ _4\"></span>ecorre<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto (vale a dire alla data in cui l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tos<span class=\"_ _4\"></span>tante \u00e8 a disp<span class=\"_ _4\"></span>osi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l loc<span class=\"_ _4\"></span>atario<span class=\"_ _1\"></span>). Le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso sono mi<span class=\"_ _4\"></span>surate al cos<span class=\"_ _4\"></span>to, al net<span class=\"_ _4\"></span>to dei re<span class=\"_ _4\"></span>lativi ammo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore accumulate d<span class=\"_ _4\"></span>eterminate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nel s<span class=\"_ _4\"></span>eguito, </span><span style=\"display:inherit;clear:left;\">e rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate pe<span class=\"_ _4\"></span>r tene<span class=\"_ _4\"></span>r conto di eventuali ri<span class=\"_ _4\"></span>deter<span class=\"_ _4\"></span>minazioni de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del <span class=\"ff5f ls59 ws114\">l<span class=\"_ _4\"></span>easing</span>. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Uso includ<span class=\"_ _4\"></span>e il valore de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls59 ws114\">leas<span class=\"_ _4\"></span>ing</span> rilev<span class=\"_ _4\"></span>ata, i cos<span class=\"_ _4\"></span>ti iniziali diret<span class=\"_ _4\"></span>ti so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti, i pagame<span class=\"_ _4\"></span>nti dovuti p<span class=\"_ _4\"></span>er il <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fettuati alla dat<span class=\"_ _4\"></span>a o prima della dat<span class=\"_ _4\"></span>a di deco<span class=\"_ _4\"></span>rrenz<span class=\"_ _4\"></span>a al net<span class=\"_ _4\"></span>to degli inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i al<span class=\"ff5f ls59 ws136\"> lea<span class=\"_ _4\"></span>sing </span>ricev<span class=\"_ _4\"></span>uti, e la st<span class=\"_ _4\"></span>ima dei cos<span class=\"_ _4\"></span>ti che il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o dovr\u00e0 s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>enere p<span class=\"_ _4\"></span>er il ripr<span class=\"_ _4\"></span>istino d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>stante n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni or<span class=\"_ _4\"></span>iginali, qualora prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">A meno ch<span class=\"_ _4\"></span>e il Gruppo n<span class=\"_ _4\"></span>on sia ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte cer<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>tare il b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o di loca<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 calc<span class=\"_ _4\"></span>olato in quote cos<span class=\"_ _4\"></span>tanti in ba<span class=\"_ _4\"></span>se al minore t<span class=\"_ _4\"></span>ra la durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to e la vit<span class=\"_ _4\"></span>a utile st<span class=\"_ _4\"></span>imata del b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">come segue:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _287\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">Automezzi<span class=\"_ _2c1\"> </span>3-4 anni</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>elle Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per D<span class=\"_ _4\"></span>iritto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Us<span class=\"_ _4\"></span>o \u00e8 sott<span class=\"_ _4\"></span>opos<span class=\"_ _4\"></span>to a verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, per r<span class=\"_ _4\"></span>ilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di valor<span class=\"_ _4\"></span>e, qualora eve<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un\u2019in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ione di </span><span style=\"display:inherit;clear:left;\">ques<span class=\"_ _4\"></span>to tipo e n<span class=\"_ _4\"></span>el ca<span class=\"_ _4\"></span>so in cui il valore di c<span class=\"_ _4\"></span>arico e<span class=\"_ _4\"></span>cceda il v<span class=\"_ _4\"></span>alore di pre<span class=\"_ _4\"></span>sumibile reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo, le attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>valutate f<span class=\"_ _4\"></span>ino a </span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>lette<span class=\"_ _4\"></span>re il loro val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo. Il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal mag<span class=\"_ _4\"></span>giore tr<span class=\"_ _4\"></span>a il prez<span class=\"_ _4\"></span>zo n<span class=\"_ _4\"></span>etto di ve<span class=\"_ _4\"></span>ndita e il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso. Nel de<span class=\"_ _4\"></span>finire il va<span class=\"_ _4\"></span>lore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i atte<span class=\"_ _4\"></span>si sono at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto </span><span style=\"display:inherit;clear:left;\">ante impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'attivit<span class=\"_ _4\"></span>\u00e0 che non ge<span class=\"_ _4\"></span>nera f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari ampiame<span class=\"_ _4\"></span>nte indipe<span class=\"_ _4\"></span>ndenti, il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate ne<span class=\"_ _4\"></span>l conto e<span class=\"_ _4\"></span>conomico f<span class=\"_ _4\"></span>ra i cos<span class=\"_ _4\"></span>ti per amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e sva<span class=\"_ _4\"></span>lutaz<span class=\"_ _4\"></span>ioni. T<span class=\"_ _1c\"></span>ali p<span class=\"_ _4\"></span>erdite di v<span class=\"_ _4\"></span>alore son<span class=\"_ _4\"></span>o ripris<span class=\"_ _4\"></span>tinate </span><span style=\"display:inherit;clear:left;\">nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano men<span class=\"_ _4\"></span>o i motiv<span class=\"_ _4\"></span>i che le hanno gen<span class=\"_ _4\"></span>erate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span>: </span><span style=\"display:inherit;clear:left;\">Alla data di d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, il Grupp<span class=\"_ _4\"></span>o rilev<span class=\"_ _4\"></span>a una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span> calcolat<span class=\"_ _4\"></span>a come il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e dei </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nti futuri re<span class=\"_ _4\"></span>sidui f<span class=\"_ _4\"></span>ino alla f<span class=\"_ _4\"></span>ine del co<span class=\"_ _4\"></span>ntratto. I pag<span class=\"_ _4\"></span>amenti fut<span class=\"_ _4\"></span>uri includono i p<span class=\"_ _4\"></span>agamenti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>si, al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">incenti<span class=\"_ _4\"></span>vi al <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> da ric<span class=\"_ _4\"></span>evere, i p<span class=\"_ _4\"></span>agamenti v<span class=\"_ _4\"></span>ariabili che dipe<span class=\"_ _4\"></span>ndono da un in<span class=\"_ _4\"></span>dice o un tas<span class=\"_ _4\"></span>so e gli imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti che si pre<span class=\"_ _4\"></span>vede </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o dovr\u00e0 p<span class=\"_ _4\"></span>agare a titol<span class=\"_ _4\"></span>o di garanzi<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re resi<span class=\"_ _4\"></span>duo. I pagame<span class=\"_ _4\"></span>nti futuri includ<span class=\"_ _4\"></span>ono anche il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>serci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio de<span class=\"_ _4\"></span>ll'opzione di acquis<span class=\"_ _4\"></span>to, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione<span class=\"_ _4\"></span>, e i pagame<span class=\"_ _4\"></span>nti di penalit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di riso<span class=\"_ _4\"></span>luzione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione di ri<span class=\"_ _4\"></span>soluzi<span class=\"_ _4\"></span>one. I pag<span class=\"_ _4\"></span>amenti </span><span style=\"display:inherit;clear:left;\">variabili, che no<span class=\"_ _4\"></span>n dipen<span class=\"_ _4\"></span>dono da un indice o t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so, ma che pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o dipend<span class=\"_ _4\"></span>ono principalm<span class=\"_ _4\"></span>ente dal volume de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\">vendite<span class=\"_ _4\"></span>, continuano ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come cos<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico, tra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i. Per calc<span class=\"_ _4\"></span>olare il va<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lore att<span class=\"_ _4\"></span>uale dei pag<span class=\"_ _4\"></span>amenti futur<span class=\"_ _4\"></span>i, il Gruppo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f\">Incre<span class=\"_ _4\"></span>mental Bo<span class=\"_ _4\"></span>rrowing Rate</span> (IBR) alla da<span class=\"_ _1\"></span>ta di iniz<span class=\"_ _4\"></span>io del co<span class=\"_ _4\"></span>ntratto. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte, la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> \u00e8 incre<span class=\"_ _4\"></span>mentat<span class=\"_ _4\"></span>a per g<span class=\"_ _4\"></span>li interes<span class=\"_ _4\"></span>si e de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>ntata p<span class=\"_ _4\"></span>er i pag<span class=\"_ _4\"></span>amenti ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuati. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _4\"></span>a per t<span class=\"_ _4\"></span>enere c<span class=\"_ _4\"></span>onto di modif<span class=\"_ _4\"></span>iche ai t<span class=\"_ _4\"></span>ermini del c<span class=\"_ _4\"></span>ontratto.</span><span style=\"display:inherit;clear:left;\">Cont<span class=\"_ _4\"></span>ratti d<span class=\"_ _4\"></span>i breve dur<span class=\"_ _4\"></span>ata e c<span class=\"_ _4\"></span>ontrat<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>ni di valo<span class=\"_ _4\"></span>re e<span class=\"_ _4\"></span>siguo: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>vale d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione dall<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 p<span class=\"_ _4\"></span>er i contrat<span class=\"_ _4\"></span>ti di breve dur<span class=\"_ _4\"></span>ata (inferiore a 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi) e pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">i contrat<span class=\"_ _4\"></span>ti in cui il singolo b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato \u00e8 di valo<span class=\"_ _4\"></span>re esig<span class=\"_ _4\"></span>uo (inferiore a Euro 5.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0). I pagame<span class=\"_ _4\"></span>nti dei can<span class=\"_ _4\"></span>oni di tali contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati linearm<span class=\"_ _4\"></span>ente come c<span class=\"_ _4\"></span>osti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico, sulla bas<span class=\"_ _4\"></span>e dei te<span class=\"_ _4\"></span>rmini e delle co<span class=\"_ _4\"></span>ndizioni d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to.</span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatore</span><span style=\"display:inherit;clear:left;\">I contrat<span class=\"_ _4\"></span>ti di <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte lasciano in c<span class=\"_ _4\"></span>apo al Grup<span class=\"_ _4\"></span>po tutt<span class=\"_ _4\"></span>i i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>lla propriet<span class=\"_ _4\"></span>\u00e0 de<span class=\"_ _4\"></span>l bene </span><span style=\"display:inherit;clear:left;\">sono cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls9 ws8\"> op<span class=\"_ _4\"></span>erativi. </span></span><span style=\"display:inherit;clear:left;\">I canoni di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati in quote cos<span class=\"_ _4\"></span>tanti lungo la durat<span class=\"_ _4\"></span>a dei co<span class=\"_ _4\"></span>ntratti di lo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re alla data di bilancio </span><span style=\"display:inherit;clear:left;\">e, se d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti da invest<span class=\"_ _4\"></span>imenti immob<span class=\"_ _4\"></span>iliari, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Loc<span class=\"_ _4\"></span>azioni Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I cos<span class=\"_ _4\"></span>ti diret<span class=\"_ _4\"></span>ti iniziali </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tenuti p<span class=\"_ _4\"></span>er l'ot<span class=\"_ _4\"></span>tenimento d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo sono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati e rile<span class=\"_ _4\"></span>vati come ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento lungo la dur<span class=\"_ _4\"></span>ata del </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws0\"> con lo s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>sso cr<span class=\"_ _4\"></span>iterio di rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one dei prove<span class=\"_ _4\"></span>nti del </span>l<span class=\"_ _4\"></span>easing<span class=\"ff5c ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\">2.3.5 Aggr<span class=\"_ _2\"></span>egazioni <span class=\"_ _4\"></span>aziendali <span class=\"_ _4\"></span>ed Avviamento</span><span style=\"display:inherit;clear:left;\">Le aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _4\"></span>zando il metodo dell\u2019acq<span class=\"_ _1\"></span>uisto. </span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>to \u00e8 valut<span class=\"_ _4\"></span>ato come so<span class=\"_ _4\"></span>mma del cor<span class=\"_ _4\"></span>rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo trasfe<span class=\"_ _4\"></span>rito misur<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> (valore equo) alla data di </span></span></span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto di qual<span class=\"_ _4\"></span>siasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazio<span class=\"_ _4\"></span>ne di minoranz<span class=\"_ _4\"></span>a nell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. Per ogni ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azi<span class=\"_ _4\"></span>endale<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente d<span class=\"_ _4\"></span>eve valut<span class=\"_ _4\"></span>are qualsiasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione di minoran<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ac<span class=\"_ _4\"></span>quisit<span class=\"_ _4\"></span>a al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsc6\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) oppure<span class=\"_ _1\"></span> in </span></span></span><span style=\"display:inherit;clear:left;\">propo<span class=\"_ _4\"></span>rzio<span class=\"_ _4\"></span>ne alla quota  d<span class=\"_ _4\"></span>ella par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a nelle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 net<span class=\"_ _4\"></span>te identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>abili dell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. I cos<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ono sp<span class=\"_ _4\"></span>esat<span class=\"_ _4\"></span>i e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati tra le sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e amministr<span class=\"_ _4\"></span>ative.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o deter<span class=\"_ _4\"></span>mina di aver acquisit<span class=\"_ _4\"></span>o un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale quando l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>sieme inte<span class=\"_ _4\"></span>grato di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e be<span class=\"_ _4\"></span>ni include almen<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">un fatto<span class=\"_ _4\"></span>re della pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e ed un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anziale che in<span class=\"_ _4\"></span>sieme co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>ono in mod<span class=\"_ _4\"></span>o signif<span class=\"_ _4\"></span>icativo alla c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span>. Il proc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so acquis<span class=\"_ _4\"></span>ito \u00e8 consi<span class=\"_ _4\"></span>derato s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anziale s<span class=\"_ _4\"></span>e \u00e8 cruciale p<span class=\"_ _4\"></span>er la capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span> e i fatto<span class=\"_ _4\"></span>ri di produ<span class=\"_ _4\"></span>zione ac<span class=\"_ _4\"></span>quisiti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o una forz<span class=\"_ _4\"></span>a  lavoro organi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata ch<span class=\"_ _4\"></span>e dispon<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sarie comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>ze, cono<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nze o es<span class=\"_ _4\"></span>perie<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>er e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uire tale pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so o co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>e signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>amente alla </span><span style=\"display:inherit;clear:left;\">capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un o<span class=\"_ _4\"></span>utput ed \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato unico o sc<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>o  o non pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>stituito s<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a cos<span class=\"_ _4\"></span>ti, </span><span style=\"display:inherit;clear:left;\">sfor<span class=\"_ _4\"></span>zi o rit<span class=\"_ _4\"></span>ardi signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r le capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un <span class=\"ff5f ls5b ws8\">o<span class=\"_ _4\"></span>utput<span class=\"_ _4\"></span></span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">Ogni cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo poten<span class=\"_ _4\"></span>ziale deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rile<span class=\"_ _4\"></span>vato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente al <span class=\"ff5f\">fair value</span> alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne. L<span class=\"_ _4\"></span>a variazio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f wsb\">fair value<span class=\"ff5c\"> del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pote<span class=\"_ _4\"></span>nziale clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, s<span class=\"_ _4\"></span>ar\u00e0 </span></span></span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ata se<span class=\"_ _4\"></span>condo quanto dis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico o nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle altre comp<span class=\"_ _4\"></span>onenti di co<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">economico complessivo. Se il<span class=\"_ _1\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _1\"></span>lassificato come strumento di<span class=\"_ _1\"></span> patrimon<span class=\"_ _1\"></span>io netto, i<span class=\"_ _2\"></span>l suo valore </span><span style=\"display:inherit;clear:left;\">non deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rimis<span class=\"_ _4\"></span>urato e la sua es<span class=\"_ _4\"></span>tinzi<span class=\"_ _4\"></span>one sar<span class=\"_ _4\"></span>\u00e0 contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to. Nei c<span class=\"_ _4\"></span>asi in cui il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">pote<span class=\"_ _4\"></span>nziale non r<span class=\"_ _4\"></span>icade n<span class=\"_ _4\"></span>ello sc<span class=\"_ _4\"></span>opo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, deve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e comunque valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair value</span> e le variazio<span class=\"_ _4\"></span>ni devono e<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sere rilevate nel conto economico.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione azi<span class=\"_ _4\"></span>endale \u00e8 iniz<span class=\"_ _4\"></span>ialmente valut<span class=\"_ _4\"></span>ato al cos<span class=\"_ _4\"></span>to che eme<span class=\"_ _4\"></span>rge com<span class=\"_ _4\"></span>e ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>insiem<span class=\"_ _4\"></span>e dei corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i corris<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to is<span class=\"_ _4\"></span>critto p<span class=\"_ _4\"></span>er le inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoranz<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">equo d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 nett<span class=\"_ _4\"></span>e identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili acquisite e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 as<span class=\"_ _4\"></span>sunte dal Gr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>sto richi<span class=\"_ _4\"></span>ede la rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one a valor<span class=\"_ _4\"></span>e equo de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te non ric<span class=\"_ _4\"></span>onos<span class=\"_ _4\"></span>ciute<span class=\"_ _2\"></span>) e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali ed es<span class=\"_ _4\"></span>cluse le r<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>uttura<span class=\"_ _4\"></span>zioni future) </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>azien<span class=\"_ _4\"></span>da acq<span class=\"_ _1\"></span>uistata.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, l<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento \u00e8 va<span class=\"_ _4\"></span>lutato al cos<span class=\"_ _4\"></span>to ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cumulate. Al f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla ve<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er riduz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 allo<span class=\"_ _4\"></span>cato, alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">alle singole unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i del Gr<span class=\"_ _4\"></span>uppo, o ai grupp<span class=\"_ _4\"></span>i di unit\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si che dovr<span class=\"_ _4\"></span>ebbe<span class=\"_ _4\"></span>ro ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciare </span><span style=\"display:inherit;clear:left;\">dalle sine<span class=\"_ _4\"></span>rgie de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione, in<span class=\"_ _4\"></span>dipend<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte dal fatto ch<span class=\"_ _4\"></span>e altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo siano a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnate </span><span style=\"display:inherit;clear:left;\">a tali unit<span class=\"_ _4\"></span>\u00e0 o rag<span class=\"_ _4\"></span>gruppam<span class=\"_ _4\"></span>enti di unit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo ac<span class=\"_ _4\"></span>quisisc<span class=\"_ _4\"></span>e un <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, de<span class=\"_ _4\"></span>ve classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are o des<span class=\"_ _4\"></span>ignare le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie acquis<span class=\"_ _4\"></span>ite o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unte in accordo c<span class=\"_ _4\"></span>on i termini co<span class=\"_ _4\"></span>ntrattuali, le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni econo<span class=\"_ _4\"></span>miche e le altre co<span class=\"_ _4\"></span>ndizioni p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tine<span class=\"_ _4\"></span>nti in es<span class=\"_ _4\"></span>sere alla </span><span style=\"display:inherit;clear:left;\">data di ac<span class=\"_ _4\"></span>quisizion<span class=\"_ _4\"></span>e. Ci\u00f2 includ<span class=\"_ _4\"></span>e la verif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>abilire se un d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorpo<span class=\"_ _4\"></span>rato deb<span class=\"_ _4\"></span>ba es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>eparato dal c<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>o primario. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a in pi\u00f9 fasi, la s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 rical<span class=\"_ _4\"></span>cola il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws150\"> della<span class=\"_ _1\"></span> parte<span class=\"_ _4\"></span>cipazione precedente<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mente de<span class=\"_ _4\"></span>tenut<span class=\"_ _4\"></span>a e rileva n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomico l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>eventuale ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita ris<span class=\"_ _4\"></span>ultante.</span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 s<span class=\"_ _4\"></span>tato allo<span class=\"_ _4\"></span>cato a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0 ge<span class=\"_ _4\"></span>neratri<span class=\"_ _4\"></span>ce di flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari e l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 dismet<span class=\"_ _4\"></span>te par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 di t<span class=\"_ _4\"></span>ale uni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">t\u00e0, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>viame<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>ociato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di<span class=\"_ _4\"></span>sme<span class=\"_ _4\"></span>ssa d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e incluso ne<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 quan<span class=\"_ _4\"></span>do si dete<span class=\"_ _4\"></span>rmina </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vante dalla dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento as<span class=\"_ _4\"></span>sociato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei valo<span class=\"_ _4\"></span>ri relativ<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa e de<span class=\"_ _4\"></span>lla part<span class=\"_ _4\"></span>e mantenuta d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari.</span><span style=\"display:inherit;clear:left;\">Le <span class=\"ff5f ls2b ws5d\">busines<span class=\"_ _4\"></span>s combination</span><span class=\"ls3 ws8\"> effet<span class=\"_ _4\"></span>tuate tra entit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _4\"></span>to comune co<span class=\"_ _4\"></span>ntrollo non rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>I<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">FRS 3. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui la <span class=\"ff5f ls2b wse5\">busines<span class=\"_ _4\"></span>s combina<span class=\"_ _1\"></span>tion<span class=\"ff5c ls3 wsd9\"> tra e<span class=\"_ _4\"></span>ntit\u00e0 sot<span class=\"_ _4\"></span>to comune c<span class=\"_ _4\"></span>ontrollo non ab<span class=\"_ _4\"></span>bia sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica e </span></span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nti una mera rio<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale la so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>plica il me<span class=\"_ _4\"></span>todo di co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ls58 ws6\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>ss</span><span class=\"ls0 ws0\"> <span class=\"ff5f ls68 ws8e\">com</span><span class=\"ff5f\">-</span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">bination<span class=\"ff5c ls9 ws8\"> cosiddetti </span></span></span><span class=\"ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">pooling</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">of</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>st</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">met<span class=\"_ _4\"></span>hod</span></span><span class=\"ff5c\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ag<span class=\"_ _4\"></span>gregan<span class=\"_ _4\"></span>do</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">e</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">linea</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>er</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">line<span class=\"_ _4\"></span>a</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ai</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">valori</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">libro</span></span>.</span></span></span><span style=\"display:inherit;clear:left;\">2.3.6 Atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _4\"></span>Immateriali</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019attivo al cos<span class=\"_ _4\"></span>to di acqui<span class=\"_ _4\"></span>sto quando \u00e8 p<span class=\"_ _4\"></span>robabile che l<span class=\"_ _4\"></span>\u2019uso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici futuri e quando il c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e determinato in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 imma<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teriali ac<span class=\"_ _4\"></span>quisite att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni di ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione di imp<span class=\"_ _4\"></span>rese s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo def<span class=\"_ _4\"></span>inito alla data di ac<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">quisizi<span class=\"_ _4\"></span>one, se t<span class=\"_ _4\"></span>ale val<span class=\"_ _4\"></span>ore pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato in modo at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>dibile. <span><span style=\"display:inherit;clear:left;\">Le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a sono </span></span></span><span style=\"display:inherit;clear:left;\">ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate a quote cos<span class=\"_ _4\"></span>tanti lungo la lo<span class=\"_ _4\"></span>ro vita ut<span class=\"_ _4\"></span>ile stimat<span class=\"_ _4\"></span>a; la vita utile v<span class=\"_ _4\"></span>iene rie<span class=\"_ _4\"></span>saminat<span class=\"_ _4\"></span>a con pe<span class=\"_ _4\"></span>riodicit<span class=\"_ _4\"></span>\u00e0 annuale </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>ventuali cambiame<span class=\"_ _4\"></span>nti, laddove n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>i, sono app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>n applica<span class=\"_ _4\"></span>zione pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">accumulate det<span class=\"_ _4\"></span>erminate se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>e modalit<span class=\"_ _4\"></span>\u00e0 des<span class=\"_ _4\"></span>critte n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guito. </span><span style=\"display:inherit;clear:left;\">Le vite utili d<span class=\"_ _4\"></span>elle princip<span class=\"_ _4\"></span>ali classi di at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita so<span class=\"_ _4\"></span>no le se<span class=\"_ _4\"></span>guenti:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _f\"> </span>2-5 anni</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2a4\"> </span>10 anni</span><span style=\"display:inherit;clear:left;\">Key money<span class=\"_ _2c2\"> </span><span class=\"ff61\">In base alla durat<span class=\"_ _1\"></span>a residua del c<span class=\"_ _1\"></span>ontratto di affitto del bene</span></span><span style=\"display:inherit;clear:left;\">Know how<span class=\"_ _2c3\"> </span><span class=\"ff61\">8 anni</span></span><span style=\"display:inherit;clear:left;\">Un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriale vi<span class=\"_ _4\"></span>ene eliminat<span class=\"_ _4\"></span>a al momento d<span class=\"_ _4\"></span>ella dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e (<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>sia, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tien<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">controllo) o quando non ci si att<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci econo<span class=\"_ _4\"></span>mici futuri dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. Qualsia<span class=\"_ _4\"></span>si utile o p<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dita de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019eliminazio<span class=\"_ _4\"></span>ne dell'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a come dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za tr<span class=\"_ _4\"></span>a il corrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo net<span class=\"_ _4\"></span>to della dis<span class=\"_ _4\"></span>missio<span class=\"_ _4\"></span>ne e il </span><span style=\"display:inherit;clear:left;\">valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0) \u00e8 inclusa ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca, pe<span class=\"_ _4\"></span>r rilev<span class=\"_ _4\"></span>arne eventuali p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore, qualor<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">eventi o c<span class=\"_ _4\"></span>ambiamenti di s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e indichino che il valo<span class=\"_ _4\"></span>re di carico n<span class=\"_ _4\"></span>on pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere recup<span class=\"_ _4\"></span>erato. Le p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico fra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore sono r<span class=\"_ _4\"></span>ipri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stinate n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui vengan<span class=\"_ _4\"></span>o meno i moti<span class=\"_ _4\"></span>vi che l<span class=\"_ _4\"></span>e hanno gener<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>osti di sviluppo</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di ricerc<span class=\"_ _4\"></span>a sono imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico nel mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>no sos<span class=\"_ _4\"></span>tenuti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti in rela<span class=\"_ _4\"></span>zione a un det<span class=\"_ _4\"></span>erminato proget<span class=\"_ _4\"></span>to so<span class=\"_ _4\"></span>no capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati solo quand<span class=\"_ _4\"></span>o il Gruppo p<span class=\"_ _4\"></span>u\u00f2 </span><span style=\"display:inherit;clear:left;\">dimos<span class=\"_ _4\"></span>trare la po<span class=\"_ _4\"></span>ssibilit<span class=\"_ _4\"></span>\u00e0 tecnic<span class=\"_ _4\"></span>a di compl<span class=\"_ _4\"></span>etare l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 immaterial<span class=\"_ _4\"></span>e in modo da re<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la disponibil<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019uso o p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la vendit<span class=\"_ _4\"></span>a, la propr<span class=\"_ _4\"></span>ia intenzio<span class=\"_ _4\"></span>ne di complet<span class=\"_ _4\"></span>are det<span class=\"_ _4\"></span>ta at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r usarla o ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la, le modalit<span class=\"_ _4\"></span>\u00e0 in cui es<span class=\"_ _4\"></span>sa ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">probabili b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici f<span class=\"_ _4\"></span>uturi, la dispo<span class=\"_ _4\"></span>nibilit\u00e0 di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e tecnich<span class=\"_ _4\"></span>e, f<span class=\"_ _4\"></span>inanziarie o di altro t<span class=\"_ _4\"></span>ipo pe<span class=\"_ _4\"></span>r complet<span class=\"_ _4\"></span>are lo </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>iluppo e la sua c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di valutare in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile il co<span class=\"_ _4\"></span>sto at<span class=\"_ _4\"></span>tribuibile all<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 durante il su<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo.</span><span style=\"display:inherit;clear:left;\">Durante il p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di sv<span class=\"_ _4\"></span>iluppo, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 \u00e8 ries<span class=\"_ _4\"></span>aminata annualmente ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>. Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte alla rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati al cos<span class=\"_ _4\"></span>to decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ato di ogni eve<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento o p<span class=\"_ _4\"></span>erdita a<span class=\"_ _4\"></span>ccumulata. L<span class=\"_ _1c\"></span>'ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 inizia ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui lo sv<span class=\"_ _4\"></span>iluppo si \u00e8 </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>tato e l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 disp<span class=\"_ _4\"></span>onibile all<span class=\"_ _4\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato con rife<span class=\"_ _4\"></span>rimento al p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do in cui si pre<span class=\"_ _4\"></span>vede che il p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">colle<span class=\"_ _4\"></span>gato gene<span class=\"_ _4\"></span>rer\u00e0 ri<span class=\"_ _4\"></span>cavi p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Diritti di br<span class=\"_ _1\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _2\"></span>e d<span class=\"_ _4\"></span>\u2019ingegno </span><span style=\"display:inherit;clear:left;\">I diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>ti e di utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle op<span class=\"_ _4\"></span>ere di ingeg<span class=\"_ _4\"></span>no si riferi<span class=\"_ _4\"></span>scono ai co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er licen<span class=\"_ _4\"></span>ze d<span class=\"_ _4\"></span>\u2019uso dei <span class=\"ff5f ws5d\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ls0 wsee\"> e<span class=\"_ _4\"></span>d al<span class=\"_ _4\"></span>le </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>se p<span class=\"_ _4\"></span>er il dep<span class=\"_ _4\"></span>osito e la re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne marchi e dei bre<span class=\"_ _4\"></span>vetti re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai prodot<span class=\"_ _4\"></span>ti del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>oncessioni, diritti lic<span class=\"_ _2\"></span>enze e marchi similar<span class=\"_ _2\"></span>i </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e in esam<span class=\"_ _4\"></span>e si riferis<span class=\"_ _4\"></span>ce alle sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di depo<span class=\"_ _4\"></span>sito e reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el marchio Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo. I c<span class=\"_ _4\"></span>osti di a<span class=\"_ _4\"></span>cquisto </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in un arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale pari alla vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>l diritt<span class=\"_ _4\"></span>o acquisito.</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 immater<span class=\"_ _1\"></span>iali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte imputabil<span class=\"_ _4\"></span>e alle somme p<span class=\"_ _4\"></span>agate pe<span class=\"_ _4\"></span>r otten<span class=\"_ _4\"></span>ere la disp<span class=\"_ _4\"></span>onibilit\u00e0 di immo<span class=\"_ _4\"></span>bili in loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e suben<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trand<span class=\"_ _4\"></span>o a contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o dei con<span class=\"_ _4\"></span>duttori in m<span class=\"_ _4\"></span>odo da pot<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere nu<span class=\"_ _4\"></span>ovi contrat<span class=\"_ _4\"></span>ti con i lo<span class=\"_ _4\"></span>cator<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1\"></span><span class=\"ff5f ls3a ws8c\">key money<span class=\"ff5c lse ws0\">)<span class=\"_ _2\"></span>. T<span class=\"_ _2\"></span>ali one<span class=\"_ _4\"></span>ri vengon<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati lungo un oriz<span class=\"_ _4\"></span>zonte te<span class=\"_ _4\"></span>mporal<span class=\"_ _4\"></span>e pari alla durata d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to.</span></span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e include, a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio 2020, anche il <span class=\"ff5f ls32 wsd4\">know how</span> acquis<span class=\"_ _4\"></span>ito attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zione az<span class=\"_ _4\"></span>iendale di A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ts </span><span style=\"display:inherit;clear:left;\">S.<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>.l. e Aur<span class=\"_ _4\"></span>a 1 S.r<span class=\"_ _1\"></span>.l., i<span class=\"_ _4\"></span>scritt<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re equo alla dat<span class=\"_ _4\"></span>a di acquisiz<span class=\"_ _4\"></span>ione. T<span class=\"_ _2\"></span>ale o<span class=\"_ _4\"></span>nere vie<span class=\"_ _4\"></span>ne ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato lungo un oriz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zonte temp<span class=\"_ _4\"></span>orale di 8 anni.</span><span style=\"display:inherit;clear:left;\">2.3.7 Strumenti finanziari </span><span style=\"display:inherit;clear:left;\">Uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8 qualsiasi contr<span class=\"_ _4\"></span>atto che d\u00e0 or<span class=\"_ _4\"></span>igine a un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>er un\u2019entit<span class=\"_ _4\"></span>\u00e0 e ad una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria o ad uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ativo di cap<span class=\"_ _4\"></span>itale p<span class=\"_ _4\"></span>er un\u2019altra entit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">Nell'<span class=\"_ _4\"></span>IFRS 9 il pr<span class=\"_ _4\"></span>incipio gene<span class=\"_ _4\"></span>rale \u00e8 che un'entit<span class=\"_ _4\"></span>\u00e0 deve rile<span class=\"_ _4\"></span>vare nella p<span class=\"_ _4\"></span>ropria situa<span class=\"_ _4\"></span>zione patrim<span class=\"_ _4\"></span>oniale-f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziaria un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>\u00e0 o una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria quando e s<span class=\"_ _4\"></span>olo quando div<span class=\"_ _4\"></span>iene p<span class=\"_ _4\"></span>arte n<span class=\"_ _4\"></span>elle claus<span class=\"_ _4\"></span>ole contr<span class=\"_ _4\"></span>attuali dell<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione inizial<span class=\"_ _4\"></span>e, le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in funzi<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa co<span class=\"_ _4\"></span>ntrattuali de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie e del mo<span class=\"_ _4\"></span>dell<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span> che il Grupp<span class=\"_ _4\"></span>o usa p<span class=\"_ _4\"></span>er la loro ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one. L<span class=\"_ _4\"></span>a valu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa contrat<span class=\"_ _4\"></span>tuali \u00e8 indic<span class=\"_ _4\"></span>ata come <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st<span class=\"ff5c wsb6\"> SPP<span class=\"_ _1\"></span>I (<span class=\"_ _2\"></span>cosiddet<span class=\"_ _4\"></span>to <span class=\"ff5f ls3 ws59\">\u201cs<span class=\"_ _4\"></span>olely p<span class=\"_ _4\"></span>ayment<span class=\"_ _4\"></span>s of </span></span></span></span><span style=\"display:inherit;clear:left;\">principal and intere<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) e viene e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guita a li<span class=\"_ _4\"></span>vello di st<span class=\"_ _4\"></span>rumento. T<span class=\"_ _2\"></span>utt<span class=\"_ _4\"></span>avia, s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari identi<span class=\"_ _4\"></span>ci pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span><span style=\"display:inherit;clear:left;\">analiz<span class=\"_ _4\"></span>zati in g<span class=\"_ _4\"></span>ruppo dal mo<span class=\"_ _4\"></span>mento che l<span class=\"_ _4\"></span>\u2019esito d<span class=\"_ _4\"></span>el <span class=\"ff5f lsa ws90\">test</span> no<span class=\"_ _4\"></span>n sareb<span class=\"_ _4\"></span>be dif<span class=\"_ _4\"></span>ferente r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to al ca<span class=\"_ _4\"></span>so in cui fos<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>tati v<span class=\"_ _4\"></span>alutati </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>idualme<span class=\"_ _4\"></span>nte e sep<span class=\"_ _4\"></span>aratam<span class=\"_ _4\"></span>ente. </span><span style=\"display:inherit;clear:left;\">Il mod<span class=\"_ _4\"></span>ello di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce al mod<span class=\"_ _4\"></span>o in cui gest<span class=\"_ _4\"></span>isce le p<span class=\"_ _4\"></span>roprie </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al f<span class=\"_ _4\"></span>ine di gener<span class=\"_ _4\"></span>are flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i. Il mode<span class=\"_ _4\"></span>llo azie<span class=\"_ _4\"></span>ndale det<span class=\"_ _4\"></span>ermina se i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>riverann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">dalla racco<span class=\"_ _4\"></span>lta di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali, dalla vendit<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie o da e<span class=\"_ _4\"></span>ntrambi. In bas<span class=\"_ _4\"></span>e a tali c<span class=\"_ _4\"></span>arat<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teri<span class=\"_ _4\"></span>stiche l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate in quat<span class=\"_ _4\"></span>tro cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al c<span class=\"_ _4\"></span>osto amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato (strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo con ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a degli utili e p<span class=\"_ _4\"></span>erdite cumu<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late (<span class=\"_ _1\"></span>str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sen<span class=\"_ _4\"></span>za rigiro de<span class=\"_ _4\"></span>gli utili e pe<span class=\"_ _4\"></span>rdite cumulate </span><span style=\"display:inherit;clear:left;\">nel momento dell\u2019eli<span class=\"_ _1\"></span>minazione<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>trumenti ra<span class=\"_ _1\"></span>ppresentativi di capitale<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"lsa wsb\"> rilevato a conto economico.</span></span><span style=\"display:inherit;clear:left;\">In se<span class=\"_ _4\"></span>de di rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria al suo <span class=\"ff5f\">fair value</span> pi\u00f9, nel c<span class=\"_ _4\"></span>aso di un'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziaria non al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, i costi di tr<span class=\"_ _4\"></span>ansa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. I crediti co<span class=\"_ _4\"></span>mmerciali, che non c<span class=\"_ _4\"></span>ontengono </span><span style=\"display:inherit;clear:left;\">una compo<span class=\"_ _4\"></span>nente di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va o pe<span class=\"_ _4\"></span>r i quali il Gruppo ha app<span class=\"_ _4\"></span>licato l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>ediente p<span class=\"_ _4\"></span>ratico, son<span class=\"_ _4\"></span>o valutati </span><span style=\"display:inherit;clear:left;\">al pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019opera<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>eterminato s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do l'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po valut<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, al <span class=\"ff5f\">fair value</span><span class=\"ls9 ws1d\"> ri<span class=\"_ _1\"></span>levato nel </span></span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo e al <span class=\"ff5f ls3 ws0\">f<span class=\"_ _1\"></span>air value<span class=\"ff5c lsa wsb\"> rilevato nel conto economico.<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e al cost<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato se entramb<span class=\"_ _4\"></span>i i seg<span class=\"_ _4\"></span>uenti re<span class=\"_ _4\"></span>quisiti so<span class=\"_ _4\"></span>no so<span class=\"_ _4\"></span>ddisfat<span class=\"_ _4\"></span>ti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria \u00e8 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>duta ne<span class=\"_ _4\"></span>l quadro di un mode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> il cui obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo \u00e8 il pos<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>so di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zato a<span class=\"_ _4\"></span>lla raccolt<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari contr<span class=\"_ _4\"></span>attuali;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e de<span class=\"_ _4\"></span>ll'intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sull'impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el cap<span class=\"_ _4\"></span>itale da re<span class=\"_ _4\"></span>stituire<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sono s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente v<span class=\"_ _4\"></span>alutate utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il crit<span class=\"_ _4\"></span>erio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo e s<span class=\"_ _4\"></span>ono sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tte ad <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span>. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomico quan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata o ri<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ata.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono inclusi i cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e i dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel conto ec<span class=\"_ _2\"></span>onomico complessiv<span class=\"_ _1\"></span>o (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 da s<span class=\"_ _4\"></span>trumenti di d<span class=\"_ _4\"></span>ebito al f<span class=\"_ _4\"></span>air value rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo se e<span class=\"_ _4\"></span>ntrambe </span><span style=\"display:inherit;clear:left;\">le seguenti condizioni<span class=\"_ _1\"></span> sono soddisfatte: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _45\"></span>l'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria \u00e8 p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a nel quadro di un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> il cui obiet<span class=\"_ _4\"></span>tivo \u00e8 con<span class=\"_ _4\"></span>seguit<span class=\"_ _4\"></span>o sia mediante l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cas<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari c<span class=\"_ _4\"></span>ontrattuali ch<span class=\"_ _4\"></span>e mediante la ve<span class=\"_ _4\"></span>ndita de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie; e</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e<span class=\"_ _4\"></span>d interes<span class=\"_ _4\"></span>si det<span class=\"_ _4\"></span>erminati sull'imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e da res<span class=\"_ _4\"></span>tituire.</span><span style=\"display:inherit;clear:left;\">Per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 da strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito valut<span class=\"_ _4\"></span>ati al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo gli utili e le p<span class=\"_ _4\"></span>erdite </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>ilevate a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni pe<span class=\"_ _4\"></span>r diffe<span class=\"_ _4\"></span>renze c<span class=\"_ _4\"></span>ambio e delle p<span class=\"_ _4\"></span>erdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, insiem<span class=\"_ _4\"></span>e alle ripre<span class=\"_ _4\"></span>se, che s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. Al mome<span class=\"_ _4\"></span>nto dell'e<span class=\"_ _4\"></span>liminazione<span class=\"_ _4\"></span>, la variazio<span class=\"_ _4\"></span>ne cumula<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>a del <span class=\"ff5f\">fair value</span><span class=\"ls9 wsfd\"> rilevata nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _2\"></span>; gli importi che </span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iconos<span class=\"_ _4\"></span>ciuti a conto e<span class=\"_ _4\"></span>conomico s<span class=\"_ _4\"></span>ono gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si che s<span class=\"_ _4\"></span>arebb<span class=\"_ _4\"></span>ero st<span class=\"_ _4\"></span>ati rilev<span class=\"_ _4\"></span>ati se l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria foss<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ata da </span><span style=\"display:inherit;clear:left;\">semp<span class=\"_ _4\"></span>re valutat<span class=\"_ _4\"></span>a al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Al mo<span class=\"_ _4\"></span>mento il Grup<span class=\"_ _4\"></span>po non ha que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a fatti<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cie.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 def<span class=\"_ _4\"></span>inis<span class=\"_ _4\"></span>ce la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsa7\"> rileva<span class=\"_ _1\"></span>to a con<span class=\"_ _1\"></span>to economico come<span class=\"_ _1\"></span> una categor<span class=\"_ _1\"></span>ia residua<span class=\"_ _1\"></span>le </span></span><span style=\"display:inherit;clear:left;\">da applic<span class=\"_ _4\"></span>are a tutte que<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie che, in v<span class=\"_ _4\"></span>irt<span class=\"_ _4\"></span>\u00f9 delle loro c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche contr<span class=\"_ _4\"></span>attuali, non s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ate al </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato o al <span class=\"ff5f\">fair value</span> rilevato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tav<span class=\"_ _4\"></span>ia, il Grupp<span class=\"_ _4\"></span>o pu\u00f2 dec<span class=\"_ _4\"></span>idere<span class=\"_ _4\"></span>, in sede </span><span style=\"display:inherit;clear:left;\">di rilev<span class=\"_ _4\"></span>azione ini<span class=\"_ _4\"></span>ziale, di de<span class=\"_ _4\"></span>signare irre<span class=\"_ _4\"></span>vocabilm<span class=\"_ _4\"></span>ente un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria come mis<span class=\"_ _4\"></span>urata al <span class=\"ff5f\">fair value</span> rilevato a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico se ci\u00f2 c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l'eliminazion<span class=\"_ _4\"></span>e o la riduzio<span class=\"_ _4\"></span>ne signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va di un disalline<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile (definito c<span class=\"_ _4\"></span>ome </span><span style=\"display:inherit;clear:left;\">un <span class=\"_ _5\"></span><span class=\"ff5f ls3 ws140\">\u201caccounting mismatch<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff5c\">) che inve<span class=\"_ _4\"></span>ce eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>e le per<span class=\"_ _4\"></span>dite o i prof<span class=\"_ _4\"></span>itti sull'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 foss<span class=\"_ _4\"></span>ero rile<span class=\"_ _4\"></span>vati se<span class=\"_ _4\"></span>condo un </span></span></span><span style=\"display:inherit;clear:left;\">diffe<span class=\"_ _4\"></span>rente crite<span class=\"_ _4\"></span>rio. Se<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ne ques<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>celt<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in qualche mo<span class=\"_ _4\"></span>do as<span class=\"_ _4\"></span>similata ad un <span class=\"ff5f\">account<span class=\"_ _4\"></span>ing policy cho<span class=\"_ _4\"></span>ice</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>avia va not<span class=\"_ _4\"></span>ato che il prin<span class=\"_ _4\"></span>cipio non richie<span class=\"_ _4\"></span>de che e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a sia applicat<span class=\"_ _4\"></span>a in mod<span class=\"_ _4\"></span>o coere<span class=\"_ _4\"></span>nte a tutt<span class=\"_ _4\"></span>e le trans<span class=\"_ _4\"></span>azioni s<span class=\"_ _4\"></span>imilari.</span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari al <span class=\"ff5f\">fair value</span> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico so<span class=\"_ _4\"></span>no iscrit<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">patrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria al <span class=\"ff5f lse ws0\">fair value<span class=\"ff5c\"> e le variazioni n<span class=\"_ _4\"></span>ette de<span class=\"_ _4\"></span>l </span>fair value<span class=\"ff5c\"> rilevate ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio.<span class=\"_ _4\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">In ques<span class=\"_ _4\"></span>ta c<span class=\"_ _4\"></span>ategoria rie<span class=\"_ _4\"></span>ntrano gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati. I der<span class=\"_ _4\"></span>ivati so<span class=\"_ _4\"></span>no clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dete<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">la negoziaz<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>alvo che non s<span class=\"_ _4\"></span>iano des<span class=\"_ _4\"></span>ignati come s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a eff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace. </span><span style=\"display:inherit;clear:left;\">Il deri<span class=\"_ _4\"></span>vato incor<span class=\"_ _4\"></span>porato co<span class=\"_ _4\"></span>ntenuto in un contr<span class=\"_ _4\"></span>atto ibri<span class=\"_ _4\"></span>do non der<span class=\"_ _4\"></span>ivato, in una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o in un co<span class=\"_ _4\"></span>ntratto </span><span style=\"display:inherit;clear:left;\">non f<span class=\"_ _4\"></span>inanziario p<span class=\"_ _4\"></span>rincipale, \u00e8 s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o principale e co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato come de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o separ<span class=\"_ _4\"></span>ato, se: le sue c<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>ris<span class=\"_ _4\"></span>tiche ec<span class=\"_ _4\"></span>onomiche e<span class=\"_ _4\"></span>d i rischi a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>so as<span class=\"_ _4\"></span>sociati n<span class=\"_ _4\"></span>on sono s<span class=\"_ _4\"></span>tret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte corre<span class=\"_ _4\"></span>lati a quelli del c<span class=\"_ _4\"></span>ontratto p<span class=\"_ _4\"></span>rincipale; </span><span style=\"display:inherit;clear:left;\">uno str<span class=\"_ _4\"></span>umento se<span class=\"_ _4\"></span>parato co<span class=\"_ _4\"></span>n gli ste<span class=\"_ _4\"></span>ssi t<span class=\"_ _4\"></span>ermini del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorp<span class=\"_ _4\"></span>orato so<span class=\"_ _4\"></span>ddisfe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di deriv<span class=\"_ _4\"></span>ato; e il </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to ibrido n<span class=\"_ _4\"></span>on \u00e8 valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsff\"> rilevato nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span>. I derivati i<span class=\"_ _1\"></span>ncorporati sono val<span class=\"_ _1\"></span>utati al<span class=\"_ _1\"></span> <span class=\"ff5f ls0 ws0\">fair </span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span></span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">con</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">varia<span class=\"_ _4\"></span>zioni</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">fair value</span></span></span><span class=\"lsa wsb\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">rilevate</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">nel</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">conto</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">economico.</span></span><span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Riclassificazione </span><span style=\"display:inherit;clear:left;\">Una riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>olo nel c<span class=\"_ _4\"></span>aso in cui inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venga un c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>i termini de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to che mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>a signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a altrimenti at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>i o quando il Grupp<span class=\"_ _4\"></span>o modif<span class=\"_ _4\"></span>ica il s<span class=\"_ _4\"></span>uo <span class=\"ff5f ls0 ws0\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s </span></span><span style=\"display:inherit;clear:left;\">model<span class=\"ff5c ls3 ws150\"> pe<span class=\"_ _4\"></span>r ges<span class=\"_ _4\"></span>tire le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie. L<span class=\"_ _4\"></span>a riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere appli<span class=\"_ _4\"></span>cata pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente dalla data di r<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one, se<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a nece<span class=\"_ _4\"></span>ssit<span class=\"_ _4\"></span>\u00e0 di ride<span class=\"_ _4\"></span>terminare prof<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>i, perdit<span class=\"_ _4\"></span>e e interes<span class=\"_ _4\"></span>si gi\u00e0 pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente rilev<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria (o<span class=\"_ _1\"></span>, ove applic<span class=\"_ _4\"></span>abile, par<span class=\"_ _4\"></span>te di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o par<span class=\"_ _4\"></span>te di un gr<span class=\"_ _4\"></span>uppo di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie simi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">li) \u00e8 cance<span class=\"_ _4\"></span>llata in primo luo<span class=\"_ _4\"></span>go (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s. rimo<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a dal prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrimo<span class=\"_ _4\"></span>niale-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria del Grup<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>) quan<span class=\"_ _4\"></span>do:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>i dirit<span class=\"_ _4\"></span>ti a rice<span class=\"_ _4\"></span>vere f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>stinti, o</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il Grupp<span class=\"_ _4\"></span>o ha tras<span class=\"_ _4\"></span>ferito a<span class=\"_ _4\"></span>d una ter<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te il dirit<span class=\"_ _4\"></span>to a riceve<span class=\"_ _4\"></span>re flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o ha as<span class=\"_ _4\"></span>sunto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obbligo co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>uale di corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>erli inter<span class=\"_ _4\"></span>amente e se<span class=\"_ _4\"></span>nza r<span class=\"_ _4\"></span>itardi e (<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>) ha t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rito so<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici della </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria, op<span class=\"_ _4\"></span>pure (b) non ha trasfe<span class=\"_ _4\"></span>rito n\u00e9 tr<span class=\"_ _4\"></span>attenut<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tut<span class=\"_ _4\"></span>ti i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0, ma ha tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito il controllo de<span class=\"_ _4\"></span>lla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Nei c<span class=\"_ _4\"></span>asi in cui il Grup<span class=\"_ _4\"></span>po abbia tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito i diritti a r<span class=\"_ _4\"></span>icevere f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o abbia sig<span class=\"_ _4\"></span>lato un accordo in </span><span style=\"display:inherit;clear:left;\">base a<span class=\"_ _4\"></span>l quale mantiene i dirit<span class=\"_ _4\"></span>ti contrat<span class=\"_ _4\"></span>tuali a riceve<span class=\"_ _4\"></span>re i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria, ma as<span class=\"_ _4\"></span>sume un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gaz<span class=\"_ _4\"></span>ione contr<span class=\"_ _4\"></span>attuale a pag<span class=\"_ _4\"></span>are i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari a uno o p<span class=\"_ _4\"></span>i\u00f9 bene<span class=\"_ _4\"></span>ficiari (<span class=\"_ _5\"></span><span class=\"ff5f ls0 ws0\">pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s-t<span class=\"_ _4\"></span>hrou<span class=\"_ _4\"></span>gh</span>)<span class=\"_ _2\"></span>, e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o valut<span class=\"_ _4\"></span>a se e in che misur<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">abbia trat<span class=\"_ _4\"></span>tenuto i ri<span class=\"_ _4\"></span>schi e i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici inere<span class=\"_ _4\"></span>nti al pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Se tut<span class=\"_ _4\"></span>ti i rischi e i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ine<span class=\"_ _4\"></span>renti al po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria son<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>i, il Gruppo e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">parat<span class=\"_ _4\"></span>amente com<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 qual<span class=\"_ _4\"></span>siasi dirit<span class=\"_ _4\"></span>to e obblig<span class=\"_ _4\"></span>azione cr<span class=\"_ _4\"></span>eati o mantenuti; in cas<span class=\"_ _4\"></span>o contrari<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria continua ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere mantenut<span class=\"_ _4\"></span>a in bilancio. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui  non abbia n<span class=\"_ _4\"></span>\u00e9 tras<span class=\"_ _4\"></span>ferito n\u00e9 tr<span class=\"_ _4\"></span>atte<span class=\"_ _4\"></span>nuto sos<span class=\"_ _4\"></span>tan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici o non abbia p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>o il controllo sulla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 continua a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>sere ril<span class=\"_ _4\"></span>evata n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">bilancio de<span class=\"_ _4\"></span>l Gruppo n<span class=\"_ _4\"></span>ella misura  d<span class=\"_ _4\"></span>el suo coinvo<span class=\"_ _4\"></span>lgimento re<span class=\"_ _4\"></span>siduo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa; qualora il controll<span class=\"_ _4\"></span>o sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria non fos<span class=\"_ _4\"></span>se mante<span class=\"_ _4\"></span>nuto, il Gruppo  e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve separ<span class=\"_ _4\"></span>atame<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 quals<span class=\"_ _4\"></span>iasi diritt<span class=\"_ _4\"></span>o e obbliga<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>ati o mantenuti. L<span class=\"_ _1c\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ita e la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ciata </span><span style=\"display:inherit;clear:left;\">sono v<span class=\"_ _4\"></span>alutate in mo<span class=\"_ _4\"></span>do da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere i dirit<span class=\"_ _4\"></span>ti e le obblig<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e rimangono di pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>inenz<span class=\"_ _4\"></span>a del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Quando il co<span class=\"_ _4\"></span>involgimento re<span class=\"_ _4\"></span>siduo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019entit\u00e0 \u00e8 una garan<span class=\"_ _4\"></span>zia sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rita, il c<span class=\"_ _4\"></span>oinvolgimento \u00e8 mis<span class=\"_ _4\"></span>urato sulla bas<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">del mino<span class=\"_ _4\"></span>re tra l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to mass<span class=\"_ _4\"></span>imo del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto che l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e dover ripag<span class=\"_ _4\"></span>are.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate e valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato utiliz<span class=\"_ _5\"></span>zand<span class=\"_ _4\"></span>o il tas<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo ad </span><span style=\"display:inherit;clear:left;\">ecce<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ne di quelle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie che, no<span class=\"_ _4\"></span>n rispo<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>do ai requis<span class=\"_ _4\"></span>iti per p<span class=\"_ _4\"></span>oter e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico. R<span class=\"_ _4\"></span>ientrano in qu<span class=\"_ _4\"></span>est<span class=\"_ _5\"></span>\u2019ultimo cas<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie det<span class=\"_ _4\"></span>enute a sco<span class=\"_ _4\"></span>po di ne<span class=\"_ _4\"></span>goziazione<span class=\"_ _4\"></span>. Il Gruppo in<span class=\"_ _4\"></span>oltre pu\u00f2 s<span class=\"_ _4\"></span>ceglie<span class=\"_ _4\"></span>re, in se<span class=\"_ _4\"></span>de di rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne iniziale, di d<span class=\"_ _4\"></span>esignare </span><span style=\"display:inherit;clear:left;\">irrevoc<span class=\"_ _4\"></span>abilmente l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsbe\"> con impu<span class=\"_ _1\"></span>tazione a conto economic<span class=\"_ _1\"></span>o qua<span class=\"_ _1\"></span>ndo questo consente di<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">fornire un'informativa p<span class=\"_ _4\"></span>i\u00f9 rilevante<span class=\"_ _4\"></span>, in quanto<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">elimina o ri<span class=\"_ _4\"></span>duce signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte un'incoere<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>ella misura<span class=\"_ _4\"></span>zione o ril<span class=\"_ _4\"></span>evaz<span class=\"_ _4\"></span>ione (<span class=\"_ _1\"></span>def<span class=\"_ _4\"></span>inita anch<span class=\"_ _4\"></span>e come <span class=\"ff5f\">\u201can accoun<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">ting mismatch\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) che eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe dalla misur<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o dalla rileva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i prof<span class=\"_ _4\"></span>itti o </span></span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e su di una bas<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rente;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws130\">un grup<span class=\"_ _4\"></span>po di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie \u00e8 ge<span class=\"_ _4\"></span>stito e v<span class=\"_ _4\"></span>alutato al <span class=\"ff5f\">fair value</span> in applica<span class=\"_ _4\"></span>zione di una p<span class=\"_ _4\"></span>olitica di <span class=\"ff5f ls0 ws0\">r<span class=\"_ _4\"></span>isk </span></span></span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> o sulla ba<span class=\"_ _4\"></span>se di una str<span class=\"_ _4\"></span>ategia di inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nto e l'informativ<span class=\"_ _4\"></span>a su det<span class=\"_ _4\"></span>to gruppo \u00e8 fo<span class=\"_ _4\"></span>rnita inter<span class=\"_ _4\"></span>namente ai </span></span><span style=\"display:inherit;clear:left;\">dirigenti chiave su t<span class=\"_ _4\"></span>ale bas<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Anche i d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati con <span class=\"ff5f\">fair value</span> negati<span class=\"_ _4\"></span>vo sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati e v<span class=\"_ _4\"></span>alutati al <span class=\"ff5f\">fair value</span><span class=\"lsa ws86\"> rilevato a conto<span class=\"_ _1\"></span> economico ad ecce<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ne di quelli de<span class=\"_ _4\"></span>tenuti co<span class=\"_ _4\"></span>me ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono rile<span class=\"_ _4\"></span>vate inizialme<span class=\"_ _4\"></span>nte al </span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> cui si agg<span class=\"_ _4\"></span>iungono, nel c<span class=\"_ _4\"></span>aso di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti e debit<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i di trans<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>si dirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte attribuibili. </span></span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o compre<span class=\"_ _4\"></span>ndono de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e altri de<span class=\"_ _4\"></span>biti, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti, inclusi sc<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">conto cor<span class=\"_ _4\"></span>rente e st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie dipe<span class=\"_ _4\"></span>nde dalla loro cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, come pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al <span class=\"ff5f\">fair value</span><span class=\"ls0 wsc7\"> a </span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato (<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti).</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _2\"></span>ato a conto economic<span class=\"_ _2\"></span>o </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>ono pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 det<span class=\"_ _4\"></span>enute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al <span class=\"ff5f\">fair value</span> con varia<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico. Le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>nute per la n<span class=\"_ _4\"></span>egoziazion<span class=\"_ _4\"></span>e sono tut<span class=\"_ _4\"></span>te quell<span class=\"_ _4\"></span>e assunte c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019intento di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uerle o t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rirle ne<span class=\"_ _4\"></span>l breve te<span class=\"_ _4\"></span>rmine. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a catego<span class=\"_ _4\"></span>ria include inolt<span class=\"_ _4\"></span>re gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti dal Grupp<span class=\"_ _4\"></span>o che non s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>signati come </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>umenti di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura in una rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dallo IA<span class=\"_ _4\"></span>S 39. I deri<span class=\"_ _4\"></span>vati incorp<span class=\"_ _4\"></span>orati, s<span class=\"_ _4\"></span>corpor<span class=\"_ _4\"></span>ati dal contrat<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to princip<span class=\"_ _4\"></span>ale, so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari dete<span class=\"_ _4\"></span>nuti per la n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne salvo ch<span class=\"_ _4\"></span>e non siano de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci. Gli utili o l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dete<span class=\"_ _4\"></span>nute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>one son<span class=\"_ _4\"></span>o rilevati n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Le p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie son<span class=\"_ _4\"></span>o desig<span class=\"_ _4\"></span>nate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate a </span></span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico dalla dat<span class=\"_ _4\"></span>a di prima iscr<span class=\"_ _4\"></span>izione<span class=\"_ _4\"></span>, solo s<span class=\"_ _4\"></span>e i criteri d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 so<span class=\"_ _4\"></span>no sod<span class=\"_ _4\"></span>disfat<span class=\"_ _4\"></span>ti. Al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po non ha de<span class=\"_ _4\"></span>signato pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al<span class=\"ff5f\"> fair value</span><span class=\"lsa wsb\"> con vari<span class=\"_ _1\"></span>azioni rilevate a conto<span class=\"_ _1\"></span> economico.</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al c<span class=\"_ _1\"></span>osto ammortizzato (<span class=\"_ _4\"></span>prestiti e finanziamenti)</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti sono v<span class=\"_ _4\"></span>alutati con il cr<span class=\"_ _4\"></span>iterio de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato usan<span class=\"_ _4\"></span>do il meto<span class=\"_ _4\"></span>do del </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 e<span class=\"_ _4\"></span>stint<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">oltre che at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so di ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento. Il co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato \u00e8 c<span class=\"_ _4\"></span>alcolato rile<span class=\"_ _4\"></span>vando lo s<span class=\"_ _4\"></span>conto o il pre<span class=\"_ _4\"></span>mio </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquisi<span class=\"_ _4\"></span>zione e g<span class=\"_ _4\"></span>li onorari o co<span class=\"_ _4\"></span>sti che f<span class=\"_ _4\"></span>anno par<span class=\"_ _4\"></span>te integr<span class=\"_ _4\"></span>ante del t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nto al </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo \u00e8 compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a gli one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdita).<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>ossib<span class=\"_ _4\"></span>ile riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icare le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie.  </span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria vi<span class=\"_ _4\"></span>ene can<span class=\"_ _4\"></span>cellata quand<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante la pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 \u00e8 e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>inta, annullata ov<span class=\"_ _5\"></span>vero ade<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">piuta<span class=\"_ _4\"></span>. Ladd<span class=\"_ _4\"></span>ove una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte foss<span class=\"_ _4\"></span>e sos<span class=\"_ _4\"></span>tituita da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>altra de<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>tato<span class=\"_ _4\"></span>re, a condi<span class=\"_ _4\"></span>zioni so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e, opp<span class=\"_ _4\"></span>ure le condi<span class=\"_ _4\"></span>zioni di una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte venis<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte modif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>e, tale s<span class=\"_ _4\"></span>cambio o<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a viene t<span class=\"_ _4\"></span>ratt<span class=\"_ _4\"></span>ato come una c<span class=\"_ _4\"></span>ancellaz<span class=\"_ _4\"></span>ione cont<span class=\"_ _4\"></span>abile de<span class=\"_ _4\"></span>lla passi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 originale<span class=\"_ _4\"></span>, accompagnat<span class=\"_ _4\"></span>a dalla rileva<span class=\"_ _4\"></span>zione di una </span><span style=\"display:inherit;clear:left;\">nuova pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, con iscri<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) d<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io di eventuali dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze tra i val<span class=\"_ _4\"></span>ori cont<span class=\"_ _4\"></span>abili.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ompens<span class=\"_ _4\"></span>azione di strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 e una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re compe<span class=\"_ _4\"></span>nsate e il s<span class=\"_ _4\"></span>aldo net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione p<span class=\"_ _4\"></span>atrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria, se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un diritto l<span class=\"_ _4\"></span>egale at<span class=\"_ _4\"></span>tuale a comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>are gli impor<span class=\"_ _4\"></span>ti rile<span class=\"_ _4\"></span>vati cont<span class=\"_ _4\"></span>abilmente e v<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">sia l<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>nzione di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uere il re<span class=\"_ _4\"></span>siduo net<span class=\"_ _4\"></span>to, o reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e conte<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>stingu<span class=\"_ _4\"></span>ere la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span>.</span><span style=\"display:inherit;clear:left;\">Strumenti finanziari der<span class=\"_ _2\"></span>ivati e hedge ac<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ount<span class=\"_ _4\"></span>ing</span><span style=\"display:inherit;clear:left;\">Rilevazione iniziale e v<span class=\"_ _1\"></span>alutazione succ<span class=\"_ _2\"></span>essiva</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivati tr<span class=\"_ _4\"></span>a i quali<span class=\"_ _1\"></span>: contrat<span class=\"_ _4\"></span>ti a termin<span class=\"_ _4\"></span>e in valuta, p<span class=\"_ _4\"></span>er cop<span class=\"_ _4\"></span>rire i rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vi alle varia<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio s<span class=\"_ _4\"></span>ulle trans<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ommerciali in valut<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>ali str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono </span><span style=\"display:inherit;clear:left;\">inizialm<span class=\"_ _4\"></span>ente ril<span class=\"_ _4\"></span>evati al <span class=\"ff5f ls3 ws145\">fair value<span class=\"ff5c\"> alla data in cui il co<span class=\"_ _4\"></span>ntratto de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o \u00e8 sotto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>to e, suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente, s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati </span></span></span><span style=\"display:inherit;clear:left;\">nuovame<span class=\"_ _4\"></span>nte al <span class=\"ff5f\">fair value</span>. I derivati s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie quando il <span class=\"ff5f\">fair value</span> \u00e8 pos<span class=\"_ _4\"></span>itivo e com<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie quand<span class=\"_ _4\"></span>o il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> \u00e8 neg<span class=\"_ _4\"></span>ativo. Com<span class=\"_ _4\"></span>e conse<span class=\"_ _4\"></span>ntito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 paragr<span class=\"_ _4\"></span>afo 7<span class=\"_ _1c\"></span>.2<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>, il G<span class=\"_ _4\"></span>ruppo ha o<span class=\"_ _4\"></span>ptato </span></span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 39 in merito all<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls68 wscc\">hedge accounting</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Coe<span class=\"_ _4\"></span>rentem<span class=\"_ _4\"></span>ente con quanto s<span class=\"_ _4\"></span>tabilito dallo I<span class=\"_ _4\"></span>AS 39.<span class=\"_ _4\"></span>88 e ripre<span class=\"_ _4\"></span>so dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9.<span class=\"_ _4\"></span>6.4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>, g<span class=\"_ _4\"></span>li strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>tur<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo le mo<span class=\"_ _4\"></span>dalit\u00e0 s<span class=\"_ _4\"></span>tabilite p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span><span class=\"ff5f ls5b ws14d\">\u2019hedg<span class=\"_ _4\"></span>e accounting<span class=\"_ _4\"></span></span><span class=\"lse ws6f\"> so<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o q<span class=\"_ _4\"></span>ua<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>do:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inizio della c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, esis<span class=\"_ _4\"></span>te la de<span class=\"_ _4\"></span>signazi<span class=\"_ _4\"></span>one formale e la do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, </span><span style=\"display:inherit;clear:left;\">degli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 nella ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio e della s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gia nell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tuare la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura sar<span class=\"_ _4\"></span>\u00e0 altame<span class=\"_ _4\"></span>nte ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _49\"></span>p<span class=\"_ _4\"></span>er le cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne progr<span class=\"_ _4\"></span>ammata che \u00e8 og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>ve es<span class=\"_ _4\"></span>sere alt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e e deve pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>are un\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one alle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e incide<span class=\"_ _4\"></span>re sul conto e<span class=\"_ _4\"></span>co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomico;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>acia pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere atte<span class=\"_ _4\"></span>ndibilme<span class=\"_ _4\"></span>nte misurata; e </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa \u00e8 alt<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace durante i dive<span class=\"_ _4\"></span>rsi p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di contab<span class=\"_ _4\"></span>ili per i quali \u00e8 de<span class=\"_ _4\"></span>signata<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti gli s<span class=\"_ _4\"></span>trumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o misurati al <span class=\"ff5f\">fair value</span>. Quando gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati hanno le c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>rist<span class=\"_ _4\"></span>iche </span><span style=\"display:inherit;clear:left;\">per es<span class=\"_ _4\"></span>sere contabil<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zz<span class=\"_ _4\"></span>ati secondo l\u2019he<span class=\"_ _4\"></span>dge<span class=\"_ _1\"></span> accounti<span class=\"_ _1\"></span>ng, si applicano i seguenti tra<span class=\"_ _1\"></span>ttamenti contabili<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws84\"> <span class=\"_ _ac\"></span>Fair value hedge<span class=\"ff5c\"> \u2013 se uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario deri<span class=\"_ _4\"></span>vato \u00e8 de<span class=\"_ _4\"></span>signato com<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne alle varia<span class=\"_ _4\"></span>zioni </span></span></span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore corre<span class=\"_ _4\"></span>nte di una atti<span class=\"_ _4\"></span>vit\u00e0 o di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile che p<span class=\"_ _4\"></span>u\u00f2 dete<span class=\"_ _4\"></span>rminare </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti s<span class=\"_ _4\"></span>ul conto eco<span class=\"_ _4\"></span>nomico, la varia<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura \u00e8 rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o e la </span></span></span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\">  dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o attribuib<span class=\"_ _4\"></span>ile al rischio c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>to \u00e8 ril<span class=\"_ _4\"></span>evato com<span class=\"_ _4\"></span>e par<span class=\"_ _4\"></span>te del v<span class=\"_ _4\"></span>alore di ca<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">rico de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ele<span class=\"_ _4\"></span>mento cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>d \u00e8 inoltre rile<span class=\"_ _4\"></span>vato nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di un impegn<span class=\"_ _4\"></span>o irrevoc<span class=\"_ _4\"></span>abile, il <span class=\"ff5f\">fair value</span> </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte relativ<span class=\"_ _4\"></span>a al rischio co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>to \u00e8 is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>o nello s<span class=\"_ _4\"></span>tato patrim<span class=\"_ _4\"></span>oniale come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, andan<span class=\"_ _4\"></span>do a </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la voce di s<span class=\"_ _4\"></span>tato patr<span class=\"_ _4\"></span>imoniale che s<span class=\"_ _4\"></span>ar\u00e0 intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata dall<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>egno irre<span class=\"_ _4\"></span>vocabil<span class=\"_ _4\"></span>e al momento d<span class=\"_ _4\"></span>el suo re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f wsed\"> <span class=\"_ _ac\"></span>Cash f<span class=\"_ _4\"></span>low hedg<span class=\"_ _4\"></span>e<span class=\"ff5c\"> \u2013 se uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o deriv<span class=\"_ _4\"></span>ato \u00e8 des<span class=\"_ _4\"></span>ignato come co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izione alla v<span class=\"_ _4\"></span>ariabilit\u00e0</span></span></span><span style=\"display:inherit;clear:left;\">dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa di una att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a altame<span class=\"_ _4\"></span>nte probabil<span class=\"_ _4\"></span>e o di un</span><span style=\"display:inherit;clear:left;\">impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile e che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e avere ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti sul conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, la por<span class=\"_ _4\"></span>zione ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e degli utili o de<span class=\"_ _4\"></span>lle pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">sullo st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8  rilevat<span class=\"_ _4\"></span>a nel patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to ed e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo; </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a cumulati sono  s<span class=\"_ _4\"></span>tornati dal pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to e cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico ne<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o  perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">in cui vie<span class=\"_ _4\"></span>ne rilevat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura; l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ut<span class=\"_ _4\"></span>ile o la pe<span class=\"_ _4\"></span>rdita  as<span class=\"_ _4\"></span>sociati a una c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, o a quella par<span class=\"_ _4\"></span>te</span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura di<span class=\"_ _4\"></span>ventat<span class=\"_ _4\"></span>a inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cace<span class=\"_ _4\"></span>, sono is<span class=\"_ _4\"></span>critti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cacia \u00e8 rile<span class=\"_ _4\"></span>vata.</span><span style=\"display:inherit;clear:left;\">Qualora non<span class=\"_ _1\"></span> ricorrano le<span class=\"_ _1\"></span> condizioni per l\u2019a<span class=\"_ _1\"></span>pplicazione dell\u2019<span class=\"ff5f ls68 ws137\">hedge accounting</span><span class=\"ls3 wsc3\">, gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>rivanti dalla valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one al </span></span><span style=\"display:inherit;clear:left;\">\u201c<span class=\"_ _4\"></span>fair value\u201d<span class=\"ff5c\"> dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario der<span class=\"_ _4\"></span>ivato so<span class=\"_ _4\"></span>no imputati dir<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>amente a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico.</span></span><span style=\"display:inherit;clear:left;\">2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _4\"></span>ivalenti</span><span style=\"display:inherit;clear:left;\">Le dispo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e i d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti a breve t<span class=\"_ _4\"></span>ermine comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no il denaro in c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e i depo<span class=\"_ _4\"></span>siti a vi<span class=\"_ _4\"></span>sta e a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, in que<span class=\"_ _4\"></span>sto ultim<span class=\"_ _4\"></span>o cas<span class=\"_ _4\"></span>o con sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za orig<span class=\"_ _4\"></span>inaria previ<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>on oltre i tre m<span class=\"_ _4\"></span>esi.</span><span style=\"display:inherit;clear:left;\">2.3.9 Azioni <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie</span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate sono ril<span class=\"_ _4\"></span>evate al cos<span class=\"_ _4\"></span>to e po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate in diminuzion<span class=\"_ _4\"></span>e del patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to, la vendit<span class=\"_ _4\"></span>a o la </span><span style=\"display:inherit;clear:left;\">cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di azioni p<span class=\"_ _4\"></span>roprie non danno o<span class=\"_ _4\"></span>rigine a ne<span class=\"_ _4\"></span>ssun p<span class=\"_ _4\"></span>rofit<span class=\"_ _4\"></span>to o pe<span class=\"_ _4\"></span>rdita ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico.  L<span class=\"_ _4\"></span>a diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra il val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">di acquis<span class=\"_ _4\"></span>to e il corris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivo, in ca<span class=\"_ _4\"></span>so di vendit<span class=\"_ _4\"></span>a e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazio<span class=\"_ _4\"></span>ne, vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vata in una ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va d<span class=\"_ _4\"></span>el Patrimonio N<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">2.3.10 Rimanenze</span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o sono va<span class=\"_ _4\"></span>lutate al minore t<span class=\"_ _4\"></span>ra il cost<span class=\"_ _4\"></span>o di acquis<span class=\"_ _4\"></span>to e/o di produzi<span class=\"_ _4\"></span>one, det<span class=\"_ _4\"></span>erminato se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del c<span class=\"_ _4\"></span>osto m<span class=\"_ _4\"></span>edio po<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>ato, e il valore net<span class=\"_ _4\"></span>to di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. Il cost<span class=\"_ _4\"></span>o di acquist<span class=\"_ _4\"></span>o \u00e8 inclusivo d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori; </span><span style=\"display:inherit;clear:left;\">il cos<span class=\"_ _4\"></span>to di produ<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>rende i c<span class=\"_ _4\"></span>osti di dire<span class=\"_ _4\"></span>tta imp<span class=\"_ _4\"></span>utaz<span class=\"_ _4\"></span>ione e una quot<span class=\"_ _4\"></span>a dei cos<span class=\"_ _4\"></span>ti indiret<span class=\"_ _4\"></span>ti, ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte im<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">putab<span class=\"_ _4\"></span>ili ai prodot<span class=\"_ _4\"></span>ti. Il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di presumib<span class=\"_ _4\"></span>ile realiz<span class=\"_ _4\"></span>zo \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>o dal normale pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo st<span class=\"_ _4\"></span>imato di vendit<span class=\"_ _4\"></span>a dedot<span class=\"_ _4\"></span>ti i </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti stimati di co<span class=\"_ _4\"></span>mplet<span class=\"_ _4\"></span>amento e i co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>timati pe<span class=\"_ _4\"></span>r realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are la vendit<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">2.3.11 <span class=\"_ _1\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 possedute per la vendita </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce include l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, il cui v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile sar<span class=\"_ _4\"></span>\u00e0 recupe<span class=\"_ _4\"></span>rato princip<span class=\"_ _4\"></span>almente att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">piutto<span class=\"_ _4\"></span>sto ch<span class=\"_ _4\"></span>e attrave<span class=\"_ _4\"></span>rso l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo cont<span class=\"_ _4\"></span>inuativo. Le atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate alla vendit<span class=\"_ _4\"></span>a sono v<span class=\"_ _4\"></span>alutate al minore t<span class=\"_ _4\"></span>ra il loro </span><span style=\"display:inherit;clear:left;\">valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile e il <span class=\"ff5f\">fair value</span> al net<span class=\"_ _4\"></span>to dei co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita.</span><span style=\"display:inherit;clear:left;\">2.3.12 Fondi rischi ed oneri </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti a fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri son<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuati quando il G<span class=\"_ _4\"></span>ruppo de<span class=\"_ _4\"></span>ve far fronte a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione att<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">(le<span class=\"_ _4\"></span>gale o implicit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) risult<span class=\"_ _4\"></span>ante da un evento pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, \u00e8 probabile un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uscit<span class=\"_ _4\"></span>a di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e per far f<span class=\"_ _4\"></span>ronte a tal<span class=\"_ _4\"></span>e obbliga<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">\u00e8 pos<span class=\"_ _4\"></span>sibile ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare una stima af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idabile de<span class=\"_ _4\"></span>l suo ammont<span class=\"_ _4\"></span>are. </span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo rit<span class=\"_ _4\"></span>iene che un ac<span class=\"_ _4\"></span>cantoname<span class=\"_ _4\"></span>nto al fondo ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i sar\u00e0 in par<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>l tutt<span class=\"_ _4\"></span>o rimbor<span class=\"_ _4\"></span>sato, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>empio ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di rischi co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, l<span class=\"_ _4\"></span>\u2019ind<span class=\"_ _4\"></span>enniz<span class=\"_ _4\"></span>zo \u00e8 rile<span class=\"_ _4\"></span>vato in mod<span class=\"_ _4\"></span>o distinto e s<span class=\"_ _4\"></span>eparato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">se, e s<span class=\"_ _4\"></span>olo se<span class=\"_ _4\"></span>, es<span class=\"_ _4\"></span>so risult<span class=\"_ _4\"></span>a pratic<span class=\"_ _4\"></span>amente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to. In tal c<span class=\"_ _4\"></span>aso, ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">\u00e8 pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ato al netto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ammontare rilev<span class=\"_ _4\"></span>ato per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indenni<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to di attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l denaro \u00e8 signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo, gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati utiliz<span class=\"_ _5\"></span>zando </span><span style=\"display:inherit;clear:left;\">un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto ante impo<span class=\"_ _4\"></span>ste che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te, ove a<span class=\"_ _4\"></span>deguato, i ris<span class=\"_ _4\"></span>chi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Quando v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne, l<span class=\"_ _4\"></span>\u2019incr<span class=\"_ _4\"></span>emento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento dov<span class=\"_ _4\"></span>uto al tra<span class=\"_ _4\"></span>scorre<span class=\"_ _4\"></span>re del te<span class=\"_ _4\"></span>mpo \u00e8 rile<span class=\"_ _4\"></span>vato come o<span class=\"_ _4\"></span>nere f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">2.3.13 Fondi P<span class=\"_ _1c\"></span>ensione e altri benefici a lungo termine per i dipendenti </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha, in Italia, un \u201c<span class=\"_ _4\"></span>Piano a ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi<span class=\"_ _4\"></span>\u201d con rife<span class=\"_ _4\"></span>rimento alle quot<span class=\"_ _4\"></span>e TFR, re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. per l<span class=\"_ _4\"></span>e sole quot<span class=\"_ _4\"></span>e iscrit<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 20<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, ha \u201cPiani a contr<span class=\"_ _4\"></span>ibuzioni de<span class=\"_ _4\"></span>finite<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er le quote </span><span style=\"display:inherit;clear:left;\">TFR maturate succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a tale dat<span class=\"_ _4\"></span>a. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e distin<span class=\"_ _4\"></span>zione \u00e8 con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a alla Leg<span class=\"_ _4\"></span>ge Finanz<span class=\"_ _4\"></span>iaria 2007 e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>ti attuati<span class=\"_ _4\"></span>vi, dalla quale deri<span class=\"_ _4\"></span>va la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione obb<span class=\"_ _4\"></span>ligatoria de<span class=\"_ _4\"></span>l TFR alle forme pe<span class=\"_ _4\"></span>nsionis<span class=\"_ _4\"></span>tiche co<span class=\"_ _4\"></span>mpleme<span class=\"_ _4\"></span>ntari o al </span><span style=\"display:inherit;clear:left;\">Fondo di T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sore<span class=\"_ _4\"></span>ria ges<span class=\"_ _4\"></span>tito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>INPS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re altri \u201c<span class=\"_ _4\"></span>Piani a benef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>finiti<span class=\"_ _5\"></span>\u201d negli St<span class=\"_ _4\"></span>ati Uniti, Me<span class=\"_ _4\"></span>ssico, T<span class=\"_ _2\"></span>ailandia, Francia, B<span class=\"_ _4\"></span>elgio, Princi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pato di Monac<span class=\"_ _4\"></span>o, T<span class=\"_ _1c\"></span>aiwan, G<span class=\"_ _4\"></span>iappone e Svi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zera.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre alcuni piani a co<span class=\"_ _4\"></span>ntribuzio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>inita p<span class=\"_ _4\"></span>er i prop<span class=\"_ _4\"></span>ri dipen<span class=\"_ _4\"></span>denti. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obbligazio<span class=\"_ _4\"></span>ne net<span class=\"_ _4\"></span>ta de<span class=\"_ _4\"></span>l Gruppo d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ante da piani a ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci def<span class=\"_ _4\"></span>initi vien<span class=\"_ _4\"></span>e calco<span class=\"_ _4\"></span>lata se<span class=\"_ _4\"></span>paratam<span class=\"_ _4\"></span>ente pe<span class=\"_ _4\"></span>r ciascun piano </span><span style=\"display:inherit;clear:left;\">stiman<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icio futuro che i dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti hanno maturato in camb<span class=\"_ _4\"></span>io dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ata nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio </span><span style=\"display:inherit;clear:left;\">corre<span class=\"_ _4\"></span>nte e nei pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi; tal<span class=\"_ _4\"></span>e ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>cio vien<span class=\"_ _4\"></span>e attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>alcolare il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e.  Il cos<span class=\"_ _4\"></span>to dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">prev<span class=\"_ _4\"></span>isti ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>el piano a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi \u00e8 det<span class=\"_ _4\"></span>erminato us<span class=\"_ _4\"></span>ando il meto<span class=\"_ _4\"></span>do att<span class=\"_ _4\"></span>uariale della proi<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne unitaria de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o. Gli utili e le pe<span class=\"_ _4\"></span>rdite attuariali s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati dirett<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>e nel conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo, cos\u00ec com<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9. Gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si net<span class=\"_ _4\"></span>ti sulla pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>vono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re deter<span class=\"_ _4\"></span>minati moltiplic<span class=\"_ _4\"></span>ando la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di sconto. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne attuariale d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 s<span class=\"_ _4\"></span>tata af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idata a<span class=\"_ _4\"></span>d attuari indip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.14 <span class=\"ff64\">F<span class=\"_ _2\"></span>air value</span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3 rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unica fonte di rife<span class=\"_ _4\"></span>rimento p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> e per la relati<span class=\"_ _4\"></span>va informativ<span class=\"_ _4\"></span>a, quando </span><span style=\"display:inherit;clear:left;\">tale v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione \u00e8 richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a o cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il <span class=\"ff5f\">fair value</span> \u00e8 il prez<span class=\"_ _4\"></span>zo che s<span class=\"_ _4\"></span>i perce<span class=\"_ _4\"></span>pirebb<span class=\"_ _4\"></span>e per la ve<span class=\"_ _4\"></span>ndita di un<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o che </span><span style=\"display:inherit;clear:left;\">si paghe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e per il t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rimento di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in una regolare op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a oper<span class=\"_ _4\"></span>atori di me<span class=\"_ _4\"></span>rcato alla data di </span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. Il <span class=\"ff5f ls3 ws5c\">fair value<span class=\"ff5c\"> di un\u2019attivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ato adot<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>do le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni che gli ope<span class=\"_ _4\"></span>ratori di me<span class=\"_ _4\"></span>rcato utiliz<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zereb<span class=\"_ _4\"></span>bero n<span class=\"_ _4\"></span>ella dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, pre<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>ndo che gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si agis<span class=\"_ _4\"></span>cano p<span class=\"_ _4\"></span>er so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fare </span><span style=\"display:inherit;clear:left;\">nel mo<span class=\"_ _4\"></span>do migliore il p<span class=\"_ _4\"></span>roprio inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Una valut<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el <span class=\"ff5f\">fair value</span> di un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non f<span class=\"_ _4\"></span>inanziaria cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>a la capacit<span class=\"_ _4\"></span>\u00e0 di un ope<span class=\"_ _4\"></span>ratore di me<span class=\"_ _4\"></span>rcato di gen<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rare be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ec<span class=\"_ _4\"></span>onomici impie<span class=\"_ _4\"></span>gando l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e migliore ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o vend<span class=\"_ _4\"></span>endola a un alt<span class=\"_ _4\"></span>ro ope<span class=\"_ _4\"></span>ratore di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato che la impieg<span class=\"_ _4\"></span>here<span class=\"_ _4\"></span>bbe ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e miglior ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za t<span class=\"_ _4\"></span>ecniche di v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione che s<span class=\"_ _4\"></span>ono adatt<span class=\"_ _4\"></span>e alle circost<span class=\"_ _4\"></span>anze e p<span class=\"_ _4\"></span>er le quali vi s<span class=\"_ _4\"></span>ono suf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icienti dati dis<span class=\"_ _4\"></span>ponibili </span><span style=\"display:inherit;clear:left;\">per v<span class=\"_ _4\"></span>alutare il <span class=\"ff5f\">fair value</span>, mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di <span class=\"ff5f ls59 ws114\">input</span> os<span class=\"_ _4\"></span>ser<span class=\"_ _5\"></span>vabili rile<span class=\"_ _4\"></span>vanti e minimiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019uso di <span class=\"ff5f ls59 ws114\">input</span><span class=\"ls46 wsd2\"> no<span class=\"_ _4\"></span>n os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili. </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le quali il <span class=\"ff5f\">fair value</span> viene valut<span class=\"_ _4\"></span>ato o es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to in bilancio s<span class=\"_ _4\"></span>ono cate<span class=\"_ _4\"></span>goriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate in base alla </span><span style=\"display:inherit;clear:left;\">gerarchia del <span class=\"ff5f ls3 ws0\">fair value<span class=\"ff5c\">, come di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">Li<span class=\"_ _4\"></span>vello 1 - i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>on rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati) in merc<span class=\"_ _4\"></span>ati attiv<span class=\"_ _4\"></span>i per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 id<span class=\"_ _4\"></span>entiche a cui l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 acce<span class=\"_ _4\"></span>de<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">re alla data di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ws5c\">Li<span class=\"_ _4\"></span>vello 2 \u2013 <span class=\"ff5f ls5f ws14d\">Inp<span class=\"_ _4\"></span>ut</span> diver<span class=\"_ _4\"></span>si dai pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati inclusi ne<span class=\"_ _4\"></span>l Livello 1, osse<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vabili diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte o indirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o </span></span></span><span style=\"display:inherit;clear:left;\">per la p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3\">Li<span class=\"_ _4\"></span>vello 3 \u2013 te<span class=\"_ _4\"></span>cniche di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne per l<span class=\"_ _4\"></span>e quali i dati di <span class=\"ff5f ls58 ws6\">input</span> non s<span class=\"_ _4\"></span>ono os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o p<span class=\"_ _4\"></span>er la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span></span></span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> \u00e8 clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icata inte<span class=\"_ _4\"></span>ramente n<span class=\"_ _4\"></span>ello st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo della ger<span class=\"_ _4\"></span>archia del <span class=\"ff5f\">fair value</span> in cui \u00e8 classi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls58 ws6\">input</span><span class=\"ls3 ws0\"> di pi\u00f9 bas<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo di gerarchia utiliz<span class=\"_ _5\"></span>zato p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span></span><span style=\"display:inherit;clear:left;\">I meto<span class=\"_ _4\"></span>di di dete<span class=\"_ _4\"></span>rminazi<span class=\"_ _4\"></span>one de<span class=\"_ _4\"></span>l <span class=\"ff5f ls3 ws8e\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> con rife<span class=\"_ _4\"></span>rimento agli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, con f<span class=\"_ _4\"></span>inalit\u00e0 co<span class=\"_ _4\"></span>ntabili o informative<span class=\"_ _4\"></span>, </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iepilog<span class=\"_ _4\"></span>ati di seg<span class=\"_ _4\"></span>uito con rife<span class=\"_ _4\"></span>rimento alle pr<span class=\"_ _4\"></span>incipali cate<span class=\"_ _4\"></span>gorie di st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari, cui s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tati appli<span class=\"_ _4\"></span>cati:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati: son<span class=\"_ _4\"></span>o stati a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati gli ade<span class=\"_ _4\"></span>guati mo<span class=\"_ _4\"></span>delli di <span class=\"ff5f ls5b ws8\">pricing</span> b<span class=\"_ _4\"></span>asati sui v<span class=\"_ _4\"></span>alori di me<span class=\"_ _4\"></span>rcato dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>Credit<span class=\"_ _4\"></span>i e Debit<span class=\"_ _4\"></span>i e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e non quotate: p<span class=\"_ _4\"></span>er gli s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari con sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>nza sup<span class=\"_ _4\"></span>erior<span class=\"_ _4\"></span>e ad un anno \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato applic<span class=\"_ _4\"></span>ato il metod<span class=\"_ _4\"></span>o del <span class=\"ff5f\">Dis<span class=\"_ _4\"></span>counted Cash Flow<span class=\"_ _2\"></span><span class=\"ff5c\">, o<span class=\"_ _4\"></span>ssia l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa atte<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne dell<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni di tas<span class=\"_ _4\"></span>so e me<span class=\"_ _4\"></span>rito cre<span class=\"_ _4\"></span>ditizio; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>Str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari quot<span class=\"_ _4\"></span>ati: \u00e8 utiliz<span class=\"_ _4\"></span>zato il val<span class=\"_ _4\"></span>ore di merc<span class=\"_ _4\"></span>ato alla data di rifer<span class=\"_ _4\"></span>imento.</span><span style=\"display:inherit;clear:left;\">2.3.15 C<span class=\"_ _2\"></span>osti</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti quando relati<span class=\"_ _4\"></span>vi a be<span class=\"_ _4\"></span>ni e ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi ve<span class=\"_ _4\"></span>nduti o cons<span class=\"_ _4\"></span>umati nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio o pe<span class=\"_ _4\"></span>r ripar<span class=\"_ _4\"></span>tizio<span class=\"_ _4\"></span>ne sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero quan<span class=\"_ _4\"></span>do non si p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019utilit\u00e0 futura de<span class=\"_ _4\"></span>gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di pubblicit<span class=\"_ _4\"></span>\u00e0 e ricerc<span class=\"_ _4\"></span>a, in acco<span class=\"_ _4\"></span>rdo con lo IA<span class=\"_ _4\"></span>S 38, s<span class=\"_ _4\"></span>ono integ<span class=\"_ _4\"></span>ralmente imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando il </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>o reso e c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>gnato al Grupp<span class=\"_ _4\"></span>o</span></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti a sec<span class=\"_ _4\"></span>onda de<span class=\"_ _4\"></span>lla loro natura cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do i principi ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>gli IFRS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.3.16 Rica<span class=\"_ _2\"></span>vi da contr<span class=\"_ _2\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti da contrat<span class=\"_ _4\"></span>ti con i clie<span class=\"_ _4\"></span>nti sono ril<span class=\"_ _4\"></span>evati quando il co<span class=\"_ _4\"></span>ntrollo dei b<span class=\"_ _4\"></span>eni e se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i \u00e8 tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte per un </span><span style=\"display:inherit;clear:left;\">ammontar<span class=\"_ _4\"></span>e che rifl<span class=\"_ _4\"></span>ette il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di rice<span class=\"_ _4\"></span>vere in cambi<span class=\"_ _4\"></span>o di tali be<span class=\"_ _4\"></span>ni o ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.</span><span style=\"display:inherit;clear:left;\">Vendita di beni</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dalla vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni son<span class=\"_ _4\"></span>o riconos<span class=\"_ _4\"></span>ciuti nel m<span class=\"_ _4\"></span>omento in cui il co<span class=\"_ _4\"></span>ntrollo del b<span class=\"_ _4\"></span>ene p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a al cliente, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>lmente al mom<span class=\"_ _4\"></span>ento della s<span class=\"_ _4\"></span>pedi<span class=\"_ _4\"></span>zione in rag<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle clausol<span class=\"_ _4\"></span>e applicat<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera s<span class=\"_ _4\"></span>e ci sono altr<span class=\"_ _4\"></span>e prome<span class=\"_ _4\"></span>sse n<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni di fare sulle quali una </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo della tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere allo<span class=\"_ _4\"></span>cato (<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>d ese<span class=\"_ _4\"></span>mpio garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. Nel de<span class=\"_ _4\"></span>terminare il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni, il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti der<span class=\"_ _4\"></span>ivanti dalla pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za di cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile, di </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>nenti di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, di corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i non mone<span class=\"_ _4\"></span>tari e di co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi da pagare al cli<span class=\"_ _4\"></span>ente (se </span><span style=\"display:inherit;clear:left;\">pr<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>ti).  </span><span style=\"display:inherit;clear:left;\">Diritto di reso</span><span style=\"display:inherit;clear:left;\">Alcuni co<span class=\"_ _4\"></span>ntratti p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tono al clie<span class=\"_ _4\"></span>nte di res<span class=\"_ _4\"></span>tituire i be<span class=\"_ _4\"></span>ni entro un det<span class=\"_ _4\"></span>erminato pe<span class=\"_ _4\"></span>riodo di t<span class=\"_ _4\"></span>empo. Il Gr<span class=\"_ _4\"></span>uppo utiliz<span class=\"_ _5\"></span>za il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del v<span class=\"_ _4\"></span>alore att<span class=\"_ _4\"></span>eso p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>imare i beni ch<span class=\"_ _4\"></span>e non verr<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti pe<span class=\"_ _4\"></span>rch\u00e9 tal<span class=\"_ _4\"></span>e meto<span class=\"_ _4\"></span>do \u00e8 il migliore pe<span class=\"_ _4\"></span>r preve<span class=\"_ _4\"></span>dere </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammontare d<span class=\"_ _4\"></span>el corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tivo v<span class=\"_ _4\"></span>ariabile a cui il Grup<span class=\"_ _4\"></span>po avr\u00e0 dirit<span class=\"_ _4\"></span>to. La g<span class=\"_ _4\"></span>uida dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>5 s<span class=\"_ _4\"></span>ulle limitaz<span class=\"_ _4\"></span>ioni alla rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo variabile s<span class=\"_ _4\"></span>i applican<span class=\"_ _4\"></span>o per la de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare de<span class=\"_ _4\"></span>l corris<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>ivo variabil<span class=\"_ _4\"></span>e che pu\u00f2 </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere in<span class=\"_ _4\"></span>cluso ne<span class=\"_ _4\"></span>l pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo della tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione. Per l<span class=\"_ _4\"></span>e merci che ci s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e il Gruppo r<span class=\"_ _4\"></span>ettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a i ricavi e </span><span style=\"display:inherit;clear:left;\">regi<span class=\"_ _4\"></span>stra una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per rimb<span class=\"_ _4\"></span>orsi<span class=\"_ _4\"></span>. Il diritto di re<span class=\"_ _4\"></span>stitu<span class=\"_ _4\"></span>zione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 (e il corrisp<span class=\"_ _4\"></span>ondente ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iust<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del ve<span class=\"_ _4\"></span>nduto<span class=\"_ _1\"></span>) \u00e8 ricono<span class=\"_ _4\"></span>sciuto anche p<span class=\"_ _4\"></span>er il dirit<span class=\"_ _4\"></span>to di riceve<span class=\"_ _4\"></span>re i beni dal clie<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">Roy<span class=\"_ _2\"></span>alties</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i per <span class=\"ff5f ls6 ws86\">royalt<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span></span> deriv<span class=\"_ _4\"></span>ano da contrat<span class=\"_ _4\"></span>ti con clie<span class=\"_ _4\"></span>nti di <span class=\"ff5f\">\u201cs<span class=\"_ _4\"></span>ales ba<span class=\"_ _4\"></span>sed royalties<span class=\"_ _4\"></span>\u201d</span> e so<span class=\"_ _4\"></span>no dunque iscr<span class=\"_ _4\"></span>itti p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>za con rife<span class=\"_ _4\"></span>rimento allo s<span class=\"_ _4\"></span>tato di avan<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>ndite de<span class=\"_ _4\"></span>l licenziat<span class=\"_ _4\"></span>ario, in base all<span class=\"_ _4\"></span>e condiz<span class=\"_ _4\"></span>ioni contrat<span class=\"_ _4\"></span>tual<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente previste.</span><span style=\"display:inherit;clear:left;\">2.3.17 Diritti di r<span class=\"_ _1\"></span>ecuper<span class=\"_ _2\"></span>o prodotti da clienti per r<span class=\"_ _2\"></span>esi</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il diritt<span class=\"_ _4\"></span>o del Grup<span class=\"_ _4\"></span>po a recup<span class=\"_ _4\"></span>erare i b<span class=\"_ _4\"></span>eni che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>i dai </span><span style=\"display:inherit;clear:left;\">clienti. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ata al pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle rimane<span class=\"_ _4\"></span>nze al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali costi p<span class=\"_ _4\"></span>er il re<span class=\"_ _4\"></span>cupero, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>se po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ili riduzioni d<span class=\"_ _4\"></span>el valor<span class=\"_ _4\"></span>e dei pro<span class=\"_ _4\"></span>dotti re<span class=\"_ _4\"></span>si. Il Gr<span class=\"_ _4\"></span>uppo ag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>na perio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente la stima c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019entit\u00e0 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a dei re<span class=\"_ _4\"></span>si da clienti, no<span class=\"_ _4\"></span>nch\u00e9 eve<span class=\"_ _4\"></span>ntuali ulteriori r<span class=\"_ _4\"></span>iduzioni di v<span class=\"_ _4\"></span>alore dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti res<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">2.3.18 P<span class=\"_ _1c\"></span>assivit\u00e0 per r<span class=\"_ _1\"></span>esi</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er rimb<span class=\"_ _4\"></span>orsi r<span class=\"_ _4\"></span>appres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>'obbligo di rimbo<span class=\"_ _4\"></span>rsare in p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e o tutto il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto (<span class=\"_ _2\"></span>o da ric<span class=\"_ _4\"></span>evere) </span><span style=\"display:inherit;clear:left;\">dal cliente e vi<span class=\"_ _4\"></span>ene valut<span class=\"_ _4\"></span>ata in ba<span class=\"_ _4\"></span>se al valo<span class=\"_ _4\"></span>re che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di dover re<span class=\"_ _4\"></span>stituir<span class=\"_ _4\"></span>e al cliente. Il G<span class=\"_ _4\"></span>ruppo ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rna le </span><span style=\"display:inherit;clear:left;\">sue s<span class=\"_ _4\"></span>time dell<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>si (<span class=\"_ _2\"></span>e la co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>ondente v<span class=\"_ _4\"></span>ariazio<span class=\"_ _4\"></span>ne del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione) alla fin<span class=\"_ _4\"></span>e di ciascun </span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>riodo di<span class=\"_ _4\"></span> riferime<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">2.3.19 Piani di pagamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ricono<span class=\"_ _4\"></span>sce be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici addi<span class=\"_ _4\"></span>zionali ad alcuni dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti, amministr<span class=\"_ _4\"></span>atori e collab<span class=\"_ _4\"></span>oratori che r<span class=\"_ _4\"></span>ives<span class=\"_ _4\"></span>tono ru<span class=\"_ _4\"></span>oli di rilievo, </span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o piani di par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione al c<span class=\"_ _4\"></span>apitale r<span class=\"_ _4\"></span>ientranti ne<span class=\"_ _4\"></span>lla cate<span class=\"_ _4\"></span>goria <span class=\"ff5f lsa ws90\">\u201cequ<span class=\"_ _1\"></span>ity-s<span class=\"_ _1\"></span>ettled\u201d<span class=\"ff5c ls0 wse1\">, in quanto prevedo<span class=\"_ _4\"></span>no la cons<span class=\"_ _4\"></span>egna </span></span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>isica d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni, e attrave<span class=\"_ _4\"></span>rso p<span class=\"_ _4\"></span>iani basati sul v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni ma regolabili p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa (<span class=\"ff5f ls36 wsb\">\u201ccash-sett<span class=\"_ _4\"></span>led<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span></span><span class=\"lse ws5\">). </span></span><span style=\"display:inherit;clear:left;\">Operazioni c<span class=\"_ _2\"></span>on pagamento regolato c<span class=\"_ _2\"></span>on strumenti di capitale</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>tabilito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 2 \u2013 Pag<span class=\"_ _4\"></span>amenti ba<span class=\"_ _4\"></span>sati su az<span class=\"_ _4\"></span>ioni \u2013 i diritt<span class=\"_ _4\"></span>i ass<span class=\"_ _4\"></span>egnati a favore d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti ve<span class=\"_ _4\"></span>ngono </span><span style=\"display:inherit;clear:left;\">valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati al <span class=\"ff5f\">fair value</span><span class=\"ls6 ws13c\"> al momento della<span class=\"_ _1\"></span> comunicazione dell\u2019assegnazione degli stess<span class=\"_ _4\"></span>i al beneficiario<span class=\"_ _1\"></span>, determina<span class=\"_ _1\"></span>to </span></span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo il mo<span class=\"_ _4\"></span>dello b<span class=\"_ _4\"></span>inomiale. T<span class=\"_ _2\"></span>ale mo<span class=\"_ _4\"></span>dello t<span class=\"_ _4\"></span>iene cont<span class=\"_ _4\"></span>o di tutte le c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche di ta<span class=\"_ _4\"></span>li diritti (durata, pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo e con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio, ecc<span class=\"_ _4\"></span>.)<span class=\"_ _2\"></span>, n<span class=\"_ _4\"></span>onch\u00e9 de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>i titoli a<span class=\"_ _4\"></span>zionari sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione e della vo<span class=\"_ _4\"></span>latilit\u00e0 </span><span style=\"display:inherit;clear:left;\">attesa degli ste<span class=\"_ _4\"></span>ssi.</span><span style=\"display:inherit;clear:left;\">Se il dirit<span class=\"_ _4\"></span>to divi<span class=\"_ _4\"></span>ene e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abile dop<span class=\"_ _4\"></span>o un cer<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di tempo dall<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one (<span class=\"_ _2\"></span><span class=\"ff5f ls5f ws1d2\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing perio<span class=\"_ _4\"></span>d<span class=\"_ _5\"></span><span class=\"ff5c ls0 wsf7\">) e al verif<span class=\"_ _4\"></span>icar<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>te con<span class=\"_ _4\"></span>dizioni di <span class=\"ff5f ls67 ws8c\">p<span class=\"_ _4\"></span>erformance</span>, il cos<span class=\"_ _4\"></span>to delle o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate con s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale, as<span class=\"_ _4\"></span>siem<span class=\"_ _4\"></span>e al corris<span class=\"_ _4\"></span>ponde<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>nto del pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to, \u00e8 rilev<span class=\"_ _4\"></span>ato sul per<span class=\"_ _4\"></span>iodo in cui le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni relative al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento di ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o alla </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fatte co<span class=\"_ _4\"></span>n termine alla dat<span class=\"_ _4\"></span>a in cui i ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari hanno piename<span class=\"_ _4\"></span>nte maturato il diritt<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">a riceve<span class=\"_ _4\"></span>re il compe<span class=\"_ _4\"></span>nso (<span class=\"_ _4\"></span>\u201c<span class=\"_ _2\"></span>dat<span class=\"_ _4\"></span>a di maturazi<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Alla f<span class=\"_ _4\"></span>ine di ciascun e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio il <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti ass<span class=\"_ _4\"></span>egnati pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dentem<span class=\"_ _4\"></span>ente dete<span class=\"_ _4\"></span>rminato non vi<span class=\"_ _4\"></span>ene ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o; a tale data </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne invece ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rnata la st<span class=\"_ _4\"></span>ima del numero d<span class=\"_ _4\"></span>ei diritt<span class=\"_ _4\"></span>i che matureranno f<span class=\"_ _4\"></span>ino alla s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i cumulati rilevati a fro<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te di tali o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni alla data di chiu<span class=\"_ _4\"></span>sura di ogni e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio sino alla data di matur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e sono co<span class=\"_ _4\"></span>mmisurati alle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze </span><span style=\"display:inherit;clear:left;\">del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di maturazi<span class=\"_ _4\"></span>one ed alla miglio<span class=\"_ _4\"></span>re stima dis<span class=\"_ _4\"></span>ponibile d<span class=\"_ _4\"></span>el numero di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti par<span class=\"_ _4\"></span>tecipati<span class=\"_ _4\"></span>vi che ve<span class=\"_ _4\"></span>rranno ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vame<span class=\"_ _4\"></span>nte a maturazion<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to o ric<span class=\"_ _4\"></span>avo a conto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a la variazio<span class=\"_ _4\"></span>ne del co<span class=\"_ _4\"></span>sto cumulato </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019inizio e alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. </span><span style=\"display:inherit;clear:left;\">Nes<span class=\"_ _4\"></span>sun co<span class=\"_ _4\"></span>sto vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vato pe<span class=\"_ _4\"></span>r i diritti che n<span class=\"_ _4\"></span>on arriv<span class=\"_ _4\"></span>ano a maturazio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>initiv<span class=\"_ _4\"></span>a, tranne ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o dei dirit<span class=\"_ _4\"></span>ti la cui as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gnaz<span class=\"_ _4\"></span>ione \u00e8 sub<span class=\"_ _4\"></span>ordinata all<span class=\"_ _4\"></span>e condi<span class=\"_ _4\"></span>zioni di me<span class=\"_ _4\"></span>rcato.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019effet<span class=\"_ _4\"></span>to della diluiz<span class=\"_ _4\"></span>ione dei dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati non anco<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>ercitati \u00e8 r<span class=\"_ _4\"></span>ifle<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>lla diluizione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile per a<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Operazioni r<span class=\"_ _2\"></span>egolate per cassa</span><span style=\"display:inherit;clear:left;\">In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni con pagam<span class=\"_ _4\"></span>ento bas<span class=\"_ _4\"></span>ato su azio<span class=\"_ _4\"></span>ni regolate p<span class=\"_ _4\"></span>er ca<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, il cost<span class=\"_ _4\"></span>o delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni rego<span class=\"_ _4\"></span>late per c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">\u00e8 valut<span class=\"_ _4\"></span>ato inizialmente al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o alla data di comunic<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019asseg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e al bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>io. T<span class=\"_ _1c\"></span>ale v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo \u00e8 </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>sato ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo f<span class=\"_ _4\"></span>ino alla matura<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, con rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente. Fin<span class=\"_ _4\"></span>o a quando la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">non \u00e8 e<span class=\"_ _4\"></span>stinta v<span class=\"_ _4\"></span>iene e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuato il rica<span class=\"_ _4\"></span>lcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> a ciascuna dat<span class=\"_ _4\"></span>a di chiusura di bilancio e<span class=\"_ _4\"></span>d alla data di re<span class=\"_ _4\"></span>golamento </span></span></span><span style=\"display:inherit;clear:left;\">imputan<span class=\"_ _4\"></span>do tutt<span class=\"_ _4\"></span>e le variaz<span class=\"_ _4\"></span>ioni a conto e<span class=\"_ _4\"></span>conomico. L<span class=\"_ _1c\"></span>'appro<span class=\"_ _4\"></span>ccio utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are le con<span class=\"_ _4\"></span>dizioni di matura<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">quando si mis<span class=\"_ _4\"></span>urano le op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni regolat<span class=\"_ _4\"></span>e con titoli a<span class=\"_ _4\"></span>zionari si ap<span class=\"_ _4\"></span>plica anch<span class=\"_ _4\"></span>e alle trans<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa.</span><span style=\"display:inherit;clear:left;\">2.3.20 P<span class=\"_ _2\"></span>rov<span class=\"_ _1\"></span>enti ed Oneri finanziari</span><span style=\"display:inherit;clear:left;\">I proventi e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati pe<span class=\"_ _4\"></span>r compet<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>egli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i maturati sul valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o delle </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie, utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo.</span><span style=\"display:inherit;clear:left;\">2.3.21 Dividendi</span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati contab<span class=\"_ _4\"></span>ilmente quando s<span class=\"_ _4\"></span>orge il dirit<span class=\"_ _4\"></span>to degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti a riceve<span class=\"_ _4\"></span>re il pagame<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">2.3.22 C<span class=\"_ _2\"></span>ontributi pubblici</span><span style=\"display:inherit;clear:left;\">I contribut<span class=\"_ _4\"></span>i pubblici so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ati quando sus<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te la ragion<span class=\"_ _4\"></span>evole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a che es<span class=\"_ _4\"></span>si sar<span class=\"_ _4\"></span>anno ricev<span class=\"_ _4\"></span>uti e che tut<span class=\"_ _4\"></span>te le con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni ad<span class=\"_ _1\"></span> essi riferiti sia<span class=\"_ _1\"></span>no soddisfatte. I contribu<span class=\"_ _1\"></span>ti in con<span class=\"_ _1\"></span>to esercizio sono presentati come com<span class=\"_ _1\"></span>ponente positiva nel </span><span style=\"display:inherit;clear:left;\">conto economico.</span><span style=\"display:inherit;clear:left;\">2.3.23 Imposte sul r<span class=\"_ _1\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Imposte c<span class=\"_ _2\"></span>orrenti</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti rifl<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>no una stima re<span class=\"_ _4\"></span>alistic<span class=\"_ _4\"></span>a del c<span class=\"_ _4\"></span>arico f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale, de<span class=\"_ _4\"></span>terminata ap<span class=\"_ _4\"></span>plicand<span class=\"_ _4\"></span>o le aliquote e la nor<span class=\"_ _4\"></span>mativa </span><span style=\"display:inherit;clear:left;\">vigente n<span class=\"_ _4\"></span>ei Pae<span class=\"_ _4\"></span>si nei quali il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>a la sua att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; il debito pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti vien<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>ato patrimoniale a<span class=\"_ _4\"></span>l netto di e<span class=\"_ _4\"></span>ventuali accont<span class=\"_ _4\"></span>i di impost<span class=\"_ _4\"></span>a pagati<span class=\"_ _4\"></span>. Il Gruppo v<span class=\"_ _4\"></span>aluta p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e assunt<span class=\"_ _4\"></span>a nella dichiara<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei red<span class=\"_ _4\"></span>diti nei c<span class=\"_ _4\"></span>asi in cui le nor<span class=\"_ _4\"></span>me f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>iano sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad inte<span class=\"_ _4\"></span>rpret<span class=\"_ _4\"></span>azioni </span><span style=\"display:inherit;clear:left;\">e, ove appro<span class=\"_ _4\"></span>priato, prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>de a st<span class=\"_ _4\"></span>anziare de<span class=\"_ _4\"></span>gli acc<span class=\"_ _4\"></span>antonamenti.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti relati<span class=\"_ _4\"></span>ve a pos<span class=\"_ _4\"></span>te rilevate dire<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>amente a patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to o nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o com<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sono anch<span class=\"_ _4\"></span>e es<span class=\"_ _4\"></span>se rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to o nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Imposte differite</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite s<span class=\"_ _4\"></span>ono calc<span class=\"_ _4\"></span>olate sulle dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e risultant<span class=\"_ _4\"></span>i alla data di bilancio fra i v<span class=\"_ _4\"></span>alori f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali pre<span class=\"_ _4\"></span>si a </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e i valori rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati a bilanci<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve sono ril<span class=\"_ _4\"></span>evate a fronte di tut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e tas<span class=\"_ _4\"></span>sab<span class=\"_ _4\"></span>ili, ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>di quan<span class=\"_ _4\"></span>do le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve deri<span class=\"_ _4\"></span>vino dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">in una trans<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e che non \u00e8 una ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale e che<span class=\"_ _4\"></span>, al tempo d<span class=\"_ _4\"></span>ella trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti n<span class=\"_ _4\"></span>\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio calc<span class=\"_ _4\"></span>olato a fini di b<span class=\"_ _4\"></span>ilancio n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile o sulla pe<span class=\"_ _4\"></span>rdita ca<span class=\"_ _4\"></span>lcolati a f<span class=\"_ _4\"></span>ini fi<span class=\"_ _4\"></span>scali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>con rife<span class=\"_ _4\"></span>rimento a dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze te<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>e ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>abili ass<span class=\"_ _4\"></span>ociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazioni in co<span class=\"_ _4\"></span>ntrollate, coll<span class=\"_ _4\"></span>egate e <span class=\"ff5f ls2b ws114\">joint ventu<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">re<span class=\"ff5c wse7\">, nel c<span class=\"_ _4\"></span>aso in cui il rig<span class=\"_ _4\"></span>iro delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re controllato e<span class=\"_ _4\"></span>d \u00e8 probabil<span class=\"_ _4\"></span>e che es<span class=\"_ _4\"></span>so non s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>ichi </span></span><span style=\"display:inherit;clear:left;\">nel fut<span class=\"_ _4\"></span>uro preve<span class=\"_ _4\"></span>dibile.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive so<span class=\"_ _4\"></span>no rilevate a f<span class=\"_ _4\"></span>ronte di tutte l<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili e pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate a nuovo, ne<span class=\"_ _4\"></span>lla misura in cui sia prob<span class=\"_ _4\"></span>abile l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di adeg<span class=\"_ _4\"></span>uati utili fi<span class=\"_ _4\"></span>scali fut<span class=\"_ _4\"></span>uri che pos<span class=\"_ _4\"></span>sano r<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>re applica<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bile l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee de<span class=\"_ _4\"></span>ducibili e delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate a nuovo, ecce<span class=\"_ _4\"></span>tto il c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019impo<span class=\"_ _4\"></span>sta dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ita att<span class=\"_ _4\"></span>iva coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alle diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili de<span class=\"_ _4\"></span>rivi dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one iniziale di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in una tran<span class=\"_ _4\"></span>sazi<span class=\"_ _4\"></span>one che non \u00e8 un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>greg<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dale e che, al te<span class=\"_ _4\"></span>mpo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, non </span><span style=\"display:inherit;clear:left;\">influis<span class=\"_ _4\"></span>ce n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio c<span class=\"_ _4\"></span>alcolato a f<span class=\"_ _4\"></span>ini di bilancio n\u00e9 s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>tile o sulla pe<span class=\"_ _4\"></span>rdita c<span class=\"_ _4\"></span>alcolati a f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>iscali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto a diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>abili as<span class=\"_ _4\"></span>sociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ioni in controllate<span class=\"_ _4\"></span>, colleg<span class=\"_ _4\"></span>ate e <span class=\"ff5f ls2b wsef\">joint<span class=\"_ _1\"></span> ven<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ture<span class=\"ff5c ls3 ws15c\">, le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e attive s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate sol<span class=\"_ _4\"></span>o nella misura in cui s<span class=\"_ _4\"></span>ia probabile ch<span class=\"_ _4\"></span>e le diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee </span></span><span style=\"display:inherit;clear:left;\">dedu<span class=\"_ _4\"></span>cibili si rive<span class=\"_ _4\"></span>rse<span class=\"_ _4\"></span>ranno ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019immediato f<span class=\"_ _4\"></span>uturo e che vi siano a<span class=\"_ _4\"></span>deguati ut<span class=\"_ _4\"></span>ili fis<span class=\"_ _4\"></span>cali a fronte d<span class=\"_ _4\"></span>ei quali le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">temp<span class=\"_ _4\"></span>oranee p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ano es<span class=\"_ _4\"></span>sere ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Il valore da rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare in bilan<span class=\"_ _4\"></span>cio delle imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite attive v<span class=\"_ _4\"></span>iene r<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span>aminato a ciascuna data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io </span><span style=\"display:inherit;clear:left;\">e ridot<span class=\"_ _4\"></span>to nella mis<span class=\"_ _4\"></span>ura in cui non ris<span class=\"_ _4\"></span>ulti pi\u00f9 probabil<span class=\"_ _4\"></span>e che suf<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cienti utili f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali sarann<span class=\"_ _4\"></span>o disponibili in f<span class=\"_ _4\"></span>uturo in modo </span><span style=\"display:inherit;clear:left;\">da per<span class=\"_ _4\"></span>mett<span class=\"_ _4\"></span>ere a tutt<span class=\"_ _4\"></span>o o par<span class=\"_ _4\"></span>te di tale cre<span class=\"_ _4\"></span>dito di e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Le impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve non rico<span class=\"_ _4\"></span>nosciute s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">ries<span class=\"_ _4\"></span>aminate con p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cit\u00e0 annuale alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio e vengono r<span class=\"_ _4\"></span>ilevate ne<span class=\"_ _4\"></span>lla misura in cui \u00e8 dive<span class=\"_ _4\"></span>ntato </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e che l<span class=\"_ _4\"></span>\u2019utile fis<span class=\"_ _4\"></span>cale s<span class=\"_ _4\"></span>ia suff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a cons<span class=\"_ _4\"></span>entire che t<span class=\"_ _4\"></span>ali impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite att<span class=\"_ _4\"></span>ive pos<span class=\"_ _4\"></span>san<span class=\"_ _4\"></span>o ess<span class=\"_ _4\"></span>ere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">Per st<span class=\"_ _4\"></span>abilire se s<span class=\"_ _4\"></span>aranno reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati re<span class=\"_ _4\"></span>dditi imponib<span class=\"_ _4\"></span>ili a fronte dei quali pot<span class=\"_ _4\"></span>er utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are una diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a temp<span class=\"_ _4\"></span>oranea d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ducibile, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 valuta s<span class=\"_ _4\"></span>e la normativ<span class=\"_ _4\"></span>a tribut<span class=\"_ _4\"></span>aria loc<span class=\"_ _4\"></span>ale impong<span class=\"_ _4\"></span>a o meno re<span class=\"_ _4\"></span>stri<span class=\"_ _4\"></span>zioni alle fonti di re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibili a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali pu\u00f2 ef<span class=\"_ _4\"></span>fettuare d<span class=\"_ _4\"></span>eduzi<span class=\"_ _4\"></span>oni sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>annullam<span class=\"_ _4\"></span>ento di det<span class=\"_ _4\"></span>ta dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ea de<span class=\"_ _4\"></span>ducibile. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive s<span class=\"_ _4\"></span>ono misur<span class=\"_ _4\"></span>ate in base alle ali<span class=\"_ _4\"></span>quote f<span class=\"_ _4\"></span>iscali ch<span class=\"_ _4\"></span>e ci si atte<span class=\"_ _4\"></span>nde veng<span class=\"_ _4\"></span>ano applic<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io in cui tali att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 si reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zano o t<span class=\"_ _4\"></span>ali pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 si e<span class=\"_ _4\"></span>stinguo<span class=\"_ _4\"></span>no, consid<span class=\"_ _4\"></span>erand<span class=\"_ _4\"></span>o le aliquote in vigo<span class=\"_ _4\"></span>re e quelle gi\u00e0 </span><span style=\"display:inherit;clear:left;\">emanate o so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialment<span class=\"_ _4\"></span>e emanate alla data di bilancio.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite re<span class=\"_ _4\"></span>lative a pos<span class=\"_ _4\"></span>te rile<span class=\"_ _4\"></span>vate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to   o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo son<span class=\"_ _4\"></span>o anche es<span class=\"_ _4\"></span>se rile<span class=\"_ _4\"></span>vate diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte a patrimonio n<span class=\"_ _4\"></span>etto o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive ve<span class=\"_ _4\"></span>ngono comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>ate, qualora e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>ta un dirit<span class=\"_ _4\"></span>to leg<span class=\"_ _4\"></span>ale a compe<span class=\"_ _4\"></span>nsare l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">per imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>on le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te cor<span class=\"_ _4\"></span>renti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e facciano rifer<span class=\"_ _4\"></span>imento alla st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa entit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e ed alla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa autor<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale.</span><span style=\"display:inherit;clear:left;\">Imposta sul valor<span class=\"_ _2\"></span>e aggiunto</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i e le atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati al net<span class=\"_ _4\"></span>to delle imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e sul valore ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iunto ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>t<span class=\"_ _4\"></span>ale impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a applicat<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di beni o s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>zi risulti ind<span class=\"_ _4\"></span>etraibile<span class=\"_ _4\"></span>, nel qual c<span class=\"_ _4\"></span>aso e<span class=\"_ _4\"></span>ssa v<span class=\"_ _4\"></span>iene ril<span class=\"_ _4\"></span>evat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">del co<span class=\"_ _4\"></span>sto di ac<span class=\"_ _4\"></span>quisto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 o p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ella voce di co<span class=\"_ _4\"></span>sto ril<span class=\"_ _4\"></span>evata a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>si riferi<span class=\"_ _4\"></span>sca a cre<span class=\"_ _4\"></span>diti e de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>rciali per i quali \u00e8 gi\u00e0 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a eme<span class=\"_ _4\"></span>ssa o r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>a la fatt<span class=\"_ _4\"></span>ura, i cui valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">include<span class=\"_ _4\"></span>ndo il v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammont<span class=\"_ _4\"></span>are nett<span class=\"_ _4\"></span>o delle impo<span class=\"_ _4\"></span>ste indir<span class=\"_ _4\"></span>ette sull<span class=\"_ _4\"></span>e vendite e sug<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i che pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate da o pagate </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019erario \u00e8 incluso a b<span class=\"_ _4\"></span>ilancio nei cre<span class=\"_ _4\"></span>diti o de<span class=\"_ _4\"></span>biti tribut<span class=\"_ _4\"></span>ari a se<span class=\"_ _4\"></span>conda de<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>no del s<span class=\"_ _4\"></span>aldo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>24<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>Utile per azione</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019utile base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 cal<span class=\"_ _4\"></span>colato div<span class=\"_ _4\"></span>idend<span class=\"_ _4\"></span>o il risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a attribuibil<span class=\"_ _4\"></span>e agli A<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nisti d<span class=\"_ _4\"></span>ella Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. A<span class=\"_ _4\"></span>i fini de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo dell<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tile diluito p<span class=\"_ _4\"></span>er azio<span class=\"_ _4\"></span>ne, la me<span class=\"_ _4\"></span>dia pond<span class=\"_ _4\"></span>erata d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni in circolazi<span class=\"_ _4\"></span>one \u00e8 modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata as<span class=\"_ _4\"></span>sumen<span class=\"_ _4\"></span>do la conver<span class=\"_ _4\"></span>sione di t<span class=\"_ _4\"></span>utte </span><span style=\"display:inherit;clear:left;\">le pote<span class=\"_ _4\"></span>nziali az<span class=\"_ _4\"></span>ioni aventi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to diluitivo. An<span class=\"_ _4\"></span>che l<span class=\"_ _4\"></span>\u2019utile nett<span class=\"_ _4\"></span>o \u00e8 rettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato per te<span class=\"_ _4\"></span>ner co<span class=\"_ _4\"></span>nto degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti, al net<span class=\"_ _4\"></span>to delle </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te, de<span class=\"_ _4\"></span>lla conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.3.25 Ac<span class=\"_ _2\"></span>cor<span class=\"_ _1\"></span>di <span class=\"_ _4\"></span>di <span class=\"ff64 lsf4 ws3ac\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff64 lsf5 ws3ad\">Ca<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span></span> su Interessenz<span class=\"_ _2\"></span>e di Minoranza </span></span><span style=\"display:inherit;clear:left;\">Nel c<span class=\"_ _4\"></span>aso di opzio<span class=\"_ _4\"></span>ni <span class=\"ff5f ls5b ws8\">put</span> conce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ai soci di min<span class=\"_ _4\"></span>oranz<span class=\"_ _4\"></span>a, il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria pari al val<span class=\"_ _4\"></span>ore at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale de<span class=\"_ _4\"></span>l prez<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>pzione. S<span class=\"_ _4\"></span>e i termini e le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> danno gi\u00e0 al Gr<span class=\"_ _4\"></span>uppo acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ai ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici colle<span class=\"_ _4\"></span>gati alla quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e opzionata, il G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a tale quot<span class=\"_ _4\"></span>a come s<span class=\"_ _4\"></span>e foss<span class=\"_ _4\"></span>e gi\u00e0 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ata acqui<span class=\"_ _4\"></span>stat<span class=\"_ _4\"></span>a e, quindi, al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>l riconos<span class=\"_ _4\"></span>cimento ini<span class=\"_ _4\"></span>ziale della pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, tale v<span class=\"_ _4\"></span>alore vie<span class=\"_ _4\"></span>ne riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato dal </span><span style=\"display:inherit;clear:left;\">patrimonio n<span class=\"_ _4\"></span>etto r<span class=\"_ _4\"></span>iducend<span class=\"_ _4\"></span>o la quota de<span class=\"_ _4\"></span>lle minoran<span class=\"_ _4\"></span>ze. La p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente r<span class=\"_ _4\"></span>imisurata a<span class=\"_ _4\"></span>d ogni data di </span><span style=\"display:inherit;clear:left;\">chiusura co<span class=\"_ _4\"></span>nformeme<span class=\"_ _4\"></span>nte a quanto previ<span class=\"_ _4\"></span>sto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9. Ne<span class=\"_ _4\"></span>gli altri c<span class=\"_ _4\"></span>asi, la po<span class=\"_ _4\"></span>litica cont<span class=\"_ _4\"></span>abile sc<span class=\"_ _4\"></span>elta dal G<span class=\"_ _4\"></span>ruppo pr<span class=\"_ _4\"></span>evede </span><span style=\"display:inherit;clear:left;\">che il Grup<span class=\"_ _4\"></span>po, al mome<span class=\"_ _4\"></span>nto del rico<span class=\"_ _4\"></span>noscim<span class=\"_ _4\"></span>ento iniziale de<span class=\"_ _4\"></span>lla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ichi t<span class=\"_ _4\"></span>ale valore n<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o, continuando a cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are gli utili e pe<span class=\"_ _4\"></span>rdite attrib<span class=\"_ _4\"></span>uibili a tali minoran<span class=\"_ _4\"></span>ze e il patrimonio n<span class=\"_ _4\"></span>etto di mino<span class=\"_ _4\"></span>ranza; </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ogni mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca di valor<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 v<span class=\"_ _4\"></span>iene rile<span class=\"_ _4\"></span>vata a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span></span>  </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>26<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>IAS 29 C<span class=\"_ _2\"></span>riteri di contabilizzazione in economie iperinflazionate </span><span style=\"display:inherit;clear:left;\">Con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, l'e<span class=\"_ _4\"></span>conomia arge<span class=\"_ _4\"></span>ntina \u00e8 consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a iperinf<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>nata se<span class=\"_ _4\"></span>condo i c<span class=\"_ _4\"></span>riteri de<span class=\"_ _4\"></span>l <span class=\"ff5f ws5d\">\"Financial </span></span><span style=\"display:inherit;clear:left;\">Repo<span class=\"_ _4\"></span>rting in Hyp<span class=\"_ _4\"></span>erinfl<span class=\"_ _4\"></span>ationar<span class=\"_ _4\"></span>y Economies\" <span class=\"ff5c\">(<span class=\"_ _4\"></span>\"I<span class=\"_ _4\"></span>AS 29<span class=\"_ _4\"></span>\"<span class=\"_ _4\"></span>). T<span class=\"_ _1c\"></span>ale prin<span class=\"_ _4\"></span>cipio richied<span class=\"_ _4\"></span>e che i valor<span class=\"_ _4\"></span>i di bilancio delle e<span class=\"_ _4\"></span>ntit\u00e0 la cui </span></span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>a funzi<span class=\"_ _4\"></span>onale sia que<span class=\"_ _4\"></span>lla di un'economia c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a iper<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ionata, s<span class=\"_ _4\"></span>iano ride<span class=\"_ _4\"></span>terminate ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un indice g<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>le dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi che r<span class=\"_ _4\"></span>iflet<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>e variazi<span class=\"_ _4\"></span>oni del pot<span class=\"_ _4\"></span>ere di acquis<span class=\"_ _4\"></span>to gen<span class=\"_ _4\"></span>erale<span class=\"_ _4\"></span>. L<span class=\"_ _44\"></span>'<span class=\"_ _4\"></span>indice di infla<span class=\"_ _4\"></span>zione ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato in A<span class=\"_ _4\"></span>rgentina \u00e8 </span><span style=\"display:inherit;clear:left;\">un indice sintet<span class=\"_ _4\"></span>ico con le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche: (a<span class=\"_ _2\"></span>) dal 1\u00b0 gennaio 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 in p<span class=\"_ _4\"></span>oi vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o un nuovo indice nazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nale dei p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zi al c<span class=\"_ _4\"></span>onsumo; e (b) per i pe<span class=\"_ _4\"></span>riodi f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 20<span class=\"_ _2\"></span>16 viene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato l'in<span class=\"_ _4\"></span>dice dei pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi all<span class=\"_ _4\"></span>'ingros<span class=\"_ _4\"></span>so.</span><span style=\"display:inherit;clear:left;\">Perci\u00f2 tut<span class=\"_ _4\"></span>ti gli ele<span class=\"_ _4\"></span>menti de<span class=\"_ _4\"></span>l bilancio de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 Fer<span class=\"_ _4\"></span>ragamo Ar<span class=\"_ _4\"></span>gentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati sep<span class=\"_ _4\"></span>arati in ele<span class=\"_ _4\"></span>menti mo<span class=\"_ _4\"></span>netari e </span><span style=\"display:inherit;clear:left;\">non mon<span class=\"_ _4\"></span>etari. G<span class=\"_ _4\"></span>li elem<span class=\"_ _4\"></span>enti mon<span class=\"_ _4\"></span>etari s<span class=\"_ _4\"></span>ono rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntati dal de<span class=\"_ _4\"></span>naro pos<span class=\"_ _4\"></span>sedut<span class=\"_ _4\"></span>o e dalle voci atti<span class=\"_ _4\"></span>ve o pas<span class=\"_ _4\"></span>sive i cui val<span class=\"_ _4\"></span>ori </span><span style=\"display:inherit;clear:left;\">devono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ric<span class=\"_ _4\"></span>evuti o pag<span class=\"_ _4\"></span>ati in denaro; tutt<span class=\"_ _4\"></span>i gli altri el<span class=\"_ _4\"></span>ementi s<span class=\"_ _4\"></span>ono non m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i. Gli ele<span class=\"_ _4\"></span>menti m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ari non son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ridet<span class=\"_ _4\"></span>erminati pe<span class=\"_ _4\"></span>rch\u00e9 sono g<span class=\"_ _4\"></span>i\u00e0 espre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i in termini di unit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>aria attuale<span class=\"_ _4\"></span>. In un perio<span class=\"_ _4\"></span>do di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _4\"></span>, un'entit\u00e0 che </span><span style=\"display:inherit;clear:left;\">detie<span class=\"_ _4\"></span>ne un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di atti<span class=\"_ _4\"></span>vit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>arie risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie pe<span class=\"_ _4\"></span>rde pot<span class=\"_ _4\"></span>ere d'acquis<span class=\"_ _4\"></span>to e un'entit\u00e0 con </span><span style=\"display:inherit;clear:left;\">un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 mon<span class=\"_ _4\"></span>etarie ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>a potere d<span class=\"_ _4\"></span>'acquisto. L<span class=\"_ _1c\"></span>'util<span class=\"_ _4\"></span>e o la perdit<span class=\"_ _4\"></span>a sulla </span><span style=\"display:inherit;clear:left;\">posizione monetaria netta \u00e8 incl<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>so nel conto<span class=\"_ _1\"></span> economico. L<span class=\"_ _44\"></span>'effetto dell'inflazione su<span class=\"_ _1\"></span>lla posizione monetari<span class=\"_ _1\"></span>a netta e </span><span style=\"display:inherit;clear:left;\">sulle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 non mo<span class=\"_ _4\"></span>netar<span class=\"_ _4\"></span>ie della so<span class=\"_ _4\"></span>ciet\u00e0 F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Arge<span class=\"_ _4\"></span>ntina S.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r l'anno chiuso il 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato un onere n<span class=\"_ _4\"></span>etto p<span class=\"_ _4\"></span>ari a Euro 7<span class=\"_ _1\"></span>83 migliaia, non sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato (<span class=\"_ _2\"></span>un prove<span class=\"_ _4\"></span>nto nett<span class=\"_ _4\"></span>o di Euro 284 </span><span style=\"display:inherit;clear:left;\">migliaia nel conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023)<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la ridete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne da IAS 2<span class=\"_ _4\"></span>9 delle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>duto inoltre a v<span class=\"_ _4\"></span>alutare se l<span class=\"_ _4\"></span>'am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e ridete<span class=\"_ _4\"></span>rminato dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 super<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>e il suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, l'applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 29 ha com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato la creazi<span class=\"_ _4\"></span>one di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze fis<span class=\"_ _4\"></span>cali te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee pe<span class=\"_ _4\"></span>rch\u00e9, me<span class=\"_ _4\"></span>ntre il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie \u00e8 </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r l'infla<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, non \u00e8 ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a una rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a equi<span class=\"_ _4\"></span>valente ai f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali; l'effet<span class=\"_ _4\"></span>to di tale dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a tempo<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nea \u00e8 una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>a che \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.27 V<span class=\"_ _2\"></span>ariazioni di principi contabili inter<span class=\"_ _1\"></span>nazionali</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha adot<span class=\"_ _4\"></span>tato anticip<span class=\"_ _4\"></span>atament<span class=\"_ _4\"></span>e alcun principio, inter<span class=\"_ _4\"></span>preta<span class=\"_ _4\"></span>zione o mig<span class=\"_ _4\"></span>lioramento e<span class=\"_ _4\"></span>manato ma non anco<span class=\"_ _4\"></span>ra </span><span style=\"display:inherit;clear:left;\">in vigore<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 1: C<span class=\"_ _2\"></span>lassif<span class=\"_ _4\"></span>icazione delle passivit\u00e0 in c<span class=\"_ _2\"></span>orrenti e non c<span class=\"_ _2\"></span>orrenti </span><span style=\"display:inherit;clear:left;\">Nel 2020 e nel 202<span class=\"_ _4\"></span>2, lo IA<span class=\"_ _4\"></span>SB ha pubblic<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>e modif<span class=\"_ _4\"></span>iche allo IA<span class=\"_ _4\"></span>S 1 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo di chiarire i re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>care le </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 com<span class=\"_ _4\"></span>e correnti o n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, anche in rela<span class=\"_ _4\"></span>zione alle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te a <span class=\"ff5f ls64 wse2\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, e di def<span class=\"_ _4\"></span>inire le informazi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ative da fornire in bilancio. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche son<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>ziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, e dovranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere app<span class=\"_ _4\"></span>licate retro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica non ha av<span class=\"_ _4\"></span>uto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul Grup<span class=\"_ _4\"></span>po. </span><span style=\"display:inherit;clear:left;\">Modifiche all<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _2\"></span>S 16 L<span class=\"_ _1\"></span>easing: passivit\u00e0 per leasing in \u201cS<span class=\"_ _4\"></span>ale and L<span class=\"_ _2\"></span>easeback\u201d  </span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di s<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>mbre 2022, lo I<span class=\"_ _4\"></span>ASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli eme<span class=\"_ _4\"></span>ndamenti all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivo di spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>icare i par<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">metri ch<span class=\"_ _4\"></span>e il locato<span class=\"_ _4\"></span>re \u2013 vendito<span class=\"_ _4\"></span>re deve utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are pe<span class=\"_ _4\"></span>r contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare i pagam<span class=\"_ _4\"></span>enti variabili d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icano </span><span style=\"display:inherit;clear:left;\">in un'oper<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di <span class=\"ff5f ls3 wsc7\">\"<span class=\"_ _4\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _4\"></span>\"<span class=\"ff5c\">. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che introduco<span class=\"_ _4\"></span>no un nuovo mod<span class=\"_ _4\"></span>ello di cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pa<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">game<span class=\"_ _4\"></span>nti variabili e richie<span class=\"_ _4\"></span>derann<span class=\"_ _4\"></span>o al locato<span class=\"_ _4\"></span>re - vendito<span class=\"_ _4\"></span>re di rivalut<span class=\"_ _4\"></span>are e pote<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte riformulare le tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ioni di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a e retrol<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>tipulate a par<span class=\"_ _4\"></span>tire dal 201<span class=\"_ _2\"></span>9. Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che iniziano al 1\u00b0 gen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">naio 202<span class=\"_ _2\"></span>4 o su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente e dov<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re applicate r<span class=\"_ _4\"></span>etrosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a oper<span class=\"_ _4\"></span>azioni di <span class=\"ff5f\">\u201c<span class=\"_ _5\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _5\"></span>\u201d</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">iniziate dop<span class=\"_ _4\"></span>o la prima applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. L<span class=\"_ _44\"></span>'applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne anticipata \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntita a con<span class=\"_ _4\"></span>dizion<span class=\"_ _4\"></span>e che tale f<span class=\"_ _4\"></span>atto sia </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>o noto. T<span class=\"_ _2\"></span>ale modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a non ha avuto n<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sun impatto s<span class=\"_ _4\"></span>ul Gruppo.</span><span style=\"display:inherit;clear:left;\">Modifiche allo IAS 7 Rendic<span class=\"_ _2\"></span>onto finanziario e IFR<span class=\"_ _2\"></span>S 7 Strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di mag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso d<span class=\"_ _4\"></span>elle mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e allo IAS 7 R<span class=\"_ _4\"></span>endico<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario e all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 7 Strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari pe<span class=\"_ _4\"></span>r chiarire le car<span class=\"_ _4\"></span>atteri<span class=\"_ _4\"></span>stich<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi f<span class=\"_ _4\"></span>inanziari con for<span class=\"_ _4\"></span>nitori e richie<span class=\"_ _4\"></span>dere mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re informativa da illus<span class=\"_ _4\"></span>trare in<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">bilancio. I mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i richies<span class=\"_ _4\"></span>ti hanno lo s<span class=\"_ _4\"></span>copo di p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di capire g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">accordi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari con fornitor<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, sui f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari e sull<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one al ris<span class=\"_ _4\"></span>chio di liquidit\u00e0<span class=\"_ _4\"></span>. Le modif<span class=\"_ _4\"></span>iche so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>caci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e iniziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente; tutt<span class=\"_ _4\"></span>avia, \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a l'applic<span class=\"_ _4\"></span>azione ant<span class=\"_ _4\"></span>icipata a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che t<span class=\"_ _4\"></span>ale fat<span class=\"_ _4\"></span>to sia res<span class=\"_ _4\"></span>o noto. Le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni trans<span class=\"_ _4\"></span>itorie hanno chiarito ch<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione non \u00e8 r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>ta ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">formativ<span class=\"_ _4\"></span>a infrannuale dell<span class=\"_ _4\"></span>\u2019anno di prima applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; per<span class=\"_ _4\"></span>tanto, le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche non hann<span class=\"_ _4\"></span>o avuto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul bilancio<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">consolidato del Gruppo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.28 P<span class=\"_ _2\"></span>rincipi emessi ma non ancor<span class=\"_ _2\"></span>a in vigore </span><span style=\"display:inherit;clear:left;\">Sono di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o illustrati i p<span class=\"_ _4\"></span>rincipi che<span class=\"_ _4\"></span>, alla data di reda<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Bilancio Con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o risult<span class=\"_ _4\"></span>avano gi\u00e0 ema<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nati ma non anco<span class=\"_ _4\"></span>ra in vigore<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019elenco si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a principi e inte<span class=\"_ _4\"></span>rpreta<span class=\"_ _4\"></span>zioni che il G<span class=\"_ _4\"></span>ruppo si a<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>aranno rag<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">volmente ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>l futuro. Il Grup<span class=\"_ _4\"></span>po intend<span class=\"_ _4\"></span>e adot<span class=\"_ _4\"></span>tare que<span class=\"_ _4\"></span>sti pr<span class=\"_ _4\"></span>incipi quando entre<span class=\"_ _4\"></span>ranno in vigo<span class=\"_ _4\"></span>re. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 21 Effetti delle var<span class=\"_ _2\"></span>iazioni dei cambi delle valute estere </span><span style=\"display:inherit;clear:left;\">In agost<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso una m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>ica alla IA<span class=\"_ _4\"></span>S2<span class=\"_ _2\"></span>1 Ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i delle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>i cambi de<span class=\"_ _4\"></span>lle valute e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re chiarendo: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>quando una valut<span class=\"_ _4\"></span>a non \u00e8 s<span class=\"_ _4\"></span>cambiabile co<span class=\"_ _4\"></span>n altre valute;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>come una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 deve s<span class=\"_ _4\"></span>timare i ta<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ambio puntuali quando una valut<span class=\"_ _4\"></span>a non pu<span class=\"_ _4\"></span>\u00f2 es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>cambiata<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche ri<span class=\"_ _4\"></span>chiede<span class=\"_ _4\"></span>ranno mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i per p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e il tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">di cambio p<span class=\"_ _4\"></span>untuale utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o, il proces<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>tima, la natura e l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019utilizzo di un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di camb<span class=\"_ _4\"></span>io stimato sui </span><span style=\"display:inherit;clear:left;\">dati di bilancio e i ris<span class=\"_ _4\"></span>chi per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>da legati alla no<span class=\"_ _4\"></span>n intercambiabilit<span class=\"_ _4\"></span>\u00e0 della v<span class=\"_ _4\"></span>aluta. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche sar<span class=\"_ _4\"></span>anno ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>zierann<span class=\"_ _4\"></span>o al 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2025 o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte. L<span class=\"_ _1c\"></span>'applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto valutan<span class=\"_ _4\"></span>do se le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche avrann<span class=\"_ _4\"></span>o un impatto sul bilan<span class=\"_ _4\"></span>cio conso<span class=\"_ _4\"></span>lidato.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 18 Presentation and Disclosure in F<span class=\"_ _2\"></span>inancial Statements</span><span style=\"display:inherit;clear:left;\">Ad aprile 2024, lo IASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18, che sos<span class=\"_ _4\"></span>tituis<span class=\"_ _4\"></span>ce lo IA<span class=\"_ _4\"></span>S 1 Prese<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione del b<span class=\"_ _4\"></span>ilancio. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>8 introduce </span><span style=\"display:inherit;clear:left;\">nuovi re<span class=\"_ _4\"></span>quisiti p<span class=\"_ _4\"></span>er la pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, inclusi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici totali e s<span class=\"_ _4\"></span>ubtotali. Ulte<span class=\"_ _4\"></span>rior<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, le entit<span class=\"_ _4\"></span>\u00e0 dovranno cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are tutti i c<span class=\"_ _4\"></span>osti e<span class=\"_ _4\"></span>d i ric<span class=\"_ _4\"></span>avi all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno </span><span style=\"display:inherit;clear:left;\">di quattro c<span class=\"_ _4\"></span>ategorie: op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>va, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto, finanz<span class=\"_ _4\"></span>iamento, impo<span class=\"_ _4\"></span>ste sul re<span class=\"_ _4\"></span>ddito e<span class=\"_ _4\"></span>d attiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>ve ces<span class=\"_ _4\"></span>sate<span class=\"_ _4\"></span>, dove </span><span style=\"display:inherit;clear:left;\">le prime t<span class=\"_ _4\"></span>re catego<span class=\"_ _4\"></span>rie son<span class=\"_ _4\"></span>o nuove. Il princip<span class=\"_ _4\"></span>io richied<span class=\"_ _4\"></span>e inoltre di dare informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e della nuova d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inizione </span><span style=\"display:inherit;clear:left;\">deg<span class=\"_ _4\"></span>li indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws124\"> definit<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws110\"> (</span><span class=\"ff5f\">manageme<span class=\"_ _4\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d per<span class=\"_ _4\"></span>formance me<span class=\"_ _4\"></span>asures<span class=\"ff5c ls44 wsaf\"> (<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>P<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>s))<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">tali di co<span class=\"_ _4\"></span>sti e ric<span class=\"_ _4\"></span>avi, e includ<span class=\"_ _4\"></span>e nuove dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni per l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione e dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle informazi<span class=\"_ _4\"></span>oni finan<span class=\"_ _4\"></span>ziare </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei ruo<span class=\"_ _4\"></span>li identif<span class=\"_ _4\"></span>icati d<span class=\"_ _4\"></span>ei pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio \u201cprimari<span class=\"_ _4\"></span>\u201d (<span class=\"ff5f\">Primary Financial State<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>s</span> \u2013 PFS) e delle note<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate introdot<span class=\"_ _4\"></span>te allo IA<span class=\"_ _4\"></span>S 7 Ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario, che in<span class=\"_ _4\"></span>cludono il c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>l punto di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a della ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a sulla base de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to; dall\u2019utile o </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dita all<span class=\"_ _4\"></span>\u2019utile o per<span class=\"_ _4\"></span>dita op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i e la rimozione d<span class=\"_ _4\"></span>ella facolt<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa dai div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di e de<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gli intere<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>. Ulterior<span class=\"_ _4\"></span>mente, s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e cons<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ziali a molte<span class=\"_ _4\"></span>plici altri prin<span class=\"_ _4\"></span>cipi contab<span class=\"_ _4\"></span>ili. L<span class=\"_ _1c\"></span>\u2019IFR<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>, e le modif<span class=\"_ _4\"></span>iche ag<span class=\"_ _4\"></span>li altri principi, s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivi p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incomincian<span class=\"_ _4\"></span>o al o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente il 1\u00b0 gennaio </span><span style=\"display:inherit;clear:left;\">2027<span class=\"_ _44\"></span>, ma l<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione anticipat<span class=\"_ _4\"></span>a \u00e8 pe<span class=\"_ _4\"></span>rmes<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>alvo darne informati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18 si applicher<span class=\"_ _4\"></span>\u00e0 retrosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al momento lavo<span class=\"_ _4\"></span>rando p<span class=\"_ _4\"></span>er ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>are gli impatt<span class=\"_ _4\"></span>i che le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno sui p<span class=\"_ _4\"></span>ropri pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio </span><span style=\"display:inherit;clear:left;\">e sulle note al bilan<span class=\"_ _4\"></span>cio.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 19 Subsidiaries without Public Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>ountability: Disclosures</span><span style=\"display:inherit;clear:left;\">A mag<span class=\"_ _4\"></span>gio 202<span class=\"_ _2\"></span>4, l<span class=\"_ _4\"></span>o IASB ha e<span class=\"_ _4\"></span>manato l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9, che p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>tte alle e<span class=\"_ _4\"></span>ntit\u00e0 \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibili<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, ave<span class=\"_ _4\"></span>nti deter<span class=\"_ _4\"></span>minati requisiti, di o<span class=\"_ _4\"></span>p<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tare p<span class=\"_ _4\"></span>er una ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i propri re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pur continuan<span class=\"_ _4\"></span>do ad applic<span class=\"_ _4\"></span>are le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni per la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, mis<span class=\"_ _4\"></span>urazion<span class=\"_ _4\"></span>e e pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>egli altri IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">accounting standards</span>. Pe<span class=\"_ _4\"></span>r ess<span class=\"_ _4\"></span>ere \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibile<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, </span><span style=\"display:inherit;clear:left;\">un\u2019entit\u00e0 d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>sere una c<span class=\"_ _4\"></span>ontrollata co<span class=\"_ _4\"></span>s\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>9, no<span class=\"_ _4\"></span>n pu\u00f2 avere una <span class=\"ff5f ls4 wsfd\">\u201cpublic account<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">bilit<span class=\"_ _4\"></span>y<span class=\"_ _5\"></span>\u201d<span class=\"ff5c ls3 wse7\"> e de<span class=\"_ _4\"></span>ve avere una controllante (ultima od interme<span class=\"_ _4\"></span>dia<span class=\"_ _2\"></span>) ch<span class=\"_ _4\"></span>e prepar<span class=\"_ _4\"></span>a il bilancio cons<span class=\"_ _4\"></span>olidato, disp<span class=\"_ _4\"></span>onibile al pubbli<span class=\"_ _4\"></span>co, </span></span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to in acco<span class=\"_ _4\"></span>rdo agli IFRS <span class=\"ff5f\">acco<span class=\"_ _4\"></span>unting standards</span>. L<span class=\"_ _1c\"></span>'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 di<span class=\"_ _4\"></span>venter\u00e0 e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incominciano </span><span style=\"display:inherit;clear:left;\">al o succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 1<span class=\"_ _1\"></span>\u00b0 Gennaio 2027<span class=\"_ _1c\"></span>, con la p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sibilit\u00e0 di app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione anticipat<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>enuto conto ch<span class=\"_ _4\"></span>e le azio<span class=\"_ _4\"></span>ni della </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo s<span class=\"_ _4\"></span>ono quot<span class=\"_ _4\"></span>ate pubblic<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, il Gruppo no<span class=\"_ _4\"></span>n \u00e8 ele<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>ibile pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9.</span><span style=\"display:inherit;clear:left;\">Amendments to the Classification and Measur<span class=\"_ _2\"></span>ement of Financial Instruments - Amendments to IF<span class=\"_ _1\"></span>RS 9 </span><span style=\"display:inherit;clear:left;\">and IFR<span class=\"_ _2\"></span>S 7</span><span style=\"display:inherit;clear:left;\">In data 30 mag<span class=\"_ _4\"></span>gio 2024 lo IASB ha pub<span class=\"_ _4\"></span>blicato il do<span class=\"_ _4\"></span>cumento \u201c<span class=\"_ _2\"></span><span class=\"ff5f\">Ame<span class=\"_ _4\"></span>ndment<span class=\"_ _4\"></span>s to th<span class=\"_ _4\"></span>e Classif<span class=\"_ _4\"></span>ication and M<span class=\"_ _4\"></span>easureme<span class=\"_ _4\"></span>nt </span></span><span style=\"display:inherit;clear:left;\">of Financial Instrume<span class=\"_ _4\"></span>nts - Am<span class=\"_ _4\"></span>endment<span class=\"_ _4\"></span>s to I<span class=\"_ _4\"></span>FRS 9 and IFRS 7<span class=\"_ _5\"></span><span class=\"ff5c\">\u201d che chiaris<span class=\"_ _4\"></span>ce alcuni asp<span class=\"_ _4\"></span>etti p<span class=\"_ _4\"></span>roblemati<span class=\"_ _4\"></span>ci emer<span class=\"_ _4\"></span>si dalla </span></span><span style=\"display:inherit;clear:left;\">post<span class=\"_ _2\"></span>-implemen<span class=\"_ _2\"></span>tation r<span class=\"_ _1\"></span>eview<span class=\"_ _1\"></span> <span class=\"ff5c ls3 wse9\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, tr<span class=\"_ _4\"></span>a cui il tratt<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie i cui ren<span class=\"_ _4\"></span>dimenti varia<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">no al rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG (i.e<span class=\"_ _4\"></span>. gree<span class=\"_ _4\"></span>n bond<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>). In par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e hanno l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _ac\"></span>chiarire la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie co<span class=\"_ _4\"></span>n rendime<span class=\"_ _4\"></span>nti variabili e le<span class=\"_ _4\"></span>gati ad obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vi ambient<span class=\"_ _4\"></span>ali, sociali e </span><span style=\"display:inherit;clear:left;\">di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls3 ws0\"> azi<span class=\"_ _4\"></span>endale (ES<span class=\"_ _4\"></span>G) ed i criteri da utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls87 wsf8\">assess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t<span class=\"ff5c ls0 ws5\"> de<span class=\"_ _4\"></span>l SPPI<span class=\"_ _4\"></span> </span><span class=\"lsa ws90\">test<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\">;</span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>d<span class=\"_ _4\"></span>eterminare ch<span class=\"_ _4\"></span>e la data di rego<span class=\"_ _4\"></span>lamento de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 tramite s<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>mi di pagame<span class=\"_ _4\"></span>nto elet<span class=\"_ _4\"></span>tronici \u00e8 quella in cui la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 risult<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tinta<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tavia, \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntito ad un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 di ad<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>are una politic<span class=\"_ _4\"></span>a contab<span class=\"_ _4\"></span>ile per c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntire di eli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">minare contab<span class=\"_ _4\"></span>ilmente una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria pr<span class=\"_ _4\"></span>ima di conse<span class=\"_ _4\"></span>gnare liquidit<span class=\"_ _4\"></span>\u00e0 alla data di rego<span class=\"_ _4\"></span>lamento in pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">di dete<span class=\"_ _4\"></span>rminate con<span class=\"_ _4\"></span>dizioni s<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ifich<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Con que<span class=\"_ _4\"></span>ste mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche, lo IA<span class=\"_ _4\"></span>SB ha ino<span class=\"_ _4\"></span>ltre introdot<span class=\"_ _4\"></span>to ulter<span class=\"_ _4\"></span>iori re<span class=\"_ _4\"></span>quisiti di informativ<span class=\"_ _4\"></span>a riguardo in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare ad </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti in s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale des<span class=\"_ _4\"></span>ignati a F<span class=\"_ _4\"></span>VOCI. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che si applich<span class=\"_ _4\"></span>eranno a par<span class=\"_ _4\"></span>tire dai bilan<span class=\"_ _4\"></span>ci degli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e hanno inizio dal 1\u00b0 gennaio 2026. Il Grupp<span class=\"_ _4\"></span>o sta v<span class=\"_ _4\"></span>alutand<span class=\"_ _4\"></span>o se le mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>he avranno un impat<span class=\"_ _4\"></span>to sul bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">Annual Impro<span class=\"_ _2\"></span>vement<span class=\"_ _4\"></span>s Volume 11</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 luglio 202<span class=\"_ _2\"></span>4 lo I<span class=\"_ _4\"></span>ASB ha p<span class=\"_ _4\"></span>ubblicato un d<span class=\"_ _4\"></span>ocumento d<span class=\"_ _4\"></span>enominato <span class=\"ff5f\">\u201cAnnual Improvement<span class=\"_ _4\"></span>s Volume 1<span class=\"_ _44\"></span>1\u201d<span class=\"ff5c ls4 ws11f\"> che include </span></span></span><span style=\"display:inherit;clear:left;\">chiarimenti, s<span class=\"_ _4\"></span>emplif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni, corr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ni e cambiame<span class=\"_ _4\"></span>nti volti a migliorar<span class=\"_ _4\"></span>e la coere<span class=\"_ _4\"></span>nza di di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>i IFRS <span class=\"ff5f\">Accounting Stan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">da<span class=\"_ _4\"></span>rds<span class=\"_ _4\"></span><span class=\"ff5c ls4 wsa\">. I principi m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icati s<span class=\"_ _4\"></span>ono:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Firs<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>time Adopt<span class=\"_ _4\"></span>ion of International Financial Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Standards<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s: Disclo<span class=\"_ _4\"></span>sures<span class=\"ff5c\"> e le re<span class=\"_ _4\"></span>lative line<span class=\"_ _4\"></span>e guida sull'imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>'IFRS 7;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>9 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1<span class=\"_ _1\"></span>0 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Consolidate<span class=\"_ _4\"></span>d Financial Stateme<span class=\"_ _4\"></span>nts<span class=\"_ _4\"></span><span class=\"ff5c\">; e</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IA<span class=\"_ _4\"></span>S <span class=\"_ _43\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">St<span class=\"_ _4\"></span>atement of Cash Flow<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>i appliche<span class=\"_ _4\"></span>ranno dal 1\u00b0 gennaio 202<span class=\"_ _1\"></span>6, ma \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a un\u2019applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata. Il Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>a valut<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do se le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche avr<span class=\"_ _4\"></span>anno un impatto sul b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ontracts Refer<span class=\"_ _2\"></span>encing Nature-dependent Elec<span class=\"_ _1\"></span>tricity \u2013 Amendment to IFR<span class=\"_ _2\"></span>S 9 and IFRS 7</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 lo IA<span class=\"_ _4\"></span>SB ha pubb<span class=\"_ _4\"></span>licato un em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nto denominato <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Contract<span class=\"_ _4\"></span>s Refe<span class=\"_ _4\"></span>rencing Nature-<span class=\"_ _4\"></span>de<span class=\"_ _4\"></span>pen<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">dent Ele<span class=\"_ _4\"></span>ctricit<span class=\"_ _4\"></span>y \u2013 Amendm<span class=\"_ _4\"></span>ent to IFRS 9 and I<span class=\"_ _4\"></span>FRS 7\u201d<span class=\"ff5c\">, c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare l<span class=\"_ _4\"></span>e entit\u00e0 n<span class=\"_ _4\"></span>el rendi<span class=\"_ _4\"></span>contare gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari dei c<span class=\"_ _4\"></span>ontratti di a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di elet<span class=\"_ _4\"></span>tricit<span class=\"_ _4\"></span>\u00e0 prodot<span class=\"_ _4\"></span>ta da fonti rinn<span class=\"_ _4\"></span>ovabili (spes<span class=\"_ _4\"></span>so st<span class=\"_ _4\"></span>ruttur<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls0 wscc\">Po<span class=\"_ _4\"></span>wer<span class=\"_ _4\"></span> Purch<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">Agreements<span class=\"ff5c ls3 ws145\">)<span class=\"_ _1\"></span>. Sulla base di t<span class=\"_ _4\"></span>ali contrat<span class=\"_ _4\"></span>ti, la quantit\u00e0 di e<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ricit\u00e0 ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>a ed ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ata pu\u00f2 v<span class=\"_ _4\"></span>ariare in base a f<span class=\"_ _4\"></span>attori </span></span><span style=\"display:inherit;clear:left;\">incontrollab<span class=\"_ _4\"></span>ili quali le condizio<span class=\"_ _4\"></span>ni mete<span class=\"_ _4\"></span>orologi<span class=\"_ _4\"></span>che. Lo IA<span class=\"_ _4\"></span>SB ha app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nti mirati ai principi IFR<span class=\"_ _4\"></span>S 9 e IFRS </span><span style=\"display:inherit;clear:left;\">7<span class=\"_ _1c\"></span>. G<span class=\"_ _4\"></span>li eme<span class=\"_ _4\"></span>ndamenti in<span class=\"_ _4\"></span>cludon<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>un chiarim<span class=\"_ _4\"></span>ento riguardo all<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i requis<span class=\"_ _4\"></span>iti di <span class=\"ff5f lsa wsb\">\u201cown use\u201d</span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">questa</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">tipologia</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>tratti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>d<span class=\"_ _4\"></span>ei criter<span class=\"_ _4\"></span>i per co<span class=\"_ _4\"></span>nsent<span class=\"_ _4\"></span>ire la contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one di tali c<span class=\"_ _4\"></span>ontratti c<span class=\"_ _4\"></span>ome st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura; e,</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>de<span class=\"_ _4\"></span>i nuovi re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r conse<span class=\"_ _4\"></span>ntire agli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>atori de<span class=\"_ _4\"></span>l bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e l'effet<span class=\"_ _4\"></span>to di que<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti sulle<span class=\"_ _1\"></span> <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws0\"> finanz<span class=\"_ _4\"></span>iarie e sui flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a di un\u2019entit\u00e0<span class=\"_ _4\"></span>.</span></span><span style=\"display:inherit;clear:left;\">La mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca si app<span class=\"_ _4\"></span>licher\u00e0 dal 1\u00b0 gennaio 2026, ma \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a un\u2019applicazi<span class=\"_ _4\"></span>one anticipat<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a valutan<span class=\"_ _4\"></span>do se </span><span style=\"display:inherit;clear:left;\">le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno un impat<span class=\"_ _4\"></span>to sul bilancio co<span class=\"_ _4\"></span>nsolidato.</span><span style=\"display:inherit;clear:left;\">2.4 <span class=\"_ _1\"></span>Ar<span class=\"_ _2\"></span>ea di consolidamento</span><span style=\"display:inherit;clear:left;\">Il Bilancio Con<span class=\"_ _4\"></span>solidato al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 include la s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e patrimoniale<span class=\"_ _4\"></span>, econ<span class=\"_ _4\"></span>omica e f<span class=\"_ _4\"></span>inanziaria de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle sue e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>ntrollate es<span class=\"_ _4\"></span>tere con<span class=\"_ _4\"></span>solidate inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte, nel l<span class=\"_ _4\"></span>oro insiem<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">identificate come Gruppo Salvatore Ferragamo.</span><span style=\"display:inherit;clear:left;\">Il Bilancio Con<span class=\"_ _4\"></span>solidato al 31 dicembre 202<span class=\"_ _2\"></span>4 co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>e le situazi<span class=\"_ _4\"></span>oni contab<span class=\"_ _4\"></span>ili dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 de<span class=\"_ _4\"></span>lle so<span class=\"_ _4\"></span>ciet\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o redat<span class=\"_ _4\"></span>te adot<span class=\"_ _4\"></span>tando i m<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>simi principi c<span class=\"_ _4\"></span>ontabili de<span class=\"_ _4\"></span>lla controllante<span class=\"_ _4\"></span>.</span></span> <span><span style=\"display:inherit;clear:left;\">Le entit\u00e0 c<span class=\"_ _4\"></span>ontrollate son<span class=\"_ _4\"></span>o quelle entit<span class=\"_ _4\"></span>\u00e0 in </span></span></span><span style=\"display:inherit;clear:left;\">cui il Grupp<span class=\"_ _4\"></span>o detie<span class=\"_ _4\"></span>ne il controllo, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro quando il Grup<span class=\"_ _4\"></span>po \u00e8 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to a rendim<span class=\"_ _4\"></span>enti variabili de<span class=\"_ _4\"></span>rivanti dal p<span class=\"_ _4\"></span>roprio rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0, o v<span class=\"_ _4\"></span>anta de<span class=\"_ _4\"></span>i diritti su t<span class=\"_ _4\"></span>ali ren<span class=\"_ _4\"></span>dimenti, avend<span class=\"_ _4\"></span>o nel conte<span class=\"_ _4\"></span>mpo la c<span class=\"_ _4\"></span>apacit\u00e0 di inf<span class=\"_ _4\"></span>luen<span class=\"_ _4\"></span>zarli e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>o potere s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa. I b<span class=\"_ _4\"></span>ilanci delle e<span class=\"_ _4\"></span>ntit\u00e0 cont<span class=\"_ _4\"></span>rollate sono inclu<span class=\"_ _4\"></span>si nel b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato dal mome<span class=\"_ _4\"></span>nto in </span><span style=\"display:inherit;clear:left;\">cui la controllante iniz<span class=\"_ _4\"></span>ia ad es<span class=\"_ _4\"></span>ercitare il c<span class=\"_ _4\"></span>ontrollo f<span class=\"_ _4\"></span>ino alla data in cui t<span class=\"_ _4\"></span>ale controll<span class=\"_ _4\"></span>o ces<span class=\"_ _4\"></span>sa. In c<span class=\"_ _4\"></span>aso di p<span class=\"_ _4\"></span>erdita di c<span class=\"_ _4\"></span>ontrollo, </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o elimina le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>ntrollata e qualsia<span class=\"_ _4\"></span>si prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranza </span><span style=\"display:inherit;clear:left;\">nel patrimon<span class=\"_ _1\"></span>io netto inc<span class=\"_ _1\"></span>lusa qualsi<span class=\"_ _2\"></span>asi altra componente di<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o complessivo relativa al<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>entit\u00e0 controlla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta. Q<span class=\"_ _4\"></span>ualsiasi ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante dalla p<span class=\"_ _4\"></span>erdita di c<span class=\"_ _4\"></span>ontrollo vie<span class=\"_ _4\"></span>ne rilev<span class=\"_ _4\"></span>ato nell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(per<span class=\"_ _4\"></span>dita<span class=\"_ _1\"></span>) dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. Qual<span class=\"_ _4\"></span>sia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazion<span class=\"_ _4\"></span>e mantenuta n<span class=\"_ _4\"></span>ella e<span class=\"_ _4\"></span>x entit\u00e0 c<span class=\"_ _4\"></span>ontrollata v<span class=\"_ _4\"></span>iene valut<span class=\"_ _4\"></span>ata al <span class=\"ff5f\">fair value</span> alla data de<span class=\"_ _4\"></span>lla perdit<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntrollo. <span class=\"_ _ac\"></span> </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti i sal<span class=\"_ _4\"></span>di e le trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni infragruppo, inclu<span class=\"_ _4\"></span>si eventuali ut<span class=\"_ _4\"></span>ili e perdite no<span class=\"_ _4\"></span>n realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati deri<span class=\"_ _4\"></span>vanti da rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti intratt<span class=\"_ _4\"></span>enuti </span><span style=\"display:inherit;clear:left;\">fra so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o complet<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>liminati. </span><span style=\"display:inherit;clear:left;\">Le intere<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>nze di minor<span class=\"_ _4\"></span>anza rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e di profit<span class=\"_ _4\"></span>ti o pe<span class=\"_ _4\"></span>rdite e de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>tte no<span class=\"_ _4\"></span>n detenute dal G<span class=\"_ _4\"></span>rup<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po e so<span class=\"_ _4\"></span>no esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e in una voce se<span class=\"_ _4\"></span>parata d<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, e nella situaz<span class=\"_ _4\"></span>ione patrim<span class=\"_ _4\"></span>oniale e f<span class=\"_ _4\"></span>inanziaria tra le c<span class=\"_ _4\"></span>om<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ponenti del patrimoni<span class=\"_ _1\"></span>o netto, separatamente dal<span class=\"_ _1\"></span> patrimoni<span class=\"_ _1\"></span>o netto di Gruppo.<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Le acquisi<span class=\"_ _4\"></span>zioni di so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate son<span class=\"_ _4\"></span>o contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate in bas<span class=\"_ _4\"></span>e al meto<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>\u2019acquist<span class=\"_ _4\"></span>o (<span class=\"_ _4\"></span><span class=\"ff5f\">purchase met<span class=\"_ _4\"></span>hod<span class=\"_ _5\"></span></span>) che com<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>allo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azie<span class=\"_ _4\"></span>ndale ai <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali </span><span style=\"display:inherit;clear:left;\">acquisit<span class=\"_ _4\"></span>e alla data di acquis<span class=\"_ _4\"></span>izione e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inclusion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>ultato de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquisit<span class=\"_ _4\"></span>a maturato dalla data di acquis<span class=\"_ _4\"></span>izione f<span class=\"_ _4\"></span>ino alla </span><span style=\"display:inherit;clear:left;\">chiusura de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io. Le variazi<span class=\"_ _4\"></span>oni nell<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipativa d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po in una soc<span class=\"_ _4\"></span>iet\u00e0 co<span class=\"_ _4\"></span>ntrollata che no<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ano la pe<span class=\"_ _4\"></span>rdita de<span class=\"_ _4\"></span>l controllo s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate come op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni sul cap<span class=\"_ _4\"></span>itale<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito so<span class=\"_ _4\"></span>no ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate le soci<span class=\"_ _4\"></span>et\u00e0 inclus<span class=\"_ _4\"></span>e nell<span class=\"_ _4\"></span>\u2019area di cons<span class=\"_ _4\"></span>olidamento al 31 dicembre 202<span class=\"_ _2\"></span>4 e c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>date integralme<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Denominazione<span class=\"_ _2c6\"> </span>Sede<span class=\"_ _1f1\"> </span>D<span class=\"_ _4\"></span>ivisa<span class=\"_ _228\"> </span>Capitale Sociale</span><span style=\"display:inherit;clear:left;\">% di controllo<span class=\"_ _a1\"> </span>Note </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iretto<span class=\"_ _1bb\"> </span>Indiretto</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.<span class=\"_ _15d\"> </span>Fir<span class=\"_ _1\"></span>enze, Italia<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _e1\"> </span></span>16.879.000<span class=\"_ _12d\"> </span>Capogruppo</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>.<span class=\"_ _65\"> </span>Amsterdam, P<span class=\"_ _2\"></span>aesi Bassi<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _1b9\"> </span></span>500.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S.<span class=\"_ _2c7\"> </span>P<span class=\"_ _2\"></span>arigi, Fr<span class=\"_ _2\"></span>ancia<span class=\"_ _29c\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _7f\"> </span></span>4.334.094<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH<span class=\"_ _1ae\"> </span>Monaco<span class=\"_ _1\"></span>, Germania<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _7f\"> </span></span>3.300.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH<span class=\"_ _73\"> </span>Vienna, Austria<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _1e5\"> </span></span><span class=\"ws0\">1.853.158<span class=\"_ _163\"> </span>100%</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited<span class=\"_ _70\"> </span>Londra, Regno Unito<span class=\"_ _87\"> </span>Sterlina inglese<span class=\"_ _1e5\"> </span>7.672.735<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A<span class=\"_ _7a\"> </span>Mendrisio<span class=\"_ _2\"></span>, Svizzera<span class=\"_ _7f\"> </span>Fr<span class=\"_ _2\"></span>anco svizzero<span class=\"_ _1e5\"> </span>1.000.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA<span class=\"_ _ba\"> </span>Bruxelles, Belgio<span class=\"_ _29c\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _1b9\"> </span></span>750.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _266\"> </span>P<span class=\"_ _1\"></span>rincipato di Monaco<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _1b9\"> </span></span>304.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Espana S.L<span class=\"_ _4\"></span>.<span class=\"_ _1c5\"> </span>Madrid, Spagna<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _7f\"> </span></span>4.600.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA Inc.<span class=\"_ _172\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _1e8\"> </span>Dollar<span class=\"_ _1\"></span>o americano<span class=\"_ _164\"> </span>74.011.969<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Canada Inc.<span class=\"_ _2c8\"> </span>V<span class=\"_ _1\"></span>ancouver<span class=\"_ _1c\"></span>, Canada<span class=\"_ _19a\"> </span>Dollaro canadese<span class=\"_ _240\"> </span>4.441.461<span class=\"_ _24c\"> </span>100%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">S-Fer International Inc.<span class=\"_ _1b1\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _1e8\"> </span>Dollaro americano<span class=\"_ _240\"> </span>4.600.000<span class=\"_ _24c\"> </span>100%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Sator Realty Inc.<span class=\"_ _ea\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _18b\"> </span>Dollaro americano<span class=\"_ _1ba\"> </span>100.000<span class=\"_ _24c\"> </span>100%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Citt\u00e0 del Messico<span class=\"_ _2\"></span>, </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso messicano<span class=\"_ _1e5\"> </span>4.592.700<span class=\"_ _174\"> </span>99,73%<span class=\"_ _88\"> </span>0,27%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Messico</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>.<span class=\"_ _27b\"> </span>Santiago, Cile<span class=\"_ _2a9\"> </span>P<span class=\"_ _1\"></span>eso cileno<span class=\"_ _2b0\"> </span>3.187.970.000<span class=\"_ _123\"> </span>99%<span class=\"_ _bf\"> </span>1%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>.<span class=\"_ _221\"> </span>Buenos Aires, Ar<span class=\"_ _1\"></span>gentina<span class=\"_ _257\"> </span><span class=\"ws0\">Peso ar<span class=\"_ _2\"></span>gentino<span class=\"_ _2b0\"> </span>1.050.100.000<span class=\"_ _240\"> </span>95%<span class=\"_ _cf\"> </span>5%<span class=\"_ _7\"> </span>(1) </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brasil Roupas e <span class=\"_ _1\"></span>Acessorios L<span class=\"_ _2\"></span>tda<span class=\"_ _4\"></span>.<span class=\"_ _127\"> </span>San P<span class=\"_ _2\"></span>aolo, Brasile<span class=\"_ _1ba\"> </span>Real br<span class=\"_ _1\"></span>asiliani<span class=\"_ _164\"> </span>55.615.000<span class=\"_ _123\"> </span>99%<span class=\"_ _bf\"> </span>1%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Hong Kong  Ltd.<span class=\"_ _17\"> </span>Hong Kong<span class=\"_ _4\"></span>, Cina<span class=\"_ _166\"> </span>Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _ec\"> </span>10.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>.<span class=\"_ _1d7\"> </span>T<span class=\"_ _2\"></span>okyo, Giappone<span class=\"_ _60\"> </span>Y<span class=\"_ _2\"></span>en Giapponese<span class=\"_ _234\"> </span>305.700.000<span class=\"_ _174\"> </span>89,13%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd.<span class=\"_ _95\"> </span></span><span style=\"display:inherit;clear:left;\">Sidney<span class=\"_ _2\"></span>, Australia<span class=\"_ _1e4\"> </span><span class=\"ws0\">Dollaro australiano<span class=\"_ _164\"> </span>13.637.003<span class=\"_ _163\"> </span>100%</span></span><span style=\"display:inherit;clear:left;\">Ferrimag L<span class=\"_ _2\"></span>imited<span class=\"_ _2c9\"> </span>Hong Kong, Cina<span class=\"_ _17b\"> </span>Dollar<span class=\"_ _1\"></span>o di Hong Kong<span class=\"_ _234\"> </span>109.200.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fashion T<span class=\"_ _1c\"></span>rading (Shanghai) Co<span class=\"_ _2\"></span>. Ltd.<span class=\"_ _1b9\"> </span>Shanghai, Cina<span class=\"_ _1e8\"> </span>Dollar<span class=\"_ _2\"></span>o americano<span class=\"_ _1b9\"> </span>200.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>3) </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Moda (Shanghai) Co. L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.<span class=\"_ _261\"> </span>Shanghai, Cina<span class=\"_ _18b\"> </span>Dollaro americano<span class=\"_ _1e5\"> </span>1.400.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited<span class=\"_ _97\"> </span>Hong Kong<span class=\"_ _4\"></span>, Cina<span class=\"_ _166\"> </span>Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _e1\"> </span>88.000.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(3)<span class=\"_ _4\"></span> </span></span><span style=\"display:inherit;clear:left;\">Nuovo dollar<span class=\"_ _1\"></span>o </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited<span class=\"_ _6d\"> </span>T<span class=\"_ _2\"></span>aipei, T<span class=\"_ _2\"></span>aiwan</span><span style=\"display:inherit;clear:left;\">136.250.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>3) </span></span><span style=\"display:inherit;clear:left;\">taiwanese</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited<span class=\"_ _aa\"> </span>Mac<span class=\"_ _1\"></span>ao, Cina<span class=\"_ _1b9\"> </span>Macau P<span class=\"_ _2\"></span>ataca<span class=\"_ _164\"> </span>17.275.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail India Priv<span class=\"_ _2\"></span>ate Limited<span class=\"_ _25\"> </span>New Delhi, India<span class=\"_ _1b9\"> </span>Rupia Indiana<span class=\"_ _213\"> </span>300.000.000<span class=\"_ _163\"> </span>100%<span class=\"_ _24b\"> </span>(4) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.<span class=\"_ _2ca\"> </span>Seoul, C<span class=\"_ _1\"></span>orea del Sud<span class=\"_ _163\"> </span>Won sudc<span class=\"_ _1\"></span>oreano<span class=\"_ _1f0\"> </span>3.291.200.000<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd<span class=\"_ _2cb\"> </span>Singapore<span class=\"_ _1df\"> </span>Dollaro di Singapore<span class=\"_ _164\"> </span>47.600.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited<span class=\"_ _2cc\"> </span>Bangkok, T<span class=\"_ _1c\"></span>ailandia<span class=\"_ _22b\"> </span>Baht<span class=\"_ _234\"> </span>220.000.000<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd.<span class=\"_ _214\"> </span>Kuala L<span class=\"_ _2\"></span>umpur<span class=\"_ _2\"></span>, Malesia<span class=\"_ _242\"> </span>Ringgit della Malesia<span class=\"_ _240\"> </span>1.300.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">1. T<span class=\"_ _2\"></span>ramite Fer<span class=\"_ _2\"></span>ragamo USA Inc., 2. T<span class=\"_ _2\"></span>ramite Ferr<span class=\"_ _2\"></span>agamo Hong Kong Ltd.; 3. T<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>amite Ferrimag L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.; 4. societ\u00e0 non oper<span class=\"_ _1\"></span>ativa.  </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 la co<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo non ha s<span class=\"_ _4\"></span>ubito variaz<span class=\"_ _4\"></span>ioni. </span><span style=\"display:inherit;clear:left;\">Si ricorda ino<span class=\"_ _4\"></span>ltre che Fe<span class=\"_ _4\"></span>rragamo A<span class=\"_ _4\"></span>rgentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.  op<span class=\"_ _4\"></span>era in un pa<span class=\"_ _4\"></span>ese ch<span class=\"_ _4\"></span>e dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, \u00e8 con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>ato con un\u2019e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">conomia ip<span class=\"_ _4\"></span>erinf<span class=\"_ _4\"></span>lazionat<span class=\"_ _4\"></span>a sec<span class=\"_ _4\"></span>ondo i crite<span class=\"_ _4\"></span>ri dello I<span class=\"_ _4\"></span>AS 29 \"<span class=\"_ _4\"></span>Rendi<span class=\"_ _4\"></span>conta<span class=\"_ _4\"></span>zione cont<span class=\"_ _4\"></span>abile in ec<span class=\"_ _4\"></span>onomie ip<span class=\"_ _4\"></span>erinfla<span class=\"_ _4\"></span>zionate\"; </span><span style=\"display:inherit;clear:left;\">per t<span class=\"_ _4\"></span>ale mot<span class=\"_ _4\"></span>ivo nella sit<span class=\"_ _4\"></span>uazione p<span class=\"_ _4\"></span>atrimoniale, e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>ca e f<span class=\"_ _4\"></span>inanziaria di Fe<span class=\"_ _4\"></span>rragamo A<span class=\"_ _4\"></span>rgentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata p<span class=\"_ _4\"></span>er il </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidamento \u00e8 s<span class=\"_ _4\"></span>tato ap<span class=\"_ _4\"></span>plicato a par<span class=\"_ _4\"></span>tire dall<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 201<span class=\"_ _2\"></span>8 tal<span class=\"_ _4\"></span>e principio co<span class=\"_ _4\"></span>ntabile, m<span class=\"_ _4\"></span>eglio illus<span class=\"_ _4\"></span>trato ne<span class=\"_ _4\"></span>lla nota 2 </span><span style=\"display:inherit;clear:left;\">\u201cCrite<span class=\"_ _4\"></span>ri di reda<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azione di qu<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>o principio re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte agli es<span class=\"_ _4\"></span>ercizi dal 201<span class=\"_ _2\"></span>8 al 202<span class=\"_ _1\"></span>4 non \u00e8 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">da consi<span class=\"_ _4\"></span>derar<span class=\"_ _4\"></span>si signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo a livell<span class=\"_ _4\"></span>o di Gruppo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.4.1 C<span class=\"_ _2\"></span>ontrollate c<span class=\"_ _2\"></span>on interessenze di minor<span class=\"_ _2\"></span>anze signific<span class=\"_ _1\"></span>ative</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tano la pr<span class=\"_ _4\"></span>incipale atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 svolt<span class=\"_ _4\"></span>a e la pe<span class=\"_ _4\"></span>rcentuale di p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>e minoranze al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023 di Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _4\"></span>.K<span class=\"_ _4\"></span>., unica s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zioni di minoran<span class=\"_ _4\"></span>za.</span><span style=\"display:inherit;clear:left;\">% di minoranza </span><span style=\"display:inherit;clear:left;\">Societ\u00e0<span class=\"_ _2cd\"> </span>Attivit\u00e0</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>.<span class=\"_ _df\"> </span>Societ\u00e0 <span class=\"ff5f\">retail</span> per il mer<span class=\"_ _2\"></span>cato giapponese<span class=\"_ _2ce\"> </span>10,87%<span class=\"_ _f2\"> </span>10,87%</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nti fornisco<span class=\"_ _4\"></span>no i principali dati e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziari di F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>.. T<span class=\"_ _1c\"></span>ali informa<span class=\"_ _4\"></span>zioni s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">bas<span class=\"_ _4\"></span>ate sui saldi d<span class=\"_ _4\"></span>elle situa<span class=\"_ _4\"></span>zioni cont<span class=\"_ _4\"></span>abili degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, re<span class=\"_ _4\"></span>datti ai f<span class=\"_ _4\"></span>ini della p<span class=\"_ _4\"></span>redisp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l bilancio </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidato, al lo<span class=\"_ _4\"></span>rdo dell<span class=\"_ _4\"></span>e eliminaz<span class=\"_ _4\"></span>ioni </span><span style=\"display:inherit;clear:left;\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _2cf\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _89\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _10b\"> </span>32.944<span class=\"_ _262\"> </span>32.211</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2d0\"> </span>51.327<span class=\"_ _262\"> </span>53.249</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 non corr<span class=\"_ _2\"></span>enti<span class=\"_ _2d1\"> </span>26.600<span class=\"_ _262\"> </span>28.620</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 corr<span class=\"_ _2\"></span>enti<span class=\"_ _1e\"> </span>48.547<span class=\"_ _8e\"> </span>47.691</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio Netto<span class=\"_ _2d2\"> </span>9.124<span class=\"_ _24c\"> </span>9.149</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di T<span class=\"_ _1\"></span>erzi<span class=\"_ _2d3\"> </span>992<span class=\"_ _72\"> </span>995</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"_ _2d4\"> </span>82.955<span class=\"_ _262\"> </span>86.450</span><span style=\"display:inherit;clear:left;\">Utile d'esercizio<span class=\"_ _1a7\"> </span>170<span class=\"_ _24c\"> </span>1.611</span><span style=\"display:inherit;clear:left;\">Risultato di pertinenza di terzi<span class=\"_ _54\"> </span>18<span class=\"_ _72\"> </span>175</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo del periodo<span class=\"_ _2d5\"> </span>340<span class=\"_ _24c\"> </span>1.654</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o attribuito alle partecipazioni di terzi<span class=\"_ _b5\"> </span>36<span class=\"_ _72\"> </span>180</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _2\"></span>ativa<span class=\"_ _f8\"> </span>7.704<span class=\"_ _1d6\"> </span>(2.328)</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _2\"></span>vestimento<span class=\"_ _29a\"> </span>(4.502)<span class=\"_ _1d6\"> </span>(1.756)</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _153\"> </span>(3.380)<span class=\"_ _1d6\"> </span>(3.759)</span><span style=\"display:inherit;clear:left;\">Incremento/(decremento)  delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _16\"> </span>(178)<span class=\"_ _99\"> </span>(7.843)</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ividendi pagati alle partecipazioni di minor<span class=\"_ _1\"></span>anza<span class=\"_ _2d6\"> </span>-<span class=\"_ _70\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>2 richie<span class=\"_ _4\"></span>de di rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntare s<span class=\"_ _4\"></span>e suss<span class=\"_ _4\"></span>isto<span class=\"_ _4\"></span>no requis<span class=\"_ _4\"></span>iti di leg<span class=\"_ _4\"></span>ge, c<span class=\"_ _4\"></span>ontrattuali e<span class=\"_ _4\"></span>/o regolament<span class=\"_ _4\"></span>ari nonch\u00e9 dirit<span class=\"_ _4\"></span>ti di prote<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si di minoran<span class=\"_ _4\"></span>za che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono in alcuni ca<span class=\"_ _4\"></span>si limitare la c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo di acce<span class=\"_ _4\"></span>dere all<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o di uti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>le e di es<span class=\"_ _4\"></span>tinguere l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo. Dall<span class=\"_ _4\"></span>\u2019analisi di ques<span class=\"_ _4\"></span>te fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie non s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>e rest<span class=\"_ _4\"></span>rizioni s<span class=\"_ _4\"></span>ignifi<span class=\"_ _4\"></span>cative<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.4.2 C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>sione dei bilanci in moneta diver<span class=\"_ _2\"></span>sa dall\u2019<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o e delle poste in valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato in euro, che \u00e8 la v<span class=\"_ _4\"></span>aluta fun<span class=\"_ _4\"></span>zionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne adot<span class=\"_ _4\"></span>tata dalla C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Ciascuna impr<span class=\"_ _4\"></span>esa d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o def<span class=\"_ _4\"></span>inisce la p<span class=\"_ _4\"></span>ropria valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale, che \u00e8 utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata p<span class=\"_ _4\"></span>er valut<span class=\"_ _4\"></span>are le voci c<span class=\"_ _4\"></span>ompre<span class=\"_ _4\"></span>se nei </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">singoli bilanci.</span></span> </span><span style=\"display:inherit;clear:left;\">Le trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra sono r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cambio (riferito alla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>) in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">alla data de<span class=\"_ _4\"></span>lla transa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie, d<span class=\"_ _4\"></span>enominate in valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera<span class=\"_ _4\"></span>, sono ric<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>tite ne<span class=\"_ _4\"></span>lla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">luta fun<span class=\"_ _4\"></span>zionale al t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cambi<span class=\"_ _4\"></span>o in ess<span class=\"_ _4\"></span>ere alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze di cambio s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Le pos<span class=\"_ _4\"></span>te non mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>e valutate al c<span class=\"_ _4\"></span>osto s<span class=\"_ _4\"></span>torico in v<span class=\"_ _4\"></span>aluta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra sono c<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>tite us<span class=\"_ _4\"></span>ando i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio in v<span class=\"_ _4\"></span>igore alla </span><span style=\"display:inherit;clear:left;\">data di<span class=\"_ _1\"></span> inizia<span class=\"_ _1\"></span>le rilevazione dell<span class=\"_ _1\"></span>a transazione. </span><span style=\"display:inherit;clear:left;\">I cambi ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del cont<span class=\"_ _4\"></span>rovalore in euro d<span class=\"_ _4\"></span>ei bilanci e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi in valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>a delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trollate (valuta p<span class=\"_ _4\"></span>er 1 Euro<span class=\"_ _2\"></span>) s<span class=\"_ _4\"></span>ono ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ati nella s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte tab<span class=\"_ _4\"></span>ella:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Cambi medi<span class=\"_ _ea\"> </span>Cambi di fine periodo</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _1dc\"> </span>31 dicembre 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Dollaro americ<span class=\"_ _1\"></span>ano<span class=\"_ _1a8\"> </span>1,0824<span class=\"_ _1f2\"> </span>1,0813<span class=\"_ _1d3\"> </span>1,0389<span class=\"_ _141\"> </span>1,1050</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>ranco svizzer<span class=\"_ _1\"></span>o<span class=\"_ _2a5\"> </span>0,9526<span class=\"_ _1f2\"> </span>0,9718<span class=\"_ _1d3\"> </span>0,9412<span class=\"_ _261\"> </span>0,9260</span><span style=\"display:inherit;clear:left;\">Y<span class=\"_ _1c\"></span>en g<span class=\"_ _4\"></span>iapponese<span class=\"_ _24f\"> </span>163,8520<span class=\"_ _80\"> </span>151,9902<span class=\"_ _25\"> </span>163,0601<span class=\"_ _2b6\"> </span>156,3301</span><span style=\"display:inherit;clear:left;\">Sterlina inglese<span class=\"_ _1aa\"> </span>0,8466<span class=\"_ _1f2\"> </span>0,8698<span class=\"_ _1d3\"> </span>0,8292<span class=\"_ _141\"> </span>0,8690</span><span style=\"display:inherit;clear:left;\">Dollaro austr<span class=\"_ _2\"></span>aliano<span class=\"_ _120\"> </span>1,6397<span class=\"_ _2d7\"> </span>1,6288<span class=\"_ _2d7\"> </span>1,6772<span class=\"_ _141\"> </span>1,6263</span><span style=\"display:inherit;clear:left;\">Won sudc<span class=\"_ _2\"></span>oreano<span class=\"_ _dc\"> </span>1475,4050<span class=\"_ _12d\"> </span>1412,8884<span class=\"_ _65\"> </span>1532,1444<span class=\"_ _176\"> </span>1433,6506</span><span style=\"display:inherit;clear:left;\">Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _158\"> </span>8,4454<span class=\"_ _2d7\"> </span>8,4650<span class=\"_ _2d7\"> </span>8,0686<span class=\"_ _141\"> </span>8,6314</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso messicano<span class=\"_ _209\"> </span>19,8314<span class=\"_ _1c1\"> </span>19,1830<span class=\"_ _1c1\"> </span>21,5504<span class=\"_ _1d3\"> </span>18,7231</span><span style=\"display:inherit;clear:left;\">Nuovo dollar<span class=\"_ _1\"></span>o taiwanese<span class=\"_ _1d4\"> </span>34,7330<span class=\"_ _1c1\"> </span>33,6853<span class=\"_ _1c1\"> </span>34,0460<span class=\"_ _1d3\"> </span>33,9354</span><span style=\"display:inherit;clear:left;\">Dollaro di Singapor<span class=\"_ _2\"></span>e<span class=\"_ _1ad\"> </span>1,4458<span class=\"_ _1f2\"> </span>1,4523<span class=\"_ _2d7\"> </span>1,4164<span class=\"_ _141\"> </span>1,4591</span><span style=\"display:inherit;clear:left;\">Baht Thailandia<span class=\"_ _2d8\"> </span>38,1811<span class=\"_ _1c1\"> </span>37,6311<span class=\"_ _1c1\"> </span>35,6760<span class=\"_ _1d3\"> </span>37,9730</span><span style=\"display:inherit;clear:left;\">Ringgit della Malaysia<span class=\"_ _20f\"> </span>4,9503<span class=\"_ _1f2\"> </span>4,9320<span class=\"_ _2d7\"> </span>4,6454<span class=\"_ _141\"> </span>5,0775</span><span style=\"display:inherit;clear:left;\">Rupia indiana<span class=\"_ _243\"> </span>90,5569<span class=\"_ _2b6\"> </span>89,3001<span class=\"_ _1c1\"> </span>88,9335<span class=\"_ _1d3\"> </span>91,9045</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ataca di Macau<span class=\"_ _a7\"> </span>8,6966<span class=\"_ _2d7\"> </span>8,7164<span class=\"_ _2d7\"> </span>8,2968<span class=\"_ _141\"> </span>8,9127</span><span style=\"display:inherit;clear:left;\">Renminbi cinese<span class=\"_ _2d9\"> </span>7,7875<span class=\"_ _2d7\"> </span>7,6600<span class=\"_ _2d7\"> </span>7,5833<span class=\"_ _141\"> </span>7,8509</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso cileno<span class=\"_ _243\"> </span>1020,2416<span class=\"_ _25\"> </span>907,4245<span class=\"_ _2da\"> </span>1030,7153<span class=\"_ _2b6\"> </span>968,7763</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso argentino<span class=\"_ _2db\"> </span>990,2167<span class=\"_ _25\"> </span>895,1990<span class=\"_ _2da\"> </span>1069,5530<span class=\"_ _1c1\"> </span>895,1990</span><span style=\"display:inherit;clear:left;\">Real brasiliano<span class=\"_ _2dc\"> </span>5,8283<span class=\"_ _2d7\"> </span>5,4010<span class=\"_ _2d7\"> </span>6,4253<span class=\"_ _141\"> </span>5,3618</span><span style=\"display:inherit;clear:left;\">Dollaro c<span class=\"_ _1\"></span>anadese<span class=\"_ _2dd\"> </span>1,4821<span class=\"_ _2d7\"> </span>1,4595<span class=\"_ _2d7\"> </span>1,4948<span class=\"_ _141\"> </span>1,4642</span><span style=\"display:inherit;clear:left;\">Alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio, le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo so<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>tite n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a di pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o (l<span class=\"_ _4\"></span>\u2019euro<span class=\"_ _2\"></span>) al t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cambi<span class=\"_ _4\"></span>o in ess<span class=\"_ _4\"></span>ere a t<span class=\"_ _4\"></span>ale data, e il lo<span class=\"_ _4\"></span>ro conto ec<span class=\"_ _4\"></span>onomico \u00e8 co<span class=\"_ _4\"></span>nver<span class=\"_ _4\"></span>tito us<span class=\"_ _4\"></span>ando il cambio </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o di perio<span class=\"_ _4\"></span>do. Le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dalla conver<span class=\"_ _4\"></span>sione so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to e </span><span style=\"display:inherit;clear:left;\">sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente in una app<span class=\"_ _4\"></span>osit<span class=\"_ _4\"></span>a rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>te nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>s<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sivo. A<span class=\"_ _4\"></span>l moment<span class=\"_ _4\"></span>o della dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e di una societ<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera<span class=\"_ _4\"></span>, le diffe<span class=\"_ _4\"></span>renze di c<span class=\"_ _4\"></span>ambio cumulate rile<span class=\"_ _4\"></span>vate come c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di </span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo in considerazione di<span class=\"_ _1\"></span> quella pa<span class=\"_ _1\"></span>rticolare societ\u00e0 estera sono rilevate in<span class=\"_ _1\"></span> conto economico<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">Qualsia<span class=\"_ _4\"></span>si av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto deri<span class=\"_ _4\"></span>vante dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>izione di una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera e quals<span class=\"_ _4\"></span>iasi ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica al <span class=\"ff5f\">fair value</span> (<span class=\"_ _2\"></span>v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo<span class=\"_ _2\"></span>) de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">valori c<span class=\"_ _4\"></span>ontabili di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019acquisizi<span class=\"_ _4\"></span>one di quella s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera e s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi ne<span class=\"_ _4\"></span>lla valuta f<span class=\"_ _4\"></span>unzionale d<span class=\"_ _4\"></span>ella so<span class=\"_ _4\"></span>ciet\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra e conver<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>i al tas<span class=\"_ _4\"></span>so di c<span class=\"_ _4\"></span>ambio </span><span style=\"display:inherit;clear:left;\">di chiusur<span class=\"_ _4\"></span>a di fin<span class=\"_ _4\"></span>e per<span class=\"_ _4\"></span>iodo.</span><span style=\"display:inherit;clear:left;\">3. Gestione dei rischi finanziari (IFRS 7)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to in varia mis<span class=\"_ _4\"></span>ura ai diver<span class=\"_ _4\"></span>si ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari conne<span class=\"_ _4\"></span>ssi alla p<span class=\"_ _4\"></span>ropria atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0, in </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare ri<span class=\"_ _4\"></span>conducibili alla tip<span class=\"_ _4\"></span>ologia de<span class=\"_ _4\"></span>i rischi di m<span class=\"_ _4\"></span>ercato, ulte<span class=\"_ _4\"></span>riorme<span class=\"_ _4\"></span>nte distinguib<span class=\"_ _4\"></span>ili in<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>r<span class=\"_ _4\"></span>ischi di t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o, relativ<span class=\"_ _4\"></span>i agli ef<span class=\"_ _4\"></span>fetti di v<span class=\"_ _4\"></span>ariazioni de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>r<span class=\"_ _4\"></span>ischi di camb<span class=\"_ _4\"></span>io, conse<span class=\"_ _4\"></span>guenti all<span class=\"_ _4\"></span>\u2019oper<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 in aree v<span class=\"_ _4\"></span>alutarie di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e da quella de<span class=\"_ _4\"></span>lla divis<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _165\"></span>rischi di liqui<span class=\"_ _4\"></span>dit\u00e0, re<span class=\"_ _4\"></span>lativi alla dis<span class=\"_ _4\"></span>ponibilit<span class=\"_ _4\"></span>\u00e0 di risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie e alla f<span class=\"_ _4\"></span>acilit\u00e0 di acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so al merc<span class=\"_ _4\"></span>ato del cre<span class=\"_ _4\"></span>dito e </span><span style=\"display:inherit;clear:left;\">conne<span class=\"_ _4\"></span>ssi all<span class=\"_ _4\"></span>\u2019esige<span class=\"_ _4\"></span>nza di f<span class=\"_ _4\"></span>are fronte agli impe<span class=\"_ _4\"></span>gni f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o nel bre<span class=\"_ _4\"></span>ve termine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>rischi di cre<span class=\"_ _4\"></span>dito (<span class=\"_ _1\"></span>o di contropar<span class=\"_ _4\"></span>te), che rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano i rischi di ina<span class=\"_ _4\"></span>dempime<span class=\"_ _4\"></span>nto di obbliga<span class=\"_ _4\"></span>zioni comm<span class=\"_ _4\"></span>erciali o f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie as<span class=\"_ _4\"></span>sunte dalle vari<span class=\"_ _4\"></span>e contropar<span class=\"_ _4\"></span>ti e de<span class=\"_ _4\"></span>rivanti dalle n<span class=\"_ _4\"></span>ormali ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni comme<span class=\"_ _4\"></span>rciali o da attiv<span class=\"_ _4\"></span>it\u00e0 di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to, impiego e co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ei risc<span class=\"_ _4\"></span>hi. </span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi di tipo f<span class=\"_ _4\"></span>inanziario v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulla ba<span class=\"_ _4\"></span>se di line<span class=\"_ _4\"></span>e guida dete<span class=\"_ _4\"></span>rminate dalla Capog<span class=\"_ _4\"></span>ruppo, </span><span style=\"display:inherit;clear:left;\">nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to deg<span class=\"_ _4\"></span>li obiet<span class=\"_ _4\"></span>tivi d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>initi a livello ce<span class=\"_ _4\"></span>ntrale dal Co<span class=\"_ _4\"></span>nsiglio di Ammini<span class=\"_ _4\"></span>stra<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Ci\u00f2 cons<span class=\"_ _4\"></span>ente di contro<span class=\"_ _4\"></span>llare e </span><span style=\"display:inherit;clear:left;\">di coordinare l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 delle s<span class=\"_ _4\"></span>ingole so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate, anche at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di pianif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione e co<span class=\"_ _4\"></span>ntrollo </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziario pi\u00f9 ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e, di monitor<span class=\"_ _4\"></span>are in mod<span class=\"_ _4\"></span>o siste<span class=\"_ _4\"></span>matico i live<span class=\"_ _4\"></span>lli di esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one ai rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari del Gr<span class=\"_ _4\"></span>uppo e </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andamento di t<span class=\"_ _4\"></span>eso<span class=\"_ _4\"></span>reria, di fornire utili in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ioni per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _4\"></span>timiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti con gli is<span class=\"_ _4\"></span>tituti di </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o di riferiment<span class=\"_ _4\"></span>o. Sec<span class=\"_ _4\"></span>ondo t<span class=\"_ _4\"></span>ali diretti<span class=\"_ _4\"></span>ve, il Grupp<span class=\"_ _4\"></span>o pre<span class=\"_ _4\"></span>sidia in maniera s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i singoli ris<span class=\"_ _4\"></span>chi fi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari, inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venen<span class=\"_ _4\"></span>do con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di mitigarn<span class=\"_ _4\"></span>e il relativo impat<span class=\"_ _4\"></span>to, anche att<span class=\"_ _4\"></span>ravers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di strum<span class=\"_ _4\"></span>enti der<span class=\"_ _4\"></span>ivati. </span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati ai so<span class=\"_ _4\"></span>li fini di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. In applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i principi IFR<span class=\"_ _4\"></span>S alcuni deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come di n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne ancorch\u00e9 sian<span class=\"_ _4\"></span>o stati s<span class=\"_ _4\"></span>tipulati co<span class=\"_ _4\"></span>n esclu<span class=\"_ _4\"></span>siva f<span class=\"_ _4\"></span>inalit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono prev<span class=\"_ _4\"></span>alente<span class=\"_ _4\"></span>mente cos<span class=\"_ _4\"></span>tituite da de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e da debit<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o banche e altr<span class=\"_ _4\"></span>i debiti </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari, oltre alla p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> in s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019introdu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l principio co<span class=\"_ _4\"></span>ntabile IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. La ges<span class=\"_ _4\"></span>tione di t<span class=\"_ _4\"></span>ali </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 princip<span class=\"_ _4\"></span>almente f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a al f<span class=\"_ _4\"></span>inanziamento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po.</span><span style=\"display:inherit;clear:left;\">Rischio di tasso</span><span style=\"display:inherit;clear:left;\">Le oscilla<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>sse di m<span class=\"_ _4\"></span>ercato inf<span class=\"_ _4\"></span>luisco<span class=\"_ _4\"></span>no sul live<span class=\"_ _4\"></span>llo degli on<span class=\"_ _4\"></span>eri f<span class=\"_ _4\"></span>inanziari ne<span class=\"_ _4\"></span>tti e sul v<span class=\"_ _4\"></span>alore di me<span class=\"_ _4\"></span>rcato </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie.</span><span style=\"display:inherit;clear:left;\">Il rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so d<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se si pu<span class=\"_ _4\"></span>\u00f2 classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are in:</span><span style=\"display:inherit;clear:left;\">\u2022  <span class=\"_ _161\"></span><span class=\"ff5f ws8e\">flow risk<span class=\"ff5c\">, che s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce alla variabilit<span class=\"_ _4\"></span>\u00e0 degli imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di interes<span class=\"_ _4\"></span>si att<span class=\"_ _4\"></span>ivi e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi inc<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ati e pagati a s<span class=\"_ _4\"></span>eguito de<span class=\"_ _4\"></span>i movi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">menti n<span class=\"_ _4\"></span>ei livelli de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato;</span><span style=\"display:inherit;clear:left;\">\u2022  <span class=\"_ _161\"></span><span class=\"ff5f ls5b ws15a\">price risk<span class=\"ff5c ls3 ws111\">, relati<span class=\"_ _4\"></span>vo alla sens<span class=\"_ _4\"></span>ibilit\u00e0 de<span class=\"_ _4\"></span>l valore di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 alle variaz<span class=\"_ _4\"></span>ioni del li<span class=\"_ _4\"></span>vello dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse (si riferi<span class=\"_ _4\"></span>sce ad at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o f<span class=\"_ _4\"></span>iss<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 princ<span class=\"_ _4\"></span>ipalmente e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to al <span class=\"ff5f\">f<span class=\"_ _4\"></span>low risk</span>, o ris<span class=\"_ _4\"></span>chio di flu<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, cio\u00e8 al rischi<span class=\"_ _4\"></span>o di conse<span class=\"_ _4\"></span>guire a </span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico un aum<span class=\"_ _4\"></span>ento dei co<span class=\"_ _4\"></span>sti f<span class=\"_ _4\"></span>inanziari p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to di una variaz<span class=\"_ _4\"></span>ione sf<span class=\"_ _4\"></span>avorevole de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di inter<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>e. Le s<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano riso<span class=\"_ _4\"></span>rse f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie di ter<span class=\"_ _4\"></span>zi princip<span class=\"_ _4\"></span>almente sot<span class=\"_ _4\"></span>to forma di de<span class=\"_ _4\"></span>bito banc<span class=\"_ _4\"></span>ario rego<span class=\"_ _4\"></span>lato a tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">variabile e impi<span class=\"_ _4\"></span>egano la liqui<span class=\"_ _4\"></span>dit\u00e0 disp<span class=\"_ _4\"></span>onibile pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente in s<span class=\"_ _4\"></span>trumenti di m<span class=\"_ _4\"></span>ercato m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ario. V<span class=\"_ _1\"></span>ariazio<span class=\"_ _4\"></span>ni nei t<span class=\"_ _4\"></span>assi </span><span style=\"display:inherit;clear:left;\">di intere<span class=\"_ _4\"></span>sse di m<span class=\"_ _4\"></span>ercato inci<span class=\"_ _4\"></span>dono so<span class=\"_ _4\"></span>lo sul cos<span class=\"_ _4\"></span>to dei f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamenti e sul re<span class=\"_ _4\"></span>ndimento de<span class=\"_ _4\"></span>lle forme di impie<span class=\"_ _4\"></span>go e quindi sul </span><span style=\"display:inherit;clear:left;\">livello d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri e dei p<span class=\"_ _4\"></span>roventi f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o, e non anche sul loro <span class=\"ff5f\">fair value</span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">La po<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne debit<span class=\"_ _4\"></span>oria onero<span class=\"_ _4\"></span>sa \u00e8 rapp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a da finan<span class=\"_ _4\"></span>ziamenti a t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o variabile a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inde<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bitam<span class=\"_ _4\"></span>ento banc<span class=\"_ _4\"></span>ario \u00e8 parame<span class=\"_ _4\"></span>trato al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di mercato (<span class=\"_ _5\"></span>gene<span class=\"_ _4\"></span>ralmente e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r o il tas<span class=\"_ _4\"></span>so di rifer<span class=\"_ _4\"></span>imento sul </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato interbanc<span class=\"_ _4\"></span>ario sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ico de<span class=\"_ _4\"></span>lla valuta in cui il f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento \u00e8 deno<span class=\"_ _4\"></span>minato<span class=\"_ _2\"></span>) di p<span class=\"_ _4\"></span>eriod<span class=\"_ _4\"></span>o pi\u00f9 uno <span class=\"ff5f ws5d\">spread</span><span class=\"ls4 ws84\"> ch<span class=\"_ _4\"></span>e di<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">pen<span class=\"_ _4\"></span>de dalla tipol<span class=\"_ _4\"></span>ogia di linea di cre<span class=\"_ _4\"></span>dito utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata. G<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi var<span class=\"_ _4\"></span>iano da un giorno a<span class=\"_ _4\"></span>d un massim<span class=\"_ _4\"></span>o inferiore ad un anno; </span><span style=\"display:inherit;clear:left;\">il per<span class=\"_ _4\"></span>iodo di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se e il parame<span class=\"_ _4\"></span>tro di merc<span class=\"_ _4\"></span>ato applicato (euribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>), non sup<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o i dodici me<span class=\"_ _4\"></span>si. I marg<span class=\"_ _4\"></span>ini </span><span style=\"display:inherit;clear:left;\">applic<span class=\"_ _4\"></span>ati sono par<span class=\"_ _4\"></span>agonabili ai migliori <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls0 ws5\"> di m<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>at<span class=\"_ _4\"></span>o. </span></span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono in giace<span class=\"_ _4\"></span>nza pr<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o conti co<span class=\"_ _4\"></span>rrenti o impie<span class=\"_ _4\"></span>gate in ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di <span class=\"ff5f ls9 ws16c\">time deposit<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws11d\"> a breve te<span class=\"_ _4\"></span>rmine </span></span></span><span style=\"display:inherit;clear:left;\">aper<span class=\"_ _4\"></span>ti c<span class=\"_ _4\"></span>on le banche di re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne che gene<span class=\"_ _4\"></span>ralmente p<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do o il </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della v<span class=\"_ _4\"></span>aluta in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato, in strut<span class=\"_ _4\"></span>ture di </span><span style=\"display:inherit;clear:left;\">cash po<span class=\"_ _4\"></span>oling<span class=\"ff5c\"> o in pres<span class=\"_ _4\"></span>titi </span><span class=\"ls5a wsd4\">int<span class=\"_ _4\"></span>erco<span class=\"_ _4\"></span>mpa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa\">, regolat<span class=\"_ _4\"></span>i a condizi<span class=\"_ _4\"></span>oni corrent<span class=\"_ _4\"></span>i di mercato, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a contene<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izion<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo ve<span class=\"_ _4\"></span>rso il si<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ma bancario, il ri<span class=\"_ _4\"></span>schio di controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e e l<span class=\"_ _4\"></span>\u2019incide<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari.</span><span style=\"display:inherit;clear:left;\">La so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>rata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span>e della propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, \u00e8 </span><span style=\"display:inherit;clear:left;\">inoltre e<span class=\"_ _4\"></span>ntrata ne<span class=\"_ _4\"></span>l 2022 in un inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo po<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>za Ram<span class=\"_ _4\"></span>o I prontam<span class=\"_ _4\"></span>ente liquidabile<span class=\"_ _4\"></span>, nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2023 in </span><span style=\"display:inherit;clear:left;\">un inves<span class=\"_ _4\"></span>timento in tit<span class=\"_ _4\"></span>oli di st<span class=\"_ _4\"></span>ato italiani di breve t<span class=\"_ _4\"></span>ermine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>soro<span class=\"_ _1\"></span>) e nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4 in un inve<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stim<span class=\"_ _4\"></span>ento as<span class=\"_ _4\"></span>sicurativo p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a multiramo pront<span class=\"_ _4\"></span>amente li<span class=\"_ _4\"></span>quidabile.</span><span style=\"display:inherit;clear:left;\">Nell<span class=\"_ _4\"></span>\u2019ambito della comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a politic<span class=\"_ _4\"></span>a di ottimi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e, vie<span class=\"_ _4\"></span>ne ricerc<span class=\"_ _4\"></span>ato un equilibrio t<span class=\"_ _4\"></span>ra so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 con ecc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>si di liquidit\u00e0 r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to ad altr<span class=\"_ _4\"></span>e con fabbi<span class=\"_ _4\"></span>sogni f<span class=\"_ _4\"></span>inanziari, r<span class=\"_ _4\"></span>icorren<span class=\"_ _4\"></span>do alle forme di f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamento me<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">onerose. </span><span style=\"display:inherit;clear:left;\">La se<span class=\"_ _4\"></span>nsibilit<span class=\"_ _4\"></span>\u00e0 al rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so \u00e8 monito<span class=\"_ _4\"></span>rata a live<span class=\"_ _4\"></span>llo di Grupp<span class=\"_ _4\"></span>o tene<span class=\"_ _4\"></span>ndo opp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tunamente in co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one l<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o una ges<span class=\"_ _4\"></span>tione co<span class=\"_ _4\"></span>ordinata de<span class=\"_ _4\"></span>l debito e d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0 disponibil<span class=\"_ _4\"></span>e e delle re<span class=\"_ _4\"></span>lative sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ze. A<span class=\"_ _4\"></span>lla data del bilan<span class=\"_ _4\"></span>cio non son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari deri<span class=\"_ _4\"></span>vati di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e, </span><span style=\"display:inherit;clear:left;\">volti a tr<span class=\"_ _4\"></span>asformare l<span class=\"_ _5\"></span>\u2019inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>nto da variabile a f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>so, n\u00e9 il Gr<span class=\"_ _4\"></span>uppo ne ha fat<span class=\"_ _4\"></span>to utiliz<span class=\"_ _4\"></span>zo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 al rischio di t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o cui \u00e8 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to il Grupp<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta p<span class=\"_ _4\"></span>rende<span class=\"_ _4\"></span>ndo in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e le par<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tite di bilancio ch<span class=\"_ _4\"></span>e originano inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si regolati a t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so variabil<span class=\"_ _4\"></span>e e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando incre<span class=\"_ _4\"></span>menti o de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nti paralle<span class=\"_ _4\"></span>li nelle </span><span style=\"display:inherit;clear:left;\">cur<span class=\"_ _4\"></span>ve dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di riferime<span class=\"_ _4\"></span>nto per s<span class=\"_ _4\"></span>ingola valut<span class=\"_ _4\"></span>a propor<span class=\"_ _4\"></span>zionali alla ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a volatilit\u00e0 annua os<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vata sul m<span class=\"_ _4\"></span>ercato. Il </span><span style=\"display:inherit;clear:left;\">risult<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>\u2019analisi ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a con riferim<span class=\"_ _4\"></span>ento ai fatt<span class=\"_ _4\"></span>ori di rischi<span class=\"_ _4\"></span>o gener<span class=\"_ _4\"></span>anti esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>cur<span class=\"_ _4\"></span>ve de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse in R<span class=\"_ _4\"></span>enmimbi cine<span class=\"_ _4\"></span>se, Euro, Dollaro di H<span class=\"_ _4\"></span>ong Kong, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Patac<span class=\"_ _4\"></span>a di Macao, D<span class=\"_ _4\"></span>ollaro mes<span class=\"_ _4\"></span>sican<span class=\"_ _4\"></span>o, Dol<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">laro di Singapo<span class=\"_ _4\"></span>re e Dollaro me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano<span class=\"_ _1\"></span>) ha mos<span class=\"_ _4\"></span>trato pote<span class=\"_ _4\"></span>nziali p<span class=\"_ _4\"></span>erdite o utili a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico di Euro 396 migliaia, </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ate con pote<span class=\"_ _4\"></span>nziali p<span class=\"_ _4\"></span>erdite o utili a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico di Euro 1<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span><span style=\"display:inherit;clear:left;\">La po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ile variazi<span class=\"_ _4\"></span>one in se<span class=\"_ _4\"></span>nso favore<span class=\"_ _4\"></span>vole o sf<span class=\"_ _4\"></span>avorevole de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di rife<span class=\"_ _4\"></span>rimento di me<span class=\"_ _4\"></span>rcato continua a<span class=\"_ _4\"></span>d avere un </span><span style=\"display:inherit;clear:left;\">impatto p<span class=\"_ _4\"></span>oco sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico di G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di v<span class=\"_ _4\"></span>ariazione d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in valute dive<span class=\"_ _4\"></span>rse dalla v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nominaz<span class=\"_ _4\"></span>ione di conto. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, \u00e8 po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are il rischio di c<span class=\"_ _4\"></span>ambio sulla ba<span class=\"_ _4\"></span>se della natura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e degli impa<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ti che determin<span class=\"_ _1\"></span>a:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>sul risult<span class=\"_ _4\"></span>ato ec<span class=\"_ _4\"></span>onomico, pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella diver<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativ<span class=\"_ _4\"></span>it\u00e0 di cos<span class=\"_ _4\"></span>ti e ric<span class=\"_ _4\"></span>avi in valut<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al mo<span class=\"_ _4\"></span>mento in cui </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>tate d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>e le condiz<span class=\"_ _4\"></span>ioni di pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo (<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ischio e<span class=\"_ _4\"></span>conomico) e per ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di crediti e d<span class=\"_ _4\"></span>ebiti </span><span style=\"display:inherit;clear:left;\">comme<span class=\"_ _4\"></span>rciali o f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>nominati in v<span class=\"_ _4\"></span>aluta (rischio tr<span class=\"_ _4\"></span>ansat<span class=\"_ _4\"></span>tivo)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato, risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico e patrimonio n<span class=\"_ _4\"></span>etto, p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di azie<span class=\"_ _4\"></span>nde che re<span class=\"_ _4\"></span>digono il bilancio c<span class=\"_ _4\"></span>on monet<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa da quella fun<span class=\"_ _4\"></span>zionale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">traslativo<span class=\"_ _2\"></span>).</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra a livello inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nale ed \u00e8 quindi e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sto ai ris<span class=\"_ _4\"></span>chi deri<span class=\"_ _4\"></span>vanti dalle f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio, ch<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">hanno rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico e s<span class=\"_ _4\"></span>ul valore de<span class=\"_ _4\"></span>l patrimonio n<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>a funz<span class=\"_ _4\"></span>ionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei dati f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro. </span><span style=\"display:inherit;clear:left;\">Per le so<span class=\"_ _4\"></span>ciet\u00e0 la cui di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a di rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Bilancio \u00e8 di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa dalla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po, se<span class=\"_ _4\"></span>condo </span><span style=\"display:inherit;clear:left;\">quanto det<span class=\"_ _4\"></span>tato dai p<span class=\"_ _4\"></span>rincipi IFR<span class=\"_ _4\"></span>S:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>i conti e<span class=\"_ _4\"></span>conomici ve<span class=\"_ _4\"></span>ngono conve<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iti in euro al camb<span class=\"_ _4\"></span>io medio di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do; a parit\u00e0 di ric<span class=\"_ _4\"></span>avi e marg<span class=\"_ _4\"></span>ini in divis<span class=\"_ _4\"></span>a loc<span class=\"_ _4\"></span>ale, </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ioni dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io pos<span class=\"_ _4\"></span>sono c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>are effe<span class=\"_ _4\"></span>tti sul c<span class=\"_ _4\"></span>ontrovalore in e<span class=\"_ _4\"></span>uro dei ric<span class=\"_ _4\"></span>avi, dei co<span class=\"_ _4\"></span>sti e de<span class=\"_ _4\"></span>i risul<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati economici<span class=\"_ _2\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 vengon<span class=\"_ _4\"></span>o conver<span class=\"_ _4\"></span>tite in euro al c<span class=\"_ _4\"></span>ambio di f<span class=\"_ _4\"></span>ine pe<span class=\"_ _4\"></span>riodo e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sono as<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>re controvalo<span class=\"_ _4\"></span>ri </span><span style=\"display:inherit;clear:left;\">diver<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i cambi. T<span class=\"_ _2\"></span>ale var<span class=\"_ _4\"></span>iazione ha e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to a patrim<span class=\"_ _4\"></span>onio nett<span class=\"_ _4\"></span>o, dove \u00e8 riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>i<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a nella voce \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, e vien<span class=\"_ _4\"></span>e rilevat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. </span><span style=\"display:inherit;clear:left;\">Oltre ag<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>soluti, anch<span class=\"_ _4\"></span>e gli indici di bilancio p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono var<span class=\"_ _4\"></span>iare, se le pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zioni tr<span class=\"_ _4\"></span>a utile, att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to e patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o nelle var<span class=\"_ _4\"></span>ie valute camb<span class=\"_ _4\"></span>iano per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle variazi<span class=\"_ _4\"></span>oni nei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambi<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>olitica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o coprir<span class=\"_ _4\"></span>si a fronte de<span class=\"_ _4\"></span>lla propria e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di c<span class=\"_ _4\"></span>ambio tra<span class=\"_ _4\"></span>slativo. </span><span style=\"display:inherit;clear:left;\">Obiet<span class=\"_ _4\"></span>tivo d<span class=\"_ _4\"></span>ella politi<span class=\"_ _4\"></span>ca di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio \u00e8 la minimiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei rischi di c<span class=\"_ _4\"></span>ambio ec<span class=\"_ _4\"></span>onomico e tr<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sat<span class=\"_ _4\"></span>tivo, cio\u00e8 de<span class=\"_ _4\"></span>i rischi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalla pos<span class=\"_ _4\"></span>sibilit\u00e0 che l<span class=\"_ _4\"></span>e parit\u00e0 v<span class=\"_ _4\"></span>alutarie s<span class=\"_ _4\"></span>i modif<span class=\"_ _4\"></span>ichino in se<span class=\"_ _4\"></span>nso s<span class=\"_ _4\"></span>favorevol<span class=\"_ _4\"></span>e nel pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">intercorr<span class=\"_ _4\"></span>ente tra il mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>rge la prev<span class=\"_ _4\"></span>ision<span class=\"_ _4\"></span>e di un impegn<span class=\"_ _4\"></span>o a pagare o di un diritt<span class=\"_ _4\"></span>o a incas<span class=\"_ _4\"></span>sare di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019euro per una dat<span class=\"_ _4\"></span>a futura (def<span class=\"_ _4\"></span>inizione <span class=\"ff5f ls56 ws7\">b<span class=\"_ _4\"></span>udget</span><span class=\"ls9 wsc7\">, fissa<span class=\"_ _4\"></span>zione del listin<span class=\"_ _1\"></span>o, predisposizione ord<span class=\"_ _1\"></span>ine<span class=\"_ _2\"></span>), la registrazione del </span></span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nto contab<span class=\"_ _4\"></span>ile (fatturaz<span class=\"_ _4\"></span>ione) e il momento in cui l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>cas<span class=\"_ _4\"></span>so o il pagam<span class=\"_ _4\"></span>ento ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte si manifes<span class=\"_ _4\"></span>ta, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">neran<span class=\"_ _4\"></span>do un ef<span class=\"_ _4\"></span>fetto in t<span class=\"_ _4\"></span>ermini di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze cambio, con imp<span class=\"_ _4\"></span>atto a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. In continuit\u00e0 c<span class=\"_ _4\"></span>on la politic<span class=\"_ _4\"></span>a di </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ad<span class=\"_ _4\"></span>ottat<span class=\"_ _4\"></span>a neg<span class=\"_ _4\"></span>li ultimi anni, il Gruppo ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>sce il ris<span class=\"_ _4\"></span>chio di cambio de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ante dalla propria </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>ommerciale<span class=\"_ _4\"></span>, coere<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte a quanto dispo<span class=\"_ _4\"></span>sto dalla <span class=\"ff5f ls4 ws3\">po<span class=\"_ _4\"></span>licy</span> di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io e dagli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente def<span class=\"_ _4\"></span>initi a live<span class=\"_ _4\"></span>llo central<span class=\"_ _4\"></span>e, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o la cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">merciali de<span class=\"_ _4\"></span>rivanti dalle ve<span class=\"_ _4\"></span>ndite pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e in divis<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se dall<span class=\"_ _4\"></span>\u2019euro, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di mitig<span class=\"_ _4\"></span>are il rischio di v<span class=\"_ _4\"></span>ariabilit\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">margine at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>o, deriv<span class=\"_ _4\"></span>ante dalle vendit<span class=\"_ _4\"></span>e relative alle f<span class=\"_ _4\"></span>uture colle<span class=\"_ _4\"></span>zioni. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o oper<span class=\"_ _4\"></span>a in misura signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativa sui m<span class=\"_ _4\"></span>ercati inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nali anche attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o societ<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciali loc<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zate </span><span style=\"display:inherit;clear:left;\">in pae<span class=\"_ _4\"></span>si che utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano valute di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019Euro, princip<span class=\"_ _4\"></span>almente Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e Renmimbi cine<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 le p<span class=\"_ _4\"></span>ercentuali di ri<span class=\"_ _4\"></span>cavi net<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>nominati in Dollari am<span class=\"_ _4\"></span>ericani s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">pari a circa il 33%<span class=\"_ _4\"></span>, in Renmimbi cine<span class=\"_ _4\"></span>si a circa il 10%<span class=\"_ _4\"></span>, in Y<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 6%, in Won sud<span class=\"_ _4\"></span>-c<span class=\"_ _4\"></span>oreani a circa il 5% </span><span style=\"display:inherit;clear:left;\">ed in Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssic<span class=\"_ _4\"></span>ani a circa il 5%. N<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 2023, la pe<span class=\"_ _4\"></span>rcentuale dei r<span class=\"_ _4\"></span>icavi n<span class=\"_ _4\"></span>etti re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">dalla Soci<span class=\"_ _4\"></span>et\u00e0 in Do<span class=\"_ _4\"></span>llari americ<span class=\"_ _4\"></span>ani sono s<span class=\"_ _4\"></span>tate p<span class=\"_ _4\"></span>ari a circa il 3<span class=\"_ _2\"></span>1%, in Renmimbi cin<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 9%<span class=\"_ _4\"></span>, in Won sud-<span class=\"_ _4\"></span>coreani </span><span style=\"display:inherit;clear:left;\">a circa il 6%<span class=\"_ _4\"></span>, in Pes<span class=\"_ _4\"></span>o mes<span class=\"_ _4\"></span>sicani a circ<span class=\"_ _4\"></span>a il 6% ed in Y<span class=\"_ _2\"></span>en g<span class=\"_ _4\"></span>iappone<span class=\"_ _4\"></span>si a circa il 5%<span class=\"_ _4\"></span>. I rischi di v<span class=\"_ _4\"></span>aluta orig<span class=\"_ _4\"></span>inano principal<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente dalle e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 in Dollari ame<span class=\"_ _4\"></span>ricani, Re<span class=\"_ _4\"></span>nminbi cinesi, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi, Won sud<span class=\"_ _4\"></span>-co<span class=\"_ _4\"></span>reani e </span><span style=\"display:inherit;clear:left;\">Pes<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>essica<span class=\"_ _2\"></span>ni.</span><span style=\"display:inherit;clear:left;\">In un proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di ricerc<span class=\"_ _4\"></span>a di semp<span class=\"_ _4\"></span>re mag<span class=\"_ _4\"></span>giore ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e di un pi\u00f9 puntuale pre<span class=\"_ _4\"></span>sidio d<span class=\"_ _4\"></span>ei rischi, la ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one del ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">di cambio \u00e8 a<span class=\"_ _4\"></span>ccentrat<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>so la C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. I tra<span class=\"_ _4\"></span>sferim<span class=\"_ _4\"></span>enti one<span class=\"_ _4\"></span>rosi di me<span class=\"_ _4\"></span>rce alle so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate vengono re<span class=\"_ _4\"></span>go<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lati dirett<span class=\"_ _4\"></span>amente n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a del Pae<span class=\"_ _4\"></span>se in cui op<span class=\"_ _4\"></span>erano e ve<span class=\"_ _4\"></span>ndono. In re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne al proprio m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, il G<span class=\"_ _4\"></span>rup<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po so<span class=\"_ _4\"></span>stie<span class=\"_ _4\"></span>ne una par<span class=\"_ _4\"></span>te signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va dei c<span class=\"_ _4\"></span>osti in e<span class=\"_ _4\"></span>uro (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>lativi alla pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e e alla ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>lla strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">Cor<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>orat<span class=\"_ _4\"></span>e<span class=\"ff5c ls3 ws81\">) mentre i ric<span class=\"_ _4\"></span>avi e i cos<span class=\"_ _4\"></span>ti reg<span class=\"_ _4\"></span>istrat<span class=\"_ _4\"></span>i dalle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente n<span class=\"_ _4\"></span>elle valute l<span class=\"_ _4\"></span>ocali </span></span><span style=\"display:inherit;clear:left;\">dei ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i mercati di r<span class=\"_ _4\"></span>iferimento. In p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>icolare, il G<span class=\"_ _4\"></span>ruppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di cambio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019Euro </span><span style=\"display:inherit;clear:left;\">nei co<span class=\"_ _4\"></span>nfronti del D<span class=\"_ _4\"></span>ollaro americ<span class=\"_ _4\"></span>ano, in rela<span class=\"_ _4\"></span>zione sia alle ve<span class=\"_ _4\"></span>ndite in Do<span class=\"_ _4\"></span>llari ef<span class=\"_ _4\"></span>fettuate sul m<span class=\"_ _4\"></span>ercato no<span class=\"_ _4\"></span>rdameric<span class=\"_ _4\"></span>ano, sia </span><span style=\"display:inherit;clear:left;\">ancora s<span class=\"_ _4\"></span>u un circoscrit<span class=\"_ _4\"></span>to numero di m<span class=\"_ _4\"></span>ercati, pr<span class=\"_ _4\"></span>evale<span class=\"_ _4\"></span>ntemente a<span class=\"_ _4\"></span>siatici. In ques<span class=\"_ _4\"></span>to conte<span class=\"_ _4\"></span>sto, il Gr<span class=\"_ _4\"></span>uppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riazio<span class=\"_ _4\"></span>ne dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute in cui s<span class=\"_ _4\"></span>ono den<span class=\"_ _4\"></span>ominate le vendit<span class=\"_ _4\"></span>e, che si tr<span class=\"_ _4\"></span>aduce ne<span class=\"_ _4\"></span>l rischio ch<span class=\"_ _4\"></span>e il controvalor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in Euro dei ric<span class=\"_ _4\"></span>avi dete<span class=\"_ _4\"></span>rminato al mome<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so non sia s<span class=\"_ _4\"></span>uff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a coprire i co<span class=\"_ _4\"></span>sti di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e o comunque </span><span style=\"display:inherit;clear:left;\">a cons<span class=\"_ _4\"></span>eguire il marg<span class=\"_ _4\"></span>ine obiet<span class=\"_ _4\"></span>tivo. T<span class=\"_ _2\"></span>ale ris<span class=\"_ _4\"></span>chio \u00e8 acce<span class=\"_ _4\"></span>ntuato per il ril<span class=\"_ _4\"></span>evante inter<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>allo temp<span class=\"_ _4\"></span>orale  che inte<span class=\"_ _4\"></span>rcorre  tr<span class=\"_ _4\"></span>a  il </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in  cui vengono f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>sati i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ve<span class=\"_ _4\"></span>ndita di una co<span class=\"_ _4\"></span>llezi<span class=\"_ _4\"></span>one ed il mo<span class=\"_ _4\"></span>mento in cui i ric<span class=\"_ _4\"></span>avi vengo<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>titi in </span><span style=\"display:inherit;clear:left;\">Euro, che si es<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e fino a di<span class=\"_ _4\"></span>ciotto me<span class=\"_ _4\"></span>si.</span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o (in quanto societ<span class=\"_ _4\"></span>\u00e0 di pro<span class=\"_ _4\"></span>duzione) stipula co<span class=\"_ _4\"></span>ntratti di ve<span class=\"_ _4\"></span>ndita a t<span class=\"_ _4\"></span>ermine di valut<span class=\"_ _4\"></span>a oppure o<span class=\"_ _4\"></span>pzioni, atti </span><span style=\"display:inherit;clear:left;\">a def<span class=\"_ _4\"></span>inire anticipatam<span class=\"_ _4\"></span>ente il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di conver<span class=\"_ _4\"></span>sione, o un r<span class=\"_ _4\"></span>ange pred<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o di tas<span class=\"_ _4\"></span>si di conver<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e, a date future con un </span><span style=\"display:inherit;clear:left;\">oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale mas<span class=\"_ _4\"></span>simo att<span class=\"_ _4\"></span>eso di 24 mesi. Si n<span class=\"_ _4\"></span>ota che ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi in e<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o il rischio di </span><span style=\"display:inherit;clear:left;\">cambio qua<span class=\"_ _4\"></span>si es<span class=\"_ _4\"></span>clusiv<span class=\"_ _4\"></span>amente con ve<span class=\"_ _4\"></span>ndite di valut<span class=\"_ _4\"></span>a a termin<span class=\"_ _4\"></span>e tramite contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">for<span class=\"_ _4\"></span>ward<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">A tale f<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>, in funzio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e e delle co<span class=\"_ _4\"></span>ndizioni di m<span class=\"_ _4\"></span>ercato, vengo<span class=\"_ _4\"></span>no stipulate<span class=\"_ _4\"></span>, prima de<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione de<span class=\"_ _4\"></span>i li<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stini di ve<span class=\"_ _4\"></span>ndita, e c<span class=\"_ _4\"></span>omunque non olt<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>ella campag<span class=\"_ _4\"></span>na vendite<span class=\"_ _4\"></span>, cope<span class=\"_ _4\"></span>rture p<span class=\"_ _4\"></span>er un ammont<span class=\"_ _4\"></span>are gene<span class=\"_ _4\"></span>ralmente </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a il 50% e il 9<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>% delle pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ni di vendite in va<span class=\"_ _4\"></span>luta, p<span class=\"_ _4\"></span>ercentuale c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa e non s<span class=\"_ _4\"></span>ulla singola valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera. N<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla fis<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l listin<span class=\"_ _4\"></span>o, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare dell<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rture </span><span style=\"display:inherit;clear:left;\">in es<span class=\"_ _4\"></span>sere v<span class=\"_ _4\"></span>iene inte<span class=\"_ _4\"></span>grato in re<span class=\"_ _4\"></span>lazione ag<span class=\"_ _4\"></span>li ordini ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>cquisiti e m<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>i in produ<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. In tal mo<span class=\"_ _4\"></span>do la soci<span class=\"_ _4\"></span>et\u00e0 </span><span style=\"display:inherit;clear:left;\">ricon<span class=\"_ _4\"></span>duce il rischio c<span class=\"_ _4\"></span>ommerciale al s<span class=\"_ _4\"></span>olo ris<span class=\"_ _4\"></span>chio deri<span class=\"_ _4\"></span>vante dai volumi di vendit<span class=\"_ _4\"></span>a e non anch<span class=\"_ _4\"></span>e a quello der<span class=\"_ _4\"></span>ivante dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">All<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sopr<span class=\"_ _4\"></span>a des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a, si ag<span class=\"_ _4\"></span>giunge quella re<span class=\"_ _4\"></span>siduale di alcun<span class=\"_ _4\"></span>e controllate as<span class=\"_ _4\"></span>iatiche e latino<span class=\"_ _4\"></span>-americ<span class=\"_ _4\"></span>ane che ef<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fettuan<span class=\"_ _4\"></span>o acquist<span class=\"_ _4\"></span>i di merce in D<span class=\"_ _4\"></span>ollari ameri<span class=\"_ _4\"></span>cani o in Euro e vendo<span class=\"_ _4\"></span>no nella valut<span class=\"_ _4\"></span>a del Pa<span class=\"_ _4\"></span>ese in cui op<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o. I valori de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>ti coinvolti s<span class=\"_ _4\"></span>ono signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte inferiori ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to a quelli de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span>gruppo. </span><span style=\"display:inherit;clear:left;\">Inoltre il G<span class=\"_ _4\"></span>ruppo cont<span class=\"_ _4\"></span>rolla e copre l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one deri<span class=\"_ _4\"></span>vante dalla varia<span class=\"_ _4\"></span>zione di val<span class=\"_ _4\"></span>ore, a se<span class=\"_ _4\"></span>guito de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni dei </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di cambio, di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa da que<span class=\"_ _4\"></span>lla di conto della s<span class=\"_ _4\"></span>ingola Soci<span class=\"_ _4\"></span>et\u00e0, che </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o  determinare e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti sul co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico (<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ipicame<span class=\"_ _4\"></span>nte rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i di debito<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>credit<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario <span class=\"ff5f ls5a wsd4\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany</span><span class=\"ls0 ws0\">), </span></span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari, la cui cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo i princip<span class=\"_ _4\"></span>i IFRS se<span class=\"_ _4\"></span>gue le re<span class=\"_ _4\"></span>gole del <span class=\"ff5f\">fair value he<span class=\"_ _4\"></span>dge</span><span class=\"ls0 ws0\">: </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vanti dalle suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>oni del val<span class=\"_ _4\"></span>ore corre<span class=\"_ _4\"></span>nte dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a sono ril<span class=\"_ _4\"></span>evati </span><span style=\"display:inherit;clear:left;\">a conto e<span class=\"_ _4\"></span>conomico, co<span class=\"_ _4\"></span>me pure l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a sulla po<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le relaz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura dell<span class=\"_ _4\"></span>e future trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra della C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo (<span class=\"_ _1\"></span>qualific<span class=\"_ _4\"></span>abili ai f<span class=\"_ _4\"></span>ini IFRS come <span class=\"ff5f ls0 ws0\">c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>h </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>low hedge<span class=\"ff5c ls3 ws0\">) sono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le rego<span class=\"_ _4\"></span>le dell<span class=\"_ _4\"></span>\u2019</span><span class=\"ls68 wscc\">hedge accounting<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito le mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023:</span><span style=\"display:inherit;clear:left;\">Rischio di Cambio</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _2df\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Saldo iniziale<span class=\"_ _c\"> </span>5.552<span class=\"_ _78\"> </span>9.495</span><span style=\"display:inherit;clear:left;\"> + incrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia positiva<span class=\"_ _125\"> </span>4.535<span class=\"_ _2d7\"> </span>15.707</span><span style=\"display:inherit;clear:left;\"> - decrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia negativa<span class=\"_ _1a\"> </span>(12.226)<span class=\"_ _1f2\"> </span>(2.805)</span><span style=\"display:inherit;clear:left;\"> -  <span class=\"_ _45\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _1\"></span>a Riserva di <span class=\"ff64\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedge<span class=\"ff61\">  </span></span></span><span style=\"display:inherit;clear:left;\">(6.765)<span class=\"_ _1f1\"> </span>(20.219)</span><span style=\"display:inherit;clear:left;\">ed imputazione di pro<span class=\"_ _1\"></span>vento a CE</span><span style=\"display:inherit;clear:left;\">+ incrementi per tr<span class=\"_ _2\"></span>asferimento di efficacia dalla Ri<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rva<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>i <span class=\"ff64 ls0\">Cash flow hedge </span>ed imputazione di c<span class=\"_ _1\"></span>osto a CE<span class=\"_ _b7\"> </span><span class=\"ls0\">1.923<span class=\"_ _141\"> </span>3.374</span></span><span style=\"display:inherit;clear:left;\">Saldo finale<span class=\"_ _c\"> </span>(6.981)<span class=\"_ _261\"> </span>5.552</span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span>, che accog<span class=\"_ _4\"></span>lie le variaz<span class=\"_ _4\"></span>ioni di valore d<span class=\"_ _4\"></span>egli s<span class=\"_ _4\"></span>trumenti a c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>elle tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ioni atte<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a, si \u00e8 ne<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.533 migliaia nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, me<span class=\"_ _4\"></span>ntre si era d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">Euro 3.943 migliaia nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023. Le varia<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e rifle<span class=\"_ _4\"></span>tton<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>uro nei con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fronti de<span class=\"_ _4\"></span>lle principali v<span class=\"_ _4\"></span>alute og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. Il decr<span class=\"_ _4\"></span>emento \u00e8 s<span class=\"_ _4\"></span>tato p<span class=\"_ _4\"></span>rincipalmente d<span class=\"_ _4\"></span>ovuto al raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">del do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e del re<span class=\"_ _4\"></span>nminbi cines<span class=\"_ _4\"></span>e nella s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da part<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019anno. L<span class=\"_ _44\"></span>\u2019ammontare tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito dalla Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va alla </span><span style=\"display:inherit;clear:left;\">voce \u201c<span class=\"_ _4\"></span>Ric<span class=\"_ _4\"></span>avi dell<span class=\"_ _4\"></span>e vendite<span class=\"_ _4\"></span>\u201d in oc<span class=\"_ _4\"></span>casi<span class=\"_ _4\"></span>one della manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti \u00e8 st<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte po<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sitivo p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>842 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 e<span class=\"_ _4\"></span>d era s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente p<span class=\"_ _4\"></span>ositivo p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>845 migliaia </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so del 2024 non si sono ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icate interr<span class=\"_ _4\"></span>uzioni di re<span class=\"_ _4\"></span>lazioni di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura p<span class=\"_ _4\"></span>er annullame<span class=\"_ _4\"></span>nto<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante att<span class=\"_ _4\"></span>eso; le re<span class=\"_ _4\"></span>lazioni de<span class=\"_ _4\"></span>signate di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura si s<span class=\"_ _4\"></span>ono ri<span class=\"_ _4\"></span>velate ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci al ce<span class=\"_ _4\"></span>nto per c<span class=\"_ _4\"></span>ento pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">la durata de<span class=\"_ _4\"></span>l sot<span class=\"_ _4\"></span>tost<span class=\"_ _4\"></span>ante og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to della re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019eventuale inef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icacia de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura pu\u00f2 rea<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>si pe<span class=\"_ _4\"></span>r effe<span class=\"_ _4\"></span>tto di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze ne<span class=\"_ _4\"></span>lle tempi<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a gene<span class=\"_ _4\"></span>rati dai sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ti e dagli s<span class=\"_ _4\"></span>trumenti di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>c<span class=\"_ _4\"></span>ambiamenti n<span class=\"_ _4\"></span>egli impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i attes<span class=\"_ _4\"></span>i dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa de<span class=\"_ _4\"></span>i sott<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anti cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ti e degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano nelle t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lle di seg<span class=\"_ _4\"></span>uito l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale me<span class=\"_ _4\"></span>dio e la signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er fat<span class=\"_ _4\"></span>tore di ris<span class=\"_ _4\"></span>chio delle co<span class=\"_ _4\"></span>per<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ture sul ris<span class=\"_ _4\"></span>chio di cambio in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ne<span class=\"_ _4\"></span>l Gruppo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 20<span class=\"_ _1\"></span>23. Il numero d<span class=\"_ _4\"></span>elle valut<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>tere rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate n<span class=\"_ _4\"></span>elle t<span class=\"_ _4\"></span>abelle m<span class=\"_ _4\"></span>ette in e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>me la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio sia quasi t<span class=\"_ _4\"></span>otalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">acce<span class=\"_ _4\"></span>ntrata pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o la Capo<span class=\"_ _4\"></span>gruppo.</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Manifestazione finanziaria</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>15.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">215.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,104<span class=\"_ _12a\"> </span>1,093<span class=\"_ _12a\"> </span>1,101<span class=\"_ _d4\"> </span>1,104<span class=\"_ _12a\"> </span>1,085</span><span style=\"display:inherit;clear:left;\">Importo nozionale in AUD<span class=\"_ _20d\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/AUD)<span class=\"_ _1f7\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _83\"> </span>2.000<span class=\"_ _219\"> </span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">2.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,501<span class=\"_ _12a\"> </span>1,516<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CHF<span class=\"_ _2cb\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CHF)<span class=\"_ _155\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,795<span class=\"_ _12a\"> </span>7,797<span class=\"_ _d4\"> </span>7,782<span class=\"_ _12a\"> </span>7,792<span class=\"_ _12a\"> </span>7,719</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _1b1\"> </span>500<span class=\"_ _f2\"> </span>-<span class=\"_ _d4\"> </span>1.500<span class=\"_ _12a\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,847<span class=\"_ _f2\"> </span>-<span class=\"_ _12a\"> </span>0,850<span class=\"_ _d4\"> </span>0,856<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>5.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _bf\"> </span>10.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">35.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,601<span class=\"_ _12a\"> </span>8,509<span class=\"_ _12a\"> </span>8,610<span class=\"_ _12a\"> </span>8,505<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>400.000<span class=\"_ _123\"> </span><span class=\"ff62\">3.500.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>159,448<span class=\"_ _21\"> </span>155,798<span class=\"_ _21\"> </span>155,395<span class=\"_ _21\"> </span>155,401<span class=\"_ _21\"> </span>156,120</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>9.000.000<span class=\"_ _88\"> </span>2.000.000<span class=\"_ _19a\"> </span><span class=\"ff62\">23.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.433,000<span class=\"_ _88\"> </span>1.470,000<span class=\"_ _89\"> </span>1.481,000<span class=\"_ _88\"> </span>1.480,167<span class=\"_ _88\"> </span>1.468,000</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _151\"> </span><span class=\"ff62\">450.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>20,043<span class=\"_ _bf\"> </span>21,093<span class=\"_ _bf\"> </span>22,926<span class=\"_ _cf\"> </span>22,768<span class=\"_ _bf\"> </span>21,922</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>27.000<span class=\"_ _bf\"> </span>36.000<span class=\"_ _bf\"> </span>53.000<span class=\"_ _bf\"> </span>74.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _151\"> </span><span class=\"ff62\">195.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,051<span class=\"_ _12a\"> </span>1,071<span class=\"_ _12a\"> </span>1,090<span class=\"_ _d4\"> </span>1,096<span class=\"_ _12a\"> </span>1,088</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _2e1\"> </span>2.000<span class=\"_ _d7\"> </span>500<span class=\"_ _d4\"> </span>5.000<span class=\"_ _12a\"> </span>2.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">9.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,449<span class=\"_ _12a\"> </span>1,478<span class=\"_ _12a\"> </span>1,479<span class=\"_ _d4\"> </span>1,502<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>40.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _c1\"> </span>110.000<span class=\"_ _f2\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,302<span class=\"_ _12a\"> </span>7,305<span class=\"_ _d4\"> </span>7,505<span class=\"_ _12a\"> </span>7,773<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _97\"> </span>1.000<span class=\"_ _12a\"> </span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.700</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,878<span class=\"_ _12a\"> </span>0,874<span class=\"_ _12a\"> </span>0,871<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>8.000<span class=\"_ _bf\"> </span>11.000<span class=\"_ _12a\"> </span>7.000<span class=\"_ _bf\"> </span>18.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">44.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,363<span class=\"_ _12a\"> </span>8,418<span class=\"_ _12a\"> </span>8,473<span class=\"_ _12a\"> </span>8,405<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>600.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _f3\"> </span>-<span class=\"_ _7\"> </span><span class=\"ff62\">2.800.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>137,631<span class=\"_ _21\"> </span>145,682<span class=\"_ _21\"> </span>153,665<span class=\"_ _21\"> </span>151,440<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _7\"> </span>10.000.000<span class=\"_ _7\"> </span>12.000.000<span class=\"_ _123\"> </span>14.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _1da\"> </span><span class=\"ff62\">40.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.394,800<span class=\"_ _88\"> </span>1.422,317<span class=\"_ _89\"> </span>1.396,625<span class=\"_ _88\"> </span>1.415,937<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">250.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>21,285<span class=\"_ _bf\"> </span>20,580<span class=\"_ _bf\"> </span>19,779<span class=\"_ _cf\"> </span>19,261<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">170.000<span class=\"_ _bf\"> </span></span>85.000<span class=\"_ _bf\"> </span>35.000<span class=\"_ _bf\"> </span>45.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">3.100.000<span class=\"_ _88\"> </span></span>1.200.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _c1\"> </span>200.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.500<span class=\"_ _219\"> </span></span>500<span class=\"_ _d4\"> </span>2.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">300.000<span class=\"_ _bf\"> </span></span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _20d\"> </span><span class=\"ff62\">500<span class=\"_ _219\"> </span></span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">220.000<span class=\"_ _cf\"> </span></span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _d8\"> </span>70.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">25.000<span class=\"_ _d4\"> </span></span>5.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">15.000.000<span class=\"_ _88\"> </span></span>4.000.000<span class=\"_ _88\"> </span>7.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">144.000<span class=\"_ _bf\"> </span></span>56.000<span class=\"_ _bf\"> </span>73.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">2.600.000<span class=\"_ _88\"> </span></span>1.300.000<span class=\"_ _21\"> </span>500.000<span class=\"_ _21\"> </span>700.000<span class=\"_ _c1\"> </span>100.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.700<span class=\"_ _12a\"> </span></span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">140.000<span class=\"_ _21\"> </span></span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _1d2\"> </span><span class=\"ff62\">7.000<span class=\"_ _d4\"> </span></span>1.000<span class=\"_ _12a\"> </span>6.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">275.000<span class=\"_ _21\"> </span></span>110.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>75.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">30.000<span class=\"_ _d4\"> </span></span>8.000<span class=\"_ _bf\"> </span>17.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">36.000.000<span class=\"_ _7\"> </span></span>14.000.000<span class=\"_ _7\"> </span>14.000.000<span class=\"_ _88\"> </span>8.000.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a pi\u00f9 signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va, in ter<span class=\"_ _4\"></span>mini di volumi di nozionale deno<span class=\"_ _4\"></span>minati in valuta co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti, \u00e8 volt<span class=\"_ _4\"></span>a a mitigare </span><span style=\"display:inherit;clear:left;\">il rischio ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>o da oscillazi<span class=\"_ _4\"></span>oni nei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019Euro e le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti valute: Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano, Renminbi cine<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">se, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Won sud-<span class=\"_ _4\"></span>coreano e Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano. </span><span style=\"display:inherit;clear:left;\">Da un punto di vis<span class=\"_ _4\"></span>ta te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ale, le co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture con dur<span class=\"_ _4\"></span>ata sup<span class=\"_ _4\"></span>eriore all<span class=\"_ _4\"></span>\u2019anno sono nulle al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4  cos<span class=\"_ _4\"></span>\u00ec come </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. Le tab<span class=\"_ _4\"></span>elle s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>stran<span class=\"_ _4\"></span>o le date di manifest<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria dei s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti per </span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa e le date con l<span class=\"_ _4\"></span>e quali viene re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, che si dete<span class=\"_ _4\"></span>rmina a  seg<span class=\"_ _4\"></span>uito dell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">fattur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ti e che co<span class=\"_ _4\"></span>stitui<span class=\"_ _4\"></span>scono o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura  dal rischio di c<span class=\"_ _4\"></span>ambio, alla data di chius<span class=\"_ _4\"></span>ura </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4  e 2023.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _1\"></span>tuazione pa<span class=\"_ _1\"></span>trimoni<span class=\"_ _1\"></span>ale-f<span class=\"_ _4\"></span>ina<span class=\"_ _1\"></span>nziaria<span class=\"_ _1\"></span> \u00e8 rappresentato come segue:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>endite attese altamente probabili</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff63\">C<span class=\"_ _2\"></span>ash flow hedge<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>arr<span class=\"_ _4\"></span>ying amount</span><span style=\"display:inherit;clear:left;\">/ variazione di <span class=\"ff63\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">utilizzate per misurar<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2e3\"> </span>Importo nozionale</span><span style=\"display:inherit;clear:left;\">l\u2019inefficacia</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">passivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _ce\"> </span><span class=\"ff61\">241.816<span class=\"_ _1f7\"> </span>(6.980)<span class=\"_ _24b\"> </span>1.052<span class=\"_ _27a\"> </span>(<span class=\"_ _4\"></span>7.609)</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _ce\"> </span><span class=\"ff61\">225.927<span class=\"_ _24b\"> </span>5.552<span class=\"_ _6c\"> </span>4.454<span class=\"_ _2e4\"> </span>(272)</span></span><span style=\"display:inherit;clear:left;\">Nel 2023, e<span class=\"_ _4\"></span>d in par<span class=\"_ _4\"></span>ticolare ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>se di dicemb<span class=\"_ _4\"></span>re, si se<span class=\"_ _4\"></span>gnala il for<span class=\"_ _4\"></span>te dep<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>amento sub<span class=\"_ _4\"></span>ito dal Peso ar<span class=\"_ _4\"></span>gentino in se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">guito a misure p<span class=\"_ _4\"></span>olitiche l<span class=\"_ _4\"></span>ocali; la valut<span class=\"_ _4\"></span>a non \u00e8 comunque r<span class=\"_ _4\"></span>ilevante p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o in termini di e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di </span><span style=\"display:inherit;clear:left;\">cambio co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Sensitivity Analysis</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 effe<span class=\"_ _4\"></span>ttuata al f<span class=\"_ _4\"></span>ine di v<span class=\"_ _4\"></span>alutare l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo al ri<span class=\"_ _4\"></span>schio di cambi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta ip<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando varia<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>rcentuali in aume<span class=\"_ _4\"></span>nto e in diminuzione de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio delle v<span class=\"_ _4\"></span>arie divi<span class=\"_ _4\"></span>se, pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zionali alla </span><span style=\"display:inherit;clear:left;\">loro volatilit<span class=\"_ _4\"></span>\u00e0 annua, applic<span class=\"_ _4\"></span>ata a tut<span class=\"_ _4\"></span>te le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie rile<span class=\"_ _4\"></span>vanti es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>lle valute orig<span class=\"_ _4\"></span>inarie. In </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si ha intere<span class=\"_ _4\"></span>ssato t<span class=\"_ _4\"></span>utte le v<span class=\"_ _4\"></span>alute e le se<span class=\"_ _4\"></span>guenti p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati sui t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e altri cre<span class=\"_ _4\"></span>diti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali e altri de<span class=\"_ _4\"></span>biti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 liquide e e<span class=\"_ _4\"></span>quivale<span class=\"_ _4\"></span>nti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie a breve e lungo te<span class=\"_ _4\"></span>rmine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> a bre<span class=\"_ _4\"></span>ve e lungo termine<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la tabe<span class=\"_ _4\"></span>lla ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a gli impatti p<span class=\"_ _4\"></span>i\u00f9 signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>i e le relati<span class=\"_ _4\"></span>ve valute e si rife<span class=\"_ _4\"></span>risce all<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione al ris<span class=\"_ _4\"></span>chio di cambio </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo quanto richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>o dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 7 e non cons<span class=\"_ _4\"></span>idera p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>rivanti dalla co<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>ione dei b<span class=\"_ _4\"></span>ilanci delle </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re con valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Sono s<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati i rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>elle valute la cui </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione gen<span class=\"_ _4\"></span>era un impatt<span class=\"_ _4\"></span>o a conto ec<span class=\"_ _4\"></span>onomico e a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to, consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a in valore a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>luto, super<span class=\"_ _4\"></span>iore a </span><span style=\"display:inherit;clear:left;\">Euro un milione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.913<span class=\"_ _68\"> </span>1.853</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _218\"> </span>10,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(433)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>11.813<span class=\"_ _208\"> </span>11.953</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(501)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>380<span class=\"_ _80\"> </span>713</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(21)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>611<span class=\"_ _68\"> </span>1.680</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>6,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(75)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.794<span class=\"_ _68\"> </span>1.682</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>13,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(317)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>501<span class=\"_ _80\"> </span>155</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>5,4%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(42)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>690<span class=\"_ _1c1\"> </span>21</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(39)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>553<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>15,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.383<span class=\"_ _80\"> </span>230</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>8,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(65)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>18.145<span class=\"_ _2a3\"> </span>18.287</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.376)<span class=\"_ _2a3\"> </span>(2.302)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _e6\"> </span>(10,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>537<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(13.834)<span class=\"_ _74\"> </span>(13.998)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>564<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(445)<span class=\"_ _148\"> </span>(834)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>23<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(691)<span class=\"_ _2a3\"> </span>(1.899)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(6,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>78<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.365)<span class=\"_ _bc\"> </span>(2.217<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(13,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>375<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(559)<span class=\"_ _148\"> </span>(172)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(5,4%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>46<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(788)<span class=\"_ _32\"> </span>(24)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>43<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(751)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(15,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.624)<span class=\"_ _148\"> </span>(271)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(8,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>76</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(21.691)<span class=\"_ _b3\"> </span>(21.717)</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>2.000<span class=\"_ _68\"> </span>1.625</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _df\"> </span>9,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(467)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>12.070<span class=\"_ _68\"> </span>9.764</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _bc\"> </span>(1.581)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>441<span class=\"_ _68\"> </span>1.984</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(5)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>526<span class=\"_ _68\"> </span>2.068</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(60)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.726<span class=\"_ _80\"> </span>833</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>12,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(45)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.133<span class=\"_ _80\"> </span>228</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>6,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(25)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>781<span class=\"_ _80\"> </span>331</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(83)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>799<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>14,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(2)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>140<span class=\"_ _80\"> </span>262</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(91)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>17.257<span class=\"_ _2a3\"> </span>17.095</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.486)<span class=\"_ _2a3\"> </span>(2.020)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _7a\"> </span>(9,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>565<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(14.197)<span class=\"_ _74\"> </span>(11.485)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _68\"> </span>1.784<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(524)<span class=\"_ _2a3\"> </span>(2.357)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>5<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(597)<span class=\"_ _2a3\"> </span>(2.345)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>64<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.221)<span class=\"_ _2a3\"> </span>(1.072)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(12,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>58<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.328)<span class=\"_ _148\"> </span>(268)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(6,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>25<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(907)<span class=\"_ _148\"> </span>(385)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>94<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.171)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(14,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>2<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(165)<span class=\"_ _148\"> </span>(309)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>104</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(20.895)<span class=\"_ _b3\"> </span>(20.241)</span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla sopr<span class=\"_ _4\"></span>a ripor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a, una varia<span class=\"_ _4\"></span>zione po<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>a dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio indi<span class=\"_ _4\"></span>viduati (EUR<span class=\"_ _4\"></span>/JPY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">USD, EUR<span class=\"_ _4\"></span>/KRW<span class=\"_ _1\"></span>, EUR<span class=\"_ _4\"></span>/CNY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/MX<span class=\"_ _4\"></span>N, EUR<span class=\"_ _4\"></span>/GBP<span class=\"_ _44\"></span>, EUR<span class=\"_ _4\"></span>/C<span class=\"_ _4\"></span>AD, EUR<span class=\"_ _4\"></span>/BRL e EUR<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>HKD) avrebbe p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>to un utile di Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>45 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e un utile di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.257 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023; analogame<span class=\"_ _4\"></span>nte, un mov<span class=\"_ _4\"></span>imento </span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativo dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio av<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e prodot<span class=\"_ _4\"></span>to una pe<span class=\"_ _4\"></span>rdita di Euro 2<span class=\"_ _2\"></span>1.691 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4  e una p<span class=\"_ _4\"></span>erdita di </span><span style=\"display:inherit;clear:left;\">Euro 20.8<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023. L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento ge<span class=\"_ _4\"></span>nerato a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to dagli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ati desig<span class=\"_ _4\"></span>nati di </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura in cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza all<span class=\"_ _4\"></span>e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate variaz<span class=\"_ _4\"></span>ioni pos<span class=\"_ _4\"></span>itive dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambi<span class=\"_ _4\"></span>o sarebb<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ato pari a Euro 1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.287 migliaia </span><span style=\"display:inherit;clear:left;\">al  3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e a Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023; la riduzione di p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a alle </span><span style=\"display:inherit;clear:left;\">ipotiz<span class=\"_ _5\"></span>zate var<span class=\"_ _4\"></span>iazioni ne<span class=\"_ _4\"></span>gative de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio sare<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>tata p<span class=\"_ _4\"></span>ari a Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e a Euro </span><span style=\"display:inherit;clear:left;\">20.24<span class=\"_ _1c\"></span>1 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si di sen<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>it\u00e0 con<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>a se<span class=\"_ _4\"></span>condo le m<span class=\"_ _4\"></span>odalit\u00e0 d<span class=\"_ _4\"></span>escr<span class=\"_ _4\"></span>itte<span class=\"_ _4\"></span>, sui risult<span class=\"_ _4\"></span>ati della quale </span><span style=\"display:inherit;clear:left;\">incide in manie<span class=\"_ _4\"></span>ra rilev<span class=\"_ _4\"></span>ante il valore de<span class=\"_ _4\"></span>lla volatilit\u00e0 di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di camb<span class=\"_ _4\"></span>io consid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a, most<span class=\"_ _4\"></span>ra un impatto s<span class=\"_ _4\"></span>igni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icativo s<span class=\"_ _4\"></span>ul patrimonio net<span class=\"_ _4\"></span>to di Grup<span class=\"_ _4\"></span>po, a se<span class=\"_ _4\"></span>guito della p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ibile variaz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura, che v<span class=\"_ _4\"></span>iene so<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>sa a R<span class=\"_ _4\"></span>iser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> e la cui rileva<span class=\"_ _4\"></span>zione a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico si avr<span class=\"_ _4\"></span>\u00e0 negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi </span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivi, al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>arsi de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se. L<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _4\"></span>ento o la ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli impatti a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">economico e a stato patri<span class=\"_ _1\"></span>moniale, i<span class=\"_ _1\"></span>n ognuno degli esercizi considerati,<span class=\"_ _1\"></span> deriva es<span class=\"_ _4\"></span>senzialmente dal<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u2019effetto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>andamen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to dell<span class=\"_ _4\"></span>e singole valute a<span class=\"_ _4\"></span>lle date di riferime<span class=\"_ _4\"></span>nto e dalla variazio<span class=\"_ _4\"></span>ne nella co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tenz<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e alle flut<span class=\"_ _4\"></span>tuazi<span class=\"_ _4\"></span>oni dei t<span class=\"_ _4\"></span>assi di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">Rischio di liquidit\u00e0</span><span style=\"display:inherit;clear:left;\">Il rischio di li<span class=\"_ _4\"></span>quidit\u00e0 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il ri<span class=\"_ _4\"></span>schio che il Gr<span class=\"_ _4\"></span>uppo non sia in g<span class=\"_ _4\"></span>rado di ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tare le p<span class=\"_ _4\"></span>roprie obb<span class=\"_ _4\"></span>ligazio<span class=\"_ _4\"></span>ni finan<span class=\"_ _4\"></span>ziarie </span><span style=\"display:inherit;clear:left;\">a caus<span class=\"_ _4\"></span>a della dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icolt<span class=\"_ _4\"></span>\u00e0 di repe<span class=\"_ _4\"></span>rire fondi a con<span class=\"_ _4\"></span>dizioni di pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo co<span class=\"_ _4\"></span>rrenti di me<span class=\"_ _4\"></span>rcato (<span class=\"ff5f ls5b ws5d\">funding liquidit<span class=\"_ _4\"></span>y risk</span>) o di liquidare </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ul mercato p<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>perire l<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>arie (<span class=\"_ _2\"></span><span class=\"ff5f\">a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>t liquidity risk<span class=\"ff5c ls0\">).</span></span></span><span style=\"display:inherit;clear:left;\">La prima c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>za \u00e8 un impatt<span class=\"_ _4\"></span>o negati<span class=\"_ _4\"></span>vo sul conto e<span class=\"_ _4\"></span>conomico, n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui la So<span class=\"_ _4\"></span>ciet\u00e0 sia c<span class=\"_ _4\"></span>ostre<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a a sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti addiz<span class=\"_ _4\"></span>ionali pe<span class=\"_ _4\"></span>r adempi<span class=\"_ _4\"></span>ere ai propr<span class=\"_ _4\"></span>i impegni.</span><span style=\"display:inherit;clear:left;\">I fatto<span class=\"_ _4\"></span>ri che princip<span class=\"_ _4\"></span>almente inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>ano la liquidit<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati dalle riso<span class=\"_ _4\"></span>rse ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ate o ass<span class=\"_ _4\"></span>orbite </span><span style=\"display:inherit;clear:left;\">dalle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ive e di inves<span class=\"_ _4\"></span>timento, dalle eve<span class=\"_ _4\"></span>ntuali distrib<span class=\"_ _4\"></span>uzioni di div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di, dalle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche di </span><span style=\"display:inherit;clear:left;\">sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e di disp<span class=\"_ _4\"></span>onibilit\u00e0 di rinnovo d<span class=\"_ _4\"></span>el deb<span class=\"_ _4\"></span>ito o dalla sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a e liquidabilit<span class=\"_ _4\"></span>\u00e0 degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dell<span class=\"_ _4\"></span>e ec<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a. I fabbi<span class=\"_ _4\"></span>sogni o le e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>denze di li<span class=\"_ _4\"></span>quidit\u00e0 s<span class=\"_ _4\"></span>ono monitor<span class=\"_ _4\"></span>ati su bas<span class=\"_ _4\"></span>e giornalie<span class=\"_ _4\"></span>ra dalla Capog<span class=\"_ _4\"></span>ruppo al f<span class=\"_ _4\"></span>ine </span><span style=\"display:inherit;clear:left;\">di garantire un ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>ce repe<span class=\"_ _4\"></span>rimento d<span class=\"_ _4\"></span>elle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziarie o un ade<span class=\"_ _4\"></span>guato inves<span class=\"_ _4\"></span>timento d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">La ne<span class=\"_ _4\"></span>goziazione e la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle lin<span class=\"_ _4\"></span>ee di cre<span class=\"_ _4\"></span>dito vien<span class=\"_ _4\"></span>e coordinat<span class=\"_ _4\"></span>a dalla Capog<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n lo scop<span class=\"_ _4\"></span>o di prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>dere alle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0 di bre<span class=\"_ _4\"></span>ve e medio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>e singole so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po se<span class=\"_ _4\"></span>condo cr<span class=\"_ _4\"></span>iteri di ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e<span class=\"_ _4\"></span>d econo<span class=\"_ _4\"></span>micit\u00e0. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4, son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>n pi\u00f9 contropar<span class=\"_ _4\"></span>ti ban<span class=\"_ _4\"></span>carie line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span>, per comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 380.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 </span><span style=\"display:inherit;clear:left;\">migliaia, interame<span class=\"_ _4\"></span>nte utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in una o pi\u00f9 solu<span class=\"_ _4\"></span>zioni (<span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>). Alla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a data so<span class=\"_ _4\"></span>no inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere linee a b<span class=\"_ _4\"></span>reve </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e a revoc<span class=\"_ _4\"></span>a sulla Capog<span class=\"_ _4\"></span>ruppo e su al<span class=\"_ _4\"></span>cune delle s<span class=\"_ _4\"></span>ue controllate p<span class=\"_ _4\"></span>er tot<span class=\"_ _4\"></span>ali Euro 442.447 migliaia. </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo disp<span class=\"_ _4\"></span>one di line<span class=\"_ _4\"></span>e di credito no<span class=\"_ _4\"></span>n utiliz<span class=\"_ _4\"></span>zate <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> (nella forma <span class=\"ff5f ws5d\">revolv<span class=\"_ _4\"></span>ing</span> o </span><span style=\"display:inherit;clear:left;\">term</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">loan<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">) </span></span><span style=\"display:inherit;clear:left;\">per Euro 38<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 migliaia e a re<span class=\"_ _4\"></span>voca p<span class=\"_ _4\"></span>er Euro 329.53<span class=\"_ _2\"></span>1 migliaia, a fronte di un ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento lord<span class=\"_ _4\"></span>o di Euro 1<span class=\"_ _44\"></span>1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>91<span class=\"_ _2\"></span>6 </span><span style=\"display:inherit;clear:left;\">migliaia e una posi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>inanziaria n<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a <span class=\"ff5f lsa ws90\">adjusted</span> creditoria di Euro 1<span class=\"_ _2\"></span>72.780 migliaia (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>ebitoria p<span class=\"_ _4\"></span>er Euro 503.<span class=\"_ _4\"></span>566 mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gliaia consi<span class=\"_ _4\"></span>derand<span class=\"_ _4\"></span>o anche le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l principio IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6). Le linee <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> hanno </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 una durat<span class=\"_ _4\"></span>a res<span class=\"_ _4\"></span>idua mass<span class=\"_ _4\"></span>ima di ventinove me<span class=\"_ _4\"></span>si e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici </span><span style=\"display:inherit;clear:left;\">mes<span class=\"_ _4\"></span>i. Le linee di cre<span class=\"_ _4\"></span>dito e la relati<span class=\"_ _4\"></span>va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria sono di<span class=\"_ _4\"></span>stribuit<span class=\"_ _4\"></span>e fra i principa<span class=\"_ _4\"></span>li istituti b<span class=\"_ _4\"></span>ancari na<span class=\"_ _4\"></span>zionali e inter<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali. Alla data de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>utiliz<span class=\"_ _4\"></span>zo mas<span class=\"_ _4\"></span>simo \u00e8 infer<span class=\"_ _4\"></span>iore a un anno. Le line<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span><span class=\"ls4 ws145\"> attualme<span class=\"_ _4\"></span>nte in </span></span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere p<span class=\"_ _4\"></span>er il Gr<span class=\"_ _4\"></span>uppo, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>, non richie<span class=\"_ _4\"></span>dono il r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to di <span class=\"ff5f ls57 ws97\">cov<span class=\"_ _4\"></span>enant<span class=\"_ _4\"></span></span> finan<span class=\"_ _4\"></span>ziari. Per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti-L<span class=\"_ _4\"></span>imitaz<span class=\"_ _4\"></span>ioni all<span class=\"_ _4\"></span>\u2019uso delle ri<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">\u00c8 semp<span class=\"_ _4\"></span>re st<span class=\"_ _4\"></span>ata polit<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>tipulare e mante<span class=\"_ _4\"></span>nere con co<span class=\"_ _4\"></span>ntinuit\u00e0 e con c<span class=\"_ _4\"></span>ontropar<span class=\"_ _4\"></span>ti banc<span class=\"_ _4\"></span>arie dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>icate un am<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e di linee di cre<span class=\"_ _4\"></span>dito <span class=\"ff5f ws0\">committe<span class=\"_ _4\"></span>d</span> ritenut<span class=\"_ _4\"></span>o congruo ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to ai fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>lle singole s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e idon<span class=\"_ _4\"></span>eo ad as<span class=\"_ _4\"></span>sicurar<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in ogni mom<span class=\"_ _4\"></span>ento la liquidit<span class=\"_ _4\"></span>\u00e0 nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>aria al so<span class=\"_ _4\"></span>ddisf<span class=\"_ _4\"></span>acimento e al ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di ogni imp<span class=\"_ _4\"></span>egno f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>io del Gr<span class=\"_ _4\"></span>uppo, a condi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zioni e<span class=\"_ _4\"></span>conomiche s<span class=\"_ _4\"></span>tab<span class=\"_ _4\"></span>ilite, oltre a<span class=\"_ _4\"></span>d ass<span class=\"_ _4\"></span>icurare la disp<span class=\"_ _4\"></span>onibilit\u00e0 di un ad<span class=\"_ _4\"></span>eguato live<span class=\"_ _4\"></span>llo di elas<span class=\"_ _4\"></span>ticit<span class=\"_ _4\"></span>\u00e0 oper<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">progr<span class=\"_ _4\"></span>ammi di sv<span class=\"_ _4\"></span>iluppo. Anch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, la po<span class=\"_ _4\"></span>litica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte delle pro<span class=\"_ _4\"></span>prie ecc<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nze di ca<span class=\"_ _4\"></span>ssa p<span class=\"_ _4\"></span>er att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di inves<span class=\"_ _4\"></span>timento sul m<span class=\"_ _4\"></span>ercato in de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>iti bancar<span class=\"_ _4\"></span>i a breve (<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">t<span class=\"_ _4\"></span>ime </span></span><span style=\"display:inherit;clear:left;\">deposit<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">), oltre ch<span class=\"_ _4\"></span>e per ac<span class=\"_ _4\"></span>cende<span class=\"_ _4\"></span>re pres<span class=\"_ _4\"></span>titi <span class=\"ff5f ls7c wsf0\">int<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">, rego<span class=\"_ _4\"></span>lati a condiz<span class=\"_ _4\"></span>ioni corre<span class=\"_ _4\"></span>nti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da conte<span class=\"_ _4\"></span>nere l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">creme<span class=\"_ _4\"></span>nto della pro<span class=\"_ _4\"></span>pria esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>bitoria ver<span class=\"_ _4\"></span>so il si<span class=\"_ _4\"></span>stema b<span class=\"_ _4\"></span>ancario e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari r<span class=\"_ _4\"></span>elativ<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono impieg<span class=\"_ _4\"></span>ate con le ban<span class=\"_ _4\"></span>che di relaz<span class=\"_ _4\"></span>ione in op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di <span class=\"ff5f ls9 ws90\">time deposit</span> a breve o medio t<span class=\"_ _4\"></span>ermi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>olitame<span class=\"_ _4\"></span>nte compre<span class=\"_ _4\"></span>se tr<span class=\"_ _4\"></span>a un giorno e tre m<span class=\"_ _4\"></span>esi, ch<span class=\"_ _4\"></span>e prendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">o il tas<span class=\"_ _4\"></span>so di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della valut<span class=\"_ _4\"></span>a in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato. Le ste<span class=\"_ _4\"></span>sse </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni di invest<span class=\"_ _4\"></span>imento de<span class=\"_ _4\"></span>lla liquidit\u00e0 vengo<span class=\"_ _4\"></span>no realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate con gli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi prio<span class=\"_ _4\"></span>ritari di re<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>re le riso<span class=\"_ _4\"></span>rse di<span class=\"_ _4\"></span>sponibili </span><span style=\"display:inherit;clear:left;\">con bre<span class=\"_ _4\"></span>ve preav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iso (nel cas<span class=\"_ _4\"></span>o di sca<span class=\"_ _4\"></span>denze s<span class=\"_ _4\"></span>uperi<span class=\"_ _4\"></span>ori a tre me<span class=\"_ _4\"></span>si \u00e8 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a contrat<span class=\"_ _4\"></span>tualmente la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">za p<span class=\"_ _4\"></span>enali) e di neutra<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zare il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdita di c<span class=\"_ _4\"></span>apitale e<span class=\"_ _4\"></span>vitan<span class=\"_ _4\"></span>do ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di tipo sp<span class=\"_ _4\"></span>eculati<span class=\"_ _4\"></span>vo. La so<span class=\"_ _4\"></span>ciet\u00e0 S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>oder<span class=\"_ _4\"></span>ata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>ella propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, ha inolt<span class=\"_ _4\"></span>re nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 mante<span class=\"_ _4\"></span>nuto un invest<span class=\"_ _4\"></span>imento in tito<span class=\"_ _4\"></span>li di stat<span class=\"_ _4\"></span>o italiani di breve te<span class=\"_ _4\"></span>rmine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>es<span class=\"_ _4\"></span>oro<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er Euro 9.95<span class=\"_ _4\"></span>8 </span><span style=\"display:inherit;clear:left;\">migliaia ed uno as<span class=\"_ _4\"></span>sicurat<span class=\"_ _4\"></span>ivo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za Ramo I p<span class=\"_ _4\"></span>rontame<span class=\"_ _4\"></span>nte liquidabile da Euro 1<span class=\"_ _2\"></span>5.4<span class=\"_ _4\"></span>44 mig<span class=\"_ _4\"></span>liaia, oltre ad ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare un </span><span style=\"display:inherit;clear:left;\">nuovo inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za multiram<span class=\"_ _4\"></span>o prontame<span class=\"_ _4\"></span>nte liquidabile p<span class=\"_ _4\"></span>er Euro 2<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.99<span class=\"_ _4\"></span>9 migliaia, nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della <span class=\"_ _3\"></span><span class=\"ff5f ls4 ws3\">policy</span><span class=\"ws12e\"> p<span class=\"_ _4\"></span>er la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e e mitigazi<span class=\"_ _4\"></span>one del r<span class=\"_ _4\"></span>ischio di liquidit<span class=\"_ _4\"></span>\u00e0 approvat<span class=\"_ _4\"></span>a dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 2023 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo princip<span class=\"_ _4\"></span>ale di garantire a<span class=\"_ _4\"></span>deguate co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture de<span class=\"_ _4\"></span>i fabbis<span class=\"_ _4\"></span>ogni </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>celte<span class=\"_ _4\"></span>, che tengono c<span class=\"_ _4\"></span>onto anche de<span class=\"_ _4\"></span>lla preve<span class=\"_ _4\"></span>dibile dinamica futur<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa, ins<span class=\"_ _4\"></span>ieme ad una t<span class=\"_ _4\"></span>empe<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di rinegoziaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle linee di cre<span class=\"_ _4\"></span>dito, anche prima d<span class=\"_ _4\"></span>ella loro naturale s<span class=\"_ _4\"></span>cad<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a, cons<span class=\"_ _4\"></span>entono di ri<span class=\"_ _4\"></span>durre in </span><span style=\"display:inherit;clear:left;\">maniera s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativa l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione al ris<span class=\"_ _4\"></span>chio in es<span class=\"_ _4\"></span>ame e di ade<span class=\"_ _4\"></span>guare il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indebit<span class=\"_ _4\"></span>amento a<span class=\"_ _4\"></span>lle migliori con<span class=\"_ _4\"></span>dizioni </span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato. Il Grupp<span class=\"_ _4\"></span>o ha cost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte mantenuto l<span class=\"_ _4\"></span>\u2019acces<span class=\"_ _4\"></span>so a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ampia g<span class=\"_ _4\"></span>amma di fonti di finan<span class=\"_ _4\"></span>ziamento a co<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>m<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">petit<span class=\"_ _4\"></span>ivi, no<span class=\"_ _4\"></span>nost<span class=\"_ _4\"></span>ante il quadro di riferim<span class=\"_ _4\"></span>ento es<span class=\"_ _4\"></span>tern<span class=\"_ _4\"></span>o, nel quale pe<span class=\"_ _4\"></span>rmangono rigi<span class=\"_ _4\"></span>dit\u00e0 ne<span class=\"_ _4\"></span>l mercat<span class=\"_ _4\"></span>o del cre<span class=\"_ _4\"></span>dito. Nono<span class=\"_ _4\"></span>stante </span><span style=\"display:inherit;clear:left;\">la gene<span class=\"_ _4\"></span>rale cap<span class=\"_ _4\"></span>acit\u00e0 di ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>zione di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>rente ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a del Gr<span class=\"_ _4\"></span>uppo, avere s<span class=\"_ _4\"></span>empre mantenut<span class=\"_ _4\"></span>o la </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibilit\u00e0 di un congr<span class=\"_ _4\"></span>uo ammontar<span class=\"_ _4\"></span>e di linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span> ha pe<span class=\"_ _4\"></span>rme<span class=\"_ _4\"></span>sso di f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare con s<span class=\"_ _4\"></span>icurez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a le fas<span class=\"_ _4\"></span>i di mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">turbo<span class=\"_ _4\"></span>lenz<span class=\"_ _4\"></span>a dei me<span class=\"_ _4\"></span>rcati e di eve<span class=\"_ _4\"></span>ntuale volatilit\u00e0 ne<span class=\"_ _4\"></span>lla dispo<span class=\"_ _4\"></span>nibilit\u00e0 di cap<span class=\"_ _4\"></span>itale di pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ito sul merc<span class=\"_ _4\"></span>ato. Con c<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za men<span class=\"_ _4\"></span>si<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le vie<span class=\"_ _4\"></span>ne monitor<span class=\"_ _4\"></span>ata la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>iva di og<span class=\"_ _4\"></span>ni singola soci<span class=\"_ _4\"></span>et\u00e0 e que<span class=\"_ _4\"></span>lla del Grup<span class=\"_ _4\"></span>po nel s<span class=\"_ _4\"></span>uo comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, e </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ata con l<span class=\"_ _4\"></span>\u2019ultima prev<span class=\"_ _4\"></span>isione di <span class=\"ff5f ls5a wsd4\">Budge<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>/Forecast</span>. Il <span class=\"ff5f ls5a wsd4\">manage<span class=\"_ _4\"></span>ment</span> ritien<span class=\"_ _4\"></span>e che i fondi e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o attualmente </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibili, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>giunta de<span class=\"_ _4\"></span>i fondi che si pr<span class=\"_ _4\"></span>evede s<span class=\"_ _4\"></span>aranno gen<span class=\"_ _4\"></span>erati dall<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 corre<span class=\"_ _4\"></span>nte ope<span class=\"_ _4\"></span>rativa<span class=\"_ _4\"></span>, conse<span class=\"_ _4\"></span>ntiranno al </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o di fare fronte co<span class=\"_ _4\"></span>n tranquillit\u00e0 al r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>so deg<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti alla loro natur<span class=\"_ _4\"></span>ale sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e a so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fa<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re i fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>rivanti dall<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024 </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori<span class=\"_ _13e\"> </span>160.891<span class=\"_ _12a\"> </span>3.555<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _21\"> </span>164.446</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _2ea\"> </span>85.867<span class=\"_ _bf\"> </span>28.136<span class=\"_ _209\"> </span>114.003</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _2d8\"> </span>1.134<span class=\"_ _a2\"> </span>1.134</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _28a\"> </span></span>37.608<span class=\"_ _c1\"> </span>103.438<span class=\"_ _21\"> </span>379.325<span class=\"_ _21\"> </span>248.908<span class=\"_ _c1\"> </span>769.279</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2eb\"> </span>317<span class=\"_ _132\"> </span>471<span class=\"_ _d7\"> </span>788</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _294\"> </span>2.269<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _12a\"> </span>2.269</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _131\"> </span>3.957<span class=\"_ _12a\"> </span>8.209<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _bf\"> </span>12.166</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>292.043<span class=\"_ _b2\"> </span>143.338<span class=\"_ _b2\"> </span>379.325<span class=\"_ _7c\"> </span>249.379<span class=\"_ _257\"> </span>1.064.085</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori <span class=\"_ _1ad\"> </span>168.466 <span class=\"_ _2a3\"> </span>4.857 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _67\"> </span>173.323 </span><span style=\"display:inherit;clear:left;\">Debiti verso banche  <span class=\"_ _283\"> </span>70.820 <span class=\"_ _2a3\"> </span>9.653 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _111\"> </span>80.473 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziaria <span class=\"_ _209\"> </span>898 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>898 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing <span class=\"_ _2ea\"> </span></span>34.886 <span class=\"_ _111\"> </span>97.070 <span class=\"_ _67\"> </span>398.933 <span class=\"_ _11f\"> </span>280.406 <span class=\"_ _11f\"> </span>811.295 </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _20\"> </span>347 <span class=\"_ _1f9\"> </span>- <span class=\"_ _32\"> </span>59 <span class=\"_ _148\"> </span>177 <span class=\"_ _65\"> </span>583 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a <span class=\"_ _15d\"> </span>517 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>517 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a <span class=\"_ _eb\"> </span>350 <span class=\"_ _148\"> </span>566 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>916 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>276.284 <span class=\"_ _127\"> </span>112.146 <span class=\"_ _127\"> </span>398.992 <span class=\"_ _105\"> </span>280.583 <span class=\"_ _87\"> </span>1.068.005 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle p<span class=\"_ _4\"></span>oste di b<span class=\"_ _4\"></span>ilancio rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative di pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie mos<span class=\"_ _4\"></span>tra sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze dist<span class=\"_ _4\"></span>ribuite, co<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">quelle di natura c<span class=\"_ _4\"></span>ommerciale co<span class=\"_ _4\"></span>ncentrate e<span class=\"_ _4\"></span>ntro i tre me<span class=\"_ _4\"></span>si. Per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, i v<span class=\"_ _4\"></span>alori de<span class=\"_ _4\"></span>i debiti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche han<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no una durata re<span class=\"_ _4\"></span>sidua mas<span class=\"_ _4\"></span>sima inferio<span class=\"_ _4\"></span>re ad un anno e pe<span class=\"_ _4\"></span>r la mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te inferi<span class=\"_ _4\"></span>ore a 3 mes<span class=\"_ _4\"></span>i. </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie iscrit<span class=\"_ _4\"></span>te in bilancio hanno v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua di pi\u00f9 bre<span class=\"_ _4\"></span>ve termine e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>endo in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza re<span class=\"_ _4\"></span>lative a di<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e m<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi e<span class=\"_ _4\"></span>quival<span class=\"_ _4\"></span>enti.</span></span> </span><span style=\"display:inherit;clear:left;\">Rischio di cr<span class=\"_ _2\"></span>edito</span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione del G<span class=\"_ _4\"></span>ruppo a p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali perdite d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dal mancato ad<span class=\"_ _4\"></span>empime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">delle o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni as<span class=\"_ _4\"></span>sunte dalle contropar<span class=\"_ _4\"></span>ti, s<span class=\"_ _4\"></span>ia commerciali che f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie. Il Grup<span class=\"_ _4\"></span>po pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a una diver<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ischio di cre<span class=\"_ _4\"></span>dito in base a<span class=\"_ _4\"></span>lla natura delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 che hanno ge<span class=\"_ _4\"></span>nerato il cre<span class=\"_ _4\"></span>dito st<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o. L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio </span><span style=\"display:inherit;clear:left;\">di credito c<span class=\"_ _4\"></span>ommerciale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o \u00e8 riferibil<span class=\"_ _4\"></span>e alle vendite d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, ai credit<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dai ricav<span class=\"_ _4\"></span>i prove<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nienti dalle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di licen<span class=\"_ _4\"></span>za e di lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>oni immobiliari, che ins<span class=\"_ _4\"></span>ieme rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano c<span class=\"_ _4\"></span>irca il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>5 pe<span class=\"_ _4\"></span>r cento de<span class=\"_ _4\"></span>l fattur<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">global<span class=\"_ _4\"></span>e: il rimanente giro d<span class=\"_ _4\"></span>\u2019affari \u00e8 rife<span class=\"_ _4\"></span>ribile alle ve<span class=\"_ _4\"></span>ndite DT<span class=\"_ _2\"></span>C con pag<span class=\"_ _4\"></span>amento in cont<span class=\"_ _4\"></span>anti o mediante c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito o </span><span style=\"display:inherit;clear:left;\">di debit<span class=\"_ _4\"></span>o al momento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to. I credit<span class=\"_ _4\"></span>i commerciali, pr<span class=\"_ _4\"></span>incipalmente rife<span class=\"_ _4\"></span>ribili alle vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls4 ws97\">, ed in mi<span class=\"_ _4\"></span>sura </span></span><span style=\"display:inherit;clear:left;\">meno r<span class=\"_ _4\"></span>ilevante a ve<span class=\"_ _4\"></span>ndite<span class=\"ff5f ls68 wse3\"> e-<span class=\"_ _4\"></span>comme<span class=\"_ _4\"></span>rce</span> o D<span class=\"_ _2\"></span>TC se all<span class=\"_ _4\"></span>\u2019intern<span class=\"_ _4\"></span>o di <span class=\"ff5f\">depar<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt store</span>, hanno gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a infe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riore a 9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>. Il Gruppo ge<span class=\"_ _4\"></span>neralm<span class=\"_ _4\"></span>ente pri<span class=\"_ _4\"></span>vileg<span class=\"_ _4\"></span>ia rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali con clie<span class=\"_ _4\"></span>nti con i quali intratt<span class=\"_ _4\"></span>iene re<span class=\"_ _4\"></span>lazioni </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidate nel t<span class=\"_ _4\"></span>empo. \u00c8 p<span class=\"_ _4\"></span>olitica d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>rre i clienti che ri<span class=\"_ _4\"></span>chiedon<span class=\"_ _4\"></span>o condiz<span class=\"_ _4\"></span>ioni di pagame<span class=\"_ _4\"></span>nto dilazionate </span><span style=\"display:inherit;clear:left;\">a proce<span class=\"_ _4\"></span>dure di verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla relativ<span class=\"_ _4\"></span>a class<span class=\"_ _4\"></span>e di credito, sia c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto ad informaz<span class=\"_ _4\"></span>ioni otte<span class=\"_ _4\"></span>nibili da agenzi<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cializ<span class=\"_ _4\"></span>zate<span class=\"_ _4\"></span>, sia dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oss<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>azione e anali<span class=\"_ _4\"></span>si dei dati andam<span class=\"_ _4\"></span>entali de<span class=\"_ _4\"></span>i clienti di non nuov<span class=\"_ _4\"></span>a acquisi<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Inoltre, il s<span class=\"_ _4\"></span>aldo de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>i viene c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte monitorato n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, in mo<span class=\"_ _4\"></span>do da as<span class=\"_ _4\"></span>sicurare te<span class=\"_ _4\"></span>mpe<span class=\"_ _4\"></span>stiv<span class=\"_ _4\"></span>it\u00e0 di inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vento e </span><span style=\"display:inherit;clear:left;\">da ridurre il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdite. Il fra<span class=\"_ _4\"></span>zioname<span class=\"_ _4\"></span>nto del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito tra una molt<span class=\"_ _4\"></span>eplicit<span class=\"_ _4\"></span>\u00e0 di clienti op<span class=\"_ _4\"></span>era ad ulte<span class=\"_ _4\"></span>riore </span><span style=\"display:inherit;clear:left;\">mitiga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio in o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto. </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati in bilancio al net<span class=\"_ _4\"></span>to della s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di inadempi<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>ntropar<span class=\"_ _4\"></span>te, det<span class=\"_ _4\"></span>erminata co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rando le informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili sulla so<span class=\"_ _4\"></span>lvibilit<span class=\"_ _4\"></span>\u00e0 del clie<span class=\"_ _4\"></span>nte, i dati sto<span class=\"_ _4\"></span>rici e le </span><span style=\"display:inherit;clear:left;\">condizioni economi<span class=\"_ _1\"></span>che previsiona<span class=\"_ _1\"></span>li.  </span><span style=\"display:inherit;clear:left;\">Oltre all<span class=\"_ _4\"></span>\u2019ottenim<span class=\"_ _4\"></span>ento, ove pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>, di garanzi<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e dei clienti <span class=\"ff5f ls32 ws122\">whole<span class=\"_ _4\"></span>saler</span> o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>adozione di m<span class=\"_ _4\"></span>odalit\u00e0 di p<span class=\"_ _4\"></span>agamento </span><span style=\"display:inherit;clear:left;\">pi\u00f9 caute<span class=\"_ _4\"></span>lative p<span class=\"_ _4\"></span>er il credit<span class=\"_ _4\"></span>ore, quali le let<span class=\"_ _4\"></span>tere di cre<span class=\"_ _4\"></span>dito do<span class=\"_ _4\"></span>cumentar<span class=\"_ _4\"></span>io, un altro strum<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r la gest<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito comme<span class=\"_ _4\"></span>rciale \u00e8 la stipula di p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di preve<span class=\"_ _4\"></span>nire il rischio di manc<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nto attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o una puntuale sel<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio clie<span class=\"_ _4\"></span>nti ope<span class=\"_ _4\"></span>rata co<span class=\"_ _4\"></span>ngiuntamente c<span class=\"_ _4\"></span>on le compag<span class=\"_ _4\"></span>nie di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurazi<span class=\"_ _4\"></span>one, che s<span class=\"_ _4\"></span>i impeg<span class=\"_ _4\"></span>nano a garantire l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>denniz<span class=\"_ _4\"></span>zo in c<span class=\"_ _4\"></span>aso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale la So<span class=\"_ _4\"></span>ciet\u00e0 r<span class=\"_ _4\"></span>itiene ch<span class=\"_ _4\"></span>e le politich<span class=\"_ _4\"></span>e di <span class=\"ff5f\">credit risk manageme<span class=\"_ _4\"></span>nt</span> adott<span class=\"_ _4\"></span>ate abbiano p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di contene<span class=\"_ _4\"></span>re en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tro limiti acce<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>abili lo sca<span class=\"_ _4\"></span>duto e le ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>ze per l<span class=\"_ _4\"></span>e quali \u00e8 stato n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>io ricorre<span class=\"_ _4\"></span>re a misure le<span class=\"_ _4\"></span>gali di recup<span class=\"_ _4\"></span>ero de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credito.  </span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito conn<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di f<span class=\"_ _4\"></span>inanziamento, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e ope<span class=\"_ _4\"></span>rativit<span class=\"_ _4\"></span>\u00e0 in st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dalla incapa<span class=\"_ _4\"></span>cit\u00e0 de<span class=\"_ _4\"></span>lla contropar<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>emit<span class=\"_ _4\"></span>tente de<span class=\"_ _4\"></span>gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari a a<span class=\"_ _4\"></span>dempie<span class=\"_ _4\"></span>re alle proprie o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zioni contr<span class=\"_ _4\"></span>attuali, cos\u00ec d<span class=\"_ _4\"></span>etto ri<span class=\"_ _4\"></span>schio di contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>e. Il Grup<span class=\"_ _4\"></span>po ges<span class=\"_ _4\"></span>tisc<span class=\"_ _4\"></span>e ques<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">tipo di risch<span class=\"_ _2\"></span>io se<span class=\"_ _4\"></span>lezionando con<span class=\"_ _1\"></span>troparti con elevato <span class=\"ff5f ls58 ws6\">standing</span><span class=\"ls3 ws11f\"> cr<span class=\"_ _4\"></span>editiz<span class=\"_ _4\"></span>io, consid<span class=\"_ _4\"></span>erate s<span class=\"_ _4\"></span>olvibili dal m<span class=\"_ _4\"></span>ercato e co<span class=\"_ _4\"></span>n le quali </span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>iene ordinar<span class=\"_ _4\"></span>i e continuativ<span class=\"_ _4\"></span>i rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali e di se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>io bancari, e di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cando la v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span>nominazio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne della li<span class=\"_ _4\"></span>quidit\u00e0 in e<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>so.  </span><span style=\"display:inherit;clear:left;\">Con tut<span class=\"_ _4\"></span>te le contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i con le quali vie<span class=\"_ _4\"></span>ne s<span class=\"_ _4\"></span>volta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 in de<span class=\"_ _4\"></span>rivati, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati negoziati e s<span class=\"_ _4\"></span>tipulati contr<span class=\"_ _4\"></span>atti quadro </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo gli <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls4 wsa\"> interna<span class=\"_ _4\"></span>zionali (ISDA<span class=\"ff5f ls2c ws8e\"> Master A<span class=\"_ _1\"></span>greemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">), al fin<span class=\"_ _4\"></span>e di regolare le v<span class=\"_ _4\"></span>arie fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie.  </span></span></span></span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito riguar<span class=\"_ _4\"></span>dante le altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie del G<span class=\"_ _4\"></span>ruppo ch<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>dono disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">equiv<span class=\"_ _4\"></span>alenti, at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato e alcuni s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati, pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a un rischio par<span class=\"_ _4\"></span>i al valore </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile di ques<span class=\"_ _4\"></span>te atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in caso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ella controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c8\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni imputate </span></span></span><span style=\"display:inherit;clear:left;\">a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie<span class=\"_ _a7\"> </span>13 <span class=\"_ _1f7\"> </span>- <span class=\"_ _6e\"> </span>37 <span class=\"_ _225\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi e finanziamenti<span class=\"_ _128\"> </span> <span class=\"_ _1ce\"> </span> <span class=\"_ _83\"> </span> <span class=\"_ _a6\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _23d\"> </span>84.579 <span class=\"_ _221\"> </span>- <span class=\"_ _81\"> </span>106.821 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _2ec\"> </span>12.793 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>15.608 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _177\"> </span>238.194 <span class=\"_ _1f7\"> </span>- <span class=\"_ _81\"> </span>268.988 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2ed\"> </span>- <span class=\"_ _82\"> </span>13.578 <span class=\"_ _1b4\"> </span>- <span class=\"_ _176\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _cb\"> </span>50.401 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>35.240 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Derivati<span class=\"_ _1f\"> </span>1.919 <span class=\"_ _1f7\"> </span>- <span class=\"_ _23e\"> </span>8.348 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>387.899 <span class=\"_ _d7\"> </span>13.578 <span class=\"_ _212\"> </span>435.042 <span class=\"_ _25\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a come l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne del Gr<span class=\"_ _4\"></span>uppo al ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o, sia commerciale ch<span class=\"_ _4\"></span>e di contropar<span class=\"_ _4\"></span>te, \u00e8 r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ata dal val<span class=\"_ _4\"></span>ore contab<span class=\"_ _4\"></span>ile delle p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ative di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _1\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e, quasi e<span class=\"_ _4\"></span>sclusi<span class=\"_ _4\"></span>vamente<span class=\"_ _4\"></span>, limitat<span class=\"_ _4\"></span>a alla quota cor<span class=\"_ _4\"></span>rente. L<span class=\"_ _4\"></span>a quota no<span class=\"_ _4\"></span>n corrente \u00e8 inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tat<span class=\"_ _4\"></span>a dalla voce \u201c<span class=\"_ _4\"></span>Dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali<span class=\"_ _4\"></span>\u201d, che ricompren<span class=\"_ _4\"></span>de in mas<span class=\"_ _4\"></span>sima par<span class=\"_ _4\"></span>te i dep<span class=\"_ _4\"></span>ositi in co<span class=\"_ _4\"></span>ntanti ver<span class=\"_ _4\"></span>sati da vari<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">a fronte de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di immobili, qui es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ta al valo<span class=\"_ _4\"></span>re nominale<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _192\"> </span>31 dicembre 2024<span class=\"_ _6b\"> </span>%<span class=\"_ _e1\"> </span>31 dicembre 2023<span class=\"_ _263\"> </span>%</span><span style=\"display:inherit;clear:left;\">Italia<span class=\"_ _232\"> </span>17.557 <span class=\"_ _80\"> </span>20,8% <span class=\"_ _f3\"> </span>22.084 <span class=\"_ _ca\"> </span>20,7% </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _13d\"> </span>6.870 <span class=\"_ _1f1\"> </span>8,1% <span class=\"_ _b7\"> </span>12.363 <span class=\"_ _81\"> </span>11,6% </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _114\"> </span><span class=\"ws0\">19.361 <span class=\"_ _32\"> </span>22,9% <span class=\"_ _b7\"> </span>19.508 <span class=\"_ _81\"> </span>18,3% </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _116\"> </span>5.363 <span class=\"_ _1f1\"> </span>6,3% <span class=\"_ _23e\"> </span>6.434 <span class=\"_ _f3\"> </span>6,0% </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _98\"> </span>27.497 <span class=\"_ _32\"> </span>32,5% <span class=\"_ _b7\"> </span>36.575 <span class=\"_ _81\"> </span>34,2% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _11\"> </span>7.931 <span class=\"_ _1f1\"> </span>9,4% <span class=\"_ _23e\"> </span>9.857 <span class=\"_ _f3\"> </span>9,2% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span>84.579 <span class=\"_ _148\"> </span>100,0% <span class=\"_ _2e0\"> </span>106.821 <span class=\"_ _d1\"> </span>100,0% </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a la concentr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o commerciale p<span class=\"_ _4\"></span>er area g<span class=\"_ _4\"></span>eogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a di atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o nei </span><span style=\"display:inherit;clear:left;\">due esercizi considerati.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi non </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi scaduti ma non svalutati</span><span style=\"display:inherit;clear:left;\">scaduti e non </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">svalutati</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2ee\"></span>&lt;30 gg<span class=\"_ _7f\"> </span>30-60 gg<span class=\"_ _7f\"> </span>60-90 gg<span class=\"_ _164\"> </span>90-120 gg<span class=\"_ _8b\"> </span>&gt;120 gg</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _90\"> </span>65.298 <span class=\"_ _b4\"> </span>6.197 <span class=\"_ _b4\"> </span>3.314 <span class=\"_ _c1\"> </span>2.278 <span class=\"_ _b4\"> </span>1.726 <span class=\"_ _b4\"> </span>5.766 <span class=\"_ _15f\"> </span><span class=\"ff62\">84.579 </span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _83\"> </span>93.374 <span class=\"_ _b4\"> </span>4.860 <span class=\"_ _b4\"> </span>3.177 <span class=\"_ _b4\"> </span>1.093 <span class=\"_ _b4\"> </span>1.170 <span class=\"_ _c1\"> </span>3.147 <span class=\"_ _19a\"> </span><span class=\"ff62\">106.821 </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _66\"> </span>77,2% <span class=\"_ _111\"> </span>7,3% <span class=\"_ _74\"> </span>3,9% <span class=\"_ _111\"> </span>2,7% <span class=\"_ _74\"> </span>2,1% <span class=\"_ _111\"> </span>6,8% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _66\"> </span>87,4% <span class=\"_ _111\"> </span>4,6% <span class=\"_ _74\"> </span>3,0% <span class=\"_ _111\"> </span>1,0% <span class=\"_ _74\"> </span>1,1% <span class=\"_ _111\"> </span>2,9% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze de<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>caduti e n<span class=\"_ _4\"></span>on sv<span class=\"_ _4\"></span>alutati ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la conce<span class=\"_ _4\"></span>ntrazi<span class=\"_ _4\"></span>one nell<span class=\"_ _4\"></span>\u2019ambito dei tr<span class=\"_ _4\"></span>enta </span><span style=\"display:inherit;clear:left;\">giorni p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i chiusi al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. </span><span style=\"display:inherit;clear:left;\">La con<span class=\"_ _4\"></span>centra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e vers<span class=\"_ _4\"></span>o i principali clie<span class=\"_ _4\"></span>nti \u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata nella t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla sotto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante; per la co<span class=\"_ _4\"></span>ncentra<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle ve<span class=\"_ _4\"></span>ndite pe<span class=\"_ _4\"></span>r area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ica s<span class=\"_ _4\"></span>i rinvia a quanto esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>appos<span class=\"_ _4\"></span>ito paragr<span class=\"_ _4\"></span>afo<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncentr<span class=\"_ _1\"></span>azione del rischio di merc<span class=\"_ _2\"></span>ato<span class=\"_ _1cc\"> </span>2024 <span class=\"_ _78\"> </span>2023 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con il maggior cliente<span class=\"_ _8c\"> </span>1,4% <span class=\"_ _99\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 3 maggiori clienti<span class=\"_ _2a1\"> </span>3,9% <span class=\"_ _141\"> </span>4,1% </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 10 maggiori clienti<span class=\"_ _2f0\"> </span>9,4% <span class=\"_ _1d3\"> </span>10,0%</span></span> </span><span style=\"display:inherit;clear:left;\">Gestione del capit<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obietti<span class=\"_ _4\"></span>vo primario de<span class=\"_ _4\"></span>lla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale del G<span class=\"_ _4\"></span>ruppo \u00e8 gar<span class=\"_ _4\"></span>antire che sia mantenuto un s<span class=\"_ _4\"></span>olido <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls2b ws12c\"> cre<span class=\"_ _4\"></span>ditizio </span></span><span style=\"display:inherit;clear:left;\">e ade<span class=\"_ _4\"></span>guati livelli de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di capit<span class=\"_ _4\"></span>ale in mo<span class=\"_ _4\"></span>do da supp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zare il v<span class=\"_ _4\"></span>alore pe<span class=\"_ _4\"></span>r gli azi<span class=\"_ _4\"></span>onisti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ges<span class=\"_ _4\"></span>tisce la s<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>tura del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e e la modif<span class=\"_ _4\"></span>ica in f<span class=\"_ _4\"></span>unzione di v<span class=\"_ _4\"></span>ariazioni n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e. Per </span><span style=\"display:inherit;clear:left;\">mantene<span class=\"_ _4\"></span>re o adeg<span class=\"_ _4\"></span>uare la strut<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale, il Gr<span class=\"_ _4\"></span>uppo pu\u00f2 a<span class=\"_ _4\"></span>deguare i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pagati ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti, rimbo<span class=\"_ _4\"></span>rsar<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">capit<span class=\"_ _4\"></span>ale o em<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re nuove azio<span class=\"_ _4\"></span>ni. Nes<span class=\"_ _4\"></span>suna varia<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata ap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a agli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i, alle politi<span class=\"_ _4\"></span>che o alle proc<span class=\"_ _4\"></span>edure </span><span style=\"display:inherit;clear:left;\">durante gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Allo s<span class=\"_ _4\"></span>copo di co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uire ques<span class=\"_ _4\"></span>to obiet<span class=\"_ _4\"></span>tivo, la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del cap<span class=\"_ _4\"></span>itale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o mira, tra l<span class=\"_ _4\"></span>e altre cos<span class=\"_ _4\"></span>e, ad as<span class=\"_ _4\"></span>sicurare <span class=\"_ _49\"></span> </span><span style=\"display:inherit;clear:left;\">che siano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>ventuali <span class=\"ff5f ls57 ws97\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, legati ai d<span class=\"_ _4\"></span>ebiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche, ch<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>iniscon<span class=\"_ _4\"></span>o i requisit<span class=\"_ _4\"></span>i di strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">patrimon<span class=\"_ _1\"></span>iale.  </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o include ne<span class=\"_ _4\"></span>l debito n<span class=\"_ _4\"></span>etto, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti onero<span class=\"_ _4\"></span>si, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, altri de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciali ed altri d<span class=\"_ _4\"></span>ebiti, al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle disp<span class=\"_ _4\"></span>onibilit\u00e0 liquid<span class=\"_ _4\"></span>e e mez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i equiv<span class=\"_ _4\"></span>alenti. </span><span style=\"display:inherit;clear:left;\">Nella vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari<span class=\"_ _4\"></span>\u201d \u00e8 inclus<span class=\"_ _4\"></span>a la valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di ac<span class=\"_ _4\"></span>quisto di quot<span class=\"_ _4\"></span>e di minoranz<span class=\"_ _4\"></span>a (<span class=\"_ _1\"></span>vedas<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">nota 43 \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ccordi di <span class=\"ff5f ls55 wscc\">Put</span> e <span class=\"ff5f ws5d\">Call</span> su Inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), pari a Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>34 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 (Euro 898 </span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Nella t<span class=\"_ _4\"></span>abella n<span class=\"_ _4\"></span>on vengono inclu<span class=\"_ _4\"></span>si i valor<span class=\"_ _4\"></span>i ed i relat<span class=\"_ _4\"></span>ivi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti prod<span class=\"_ _4\"></span>otti dai de<span class=\"_ _4\"></span>rivati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio </span><span style=\"display:inherit;clear:left;\">di cambio.</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Finanziamenti onerosi<span class=\"_ _119\"> </span>113.291 <span class=\"_ _f3\"> </span>80.129 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _2f1\"> </span></span>676.346 <span class=\"_ _81\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _1a0\"> </span>1.134 <span class=\"_ _27a\"> </span>898 </span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali ed Altri debiti (al netto degli Strumenti derivati di c<span class=\"_ _2\"></span>opertura)<span class=\"_ _14a\"> </span>198.821 <span class=\"_ _ca\"> </span>221.571 </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _129\"> </span>238.194 <span class=\"_ _ca\"> </span>268.988 </span><span style=\"display:inherit;clear:left;\">Debito netto<span class=\"_ _2f2\"> </span>751.398 <span class=\"_ _2e0\"> </span>744.652 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di Gruppo (al netto della Riserva di <span class=\"ff64\">cash flow hedge</span>)<span class=\"_ _2ea\"> </span>624.396 <span class=\"_ _ca\"> </span>716.946 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di terzi<span class=\"_ _a8\"> </span>995<span class=\"_ _24c\"> </span>997 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto (al netto della Riserva di <span class=\"ff63\">cash flow hedge</span>)<span class=\"_ _1c9\"> </span>625.391 <span class=\"_ _2e0\"> </span>717.943 </span><span style=\"display:inherit;clear:left;\">Capitale e debito netto<span class=\"_ _3a\"> </span>1.376.789 <span class=\"_ _2da\"> </span>1.462.595 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Debito netto/P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _d2\"> </span>120,1% <span class=\"_ _1c1\"> </span>103,7%</span></span> </span><span style=\"display:inherit;clear:left;\">4. <span class=\"_ _2\"></span> <span class=\"_ _46\"></span>Aggr<span class=\"_ _2\"></span>egazioni di impr<span class=\"_ _2\"></span>ese (<span class=\"ff5f\">business c<span class=\"_ _2\"></span>ombination<span class=\"ff5c\">) ed </span></span></span><span style=\"display:inherit;clear:left;\">ac<span class=\"_ _2\"></span>qu<span class=\"_ _4\"></span>isti di inter<span class=\"_ _1\"></span>essenze di minor<span class=\"_ _1c\"></span>anza </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 no<span class=\"_ _4\"></span>n vi son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>e agg<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zioni di impre<span class=\"_ _4\"></span>se (</span><span style=\"display:inherit;clear:left;\">business</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">combination<span class=\"_ _2\"></span></span></span><span class=\"ff5c ls0 ws0\"><span><span style=\"display:inherit;clear:left;\">).</span></span> </span></span><span style=\"display:inherit;clear:left;\">Commen<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span> al<span class=\"_ _1\"></span>le princi<span class=\"_ _2\"></span>pali voci dell<span class=\"_ _1\"></span>a situazione </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _2\"></span>trimon<span class=\"_ _1\"></span>ia<span class=\"_ _2\"></span>le<span class=\"_ _4\"></span> e<span class=\"_ _4\"></span> f<span class=\"_ _4\"></span>ina<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>zi<span class=\"_ _2\"></span>ari<span class=\"_ _1\"></span>a (<span class=\"_ _44\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, patri<span class=\"_ _2\"></span>monio </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span> pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0<span class=\"_ _44\"></span>)</span><span style=\"display:inherit;clear:left;\">5. Immobili, impianti e mac<span class=\"_ _2\"></span>chinari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli Immobili, impianti e macchinari s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>ntali al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e 2023 \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel </span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uente pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _3d\"> </span>28.329 <span class=\"_ _d0\"> </span>- <span class=\"_ _257\"> </span>28.329 <span class=\"_ _111\"> </span>28.998<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>28.998</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _122\"> </span>103.516 <span class=\"_ _151\"> </span>50.138 <span class=\"_ _257\"> </span>53.378 <span class=\"_ _11f\"> </span>101.668<span class=\"_ _127\"> </span>46.536<span class=\"_ _67\"> </span>55.132</span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _1dd\"> </span>63.599 <span class=\"_ _1ba\"> </span>52.257 <span class=\"_ _8b\"> </span>11.342 <span class=\"_ _111\"> </span>63.699<span class=\"_ _127\"> </span>49.332<span class=\"_ _67\"> </span>14.367</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _79\"> </span>149.449 <span class=\"_ _85\"> </span>122.907 <span class=\"_ _8b\"> </span>26.542 <span class=\"_ _11f\"> </span>135.829<span class=\"_ _89\"> </span>112.348<span class=\"_ _67\"> </span>23.481</span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _2dd\"> </span>91.067 <span class=\"_ _151\"> </span>82.456 <span class=\"_ _105\"> </span>8.611 <span class=\"_ _111\"> </span>87.668<span class=\"_ _127\"> </span>77.642<span class=\"_ _127\"> </span>10.026</span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _154\"> </span>315.032 <span class=\"_ _85\"> </span>258.500 <span class=\"_ _8b\"> </span>56.532 <span class=\"_ _11f\"> </span>298.253<span class=\"_ _89\"> </span>248.078<span class=\"_ _67\"> </span>50.175</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _1f7\"> </span>20.826 <span class=\"_ _32\"> </span>- <span class=\"_ _8b\"> </span>20.826 <span class=\"_ _111\"> </span>18.509<span class=\"_ _25\"> </span>-<span class=\"_ _67\"> </span>18.509</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2c6\"> </span>771.818 <span class=\"_ _86\"> </span>566.258 <span class=\"_ _1b8\"> </span>205.560 <span class=\"_ _127\"> </span>734.624<span class=\"_ _8b\"> </span>533.936<span class=\"_ _8b\"> </span>200.688</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne degli imm<span class=\"_ _4\"></span>obili, impianti e macchinari p<span class=\"_ _4\"></span>er gli es<span class=\"_ _4\"></span>erciz<span class=\"_ _4\"></span>i chiusi al </span><span style=\"display:inherit;clear:left;\">3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _123\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _1dc\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _1bb\"> </span>Amm.ti<span class=\"_ _19c\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _113\"> </span>28.998<span class=\"_ _85\"> </span>(220) <span class=\"_ _2a9\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _240\"> </span>(449) <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>28.329 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _ef\"> </span>55.132<span class=\"_ _1b9\"> </span>248 <span class=\"_ _203\"> </span>831 <span class=\"_ _1e5\"> </span>(200) <span class=\"_ _19c\"> </span>(2.633) <span class=\"_ _2a9\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>53.378 </span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _9c\"> </span>14.367<span class=\"_ _b6\"> </span>4 <span class=\"_ _203\"> </span>771 <span class=\"_ _b6\"> </span>- <span class=\"_ _1e2\"> </span>(3.784) <span class=\"_ _b6\"> </span>- <span class=\"_ _8a\"> </span>(16) <span class=\"_ _1da\"> </span>11.342 </span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _1ba\"> </span>23.481<span class=\"_ _1b9\"> </span>181 <span class=\"_ _19a\"> </span>18.609 <span class=\"_ _1e5\"> </span>(933) <span class=\"_ _1e2\"> </span>(9.545) <span class=\"_ _8a\"> </span>(55) <span class=\"_ _19c\"> </span>(5.196) <span class=\"_ _19a\"> </span>26.542 </span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _11a\"> </span>10.026<span class=\"_ _ec\"> </span>45 <span class=\"_ _7\"> </span>3.980 <span class=\"_ _8a\"> </span>(51) <span class=\"_ _1e2\"> </span>(4.955) <span class=\"_ _bf\"> </span>2 <span class=\"_ _123\"> </span>(436)<span class=\"_ _4\"></span> <span class=\"_ _15f\"> </span>8.611 </span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _1b3\"> </span>50.175<span class=\"_ _1e5\"> </span>1.146 <span class=\"_ _19a\"> </span>31.426 <span class=\"_ _1e5\"> </span>(595) <span class=\"_ _174\"> </span>(20.069)<span class=\"_ _4\"></span> <span class=\"_ _b2\"> </span>53 <span class=\"_ _19c\"> </span>(5.604) <span class=\"_ _19a\"> </span>56.532 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _74\"> </span>18.509<span class=\"_ _1b9\"> </span>435 <span class=\"_ _19a\"> </span>27.884 <span class=\"_ _1de\"> </span>(21.978) <span class=\"_ _b6\"> </span>- <span class=\"_ _1e2\"> </span>(4.024) <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>20.826 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14f\"> </span>200.688<span class=\"_ _1e5\"> </span>1.839 <span class=\"_ _1e2\"> </span>83.501 <span class=\"_ _1e3\"> </span>(23.757) <span class=\"_ _1e4\"> </span>(40.986) <span class=\"_ _1bb\"> </span>(4.473) <span class=\"_ _1e4\"> </span>(11.252) <span class=\"_ _1de\"> </span>205.560 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 non </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">destinate alla </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _1e4\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _213\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _1e3\"> </span>Amm.ti<span class=\"_ _7b\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">dismissione</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _296\"> </span>29.613<span class=\"_ _1e8\"> </span>(615)<span class=\"_ _151\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>28.998</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _14a\"> </span>55.150<span class=\"_ _18b\"> </span>(186)<span class=\"_ _174\"> </span>2.833<span class=\"_ _111\"> </span>-<span class=\"_ _1e8\"> </span>(2.602)<span class=\"_ _151\"> </span>-<span class=\"_ _7c\"> </span>-<span class=\"_ _d8\"> </span>(63)<span class=\"_ _19a\"> </span>55.132</span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _97\"> </span>14.056<span class=\"_ _7\"> </span>(6)<span class=\"_ _174\"> </span>4.841<span class=\"_ _151\"> </span>(4)<span class=\"_ _1e8\"> </span>(4.520)<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>14.367</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _b1\"> </span>21.973<span class=\"_ _18b\"> </span>(555)<span class=\"_ _241\"> </span>11.475<span class=\"_ _1dc\"> </span>(340)<span class=\"_ _1e8\"> </span>(8.437<span class=\"_ _4\"></span>)<span class=\"_ _151\"> </span>-<span class=\"_ _1bb\"> </span>(635)<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>23.481</span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _27e\"> </span>8.540<span class=\"_ _18b\"> </span>(101)<span class=\"_ _174\"> </span>6.197<span class=\"_ _87\"> </span>(14)<span class=\"_ _1e8\"> </span>(4.417)<span class=\"_ _1da\"> </span>(18)<span class=\"_ _1bb\"> </span>(161)<span class=\"_ _82\"> </span>-<span class=\"_ _1da\"> </span>10.026</span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _a6\"> </span>53.933<span class=\"_ _242\"> </span>(1.733)<span class=\"_ _241\"> </span>22.692<span class=\"_ _1dc\"> </span>(169)<span class=\"_ _256\"> </span>(18.699)<span class=\"_ _151\"> </span>-<span class=\"_ _16e\"> </span>(5.849)<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>50.175</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _e5\"> </span>8.299<span class=\"_ _18b\"> </span>(230)<span class=\"_ _1f0\"> </span>28.523<span class=\"_ _256\"> </span>(18.083)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>18.509</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>191.564<span class=\"_ _1df\"> </span>(3.426)<span class=\"_ _242\"> </span>76.561<span class=\"_ _2b0\"> </span>(18.610)<span class=\"_ _2b0\"> </span>(38.675)<span class=\"_ _19c\"> </span>(18)<span class=\"_ _23\"> </span>(6.645)<span class=\"_ _cf\"> </span>(63)<span class=\"_ _1de\"> </span>200.688</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento, al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lle \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali in co<span class=\"_ _4\"></span>rso e<span class=\"_ _4\"></span>d acconti<span class=\"_ _5\"></span>\u201d<span class=\"_ _2\"></span>:  </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>de<span class=\"_ _4\"></span>lle voci \u201c<span class=\"_ _4\"></span>Fabbricat<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d e \u201cImpianti e mac<span class=\"_ _4\"></span>chinari<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce princip<span class=\"_ _4\"></span>almente ad al<span class=\"_ _4\"></span>cuni lavori di miglioria pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o lo st<span class=\"_ _4\"></span>abili<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mento di O<span class=\"_ _4\"></span>smannoro<span class=\"_ _4\"></span>\u2013Se<span class=\"_ _4\"></span>sto Fi<span class=\"_ _4\"></span>orentino, di prop<span class=\"_ _4\"></span>riet\u00e0 d<span class=\"_ _4\"></span>ella Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>.,e pre<span class=\"_ _4\"></span>sso l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>edif<span class=\"_ _4\"></span>icio di Ne<span class=\"_ _4\"></span>w Y<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>rk, </span><span style=\"display:inherit;clear:left;\">di proprie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo USA<span class=\"_ _4\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>delle \u201cAttre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zature indus<span class=\"_ _4\"></span>triali e comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d \u00e8 relativo p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e ris<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>turazio<span class=\"_ _4\"></span>ne di punti vendit<span class=\"_ _4\"></span>a; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _48\"></span>d<span class=\"_ _4\"></span>egli \u201c<span class=\"_ _1\"></span>Altri b<span class=\"_ _4\"></span>eni<span class=\"_ _4\"></span>\u201d riguar<span class=\"_ _4\"></span>da prevale<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte attre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zature informatich<span class=\"_ _4\"></span>e (Euro 2.<span class=\"_ _1\"></span>794 migliaia<span class=\"_ _2\"></span>) e m<span class=\"_ _4\"></span>obili e arre<span class=\"_ _4\"></span>di (Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>034 migliaia<span class=\"_ _1\"></span>); </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>dell<span class=\"_ _4\"></span>e migliorie su b<span class=\"_ _4\"></span>eni di ter<span class=\"_ _4\"></span>zi si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e preval<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte a lavori ef<span class=\"_ _4\"></span>fettuati p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019aper<span class=\"_ _4\"></span>tura o ris<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>turazio<span class=\"_ _4\"></span>ne dei punti </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 mat<span class=\"_ _4\"></span>eriali in cor<span class=\"_ _4\"></span>so e acco<span class=\"_ _4\"></span>nti si riferis<span class=\"_ _4\"></span>ce in buona p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e alle spe<span class=\"_ _4\"></span>se so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute e acconti e<span class=\"_ _4\"></span>rogati ine<span class=\"_ _4\"></span>renti rin<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">novi e ap<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di punti ven<span class=\"_ _4\"></span>dita non anc<span class=\"_ _4\"></span>ora op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i alla data di chiusur<span class=\"_ _4\"></span>a del bilancio. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Migliorie s<span class=\"_ _4\"></span>u beni di te<span class=\"_ _4\"></span>rzi<span class=\"_ _5\"></span>\u201d<span class=\"_ _2\"></span>, so<span class=\"_ _4\"></span>no inclusi i co<span class=\"_ _4\"></span>sti di ripr<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stino l<span class=\"_ _4\"></span>ocali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>i (<span class=\"_ _2\"></span>acc<span class=\"_ _4\"></span>antonati in contropar<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>a al \u201c<span class=\"_ _4\"></span>Fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oneri<span class=\"_ _4\"></span>\u201d, nota 23<span class=\"_ _1\"></span>), per il 202<span class=\"_ _1\"></span>4 pari a Euro </span><span style=\"display:inherit;clear:left;\">2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>5 migliaia (<span class=\"_ _2\"></span>ne<span class=\"_ _4\"></span>l 2023 pari a Euro 392 migliaia<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">I decre<span class=\"_ _4\"></span>menti s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte alla dismiss<span class=\"_ _4\"></span>ione di ce<span class=\"_ _4\"></span>spiti (non complet<span class=\"_ _4\"></span>amente amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati) di punti ve<span class=\"_ _4\"></span>ndi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta ri<span class=\"_ _4\"></span>strut<span class=\"_ _4\"></span>turati o chiusi n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio.  </span><span style=\"display:inherit;clear:left;\">La ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica a<span class=\"_ _4\"></span>lla voce terr<span class=\"_ _4\"></span>eni pari ad Euro 4<span class=\"_ _4\"></span>49 migliaia si rifer<span class=\"_ _4\"></span>isce al tr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>rimento de<span class=\"_ _4\"></span>lla por<span class=\"_ _4\"></span>zione di te<span class=\"_ _4\"></span>rreno di p<span class=\"_ _4\"></span>ropriet<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinata a te<span class=\"_ _4\"></span>rreni p<span class=\"_ _4\"></span>er inves<span class=\"_ _4\"></span>timento imm<span class=\"_ _4\"></span>obiliare da par<span class=\"_ _4\"></span>te della C<span class=\"_ _4\"></span>apogrup<span class=\"_ _4\"></span>po; mentre la ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla voce \u201c<span class=\"_ _1\"></span>Atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">materiali in cor<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>d acconti<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 4.02<span class=\"_ _1\"></span>4 migliaia si riferis<span class=\"_ _4\"></span>ce alle op<span class=\"_ _4\"></span>ere di bo<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>a svo<span class=\"_ _4\"></span>lte sul terr<span class=\"_ _4\"></span>eno di </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inato ad inves<span class=\"_ _4\"></span>timento immo<span class=\"_ _4\"></span>biliare pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>339 migliaia ed alla </span><span style=\"display:inherit;clear:left;\">realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di un edif<span class=\"_ _4\"></span>icio da de<span class=\"_ _4\"></span>stinare a e<span class=\"_ _4\"></span>dilizia pro<span class=\"_ _4\"></span>duttiv<span class=\"_ _4\"></span>a di intere<span class=\"_ _4\"></span>sse ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per Euro </span><span style=\"display:inherit;clear:left;\">2.6<span class=\"_ _4\"></span>85 migliaia. Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla not<span class=\"_ _4\"></span>a 6 \u201cInve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari<span class=\"_ _4\"></span>\u201d.  </span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, a f<span class=\"_ _4\"></span>ine anno \u00e8 st<span class=\"_ _4\"></span>ata v<span class=\"_ _4\"></span>a<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lutat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a di indicatori di <span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span> rintracciabili t<span class=\"_ _4\"></span>ramite fonti intern<span class=\"_ _4\"></span>e o fonti es<span class=\"_ _4\"></span>terne di informa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Tipic<span class=\"_ _4\"></span>amente fonti e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rne pos<span class=\"_ _4\"></span>so<span class=\"_ _4\"></span>no es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e da modif<span class=\"_ _4\"></span>iche ne<span class=\"_ _4\"></span>l contes<span class=\"_ _4\"></span>to te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ico, econo<span class=\"_ _4\"></span>mico e leg<span class=\"_ _4\"></span>ale in cui </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>ra, me<span class=\"_ _4\"></span>ntre le fonti intern<span class=\"_ _4\"></span>e sono rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate dalle s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie azie<span class=\"_ _4\"></span>ndali che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono cambiare o m<span class=\"_ _4\"></span>eno la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>-</span><span style=\"display:inherit;clear:left;\">ne di utiliz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>ei beni<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voce di b<span class=\"_ _4\"></span>ilancio per Euro 1<span class=\"_ _1c\"></span>1.252 migliaia. Per tutti i det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _1\"></span>0 \u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span></span> </span><span style=\"display:inherit;clear:left;\">6. In<span class=\"_ _1\"></span>vestimenti immobiliari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uente pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2f3\"> </span>C<span class=\"_ _1\"></span>osto Storico<span class=\"_ _63\"> </span><span class=\"ws9e\">Fondo Amm.to<span class=\"_ _242\"> </span></span>V<span class=\"_ _2\"></span>alore netto<span class=\"_ _e0\"> </span>Costo Storic<span class=\"_ _2\"></span>o<span class=\"_ _62\"> </span><span class=\"ws9e\">Fondo Amm.to<span class=\"_ _16e\"> </span></span>V<span class=\"_ _2\"></span>alore netto</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _11\"> </span>7.175 <span class=\"_ _b4\"> </span>1.573 <span class=\"_ _105\"> </span>5.602 <span class=\"_ _2a3\"> </span>5.065<span class=\"_ _176\"> </span>-<span class=\"_ _74\"> </span>5.065</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _2ea\"> </span>15.375 <span class=\"_ _1ba\"> </span>14.514 <span class=\"_ _a1\"> </span>861 <span class=\"_ _111\"> </span>11.930<span class=\"_ _127\"> </span>11.892<span class=\"_ _148\"> </span>38</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _262\"> </span>110.358 <span class=\"_ _87\"> </span>110.358 <span class=\"_ _2da\"> </span>- <span class=\"_ _67\"> </span>101.327<span class=\"_ _67\"> </span>83.764<span class=\"_ _127\"> </span>17.563</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2c6\"> </span>132.908 <span class=\"_ _86\"> </span>126.445 <span class=\"_ _1b9\"> </span>6.463 <span class=\"_ _127\"> </span>118.322<span class=\"_ _1b9\"> </span>95.656<span class=\"_ _105\"> </span>22.666</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari si rifer<span class=\"_ _4\"></span>iscon<span class=\"_ _4\"></span>o a edif<span class=\"_ _4\"></span>ici situati ne<span class=\"_ _4\"></span>gli Stati Uniti e a p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ire dal 202<span class=\"_ _2\"></span>4 all<span class=\"_ _4\"></span>\u2019edifi<span class=\"_ _4\"></span>cio des<span class=\"_ _4\"></span>tinato a </span><span style=\"display:inherit;clear:left;\">ediliz<span class=\"_ _4\"></span>ia produt<span class=\"_ _4\"></span>tiva di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se gene<span class=\"_ _4\"></span>rale<span class=\"_ _4\"></span>, pres<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019area di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., ubic<span class=\"_ _4\"></span>ata ne<span class=\"_ _4\"></span>l Co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mune di Se<span class=\"_ _4\"></span>sto Fi<span class=\"_ _4\"></span>orentino \u2013 O<span class=\"_ _4\"></span>smannoro. </span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari p<span class=\"_ _4\"></span>er gli es<span class=\"_ _4\"></span>ercizi chiu<span class=\"_ _4\"></span>si al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e 2023:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">Rid. ne </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _174\"> </span><span class=\"ls0\">Incrementi<span class=\"_ _85\"> </span>Amm.ti<span class=\"_ _242\"> </span>Riclassifiche</span></span><span style=\"display:inherit;clear:left;\">di valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _291\"> </span>5.065<span class=\"_ _e5\"> </span>323 <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _105\"> </span>1.788 <span class=\"_ _85\"> </span>(1.574) <span class=\"_ _127\"> </span>5.602 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _251\"> </span>38<span class=\"_ _2da\"> </span>2 <span class=\"_ _2da\"> </span>- <span class=\"_ _111\"> </span>(35) <span class=\"_ _105\"> </span>2.685 <span class=\"_ _85\"> </span>(1.829) <span class=\"_ _a1\"> </span>861 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _2f4\"> </span>17.563<span class=\"_ _e5\"> </span>367 <span class=\"_ _105\"> </span>2.481 <span class=\"_ _85\"> </span>(4.198) <span class=\"_ _2da\"> </span>- <span class=\"_ _1b8\"> </span>(16.213) <span class=\"_ _2da\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27d\"> </span>22.666<span class=\"_ _d8\"> </span>692 <span class=\"_ _1b9\"> </span>2.481 <span class=\"_ _87\"> </span>(4.233) <span class=\"_ _1ba\"> </span>4.473 <span class=\"_ _1dc\"> </span>(19.616) <span class=\"_ _1ba\"> </span>6.463 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _233\"> </span>Incrementi<span class=\"_ _b1\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _91\"> </span>5.247<span class=\"_ _a1\"> </span>(182)<span class=\"_ _176\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _2f4\"> </span>5.065</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _22f\"> </span>105<span class=\"_ _2a6\"> </span>(2)<span class=\"_ _176\"> </span>-<span class=\"_ _208\"> </span>(65)<span class=\"_ _148\"> </span>38</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _29e\"> </span>22.395<span class=\"_ _111\"> </span>(690)<span class=\"_ _176\"> </span>-<span class=\"_ _105\"> </span>(4.142)<span class=\"_ _67\"> </span>17.563</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1af\"> </span>27.747<span class=\"_ _74\"> </span>(874)<span class=\"_ _176\"> </span>-<span class=\"_ _1ba\"> </span>(4.207)<span class=\"_ _105\"> </span>22.666</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _4\"></span>T<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>rreni<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e la riclass<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a dai \u201c<span class=\"_ _4\"></span>T<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>rreni Indu<span class=\"_ _4\"></span>striali<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er Euro 4<span class=\"_ _4\"></span>49 migliaia riferit<span class=\"_ _4\"></span>a alla por<span class=\"_ _4\"></span>zione di te<span class=\"_ _4\"></span>rreno </span><span style=\"display:inherit;clear:left;\">di proprie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inata ad e<span class=\"_ _4\"></span>dilizia produt<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a di intere<span class=\"_ _4\"></span>sse ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e e per Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>339<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">migliaia alle ope<span class=\"_ _4\"></span>re di bonif<span class=\"_ _4\"></span>ica e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate sul te<span class=\"_ _4\"></span>rreno ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate dalla voce \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali in cors<span class=\"_ _4\"></span>o ed acc<span class=\"_ _4\"></span>onti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cFabbri<span class=\"_ _4\"></span>cati<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie l<span class=\"_ _4\"></span>\u2019immo<span class=\"_ _4\"></span>bile della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., ubic<span class=\"_ _4\"></span>ato nel Co<span class=\"_ _4\"></span>mune di Se<span class=\"_ _4\"></span>sto Fio<span class=\"_ _4\"></span>rentino \u2013 </span><span style=\"display:inherit;clear:left;\">Osmann<span class=\"_ _4\"></span>oro, des<span class=\"_ _4\"></span>tinato a ediliz<span class=\"_ _4\"></span>ia produt<span class=\"_ _4\"></span>tiva di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se gene<span class=\"_ _4\"></span>rale ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato dalla voce \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali in cors<span class=\"_ _4\"></span>o ed </span><span style=\"display:inherit;clear:left;\">acconti<span class=\"_ _4\"></span>\u201d; l<span class=\"_ _4\"></span>\u2019immobile \u00e8 s<span class=\"_ _4\"></span>tato c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>ato a dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">Si ricorda ch<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso che rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti in atti<span class=\"_ _4\"></span>vit\u00e0 imm<span class=\"_ _4\"></span>obiliari sono </span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cate nella p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nte voce di bilanci<span class=\"_ _4\"></span>o e al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4, a s<span class=\"_ _4\"></span>eguito de<span class=\"_ _4\"></span>lla riduzio<span class=\"_ _4\"></span>ne di valore r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a a seguit<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del <span class=\"_ _5\"></span><span class=\"ff5f lsa ws90\">test</span><span class=\"ls4 ws150\"> di <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span></span><span class=\"ws81\"> condot<span class=\"_ _4\"></span>to nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio, ris<span class=\"_ _4\"></span>ultano comp<span class=\"_ _4\"></span>letam<span class=\"_ _4\"></span>ente s<span class=\"_ _4\"></span>valutate<span class=\"_ _4\"></span>. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli si riman<span class=\"_ _4\"></span>da alla </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso \u2013 Fabbricati s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i i cost<span class=\"_ _4\"></span>i di ripris<span class=\"_ _4\"></span>tino loc<span class=\"_ _4\"></span>ali in </span><span style=\"display:inherit;clear:left;\">aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to da ter<span class=\"_ _4\"></span>zi pe<span class=\"_ _4\"></span>r contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>, accanto<span class=\"_ _4\"></span>nati in contropar<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>a al \u201cFo<span class=\"_ _4\"></span>ndo </span><span style=\"display:inherit;clear:left;\">per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>\u201d (<span class=\"_ _1\"></span>nota 2<span class=\"_ _4\"></span>3<span class=\"_ _2\"></span>), pari ad Euro 2.4<span class=\"_ _4\"></span>81 migliai<span class=\"_ _1\"></span>a nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 (par<span class=\"_ _4\"></span>i a Euro 0 migliaia nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023)<span class=\"_ _1\"></span>. <span class=\"_ _1c\"></span> </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsf5\"> sulla voce At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso \u2013 Fabbr<span class=\"_ _4\"></span>icati, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla comp<span class=\"_ _4\"></span>leta </span></span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore ne<span class=\"_ _4\"></span>tto co<span class=\"_ _4\"></span>ntabile p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>3 migliaia. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua, ino<span class=\"_ _4\"></span>ltre, p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cament<span class=\"_ _4\"></span>e delle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni sui <span class=\"ff5f\">fair value</span> degli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari iscrit<span class=\"_ _4\"></span>ti in bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio. Dalla pe<span class=\"_ _4\"></span>rizia s<span class=\"_ _4\"></span>volta da un t<span class=\"_ _4\"></span>erzo in<span class=\"_ _4\"></span>dipen<span class=\"_ _4\"></span>dente sul te<span class=\"_ _4\"></span>rreno e il f<span class=\"_ _4\"></span>abbricat<span class=\"_ _4\"></span>o di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo, </span><span style=\"display:inherit;clear:left;\">si \u00e8 re<span class=\"_ _4\"></span>so nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rare una riduzi<span class=\"_ _4\"></span>one di valo<span class=\"_ _4\"></span>re pari a Euro 3.403 migliaia, p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guare il valor<span class=\"_ _4\"></span>e al minore tra il </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ed il <span class=\"ff5f\">fair value</span> deri<span class=\"_ _4\"></span>vante dalla pe<span class=\"_ _4\"></span>rizia.</span></span> </span><span style=\"display:inherit;clear:left;\">7. Avviamento</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 s<span class=\"_ _4\"></span>tato inter<span class=\"_ _4\"></span>amente ac<span class=\"_ _4\"></span>quisito durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2020 attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale di </span><span style=\"display:inherit;clear:left;\">Ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>s s.r<span class=\"_ _1\"></span>.l. e Aura 1 S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l. e<span class=\"_ _4\"></span>d \u00e8 attrib<span class=\"_ _4\"></span>uibile alle sine<span class=\"_ _4\"></span>rgie e altri b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gr<span class=\"_ _4\"></span>ega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 acquisit<span class=\"_ _4\"></span>e con quell<span class=\"_ _4\"></span>e della Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., relati<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>lla progett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one e realiz<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del pro<span class=\"_ _4\"></span>dot<span class=\"_ _4\"></span>to calz<span class=\"_ _4\"></span>ature uomo. A<span class=\"_ _4\"></span>l nett<span class=\"_ _4\"></span>o del <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 ac<span class=\"_ _4\"></span>quisite, il val<span class=\"_ _4\"></span>ore res<span class=\"_ _4\"></span>iduo alloc<span class=\"_ _4\"></span>ato ad </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto deri<span class=\"_ _4\"></span>vante dall<span class=\"_ _4\"></span>\u2019acquisizion<span class=\"_ _4\"></span>e ammonta a Euro 6<span class=\"_ _4\"></span>.679 migliaia. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce non ha sub<span class=\"_ _4\"></span>ito variaz<span class=\"_ _4\"></span>ione ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, e come r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 36 la verif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lla recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata alme<span class=\"_ _4\"></span>no annualmente e co<span class=\"_ _4\"></span>munque quando si </span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ican<span class=\"_ _4\"></span>o eventi che f<span class=\"_ _4\"></span>anno pres<span class=\"_ _4\"></span>upporre una r<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e del val<span class=\"_ _4\"></span>ore. </span><span style=\"display:inherit;clear:left;\">Nel ri<span class=\"_ _4\"></span>vede<span class=\"_ _4\"></span>re i propri in<span class=\"_ _4\"></span>dicatori di <span class=\"ff5f ls58 ws6\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span>, il Grupp<span class=\"_ _4\"></span>o prend<span class=\"_ _4\"></span>e in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione, t<span class=\"_ _4\"></span>ra gli altri fat<span class=\"_ _4\"></span>tori, la re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e tra la </span><span style=\"display:inherit;clear:left;\">propria c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione di me<span class=\"_ _4\"></span>rcato e il propr<span class=\"_ _4\"></span>io valore co<span class=\"_ _4\"></span>ntabile<span class=\"_ _4\"></span>. Al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, la capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di m<span class=\"_ _4\"></span>ercato </span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo e<span class=\"_ _4\"></span>ra ampiamente al di s<span class=\"_ _4\"></span>opra de<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio netto, p<span class=\"_ _4\"></span>erci\u00f2 il Grup<span class=\"_ _4\"></span>po non ha re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">alcuna ridu<span class=\"_ _4\"></span>zione dur<span class=\"_ _4\"></span>evole di v<span class=\"_ _4\"></span>alore su t<span class=\"_ _4\"></span>ale voc<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">8. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 per diritto d\u2019uso</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziata n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guente p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _2cd\"> </span>1.127.090 <span class=\"_ _87\"> </span>601.463 <span class=\"_ _23f\"> </span>525.627 <span class=\"_ _15f\"> </span>1.050.724<span class=\"_ _89\"> </span>437.206<span class=\"_ _1b9\"> </span>613.518</span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _284\"> </span>6.278 <span class=\"_ _c1\"> </span>3.278 <span class=\"_ _105\"> </span>3.000 <span class=\"_ _cf\"> </span>6.069<span class=\"_ _74\"> </span>2.983<span class=\"_ _2a9\"> </span>3.086</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _19b\"> </span>16 <span class=\"_ _7e\"> </span>16 <span class=\"_ _2da\"> </span>- <span class=\"_ _12b\"> </span>499<span class=\"_ _12a\"> </span>491<span class=\"_ _212\"> </span>8</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1c3\"> </span>1.133.384 <span class=\"_ _86\"> </span>604.757 <span class=\"_ _1b8\"> </span>528.627 <span class=\"_ _1b8\"> </span>1.057.292<span class=\"_ _8b\"> </span>440.680<span class=\"_ _151\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella ch<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>ta la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso per g<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi chiusi al 31 dicembre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 2023. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _174\"> </span>Incrementi<span class=\"_ _180\"> </span>Decrementi<span class=\"_ _87\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _1dd\"> </span>613.518 <span class=\"_ _257\"> </span>10.264 <span class=\"_ _257\"> </span>77.702 <span class=\"_ _85\"> </span>(2.258) <span class=\"_ _1bb\"> </span>(121.027) <span class=\"_ _1b8\"> </span>(52.572) <span class=\"_ _23f\"> </span>525.627 </span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _292\"> </span>3.086 <span class=\"_ _2a3\"> </span><span class=\"ls35 ws38\">(3)<span class=\"_ _4\"></span> <span class=\"_ _105\"> </span></span>1.765 <span class=\"_ _111\"> </span>(82) <span class=\"_ _85\"> </span>(1.672) <span class=\"_ _111\"> </span>(94) <span class=\"_ _1b9\"> </span>3.000 </span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _2c8\"> </span>8 <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _bc\"> </span><span class=\"ls71 ws12\">(7) <span class=\"_ _e2\"> </span></span>(1) <span class=\"_ _2da\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>616.612 <span class=\"_ _8b\"> </span>10.261 <span class=\"_ _85\"> </span>79.467 <span class=\"_ _87\"> </span>(2.340) <span class=\"_ _213\"> </span>(122.706) <span class=\"_ _1dc\"> </span>(52.667) <span class=\"_ _1b8\"> </span>528.627 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _233\"> </span>Incrementi<span class=\"_ _174\"> </span>Decrementi<span class=\"_ _b1\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _1a8\"> </span>477.501<span class=\"_ _1b9\"> </span>(8.141)<span class=\"_ _88\"> </span>265.290<span class=\"_ _1b9\"> </span>(4.144)<span class=\"_ _23f\"> </span>(116.988)<span class=\"_ _89\"> </span>613.518</span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _137\"> </span>2.213<span class=\"_ _32\"> </span>3<span class=\"_ _2f4\"> </span>2.629<span class=\"_ _a1\"> </span>(128)<span class=\"_ _1b9\"> </span>(1.631)<span class=\"_ _74\"> </span>3.086</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _2ab\"> </span>10<span class=\"_ _d0\"> </span>1<span class=\"_ _32\"> </span>4<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span><span class=\"ls71 ws12\">(7)<span class=\"_ _d0\"> </span></span>8</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>479.724<span class=\"_ _1ba\"> </span>(8.137)<span class=\"_ _8b\"> </span>267.923<span class=\"_ _1ba\"> </span>(4.272)<span class=\"_ _17c\"> </span>(118.626)<span class=\"_ _8b\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cFabbri<span class=\"_ _4\"></span>cati<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso re<span class=\"_ _4\"></span>lative prin<span class=\"_ _4\"></span>cipalmente a cont<span class=\"_ _4\"></span>ratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di ne<span class=\"_ _4\"></span>gozi (pari a circ<span class=\"_ _4\"></span>a il </span><span style=\"display:inherit;clear:left;\">92% delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso Fabbr<span class=\"_ _4\"></span>icati) e in misura re<span class=\"_ _4\"></span>siduale r<span class=\"_ _4\"></span>elative a co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ici, fores<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>e e altri </span><span style=\"display:inherit;clear:left;\">spa<span class=\"_ _4\"></span>zi. I principali incr<span class=\"_ _4\"></span>ementi re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio si rife<span class=\"_ _4\"></span>risco<span class=\"_ _4\"></span>no a nuovi cont<span class=\"_ _4\"></span>ratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ottos<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>i nel pe<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riod<span class=\"_ _4\"></span>o o a est<span class=\"_ _4\"></span>ensio<span class=\"_ _4\"></span>ni di contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti, pr<span class=\"_ _4\"></span>incipalmente p<span class=\"_ _4\"></span>er i punti ve<span class=\"_ _4\"></span>ndita, m<span class=\"_ _4\"></span>entre i princip<span class=\"_ _4\"></span>ali decre<span class=\"_ _4\"></span>menti so<span class=\"_ _4\"></span>no relati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">a contrat<span class=\"_ _4\"></span>ti terminati in v<span class=\"_ _4\"></span>ia anticipata o p<span class=\"_ _4\"></span>er i quali \u00e8 st<span class=\"_ _4\"></span>ata contr<span class=\"_ _4\"></span>att<span class=\"_ _4\"></span>ata una riduz<span class=\"_ _4\"></span>ione dei c<span class=\"_ _4\"></span>anoni di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to futuri<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso \u2013 Fabbricati s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i i cost<span class=\"_ _4\"></span>i di ripris<span class=\"_ _4\"></span>tino loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>it<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to da ter<span class=\"_ _4\"></span>zi p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>6, acc<span class=\"_ _4\"></span>antonati in contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>ita al \u201c<span class=\"_ _4\"></span>Fond<span class=\"_ _4\"></span>o per ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">e oner<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d (<span class=\"_ _2\"></span>not<span class=\"_ _4\"></span>a 23<span class=\"_ _1\"></span>), pari a Euro 2.03<span class=\"_ _1\"></span>1 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4 (<span class=\"_ _4\"></span>pari a Euro 1<span class=\"_ _1\"></span>.25<span class=\"_ _4\"></span>0 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli sui f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari in uscit<span class=\"_ _4\"></span>a relati<span class=\"_ _4\"></span>vi ai contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne si rimanda alle not<span class=\"_ _4\"></span>e 26 \u201cPas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _5\"></span><span class=\"ff5c ls0 ws0\">\u201d e 36 \u201cComp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voc<span class=\"_ _4\"></span>e di bilancio pe<span class=\"_ _4\"></span>r Euro 5<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>.667 migliaia. Pe<span class=\"_ _4\"></span>r tutti i de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica n<span class=\"_ _4\"></span>ota 10 \u201cRidu<span class=\"_ _4\"></span>zioni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span></span> </span><span style=\"display:inherit;clear:left;\">9. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 immateriali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vita ut<span class=\"_ _4\"></span>ile def<span class=\"_ _4\"></span>inita al 31 dicembre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>gu<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>te: <span class=\"_ _4\"></span>  </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _162\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to </span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to </span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e dell<span class=\"_ _4\"></span>\u2019ingegno<span class=\"_ _bc\"> </span>31.259 <span class=\"_ _164\"> </span>29.735 <span class=\"_ _17c\"> </span>1.524 <span class=\"_ _123\"> </span>30.518<span class=\"_ _60\"> </span>29.015<span class=\"_ _15f\"> </span>1.503</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2ec\"> </span>9.939 <span class=\"_ _7f\"> </span>8.440 <span class=\"_ _1b8\"> </span>1.499 <span class=\"_ _88\"> </span>9.679<span class=\"_ _8b\"> </span>8.092<span class=\"_ _15f\"> </span>1.587</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _299\"> </span>115.057 <span class=\"_ _e1\"> </span>93.647 <span class=\"_ _233\"> </span>21.410 <span class=\"_ _163\"> </span>106.704<span class=\"_ _1b8\"> </span>83.157<span class=\"_ _19a\"> </span>23.547</span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _4e\"> </span>24.563 <span class=\"_ _e1\"> </span>20.442 <span class=\"_ _17c\"> </span>4.121 <span class=\"_ _123\"> </span>23.602<span class=\"_ _1b8\"> </span>18.744<span class=\"_ _7\"> </span>4.858</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _2ce\"> </span>3.318 <span class=\"_ _208\"> </span>- <span class=\"_ _17c\"> </span>3.318 <span class=\"_ _8a\"> </span>5.377<span class=\"_ _d4\"> </span>-<span class=\"_ _15f\"> </span>5.377</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>184.136 <span class=\"_ _178\"> </span>152.264 <span class=\"_ _233\"> </span>31.872 <span class=\"_ _19c\"> </span>175.880<span class=\"_ _26c\"> </span>139.008<span class=\"_ _1e2\"> </span>36.872</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi al </span><span style=\"display:inherit;clear:left;\">3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _60\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _23f\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _213\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">1.503<span class=\"_ _1ba\"> </span>37 <span class=\"_ _88\"> </span>997 <span class=\"_ _87\"> </span>(156) <span class=\"_ _23f\"> </span>(817) <span class=\"_ _257\"> </span>(40) <span class=\"_ _17c\"> </span>1.524 </span><span style=\"display:inherit;clear:left;\">dell\u2019ingegno</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _175\"> </span>1.587<span class=\"_ _b4\"> </span>1 <span class=\"_ _88\"> </span>260 <span class=\"_ _2a3\"> </span>- <span class=\"_ _23f\"> </span>(349) <span class=\"_ _cf\"> </span>- <span class=\"_ _1b8\"> </span>1.499 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _1c3\"> </span>23.547<span class=\"_ _74\"> </span>- <span class=\"_ _17c\"> </span>8.353 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e7\"> </span>(8.798) <span class=\"_ _1e7\"> </span>(1.692) <span class=\"_ _26c\"> </span>21.410 </span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _1e9\"> </span>4.858<span class=\"_ _1ba\"> </span>61 <span class=\"_ _89\"> </span>265 <span class=\"_ _208\"> </span>- <span class=\"_ _1e7\"> </span>(1.032) <span class=\"_ _257\"> </span>(31) <span class=\"_ _17c\"> </span>4.121 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _1f2\"> </span>5.377<span class=\"_ _74\"> </span>- <span class=\"_ _17c\"> </span>6.482 <span class=\"_ _164\"> </span>(8.541) <span class=\"_ _cf\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _1b8\"> </span>3.318 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _18c\"> </span>36.872<span class=\"_ _1ba\"> </span>99 <span class=\"_ _1e7\"> </span>16.357 <span class=\"_ _19a\"> </span>(8.697) <span class=\"_ _16e\"> </span>(10.996) <span class=\"_ _234\"> </span>(1.763) <span class=\"_ _213\"> </span>31.872 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _ae\"> </span>Incrementi<span class=\"_ _4\"></span>Decrementi<span class=\"_ _1e4\"> </span>Amm.ti<span class=\"_ _174\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">1.085<span class=\"_ _87\"> </span>(32) <span class=\"_ _1e2\"> </span>1.100 <span class=\"_ _ec\"> </span>- <span class=\"_ _1da\"> </span>(668) <span class=\"_ _b1\"> </span>18 <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>1.503 </span><span style=\"display:inherit;clear:left;\">dell\u2019ingegno</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _294\"> </span>1.512<span class=\"_ _2f5\"> </span>- <span class=\"_ _240\"> </span>440 <span class=\"_ _ec\"> </span>- <span class=\"_ _1da\"> </span>(365) <span class=\"_ _b4\"> </span>- <span class=\"_ _ec\"> </span>- <span class=\"_ _1e2\"> </span>1.587 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _15c\"> </span>21.704<span class=\"_ _74\"> </span>- <span class=\"_ _1de\"> </span>11.381 <span class=\"_ _b4\"> </span>- <span class=\"_ _174\"> </span>(9.308) <span class=\"_ _b4\"> </span>- <span class=\"_ _163\"> </span>(230) <span class=\"_ _1de\"> </span>23.547 </span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _2f6\"> </span>5.684<span class=\"_ _87\"> </span>(36) <span class=\"_ _240\"> </span>275 <span class=\"_ _ec\"> </span>- <span class=\"_ _1e3\"> </span>(1.065) <span class=\"_ _b4\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>4.858 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _15b\"> </span>4.918<span class=\"_ _2f5\"> </span>- <span class=\"_ _1de\"> </span>12.055 <span class=\"_ _241\"> </span>(11.596) <span class=\"_ _ec\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>5.377 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2dc\"> </span>34.903<span class=\"_ _7f\"> </span>(68) <span class=\"_ _174\"> </span>25.251 <span class=\"_ _1df\"> </span>(11.596) <span class=\"_ _1df\"> </span>(11.406) <span class=\"_ _b1\"> </span>18 <span class=\"_ _19a\"> </span>(230) <span class=\"_ _1e3\"> </span>36.872 </span><span style=\"display:inherit;clear:left;\">Le Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita s<span class=\"_ _4\"></span>i increme<span class=\"_ _4\"></span>ntano, al net<span class=\"_ _4\"></span>to del d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lle Attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali a vita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a in cors<span class=\"_ _4\"></span>o, nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 p<span class=\"_ _4\"></span>rincipalmente p<span class=\"_ _4\"></span>er nuov<span class=\"_ _4\"></span>i invest<span class=\"_ _4\"></span>imenti in cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo p<span class=\"_ _4\"></span>er app<span class=\"_ _4\"></span>licativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware<span class=\"ff5c ws95\"> (iscrit<span class=\"_ _4\"></span>ti nella voc<span class=\"_ _4\"></span>e \u201cCos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) e sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e per lice<span class=\"_ _4\"></span>nze di utiliz<span class=\"_ _4\"></span>zo </span>s<span class=\"_ _4\"></span>oft<span class=\"_ _4\"></span>ware<span class=\"ff5c ws95\"> (voce \u201c<span class=\"_ _4\"></span>Diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>to e di </span></span><span style=\"display:inherit;clear:left;\">utilizza<span class=\"_ _4\"></span>zione delle opere dell'ing<span class=\"_ _1\"></span>egno\u201d<span class=\"_ _5\"></span>), a<span class=\"_ _1\"></span>l netto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammor<span class=\"_ _4\"></span>tamento di periodo. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cCos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo<span class=\"_ _4\"></span>\u201d compre<span class=\"_ _4\"></span>nde pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente la c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span>se pe<span class=\"_ _4\"></span>r lo s<span class=\"_ _4\"></span>viluppo de<span class=\"_ _4\"></span>gli applic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i <span class=\"_ _4\"></span><span class=\"ff5f\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ws80\"> azi<span class=\"_ _4\"></span>endali (SAP sis<span class=\"_ _4\"></span>tema co<span class=\"_ _4\"></span>ntabile, ER<span class=\"_ _4\"></span>P gest<span class=\"_ _4\"></span>ione pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, sis<span class=\"_ _4\"></span>temi di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span>, co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o della </span></span><span style=\"display:inherit;clear:left;\">piatt<span class=\"_ _4\"></span>aforma informatica p<span class=\"_ _4\"></span>er il comm<span class=\"_ _4\"></span>ercio ele<span class=\"_ _4\"></span>ttronic<span class=\"_ _4\"></span>o, progett<span class=\"_ _4\"></span>o <span class=\"ff5f\">\u201cN<span class=\"_ _4\"></span>ew Pos Solut<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span></span><span class=\"ls4 ws168\">\u201d finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introdu<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">nuovo sis<span class=\"_ _4\"></span>tema di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e di <span class=\"ff5f\">back of<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ice<span class=\"_ _1\"></span><span class=\"ff5c\">). Al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, il G<span class=\"_ _4\"></span>ruppo no<span class=\"_ _4\"></span>n pres<span class=\"_ _4\"></span>enta at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti </span></span></span><span style=\"display:inherit;clear:left;\">dallo s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o interno. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re<span class=\"_ _4\"></span>\u201d include prev<span class=\"_ _4\"></span>alente<span class=\"_ _4\"></span>mente il <span class=\"ff5f ls32 wscd\">know how<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws11d\">, deri<span class=\"_ _4\"></span>vante dalla valo<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione a <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">t\u00e0 ac<span class=\"_ _4\"></span>quisite ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gr<span class=\"_ _4\"></span>egaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale c<span class=\"_ _4\"></span>on Ar<span class=\"_ _4\"></span>ts S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l. e Aura 1 S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l., av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2020 (pari al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 ad un v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to di Euro 2.<span class=\"_ _4\"></span>592 migliai<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>); la vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre<span class=\"_ _4\"></span>\u201d include anch<span class=\"_ _4\"></span>e il cosidd<span class=\"_ _4\"></span>etto <span class=\"ff5f ls2b wsf0\">key money<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws11e\">, o<span class=\"_ _4\"></span>ssia le s<span class=\"_ _4\"></span>omme </span></span></span><span style=\"display:inherit;clear:left;\">pagate p<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere la di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 di immobili in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one sube<span class=\"_ _4\"></span>ntrando a c<span class=\"_ _4\"></span>ontratti e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>sso </span><span style=\"display:inherit;clear:left;\">dei co<span class=\"_ _4\"></span>ndutto<span class=\"_ _4\"></span>ri, in modo da p<span class=\"_ _4\"></span>oter ot<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re nuovi contr<span class=\"_ _4\"></span>atti co<span class=\"_ _4\"></span>n i locato<span class=\"_ _4\"></span>ri (pari al 31 dicembre 202<span class=\"_ _2\"></span>4 a<span class=\"_ _4\"></span>d un valore ne<span class=\"_ _4\"></span>tto </span><span style=\"display:inherit;clear:left;\">di Euro 48<span class=\"_ _4\"></span>0 migliaia<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws156\"> su alcun<span class=\"_ _4\"></span>e <span class=\"ff5f ls2c ws15b\">cas<span class=\"_ _1\"></span>h gener<span class=\"_ _2\"></span>atin<span class=\"_ _1\"></span>g un<span class=\"_ _2\"></span>it<span class=\"_ _4\"></span>s<span class=\"ff5c ls3 ws156\"> del Grupp<span class=\"_ _4\"></span>o, che hanno por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato alla rileva<span class=\"_ _4\"></span>zione di </span></span></span></span><span style=\"display:inherit;clear:left;\">riduz<span class=\"_ _4\"></span>ioni di valore s<span class=\"_ _4\"></span>u quest<span class=\"_ _4\"></span>a voce di b<span class=\"_ _4\"></span>ilancio per Euro 71 migliaia. Per tutti i d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a nota 10<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">La ridu<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore di Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>692 migliaia sulla voce \u201cCo<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o\u201d si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a spe<span class=\"_ _4\"></span>se cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nei pre<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">denti e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi e non pi\u00f9 s<span class=\"_ _4\"></span>oddis<span class=\"_ _4\"></span>face<span class=\"_ _4\"></span>nti le str<span class=\"_ _4\"></span>ategie a<span class=\"_ _4\"></span>ziendali.</span><span style=\"display:inherit;clear:left;\">10.  <span class=\"_ _46\"></span>Riduzioni dur<span class=\"_ _2\"></span>evoli di v<span class=\"_ _1\"></span>alor<span class=\"_ _2\"></span>e di Immobili, impianti  </span><span style=\"display:inherit;clear:left;\">e mac<span class=\"_ _2\"></span>chinari, attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1\"></span>, attivit\u00e0 immateriali </span><span style=\"display:inherit;clear:left;\">a vita utile definita e In<span class=\"_ _2\"></span>vestimenti immobiliari<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">Il 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zato da un co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, contras<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nato da continue te<span class=\"_ _4\"></span>nsioni ge<span class=\"_ _4\"></span>opoliti<span class=\"_ _4\"></span>che </span><span style=\"display:inherit;clear:left;\">ed inc<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _4\"></span>ze ma<span class=\"_ _4\"></span>croec<span class=\"_ _4\"></span>onomiche<span class=\"_ _4\"></span>, che hanno avuto un imp<span class=\"_ _4\"></span>atto sulla doman<span class=\"_ _4\"></span>da di beni di lus<span class=\"_ _4\"></span>so. Il s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re ha attrave<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sato una fa<span class=\"_ _4\"></span>se di normali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione, c<span class=\"_ _4\"></span>ausat<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte da un diff<span class=\"_ _4\"></span>icile co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to global<span class=\"_ _4\"></span>e del canal<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls0 ws80\"> e da<span class=\"_ _4\"></span>l </span></span><span style=\"display:inherit;clear:left;\">rallent<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>ei merc<span class=\"_ _4\"></span>ati asiatici, con un m<span class=\"_ _4\"></span>ercato pa<span class=\"_ _4\"></span>rti<span class=\"_ _4\"></span>colarme<span class=\"_ _4\"></span>nte diff<span class=\"_ _4\"></span>icile in Cina, e impat<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a dalla contraz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">della ba<span class=\"_ _4\"></span>se di cons<span class=\"_ _4\"></span>umatori, con una mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e pres<span class=\"_ _4\"></span>sione s<span class=\"_ _4\"></span>ui consumi as<span class=\"_ _4\"></span>piraz<span class=\"_ _4\"></span>ionali. Que<span class=\"_ _4\"></span>sto co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato, ca<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da una prima par<span class=\"_ _4\"></span>te dell<span class=\"_ _4\"></span>'anno parti<span class=\"_ _4\"></span>colarme<span class=\"_ _4\"></span>nte diff<span class=\"_ _4\"></span>icile<span class=\"_ _4\"></span>, ha influito ne<span class=\"_ _4\"></span>gativ<span class=\"_ _4\"></span>amente sui ri<span class=\"_ _4\"></span>sultati d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ha s<span class=\"_ _4\"></span>volto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata ad indi<span class=\"_ _4\"></span>viduare la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span> e<span class=\"_ _4\"></span>/o perdite dure<span class=\"_ _4\"></span>voli di valo<span class=\"_ _4\"></span>re di Immobili, imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immob<span class=\"_ _4\"></span>iliari, At<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso e At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita, me<span class=\"_ _4\"></span>diante la reda<span class=\"_ _4\"></span>zione di <span class=\"ff5f ws5d\">che<span class=\"_ _4\"></span>cklist</span><span class=\"ls4 ws120\">  vo<span class=\"_ _4\"></span>lte ad indi<span class=\"_ _4\"></span>viduare </span></span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di indicat<span class=\"_ _4\"></span>ori es<span class=\"_ _4\"></span>terni (quali condizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni riguardanti il s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">ed il me<span class=\"_ _4\"></span>rcato, cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato, variazioni s<span class=\"_ _4\"></span>ignifi<span class=\"_ _4\"></span>cative co<span class=\"_ _4\"></span>n effe<span class=\"_ _4\"></span>tto ne<span class=\"_ _4\"></span>gativo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambiente te<span class=\"_ _4\"></span>cnolo<span class=\"_ _4\"></span>gico, di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato, econo<span class=\"_ _4\"></span>mico o normati<span class=\"_ _4\"></span>vo nel quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o n<span class=\"_ _4\"></span>el merc<span class=\"_ _4\"></span>ato al quale un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 ri<span class=\"_ _4\"></span>volta) o interni (<span class=\"_ _2\"></span>quali </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta o ci si at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>de sar\u00e0 ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zata<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previ<span class=\"_ _4\"></span>sto, <span class=\"ff5f lsa wsaf\">cash flow</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, per l<span class=\"_ _4\"></span>e CGU dove si so<span class=\"_ _4\"></span>no risco<span class=\"_ _4\"></span>ntrati indic<span class=\"_ _4\"></span>atori di impairme<span class=\"_ _4\"></span>nt, es<span class=\"_ _4\"></span>terni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o interni, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f lsa ws90\">tes<span class=\"_ _4\"></span>t</span><span class=\"ls4 ws14a\"> di <span class=\"ff5f ls58 ws6\">impairme<span class=\"_ _4\"></span>nt</span></span> anche av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>alendo<span class=\"_ _4\"></span>si del s<span class=\"_ _4\"></span>uppor<span class=\"_ _4\"></span>to di un <span class=\"ff5f ls2b wscf\">advis<span class=\"_ _4\"></span>or</span> este<span class=\"_ _4\"></span>rno, cos\u00ec c<span class=\"_ _4\"></span>ome ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nella </span><span style=\"display:inherit;clear:left;\">succes<span class=\"_ _4\"></span>siva tabe<span class=\"_ _4\"></span>lla.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">In linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls58 ws175\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls9 wsb9\"> sono st<span class=\"_ _4\"></span>ati condo<span class=\"_ _1\"></span>tti considerando qua<span class=\"_ _1\"></span>li CGU<span class=\"_ _1\"></span> <span class=\"ff5f ls3 wsb4\">(<span class=\"_ _1\"></span>Cash Gen<span class=\"_ _4\"></span>erating Units)<span class=\"ff5c ls0 wsc4\"> le </span></span></span></span><span style=\"display:inherit;clear:left;\">singole are<span class=\"_ _4\"></span>e geog<span class=\"_ _4\"></span>raf<span class=\"_ _4\"></span>iche in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, di norma co<span class=\"_ _4\"></span>incidenti c<span class=\"_ _4\"></span>on le singole e<span class=\"_ _4\"></span>ntit\u00e0 le<span class=\"_ _4\"></span>gali de<span class=\"_ _4\"></span>l Gruppo, fat<span class=\"_ _4\"></span>ti sal<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">i cas<span class=\"_ _4\"></span>i in cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 legali de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>rino nel m<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in ter<span class=\"_ _4\"></span>ritori e me<span class=\"_ _4\"></span>rcati limitrof<span class=\"_ _4\"></span>i carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati da </span><span style=\"display:inherit;clear:left;\">cliente<span class=\"_ _4\"></span>la comune ed o<span class=\"_ _4\"></span>mogen<span class=\"_ _4\"></span>ea.  </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, rispe<span class=\"_ _4\"></span>tto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Ferragam<span class=\"_ _4\"></span>o Retail Ho<span class=\"_ _4\"></span>ng Kong \u00e8 stat<span class=\"_ _4\"></span>a separ<span class=\"_ _4\"></span>ata dalla CGU </span><span style=\"display:inherit;clear:left;\">Cina in linea con il nu<span class=\"_ _4\"></span>ovo mode<span class=\"_ _4\"></span>llo distr<span class=\"_ _4\"></span>ibutivo p<span class=\"_ _4\"></span>osto in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dal Grup<span class=\"_ _4\"></span>po nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lla CGU \u00e8 st<span class=\"_ _4\"></span>ata stimat<span class=\"_ _4\"></span>a sulla bas<span class=\"_ _4\"></span>e del </span><span style=\"display:inherit;clear:left;\">value in us<span class=\"_ _4\"></span>e, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro tramite il met<span class=\"_ _4\"></span>odo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Discounte<span class=\"_ _4\"></span>d Cash Flow</span> che rav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>isa ne<span class=\"_ _4\"></span>lla capacit<span class=\"_ _4\"></span>\u00e0 di produrr<span class=\"_ _4\"></span>e flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019elemento fo<span class=\"_ _4\"></span>ndament<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto. Ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i il tas<span class=\"_ _4\"></span>so \u00e8 s<span class=\"_ _4\"></span>tato indi<span class=\"_ _4\"></span>viduato ne<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o medio p<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">derat<span class=\"_ _4\"></span>o del cap<span class=\"_ _4\"></span>itale <span class=\"ff5f ls5 ws98\">pos<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-tax<span class=\"ff5c ls3 wsec\">. L<span class=\"_ _1c\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do f<span class=\"_ _4\"></span>inanziario pe<span class=\"_ _4\"></span>r la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile e il </span></span></span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo confronto co<span class=\"_ _4\"></span>n i risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi valo<span class=\"_ _4\"></span>ri contabili ha c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato, quindi, per le CGU o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto di <span class=\"ff5f ls58 wsa6\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span> tes<span class=\"_ _4\"></span>t</span>, la </span><span style=\"display:inherit;clear:left;\">stima de<span class=\"_ _4\"></span>l WA<span class=\"_ _2\"></span>CC <span class=\"ff5f ls5 ws98\">post-tax</span>, del valor<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativi de<span class=\"_ _4\"></span>sunti dal <span class=\"ff5f ls56 ws7\">budget</span> 2025 e dai f<span class=\"_ _4\"></span>lussi 2026 \u2013 2029 predis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls3 ws12f\"> azien<span class=\"_ _4\"></span>dale, de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l <span class=\"ff5f\">terminal value</span> (T<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>) e il t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato p<span class=\"_ _4\"></span>er la proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi </span></span><span style=\"display:inherit;clear:left;\">oltre l<span class=\"_ _4\"></span>\u2019oriz<span class=\"_ _4\"></span>zonte di piano.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha approv<span class=\"_ _4\"></span>ato la proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f ls58 wse6\">impair<span class=\"_ _4\"></span>ment te<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span></span><span class=\"ls0 ws16e\">, il </span></span><span style=\"display:inherit;clear:left;\">W<span class=\"_ _1\"></span>ACC, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a \u201cg<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, i f<span class=\"_ _4\"></span>lussi o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativi de<span class=\"_ _4\"></span>sunti dal <span class=\"ff5f ls56 ws7\">budget</span> 2025 e dai f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i 202<span class=\"_ _1\"></span>6 \u2013 2029, predis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti dal <span class=\"ff5f ws5d\">mana<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls3 ws0\"> azien<span class=\"_ _4\"></span>dale, utiliz<span class=\"_ _5\"></span>zati p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019</span><span class=\"ls58 ws114\">impairment t<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>t<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda al par<span class=\"_ _4\"></span>agrafo \u201cCrite<span class=\"_ _4\"></span>ri di reda<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>\u201d se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e \u201cR<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>ini di valore di </span><span style=\"display:inherit;clear:left;\">Immobili impianti e mac<span class=\"_ _4\"></span>chinari, Investim<span class=\"_ _4\"></span>enti immobiliari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r Diritto </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate.  </span><span style=\"display:inherit;clear:left;\">CGU soggette ad </span><span style=\"display:inherit;clear:left;\">impair<span class=\"_ _1\"></span>ment test<span class=\"_ _136\"> </span><span class=\"ff62\">W<span class=\"_ _1\"></span>ACC (tasso di sc<span class=\"_ _2\"></span>onto)<span class=\"_ _d7\"> </span>T<span class=\"_ _2\"></span>asso di crescita \u201c<span class=\"_ _1c\"></span>g<span class=\"_ _4\"></span>\u201d</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _112\"> </span>8,9% <span class=\"_ _218\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _2f7\"> </span>9,9% <span class=\"_ _294\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Suisse <span class=\"_ _239\"> </span>7,2% <span class=\"_ _218\"> </span>1,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _2f8\"> </span>11,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _2f9\"> </span>9,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _2fa\"> </span><span class=\"ws0\">9,9% <span class=\"_ _294\"> </span>2,1% </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Netherland B.V<span class=\"_ _2\"></span>. <span class=\"_ _d6\"> </span>9,2% <span class=\"_ _218\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA <span class=\"_ _53\"> </span>10,0% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA Inc. <span class=\"_ _2d\"> </span>11,3% <span class=\"_ _294\"> </span>2,1% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>. <span class=\"_ _19f\"> </span>11,3% <span class=\"_ _218\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _2fb\"> </span>17,2% <span class=\"_ _294\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brazil r<span class=\"_ _1\"></span>oupas e Ac<span class=\"_ _2\"></span>essorios Ltda. <span class=\"_ _2fc\"> </span>21,0% <span class=\"_ _294\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>. <span class=\"_ _2fd\"> </span><span class=\"ws0\">30,5% <span class=\"_ _294\"> </span>8,0% </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _224\"> </span>8,0% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _2fe\"> </span>9,8% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd. <span class=\"_ _da\"> </span>9,7% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _fb\"> </span>10,3% <span class=\"_ _218\"> </span>2,2% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd. <span class=\"_ _182\"> </span>10,8% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _21a\"> </span>11,0% <span class=\"_ _294\"> </span>2,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _182\"> </span>8,6% <span class=\"_ _294\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo China <span class=\"_ _10a\"> </span>8,8% <span class=\"_ _218\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _35\"> </span>9,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Ltd. <span class=\"_ _1fa\"> </span>10,3% <span class=\"_ _294\"> </span>2,5% </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito, per c<span class=\"_ _4\"></span>omplete<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a di informazion<span class=\"_ _4\"></span>e, anche le a<span class=\"_ _4\"></span>ssun<span class=\"_ _4\"></span>zioni principali p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one del </span><span style=\"display:inherit;clear:left;\">valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile p<span class=\"_ _4\"></span>er le CGU as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a<span class=\"_ _4\"></span>d <span class=\"ff5f ls58 ws114\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span> in dat<span class=\"_ _4\"></span>a 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023.  </span><span style=\"display:inherit;clear:left;\">CGU soggette ad </span><span style=\"display:inherit;clear:left;\">impair<span class=\"_ _1\"></span>ment test<span class=\"_ _136\"> </span><span class=\"ff62\">W<span class=\"_ _1\"></span>ACC (tasso di sc<span class=\"_ _2\"></span>onto)<span class=\"_ _d7\"> </span>T<span class=\"_ _2\"></span>asso di crescita \u201c<span class=\"_ _1c\"></span>g<span class=\"_ _4\"></span>\u201d</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd <span class=\"_ _8d\"> </span>9,76% <span class=\"_ _1c2\"> </span>2,00% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _2f9\"> </span>9,79% <span class=\"_ _19e\"> </span>1,90% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1fe\"> </span>11,19% <span class=\"_ _19e\"> </span>2,40% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _2f7\"> </span>10,51% <span class=\"_ _19e\"> </span>2,00% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _106\"> </span>10,58% <span class=\"_ _19e\"> </span>1,70% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _10f\"> </span>8,12% <span class=\"_ _19e\"> </span>1,50% </span><span style=\"display:inherit;clear:left;\">Gruppo Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _2ff\"> </span>11,15% <span class=\"_ _19e\"> </span>1,60% </span><span style=\"display:inherit;clear:left;\">Area Cinese + HK <span class=\"_ _3a\"> </span>9,64% <span class=\"_ _19e\"> </span>2,24% </span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span><span class=\"ws141\"> di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws13e\">, pre<span class=\"_ _4\"></span>disp<span class=\"_ _4\"></span>osto dal G<span class=\"_ _4\"></span>ruppo ha de<span class=\"_ _4\"></span>terminato una ridu<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore dei <span class=\"ff5f\">carr<span class=\"_ _4\"></span>ying amount</span><span class=\"ls0 ws118\"> d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>e CG<span class=\"_ _4\"></span>U </span></span></span></span><span style=\"display:inherit;clear:left;\">di seg<span class=\"_ _4\"></span>uito indicat<span class=\"_ _4\"></span>e, alloc<span class=\"_ _4\"></span>ata prop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ionalmente a<span class=\"_ _4\"></span>d Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inita, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari e At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso c<span class=\"_ _4\"></span>ome sintetic<span class=\"_ _4\"></span>amente m<span class=\"_ _4\"></span>ostr<span class=\"_ _4\"></span>ato nella suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>siva t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla.</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">Immobili, </span><span style=\"display:inherit;clear:left;\">immateriali <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">impianti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">a vita utile </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">Investimenti </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">e macchinari</span><span style=\"display:inherit;clear:left;\">definita</span><span style=\"display:inherit;clear:left;\">diritto d'uso</span><span style=\"display:inherit;clear:left;\">immobiliari<span class=\"_ _74\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>. <span class=\"_ _157\"> </span>   10 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _12a\"> </span>  183 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _297\"> </span>  193 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _3d\"> </span>   89 <span class=\"_ _0\"></span> <span class=\"_ _d9\"> </span>   31 <span class=\"_ _0\"></span> <span class=\"_ _c3\"> </span>   3.689 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.809 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _101\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>259  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   3.312 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.571 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _5f\"> </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _3\"> </span>7  <span class=\"_ _d0\"> </span><span class=\"ws0\">   -<span class=\"_ _12a\"> </span>  770 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _12a\"> </span>  777 <span class=\"_ _45\"></span> </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _2a5\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>256  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   7.776 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   8.032 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A <span class=\"_ _295\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>388  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   4.305 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   4.693 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _300\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>136  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   1.474 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.610 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _107\"> </span>-<span class=\"_ _d0\"> </span>   -<span class=\"_ _2ef\"> </span> -<span class=\"_ _67\"> </span>  16.213 <span class=\"_ _45\"></span> <span class=\"_ _127\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>16.213  </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _301\"> </span>  6.929 <span class=\"_ _45\"></span> <span class=\"_ _d9\"> </span>   40 <span class=\"_ _0\"></span> <span class=\"_ _7c\"> </span>   7.239 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _b2\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>14.208  </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1ad\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>359  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   4.029 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   4.388 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited <span class=\"_ _101\"> </span>  1.431 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   6.981 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   8.412 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _15c\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>368  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   1.167 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.535 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _290\"> </span>   18 <span class=\"_ _0\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   3.030 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.048 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd <span class=\"_ _e3\"> </span>   84 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   6.418 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   6.502 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _302\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>530  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _297\"> </span>  737 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.267 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd. <span class=\"_ _142\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>388  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   1.557 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.945 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span><span class=\"ws144\">11.252  <span class=\"_ _7e\"> </span></span>   71 <span class=\"_ _45\"></span> <span class=\"_ _105\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>52.667  <span class=\"_ _1b9\"> </span></span>  16.213 <span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>80.203  </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, con riferim<span class=\"_ _4\"></span>ento a quanto emanato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>ESM<span class=\"_ _4\"></span>A in merito al m<span class=\"_ _4\"></span>onitorag<span class=\"_ _4\"></span>gio d<span class=\"_ _4\"></span>egli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i del climate e de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">impatti s<span class=\"_ _4\"></span>ui <span class=\"ff5f lsa ws90\">test</span><span class=\"ls4 ws15b\"> di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span></span> de<span class=\"_ _4\"></span>i <span class=\"ff5f\">non-f<span class=\"_ _4\"></span>inancial as<span class=\"_ _4\"></span>set<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, il Gruppo ha s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>ato un\u2019analisi del ris<span class=\"_ _4\"></span>chio con st<span class=\"_ _4\"></span>rumenti </span><span style=\"display:inherit;clear:left;\">quantitati<span class=\"_ _4\"></span>vi quali l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azione di un m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo econo<span class=\"_ _4\"></span>metric<span class=\"_ _4\"></span>o per la s<span class=\"_ _4\"></span>tima delle re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ni esis<span class=\"_ _4\"></span>tenti tr<span class=\"_ _4\"></span>a le variabili ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">croe<span class=\"_ _4\"></span>conomiche e <span class=\"ff5f ws5d\">climat<span class=\"_ _4\"></span>e-re<span class=\"_ _4\"></span>lated</span> e le p<span class=\"_ _4\"></span>rincipali grand<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie di interes<span class=\"_ _4\"></span>se de<span class=\"_ _4\"></span>lla CGU. Dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>analis<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">non so<span class=\"_ _4\"></span>no eme<span class=\"_ _4\"></span>rsi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi de<span class=\"_ _4\"></span>lle tematich<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">climate</span><span class=\"ls4 ws13e\"> sul <span class=\"ff5f lsa ws90\">test</span> di <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airment</span></span> d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o. Infin<span class=\"_ _4\"></span>e, il <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ha pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to una <span class=\"ff5f\">se<span class=\"_ _4\"></span>nsitivit<span class=\"_ _4\"></span>y analy<span class=\"_ _4\"></span>sis</span> su <span class=\"ff5f ls53 wsa6\">g-<span class=\"_ _4\"></span>rat<span class=\"_ _4\"></span>e</span> (<span class=\"_ _1c\"></span>+/<span class=\"_ _2\"></span>- 0,<span class=\"_ _4\"></span>5%<span class=\"_ _2\"></span>) e WA<span class=\"_ _1\"></span>CC (<span class=\"_ _1c\"></span>+<span class=\"_ _2\"></span>/- 0,5%<span class=\"_ _1\"></span>), nonch\u00e9 un <span class=\"ff5f\">wor<span class=\"_ _4\"></span>st case s<span class=\"_ _4\"></span>cenario</span><span class=\"ls25 wsf2\"> (c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> </span></span><span style=\"display:inherit;clear:left;\">preve<span class=\"_ _4\"></span>de un pe<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>giorame<span class=\"_ _4\"></span>nto dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si prev<span class=\"_ _4\"></span>isti da Piano) d<span class=\"_ _1\"></span>a cui eme<span class=\"_ _4\"></span>rge che una minor<span class=\"_ _4\"></span>e <span class=\"ff5f ls2b wscf\">performance</span> sui ric<span class=\"_ _4\"></span>avi pot<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>are un\u2019ulterio<span class=\"_ _4\"></span>re perdit<span class=\"_ _4\"></span>a di valo<span class=\"_ _4\"></span>re per l<span class=\"_ _4\"></span>e CGU gi\u00e0 og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one, e<span class=\"_ _4\"></span>d una perdit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r le CGU Cina e </span><span style=\"display:inherit;clear:left;\">Korea, che a<span class=\"_ _4\"></span>d og<span class=\"_ _4\"></span>gi non pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano pe<span class=\"_ _4\"></span>rdite durevoli di v<span class=\"_ _4\"></span>alore, co<span class=\"_ _4\"></span>si come c<span class=\"_ _4\"></span>onfermato anche dalla <span class=\"ff5f\">risk analy<span class=\"_ _4\"></span>sis</span><span class=\"ls0 ws137\"> e da<span class=\"_ _4\"></span>lle </span></span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve simulazioni M<span class=\"_ _4\"></span>ontec<span class=\"_ _4\"></span>arlo.</span><span style=\"display:inherit;clear:left;\">11. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>ro<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spetto se<span class=\"_ _4\"></span>guente:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario<span class=\"_ _303\"> </span>1.508 <span class=\"_ _23e\"> </span>1.773 <span class=\"_ _cd\"> </span>(265) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2d5\"> </span>2.204 <span class=\"_ _23e\"> </span>2.723 <span class=\"_ _7d\"> </span>(519) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>3.712 <span class=\"_ _c0\"> </span>4.496 <span class=\"_ _1f9\"> </span>(<span class=\"_ _4\"></span>784) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cCrediti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o Erario<span class=\"_ _4\"></span>\u201d si riferis<span class=\"_ _4\"></span>cono pr<span class=\"_ _4\"></span>incipalmente alla quot<span class=\"_ _4\"></span>a non cor<span class=\"_ _4\"></span>rente del cr<span class=\"_ _4\"></span>edito d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>ta pe<span class=\"_ _4\"></span>r Rice<span class=\"_ _4\"></span>rca e </span><span style=\"display:inherit;clear:left;\">Sviluppo, <span class=\"ff5f ls57 ws97\">des<span class=\"_ _4\"></span>ign</span><span class=\"ls3 ws16c\"> e idea<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>tica e<span class=\"_ _4\"></span>d innovaz<span class=\"_ _4\"></span>ione te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ica nonch<span class=\"_ _4\"></span>\u00e9 del Cre<span class=\"_ _4\"></span>dito f<span class=\"_ _4\"></span>isca<span class=\"_ _4\"></span>le deri<span class=\"_ _4\"></span>vante dalle ero<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ni </span></span><span style=\"display:inherit;clear:left;\">liber<span class=\"_ _4\"></span>ali a sos<span class=\"_ _4\"></span>tegno d<span class=\"_ _4\"></span>ella cultura - c<span class=\"_ _4\"></span>.d. \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>t Bonus<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, di cui be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icia la Capog<span class=\"_ _4\"></span>ruppo. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti<span class=\"_ _5\"></span>\u201d accog<span class=\"_ _4\"></span>lie principalme<span class=\"_ _4\"></span>nte, pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>396 migliaia (p<span class=\"_ _4\"></span>ari a Euro 2.075 migliaia al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>), la quota a lungo de<span class=\"_ _4\"></span>i contribut<span class=\"_ _4\"></span>i a clienti pe<span class=\"_ _4\"></span>r alles<span class=\"_ _4\"></span>timenti n<span class=\"_ _4\"></span>egozi e/o spazi p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>sonaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati monomarc<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">e, pe<span class=\"_ _4\"></span>r Euro 665 migliaia (par<span class=\"_ _4\"></span>i a Euro 648 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>) gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti relati<span class=\"_ _4\"></span>vi alla imput<span class=\"_ _4\"></span>azione in quot<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>tanti de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to ope<span class=\"_ _4\"></span>rativo de<span class=\"_ _4\"></span>rivanti dag<span class=\"_ _4\"></span>li investim<span class=\"_ _4\"></span>enti immobiliari n<span class=\"_ _4\"></span>egli US<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>, come pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o dai </span><span style=\"display:inherit;clear:left;\">princip<span class=\"_ _4\"></span>i di riferime<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">12. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 finanziarie non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie non corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, par<span class=\"_ _4\"></span>i a Euro 1<span class=\"_ _1c\"></span>3.<span class=\"_ _4\"></span>583 migliaia (<span class=\"_ _2\"></span>al 31 dicembre 2023 Euro 1<span class=\"_ _2\"></span>3.7<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>0 migliaia<span class=\"_ _2\"></span>), </span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce a de<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauzi<span class=\"_ _4\"></span>onali, principalme<span class=\"_ _4\"></span>nte per c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivo in es<span class=\"_ _4\"></span>sere<span class=\"_ _4\"></span>, contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati in ba<span class=\"_ _4\"></span>se al cri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">terio del costo ammortiz<span class=\"_ _4\"></span>zato.</span></span> </span><span style=\"display:inherit;clear:left;\">13. Rimanenze   </span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o compren<span class=\"_ _4\"></span>dono le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore lor<span class=\"_ _2\"></span>do materie prime, sussidiarie e di consumo<span class=\"_ _28e\"> </span>30.476 <span class=\"_ _f3\"> </span>34.895<span class=\"_ _2e0\"> </span>(4.419) </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione<span class=\"_ _304\"> </span>(6.806) <span class=\"_ _f2\"> </span>(6.152)<span class=\"_ _b7\"> </span>(654) </span><span style=\"display:inherit;clear:left;\">Materie prime, sussidiarie e di consumo<span class=\"_ _305\"> </span>23.670 <span class=\"_ _f2\"> </span>28.743<span class=\"_ _176\"> </span>(5.073) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore lor<span class=\"_ _2\"></span>do prodotti finiti e merci<span class=\"_ _9b\"> </span>366.962 <span class=\"_ _ca\"> </span>334.877<span class=\"_ _2e0\"> </span>32.085 </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione<span class=\"_ _14d\"> </span>(82.744) <span class=\"_ _212\"> </span>(65.275)<span class=\"_ _82\"> </span>(17.469) </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>odotti finiti e merci<span class=\"_ _108\"> </span>284.218 <span class=\"_ _2e0\"> </span>269.602<span class=\"_ _2e0\"> </span>14.616 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>307.888 <span class=\"_ _2e0\"> </span>298.345<span class=\"_ _f2\"> </span>9.543 </span><span style=\"display:inherit;clear:left;\">La var<span class=\"_ _4\"></span>iazione d<span class=\"_ _4\"></span>elle materi<span class=\"_ _4\"></span>e prime, ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023, \u00e8 funzio<span class=\"_ _4\"></span>nale ai volumi di produ<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo e il re<span class=\"_ _4\"></span>la<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo fon<span class=\"_ _4\"></span>do rifl<span class=\"_ _4\"></span>ette l<span class=\"_ _4\"></span>\u2019obso<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>cenz<span class=\"_ _4\"></span>a di materie pr<span class=\"_ _4\"></span>ime (prin<span class=\"_ _4\"></span>cipalmente p<span class=\"_ _4\"></span>ellami e acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori) ritenut<span class=\"_ _4\"></span>e non pi\u00f9 idon<span class=\"_ _4\"></span>ee ai piani </span><span style=\"display:inherit;clear:left;\">produt<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i azie<span class=\"_ _4\"></span>ndali. Le giace<span class=\"_ _4\"></span>nze di prod<span class=\"_ _4\"></span>otti f<span class=\"_ _4\"></span>initi so<span class=\"_ _4\"></span>no in aumento di Euro 1<span class=\"_ _2\"></span>4.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>16 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1c\"></span>+5,<span class=\"_ _1\"></span>4%<span class=\"_ _2\"></span>). Per una miglior<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>lle modalit<span class=\"_ _4\"></span>\u00e0 di dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e dei fondi s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne sopr<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>entati s<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">rimanda alla not<span class=\"_ _4\"></span>a 2 \u201cCriter<span class=\"_ _4\"></span>i di redaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>\u201d paragr<span class=\"_ _4\"></span>afo \u201c<span class=\"_ _4\"></span>V<span class=\"_ _1\"></span>aluta<span class=\"_ _4\"></span>zioni discr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>nali, stime co<span class=\"_ _4\"></span>ntabili ed a<span class=\"_ _4\"></span>ssun<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti e<span class=\"_ _4\"></span>/o (<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zi) net<span class=\"_ _4\"></span>ti del fon<span class=\"_ _4\"></span>do sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle rimanen<span class=\"_ _4\"></span>ze sono s<span class=\"_ _4\"></span>tati i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie P<span class=\"_ _1\"></span>rime<span class=\"_ _2fd\"> </span>654 <span class=\"_ _23e\"> </span>3.371<span class=\"_ _2ef\"> </span>(2.717) </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>odotti Finiti<span class=\"_ _109\"> </span>16.573 <span class=\"_ _23e\"> </span>1.389<span class=\"_ _81\"> </span>15.184 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>17.227 <span class=\"_ _c0\"> </span>4.760<span class=\"_ _2ef\"> </span>12.467</span></span> </span><span style=\"display:inherit;clear:left;\">14. Diritti di r<span class=\"_ _2\"></span>ecuper<span class=\"_ _2\"></span>o pr<span class=\"_ _2\"></span>odotti da clienti per resi </span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento al dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o di cui ai \u201cR<span class=\"_ _4\"></span>icav<span class=\"_ _4\"></span>i da contratt<span class=\"_ _4\"></span>i con clienti<span class=\"_ _4\"></span>\u201d, la v<span class=\"_ _1\"></span>oce \u201c<span class=\"_ _4\"></span>Dirit<span class=\"_ _4\"></span>ti di recup<span class=\"_ _4\"></span>ero pro<span class=\"_ _4\"></span>dotti da clie<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">per r<span class=\"_ _4\"></span>esi<span class=\"_ _4\"></span>\u201d \u00e8 par<span class=\"_ _4\"></span>i a Euro 5.91<span class=\"_ _44\"></span>1 migliaia (par<span class=\"_ _4\"></span>i a Euro 6.0<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>4 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), ed inc<span class=\"_ _4\"></span>lude la stima d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to dei pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i, che si pre<span class=\"_ _4\"></span>sume sar<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti, val<span class=\"_ _4\"></span>oriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata al minore tr<span class=\"_ _4\"></span>a il prece<span class=\"_ _4\"></span>dente v<span class=\"_ _4\"></span>alore di car<span class=\"_ _4\"></span>ico di magaz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">no (stima del co<span class=\"_ _4\"></span>sto di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di realiz<span class=\"_ _4\"></span>zo, e diminuita di e<span class=\"_ _4\"></span>ventuali cos<span class=\"_ _4\"></span>ti futuri p<span class=\"_ _4\"></span>er il loro re<span class=\"_ _4\"></span>cupero.</span></span> </span><span style=\"display:inherit;clear:left;\">15. C<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>editi commer<span class=\"_ _2\"></span>ciali</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi commerciali<span class=\"_ _306\"> </span>89.253 <span class=\"_ _219\"> </span>112.099<span class=\"_ _214\"> </span>(22.846) </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _f7\"> </span>(4.673) <span class=\"_ _80\"> </span>(5.278)<span class=\"_ _24c\"> </span>605 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>84.580 <span class=\"_ _2da\"> </span>106.821<span class=\"_ _81\"> </span>(22.241) </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>enzialme<span class=\"_ _4\"></span>nte riferibili alle ve<span class=\"_ _4\"></span>ndite <span class=\"ff5f ls32 ws122\">wholes<span class=\"_ _4\"></span>ale</span>, ed in misura m<span class=\"_ _4\"></span>eno rile<span class=\"_ _4\"></span>vante a vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls68 ws8e\">e-<span class=\"_ _4\"></span>com<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">me<span class=\"_ _4\"></span>rce<span class=\"ff5c ls3 wsf0\"> o D<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>C se all<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>rno di <span class=\"ff5f\">dep<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ment store</span>, s<span class=\"_ _4\"></span>ono in diminuzio<span class=\"_ _4\"></span>ne risp<span class=\"_ _4\"></span>etto al 31 dicembre 2023; sono infrut<span class=\"_ _4\"></span>tiferi di </span></span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>ssi e hanno ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>lmente sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za inferi<span class=\"_ _4\"></span>ore a 90 g<span class=\"_ _4\"></span>iorni. Il relati<span class=\"_ _4\"></span>vo fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e crediti \u00e8 rit<span class=\"_ _4\"></span>enuto cong<span class=\"_ _4\"></span>ruo </span><span style=\"display:inherit;clear:left;\">per f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare eve<span class=\"_ _4\"></span>ntuali insol<span class=\"_ _4\"></span>venze<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, da evid<span class=\"_ _4\"></span>enziare ch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ate perdite </span><span style=\"display:inherit;clear:left;\">su cre<span class=\"_ _4\"></span>diti per Euro 1<span class=\"_ _2\"></span>45 migliaia a se<span class=\"_ _4\"></span>guito di st<span class=\"_ _4\"></span>ralcio <span class=\"ff5f ls5b ws8\">(write-<span class=\"_ _4\"></span>of<span class=\"_ _4\"></span>f<span class=\"_ _5\"></span>) </span><span class=\"ls7 ws94\">di c<span class=\"_ _4\"></span>rediti<span class=\"_ _4\"></span> comme<span class=\"_ _4\"></span>rciali ine<span class=\"_ _4\"></span>sigibili. </span></span><span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne credit<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a la segu<span class=\"_ _4\"></span>ente:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _52\"> </span>Acc<span class=\"_ _1\"></span>antonamenti<span class=\"_ _257\"> </span>Utilizzi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _2a5\"> </span><span class=\"ff62\">5.278<span class=\"_ _d9\"> </span></span>86<span class=\"_ _219\"> </span>877<span class=\"_ _88\"> </span>(1.568)<span class=\"_ _2f4\"> </span><span class=\"ff62\">4.673</span></span><span style=\"display:inherit;clear:left;\">Per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi de<span class=\"_ _4\"></span>i crediti co<span class=\"_ _4\"></span>mmerciali sc<span class=\"_ _4\"></span>aduti non s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ati si rimanda alla n<span class=\"_ _4\"></span>ota 3 \u201cG<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i rischi f<span class=\"_ _4\"></span>inanziari \u2013 R<span class=\"_ _4\"></span>ischio </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">di credit<span class=\"_ _4\"></span>o\u201d.</span></span><span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">16. C<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>editi t<span class=\"_ _4\"></span>ributari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario (<span class=\"_ _5\"></span>imposta sul valor<span class=\"_ _1\"></span>e aggiunto e altre imposte)<span class=\"_ _73\"> </span>18.193 <span class=\"_ _176\"> </span>24.587<span class=\"_ _1f2\"> </span>(6.394) </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario per imposte dirette<span class=\"_ _307\"> </span>7.563 <span class=\"_ _211\"> </span>9.357<span class=\"_ _1f2\"> </span>(1.794) </span><span style=\"display:inherit;clear:left;\">Ritenute d\u2019acc<span class=\"_ _1\"></span>onto subite<span class=\"_ _103\"> </span>66 <span class=\"_ _8e\"> </span>81<span class=\"_ _221\"> </span>(15) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>25.822 <span class=\"_ _25\"> </span>34.025<span class=\"_ _b7\"> </span>(8.203) </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i tributar<span class=\"_ _4\"></span>i si riferis<span class=\"_ _4\"></span>cono pr<span class=\"_ _4\"></span>incipalmente a cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>ta sul v<span class=\"_ _4\"></span>alore ag<span class=\"_ _4\"></span>giunto e cre<span class=\"_ _4\"></span>diti ver<span class=\"_ _4\"></span>so er<span class=\"_ _4\"></span>ario per </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te sul re<span class=\"_ _4\"></span>ddito in riferim<span class=\"_ _4\"></span>ento agli acc<span class=\"_ _4\"></span>onti ver<span class=\"_ _4\"></span>sati ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio, e evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iano un decre<span class=\"_ _4\"></span>mento ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>, pari a Euro 8.<span class=\"_ _4\"></span>203 migliaia.</span><span style=\"display:inherit;clear:left;\">17. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti \u00e8 r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito nella s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte tab<span class=\"_ _4\"></span>ella:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi diversi <span class=\"_ _e\"> </span>36.798 <span class=\"_ _176\"> </span>23.598<span class=\"_ _1d3\"> </span>13.200 </span><span style=\"display:inherit;clear:left;\">Risconti attivi<span class=\"_ _14e\"> </span>7.615 <span class=\"_ _1f9\"> </span>7.301<span class=\"_ _263\"> </span>314 </span><span style=\"display:inherit;clear:left;\">Strumenti derivati di copert<span class=\"_ _1\"></span>ura a br<span class=\"_ _2\"></span>eve termine<span class=\"_ _2dd\"> </span>1.612 <span class=\"_ _211\"> </span>6.813<span class=\"_ _1f2\"> </span>(5.201) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>46.025 <span class=\"_ _25\"> </span>37.712<span class=\"_ _261\"> </span>8.313 </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 la voce \u201cCredit<span class=\"_ _4\"></span>i diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie principalm<span class=\"_ _4\"></span>ente: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il cre<span class=\"_ _4\"></span>dito per a<span class=\"_ _4\"></span>cconto IRE<span class=\"_ _4\"></span>S vers<span class=\"_ _4\"></span>o la controllante Fe<span class=\"_ _4\"></span>rragamo F<span class=\"_ _4\"></span>inanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>57<span class=\"_ _2\"></span>6 migliaia (<span class=\"_ _1\"></span>al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023 er<span class=\"_ _4\"></span>a un debito par<span class=\"_ _4\"></span>i a Euro 4.942 migliaia<span class=\"_ _2\"></span>), di p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tinen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. maturato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bito del consolidato<span class=\"_ _1\"></span> fis<span class=\"_ _4\"></span>cale nazionale<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti vers<span class=\"_ _4\"></span>o le so<span class=\"_ _4\"></span>ciet\u00e0 di ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito p<span class=\"_ _4\"></span>er ven<span class=\"_ _4\"></span>dite DT<span class=\"_ _2\"></span>C pari a Euro 1<span class=\"_ _2\"></span>2.793 migliaia (<span class=\"_ _1c\"></span>al 31 dicembre </span><span style=\"display:inherit;clear:left;\">2023 Euro 1<span class=\"_ _2\"></span>5.6<span class=\"_ _4\"></span>08 migliaia);<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>il cre<span class=\"_ _4\"></span>dito de<span class=\"_ _4\"></span>lla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., p<span class=\"_ _4\"></span>ari a Euro 1<span class=\"_ _2\"></span>.4<span class=\"_ _4\"></span>40 migliaia (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>364 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>), </span><span style=\"display:inherit;clear:left;\">ver<span class=\"_ _4\"></span>so la Reg<span class=\"_ _4\"></span>ione T<span class=\"_ _2\"></span>osc<span class=\"_ _4\"></span>ana e il Ministe<span class=\"_ _4\"></span>ro dello Svilupp<span class=\"_ _4\"></span>o Economico, re<span class=\"_ _4\"></span>lativo all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Ac<span class=\"_ _4\"></span>cordo pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019innova<span class=\"_ _4\"></span>zione (<span class=\"_ _4\"></span>proget<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">I-SU<span class=\"_ _4\"></span>CCEED<span class=\"_ _2\"></span>), per i cui d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e, al paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>anti<span class=\"_ _4\"></span>cipi a fornitori par<span class=\"_ _4\"></span>i a Euro 3.6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>4 migliaia (<span class=\"_ _2\"></span>al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 er<span class=\"_ _4\"></span>ano pari a Euro 2.<span class=\"_ _4\"></span>27<span class=\"_ _2\"></span>6 migliaia)<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">I risconti a<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>tivi comprendono prin<span class=\"_ _1\"></span>cipalmen<span class=\"_ _1\"></span>te contri<span class=\"_ _2\"></span>buti a clienti<span class=\"_ _1\"></span> per allestimenti nego<span class=\"_ _1\"></span>zi e/<span class=\"_ _1\"></span>o spazi personaliz<span class=\"_ _4\"></span>zati mo<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomarca p<span class=\"_ _4\"></span>er Euro 3.<span class=\"_ _4\"></span>57<span class=\"_ _1\"></span>8 migliaia, premi a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativi p<span class=\"_ _4\"></span>er Euro 691 migliaia ed in par<span class=\"_ _4\"></span>te resi<span class=\"_ _4\"></span>duale ad af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>ti, non ri<span class=\"_ _4\"></span>entranti </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ambito del nuovo pr<span class=\"_ _4\"></span>incipio IFRS 16, per Euro 1<span class=\"_ _2\"></span>26 migliaia.  </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mine<span class=\"_ _4\"></span>\u201d pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2 migliaia (Euro 6.81<span class=\"_ _1c\"></span>3 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023<span class=\"_ _1\"></span>) accog<span class=\"_ _4\"></span>lie la valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value</span><span class=\"ls9 wse1\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) dei con<span class=\"_ _1\"></span>tratti derivati (<span class=\"_ _2\"></span>componente di<span class=\"_ _1\"></span> coper<span class=\"_ _4\"></span>tura<span class=\"_ _2\"></span>) in essere, </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">stip<span class=\"_ _4\"></span>ulati dalla Capogr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischi<span class=\"_ _4\"></span>o di cambio sulle ve<span class=\"_ _4\"></span>ndite in div<span class=\"_ _4\"></span>ise di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro.</span></span> </span><span style=\"display:inherit;clear:left;\">18 <span class=\"_ _44\"></span>. A<span class=\"_ _1\"></span>ltre atti<span class=\"_ _2\"></span>vit\u00e0 finanziarie cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie corr<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>idenz<span class=\"_ _4\"></span>iata nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati<span class=\"_ _100\"> </span>307 <span class=\"_ _211\"> </span>1.535<span class=\"_ _1f2\"> </span>(1.228) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _285\"> </span>50.414 <span class=\"_ _176\"> </span>35.277<span class=\"_ _1d3\"> </span>15.137 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>50.721 <span class=\"_ _25\"> </span>36.812<span class=\"_ _1f2\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati<span class=\"_ _4\"></span>\u201d, pari a Euro 307 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>535 migliaia al 3<span class=\"_ _2\"></span>1 dicembre 2023),<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce alla valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> degli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la comp<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>nte non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura.</span></span> La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce princip<span class=\"_ _4\"></span>almente, p<span class=\"_ _4\"></span>er Euro 4<span class=\"_ _4\"></span>0.443 migliaia (Euro 1<span class=\"_ _1c\"></span>5<span class=\"_ _4\"></span>.44<span class=\"_ _4\"></span>4 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _2\"></span>), ad un inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>icurativo in p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>za mult<span class=\"_ _4\"></span>iramo pront<span class=\"_ _4\"></span>amente liquidab<span class=\"_ _4\"></span>ile e, pe<span class=\"_ _4\"></span>r Euro 9.958 migliaia (Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>9.796 migliaia al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023<span class=\"_ _1\"></span>), ad un inves<span class=\"_ _4\"></span>timento in tit<span class=\"_ _4\"></span>oli di st<span class=\"_ _4\"></span>ato italiani di breve t<span class=\"_ _4\"></span>ermine (Buoni O<span class=\"_ _4\"></span>rdinari </span><span style=\"display:inherit;clear:left;\">del T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>soro<span class=\"_ _1\"></span>), effe<span class=\"_ _4\"></span>ttuati entr<span class=\"_ _4\"></span>ambi dalla soci<span class=\"_ _4\"></span>et\u00e0 S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. in ott<span class=\"_ _4\"></span>ica di mo<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">gestione della propri<span class=\"_ _2\"></span>a c<span class=\"_ _4\"></span>assa.</span></span> </span><span style=\"display:inherit;clear:left;\">19. Disponibilit\u00e0 liquide e mez<span class=\"_ _4\"></span>zi equ<span class=\"_ _4\"></span>iv<span class=\"_ _2\"></span>alenti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _81\"> </span>129.866<span class=\"_ _82\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">Depositi bancari e postali a vista <span class=\"_ _308\"> </span>183.422 <span class=\"_ _81\"> </span>137.255<span class=\"_ _81\"> </span>46.167 </span><span style=\"display:inherit;clear:left;\">Denaro e v<span class=\"_ _1\"></span>alori in cassa <span class=\"_ _204\"> </span>987 <span class=\"_ _23e\"> </span>1.867<span class=\"_ _b7\"> </span>(880) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>238.194 <span class=\"_ _2e0\"> </span>268.988<span class=\"_ _219\"> </span>(30.794) </span><span style=\"display:inherit;clear:left;\">I dep<span class=\"_ _4\"></span>ositi ban<span class=\"_ _4\"></span>cari a bre<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span><span class=\"ff5f ls9 ws268\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa9\">) p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so gli is<span class=\"_ _4\"></span>tituti di rela<span class=\"_ _4\"></span>zione hann<span class=\"_ _4\"></span>o sca<span class=\"_ _4\"></span>denze v<span class=\"_ _4\"></span>ariabili tra un gior<span class=\"_ _4\"></span>no ed 1<span class=\"_ _1c\"></span>1 me<span class=\"_ _4\"></span>si </span></span></span><span style=\"display:inherit;clear:left;\">e si car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zano in o<span class=\"_ _4\"></span>gni cas<span class=\"_ _4\"></span>o per la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 in ass<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di penali. I d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari e pos<span class=\"_ _4\"></span>tali rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no disp<span class=\"_ _4\"></span>onibilit\u00e0 te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee, d<span class=\"_ _4\"></span>etenute pr<span class=\"_ _4\"></span>incipalmente a f<span class=\"_ _4\"></span>ronte di pagame<span class=\"_ _4\"></span>nti imminenti.  </span><span style=\"display:inherit;clear:left;\">Anche n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, la politica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te co<span class=\"_ _4\"></span>nsist<span class=\"_ _4\"></span>ente de<span class=\"_ _4\"></span>lle pro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">prie e<span class=\"_ _4\"></span>cced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di inves<span class=\"_ _4\"></span>timento s<span class=\"_ _4\"></span>ul merc<span class=\"_ _4\"></span>ato in depo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari a breve (<span class=\"_ _1\"></span><span class=\"ff5f ls9 wsc1\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsde\">), oltre ch<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">per a<span class=\"_ _4\"></span>ccend<span class=\"_ _4\"></span>ere pre<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>i <span class=\"ff5f ls5a wsd4\">inter<span class=\"_ _4\"></span>comp<span class=\"_ _4\"></span>any<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws138\">, re<span class=\"_ _4\"></span>golati a con<span class=\"_ _4\"></span>dizioni cor<span class=\"_ _4\"></span>renti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da co<span class=\"_ _4\"></span>ntenere la p<span class=\"_ _4\"></span>ropria es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>izio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ne deb<span class=\"_ _4\"></span>itoria ver<span class=\"_ _4\"></span>so il sis<span class=\"_ _4\"></span>tema ban<span class=\"_ _4\"></span>cario.</span></span> </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo ha line<span class=\"_ _4\"></span>e di credito n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate per Euro 709.<span class=\"_ _4\"></span>53<span class=\"_ _2\"></span>1 migliaia; al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023 le linee </span><span style=\"display:inherit;clear:left;\">di credito n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate ammontav<span class=\"_ _4\"></span>ano a Euro 728.<span class=\"_ _4\"></span>54<span class=\"_ _4\"></span>0 migliaia. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi </span><span style=\"display:inherit;clear:left;\">e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini del re<span class=\"_ _4\"></span>ndiconto f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iario conso<span class=\"_ _4\"></span>lidato la voce \u201c<span class=\"_ _4\"></span>Disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi equi<span class=\"_ _4\"></span>valenti<span class=\"_ _4\"></span>\u201d al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _1\"></span> si compone come segue:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cassa e depositi bancari a vista<span class=\"_ _1c6\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _12d\"> </span>129.866<span class=\"_ _1f1\"> </span>(<span class=\"_ _4\"></span>76.081) </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _13a\"> </span>(1.109) <span class=\"_ _25\"> </span>(1.529)<span class=\"_ _263\"> </span>420 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>237.085 <span class=\"_ _2da\"> </span>267.459<span class=\"_ _ca\"> </span>(30.374) </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito la rico<span class=\"_ _4\"></span>nciliazione d<span class=\"_ _4\"></span>el f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 deriv<span class=\"_ _4\"></span>anti dalle atti<span class=\"_ _4\"></span>vit\u00e0 di f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamento, cos<span class=\"_ _4\"></span>\u00ec come ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nel </span><span style=\"display:inherit;clear:left;\">rendic<span class=\"_ _4\"></span>onto f<span class=\"_ _4\"></span>inanziario, pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti </span><span style=\"display:inherit;clear:left;\">78.600<span class=\"_ _86\"> </span>29.565 <span class=\"_ _164\"> </span>(4.690) <span class=\"_ _1e5\"> </span>4.017 <span class=\"_ _208\"> </span>- <span class=\"_ _7f\"> </span>4.690 <span class=\"_ _213\"> </span>112.182 </span><span style=\"display:inherit;clear:left;\">(ad esclusione degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti<span class=\"_ _260\"> </span>596.603<span class=\"_ _de\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _e1\"> </span>10.944 <span class=\"_ _164\"> </span>75.821 <span class=\"_ _23\"> </span>(131.024) <span class=\"_ _213\"> </span>552.344 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>114.439<span class=\"_ _213\"> </span>(124.903) <span class=\"_ _178\"> </span>(22.563) <span class=\"_ _1e5\"> </span>3.571 <span class=\"_ _208\"> </span>- <span class=\"_ _213\"> </span>153.458 <span class=\"_ _213\"> </span>124.002 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>789.642<span class=\"_ _1da\"> </span>(95.338) <span class=\"_ _1e8\"> </span>(27.253) <span class=\"_ _163\"> </span>18.532 <span class=\"_ _163\"> </span>75.821 <span class=\"_ _164\"> </span>27.124 <span class=\"_ _178\"> </span>788.528 </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti (ad esc<span class=\"_ _1\"></span>lusione </span><span style=\"display:inherit;clear:left;\">29.264<span class=\"_ _86\"> </span>51.563 <span class=\"_ _164\"> </span>(2.024) <span class=\"_ _163\"> </span>(2.227) <span class=\"_ _e2\"> </span>- <span class=\"_ _7f\"> </span>2.024 <span class=\"_ _e1\"> </span>78.600 </span><span style=\"display:inherit;clear:left;\">degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti <span class=\"_ _6c\"> </span>468.737<span class=\"_ _2a6\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _164\"> </span>(8.103) <span class=\"_ _234\"> </span>266.679 <span class=\"_ _23\"> </span>(130.710) <span class=\"_ _213\"> </span>596.603 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>106.586<span class=\"_ _213\"> </span>(116.403) <span class=\"_ _178\"> </span>(20.451) <span class=\"_ _163\"> </span>(2.736) <span class=\"_ _e2\"> </span>- <span class=\"_ _213\"> </span>147.443 <span class=\"_ _213\"> </span>114.439 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>604.587<span class=\"_ _1da\"> </span>(64.840) <span class=\"_ _18b\"> </span>(22.475) <span class=\"_ _1e8\"> </span>(13.066) <span class=\"_ _178\"> </span>266.679 <span class=\"_ _163\"> </span>18.757 <span class=\"_ _178\"> </span>789.642 </span><span style=\"display:inherit;clear:left;\">La col<span class=\"_ _4\"></span>onna \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri movim<span class=\"_ _4\"></span>enti non di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a\u201d inclu<span class=\"_ _4\"></span>de la riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l debito t<span class=\"_ _4\"></span>ra quota n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nte e quota cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">dei Pre<span class=\"_ _4\"></span>stiti e Finan<span class=\"_ _4\"></span>ziamenti e d<span class=\"_ _4\"></span>elle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, gli intere<span class=\"_ _4\"></span>ssi s<span class=\"_ _4\"></span>u Prest<span class=\"_ _4\"></span>iti e Finanziame<span class=\"_ _4\"></span>nti e sulle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws141\"> maturati ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo, e l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to sulla Pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r </span>le<span class=\"_ _4\"></span>asing<span class=\"ff5c ls3 ws141\"> di alcuni ca<span class=\"_ _4\"></span>si di es<span class=\"_ _4\"></span>tinzio<span class=\"_ _4\"></span>ne anticipata di c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e o della contr<span class=\"_ _4\"></span>atta<span class=\"_ _4\"></span>zione di una ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>ei cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o futuri.</span></span>  </span><span style=\"display:inherit;clear:left;\">20. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 nette possedute per la vendita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>dute per la ve<span class=\"_ _4\"></span>ndita<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>ari a Euro 67 migliaia, si riferis<span class=\"_ _4\"></span>ce ad un immob<span class=\"_ _4\"></span>ile di proprie<span class=\"_ _4\"></span>t\u00e0 ubic<span class=\"_ _4\"></span>ato negli </span><span style=\"display:inherit;clear:left;\">Stati Uniti ch<span class=\"_ _4\"></span>e il Consiglio di A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del 3 agos<span class=\"_ _4\"></span>to 2023 ha de<span class=\"_ _4\"></span>stinato alla ven<span class=\"_ _4\"></span>dita pe<span class=\"_ _4\"></span>rch\u00e9 non pi\u00f9 impi<span class=\"_ _4\"></span>egato </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>attivit\u00e0 op<span class=\"_ _4\"></span>erativa del Gruppo.</span></span><span class=\"_ _2\"></span> <span class=\"_ _4\"></span>             </span><span style=\"display:inherit;clear:left;\">21. C<span class=\"_ _2\"></span>apitale sociale e riser<span class=\"_ _4\"></span>ve</span><span style=\"display:inherit;clear:left;\">Il capit<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>ciale delib<span class=\"_ _4\"></span>erato, sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>critto e ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>ato della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 amm<span class=\"_ _4\"></span>onta a Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.879.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0, </span><span style=\"display:inherit;clear:left;\">ed \u00e8 co<span class=\"_ _4\"></span>stituito da 168.790.<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 azioni o<span class=\"_ _4\"></span>rdinarie. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, non vi s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate varia<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>l numero </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni emes<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e, pari a Euro 53.676 migliaia, \u00e8 compos<span class=\"_ _4\"></span>ta da numero 3<span class=\"_ _4\"></span>.<span class=\"_ _1c\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>302 a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Fer<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. ad un pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo me<span class=\"_ _4\"></span>dio unitario di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,2<span class=\"_ _1\"></span>4; tale ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a si \u00e8 cos<span class=\"_ _4\"></span>tituita co<span class=\"_ _4\"></span>n gli acquis<span class=\"_ _4\"></span>ti av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>i nel cor<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">del 201<span class=\"_ _2\"></span>8, 201<span class=\"_ _2\"></span>9, 202<span class=\"_ _2\"></span>1 e 202<span class=\"_ _4\"></span>2 (<span class=\"_ _2\"></span>nr<span class=\"_ _2\"></span>. 1<span class=\"_ _1\"></span>4.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, nr<span class=\"_ _2\"></span>. 1<span class=\"_ _2\"></span>36<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, nr<span class=\"_ _2\"></span>. 624.<span class=\"_ _1c\"></span>1<span class=\"_ _1\"></span>63 e nr<span class=\"_ _2\"></span>. 2.<span class=\"_ _4\"></span>601<span class=\"_ _2\"></span>.6<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>7 risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte<span class=\"_ _2\"></span>), e co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">gratuit<span class=\"_ _4\"></span>a, av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023 e del 2024, all\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore e Dire<span class=\"_ _4\"></span>ttore G<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>rale ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente di </span><span style=\"display:inherit;clear:left;\">nr<span class=\"_ _2\"></span>. 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>4.7<span class=\"_ _1\"></span>66 e n. 1<span class=\"_ _2\"></span>47<span class=\"_ _1c\"></span>.732 azioni, in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione di quanto prev<span class=\"_ _4\"></span>isto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 202<span class=\"_ _4\"></span>2 e 2023 </span><span style=\"display:inherit;clear:left;\">(p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 42 \u201c<span class=\"_ _4\"></span>Pagamenti ba<span class=\"_ _4\"></span>sati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente docum<span class=\"_ _4\"></span>ento<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">I ver<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>nti in conto capit<span class=\"_ _4\"></span>ale, p<span class=\"_ _4\"></span>ari a Euro 2.9<span class=\"_ _4\"></span>95 migliaia, interame<span class=\"_ _4\"></span>nte riferibili alla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o, sono s<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uiti in </span><span style=\"display:inherit;clear:left;\">un\u2019unica so<span class=\"_ _4\"></span>luzione n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 20<span class=\"_ _4\"></span>03 dalla controllante Ferr<span class=\"_ _4\"></span>agamo Finanz<span class=\"_ _4\"></span>iaria S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. e si s<span class=\"_ _4\"></span>ono ridot<span class=\"_ _4\"></span>ti, pe<span class=\"_ _4\"></span>r scis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 20<span class=\"_ _4\"></span>07<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va l<span class=\"_ _4\"></span>egale<span class=\"_ _4\"></span>, pari a Euro 4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>8 migliaia, interam<span class=\"_ _4\"></span>ente rifer<span class=\"_ _4\"></span>ita alla so<span class=\"_ _4\"></span>ciet\u00e0 C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo, si \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>a in anni prece<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">de<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va s<span class=\"_ _4\"></span>trao<span class=\"_ _4\"></span>rdinaria, pari ad Euro 68<span class=\"_ _4\"></span>3.9<span class=\"_ _4\"></span>08 migliaia, inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>iferibile alla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o, \u00e8 cost<span class=\"_ _4\"></span>ituita co<span class=\"_ _4\"></span>n utili </span><span style=\"display:inherit;clear:left;\">non dis<span class=\"_ _4\"></span>tribuiti; la variaz<span class=\"_ _4\"></span>ione reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ata nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do \u00e8 st<span class=\"_ _4\"></span>ata det<span class=\"_ _4\"></span>erminata da un incr<span class=\"_ _4\"></span>emento di Euro 87<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 migliaia, rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo all<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio 2023 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>. Il decre<span class=\"_ _4\"></span>mento di Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>568 migliaia si rifer<span class=\"_ _4\"></span>isce alla </span><span style=\"display:inherit;clear:left;\">dist<span class=\"_ _4\"></span>ribuzion<span class=\"_ _4\"></span>e di divid<span class=\"_ _4\"></span>endi, de<span class=\"_ _4\"></span>liberati n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 da Salvatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>..  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">c<span class=\"_ _4\"></span>ash f<span class=\"_ _4\"></span>low hedge</span>, n<span class=\"_ _4\"></span>egati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r Euro 5.30<span class=\"_ _4\"></span>5 migliaia, \u00e8 determinat<span class=\"_ _4\"></span>a dalla valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari def<span class=\"_ _4\"></span>initi com<span class=\"_ _4\"></span>e <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, a fro<span class=\"_ _4\"></span>nte delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ed </span><span style=\"display:inherit;clear:left;\">\u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata al net<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di c<span class=\"_ _4\"></span>onvers<span class=\"_ _4\"></span>ione, n<span class=\"_ _4\"></span>egati<span class=\"_ _4\"></span>va per Euro 8<span class=\"_ _4\"></span>.078 migliaia, rifle<span class=\"_ _4\"></span>tte le v<span class=\"_ _4\"></span>ariazioni di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lla quota di Grup<span class=\"_ _4\"></span>po del p<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trimonio n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>date, dovut<span class=\"_ _4\"></span>e alle variaz<span class=\"_ _4\"></span>ioni dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute fun<span class=\"_ _4\"></span>zionali de<span class=\"_ _4\"></span>lle ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla valut<span class=\"_ _4\"></span>a di pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato.  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va ut<span class=\"_ _4\"></span>ili indivi<span class=\"_ _4\"></span>si, pari a Euro 35.555 migliaia, recep<span class=\"_ _4\"></span>isce i ri<span class=\"_ _4\"></span>sultati patr<span class=\"_ _4\"></span>imonializ<span class=\"_ _4\"></span>zati n<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o, tene<span class=\"_ _4\"></span>ndo opp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tu<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">namente co<span class=\"_ _4\"></span>nto delle ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>iche di con<span class=\"_ _4\"></span>solidame<span class=\"_ _4\"></span>nto, in par<span class=\"_ _4\"></span>ticolare de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile non realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sulle rimane<span class=\"_ _4\"></span>nze. T<span class=\"_ _2\"></span>ale ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, ri<span class=\"_ _4\"></span>sente de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto di p<span class=\"_ _4\"></span>i\u00f9 fattori: si de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nta di Euro 60<span class=\"_ _4\"></span>.94<span class=\"_ _4\"></span>0 migliaia pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">patrimonializ<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023, al net<span class=\"_ _4\"></span>to del ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>lla socie<span class=\"_ _4\"></span>t\u00e0 Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o alloc<span class=\"_ _4\"></span>ato alla </span><span style=\"display:inherit;clear:left;\">rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va st<span class=\"_ _4\"></span>raordinaria, di Euro 235 migliaia per la c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di <span class=\"ff5f ls5b ws8\">p<span class=\"_ _4\"></span>ut</span> e <span class=\"ff5f ws5d\">call</span><span class=\"ls4 wsee\"> su intere<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di mino<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ranz<span class=\"_ _4\"></span>a pree<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti  (nota 43 \u201c<span class=\"_ _2\"></span>Accordi di <span class=\"ff5f ls55 wscc\">Put<span class=\"_ _4\"></span></span> e <span class=\"ff5f ws5d\">Call</span> su Intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>enze di Minor<span class=\"_ _4\"></span>anza<span class=\"_ _4\"></span>\u201d  de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio Co<span class=\"_ _4\"></span>nsolidato), e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">di Euro 463 migliaia pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetti mino<span class=\"_ _4\"></span>ri. </span><span style=\"display:inherit;clear:left;\">Le voci \u201c<span class=\"_ _1\"></span>Altre ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>\u201d e \u201cef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o IAS 19 <span class=\"ff5f ls2b wscf\">equit<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span></span>\u201d<span class=\"_ _1c\"></span>, p<span class=\"_ _4\"></span>er un tot<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to di Euro 1<span class=\"_ _2\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>2 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>ndono i v<span class=\"_ _4\"></span>alori is<span class=\"_ _4\"></span>critti a fro<span class=\"_ _4\"></span>nte delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze di valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e richies<span class=\"_ _4\"></span>te dai principi IFR<span class=\"_ _4\"></span>S risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o ai principi </span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>ali delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo. La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie principalme<span class=\"_ _4\"></span>nte la rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">Stock Grant</span>, pari a Euro </span><span style=\"display:inherit;clear:left;\">8.<span class=\"_ _2\"></span>184 migliaia, per i tr<span class=\"_ _4\"></span>e piani di incentiv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e al <span class=\"ff5f ls8 ws2b\">top management</span> in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re alla data del 31 dicembre 202<span class=\"_ _2\"></span>4, e s<span class=\"_ _4\"></span>i \u00e8 </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>ntat<span class=\"_ _4\"></span>a di Euro 2.832 migliaia per ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to del co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>i piani nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4 e s<span class=\"_ _4\"></span>i \u00e8 decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata di Euro </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>398 migliaia pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in e<span class=\"_ _4\"></span>secu<span class=\"_ _4\"></span>zione di quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dal Piano <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023, p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 42 \u201c<span class=\"_ _4\"></span>Pagamenti ba<span class=\"_ _4\"></span>sati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d; nel cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto di Euro 87 migliaia si riferisce alla v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione attuar<span class=\"_ _4\"></span>iale dei piani a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in </span><span style=\"display:inherit;clear:left;\">alcune so<span class=\"_ _4\"></span>ciet\u00e0 de<span class=\"_ _4\"></span>l Gruppo. </span><span style=\"display:inherit;clear:left;\">Gli impor<span class=\"_ _4\"></span>ti s<span class=\"_ _4\"></span>ono al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>gli ef<span class=\"_ _4\"></span>fetti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ove applic<span class=\"_ _4\"></span>abili. </span><span style=\"display:inherit;clear:left;\">Le variaz<span class=\"_ _4\"></span>ioni nelle c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nti del patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023  so<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziate </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ti. Di s<span class=\"_ _4\"></span>eguito s<span class=\"_ _4\"></span>i ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a una tavola di det<span class=\"_ _4\"></span>tagli<span class=\"_ _4\"></span>o relativ<span class=\"_ _4\"></span>a alle rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ve ed utili in<span class=\"_ _4\"></span>divis<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>: </span><span style=\"display:inherit;clear:left;\">Riserve formate </span><span style=\"display:inherit;clear:left;\">Riserva con<span class=\"_ _2\"></span>versione </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">con utili</span><span style=\"display:inherit;clear:left;\">cambi<span class=\"_ _c1\"> </span>Altre riserve<span class=\"_ _214\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Riserva azioni proprie<span class=\"_ _197\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _2da\"> </span>(53.676) <span class=\"_ _2da\"> </span>(53.676) </span><span style=\"display:inherit;clear:left;\">Ver<span class=\"_ _2\"></span>samenti in conto capitale<span class=\"_ _2a5\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _211\"> </span>2.995 <span class=\"_ _1f9\"> </span>2.995 </span><span style=\"display:inherit;clear:left;\">Riserva legale<span class=\"_ _f8\"> </span>4.188 <span class=\"_ _69\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _211\"> </span>4.188 </span><span style=\"display:inherit;clear:left;\">Riserva straor<span class=\"_ _2\"></span>dinaria<span class=\"_ _243\"> </span>683.908 <span class=\"_ _69\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _219\"> </span>683.908 </span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _29a\"> </span></span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _25\"> </span>(5.305) <span class=\"_ _25\"> </span>(5.305) </span><span style=\"display:inherit;clear:left;\">Riserva di con<span class=\"_ _2\"></span>versione<span class=\"_ _1be\"> </span>- <span class=\"_ _25\"> </span>(8.078) <span class=\"_ _2cc\"> </span>- <span class=\"_ _25\"> </span>(8.078) </span><span style=\"display:inherit;clear:left;\">Utili indivisi<span class=\"_ _1a\"> </span>35.555 <span class=\"_ _225\"> </span>- <span class=\"_ _69\"> </span>- <span class=\"_ _176\"> </span>35.555 </span><span style=\"display:inherit;clear:left;\">Altre riserve<span class=\"_ _1cd\"> </span>- <span class=\"_ _225\"> </span>- <span class=\"_ _66\"> </span>10.712 <span class=\"_ _176\"> </span>10.712 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1f8\"> </span>723.651 <span class=\"_ _32\"> </span>(8.078) <span class=\"_ _148\"> </span>(45.274) <span class=\"_ _65\"> </span>670.299 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Riserva azioni proprie<span class=\"_ _197\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _82\"> </span>(56.223)<span class=\"_ _82\"> </span>(56.223)</span><span style=\"display:inherit;clear:left;\">Ver<span class=\"_ _2\"></span>samenti in conto capitale<span class=\"_ _2a5\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>2.995<span class=\"_ _f2\"> </span>2.995</span><span style=\"display:inherit;clear:left;\">Riserva legale<span class=\"_ _f8\"> </span>4.188<span class=\"_ _6c\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>4.188</span><span style=\"display:inherit;clear:left;\">Riserva straor<span class=\"_ _2\"></span>dinaria<span class=\"_ _243\"> </span>613.476<span class=\"_ _6c\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _d1\"> </span>613.476</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _29a\"> </span></span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>4.220<span class=\"_ _f2\"> </span>4.220</span><span style=\"display:inherit;clear:left;\">Riserva di con<span class=\"_ _2\"></span>versione<span class=\"_ _1be\"> </span>-<span class=\"_ _f2\"> </span>2.038<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>2.038</span><span style=\"display:inherit;clear:left;\">Utili indivisi<span class=\"_ _1a\"> </span>97.193<span class=\"_ _6c\"> </span>-<span class=\"_ _24b\"> </span>-<span class=\"_ _81\"> </span>97.193</span><span style=\"display:inherit;clear:left;\">Altre riserve<span class=\"_ _1cd\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _2e0\"> </span>10.340<span class=\"_ _81\"> </span>10.340</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1f8\"> </span>714.857<span class=\"_ _cd\"> </span>2.038<span class=\"_ _219\"> </span>(38.668)<span class=\"_ _82\"> </span>678.227</span><span style=\"display:inherit;clear:left;\">22. P<span class=\"_ _1c\"></span>restiti e finanziamenti</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito un det<span class=\"_ _4\"></span>taglio de<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>titi e de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti co<span class=\"_ _4\"></span>rrenti e non c<span class=\"_ _4\"></span>orrenti:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti finanziari verso banche a br<span class=\"_ _2\"></span>eve termine<span class=\"_ _20a\"> </span>112.182 <span class=\"_ _176\"> </span>78.600<span class=\"_ _1d3\"> </span>33.582 </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _112\"> </span>1.109 <span class=\"_ _211\"> </span>1.529<span class=\"_ _230\"> </span>(420) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>113.291 <span class=\"_ _25\"> </span>80.129<span class=\"_ _1f2\"> </span>33.162 </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024, i debiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rso b<span class=\"_ _4\"></span>anche a breve t<span class=\"_ _4\"></span>ermine, s<span class=\"_ _4\"></span>ono aume<span class=\"_ _4\"></span>ntati princip<span class=\"_ _4\"></span>almente p<span class=\"_ _4\"></span>er il mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o delle lin<span class=\"_ _4\"></span>ee <span class=\"ff5f ls0 ws0\">uncommit<span class=\"_ _4\"></span>ted<span class=\"ff5c\">. </span></span></span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 il Gr<span class=\"_ _4\"></span>uppo, in cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni ge<span class=\"_ _4\"></span>nerali de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato del cre<span class=\"_ _4\"></span>dito e anche de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">propria b<span class=\"_ _4\"></span>uona situaz<span class=\"_ _4\"></span>ione di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non ha rite<span class=\"_ _4\"></span>nuto oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuare inter<span class=\"_ _5\"></span>venti signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativi sulla p<span class=\"_ _4\"></span>ropria st<span class=\"_ _4\"></span>ruttura </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria mantene<span class=\"_ _4\"></span>ndo pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>och\u00e8 co<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti le linee <span class=\"ff5f\">commit<span class=\"_ _4\"></span>ted</span> e<span class=\"_ _4\"></span>d <span class=\"ff5f\">uncommitte<span class=\"_ _4\"></span>d</span> in es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e con controp<span class=\"_ _4\"></span>arti di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cate.</span><span style=\"display:inherit;clear:left;\">In continuit<span class=\"_ _4\"></span>\u00e0 con il pas<span class=\"_ _4\"></span>sato \u00e8 s<span class=\"_ _4\"></span>tata ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a una part<span class=\"_ _4\"></span>e consis<span class=\"_ _4\"></span>tente d<span class=\"_ _4\"></span>elle prop<span class=\"_ _4\"></span>rie ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa p<span class=\"_ _4\"></span>er acce<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e o rin<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">novare pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>iti <span class=\"ff5f ls7c wsf0\">inte<span class=\"_ _4\"></span>rcomp<span class=\"_ _4\"></span>any<span class=\"_ _1\"></span><span class=\"ff5c ls0 wscb\">, regolati a c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni correnti di m<span class=\"_ _4\"></span>ercato. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 no<span class=\"_ _4\"></span>n sono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span></span><span style=\"display:inherit;clear:left;\">a livello di G<span class=\"_ _4\"></span>ruppo p<span class=\"_ _4\"></span>rest<span class=\"_ _4\"></span>iti a sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za <span class=\"ff5f\">(<span class=\"_ _1\"></span>term loan)<span class=\"ff5c\"> utiliz<span class=\"_ _4\"></span>zati, b<span class=\"_ _4\"></span>ench\u00e9 rimang<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere un ammo<span class=\"_ _4\"></span>ntare rite<span class=\"_ _4\"></span>nuto congru<span class=\"_ _4\"></span>o </span></span></span><span style=\"display:inherit;clear:left;\">di linee di cre<span class=\"_ _4\"></span>dito utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in ca<span class=\"_ _4\"></span>so di nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0. I f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamenti e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o conce<span class=\"_ _4\"></span>sse al G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono rego<span class=\"_ _4\"></span>lati </span><span style=\"display:inherit;clear:left;\">a ta<span class=\"_ _4\"></span>sso v<span class=\"_ _4\"></span>ariabile. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019inde<span class=\"_ _4\"></span>bitam<span class=\"_ _4\"></span>ento \u00e8 parame<span class=\"_ _4\"></span>trato al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di merc<span class=\"_ _4\"></span>ato di perio<span class=\"_ _4\"></span>do (<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>neralme<span class=\"_ _4\"></span>nte euribo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>libor/</span><span style=\"display:inherit;clear:left;\">sofr o il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di riferime<span class=\"_ _4\"></span>nto sul merc<span class=\"_ _4\"></span>ato interban<span class=\"_ _4\"></span>cario sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ico de<span class=\"_ _4\"></span>lla valuta in cui il f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamento \u00e8 den<span class=\"_ _4\"></span>ominato<span class=\"_ _2\"></span>) pi\u00f9 uno </span><span style=\"display:inherit;clear:left;\">spread<span class=\"ff5c wsa6\"> dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nziato sulla ba<span class=\"_ _4\"></span>se della t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ia di linea di credit<span class=\"_ _4\"></span>o. I margini applic<span class=\"_ _4\"></span>abili son<span class=\"_ _4\"></span>o in linea con i miglio<span class=\"_ _4\"></span>ri </span>standard<span class=\"ff5c\"> </span></span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato.  </span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti di f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati sono r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati da:  </span><span style=\"display:inherit;clear:left;\">i) <span class=\"_\"> </span> <span class=\"_ _ac\"></span>linee di cre<span class=\"_ _4\"></span>dito me<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a dispo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e nella valut<span class=\"_ _4\"></span>a  e nel p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di resid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della singola s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r sopp<span class=\"_ _4\"></span>erire a ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie a breve s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza c<span class=\"_ _4\"></span>olleg<span class=\"_ _4\"></span>ate alla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante, a re<span class=\"_ _4\"></span>voca <span class=\"ff5f\">(uncommitted<span class=\"_ _4\"></span>)</span>; </span><span style=\"display:inherit;clear:left;\">ii) <span class=\"_ _44\"></span> <span class=\"_ _49\"></span>line<span class=\"_ _4\"></span>e di credito a br<span class=\"_ _4\"></span>eve e medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span>, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws0\">revolving<span class=\"_ _4\"></span></span>, negoziate su b<span class=\"_ _4\"></span>ase bilate<span class=\"_ _4\"></span>rale dalla </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo.  </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 le linee <span class=\"ff5f ws0\">committ<span class=\"_ _4\"></span>ed</span> hanno una durat<span class=\"_ _4\"></span>a resi<span class=\"_ _4\"></span>dua massima di ve<span class=\"_ _4\"></span>ntinove mes<span class=\"_ _4\"></span>i e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici m<span class=\"_ _4\"></span>esi. Le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o e la relativ<span class=\"_ _4\"></span>a attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria s<span class=\"_ _4\"></span>ono dis<span class=\"_ _4\"></span>tribuite fr<span class=\"_ _4\"></span>a i principali is<span class=\"_ _4\"></span>tituti banc<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali e internazio<span class=\"_ _4\"></span>nali. Alla data di chius<span class=\"_ _4\"></span>ura del pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nte bilancio non s<span class=\"_ _4\"></span>ono in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zi sull<span class=\"_ _4\"></span>e linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">mentre q<span class=\"_ _1\"></span>uelli presenti sul<span class=\"_ _2\"></span>le linee <span class=\"ff5f ls0 ws0\">uncommitt<span class=\"_ _4\"></span>ed<span class=\"ff5c\"> so<span class=\"_ _4\"></span>no inferiori all<span class=\"_ _4\"></span>\u2019anno. </span></span></span><span style=\"display:inherit;clear:left;\">Per ulteri<span class=\"_ _4\"></span>ore det<span class=\"_ _4\"></span>taglio de<span class=\"_ _4\"></span>i debiti f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziari ver<span class=\"_ _4\"></span>so banche<span class=\"_ _4\"></span>, i fi<span class=\"_ _4\"></span>di accordati p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o e gli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i delle line<span class=\"_ _4\"></span>e di credito, </span><span style=\"display:inherit;clear:left;\">suddivise per tipologia, sono cos\u00ec rappr<span class=\"_ _1\"></span>esentati: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _78\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _285\"> </span>A<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ordato<span class=\"_ _123\"> </span>Utilizzato<span class=\"_ _67\"> </span>Acc<span class=\"_ _1\"></span>ordato<span class=\"_ _257\"> </span>Utilizzato</span><span style=\"display:inherit;clear:left;\">Linee </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ommitted<span class=\"_ _201\"> </span><span class=\"ff61\">380.000 <span class=\"_ _2e0\"> </span>- <span class=\"_ _b3\"> </span>380.000 <span class=\"_ _212\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">Revolving<span class=\"_ _17f\"> </span><span class=\"ff61\">380.000 <span class=\"_ _212\"> </span>- <span class=\"_ _b3\"> </span>380.000 <span class=\"_ _2e0\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>erm L<span class=\"_ _1\"></span>oan<span class=\"_ _1fc\"> </span><span class=\"ff61\">- <span class=\"_ _212\"> </span>- <span class=\"_ _1f2\"> </span>- <span class=\"_ _212\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">Linee a Revoc<span class=\"_ _2\"></span>a<span class=\"_ _144\"> </span>442.447 <span class=\"_ _b1\"> </span>112.916 <span class=\"_ _b3\"> </span>428.504 <span class=\"_ _b2\"> </span>79.964 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _8d\"> </span>822.447 <span class=\"_ _8a\"> </span>112.916 <span class=\"_ _15b\"> </span>808.504 <span class=\"_ _74\"> </span>79.964 </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>lla compo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e e variazio<span class=\"_ _4\"></span>ne della p<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria net<span class=\"_ _4\"></span>ta al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 <span class=\"_ _ac\"></span> </span><span style=\"display:inherit;clear:left;\">e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>condo lo s<span class=\"_ _4\"></span>chema de<span class=\"_ _4\"></span>lla Comunica<span class=\"_ _4\"></span>zione Co<span class=\"_ _4\"></span>nsob n<span class=\"_ _4\"></span>. DEM/60<span class=\"_ _4\"></span>64293 del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, </span><span style=\"display:inherit;clear:left;\">integrato d<span class=\"_ _1\"></span>al Richi<span class=\"_ _1\"></span>amo d\u2019A<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>tenzione di Consob n.5/2<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>. Disponibilit\u00e0 liquide<span class=\"_ _2d5\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">B. Mezzi equivalenti a disponibilit\u00e0 liquide<span class=\"_ _250\"> </span>53.785 <span class=\"_ _219\"> </span>129.866<span class=\"_ _214\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">C. Altr<span class=\"_ _1\"></span>e attivit\u00e0 finanziarie cor<span class=\"_ _2\"></span>renti<span class=\"_ _1e9\"> </span>50.721 <span class=\"_ _176\"> </span>36.812<span class=\"_ _2d7\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">D. Liquidit\u00e0 (A+B+C)<span class=\"_ _108\"> </span>288.915 <span class=\"_ _2da\"> </span>305.800<span class=\"_ _ca\"> </span>(16.885) </span><span style=\"display:inherit;clear:left;\">E. Debito finanziario corr<span class=\"_ _2\"></span>ente (<span class=\"_ _5\"></span>inclusi gli strumenti di debito)<span class=\"_ _1d7\"> </span>116.135 <span class=\"_ _176\"> </span>81.411<span class=\"_ _1d3\"> </span>34.724 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1c\"></span>. P<span class=\"_ _1\"></span>arte corr<span class=\"_ _2\"></span>ente del debito finanziario non corrente*<span class=\"_ _27d\"> </span>124.002 <span class=\"_ _219\"> </span>114.439<span class=\"_ _261\"> </span>9.563 </span><span style=\"display:inherit;clear:left;\">G. Indebitamento finanziario cor<span class=\"_ _1\"></span>rente (E+F)<span class=\"_ _1c3\"> </span>240.137 <span class=\"_ _2da\"> </span>195.850<span class=\"_ _1f2\"> </span>44.287 </span><span style=\"display:inherit;clear:left;\">H. Indebitamento finanziario cor<span class=\"_ _1\"></span>rente netto (G-D)<span class=\"_ _251\"> </span>(48.778) <span class=\"_ _12a\"> </span>(109.950)<span class=\"_ _1f2\"> </span>61.172 </span><span style=\"display:inherit;clear:left;\">I. Debito finanziario non corr<span class=\"_ _2\"></span>ente (<span class=\"_ _4\"></span>esclusi gli strumenti di debito)*<span class=\"_ _177\"> </span>552.344 <span class=\"_ _219\"> </span>596.603<span class=\"_ _1f1\"> </span>(44.259) </span><span style=\"display:inherit;clear:left;\">J. Strumenti di debito<span class=\"_ _112\"> </span>- <span class=\"_ _225\"> </span>-<span class=\"_ _2e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">K. Debiti commerciali e altri debiti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>enti<span class=\"_ _135\"> </span>- <span class=\"_ _2cc\"> </span>-<span class=\"_ _2e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">L. Indebitamento finanziario non corr<span class=\"_ _1\"></span>ente (I+J+K)<span class=\"_ _290\"> </span>552.344 <span class=\"_ _2da\"> </span>596.603<span class=\"_ _ca\"> </span>(44.259) </span><span style=\"display:inherit;clear:left;\">M. Indebitamento finanziario netto (H+L)<span class=\"_ _2a5\"> </span>503.566 <span class=\"_ _2da\"> </span>486.653<span class=\"_ _1f2\"> </span>16.913 </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _44\"></span>Al 31 dicembr<span class=\"_ _1\"></span>e 2024, la voce \u201cP<span class=\"_ _2\"></span>arte cor<span class=\"_ _1\"></span>rente del debito finanziario non c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>ente\u201d si riferisce per E<span class=\"_ _2\"></span>uro 10.954 migliaia a P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff5f ws12\">leasing</span> corr<span class=\"_ _2\"></span>enti verso </span><span style=\"display:inherit;clear:left;\">parti corr<span class=\"_ _2\"></span>elate (Euro 9.358 migliaia al 31 dicembr<span class=\"_ _2\"></span>e 2023). Al 31 dic<span class=\"_ _1\"></span>embre 2024, la voc<span class=\"_ _2\"></span>e \u201cDebito finanziario non corrente\u201d si riferisc<span class=\"_ _2\"></span>e per Euro 84.155 </span><span style=\"display:inherit;clear:left;\">migliaia a P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff5f ws12\">leasing</span> non cor<span class=\"_ _1\"></span>renti ver<span class=\"_ _2\"></span>so par<span class=\"_ _4\"></span>ti cor<span class=\"_ _2\"></span>relate (Euro 92.410 migliaia al 31 dic<span class=\"_ _2\"></span>embre 2023). P<span class=\"_ _2\"></span>er maggiori dettagli si rimanda alla nota 45<span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">\u201cOper<span class=\"_ _1\"></span>azioni con P<span class=\"_ _2\"></span>arti C<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate\u201d.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1\"></span>imitazioni all\u2019uso delle risorse finanziarie </span><span style=\"display:inherit;clear:left;\">Le linee <span class=\"ff5f ls3 ws5d\">c<span class=\"_ _4\"></span>ommitted<span class=\"ff5c ws0\"> at<span class=\"_ _4\"></span>tualmente in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o non richie<span class=\"_ _4\"></span>dono il ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di </span><span class=\"ls57 ws97\">cove<span class=\"_ _4\"></span>nant</span></span> f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari.  </span><span style=\"display:inherit;clear:left;\">Cove<span class=\"_ _4\"></span>nant<span class=\"ff5c ls3 wsb6\"> f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti in al<span class=\"_ _4\"></span>cuni contratt<span class=\"_ _4\"></span>i di finan<span class=\"_ _4\"></span>ziamento lo<span class=\"_ _4\"></span>cali dell<span class=\"_ _4\"></span>e socie<span class=\"_ _4\"></span>t\u00e0 asiatich<span class=\"_ _4\"></span>e, ancorch<span class=\"_ _4\"></span>\u00e9 si trat<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">di linee a re<span class=\"_ _4\"></span>voca <span class=\"ff5f ws5d\">uncommit<span class=\"_ _4\"></span>ted</span><span class=\"ls0 ws6f\">.  </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i <span class=\"ff5f ls57 ws97\">c<span class=\"_ _4\"></span>oven<span class=\"_ _4\"></span>ant</span> f<span class=\"_ _4\"></span>inanziari e non f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziari sono r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tati da tut<span class=\"_ _4\"></span>te le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te.</span></span> </span><span style=\"display:inherit;clear:left;\">23. F<span class=\"_ _1\"></span>ondi per rischi ed oneri</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si forni<span class=\"_ _4\"></span>sce il det<span class=\"_ _4\"></span>taglio e la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della voc<span class=\"_ _4\"></span>e in og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _b3\"> </span>Accant.<span class=\"_ _2f5\"> </span>Utiliz<span class=\"_ _4\"></span>zi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontenziosi legali<span class=\"_ _b5\"> </span>8.520<span class=\"_ _66\"> </span>78 <span class=\"_ _e2\"> </span>1.683 <span class=\"_ _2f4\"> </span>(7.208) <span class=\"_ _e2\"> </span>3.073 </span><span style=\"display:inherit;clear:left;\">Fondi per rischi diver<span class=\"_ _2\"></span>si<span class=\"_ _2aa\"> </span>15.408<span class=\"_ _219\"> </span>405 <span class=\"_ _e2\"> </span>4.739 <span class=\"_ _2f4\"> </span>(1.111) <span class=\"_ _2f5\"> </span>19.441 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _309\"> </span>23.928<span class=\"_ _219\"> </span>483 <span class=\"_ _bc\"> </span>6.422 <span class=\"_ _b4\"> </span>(8.319)<span class=\"_ _4\"></span> <span class=\"_ _2f4\"> </span>22.514 </span><span style=\"display:inherit;clear:left;\">I conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali compre<span class=\"_ _4\"></span>ndono a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti a fronte di prob<span class=\"_ _4\"></span>abili pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 conne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a proce<span class=\"_ _4\"></span>dimenti in<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tent<span class=\"_ _4\"></span>ati nei confro<span class=\"_ _4\"></span>nti della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o e alcuni proce<span class=\"_ _4\"></span>dimenti r<span class=\"_ _4\"></span>iguardanti le so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate, olt<span class=\"_ _4\"></span>re a controver<span class=\"_ _4\"></span>sie di </span><span style=\"display:inherit;clear:left;\">lavoro riferit<span class=\"_ _4\"></span>e sia a conten<span class=\"_ _4\"></span>ziosi che a s<span class=\"_ _4\"></span>time di imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i trans<span class=\"_ _4\"></span>attiv<span class=\"_ _4\"></span>i che le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo pre<span class=\"_ _4\"></span>vedono di s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>e per </span><span style=\"display:inherit;clear:left;\">la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne in fase p<span class=\"_ _4\"></span>re-<span class=\"_ _4\"></span>conte<span class=\"_ _4\"></span>nzio<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>l fondo re<span class=\"_ _4\"></span>lativo ai conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">alla chiusura av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo di alcuni c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o c<span class=\"_ _4\"></span>ontrover<span class=\"_ _4\"></span>sie leg<span class=\"_ _4\"></span>ali e del lavoro rife<span class=\"_ _4\"></span>ribili alla Capo<span class=\"_ _4\"></span>gruppo e </span><span style=\"display:inherit;clear:left;\">ad alcune s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>. In par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, si ricorda la chius<span class=\"_ _4\"></span>ura della ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca sui cre<span class=\"_ _4\"></span>diti d<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a relativ<span class=\"_ _4\"></span>i all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">di ricerc<span class=\"_ _4\"></span>a e sv<span class=\"_ _4\"></span>iluppo (ex art<span class=\"_ _4\"></span>. 3 de<span class=\"_ _4\"></span>l decreto<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>leg<span class=\"_ _4\"></span>ge 23 dice<span class=\"_ _4\"></span>mbre 201<span class=\"_ _1c\"></span>3, n. 1<span class=\"_ _2\"></span>45), che la Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha f<span class=\"_ _4\"></span>ruito </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni d<span class=\"_ _4\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 2 agosto 2024 mediante la sot<span class=\"_ _4\"></span>toscri<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a la Soci<span class=\"_ _4\"></span>et\u00e0 e la </span><span style=\"display:inherit;clear:left;\">Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana di un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so ve<span class=\"_ _4\"></span>rbale di contr<span class=\"_ _4\"></span>addit<span class=\"_ _4\"></span>torio, pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>i rimanda al paragr<span class=\"_ _4\"></span>afo 29 \u201cD<span class=\"_ _4\"></span>ebiti T<span class=\"_ _2\"></span>ribut<span class=\"_ _4\"></span>ari<span class=\"_ _4\"></span>\u201d ed alla Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatti di r<span class=\"_ _4\"></span>ilievo av<span class=\"_ _4\"></span>venuti </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio \u2013 V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono relat<span class=\"_ _4\"></span>ivi prin<span class=\"_ _4\"></span>cipalmente a co<span class=\"_ _4\"></span>ntrovers<span class=\"_ _4\"></span>ie fi<span class=\"_ _4\"></span>scali, de<span class=\"_ _4\"></span>l lavoro e leg<span class=\"_ _4\"></span>ali sor<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4; pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatt<span class=\"_ _4\"></span>i di rilievo </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi diver<span class=\"_ _4\"></span>si compre<span class=\"_ _4\"></span>nde prin<span class=\"_ _4\"></span>cipalmente acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti a fronte di probab<span class=\"_ _4\"></span>ili pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, tra cui la pr<span class=\"_ _4\"></span>inci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pale \u00e8 re<span class=\"_ _4\"></span>lativa ai co<span class=\"_ _4\"></span>sti di ripri<span class=\"_ _4\"></span>stino lo<span class=\"_ _4\"></span>cali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rzi c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in rela<span class=\"_ _4\"></span>zione agli ob<span class=\"_ _4\"></span>blighi contr<span class=\"_ _4\"></span>attuali pre<span class=\"_ _4\"></span>senti </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto (Euro 1<span class=\"_ _2\"></span>9.<span class=\"_ _4\"></span>36<span class=\"_ _4\"></span>6 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e Euro 1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>333 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _1\"></span>). </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do si riferi<span class=\"_ _4\"></span>sce p<span class=\"_ _4\"></span>er Euro 4.739 migliai<span class=\"_ _1\"></span>a ai cos<span class=\"_ _4\"></span>ti di ripris<span class=\"_ _4\"></span>tino lo<span class=\"_ _4\"></span>cali.  </span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali a livello di G<span class=\"_ _4\"></span>ruppo, pe<span class=\"_ _4\"></span>r le quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti, si </span><span style=\"display:inherit;clear:left;\">rimanda alla Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla gest<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne \u201cFat<span class=\"_ _4\"></span>ti di rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">24. P<span class=\"_ _44\"></span>assivit\u00e0 per benefici ai dipendenti</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella ch<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>e most<span class=\"_ _4\"></span>ra la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici pe<span class=\"_ _4\"></span>r i dipen<span class=\"_ _4\"></span>denti al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per benefici definiti ai dipendenti<span class=\"_ _30a\"> </span>5.659 <span class=\"_ _211\"> </span>6.754<span class=\"_ _1f2\"> </span>(1.095) </span><span style=\"display:inherit;clear:left;\">Altre passivit\u00e0 per benefici ai dipendenti <span class=\"_ _307\"> </span>367 <span class=\"_ _23e\"> </span>200<span class=\"_ _263\"> </span>167 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>6.026 <span class=\"_ _2b6\"> </span>6.954<span class=\"_ _99\"> </span>(928) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cPas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi ai dipe<span class=\"_ _4\"></span>ndenti<span class=\"_ _4\"></span>\u201d r<span class=\"_ _4\"></span>icompre<span class=\"_ _4\"></span>nde il valor<span class=\"_ _4\"></span>e del TFR della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">e le altre pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi ai dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di alcune so<span class=\"_ _4\"></span>ciet\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dipe<span class=\"_ _4\"></span>ndenti p<span class=\"_ _4\"></span>er il 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 illus<span class=\"_ _4\"></span>trat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>guente:<span class=\"_ _4\"></span> <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _162\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 </span><span style=\"display:inherit;clear:left;\">Obblig. per </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">per benefici </span><span style=\"display:inherit;clear:left;\">Obblig. per </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">per benefici </span><span style=\"display:inherit;clear:left;\">benefici </span><span style=\"display:inherit;clear:left;\">delle attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">definiti a </span><span style=\"display:inherit;clear:left;\">benefici </span><span style=\"display:inherit;clear:left;\">delle attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">definiti a </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">a dip.</span><span style=\"display:inherit;clear:left;\">del piano</span><span style=\"display:inherit;clear:left;\">dip.</span><span style=\"display:inherit;clear:left;\">a dip.</span><span style=\"display:inherit;clear:left;\">del piano</span><span style=\"display:inherit;clear:left;\">dip.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01<span class=\"_ _9a\"> </span>12.954 <span class=\"_ _19a\"> </span>(6.200) <span class=\"_ _1dc\"> </span>6.754 <span class=\"_ _85\"> </span>13.632<span class=\"_ _e1\"> </span>(6.119)<span class=\"_ _85\"> </span>7.513</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto relati<span class=\"_ _1\"></span>vo alle prestazioni di la<span class=\"_ _2\"></span>voro cor<span class=\"_ _1\"></span>renti<span class=\"_ _177\"> </span>453 <span class=\"_ _2a3\"> </span>- <span class=\"_ _89\"> </span><span class=\"ff62\">453 <span class=\"_ _15b\"> </span></span>374<span class=\"_ _d4\"> </span>-<span class=\"_ _11f\"> </span><span class=\"ff62\">374</span></span><span style=\"display:inherit;clear:left;\">Oneri/(proventi) finanziari<span class=\"_ _2dd\"> </span>395 <span class=\"_ _87\"> </span>(154) <span class=\"_ _30b\"> </span><span class=\"ff62\">241 <span class=\"_ _a1\"> </span></span>442<span class=\"_ _30b\"> </span>(146)<span class=\"_ _11f\"> </span><span class=\"ff62\">296</span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazioni incluse nel risultato netto del periodo<span class=\"_ _30c\"> </span>848 <span class=\"_ _86\"> </span>(154) <span class=\"_ _89\"> </span>694 <span class=\"_ _a1\"> </span>816<span class=\"_ _257\"> </span>(146)<span class=\"_ _11f\"> </span>670</span><span style=\"display:inherit;clear:left;\">Rendimento delle attivit\u00e0 a servizio del piano<span class=\"_ _1ac\"> </span>- <span class=\"_ _85\"> </span>(252) <span class=\"_ _1b8\"> </span><span class=\"ff62\">(252) <span class=\"_ _2da\"> </span></span>-<span class=\"_ _30b\"> </span>(183)<span class=\"_ _257\"> </span><span class=\"ff62\">(183)</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita<span class=\"_ _4\"></span>/(<span class=\"_ _4\"></span>profitto) attuariale deri<span class=\"_ _1\"></span>vante da:<span class=\"_ _175\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2a3\"> </span><span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">- ipotesi finanziarie<span class=\"_ _284\"> </span>(164) <span class=\"_ _e2\"> </span>- <span class=\"_ _60\"> </span><span class=\"ff62\">(164) <span class=\"_ _a1\"> </span></span>159<span class=\"_ _d9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff62\">159</span></span><span style=\"display:inherit;clear:left;\">- ipotesi demografiche<span class=\"_ _20\"> </span><span class=\"ls71 ws12\">(7) <span class=\"_ _2a3\"> </span></span>- <span class=\"_ _1b9\"> </span><span class=\"ff62 ls71 ws12\">(7) <span class=\"_ _2a6\"> </span></span>6<span class=\"_ _d9\"> </span>-<span class=\"_ _e2\"> </span><span class=\"ff62\">6</span></span><span style=\"display:inherit;clear:left;\">- rettifiche basate sull\u2019esperienza<span class=\"_ _c7\"> </span>(229) <span class=\"_ _e2\"> </span>- <span class=\"_ _60\"> </span><span class=\"ff62\">(229) <span class=\"_ _2f5\"> </span></span><span class=\"ls71 ws12\">(77)<span class=\"_ _d4\"> </span></span>-<span class=\"_ _105\"> </span><span class=\"ff62 ls71 ws12\">(77)</span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onversione<span class=\"_ _31\"> </span>158 <span class=\"_ _151\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>73)<span class=\"_ _4\"></span> <span class=\"_ _127\"> </span></span><span class=\"ff62\">85 <span class=\"_ _11f\"> </span></span>(284)<span class=\"_ _c3\"> </span>228<span class=\"_ _127\"> </span><span class=\"ff62\">(56)</span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazioni incluse nelle altre c<span class=\"_ _1\"></span>omponenti </span><span style=\"display:inherit;clear:left;\">(242) <span class=\"_ _86\"> </span>(325) <span class=\"_ _60\"> </span>(567) <span class=\"_ _127\"> </span>(196)<span class=\"_ _111\"> </span>45<span class=\"_ _257\"> </span>(151)</span><span style=\"display:inherit;clear:left;\">del conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontributi versati dal datore di l<span class=\"_ _1\"></span>avor<span class=\"_ _2\"></span>o<span class=\"_ _30d\"> </span>(660) <span class=\"_ _1b9\"> </span>659 <span class=\"_ _1b9\"> </span><span class=\"ff62\">(1) <span class=\"_ _11f\"> </span></span>(400)<span class=\"_ _c3\"> </span>397<span class=\"_ _74\"> </span><span class=\"ff62 ls35 ws38\">(3)</span></span><span style=\"display:inherit;clear:left;\">Benefici erogati<span class=\"_ _18c\"> </span>(922) <span class=\"_ _85\"> </span>(299) <span class=\"_ _234\"> </span><span class=\"ff62\">(1.221) <span class=\"_ _67\"> </span></span>(898)<span class=\"_ _89\"> </span>(377<span class=\"_ _4\"></span>)<span class=\"_ _e1\"> </span><span class=\"ff62\">(1.275)</span></span><span style=\"display:inherit;clear:left;\">Altre variazioni<span class=\"_ _28f\"> </span>(1.582) <span class=\"_ _1b9\"> </span>360 <span class=\"_ _234\"> </span>(1.222) <span class=\"_ _86\"> </span>(1.298)<span class=\"_ _111\"> </span>20<span class=\"_ _e1\"> </span>(1.278)</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore alla fine del periodo<span class=\"_ _302\"> </span>11.978 <span class=\"_ _19a\"> </span>(6.319) <span class=\"_ _1dc\"> </span>5.659 <span class=\"_ _85\"> </span>12.954<span class=\"_ _e1\"> </span>(6.200)<span class=\"_ _85\"> </span>6.754</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. \u00e8 p<span class=\"_ _4\"></span>ari a Euro 4.34<span class=\"_ _4\"></span>4 migliaia, in diminuzio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne di Euro 538 migliaia rispet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023.  </span><span style=\"display:inherit;clear:left;\">Le principali a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie us<span class=\"_ _4\"></span>ate nella de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore at<span class=\"_ _4\"></span>tuale del tr<span class=\"_ _4\"></span>att<span class=\"_ _4\"></span>amento di f<span class=\"_ _4\"></span>ine rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">sono di s<span class=\"_ _4\"></span>eguito illu<span class=\"_ _4\"></span>strate: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _f6\"> </span>2,83<span class=\"_ _c0\"> </span>2,84%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _30e\"> </span>2,44<span class=\"_ _c0\"> </span>2,56%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _30f\"> </span>2,10<span class=\"_ _c0\"> </span>2,10%</span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le ip<span class=\"_ _4\"></span>otesi d<span class=\"_ _4\"></span>emogr<span class=\"_ _4\"></span>afich<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zate n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi della S<span class=\"_ _4\"></span>al<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pe<span class=\"_ _4\"></span>r il tas<span class=\"_ _4\"></span>so di mor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>alit\u00e0 \u00e8 s<span class=\"_ _4\"></span>tato pre<span class=\"_ _4\"></span>so a rife<span class=\"_ _4\"></span>rimento que<span class=\"_ _4\"></span>llo della p<span class=\"_ _4\"></span>opola<span class=\"_ _4\"></span>zione it<span class=\"_ _4\"></span>aliana rilevato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019I<span class=\"_ _4\"></span>ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>T del 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l 25%, dis<span class=\"_ _4\"></span>tinto pe<span class=\"_ _4\"></span>r et\u00e0 e se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o; mentre il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di probabilit<span class=\"_ _4\"></span>\u00e0 di uscit<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 lavo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rativ<span class=\"_ _4\"></span>a \u00e8 st<span class=\"_ _4\"></span>ato stimato pari al 5,47% annuo.  </span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>lle soci<span class=\"_ _4\"></span>et\u00e0 no<span class=\"_ _4\"></span>n italiane de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce a Ferr<span class=\"_ _4\"></span>agamo Japan KK<span class=\"_ _4\"></span>, Fe<span class=\"_ _4\"></span>rragamo </span><span style=\"display:inherit;clear:left;\">Ret<span class=\"_ _4\"></span>ail T<span class=\"_ _1c\"></span>aiwan Limit<span class=\"_ _4\"></span>ed, Fe<span class=\"_ _4\"></span>rragamo Franc<span class=\"_ _4\"></span>e S.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>.<span class=\"_ _4\"></span>S., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Monte<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>Carlo S<span class=\"_ _4\"></span>AM, Fer<span class=\"_ _4\"></span>ragamo B<span class=\"_ _4\"></span>elgique S<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>, Ferrag<span class=\"_ _4\"></span>amo </span><span style=\"display:inherit;clear:left;\">Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>.de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L.d<span class=\"_ _4\"></span>e C.<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>., Ferr<span class=\"_ _4\"></span>agamo Us<span class=\"_ _4\"></span>a Inc., Fe<span class=\"_ _4\"></span>rragamo (<span class=\"_ _4\"></span>Thailand<span class=\"_ _4\"></span>) Limited, Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o (<span class=\"_ _1\"></span>Suiss<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>) SA<span class=\"_ _4\"></span>, e<span class=\"_ _4\"></span>d \u00e8 pari a Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>4 migliaia, in diminuzione di Euro 558 migliaia risp<span class=\"_ _4\"></span>etto al 31 dicembre 2023. Il valo<span class=\"_ _4\"></span>re \u00e8 esp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so al net<span class=\"_ _4\"></span>to del <span class=\"ff5f ls0 ws0\">fa<span class=\"_ _4\"></span>ir </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls3 ws0\"> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 al se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio d<span class=\"_ _4\"></span>el piano, cos<span class=\"_ _4\"></span>tituite pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve. </span></span><span style=\"display:inherit;clear:left;\">Le principali a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie us<span class=\"_ _4\"></span>ate nella de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore at<span class=\"_ _4\"></span>tuale delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dip<span class=\"_ _4\"></span>en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">denti s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito illus<span class=\"_ _4\"></span>trate: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _1fd\"> </span>1,86% - 5,50% <span class=\"_ _21\"> </span>1,86% - 5,50%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _310\"> </span>0,99% -10,81% <span class=\"_ _21\"> </span>0,99% - 9,42%</span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le ip<span class=\"_ _4\"></span>otesi d<span class=\"_ _4\"></span>emogr<span class=\"_ _4\"></span>afich<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zate n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>lle so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 non italiane d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, il tas<span class=\"_ _4\"></span>so di mor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>alit\u00e0 pre<span class=\"_ _4\"></span>so a rife<span class=\"_ _4\"></span>rimento \u00e8 que<span class=\"_ _4\"></span>llo <span class=\"ff5f ws5d\">standard</span> pe<span class=\"_ _4\"></span>r ogni po<span class=\"_ _4\"></span>polaz<span class=\"_ _4\"></span>ione lo<span class=\"_ _4\"></span>cale </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata, dis<span class=\"_ _4\"></span>tinto per e<span class=\"_ _4\"></span>t\u00e0 e se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o; mentre pe<span class=\"_ _4\"></span>r il tas<span class=\"_ _4\"></span>so di rot<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>onale so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ate stimate le fr<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">annue sulla bas<span class=\"_ _4\"></span>e dei singoli dati a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dali.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne di seg<span class=\"_ _4\"></span>uito riep<span class=\"_ _4\"></span>ilogata un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi quantit<span class=\"_ _4\"></span>ativa de<span class=\"_ _4\"></span>lla sens<span class=\"_ _4\"></span>itiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni signifi<span class=\"_ _4\"></span>cative al 31 dicembre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">ed al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 2023  per l<span class=\"_ _4\"></span>\u2019obbliga<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici a dipe<span class=\"_ _4\"></span>ndenti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., c<span class=\"_ _4\"></span>he rappre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inciden<span class=\"_ _4\"></span>za mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e sul valore tot<span class=\"_ _4\"></span>ale de<span class=\"_ _4\"></span>lle obblig<span class=\"_ _4\"></span>azioni p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dipe<span class=\"_ _4\"></span>ndenti:</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _11c\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _28a\"> </span>Var %<span class=\"_ _15f\"> </span>Incrementi<span class=\"_ _233\"> </span>Decrementi<span class=\"_ _151\"> </span>Incr<span class=\"_ _2\"></span>ementi<span class=\"_ _e1\"> </span>Dec<span class=\"_ _1\"></span>rementi</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _26e\"> </span>+/- 0,5% <span class=\"_ _12a\"> </span>(157)<span class=\"_ _215\"> </span>167<span class=\"_ _148\"> </span>(179)<span class=\"_ _25\"> </span>190</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di mortalit\u00e0<span class=\"_ _20b\"> </span>+/- 0,025% <span class=\"_ _1f9\"> </span>-<span class=\"_ _214\"> </span>-<span class=\"_ _29c\"> </span>-<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rotazione del personale<span class=\"_ _2c7\"> </span>+/- 0,5% <span class=\"_ _1f9\"> </span>-<span class=\"_ _1f1\"> </span>-<span class=\"_ _29c\"> </span>-<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Le analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate ef<span class=\"_ _4\"></span>fettuate ip<span class=\"_ _4\"></span>otiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando camb<span class=\"_ _4\"></span>iamenti ragio<span class=\"_ _4\"></span>nevoli ne<span class=\"_ _4\"></span>lle as<span class=\"_ _4\"></span>sunzioni </span><span style=\"display:inherit;clear:left;\">chiave nei due p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di pos<span class=\"_ _4\"></span>ti a confronto.  </span><span style=\"display:inherit;clear:left;\">Il numero m<span class=\"_ _4\"></span>edio d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti (in t<span class=\"_ _4\"></span>ermini di <span class=\"ff5f ls3 ws0\">full t<span class=\"_ _4\"></span>ime equivalent<span class=\"ff5c\">) per c<span class=\"_ _4\"></span>ategor<span class=\"_ _4\"></span>ia \u00e8 ripor<span class=\"_ _4\"></span>tato n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella se<span class=\"_ _4\"></span>guente: </span></span></span><span style=\"display:inherit;clear:left;\">(</span><span style=\"display:inherit;clear:left;\">Full time equiv<span class=\"_ _2\"></span>alent<span class=\"ff62\">)<span class=\"_ _236\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span></span><span style=\"display:inherit;clear:left;\">Dirigenti, quadri e <span class=\"ff64\">store managers<span class=\"_ _223\"> </span></span>683 <span class=\"_ _27a\"> </span>710</span><span style=\"display:inherit;clear:left;\">Impiegati<span class=\"_ _1eb\"> </span>2.469 <span class=\"_ _23e\"> </span>2.575</span><span style=\"display:inherit;clear:left;\">Operai<span class=\"_ _311\"> </span>308 <span class=\"_ _27a\"> </span>299</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ersonale interinale<span class=\"_ _312\"> </span>99 <span class=\"_ _69\"> </span>87</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _313\"> </span>3.559 <span class=\"_ _c0\"> </span>3.671</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019organico me<span class=\"_ _4\"></span>dio \u00e8 sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>zialmente invariato r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span><span style=\"display:inherit;clear:left;\">25. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti per passivit\u00e0 differite<span class=\"_ _f\"> </span>13.478 <span class=\"_ _f2\"> </span>14.556<span class=\"_ _2e0\"> </span>(1.078) </span><span style=\"display:inherit;clear:left;\">Altri debiti<span class=\"_ _314\"> </span>1.245 <span class=\"_ _23e\"> </span>1.667<span class=\"_ _b7\"> </span>(422) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>14.723 <span class=\"_ _f2\"> </span>16.223<span class=\"_ _176\"> </span>(1.500) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti p<span class=\"_ _4\"></span>er pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dif<span class=\"_ _4\"></span>ferite<span class=\"_ _4\"></span>\u201d (<span class=\"_ _4\"></span>pari a Euro 1<span class=\"_ _2\"></span>3.47<span class=\"_ _2\"></span>8 migliaia al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4) si riferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alla </span><span style=\"display:inherit;clear:left;\">lineari<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione dei c<span class=\"_ _4\"></span>ontributi ric<span class=\"_ _4\"></span>evuti dai lo<span class=\"_ _4\"></span>catori a f<span class=\"_ _4\"></span>ronte dei co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alle<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imento dei n<span class=\"_ _4\"></span>egozi.  </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 la voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce al de<span class=\"_ _4\"></span>bito nei co<span class=\"_ _4\"></span>nfronti dei dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti del Gr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">bonu<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">variabili a lungo te<span class=\"_ _4\"></span>rmine; e per Euro 47<span class=\"_ _2\"></span>1 migliaia a de<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauz<span class=\"_ _4\"></span>ionali ricev<span class=\"_ _4\"></span>uti pe<span class=\"_ _4\"></span>r contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o attivo (Euro 236 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>).</span></span>   </span><span style=\"display:inherit;clear:left;\">26. P<span class=\"_ _44\"></span>assivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _2\"></span>asing</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ta la mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, su<span class=\"_ _4\"></span>d<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa tra quot<span class=\"_ _4\"></span>a corre<span class=\"_ _4\"></span>nte e non cor<span class=\"_ _4\"></span>rente. </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _315\"> </span>non cor<span class=\"_ _1\"></span>renti<span class=\"_ _66\"> </span>corr<span class=\"_ _1\"></span>enti<span class=\"_ _1f1\"> </span>T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01.2024<span class=\"_ _2f\"> </span>596.603 <span class=\"_ _32\"> </span>114.439 <span class=\"_ _2da\"> </span><span class=\"ff62\">711.042 </span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onversione<span class=\"_ _144\"> </span>10.944 <span class=\"_ _1f2\"> </span>3.571 <span class=\"_ _25\"> </span><span class=\"ff62\">14.515 </span></span><span style=\"display:inherit;clear:left;\">Incrementi<span class=\"_ _2fa\"> </span>75.821 <span class=\"_ _260\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff62\">75.821 </span></span><span style=\"display:inherit;clear:left;\">Decrementi<span class=\"_ _2fd\"> </span>(2.492) <span class=\"_ _260\"> </span>- <span class=\"_ _32\"> </span><span class=\"ff62\">(2.492) </span></span><span style=\"display:inherit;clear:left;\">Rimborso delle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff61\">- <span class=\"_ _148\"> </span>(124.903) <span class=\"_ _12a\"> </span><span class=\"ff62\">(124.903) </span></span></span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"ff61\"> pagati<span class=\"_ _1a3\"> </span>- <span class=\"_ _d0\"> </span>(22.563) <span class=\"_ _148\"> </span><span class=\"ff62\">(22.563) </span></span></span><span style=\"display:inherit;clear:left;\">Altri movimenti<span class=\"_ _129\"> </span>(128.532) <span class=\"_ _80\"> </span>153.458 <span class=\"_ _25\"> </span><span class=\"ff62\">24.926 </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore a fine periodo<span class=\"_ _9d\"> </span>552.344 <span class=\"_ _d0\"> </span>124.002 <span class=\"_ _2da\"> </span>676.346 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _315\"> </span>non cor<span class=\"_ _1\"></span>renti<span class=\"_ _66\"> </span>corr<span class=\"_ _1\"></span>enti<span class=\"_ _1f1\"> </span>T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01.2023<span class=\"_ _2f\"> </span>468.737 <span class=\"_ _32\"> </span>106.586 <span class=\"_ _2da\"> </span><span class=\"ff62\">575.323 </span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onv<span class=\"_ _2\"></span>.ne<span class=\"_ _316\"> </span>(8.103) <span class=\"_ _ca\"> </span>(2.736) <span class=\"_ _148\"> </span><span class=\"ff62\">(10.839) </span></span><span style=\"display:inherit;clear:left;\">Incrementi <span class=\"_ _317\"> </span>266.679 <span class=\"_ _260\"> </span>- <span class=\"_ _2da\"> </span><span class=\"ff62\">266.679 </span></span><span style=\"display:inherit;clear:left;\">Decrementi<span class=\"_ _2fd\"> </span>(4.578) <span class=\"_ _260\"> </span>- <span class=\"_ _32\"> </span><span class=\"ff62\">(4.578) </span></span><span style=\"display:inherit;clear:left;\">Rimborso delle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff61\">- <span class=\"_ _148\"> </span>(116.403) <span class=\"_ _12a\"> </span><span class=\"ff62\">(116.403) </span></span></span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"ff61\"> pagati <span class=\"_ _1e9\"> </span>- <span class=\"_ _32\"> </span>(20.451) <span class=\"_ _148\"> </span><span class=\"ff62\">(20.451) </span></span></span><span style=\"display:inherit;clear:left;\">Altri movimenti<span class=\"_ _129\"> </span>(126.132) <span class=\"_ _80\"> </span>147.443 <span class=\"_ _25\"> </span><span class=\"ff62\">21.311 </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore a fine periodo<span class=\"_ _9d\"> </span>596.603 <span class=\"_ _d0\"> </span>114.439 <span class=\"_ _2da\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IBR medio p<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>rato applic<span class=\"_ _4\"></span>ato ai contrat<span class=\"_ _4\"></span>ti in es<span class=\"_ _4\"></span>sere a<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 \u00e8 st<span class=\"_ _4\"></span>ato de<span class=\"_ _4\"></span>l 3,4<span class=\"_ _2\"></span>3% (3,32% nel 2023)<span class=\"_ _1\"></span>. <span class=\"_ _46\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento agli altr<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari in u<span class=\"_ _4\"></span>scita re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> si rimanda alla not<span class=\"_ _4\"></span>a 36 \u201cComp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne pe<span class=\"_ _4\"></span>r natura </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">delle vo<span class=\"_ _4\"></span>ci di cos<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">27. Debiti c<span class=\"_ _2\"></span>ommerciali</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i debiti c<span class=\"_ _4\"></span>ommerciali:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali<span class=\"_ _33\"> </span>162.801 <span class=\"_ _ca\"> </span>172.000 <span class=\"_ _25\"> </span>(9.199) </span><span style=\"display:inherit;clear:left;\">Anticipi da clienti<span class=\"_ _29b\"> </span>1.645 <span class=\"_ _23e\"> </span>1.323 <span class=\"_ _c0\"> </span>322 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>164.446 <span class=\"_ _2e0\"> </span>173.323 <span class=\"_ _32\"> </span>(8.877) </span><span style=\"display:inherit;clear:left;\">I debit<span class=\"_ _4\"></span>i commerciali no<span class=\"_ _4\"></span>n produco<span class=\"_ _4\"></span>no intere<span class=\"_ _4\"></span>ssi e s<span class=\"_ _4\"></span>ono in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za rego<span class=\"_ _4\"></span>lati a 60/9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e valore inclu<span class=\"_ _4\"></span>de i debit<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i al normale s<span class=\"_ _4\"></span>volgime<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciale da par<span class=\"_ _4\"></span>te dell<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">in par<span class=\"_ _4\"></span>ticolare i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019acquisto di mate<span class=\"_ _4\"></span>rie prime<span class=\"_ _4\"></span>, compon<span class=\"_ _4\"></span>enti e i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r le lavoraz<span class=\"_ _4\"></span>ioni.</span></span> </span><span style=\"display:inherit;clear:left;\">28. P<span class=\"_ _44\"></span>assivit\u00e0 per r<span class=\"_ _1c\"></span>esi</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento al dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o di cui ai \u201cR<span class=\"_ _4\"></span>icav<span class=\"_ _4\"></span>i da contratt<span class=\"_ _4\"></span>i con clienti<span class=\"_ _4\"></span>\u201d, la v<span class=\"_ _1\"></span>oce \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r resi<span class=\"_ _4\"></span>\u201d r<span class=\"_ _4\"></span>isulta p<span class=\"_ _4\"></span>ari a Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.4<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>1 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 9.<span class=\"_ _4\"></span>563 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>) e si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e alla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 nei co<span class=\"_ _4\"></span>nfronti </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">dei clie<span class=\"_ _4\"></span>nti per l<span class=\"_ _4\"></span>\u2019ammontare de<span class=\"_ _4\"></span>i resi di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti che si s<span class=\"_ _4\"></span>tima saranno r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ituiti.</span></span>   </span><span style=\"display:inherit;clear:left;\">29. Debiti tributari</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i debiti t<span class=\"_ _4\"></span>ributar<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti verso E<span class=\"_ _1\"></span>rario (<span class=\"_ _4\"></span>imposta sul valore aggiunto e altre imposte) <span class=\"_ _11b\"> </span>7.686 <span class=\"_ _23e\"> </span>7.399 <span class=\"_ _23e\"> </span>287 </span><span style=\"display:inherit;clear:left;\">Debiti verso E<span class=\"_ _1\"></span>rario per imposte dir<span class=\"_ _2\"></span>ette <span class=\"_ _197\"> </span>9.844 <span class=\"_ _23e\"> </span>2.173 <span class=\"_ _211\"> </span>7.671 </span><span style=\"display:inherit;clear:left;\">Altri debiti tributari <span class=\"_ _1a5\"> </span>1.726 <span class=\"_ _23e\"> </span>3.115 <span class=\"_ _80\"> </span>(1.389) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>19.256 <span class=\"_ _f2\"> </span>12.687 <span class=\"_ _1c1\"> </span>6.569 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a gli \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri deb<span class=\"_ _4\"></span>iti T<span class=\"_ _1c\"></span>rib<span class=\"_ _4\"></span>utari<span class=\"_ _4\"></span>\u201d al 31 dicembre 2023 risult<span class=\"_ _4\"></span>ava is<span class=\"_ _4\"></span>critto da par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella Capo<span class=\"_ _4\"></span>gruppo il d<span class=\"_ _4\"></span>ebito de<span class=\"_ _4\"></span>rivante dalla </span><span style=\"display:inherit;clear:left;\">proce<span class=\"_ _4\"></span>dura di sanato<span class=\"_ _4\"></span>ria del cre<span class=\"_ _4\"></span>dito R&amp;S p<span class=\"_ _4\"></span>er i pe<span class=\"_ _4\"></span>riodi d<span class=\"_ _5\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 201<span class=\"_ _1c\"></span>8 p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 2.01<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia. In </span><span style=\"display:inherit;clear:left;\">data 2 agos<span class=\"_ _4\"></span>to 202<span class=\"_ _2\"></span>4, la S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>critto c<span class=\"_ _4\"></span>on la Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">so ver<span class=\"_ _4\"></span>bale di contra<span class=\"_ _4\"></span>dditt<span class=\"_ _4\"></span>orio, in cui \u00e8 st<span class=\"_ _4\"></span>ata conc<span class=\"_ _4\"></span>ordata l<span class=\"_ _4\"></span>\u2019adesi<span class=\"_ _4\"></span>one da par<span class=\"_ _4\"></span>te della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 alla proce<span class=\"_ _4\"></span>dura di ri<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>amen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to sp<span class=\"_ _4\"></span>ontane<span class=\"_ _4\"></span>o di cui all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 5, commi da 7 a 1<span class=\"_ _2\"></span>2, de<span class=\"_ _4\"></span>l D.L. 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>6/202<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>er un impor<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo di Euro 6<span class=\"_ _4\"></span>.8<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>9 migliaia </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni dal 20<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9. In dat<span class=\"_ _4\"></span>a 1<span class=\"_ _1c\"></span>4 ot<span class=\"_ _4\"></span>tobre 2024, Salvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato la richies<span class=\"_ _4\"></span>ta di ac<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">alla proce<span class=\"_ _4\"></span>dura di rive<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>amento sp<span class=\"_ _4\"></span>ontane<span class=\"_ _4\"></span>o (sostitut<span class=\"_ _4\"></span>iva de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019is<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ata in data 28 ot<span class=\"_ _4\"></span>tobre 2022<span class=\"_ _4\"></span>, per l'<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">di Euro 2.01<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>), ed ha ve<span class=\"_ _4\"></span>rsat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019impor<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente dov<span class=\"_ _4\"></span>uto (p<span class=\"_ _4\"></span>ari ad Euro 6.<span class=\"_ _4\"></span>80<span class=\"_ _4\"></span>9 migliaia<span class=\"_ _1\"></span>) entro il te<span class=\"_ _4\"></span>rmine </span><span style=\"display:inherit;clear:left;\">di leg<span class=\"_ _4\"></span>ge de<span class=\"_ _4\"></span>l 1<span class=\"_ _2\"></span>6 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazi<span class=\"_ _4\"></span>one sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">30. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o segu<span class=\"_ _4\"></span>ente:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti diver<span class=\"_ _1\"></span>si <span class=\"_ _14e\"> </span>4.526 <span class=\"_ _b7\"> </span>12.533 <span class=\"_ _80\"> </span>(8.007) </span><span style=\"display:inherit;clear:left;\">Debiti verso dipendenti <span class=\"_ _2d5\"> </span>21.877 <span class=\"_ _f3\"> </span>27.344 <span class=\"_ _80\"> </span>(5.467<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">Debiti verso istituti pr<span class=\"_ _2\"></span>evidenziali <span class=\"_ _2a7\"> </span>5.185 <span class=\"_ _23e\"> </span>5.252 <span class=\"_ _29c\"> </span>(67) </span><span style=\"display:inherit;clear:left;\">Ratei passivi <span class=\"_ _2b9\"> </span>975 <span class=\"_ _76\"> </span>906 <span class=\"_ _8e\"> </span>69 </span><span style=\"display:inherit;clear:left;\">Risconti passivi <span class=\"_ _318\"> </span>1.812 <span class=\"_ _23e\"> </span>2.213 <span class=\"_ _cd\"> </span>(401) </span><span style=\"display:inherit;clear:left;\">Strumenti derivati di copert<span class=\"_ _1\"></span>ura <span class=\"_ _319\"> </span>9.776 <span class=\"_ _27a\"> </span>558 <span class=\"_ _1f9\"> </span>9.218 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>44.151 <span class=\"_ _f2\"> </span>48.806 <span class=\"_ _32\"> </span>(4.655) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti ve<span class=\"_ _4\"></span>rso dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie il debito d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po nei co<span class=\"_ _4\"></span>nfronti dei dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti per c<span class=\"_ _4\"></span>ompete<span class=\"_ _4\"></span>nze maturate </span><span style=\"display:inherit;clear:left;\">e non anco<span class=\"_ _4\"></span>ra liquidate alla data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io (Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>877 migliaia, in diminuz<span class=\"_ _4\"></span>ione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al valore d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 pari a Euro 27<span class=\"_ _44\"></span>.<span class=\"_ _4\"></span>34<span class=\"_ _4\"></span>4 migliaia<span class=\"_ _2\"></span>). A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 la voce \u201c<span class=\"_ _4\"></span>Deb<span class=\"_ _4\"></span>iti diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d acc<span class=\"_ _4\"></span>ogliev<span class=\"_ _4\"></span>a il debito p<span class=\"_ _4\"></span>er IRE<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">ver<span class=\"_ _4\"></span>so la controllante F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>942 migliaia (<span class=\"_ _2\"></span>al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 ri<span class=\"_ _4\"></span>sulta un cre<span class=\"_ _4\"></span>dito pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.576 migliaia<span class=\"_ _2\"></span>), di per<span class=\"_ _4\"></span>tin<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. maturato ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito del con<span class=\"_ _4\"></span>solidato f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale </span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nale.</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti ve<span class=\"_ _4\"></span>rso i<span class=\"_ _4\"></span>stituti p<span class=\"_ _4\"></span>revid<span class=\"_ _4\"></span>enziali<span class=\"_ _4\"></span>\u201d ac<span class=\"_ _4\"></span>coglie de<span class=\"_ _4\"></span>biti ver<span class=\"_ _4\"></span>so is<span class=\"_ _4\"></span>tituti di pre<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza, li<span class=\"_ _4\"></span>quidati nel me<span class=\"_ _4\"></span>se su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>sivo </span><span style=\"display:inherit;clear:left;\">alla chiusura, re<span class=\"_ _4\"></span>lativi ai c<span class=\"_ _4\"></span>ompen<span class=\"_ _4\"></span>si spe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>anti ai dipend<span class=\"_ _4\"></span>enti. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>\u201d ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la valuta<span class=\"_ _4\"></span>zione al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span><span class=\"ff5f\">fair value<span class=\"ff5c\">) al<span class=\"_ _1\"></span>la f<span class=\"_ _4\"></span>ine dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span></span></span><span style=\"display:inherit;clear:left;\">degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura<span class=\"_ _1\"></span>), in ess<span class=\"_ _4\"></span>ere, s<span class=\"_ _4\"></span>tipulati dalla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione del r<span class=\"_ _4\"></span>ischio di </span><span style=\"display:inherit;clear:left;\">cambio. Pe<span class=\"_ _4\"></span>r magg<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 32 \u201c<span class=\"_ _4\"></span>Strumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari e valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value\u201d<span class=\"ff62 ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">31. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 finanziarie c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e correnti<span class=\"_ _4\"></span>\u201d \u00e8 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziata n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>guente:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati a br<span class=\"_ _1\"></span>eve termine<span class=\"_ _186\"> </span>1.710 <span class=\"_ _27a\"> </span>384 <span class=\"_ _211\"> </span>1.326 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari corr<span class=\"_ _2\"></span>enti<span class=\"_ _94\"> </span>1.134 <span class=\"_ _76\"> </span>898 <span class=\"_ _23e\"> </span>236 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>2.844 <span class=\"_ _c0\"> </span>1.282 <span class=\"_ _2b6\"> </span>1.562 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati a br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e\u201d a<span class=\"_ _4\"></span>ccoglie pr<span class=\"_ _4\"></span>incipalmente il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws129\"> degli strumenti finanziari <span class=\"_ _1\"></span>derivati </span></span><span style=\"display:inherit;clear:left;\">aventi <span class=\"ff5f ws114\">m<span class=\"_ _4\"></span>ark to market<span class=\"ff5c\"> negativo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>ior det<span class=\"_ _4\"></span>taglio s<span class=\"_ _4\"></span>i rinvia alla succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va not<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">32 \u201cStrume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari e valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"ls3d ws147\">\u201d.<span class=\"_ _4\"></span>   </span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>ri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce alla valo<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella <span class=\"ff5f\">put option</span> at<span class=\"_ _4\"></span>tribuita ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti di mino<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ranz<span class=\"_ _4\"></span>a della Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K. di ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e alla Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. la pro<span class=\"_ _4\"></span>pria quota di par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione, v<span class=\"_ _4\"></span>alo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata alle con<span class=\"_ _4\"></span>dizioni pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ccordo t<span class=\"_ _4\"></span>ra le par<span class=\"_ _4\"></span>ti. T<span class=\"_ _2\"></span>ale <span class=\"ff5f\">put option</span> \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a rilev<span class=\"_ _4\"></span>ata in controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ita al patrimo<span class=\"_ _4\"></span>nio </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di Grupp<span class=\"_ _4\"></span>o. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla not<span class=\"_ _4\"></span>a 43 \u201c<span class=\"_ _2\"></span>Accordi di <span class=\"ff5f\">Put e Call </span></span></span><span class=\"ls4 wsa\"><span><span style=\"display:inherit;clear:left;\">su</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">Inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span></span><span style=\"display:inherit;clear:left;\">32. Strumenti finanziari e valutazione al </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019o<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>ca dell<span class=\"_ _5\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9 \u00e8 tras<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sale a di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e voci di bilancio. D<span class=\"_ _4\"></span>i seg<span class=\"_ _4\"></span>uito si </span><span style=\"display:inherit;clear:left;\">ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a la tab<span class=\"_ _4\"></span>ella che pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere, p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ategoria di appar<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>nen<span class=\"_ _4\"></span>za, </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>to a confronto c<span class=\"_ _4\"></span>on i corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>enti valo<span class=\"_ _4\"></span>ri equi al 3<span class=\"_ _1\"></span>1 dicembre 2024 e al 3<span class=\"_ _2\"></span>1 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Classific<span class=\"_ _2\"></span>azione degli st<span class=\"_ _4\"></span>rumenti finanziari e r<span class=\"_ _2\"></span>appresent<span class=\"_ _1\"></span>azione del lor<span class=\"_ _2\"></span>o <span class=\"ff64\">fair value</span></span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _2\"></span>TTIV<span class=\"_ _1\"></span>IT<span class=\"_ _1c\"></span>\u00c0 FINANZIARIE</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61 ls35 ws38\"> con</span></span></span><span style=\"display:inherit;clear:left;\">variazioni imputate a c<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _141\"> </span>307 <span class=\"_ _d0\"> </span>- <span class=\"_ _21\"> </span>307 <span class=\"_ _e2\"> </span>1.535<span class=\"_ _176\"> </span>-<span class=\"_ _74\"> </span>1.535</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>itoli detenuti con finalit\u00e0 speculative<span class=\"_ _260\"> </span>13 <span class=\"_ _d0\"> </span>- <span class=\"_ _d8\"> </span>13 <span class=\"_ _32\"> </span>37<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>37</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 v<span class=\"_ _2\"></span>alutate al costo ammortizzato<span class=\"_ _30c\"> </span> <span class=\"_ _2ef\"> </span> <span class=\"_ _65\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _e4\"> </span>12.793 <span class=\"_ _31a\"> </span>- <span class=\"_ _123\"> </span>12.793 <span class=\"_ _74\"> </span>15.608<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>15.608</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _27d\"> </span>84.579 <span class=\"_ _31a\"> </span>- <span class=\"_ _123\"> </span>84.579 <span class=\"_ _67\"> </span>106.821<span class=\"_ _176\"> </span>-<span class=\"_ _30b\"> </span>106.821</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _31b\"> </span>- <span class=\"_ _151\"> </span>13.578 <span class=\"_ _123\"> </span>13.578 <span class=\"_ _1f9\"> </span>-<span class=\"_ _127\"> </span>13.760<span class=\"_ _67\"> </span>13.760</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _162\"> </span>50.401 <span class=\"_ _d0\"> </span>- <span class=\"_ _123\"> </span>50.401 <span class=\"_ _74\"> </span>35.240<span class=\"_ _176\"> </span>-<span class=\"_ _67\"> </span>35.240</span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _1f1\"> </span>238.194 <span class=\"_ _d1\"> </span> <span class=\"_ _23f\"> </span>238.194 <span class=\"_ _11f\"> </span>268.988<span class=\"_ _176\"> </span>-<span class=\"_ _89\"> </span>268.988</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni </span></span></span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _6e\"> </span><span class=\"ws144\">1.612  <span class=\"_ _25\"> </span>-    <span class=\"_ _151\"> </span></span>1.612 <span class=\"_ _2a3\"> </span>6.813 <span class=\"_ _d0\"> </span>- <span class=\"_ _b4\"> </span>6.813</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>387.899 <span class=\"_ _151\"> </span>13.578 <span class=\"_ _19c\"> </span>401.477 <span class=\"_ _127\"> </span>435.042<span class=\"_ _1b9\"> </span>13.760<span class=\"_ _8b\"> </span>448.802</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ASSIVIT<span class=\"_ _1c\"></span>\u00c0 FINANZIARIE </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 valutate al costo ammortizzato<span class=\"_ _6f\"> </span> <span class=\"_ _2ef\"> </span> <span class=\"_ _65\"> </span> </span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori e acconti<span class=\"_ _2e2\"> </span>164.447 <span class=\"_ _31a\"> </span>- <span class=\"_ _1da\"> </span>164.447 <span class=\"_ _11f\"> </span>173.323<span class=\"_ _176\"> </span>-<span class=\"_ _30b\"> </span>173.323</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _31c\"> </span>113.291 <span class=\"_ _d0\"> </span>- <span class=\"_ _1da\"> </span>113.291 <span class=\"_ _111\"> </span>80.129<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>80.129</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _29\"> </span>1.134 <span class=\"_ _d0\"> </span>- <span class=\"_ _8a\"> </span>1.134 <span class=\"_ _148\"> </span>898<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>898</span><span style=\"display:inherit;clear:left;\">Debiti verso azionisti per di<span class=\"_ _1\"></span>videndi<span class=\"_ _1d2\"> </span>- <span class=\"_ _d1\"> </span> <span class=\"_ _2da\"> </span>- <span class=\"_ _1f9\"> </span>-<span class=\"_ _31d\"> </span>-</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _113\"> </span>317 <span class=\"_ _2a3\"> </span>471 <span class=\"_ _c1\"> </span>788 <span class=\"_ _148\"> </span>347<span class=\"_ _12a\"> </span>236<span class=\"_ _12a\"> </span>583</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _eb\"> </span></span>124.002 <span class=\"_ _85\"> </span>552.344 <span class=\"_ _67\"> </span>n<span class=\"_ _5\"></span>/<span class=\"_ _2\"></span>a* <span class=\"_ _11f\"> </span>114.439<span class=\"_ _30b\"> </span>596.603<span class=\"_ _bc\"> </span><span class=\"lsd4 wse3\">n<span class=\"_ _3\"></span>/a*</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> con v<span class=\"_ _1\"></span>ariazioni </span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _f3\"> </span>1.711 <span class=\"_ _d0\"> </span>- <span class=\"_ _8a\"> </span>1.711 <span class=\"_ _148\"> </span>384<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>384</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al<span class=\"ff64\"> fair value</span> con v<span class=\"_ _1\"></span>ariazioni </span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _6e\"> </span>9.776 <span class=\"_ _d0\"> </span>- <span class=\"_ _88\"> </span>9.776 <span class=\"_ _148\"> </span>558<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>558</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>414.678 <span class=\"_ _86\"> </span>552.815 <span class=\"_ _19a\"> </span>291.147 <span class=\"_ _105\"> </span>370.078<span class=\"_ _257\"> </span>596.839<span class=\"_ _8b\"> </span>255.875</span><span style=\"display:inherit;clear:left;\">*In applicazione del principio IFRS 16 alla P<span class=\"_ _1c\"></span>assivit\u00e0 per <span class=\"ff5f\">leasing</span> non si applica il calcolo del <span class=\"ff5f\">fair v<span class=\"_ _2\"></span>alue<span class=\"ff5c\">.  </span></span></span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nzia che la gr<span class=\"_ _4\"></span>an part<span class=\"_ _4\"></span>e delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere \u00e8 rapp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a da pos<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>inanzia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rie atti<span class=\"_ _4\"></span>ve e pas<span class=\"_ _4\"></span>sive a bre<span class=\"_ _4\"></span>ve,  ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>; in consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla loro natura, p<span class=\"_ _4\"></span>er la mag<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">giore parte delle poste, il valor<span class=\"_ _1\"></span>e contabile<span class=\"_ _1\"></span> \u00e8 considerato u<span class=\"_ _1\"></span>na ragionev<span class=\"_ _1\"></span>ole approssimazione del va<span class=\"_ _1\"></span>lore equo.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">In tutti g<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si, la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re equo av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do meto<span class=\"_ _4\"></span>dolo<span class=\"_ _4\"></span>gie class<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cabili nel L<span class=\"_ _4\"></span>ivello 2 de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">gerarchia de<span class=\"_ _4\"></span>i livelli di signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 dei dati utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati ne<span class=\"_ _4\"></span>lla determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair value</span> cos\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3. <span class=\"_ _1c\"></span> </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o fa ricor<span class=\"_ _4\"></span>so a mo<span class=\"_ _4\"></span>delli inte<span class=\"_ _4\"></span>rni di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, gener<span class=\"_ _4\"></span>almente utiliz<span class=\"_ _5\"></span>zati ne<span class=\"_ _4\"></span>lla pratic<span class=\"_ _4\"></span>a finan<span class=\"_ _4\"></span>ziaria, sulla bas<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi forniti dagli op<span class=\"_ _4\"></span>erato<span class=\"_ _4\"></span>ri di merc<span class=\"_ _4\"></span>ato o di quota<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate su merc<span class=\"_ _4\"></span>ati atti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di primari <span class=\"ff5f ls58 ws6\">info<span class=\"_ _4\"></span>-prov<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>s</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Per la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del <span class=\"ff5f\">fair value</span> dei de<span class=\"_ _4\"></span>rivati v<span class=\"_ _4\"></span>iene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls5b ws8\">pric<span class=\"_ _4\"></span>ing</span> basato s<span class=\"_ _4\"></span>ui valori di m<span class=\"_ _4\"></span>ercato de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>ssi di inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se e dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di c<span class=\"_ _4\"></span>ambio rilev<span class=\"_ _4\"></span>abili alla data di valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Per la voce re<span class=\"_ _4\"></span>lativa ai \u201c<span class=\"_ _4\"></span>De<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauzio<span class=\"_ _4\"></span>nali<span class=\"_ _4\"></span>\u201d il valore co<span class=\"_ _4\"></span>ntabile \u00e8 s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato una ragion<span class=\"_ _4\"></span>evole app<span class=\"_ _4\"></span>rossima<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o. Non ci son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ate variazio<span class=\"_ _4\"></span>ni nei meto<span class=\"_ _4\"></span>di valut<span class=\"_ _4\"></span>ativi a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati risp<span class=\"_ _4\"></span>etto ai p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi, n\u00e9 tra<span class=\"_ _4\"></span>sferi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">menti da un li<span class=\"_ _4\"></span>vello a un altro de<span class=\"_ _4\"></span>lla gerarchia dell<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 v<span class=\"_ _4\"></span>alutate al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f ls2b ws84\">non-pe<span class=\"_ _4\"></span>rformance risk</span>, cio\u00e8 del ri<span class=\"_ _4\"></span>schio che una de<span class=\"_ _4\"></span>lle par<span class=\"_ _4\"></span>ti non on<span class=\"_ _4\"></span>ori i propri imp<span class=\"_ _4\"></span>egni </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>tuali per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to di un po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e <span class=\"ff5f ls55 wscc\">defa<span class=\"_ _4\"></span>ult</span> prima d<span class=\"_ _4\"></span>ella sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za  de<span class=\"_ _4\"></span>l deriv<span class=\"_ _4\"></span>ato, sia con rifer<span class=\"_ _4\"></span>imento al ris<span class=\"_ _4\"></span>chio della </span><span style=\"display:inherit;clear:left;\">contropa<span class=\"_ _1\"></span>rte (<span class=\"_ _1\"></span><span class=\"ff5f ls3 ws15c\">Credit V<span class=\"_ _2\"></span>alue A<span class=\"_ _4\"></span>djustment<span class=\"_ _4\"></span><span class=\"ff5c\">: C<span class=\"_ _4\"></span>V<span class=\"_ _2\"></span>A), sia al propr<span class=\"_ _4\"></span>io rischio di ina<span class=\"_ _4\"></span>dempime<span class=\"_ _4\"></span>nto (<span class=\"ff5f\">Debt Risk Adjustm<span class=\"_ _4\"></span>ent</span><span class=\"ls34 ws10e\">:<span class=\"_ _5\"></span> DVA<span class=\"_ _4\"></span>)<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> </span></span></span></span><span style=\"display:inherit;clear:left;\">applic<span class=\"_ _4\"></span>andolo al v<span class=\"_ _4\"></span>alore di me<span class=\"_ _4\"></span>rcato del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio p<span class=\"_ _4\"></span>rivo di ris<span class=\"_ _4\"></span>chio. T<span class=\"_ _1c\"></span>ali ag<span class=\"_ _4\"></span>giu<span class=\"_ _4\"></span>stam<span class=\"_ _4\"></span>enti, data la tip<span class=\"_ _4\"></span>olog<span class=\"_ _4\"></span>ia di strume<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati pre<span class=\"_ _4\"></span>senti in p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati esclu<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente da vendit<span class=\"_ _4\"></span>e o da acquist<span class=\"_ _4\"></span>i di valuta a t<span class=\"_ _4\"></span>ermine tr<span class=\"_ _4\"></span>amite con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti <span class=\"ff5f ls2b wscf\">for<span class=\"_ _4\"></span>ward<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws5\">, la relativ<span class=\"_ _4\"></span>a sca<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za, comp<span class=\"_ _4\"></span>resa n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito dei dodici m<span class=\"_ _4\"></span>esi, e i <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls9 ws14d\"> sia delle contropa<span class=\"_ _1\"></span>rti con cui sono </span></span></span></span><span style=\"display:inherit;clear:left;\">stati stipulati<span class=\"_ _1\"></span> i contra<span class=\"_ _1\"></span>tti sia del Gruppo<span class=\"_ _1\"></span>, risultano<span class=\"_ _1\"></span> non signi<span class=\"_ _1\"></span>ficativi. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala inoltre che<span class=\"_ _4\"></span>, sulla bas<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi ISDA <span class=\"ff5f ls2c ws0\">Master<span class=\"_ _1\"></span> Agreemen<span class=\"_ _2\"></span>t<span class=\"ff5c ls3 ws11e\"> e de<span class=\"_ _4\"></span>gli accordi quadro e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti co<span class=\"_ _4\"></span>n le contro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ti con le quali ve<span class=\"_ _4\"></span>ngono stip<span class=\"_ _4\"></span>ulati contratt<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vati, \u00e8 in gene<span class=\"_ _4\"></span>rale po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>ttuare la comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne (<span class=\"ff5f ls58 ws6\">nett<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls0 ws15a\">) di </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re originate da tali s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati. </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella sinte<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a gli ef<span class=\"_ _4\"></span>fetti pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i a Conto Econo<span class=\"_ _4\"></span>mico e Patrimonio Net<span class=\"_ _4\"></span>to con r<span class=\"_ _4\"></span>iferimento a cia<span class=\"_ _4\"></span>scuna cate<span class=\"_ _4\"></span>goria </span><span style=\"display:inherit;clear:left;\">di str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Gruppo n<span class=\"_ _4\"></span>egli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utili netti/(P<span class=\"_ _1\"></span>erdite nette) rilev<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i a c<span class=\"_ _2\"></span>onto economico su str<span class=\"_ _2\"></span>ument<span class=\"_ _4\"></span>i finanziari:<span class=\"_ _2c6\"> </span> </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _207\"> </span>(13.078) <span class=\"_ _23e\"> </span>1.367</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _a0\"> </span>4.842 <span class=\"_ _f3\"> </span>16.845</span><span style=\"display:inherit;clear:left;\">Utili netti/(Per<span class=\"_ _2\"></span>dite nette) rilevati a patrimonio netto su strumenti finanziari: <span class=\"_ _13e\"> </span> </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _1fc\"> </span>(12.533) <span class=\"_ _f2\"> </span>(3.943<span class=\"_ _1\"></span>)</span><span style=\"display:inherit;clear:left;\">Interessi attivi/passi<span class=\"_ _1\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i sulle attivit\u00e0/passivit\u00e0 finanziarie </span><span style=\"display:inherit;clear:left;\">non al FVTPL:</span><span style=\"display:inherit;clear:left;\">Interessi attivi <span class=\"_ _25b\"> </span>10.417 <span class=\"_ _23e\"> </span>8.982</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _23b\"> </span>4.923 <span class=\"_ _23e\"> </span>2.468</span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2cf\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308</span></span><span style=\"display:inherit;clear:left;\">Spese e commissioni non inc<span class=\"_ _1\"></span>luse nel tasso di interesse effettivo:<span class=\"_ _107\"> </span> </span><span style=\"display:inherit;clear:left;\">di competenza di passivit\u00e0 finanziarie <span class=\"_ _112\"> </span>1.011 <span class=\"_ _31f\"> </span>951</span><span style=\"display:inherit;clear:left;\">Interessi attivi matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i su strumenti finanziari s<span class=\"_ _2\"></span>valutati<span class=\"_ _1fd\"> </span> </span><span style=\"display:inherit;clear:left;\">Ac<span class=\"_ _1\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie:<span class=\"_ _320\"> </span> </span><span style=\"display:inherit;clear:left;\">crediti/finanziamenti<span class=\"_ _236\"> </span>545 <span class=\"_ _23e\"> </span>1.885</span><span style=\"display:inherit;clear:left;\">Co<span class=\"_ _4\"></span>mme<span class=\"_ _4\"></span>nto<span class=\"_ _4\"></span> alle<span class=\"_ _5\"></span> prin<span class=\"_ _4\"></span>cipali<span class=\"_ _4\"></span> vo<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span> de<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> c<span class=\"_ _4\"></span>onto</span><span style=\"display:inherit;clear:left;\">e<span class=\"_ _4\"></span>conomico</span><span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini di una miglior comp<span class=\"_ _4\"></span>rensio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019andamento de<span class=\"_ _4\"></span>lle voci di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o si rinvia anche ai co<span class=\"_ _4\"></span>mmenti ins<span class=\"_ _4\"></span>eriti </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nella Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla ges<span class=\"_ _4\"></span>tione re<span class=\"_ _4\"></span>lativi al co<span class=\"_ _4\"></span>nfronto dei dati de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023.</span></span> </span><span style=\"display:inherit;clear:left;\">33. Ric<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi da c<span class=\"_ _2\"></span>ont<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>atti c<span class=\"_ _2\"></span>on clienti </span><span style=\"display:inherit;clear:left;\">Neg<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi chiusi al 31 dicembre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 i ricav<span class=\"_ _4\"></span>i da contrat<span class=\"_ _4\"></span>ti con client<span class=\"_ _4\"></span>i ammontano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente a Euro 1<span class=\"_ _1\"></span>.03<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>65<span class=\"_ _2\"></span>1 migliaia e ad Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>53.557 migliaia. Nei p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tti di s<span class=\"_ _4\"></span>eguito s<span class=\"_ _4\"></span>i evide<span class=\"_ _4\"></span>nzia la dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle p<span class=\"_ _4\"></span>rincipali cate<span class=\"_ _4\"></span>gorie de<span class=\"_ _4\"></span>i ricavi p<span class=\"_ _4\"></span>rovenienti dai co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n clienti in bas<span class=\"_ _4\"></span>e al canale di ve<span class=\"_ _4\"></span>ndita e<span class=\"_ _4\"></span>d alla suddi<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023.  </span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Ricavi da </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _134\"> </span><span class=\"ls42 wsea\">DTC<span class=\"_ _208\"> </span></span><span class=\"ff63\">Wholesale<span class=\"_ _4f\"> </span></span>Licenze e pr<span class=\"_ _1\"></span>estazioni</span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _10d\"> </span>151.103 <span class=\"_ _176\"> </span>95.333 <span class=\"_ _176\"> </span>16.672 <span class=\"_ _80\"> </span>263.108 </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _f1\"> </span><span class=\"ws0\">244.720 <span class=\"_ _176\"> </span>62.983 <span class=\"_ _c0\"> </span>343 <span class=\"_ _80\"> </span>308.046 </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _1d9\"> </span>83.828 <span class=\"_ _23e\"> </span>127 <span class=\"_ _225\"> </span>- <span class=\"_ _1f1\"> </span>83.955 </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _b0\"> </span>230.668 <span class=\"_ _176\"> </span>62.888 <span class=\"_ _23e\"> </span>385 <span class=\"_ _32\"> </span>293.941 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _3d\"> </span>70.773 <span class=\"_ _176\"> </span>11.698 <span class=\"_ _c0\"> </span>130 <span class=\"_ _1c1\"> </span>82.601 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>781.092 <span class=\"_ _2da\"> </span>233.029 <span class=\"_ _25\"> </span>17.530 <span class=\"_ _b9\"> </span>1.031.651 </span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Ricavi da </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _134\"> </span><span class=\"ls42 wsea\">DTC<span class=\"_ _208\"> </span></span><span class=\"ff63\">Wholesale<span class=\"_ _4f\"> </span></span>Licenze e pr<span class=\"_ _1\"></span>estazioni</span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _10d\"> </span>142.576<span class=\"_ _d1\"> </span>127.939<span class=\"_ _212\"> </span>16.220<span class=\"_ _c5\"> </span>286.735</span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _f1\"> </span><span class=\"ws0\">250.879<span class=\"_ _212\"> </span>72.240<span class=\"_ _261\"> </span>304<span class=\"_ _66\"> </span>323.423</span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _1d9\"> </span>88.758<span class=\"_ _261\"> </span>581<span class=\"_ _6c\"> </span>-<span class=\"_ _1f9\"> </span>89.339</span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _b0\"> </span>289.903<span class=\"_ _212\"> </span>80.934<span class=\"_ _261\"> </span>513<span class=\"_ _c5\"> </span>371.350</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _3d\"> </span>65.567<span class=\"_ _212\"> </span>16.962<span class=\"_ _261\"> </span>181<span class=\"_ _1f9\"> </span>82.710</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>837.683<span class=\"_ _82\"> </span>298.656<span class=\"_ _2ef\"> </span>17.218<span class=\"_ _de\"> </span>1.153.557</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>informativa s<span class=\"_ _4\"></span>ulla disag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne dei ric<span class=\"_ _4\"></span>avi se<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>do un approc<span class=\"_ _4\"></span>cio quali-<span class=\"_ _4\"></span>quantitativo.  </span><span style=\"display:inherit;clear:left;\">La te<span class=\"_ _4\"></span>mpist<span class=\"_ _4\"></span>ica di rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei ric<span class=\"_ _4\"></span>avi, pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e di beni, sia at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il canal<span class=\"_ _4\"></span>e D<span class=\"_ _2\"></span>TC che <span class=\"ff5f ls69 wsb7\">wholesale</span>, av<span class=\"_ _5\"></span>vien<span class=\"_ _4\"></span>e nel </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in cui il controllo de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e \u00e8 st<span class=\"_ _4\"></span>ato tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte, gene<span class=\"_ _4\"></span>ralmente al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla cons<span class=\"_ _4\"></span>egna; mentre </span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _4\"></span>e licenze e p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni, la rilev<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei ricav<span class=\"_ _4\"></span>i av<span class=\"_ _4\"></span>vie<span class=\"_ _4\"></span>ne in bas<span class=\"_ _4\"></span>e alla tempis<span class=\"_ _4\"></span>tica di e<span class=\"_ _4\"></span>roga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio ai </span><span style=\"display:inherit;clear:left;\">cl<span class=\"_ _4\"></span>ie<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cLic<span class=\"_ _4\"></span>enze e pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d include le <span class=\"ff5f ls58 ws6\">royalt<span class=\"_ _4\"></span>ies</span> d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dai contratt<span class=\"_ _4\"></span>i di licenz<span class=\"_ _4\"></span>a con i grup<span class=\"_ _4\"></span>pi Marchon, Time<span class=\"_ _4\"></span>x e </span><span style=\"display:inherit;clear:left;\">Inter Par<span class=\"_ _4\"></span>fums Inc p<span class=\"_ _4\"></span>er la pro<span class=\"_ _4\"></span>duzione e di<span class=\"_ _4\"></span>stribu<span class=\"_ _4\"></span>zione ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente di occ<span class=\"_ _4\"></span>hiali, orologi e prof<span class=\"_ _4\"></span>umi a marchio \u201cS<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I ric<span class=\"_ _4\"></span>avi pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span> sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in bas<span class=\"_ _4\"></span>e allo st<span class=\"_ _4\"></span>ato di avanzam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lle vendite de<span class=\"_ _4\"></span>l licen<span class=\"_ _4\"></span>ziatario.</span></span> <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">34. L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azioni immobiliari</span><span style=\"display:inherit;clear:left;\">I proventi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalle loc<span class=\"_ _4\"></span>azioni immo<span class=\"_ _4\"></span>biliari sono da imput<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>i interame<span class=\"_ _4\"></span>nte al Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo Usa p<span class=\"_ _4\"></span>er la con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ces<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di spazi n<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili di propriet<span class=\"_ _4\"></span>\u00e0 e pres<span class=\"_ _4\"></span>i in loc<span class=\"_ _4\"></span>azione e s<span class=\"_ _4\"></span>ubloc<span class=\"_ _4\"></span>ati. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2024 si sono at<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tati a Euro 3.455 migliaia, in aumento (<span class=\"_ _1c\"></span>+<span class=\"_ _1c\"></span>27<span class=\"_ _1c\"></span>,<span class=\"_ _4\"></span>3%<span class=\"_ _2\"></span>) r<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, quando e<span class=\"_ _4\"></span>rano pari a Euro 2.7<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>4 migliaia.</span></span> <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">35. C<span class=\"_ _1c\"></span>osto del venduto e c<span class=\"_ _1\"></span>osti oper<span class=\"_ _2\"></span>ativi</span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to del ve<span class=\"_ _4\"></span>nduto e i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi chiusi al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>amente par<span class=\"_ _4\"></span>i ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>108.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>2 mig<span class=\"_ _4\"></span>liaia ed Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>105.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>32 migliai<span class=\"_ _1\"></span>a e pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ano la seg<span class=\"_ _4\"></span>uente clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinaz<span class=\"_ _4\"></span>ione:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto<span class=\"_ _306\"> </span>295.098 <span class=\"_ _81\"> </span>316.839<span class=\"_ _82\"> </span>(21.741) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _302\"> </span>47.038 <span class=\"_ _f3\"> </span>53.086<span class=\"_ _2ef\"> </span>(6.048) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di vendita e distribuzione<span class=\"_ _1c6\"> </span>496.519 <span class=\"_ _ca\"> </span>454.649<span class=\"_ _212\"> </span>41.870 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di comunicazione e di </span><span style=\"display:inherit;clear:left;\">mar<span class=\"_ _2\"></span>keting<span class=\"_ _f1\"> </span><span class=\"ff61\">86.661 <span class=\"_ _81\"> </span>113.695<span class=\"_ _82\"> </span>(27.034) </span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti generali e amministr<span class=\"_ _2\"></span>ativi<span class=\"_ _140\"> </span>157.093 <span class=\"_ _81\"> </span>137.142<span class=\"_ _81\"> </span>19.951 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _145\"> </span>25.703 <span class=\"_ _f3\"> </span>29.721<span class=\"_ _2e0\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980 </span><span style=\"display:inherit;clear:left;\">Il total<span class=\"_ _4\"></span>e dei cos<span class=\"_ _4\"></span>ti \u00e8 so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialmente in line<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dente, c<span class=\"_ _4\"></span>on una riduzio<span class=\"_ _4\"></span>ne del \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del ven<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, a fronte de<span class=\"_ _4\"></span>lla contra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Ricav<span class=\"_ _4\"></span>i, e dei \u201cC<span class=\"_ _4\"></span>osti di c<span class=\"_ _4\"></span>omunicaz<span class=\"_ _4\"></span>ione e <span class=\"ff5f ls5b ws8\">market<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls4 wse8\">\u201d, in diminuzione de<span class=\"_ _4\"></span>l 23,<span class=\"_ _4\"></span>8% ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span></span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 2023, quando risult<span class=\"_ _4\"></span>ava pe<span class=\"_ _4\"></span>naliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a da mag<span class=\"_ _4\"></span>giori co<span class=\"_ _4\"></span>sti ric<span class=\"_ _4\"></span>onducibili alle a<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r la realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>ategia di rilancio de<span class=\"_ _4\"></span>l <span class=\"ff5f ls53 wsa6\">bra<span class=\"_ _4\"></span>nd</span>, iniz<span class=\"_ _4\"></span>iata nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 2023 si se<span class=\"_ _4\"></span>gnala un increme<span class=\"_ _4\"></span>nto dei Co<span class=\"_ _4\"></span>sti di ve<span class=\"_ _4\"></span>ndita e dis<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione e de<span class=\"_ _4\"></span>i costi g<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ali e amministrati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente de<span class=\"_ _4\"></span>l 9,2% e del 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>,5%<span class=\"_ _2\"></span>), in quanto t<span class=\"_ _4\"></span>ali voci risult<span class=\"_ _4\"></span>ano for<span class=\"_ _4\"></span>tem<span class=\"_ _4\"></span>ente impatt<span class=\"_ _4\"></span>ate dalle ridu<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">degli <span class=\"ff5f lsa ws90\">asset<span class=\"_ _4\"></span>s</span><span class=\"ls3\"> regis<span class=\"_ _4\"></span>trate ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 (rispet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente pari a<span class=\"_ _4\"></span>d Euro 62.330 migliaia e Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.270 migliaia nel 202<span class=\"_ _2\"></span>4). Al nett<span class=\"_ _4\"></span>o </span></span><span style=\"display:inherit;clear:left;\">di tali s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni l<span class=\"_ _4\"></span>e voci avre<span class=\"_ _4\"></span>bbero re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato un de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nto rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vamente de<span class=\"_ _4\"></span>l 3,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>% e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u20191<span class=\"_ _2\"></span>,0<span class=\"_ _4\"></span>%<span class=\"_ _4\"></span>, in linea con il </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>mento re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato sulle altre vo<span class=\"_ _4\"></span>ci di spe<span class=\"_ _4\"></span>sa. </span><span style=\"display:inherit;clear:left;\">Per tutt<span class=\"_ _4\"></span>i i dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da alla nota sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica 10 \u201cRi<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.</span></span><span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">36.  <span class=\"_ _46\"></span>C<span class=\"_ _1c\"></span>omposizione per natur<span class=\"_ _2\"></span>a delle voci di c<span class=\"_ _2\"></span>osto di conto </span><span style=\"display:inherit;clear:left;\">ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura del c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>el vendut<span class=\"_ _4\"></span>o e dei cos<span class=\"_ _4\"></span>ti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel pro<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>tto se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie prime, merci e materiale di c<span class=\"_ _2\"></span>onsumo utiliz<span class=\"_ _4\"></span>zati<span class=\"_ _e8\"> </span>177.671 <span class=\"_ _81\"> </span>198.835<span class=\"_ _82\"> </span>(21.164) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per servizi<span class=\"_ _182\"> </span>408.761 <span class=\"_ _81\"> </span>459.182<span class=\"_ _82\"> </span>(50.421) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del personale<span class=\"_ _14d\"> </span>231.758 <span class=\"_ _ca\"> </span>237.605<span class=\"_ _c5\"> </span>(5.847) </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _217\"> </span>52.017 <span class=\"_ _b7\"> </span>50.146<span class=\"_ _f2\"> </span>1.871 </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 per diritto d\u2019uso<span class=\"_ _321\"> </span>126.904 <span class=\"_ _81\"> </span>122.768<span class=\"_ _f2\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazioni di attivit\u00e0 materiali, immateriali, diritto d'uso e inv<span class=\"_ _1\"></span>estimenti </span><span style=\"display:inherit;clear:left;\">85.298 <span class=\"_ _23e\"> </span>6.875<span class=\"_ _212\"> </span>78.423 </span><span style=\"display:inherit;clear:left;\">immobiliari</span><span style=\"display:inherit;clear:left;\">Altri oneri<span class=\"_ _14\"> </span>25.703 <span class=\"_ _b7\"> </span>29.721<span class=\"_ _c5\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980</span></span> </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023, si reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>a un decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i \u201cCos<span class=\"_ _4\"></span>ti per s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>rincipalmente p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to della ri<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione di co<span class=\"_ _4\"></span>sti v<span class=\"_ _4\"></span>ariabili colle<span class=\"_ _4\"></span>gata alla contr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e delle ve<span class=\"_ _4\"></span>ndite. Il \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>onale<span class=\"_ _4\"></span>\u201d include il co<span class=\"_ _4\"></span>mpens<span class=\"_ _4\"></span>o relati<span class=\"_ _4\"></span>vo al </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di lavoro dipen<span class=\"_ _4\"></span>dente de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>gato e Diret<span class=\"_ _4\"></span>tore G<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ale, olt<span class=\"_ _4\"></span>re alla stima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls68 ws12f\"> variabile, </span></span><span style=\"display:inherit;clear:left;\">se pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, e ai compe<span class=\"_ _4\"></span>nsi di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo de<span class=\"_ _4\"></span>i piani con pagam<span class=\"_ _4\"></span>enti bas<span class=\"_ _4\"></span>ati su azi<span class=\"_ _4\"></span>oni (pe<span class=\"_ _4\"></span>r i cui i det<span class=\"_ _4\"></span>tagli si </span><span style=\"display:inherit;clear:left;\">rimanda alla not<span class=\"_ _4\"></span>a 42 \u201cPagamenti b<span class=\"_ _4\"></span>asati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lle note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve al pre<span class=\"_ _4\"></span>sente bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r totali </span><span style=\"display:inherit;clear:left;\">Euro 4.4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 migliaia (Euro 8.<span class=\"_ _4\"></span>083 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>). La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _4\"></span>Svalutazi<span class=\"_ _4\"></span>oni di atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali, immateriali, dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">so e inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nti immobiliari<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e Euro 80.<span class=\"_ _4\"></span>204 migliaia pe<span class=\"_ _4\"></span>r la riduzio<span class=\"_ _4\"></span>ne di valore r<span class=\"_ _4\"></span>egis<span class=\"_ _4\"></span>trata c<span class=\"_ _4\"></span>ome risult<span class=\"_ _4\"></span>ato deg<span class=\"_ _4\"></span>li </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls3 wsd5\"> s<span class=\"_ _4\"></span>volti p<span class=\"_ _4\"></span>er ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 del v<span class=\"_ _4\"></span>alore di tali at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 su alcun<span class=\"_ _4\"></span>e CGU <span class=\"ff5f\">(<span class=\"_ _2\"></span>Cas<span class=\"_ _4\"></span>h Gene<span class=\"_ _4\"></span>rating Uni<span class=\"_ _1\"></span>t)<span class=\"ff5c ls0 ws0\"> </span></span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 10 \u201cR<span class=\"_ _4\"></span>iduzioni dure<span class=\"_ _4\"></span>voli di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito gli impat<span class=\"_ _4\"></span>ti nel co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r natura negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, de<span class=\"_ _4\"></span>rivanti dai c<span class=\"_ _4\"></span>ontratti di l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _209\"> </span>2024<span class=\"_ _1e7\"> </span>% sul T<span class=\"_ _2\"></span>otale<span class=\"_ _d0\"> </span>2023<span class=\"_ _163\"> </span>% sul T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Ammortamenti su A<span class=\"_ _2\"></span>ttivit\u00e0 per diritto d\u2019uso<span class=\"_ _2e4\"> </span>126.904 <span class=\"_ _b3\"> </span>62,8% <span class=\"_ _d8\"> </span>122.768<span class=\"_ _bc\"> </span>59,6% <span class=\"_ _2a3\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Interessi e oneri sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _97\"> </span><span class=\"ff61\">22.466 <span class=\"_ _b3\"> </span>11,1% <span class=\"_ _d9\"> </span>21.329<span class=\"_ _bc\"> </span>10,4% <span class=\"_ _2a3\"> </span>1.137 </span></span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _26e\"> </span></span>(173) <span class=\"_ _b4\"> </span>(0,1%) <span class=\"_ _219\"> </span>(319)<span class=\"_ _b6\"> </span>(0,1%) <span class=\"_ _65\"> </span>146 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazione a bre<span class=\"_ _1\"></span>ve termine (<span class=\"ff64\">short term</span>)<span class=\"_ _d7\"> </span>3.031 <span class=\"_ _9f\"> </span>1,5% <span class=\"_ _2da\"> </span>4.598<span class=\"_ _b9\"> </span>2,2% <span class=\"_ _2f4\"> </span>(1.567) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazione di beni di valor<span class=\"_ _2\"></span>e modesto  </span><span style=\"display:inherit;clear:left;\">735 <span class=\"_ _b6\"> </span>0,4% <span class=\"_ _2ef\"> </span>693<span class=\"_ _b9\"> </span>0,3% <span class=\"_ _80\"> </span>42 </span><span style=\"display:inherit;clear:left;\">(<span class=\"ff64\">low value assets</span>)</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazioni con pagamenti v<span class=\"_ _2\"></span>ariabili non </span><span style=\"display:inherit;clear:left;\">49.207 <span class=\"_ _b3\"> </span>24,3% <span class=\"_ _d9\"> </span>56.755<span class=\"_ _bc\"> </span>27,6% <span class=\"_ _2f4\"> </span>(7.548) </span><span style=\"display:inherit;clear:left;\">inclusi nella valutazione delle passivit<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff64\">leasing</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _9b\"> </span>202.170 <span class=\"_ _1ba\"> </span>100,0% <span class=\"_ _cf\"> </span>205.824<span class=\"_ _b3\"> </span>100,0% <span class=\"_ _ec\"> </span>(3.654) </span><span style=\"display:inherit;clear:left;\">Alcuni de<span class=\"_ _4\"></span>i contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po conte<span class=\"_ _4\"></span>ngono pagame<span class=\"_ _4\"></span>nti di cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itto a d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione v<span class=\"_ _4\"></span>ariabile </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ati ai ricavi ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ati da punti vendit<span class=\"_ _4\"></span>a (DOS), in spazi pr<span class=\"_ _4\"></span>esi in lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione che no<span class=\"_ _4\"></span>n sono inclu<span class=\"_ _4\"></span>si nella valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one delle </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> dei c<span class=\"_ _4\"></span>ontratti di l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione e s<span class=\"_ _4\"></span>ono iscr<span class=\"_ _4\"></span>itti in ba<span class=\"_ _4\"></span>se alla comp<span class=\"_ _4\"></span>etenz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i dei can<span class=\"_ _4\"></span>oni va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riabili rappr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntano, al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>3% del t<span class=\"_ _4\"></span>otale de<span class=\"_ _4\"></span>gli one<span class=\"_ _4\"></span>ri nett<span class=\"_ _4\"></span>i a conto ec<span class=\"_ _4\"></span>onomico </span><span style=\"display:inherit;clear:left;\">inere<span class=\"_ _4\"></span>nti ai contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e inclusi e non n<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> di cui al principio c<span class=\"_ _4\"></span>ontabile IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. I cano<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">variabili dipe<span class=\"_ _4\"></span>ndon<span class=\"_ _4\"></span>o dalle vendite e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto dallo s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o eco<span class=\"_ _4\"></span>nomico de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i. Si stima ch<span class=\"_ _4\"></span>e i canoni </span><span style=\"display:inherit;clear:left;\">variabili continu<span class=\"_ _4\"></span>eranno ne<span class=\"_ _4\"></span>i futuri e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i ad avere un<span class=\"_ _4\"></span>\u2019incide<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale all<span class=\"_ _4\"></span>e vendite de<span class=\"_ _4\"></span>i prodot<span class=\"_ _4\"></span>ti f<span class=\"_ _4\"></span>initi. </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte i contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po preve<span class=\"_ _4\"></span>dono clau<span class=\"_ _4\"></span>sole di di<span class=\"_ _4\"></span>vieto di s<span class=\"_ _4\"></span>ubloc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del be<span class=\"_ _4\"></span>ne og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione, ma no<span class=\"_ _4\"></span>n preve<span class=\"_ _4\"></span>dono pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o il risp<span class=\"_ _4\"></span>etto di <span class=\"ff5f ls57 ws97\">co<span class=\"_ _4\"></span>vena<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s</span><span class=\"ls4 wsa\"> f<span class=\"_ _4\"></span>inanziari.  </span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha opzioni di chius<span class=\"_ _4\"></span>ura anticipata ch<span class=\"_ _4\"></span>e ha intenzi<span class=\"_ _4\"></span>one di es<span class=\"_ _4\"></span>ercitar<span class=\"_ _4\"></span>e ma che non ha valut<span class=\"_ _4\"></span>ato nella pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">per <span class=\"_ _5\"></span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws95\">. Re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alle opzioni di rinnovo, il Gr<span class=\"_ _4\"></span>uppo ne<span class=\"_ _4\"></span>lla propria po<span class=\"_ _4\"></span>litica co<span class=\"_ _4\"></span>ntabile di det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one della </span></span><span style=\"display:inherit;clear:left;\">durata d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls3 ws0\"> ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato le opzioni di r<span class=\"_ _4\"></span>innovo che intende e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>enta v<span class=\"_ _4\"></span>alori di impe<span class=\"_ _4\"></span>gni pe<span class=\"_ _4\"></span>r i <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> a breve t<span class=\"_ _4\"></span>ermine pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ti per il 2025 in line<span class=\"_ _4\"></span>a con i valo<span class=\"_ _4\"></span>ri contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2024.<span class=\"_ _1\"></span>  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito il det<span class=\"_ _4\"></span>taglio d<span class=\"_ _4\"></span>egli \u201c<span class=\"_ _1\"></span>Altri c<span class=\"_ _4\"></span>osti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ivi<span class=\"_ _4\"></span>\u201d:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Minusvalenze da alienazione di attivit<span class=\"_ _1\"></span>\u00e0 materiali e immateriali<span class=\"_ _1ec\"> </span>1.918 <span class=\"_ _27a\"> </span>514 <span class=\"_ _1f9\"> </span>1.404 </span><span style=\"display:inherit;clear:left;\">Sopra<span class=\"_ _2\"></span>vvenienze passive<span class=\"_ _2d6\"> </span>1.374 <span class=\"_ _23e\"> </span>1.585 <span class=\"_ _cd\"> </span>(211) </span><span style=\"display:inherit;clear:left;\">Acc<span class=\"_ _1\"></span>antonamenti ai fondi per rischi ed oneri<span class=\"_ _36\"> </span>1.683 <span class=\"_ _23e\"> </span>6.317 <span class=\"_ _80\"> </span>(4.634) </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazione di attivit\u00e0 cor<span class=\"_ _2\"></span>renti<span class=\"_ _4e\"> </span>690 <span class=\"_ _23e\"> </span>2.117 <span class=\"_ _25\"> </span>(1.427) </span><span style=\"display:inherit;clear:left;\">Altre imposte e tasse<span class=\"_ _2fb\"> </span>16.855 <span class=\"_ _f3\"> </span>15.903 <span class=\"_ _23e\"> </span>952 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _d6\"> </span>3.183 <span class=\"_ _23e\"> </span>3.285 <span class=\"_ _cd\"> </span>(102) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>25.703 <span class=\"_ _f2\"> </span>29.721 <span class=\"_ _31a\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">Gli altri co<span class=\"_ _4\"></span>sti op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vi ris<span class=\"_ _4\"></span>ultano in diminuzi<span class=\"_ _4\"></span>one del 1<span class=\"_ _2\"></span>3,<span class=\"_ _4\"></span>5% rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente.  </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re impos<span class=\"_ _4\"></span>te e ta<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>\u201d si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e in buona par<span class=\"_ _4\"></span>te all<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a sugli immo<span class=\"_ _4\"></span>bili di propriet<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>rup<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po Fe<span class=\"_ _4\"></span>rragamo Us<span class=\"_ _4\"></span>a <span class=\"ff5f\">(<span class=\"_ _2\"></span>re<span class=\"_ _4\"></span>al es<span class=\"_ _4\"></span>tate tax)<span class=\"ff5c ls0 ws6f\">.  </span></span></span><span style=\"display:inherit;clear:left;\">La s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>renti \u00e8 in diminuzio<span class=\"_ _4\"></span>ne risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>.427 migliaia, e si riferisc<span class=\"_ _4\"></span>e sia </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>accanto<span class=\"_ _4\"></span>namento al fond<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione cre<span class=\"_ _4\"></span>diti, sia alle pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti a seg<span class=\"_ _4\"></span>uito di str<span class=\"_ _4\"></span>alcio.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti ai fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi ed o<span class=\"_ _4\"></span>neri, in diminu<span class=\"_ _4\"></span>zione r<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio<span class=\"_ _4\"></span> 2023, si riferi<span class=\"_ _4\"></span>scon<span class=\"_ _4\"></span>o principalm<span class=\"_ _4\"></span>ente </span><span style=\"display:inherit;clear:left;\">a controver<span class=\"_ _4\"></span>sie di lavoro, le<span class=\"_ _4\"></span>gali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali riferite sia a co<span class=\"_ _4\"></span>ntenzi<span class=\"_ _4\"></span>osi in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re che a stim<span class=\"_ _4\"></span>e di impor<span class=\"_ _4\"></span>ti tran<span class=\"_ _4\"></span>satt<span class=\"_ _4\"></span>ivi che l<span class=\"_ _4\"></span>e so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po potre<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ro sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re per la c<span class=\"_ _4\"></span>ompos<span class=\"_ _4\"></span>izione di t<span class=\"_ _4\"></span>ali controve<span class=\"_ _4\"></span>rsie in fa<span class=\"_ _4\"></span>se pre<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>conten<span class=\"_ _4\"></span>zios<span class=\"_ _4\"></span>a.</span></span> </span><span style=\"display:inherit;clear:left;\">37. Altri <span class=\"_ _4\"></span>pr<span class=\"_ _1\"></span>oventi</span><span style=\"display:inherit;clear:left;\">Gli altri p<span class=\"_ _4\"></span>roventi si comp<span class=\"_ _4\"></span>ongono com<span class=\"_ _4\"></span>e dett<span class=\"_ _4\"></span>agliato di se<span class=\"_ _4\"></span>guito:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Recuperi di spese<span class=\"_ _252\"> </span>1.604<span class=\"_ _141\"> </span>1.945<span class=\"_ _b7\"> </span>(341)</span><span style=\"display:inherit;clear:left;\">Affitti attivi di immobili strumentali<span class=\"_ _1c6\"> </span>205<span class=\"_ _2e2\"> </span>-<span class=\"_ _261\"> </span>205</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontributi pubblicitari<span class=\"_ _24d\"> </span>264<span class=\"_ _263\"> </span>403<span class=\"_ _79\"> </span>(139)</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi diversi<span class=\"_ _da\"> </span>14.951<span class=\"_ _1d3\"> </span>16.473<span class=\"_ _2ef\"> </span>(1.522)</span><span style=\"display:inherit;clear:left;\">Plusvalenze da alienazione beni materiali - immateriali <span class=\"_ _152\"> </span>11<span class=\"_ _2e4\"> </span>39<span class=\"_ _269\"> </span>(28)</span><span style=\"display:inherit;clear:left;\">Sopra<span class=\"_ _2\"></span>vvenienze attive <span class=\"_ _17f\"> </span>6.970<span class=\"_ _141\"> </span>2.023<span class=\"_ _f2\"> </span>4.947</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>24.005<span class=\"_ _1f2\"> </span>20.883<span class=\"_ _cd\"> </span>3.122</span><span style=\"display:inherit;clear:left;\">Gli altri p<span class=\"_ _4\"></span>roventi, pari a Euro 2<span class=\"_ _1\"></span>4.0<span class=\"_ _4\"></span>05 migliaia, re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trano ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 un increm<span class=\"_ _4\"></span>ento di Euro 3.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>22 </span><span style=\"display:inherit;clear:left;\">migliaia. La vo<span class=\"_ _4\"></span>ce \u201cProvent<span class=\"_ _4\"></span>i diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d si de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nta risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o al prece<span class=\"_ _4\"></span>dente e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio princip<span class=\"_ _4\"></span>almente p<span class=\"_ _4\"></span>er la riduz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ero<span class=\"_ _4\"></span>gati, dai vari gove<span class=\"_ _4\"></span>rni dei Pae<span class=\"_ _4\"></span>si in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, a so<span class=\"_ _4\"></span>steg<span class=\"_ _4\"></span>no delle imp<span class=\"_ _4\"></span>rese e d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia; nel </span><span style=\"display:inherit;clear:left;\">2023 la voce inclu<span class=\"_ _4\"></span>deva Euro 2.<span class=\"_ _4\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3 migliaia, rife<span class=\"_ _4\"></span>rita al c<span class=\"_ _4\"></span>ontributo a fond<span class=\"_ _4\"></span>o perdut<span class=\"_ _4\"></span>o relativo all<span class=\"_ _4\"></span>\u2019Accordo pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019Inno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vaz<span class=\"_ _4\"></span>ione (p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o I-SUCCEED, per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si rimanda alla Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla ges<span class=\"_ _4\"></span>tione al par<span class=\"_ _4\"></span>agrafo \u201cFatt<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio, se<span class=\"_ _4\"></span>zione Inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i Fondo p<span class=\"_ _4\"></span>er la Cres<span class=\"_ _4\"></span>cita S<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile - Accor<span class=\"_ _4\"></span>do per l<span class=\"_ _4\"></span>'innova<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), me<span class=\"_ _4\"></span>ntre nel 2024 risulta pari a<span class=\"_ _4\"></span>d Euro 7<span class=\"_ _2\"></span>5 mig<span class=\"_ _4\"></span>liaia. La voce \u201c<span class=\"_ _4\"></span>S<span class=\"_ _4\"></span>oprav<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nienze at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e per Euro 4.<span class=\"_ _4\"></span>979<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">migliaia il rilascio di co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rati neg<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti e non pi\u00f9 dov<span class=\"_ _4\"></span>uti.</span></span> </span><span style=\"display:inherit;clear:left;\">38. Gestione finanziaria</span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria si comp<span class=\"_ _4\"></span>one come d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agliato di seg<span class=\"_ _4\"></span>uito:</span><span style=\"display:inherit;clear:left;\">Oneri finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _318\"> </span>4.690 <span class=\"_ _23e\"> </span>2.024<span class=\"_ _f2\"> </span>2.666 </span><span style=\"display:inherit;clear:left;\">Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _1ff\"> </span>2.371 <span class=\"_ _23e\"> </span>2.530<span class=\"_ _b7\"> </span>(159) </span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2a1\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308<span class=\"_ _f2\"> </span>1.156 </span></span><span style=\"display:inherit;clear:left;\">Oneri sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _1fd\"> </span></span>2 <span class=\"_ _69\"> </span>21<span class=\"_ _78\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite su cambi<span class=\"_ _13a\"> </span>12.537 <span class=\"_ _f3\"> </span>28.792<span class=\"_ _82\"> </span>(16.255) </span><span style=\"display:inherit;clear:left;\">Oneri finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _27b\"> </span>22.679 <span class=\"_ _f3\"> </span>14.712<span class=\"_ _f2\"> </span>7.967 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>64.743 <span class=\"_ _f2\"> </span>69.387<span class=\"_ _176\"> </span>(4.644) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1\"></span>ro<span class=\"_ _2\"></span>venti finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi attivi<span class=\"_ _1b7\"> </span>7.644 <span class=\"_ _23e\"> </span>8.230<span class=\"_ _b7\"> </span>(586) </span><span style=\"display:inherit;clear:left;\">Altri proventi finanziari<span class=\"_ _9d\"> </span>2.773 <span class=\"_ _27a\"> </span>752<span class=\"_ _f2\"> </span>2.021 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _10d\"> </span></span>173 <span class=\"_ _27a\"> </span>319<span class=\"_ _79\"> </span>(146) </span><span style=\"display:inherit;clear:left;\">Utili su cambi<span class=\"_ _13b\"> </span>17.976 <span class=\"_ _f3\"> </span>17.569<span class=\"_ _261\"> </span>407 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _133\"> </span>9.601 <span class=\"_ _f3\"> </span>16.079<span class=\"_ _2e0\"> </span>(6.478) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>38.167 <span class=\"_ _f2\"> </span>42.949<span class=\"_ _176\"> </span>(4.782) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cInte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si pas<span class=\"_ _4\"></span>sivi<span class=\"_ _5\"></span>\u201d include pr<span class=\"_ _4\"></span>incipalmente gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si da f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti bancari a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e.</span></span> </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cOne<span class=\"_ _4\"></span>ri da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e altri one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>\u201d si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alle spe<span class=\"_ _4\"></span>se banc<span class=\"_ _4\"></span>arie, e<span class=\"_ _4\"></span>d in misura </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>iduale agli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari su b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne alla valuta<span class=\"_ _4\"></span>zione ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>ello IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 d<span class=\"_ _4\"></span>ei piani a </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi, e da oner<span class=\"_ _4\"></span>i da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati regis<span class=\"_ _4\"></span>trati in s<span class=\"_ _4\"></span>eguito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introduzio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>rincipio cont<span class=\"_ _4\"></span>abile IFRS 16 e<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">sono p<span class=\"_ _4\"></span>ari a Euro 22.4<span class=\"_ _4\"></span>64 migliaia. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i, pari ad Euro 7<span class=\"_ _1c\"></span>.<span class=\"_ _4\"></span>64<span class=\"_ _4\"></span>4 migliaia, so<span class=\"_ _4\"></span>no in diminuzione di Euro 58<span class=\"_ _4\"></span>6 migliaia rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 a </span><span style=\"display:inherit;clear:left;\">caus<span class=\"_ _4\"></span>a di minori re<span class=\"_ _4\"></span>ndimenti ot<span class=\"_ _4\"></span>tenuti s<span class=\"_ _4\"></span>ulla liquidit\u00e0 inve<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>a, come co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a del ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse e d<span class=\"_ _4\"></span>ella minore e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e creditor<span class=\"_ _4\"></span>ia. </span><span style=\"display:inherit;clear:left;\">Gli utili e p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>ambi sono s<span class=\"_ _4\"></span>tati re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za dalla Capo<span class=\"_ _4\"></span>grupp<span class=\"_ _4\"></span>o Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., e d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di ve<span class=\"_ _4\"></span>ndita s<span class=\"_ _4\"></span>ia vers<span class=\"_ _4\"></span>o soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o <span class=\"ff5f ls58 ws6\">(intercomp<span class=\"_ _4\"></span>any)</span> che vers<span class=\"_ _4\"></span>o ter<span class=\"_ _4\"></span>zi in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Nel </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 si \u00e8 verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato un impatto ne<span class=\"_ _4\"></span>tto di utili su c<span class=\"_ _4\"></span>ambi pe<span class=\"_ _4\"></span>r Euro 5.4<span class=\"_ _1\"></span>39 migliaia rispe<span class=\"_ _4\"></span>tto a un impat<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di perdit<span class=\"_ _4\"></span>e su cambi p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>22<span class=\"_ _4\"></span>3 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Gli one<span class=\"_ _4\"></span>ri e proventi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari per a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair value</span>  dei deri<span class=\"_ _4\"></span>vati rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano il pre<span class=\"_ _4\"></span>mio o lo sco<span class=\"_ _4\"></span>nto applicato </span><span style=\"display:inherit;clear:left;\">sulle op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io, post<span class=\"_ _4\"></span>e in es<span class=\"_ _4\"></span>sere dalla Cap<span class=\"_ _4\"></span>ogrup<span class=\"_ _4\"></span>po, e le variaz<span class=\"_ _4\"></span>ioni di <span class=\"ff5f\">fair value</span><span class=\"ls2b wse3\"> re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">lative a s<span class=\"_ _4\"></span>trumenti d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e s<span class=\"_ _4\"></span>ono da met<span class=\"_ _4\"></span>tere in s<span class=\"_ _4\"></span>trett<span class=\"_ _4\"></span>a rela<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>n gli utili e per<span class=\"_ _4\"></span>dite su </span><span style=\"display:inherit;clear:left;\">cambi. N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 si \u00e8 verifi<span class=\"_ _4\"></span>cato un impatt<span class=\"_ _4\"></span>o nett<span class=\"_ _4\"></span>o di oneri p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls6 ws124\"> dei derivati </span></span></span><span style=\"display:inherit;clear:left;\">per Euro 1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>078 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a un imp<span class=\"_ _4\"></span>atto net<span class=\"_ _4\"></span>to di prove<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari per Euro 1.367 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023.</span><span style=\"display:inherit;clear:left;\">39. Imposte sul r<span class=\"_ _2\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Imposte cor<span class=\"_ _1\"></span>renti<span class=\"_ _110\"> </span>(10.668) <span class=\"_ _212\"> </span>(33.869)<span class=\"_ _212\"> </span>23.201 </span><span style=\"display:inherit;clear:left;\">Imposte differite<span class=\"_ _19\"> </span>19.285 <span class=\"_ _f2\"> </span>12.602<span class=\"_ _f2\"> </span>6.683 </span><span style=\"display:inherit;clear:left;\">Utilizzo/(Acc<span class=\"_ _1\"></span>antonamento) per imposte esercizi pr<span class=\"_ _2\"></span>ecedenti<span class=\"_ _bb\"> </span>(1.109) <span class=\"_ _23e\"> </span>1.918<span class=\"_ _2ef\"> </span>(3.027<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>7.508 <span class=\"_ _c5\"> </span>(19.349)<span class=\"_ _2ef\"> </span>26.857 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ax rate<span class=\"_ _1fb\"> </span><span class=\"ff62\">na <span class=\"_ _2d7\"> </span>42,4%</span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cUt<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo /(Accantoname<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti<span class=\"_ _4\"></span>\u201d s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce per Euro 959 migliaia alla verif<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e sulla Ferr<span class=\"_ _4\"></span>agamo Japan in re<span class=\"_ _4\"></span>lazione all<span class=\"_ _4\"></span>e annualit\u00e0 dal 201<span class=\"_ _2\"></span>9 al 2023 e per Euro 1<span class=\"_ _2\"></span>5<span class=\"_ _4\"></span>0 migliaia all verif<span class=\"_ _4\"></span>ica f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale </span><span style=\"display:inherit;clear:left;\">sulla Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limite<span class=\"_ _4\"></span>d, relati<span class=\"_ _4\"></span>va al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di impos<span class=\"_ _4\"></span>ta 2022, i cui c<span class=\"_ _4\"></span>osti s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ati nel cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizio p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla Rela<span class=\"_ _4\"></span>zione sulla ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one al paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">serci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzi<span class=\"_ _4\"></span>osi f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>.  </span><span style=\"display:inherit;clear:left;\">A par<span class=\"_ _4\"></span>tire dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4, il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo, quale gr<span class=\"_ _4\"></span>uppo multinaz<span class=\"_ _4\"></span>ionale che sup<span class=\"_ _4\"></span>era la s<span class=\"_ _4\"></span>oglia di </span><span style=\"display:inherit;clear:left;\">ricav<span class=\"_ _4\"></span>i di Euro 7<span class=\"_ _2\"></span>5<span class=\"_ _4\"></span>0 milioni per du<span class=\"_ _4\"></span>e dei quattro e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi pre<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>nti, rientra n<span class=\"_ _4\"></span>el camp<span class=\"_ _4\"></span>o di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle impo<span class=\"_ _4\"></span>ste </span><span style=\"display:inherit;clear:left;\">sul red<span class=\"_ _4\"></span>dito del s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do pilas<span class=\"_ _4\"></span>tro prev<span class=\"_ _4\"></span>iste dalla Dire<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va (UE) 2022<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>2523, adott<span class=\"_ _4\"></span>ata in Ita<span class=\"_ _4\"></span>lia dal Decret<span class=\"_ _4\"></span>o Legislati<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">27 dicembre 2023, n. 20<span class=\"_ _4\"></span>9, intesa a g<span class=\"_ _4\"></span>arantire un live<span class=\"_ _4\"></span>llo di imposi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale minimo glo<span class=\"_ _4\"></span>bale pe<span class=\"_ _4\"></span>r i gruppi multina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nali di impres<span class=\"_ _4\"></span>e e i gruppi na<span class=\"_ _4\"></span>zionali su larg<span class=\"_ _4\"></span>a sca<span class=\"_ _4\"></span>la nell'<span class=\"_ _4\"></span>Unione (<span class=\"_ _1\"></span>c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">global minimum tax</span>). <span class=\"_ _2\"></span>S<span class=\"_ _4\"></span>ulla base de<span class=\"_ _4\"></span>lle informazio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">conos<span class=\"_ _4\"></span>ciute o ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte stimabili, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati i <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span> prev<span class=\"_ _4\"></span>isti dai re<span class=\"_ _4\"></span>gimi semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ati trans<span class=\"_ _4\"></span>itori che<span class=\"_ _4\"></span>, con </span><span style=\"display:inherit;clear:left;\">riguardo alla mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a delle giuris<span class=\"_ _4\"></span>dizio<span class=\"_ _4\"></span>ni in cui il gruppo op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>, sono ris<span class=\"_ _4\"></span>ultati ne<span class=\"_ _4\"></span>l sod<span class=\"_ _4\"></span>disfa<span class=\"_ _4\"></span>cimento di alme<span class=\"_ _4\"></span>no uno </span><span style=\"display:inherit;clear:left;\">dei tre <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span> prev<span class=\"_ _4\"></span>isti, ri<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>do le condi<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r l'az<span class=\"_ _4\"></span>zer<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle impos<span class=\"_ _4\"></span>te da se<span class=\"_ _4\"></span>condo pila<span class=\"_ _4\"></span>stro. A<span class=\"_ _4\"></span>nche dove i re<span class=\"_ _4\"></span>gimi </span><span style=\"display:inherit;clear:left;\">semplificati transitori potr<span class=\"_ _1\"></span>ebbero non trovare<span class=\"_ _1\"></span> applicazione, non sono stati iden<span class=\"_ _1\"></span>tificati rischi sign<span class=\"_ _1\"></span>ificativi di esposizio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne all'i<span class=\"_ _1\"></span>mposizione int<span class=\"_ _1\"></span>egrativa. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite includ<span class=\"_ _4\"></span>ono l<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _4\"></span>mento n<span class=\"_ _4\"></span>etto ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve su pe<span class=\"_ _4\"></span>rdite f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>er Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>2<span class=\"_ _2\"></span>42 migliaia, relative p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte alle socie<span class=\"_ _4\"></span>t\u00e0 Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e Ferr<span class=\"_ _4\"></span>agamo US<span class=\"_ _4\"></span>A Inc. e in via re<span class=\"_ _4\"></span>sidua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le ad alcun<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 controllate d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019area Europea.  </span><span style=\"display:inherit;clear:left;\">Imposte differite attive e passi<span class=\"_ _2\"></span>ve</span><span style=\"display:inherit;clear:left;\">Nel s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o sono ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziati pe<span class=\"_ _4\"></span>r natura i compo<span class=\"_ _4\"></span>nenti de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Altre c<span class=\"_ _1\"></span>omponenti del C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">Stato patrimoniale</span><span style=\"display:inherit;clear:left;\">economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o<span class=\"_ _88\"> </span>C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023*</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _c1\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _322\"> </span><span class=\"ws0\"> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span></span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _e3\"> </span>837 <span class=\"_ _105\"> </span>1.006 <span class=\"_ _1b9\"> </span>607 <span class=\"_ _a1\"> </span>509 <span class=\"_ _85\"> </span>(282) <span class=\"_ _216\"> </span><span class=\"ls71 ws12\">(7) </span></span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _300\"> </span>11.673 <span class=\"_ _105\"> </span>9.667 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>2.360 <span class=\"_ _b6\"> </span>(87)<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 immateriali<span class=\"_ _323\"> </span>920 <span class=\"_ _105\"> </span>1.281 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _85\"> </span>(361) <span class=\"_ _ec\"> </span>(424) </span><span style=\"display:inherit;clear:left;\">- sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _324\"> </span></span>123.754 <span class=\"_ _23f\"> </span>137.096 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _164\"> </span>12.585 <span class=\"_ _bc\"> </span>186 </span><span style=\"display:inherit;clear:left;\">- sulla riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _eb\"> </span></span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _d0\"> </span>- </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _11b\"> </span>19.643 <span class=\"_ _257\"> </span>15.633 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>3.866 <span class=\"_ _bc\"> </span>722 </span><span style=\"display:inherit;clear:left;\">- sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze<span class=\"_ _b1\"> </span>45.360 <span class=\"_ _8b\"> </span>56.546 <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _178\"> </span>(11.186) <span class=\"_ _b4\"> </span>6.980 </span><span style=\"display:inherit;clear:left;\">- su perdite fisc<span class=\"_ _1\"></span>ali <span class=\"_ _150\"> </span>22.167 <span class=\"_ _105\"> </span>6.378 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _e1\"> </span>15.242 <span class=\"_ _c1\"> </span>4.505 </span><span style=\"display:inherit;clear:left;\">- su fondi tassati<span class=\"_ _2dc\"> </span>3.855 <span class=\"_ _127\"> </span>5.557 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _163\"> </span>(1.861) <span class=\"_ _b4\"> </span>2.066 </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _131\"> </span>9.909 <span class=\"_ _257\"> </span>10.566 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(864) <span class=\"_ _bc\"> </span>405 </span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _326\"> </span><span class=\"ws0\">239.795 <span class=\"_ _1b8\"> </span>243.730 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _111\"> </span>509 <span class=\"_ _164\"> </span>19.499 <span class=\"_ _203\"> </span>14.346 </span></span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _327\"> </span> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _16\"> </span>(26) <span class=\"_ _11f\"> </span>(138) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _1b9\"> </span>106 <span class=\"_ _9f\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _c6\"> </span>(1.683) <span class=\"_ _85\"> </span>(1.557) <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _87\"> </span>(150) <span class=\"_ _151\"> </span>(1.139) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1a9\"> </span>(94.653) <span class=\"_ _26c\"> </span>(121.462) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>80 <span class=\"_ _9f\"> </span>(81) </span><span style=\"display:inherit;clear:left;\">- sulla riserva di<span class=\"ff64\"> cash flow hedge<span class=\"_ _192\"> </span></span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _208\"> </span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _e2\"> </span>- <span class=\"_ _b9\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _193\"> </span>(3.014) <span class=\"_ _8b\"> </span>(2.720) <span class=\"_ _2a3\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(294) <span class=\"_ _b3\"> </span>(437) </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _18d\"> </span>(959) <span class=\"_ _85\"> </span>(1.005) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>44 <span class=\"_ _9f\"> </span>(66) </span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _328\"> </span>(100.335) <span class=\"_ _1e7\"> </span>(128.213) <span class=\"_ _e2\"> </span>- <span class=\"_ _87\"> </span>(1.331) <span class=\"_ _86\"> </span>(214) <span class=\"_ _b1\"> </span>(1.744) </span><span style=\"display:inherit;clear:left;\">Effetto Netto<span class=\"_ _5f\"> </span>139.460 <span class=\"_ _1b8\"> </span>115.517 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _67\"> </span>(822) <span class=\"_ _163\"> </span>19.285 <span class=\"_ _151\"> </span>12.602 </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>tono l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee tra il v<span class=\"_ _4\"></span>alore ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato a bilancio e la </span><span style=\"display:inherit;clear:left;\">base f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>calme<span class=\"_ _4\"></span>nte imponibile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in bilancio delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er ten<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">conto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ibilit\u00e0 di<span class=\"_ _4\"></span> realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\"> Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive su p<span class=\"_ _4\"></span>erdite f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali preg<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se, is<span class=\"_ _4\"></span>critte d<span class=\"_ _4\"></span>opo aver ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icato l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sibilit\u00e0 di un re<span class=\"_ _4\"></span>ddito </span><span style=\"display:inherit;clear:left;\">imponibile f<span class=\"_ _4\"></span>uturo a fronte del qual<span class=\"_ _4\"></span>e potranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate, al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 so<span class=\"_ _4\"></span>no le </span><span style=\"display:inherit;clear:left;\">seguenti:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024   </span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>81.555 <span class=\"_ _d0\"> </span>25,82% <span class=\"_ _176\"> </span>21.058 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _226\"> </span>3.799 <span class=\"_ _d1\"> </span>29,19% <span class=\"_ _1f9\"> </span>1.109 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>85.354 <span class=\"_ _6a\"> </span>25,97% <span class=\"_ _25\"> </span>22.167 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>22.302 <span class=\"_ _d0\"> </span>27,30% <span class=\"_ _211\"> </span>6.088 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _227\"> </span>624 <span class=\"_ _d0\"> </span>21,00% <span class=\"_ _c0\"> </span>131 </span><span style=\"display:inherit;clear:left;\">Oltre 1 ed entro 3 anni<span class=\"_ _1a5\"> </span>521 <span class=\"_ _d0\"> </span>30,62% <span class=\"_ _c0\"> </span>159 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>23.447 <span class=\"_ _6a\"> </span>27,20% <span class=\"_ _2b6\"> </span>6.378 </span><span style=\"display:inherit;clear:left;\">Le per<span class=\"_ _4\"></span>dite fi<span class=\"_ _4\"></span>scali d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 sulle quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate cal<span class=\"_ _4\"></span>co<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>, poich\u00e9 no<span class=\"_ _4\"></span>n \u00e8 probabile ch<span class=\"_ _4\"></span>e sar\u00e0 dis<span class=\"_ _4\"></span>ponibile in futuro un re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibile a fronte de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">quale il Grupp<span class=\"_ _4\"></span>o potr\u00e0  ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zare i re<span class=\"_ _4\"></span>lativi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici, e la re<span class=\"_ _4\"></span>lativa s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza s<span class=\"_ _4\"></span>ono rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla seg<span class=\"_ _4\"></span>uente: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\">201.895<span class=\"_ _329\"> </span><span class=\"ff61\">128.316<span class=\"_ _1f9\"> </span>7.087<span class=\"_ _2da\"> </span>20.129<span class=\"_ _12a\"> </span>35.922<span class=\"_ _127\"> </span>10.441</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\">187.121<span class=\"_ _329\"> </span></span><span style=\"display:inherit;clear:left;\">127.888</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1f9\"> </span></span><span style=\"display:inherit;clear:left;\">5.017</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _2da\"> </span></span><span style=\"display:inherit;clear:left;\">19.049</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _12a\"> </span></span><span style=\"display:inherit;clear:left;\">22.496</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _127\"> </span></span><span style=\"display:inherit;clear:left;\">12.671</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ta la rico<span class=\"_ _4\"></span>nciliazion<span class=\"_ _4\"></span>e fra l<span class=\"_ _4\"></span>\u2019onere f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale teor<span class=\"_ _4\"></span>ico e l<span class=\"_ _4\"></span>\u2019onere ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo:<span class=\"_ _1\"></span>  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Risultato ante imposte<span class=\"_ _10a\"> </span>(75.577) <span class=\"_ _f2\"> </span>45.584</span><span style=\"display:inherit;clear:left;\">Aliquota IRES in vigore per l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _21a\"> </span>(24,0%) <span class=\"_ _1c1\"> </span>(24,0%)</span><span style=\"display:inherit;clear:left;\">Onere fisc<span class=\"_ _1\"></span>ale teorico<span class=\"_ _a8\"> </span>18.138 <span class=\"_ _c5\"> </span>(10.940)</span><span style=\"display:inherit;clear:left;\">Effetto IRAP <span class=\"_ _32a\"> </span>(233) <span class=\"_ _cd\"> </span>(4.921)</span><span style=\"display:inherit;clear:left;\">(C<span class=\"_ _1\"></span>osti non deducibili) al netto di prov<span class=\"_ _1\"></span>enti non tassabili<span class=\"_ _28\"> </span>(6.351) <span class=\"_ _31f\"> </span>104</span><span style=\"display:inherit;clear:left;\">Differenz<span class=\"_ _1\"></span>e derivanti da differ<span class=\"_ _2\"></span>enti aliquote - paesi esteri<span class=\"_ _116\"> </span>(1.865) <span class=\"_ _f2\"> </span>(1.449)</span><span style=\"display:inherit;clear:left;\">Altri effetti<span class=\"_ _32b\"> </span>(655) <span class=\"_ _f2\"> </span>(1.695)</span><span style=\"display:inherit;clear:left;\">Effetti rivenienti dalla manc<span class=\"_ _1\"></span>ata iscrizione della fiscalit\u00e0 differita<span class=\"_ _32c\"> </span>(1.442) <span class=\"_ _f2\"> </span>(4.125)</span><span style=\"display:inherit;clear:left;\">Effetto <span class=\"ff64\">P<span class=\"_ _2\"></span>atent Box<span class=\"ff61\"> (IRES e IRAP)<span class=\"_ _220\"> </span>1.025 <span class=\"_ _23e\"> </span>3.577</span></span></span><span style=\"display:inherit;clear:left;\">Effetto (acc<span class=\"_ _1\"></span>antonamento)/utilizzo fondo rischi imposte esercizi pr<span class=\"_ _2\"></span>ecedenti<span class=\"_ _32d\"> </span>- <span class=\"_ _23e\"> </span>2.018</span><span style=\"display:inherit;clear:left;\">Effetto imposte esercizi pr<span class=\"_ _2\"></span>ecedenti <span class=\"_ _fd\"> </span>(1.109) <span class=\"_ _f2\"> </span>(1.918)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale delle differenze<span class=\"_ _1ed\"> </span>(10.630) <span class=\"_ _1f9\"> </span>(8.409)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale imposte <span class=\"_ _1a7\"> </span>7.508 <span class=\"_ _c5\"> </span>(19.349)</span><span style=\"display:inherit;clear:left;\">Aliquota fiscale effettiv<span class=\"_ _2\"></span>a <span class=\"_ _32e\"> </span>na <span class=\"_ _214\"> </span>(42,4%)</span><span style=\"display:inherit;clear:left;\">4 0. Risultato per azione</span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 33 si forniscono l<span class=\"_ _4\"></span>e informazioni s<span class=\"_ _4\"></span>ui dati utiliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ne e diluito. Il risult<span class=\"_ _4\"></span>ato base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 ca<span class=\"_ _4\"></span>lcolato div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>do il risult<span class=\"_ _4\"></span>ato econ<span class=\"_ _4\"></span>omico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile o pe<span class=\"_ _4\"></span>rdita, </span><span style=\"display:inherit;clear:left;\">attrib<span class=\"_ _4\"></span>uibile agli azio<span class=\"_ _4\"></span>nisti d<span class=\"_ _4\"></span>ella Capo<span class=\"_ _4\"></span>gruppo p<span class=\"_ _4\"></span>er il nume<span class=\"_ _4\"></span>ro medio p<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>rato delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durant<span class=\"_ _4\"></span>e il pe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riod<span class=\"_ _4\"></span>o di riferime<span class=\"_ _4\"></span>nto, tenen<span class=\"_ _4\"></span>do conto anche d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to me<span class=\"_ _4\"></span>dio pond<span class=\"_ _4\"></span>erato de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni proprie in p<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>afoglio durante </span><span style=\"display:inherit;clear:left;\">il per<span class=\"_ _4\"></span>iodo di rife<span class=\"_ _4\"></span>rimento. Di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti i val<span class=\"_ _4\"></span>ori utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato per a<span class=\"_ _4\"></span>zione b<span class=\"_ _4\"></span>ase e diluito. </span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utile/(perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _2\"></span>o)<span class=\"_ _2ab\"> </span>(68.087.735) <span class=\"_ _b9\"> </span>26.059.789</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie<span class=\"_ _24\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.516.389</span><span style=\"display:inherit;clear:left;\">Risultato per azione base azioni ordinarie (E<span class=\"_ _1\"></span>uro)<span class=\"_ _14b\"> </span>(0,411) <span class=\"_ _c0\"> </span>0,157</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie<span class=\"_ _24\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.516.389</span><span style=\"display:inherit;clear:left;\">Effetto diluitivo piani di<span class=\"ff64\"> Stock grant<span class=\"_ _32f\"> </span></span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie dilu<span class=\"_ _4\"></span>ito<span class=\"_ _33\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.664.121</span><span style=\"display:inherit;clear:left;\">Risultato per azione diluito azioni ordinarie (Eur<span class=\"_ _2\"></span>o)<span class=\"_ _1cd\"> </span>(0,411) <span class=\"_ _c0\"> </span>0,157</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che il risult<span class=\"_ _4\"></span>ato diluito pe<span class=\"_ _4\"></span>r azion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato de<span class=\"_ _4\"></span>terminato se<span class=\"_ _4\"></span>nza c<span class=\"_ _4\"></span>onsi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">derar<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to diluiti<span class=\"_ _4\"></span>vo dei piani di <span class=\"ff5f\">sto<span class=\"_ _4\"></span>ck gran<span class=\"_ _1\"></span>t<span class=\"ff5c\">, in quanto in pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di una perdit<span class=\"_ _4\"></span>a dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio.   </span></span></span><span style=\"display:inherit;clear:left;\">Altre in<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zion<span class=\"_ _1\"></span>i</span><span style=\"display:inherit;clear:left;\">41. Dividendi </span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione della d<span class=\"_ _4\"></span>elibe<span class=\"_ _4\"></span>ra dell<span class=\"_ _4\"></span>\u2019Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti del 2<span class=\"_ _4\"></span>3 aprile </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4, ha prov<span class=\"_ _5\"></span>vedut<span class=\"_ _4\"></span>o alla distribu<span class=\"_ _4\"></span>zione agli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti di una par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>gli utili accanto<span class=\"_ _4\"></span>nati a Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va Stra<span class=\"_ _4\"></span>ordinaria, pari ad </span><span style=\"display:inherit;clear:left;\">un divi<span class=\"_ _4\"></span>dendo unit<span class=\"_ _4\"></span>ario di Euro <span style=\"letter-spacing: 0.36px;\">0,10</span> per c<span class=\"_ _4\"></span>iascuna dell<span class=\"_ _4\"></span>e n. 1<span class=\"_ _2\"></span>65.<span class=\"_ _4\"></span>676.69<span class=\"_ _4\"></span>8 azioni ordinar<span class=\"_ _4\"></span>ie in circolazio<span class=\"_ _4\"></span>ne (<span class=\"_ _2\"></span>al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle n. </span><span style=\"display:inherit;clear:left;\">3.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>302 azioni p<span class=\"_ _4\"></span>roprie in po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>afoglio) al<span class=\"_ _1\"></span>la data de<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>acco ce<span class=\"_ _4\"></span>dola, p<span class=\"_ _4\"></span>er un tot<span class=\"_ _4\"></span>ale di Euro 1<span class=\"_ _2\"></span>6.<span class=\"_ _4\"></span>567<span class=\"_ _2\"></span>.66<span class=\"_ _4\"></span>9,8<span class=\"_ _4\"></span>0. Al 31 dicem<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4 i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi risult<span class=\"_ _4\"></span>ano inter<span class=\"_ _4\"></span>amente pagat<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Le altre so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, con azi<span class=\"_ _4\"></span>onisti t<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>zi di minoranz<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, n<span class=\"_ _4\"></span>on hanno delib<span class=\"_ _4\"></span>erato e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">pagato dividendi.</span></span><span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">42. P<span class=\"_ _44\"></span>agamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Come re<span class=\"_ _4\"></span>so noto a<span class=\"_ _4\"></span>l mercato c<span class=\"_ _4\"></span>on appos<span class=\"_ _4\"></span>ito comunic<span class=\"_ _4\"></span>ato st<span class=\"_ _4\"></span>ampa datato 3 feb<span class=\"_ _4\"></span>braio 2025, in pari data la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e il dott<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti hanno rag<span class=\"_ _4\"></span>giunto un acc<span class=\"_ _4\"></span>ordo pe<span class=\"_ _4\"></span>r la risolu<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>nse<span class=\"_ _4\"></span>nsuale dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilan<span class=\"_ _4\"></span>cio relativo all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, il 6 marzo 2025, co<span class=\"_ _4\"></span>n con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tuale rinun<span class=\"_ _4\"></span>cia ai <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls5b ws7\"> STI 202<span class=\"_ _1\"></span>4, <span class=\"ff5f ls3 ws90\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 2024 L<span class=\"_ _44\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award<span class=\"_ _4\"></span>\u201d</span> 2022-<span class=\"_ _1c\"></span>2026. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i </span></span></span></span><span style=\"display:inherit;clear:left;\">rinvia alla se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e fatti di rilie<span class=\"_ _4\"></span>vo inter<span class=\"_ _4\"></span>venuti d<span class=\"_ _4\"></span>opo la chiusur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Restr<span class=\"_ _2\"></span>icted Shares</span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricte<span class=\"_ _4\"></span>d Shares</span>, a<span class=\"_ _4\"></span>pprovato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea d<span class=\"_ _4\"></span>egli A<span class=\"_ _4\"></span>zi<span class=\"_ _4\"></span>onisti d<span class=\"_ _4\"></span>el 1<span class=\"_ _2\"></span>4 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>1 e p<span class=\"_ _4\"></span>er come m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>embl<span class=\"_ _4\"></span>ea degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>l 26 aprile 2023, preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione di azi<span class=\"_ _4\"></span>oni della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 a favore dell<span class=\"_ _4\"></span>\u2019Ammini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale Marco G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti (il \u201c<span class=\"_ _4\"></span>Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o\u201d<span class=\"_ _4\"></span>), p<span class=\"_ _4\"></span>er quanto affe<span class=\"_ _4\"></span>rente il relat<span class=\"_ _4\"></span>ivo rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">lavoro dipe<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>nte. </span><span style=\"display:inherit;clear:left;\">Il piano era vo<span class=\"_ _4\"></span>lto a raf<span class=\"_ _4\"></span>forz<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>llineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e tut<span class=\"_ _4\"></span>ti gli <span class=\"ff5f ls2c ws110\">stak<span class=\"_ _1\"></span>ehold<span class=\"_ _1\"></span>er<span class=\"ff5c ls4 ws115\"> del Gr<span class=\"_ _4\"></span>uppo, favore<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">done in par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare motiv<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e fi<span class=\"_ _4\"></span>deliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne alla Soci<span class=\"_ _4\"></span>et\u00e0 e al Gr<span class=\"_ _4\"></span>uppo, rilev<span class=\"_ _4\"></span>anti per la re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ante </span><span style=\"display:inherit;clear:left;\">cambiame<span class=\"_ _4\"></span>nto nel piano in<span class=\"_ _4\"></span>dustr<span class=\"_ _4\"></span>iale e str<span class=\"_ _4\"></span>ategico de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o med<span class=\"_ _4\"></span>esimo. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">\u00c8 prev<span class=\"_ _4\"></span>isto ch<span class=\"_ _4\"></span>e al Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o sia ass<span class=\"_ _4\"></span>egnato, all<span class=\"_ _4\"></span>\u2019iniz<span class=\"_ _4\"></span>io di ogni anno, il dirit<span class=\"_ _4\"></span>to a maturare, gr<span class=\"_ _4\"></span>atuitame<span class=\"_ _4\"></span>nte, un numero </span><span style=\"display:inherit;clear:left;\">di <span class=\"_ _3\"></span><span class=\"ff5f ls3 ws67\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> cor<span class=\"_ _4\"></span>rispo<span class=\"_ _4\"></span>ndente a<span class=\"_ _4\"></span>d un controvalor<span class=\"_ _4\"></span>e monet<span class=\"_ _4\"></span>ario di Euro 2.5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 su ba<span class=\"_ _4\"></span>se annua, dete<span class=\"_ _4\"></span>rminato </span></span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mon<span class=\"_ _4\"></span>etari<span class=\"_ _4\"></span>o per il val<span class=\"_ _4\"></span>ore me<span class=\"_ _4\"></span>dio delle a<span class=\"_ _4\"></span>zioni (p<span class=\"_ _4\"></span>er t<span class=\"_ _4\"></span>ale intende<span class=\"_ _4\"></span>ndos<span class=\"_ _4\"></span>i la media de<span class=\"_ _4\"></span>i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">uf<span class=\"_ _4\"></span>ficiali de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni) nei 30 gior<span class=\"_ _4\"></span>ni prece<span class=\"_ _4\"></span>denti il 1\u00b0 gennaio di ciascun ann<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Ciascun cicl<span class=\"_ _4\"></span>o del Piano ha durat<span class=\"_ _4\"></span>a annuale, a de<span class=\"_ _4\"></span>correre dal 1\u00b0 gennaio di ogni ann<span class=\"_ _4\"></span>o (pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, dal 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4). Le azioni del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> saranno p<span class=\"_ _4\"></span>oi attrib<span class=\"_ _4\"></span>uite al termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> di 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi, a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che<span class=\"_ _4\"></span>, in linea con le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche approv<span class=\"_ _4\"></span>ate dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023 in sede o<span class=\"_ _4\"></span>rdinaria:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la So<span class=\"_ _4\"></span>ciet\u00e0 ab<span class=\"_ _4\"></span>bia cons<span class=\"_ _4\"></span>eguito, ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di rife<span class=\"_ _4\"></span>rimento, i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti obiet<span class=\"_ _4\"></span>tivi minimali (c.d. <span class=\"ff5f ls58 ws6\">und<span class=\"_ _4\"></span>erpins</span><span class=\"ls0\">): </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1bd\"> </span>a) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>li<span class=\"_ _4\"></span>vello de<span class=\"_ _4\"></span>i ricavi c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi a CER (<span class=\"_ _2\"></span><span class=\"ff5f\">current e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio di riferim<span class=\"_ _4\"></span>ento equi<span class=\"_ _4\"></span>valente a<span class=\"_ _4\"></span>d almeno </span></span></span><span style=\"display:inherit;clear:left;\">il 70% di quello d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte; e  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>b) <span class=\"_ _1\"></span> <span class=\"_ _ac\"></span>ROIC del G<span class=\"_ _4\"></span>ruppo a R<span class=\"_ _4\"></span>ER (<span class=\"_ _2\"></span><span class=\"ff5f\">re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ted e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) di segno p<span class=\"_ _4\"></span>ositi<span class=\"_ _4\"></span>vo per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio di rifer<span class=\"_ _4\"></span>imento, dove pe<span class=\"_ _4\"></span>r ROIC </span></span></span><span style=\"display:inherit;clear:left;\">si inten<span class=\"_ _4\"></span>de il risult<span class=\"_ _4\"></span>ato nett<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>ante dal bilancio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019anno di<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) di<span class=\"_ _4\"></span>viso il c<span class=\"_ _4\"></span>apit<span class=\"_ _4\"></span>ale invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to <span class=\"ff5f lsa ws90\">adjusted</span> medio (capitale n<span class=\"_ _4\"></span>etto <span class=\"ff5f lsa ws90\">adjusted</span><span class=\"ls68 wsb1\"> rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntato dal capit<span class=\"_ _4\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e quell<span class=\"_ _4\"></span>e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate tra gli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari); </span><span style=\"display:inherit;clear:left;\">(2<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>il rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o fra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e la So<span class=\"_ _4\"></span>ciet\u00e0 sia an<span class=\"_ _4\"></span>cora in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al termine d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wse5\"> di ciascun ciclo. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">Una volta at<span class=\"_ _4\"></span>tribuite<span class=\"_ _4\"></span>, le azio<span class=\"_ _4\"></span>ni attribuite (<span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span>) sono comun<span class=\"_ _4\"></span>que sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad un v<span class=\"_ _4\"></span>incolo di intra<span class=\"_ _4\"></span>sferib<span class=\"_ _4\"></span>ilit\u00e0 </span><span style=\"display:inherit;clear:left;\">\u2013 cosi<span class=\"_ _4\"></span>ddet<span class=\"_ _4\"></span>to per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span> - di 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si dec<span class=\"_ _4\"></span>orrente dal 1\u00b0 gennaio di ogni anno s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>sivo (ferm<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">meccanismo del cosiddetto <span class=\"ff5f ls3 wsb7\">se<span class=\"_ _4\"></span>ll to cover<span class=\"ff5c\">). Il vincol<span class=\"_ _4\"></span>o di </span><span class=\"ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span><span class=\"ff5c\"> p<span class=\"_ _4\"></span>ermane anch<span class=\"_ _4\"></span>e in ipotes<span class=\"_ _4\"></span>i di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l rappor<span class=\"_ _4\"></span>to, </span></span></span><span style=\"display:inherit;clear:left;\">per qualun<span class=\"_ _4\"></span>que ragione inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a, ad ec<span class=\"_ _4\"></span>cez<span class=\"_ _4\"></span>ione so<span class=\"_ _4\"></span>lo di mor<span class=\"_ _4\"></span>te o invalidit<span class=\"_ _4\"></span>\u00e0 total<span class=\"_ _4\"></span>e e perman<span class=\"_ _4\"></span>ente che comp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti la </span><span style=\"display:inherit;clear:left;\">cess<span class=\"_ _4\"></span>azione del rapporto. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0 in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l Piano era prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impiego di az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">rive<span class=\"_ _4\"></span>nienti da acquis<span class=\"_ _4\"></span>ti autori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati dall'Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai se<span class=\"_ _4\"></span>nsi deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civil<span class=\"_ _4\"></span>e.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> \u00e8 sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto ai me<span class=\"_ _4\"></span>ccanis<span class=\"_ _4\"></span>mi di corre<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>x po<span class=\"_ _4\"></span>st prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>i dalle politich<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">di remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclus<span class=\"_ _4\"></span>e le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span> e </span><span style=\"display:inherit;clear:left;\">malus<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">). </span></span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>147.732 <span class=\"_ _ca\"> </span>114.766</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _330\"> </span>- <span class=\"_ _253\"> </span>-</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _2b8\"> </span>(147.732) <span class=\"_ _6a\"> </span>(114.766)</span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _1b4\"> </span>-</span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>205.255 <span class=\"_ _ca\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span><span class=\"ws144\">-    <span class=\"_ _1c1\"> </span></span>147.732</span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1b9\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) <span class=\"_ _a\"> </span>Numero<span class=\"_ _1df\"> </span></span></span>Fair v<span class=\"_ _2\"></span>alue <span class=\"_ _19c\"> </span><span class=\"ff62\">Numero<span class=\"_ _18b\"> </span></span>Fair v<span class=\"_ _2\"></span>alue </span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _a3\"> </span>147.732 <span class=\"_ _1dc\"> </span>2.398 <span class=\"_ _23f\"> </span>114.766<span class=\"_ _8b\"> </span>2.547</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22e\"> </span>205.255 <span class=\"_ _17c\"> </span>2.488 <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">- esercitati dur<span class=\"_ _2\"></span>ante l\u2019esercizio<span class=\"_ _332\"> </span>(147.732) <span class=\"_ _1e7\"> </span>(2.398) <span class=\"_ _1bb\"> </span>(114.766)<span class=\"_ _1dc\"> </span>(2.547<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _3a\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne del 6 mar<span class=\"_ _4\"></span>zo 202<span class=\"_ _2\"></span>4, pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">ha acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato il rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi minimali (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. un<span class=\"_ _4\"></span>derpin<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>) di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l 2023 e, pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale Marco G<span class=\"_ _4\"></span>obb<span class=\"_ _4\"></span>etti ha maturato il dir<span class=\"_ _4\"></span>itto a ric<span class=\"_ _4\"></span>evere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 1<span class=\"_ _2\"></span>47<span class=\"_ _44\"></span>.732<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ni di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. (<span class=\"ff5f\">\u201cRe<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> 2023\u201d<span class=\"_ _4\"></span>) a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnateg<span class=\"_ _4\"></span>li il 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2023 nell<span class=\"_ _4\"></span>\u2019ambito ed in e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cuzio<span class=\"_ _4\"></span>ne di quanto previ<span class=\"_ _4\"></span>sto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares<span class=\"_ _4\"></span></span>. Le <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023, rinvenute p<span class=\"_ _4\"></span>er intero dalla prov<span class=\"_ _5\"></span>vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate dalla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e sul conto tito<span class=\"_ _4\"></span>li intest<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale ne<span class=\"_ _4\"></span>l mes<span class=\"_ _4\"></span>e di aprile 202<span class=\"_ _1\"></span>4, fermo r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ando ch<span class=\"_ _4\"></span>e le ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sono s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>e ad un </span><span style=\"display:inherit;clear:left;\">vinco<span class=\"_ _4\"></span>lo di intras<span class=\"_ _4\"></span>feribilit\u00e0 (c.d. <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p</span>) di do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne tenuto<span class=\"_ _4\"></span>si in data 25 ge<span class=\"_ _4\"></span>nnaio 202<span class=\"_ _2\"></span>4 ha as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re Del<span class=\"_ _4\"></span>egato e Dire<span class=\"_ _4\"></span>tto<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re Ge<span class=\"_ _4\"></span>nerale Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti il dir<span class=\"_ _4\"></span>itto a rice<span class=\"_ _4\"></span>vere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 205.255 a<span class=\"_ _4\"></span>zioni di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (\u201c<span class=\"ff5f ls32 ws122\">Re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), con ef<span class=\"_ _4\"></span>fetto a d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>ere dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4. Le <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Share<span class=\"_ _4\"></span>s</span> 202<span class=\"_ _2\"></span>4 non ve<span class=\"_ _4\"></span>rranno tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 gennaio 2025 in quanto come s<span class=\"_ _4\"></span>opra r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tato s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia.</span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f ls3 wse1\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> del Piano </span>Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> \u00e8 st<span class=\"_ _4\"></span>ato determinato c<span class=\"_ _4\"></span>ome il </span>fair value<span class=\"ff5c ls6 wsd2\"> delle azioni<span class=\"_ _1\"></span> al momento dell\u2019assegnazio<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>contato de<span class=\"_ _4\"></span>i divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Shares</span><span class=\"ls9 ws67\"> p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amministra<span class=\"_ _1\"></span>tore Delegato e Dir<span class=\"_ _1\"></span>ettore </span></span><span style=\"display:inherit;clear:left;\">generale sono le seguenti<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _333\"> </span>1 gennaio 2024<span class=\"_ _1ba\"> </span>1 gennaio 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _33\"> </span>12,21<span class=\"_ _261\"> </span>16,49</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue <span class=\"ff61\">per azione alla data di assegnazione (<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o)<span class=\"_ _232\"> </span>12,12<span class=\"_ _261\"> </span>16,23</span></span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Special A<span class=\"_ _1c\"></span>war<span class=\"_ _2\"></span>d<span class=\"ff61\"> <span class=\"ff62\">2022 - 2026</span></span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> \u00e8 volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019allineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il <span class=\"ff5f ls9 ws134\">top manageme<span class=\"_ _4\"></span>nt</span> e tutti gli <span class=\"ff5f ls6a ws138\">stakeho<span class=\"_ _2\"></span>lder<span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo in un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>otti<span class=\"_ _4\"></span>ca di crea<span class=\"_ _4\"></span>zione di va<span class=\"_ _4\"></span>lore, ince<span class=\"_ _4\"></span>ntivan<span class=\"_ _4\"></span>do i ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari a rag<span class=\"_ _4\"></span>giungere gli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0, che s<span class=\"_ _4\"></span>ono rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si anch<span class=\"_ _4\"></span>e nel piano s<span class=\"_ _4\"></span>trateg<span class=\"_ _4\"></span>ico, e favoren<span class=\"_ _4\"></span>done altre<span class=\"_ _4\"></span>s\u00ec la <span class=\"ff5f ls1c ws5c\">retention</span><span class=\"ls0 ws139\">.  </span></span><span style=\"display:inherit;clear:left;\">In consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione e ai f<span class=\"_ _4\"></span>ini del p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento di t<span class=\"_ _4\"></span>ali obiet<span class=\"_ _4\"></span>tivi, il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award</span> preved<span class=\"_ _4\"></span>e un unico ciclo sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sto a un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5 ws98\">per<span class=\"_ _4\"></span>formance</span> quinquennale<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale arco t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>ale appare id<span class=\"_ _4\"></span>oneo, p<span class=\"_ _4\"></span>eraltro, al con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sudd<span class=\"_ _4\"></span>etti ob<span class=\"_ _4\"></span>iett<span class=\"_ _4\"></span>ivi di lungo te<span class=\"_ _4\"></span>rmine per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guiti con il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award<span class=\"_ _1\"></span><span class=\"ff5c ls0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 e a<span class=\"_ _4\"></span>lla data della pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nte Relaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ario del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span><span class=\"ls34 ws1d\"> e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>a<span class=\"_ _5\"></span> l<span class=\"_ _5\"></span>\u2019A<span class=\"_ _5\"></span>m<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale de<span class=\"_ _4\"></span>lla Soci<span class=\"_ _4\"></span>et\u00e0. Il Co<span class=\"_ _4\"></span>nsiglio di A<span class=\"_ _4\"></span>mministra<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>otr\u00e0 indi<span class=\"_ _4\"></span>viduare ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari (<span class=\"_ _2\"></span>all<span class=\"_ _4\"></span>\u2019ini<span class=\"_ _4\"></span>zio del Piano ov<span class=\"_ _5\"></span>vero durante il Perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _5\"></span></span>, con app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro </span><span style=\"display:inherit;clear:left;\">pro-<span class=\"_ _4\"></span>rata temporis<span class=\"ff5c\"> che r<span class=\"_ _4\"></span>ipropor<span class=\"_ _4\"></span>zioni l<span class=\"_ _4\"></span>o </span>Special Award Bonus<span class=\"ff5c\"> te<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o conto dell<span class=\"_ _4\"></span>\u2019ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a in se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio n<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so del Pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _5\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ng<span class=\"_ _5\"></span></span>), a prop<span class=\"_ _4\"></span>rio insindac<span class=\"_ _4\"></span>abile giudi<span class=\"_ _4\"></span>zio, tra i<span class=\"ff5f ls9 wse1\"> top manager</span><span class=\"ls1c ws138\"> che ricoprono e ricopriranno il ruolo<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>atori, dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o collaboratori d<span class=\"_ _4\"></span>ella So<span class=\"_ _4\"></span>ciet\u00e0 e di co<span class=\"_ _4\"></span>ntrollate.  </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019erogaz<span class=\"_ _4\"></span>ione di uno <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Sp<span class=\"_ _4\"></span>ecial Award Bonus<span class=\"_ _4\"></span>\u201d</span><span class=\"ls62 wsbe\"> in due </span><span class=\"ff5f ws0\">tranche</span> risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte: (<span class=\"_ _2\"></span>a) alla fine de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">primo tr<span class=\"_ _4\"></span>iennio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4), al ragg<span class=\"_ _4\"></span>iungimento de<span class=\"_ _4\"></span>l primo obie<span class=\"_ _4\"></span>ttivo; e (b) alla fine </span><span style=\"display:inherit;clear:left;\">del bi<span class=\"_ _4\"></span>ennio succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo (vale a dire al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2026<span class=\"_ _1\"></span>), al rag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>l se<span class=\"_ _4\"></span>condo ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vo, subordinat<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">alla sus<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere a t<span class=\"_ _4\"></span>ali date di un rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di amministra<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di lavoro fra cias<span class=\"_ _4\"></span>cun Ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciario e la Socie<span class=\"_ _4\"></span>t\u00e0 </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero una Co<span class=\"_ _4\"></span>ntrollata, a s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da del ca<span class=\"_ _4\"></span>so. L<span class=\"_ _1c\"></span>\u2019eroga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Spe<span class=\"_ _4\"></span>cial Award Bonus\u201d</span> p<span class=\"_ _4\"></span>er entr<span class=\"_ _4\"></span>ambe le <span class=\"ff5f ws0\">tranche</span> s<span class=\"_ _4\"></span>ar\u00e0 cor<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r il 50% in de<span class=\"_ _4\"></span>naro e per il re<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante 50<span class=\"_ _4\"></span>% in azioni de<span class=\"_ _4\"></span>lla Soc<span class=\"_ _4\"></span>iet\u00e0. </span><span style=\"display:inherit;clear:left;\">Ciascuna<span class=\"_ _4\"></span> <span class=\"ff5f ls0 ws0\">tr<span class=\"_ _1\"></span>anche<span class=\"ff5c wsbe\"> sar<span class=\"_ _4\"></span>\u00e0 pari ad un impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o perce<span class=\"_ _4\"></span>ntuale (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>eterminato dai comp<span class=\"_ _4\"></span>etenti o<span class=\"_ _4\"></span>rgani de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 e, p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Ammini<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale pari a<span class=\"_ _4\"></span>llo 0,50<span class=\"_ _4\"></span>%) del valore m<span class=\"_ _4\"></span>edio di cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 in un peri<span class=\"_ _4\"></span>odo </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a i 3 mesi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>d i 3 mes<span class=\"_ _4\"></span>i succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi alla f<span class=\"_ _4\"></span>ine del p<span class=\"_ _4\"></span>rimo trie<span class=\"_ _4\"></span>nnio e dell<span class=\"_ _4\"></span>\u2019ulteriore bi<span class=\"_ _4\"></span>ennio succ<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to (il \u201c<span class=\"_ _4\"></span>Valore Medio<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per la quota d<span class=\"_ _4\"></span>ello <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award Bonus</span> che sar\u00e0 e<span class=\"_ _4\"></span>rogat<span class=\"_ _4\"></span>a tramite l<span class=\"_ _4\"></span>\u2019attribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a di azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet\u00e0 s<span class=\"_ _4\"></span>aranno </span><span style=\"display:inherit;clear:left;\">impieg<span class=\"_ _4\"></span>ate azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti auto<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zati dall<span class=\"_ _4\"></span>'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai sen<span class=\"_ _4\"></span>si deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2357 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice </span><span style=\"display:inherit;clear:left;\">Civil<span class=\"_ _4\"></span>e, e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o da eve<span class=\"_ _4\"></span>ntuali appos<span class=\"_ _4\"></span>iti aumenti di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e ai sens<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019art. 2<span class=\"_ _4\"></span>349 comma 1 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni attribuite ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari s<span class=\"_ _4\"></span>aranno so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette a<span class=\"_ _4\"></span>d un vincolo di intr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>ribilit\u00e0 (c.d. <span class=\"ff5f ls63 wsc1\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _5\"></span>u<span class=\"_ _4\"></span>p</span>) di 3 me<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano \u00e8 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to ai mecc<span class=\"_ _4\"></span>anismi di cor<span class=\"_ _4\"></span>rezi<span class=\"_ _4\"></span>one e<span class=\"_ _4\"></span>x pos<span class=\"_ _4\"></span>t previ<span class=\"_ _4\"></span>sti dalle p<span class=\"_ _4\"></span>olitiche di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclu<span class=\"_ _4\"></span>se le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span>, limitate a eve<span class=\"_ _4\"></span>ntuali condot<span class=\"_ _4\"></span>te imput<span class=\"_ _4\"></span>abili ai ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari a titolo di do<span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di<span class=\"ff64\"> stock gr<span class=\"_ _2\"></span>ant<span class=\"ff61\"> e costo del piano</span></span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _2d0\"> </span>5.153<span class=\"_ _261\"> </span>2.576</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _2d1\"> </span>-<span class=\"_ _90\"> </span>-</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _334\"> </span>7.737<span class=\"_ _141\"> </span>5.153</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto delle transazioni con pag<span class=\"_ _1\"></span>amento basato su azioni (<span class=\"_ _4\"></span>pagamento in azioni)<span class=\"_ _157\"> </span>2.584<span class=\"_ _141\"> </span>2.577</span><span style=\"display:inherit;clear:left;\">(Adeguamento del costo)/<span class=\"_ _2\"></span>Costo delle transazioni c<span class=\"_ _2\"></span>on pagamento basato su azioni (<span class=\"_ _4\"></span>pagamento per cassa)<span class=\"_ _1f1\"> </span><span class=\"ls0\">(345)<span class=\"_ _1f2\"> </span>(1.112)</span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito della ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione cons<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>uale dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti tra la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 3 </span><span style=\"display:inherit;clear:left;\">febb<span class=\"_ _4\"></span>raio 2025, con co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>tuale rinuncia ai <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>onus</span><span class=\"ls5b wsa\"> S<span class=\"_ _4\"></span>TI 202<span class=\"_ _2\"></span>4, <span class=\"ff5f ls3 wsd4\">R<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4 L<span class=\"_ _2\"></span>TI c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>special award<span class=\"_ _4\"></span>\u201d</span><span class=\"ls36 ws14d\"> 202<span class=\"_ _4\"></span>2-<span class=\"_ _2\"></span>2026, </span></span></span></span></span><span style=\"display:inherit;clear:left;\">si se<span class=\"_ _4\"></span>gnala con rife<span class=\"_ _4\"></span>rimento al Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> 2022 \u2013 202<span class=\"_ _1\"></span>6 quanto seg<span class=\"_ _4\"></span>ue: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>prima <span class=\"_ _43\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws114\"> (<span class=\"_ _2\"></span>rife<span class=\"_ _4\"></span>rita al tri<span class=\"_ _4\"></span>ennio 2022-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) risulta g<span class=\"_ _4\"></span>iunta a maturaz<span class=\"_ _4\"></span>ione al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto, a fronte </span></span><span style=\"display:inherit;clear:left;\">della rinuncia ne<span class=\"_ _4\"></span>l 2025 non ci sar<span class=\"_ _4\"></span>anno erog<span class=\"_ _4\"></span>azioni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o variaz<span class=\"_ _4\"></span>ioni del c<span class=\"_ _4\"></span>osto cumulato re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato tra i co<span class=\"_ _4\"></span>sti de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>rso<span class=\"_ _4\"></span>nale </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el trie<span class=\"_ _4\"></span>nnio (20<span class=\"_ _1\"></span>22-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) che risult<span class=\"_ _4\"></span>a pari ad Euro 5.<span class=\"_ _4\"></span>23<span class=\"_ _2\"></span>1 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>se<span class=\"_ _4\"></span>conda <span class=\"_ _41\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws141\"> (<span class=\"_ _2\"></span>rifer<span class=\"_ _4\"></span>ita al bie<span class=\"_ _4\"></span>nnio 2025-2<span class=\"_ _1\"></span>026) anch\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia, non ri<span class=\"_ _4\"></span>sulta giunt<span class=\"_ _4\"></span>a a maturazio<span class=\"_ _4\"></span>ne, e </span></span><span style=\"display:inherit;clear:left;\">nel 2025 de<span class=\"_ _4\"></span>termine<span class=\"_ _4\"></span>r\u00e0 una variaz<span class=\"_ _4\"></span>ione po<span class=\"_ _4\"></span>sitiva a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico pari a<span class=\"_ _4\"></span>d Euro 2.51<span class=\"_ _44\"></span>1 migliaia. pe<span class=\"_ _4\"></span>r rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il mancato </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto della con<span class=\"_ _4\"></span>dizione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza in s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do il mec<span class=\"_ _4\"></span>canismo di a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one sop<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to, la valuta<span class=\"_ _4\"></span>zione rig<span class=\"_ _4\"></span>uarda il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> total<span class=\"_ _4\"></span>e del piano ch<span class=\"_ _4\"></span>e \u00e8 </span></span></span><span style=\"display:inherit;clear:left;\">influ<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>ato dal gra<span class=\"_ _4\"></span>do di rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di obi<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span><span class=\"ls0 wse9\"> leg<span class=\"_ _4\"></span>ati alla valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one del t<span class=\"_ _4\"></span>itolo de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0; per<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">tanto, ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al principio c<span class=\"_ _4\"></span>ontabile s<span class=\"_ _4\"></span>i tratt<span class=\"_ _4\"></span>a di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>i <span class=\"ff5f\">\u201cmarket base<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>\u201d</span>. La st<span class=\"_ _4\"></span>ima del <span class=\"ff5f\">fair value</span><span class=\"ls62 ws12a\"> \u00e8 st<span class=\"_ _4\"></span>ata ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tua</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zando la s<span class=\"_ _4\"></span>imulazione s<span class=\"_ _4\"></span>toc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etodo M<span class=\"_ _4\"></span>onte Carlo ch<span class=\"_ _4\"></span>e, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>e ipotes<span class=\"_ _4\"></span>i, ha conse<span class=\"_ _4\"></span>ntito di </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inire un consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte numero di sce<span class=\"_ _4\"></span>nari alter<span class=\"_ _4\"></span>nativi ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ato. In part<span class=\"_ _4\"></span>icolare, in o<span class=\"_ _4\"></span>gni sce<span class=\"_ _4\"></span>nario la </span><span style=\"display:inherit;clear:left;\">proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019azione \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a a part<span class=\"_ _4\"></span>ire dal valore iniz<span class=\"_ _4\"></span>iale, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o un moto geom<span class=\"_ _4\"></span>etrico Bro<span class=\"_ _4\"></span>wniano. </span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i nella det<span class=\"_ _4\"></span>erminazio<span class=\"_ _4\"></span>ne della s<span class=\"_ _4\"></span>tima del <span class=\"ff5f\">fair value</span>. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>ato e Diret<span class=\"_ _4\"></span>tore </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>erale alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione, p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ws0\">t<span class=\"_ _4\"></span>ranche</span> che preve<span class=\"_ _4\"></span>de il pagame<span class=\"_ _4\"></span>nto in azioni, e alle date di </span><span style=\"display:inherit;clear:left;\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"ff5c ls0 ws138\"> (3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla <span class=\"ff5f ws0\">tranche</span> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>. Il </span></span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> della </span>tranche<span class=\"ff5c\"> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa d<span class=\"_ _4\"></span>ovr\u00e0 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re valut<span class=\"_ _4\"></span>ato ad ogni data di </span><span class=\"ls59 ws114\">r<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ing</span><span class=\"ff5c\">. </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione<span class=\"_ _2bc\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _335\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alle data di assegnazione (Euro)<span class=\"_ _194\"> </span>22,53 </span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>34,00% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _1c7\"> </span>(0,07%) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione alla data di </span><span style=\"display:inherit;clear:left;\">repor<span class=\"_ _1\"></span>ting<span class=\"_ _9d\"> </span><span class=\"ff62\">31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembre 2023</span></span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _2fe\"> </span>1 gennaio 2022<span class=\"_ _67\"> </span>1 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di <span class=\"ff64\">reporting</span> (Euro)<span class=\"_ _1fc\"> </span>6,77 <span class=\"_ _336\"> </span>12,21</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _337\"> </span>31,62% <span class=\"_ _211\"> </span>31,60%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _338\"> </span>0% <span class=\"_ _155\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _17a\"> </span>2,19% <span class=\"_ _1d3\"> </span>3,00%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione. </span><span style=\"display:inherit;clear:left;\">** Media dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione rispettiv<span class=\"_ _2\"></span>amente alle due scadenze dei tre anni e cinque anni.  </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">P<span class=\"_ _1c\"></span>erformanc<span class=\"_ _2\"></span>e<span class=\"ff62\"> e </span>Restricted Shar<span class=\"_ _2\"></span>es<span class=\"ff62\"> 2023-2025</span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25, approv<span class=\"_ _4\"></span>ato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ionist<span class=\"_ _4\"></span>i del 26 aprile 2023, \u00e8 </span><span style=\"display:inherit;clear:left;\">volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare, n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>l comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo pacchet<span class=\"_ _4\"></span>to retr<span class=\"_ _4\"></span>ibutivo de<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>i, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alline<span class=\"_ _4\"></span>amento di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i del </span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws59\"> con tu<span class=\"_ _4\"></span>tti gli </span></span><span style=\"display:inherit;clear:left;\">stakeho<span class=\"_ _1\"></span>lder</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">del</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Gruppo,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fa<span class=\"_ _1\"></span>vorendone</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">in</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _1\"></span>rticolare</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">motivazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fideliz<span class=\"_ _4\"></span>zazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(in</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">un\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tica di <span class=\"ff5f lsa ws90\">retention<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws14d\">) alla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e al G<span class=\"_ _4\"></span>ruppo, in una log<span class=\"_ _4\"></span>ica di so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 e di crea<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore ne<span class=\"_ _4\"></span>l </span></span></span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>. Per tali rag<span class=\"_ _4\"></span>ioni il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli, ognuno con un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span><span class=\"ls9 ws150\"> trienna<span class=\"_ _1\"></span>le. T<span class=\"_ _1c\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">arco temporale<span class=\"_ _1\"></span> appare i<span class=\"_ _1\"></span>nfatti idoneo al<span class=\"_ _1\"></span> conseguimento dei suddetti obiettivi. </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25 \u00e8 ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vato a s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zionati dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o amministrator<span class=\"_ _4\"></span>i e/o colla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bor<span class=\"_ _4\"></span>atori di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di altre s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 appar<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>enti al Grup<span class=\"_ _4\"></span>po Ferr<span class=\"_ _4\"></span>agamo, cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ati chiave nel </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guimento d<span class=\"_ _4\"></span>el succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenibile n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>, che son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati indivi<span class=\"_ _4\"></span>duati dal Consiglio di A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re del C<span class=\"_ _4\"></span>omitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e nomine (<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>r ciascuno de<span class=\"_ _4\"></span>i cicli </span><span style=\"display:inherit;clear:left;\">del Piano)<span class=\"_ _2\"></span>, a p<span class=\"_ _4\"></span>roprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio (<span class=\"_ _4\"></span>\u201cB<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>). </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 56 (390<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>71<span class=\"_ _1c\"></span>6 dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati) e sono s<span class=\"_ _4\"></span>tati indi<span class=\"_ _4\"></span>viduati tr<span class=\"_ _4\"></span>a i </span><span style=\"display:inherit;clear:left;\">dipen<span class=\"_ _4\"></span>denti di S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e dell<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>enti so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate: Fer<span class=\"_ _4\"></span>ragamo US<span class=\"_ _4\"></span>A Inc., Fe<span class=\"_ _4\"></span>rragamo B<span class=\"_ _4\"></span>rasil </span><span style=\"display:inherit;clear:left;\">Roupas e Ac<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sorio<span class=\"_ _4\"></span>s Ltda., Fer<span class=\"_ _4\"></span>ragamo Japan K<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>K., Fe<span class=\"_ _4\"></span>rragamo Kore<span class=\"_ _4\"></span>a Ltd., Fer<span class=\"_ _4\"></span>ragamo Ho<span class=\"_ _4\"></span>ng Kong Ltd., Ferrag<span class=\"_ _4\"></span>amo Fa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">shion T<span class=\"_ _2\"></span>rading (Shanghai) Co. Ltd. e Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Retail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Un memb<span class=\"_ _4\"></span>ro del Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>ficiari d<span class=\"_ _4\"></span>el piano. </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne potr<span class=\"_ _4\"></span>\u00e0 indivi<span class=\"_ _4\"></span>duare ulterior<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiari (durante il primo anno di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span><span class=\"ls68 wsd2\"> di ciascun ciclo, </span></span><span style=\"display:inherit;clear:left;\">con appli<span class=\"_ _4\"></span>cazio<span class=\"_ _4\"></span>ne, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro <span class=\"ff5f\">pro<span class=\"_ _4\"></span>-rata temp<span class=\"_ _4\"></span>oris</span><span class=\"ws122\"> che riprop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ioni i diritt<span class=\"_ _4\"></span>i tene<span class=\"_ _4\"></span>ndo conto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va </span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>manenz<span class=\"_ _4\"></span>a in ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span>), a proprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio, tr<span class=\"_ _4\"></span>a i <span class=\"ff5f ls56 ws13b\">top manager</span><span class=\"lsa ws11e\"> che rico<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">prono e ric<span class=\"_ _4\"></span>opriranno il r<span class=\"_ _4\"></span>uolo di amminist<span class=\"_ _4\"></span>ratori, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o collaborato<span class=\"_ _4\"></span>ri della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 e di controllate. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli. Il primo relati<span class=\"_ _4\"></span>vo al per<span class=\"_ _4\"></span>iodo di ve<span class=\"_ _4\"></span>sting 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025, il se<span class=\"_ _4\"></span>condo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>2026 e il terzo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riodo di ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing 2025-<span class=\"_ _2\"></span>2027<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">Ogni singol<span class=\"_ _4\"></span>o ciclo del <span class=\"ff5f\">Piano Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 wsa6\"> 202<span class=\"_ _4\"></span>3-2025 prev<span class=\"_ _4\"></span>ed<span class=\"_ _4\"></span>e: </span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>ttr<span class=\"_ _4\"></span>ibuzion<span class=\"_ _4\"></span>e gratuita ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari di un ce<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>to numero di dirit<span class=\"_ _4\"></span>ti iniziali (i \u201c<span class=\"_ _4\"></span>Diritti Ini<span class=\"_ _4\"></span>ziali<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) a cons<span class=\"_ _4\"></span>eguire (ciascuno<span class=\"_ _2\"></span>) la </span><span style=\"display:inherit;clear:left;\">titolarit<span class=\"_ _4\"></span>\u00e0 di n. 1 az<span class=\"_ _4\"></span>ione di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., sub<span class=\"_ _4\"></span>ordinatame<span class=\"_ _4\"></span>nte al rag<span class=\"_ _4\"></span>giungimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di <span class=\"ff5f lsa ws90\">retention</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">e di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span>, nonch\u00e9, co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, di un eventuale ulte<span class=\"_ _4\"></span>riore nume<span class=\"_ _4\"></span>ro di diritti ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi allo sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la de<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione, in f<span class=\"_ _4\"></span>ase di att<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne dei Dirit<span class=\"_ _4\"></span>ti Iniziali, de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls68 wscc\"> di ciascun ciclo; </span></span><span style=\"display:inherit;clear:left;\">c) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e azioni ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l livello de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span> rag<span class=\"_ _4\"></span>giunto e in rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>gli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span>, al termine di ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting</span><span class=\"ls4 wse9\"> e<span class=\"_ _4\"></span> subordinat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span> alla </span></span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ica d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni prev<span class=\"_ _4\"></span>iste dal Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span><span class=\"ls36 wsa6\"> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>202<span class=\"_ _4\"></span>5. </span></span><span style=\"display:inherit;clear:left;\">La matura<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Diritt<span class=\"_ _4\"></span>i Iniziali-s<span class=\"_ _4\"></span>uddiv<span class=\"_ _4\"></span>isi in un ammont<span class=\"_ _4\"></span>are pari al 75% degli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i, legato al r<span class=\"_ _4\"></span>agg<span class=\"_ _4\"></span>iungimento di obi<span class=\"_ _4\"></span>et<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span> e di <span class=\"ff5f ls2b wscf\">performance</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance<span class=\"_ _4\"></span></span>\u201d<span class=\"_ _5\"></span>), e nel re<span class=\"_ _4\"></span>siduo ammont<span class=\"_ _4\"></span>are pari al 25% le<span class=\"_ _4\"></span>gato al rag<span class=\"_ _4\"></span>giun<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di s<span class=\"_ _4\"></span>ola <span class=\"ff5f lsa ws90\">retention</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f lsa ws90\">Retention</span>\u201d<span class=\"_ _5\"></span>) \u2013 e la corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazione d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni sarann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinate alla verif<span class=\"_ _4\"></span>ica da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>l Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls67 ws8c\">Performance</span>, de<span class=\"_ _4\"></span>l rag<span class=\"_ _4\"></span>giungimento d<span class=\"_ _4\"></span>ella condi<span class=\"_ _4\"></span>zione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinato e/o di collaboraz<span class=\"_ _4\"></span>ione e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a il benef<span class=\"_ _4\"></span>iciario e S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o altra </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo (il \u201cR<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) al te<span class=\"_ _4\"></span>rmine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>sting</span> di cia<span class=\"_ _4\"></span>scun ciclo de<span class=\"_ _4\"></span>l Piano e al livello di </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di uno o pi\u00f9 in<span class=\"_ _4\"></span>dicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls0 ws0\"> al termine de<span class=\"_ _4\"></span>l perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span> di ciascun ciclo d<span class=\"_ _4\"></span>el Piano; e </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Diritt<span class=\"_ _4\"></span>i <span class=\"ff5f lsa ws90\">Retention</span>, del rag<span class=\"_ _4\"></span>giungiment<span class=\"_ _4\"></span>o della sola c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a del R<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to al </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wscc\"> di cias<span class=\"_ _4\"></span>cun ciclo del Piano. </span></span><span style=\"display:inherit;clear:left;\">Gli indic<span class=\"_ _4\"></span>atori rile<span class=\"_ _4\"></span>vanti pe<span class=\"_ _4\"></span>r la maturazion<span class=\"_ _4\"></span>e dei Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance</span> pe<span class=\"_ _4\"></span>r il primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025) e per il </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo cicl<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>02<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-2<span class=\"_ _1\"></span>026) sono suddi<span class=\"_ _4\"></span>visi tr<span class=\"_ _4\"></span>a indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"lsa wsde\"> economico-f<span class=\"_ _4\"></span>inanzia<span class=\"_ _1\"></span>ria (<span class=\"_ _2\"></span>coerenti con il Pia<span class=\"_ _1\"></span>no </span></span><span style=\"display:inherit;clear:left;\">Strateg<span class=\"_ _4\"></span>ico<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d indicato<span class=\"_ _4\"></span>ri ESG (sec<span class=\"_ _4\"></span>ondo quanto prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalle raccoman<span class=\"_ _4\"></span>dazioni d<span class=\"_ _4\"></span>el Codi<span class=\"_ _4\"></span>ce di <span class=\"ff5f ls2b ws7\">Corpora<span class=\"_ _1\"></span>te Governance<span class=\"ff5c ls0 wsa\"> e </span></span></span><span style=\"display:inherit;clear:left;\">le <span class=\"ff5f ls6b wscf\">best pr<span class=\"_ _1\"></span>actic<span class=\"_ _2\"></span>e<span class=\"ff5c ls3 ws0\"> di me<span class=\"_ _4\"></span>rcato<span class=\"_ _1\"></span>) e sono i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>me<span class=\"_ _4\"></span>dia della cre<span class=\"_ _4\"></span>scita % in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne <span class=\"ff5f\">product ne<span class=\"_ _4\"></span>t sales</span> (<span class=\"_ _4\"></span>Vendite net<span class=\"_ _4\"></span>te)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r tali inten<span class=\"_ _4\"></span>dendo<span class=\"_ _4\"></span>si la somma d<span class=\"_ _4\"></span>elle ven<span class=\"_ _4\"></span>dite </span><span style=\"display:inherit;clear:left;\">nei c<span class=\"_ _4\"></span>anali D<span class=\"_ _2\"></span>TC e <span class=\"ff5f ls32 ws122\">wholesale</span> (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>me ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate in bilancio<span class=\"_ _1\"></span>) al net<span class=\"_ _4\"></span>to di st<span class=\"_ _4\"></span>anziame<span class=\"_ _4\"></span>nti e resi (non sono, pe<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, inclus<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">altre comp<span class=\"_ _4\"></span>onenti di r<span class=\"_ _4\"></span>icavo quali <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span>, Ef<span class=\"_ _4\"></span>fetto <span class=\"ff5f ls5b ws14d\">Ca<span class=\"_ _4\"></span>sh f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dging</span> sui ri<span class=\"_ _4\"></span>cavi, lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ioni immobiliari, etc<span class=\"_ _4\"></span>.)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>EBITDA cumulato nel trie<span class=\"_ _4\"></span>nnio 2023-<span class=\"_ _2\"></span>2025 (<span class=\"_ _4\"></span>per il p<span class=\"_ _4\"></span>rimo Ciclo<span class=\"_ _1\"></span>) e nel t<span class=\"_ _4\"></span>riennio 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-20<span class=\"_ _1\"></span>26 (pe<span class=\"_ _4\"></span>r il seco<span class=\"_ _4\"></span>ndo Ciclo)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">tale inte<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>dosi il ri<span class=\"_ _4\"></span>sultato op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato in bilancio<span class=\"_ _2\"></span>) al l<span class=\"_ _4\"></span>ordo de<span class=\"_ _4\"></span>gli ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e delle s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali ed immateriali e de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso; </span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>)  <span class=\"_ _45\"></span>i. <span class=\"_ _4\"></span> <span class=\"_ _ac\"></span>me<span class=\"_ _4\"></span>dia ROIC nel t<span class=\"_ _4\"></span>riennio 2023-2025, per tal<span class=\"_ _4\"></span>e intende<span class=\"_ _4\"></span>ndosi il r<span class=\"_ _4\"></span>isultato n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo (come risult<span class=\"_ _4\"></span>ante dal bilan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anno di r<span class=\"_ _4\"></span>iferimento) diviso il c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">adjusted<span class=\"ff5c ls3 wsec\"> medio (quest<span class=\"_ _5\"></span>\u2019ultimo rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal capit<span class=\"_ _4\"></span>ale inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e </span></span><span style=\"display:inherit;clear:left;\">quelle cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>icate t<span class=\"_ _4\"></span>ra gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari) valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il primo Ciclo; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_\"> </span>  <span class=\"_ _ac\"></span><span class=\"ff5f ls3 ws5d\">Net Cash Flow<span class=\"_ _4\"></span><span class=\"ff5c\">: diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra Ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento f<span class=\"_ _4\"></span>inanziario n<span class=\"_ _4\"></span>etto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icato/(</span><span class=\"ls7 ws4\">surplus</span><span class=\"ff5c\">) a fine tri<span class=\"_ _4\"></span>ennio 2026 e Indebi<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nto f<span class=\"_ _4\"></span>inanziario net<span class=\"_ _4\"></span>to ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>icato/(<span class=\"ff5f ls7 ws4\">surplus<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">) a f<span class=\"_ _4\"></span>ine anno 2023 valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il se<span class=\"_ _4\"></span>condo Cicl<span class=\"_ _4\"></span>o;<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">d) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>ESG<span class=\"_ _4\"></span>, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il live<span class=\"_ _4\"></span>llo di rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambienta<span class=\"_ _4\"></span>le e sociale d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al primo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i. <span class=\"_ _160\"> </span>  <span class=\"_ _ac\"></span>met<span class=\"_ _4\"></span>rica su <span class=\"ff5f ws5d\">climate</span>: 100<span class=\"_ _4\"></span>% en<span class=\"_ _4\"></span>ergia rinnov<span class=\"_ _4\"></span>abile in tut<span class=\"_ _4\"></span>te le se<span class=\"_ _4\"></span>di azie<span class=\"_ _4\"></span>ndali nel mo<span class=\"_ _4\"></span>ndo entro il 2029; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span><span class=\"ff5f wsd7\">Ge<span class=\"_ _4\"></span>nder pa<span class=\"_ _4\"></span>y gap</span><span class=\"ls3 wsc2\"> pe<span class=\"_ _4\"></span>r i dipend<span class=\"_ _4\"></span>enti della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle controllate in No<span class=\"_ _4\"></span>rd </span></span><span style=\"display:inherit;clear:left;\">Ame<span class=\"_ _4\"></span>rica, C<span class=\"_ _4\"></span>orea e Cina; </span><span style=\"display:inherit;clear:left;\">iii. <span class=\"_ _1c\"></span>  <span class=\"_ _49\"></span>cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e Uni PdR 1<span class=\"_ _1c\"></span>25/<span class=\"_ _4\"></span>22 (i.e<span class=\"_ _4\"></span>. cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione sull<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>a adozione d<span class=\"_ _4\"></span>el sis<span class=\"_ _4\"></span>tema di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne per la p<span class=\"_ _4\"></span>arit\u00e0 di </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>re risp<span class=\"_ _4\"></span>etto a 6 are<span class=\"_ _4\"></span>e principali: Cultura e st<span class=\"_ _4\"></span>rategia, <span class=\"ff5f ls5b ws8\">G<span class=\"_ _4\"></span>overnan<span class=\"_ _4\"></span>ce</span>, Proce<span class=\"_ _4\"></span>ssi HR<span class=\"_ _4\"></span>, O<span class=\"_ _4\"></span>ppor<span class=\"_ _4\"></span>tunit<span class=\"_ _4\"></span>\u00e0 di cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">inclusio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>onne in azie<span class=\"_ _4\"></span>nda, Equit\u00e0 re<span class=\"_ _4\"></span>muner<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er gene<span class=\"_ _4\"></span>re, T<span class=\"_ _2\"></span>utela de<span class=\"_ _4\"></span>lla genitorialit<span class=\"_ _4\"></span>\u00e0 e conciliaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a-lavoro)<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al seco<span class=\"_ _4\"></span>ndo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i.  <span class=\"_ _1b6\"></span><span class=\"ff5f wsb4\"> <span class=\"_ _165\"></span>Me<span class=\"_ _4\"></span>tric on Supply chain<span class=\"ff5c\">: aument<span class=\"_ _4\"></span>are la tras<span class=\"_ _4\"></span>paren<span class=\"_ _4\"></span>za della c<span class=\"_ _4\"></span>atena di fornitur<span class=\"_ _4\"></span>a mappando il 6<span class=\"_ _4\"></span>0% d<span class=\"_ _4\"></span>ei fornitori di </span></span></span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>llette<span class=\"_ _4\"></span>ria (live<span class=\"_ _4\"></span>llo 1 e 2) acquisen<span class=\"_ _4\"></span>do informazio<span class=\"_ _4\"></span>ni ESG (<span class=\"ff5f ls57 ws97\">focus<span class=\"_ _4\"></span></span> su asp<span class=\"_ _4\"></span>etti s<span class=\"_ _4\"></span>ociali e </span><span style=\"display:inherit;clear:left;\">governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws6f\">)  </span></span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _4\"></span>el <span class=\"_ _ae\"> </span><span class=\"ff5f wse5\">Gende<span class=\"_ _4\"></span>r pay gap:</span><span class=\"ls3 ws15c\"> cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el risult<span class=\"_ _4\"></span>ato, def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di una <span class=\"ff5f ls2b wscf\">roadmap</span><span class=\"ls9 wsf3\"> e<span class=\"_ _1\"></span> implementazione </span></span></span><span style=\"display:inherit;clear:left;\">iniziative p<span class=\"_ _4\"></span>er colmare <span class=\"ff5f ls4 ws3\">gap</span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">iii.  <span class=\"_ _4\"></span><span class=\"ff5f ls56 ws3b3\"> Engagement</span><span class=\"ls3 ws0\">: Mi<span class=\"_ _4\"></span>surare entro il 2024 l\u2019<span class=\"_ _4\"></span>impegn<span class=\"_ _4\"></span>o dei dipe<span class=\"_ _4\"></span>ndenti e migli<span class=\"_ _4\"></span>orarlo ne<span class=\"_ _4\"></span>l 2026.  </span></span><span style=\"display:inherit;clear:left;\">Il numero di Dirit<span class=\"_ _4\"></span>ti Iniziali \u00e8 de<span class=\"_ _4\"></span>terminato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>vio pare<span class=\"_ _4\"></span>re favorevol<span class=\"_ _4\"></span>e del Comit<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni e Nomine sulla ba<span class=\"_ _4\"></span>se di un indic<span class=\"_ _4\"></span>atore pari ad un multip<span class=\"_ _4\"></span>lo/percentuale d<span class=\"_ _4\"></span>el comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>o fis<span class=\"_ _4\"></span>so di cias<span class=\"_ _4\"></span>cun </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciario e divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia del p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zo uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>iciale dell<span class=\"_ _4\"></span>e A<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>i 30 giorni pr<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enti il 1\u00b0 gennaio dell<span class=\"_ _4\"></span>\u2019anno di inizio di ciascun ciclo d<span class=\"_ _4\"></span>el Piano. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte al complet<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 ws84\"> di ciascun cicl<span class=\"_ _4\"></span>o del Piano, a ciascuno dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari sar\u00e0<span class=\"_ _4\"></span>, </span></span><span style=\"display:inherit;clear:left;\">inoltre<span class=\"_ _4\"></span>, attribuit<span class=\"_ _4\"></span>o a titolo gr<span class=\"_ _4\"></span>atuito un ulterio<span class=\"_ _4\"></span>re numero di dirit<span class=\"_ _4\"></span>ti ag<span class=\"_ _4\"></span>giuntivi c<span class=\"_ _4\"></span>alcolato in f<span class=\"_ _4\"></span>unzione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Iniziali ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">turati e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare cumulato dei di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pe<span class=\"_ _4\"></span>r A<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e distrib<span class=\"_ _4\"></span>uiti agli azio<span class=\"_ _4\"></span>nisti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. </span><span style=\"display:inherit;clear:left;\">nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do compre<span class=\"_ _4\"></span>so fr<span class=\"_ _4\"></span>a il primo giorn<span class=\"_ _4\"></span>o del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> e il g<span class=\"_ _4\"></span>iorno pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente la data di as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnazion<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>zioni (entrambi inclus<span class=\"_ _4\"></span>i).<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>as<span class=\"_ _4\"></span>segnazione delle A<span class=\"_ _4\"></span>zioni \u00e8 ul<span class=\"_ _1\"></span>teriormente condiziona<span class=\"_ _1\"></span>ta: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>alla p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza (non in per<span class=\"_ _4\"></span>iodo di pre<span class=\"_ _4\"></span>av<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to; e </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _49\"></span>all<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>nza di v<span class=\"_ _4\"></span>iolazi<span class=\"_ _4\"></span>oni di par<span class=\"_ _4\"></span>ticolare gr<span class=\"_ _4\"></span>avit\u00e0 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Etico del G<span class=\"_ _4\"></span>ruppo che ab<span class=\"_ _4\"></span>biano quale cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza la ce<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rto di lavo<span class=\"_ _4\"></span>ro. </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni, nel numero c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>nte ai relativ<span class=\"_ _4\"></span>i diritti t<span class=\"_ _4\"></span>otali, sar<span class=\"_ _4\"></span>anno ass<span class=\"_ _4\"></span>egnate ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, tr<span class=\"_ _4\"></span>amite appo<span class=\"_ _4\"></span>sita co<span class=\"_ _4\"></span>mu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nica<span class=\"_ _4\"></span>zione da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., n<span class=\"_ _4\"></span>on oltre il tre<span class=\"_ _4\"></span>ntesim<span class=\"_ _4\"></span>o giorno di c<span class=\"_ _4\"></span>alendari<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla data </span><span style=\"display:inherit;clear:left;\">di approva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io social<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019ultimo anno di ciascun cicl<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni in es<span class=\"_ _4\"></span>ecu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Piano av<span class=\"_ _4\"></span>verr\u00e0 imp<span class=\"_ _4\"></span>iegan<span class=\"_ _4\"></span>do azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti aut<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati dall'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>gli art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civ<span class=\"_ _4\"></span>ile. </span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _18b\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>160.149 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>257.069 <span class=\"_ _12d\"> </span>164.475 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _d3\"> </span>26.502 <span class=\"_ _211\"> </span>4.326 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _339\"> </span>- <span class=\"_ _2cc\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>390.716 <span class=\"_ _219\"> </span>160.149 </span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni.</span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _a6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) </span></span></span></span><span style=\"display:inherit;clear:left;\">Numero<span class=\"_ _1bb\"> </span></span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _1\"></span>alue <span class=\"_ _242\"> </span><span class=\"ff62\">Numer<span class=\"_ _1\"></span>o<span class=\"_ _16e\"> </span><span class=\"ff63\">F<span class=\"_ _2\"></span>air value </span></span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti della Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>80.247 <span class=\"_ _a1\"> </span>100 <span class=\"_ _b4\"> </span>- <span class=\"_ _e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>137.313 <span class=\"_ _2a6\"> </span>7 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">- annullati durante l'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>15.564 <span class=\"_ _297\"> </span>19 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>201.996 <span class=\"_ _a1\"> </span>218 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti di societ\u00e0 controll<span class=\"_ _1\"></span>ate<span class=\"_ _11a\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _c4\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>79.902 <span class=\"_ _208\"> </span>99 <span class=\"_ _ec\"> </span>- <span class=\"_ _2a3\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>119.756 <span class=\"_ _2a6\"> </span>6 <span class=\"_ _e0\"> </span>84.228 <span class=\"_ _1b9\"> </span>107 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>10.938 <span class=\"_ _297\"> </span>14 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>188.720 <span class=\"_ _a1\"> </span>230 <span class=\"_ _e0\"> </span>79.902 <span class=\"_ _ec\"> </span>99 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale diritti a ricever<span class=\"_ _2\"></span>e azioni<span class=\"_ _10f\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _216\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _da\"> </span>160.149 <span class=\"_ _15b\"> </span>199 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>257.069 <span class=\"_ _297\"> </span>13 <span class=\"_ _1f0\"> </span>164.475 <span class=\"_ _105\"> </span>207 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>26.502 <span class=\"_ _297\"> </span>33 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>390.716 <span class=\"_ _a1\"> </span>448 <span class=\"_ _2b0\"> </span>160.149 <span class=\"_ _1b9\"> </span>199 </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al p<span class=\"_ _4\"></span>rimo Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di ves<span class=\"_ _4\"></span>ting 2023-<span class=\"_ _1\"></span>2025, alla data di av<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>o del Piano (<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel me<span class=\"_ _4\"></span>se di </span><span style=\"display:inherit;clear:left;\">otto<span class=\"_ _4\"></span>bre 2023, in seg<span class=\"_ _4\"></span>uito al comple<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>che prope<span class=\"_ _4\"></span>deut<span class=\"_ _4\"></span>iche alla comunic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del piano ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>iduati dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>az<span class=\"_ _4\"></span>ione deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 47<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati as<span class=\"_ _4\"></span>segnat<span class=\"_ _4\"></span>i 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>4.4<span class=\"_ _1\"></span>75 diritti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati originariame<span class=\"_ _4\"></span>nte indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate: Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o USA Inc<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>. de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L. de C<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>., Fe<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo B<span class=\"_ _4\"></span>rasil Roup<span class=\"_ _4\"></span>as e Ace<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>rios Ltda., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Korea Ltd., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Hong Kong Ltd., </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>ding (<span class=\"_ _1\"></span>Shanghai) Co. Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Retail T<span class=\"_ _2\"></span>aiwan Limit<span class=\"_ _4\"></span>ed e Fe<span class=\"_ _4\"></span>rragamo Re<span class=\"_ _4\"></span>tail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 36 (<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>33.6<span class=\"_ _4\"></span>47 diritti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati), stante l<span class=\"_ _4\"></span>\u2019uscit<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del </span><span style=\"display:inherit;clear:left;\">2023 e del 2024, di sette dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di societ<span class=\"_ _4\"></span>\u00e0 contro<span class=\"_ _4\"></span>llate e, nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4, di quat<span class=\"_ _4\"></span>tro dipen<span class=\"_ _4\"></span>denti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. Un m<span class=\"_ _4\"></span>embro de<span class=\"_ _4\"></span>l Consigli<span class=\"_ _4\"></span>o di Amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e \u00e8 tra i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari del p<span class=\"_ _4\"></span>iano. </span><span style=\"display:inherit;clear:left;\">Sulla base d<span class=\"_ _4\"></span>ei dati prev<span class=\"_ _4\"></span>isionali pr<span class=\"_ _4\"></span>edisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls5a wsd4\">management</span> azie<span class=\"_ _4\"></span>ndale, ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la miglior s<span class=\"_ _4\"></span>tima ef<span class=\"_ _4\"></span>fettuab<span class=\"_ _4\"></span>ile </span><span style=\"display:inherit;clear:left;\">dal Grupp<span class=\"_ _4\"></span>o sulle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te nel t<span class=\"_ _4\"></span>riennio de<span class=\"_ _4\"></span>l primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025), sono s<span class=\"_ _4\"></span>tate ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">le st<span class=\"_ _4\"></span>ime sul rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span> econ<span class=\"_ _4\"></span>omico<span class=\"_ _4\"></span>-finan<span class=\"_ _4\"></span>ziaria e degli in<span class=\"_ _4\"></span>dicatori E<span class=\"_ _4\"></span>SG, a<span class=\"_ _4\"></span>deguand<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vo costo an<span class=\"_ _4\"></span>che con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, come p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>to dai principi c<span class=\"_ _4\"></span>ontabili ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a <span class=\"ff5f ws0\">non </span></span><span style=\"display:inherit;clear:left;\">market c<span class=\"_ _1\"></span>ondition<span class=\"ff5c ls0 wse3\">. P<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, il numero di dirit<span class=\"_ _4\"></span>ti che s<span class=\"_ _4\"></span>aranno es<span class=\"_ _4\"></span>ercit<span class=\"_ _4\"></span>ati alla fin<span class=\"_ _4\"></span>e del piano s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati stimati p<span class=\"_ _4\"></span>ari a 63.483 </span></span><span style=\"display:inherit;clear:left;\">diritti; la ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">st<span class=\"_ _4\"></span>ock grant</span> al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>e tale a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls7f ws13b\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2026, alla dat<span class=\"_ _4\"></span>a di av<span class=\"_ _4\"></span>vio de<span class=\"_ _4\"></span>l Piano (<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta nel m<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4, in s<span class=\"_ _4\"></span>eguito al c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle verif<span class=\"_ _4\"></span>iche p<span class=\"_ _4\"></span>rope<span class=\"_ _4\"></span>deutich<span class=\"_ _4\"></span>e alla comunica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l piano ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari, indiv<span class=\"_ _4\"></span>iduati </span><span style=\"display:inherit;clear:left;\">dal Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 56 ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egnati 2<span class=\"_ _4\"></span>57<span class=\"_ _1c\"></span>.0<span class=\"_ _4\"></span>69 dirit<span class=\"_ _4\"></span>ti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle seg<span class=\"_ _4\"></span>uenti </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 co<span class=\"_ _4\"></span>ntrollate: Ferrag<span class=\"_ _4\"></span>amo USA Inc<span class=\"_ _4\"></span>., Fer<span class=\"_ _4\"></span>ragamo Br<span class=\"_ _4\"></span>asil Roupa<span class=\"_ _4\"></span>s e Aces<span class=\"_ _4\"></span>sori<span class=\"_ _4\"></span>os Ltda., Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K., F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Ko<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rea Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Hong Kong Ltd. e Fe<span class=\"_ _4\"></span>rragamo Fas<span class=\"_ _4\"></span>hion T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>ading (Shanghai) Co. Ltd.. Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 sono<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">in azie<span class=\"_ _4\"></span>nda tutt<span class=\"_ _4\"></span>i i des<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano. Un membro d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari de<span class=\"_ _4\"></span>l piano. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nati \u00e8 st<span class=\"_ _4\"></span>ata realiz<span class=\"_ _5\"></span>zat<span class=\"_ _4\"></span>a rifle<span class=\"_ _4\"></span>tten<span class=\"_ _4\"></span>do le con<span class=\"_ _4\"></span>dizioni di me<span class=\"_ _4\"></span>rcato f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">valide alla dat<span class=\"_ _4\"></span>a di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, adott<span class=\"_ _4\"></span>ando una me<span class=\"_ _4\"></span>todo<span class=\"_ _4\"></span>logia che s<span class=\"_ _4\"></span>egue l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ione <span class=\"ff5f\">risk neut<span class=\"_ _4\"></span>ral</span> tipica di que<span class=\"_ _4\"></span>sti piani. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente alla quantif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r la stima de<span class=\"_ _4\"></span>lla media de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l titolo a di<span class=\"_ _4\"></span>cembre 2025 </span><span style=\"display:inherit;clear:left;\">e dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _1\"></span>6 \u00e8 st<span class=\"_ _4\"></span>ata utiliz<span class=\"_ _5\"></span>zata la s<span class=\"_ _4\"></span>imulazion<span class=\"_ _4\"></span>e stoc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etod<span class=\"_ _4\"></span>o Monte Carl<span class=\"_ _4\"></span>o che, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>une </span><span style=\"display:inherit;clear:left;\">ipote<span class=\"_ _4\"></span>si, ha cons<span class=\"_ _4\"></span>entito di de<span class=\"_ _4\"></span>finire un co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tente numero di s<span class=\"_ _4\"></span>cenari alt<span class=\"_ _4\"></span>ernativ<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019arco tempor<span class=\"_ _4\"></span>ale consi<span class=\"_ _4\"></span>derato. In p<span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ticolare<span class=\"_ _4\"></span>, in ogni sc<span class=\"_ _4\"></span>enario la proie<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuata a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dal valore inizial<span class=\"_ _4\"></span>e, se<span class=\"_ _4\"></span>condo un </span><span style=\"display:inherit;clear:left;\">moto ge<span class=\"_ _4\"></span>ometric<span class=\"_ _4\"></span>o Browniano. I div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di atte<span class=\"_ _4\"></span>si sono inc<span class=\"_ _4\"></span>lusi nella d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla stima de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le prin<span class=\"_ _4\"></span>cipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws150\"> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 ws95\"> 202<span class=\"_ _4\"></span>3-<span class=\"_ _1\"></span>2025 all<span class=\"_ _4\"></span>a data </span></span></span></span><span style=\"display:inherit;clear:left;\">di as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33a\"> </span>11 ottobre 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>12,03</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>32,43%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>3,58%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione.</span><span style=\"display:inherit;clear:left;\">** Derivato dalla curv<span class=\"_ _1\"></span>a dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione c<span class=\"_ _1\"></span>on riferimento alla scadenza del piano  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Restrict<span class=\"_ _4\"></span>ed Shares</span> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025 alla data di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione re<span class=\"_ _4\"></span>lativam<span class=\"_ _4\"></span>ente al se<span class=\"_ _4\"></span>condo Ci<span class=\"_ _4\"></span>clo.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all'assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33b\"> </span>27 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>6,815</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>44,31%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>2,19%</span><span style=\"display:inherit;clear:left;\">43. Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>di <span class=\"_ _4\"></span>di <span class=\"_ _5\"></span><span class=\"ff5f ls30 ws95\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff5f lsf7 ws157\">Ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>l<span class=\"_ _5\"></span></span> su Inter<span class=\"_ _2\"></span>essenze di Minor<span class=\"_ _2\"></span>anza</span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 cre<span class=\"_ _4\"></span>sciuto ne<span class=\"_ _4\"></span>gli ultimi anni preval<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte pe<span class=\"_ _4\"></span>r crescit<span class=\"_ _4\"></span>a interna<span class=\"_ _4\"></span>. In alcune aree ge<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">graf<span class=\"_ _4\"></span>iche, in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>el contine<span class=\"_ _4\"></span>nte asiatico, ha reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato la sua e<span class=\"_ _4\"></span>spans<span class=\"_ _4\"></span>ione geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica anch<span class=\"_ _4\"></span>e tramite <span class=\"ff5f ls2c ws110\">partnership<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">con dis<span class=\"_ _4\"></span>tributor<span class=\"_ _4\"></span>i locali<span class=\"_ _4\"></span>. In relazio<span class=\"_ _4\"></span>ne a ques<span class=\"_ _4\"></span>te <span class=\"ff5f ls2c ws110\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls3 ws146\">, gli <span class=\"ff5f\">Shareholder<span class=\"_ _4\"></span>s\u2019 A<span class=\"_ _4\"></span>greeme<span class=\"_ _4\"></span>nt</span> regolano i r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti tr<span class=\"_ _4\"></span>a i </span>partners<span class=\"ff5c ls0 ws0\">, </span></span></span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>abilisco<span class=\"_ _4\"></span>no le rego<span class=\"_ _4\"></span>le di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls9 ws13c\"> e con<span class=\"_ _1\"></span>tengono al<span class=\"_ _1\"></span>cune prevision<span class=\"_ _1\"></span>i di op<span class=\"_ _2\"></span>zioni <span class=\"ff5f ls5b ws8\">put</span><span class=\"ls3 ws134\"> e di opzioni <span class=\"ff5f ws5d\">c<span class=\"_ _4\"></span>all</span><span class=\"ls6 ws169\"> che gl<span class=\"_ _1\"></span>i azionisti </span></span></span></span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o ese<span class=\"_ _4\"></span>rcitare in ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni.   </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 l\u2019unico accor<span class=\"_ _4\"></span>do rimast<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere su inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoran<span class=\"_ _4\"></span>ze riguarda Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _4\"></span>.K<span class=\"_ _4\"></span>. e </span><span style=\"display:inherit;clear:left;\">preve<span class=\"_ _4\"></span>de la pos<span class=\"_ _4\"></span>sibilit<span class=\"_ _4\"></span>\u00e0 che i so<span class=\"_ _4\"></span>ci di minoranz<span class=\"_ _4\"></span>a, che det<span class=\"_ _4\"></span>engono, cumulativ<span class=\"_ _4\"></span>amente, dal m<span class=\"_ _4\"></span>ese di lug<span class=\"_ _4\"></span>lio 2022, una quota d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>0<span class=\"_ _4\"></span>,87% (in pre<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>nza 29<span class=\"_ _4\"></span>%)<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sano ce<span class=\"_ _4\"></span>dere le p<span class=\"_ _4\"></span>roprie a<span class=\"_ _4\"></span>zioni alla Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., ad un pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo contr<span class=\"_ _4\"></span>at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tualmente d<span class=\"_ _4\"></span>eterminato in pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>ate nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie o in c<span class=\"_ _4\"></span>aso di mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lle proprie s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie </span><span style=\"display:inherit;clear:left;\">di inves<span class=\"_ _4\"></span>timento ne<span class=\"_ _4\"></span>l set<span class=\"_ _4\"></span>tore de<span class=\"_ _4\"></span>l luss<span class=\"_ _4\"></span>o. Cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>ntemente a p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ire dal bilancio al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 201<span class=\"_ _2\"></span>0 \u00e8 st<span class=\"_ _4\"></span>ata is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a una </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alla pos<span class=\"_ _4\"></span>sibilit\u00e0 di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> da p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ei so<span class=\"_ _4\"></span>ci di minoranz<span class=\"_ _4\"></span>a sulla quota </span><span style=\"display:inherit;clear:left;\">di loro prop<span class=\"_ _4\"></span>riet\u00e0; al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria ris<span class=\"_ _4\"></span>ulta pari a Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>334 migliaia, mentre risult<span class=\"_ _4\"></span>ava pari a </span><span style=\"display:inherit;clear:left;\">Euro 898 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023 e nulla al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2022, 202<span class=\"_ _2\"></span>1 e 2020. Poich\u00e9 il Gr<span class=\"_ _4\"></span>uppo Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo </span><span style=\"display:inherit;clear:left;\">non ha rite<span class=\"_ _4\"></span>nuto di avere acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici eco<span class=\"_ _4\"></span>nomici colle<span class=\"_ _4\"></span>gati a t<span class=\"_ _4\"></span>ale quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e, a ogni data di v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">eventuali ad<span class=\"_ _4\"></span>eguame<span class=\"_ _4\"></span>nti di valore d<span class=\"_ _4\"></span>ella <span class=\"ff5f ls5b ws8\">put</span> vengo<span class=\"_ _4\"></span>no rilevat<span class=\"_ _4\"></span>i dirett<span class=\"_ _4\"></span>amente a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span></span> </span><span style=\"display:inherit;clear:left;\">44. Infor<span class=\"_ _2\"></span>mativa di settor<span class=\"_ _1c\"></span>e</span><span style=\"display:inherit;clear:left;\">Il principio c<span class=\"_ _4\"></span>ontabile IFR<span class=\"_ _4\"></span>S 8 - Seg<span class=\"_ _4\"></span>menti op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vi richie<span class=\"_ _4\"></span>de che siano fo<span class=\"_ _4\"></span>rnite informazio<span class=\"_ _4\"></span>ni dett<span class=\"_ _4\"></span>agliate pe<span class=\"_ _4\"></span>r ogni se<span class=\"_ _4\"></span>gmen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to op<span class=\"_ _4\"></span>erativo, inte<span class=\"_ _4\"></span>so com<span class=\"_ _4\"></span>e una compone<span class=\"_ _4\"></span>nte di un\u2019entit\u00e0 i cui r<span class=\"_ _4\"></span>isultati o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ivi so<span class=\"_ _4\"></span>no pe<span class=\"_ _4\"></span>riodic<span class=\"_ _4\"></span>amente ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ti dal <span class=\"ff5f ls32 ws122\">top </span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019adozione di de<span class=\"_ _4\"></span>cisioni in me<span class=\"_ _4\"></span>rito alle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e da alloc<span class=\"_ _4\"></span>are e della valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della </span><span class=\"ls2b wscf\">pe<span class=\"_ _4\"></span>rformance<span class=\"ff5c ls0 ws2d9\">.  </span></span></span><span style=\"display:inherit;clear:left;\">A livello ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ionale, l<span class=\"_ _4\"></span>\u2019organiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o si bas<span class=\"_ _4\"></span>a su una stru<span class=\"_ _4\"></span>ttura a matri<span class=\"_ _4\"></span>ce, ar<span class=\"_ _4\"></span>ticolat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">canale dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo, area geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica  e c<span class=\"_ _4\"></span>ategoria me<span class=\"_ _4\"></span>rceol<span class=\"_ _4\"></span>ogica<span class=\"_ _4\"></span>, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto  non son<span class=\"_ _4\"></span>o identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili segm<span class=\"_ _4\"></span>enti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i ed </span><span style=\"display:inherit;clear:left;\">il <span class=\"ff5f ls56 ws14d\">top managem<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsa6\"> rived<span class=\"_ _4\"></span>e i risult<span class=\"_ _4\"></span>ati econ<span class=\"_ _4\"></span>omici a livello di G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>el suo ins<span class=\"_ _4\"></span>ieme<span class=\"_ _4\"></span>. Quindi l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo \u00e8 st<span class=\"_ _4\"></span>ata </span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntata co<span class=\"_ _4\"></span>me un unico set<span class=\"_ _4\"></span>tore og<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto di informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 8<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi DT<span class=\"_ _2\"></span>C<span class=\"_ _33c\"> </span>776.700 <span class=\"_ _81\"> </span>824.204 </span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"ff64 ws3b4\"> Wholesale<span class=\"_ _31e\"> </span></span>232.579 <span class=\"_ _81\"> </span>295.290 </span><span style=\"display:inherit;clear:left;\">Vendite nette<span class=\"_ _a9\"> </span>1.009.279 <span class=\"_ _2da\"> </span>1.119.494 </span><span style=\"display:inherit;clear:left;\">Effetto </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedging<span class=\"ff61\"> sui Rica<span class=\"_ _1\"></span>vi<span class=\"_ _1b0\"> </span>4.842 <span class=\"_ _b7\"> </span>16.845 </span></span><span style=\"display:inherit;clear:left;\">Lic<span class=\"_ _1\"></span>enze e prest<span class=\"_ _1\"></span>azioni<span class=\"_ _339\"> </span>17.530 <span class=\"_ _f3\"> </span>17.218 </span><span style=\"display:inherit;clear:left;\">Locazioni Immobiliari <span class=\"_ _339\"> </span>3.455 <span class=\"_ _336\"> </span>2.714 </span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"_ _1e6\"> </span>1.035.106 <span class=\"_ _2da\"> </span>1.156.271 </span><span style=\"display:inherit;clear:left;\">di cui in Italia<span class=\"_ _33d\"> </span>122.016 <span class=\"_ _81\"> </span>128.534 </span><span style=\"display:inherit;clear:left;\">Margine Lor<span class=\"_ _2\"></span>do<span class=\"_ _23b\"> </span>740.008 <span class=\"_ _2e0\"> </span>839.432 </span><span style=\"display:inherit;clear:left;\">Margine Lor<span class=\"_ _2\"></span>do %<span class=\"_ _2a\"> </span>71,5% <span class=\"_ _1d3\"> </span>72,6% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti del personale<span class=\"_ _196\"> </span>(217.893) <span class=\"_ _6a\"> </span>(223.102) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per affitti<span class=\"_ _23b\"> </span>(72.391) <span class=\"_ _2e0\"> </span>(81.203) </span><span style=\"display:inherit;clear:left;\">Ammortamenti e svalutazioni di attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2a7\"> </span>(264.079) <span class=\"_ _6a\"> </span>(179.623) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per comunicazione<span class=\"_ _33e\"> </span>(79.300) <span class=\"_ _6a\"> </span>(105.436) </span><span style=\"display:inherit;clear:left;\">Altri costi (al netto degli altri pro<span class=\"_ _1\"></span>venti)<span class=\"_ _182\"> </span>(155.346) <span class=\"_ _6a\"> </span>(178.046) </span><span style=\"display:inherit;clear:left;\">Risultato oper<span class=\"_ _1\"></span>ativo<span class=\"_ _a8\"> </span>(49.001) <span class=\"_ _f2\"> </span>72.022 </span><span style=\"display:inherit;clear:left;\">(Oneri)/prov<span class=\"_ _1\"></span>enti finanziari netti<span class=\"_ _314\"> </span>(26.576) <span class=\"_ _2e0\"> </span>(26.438) </span><span style=\"display:inherit;clear:left;\">Risultato prima delle imposte<span class=\"_ _2f7\"> </span>(75.577) <span class=\"_ _f2\"> </span>45.584 </span><span style=\"display:inherit;clear:left;\">Imposte sul reddito<span class=\"_ _31e\"> </span>7.508 <span class=\"_ _212\"> </span>(19.349) </span><span style=\"display:inherit;clear:left;\">Risultato netto <span class=\"_ _2d0\"> </span>(68.069)<span class=\"_ _4\"></span> <span class=\"_ _33f\"> </span>26.235 </span><span style=\"display:inherit;clear:left;\">EB<span class=\"_ _4\"></span>ITD<span class=\"_ _1\"></span>A*<span class=\"_ _340\"> </span><span class=\"ls0 ws0\">215.218 <span class=\"_ _2e0\"> </span>251.811 </span></span><span style=\"display:inherit;clear:left;\">* P<span class=\"_ _2\"></span>er la definizione di E<span class=\"_ _4\"></span>BITD<span class=\"_ _2\"></span>A si rimanda allo specifico paragr<span class=\"_ _2\"></span>afo della Relazione sulla gestione in merito agli indicatori alternati<span class=\"_ _1\"></span>vi di <span class=\"ff5f\">performanc<span class=\"_ _1\"></span>e<span class=\"ff5c\">. </span></span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _163\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023 </span><span style=\"display:inherit;clear:left;\">Rimanenze e Diritti di rec<span class=\"_ _1\"></span>upero pr<span class=\"_ _2\"></span>odotti da clienti per resi<span class=\"_ _98\"> </span>313.799 <span class=\"_ _81\"> </span>304.389</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi commerciali<span class=\"_ _21c\"> </span>84.580 <span class=\"_ _ca\"> </span>106.821</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali e In<span class=\"_ _2\"></span>vestimenti immobiliari<span class=\"_ _14d\"> </span>212.023 <span class=\"_ _81\"> </span>223.354</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso<span class=\"_ _341\"> </span>528.627 <span class=\"_ _81\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita e Avviamento<span class=\"_ _202\"> </span>38.551 <span class=\"_ _b7\"> </span>43.551</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0<span class=\"_ _334\"> </span>234.284 <span class=\"_ _81\"> </span>212.342</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 nette possedute per l<span class=\"_ _1\"></span>a vendita<span class=\"_ _342\"> </span>67 <span class=\"_ _69\"> </span>63</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale attivit\u00e0 al lordo della liquidit\u00e0 e dei cr<span class=\"_ _2\"></span>editi finanziari correnti<span class=\"_ _f4\"> </span>1.411.931 <span class=\"_ _2da\"> </span>1.507.132</span><span style=\"display:inherit;clear:left;\">Indebitamento finanziario netto<span class=\"_ _2b9\"> </span>503.566 <span class=\"_ _ca\"> </span>486.653</span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali e P<span class=\"_ _2\"></span>assivit\u00e0 per resi<span class=\"_ _1fe\"> </span>175.927 <span class=\"_ _81\"> </span>182.886</span><span style=\"display:inherit;clear:left;\">Altre passivit\u00e0<span class=\"_ _312\"> </span>112.352 <span class=\"_ _81\"> </span>115.430</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _31e\"> </span>620.086 <span class=\"_ _81\"> </span>722.163</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivo e PN (al netto della liquidit\u00e0 e dei cr<span class=\"_ _1\"></span>editi finanziari cor<span class=\"_ _1\"></span>renti)<span class=\"_ _343\"> </span>1.411.931 <span class=\"_ _2da\"> </span>1.507.132</span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente all<span class=\"_ _4\"></span>e informazioni richi<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 8 si rimanda a quanto es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to nella Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla ges<span class=\"_ _4\"></span>tione p<span class=\"_ _4\"></span>er i </span><span style=\"display:inherit;clear:left;\">det<span class=\"_ _4\"></span>tagli e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i comme<span class=\"_ _4\"></span>nti sui ricav<span class=\"_ _4\"></span>i suddi<span class=\"_ _4\"></span>visi p<span class=\"_ _4\"></span>er area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, canale dis<span class=\"_ _4\"></span>tributi<span class=\"_ _4\"></span>vo e catego<span class=\"_ _4\"></span>ria merce<span class=\"_ _4\"></span>ologi<span class=\"_ _4\"></span>ca. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tano le informa<span class=\"_ _4\"></span>zioni rife<span class=\"_ _4\"></span>rite alle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>n esclu<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari e </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali diffe<span class=\"_ _4\"></span>rite) allocate in bas<span class=\"_ _4\"></span>e alla loro lo<span class=\"_ _4\"></span>caliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e geogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _2\"></span>opa <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Nord <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Asia <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _a6\"> </span>Italia</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _4\"></span>esclusa Italia)</span><span style=\"display:inherit;clear:left;\">America<span class=\"_ _e1\"> </span>Giappone</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>acifico</span><span style=\"display:inherit;clear:left;\">Sud America<span class=\"_ _1e4\"> </span><span class=\"ws0\">Consolidato</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _155\"> </span>285.628<span class=\"_ _30b\"> </span>162.669<span class=\"_ _89\"> </span>220.139<span class=\"_ _67\"> </span>30.961<span class=\"_ _127\"> </span>90.842<span class=\"_ _74\"> </span>6.257<span class=\"_ _30b\"> </span>796.496</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _155\"> </span>290.709<span class=\"_ _30b\"> </span>190.832<span class=\"_ _89\"> </span>245.429<span class=\"_ _67\"> </span>31.892<span class=\"_ _89\"> </span>123.711<span class=\"_ _67\"> </span>19.200<span class=\"_ _89\"> </span>901.773</span><span style=\"display:inherit;clear:left;\">45. Oper<span class=\"_ _2\"></span>azioni c<span class=\"_ _2\"></span>on parti cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elate</span><span style=\"display:inherit;clear:left;\">Nel p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nte paragrafo s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti i rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i con par<span class=\"_ _4\"></span>ti corr<span class=\"_ _4\"></span>elate intercor<span class=\"_ _4\"></span>si ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 2023.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">e altre </span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">passivit\u00e0 </span><span style=\"display:inherit;clear:left;\">e C<span class=\"_ _1\"></span>osti Operati<span class=\"_ _1\"></span>vi </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">finanziarie </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti e </span><span style=\"display:inherit;clear:left;\">(al netto degli </span><span style=\"display:inherit;clear:left;\">Oneri</span><span style=\"display:inherit;clear:left;\">diritto </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">Debiti</span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi</span><span style=\"display:inherit;clear:left;\">altri proventi)</span><span style=\"display:inherit;clear:left;\">finanziari</span><span style=\"display:inherit;clear:left;\">d\u2019uso</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 contr<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Finanziaria S.p.A.</span><span style=\"display:inherit;clear:left;\">58<span class=\"_ _b9\"> </span>(87)<span class=\"_ _87\"> </span>(17)<span class=\"_ _164\"> </span>416<span class=\"_ _b6\"> </span>-<span class=\"_ _77\"> </span>12.576<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _1dc\"> </span>(455)</span><span style=\"display:inherit;clear:left;\">(societ\u00e0 che esercita atti<span class=\"_ _1\"></span>vit\u00e0 di </span><span style=\"display:inherit;clear:left;\">direzione e c<span class=\"_ _1\"></span>oordinamento  </span><span style=\"display:inherit;clear:left;\">su Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.)</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 cor<span class=\"_ _1\"></span>relate</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>alazzo Feroni F<span class=\"_ _1\"></span>inanziaria S.p.A.<span class=\"_ _65\"> </span>25<span class=\"_ _b4\"> </span>(9.370)<span class=\"_ _1e8\"> </span>(3.248)<span class=\"_ _1f0\"> </span>69.411<span class=\"_ _bf\"> </span>1<span class=\"_ _1ba\"> </span>-<span class=\"_ _88\"> </span>(53)<span class=\"_ _7c\"> </span>-<span class=\"_ _256\"> </span>(79.035)</span><span style=\"display:inherit;clear:left;\">Lungar<span class=\"_ _1\"></span>no Alberghi S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _6f\"> </span><span class=\"ws0\">12<span class=\"_ _c1\"> </span>(2.995)<span class=\"_ _1dc\"> </span>(574)<span class=\"_ _241\"> </span>13.427<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _89\"> </span>(84)<span class=\"_ _b2\"> </span>-<span class=\"_ _180\"> </span>(15.619)</span></span><span style=\"display:inherit;clear:left;\">Fondazione Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _2e1\"> </span>2<span class=\"_ _bc\"> </span>(189)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _89\"> </span>(50)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 riconducibili a membri del C<span class=\"_ _2\"></span>onsiglio di Amministrazione</span><span style=\"display:inherit;clear:left;\">Dal Borr<span class=\"_ _2\"></span>o S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _1d7\"> </span>56<span class=\"_ _82\"> </span>(8)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _c1\"> </span>35<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Club Sw<span class=\"_ _1\"></span>an Racing S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _162\"> </span>22<span class=\"_ _b9\"> </span>(22)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _b6\"> </span>-<span class=\"_ _1b9\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o S.r<span class=\"_ _2\"></span>.l. Societ\u00e0 agricola<span class=\"_ _78\"> </span>2<span class=\"_ _82\"> </span>(1)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o T<span class=\"_ _2\"></span>uscan Bistro S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _6e\"> </span>-<span class=\"_ _82\"> </span>(2)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Rubino S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _cb\"> </span>-<span class=\"_ _b9\"> </span>(61)<span class=\"_ _151\"> </span>(1)<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _8a\"> </span>5<span class=\"_ _67\"> </span>(1)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Sole Studio S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _199\"> </span>1<span class=\"_ _1f1\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Halldis Italia S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _1d1\"> </span>-<span class=\"_ _1f1\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>1<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Altre parti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate </span><span style=\"display:inherit;clear:left;\">Massimo Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _1c2\"> </span>-<span class=\"_ _bc\"> </span>(140)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _b6\"> </span>-<span class=\"_ _1b9\"> </span>-<span class=\"_ _89\"> </span>(12)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Riccar<span class=\"_ _2\"></span>do Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _2ae\"> </span>-<span class=\"_ _7e\"> </span>(76)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _8b\"> </span>(6)<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Giovanna F<span class=\"_ _1\"></span>err<span class=\"_ _2\"></span>agamo<span class=\"_ _20e\"> </span>-<span class=\"_ _b9\"> </span>(90)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Angiolo Anichini<span class=\"_ _28c\"> </span><span class=\"ws0\">-<span class=\"_ _bc\"> </span>(182)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _60\"> </span>(32)<span class=\"_ _74\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti c<span class=\"_ _1\"></span>on </span><span style=\"display:inherit;clear:left;\">-<span class=\"_ _c1\"> </span>(6.658)<span class=\"_ _2f5\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _1e2\"> </span>(277)<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>178<span class=\"_ _b1\"> </span>(19.881)<span class=\"_ _e0\"> </span>(3.840)<span class=\"_ _242\"> </span>83.254<span class=\"_ _21\"> </span>37<span class=\"_ _1f0\"> </span>12.581<span class=\"_ _23f\"> </span>(200)<span class=\"_ _26c\"> </span>(315)<span class=\"_ _2b0\"> </span>(95.109)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Gruppo<span class=\"_ _1b4\"> </span>1.035.106<span class=\"_ _1e2\"> </span>(1.084.107)<span class=\"_ _77\"> </span>(64.743)<span class=\"_ _10\"> </span>528.627<span class=\"_ _19a\"> </span>84.580<span class=\"_ _241\"> </span>59.608<span class=\"_ _1bd\"> </span>(164.446)<span class=\"_ _7b\"> </span>(58.874)<span class=\"_ _166\"> </span>(676.346)</span><span style=\"display:inherit;clear:left;\">% incidenza<span class=\"_ _1cf\"> </span>0,0%<span class=\"_ _e2\"> </span>1,8%<span class=\"_ _17c\"> </span>5,9%<span class=\"_ _23\"> </span>15,7%<span class=\"_ _87\"> </span>0,0%<span class=\"_ _23\"> </span>21,1%<span class=\"_ _123\"> </span>0,1%<span class=\"_ _19c\"> </span>0,5%<span class=\"_ _26c\"> </span>14,1%</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">e altre </span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">passivit\u00e0 </span><span style=\"display:inherit;clear:left;\">e C<span class=\"_ _1\"></span>osti Operati<span class=\"_ _1\"></span>vi </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">finanziarie </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti e </span><span style=\"display:inherit;clear:left;\">(al netto degli </span><span style=\"display:inherit;clear:left;\">Oneri</span><span style=\"display:inherit;clear:left;\">diritto </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">Debiti</span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi</span><span style=\"display:inherit;clear:left;\">altri proventi)</span><span style=\"display:inherit;clear:left;\">finanziari</span><span style=\"display:inherit;clear:left;\">d\u2019uso</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 contr<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Finanziaria S.p.A.</span><span style=\"display:inherit;clear:left;\">57<span class=\"_ _25\"> </span>(85)<span class=\"_ _1b9\"> </span>(19)<span class=\"_ _123\"> </span>500<span class=\"_ _7e\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _8a\"> </span></span>14<span class=\"_ _b9\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _233\"> </span></span>(4.942)<span class=\"_ _8b\"> </span>(538)</span><span style=\"display:inherit;clear:left;\">(societ\u00e0 che esercita atti<span class=\"_ _1\"></span>vit\u00e0 di </span><span style=\"display:inherit;clear:left;\">direzione e c<span class=\"_ _1\"></span>oordinamento <span class=\"ls0\"> </span></span><span style=\"display:inherit;clear:left;\">su Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.)</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 cor<span class=\"_ _1\"></span>relate</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>alazzo Feroni F<span class=\"_ _1\"></span>inanziaria S.p.A.<span class=\"_ _263\"> </span><span class=\"ws38\">26<span class=\"_ _12a\"> </span>(9.228)<span class=\"_ _e1\"> </span>(3.387)<span class=\"_ _1de\"> </span>76.524<span class=\"_ _203\"> </span>1.001<span class=\"_ _11f\"> </span></span><span class=\"ls0\">6<span class=\"_ _151\"> </span></span><span class=\"ws38\">(212)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _1e7\"> </span></span><span class=\"ws38\">(83.519)</span></span><span style=\"display:inherit;clear:left;\">Lungar<span class=\"_ _1\"></span>no Alberghi S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _172\"> </span><span class=\"ws38\">19<span class=\"_ _12a\"> </span>(2.797)<span class=\"_ _8b\"> </span>(644)<span class=\"_ _1de\"> </span>15.564<span class=\"_ _12b\"> </span><span class=\"ls0 ws0\">8<span class=\"_ _21\"> </span>-<span class=\"_ _c1\"> </span></span>(24)<span class=\"_ _15b\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _1e7\"> </span></span>(17.654)</span></span><span style=\"display:inherit;clear:left;\">Fondazione Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _11b\"> </span><span class=\"ls0\">2<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(189)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _c1\"> </span></span><span class=\"ws38\">(50)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 riconducibili a membri del C<span class=\"_ _2\"></span>onsiglio di Amministrazione</span><span style=\"display:inherit;clear:left;\">Dal Borr<span class=\"_ _2\"></span>o S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _343\"> </span><span class=\"ws38\">42<span class=\"_ _25\"> </span>(42)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _bf\"> </span></span><span class=\"ws38\">(5)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Club Sw<span class=\"_ _1\"></span>an Racing S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _15d\"> </span><span class=\"ws38\">22<span class=\"_ _176\"> </span>(26)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o S.r<span class=\"_ _2\"></span>.l. Societ\u00e0 agricola<span class=\"_ _1b1\"> </span><span class=\"ls0\">-<span class=\"_ _2b6\"> </span></span><span class=\"ws38\">16<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _e5\"> </span></span><span class=\"ws38\">19<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o T<span class=\"_ _2\"></span>uscan Bistro S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _7a\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(1)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Rubino S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _c6\"> </span><span class=\"ls0\">-<span class=\"_ _25\"> </span></span><span class=\"ws38\">(55)<span class=\"_ _ec\"> </span>(1)<span class=\"_ _88\"> </span>57<span class=\"_ _7e\"> </span></span><span class=\"ls0\">-<span class=\"_ _11f\"> </span>5<span class=\"_ _bf\"> </span></span><span class=\"ws38\">(2)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _1ba\"> </span></span><span class=\"ws38\">(57<span class=\"_ _4\"></span>)</span></span><span style=\"display:inherit;clear:left;\">Windows on Italy S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _2c7\"> </span><span class=\"ls0\">-<span class=\"_ _29c\"> </span>-<span class=\"_ _e2\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _d9\"> </span>1<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Sole Studio S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _11a\"> </span><span class=\"ls0\">1<span class=\"_ _29c\"> </span>-<span class=\"_ _e2\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Halldis Italia S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _344\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(9)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _d9\"> </span>1<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Harbour Cit<span class=\"_ _2\"></span>y Estates Limited<span class=\"_ _2e3\"> </span><span class=\"ls0\">-<span class=\"_ _12a\"> </span></span><span class=\"ws38\">(4.553)<span class=\"_ _85\"> </span>(115)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>imes Square Ltd.<span class=\"_ _cb\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(695)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Harriman L<span class=\"_ _1\"></span>easing Limited<span class=\"_ _25c\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(2)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Lane Cr<span class=\"_ _2\"></span>awford (Hong K<span class=\"_ _1\"></span>ong<span class=\"_ _4\"></span>) Limited<span class=\"_ _22b\"> </span><span class=\"ls0\">8<span class=\"_ _29c\"> </span>-<span class=\"_ _2a3\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Long Jin C<span class=\"_ _2\"></span>omplex Development (Chengdu) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd<span class=\"_ _1a8\"> </span><span class=\"ls0\">-<span class=\"_ _12a\"> </span></span><span class=\"ws38\">(1.965)<span class=\"_ _85\"> </span>(267)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Dalian T<span class=\"_ _2\"></span>imes Square C<span class=\"_ _1\"></span>ommercial C<span class=\"_ _2\"></span>o.ltd<span class=\"_ _25\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(550)<span class=\"_ _1ba\"> </span>(17)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>edder Group Limited<span class=\"_ _df\"> </span><span class=\"ws38\">(1)<span class=\"_ _c0\"> </span></span><span class=\"ls0\">-<span class=\"_ _2a3\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>edder <span class=\"_ _4\"></span>Vision Limited<span class=\"_ _28b\"> </span><span class=\"ws38\">19<span class=\"_ _c0\"> </span></span><span class=\"ls0\">-<span class=\"_ _2a3\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">OIS Realty Limited<span class=\"_ _30d\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(478)<span class=\"_ _1b9\"> </span>(10)<span class=\"_ _21\"> </span></span><span class=\"ls0\">-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Shanghai Wheelock squar<span class=\"_ _2\"></span>e Development<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd.<span class=\"_ _120\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(834)<span class=\"_ _1b9\"> </span>(22)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Shanghai Harriman P<span class=\"_ _2\"></span>roperty Management </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd.<span class=\"_ _120\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(103)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Wharf (China) P<span class=\"_ _2\"></span>roperty Management C<span class=\"_ _2\"></span>o.<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">Ltd - IFS Br<span class=\"_ _2\"></span>anch<span class=\"_ _343\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(133)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Chongquing Jiayi Real Estate Dev<span class=\"_ _1\"></span>elopment </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o Ltd.<span class=\"_ _1a8\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(299)<span class=\"_ _1b9\"> </span>(30)<span class=\"_ _21\"> </span></span><span class=\"ls0\">-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Chengdu T<span class=\"_ _2\"></span>imes Outlets Commerc<span class=\"_ _2\"></span>e Co., L<span class=\"_ _1\"></span>td<span class=\"_ _9f\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(222)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Altre parti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate </span><span style=\"display:inherit;clear:left;\">Massimo Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _1a9\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(104)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Riccar<span class=\"_ _2\"></span>do Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _31c\"> </span><span class=\"ls0\">-<span class=\"_ _80\"> </span></span><span class=\"ws38\">(50)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _105\"> </span><span class=\"ls7b ws15f\">(<span class=\"_ _4\"></span>3)<span class=\"_ _208\"> </span></span>-</span></span><span style=\"display:inherit;clear:left;\">Giovanna F<span class=\"_ _1\"></span>err<span class=\"_ _2\"></span>agamo<span class=\"_ _1ec\"> </span><span class=\"ls0\">-<span class=\"_ _25\"> </span></span><span class=\"ws38\">(90)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti</span><span style=\"display:inherit;clear:left;\">con r<span class=\"_ _1\"></span>esponsabilit\u00e0 strategiche<span class=\"_ _56\"> </span><span class=\"ls0\">8<span class=\"_ _cf\"> </span></span><span class=\"ws38\">(10.339)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _26c\"> </span></span><span class=\"ws38\">(5.063)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _dc\"> </span>203<span class=\"_ _a1\"> </span>(32.833)<span class=\"_ _164\"> </span>(4.512)<span class=\"_ _1e3\"> </span>92.645<span class=\"_ _8a\"> </span>1.029<span class=\"_ _8a\"> </span>25<span class=\"_ _203\"> </span>(292)<span class=\"_ _61\"> </span>(10.008)<span class=\"_ _16e\"> </span>(101.768)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Gruppo<span class=\"_ _2f3\"> </span><span class=\"ws38\">1.156.271<span class=\"_ _257\"> </span>(1.084.249)<span class=\"_ _234\"> </span>(69.387)<span class=\"_ _241\"> </span>616.612<span class=\"_ _164\"> </span>106.821<span class=\"_ _1e3\"> </span>51.472<span class=\"_ _178\"> </span>(173.323)<span class=\"_ _16e\"> </span>(65.029)<span class=\"_ _16e\"> </span>(711.042)</span></span><span style=\"display:inherit;clear:left;\">% incidenza<span class=\"_ _2ac\"> </span><span class=\"ws38\">0,0%<span class=\"_ _219\"> </span>3,0%<span class=\"_ _89\"> </span>6,5%<span class=\"_ _178\"> </span>15,0%<span class=\"_ _1b9\"> </span>1,0%<span class=\"_ _163\"> </span>0,0%<span class=\"_ _1b9\"> </span>0,2%<span class=\"_ _19a\"> </span>15,4%<span class=\"_ _15f\"> </span>14,3%</span></span><span style=\"display:inherit;clear:left;\">Le vendite e g<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i tra par<span class=\"_ _4\"></span>ti cor<span class=\"_ _4\"></span>relate so<span class=\"_ _4\"></span>no ef<span class=\"_ _4\"></span>fettuati al pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo no<span class=\"_ _4\"></span>rmalmente pr<span class=\"_ _4\"></span>aticato sul me<span class=\"_ _4\"></span>rcato. I s<span class=\"_ _4\"></span>aldi in es<span class=\"_ _4\"></span>sere </span><span style=\"display:inherit;clear:left;\">a f<span class=\"_ _4\"></span>ine per<span class=\"_ _4\"></span>iodo no<span class=\"_ _4\"></span>n sono as<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>titi da garan<span class=\"_ _4\"></span>zie, no<span class=\"_ _4\"></span>n gener<span class=\"_ _4\"></span>ano intere<span class=\"_ _4\"></span>ssi e s<span class=\"_ _4\"></span>ono rego<span class=\"_ _4\"></span>lati a pronti. Si s<span class=\"_ _4\"></span>egnalano f<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>jussi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">bancar<span class=\"_ _4\"></span>ie rilasciate a favo<span class=\"_ _4\"></span>re di Palaz<span class=\"_ _4\"></span>zo Fero<span class=\"_ _4\"></span>ni Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 2.243 mi<span class=\"_ _1\"></span>gliaia, a favore di Lungarn<span class=\"_ _4\"></span>o Albe<span class=\"_ _4\"></span>rghi S<span class=\"_ _4\"></span>.r<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>l. </span><span style=\"display:inherit;clear:left;\">per Euro 4<span class=\"_ _4\"></span>88 migliaia e<span class=\"_ _4\"></span>d a favore di Fe<span class=\"_ _4\"></span>rragamo Finan<span class=\"_ _4\"></span>ziaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A pe<span class=\"_ _4\"></span>r Euro 23 migliaia, per ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo in aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to di immobili </span><span style=\"display:inherit;clear:left;\">di loro prop<span class=\"_ _4\"></span>riet\u00e0<span class=\"_ _4\"></span>. Non vi s<span class=\"_ _4\"></span>ono ulter<span class=\"_ _4\"></span>iori garan<span class=\"_ _4\"></span>zie, pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ate o ricev<span class=\"_ _4\"></span>ute, in re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e a crediti e de<span class=\"_ _4\"></span>biti con p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i correlate<span class=\"_ _4\"></span>. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o non ha acc<span class=\"_ _4\"></span>antonato alcun fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one credit<span class=\"_ _4\"></span>i a fronte deg<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti dov<span class=\"_ _4\"></span>uti dalle par<span class=\"_ _4\"></span>ti corre<span class=\"_ _4\"></span>late.  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito i comm<span class=\"_ _4\"></span>enti alle t<span class=\"_ _4\"></span>abelle p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti: </span><span style=\"display:inherit;clear:left;\">Societ\u00e0 c<span class=\"_ _2\"></span>ont<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Fer<span class=\"_ _2\"></span>ragamo F<span class=\"_ _2\"></span>inanziaria S.p.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Nell<span class=\"_ _4\"></span>\u2019ambito del co<span class=\"_ _4\"></span>nsolidato f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale na<span class=\"_ _4\"></span>zionale di cui la C<span class=\"_ _4\"></span>apogrup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. \u00e8 par<span class=\"_ _4\"></span>te congiunt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">a Ferr<span class=\"_ _4\"></span>agamo Finanziar<span class=\"_ _4\"></span>ia S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>nsolidante) si evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>ia tra le Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti un cre<span class=\"_ _4\"></span>dito di Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.576 </span><span style=\"display:inherit;clear:left;\">migliaia riferito al cre<span class=\"_ _4\"></span>dito net<span class=\"_ _4\"></span>to IRE<span class=\"_ _4\"></span>S deri<span class=\"_ _4\"></span>vante dagli acco<span class=\"_ _4\"></span>nti vers<span class=\"_ _4\"></span>ati nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4 e n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i a fine ann<span class=\"_ _4\"></span>o. della </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>..  </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. ha inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere un contr<span class=\"_ _4\"></span>atto di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne con Fe<span class=\"_ _4\"></span>rragamo Finan<span class=\"_ _4\"></span>ziaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., re<span class=\"_ _4\"></span>lativo </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to di un capanno<span class=\"_ _4\"></span>ne adiacente all<span class=\"_ _4\"></span>o stab<span class=\"_ _4\"></span>ilimento di Os<span class=\"_ _4\"></span>mannoro, che la so<span class=\"_ _4\"></span>ciet\u00e0 C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo ha adibit<span class=\"_ _4\"></span>o a mo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">delle<span class=\"_ _4\"></span>ria per l<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti in pe<span class=\"_ _4\"></span>lle. Ri<span class=\"_ _4\"></span>entrand<span class=\"_ _4\"></span>o nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>, il contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019iscr<span class=\"_ _4\"></span>izione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso, ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a lungo la vit<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, in controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">alla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 c<span class=\"_ _2\"></span>orr<span class=\"_ _2\"></span>elate </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti rig<span class=\"_ _4\"></span>uardano principalme<span class=\"_ _4\"></span>nte trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di natura commerciale ch<span class=\"_ _4\"></span>e hanno avuto ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to sui ric<span class=\"_ _4\"></span>avi, sui co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i, sui crediti e d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali, sulle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, sulle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing</span> e s<span class=\"_ _4\"></span>ulle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ve<span class=\"_ _4\"></span>ndita di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti;<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione; s<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati c<span class=\"_ _4\"></span>ome prev<span class=\"_ _4\"></span>isto  dal p<span class=\"_ _4\"></span>rincipio (<span class=\"_ _1\"></span>quindi </span><span style=\"display:inherit;clear:left;\">con l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>scrizi<span class=\"_ _4\"></span>one di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari), altrimenti i c<span class=\"_ _4\"></span>ano<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ni sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a conto e<span class=\"_ _4\"></span>conomico lin<span class=\"_ _4\"></span>earme<span class=\"_ _4\"></span>nte per la durat<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntratto e i re<span class=\"_ _4\"></span>lativi d<span class=\"_ _4\"></span>ebiti s<span class=\"_ _4\"></span>ono inclusi n<span class=\"_ _4\"></span>ei </span><span style=\"display:inherit;clear:left;\">Deb<span class=\"_ _4\"></span>iti commerciali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnalano in par<span class=\"_ _4\"></span>ticolare i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1c\"></span>alazzo Fer<span class=\"_ _2\"></span>oni Finanziaria S.p.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i e i relativ<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono prin<span class=\"_ _4\"></span>cipalmente a pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi informatici e amminis<span class=\"_ _4\"></span>trativ<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i e gli oner<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari sono in<span class=\"_ _4\"></span>erenti p<span class=\"_ _4\"></span>rincipalmente </span><span style=\"display:inherit;clear:left;\">ad af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r i loc<span class=\"_ _4\"></span>ali della se<span class=\"_ _4\"></span>de ce<span class=\"_ _4\"></span>ntrale di Firen<span class=\"_ _4\"></span>ze e per al<span class=\"_ _4\"></span>cuni negozi della c<span class=\"_ _4\"></span>atena it<span class=\"_ _4\"></span>aliana, rientranti p<span class=\"_ _4\"></span>er la mag<span class=\"_ _4\"></span>gior </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019ambito di applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>6.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1\"></span>ungarno A<span class=\"_ _1\"></span>lber<span class=\"_ _1\"></span>ghi <span class=\"_ _4\"></span>S.r<span class=\"_ _44\"></span>.l.</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i (<span class=\"_ _2\"></span>e i re<span class=\"_ _4\"></span>lativi s<span class=\"_ _4\"></span>aldi a credit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>ono a vendit<span class=\"_ _4\"></span>e di prodot<span class=\"_ _4\"></span>ti; le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019uso, le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i e gli intere<span class=\"_ _4\"></span>ssi pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi si rife<span class=\"_ _4\"></span>riscon<span class=\"_ _4\"></span>o principalme<span class=\"_ _4\"></span>nte ad un contrat<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di un l<span class=\"_ _4\"></span>ocale a<span class=\"_ _4\"></span>dibito a </span><span style=\"display:inherit;clear:left;\">punto vendit<span class=\"_ _4\"></span>a della c<span class=\"_ _4\"></span>atena DT<span class=\"_ _2\"></span>C it<span class=\"_ _4\"></span>aliana, rientrante n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito di app<span class=\"_ _4\"></span>licazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16.  </span><span style=\"display:inherit;clear:left;\">Fondazione F<span class=\"_ _2\"></span>err<span class=\"_ _2\"></span>agamo </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>d i relati<span class=\"_ _4\"></span>vi saldi a d<span class=\"_ _4\"></span>ebito) si riferisc<span class=\"_ _4\"></span>ono pe<span class=\"_ _4\"></span>r Euro 99 migliaia ai ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ati per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>archiv<span class=\"_ _4\"></span>io sto<span class=\"_ _4\"></span>ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">co Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo (Euro 99 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>) e p<span class=\"_ _4\"></span>er Euro 90 mig<span class=\"_ _4\"></span>liaia a erogaz<span class=\"_ _4\"></span>ioni liber<span class=\"_ _4\"></span>ali a suppor<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">ist<span class=\"_ _4\"></span>ituzionali de<span class=\"_ _4\"></span>lla Fonda<span class=\"_ _4\"></span>zione (Euro 90 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Societ\u00e0 ric<span class=\"_ _2\"></span>onducibili ai membri del C<span class=\"_ _2\"></span>onsiglio di Amministr<span class=\"_ _2\"></span>azione</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti rig<span class=\"_ _4\"></span>uardano principalme<span class=\"_ _4\"></span>nte trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di natura commerciale ch<span class=\"_ _4\"></span>e hanno avuto ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to sui ric<span class=\"_ _4\"></span>avi, sui co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i, sui crediti e d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali, sulle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, sulle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing</span> e s<span class=\"_ _4\"></span>ulle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ve<span class=\"_ _4\"></span>ndita di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti;<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione; s<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 so<span class=\"_ _4\"></span>no contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati co<span class=\"_ _4\"></span>me prev<span class=\"_ _4\"></span>isto dal p<span class=\"_ _4\"></span>rincipio (<span class=\"_ _1\"></span>quindi </span><span style=\"display:inherit;clear:left;\">con l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>scrizi<span class=\"_ _4\"></span>one di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari), altrimenti i c<span class=\"_ _4\"></span>ano<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ni sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a conto e<span class=\"_ _4\"></span>conomico lin<span class=\"_ _4\"></span>earme<span class=\"_ _4\"></span>nte per la durat<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntratto e i re<span class=\"_ _4\"></span>lativi d<span class=\"_ _4\"></span>ebiti s<span class=\"_ _4\"></span>ono inclusi n<span class=\"_ _4\"></span>ei </span><span style=\"display:inherit;clear:left;\">Deb<span class=\"_ _4\"></span>iti commerciali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.  </span><span style=\"display:inherit;clear:left;\">Altr<span class=\"_ _1\"></span>e parti cor<span class=\"_ _2\"></span>rel<span class=\"_ _1\"></span>ate </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente all<span class=\"_ _4\"></span>e altre par<span class=\"_ _4\"></span>ti corre<span class=\"_ _4\"></span>late, i cos<span class=\"_ _4\"></span>ti, e i relati<span class=\"_ _4\"></span>vi de<span class=\"_ _4\"></span>biti, si rifer<span class=\"_ _4\"></span>iscon<span class=\"_ _4\"></span>o al cost<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenuto prin<span class=\"_ _4\"></span>cipalmente da </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e da Ferr<span class=\"_ _4\"></span>agamo Usa In<span class=\"_ _4\"></span>c. in rela<span class=\"_ _4\"></span>zione al r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to di co<span class=\"_ _4\"></span>llabora<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re nel co<span class=\"_ _4\"></span>rso </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erciz<span class=\"_ _4\"></span>io.  </span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori, sindaci e dirigenti c<span class=\"_ _2\"></span>on responsabilit\u00e0 str<span class=\"_ _2\"></span>ateg<span class=\"_ _4\"></span>iche</span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente ag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri e sindaci si r<span class=\"_ _4\"></span>imanda alla succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va not<span class=\"_ _4\"></span>a 46 \u201cC<span class=\"_ _4\"></span>ompen<span class=\"_ _4\"></span>si ad Amminis<span class=\"_ _4\"></span>trator<span class=\"_ _4\"></span>i e Sindaci<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">I dirigenti co<span class=\"_ _4\"></span>n resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 st<span class=\"_ _4\"></span>rategich<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4 so<span class=\"_ _4\"></span>no indicati n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante: </span><span style=\"display:inherit;clear:left;\">Nome e cognome<span class=\"_ _30d\"> </span>Funzione</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _345\"> </span><span class=\"ff64\">Chief T<span class=\"_ _1c\"></span>ransformation &amp; Sustainability Officer </span></span><span style=\"display:inherit;clear:left;\">Pierr<span class=\"_ _2\"></span>e Giorgio Sallier de La T<span class=\"_ _2\"></span>our <span class=\"_ _24c\"> </span><span class=\"ff64\">Chief Financial Offic<span class=\"_ _2\"></span>er <span class=\"ff61\">e Dirigente preposto alla redazione dei documenti c<span class=\"_ _2\"></span>ontabili societari </span></span></span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti relati<span class=\"_ _4\"></span>vi ai dirigenti co<span class=\"_ _4\"></span>n resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 st<span class=\"_ _4\"></span>rategich<span class=\"_ _4\"></span>e, si rife<span class=\"_ _4\"></span>risco<span class=\"_ _4\"></span>no al cost<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenuto dal G<span class=\"_ _4\"></span>ruppo in re<span class=\"_ _4\"></span>lazione al </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di lavoro dipen<span class=\"_ _4\"></span>dente interco<span class=\"_ _4\"></span>rrente, in<span class=\"_ _4\"></span>clusivo de<span class=\"_ _4\"></span>l <span class=\"ff5f ls58 ws6\">bonu<span class=\"_ _4\"></span>s</span> variabile e de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>igurativo de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f ls2b wscf\">Performan<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ce</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> </span><span style=\"display:inherit;clear:left;\">2023-20<span class=\"_ _1\"></span>25.</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Ne<span class=\"_ _4\"></span>l</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">cors<span class=\"_ _4\"></span>o</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _1\"></span>4</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">sono</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">s<span class=\"_ _4\"></span>tati</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>ari</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Euro</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">80<span class=\"_ _4\"></span>9</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">migliaia,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>m<span class=\"_ _4\"></span>entre</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cizio 2023 e<span class=\"_ _4\"></span>rano pari a<span class=\"_ _4\"></span>d Euro 872 migliai<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>). In general<span class=\"_ _4\"></span>e ai dirigenti con re<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>nsabilit<span class=\"_ _4\"></span>\u00e0 str<span class=\"_ _4\"></span>ategich<span class=\"_ _4\"></span>e sono ric<span class=\"_ _4\"></span>onosciut<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">be<span class=\"_ _4\"></span>nef<span class=\"_ _5\"></span>it<span class=\"_ _4\"></span>s</span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">non</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">quali</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">auto,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">telefon<span class=\"_ _4\"></span>o</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">cellulare</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">e</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurative<span class=\"_ _4\"></span>.</span></span>  </span></span><span style=\"display:inherit;clear:left;\">46. C<span class=\"_ _1c\"></span>ompensi ad <span class=\"_ _1\"></span>Amministr<span class=\"_ _2\"></span>atori e Sindaci</span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _316\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ompensi </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Retrib., </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">Benefici </span><span style=\"display:inherit;clear:left;\">bonus<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">per la </span><span style=\"display:inherit;clear:left;\">partec.a </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">e altri </span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">Stock </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">comitati</span><span style=\"display:inherit;clear:left;\">monetari</span><span style=\"display:inherit;clear:left;\">incentivi</span><span style=\"display:inherit;clear:left;\">compensi</span><span style=\"display:inherit;clear:left;\">Grant<span class=\"_ _180\"> </span><span class=\"ff62\">T<span class=\"_ _2\"></span>otale </span></span><span style=\"display:inherit;clear:left;\">Leonar<span class=\"_ _1\"></span>do Ferr<span class=\"_ _2\"></span>agamo <span class=\"_ _225\"> </span>Presidente<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>400<span class=\"_ _151\"> </span>-<span class=\"_ _7f\"> </span> c) <span class=\"_ _8a\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>400</span><span style=\"display:inherit;clear:left;\">Angelica Visc<span class=\"_ _2\"></span>onti<span class=\"_ _225\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _1\"></span>esidente<span class=\"_ _346\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>200<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>200</span></span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e Delegato </span><span style=\"display:inherit;clear:left;\">Marc<span class=\"_ _2\"></span>o Gobbetti</span><span style=\"display:inherit;clear:left;\">1.01-31.12<span class=\"_ _87\"> </span>b)<span class=\"_ _163\"> </span>120<span class=\"_ _151\"> </span>-<span class=\"_ _ae\"> </span><span class=\"lsf8 ws9a\"> c) d) e) f<span class=\"_ _4\"></span>) <span class=\"_ _61\"> </span></span>2.180<span class=\"_ _151\"> </span>-<span class=\"_ _61\"> </span>2.239<span class=\"_ _174\"> </span>4.539</span><span style=\"display:inherit;clear:left;\">e Direttor<span class=\"_ _2\"></span>e Generale</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _1f2\"> </span><span class=\"ls0\">Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _151\"> </span>-<span class=\"_ _1df\"> </span><span class=\"lsf8 ws9a\"> c) d) e) <span class=\"_ _1e2\"> </span></span>457<span class=\"_ _151\"> </span>-<span class=\"_ _60\"> </span>19<span class=\"_ _164\"> </span>526</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrizia Michela </span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _8b\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _123\"> </span>45<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>95</span><span style=\"display:inherit;clear:left;\">Giangualano</span><span style=\"display:inherit;clear:left;\">Umberto T<span class=\"_ _2\"></span>ombari<span class=\"_ _1d6\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>15<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>65</span><span style=\"display:inherit;clear:left;\">Laura Donnini <span class=\"_ _1b3\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>34<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>84</span><span style=\"display:inherit;clear:left;\">Nicc<span class=\"_ _1\"></span>ol\u00f2 Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _78\"> </span>Amministrator<span class=\"_ _2\"></span>e<span class=\"_ _160\"> </span>23.04-31.12<span class=\"_ _325\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _8a\"> </span>4<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>39</span><span style=\"display:inherit;clear:left;\">Sara F<span class=\"_ _2\"></span>errero<span class=\"_ _11e\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _123\"> </span>40<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>75</span><span style=\"display:inherit;clear:left;\">Ernesto Gr<span class=\"_ _2\"></span>eco<span class=\"_ _1b4\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>11<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _123\"> </span>29<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>40</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abio Gallia<span class=\"_ _249\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-07.05<span class=\"_ _269\"> </span>2<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _8a\"> </span>2</span><span style=\"display:inherit;clear:left;\">Annalisa Loustau Elia<span class=\"_ _1c1\"> </span>Amministr<span class=\"_ _1\"></span>atore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>r\u00e9d\u00e9ric Biousse<span class=\"_ _1ef\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _fb\"> </span>1.035<span class=\"_ _1da\"> </span>150<span class=\"_ _219\"> </span>2.637<span class=\"_ _123\"> </span>29<span class=\"_ _23\"> </span>2.258<span class=\"_ _1e3\"> </span>6.109</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025; b) risoluzione consensuale con effetto dalla data di appr<span class=\"_ _1\"></span>ovazione del pr<span class=\"_ _2\"></span>ogetto di bilancio </span><span style=\"display:inherit;clear:left;\">relativ<span class=\"_ _1\"></span>o all\u2019esercizio 2024, 06 marzo 2025; c) auto; d) telefono c<span class=\"_ _1\"></span>ellulare; e) polizze assic<span class=\"_ _1\"></span>urati<span class=\"_ _1\"></span>ve; f<span class=\"_ _5\"></span>) foresteria </span><span style=\"display:inherit;clear:left;\">Sindaci</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _f7\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Altri compensi </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">perc<span class=\"_ _1\"></span>epiti </span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">Emolumenti</span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">da societ\u00e0 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">per la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">compensi*</span><span style=\"display:inherit;clear:left;\">controll<span class=\"_ _1\"></span>ate</span><span style=\"display:inherit;clear:left;\">gener<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Andrea Balelli<span class=\"_ _72\"> </span>P<span class=\"_ _2\"></span>residente<span class=\"_ _e0\"> </span>01.01-31.12<span class=\"_ _219\"> </span>a)<span class=\"_ _148\"> </span>64<span class=\"_ _148\"> </span>15<span class=\"_ _176\"> </span>-<span class=\"_ _de\"> </span>79</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>aola Car<span class=\"_ _1\"></span>amella<span class=\"_ _d7\"> </span><span class=\"ws8\">Sindaco effettivo<span class=\"_ _1de\"> </span></span>01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span><span style=\"display:inherit;clear:left;\">Giovanni C<span class=\"_ _2\"></span>rostarosa Guicciar<span class=\"_ _2\"></span>di</span><span style=\"display:inherit;clear:left;\">Sindaco effettiv<span class=\"_ _1\"></span>o<span class=\"_ _e0\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>160<span class=\"_ _de\"> </span>39<span class=\"_ _176\"> </span>-<span class=\"_ _297\"> </span>199</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025   </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _45\"></span>Gli alt<span class=\"_ _4\"></span>ri compensi si riferisc<span class=\"_ _2\"></span>ono al compenso quale Pr<span class=\"_ _2\"></span>esidente o membro dell\u2019Organismo di Vigilanza di cui al D.lgs. 231/2001 </span><span style=\"display:inherit;clear:left;\">Si precisa che i membri del c<span class=\"_ _1\"></span>ollegio sindacale non hanno perc<span class=\"_ _2\"></span>epito alt<span class=\"_ _4\"></span>ri compensi er<span class=\"_ _2\"></span>ogati da societ\u00e0 del Gruppo. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che pe<span class=\"_ _4\"></span>r Amminist<span class=\"_ _4\"></span>ratori e Sinda<span class=\"_ _4\"></span>ci non son<span class=\"_ _4\"></span>o previ<span class=\"_ _4\"></span>ste inde<span class=\"_ _4\"></span>nnit\u00e0 di f<span class=\"_ _4\"></span>ine c<span class=\"_ _4\"></span>arica<span class=\"ff62 ls0\">.</span></span><span style=\"display:inherit;clear:left;\">47. Impegni e rischi </span><span style=\"display:inherit;clear:left;\">Il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i rischi e de<span class=\"_ _4\"></span>gli impe<span class=\"_ _4\"></span>gni \u00e8 il seg<span class=\"_ _4\"></span>uente:</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _163\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023 </span><span style=\"display:inherit;clear:left;\">Fideiussioni e gar<span class=\"_ _1\"></span>anzie prestate da ter<span class=\"_ _1\"></span>zi a terzi nell\u2019interesse delle societ\u00e0 del Gruppo<span class=\"_ _347\"> </span>25.950 <span class=\"_ _f3\"> </span>26.730 </span><span style=\"display:inherit;clear:left;\">Garanzie pr<span class=\"_ _2\"></span>estate dalle societ\u00e0 del Gruppo a terzi nell\u2019interesse delle societ\u00e0 del Gruppo <span class=\"_ _2e6\"> </span>60.034 <span class=\"_ _b7\"> </span>85.087 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _348\"> </span>85.984 <span class=\"_ _2e0\"> </span>111.817 </span><span style=\"display:inherit;clear:left;\">Le f<span class=\"_ _4\"></span>ideius<span class=\"_ _4\"></span>sioni e le g<span class=\"_ _4\"></span>aranzie p<span class=\"_ _4\"></span>rest<span class=\"_ _4\"></span>ate da so<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>etti te<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se dell<span class=\"_ _4\"></span>e socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono pre<span class=\"_ _4\"></span>valen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teme<span class=\"_ _4\"></span>nte a f<span class=\"_ _4\"></span>ideius<span class=\"_ _4\"></span>sioni e g<span class=\"_ _4\"></span>aranzie rila<span class=\"_ _4\"></span>sciate su contr<span class=\"_ _4\"></span>atti di lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione st<span class=\"_ _4\"></span>ipulati dalle soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o e compren<span class=\"_ _4\"></span>dono </span><span style=\"display:inherit;clear:left;\">una garanz<span class=\"_ _4\"></span>ia per 6 milioni di US<span class=\"_ _4\"></span>D (Euro 5.<span class=\"_ _2\"></span>7<span class=\"_ _4\"></span>75 migliaia<span class=\"_ _2\"></span>) relati<span class=\"_ _4\"></span>va ad un contr<span class=\"_ _4\"></span>atto di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo Usa<span class=\"_ _4\"></span>. <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Le garan<span class=\"_ _4\"></span>zie pre<span class=\"_ _4\"></span>state dall<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente a favor<span class=\"_ _4\"></span>e di istitut<span class=\"_ _4\"></span>i di credito a gar<span class=\"_ _4\"></span>anzia di line<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">di cre<span class=\"_ _4\"></span>dito utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zabili l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>lmente<span class=\"_ _4\"></span>.</span></span>  </span><span style=\"display:inherit;clear:left;\">48.  <span class=\"_ _1b6\"></span>Er<span class=\"_ _2\"></span>ogazioni pubbliche Informati<span class=\"_ _2\"></span>va ex art<span class=\"_ _4\"></span>. 1, <span class=\"ls0\"> </span></span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>ommi 125-129 della Legg<span class=\"_ _1\"></span>e n. 124/2017 </span><span style=\"display:inherit;clear:left;\">In relaz<span class=\"_ _4\"></span>ione al disp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o di cui all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>, comma 1<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>5, della le<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>ge 1<span class=\"_ _1c\"></span>24/201<span class=\"_ _1c\"></span>7<span class=\"_ _1c\"></span>, in m<span class=\"_ _4\"></span>erito all<span class=\"_ _4\"></span>\u2019obbligo di dare evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a in nota </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ativa de<span class=\"_ _4\"></span>lle somme di d<span class=\"_ _4\"></span>enaro eventualm<span class=\"_ _4\"></span>ente ricev<span class=\"_ _4\"></span>ute ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio a tito<span class=\"_ _4\"></span>lo di sov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nzioni, co<span class=\"_ _4\"></span>ntributi, inc<span class=\"_ _4\"></span>arichi re<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tribuiti e c<span class=\"_ _4\"></span>omunque vant<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gi econ<span class=\"_ _4\"></span>omici di qualunque gene<span class=\"_ _4\"></span>re dalle pubbli<span class=\"_ _4\"></span>che amministr<span class=\"_ _4\"></span>azioni e dai s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>i di cui al </span><span style=\"display:inherit;clear:left;\">comma 1<span class=\"_ _2\"></span>25 de<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>desimo ar<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>colo, si ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia che nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 202<span class=\"_ _2\"></span>4 la S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A non ha r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">sov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nzioni, c<span class=\"_ _4\"></span>ontributi, inc<span class=\"_ _4\"></span>arichi retribuit<span class=\"_ _4\"></span>i e comunque v<span class=\"_ _4\"></span>antag<span class=\"_ _4\"></span>gi ec<span class=\"_ _4\"></span>onomici di qualunque ge<span class=\"_ _4\"></span>nere dalle pub<span class=\"_ _4\"></span>bliche am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>azioni. A<span class=\"_ _4\"></span>i sen<span class=\"_ _4\"></span>si delle di<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 3-<span class=\"_ _4\"></span>quater de<span class=\"_ _4\"></span>l DL 1<span class=\"_ _2\"></span>35/20<span class=\"_ _2\"></span>18, conver<span class=\"_ _4\"></span>tito co<span class=\"_ _4\"></span>n modif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni dalla Leg<span class=\"_ _4\"></span>ge </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _1c\"></span>1 febbr<span class=\"_ _4\"></span>aio 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9 n.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>2, pe<span class=\"_ _4\"></span>r le erog<span class=\"_ _4\"></span>azioni ri<span class=\"_ _4\"></span>cevute s<span class=\"_ _4\"></span>i rinvia alle indic<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ontenute ne<span class=\"_ _4\"></span>l Regi<span class=\"_ _4\"></span>stro Naz<span class=\"_ _4\"></span>ionale de<span class=\"_ _4\"></span>gli Aiuti di </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Stato di cui all<span class=\"_ _4\"></span>\u2019artico<span class=\"_ _4\"></span>lo 52 della Leg<span class=\"_ _4\"></span>ge 2<span class=\"_ _1\"></span>4 dicemb<span class=\"_ _4\"></span>re 20<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2, n. 235.</span></span> </span><span style=\"display:inherit;clear:left;\">49. E<span class=\"_ _1c\"></span>venti ed oper<span class=\"_ _2\"></span>azioni significati<span class=\"_ _1\"></span>ve non ric<span class=\"_ _2\"></span>orr<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">Si pre<span class=\"_ _4\"></span>cisa che ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 non vi sono s<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>venti od o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ative non r<span class=\"_ _4\"></span>icorrenti p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>te in </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere dal G<span class=\"_ _4\"></span>ruppo S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo. </span><span style=\"display:inherit;clear:left;\">50. T<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ans<span class=\"_ _4\"></span>azioni deriv<span class=\"_ _2\"></span>anti da oper<span class=\"_ _2\"></span>azioni atipiche e/<span class=\"_ _0\"></span>o inusuali</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha po<span class=\"_ _4\"></span>sto in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni atipiche e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o inu<span class=\"_ _4\"></span>suali, ov<span class=\"_ _4\"></span>vero que<span class=\"_ _4\"></span>lle ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni che pe<span class=\"_ _4\"></span>r signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>it\u00e0<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>anza, natura d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>par<span class=\"_ _4\"></span>ti, og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o della tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione, mo<span class=\"_ _4\"></span>dalit\u00e0 di de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l prez<span class=\"_ _5\"></span>zo di tras<span class=\"_ _4\"></span>ferime<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to e temp<span class=\"_ _4\"></span>istic<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019evento, po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ano dar luogo a dubbi in ordin<span class=\"_ _4\"></span>e alla corret<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>comp<span class=\"_ _4\"></span>lete<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019informaz<span class=\"_ _4\"></span>ione in </span><span style=\"display:inherit;clear:left;\">bilancio, al conf<span class=\"_ _4\"></span>litto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>intere<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>, alla salv<span class=\"_ _4\"></span>aguardia del patr<span class=\"_ _4\"></span>imonio azi<span class=\"_ _4\"></span>endale e alla tute<span class=\"_ _4\"></span>la degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti di minoran<span class=\"_ _4\"></span>za. </span><span style=\"display:inherit;clear:left;\">51. Dati di sintesi delle societ\u00e0 c<span class=\"_ _2\"></span>ontr<span class=\"_ _1\"></span>ollate </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito i dati di sinte<span class=\"_ _4\"></span>si delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _1a5\"> </span>2024<span class=\"_ _2ac\"> </span>2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">Societ\u00e0<span class=\"_ _8c\"> </span>V<span class=\"_ _2\"></span>aluta<span class=\"_ _c1\"> </span>Ricavi </span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _bc\"> </span>Ricavi </span><span style=\"display:inherit;clear:left;\">Netto </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1c3\"> </span>AUD <span class=\"_ _151\"> </span>20.873 <span class=\"_ _257\"> </span>23.099 <span class=\"_ _74\"> </span>22.757 <span class=\"_ _1ba\"> </span>23.076 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _1c9\"> </span>JPY <span class=\"_ _1e8\"> </span>13.592.373 <span class=\"_ _1e7\"> </span>1.487.800 <span class=\"_ _1b8\"> </span>13.139.599 <span class=\"_ _163\"> </span>1.430.279 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _134\"> </span>KRW <span class=\"_ _178\"> </span>85.877.141 <span class=\"_ _61\"> </span>84.020.923 <span class=\"_ _1b8\"> </span>98.392.189 <span class=\"_ _178\"> </span>81.574.307 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Espana S.L<span class=\"_ _4\"></span>.  <span class=\"_ _1c4\"> </span>EURO <span class=\"_ _151\"> </span>20.207 <span class=\"_ _105\"> </span>4.475 <span class=\"_ _2f5\"> </span>15.768 <span class=\"_ _b4\"> </span>4.247 </span><span style=\"display:inherit;clear:left;\">Ferrimag L<span class=\"_ _2\"></span>imited <span class=\"_ _9b\"> </span>HKD <span class=\"_ _d0\"> </span>- <span class=\"_ _257\"> </span>44.013 <span class=\"_ _1f9\"> </span>- <span class=\"_ _325\"> </span>130.253 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited <span class=\"_ _24f\"> </span>HKD <span class=\"_ _87\"> </span>156.673 <span class=\"_ _1bb\"> </span>(377.938) <span class=\"_ _11f\"> </span>220.174 <span class=\"_ _e1\"> </span>(397.162) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _104\"> </span>TWD <span class=\"_ _325\"> </span>516.820 <span class=\"_ _23f\"> </span>439.591 <span class=\"_ _67\"> </span>628.732 <span class=\"_ _325\"> </span>429.300 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _326\"> </span>MXN <span class=\"_ _163\"> </span>1.165.496 <span class=\"_ _23f\"> </span>874.011 <span class=\"_ _85\"> </span>1.145.802 <span class=\"_ _325\"> </span>856.699 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>. <span class=\"_ _244\"> </span>EURO <span class=\"_ _b4\"> </span>2.640 <span class=\"_ _105\"> </span>1.479 <span class=\"_ _e2\"> </span>4.287 <span class=\"_ _b4\"> </span>1.613 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fashion T<span class=\"_ _1c\"></span>rading (Shanghai) Co<span class=\"_ _2\"></span>. Ltd. <span class=\"_ _28d\"> </span>CNY <span class=\"_ _325\"> </span>919.687 <span class=\"_ _23f\"> </span>685.522 <span class=\"_ _85\"> </span>1.067.029 <span class=\"_ _325\"> </span>783.214 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte. Ltd. <span class=\"_ _349\"> </span>SGD <span class=\"_ _151\"> </span>16.805 <span class=\"_ _8b\"> </span>(9.983) <span class=\"_ _74\"> </span>17.352 <span class=\"_ _203\"> </span>(8.861) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _120\"> </span>THB <span class=\"_ _87\"> </span>207.990 <span class=\"_ _1bb\"> </span>(119.862) <span class=\"_ _11f\"> </span>234.984 <span class=\"_ _e1\"> </span>(222.472) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn Bhd <span class=\"_ _2af\"> </span><span class=\"ls78 ws155\">MYR <span class=\"_ _1ba\"> </span></span>38.304 <span class=\"_ _8b\"> </span>13.636 <span class=\"_ _2f5\"> </span>42.586 <span class=\"_ _1ba\"> </span>16.786 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Hong Kong Ltd. <span class=\"_ _2c6\"> </span>USD <span class=\"_ _325\"> </span>120.671 <span class=\"_ _257\"> </span>90.248 <span class=\"_ _67\"> </span>181.927 <span class=\"_ _1ba\"> </span>93.593 </span><span style=\"display:inherit;clear:left;\">Gruppo Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _34a\"> </span>USD <span class=\"_ _87\"> </span>336.971 <span class=\"_ _257\"> </span>63.193 <span class=\"_ _11f\"> </span>344.737 <span class=\"_ _1ba\"> </span>91.352 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _31b\"> </span>EURO <span class=\"_ _b4\"> </span>8.184 <span class=\"_ _a1\"> </span>507 <span class=\"_ _e2\"> </span>8.123 <span class=\"_ _b4\"> </span>2.881 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA <span class=\"_ _20\"> </span>EURO <span class=\"_ _c1\"> </span>1.274 <span class=\"_ _15b\"> </span>667 <span class=\"_ _2a3\"> </span>1.090 <span class=\"_ _bc\"> </span>685 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _302\"> </span>EURO <span class=\"_ _bc\"> </span>872 <span class=\"_ _85\"> </span>(3.537) <span class=\"_ _65\"> </span>732 <span class=\"_ _203\"> </span>(1.358) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A <span class=\"_ _134\"> </span>CHF <span class=\"_ _c1\"> </span>6.672 <span class=\"_ _85\"> </span>(1.748) <span class=\"_ _e2\"> </span>7.383 <span class=\"_ _b4\"> </span>1.866 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _23d\"> </span>GBP <span class=\"_ _151\"> </span>15.187 <span class=\"_ _105\"> </span>1.483 <span class=\"_ _2f5\"> </span>16.648 <span class=\"_ _b4\"> </span>6.187 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _321\"> </span>EURO <span class=\"_ _151\"> </span>18.182 <span class=\"_ _105\"> </span>7.562 <span class=\"_ _2f5\"> </span>18.739 <span class=\"_ _1ba\"> </span>10.950 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>. <span class=\"_ _1c9\"> </span><span class=\"ls79 ws9d\">CLP <span class=\"_ _163\"> </span></span>1.410.076 <span class=\"_ _23f\"> </span>712.669 <span class=\"_ _85\"> </span>1.574.334 <span class=\"_ _325\"> </span>681.769 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _2d9\"> </span><span class=\"ws0\">EURO <span class=\"_ _b4\"> </span>3.487 <span class=\"_ _105\"> </span>3.233 <span class=\"_ _e2\"> </span>2.920 <span class=\"_ _b4\"> </span>4.242 </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail India Priv<span class=\"_ _2\"></span>ate Limited <span class=\"_ _343\"> </span>INR <span class=\"_ _31a\"> </span>- <span class=\"_ _1bb\"> </span>(474.058) <span class=\"_ _1f9\"> </span>- <span class=\"_ _e1\"> </span>(467.175) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _e3\"> </span>MOP <span class=\"_ _1ba\"> </span>68.487 <span class=\"_ _1b8\"> </span>(10.315) <span class=\"_ _74\"> </span>78.586 <span class=\"_ _2a3\"> </span>235 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Moda (Shanghai) Co.L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _326\"> </span>CNY <span class=\"_ _325\"> </span>143.078 <span class=\"_ _1bb\"> </span>(182.660) <span class=\"_ _67\"> </span>198.562 <span class=\"_ _e1\"> </span>(105.957<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brasil Roupas e <span class=\"_ _1\"></span>Acessorios L<span class=\"_ _2\"></span>tda<span class=\"_ _4\"></span>. <span class=\"_ _345\"> </span>BRL<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>77.316 <span class=\"_ _257\"> </span>21.898 <span class=\"_ _2f5\"> </span>63.848 <span class=\"_ _1ba\"> </span>21.888 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>. <span class=\"_ _11\"> </span></span><span style=\"display:inherit;clear:left;\">ARS</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _164\"> </span></span><span style=\"display:inherit;clear:left;\">2.261.441</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1b8\"> </span></span><span style=\"display:inherit;clear:left;\">(34.823)</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _325\"> </span></span><span style=\"display:inherit;clear:left;\">1.371.660</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1e8\"> </span></span><span style=\"display:inherit;clear:left;\">(1.205.826)</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">52. F<span class=\"_ _1c\"></span>atti di rilievo intervenuti dopo la chiusur<span class=\"_ _2\"></span>a dell<span class=\"_ _4\"></span>\u2019eser<span class=\"_ _2\"></span>cizio </span><span style=\"display:inherit;clear:left;\">In data 3 feb<span class=\"_ _4\"></span>braio 2025 la So<span class=\"_ _4\"></span>ciet\u00e0 e il d<span class=\"_ _4\"></span>ott. Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti hann<span class=\"_ _4\"></span>o rag<span class=\"_ _4\"></span>giunto un accord<span class=\"_ _4\"></span>o per la ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione con<span class=\"_ _4\"></span>sens<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>trazi<span class=\"_ _4\"></span>one con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilanc<span class=\"_ _4\"></span>io relativo </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro il 6 marzo 2025, com<span class=\"_ _4\"></span>e da comunica<span class=\"_ _4\"></span>zione diramat<span class=\"_ _4\"></span>a al merc<span class=\"_ _4\"></span>ato in pari data<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">In tale s<span class=\"_ _4\"></span>ede \u00e8 s<span class=\"_ _4\"></span>tato in<span class=\"_ _4\"></span>oltre res<span class=\"_ _4\"></span>o noto che: (i) Il Dot<span class=\"_ _4\"></span>t. G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti avr<span class=\"_ _4\"></span>\u00e0 diritto all<span class=\"_ _4\"></span>\u2019eroga<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella retribu<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019emolu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mento f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>so sino alla dat<span class=\"_ _4\"></span>a di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione e al mantenim<span class=\"_ _4\"></span>ento di taluni <span class=\"ff5f ls5b ws6\">f<span class=\"_ _4\"></span>ringe ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>it</span> sino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 2025, ii)verran<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no ricon<span class=\"_ _4\"></span>osciuti al D<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>. Gobb<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>i entro 30 gior<span class=\"_ _4\"></span>ni dalla ces<span class=\"_ _4\"></span>sazio<span class=\"_ _4\"></span>ne dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti, l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to di compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo di Euro 4.450 </span><span style=\"display:inherit;clear:left;\">migliaia lordi a fronte de<span class=\"_ _4\"></span>lla ces<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro ed Euro 50 migliaia lordi a fro<span class=\"_ _4\"></span>nte delle rinunc<span class=\"_ _4\"></span>e pres<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ecuzi<span class=\"_ _4\"></span>one e ces<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i intercor<span class=\"_ _4\"></span>si, fra cui, in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, la rinuncia ai <span class=\"ff5f ls58 ws6\">bo<span class=\"_ _4\"></span>nus</span><span class=\"ls5b ws5d\"> STI 2024, <span class=\"ff5f ws8\">Rest<span class=\"_ _4\"></span>ri<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">cte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 202<span class=\"_ _1\"></span>4 L<span class=\"_ _1c\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award\u201d</span> 202<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>2026; (iii) con riferime<span class=\"_ _4\"></span>nto alla <span class=\"ff5f ls56 ws7\">governance</span> della So<span class=\"_ _4\"></span>ciet\u00e0 p<span class=\"_ _4\"></span>er il pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o in<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">terco<span class=\"_ _4\"></span>rrente tra il 6 mar<span class=\"_ _4\"></span>zo 2025 e la data di no<span class=\"_ _4\"></span>mina del nuovo Amminis<span class=\"_ _4\"></span>trator<span class=\"_ _4\"></span>e Dele<span class=\"_ _4\"></span>gato, che i pot<span class=\"_ _4\"></span>eri e<span class=\"_ _4\"></span>secut<span class=\"_ _4\"></span>ivi ve<span class=\"_ _4\"></span>rranno </span><span style=\"display:inherit;clear:left;\">conferit<span class=\"_ _4\"></span>i al Presid<span class=\"_ _4\"></span>ente, che p<span class=\"_ _4\"></span>roporr<span class=\"_ _4\"></span>\u00e0 una distribu<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle del<span class=\"_ _4\"></span>eghe e ve<span class=\"_ _4\"></span>rr\u00e0 supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato da un comit<span class=\"_ _4\"></span>ato cons<span class=\"_ _4\"></span>ultivo di </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la trans<span class=\"_ _4\"></span>izione c<span class=\"_ _4\"></span>ompos<span class=\"_ _4\"></span>to da es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>n conso<span class=\"_ _4\"></span>lidata e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a nel s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re che hanno gi\u00e0 op<span class=\"_ _4\"></span>erato con </span><span style=\"display:inherit;clear:left;\">ruoli api<span class=\"_ _4\"></span>cali all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 \u2013 ov<span class=\"_ _4\"></span>vero, Jame<span class=\"_ _4\"></span>s Ferr<span class=\"_ _4\"></span>agamo, Erne<span class=\"_ _4\"></span>sto Gre<span class=\"_ _4\"></span>co e Miche<span class=\"_ _4\"></span>le Nor<span class=\"_ _4\"></span>sa (che assume<span class=\"_ _4\"></span>r\u00e0 l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rico di <span class=\"ff5f\">Chairman Special A<span class=\"_ _4\"></span>dvisor</span>) - pe<span class=\"_ _4\"></span>r cons<span class=\"_ _4\"></span>olidare la nuova f<span class=\"_ _4\"></span>ase di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>tenibile de<span class=\"_ _4\"></span>i valori fon<span class=\"_ _4\"></span>danti del <span class=\"ff5f ls53 wsa6\">b<span class=\"_ _4\"></span>rand<span class=\"_ _4\"></span></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>o dal lavoro svolt<span class=\"_ _4\"></span>o fin<span class=\"_ _4\"></span>o ad ade<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>are ad una nuova fa<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>l proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di rinnovament<span class=\"_ _4\"></span>o, </span><span style=\"display:inherit;clear:left;\">accelerarne l<span class=\"_ _4\"></span>\u2019implementazione e ra<span class=\"_ _2\"></span>f<span class=\"_ _4\"></span>forzarne il fonda<span class=\"_ _1\"></span>mentale legame con l\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls56 ws7\">heritage<span class=\"ff5c ls68 wscc\"> del marchio. </span></span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito a quanto comunic<span class=\"_ _4\"></span>ato in data 3 febb<span class=\"_ _4\"></span>raio 2025, Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti ha formaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato le dimis<span class=\"_ _4\"></span>sioni dagli inc<span class=\"_ _4\"></span>arichi </span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in ess<span class=\"_ _4\"></span>ere co<span class=\"_ _4\"></span>n la Societ<span class=\"_ _4\"></span>\u00e0 con ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>cia dal 6 marzo 2025, in conformit<span class=\"_ _4\"></span>\u00e0 all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>accord<span class=\"_ _4\"></span>o di risolu<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">consensuale raggiunto tra<span class=\"_ _1\"></span> le parti. Contestualmen<span class=\"_ _1\"></span>te, in li<span class=\"_ _1\"></span>nea con il<span class=\"_ _1\"></span> medesimo accordo di risoluzi<span class=\"_ _1\"></span>one consensuale, </span><span style=\"display:inherit;clear:left;\">sono ve<span class=\"_ _4\"></span>nuti men<span class=\"_ _4\"></span>o gli incarichi e l<span class=\"_ _4\"></span>e resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 di lavoro di Marco G<span class=\"_ _4\"></span>obbet<span class=\"_ _4\"></span>ti con la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, riunitos<span class=\"_ _4\"></span>i in pari data, n<span class=\"_ _4\"></span>on ha ritenuto di p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dere alla co<span class=\"_ _4\"></span>opta<span class=\"_ _4\"></span>zione di un nuovo co<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pone<span class=\"_ _4\"></span>nte, las<span class=\"_ _4\"></span>ciando all<span class=\"_ _4\"></span>\u2019assemb<span class=\"_ _4\"></span>lea pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ta pe<span class=\"_ _4\"></span>r il 1<span class=\"_ _2\"></span>6 april<span class=\"_ _4\"></span>e 2025 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle delib<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni in merit<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ella me<span class=\"_ _4\"></span>desima s<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a, su prop<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a del Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nte e con il parer<span class=\"_ _4\"></span>e favorevole d<span class=\"_ _4\"></span>el Comit<span class=\"_ _4\"></span>ato Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">e Nomine<span class=\"_ _4\"></span>, il Consiglio di A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e ha inoltre as<span class=\"_ _4\"></span>sunto talun<span class=\"_ _4\"></span>e delibe<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni in materia di caric<span class=\"_ _4\"></span>he sociali, prov<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vede<span class=\"_ _4\"></span>ndo ad una re<span class=\"_ _4\"></span>dist<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>he che sar<span class=\"_ _4\"></span>\u00e0 ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace sino all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indivi<span class=\"_ _4\"></span>duazion<span class=\"_ _4\"></span>e del nuovo A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Del<span class=\"_ _4\"></span>egato at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so una rice<span class=\"_ _4\"></span>rca che dov<span class=\"_ _4\"></span>r\u00e0 es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re la pi\u00f9 ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>ciente ed e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>. <span class=\"_ _44\"></span> In p<span class=\"_ _4\"></span>arti<span class=\"_ _4\"></span>colare, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">conferit<span class=\"_ _4\"></span>e dele<span class=\"_ _4\"></span>ghe ges<span class=\"_ _4\"></span>tionali al Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nte Ese<span class=\"_ _4\"></span>cutivo Le<span class=\"_ _4\"></span>onardo Fe<span class=\"_ _4\"></span>rragamo, non<span class=\"_ _4\"></span>ch\u00e9 ai Consig<span class=\"_ _4\"></span>lieri Jame<span class=\"_ _4\"></span>s Ferr<span class=\"_ _4\"></span>agamo e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">Ernes<span class=\"_ _4\"></span>to Gre<span class=\"_ _4\"></span>co. Rimane c<span class=\"_ _4\"></span>onfermato il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del C<span class=\"_ _4\"></span>omitato Co<span class=\"_ _4\"></span>nsultivo di Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>mpos<span class=\"_ _4\"></span>to dagli Amminis<span class=\"_ _4\"></span>tratori </span><span style=\"display:inherit;clear:left;\">con de<span class=\"_ _4\"></span>lega e<span class=\"_ _4\"></span>d il <span class=\"ff5f\">Chairman Special Ad<span class=\"_ _4\"></span>visor</span> Miche<span class=\"_ _4\"></span>le Nor<span class=\"_ _4\"></span>sa, co<span class=\"_ _4\"></span>me comunic<span class=\"_ _4\"></span>ato il 3 febbraio 2025<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1c\"></span>A<span class=\"_ _4\"></span>lla luce de<span class=\"_ _4\"></span>l nuovo ass<span class=\"_ _4\"></span>etto, ai s<span class=\"_ _4\"></span>ensi de<span class=\"_ _4\"></span>lla Racco<span class=\"_ _4\"></span>mandazio<span class=\"_ _4\"></span>ne n. 1<span class=\"_ _2\"></span>3 de<span class=\"_ _4\"></span>l Codice di <span class=\"ff5f ls2b ws132\">Corporate Governance</span> e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 5 </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a nominata Patriz<span class=\"_ _4\"></span>ia Michela Giangualan<span class=\"_ _4\"></span>o in qualit\u00e0 di <span class=\"ff5f ls0 ws0\">le<span class=\"_ _4\"></span>ad </span></span><span style=\"display:inherit;clear:left;\">inde<span class=\"_ _4\"></span>pen<span class=\"_ _4\"></span>dent dir<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>tor<span class=\"_ _1c\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">Nella riunion<span class=\"_ _4\"></span>e tenut<span class=\"_ _4\"></span>asi in data 6 mar<span class=\"_ _4\"></span>zo 2025 il Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazi<span class=\"_ _4\"></span>one, tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ro, ha<span class=\"_ _1\"></span>: (i) approvato il proge<span class=\"_ _4\"></span>tto </span><span style=\"display:inherit;clear:left;\">di Bilancio di e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>io al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, il Bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e la Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne degli A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atori sulla ges<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, co<span class=\"_ _4\"></span>ntenente l<span class=\"_ _5\"></span>\u2019Informati<span class=\"_ _4\"></span>va di So<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 de<span class=\"_ _4\"></span>l Gruppo F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo redat<span class=\"_ _4\"></span>ta in </span><span style=\"display:inherit;clear:left;\">conformit<span class=\"_ _4\"></span>\u00e0 alle nuove disp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>oni introdot<span class=\"_ _4\"></span>te dalla <span class=\"ff5f\">Corporate Sustainabilit<span class=\"_ _4\"></span>y Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Direct<span class=\"_ _4\"></span>ive</span> (\u201cC<span class=\"_ _4\"></span>SRD<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), rece<span class=\"_ _4\"></span>pita </span><span style=\"display:inherit;clear:left;\">con il D. Lgs<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>25/202<span class=\"_ _1\"></span>4, e ai principi di re<span class=\"_ _4\"></span>ndicont<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"ff5f\">European Sust<span class=\"_ _4\"></span>ainability Re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ting Standards</span> (\u201c<span class=\"_ _4\"></span>ESR<span class=\"_ _4\"></span>S\u201d<span class=\"_ _4\"></span>) p<span class=\"_ _4\"></span>re<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>sti dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>EFR<span class=\"_ _4\"></span>AG ed emanati dalla Co<span class=\"_ _4\"></span>mmissi<span class=\"_ _4\"></span>one Europe<span class=\"_ _4\"></span>a con il Regolam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>legato (UE<span class=\"_ _4\"></span>) 2023/<span class=\"_ _2\"></span>; (ii) approv<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">la Rela<span class=\"_ _4\"></span>zione sul G<span class=\"_ _4\"></span>overno S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>ario e gli A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>etti Prop<span class=\"_ _4\"></span>rietar<span class=\"_ _4\"></span>i, relativ<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 redatta dalla S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 ai sen<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>23-<span class=\"_ _4\"></span>bis del TU<span class=\"_ _4\"></span>F; (<span class=\"_ _1\"></span>iii) approvato, con il pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, la Rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">sulla polit<span class=\"_ _4\"></span>ica in materia di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2025 e sui comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>i corrisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, p<span class=\"_ _4\"></span>redi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a in conformit\u00e0 a quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>art<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>23<span class=\"_ _4\"></span>-ter de<span class=\"_ _4\"></span>l TUF<span class=\"_ _1c\"></span>, dall<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 84<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>quater e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>lleg<span class=\"_ _4\"></span>ato 3A, S<span class=\"_ _4\"></span>chema 7-bis </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento CO<span class=\"_ _4\"></span>NSOB n. 1<span class=\"_ _1c\"></span>19<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>9<span class=\"_ _4\"></span>99 e suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche e dell<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 5 del Co<span class=\"_ _4\"></span>dice di <span class=\"ff5f ls2b wsbc\">Corporate Governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 quotate; p<span class=\"_ _4\"></span>er approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e della succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea dei s<span class=\"_ _4\"></span>oci. Si rinv<span class=\"_ _4\"></span>ia per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli </span><span style=\"display:inherit;clear:left;\">alla docume<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione me<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a a dispo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e sul sito de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 <span class=\"ff5f\">htt<span class=\"_ _4\"></span>ps:<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>/g<span class=\"_ _1\"></span>roup.ferragamo.com<span class=\"_ _4\"></span>/it sezion<span class=\"_ _4\"></span>e governance<span class=\"_ _4\"></span>/</span></span><span style=\"display:inherit;clear:left;\">as<span class=\"_ _4\"></span>semble<span class=\"_ _4\"></span>a-<span class=\"_ _4\"></span>degli-<span class=\"_ _4\"></span>azionis<span class=\"_ _4\"></span>ti/2025<span class=\"ff5c ls3 ws5d\">; (iv<span class=\"_ _1\"></span>) delib<span class=\"_ _4\"></span>erato di convo<span class=\"_ _4\"></span>care l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea o<span class=\"_ _4\"></span>rdinaria e stra<span class=\"_ _4\"></span>ordinari deg<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r il pross<span class=\"_ _4\"></span>imo 1<span class=\"_ _2\"></span>6 apr<span class=\"_ _4\"></span>ile 2025; e (<span class=\"_ _2\"></span>v) confermato la nomina de<span class=\"_ _4\"></span>l CFO e Dirige<span class=\"_ _4\"></span>nte Prepos<span class=\"_ _4\"></span>to ai </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nti contab<span class=\"_ _4\"></span>ili e societ<span class=\"_ _4\"></span>ari quale Dirige<span class=\"_ _4\"></span>nte Prepo<span class=\"_ _4\"></span>sto all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 per il 2025.</span></span> </span><span style=\"display:inherit;clear:left;\">I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>a ai s<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>si de<span class=\"_ _2\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>art. 1<span class=\"_ _45\"></span>4<span class=\"_ _1\"></span>9<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>uod<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>ies d<span class=\"_ _2\"></span>el </span><span style=\"display:inherit;clear:left;\">Re<span class=\"_ _4\"></span>go<span class=\"_ _4\"></span>lame<span class=\"_ _4\"></span>nto<span class=\"_ _5\"></span> Emit<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>nti</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) </span><span style=\"display:inherit;clear:left;\">Soggetto che ha erogato il servizio<span class=\"_ _1c1\"> </span>Destinatario<span class=\"_ _c4\"> </span>Note<span class=\"_ _60\"> </span>T<span class=\"_ _1\"></span>otale C<span class=\"_ _2\"></span>ompensi 2024<span class=\"_ _2e5\"></span>Tipologia di servizi</span><span style=\"display:inherit;clear:left;\">Revisione C<span class=\"_ _2\"></span>ontabile<span class=\"_ _6d\"> </span>Revisore della C<span class=\"_ _1\"></span>apogruppo<span class=\"_ _7d\"> </span>Capogruppo<span class=\"_ _1ad\"> </span>371 </span><span style=\"display:inherit;clear:left;\">Altri Servizi<span class=\"_ _2f3\"> </span>i) Revisor<span class=\"_ _1\"></span>e della Capogruppo<span class=\"_ _1f9\"> </span>Capogruppo<span class=\"_ _1f9\"> </span>1 <span class=\"_ _95\"> </span>198 </span><span style=\"display:inherit;clear:left;\">ii) Rete del revisor<span class=\"_ _2\"></span>e della Capogruppo<span class=\"_ _7d\"> </span>Capogruppo<span class=\"_ _cd\"> </span> <span class=\"_ _73\"> </span>- </span><span style=\"display:inherit;clear:left;\">Subtotale<span class=\"_ _34b\"> </span>569 </span><span style=\"display:inherit;clear:left;\">Revisione C<span class=\"_ _2\"></span>ontabile<span class=\"_ _225\"> </span>i) Revisore della Capogruppo<span class=\"_ _2f4\"> </span>Societ\u00e0 contr<span class=\"_ _1\"></span>ollate<span class=\"_ _2aa\"> </span>107 </span><span style=\"display:inherit;clear:left;\">ii) Rete del revisor<span class=\"_ _2\"></span>e della Capogruppo<span class=\"_ _2f4\"> </span>Societ\u00e0 controllate<span class=\"_ _1ad\"> </span>647 </span><span style=\"display:inherit;clear:left;\">Altri Servizi<span class=\"_ _253\"> </span>Rete del r<span class=\"_ _1\"></span>evisore della C<span class=\"_ _2\"></span>apogruppo<span class=\"_ _74\"> </span>Societ\u00e0 controllate<span class=\"_ _28a\"> </span>4 </span><span style=\"display:inherit;clear:left;\">Subtotale<span class=\"_ _34b\"> </span>758 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _34c\"> </span>1.327 </span><span style=\"display:inherit;clear:left;\">1)  <span class=\"_ _0\"></span>La voce si riferisc<span class=\"_ _2\"></span>e principalmente all<span class=\"_ _4\"></span>\u2019attestazione resa sulla Dichiar<span class=\"_ _2\"></span>azione consolidata di car<span class=\"_ _2\"></span>attere Non Finanziario ed alle attestazioni sul cr<span class=\"_ _1\"></span>edito Ricer<span class=\"_ _2\"></span>ca </span><span style=\"display:inherit;clear:left;\">&amp; Sviluppo</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__5": {
   "value": "<span style=\"display:inherit;clear:left;\">No<span class=\"_ _1c\"></span>te Esp<span class=\"_ _2\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>l Bi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o C<span class=\"_ _1\"></span>on<span class=\"_ _2\"></span>sol<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>to</span><span style=\"display:inherit;clear:left;\">1. Infor<span class=\"_ _2\"></span>mazioni societarie</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. \u00e8 una socie<span class=\"_ _4\"></span>t\u00e0 cos<span class=\"_ _4\"></span>tituit<span class=\"_ _4\"></span>a in Italia, con s<span class=\"_ _4\"></span>ede l<span class=\"_ _4\"></span>egale in v<span class=\"_ _4\"></span>ia T<span class=\"_ _1c\"></span>or<span class=\"_ _4\"></span>nabuoni 2 Fire<span class=\"_ _4\"></span>nze, in forma di </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 p<span class=\"_ _4\"></span>er azio<span class=\"_ _4\"></span>ni, regolat<span class=\"_ _4\"></span>a dal diritto it<span class=\"_ _4\"></span>aliano e organi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a seco<span class=\"_ _4\"></span>ndo il mo<span class=\"_ _4\"></span>dello di amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione e controll<span class=\"_ _4\"></span>o tradi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zionale co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a dei S<span class=\"_ _4\"></span>oci, il Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione e il Colle<span class=\"_ _4\"></span>gio Sindac<span class=\"_ _4\"></span>ale. Le A<span class=\"_ _5\"></span>zioni de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">negoziate sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Eurone<span class=\"_ _4\"></span>xt Milan o<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e ges<span class=\"_ _4\"></span>tito da Bor<span class=\"_ _4\"></span>sa It<span class=\"_ _4\"></span>aliana S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 uno de<span class=\"_ _4\"></span>i principali playe<span class=\"_ _4\"></span>r del s<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>e del lus<span class=\"_ _4\"></span>so le cui or<span class=\"_ _4\"></span>igini pos<span class=\"_ _4\"></span>sono f<span class=\"_ _4\"></span>arsi ri<span class=\"_ _4\"></span>salire al </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _4\"></span>9<span class=\"_ _5\"></span>2<span class=\"_ _4\"></span>7.</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato ap<span class=\"_ _4\"></span>provato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. con de<span class=\"_ _4\"></span>liber<span class=\"_ _4\"></span>a del 6 mar<span class=\"_ _4\"></span>zo 2025.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 att<span class=\"_ _4\"></span>ivo nella cre<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e, pro<span class=\"_ _4\"></span>duzione e ve<span class=\"_ _4\"></span>ndita di b<span class=\"_ _4\"></span>eni di lus<span class=\"_ _4\"></span>so, pe<span class=\"_ _4\"></span>r uomo e donna<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">quali: calzature, p<span class=\"_ _4\"></span>ellet<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>ia, abbigliamento, pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i in set<span class=\"_ _4\"></span>a, gioielli e alt<span class=\"_ _4\"></span>ri acce<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ri. La gamma d<span class=\"_ _4\"></span>ei pro<span class=\"_ _4\"></span>dotti co<span class=\"_ _4\"></span>mpren<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">de anche prof<span class=\"_ _4\"></span>umi, occhiali e orolo<span class=\"_ _4\"></span>gi, realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati su licen<span class=\"_ _4\"></span>za da op<span class=\"_ _4\"></span>erator<span class=\"_ _4\"></span>i ter<span class=\"_ _4\"></span>zi. Ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo ri<span class=\"_ _4\"></span>entra anche la </span><span style=\"display:inherit;clear:left;\">conce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ione in licen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utiliz<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>l marchio Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo e la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne immobiliare. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 pre<span class=\"_ _4\"></span>sente in o<span class=\"_ _4\"></span>ltre 9<span class=\"_ _4\"></span>0 paes<span class=\"_ _4\"></span>i nel mon<span class=\"_ _4\"></span>do, dirett<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, attrave<span class=\"_ _4\"></span>rso s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate </span><span style=\"display:inherit;clear:left;\">in 26 Paesi, e<span class=\"_ _4\"></span>d ef<span class=\"_ _4\"></span>fettua l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di ven<span class=\"_ _4\"></span>dita dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti prev<span class=\"_ _4\"></span>alentem<span class=\"_ _4\"></span>ente att<span class=\"_ _4\"></span>ravers<span class=\"_ _4\"></span>o un <span class=\"ff5f ls5b ws8\">net<span class=\"_ _4\"></span>work</span> di ne<span class=\"_ _4\"></span>gozi monomarc<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo, ge<span class=\"_ _4\"></span>stiti diret<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ente (DOS) o ges<span class=\"_ _4\"></span>titi da te<span class=\"_ _4\"></span>rzi, e<span class=\"_ _4\"></span>d in maniera c<span class=\"_ _4\"></span>omplem<span class=\"_ _4\"></span>entare<span class=\"_ _4\"></span>, attrave<span class=\"_ _4\"></span>rso una p<span class=\"_ _4\"></span>re<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sen<span class=\"_ _4\"></span>za qualif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>so <span class=\"ff5f\">de<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>ment store</span> e <span class=\"ff5f\">sp<span class=\"_ _4\"></span>ecialt<span class=\"_ _4\"></span>y store mult<span class=\"_ _4\"></span>ibr<span class=\"_ _1\"></span>and<span class=\"ff5c\">, oltre alla pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>l canale </span><span class=\"ls68 ws8e\">e<span class=\"_ _4\"></span>-comme<span class=\"_ _4\"></span>rce<span class=\"ff5c ls0 ws92\">. Per </span></span></span></span><span style=\"display:inherit;clear:left;\">mag<span class=\"_ _4\"></span>giori de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli sulle principali at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o si rimanda alla Rela<span class=\"_ _4\"></span>zione sulla ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one.</span><span style=\"display:inherit;clear:left;\">1.1 Dir<span class=\"_ _2\"></span>ezione e coor<span class=\"_ _2\"></span>dinamento</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. \u00e8 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>ta all<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di dire<span class=\"_ _4\"></span>zione e c<span class=\"_ _4\"></span>oordiname<span class=\"_ _4\"></span>nto, ai sensi d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ar<span class=\"_ _4\"></span>t 2<span class=\"_ _2\"></span>497 e s<span class=\"_ _4\"></span>s. de<span class=\"_ _4\"></span>l Codice </span><span style=\"display:inherit;clear:left;\">Civil<span class=\"_ _4\"></span>e, da par<span class=\"_ _4\"></span>te di Fer<span class=\"_ _4\"></span>ragamo Finanz<span class=\"_ _4\"></span>iaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., il cui bilancio co<span class=\"_ _4\"></span>nsolidato \u00e8 di<span class=\"_ _4\"></span>sponibile p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so la se<span class=\"_ _4\"></span>de so<span class=\"_ _4\"></span>ciale in Firen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ze, Via T<span class=\"_ _1c\"></span>ornabuoni<span class=\"_ _2\"></span>, 2.</span><span style=\"display:inherit;clear:left;\">In otte<span class=\"_ _4\"></span>mper<span class=\"_ _4\"></span>anza a quanto dis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 2<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>97<span class=\"_ _2\"></span>-bis c<span class=\"_ _4\"></span>omma 4 c.c<span class=\"_ _4\"></span>. si ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito i dati e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>nziali de<span class=\"_ _4\"></span>l bilancio </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 e 2022 de<span class=\"_ _4\"></span>lla socie<span class=\"_ _4\"></span>t\u00e0 contro<span class=\"_ _4\"></span>llante Ferrag<span class=\"_ _4\"></span>amo Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>..</span><span style=\"display:inherit;clear:left;\">Fer<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>agamo Finanziaria S.p<span class=\"_ _1\"></span>.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">(In Euro)<span class=\"_ _a4\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _1dc\"> </span>31 dicembre 2022</span><span style=\"display:inherit;clear:left;\">ST<span class=\"_ _1c\"></span>A<span class=\"_ _1\"></span>TO P<span class=\"_ _1c\"></span>AT<span class=\"_ _1\"></span>RIMONIALE </span><span style=\"display:inherit;clear:left;\">AT<span class=\"_ _4\"></span>T<span class=\"_ _4\"></span>I<span class=\"_ _4\"></span>V<span class=\"_ _5\"></span>O</span><span style=\"display:inherit;clear:left;\">B) Immobilizzazioni<span class=\"_ _239\"> </span>178.205.886<span class=\"_ _297\"> </span>175.302.990</span><span style=\"display:inherit;clear:left;\">C) Attivo Circ<span class=\"_ _2\"></span>olante<span class=\"_ _2b2\"> </span><span class=\"ws0\">33.403.828<span class=\"_ _2a6\"> </span>49.269.615</span></span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>) Ratei e Risc<span class=\"_ _1\"></span>onti<span class=\"_ _dd\"> </span>49.584<span class=\"_ _141\"> </span>2.440</span><span style=\"display:inherit;clear:left;\">TO<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ALE A<span class=\"_ _1c\"></span>TTIVO<span class=\"_ _2b3\"> </span><span class=\"ws0\">211.659.298<span class=\"_ _bc\"> </span>224.575.045</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ASSIVO E P<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>TRIMONIO NETT<span class=\"_ _2\"></span>O</span><span style=\"display:inherit;clear:left;\">A) P<span class=\"_ _2\"></span>atrimonio netto</span><span style=\"display:inherit;clear:left;\">- Capitale Sociale<span class=\"_ _2b4\"> </span>49.749.960<span class=\"_ _2a6\"> </span>49.749.960</span><span style=\"display:inherit;clear:left;\">- Riserve<span class=\"_ _1d\"> </span>132.261.860<span class=\"_ _297\"> </span>127.448.376</span><span style=\"display:inherit;clear:left;\">- Utile/(Per<span class=\"_ _2\"></span>dita) dell\u2019esercizio<span class=\"_ _14e\"> </span>24.394.471<span class=\"_ _68\"> </span>29.688.465</span><span style=\"display:inherit;clear:left;\">B) Fondi Rischi ed Oneri<span class=\"_ _189\"> </span>-<span class=\"_ _90\"> </span>-</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>) Debiti<span class=\"_ _2b5\"> </span>5.152.163<span class=\"_ _2a6\"> </span>17.522.360</span><span style=\"display:inherit;clear:left;\">E) Ratei e Risconti<span class=\"_ _1a0\"> </span>100.844<span class=\"_ _2b6\"> </span>165.884</span><span style=\"display:inherit;clear:left;\">TO<span class=\"_ _2\"></span>T<span class=\"_ _1\"></span>ALE P<span class=\"_ _1c\"></span>A<span class=\"_ _4\"></span>SSIVO E P<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>TRIMONIO NETT<span class=\"_ _1\"></span>O<span class=\"_ _22e\"> </span>211.659.298<span class=\"_ _bc\"> </span>224.575.045</span><span style=\"display:inherit;clear:left;\">CONT<span class=\"_ _2\"></span>O ECONOMICO</span><span style=\"display:inherit;clear:left;\">A) Valor<span class=\"_ _2\"></span>e della produzione<span class=\"_ _2b7\"> </span>470.930<span class=\"_ _1c1\"> </span>366.866</span><span style=\"display:inherit;clear:left;\">B) C<span class=\"_ _1\"></span>osti della produzione<span class=\"_ _2b8\"> </span>(2.398.774)<span class=\"_ _215\"> </span>(3.306.037)</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza tr<span class=\"_ _2\"></span>a valore e costi della pr<span class=\"_ _2\"></span>oduzione<span class=\"_ _f9\"> </span>(1.927.844)<span class=\"_ _c4\"> </span>(2.939.171)</span><span style=\"display:inherit;clear:left;\">C) Pr<span class=\"_ _2\"></span>oventi e Oneri Finanziari<span class=\"_ _14\"> </span>25.938.008<span class=\"_ _2a6\"> </span>32.304.452</span><span style=\"display:inherit;clear:left;\">Risultato prima delle imposte<span class=\"_ _246\"> </span>24.010.164<span class=\"_ _7e\"> </span>29.365.281</span><span style=\"display:inherit;clear:left;\">Imposte sul reddito dell\u2019eser<span class=\"_ _1\"></span>cizio, cor<span class=\"_ _2\"></span>renti, differite e anticipate<span class=\"_ _173\"> </span>384.307<span class=\"_ _2b6\"> </span>323.184</span><span style=\"display:inherit;clear:left;\">Utile/(perdita) dell\u2019esercizio<span class=\"_ _2b9\"> </span>24.394.471<span class=\"_ _7e\"> </span>29.688.465</span><span style=\"display:inherit;clear:left;\">2. C<span class=\"_ _2\"></span>riteri di r<span class=\"_ _2\"></span>edazione</span><span style=\"display:inherit;clear:left;\">2.1 Espr<span class=\"_ _2\"></span>essione di confor<span class=\"_ _2\"></span>mit\u00e0 agli IFRS</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. \u00e8 s<span class=\"_ _4\"></span>tato r<span class=\"_ _4\"></span>edatto in c<span class=\"_ _4\"></span>onformit\u00e0 agli <span class=\"ff5f\">I<span class=\"_ _4\"></span>nternational Financial Re<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>ting Standards <span class=\"ff5c\">(IFRS), eme<span class=\"_ _4\"></span>ssi dall<span class=\"_ _4\"></span>\u2019</span>Inte<span class=\"_ _4\"></span>rnational Accounting Standards Bo<span class=\"_ _4\"></span>ard <span class=\"ff5c ls9 ws167\">(\u201cIASB\u201d<span class=\"_ _5\"></span>) ed omologati d<span class=\"_ _1\"></span>all\u2019<span class=\"_ _4\"></span>Unione<span class=\"_ _1\"></span> </span></span><span style=\"display:inherit;clear:left;\">Europea e<span class=\"_ _4\"></span>d in vigore alla dat<span class=\"_ _4\"></span>a di bilancio. Le note e<span class=\"_ _4\"></span>splic<span class=\"_ _4\"></span>ative al Bilancio c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>dato sono s<span class=\"_ _4\"></span>tate inte<span class=\"_ _4\"></span>grate con le infor<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mazio<span class=\"_ _4\"></span>ni agg<span class=\"_ _4\"></span>iuntive richie<span class=\"_ _4\"></span>ste da Con<span class=\"_ _4\"></span>sob e dai prov<span class=\"_ _5\"></span>vedime<span class=\"_ _4\"></span>nti da es<span class=\"_ _4\"></span>sa emanati in at<span class=\"_ _4\"></span>tuazio<span class=\"_ _4\"></span>ne all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>art<span class=\"_ _4\"></span>. 9 de<span class=\"_ _4\"></span>l D.lgs. 38<span class=\"_ _4\"></span>/20<span class=\"_ _4\"></span>05 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>de<span class=\"_ _4\"></span>liber<span class=\"_ _4\"></span>e 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 e 1<span class=\"_ _2\"></span>5520) del 27 luglio 200<span class=\"_ _4\"></span>6 e comunic<span class=\"_ _4\"></span>azione D<span class=\"_ _4\"></span>EM/60<span class=\"_ _4\"></span>64293 del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 78 del </span><span style=\"display:inherit;clear:left;\">Regolam<span class=\"_ _4\"></span>ento emit<span class=\"_ _4\"></span>tenti, de<span class=\"_ _4\"></span>l docume<span class=\"_ _4\"></span>nto CE del n<span class=\"_ _4\"></span>ovembre 20<span class=\"_ _4\"></span>03 e, dove ap<span class=\"_ _4\"></span>plicabili, de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>. Con \u201c<span class=\"_ _4\"></span>IFRS<span class=\"_ _4\"></span>\u201d si </span><span style=\"display:inherit;clear:left;\">intendo<span class=\"_ _4\"></span>no anche gli <span class=\"ff5f\">Inte<span class=\"_ _4\"></span>rnational Accounting Standards </span>(\u201c<span class=\"_ _4\"></span>IA<span class=\"_ _4\"></span>S\u201d<span class=\"_ _4\"></span>) t<span class=\"_ _4\"></span>uttor<span class=\"_ _4\"></span>a in vigore, n<span class=\"_ _4\"></span>onch\u00e9 tut<span class=\"_ _4\"></span>ti i docume<span class=\"_ _4\"></span>nti interpre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati<span class=\"_ _4\"></span>vi eme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i dagli <span class=\"ff5f\">IFRS Interpre<span class=\"_ _4\"></span>tation Committe<span class=\"_ _4\"></span>e</span><span class=\"ls6 wsbc\">, precede<span class=\"_ _4\"></span>ntemente denomi<span class=\"_ _1\"></span>nato <span class=\"ff5f ls3 ws16d\">International Financial Repor<span class=\"_ _4\"></span>ting </span></span></span><span style=\"display:inherit;clear:left;\">Interpret<span class=\"_ _4\"></span>ations Committe<span class=\"_ _4\"></span>e <span class=\"ff5c\">(\u201c<span class=\"_ _4\"></span>IFRIC<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) e<span class=\"_ _4\"></span>d ancor p<span class=\"_ _4\"></span>rima </span>Standing Interpretat<span class=\"_ _4\"></span>ions Committe<span class=\"_ _4\"></span>e <span class=\"ff5c ls32 ws122\">(\u201c<span class=\"_ _4\"></span>SIC<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>)</span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">2.2 C<span class=\"_ _2\"></span>ontenuto e for<span class=\"_ _1\"></span>ma del bilancio c<span class=\"_ _2\"></span>onsolidato</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019unit\u00e0 di valut<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro e tut<span class=\"_ _4\"></span>ti i valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi in migliaia di euro s<span class=\"_ _4\"></span>e non dive<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>amente indic<span class=\"_ _4\"></span>ato.</span><span style=\"display:inherit;clear:left;\">Gli schemi d<span class=\"_ _1\"></span>i presentazione della situ<span class=\"_ _1\"></span>azione patrimon<span class=\"_ _2\"></span>iale e finanziari<span class=\"_ _1\"></span>a consolida<span class=\"_ _1\"></span>ta presentano una distinzione<span class=\"_ _1\"></span> tra </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corrent<span class=\"_ _4\"></span>i e non corre<span class=\"_ _4\"></span>nti, dove:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _165\"></span>le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti compre<span class=\"_ _4\"></span>ndono i s<span class=\"_ _4\"></span>aldi atti<span class=\"_ _4\"></span>vi con ci<span class=\"_ _4\"></span>clo di realiz<span class=\"_ _4\"></span>zo olt<span class=\"_ _4\"></span>re dodici m<span class=\"_ _4\"></span>esi e<span class=\"_ _4\"></span>d includon<span class=\"_ _4\"></span>o le atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali, mater<span class=\"_ _4\"></span>iali, finanz<span class=\"_ _4\"></span>iarie e le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no i saldi at<span class=\"_ _4\"></span>tivi c<span class=\"_ _4\"></span>on ciclo di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo entro i do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>l<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>igibili oltre do<span class=\"_ _4\"></span>dici me<span class=\"_ _4\"></span>si, inclusi i de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, i fon<span class=\"_ _4\"></span>di per </span><span style=\"display:inherit;clear:left;\">rischi e<span class=\"_ _4\"></span>d one<span class=\"_ _4\"></span>ri e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci a dipend<span class=\"_ _4\"></span>enti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ive;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>orrenti co<span class=\"_ _4\"></span>mprendo<span class=\"_ _4\"></span>no le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 e<span class=\"_ _4\"></span>sigibili entro d<span class=\"_ _4\"></span>odici me<span class=\"_ _4\"></span>si, compre<span class=\"_ _4\"></span>sa la quot<span class=\"_ _4\"></span>a a breve d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>inanzia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">menti a m<span class=\"_ _4\"></span>edio<span class=\"_ _4\"></span>-lungo ter<span class=\"_ _4\"></span>mine, dei fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e<span class=\"_ _4\"></span>d oneri e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici a dipe<span class=\"_ _4\"></span>ndenti.</span><span style=\"display:inherit;clear:left;\">Il prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico con<span class=\"_ _4\"></span>solidato \u00e8 p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntato, dive<span class=\"_ _4\"></span>rsam<span class=\"_ _4\"></span>ente dal bilancio s<span class=\"_ _4\"></span>eparato d<span class=\"_ _4\"></span>ella soci<span class=\"_ _4\"></span>et\u00e0 C<span class=\"_ _4\"></span>apo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do una clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one dei co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione, fo<span class=\"_ _4\"></span>rma ritenut<span class=\"_ _4\"></span>a pi\u00f9 rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ativa ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per natura di s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019alloca<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione \u00e8 ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uata dal </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do i centri di c<span class=\"_ _4\"></span>osto ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla spe<span class=\"_ _4\"></span>sa. L<span class=\"_ _4\"></span>a forma sce<span class=\"_ _4\"></span>lta \u00e8, infat<span class=\"_ _4\"></span>ti, conforme </span><span style=\"display:inherit;clear:left;\">alle mo<span class=\"_ _4\"></span>dalit\u00e0 di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting</span> inte<span class=\"_ _4\"></span>rno e di ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span>. Il de<span class=\"_ _4\"></span>ttag<span class=\"_ _4\"></span>lio per natur<span class=\"_ _4\"></span>a di spe<span class=\"_ _4\"></span>sa \u00e8 fornito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>interno de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>ota 36 \u201cCo<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).</span></span> Il ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">\u00e8 st<span class=\"_ _4\"></span>ato predi<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to in bas<span class=\"_ _4\"></span>e al meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to e vie<span class=\"_ _4\"></span>ne pres<span class=\"_ _4\"></span>entato in c<span class=\"_ _4\"></span>onformit\u00e0 allo I<span class=\"_ _4\"></span>AS 7<span class=\"_ _2\"></span>, class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ando i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari tra at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>a, di inves<span class=\"_ _4\"></span>timento e di f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Si pre<span class=\"_ _4\"></span>cisa che co<span class=\"_ _4\"></span>n riferime<span class=\"_ _4\"></span>nto alla delibe<span class=\"_ _4\"></span>ra Cons<span class=\"_ _4\"></span>ob n. 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>19 del 27 luglio 200<span class=\"_ _4\"></span>6 e alla comunic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne n. DEM6<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>4293 </span><span style=\"display:inherit;clear:left;\">del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, n<span class=\"_ _4\"></span>egli sch<span class=\"_ _4\"></span>emi di bilancio \u00e8 dat<span class=\"_ _4\"></span>a evide<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi con par<span class=\"_ _4\"></span>ti c<span class=\"_ _4\"></span>orrelate<span class=\"_ _4\"></span>, ai fini di una </span><span style=\"display:inherit;clear:left;\">migliore informati<span class=\"_ _4\"></span>va.</span><span style=\"display:inherit;clear:left;\">A f<span class=\"_ _4\"></span>ini comparati<span class=\"_ _4\"></span>vi i pros<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>i cons<span class=\"_ _4\"></span>olidati pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano il confronto co<span class=\"_ _4\"></span>n i dati patrimoniali con<span class=\"_ _4\"></span>solidati de<span class=\"_ _4\"></span>l bilancio al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e con i dati eco<span class=\"_ _4\"></span>nomici con<span class=\"_ _4\"></span>solidati de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023.</span><span style=\"display:inherit;clear:left;\">2.3 P<span class=\"_ _2\"></span>rincipi C<span class=\"_ _2\"></span>ontabili</span><span style=\"display:inherit;clear:left;\">2.3.1 Note gener<span class=\"_ _2\"></span>ali</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 s<span class=\"_ _4\"></span>tato re<span class=\"_ _4\"></span>datto in ba<span class=\"_ _4\"></span>se al principio d<span class=\"_ _4\"></span>el cos<span class=\"_ _4\"></span>to st<span class=\"_ _4\"></span>orico, tranne ch<span class=\"_ _4\"></span>e per g<span class=\"_ _4\"></span>li strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati e le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>stinate alla ve<span class=\"_ _4\"></span>ndita che s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo, nonch\u00e9 sul pre<span class=\"_ _4\"></span>supp<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">continuit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale. I pr<span class=\"_ _4\"></span>incipi contab<span class=\"_ _4\"></span>ili adott<span class=\"_ _4\"></span>ati nel B<span class=\"_ _4\"></span>ilancio Cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 sono g<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi di que<span class=\"_ _4\"></span>lli </span><span style=\"display:inherit;clear:left;\">adot<span class=\"_ _4\"></span>tati ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei principi c<span class=\"_ _4\"></span>ontabili inter<span class=\"_ _4\"></span>nazionali di nuov<span class=\"_ _4\"></span>a adozione ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4. Pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">mag<span class=\"_ _4\"></span>giori de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli sui principi di nuov<span class=\"_ _4\"></span>a adozione s<span class=\"_ _4\"></span>i rimanda al succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo parag<span class=\"_ _4\"></span>rafo \u201c<span class=\"_ _4\"></span>Variazioni di principi c<span class=\"_ _4\"></span>ontabili </span><span style=\"display:inherit;clear:left;\">interna<span class=\"_ _4\"></span>zionali<span class=\"_ _4\"></span>\u201d.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazioni discre<span class=\"_ _2\"></span>zionali<span class=\"_ _4\"></span>, st<span class=\"_ _4\"></span>ime c<span class=\"_ _2\"></span>ontabili ed assunzioni significat<span class=\"_ _4\"></span>ive</span><span style=\"display:inherit;clear:left;\">La re<span class=\"_ _4\"></span>dazion<span class=\"_ _4\"></span>e del bilancio c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidato richied<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fettua<span class=\"_ _4\"></span>zione di s<span class=\"_ _4\"></span>time e di as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni sia nella dete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne di </span><span style=\"display:inherit;clear:left;\">alcune att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, sia ne<span class=\"_ _4\"></span>lla valuta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pote<span class=\"_ _4\"></span>nziali, ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uate sulla base d<span class=\"_ _4\"></span>elle migliori </span><span style=\"display:inherit;clear:left;\">informazio<span class=\"_ _4\"></span>ni disponibili. G<span class=\"_ _4\"></span>li eventi p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero non c<span class=\"_ _4\"></span>onfermare pie<span class=\"_ _4\"></span>namente le s<span class=\"_ _4\"></span>time.</span><span style=\"display:inherit;clear:left;\">I principal<span class=\"_ _1\"></span>i dati con<span class=\"_ _1\"></span>getturati si riferiscono a<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fon<span class=\"_ _4\"></span>di obsol<span class=\"_ _4\"></span>esc<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a delle riman<span class=\"_ _4\"></span>enze di mater<span class=\"_ _4\"></span>ie prime e<span class=\"_ _4\"></span>d acce<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ri e delle riman<span class=\"_ _4\"></span>enze di pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i finiti; poic<span class=\"_ _4\"></span>h\u00e9 il Grupp<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>a pro<span class=\"_ _4\"></span>dotti s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>ti agli andame<span class=\"_ _4\"></span>nti del me<span class=\"_ _4\"></span>rcato, all<span class=\"_ _4\"></span>\u2019inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>a della mo<span class=\"_ _4\"></span>da, le rimane<span class=\"_ _4\"></span>nze di pro<span class=\"_ _4\"></span>dotti alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>agione s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tte a ri<span class=\"_ _4\"></span>duzioni di val<span class=\"_ _4\"></span>ore. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, il fondo o<span class=\"_ _4\"></span>bsol<span class=\"_ _4\"></span>esc<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a rimanen<span class=\"_ _4\"></span>ze di prodot<span class=\"_ _4\"></span>ti f<span class=\"_ _4\"></span>initi, rifl<span class=\"_ _4\"></span>ette la </span><span style=\"display:inherit;clear:left;\">stima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls5a wsd4\">management</span> circa l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e di valore att<span class=\"_ _4\"></span>ese s<span class=\"_ _4\"></span>ui prodot<span class=\"_ _4\"></span>ti dell<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se colle<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ni di stagi<span class=\"_ _4\"></span>oni pas<span class=\"_ _4\"></span>sate, te<span class=\"_ _4\"></span>nen<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do in cons<span class=\"_ _4\"></span>idera<span class=\"_ _4\"></span>zione la c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di vende<span class=\"_ _4\"></span>re gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attrave<span class=\"_ _4\"></span>rso i di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>si canali dis<span class=\"_ _4\"></span>tributi<span class=\"_ _4\"></span>vi in cui ope<span class=\"_ _4\"></span>ra il Grupp<span class=\"_ _4\"></span>o. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unzion<span class=\"_ _4\"></span>e pu\u00f2 es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re declinat<span class=\"_ _4\"></span>a in modo di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>o nelle di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche dove il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>, in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella cono<span class=\"_ _4\"></span>scen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>l singolo me<span class=\"_ _4\"></span>rcato in me<span class=\"_ _4\"></span>rito alla capa<span class=\"_ _4\"></span>cit\u00e0 lo<span class=\"_ _4\"></span>cale di as<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>bire la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">di prod<span class=\"_ _4\"></span>otti rife<span class=\"_ _4\"></span>riti a st<span class=\"_ _4\"></span>agioni pa<span class=\"_ _4\"></span>ssate<span class=\"_ _4\"></span>. Indic<span class=\"_ _4\"></span>ativame<span class=\"_ _4\"></span>nte le as<span class=\"_ _4\"></span>sunzioni di s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne preve<span class=\"_ _4\"></span>dono co<span class=\"_ _4\"></span>munque pe<span class=\"_ _4\"></span>rcentuali </span><span style=\"display:inherit;clear:left;\">di sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>scent<span class=\"_ _4\"></span>i con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>aument<span class=\"_ _4\"></span>are dell<span class=\"_ _4\"></span>\u2019anzianit\u00e0 de<span class=\"_ _4\"></span>lla colle<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, in modo t<span class=\"_ _4\"></span>ale da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere da un lato la dimi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nuzion<span class=\"_ _4\"></span>e dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ven<span class=\"_ _4\"></span>dita sui c<span class=\"_ _4\"></span>anali sec<span class=\"_ _4\"></span>ondari (<span class=\"_ _4\"></span>principalme<span class=\"_ _4\"></span>nte <span class=\"ff5f ls5f ws14d\">outlet</span>) e dall<span class=\"_ _4\"></span>\u2019altro la diminuzione de<span class=\"_ _4\"></span>lla probabilit<span class=\"_ _4\"></span>\u00e0 di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a col pa<span class=\"_ _4\"></span>ssare d<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o. Alla ba<span class=\"_ _4\"></span>se della de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione di t<span class=\"_ _4\"></span>ale perc<span class=\"_ _4\"></span>entuale c<span class=\"_ _4\"></span>\u2019\u00e8 sia un\u2019analisi stat<span class=\"_ _4\"></span>istic<span class=\"_ _4\"></span>a del v<span class=\"_ _4\"></span>ariare </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019anzianit\u00e0 de<span class=\"_ _4\"></span>l prodot<span class=\"_ _4\"></span>to in giace<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>, che una valut<span class=\"_ _4\"></span>azione di c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anza n<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o di utiliz<span class=\"_ _4\"></span>zo di p<span class=\"_ _4\"></span>ercentuali. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o si </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>i una variazio<span class=\"_ _4\"></span>ne nelle informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili, le p<span class=\"_ _4\"></span>ercentuali ve<span class=\"_ _4\"></span>ngono rianaliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e ed eve<span class=\"_ _4\"></span>ntualmente ade<span class=\"_ _4\"></span>guate. Il </span><span style=\"display:inherit;clear:left;\">fondo ob<span class=\"_ _4\"></span>sole<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nza di mate<span class=\"_ _4\"></span>rie prime rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la st<span class=\"_ _4\"></span>ima del <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> circa la diminuzione de<span class=\"_ _4\"></span>lla probabilit<span class=\"_ _4\"></span>\u00e0 di utiliz<span class=\"_ _4\"></span>zo </span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>se ch<span class=\"_ _4\"></span>e viene anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata s<span class=\"_ _4\"></span>ulla base de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo delle mate<span class=\"_ _4\"></span>rie prime a l<span class=\"_ _4\"></span>enta mov<span class=\"_ _4\"></span>iment<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ri<span class=\"_ _4\"></span>duzioni<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>ripris<span class=\"_ _4\"></span>tini di valore s<span class=\"_ _4\"></span>ulle atti<span class=\"_ _4\"></span>vit\u00e0 n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da al succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo paragrafo \u201c<span class=\"_ _4\"></span><span><span style=\"display:inherit;clear:left;\">Ridu<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span> durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>ipris<span class=\"_ _4\"></span>tini di valo<span class=\"_ _4\"></span>re di Immobili imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immo<span class=\"_ _4\"></span>biliari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali a </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita<span class=\"_ _4\"></span>, Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, leg<span class=\"_ _4\"></span>ato alla sol<span class=\"_ _4\"></span>vibilit\u00e0 d<span class=\"_ _4\"></span>ella cliente<span class=\"_ _4\"></span>la ed allo <span class=\"ff5f ls59 ws114\">st<span class=\"_ _4\"></span>anding</span><span class=\"ls58 wse8\"> de<span class=\"_ _4\"></span>gli stes</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si, con cui v<span class=\"_ _4\"></span>i sono p<span class=\"_ _4\"></span>eraltro in ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e rappo<span class=\"_ _4\"></span>rti c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidati nel te<span class=\"_ _4\"></span>mpo. Il Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a una matrice pe<span class=\"_ _4\"></span>r calco<span class=\"_ _4\"></span>lare le </span><span style=\"display:inherit;clear:left;\">ECL (<span class=\"ff5f ls0 ws110\">Ex<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cted Credit Los<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span><span class=\"ff5c\">) pe<span class=\"_ _4\"></span>r i crediti co<span class=\"_ _4\"></span>mmerciali. Le aliquote di a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto si bas<span class=\"_ _4\"></span>ano sui gio<span class=\"_ _4\"></span>rni di sca<span class=\"_ _4\"></span>duto per </span></span></span><span style=\"display:inherit;clear:left;\">ogni clas<span class=\"_ _4\"></span>se di clie<span class=\"_ _4\"></span>nti rag<span class=\"_ _4\"></span>gruppat<span class=\"_ _4\"></span>a nei var<span class=\"_ _4\"></span>i segm<span class=\"_ _4\"></span>enti che pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano similari an<span class=\"_ _4\"></span>damenti di pe<span class=\"_ _4\"></span>rdita s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a (<span class=\"_ _2\"></span>ad e<span class=\"_ _4\"></span>semp<span class=\"_ _4\"></span>io, </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica, tip<span class=\"_ _4\"></span>o di prodot<span class=\"_ _4\"></span>to, tipo di clie<span class=\"_ _4\"></span>nte, <span class=\"ff5f ls61 ws116\">rat<span class=\"_ _4\"></span>in<span class=\"_ _4\"></span>g</span> e garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. La matric<span class=\"_ _4\"></span>e si bas<span class=\"_ _4\"></span>a inizialmente sui t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di inso<span class=\"_ _4\"></span>l<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>ati del Grup<span class=\"_ _4\"></span>po. Il Grup<span class=\"_ _4\"></span>po calibr<span class=\"_ _4\"></span>a la matrice pe<span class=\"_ _4\"></span>r aff<span class=\"_ _4\"></span>inare il dato st<span class=\"_ _4\"></span>orico sulle p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>rediti co<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>nali. Ad es<span class=\"_ _4\"></span>empio, se s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che le con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>ste (<span class=\"_ _1\"></span>ad es<span class=\"_ _4\"></span>empio, il ris<span class=\"_ _4\"></span>chio pae<span class=\"_ _4\"></span>se) si </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>riorino l'anno suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivo, ci\u00f2 pu\u00f2 p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare a un aume<span class=\"_ _4\"></span>nto del nume<span class=\"_ _4\"></span>ro di inademp<span class=\"_ _4\"></span>ienze in que<span class=\"_ _4\"></span>l paes<span class=\"_ _4\"></span>e, i t<span class=\"_ _4\"></span>assi di in<span class=\"_ _4\"></span>sol<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>. Ad ogni data di r<span class=\"_ _4\"></span>iferiment<span class=\"_ _4\"></span>o, i tas<span class=\"_ _4\"></span>si di insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono ag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>ornati </span><span style=\"display:inherit;clear:left;\">e vengono anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati i camb<span class=\"_ _4\"></span>iamenti ne<span class=\"_ _4\"></span>lle stime s<span class=\"_ _4\"></span>u ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visionali<span class=\"_ _4\"></span>. La valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della corr<span class=\"_ _4\"></span>elazio<span class=\"_ _4\"></span>ne tra i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici, le condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ionali e le ECL rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano una s<span class=\"_ _4\"></span>tima signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019ammontare </span><span style=\"display:inherit;clear:left;\">di ECL \u00e8 se<span class=\"_ _4\"></span>nsibile ai c<span class=\"_ _4\"></span>ambiamenti de<span class=\"_ _4\"></span>lle circos<span class=\"_ _4\"></span>tanze e de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te. A<span class=\"_ _4\"></span>nche l'e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a stor<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andame<span class=\"_ _4\"></span>nto delle p<span class=\"_ _4\"></span>erdite su cre<span class=\"_ _4\"></span>dito del G<span class=\"_ _4\"></span>ruppo e la p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni econ<span class=\"_ _4\"></span>omiche future p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero </span><span style=\"display:inherit;clear:left;\">non e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>za ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tiva de<span class=\"_ _4\"></span>l cliente in futuro. Pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sull<span class=\"_ _4\"></span>\u2019analisi dei ris<span class=\"_ _4\"></span>chi di credito si </span><span style=\"display:inherit;clear:left;\">rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 1<span class=\"_ _2\"></span>5 \u201c<span class=\"_ _4\"></span>Crediti comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i, in part<span class=\"_ _4\"></span>icolare i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019impe<span class=\"_ _4\"></span>gno contr<span class=\"_ _4\"></span>attuale al rip<span class=\"_ _4\"></span>ristin<span class=\"_ _4\"></span>o futuro di loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o ed i co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">per c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi in cor<span class=\"_ _4\"></span>so o pre<span class=\"_ _4\"></span>vedibili;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>so indiv<span class=\"_ _4\"></span>iduato a ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica dei r<span class=\"_ _4\"></span>icavi da co<span class=\"_ _4\"></span>ntratti c<span class=\"_ _4\"></span>on clienti, ove pre<span class=\"_ _4\"></span>sente n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni co<span class=\"_ _4\"></span>ntrattuali o ne<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">pratic<span class=\"_ _4\"></span>a comme<span class=\"_ _4\"></span>rciale abituale pe<span class=\"_ _4\"></span>r la vendit<span class=\"_ _4\"></span>a di beni. Il G<span class=\"_ _4\"></span>ruppo ha d<span class=\"_ _4\"></span>eterminato che il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re atte<span class=\"_ _4\"></span>so \u00e8 il me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tod<span class=\"_ _4\"></span>o pi\u00f9 appropriato p<span class=\"_ _4\"></span>er s<span class=\"_ _4\"></span>timare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile sulle ve<span class=\"_ _4\"></span>ndite di b<span class=\"_ _4\"></span>eni con dirit<span class=\"_ _4\"></span>ti di res<span class=\"_ _4\"></span>tituzi<span class=\"_ _4\"></span>one, dato </span><span style=\"display:inherit;clear:left;\">l'elev<span class=\"_ _4\"></span>ato numero di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche simili; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>v<span class=\"_ _4\"></span>ita utile d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e macchinari, delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita e de<span class=\"_ _4\"></span>gli inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>bi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liari nonch\u00e9 alla ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l rispe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i requisit<span class=\"_ _4\"></span>i di iscri<span class=\"_ _4\"></span>zione e misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali per co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, i cui v<span class=\"_ _4\"></span>alori so<span class=\"_ _4\"></span>no deter<span class=\"_ _4\"></span>minati in base a s<span class=\"_ _4\"></span>time attuar<span class=\"_ _4\"></span>iali<span class=\"_ _1\"></span>; per l<span class=\"_ _4\"></span>e principali as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni attuariali si </span><span style=\"display:inherit;clear:left;\">rinvia alla not<span class=\"_ _4\"></span>a 2<span class=\"_ _2\"></span>4 \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r bene<span class=\"_ _4\"></span>fici ai dip<span class=\"_ _4\"></span>end<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r impost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite che s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ate nella misur<span class=\"_ _4\"></span>a in cui sia probabile l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>esi<span class=\"_ _4\"></span>sten<span class=\"_ _4\"></span>za di ad<span class=\"_ _4\"></span>eguati utili f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali futuri a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali le diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee o eve<span class=\"_ _4\"></span>ntuali perdite f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali pot<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e. A tal r<span class=\"_ _4\"></span>iguardo, il <span class=\"ff5f ws0\">mana-</span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls0 ws97\"> del Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>ima la probabile manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azione t<span class=\"_ _4\"></span>empo<span class=\"_ _4\"></span>rale e l<span class=\"_ _4\"></span>\u2019ammontare dei fut<span class=\"_ _4\"></span>uri utili fi<span class=\"_ _4\"></span>scalm<span class=\"_ _4\"></span>ente imponibili;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> val<span class=\"_ _4\"></span>or <span class=\"_ _43\"> </span>e<span class=\"_ _4\"></span>quo <span class=\"_ _43\"> </span><span class=\"ff5f ws141\">(fair value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, tra cui ri<span class=\"_ _4\"></span>ves<span class=\"_ _4\"></span>tono par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare impor<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>za gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati, di cui </span></span></span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o fa largo us<span class=\"_ _4\"></span>o per la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di cambio; pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sulle as<span class=\"_ _4\"></span>sunz<span class=\"_ _4\"></span>ioni alla base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f ws0\">fair </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\"> si rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 32 \u201cStr<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari e v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"lsb4 ws13a\">\u201d;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _62\"> </span> v<span class=\"_ _4\"></span>alore <span class=\"_ _22\"> </span>equo <span class=\"_ _22\"> </span><span class=\"ff5f wsa3\">(f<span class=\"_ _1\"></span>air value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> dei piani di pag<span class=\"_ _4\"></span>amento bas<span class=\"_ _4\"></span>ati su az<span class=\"_ _4\"></span>ioni sia regolati p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a che rego<span class=\"_ _4\"></span>lati con azio<span class=\"_ _4\"></span>ni di<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">cui la Capo<span class=\"_ _4\"></span>gruppo f<span class=\"_ _4\"></span>a uso p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>entiva<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> del Grupp<span class=\"_ _4\"></span>o; per i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>ulle ass<span class=\"_ _4\"></span>unzioni alla </span><span style=\"display:inherit;clear:left;\">base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> si rinvia alla not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti bas<span class=\"_ _4\"></span>ati su azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>; </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _4a\"></span>risc<span class=\"_ _4\"></span>hio di socco<span class=\"_ _4\"></span>mben<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>lle controver<span class=\"_ _4\"></span>sie in cui il Gr<span class=\"_ _4\"></span>uppo \u00e8 coinvolto; il Grup<span class=\"_ _4\"></span>po acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a fronte di </span><span style=\"display:inherit;clear:left;\">conten<span class=\"_ _4\"></span>ziosi e c<span class=\"_ _4\"></span>ause l<span class=\"_ _4\"></span>egali in cor<span class=\"_ _4\"></span>so quand<span class=\"_ _4\"></span>o ritiene p<span class=\"_ _4\"></span>robabile che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icher<span class=\"_ _4\"></span>\u00e0 un esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario e quando l<span class=\"_ _4\"></span>\u2019am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e delle p<span class=\"_ _4\"></span>erdite che ne d<span class=\"_ _4\"></span>erive<span class=\"_ _4\"></span>ranno pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte stimato. St<span class=\"_ _4\"></span>ante le ince<span class=\"_ _4\"></span>rte<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze ine<span class=\"_ _4\"></span>renti l<span class=\"_ _4\"></span>\u2019esito di </span><span style=\"display:inherit;clear:left;\">tali pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti, \u00e8 dif<span class=\"_ _4\"></span>ficil<span class=\"_ _4\"></span>e predire co<span class=\"_ _4\"></span>n cer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o che deri<span class=\"_ _4\"></span>ver\u00e0 da t<span class=\"_ _4\"></span>ali controver<span class=\"_ _4\"></span>sie e<span class=\"_ _4\"></span>d \u00e8 quindi pos<span class=\"_ _4\"></span>sibile che il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _4\"></span>ei fondi p<span class=\"_ _4\"></span>er proc<span class=\"_ _4\"></span>ediment<span class=\"_ _4\"></span>i legali p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a variare a se<span class=\"_ _4\"></span>guito di futur<span class=\"_ _4\"></span>i sv<span class=\"_ _4\"></span>iluppi nei pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so. Il Grup<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">monitor<span class=\"_ _4\"></span>a lo <span class=\"ff5f ls46 ws94\">statu<span class=\"_ _4\"></span>s</span> delle c<span class=\"_ _4\"></span>ause e p<span class=\"_ _4\"></span>rocedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so e si co<span class=\"_ _4\"></span>nsulta c<span class=\"_ _4\"></span>on i propri c<span class=\"_ _4\"></span>onsule<span class=\"_ _4\"></span>nti legali e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti in mate<span class=\"_ _4\"></span>ria </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ale. Il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a, inoltre<span class=\"_ _4\"></span>, le po<span class=\"_ _4\"></span>sizioni f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ince<span class=\"_ _4\"></span>rte e s<span class=\"_ _4\"></span>e nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario rile<span class=\"_ _4\"></span>va una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16, sono s<span class=\"_ _4\"></span>tate ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate le se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>time cont<span class=\"_ _4\"></span>abili signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, come G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">qualit\u00e0 di lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls32 ws39e\"> Le<span class=\"_ _4\"></span>ase<span class=\"_ _4\"></span> <span class=\"_ _40\"> </span>te<span class=\"_ _4\"></span>rm</span><span class=\"ls7d ws2d8\">: l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to \u00e8 una tematic<span class=\"_ _4\"></span>a molto ril<span class=\"_ _4\"></span>evante dal mom<span class=\"_ _4\"></span>ento che </span></span><span style=\"display:inherit;clear:left;\">la forma, la le<span class=\"_ _4\"></span>gisla<span class=\"_ _4\"></span>zione e le pr<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i commerciali sui c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto imm<span class=\"_ _4\"></span>obiliare variano sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativam<span class=\"_ _4\"></span>ente da </span><span style=\"display:inherit;clear:left;\">una giurisdi<span class=\"_ _4\"></span>zione a<span class=\"_ _4\"></span>d un'<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ra e la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti delle o<span class=\"_ _4\"></span>pzioni di rinnovo al ter<span class=\"_ _4\"></span>mine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do non can<span class=\"_ _4\"></span>cel<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">labile sulla s<span class=\"_ _4\"></span>tima di leas<span class=\"_ _4\"></span>e term co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni. l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">Interpret<span class=\"_ _4\"></span>ation Committe<span class=\"_ _4\"></span>e</span> ha chiarito che ai </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>ini della ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di esig<span class=\"_ _4\"></span>ibilit\u00e0 un lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o deve cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>are il momento c<span class=\"_ _4\"></span>ontrattual<span class=\"_ _4\"></span>e nel qua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti coinvo<span class=\"_ _4\"></span>lte pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare il loro dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>scinde<span class=\"_ _4\"></span>re il contrat<span class=\"_ _4\"></span>to sen<span class=\"_ _4\"></span>za inco<span class=\"_ _4\"></span>rrere in pe<span class=\"_ _4\"></span>nali </span><span style=\"display:inherit;clear:left;\">che non s<span class=\"_ _4\"></span>ono irrile<span class=\"_ _4\"></span>vanti; il concett<span class=\"_ _4\"></span>o di penal<span class=\"_ _4\"></span>e non deve aver<span class=\"_ _4\"></span>e un\u2019accezio<span class=\"_ _4\"></span>ne mer<span class=\"_ _4\"></span>amente contr<span class=\"_ _4\"></span>attuale<span class=\"_ _4\"></span>, ma va vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">considerando tutti gli<span class=\"_ _1\"></span> aspetti economici del contra<span class=\"_ _1\"></span>tto. Il Gruppo h<span class=\"_ _1\"></span>a considerato tali<span class=\"_ _1\"></span> conclusion<span class=\"_ _1\"></span>i nell\u2019ide<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>fic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella durata d<span class=\"_ _4\"></span>ei contrat<span class=\"_ _4\"></span>ti di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to. Il Grupp<span class=\"_ _4\"></span>o, infatti, pe<span class=\"_ _4\"></span>r la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e della durat<span class=\"_ _4\"></span>a del le<span class=\"_ _4\"></span>ase ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e c<span class=\"_ _4\"></span>ancella<span class=\"_ _4\"></span>zione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente in cap<span class=\"_ _4\"></span>o al loc<span class=\"_ _4\"></span>atario, al loc<span class=\"_ _4\"></span>atore o a ent<span class=\"_ _4\"></span>rambi. In </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili da entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>ntrattuali ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a o meno di </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi disinc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i econo<span class=\"_ _4\"></span>mici nel rif<span class=\"_ _4\"></span>iut<span class=\"_ _4\"></span>are la richies<span class=\"_ _4\"></span>ta di rinnovo c<span class=\"_ _4\"></span>ome richie<span class=\"_ _4\"></span>sto dal par<span class=\"_ _4\"></span>agrafo B34 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili solo da una d<span class=\"_ _4\"></span>elle due par<span class=\"_ _4\"></span>ti ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato il paragr<span class=\"_ _4\"></span>afo B3<span class=\"_ _1\"></span>5 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di quanto sopra<span class=\"_ _4\"></span>, tenuto cont<span class=\"_ _4\"></span>o degli sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ici fat<span class=\"_ _4\"></span>ti e circos<span class=\"_ _4\"></span>tanze no<span class=\"_ _4\"></span>nch\u00e9 de<span class=\"_ _4\"></span>lla stima sull<span class=\"_ _4\"></span>\u2019ess<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">ragion<span class=\"_ _4\"></span>evolmente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione, ha co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato ch<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>-  <span class=\"_ _45\"></span>per i c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di durata annuale rinnov<span class=\"_ _4\"></span>abili automatic<span class=\"_ _4\"></span>amente s<span class=\"_ _4\"></span>alvo disd<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a si \u00e8 cons<span class=\"_ _4\"></span>iderat<span class=\"_ _4\"></span>a una durata me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">di cinque anni, bas<span class=\"_ _4\"></span>ando t<span class=\"_ _4\"></span>ale sce<span class=\"_ _4\"></span>lta su analis<span class=\"_ _4\"></span>i stor<span class=\"_ _4\"></span>iche;</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>- <span class=\"_ _4\"></span> <span class=\"_ _45\"></span>neg<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si se \u00e8 so<span class=\"_ _4\"></span>lo il Grupp<span class=\"_ _4\"></span>o a poter e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare l<span class=\"_ _4\"></span>\u2019opzione, si \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rata una durat<span class=\"_ _4\"></span>a f<span class=\"_ _4\"></span>ino al sec<span class=\"_ _4\"></span>ondo rinno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vo prev<span class=\"_ _4\"></span>isto dal co<span class=\"_ _4\"></span>ntratto, ba<span class=\"_ _4\"></span>sando<span class=\"_ _4\"></span>si sull<span class=\"_ _4\"></span>\u2019eviden<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a e sul fatto di no<span class=\"_ _4\"></span>n poter c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erare ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>to il rinnovo o<span class=\"_ _4\"></span>ltre il se<span class=\"_ _4\"></span>condo p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _166\"> </span> <span class=\"_ _45\"></span> <span class=\"_ _45\"></span>Dop<span class=\"_ _4\"></span>o la data di de<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o, il Gruppo ri<span class=\"_ _4\"></span>vede la dur<span class=\"_ _4\"></span>ata dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso s<span class=\"_ _4\"></span>e si verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a un evento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo o un </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vo cambiame<span class=\"_ _4\"></span>nto delle circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze che, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>ndo dalla volont<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, abbia un'incid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla ragione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a del lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o di ese<span class=\"_ _4\"></span>rcitare un'opzione non p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente inclu<span class=\"_ _4\"></span>sa nella s<span class=\"_ _4\"></span>ua determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f ls7f ws13b\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> o di no<span class=\"_ _4\"></span>n ese<span class=\"_ _4\"></span>rcitare un'opzione pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente inclus<span class=\"_ _4\"></span>a nella sua det<span class=\"_ _4\"></span>erminaz<span class=\"_ _4\"></span>ione della dur<span class=\"_ _4\"></span>ata del <span class=\"ff5f ls7f ws13b\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span><span class=\"ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _165\"></span>De<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto: poich\u00e9 ne<span class=\"_ _4\"></span>lla mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te dei c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o stipulati dal G<span class=\"_ _4\"></span>ruppo, non \u00e8 </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ente un t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse imp<span class=\"_ _4\"></span>licito, il Gruppo ha c<span class=\"_ _4\"></span>alcolato un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so increm<span class=\"_ _4\"></span>ental<span class=\"_ _4\"></span>e di indebit<span class=\"_ _4\"></span>amento <span class=\"ff5f ws125\">(Incre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mental B<span class=\"_ _4\"></span>orrowing Rate-<span class=\"_ _4\"></span>IBR)<span class=\"ff5c\">. Al f<span class=\"_ _4\"></span>ine di dete<span class=\"_ _4\"></span>rminare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IBR da utiliz<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pagame<span class=\"_ _4\"></span>nti futuri </span></span><span style=\"display:inherit;clear:left;\">dei c<span class=\"_ _4\"></span>anoni di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to, il Grupp<span class=\"_ _4\"></span>o ha identif<span class=\"_ _4\"></span>icato o<span class=\"_ _4\"></span>gni Paes<span class=\"_ _4\"></span>e come un p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche </span><span style=\"display:inherit;clear:left;\">simili e ha dete<span class=\"_ _4\"></span>rminato il relativo IBR c<span class=\"_ _4\"></span>ome il ta<span class=\"_ _4\"></span>sso di un<span class=\"_ _4\"></span>o strume<span class=\"_ _4\"></span>nto privo di r<span class=\"_ _4\"></span>ischio de<span class=\"_ _4\"></span>l risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo Paes<span class=\"_ _4\"></span>e in cui il<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato stip<span class=\"_ _4\"></span>ulato, basato sulle di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>se sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze contrat<span class=\"_ _4\"></span>tuali, magg<span class=\"_ _4\"></span>iorato de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Credit spread</span><span class=\"ls69 ws8\"> di Gr<span class=\"_ _4\"></span>uppo.</span></span><span style=\"display:inherit;clear:left;\">Le stim<span class=\"_ _4\"></span>e e le ass<span class=\"_ _4\"></span>unzioni s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fettuate dag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri con il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to delle fun<span class=\"_ _4\"></span>zioni az<span class=\"_ _4\"></span>iendali e, quan<span class=\"_ _4\"></span>do ap<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">propriato, di sp<span class=\"_ _4\"></span>ecialis<span class=\"_ _4\"></span>ti indipe<span class=\"_ _4\"></span>ndent<span class=\"_ _4\"></span>i e sono ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te per<span class=\"_ _4\"></span>iodic<span class=\"_ _4\"></span>amente, i<span class=\"_ _4\"></span>scrive<span class=\"_ _4\"></span>ndo a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, ove richies<span class=\"_ _4\"></span>to,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">gli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i di ciascuna varia<span class=\"_ _4\"></span>zione ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo in cui t<span class=\"_ _4\"></span>ali stim<span class=\"_ _4\"></span>e ed as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni doves<span class=\"_ _4\"></span>sero dif<span class=\"_ _4\"></span>ferir<span class=\"_ _4\"></span>e dalle circost<span class=\"_ _4\"></span>anze </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ive.</span><span style=\"display:inherit;clear:left;\">Riduzione durev<span class=\"_ _1\"></span>ole/Ripristini di valor<span class=\"_ _2\"></span>e di Immobili impianti e macchinari, Investimenti immobiliari, <span class=\"_ _2\"></span>Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vita utile definita, A<span class=\"_ _2\"></span>ttivit\u00e0 per Diritto d\u2019uso e Avviamento</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o monitora c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte il proprio <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> per v<span class=\"_ _4\"></span>alutare se v<span class=\"_ _4\"></span>i siano indic<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e le sue att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti </span><span style=\"display:inherit;clear:left;\">siano so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette al ri<span class=\"_ _4\"></span>schio di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore, tr<span class=\"_ _4\"></span>a cui l'av<span class=\"_ _4\"></span>viamento, gli inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari, le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali con </span><span style=\"display:inherit;clear:left;\">una vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali in cor<span class=\"_ _4\"></span>so)<span class=\"_ _2\"></span>, l<span class=\"_ _4\"></span>e immobiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azioni mate<span class=\"_ _4\"></span>riali e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d'us<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento e le At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali in co<span class=\"_ _4\"></span>rso s<span class=\"_ _4\"></span>ono sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>osti a ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore almen<span class=\"_ _4\"></span>o una volta l<span class=\"_ _4\"></span>\u2019anno (<span class=\"_ _2\"></span>con </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre) o con magg<span class=\"_ _4\"></span>iore fre<span class=\"_ _4\"></span>quenz<span class=\"_ _4\"></span>a, quando le circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze facciano rit<span class=\"_ _4\"></span>enere ch<span class=\"_ _4\"></span>e il valore di is<span class=\"_ _4\"></span>crizio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">potre<span class=\"_ _4\"></span>bbe e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto a p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ad og<span class=\"_ _4\"></span>ni <span class=\"ff5f\">repor<span class=\"_ _4\"></span>ting date</span><span class=\"ls62 ws59\"> s<span class=\"_ _4\"></span>volge l<span class=\"_ _4\"></span>\u2019analisi finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a ad indi<span class=\"_ _4\"></span>viduare la p<span class=\"_ _4\"></span>re</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sen<span class=\"_ _4\"></span>za di eve<span class=\"_ _4\"></span>ntuali indicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls59 ws114\">impairme<span class=\"_ _4\"></span>nt</span><span class=\"ls62 wseb\"> e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdite dur<span class=\"_ _4\"></span>evoli di val<span class=\"_ _4\"></span>ore di Immobili, im<span class=\"_ _4\"></span>pianti e macchinari, Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imenti </span></span><span style=\"display:inherit;clear:left;\">immobiliari, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a ed Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento, me<span class=\"_ _4\"></span>diante la redazi<span class=\"_ _4\"></span>one di </span><span style=\"display:inherit;clear:left;\">check<span class=\"_ _4\"></span>list<span class=\"ff5c ws131\"> che indi<span class=\"_ _4\"></span>viduino la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di indic<span class=\"_ _4\"></span>atori e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni (<span class=\"_ _2\"></span>quali con<span class=\"_ _4\"></span>dizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni </span></span><span style=\"display:inherit;clear:left;\">riguardanti il se<span class=\"_ _4\"></span>ttore e<span class=\"_ _4\"></span>d il merc<span class=\"_ _4\"></span>ato, capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di me<span class=\"_ _4\"></span>rcato, varia<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ien<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te te<span class=\"_ _4\"></span>cnologi<span class=\"_ _4\"></span>co, di mercato, e<span class=\"_ _4\"></span>conomico o n<span class=\"_ _4\"></span>ormativo ne<span class=\"_ _4\"></span>l quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o ne<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato al quale un\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 rivolt<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) </span><span style=\"display:inherit;clear:left;\">o interni (q<span class=\"_ _1\"></span>uali signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata o ci si att<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ar\u00e0 utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata, l<span class=\"_ _4\"></span>\u2019andamento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previs<span class=\"_ _4\"></span>to, </span><span style=\"display:inherit;clear:left;\">cash<span class=\"ff5c ls0 ws0\"> </span><span class=\"ls57 ws97\">f<span class=\"_ _4\"></span>low<span class=\"ff5c ls0 ws0\"> negati<span class=\"_ _4\"></span>vi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span></span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, le CGU dove so<span class=\"_ _4\"></span>no risc<span class=\"_ _4\"></span>ontrati indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span> s<span class=\"_ _4\"></span>ono as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f ls36 wsb\">te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5d\"> di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span></span></span>. In </span><span style=\"display:inherit;clear:left;\">linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls59 wsd8\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls5b ws2b\"> sono st<span class=\"_ _4\"></span>ati condotti considerando<span class=\"_ _1\"></span> qual<span class=\"_ _1\"></span>i CGU<span class=\"_ _1\"></span><span class=\"ff5f ls0 ws150\"> (<span class=\"_ _1\"></span>Cash Ge<span class=\"_ _4\"></span>nerating Units)<span class=\"ff5c\"> le singole </span></span></span></span><span style=\"display:inherit;clear:left;\">aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche in cui il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era, di no<span class=\"_ _4\"></span>rma coincid<span class=\"_ _4\"></span>enti con le s<span class=\"_ _4\"></span>ingole entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po, fatti s<span class=\"_ _4\"></span>alv<span class=\"_ _4\"></span>i i casi in </span><span style=\"display:inherit;clear:left;\">cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po ope<span class=\"_ _4\"></span>rino ne<span class=\"_ _4\"></span>l mede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in te<span class=\"_ _4\"></span>rritori e m<span class=\"_ _4\"></span>ercati limitrof<span class=\"_ _4\"></span>i car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zati da clie<span class=\"_ _4\"></span>ntela </span><span style=\"display:inherit;clear:left;\">comune e<span class=\"_ _4\"></span>d omoge<span class=\"_ _4\"></span>nea. </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, risp<span class=\"_ _4\"></span>etto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Retail Hong Kong \u00e8 s<span class=\"_ _4\"></span>tata s<span class=\"_ _4\"></span>epar<span class=\"_ _4\"></span>ata dalla CGU Cina in linea </span><span style=\"display:inherit;clear:left;\">con il nuovo mo<span class=\"_ _4\"></span>dello dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo pos<span class=\"_ _4\"></span>to in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re dal Grupp<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">La p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto \u00e8 dete<span class=\"_ _4\"></span>rminata valut<span class=\"_ _4\"></span>ando il valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti indi<span class=\"_ _4\"></span>catori di p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore, il v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile di una atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 viene r<span class=\"_ _4\"></span>idott<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">pari al mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e tra il suo <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita e il suo v<span class=\"_ _4\"></span>alore d<span class=\"_ _4\"></span>\u2019uso. Il val<span class=\"_ _4\"></span>ore recup<span class=\"_ _4\"></span>erabil<span class=\"_ _4\"></span>e \u00e8 determinato </span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>ingola atti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, a meno che l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 non ge<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa in e<span class=\"_ _4\"></span>ntrata che s<span class=\"_ _4\"></span>ono ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti dai </span><span style=\"display:inherit;clear:left;\">flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a da altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o gruppi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, ne<span class=\"_ _4\"></span>l qual caso l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 tes<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella CGU a cui </span><span style=\"display:inherit;clear:left;\">appartiene l'a<span class=\"_ _1\"></span>ttivit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il calco<span class=\"_ _4\"></span>lo del <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita si ba<span class=\"_ _4\"></span>sa su dati dis<span class=\"_ _4\"></span>ponibili re<span class=\"_ _4\"></span>lativi a op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di ven<span class=\"_ _4\"></span>dita tra p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i libere e </span><span style=\"display:inherit;clear:left;\">autonom<span class=\"_ _4\"></span>e, di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 simili o prez<span class=\"_ _5\"></span>zi di merc<span class=\"_ _4\"></span>ato os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili, dedot<span class=\"_ _4\"></span>ti i mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i cost<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i alla dismis<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0. Il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso \u00e8 calco<span class=\"_ _4\"></span>lato tramite mo<span class=\"_ _4\"></span>delli di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>o un tas<span class=\"_ _4\"></span>so di sc<span class=\"_ _4\"></span>onto ante impos<span class=\"_ _4\"></span>te che ri<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fl<span class=\"_ _4\"></span>ette la s<span class=\"_ _4\"></span>tima corre<span class=\"_ _4\"></span>nte del me<span class=\"_ _4\"></span>rcato rife<span class=\"_ _4\"></span>rito al cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>naro rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ato al temp<span class=\"_ _4\"></span>o e ai rischi s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cifici d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0. Il v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso \u00e8 il valore at<span class=\"_ _4\"></span>tuale dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i (DCF: <span class=\"ff5f\">Discounted Cash Flow</span>) che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e abbiano origin<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0.</span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lle CGU \u00e8 stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el <span class=\"ff5f\">value in use</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero t<span class=\"_ _4\"></span>ramite il meto<span class=\"_ _4\"></span>do del <span class=\"ff5f\">D<span class=\"_ _4\"></span>iscounted Cash Flow</span> ch<span class=\"_ _4\"></span>e rav<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a nella c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di produrre f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa l<span class=\"_ _4\"></span>\u2019elem<span class=\"_ _4\"></span>ento fonda<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ment<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento att<span class=\"_ _4\"></span>ualiz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di sco<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto (<span class=\"ff5f\">Weighted Average Cost of Capital</span> - WAC<span class=\"_ _1\"></span>C) \u00e8 st<span class=\"_ _4\"></span>ato stimato s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo la formulaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ws0\">Ex<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>ed </span></span><span style=\"display:inherit;clear:left;\">Capital As<span class=\"_ _4\"></span>set Pricing Mode<span class=\"_ _4\"></span>l<span class=\"ff5c lsf2 ws2e9\"> (\"CA<span class=\"_ _2\"></span>PM<span class=\"_ _2\"></span>\") <span class=\"ff5f ls62 wsa\">unconditional</span><span class=\"ls0 ws12a\">, pe<span class=\"_ _4\"></span>r quanto concer<span class=\"_ _4\"></span>ne il cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls3a wsaf\">eq<span class=\"_ _4\"></span>uit<span class=\"_ _4\"></span>y<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws12a\">, me<span class=\"_ _4\"></span>ntre il cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>bito </span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u00e8 stimato c<span class=\"_ _4\"></span>ome somma di <span class=\"ff5f\">risk f<span class=\"_ _4\"></span>ree</span> del p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di riferime<span class=\"_ _4\"></span>nto e <span class=\"ff5f\">interes<span class=\"_ _4\"></span>t coverage ratio</span> delle so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>par<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>nti al <span class=\"ff5f ws0\">panel<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>tima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls36 wsb\">beta</span> e del <span class=\"ff5f ls62 wsa\">de<span class=\"_ _4\"></span>bt equit<span class=\"_ _4\"></span>y ratio</span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita \u201cg<span class=\"_ _4\"></span>\u201d \u00e8 dete<span class=\"_ _4\"></span>rminato come l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ione atte<span class=\"_ _4\"></span>sa n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio \u2013 lungo perio<span class=\"_ _4\"></span>do ne<span class=\"_ _4\"></span>l mercato di r<span class=\"_ _4\"></span>iferimento<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws3a7\"> te<span class=\"_ _4\"></span>rminal <span class=\"_ _40\"> </span>value</span> \u00e8 det<span class=\"_ _4\"></span>erminato con il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>ella rendit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>rpetua a<span class=\"_ _4\"></span>d un tas<span class=\"_ _4\"></span>so di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a \u201c<span class=\"_ _2\"></span>g<span class=\"_ _5\"></span>\u201d di lungo pe<span class=\"_ _4\"></span>riodo </span><span style=\"display:inherit;clear:left;\">I flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a sono r<span class=\"_ _4\"></span>icavati dalle s<span class=\"_ _4\"></span>time elab<span class=\"_ _4\"></span>orate dal <span class=\"ff5f ls56 ws7\">managem<span class=\"_ _4\"></span>ent</span> azien<span class=\"_ _4\"></span>dale, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la mig<span class=\"_ _4\"></span>lior stima </span><span style=\"display:inherit;clear:left;\">effettuabile da<span class=\"_ _1\"></span>l Gruppo, su<span class=\"_ _1\"></span>lle condizion<span class=\"_ _2\"></span>i e<span class=\"_ _4\"></span>conomic<span class=\"_ _1\"></span>he previste nel periodo di pian<span class=\"_ _1\"></span>o, tenendo anc<span class=\"_ _1\"></span>he in considerazione<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>di di analisti di se<span class=\"_ _4\"></span>ttore<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si non inclu<span class=\"_ _4\"></span>dono le at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di ris<span class=\"_ _4\"></span>truttur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per cui il Gr<span class=\"_ _4\"></span>uppo, non abb<span class=\"_ _4\"></span>ia gi\u00e0 un\u2019ob<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bliga<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, n\u00e9 signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivi inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti futuri che incre<span class=\"_ _4\"></span>mente<span class=\"_ _4\"></span>ranno il ren<span class=\"_ _4\"></span>dimento de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to re<span class=\"_ _4\"></span>cuperab<span class=\"_ _4\"></span>ile dipen<span class=\"_ _4\"></span>de sen<span class=\"_ _4\"></span>sibilmente dal t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di </span><span style=\"display:inherit;clear:left;\">sconto ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>ello dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ssa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati cos\u00ec com<span class=\"_ _4\"></span>e dai flus<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai fini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>trapo<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Le proie<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>l piano copron<span class=\"_ _4\"></span>o un arco temp<span class=\"_ _4\"></span>orale mas<span class=\"_ _4\"></span>simo di cinque anni in line<span class=\"_ _4\"></span>a con quanto discip<span class=\"_ _4\"></span>linato dallo IAS </span><span style=\"display:inherit;clear:left;\">36 ed il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita a lungo te<span class=\"_ _4\"></span>rmine (<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>) utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato al f<span class=\"_ _4\"></span>ine della s<span class=\"_ _4\"></span>tima del v<span class=\"_ _4\"></span>alore ter<span class=\"_ _4\"></span>minale dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 st<span class=\"_ _4\"></span>ato as<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sunto pari all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflazi<span class=\"_ _4\"></span>one atte<span class=\"_ _4\"></span>sa ne<span class=\"_ _4\"></span>l medi<span class=\"_ _4\"></span>o\u2013<span class=\"_ _4\"></span>lungo perio<span class=\"_ _4\"></span>do dei p<span class=\"_ _4\"></span>rincipali merc<span class=\"_ _4\"></span>ati in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, pubblic<span class=\"_ _4\"></span>ato sulle </span><span style=\"display:inherit;clear:left;\">primarie ban<span class=\"_ _4\"></span>che dati dispo<span class=\"_ _4\"></span>nibili. Per<span class=\"_ _4\"></span>tanto, se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>ugge<span class=\"_ _4\"></span>rito dalla dot<span class=\"_ _4\"></span>trina, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a g cos\u00ec d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito </span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a che ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re mantenuto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a a tempo in<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>inito, in con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">side<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne dello s<span class=\"_ _4\"></span>tato di maturit<span class=\"_ _4\"></span>\u00e0 del s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re e dei me<span class=\"_ _4\"></span>rcati ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ici nei quali il Gr<span class=\"_ _4\"></span>uppo op<span class=\"_ _4\"></span>era; su oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nti lunghi \u00e8 </span><span style=\"display:inherit;clear:left;\">comunque dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icile pot<span class=\"_ _4\"></span>er sos<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>ere una cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>dente quella d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia ne<span class=\"_ _4\"></span>l suo compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o recup<span class=\"_ _4\"></span>erabile dip<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ensib<span class=\"_ _4\"></span>ilmente dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mode<span class=\"_ _4\"></span>llo dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">cos\u00ec co<span class=\"_ _4\"></span>me dai flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019estr<span class=\"_ _4\"></span>apolaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne ricono<span class=\"_ _4\"></span>sciuta una p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a di valore la<span class=\"_ _4\"></span>ddove il valor<span class=\"_ _4\"></span>e recupe<span class=\"_ _4\"></span>rabile ri<span class=\"_ _4\"></span>sulti inferiore al v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le risult<span class=\"_ _4\"></span>anze dell<span class=\"_ _4\"></span>e valuta<span class=\"_ _4\"></span>zioni ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate per la d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutte l<span class=\"_ _4\"></span>e CGU og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls0 ws119\"> s<span class=\"_ _4\"></span>ono confront<span class=\"_ _4\"></span>ate con il re<span class=\"_ _4\"></span>lativo valore c<span class=\"_ _4\"></span>ontabile e qualo<span class=\"_ _4\"></span>ra il valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ella CGU (incluso </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto attribuit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) ris<span class=\"_ _4\"></span>ulti mag<span class=\"_ _4\"></span>giore de<span class=\"_ _4\"></span>l V<span class=\"_ _1\"></span>alore Re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile si pro<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>r\u00e0 alla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una perdit<span class=\"_ _4\"></span>a di valore p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i due v<span class=\"_ _4\"></span>alori. In cias<span class=\"_ _4\"></span>cuna CGU la perdit<span class=\"_ _4\"></span>a sar<span class=\"_ _4\"></span>\u00e0 imputat<span class=\"_ _4\"></span>a nel se<span class=\"_ _4\"></span>guente o<span class=\"_ _4\"></span>rdine:</span><span style=\"display:inherit;clear:left;\">a.  <span class=\"_ _49\"></span>ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento allo<span class=\"_ _4\"></span>cato all<span class=\"_ _4\"></span>\u2019unit\u00e0 (fino ad annullarl<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>), se la ri<span class=\"_ _4\"></span>duzione \u00e8 rife<span class=\"_ _4\"></span>rita all<span class=\"_ _4\"></span>\u2019unit\u00e0 </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile;</span><span style=\"display:inherit;clear:left;\">b.  <span class=\"_ _45\"></span>ri<span class=\"_ _4\"></span>duzione p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle altre at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0, e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti g<span class=\"_ _4\"></span>i\u00e0 valutate al lo<span class=\"_ _4\"></span>ro </span><span style=\"display:inherit;clear:left;\">valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile.</span><span style=\"display:inherit;clear:left;\">La rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rdite di valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento non p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>sere r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inata in es<span class=\"_ _4\"></span>ercizi f<span class=\"_ _4\"></span>uturi.</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che nell<span class=\"_ _4\"></span>\u2019ambito del p<span class=\"_ _4\"></span>roces<span class=\"_ _4\"></span>so di <span class=\"ff5f ls66 ws11c\">I<span class=\"_ _4\"></span>mpairm<span class=\"_ _4\"></span>ent</span> v<span class=\"_ _4\"></span>iene inf<span class=\"_ _4\"></span>ine formaliz<span class=\"_ _5\"></span>zata una ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, che ha lo sco<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">di valut<span class=\"_ _4\"></span>are i risult<span class=\"_ _4\"></span>ati ottenut<span class=\"_ _4\"></span>i anche al variare d<span class=\"_ _4\"></span>ei principali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari, dei p<span class=\"_ _4\"></span>arametr<span class=\"_ _4\"></span>i W<span class=\"_ _2\"></span>ACC e del t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita g<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Informativ<span class=\"_ _2\"></span>a sulle riduzioni durevoli di v<span class=\"_ _1\"></span>alore</span><span style=\"display:inherit;clear:left;\">Sulla base di quanto pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f\">Impairme<span class=\"_ _4\"></span>nt test</span> app<span class=\"_ _4\"></span>rovata dal Co<span class=\"_ _4\"></span>nsiglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione in dat<span class=\"_ _4\"></span>a 30 </span><span style=\"display:inherit;clear:left;\">gennaio 2025, il Grup<span class=\"_ _4\"></span>po ha analiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent</span> e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o per<span class=\"_ _4\"></span>dite durevoli in rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">alle propr<span class=\"_ _4\"></span>ie attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, ov<span class=\"_ _5\"></span>vero l<span class=\"_ _4\"></span>\u2019eventuale ve<span class=\"_ _4\"></span>nir meno de<span class=\"_ _4\"></span>i motiv<span class=\"_ _4\"></span>i che avevano co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zione di </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zioni durante i pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, il Gr<span class=\"_ _4\"></span>uppo ha ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziato un risult<span class=\"_ _4\"></span>ato ope<span class=\"_ _4\"></span>rativo ne<span class=\"_ _4\"></span>gativo in diminuz<span class=\"_ _4\"></span>ione risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erci<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente, p<span class=\"_ _4\"></span>enaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da un contes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Le incer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze sulla doman<span class=\"_ _4\"></span>da dei be<span class=\"_ _4\"></span>ni di luss<span class=\"_ _4\"></span>o por<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no a mantene<span class=\"_ _4\"></span>re un approc<span class=\"_ _4\"></span>cio prude<span class=\"_ _4\"></span>nte sulle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative di br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi s<span class=\"_ _4\"></span>volta ha in<span class=\"_ _4\"></span>dividuato s<span class=\"_ _4\"></span>egnali di de<span class=\"_ _4\"></span>bole<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a, con una <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span> inferiore ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative su tut<span class=\"_ _4\"></span>te le </span><span style=\"display:inherit;clear:left;\">CGU, che sono s<span class=\"_ _4\"></span>tate co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uente<span class=\"_ _4\"></span>mente sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>oste a <span class=\"ff5f ls59 wse2\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt tes<span class=\"_ _4\"></span>t</span>. Il ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls59 wse2\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5\"> ha d<span class=\"_ _4\"></span>eter<span class=\"_ _4\"></span>minato </span></span><span style=\"display:inherit;clear:left;\">una riduzi<span class=\"_ _4\"></span>one di valor<span class=\"_ _4\"></span>e di Euro 80,2 milioni p<span class=\"_ _4\"></span>er mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si ve<span class=\"_ _4\"></span>da la nota 10 \u201cRidu<span class=\"_ _4\"></span>zioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d </span><span style=\"display:inherit;clear:left;\">del presente documento.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _2\"></span>alutazione degli impatti del cambiamento climatico</span><span style=\"display:inherit;clear:left;\">Come in<span class=\"_ _4\"></span>dicato ne<span class=\"_ _4\"></span>l paragrafo \u201c<span class=\"_ _4\"></span>Principali ris<span class=\"_ _4\"></span>chi ed ince<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lla Relaz<span class=\"_ _4\"></span>ione sulla Ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one, ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha pro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uito il pe<span class=\"_ _4\"></span>rcors<span class=\"_ _4\"></span>o intrapre<span class=\"_ _4\"></span>so nel 2023 p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one di un <span class=\"ff5f\">Climate Change Risk Manageme<span class=\"_ _4\"></span>nt F<span class=\"_ _1\"></span>ramework<span class=\"ff5c\">, f<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">naliz<span class=\"_ _4\"></span>zato a r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>e proprie c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di identif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pote<span class=\"_ _4\"></span>nziali impatt<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari e as<span class=\"_ _4\"></span>sicurare una cor<span class=\"_ _4\"></span>rett<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione e a<span class=\"_ _4\"></span>dattam<span class=\"_ _4\"></span>ento alle sf<span class=\"_ _4\"></span>ide c<span class=\"_ _4\"></span>onnes<span class=\"_ _4\"></span>se al c<span class=\"_ _4\"></span>ambiamento climatico. Le analis<span class=\"_ _4\"></span>i hanno res<span class=\"_ _4\"></span>tituito una valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del </span><span style=\"display:inherit;clear:left;\">rischio l<span class=\"_ _4\"></span>egato al c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o con par<span class=\"_ _4\"></span>ticolare r<span class=\"_ _4\"></span>iferimento all<span class=\"_ _4\"></span>e principali e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni climatich<span class=\"_ _4\"></span>e per i sit<span class=\"_ _4\"></span>i pi\u00f9 </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>anti e per i <span class=\"ff5f ls46 wsc2\">bu<span class=\"_ _4\"></span>sines<span class=\"_ _4\"></span>s suppli<span class=\"_ _4\"></span>ers</span> c<span class=\"_ _4\"></span>hiave per il Grup<span class=\"_ _4\"></span>po. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o, per il bre<span class=\"_ _4\"></span>ve peri<span class=\"_ _4\"></span>odo, le analisi hann<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ituito </span><span style=\"display:inherit;clear:left;\">una quantific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle imp<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>gli eventi climatici e<span class=\"_ _4\"></span>stre<span class=\"_ _4\"></span>mi, in termini di p<span class=\"_ _4\"></span>erdite di fat<span class=\"_ _4\"></span>turato dov<span class=\"_ _4\"></span>ute </span><span style=\"display:inherit;clear:left;\">a interru<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>ll'attivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. <span class=\"ff5f ls59 wsa6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span> interrupt<span class=\"_ _4\"></span>ion</span>) e di costi pe<span class=\"_ _4\"></span>r danni agli <span class=\"ff5f ls36 wsb\">asset</span><span class=\"lsf3 wsde\"> (c<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>d<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span> <span class=\"ff5f ls5a wscc\">prope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>y damage</span></span>)<span class=\"_ _2\"></span>. In<span class=\"_ _4\"></span>oltre, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>diata e approfondit<span class=\"_ _4\"></span>a una pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>voluzion<span class=\"_ _4\"></span>e dell'es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> in perime<span class=\"_ _4\"></span>tro al cambiame<span class=\"_ _4\"></span>nto climatico nel </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>030) e nel lungo ter<span class=\"_ _4\"></span>mine (2050<span class=\"_ _1\"></span>), sec<span class=\"_ _4\"></span>ondo gli s<span class=\"_ _4\"></span>cenari climatici di rife<span class=\"_ _4\"></span>rimento (RCP<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>SSC 8<span class=\"_ _4\"></span>.5), identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ando eve<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuali variaz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve risp<span class=\"_ _4\"></span>etto alle anali<span class=\"_ _4\"></span>si di breve te<span class=\"_ _4\"></span>rmine</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o, negli anni ha raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zato un appro<span class=\"_ _4\"></span>ccio proat<span class=\"_ _4\"></span>tivo de<span class=\"_ _4\"></span>lle dinamiche leg<span class=\"_ _4\"></span>ate al cambiame<span class=\"_ _4\"></span>nto climatico e nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del 2024 sono st<span class=\"_ _4\"></span>ate implem<span class=\"_ _4\"></span>entate di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e azioni in ot<span class=\"_ _4\"></span>tica di mit<span class=\"_ _4\"></span>igazio<span class=\"_ _4\"></span>ne alla pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e ai rischi le<span class=\"_ _4\"></span>gati alla </span><span style=\"display:inherit;clear:left;\">transizione sostenibile. T<span class=\"_ _1c\"></span>ra queste, si citano<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _52\"> </span>- <span class=\"_ _44\"></span> <span class=\"_ _165\"></span>Il Gr<span class=\"_ _4\"></span>uppo ge<span class=\"_ _4\"></span>stis<span class=\"_ _4\"></span>ce i rischi d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019interru<span class=\"_ _4\"></span>zione te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anea de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 dovut<span class=\"_ _4\"></span>a a eventi e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni o eventi </span><span style=\"display:inherit;clear:left;\">naturali, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o poliz<span class=\"_ _4\"></span>ze a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ative a cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura di danni diret<span class=\"_ _4\"></span>ti sugli <span class=\"ff5f ls36 wsb\">as<span class=\"_ _4\"></span>set</span> azie<span class=\"_ _4\"></span>ndali ed eve<span class=\"_ _4\"></span>ntuali relativ<span class=\"_ _4\"></span>i danni </span><span style=\"display:inherit;clear:left;\">indiret<span class=\"_ _4\"></span>ti da inter<span class=\"_ _4\"></span>ruzio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _7b\"> </span>- <span class=\"_ _43\"> </span> Il <span class=\"_ _ae\"> </span>Piano <span class=\"_ _ae\"> </span><span class=\"ff5f ls67 ws8c\">Performance</span><span class=\"ws133\"> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023-2<span class=\"_ _1\"></span>025, approvato dall<span class=\"_ _4\"></span>\u2019As<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea deg<span class=\"_ _4\"></span>li A<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023, </span></span><span style=\"display:inherit;clear:left;\">e rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vato a se<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>zionati dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o amministratori e<span class=\"_ _4\"></span>/o collaboratori di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di altre </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 app<span class=\"_ _4\"></span>arte<span class=\"_ _4\"></span>nenti al G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo, co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati chiave nel p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>eguim<span class=\"_ _4\"></span>ento del s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>so s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dio<span class=\"_ _4\"></span>-lungo termine<span class=\"_ _4\"></span>, preve<span class=\"_ _4\"></span>de obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG<span class=\"_ _4\"></span>, tra cui que<span class=\"_ _4\"></span>lli colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambiental<span class=\"_ _4\"></span>e. Per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti basat<span class=\"_ _4\"></span>i su azioni<span class=\"_ _4\"></span>\u201d d<span class=\"_ _4\"></span>el Bilancio Co<span class=\"_ _4\"></span>nsoli<span class=\"_ _4\"></span>dato.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>Durante il 2024 \u00e8 stato or<span class=\"_ _4\"></span>ganiz<span class=\"_ _4\"></span>zato un <span class=\"ff5f ls57 ws97\">workshop</span> d<span class=\"_ _4\"></span>edicat<span class=\"_ _4\"></span>o alla circolarit\u00e0 d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti, che ha co<span class=\"_ _4\"></span>involto 60 g<span class=\"_ _4\"></span>iovani </span><span style=\"display:inherit;clear:left;\">tale<span class=\"_ _4\"></span>nti dell<span class=\"_ _4\"></span>\u2019azien<span class=\"_ _4\"></span>da impegnati n<span class=\"_ _4\"></span>el ripe<span class=\"_ _4\"></span>nsare una s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei nos<span class=\"_ _4\"></span>tri pro<span class=\"_ _4\"></span>dotti p<span class=\"_ _4\"></span>i\u00f9 iconici in otti<span class=\"_ _4\"></span>ca innovati<span class=\"_ _4\"></span>va e circo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lare. I ri<span class=\"_ _4\"></span>sultati de<span class=\"_ _4\"></span>ll'iniziati<span class=\"_ _4\"></span>va son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>entati all'Amministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, al Dire<span class=\"_ _4\"></span>ttore Cre<span class=\"_ _4\"></span>ativo e all'inte<span class=\"_ _4\"></span>ro ESG </span><span style=\"display:inherit;clear:left;\">Stee<span class=\"_ _4\"></span>ring Commi<span class=\"_ _1\"></span>tte<span class=\"_ _4\"></span>e<span class=\"ff5c\">, se<span class=\"_ _4\"></span>gnando un sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo pas<span class=\"_ _4\"></span>so avant<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o una strate<span class=\"_ _4\"></span>gia azie<span class=\"_ _4\"></span>ndale che ve<span class=\"_ _4\"></span>de la so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 </span></span><span style=\"display:inherit;clear:left;\">come uno d<span class=\"_ _4\"></span>ei valor<span class=\"_ _4\"></span>i distinti<span class=\"_ _4\"></span>vi della marc<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _1\"></span> <span class=\"_ _49\"></span>N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha av<span class=\"_ _4\"></span>viato un p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o di <span class=\"ff5f\">Life C<span class=\"_ _2\"></span>ycle A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>sment<span class=\"ff5c\"> (LCA) su tre d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti pi\u00f9 rap<span class=\"_ _4\"></span>pre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ativi, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ad approfo<span class=\"_ _4\"></span>ndire gli impatt<span class=\"_ _4\"></span>i deriv<span class=\"_ _4\"></span>anti dall'approv<span class=\"_ _4\"></span>vig<span class=\"_ _4\"></span>ionamento e dalla pro<span class=\"_ _4\"></span>duzio<span class=\"_ _4\"></span>ne. Il pro<span class=\"_ _4\"></span>getto </span><span style=\"display:inherit;clear:left;\">ha prev<span class=\"_ _4\"></span>isto un'attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls68 ws8e\">engagem<span class=\"_ _1\"></span>ent<span class=\"ff5c ls0 ws121\"> con i fornitori, volt<span class=\"_ _4\"></span>a a coinvolgerli at<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente e a garantire una v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span></span></span><span style=\"display:inherit;clear:left;\">tras<span class=\"_ _4\"></span>parente lungo la f<span class=\"_ _4\"></span>iliera p<span class=\"_ _4\"></span>rodutt<span class=\"_ _4\"></span>iva, me<span class=\"_ _4\"></span>tte<span class=\"_ _4\"></span>ndo in pratic<span class=\"_ _4\"></span>a la visi<span class=\"_ _4\"></span>one di <span class=\"ff5f ls68 ws8e\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls0 wse2\"> con la catena d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re sempre </span></span></span><span style=\"display:inherit;clear:left;\">pi\u00f9 bas<span class=\"_ _4\"></span>ata anche s<span class=\"_ _4\"></span>u proget<span class=\"_ _4\"></span>ti ESG co<span class=\"_ _4\"></span>ndivi<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>-  <span class=\"_ _47\"></span>Ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di r<span class=\"_ _4\"></span>accolt<span class=\"_ _4\"></span>a dati dei prin<span class=\"_ _4\"></span>cipali fornitori te<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ili e conciari, ince<span class=\"_ _4\"></span>ntrata sull<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>ze chimiche nelle f<span class=\"_ _4\"></span>asi di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, al f<span class=\"_ _4\"></span>ine di monitor<span class=\"_ _4\"></span>are e mitigare gli impat<span class=\"_ _4\"></span>ti dei ri<span class=\"_ _4\"></span>schi di f<span class=\"_ _4\"></span>iliera ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o leg<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 nella Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla Ges<span class=\"_ _4\"></span>tione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o continuer<span class=\"_ _4\"></span>\u00e0 nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2025 a raffo<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>are la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o sugli impatt<span class=\"_ _4\"></span>i po<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>ziali sugli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> e sui proce<span class=\"_ _4\"></span>ssi d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, al fin<span class=\"_ _4\"></span>e di indiriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte ed impl<span class=\"_ _4\"></span>ement<span class=\"_ _4\"></span>are eventuali ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">misure di contro<span class=\"_ _4\"></span>llo per limit<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e a tali ris<span class=\"_ _4\"></span>chi.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.2 Immobili, Impianti e macc<span class=\"_ _1\"></span>hinari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono r<span class=\"_ _4\"></span>ilevate al co<span class=\"_ _4\"></span>sto s<span class=\"_ _4\"></span>torico, comp<span class=\"_ _4\"></span>rensi<span class=\"_ _4\"></span>vo dei co<span class=\"_ _4\"></span>sti acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sori diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte imputab<span class=\"_ _4\"></span>ili e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">alla mes<span class=\"_ _4\"></span>sa in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l be<span class=\"_ _4\"></span>ne per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso p<span class=\"_ _4\"></span>er cui \u00e8 s<span class=\"_ _4\"></span>tato ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ato. T<span class=\"_ _1c\"></span>ale co<span class=\"_ _4\"></span>sto inclu<span class=\"_ _4\"></span>de i cos<span class=\"_ _4\"></span>ti per la s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzion<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te di macchinari e impianti ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui sono s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti se co<span class=\"_ _4\"></span>nformi ai criteri di r<span class=\"_ _4\"></span>ilevaz<span class=\"_ _4\"></span>ione. Il v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to (il </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to meno l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>o accumulato e le pe<span class=\"_ _4\"></span>rdite pe<span class=\"_ _4\"></span>r riduzio<span class=\"_ _4\"></span>ne di valore a<span class=\"_ _4\"></span>ccumulate<span class=\"_ _1\"></span>) delle par<span class=\"_ _4\"></span>ti di ma<span class=\"_ _4\"></span>cchinari e </span><span style=\"display:inherit;clear:left;\">impianti sos<span class=\"_ _4\"></span>tituiti \u00e8 ril<span class=\"_ _4\"></span>evato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co al mome<span class=\"_ _4\"></span>nto della loro s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Le spe<span class=\"_ _4\"></span>se di manute<span class=\"_ _4\"></span>nzion<span class=\"_ _4\"></span>e e riparaz<span class=\"_ _4\"></span>ione, che n<span class=\"_ _4\"></span>on siano sus<span class=\"_ _4\"></span>cet<span class=\"_ _4\"></span>tibili a valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o prolungare la v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua dei b<span class=\"_ _4\"></span>eni, </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sate nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio in cui s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute, in ca<span class=\"_ _4\"></span>so contrar<span class=\"_ _4\"></span>io vengono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mulate dete<span class=\"_ _4\"></span>rminate sec<span class=\"_ _4\"></span>ondo le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uito. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 cal<span class=\"_ _4\"></span>colato in quote cos<span class=\"_ _4\"></span>tanti in b<span class=\"_ _4\"></span>ase alla vit<span class=\"_ _4\"></span>a utile s<span class=\"_ _4\"></span>timata de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a. Le vite ut<span class=\"_ _4\"></span>ili delle </span><span style=\"display:inherit;clear:left;\">principali cla<span class=\"_ _4\"></span>ssi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>guent<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Impianti e Macchinari<span class=\"_ _2bb\"> </span>5-6 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _2bc\"> </span>4-7 anni</span><span style=\"display:inherit;clear:left;\">Altri beni:</span><span style=\"display:inherit;clear:left;\">- Mobili Ar<span class=\"_ _1\"></span>redi Uffici<span class=\"_ _2bd\"> </span>5-8 anni</span><span style=\"display:inherit;clear:left;\">- Macchine Elettr<span class=\"_ _1\"></span>oniche<span class=\"_ _2be\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">- C<span class=\"_ _1\"></span>ollezione Storica<span class=\"_ _2bf\"> </span>5 anni</span><span style=\"display:inherit;clear:left;\">- Automezzi<span class=\"_ _2c0\"> </span><span class=\"ws0\">3-4 anni</span></span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _217\"> </span>Minor<span class=\"_ _1\"></span>e tra la vita utile del bene e la dur<span class=\"_ _2\"></span>ata residua del contr<span class=\"_ _2\"></span>atto di affitto del bene</span><span style=\"display:inherit;clear:left;\">Il valore re<span class=\"_ _4\"></span>siduo d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>ne, la vit<span class=\"_ _4\"></span>a utile e i m<span class=\"_ _4\"></span>etodi di ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento ap<span class=\"_ _4\"></span>plicati s<span class=\"_ _4\"></span>ono riv<span class=\"_ _4\"></span>isti alla f<span class=\"_ _4\"></span>ine di cias<span class=\"_ _4\"></span>cun es<span class=\"_ _4\"></span>ercizio e </span><span style=\"display:inherit;clear:left;\">ade<span class=\"_ _4\"></span>guati, se ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sario, in mo<span class=\"_ _4\"></span>do pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tico.</span><span style=\"display:inherit;clear:left;\">Qualor<span class=\"_ _4\"></span>a part<span class=\"_ _4\"></span>i signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve di tali atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 materiali abbiano dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nti vite utili, t<span class=\"_ _4\"></span>ali compo<span class=\"_ _4\"></span>nenti s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zate s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. I terre<span class=\"_ _4\"></span>ni, sia liberi da co<span class=\"_ _4\"></span>stru<span class=\"_ _4\"></span>zione sia anne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i a fabbric<span class=\"_ _4\"></span>ati, sono r<span class=\"_ _4\"></span>ilevati s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente e no<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in quanto e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti a vit<span class=\"_ _4\"></span>a utile illimitat<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli immobili, impianti e ma<span class=\"_ _4\"></span>cchinari \u00e8 sot<span class=\"_ _4\"></span>topos<span class=\"_ _4\"></span>to a ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. </span><span style=\"display:inherit;clear:left;\">Se e<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>e un\u2019in<span class=\"_ _4\"></span>dicazi<span class=\"_ _4\"></span>one di ques<span class=\"_ _4\"></span>to tip<span class=\"_ _4\"></span>o e nel ca<span class=\"_ _4\"></span>so in cui il valo<span class=\"_ _4\"></span>re di carico e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>da il valore di pre<span class=\"_ _4\"></span>sumibile re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sono s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ate fin<span class=\"_ _4\"></span>o a rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il loro valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo. Il val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">macchinari \u00e8 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entato dal mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re tra il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo net<span class=\"_ _4\"></span>to di vendit<span class=\"_ _4\"></span>a e il valor<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso.</span><span style=\"display:inherit;clear:left;\">Nel d<span class=\"_ _4\"></span>efinire il v<span class=\"_ _4\"></span>alore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari fu<span class=\"_ _4\"></span>turi atte<span class=\"_ _4\"></span>si son<span class=\"_ _4\"></span>o attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto ante </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi sp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 che non gen<span class=\"_ _4\"></span>era f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span>ziari ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti, il valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto econ<span class=\"_ _4\"></span>omico fra i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valo<span class=\"_ _4\"></span>re sono </span><span style=\"display:inherit;clear:left;\">ripris<span class=\"_ _4\"></span>tinate nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano me<span class=\"_ _4\"></span>no i motiv<span class=\"_ _4\"></span>i che le hanno ge<span class=\"_ _4\"></span>nerate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile di un e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nto di immobili, impianti e macchinari e<span class=\"_ _4\"></span>d ogni co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte signif<span class=\"_ _4\"></span>icativo ini<span class=\"_ _4\"></span>zial<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente ril<span class=\"_ _4\"></span>evato \u00e8 eliminato al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lla dismis<span class=\"_ _4\"></span>sione (cio\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ott<span class=\"_ _4\"></span>iene il contro<span class=\"_ _4\"></span>l<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lo<span class=\"_ _2\"></span>) o quan<span class=\"_ _4\"></span>do non ci si at<span class=\"_ _4\"></span>tende al<span class=\"_ _4\"></span>cun bene<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>io econo<span class=\"_ _4\"></span>mico futuro dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019utile/pe<span class=\"_ _4\"></span>rdita </span><span style=\"display:inherit;clear:left;\">che em<span class=\"_ _4\"></span>erge al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>liminazion<span class=\"_ _4\"></span>e contabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>cal<span class=\"_ _4\"></span>colato come dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a tra il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 ed il c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pe<span class=\"_ _4\"></span>rcepito) \u00e8 rilevato a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o quando l<span class=\"_ _4\"></span>\u2019eleme<span class=\"_ _4\"></span>nto \u00e8 eliminato<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>ab<span class=\"_ _4\"></span>ilme<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">2.3.3 In<span class=\"_ _1\"></span>vestimenti Immobiliari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali dete<span class=\"_ _4\"></span>nute a fini di re<span class=\"_ _4\"></span>ddito e no<span class=\"_ _4\"></span>n a uso s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in un\u2019apposit<span class=\"_ _4\"></span>a clas<span class=\"_ _4\"></span>se den<span class=\"_ _4\"></span>omi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nata \u201c<span class=\"_ _4\"></span>Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o lo IA<span class=\"_ _4\"></span>S 40, e s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate al c<span class=\"_ _4\"></span>osto. Le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 rie<span class=\"_ _4\"></span>ntranti in tali f<span class=\"_ _4\"></span>attisp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cie cons<span class=\"_ _4\"></span>iston<span class=\"_ _4\"></span>o in terre<span class=\"_ _4\"></span>ni e/o fabbricati (o parti di f<span class=\"_ _4\"></span>abbric<span class=\"_ _4\"></span>ati) detenuti dal pro<span class=\"_ _4\"></span>priet<span class=\"_ _4\"></span>ario o dal loc<span class=\"_ _4\"></span>atario ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di un </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria o ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a al fine di c<span class=\"_ _4\"></span>once<span class=\"_ _4\"></span>derli in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ie di immobili so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate sep<span class=\"_ _4\"></span>aratame<span class=\"_ _4\"></span>nte dagli altri b<span class=\"_ _4\"></span>eni immobili p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>eduti. G<span class=\"_ _4\"></span>li invest<span class=\"_ _4\"></span>imenti immo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">biliari son<span class=\"_ _4\"></span>o esp<span class=\"_ _4\"></span>osti al n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ei relati<span class=\"_ _4\"></span>vi ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti accumulati e di e<span class=\"_ _4\"></span>ventuali pe<span class=\"_ _4\"></span>rdite di valore<span class=\"_ _4\"></span>. La v<span class=\"_ _4\"></span>ita utile de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari del Gr<span class=\"_ _4\"></span>uppo \u00e8 di 33 anni.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevar<span class=\"_ _4\"></span>ne eventuali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore, </span><span style=\"display:inherit;clear:left;\">qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Le pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">di valore s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co fra i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e s<span class=\"_ _4\"></span>valuta<span class=\"_ _4\"></span>zioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valore </span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inate nel ca<span class=\"_ _4\"></span>so in cui veng<span class=\"_ _4\"></span>ano meno i m<span class=\"_ _4\"></span>otivi ch<span class=\"_ _4\"></span>e le hanno gene<span class=\"_ _4\"></span>rate.</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari son<span class=\"_ _4\"></span>o eliminati dal bilancio quando s<span class=\"_ _4\"></span>ono ce<span class=\"_ _4\"></span>duti (<span class=\"_ _2\"></span>cio<span class=\"_ _4\"></span>\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne il controll<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) o quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>invest<span class=\"_ _4\"></span>imento \u00e8 durevo<span class=\"_ _4\"></span>lmente inutiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abile e non s<span class=\"_ _4\"></span>ono att<span class=\"_ _4\"></span>esi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici fut<span class=\"_ _4\"></span>uri dalla </span><span style=\"display:inherit;clear:left;\">sua ce<span class=\"_ _4\"></span>ssion<span class=\"_ _4\"></span>e. L<span class=\"_ _1c\"></span>'ammontare d<span class=\"_ _4\"></span>el corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tivo da co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rare pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ell'utile o de<span class=\"_ _4\"></span>lla per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante </span><span style=\"display:inherit;clear:left;\">dalla cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di un investim<span class=\"_ _4\"></span>ento immobiliare \u00e8 d<span class=\"_ _4\"></span>eterminato in confor<span class=\"_ _4\"></span>mit\u00e0 ai re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prez<span class=\"_ _4\"></span>zo dell'operazione nell'IF<span class=\"_ _1\"></span>RS 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">2.3.4 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _2\"></span>easing</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta all<span class=\"_ _4\"></span>'inizio de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to se il contr<span class=\"_ _4\"></span>atto \u00e8, o c<span class=\"_ _4\"></span>ontiene<span class=\"_ _4\"></span>, un <span class=\"ff5f ls59 ws114\">lea<span class=\"_ _4\"></span>sing</span>. Il contratto \u00e8<span class=\"_ _4\"></span>, o contien<span class=\"_ _4\"></span>e, un <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span> se<span class=\"_ _4\"></span>, in </span><span style=\"display:inherit;clear:left;\">cambio di un c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo, conferis<span class=\"_ _4\"></span>ce il diritt<span class=\"_ _4\"></span>o di controllare l'utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di un'<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r un perio<span class=\"_ _4\"></span>do di temp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>val<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ta dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali. </span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatario</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o applica un s<span class=\"_ _4\"></span>ingolo mod<span class=\"_ _4\"></span>ello cont<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>i i contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione in cui \u00e8 l<span class=\"_ _4\"></span>ocat<span class=\"_ _4\"></span>ario, ecce<span class=\"_ _4\"></span>tto p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">di breve durat<span class=\"_ _4\"></span>a e contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di beni di val<span class=\"_ _4\"></span>ore esig<span class=\"_ _4\"></span>uo. Il Grupp<span class=\"_ _4\"></span>o rileva una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing<span class=\"_ _4\"></span></span><span class=\"ls0 ws11c\"> e </span></span><span style=\"display:inherit;clear:left;\">un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 per D<span class=\"_ _4\"></span>iritto d\u2019uso: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o rileva un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso alla data di d<span class=\"_ _4\"></span>ecorre<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto (vale a dire alla data in cui l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tos<span class=\"_ _4\"></span>tante \u00e8 a disp<span class=\"_ _4\"></span>osi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l loc<span class=\"_ _4\"></span>atario<span class=\"_ _1\"></span>). Le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso sono mi<span class=\"_ _4\"></span>surate al cos<span class=\"_ _4\"></span>to, al net<span class=\"_ _4\"></span>to dei re<span class=\"_ _4\"></span>lativi ammo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore accumulate d<span class=\"_ _4\"></span>eterminate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nel s<span class=\"_ _4\"></span>eguito, </span><span style=\"display:inherit;clear:left;\">e rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate pe<span class=\"_ _4\"></span>r tene<span class=\"_ _4\"></span>r conto di eventuali ri<span class=\"_ _4\"></span>deter<span class=\"_ _4\"></span>minazioni de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del <span class=\"ff5f ls59 ws114\">l<span class=\"_ _4\"></span>easing</span>. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Uso includ<span class=\"_ _4\"></span>e il valore de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls59 ws114\">leas<span class=\"_ _4\"></span>ing</span> rilev<span class=\"_ _4\"></span>ata, i cos<span class=\"_ _4\"></span>ti iniziali diret<span class=\"_ _4\"></span>ti so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti, i pagame<span class=\"_ _4\"></span>nti dovuti p<span class=\"_ _4\"></span>er il <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fettuati alla dat<span class=\"_ _4\"></span>a o prima della dat<span class=\"_ _4\"></span>a di deco<span class=\"_ _4\"></span>rrenz<span class=\"_ _4\"></span>a al net<span class=\"_ _4\"></span>to degli inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i al<span class=\"ff5f ls59 ws136\"> lea<span class=\"_ _4\"></span>sing </span>ricev<span class=\"_ _4\"></span>uti, e la st<span class=\"_ _4\"></span>ima dei cos<span class=\"_ _4\"></span>ti che il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o dovr\u00e0 s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>enere p<span class=\"_ _4\"></span>er il ripr<span class=\"_ _4\"></span>istino d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>stante n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni or<span class=\"_ _4\"></span>iginali, qualora prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">A meno ch<span class=\"_ _4\"></span>e il Gruppo n<span class=\"_ _4\"></span>on sia ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte cer<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>tare il b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o di loca<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 calc<span class=\"_ _4\"></span>olato in quote cos<span class=\"_ _4\"></span>tanti in ba<span class=\"_ _4\"></span>se al minore t<span class=\"_ _4\"></span>ra la durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to e la vit<span class=\"_ _4\"></span>a utile st<span class=\"_ _4\"></span>imata del b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">come segue:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _287\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">Automezzi<span class=\"_ _2c1\"> </span>3-4 anni</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>elle Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per D<span class=\"_ _4\"></span>iritto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Us<span class=\"_ _4\"></span>o \u00e8 sott<span class=\"_ _4\"></span>opos<span class=\"_ _4\"></span>to a verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, per r<span class=\"_ _4\"></span>ilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di valor<span class=\"_ _4\"></span>e, qualora eve<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un\u2019in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ione di </span><span style=\"display:inherit;clear:left;\">ques<span class=\"_ _4\"></span>to tipo e n<span class=\"_ _4\"></span>el ca<span class=\"_ _4\"></span>so in cui il valore di c<span class=\"_ _4\"></span>arico e<span class=\"_ _4\"></span>cceda il v<span class=\"_ _4\"></span>alore di pre<span class=\"_ _4\"></span>sumibile reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo, le attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>valutate f<span class=\"_ _4\"></span>ino a </span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>lette<span class=\"_ _4\"></span>re il loro val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo. Il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal mag<span class=\"_ _4\"></span>giore tr<span class=\"_ _4\"></span>a il prez<span class=\"_ _4\"></span>zo n<span class=\"_ _4\"></span>etto di ve<span class=\"_ _4\"></span>ndita e il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso. Nel de<span class=\"_ _4\"></span>finire il va<span class=\"_ _4\"></span>lore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i atte<span class=\"_ _4\"></span>si sono at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto </span><span style=\"display:inherit;clear:left;\">ante impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'attivit<span class=\"_ _4\"></span>\u00e0 che non ge<span class=\"_ _4\"></span>nera f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari ampiame<span class=\"_ _4\"></span>nte indipe<span class=\"_ _4\"></span>ndenti, il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate ne<span class=\"_ _4\"></span>l conto e<span class=\"_ _4\"></span>conomico f<span class=\"_ _4\"></span>ra i cos<span class=\"_ _4\"></span>ti per amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e sva<span class=\"_ _4\"></span>lutaz<span class=\"_ _4\"></span>ioni. T<span class=\"_ _1c\"></span>ali p<span class=\"_ _4\"></span>erdite di v<span class=\"_ _4\"></span>alore son<span class=\"_ _4\"></span>o ripris<span class=\"_ _4\"></span>tinate </span><span style=\"display:inherit;clear:left;\">nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano men<span class=\"_ _4\"></span>o i motiv<span class=\"_ _4\"></span>i che le hanno gen<span class=\"_ _4\"></span>erate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span>: </span><span style=\"display:inherit;clear:left;\">Alla data di d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, il Grupp<span class=\"_ _4\"></span>o rilev<span class=\"_ _4\"></span>a una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span> calcolat<span class=\"_ _4\"></span>a come il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e dei </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nti futuri re<span class=\"_ _4\"></span>sidui f<span class=\"_ _4\"></span>ino alla f<span class=\"_ _4\"></span>ine del co<span class=\"_ _4\"></span>ntratto. I pag<span class=\"_ _4\"></span>amenti fut<span class=\"_ _4\"></span>uri includono i p<span class=\"_ _4\"></span>agamenti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>si, al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">incenti<span class=\"_ _4\"></span>vi al <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> da ric<span class=\"_ _4\"></span>evere, i p<span class=\"_ _4\"></span>agamenti v<span class=\"_ _4\"></span>ariabili che dipe<span class=\"_ _4\"></span>ndono da un in<span class=\"_ _4\"></span>dice o un tas<span class=\"_ _4\"></span>so e gli imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti che si pre<span class=\"_ _4\"></span>vede </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o dovr\u00e0 p<span class=\"_ _4\"></span>agare a titol<span class=\"_ _4\"></span>o di garanzi<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re resi<span class=\"_ _4\"></span>duo. I pagame<span class=\"_ _4\"></span>nti futuri includ<span class=\"_ _4\"></span>ono anche il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>serci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio de<span class=\"_ _4\"></span>ll'opzione di acquis<span class=\"_ _4\"></span>to, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione<span class=\"_ _4\"></span>, e i pagame<span class=\"_ _4\"></span>nti di penalit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di riso<span class=\"_ _4\"></span>luzione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione di ri<span class=\"_ _4\"></span>soluzi<span class=\"_ _4\"></span>one. I pag<span class=\"_ _4\"></span>amenti </span><span style=\"display:inherit;clear:left;\">variabili, che no<span class=\"_ _4\"></span>n dipen<span class=\"_ _4\"></span>dono da un indice o t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so, ma che pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o dipend<span class=\"_ _4\"></span>ono principalm<span class=\"_ _4\"></span>ente dal volume de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\">vendite<span class=\"_ _4\"></span>, continuano ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come cos<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico, tra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i. Per calc<span class=\"_ _4\"></span>olare il va<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lore att<span class=\"_ _4\"></span>uale dei pag<span class=\"_ _4\"></span>amenti futur<span class=\"_ _4\"></span>i, il Gruppo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f\">Incre<span class=\"_ _4\"></span>mental Bo<span class=\"_ _4\"></span>rrowing Rate</span> (IBR) alla da<span class=\"_ _1\"></span>ta di iniz<span class=\"_ _4\"></span>io del co<span class=\"_ _4\"></span>ntratto. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte, la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> \u00e8 incre<span class=\"_ _4\"></span>mentat<span class=\"_ _4\"></span>a per g<span class=\"_ _4\"></span>li interes<span class=\"_ _4\"></span>si e de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>ntata p<span class=\"_ _4\"></span>er i pag<span class=\"_ _4\"></span>amenti ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuati. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _4\"></span>a per t<span class=\"_ _4\"></span>enere c<span class=\"_ _4\"></span>onto di modif<span class=\"_ _4\"></span>iche ai t<span class=\"_ _4\"></span>ermini del c<span class=\"_ _4\"></span>ontratto.</span><span style=\"display:inherit;clear:left;\">Cont<span class=\"_ _4\"></span>ratti d<span class=\"_ _4\"></span>i breve dur<span class=\"_ _4\"></span>ata e c<span class=\"_ _4\"></span>ontrat<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>ni di valo<span class=\"_ _4\"></span>re e<span class=\"_ _4\"></span>siguo: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>vale d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione dall<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 p<span class=\"_ _4\"></span>er i contrat<span class=\"_ _4\"></span>ti di breve dur<span class=\"_ _4\"></span>ata (inferiore a 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi) e pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">i contrat<span class=\"_ _4\"></span>ti in cui il singolo b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato \u00e8 di valo<span class=\"_ _4\"></span>re esig<span class=\"_ _4\"></span>uo (inferiore a Euro 5.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0). I pagame<span class=\"_ _4\"></span>nti dei can<span class=\"_ _4\"></span>oni di tali contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati linearm<span class=\"_ _4\"></span>ente come c<span class=\"_ _4\"></span>osti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico, sulla bas<span class=\"_ _4\"></span>e dei te<span class=\"_ _4\"></span>rmini e delle co<span class=\"_ _4\"></span>ndizioni d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to.</span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatore</span><span style=\"display:inherit;clear:left;\">I contrat<span class=\"_ _4\"></span>ti di <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte lasciano in c<span class=\"_ _4\"></span>apo al Grup<span class=\"_ _4\"></span>po tutt<span class=\"_ _4\"></span>i i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>lla propriet<span class=\"_ _4\"></span>\u00e0 de<span class=\"_ _4\"></span>l bene </span><span style=\"display:inherit;clear:left;\">sono cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls9 ws8\"> op<span class=\"_ _4\"></span>erativi. </span></span><span style=\"display:inherit;clear:left;\">I canoni di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati in quote cos<span class=\"_ _4\"></span>tanti lungo la durat<span class=\"_ _4\"></span>a dei co<span class=\"_ _4\"></span>ntratti di lo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re alla data di bilancio </span><span style=\"display:inherit;clear:left;\">e, se d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti da invest<span class=\"_ _4\"></span>imenti immob<span class=\"_ _4\"></span>iliari, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Loc<span class=\"_ _4\"></span>azioni Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I cos<span class=\"_ _4\"></span>ti diret<span class=\"_ _4\"></span>ti iniziali </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tenuti p<span class=\"_ _4\"></span>er l'ot<span class=\"_ _4\"></span>tenimento d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo sono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati e rile<span class=\"_ _4\"></span>vati come ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento lungo la dur<span class=\"_ _4\"></span>ata del </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws0\"> con lo s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>sso cr<span class=\"_ _4\"></span>iterio di rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one dei prove<span class=\"_ _4\"></span>nti del </span>l<span class=\"_ _4\"></span>easing<span class=\"ff5c ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\">2.3.5 Aggr<span class=\"_ _2\"></span>egazioni <span class=\"_ _4\"></span>aziendali <span class=\"_ _4\"></span>ed Avviamento</span><span style=\"display:inherit;clear:left;\">Le aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _4\"></span>zando il metodo dell\u2019acq<span class=\"_ _1\"></span>uisto. </span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>to \u00e8 valut<span class=\"_ _4\"></span>ato come so<span class=\"_ _4\"></span>mma del cor<span class=\"_ _4\"></span>rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo trasfe<span class=\"_ _4\"></span>rito misur<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> (valore equo) alla data di </span></span></span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto di qual<span class=\"_ _4\"></span>siasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazio<span class=\"_ _4\"></span>ne di minoranz<span class=\"_ _4\"></span>a nell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. Per ogni ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azi<span class=\"_ _4\"></span>endale<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente d<span class=\"_ _4\"></span>eve valut<span class=\"_ _4\"></span>are qualsiasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione di minoran<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ac<span class=\"_ _4\"></span>quisit<span class=\"_ _4\"></span>a al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsc6\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) oppure<span class=\"_ _1\"></span> in </span></span></span><span style=\"display:inherit;clear:left;\">propo<span class=\"_ _4\"></span>rzio<span class=\"_ _4\"></span>ne alla quota  d<span class=\"_ _4\"></span>ella par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a nelle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 net<span class=\"_ _4\"></span>te identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>abili dell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. I cos<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ono sp<span class=\"_ _4\"></span>esat<span class=\"_ _4\"></span>i e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati tra le sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e amministr<span class=\"_ _4\"></span>ative.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o deter<span class=\"_ _4\"></span>mina di aver acquisit<span class=\"_ _4\"></span>o un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale quando l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>sieme inte<span class=\"_ _4\"></span>grato di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e be<span class=\"_ _4\"></span>ni include almen<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">un fatto<span class=\"_ _4\"></span>re della pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e ed un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anziale che in<span class=\"_ _4\"></span>sieme co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>ono in mod<span class=\"_ _4\"></span>o signif<span class=\"_ _4\"></span>icativo alla c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span>. Il proc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so acquis<span class=\"_ _4\"></span>ito \u00e8 consi<span class=\"_ _4\"></span>derato s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anziale s<span class=\"_ _4\"></span>e \u00e8 cruciale p<span class=\"_ _4\"></span>er la capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span> e i fatto<span class=\"_ _4\"></span>ri di produ<span class=\"_ _4\"></span>zione ac<span class=\"_ _4\"></span>quisiti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o una forz<span class=\"_ _4\"></span>a  lavoro organi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata ch<span class=\"_ _4\"></span>e dispon<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sarie comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>ze, cono<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nze o es<span class=\"_ _4\"></span>perie<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>er e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uire tale pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so o co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>e signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>amente alla </span><span style=\"display:inherit;clear:left;\">capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un o<span class=\"_ _4\"></span>utput ed \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato unico o sc<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>o  o non pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>stituito s<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a cos<span class=\"_ _4\"></span>ti, </span><span style=\"display:inherit;clear:left;\">sfor<span class=\"_ _4\"></span>zi o rit<span class=\"_ _4\"></span>ardi signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r le capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un <span class=\"ff5f ls5b ws8\">o<span class=\"_ _4\"></span>utput<span class=\"_ _4\"></span></span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">Ogni cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo poten<span class=\"_ _4\"></span>ziale deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rile<span class=\"_ _4\"></span>vato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente al <span class=\"ff5f\">fair value</span> alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne. L<span class=\"_ _4\"></span>a variazio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f wsb\">fair value<span class=\"ff5c\"> del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pote<span class=\"_ _4\"></span>nziale clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, s<span class=\"_ _4\"></span>ar\u00e0 </span></span></span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ata se<span class=\"_ _4\"></span>condo quanto dis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico o nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle altre comp<span class=\"_ _4\"></span>onenti di co<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">economico complessivo. Se il<span class=\"_ _1\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _1\"></span>lassificato come strumento di<span class=\"_ _1\"></span> patrimon<span class=\"_ _1\"></span>io netto, i<span class=\"_ _2\"></span>l suo valore </span><span style=\"display:inherit;clear:left;\">non deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rimis<span class=\"_ _4\"></span>urato e la sua es<span class=\"_ _4\"></span>tinzi<span class=\"_ _4\"></span>one sar<span class=\"_ _4\"></span>\u00e0 contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to. Nei c<span class=\"_ _4\"></span>asi in cui il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">pote<span class=\"_ _4\"></span>nziale non r<span class=\"_ _4\"></span>icade n<span class=\"_ _4\"></span>ello sc<span class=\"_ _4\"></span>opo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, deve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e comunque valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair value</span> e le variazio<span class=\"_ _4\"></span>ni devono e<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sere rilevate nel conto economico.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione azi<span class=\"_ _4\"></span>endale \u00e8 iniz<span class=\"_ _4\"></span>ialmente valut<span class=\"_ _4\"></span>ato al cos<span class=\"_ _4\"></span>to che eme<span class=\"_ _4\"></span>rge com<span class=\"_ _4\"></span>e ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>insiem<span class=\"_ _4\"></span>e dei corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i corris<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to is<span class=\"_ _4\"></span>critto p<span class=\"_ _4\"></span>er le inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoranz<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">equo d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 nett<span class=\"_ _4\"></span>e identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili acquisite e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 as<span class=\"_ _4\"></span>sunte dal Gr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>sto richi<span class=\"_ _4\"></span>ede la rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one a valor<span class=\"_ _4\"></span>e equo de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te non ric<span class=\"_ _4\"></span>onos<span class=\"_ _4\"></span>ciute<span class=\"_ _2\"></span>) e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali ed es<span class=\"_ _4\"></span>cluse le r<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>uttura<span class=\"_ _4\"></span>zioni future) </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>azien<span class=\"_ _4\"></span>da acq<span class=\"_ _1\"></span>uistata.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, l<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento \u00e8 va<span class=\"_ _4\"></span>lutato al cos<span class=\"_ _4\"></span>to ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cumulate. Al f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla ve<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er riduz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 allo<span class=\"_ _4\"></span>cato, alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">alle singole unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i del Gr<span class=\"_ _4\"></span>uppo, o ai grupp<span class=\"_ _4\"></span>i di unit\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si che dovr<span class=\"_ _4\"></span>ebbe<span class=\"_ _4\"></span>ro ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciare </span><span style=\"display:inherit;clear:left;\">dalle sine<span class=\"_ _4\"></span>rgie de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione, in<span class=\"_ _4\"></span>dipend<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte dal fatto ch<span class=\"_ _4\"></span>e altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo siano a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnate </span><span style=\"display:inherit;clear:left;\">a tali unit<span class=\"_ _4\"></span>\u00e0 o rag<span class=\"_ _4\"></span>gruppam<span class=\"_ _4\"></span>enti di unit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo ac<span class=\"_ _4\"></span>quisisc<span class=\"_ _4\"></span>e un <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, de<span class=\"_ _4\"></span>ve classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are o des<span class=\"_ _4\"></span>ignare le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie acquis<span class=\"_ _4\"></span>ite o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unte in accordo c<span class=\"_ _4\"></span>on i termini co<span class=\"_ _4\"></span>ntrattuali, le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni econo<span class=\"_ _4\"></span>miche e le altre co<span class=\"_ _4\"></span>ndizioni p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tine<span class=\"_ _4\"></span>nti in es<span class=\"_ _4\"></span>sere alla </span><span style=\"display:inherit;clear:left;\">data di ac<span class=\"_ _4\"></span>quisizion<span class=\"_ _4\"></span>e. Ci\u00f2 includ<span class=\"_ _4\"></span>e la verif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>abilire se un d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorpo<span class=\"_ _4\"></span>rato deb<span class=\"_ _4\"></span>ba es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>eparato dal c<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>o primario. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a in pi\u00f9 fasi, la s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 rical<span class=\"_ _4\"></span>cola il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws150\"> della<span class=\"_ _1\"></span> parte<span class=\"_ _4\"></span>cipazione precedente<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mente de<span class=\"_ _4\"></span>tenut<span class=\"_ _4\"></span>a e rileva n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomico l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>eventuale ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita ris<span class=\"_ _4\"></span>ultante.</span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 s<span class=\"_ _4\"></span>tato allo<span class=\"_ _4\"></span>cato a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0 ge<span class=\"_ _4\"></span>neratri<span class=\"_ _4\"></span>ce di flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari e l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 dismet<span class=\"_ _4\"></span>te par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 di t<span class=\"_ _4\"></span>ale uni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">t\u00e0, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>viame<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>ociato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di<span class=\"_ _4\"></span>sme<span class=\"_ _4\"></span>ssa d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e incluso ne<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 quan<span class=\"_ _4\"></span>do si dete<span class=\"_ _4\"></span>rmina </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vante dalla dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento as<span class=\"_ _4\"></span>sociato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei valo<span class=\"_ _4\"></span>ri relativ<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa e de<span class=\"_ _4\"></span>lla part<span class=\"_ _4\"></span>e mantenuta d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari.</span><span style=\"display:inherit;clear:left;\">Le <span class=\"ff5f ls2b ws5d\">busines<span class=\"_ _4\"></span>s combination</span><span class=\"ls3 ws8\"> effet<span class=\"_ _4\"></span>tuate tra entit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _4\"></span>to comune co<span class=\"_ _4\"></span>ntrollo non rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>I<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">FRS 3. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui la <span class=\"ff5f ls2b wse5\">busines<span class=\"_ _4\"></span>s combina<span class=\"_ _1\"></span>tion<span class=\"ff5c ls3 wsd9\"> tra e<span class=\"_ _4\"></span>ntit\u00e0 sot<span class=\"_ _4\"></span>to comune c<span class=\"_ _4\"></span>ontrollo non ab<span class=\"_ _4\"></span>bia sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica e </span></span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nti una mera rio<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale la so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>plica il me<span class=\"_ _4\"></span>todo di co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ls58 ws6\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>ss</span><span class=\"ls0 ws0\"> <span class=\"ff5f ls68 ws8e\">com</span><span class=\"ff5f\">-</span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">bination<span class=\"ff5c ls9 ws8\"> cosiddetti </span></span></span><span class=\"ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">pooling</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">of</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>st</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">met<span class=\"_ _4\"></span>hod</span></span><span class=\"ff5c\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ag<span class=\"_ _4\"></span>gregan<span class=\"_ _4\"></span>do</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">e</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">linea</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>er</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">line<span class=\"_ _4\"></span>a</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ai</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">valori</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">libro</span></span>.</span></span></span><span style=\"display:inherit;clear:left;\">2.3.6 Atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _4\"></span>Immateriali</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019attivo al cos<span class=\"_ _4\"></span>to di acqui<span class=\"_ _4\"></span>sto quando \u00e8 p<span class=\"_ _4\"></span>robabile che l<span class=\"_ _4\"></span>\u2019uso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici futuri e quando il c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e determinato in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 imma<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teriali ac<span class=\"_ _4\"></span>quisite att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni di ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione di imp<span class=\"_ _4\"></span>rese s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo def<span class=\"_ _4\"></span>inito alla data di ac<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">quisizi<span class=\"_ _4\"></span>one, se t<span class=\"_ _4\"></span>ale val<span class=\"_ _4\"></span>ore pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato in modo at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>dibile. <span><span style=\"display:inherit;clear:left;\">Le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a sono </span></span></span><span style=\"display:inherit;clear:left;\">ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate a quote cos<span class=\"_ _4\"></span>tanti lungo la lo<span class=\"_ _4\"></span>ro vita ut<span class=\"_ _4\"></span>ile stimat<span class=\"_ _4\"></span>a; la vita utile v<span class=\"_ _4\"></span>iene rie<span class=\"_ _4\"></span>saminat<span class=\"_ _4\"></span>a con pe<span class=\"_ _4\"></span>riodicit<span class=\"_ _4\"></span>\u00e0 annuale </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>ventuali cambiame<span class=\"_ _4\"></span>nti, laddove n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>i, sono app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>n applica<span class=\"_ _4\"></span>zione pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">accumulate det<span class=\"_ _4\"></span>erminate se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>e modalit<span class=\"_ _4\"></span>\u00e0 des<span class=\"_ _4\"></span>critte n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guito. </span><span style=\"display:inherit;clear:left;\">Le vite utili d<span class=\"_ _4\"></span>elle princip<span class=\"_ _4\"></span>ali classi di at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita so<span class=\"_ _4\"></span>no le se<span class=\"_ _4\"></span>guenti:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _f\"> </span>2-5 anni</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2a4\"> </span>10 anni</span><span style=\"display:inherit;clear:left;\">Key money<span class=\"_ _2c2\"> </span><span class=\"ff61\">In base alla durat<span class=\"_ _1\"></span>a residua del c<span class=\"_ _1\"></span>ontratto di affitto del bene</span></span><span style=\"display:inherit;clear:left;\">Know how<span class=\"_ _2c3\"> </span><span class=\"ff61\">8 anni</span></span><span style=\"display:inherit;clear:left;\">Un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriale vi<span class=\"_ _4\"></span>ene eliminat<span class=\"_ _4\"></span>a al momento d<span class=\"_ _4\"></span>ella dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e (<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>sia, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tien<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">controllo) o quando non ci si att<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci econo<span class=\"_ _4\"></span>mici futuri dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. Qualsia<span class=\"_ _4\"></span>si utile o p<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dita de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019eliminazio<span class=\"_ _4\"></span>ne dell'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a come dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za tr<span class=\"_ _4\"></span>a il corrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo net<span class=\"_ _4\"></span>to della dis<span class=\"_ _4\"></span>missio<span class=\"_ _4\"></span>ne e il </span><span style=\"display:inherit;clear:left;\">valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0) \u00e8 inclusa ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca, pe<span class=\"_ _4\"></span>r rilev<span class=\"_ _4\"></span>arne eventuali p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore, qualor<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">eventi o c<span class=\"_ _4\"></span>ambiamenti di s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e indichino che il valo<span class=\"_ _4\"></span>re di carico n<span class=\"_ _4\"></span>on pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere recup<span class=\"_ _4\"></span>erato. Le p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico fra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore sono r<span class=\"_ _4\"></span>ipri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stinate n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui vengan<span class=\"_ _4\"></span>o meno i moti<span class=\"_ _4\"></span>vi che l<span class=\"_ _4\"></span>e hanno gener<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>osti di sviluppo</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di ricerc<span class=\"_ _4\"></span>a sono imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico nel mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>no sos<span class=\"_ _4\"></span>tenuti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti in rela<span class=\"_ _4\"></span>zione a un det<span class=\"_ _4\"></span>erminato proget<span class=\"_ _4\"></span>to so<span class=\"_ _4\"></span>no capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati solo quand<span class=\"_ _4\"></span>o il Gruppo p<span class=\"_ _4\"></span>u\u00f2 </span><span style=\"display:inherit;clear:left;\">dimos<span class=\"_ _4\"></span>trare la po<span class=\"_ _4\"></span>ssibilit<span class=\"_ _4\"></span>\u00e0 tecnic<span class=\"_ _4\"></span>a di compl<span class=\"_ _4\"></span>etare l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 immaterial<span class=\"_ _4\"></span>e in modo da re<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la disponibil<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019uso o p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la vendit<span class=\"_ _4\"></span>a, la propr<span class=\"_ _4\"></span>ia intenzio<span class=\"_ _4\"></span>ne di complet<span class=\"_ _4\"></span>are det<span class=\"_ _4\"></span>ta at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r usarla o ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la, le modalit<span class=\"_ _4\"></span>\u00e0 in cui es<span class=\"_ _4\"></span>sa ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">probabili b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici f<span class=\"_ _4\"></span>uturi, la dispo<span class=\"_ _4\"></span>nibilit\u00e0 di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e tecnich<span class=\"_ _4\"></span>e, f<span class=\"_ _4\"></span>inanziarie o di altro t<span class=\"_ _4\"></span>ipo pe<span class=\"_ _4\"></span>r complet<span class=\"_ _4\"></span>are lo </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>iluppo e la sua c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di valutare in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile il co<span class=\"_ _4\"></span>sto at<span class=\"_ _4\"></span>tribuibile all<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 durante il su<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo.</span><span style=\"display:inherit;clear:left;\">Durante il p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di sv<span class=\"_ _4\"></span>iluppo, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 \u00e8 ries<span class=\"_ _4\"></span>aminata annualmente ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>. Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte alla rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati al cos<span class=\"_ _4\"></span>to decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ato di ogni eve<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento o p<span class=\"_ _4\"></span>erdita a<span class=\"_ _4\"></span>ccumulata. L<span class=\"_ _1c\"></span>'ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 inizia ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui lo sv<span class=\"_ _4\"></span>iluppo si \u00e8 </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>tato e l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 disp<span class=\"_ _4\"></span>onibile all<span class=\"_ _4\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato con rife<span class=\"_ _4\"></span>rimento al p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do in cui si pre<span class=\"_ _4\"></span>vede che il p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">colle<span class=\"_ _4\"></span>gato gene<span class=\"_ _4\"></span>rer\u00e0 ri<span class=\"_ _4\"></span>cavi p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Diritti di br<span class=\"_ _1\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _2\"></span>e d<span class=\"_ _4\"></span>\u2019ingegno </span><span style=\"display:inherit;clear:left;\">I diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>ti e di utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle op<span class=\"_ _4\"></span>ere di ingeg<span class=\"_ _4\"></span>no si riferi<span class=\"_ _4\"></span>scono ai co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er licen<span class=\"_ _4\"></span>ze d<span class=\"_ _4\"></span>\u2019uso dei <span class=\"ff5f ws5d\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ls0 wsee\"> e<span class=\"_ _4\"></span>d al<span class=\"_ _4\"></span>le </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>se p<span class=\"_ _4\"></span>er il dep<span class=\"_ _4\"></span>osito e la re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne marchi e dei bre<span class=\"_ _4\"></span>vetti re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai prodot<span class=\"_ _4\"></span>ti del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>oncessioni, diritti lic<span class=\"_ _2\"></span>enze e marchi similar<span class=\"_ _2\"></span>i </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e in esam<span class=\"_ _4\"></span>e si riferis<span class=\"_ _4\"></span>ce alle sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di depo<span class=\"_ _4\"></span>sito e reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el marchio Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo. I c<span class=\"_ _4\"></span>osti di a<span class=\"_ _4\"></span>cquisto </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in un arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale pari alla vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>l diritt<span class=\"_ _4\"></span>o acquisito.</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 immater<span class=\"_ _1\"></span>iali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte imputabil<span class=\"_ _4\"></span>e alle somme p<span class=\"_ _4\"></span>agate pe<span class=\"_ _4\"></span>r otten<span class=\"_ _4\"></span>ere la disp<span class=\"_ _4\"></span>onibilit\u00e0 di immo<span class=\"_ _4\"></span>bili in loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e suben<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trand<span class=\"_ _4\"></span>o a contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o dei con<span class=\"_ _4\"></span>duttori in m<span class=\"_ _4\"></span>odo da pot<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere nu<span class=\"_ _4\"></span>ovi contrat<span class=\"_ _4\"></span>ti con i lo<span class=\"_ _4\"></span>cator<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1\"></span><span class=\"ff5f ls3a ws8c\">key money<span class=\"ff5c lse ws0\">)<span class=\"_ _2\"></span>. T<span class=\"_ _2\"></span>ali one<span class=\"_ _4\"></span>ri vengon<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati lungo un oriz<span class=\"_ _4\"></span>zonte te<span class=\"_ _4\"></span>mporal<span class=\"_ _4\"></span>e pari alla durata d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to.</span></span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e include, a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio 2020, anche il <span class=\"ff5f ls32 wsd4\">know how</span> acquis<span class=\"_ _4\"></span>ito attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zione az<span class=\"_ _4\"></span>iendale di A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ts </span><span style=\"display:inherit;clear:left;\">S.<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>.l. e Aur<span class=\"_ _4\"></span>a 1 S.r<span class=\"_ _1\"></span>.l., i<span class=\"_ _4\"></span>scritt<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re equo alla dat<span class=\"_ _4\"></span>a di acquisiz<span class=\"_ _4\"></span>ione. T<span class=\"_ _2\"></span>ale o<span class=\"_ _4\"></span>nere vie<span class=\"_ _4\"></span>ne ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato lungo un oriz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zonte temp<span class=\"_ _4\"></span>orale di 8 anni.</span><span style=\"display:inherit;clear:left;\">2.3.7 Strumenti finanziari </span><span style=\"display:inherit;clear:left;\">Uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8 qualsiasi contr<span class=\"_ _4\"></span>atto che d\u00e0 or<span class=\"_ _4\"></span>igine a un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>er un\u2019entit<span class=\"_ _4\"></span>\u00e0 e ad una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria o ad uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ativo di cap<span class=\"_ _4\"></span>itale p<span class=\"_ _4\"></span>er un\u2019altra entit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">Nell'<span class=\"_ _4\"></span>IFRS 9 il pr<span class=\"_ _4\"></span>incipio gene<span class=\"_ _4\"></span>rale \u00e8 che un'entit<span class=\"_ _4\"></span>\u00e0 deve rile<span class=\"_ _4\"></span>vare nella p<span class=\"_ _4\"></span>ropria situa<span class=\"_ _4\"></span>zione patrim<span class=\"_ _4\"></span>oniale-f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziaria un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>\u00e0 o una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria quando e s<span class=\"_ _4\"></span>olo quando div<span class=\"_ _4\"></span>iene p<span class=\"_ _4\"></span>arte n<span class=\"_ _4\"></span>elle claus<span class=\"_ _4\"></span>ole contr<span class=\"_ _4\"></span>attuali dell<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione inizial<span class=\"_ _4\"></span>e, le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in funzi<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa co<span class=\"_ _4\"></span>ntrattuali de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie e del mo<span class=\"_ _4\"></span>dell<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span> che il Grupp<span class=\"_ _4\"></span>o usa p<span class=\"_ _4\"></span>er la loro ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one. L<span class=\"_ _4\"></span>a valu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa contrat<span class=\"_ _4\"></span>tuali \u00e8 indic<span class=\"_ _4\"></span>ata come <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st<span class=\"ff5c wsb6\"> SPP<span class=\"_ _1\"></span>I (<span class=\"_ _2\"></span>cosiddet<span class=\"_ _4\"></span>to <span class=\"ff5f ls3 ws59\">\u201cs<span class=\"_ _4\"></span>olely p<span class=\"_ _4\"></span>ayment<span class=\"_ _4\"></span>s of </span></span></span></span><span style=\"display:inherit;clear:left;\">principal and intere<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) e viene e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guita a li<span class=\"_ _4\"></span>vello di st<span class=\"_ _4\"></span>rumento. T<span class=\"_ _2\"></span>utt<span class=\"_ _4\"></span>avia, s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari identi<span class=\"_ _4\"></span>ci pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span><span style=\"display:inherit;clear:left;\">analiz<span class=\"_ _4\"></span>zati in g<span class=\"_ _4\"></span>ruppo dal mo<span class=\"_ _4\"></span>mento che l<span class=\"_ _4\"></span>\u2019esito d<span class=\"_ _4\"></span>el <span class=\"ff5f lsa ws90\">test</span> no<span class=\"_ _4\"></span>n sareb<span class=\"_ _4\"></span>be dif<span class=\"_ _4\"></span>ferente r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to al ca<span class=\"_ _4\"></span>so in cui fos<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>tati v<span class=\"_ _4\"></span>alutati </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>idualme<span class=\"_ _4\"></span>nte e sep<span class=\"_ _4\"></span>aratam<span class=\"_ _4\"></span>ente. </span><span style=\"display:inherit;clear:left;\">Il mod<span class=\"_ _4\"></span>ello di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce al mod<span class=\"_ _4\"></span>o in cui gest<span class=\"_ _4\"></span>isce le p<span class=\"_ _4\"></span>roprie </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al f<span class=\"_ _4\"></span>ine di gener<span class=\"_ _4\"></span>are flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i. Il mode<span class=\"_ _4\"></span>llo azie<span class=\"_ _4\"></span>ndale det<span class=\"_ _4\"></span>ermina se i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>riverann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">dalla racco<span class=\"_ _4\"></span>lta di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali, dalla vendit<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie o da e<span class=\"_ _4\"></span>ntrambi. In bas<span class=\"_ _4\"></span>e a tali c<span class=\"_ _4\"></span>arat<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teri<span class=\"_ _4\"></span>stiche l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate in quat<span class=\"_ _4\"></span>tro cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al c<span class=\"_ _4\"></span>osto amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato (strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo con ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a degli utili e p<span class=\"_ _4\"></span>erdite cumu<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late (<span class=\"_ _1\"></span>str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sen<span class=\"_ _4\"></span>za rigiro de<span class=\"_ _4\"></span>gli utili e pe<span class=\"_ _4\"></span>rdite cumulate </span><span style=\"display:inherit;clear:left;\">nel momento dell\u2019eli<span class=\"_ _1\"></span>minazione<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>trumenti ra<span class=\"_ _1\"></span>ppresentativi di capitale<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"lsa wsb\"> rilevato a conto economico.</span></span><span style=\"display:inherit;clear:left;\">In se<span class=\"_ _4\"></span>de di rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria al suo <span class=\"ff5f\">fair value</span> pi\u00f9, nel c<span class=\"_ _4\"></span>aso di un'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziaria non al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, i costi di tr<span class=\"_ _4\"></span>ansa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. I crediti co<span class=\"_ _4\"></span>mmerciali, che non c<span class=\"_ _4\"></span>ontengono </span><span style=\"display:inherit;clear:left;\">una compo<span class=\"_ _4\"></span>nente di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va o pe<span class=\"_ _4\"></span>r i quali il Gruppo ha app<span class=\"_ _4\"></span>licato l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>ediente p<span class=\"_ _4\"></span>ratico, son<span class=\"_ _4\"></span>o valutati </span><span style=\"display:inherit;clear:left;\">al pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019opera<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>eterminato s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do l'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po valut<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, al <span class=\"ff5f\">fair value</span><span class=\"ls9 ws1d\"> ri<span class=\"_ _1\"></span>levato nel </span></span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo e al <span class=\"ff5f ls3 ws0\">f<span class=\"_ _1\"></span>air value<span class=\"ff5c lsa wsb\"> rilevato nel conto economico.<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e al cost<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato se entramb<span class=\"_ _4\"></span>i i seg<span class=\"_ _4\"></span>uenti re<span class=\"_ _4\"></span>quisiti so<span class=\"_ _4\"></span>no so<span class=\"_ _4\"></span>ddisfat<span class=\"_ _4\"></span>ti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria \u00e8 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>duta ne<span class=\"_ _4\"></span>l quadro di un mode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> il cui obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo \u00e8 il pos<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>so di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zato a<span class=\"_ _4\"></span>lla raccolt<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari contr<span class=\"_ _4\"></span>attuali;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e de<span class=\"_ _4\"></span>ll'intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sull'impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el cap<span class=\"_ _4\"></span>itale da re<span class=\"_ _4\"></span>stituire<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sono s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente v<span class=\"_ _4\"></span>alutate utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il crit<span class=\"_ _4\"></span>erio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo e s<span class=\"_ _4\"></span>ono sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tte ad <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span>. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomico quan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata o ri<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ata.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono inclusi i cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e i dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel conto ec<span class=\"_ _2\"></span>onomico complessiv<span class=\"_ _1\"></span>o (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 da s<span class=\"_ _4\"></span>trumenti di d<span class=\"_ _4\"></span>ebito al f<span class=\"_ _4\"></span>air value rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo se e<span class=\"_ _4\"></span>ntrambe </span><span style=\"display:inherit;clear:left;\">le seguenti condizioni<span class=\"_ _1\"></span> sono soddisfatte: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _45\"></span>l'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria \u00e8 p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a nel quadro di un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> il cui obiet<span class=\"_ _4\"></span>tivo \u00e8 con<span class=\"_ _4\"></span>seguit<span class=\"_ _4\"></span>o sia mediante l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cas<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari c<span class=\"_ _4\"></span>ontrattuali ch<span class=\"_ _4\"></span>e mediante la ve<span class=\"_ _4\"></span>ndita de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie; e</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e<span class=\"_ _4\"></span>d interes<span class=\"_ _4\"></span>si det<span class=\"_ _4\"></span>erminati sull'imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e da res<span class=\"_ _4\"></span>tituire.</span><span style=\"display:inherit;clear:left;\">Per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 da strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito valut<span class=\"_ _4\"></span>ati al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo gli utili e le p<span class=\"_ _4\"></span>erdite </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>ilevate a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni pe<span class=\"_ _4\"></span>r diffe<span class=\"_ _4\"></span>renze c<span class=\"_ _4\"></span>ambio e delle p<span class=\"_ _4\"></span>erdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, insiem<span class=\"_ _4\"></span>e alle ripre<span class=\"_ _4\"></span>se, che s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. Al mome<span class=\"_ _4\"></span>nto dell'e<span class=\"_ _4\"></span>liminazione<span class=\"_ _4\"></span>, la variazio<span class=\"_ _4\"></span>ne cumula<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>a del <span class=\"ff5f\">fair value</span><span class=\"ls9 wsfd\"> rilevata nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _2\"></span>; gli importi che </span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iconos<span class=\"_ _4\"></span>ciuti a conto e<span class=\"_ _4\"></span>conomico s<span class=\"_ _4\"></span>ono gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si che s<span class=\"_ _4\"></span>arebb<span class=\"_ _4\"></span>ero st<span class=\"_ _4\"></span>ati rilev<span class=\"_ _4\"></span>ati se l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria foss<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ata da </span><span style=\"display:inherit;clear:left;\">semp<span class=\"_ _4\"></span>re valutat<span class=\"_ _4\"></span>a al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Al mo<span class=\"_ _4\"></span>mento il Grup<span class=\"_ _4\"></span>po non ha que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a fatti<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cie.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 def<span class=\"_ _4\"></span>inis<span class=\"_ _4\"></span>ce la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsa7\"> rileva<span class=\"_ _1\"></span>to a con<span class=\"_ _1\"></span>to economico come<span class=\"_ _1\"></span> una categor<span class=\"_ _1\"></span>ia residua<span class=\"_ _1\"></span>le </span></span><span style=\"display:inherit;clear:left;\">da applic<span class=\"_ _4\"></span>are a tutte que<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie che, in v<span class=\"_ _4\"></span>irt<span class=\"_ _4\"></span>\u00f9 delle loro c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche contr<span class=\"_ _4\"></span>attuali, non s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ate al </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato o al <span class=\"ff5f\">fair value</span> rilevato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tav<span class=\"_ _4\"></span>ia, il Grupp<span class=\"_ _4\"></span>o pu\u00f2 dec<span class=\"_ _4\"></span>idere<span class=\"_ _4\"></span>, in sede </span><span style=\"display:inherit;clear:left;\">di rilev<span class=\"_ _4\"></span>azione ini<span class=\"_ _4\"></span>ziale, di de<span class=\"_ _4\"></span>signare irre<span class=\"_ _4\"></span>vocabilm<span class=\"_ _4\"></span>ente un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria come mis<span class=\"_ _4\"></span>urata al <span class=\"ff5f\">fair value</span> rilevato a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico se ci\u00f2 c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l'eliminazion<span class=\"_ _4\"></span>e o la riduzio<span class=\"_ _4\"></span>ne signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va di un disalline<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile (definito c<span class=\"_ _4\"></span>ome </span><span style=\"display:inherit;clear:left;\">un <span class=\"_ _5\"></span><span class=\"ff5f ls3 ws140\">\u201caccounting mismatch<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff5c\">) che inve<span class=\"_ _4\"></span>ce eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>e le per<span class=\"_ _4\"></span>dite o i prof<span class=\"_ _4\"></span>itti sull'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 foss<span class=\"_ _4\"></span>ero rile<span class=\"_ _4\"></span>vati se<span class=\"_ _4\"></span>condo un </span></span></span><span style=\"display:inherit;clear:left;\">diffe<span class=\"_ _4\"></span>rente crite<span class=\"_ _4\"></span>rio. Se<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ne ques<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>celt<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in qualche mo<span class=\"_ _4\"></span>do as<span class=\"_ _4\"></span>similata ad un <span class=\"ff5f\">account<span class=\"_ _4\"></span>ing policy cho<span class=\"_ _4\"></span>ice</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>avia va not<span class=\"_ _4\"></span>ato che il prin<span class=\"_ _4\"></span>cipio non richie<span class=\"_ _4\"></span>de che e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a sia applicat<span class=\"_ _4\"></span>a in mod<span class=\"_ _4\"></span>o coere<span class=\"_ _4\"></span>nte a tutt<span class=\"_ _4\"></span>e le trans<span class=\"_ _4\"></span>azioni s<span class=\"_ _4\"></span>imilari.</span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari al <span class=\"ff5f\">fair value</span> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico so<span class=\"_ _4\"></span>no iscrit<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">patrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria al <span class=\"ff5f lse ws0\">fair value<span class=\"ff5c\"> e le variazioni n<span class=\"_ _4\"></span>ette de<span class=\"_ _4\"></span>l </span>fair value<span class=\"ff5c\"> rilevate ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio.<span class=\"_ _4\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">In ques<span class=\"_ _4\"></span>ta c<span class=\"_ _4\"></span>ategoria rie<span class=\"_ _4\"></span>ntrano gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati. I der<span class=\"_ _4\"></span>ivati so<span class=\"_ _4\"></span>no clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dete<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">la negoziaz<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>alvo che non s<span class=\"_ _4\"></span>iano des<span class=\"_ _4\"></span>ignati come s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a eff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace. </span><span style=\"display:inherit;clear:left;\">Il deri<span class=\"_ _4\"></span>vato incor<span class=\"_ _4\"></span>porato co<span class=\"_ _4\"></span>ntenuto in un contr<span class=\"_ _4\"></span>atto ibri<span class=\"_ _4\"></span>do non der<span class=\"_ _4\"></span>ivato, in una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o in un co<span class=\"_ _4\"></span>ntratto </span><span style=\"display:inherit;clear:left;\">non f<span class=\"_ _4\"></span>inanziario p<span class=\"_ _4\"></span>rincipale, \u00e8 s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o principale e co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato come de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o separ<span class=\"_ _4\"></span>ato, se: le sue c<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>ris<span class=\"_ _4\"></span>tiche ec<span class=\"_ _4\"></span>onomiche e<span class=\"_ _4\"></span>d i rischi a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>so as<span class=\"_ _4\"></span>sociati n<span class=\"_ _4\"></span>on sono s<span class=\"_ _4\"></span>tret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte corre<span class=\"_ _4\"></span>lati a quelli del c<span class=\"_ _4\"></span>ontratto p<span class=\"_ _4\"></span>rincipale; </span><span style=\"display:inherit;clear:left;\">uno str<span class=\"_ _4\"></span>umento se<span class=\"_ _4\"></span>parato co<span class=\"_ _4\"></span>n gli ste<span class=\"_ _4\"></span>ssi t<span class=\"_ _4\"></span>ermini del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorp<span class=\"_ _4\"></span>orato so<span class=\"_ _4\"></span>ddisfe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di deriv<span class=\"_ _4\"></span>ato; e il </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to ibrido n<span class=\"_ _4\"></span>on \u00e8 valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsff\"> rilevato nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span>. I derivati i<span class=\"_ _1\"></span>ncorporati sono val<span class=\"_ _1\"></span>utati al<span class=\"_ _1\"></span> <span class=\"ff5f ls0 ws0\">fair </span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span></span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">con</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">varia<span class=\"_ _4\"></span>zioni</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">fair value</span></span></span><span class=\"lsa wsb\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">rilevate</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">nel</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">conto</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">economico.</span></span><span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Riclassificazione </span><span style=\"display:inherit;clear:left;\">Una riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>olo nel c<span class=\"_ _4\"></span>aso in cui inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venga un c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>i termini de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to che mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>a signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a altrimenti at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>i o quando il Grupp<span class=\"_ _4\"></span>o modif<span class=\"_ _4\"></span>ica il s<span class=\"_ _4\"></span>uo <span class=\"ff5f ls0 ws0\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s </span></span><span style=\"display:inherit;clear:left;\">model<span class=\"ff5c ls3 ws150\"> pe<span class=\"_ _4\"></span>r ges<span class=\"_ _4\"></span>tire le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie. L<span class=\"_ _4\"></span>a riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere appli<span class=\"_ _4\"></span>cata pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente dalla data di r<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one, se<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a nece<span class=\"_ _4\"></span>ssit<span class=\"_ _4\"></span>\u00e0 di ride<span class=\"_ _4\"></span>terminare prof<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>i, perdit<span class=\"_ _4\"></span>e e interes<span class=\"_ _4\"></span>si gi\u00e0 pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente rilev<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria (o<span class=\"_ _1\"></span>, ove applic<span class=\"_ _4\"></span>abile, par<span class=\"_ _4\"></span>te di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o par<span class=\"_ _4\"></span>te di un gr<span class=\"_ _4\"></span>uppo di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie simi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">li) \u00e8 cance<span class=\"_ _4\"></span>llata in primo luo<span class=\"_ _4\"></span>go (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s. rimo<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a dal prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrimo<span class=\"_ _4\"></span>niale-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria del Grup<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>) quan<span class=\"_ _4\"></span>do:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>i dirit<span class=\"_ _4\"></span>ti a rice<span class=\"_ _4\"></span>vere f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>stinti, o</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il Grupp<span class=\"_ _4\"></span>o ha tras<span class=\"_ _4\"></span>ferito a<span class=\"_ _4\"></span>d una ter<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te il dirit<span class=\"_ _4\"></span>to a riceve<span class=\"_ _4\"></span>re flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o ha as<span class=\"_ _4\"></span>sunto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obbligo co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>uale di corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>erli inter<span class=\"_ _4\"></span>amente e se<span class=\"_ _4\"></span>nza r<span class=\"_ _4\"></span>itardi e (<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>) ha t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rito so<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici della </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria, op<span class=\"_ _4\"></span>pure (b) non ha trasfe<span class=\"_ _4\"></span>rito n\u00e9 tr<span class=\"_ _4\"></span>attenut<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tut<span class=\"_ _4\"></span>ti i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0, ma ha tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito il controllo de<span class=\"_ _4\"></span>lla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Nei c<span class=\"_ _4\"></span>asi in cui il Grup<span class=\"_ _4\"></span>po abbia tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito i diritti a r<span class=\"_ _4\"></span>icevere f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o abbia sig<span class=\"_ _4\"></span>lato un accordo in </span><span style=\"display:inherit;clear:left;\">base a<span class=\"_ _4\"></span>l quale mantiene i dirit<span class=\"_ _4\"></span>ti contrat<span class=\"_ _4\"></span>tuali a riceve<span class=\"_ _4\"></span>re i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria, ma as<span class=\"_ _4\"></span>sume un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gaz<span class=\"_ _4\"></span>ione contr<span class=\"_ _4\"></span>attuale a pag<span class=\"_ _4\"></span>are i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari a uno o p<span class=\"_ _4\"></span>i\u00f9 bene<span class=\"_ _4\"></span>ficiari (<span class=\"_ _5\"></span><span class=\"ff5f ls0 ws0\">pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s-t<span class=\"_ _4\"></span>hrou<span class=\"_ _4\"></span>gh</span>)<span class=\"_ _2\"></span>, e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o valut<span class=\"_ _4\"></span>a se e in che misur<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">abbia trat<span class=\"_ _4\"></span>tenuto i ri<span class=\"_ _4\"></span>schi e i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici inere<span class=\"_ _4\"></span>nti al pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Se tut<span class=\"_ _4\"></span>ti i rischi e i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ine<span class=\"_ _4\"></span>renti al po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria son<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>i, il Gruppo e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">parat<span class=\"_ _4\"></span>amente com<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 qual<span class=\"_ _4\"></span>siasi dirit<span class=\"_ _4\"></span>to e obblig<span class=\"_ _4\"></span>azione cr<span class=\"_ _4\"></span>eati o mantenuti; in cas<span class=\"_ _4\"></span>o contrari<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria continua ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere mantenut<span class=\"_ _4\"></span>a in bilancio. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui  non abbia n<span class=\"_ _4\"></span>\u00e9 tras<span class=\"_ _4\"></span>ferito n\u00e9 tr<span class=\"_ _4\"></span>atte<span class=\"_ _4\"></span>nuto sos<span class=\"_ _4\"></span>tan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici o non abbia p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>o il controllo sulla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 continua a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>sere ril<span class=\"_ _4\"></span>evata n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">bilancio de<span class=\"_ _4\"></span>l Gruppo n<span class=\"_ _4\"></span>ella misura  d<span class=\"_ _4\"></span>el suo coinvo<span class=\"_ _4\"></span>lgimento re<span class=\"_ _4\"></span>siduo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa; qualora il controll<span class=\"_ _4\"></span>o sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria non fos<span class=\"_ _4\"></span>se mante<span class=\"_ _4\"></span>nuto, il Gruppo  e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve separ<span class=\"_ _4\"></span>atame<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 quals<span class=\"_ _4\"></span>iasi diritt<span class=\"_ _4\"></span>o e obbliga<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>ati o mantenuti. L<span class=\"_ _1c\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ita e la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ciata </span><span style=\"display:inherit;clear:left;\">sono v<span class=\"_ _4\"></span>alutate in mo<span class=\"_ _4\"></span>do da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere i dirit<span class=\"_ _4\"></span>ti e le obblig<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e rimangono di pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>inenz<span class=\"_ _4\"></span>a del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Quando il co<span class=\"_ _4\"></span>involgimento re<span class=\"_ _4\"></span>siduo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019entit\u00e0 \u00e8 una garan<span class=\"_ _4\"></span>zia sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rita, il c<span class=\"_ _4\"></span>oinvolgimento \u00e8 mis<span class=\"_ _4\"></span>urato sulla bas<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">del mino<span class=\"_ _4\"></span>re tra l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to mass<span class=\"_ _4\"></span>imo del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto che l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e dover ripag<span class=\"_ _4\"></span>are.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate e valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato utiliz<span class=\"_ _5\"></span>zand<span class=\"_ _4\"></span>o il tas<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo ad </span><span style=\"display:inherit;clear:left;\">ecce<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ne di quelle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie che, no<span class=\"_ _4\"></span>n rispo<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>do ai requis<span class=\"_ _4\"></span>iti per p<span class=\"_ _4\"></span>oter e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico. R<span class=\"_ _4\"></span>ientrano in qu<span class=\"_ _4\"></span>est<span class=\"_ _5\"></span>\u2019ultimo cas<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie det<span class=\"_ _4\"></span>enute a sco<span class=\"_ _4\"></span>po di ne<span class=\"_ _4\"></span>goziazione<span class=\"_ _4\"></span>. Il Gruppo in<span class=\"_ _4\"></span>oltre pu\u00f2 s<span class=\"_ _4\"></span>ceglie<span class=\"_ _4\"></span>re, in se<span class=\"_ _4\"></span>de di rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne iniziale, di d<span class=\"_ _4\"></span>esignare </span><span style=\"display:inherit;clear:left;\">irrevoc<span class=\"_ _4\"></span>abilmente l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsbe\"> con impu<span class=\"_ _1\"></span>tazione a conto economic<span class=\"_ _1\"></span>o qua<span class=\"_ _1\"></span>ndo questo consente di<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">fornire un'informativa p<span class=\"_ _4\"></span>i\u00f9 rilevante<span class=\"_ _4\"></span>, in quanto<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">elimina o ri<span class=\"_ _4\"></span>duce signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte un'incoere<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>ella misura<span class=\"_ _4\"></span>zione o ril<span class=\"_ _4\"></span>evaz<span class=\"_ _4\"></span>ione (<span class=\"_ _1\"></span>def<span class=\"_ _4\"></span>inita anch<span class=\"_ _4\"></span>e come <span class=\"ff5f\">\u201can accoun<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">ting mismatch\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) che eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe dalla misur<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o dalla rileva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i prof<span class=\"_ _4\"></span>itti o </span></span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e su di una bas<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rente;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws130\">un grup<span class=\"_ _4\"></span>po di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie \u00e8 ge<span class=\"_ _4\"></span>stito e v<span class=\"_ _4\"></span>alutato al <span class=\"ff5f\">fair value</span> in applica<span class=\"_ _4\"></span>zione di una p<span class=\"_ _4\"></span>olitica di <span class=\"ff5f ls0 ws0\">r<span class=\"_ _4\"></span>isk </span></span></span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> o sulla ba<span class=\"_ _4\"></span>se di una str<span class=\"_ _4\"></span>ategia di inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nto e l'informativ<span class=\"_ _4\"></span>a su det<span class=\"_ _4\"></span>to gruppo \u00e8 fo<span class=\"_ _4\"></span>rnita inter<span class=\"_ _4\"></span>namente ai </span></span><span style=\"display:inherit;clear:left;\">dirigenti chiave su t<span class=\"_ _4\"></span>ale bas<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Anche i d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati con <span class=\"ff5f\">fair value</span> negati<span class=\"_ _4\"></span>vo sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati e v<span class=\"_ _4\"></span>alutati al <span class=\"ff5f\">fair value</span><span class=\"lsa ws86\"> rilevato a conto<span class=\"_ _1\"></span> economico ad ecce<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ne di quelli de<span class=\"_ _4\"></span>tenuti co<span class=\"_ _4\"></span>me ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono rile<span class=\"_ _4\"></span>vate inizialme<span class=\"_ _4\"></span>nte al </span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> cui si agg<span class=\"_ _4\"></span>iungono, nel c<span class=\"_ _4\"></span>aso di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti e debit<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i di trans<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>si dirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte attribuibili. </span></span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o compre<span class=\"_ _4\"></span>ndono de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e altri de<span class=\"_ _4\"></span>biti, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti, inclusi sc<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">conto cor<span class=\"_ _4\"></span>rente e st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie dipe<span class=\"_ _4\"></span>nde dalla loro cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, come pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al <span class=\"ff5f\">fair value</span><span class=\"ls0 wsc7\"> a </span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato (<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti).</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _2\"></span>ato a conto economic<span class=\"_ _2\"></span>o </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>ono pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 det<span class=\"_ _4\"></span>enute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al <span class=\"ff5f\">fair value</span> con varia<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico. Le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>nute per la n<span class=\"_ _4\"></span>egoziazion<span class=\"_ _4\"></span>e sono tut<span class=\"_ _4\"></span>te quell<span class=\"_ _4\"></span>e assunte c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019intento di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uerle o t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rirle ne<span class=\"_ _4\"></span>l breve te<span class=\"_ _4\"></span>rmine. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a catego<span class=\"_ _4\"></span>ria include inolt<span class=\"_ _4\"></span>re gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti dal Grupp<span class=\"_ _4\"></span>o che non s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>signati come </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>umenti di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura in una rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dallo IA<span class=\"_ _4\"></span>S 39. I deri<span class=\"_ _4\"></span>vati incorp<span class=\"_ _4\"></span>orati, s<span class=\"_ _4\"></span>corpor<span class=\"_ _4\"></span>ati dal contrat<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to princip<span class=\"_ _4\"></span>ale, so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari dete<span class=\"_ _4\"></span>nuti per la n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne salvo ch<span class=\"_ _4\"></span>e non siano de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci. Gli utili o l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dete<span class=\"_ _4\"></span>nute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>one son<span class=\"_ _4\"></span>o rilevati n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Le p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie son<span class=\"_ _4\"></span>o desig<span class=\"_ _4\"></span>nate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate a </span></span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico dalla dat<span class=\"_ _4\"></span>a di prima iscr<span class=\"_ _4\"></span>izione<span class=\"_ _4\"></span>, solo s<span class=\"_ _4\"></span>e i criteri d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 so<span class=\"_ _4\"></span>no sod<span class=\"_ _4\"></span>disfat<span class=\"_ _4\"></span>ti. Al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po non ha de<span class=\"_ _4\"></span>signato pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al<span class=\"ff5f\"> fair value</span><span class=\"lsa wsb\"> con vari<span class=\"_ _1\"></span>azioni rilevate a conto<span class=\"_ _1\"></span> economico.</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al c<span class=\"_ _1\"></span>osto ammortizzato (<span class=\"_ _4\"></span>prestiti e finanziamenti)</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti sono v<span class=\"_ _4\"></span>alutati con il cr<span class=\"_ _4\"></span>iterio de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato usan<span class=\"_ _4\"></span>do il meto<span class=\"_ _4\"></span>do del </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 e<span class=\"_ _4\"></span>stint<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">oltre che at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so di ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento. Il co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato \u00e8 c<span class=\"_ _4\"></span>alcolato rile<span class=\"_ _4\"></span>vando lo s<span class=\"_ _4\"></span>conto o il pre<span class=\"_ _4\"></span>mio </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquisi<span class=\"_ _4\"></span>zione e g<span class=\"_ _4\"></span>li onorari o co<span class=\"_ _4\"></span>sti che f<span class=\"_ _4\"></span>anno par<span class=\"_ _4\"></span>te integr<span class=\"_ _4\"></span>ante del t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nto al </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo \u00e8 compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a gli one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdita).<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>ossib<span class=\"_ _4\"></span>ile riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icare le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie.  </span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria vi<span class=\"_ _4\"></span>ene can<span class=\"_ _4\"></span>cellata quand<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante la pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 \u00e8 e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>inta, annullata ov<span class=\"_ _5\"></span>vero ade<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">piuta<span class=\"_ _4\"></span>. Ladd<span class=\"_ _4\"></span>ove una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte foss<span class=\"_ _4\"></span>e sos<span class=\"_ _4\"></span>tituita da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>altra de<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>tato<span class=\"_ _4\"></span>re, a condi<span class=\"_ _4\"></span>zioni so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e, opp<span class=\"_ _4\"></span>ure le condi<span class=\"_ _4\"></span>zioni di una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte venis<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte modif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>e, tale s<span class=\"_ _4\"></span>cambio o<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a viene t<span class=\"_ _4\"></span>ratt<span class=\"_ _4\"></span>ato come una c<span class=\"_ _4\"></span>ancellaz<span class=\"_ _4\"></span>ione cont<span class=\"_ _4\"></span>abile de<span class=\"_ _4\"></span>lla passi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 originale<span class=\"_ _4\"></span>, accompagnat<span class=\"_ _4\"></span>a dalla rileva<span class=\"_ _4\"></span>zione di una </span><span style=\"display:inherit;clear:left;\">nuova pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, con iscri<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) d<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io di eventuali dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze tra i val<span class=\"_ _4\"></span>ori cont<span class=\"_ _4\"></span>abili.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ompens<span class=\"_ _4\"></span>azione di strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 e una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re compe<span class=\"_ _4\"></span>nsate e il s<span class=\"_ _4\"></span>aldo net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione p<span class=\"_ _4\"></span>atrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria, se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un diritto l<span class=\"_ _4\"></span>egale at<span class=\"_ _4\"></span>tuale a comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>are gli impor<span class=\"_ _4\"></span>ti rile<span class=\"_ _4\"></span>vati cont<span class=\"_ _4\"></span>abilmente e v<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">sia l<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>nzione di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uere il re<span class=\"_ _4\"></span>siduo net<span class=\"_ _4\"></span>to, o reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e conte<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>stingu<span class=\"_ _4\"></span>ere la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span>.</span><span style=\"display:inherit;clear:left;\">Strumenti finanziari der<span class=\"_ _2\"></span>ivati e hedge ac<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ount<span class=\"_ _4\"></span>ing</span><span style=\"display:inherit;clear:left;\">Rilevazione iniziale e v<span class=\"_ _1\"></span>alutazione succ<span class=\"_ _2\"></span>essiva</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivati tr<span class=\"_ _4\"></span>a i quali<span class=\"_ _1\"></span>: contrat<span class=\"_ _4\"></span>ti a termin<span class=\"_ _4\"></span>e in valuta, p<span class=\"_ _4\"></span>er cop<span class=\"_ _4\"></span>rire i rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vi alle varia<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio s<span class=\"_ _4\"></span>ulle trans<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ommerciali in valut<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>ali str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono </span><span style=\"display:inherit;clear:left;\">inizialm<span class=\"_ _4\"></span>ente ril<span class=\"_ _4\"></span>evati al <span class=\"ff5f ls3 ws145\">fair value<span class=\"ff5c\"> alla data in cui il co<span class=\"_ _4\"></span>ntratto de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o \u00e8 sotto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>to e, suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente, s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati </span></span></span><span style=\"display:inherit;clear:left;\">nuovame<span class=\"_ _4\"></span>nte al <span class=\"ff5f\">fair value</span>. I derivati s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie quando il <span class=\"ff5f\">fair value</span> \u00e8 pos<span class=\"_ _4\"></span>itivo e com<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie quand<span class=\"_ _4\"></span>o il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> \u00e8 neg<span class=\"_ _4\"></span>ativo. Com<span class=\"_ _4\"></span>e conse<span class=\"_ _4\"></span>ntito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 paragr<span class=\"_ _4\"></span>afo 7<span class=\"_ _1c\"></span>.2<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>, il G<span class=\"_ _4\"></span>ruppo ha o<span class=\"_ _4\"></span>ptato </span></span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 39 in merito all<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls68 wscc\">hedge accounting</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Coe<span class=\"_ _4\"></span>rentem<span class=\"_ _4\"></span>ente con quanto s<span class=\"_ _4\"></span>tabilito dallo I<span class=\"_ _4\"></span>AS 39.<span class=\"_ _4\"></span>88 e ripre<span class=\"_ _4\"></span>so dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9.<span class=\"_ _4\"></span>6.4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>, g<span class=\"_ _4\"></span>li strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>tur<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo le mo<span class=\"_ _4\"></span>dalit\u00e0 s<span class=\"_ _4\"></span>tabilite p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span><span class=\"ff5f ls5b ws14d\">\u2019hedg<span class=\"_ _4\"></span>e accounting<span class=\"_ _4\"></span></span><span class=\"lse ws6f\"> so<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o q<span class=\"_ _4\"></span>ua<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>do:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inizio della c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, esis<span class=\"_ _4\"></span>te la de<span class=\"_ _4\"></span>signazi<span class=\"_ _4\"></span>one formale e la do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, </span><span style=\"display:inherit;clear:left;\">degli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 nella ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio e della s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gia nell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tuare la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura sar<span class=\"_ _4\"></span>\u00e0 altame<span class=\"_ _4\"></span>nte ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _49\"></span>p<span class=\"_ _4\"></span>er le cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne progr<span class=\"_ _4\"></span>ammata che \u00e8 og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>ve es<span class=\"_ _4\"></span>sere alt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e e deve pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>are un\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one alle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e incide<span class=\"_ _4\"></span>re sul conto e<span class=\"_ _4\"></span>co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomico;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>acia pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere atte<span class=\"_ _4\"></span>ndibilme<span class=\"_ _4\"></span>nte misurata; e </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa \u00e8 alt<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace durante i dive<span class=\"_ _4\"></span>rsi p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di contab<span class=\"_ _4\"></span>ili per i quali \u00e8 de<span class=\"_ _4\"></span>signata<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti gli s<span class=\"_ _4\"></span>trumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o misurati al <span class=\"ff5f\">fair value</span>. Quando gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati hanno le c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>rist<span class=\"_ _4\"></span>iche </span><span style=\"display:inherit;clear:left;\">per es<span class=\"_ _4\"></span>sere contabil<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zz<span class=\"_ _4\"></span>ati secondo l\u2019he<span class=\"_ _4\"></span>dge<span class=\"_ _1\"></span> accounti<span class=\"_ _1\"></span>ng, si applicano i seguenti tra<span class=\"_ _1\"></span>ttamenti contabili<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws84\"> <span class=\"_ _ac\"></span>Fair value hedge<span class=\"ff5c\"> \u2013 se uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario deri<span class=\"_ _4\"></span>vato \u00e8 de<span class=\"_ _4\"></span>signato com<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne alle varia<span class=\"_ _4\"></span>zioni </span></span></span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore corre<span class=\"_ _4\"></span>nte di una atti<span class=\"_ _4\"></span>vit\u00e0 o di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile che p<span class=\"_ _4\"></span>u\u00f2 dete<span class=\"_ _4\"></span>rminare </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti s<span class=\"_ _4\"></span>ul conto eco<span class=\"_ _4\"></span>nomico, la varia<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura \u00e8 rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o e la </span></span></span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\">  dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o attribuib<span class=\"_ _4\"></span>ile al rischio c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>to \u00e8 ril<span class=\"_ _4\"></span>evato com<span class=\"_ _4\"></span>e par<span class=\"_ _4\"></span>te del v<span class=\"_ _4\"></span>alore di ca<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">rico de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ele<span class=\"_ _4\"></span>mento cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>d \u00e8 inoltre rile<span class=\"_ _4\"></span>vato nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di un impegn<span class=\"_ _4\"></span>o irrevoc<span class=\"_ _4\"></span>abile, il <span class=\"ff5f\">fair value</span> </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte relativ<span class=\"_ _4\"></span>a al rischio co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>to \u00e8 is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>o nello s<span class=\"_ _4\"></span>tato patrim<span class=\"_ _4\"></span>oniale come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, andan<span class=\"_ _4\"></span>do a </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la voce di s<span class=\"_ _4\"></span>tato patr<span class=\"_ _4\"></span>imoniale che s<span class=\"_ _4\"></span>ar\u00e0 intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata dall<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>egno irre<span class=\"_ _4\"></span>vocabil<span class=\"_ _4\"></span>e al momento d<span class=\"_ _4\"></span>el suo re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f wsed\"> <span class=\"_ _ac\"></span>Cash f<span class=\"_ _4\"></span>low hedg<span class=\"_ _4\"></span>e<span class=\"ff5c\"> \u2013 se uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o deriv<span class=\"_ _4\"></span>ato \u00e8 des<span class=\"_ _4\"></span>ignato come co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izione alla v<span class=\"_ _4\"></span>ariabilit\u00e0</span></span></span><span style=\"display:inherit;clear:left;\">dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa di una att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a altame<span class=\"_ _4\"></span>nte probabil<span class=\"_ _4\"></span>e o di un</span><span style=\"display:inherit;clear:left;\">impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile e che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e avere ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti sul conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, la por<span class=\"_ _4\"></span>zione ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e degli utili o de<span class=\"_ _4\"></span>lle pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">sullo st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8  rilevat<span class=\"_ _4\"></span>a nel patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to ed e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo; </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a cumulati sono  s<span class=\"_ _4\"></span>tornati dal pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to e cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico ne<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o  perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">in cui vie<span class=\"_ _4\"></span>ne rilevat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura; l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ut<span class=\"_ _4\"></span>ile o la pe<span class=\"_ _4\"></span>rdita  as<span class=\"_ _4\"></span>sociati a una c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, o a quella par<span class=\"_ _4\"></span>te</span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura di<span class=\"_ _4\"></span>ventat<span class=\"_ _4\"></span>a inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cace<span class=\"_ _4\"></span>, sono is<span class=\"_ _4\"></span>critti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cacia \u00e8 rile<span class=\"_ _4\"></span>vata.</span><span style=\"display:inherit;clear:left;\">Qualora non<span class=\"_ _1\"></span> ricorrano le<span class=\"_ _1\"></span> condizioni per l\u2019a<span class=\"_ _1\"></span>pplicazione dell\u2019<span class=\"ff5f ls68 ws137\">hedge accounting</span><span class=\"ls3 wsc3\">, gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>rivanti dalla valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one al </span></span><span style=\"display:inherit;clear:left;\">\u201c<span class=\"_ _4\"></span>fair value\u201d<span class=\"ff5c\"> dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario der<span class=\"_ _4\"></span>ivato so<span class=\"_ _4\"></span>no imputati dir<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>amente a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico.</span></span><span style=\"display:inherit;clear:left;\">2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _4\"></span>ivalenti</span><span style=\"display:inherit;clear:left;\">Le dispo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e i d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti a breve t<span class=\"_ _4\"></span>ermine comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no il denaro in c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e i depo<span class=\"_ _4\"></span>siti a vi<span class=\"_ _4\"></span>sta e a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, in que<span class=\"_ _4\"></span>sto ultim<span class=\"_ _4\"></span>o cas<span class=\"_ _4\"></span>o con sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za orig<span class=\"_ _4\"></span>inaria previ<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>on oltre i tre m<span class=\"_ _4\"></span>esi.</span><span style=\"display:inherit;clear:left;\">2.3.9 Azioni <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie</span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate sono ril<span class=\"_ _4\"></span>evate al cos<span class=\"_ _4\"></span>to e po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate in diminuzion<span class=\"_ _4\"></span>e del patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to, la vendit<span class=\"_ _4\"></span>a o la </span><span style=\"display:inherit;clear:left;\">cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di azioni p<span class=\"_ _4\"></span>roprie non danno o<span class=\"_ _4\"></span>rigine a ne<span class=\"_ _4\"></span>ssun p<span class=\"_ _4\"></span>rofit<span class=\"_ _4\"></span>to o pe<span class=\"_ _4\"></span>rdita ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico.  L<span class=\"_ _4\"></span>a diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra il val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">di acquis<span class=\"_ _4\"></span>to e il corris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivo, in ca<span class=\"_ _4\"></span>so di vendit<span class=\"_ _4\"></span>a e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazio<span class=\"_ _4\"></span>ne, vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vata in una ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va d<span class=\"_ _4\"></span>el Patrimonio N<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">2.3.10 Rimanenze</span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o sono va<span class=\"_ _4\"></span>lutate al minore t<span class=\"_ _4\"></span>ra il cost<span class=\"_ _4\"></span>o di acquis<span class=\"_ _4\"></span>to e/o di produzi<span class=\"_ _4\"></span>one, det<span class=\"_ _4\"></span>erminato se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del c<span class=\"_ _4\"></span>osto m<span class=\"_ _4\"></span>edio po<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>ato, e il valore net<span class=\"_ _4\"></span>to di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. Il cost<span class=\"_ _4\"></span>o di acquist<span class=\"_ _4\"></span>o \u00e8 inclusivo d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori; </span><span style=\"display:inherit;clear:left;\">il cos<span class=\"_ _4\"></span>to di produ<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>rende i c<span class=\"_ _4\"></span>osti di dire<span class=\"_ _4\"></span>tta imp<span class=\"_ _4\"></span>utaz<span class=\"_ _4\"></span>ione e una quot<span class=\"_ _4\"></span>a dei cos<span class=\"_ _4\"></span>ti indiret<span class=\"_ _4\"></span>ti, ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte im<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">putab<span class=\"_ _4\"></span>ili ai prodot<span class=\"_ _4\"></span>ti. Il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di presumib<span class=\"_ _4\"></span>ile realiz<span class=\"_ _4\"></span>zo \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>o dal normale pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo st<span class=\"_ _4\"></span>imato di vendit<span class=\"_ _4\"></span>a dedot<span class=\"_ _4\"></span>ti i </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti stimati di co<span class=\"_ _4\"></span>mplet<span class=\"_ _4\"></span>amento e i co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>timati pe<span class=\"_ _4\"></span>r realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are la vendit<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">2.3.11 <span class=\"_ _1\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 possedute per la vendita </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce include l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, il cui v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile sar<span class=\"_ _4\"></span>\u00e0 recupe<span class=\"_ _4\"></span>rato princip<span class=\"_ _4\"></span>almente att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">piutto<span class=\"_ _4\"></span>sto ch<span class=\"_ _4\"></span>e attrave<span class=\"_ _4\"></span>rso l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo cont<span class=\"_ _4\"></span>inuativo. Le atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate alla vendit<span class=\"_ _4\"></span>a sono v<span class=\"_ _4\"></span>alutate al minore t<span class=\"_ _4\"></span>ra il loro </span><span style=\"display:inherit;clear:left;\">valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile e il <span class=\"ff5f\">fair value</span> al net<span class=\"_ _4\"></span>to dei co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita.</span><span style=\"display:inherit;clear:left;\">2.3.12 Fondi rischi ed oneri </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti a fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri son<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuati quando il G<span class=\"_ _4\"></span>ruppo de<span class=\"_ _4\"></span>ve far fronte a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione att<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">(le<span class=\"_ _4\"></span>gale o implicit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) risult<span class=\"_ _4\"></span>ante da un evento pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, \u00e8 probabile un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uscit<span class=\"_ _4\"></span>a di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e per far f<span class=\"_ _4\"></span>ronte a tal<span class=\"_ _4\"></span>e obbliga<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">\u00e8 pos<span class=\"_ _4\"></span>sibile ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare una stima af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idabile de<span class=\"_ _4\"></span>l suo ammont<span class=\"_ _4\"></span>are. </span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo rit<span class=\"_ _4\"></span>iene che un ac<span class=\"_ _4\"></span>cantoname<span class=\"_ _4\"></span>nto al fondo ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i sar\u00e0 in par<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>l tutt<span class=\"_ _4\"></span>o rimbor<span class=\"_ _4\"></span>sato, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>empio ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di rischi co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, l<span class=\"_ _4\"></span>\u2019ind<span class=\"_ _4\"></span>enniz<span class=\"_ _4\"></span>zo \u00e8 rile<span class=\"_ _4\"></span>vato in mod<span class=\"_ _4\"></span>o distinto e s<span class=\"_ _4\"></span>eparato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">se, e s<span class=\"_ _4\"></span>olo se<span class=\"_ _4\"></span>, es<span class=\"_ _4\"></span>so risult<span class=\"_ _4\"></span>a pratic<span class=\"_ _4\"></span>amente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to. In tal c<span class=\"_ _4\"></span>aso, ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">\u00e8 pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ato al netto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ammontare rilev<span class=\"_ _4\"></span>ato per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indenni<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to di attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l denaro \u00e8 signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo, gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati utiliz<span class=\"_ _5\"></span>zando </span><span style=\"display:inherit;clear:left;\">un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto ante impo<span class=\"_ _4\"></span>ste che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te, ove a<span class=\"_ _4\"></span>deguato, i ris<span class=\"_ _4\"></span>chi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Quando v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne, l<span class=\"_ _4\"></span>\u2019incr<span class=\"_ _4\"></span>emento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento dov<span class=\"_ _4\"></span>uto al tra<span class=\"_ _4\"></span>scorre<span class=\"_ _4\"></span>re del te<span class=\"_ _4\"></span>mpo \u00e8 rile<span class=\"_ _4\"></span>vato come o<span class=\"_ _4\"></span>nere f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">2.3.13 Fondi P<span class=\"_ _1c\"></span>ensione e altri benefici a lungo termine per i dipendenti </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha, in Italia, un \u201c<span class=\"_ _4\"></span>Piano a ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi<span class=\"_ _4\"></span>\u201d con rife<span class=\"_ _4\"></span>rimento alle quot<span class=\"_ _4\"></span>e TFR, re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. per l<span class=\"_ _4\"></span>e sole quot<span class=\"_ _4\"></span>e iscrit<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 20<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, ha \u201cPiani a contr<span class=\"_ _4\"></span>ibuzioni de<span class=\"_ _4\"></span>finite<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er le quote </span><span style=\"display:inherit;clear:left;\">TFR maturate succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a tale dat<span class=\"_ _4\"></span>a. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e distin<span class=\"_ _4\"></span>zione \u00e8 con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a alla Leg<span class=\"_ _4\"></span>ge Finanz<span class=\"_ _4\"></span>iaria 2007 e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>ti attuati<span class=\"_ _4\"></span>vi, dalla quale deri<span class=\"_ _4\"></span>va la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione obb<span class=\"_ _4\"></span>ligatoria de<span class=\"_ _4\"></span>l TFR alle forme pe<span class=\"_ _4\"></span>nsionis<span class=\"_ _4\"></span>tiche co<span class=\"_ _4\"></span>mpleme<span class=\"_ _4\"></span>ntari o al </span><span style=\"display:inherit;clear:left;\">Fondo di T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sore<span class=\"_ _4\"></span>ria ges<span class=\"_ _4\"></span>tito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>INPS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re altri \u201c<span class=\"_ _4\"></span>Piani a benef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>finiti<span class=\"_ _5\"></span>\u201d negli St<span class=\"_ _4\"></span>ati Uniti, Me<span class=\"_ _4\"></span>ssico, T<span class=\"_ _2\"></span>ailandia, Francia, B<span class=\"_ _4\"></span>elgio, Princi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pato di Monac<span class=\"_ _4\"></span>o, T<span class=\"_ _1c\"></span>aiwan, G<span class=\"_ _4\"></span>iappone e Svi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zera.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre alcuni piani a co<span class=\"_ _4\"></span>ntribuzio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>inita p<span class=\"_ _4\"></span>er i prop<span class=\"_ _4\"></span>ri dipen<span class=\"_ _4\"></span>denti. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obbligazio<span class=\"_ _4\"></span>ne net<span class=\"_ _4\"></span>ta de<span class=\"_ _4\"></span>l Gruppo d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ante da piani a ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci def<span class=\"_ _4\"></span>initi vien<span class=\"_ _4\"></span>e calco<span class=\"_ _4\"></span>lata se<span class=\"_ _4\"></span>paratam<span class=\"_ _4\"></span>ente pe<span class=\"_ _4\"></span>r ciascun piano </span><span style=\"display:inherit;clear:left;\">stiman<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icio futuro che i dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti hanno maturato in camb<span class=\"_ _4\"></span>io dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ata nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio </span><span style=\"display:inherit;clear:left;\">corre<span class=\"_ _4\"></span>nte e nei pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi; tal<span class=\"_ _4\"></span>e ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>cio vien<span class=\"_ _4\"></span>e attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>alcolare il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e.  Il cos<span class=\"_ _4\"></span>to dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">prev<span class=\"_ _4\"></span>isti ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>el piano a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi \u00e8 det<span class=\"_ _4\"></span>erminato us<span class=\"_ _4\"></span>ando il meto<span class=\"_ _4\"></span>do att<span class=\"_ _4\"></span>uariale della proi<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne unitaria de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o. Gli utili e le pe<span class=\"_ _4\"></span>rdite attuariali s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati dirett<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>e nel conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo, cos\u00ec com<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9. Gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si net<span class=\"_ _4\"></span>ti sulla pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>vono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re deter<span class=\"_ _4\"></span>minati moltiplic<span class=\"_ _4\"></span>ando la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di sconto. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne attuariale d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 s<span class=\"_ _4\"></span>tata af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idata a<span class=\"_ _4\"></span>d attuari indip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.14 <span class=\"ff64\">F<span class=\"_ _2\"></span>air value</span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3 rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unica fonte di rife<span class=\"_ _4\"></span>rimento p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> e per la relati<span class=\"_ _4\"></span>va informativ<span class=\"_ _4\"></span>a, quando </span><span style=\"display:inherit;clear:left;\">tale v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione \u00e8 richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a o cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il <span class=\"ff5f\">fair value</span> \u00e8 il prez<span class=\"_ _4\"></span>zo che s<span class=\"_ _4\"></span>i perce<span class=\"_ _4\"></span>pirebb<span class=\"_ _4\"></span>e per la ve<span class=\"_ _4\"></span>ndita di un<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o che </span><span style=\"display:inherit;clear:left;\">si paghe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e per il t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rimento di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in una regolare op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a oper<span class=\"_ _4\"></span>atori di me<span class=\"_ _4\"></span>rcato alla data di </span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. Il <span class=\"ff5f ls3 ws5c\">fair value<span class=\"ff5c\"> di un\u2019attivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ato adot<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>do le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni che gli ope<span class=\"_ _4\"></span>ratori di me<span class=\"_ _4\"></span>rcato utiliz<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zereb<span class=\"_ _4\"></span>bero n<span class=\"_ _4\"></span>ella dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, pre<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>ndo che gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si agis<span class=\"_ _4\"></span>cano p<span class=\"_ _4\"></span>er so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fare </span><span style=\"display:inherit;clear:left;\">nel mo<span class=\"_ _4\"></span>do migliore il p<span class=\"_ _4\"></span>roprio inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Una valut<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el <span class=\"ff5f\">fair value</span> di un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non f<span class=\"_ _4\"></span>inanziaria cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>a la capacit<span class=\"_ _4\"></span>\u00e0 di un ope<span class=\"_ _4\"></span>ratore di me<span class=\"_ _4\"></span>rcato di gen<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rare be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ec<span class=\"_ _4\"></span>onomici impie<span class=\"_ _4\"></span>gando l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e migliore ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o vend<span class=\"_ _4\"></span>endola a un alt<span class=\"_ _4\"></span>ro ope<span class=\"_ _4\"></span>ratore di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato che la impieg<span class=\"_ _4\"></span>here<span class=\"_ _4\"></span>bbe ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e miglior ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za t<span class=\"_ _4\"></span>ecniche di v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione che s<span class=\"_ _4\"></span>ono adatt<span class=\"_ _4\"></span>e alle circost<span class=\"_ _4\"></span>anze e p<span class=\"_ _4\"></span>er le quali vi s<span class=\"_ _4\"></span>ono suf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icienti dati dis<span class=\"_ _4\"></span>ponibili </span><span style=\"display:inherit;clear:left;\">per v<span class=\"_ _4\"></span>alutare il <span class=\"ff5f\">fair value</span>, mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di <span class=\"ff5f ls59 ws114\">input</span> os<span class=\"_ _4\"></span>ser<span class=\"_ _5\"></span>vabili rile<span class=\"_ _4\"></span>vanti e minimiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019uso di <span class=\"ff5f ls59 ws114\">input</span><span class=\"ls46 wsd2\"> no<span class=\"_ _4\"></span>n os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili. </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le quali il <span class=\"ff5f\">fair value</span> viene valut<span class=\"_ _4\"></span>ato o es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to in bilancio s<span class=\"_ _4\"></span>ono cate<span class=\"_ _4\"></span>goriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate in base alla </span><span style=\"display:inherit;clear:left;\">gerarchia del <span class=\"ff5f ls3 ws0\">fair value<span class=\"ff5c\">, come di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">Li<span class=\"_ _4\"></span>vello 1 - i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>on rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati) in merc<span class=\"_ _4\"></span>ati attiv<span class=\"_ _4\"></span>i per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 id<span class=\"_ _4\"></span>entiche a cui l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 acce<span class=\"_ _4\"></span>de<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">re alla data di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ws5c\">Li<span class=\"_ _4\"></span>vello 2 \u2013 <span class=\"ff5f ls5f ws14d\">Inp<span class=\"_ _4\"></span>ut</span> diver<span class=\"_ _4\"></span>si dai pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati inclusi ne<span class=\"_ _4\"></span>l Livello 1, osse<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vabili diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte o indirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o </span></span></span><span style=\"display:inherit;clear:left;\">per la p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3\">Li<span class=\"_ _4\"></span>vello 3 \u2013 te<span class=\"_ _4\"></span>cniche di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne per l<span class=\"_ _4\"></span>e quali i dati di <span class=\"ff5f ls58 ws6\">input</span> non s<span class=\"_ _4\"></span>ono os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o p<span class=\"_ _4\"></span>er la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span></span></span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> \u00e8 clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icata inte<span class=\"_ _4\"></span>ramente n<span class=\"_ _4\"></span>ello st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo della ger<span class=\"_ _4\"></span>archia del <span class=\"ff5f\">fair value</span> in cui \u00e8 classi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls58 ws6\">input</span><span class=\"ls3 ws0\"> di pi\u00f9 bas<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo di gerarchia utiliz<span class=\"_ _5\"></span>zato p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span></span><span style=\"display:inherit;clear:left;\">I meto<span class=\"_ _4\"></span>di di dete<span class=\"_ _4\"></span>rminazi<span class=\"_ _4\"></span>one de<span class=\"_ _4\"></span>l <span class=\"ff5f ls3 ws8e\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> con rife<span class=\"_ _4\"></span>rimento agli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, con f<span class=\"_ _4\"></span>inalit\u00e0 co<span class=\"_ _4\"></span>ntabili o informative<span class=\"_ _4\"></span>, </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iepilog<span class=\"_ _4\"></span>ati di seg<span class=\"_ _4\"></span>uito con rife<span class=\"_ _4\"></span>rimento alle pr<span class=\"_ _4\"></span>incipali cate<span class=\"_ _4\"></span>gorie di st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari, cui s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tati appli<span class=\"_ _4\"></span>cati:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati: son<span class=\"_ _4\"></span>o stati a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati gli ade<span class=\"_ _4\"></span>guati mo<span class=\"_ _4\"></span>delli di <span class=\"ff5f ls5b ws8\">pricing</span> b<span class=\"_ _4\"></span>asati sui v<span class=\"_ _4\"></span>alori di me<span class=\"_ _4\"></span>rcato dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>Credit<span class=\"_ _4\"></span>i e Debit<span class=\"_ _4\"></span>i e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e non quotate: p<span class=\"_ _4\"></span>er gli s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari con sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>nza sup<span class=\"_ _4\"></span>erior<span class=\"_ _4\"></span>e ad un anno \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato applic<span class=\"_ _4\"></span>ato il metod<span class=\"_ _4\"></span>o del <span class=\"ff5f\">Dis<span class=\"_ _4\"></span>counted Cash Flow<span class=\"_ _2\"></span><span class=\"ff5c\">, o<span class=\"_ _4\"></span>ssia l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa atte<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne dell<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni di tas<span class=\"_ _4\"></span>so e me<span class=\"_ _4\"></span>rito cre<span class=\"_ _4\"></span>ditizio; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>Str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari quot<span class=\"_ _4\"></span>ati: \u00e8 utiliz<span class=\"_ _4\"></span>zato il val<span class=\"_ _4\"></span>ore di merc<span class=\"_ _4\"></span>ato alla data di rifer<span class=\"_ _4\"></span>imento.</span><span style=\"display:inherit;clear:left;\">2.3.15 C<span class=\"_ _2\"></span>osti</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti quando relati<span class=\"_ _4\"></span>vi a be<span class=\"_ _4\"></span>ni e ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi ve<span class=\"_ _4\"></span>nduti o cons<span class=\"_ _4\"></span>umati nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio o pe<span class=\"_ _4\"></span>r ripar<span class=\"_ _4\"></span>tizio<span class=\"_ _4\"></span>ne sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero quan<span class=\"_ _4\"></span>do non si p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019utilit\u00e0 futura de<span class=\"_ _4\"></span>gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di pubblicit<span class=\"_ _4\"></span>\u00e0 e ricerc<span class=\"_ _4\"></span>a, in acco<span class=\"_ _4\"></span>rdo con lo IA<span class=\"_ _4\"></span>S 38, s<span class=\"_ _4\"></span>ono integ<span class=\"_ _4\"></span>ralmente imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando il </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>o reso e c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>gnato al Grupp<span class=\"_ _4\"></span>o</span></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti a sec<span class=\"_ _4\"></span>onda de<span class=\"_ _4\"></span>lla loro natura cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do i principi ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>gli IFRS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.3.16 Rica<span class=\"_ _2\"></span>vi da contr<span class=\"_ _2\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti da contrat<span class=\"_ _4\"></span>ti con i clie<span class=\"_ _4\"></span>nti sono ril<span class=\"_ _4\"></span>evati quando il co<span class=\"_ _4\"></span>ntrollo dei b<span class=\"_ _4\"></span>eni e se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i \u00e8 tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte per un </span><span style=\"display:inherit;clear:left;\">ammontar<span class=\"_ _4\"></span>e che rifl<span class=\"_ _4\"></span>ette il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di rice<span class=\"_ _4\"></span>vere in cambi<span class=\"_ _4\"></span>o di tali be<span class=\"_ _4\"></span>ni o ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.</span><span style=\"display:inherit;clear:left;\">Vendita di beni</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dalla vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni son<span class=\"_ _4\"></span>o riconos<span class=\"_ _4\"></span>ciuti nel m<span class=\"_ _4\"></span>omento in cui il co<span class=\"_ _4\"></span>ntrollo del b<span class=\"_ _4\"></span>ene p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a al cliente, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>lmente al mom<span class=\"_ _4\"></span>ento della s<span class=\"_ _4\"></span>pedi<span class=\"_ _4\"></span>zione in rag<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle clausol<span class=\"_ _4\"></span>e applicat<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera s<span class=\"_ _4\"></span>e ci sono altr<span class=\"_ _4\"></span>e prome<span class=\"_ _4\"></span>sse n<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni di fare sulle quali una </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo della tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere allo<span class=\"_ _4\"></span>cato (<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>d ese<span class=\"_ _4\"></span>mpio garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. Nel de<span class=\"_ _4\"></span>terminare il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni, il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti der<span class=\"_ _4\"></span>ivanti dalla pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za di cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile, di </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>nenti di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, di corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i non mone<span class=\"_ _4\"></span>tari e di co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi da pagare al cli<span class=\"_ _4\"></span>ente (se </span><span style=\"display:inherit;clear:left;\">pr<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>ti).  </span><span style=\"display:inherit;clear:left;\">Diritto di reso</span><span style=\"display:inherit;clear:left;\">Alcuni co<span class=\"_ _4\"></span>ntratti p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tono al clie<span class=\"_ _4\"></span>nte di res<span class=\"_ _4\"></span>tituire i be<span class=\"_ _4\"></span>ni entro un det<span class=\"_ _4\"></span>erminato pe<span class=\"_ _4\"></span>riodo di t<span class=\"_ _4\"></span>empo. Il Gr<span class=\"_ _4\"></span>uppo utiliz<span class=\"_ _5\"></span>za il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del v<span class=\"_ _4\"></span>alore att<span class=\"_ _4\"></span>eso p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>imare i beni ch<span class=\"_ _4\"></span>e non verr<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti pe<span class=\"_ _4\"></span>rch\u00e9 tal<span class=\"_ _4\"></span>e meto<span class=\"_ _4\"></span>do \u00e8 il migliore pe<span class=\"_ _4\"></span>r preve<span class=\"_ _4\"></span>dere </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammontare d<span class=\"_ _4\"></span>el corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tivo v<span class=\"_ _4\"></span>ariabile a cui il Grup<span class=\"_ _4\"></span>po avr\u00e0 dirit<span class=\"_ _4\"></span>to. La g<span class=\"_ _4\"></span>uida dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>5 s<span class=\"_ _4\"></span>ulle limitaz<span class=\"_ _4\"></span>ioni alla rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo variabile s<span class=\"_ _4\"></span>i applican<span class=\"_ _4\"></span>o per la de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare de<span class=\"_ _4\"></span>l corris<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>ivo variabil<span class=\"_ _4\"></span>e che pu\u00f2 </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere in<span class=\"_ _4\"></span>cluso ne<span class=\"_ _4\"></span>l pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo della tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione. Per l<span class=\"_ _4\"></span>e merci che ci s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e il Gruppo r<span class=\"_ _4\"></span>ettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a i ricavi e </span><span style=\"display:inherit;clear:left;\">regi<span class=\"_ _4\"></span>stra una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per rimb<span class=\"_ _4\"></span>orsi<span class=\"_ _4\"></span>. Il diritto di re<span class=\"_ _4\"></span>stitu<span class=\"_ _4\"></span>zione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 (e il corrisp<span class=\"_ _4\"></span>ondente ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iust<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del ve<span class=\"_ _4\"></span>nduto<span class=\"_ _1\"></span>) \u00e8 ricono<span class=\"_ _4\"></span>sciuto anche p<span class=\"_ _4\"></span>er il dirit<span class=\"_ _4\"></span>to di riceve<span class=\"_ _4\"></span>re i beni dal clie<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">Roy<span class=\"_ _2\"></span>alties</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i per <span class=\"ff5f ls6 ws86\">royalt<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span></span> deriv<span class=\"_ _4\"></span>ano da contrat<span class=\"_ _4\"></span>ti con clie<span class=\"_ _4\"></span>nti di <span class=\"ff5f\">\u201cs<span class=\"_ _4\"></span>ales ba<span class=\"_ _4\"></span>sed royalties<span class=\"_ _4\"></span>\u201d</span> e so<span class=\"_ _4\"></span>no dunque iscr<span class=\"_ _4\"></span>itti p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>za con rife<span class=\"_ _4\"></span>rimento allo s<span class=\"_ _4\"></span>tato di avan<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>ndite de<span class=\"_ _4\"></span>l licenziat<span class=\"_ _4\"></span>ario, in base all<span class=\"_ _4\"></span>e condiz<span class=\"_ _4\"></span>ioni contrat<span class=\"_ _4\"></span>tual<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente previste.</span><span style=\"display:inherit;clear:left;\">2.3.17 Diritti di r<span class=\"_ _1\"></span>ecuper<span class=\"_ _2\"></span>o prodotti da clienti per r<span class=\"_ _2\"></span>esi</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il diritt<span class=\"_ _4\"></span>o del Grup<span class=\"_ _4\"></span>po a recup<span class=\"_ _4\"></span>erare i b<span class=\"_ _4\"></span>eni che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>i dai </span><span style=\"display:inherit;clear:left;\">clienti. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ata al pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle rimane<span class=\"_ _4\"></span>nze al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali costi p<span class=\"_ _4\"></span>er il re<span class=\"_ _4\"></span>cupero, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>se po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ili riduzioni d<span class=\"_ _4\"></span>el valor<span class=\"_ _4\"></span>e dei pro<span class=\"_ _4\"></span>dotti re<span class=\"_ _4\"></span>si. Il Gr<span class=\"_ _4\"></span>uppo ag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>na perio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente la stima c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019entit\u00e0 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a dei re<span class=\"_ _4\"></span>si da clienti, no<span class=\"_ _4\"></span>nch\u00e9 eve<span class=\"_ _4\"></span>ntuali ulteriori r<span class=\"_ _4\"></span>iduzioni di v<span class=\"_ _4\"></span>alore dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti res<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">2.3.18 P<span class=\"_ _1c\"></span>assivit\u00e0 per r<span class=\"_ _1\"></span>esi</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er rimb<span class=\"_ _4\"></span>orsi r<span class=\"_ _4\"></span>appres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>'obbligo di rimbo<span class=\"_ _4\"></span>rsare in p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e o tutto il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto (<span class=\"_ _2\"></span>o da ric<span class=\"_ _4\"></span>evere) </span><span style=\"display:inherit;clear:left;\">dal cliente e vi<span class=\"_ _4\"></span>ene valut<span class=\"_ _4\"></span>ata in ba<span class=\"_ _4\"></span>se al valo<span class=\"_ _4\"></span>re che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di dover re<span class=\"_ _4\"></span>stituir<span class=\"_ _4\"></span>e al cliente. Il G<span class=\"_ _4\"></span>ruppo ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rna le </span><span style=\"display:inherit;clear:left;\">sue s<span class=\"_ _4\"></span>time dell<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>si (<span class=\"_ _2\"></span>e la co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>ondente v<span class=\"_ _4\"></span>ariazio<span class=\"_ _4\"></span>ne del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione) alla fin<span class=\"_ _4\"></span>e di ciascun </span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>riodo di<span class=\"_ _4\"></span> riferime<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">2.3.19 Piani di pagamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ricono<span class=\"_ _4\"></span>sce be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici addi<span class=\"_ _4\"></span>zionali ad alcuni dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti, amministr<span class=\"_ _4\"></span>atori e collab<span class=\"_ _4\"></span>oratori che r<span class=\"_ _4\"></span>ives<span class=\"_ _4\"></span>tono ru<span class=\"_ _4\"></span>oli di rilievo, </span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o piani di par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione al c<span class=\"_ _4\"></span>apitale r<span class=\"_ _4\"></span>ientranti ne<span class=\"_ _4\"></span>lla cate<span class=\"_ _4\"></span>goria <span class=\"ff5f lsa ws90\">\u201cequ<span class=\"_ _1\"></span>ity-s<span class=\"_ _1\"></span>ettled\u201d<span class=\"ff5c ls0 wse1\">, in quanto prevedo<span class=\"_ _4\"></span>no la cons<span class=\"_ _4\"></span>egna </span></span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>isica d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni, e attrave<span class=\"_ _4\"></span>rso p<span class=\"_ _4\"></span>iani basati sul v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni ma regolabili p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa (<span class=\"ff5f ls36 wsb\">\u201ccash-sett<span class=\"_ _4\"></span>led<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span></span><span class=\"lse ws5\">). </span></span><span style=\"display:inherit;clear:left;\">Operazioni c<span class=\"_ _2\"></span>on pagamento regolato c<span class=\"_ _2\"></span>on strumenti di capitale</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>tabilito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 2 \u2013 Pag<span class=\"_ _4\"></span>amenti ba<span class=\"_ _4\"></span>sati su az<span class=\"_ _4\"></span>ioni \u2013 i diritt<span class=\"_ _4\"></span>i ass<span class=\"_ _4\"></span>egnati a favore d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti ve<span class=\"_ _4\"></span>ngono </span><span style=\"display:inherit;clear:left;\">valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati al <span class=\"ff5f\">fair value</span><span class=\"ls6 ws13c\"> al momento della<span class=\"_ _1\"></span> comunicazione dell\u2019assegnazione degli stess<span class=\"_ _4\"></span>i al beneficiario<span class=\"_ _1\"></span>, determina<span class=\"_ _1\"></span>to </span></span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo il mo<span class=\"_ _4\"></span>dello b<span class=\"_ _4\"></span>inomiale. T<span class=\"_ _2\"></span>ale mo<span class=\"_ _4\"></span>dello t<span class=\"_ _4\"></span>iene cont<span class=\"_ _4\"></span>o di tutte le c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche di ta<span class=\"_ _4\"></span>li diritti (durata, pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo e con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio, ecc<span class=\"_ _4\"></span>.)<span class=\"_ _2\"></span>, n<span class=\"_ _4\"></span>onch\u00e9 de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>i titoli a<span class=\"_ _4\"></span>zionari sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione e della vo<span class=\"_ _4\"></span>latilit\u00e0 </span><span style=\"display:inherit;clear:left;\">attesa degli ste<span class=\"_ _4\"></span>ssi.</span><span style=\"display:inherit;clear:left;\">Se il dirit<span class=\"_ _4\"></span>to divi<span class=\"_ _4\"></span>ene e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abile dop<span class=\"_ _4\"></span>o un cer<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di tempo dall<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one (<span class=\"_ _2\"></span><span class=\"ff5f ls5f ws1d2\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing perio<span class=\"_ _4\"></span>d<span class=\"_ _5\"></span><span class=\"ff5c ls0 wsf7\">) e al verif<span class=\"_ _4\"></span>icar<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>te con<span class=\"_ _4\"></span>dizioni di <span class=\"ff5f ls67 ws8c\">p<span class=\"_ _4\"></span>erformance</span>, il cos<span class=\"_ _4\"></span>to delle o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate con s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale, as<span class=\"_ _4\"></span>siem<span class=\"_ _4\"></span>e al corris<span class=\"_ _4\"></span>ponde<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>nto del pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to, \u00e8 rilev<span class=\"_ _4\"></span>ato sul per<span class=\"_ _4\"></span>iodo in cui le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni relative al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento di ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o alla </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fatte co<span class=\"_ _4\"></span>n termine alla dat<span class=\"_ _4\"></span>a in cui i ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari hanno piename<span class=\"_ _4\"></span>nte maturato il diritt<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">a riceve<span class=\"_ _4\"></span>re il compe<span class=\"_ _4\"></span>nso (<span class=\"_ _4\"></span>\u201c<span class=\"_ _2\"></span>dat<span class=\"_ _4\"></span>a di maturazi<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Alla f<span class=\"_ _4\"></span>ine di ciascun e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio il <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti ass<span class=\"_ _4\"></span>egnati pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dentem<span class=\"_ _4\"></span>ente dete<span class=\"_ _4\"></span>rminato non vi<span class=\"_ _4\"></span>ene ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o; a tale data </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne invece ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rnata la st<span class=\"_ _4\"></span>ima del numero d<span class=\"_ _4\"></span>ei diritt<span class=\"_ _4\"></span>i che matureranno f<span class=\"_ _4\"></span>ino alla s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i cumulati rilevati a fro<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te di tali o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni alla data di chiu<span class=\"_ _4\"></span>sura di ogni e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio sino alla data di matur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e sono co<span class=\"_ _4\"></span>mmisurati alle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze </span><span style=\"display:inherit;clear:left;\">del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di maturazi<span class=\"_ _4\"></span>one ed alla miglio<span class=\"_ _4\"></span>re stima dis<span class=\"_ _4\"></span>ponibile d<span class=\"_ _4\"></span>el numero di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti par<span class=\"_ _4\"></span>tecipati<span class=\"_ _4\"></span>vi che ve<span class=\"_ _4\"></span>rranno ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vame<span class=\"_ _4\"></span>nte a maturazion<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to o ric<span class=\"_ _4\"></span>avo a conto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a la variazio<span class=\"_ _4\"></span>ne del co<span class=\"_ _4\"></span>sto cumulato </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019inizio e alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. </span><span style=\"display:inherit;clear:left;\">Nes<span class=\"_ _4\"></span>sun co<span class=\"_ _4\"></span>sto vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vato pe<span class=\"_ _4\"></span>r i diritti che n<span class=\"_ _4\"></span>on arriv<span class=\"_ _4\"></span>ano a maturazio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>initiv<span class=\"_ _4\"></span>a, tranne ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o dei dirit<span class=\"_ _4\"></span>ti la cui as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gnaz<span class=\"_ _4\"></span>ione \u00e8 sub<span class=\"_ _4\"></span>ordinata all<span class=\"_ _4\"></span>e condi<span class=\"_ _4\"></span>zioni di me<span class=\"_ _4\"></span>rcato.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019effet<span class=\"_ _4\"></span>to della diluiz<span class=\"_ _4\"></span>ione dei dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati non anco<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>ercitati \u00e8 r<span class=\"_ _4\"></span>ifle<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>lla diluizione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile per a<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Operazioni r<span class=\"_ _2\"></span>egolate per cassa</span><span style=\"display:inherit;clear:left;\">In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni con pagam<span class=\"_ _4\"></span>ento bas<span class=\"_ _4\"></span>ato su azio<span class=\"_ _4\"></span>ni regolate p<span class=\"_ _4\"></span>er ca<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, il cost<span class=\"_ _4\"></span>o delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni rego<span class=\"_ _4\"></span>late per c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">\u00e8 valut<span class=\"_ _4\"></span>ato inizialmente al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o alla data di comunic<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019asseg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e al bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>io. T<span class=\"_ _1c\"></span>ale v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo \u00e8 </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>sato ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo f<span class=\"_ _4\"></span>ino alla matura<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, con rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente. Fin<span class=\"_ _4\"></span>o a quando la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">non \u00e8 e<span class=\"_ _4\"></span>stinta v<span class=\"_ _4\"></span>iene e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuato il rica<span class=\"_ _4\"></span>lcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> a ciascuna dat<span class=\"_ _4\"></span>a di chiusura di bilancio e<span class=\"_ _4\"></span>d alla data di re<span class=\"_ _4\"></span>golamento </span></span></span><span style=\"display:inherit;clear:left;\">imputan<span class=\"_ _4\"></span>do tutt<span class=\"_ _4\"></span>e le variaz<span class=\"_ _4\"></span>ioni a conto e<span class=\"_ _4\"></span>conomico. L<span class=\"_ _1c\"></span>'appro<span class=\"_ _4\"></span>ccio utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are le con<span class=\"_ _4\"></span>dizioni di matura<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">quando si mis<span class=\"_ _4\"></span>urano le op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni regolat<span class=\"_ _4\"></span>e con titoli a<span class=\"_ _4\"></span>zionari si ap<span class=\"_ _4\"></span>plica anch<span class=\"_ _4\"></span>e alle trans<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa.</span><span style=\"display:inherit;clear:left;\">2.3.20 P<span class=\"_ _2\"></span>rov<span class=\"_ _1\"></span>enti ed Oneri finanziari</span><span style=\"display:inherit;clear:left;\">I proventi e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati pe<span class=\"_ _4\"></span>r compet<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>egli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i maturati sul valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o delle </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie, utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo.</span><span style=\"display:inherit;clear:left;\">2.3.21 Dividendi</span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati contab<span class=\"_ _4\"></span>ilmente quando s<span class=\"_ _4\"></span>orge il dirit<span class=\"_ _4\"></span>to degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti a riceve<span class=\"_ _4\"></span>re il pagame<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">2.3.22 C<span class=\"_ _2\"></span>ontributi pubblici</span><span style=\"display:inherit;clear:left;\">I contribut<span class=\"_ _4\"></span>i pubblici so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ati quando sus<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te la ragion<span class=\"_ _4\"></span>evole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a che es<span class=\"_ _4\"></span>si sar<span class=\"_ _4\"></span>anno ricev<span class=\"_ _4\"></span>uti e che tut<span class=\"_ _4\"></span>te le con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni ad<span class=\"_ _1\"></span> essi riferiti sia<span class=\"_ _1\"></span>no soddisfatte. I contribu<span class=\"_ _1\"></span>ti in con<span class=\"_ _1\"></span>to esercizio sono presentati come com<span class=\"_ _1\"></span>ponente positiva nel </span><span style=\"display:inherit;clear:left;\">conto economico.</span><span style=\"display:inherit;clear:left;\">2.3.23 Imposte sul r<span class=\"_ _1\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Imposte c<span class=\"_ _2\"></span>orrenti</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti rifl<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>no una stima re<span class=\"_ _4\"></span>alistic<span class=\"_ _4\"></span>a del c<span class=\"_ _4\"></span>arico f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale, de<span class=\"_ _4\"></span>terminata ap<span class=\"_ _4\"></span>plicand<span class=\"_ _4\"></span>o le aliquote e la nor<span class=\"_ _4\"></span>mativa </span><span style=\"display:inherit;clear:left;\">vigente n<span class=\"_ _4\"></span>ei Pae<span class=\"_ _4\"></span>si nei quali il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>a la sua att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; il debito pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti vien<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>ato patrimoniale a<span class=\"_ _4\"></span>l netto di e<span class=\"_ _4\"></span>ventuali accont<span class=\"_ _4\"></span>i di impost<span class=\"_ _4\"></span>a pagati<span class=\"_ _4\"></span>. Il Gruppo v<span class=\"_ _4\"></span>aluta p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e assunt<span class=\"_ _4\"></span>a nella dichiara<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei red<span class=\"_ _4\"></span>diti nei c<span class=\"_ _4\"></span>asi in cui le nor<span class=\"_ _4\"></span>me f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>iano sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad inte<span class=\"_ _4\"></span>rpret<span class=\"_ _4\"></span>azioni </span><span style=\"display:inherit;clear:left;\">e, ove appro<span class=\"_ _4\"></span>priato, prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>de a st<span class=\"_ _4\"></span>anziare de<span class=\"_ _4\"></span>gli acc<span class=\"_ _4\"></span>antonamenti.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti relati<span class=\"_ _4\"></span>ve a pos<span class=\"_ _4\"></span>te rilevate dire<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>amente a patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to o nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o com<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sono anch<span class=\"_ _4\"></span>e es<span class=\"_ _4\"></span>se rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to o nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Imposte differite</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite s<span class=\"_ _4\"></span>ono calc<span class=\"_ _4\"></span>olate sulle dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e risultant<span class=\"_ _4\"></span>i alla data di bilancio fra i v<span class=\"_ _4\"></span>alori f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali pre<span class=\"_ _4\"></span>si a </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e i valori rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati a bilanci<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve sono ril<span class=\"_ _4\"></span>evate a fronte di tut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e tas<span class=\"_ _4\"></span>sab<span class=\"_ _4\"></span>ili, ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>di quan<span class=\"_ _4\"></span>do le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve deri<span class=\"_ _4\"></span>vino dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">in una trans<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e che non \u00e8 una ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale e che<span class=\"_ _4\"></span>, al tempo d<span class=\"_ _4\"></span>ella trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti n<span class=\"_ _4\"></span>\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio calc<span class=\"_ _4\"></span>olato a fini di b<span class=\"_ _4\"></span>ilancio n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile o sulla pe<span class=\"_ _4\"></span>rdita ca<span class=\"_ _4\"></span>lcolati a f<span class=\"_ _4\"></span>ini fi<span class=\"_ _4\"></span>scali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>con rife<span class=\"_ _4\"></span>rimento a dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze te<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>e ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>abili ass<span class=\"_ _4\"></span>ociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazioni in co<span class=\"_ _4\"></span>ntrollate, coll<span class=\"_ _4\"></span>egate e <span class=\"ff5f ls2b ws114\">joint ventu<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">re<span class=\"ff5c wse7\">, nel c<span class=\"_ _4\"></span>aso in cui il rig<span class=\"_ _4\"></span>iro delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re controllato e<span class=\"_ _4\"></span>d \u00e8 probabil<span class=\"_ _4\"></span>e che es<span class=\"_ _4\"></span>so non s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>ichi </span></span><span style=\"display:inherit;clear:left;\">nel fut<span class=\"_ _4\"></span>uro preve<span class=\"_ _4\"></span>dibile.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive so<span class=\"_ _4\"></span>no rilevate a f<span class=\"_ _4\"></span>ronte di tutte l<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili e pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate a nuovo, ne<span class=\"_ _4\"></span>lla misura in cui sia prob<span class=\"_ _4\"></span>abile l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di adeg<span class=\"_ _4\"></span>uati utili fi<span class=\"_ _4\"></span>scali fut<span class=\"_ _4\"></span>uri che pos<span class=\"_ _4\"></span>sano r<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>re applica<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bile l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee de<span class=\"_ _4\"></span>ducibili e delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate a nuovo, ecce<span class=\"_ _4\"></span>tto il c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019impo<span class=\"_ _4\"></span>sta dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ita att<span class=\"_ _4\"></span>iva coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alle diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili de<span class=\"_ _4\"></span>rivi dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one iniziale di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in una tran<span class=\"_ _4\"></span>sazi<span class=\"_ _4\"></span>one che non \u00e8 un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>greg<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dale e che, al te<span class=\"_ _4\"></span>mpo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, non </span><span style=\"display:inherit;clear:left;\">influis<span class=\"_ _4\"></span>ce n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio c<span class=\"_ _4\"></span>alcolato a f<span class=\"_ _4\"></span>ini di bilancio n\u00e9 s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>tile o sulla pe<span class=\"_ _4\"></span>rdita c<span class=\"_ _4\"></span>alcolati a f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>iscali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto a diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>abili as<span class=\"_ _4\"></span>sociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ioni in controllate<span class=\"_ _4\"></span>, colleg<span class=\"_ _4\"></span>ate e <span class=\"ff5f ls2b wsef\">joint<span class=\"_ _1\"></span> ven<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ture<span class=\"ff5c ls3 ws15c\">, le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e attive s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate sol<span class=\"_ _4\"></span>o nella misura in cui s<span class=\"_ _4\"></span>ia probabile ch<span class=\"_ _4\"></span>e le diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee </span></span><span style=\"display:inherit;clear:left;\">dedu<span class=\"_ _4\"></span>cibili si rive<span class=\"_ _4\"></span>rse<span class=\"_ _4\"></span>ranno ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019immediato f<span class=\"_ _4\"></span>uturo e che vi siano a<span class=\"_ _4\"></span>deguati ut<span class=\"_ _4\"></span>ili fis<span class=\"_ _4\"></span>cali a fronte d<span class=\"_ _4\"></span>ei quali le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">temp<span class=\"_ _4\"></span>oranee p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ano es<span class=\"_ _4\"></span>sere ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Il valore da rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare in bilan<span class=\"_ _4\"></span>cio delle imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite attive v<span class=\"_ _4\"></span>iene r<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span>aminato a ciascuna data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io </span><span style=\"display:inherit;clear:left;\">e ridot<span class=\"_ _4\"></span>to nella mis<span class=\"_ _4\"></span>ura in cui non ris<span class=\"_ _4\"></span>ulti pi\u00f9 probabil<span class=\"_ _4\"></span>e che suf<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cienti utili f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali sarann<span class=\"_ _4\"></span>o disponibili in f<span class=\"_ _4\"></span>uturo in modo </span><span style=\"display:inherit;clear:left;\">da per<span class=\"_ _4\"></span>mett<span class=\"_ _4\"></span>ere a tutt<span class=\"_ _4\"></span>o o par<span class=\"_ _4\"></span>te di tale cre<span class=\"_ _4\"></span>dito di e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Le impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve non rico<span class=\"_ _4\"></span>nosciute s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">ries<span class=\"_ _4\"></span>aminate con p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cit\u00e0 annuale alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio e vengono r<span class=\"_ _4\"></span>ilevate ne<span class=\"_ _4\"></span>lla misura in cui \u00e8 dive<span class=\"_ _4\"></span>ntato </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e che l<span class=\"_ _4\"></span>\u2019utile fis<span class=\"_ _4\"></span>cale s<span class=\"_ _4\"></span>ia suff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a cons<span class=\"_ _4\"></span>entire che t<span class=\"_ _4\"></span>ali impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite att<span class=\"_ _4\"></span>ive pos<span class=\"_ _4\"></span>san<span class=\"_ _4\"></span>o ess<span class=\"_ _4\"></span>ere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">Per st<span class=\"_ _4\"></span>abilire se s<span class=\"_ _4\"></span>aranno reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati re<span class=\"_ _4\"></span>dditi imponib<span class=\"_ _4\"></span>ili a fronte dei quali pot<span class=\"_ _4\"></span>er utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are una diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a temp<span class=\"_ _4\"></span>oranea d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ducibile, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 valuta s<span class=\"_ _4\"></span>e la normativ<span class=\"_ _4\"></span>a tribut<span class=\"_ _4\"></span>aria loc<span class=\"_ _4\"></span>ale impong<span class=\"_ _4\"></span>a o meno re<span class=\"_ _4\"></span>stri<span class=\"_ _4\"></span>zioni alle fonti di re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibili a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali pu\u00f2 ef<span class=\"_ _4\"></span>fettuare d<span class=\"_ _4\"></span>eduzi<span class=\"_ _4\"></span>oni sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>annullam<span class=\"_ _4\"></span>ento di det<span class=\"_ _4\"></span>ta dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ea de<span class=\"_ _4\"></span>ducibile. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive s<span class=\"_ _4\"></span>ono misur<span class=\"_ _4\"></span>ate in base alle ali<span class=\"_ _4\"></span>quote f<span class=\"_ _4\"></span>iscali ch<span class=\"_ _4\"></span>e ci si atte<span class=\"_ _4\"></span>nde veng<span class=\"_ _4\"></span>ano applic<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io in cui tali att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 si reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zano o t<span class=\"_ _4\"></span>ali pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 si e<span class=\"_ _4\"></span>stinguo<span class=\"_ _4\"></span>no, consid<span class=\"_ _4\"></span>erand<span class=\"_ _4\"></span>o le aliquote in vigo<span class=\"_ _4\"></span>re e quelle gi\u00e0 </span><span style=\"display:inherit;clear:left;\">emanate o so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialment<span class=\"_ _4\"></span>e emanate alla data di bilancio.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite re<span class=\"_ _4\"></span>lative a pos<span class=\"_ _4\"></span>te rile<span class=\"_ _4\"></span>vate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to   o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo son<span class=\"_ _4\"></span>o anche es<span class=\"_ _4\"></span>se rile<span class=\"_ _4\"></span>vate diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte a patrimonio n<span class=\"_ _4\"></span>etto o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive ve<span class=\"_ _4\"></span>ngono comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>ate, qualora e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>ta un dirit<span class=\"_ _4\"></span>to leg<span class=\"_ _4\"></span>ale a compe<span class=\"_ _4\"></span>nsare l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">per imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>on le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te cor<span class=\"_ _4\"></span>renti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e facciano rifer<span class=\"_ _4\"></span>imento alla st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa entit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e ed alla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa autor<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale.</span><span style=\"display:inherit;clear:left;\">Imposta sul valor<span class=\"_ _2\"></span>e aggiunto</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i e le atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati al net<span class=\"_ _4\"></span>to delle imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e sul valore ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iunto ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>t<span class=\"_ _4\"></span>ale impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a applicat<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di beni o s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>zi risulti ind<span class=\"_ _4\"></span>etraibile<span class=\"_ _4\"></span>, nel qual c<span class=\"_ _4\"></span>aso e<span class=\"_ _4\"></span>ssa v<span class=\"_ _4\"></span>iene ril<span class=\"_ _4\"></span>evat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">del co<span class=\"_ _4\"></span>sto di ac<span class=\"_ _4\"></span>quisto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 o p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ella voce di co<span class=\"_ _4\"></span>sto ril<span class=\"_ _4\"></span>evata a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>si riferi<span class=\"_ _4\"></span>sca a cre<span class=\"_ _4\"></span>diti e de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>rciali per i quali \u00e8 gi\u00e0 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a eme<span class=\"_ _4\"></span>ssa o r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>a la fatt<span class=\"_ _4\"></span>ura, i cui valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">include<span class=\"_ _4\"></span>ndo il v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammont<span class=\"_ _4\"></span>are nett<span class=\"_ _4\"></span>o delle impo<span class=\"_ _4\"></span>ste indir<span class=\"_ _4\"></span>ette sull<span class=\"_ _4\"></span>e vendite e sug<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i che pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate da o pagate </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019erario \u00e8 incluso a b<span class=\"_ _4\"></span>ilancio nei cre<span class=\"_ _4\"></span>diti o de<span class=\"_ _4\"></span>biti tribut<span class=\"_ _4\"></span>ari a se<span class=\"_ _4\"></span>conda de<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>no del s<span class=\"_ _4\"></span>aldo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>24<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>Utile per azione</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019utile base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 cal<span class=\"_ _4\"></span>colato div<span class=\"_ _4\"></span>idend<span class=\"_ _4\"></span>o il risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a attribuibil<span class=\"_ _4\"></span>e agli A<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nisti d<span class=\"_ _4\"></span>ella Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. A<span class=\"_ _4\"></span>i fini de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo dell<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tile diluito p<span class=\"_ _4\"></span>er azio<span class=\"_ _4\"></span>ne, la me<span class=\"_ _4\"></span>dia pond<span class=\"_ _4\"></span>erata d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni in circolazi<span class=\"_ _4\"></span>one \u00e8 modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata as<span class=\"_ _4\"></span>sumen<span class=\"_ _4\"></span>do la conver<span class=\"_ _4\"></span>sione di t<span class=\"_ _4\"></span>utte </span><span style=\"display:inherit;clear:left;\">le pote<span class=\"_ _4\"></span>nziali az<span class=\"_ _4\"></span>ioni aventi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to diluitivo. An<span class=\"_ _4\"></span>che l<span class=\"_ _4\"></span>\u2019utile nett<span class=\"_ _4\"></span>o \u00e8 rettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato per te<span class=\"_ _4\"></span>ner co<span class=\"_ _4\"></span>nto degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti, al net<span class=\"_ _4\"></span>to delle </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te, de<span class=\"_ _4\"></span>lla conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.3.25 Ac<span class=\"_ _2\"></span>cor<span class=\"_ _1\"></span>di <span class=\"_ _4\"></span>di <span class=\"ff64 lsf4 ws3ac\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff64 lsf5 ws3ad\">Ca<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span></span> su Interessenz<span class=\"_ _2\"></span>e di Minoranza </span></span><span style=\"display:inherit;clear:left;\">Nel c<span class=\"_ _4\"></span>aso di opzio<span class=\"_ _4\"></span>ni <span class=\"ff5f ls5b ws8\">put</span> conce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ai soci di min<span class=\"_ _4\"></span>oranz<span class=\"_ _4\"></span>a, il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria pari al val<span class=\"_ _4\"></span>ore at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale de<span class=\"_ _4\"></span>l prez<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>pzione. S<span class=\"_ _4\"></span>e i termini e le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> danno gi\u00e0 al Gr<span class=\"_ _4\"></span>uppo acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ai ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici colle<span class=\"_ _4\"></span>gati alla quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e opzionata, il G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a tale quot<span class=\"_ _4\"></span>a come s<span class=\"_ _4\"></span>e foss<span class=\"_ _4\"></span>e gi\u00e0 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ata acqui<span class=\"_ _4\"></span>stat<span class=\"_ _4\"></span>a e, quindi, al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>l riconos<span class=\"_ _4\"></span>cimento ini<span class=\"_ _4\"></span>ziale della pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, tale v<span class=\"_ _4\"></span>alore vie<span class=\"_ _4\"></span>ne riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato dal </span><span style=\"display:inherit;clear:left;\">patrimonio n<span class=\"_ _4\"></span>etto r<span class=\"_ _4\"></span>iducend<span class=\"_ _4\"></span>o la quota de<span class=\"_ _4\"></span>lle minoran<span class=\"_ _4\"></span>ze. La p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente r<span class=\"_ _4\"></span>imisurata a<span class=\"_ _4\"></span>d ogni data di </span><span style=\"display:inherit;clear:left;\">chiusura co<span class=\"_ _4\"></span>nformeme<span class=\"_ _4\"></span>nte a quanto previ<span class=\"_ _4\"></span>sto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9. Ne<span class=\"_ _4\"></span>gli altri c<span class=\"_ _4\"></span>asi, la po<span class=\"_ _4\"></span>litica cont<span class=\"_ _4\"></span>abile sc<span class=\"_ _4\"></span>elta dal G<span class=\"_ _4\"></span>ruppo pr<span class=\"_ _4\"></span>evede </span><span style=\"display:inherit;clear:left;\">che il Grup<span class=\"_ _4\"></span>po, al mome<span class=\"_ _4\"></span>nto del rico<span class=\"_ _4\"></span>noscim<span class=\"_ _4\"></span>ento iniziale de<span class=\"_ _4\"></span>lla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ichi t<span class=\"_ _4\"></span>ale valore n<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o, continuando a cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are gli utili e pe<span class=\"_ _4\"></span>rdite attrib<span class=\"_ _4\"></span>uibili a tali minoran<span class=\"_ _4\"></span>ze e il patrimonio n<span class=\"_ _4\"></span>etto di mino<span class=\"_ _4\"></span>ranza; </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ogni mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca di valor<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 v<span class=\"_ _4\"></span>iene rile<span class=\"_ _4\"></span>vata a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span></span>  </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>26<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>IAS 29 C<span class=\"_ _2\"></span>riteri di contabilizzazione in economie iperinflazionate </span><span style=\"display:inherit;clear:left;\">Con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, l'e<span class=\"_ _4\"></span>conomia arge<span class=\"_ _4\"></span>ntina \u00e8 consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a iperinf<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>nata se<span class=\"_ _4\"></span>condo i c<span class=\"_ _4\"></span>riteri de<span class=\"_ _4\"></span>l <span class=\"ff5f ws5d\">\"Financial </span></span><span style=\"display:inherit;clear:left;\">Repo<span class=\"_ _4\"></span>rting in Hyp<span class=\"_ _4\"></span>erinfl<span class=\"_ _4\"></span>ationar<span class=\"_ _4\"></span>y Economies\" <span class=\"ff5c\">(<span class=\"_ _4\"></span>\"I<span class=\"_ _4\"></span>AS 29<span class=\"_ _4\"></span>\"<span class=\"_ _4\"></span>). T<span class=\"_ _1c\"></span>ale prin<span class=\"_ _4\"></span>cipio richied<span class=\"_ _4\"></span>e che i valor<span class=\"_ _4\"></span>i di bilancio delle e<span class=\"_ _4\"></span>ntit\u00e0 la cui </span></span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>a funzi<span class=\"_ _4\"></span>onale sia que<span class=\"_ _4\"></span>lla di un'economia c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a iper<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ionata, s<span class=\"_ _4\"></span>iano ride<span class=\"_ _4\"></span>terminate ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un indice g<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>le dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi che r<span class=\"_ _4\"></span>iflet<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>e variazi<span class=\"_ _4\"></span>oni del pot<span class=\"_ _4\"></span>ere di acquis<span class=\"_ _4\"></span>to gen<span class=\"_ _4\"></span>erale<span class=\"_ _4\"></span>. L<span class=\"_ _44\"></span>'<span class=\"_ _4\"></span>indice di infla<span class=\"_ _4\"></span>zione ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato in A<span class=\"_ _4\"></span>rgentina \u00e8 </span><span style=\"display:inherit;clear:left;\">un indice sintet<span class=\"_ _4\"></span>ico con le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche: (a<span class=\"_ _2\"></span>) dal 1\u00b0 gennaio 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 in p<span class=\"_ _4\"></span>oi vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o un nuovo indice nazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nale dei p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zi al c<span class=\"_ _4\"></span>onsumo; e (b) per i pe<span class=\"_ _4\"></span>riodi f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 20<span class=\"_ _2\"></span>16 viene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato l'in<span class=\"_ _4\"></span>dice dei pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi all<span class=\"_ _4\"></span>'ingros<span class=\"_ _4\"></span>so.</span><span style=\"display:inherit;clear:left;\">Perci\u00f2 tut<span class=\"_ _4\"></span>ti gli ele<span class=\"_ _4\"></span>menti de<span class=\"_ _4\"></span>l bilancio de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 Fer<span class=\"_ _4\"></span>ragamo Ar<span class=\"_ _4\"></span>gentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati sep<span class=\"_ _4\"></span>arati in ele<span class=\"_ _4\"></span>menti mo<span class=\"_ _4\"></span>netari e </span><span style=\"display:inherit;clear:left;\">non mon<span class=\"_ _4\"></span>etari. G<span class=\"_ _4\"></span>li elem<span class=\"_ _4\"></span>enti mon<span class=\"_ _4\"></span>etari s<span class=\"_ _4\"></span>ono rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntati dal de<span class=\"_ _4\"></span>naro pos<span class=\"_ _4\"></span>sedut<span class=\"_ _4\"></span>o e dalle voci atti<span class=\"_ _4\"></span>ve o pas<span class=\"_ _4\"></span>sive i cui val<span class=\"_ _4\"></span>ori </span><span style=\"display:inherit;clear:left;\">devono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ric<span class=\"_ _4\"></span>evuti o pag<span class=\"_ _4\"></span>ati in denaro; tutt<span class=\"_ _4\"></span>i gli altri el<span class=\"_ _4\"></span>ementi s<span class=\"_ _4\"></span>ono non m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i. Gli ele<span class=\"_ _4\"></span>menti m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ari non son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ridet<span class=\"_ _4\"></span>erminati pe<span class=\"_ _4\"></span>rch\u00e9 sono g<span class=\"_ _4\"></span>i\u00e0 espre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i in termini di unit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>aria attuale<span class=\"_ _4\"></span>. In un perio<span class=\"_ _4\"></span>do di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _4\"></span>, un'entit\u00e0 che </span><span style=\"display:inherit;clear:left;\">detie<span class=\"_ _4\"></span>ne un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di atti<span class=\"_ _4\"></span>vit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>arie risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie pe<span class=\"_ _4\"></span>rde pot<span class=\"_ _4\"></span>ere d'acquis<span class=\"_ _4\"></span>to e un'entit\u00e0 con </span><span style=\"display:inherit;clear:left;\">un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 mon<span class=\"_ _4\"></span>etarie ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>a potere d<span class=\"_ _4\"></span>'acquisto. L<span class=\"_ _1c\"></span>'util<span class=\"_ _4\"></span>e o la perdit<span class=\"_ _4\"></span>a sulla </span><span style=\"display:inherit;clear:left;\">posizione monetaria netta \u00e8 incl<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>so nel conto<span class=\"_ _1\"></span> economico. L<span class=\"_ _44\"></span>'effetto dell'inflazione su<span class=\"_ _1\"></span>lla posizione monetari<span class=\"_ _1\"></span>a netta e </span><span style=\"display:inherit;clear:left;\">sulle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 non mo<span class=\"_ _4\"></span>netar<span class=\"_ _4\"></span>ie della so<span class=\"_ _4\"></span>ciet\u00e0 F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Arge<span class=\"_ _4\"></span>ntina S.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r l'anno chiuso il 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato un onere n<span class=\"_ _4\"></span>etto p<span class=\"_ _4\"></span>ari a Euro 7<span class=\"_ _1\"></span>83 migliaia, non sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato (<span class=\"_ _2\"></span>un prove<span class=\"_ _4\"></span>nto nett<span class=\"_ _4\"></span>o di Euro 284 </span><span style=\"display:inherit;clear:left;\">migliaia nel conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023)<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la ridete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne da IAS 2<span class=\"_ _4\"></span>9 delle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>duto inoltre a v<span class=\"_ _4\"></span>alutare se l<span class=\"_ _4\"></span>'am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e ridete<span class=\"_ _4\"></span>rminato dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 super<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>e il suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, l'applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 29 ha com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato la creazi<span class=\"_ _4\"></span>one di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze fis<span class=\"_ _4\"></span>cali te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee pe<span class=\"_ _4\"></span>rch\u00e9, me<span class=\"_ _4\"></span>ntre il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie \u00e8 </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r l'infla<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, non \u00e8 ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a una rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a equi<span class=\"_ _4\"></span>valente ai f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali; l'effet<span class=\"_ _4\"></span>to di tale dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a tempo<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nea \u00e8 una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>a che \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.27 V<span class=\"_ _2\"></span>ariazioni di principi contabili inter<span class=\"_ _1\"></span>nazionali</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha adot<span class=\"_ _4\"></span>tato anticip<span class=\"_ _4\"></span>atament<span class=\"_ _4\"></span>e alcun principio, inter<span class=\"_ _4\"></span>preta<span class=\"_ _4\"></span>zione o mig<span class=\"_ _4\"></span>lioramento e<span class=\"_ _4\"></span>manato ma non anco<span class=\"_ _4\"></span>ra </span><span style=\"display:inherit;clear:left;\">in vigore<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 1: C<span class=\"_ _2\"></span>lassif<span class=\"_ _4\"></span>icazione delle passivit\u00e0 in c<span class=\"_ _2\"></span>orrenti e non c<span class=\"_ _2\"></span>orrenti </span><span style=\"display:inherit;clear:left;\">Nel 2020 e nel 202<span class=\"_ _4\"></span>2, lo IA<span class=\"_ _4\"></span>SB ha pubblic<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>e modif<span class=\"_ _4\"></span>iche allo IA<span class=\"_ _4\"></span>S 1 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo di chiarire i re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>care le </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 com<span class=\"_ _4\"></span>e correnti o n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, anche in rela<span class=\"_ _4\"></span>zione alle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te a <span class=\"ff5f ls64 wse2\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, e di def<span class=\"_ _4\"></span>inire le informazi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ative da fornire in bilancio. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche son<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>ziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, e dovranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere app<span class=\"_ _4\"></span>licate retro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica non ha av<span class=\"_ _4\"></span>uto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul Grup<span class=\"_ _4\"></span>po. </span><span style=\"display:inherit;clear:left;\">Modifiche all<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _2\"></span>S 16 L<span class=\"_ _1\"></span>easing: passivit\u00e0 per leasing in \u201cS<span class=\"_ _4\"></span>ale and L<span class=\"_ _2\"></span>easeback\u201d  </span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di s<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>mbre 2022, lo I<span class=\"_ _4\"></span>ASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli eme<span class=\"_ _4\"></span>ndamenti all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivo di spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>icare i par<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">metri ch<span class=\"_ _4\"></span>e il locato<span class=\"_ _4\"></span>re \u2013 vendito<span class=\"_ _4\"></span>re deve utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are pe<span class=\"_ _4\"></span>r contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare i pagam<span class=\"_ _4\"></span>enti variabili d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icano </span><span style=\"display:inherit;clear:left;\">in un'oper<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di <span class=\"ff5f ls3 wsc7\">\"<span class=\"_ _4\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _4\"></span>\"<span class=\"ff5c\">. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che introduco<span class=\"_ _4\"></span>no un nuovo mod<span class=\"_ _4\"></span>ello di cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pa<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">game<span class=\"_ _4\"></span>nti variabili e richie<span class=\"_ _4\"></span>derann<span class=\"_ _4\"></span>o al locato<span class=\"_ _4\"></span>re - vendito<span class=\"_ _4\"></span>re di rivalut<span class=\"_ _4\"></span>are e pote<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte riformulare le tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ioni di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a e retrol<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>tipulate a par<span class=\"_ _4\"></span>tire dal 201<span class=\"_ _2\"></span>9. Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che iniziano al 1\u00b0 gen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">naio 202<span class=\"_ _2\"></span>4 o su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente e dov<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re applicate r<span class=\"_ _4\"></span>etrosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a oper<span class=\"_ _4\"></span>azioni di <span class=\"ff5f\">\u201c<span class=\"_ _5\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _5\"></span>\u201d</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">iniziate dop<span class=\"_ _4\"></span>o la prima applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. L<span class=\"_ _44\"></span>'applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne anticipata \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntita a con<span class=\"_ _4\"></span>dizion<span class=\"_ _4\"></span>e che tale f<span class=\"_ _4\"></span>atto sia </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>o noto. T<span class=\"_ _2\"></span>ale modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a non ha avuto n<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sun impatto s<span class=\"_ _4\"></span>ul Gruppo.</span><span style=\"display:inherit;clear:left;\">Modifiche allo IAS 7 Rendic<span class=\"_ _2\"></span>onto finanziario e IFR<span class=\"_ _2\"></span>S 7 Strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di mag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso d<span class=\"_ _4\"></span>elle mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e allo IAS 7 R<span class=\"_ _4\"></span>endico<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario e all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 7 Strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari pe<span class=\"_ _4\"></span>r chiarire le car<span class=\"_ _4\"></span>atteri<span class=\"_ _4\"></span>stich<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi f<span class=\"_ _4\"></span>inanziari con for<span class=\"_ _4\"></span>nitori e richie<span class=\"_ _4\"></span>dere mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re informativa da illus<span class=\"_ _4\"></span>trare in<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">bilancio. I mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i richies<span class=\"_ _4\"></span>ti hanno lo s<span class=\"_ _4\"></span>copo di p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di capire g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">accordi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari con fornitor<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, sui f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari e sull<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one al ris<span class=\"_ _4\"></span>chio di liquidit\u00e0<span class=\"_ _4\"></span>. Le modif<span class=\"_ _4\"></span>iche so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>caci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e iniziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente; tutt<span class=\"_ _4\"></span>avia, \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a l'applic<span class=\"_ _4\"></span>azione ant<span class=\"_ _4\"></span>icipata a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che t<span class=\"_ _4\"></span>ale fat<span class=\"_ _4\"></span>to sia res<span class=\"_ _4\"></span>o noto. Le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni trans<span class=\"_ _4\"></span>itorie hanno chiarito ch<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione non \u00e8 r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>ta ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">formativ<span class=\"_ _4\"></span>a infrannuale dell<span class=\"_ _4\"></span>\u2019anno di prima applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; per<span class=\"_ _4\"></span>tanto, le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche non hann<span class=\"_ _4\"></span>o avuto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul bilancio<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">consolidato del Gruppo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.28 P<span class=\"_ _2\"></span>rincipi emessi ma non ancor<span class=\"_ _2\"></span>a in vigore </span><span style=\"display:inherit;clear:left;\">Sono di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o illustrati i p<span class=\"_ _4\"></span>rincipi che<span class=\"_ _4\"></span>, alla data di reda<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Bilancio Con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o risult<span class=\"_ _4\"></span>avano gi\u00e0 ema<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nati ma non anco<span class=\"_ _4\"></span>ra in vigore<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019elenco si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a principi e inte<span class=\"_ _4\"></span>rpreta<span class=\"_ _4\"></span>zioni che il G<span class=\"_ _4\"></span>ruppo si a<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>aranno rag<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">volmente ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>l futuro. Il Grup<span class=\"_ _4\"></span>po intend<span class=\"_ _4\"></span>e adot<span class=\"_ _4\"></span>tare que<span class=\"_ _4\"></span>sti pr<span class=\"_ _4\"></span>incipi quando entre<span class=\"_ _4\"></span>ranno in vigo<span class=\"_ _4\"></span>re. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 21 Effetti delle var<span class=\"_ _2\"></span>iazioni dei cambi delle valute estere </span><span style=\"display:inherit;clear:left;\">In agost<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso una m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>ica alla IA<span class=\"_ _4\"></span>S2<span class=\"_ _2\"></span>1 Ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i delle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>i cambi de<span class=\"_ _4\"></span>lle valute e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re chiarendo: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>quando una valut<span class=\"_ _4\"></span>a non \u00e8 s<span class=\"_ _4\"></span>cambiabile co<span class=\"_ _4\"></span>n altre valute;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>come una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 deve s<span class=\"_ _4\"></span>timare i ta<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ambio puntuali quando una valut<span class=\"_ _4\"></span>a non pu<span class=\"_ _4\"></span>\u00f2 es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>cambiata<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche ri<span class=\"_ _4\"></span>chiede<span class=\"_ _4\"></span>ranno mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i per p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e il tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">di cambio p<span class=\"_ _4\"></span>untuale utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o, il proces<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>tima, la natura e l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019utilizzo di un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di camb<span class=\"_ _4\"></span>io stimato sui </span><span style=\"display:inherit;clear:left;\">dati di bilancio e i ris<span class=\"_ _4\"></span>chi per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>da legati alla no<span class=\"_ _4\"></span>n intercambiabilit<span class=\"_ _4\"></span>\u00e0 della v<span class=\"_ _4\"></span>aluta. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche sar<span class=\"_ _4\"></span>anno ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>zierann<span class=\"_ _4\"></span>o al 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2025 o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte. L<span class=\"_ _1c\"></span>'applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto valutan<span class=\"_ _4\"></span>do se le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche avrann<span class=\"_ _4\"></span>o un impatto sul bilan<span class=\"_ _4\"></span>cio conso<span class=\"_ _4\"></span>lidato.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 18 Presentation and Disclosure in F<span class=\"_ _2\"></span>inancial Statements</span><span style=\"display:inherit;clear:left;\">Ad aprile 2024, lo IASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18, che sos<span class=\"_ _4\"></span>tituis<span class=\"_ _4\"></span>ce lo IA<span class=\"_ _4\"></span>S 1 Prese<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione del b<span class=\"_ _4\"></span>ilancio. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>8 introduce </span><span style=\"display:inherit;clear:left;\">nuovi re<span class=\"_ _4\"></span>quisiti p<span class=\"_ _4\"></span>er la pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, inclusi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici totali e s<span class=\"_ _4\"></span>ubtotali. Ulte<span class=\"_ _4\"></span>rior<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, le entit<span class=\"_ _4\"></span>\u00e0 dovranno cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are tutti i c<span class=\"_ _4\"></span>osti e<span class=\"_ _4\"></span>d i ric<span class=\"_ _4\"></span>avi all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno </span><span style=\"display:inherit;clear:left;\">di quattro c<span class=\"_ _4\"></span>ategorie: op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>va, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto, finanz<span class=\"_ _4\"></span>iamento, impo<span class=\"_ _4\"></span>ste sul re<span class=\"_ _4\"></span>ddito e<span class=\"_ _4\"></span>d attiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>ve ces<span class=\"_ _4\"></span>sate<span class=\"_ _4\"></span>, dove </span><span style=\"display:inherit;clear:left;\">le prime t<span class=\"_ _4\"></span>re catego<span class=\"_ _4\"></span>rie son<span class=\"_ _4\"></span>o nuove. Il princip<span class=\"_ _4\"></span>io richied<span class=\"_ _4\"></span>e inoltre di dare informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e della nuova d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inizione </span><span style=\"display:inherit;clear:left;\">deg<span class=\"_ _4\"></span>li indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws124\"> definit<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws110\"> (</span><span class=\"ff5f\">manageme<span class=\"_ _4\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d per<span class=\"_ _4\"></span>formance me<span class=\"_ _4\"></span>asures<span class=\"ff5c ls44 wsaf\"> (<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>P<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>s))<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">tali di co<span class=\"_ _4\"></span>sti e ric<span class=\"_ _4\"></span>avi, e includ<span class=\"_ _4\"></span>e nuove dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni per l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione e dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle informazi<span class=\"_ _4\"></span>oni finan<span class=\"_ _4\"></span>ziare </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei ruo<span class=\"_ _4\"></span>li identif<span class=\"_ _4\"></span>icati d<span class=\"_ _4\"></span>ei pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio \u201cprimari<span class=\"_ _4\"></span>\u201d (<span class=\"ff5f\">Primary Financial State<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>s</span> \u2013 PFS) e delle note<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate introdot<span class=\"_ _4\"></span>te allo IA<span class=\"_ _4\"></span>S 7 Ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario, che in<span class=\"_ _4\"></span>cludono il c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>l punto di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a della ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a sulla base de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to; dall\u2019utile o </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dita all<span class=\"_ _4\"></span>\u2019utile o per<span class=\"_ _4\"></span>dita op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i e la rimozione d<span class=\"_ _4\"></span>ella facolt<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa dai div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di e de<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gli intere<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>. Ulterior<span class=\"_ _4\"></span>mente, s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e cons<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ziali a molte<span class=\"_ _4\"></span>plici altri prin<span class=\"_ _4\"></span>cipi contab<span class=\"_ _4\"></span>ili. L<span class=\"_ _1c\"></span>\u2019IFR<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>, e le modif<span class=\"_ _4\"></span>iche ag<span class=\"_ _4\"></span>li altri principi, s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivi p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incomincian<span class=\"_ _4\"></span>o al o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente il 1\u00b0 gennaio </span><span style=\"display:inherit;clear:left;\">2027<span class=\"_ _44\"></span>, ma l<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione anticipat<span class=\"_ _4\"></span>a \u00e8 pe<span class=\"_ _4\"></span>rmes<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>alvo darne informati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18 si applicher<span class=\"_ _4\"></span>\u00e0 retrosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al momento lavo<span class=\"_ _4\"></span>rando p<span class=\"_ _4\"></span>er ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>are gli impatt<span class=\"_ _4\"></span>i che le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno sui p<span class=\"_ _4\"></span>ropri pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio </span><span style=\"display:inherit;clear:left;\">e sulle note al bilan<span class=\"_ _4\"></span>cio.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 19 Subsidiaries without Public Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>ountability: Disclosures</span><span style=\"display:inherit;clear:left;\">A mag<span class=\"_ _4\"></span>gio 202<span class=\"_ _2\"></span>4, l<span class=\"_ _4\"></span>o IASB ha e<span class=\"_ _4\"></span>manato l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9, che p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>tte alle e<span class=\"_ _4\"></span>ntit\u00e0 \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibili<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, ave<span class=\"_ _4\"></span>nti deter<span class=\"_ _4\"></span>minati requisiti, di o<span class=\"_ _4\"></span>p<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tare p<span class=\"_ _4\"></span>er una ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i propri re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pur continuan<span class=\"_ _4\"></span>do ad applic<span class=\"_ _4\"></span>are le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni per la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, mis<span class=\"_ _4\"></span>urazion<span class=\"_ _4\"></span>e e pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>egli altri IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">accounting standards</span>. Pe<span class=\"_ _4\"></span>r ess<span class=\"_ _4\"></span>ere \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibile<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, </span><span style=\"display:inherit;clear:left;\">un\u2019entit\u00e0 d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>sere una c<span class=\"_ _4\"></span>ontrollata co<span class=\"_ _4\"></span>s\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>9, no<span class=\"_ _4\"></span>n pu\u00f2 avere una <span class=\"ff5f ls4 wsfd\">\u201cpublic account<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">bilit<span class=\"_ _4\"></span>y<span class=\"_ _5\"></span>\u201d<span class=\"ff5c ls3 wse7\"> e de<span class=\"_ _4\"></span>ve avere una controllante (ultima od interme<span class=\"_ _4\"></span>dia<span class=\"_ _2\"></span>) ch<span class=\"_ _4\"></span>e prepar<span class=\"_ _4\"></span>a il bilancio cons<span class=\"_ _4\"></span>olidato, disp<span class=\"_ _4\"></span>onibile al pubbli<span class=\"_ _4\"></span>co, </span></span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to in acco<span class=\"_ _4\"></span>rdo agli IFRS <span class=\"ff5f\">acco<span class=\"_ _4\"></span>unting standards</span>. L<span class=\"_ _1c\"></span>'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 di<span class=\"_ _4\"></span>venter\u00e0 e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incominciano </span><span style=\"display:inherit;clear:left;\">al o succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 1<span class=\"_ _1\"></span>\u00b0 Gennaio 2027<span class=\"_ _1c\"></span>, con la p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sibilit\u00e0 di app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione anticipat<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>enuto conto ch<span class=\"_ _4\"></span>e le azio<span class=\"_ _4\"></span>ni della </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo s<span class=\"_ _4\"></span>ono quot<span class=\"_ _4\"></span>ate pubblic<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, il Gruppo no<span class=\"_ _4\"></span>n \u00e8 ele<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>ibile pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9.</span><span style=\"display:inherit;clear:left;\">Amendments to the Classification and Measur<span class=\"_ _2\"></span>ement of Financial Instruments - Amendments to IF<span class=\"_ _1\"></span>RS 9 </span><span style=\"display:inherit;clear:left;\">and IFR<span class=\"_ _2\"></span>S 7</span><span style=\"display:inherit;clear:left;\">In data 30 mag<span class=\"_ _4\"></span>gio 2024 lo IASB ha pub<span class=\"_ _4\"></span>blicato il do<span class=\"_ _4\"></span>cumento \u201c<span class=\"_ _2\"></span><span class=\"ff5f\">Ame<span class=\"_ _4\"></span>ndment<span class=\"_ _4\"></span>s to th<span class=\"_ _4\"></span>e Classif<span class=\"_ _4\"></span>ication and M<span class=\"_ _4\"></span>easureme<span class=\"_ _4\"></span>nt </span></span><span style=\"display:inherit;clear:left;\">of Financial Instrume<span class=\"_ _4\"></span>nts - Am<span class=\"_ _4\"></span>endment<span class=\"_ _4\"></span>s to I<span class=\"_ _4\"></span>FRS 9 and IFRS 7<span class=\"_ _5\"></span><span class=\"ff5c\">\u201d che chiaris<span class=\"_ _4\"></span>ce alcuni asp<span class=\"_ _4\"></span>etti p<span class=\"_ _4\"></span>roblemati<span class=\"_ _4\"></span>ci emer<span class=\"_ _4\"></span>si dalla </span></span><span style=\"display:inherit;clear:left;\">post<span class=\"_ _2\"></span>-implemen<span class=\"_ _2\"></span>tation r<span class=\"_ _1\"></span>eview<span class=\"_ _1\"></span> <span class=\"ff5c ls3 wse9\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, tr<span class=\"_ _4\"></span>a cui il tratt<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie i cui ren<span class=\"_ _4\"></span>dimenti varia<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">no al rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG (i.e<span class=\"_ _4\"></span>. gree<span class=\"_ _4\"></span>n bond<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>). In par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e hanno l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _ac\"></span>chiarire la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie co<span class=\"_ _4\"></span>n rendime<span class=\"_ _4\"></span>nti variabili e le<span class=\"_ _4\"></span>gati ad obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vi ambient<span class=\"_ _4\"></span>ali, sociali e </span><span style=\"display:inherit;clear:left;\">di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls3 ws0\"> azi<span class=\"_ _4\"></span>endale (ES<span class=\"_ _4\"></span>G) ed i criteri da utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls87 wsf8\">assess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t<span class=\"ff5c ls0 ws5\"> de<span class=\"_ _4\"></span>l SPPI<span class=\"_ _4\"></span> </span><span class=\"lsa ws90\">test<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\">;</span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>d<span class=\"_ _4\"></span>eterminare ch<span class=\"_ _4\"></span>e la data di rego<span class=\"_ _4\"></span>lamento de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 tramite s<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>mi di pagame<span class=\"_ _4\"></span>nto elet<span class=\"_ _4\"></span>tronici \u00e8 quella in cui la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 risult<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tinta<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tavia, \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntito ad un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 di ad<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>are una politic<span class=\"_ _4\"></span>a contab<span class=\"_ _4\"></span>ile per c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntire di eli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">minare contab<span class=\"_ _4\"></span>ilmente una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria pr<span class=\"_ _4\"></span>ima di conse<span class=\"_ _4\"></span>gnare liquidit<span class=\"_ _4\"></span>\u00e0 alla data di rego<span class=\"_ _4\"></span>lamento in pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">di dete<span class=\"_ _4\"></span>rminate con<span class=\"_ _4\"></span>dizioni s<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ifich<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Con que<span class=\"_ _4\"></span>ste mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche, lo IA<span class=\"_ _4\"></span>SB ha ino<span class=\"_ _4\"></span>ltre introdot<span class=\"_ _4\"></span>to ulter<span class=\"_ _4\"></span>iori re<span class=\"_ _4\"></span>quisiti di informativ<span class=\"_ _4\"></span>a riguardo in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare ad </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti in s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale des<span class=\"_ _4\"></span>ignati a F<span class=\"_ _4\"></span>VOCI. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che si applich<span class=\"_ _4\"></span>eranno a par<span class=\"_ _4\"></span>tire dai bilan<span class=\"_ _4\"></span>ci degli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e hanno inizio dal 1\u00b0 gennaio 2026. Il Grupp<span class=\"_ _4\"></span>o sta v<span class=\"_ _4\"></span>alutand<span class=\"_ _4\"></span>o se le mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>he avranno un impat<span class=\"_ _4\"></span>to sul bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">Annual Impro<span class=\"_ _2\"></span>vement<span class=\"_ _4\"></span>s Volume 11</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 luglio 202<span class=\"_ _2\"></span>4 lo I<span class=\"_ _4\"></span>ASB ha p<span class=\"_ _4\"></span>ubblicato un d<span class=\"_ _4\"></span>ocumento d<span class=\"_ _4\"></span>enominato <span class=\"ff5f\">\u201cAnnual Improvement<span class=\"_ _4\"></span>s Volume 1<span class=\"_ _44\"></span>1\u201d<span class=\"ff5c ls4 ws11f\"> che include </span></span></span><span style=\"display:inherit;clear:left;\">chiarimenti, s<span class=\"_ _4\"></span>emplif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni, corr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ni e cambiame<span class=\"_ _4\"></span>nti volti a migliorar<span class=\"_ _4\"></span>e la coere<span class=\"_ _4\"></span>nza di di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>i IFRS <span class=\"ff5f\">Accounting Stan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">da<span class=\"_ _4\"></span>rds<span class=\"_ _4\"></span><span class=\"ff5c ls4 wsa\">. I principi m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icati s<span class=\"_ _4\"></span>ono:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Firs<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>time Adopt<span class=\"_ _4\"></span>ion of International Financial Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Standards<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s: Disclo<span class=\"_ _4\"></span>sures<span class=\"ff5c\"> e le re<span class=\"_ _4\"></span>lative line<span class=\"_ _4\"></span>e guida sull'imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>'IFRS 7;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>9 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1<span class=\"_ _1\"></span>0 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Consolidate<span class=\"_ _4\"></span>d Financial Stateme<span class=\"_ _4\"></span>nts<span class=\"_ _4\"></span><span class=\"ff5c\">; e</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IA<span class=\"_ _4\"></span>S <span class=\"_ _43\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">St<span class=\"_ _4\"></span>atement of Cash Flow<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>i appliche<span class=\"_ _4\"></span>ranno dal 1\u00b0 gennaio 202<span class=\"_ _1\"></span>6, ma \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a un\u2019applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata. Il Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>a valut<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do se le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche avr<span class=\"_ _4\"></span>anno un impatto sul b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ontracts Refer<span class=\"_ _2\"></span>encing Nature-dependent Elec<span class=\"_ _1\"></span>tricity \u2013 Amendment to IFR<span class=\"_ _2\"></span>S 9 and IFRS 7</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 lo IA<span class=\"_ _4\"></span>SB ha pubb<span class=\"_ _4\"></span>licato un em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nto denominato <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Contract<span class=\"_ _4\"></span>s Refe<span class=\"_ _4\"></span>rencing Nature-<span class=\"_ _4\"></span>de<span class=\"_ _4\"></span>pen<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">dent Ele<span class=\"_ _4\"></span>ctricit<span class=\"_ _4\"></span>y \u2013 Amendm<span class=\"_ _4\"></span>ent to IFRS 9 and I<span class=\"_ _4\"></span>FRS 7\u201d<span class=\"ff5c\">, c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare l<span class=\"_ _4\"></span>e entit\u00e0 n<span class=\"_ _4\"></span>el rendi<span class=\"_ _4\"></span>contare gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari dei c<span class=\"_ _4\"></span>ontratti di a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di elet<span class=\"_ _4\"></span>tricit<span class=\"_ _4\"></span>\u00e0 prodot<span class=\"_ _4\"></span>ta da fonti rinn<span class=\"_ _4\"></span>ovabili (spes<span class=\"_ _4\"></span>so st<span class=\"_ _4\"></span>ruttur<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls0 wscc\">Po<span class=\"_ _4\"></span>wer<span class=\"_ _4\"></span> Purch<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">Agreements<span class=\"ff5c ls3 ws145\">)<span class=\"_ _1\"></span>. Sulla base di t<span class=\"_ _4\"></span>ali contrat<span class=\"_ _4\"></span>ti, la quantit\u00e0 di e<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ricit\u00e0 ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>a ed ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ata pu\u00f2 v<span class=\"_ _4\"></span>ariare in base a f<span class=\"_ _4\"></span>attori </span></span><span style=\"display:inherit;clear:left;\">incontrollab<span class=\"_ _4\"></span>ili quali le condizio<span class=\"_ _4\"></span>ni mete<span class=\"_ _4\"></span>orologi<span class=\"_ _4\"></span>che. Lo IA<span class=\"_ _4\"></span>SB ha app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nti mirati ai principi IFR<span class=\"_ _4\"></span>S 9 e IFRS </span><span style=\"display:inherit;clear:left;\">7<span class=\"_ _1c\"></span>. G<span class=\"_ _4\"></span>li eme<span class=\"_ _4\"></span>ndamenti in<span class=\"_ _4\"></span>cludon<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>un chiarim<span class=\"_ _4\"></span>ento riguardo all<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i requis<span class=\"_ _4\"></span>iti di <span class=\"ff5f lsa wsb\">\u201cown use\u201d</span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">questa</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">tipologia</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>tratti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>d<span class=\"_ _4\"></span>ei criter<span class=\"_ _4\"></span>i per co<span class=\"_ _4\"></span>nsent<span class=\"_ _4\"></span>ire la contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one di tali c<span class=\"_ _4\"></span>ontratti c<span class=\"_ _4\"></span>ome st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura; e,</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>de<span class=\"_ _4\"></span>i nuovi re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r conse<span class=\"_ _4\"></span>ntire agli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>atori de<span class=\"_ _4\"></span>l bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e l'effet<span class=\"_ _4\"></span>to di que<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti sulle<span class=\"_ _1\"></span> <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws0\"> finanz<span class=\"_ _4\"></span>iarie e sui flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a di un\u2019entit\u00e0<span class=\"_ _4\"></span>.</span></span><span style=\"display:inherit;clear:left;\">La mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca si app<span class=\"_ _4\"></span>licher\u00e0 dal 1\u00b0 gennaio 2026, ma \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a un\u2019applicazi<span class=\"_ _4\"></span>one anticipat<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a valutan<span class=\"_ _4\"></span>do se </span><span style=\"display:inherit;clear:left;\">le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno un impat<span class=\"_ _4\"></span>to sul bilancio co<span class=\"_ _4\"></span>nsolidato.</span><span style=\"display:inherit;clear:left;\">2.4 <span class=\"_ _1\"></span>Ar<span class=\"_ _2\"></span>ea di consolidamento</span><span style=\"display:inherit;clear:left;\">Il Bilancio Con<span class=\"_ _4\"></span>solidato al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 include la s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e patrimoniale<span class=\"_ _4\"></span>, econ<span class=\"_ _4\"></span>omica e f<span class=\"_ _4\"></span>inanziaria de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle sue e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>ntrollate es<span class=\"_ _4\"></span>tere con<span class=\"_ _4\"></span>solidate inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte, nel l<span class=\"_ _4\"></span>oro insiem<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">identificate come Gruppo Salvatore Ferragamo.</span><span style=\"display:inherit;clear:left;\">Il Bilancio Con<span class=\"_ _4\"></span>solidato al 31 dicembre 202<span class=\"_ _2\"></span>4 co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>e le situazi<span class=\"_ _4\"></span>oni contab<span class=\"_ _4\"></span>ili dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 de<span class=\"_ _4\"></span>lle so<span class=\"_ _4\"></span>ciet\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o redat<span class=\"_ _4\"></span>te adot<span class=\"_ _4\"></span>tando i m<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>simi principi c<span class=\"_ _4\"></span>ontabili de<span class=\"_ _4\"></span>lla controllante<span class=\"_ _4\"></span>.</span></span> <span><span style=\"display:inherit;clear:left;\">Le entit\u00e0 c<span class=\"_ _4\"></span>ontrollate son<span class=\"_ _4\"></span>o quelle entit<span class=\"_ _4\"></span>\u00e0 in </span></span></span><span style=\"display:inherit;clear:left;\">cui il Grupp<span class=\"_ _4\"></span>o detie<span class=\"_ _4\"></span>ne il controllo, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro quando il Grup<span class=\"_ _4\"></span>po \u00e8 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to a rendim<span class=\"_ _4\"></span>enti variabili de<span class=\"_ _4\"></span>rivanti dal p<span class=\"_ _4\"></span>roprio rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0, o v<span class=\"_ _4\"></span>anta de<span class=\"_ _4\"></span>i diritti su t<span class=\"_ _4\"></span>ali ren<span class=\"_ _4\"></span>dimenti, avend<span class=\"_ _4\"></span>o nel conte<span class=\"_ _4\"></span>mpo la c<span class=\"_ _4\"></span>apacit\u00e0 di inf<span class=\"_ _4\"></span>luen<span class=\"_ _4\"></span>zarli e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>o potere s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa. I b<span class=\"_ _4\"></span>ilanci delle e<span class=\"_ _4\"></span>ntit\u00e0 cont<span class=\"_ _4\"></span>rollate sono inclu<span class=\"_ _4\"></span>si nel b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato dal mome<span class=\"_ _4\"></span>nto in </span><span style=\"display:inherit;clear:left;\">cui la controllante iniz<span class=\"_ _4\"></span>ia ad es<span class=\"_ _4\"></span>ercitare il c<span class=\"_ _4\"></span>ontrollo f<span class=\"_ _4\"></span>ino alla data in cui t<span class=\"_ _4\"></span>ale controll<span class=\"_ _4\"></span>o ces<span class=\"_ _4\"></span>sa. In c<span class=\"_ _4\"></span>aso di p<span class=\"_ _4\"></span>erdita di c<span class=\"_ _4\"></span>ontrollo, </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o elimina le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>ntrollata e qualsia<span class=\"_ _4\"></span>si prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranza </span><span style=\"display:inherit;clear:left;\">nel patrimon<span class=\"_ _1\"></span>io netto inc<span class=\"_ _1\"></span>lusa qualsi<span class=\"_ _2\"></span>asi altra componente di<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o complessivo relativa al<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>entit\u00e0 controlla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta. Q<span class=\"_ _4\"></span>ualsiasi ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante dalla p<span class=\"_ _4\"></span>erdita di c<span class=\"_ _4\"></span>ontrollo vie<span class=\"_ _4\"></span>ne rilev<span class=\"_ _4\"></span>ato nell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(per<span class=\"_ _4\"></span>dita<span class=\"_ _1\"></span>) dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. Qual<span class=\"_ _4\"></span>sia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazion<span class=\"_ _4\"></span>e mantenuta n<span class=\"_ _4\"></span>ella e<span class=\"_ _4\"></span>x entit\u00e0 c<span class=\"_ _4\"></span>ontrollata v<span class=\"_ _4\"></span>iene valut<span class=\"_ _4\"></span>ata al <span class=\"ff5f\">fair value</span> alla data de<span class=\"_ _4\"></span>lla perdit<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntrollo. <span class=\"_ _ac\"></span> </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti i sal<span class=\"_ _4\"></span>di e le trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni infragruppo, inclu<span class=\"_ _4\"></span>si eventuali ut<span class=\"_ _4\"></span>ili e perdite no<span class=\"_ _4\"></span>n realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati deri<span class=\"_ _4\"></span>vanti da rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti intratt<span class=\"_ _4\"></span>enuti </span><span style=\"display:inherit;clear:left;\">fra so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o complet<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>liminati. </span><span style=\"display:inherit;clear:left;\">Le intere<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>nze di minor<span class=\"_ _4\"></span>anza rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e di profit<span class=\"_ _4\"></span>ti o pe<span class=\"_ _4\"></span>rdite e de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>tte no<span class=\"_ _4\"></span>n detenute dal G<span class=\"_ _4\"></span>rup<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po e so<span class=\"_ _4\"></span>no esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e in una voce se<span class=\"_ _4\"></span>parata d<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, e nella situaz<span class=\"_ _4\"></span>ione patrim<span class=\"_ _4\"></span>oniale e f<span class=\"_ _4\"></span>inanziaria tra le c<span class=\"_ _4\"></span>om<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ponenti del patrimoni<span class=\"_ _1\"></span>o netto, separatamente dal<span class=\"_ _1\"></span> patrimoni<span class=\"_ _1\"></span>o netto di Gruppo.<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Le acquisi<span class=\"_ _4\"></span>zioni di so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate son<span class=\"_ _4\"></span>o contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate in bas<span class=\"_ _4\"></span>e al meto<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>\u2019acquist<span class=\"_ _4\"></span>o (<span class=\"_ _4\"></span><span class=\"ff5f\">purchase met<span class=\"_ _4\"></span>hod<span class=\"_ _5\"></span></span>) che com<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>allo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azie<span class=\"_ _4\"></span>ndale ai <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali </span><span style=\"display:inherit;clear:left;\">acquisit<span class=\"_ _4\"></span>e alla data di acquis<span class=\"_ _4\"></span>izione e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inclusion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>ultato de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquisit<span class=\"_ _4\"></span>a maturato dalla data di acquis<span class=\"_ _4\"></span>izione f<span class=\"_ _4\"></span>ino alla </span><span style=\"display:inherit;clear:left;\">chiusura de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io. Le variazi<span class=\"_ _4\"></span>oni nell<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipativa d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po in una soc<span class=\"_ _4\"></span>iet\u00e0 co<span class=\"_ _4\"></span>ntrollata che no<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ano la pe<span class=\"_ _4\"></span>rdita de<span class=\"_ _4\"></span>l controllo s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate come op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni sul cap<span class=\"_ _4\"></span>itale<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito so<span class=\"_ _4\"></span>no ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate le soci<span class=\"_ _4\"></span>et\u00e0 inclus<span class=\"_ _4\"></span>e nell<span class=\"_ _4\"></span>\u2019area di cons<span class=\"_ _4\"></span>olidamento al 31 dicembre 202<span class=\"_ _2\"></span>4 e c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>date integralme<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Denominazione<span class=\"_ _2c6\"> </span>Sede<span class=\"_ _1f1\"> </span>D<span class=\"_ _4\"></span>ivisa<span class=\"_ _228\"> </span>Capitale Sociale</span><span style=\"display:inherit;clear:left;\">% di controllo<span class=\"_ _a1\"> </span>Note </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iretto<span class=\"_ _1bb\"> </span>Indiretto</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.<span class=\"_ _15d\"> </span>Fir<span class=\"_ _1\"></span>enze, Italia<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _e1\"> </span></span>16.879.000<span class=\"_ _12d\"> </span>Capogruppo</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>.<span class=\"_ _65\"> </span>Amsterdam, P<span class=\"_ _2\"></span>aesi Bassi<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _1b9\"> </span></span>500.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S.<span class=\"_ _2c7\"> </span>P<span class=\"_ _2\"></span>arigi, Fr<span class=\"_ _2\"></span>ancia<span class=\"_ _29c\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _7f\"> </span></span>4.334.094<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH<span class=\"_ _1ae\"> </span>Monaco<span class=\"_ _1\"></span>, Germania<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _7f\"> </span></span>3.300.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH<span class=\"_ _73\"> </span>Vienna, Austria<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _1e5\"> </span></span><span class=\"ws0\">1.853.158<span class=\"_ _163\"> </span>100%</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited<span class=\"_ _70\"> </span>Londra, Regno Unito<span class=\"_ _87\"> </span>Sterlina inglese<span class=\"_ _1e5\"> </span>7.672.735<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A<span class=\"_ _7a\"> </span>Mendrisio<span class=\"_ _2\"></span>, Svizzera<span class=\"_ _7f\"> </span>Fr<span class=\"_ _2\"></span>anco svizzero<span class=\"_ _1e5\"> </span>1.000.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA<span class=\"_ _ba\"> </span>Bruxelles, Belgio<span class=\"_ _29c\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _1b9\"> </span></span>750.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _266\"> </span>P<span class=\"_ _1\"></span>rincipato di Monaco<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _1b9\"> </span></span>304.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Espana S.L<span class=\"_ _4\"></span>.<span class=\"_ _1c5\"> </span>Madrid, Spagna<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _7f\"> </span></span>4.600.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA Inc.<span class=\"_ _172\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _1e8\"> </span>Dollar<span class=\"_ _1\"></span>o americano<span class=\"_ _164\"> </span>74.011.969<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Canada Inc.<span class=\"_ _2c8\"> </span>V<span class=\"_ _1\"></span>ancouver<span class=\"_ _1c\"></span>, Canada<span class=\"_ _19a\"> </span>Dollaro canadese<span class=\"_ _240\"> </span>4.441.461<span class=\"_ _24c\"> </span>100%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">S-Fer International Inc.<span class=\"_ _1b1\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _1e8\"> </span>Dollaro americano<span class=\"_ _240\"> </span>4.600.000<span class=\"_ _24c\"> </span>100%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Sator Realty Inc.<span class=\"_ _ea\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _18b\"> </span>Dollaro americano<span class=\"_ _1ba\"> </span>100.000<span class=\"_ _24c\"> </span>100%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Citt\u00e0 del Messico<span class=\"_ _2\"></span>, </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso messicano<span class=\"_ _1e5\"> </span>4.592.700<span class=\"_ _174\"> </span>99,73%<span class=\"_ _88\"> </span>0,27%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Messico</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>.<span class=\"_ _27b\"> </span>Santiago, Cile<span class=\"_ _2a9\"> </span>P<span class=\"_ _1\"></span>eso cileno<span class=\"_ _2b0\"> </span>3.187.970.000<span class=\"_ _123\"> </span>99%<span class=\"_ _bf\"> </span>1%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>.<span class=\"_ _221\"> </span>Buenos Aires, Ar<span class=\"_ _1\"></span>gentina<span class=\"_ _257\"> </span><span class=\"ws0\">Peso ar<span class=\"_ _2\"></span>gentino<span class=\"_ _2b0\"> </span>1.050.100.000<span class=\"_ _240\"> </span>95%<span class=\"_ _cf\"> </span>5%<span class=\"_ _7\"> </span>(1) </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brasil Roupas e <span class=\"_ _1\"></span>Acessorios L<span class=\"_ _2\"></span>tda<span class=\"_ _4\"></span>.<span class=\"_ _127\"> </span>San P<span class=\"_ _2\"></span>aolo, Brasile<span class=\"_ _1ba\"> </span>Real br<span class=\"_ _1\"></span>asiliani<span class=\"_ _164\"> </span>55.615.000<span class=\"_ _123\"> </span>99%<span class=\"_ _bf\"> </span>1%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Hong Kong  Ltd.<span class=\"_ _17\"> </span>Hong Kong<span class=\"_ _4\"></span>, Cina<span class=\"_ _166\"> </span>Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _ec\"> </span>10.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>.<span class=\"_ _1d7\"> </span>T<span class=\"_ _2\"></span>okyo, Giappone<span class=\"_ _60\"> </span>Y<span class=\"_ _2\"></span>en Giapponese<span class=\"_ _234\"> </span>305.700.000<span class=\"_ _174\"> </span>89,13%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd.<span class=\"_ _95\"> </span></span><span style=\"display:inherit;clear:left;\">Sidney<span class=\"_ _2\"></span>, Australia<span class=\"_ _1e4\"> </span><span class=\"ws0\">Dollaro australiano<span class=\"_ _164\"> </span>13.637.003<span class=\"_ _163\"> </span>100%</span></span><span style=\"display:inherit;clear:left;\">Ferrimag L<span class=\"_ _2\"></span>imited<span class=\"_ _2c9\"> </span>Hong Kong, Cina<span class=\"_ _17b\"> </span>Dollar<span class=\"_ _1\"></span>o di Hong Kong<span class=\"_ _234\"> </span>109.200.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fashion T<span class=\"_ _1c\"></span>rading (Shanghai) Co<span class=\"_ _2\"></span>. Ltd.<span class=\"_ _1b9\"> </span>Shanghai, Cina<span class=\"_ _1e8\"> </span>Dollar<span class=\"_ _2\"></span>o americano<span class=\"_ _1b9\"> </span>200.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>3) </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Moda (Shanghai) Co. L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.<span class=\"_ _261\"> </span>Shanghai, Cina<span class=\"_ _18b\"> </span>Dollaro americano<span class=\"_ _1e5\"> </span>1.400.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited<span class=\"_ _97\"> </span>Hong Kong<span class=\"_ _4\"></span>, Cina<span class=\"_ _166\"> </span>Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _e1\"> </span>88.000.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(3)<span class=\"_ _4\"></span> </span></span><span style=\"display:inherit;clear:left;\">Nuovo dollar<span class=\"_ _1\"></span>o </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited<span class=\"_ _6d\"> </span>T<span class=\"_ _2\"></span>aipei, T<span class=\"_ _2\"></span>aiwan</span><span style=\"display:inherit;clear:left;\">136.250.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>3) </span></span><span style=\"display:inherit;clear:left;\">taiwanese</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited<span class=\"_ _aa\"> </span>Mac<span class=\"_ _1\"></span>ao, Cina<span class=\"_ _1b9\"> </span>Macau P<span class=\"_ _2\"></span>ataca<span class=\"_ _164\"> </span>17.275.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail India Priv<span class=\"_ _2\"></span>ate Limited<span class=\"_ _25\"> </span>New Delhi, India<span class=\"_ _1b9\"> </span>Rupia Indiana<span class=\"_ _213\"> </span>300.000.000<span class=\"_ _163\"> </span>100%<span class=\"_ _24b\"> </span>(4) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.<span class=\"_ _2ca\"> </span>Seoul, C<span class=\"_ _1\"></span>orea del Sud<span class=\"_ _163\"> </span>Won sudc<span class=\"_ _1\"></span>oreano<span class=\"_ _1f0\"> </span>3.291.200.000<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd<span class=\"_ _2cb\"> </span>Singapore<span class=\"_ _1df\"> </span>Dollaro di Singapore<span class=\"_ _164\"> </span>47.600.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited<span class=\"_ _2cc\"> </span>Bangkok, T<span class=\"_ _1c\"></span>ailandia<span class=\"_ _22b\"> </span>Baht<span class=\"_ _234\"> </span>220.000.000<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd.<span class=\"_ _214\"> </span>Kuala L<span class=\"_ _2\"></span>umpur<span class=\"_ _2\"></span>, Malesia<span class=\"_ _242\"> </span>Ringgit della Malesia<span class=\"_ _240\"> </span>1.300.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">1. T<span class=\"_ _2\"></span>ramite Fer<span class=\"_ _2\"></span>ragamo USA Inc., 2. T<span class=\"_ _2\"></span>ramite Ferr<span class=\"_ _2\"></span>agamo Hong Kong Ltd.; 3. T<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>amite Ferrimag L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.; 4. societ\u00e0 non oper<span class=\"_ _1\"></span>ativa.  </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 la co<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo non ha s<span class=\"_ _4\"></span>ubito variaz<span class=\"_ _4\"></span>ioni. </span><span style=\"display:inherit;clear:left;\">Si ricorda ino<span class=\"_ _4\"></span>ltre che Fe<span class=\"_ _4\"></span>rragamo A<span class=\"_ _4\"></span>rgentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.  op<span class=\"_ _4\"></span>era in un pa<span class=\"_ _4\"></span>ese ch<span class=\"_ _4\"></span>e dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, \u00e8 con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>ato con un\u2019e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">conomia ip<span class=\"_ _4\"></span>erinf<span class=\"_ _4\"></span>lazionat<span class=\"_ _4\"></span>a sec<span class=\"_ _4\"></span>ondo i crite<span class=\"_ _4\"></span>ri dello I<span class=\"_ _4\"></span>AS 29 \"<span class=\"_ _4\"></span>Rendi<span class=\"_ _4\"></span>conta<span class=\"_ _4\"></span>zione cont<span class=\"_ _4\"></span>abile in ec<span class=\"_ _4\"></span>onomie ip<span class=\"_ _4\"></span>erinfla<span class=\"_ _4\"></span>zionate\"; </span><span style=\"display:inherit;clear:left;\">per t<span class=\"_ _4\"></span>ale mot<span class=\"_ _4\"></span>ivo nella sit<span class=\"_ _4\"></span>uazione p<span class=\"_ _4\"></span>atrimoniale, e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>ca e f<span class=\"_ _4\"></span>inanziaria di Fe<span class=\"_ _4\"></span>rragamo A<span class=\"_ _4\"></span>rgentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata p<span class=\"_ _4\"></span>er il </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidamento \u00e8 s<span class=\"_ _4\"></span>tato ap<span class=\"_ _4\"></span>plicato a par<span class=\"_ _4\"></span>tire dall<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 201<span class=\"_ _2\"></span>8 tal<span class=\"_ _4\"></span>e principio co<span class=\"_ _4\"></span>ntabile, m<span class=\"_ _4\"></span>eglio illus<span class=\"_ _4\"></span>trato ne<span class=\"_ _4\"></span>lla nota 2 </span><span style=\"display:inherit;clear:left;\">\u201cCrite<span class=\"_ _4\"></span>ri di reda<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azione di qu<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>o principio re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte agli es<span class=\"_ _4\"></span>ercizi dal 201<span class=\"_ _2\"></span>8 al 202<span class=\"_ _1\"></span>4 non \u00e8 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">da consi<span class=\"_ _4\"></span>derar<span class=\"_ _4\"></span>si signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo a livell<span class=\"_ _4\"></span>o di Gruppo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.4.1 C<span class=\"_ _2\"></span>ontrollate c<span class=\"_ _2\"></span>on interessenze di minor<span class=\"_ _2\"></span>anze signific<span class=\"_ _1\"></span>ative</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tano la pr<span class=\"_ _4\"></span>incipale atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 svolt<span class=\"_ _4\"></span>a e la pe<span class=\"_ _4\"></span>rcentuale di p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>e minoranze al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023 di Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _4\"></span>.K<span class=\"_ _4\"></span>., unica s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zioni di minoran<span class=\"_ _4\"></span>za.</span><span style=\"display:inherit;clear:left;\">% di minoranza </span><span style=\"display:inherit;clear:left;\">Societ\u00e0<span class=\"_ _2cd\"> </span>Attivit\u00e0</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>.<span class=\"_ _df\"> </span>Societ\u00e0 <span class=\"ff5f\">retail</span> per il mer<span class=\"_ _2\"></span>cato giapponese<span class=\"_ _2ce\"> </span>10,87%<span class=\"_ _f2\"> </span>10,87%</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nti fornisco<span class=\"_ _4\"></span>no i principali dati e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziari di F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>.. T<span class=\"_ _1c\"></span>ali informa<span class=\"_ _4\"></span>zioni s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">bas<span class=\"_ _4\"></span>ate sui saldi d<span class=\"_ _4\"></span>elle situa<span class=\"_ _4\"></span>zioni cont<span class=\"_ _4\"></span>abili degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, re<span class=\"_ _4\"></span>datti ai f<span class=\"_ _4\"></span>ini della p<span class=\"_ _4\"></span>redisp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l bilancio </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidato, al lo<span class=\"_ _4\"></span>rdo dell<span class=\"_ _4\"></span>e eliminaz<span class=\"_ _4\"></span>ioni </span><span style=\"display:inherit;clear:left;\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _2cf\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _89\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _10b\"> </span>32.944<span class=\"_ _262\"> </span>32.211</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2d0\"> </span>51.327<span class=\"_ _262\"> </span>53.249</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 non corr<span class=\"_ _2\"></span>enti<span class=\"_ _2d1\"> </span>26.600<span class=\"_ _262\"> </span>28.620</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 corr<span class=\"_ _2\"></span>enti<span class=\"_ _1e\"> </span>48.547<span class=\"_ _8e\"> </span>47.691</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio Netto<span class=\"_ _2d2\"> </span>9.124<span class=\"_ _24c\"> </span>9.149</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di T<span class=\"_ _1\"></span>erzi<span class=\"_ _2d3\"> </span>992<span class=\"_ _72\"> </span>995</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"_ _2d4\"> </span>82.955<span class=\"_ _262\"> </span>86.450</span><span style=\"display:inherit;clear:left;\">Utile d'esercizio<span class=\"_ _1a7\"> </span>170<span class=\"_ _24c\"> </span>1.611</span><span style=\"display:inherit;clear:left;\">Risultato di pertinenza di terzi<span class=\"_ _54\"> </span>18<span class=\"_ _72\"> </span>175</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo del periodo<span class=\"_ _2d5\"> </span>340<span class=\"_ _24c\"> </span>1.654</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o attribuito alle partecipazioni di terzi<span class=\"_ _b5\"> </span>36<span class=\"_ _72\"> </span>180</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _2\"></span>ativa<span class=\"_ _f8\"> </span>7.704<span class=\"_ _1d6\"> </span>(2.328)</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _2\"></span>vestimento<span class=\"_ _29a\"> </span>(4.502)<span class=\"_ _1d6\"> </span>(1.756)</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _153\"> </span>(3.380)<span class=\"_ _1d6\"> </span>(3.759)</span><span style=\"display:inherit;clear:left;\">Incremento/(decremento)  delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _16\"> </span>(178)<span class=\"_ _99\"> </span>(7.843)</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ividendi pagati alle partecipazioni di minor<span class=\"_ _1\"></span>anza<span class=\"_ _2d6\"> </span>-<span class=\"_ _70\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>2 richie<span class=\"_ _4\"></span>de di rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntare s<span class=\"_ _4\"></span>e suss<span class=\"_ _4\"></span>isto<span class=\"_ _4\"></span>no requis<span class=\"_ _4\"></span>iti di leg<span class=\"_ _4\"></span>ge, c<span class=\"_ _4\"></span>ontrattuali e<span class=\"_ _4\"></span>/o regolament<span class=\"_ _4\"></span>ari nonch\u00e9 dirit<span class=\"_ _4\"></span>ti di prote<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si di minoran<span class=\"_ _4\"></span>za che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono in alcuni ca<span class=\"_ _4\"></span>si limitare la c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo di acce<span class=\"_ _4\"></span>dere all<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o di uti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>le e di es<span class=\"_ _4\"></span>tinguere l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo. Dall<span class=\"_ _4\"></span>\u2019analisi di ques<span class=\"_ _4\"></span>te fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie non s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>e rest<span class=\"_ _4\"></span>rizioni s<span class=\"_ _4\"></span>ignifi<span class=\"_ _4\"></span>cative<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.4.2 C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>sione dei bilanci in moneta diver<span class=\"_ _2\"></span>sa dall\u2019<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o e delle poste in valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato in euro, che \u00e8 la v<span class=\"_ _4\"></span>aluta fun<span class=\"_ _4\"></span>zionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne adot<span class=\"_ _4\"></span>tata dalla C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Ciascuna impr<span class=\"_ _4\"></span>esa d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o def<span class=\"_ _4\"></span>inisce la p<span class=\"_ _4\"></span>ropria valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale, che \u00e8 utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata p<span class=\"_ _4\"></span>er valut<span class=\"_ _4\"></span>are le voci c<span class=\"_ _4\"></span>ompre<span class=\"_ _4\"></span>se nei </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">singoli bilanci.</span></span> </span><span style=\"display:inherit;clear:left;\">Le trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra sono r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cambio (riferito alla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>) in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">alla data de<span class=\"_ _4\"></span>lla transa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie, d<span class=\"_ _4\"></span>enominate in valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera<span class=\"_ _4\"></span>, sono ric<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>tite ne<span class=\"_ _4\"></span>lla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">luta fun<span class=\"_ _4\"></span>zionale al t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cambi<span class=\"_ _4\"></span>o in ess<span class=\"_ _4\"></span>ere alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze di cambio s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Le pos<span class=\"_ _4\"></span>te non mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>e valutate al c<span class=\"_ _4\"></span>osto s<span class=\"_ _4\"></span>torico in v<span class=\"_ _4\"></span>aluta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra sono c<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>tite us<span class=\"_ _4\"></span>ando i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio in v<span class=\"_ _4\"></span>igore alla </span><span style=\"display:inherit;clear:left;\">data di<span class=\"_ _1\"></span> inizia<span class=\"_ _1\"></span>le rilevazione dell<span class=\"_ _1\"></span>a transazione. </span><span style=\"display:inherit;clear:left;\">I cambi ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del cont<span class=\"_ _4\"></span>rovalore in euro d<span class=\"_ _4\"></span>ei bilanci e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi in valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>a delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trollate (valuta p<span class=\"_ _4\"></span>er 1 Euro<span class=\"_ _2\"></span>) s<span class=\"_ _4\"></span>ono ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ati nella s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte tab<span class=\"_ _4\"></span>ella:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Cambi medi<span class=\"_ _ea\"> </span>Cambi di fine periodo</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _1dc\"> </span>31 dicembre 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Dollaro americ<span class=\"_ _1\"></span>ano<span class=\"_ _1a8\"> </span>1,0824<span class=\"_ _1f2\"> </span>1,0813<span class=\"_ _1d3\"> </span>1,0389<span class=\"_ _141\"> </span>1,1050</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>ranco svizzer<span class=\"_ _1\"></span>o<span class=\"_ _2a5\"> </span>0,9526<span class=\"_ _1f2\"> </span>0,9718<span class=\"_ _1d3\"> </span>0,9412<span class=\"_ _261\"> </span>0,9260</span><span style=\"display:inherit;clear:left;\">Y<span class=\"_ _1c\"></span>en g<span class=\"_ _4\"></span>iapponese<span class=\"_ _24f\"> </span>163,8520<span class=\"_ _80\"> </span>151,9902<span class=\"_ _25\"> </span>163,0601<span class=\"_ _2b6\"> </span>156,3301</span><span style=\"display:inherit;clear:left;\">Sterlina inglese<span class=\"_ _1aa\"> </span>0,8466<span class=\"_ _1f2\"> </span>0,8698<span class=\"_ _1d3\"> </span>0,8292<span class=\"_ _141\"> </span>0,8690</span><span style=\"display:inherit;clear:left;\">Dollaro austr<span class=\"_ _2\"></span>aliano<span class=\"_ _120\"> </span>1,6397<span class=\"_ _2d7\"> </span>1,6288<span class=\"_ _2d7\"> </span>1,6772<span class=\"_ _141\"> </span>1,6263</span><span style=\"display:inherit;clear:left;\">Won sudc<span class=\"_ _2\"></span>oreano<span class=\"_ _dc\"> </span>1475,4050<span class=\"_ _12d\"> </span>1412,8884<span class=\"_ _65\"> </span>1532,1444<span class=\"_ _176\"> </span>1433,6506</span><span style=\"display:inherit;clear:left;\">Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _158\"> </span>8,4454<span class=\"_ _2d7\"> </span>8,4650<span class=\"_ _2d7\"> </span>8,0686<span class=\"_ _141\"> </span>8,6314</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso messicano<span class=\"_ _209\"> </span>19,8314<span class=\"_ _1c1\"> </span>19,1830<span class=\"_ _1c1\"> </span>21,5504<span class=\"_ _1d3\"> </span>18,7231</span><span style=\"display:inherit;clear:left;\">Nuovo dollar<span class=\"_ _1\"></span>o taiwanese<span class=\"_ _1d4\"> </span>34,7330<span class=\"_ _1c1\"> </span>33,6853<span class=\"_ _1c1\"> </span>34,0460<span class=\"_ _1d3\"> </span>33,9354</span><span style=\"display:inherit;clear:left;\">Dollaro di Singapor<span class=\"_ _2\"></span>e<span class=\"_ _1ad\"> </span>1,4458<span class=\"_ _1f2\"> </span>1,4523<span class=\"_ _2d7\"> </span>1,4164<span class=\"_ _141\"> </span>1,4591</span><span style=\"display:inherit;clear:left;\">Baht Thailandia<span class=\"_ _2d8\"> </span>38,1811<span class=\"_ _1c1\"> </span>37,6311<span class=\"_ _1c1\"> </span>35,6760<span class=\"_ _1d3\"> </span>37,9730</span><span style=\"display:inherit;clear:left;\">Ringgit della Malaysia<span class=\"_ _20f\"> </span>4,9503<span class=\"_ _1f2\"> </span>4,9320<span class=\"_ _2d7\"> </span>4,6454<span class=\"_ _141\"> </span>5,0775</span><span style=\"display:inherit;clear:left;\">Rupia indiana<span class=\"_ _243\"> </span>90,5569<span class=\"_ _2b6\"> </span>89,3001<span class=\"_ _1c1\"> </span>88,9335<span class=\"_ _1d3\"> </span>91,9045</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ataca di Macau<span class=\"_ _a7\"> </span>8,6966<span class=\"_ _2d7\"> </span>8,7164<span class=\"_ _2d7\"> </span>8,2968<span class=\"_ _141\"> </span>8,9127</span><span style=\"display:inherit;clear:left;\">Renminbi cinese<span class=\"_ _2d9\"> </span>7,7875<span class=\"_ _2d7\"> </span>7,6600<span class=\"_ _2d7\"> </span>7,5833<span class=\"_ _141\"> </span>7,8509</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso cileno<span class=\"_ _243\"> </span>1020,2416<span class=\"_ _25\"> </span>907,4245<span class=\"_ _2da\"> </span>1030,7153<span class=\"_ _2b6\"> </span>968,7763</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso argentino<span class=\"_ _2db\"> </span>990,2167<span class=\"_ _25\"> </span>895,1990<span class=\"_ _2da\"> </span>1069,5530<span class=\"_ _1c1\"> </span>895,1990</span><span style=\"display:inherit;clear:left;\">Real brasiliano<span class=\"_ _2dc\"> </span>5,8283<span class=\"_ _2d7\"> </span>5,4010<span class=\"_ _2d7\"> </span>6,4253<span class=\"_ _141\"> </span>5,3618</span><span style=\"display:inherit;clear:left;\">Dollaro c<span class=\"_ _1\"></span>anadese<span class=\"_ _2dd\"> </span>1,4821<span class=\"_ _2d7\"> </span>1,4595<span class=\"_ _2d7\"> </span>1,4948<span class=\"_ _141\"> </span>1,4642</span><span style=\"display:inherit;clear:left;\">Alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio, le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo so<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>tite n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a di pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o (l<span class=\"_ _4\"></span>\u2019euro<span class=\"_ _2\"></span>) al t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cambi<span class=\"_ _4\"></span>o in ess<span class=\"_ _4\"></span>ere a t<span class=\"_ _4\"></span>ale data, e il lo<span class=\"_ _4\"></span>ro conto ec<span class=\"_ _4\"></span>onomico \u00e8 co<span class=\"_ _4\"></span>nver<span class=\"_ _4\"></span>tito us<span class=\"_ _4\"></span>ando il cambio </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o di perio<span class=\"_ _4\"></span>do. Le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dalla conver<span class=\"_ _4\"></span>sione so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to e </span><span style=\"display:inherit;clear:left;\">sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente in una app<span class=\"_ _4\"></span>osit<span class=\"_ _4\"></span>a rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>te nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>s<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sivo. A<span class=\"_ _4\"></span>l moment<span class=\"_ _4\"></span>o della dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e di una societ<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera<span class=\"_ _4\"></span>, le diffe<span class=\"_ _4\"></span>renze di c<span class=\"_ _4\"></span>ambio cumulate rile<span class=\"_ _4\"></span>vate come c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di </span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo in considerazione di<span class=\"_ _1\"></span> quella pa<span class=\"_ _1\"></span>rticolare societ\u00e0 estera sono rilevate in<span class=\"_ _1\"></span> conto economico<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">Qualsia<span class=\"_ _4\"></span>si av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto deri<span class=\"_ _4\"></span>vante dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>izione di una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera e quals<span class=\"_ _4\"></span>iasi ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica al <span class=\"ff5f\">fair value</span> (<span class=\"_ _2\"></span>v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo<span class=\"_ _2\"></span>) de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">valori c<span class=\"_ _4\"></span>ontabili di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019acquisizi<span class=\"_ _4\"></span>one di quella s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera e s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi ne<span class=\"_ _4\"></span>lla valuta f<span class=\"_ _4\"></span>unzionale d<span class=\"_ _4\"></span>ella so<span class=\"_ _4\"></span>ciet\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra e conver<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>i al tas<span class=\"_ _4\"></span>so di c<span class=\"_ _4\"></span>ambio </span><span style=\"display:inherit;clear:left;\">di chiusur<span class=\"_ _4\"></span>a di fin<span class=\"_ _4\"></span>e per<span class=\"_ _4\"></span>iodo.</span><span style=\"display:inherit;clear:left;\">3. Gestione dei rischi finanziari (IFRS 7)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to in varia mis<span class=\"_ _4\"></span>ura ai diver<span class=\"_ _4\"></span>si ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari conne<span class=\"_ _4\"></span>ssi alla p<span class=\"_ _4\"></span>ropria atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0, in </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare ri<span class=\"_ _4\"></span>conducibili alla tip<span class=\"_ _4\"></span>ologia de<span class=\"_ _4\"></span>i rischi di m<span class=\"_ _4\"></span>ercato, ulte<span class=\"_ _4\"></span>riorme<span class=\"_ _4\"></span>nte distinguib<span class=\"_ _4\"></span>ili in<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>r<span class=\"_ _4\"></span>ischi di t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o, relativ<span class=\"_ _4\"></span>i agli ef<span class=\"_ _4\"></span>fetti di v<span class=\"_ _4\"></span>ariazioni de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>r<span class=\"_ _4\"></span>ischi di camb<span class=\"_ _4\"></span>io, conse<span class=\"_ _4\"></span>guenti all<span class=\"_ _4\"></span>\u2019oper<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 in aree v<span class=\"_ _4\"></span>alutarie di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e da quella de<span class=\"_ _4\"></span>lla divis<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _165\"></span>rischi di liqui<span class=\"_ _4\"></span>dit\u00e0, re<span class=\"_ _4\"></span>lativi alla dis<span class=\"_ _4\"></span>ponibilit<span class=\"_ _4\"></span>\u00e0 di risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie e alla f<span class=\"_ _4\"></span>acilit\u00e0 di acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so al merc<span class=\"_ _4\"></span>ato del cre<span class=\"_ _4\"></span>dito e </span><span style=\"display:inherit;clear:left;\">conne<span class=\"_ _4\"></span>ssi all<span class=\"_ _4\"></span>\u2019esige<span class=\"_ _4\"></span>nza di f<span class=\"_ _4\"></span>are fronte agli impe<span class=\"_ _4\"></span>gni f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o nel bre<span class=\"_ _4\"></span>ve termine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>rischi di cre<span class=\"_ _4\"></span>dito (<span class=\"_ _1\"></span>o di contropar<span class=\"_ _4\"></span>te), che rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano i rischi di ina<span class=\"_ _4\"></span>dempime<span class=\"_ _4\"></span>nto di obbliga<span class=\"_ _4\"></span>zioni comm<span class=\"_ _4\"></span>erciali o f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie as<span class=\"_ _4\"></span>sunte dalle vari<span class=\"_ _4\"></span>e contropar<span class=\"_ _4\"></span>ti e de<span class=\"_ _4\"></span>rivanti dalle n<span class=\"_ _4\"></span>ormali ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni comme<span class=\"_ _4\"></span>rciali o da attiv<span class=\"_ _4\"></span>it\u00e0 di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to, impiego e co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ei risc<span class=\"_ _4\"></span>hi. </span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi di tipo f<span class=\"_ _4\"></span>inanziario v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulla ba<span class=\"_ _4\"></span>se di line<span class=\"_ _4\"></span>e guida dete<span class=\"_ _4\"></span>rminate dalla Capog<span class=\"_ _4\"></span>ruppo, </span><span style=\"display:inherit;clear:left;\">nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to deg<span class=\"_ _4\"></span>li obiet<span class=\"_ _4\"></span>tivi d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>initi a livello ce<span class=\"_ _4\"></span>ntrale dal Co<span class=\"_ _4\"></span>nsiglio di Ammini<span class=\"_ _4\"></span>stra<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Ci\u00f2 cons<span class=\"_ _4\"></span>ente di contro<span class=\"_ _4\"></span>llare e </span><span style=\"display:inherit;clear:left;\">di coordinare l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 delle s<span class=\"_ _4\"></span>ingole so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate, anche at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di pianif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione e co<span class=\"_ _4\"></span>ntrollo </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziario pi\u00f9 ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e, di monitor<span class=\"_ _4\"></span>are in mod<span class=\"_ _4\"></span>o siste<span class=\"_ _4\"></span>matico i live<span class=\"_ _4\"></span>lli di esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one ai rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari del Gr<span class=\"_ _4\"></span>uppo e </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andamento di t<span class=\"_ _4\"></span>eso<span class=\"_ _4\"></span>reria, di fornire utili in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ioni per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _4\"></span>timiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti con gli is<span class=\"_ _4\"></span>tituti di </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o di riferiment<span class=\"_ _4\"></span>o. Sec<span class=\"_ _4\"></span>ondo t<span class=\"_ _4\"></span>ali diretti<span class=\"_ _4\"></span>ve, il Grupp<span class=\"_ _4\"></span>o pre<span class=\"_ _4\"></span>sidia in maniera s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i singoli ris<span class=\"_ _4\"></span>chi fi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari, inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venen<span class=\"_ _4\"></span>do con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di mitigarn<span class=\"_ _4\"></span>e il relativo impat<span class=\"_ _4\"></span>to, anche att<span class=\"_ _4\"></span>ravers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di strum<span class=\"_ _4\"></span>enti der<span class=\"_ _4\"></span>ivati. </span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati ai so<span class=\"_ _4\"></span>li fini di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. In applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i principi IFR<span class=\"_ _4\"></span>S alcuni deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come di n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne ancorch\u00e9 sian<span class=\"_ _4\"></span>o stati s<span class=\"_ _4\"></span>tipulati co<span class=\"_ _4\"></span>n esclu<span class=\"_ _4\"></span>siva f<span class=\"_ _4\"></span>inalit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono prev<span class=\"_ _4\"></span>alente<span class=\"_ _4\"></span>mente cos<span class=\"_ _4\"></span>tituite da de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e da debit<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o banche e altr<span class=\"_ _4\"></span>i debiti </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari, oltre alla p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> in s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019introdu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l principio co<span class=\"_ _4\"></span>ntabile IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. La ges<span class=\"_ _4\"></span>tione di t<span class=\"_ _4\"></span>ali </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 princip<span class=\"_ _4\"></span>almente f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a al f<span class=\"_ _4\"></span>inanziamento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po.</span><span style=\"display:inherit;clear:left;\">Rischio di tasso</span><span style=\"display:inherit;clear:left;\">Le oscilla<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>sse di m<span class=\"_ _4\"></span>ercato inf<span class=\"_ _4\"></span>luisco<span class=\"_ _4\"></span>no sul live<span class=\"_ _4\"></span>llo degli on<span class=\"_ _4\"></span>eri f<span class=\"_ _4\"></span>inanziari ne<span class=\"_ _4\"></span>tti e sul v<span class=\"_ _4\"></span>alore di me<span class=\"_ _4\"></span>rcato </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie.</span><span style=\"display:inherit;clear:left;\">Il rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so d<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se si pu<span class=\"_ _4\"></span>\u00f2 classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are in:</span><span style=\"display:inherit;clear:left;\">\u2022  <span class=\"_ _161\"></span><span class=\"ff5f ws8e\">flow risk<span class=\"ff5c\">, che s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce alla variabilit<span class=\"_ _4\"></span>\u00e0 degli imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di interes<span class=\"_ _4\"></span>si att<span class=\"_ _4\"></span>ivi e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi inc<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ati e pagati a s<span class=\"_ _4\"></span>eguito de<span class=\"_ _4\"></span>i movi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">menti n<span class=\"_ _4\"></span>ei livelli de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato;</span><span style=\"display:inherit;clear:left;\">\u2022  <span class=\"_ _161\"></span><span class=\"ff5f ls5b ws15a\">price risk<span class=\"ff5c ls3 ws111\">, relati<span class=\"_ _4\"></span>vo alla sens<span class=\"_ _4\"></span>ibilit\u00e0 de<span class=\"_ _4\"></span>l valore di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 alle variaz<span class=\"_ _4\"></span>ioni del li<span class=\"_ _4\"></span>vello dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse (si riferi<span class=\"_ _4\"></span>sce ad at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o f<span class=\"_ _4\"></span>iss<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 princ<span class=\"_ _4\"></span>ipalmente e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to al <span class=\"ff5f\">f<span class=\"_ _4\"></span>low risk</span>, o ris<span class=\"_ _4\"></span>chio di flu<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, cio\u00e8 al rischi<span class=\"_ _4\"></span>o di conse<span class=\"_ _4\"></span>guire a </span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico un aum<span class=\"_ _4\"></span>ento dei co<span class=\"_ _4\"></span>sti f<span class=\"_ _4\"></span>inanziari p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to di una variaz<span class=\"_ _4\"></span>ione sf<span class=\"_ _4\"></span>avorevole de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di inter<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>e. Le s<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano riso<span class=\"_ _4\"></span>rse f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie di ter<span class=\"_ _4\"></span>zi princip<span class=\"_ _4\"></span>almente sot<span class=\"_ _4\"></span>to forma di de<span class=\"_ _4\"></span>bito banc<span class=\"_ _4\"></span>ario rego<span class=\"_ _4\"></span>lato a tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">variabile e impi<span class=\"_ _4\"></span>egano la liqui<span class=\"_ _4\"></span>dit\u00e0 disp<span class=\"_ _4\"></span>onibile pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente in s<span class=\"_ _4\"></span>trumenti di m<span class=\"_ _4\"></span>ercato m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ario. V<span class=\"_ _1\"></span>ariazio<span class=\"_ _4\"></span>ni nei t<span class=\"_ _4\"></span>assi </span><span style=\"display:inherit;clear:left;\">di intere<span class=\"_ _4\"></span>sse di m<span class=\"_ _4\"></span>ercato inci<span class=\"_ _4\"></span>dono so<span class=\"_ _4\"></span>lo sul cos<span class=\"_ _4\"></span>to dei f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamenti e sul re<span class=\"_ _4\"></span>ndimento de<span class=\"_ _4\"></span>lle forme di impie<span class=\"_ _4\"></span>go e quindi sul </span><span style=\"display:inherit;clear:left;\">livello d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri e dei p<span class=\"_ _4\"></span>roventi f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o, e non anche sul loro <span class=\"ff5f\">fair value</span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">La po<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne debit<span class=\"_ _4\"></span>oria onero<span class=\"_ _4\"></span>sa \u00e8 rapp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a da finan<span class=\"_ _4\"></span>ziamenti a t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o variabile a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inde<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bitam<span class=\"_ _4\"></span>ento banc<span class=\"_ _4\"></span>ario \u00e8 parame<span class=\"_ _4\"></span>trato al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di mercato (<span class=\"_ _5\"></span>gene<span class=\"_ _4\"></span>ralmente e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r o il tas<span class=\"_ _4\"></span>so di rifer<span class=\"_ _4\"></span>imento sul </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato interbanc<span class=\"_ _4\"></span>ario sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ico de<span class=\"_ _4\"></span>lla valuta in cui il f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento \u00e8 deno<span class=\"_ _4\"></span>minato<span class=\"_ _2\"></span>) di p<span class=\"_ _4\"></span>eriod<span class=\"_ _4\"></span>o pi\u00f9 uno <span class=\"ff5f ws5d\">spread</span><span class=\"ls4 ws84\"> ch<span class=\"_ _4\"></span>e di<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">pen<span class=\"_ _4\"></span>de dalla tipol<span class=\"_ _4\"></span>ogia di linea di cre<span class=\"_ _4\"></span>dito utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata. G<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi var<span class=\"_ _4\"></span>iano da un giorno a<span class=\"_ _4\"></span>d un massim<span class=\"_ _4\"></span>o inferiore ad un anno; </span><span style=\"display:inherit;clear:left;\">il per<span class=\"_ _4\"></span>iodo di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se e il parame<span class=\"_ _4\"></span>tro di merc<span class=\"_ _4\"></span>ato applicato (euribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>), non sup<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o i dodici me<span class=\"_ _4\"></span>si. I marg<span class=\"_ _4\"></span>ini </span><span style=\"display:inherit;clear:left;\">applic<span class=\"_ _4\"></span>ati sono par<span class=\"_ _4\"></span>agonabili ai migliori <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls0 ws5\"> di m<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>at<span class=\"_ _4\"></span>o. </span></span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono in giace<span class=\"_ _4\"></span>nza pr<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o conti co<span class=\"_ _4\"></span>rrenti o impie<span class=\"_ _4\"></span>gate in ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di <span class=\"ff5f ls9 ws16c\">time deposit<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws11d\"> a breve te<span class=\"_ _4\"></span>rmine </span></span></span><span style=\"display:inherit;clear:left;\">aper<span class=\"_ _4\"></span>ti c<span class=\"_ _4\"></span>on le banche di re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne che gene<span class=\"_ _4\"></span>ralmente p<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do o il </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della v<span class=\"_ _4\"></span>aluta in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato, in strut<span class=\"_ _4\"></span>ture di </span><span style=\"display:inherit;clear:left;\">cash po<span class=\"_ _4\"></span>oling<span class=\"ff5c\"> o in pres<span class=\"_ _4\"></span>titi </span><span class=\"ls5a wsd4\">int<span class=\"_ _4\"></span>erco<span class=\"_ _4\"></span>mpa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa\">, regolat<span class=\"_ _4\"></span>i a condizi<span class=\"_ _4\"></span>oni corrent<span class=\"_ _4\"></span>i di mercato, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a contene<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izion<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo ve<span class=\"_ _4\"></span>rso il si<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ma bancario, il ri<span class=\"_ _4\"></span>schio di controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e e l<span class=\"_ _4\"></span>\u2019incide<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari.</span><span style=\"display:inherit;clear:left;\">La so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>rata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span>e della propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, \u00e8 </span><span style=\"display:inherit;clear:left;\">inoltre e<span class=\"_ _4\"></span>ntrata ne<span class=\"_ _4\"></span>l 2022 in un inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo po<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>za Ram<span class=\"_ _4\"></span>o I prontam<span class=\"_ _4\"></span>ente liquidabile<span class=\"_ _4\"></span>, nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2023 in </span><span style=\"display:inherit;clear:left;\">un inves<span class=\"_ _4\"></span>timento in tit<span class=\"_ _4\"></span>oli di st<span class=\"_ _4\"></span>ato italiani di breve t<span class=\"_ _4\"></span>ermine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>soro<span class=\"_ _1\"></span>) e nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4 in un inve<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stim<span class=\"_ _4\"></span>ento as<span class=\"_ _4\"></span>sicurativo p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a multiramo pront<span class=\"_ _4\"></span>amente li<span class=\"_ _4\"></span>quidabile.</span><span style=\"display:inherit;clear:left;\">Nell<span class=\"_ _4\"></span>\u2019ambito della comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a politic<span class=\"_ _4\"></span>a di ottimi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e, vie<span class=\"_ _4\"></span>ne ricerc<span class=\"_ _4\"></span>ato un equilibrio t<span class=\"_ _4\"></span>ra so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 con ecc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>si di liquidit\u00e0 r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to ad altr<span class=\"_ _4\"></span>e con fabbi<span class=\"_ _4\"></span>sogni f<span class=\"_ _4\"></span>inanziari, r<span class=\"_ _4\"></span>icorren<span class=\"_ _4\"></span>do alle forme di f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamento me<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">onerose. </span><span style=\"display:inherit;clear:left;\">La se<span class=\"_ _4\"></span>nsibilit<span class=\"_ _4\"></span>\u00e0 al rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so \u00e8 monito<span class=\"_ _4\"></span>rata a live<span class=\"_ _4\"></span>llo di Grupp<span class=\"_ _4\"></span>o tene<span class=\"_ _4\"></span>ndo opp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tunamente in co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one l<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o una ges<span class=\"_ _4\"></span>tione co<span class=\"_ _4\"></span>ordinata de<span class=\"_ _4\"></span>l debito e d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0 disponibil<span class=\"_ _4\"></span>e e delle re<span class=\"_ _4\"></span>lative sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ze. A<span class=\"_ _4\"></span>lla data del bilan<span class=\"_ _4\"></span>cio non son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari deri<span class=\"_ _4\"></span>vati di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e, </span><span style=\"display:inherit;clear:left;\">volti a tr<span class=\"_ _4\"></span>asformare l<span class=\"_ _5\"></span>\u2019inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>nto da variabile a f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>so, n\u00e9 il Gr<span class=\"_ _4\"></span>uppo ne ha fat<span class=\"_ _4\"></span>to utiliz<span class=\"_ _4\"></span>zo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 al rischio di t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o cui \u00e8 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to il Grupp<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta p<span class=\"_ _4\"></span>rende<span class=\"_ _4\"></span>ndo in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e le par<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tite di bilancio ch<span class=\"_ _4\"></span>e originano inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si regolati a t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so variabil<span class=\"_ _4\"></span>e e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando incre<span class=\"_ _4\"></span>menti o de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nti paralle<span class=\"_ _4\"></span>li nelle </span><span style=\"display:inherit;clear:left;\">cur<span class=\"_ _4\"></span>ve dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di riferime<span class=\"_ _4\"></span>nto per s<span class=\"_ _4\"></span>ingola valut<span class=\"_ _4\"></span>a propor<span class=\"_ _4\"></span>zionali alla ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a volatilit\u00e0 annua os<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vata sul m<span class=\"_ _4\"></span>ercato. Il </span><span style=\"display:inherit;clear:left;\">risult<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>\u2019analisi ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a con riferim<span class=\"_ _4\"></span>ento ai fatt<span class=\"_ _4\"></span>ori di rischi<span class=\"_ _4\"></span>o gener<span class=\"_ _4\"></span>anti esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>cur<span class=\"_ _4\"></span>ve de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse in R<span class=\"_ _4\"></span>enmimbi cine<span class=\"_ _4\"></span>se, Euro, Dollaro di H<span class=\"_ _4\"></span>ong Kong, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Patac<span class=\"_ _4\"></span>a di Macao, D<span class=\"_ _4\"></span>ollaro mes<span class=\"_ _4\"></span>sican<span class=\"_ _4\"></span>o, Dol<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">laro di Singapo<span class=\"_ _4\"></span>re e Dollaro me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano<span class=\"_ _1\"></span>) ha mos<span class=\"_ _4\"></span>trato pote<span class=\"_ _4\"></span>nziali p<span class=\"_ _4\"></span>erdite o utili a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico di Euro 396 migliaia, </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ate con pote<span class=\"_ _4\"></span>nziali p<span class=\"_ _4\"></span>erdite o utili a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico di Euro 1<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span><span style=\"display:inherit;clear:left;\">La po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ile variazi<span class=\"_ _4\"></span>one in se<span class=\"_ _4\"></span>nso favore<span class=\"_ _4\"></span>vole o sf<span class=\"_ _4\"></span>avorevole de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di rife<span class=\"_ _4\"></span>rimento di me<span class=\"_ _4\"></span>rcato continua a<span class=\"_ _4\"></span>d avere un </span><span style=\"display:inherit;clear:left;\">impatto p<span class=\"_ _4\"></span>oco sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico di G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di v<span class=\"_ _4\"></span>ariazione d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in valute dive<span class=\"_ _4\"></span>rse dalla v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nominaz<span class=\"_ _4\"></span>ione di conto. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, \u00e8 po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are il rischio di c<span class=\"_ _4\"></span>ambio sulla ba<span class=\"_ _4\"></span>se della natura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e degli impa<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ti che determin<span class=\"_ _1\"></span>a:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>sul risult<span class=\"_ _4\"></span>ato ec<span class=\"_ _4\"></span>onomico, pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella diver<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativ<span class=\"_ _4\"></span>it\u00e0 di cos<span class=\"_ _4\"></span>ti e ric<span class=\"_ _4\"></span>avi in valut<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al mo<span class=\"_ _4\"></span>mento in cui </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>tate d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>e le condiz<span class=\"_ _4\"></span>ioni di pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo (<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ischio e<span class=\"_ _4\"></span>conomico) e per ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di crediti e d<span class=\"_ _4\"></span>ebiti </span><span style=\"display:inherit;clear:left;\">comme<span class=\"_ _4\"></span>rciali o f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>nominati in v<span class=\"_ _4\"></span>aluta (rischio tr<span class=\"_ _4\"></span>ansat<span class=\"_ _4\"></span>tivo)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato, risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico e patrimonio n<span class=\"_ _4\"></span>etto, p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di azie<span class=\"_ _4\"></span>nde che re<span class=\"_ _4\"></span>digono il bilancio c<span class=\"_ _4\"></span>on monet<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa da quella fun<span class=\"_ _4\"></span>zionale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">traslativo<span class=\"_ _2\"></span>).</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra a livello inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nale ed \u00e8 quindi e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sto ai ris<span class=\"_ _4\"></span>chi deri<span class=\"_ _4\"></span>vanti dalle f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio, ch<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">hanno rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico e s<span class=\"_ _4\"></span>ul valore de<span class=\"_ _4\"></span>l patrimonio n<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>a funz<span class=\"_ _4\"></span>ionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei dati f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro. </span><span style=\"display:inherit;clear:left;\">Per le so<span class=\"_ _4\"></span>ciet\u00e0 la cui di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a di rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Bilancio \u00e8 di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa dalla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po, se<span class=\"_ _4\"></span>condo </span><span style=\"display:inherit;clear:left;\">quanto det<span class=\"_ _4\"></span>tato dai p<span class=\"_ _4\"></span>rincipi IFR<span class=\"_ _4\"></span>S:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>i conti e<span class=\"_ _4\"></span>conomici ve<span class=\"_ _4\"></span>ngono conve<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iti in euro al camb<span class=\"_ _4\"></span>io medio di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do; a parit\u00e0 di ric<span class=\"_ _4\"></span>avi e marg<span class=\"_ _4\"></span>ini in divis<span class=\"_ _4\"></span>a loc<span class=\"_ _4\"></span>ale, </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ioni dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io pos<span class=\"_ _4\"></span>sono c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>are effe<span class=\"_ _4\"></span>tti sul c<span class=\"_ _4\"></span>ontrovalore in e<span class=\"_ _4\"></span>uro dei ric<span class=\"_ _4\"></span>avi, dei co<span class=\"_ _4\"></span>sti e de<span class=\"_ _4\"></span>i risul<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati economici<span class=\"_ _2\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 vengon<span class=\"_ _4\"></span>o conver<span class=\"_ _4\"></span>tite in euro al c<span class=\"_ _4\"></span>ambio di f<span class=\"_ _4\"></span>ine pe<span class=\"_ _4\"></span>riodo e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sono as<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>re controvalo<span class=\"_ _4\"></span>ri </span><span style=\"display:inherit;clear:left;\">diver<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i cambi. T<span class=\"_ _2\"></span>ale var<span class=\"_ _4\"></span>iazione ha e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to a patrim<span class=\"_ _4\"></span>onio nett<span class=\"_ _4\"></span>o, dove \u00e8 riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>i<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a nella voce \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, e vien<span class=\"_ _4\"></span>e rilevat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. </span><span style=\"display:inherit;clear:left;\">Oltre ag<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>soluti, anch<span class=\"_ _4\"></span>e gli indici di bilancio p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono var<span class=\"_ _4\"></span>iare, se le pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zioni tr<span class=\"_ _4\"></span>a utile, att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to e patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o nelle var<span class=\"_ _4\"></span>ie valute camb<span class=\"_ _4\"></span>iano per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle variazi<span class=\"_ _4\"></span>oni nei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambi<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>olitica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o coprir<span class=\"_ _4\"></span>si a fronte de<span class=\"_ _4\"></span>lla propria e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di c<span class=\"_ _4\"></span>ambio tra<span class=\"_ _4\"></span>slativo. </span><span style=\"display:inherit;clear:left;\">Obiet<span class=\"_ _4\"></span>tivo d<span class=\"_ _4\"></span>ella politi<span class=\"_ _4\"></span>ca di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio \u00e8 la minimiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei rischi di c<span class=\"_ _4\"></span>ambio ec<span class=\"_ _4\"></span>onomico e tr<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sat<span class=\"_ _4\"></span>tivo, cio\u00e8 de<span class=\"_ _4\"></span>i rischi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalla pos<span class=\"_ _4\"></span>sibilit\u00e0 che l<span class=\"_ _4\"></span>e parit\u00e0 v<span class=\"_ _4\"></span>alutarie s<span class=\"_ _4\"></span>i modif<span class=\"_ _4\"></span>ichino in se<span class=\"_ _4\"></span>nso s<span class=\"_ _4\"></span>favorevol<span class=\"_ _4\"></span>e nel pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">intercorr<span class=\"_ _4\"></span>ente tra il mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>rge la prev<span class=\"_ _4\"></span>ision<span class=\"_ _4\"></span>e di un impegn<span class=\"_ _4\"></span>o a pagare o di un diritt<span class=\"_ _4\"></span>o a incas<span class=\"_ _4\"></span>sare di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019euro per una dat<span class=\"_ _4\"></span>a futura (def<span class=\"_ _4\"></span>inizione <span class=\"ff5f ls56 ws7\">b<span class=\"_ _4\"></span>udget</span><span class=\"ls9 wsc7\">, fissa<span class=\"_ _4\"></span>zione del listin<span class=\"_ _1\"></span>o, predisposizione ord<span class=\"_ _1\"></span>ine<span class=\"_ _2\"></span>), la registrazione del </span></span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nto contab<span class=\"_ _4\"></span>ile (fatturaz<span class=\"_ _4\"></span>ione) e il momento in cui l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>cas<span class=\"_ _4\"></span>so o il pagam<span class=\"_ _4\"></span>ento ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte si manifes<span class=\"_ _4\"></span>ta, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">neran<span class=\"_ _4\"></span>do un ef<span class=\"_ _4\"></span>fetto in t<span class=\"_ _4\"></span>ermini di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze cambio, con imp<span class=\"_ _4\"></span>atto a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. In continuit\u00e0 c<span class=\"_ _4\"></span>on la politic<span class=\"_ _4\"></span>a di </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ad<span class=\"_ _4\"></span>ottat<span class=\"_ _4\"></span>a neg<span class=\"_ _4\"></span>li ultimi anni, il Gruppo ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>sce il ris<span class=\"_ _4\"></span>chio di cambio de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ante dalla propria </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>ommerciale<span class=\"_ _4\"></span>, coere<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte a quanto dispo<span class=\"_ _4\"></span>sto dalla <span class=\"ff5f ls4 ws3\">po<span class=\"_ _4\"></span>licy</span> di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io e dagli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente def<span class=\"_ _4\"></span>initi a live<span class=\"_ _4\"></span>llo central<span class=\"_ _4\"></span>e, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o la cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">merciali de<span class=\"_ _4\"></span>rivanti dalle ve<span class=\"_ _4\"></span>ndite pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e in divis<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se dall<span class=\"_ _4\"></span>\u2019euro, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di mitig<span class=\"_ _4\"></span>are il rischio di v<span class=\"_ _4\"></span>ariabilit\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">margine at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>o, deriv<span class=\"_ _4\"></span>ante dalle vendit<span class=\"_ _4\"></span>e relative alle f<span class=\"_ _4\"></span>uture colle<span class=\"_ _4\"></span>zioni. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o oper<span class=\"_ _4\"></span>a in misura signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativa sui m<span class=\"_ _4\"></span>ercati inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nali anche attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o societ<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciali loc<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zate </span><span style=\"display:inherit;clear:left;\">in pae<span class=\"_ _4\"></span>si che utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano valute di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019Euro, princip<span class=\"_ _4\"></span>almente Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e Renmimbi cine<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 le p<span class=\"_ _4\"></span>ercentuali di ri<span class=\"_ _4\"></span>cavi net<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>nominati in Dollari am<span class=\"_ _4\"></span>ericani s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">pari a circa il 33%<span class=\"_ _4\"></span>, in Renmimbi cine<span class=\"_ _4\"></span>si a circa il 10%<span class=\"_ _4\"></span>, in Y<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 6%, in Won sud<span class=\"_ _4\"></span>-c<span class=\"_ _4\"></span>oreani a circa il 5% </span><span style=\"display:inherit;clear:left;\">ed in Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssic<span class=\"_ _4\"></span>ani a circa il 5%. N<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 2023, la pe<span class=\"_ _4\"></span>rcentuale dei r<span class=\"_ _4\"></span>icavi n<span class=\"_ _4\"></span>etti re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">dalla Soci<span class=\"_ _4\"></span>et\u00e0 in Do<span class=\"_ _4\"></span>llari americ<span class=\"_ _4\"></span>ani sono s<span class=\"_ _4\"></span>tate p<span class=\"_ _4\"></span>ari a circa il 3<span class=\"_ _2\"></span>1%, in Renmimbi cin<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 9%<span class=\"_ _4\"></span>, in Won sud-<span class=\"_ _4\"></span>coreani </span><span style=\"display:inherit;clear:left;\">a circa il 6%<span class=\"_ _4\"></span>, in Pes<span class=\"_ _4\"></span>o mes<span class=\"_ _4\"></span>sicani a circ<span class=\"_ _4\"></span>a il 6% ed in Y<span class=\"_ _2\"></span>en g<span class=\"_ _4\"></span>iappone<span class=\"_ _4\"></span>si a circa il 5%<span class=\"_ _4\"></span>. I rischi di v<span class=\"_ _4\"></span>aluta orig<span class=\"_ _4\"></span>inano principal<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente dalle e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 in Dollari ame<span class=\"_ _4\"></span>ricani, Re<span class=\"_ _4\"></span>nminbi cinesi, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi, Won sud<span class=\"_ _4\"></span>-co<span class=\"_ _4\"></span>reani e </span><span style=\"display:inherit;clear:left;\">Pes<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>essica<span class=\"_ _2\"></span>ni.</span><span style=\"display:inherit;clear:left;\">In un proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di ricerc<span class=\"_ _4\"></span>a di semp<span class=\"_ _4\"></span>re mag<span class=\"_ _4\"></span>giore ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e di un pi\u00f9 puntuale pre<span class=\"_ _4\"></span>sidio d<span class=\"_ _4\"></span>ei rischi, la ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one del ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">di cambio \u00e8 a<span class=\"_ _4\"></span>ccentrat<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>so la C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. I tra<span class=\"_ _4\"></span>sferim<span class=\"_ _4\"></span>enti one<span class=\"_ _4\"></span>rosi di me<span class=\"_ _4\"></span>rce alle so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate vengono re<span class=\"_ _4\"></span>go<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lati dirett<span class=\"_ _4\"></span>amente n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a del Pae<span class=\"_ _4\"></span>se in cui op<span class=\"_ _4\"></span>erano e ve<span class=\"_ _4\"></span>ndono. In re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne al proprio m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, il G<span class=\"_ _4\"></span>rup<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po so<span class=\"_ _4\"></span>stie<span class=\"_ _4\"></span>ne una par<span class=\"_ _4\"></span>te signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va dei c<span class=\"_ _4\"></span>osti in e<span class=\"_ _4\"></span>uro (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>lativi alla pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e e alla ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>lla strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">Cor<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>orat<span class=\"_ _4\"></span>e<span class=\"ff5c ls3 ws81\">) mentre i ric<span class=\"_ _4\"></span>avi e i cos<span class=\"_ _4\"></span>ti reg<span class=\"_ _4\"></span>istrat<span class=\"_ _4\"></span>i dalle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente n<span class=\"_ _4\"></span>elle valute l<span class=\"_ _4\"></span>ocali </span></span><span style=\"display:inherit;clear:left;\">dei ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i mercati di r<span class=\"_ _4\"></span>iferimento. In p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>icolare, il G<span class=\"_ _4\"></span>ruppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di cambio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019Euro </span><span style=\"display:inherit;clear:left;\">nei co<span class=\"_ _4\"></span>nfronti del D<span class=\"_ _4\"></span>ollaro americ<span class=\"_ _4\"></span>ano, in rela<span class=\"_ _4\"></span>zione sia alle ve<span class=\"_ _4\"></span>ndite in Do<span class=\"_ _4\"></span>llari ef<span class=\"_ _4\"></span>fettuate sul m<span class=\"_ _4\"></span>ercato no<span class=\"_ _4\"></span>rdameric<span class=\"_ _4\"></span>ano, sia </span><span style=\"display:inherit;clear:left;\">ancora s<span class=\"_ _4\"></span>u un circoscrit<span class=\"_ _4\"></span>to numero di m<span class=\"_ _4\"></span>ercati, pr<span class=\"_ _4\"></span>evale<span class=\"_ _4\"></span>ntemente a<span class=\"_ _4\"></span>siatici. In ques<span class=\"_ _4\"></span>to conte<span class=\"_ _4\"></span>sto, il Gr<span class=\"_ _4\"></span>uppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riazio<span class=\"_ _4\"></span>ne dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute in cui s<span class=\"_ _4\"></span>ono den<span class=\"_ _4\"></span>ominate le vendit<span class=\"_ _4\"></span>e, che si tr<span class=\"_ _4\"></span>aduce ne<span class=\"_ _4\"></span>l rischio ch<span class=\"_ _4\"></span>e il controvalor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in Euro dei ric<span class=\"_ _4\"></span>avi dete<span class=\"_ _4\"></span>rminato al mome<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so non sia s<span class=\"_ _4\"></span>uff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a coprire i co<span class=\"_ _4\"></span>sti di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e o comunque </span><span style=\"display:inherit;clear:left;\">a cons<span class=\"_ _4\"></span>eguire il marg<span class=\"_ _4\"></span>ine obiet<span class=\"_ _4\"></span>tivo. T<span class=\"_ _2\"></span>ale ris<span class=\"_ _4\"></span>chio \u00e8 acce<span class=\"_ _4\"></span>ntuato per il ril<span class=\"_ _4\"></span>evante inter<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>allo temp<span class=\"_ _4\"></span>orale  che inte<span class=\"_ _4\"></span>rcorre  tr<span class=\"_ _4\"></span>a  il </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in  cui vengono f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>sati i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ve<span class=\"_ _4\"></span>ndita di una co<span class=\"_ _4\"></span>llezi<span class=\"_ _4\"></span>one ed il mo<span class=\"_ _4\"></span>mento in cui i ric<span class=\"_ _4\"></span>avi vengo<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>titi in </span><span style=\"display:inherit;clear:left;\">Euro, che si es<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e fino a di<span class=\"_ _4\"></span>ciotto me<span class=\"_ _4\"></span>si.</span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o (in quanto societ<span class=\"_ _4\"></span>\u00e0 di pro<span class=\"_ _4\"></span>duzione) stipula co<span class=\"_ _4\"></span>ntratti di ve<span class=\"_ _4\"></span>ndita a t<span class=\"_ _4\"></span>ermine di valut<span class=\"_ _4\"></span>a oppure o<span class=\"_ _4\"></span>pzioni, atti </span><span style=\"display:inherit;clear:left;\">a def<span class=\"_ _4\"></span>inire anticipatam<span class=\"_ _4\"></span>ente il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di conver<span class=\"_ _4\"></span>sione, o un r<span class=\"_ _4\"></span>ange pred<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o di tas<span class=\"_ _4\"></span>si di conver<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e, a date future con un </span><span style=\"display:inherit;clear:left;\">oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale mas<span class=\"_ _4\"></span>simo att<span class=\"_ _4\"></span>eso di 24 mesi. Si n<span class=\"_ _4\"></span>ota che ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi in e<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o il rischio di </span><span style=\"display:inherit;clear:left;\">cambio qua<span class=\"_ _4\"></span>si es<span class=\"_ _4\"></span>clusiv<span class=\"_ _4\"></span>amente con ve<span class=\"_ _4\"></span>ndite di valut<span class=\"_ _4\"></span>a a termin<span class=\"_ _4\"></span>e tramite contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">for<span class=\"_ _4\"></span>ward<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">A tale f<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>, in funzio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e e delle co<span class=\"_ _4\"></span>ndizioni di m<span class=\"_ _4\"></span>ercato, vengo<span class=\"_ _4\"></span>no stipulate<span class=\"_ _4\"></span>, prima de<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione de<span class=\"_ _4\"></span>i li<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stini di ve<span class=\"_ _4\"></span>ndita, e c<span class=\"_ _4\"></span>omunque non olt<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>ella campag<span class=\"_ _4\"></span>na vendite<span class=\"_ _4\"></span>, cope<span class=\"_ _4\"></span>rture p<span class=\"_ _4\"></span>er un ammont<span class=\"_ _4\"></span>are gene<span class=\"_ _4\"></span>ralmente </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a il 50% e il 9<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>% delle pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ni di vendite in va<span class=\"_ _4\"></span>luta, p<span class=\"_ _4\"></span>ercentuale c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa e non s<span class=\"_ _4\"></span>ulla singola valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera. N<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla fis<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l listin<span class=\"_ _4\"></span>o, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare dell<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rture </span><span style=\"display:inherit;clear:left;\">in es<span class=\"_ _4\"></span>sere v<span class=\"_ _4\"></span>iene inte<span class=\"_ _4\"></span>grato in re<span class=\"_ _4\"></span>lazione ag<span class=\"_ _4\"></span>li ordini ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>cquisiti e m<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>i in produ<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. In tal mo<span class=\"_ _4\"></span>do la soci<span class=\"_ _4\"></span>et\u00e0 </span><span style=\"display:inherit;clear:left;\">ricon<span class=\"_ _4\"></span>duce il rischio c<span class=\"_ _4\"></span>ommerciale al s<span class=\"_ _4\"></span>olo ris<span class=\"_ _4\"></span>chio deri<span class=\"_ _4\"></span>vante dai volumi di vendit<span class=\"_ _4\"></span>a e non anch<span class=\"_ _4\"></span>e a quello der<span class=\"_ _4\"></span>ivante dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">All<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sopr<span class=\"_ _4\"></span>a des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a, si ag<span class=\"_ _4\"></span>giunge quella re<span class=\"_ _4\"></span>siduale di alcun<span class=\"_ _4\"></span>e controllate as<span class=\"_ _4\"></span>iatiche e latino<span class=\"_ _4\"></span>-americ<span class=\"_ _4\"></span>ane che ef<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fettuan<span class=\"_ _4\"></span>o acquist<span class=\"_ _4\"></span>i di merce in D<span class=\"_ _4\"></span>ollari ameri<span class=\"_ _4\"></span>cani o in Euro e vendo<span class=\"_ _4\"></span>no nella valut<span class=\"_ _4\"></span>a del Pa<span class=\"_ _4\"></span>ese in cui op<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o. I valori de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>ti coinvolti s<span class=\"_ _4\"></span>ono signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte inferiori ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to a quelli de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span>gruppo. </span><span style=\"display:inherit;clear:left;\">Inoltre il G<span class=\"_ _4\"></span>ruppo cont<span class=\"_ _4\"></span>rolla e copre l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one deri<span class=\"_ _4\"></span>vante dalla varia<span class=\"_ _4\"></span>zione di val<span class=\"_ _4\"></span>ore, a se<span class=\"_ _4\"></span>guito de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni dei </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di cambio, di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa da que<span class=\"_ _4\"></span>lla di conto della s<span class=\"_ _4\"></span>ingola Soci<span class=\"_ _4\"></span>et\u00e0, che </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o  determinare e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti sul co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico (<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ipicame<span class=\"_ _4\"></span>nte rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i di debito<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>credit<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario <span class=\"ff5f ls5a wsd4\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany</span><span class=\"ls0 ws0\">), </span></span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari, la cui cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo i princip<span class=\"_ _4\"></span>i IFRS se<span class=\"_ _4\"></span>gue le re<span class=\"_ _4\"></span>gole del <span class=\"ff5f\">fair value he<span class=\"_ _4\"></span>dge</span><span class=\"ls0 ws0\">: </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vanti dalle suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>oni del val<span class=\"_ _4\"></span>ore corre<span class=\"_ _4\"></span>nte dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a sono ril<span class=\"_ _4\"></span>evati </span><span style=\"display:inherit;clear:left;\">a conto e<span class=\"_ _4\"></span>conomico, co<span class=\"_ _4\"></span>me pure l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a sulla po<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le relaz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura dell<span class=\"_ _4\"></span>e future trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra della C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo (<span class=\"_ _1\"></span>qualific<span class=\"_ _4\"></span>abili ai f<span class=\"_ _4\"></span>ini IFRS come <span class=\"ff5f ls0 ws0\">c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>h </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>low hedge<span class=\"ff5c ls3 ws0\">) sono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le rego<span class=\"_ _4\"></span>le dell<span class=\"_ _4\"></span>\u2019</span><span class=\"ls68 wscc\">hedge accounting<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito le mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023:</span><span style=\"display:inherit;clear:left;\">Rischio di Cambio</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _2df\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Saldo iniziale<span class=\"_ _c\"> </span>5.552<span class=\"_ _78\"> </span>9.495</span><span style=\"display:inherit;clear:left;\"> + incrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia positiva<span class=\"_ _125\"> </span>4.535<span class=\"_ _2d7\"> </span>15.707</span><span style=\"display:inherit;clear:left;\"> - decrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia negativa<span class=\"_ _1a\"> </span>(12.226)<span class=\"_ _1f2\"> </span>(2.805)</span><span style=\"display:inherit;clear:left;\"> -  <span class=\"_ _45\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _1\"></span>a Riserva di <span class=\"ff64\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedge<span class=\"ff61\">  </span></span></span><span style=\"display:inherit;clear:left;\">(6.765)<span class=\"_ _1f1\"> </span>(20.219)</span><span style=\"display:inherit;clear:left;\">ed imputazione di pro<span class=\"_ _1\"></span>vento a CE</span><span style=\"display:inherit;clear:left;\">+ incrementi per tr<span class=\"_ _2\"></span>asferimento di efficacia dalla Ri<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rva<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>i <span class=\"ff64 ls0\">Cash flow hedge </span>ed imputazione di c<span class=\"_ _1\"></span>osto a CE<span class=\"_ _b7\"> </span><span class=\"ls0\">1.923<span class=\"_ _141\"> </span>3.374</span></span><span style=\"display:inherit;clear:left;\">Saldo finale<span class=\"_ _c\"> </span>(6.981)<span class=\"_ _261\"> </span>5.552</span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span>, che accog<span class=\"_ _4\"></span>lie le variaz<span class=\"_ _4\"></span>ioni di valore d<span class=\"_ _4\"></span>egli s<span class=\"_ _4\"></span>trumenti a c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>elle tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ioni atte<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a, si \u00e8 ne<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.533 migliaia nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, me<span class=\"_ _4\"></span>ntre si era d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">Euro 3.943 migliaia nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023. Le varia<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e rifle<span class=\"_ _4\"></span>tton<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>uro nei con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fronti de<span class=\"_ _4\"></span>lle principali v<span class=\"_ _4\"></span>alute og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. Il decr<span class=\"_ _4\"></span>emento \u00e8 s<span class=\"_ _4\"></span>tato p<span class=\"_ _4\"></span>rincipalmente d<span class=\"_ _4\"></span>ovuto al raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">del do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e del re<span class=\"_ _4\"></span>nminbi cines<span class=\"_ _4\"></span>e nella s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da part<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019anno. L<span class=\"_ _44\"></span>\u2019ammontare tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito dalla Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va alla </span><span style=\"display:inherit;clear:left;\">voce \u201c<span class=\"_ _4\"></span>Ric<span class=\"_ _4\"></span>avi dell<span class=\"_ _4\"></span>e vendite<span class=\"_ _4\"></span>\u201d in oc<span class=\"_ _4\"></span>casi<span class=\"_ _4\"></span>one della manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti \u00e8 st<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte po<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sitivo p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>842 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 e<span class=\"_ _4\"></span>d era s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente p<span class=\"_ _4\"></span>ositivo p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>845 migliaia </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so del 2024 non si sono ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icate interr<span class=\"_ _4\"></span>uzioni di re<span class=\"_ _4\"></span>lazioni di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura p<span class=\"_ _4\"></span>er annullame<span class=\"_ _4\"></span>nto<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante att<span class=\"_ _4\"></span>eso; le re<span class=\"_ _4\"></span>lazioni de<span class=\"_ _4\"></span>signate di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura si s<span class=\"_ _4\"></span>ono ri<span class=\"_ _4\"></span>velate ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci al ce<span class=\"_ _4\"></span>nto per c<span class=\"_ _4\"></span>ento pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">la durata de<span class=\"_ _4\"></span>l sot<span class=\"_ _4\"></span>tost<span class=\"_ _4\"></span>ante og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to della re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019eventuale inef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icacia de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura pu\u00f2 rea<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>si pe<span class=\"_ _4\"></span>r effe<span class=\"_ _4\"></span>tto di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze ne<span class=\"_ _4\"></span>lle tempi<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a gene<span class=\"_ _4\"></span>rati dai sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ti e dagli s<span class=\"_ _4\"></span>trumenti di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>c<span class=\"_ _4\"></span>ambiamenti n<span class=\"_ _4\"></span>egli impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i attes<span class=\"_ _4\"></span>i dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa de<span class=\"_ _4\"></span>i sott<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anti cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ti e degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano nelle t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lle di seg<span class=\"_ _4\"></span>uito l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale me<span class=\"_ _4\"></span>dio e la signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er fat<span class=\"_ _4\"></span>tore di ris<span class=\"_ _4\"></span>chio delle co<span class=\"_ _4\"></span>per<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ture sul ris<span class=\"_ _4\"></span>chio di cambio in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ne<span class=\"_ _4\"></span>l Gruppo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 20<span class=\"_ _1\"></span>23. Il numero d<span class=\"_ _4\"></span>elle valut<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>tere rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate n<span class=\"_ _4\"></span>elle t<span class=\"_ _4\"></span>abelle m<span class=\"_ _4\"></span>ette in e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>me la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio sia quasi t<span class=\"_ _4\"></span>otalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">acce<span class=\"_ _4\"></span>ntrata pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o la Capo<span class=\"_ _4\"></span>gruppo.</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Manifestazione finanziaria</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>15.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">215.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,104<span class=\"_ _12a\"> </span>1,093<span class=\"_ _12a\"> </span>1,101<span class=\"_ _d4\"> </span>1,104<span class=\"_ _12a\"> </span>1,085</span><span style=\"display:inherit;clear:left;\">Importo nozionale in AUD<span class=\"_ _20d\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/AUD)<span class=\"_ _1f7\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _83\"> </span>2.000<span class=\"_ _219\"> </span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">2.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,501<span class=\"_ _12a\"> </span>1,516<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CHF<span class=\"_ _2cb\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CHF)<span class=\"_ _155\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,795<span class=\"_ _12a\"> </span>7,797<span class=\"_ _d4\"> </span>7,782<span class=\"_ _12a\"> </span>7,792<span class=\"_ _12a\"> </span>7,719</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _1b1\"> </span>500<span class=\"_ _f2\"> </span>-<span class=\"_ _d4\"> </span>1.500<span class=\"_ _12a\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,847<span class=\"_ _f2\"> </span>-<span class=\"_ _12a\"> </span>0,850<span class=\"_ _d4\"> </span>0,856<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>5.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _bf\"> </span>10.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">35.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,601<span class=\"_ _12a\"> </span>8,509<span class=\"_ _12a\"> </span>8,610<span class=\"_ _12a\"> </span>8,505<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>400.000<span class=\"_ _123\"> </span><span class=\"ff62\">3.500.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>159,448<span class=\"_ _21\"> </span>155,798<span class=\"_ _21\"> </span>155,395<span class=\"_ _21\"> </span>155,401<span class=\"_ _21\"> </span>156,120</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>9.000.000<span class=\"_ _88\"> </span>2.000.000<span class=\"_ _19a\"> </span><span class=\"ff62\">23.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.433,000<span class=\"_ _88\"> </span>1.470,000<span class=\"_ _89\"> </span>1.481,000<span class=\"_ _88\"> </span>1.480,167<span class=\"_ _88\"> </span>1.468,000</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _151\"> </span><span class=\"ff62\">450.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>20,043<span class=\"_ _bf\"> </span>21,093<span class=\"_ _bf\"> </span>22,926<span class=\"_ _cf\"> </span>22,768<span class=\"_ _bf\"> </span>21,922</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>27.000<span class=\"_ _bf\"> </span>36.000<span class=\"_ _bf\"> </span>53.000<span class=\"_ _bf\"> </span>74.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _151\"> </span><span class=\"ff62\">195.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,051<span class=\"_ _12a\"> </span>1,071<span class=\"_ _12a\"> </span>1,090<span class=\"_ _d4\"> </span>1,096<span class=\"_ _12a\"> </span>1,088</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _2e1\"> </span>2.000<span class=\"_ _d7\"> </span>500<span class=\"_ _d4\"> </span>5.000<span class=\"_ _12a\"> </span>2.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">9.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,449<span class=\"_ _12a\"> </span>1,478<span class=\"_ _12a\"> </span>1,479<span class=\"_ _d4\"> </span>1,502<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>40.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _c1\"> </span>110.000<span class=\"_ _f2\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,302<span class=\"_ _12a\"> </span>7,305<span class=\"_ _d4\"> </span>7,505<span class=\"_ _12a\"> </span>7,773<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _97\"> </span>1.000<span class=\"_ _12a\"> </span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.700</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,878<span class=\"_ _12a\"> </span>0,874<span class=\"_ _12a\"> </span>0,871<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>8.000<span class=\"_ _bf\"> </span>11.000<span class=\"_ _12a\"> </span>7.000<span class=\"_ _bf\"> </span>18.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">44.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,363<span class=\"_ _12a\"> </span>8,418<span class=\"_ _12a\"> </span>8,473<span class=\"_ _12a\"> </span>8,405<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>600.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _f3\"> </span>-<span class=\"_ _7\"> </span><span class=\"ff62\">2.800.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>137,631<span class=\"_ _21\"> </span>145,682<span class=\"_ _21\"> </span>153,665<span class=\"_ _21\"> </span>151,440<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _7\"> </span>10.000.000<span class=\"_ _7\"> </span>12.000.000<span class=\"_ _123\"> </span>14.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _1da\"> </span><span class=\"ff62\">40.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.394,800<span class=\"_ _88\"> </span>1.422,317<span class=\"_ _89\"> </span>1.396,625<span class=\"_ _88\"> </span>1.415,937<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">250.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>21,285<span class=\"_ _bf\"> </span>20,580<span class=\"_ _bf\"> </span>19,779<span class=\"_ _cf\"> </span>19,261<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">170.000<span class=\"_ _bf\"> </span></span>85.000<span class=\"_ _bf\"> </span>35.000<span class=\"_ _bf\"> </span>45.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">3.100.000<span class=\"_ _88\"> </span></span>1.200.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _c1\"> </span>200.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.500<span class=\"_ _219\"> </span></span>500<span class=\"_ _d4\"> </span>2.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">300.000<span class=\"_ _bf\"> </span></span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _20d\"> </span><span class=\"ff62\">500<span class=\"_ _219\"> </span></span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">220.000<span class=\"_ _cf\"> </span></span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _d8\"> </span>70.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">25.000<span class=\"_ _d4\"> </span></span>5.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">15.000.000<span class=\"_ _88\"> </span></span>4.000.000<span class=\"_ _88\"> </span>7.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">144.000<span class=\"_ _bf\"> </span></span>56.000<span class=\"_ _bf\"> </span>73.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">2.600.000<span class=\"_ _88\"> </span></span>1.300.000<span class=\"_ _21\"> </span>500.000<span class=\"_ _21\"> </span>700.000<span class=\"_ _c1\"> </span>100.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.700<span class=\"_ _12a\"> </span></span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">140.000<span class=\"_ _21\"> </span></span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _1d2\"> </span><span class=\"ff62\">7.000<span class=\"_ _d4\"> </span></span>1.000<span class=\"_ _12a\"> </span>6.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">275.000<span class=\"_ _21\"> </span></span>110.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>75.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">30.000<span class=\"_ _d4\"> </span></span>8.000<span class=\"_ _bf\"> </span>17.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">36.000.000<span class=\"_ _7\"> </span></span>14.000.000<span class=\"_ _7\"> </span>14.000.000<span class=\"_ _88\"> </span>8.000.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a pi\u00f9 signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va, in ter<span class=\"_ _4\"></span>mini di volumi di nozionale deno<span class=\"_ _4\"></span>minati in valuta co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti, \u00e8 volt<span class=\"_ _4\"></span>a a mitigare </span><span style=\"display:inherit;clear:left;\">il rischio ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>o da oscillazi<span class=\"_ _4\"></span>oni nei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019Euro e le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti valute: Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano, Renminbi cine<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">se, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Won sud-<span class=\"_ _4\"></span>coreano e Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano. </span><span style=\"display:inherit;clear:left;\">Da un punto di vis<span class=\"_ _4\"></span>ta te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ale, le co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture con dur<span class=\"_ _4\"></span>ata sup<span class=\"_ _4\"></span>eriore all<span class=\"_ _4\"></span>\u2019anno sono nulle al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4  cos<span class=\"_ _4\"></span>\u00ec come </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. Le tab<span class=\"_ _4\"></span>elle s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>stran<span class=\"_ _4\"></span>o le date di manifest<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria dei s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti per </span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa e le date con l<span class=\"_ _4\"></span>e quali viene re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, che si dete<span class=\"_ _4\"></span>rmina a  seg<span class=\"_ _4\"></span>uito dell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">fattur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ti e che co<span class=\"_ _4\"></span>stitui<span class=\"_ _4\"></span>scono o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura  dal rischio di c<span class=\"_ _4\"></span>ambio, alla data di chius<span class=\"_ _4\"></span>ura </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4  e 2023.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _1\"></span>tuazione pa<span class=\"_ _1\"></span>trimoni<span class=\"_ _1\"></span>ale-f<span class=\"_ _4\"></span>ina<span class=\"_ _1\"></span>nziaria<span class=\"_ _1\"></span> \u00e8 rappresentato come segue:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>endite attese altamente probabili</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff63\">C<span class=\"_ _2\"></span>ash flow hedge<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>arr<span class=\"_ _4\"></span>ying amount</span><span style=\"display:inherit;clear:left;\">/ variazione di <span class=\"ff63\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">utilizzate per misurar<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2e3\"> </span>Importo nozionale</span><span style=\"display:inherit;clear:left;\">l\u2019inefficacia</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">passivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _ce\"> </span><span class=\"ff61\">241.816<span class=\"_ _1f7\"> </span>(6.980)<span class=\"_ _24b\"> </span>1.052<span class=\"_ _27a\"> </span>(<span class=\"_ _4\"></span>7.609)</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _ce\"> </span><span class=\"ff61\">225.927<span class=\"_ _24b\"> </span>5.552<span class=\"_ _6c\"> </span>4.454<span class=\"_ _2e4\"> </span>(272)</span></span><span style=\"display:inherit;clear:left;\">Nel 2023, e<span class=\"_ _4\"></span>d in par<span class=\"_ _4\"></span>ticolare ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>se di dicemb<span class=\"_ _4\"></span>re, si se<span class=\"_ _4\"></span>gnala il for<span class=\"_ _4\"></span>te dep<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>amento sub<span class=\"_ _4\"></span>ito dal Peso ar<span class=\"_ _4\"></span>gentino in se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">guito a misure p<span class=\"_ _4\"></span>olitiche l<span class=\"_ _4\"></span>ocali; la valut<span class=\"_ _4\"></span>a non \u00e8 comunque r<span class=\"_ _4\"></span>ilevante p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o in termini di e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di </span><span style=\"display:inherit;clear:left;\">cambio co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Sensitivity Analysis</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 effe<span class=\"_ _4\"></span>ttuata al f<span class=\"_ _4\"></span>ine di v<span class=\"_ _4\"></span>alutare l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo al ri<span class=\"_ _4\"></span>schio di cambi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta ip<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando varia<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>rcentuali in aume<span class=\"_ _4\"></span>nto e in diminuzione de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio delle v<span class=\"_ _4\"></span>arie divi<span class=\"_ _4\"></span>se, pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zionali alla </span><span style=\"display:inherit;clear:left;\">loro volatilit<span class=\"_ _4\"></span>\u00e0 annua, applic<span class=\"_ _4\"></span>ata a tut<span class=\"_ _4\"></span>te le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie rile<span class=\"_ _4\"></span>vanti es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>lle valute orig<span class=\"_ _4\"></span>inarie. In </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si ha intere<span class=\"_ _4\"></span>ssato t<span class=\"_ _4\"></span>utte le v<span class=\"_ _4\"></span>alute e le se<span class=\"_ _4\"></span>guenti p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati sui t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e altri cre<span class=\"_ _4\"></span>diti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali e altri de<span class=\"_ _4\"></span>biti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 liquide e e<span class=\"_ _4\"></span>quivale<span class=\"_ _4\"></span>nti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie a breve e lungo te<span class=\"_ _4\"></span>rmine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> a bre<span class=\"_ _4\"></span>ve e lungo termine<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la tabe<span class=\"_ _4\"></span>lla ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a gli impatti p<span class=\"_ _4\"></span>i\u00f9 signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>i e le relati<span class=\"_ _4\"></span>ve valute e si rife<span class=\"_ _4\"></span>risce all<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione al ris<span class=\"_ _4\"></span>chio di cambio </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo quanto richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>o dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 7 e non cons<span class=\"_ _4\"></span>idera p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>rivanti dalla co<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>ione dei b<span class=\"_ _4\"></span>ilanci delle </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re con valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Sono s<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati i rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>elle valute la cui </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione gen<span class=\"_ _4\"></span>era un impatt<span class=\"_ _4\"></span>o a conto ec<span class=\"_ _4\"></span>onomico e a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to, consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a in valore a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>luto, super<span class=\"_ _4\"></span>iore a </span><span style=\"display:inherit;clear:left;\">Euro un milione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.913<span class=\"_ _68\"> </span>1.853</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _218\"> </span>10,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(433)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>11.813<span class=\"_ _208\"> </span>11.953</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(501)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>380<span class=\"_ _80\"> </span>713</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(21)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>611<span class=\"_ _68\"> </span>1.680</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>6,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(75)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.794<span class=\"_ _68\"> </span>1.682</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>13,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(317)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>501<span class=\"_ _80\"> </span>155</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>5,4%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(42)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>690<span class=\"_ _1c1\"> </span>21</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(39)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>553<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>15,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.383<span class=\"_ _80\"> </span>230</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>8,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(65)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>18.145<span class=\"_ _2a3\"> </span>18.287</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.376)<span class=\"_ _2a3\"> </span>(2.302)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _e6\"> </span>(10,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>537<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(13.834)<span class=\"_ _74\"> </span>(13.998)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>564<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(445)<span class=\"_ _148\"> </span>(834)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>23<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(691)<span class=\"_ _2a3\"> </span>(1.899)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(6,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>78<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.365)<span class=\"_ _bc\"> </span>(2.217<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(13,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>375<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(559)<span class=\"_ _148\"> </span>(172)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(5,4%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>46<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(788)<span class=\"_ _32\"> </span>(24)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>43<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(751)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(15,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.624)<span class=\"_ _148\"> </span>(271)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(8,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>76</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(21.691)<span class=\"_ _b3\"> </span>(21.717)</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>2.000<span class=\"_ _68\"> </span>1.625</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _df\"> </span>9,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(467)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>12.070<span class=\"_ _68\"> </span>9.764</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _bc\"> </span>(1.581)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>441<span class=\"_ _68\"> </span>1.984</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(5)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>526<span class=\"_ _68\"> </span>2.068</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(60)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.726<span class=\"_ _80\"> </span>833</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>12,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(45)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.133<span class=\"_ _80\"> </span>228</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>6,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(25)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>781<span class=\"_ _80\"> </span>331</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(83)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>799<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>14,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(2)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>140<span class=\"_ _80\"> </span>262</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(91)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>17.257<span class=\"_ _2a3\"> </span>17.095</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.486)<span class=\"_ _2a3\"> </span>(2.020)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _7a\"> </span>(9,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>565<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(14.197)<span class=\"_ _74\"> </span>(11.485)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _68\"> </span>1.784<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(524)<span class=\"_ _2a3\"> </span>(2.357)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>5<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(597)<span class=\"_ _2a3\"> </span>(2.345)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>64<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.221)<span class=\"_ _2a3\"> </span>(1.072)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(12,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>58<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.328)<span class=\"_ _148\"> </span>(268)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(6,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>25<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(907)<span class=\"_ _148\"> </span>(385)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>94<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.171)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(14,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>2<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(165)<span class=\"_ _148\"> </span>(309)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>104</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(20.895)<span class=\"_ _b3\"> </span>(20.241)</span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla sopr<span class=\"_ _4\"></span>a ripor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a, una varia<span class=\"_ _4\"></span>zione po<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>a dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio indi<span class=\"_ _4\"></span>viduati (EUR<span class=\"_ _4\"></span>/JPY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">USD, EUR<span class=\"_ _4\"></span>/KRW<span class=\"_ _1\"></span>, EUR<span class=\"_ _4\"></span>/CNY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/MX<span class=\"_ _4\"></span>N, EUR<span class=\"_ _4\"></span>/GBP<span class=\"_ _44\"></span>, EUR<span class=\"_ _4\"></span>/C<span class=\"_ _4\"></span>AD, EUR<span class=\"_ _4\"></span>/BRL e EUR<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>HKD) avrebbe p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>to un utile di Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>45 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e un utile di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.257 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023; analogame<span class=\"_ _4\"></span>nte, un mov<span class=\"_ _4\"></span>imento </span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativo dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio av<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e prodot<span class=\"_ _4\"></span>to una pe<span class=\"_ _4\"></span>rdita di Euro 2<span class=\"_ _2\"></span>1.691 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4  e una p<span class=\"_ _4\"></span>erdita di </span><span style=\"display:inherit;clear:left;\">Euro 20.8<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023. L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento ge<span class=\"_ _4\"></span>nerato a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to dagli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ati desig<span class=\"_ _4\"></span>nati di </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura in cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza all<span class=\"_ _4\"></span>e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate variaz<span class=\"_ _4\"></span>ioni pos<span class=\"_ _4\"></span>itive dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambi<span class=\"_ _4\"></span>o sarebb<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ato pari a Euro 1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.287 migliaia </span><span style=\"display:inherit;clear:left;\">al  3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e a Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023; la riduzione di p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a alle </span><span style=\"display:inherit;clear:left;\">ipotiz<span class=\"_ _5\"></span>zate var<span class=\"_ _4\"></span>iazioni ne<span class=\"_ _4\"></span>gative de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio sare<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>tata p<span class=\"_ _4\"></span>ari a Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e a Euro </span><span style=\"display:inherit;clear:left;\">20.24<span class=\"_ _1c\"></span>1 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si di sen<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>it\u00e0 con<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>a se<span class=\"_ _4\"></span>condo le m<span class=\"_ _4\"></span>odalit\u00e0 d<span class=\"_ _4\"></span>escr<span class=\"_ _4\"></span>itte<span class=\"_ _4\"></span>, sui risult<span class=\"_ _4\"></span>ati della quale </span><span style=\"display:inherit;clear:left;\">incide in manie<span class=\"_ _4\"></span>ra rilev<span class=\"_ _4\"></span>ante il valore de<span class=\"_ _4\"></span>lla volatilit\u00e0 di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di camb<span class=\"_ _4\"></span>io consid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a, most<span class=\"_ _4\"></span>ra un impatto s<span class=\"_ _4\"></span>igni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icativo s<span class=\"_ _4\"></span>ul patrimonio net<span class=\"_ _4\"></span>to di Grup<span class=\"_ _4\"></span>po, a se<span class=\"_ _4\"></span>guito della p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ibile variaz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura, che v<span class=\"_ _4\"></span>iene so<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>sa a R<span class=\"_ _4\"></span>iser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> e la cui rileva<span class=\"_ _4\"></span>zione a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico si avr<span class=\"_ _4\"></span>\u00e0 negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi </span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivi, al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>arsi de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se. L<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _4\"></span>ento o la ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli impatti a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">economico e a stato patri<span class=\"_ _1\"></span>moniale, i<span class=\"_ _1\"></span>n ognuno degli esercizi considerati,<span class=\"_ _1\"></span> deriva es<span class=\"_ _4\"></span>senzialmente dal<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u2019effetto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>andamen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to dell<span class=\"_ _4\"></span>e singole valute a<span class=\"_ _4\"></span>lle date di riferime<span class=\"_ _4\"></span>nto e dalla variazio<span class=\"_ _4\"></span>ne nella co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tenz<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e alle flut<span class=\"_ _4\"></span>tuazi<span class=\"_ _4\"></span>oni dei t<span class=\"_ _4\"></span>assi di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">Rischio di liquidit\u00e0</span><span style=\"display:inherit;clear:left;\">Il rischio di li<span class=\"_ _4\"></span>quidit\u00e0 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il ri<span class=\"_ _4\"></span>schio che il Gr<span class=\"_ _4\"></span>uppo non sia in g<span class=\"_ _4\"></span>rado di ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tare le p<span class=\"_ _4\"></span>roprie obb<span class=\"_ _4\"></span>ligazio<span class=\"_ _4\"></span>ni finan<span class=\"_ _4\"></span>ziarie </span><span style=\"display:inherit;clear:left;\">a caus<span class=\"_ _4\"></span>a della dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icolt<span class=\"_ _4\"></span>\u00e0 di repe<span class=\"_ _4\"></span>rire fondi a con<span class=\"_ _4\"></span>dizioni di pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo co<span class=\"_ _4\"></span>rrenti di me<span class=\"_ _4\"></span>rcato (<span class=\"ff5f ls5b ws5d\">funding liquidit<span class=\"_ _4\"></span>y risk</span>) o di liquidare </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ul mercato p<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>perire l<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>arie (<span class=\"_ _2\"></span><span class=\"ff5f\">a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>t liquidity risk<span class=\"ff5c ls0\">).</span></span></span><span style=\"display:inherit;clear:left;\">La prima c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>za \u00e8 un impatt<span class=\"_ _4\"></span>o negati<span class=\"_ _4\"></span>vo sul conto e<span class=\"_ _4\"></span>conomico, n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui la So<span class=\"_ _4\"></span>ciet\u00e0 sia c<span class=\"_ _4\"></span>ostre<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a a sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti addiz<span class=\"_ _4\"></span>ionali pe<span class=\"_ _4\"></span>r adempi<span class=\"_ _4\"></span>ere ai propr<span class=\"_ _4\"></span>i impegni.</span><span style=\"display:inherit;clear:left;\">I fatto<span class=\"_ _4\"></span>ri che princip<span class=\"_ _4\"></span>almente inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>ano la liquidit<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati dalle riso<span class=\"_ _4\"></span>rse ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ate o ass<span class=\"_ _4\"></span>orbite </span><span style=\"display:inherit;clear:left;\">dalle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ive e di inves<span class=\"_ _4\"></span>timento, dalle eve<span class=\"_ _4\"></span>ntuali distrib<span class=\"_ _4\"></span>uzioni di div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di, dalle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche di </span><span style=\"display:inherit;clear:left;\">sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e di disp<span class=\"_ _4\"></span>onibilit\u00e0 di rinnovo d<span class=\"_ _4\"></span>el deb<span class=\"_ _4\"></span>ito o dalla sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a e liquidabilit<span class=\"_ _4\"></span>\u00e0 degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dell<span class=\"_ _4\"></span>e ec<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a. I fabbi<span class=\"_ _4\"></span>sogni o le e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>denze di li<span class=\"_ _4\"></span>quidit\u00e0 s<span class=\"_ _4\"></span>ono monitor<span class=\"_ _4\"></span>ati su bas<span class=\"_ _4\"></span>e giornalie<span class=\"_ _4\"></span>ra dalla Capog<span class=\"_ _4\"></span>ruppo al f<span class=\"_ _4\"></span>ine </span><span style=\"display:inherit;clear:left;\">di garantire un ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>ce repe<span class=\"_ _4\"></span>rimento d<span class=\"_ _4\"></span>elle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziarie o un ade<span class=\"_ _4\"></span>guato inves<span class=\"_ _4\"></span>timento d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">La ne<span class=\"_ _4\"></span>goziazione e la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle lin<span class=\"_ _4\"></span>ee di cre<span class=\"_ _4\"></span>dito vien<span class=\"_ _4\"></span>e coordinat<span class=\"_ _4\"></span>a dalla Capog<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n lo scop<span class=\"_ _4\"></span>o di prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>dere alle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0 di bre<span class=\"_ _4\"></span>ve e medio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>e singole so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po se<span class=\"_ _4\"></span>condo cr<span class=\"_ _4\"></span>iteri di ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e<span class=\"_ _4\"></span>d econo<span class=\"_ _4\"></span>micit\u00e0. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4, son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>n pi\u00f9 contropar<span class=\"_ _4\"></span>ti ban<span class=\"_ _4\"></span>carie line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span>, per comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 380.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 </span><span style=\"display:inherit;clear:left;\">migliaia, interame<span class=\"_ _4\"></span>nte utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in una o pi\u00f9 solu<span class=\"_ _4\"></span>zioni (<span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>). Alla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a data so<span class=\"_ _4\"></span>no inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere linee a b<span class=\"_ _4\"></span>reve </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e a revoc<span class=\"_ _4\"></span>a sulla Capog<span class=\"_ _4\"></span>ruppo e su al<span class=\"_ _4\"></span>cune delle s<span class=\"_ _4\"></span>ue controllate p<span class=\"_ _4\"></span>er tot<span class=\"_ _4\"></span>ali Euro 442.447 migliaia. </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo disp<span class=\"_ _4\"></span>one di line<span class=\"_ _4\"></span>e di credito no<span class=\"_ _4\"></span>n utiliz<span class=\"_ _4\"></span>zate <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> (nella forma <span class=\"ff5f ws5d\">revolv<span class=\"_ _4\"></span>ing</span> o </span><span style=\"display:inherit;clear:left;\">term</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">loan<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">) </span></span><span style=\"display:inherit;clear:left;\">per Euro 38<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 migliaia e a re<span class=\"_ _4\"></span>voca p<span class=\"_ _4\"></span>er Euro 329.53<span class=\"_ _2\"></span>1 migliaia, a fronte di un ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento lord<span class=\"_ _4\"></span>o di Euro 1<span class=\"_ _44\"></span>1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>91<span class=\"_ _2\"></span>6 </span><span style=\"display:inherit;clear:left;\">migliaia e una posi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>inanziaria n<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a <span class=\"ff5f lsa ws90\">adjusted</span> creditoria di Euro 1<span class=\"_ _2\"></span>72.780 migliaia (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>ebitoria p<span class=\"_ _4\"></span>er Euro 503.<span class=\"_ _4\"></span>566 mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gliaia consi<span class=\"_ _4\"></span>derand<span class=\"_ _4\"></span>o anche le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l principio IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6). Le linee <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> hanno </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 una durat<span class=\"_ _4\"></span>a res<span class=\"_ _4\"></span>idua mass<span class=\"_ _4\"></span>ima di ventinove me<span class=\"_ _4\"></span>si e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici </span><span style=\"display:inherit;clear:left;\">mes<span class=\"_ _4\"></span>i. Le linee di cre<span class=\"_ _4\"></span>dito e la relati<span class=\"_ _4\"></span>va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria sono di<span class=\"_ _4\"></span>stribuit<span class=\"_ _4\"></span>e fra i principa<span class=\"_ _4\"></span>li istituti b<span class=\"_ _4\"></span>ancari na<span class=\"_ _4\"></span>zionali e inter<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali. Alla data de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>utiliz<span class=\"_ _4\"></span>zo mas<span class=\"_ _4\"></span>simo \u00e8 infer<span class=\"_ _4\"></span>iore a un anno. Le line<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span><span class=\"ls4 ws145\"> attualme<span class=\"_ _4\"></span>nte in </span></span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere p<span class=\"_ _4\"></span>er il Gr<span class=\"_ _4\"></span>uppo, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>, non richie<span class=\"_ _4\"></span>dono il r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to di <span class=\"ff5f ls57 ws97\">cov<span class=\"_ _4\"></span>enant<span class=\"_ _4\"></span></span> finan<span class=\"_ _4\"></span>ziari. Per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti-L<span class=\"_ _4\"></span>imitaz<span class=\"_ _4\"></span>ioni all<span class=\"_ _4\"></span>\u2019uso delle ri<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">\u00c8 semp<span class=\"_ _4\"></span>re st<span class=\"_ _4\"></span>ata polit<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>tipulare e mante<span class=\"_ _4\"></span>nere con co<span class=\"_ _4\"></span>ntinuit\u00e0 e con c<span class=\"_ _4\"></span>ontropar<span class=\"_ _4\"></span>ti banc<span class=\"_ _4\"></span>arie dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>icate un am<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e di linee di cre<span class=\"_ _4\"></span>dito <span class=\"ff5f ws0\">committe<span class=\"_ _4\"></span>d</span> ritenut<span class=\"_ _4\"></span>o congruo ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to ai fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>lle singole s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e idon<span class=\"_ _4\"></span>eo ad as<span class=\"_ _4\"></span>sicurar<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in ogni mom<span class=\"_ _4\"></span>ento la liquidit<span class=\"_ _4\"></span>\u00e0 nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>aria al so<span class=\"_ _4\"></span>ddisf<span class=\"_ _4\"></span>acimento e al ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di ogni imp<span class=\"_ _4\"></span>egno f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>io del Gr<span class=\"_ _4\"></span>uppo, a condi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zioni e<span class=\"_ _4\"></span>conomiche s<span class=\"_ _4\"></span>tab<span class=\"_ _4\"></span>ilite, oltre a<span class=\"_ _4\"></span>d ass<span class=\"_ _4\"></span>icurare la disp<span class=\"_ _4\"></span>onibilit\u00e0 di un ad<span class=\"_ _4\"></span>eguato live<span class=\"_ _4\"></span>llo di elas<span class=\"_ _4\"></span>ticit<span class=\"_ _4\"></span>\u00e0 oper<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">progr<span class=\"_ _4\"></span>ammi di sv<span class=\"_ _4\"></span>iluppo. Anch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, la po<span class=\"_ _4\"></span>litica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte delle pro<span class=\"_ _4\"></span>prie ecc<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nze di ca<span class=\"_ _4\"></span>ssa p<span class=\"_ _4\"></span>er att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di inves<span class=\"_ _4\"></span>timento sul m<span class=\"_ _4\"></span>ercato in de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>iti bancar<span class=\"_ _4\"></span>i a breve (<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">t<span class=\"_ _4\"></span>ime </span></span><span style=\"display:inherit;clear:left;\">deposit<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">), oltre ch<span class=\"_ _4\"></span>e per ac<span class=\"_ _4\"></span>cende<span class=\"_ _4\"></span>re pres<span class=\"_ _4\"></span>titi <span class=\"ff5f ls7c wsf0\">int<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">, rego<span class=\"_ _4\"></span>lati a condiz<span class=\"_ _4\"></span>ioni corre<span class=\"_ _4\"></span>nti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da conte<span class=\"_ _4\"></span>nere l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">creme<span class=\"_ _4\"></span>nto della pro<span class=\"_ _4\"></span>pria esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>bitoria ver<span class=\"_ _4\"></span>so il si<span class=\"_ _4\"></span>stema b<span class=\"_ _4\"></span>ancario e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari r<span class=\"_ _4\"></span>elativ<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono impieg<span class=\"_ _4\"></span>ate con le ban<span class=\"_ _4\"></span>che di relaz<span class=\"_ _4\"></span>ione in op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di <span class=\"ff5f ls9 ws90\">time deposit</span> a breve o medio t<span class=\"_ _4\"></span>ermi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>olitame<span class=\"_ _4\"></span>nte compre<span class=\"_ _4\"></span>se tr<span class=\"_ _4\"></span>a un giorno e tre m<span class=\"_ _4\"></span>esi, ch<span class=\"_ _4\"></span>e prendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">o il tas<span class=\"_ _4\"></span>so di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della valut<span class=\"_ _4\"></span>a in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato. Le ste<span class=\"_ _4\"></span>sse </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni di invest<span class=\"_ _4\"></span>imento de<span class=\"_ _4\"></span>lla liquidit\u00e0 vengo<span class=\"_ _4\"></span>no realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate con gli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi prio<span class=\"_ _4\"></span>ritari di re<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>re le riso<span class=\"_ _4\"></span>rse di<span class=\"_ _4\"></span>sponibili </span><span style=\"display:inherit;clear:left;\">con bre<span class=\"_ _4\"></span>ve preav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iso (nel cas<span class=\"_ _4\"></span>o di sca<span class=\"_ _4\"></span>denze s<span class=\"_ _4\"></span>uperi<span class=\"_ _4\"></span>ori a tre me<span class=\"_ _4\"></span>si \u00e8 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a contrat<span class=\"_ _4\"></span>tualmente la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">za p<span class=\"_ _4\"></span>enali) e di neutra<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zare il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdita di c<span class=\"_ _4\"></span>apitale e<span class=\"_ _4\"></span>vitan<span class=\"_ _4\"></span>do ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di tipo sp<span class=\"_ _4\"></span>eculati<span class=\"_ _4\"></span>vo. La so<span class=\"_ _4\"></span>ciet\u00e0 S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>oder<span class=\"_ _4\"></span>ata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>ella propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, ha inolt<span class=\"_ _4\"></span>re nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 mante<span class=\"_ _4\"></span>nuto un invest<span class=\"_ _4\"></span>imento in tito<span class=\"_ _4\"></span>li di stat<span class=\"_ _4\"></span>o italiani di breve te<span class=\"_ _4\"></span>rmine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>es<span class=\"_ _4\"></span>oro<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er Euro 9.95<span class=\"_ _4\"></span>8 </span><span style=\"display:inherit;clear:left;\">migliaia ed uno as<span class=\"_ _4\"></span>sicurat<span class=\"_ _4\"></span>ivo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za Ramo I p<span class=\"_ _4\"></span>rontame<span class=\"_ _4\"></span>nte liquidabile da Euro 1<span class=\"_ _2\"></span>5.4<span class=\"_ _4\"></span>44 mig<span class=\"_ _4\"></span>liaia, oltre ad ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare un </span><span style=\"display:inherit;clear:left;\">nuovo inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za multiram<span class=\"_ _4\"></span>o prontame<span class=\"_ _4\"></span>nte liquidabile p<span class=\"_ _4\"></span>er Euro 2<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.99<span class=\"_ _4\"></span>9 migliaia, nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della <span class=\"_ _3\"></span><span class=\"ff5f ls4 ws3\">policy</span><span class=\"ws12e\"> p<span class=\"_ _4\"></span>er la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e e mitigazi<span class=\"_ _4\"></span>one del r<span class=\"_ _4\"></span>ischio di liquidit<span class=\"_ _4\"></span>\u00e0 approvat<span class=\"_ _4\"></span>a dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 2023 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo princip<span class=\"_ _4\"></span>ale di garantire a<span class=\"_ _4\"></span>deguate co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture de<span class=\"_ _4\"></span>i fabbis<span class=\"_ _4\"></span>ogni </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>celte<span class=\"_ _4\"></span>, che tengono c<span class=\"_ _4\"></span>onto anche de<span class=\"_ _4\"></span>lla preve<span class=\"_ _4\"></span>dibile dinamica futur<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa, ins<span class=\"_ _4\"></span>ieme ad una t<span class=\"_ _4\"></span>empe<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di rinegoziaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle linee di cre<span class=\"_ _4\"></span>dito, anche prima d<span class=\"_ _4\"></span>ella loro naturale s<span class=\"_ _4\"></span>cad<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a, cons<span class=\"_ _4\"></span>entono di ri<span class=\"_ _4\"></span>durre in </span><span style=\"display:inherit;clear:left;\">maniera s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativa l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione al ris<span class=\"_ _4\"></span>chio in es<span class=\"_ _4\"></span>ame e di ade<span class=\"_ _4\"></span>guare il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indebit<span class=\"_ _4\"></span>amento a<span class=\"_ _4\"></span>lle migliori con<span class=\"_ _4\"></span>dizioni </span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato. Il Grupp<span class=\"_ _4\"></span>o ha cost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte mantenuto l<span class=\"_ _4\"></span>\u2019acces<span class=\"_ _4\"></span>so a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ampia g<span class=\"_ _4\"></span>amma di fonti di finan<span class=\"_ _4\"></span>ziamento a co<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>m<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">petit<span class=\"_ _4\"></span>ivi, no<span class=\"_ _4\"></span>nost<span class=\"_ _4\"></span>ante il quadro di riferim<span class=\"_ _4\"></span>ento es<span class=\"_ _4\"></span>tern<span class=\"_ _4\"></span>o, nel quale pe<span class=\"_ _4\"></span>rmangono rigi<span class=\"_ _4\"></span>dit\u00e0 ne<span class=\"_ _4\"></span>l mercat<span class=\"_ _4\"></span>o del cre<span class=\"_ _4\"></span>dito. Nono<span class=\"_ _4\"></span>stante </span><span style=\"display:inherit;clear:left;\">la gene<span class=\"_ _4\"></span>rale cap<span class=\"_ _4\"></span>acit\u00e0 di ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>zione di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>rente ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a del Gr<span class=\"_ _4\"></span>uppo, avere s<span class=\"_ _4\"></span>empre mantenut<span class=\"_ _4\"></span>o la </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibilit\u00e0 di un congr<span class=\"_ _4\"></span>uo ammontar<span class=\"_ _4\"></span>e di linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span> ha pe<span class=\"_ _4\"></span>rme<span class=\"_ _4\"></span>sso di f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare con s<span class=\"_ _4\"></span>icurez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a le fas<span class=\"_ _4\"></span>i di mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">turbo<span class=\"_ _4\"></span>lenz<span class=\"_ _4\"></span>a dei me<span class=\"_ _4\"></span>rcati e di eve<span class=\"_ _4\"></span>ntuale volatilit\u00e0 ne<span class=\"_ _4\"></span>lla dispo<span class=\"_ _4\"></span>nibilit\u00e0 di cap<span class=\"_ _4\"></span>itale di pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ito sul merc<span class=\"_ _4\"></span>ato. Con c<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za men<span class=\"_ _4\"></span>si<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le vie<span class=\"_ _4\"></span>ne monitor<span class=\"_ _4\"></span>ata la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>iva di og<span class=\"_ _4\"></span>ni singola soci<span class=\"_ _4\"></span>et\u00e0 e que<span class=\"_ _4\"></span>lla del Grup<span class=\"_ _4\"></span>po nel s<span class=\"_ _4\"></span>uo comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, e </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ata con l<span class=\"_ _4\"></span>\u2019ultima prev<span class=\"_ _4\"></span>isione di <span class=\"ff5f ls5a wsd4\">Budge<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>/Forecast</span>. Il <span class=\"ff5f ls5a wsd4\">manage<span class=\"_ _4\"></span>ment</span> ritien<span class=\"_ _4\"></span>e che i fondi e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o attualmente </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibili, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>giunta de<span class=\"_ _4\"></span>i fondi che si pr<span class=\"_ _4\"></span>evede s<span class=\"_ _4\"></span>aranno gen<span class=\"_ _4\"></span>erati dall<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 corre<span class=\"_ _4\"></span>nte ope<span class=\"_ _4\"></span>rativa<span class=\"_ _4\"></span>, conse<span class=\"_ _4\"></span>ntiranno al </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o di fare fronte co<span class=\"_ _4\"></span>n tranquillit\u00e0 al r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>so deg<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti alla loro natur<span class=\"_ _4\"></span>ale sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e a so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fa<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re i fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>rivanti dall<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024 </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori<span class=\"_ _13e\"> </span>160.891<span class=\"_ _12a\"> </span>3.555<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _21\"> </span>164.446</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _2ea\"> </span>85.867<span class=\"_ _bf\"> </span>28.136<span class=\"_ _209\"> </span>114.003</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _2d8\"> </span>1.134<span class=\"_ _a2\"> </span>1.134</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _28a\"> </span></span>37.608<span class=\"_ _c1\"> </span>103.438<span class=\"_ _21\"> </span>379.325<span class=\"_ _21\"> </span>248.908<span class=\"_ _c1\"> </span>769.279</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2eb\"> </span>317<span class=\"_ _132\"> </span>471<span class=\"_ _d7\"> </span>788</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _294\"> </span>2.269<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _12a\"> </span>2.269</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _131\"> </span>3.957<span class=\"_ _12a\"> </span>8.209<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _bf\"> </span>12.166</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>292.043<span class=\"_ _b2\"> </span>143.338<span class=\"_ _b2\"> </span>379.325<span class=\"_ _7c\"> </span>249.379<span class=\"_ _257\"> </span>1.064.085</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori <span class=\"_ _1ad\"> </span>168.466 <span class=\"_ _2a3\"> </span>4.857 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _67\"> </span>173.323 </span><span style=\"display:inherit;clear:left;\">Debiti verso banche  <span class=\"_ _283\"> </span>70.820 <span class=\"_ _2a3\"> </span>9.653 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _111\"> </span>80.473 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziaria <span class=\"_ _209\"> </span>898 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>898 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing <span class=\"_ _2ea\"> </span></span>34.886 <span class=\"_ _111\"> </span>97.070 <span class=\"_ _67\"> </span>398.933 <span class=\"_ _11f\"> </span>280.406 <span class=\"_ _11f\"> </span>811.295 </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _20\"> </span>347 <span class=\"_ _1f9\"> </span>- <span class=\"_ _32\"> </span>59 <span class=\"_ _148\"> </span>177 <span class=\"_ _65\"> </span>583 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a <span class=\"_ _15d\"> </span>517 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>517 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a <span class=\"_ _eb\"> </span>350 <span class=\"_ _148\"> </span>566 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>916 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>276.284 <span class=\"_ _127\"> </span>112.146 <span class=\"_ _127\"> </span>398.992 <span class=\"_ _105\"> </span>280.583 <span class=\"_ _87\"> </span>1.068.005 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle p<span class=\"_ _4\"></span>oste di b<span class=\"_ _4\"></span>ilancio rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative di pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie mos<span class=\"_ _4\"></span>tra sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze dist<span class=\"_ _4\"></span>ribuite, co<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">quelle di natura c<span class=\"_ _4\"></span>ommerciale co<span class=\"_ _4\"></span>ncentrate e<span class=\"_ _4\"></span>ntro i tre me<span class=\"_ _4\"></span>si. Per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, i v<span class=\"_ _4\"></span>alori de<span class=\"_ _4\"></span>i debiti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche han<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no una durata re<span class=\"_ _4\"></span>sidua mas<span class=\"_ _4\"></span>sima inferio<span class=\"_ _4\"></span>re ad un anno e pe<span class=\"_ _4\"></span>r la mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te inferi<span class=\"_ _4\"></span>ore a 3 mes<span class=\"_ _4\"></span>i. </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie iscrit<span class=\"_ _4\"></span>te in bilancio hanno v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua di pi\u00f9 bre<span class=\"_ _4\"></span>ve termine e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>endo in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza re<span class=\"_ _4\"></span>lative a di<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e m<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi e<span class=\"_ _4\"></span>quival<span class=\"_ _4\"></span>enti.</span></span> </span><span style=\"display:inherit;clear:left;\">Rischio di cr<span class=\"_ _2\"></span>edito</span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione del G<span class=\"_ _4\"></span>ruppo a p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali perdite d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dal mancato ad<span class=\"_ _4\"></span>empime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">delle o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni as<span class=\"_ _4\"></span>sunte dalle contropar<span class=\"_ _4\"></span>ti, s<span class=\"_ _4\"></span>ia commerciali che f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie. Il Grup<span class=\"_ _4\"></span>po pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a una diver<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ischio di cre<span class=\"_ _4\"></span>dito in base a<span class=\"_ _4\"></span>lla natura delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 che hanno ge<span class=\"_ _4\"></span>nerato il cre<span class=\"_ _4\"></span>dito st<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o. L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio </span><span style=\"display:inherit;clear:left;\">di credito c<span class=\"_ _4\"></span>ommerciale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o \u00e8 riferibil<span class=\"_ _4\"></span>e alle vendite d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, ai credit<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dai ricav<span class=\"_ _4\"></span>i prove<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nienti dalle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di licen<span class=\"_ _4\"></span>za e di lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>oni immobiliari, che ins<span class=\"_ _4\"></span>ieme rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano c<span class=\"_ _4\"></span>irca il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>5 pe<span class=\"_ _4\"></span>r cento de<span class=\"_ _4\"></span>l fattur<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">global<span class=\"_ _4\"></span>e: il rimanente giro d<span class=\"_ _4\"></span>\u2019affari \u00e8 rife<span class=\"_ _4\"></span>ribile alle ve<span class=\"_ _4\"></span>ndite DT<span class=\"_ _2\"></span>C con pag<span class=\"_ _4\"></span>amento in cont<span class=\"_ _4\"></span>anti o mediante c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito o </span><span style=\"display:inherit;clear:left;\">di debit<span class=\"_ _4\"></span>o al momento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to. I credit<span class=\"_ _4\"></span>i commerciali, pr<span class=\"_ _4\"></span>incipalmente rife<span class=\"_ _4\"></span>ribili alle vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls4 ws97\">, ed in mi<span class=\"_ _4\"></span>sura </span></span><span style=\"display:inherit;clear:left;\">meno r<span class=\"_ _4\"></span>ilevante a ve<span class=\"_ _4\"></span>ndite<span class=\"ff5f ls68 wse3\"> e-<span class=\"_ _4\"></span>comme<span class=\"_ _4\"></span>rce</span> o D<span class=\"_ _2\"></span>TC se all<span class=\"_ _4\"></span>\u2019intern<span class=\"_ _4\"></span>o di <span class=\"ff5f\">depar<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt store</span>, hanno gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a infe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riore a 9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>. Il Gruppo ge<span class=\"_ _4\"></span>neralm<span class=\"_ _4\"></span>ente pri<span class=\"_ _4\"></span>vileg<span class=\"_ _4\"></span>ia rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali con clie<span class=\"_ _4\"></span>nti con i quali intratt<span class=\"_ _4\"></span>iene re<span class=\"_ _4\"></span>lazioni </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidate nel t<span class=\"_ _4\"></span>empo. \u00c8 p<span class=\"_ _4\"></span>olitica d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>rre i clienti che ri<span class=\"_ _4\"></span>chiedon<span class=\"_ _4\"></span>o condiz<span class=\"_ _4\"></span>ioni di pagame<span class=\"_ _4\"></span>nto dilazionate </span><span style=\"display:inherit;clear:left;\">a proce<span class=\"_ _4\"></span>dure di verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla relativ<span class=\"_ _4\"></span>a class<span class=\"_ _4\"></span>e di credito, sia c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto ad informaz<span class=\"_ _4\"></span>ioni otte<span class=\"_ _4\"></span>nibili da agenzi<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cializ<span class=\"_ _4\"></span>zate<span class=\"_ _4\"></span>, sia dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oss<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>azione e anali<span class=\"_ _4\"></span>si dei dati andam<span class=\"_ _4\"></span>entali de<span class=\"_ _4\"></span>i clienti di non nuov<span class=\"_ _4\"></span>a acquisi<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Inoltre, il s<span class=\"_ _4\"></span>aldo de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>i viene c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte monitorato n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, in mo<span class=\"_ _4\"></span>do da as<span class=\"_ _4\"></span>sicurare te<span class=\"_ _4\"></span>mpe<span class=\"_ _4\"></span>stiv<span class=\"_ _4\"></span>it\u00e0 di inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vento e </span><span style=\"display:inherit;clear:left;\">da ridurre il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdite. Il fra<span class=\"_ _4\"></span>zioname<span class=\"_ _4\"></span>nto del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito tra una molt<span class=\"_ _4\"></span>eplicit<span class=\"_ _4\"></span>\u00e0 di clienti op<span class=\"_ _4\"></span>era ad ulte<span class=\"_ _4\"></span>riore </span><span style=\"display:inherit;clear:left;\">mitiga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio in o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto. </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati in bilancio al net<span class=\"_ _4\"></span>to della s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di inadempi<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>ntropar<span class=\"_ _4\"></span>te, det<span class=\"_ _4\"></span>erminata co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rando le informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili sulla so<span class=\"_ _4\"></span>lvibilit<span class=\"_ _4\"></span>\u00e0 del clie<span class=\"_ _4\"></span>nte, i dati sto<span class=\"_ _4\"></span>rici e le </span><span style=\"display:inherit;clear:left;\">condizioni economi<span class=\"_ _1\"></span>che previsiona<span class=\"_ _1\"></span>li.  </span><span style=\"display:inherit;clear:left;\">Oltre all<span class=\"_ _4\"></span>\u2019ottenim<span class=\"_ _4\"></span>ento, ove pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>, di garanzi<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e dei clienti <span class=\"ff5f ls32 ws122\">whole<span class=\"_ _4\"></span>saler</span> o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>adozione di m<span class=\"_ _4\"></span>odalit\u00e0 di p<span class=\"_ _4\"></span>agamento </span><span style=\"display:inherit;clear:left;\">pi\u00f9 caute<span class=\"_ _4\"></span>lative p<span class=\"_ _4\"></span>er il credit<span class=\"_ _4\"></span>ore, quali le let<span class=\"_ _4\"></span>tere di cre<span class=\"_ _4\"></span>dito do<span class=\"_ _4\"></span>cumentar<span class=\"_ _4\"></span>io, un altro strum<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r la gest<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito comme<span class=\"_ _4\"></span>rciale \u00e8 la stipula di p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di preve<span class=\"_ _4\"></span>nire il rischio di manc<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nto attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o una puntuale sel<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio clie<span class=\"_ _4\"></span>nti ope<span class=\"_ _4\"></span>rata co<span class=\"_ _4\"></span>ngiuntamente c<span class=\"_ _4\"></span>on le compag<span class=\"_ _4\"></span>nie di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurazi<span class=\"_ _4\"></span>one, che s<span class=\"_ _4\"></span>i impeg<span class=\"_ _4\"></span>nano a garantire l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>denniz<span class=\"_ _4\"></span>zo in c<span class=\"_ _4\"></span>aso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale la So<span class=\"_ _4\"></span>ciet\u00e0 r<span class=\"_ _4\"></span>itiene ch<span class=\"_ _4\"></span>e le politich<span class=\"_ _4\"></span>e di <span class=\"ff5f\">credit risk manageme<span class=\"_ _4\"></span>nt</span> adott<span class=\"_ _4\"></span>ate abbiano p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di contene<span class=\"_ _4\"></span>re en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tro limiti acce<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>abili lo sca<span class=\"_ _4\"></span>duto e le ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>ze per l<span class=\"_ _4\"></span>e quali \u00e8 stato n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>io ricorre<span class=\"_ _4\"></span>re a misure le<span class=\"_ _4\"></span>gali di recup<span class=\"_ _4\"></span>ero de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credito.  </span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito conn<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di f<span class=\"_ _4\"></span>inanziamento, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e ope<span class=\"_ _4\"></span>rativit<span class=\"_ _4\"></span>\u00e0 in st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dalla incapa<span class=\"_ _4\"></span>cit\u00e0 de<span class=\"_ _4\"></span>lla contropar<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>emit<span class=\"_ _4\"></span>tente de<span class=\"_ _4\"></span>gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari a a<span class=\"_ _4\"></span>dempie<span class=\"_ _4\"></span>re alle proprie o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zioni contr<span class=\"_ _4\"></span>attuali, cos\u00ec d<span class=\"_ _4\"></span>etto ri<span class=\"_ _4\"></span>schio di contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>e. Il Grup<span class=\"_ _4\"></span>po ges<span class=\"_ _4\"></span>tisc<span class=\"_ _4\"></span>e ques<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">tipo di risch<span class=\"_ _2\"></span>io se<span class=\"_ _4\"></span>lezionando con<span class=\"_ _1\"></span>troparti con elevato <span class=\"ff5f ls58 ws6\">standing</span><span class=\"ls3 ws11f\"> cr<span class=\"_ _4\"></span>editiz<span class=\"_ _4\"></span>io, consid<span class=\"_ _4\"></span>erate s<span class=\"_ _4\"></span>olvibili dal m<span class=\"_ _4\"></span>ercato e co<span class=\"_ _4\"></span>n le quali </span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>iene ordinar<span class=\"_ _4\"></span>i e continuativ<span class=\"_ _4\"></span>i rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali e di se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>io bancari, e di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cando la v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span>nominazio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne della li<span class=\"_ _4\"></span>quidit\u00e0 in e<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>so.  </span><span style=\"display:inherit;clear:left;\">Con tut<span class=\"_ _4\"></span>te le contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i con le quali vie<span class=\"_ _4\"></span>ne s<span class=\"_ _4\"></span>volta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 in de<span class=\"_ _4\"></span>rivati, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati negoziati e s<span class=\"_ _4\"></span>tipulati contr<span class=\"_ _4\"></span>atti quadro </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo gli <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls4 wsa\"> interna<span class=\"_ _4\"></span>zionali (ISDA<span class=\"ff5f ls2c ws8e\"> Master A<span class=\"_ _1\"></span>greemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">), al fin<span class=\"_ _4\"></span>e di regolare le v<span class=\"_ _4\"></span>arie fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie.  </span></span></span></span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito riguar<span class=\"_ _4\"></span>dante le altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie del G<span class=\"_ _4\"></span>ruppo ch<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>dono disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">equiv<span class=\"_ _4\"></span>alenti, at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato e alcuni s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati, pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a un rischio par<span class=\"_ _4\"></span>i al valore </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile di ques<span class=\"_ _4\"></span>te atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in caso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ella controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c8\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni imputate </span></span></span><span style=\"display:inherit;clear:left;\">a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie<span class=\"_ _a7\"> </span>13 <span class=\"_ _1f7\"> </span>- <span class=\"_ _6e\"> </span>37 <span class=\"_ _225\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi e finanziamenti<span class=\"_ _128\"> </span> <span class=\"_ _1ce\"> </span> <span class=\"_ _83\"> </span> <span class=\"_ _a6\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _23d\"> </span>84.579 <span class=\"_ _221\"> </span>- <span class=\"_ _81\"> </span>106.821 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _2ec\"> </span>12.793 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>15.608 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _177\"> </span>238.194 <span class=\"_ _1f7\"> </span>- <span class=\"_ _81\"> </span>268.988 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2ed\"> </span>- <span class=\"_ _82\"> </span>13.578 <span class=\"_ _1b4\"> </span>- <span class=\"_ _176\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _cb\"> </span>50.401 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>35.240 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Derivati<span class=\"_ _1f\"> </span>1.919 <span class=\"_ _1f7\"> </span>- <span class=\"_ _23e\"> </span>8.348 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>387.899 <span class=\"_ _d7\"> </span>13.578 <span class=\"_ _212\"> </span>435.042 <span class=\"_ _25\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a come l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne del Gr<span class=\"_ _4\"></span>uppo al ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o, sia commerciale ch<span class=\"_ _4\"></span>e di contropar<span class=\"_ _4\"></span>te, \u00e8 r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ata dal val<span class=\"_ _4\"></span>ore contab<span class=\"_ _4\"></span>ile delle p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ative di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _1\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e, quasi e<span class=\"_ _4\"></span>sclusi<span class=\"_ _4\"></span>vamente<span class=\"_ _4\"></span>, limitat<span class=\"_ _4\"></span>a alla quota cor<span class=\"_ _4\"></span>rente. L<span class=\"_ _4\"></span>a quota no<span class=\"_ _4\"></span>n corrente \u00e8 inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tat<span class=\"_ _4\"></span>a dalla voce \u201c<span class=\"_ _4\"></span>Dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali<span class=\"_ _4\"></span>\u201d, che ricompren<span class=\"_ _4\"></span>de in mas<span class=\"_ _4\"></span>sima par<span class=\"_ _4\"></span>te i dep<span class=\"_ _4\"></span>ositi in co<span class=\"_ _4\"></span>ntanti ver<span class=\"_ _4\"></span>sati da vari<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">a fronte de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di immobili, qui es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ta al valo<span class=\"_ _4\"></span>re nominale<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _192\"> </span>31 dicembre 2024<span class=\"_ _6b\"> </span>%<span class=\"_ _e1\"> </span>31 dicembre 2023<span class=\"_ _263\"> </span>%</span><span style=\"display:inherit;clear:left;\">Italia<span class=\"_ _232\"> </span>17.557 <span class=\"_ _80\"> </span>20,8% <span class=\"_ _f3\"> </span>22.084 <span class=\"_ _ca\"> </span>20,7% </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _13d\"> </span>6.870 <span class=\"_ _1f1\"> </span>8,1% <span class=\"_ _b7\"> </span>12.363 <span class=\"_ _81\"> </span>11,6% </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _114\"> </span><span class=\"ws0\">19.361 <span class=\"_ _32\"> </span>22,9% <span class=\"_ _b7\"> </span>19.508 <span class=\"_ _81\"> </span>18,3% </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _116\"> </span>5.363 <span class=\"_ _1f1\"> </span>6,3% <span class=\"_ _23e\"> </span>6.434 <span class=\"_ _f3\"> </span>6,0% </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _98\"> </span>27.497 <span class=\"_ _32\"> </span>32,5% <span class=\"_ _b7\"> </span>36.575 <span class=\"_ _81\"> </span>34,2% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _11\"> </span>7.931 <span class=\"_ _1f1\"> </span>9,4% <span class=\"_ _23e\"> </span>9.857 <span class=\"_ _f3\"> </span>9,2% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span>84.579 <span class=\"_ _148\"> </span>100,0% <span class=\"_ _2e0\"> </span>106.821 <span class=\"_ _d1\"> </span>100,0% </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a la concentr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o commerciale p<span class=\"_ _4\"></span>er area g<span class=\"_ _4\"></span>eogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a di atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o nei </span><span style=\"display:inherit;clear:left;\">due esercizi considerati.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi non </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi scaduti ma non svalutati</span><span style=\"display:inherit;clear:left;\">scaduti e non </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">svalutati</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2ee\"></span>&lt;30 gg<span class=\"_ _7f\"> </span>30-60 gg<span class=\"_ _7f\"> </span>60-90 gg<span class=\"_ _164\"> </span>90-120 gg<span class=\"_ _8b\"> </span>&gt;120 gg</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _90\"> </span>65.298 <span class=\"_ _b4\"> </span>6.197 <span class=\"_ _b4\"> </span>3.314 <span class=\"_ _c1\"> </span>2.278 <span class=\"_ _b4\"> </span>1.726 <span class=\"_ _b4\"> </span>5.766 <span class=\"_ _15f\"> </span><span class=\"ff62\">84.579 </span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _83\"> </span>93.374 <span class=\"_ _b4\"> </span>4.860 <span class=\"_ _b4\"> </span>3.177 <span class=\"_ _b4\"> </span>1.093 <span class=\"_ _b4\"> </span>1.170 <span class=\"_ _c1\"> </span>3.147 <span class=\"_ _19a\"> </span><span class=\"ff62\">106.821 </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _66\"> </span>77,2% <span class=\"_ _111\"> </span>7,3% <span class=\"_ _74\"> </span>3,9% <span class=\"_ _111\"> </span>2,7% <span class=\"_ _74\"> </span>2,1% <span class=\"_ _111\"> </span>6,8% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _66\"> </span>87,4% <span class=\"_ _111\"> </span>4,6% <span class=\"_ _74\"> </span>3,0% <span class=\"_ _111\"> </span>1,0% <span class=\"_ _74\"> </span>1,1% <span class=\"_ _111\"> </span>2,9% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze de<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>caduti e n<span class=\"_ _4\"></span>on sv<span class=\"_ _4\"></span>alutati ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la conce<span class=\"_ _4\"></span>ntrazi<span class=\"_ _4\"></span>one nell<span class=\"_ _4\"></span>\u2019ambito dei tr<span class=\"_ _4\"></span>enta </span><span style=\"display:inherit;clear:left;\">giorni p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i chiusi al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. </span><span style=\"display:inherit;clear:left;\">La con<span class=\"_ _4\"></span>centra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e vers<span class=\"_ _4\"></span>o i principali clie<span class=\"_ _4\"></span>nti \u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata nella t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla sotto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante; per la co<span class=\"_ _4\"></span>ncentra<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle ve<span class=\"_ _4\"></span>ndite pe<span class=\"_ _4\"></span>r area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ica s<span class=\"_ _4\"></span>i rinvia a quanto esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>appos<span class=\"_ _4\"></span>ito paragr<span class=\"_ _4\"></span>afo<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncentr<span class=\"_ _1\"></span>azione del rischio di merc<span class=\"_ _2\"></span>ato<span class=\"_ _1cc\"> </span>2024 <span class=\"_ _78\"> </span>2023 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con il maggior cliente<span class=\"_ _8c\"> </span>1,4% <span class=\"_ _99\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 3 maggiori clienti<span class=\"_ _2a1\"> </span>3,9% <span class=\"_ _141\"> </span>4,1% </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 10 maggiori clienti<span class=\"_ _2f0\"> </span>9,4% <span class=\"_ _1d3\"> </span>10,0%</span></span> </span><span style=\"display:inherit;clear:left;\">Gestione del capit<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obietti<span class=\"_ _4\"></span>vo primario de<span class=\"_ _4\"></span>lla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale del G<span class=\"_ _4\"></span>ruppo \u00e8 gar<span class=\"_ _4\"></span>antire che sia mantenuto un s<span class=\"_ _4\"></span>olido <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls2b ws12c\"> cre<span class=\"_ _4\"></span>ditizio </span></span><span style=\"display:inherit;clear:left;\">e ade<span class=\"_ _4\"></span>guati livelli de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di capit<span class=\"_ _4\"></span>ale in mo<span class=\"_ _4\"></span>do da supp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zare il v<span class=\"_ _4\"></span>alore pe<span class=\"_ _4\"></span>r gli azi<span class=\"_ _4\"></span>onisti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ges<span class=\"_ _4\"></span>tisce la s<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>tura del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e e la modif<span class=\"_ _4\"></span>ica in f<span class=\"_ _4\"></span>unzione di v<span class=\"_ _4\"></span>ariazioni n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e. Per </span><span style=\"display:inherit;clear:left;\">mantene<span class=\"_ _4\"></span>re o adeg<span class=\"_ _4\"></span>uare la strut<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale, il Gr<span class=\"_ _4\"></span>uppo pu\u00f2 a<span class=\"_ _4\"></span>deguare i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pagati ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti, rimbo<span class=\"_ _4\"></span>rsar<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">capit<span class=\"_ _4\"></span>ale o em<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re nuove azio<span class=\"_ _4\"></span>ni. Nes<span class=\"_ _4\"></span>suna varia<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata ap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a agli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i, alle politi<span class=\"_ _4\"></span>che o alle proc<span class=\"_ _4\"></span>edure </span><span style=\"display:inherit;clear:left;\">durante gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Allo s<span class=\"_ _4\"></span>copo di co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uire ques<span class=\"_ _4\"></span>to obiet<span class=\"_ _4\"></span>tivo, la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del cap<span class=\"_ _4\"></span>itale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o mira, tra l<span class=\"_ _4\"></span>e altre cos<span class=\"_ _4\"></span>e, ad as<span class=\"_ _4\"></span>sicurare <span class=\"_ _49\"></span> </span><span style=\"display:inherit;clear:left;\">che siano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>ventuali <span class=\"ff5f ls57 ws97\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, legati ai d<span class=\"_ _4\"></span>ebiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche, ch<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>iniscon<span class=\"_ _4\"></span>o i requisit<span class=\"_ _4\"></span>i di strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">patrimon<span class=\"_ _1\"></span>iale.  </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o include ne<span class=\"_ _4\"></span>l debito n<span class=\"_ _4\"></span>etto, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti onero<span class=\"_ _4\"></span>si, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, altri de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciali ed altri d<span class=\"_ _4\"></span>ebiti, al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle disp<span class=\"_ _4\"></span>onibilit\u00e0 liquid<span class=\"_ _4\"></span>e e mez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i equiv<span class=\"_ _4\"></span>alenti. </span><span style=\"display:inherit;clear:left;\">Nella vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari<span class=\"_ _4\"></span>\u201d \u00e8 inclus<span class=\"_ _4\"></span>a la valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di ac<span class=\"_ _4\"></span>quisto di quot<span class=\"_ _4\"></span>e di minoranz<span class=\"_ _4\"></span>a (<span class=\"_ _1\"></span>vedas<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">nota 43 \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ccordi di <span class=\"ff5f ls55 wscc\">Put</span> e <span class=\"ff5f ws5d\">Call</span> su Inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), pari a Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>34 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 (Euro 898 </span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Nella t<span class=\"_ _4\"></span>abella n<span class=\"_ _4\"></span>on vengono inclu<span class=\"_ _4\"></span>si i valor<span class=\"_ _4\"></span>i ed i relat<span class=\"_ _4\"></span>ivi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti prod<span class=\"_ _4\"></span>otti dai de<span class=\"_ _4\"></span>rivati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio </span><span style=\"display:inherit;clear:left;\">di cambio.</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Finanziamenti onerosi<span class=\"_ _119\"> </span>113.291 <span class=\"_ _f3\"> </span>80.129 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _2f1\"> </span></span>676.346 <span class=\"_ _81\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _1a0\"> </span>1.134 <span class=\"_ _27a\"> </span>898 </span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali ed Altri debiti (al netto degli Strumenti derivati di c<span class=\"_ _2\"></span>opertura)<span class=\"_ _14a\"> </span>198.821 <span class=\"_ _ca\"> </span>221.571 </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _129\"> </span>238.194 <span class=\"_ _ca\"> </span>268.988 </span><span style=\"display:inherit;clear:left;\">Debito netto<span class=\"_ _2f2\"> </span>751.398 <span class=\"_ _2e0\"> </span>744.652 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di Gruppo (al netto della Riserva di <span class=\"ff64\">cash flow hedge</span>)<span class=\"_ _2ea\"> </span>624.396 <span class=\"_ _ca\"> </span>716.946 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di terzi<span class=\"_ _a8\"> </span>995<span class=\"_ _24c\"> </span>997 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto (al netto della Riserva di <span class=\"ff63\">cash flow hedge</span>)<span class=\"_ _1c9\"> </span>625.391 <span class=\"_ _2e0\"> </span>717.943 </span><span style=\"display:inherit;clear:left;\">Capitale e debito netto<span class=\"_ _3a\"> </span>1.376.789 <span class=\"_ _2da\"> </span>1.462.595 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Debito netto/P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _d2\"> </span>120,1% <span class=\"_ _1c1\"> </span>103,7%</span></span> </span><span style=\"display:inherit;clear:left;\">4. <span class=\"_ _2\"></span> <span class=\"_ _46\"></span>Aggr<span class=\"_ _2\"></span>egazioni di impr<span class=\"_ _2\"></span>ese (<span class=\"ff5f\">business c<span class=\"_ _2\"></span>ombination<span class=\"ff5c\">) ed </span></span></span><span style=\"display:inherit;clear:left;\">ac<span class=\"_ _2\"></span>qu<span class=\"_ _4\"></span>isti di inter<span class=\"_ _1\"></span>essenze di minor<span class=\"_ _1c\"></span>anza </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 no<span class=\"_ _4\"></span>n vi son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>e agg<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zioni di impre<span class=\"_ _4\"></span>se (</span><span style=\"display:inherit;clear:left;\">business</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">combination<span class=\"_ _2\"></span></span></span><span class=\"ff5c ls0 ws0\"><span><span style=\"display:inherit;clear:left;\">).</span></span> </span></span><span style=\"display:inherit;clear:left;\">Commen<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span> al<span class=\"_ _1\"></span>le princi<span class=\"_ _2\"></span>pali voci dell<span class=\"_ _1\"></span>a situazione </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _2\"></span>trimon<span class=\"_ _1\"></span>ia<span class=\"_ _2\"></span>le<span class=\"_ _4\"></span> e<span class=\"_ _4\"></span> f<span class=\"_ _4\"></span>ina<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>zi<span class=\"_ _2\"></span>ari<span class=\"_ _1\"></span>a (<span class=\"_ _44\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, patri<span class=\"_ _2\"></span>monio </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span> pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0<span class=\"_ _44\"></span>)</span><span style=\"display:inherit;clear:left;\">5. Immobili, impianti e mac<span class=\"_ _2\"></span>chinari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli Immobili, impianti e macchinari s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>ntali al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e 2023 \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel </span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uente pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _3d\"> </span>28.329 <span class=\"_ _d0\"> </span>- <span class=\"_ _257\"> </span>28.329 <span class=\"_ _111\"> </span>28.998<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>28.998</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _122\"> </span>103.516 <span class=\"_ _151\"> </span>50.138 <span class=\"_ _257\"> </span>53.378 <span class=\"_ _11f\"> </span>101.668<span class=\"_ _127\"> </span>46.536<span class=\"_ _67\"> </span>55.132</span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _1dd\"> </span>63.599 <span class=\"_ _1ba\"> </span>52.257 <span class=\"_ _8b\"> </span>11.342 <span class=\"_ _111\"> </span>63.699<span class=\"_ _127\"> </span>49.332<span class=\"_ _67\"> </span>14.367</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _79\"> </span>149.449 <span class=\"_ _85\"> </span>122.907 <span class=\"_ _8b\"> </span>26.542 <span class=\"_ _11f\"> </span>135.829<span class=\"_ _89\"> </span>112.348<span class=\"_ _67\"> </span>23.481</span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _2dd\"> </span>91.067 <span class=\"_ _151\"> </span>82.456 <span class=\"_ _105\"> </span>8.611 <span class=\"_ _111\"> </span>87.668<span class=\"_ _127\"> </span>77.642<span class=\"_ _127\"> </span>10.026</span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _154\"> </span>315.032 <span class=\"_ _85\"> </span>258.500 <span class=\"_ _8b\"> </span>56.532 <span class=\"_ _11f\"> </span>298.253<span class=\"_ _89\"> </span>248.078<span class=\"_ _67\"> </span>50.175</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _1f7\"> </span>20.826 <span class=\"_ _32\"> </span>- <span class=\"_ _8b\"> </span>20.826 <span class=\"_ _111\"> </span>18.509<span class=\"_ _25\"> </span>-<span class=\"_ _67\"> </span>18.509</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2c6\"> </span>771.818 <span class=\"_ _86\"> </span>566.258 <span class=\"_ _1b8\"> </span>205.560 <span class=\"_ _127\"> </span>734.624<span class=\"_ _8b\"> </span>533.936<span class=\"_ _8b\"> </span>200.688</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne degli imm<span class=\"_ _4\"></span>obili, impianti e macchinari p<span class=\"_ _4\"></span>er gli es<span class=\"_ _4\"></span>erciz<span class=\"_ _4\"></span>i chiusi al </span><span style=\"display:inherit;clear:left;\">3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _123\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _1dc\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _1bb\"> </span>Amm.ti<span class=\"_ _19c\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _113\"> </span>28.998<span class=\"_ _85\"> </span>(220) <span class=\"_ _2a9\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _240\"> </span>(449) <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>28.329 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _ef\"> </span>55.132<span class=\"_ _1b9\"> </span>248 <span class=\"_ _203\"> </span>831 <span class=\"_ _1e5\"> </span>(200) <span class=\"_ _19c\"> </span>(2.633) <span class=\"_ _2a9\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>53.378 </span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _9c\"> </span>14.367<span class=\"_ _b6\"> </span>4 <span class=\"_ _203\"> </span>771 <span class=\"_ _b6\"> </span>- <span class=\"_ _1e2\"> </span>(3.784) <span class=\"_ _b6\"> </span>- <span class=\"_ _8a\"> </span>(16) <span class=\"_ _1da\"> </span>11.342 </span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _1ba\"> </span>23.481<span class=\"_ _1b9\"> </span>181 <span class=\"_ _19a\"> </span>18.609 <span class=\"_ _1e5\"> </span>(933) <span class=\"_ _1e2\"> </span>(9.545) <span class=\"_ _8a\"> </span>(55) <span class=\"_ _19c\"> </span>(5.196) <span class=\"_ _19a\"> </span>26.542 </span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _11a\"> </span>10.026<span class=\"_ _ec\"> </span>45 <span class=\"_ _7\"> </span>3.980 <span class=\"_ _8a\"> </span>(51) <span class=\"_ _1e2\"> </span>(4.955) <span class=\"_ _bf\"> </span>2 <span class=\"_ _123\"> </span>(436)<span class=\"_ _4\"></span> <span class=\"_ _15f\"> </span>8.611 </span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _1b3\"> </span>50.175<span class=\"_ _1e5\"> </span>1.146 <span class=\"_ _19a\"> </span>31.426 <span class=\"_ _1e5\"> </span>(595) <span class=\"_ _174\"> </span>(20.069)<span class=\"_ _4\"></span> <span class=\"_ _b2\"> </span>53 <span class=\"_ _19c\"> </span>(5.604) <span class=\"_ _19a\"> </span>56.532 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _74\"> </span>18.509<span class=\"_ _1b9\"> </span>435 <span class=\"_ _19a\"> </span>27.884 <span class=\"_ _1de\"> </span>(21.978) <span class=\"_ _b6\"> </span>- <span class=\"_ _1e2\"> </span>(4.024) <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>20.826 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14f\"> </span>200.688<span class=\"_ _1e5\"> </span>1.839 <span class=\"_ _1e2\"> </span>83.501 <span class=\"_ _1e3\"> </span>(23.757) <span class=\"_ _1e4\"> </span>(40.986) <span class=\"_ _1bb\"> </span>(4.473) <span class=\"_ _1e4\"> </span>(11.252) <span class=\"_ _1de\"> </span>205.560 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 non </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">destinate alla </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _1e4\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _213\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _1e3\"> </span>Amm.ti<span class=\"_ _7b\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">dismissione</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _296\"> </span>29.613<span class=\"_ _1e8\"> </span>(615)<span class=\"_ _151\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>28.998</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _14a\"> </span>55.150<span class=\"_ _18b\"> </span>(186)<span class=\"_ _174\"> </span>2.833<span class=\"_ _111\"> </span>-<span class=\"_ _1e8\"> </span>(2.602)<span class=\"_ _151\"> </span>-<span class=\"_ _7c\"> </span>-<span class=\"_ _d8\"> </span>(63)<span class=\"_ _19a\"> </span>55.132</span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _97\"> </span>14.056<span class=\"_ _7\"> </span>(6)<span class=\"_ _174\"> </span>4.841<span class=\"_ _151\"> </span>(4)<span class=\"_ _1e8\"> </span>(4.520)<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>14.367</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _b1\"> </span>21.973<span class=\"_ _18b\"> </span>(555)<span class=\"_ _241\"> </span>11.475<span class=\"_ _1dc\"> </span>(340)<span class=\"_ _1e8\"> </span>(8.437<span class=\"_ _4\"></span>)<span class=\"_ _151\"> </span>-<span class=\"_ _1bb\"> </span>(635)<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>23.481</span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _27e\"> </span>8.540<span class=\"_ _18b\"> </span>(101)<span class=\"_ _174\"> </span>6.197<span class=\"_ _87\"> </span>(14)<span class=\"_ _1e8\"> </span>(4.417)<span class=\"_ _1da\"> </span>(18)<span class=\"_ _1bb\"> </span>(161)<span class=\"_ _82\"> </span>-<span class=\"_ _1da\"> </span>10.026</span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _a6\"> </span>53.933<span class=\"_ _242\"> </span>(1.733)<span class=\"_ _241\"> </span>22.692<span class=\"_ _1dc\"> </span>(169)<span class=\"_ _256\"> </span>(18.699)<span class=\"_ _151\"> </span>-<span class=\"_ _16e\"> </span>(5.849)<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>50.175</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _e5\"> </span>8.299<span class=\"_ _18b\"> </span>(230)<span class=\"_ _1f0\"> </span>28.523<span class=\"_ _256\"> </span>(18.083)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>18.509</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>191.564<span class=\"_ _1df\"> </span>(3.426)<span class=\"_ _242\"> </span>76.561<span class=\"_ _2b0\"> </span>(18.610)<span class=\"_ _2b0\"> </span>(38.675)<span class=\"_ _19c\"> </span>(18)<span class=\"_ _23\"> </span>(6.645)<span class=\"_ _cf\"> </span>(63)<span class=\"_ _1de\"> </span>200.688</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento, al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lle \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali in co<span class=\"_ _4\"></span>rso e<span class=\"_ _4\"></span>d acconti<span class=\"_ _5\"></span>\u201d<span class=\"_ _2\"></span>:  </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>de<span class=\"_ _4\"></span>lle voci \u201c<span class=\"_ _4\"></span>Fabbricat<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d e \u201cImpianti e mac<span class=\"_ _4\"></span>chinari<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce princip<span class=\"_ _4\"></span>almente ad al<span class=\"_ _4\"></span>cuni lavori di miglioria pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o lo st<span class=\"_ _4\"></span>abili<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mento di O<span class=\"_ _4\"></span>smannoro<span class=\"_ _4\"></span>\u2013Se<span class=\"_ _4\"></span>sto Fi<span class=\"_ _4\"></span>orentino, di prop<span class=\"_ _4\"></span>riet\u00e0 d<span class=\"_ _4\"></span>ella Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>.,e pre<span class=\"_ _4\"></span>sso l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>edif<span class=\"_ _4\"></span>icio di Ne<span class=\"_ _4\"></span>w Y<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>rk, </span><span style=\"display:inherit;clear:left;\">di proprie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo USA<span class=\"_ _4\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>delle \u201cAttre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zature indus<span class=\"_ _4\"></span>triali e comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d \u00e8 relativo p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e ris<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>turazio<span class=\"_ _4\"></span>ne di punti vendit<span class=\"_ _4\"></span>a; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _48\"></span>d<span class=\"_ _4\"></span>egli \u201c<span class=\"_ _1\"></span>Altri b<span class=\"_ _4\"></span>eni<span class=\"_ _4\"></span>\u201d riguar<span class=\"_ _4\"></span>da prevale<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte attre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zature informatich<span class=\"_ _4\"></span>e (Euro 2.<span class=\"_ _1\"></span>794 migliaia<span class=\"_ _2\"></span>) e m<span class=\"_ _4\"></span>obili e arre<span class=\"_ _4\"></span>di (Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>034 migliaia<span class=\"_ _1\"></span>); </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>dell<span class=\"_ _4\"></span>e migliorie su b<span class=\"_ _4\"></span>eni di ter<span class=\"_ _4\"></span>zi si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e preval<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte a lavori ef<span class=\"_ _4\"></span>fettuati p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019aper<span class=\"_ _4\"></span>tura o ris<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>turazio<span class=\"_ _4\"></span>ne dei punti </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 mat<span class=\"_ _4\"></span>eriali in cor<span class=\"_ _4\"></span>so e acco<span class=\"_ _4\"></span>nti si riferis<span class=\"_ _4\"></span>ce in buona p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e alle spe<span class=\"_ _4\"></span>se so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute e acconti e<span class=\"_ _4\"></span>rogati ine<span class=\"_ _4\"></span>renti rin<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">novi e ap<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di punti ven<span class=\"_ _4\"></span>dita non anc<span class=\"_ _4\"></span>ora op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i alla data di chiusur<span class=\"_ _4\"></span>a del bilancio. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Migliorie s<span class=\"_ _4\"></span>u beni di te<span class=\"_ _4\"></span>rzi<span class=\"_ _5\"></span>\u201d<span class=\"_ _2\"></span>, so<span class=\"_ _4\"></span>no inclusi i co<span class=\"_ _4\"></span>sti di ripr<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stino l<span class=\"_ _4\"></span>ocali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>i (<span class=\"_ _2\"></span>acc<span class=\"_ _4\"></span>antonati in contropar<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>a al \u201c<span class=\"_ _4\"></span>Fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oneri<span class=\"_ _4\"></span>\u201d, nota 23<span class=\"_ _1\"></span>), per il 202<span class=\"_ _1\"></span>4 pari a Euro </span><span style=\"display:inherit;clear:left;\">2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>5 migliaia (<span class=\"_ _2\"></span>ne<span class=\"_ _4\"></span>l 2023 pari a Euro 392 migliaia<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">I decre<span class=\"_ _4\"></span>menti s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte alla dismiss<span class=\"_ _4\"></span>ione di ce<span class=\"_ _4\"></span>spiti (non complet<span class=\"_ _4\"></span>amente amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati) di punti ve<span class=\"_ _4\"></span>ndi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta ri<span class=\"_ _4\"></span>strut<span class=\"_ _4\"></span>turati o chiusi n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio.  </span><span style=\"display:inherit;clear:left;\">La ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica a<span class=\"_ _4\"></span>lla voce terr<span class=\"_ _4\"></span>eni pari ad Euro 4<span class=\"_ _4\"></span>49 migliaia si rifer<span class=\"_ _4\"></span>isce al tr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>rimento de<span class=\"_ _4\"></span>lla por<span class=\"_ _4\"></span>zione di te<span class=\"_ _4\"></span>rreno di p<span class=\"_ _4\"></span>ropriet<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinata a te<span class=\"_ _4\"></span>rreni p<span class=\"_ _4\"></span>er inves<span class=\"_ _4\"></span>timento imm<span class=\"_ _4\"></span>obiliare da par<span class=\"_ _4\"></span>te della C<span class=\"_ _4\"></span>apogrup<span class=\"_ _4\"></span>po; mentre la ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla voce \u201c<span class=\"_ _1\"></span>Atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">materiali in cor<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>d acconti<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 4.02<span class=\"_ _1\"></span>4 migliaia si riferis<span class=\"_ _4\"></span>ce alle op<span class=\"_ _4\"></span>ere di bo<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>a svo<span class=\"_ _4\"></span>lte sul terr<span class=\"_ _4\"></span>eno di </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inato ad inves<span class=\"_ _4\"></span>timento immo<span class=\"_ _4\"></span>biliare pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>339 migliaia ed alla </span><span style=\"display:inherit;clear:left;\">realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di un edif<span class=\"_ _4\"></span>icio da de<span class=\"_ _4\"></span>stinare a e<span class=\"_ _4\"></span>dilizia pro<span class=\"_ _4\"></span>duttiv<span class=\"_ _4\"></span>a di intere<span class=\"_ _4\"></span>sse ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per Euro </span><span style=\"display:inherit;clear:left;\">2.6<span class=\"_ _4\"></span>85 migliaia. Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla not<span class=\"_ _4\"></span>a 6 \u201cInve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari<span class=\"_ _4\"></span>\u201d.  </span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, a f<span class=\"_ _4\"></span>ine anno \u00e8 st<span class=\"_ _4\"></span>ata v<span class=\"_ _4\"></span>a<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lutat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a di indicatori di <span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span> rintracciabili t<span class=\"_ _4\"></span>ramite fonti intern<span class=\"_ _4\"></span>e o fonti es<span class=\"_ _4\"></span>terne di informa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Tipic<span class=\"_ _4\"></span>amente fonti e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rne pos<span class=\"_ _4\"></span>so<span class=\"_ _4\"></span>no es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e da modif<span class=\"_ _4\"></span>iche ne<span class=\"_ _4\"></span>l contes<span class=\"_ _4\"></span>to te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ico, econo<span class=\"_ _4\"></span>mico e leg<span class=\"_ _4\"></span>ale in cui </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>ra, me<span class=\"_ _4\"></span>ntre le fonti intern<span class=\"_ _4\"></span>e sono rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate dalle s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie azie<span class=\"_ _4\"></span>ndali che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono cambiare o m<span class=\"_ _4\"></span>eno la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>-</span><span style=\"display:inherit;clear:left;\">ne di utiliz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>ei beni<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voce di b<span class=\"_ _4\"></span>ilancio per Euro 1<span class=\"_ _1c\"></span>1.252 migliaia. Per tutti i det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _1\"></span>0 \u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span></span> </span><span style=\"display:inherit;clear:left;\">6. In<span class=\"_ _1\"></span>vestimenti immobiliari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uente pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2f3\"> </span>C<span class=\"_ _1\"></span>osto Storico<span class=\"_ _63\"> </span><span class=\"ws9e\">Fondo Amm.to<span class=\"_ _242\"> </span></span>V<span class=\"_ _2\"></span>alore netto<span class=\"_ _e0\"> </span>Costo Storic<span class=\"_ _2\"></span>o<span class=\"_ _62\"> </span><span class=\"ws9e\">Fondo Amm.to<span class=\"_ _16e\"> </span></span>V<span class=\"_ _2\"></span>alore netto</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _11\"> </span>7.175 <span class=\"_ _b4\"> </span>1.573 <span class=\"_ _105\"> </span>5.602 <span class=\"_ _2a3\"> </span>5.065<span class=\"_ _176\"> </span>-<span class=\"_ _74\"> </span>5.065</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _2ea\"> </span>15.375 <span class=\"_ _1ba\"> </span>14.514 <span class=\"_ _a1\"> </span>861 <span class=\"_ _111\"> </span>11.930<span class=\"_ _127\"> </span>11.892<span class=\"_ _148\"> </span>38</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _262\"> </span>110.358 <span class=\"_ _87\"> </span>110.358 <span class=\"_ _2da\"> </span>- <span class=\"_ _67\"> </span>101.327<span class=\"_ _67\"> </span>83.764<span class=\"_ _127\"> </span>17.563</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2c6\"> </span>132.908 <span class=\"_ _86\"> </span>126.445 <span class=\"_ _1b9\"> </span>6.463 <span class=\"_ _127\"> </span>118.322<span class=\"_ _1b9\"> </span>95.656<span class=\"_ _105\"> </span>22.666</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari si rifer<span class=\"_ _4\"></span>iscon<span class=\"_ _4\"></span>o a edif<span class=\"_ _4\"></span>ici situati ne<span class=\"_ _4\"></span>gli Stati Uniti e a p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ire dal 202<span class=\"_ _2\"></span>4 all<span class=\"_ _4\"></span>\u2019edifi<span class=\"_ _4\"></span>cio des<span class=\"_ _4\"></span>tinato a </span><span style=\"display:inherit;clear:left;\">ediliz<span class=\"_ _4\"></span>ia produt<span class=\"_ _4\"></span>tiva di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se gene<span class=\"_ _4\"></span>rale<span class=\"_ _4\"></span>, pres<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019area di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., ubic<span class=\"_ _4\"></span>ata ne<span class=\"_ _4\"></span>l Co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mune di Se<span class=\"_ _4\"></span>sto Fi<span class=\"_ _4\"></span>orentino \u2013 O<span class=\"_ _4\"></span>smannoro. </span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari p<span class=\"_ _4\"></span>er gli es<span class=\"_ _4\"></span>ercizi chiu<span class=\"_ _4\"></span>si al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e 2023:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">Rid. ne </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _174\"> </span><span class=\"ls0\">Incrementi<span class=\"_ _85\"> </span>Amm.ti<span class=\"_ _242\"> </span>Riclassifiche</span></span><span style=\"display:inherit;clear:left;\">di valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _291\"> </span>5.065<span class=\"_ _e5\"> </span>323 <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _105\"> </span>1.788 <span class=\"_ _85\"> </span>(1.574) <span class=\"_ _127\"> </span>5.602 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _251\"> </span>38<span class=\"_ _2da\"> </span>2 <span class=\"_ _2da\"> </span>- <span class=\"_ _111\"> </span>(35) <span class=\"_ _105\"> </span>2.685 <span class=\"_ _85\"> </span>(1.829) <span class=\"_ _a1\"> </span>861 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _2f4\"> </span>17.563<span class=\"_ _e5\"> </span>367 <span class=\"_ _105\"> </span>2.481 <span class=\"_ _85\"> </span>(4.198) <span class=\"_ _2da\"> </span>- <span class=\"_ _1b8\"> </span>(16.213) <span class=\"_ _2da\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27d\"> </span>22.666<span class=\"_ _d8\"> </span>692 <span class=\"_ _1b9\"> </span>2.481 <span class=\"_ _87\"> </span>(4.233) <span class=\"_ _1ba\"> </span>4.473 <span class=\"_ _1dc\"> </span>(19.616) <span class=\"_ _1ba\"> </span>6.463 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _233\"> </span>Incrementi<span class=\"_ _b1\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _91\"> </span>5.247<span class=\"_ _a1\"> </span>(182)<span class=\"_ _176\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _2f4\"> </span>5.065</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _22f\"> </span>105<span class=\"_ _2a6\"> </span>(2)<span class=\"_ _176\"> </span>-<span class=\"_ _208\"> </span>(65)<span class=\"_ _148\"> </span>38</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _29e\"> </span>22.395<span class=\"_ _111\"> </span>(690)<span class=\"_ _176\"> </span>-<span class=\"_ _105\"> </span>(4.142)<span class=\"_ _67\"> </span>17.563</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1af\"> </span>27.747<span class=\"_ _74\"> </span>(874)<span class=\"_ _176\"> </span>-<span class=\"_ _1ba\"> </span>(4.207)<span class=\"_ _105\"> </span>22.666</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _4\"></span>T<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>rreni<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e la riclass<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a dai \u201c<span class=\"_ _4\"></span>T<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>rreni Indu<span class=\"_ _4\"></span>striali<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er Euro 4<span class=\"_ _4\"></span>49 migliaia riferit<span class=\"_ _4\"></span>a alla por<span class=\"_ _4\"></span>zione di te<span class=\"_ _4\"></span>rreno </span><span style=\"display:inherit;clear:left;\">di proprie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inata ad e<span class=\"_ _4\"></span>dilizia produt<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a di intere<span class=\"_ _4\"></span>sse ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e e per Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>339<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">migliaia alle ope<span class=\"_ _4\"></span>re di bonif<span class=\"_ _4\"></span>ica e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate sul te<span class=\"_ _4\"></span>rreno ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate dalla voce \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali in cors<span class=\"_ _4\"></span>o ed acc<span class=\"_ _4\"></span>onti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cFabbri<span class=\"_ _4\"></span>cati<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie l<span class=\"_ _4\"></span>\u2019immo<span class=\"_ _4\"></span>bile della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., ubic<span class=\"_ _4\"></span>ato nel Co<span class=\"_ _4\"></span>mune di Se<span class=\"_ _4\"></span>sto Fio<span class=\"_ _4\"></span>rentino \u2013 </span><span style=\"display:inherit;clear:left;\">Osmann<span class=\"_ _4\"></span>oro, des<span class=\"_ _4\"></span>tinato a ediliz<span class=\"_ _4\"></span>ia produt<span class=\"_ _4\"></span>tiva di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se gene<span class=\"_ _4\"></span>rale ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato dalla voce \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali in cors<span class=\"_ _4\"></span>o ed </span><span style=\"display:inherit;clear:left;\">acconti<span class=\"_ _4\"></span>\u201d; l<span class=\"_ _4\"></span>\u2019immobile \u00e8 s<span class=\"_ _4\"></span>tato c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>ato a dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">Si ricorda ch<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso che rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti in atti<span class=\"_ _4\"></span>vit\u00e0 imm<span class=\"_ _4\"></span>obiliari sono </span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cate nella p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nte voce di bilanci<span class=\"_ _4\"></span>o e al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4, a s<span class=\"_ _4\"></span>eguito de<span class=\"_ _4\"></span>lla riduzio<span class=\"_ _4\"></span>ne di valore r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a a seguit<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del <span class=\"_ _5\"></span><span class=\"ff5f lsa ws90\">test</span><span class=\"ls4 ws150\"> di <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span></span><span class=\"ws81\"> condot<span class=\"_ _4\"></span>to nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio, ris<span class=\"_ _4\"></span>ultano comp<span class=\"_ _4\"></span>letam<span class=\"_ _4\"></span>ente s<span class=\"_ _4\"></span>valutate<span class=\"_ _4\"></span>. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli si riman<span class=\"_ _4\"></span>da alla </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso \u2013 Fabbricati s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i i cost<span class=\"_ _4\"></span>i di ripris<span class=\"_ _4\"></span>tino loc<span class=\"_ _4\"></span>ali in </span><span style=\"display:inherit;clear:left;\">aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to da ter<span class=\"_ _4\"></span>zi pe<span class=\"_ _4\"></span>r contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>, accanto<span class=\"_ _4\"></span>nati in contropar<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>a al \u201cFo<span class=\"_ _4\"></span>ndo </span><span style=\"display:inherit;clear:left;\">per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>\u201d (<span class=\"_ _1\"></span>nota 2<span class=\"_ _4\"></span>3<span class=\"_ _2\"></span>), pari ad Euro 2.4<span class=\"_ _4\"></span>81 migliai<span class=\"_ _1\"></span>a nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 (par<span class=\"_ _4\"></span>i a Euro 0 migliaia nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023)<span class=\"_ _1\"></span>. <span class=\"_ _1c\"></span> </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsf5\"> sulla voce At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso \u2013 Fabbr<span class=\"_ _4\"></span>icati, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla comp<span class=\"_ _4\"></span>leta </span></span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore ne<span class=\"_ _4\"></span>tto co<span class=\"_ _4\"></span>ntabile p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>3 migliaia. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua, ino<span class=\"_ _4\"></span>ltre, p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cament<span class=\"_ _4\"></span>e delle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni sui <span class=\"ff5f\">fair value</span> degli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari iscrit<span class=\"_ _4\"></span>ti in bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio. Dalla pe<span class=\"_ _4\"></span>rizia s<span class=\"_ _4\"></span>volta da un t<span class=\"_ _4\"></span>erzo in<span class=\"_ _4\"></span>dipen<span class=\"_ _4\"></span>dente sul te<span class=\"_ _4\"></span>rreno e il f<span class=\"_ _4\"></span>abbricat<span class=\"_ _4\"></span>o di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo, </span><span style=\"display:inherit;clear:left;\">si \u00e8 re<span class=\"_ _4\"></span>so nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rare una riduzi<span class=\"_ _4\"></span>one di valo<span class=\"_ _4\"></span>re pari a Euro 3.403 migliaia, p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guare il valor<span class=\"_ _4\"></span>e al minore tra il </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ed il <span class=\"ff5f\">fair value</span> deri<span class=\"_ _4\"></span>vante dalla pe<span class=\"_ _4\"></span>rizia.</span></span> </span><span style=\"display:inherit;clear:left;\">7. Avviamento</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 s<span class=\"_ _4\"></span>tato inter<span class=\"_ _4\"></span>amente ac<span class=\"_ _4\"></span>quisito durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2020 attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale di </span><span style=\"display:inherit;clear:left;\">Ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>s s.r<span class=\"_ _1\"></span>.l. e Aura 1 S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l. e<span class=\"_ _4\"></span>d \u00e8 attrib<span class=\"_ _4\"></span>uibile alle sine<span class=\"_ _4\"></span>rgie e altri b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gr<span class=\"_ _4\"></span>ega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 acquisit<span class=\"_ _4\"></span>e con quell<span class=\"_ _4\"></span>e della Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., relati<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>lla progett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one e realiz<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del pro<span class=\"_ _4\"></span>dot<span class=\"_ _4\"></span>to calz<span class=\"_ _4\"></span>ature uomo. A<span class=\"_ _4\"></span>l nett<span class=\"_ _4\"></span>o del <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 ac<span class=\"_ _4\"></span>quisite, il val<span class=\"_ _4\"></span>ore res<span class=\"_ _4\"></span>iduo alloc<span class=\"_ _4\"></span>ato ad </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto deri<span class=\"_ _4\"></span>vante dall<span class=\"_ _4\"></span>\u2019acquisizion<span class=\"_ _4\"></span>e ammonta a Euro 6<span class=\"_ _4\"></span>.679 migliaia. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce non ha sub<span class=\"_ _4\"></span>ito variaz<span class=\"_ _4\"></span>ione ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, e come r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 36 la verif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lla recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata alme<span class=\"_ _4\"></span>no annualmente e co<span class=\"_ _4\"></span>munque quando si </span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ican<span class=\"_ _4\"></span>o eventi che f<span class=\"_ _4\"></span>anno pres<span class=\"_ _4\"></span>upporre una r<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e del val<span class=\"_ _4\"></span>ore. </span><span style=\"display:inherit;clear:left;\">Nel ri<span class=\"_ _4\"></span>vede<span class=\"_ _4\"></span>re i propri in<span class=\"_ _4\"></span>dicatori di <span class=\"ff5f ls58 ws6\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span>, il Grupp<span class=\"_ _4\"></span>o prend<span class=\"_ _4\"></span>e in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione, t<span class=\"_ _4\"></span>ra gli altri fat<span class=\"_ _4\"></span>tori, la re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e tra la </span><span style=\"display:inherit;clear:left;\">propria c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione di me<span class=\"_ _4\"></span>rcato e il propr<span class=\"_ _4\"></span>io valore co<span class=\"_ _4\"></span>ntabile<span class=\"_ _4\"></span>. Al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, la capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di m<span class=\"_ _4\"></span>ercato </span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo e<span class=\"_ _4\"></span>ra ampiamente al di s<span class=\"_ _4\"></span>opra de<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio netto, p<span class=\"_ _4\"></span>erci\u00f2 il Grup<span class=\"_ _4\"></span>po non ha re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">alcuna ridu<span class=\"_ _4\"></span>zione dur<span class=\"_ _4\"></span>evole di v<span class=\"_ _4\"></span>alore su t<span class=\"_ _4\"></span>ale voc<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">8. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 per diritto d\u2019uso</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziata n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guente p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _2cd\"> </span>1.127.090 <span class=\"_ _87\"> </span>601.463 <span class=\"_ _23f\"> </span>525.627 <span class=\"_ _15f\"> </span>1.050.724<span class=\"_ _89\"> </span>437.206<span class=\"_ _1b9\"> </span>613.518</span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _284\"> </span>6.278 <span class=\"_ _c1\"> </span>3.278 <span class=\"_ _105\"> </span>3.000 <span class=\"_ _cf\"> </span>6.069<span class=\"_ _74\"> </span>2.983<span class=\"_ _2a9\"> </span>3.086</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _19b\"> </span>16 <span class=\"_ _7e\"> </span>16 <span class=\"_ _2da\"> </span>- <span class=\"_ _12b\"> </span>499<span class=\"_ _12a\"> </span>491<span class=\"_ _212\"> </span>8</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1c3\"> </span>1.133.384 <span class=\"_ _86\"> </span>604.757 <span class=\"_ _1b8\"> </span>528.627 <span class=\"_ _1b8\"> </span>1.057.292<span class=\"_ _8b\"> </span>440.680<span class=\"_ _151\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella ch<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>ta la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso per g<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi chiusi al 31 dicembre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 2023. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _174\"> </span>Incrementi<span class=\"_ _180\"> </span>Decrementi<span class=\"_ _87\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _1dd\"> </span>613.518 <span class=\"_ _257\"> </span>10.264 <span class=\"_ _257\"> </span>77.702 <span class=\"_ _85\"> </span>(2.258) <span class=\"_ _1bb\"> </span>(121.027) <span class=\"_ _1b8\"> </span>(52.572) <span class=\"_ _23f\"> </span>525.627 </span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _292\"> </span>3.086 <span class=\"_ _2a3\"> </span><span class=\"ls35 ws38\">(3)<span class=\"_ _4\"></span> <span class=\"_ _105\"> </span></span>1.765 <span class=\"_ _111\"> </span>(82) <span class=\"_ _85\"> </span>(1.672) <span class=\"_ _111\"> </span>(94) <span class=\"_ _1b9\"> </span>3.000 </span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _2c8\"> </span>8 <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _bc\"> </span><span class=\"ls71 ws12\">(7) <span class=\"_ _e2\"> </span></span>(1) <span class=\"_ _2da\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>616.612 <span class=\"_ _8b\"> </span>10.261 <span class=\"_ _85\"> </span>79.467 <span class=\"_ _87\"> </span>(2.340) <span class=\"_ _213\"> </span>(122.706) <span class=\"_ _1dc\"> </span>(52.667) <span class=\"_ _1b8\"> </span>528.627 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _233\"> </span>Incrementi<span class=\"_ _174\"> </span>Decrementi<span class=\"_ _b1\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _1a8\"> </span>477.501<span class=\"_ _1b9\"> </span>(8.141)<span class=\"_ _88\"> </span>265.290<span class=\"_ _1b9\"> </span>(4.144)<span class=\"_ _23f\"> </span>(116.988)<span class=\"_ _89\"> </span>613.518</span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _137\"> </span>2.213<span class=\"_ _32\"> </span>3<span class=\"_ _2f4\"> </span>2.629<span class=\"_ _a1\"> </span>(128)<span class=\"_ _1b9\"> </span>(1.631)<span class=\"_ _74\"> </span>3.086</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _2ab\"> </span>10<span class=\"_ _d0\"> </span>1<span class=\"_ _32\"> </span>4<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span><span class=\"ls71 ws12\">(7)<span class=\"_ _d0\"> </span></span>8</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>479.724<span class=\"_ _1ba\"> </span>(8.137)<span class=\"_ _8b\"> </span>267.923<span class=\"_ _1ba\"> </span>(4.272)<span class=\"_ _17c\"> </span>(118.626)<span class=\"_ _8b\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cFabbri<span class=\"_ _4\"></span>cati<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso re<span class=\"_ _4\"></span>lative prin<span class=\"_ _4\"></span>cipalmente a cont<span class=\"_ _4\"></span>ratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di ne<span class=\"_ _4\"></span>gozi (pari a circ<span class=\"_ _4\"></span>a il </span><span style=\"display:inherit;clear:left;\">92% delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso Fabbr<span class=\"_ _4\"></span>icati) e in misura re<span class=\"_ _4\"></span>siduale r<span class=\"_ _4\"></span>elative a co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ici, fores<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>e e altri </span><span style=\"display:inherit;clear:left;\">spa<span class=\"_ _4\"></span>zi. I principali incr<span class=\"_ _4\"></span>ementi re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio si rife<span class=\"_ _4\"></span>risco<span class=\"_ _4\"></span>no a nuovi cont<span class=\"_ _4\"></span>ratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ottos<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>i nel pe<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riod<span class=\"_ _4\"></span>o o a est<span class=\"_ _4\"></span>ensio<span class=\"_ _4\"></span>ni di contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti, pr<span class=\"_ _4\"></span>incipalmente p<span class=\"_ _4\"></span>er i punti ve<span class=\"_ _4\"></span>ndita, m<span class=\"_ _4\"></span>entre i princip<span class=\"_ _4\"></span>ali decre<span class=\"_ _4\"></span>menti so<span class=\"_ _4\"></span>no relati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">a contrat<span class=\"_ _4\"></span>ti terminati in v<span class=\"_ _4\"></span>ia anticipata o p<span class=\"_ _4\"></span>er i quali \u00e8 st<span class=\"_ _4\"></span>ata contr<span class=\"_ _4\"></span>att<span class=\"_ _4\"></span>ata una riduz<span class=\"_ _4\"></span>ione dei c<span class=\"_ _4\"></span>anoni di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to futuri<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso \u2013 Fabbricati s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i i cost<span class=\"_ _4\"></span>i di ripris<span class=\"_ _4\"></span>tino loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>it<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to da ter<span class=\"_ _4\"></span>zi p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>6, acc<span class=\"_ _4\"></span>antonati in contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>ita al \u201c<span class=\"_ _4\"></span>Fond<span class=\"_ _4\"></span>o per ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">e oner<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d (<span class=\"_ _2\"></span>not<span class=\"_ _4\"></span>a 23<span class=\"_ _1\"></span>), pari a Euro 2.03<span class=\"_ _1\"></span>1 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4 (<span class=\"_ _4\"></span>pari a Euro 1<span class=\"_ _1\"></span>.25<span class=\"_ _4\"></span>0 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli sui f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari in uscit<span class=\"_ _4\"></span>a relati<span class=\"_ _4\"></span>vi ai contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne si rimanda alle not<span class=\"_ _4\"></span>e 26 \u201cPas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _5\"></span><span class=\"ff5c ls0 ws0\">\u201d e 36 \u201cComp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voc<span class=\"_ _4\"></span>e di bilancio pe<span class=\"_ _4\"></span>r Euro 5<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>.667 migliaia. Pe<span class=\"_ _4\"></span>r tutti i de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica n<span class=\"_ _4\"></span>ota 10 \u201cRidu<span class=\"_ _4\"></span>zioni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span></span> </span><span style=\"display:inherit;clear:left;\">9. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 immateriali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vita ut<span class=\"_ _4\"></span>ile def<span class=\"_ _4\"></span>inita al 31 dicembre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>gu<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>te: <span class=\"_ _4\"></span>  </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _162\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to </span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to </span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e dell<span class=\"_ _4\"></span>\u2019ingegno<span class=\"_ _bc\"> </span>31.259 <span class=\"_ _164\"> </span>29.735 <span class=\"_ _17c\"> </span>1.524 <span class=\"_ _123\"> </span>30.518<span class=\"_ _60\"> </span>29.015<span class=\"_ _15f\"> </span>1.503</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2ec\"> </span>9.939 <span class=\"_ _7f\"> </span>8.440 <span class=\"_ _1b8\"> </span>1.499 <span class=\"_ _88\"> </span>9.679<span class=\"_ _8b\"> </span>8.092<span class=\"_ _15f\"> </span>1.587</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _299\"> </span>115.057 <span class=\"_ _e1\"> </span>93.647 <span class=\"_ _233\"> </span>21.410 <span class=\"_ _163\"> </span>106.704<span class=\"_ _1b8\"> </span>83.157<span class=\"_ _19a\"> </span>23.547</span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _4e\"> </span>24.563 <span class=\"_ _e1\"> </span>20.442 <span class=\"_ _17c\"> </span>4.121 <span class=\"_ _123\"> </span>23.602<span class=\"_ _1b8\"> </span>18.744<span class=\"_ _7\"> </span>4.858</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _2ce\"> </span>3.318 <span class=\"_ _208\"> </span>- <span class=\"_ _17c\"> </span>3.318 <span class=\"_ _8a\"> </span>5.377<span class=\"_ _d4\"> </span>-<span class=\"_ _15f\"> </span>5.377</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>184.136 <span class=\"_ _178\"> </span>152.264 <span class=\"_ _233\"> </span>31.872 <span class=\"_ _19c\"> </span>175.880<span class=\"_ _26c\"> </span>139.008<span class=\"_ _1e2\"> </span>36.872</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi al </span><span style=\"display:inherit;clear:left;\">3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _60\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _23f\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _213\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">1.503<span class=\"_ _1ba\"> </span>37 <span class=\"_ _88\"> </span>997 <span class=\"_ _87\"> </span>(156) <span class=\"_ _23f\"> </span>(817) <span class=\"_ _257\"> </span>(40) <span class=\"_ _17c\"> </span>1.524 </span><span style=\"display:inherit;clear:left;\">dell\u2019ingegno</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _175\"> </span>1.587<span class=\"_ _b4\"> </span>1 <span class=\"_ _88\"> </span>260 <span class=\"_ _2a3\"> </span>- <span class=\"_ _23f\"> </span>(349) <span class=\"_ _cf\"> </span>- <span class=\"_ _1b8\"> </span>1.499 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _1c3\"> </span>23.547<span class=\"_ _74\"> </span>- <span class=\"_ _17c\"> </span>8.353 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e7\"> </span>(8.798) <span class=\"_ _1e7\"> </span>(1.692) <span class=\"_ _26c\"> </span>21.410 </span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _1e9\"> </span>4.858<span class=\"_ _1ba\"> </span>61 <span class=\"_ _89\"> </span>265 <span class=\"_ _208\"> </span>- <span class=\"_ _1e7\"> </span>(1.032) <span class=\"_ _257\"> </span>(31) <span class=\"_ _17c\"> </span>4.121 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _1f2\"> </span>5.377<span class=\"_ _74\"> </span>- <span class=\"_ _17c\"> </span>6.482 <span class=\"_ _164\"> </span>(8.541) <span class=\"_ _cf\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _1b8\"> </span>3.318 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _18c\"> </span>36.872<span class=\"_ _1ba\"> </span>99 <span class=\"_ _1e7\"> </span>16.357 <span class=\"_ _19a\"> </span>(8.697) <span class=\"_ _16e\"> </span>(10.996) <span class=\"_ _234\"> </span>(1.763) <span class=\"_ _213\"> </span>31.872 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _ae\"> </span>Incrementi<span class=\"_ _4\"></span>Decrementi<span class=\"_ _1e4\"> </span>Amm.ti<span class=\"_ _174\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">1.085<span class=\"_ _87\"> </span>(32) <span class=\"_ _1e2\"> </span>1.100 <span class=\"_ _ec\"> </span>- <span class=\"_ _1da\"> </span>(668) <span class=\"_ _b1\"> </span>18 <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>1.503 </span><span style=\"display:inherit;clear:left;\">dell\u2019ingegno</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _294\"> </span>1.512<span class=\"_ _2f5\"> </span>- <span class=\"_ _240\"> </span>440 <span class=\"_ _ec\"> </span>- <span class=\"_ _1da\"> </span>(365) <span class=\"_ _b4\"> </span>- <span class=\"_ _ec\"> </span>- <span class=\"_ _1e2\"> </span>1.587 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _15c\"> </span>21.704<span class=\"_ _74\"> </span>- <span class=\"_ _1de\"> </span>11.381 <span class=\"_ _b4\"> </span>- <span class=\"_ _174\"> </span>(9.308) <span class=\"_ _b4\"> </span>- <span class=\"_ _163\"> </span>(230) <span class=\"_ _1de\"> </span>23.547 </span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _2f6\"> </span>5.684<span class=\"_ _87\"> </span>(36) <span class=\"_ _240\"> </span>275 <span class=\"_ _ec\"> </span>- <span class=\"_ _1e3\"> </span>(1.065) <span class=\"_ _b4\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>4.858 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _15b\"> </span>4.918<span class=\"_ _2f5\"> </span>- <span class=\"_ _1de\"> </span>12.055 <span class=\"_ _241\"> </span>(11.596) <span class=\"_ _ec\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>5.377 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2dc\"> </span>34.903<span class=\"_ _7f\"> </span>(68) <span class=\"_ _174\"> </span>25.251 <span class=\"_ _1df\"> </span>(11.596) <span class=\"_ _1df\"> </span>(11.406) <span class=\"_ _b1\"> </span>18 <span class=\"_ _19a\"> </span>(230) <span class=\"_ _1e3\"> </span>36.872 </span><span style=\"display:inherit;clear:left;\">Le Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita s<span class=\"_ _4\"></span>i increme<span class=\"_ _4\"></span>ntano, al net<span class=\"_ _4\"></span>to del d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lle Attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali a vita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a in cors<span class=\"_ _4\"></span>o, nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 p<span class=\"_ _4\"></span>rincipalmente p<span class=\"_ _4\"></span>er nuov<span class=\"_ _4\"></span>i invest<span class=\"_ _4\"></span>imenti in cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo p<span class=\"_ _4\"></span>er app<span class=\"_ _4\"></span>licativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware<span class=\"ff5c ws95\"> (iscrit<span class=\"_ _4\"></span>ti nella voc<span class=\"_ _4\"></span>e \u201cCos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) e sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e per lice<span class=\"_ _4\"></span>nze di utiliz<span class=\"_ _4\"></span>zo </span>s<span class=\"_ _4\"></span>oft<span class=\"_ _4\"></span>ware<span class=\"ff5c ws95\"> (voce \u201c<span class=\"_ _4\"></span>Diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>to e di </span></span><span style=\"display:inherit;clear:left;\">utilizza<span class=\"_ _4\"></span>zione delle opere dell'ing<span class=\"_ _1\"></span>egno\u201d<span class=\"_ _5\"></span>), a<span class=\"_ _1\"></span>l netto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammor<span class=\"_ _4\"></span>tamento di periodo. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cCos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo<span class=\"_ _4\"></span>\u201d compre<span class=\"_ _4\"></span>nde pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente la c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span>se pe<span class=\"_ _4\"></span>r lo s<span class=\"_ _4\"></span>viluppo de<span class=\"_ _4\"></span>gli applic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i <span class=\"_ _4\"></span><span class=\"ff5f\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ws80\"> azi<span class=\"_ _4\"></span>endali (SAP sis<span class=\"_ _4\"></span>tema co<span class=\"_ _4\"></span>ntabile, ER<span class=\"_ _4\"></span>P gest<span class=\"_ _4\"></span>ione pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, sis<span class=\"_ _4\"></span>temi di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span>, co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o della </span></span><span style=\"display:inherit;clear:left;\">piatt<span class=\"_ _4\"></span>aforma informatica p<span class=\"_ _4\"></span>er il comm<span class=\"_ _4\"></span>ercio ele<span class=\"_ _4\"></span>ttronic<span class=\"_ _4\"></span>o, progett<span class=\"_ _4\"></span>o <span class=\"ff5f\">\u201cN<span class=\"_ _4\"></span>ew Pos Solut<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span></span><span class=\"ls4 ws168\">\u201d finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introdu<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">nuovo sis<span class=\"_ _4\"></span>tema di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e di <span class=\"ff5f\">back of<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ice<span class=\"_ _1\"></span><span class=\"ff5c\">). Al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, il G<span class=\"_ _4\"></span>ruppo no<span class=\"_ _4\"></span>n pres<span class=\"_ _4\"></span>enta at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti </span></span></span><span style=\"display:inherit;clear:left;\">dallo s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o interno. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re<span class=\"_ _4\"></span>\u201d include prev<span class=\"_ _4\"></span>alente<span class=\"_ _4\"></span>mente il <span class=\"ff5f ls32 wscd\">know how<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws11d\">, deri<span class=\"_ _4\"></span>vante dalla valo<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione a <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">t\u00e0 ac<span class=\"_ _4\"></span>quisite ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gr<span class=\"_ _4\"></span>egaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale c<span class=\"_ _4\"></span>on Ar<span class=\"_ _4\"></span>ts S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l. e Aura 1 S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l., av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2020 (pari al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 ad un v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to di Euro 2.<span class=\"_ _4\"></span>592 migliai<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>); la vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre<span class=\"_ _4\"></span>\u201d include anch<span class=\"_ _4\"></span>e il cosidd<span class=\"_ _4\"></span>etto <span class=\"ff5f ls2b wsf0\">key money<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws11e\">, o<span class=\"_ _4\"></span>ssia le s<span class=\"_ _4\"></span>omme </span></span></span><span style=\"display:inherit;clear:left;\">pagate p<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere la di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 di immobili in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one sube<span class=\"_ _4\"></span>ntrando a c<span class=\"_ _4\"></span>ontratti e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>sso </span><span style=\"display:inherit;clear:left;\">dei co<span class=\"_ _4\"></span>ndutto<span class=\"_ _4\"></span>ri, in modo da p<span class=\"_ _4\"></span>oter ot<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re nuovi contr<span class=\"_ _4\"></span>atti co<span class=\"_ _4\"></span>n i locato<span class=\"_ _4\"></span>ri (pari al 31 dicembre 202<span class=\"_ _2\"></span>4 a<span class=\"_ _4\"></span>d un valore ne<span class=\"_ _4\"></span>tto </span><span style=\"display:inherit;clear:left;\">di Euro 48<span class=\"_ _4\"></span>0 migliaia<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws156\"> su alcun<span class=\"_ _4\"></span>e <span class=\"ff5f ls2c ws15b\">cas<span class=\"_ _1\"></span>h gener<span class=\"_ _2\"></span>atin<span class=\"_ _1\"></span>g un<span class=\"_ _2\"></span>it<span class=\"_ _4\"></span>s<span class=\"ff5c ls3 ws156\"> del Grupp<span class=\"_ _4\"></span>o, che hanno por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato alla rileva<span class=\"_ _4\"></span>zione di </span></span></span></span><span style=\"display:inherit;clear:left;\">riduz<span class=\"_ _4\"></span>ioni di valore s<span class=\"_ _4\"></span>u quest<span class=\"_ _4\"></span>a voce di b<span class=\"_ _4\"></span>ilancio per Euro 71 migliaia. Per tutti i d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a nota 10<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">La ridu<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore di Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>692 migliaia sulla voce \u201cCo<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o\u201d si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a spe<span class=\"_ _4\"></span>se cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nei pre<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">denti e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi e non pi\u00f9 s<span class=\"_ _4\"></span>oddis<span class=\"_ _4\"></span>face<span class=\"_ _4\"></span>nti le str<span class=\"_ _4\"></span>ategie a<span class=\"_ _4\"></span>ziendali.</span><span style=\"display:inherit;clear:left;\">10.  <span class=\"_ _46\"></span>Riduzioni dur<span class=\"_ _2\"></span>evoli di v<span class=\"_ _1\"></span>alor<span class=\"_ _2\"></span>e di Immobili, impianti  </span><span style=\"display:inherit;clear:left;\">e mac<span class=\"_ _2\"></span>chinari, attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1\"></span>, attivit\u00e0 immateriali </span><span style=\"display:inherit;clear:left;\">a vita utile definita e In<span class=\"_ _2\"></span>vestimenti immobiliari<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">Il 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zato da un co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, contras<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nato da continue te<span class=\"_ _4\"></span>nsioni ge<span class=\"_ _4\"></span>opoliti<span class=\"_ _4\"></span>che </span><span style=\"display:inherit;clear:left;\">ed inc<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _4\"></span>ze ma<span class=\"_ _4\"></span>croec<span class=\"_ _4\"></span>onomiche<span class=\"_ _4\"></span>, che hanno avuto un imp<span class=\"_ _4\"></span>atto sulla doman<span class=\"_ _4\"></span>da di beni di lus<span class=\"_ _4\"></span>so. Il s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re ha attrave<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sato una fa<span class=\"_ _4\"></span>se di normali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione, c<span class=\"_ _4\"></span>ausat<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte da un diff<span class=\"_ _4\"></span>icile co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to global<span class=\"_ _4\"></span>e del canal<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls0 ws80\"> e da<span class=\"_ _4\"></span>l </span></span><span style=\"display:inherit;clear:left;\">rallent<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>ei merc<span class=\"_ _4\"></span>ati asiatici, con un m<span class=\"_ _4\"></span>ercato pa<span class=\"_ _4\"></span>rti<span class=\"_ _4\"></span>colarme<span class=\"_ _4\"></span>nte diff<span class=\"_ _4\"></span>icile in Cina, e impat<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a dalla contraz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">della ba<span class=\"_ _4\"></span>se di cons<span class=\"_ _4\"></span>umatori, con una mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e pres<span class=\"_ _4\"></span>sione s<span class=\"_ _4\"></span>ui consumi as<span class=\"_ _4\"></span>piraz<span class=\"_ _4\"></span>ionali. Que<span class=\"_ _4\"></span>sto co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato, ca<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da una prima par<span class=\"_ _4\"></span>te dell<span class=\"_ _4\"></span>'anno parti<span class=\"_ _4\"></span>colarme<span class=\"_ _4\"></span>nte diff<span class=\"_ _4\"></span>icile<span class=\"_ _4\"></span>, ha influito ne<span class=\"_ _4\"></span>gativ<span class=\"_ _4\"></span>amente sui ri<span class=\"_ _4\"></span>sultati d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ha s<span class=\"_ _4\"></span>volto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata ad indi<span class=\"_ _4\"></span>viduare la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span> e<span class=\"_ _4\"></span>/o perdite dure<span class=\"_ _4\"></span>voli di valo<span class=\"_ _4\"></span>re di Immobili, imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immob<span class=\"_ _4\"></span>iliari, At<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso e At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita, me<span class=\"_ _4\"></span>diante la reda<span class=\"_ _4\"></span>zione di <span class=\"ff5f ws5d\">che<span class=\"_ _4\"></span>cklist</span><span class=\"ls4 ws120\">  vo<span class=\"_ _4\"></span>lte ad indi<span class=\"_ _4\"></span>viduare </span></span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di indicat<span class=\"_ _4\"></span>ori es<span class=\"_ _4\"></span>terni (quali condizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni riguardanti il s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">ed il me<span class=\"_ _4\"></span>rcato, cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato, variazioni s<span class=\"_ _4\"></span>ignifi<span class=\"_ _4\"></span>cative co<span class=\"_ _4\"></span>n effe<span class=\"_ _4\"></span>tto ne<span class=\"_ _4\"></span>gativo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambiente te<span class=\"_ _4\"></span>cnolo<span class=\"_ _4\"></span>gico, di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato, econo<span class=\"_ _4\"></span>mico o normati<span class=\"_ _4\"></span>vo nel quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o n<span class=\"_ _4\"></span>el merc<span class=\"_ _4\"></span>ato al quale un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 ri<span class=\"_ _4\"></span>volta) o interni (<span class=\"_ _2\"></span>quali </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta o ci si at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>de sar\u00e0 ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zata<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previ<span class=\"_ _4\"></span>sto, <span class=\"ff5f lsa wsaf\">cash flow</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, per l<span class=\"_ _4\"></span>e CGU dove si so<span class=\"_ _4\"></span>no risco<span class=\"_ _4\"></span>ntrati indic<span class=\"_ _4\"></span>atori di impairme<span class=\"_ _4\"></span>nt, es<span class=\"_ _4\"></span>terni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o interni, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f lsa ws90\">tes<span class=\"_ _4\"></span>t</span><span class=\"ls4 ws14a\"> di <span class=\"ff5f ls58 ws6\">impairme<span class=\"_ _4\"></span>nt</span></span> anche av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>alendo<span class=\"_ _4\"></span>si del s<span class=\"_ _4\"></span>uppor<span class=\"_ _4\"></span>to di un <span class=\"ff5f ls2b wscf\">advis<span class=\"_ _4\"></span>or</span> este<span class=\"_ _4\"></span>rno, cos\u00ec c<span class=\"_ _4\"></span>ome ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nella </span><span style=\"display:inherit;clear:left;\">succes<span class=\"_ _4\"></span>siva tabe<span class=\"_ _4\"></span>lla.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">In linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls58 ws175\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls9 wsb9\"> sono st<span class=\"_ _4\"></span>ati condo<span class=\"_ _1\"></span>tti considerando qua<span class=\"_ _1\"></span>li CGU<span class=\"_ _1\"></span> <span class=\"ff5f ls3 wsb4\">(<span class=\"_ _1\"></span>Cash Gen<span class=\"_ _4\"></span>erating Units)<span class=\"ff5c ls0 wsc4\"> le </span></span></span></span><span style=\"display:inherit;clear:left;\">singole are<span class=\"_ _4\"></span>e geog<span class=\"_ _4\"></span>raf<span class=\"_ _4\"></span>iche in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, di norma co<span class=\"_ _4\"></span>incidenti c<span class=\"_ _4\"></span>on le singole e<span class=\"_ _4\"></span>ntit\u00e0 le<span class=\"_ _4\"></span>gali de<span class=\"_ _4\"></span>l Gruppo, fat<span class=\"_ _4\"></span>ti sal<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">i cas<span class=\"_ _4\"></span>i in cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 legali de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>rino nel m<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in ter<span class=\"_ _4\"></span>ritori e me<span class=\"_ _4\"></span>rcati limitrof<span class=\"_ _4\"></span>i carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati da </span><span style=\"display:inherit;clear:left;\">cliente<span class=\"_ _4\"></span>la comune ed o<span class=\"_ _4\"></span>mogen<span class=\"_ _4\"></span>ea.  </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, rispe<span class=\"_ _4\"></span>tto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Ferragam<span class=\"_ _4\"></span>o Retail Ho<span class=\"_ _4\"></span>ng Kong \u00e8 stat<span class=\"_ _4\"></span>a separ<span class=\"_ _4\"></span>ata dalla CGU </span><span style=\"display:inherit;clear:left;\">Cina in linea con il nu<span class=\"_ _4\"></span>ovo mode<span class=\"_ _4\"></span>llo distr<span class=\"_ _4\"></span>ibutivo p<span class=\"_ _4\"></span>osto in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dal Grup<span class=\"_ _4\"></span>po nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lla CGU \u00e8 st<span class=\"_ _4\"></span>ata stimat<span class=\"_ _4\"></span>a sulla bas<span class=\"_ _4\"></span>e del </span><span style=\"display:inherit;clear:left;\">value in us<span class=\"_ _4\"></span>e, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro tramite il met<span class=\"_ _4\"></span>odo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Discounte<span class=\"_ _4\"></span>d Cash Flow</span> che rav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>isa ne<span class=\"_ _4\"></span>lla capacit<span class=\"_ _4\"></span>\u00e0 di produrr<span class=\"_ _4\"></span>e flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019elemento fo<span class=\"_ _4\"></span>ndament<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto. Ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i il tas<span class=\"_ _4\"></span>so \u00e8 s<span class=\"_ _4\"></span>tato indi<span class=\"_ _4\"></span>viduato ne<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o medio p<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">derat<span class=\"_ _4\"></span>o del cap<span class=\"_ _4\"></span>itale <span class=\"ff5f ls5 ws98\">pos<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-tax<span class=\"ff5c ls3 wsec\">. L<span class=\"_ _1c\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do f<span class=\"_ _4\"></span>inanziario pe<span class=\"_ _4\"></span>r la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile e il </span></span></span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo confronto co<span class=\"_ _4\"></span>n i risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi valo<span class=\"_ _4\"></span>ri contabili ha c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato, quindi, per le CGU o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto di <span class=\"ff5f ls58 wsa6\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span> tes<span class=\"_ _4\"></span>t</span>, la </span><span style=\"display:inherit;clear:left;\">stima de<span class=\"_ _4\"></span>l WA<span class=\"_ _2\"></span>CC <span class=\"ff5f ls5 ws98\">post-tax</span>, del valor<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativi de<span class=\"_ _4\"></span>sunti dal <span class=\"ff5f ls56 ws7\">budget</span> 2025 e dai f<span class=\"_ _4\"></span>lussi 2026 \u2013 2029 predis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls3 ws12f\"> azien<span class=\"_ _4\"></span>dale, de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l <span class=\"ff5f\">terminal value</span> (T<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>) e il t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato p<span class=\"_ _4\"></span>er la proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi </span></span><span style=\"display:inherit;clear:left;\">oltre l<span class=\"_ _4\"></span>\u2019oriz<span class=\"_ _4\"></span>zonte di piano.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha approv<span class=\"_ _4\"></span>ato la proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f ls58 wse6\">impair<span class=\"_ _4\"></span>ment te<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span></span><span class=\"ls0 ws16e\">, il </span></span><span style=\"display:inherit;clear:left;\">W<span class=\"_ _1\"></span>ACC, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a \u201cg<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, i f<span class=\"_ _4\"></span>lussi o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativi de<span class=\"_ _4\"></span>sunti dal <span class=\"ff5f ls56 ws7\">budget</span> 2025 e dai f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i 202<span class=\"_ _1\"></span>6 \u2013 2029, predis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti dal <span class=\"ff5f ws5d\">mana<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls3 ws0\"> azien<span class=\"_ _4\"></span>dale, utiliz<span class=\"_ _5\"></span>zati p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019</span><span class=\"ls58 ws114\">impairment t<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>t<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda al par<span class=\"_ _4\"></span>agrafo \u201cCrite<span class=\"_ _4\"></span>ri di reda<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>\u201d se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e \u201cR<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>ini di valore di </span><span style=\"display:inherit;clear:left;\">Immobili impianti e mac<span class=\"_ _4\"></span>chinari, Investim<span class=\"_ _4\"></span>enti immobiliari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r Diritto </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate.  </span><span style=\"display:inherit;clear:left;\">CGU soggette ad </span><span style=\"display:inherit;clear:left;\">impair<span class=\"_ _1\"></span>ment test<span class=\"_ _136\"> </span><span class=\"ff62\">W<span class=\"_ _1\"></span>ACC (tasso di sc<span class=\"_ _2\"></span>onto)<span class=\"_ _d7\"> </span>T<span class=\"_ _2\"></span>asso di crescita \u201c<span class=\"_ _1c\"></span>g<span class=\"_ _4\"></span>\u201d</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _112\"> </span>8,9% <span class=\"_ _218\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _2f7\"> </span>9,9% <span class=\"_ _294\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Suisse <span class=\"_ _239\"> </span>7,2% <span class=\"_ _218\"> </span>1,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _2f8\"> </span>11,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _2f9\"> </span>9,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _2fa\"> </span><span class=\"ws0\">9,9% <span class=\"_ _294\"> </span>2,1% </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Netherland B.V<span class=\"_ _2\"></span>. <span class=\"_ _d6\"> </span>9,2% <span class=\"_ _218\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA <span class=\"_ _53\"> </span>10,0% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA Inc. <span class=\"_ _2d\"> </span>11,3% <span class=\"_ _294\"> </span>2,1% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>. <span class=\"_ _19f\"> </span>11,3% <span class=\"_ _218\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _2fb\"> </span>17,2% <span class=\"_ _294\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brazil r<span class=\"_ _1\"></span>oupas e Ac<span class=\"_ _2\"></span>essorios Ltda. <span class=\"_ _2fc\"> </span>21,0% <span class=\"_ _294\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>. <span class=\"_ _2fd\"> </span><span class=\"ws0\">30,5% <span class=\"_ _294\"> </span>8,0% </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _224\"> </span>8,0% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _2fe\"> </span>9,8% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd. <span class=\"_ _da\"> </span>9,7% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _fb\"> </span>10,3% <span class=\"_ _218\"> </span>2,2% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd. <span class=\"_ _182\"> </span>10,8% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _21a\"> </span>11,0% <span class=\"_ _294\"> </span>2,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _182\"> </span>8,6% <span class=\"_ _294\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo China <span class=\"_ _10a\"> </span>8,8% <span class=\"_ _218\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _35\"> </span>9,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Ltd. <span class=\"_ _1fa\"> </span>10,3% <span class=\"_ _294\"> </span>2,5% </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito, per c<span class=\"_ _4\"></span>omplete<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a di informazion<span class=\"_ _4\"></span>e, anche le a<span class=\"_ _4\"></span>ssun<span class=\"_ _4\"></span>zioni principali p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one del </span><span style=\"display:inherit;clear:left;\">valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile p<span class=\"_ _4\"></span>er le CGU as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a<span class=\"_ _4\"></span>d <span class=\"ff5f ls58 ws114\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span> in dat<span class=\"_ _4\"></span>a 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023.  </span><span style=\"display:inherit;clear:left;\">CGU soggette ad </span><span style=\"display:inherit;clear:left;\">impair<span class=\"_ _1\"></span>ment test<span class=\"_ _136\"> </span><span class=\"ff62\">W<span class=\"_ _1\"></span>ACC (tasso di sc<span class=\"_ _2\"></span>onto)<span class=\"_ _d7\"> </span>T<span class=\"_ _2\"></span>asso di crescita \u201c<span class=\"_ _1c\"></span>g<span class=\"_ _4\"></span>\u201d</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd <span class=\"_ _8d\"> </span>9,76% <span class=\"_ _1c2\"> </span>2,00% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _2f9\"> </span>9,79% <span class=\"_ _19e\"> </span>1,90% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1fe\"> </span>11,19% <span class=\"_ _19e\"> </span>2,40% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _2f7\"> </span>10,51% <span class=\"_ _19e\"> </span>2,00% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _106\"> </span>10,58% <span class=\"_ _19e\"> </span>1,70% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _10f\"> </span>8,12% <span class=\"_ _19e\"> </span>1,50% </span><span style=\"display:inherit;clear:left;\">Gruppo Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _2ff\"> </span>11,15% <span class=\"_ _19e\"> </span>1,60% </span><span style=\"display:inherit;clear:left;\">Area Cinese + HK <span class=\"_ _3a\"> </span>9,64% <span class=\"_ _19e\"> </span>2,24% </span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span><span class=\"ws141\"> di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws13e\">, pre<span class=\"_ _4\"></span>disp<span class=\"_ _4\"></span>osto dal G<span class=\"_ _4\"></span>ruppo ha de<span class=\"_ _4\"></span>terminato una ridu<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore dei <span class=\"ff5f\">carr<span class=\"_ _4\"></span>ying amount</span><span class=\"ls0 ws118\"> d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>e CG<span class=\"_ _4\"></span>U </span></span></span></span><span style=\"display:inherit;clear:left;\">di seg<span class=\"_ _4\"></span>uito indicat<span class=\"_ _4\"></span>e, alloc<span class=\"_ _4\"></span>ata prop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ionalmente a<span class=\"_ _4\"></span>d Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inita, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari e At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso c<span class=\"_ _4\"></span>ome sintetic<span class=\"_ _4\"></span>amente m<span class=\"_ _4\"></span>ostr<span class=\"_ _4\"></span>ato nella suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>siva t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla.</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">Immobili, </span><span style=\"display:inherit;clear:left;\">immateriali <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">impianti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">a vita utile </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">Investimenti </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">e macchinari</span><span style=\"display:inherit;clear:left;\">definita</span><span style=\"display:inherit;clear:left;\">diritto d'uso</span><span style=\"display:inherit;clear:left;\">immobiliari<span class=\"_ _74\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>. <span class=\"_ _157\"> </span>   10 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _12a\"> </span>  183 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _297\"> </span>  193 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _3d\"> </span>   89 <span class=\"_ _0\"></span> <span class=\"_ _d9\"> </span>   31 <span class=\"_ _0\"></span> <span class=\"_ _c3\"> </span>   3.689 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.809 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _101\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>259  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   3.312 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.571 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _5f\"> </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _3\"> </span>7  <span class=\"_ _d0\"> </span><span class=\"ws0\">   -<span class=\"_ _12a\"> </span>  770 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _12a\"> </span>  777 <span class=\"_ _45\"></span> </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _2a5\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>256  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   7.776 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   8.032 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A <span class=\"_ _295\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>388  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   4.305 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   4.693 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _300\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>136  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   1.474 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.610 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _107\"> </span>-<span class=\"_ _d0\"> </span>   -<span class=\"_ _2ef\"> </span> -<span class=\"_ _67\"> </span>  16.213 <span class=\"_ _45\"></span> <span class=\"_ _127\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>16.213  </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _301\"> </span>  6.929 <span class=\"_ _45\"></span> <span class=\"_ _d9\"> </span>   40 <span class=\"_ _0\"></span> <span class=\"_ _7c\"> </span>   7.239 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _b2\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>14.208  </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1ad\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>359  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   4.029 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   4.388 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited <span class=\"_ _101\"> </span>  1.431 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   6.981 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   8.412 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _15c\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>368  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   1.167 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.535 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _290\"> </span>   18 <span class=\"_ _0\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   3.030 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.048 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd <span class=\"_ _e3\"> </span>   84 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   6.418 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   6.502 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _302\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>530  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _297\"> </span>  737 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.267 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd. <span class=\"_ _142\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>388  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   1.557 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.945 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span><span class=\"ws144\">11.252  <span class=\"_ _7e\"> </span></span>   71 <span class=\"_ _45\"></span> <span class=\"_ _105\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>52.667  <span class=\"_ _1b9\"> </span></span>  16.213 <span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>80.203  </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, con riferim<span class=\"_ _4\"></span>ento a quanto emanato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>ESM<span class=\"_ _4\"></span>A in merito al m<span class=\"_ _4\"></span>onitorag<span class=\"_ _4\"></span>gio d<span class=\"_ _4\"></span>egli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i del climate e de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">impatti s<span class=\"_ _4\"></span>ui <span class=\"ff5f lsa ws90\">test</span><span class=\"ls4 ws15b\"> di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span></span> de<span class=\"_ _4\"></span>i <span class=\"ff5f\">non-f<span class=\"_ _4\"></span>inancial as<span class=\"_ _4\"></span>set<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, il Gruppo ha s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>ato un\u2019analisi del ris<span class=\"_ _4\"></span>chio con st<span class=\"_ _4\"></span>rumenti </span><span style=\"display:inherit;clear:left;\">quantitati<span class=\"_ _4\"></span>vi quali l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azione di un m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo econo<span class=\"_ _4\"></span>metric<span class=\"_ _4\"></span>o per la s<span class=\"_ _4\"></span>tima delle re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ni esis<span class=\"_ _4\"></span>tenti tr<span class=\"_ _4\"></span>a le variabili ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">croe<span class=\"_ _4\"></span>conomiche e <span class=\"ff5f ws5d\">climat<span class=\"_ _4\"></span>e-re<span class=\"_ _4\"></span>lated</span> e le p<span class=\"_ _4\"></span>rincipali grand<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie di interes<span class=\"_ _4\"></span>se de<span class=\"_ _4\"></span>lla CGU. Dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>analis<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">non so<span class=\"_ _4\"></span>no eme<span class=\"_ _4\"></span>rsi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi de<span class=\"_ _4\"></span>lle tematich<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">climate</span><span class=\"ls4 ws13e\"> sul <span class=\"ff5f lsa ws90\">test</span> di <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airment</span></span> d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o. Infin<span class=\"_ _4\"></span>e, il <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ha pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to una <span class=\"ff5f\">se<span class=\"_ _4\"></span>nsitivit<span class=\"_ _4\"></span>y analy<span class=\"_ _4\"></span>sis</span> su <span class=\"ff5f ls53 wsa6\">g-<span class=\"_ _4\"></span>rat<span class=\"_ _4\"></span>e</span> (<span class=\"_ _1c\"></span>+/<span class=\"_ _2\"></span>- 0,<span class=\"_ _4\"></span>5%<span class=\"_ _2\"></span>) e WA<span class=\"_ _1\"></span>CC (<span class=\"_ _1c\"></span>+<span class=\"_ _2\"></span>/- 0,5%<span class=\"_ _1\"></span>), nonch\u00e9 un <span class=\"ff5f\">wor<span class=\"_ _4\"></span>st case s<span class=\"_ _4\"></span>cenario</span><span class=\"ls25 wsf2\"> (c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> </span></span><span style=\"display:inherit;clear:left;\">preve<span class=\"_ _4\"></span>de un pe<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>giorame<span class=\"_ _4\"></span>nto dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si prev<span class=\"_ _4\"></span>isti da Piano) d<span class=\"_ _1\"></span>a cui eme<span class=\"_ _4\"></span>rge che una minor<span class=\"_ _4\"></span>e <span class=\"ff5f ls2b wscf\">performance</span> sui ric<span class=\"_ _4\"></span>avi pot<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>are un\u2019ulterio<span class=\"_ _4\"></span>re perdit<span class=\"_ _4\"></span>a di valo<span class=\"_ _4\"></span>re per l<span class=\"_ _4\"></span>e CGU gi\u00e0 og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one, e<span class=\"_ _4\"></span>d una perdit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r le CGU Cina e </span><span style=\"display:inherit;clear:left;\">Korea, che a<span class=\"_ _4\"></span>d og<span class=\"_ _4\"></span>gi non pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano pe<span class=\"_ _4\"></span>rdite durevoli di v<span class=\"_ _4\"></span>alore, co<span class=\"_ _4\"></span>si come c<span class=\"_ _4\"></span>onfermato anche dalla <span class=\"ff5f\">risk analy<span class=\"_ _4\"></span>sis</span><span class=\"ls0 ws137\"> e da<span class=\"_ _4\"></span>lle </span></span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve simulazioni M<span class=\"_ _4\"></span>ontec<span class=\"_ _4\"></span>arlo.</span><span style=\"display:inherit;clear:left;\">11. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>ro<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spetto se<span class=\"_ _4\"></span>guente:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario<span class=\"_ _303\"> </span>1.508 <span class=\"_ _23e\"> </span>1.773 <span class=\"_ _cd\"> </span>(265) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2d5\"> </span>2.204 <span class=\"_ _23e\"> </span>2.723 <span class=\"_ _7d\"> </span>(519) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>3.712 <span class=\"_ _c0\"> </span>4.496 <span class=\"_ _1f9\"> </span>(<span class=\"_ _4\"></span>784) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cCrediti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o Erario<span class=\"_ _4\"></span>\u201d si riferis<span class=\"_ _4\"></span>cono pr<span class=\"_ _4\"></span>incipalmente alla quot<span class=\"_ _4\"></span>a non cor<span class=\"_ _4\"></span>rente del cr<span class=\"_ _4\"></span>edito d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>ta pe<span class=\"_ _4\"></span>r Rice<span class=\"_ _4\"></span>rca e </span><span style=\"display:inherit;clear:left;\">Sviluppo, <span class=\"ff5f ls57 ws97\">des<span class=\"_ _4\"></span>ign</span><span class=\"ls3 ws16c\"> e idea<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>tica e<span class=\"_ _4\"></span>d innovaz<span class=\"_ _4\"></span>ione te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ica nonch<span class=\"_ _4\"></span>\u00e9 del Cre<span class=\"_ _4\"></span>dito f<span class=\"_ _4\"></span>isca<span class=\"_ _4\"></span>le deri<span class=\"_ _4\"></span>vante dalle ero<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ni </span></span><span style=\"display:inherit;clear:left;\">liber<span class=\"_ _4\"></span>ali a sos<span class=\"_ _4\"></span>tegno d<span class=\"_ _4\"></span>ella cultura - c<span class=\"_ _4\"></span>.d. \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>t Bonus<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, di cui be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icia la Capog<span class=\"_ _4\"></span>ruppo. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti<span class=\"_ _5\"></span>\u201d accog<span class=\"_ _4\"></span>lie principalme<span class=\"_ _4\"></span>nte, pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>396 migliaia (p<span class=\"_ _4\"></span>ari a Euro 2.075 migliaia al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>), la quota a lungo de<span class=\"_ _4\"></span>i contribut<span class=\"_ _4\"></span>i a clienti pe<span class=\"_ _4\"></span>r alles<span class=\"_ _4\"></span>timenti n<span class=\"_ _4\"></span>egozi e/o spazi p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>sonaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati monomarc<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">e, pe<span class=\"_ _4\"></span>r Euro 665 migliaia (par<span class=\"_ _4\"></span>i a Euro 648 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>) gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti relati<span class=\"_ _4\"></span>vi alla imput<span class=\"_ _4\"></span>azione in quot<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>tanti de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to ope<span class=\"_ _4\"></span>rativo de<span class=\"_ _4\"></span>rivanti dag<span class=\"_ _4\"></span>li investim<span class=\"_ _4\"></span>enti immobiliari n<span class=\"_ _4\"></span>egli US<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>, come pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o dai </span><span style=\"display:inherit;clear:left;\">princip<span class=\"_ _4\"></span>i di riferime<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">12. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 finanziarie non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie non corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, par<span class=\"_ _4\"></span>i a Euro 1<span class=\"_ _1c\"></span>3.<span class=\"_ _4\"></span>583 migliaia (<span class=\"_ _2\"></span>al 31 dicembre 2023 Euro 1<span class=\"_ _2\"></span>3.7<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>0 migliaia<span class=\"_ _2\"></span>), </span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce a de<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauzi<span class=\"_ _4\"></span>onali, principalme<span class=\"_ _4\"></span>nte per c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivo in es<span class=\"_ _4\"></span>sere<span class=\"_ _4\"></span>, contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati in ba<span class=\"_ _4\"></span>se al cri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">terio del costo ammortiz<span class=\"_ _4\"></span>zato.</span></span> </span><span style=\"display:inherit;clear:left;\">13. Rimanenze   </span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o compren<span class=\"_ _4\"></span>dono le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore lor<span class=\"_ _2\"></span>do materie prime, sussidiarie e di consumo<span class=\"_ _28e\"> </span>30.476 <span class=\"_ _f3\"> </span>34.895<span class=\"_ _2e0\"> </span>(4.419) </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione<span class=\"_ _304\"> </span>(6.806) <span class=\"_ _f2\"> </span>(6.152)<span class=\"_ _b7\"> </span>(654) </span><span style=\"display:inherit;clear:left;\">Materie prime, sussidiarie e di consumo<span class=\"_ _305\"> </span>23.670 <span class=\"_ _f2\"> </span>28.743<span class=\"_ _176\"> </span>(5.073) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore lor<span class=\"_ _2\"></span>do prodotti finiti e merci<span class=\"_ _9b\"> </span>366.962 <span class=\"_ _ca\"> </span>334.877<span class=\"_ _2e0\"> </span>32.085 </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione<span class=\"_ _14d\"> </span>(82.744) <span class=\"_ _212\"> </span>(65.275)<span class=\"_ _82\"> </span>(17.469) </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>odotti finiti e merci<span class=\"_ _108\"> </span>284.218 <span class=\"_ _2e0\"> </span>269.602<span class=\"_ _2e0\"> </span>14.616 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>307.888 <span class=\"_ _2e0\"> </span>298.345<span class=\"_ _f2\"> </span>9.543 </span><span style=\"display:inherit;clear:left;\">La var<span class=\"_ _4\"></span>iazione d<span class=\"_ _4\"></span>elle materi<span class=\"_ _4\"></span>e prime, ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023, \u00e8 funzio<span class=\"_ _4\"></span>nale ai volumi di produ<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo e il re<span class=\"_ _4\"></span>la<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo fon<span class=\"_ _4\"></span>do rifl<span class=\"_ _4\"></span>ette l<span class=\"_ _4\"></span>\u2019obso<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>cenz<span class=\"_ _4\"></span>a di materie pr<span class=\"_ _4\"></span>ime (prin<span class=\"_ _4\"></span>cipalmente p<span class=\"_ _4\"></span>ellami e acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori) ritenut<span class=\"_ _4\"></span>e non pi\u00f9 idon<span class=\"_ _4\"></span>ee ai piani </span><span style=\"display:inherit;clear:left;\">produt<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i azie<span class=\"_ _4\"></span>ndali. Le giace<span class=\"_ _4\"></span>nze di prod<span class=\"_ _4\"></span>otti f<span class=\"_ _4\"></span>initi so<span class=\"_ _4\"></span>no in aumento di Euro 1<span class=\"_ _2\"></span>4.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>16 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1c\"></span>+5,<span class=\"_ _1\"></span>4%<span class=\"_ _2\"></span>). Per una miglior<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>lle modalit<span class=\"_ _4\"></span>\u00e0 di dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e dei fondi s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne sopr<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>entati s<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">rimanda alla not<span class=\"_ _4\"></span>a 2 \u201cCriter<span class=\"_ _4\"></span>i di redaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>\u201d paragr<span class=\"_ _4\"></span>afo \u201c<span class=\"_ _4\"></span>V<span class=\"_ _1\"></span>aluta<span class=\"_ _4\"></span>zioni discr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>nali, stime co<span class=\"_ _4\"></span>ntabili ed a<span class=\"_ _4\"></span>ssun<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti e<span class=\"_ _4\"></span>/o (<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zi) net<span class=\"_ _4\"></span>ti del fon<span class=\"_ _4\"></span>do sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle rimanen<span class=\"_ _4\"></span>ze sono s<span class=\"_ _4\"></span>tati i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie P<span class=\"_ _1\"></span>rime<span class=\"_ _2fd\"> </span>654 <span class=\"_ _23e\"> </span>3.371<span class=\"_ _2ef\"> </span>(2.717) </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>odotti Finiti<span class=\"_ _109\"> </span>16.573 <span class=\"_ _23e\"> </span>1.389<span class=\"_ _81\"> </span>15.184 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>17.227 <span class=\"_ _c0\"> </span>4.760<span class=\"_ _2ef\"> </span>12.467</span></span> </span><span style=\"display:inherit;clear:left;\">14. Diritti di r<span class=\"_ _2\"></span>ecuper<span class=\"_ _2\"></span>o pr<span class=\"_ _2\"></span>odotti da clienti per resi </span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento al dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o di cui ai \u201cR<span class=\"_ _4\"></span>icav<span class=\"_ _4\"></span>i da contratt<span class=\"_ _4\"></span>i con clienti<span class=\"_ _4\"></span>\u201d, la v<span class=\"_ _1\"></span>oce \u201c<span class=\"_ _4\"></span>Dirit<span class=\"_ _4\"></span>ti di recup<span class=\"_ _4\"></span>ero pro<span class=\"_ _4\"></span>dotti da clie<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">per r<span class=\"_ _4\"></span>esi<span class=\"_ _4\"></span>\u201d \u00e8 par<span class=\"_ _4\"></span>i a Euro 5.91<span class=\"_ _44\"></span>1 migliaia (par<span class=\"_ _4\"></span>i a Euro 6.0<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>4 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), ed inc<span class=\"_ _4\"></span>lude la stima d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to dei pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i, che si pre<span class=\"_ _4\"></span>sume sar<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti, val<span class=\"_ _4\"></span>oriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata al minore tr<span class=\"_ _4\"></span>a il prece<span class=\"_ _4\"></span>dente v<span class=\"_ _4\"></span>alore di car<span class=\"_ _4\"></span>ico di magaz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">no (stima del co<span class=\"_ _4\"></span>sto di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di realiz<span class=\"_ _4\"></span>zo, e diminuita di e<span class=\"_ _4\"></span>ventuali cos<span class=\"_ _4\"></span>ti futuri p<span class=\"_ _4\"></span>er il loro re<span class=\"_ _4\"></span>cupero.</span></span> </span><span style=\"display:inherit;clear:left;\">15. C<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>editi commer<span class=\"_ _2\"></span>ciali</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi commerciali<span class=\"_ _306\"> </span>89.253 <span class=\"_ _219\"> </span>112.099<span class=\"_ _214\"> </span>(22.846) </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _f7\"> </span>(4.673) <span class=\"_ _80\"> </span>(5.278)<span class=\"_ _24c\"> </span>605 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>84.580 <span class=\"_ _2da\"> </span>106.821<span class=\"_ _81\"> </span>(22.241) </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>enzialme<span class=\"_ _4\"></span>nte riferibili alle ve<span class=\"_ _4\"></span>ndite <span class=\"ff5f ls32 ws122\">wholes<span class=\"_ _4\"></span>ale</span>, ed in misura m<span class=\"_ _4\"></span>eno rile<span class=\"_ _4\"></span>vante a vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls68 ws8e\">e-<span class=\"_ _4\"></span>com<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">me<span class=\"_ _4\"></span>rce<span class=\"ff5c ls3 wsf0\"> o D<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>C se all<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>rno di <span class=\"ff5f\">dep<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ment store</span>, s<span class=\"_ _4\"></span>ono in diminuzio<span class=\"_ _4\"></span>ne risp<span class=\"_ _4\"></span>etto al 31 dicembre 2023; sono infrut<span class=\"_ _4\"></span>tiferi di </span></span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>ssi e hanno ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>lmente sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za inferi<span class=\"_ _4\"></span>ore a 90 g<span class=\"_ _4\"></span>iorni. Il relati<span class=\"_ _4\"></span>vo fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e crediti \u00e8 rit<span class=\"_ _4\"></span>enuto cong<span class=\"_ _4\"></span>ruo </span><span style=\"display:inherit;clear:left;\">per f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare eve<span class=\"_ _4\"></span>ntuali insol<span class=\"_ _4\"></span>venze<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, da evid<span class=\"_ _4\"></span>enziare ch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ate perdite </span><span style=\"display:inherit;clear:left;\">su cre<span class=\"_ _4\"></span>diti per Euro 1<span class=\"_ _2\"></span>45 migliaia a se<span class=\"_ _4\"></span>guito di st<span class=\"_ _4\"></span>ralcio <span class=\"ff5f ls5b ws8\">(write-<span class=\"_ _4\"></span>of<span class=\"_ _4\"></span>f<span class=\"_ _5\"></span>) </span><span class=\"ls7 ws94\">di c<span class=\"_ _4\"></span>rediti<span class=\"_ _4\"></span> comme<span class=\"_ _4\"></span>rciali ine<span class=\"_ _4\"></span>sigibili. </span></span><span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne credit<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a la segu<span class=\"_ _4\"></span>ente:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _52\"> </span>Acc<span class=\"_ _1\"></span>antonamenti<span class=\"_ _257\"> </span>Utilizzi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _2a5\"> </span><span class=\"ff62\">5.278<span class=\"_ _d9\"> </span></span>86<span class=\"_ _219\"> </span>877<span class=\"_ _88\"> </span>(1.568)<span class=\"_ _2f4\"> </span><span class=\"ff62\">4.673</span></span><span style=\"display:inherit;clear:left;\">Per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi de<span class=\"_ _4\"></span>i crediti co<span class=\"_ _4\"></span>mmerciali sc<span class=\"_ _4\"></span>aduti non s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ati si rimanda alla n<span class=\"_ _4\"></span>ota 3 \u201cG<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i rischi f<span class=\"_ _4\"></span>inanziari \u2013 R<span class=\"_ _4\"></span>ischio </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">di credit<span class=\"_ _4\"></span>o\u201d.</span></span><span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">16. C<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>editi t<span class=\"_ _4\"></span>ributari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario (<span class=\"_ _5\"></span>imposta sul valor<span class=\"_ _1\"></span>e aggiunto e altre imposte)<span class=\"_ _73\"> </span>18.193 <span class=\"_ _176\"> </span>24.587<span class=\"_ _1f2\"> </span>(6.394) </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario per imposte dirette<span class=\"_ _307\"> </span>7.563 <span class=\"_ _211\"> </span>9.357<span class=\"_ _1f2\"> </span>(1.794) </span><span style=\"display:inherit;clear:left;\">Ritenute d\u2019acc<span class=\"_ _1\"></span>onto subite<span class=\"_ _103\"> </span>66 <span class=\"_ _8e\"> </span>81<span class=\"_ _221\"> </span>(15) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>25.822 <span class=\"_ _25\"> </span>34.025<span class=\"_ _b7\"> </span>(8.203) </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i tributar<span class=\"_ _4\"></span>i si riferis<span class=\"_ _4\"></span>cono pr<span class=\"_ _4\"></span>incipalmente a cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>ta sul v<span class=\"_ _4\"></span>alore ag<span class=\"_ _4\"></span>giunto e cre<span class=\"_ _4\"></span>diti ver<span class=\"_ _4\"></span>so er<span class=\"_ _4\"></span>ario per </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te sul re<span class=\"_ _4\"></span>ddito in riferim<span class=\"_ _4\"></span>ento agli acc<span class=\"_ _4\"></span>onti ver<span class=\"_ _4\"></span>sati ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio, e evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iano un decre<span class=\"_ _4\"></span>mento ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>, pari a Euro 8.<span class=\"_ _4\"></span>203 migliaia.</span><span style=\"display:inherit;clear:left;\">17. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti \u00e8 r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito nella s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte tab<span class=\"_ _4\"></span>ella:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi diversi <span class=\"_ _e\"> </span>36.798 <span class=\"_ _176\"> </span>23.598<span class=\"_ _1d3\"> </span>13.200 </span><span style=\"display:inherit;clear:left;\">Risconti attivi<span class=\"_ _14e\"> </span>7.615 <span class=\"_ _1f9\"> </span>7.301<span class=\"_ _263\"> </span>314 </span><span style=\"display:inherit;clear:left;\">Strumenti derivati di copert<span class=\"_ _1\"></span>ura a br<span class=\"_ _2\"></span>eve termine<span class=\"_ _2dd\"> </span>1.612 <span class=\"_ _211\"> </span>6.813<span class=\"_ _1f2\"> </span>(5.201) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>46.025 <span class=\"_ _25\"> </span>37.712<span class=\"_ _261\"> </span>8.313 </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 la voce \u201cCredit<span class=\"_ _4\"></span>i diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie principalm<span class=\"_ _4\"></span>ente: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il cre<span class=\"_ _4\"></span>dito per a<span class=\"_ _4\"></span>cconto IRE<span class=\"_ _4\"></span>S vers<span class=\"_ _4\"></span>o la controllante Fe<span class=\"_ _4\"></span>rragamo F<span class=\"_ _4\"></span>inanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>57<span class=\"_ _2\"></span>6 migliaia (<span class=\"_ _1\"></span>al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023 er<span class=\"_ _4\"></span>a un debito par<span class=\"_ _4\"></span>i a Euro 4.942 migliaia<span class=\"_ _2\"></span>), di p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tinen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. maturato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bito del consolidato<span class=\"_ _1\"></span> fis<span class=\"_ _4\"></span>cale nazionale<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti vers<span class=\"_ _4\"></span>o le so<span class=\"_ _4\"></span>ciet\u00e0 di ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito p<span class=\"_ _4\"></span>er ven<span class=\"_ _4\"></span>dite DT<span class=\"_ _2\"></span>C pari a Euro 1<span class=\"_ _2\"></span>2.793 migliaia (<span class=\"_ _1c\"></span>al 31 dicembre </span><span style=\"display:inherit;clear:left;\">2023 Euro 1<span class=\"_ _2\"></span>5.6<span class=\"_ _4\"></span>08 migliaia);<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>il cre<span class=\"_ _4\"></span>dito de<span class=\"_ _4\"></span>lla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., p<span class=\"_ _4\"></span>ari a Euro 1<span class=\"_ _2\"></span>.4<span class=\"_ _4\"></span>40 migliaia (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>364 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>), </span><span style=\"display:inherit;clear:left;\">ver<span class=\"_ _4\"></span>so la Reg<span class=\"_ _4\"></span>ione T<span class=\"_ _2\"></span>osc<span class=\"_ _4\"></span>ana e il Ministe<span class=\"_ _4\"></span>ro dello Svilupp<span class=\"_ _4\"></span>o Economico, re<span class=\"_ _4\"></span>lativo all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Ac<span class=\"_ _4\"></span>cordo pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019innova<span class=\"_ _4\"></span>zione (<span class=\"_ _4\"></span>proget<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">I-SU<span class=\"_ _4\"></span>CCEED<span class=\"_ _2\"></span>), per i cui d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e, al paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>anti<span class=\"_ _4\"></span>cipi a fornitori par<span class=\"_ _4\"></span>i a Euro 3.6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>4 migliaia (<span class=\"_ _2\"></span>al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 er<span class=\"_ _4\"></span>ano pari a Euro 2.<span class=\"_ _4\"></span>27<span class=\"_ _2\"></span>6 migliaia)<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">I risconti a<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>tivi comprendono prin<span class=\"_ _1\"></span>cipalmen<span class=\"_ _1\"></span>te contri<span class=\"_ _2\"></span>buti a clienti<span class=\"_ _1\"></span> per allestimenti nego<span class=\"_ _1\"></span>zi e/<span class=\"_ _1\"></span>o spazi personaliz<span class=\"_ _4\"></span>zati mo<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomarca p<span class=\"_ _4\"></span>er Euro 3.<span class=\"_ _4\"></span>57<span class=\"_ _1\"></span>8 migliaia, premi a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativi p<span class=\"_ _4\"></span>er Euro 691 migliaia ed in par<span class=\"_ _4\"></span>te resi<span class=\"_ _4\"></span>duale ad af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>ti, non ri<span class=\"_ _4\"></span>entranti </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ambito del nuovo pr<span class=\"_ _4\"></span>incipio IFRS 16, per Euro 1<span class=\"_ _2\"></span>26 migliaia.  </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mine<span class=\"_ _4\"></span>\u201d pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2 migliaia (Euro 6.81<span class=\"_ _1c\"></span>3 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023<span class=\"_ _1\"></span>) accog<span class=\"_ _4\"></span>lie la valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value</span><span class=\"ls9 wse1\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) dei con<span class=\"_ _1\"></span>tratti derivati (<span class=\"_ _2\"></span>componente di<span class=\"_ _1\"></span> coper<span class=\"_ _4\"></span>tura<span class=\"_ _2\"></span>) in essere, </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">stip<span class=\"_ _4\"></span>ulati dalla Capogr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischi<span class=\"_ _4\"></span>o di cambio sulle ve<span class=\"_ _4\"></span>ndite in div<span class=\"_ _4\"></span>ise di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro.</span></span> </span><span style=\"display:inherit;clear:left;\">18 <span class=\"_ _44\"></span>. A<span class=\"_ _1\"></span>ltre atti<span class=\"_ _2\"></span>vit\u00e0 finanziarie cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie corr<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>idenz<span class=\"_ _4\"></span>iata nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati<span class=\"_ _100\"> </span>307 <span class=\"_ _211\"> </span>1.535<span class=\"_ _1f2\"> </span>(1.228) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _285\"> </span>50.414 <span class=\"_ _176\"> </span>35.277<span class=\"_ _1d3\"> </span>15.137 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>50.721 <span class=\"_ _25\"> </span>36.812<span class=\"_ _1f2\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati<span class=\"_ _4\"></span>\u201d, pari a Euro 307 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>535 migliaia al 3<span class=\"_ _2\"></span>1 dicembre 2023),<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce alla valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> degli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la comp<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>nte non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura.</span></span> La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce princip<span class=\"_ _4\"></span>almente, p<span class=\"_ _4\"></span>er Euro 4<span class=\"_ _4\"></span>0.443 migliaia (Euro 1<span class=\"_ _1c\"></span>5<span class=\"_ _4\"></span>.44<span class=\"_ _4\"></span>4 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _2\"></span>), ad un inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>icurativo in p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>za mult<span class=\"_ _4\"></span>iramo pront<span class=\"_ _4\"></span>amente liquidab<span class=\"_ _4\"></span>ile e, pe<span class=\"_ _4\"></span>r Euro 9.958 migliaia (Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>9.796 migliaia al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023<span class=\"_ _1\"></span>), ad un inves<span class=\"_ _4\"></span>timento in tit<span class=\"_ _4\"></span>oli di st<span class=\"_ _4\"></span>ato italiani di breve t<span class=\"_ _4\"></span>ermine (Buoni O<span class=\"_ _4\"></span>rdinari </span><span style=\"display:inherit;clear:left;\">del T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>soro<span class=\"_ _1\"></span>), effe<span class=\"_ _4\"></span>ttuati entr<span class=\"_ _4\"></span>ambi dalla soci<span class=\"_ _4\"></span>et\u00e0 S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. in ott<span class=\"_ _4\"></span>ica di mo<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">gestione della propri<span class=\"_ _2\"></span>a c<span class=\"_ _4\"></span>assa.</span></span> </span><span style=\"display:inherit;clear:left;\">19. Disponibilit\u00e0 liquide e mez<span class=\"_ _4\"></span>zi equ<span class=\"_ _4\"></span>iv<span class=\"_ _2\"></span>alenti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _81\"> </span>129.866<span class=\"_ _82\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">Depositi bancari e postali a vista <span class=\"_ _308\"> </span>183.422 <span class=\"_ _81\"> </span>137.255<span class=\"_ _81\"> </span>46.167 </span><span style=\"display:inherit;clear:left;\">Denaro e v<span class=\"_ _1\"></span>alori in cassa <span class=\"_ _204\"> </span>987 <span class=\"_ _23e\"> </span>1.867<span class=\"_ _b7\"> </span>(880) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>238.194 <span class=\"_ _2e0\"> </span>268.988<span class=\"_ _219\"> </span>(30.794) </span><span style=\"display:inherit;clear:left;\">I dep<span class=\"_ _4\"></span>ositi ban<span class=\"_ _4\"></span>cari a bre<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span><span class=\"ff5f ls9 ws268\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa9\">) p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so gli is<span class=\"_ _4\"></span>tituti di rela<span class=\"_ _4\"></span>zione hann<span class=\"_ _4\"></span>o sca<span class=\"_ _4\"></span>denze v<span class=\"_ _4\"></span>ariabili tra un gior<span class=\"_ _4\"></span>no ed 1<span class=\"_ _1c\"></span>1 me<span class=\"_ _4\"></span>si </span></span></span><span style=\"display:inherit;clear:left;\">e si car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zano in o<span class=\"_ _4\"></span>gni cas<span class=\"_ _4\"></span>o per la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 in ass<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di penali. I d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari e pos<span class=\"_ _4\"></span>tali rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no disp<span class=\"_ _4\"></span>onibilit\u00e0 te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee, d<span class=\"_ _4\"></span>etenute pr<span class=\"_ _4\"></span>incipalmente a f<span class=\"_ _4\"></span>ronte di pagame<span class=\"_ _4\"></span>nti imminenti.  </span><span style=\"display:inherit;clear:left;\">Anche n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, la politica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te co<span class=\"_ _4\"></span>nsist<span class=\"_ _4\"></span>ente de<span class=\"_ _4\"></span>lle pro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">prie e<span class=\"_ _4\"></span>cced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di inves<span class=\"_ _4\"></span>timento s<span class=\"_ _4\"></span>ul merc<span class=\"_ _4\"></span>ato in depo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari a breve (<span class=\"_ _1\"></span><span class=\"ff5f ls9 wsc1\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsde\">), oltre ch<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">per a<span class=\"_ _4\"></span>ccend<span class=\"_ _4\"></span>ere pre<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>i <span class=\"ff5f ls5a wsd4\">inter<span class=\"_ _4\"></span>comp<span class=\"_ _4\"></span>any<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws138\">, re<span class=\"_ _4\"></span>golati a con<span class=\"_ _4\"></span>dizioni cor<span class=\"_ _4\"></span>renti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da co<span class=\"_ _4\"></span>ntenere la p<span class=\"_ _4\"></span>ropria es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>izio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ne deb<span class=\"_ _4\"></span>itoria ver<span class=\"_ _4\"></span>so il sis<span class=\"_ _4\"></span>tema ban<span class=\"_ _4\"></span>cario.</span></span> </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo ha line<span class=\"_ _4\"></span>e di credito n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate per Euro 709.<span class=\"_ _4\"></span>53<span class=\"_ _2\"></span>1 migliaia; al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023 le linee </span><span style=\"display:inherit;clear:left;\">di credito n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate ammontav<span class=\"_ _4\"></span>ano a Euro 728.<span class=\"_ _4\"></span>54<span class=\"_ _4\"></span>0 migliaia. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi </span><span style=\"display:inherit;clear:left;\">e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini del re<span class=\"_ _4\"></span>ndiconto f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iario conso<span class=\"_ _4\"></span>lidato la voce \u201c<span class=\"_ _4\"></span>Disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi equi<span class=\"_ _4\"></span>valenti<span class=\"_ _4\"></span>\u201d al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _1\"></span> si compone come segue:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cassa e depositi bancari a vista<span class=\"_ _1c6\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _12d\"> </span>129.866<span class=\"_ _1f1\"> </span>(<span class=\"_ _4\"></span>76.081) </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _13a\"> </span>(1.109) <span class=\"_ _25\"> </span>(1.529)<span class=\"_ _263\"> </span>420 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>237.085 <span class=\"_ _2da\"> </span>267.459<span class=\"_ _ca\"> </span>(30.374) </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito la rico<span class=\"_ _4\"></span>nciliazione d<span class=\"_ _4\"></span>el f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 deriv<span class=\"_ _4\"></span>anti dalle atti<span class=\"_ _4\"></span>vit\u00e0 di f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamento, cos<span class=\"_ _4\"></span>\u00ec come ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nel </span><span style=\"display:inherit;clear:left;\">rendic<span class=\"_ _4\"></span>onto f<span class=\"_ _4\"></span>inanziario, pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti </span><span style=\"display:inherit;clear:left;\">78.600<span class=\"_ _86\"> </span>29.565 <span class=\"_ _164\"> </span>(4.690) <span class=\"_ _1e5\"> </span>4.017 <span class=\"_ _208\"> </span>- <span class=\"_ _7f\"> </span>4.690 <span class=\"_ _213\"> </span>112.182 </span><span style=\"display:inherit;clear:left;\">(ad esclusione degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti<span class=\"_ _260\"> </span>596.603<span class=\"_ _de\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _e1\"> </span>10.944 <span class=\"_ _164\"> </span>75.821 <span class=\"_ _23\"> </span>(131.024) <span class=\"_ _213\"> </span>552.344 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>114.439<span class=\"_ _213\"> </span>(124.903) <span class=\"_ _178\"> </span>(22.563) <span class=\"_ _1e5\"> </span>3.571 <span class=\"_ _208\"> </span>- <span class=\"_ _213\"> </span>153.458 <span class=\"_ _213\"> </span>124.002 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>789.642<span class=\"_ _1da\"> </span>(95.338) <span class=\"_ _1e8\"> </span>(27.253) <span class=\"_ _163\"> </span>18.532 <span class=\"_ _163\"> </span>75.821 <span class=\"_ _164\"> </span>27.124 <span class=\"_ _178\"> </span>788.528 </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti (ad esc<span class=\"_ _1\"></span>lusione </span><span style=\"display:inherit;clear:left;\">29.264<span class=\"_ _86\"> </span>51.563 <span class=\"_ _164\"> </span>(2.024) <span class=\"_ _163\"> </span>(2.227) <span class=\"_ _e2\"> </span>- <span class=\"_ _7f\"> </span>2.024 <span class=\"_ _e1\"> </span>78.600 </span><span style=\"display:inherit;clear:left;\">degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti <span class=\"_ _6c\"> </span>468.737<span class=\"_ _2a6\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _164\"> </span>(8.103) <span class=\"_ _234\"> </span>266.679 <span class=\"_ _23\"> </span>(130.710) <span class=\"_ _213\"> </span>596.603 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>106.586<span class=\"_ _213\"> </span>(116.403) <span class=\"_ _178\"> </span>(20.451) <span class=\"_ _163\"> </span>(2.736) <span class=\"_ _e2\"> </span>- <span class=\"_ _213\"> </span>147.443 <span class=\"_ _213\"> </span>114.439 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>604.587<span class=\"_ _1da\"> </span>(64.840) <span class=\"_ _18b\"> </span>(22.475) <span class=\"_ _1e8\"> </span>(13.066) <span class=\"_ _178\"> </span>266.679 <span class=\"_ _163\"> </span>18.757 <span class=\"_ _178\"> </span>789.642 </span><span style=\"display:inherit;clear:left;\">La col<span class=\"_ _4\"></span>onna \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri movim<span class=\"_ _4\"></span>enti non di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a\u201d inclu<span class=\"_ _4\"></span>de la riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l debito t<span class=\"_ _4\"></span>ra quota n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nte e quota cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">dei Pre<span class=\"_ _4\"></span>stiti e Finan<span class=\"_ _4\"></span>ziamenti e d<span class=\"_ _4\"></span>elle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, gli intere<span class=\"_ _4\"></span>ssi s<span class=\"_ _4\"></span>u Prest<span class=\"_ _4\"></span>iti e Finanziame<span class=\"_ _4\"></span>nti e sulle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws141\"> maturati ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo, e l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to sulla Pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r </span>le<span class=\"_ _4\"></span>asing<span class=\"ff5c ls3 ws141\"> di alcuni ca<span class=\"_ _4\"></span>si di es<span class=\"_ _4\"></span>tinzio<span class=\"_ _4\"></span>ne anticipata di c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e o della contr<span class=\"_ _4\"></span>atta<span class=\"_ _4\"></span>zione di una ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>ei cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o futuri.</span></span>  </span><span style=\"display:inherit;clear:left;\">20. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 nette possedute per la vendita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>dute per la ve<span class=\"_ _4\"></span>ndita<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>ari a Euro 67 migliaia, si riferis<span class=\"_ _4\"></span>ce ad un immob<span class=\"_ _4\"></span>ile di proprie<span class=\"_ _4\"></span>t\u00e0 ubic<span class=\"_ _4\"></span>ato negli </span><span style=\"display:inherit;clear:left;\">Stati Uniti ch<span class=\"_ _4\"></span>e il Consiglio di A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del 3 agos<span class=\"_ _4\"></span>to 2023 ha de<span class=\"_ _4\"></span>stinato alla ven<span class=\"_ _4\"></span>dita pe<span class=\"_ _4\"></span>rch\u00e9 non pi\u00f9 impi<span class=\"_ _4\"></span>egato </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>attivit\u00e0 op<span class=\"_ _4\"></span>erativa del Gruppo.</span></span><span class=\"_ _2\"></span> <span class=\"_ _4\"></span>             </span><span style=\"display:inherit;clear:left;\">21. C<span class=\"_ _2\"></span>apitale sociale e riser<span class=\"_ _4\"></span>ve</span><span style=\"display:inherit;clear:left;\">Il capit<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>ciale delib<span class=\"_ _4\"></span>erato, sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>critto e ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>ato della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 amm<span class=\"_ _4\"></span>onta a Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.879.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0, </span><span style=\"display:inherit;clear:left;\">ed \u00e8 co<span class=\"_ _4\"></span>stituito da 168.790.<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 azioni o<span class=\"_ _4\"></span>rdinarie. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, non vi s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate varia<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>l numero </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni emes<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e, pari a Euro 53.676 migliaia, \u00e8 compos<span class=\"_ _4\"></span>ta da numero 3<span class=\"_ _4\"></span>.<span class=\"_ _1c\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>302 a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Fer<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. ad un pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo me<span class=\"_ _4\"></span>dio unitario di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,2<span class=\"_ _1\"></span>4; tale ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a si \u00e8 cos<span class=\"_ _4\"></span>tituita co<span class=\"_ _4\"></span>n gli acquis<span class=\"_ _4\"></span>ti av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>i nel cor<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">del 201<span class=\"_ _2\"></span>8, 201<span class=\"_ _2\"></span>9, 202<span class=\"_ _2\"></span>1 e 202<span class=\"_ _4\"></span>2 (<span class=\"_ _2\"></span>nr<span class=\"_ _2\"></span>. 1<span class=\"_ _1\"></span>4.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, nr<span class=\"_ _2\"></span>. 1<span class=\"_ _2\"></span>36<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, nr<span class=\"_ _2\"></span>. 624.<span class=\"_ _1c\"></span>1<span class=\"_ _1\"></span>63 e nr<span class=\"_ _2\"></span>. 2.<span class=\"_ _4\"></span>601<span class=\"_ _2\"></span>.6<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>7 risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte<span class=\"_ _2\"></span>), e co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">gratuit<span class=\"_ _4\"></span>a, av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023 e del 2024, all\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore e Dire<span class=\"_ _4\"></span>ttore G<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>rale ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente di </span><span style=\"display:inherit;clear:left;\">nr<span class=\"_ _2\"></span>. 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>4.7<span class=\"_ _1\"></span>66 e n. 1<span class=\"_ _2\"></span>47<span class=\"_ _1c\"></span>.732 azioni, in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione di quanto prev<span class=\"_ _4\"></span>isto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 202<span class=\"_ _4\"></span>2 e 2023 </span><span style=\"display:inherit;clear:left;\">(p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 42 \u201c<span class=\"_ _4\"></span>Pagamenti ba<span class=\"_ _4\"></span>sati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente docum<span class=\"_ _4\"></span>ento<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">I ver<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>nti in conto capit<span class=\"_ _4\"></span>ale, p<span class=\"_ _4\"></span>ari a Euro 2.9<span class=\"_ _4\"></span>95 migliaia, interame<span class=\"_ _4\"></span>nte riferibili alla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o, sono s<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uiti in </span><span style=\"display:inherit;clear:left;\">un\u2019unica so<span class=\"_ _4\"></span>luzione n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 20<span class=\"_ _4\"></span>03 dalla controllante Ferr<span class=\"_ _4\"></span>agamo Finanz<span class=\"_ _4\"></span>iaria S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. e si s<span class=\"_ _4\"></span>ono ridot<span class=\"_ _4\"></span>ti, pe<span class=\"_ _4\"></span>r scis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 20<span class=\"_ _4\"></span>07<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va l<span class=\"_ _4\"></span>egale<span class=\"_ _4\"></span>, pari a Euro 4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>8 migliaia, interam<span class=\"_ _4\"></span>ente rifer<span class=\"_ _4\"></span>ita alla so<span class=\"_ _4\"></span>ciet\u00e0 C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo, si \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>a in anni prece<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">de<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va s<span class=\"_ _4\"></span>trao<span class=\"_ _4\"></span>rdinaria, pari ad Euro 68<span class=\"_ _4\"></span>3.9<span class=\"_ _4\"></span>08 migliaia, inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>iferibile alla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o, \u00e8 cost<span class=\"_ _4\"></span>ituita co<span class=\"_ _4\"></span>n utili </span><span style=\"display:inherit;clear:left;\">non dis<span class=\"_ _4\"></span>tribuiti; la variaz<span class=\"_ _4\"></span>ione reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ata nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do \u00e8 st<span class=\"_ _4\"></span>ata det<span class=\"_ _4\"></span>erminata da un incr<span class=\"_ _4\"></span>emento di Euro 87<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 migliaia, rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo all<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio 2023 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>. Il decre<span class=\"_ _4\"></span>mento di Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>568 migliaia si rifer<span class=\"_ _4\"></span>isce alla </span><span style=\"display:inherit;clear:left;\">dist<span class=\"_ _4\"></span>ribuzion<span class=\"_ _4\"></span>e di divid<span class=\"_ _4\"></span>endi, de<span class=\"_ _4\"></span>liberati n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 da Salvatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>..  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">c<span class=\"_ _4\"></span>ash f<span class=\"_ _4\"></span>low hedge</span>, n<span class=\"_ _4\"></span>egati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r Euro 5.30<span class=\"_ _4\"></span>5 migliaia, \u00e8 determinat<span class=\"_ _4\"></span>a dalla valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari def<span class=\"_ _4\"></span>initi com<span class=\"_ _4\"></span>e <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, a fro<span class=\"_ _4\"></span>nte delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ed </span><span style=\"display:inherit;clear:left;\">\u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata al net<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di c<span class=\"_ _4\"></span>onvers<span class=\"_ _4\"></span>ione, n<span class=\"_ _4\"></span>egati<span class=\"_ _4\"></span>va per Euro 8<span class=\"_ _4\"></span>.078 migliaia, rifle<span class=\"_ _4\"></span>tte le v<span class=\"_ _4\"></span>ariazioni di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lla quota di Grup<span class=\"_ _4\"></span>po del p<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trimonio n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>date, dovut<span class=\"_ _4\"></span>e alle variaz<span class=\"_ _4\"></span>ioni dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute fun<span class=\"_ _4\"></span>zionali de<span class=\"_ _4\"></span>lle ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla valut<span class=\"_ _4\"></span>a di pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato.  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va ut<span class=\"_ _4\"></span>ili indivi<span class=\"_ _4\"></span>si, pari a Euro 35.555 migliaia, recep<span class=\"_ _4\"></span>isce i ri<span class=\"_ _4\"></span>sultati patr<span class=\"_ _4\"></span>imonializ<span class=\"_ _4\"></span>zati n<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o, tene<span class=\"_ _4\"></span>ndo opp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tu<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">namente co<span class=\"_ _4\"></span>nto delle ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>iche di con<span class=\"_ _4\"></span>solidame<span class=\"_ _4\"></span>nto, in par<span class=\"_ _4\"></span>ticolare de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile non realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sulle rimane<span class=\"_ _4\"></span>nze. T<span class=\"_ _2\"></span>ale ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, ri<span class=\"_ _4\"></span>sente de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto di p<span class=\"_ _4\"></span>i\u00f9 fattori: si de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nta di Euro 60<span class=\"_ _4\"></span>.94<span class=\"_ _4\"></span>0 migliaia pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">patrimonializ<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023, al net<span class=\"_ _4\"></span>to del ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>lla socie<span class=\"_ _4\"></span>t\u00e0 Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o alloc<span class=\"_ _4\"></span>ato alla </span><span style=\"display:inherit;clear:left;\">rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va st<span class=\"_ _4\"></span>raordinaria, di Euro 235 migliaia per la c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di <span class=\"ff5f ls5b ws8\">p<span class=\"_ _4\"></span>ut</span> e <span class=\"ff5f ws5d\">call</span><span class=\"ls4 wsee\"> su intere<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di mino<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ranz<span class=\"_ _4\"></span>a pree<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti  (nota 43 \u201c<span class=\"_ _2\"></span>Accordi di <span class=\"ff5f ls55 wscc\">Put<span class=\"_ _4\"></span></span> e <span class=\"ff5f ws5d\">Call</span> su Intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>enze di Minor<span class=\"_ _4\"></span>anza<span class=\"_ _4\"></span>\u201d  de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio Co<span class=\"_ _4\"></span>nsolidato), e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">di Euro 463 migliaia pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetti mino<span class=\"_ _4\"></span>ri. </span><span style=\"display:inherit;clear:left;\">Le voci \u201c<span class=\"_ _1\"></span>Altre ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>\u201d e \u201cef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o IAS 19 <span class=\"ff5f ls2b wscf\">equit<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span></span>\u201d<span class=\"_ _1c\"></span>, p<span class=\"_ _4\"></span>er un tot<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to di Euro 1<span class=\"_ _2\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>2 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>ndono i v<span class=\"_ _4\"></span>alori is<span class=\"_ _4\"></span>critti a fro<span class=\"_ _4\"></span>nte delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze di valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e richies<span class=\"_ _4\"></span>te dai principi IFR<span class=\"_ _4\"></span>S risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o ai principi </span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>ali delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo. La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie principalme<span class=\"_ _4\"></span>nte la rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">Stock Grant</span>, pari a Euro </span><span style=\"display:inherit;clear:left;\">8.<span class=\"_ _2\"></span>184 migliaia, per i tr<span class=\"_ _4\"></span>e piani di incentiv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e al <span class=\"ff5f ls8 ws2b\">top management</span> in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re alla data del 31 dicembre 202<span class=\"_ _2\"></span>4, e s<span class=\"_ _4\"></span>i \u00e8 </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>ntat<span class=\"_ _4\"></span>a di Euro 2.832 migliaia per ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to del co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>i piani nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4 e s<span class=\"_ _4\"></span>i \u00e8 decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata di Euro </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>398 migliaia pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in e<span class=\"_ _4\"></span>secu<span class=\"_ _4\"></span>zione di quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dal Piano <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023, p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 42 \u201c<span class=\"_ _4\"></span>Pagamenti ba<span class=\"_ _4\"></span>sati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d; nel cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto di Euro 87 migliaia si riferisce alla v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione attuar<span class=\"_ _4\"></span>iale dei piani a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in </span><span style=\"display:inherit;clear:left;\">alcune so<span class=\"_ _4\"></span>ciet\u00e0 de<span class=\"_ _4\"></span>l Gruppo. </span><span style=\"display:inherit;clear:left;\">Gli impor<span class=\"_ _4\"></span>ti s<span class=\"_ _4\"></span>ono al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>gli ef<span class=\"_ _4\"></span>fetti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ove applic<span class=\"_ _4\"></span>abili. </span><span style=\"display:inherit;clear:left;\">Le variaz<span class=\"_ _4\"></span>ioni nelle c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nti del patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023  so<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziate </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ti. Di s<span class=\"_ _4\"></span>eguito s<span class=\"_ _4\"></span>i ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a una tavola di det<span class=\"_ _4\"></span>tagli<span class=\"_ _4\"></span>o relativ<span class=\"_ _4\"></span>a alle rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ve ed utili in<span class=\"_ _4\"></span>divis<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>: </span><span style=\"display:inherit;clear:left;\">Riserve formate </span><span style=\"display:inherit;clear:left;\">Riserva con<span class=\"_ _2\"></span>versione </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">con utili</span><span style=\"display:inherit;clear:left;\">cambi<span class=\"_ _c1\"> </span>Altre riserve<span class=\"_ _214\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Riserva azioni proprie<span class=\"_ _197\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _2da\"> </span>(53.676) <span class=\"_ _2da\"> </span>(53.676) </span><span style=\"display:inherit;clear:left;\">Ver<span class=\"_ _2\"></span>samenti in conto capitale<span class=\"_ _2a5\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _211\"> </span>2.995 <span class=\"_ _1f9\"> </span>2.995 </span><span style=\"display:inherit;clear:left;\">Riserva legale<span class=\"_ _f8\"> </span>4.188 <span class=\"_ _69\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _211\"> </span>4.188 </span><span style=\"display:inherit;clear:left;\">Riserva straor<span class=\"_ _2\"></span>dinaria<span class=\"_ _243\"> </span>683.908 <span class=\"_ _69\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _219\"> </span>683.908 </span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _29a\"> </span></span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _25\"> </span>(5.305) <span class=\"_ _25\"> </span>(5.305) </span><span style=\"display:inherit;clear:left;\">Riserva di con<span class=\"_ _2\"></span>versione<span class=\"_ _1be\"> </span>- <span class=\"_ _25\"> </span>(8.078) <span class=\"_ _2cc\"> </span>- <span class=\"_ _25\"> </span>(8.078) </span><span style=\"display:inherit;clear:left;\">Utili indivisi<span class=\"_ _1a\"> </span>35.555 <span class=\"_ _225\"> </span>- <span class=\"_ _69\"> </span>- <span class=\"_ _176\"> </span>35.555 </span><span style=\"display:inherit;clear:left;\">Altre riserve<span class=\"_ _1cd\"> </span>- <span class=\"_ _225\"> </span>- <span class=\"_ _66\"> </span>10.712 <span class=\"_ _176\"> </span>10.712 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1f8\"> </span>723.651 <span class=\"_ _32\"> </span>(8.078) <span class=\"_ _148\"> </span>(45.274) <span class=\"_ _65\"> </span>670.299 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Riserva azioni proprie<span class=\"_ _197\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _82\"> </span>(56.223)<span class=\"_ _82\"> </span>(56.223)</span><span style=\"display:inherit;clear:left;\">Ver<span class=\"_ _2\"></span>samenti in conto capitale<span class=\"_ _2a5\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>2.995<span class=\"_ _f2\"> </span>2.995</span><span style=\"display:inherit;clear:left;\">Riserva legale<span class=\"_ _f8\"> </span>4.188<span class=\"_ _6c\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>4.188</span><span style=\"display:inherit;clear:left;\">Riserva straor<span class=\"_ _2\"></span>dinaria<span class=\"_ _243\"> </span>613.476<span class=\"_ _6c\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _d1\"> </span>613.476</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _29a\"> </span></span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>4.220<span class=\"_ _f2\"> </span>4.220</span><span style=\"display:inherit;clear:left;\">Riserva di con<span class=\"_ _2\"></span>versione<span class=\"_ _1be\"> </span>-<span class=\"_ _f2\"> </span>2.038<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>2.038</span><span style=\"display:inherit;clear:left;\">Utili indivisi<span class=\"_ _1a\"> </span>97.193<span class=\"_ _6c\"> </span>-<span class=\"_ _24b\"> </span>-<span class=\"_ _81\"> </span>97.193</span><span style=\"display:inherit;clear:left;\">Altre riserve<span class=\"_ _1cd\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _2e0\"> </span>10.340<span class=\"_ _81\"> </span>10.340</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1f8\"> </span>714.857<span class=\"_ _cd\"> </span>2.038<span class=\"_ _219\"> </span>(38.668)<span class=\"_ _82\"> </span>678.227</span><span style=\"display:inherit;clear:left;\">22. P<span class=\"_ _1c\"></span>restiti e finanziamenti</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito un det<span class=\"_ _4\"></span>taglio de<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>titi e de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti co<span class=\"_ _4\"></span>rrenti e non c<span class=\"_ _4\"></span>orrenti:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti finanziari verso banche a br<span class=\"_ _2\"></span>eve termine<span class=\"_ _20a\"> </span>112.182 <span class=\"_ _176\"> </span>78.600<span class=\"_ _1d3\"> </span>33.582 </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _112\"> </span>1.109 <span class=\"_ _211\"> </span>1.529<span class=\"_ _230\"> </span>(420) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>113.291 <span class=\"_ _25\"> </span>80.129<span class=\"_ _1f2\"> </span>33.162 </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024, i debiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rso b<span class=\"_ _4\"></span>anche a breve t<span class=\"_ _4\"></span>ermine, s<span class=\"_ _4\"></span>ono aume<span class=\"_ _4\"></span>ntati princip<span class=\"_ _4\"></span>almente p<span class=\"_ _4\"></span>er il mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o delle lin<span class=\"_ _4\"></span>ee <span class=\"ff5f ls0 ws0\">uncommit<span class=\"_ _4\"></span>ted<span class=\"ff5c\">. </span></span></span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 il Gr<span class=\"_ _4\"></span>uppo, in cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni ge<span class=\"_ _4\"></span>nerali de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato del cre<span class=\"_ _4\"></span>dito e anche de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">propria b<span class=\"_ _4\"></span>uona situaz<span class=\"_ _4\"></span>ione di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non ha rite<span class=\"_ _4\"></span>nuto oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuare inter<span class=\"_ _5\"></span>venti signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativi sulla p<span class=\"_ _4\"></span>ropria st<span class=\"_ _4\"></span>ruttura </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria mantene<span class=\"_ _4\"></span>ndo pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>och\u00e8 co<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti le linee <span class=\"ff5f\">commit<span class=\"_ _4\"></span>ted</span> e<span class=\"_ _4\"></span>d <span class=\"ff5f\">uncommitte<span class=\"_ _4\"></span>d</span> in es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e con controp<span class=\"_ _4\"></span>arti di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cate.</span><span style=\"display:inherit;clear:left;\">In continuit<span class=\"_ _4\"></span>\u00e0 con il pas<span class=\"_ _4\"></span>sato \u00e8 s<span class=\"_ _4\"></span>tata ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a una part<span class=\"_ _4\"></span>e consis<span class=\"_ _4\"></span>tente d<span class=\"_ _4\"></span>elle prop<span class=\"_ _4\"></span>rie ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa p<span class=\"_ _4\"></span>er acce<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e o rin<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">novare pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>iti <span class=\"ff5f ls7c wsf0\">inte<span class=\"_ _4\"></span>rcomp<span class=\"_ _4\"></span>any<span class=\"_ _1\"></span><span class=\"ff5c ls0 wscb\">, regolati a c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni correnti di m<span class=\"_ _4\"></span>ercato. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 no<span class=\"_ _4\"></span>n sono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span></span><span style=\"display:inherit;clear:left;\">a livello di G<span class=\"_ _4\"></span>ruppo p<span class=\"_ _4\"></span>rest<span class=\"_ _4\"></span>iti a sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za <span class=\"ff5f\">(<span class=\"_ _1\"></span>term loan)<span class=\"ff5c\"> utiliz<span class=\"_ _4\"></span>zati, b<span class=\"_ _4\"></span>ench\u00e9 rimang<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere un ammo<span class=\"_ _4\"></span>ntare rite<span class=\"_ _4\"></span>nuto congru<span class=\"_ _4\"></span>o </span></span></span><span style=\"display:inherit;clear:left;\">di linee di cre<span class=\"_ _4\"></span>dito utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in ca<span class=\"_ _4\"></span>so di nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0. I f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamenti e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o conce<span class=\"_ _4\"></span>sse al G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono rego<span class=\"_ _4\"></span>lati </span><span style=\"display:inherit;clear:left;\">a ta<span class=\"_ _4\"></span>sso v<span class=\"_ _4\"></span>ariabile. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019inde<span class=\"_ _4\"></span>bitam<span class=\"_ _4\"></span>ento \u00e8 parame<span class=\"_ _4\"></span>trato al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di merc<span class=\"_ _4\"></span>ato di perio<span class=\"_ _4\"></span>do (<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>neralme<span class=\"_ _4\"></span>nte euribo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>libor/</span><span style=\"display:inherit;clear:left;\">sofr o il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di riferime<span class=\"_ _4\"></span>nto sul merc<span class=\"_ _4\"></span>ato interban<span class=\"_ _4\"></span>cario sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ico de<span class=\"_ _4\"></span>lla valuta in cui il f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamento \u00e8 den<span class=\"_ _4\"></span>ominato<span class=\"_ _2\"></span>) pi\u00f9 uno </span><span style=\"display:inherit;clear:left;\">spread<span class=\"ff5c wsa6\"> dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nziato sulla ba<span class=\"_ _4\"></span>se della t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ia di linea di credit<span class=\"_ _4\"></span>o. I margini applic<span class=\"_ _4\"></span>abili son<span class=\"_ _4\"></span>o in linea con i miglio<span class=\"_ _4\"></span>ri </span>standard<span class=\"ff5c\"> </span></span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato.  </span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti di f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati sono r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati da:  </span><span style=\"display:inherit;clear:left;\">i) <span class=\"_\"> </span> <span class=\"_ _ac\"></span>linee di cre<span class=\"_ _4\"></span>dito me<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a dispo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e nella valut<span class=\"_ _4\"></span>a  e nel p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di resid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della singola s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r sopp<span class=\"_ _4\"></span>erire a ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie a breve s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza c<span class=\"_ _4\"></span>olleg<span class=\"_ _4\"></span>ate alla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante, a re<span class=\"_ _4\"></span>voca <span class=\"ff5f\">(uncommitted<span class=\"_ _4\"></span>)</span>; </span><span style=\"display:inherit;clear:left;\">ii) <span class=\"_ _44\"></span> <span class=\"_ _49\"></span>line<span class=\"_ _4\"></span>e di credito a br<span class=\"_ _4\"></span>eve e medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span>, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws0\">revolving<span class=\"_ _4\"></span></span>, negoziate su b<span class=\"_ _4\"></span>ase bilate<span class=\"_ _4\"></span>rale dalla </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo.  </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 le linee <span class=\"ff5f ws0\">committ<span class=\"_ _4\"></span>ed</span> hanno una durat<span class=\"_ _4\"></span>a resi<span class=\"_ _4\"></span>dua massima di ve<span class=\"_ _4\"></span>ntinove mes<span class=\"_ _4\"></span>i e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici m<span class=\"_ _4\"></span>esi. Le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o e la relativ<span class=\"_ _4\"></span>a attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria s<span class=\"_ _4\"></span>ono dis<span class=\"_ _4\"></span>tribuite fr<span class=\"_ _4\"></span>a i principali is<span class=\"_ _4\"></span>tituti banc<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali e internazio<span class=\"_ _4\"></span>nali. Alla data di chius<span class=\"_ _4\"></span>ura del pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nte bilancio non s<span class=\"_ _4\"></span>ono in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zi sull<span class=\"_ _4\"></span>e linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">mentre q<span class=\"_ _1\"></span>uelli presenti sul<span class=\"_ _2\"></span>le linee <span class=\"ff5f ls0 ws0\">uncommitt<span class=\"_ _4\"></span>ed<span class=\"ff5c\"> so<span class=\"_ _4\"></span>no inferiori all<span class=\"_ _4\"></span>\u2019anno. </span></span></span><span style=\"display:inherit;clear:left;\">Per ulteri<span class=\"_ _4\"></span>ore det<span class=\"_ _4\"></span>taglio de<span class=\"_ _4\"></span>i debiti f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziari ver<span class=\"_ _4\"></span>so banche<span class=\"_ _4\"></span>, i fi<span class=\"_ _4\"></span>di accordati p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o e gli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i delle line<span class=\"_ _4\"></span>e di credito, </span><span style=\"display:inherit;clear:left;\">suddivise per tipologia, sono cos\u00ec rappr<span class=\"_ _1\"></span>esentati: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _78\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _285\"> </span>A<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ordato<span class=\"_ _123\"> </span>Utilizzato<span class=\"_ _67\"> </span>Acc<span class=\"_ _1\"></span>ordato<span class=\"_ _257\"> </span>Utilizzato</span><span style=\"display:inherit;clear:left;\">Linee </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ommitted<span class=\"_ _201\"> </span><span class=\"ff61\">380.000 <span class=\"_ _2e0\"> </span>- <span class=\"_ _b3\"> </span>380.000 <span class=\"_ _212\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">Revolving<span class=\"_ _17f\"> </span><span class=\"ff61\">380.000 <span class=\"_ _212\"> </span>- <span class=\"_ _b3\"> </span>380.000 <span class=\"_ _2e0\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>erm L<span class=\"_ _1\"></span>oan<span class=\"_ _1fc\"> </span><span class=\"ff61\">- <span class=\"_ _212\"> </span>- <span class=\"_ _1f2\"> </span>- <span class=\"_ _212\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">Linee a Revoc<span class=\"_ _2\"></span>a<span class=\"_ _144\"> </span>442.447 <span class=\"_ _b1\"> </span>112.916 <span class=\"_ _b3\"> </span>428.504 <span class=\"_ _b2\"> </span>79.964 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _8d\"> </span>822.447 <span class=\"_ _8a\"> </span>112.916 <span class=\"_ _15b\"> </span>808.504 <span class=\"_ _74\"> </span>79.964 </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>lla compo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e e variazio<span class=\"_ _4\"></span>ne della p<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria net<span class=\"_ _4\"></span>ta al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 <span class=\"_ _ac\"></span> </span><span style=\"display:inherit;clear:left;\">e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>condo lo s<span class=\"_ _4\"></span>chema de<span class=\"_ _4\"></span>lla Comunica<span class=\"_ _4\"></span>zione Co<span class=\"_ _4\"></span>nsob n<span class=\"_ _4\"></span>. DEM/60<span class=\"_ _4\"></span>64293 del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, </span><span style=\"display:inherit;clear:left;\">integrato d<span class=\"_ _1\"></span>al Richi<span class=\"_ _1\"></span>amo d\u2019A<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>tenzione di Consob n.5/2<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>. Disponibilit\u00e0 liquide<span class=\"_ _2d5\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">B. Mezzi equivalenti a disponibilit\u00e0 liquide<span class=\"_ _250\"> </span>53.785 <span class=\"_ _219\"> </span>129.866<span class=\"_ _214\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">C. Altr<span class=\"_ _1\"></span>e attivit\u00e0 finanziarie cor<span class=\"_ _2\"></span>renti<span class=\"_ _1e9\"> </span>50.721 <span class=\"_ _176\"> </span>36.812<span class=\"_ _2d7\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">D. Liquidit\u00e0 (A+B+C)<span class=\"_ _108\"> </span>288.915 <span class=\"_ _2da\"> </span>305.800<span class=\"_ _ca\"> </span>(16.885) </span><span style=\"display:inherit;clear:left;\">E. Debito finanziario corr<span class=\"_ _2\"></span>ente (<span class=\"_ _5\"></span>inclusi gli strumenti di debito)<span class=\"_ _1d7\"> </span>116.135 <span class=\"_ _176\"> </span>81.411<span class=\"_ _1d3\"> </span>34.724 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1c\"></span>. P<span class=\"_ _1\"></span>arte corr<span class=\"_ _2\"></span>ente del debito finanziario non corrente*<span class=\"_ _27d\"> </span>124.002 <span class=\"_ _219\"> </span>114.439<span class=\"_ _261\"> </span>9.563 </span><span style=\"display:inherit;clear:left;\">G. Indebitamento finanziario cor<span class=\"_ _1\"></span>rente (E+F)<span class=\"_ _1c3\"> </span>240.137 <span class=\"_ _2da\"> </span>195.850<span class=\"_ _1f2\"> </span>44.287 </span><span style=\"display:inherit;clear:left;\">H. Indebitamento finanziario cor<span class=\"_ _1\"></span>rente netto (G-D)<span class=\"_ _251\"> </span>(48.778) <span class=\"_ _12a\"> </span>(109.950)<span class=\"_ _1f2\"> </span>61.172 </span><span style=\"display:inherit;clear:left;\">I. Debito finanziario non corr<span class=\"_ _2\"></span>ente (<span class=\"_ _4\"></span>esclusi gli strumenti di debito)*<span class=\"_ _177\"> </span>552.344 <span class=\"_ _219\"> </span>596.603<span class=\"_ _1f1\"> </span>(44.259) </span><span style=\"display:inherit;clear:left;\">J. Strumenti di debito<span class=\"_ _112\"> </span>- <span class=\"_ _225\"> </span>-<span class=\"_ _2e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">K. Debiti commerciali e altri debiti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>enti<span class=\"_ _135\"> </span>- <span class=\"_ _2cc\"> </span>-<span class=\"_ _2e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">L. Indebitamento finanziario non corr<span class=\"_ _1\"></span>ente (I+J+K)<span class=\"_ _290\"> </span>552.344 <span class=\"_ _2da\"> </span>596.603<span class=\"_ _ca\"> </span>(44.259) </span><span style=\"display:inherit;clear:left;\">M. Indebitamento finanziario netto (H+L)<span class=\"_ _2a5\"> </span>503.566 <span class=\"_ _2da\"> </span>486.653<span class=\"_ _1f2\"> </span>16.913 </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _44\"></span>Al 31 dicembr<span class=\"_ _1\"></span>e 2024, la voce \u201cP<span class=\"_ _2\"></span>arte cor<span class=\"_ _1\"></span>rente del debito finanziario non c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>ente\u201d si riferisce per E<span class=\"_ _2\"></span>uro 10.954 migliaia a P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff5f ws12\">leasing</span> corr<span class=\"_ _2\"></span>enti verso </span><span style=\"display:inherit;clear:left;\">parti corr<span class=\"_ _2\"></span>elate (Euro 9.358 migliaia al 31 dicembr<span class=\"_ _2\"></span>e 2023). Al 31 dic<span class=\"_ _1\"></span>embre 2024, la voc<span class=\"_ _2\"></span>e \u201cDebito finanziario non corrente\u201d si riferisc<span class=\"_ _2\"></span>e per Euro 84.155 </span><span style=\"display:inherit;clear:left;\">migliaia a P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff5f ws12\">leasing</span> non cor<span class=\"_ _1\"></span>renti ver<span class=\"_ _2\"></span>so par<span class=\"_ _4\"></span>ti cor<span class=\"_ _2\"></span>relate (Euro 92.410 migliaia al 31 dic<span class=\"_ _2\"></span>embre 2023). P<span class=\"_ _2\"></span>er maggiori dettagli si rimanda alla nota 45<span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">\u201cOper<span class=\"_ _1\"></span>azioni con P<span class=\"_ _2\"></span>arti C<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate\u201d.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1\"></span>imitazioni all\u2019uso delle risorse finanziarie </span><span style=\"display:inherit;clear:left;\">Le linee <span class=\"ff5f ls3 ws5d\">c<span class=\"_ _4\"></span>ommitted<span class=\"ff5c ws0\"> at<span class=\"_ _4\"></span>tualmente in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o non richie<span class=\"_ _4\"></span>dono il ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di </span><span class=\"ls57 ws97\">cove<span class=\"_ _4\"></span>nant</span></span> f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari.  </span><span style=\"display:inherit;clear:left;\">Cove<span class=\"_ _4\"></span>nant<span class=\"ff5c ls3 wsb6\"> f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti in al<span class=\"_ _4\"></span>cuni contratt<span class=\"_ _4\"></span>i di finan<span class=\"_ _4\"></span>ziamento lo<span class=\"_ _4\"></span>cali dell<span class=\"_ _4\"></span>e socie<span class=\"_ _4\"></span>t\u00e0 asiatich<span class=\"_ _4\"></span>e, ancorch<span class=\"_ _4\"></span>\u00e9 si trat<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">di linee a re<span class=\"_ _4\"></span>voca <span class=\"ff5f ws5d\">uncommit<span class=\"_ _4\"></span>ted</span><span class=\"ls0 ws6f\">.  </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i <span class=\"ff5f ls57 ws97\">c<span class=\"_ _4\"></span>oven<span class=\"_ _4\"></span>ant</span> f<span class=\"_ _4\"></span>inanziari e non f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziari sono r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tati da tut<span class=\"_ _4\"></span>te le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te.</span></span> </span><span style=\"display:inherit;clear:left;\">23. F<span class=\"_ _1\"></span>ondi per rischi ed oneri</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si forni<span class=\"_ _4\"></span>sce il det<span class=\"_ _4\"></span>taglio e la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della voc<span class=\"_ _4\"></span>e in og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _b3\"> </span>Accant.<span class=\"_ _2f5\"> </span>Utiliz<span class=\"_ _4\"></span>zi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontenziosi legali<span class=\"_ _b5\"> </span>8.520<span class=\"_ _66\"> </span>78 <span class=\"_ _e2\"> </span>1.683 <span class=\"_ _2f4\"> </span>(7.208) <span class=\"_ _e2\"> </span>3.073 </span><span style=\"display:inherit;clear:left;\">Fondi per rischi diver<span class=\"_ _2\"></span>si<span class=\"_ _2aa\"> </span>15.408<span class=\"_ _219\"> </span>405 <span class=\"_ _e2\"> </span>4.739 <span class=\"_ _2f4\"> </span>(1.111) <span class=\"_ _2f5\"> </span>19.441 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _309\"> </span>23.928<span class=\"_ _219\"> </span>483 <span class=\"_ _bc\"> </span>6.422 <span class=\"_ _b4\"> </span>(8.319)<span class=\"_ _4\"></span> <span class=\"_ _2f4\"> </span>22.514 </span><span style=\"display:inherit;clear:left;\">I conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali compre<span class=\"_ _4\"></span>ndono a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti a fronte di prob<span class=\"_ _4\"></span>abili pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 conne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a proce<span class=\"_ _4\"></span>dimenti in<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tent<span class=\"_ _4\"></span>ati nei confro<span class=\"_ _4\"></span>nti della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o e alcuni proce<span class=\"_ _4\"></span>dimenti r<span class=\"_ _4\"></span>iguardanti le so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate, olt<span class=\"_ _4\"></span>re a controver<span class=\"_ _4\"></span>sie di </span><span style=\"display:inherit;clear:left;\">lavoro riferit<span class=\"_ _4\"></span>e sia a conten<span class=\"_ _4\"></span>ziosi che a s<span class=\"_ _4\"></span>time di imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i trans<span class=\"_ _4\"></span>attiv<span class=\"_ _4\"></span>i che le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo pre<span class=\"_ _4\"></span>vedono di s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>e per </span><span style=\"display:inherit;clear:left;\">la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne in fase p<span class=\"_ _4\"></span>re-<span class=\"_ _4\"></span>conte<span class=\"_ _4\"></span>nzio<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>l fondo re<span class=\"_ _4\"></span>lativo ai conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">alla chiusura av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo di alcuni c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o c<span class=\"_ _4\"></span>ontrover<span class=\"_ _4\"></span>sie leg<span class=\"_ _4\"></span>ali e del lavoro rife<span class=\"_ _4\"></span>ribili alla Capo<span class=\"_ _4\"></span>gruppo e </span><span style=\"display:inherit;clear:left;\">ad alcune s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>. In par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, si ricorda la chius<span class=\"_ _4\"></span>ura della ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca sui cre<span class=\"_ _4\"></span>diti d<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a relativ<span class=\"_ _4\"></span>i all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">di ricerc<span class=\"_ _4\"></span>a e sv<span class=\"_ _4\"></span>iluppo (ex art<span class=\"_ _4\"></span>. 3 de<span class=\"_ _4\"></span>l decreto<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>leg<span class=\"_ _4\"></span>ge 23 dice<span class=\"_ _4\"></span>mbre 201<span class=\"_ _1c\"></span>3, n. 1<span class=\"_ _2\"></span>45), che la Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha f<span class=\"_ _4\"></span>ruito </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni d<span class=\"_ _4\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 2 agosto 2024 mediante la sot<span class=\"_ _4\"></span>toscri<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a la Soci<span class=\"_ _4\"></span>et\u00e0 e la </span><span style=\"display:inherit;clear:left;\">Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana di un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so ve<span class=\"_ _4\"></span>rbale di contr<span class=\"_ _4\"></span>addit<span class=\"_ _4\"></span>torio, pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>i rimanda al paragr<span class=\"_ _4\"></span>afo 29 \u201cD<span class=\"_ _4\"></span>ebiti T<span class=\"_ _2\"></span>ribut<span class=\"_ _4\"></span>ari<span class=\"_ _4\"></span>\u201d ed alla Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatti di r<span class=\"_ _4\"></span>ilievo av<span class=\"_ _4\"></span>venuti </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio \u2013 V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono relat<span class=\"_ _4\"></span>ivi prin<span class=\"_ _4\"></span>cipalmente a co<span class=\"_ _4\"></span>ntrovers<span class=\"_ _4\"></span>ie fi<span class=\"_ _4\"></span>scali, de<span class=\"_ _4\"></span>l lavoro e leg<span class=\"_ _4\"></span>ali sor<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4; pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatt<span class=\"_ _4\"></span>i di rilievo </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi diver<span class=\"_ _4\"></span>si compre<span class=\"_ _4\"></span>nde prin<span class=\"_ _4\"></span>cipalmente acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti a fronte di probab<span class=\"_ _4\"></span>ili pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, tra cui la pr<span class=\"_ _4\"></span>inci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pale \u00e8 re<span class=\"_ _4\"></span>lativa ai co<span class=\"_ _4\"></span>sti di ripri<span class=\"_ _4\"></span>stino lo<span class=\"_ _4\"></span>cali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rzi c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in rela<span class=\"_ _4\"></span>zione agli ob<span class=\"_ _4\"></span>blighi contr<span class=\"_ _4\"></span>attuali pre<span class=\"_ _4\"></span>senti </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto (Euro 1<span class=\"_ _2\"></span>9.<span class=\"_ _4\"></span>36<span class=\"_ _4\"></span>6 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e Euro 1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>333 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _1\"></span>). </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do si riferi<span class=\"_ _4\"></span>sce p<span class=\"_ _4\"></span>er Euro 4.739 migliai<span class=\"_ _1\"></span>a ai cos<span class=\"_ _4\"></span>ti di ripris<span class=\"_ _4\"></span>tino lo<span class=\"_ _4\"></span>cali.  </span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali a livello di G<span class=\"_ _4\"></span>ruppo, pe<span class=\"_ _4\"></span>r le quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti, si </span><span style=\"display:inherit;clear:left;\">rimanda alla Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla gest<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne \u201cFat<span class=\"_ _4\"></span>ti di rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">24. P<span class=\"_ _44\"></span>assivit\u00e0 per benefici ai dipendenti</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella ch<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>e most<span class=\"_ _4\"></span>ra la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici pe<span class=\"_ _4\"></span>r i dipen<span class=\"_ _4\"></span>denti al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per benefici definiti ai dipendenti<span class=\"_ _30a\"> </span>5.659 <span class=\"_ _211\"> </span>6.754<span class=\"_ _1f2\"> </span>(1.095) </span><span style=\"display:inherit;clear:left;\">Altre passivit\u00e0 per benefici ai dipendenti <span class=\"_ _307\"> </span>367 <span class=\"_ _23e\"> </span>200<span class=\"_ _263\"> </span>167 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>6.026 <span class=\"_ _2b6\"> </span>6.954<span class=\"_ _99\"> </span>(928) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cPas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi ai dipe<span class=\"_ _4\"></span>ndenti<span class=\"_ _4\"></span>\u201d r<span class=\"_ _4\"></span>icompre<span class=\"_ _4\"></span>nde il valor<span class=\"_ _4\"></span>e del TFR della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">e le altre pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi ai dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di alcune so<span class=\"_ _4\"></span>ciet\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dipe<span class=\"_ _4\"></span>ndenti p<span class=\"_ _4\"></span>er il 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 illus<span class=\"_ _4\"></span>trat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>guente:<span class=\"_ _4\"></span> <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _162\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 </span><span style=\"display:inherit;clear:left;\">Obblig. per </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">per benefici </span><span style=\"display:inherit;clear:left;\">Obblig. per </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">per benefici </span><span style=\"display:inherit;clear:left;\">benefici </span><span style=\"display:inherit;clear:left;\">delle attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">definiti a </span><span style=\"display:inherit;clear:left;\">benefici </span><span style=\"display:inherit;clear:left;\">delle attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">definiti a </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">a dip.</span><span style=\"display:inherit;clear:left;\">del piano</span><span style=\"display:inherit;clear:left;\">dip.</span><span style=\"display:inherit;clear:left;\">a dip.</span><span style=\"display:inherit;clear:left;\">del piano</span><span style=\"display:inherit;clear:left;\">dip.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01<span class=\"_ _9a\"> </span>12.954 <span class=\"_ _19a\"> </span>(6.200) <span class=\"_ _1dc\"> </span>6.754 <span class=\"_ _85\"> </span>13.632<span class=\"_ _e1\"> </span>(6.119)<span class=\"_ _85\"> </span>7.513</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto relati<span class=\"_ _1\"></span>vo alle prestazioni di la<span class=\"_ _2\"></span>voro cor<span class=\"_ _1\"></span>renti<span class=\"_ _177\"> </span>453 <span class=\"_ _2a3\"> </span>- <span class=\"_ _89\"> </span><span class=\"ff62\">453 <span class=\"_ _15b\"> </span></span>374<span class=\"_ _d4\"> </span>-<span class=\"_ _11f\"> </span><span class=\"ff62\">374</span></span><span style=\"display:inherit;clear:left;\">Oneri/(proventi) finanziari<span class=\"_ _2dd\"> </span>395 <span class=\"_ _87\"> </span>(154) <span class=\"_ _30b\"> </span><span class=\"ff62\">241 <span class=\"_ _a1\"> </span></span>442<span class=\"_ _30b\"> </span>(146)<span class=\"_ _11f\"> </span><span class=\"ff62\">296</span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazioni incluse nel risultato netto del periodo<span class=\"_ _30c\"> </span>848 <span class=\"_ _86\"> </span>(154) <span class=\"_ _89\"> </span>694 <span class=\"_ _a1\"> </span>816<span class=\"_ _257\"> </span>(146)<span class=\"_ _11f\"> </span>670</span><span style=\"display:inherit;clear:left;\">Rendimento delle attivit\u00e0 a servizio del piano<span class=\"_ _1ac\"> </span>- <span class=\"_ _85\"> </span>(252) <span class=\"_ _1b8\"> </span><span class=\"ff62\">(252) <span class=\"_ _2da\"> </span></span>-<span class=\"_ _30b\"> </span>(183)<span class=\"_ _257\"> </span><span class=\"ff62\">(183)</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita<span class=\"_ _4\"></span>/(<span class=\"_ _4\"></span>profitto) attuariale deri<span class=\"_ _1\"></span>vante da:<span class=\"_ _175\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2a3\"> </span><span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">- ipotesi finanziarie<span class=\"_ _284\"> </span>(164) <span class=\"_ _e2\"> </span>- <span class=\"_ _60\"> </span><span class=\"ff62\">(164) <span class=\"_ _a1\"> </span></span>159<span class=\"_ _d9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff62\">159</span></span><span style=\"display:inherit;clear:left;\">- ipotesi demografiche<span class=\"_ _20\"> </span><span class=\"ls71 ws12\">(7) <span class=\"_ _2a3\"> </span></span>- <span class=\"_ _1b9\"> </span><span class=\"ff62 ls71 ws12\">(7) <span class=\"_ _2a6\"> </span></span>6<span class=\"_ _d9\"> </span>-<span class=\"_ _e2\"> </span><span class=\"ff62\">6</span></span><span style=\"display:inherit;clear:left;\">- rettifiche basate sull\u2019esperienza<span class=\"_ _c7\"> </span>(229) <span class=\"_ _e2\"> </span>- <span class=\"_ _60\"> </span><span class=\"ff62\">(229) <span class=\"_ _2f5\"> </span></span><span class=\"ls71 ws12\">(77)<span class=\"_ _d4\"> </span></span>-<span class=\"_ _105\"> </span><span class=\"ff62 ls71 ws12\">(77)</span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onversione<span class=\"_ _31\"> </span>158 <span class=\"_ _151\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>73)<span class=\"_ _4\"></span> <span class=\"_ _127\"> </span></span><span class=\"ff62\">85 <span class=\"_ _11f\"> </span></span>(284)<span class=\"_ _c3\"> </span>228<span class=\"_ _127\"> </span><span class=\"ff62\">(56)</span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazioni incluse nelle altre c<span class=\"_ _1\"></span>omponenti </span><span style=\"display:inherit;clear:left;\">(242) <span class=\"_ _86\"> </span>(325) <span class=\"_ _60\"> </span>(567) <span class=\"_ _127\"> </span>(196)<span class=\"_ _111\"> </span>45<span class=\"_ _257\"> </span>(151)</span><span style=\"display:inherit;clear:left;\">del conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontributi versati dal datore di l<span class=\"_ _1\"></span>avor<span class=\"_ _2\"></span>o<span class=\"_ _30d\"> </span>(660) <span class=\"_ _1b9\"> </span>659 <span class=\"_ _1b9\"> </span><span class=\"ff62\">(1) <span class=\"_ _11f\"> </span></span>(400)<span class=\"_ _c3\"> </span>397<span class=\"_ _74\"> </span><span class=\"ff62 ls35 ws38\">(3)</span></span><span style=\"display:inherit;clear:left;\">Benefici erogati<span class=\"_ _18c\"> </span>(922) <span class=\"_ _85\"> </span>(299) <span class=\"_ _234\"> </span><span class=\"ff62\">(1.221) <span class=\"_ _67\"> </span></span>(898)<span class=\"_ _89\"> </span>(377<span class=\"_ _4\"></span>)<span class=\"_ _e1\"> </span><span class=\"ff62\">(1.275)</span></span><span style=\"display:inherit;clear:left;\">Altre variazioni<span class=\"_ _28f\"> </span>(1.582) <span class=\"_ _1b9\"> </span>360 <span class=\"_ _234\"> </span>(1.222) <span class=\"_ _86\"> </span>(1.298)<span class=\"_ _111\"> </span>20<span class=\"_ _e1\"> </span>(1.278)</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore alla fine del periodo<span class=\"_ _302\"> </span>11.978 <span class=\"_ _19a\"> </span>(6.319) <span class=\"_ _1dc\"> </span>5.659 <span class=\"_ _85\"> </span>12.954<span class=\"_ _e1\"> </span>(6.200)<span class=\"_ _85\"> </span>6.754</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. \u00e8 p<span class=\"_ _4\"></span>ari a Euro 4.34<span class=\"_ _4\"></span>4 migliaia, in diminuzio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne di Euro 538 migliaia rispet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023.  </span><span style=\"display:inherit;clear:left;\">Le principali a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie us<span class=\"_ _4\"></span>ate nella de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore at<span class=\"_ _4\"></span>tuale del tr<span class=\"_ _4\"></span>att<span class=\"_ _4\"></span>amento di f<span class=\"_ _4\"></span>ine rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">sono di s<span class=\"_ _4\"></span>eguito illu<span class=\"_ _4\"></span>strate: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _f6\"> </span>2,83<span class=\"_ _c0\"> </span>2,84%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _30e\"> </span>2,44<span class=\"_ _c0\"> </span>2,56%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _30f\"> </span>2,10<span class=\"_ _c0\"> </span>2,10%</span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le ip<span class=\"_ _4\"></span>otesi d<span class=\"_ _4\"></span>emogr<span class=\"_ _4\"></span>afich<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zate n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi della S<span class=\"_ _4\"></span>al<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pe<span class=\"_ _4\"></span>r il tas<span class=\"_ _4\"></span>so di mor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>alit\u00e0 \u00e8 s<span class=\"_ _4\"></span>tato pre<span class=\"_ _4\"></span>so a rife<span class=\"_ _4\"></span>rimento que<span class=\"_ _4\"></span>llo della p<span class=\"_ _4\"></span>opola<span class=\"_ _4\"></span>zione it<span class=\"_ _4\"></span>aliana rilevato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019I<span class=\"_ _4\"></span>ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>T del 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l 25%, dis<span class=\"_ _4\"></span>tinto pe<span class=\"_ _4\"></span>r et\u00e0 e se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o; mentre il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di probabilit<span class=\"_ _4\"></span>\u00e0 di uscit<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 lavo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rativ<span class=\"_ _4\"></span>a \u00e8 st<span class=\"_ _4\"></span>ato stimato pari al 5,47% annuo.  </span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>lle soci<span class=\"_ _4\"></span>et\u00e0 no<span class=\"_ _4\"></span>n italiane de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce a Ferr<span class=\"_ _4\"></span>agamo Japan KK<span class=\"_ _4\"></span>, Fe<span class=\"_ _4\"></span>rragamo </span><span style=\"display:inherit;clear:left;\">Ret<span class=\"_ _4\"></span>ail T<span class=\"_ _1c\"></span>aiwan Limit<span class=\"_ _4\"></span>ed, Fe<span class=\"_ _4\"></span>rragamo Franc<span class=\"_ _4\"></span>e S.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>.<span class=\"_ _4\"></span>S., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Monte<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>Carlo S<span class=\"_ _4\"></span>AM, Fer<span class=\"_ _4\"></span>ragamo B<span class=\"_ _4\"></span>elgique S<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>, Ferrag<span class=\"_ _4\"></span>amo </span><span style=\"display:inherit;clear:left;\">Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>.de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L.d<span class=\"_ _4\"></span>e C.<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>., Ferr<span class=\"_ _4\"></span>agamo Us<span class=\"_ _4\"></span>a Inc., Fe<span class=\"_ _4\"></span>rragamo (<span class=\"_ _4\"></span>Thailand<span class=\"_ _4\"></span>) Limited, Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o (<span class=\"_ _1\"></span>Suiss<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>) SA<span class=\"_ _4\"></span>, e<span class=\"_ _4\"></span>d \u00e8 pari a Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>4 migliaia, in diminuzione di Euro 558 migliaia risp<span class=\"_ _4\"></span>etto al 31 dicembre 2023. Il valo<span class=\"_ _4\"></span>re \u00e8 esp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so al net<span class=\"_ _4\"></span>to del <span class=\"ff5f ls0 ws0\">fa<span class=\"_ _4\"></span>ir </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls3 ws0\"> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 al se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio d<span class=\"_ _4\"></span>el piano, cos<span class=\"_ _4\"></span>tituite pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve. </span></span><span style=\"display:inherit;clear:left;\">Le principali a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie us<span class=\"_ _4\"></span>ate nella de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore at<span class=\"_ _4\"></span>tuale delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dip<span class=\"_ _4\"></span>en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">denti s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito illus<span class=\"_ _4\"></span>trate: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _1fd\"> </span>1,86% - 5,50% <span class=\"_ _21\"> </span>1,86% - 5,50%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _310\"> </span>0,99% -10,81% <span class=\"_ _21\"> </span>0,99% - 9,42%</span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le ip<span class=\"_ _4\"></span>otesi d<span class=\"_ _4\"></span>emogr<span class=\"_ _4\"></span>afich<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zate n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>lle so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 non italiane d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, il tas<span class=\"_ _4\"></span>so di mor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>alit\u00e0 pre<span class=\"_ _4\"></span>so a rife<span class=\"_ _4\"></span>rimento \u00e8 que<span class=\"_ _4\"></span>llo <span class=\"ff5f ws5d\">standard</span> pe<span class=\"_ _4\"></span>r ogni po<span class=\"_ _4\"></span>polaz<span class=\"_ _4\"></span>ione lo<span class=\"_ _4\"></span>cale </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata, dis<span class=\"_ _4\"></span>tinto per e<span class=\"_ _4\"></span>t\u00e0 e se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o; mentre pe<span class=\"_ _4\"></span>r il tas<span class=\"_ _4\"></span>so di rot<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>onale so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ate stimate le fr<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">annue sulla bas<span class=\"_ _4\"></span>e dei singoli dati a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dali.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne di seg<span class=\"_ _4\"></span>uito riep<span class=\"_ _4\"></span>ilogata un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi quantit<span class=\"_ _4\"></span>ativa de<span class=\"_ _4\"></span>lla sens<span class=\"_ _4\"></span>itiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni signifi<span class=\"_ _4\"></span>cative al 31 dicembre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">ed al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 2023  per l<span class=\"_ _4\"></span>\u2019obbliga<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici a dipe<span class=\"_ _4\"></span>ndenti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., c<span class=\"_ _4\"></span>he rappre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inciden<span class=\"_ _4\"></span>za mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e sul valore tot<span class=\"_ _4\"></span>ale de<span class=\"_ _4\"></span>lle obblig<span class=\"_ _4\"></span>azioni p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dipe<span class=\"_ _4\"></span>ndenti:</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _11c\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _28a\"> </span>Var %<span class=\"_ _15f\"> </span>Incrementi<span class=\"_ _233\"> </span>Decrementi<span class=\"_ _151\"> </span>Incr<span class=\"_ _2\"></span>ementi<span class=\"_ _e1\"> </span>Dec<span class=\"_ _1\"></span>rementi</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _26e\"> </span>+/- 0,5% <span class=\"_ _12a\"> </span>(157)<span class=\"_ _215\"> </span>167<span class=\"_ _148\"> </span>(179)<span class=\"_ _25\"> </span>190</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di mortalit\u00e0<span class=\"_ _20b\"> </span>+/- 0,025% <span class=\"_ _1f9\"> </span>-<span class=\"_ _214\"> </span>-<span class=\"_ _29c\"> </span>-<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rotazione del personale<span class=\"_ _2c7\"> </span>+/- 0,5% <span class=\"_ _1f9\"> </span>-<span class=\"_ _1f1\"> </span>-<span class=\"_ _29c\"> </span>-<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Le analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate ef<span class=\"_ _4\"></span>fettuate ip<span class=\"_ _4\"></span>otiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando camb<span class=\"_ _4\"></span>iamenti ragio<span class=\"_ _4\"></span>nevoli ne<span class=\"_ _4\"></span>lle as<span class=\"_ _4\"></span>sunzioni </span><span style=\"display:inherit;clear:left;\">chiave nei due p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di pos<span class=\"_ _4\"></span>ti a confronto.  </span><span style=\"display:inherit;clear:left;\">Il numero m<span class=\"_ _4\"></span>edio d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti (in t<span class=\"_ _4\"></span>ermini di <span class=\"ff5f ls3 ws0\">full t<span class=\"_ _4\"></span>ime equivalent<span class=\"ff5c\">) per c<span class=\"_ _4\"></span>ategor<span class=\"_ _4\"></span>ia \u00e8 ripor<span class=\"_ _4\"></span>tato n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella se<span class=\"_ _4\"></span>guente: </span></span></span><span style=\"display:inherit;clear:left;\">(</span><span style=\"display:inherit;clear:left;\">Full time equiv<span class=\"_ _2\"></span>alent<span class=\"ff62\">)<span class=\"_ _236\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span></span><span style=\"display:inherit;clear:left;\">Dirigenti, quadri e <span class=\"ff64\">store managers<span class=\"_ _223\"> </span></span>683 <span class=\"_ _27a\"> </span>710</span><span style=\"display:inherit;clear:left;\">Impiegati<span class=\"_ _1eb\"> </span>2.469 <span class=\"_ _23e\"> </span>2.575</span><span style=\"display:inherit;clear:left;\">Operai<span class=\"_ _311\"> </span>308 <span class=\"_ _27a\"> </span>299</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ersonale interinale<span class=\"_ _312\"> </span>99 <span class=\"_ _69\"> </span>87</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _313\"> </span>3.559 <span class=\"_ _c0\"> </span>3.671</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019organico me<span class=\"_ _4\"></span>dio \u00e8 sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>zialmente invariato r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span><span style=\"display:inherit;clear:left;\">25. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti per passivit\u00e0 differite<span class=\"_ _f\"> </span>13.478 <span class=\"_ _f2\"> </span>14.556<span class=\"_ _2e0\"> </span>(1.078) </span><span style=\"display:inherit;clear:left;\">Altri debiti<span class=\"_ _314\"> </span>1.245 <span class=\"_ _23e\"> </span>1.667<span class=\"_ _b7\"> </span>(422) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>14.723 <span class=\"_ _f2\"> </span>16.223<span class=\"_ _176\"> </span>(1.500) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti p<span class=\"_ _4\"></span>er pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dif<span class=\"_ _4\"></span>ferite<span class=\"_ _4\"></span>\u201d (<span class=\"_ _4\"></span>pari a Euro 1<span class=\"_ _2\"></span>3.47<span class=\"_ _2\"></span>8 migliaia al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4) si riferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alla </span><span style=\"display:inherit;clear:left;\">lineari<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione dei c<span class=\"_ _4\"></span>ontributi ric<span class=\"_ _4\"></span>evuti dai lo<span class=\"_ _4\"></span>catori a f<span class=\"_ _4\"></span>ronte dei co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alle<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imento dei n<span class=\"_ _4\"></span>egozi.  </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 la voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce al de<span class=\"_ _4\"></span>bito nei co<span class=\"_ _4\"></span>nfronti dei dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti del Gr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">bonu<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">variabili a lungo te<span class=\"_ _4\"></span>rmine; e per Euro 47<span class=\"_ _2\"></span>1 migliaia a de<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauz<span class=\"_ _4\"></span>ionali ricev<span class=\"_ _4\"></span>uti pe<span class=\"_ _4\"></span>r contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o attivo (Euro 236 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>).</span></span>   </span><span style=\"display:inherit;clear:left;\">26. P<span class=\"_ _44\"></span>assivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _2\"></span>asing</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ta la mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, su<span class=\"_ _4\"></span>d<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa tra quot<span class=\"_ _4\"></span>a corre<span class=\"_ _4\"></span>nte e non cor<span class=\"_ _4\"></span>rente. </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _315\"> </span>non cor<span class=\"_ _1\"></span>renti<span class=\"_ _66\"> </span>corr<span class=\"_ _1\"></span>enti<span class=\"_ _1f1\"> </span>T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01.2024<span class=\"_ _2f\"> </span>596.603 <span class=\"_ _32\"> </span>114.439 <span class=\"_ _2da\"> </span><span class=\"ff62\">711.042 </span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onversione<span class=\"_ _144\"> </span>10.944 <span class=\"_ _1f2\"> </span>3.571 <span class=\"_ _25\"> </span><span class=\"ff62\">14.515 </span></span><span style=\"display:inherit;clear:left;\">Incrementi<span class=\"_ _2fa\"> </span>75.821 <span class=\"_ _260\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff62\">75.821 </span></span><span style=\"display:inherit;clear:left;\">Decrementi<span class=\"_ _2fd\"> </span>(2.492) <span class=\"_ _260\"> </span>- <span class=\"_ _32\"> </span><span class=\"ff62\">(2.492) </span></span><span style=\"display:inherit;clear:left;\">Rimborso delle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff61\">- <span class=\"_ _148\"> </span>(124.903) <span class=\"_ _12a\"> </span><span class=\"ff62\">(124.903) </span></span></span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"ff61\"> pagati<span class=\"_ _1a3\"> </span>- <span class=\"_ _d0\"> </span>(22.563) <span class=\"_ _148\"> </span><span class=\"ff62\">(22.563) </span></span></span><span style=\"display:inherit;clear:left;\">Altri movimenti<span class=\"_ _129\"> </span>(128.532) <span class=\"_ _80\"> </span>153.458 <span class=\"_ _25\"> </span><span class=\"ff62\">24.926 </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore a fine periodo<span class=\"_ _9d\"> </span>552.344 <span class=\"_ _d0\"> </span>124.002 <span class=\"_ _2da\"> </span>676.346 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _315\"> </span>non cor<span class=\"_ _1\"></span>renti<span class=\"_ _66\"> </span>corr<span class=\"_ _1\"></span>enti<span class=\"_ _1f1\"> </span>T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01.2023<span class=\"_ _2f\"> </span>468.737 <span class=\"_ _32\"> </span>106.586 <span class=\"_ _2da\"> </span><span class=\"ff62\">575.323 </span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onv<span class=\"_ _2\"></span>.ne<span class=\"_ _316\"> </span>(8.103) <span class=\"_ _ca\"> </span>(2.736) <span class=\"_ _148\"> </span><span class=\"ff62\">(10.839) </span></span><span style=\"display:inherit;clear:left;\">Incrementi <span class=\"_ _317\"> </span>266.679 <span class=\"_ _260\"> </span>- <span class=\"_ _2da\"> </span><span class=\"ff62\">266.679 </span></span><span style=\"display:inherit;clear:left;\">Decrementi<span class=\"_ _2fd\"> </span>(4.578) <span class=\"_ _260\"> </span>- <span class=\"_ _32\"> </span><span class=\"ff62\">(4.578) </span></span><span style=\"display:inherit;clear:left;\">Rimborso delle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff61\">- <span class=\"_ _148\"> </span>(116.403) <span class=\"_ _12a\"> </span><span class=\"ff62\">(116.403) </span></span></span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"ff61\"> pagati <span class=\"_ _1e9\"> </span>- <span class=\"_ _32\"> </span>(20.451) <span class=\"_ _148\"> </span><span class=\"ff62\">(20.451) </span></span></span><span style=\"display:inherit;clear:left;\">Altri movimenti<span class=\"_ _129\"> </span>(126.132) <span class=\"_ _80\"> </span>147.443 <span class=\"_ _25\"> </span><span class=\"ff62\">21.311 </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore a fine periodo<span class=\"_ _9d\"> </span>596.603 <span class=\"_ _d0\"> </span>114.439 <span class=\"_ _2da\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IBR medio p<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>rato applic<span class=\"_ _4\"></span>ato ai contrat<span class=\"_ _4\"></span>ti in es<span class=\"_ _4\"></span>sere a<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 \u00e8 st<span class=\"_ _4\"></span>ato de<span class=\"_ _4\"></span>l 3,4<span class=\"_ _2\"></span>3% (3,32% nel 2023)<span class=\"_ _1\"></span>. <span class=\"_ _46\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento agli altr<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari in u<span class=\"_ _4\"></span>scita re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> si rimanda alla not<span class=\"_ _4\"></span>a 36 \u201cComp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne pe<span class=\"_ _4\"></span>r natura </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">delle vo<span class=\"_ _4\"></span>ci di cos<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">27. Debiti c<span class=\"_ _2\"></span>ommerciali</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i debiti c<span class=\"_ _4\"></span>ommerciali:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali<span class=\"_ _33\"> </span>162.801 <span class=\"_ _ca\"> </span>172.000 <span class=\"_ _25\"> </span>(9.199) </span><span style=\"display:inherit;clear:left;\">Anticipi da clienti<span class=\"_ _29b\"> </span>1.645 <span class=\"_ _23e\"> </span>1.323 <span class=\"_ _c0\"> </span>322 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>164.446 <span class=\"_ _2e0\"> </span>173.323 <span class=\"_ _32\"> </span>(8.877) </span><span style=\"display:inherit;clear:left;\">I debit<span class=\"_ _4\"></span>i commerciali no<span class=\"_ _4\"></span>n produco<span class=\"_ _4\"></span>no intere<span class=\"_ _4\"></span>ssi e s<span class=\"_ _4\"></span>ono in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za rego<span class=\"_ _4\"></span>lati a 60/9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e valore inclu<span class=\"_ _4\"></span>de i debit<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i al normale s<span class=\"_ _4\"></span>volgime<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciale da par<span class=\"_ _4\"></span>te dell<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">in par<span class=\"_ _4\"></span>ticolare i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019acquisto di mate<span class=\"_ _4\"></span>rie prime<span class=\"_ _4\"></span>, compon<span class=\"_ _4\"></span>enti e i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r le lavoraz<span class=\"_ _4\"></span>ioni.</span></span> </span><span style=\"display:inherit;clear:left;\">28. P<span class=\"_ _44\"></span>assivit\u00e0 per r<span class=\"_ _1c\"></span>esi</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento al dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o di cui ai \u201cR<span class=\"_ _4\"></span>icav<span class=\"_ _4\"></span>i da contratt<span class=\"_ _4\"></span>i con clienti<span class=\"_ _4\"></span>\u201d, la v<span class=\"_ _1\"></span>oce \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r resi<span class=\"_ _4\"></span>\u201d r<span class=\"_ _4\"></span>isulta p<span class=\"_ _4\"></span>ari a Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.4<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>1 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 9.<span class=\"_ _4\"></span>563 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>) e si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e alla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 nei co<span class=\"_ _4\"></span>nfronti </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">dei clie<span class=\"_ _4\"></span>nti per l<span class=\"_ _4\"></span>\u2019ammontare de<span class=\"_ _4\"></span>i resi di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti che si s<span class=\"_ _4\"></span>tima saranno r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ituiti.</span></span>   </span><span style=\"display:inherit;clear:left;\">29. Debiti tributari</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i debiti t<span class=\"_ _4\"></span>ributar<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti verso E<span class=\"_ _1\"></span>rario (<span class=\"_ _4\"></span>imposta sul valore aggiunto e altre imposte) <span class=\"_ _11b\"> </span>7.686 <span class=\"_ _23e\"> </span>7.399 <span class=\"_ _23e\"> </span>287 </span><span style=\"display:inherit;clear:left;\">Debiti verso E<span class=\"_ _1\"></span>rario per imposte dir<span class=\"_ _2\"></span>ette <span class=\"_ _197\"> </span>9.844 <span class=\"_ _23e\"> </span>2.173 <span class=\"_ _211\"> </span>7.671 </span><span style=\"display:inherit;clear:left;\">Altri debiti tributari <span class=\"_ _1a5\"> </span>1.726 <span class=\"_ _23e\"> </span>3.115 <span class=\"_ _80\"> </span>(1.389) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>19.256 <span class=\"_ _f2\"> </span>12.687 <span class=\"_ _1c1\"> </span>6.569 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a gli \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri deb<span class=\"_ _4\"></span>iti T<span class=\"_ _1c\"></span>rib<span class=\"_ _4\"></span>utari<span class=\"_ _4\"></span>\u201d al 31 dicembre 2023 risult<span class=\"_ _4\"></span>ava is<span class=\"_ _4\"></span>critto da par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella Capo<span class=\"_ _4\"></span>gruppo il d<span class=\"_ _4\"></span>ebito de<span class=\"_ _4\"></span>rivante dalla </span><span style=\"display:inherit;clear:left;\">proce<span class=\"_ _4\"></span>dura di sanato<span class=\"_ _4\"></span>ria del cre<span class=\"_ _4\"></span>dito R&amp;S p<span class=\"_ _4\"></span>er i pe<span class=\"_ _4\"></span>riodi d<span class=\"_ _5\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 201<span class=\"_ _1c\"></span>8 p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 2.01<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia. In </span><span style=\"display:inherit;clear:left;\">data 2 agos<span class=\"_ _4\"></span>to 202<span class=\"_ _2\"></span>4, la S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>critto c<span class=\"_ _4\"></span>on la Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">so ver<span class=\"_ _4\"></span>bale di contra<span class=\"_ _4\"></span>dditt<span class=\"_ _4\"></span>orio, in cui \u00e8 st<span class=\"_ _4\"></span>ata conc<span class=\"_ _4\"></span>ordata l<span class=\"_ _4\"></span>\u2019adesi<span class=\"_ _4\"></span>one da par<span class=\"_ _4\"></span>te della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 alla proce<span class=\"_ _4\"></span>dura di ri<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>amen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to sp<span class=\"_ _4\"></span>ontane<span class=\"_ _4\"></span>o di cui all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 5, commi da 7 a 1<span class=\"_ _2\"></span>2, de<span class=\"_ _4\"></span>l D.L. 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>6/202<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>er un impor<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo di Euro 6<span class=\"_ _4\"></span>.8<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>9 migliaia </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni dal 20<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9. In dat<span class=\"_ _4\"></span>a 1<span class=\"_ _1c\"></span>4 ot<span class=\"_ _4\"></span>tobre 2024, Salvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato la richies<span class=\"_ _4\"></span>ta di ac<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">alla proce<span class=\"_ _4\"></span>dura di rive<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>amento sp<span class=\"_ _4\"></span>ontane<span class=\"_ _4\"></span>o (sostitut<span class=\"_ _4\"></span>iva de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019is<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ata in data 28 ot<span class=\"_ _4\"></span>tobre 2022<span class=\"_ _4\"></span>, per l'<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">di Euro 2.01<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>), ed ha ve<span class=\"_ _4\"></span>rsat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019impor<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente dov<span class=\"_ _4\"></span>uto (p<span class=\"_ _4\"></span>ari ad Euro 6.<span class=\"_ _4\"></span>80<span class=\"_ _4\"></span>9 migliaia<span class=\"_ _1\"></span>) entro il te<span class=\"_ _4\"></span>rmine </span><span style=\"display:inherit;clear:left;\">di leg<span class=\"_ _4\"></span>ge de<span class=\"_ _4\"></span>l 1<span class=\"_ _2\"></span>6 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazi<span class=\"_ _4\"></span>one sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">30. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o segu<span class=\"_ _4\"></span>ente:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti diver<span class=\"_ _1\"></span>si <span class=\"_ _14e\"> </span>4.526 <span class=\"_ _b7\"> </span>12.533 <span class=\"_ _80\"> </span>(8.007) </span><span style=\"display:inherit;clear:left;\">Debiti verso dipendenti <span class=\"_ _2d5\"> </span>21.877 <span class=\"_ _f3\"> </span>27.344 <span class=\"_ _80\"> </span>(5.467<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">Debiti verso istituti pr<span class=\"_ _2\"></span>evidenziali <span class=\"_ _2a7\"> </span>5.185 <span class=\"_ _23e\"> </span>5.252 <span class=\"_ _29c\"> </span>(67) </span><span style=\"display:inherit;clear:left;\">Ratei passivi <span class=\"_ _2b9\"> </span>975 <span class=\"_ _76\"> </span>906 <span class=\"_ _8e\"> </span>69 </span><span style=\"display:inherit;clear:left;\">Risconti passivi <span class=\"_ _318\"> </span>1.812 <span class=\"_ _23e\"> </span>2.213 <span class=\"_ _cd\"> </span>(401) </span><span style=\"display:inherit;clear:left;\">Strumenti derivati di copert<span class=\"_ _1\"></span>ura <span class=\"_ _319\"> </span>9.776 <span class=\"_ _27a\"> </span>558 <span class=\"_ _1f9\"> </span>9.218 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>44.151 <span class=\"_ _f2\"> </span>48.806 <span class=\"_ _32\"> </span>(4.655) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti ve<span class=\"_ _4\"></span>rso dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie il debito d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po nei co<span class=\"_ _4\"></span>nfronti dei dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti per c<span class=\"_ _4\"></span>ompete<span class=\"_ _4\"></span>nze maturate </span><span style=\"display:inherit;clear:left;\">e non anco<span class=\"_ _4\"></span>ra liquidate alla data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io (Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>877 migliaia, in diminuz<span class=\"_ _4\"></span>ione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al valore d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 pari a Euro 27<span class=\"_ _44\"></span>.<span class=\"_ _4\"></span>34<span class=\"_ _4\"></span>4 migliaia<span class=\"_ _2\"></span>). A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 la voce \u201c<span class=\"_ _4\"></span>Deb<span class=\"_ _4\"></span>iti diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d acc<span class=\"_ _4\"></span>ogliev<span class=\"_ _4\"></span>a il debito p<span class=\"_ _4\"></span>er IRE<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">ver<span class=\"_ _4\"></span>so la controllante F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>942 migliaia (<span class=\"_ _2\"></span>al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 ri<span class=\"_ _4\"></span>sulta un cre<span class=\"_ _4\"></span>dito pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.576 migliaia<span class=\"_ _2\"></span>), di per<span class=\"_ _4\"></span>tin<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. maturato ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito del con<span class=\"_ _4\"></span>solidato f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale </span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nale.</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti ve<span class=\"_ _4\"></span>rso i<span class=\"_ _4\"></span>stituti p<span class=\"_ _4\"></span>revid<span class=\"_ _4\"></span>enziali<span class=\"_ _4\"></span>\u201d ac<span class=\"_ _4\"></span>coglie de<span class=\"_ _4\"></span>biti ver<span class=\"_ _4\"></span>so is<span class=\"_ _4\"></span>tituti di pre<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza, li<span class=\"_ _4\"></span>quidati nel me<span class=\"_ _4\"></span>se su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>sivo </span><span style=\"display:inherit;clear:left;\">alla chiusura, re<span class=\"_ _4\"></span>lativi ai c<span class=\"_ _4\"></span>ompen<span class=\"_ _4\"></span>si spe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>anti ai dipend<span class=\"_ _4\"></span>enti. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>\u201d ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la valuta<span class=\"_ _4\"></span>zione al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span><span class=\"ff5f\">fair value<span class=\"ff5c\">) al<span class=\"_ _1\"></span>la f<span class=\"_ _4\"></span>ine dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span></span></span><span style=\"display:inherit;clear:left;\">degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura<span class=\"_ _1\"></span>), in ess<span class=\"_ _4\"></span>ere, s<span class=\"_ _4\"></span>tipulati dalla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione del r<span class=\"_ _4\"></span>ischio di </span><span style=\"display:inherit;clear:left;\">cambio. Pe<span class=\"_ _4\"></span>r magg<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 32 \u201c<span class=\"_ _4\"></span>Strumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari e valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value\u201d<span class=\"ff62 ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">31. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 finanziarie c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e correnti<span class=\"_ _4\"></span>\u201d \u00e8 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziata n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>guente:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati a br<span class=\"_ _1\"></span>eve termine<span class=\"_ _186\"> </span>1.710 <span class=\"_ _27a\"> </span>384 <span class=\"_ _211\"> </span>1.326 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari corr<span class=\"_ _2\"></span>enti<span class=\"_ _94\"> </span>1.134 <span class=\"_ _76\"> </span>898 <span class=\"_ _23e\"> </span>236 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>2.844 <span class=\"_ _c0\"> </span>1.282 <span class=\"_ _2b6\"> </span>1.562 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati a br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e\u201d a<span class=\"_ _4\"></span>ccoglie pr<span class=\"_ _4\"></span>incipalmente il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws129\"> degli strumenti finanziari <span class=\"_ _1\"></span>derivati </span></span><span style=\"display:inherit;clear:left;\">aventi <span class=\"ff5f ws114\">m<span class=\"_ _4\"></span>ark to market<span class=\"ff5c\"> negativo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>ior det<span class=\"_ _4\"></span>taglio s<span class=\"_ _4\"></span>i rinvia alla succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va not<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">32 \u201cStrume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari e valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"ls3d ws147\">\u201d.<span class=\"_ _4\"></span>   </span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>ri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce alla valo<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella <span class=\"ff5f\">put option</span> at<span class=\"_ _4\"></span>tribuita ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti di mino<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ranz<span class=\"_ _4\"></span>a della Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K. di ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e alla Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. la pro<span class=\"_ _4\"></span>pria quota di par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione, v<span class=\"_ _4\"></span>alo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata alle con<span class=\"_ _4\"></span>dizioni pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ccordo t<span class=\"_ _4\"></span>ra le par<span class=\"_ _4\"></span>ti. T<span class=\"_ _2\"></span>ale <span class=\"ff5f\">put option</span> \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a rilev<span class=\"_ _4\"></span>ata in controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ita al patrimo<span class=\"_ _4\"></span>nio </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di Grupp<span class=\"_ _4\"></span>o. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla not<span class=\"_ _4\"></span>a 43 \u201c<span class=\"_ _2\"></span>Accordi di <span class=\"ff5f\">Put e Call </span></span></span><span class=\"ls4 wsa\"><span><span style=\"display:inherit;clear:left;\">su</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">Inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span></span><span style=\"display:inherit;clear:left;\">32. Strumenti finanziari e valutazione al </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019o<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>ca dell<span class=\"_ _5\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9 \u00e8 tras<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sale a di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e voci di bilancio. D<span class=\"_ _4\"></span>i seg<span class=\"_ _4\"></span>uito si </span><span style=\"display:inherit;clear:left;\">ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a la tab<span class=\"_ _4\"></span>ella che pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere, p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ategoria di appar<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>nen<span class=\"_ _4\"></span>za, </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>to a confronto c<span class=\"_ _4\"></span>on i corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>enti valo<span class=\"_ _4\"></span>ri equi al 3<span class=\"_ _1\"></span>1 dicembre 2024 e al 3<span class=\"_ _2\"></span>1 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Classific<span class=\"_ _2\"></span>azione degli st<span class=\"_ _4\"></span>rumenti finanziari e r<span class=\"_ _2\"></span>appresent<span class=\"_ _1\"></span>azione del lor<span class=\"_ _2\"></span>o <span class=\"ff64\">fair value</span></span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _2\"></span>TTIV<span class=\"_ _1\"></span>IT<span class=\"_ _1c\"></span>\u00c0 FINANZIARIE</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61 ls35 ws38\"> con</span></span></span><span style=\"display:inherit;clear:left;\">variazioni imputate a c<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _141\"> </span>307 <span class=\"_ _d0\"> </span>- <span class=\"_ _21\"> </span>307 <span class=\"_ _e2\"> </span>1.535<span class=\"_ _176\"> </span>-<span class=\"_ _74\"> </span>1.535</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>itoli detenuti con finalit\u00e0 speculative<span class=\"_ _260\"> </span>13 <span class=\"_ _d0\"> </span>- <span class=\"_ _d8\"> </span>13 <span class=\"_ _32\"> </span>37<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>37</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 v<span class=\"_ _2\"></span>alutate al costo ammortizzato<span class=\"_ _30c\"> </span> <span class=\"_ _2ef\"> </span> <span class=\"_ _65\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _e4\"> </span>12.793 <span class=\"_ _31a\"> </span>- <span class=\"_ _123\"> </span>12.793 <span class=\"_ _74\"> </span>15.608<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>15.608</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _27d\"> </span>84.579 <span class=\"_ _31a\"> </span>- <span class=\"_ _123\"> </span>84.579 <span class=\"_ _67\"> </span>106.821<span class=\"_ _176\"> </span>-<span class=\"_ _30b\"> </span>106.821</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _31b\"> </span>- <span class=\"_ _151\"> </span>13.578 <span class=\"_ _123\"> </span>13.578 <span class=\"_ _1f9\"> </span>-<span class=\"_ _127\"> </span>13.760<span class=\"_ _67\"> </span>13.760</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _162\"> </span>50.401 <span class=\"_ _d0\"> </span>- <span class=\"_ _123\"> </span>50.401 <span class=\"_ _74\"> </span>35.240<span class=\"_ _176\"> </span>-<span class=\"_ _67\"> </span>35.240</span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _1f1\"> </span>238.194 <span class=\"_ _d1\"> </span> <span class=\"_ _23f\"> </span>238.194 <span class=\"_ _11f\"> </span>268.988<span class=\"_ _176\"> </span>-<span class=\"_ _89\"> </span>268.988</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni </span></span></span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _6e\"> </span><span class=\"ws144\">1.612  <span class=\"_ _25\"> </span>-    <span class=\"_ _151\"> </span></span>1.612 <span class=\"_ _2a3\"> </span>6.813 <span class=\"_ _d0\"> </span>- <span class=\"_ _b4\"> </span>6.813</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>387.899 <span class=\"_ _151\"> </span>13.578 <span class=\"_ _19c\"> </span>401.477 <span class=\"_ _127\"> </span>435.042<span class=\"_ _1b9\"> </span>13.760<span class=\"_ _8b\"> </span>448.802</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ASSIVIT<span class=\"_ _1c\"></span>\u00c0 FINANZIARIE </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 valutate al costo ammortizzato<span class=\"_ _6f\"> </span> <span class=\"_ _2ef\"> </span> <span class=\"_ _65\"> </span> </span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori e acconti<span class=\"_ _2e2\"> </span>164.447 <span class=\"_ _31a\"> </span>- <span class=\"_ _1da\"> </span>164.447 <span class=\"_ _11f\"> </span>173.323<span class=\"_ _176\"> </span>-<span class=\"_ _30b\"> </span>173.323</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _31c\"> </span>113.291 <span class=\"_ _d0\"> </span>- <span class=\"_ _1da\"> </span>113.291 <span class=\"_ _111\"> </span>80.129<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>80.129</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _29\"> </span>1.134 <span class=\"_ _d0\"> </span>- <span class=\"_ _8a\"> </span>1.134 <span class=\"_ _148\"> </span>898<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>898</span><span style=\"display:inherit;clear:left;\">Debiti verso azionisti per di<span class=\"_ _1\"></span>videndi<span class=\"_ _1d2\"> </span>- <span class=\"_ _d1\"> </span> <span class=\"_ _2da\"> </span>- <span class=\"_ _1f9\"> </span>-<span class=\"_ _31d\"> </span>-</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _113\"> </span>317 <span class=\"_ _2a3\"> </span>471 <span class=\"_ _c1\"> </span>788 <span class=\"_ _148\"> </span>347<span class=\"_ _12a\"> </span>236<span class=\"_ _12a\"> </span>583</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _eb\"> </span></span>124.002 <span class=\"_ _85\"> </span>552.344 <span class=\"_ _67\"> </span>n<span class=\"_ _5\"></span>/<span class=\"_ _2\"></span>a* <span class=\"_ _11f\"> </span>114.439<span class=\"_ _30b\"> </span>596.603<span class=\"_ _bc\"> </span><span class=\"lsd4 wse3\">n<span class=\"_ _3\"></span>/a*</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> con v<span class=\"_ _1\"></span>ariazioni </span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _f3\"> </span>1.711 <span class=\"_ _d0\"> </span>- <span class=\"_ _8a\"> </span>1.711 <span class=\"_ _148\"> </span>384<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>384</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al<span class=\"ff64\"> fair value</span> con v<span class=\"_ _1\"></span>ariazioni </span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _6e\"> </span>9.776 <span class=\"_ _d0\"> </span>- <span class=\"_ _88\"> </span>9.776 <span class=\"_ _148\"> </span>558<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>558</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>414.678 <span class=\"_ _86\"> </span>552.815 <span class=\"_ _19a\"> </span>291.147 <span class=\"_ _105\"> </span>370.078<span class=\"_ _257\"> </span>596.839<span class=\"_ _8b\"> </span>255.875</span><span style=\"display:inherit;clear:left;\">*In applicazione del principio IFRS 16 alla P<span class=\"_ _1c\"></span>assivit\u00e0 per <span class=\"ff5f\">leasing</span> non si applica il calcolo del <span class=\"ff5f\">fair v<span class=\"_ _2\"></span>alue<span class=\"ff5c\">.  </span></span></span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nzia che la gr<span class=\"_ _4\"></span>an part<span class=\"_ _4\"></span>e delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere \u00e8 rapp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a da pos<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>inanzia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rie atti<span class=\"_ _4\"></span>ve e pas<span class=\"_ _4\"></span>sive a bre<span class=\"_ _4\"></span>ve,  ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>; in consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla loro natura, p<span class=\"_ _4\"></span>er la mag<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">giore parte delle poste, il valor<span class=\"_ _1\"></span>e contabile<span class=\"_ _1\"></span> \u00e8 considerato u<span class=\"_ _1\"></span>na ragionev<span class=\"_ _1\"></span>ole approssimazione del va<span class=\"_ _1\"></span>lore equo.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">In tutti g<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si, la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re equo av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do meto<span class=\"_ _4\"></span>dolo<span class=\"_ _4\"></span>gie class<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cabili nel L<span class=\"_ _4\"></span>ivello 2 de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">gerarchia de<span class=\"_ _4\"></span>i livelli di signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 dei dati utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati ne<span class=\"_ _4\"></span>lla determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair value</span> cos\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3. <span class=\"_ _1c\"></span> </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o fa ricor<span class=\"_ _4\"></span>so a mo<span class=\"_ _4\"></span>delli inte<span class=\"_ _4\"></span>rni di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, gener<span class=\"_ _4\"></span>almente utiliz<span class=\"_ _5\"></span>zati ne<span class=\"_ _4\"></span>lla pratic<span class=\"_ _4\"></span>a finan<span class=\"_ _4\"></span>ziaria, sulla bas<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi forniti dagli op<span class=\"_ _4\"></span>erato<span class=\"_ _4\"></span>ri di merc<span class=\"_ _4\"></span>ato o di quota<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate su merc<span class=\"_ _4\"></span>ati atti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di primari <span class=\"ff5f ls58 ws6\">info<span class=\"_ _4\"></span>-prov<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>s</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Per la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del <span class=\"ff5f\">fair value</span> dei de<span class=\"_ _4\"></span>rivati v<span class=\"_ _4\"></span>iene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls5b ws8\">pric<span class=\"_ _4\"></span>ing</span> basato s<span class=\"_ _4\"></span>ui valori di m<span class=\"_ _4\"></span>ercato de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>ssi di inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se e dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di c<span class=\"_ _4\"></span>ambio rilev<span class=\"_ _4\"></span>abili alla data di valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Per la voce re<span class=\"_ _4\"></span>lativa ai \u201c<span class=\"_ _4\"></span>De<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauzio<span class=\"_ _4\"></span>nali<span class=\"_ _4\"></span>\u201d il valore co<span class=\"_ _4\"></span>ntabile \u00e8 s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato una ragion<span class=\"_ _4\"></span>evole app<span class=\"_ _4\"></span>rossima<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o. Non ci son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ate variazio<span class=\"_ _4\"></span>ni nei meto<span class=\"_ _4\"></span>di valut<span class=\"_ _4\"></span>ativi a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati risp<span class=\"_ _4\"></span>etto ai p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi, n\u00e9 tra<span class=\"_ _4\"></span>sferi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">menti da un li<span class=\"_ _4\"></span>vello a un altro de<span class=\"_ _4\"></span>lla gerarchia dell<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 v<span class=\"_ _4\"></span>alutate al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f ls2b ws84\">non-pe<span class=\"_ _4\"></span>rformance risk</span>, cio\u00e8 del ri<span class=\"_ _4\"></span>schio che una de<span class=\"_ _4\"></span>lle par<span class=\"_ _4\"></span>ti non on<span class=\"_ _4\"></span>ori i propri imp<span class=\"_ _4\"></span>egni </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>tuali per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to di un po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e <span class=\"ff5f ls55 wscc\">defa<span class=\"_ _4\"></span>ult</span> prima d<span class=\"_ _4\"></span>ella sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za  de<span class=\"_ _4\"></span>l deriv<span class=\"_ _4\"></span>ato, sia con rifer<span class=\"_ _4\"></span>imento al ris<span class=\"_ _4\"></span>chio della </span><span style=\"display:inherit;clear:left;\">contropa<span class=\"_ _1\"></span>rte (<span class=\"_ _1\"></span><span class=\"ff5f ls3 ws15c\">Credit V<span class=\"_ _2\"></span>alue A<span class=\"_ _4\"></span>djustment<span class=\"_ _4\"></span><span class=\"ff5c\">: C<span class=\"_ _4\"></span>V<span class=\"_ _2\"></span>A), sia al propr<span class=\"_ _4\"></span>io rischio di ina<span class=\"_ _4\"></span>dempime<span class=\"_ _4\"></span>nto (<span class=\"ff5f\">Debt Risk Adjustm<span class=\"_ _4\"></span>ent</span><span class=\"ls34 ws10e\">:<span class=\"_ _5\"></span> DVA<span class=\"_ _4\"></span>)<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> </span></span></span></span><span style=\"display:inherit;clear:left;\">applic<span class=\"_ _4\"></span>andolo al v<span class=\"_ _4\"></span>alore di me<span class=\"_ _4\"></span>rcato del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio p<span class=\"_ _4\"></span>rivo di ris<span class=\"_ _4\"></span>chio. T<span class=\"_ _1c\"></span>ali ag<span class=\"_ _4\"></span>giu<span class=\"_ _4\"></span>stam<span class=\"_ _4\"></span>enti, data la tip<span class=\"_ _4\"></span>olog<span class=\"_ _4\"></span>ia di strume<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati pre<span class=\"_ _4\"></span>senti in p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati esclu<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente da vendit<span class=\"_ _4\"></span>e o da acquist<span class=\"_ _4\"></span>i di valuta a t<span class=\"_ _4\"></span>ermine tr<span class=\"_ _4\"></span>amite con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti <span class=\"ff5f ls2b wscf\">for<span class=\"_ _4\"></span>ward<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws5\">, la relativ<span class=\"_ _4\"></span>a sca<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za, comp<span class=\"_ _4\"></span>resa n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito dei dodici m<span class=\"_ _4\"></span>esi, e i <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls9 ws14d\"> sia delle contropa<span class=\"_ _1\"></span>rti con cui sono </span></span></span></span><span style=\"display:inherit;clear:left;\">stati stipulati<span class=\"_ _1\"></span> i contra<span class=\"_ _1\"></span>tti sia del Gruppo<span class=\"_ _1\"></span>, risultano<span class=\"_ _1\"></span> non signi<span class=\"_ _1\"></span>ficativi. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala inoltre che<span class=\"_ _4\"></span>, sulla bas<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi ISDA <span class=\"ff5f ls2c ws0\">Master<span class=\"_ _1\"></span> Agreemen<span class=\"_ _2\"></span>t<span class=\"ff5c ls3 ws11e\"> e de<span class=\"_ _4\"></span>gli accordi quadro e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti co<span class=\"_ _4\"></span>n le contro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ti con le quali ve<span class=\"_ _4\"></span>ngono stip<span class=\"_ _4\"></span>ulati contratt<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vati, \u00e8 in gene<span class=\"_ _4\"></span>rale po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>ttuare la comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne (<span class=\"ff5f ls58 ws6\">nett<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls0 ws15a\">) di </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re originate da tali s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati. </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella sinte<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a gli ef<span class=\"_ _4\"></span>fetti pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i a Conto Econo<span class=\"_ _4\"></span>mico e Patrimonio Net<span class=\"_ _4\"></span>to con r<span class=\"_ _4\"></span>iferimento a cia<span class=\"_ _4\"></span>scuna cate<span class=\"_ _4\"></span>goria </span><span style=\"display:inherit;clear:left;\">di str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Gruppo n<span class=\"_ _4\"></span>egli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utili netti/(P<span class=\"_ _1\"></span>erdite nette) rilev<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i a c<span class=\"_ _2\"></span>onto economico su str<span class=\"_ _2\"></span>ument<span class=\"_ _4\"></span>i finanziari:<span class=\"_ _2c6\"> </span> </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _207\"> </span>(13.078) <span class=\"_ _23e\"> </span>1.367</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _a0\"> </span>4.842 <span class=\"_ _f3\"> </span>16.845</span><span style=\"display:inherit;clear:left;\">Utili netti/(Per<span class=\"_ _2\"></span>dite nette) rilevati a patrimonio netto su strumenti finanziari: <span class=\"_ _13e\"> </span> </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _1fc\"> </span>(12.533) <span class=\"_ _f2\"> </span>(3.943<span class=\"_ _1\"></span>)</span><span style=\"display:inherit;clear:left;\">Interessi attivi/passi<span class=\"_ _1\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i sulle attivit\u00e0/passivit\u00e0 finanziarie </span><span style=\"display:inherit;clear:left;\">non al FVTPL:</span><span style=\"display:inherit;clear:left;\">Interessi attivi <span class=\"_ _25b\"> </span>10.417 <span class=\"_ _23e\"> </span>8.982</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _23b\"> </span>4.923 <span class=\"_ _23e\"> </span>2.468</span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2cf\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308</span></span><span style=\"display:inherit;clear:left;\">Spese e commissioni non inc<span class=\"_ _1\"></span>luse nel tasso di interesse effettivo:<span class=\"_ _107\"> </span> </span><span style=\"display:inherit;clear:left;\">di competenza di passivit\u00e0 finanziarie <span class=\"_ _112\"> </span>1.011 <span class=\"_ _31f\"> </span>951</span><span style=\"display:inherit;clear:left;\">Interessi attivi matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i su strumenti finanziari s<span class=\"_ _2\"></span>valutati<span class=\"_ _1fd\"> </span> </span><span style=\"display:inherit;clear:left;\">Ac<span class=\"_ _1\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie:<span class=\"_ _320\"> </span> </span><span style=\"display:inherit;clear:left;\">crediti/finanziamenti<span class=\"_ _236\"> </span>545 <span class=\"_ _23e\"> </span>1.885</span><span style=\"display:inherit;clear:left;\">Co<span class=\"_ _4\"></span>mme<span class=\"_ _4\"></span>nto<span class=\"_ _4\"></span> alle<span class=\"_ _5\"></span> prin<span class=\"_ _4\"></span>cipali<span class=\"_ _4\"></span> vo<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span> de<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> c<span class=\"_ _4\"></span>onto</span><span style=\"display:inherit;clear:left;\">e<span class=\"_ _4\"></span>conomico</span><span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini di una miglior comp<span class=\"_ _4\"></span>rensio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019andamento de<span class=\"_ _4\"></span>lle voci di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o si rinvia anche ai co<span class=\"_ _4\"></span>mmenti ins<span class=\"_ _4\"></span>eriti </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nella Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla ges<span class=\"_ _4\"></span>tione re<span class=\"_ _4\"></span>lativi al co<span class=\"_ _4\"></span>nfronto dei dati de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023.</span></span> </span><span style=\"display:inherit;clear:left;\">33. Ric<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi da c<span class=\"_ _2\"></span>ont<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>atti c<span class=\"_ _2\"></span>on clienti </span><span style=\"display:inherit;clear:left;\">Neg<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi chiusi al 31 dicembre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 i ricav<span class=\"_ _4\"></span>i da contrat<span class=\"_ _4\"></span>ti con client<span class=\"_ _4\"></span>i ammontano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente a Euro 1<span class=\"_ _1\"></span>.03<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>65<span class=\"_ _2\"></span>1 migliaia e ad Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>53.557 migliaia. Nei p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tti di s<span class=\"_ _4\"></span>eguito s<span class=\"_ _4\"></span>i evide<span class=\"_ _4\"></span>nzia la dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle p<span class=\"_ _4\"></span>rincipali cate<span class=\"_ _4\"></span>gorie de<span class=\"_ _4\"></span>i ricavi p<span class=\"_ _4\"></span>rovenienti dai co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n clienti in bas<span class=\"_ _4\"></span>e al canale di ve<span class=\"_ _4\"></span>ndita e<span class=\"_ _4\"></span>d alla suddi<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023.  </span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Ricavi da </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _134\"> </span><span class=\"ls42 wsea\">DTC<span class=\"_ _208\"> </span></span><span class=\"ff63\">Wholesale<span class=\"_ _4f\"> </span></span>Licenze e pr<span class=\"_ _1\"></span>estazioni</span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _10d\"> </span>151.103 <span class=\"_ _176\"> </span>95.333 <span class=\"_ _176\"> </span>16.672 <span class=\"_ _80\"> </span>263.108 </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _f1\"> </span><span class=\"ws0\">244.720 <span class=\"_ _176\"> </span>62.983 <span class=\"_ _c0\"> </span>343 <span class=\"_ _80\"> </span>308.046 </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _1d9\"> </span>83.828 <span class=\"_ _23e\"> </span>127 <span class=\"_ _225\"> </span>- <span class=\"_ _1f1\"> </span>83.955 </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _b0\"> </span>230.668 <span class=\"_ _176\"> </span>62.888 <span class=\"_ _23e\"> </span>385 <span class=\"_ _32\"> </span>293.941 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _3d\"> </span>70.773 <span class=\"_ _176\"> </span>11.698 <span class=\"_ _c0\"> </span>130 <span class=\"_ _1c1\"> </span>82.601 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>781.092 <span class=\"_ _2da\"> </span>233.029 <span class=\"_ _25\"> </span>17.530 <span class=\"_ _b9\"> </span>1.031.651 </span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Ricavi da </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _134\"> </span><span class=\"ls42 wsea\">DTC<span class=\"_ _208\"> </span></span><span class=\"ff63\">Wholesale<span class=\"_ _4f\"> </span></span>Licenze e pr<span class=\"_ _1\"></span>estazioni</span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _10d\"> </span>142.576<span class=\"_ _d1\"> </span>127.939<span class=\"_ _212\"> </span>16.220<span class=\"_ _c5\"> </span>286.735</span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _f1\"> </span><span class=\"ws0\">250.879<span class=\"_ _212\"> </span>72.240<span class=\"_ _261\"> </span>304<span class=\"_ _66\"> </span>323.423</span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _1d9\"> </span>88.758<span class=\"_ _261\"> </span>581<span class=\"_ _6c\"> </span>-<span class=\"_ _1f9\"> </span>89.339</span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _b0\"> </span>289.903<span class=\"_ _212\"> </span>80.934<span class=\"_ _261\"> </span>513<span class=\"_ _c5\"> </span>371.350</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _3d\"> </span>65.567<span class=\"_ _212\"> </span>16.962<span class=\"_ _261\"> </span>181<span class=\"_ _1f9\"> </span>82.710</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>837.683<span class=\"_ _82\"> </span>298.656<span class=\"_ _2ef\"> </span>17.218<span class=\"_ _de\"> </span>1.153.557</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>informativa s<span class=\"_ _4\"></span>ulla disag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne dei ric<span class=\"_ _4\"></span>avi se<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>do un approc<span class=\"_ _4\"></span>cio quali-<span class=\"_ _4\"></span>quantitativo.  </span><span style=\"display:inherit;clear:left;\">La te<span class=\"_ _4\"></span>mpist<span class=\"_ _4\"></span>ica di rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei ric<span class=\"_ _4\"></span>avi, pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e di beni, sia at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il canal<span class=\"_ _4\"></span>e D<span class=\"_ _2\"></span>TC che <span class=\"ff5f ls69 wsb7\">wholesale</span>, av<span class=\"_ _5\"></span>vien<span class=\"_ _4\"></span>e nel </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in cui il controllo de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e \u00e8 st<span class=\"_ _4\"></span>ato tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte, gene<span class=\"_ _4\"></span>ralmente al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla cons<span class=\"_ _4\"></span>egna; mentre </span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _4\"></span>e licenze e p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni, la rilev<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei ricav<span class=\"_ _4\"></span>i av<span class=\"_ _4\"></span>vie<span class=\"_ _4\"></span>ne in bas<span class=\"_ _4\"></span>e alla tempis<span class=\"_ _4\"></span>tica di e<span class=\"_ _4\"></span>roga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio ai </span><span style=\"display:inherit;clear:left;\">cl<span class=\"_ _4\"></span>ie<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cLic<span class=\"_ _4\"></span>enze e pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d include le <span class=\"ff5f ls58 ws6\">royalt<span class=\"_ _4\"></span>ies</span> d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dai contratt<span class=\"_ _4\"></span>i di licenz<span class=\"_ _4\"></span>a con i grup<span class=\"_ _4\"></span>pi Marchon, Time<span class=\"_ _4\"></span>x e </span><span style=\"display:inherit;clear:left;\">Inter Par<span class=\"_ _4\"></span>fums Inc p<span class=\"_ _4\"></span>er la pro<span class=\"_ _4\"></span>duzione e di<span class=\"_ _4\"></span>stribu<span class=\"_ _4\"></span>zione ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente di occ<span class=\"_ _4\"></span>hiali, orologi e prof<span class=\"_ _4\"></span>umi a marchio \u201cS<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I ric<span class=\"_ _4\"></span>avi pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span> sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in bas<span class=\"_ _4\"></span>e allo st<span class=\"_ _4\"></span>ato di avanzam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lle vendite de<span class=\"_ _4\"></span>l licen<span class=\"_ _4\"></span>ziatario.</span></span> <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">34. L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azioni immobiliari</span><span style=\"display:inherit;clear:left;\">I proventi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalle loc<span class=\"_ _4\"></span>azioni immo<span class=\"_ _4\"></span>biliari sono da imput<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>i interame<span class=\"_ _4\"></span>nte al Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo Usa p<span class=\"_ _4\"></span>er la con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ces<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di spazi n<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili di propriet<span class=\"_ _4\"></span>\u00e0 e pres<span class=\"_ _4\"></span>i in loc<span class=\"_ _4\"></span>azione e s<span class=\"_ _4\"></span>ubloc<span class=\"_ _4\"></span>ati. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2024 si sono at<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tati a Euro 3.455 migliaia, in aumento (<span class=\"_ _1c\"></span>+<span class=\"_ _1c\"></span>27<span class=\"_ _1c\"></span>,<span class=\"_ _4\"></span>3%<span class=\"_ _2\"></span>) r<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, quando e<span class=\"_ _4\"></span>rano pari a Euro 2.7<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>4 migliaia.</span></span> <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">35. C<span class=\"_ _1c\"></span>osto del venduto e c<span class=\"_ _1\"></span>osti oper<span class=\"_ _2\"></span>ativi</span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to del ve<span class=\"_ _4\"></span>nduto e i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi chiusi al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>amente par<span class=\"_ _4\"></span>i ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>108.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>2 mig<span class=\"_ _4\"></span>liaia ed Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>105.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>32 migliai<span class=\"_ _1\"></span>a e pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ano la seg<span class=\"_ _4\"></span>uente clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinaz<span class=\"_ _4\"></span>ione:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto<span class=\"_ _306\"> </span>295.098 <span class=\"_ _81\"> </span>316.839<span class=\"_ _82\"> </span>(21.741) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _302\"> </span>47.038 <span class=\"_ _f3\"> </span>53.086<span class=\"_ _2ef\"> </span>(6.048) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di vendita e distribuzione<span class=\"_ _1c6\"> </span>496.519 <span class=\"_ _ca\"> </span>454.649<span class=\"_ _212\"> </span>41.870 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di comunicazione e di </span><span style=\"display:inherit;clear:left;\">mar<span class=\"_ _2\"></span>keting<span class=\"_ _f1\"> </span><span class=\"ff61\">86.661 <span class=\"_ _81\"> </span>113.695<span class=\"_ _82\"> </span>(27.034) </span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti generali e amministr<span class=\"_ _2\"></span>ativi<span class=\"_ _140\"> </span>157.093 <span class=\"_ _81\"> </span>137.142<span class=\"_ _81\"> </span>19.951 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _145\"> </span>25.703 <span class=\"_ _f3\"> </span>29.721<span class=\"_ _2e0\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980 </span><span style=\"display:inherit;clear:left;\">Il total<span class=\"_ _4\"></span>e dei cos<span class=\"_ _4\"></span>ti \u00e8 so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialmente in line<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dente, c<span class=\"_ _4\"></span>on una riduzio<span class=\"_ _4\"></span>ne del \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del ven<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, a fronte de<span class=\"_ _4\"></span>lla contra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Ricav<span class=\"_ _4\"></span>i, e dei \u201cC<span class=\"_ _4\"></span>osti di c<span class=\"_ _4\"></span>omunicaz<span class=\"_ _4\"></span>ione e <span class=\"ff5f ls5b ws8\">market<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls4 wse8\">\u201d, in diminuzione de<span class=\"_ _4\"></span>l 23,<span class=\"_ _4\"></span>8% ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span></span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 2023, quando risult<span class=\"_ _4\"></span>ava pe<span class=\"_ _4\"></span>naliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a da mag<span class=\"_ _4\"></span>giori co<span class=\"_ _4\"></span>sti ric<span class=\"_ _4\"></span>onducibili alle a<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r la realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>ategia di rilancio de<span class=\"_ _4\"></span>l <span class=\"ff5f ls53 wsa6\">bra<span class=\"_ _4\"></span>nd</span>, iniz<span class=\"_ _4\"></span>iata nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 2023 si se<span class=\"_ _4\"></span>gnala un increme<span class=\"_ _4\"></span>nto dei Co<span class=\"_ _4\"></span>sti di ve<span class=\"_ _4\"></span>ndita e dis<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione e de<span class=\"_ _4\"></span>i costi g<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ali e amministrati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente de<span class=\"_ _4\"></span>l 9,2% e del 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>,5%<span class=\"_ _2\"></span>), in quanto t<span class=\"_ _4\"></span>ali voci risult<span class=\"_ _4\"></span>ano for<span class=\"_ _4\"></span>tem<span class=\"_ _4\"></span>ente impatt<span class=\"_ _4\"></span>ate dalle ridu<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">degli <span class=\"ff5f lsa ws90\">asset<span class=\"_ _4\"></span>s</span><span class=\"ls3\"> regis<span class=\"_ _4\"></span>trate ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 (rispet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente pari a<span class=\"_ _4\"></span>d Euro 62.330 migliaia e Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.270 migliaia nel 202<span class=\"_ _2\"></span>4). Al nett<span class=\"_ _4\"></span>o </span></span><span style=\"display:inherit;clear:left;\">di tali s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni l<span class=\"_ _4\"></span>e voci avre<span class=\"_ _4\"></span>bbero re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato un de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nto rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vamente de<span class=\"_ _4\"></span>l 3,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>% e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u20191<span class=\"_ _2\"></span>,0<span class=\"_ _4\"></span>%<span class=\"_ _4\"></span>, in linea con il </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>mento re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato sulle altre vo<span class=\"_ _4\"></span>ci di spe<span class=\"_ _4\"></span>sa. </span><span style=\"display:inherit;clear:left;\">Per tutt<span class=\"_ _4\"></span>i i dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da alla nota sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica 10 \u201cRi<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.</span></span><span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">36.  <span class=\"_ _46\"></span>C<span class=\"_ _1c\"></span>omposizione per natur<span class=\"_ _2\"></span>a delle voci di c<span class=\"_ _2\"></span>osto di conto </span><span style=\"display:inherit;clear:left;\">ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura del c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>el vendut<span class=\"_ _4\"></span>o e dei cos<span class=\"_ _4\"></span>ti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel pro<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>tto se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie prime, merci e materiale di c<span class=\"_ _2\"></span>onsumo utiliz<span class=\"_ _4\"></span>zati<span class=\"_ _e8\"> </span>177.671 <span class=\"_ _81\"> </span>198.835<span class=\"_ _82\"> </span>(21.164) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per servizi<span class=\"_ _182\"> </span>408.761 <span class=\"_ _81\"> </span>459.182<span class=\"_ _82\"> </span>(50.421) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del personale<span class=\"_ _14d\"> </span>231.758 <span class=\"_ _ca\"> </span>237.605<span class=\"_ _c5\"> </span>(5.847) </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _217\"> </span>52.017 <span class=\"_ _b7\"> </span>50.146<span class=\"_ _f2\"> </span>1.871 </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 per diritto d\u2019uso<span class=\"_ _321\"> </span>126.904 <span class=\"_ _81\"> </span>122.768<span class=\"_ _f2\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazioni di attivit\u00e0 materiali, immateriali, diritto d'uso e inv<span class=\"_ _1\"></span>estimenti </span><span style=\"display:inherit;clear:left;\">85.298 <span class=\"_ _23e\"> </span>6.875<span class=\"_ _212\"> </span>78.423 </span><span style=\"display:inherit;clear:left;\">immobiliari</span><span style=\"display:inherit;clear:left;\">Altri oneri<span class=\"_ _14\"> </span>25.703 <span class=\"_ _b7\"> </span>29.721<span class=\"_ _c5\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980</span></span> </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023, si reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>a un decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i \u201cCos<span class=\"_ _4\"></span>ti per s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>rincipalmente p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to della ri<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione di co<span class=\"_ _4\"></span>sti v<span class=\"_ _4\"></span>ariabili colle<span class=\"_ _4\"></span>gata alla contr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e delle ve<span class=\"_ _4\"></span>ndite. Il \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>onale<span class=\"_ _4\"></span>\u201d include il co<span class=\"_ _4\"></span>mpens<span class=\"_ _4\"></span>o relati<span class=\"_ _4\"></span>vo al </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di lavoro dipen<span class=\"_ _4\"></span>dente de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>gato e Diret<span class=\"_ _4\"></span>tore G<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ale, olt<span class=\"_ _4\"></span>re alla stima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls68 ws12f\"> variabile, </span></span><span style=\"display:inherit;clear:left;\">se pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, e ai compe<span class=\"_ _4\"></span>nsi di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo de<span class=\"_ _4\"></span>i piani con pagam<span class=\"_ _4\"></span>enti bas<span class=\"_ _4\"></span>ati su azi<span class=\"_ _4\"></span>oni (pe<span class=\"_ _4\"></span>r i cui i det<span class=\"_ _4\"></span>tagli si </span><span style=\"display:inherit;clear:left;\">rimanda alla not<span class=\"_ _4\"></span>a 42 \u201cPagamenti b<span class=\"_ _4\"></span>asati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lle note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve al pre<span class=\"_ _4\"></span>sente bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r totali </span><span style=\"display:inherit;clear:left;\">Euro 4.4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 migliaia (Euro 8.<span class=\"_ _4\"></span>083 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>). La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _4\"></span>Svalutazi<span class=\"_ _4\"></span>oni di atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali, immateriali, dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">so e inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nti immobiliari<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e Euro 80.<span class=\"_ _4\"></span>204 migliaia pe<span class=\"_ _4\"></span>r la riduzio<span class=\"_ _4\"></span>ne di valore r<span class=\"_ _4\"></span>egis<span class=\"_ _4\"></span>trata c<span class=\"_ _4\"></span>ome risult<span class=\"_ _4\"></span>ato deg<span class=\"_ _4\"></span>li </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls3 wsd5\"> s<span class=\"_ _4\"></span>volti p<span class=\"_ _4\"></span>er ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 del v<span class=\"_ _4\"></span>alore di tali at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 su alcun<span class=\"_ _4\"></span>e CGU <span class=\"ff5f\">(<span class=\"_ _2\"></span>Cas<span class=\"_ _4\"></span>h Gene<span class=\"_ _4\"></span>rating Uni<span class=\"_ _1\"></span>t)<span class=\"ff5c ls0 ws0\"> </span></span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 10 \u201cR<span class=\"_ _4\"></span>iduzioni dure<span class=\"_ _4\"></span>voli di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito gli impat<span class=\"_ _4\"></span>ti nel co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r natura negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, de<span class=\"_ _4\"></span>rivanti dai c<span class=\"_ _4\"></span>ontratti di l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _209\"> </span>2024<span class=\"_ _1e7\"> </span>% sul T<span class=\"_ _2\"></span>otale<span class=\"_ _d0\"> </span>2023<span class=\"_ _163\"> </span>% sul T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Ammortamenti su A<span class=\"_ _2\"></span>ttivit\u00e0 per diritto d\u2019uso<span class=\"_ _2e4\"> </span>126.904 <span class=\"_ _b3\"> </span>62,8% <span class=\"_ _d8\"> </span>122.768<span class=\"_ _bc\"> </span>59,6% <span class=\"_ _2a3\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Interessi e oneri sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _97\"> </span><span class=\"ff61\">22.466 <span class=\"_ _b3\"> </span>11,1% <span class=\"_ _d9\"> </span>21.329<span class=\"_ _bc\"> </span>10,4% <span class=\"_ _2a3\"> </span>1.137 </span></span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _26e\"> </span></span>(173) <span class=\"_ _b4\"> </span>(0,1%) <span class=\"_ _219\"> </span>(319)<span class=\"_ _b6\"> </span>(0,1%) <span class=\"_ _65\"> </span>146 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazione a bre<span class=\"_ _1\"></span>ve termine (<span class=\"ff64\">short term</span>)<span class=\"_ _d7\"> </span>3.031 <span class=\"_ _9f\"> </span>1,5% <span class=\"_ _2da\"> </span>4.598<span class=\"_ _b9\"> </span>2,2% <span class=\"_ _2f4\"> </span>(1.567) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazione di beni di valor<span class=\"_ _2\"></span>e modesto  </span><span style=\"display:inherit;clear:left;\">735 <span class=\"_ _b6\"> </span>0,4% <span class=\"_ _2ef\"> </span>693<span class=\"_ _b9\"> </span>0,3% <span class=\"_ _80\"> </span>42 </span><span style=\"display:inherit;clear:left;\">(<span class=\"ff64\">low value assets</span>)</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazioni con pagamenti v<span class=\"_ _2\"></span>ariabili non </span><span style=\"display:inherit;clear:left;\">49.207 <span class=\"_ _b3\"> </span>24,3% <span class=\"_ _d9\"> </span>56.755<span class=\"_ _bc\"> </span>27,6% <span class=\"_ _2f4\"> </span>(7.548) </span><span style=\"display:inherit;clear:left;\">inclusi nella valutazione delle passivit<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff64\">leasing</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _9b\"> </span>202.170 <span class=\"_ _1ba\"> </span>100,0% <span class=\"_ _cf\"> </span>205.824<span class=\"_ _b3\"> </span>100,0% <span class=\"_ _ec\"> </span>(3.654) </span><span style=\"display:inherit;clear:left;\">Alcuni de<span class=\"_ _4\"></span>i contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po conte<span class=\"_ _4\"></span>ngono pagame<span class=\"_ _4\"></span>nti di cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itto a d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione v<span class=\"_ _4\"></span>ariabile </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ati ai ricavi ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ati da punti vendit<span class=\"_ _4\"></span>a (DOS), in spazi pr<span class=\"_ _4\"></span>esi in lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione che no<span class=\"_ _4\"></span>n sono inclu<span class=\"_ _4\"></span>si nella valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one delle </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> dei c<span class=\"_ _4\"></span>ontratti di l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione e s<span class=\"_ _4\"></span>ono iscr<span class=\"_ _4\"></span>itti in ba<span class=\"_ _4\"></span>se alla comp<span class=\"_ _4\"></span>etenz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i dei can<span class=\"_ _4\"></span>oni va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riabili rappr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntano, al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>3% del t<span class=\"_ _4\"></span>otale de<span class=\"_ _4\"></span>gli one<span class=\"_ _4\"></span>ri nett<span class=\"_ _4\"></span>i a conto ec<span class=\"_ _4\"></span>onomico </span><span style=\"display:inherit;clear:left;\">inere<span class=\"_ _4\"></span>nti ai contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e inclusi e non n<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> di cui al principio c<span class=\"_ _4\"></span>ontabile IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. I cano<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">variabili dipe<span class=\"_ _4\"></span>ndon<span class=\"_ _4\"></span>o dalle vendite e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto dallo s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o eco<span class=\"_ _4\"></span>nomico de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i. Si stima ch<span class=\"_ _4\"></span>e i canoni </span><span style=\"display:inherit;clear:left;\">variabili continu<span class=\"_ _4\"></span>eranno ne<span class=\"_ _4\"></span>i futuri e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i ad avere un<span class=\"_ _4\"></span>\u2019incide<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale all<span class=\"_ _4\"></span>e vendite de<span class=\"_ _4\"></span>i prodot<span class=\"_ _4\"></span>ti f<span class=\"_ _4\"></span>initi. </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte i contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po preve<span class=\"_ _4\"></span>dono clau<span class=\"_ _4\"></span>sole di di<span class=\"_ _4\"></span>vieto di s<span class=\"_ _4\"></span>ubloc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del be<span class=\"_ _4\"></span>ne og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione, ma no<span class=\"_ _4\"></span>n preve<span class=\"_ _4\"></span>dono pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o il risp<span class=\"_ _4\"></span>etto di <span class=\"ff5f ls57 ws97\">co<span class=\"_ _4\"></span>vena<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s</span><span class=\"ls4 wsa\"> f<span class=\"_ _4\"></span>inanziari.  </span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha opzioni di chius<span class=\"_ _4\"></span>ura anticipata ch<span class=\"_ _4\"></span>e ha intenzi<span class=\"_ _4\"></span>one di es<span class=\"_ _4\"></span>ercitar<span class=\"_ _4\"></span>e ma che non ha valut<span class=\"_ _4\"></span>ato nella pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">per <span class=\"_ _5\"></span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws95\">. Re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alle opzioni di rinnovo, il Gr<span class=\"_ _4\"></span>uppo ne<span class=\"_ _4\"></span>lla propria po<span class=\"_ _4\"></span>litica co<span class=\"_ _4\"></span>ntabile di det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one della </span></span><span style=\"display:inherit;clear:left;\">durata d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls3 ws0\"> ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato le opzioni di r<span class=\"_ _4\"></span>innovo che intende e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>enta v<span class=\"_ _4\"></span>alori di impe<span class=\"_ _4\"></span>gni pe<span class=\"_ _4\"></span>r i <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> a breve t<span class=\"_ _4\"></span>ermine pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ti per il 2025 in line<span class=\"_ _4\"></span>a con i valo<span class=\"_ _4\"></span>ri contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2024.<span class=\"_ _1\"></span>  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito il det<span class=\"_ _4\"></span>taglio d<span class=\"_ _4\"></span>egli \u201c<span class=\"_ _1\"></span>Altri c<span class=\"_ _4\"></span>osti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ivi<span class=\"_ _4\"></span>\u201d:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Minusvalenze da alienazione di attivit<span class=\"_ _1\"></span>\u00e0 materiali e immateriali<span class=\"_ _1ec\"> </span>1.918 <span class=\"_ _27a\"> </span>514 <span class=\"_ _1f9\"> </span>1.404 </span><span style=\"display:inherit;clear:left;\">Sopra<span class=\"_ _2\"></span>vvenienze passive<span class=\"_ _2d6\"> </span>1.374 <span class=\"_ _23e\"> </span>1.585 <span class=\"_ _cd\"> </span>(211) </span><span style=\"display:inherit;clear:left;\">Acc<span class=\"_ _1\"></span>antonamenti ai fondi per rischi ed oneri<span class=\"_ _36\"> </span>1.683 <span class=\"_ _23e\"> </span>6.317 <span class=\"_ _80\"> </span>(4.634) </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazione di attivit\u00e0 cor<span class=\"_ _2\"></span>renti<span class=\"_ _4e\"> </span>690 <span class=\"_ _23e\"> </span>2.117 <span class=\"_ _25\"> </span>(1.427) </span><span style=\"display:inherit;clear:left;\">Altre imposte e tasse<span class=\"_ _2fb\"> </span>16.855 <span class=\"_ _f3\"> </span>15.903 <span class=\"_ _23e\"> </span>952 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _d6\"> </span>3.183 <span class=\"_ _23e\"> </span>3.285 <span class=\"_ _cd\"> </span>(102) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>25.703 <span class=\"_ _f2\"> </span>29.721 <span class=\"_ _31a\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">Gli altri co<span class=\"_ _4\"></span>sti op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vi ris<span class=\"_ _4\"></span>ultano in diminuzi<span class=\"_ _4\"></span>one del 1<span class=\"_ _2\"></span>3,<span class=\"_ _4\"></span>5% rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente.  </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re impos<span class=\"_ _4\"></span>te e ta<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>\u201d si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e in buona par<span class=\"_ _4\"></span>te all<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a sugli immo<span class=\"_ _4\"></span>bili di propriet<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>rup<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po Fe<span class=\"_ _4\"></span>rragamo Us<span class=\"_ _4\"></span>a <span class=\"ff5f\">(<span class=\"_ _2\"></span>re<span class=\"_ _4\"></span>al es<span class=\"_ _4\"></span>tate tax)<span class=\"ff5c ls0 ws6f\">.  </span></span></span><span style=\"display:inherit;clear:left;\">La s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>renti \u00e8 in diminuzio<span class=\"_ _4\"></span>ne risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>.427 migliaia, e si riferisc<span class=\"_ _4\"></span>e sia </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>accanto<span class=\"_ _4\"></span>namento al fond<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione cre<span class=\"_ _4\"></span>diti, sia alle pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti a seg<span class=\"_ _4\"></span>uito di str<span class=\"_ _4\"></span>alcio.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti ai fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi ed o<span class=\"_ _4\"></span>neri, in diminu<span class=\"_ _4\"></span>zione r<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio<span class=\"_ _4\"></span> 2023, si riferi<span class=\"_ _4\"></span>scon<span class=\"_ _4\"></span>o principalm<span class=\"_ _4\"></span>ente </span><span style=\"display:inherit;clear:left;\">a controver<span class=\"_ _4\"></span>sie di lavoro, le<span class=\"_ _4\"></span>gali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali riferite sia a co<span class=\"_ _4\"></span>ntenzi<span class=\"_ _4\"></span>osi in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re che a stim<span class=\"_ _4\"></span>e di impor<span class=\"_ _4\"></span>ti tran<span class=\"_ _4\"></span>satt<span class=\"_ _4\"></span>ivi che l<span class=\"_ _4\"></span>e so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po potre<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ro sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re per la c<span class=\"_ _4\"></span>ompos<span class=\"_ _4\"></span>izione di t<span class=\"_ _4\"></span>ali controve<span class=\"_ _4\"></span>rsie in fa<span class=\"_ _4\"></span>se pre<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>conten<span class=\"_ _4\"></span>zios<span class=\"_ _4\"></span>a.</span></span> </span><span style=\"display:inherit;clear:left;\">37. Altri <span class=\"_ _4\"></span>pr<span class=\"_ _1\"></span>oventi</span><span style=\"display:inherit;clear:left;\">Gli altri p<span class=\"_ _4\"></span>roventi si comp<span class=\"_ _4\"></span>ongono com<span class=\"_ _4\"></span>e dett<span class=\"_ _4\"></span>agliato di se<span class=\"_ _4\"></span>guito:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Recuperi di spese<span class=\"_ _252\"> </span>1.604<span class=\"_ _141\"> </span>1.945<span class=\"_ _b7\"> </span>(341)</span><span style=\"display:inherit;clear:left;\">Affitti attivi di immobili strumentali<span class=\"_ _1c6\"> </span>205<span class=\"_ _2e2\"> </span>-<span class=\"_ _261\"> </span>205</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontributi pubblicitari<span class=\"_ _24d\"> </span>264<span class=\"_ _263\"> </span>403<span class=\"_ _79\"> </span>(139)</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi diversi<span class=\"_ _da\"> </span>14.951<span class=\"_ _1d3\"> </span>16.473<span class=\"_ _2ef\"> </span>(1.522)</span><span style=\"display:inherit;clear:left;\">Plusvalenze da alienazione beni materiali - immateriali <span class=\"_ _152\"> </span>11<span class=\"_ _2e4\"> </span>39<span class=\"_ _269\"> </span>(28)</span><span style=\"display:inherit;clear:left;\">Sopra<span class=\"_ _2\"></span>vvenienze attive <span class=\"_ _17f\"> </span>6.970<span class=\"_ _141\"> </span>2.023<span class=\"_ _f2\"> </span>4.947</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>24.005<span class=\"_ _1f2\"> </span>20.883<span class=\"_ _cd\"> </span>3.122</span><span style=\"display:inherit;clear:left;\">Gli altri p<span class=\"_ _4\"></span>roventi, pari a Euro 2<span class=\"_ _1\"></span>4.0<span class=\"_ _4\"></span>05 migliaia, re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trano ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 un increm<span class=\"_ _4\"></span>ento di Euro 3.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>22 </span><span style=\"display:inherit;clear:left;\">migliaia. La vo<span class=\"_ _4\"></span>ce \u201cProvent<span class=\"_ _4\"></span>i diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d si de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nta risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o al prece<span class=\"_ _4\"></span>dente e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio princip<span class=\"_ _4\"></span>almente p<span class=\"_ _4\"></span>er la riduz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ero<span class=\"_ _4\"></span>gati, dai vari gove<span class=\"_ _4\"></span>rni dei Pae<span class=\"_ _4\"></span>si in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, a so<span class=\"_ _4\"></span>steg<span class=\"_ _4\"></span>no delle imp<span class=\"_ _4\"></span>rese e d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia; nel </span><span style=\"display:inherit;clear:left;\">2023 la voce inclu<span class=\"_ _4\"></span>deva Euro 2.<span class=\"_ _4\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3 migliaia, rife<span class=\"_ _4\"></span>rita al c<span class=\"_ _4\"></span>ontributo a fond<span class=\"_ _4\"></span>o perdut<span class=\"_ _4\"></span>o relativo all<span class=\"_ _4\"></span>\u2019Accordo pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019Inno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vaz<span class=\"_ _4\"></span>ione (p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o I-SUCCEED, per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si rimanda alla Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla ges<span class=\"_ _4\"></span>tione al par<span class=\"_ _4\"></span>agrafo \u201cFatt<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio, se<span class=\"_ _4\"></span>zione Inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i Fondo p<span class=\"_ _4\"></span>er la Cres<span class=\"_ _4\"></span>cita S<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile - Accor<span class=\"_ _4\"></span>do per l<span class=\"_ _4\"></span>'innova<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), me<span class=\"_ _4\"></span>ntre nel 2024 risulta pari a<span class=\"_ _4\"></span>d Euro 7<span class=\"_ _2\"></span>5 mig<span class=\"_ _4\"></span>liaia. La voce \u201c<span class=\"_ _4\"></span>S<span class=\"_ _4\"></span>oprav<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nienze at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e per Euro 4.<span class=\"_ _4\"></span>979<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">migliaia il rilascio di co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rati neg<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti e non pi\u00f9 dov<span class=\"_ _4\"></span>uti.</span></span> </span><span style=\"display:inherit;clear:left;\">38. Gestione finanziaria</span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria si comp<span class=\"_ _4\"></span>one come d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agliato di seg<span class=\"_ _4\"></span>uito:</span><span style=\"display:inherit;clear:left;\">Oneri finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _318\"> </span>4.690 <span class=\"_ _23e\"> </span>2.024<span class=\"_ _f2\"> </span>2.666 </span><span style=\"display:inherit;clear:left;\">Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _1ff\"> </span>2.371 <span class=\"_ _23e\"> </span>2.530<span class=\"_ _b7\"> </span>(159) </span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2a1\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308<span class=\"_ _f2\"> </span>1.156 </span></span><span style=\"display:inherit;clear:left;\">Oneri sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _1fd\"> </span></span>2 <span class=\"_ _69\"> </span>21<span class=\"_ _78\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite su cambi<span class=\"_ _13a\"> </span>12.537 <span class=\"_ _f3\"> </span>28.792<span class=\"_ _82\"> </span>(16.255) </span><span style=\"display:inherit;clear:left;\">Oneri finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _27b\"> </span>22.679 <span class=\"_ _f3\"> </span>14.712<span class=\"_ _f2\"> </span>7.967 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>64.743 <span class=\"_ _f2\"> </span>69.387<span class=\"_ _176\"> </span>(4.644) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1\"></span>ro<span class=\"_ _2\"></span>venti finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi attivi<span class=\"_ _1b7\"> </span>7.644 <span class=\"_ _23e\"> </span>8.230<span class=\"_ _b7\"> </span>(586) </span><span style=\"display:inherit;clear:left;\">Altri proventi finanziari<span class=\"_ _9d\"> </span>2.773 <span class=\"_ _27a\"> </span>752<span class=\"_ _f2\"> </span>2.021 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _10d\"> </span></span>173 <span class=\"_ _27a\"> </span>319<span class=\"_ _79\"> </span>(146) </span><span style=\"display:inherit;clear:left;\">Utili su cambi<span class=\"_ _13b\"> </span>17.976 <span class=\"_ _f3\"> </span>17.569<span class=\"_ _261\"> </span>407 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _133\"> </span>9.601 <span class=\"_ _f3\"> </span>16.079<span class=\"_ _2e0\"> </span>(6.478) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>38.167 <span class=\"_ _f2\"> </span>42.949<span class=\"_ _176\"> </span>(4.782) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cInte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si pas<span class=\"_ _4\"></span>sivi<span class=\"_ _5\"></span>\u201d include pr<span class=\"_ _4\"></span>incipalmente gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si da f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti bancari a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e.</span></span> </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cOne<span class=\"_ _4\"></span>ri da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e altri one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>\u201d si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alle spe<span class=\"_ _4\"></span>se banc<span class=\"_ _4\"></span>arie, e<span class=\"_ _4\"></span>d in misura </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>iduale agli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari su b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne alla valuta<span class=\"_ _4\"></span>zione ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>ello IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 d<span class=\"_ _4\"></span>ei piani a </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi, e da oner<span class=\"_ _4\"></span>i da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati regis<span class=\"_ _4\"></span>trati in s<span class=\"_ _4\"></span>eguito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introduzio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>rincipio cont<span class=\"_ _4\"></span>abile IFRS 16 e<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">sono p<span class=\"_ _4\"></span>ari a Euro 22.4<span class=\"_ _4\"></span>64 migliaia. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i, pari ad Euro 7<span class=\"_ _1c\"></span>.<span class=\"_ _4\"></span>64<span class=\"_ _4\"></span>4 migliaia, so<span class=\"_ _4\"></span>no in diminuzione di Euro 58<span class=\"_ _4\"></span>6 migliaia rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 a </span><span style=\"display:inherit;clear:left;\">caus<span class=\"_ _4\"></span>a di minori re<span class=\"_ _4\"></span>ndimenti ot<span class=\"_ _4\"></span>tenuti s<span class=\"_ _4\"></span>ulla liquidit\u00e0 inve<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>a, come co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a del ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse e d<span class=\"_ _4\"></span>ella minore e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e creditor<span class=\"_ _4\"></span>ia. </span><span style=\"display:inherit;clear:left;\">Gli utili e p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>ambi sono s<span class=\"_ _4\"></span>tati re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za dalla Capo<span class=\"_ _4\"></span>grupp<span class=\"_ _4\"></span>o Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., e d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di ve<span class=\"_ _4\"></span>ndita s<span class=\"_ _4\"></span>ia vers<span class=\"_ _4\"></span>o soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o <span class=\"ff5f ls58 ws6\">(intercomp<span class=\"_ _4\"></span>any)</span> che vers<span class=\"_ _4\"></span>o ter<span class=\"_ _4\"></span>zi in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Nel </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 si \u00e8 verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato un impatto ne<span class=\"_ _4\"></span>tto di utili su c<span class=\"_ _4\"></span>ambi pe<span class=\"_ _4\"></span>r Euro 5.4<span class=\"_ _1\"></span>39 migliaia rispe<span class=\"_ _4\"></span>tto a un impat<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di perdit<span class=\"_ _4\"></span>e su cambi p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>22<span class=\"_ _4\"></span>3 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Gli one<span class=\"_ _4\"></span>ri e proventi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari per a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair value</span>  dei deri<span class=\"_ _4\"></span>vati rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano il pre<span class=\"_ _4\"></span>mio o lo sco<span class=\"_ _4\"></span>nto applicato </span><span style=\"display:inherit;clear:left;\">sulle op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io, post<span class=\"_ _4\"></span>e in es<span class=\"_ _4\"></span>sere dalla Cap<span class=\"_ _4\"></span>ogrup<span class=\"_ _4\"></span>po, e le variaz<span class=\"_ _4\"></span>ioni di <span class=\"ff5f\">fair value</span><span class=\"ls2b wse3\"> re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">lative a s<span class=\"_ _4\"></span>trumenti d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e s<span class=\"_ _4\"></span>ono da met<span class=\"_ _4\"></span>tere in s<span class=\"_ _4\"></span>trett<span class=\"_ _4\"></span>a rela<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>n gli utili e per<span class=\"_ _4\"></span>dite su </span><span style=\"display:inherit;clear:left;\">cambi. N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 si \u00e8 verifi<span class=\"_ _4\"></span>cato un impatt<span class=\"_ _4\"></span>o nett<span class=\"_ _4\"></span>o di oneri p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls6 ws124\"> dei derivati </span></span></span><span style=\"display:inherit;clear:left;\">per Euro 1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>078 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a un imp<span class=\"_ _4\"></span>atto net<span class=\"_ _4\"></span>to di prove<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari per Euro 1.367 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023.</span><span style=\"display:inherit;clear:left;\">39. Imposte sul r<span class=\"_ _2\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Imposte cor<span class=\"_ _1\"></span>renti<span class=\"_ _110\"> </span>(10.668) <span class=\"_ _212\"> </span>(33.869)<span class=\"_ _212\"> </span>23.201 </span><span style=\"display:inherit;clear:left;\">Imposte differite<span class=\"_ _19\"> </span>19.285 <span class=\"_ _f2\"> </span>12.602<span class=\"_ _f2\"> </span>6.683 </span><span style=\"display:inherit;clear:left;\">Utilizzo/(Acc<span class=\"_ _1\"></span>antonamento) per imposte esercizi pr<span class=\"_ _2\"></span>ecedenti<span class=\"_ _bb\"> </span>(1.109) <span class=\"_ _23e\"> </span>1.918<span class=\"_ _2ef\"> </span>(3.027<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>7.508 <span class=\"_ _c5\"> </span>(19.349)<span class=\"_ _2ef\"> </span>26.857 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ax rate<span class=\"_ _1fb\"> </span><span class=\"ff62\">na <span class=\"_ _2d7\"> </span>42,4%</span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cUt<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo /(Accantoname<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti<span class=\"_ _4\"></span>\u201d s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce per Euro 959 migliaia alla verif<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e sulla Ferr<span class=\"_ _4\"></span>agamo Japan in re<span class=\"_ _4\"></span>lazione all<span class=\"_ _4\"></span>e annualit\u00e0 dal 201<span class=\"_ _2\"></span>9 al 2023 e per Euro 1<span class=\"_ _2\"></span>5<span class=\"_ _4\"></span>0 migliaia all verif<span class=\"_ _4\"></span>ica f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale </span><span style=\"display:inherit;clear:left;\">sulla Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limite<span class=\"_ _4\"></span>d, relati<span class=\"_ _4\"></span>va al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di impos<span class=\"_ _4\"></span>ta 2022, i cui c<span class=\"_ _4\"></span>osti s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ati nel cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizio p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla Rela<span class=\"_ _4\"></span>zione sulla ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one al paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">serci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzi<span class=\"_ _4\"></span>osi f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>.  </span><span style=\"display:inherit;clear:left;\">A par<span class=\"_ _4\"></span>tire dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4, il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo, quale gr<span class=\"_ _4\"></span>uppo multinaz<span class=\"_ _4\"></span>ionale che sup<span class=\"_ _4\"></span>era la s<span class=\"_ _4\"></span>oglia di </span><span style=\"display:inherit;clear:left;\">ricav<span class=\"_ _4\"></span>i di Euro 7<span class=\"_ _2\"></span>5<span class=\"_ _4\"></span>0 milioni per du<span class=\"_ _4\"></span>e dei quattro e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi pre<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>nti, rientra n<span class=\"_ _4\"></span>el camp<span class=\"_ _4\"></span>o di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle impo<span class=\"_ _4\"></span>ste </span><span style=\"display:inherit;clear:left;\">sul red<span class=\"_ _4\"></span>dito del s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do pilas<span class=\"_ _4\"></span>tro prev<span class=\"_ _4\"></span>iste dalla Dire<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va (UE) 2022<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>2523, adott<span class=\"_ _4\"></span>ata in Ita<span class=\"_ _4\"></span>lia dal Decret<span class=\"_ _4\"></span>o Legislati<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">27 dicembre 2023, n. 20<span class=\"_ _4\"></span>9, intesa a g<span class=\"_ _4\"></span>arantire un live<span class=\"_ _4\"></span>llo di imposi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale minimo glo<span class=\"_ _4\"></span>bale pe<span class=\"_ _4\"></span>r i gruppi multina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nali di impres<span class=\"_ _4\"></span>e e i gruppi na<span class=\"_ _4\"></span>zionali su larg<span class=\"_ _4\"></span>a sca<span class=\"_ _4\"></span>la nell'<span class=\"_ _4\"></span>Unione (<span class=\"_ _1\"></span>c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">global minimum tax</span>). <span class=\"_ _2\"></span>S<span class=\"_ _4\"></span>ulla base de<span class=\"_ _4\"></span>lle informazio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">conos<span class=\"_ _4\"></span>ciute o ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte stimabili, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati i <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span> prev<span class=\"_ _4\"></span>isti dai re<span class=\"_ _4\"></span>gimi semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ati trans<span class=\"_ _4\"></span>itori che<span class=\"_ _4\"></span>, con </span><span style=\"display:inherit;clear:left;\">riguardo alla mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a delle giuris<span class=\"_ _4\"></span>dizio<span class=\"_ _4\"></span>ni in cui il gruppo op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>, sono ris<span class=\"_ _4\"></span>ultati ne<span class=\"_ _4\"></span>l sod<span class=\"_ _4\"></span>disfa<span class=\"_ _4\"></span>cimento di alme<span class=\"_ _4\"></span>no uno </span><span style=\"display:inherit;clear:left;\">dei tre <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span> prev<span class=\"_ _4\"></span>isti, ri<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>do le condi<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r l'az<span class=\"_ _4\"></span>zer<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle impos<span class=\"_ _4\"></span>te da se<span class=\"_ _4\"></span>condo pila<span class=\"_ _4\"></span>stro. A<span class=\"_ _4\"></span>nche dove i re<span class=\"_ _4\"></span>gimi </span><span style=\"display:inherit;clear:left;\">semplificati transitori potr<span class=\"_ _1\"></span>ebbero non trovare<span class=\"_ _1\"></span> applicazione, non sono stati iden<span class=\"_ _1\"></span>tificati rischi sign<span class=\"_ _1\"></span>ificativi di esposizio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne all'i<span class=\"_ _1\"></span>mposizione int<span class=\"_ _1\"></span>egrativa. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite includ<span class=\"_ _4\"></span>ono l<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _4\"></span>mento n<span class=\"_ _4\"></span>etto ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve su pe<span class=\"_ _4\"></span>rdite f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>er Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>2<span class=\"_ _2\"></span>42 migliaia, relative p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte alle socie<span class=\"_ _4\"></span>t\u00e0 Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e Ferr<span class=\"_ _4\"></span>agamo US<span class=\"_ _4\"></span>A Inc. e in via re<span class=\"_ _4\"></span>sidua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le ad alcun<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 controllate d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019area Europea.  </span><span style=\"display:inherit;clear:left;\">Imposte differite attive e passi<span class=\"_ _2\"></span>ve</span><span style=\"display:inherit;clear:left;\">Nel s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o sono ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziati pe<span class=\"_ _4\"></span>r natura i compo<span class=\"_ _4\"></span>nenti de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Altre c<span class=\"_ _1\"></span>omponenti del C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">Stato patrimoniale</span><span style=\"display:inherit;clear:left;\">economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o<span class=\"_ _88\"> </span>C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023*</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _c1\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _322\"> </span><span class=\"ws0\"> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span></span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _e3\"> </span>837 <span class=\"_ _105\"> </span>1.006 <span class=\"_ _1b9\"> </span>607 <span class=\"_ _a1\"> </span>509 <span class=\"_ _85\"> </span>(282) <span class=\"_ _216\"> </span><span class=\"ls71 ws12\">(7) </span></span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _300\"> </span>11.673 <span class=\"_ _105\"> </span>9.667 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>2.360 <span class=\"_ _b6\"> </span>(87)<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 immateriali<span class=\"_ _323\"> </span>920 <span class=\"_ _105\"> </span>1.281 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _85\"> </span>(361) <span class=\"_ _ec\"> </span>(424) </span><span style=\"display:inherit;clear:left;\">- sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _324\"> </span></span>123.754 <span class=\"_ _23f\"> </span>137.096 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _164\"> </span>12.585 <span class=\"_ _bc\"> </span>186 </span><span style=\"display:inherit;clear:left;\">- sulla riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _eb\"> </span></span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _d0\"> </span>- </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _11b\"> </span>19.643 <span class=\"_ _257\"> </span>15.633 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>3.866 <span class=\"_ _bc\"> </span>722 </span><span style=\"display:inherit;clear:left;\">- sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze<span class=\"_ _b1\"> </span>45.360 <span class=\"_ _8b\"> </span>56.546 <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _178\"> </span>(11.186) <span class=\"_ _b4\"> </span>6.980 </span><span style=\"display:inherit;clear:left;\">- su perdite fisc<span class=\"_ _1\"></span>ali <span class=\"_ _150\"> </span>22.167 <span class=\"_ _105\"> </span>6.378 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _e1\"> </span>15.242 <span class=\"_ _c1\"> </span>4.505 </span><span style=\"display:inherit;clear:left;\">- su fondi tassati<span class=\"_ _2dc\"> </span>3.855 <span class=\"_ _127\"> </span>5.557 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _163\"> </span>(1.861) <span class=\"_ _b4\"> </span>2.066 </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _131\"> </span>9.909 <span class=\"_ _257\"> </span>10.566 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(864) <span class=\"_ _bc\"> </span>405 </span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _326\"> </span><span class=\"ws0\">239.795 <span class=\"_ _1b8\"> </span>243.730 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _111\"> </span>509 <span class=\"_ _164\"> </span>19.499 <span class=\"_ _203\"> </span>14.346 </span></span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _327\"> </span> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _16\"> </span>(26) <span class=\"_ _11f\"> </span>(138) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _1b9\"> </span>106 <span class=\"_ _9f\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _c6\"> </span>(1.683) <span class=\"_ _85\"> </span>(1.557) <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _87\"> </span>(150) <span class=\"_ _151\"> </span>(1.139) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1a9\"> </span>(94.653) <span class=\"_ _26c\"> </span>(121.462) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>80 <span class=\"_ _9f\"> </span>(81) </span><span style=\"display:inherit;clear:left;\">- sulla riserva di<span class=\"ff64\"> cash flow hedge<span class=\"_ _192\"> </span></span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _208\"> </span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _e2\"> </span>- <span class=\"_ _b9\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _193\"> </span>(3.014) <span class=\"_ _8b\"> </span>(2.720) <span class=\"_ _2a3\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(294) <span class=\"_ _b3\"> </span>(437) </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _18d\"> </span>(959) <span class=\"_ _85\"> </span>(1.005) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>44 <span class=\"_ _9f\"> </span>(66) </span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _328\"> </span>(100.335) <span class=\"_ _1e7\"> </span>(128.213) <span class=\"_ _e2\"> </span>- <span class=\"_ _87\"> </span>(1.331) <span class=\"_ _86\"> </span>(214) <span class=\"_ _b1\"> </span>(1.744) </span><span style=\"display:inherit;clear:left;\">Effetto Netto<span class=\"_ _5f\"> </span>139.460 <span class=\"_ _1b8\"> </span>115.517 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _67\"> </span>(822) <span class=\"_ _163\"> </span>19.285 <span class=\"_ _151\"> </span>12.602 </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>tono l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee tra il v<span class=\"_ _4\"></span>alore ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato a bilancio e la </span><span style=\"display:inherit;clear:left;\">base f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>calme<span class=\"_ _4\"></span>nte imponibile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in bilancio delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er ten<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">conto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ibilit\u00e0 di<span class=\"_ _4\"></span> realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\"> Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive su p<span class=\"_ _4\"></span>erdite f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali preg<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se, is<span class=\"_ _4\"></span>critte d<span class=\"_ _4\"></span>opo aver ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icato l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sibilit\u00e0 di un re<span class=\"_ _4\"></span>ddito </span><span style=\"display:inherit;clear:left;\">imponibile f<span class=\"_ _4\"></span>uturo a fronte del qual<span class=\"_ _4\"></span>e potranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate, al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 so<span class=\"_ _4\"></span>no le </span><span style=\"display:inherit;clear:left;\">seguenti:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024   </span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>81.555 <span class=\"_ _d0\"> </span>25,82% <span class=\"_ _176\"> </span>21.058 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _226\"> </span>3.799 <span class=\"_ _d1\"> </span>29,19% <span class=\"_ _1f9\"> </span>1.109 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>85.354 <span class=\"_ _6a\"> </span>25,97% <span class=\"_ _25\"> </span>22.167 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>22.302 <span class=\"_ _d0\"> </span>27,30% <span class=\"_ _211\"> </span>6.088 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _227\"> </span>624 <span class=\"_ _d0\"> </span>21,00% <span class=\"_ _c0\"> </span>131 </span><span style=\"display:inherit;clear:left;\">Oltre 1 ed entro 3 anni<span class=\"_ _1a5\"> </span>521 <span class=\"_ _d0\"> </span>30,62% <span class=\"_ _c0\"> </span>159 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>23.447 <span class=\"_ _6a\"> </span>27,20% <span class=\"_ _2b6\"> </span>6.378 </span><span style=\"display:inherit;clear:left;\">Le per<span class=\"_ _4\"></span>dite fi<span class=\"_ _4\"></span>scali d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 sulle quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate cal<span class=\"_ _4\"></span>co<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>, poich\u00e9 no<span class=\"_ _4\"></span>n \u00e8 probabile ch<span class=\"_ _4\"></span>e sar\u00e0 dis<span class=\"_ _4\"></span>ponibile in futuro un re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibile a fronte de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">quale il Grupp<span class=\"_ _4\"></span>o potr\u00e0  ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zare i re<span class=\"_ _4\"></span>lativi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici, e la re<span class=\"_ _4\"></span>lativa s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza s<span class=\"_ _4\"></span>ono rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla seg<span class=\"_ _4\"></span>uente: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\">201.895<span class=\"_ _329\"> </span><span class=\"ff61\">128.316<span class=\"_ _1f9\"> </span>7.087<span class=\"_ _2da\"> </span>20.129<span class=\"_ _12a\"> </span>35.922<span class=\"_ _127\"> </span>10.441</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">187.121<span class=\"_ _329\"> </span></span></span><span class=\"ff61\"><span><span style=\"display:inherit;clear:left;\">127.888</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1f9\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">5.017</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _2da\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">19.049</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _12a\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">22.496</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _127\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">12.671</span></span></span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ta la rico<span class=\"_ _4\"></span>nciliazion<span class=\"_ _4\"></span>e fra l<span class=\"_ _4\"></span>\u2019onere f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale teor<span class=\"_ _4\"></span>ico e l<span class=\"_ _4\"></span>\u2019onere ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo:<span class=\"_ _1\"></span>  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Risultato ante imposte<span class=\"_ _10a\"> </span>(75.577) <span class=\"_ _f2\"> </span>45.584</span><span style=\"display:inherit;clear:left;\">Aliquota IRES in vigore per l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _21a\"> </span>(24,0%) <span class=\"_ _1c1\"> </span>(24,0%)</span><span style=\"display:inherit;clear:left;\">Onere fisc<span class=\"_ _1\"></span>ale teorico<span class=\"_ _a8\"> </span>18.138 <span class=\"_ _c5\"> </span>(10.940)</span><span style=\"display:inherit;clear:left;\">Effetto IRAP <span class=\"_ _32a\"> </span>(233) <span class=\"_ _cd\"> </span>(4.921)</span><span style=\"display:inherit;clear:left;\">(C<span class=\"_ _1\"></span>osti non deducibili) al netto di prov<span class=\"_ _1\"></span>enti non tassabili<span class=\"_ _28\"> </span>(6.351) <span class=\"_ _31f\"> </span>104</span><span style=\"display:inherit;clear:left;\">Differenz<span class=\"_ _1\"></span>e derivanti da differ<span class=\"_ _2\"></span>enti aliquote - paesi esteri<span class=\"_ _116\"> </span>(1.865) <span class=\"_ _f2\"> </span>(1.449)</span><span style=\"display:inherit;clear:left;\">Altri effetti<span class=\"_ _32b\"> </span>(655) <span class=\"_ _f2\"> </span>(1.695)</span><span style=\"display:inherit;clear:left;\">Effetti rivenienti dalla manc<span class=\"_ _1\"></span>ata iscrizione della fiscalit\u00e0 differita<span class=\"_ _32c\"> </span>(1.442) <span class=\"_ _f2\"> </span>(4.125)</span><span style=\"display:inherit;clear:left;\">Effetto <span class=\"ff64\">P<span class=\"_ _2\"></span>atent Box<span class=\"ff61\"> (IRES e IRAP)<span class=\"_ _220\"> </span>1.025 <span class=\"_ _23e\"> </span>3.577</span></span></span><span style=\"display:inherit;clear:left;\">Effetto (acc<span class=\"_ _1\"></span>antonamento)/utilizzo fondo rischi imposte esercizi pr<span class=\"_ _2\"></span>ecedenti<span class=\"_ _32d\"> </span>- <span class=\"_ _23e\"> </span>2.018</span><span style=\"display:inherit;clear:left;\">Effetto imposte esercizi pr<span class=\"_ _2\"></span>ecedenti <span class=\"_ _fd\"> </span>(1.109) <span class=\"_ _f2\"> </span>(1.918)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale delle differenze<span class=\"_ _1ed\"> </span>(10.630) <span class=\"_ _1f9\"> </span>(8.409)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale imposte <span class=\"_ _1a7\"> </span>7.508 <span class=\"_ _c5\"> </span>(19.349)</span><span style=\"display:inherit;clear:left;\">Aliquota fiscale effettiv<span class=\"_ _2\"></span>a <span class=\"_ _32e\"> </span>na <span class=\"_ _214\"> </span>(42,4%)</span><span style=\"display:inherit;clear:left;\">4 0. Risultato per azione</span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 33 si forniscono l<span class=\"_ _4\"></span>e informazioni s<span class=\"_ _4\"></span>ui dati utiliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ne e diluito. Il risult<span class=\"_ _4\"></span>ato base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 ca<span class=\"_ _4\"></span>lcolato div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>do il risult<span class=\"_ _4\"></span>ato econ<span class=\"_ _4\"></span>omico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile o pe<span class=\"_ _4\"></span>rdita, </span><span style=\"display:inherit;clear:left;\">attrib<span class=\"_ _4\"></span>uibile agli azio<span class=\"_ _4\"></span>nisti d<span class=\"_ _4\"></span>ella Capo<span class=\"_ _4\"></span>gruppo p<span class=\"_ _4\"></span>er il nume<span class=\"_ _4\"></span>ro medio p<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>rato delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durant<span class=\"_ _4\"></span>e il pe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riod<span class=\"_ _4\"></span>o di riferime<span class=\"_ _4\"></span>nto, tenen<span class=\"_ _4\"></span>do conto anche d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to me<span class=\"_ _4\"></span>dio pond<span class=\"_ _4\"></span>erato de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni proprie in p<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>afoglio durante </span><span style=\"display:inherit;clear:left;\">il per<span class=\"_ _4\"></span>iodo di rife<span class=\"_ _4\"></span>rimento. Di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti i val<span class=\"_ _4\"></span>ori utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato per a<span class=\"_ _4\"></span>zione b<span class=\"_ _4\"></span>ase e diluito. </span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utile/(perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _2\"></span>o)<span class=\"_ _2ab\"> </span>(68.087.735) <span class=\"_ _b9\"> </span>26.059.789</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie<span class=\"_ _24\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.516.389</span><span style=\"display:inherit;clear:left;\">Risultato per azione base azioni ordinarie (E<span class=\"_ _1\"></span>uro)<span class=\"_ _14b\"> </span>(0,411) <span class=\"_ _c0\"> </span>0,157</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie<span class=\"_ _24\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.516.389</span><span style=\"display:inherit;clear:left;\">Effetto diluitivo piani di<span class=\"ff64\"> Stock grant<span class=\"_ _32f\"> </span></span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie dilu<span class=\"_ _4\"></span>ito<span class=\"_ _33\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.664.121</span><span style=\"display:inherit;clear:left;\">Risultato per azione diluito azioni ordinarie (Eur<span class=\"_ _2\"></span>o)<span class=\"_ _1cd\"> </span>(0,411) <span class=\"_ _c0\"> </span>0,157</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che il risult<span class=\"_ _4\"></span>ato diluito pe<span class=\"_ _4\"></span>r azion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato de<span class=\"_ _4\"></span>terminato se<span class=\"_ _4\"></span>nza c<span class=\"_ _4\"></span>onsi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">derar<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to diluiti<span class=\"_ _4\"></span>vo dei piani di <span class=\"ff5f\">sto<span class=\"_ _4\"></span>ck gran<span class=\"_ _1\"></span>t<span class=\"ff5c\">, in quanto in pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di una perdit<span class=\"_ _4\"></span>a dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio.   </span></span></span><span style=\"display:inherit;clear:left;\">Altre in<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zion<span class=\"_ _1\"></span>i</span><span style=\"display:inherit;clear:left;\">41. Dividendi </span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione della d<span class=\"_ _4\"></span>elibe<span class=\"_ _4\"></span>ra dell<span class=\"_ _4\"></span>\u2019Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti del 2<span class=\"_ _4\"></span>3 aprile </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4, ha prov<span class=\"_ _5\"></span>vedut<span class=\"_ _4\"></span>o alla distribu<span class=\"_ _4\"></span>zione agli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti di una par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>gli utili accanto<span class=\"_ _4\"></span>nati a Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va Stra<span class=\"_ _4\"></span>ordinaria, pari ad </span><span style=\"display:inherit;clear:left;\">un divi<span class=\"_ _4\"></span>dendo unit<span class=\"_ _4\"></span>ario di Euro <span style=\"letter-spacing: 0.36px;\">0,10</span> per c<span class=\"_ _4\"></span>iascuna dell<span class=\"_ _4\"></span>e n. 1<span class=\"_ _2\"></span>65.<span class=\"_ _4\"></span>676.69<span class=\"_ _4\"></span>8 azioni ordinar<span class=\"_ _4\"></span>ie in circolazio<span class=\"_ _4\"></span>ne (<span class=\"_ _2\"></span>al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle n. </span><span style=\"display:inherit;clear:left;\">3.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>302 azioni p<span class=\"_ _4\"></span>roprie in po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>afoglio) al<span class=\"_ _1\"></span>la data de<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>acco ce<span class=\"_ _4\"></span>dola, p<span class=\"_ _4\"></span>er un tot<span class=\"_ _4\"></span>ale di Euro 1<span class=\"_ _2\"></span>6.<span class=\"_ _4\"></span>567<span class=\"_ _2\"></span>.66<span class=\"_ _4\"></span>9,8<span class=\"_ _4\"></span>0. Al 31 dicem<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4 i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi risult<span class=\"_ _4\"></span>ano inter<span class=\"_ _4\"></span>amente pagat<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Le altre so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, con azi<span class=\"_ _4\"></span>onisti t<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>zi di minoranz<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, n<span class=\"_ _4\"></span>on hanno delib<span class=\"_ _4\"></span>erato e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">pagato dividendi.</span></span><span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">42. P<span class=\"_ _44\"></span>agamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Come re<span class=\"_ _4\"></span>so noto a<span class=\"_ _4\"></span>l mercato c<span class=\"_ _4\"></span>on appos<span class=\"_ _4\"></span>ito comunic<span class=\"_ _4\"></span>ato st<span class=\"_ _4\"></span>ampa datato 3 feb<span class=\"_ _4\"></span>braio 2025, in pari data la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e il dott<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti hanno rag<span class=\"_ _4\"></span>giunto un acc<span class=\"_ _4\"></span>ordo pe<span class=\"_ _4\"></span>r la risolu<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>nse<span class=\"_ _4\"></span>nsuale dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilan<span class=\"_ _4\"></span>cio relativo all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, il 6 marzo 2025, co<span class=\"_ _4\"></span>n con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tuale rinun<span class=\"_ _4\"></span>cia ai <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls5b ws7\"> STI 202<span class=\"_ _1\"></span>4, <span class=\"ff5f ls3 ws90\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 2024 L<span class=\"_ _44\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award<span class=\"_ _4\"></span>\u201d</span> 2022-<span class=\"_ _1c\"></span>2026. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i </span></span></span></span><span style=\"display:inherit;clear:left;\">rinvia alla se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e fatti di rilie<span class=\"_ _4\"></span>vo inter<span class=\"_ _4\"></span>venuti d<span class=\"_ _4\"></span>opo la chiusur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Restr<span class=\"_ _2\"></span>icted Shares</span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricte<span class=\"_ _4\"></span>d Shares</span>, a<span class=\"_ _4\"></span>pprovato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea d<span class=\"_ _4\"></span>egli A<span class=\"_ _4\"></span>zi<span class=\"_ _4\"></span>onisti d<span class=\"_ _4\"></span>el 1<span class=\"_ _2\"></span>4 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>1 e p<span class=\"_ _4\"></span>er come m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>embl<span class=\"_ _4\"></span>ea degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>l 26 aprile 2023, preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione di azi<span class=\"_ _4\"></span>oni della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 a favore dell<span class=\"_ _4\"></span>\u2019Ammini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale Marco G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti (il \u201c<span class=\"_ _4\"></span>Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o\u201d<span class=\"_ _4\"></span>), p<span class=\"_ _4\"></span>er quanto affe<span class=\"_ _4\"></span>rente il relat<span class=\"_ _4\"></span>ivo rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">lavoro dipe<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>nte. </span><span style=\"display:inherit;clear:left;\">Il piano era vo<span class=\"_ _4\"></span>lto a raf<span class=\"_ _4\"></span>forz<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>llineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e tut<span class=\"_ _4\"></span>ti gli <span class=\"ff5f ls2c ws110\">stak<span class=\"_ _1\"></span>ehold<span class=\"_ _1\"></span>er<span class=\"ff5c ls4 ws115\"> del Gr<span class=\"_ _4\"></span>uppo, favore<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">done in par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare motiv<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e fi<span class=\"_ _4\"></span>deliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne alla Soci<span class=\"_ _4\"></span>et\u00e0 e al Gr<span class=\"_ _4\"></span>uppo, rilev<span class=\"_ _4\"></span>anti per la re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ante </span><span style=\"display:inherit;clear:left;\">cambiame<span class=\"_ _4\"></span>nto nel piano in<span class=\"_ _4\"></span>dustr<span class=\"_ _4\"></span>iale e str<span class=\"_ _4\"></span>ategico de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o med<span class=\"_ _4\"></span>esimo. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">\u00c8 prev<span class=\"_ _4\"></span>isto ch<span class=\"_ _4\"></span>e al Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o sia ass<span class=\"_ _4\"></span>egnato, all<span class=\"_ _4\"></span>\u2019iniz<span class=\"_ _4\"></span>io di ogni anno, il dirit<span class=\"_ _4\"></span>to a maturare, gr<span class=\"_ _4\"></span>atuitame<span class=\"_ _4\"></span>nte, un numero </span><span style=\"display:inherit;clear:left;\">di <span class=\"_ _3\"></span><span class=\"ff5f ls3 ws67\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> cor<span class=\"_ _4\"></span>rispo<span class=\"_ _4\"></span>ndente a<span class=\"_ _4\"></span>d un controvalor<span class=\"_ _4\"></span>e monet<span class=\"_ _4\"></span>ario di Euro 2.5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 su ba<span class=\"_ _4\"></span>se annua, dete<span class=\"_ _4\"></span>rminato </span></span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mon<span class=\"_ _4\"></span>etari<span class=\"_ _4\"></span>o per il val<span class=\"_ _4\"></span>ore me<span class=\"_ _4\"></span>dio delle a<span class=\"_ _4\"></span>zioni (p<span class=\"_ _4\"></span>er t<span class=\"_ _4\"></span>ale intende<span class=\"_ _4\"></span>ndos<span class=\"_ _4\"></span>i la media de<span class=\"_ _4\"></span>i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">uf<span class=\"_ _4\"></span>ficiali de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni) nei 30 gior<span class=\"_ _4\"></span>ni prece<span class=\"_ _4\"></span>denti il 1\u00b0 gennaio di ciascun ann<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Ciascun cicl<span class=\"_ _4\"></span>o del Piano ha durat<span class=\"_ _4\"></span>a annuale, a de<span class=\"_ _4\"></span>correre dal 1\u00b0 gennaio di ogni ann<span class=\"_ _4\"></span>o (pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, dal 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4). Le azioni del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> saranno p<span class=\"_ _4\"></span>oi attrib<span class=\"_ _4\"></span>uite al termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> di 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi, a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che<span class=\"_ _4\"></span>, in linea con le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche approv<span class=\"_ _4\"></span>ate dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023 in sede o<span class=\"_ _4\"></span>rdinaria:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la So<span class=\"_ _4\"></span>ciet\u00e0 ab<span class=\"_ _4\"></span>bia cons<span class=\"_ _4\"></span>eguito, ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di rife<span class=\"_ _4\"></span>rimento, i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti obiet<span class=\"_ _4\"></span>tivi minimali (c.d. <span class=\"ff5f ls58 ws6\">und<span class=\"_ _4\"></span>erpins</span><span class=\"ls0\">): </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1bd\"> </span>a) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>li<span class=\"_ _4\"></span>vello de<span class=\"_ _4\"></span>i ricavi c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi a CER (<span class=\"_ _2\"></span><span class=\"ff5f\">current e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio di riferim<span class=\"_ _4\"></span>ento equi<span class=\"_ _4\"></span>valente a<span class=\"_ _4\"></span>d almeno </span></span></span><span style=\"display:inherit;clear:left;\">il 70% di quello d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte; e  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>b) <span class=\"_ _1\"></span> <span class=\"_ _ac\"></span>ROIC del G<span class=\"_ _4\"></span>ruppo a R<span class=\"_ _4\"></span>ER (<span class=\"_ _2\"></span><span class=\"ff5f\">re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ted e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) di segno p<span class=\"_ _4\"></span>ositi<span class=\"_ _4\"></span>vo per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio di rifer<span class=\"_ _4\"></span>imento, dove pe<span class=\"_ _4\"></span>r ROIC </span></span></span><span style=\"display:inherit;clear:left;\">si inten<span class=\"_ _4\"></span>de il risult<span class=\"_ _4\"></span>ato nett<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>ante dal bilancio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019anno di<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) di<span class=\"_ _4\"></span>viso il c<span class=\"_ _4\"></span>apit<span class=\"_ _4\"></span>ale invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to <span class=\"ff5f lsa ws90\">adjusted</span> medio (capitale n<span class=\"_ _4\"></span>etto <span class=\"ff5f lsa ws90\">adjusted</span><span class=\"ls68 wsb1\"> rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntato dal capit<span class=\"_ _4\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e quell<span class=\"_ _4\"></span>e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate tra gli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari); </span><span style=\"display:inherit;clear:left;\">(2<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>il rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o fra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e la So<span class=\"_ _4\"></span>ciet\u00e0 sia an<span class=\"_ _4\"></span>cora in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al termine d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wse5\"> di ciascun ciclo. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">Una volta at<span class=\"_ _4\"></span>tribuite<span class=\"_ _4\"></span>, le azio<span class=\"_ _4\"></span>ni attribuite (<span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span>) sono comun<span class=\"_ _4\"></span>que sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad un v<span class=\"_ _4\"></span>incolo di intra<span class=\"_ _4\"></span>sferib<span class=\"_ _4\"></span>ilit\u00e0 </span><span style=\"display:inherit;clear:left;\">\u2013 cosi<span class=\"_ _4\"></span>ddet<span class=\"_ _4\"></span>to per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span> - di 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si dec<span class=\"_ _4\"></span>orrente dal 1\u00b0 gennaio di ogni anno s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>sivo (ferm<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">meccanismo del cosiddetto <span class=\"ff5f ls3 wsb7\">se<span class=\"_ _4\"></span>ll to cover<span class=\"ff5c\">). Il vincol<span class=\"_ _4\"></span>o di </span><span class=\"ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span><span class=\"ff5c\"> p<span class=\"_ _4\"></span>ermane anch<span class=\"_ _4\"></span>e in ipotes<span class=\"_ _4\"></span>i di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l rappor<span class=\"_ _4\"></span>to, </span></span></span><span style=\"display:inherit;clear:left;\">per qualun<span class=\"_ _4\"></span>que ragione inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a, ad ec<span class=\"_ _4\"></span>cez<span class=\"_ _4\"></span>ione so<span class=\"_ _4\"></span>lo di mor<span class=\"_ _4\"></span>te o invalidit<span class=\"_ _4\"></span>\u00e0 total<span class=\"_ _4\"></span>e e perman<span class=\"_ _4\"></span>ente che comp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti la </span><span style=\"display:inherit;clear:left;\">cess<span class=\"_ _4\"></span>azione del rapporto. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0 in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l Piano era prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impiego di az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">rive<span class=\"_ _4\"></span>nienti da acquis<span class=\"_ _4\"></span>ti autori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati dall'Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai se<span class=\"_ _4\"></span>nsi deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civil<span class=\"_ _4\"></span>e.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> \u00e8 sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto ai me<span class=\"_ _4\"></span>ccanis<span class=\"_ _4\"></span>mi di corre<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>x po<span class=\"_ _4\"></span>st prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>i dalle politich<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">di remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclus<span class=\"_ _4\"></span>e le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span> e </span><span style=\"display:inherit;clear:left;\">malus<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">). </span></span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>147.732 <span class=\"_ _ca\"> </span>114.766</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _330\"> </span>- <span class=\"_ _253\"> </span>-</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _2b8\"> </span>(147.732) <span class=\"_ _6a\"> </span>(114.766)</span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _1b4\"> </span>-</span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>205.255 <span class=\"_ _ca\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span><span class=\"ws144\">-    <span class=\"_ _1c1\"> </span></span>147.732</span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1b9\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) <span class=\"_ _a\"> </span>Numero<span class=\"_ _1df\"> </span></span></span>Fair v<span class=\"_ _2\"></span>alue <span class=\"_ _19c\"> </span><span class=\"ff62\">Numero<span class=\"_ _18b\"> </span></span>Fair v<span class=\"_ _2\"></span>alue </span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _a3\"> </span>147.732 <span class=\"_ _1dc\"> </span>2.398 <span class=\"_ _23f\"> </span>114.766<span class=\"_ _8b\"> </span>2.547</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22e\"> </span>205.255 <span class=\"_ _17c\"> </span>2.488 <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">- esercitati dur<span class=\"_ _2\"></span>ante l\u2019esercizio<span class=\"_ _332\"> </span>(147.732) <span class=\"_ _1e7\"> </span>(2.398) <span class=\"_ _1bb\"> </span>(114.766)<span class=\"_ _1dc\"> </span>(2.547<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _3a\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne del 6 mar<span class=\"_ _4\"></span>zo 202<span class=\"_ _2\"></span>4, pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">ha acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato il rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi minimali (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. un<span class=\"_ _4\"></span>derpin<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>) di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l 2023 e, pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale Marco G<span class=\"_ _4\"></span>obb<span class=\"_ _4\"></span>etti ha maturato il dir<span class=\"_ _4\"></span>itto a ric<span class=\"_ _4\"></span>evere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 1<span class=\"_ _2\"></span>47<span class=\"_ _44\"></span>.732<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ni di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. (<span class=\"ff5f\">\u201cRe<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> 2023\u201d<span class=\"_ _4\"></span>) a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnateg<span class=\"_ _4\"></span>li il 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2023 nell<span class=\"_ _4\"></span>\u2019ambito ed in e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cuzio<span class=\"_ _4\"></span>ne di quanto previ<span class=\"_ _4\"></span>sto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares<span class=\"_ _4\"></span></span>. Le <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023, rinvenute p<span class=\"_ _4\"></span>er intero dalla prov<span class=\"_ _5\"></span>vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate dalla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e sul conto tito<span class=\"_ _4\"></span>li intest<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale ne<span class=\"_ _4\"></span>l mes<span class=\"_ _4\"></span>e di aprile 202<span class=\"_ _1\"></span>4, fermo r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ando ch<span class=\"_ _4\"></span>e le ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sono s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>e ad un </span><span style=\"display:inherit;clear:left;\">vinco<span class=\"_ _4\"></span>lo di intras<span class=\"_ _4\"></span>feribilit\u00e0 (c.d. <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p</span>) di do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne tenuto<span class=\"_ _4\"></span>si in data 25 ge<span class=\"_ _4\"></span>nnaio 202<span class=\"_ _2\"></span>4 ha as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re Del<span class=\"_ _4\"></span>egato e Dire<span class=\"_ _4\"></span>tto<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re Ge<span class=\"_ _4\"></span>nerale Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti il dir<span class=\"_ _4\"></span>itto a rice<span class=\"_ _4\"></span>vere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 205.255 a<span class=\"_ _4\"></span>zioni di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (\u201c<span class=\"ff5f ls32 ws122\">Re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), con ef<span class=\"_ _4\"></span>fetto a d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>ere dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4. Le <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Share<span class=\"_ _4\"></span>s</span> 202<span class=\"_ _2\"></span>4 non ve<span class=\"_ _4\"></span>rranno tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 gennaio 2025 in quanto come s<span class=\"_ _4\"></span>opra r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tato s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia.</span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f ls3 wse1\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> del Piano </span>Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> \u00e8 st<span class=\"_ _4\"></span>ato determinato c<span class=\"_ _4\"></span>ome il </span>fair value<span class=\"ff5c ls6 wsd2\"> delle azioni<span class=\"_ _1\"></span> al momento dell\u2019assegnazio<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>contato de<span class=\"_ _4\"></span>i divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Shares</span><span class=\"ls9 ws67\"> p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amministra<span class=\"_ _1\"></span>tore Delegato e Dir<span class=\"_ _1\"></span>ettore </span></span><span style=\"display:inherit;clear:left;\">generale sono le seguenti<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _333\"> </span>1 gennaio 2024<span class=\"_ _1ba\"> </span>1 gennaio 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _33\"> </span>12,21<span class=\"_ _261\"> </span>16,49</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue <span class=\"ff61\">per azione alla data di assegnazione (<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o)<span class=\"_ _232\"> </span>12,12<span class=\"_ _261\"> </span>16,23</span></span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Special A<span class=\"_ _1c\"></span>war<span class=\"_ _2\"></span>d<span class=\"ff61\"> <span class=\"ff62\">2022 - 2026</span></span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> \u00e8 volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019allineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il <span class=\"ff5f ls9 ws134\">top manageme<span class=\"_ _4\"></span>nt</span> e tutti gli <span class=\"ff5f ls6a ws138\">stakeho<span class=\"_ _2\"></span>lder<span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo in un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>otti<span class=\"_ _4\"></span>ca di crea<span class=\"_ _4\"></span>zione di va<span class=\"_ _4\"></span>lore, ince<span class=\"_ _4\"></span>ntivan<span class=\"_ _4\"></span>do i ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari a rag<span class=\"_ _4\"></span>giungere gli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0, che s<span class=\"_ _4\"></span>ono rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si anch<span class=\"_ _4\"></span>e nel piano s<span class=\"_ _4\"></span>trateg<span class=\"_ _4\"></span>ico, e favoren<span class=\"_ _4\"></span>done altre<span class=\"_ _4\"></span>s\u00ec la <span class=\"ff5f ls1c ws5c\">retention</span><span class=\"ls0 ws139\">.  </span></span><span style=\"display:inherit;clear:left;\">In consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione e ai f<span class=\"_ _4\"></span>ini del p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento di t<span class=\"_ _4\"></span>ali obiet<span class=\"_ _4\"></span>tivi, il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award</span> preved<span class=\"_ _4\"></span>e un unico ciclo sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sto a un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5 ws98\">per<span class=\"_ _4\"></span>formance</span> quinquennale<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale arco t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>ale appare id<span class=\"_ _4\"></span>oneo, p<span class=\"_ _4\"></span>eraltro, al con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sudd<span class=\"_ _4\"></span>etti ob<span class=\"_ _4\"></span>iett<span class=\"_ _4\"></span>ivi di lungo te<span class=\"_ _4\"></span>rmine per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guiti con il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award<span class=\"_ _1\"></span><span class=\"ff5c ls0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 e a<span class=\"_ _4\"></span>lla data della pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nte Relaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ario del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span><span class=\"ls34 ws1d\"> e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>a<span class=\"_ _5\"></span> l<span class=\"_ _5\"></span>\u2019A<span class=\"_ _5\"></span>m<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale de<span class=\"_ _4\"></span>lla Soci<span class=\"_ _4\"></span>et\u00e0. Il Co<span class=\"_ _4\"></span>nsiglio di A<span class=\"_ _4\"></span>mministra<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>otr\u00e0 indi<span class=\"_ _4\"></span>viduare ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari (<span class=\"_ _2\"></span>all<span class=\"_ _4\"></span>\u2019ini<span class=\"_ _4\"></span>zio del Piano ov<span class=\"_ _5\"></span>vero durante il Perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _5\"></span></span>, con app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro </span><span style=\"display:inherit;clear:left;\">pro-<span class=\"_ _4\"></span>rata temporis<span class=\"ff5c\"> che r<span class=\"_ _4\"></span>ipropor<span class=\"_ _4\"></span>zioni l<span class=\"_ _4\"></span>o </span>Special Award Bonus<span class=\"ff5c\"> te<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o conto dell<span class=\"_ _4\"></span>\u2019ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a in se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio n<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so del Pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _5\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ng<span class=\"_ _5\"></span></span>), a prop<span class=\"_ _4\"></span>rio insindac<span class=\"_ _4\"></span>abile giudi<span class=\"_ _4\"></span>zio, tra i<span class=\"ff5f ls9 wse1\"> top manager</span><span class=\"ls1c ws138\"> che ricoprono e ricopriranno il ruolo<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>atori, dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o collaboratori d<span class=\"_ _4\"></span>ella So<span class=\"_ _4\"></span>ciet\u00e0 e di co<span class=\"_ _4\"></span>ntrollate.  </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019erogaz<span class=\"_ _4\"></span>ione di uno <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Sp<span class=\"_ _4\"></span>ecial Award Bonus<span class=\"_ _4\"></span>\u201d</span><span class=\"ls62 wsbe\"> in due </span><span class=\"ff5f ws0\">tranche</span> risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte: (<span class=\"_ _2\"></span>a) alla fine de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">primo tr<span class=\"_ _4\"></span>iennio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4), al ragg<span class=\"_ _4\"></span>iungimento de<span class=\"_ _4\"></span>l primo obie<span class=\"_ _4\"></span>ttivo; e (b) alla fine </span><span style=\"display:inherit;clear:left;\">del bi<span class=\"_ _4\"></span>ennio succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo (vale a dire al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2026<span class=\"_ _1\"></span>), al rag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>l se<span class=\"_ _4\"></span>condo ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vo, subordinat<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">alla sus<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere a t<span class=\"_ _4\"></span>ali date di un rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di amministra<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di lavoro fra cias<span class=\"_ _4\"></span>cun Ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciario e la Socie<span class=\"_ _4\"></span>t\u00e0 </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero una Co<span class=\"_ _4\"></span>ntrollata, a s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da del ca<span class=\"_ _4\"></span>so. L<span class=\"_ _1c\"></span>\u2019eroga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Spe<span class=\"_ _4\"></span>cial Award Bonus\u201d</span> p<span class=\"_ _4\"></span>er entr<span class=\"_ _4\"></span>ambe le <span class=\"ff5f ws0\">tranche</span> s<span class=\"_ _4\"></span>ar\u00e0 cor<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r il 50% in de<span class=\"_ _4\"></span>naro e per il re<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante 50<span class=\"_ _4\"></span>% in azioni de<span class=\"_ _4\"></span>lla Soc<span class=\"_ _4\"></span>iet\u00e0. </span><span style=\"display:inherit;clear:left;\">Ciascuna<span class=\"_ _4\"></span> <span class=\"ff5f ls0 ws0\">tr<span class=\"_ _1\"></span>anche<span class=\"ff5c wsbe\"> sar<span class=\"_ _4\"></span>\u00e0 pari ad un impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o perce<span class=\"_ _4\"></span>ntuale (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>eterminato dai comp<span class=\"_ _4\"></span>etenti o<span class=\"_ _4\"></span>rgani de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 e, p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Ammini<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale pari a<span class=\"_ _4\"></span>llo 0,50<span class=\"_ _4\"></span>%) del valore m<span class=\"_ _4\"></span>edio di cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 in un peri<span class=\"_ _4\"></span>odo </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a i 3 mesi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>d i 3 mes<span class=\"_ _4\"></span>i succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi alla f<span class=\"_ _4\"></span>ine del p<span class=\"_ _4\"></span>rimo trie<span class=\"_ _4\"></span>nnio e dell<span class=\"_ _4\"></span>\u2019ulteriore bi<span class=\"_ _4\"></span>ennio succ<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to (il \u201c<span class=\"_ _4\"></span>Valore Medio<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per la quota d<span class=\"_ _4\"></span>ello <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award Bonus</span> che sar\u00e0 e<span class=\"_ _4\"></span>rogat<span class=\"_ _4\"></span>a tramite l<span class=\"_ _4\"></span>\u2019attribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a di azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet\u00e0 s<span class=\"_ _4\"></span>aranno </span><span style=\"display:inherit;clear:left;\">impieg<span class=\"_ _4\"></span>ate azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti auto<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zati dall<span class=\"_ _4\"></span>'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai sen<span class=\"_ _4\"></span>si deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2357 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice </span><span style=\"display:inherit;clear:left;\">Civil<span class=\"_ _4\"></span>e, e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o da eve<span class=\"_ _4\"></span>ntuali appos<span class=\"_ _4\"></span>iti aumenti di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e ai sens<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019art. 2<span class=\"_ _4\"></span>349 comma 1 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni attribuite ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari s<span class=\"_ _4\"></span>aranno so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette a<span class=\"_ _4\"></span>d un vincolo di intr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>ribilit\u00e0 (c.d. <span class=\"ff5f ls63 wsc1\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _5\"></span>u<span class=\"_ _4\"></span>p</span>) di 3 me<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano \u00e8 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to ai mecc<span class=\"_ _4\"></span>anismi di cor<span class=\"_ _4\"></span>rezi<span class=\"_ _4\"></span>one e<span class=\"_ _4\"></span>x pos<span class=\"_ _4\"></span>t previ<span class=\"_ _4\"></span>sti dalle p<span class=\"_ _4\"></span>olitiche di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclu<span class=\"_ _4\"></span>se le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span>, limitate a eve<span class=\"_ _4\"></span>ntuali condot<span class=\"_ _4\"></span>te imput<span class=\"_ _4\"></span>abili ai ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari a titolo di do<span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di<span class=\"ff64\"> stock gr<span class=\"_ _2\"></span>ant<span class=\"ff61\"> e costo del piano</span></span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _2d0\"> </span>5.153<span class=\"_ _261\"> </span>2.576</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _2d1\"> </span>-<span class=\"_ _90\"> </span>-</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _334\"> </span>7.737<span class=\"_ _141\"> </span>5.153</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto delle transazioni con pag<span class=\"_ _1\"></span>amento basato su azioni (<span class=\"_ _4\"></span>pagamento in azioni)<span class=\"_ _157\"> </span>2.584<span class=\"_ _141\"> </span>2.577</span><span style=\"display:inherit;clear:left;\">(Adeguamento del costo)/<span class=\"_ _2\"></span>Costo delle transazioni c<span class=\"_ _2\"></span>on pagamento basato su azioni (<span class=\"_ _4\"></span>pagamento per cassa)<span class=\"_ _1f1\"> </span><span class=\"ls0\">(345)<span class=\"_ _1f2\"> </span>(1.112)</span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito della ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione cons<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>uale dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti tra la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 3 </span><span style=\"display:inherit;clear:left;\">febb<span class=\"_ _4\"></span>raio 2025, con co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>tuale rinuncia ai <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>onus</span><span class=\"ls5b wsa\"> S<span class=\"_ _4\"></span>TI 202<span class=\"_ _2\"></span>4, <span class=\"ff5f ls3 wsd4\">R<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4 L<span class=\"_ _2\"></span>TI c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>special award<span class=\"_ _4\"></span>\u201d</span><span class=\"ls36 ws14d\"> 202<span class=\"_ _4\"></span>2-<span class=\"_ _2\"></span>2026, </span></span></span></span></span><span style=\"display:inherit;clear:left;\">si se<span class=\"_ _4\"></span>gnala con rife<span class=\"_ _4\"></span>rimento al Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> 2022 \u2013 202<span class=\"_ _1\"></span>6 quanto seg<span class=\"_ _4\"></span>ue: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>prima <span class=\"_ _43\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws114\"> (<span class=\"_ _2\"></span>rife<span class=\"_ _4\"></span>rita al tri<span class=\"_ _4\"></span>ennio 2022-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) risulta g<span class=\"_ _4\"></span>iunta a maturaz<span class=\"_ _4\"></span>ione al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto, a fronte </span></span><span style=\"display:inherit;clear:left;\">della rinuncia ne<span class=\"_ _4\"></span>l 2025 non ci sar<span class=\"_ _4\"></span>anno erog<span class=\"_ _4\"></span>azioni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o variaz<span class=\"_ _4\"></span>ioni del c<span class=\"_ _4\"></span>osto cumulato re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato tra i co<span class=\"_ _4\"></span>sti de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>rso<span class=\"_ _4\"></span>nale </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el trie<span class=\"_ _4\"></span>nnio (20<span class=\"_ _1\"></span>22-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) che risult<span class=\"_ _4\"></span>a pari ad Euro 5.<span class=\"_ _4\"></span>23<span class=\"_ _2\"></span>1 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>se<span class=\"_ _4\"></span>conda <span class=\"_ _41\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws141\"> (<span class=\"_ _2\"></span>rifer<span class=\"_ _4\"></span>ita al bie<span class=\"_ _4\"></span>nnio 2025-2<span class=\"_ _1\"></span>026) anch\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia, non ri<span class=\"_ _4\"></span>sulta giunt<span class=\"_ _4\"></span>a a maturazio<span class=\"_ _4\"></span>ne, e </span></span><span style=\"display:inherit;clear:left;\">nel 2025 de<span class=\"_ _4\"></span>termine<span class=\"_ _4\"></span>r\u00e0 una variaz<span class=\"_ _4\"></span>ione po<span class=\"_ _4\"></span>sitiva a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico pari a<span class=\"_ _4\"></span>d Euro 2.51<span class=\"_ _44\"></span>1 migliaia. pe<span class=\"_ _4\"></span>r rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il mancato </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto della con<span class=\"_ _4\"></span>dizione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza in s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do il mec<span class=\"_ _4\"></span>canismo di a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one sop<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to, la valuta<span class=\"_ _4\"></span>zione rig<span class=\"_ _4\"></span>uarda il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> total<span class=\"_ _4\"></span>e del piano ch<span class=\"_ _4\"></span>e \u00e8 </span></span></span><span style=\"display:inherit;clear:left;\">influ<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>ato dal gra<span class=\"_ _4\"></span>do di rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di obi<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span><span class=\"ls0 wse9\"> leg<span class=\"_ _4\"></span>ati alla valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one del t<span class=\"_ _4\"></span>itolo de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0; per<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">tanto, ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al principio c<span class=\"_ _4\"></span>ontabile s<span class=\"_ _4\"></span>i tratt<span class=\"_ _4\"></span>a di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>i <span class=\"ff5f\">\u201cmarket base<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>\u201d</span>. La st<span class=\"_ _4\"></span>ima del <span class=\"ff5f\">fair value</span><span class=\"ls62 ws12a\"> \u00e8 st<span class=\"_ _4\"></span>ata ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tua</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zando la s<span class=\"_ _4\"></span>imulazione s<span class=\"_ _4\"></span>toc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etodo M<span class=\"_ _4\"></span>onte Carlo ch<span class=\"_ _4\"></span>e, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>e ipotes<span class=\"_ _4\"></span>i, ha conse<span class=\"_ _4\"></span>ntito di </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inire un consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte numero di sce<span class=\"_ _4\"></span>nari alter<span class=\"_ _4\"></span>nativi ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ato. In part<span class=\"_ _4\"></span>icolare, in o<span class=\"_ _4\"></span>gni sce<span class=\"_ _4\"></span>nario la </span><span style=\"display:inherit;clear:left;\">proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019azione \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a a part<span class=\"_ _4\"></span>ire dal valore iniz<span class=\"_ _4\"></span>iale, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o un moto geom<span class=\"_ _4\"></span>etrico Bro<span class=\"_ _4\"></span>wniano. </span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i nella det<span class=\"_ _4\"></span>erminazio<span class=\"_ _4\"></span>ne della s<span class=\"_ _4\"></span>tima del <span class=\"ff5f\">fair value</span>. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>ato e Diret<span class=\"_ _4\"></span>tore </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>erale alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione, p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ws0\">t<span class=\"_ _4\"></span>ranche</span> che preve<span class=\"_ _4\"></span>de il pagame<span class=\"_ _4\"></span>nto in azioni, e alle date di </span><span style=\"display:inherit;clear:left;\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"ff5c ls0 ws138\"> (3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla <span class=\"ff5f ws0\">tranche</span> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>. Il </span></span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> della </span>tranche<span class=\"ff5c\"> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa d<span class=\"_ _4\"></span>ovr\u00e0 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re valut<span class=\"_ _4\"></span>ato ad ogni data di </span><span class=\"ls59 ws114\">r<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ing</span><span class=\"ff5c\">. </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione<span class=\"_ _2bc\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _335\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alle data di assegnazione (Euro)<span class=\"_ _194\"> </span>22,53 </span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>34,00% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _1c7\"> </span>(0,07%) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione alla data di </span><span style=\"display:inherit;clear:left;\">repor<span class=\"_ _1\"></span>ting<span class=\"_ _9d\"> </span><span class=\"ff62\">31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembre 2023</span></span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _2fe\"> </span>1 gennaio 2022<span class=\"_ _67\"> </span>1 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di <span class=\"ff64\">reporting</span> (Euro)<span class=\"_ _1fc\"> </span>6,77 <span class=\"_ _336\"> </span>12,21</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _337\"> </span>31,62% <span class=\"_ _211\"> </span>31,60%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _338\"> </span>0% <span class=\"_ _155\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _17a\"> </span>2,19% <span class=\"_ _1d3\"> </span>3,00%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione. </span><span style=\"display:inherit;clear:left;\">** Media dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione rispettiv<span class=\"_ _2\"></span>amente alle due scadenze dei tre anni e cinque anni.  </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">P<span class=\"_ _1c\"></span>erformanc<span class=\"_ _2\"></span>e<span class=\"ff62\"> e </span>Restricted Shar<span class=\"_ _2\"></span>es<span class=\"ff62\"> 2023-2025</span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25, approv<span class=\"_ _4\"></span>ato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ionist<span class=\"_ _4\"></span>i del 26 aprile 2023, \u00e8 </span><span style=\"display:inherit;clear:left;\">volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare, n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>l comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo pacchet<span class=\"_ _4\"></span>to retr<span class=\"_ _4\"></span>ibutivo de<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>i, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alline<span class=\"_ _4\"></span>amento di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i del </span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws59\"> con tu<span class=\"_ _4\"></span>tti gli </span></span><span style=\"display:inherit;clear:left;\">stakeho<span class=\"_ _1\"></span>lder</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">del</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Gruppo,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fa<span class=\"_ _1\"></span>vorendone</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">in</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _1\"></span>rticolare</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">motivazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fideliz<span class=\"_ _4\"></span>zazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(in</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">un\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tica di <span class=\"ff5f lsa ws90\">retention<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws14d\">) alla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e al G<span class=\"_ _4\"></span>ruppo, in una log<span class=\"_ _4\"></span>ica di so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 e di crea<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore ne<span class=\"_ _4\"></span>l </span></span></span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>. Per tali rag<span class=\"_ _4\"></span>ioni il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli, ognuno con un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span><span class=\"ls9 ws150\"> trienna<span class=\"_ _1\"></span>le. T<span class=\"_ _1c\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">arco temporale<span class=\"_ _1\"></span> appare i<span class=\"_ _1\"></span>nfatti idoneo al<span class=\"_ _1\"></span> conseguimento dei suddetti obiettivi. </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25 \u00e8 ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vato a s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zionati dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o amministrator<span class=\"_ _4\"></span>i e/o colla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bor<span class=\"_ _4\"></span>atori di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di altre s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 appar<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>enti al Grup<span class=\"_ _4\"></span>po Ferr<span class=\"_ _4\"></span>agamo, cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ati chiave nel </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guimento d<span class=\"_ _4\"></span>el succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenibile n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>, che son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati indivi<span class=\"_ _4\"></span>duati dal Consiglio di A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re del C<span class=\"_ _4\"></span>omitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e nomine (<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>r ciascuno de<span class=\"_ _4\"></span>i cicli </span><span style=\"display:inherit;clear:left;\">del Piano)<span class=\"_ _2\"></span>, a p<span class=\"_ _4\"></span>roprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio (<span class=\"_ _4\"></span>\u201cB<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>). </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 56 (390<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>71<span class=\"_ _1c\"></span>6 dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati) e sono s<span class=\"_ _4\"></span>tati indi<span class=\"_ _4\"></span>viduati tr<span class=\"_ _4\"></span>a i </span><span style=\"display:inherit;clear:left;\">dipen<span class=\"_ _4\"></span>denti di S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e dell<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>enti so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate: Fer<span class=\"_ _4\"></span>ragamo US<span class=\"_ _4\"></span>A Inc., Fe<span class=\"_ _4\"></span>rragamo B<span class=\"_ _4\"></span>rasil </span><span style=\"display:inherit;clear:left;\">Roupas e Ac<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sorio<span class=\"_ _4\"></span>s Ltda., Fer<span class=\"_ _4\"></span>ragamo Japan K<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>K., Fe<span class=\"_ _4\"></span>rragamo Kore<span class=\"_ _4\"></span>a Ltd., Fer<span class=\"_ _4\"></span>ragamo Ho<span class=\"_ _4\"></span>ng Kong Ltd., Ferrag<span class=\"_ _4\"></span>amo Fa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">shion T<span class=\"_ _2\"></span>rading (Shanghai) Co. Ltd. e Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Retail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Un memb<span class=\"_ _4\"></span>ro del Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>ficiari d<span class=\"_ _4\"></span>el piano. </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne potr<span class=\"_ _4\"></span>\u00e0 indivi<span class=\"_ _4\"></span>duare ulterior<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiari (durante il primo anno di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span><span class=\"ls68 wsd2\"> di ciascun ciclo, </span></span><span style=\"display:inherit;clear:left;\">con appli<span class=\"_ _4\"></span>cazio<span class=\"_ _4\"></span>ne, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro <span class=\"ff5f\">pro<span class=\"_ _4\"></span>-rata temp<span class=\"_ _4\"></span>oris</span><span class=\"ws122\"> che riprop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ioni i diritt<span class=\"_ _4\"></span>i tene<span class=\"_ _4\"></span>ndo conto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va </span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>manenz<span class=\"_ _4\"></span>a in ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span>), a proprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio, tr<span class=\"_ _4\"></span>a i <span class=\"ff5f ls56 ws13b\">top manager</span><span class=\"lsa ws11e\"> che rico<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">prono e ric<span class=\"_ _4\"></span>opriranno il r<span class=\"_ _4\"></span>uolo di amminist<span class=\"_ _4\"></span>ratori, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o collaborato<span class=\"_ _4\"></span>ri della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 e di controllate. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli. Il primo relati<span class=\"_ _4\"></span>vo al per<span class=\"_ _4\"></span>iodo di ve<span class=\"_ _4\"></span>sting 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025, il se<span class=\"_ _4\"></span>condo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>2026 e il terzo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riodo di ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing 2025-<span class=\"_ _2\"></span>2027<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">Ogni singol<span class=\"_ _4\"></span>o ciclo del <span class=\"ff5f\">Piano Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 wsa6\"> 202<span class=\"_ _4\"></span>3-2025 prev<span class=\"_ _4\"></span>ed<span class=\"_ _4\"></span>e: </span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>ttr<span class=\"_ _4\"></span>ibuzion<span class=\"_ _4\"></span>e gratuita ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari di un ce<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>to numero di dirit<span class=\"_ _4\"></span>ti iniziali (i \u201c<span class=\"_ _4\"></span>Diritti Ini<span class=\"_ _4\"></span>ziali<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) a cons<span class=\"_ _4\"></span>eguire (ciascuno<span class=\"_ _2\"></span>) la </span><span style=\"display:inherit;clear:left;\">titolarit<span class=\"_ _4\"></span>\u00e0 di n. 1 az<span class=\"_ _4\"></span>ione di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., sub<span class=\"_ _4\"></span>ordinatame<span class=\"_ _4\"></span>nte al rag<span class=\"_ _4\"></span>giungimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di <span class=\"ff5f lsa ws90\">retention</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">e di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span>, nonch\u00e9, co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, di un eventuale ulte<span class=\"_ _4\"></span>riore nume<span class=\"_ _4\"></span>ro di diritti ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi allo sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la de<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione, in f<span class=\"_ _4\"></span>ase di att<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne dei Dirit<span class=\"_ _4\"></span>ti Iniziali, de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls68 wscc\"> di ciascun ciclo; </span></span><span style=\"display:inherit;clear:left;\">c) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e azioni ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l livello de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span> rag<span class=\"_ _4\"></span>giunto e in rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>gli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span>, al termine di ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting</span><span class=\"ls4 wse9\"> e<span class=\"_ _4\"></span> subordinat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span> alla </span></span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ica d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni prev<span class=\"_ _4\"></span>iste dal Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span><span class=\"ls36 wsa6\"> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>202<span class=\"_ _4\"></span>5. </span></span><span style=\"display:inherit;clear:left;\">La matura<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Diritt<span class=\"_ _4\"></span>i Iniziali-s<span class=\"_ _4\"></span>uddiv<span class=\"_ _4\"></span>isi in un ammont<span class=\"_ _4\"></span>are pari al 75% degli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i, legato al r<span class=\"_ _4\"></span>agg<span class=\"_ _4\"></span>iungimento di obi<span class=\"_ _4\"></span>et<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span> e di <span class=\"ff5f ls2b wscf\">performance</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance<span class=\"_ _4\"></span></span>\u201d<span class=\"_ _5\"></span>), e nel re<span class=\"_ _4\"></span>siduo ammont<span class=\"_ _4\"></span>are pari al 25% le<span class=\"_ _4\"></span>gato al rag<span class=\"_ _4\"></span>giun<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di s<span class=\"_ _4\"></span>ola <span class=\"ff5f lsa ws90\">retention</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f lsa ws90\">Retention</span>\u201d<span class=\"_ _5\"></span>) \u2013 e la corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazione d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni sarann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinate alla verif<span class=\"_ _4\"></span>ica da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>l Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls67 ws8c\">Performance</span>, de<span class=\"_ _4\"></span>l rag<span class=\"_ _4\"></span>giungimento d<span class=\"_ _4\"></span>ella condi<span class=\"_ _4\"></span>zione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinato e/o di collaboraz<span class=\"_ _4\"></span>ione e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a il benef<span class=\"_ _4\"></span>iciario e S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o altra </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo (il \u201cR<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) al te<span class=\"_ _4\"></span>rmine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>sting</span> di cia<span class=\"_ _4\"></span>scun ciclo de<span class=\"_ _4\"></span>l Piano e al livello di </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di uno o pi\u00f9 in<span class=\"_ _4\"></span>dicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls0 ws0\"> al termine de<span class=\"_ _4\"></span>l perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span> di ciascun ciclo d<span class=\"_ _4\"></span>el Piano; e </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Diritt<span class=\"_ _4\"></span>i <span class=\"ff5f lsa ws90\">Retention</span>, del rag<span class=\"_ _4\"></span>giungiment<span class=\"_ _4\"></span>o della sola c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a del R<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to al </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wscc\"> di cias<span class=\"_ _4\"></span>cun ciclo del Piano. </span></span><span style=\"display:inherit;clear:left;\">Gli indic<span class=\"_ _4\"></span>atori rile<span class=\"_ _4\"></span>vanti pe<span class=\"_ _4\"></span>r la maturazion<span class=\"_ _4\"></span>e dei Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance</span> pe<span class=\"_ _4\"></span>r il primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025) e per il </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo cicl<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>02<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-2<span class=\"_ _1\"></span>026) sono suddi<span class=\"_ _4\"></span>visi tr<span class=\"_ _4\"></span>a indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"lsa wsde\"> economico-f<span class=\"_ _4\"></span>inanzia<span class=\"_ _1\"></span>ria (<span class=\"_ _2\"></span>coerenti con il Pia<span class=\"_ _1\"></span>no </span></span><span style=\"display:inherit;clear:left;\">Strateg<span class=\"_ _4\"></span>ico<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d indicato<span class=\"_ _4\"></span>ri ESG (sec<span class=\"_ _4\"></span>ondo quanto prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalle raccoman<span class=\"_ _4\"></span>dazioni d<span class=\"_ _4\"></span>el Codi<span class=\"_ _4\"></span>ce di <span class=\"ff5f ls2b ws7\">Corpora<span class=\"_ _1\"></span>te Governance<span class=\"ff5c ls0 wsa\"> e </span></span></span><span style=\"display:inherit;clear:left;\">le <span class=\"ff5f ls6b wscf\">best pr<span class=\"_ _1\"></span>actic<span class=\"_ _2\"></span>e<span class=\"ff5c ls3 ws0\"> di me<span class=\"_ _4\"></span>rcato<span class=\"_ _1\"></span>) e sono i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>me<span class=\"_ _4\"></span>dia della cre<span class=\"_ _4\"></span>scita % in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne <span class=\"ff5f\">product ne<span class=\"_ _4\"></span>t sales</span> (<span class=\"_ _4\"></span>Vendite net<span class=\"_ _4\"></span>te)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r tali inten<span class=\"_ _4\"></span>dendo<span class=\"_ _4\"></span>si la somma d<span class=\"_ _4\"></span>elle ven<span class=\"_ _4\"></span>dite </span><span style=\"display:inherit;clear:left;\">nei c<span class=\"_ _4\"></span>anali D<span class=\"_ _2\"></span>TC e <span class=\"ff5f ls32 ws122\">wholesale</span> (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>me ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate in bilancio<span class=\"_ _1\"></span>) al net<span class=\"_ _4\"></span>to di st<span class=\"_ _4\"></span>anziame<span class=\"_ _4\"></span>nti e resi (non sono, pe<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, inclus<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">altre comp<span class=\"_ _4\"></span>onenti di r<span class=\"_ _4\"></span>icavo quali <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span>, Ef<span class=\"_ _4\"></span>fetto <span class=\"ff5f ls5b ws14d\">Ca<span class=\"_ _4\"></span>sh f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dging</span> sui ri<span class=\"_ _4\"></span>cavi, lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ioni immobiliari, etc<span class=\"_ _4\"></span>.)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>EBITDA cumulato nel trie<span class=\"_ _4\"></span>nnio 2023-<span class=\"_ _2\"></span>2025 (<span class=\"_ _4\"></span>per il p<span class=\"_ _4\"></span>rimo Ciclo<span class=\"_ _1\"></span>) e nel t<span class=\"_ _4\"></span>riennio 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-20<span class=\"_ _1\"></span>26 (pe<span class=\"_ _4\"></span>r il seco<span class=\"_ _4\"></span>ndo Ciclo)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">tale inte<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>dosi il ri<span class=\"_ _4\"></span>sultato op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato in bilancio<span class=\"_ _2\"></span>) al l<span class=\"_ _4\"></span>ordo de<span class=\"_ _4\"></span>gli ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e delle s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali ed immateriali e de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso; </span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>)  <span class=\"_ _45\"></span>i. <span class=\"_ _4\"></span> <span class=\"_ _ac\"></span>me<span class=\"_ _4\"></span>dia ROIC nel t<span class=\"_ _4\"></span>riennio 2023-2025, per tal<span class=\"_ _4\"></span>e intende<span class=\"_ _4\"></span>ndosi il r<span class=\"_ _4\"></span>isultato n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo (come risult<span class=\"_ _4\"></span>ante dal bilan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anno di r<span class=\"_ _4\"></span>iferimento) diviso il c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">adjusted<span class=\"ff5c ls3 wsec\"> medio (quest<span class=\"_ _5\"></span>\u2019ultimo rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal capit<span class=\"_ _4\"></span>ale inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e </span></span><span style=\"display:inherit;clear:left;\">quelle cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>icate t<span class=\"_ _4\"></span>ra gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari) valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il primo Ciclo; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_\"> </span>  <span class=\"_ _ac\"></span><span class=\"ff5f ls3 ws5d\">Net Cash Flow<span class=\"_ _4\"></span><span class=\"ff5c\">: diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra Ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento f<span class=\"_ _4\"></span>inanziario n<span class=\"_ _4\"></span>etto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icato/(</span><span class=\"ls7 ws4\">surplus</span><span class=\"ff5c\">) a fine tri<span class=\"_ _4\"></span>ennio 2026 e Indebi<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nto f<span class=\"_ _4\"></span>inanziario net<span class=\"_ _4\"></span>to ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>icato/(<span class=\"ff5f ls7 ws4\">surplus<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">) a f<span class=\"_ _4\"></span>ine anno 2023 valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il se<span class=\"_ _4\"></span>condo Cicl<span class=\"_ _4\"></span>o;<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">d) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>ESG<span class=\"_ _4\"></span>, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il live<span class=\"_ _4\"></span>llo di rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambienta<span class=\"_ _4\"></span>le e sociale d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al primo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i. <span class=\"_ _160\"> </span>  <span class=\"_ _ac\"></span>met<span class=\"_ _4\"></span>rica su <span class=\"ff5f ws5d\">climate</span>: 100<span class=\"_ _4\"></span>% en<span class=\"_ _4\"></span>ergia rinnov<span class=\"_ _4\"></span>abile in tut<span class=\"_ _4\"></span>te le se<span class=\"_ _4\"></span>di azie<span class=\"_ _4\"></span>ndali nel mo<span class=\"_ _4\"></span>ndo entro il 2029; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span><span class=\"ff5f wsd7\">Ge<span class=\"_ _4\"></span>nder pa<span class=\"_ _4\"></span>y gap</span><span class=\"ls3 wsc2\"> pe<span class=\"_ _4\"></span>r i dipend<span class=\"_ _4\"></span>enti della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle controllate in No<span class=\"_ _4\"></span>rd </span></span><span style=\"display:inherit;clear:left;\">Ame<span class=\"_ _4\"></span>rica, C<span class=\"_ _4\"></span>orea e Cina; </span><span style=\"display:inherit;clear:left;\">iii. <span class=\"_ _1c\"></span>  <span class=\"_ _49\"></span>cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e Uni PdR 1<span class=\"_ _1c\"></span>25/<span class=\"_ _4\"></span>22 (i.e<span class=\"_ _4\"></span>. cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione sull<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>a adozione d<span class=\"_ _4\"></span>el sis<span class=\"_ _4\"></span>tema di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne per la p<span class=\"_ _4\"></span>arit\u00e0 di </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>re risp<span class=\"_ _4\"></span>etto a 6 are<span class=\"_ _4\"></span>e principali: Cultura e st<span class=\"_ _4\"></span>rategia, <span class=\"ff5f ls5b ws8\">G<span class=\"_ _4\"></span>overnan<span class=\"_ _4\"></span>ce</span>, Proce<span class=\"_ _4\"></span>ssi HR<span class=\"_ _4\"></span>, O<span class=\"_ _4\"></span>ppor<span class=\"_ _4\"></span>tunit<span class=\"_ _4\"></span>\u00e0 di cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">inclusio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>onne in azie<span class=\"_ _4\"></span>nda, Equit\u00e0 re<span class=\"_ _4\"></span>muner<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er gene<span class=\"_ _4\"></span>re, T<span class=\"_ _2\"></span>utela de<span class=\"_ _4\"></span>lla genitorialit<span class=\"_ _4\"></span>\u00e0 e conciliaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a-lavoro)<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al seco<span class=\"_ _4\"></span>ndo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i.  <span class=\"_ _1b6\"></span><span class=\"ff5f wsb4\"> <span class=\"_ _165\"></span>Me<span class=\"_ _4\"></span>tric on Supply chain<span class=\"ff5c\">: aument<span class=\"_ _4\"></span>are la tras<span class=\"_ _4\"></span>paren<span class=\"_ _4\"></span>za della c<span class=\"_ _4\"></span>atena di fornitur<span class=\"_ _4\"></span>a mappando il 6<span class=\"_ _4\"></span>0% d<span class=\"_ _4\"></span>ei fornitori di </span></span></span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>llette<span class=\"_ _4\"></span>ria (live<span class=\"_ _4\"></span>llo 1 e 2) acquisen<span class=\"_ _4\"></span>do informazio<span class=\"_ _4\"></span>ni ESG (<span class=\"ff5f ls57 ws97\">focus<span class=\"_ _4\"></span></span> su asp<span class=\"_ _4\"></span>etti s<span class=\"_ _4\"></span>ociali e </span><span style=\"display:inherit;clear:left;\">governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws6f\">)  </span></span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _4\"></span>el <span class=\"_ _ae\"> </span><span class=\"ff5f wse5\">Gende<span class=\"_ _4\"></span>r pay gap:</span><span class=\"ls3 ws15c\"> cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el risult<span class=\"_ _4\"></span>ato, def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di una <span class=\"ff5f ls2b wscf\">roadmap</span><span class=\"ls9 wsf3\"> e<span class=\"_ _1\"></span> implementazione </span></span></span><span style=\"display:inherit;clear:left;\">iniziative p<span class=\"_ _4\"></span>er colmare <span class=\"ff5f ls4 ws3\">gap</span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">iii.  <span class=\"_ _4\"></span><span class=\"ff5f ls56 ws3b3\"> Engagement</span><span class=\"ls3 ws0\">: Mi<span class=\"_ _4\"></span>surare entro il 2024 l\u2019<span class=\"_ _4\"></span>impegn<span class=\"_ _4\"></span>o dei dipe<span class=\"_ _4\"></span>ndenti e migli<span class=\"_ _4\"></span>orarlo ne<span class=\"_ _4\"></span>l 2026.  </span></span><span style=\"display:inherit;clear:left;\">Il numero di Dirit<span class=\"_ _4\"></span>ti Iniziali \u00e8 de<span class=\"_ _4\"></span>terminato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>vio pare<span class=\"_ _4\"></span>re favorevol<span class=\"_ _4\"></span>e del Comit<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni e Nomine sulla ba<span class=\"_ _4\"></span>se di un indic<span class=\"_ _4\"></span>atore pari ad un multip<span class=\"_ _4\"></span>lo/percentuale d<span class=\"_ _4\"></span>el comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>o fis<span class=\"_ _4\"></span>so di cias<span class=\"_ _4\"></span>cun </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciario e divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia del p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zo uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>iciale dell<span class=\"_ _4\"></span>e A<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>i 30 giorni pr<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enti il 1\u00b0 gennaio dell<span class=\"_ _4\"></span>\u2019anno di inizio di ciascun ciclo d<span class=\"_ _4\"></span>el Piano. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte al complet<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 ws84\"> di ciascun cicl<span class=\"_ _4\"></span>o del Piano, a ciascuno dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari sar\u00e0<span class=\"_ _4\"></span>, </span></span><span style=\"display:inherit;clear:left;\">inoltre<span class=\"_ _4\"></span>, attribuit<span class=\"_ _4\"></span>o a titolo gr<span class=\"_ _4\"></span>atuito un ulterio<span class=\"_ _4\"></span>re numero di dirit<span class=\"_ _4\"></span>ti ag<span class=\"_ _4\"></span>giuntivi c<span class=\"_ _4\"></span>alcolato in f<span class=\"_ _4\"></span>unzione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Iniziali ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">turati e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare cumulato dei di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pe<span class=\"_ _4\"></span>r A<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e distrib<span class=\"_ _4\"></span>uiti agli azio<span class=\"_ _4\"></span>nisti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. </span><span style=\"display:inherit;clear:left;\">nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do compre<span class=\"_ _4\"></span>so fr<span class=\"_ _4\"></span>a il primo giorn<span class=\"_ _4\"></span>o del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> e il g<span class=\"_ _4\"></span>iorno pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente la data di as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnazion<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>zioni (entrambi inclus<span class=\"_ _4\"></span>i).<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>as<span class=\"_ _4\"></span>segnazione delle A<span class=\"_ _4\"></span>zioni \u00e8 ul<span class=\"_ _1\"></span>teriormente condiziona<span class=\"_ _1\"></span>ta: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>alla p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza (non in per<span class=\"_ _4\"></span>iodo di pre<span class=\"_ _4\"></span>av<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to; e </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _49\"></span>all<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>nza di v<span class=\"_ _4\"></span>iolazi<span class=\"_ _4\"></span>oni di par<span class=\"_ _4\"></span>ticolare gr<span class=\"_ _4\"></span>avit\u00e0 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Etico del G<span class=\"_ _4\"></span>ruppo che ab<span class=\"_ _4\"></span>biano quale cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza la ce<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rto di lavo<span class=\"_ _4\"></span>ro. </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni, nel numero c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>nte ai relativ<span class=\"_ _4\"></span>i diritti t<span class=\"_ _4\"></span>otali, sar<span class=\"_ _4\"></span>anno ass<span class=\"_ _4\"></span>egnate ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, tr<span class=\"_ _4\"></span>amite appo<span class=\"_ _4\"></span>sita co<span class=\"_ _4\"></span>mu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nica<span class=\"_ _4\"></span>zione da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., n<span class=\"_ _4\"></span>on oltre il tre<span class=\"_ _4\"></span>ntesim<span class=\"_ _4\"></span>o giorno di c<span class=\"_ _4\"></span>alendari<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla data </span><span style=\"display:inherit;clear:left;\">di approva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io social<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019ultimo anno di ciascun cicl<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni in es<span class=\"_ _4\"></span>ecu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Piano av<span class=\"_ _4\"></span>verr\u00e0 imp<span class=\"_ _4\"></span>iegan<span class=\"_ _4\"></span>do azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti aut<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati dall'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>gli art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civ<span class=\"_ _4\"></span>ile. </span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _18b\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>160.149 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>257.069 <span class=\"_ _12d\"> </span>164.475 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _d3\"> </span>26.502 <span class=\"_ _211\"> </span>4.326 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _339\"> </span>- <span class=\"_ _2cc\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>390.716 <span class=\"_ _219\"> </span>160.149 </span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni.</span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _a6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) </span></span></span></span><span style=\"display:inherit;clear:left;\">Numero<span class=\"_ _1bb\"> </span></span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _1\"></span>alue <span class=\"_ _242\"> </span><span class=\"ff62\">Numer<span class=\"_ _1\"></span>o<span class=\"_ _16e\"> </span><span class=\"ff63\">F<span class=\"_ _2\"></span>air value </span></span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti della Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>80.247 <span class=\"_ _a1\"> </span>100 <span class=\"_ _b4\"> </span>- <span class=\"_ _e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>137.313 <span class=\"_ _2a6\"> </span>7 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">- annullati durante l'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>15.564 <span class=\"_ _297\"> </span>19 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>201.996 <span class=\"_ _a1\"> </span>218 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti di societ\u00e0 controll<span class=\"_ _1\"></span>ate<span class=\"_ _11a\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _c4\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>79.902 <span class=\"_ _208\"> </span>99 <span class=\"_ _ec\"> </span>- <span class=\"_ _2a3\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>119.756 <span class=\"_ _2a6\"> </span>6 <span class=\"_ _e0\"> </span>84.228 <span class=\"_ _1b9\"> </span>107 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>10.938 <span class=\"_ _297\"> </span>14 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>188.720 <span class=\"_ _a1\"> </span>230 <span class=\"_ _e0\"> </span>79.902 <span class=\"_ _ec\"> </span>99 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale diritti a ricever<span class=\"_ _2\"></span>e azioni<span class=\"_ _10f\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _216\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _da\"> </span>160.149 <span class=\"_ _15b\"> </span>199 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>257.069 <span class=\"_ _297\"> </span>13 <span class=\"_ _1f0\"> </span>164.475 <span class=\"_ _105\"> </span>207 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>26.502 <span class=\"_ _297\"> </span>33 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>390.716 <span class=\"_ _a1\"> </span>448 <span class=\"_ _2b0\"> </span>160.149 <span class=\"_ _1b9\"> </span>199 </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al p<span class=\"_ _4\"></span>rimo Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di ves<span class=\"_ _4\"></span>ting 2023-<span class=\"_ _1\"></span>2025, alla data di av<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>o del Piano (<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel me<span class=\"_ _4\"></span>se di </span><span style=\"display:inherit;clear:left;\">otto<span class=\"_ _4\"></span>bre 2023, in seg<span class=\"_ _4\"></span>uito al comple<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>che prope<span class=\"_ _4\"></span>deut<span class=\"_ _4\"></span>iche alla comunic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del piano ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>iduati dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>az<span class=\"_ _4\"></span>ione deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 47<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati as<span class=\"_ _4\"></span>segnat<span class=\"_ _4\"></span>i 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>4.4<span class=\"_ _1\"></span>75 diritti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati originariame<span class=\"_ _4\"></span>nte indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate: Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o USA Inc<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>. de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L. de C<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>., Fe<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo B<span class=\"_ _4\"></span>rasil Roup<span class=\"_ _4\"></span>as e Ace<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>rios Ltda., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Korea Ltd., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Hong Kong Ltd., </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>ding (<span class=\"_ _1\"></span>Shanghai) Co. Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Retail T<span class=\"_ _2\"></span>aiwan Limit<span class=\"_ _4\"></span>ed e Fe<span class=\"_ _4\"></span>rragamo Re<span class=\"_ _4\"></span>tail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 36 (<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>33.6<span class=\"_ _4\"></span>47 diritti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati), stante l<span class=\"_ _4\"></span>\u2019uscit<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del </span><span style=\"display:inherit;clear:left;\">2023 e del 2024, di sette dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di societ<span class=\"_ _4\"></span>\u00e0 contro<span class=\"_ _4\"></span>llate e, nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4, di quat<span class=\"_ _4\"></span>tro dipen<span class=\"_ _4\"></span>denti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. Un m<span class=\"_ _4\"></span>embro de<span class=\"_ _4\"></span>l Consigli<span class=\"_ _4\"></span>o di Amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e \u00e8 tra i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari del p<span class=\"_ _4\"></span>iano. </span><span style=\"display:inherit;clear:left;\">Sulla base d<span class=\"_ _4\"></span>ei dati prev<span class=\"_ _4\"></span>isionali pr<span class=\"_ _4\"></span>edisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls5a wsd4\">management</span> azie<span class=\"_ _4\"></span>ndale, ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la miglior s<span class=\"_ _4\"></span>tima ef<span class=\"_ _4\"></span>fettuab<span class=\"_ _4\"></span>ile </span><span style=\"display:inherit;clear:left;\">dal Grupp<span class=\"_ _4\"></span>o sulle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te nel t<span class=\"_ _4\"></span>riennio de<span class=\"_ _4\"></span>l primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025), sono s<span class=\"_ _4\"></span>tate ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">le st<span class=\"_ _4\"></span>ime sul rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span> econ<span class=\"_ _4\"></span>omico<span class=\"_ _4\"></span>-finan<span class=\"_ _4\"></span>ziaria e degli in<span class=\"_ _4\"></span>dicatori E<span class=\"_ _4\"></span>SG, a<span class=\"_ _4\"></span>deguand<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vo costo an<span class=\"_ _4\"></span>che con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, come p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>to dai principi c<span class=\"_ _4\"></span>ontabili ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a <span class=\"ff5f ws0\">non </span></span><span style=\"display:inherit;clear:left;\">market c<span class=\"_ _1\"></span>ondition<span class=\"ff5c ls0 wse3\">. P<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, il numero di dirit<span class=\"_ _4\"></span>ti che s<span class=\"_ _4\"></span>aranno es<span class=\"_ _4\"></span>ercit<span class=\"_ _4\"></span>ati alla fin<span class=\"_ _4\"></span>e del piano s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati stimati p<span class=\"_ _4\"></span>ari a 63.483 </span></span><span style=\"display:inherit;clear:left;\">diritti; la ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">st<span class=\"_ _4\"></span>ock grant</span> al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>e tale a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls7f ws13b\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2026, alla dat<span class=\"_ _4\"></span>a di av<span class=\"_ _4\"></span>vio de<span class=\"_ _4\"></span>l Piano (<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta nel m<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4, in s<span class=\"_ _4\"></span>eguito al c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle verif<span class=\"_ _4\"></span>iche p<span class=\"_ _4\"></span>rope<span class=\"_ _4\"></span>deutich<span class=\"_ _4\"></span>e alla comunica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l piano ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari, indiv<span class=\"_ _4\"></span>iduati </span><span style=\"display:inherit;clear:left;\">dal Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 56 ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egnati 2<span class=\"_ _4\"></span>57<span class=\"_ _1c\"></span>.0<span class=\"_ _4\"></span>69 dirit<span class=\"_ _4\"></span>ti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle seg<span class=\"_ _4\"></span>uenti </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 co<span class=\"_ _4\"></span>ntrollate: Ferrag<span class=\"_ _4\"></span>amo USA Inc<span class=\"_ _4\"></span>., Fer<span class=\"_ _4\"></span>ragamo Br<span class=\"_ _4\"></span>asil Roupa<span class=\"_ _4\"></span>s e Aces<span class=\"_ _4\"></span>sori<span class=\"_ _4\"></span>os Ltda., Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K., F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Ko<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rea Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Hong Kong Ltd. e Fe<span class=\"_ _4\"></span>rragamo Fas<span class=\"_ _4\"></span>hion T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>ading (Shanghai) Co. Ltd.. Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 sono<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">in azie<span class=\"_ _4\"></span>nda tutt<span class=\"_ _4\"></span>i i des<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano. Un membro d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari de<span class=\"_ _4\"></span>l piano. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nati \u00e8 st<span class=\"_ _4\"></span>ata realiz<span class=\"_ _5\"></span>zat<span class=\"_ _4\"></span>a rifle<span class=\"_ _4\"></span>tten<span class=\"_ _4\"></span>do le con<span class=\"_ _4\"></span>dizioni di me<span class=\"_ _4\"></span>rcato f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">valide alla dat<span class=\"_ _4\"></span>a di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, adott<span class=\"_ _4\"></span>ando una me<span class=\"_ _4\"></span>todo<span class=\"_ _4\"></span>logia che s<span class=\"_ _4\"></span>egue l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ione <span class=\"ff5f\">risk neut<span class=\"_ _4\"></span>ral</span> tipica di que<span class=\"_ _4\"></span>sti piani. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente alla quantif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r la stima de<span class=\"_ _4\"></span>lla media de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l titolo a di<span class=\"_ _4\"></span>cembre 2025 </span><span style=\"display:inherit;clear:left;\">e dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _1\"></span>6 \u00e8 st<span class=\"_ _4\"></span>ata utiliz<span class=\"_ _5\"></span>zata la s<span class=\"_ _4\"></span>imulazion<span class=\"_ _4\"></span>e stoc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etod<span class=\"_ _4\"></span>o Monte Carl<span class=\"_ _4\"></span>o che, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>une </span><span style=\"display:inherit;clear:left;\">ipote<span class=\"_ _4\"></span>si, ha cons<span class=\"_ _4\"></span>entito di de<span class=\"_ _4\"></span>finire un co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tente numero di s<span class=\"_ _4\"></span>cenari alt<span class=\"_ _4\"></span>ernativ<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019arco tempor<span class=\"_ _4\"></span>ale consi<span class=\"_ _4\"></span>derato. In p<span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ticolare<span class=\"_ _4\"></span>, in ogni sc<span class=\"_ _4\"></span>enario la proie<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuata a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dal valore inizial<span class=\"_ _4\"></span>e, se<span class=\"_ _4\"></span>condo un </span><span style=\"display:inherit;clear:left;\">moto ge<span class=\"_ _4\"></span>ometric<span class=\"_ _4\"></span>o Browniano. I div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di atte<span class=\"_ _4\"></span>si sono inc<span class=\"_ _4\"></span>lusi nella d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla stima de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le prin<span class=\"_ _4\"></span>cipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws150\"> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 ws95\"> 202<span class=\"_ _4\"></span>3-<span class=\"_ _1\"></span>2025 all<span class=\"_ _4\"></span>a data </span></span></span></span><span style=\"display:inherit;clear:left;\">di as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33a\"> </span>11 ottobre 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>12,03</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>32,43%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>3,58%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione.</span><span style=\"display:inherit;clear:left;\">** Derivato dalla curv<span class=\"_ _1\"></span>a dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione c<span class=\"_ _1\"></span>on riferimento alla scadenza del piano  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Restrict<span class=\"_ _4\"></span>ed Shares</span> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025 alla data di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione re<span class=\"_ _4\"></span>lativam<span class=\"_ _4\"></span>ente al se<span class=\"_ _4\"></span>condo Ci<span class=\"_ _4\"></span>clo.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all'assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33b\"> </span>27 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>6,815</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>44,31%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>2,19%</span><span style=\"display:inherit;clear:left;\">43. Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>di <span class=\"_ _4\"></span>di <span class=\"_ _5\"></span><span class=\"ff5f ls30 ws95\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff5f lsf7 ws157\">Ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>l<span class=\"_ _5\"></span></span> su Inter<span class=\"_ _2\"></span>essenze di Minor<span class=\"_ _2\"></span>anza</span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 cre<span class=\"_ _4\"></span>sciuto ne<span class=\"_ _4\"></span>gli ultimi anni preval<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte pe<span class=\"_ _4\"></span>r crescit<span class=\"_ _4\"></span>a interna<span class=\"_ _4\"></span>. In alcune aree ge<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">graf<span class=\"_ _4\"></span>iche, in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>el contine<span class=\"_ _4\"></span>nte asiatico, ha reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato la sua e<span class=\"_ _4\"></span>spans<span class=\"_ _4\"></span>ione geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica anch<span class=\"_ _4\"></span>e tramite <span class=\"ff5f ls2c ws110\">partnership<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">con dis<span class=\"_ _4\"></span>tributor<span class=\"_ _4\"></span>i locali<span class=\"_ _4\"></span>. In relazio<span class=\"_ _4\"></span>ne a ques<span class=\"_ _4\"></span>te <span class=\"ff5f ls2c ws110\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls3 ws146\">, gli <span class=\"ff5f\">Shareholder<span class=\"_ _4\"></span>s\u2019 A<span class=\"_ _4\"></span>greeme<span class=\"_ _4\"></span>nt</span> regolano i r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti tr<span class=\"_ _4\"></span>a i </span>partners<span class=\"ff5c ls0 ws0\">, </span></span></span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>abilisco<span class=\"_ _4\"></span>no le rego<span class=\"_ _4\"></span>le di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls9 ws13c\"> e con<span class=\"_ _1\"></span>tengono al<span class=\"_ _1\"></span>cune prevision<span class=\"_ _1\"></span>i di op<span class=\"_ _2\"></span>zioni <span class=\"ff5f ls5b ws8\">put</span><span class=\"ls3 ws134\"> e di opzioni <span class=\"ff5f ws5d\">c<span class=\"_ _4\"></span>all</span><span class=\"ls6 ws169\"> che gl<span class=\"_ _1\"></span>i azionisti </span></span></span></span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o ese<span class=\"_ _4\"></span>rcitare in ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni.   </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 l\u2019unico accor<span class=\"_ _4\"></span>do rimast<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere su inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoran<span class=\"_ _4\"></span>ze riguarda Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _4\"></span>.K<span class=\"_ _4\"></span>. e </span><span style=\"display:inherit;clear:left;\">preve<span class=\"_ _4\"></span>de la pos<span class=\"_ _4\"></span>sibilit<span class=\"_ _4\"></span>\u00e0 che i so<span class=\"_ _4\"></span>ci di minoranz<span class=\"_ _4\"></span>a, che det<span class=\"_ _4\"></span>engono, cumulativ<span class=\"_ _4\"></span>amente, dal m<span class=\"_ _4\"></span>ese di lug<span class=\"_ _4\"></span>lio 2022, una quota d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>0<span class=\"_ _4\"></span>,87% (in pre<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>nza 29<span class=\"_ _4\"></span>%)<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sano ce<span class=\"_ _4\"></span>dere le p<span class=\"_ _4\"></span>roprie a<span class=\"_ _4\"></span>zioni alla Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., ad un pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo contr<span class=\"_ _4\"></span>at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tualmente d<span class=\"_ _4\"></span>eterminato in pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>ate nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie o in c<span class=\"_ _4\"></span>aso di mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lle proprie s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie </span><span style=\"display:inherit;clear:left;\">di inves<span class=\"_ _4\"></span>timento ne<span class=\"_ _4\"></span>l set<span class=\"_ _4\"></span>tore de<span class=\"_ _4\"></span>l luss<span class=\"_ _4\"></span>o. Cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>ntemente a p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ire dal bilancio al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 201<span class=\"_ _2\"></span>0 \u00e8 st<span class=\"_ _4\"></span>ata is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a una </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alla pos<span class=\"_ _4\"></span>sibilit\u00e0 di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> da p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ei so<span class=\"_ _4\"></span>ci di minoranz<span class=\"_ _4\"></span>a sulla quota </span><span style=\"display:inherit;clear:left;\">di loro prop<span class=\"_ _4\"></span>riet\u00e0; al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria ris<span class=\"_ _4\"></span>ulta pari a Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>334 migliaia, mentre risult<span class=\"_ _4\"></span>ava pari a </span><span style=\"display:inherit;clear:left;\">Euro 898 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023 e nulla al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2022, 202<span class=\"_ _2\"></span>1 e 2020. Poich\u00e9 il Gr<span class=\"_ _4\"></span>uppo Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo </span><span style=\"display:inherit;clear:left;\">non ha rite<span class=\"_ _4\"></span>nuto di avere acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici eco<span class=\"_ _4\"></span>nomici colle<span class=\"_ _4\"></span>gati a t<span class=\"_ _4\"></span>ale quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e, a ogni data di v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">eventuali ad<span class=\"_ _4\"></span>eguame<span class=\"_ _4\"></span>nti di valore d<span class=\"_ _4\"></span>ella <span class=\"ff5f ls5b ws8\">put</span> vengo<span class=\"_ _4\"></span>no rilevat<span class=\"_ _4\"></span>i dirett<span class=\"_ _4\"></span>amente a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span></span> </span><span style=\"display:inherit;clear:left;\">44. Infor<span class=\"_ _2\"></span>mativa di settor<span class=\"_ _1c\"></span>e</span><span style=\"display:inherit;clear:left;\">Il principio c<span class=\"_ _4\"></span>ontabile IFR<span class=\"_ _4\"></span>S 8 - Seg<span class=\"_ _4\"></span>menti op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vi richie<span class=\"_ _4\"></span>de che siano fo<span class=\"_ _4\"></span>rnite informazio<span class=\"_ _4\"></span>ni dett<span class=\"_ _4\"></span>agliate pe<span class=\"_ _4\"></span>r ogni se<span class=\"_ _4\"></span>gmen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to op<span class=\"_ _4\"></span>erativo, inte<span class=\"_ _4\"></span>so com<span class=\"_ _4\"></span>e una compone<span class=\"_ _4\"></span>nte di un\u2019entit\u00e0 i cui r<span class=\"_ _4\"></span>isultati o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ivi so<span class=\"_ _4\"></span>no pe<span class=\"_ _4\"></span>riodic<span class=\"_ _4\"></span>amente ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ti dal <span class=\"ff5f ls32 ws122\">top </span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019adozione di de<span class=\"_ _4\"></span>cisioni in me<span class=\"_ _4\"></span>rito alle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e da alloc<span class=\"_ _4\"></span>are e della valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della </span><span class=\"ls2b wscf\">pe<span class=\"_ _4\"></span>rformance<span class=\"ff5c ls0 ws2d9\">.  </span></span></span><span style=\"display:inherit;clear:left;\">A livello ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ionale, l<span class=\"_ _4\"></span>\u2019organiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o si bas<span class=\"_ _4\"></span>a su una stru<span class=\"_ _4\"></span>ttura a matri<span class=\"_ _4\"></span>ce, ar<span class=\"_ _4\"></span>ticolat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">canale dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo, area geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica  e c<span class=\"_ _4\"></span>ategoria me<span class=\"_ _4\"></span>rceol<span class=\"_ _4\"></span>ogica<span class=\"_ _4\"></span>, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto  non son<span class=\"_ _4\"></span>o identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili segm<span class=\"_ _4\"></span>enti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i ed </span><span style=\"display:inherit;clear:left;\">il <span class=\"ff5f ls56 ws14d\">top managem<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsa6\"> rived<span class=\"_ _4\"></span>e i risult<span class=\"_ _4\"></span>ati econ<span class=\"_ _4\"></span>omici a livello di G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>el suo ins<span class=\"_ _4\"></span>ieme<span class=\"_ _4\"></span>. Quindi l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo \u00e8 st<span class=\"_ _4\"></span>ata </span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntata co<span class=\"_ _4\"></span>me un unico set<span class=\"_ _4\"></span>tore og<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto di informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 8<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi DT<span class=\"_ _2\"></span>C<span class=\"_ _33c\"> </span>776.700 <span class=\"_ _81\"> </span>824.204 </span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"ff64 ws3b4\"> Wholesale<span class=\"_ _31e\"> </span></span>232.579 <span class=\"_ _81\"> </span>295.290 </span><span style=\"display:inherit;clear:left;\">Vendite nette<span class=\"_ _a9\"> </span>1.009.279 <span class=\"_ _2da\"> </span>1.119.494 </span><span style=\"display:inherit;clear:left;\">Effetto </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedging<span class=\"ff61\"> sui Rica<span class=\"_ _1\"></span>vi<span class=\"_ _1b0\"> </span>4.842 <span class=\"_ _b7\"> </span>16.845 </span></span><span style=\"display:inherit;clear:left;\">Lic<span class=\"_ _1\"></span>enze e prest<span class=\"_ _1\"></span>azioni<span class=\"_ _339\"> </span>17.530 <span class=\"_ _f3\"> </span>17.218 </span><span style=\"display:inherit;clear:left;\">Locazioni Immobiliari <span class=\"_ _339\"> </span>3.455 <span class=\"_ _336\"> </span>2.714 </span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"_ _1e6\"> </span>1.035.106 <span class=\"_ _2da\"> </span>1.156.271 </span><span style=\"display:inherit;clear:left;\">di cui in Italia<span class=\"_ _33d\"> </span>122.016 <span class=\"_ _81\"> </span>128.534 </span><span style=\"display:inherit;clear:left;\">Margine Lor<span class=\"_ _2\"></span>do<span class=\"_ _23b\"> </span>740.008 <span class=\"_ _2e0\"> </span>839.432 </span><span style=\"display:inherit;clear:left;\">Margine Lor<span class=\"_ _2\"></span>do %<span class=\"_ _2a\"> </span>71,5% <span class=\"_ _1d3\"> </span>72,6% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti del personale<span class=\"_ _196\"> </span>(217.893) <span class=\"_ _6a\"> </span>(223.102) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per affitti<span class=\"_ _23b\"> </span>(72.391) <span class=\"_ _2e0\"> </span>(81.203) </span><span style=\"display:inherit;clear:left;\">Ammortamenti e svalutazioni di attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2a7\"> </span>(264.079) <span class=\"_ _6a\"> </span>(179.623) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per comunicazione<span class=\"_ _33e\"> </span>(79.300) <span class=\"_ _6a\"> </span>(105.436) </span><span style=\"display:inherit;clear:left;\">Altri costi (al netto degli altri pro<span class=\"_ _1\"></span>venti)<span class=\"_ _182\"> </span>(155.346) <span class=\"_ _6a\"> </span>(178.046) </span><span style=\"display:inherit;clear:left;\">Risultato oper<span class=\"_ _1\"></span>ativo<span class=\"_ _a8\"> </span>(49.001) <span class=\"_ _f2\"> </span>72.022 </span><span style=\"display:inherit;clear:left;\">(Oneri)/prov<span class=\"_ _1\"></span>enti finanziari netti<span class=\"_ _314\"> </span>(26.576) <span class=\"_ _2e0\"> </span>(26.438) </span><span style=\"display:inherit;clear:left;\">Risultato prima delle imposte<span class=\"_ _2f7\"> </span>(75.577) <span class=\"_ _f2\"> </span>45.584 </span><span style=\"display:inherit;clear:left;\">Imposte sul reddito<span class=\"_ _31e\"> </span>7.508 <span class=\"_ _212\"> </span>(19.349) </span><span style=\"display:inherit;clear:left;\">Risultato netto <span class=\"_ _2d0\"> </span>(68.069)<span class=\"_ _4\"></span> <span class=\"_ _33f\"> </span>26.235 </span><span style=\"display:inherit;clear:left;\">EB<span class=\"_ _4\"></span>ITD<span class=\"_ _1\"></span>A*<span class=\"_ _340\"> </span><span class=\"ls0 ws0\">215.218 <span class=\"_ _2e0\"> </span>251.811 </span></span><span style=\"display:inherit;clear:left;\">* P<span class=\"_ _2\"></span>er la definizione di E<span class=\"_ _4\"></span>BITD<span class=\"_ _2\"></span>A si rimanda allo specifico paragr<span class=\"_ _2\"></span>afo della Relazione sulla gestione in merito agli indicatori alternati<span class=\"_ _1\"></span>vi di <span class=\"ff5f\">performanc<span class=\"_ _1\"></span>e<span class=\"ff5c\">. </span></span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _163\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023 </span><span style=\"display:inherit;clear:left;\">Rimanenze e Diritti di rec<span class=\"_ _1\"></span>upero pr<span class=\"_ _2\"></span>odotti da clienti per resi<span class=\"_ _98\"> </span>313.799 <span class=\"_ _81\"> </span>304.389</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi commerciali<span class=\"_ _21c\"> </span>84.580 <span class=\"_ _ca\"> </span>106.821</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali e In<span class=\"_ _2\"></span>vestimenti immobiliari<span class=\"_ _14d\"> </span>212.023 <span class=\"_ _81\"> </span>223.354</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso<span class=\"_ _341\"> </span>528.627 <span class=\"_ _81\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita e Avviamento<span class=\"_ _202\"> </span>38.551 <span class=\"_ _b7\"> </span>43.551</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0<span class=\"_ _334\"> </span>234.284 <span class=\"_ _81\"> </span>212.342</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 nette possedute per l<span class=\"_ _1\"></span>a vendita<span class=\"_ _342\"> </span>67 <span class=\"_ _69\"> </span>63</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale attivit\u00e0 al lordo della liquidit\u00e0 e dei cr<span class=\"_ _2\"></span>editi finanziari correnti<span class=\"_ _f4\"> </span>1.411.931 <span class=\"_ _2da\"> </span>1.507.132</span><span style=\"display:inherit;clear:left;\">Indebitamento finanziario netto<span class=\"_ _2b9\"> </span>503.566 <span class=\"_ _ca\"> </span>486.653</span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali e P<span class=\"_ _2\"></span>assivit\u00e0 per resi<span class=\"_ _1fe\"> </span>175.927 <span class=\"_ _81\"> </span>182.886</span><span style=\"display:inherit;clear:left;\">Altre passivit\u00e0<span class=\"_ _312\"> </span>112.352 <span class=\"_ _81\"> </span>115.430</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _31e\"> </span>620.086 <span class=\"_ _81\"> </span>722.163</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivo e PN (al netto della liquidit\u00e0 e dei cr<span class=\"_ _1\"></span>editi finanziari cor<span class=\"_ _1\"></span>renti)<span class=\"_ _343\"> </span>1.411.931 <span class=\"_ _2da\"> </span>1.507.132</span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente all<span class=\"_ _4\"></span>e informazioni richi<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 8 si rimanda a quanto es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to nella Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla ges<span class=\"_ _4\"></span>tione p<span class=\"_ _4\"></span>er i </span><span style=\"display:inherit;clear:left;\">det<span class=\"_ _4\"></span>tagli e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i comme<span class=\"_ _4\"></span>nti sui ricav<span class=\"_ _4\"></span>i suddi<span class=\"_ _4\"></span>visi p<span class=\"_ _4\"></span>er area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, canale dis<span class=\"_ _4\"></span>tributi<span class=\"_ _4\"></span>vo e catego<span class=\"_ _4\"></span>ria merce<span class=\"_ _4\"></span>ologi<span class=\"_ _4\"></span>ca. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tano le informa<span class=\"_ _4\"></span>zioni rife<span class=\"_ _4\"></span>rite alle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>n esclu<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari e </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali diffe<span class=\"_ _4\"></span>rite) allocate in bas<span class=\"_ _4\"></span>e alla loro lo<span class=\"_ _4\"></span>caliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e geogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _2\"></span>opa <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Nord <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Asia <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _a6\"> </span>Italia</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _4\"></span>esclusa Italia)</span><span style=\"display:inherit;clear:left;\">America<span class=\"_ _e1\"> </span>Giappone</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>acifico</span><span style=\"display:inherit;clear:left;\">Sud America<span class=\"_ _1e4\"> </span><span class=\"ws0\">Consolidato</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _155\"> </span>285.628<span class=\"_ _30b\"> </span>162.669<span class=\"_ _89\"> </span>220.139<span class=\"_ _67\"> </span>30.961<span class=\"_ _127\"> </span>90.842<span class=\"_ _74\"> </span>6.257<span class=\"_ _30b\"> </span>796.496</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _155\"> </span>290.709<span class=\"_ _30b\"> </span>190.832<span class=\"_ _89\"> </span>245.429<span class=\"_ _67\"> </span>31.892<span class=\"_ _89\"> </span>123.711<span class=\"_ _67\"> </span>19.200<span class=\"_ _89\"> </span>901.773</span><span style=\"display:inherit;clear:left;\">45. Oper<span class=\"_ _2\"></span>azioni c<span class=\"_ _2\"></span>on parti cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elate</span><span style=\"display:inherit;clear:left;\">Nel p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nte paragrafo s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti i rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i con par<span class=\"_ _4\"></span>ti corr<span class=\"_ _4\"></span>elate intercor<span class=\"_ _4\"></span>si ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 2023.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">e altre </span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">passivit\u00e0 </span><span style=\"display:inherit;clear:left;\">e C<span class=\"_ _1\"></span>osti Operati<span class=\"_ _1\"></span>vi </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">finanziarie </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti e </span><span style=\"display:inherit;clear:left;\">(al netto degli </span><span style=\"display:inherit;clear:left;\">Oneri</span><span style=\"display:inherit;clear:left;\">diritto </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">Debiti</span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi</span><span style=\"display:inherit;clear:left;\">altri proventi)</span><span style=\"display:inherit;clear:left;\">finanziari</span><span style=\"display:inherit;clear:left;\">d\u2019uso</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 contr<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Finanziaria S.p.A.</span><span style=\"display:inherit;clear:left;\">58<span class=\"_ _b9\"> </span>(87)<span class=\"_ _87\"> </span>(17)<span class=\"_ _164\"> </span>416<span class=\"_ _b6\"> </span>-<span class=\"_ _77\"> </span>12.576<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _1dc\"> </span>(455)</span><span style=\"display:inherit;clear:left;\">(societ\u00e0 che esercita atti<span class=\"_ _1\"></span>vit\u00e0 di </span><span style=\"display:inherit;clear:left;\">direzione e c<span class=\"_ _1\"></span>oordinamento  </span><span style=\"display:inherit;clear:left;\">su Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.)</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 cor<span class=\"_ _1\"></span>relate</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>alazzo Feroni F<span class=\"_ _1\"></span>inanziaria S.p.A.<span class=\"_ _65\"> </span>25<span class=\"_ _b4\"> </span>(9.370)<span class=\"_ _1e8\"> </span>(3.248)<span class=\"_ _1f0\"> </span>69.411<span class=\"_ _bf\"> </span>1<span class=\"_ _1ba\"> </span>-<span class=\"_ _88\"> </span>(53)<span class=\"_ _7c\"> </span>-<span class=\"_ _256\"> </span>(79.035)</span><span style=\"display:inherit;clear:left;\">Lungar<span class=\"_ _1\"></span>no Alberghi S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _6f\"> </span><span class=\"ws0\">12<span class=\"_ _c1\"> </span>(2.995)<span class=\"_ _1dc\"> </span>(574)<span class=\"_ _241\"> </span>13.427<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _89\"> </span>(84)<span class=\"_ _b2\"> </span>-<span class=\"_ _180\"> </span>(15.619)</span></span><span style=\"display:inherit;clear:left;\">Fondazione Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _2e1\"> </span>2<span class=\"_ _bc\"> </span>(189)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _89\"> </span>(50)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 riconducibili a membri del C<span class=\"_ _2\"></span>onsiglio di Amministrazione</span><span style=\"display:inherit;clear:left;\">Dal Borr<span class=\"_ _2\"></span>o S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _1d7\"> </span>56<span class=\"_ _82\"> </span>(8)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _c1\"> </span>35<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Club Sw<span class=\"_ _1\"></span>an Racing S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _162\"> </span>22<span class=\"_ _b9\"> </span>(22)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _b6\"> </span>-<span class=\"_ _1b9\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o S.r<span class=\"_ _2\"></span>.l. Societ\u00e0 agricola<span class=\"_ _78\"> </span>2<span class=\"_ _82\"> </span>(1)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o T<span class=\"_ _2\"></span>uscan Bistro S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _6e\"> </span>-<span class=\"_ _82\"> </span>(2)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Rubino S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _cb\"> </span>-<span class=\"_ _b9\"> </span>(61)<span class=\"_ _151\"> </span>(1)<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _8a\"> </span>5<span class=\"_ _67\"> </span>(1)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Sole Studio S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _199\"> </span>1<span class=\"_ _1f1\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Halldis Italia S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _1d1\"> </span>-<span class=\"_ _1f1\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>1<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Altre parti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate </span><span style=\"display:inherit;clear:left;\">Massimo Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _1c2\"> </span>-<span class=\"_ _bc\"> </span>(140)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _b6\"> </span>-<span class=\"_ _1b9\"> </span>-<span class=\"_ _89\"> </span>(12)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Riccar<span class=\"_ _2\"></span>do Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _2ae\"> </span>-<span class=\"_ _7e\"> </span>(76)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _8b\"> </span>(6)<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Giovanna F<span class=\"_ _1\"></span>err<span class=\"_ _2\"></span>agamo<span class=\"_ _20e\"> </span>-<span class=\"_ _b9\"> </span>(90)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Angiolo Anichini<span class=\"_ _28c\"> </span><span class=\"ws0\">-<span class=\"_ _bc\"> </span>(182)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _60\"> </span>(32)<span class=\"_ _74\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti c<span class=\"_ _1\"></span>on </span><span style=\"display:inherit;clear:left;\">-<span class=\"_ _c1\"> </span>(6.658)<span class=\"_ _2f5\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _1e2\"> </span>(277)<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>178<span class=\"_ _b1\"> </span>(19.881)<span class=\"_ _e0\"> </span>(3.840)<span class=\"_ _242\"> </span>83.254<span class=\"_ _21\"> </span>37<span class=\"_ _1f0\"> </span>12.581<span class=\"_ _23f\"> </span>(200)<span class=\"_ _26c\"> </span>(315)<span class=\"_ _2b0\"> </span>(95.109)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Gruppo<span class=\"_ _1b4\"> </span>1.035.106<span class=\"_ _1e2\"> </span>(1.084.107)<span class=\"_ _77\"> </span>(64.743)<span class=\"_ _10\"> </span>528.627<span class=\"_ _19a\"> </span>84.580<span class=\"_ _241\"> </span>59.608<span class=\"_ _1bd\"> </span>(164.446)<span class=\"_ _7b\"> </span>(58.874)<span class=\"_ _166\"> </span>(676.346)</span><span style=\"display:inherit;clear:left;\">% incidenza<span class=\"_ _1cf\"> </span>0,0%<span class=\"_ _e2\"> </span>1,8%<span class=\"_ _17c\"> </span>5,9%<span class=\"_ _23\"> </span>15,7%<span class=\"_ _87\"> </span>0,0%<span class=\"_ _23\"> </span>21,1%<span class=\"_ _123\"> </span>0,1%<span class=\"_ _19c\"> </span>0,5%<span class=\"_ _26c\"> </span>14,1%</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">e altre </span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">passivit\u00e0 </span><span style=\"display:inherit;clear:left;\">e C<span class=\"_ _1\"></span>osti Operati<span class=\"_ _1\"></span>vi </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">finanziarie </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti e </span><span style=\"display:inherit;clear:left;\">(al netto degli </span><span style=\"display:inherit;clear:left;\">Oneri</span><span style=\"display:inherit;clear:left;\">diritto </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">Debiti</span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi</span><span style=\"display:inherit;clear:left;\">altri proventi)</span><span style=\"display:inherit;clear:left;\">finanziari</span><span style=\"display:inherit;clear:left;\">d\u2019uso</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 contr<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Finanziaria S.p.A.</span><span style=\"display:inherit;clear:left;\">57<span class=\"_ _25\"> </span>(85)<span class=\"_ _1b9\"> </span>(19)<span class=\"_ _123\"> </span>500<span class=\"_ _7e\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _8a\"> </span></span>14<span class=\"_ _b9\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _233\"> </span></span>(4.942)<span class=\"_ _8b\"> </span>(538)</span><span style=\"display:inherit;clear:left;\">(societ\u00e0 che esercita atti<span class=\"_ _1\"></span>vit\u00e0 di </span><span style=\"display:inherit;clear:left;\">direzione e c<span class=\"_ _1\"></span>oordinamento <span class=\"ls0\"> </span></span><span style=\"display:inherit;clear:left;\">su Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.)</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 cor<span class=\"_ _1\"></span>relate</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>alazzo Feroni F<span class=\"_ _1\"></span>inanziaria S.p.A.<span class=\"_ _263\"> </span><span class=\"ws38\">26<span class=\"_ _12a\"> </span>(9.228)<span class=\"_ _e1\"> </span>(3.387)<span class=\"_ _1de\"> </span>76.524<span class=\"_ _203\"> </span>1.001<span class=\"_ _11f\"> </span></span><span class=\"ls0\">6<span class=\"_ _151\"> </span></span><span class=\"ws38\">(212)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _1e7\"> </span></span><span class=\"ws38\">(83.519)</span></span><span style=\"display:inherit;clear:left;\">Lungar<span class=\"_ _1\"></span>no Alberghi S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _172\"> </span><span class=\"ws38\">19<span class=\"_ _12a\"> </span>(2.797)<span class=\"_ _8b\"> </span>(644)<span class=\"_ _1de\"> </span>15.564<span class=\"_ _12b\"> </span><span class=\"ls0 ws0\">8<span class=\"_ _21\"> </span>-<span class=\"_ _c1\"> </span></span>(24)<span class=\"_ _15b\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _1e7\"> </span></span>(17.654)</span></span><span style=\"display:inherit;clear:left;\">Fondazione Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _11b\"> </span><span class=\"ls0\">2<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(189)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _c1\"> </span></span><span class=\"ws38\">(50)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 riconducibili a membri del C<span class=\"_ _2\"></span>onsiglio di Amministrazione</span><span style=\"display:inherit;clear:left;\">Dal Borr<span class=\"_ _2\"></span>o S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _343\"> </span><span class=\"ws38\">42<span class=\"_ _25\"> </span>(42)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _bf\"> </span></span><span class=\"ws38\">(5)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Club Sw<span class=\"_ _1\"></span>an Racing S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _15d\"> </span><span class=\"ws38\">22<span class=\"_ _176\"> </span>(26)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o S.r<span class=\"_ _2\"></span>.l. Societ\u00e0 agricola<span class=\"_ _1b1\"> </span><span class=\"ls0\">-<span class=\"_ _2b6\"> </span></span><span class=\"ws38\">16<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _e5\"> </span></span><span class=\"ws38\">19<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o T<span class=\"_ _2\"></span>uscan Bistro S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _7a\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(1)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Rubino S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _c6\"> </span><span class=\"ls0\">-<span class=\"_ _25\"> </span></span><span class=\"ws38\">(55)<span class=\"_ _ec\"> </span>(1)<span class=\"_ _88\"> </span>57<span class=\"_ _7e\"> </span></span><span class=\"ls0\">-<span class=\"_ _11f\"> </span>5<span class=\"_ _bf\"> </span></span><span class=\"ws38\">(2)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _1ba\"> </span></span><span class=\"ws38\">(57<span class=\"_ _4\"></span>)</span></span><span style=\"display:inherit;clear:left;\">Windows on Italy S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _2c7\"> </span><span class=\"ls0\">-<span class=\"_ _29c\"> </span>-<span class=\"_ _e2\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _d9\"> </span>1<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Sole Studio S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _11a\"> </span><span class=\"ls0\">1<span class=\"_ _29c\"> </span>-<span class=\"_ _e2\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Halldis Italia S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _344\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(9)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _d9\"> </span>1<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Harbour Cit<span class=\"_ _2\"></span>y Estates Limited<span class=\"_ _2e3\"> </span><span class=\"ls0\">-<span class=\"_ _12a\"> </span></span><span class=\"ws38\">(4.553)<span class=\"_ _85\"> </span>(115)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>imes Square Ltd.<span class=\"_ _cb\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(695)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Harriman L<span class=\"_ _1\"></span>easing Limited<span class=\"_ _25c\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(2)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Lane Cr<span class=\"_ _2\"></span>awford (Hong K<span class=\"_ _1\"></span>ong<span class=\"_ _4\"></span>) Limited<span class=\"_ _22b\"> </span><span class=\"ls0\">8<span class=\"_ _29c\"> </span>-<span class=\"_ _2a3\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Long Jin C<span class=\"_ _2\"></span>omplex Development (Chengdu) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd<span class=\"_ _1a8\"> </span><span class=\"ls0\">-<span class=\"_ _12a\"> </span></span><span class=\"ws38\">(1.965)<span class=\"_ _85\"> </span>(267)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Dalian T<span class=\"_ _2\"></span>imes Square C<span class=\"_ _1\"></span>ommercial C<span class=\"_ _2\"></span>o.ltd<span class=\"_ _25\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(550)<span class=\"_ _1ba\"> </span>(17)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>edder Group Limited<span class=\"_ _df\"> </span><span class=\"ws38\">(1)<span class=\"_ _c0\"> </span></span><span class=\"ls0\">-<span class=\"_ _2a3\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>edder <span class=\"_ _4\"></span>Vision Limited<span class=\"_ _28b\"> </span><span class=\"ws38\">19<span class=\"_ _c0\"> </span></span><span class=\"ls0\">-<span class=\"_ _2a3\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">OIS Realty Limited<span class=\"_ _30d\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(478)<span class=\"_ _1b9\"> </span>(10)<span class=\"_ _21\"> </span></span><span class=\"ls0\">-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Shanghai Wheelock squar<span class=\"_ _2\"></span>e Development<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd.<span class=\"_ _120\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(834)<span class=\"_ _1b9\"> </span>(22)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Shanghai Harriman P<span class=\"_ _2\"></span>roperty Management </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd.<span class=\"_ _120\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(103)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Wharf (China) P<span class=\"_ _2\"></span>roperty Management C<span class=\"_ _2\"></span>o.<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">Ltd - IFS Br<span class=\"_ _2\"></span>anch<span class=\"_ _343\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(133)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Chongquing Jiayi Real Estate Dev<span class=\"_ _1\"></span>elopment </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o Ltd.<span class=\"_ _1a8\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(299)<span class=\"_ _1b9\"> </span>(30)<span class=\"_ _21\"> </span></span><span class=\"ls0\">-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Chengdu T<span class=\"_ _2\"></span>imes Outlets Commerc<span class=\"_ _2\"></span>e Co., L<span class=\"_ _1\"></span>td<span class=\"_ _9f\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(222)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Altre parti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate </span><span style=\"display:inherit;clear:left;\">Massimo Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _1a9\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(104)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Riccar<span class=\"_ _2\"></span>do Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _31c\"> </span><span class=\"ls0\">-<span class=\"_ _80\"> </span></span><span class=\"ws38\">(50)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _105\"> </span><span class=\"ls7b ws15f\">(<span class=\"_ _4\"></span>3)<span class=\"_ _208\"> </span></span>-</span></span><span style=\"display:inherit;clear:left;\">Giovanna F<span class=\"_ _1\"></span>err<span class=\"_ _2\"></span>agamo<span class=\"_ _1ec\"> </span><span class=\"ls0\">-<span class=\"_ _25\"> </span></span><span class=\"ws38\">(90)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti</span><span style=\"display:inherit;clear:left;\">con r<span class=\"_ _1\"></span>esponsabilit\u00e0 strategiche<span class=\"_ _56\"> </span><span class=\"ls0\">8<span class=\"_ _cf\"> </span></span><span class=\"ws38\">(10.339)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _26c\"> </span></span><span class=\"ws38\">(5.063)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _dc\"> </span>203<span class=\"_ _a1\"> </span>(32.833)<span class=\"_ _164\"> </span>(4.512)<span class=\"_ _1e3\"> </span>92.645<span class=\"_ _8a\"> </span>1.029<span class=\"_ _8a\"> </span>25<span class=\"_ _203\"> </span>(292)<span class=\"_ _61\"> </span>(10.008)<span class=\"_ _16e\"> </span>(101.768)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Gruppo<span class=\"_ _2f3\"> </span><span class=\"ws38\">1.156.271<span class=\"_ _257\"> </span>(1.084.249)<span class=\"_ _234\"> </span>(69.387)<span class=\"_ _241\"> </span>616.612<span class=\"_ _164\"> </span>106.821<span class=\"_ _1e3\"> </span>51.472<span class=\"_ _178\"> </span>(173.323)<span class=\"_ _16e\"> </span>(65.029)<span class=\"_ _16e\"> </span>(711.042)</span></span><span style=\"display:inherit;clear:left;\">% incidenza<span class=\"_ _2ac\"> </span><span class=\"ws38\">0,0%<span class=\"_ _219\"> </span>3,0%<span class=\"_ _89\"> </span>6,5%<span class=\"_ _178\"> </span>15,0%<span class=\"_ _1b9\"> </span>1,0%<span class=\"_ _163\"> </span>0,0%<span class=\"_ _1b9\"> </span>0,2%<span class=\"_ _19a\"> </span>15,4%<span class=\"_ _15f\"> </span>14,3%</span></span><span style=\"display:inherit;clear:left;\">Le vendite e g<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i tra par<span class=\"_ _4\"></span>ti cor<span class=\"_ _4\"></span>relate so<span class=\"_ _4\"></span>no ef<span class=\"_ _4\"></span>fettuati al pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo no<span class=\"_ _4\"></span>rmalmente pr<span class=\"_ _4\"></span>aticato sul me<span class=\"_ _4\"></span>rcato. I s<span class=\"_ _4\"></span>aldi in es<span class=\"_ _4\"></span>sere </span><span style=\"display:inherit;clear:left;\">a f<span class=\"_ _4\"></span>ine per<span class=\"_ _4\"></span>iodo no<span class=\"_ _4\"></span>n sono as<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>titi da garan<span class=\"_ _4\"></span>zie, no<span class=\"_ _4\"></span>n gener<span class=\"_ _4\"></span>ano intere<span class=\"_ _4\"></span>ssi e s<span class=\"_ _4\"></span>ono rego<span class=\"_ _4\"></span>lati a pronti. Si s<span class=\"_ _4\"></span>egnalano f<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>jussi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">bancar<span class=\"_ _4\"></span>ie rilasciate a favo<span class=\"_ _4\"></span>re di Palaz<span class=\"_ _4\"></span>zo Fero<span class=\"_ _4\"></span>ni Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 2.243 mi<span class=\"_ _1\"></span>gliaia, a favore di Lungarn<span class=\"_ _4\"></span>o Albe<span class=\"_ _4\"></span>rghi S<span class=\"_ _4\"></span>.r<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>l. </span><span style=\"display:inherit;clear:left;\">per Euro 4<span class=\"_ _4\"></span>88 migliaia e<span class=\"_ _4\"></span>d a favore di Fe<span class=\"_ _4\"></span>rragamo Finan<span class=\"_ _4\"></span>ziaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A pe<span class=\"_ _4\"></span>r Euro 23 migliaia, per ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo in aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to di immobili </span><span style=\"display:inherit;clear:left;\">di loro prop<span class=\"_ _4\"></span>riet\u00e0<span class=\"_ _4\"></span>. Non vi s<span class=\"_ _4\"></span>ono ulter<span class=\"_ _4\"></span>iori garan<span class=\"_ _4\"></span>zie, pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ate o ricev<span class=\"_ _4\"></span>ute, in re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e a crediti e de<span class=\"_ _4\"></span>biti con p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i correlate<span class=\"_ _4\"></span>. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o non ha acc<span class=\"_ _4\"></span>antonato alcun fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one credit<span class=\"_ _4\"></span>i a fronte deg<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti dov<span class=\"_ _4\"></span>uti dalle par<span class=\"_ _4\"></span>ti corre<span class=\"_ _4\"></span>late.  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito i comm<span class=\"_ _4\"></span>enti alle t<span class=\"_ _4\"></span>abelle p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti: </span><span style=\"display:inherit;clear:left;\">Societ\u00e0 c<span class=\"_ _2\"></span>ont<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Fer<span class=\"_ _2\"></span>ragamo F<span class=\"_ _2\"></span>inanziaria S.p.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Nell<span class=\"_ _4\"></span>\u2019ambito del co<span class=\"_ _4\"></span>nsolidato f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale na<span class=\"_ _4\"></span>zionale di cui la C<span class=\"_ _4\"></span>apogrup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. \u00e8 par<span class=\"_ _4\"></span>te congiunt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">a Ferr<span class=\"_ _4\"></span>agamo Finanziar<span class=\"_ _4\"></span>ia S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>nsolidante) si evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>ia tra le Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti un cre<span class=\"_ _4\"></span>dito di Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.576 </span><span style=\"display:inherit;clear:left;\">migliaia riferito al cre<span class=\"_ _4\"></span>dito net<span class=\"_ _4\"></span>to IRE<span class=\"_ _4\"></span>S deri<span class=\"_ _4\"></span>vante dagli acco<span class=\"_ _4\"></span>nti vers<span class=\"_ _4\"></span>ati nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4 e n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i a fine ann<span class=\"_ _4\"></span>o. della </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>..  </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. ha inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere un contr<span class=\"_ _4\"></span>atto di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne con Fe<span class=\"_ _4\"></span>rragamo Finan<span class=\"_ _4\"></span>ziaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., re<span class=\"_ _4\"></span>lativo </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to di un capanno<span class=\"_ _4\"></span>ne adiacente all<span class=\"_ _4\"></span>o stab<span class=\"_ _4\"></span>ilimento di Os<span class=\"_ _4\"></span>mannoro, che la so<span class=\"_ _4\"></span>ciet\u00e0 C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo ha adibit<span class=\"_ _4\"></span>o a mo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">delle<span class=\"_ _4\"></span>ria per l<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti in pe<span class=\"_ _4\"></span>lle. Ri<span class=\"_ _4\"></span>entrand<span class=\"_ _4\"></span>o nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>, il contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019iscr<span class=\"_ _4\"></span>izione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso, ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a lungo la vit<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, in controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">alla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 c<span class=\"_ _2\"></span>orr<span class=\"_ _2\"></span>elate </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti rig<span class=\"_ _4\"></span>uardano principalme<span class=\"_ _4\"></span>nte trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di natura commerciale ch<span class=\"_ _4\"></span>e hanno avuto ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to sui ric<span class=\"_ _4\"></span>avi, sui co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i, sui crediti e d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali, sulle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, sulle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing</span> e s<span class=\"_ _4\"></span>ulle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ve<span class=\"_ _4\"></span>ndita di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti;<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione; s<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati c<span class=\"_ _4\"></span>ome prev<span class=\"_ _4\"></span>isto  dal p<span class=\"_ _4\"></span>rincipio (<span class=\"_ _1\"></span>quindi </span><span style=\"display:inherit;clear:left;\">con l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>scrizi<span class=\"_ _4\"></span>one di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari), altrimenti i c<span class=\"_ _4\"></span>ano<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ni sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a conto e<span class=\"_ _4\"></span>conomico lin<span class=\"_ _4\"></span>earme<span class=\"_ _4\"></span>nte per la durat<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntratto e i re<span class=\"_ _4\"></span>lativi d<span class=\"_ _4\"></span>ebiti s<span class=\"_ _4\"></span>ono inclusi n<span class=\"_ _4\"></span>ei </span><span style=\"display:inherit;clear:left;\">Deb<span class=\"_ _4\"></span>iti commerciali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnalano in par<span class=\"_ _4\"></span>ticolare i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1c\"></span>alazzo Fer<span class=\"_ _2\"></span>oni Finanziaria S.p.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i e i relativ<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono prin<span class=\"_ _4\"></span>cipalmente a pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi informatici e amminis<span class=\"_ _4\"></span>trativ<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i e gli oner<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari sono in<span class=\"_ _4\"></span>erenti p<span class=\"_ _4\"></span>rincipalmente </span><span style=\"display:inherit;clear:left;\">ad af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r i loc<span class=\"_ _4\"></span>ali della se<span class=\"_ _4\"></span>de ce<span class=\"_ _4\"></span>ntrale di Firen<span class=\"_ _4\"></span>ze e per al<span class=\"_ _4\"></span>cuni negozi della c<span class=\"_ _4\"></span>atena it<span class=\"_ _4\"></span>aliana, rientranti p<span class=\"_ _4\"></span>er la mag<span class=\"_ _4\"></span>gior </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019ambito di applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>6.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1\"></span>ungarno A<span class=\"_ _1\"></span>lber<span class=\"_ _1\"></span>ghi <span class=\"_ _4\"></span>S.r<span class=\"_ _44\"></span>.l.</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i (<span class=\"_ _2\"></span>e i re<span class=\"_ _4\"></span>lativi s<span class=\"_ _4\"></span>aldi a credit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>ono a vendit<span class=\"_ _4\"></span>e di prodot<span class=\"_ _4\"></span>ti; le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019uso, le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i e gli intere<span class=\"_ _4\"></span>ssi pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi si rife<span class=\"_ _4\"></span>riscon<span class=\"_ _4\"></span>o principalme<span class=\"_ _4\"></span>nte ad un contrat<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di un l<span class=\"_ _4\"></span>ocale a<span class=\"_ _4\"></span>dibito a </span><span style=\"display:inherit;clear:left;\">punto vendit<span class=\"_ _4\"></span>a della c<span class=\"_ _4\"></span>atena DT<span class=\"_ _2\"></span>C it<span class=\"_ _4\"></span>aliana, rientrante n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito di app<span class=\"_ _4\"></span>licazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16.  </span><span style=\"display:inherit;clear:left;\">Fondazione F<span class=\"_ _2\"></span>err<span class=\"_ _2\"></span>agamo </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>d i relati<span class=\"_ _4\"></span>vi saldi a d<span class=\"_ _4\"></span>ebito) si riferisc<span class=\"_ _4\"></span>ono pe<span class=\"_ _4\"></span>r Euro 99 migliaia ai ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ati per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>archiv<span class=\"_ _4\"></span>io sto<span class=\"_ _4\"></span>ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">co Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo (Euro 99 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>) e p<span class=\"_ _4\"></span>er Euro 90 mig<span class=\"_ _4\"></span>liaia a erogaz<span class=\"_ _4\"></span>ioni liber<span class=\"_ _4\"></span>ali a suppor<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">ist<span class=\"_ _4\"></span>ituzionali de<span class=\"_ _4\"></span>lla Fonda<span class=\"_ _4\"></span>zione (Euro 90 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Societ\u00e0 ric<span class=\"_ _2\"></span>onducibili ai membri del C<span class=\"_ _2\"></span>onsiglio di Amministr<span class=\"_ _2\"></span>azione</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti rig<span class=\"_ _4\"></span>uardano principalme<span class=\"_ _4\"></span>nte trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di natura commerciale ch<span class=\"_ _4\"></span>e hanno avuto ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to sui ric<span class=\"_ _4\"></span>avi, sui co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i, sui crediti e d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali, sulle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, sulle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing</span> e s<span class=\"_ _4\"></span>ulle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ve<span class=\"_ _4\"></span>ndita di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti;<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione; s<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 so<span class=\"_ _4\"></span>no contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati co<span class=\"_ _4\"></span>me prev<span class=\"_ _4\"></span>isto dal p<span class=\"_ _4\"></span>rincipio (<span class=\"_ _1\"></span>quindi </span><span style=\"display:inherit;clear:left;\">con l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>scrizi<span class=\"_ _4\"></span>one di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari), altrimenti i c<span class=\"_ _4\"></span>ano<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ni sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a conto e<span class=\"_ _4\"></span>conomico lin<span class=\"_ _4\"></span>earme<span class=\"_ _4\"></span>nte per la durat<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntratto e i re<span class=\"_ _4\"></span>lativi d<span class=\"_ _4\"></span>ebiti s<span class=\"_ _4\"></span>ono inclusi n<span class=\"_ _4\"></span>ei </span><span style=\"display:inherit;clear:left;\">Deb<span class=\"_ _4\"></span>iti commerciali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.  </span><span style=\"display:inherit;clear:left;\">Altr<span class=\"_ _1\"></span>e parti cor<span class=\"_ _2\"></span>rel<span class=\"_ _1\"></span>ate </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente all<span class=\"_ _4\"></span>e altre par<span class=\"_ _4\"></span>ti corre<span class=\"_ _4\"></span>late, i cos<span class=\"_ _4\"></span>ti, e i relati<span class=\"_ _4\"></span>vi de<span class=\"_ _4\"></span>biti, si rifer<span class=\"_ _4\"></span>iscon<span class=\"_ _4\"></span>o al cost<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenuto prin<span class=\"_ _4\"></span>cipalmente da </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e da Ferr<span class=\"_ _4\"></span>agamo Usa In<span class=\"_ _4\"></span>c. in rela<span class=\"_ _4\"></span>zione al r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to di co<span class=\"_ _4\"></span>llabora<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re nel co<span class=\"_ _4\"></span>rso </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erciz<span class=\"_ _4\"></span>io.  </span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori, sindaci e dirigenti c<span class=\"_ _2\"></span>on responsabilit\u00e0 str<span class=\"_ _2\"></span>ateg<span class=\"_ _4\"></span>iche</span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente ag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri e sindaci si r<span class=\"_ _4\"></span>imanda alla succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va not<span class=\"_ _4\"></span>a 46 \u201cC<span class=\"_ _4\"></span>ompen<span class=\"_ _4\"></span>si ad Amminis<span class=\"_ _4\"></span>trator<span class=\"_ _4\"></span>i e Sindaci<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">I dirigenti co<span class=\"_ _4\"></span>n resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 st<span class=\"_ _4\"></span>rategich<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4 so<span class=\"_ _4\"></span>no indicati n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante: </span><span style=\"display:inherit;clear:left;\">Nome e cognome<span class=\"_ _30d\"> </span>Funzione</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _345\"> </span><span class=\"ff64\">Chief T<span class=\"_ _1c\"></span>ransformation &amp; Sustainability Officer </span></span><span style=\"display:inherit;clear:left;\">Pierr<span class=\"_ _2\"></span>e Giorgio Sallier de La T<span class=\"_ _2\"></span>our <span class=\"_ _24c\"> </span><span class=\"ff64\">Chief Financial Offic<span class=\"_ _2\"></span>er <span class=\"ff61\">e Dirigente preposto alla redazione dei documenti c<span class=\"_ _2\"></span>ontabili societari </span></span></span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti relati<span class=\"_ _4\"></span>vi ai dirigenti co<span class=\"_ _4\"></span>n resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 st<span class=\"_ _4\"></span>rategich<span class=\"_ _4\"></span>e, si rife<span class=\"_ _4\"></span>risco<span class=\"_ _4\"></span>no al cost<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenuto dal G<span class=\"_ _4\"></span>ruppo in re<span class=\"_ _4\"></span>lazione al </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di lavoro dipen<span class=\"_ _4\"></span>dente interco<span class=\"_ _4\"></span>rrente, in<span class=\"_ _4\"></span>clusivo de<span class=\"_ _4\"></span>l <span class=\"ff5f ls58 ws6\">bonu<span class=\"_ _4\"></span>s</span> variabile e de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>igurativo de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f ls2b wscf\">Performan<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ce</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> </span><span style=\"display:inherit;clear:left;\">2023-20<span class=\"_ _1\"></span>25.</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Ne<span class=\"_ _4\"></span>l</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">cors<span class=\"_ _4\"></span>o</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _1\"></span>4</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">sono</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">s<span class=\"_ _4\"></span>tati</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>ari</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Euro</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">80<span class=\"_ _4\"></span>9</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">migliaia,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>m<span class=\"_ _4\"></span>entre</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cizio 2023 e<span class=\"_ _4\"></span>rano pari a<span class=\"_ _4\"></span>d Euro 872 migliai<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>). In general<span class=\"_ _4\"></span>e ai dirigenti con re<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>nsabilit<span class=\"_ _4\"></span>\u00e0 str<span class=\"_ _4\"></span>ategich<span class=\"_ _4\"></span>e sono ric<span class=\"_ _4\"></span>onosciut<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">be<span class=\"_ _4\"></span>nef<span class=\"_ _5\"></span>it<span class=\"_ _4\"></span>s</span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">non</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">quali</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">auto,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">telefon<span class=\"_ _4\"></span>o</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">cellulare</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">e</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurative<span class=\"_ _4\"></span>.</span></span>  </span></span><span style=\"display:inherit;clear:left;\">46. C<span class=\"_ _1c\"></span>ompensi ad <span class=\"_ _1\"></span>Amministr<span class=\"_ _2\"></span>atori e Sindaci</span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _316\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ompensi </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Retrib., </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">Benefici </span><span style=\"display:inherit;clear:left;\">bonus<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">per la </span><span style=\"display:inherit;clear:left;\">partec.a </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">e altri </span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">Stock </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">comitati</span><span style=\"display:inherit;clear:left;\">monetari</span><span style=\"display:inherit;clear:left;\">incentivi</span><span style=\"display:inherit;clear:left;\">compensi</span><span style=\"display:inherit;clear:left;\">Grant<span class=\"_ _180\"> </span><span class=\"ff62\">T<span class=\"_ _2\"></span>otale </span></span><span style=\"display:inherit;clear:left;\">Leonar<span class=\"_ _1\"></span>do Ferr<span class=\"_ _2\"></span>agamo <span class=\"_ _225\"> </span>Presidente<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>400<span class=\"_ _151\"> </span>-<span class=\"_ _7f\"> </span> c) <span class=\"_ _8a\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>400</span><span style=\"display:inherit;clear:left;\">Angelica Visc<span class=\"_ _2\"></span>onti<span class=\"_ _225\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _1\"></span>esidente<span class=\"_ _346\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>200<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>200</span></span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e Delegato </span><span style=\"display:inherit;clear:left;\">Marc<span class=\"_ _2\"></span>o Gobbetti</span><span style=\"display:inherit;clear:left;\">1.01-31.12<span class=\"_ _87\"> </span>b)<span class=\"_ _163\"> </span>120<span class=\"_ _151\"> </span>-<span class=\"_ _ae\"> </span><span class=\"lsf8 ws9a\"> c) d) e) f<span class=\"_ _4\"></span>) <span class=\"_ _61\"> </span></span>2.180<span class=\"_ _151\"> </span>-<span class=\"_ _61\"> </span>2.239<span class=\"_ _174\"> </span>4.539</span><span style=\"display:inherit;clear:left;\">e Direttor<span class=\"_ _2\"></span>e Generale</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _1f2\"> </span><span class=\"ls0\">Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _151\"> </span>-<span class=\"_ _1df\"> </span><span class=\"lsf8 ws9a\"> c) d) e) <span class=\"_ _1e2\"> </span></span>457<span class=\"_ _151\"> </span>-<span class=\"_ _60\"> </span>19<span class=\"_ _164\"> </span>526</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrizia Michela </span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _8b\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _123\"> </span>45<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>95</span><span style=\"display:inherit;clear:left;\">Giangualano</span><span style=\"display:inherit;clear:left;\">Umberto T<span class=\"_ _2\"></span>ombari<span class=\"_ _1d6\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>15<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>65</span><span style=\"display:inherit;clear:left;\">Laura Donnini <span class=\"_ _1b3\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>34<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>84</span><span style=\"display:inherit;clear:left;\">Nicc<span class=\"_ _1\"></span>ol\u00f2 Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _78\"> </span>Amministrator<span class=\"_ _2\"></span>e<span class=\"_ _160\"> </span>23.04-31.12<span class=\"_ _325\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _8a\"> </span>4<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>39</span><span style=\"display:inherit;clear:left;\">Sara F<span class=\"_ _2\"></span>errero<span class=\"_ _11e\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _123\"> </span>40<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>75</span><span style=\"display:inherit;clear:left;\">Ernesto Gr<span class=\"_ _2\"></span>eco<span class=\"_ _1b4\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>11<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _123\"> </span>29<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>40</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abio Gallia<span class=\"_ _249\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-07.05<span class=\"_ _269\"> </span>2<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _8a\"> </span>2</span><span style=\"display:inherit;clear:left;\">Annalisa Loustau Elia<span class=\"_ _1c1\"> </span>Amministr<span class=\"_ _1\"></span>atore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>r\u00e9d\u00e9ric Biousse<span class=\"_ _1ef\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _fb\"> </span>1.035<span class=\"_ _1da\"> </span>150<span class=\"_ _219\"> </span>2.637<span class=\"_ _123\"> </span>29<span class=\"_ _23\"> </span>2.258<span class=\"_ _1e3\"> </span>6.109</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025; b) risoluzione consensuale con effetto dalla data di appr<span class=\"_ _1\"></span>ovazione del pr<span class=\"_ _2\"></span>ogetto di bilancio </span><span style=\"display:inherit;clear:left;\">relativ<span class=\"_ _1\"></span>o all\u2019esercizio 2024, 06 marzo 2025; c) auto; d) telefono c<span class=\"_ _1\"></span>ellulare; e) polizze assic<span class=\"_ _1\"></span>urati<span class=\"_ _1\"></span>ve; f<span class=\"_ _5\"></span>) foresteria </span><span style=\"display:inherit;clear:left;\">Sindaci</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _f7\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Altri compensi </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">perc<span class=\"_ _1\"></span>epiti </span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">Emolumenti</span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">da societ\u00e0 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">per la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">compensi*</span><span style=\"display:inherit;clear:left;\">controll<span class=\"_ _1\"></span>ate</span><span style=\"display:inherit;clear:left;\">gener<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Andrea Balelli<span class=\"_ _72\"> </span>P<span class=\"_ _2\"></span>residente<span class=\"_ _e0\"> </span>01.01-31.12<span class=\"_ _219\"> </span>a)<span class=\"_ _148\"> </span>64<span class=\"_ _148\"> </span>15<span class=\"_ _176\"> </span>-<span class=\"_ _de\"> </span>79</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>aola Car<span class=\"_ _1\"></span>amella<span class=\"_ _d7\"> </span><span class=\"ws8\">Sindaco effettivo<span class=\"_ _1de\"> </span></span>01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span><span style=\"display:inherit;clear:left;\">Giovanni C<span class=\"_ _2\"></span>rostarosa Guicciar<span class=\"_ _2\"></span>di</span><span style=\"display:inherit;clear:left;\">Sindaco effettiv<span class=\"_ _1\"></span>o<span class=\"_ _e0\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>160<span class=\"_ _de\"> </span>39<span class=\"_ _176\"> </span>-<span class=\"_ _297\"> </span>199</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025   </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _45\"></span>Gli alt<span class=\"_ _4\"></span>ri compensi si riferisc<span class=\"_ _2\"></span>ono al compenso quale Pr<span class=\"_ _2\"></span>esidente o membro dell\u2019Organismo di Vigilanza di cui al D.lgs. 231/2001 </span><span style=\"display:inherit;clear:left;\">Si precisa che i membri del c<span class=\"_ _1\"></span>ollegio sindacale non hanno perc<span class=\"_ _2\"></span>epito alt<span class=\"_ _4\"></span>ri compensi er<span class=\"_ _2\"></span>ogati da societ\u00e0 del Gruppo. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che pe<span class=\"_ _4\"></span>r Amminist<span class=\"_ _4\"></span>ratori e Sinda<span class=\"_ _4\"></span>ci non son<span class=\"_ _4\"></span>o previ<span class=\"_ _4\"></span>ste inde<span class=\"_ _4\"></span>nnit\u00e0 di f<span class=\"_ _4\"></span>ine c<span class=\"_ _4\"></span>arica<span class=\"ff62 ls0\">.</span></span><span style=\"display:inherit;clear:left;\">47. Impegni e rischi </span><span style=\"display:inherit;clear:left;\">Il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i rischi e de<span class=\"_ _4\"></span>gli impe<span class=\"_ _4\"></span>gni \u00e8 il seg<span class=\"_ _4\"></span>uente:</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _163\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023 </span><span style=\"display:inherit;clear:left;\">Fideiussioni e gar<span class=\"_ _1\"></span>anzie prestate da ter<span class=\"_ _1\"></span>zi a terzi nell\u2019interesse delle societ\u00e0 del Gruppo<span class=\"_ _347\"> </span>25.950 <span class=\"_ _f3\"> </span>26.730 </span><span style=\"display:inherit;clear:left;\">Garanzie pr<span class=\"_ _2\"></span>estate dalle societ\u00e0 del Gruppo a terzi nell\u2019interesse delle societ\u00e0 del Gruppo <span class=\"_ _2e6\"> </span>60.034 <span class=\"_ _b7\"> </span>85.087 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _348\"> </span>85.984 <span class=\"_ _2e0\"> </span>111.817 </span><span style=\"display:inherit;clear:left;\">Le f<span class=\"_ _4\"></span>ideius<span class=\"_ _4\"></span>sioni e le g<span class=\"_ _4\"></span>aranzie p<span class=\"_ _4\"></span>rest<span class=\"_ _4\"></span>ate da so<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>etti te<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se dell<span class=\"_ _4\"></span>e socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono pre<span class=\"_ _4\"></span>valen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teme<span class=\"_ _4\"></span>nte a f<span class=\"_ _4\"></span>ideius<span class=\"_ _4\"></span>sioni e g<span class=\"_ _4\"></span>aranzie rila<span class=\"_ _4\"></span>sciate su contr<span class=\"_ _4\"></span>atti di lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione st<span class=\"_ _4\"></span>ipulati dalle soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o e compren<span class=\"_ _4\"></span>dono </span><span style=\"display:inherit;clear:left;\">una garanz<span class=\"_ _4\"></span>ia per 6 milioni di US<span class=\"_ _4\"></span>D (Euro 5.<span class=\"_ _2\"></span>7<span class=\"_ _4\"></span>75 migliaia<span class=\"_ _2\"></span>) relati<span class=\"_ _4\"></span>va ad un contr<span class=\"_ _4\"></span>atto di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo Usa<span class=\"_ _4\"></span>. <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Le garan<span class=\"_ _4\"></span>zie pre<span class=\"_ _4\"></span>state dall<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente a favor<span class=\"_ _4\"></span>e di istitut<span class=\"_ _4\"></span>i di credito a gar<span class=\"_ _4\"></span>anzia di line<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">di cre<span class=\"_ _4\"></span>dito utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zabili l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>lmente<span class=\"_ _4\"></span>.</span></span>  </span><span style=\"display:inherit;clear:left;\">48.  <span class=\"_ _1b6\"></span>Er<span class=\"_ _2\"></span>ogazioni pubbliche Informati<span class=\"_ _2\"></span>va ex art<span class=\"_ _4\"></span>. 1, <span class=\"ls0\"> </span></span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>ommi 125-129 della Legg<span class=\"_ _1\"></span>e n. 124/2017 </span><span style=\"display:inherit;clear:left;\">In relaz<span class=\"_ _4\"></span>ione al disp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o di cui all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>, comma 1<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>5, della le<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>ge 1<span class=\"_ _1c\"></span>24/201<span class=\"_ _1c\"></span>7<span class=\"_ _1c\"></span>, in m<span class=\"_ _4\"></span>erito all<span class=\"_ _4\"></span>\u2019obbligo di dare evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a in nota </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ativa de<span class=\"_ _4\"></span>lle somme di d<span class=\"_ _4\"></span>enaro eventualm<span class=\"_ _4\"></span>ente ricev<span class=\"_ _4\"></span>ute ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio a tito<span class=\"_ _4\"></span>lo di sov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nzioni, co<span class=\"_ _4\"></span>ntributi, inc<span class=\"_ _4\"></span>arichi re<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tribuiti e c<span class=\"_ _4\"></span>omunque vant<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gi econ<span class=\"_ _4\"></span>omici di qualunque gene<span class=\"_ _4\"></span>re dalle pubbli<span class=\"_ _4\"></span>che amministr<span class=\"_ _4\"></span>azioni e dai s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>i di cui al </span><span style=\"display:inherit;clear:left;\">comma 1<span class=\"_ _2\"></span>25 de<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>desimo ar<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>colo, si ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia che nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 202<span class=\"_ _2\"></span>4 la S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A non ha r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">sov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nzioni, c<span class=\"_ _4\"></span>ontributi, inc<span class=\"_ _4\"></span>arichi retribuit<span class=\"_ _4\"></span>i e comunque v<span class=\"_ _4\"></span>antag<span class=\"_ _4\"></span>gi ec<span class=\"_ _4\"></span>onomici di qualunque ge<span class=\"_ _4\"></span>nere dalle pub<span class=\"_ _4\"></span>bliche am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>azioni. A<span class=\"_ _4\"></span>i sen<span class=\"_ _4\"></span>si delle di<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 3-<span class=\"_ _4\"></span>quater de<span class=\"_ _4\"></span>l DL 1<span class=\"_ _2\"></span>35/20<span class=\"_ _2\"></span>18, conver<span class=\"_ _4\"></span>tito co<span class=\"_ _4\"></span>n modif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni dalla Leg<span class=\"_ _4\"></span>ge </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _1c\"></span>1 febbr<span class=\"_ _4\"></span>aio 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9 n.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>2, pe<span class=\"_ _4\"></span>r le erog<span class=\"_ _4\"></span>azioni ri<span class=\"_ _4\"></span>cevute s<span class=\"_ _4\"></span>i rinvia alle indic<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ontenute ne<span class=\"_ _4\"></span>l Regi<span class=\"_ _4\"></span>stro Naz<span class=\"_ _4\"></span>ionale de<span class=\"_ _4\"></span>gli Aiuti di </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Stato di cui all<span class=\"_ _4\"></span>\u2019artico<span class=\"_ _4\"></span>lo 52 della Leg<span class=\"_ _4\"></span>ge 2<span class=\"_ _1\"></span>4 dicemb<span class=\"_ _4\"></span>re 20<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2, n. 235.</span></span> </span><span style=\"display:inherit;clear:left;\">49. E<span class=\"_ _1c\"></span>venti ed oper<span class=\"_ _2\"></span>azioni significati<span class=\"_ _1\"></span>ve non ric<span class=\"_ _2\"></span>orr<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">Si pre<span class=\"_ _4\"></span>cisa che ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 non vi sono s<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>venti od o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ative non r<span class=\"_ _4\"></span>icorrenti p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>te in </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere dal G<span class=\"_ _4\"></span>ruppo S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo. </span><span style=\"display:inherit;clear:left;\">50. T<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>ans<span class=\"_ _4\"></span>azioni deriv<span class=\"_ _2\"></span>anti da oper<span class=\"_ _2\"></span>azioni atipiche e/<span class=\"_ _0\"></span>o inusuali</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha po<span class=\"_ _4\"></span>sto in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni atipiche e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o inu<span class=\"_ _4\"></span>suali, ov<span class=\"_ _4\"></span>vero que<span class=\"_ _4\"></span>lle ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni che pe<span class=\"_ _4\"></span>r signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>it\u00e0<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>anza, natura d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>par<span class=\"_ _4\"></span>ti, og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o della tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione, mo<span class=\"_ _4\"></span>dalit\u00e0 di de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l prez<span class=\"_ _5\"></span>zo di tras<span class=\"_ _4\"></span>ferime<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to e temp<span class=\"_ _4\"></span>istic<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019evento, po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ano dar luogo a dubbi in ordin<span class=\"_ _4\"></span>e alla corret<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>comp<span class=\"_ _4\"></span>lete<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019informaz<span class=\"_ _4\"></span>ione in </span><span style=\"display:inherit;clear:left;\">bilancio, al conf<span class=\"_ _4\"></span>litto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>intere<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>, alla salv<span class=\"_ _4\"></span>aguardia del patr<span class=\"_ _4\"></span>imonio azi<span class=\"_ _4\"></span>endale e alla tute<span class=\"_ _4\"></span>la degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti di minoran<span class=\"_ _4\"></span>za. </span><span style=\"display:inherit;clear:left;\">51. Dati di sintesi delle societ\u00e0 c<span class=\"_ _2\"></span>ontr<span class=\"_ _1\"></span>ollate </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito i dati di sinte<span class=\"_ _4\"></span>si delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _1a5\"> </span>2024<span class=\"_ _2ac\"> </span>2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">Societ\u00e0<span class=\"_ _8c\"> </span>V<span class=\"_ _2\"></span>aluta<span class=\"_ _c1\"> </span>Ricavi </span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _bc\"> </span>Ricavi </span><span style=\"display:inherit;clear:left;\">Netto </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1c3\"> </span>AUD <span class=\"_ _151\"> </span>20.873 <span class=\"_ _257\"> </span>23.099 <span class=\"_ _74\"> </span>22.757 <span class=\"_ _1ba\"> </span>23.076 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _1c9\"> </span>JPY <span class=\"_ _1e8\"> </span>13.592.373 <span class=\"_ _1e7\"> </span>1.487.800 <span class=\"_ _1b8\"> </span>13.139.599 <span class=\"_ _163\"> </span>1.430.279 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _134\"> </span>KRW <span class=\"_ _178\"> </span>85.877.141 <span class=\"_ _61\"> </span>84.020.923 <span class=\"_ _1b8\"> </span>98.392.189 <span class=\"_ _178\"> </span>81.574.307 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Espana S.L<span class=\"_ _4\"></span>.  <span class=\"_ _1c4\"> </span>EURO <span class=\"_ _151\"> </span>20.207 <span class=\"_ _105\"> </span>4.475 <span class=\"_ _2f5\"> </span>15.768 <span class=\"_ _b4\"> </span>4.247 </span><span style=\"display:inherit;clear:left;\">Ferrimag L<span class=\"_ _2\"></span>imited <span class=\"_ _9b\"> </span>HKD <span class=\"_ _d0\"> </span>- <span class=\"_ _257\"> </span>44.013 <span class=\"_ _1f9\"> </span>- <span class=\"_ _325\"> </span>130.253 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited <span class=\"_ _24f\"> </span>HKD <span class=\"_ _87\"> </span>156.673 <span class=\"_ _1bb\"> </span>(377.938) <span class=\"_ _11f\"> </span>220.174 <span class=\"_ _e1\"> </span>(397.162) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _104\"> </span>TWD <span class=\"_ _325\"> </span>516.820 <span class=\"_ _23f\"> </span>439.591 <span class=\"_ _67\"> </span>628.732 <span class=\"_ _325\"> </span>429.300 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _326\"> </span>MXN <span class=\"_ _163\"> </span>1.165.496 <span class=\"_ _23f\"> </span>874.011 <span class=\"_ _85\"> </span>1.145.802 <span class=\"_ _325\"> </span>856.699 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>. <span class=\"_ _244\"> </span>EURO <span class=\"_ _b4\"> </span>2.640 <span class=\"_ _105\"> </span>1.479 <span class=\"_ _e2\"> </span>4.287 <span class=\"_ _b4\"> </span>1.613 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fashion T<span class=\"_ _1c\"></span>rading (Shanghai) Co<span class=\"_ _2\"></span>. Ltd. <span class=\"_ _28d\"> </span>CNY <span class=\"_ _325\"> </span>919.687 <span class=\"_ _23f\"> </span>685.522 <span class=\"_ _85\"> </span>1.067.029 <span class=\"_ _325\"> </span>783.214 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte. Ltd. <span class=\"_ _349\"> </span>SGD <span class=\"_ _151\"> </span>16.805 <span class=\"_ _8b\"> </span>(9.983) <span class=\"_ _74\"> </span>17.352 <span class=\"_ _203\"> </span>(8.861) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _120\"> </span>THB <span class=\"_ _87\"> </span>207.990 <span class=\"_ _1bb\"> </span>(119.862) <span class=\"_ _11f\"> </span>234.984 <span class=\"_ _e1\"> </span>(222.472) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn Bhd <span class=\"_ _2af\"> </span><span class=\"ls78 ws155\">MYR <span class=\"_ _1ba\"> </span></span>38.304 <span class=\"_ _8b\"> </span>13.636 <span class=\"_ _2f5\"> </span>42.586 <span class=\"_ _1ba\"> </span>16.786 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Hong Kong Ltd. <span class=\"_ _2c6\"> </span>USD <span class=\"_ _325\"> </span>120.671 <span class=\"_ _257\"> </span>90.248 <span class=\"_ _67\"> </span>181.927 <span class=\"_ _1ba\"> </span>93.593 </span><span style=\"display:inherit;clear:left;\">Gruppo Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _34a\"> </span>USD <span class=\"_ _87\"> </span>336.971 <span class=\"_ _257\"> </span>63.193 <span class=\"_ _11f\"> </span>344.737 <span class=\"_ _1ba\"> </span>91.352 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _31b\"> </span>EURO <span class=\"_ _b4\"> </span>8.184 <span class=\"_ _a1\"> </span>507 <span class=\"_ _e2\"> </span>8.123 <span class=\"_ _b4\"> </span>2.881 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA <span class=\"_ _20\"> </span>EURO <span class=\"_ _c1\"> </span>1.274 <span class=\"_ _15b\"> </span>667 <span class=\"_ _2a3\"> </span>1.090 <span class=\"_ _bc\"> </span>685 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _302\"> </span>EURO <span class=\"_ _bc\"> </span>872 <span class=\"_ _85\"> </span>(3.537) <span class=\"_ _65\"> </span>732 <span class=\"_ _203\"> </span>(1.358) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A <span class=\"_ _134\"> </span>CHF <span class=\"_ _c1\"> </span>6.672 <span class=\"_ _85\"> </span>(1.748) <span class=\"_ _e2\"> </span>7.383 <span class=\"_ _b4\"> </span>1.866 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _23d\"> </span>GBP <span class=\"_ _151\"> </span>15.187 <span class=\"_ _105\"> </span>1.483 <span class=\"_ _2f5\"> </span>16.648 <span class=\"_ _b4\"> </span>6.187 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _321\"> </span>EURO <span class=\"_ _151\"> </span>18.182 <span class=\"_ _105\"> </span>7.562 <span class=\"_ _2f5\"> </span>18.739 <span class=\"_ _1ba\"> </span>10.950 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>. <span class=\"_ _1c9\"> </span><span class=\"ls79 ws9d\">CLP <span class=\"_ _163\"> </span></span>1.410.076 <span class=\"_ _23f\"> </span>712.669 <span class=\"_ _85\"> </span>1.574.334 <span class=\"_ _325\"> </span>681.769 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _2d9\"> </span><span class=\"ws0\">EURO <span class=\"_ _b4\"> </span>3.487 <span class=\"_ _105\"> </span>3.233 <span class=\"_ _e2\"> </span>2.920 <span class=\"_ _b4\"> </span>4.242 </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail India Priv<span class=\"_ _2\"></span>ate Limited <span class=\"_ _343\"> </span>INR <span class=\"_ _31a\"> </span>- <span class=\"_ _1bb\"> </span>(474.058) <span class=\"_ _1f9\"> </span>- <span class=\"_ _e1\"> </span>(467.175) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _e3\"> </span>MOP <span class=\"_ _1ba\"> </span>68.487 <span class=\"_ _1b8\"> </span>(10.315) <span class=\"_ _74\"> </span>78.586 <span class=\"_ _2a3\"> </span>235 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Moda (Shanghai) Co.L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _326\"> </span>CNY <span class=\"_ _325\"> </span>143.078 <span class=\"_ _1bb\"> </span>(182.660) <span class=\"_ _67\"> </span>198.562 <span class=\"_ _e1\"> </span>(105.957<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brasil Roupas e <span class=\"_ _1\"></span>Acessorios L<span class=\"_ _2\"></span>tda<span class=\"_ _4\"></span>. <span class=\"_ _345\"> </span>BRL<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>77.316 <span class=\"_ _257\"> </span>21.898 <span class=\"_ _2f5\"> </span>63.848 <span class=\"_ _1ba\"> </span>21.888 </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>. <span class=\"_ _11\"> </span></span></span><span class=\"ws0\"><span><span style=\"display:inherit;clear:left;\">ARS</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _164\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">2.261.441</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1b8\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">(34.823)</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _325\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">1.371.660</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1e8\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">(1.205.826)</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span></span></span><span style=\"display:inherit;clear:left;\">52. F<span class=\"_ _1c\"></span>atti di rilievo intervenuti dopo la chiusur<span class=\"_ _2\"></span>a dell<span class=\"_ _4\"></span>\u2019eser<span class=\"_ _2\"></span>cizio </span><span style=\"display:inherit;clear:left;\">In data 3 feb<span class=\"_ _4\"></span>braio 2025 la So<span class=\"_ _4\"></span>ciet\u00e0 e il d<span class=\"_ _4\"></span>ott. Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti hann<span class=\"_ _4\"></span>o rag<span class=\"_ _4\"></span>giunto un accord<span class=\"_ _4\"></span>o per la ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione con<span class=\"_ _4\"></span>sens<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>trazi<span class=\"_ _4\"></span>one con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilanc<span class=\"_ _4\"></span>io relativo </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro il 6 marzo 2025, com<span class=\"_ _4\"></span>e da comunica<span class=\"_ _4\"></span>zione diramat<span class=\"_ _4\"></span>a al merc<span class=\"_ _4\"></span>ato in pari data<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">In tale s<span class=\"_ _4\"></span>ede \u00e8 s<span class=\"_ _4\"></span>tato in<span class=\"_ _4\"></span>oltre res<span class=\"_ _4\"></span>o noto che: (i) Il Dot<span class=\"_ _4\"></span>t. G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti avr<span class=\"_ _4\"></span>\u00e0 diritto all<span class=\"_ _4\"></span>\u2019eroga<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella retribu<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019emolu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mento f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>so sino alla dat<span class=\"_ _4\"></span>a di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione e al mantenim<span class=\"_ _4\"></span>ento di taluni <span class=\"ff5f ls5b ws6\">f<span class=\"_ _4\"></span>ringe ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>it</span> sino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 2025, ii)verran<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no ricon<span class=\"_ _4\"></span>osciuti al D<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>. Gobb<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>i entro 30 gior<span class=\"_ _4\"></span>ni dalla ces<span class=\"_ _4\"></span>sazio<span class=\"_ _4\"></span>ne dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti, l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to di compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo di Euro 4.450 </span><span style=\"display:inherit;clear:left;\">migliaia lordi a fronte de<span class=\"_ _4\"></span>lla ces<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro ed Euro 50 migliaia lordi a fro<span class=\"_ _4\"></span>nte delle rinunc<span class=\"_ _4\"></span>e pres<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ecuzi<span class=\"_ _4\"></span>one e ces<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i intercor<span class=\"_ _4\"></span>si, fra cui, in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, la rinuncia ai <span class=\"ff5f ls58 ws6\">bo<span class=\"_ _4\"></span>nus</span><span class=\"ls5b ws5d\"> STI 2024, <span class=\"ff5f ws8\">Rest<span class=\"_ _4\"></span>ri<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">cte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 202<span class=\"_ _1\"></span>4 L<span class=\"_ _1c\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award\u201d</span> 202<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>2026; (iii) con riferime<span class=\"_ _4\"></span>nto alla <span class=\"ff5f ls56 ws7\">governance</span> della So<span class=\"_ _4\"></span>ciet\u00e0 p<span class=\"_ _4\"></span>er il pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o in<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">terco<span class=\"_ _4\"></span>rrente tra il 6 mar<span class=\"_ _4\"></span>zo 2025 e la data di no<span class=\"_ _4\"></span>mina del nuovo Amminis<span class=\"_ _4\"></span>trator<span class=\"_ _4\"></span>e Dele<span class=\"_ _4\"></span>gato, che i pot<span class=\"_ _4\"></span>eri e<span class=\"_ _4\"></span>secut<span class=\"_ _4\"></span>ivi ve<span class=\"_ _4\"></span>rranno </span><span style=\"display:inherit;clear:left;\">conferit<span class=\"_ _4\"></span>i al Presid<span class=\"_ _4\"></span>ente, che p<span class=\"_ _4\"></span>roporr<span class=\"_ _4\"></span>\u00e0 una distribu<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle del<span class=\"_ _4\"></span>eghe e ve<span class=\"_ _4\"></span>rr\u00e0 supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato da un comit<span class=\"_ _4\"></span>ato cons<span class=\"_ _4\"></span>ultivo di </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la trans<span class=\"_ _4\"></span>izione c<span class=\"_ _4\"></span>ompos<span class=\"_ _4\"></span>to da es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>n conso<span class=\"_ _4\"></span>lidata e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a nel s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re che hanno gi\u00e0 op<span class=\"_ _4\"></span>erato con </span><span style=\"display:inherit;clear:left;\">ruoli api<span class=\"_ _4\"></span>cali all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 \u2013 ov<span class=\"_ _4\"></span>vero, Jame<span class=\"_ _4\"></span>s Ferr<span class=\"_ _4\"></span>agamo, Erne<span class=\"_ _4\"></span>sto Gre<span class=\"_ _4\"></span>co e Miche<span class=\"_ _4\"></span>le Nor<span class=\"_ _4\"></span>sa (che assume<span class=\"_ _4\"></span>r\u00e0 l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rico di <span class=\"ff5f\">Chairman Special A<span class=\"_ _4\"></span>dvisor</span>) - pe<span class=\"_ _4\"></span>r cons<span class=\"_ _4\"></span>olidare la nuova f<span class=\"_ _4\"></span>ase di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>tenibile de<span class=\"_ _4\"></span>i valori fon<span class=\"_ _4\"></span>danti del <span class=\"ff5f ls53 wsa6\">b<span class=\"_ _4\"></span>rand<span class=\"_ _4\"></span></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>o dal lavoro svolt<span class=\"_ _4\"></span>o fin<span class=\"_ _4\"></span>o ad ade<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>are ad una nuova fa<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>l proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di rinnovament<span class=\"_ _4\"></span>o, </span><span style=\"display:inherit;clear:left;\">accelerarne l<span class=\"_ _4\"></span>\u2019implementazione e ra<span class=\"_ _2\"></span>f<span class=\"_ _4\"></span>forzarne il fonda<span class=\"_ _1\"></span>mentale legame con l\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls56 ws7\">heritage<span class=\"ff5c ls68 wscc\"> del marchio. </span></span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito a quanto comunic<span class=\"_ _4\"></span>ato in data 3 febb<span class=\"_ _4\"></span>raio 2025, Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti ha formaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato le dimis<span class=\"_ _4\"></span>sioni dagli inc<span class=\"_ _4\"></span>arichi </span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in ess<span class=\"_ _4\"></span>ere co<span class=\"_ _4\"></span>n la Societ<span class=\"_ _4\"></span>\u00e0 con ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>cia dal 6 marzo 2025, in conformit<span class=\"_ _4\"></span>\u00e0 all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>accord<span class=\"_ _4\"></span>o di risolu<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">consensuale raggiunto tra<span class=\"_ _1\"></span> le parti. Contestualmen<span class=\"_ _1\"></span>te, in li<span class=\"_ _1\"></span>nea con il<span class=\"_ _1\"></span> medesimo accordo di risoluzi<span class=\"_ _1\"></span>one consensuale, </span><span style=\"display:inherit;clear:left;\">sono ve<span class=\"_ _4\"></span>nuti men<span class=\"_ _4\"></span>o gli incarichi e l<span class=\"_ _4\"></span>e resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 di lavoro di Marco G<span class=\"_ _4\"></span>obbet<span class=\"_ _4\"></span>ti con la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, riunitos<span class=\"_ _4\"></span>i in pari data, n<span class=\"_ _4\"></span>on ha ritenuto di p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dere alla co<span class=\"_ _4\"></span>opta<span class=\"_ _4\"></span>zione di un nuovo co<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pone<span class=\"_ _4\"></span>nte, las<span class=\"_ _4\"></span>ciando all<span class=\"_ _4\"></span>\u2019assemb<span class=\"_ _4\"></span>lea pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ta pe<span class=\"_ _4\"></span>r il 1<span class=\"_ _2\"></span>6 april<span class=\"_ _4\"></span>e 2025 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle delib<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni in merit<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ella me<span class=\"_ _4\"></span>desima s<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a, su prop<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a del Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nte e con il parer<span class=\"_ _4\"></span>e favorevole d<span class=\"_ _4\"></span>el Comit<span class=\"_ _4\"></span>ato Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">e Nomine<span class=\"_ _4\"></span>, il Consiglio di A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e ha inoltre as<span class=\"_ _4\"></span>sunto talun<span class=\"_ _4\"></span>e delibe<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni in materia di caric<span class=\"_ _4\"></span>he sociali, prov<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vede<span class=\"_ _4\"></span>ndo ad una re<span class=\"_ _4\"></span>dist<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>he che sar<span class=\"_ _4\"></span>\u00e0 ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace sino all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indivi<span class=\"_ _4\"></span>duazion<span class=\"_ _4\"></span>e del nuovo A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Del<span class=\"_ _4\"></span>egato at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so una rice<span class=\"_ _4\"></span>rca che dov<span class=\"_ _4\"></span>r\u00e0 es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re la pi\u00f9 ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>ciente ed e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>. <span class=\"_ _44\"></span> In p<span class=\"_ _4\"></span>arti<span class=\"_ _4\"></span>colare, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">conferit<span class=\"_ _4\"></span>e dele<span class=\"_ _4\"></span>ghe ges<span class=\"_ _4\"></span>tionali al Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nte Ese<span class=\"_ _4\"></span>cutivo Le<span class=\"_ _4\"></span>onardo Fe<span class=\"_ _4\"></span>rragamo, non<span class=\"_ _4\"></span>ch\u00e9 ai Consig<span class=\"_ _4\"></span>lieri Jame<span class=\"_ _4\"></span>s Ferr<span class=\"_ _4\"></span>agamo e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">Ernes<span class=\"_ _4\"></span>to Gre<span class=\"_ _4\"></span>co. Rimane c<span class=\"_ _4\"></span>onfermato il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del C<span class=\"_ _4\"></span>omitato Co<span class=\"_ _4\"></span>nsultivo di Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>mpos<span class=\"_ _4\"></span>to dagli Amminis<span class=\"_ _4\"></span>tratori </span><span style=\"display:inherit;clear:left;\">con de<span class=\"_ _4\"></span>lega e<span class=\"_ _4\"></span>d il <span class=\"ff5f\">Chairman Special Ad<span class=\"_ _4\"></span>visor</span> Miche<span class=\"_ _4\"></span>le Nor<span class=\"_ _4\"></span>sa, co<span class=\"_ _4\"></span>me comunic<span class=\"_ _4\"></span>ato il 3 febbraio 2025<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1c\"></span>A<span class=\"_ _4\"></span>lla luce de<span class=\"_ _4\"></span>l nuovo ass<span class=\"_ _4\"></span>etto, ai s<span class=\"_ _4\"></span>ensi de<span class=\"_ _4\"></span>lla Racco<span class=\"_ _4\"></span>mandazio<span class=\"_ _4\"></span>ne n. 1<span class=\"_ _2\"></span>3 de<span class=\"_ _4\"></span>l Codice di <span class=\"ff5f ls2b ws132\">Corporate Governance</span> e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 5 </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a nominata Patriz<span class=\"_ _4\"></span>ia Michela Giangualan<span class=\"_ _4\"></span>o in qualit\u00e0 di <span class=\"ff5f ls0 ws0\">le<span class=\"_ _4\"></span>ad </span></span><span style=\"display:inherit;clear:left;\">inde<span class=\"_ _4\"></span>pen<span class=\"_ _4\"></span>dent dir<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>tor<span class=\"_ _1c\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">Nella riunion<span class=\"_ _4\"></span>e tenut<span class=\"_ _4\"></span>asi in data 6 mar<span class=\"_ _4\"></span>zo 2025 il Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazi<span class=\"_ _4\"></span>one, tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ro, ha<span class=\"_ _1\"></span>: (i) approvato il proge<span class=\"_ _4\"></span>tto </span><span style=\"display:inherit;clear:left;\">di Bilancio di e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>io al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, il Bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e la Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne degli A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atori sulla ges<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, co<span class=\"_ _4\"></span>ntenente l<span class=\"_ _5\"></span>\u2019Informati<span class=\"_ _4\"></span>va di So<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 de<span class=\"_ _4\"></span>l Gruppo F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo redat<span class=\"_ _4\"></span>ta in </span><span style=\"display:inherit;clear:left;\">conformit<span class=\"_ _4\"></span>\u00e0 alle nuove disp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>oni introdot<span class=\"_ _4\"></span>te dalla <span class=\"ff5f\">Corporate Sustainabilit<span class=\"_ _4\"></span>y Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Direct<span class=\"_ _4\"></span>ive</span> (\u201cC<span class=\"_ _4\"></span>SRD<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), rece<span class=\"_ _4\"></span>pita </span><span style=\"display:inherit;clear:left;\">con il D. Lgs<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>25/202<span class=\"_ _1\"></span>4, e ai principi di re<span class=\"_ _4\"></span>ndicont<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"ff5f\">European Sust<span class=\"_ _4\"></span>ainability Re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ting Standards</span> (\u201c<span class=\"_ _4\"></span>ESR<span class=\"_ _4\"></span>S\u201d<span class=\"_ _4\"></span>) p<span class=\"_ _4\"></span>re<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>sti dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>EFR<span class=\"_ _4\"></span>AG ed emanati dalla Co<span class=\"_ _4\"></span>mmissi<span class=\"_ _4\"></span>one Europe<span class=\"_ _4\"></span>a con il Regolam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>legato (UE<span class=\"_ _4\"></span>) 2023/<span class=\"_ _2\"></span>; (ii) approv<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">la Rela<span class=\"_ _4\"></span>zione sul G<span class=\"_ _4\"></span>overno S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>ario e gli A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>etti Prop<span class=\"_ _4\"></span>rietar<span class=\"_ _4\"></span>i, relativ<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 redatta dalla S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 ai sen<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>23-<span class=\"_ _4\"></span>bis del TU<span class=\"_ _4\"></span>F; (<span class=\"_ _1\"></span>iii) approvato, con il pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, la Rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">sulla polit<span class=\"_ _4\"></span>ica in materia di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2025 e sui comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>i corrisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, p<span class=\"_ _4\"></span>redi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a in conformit\u00e0 a quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>art<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>23<span class=\"_ _4\"></span>-ter de<span class=\"_ _4\"></span>l TUF<span class=\"_ _1c\"></span>, dall<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 84<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>quater e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>lleg<span class=\"_ _4\"></span>ato 3A, S<span class=\"_ _4\"></span>chema 7-bis </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento CO<span class=\"_ _4\"></span>NSOB n. 1<span class=\"_ _1c\"></span>19<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>9<span class=\"_ _4\"></span>99 e suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche e dell<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 5 del Co<span class=\"_ _4\"></span>dice di <span class=\"ff5f ls2b wsbc\">Corporate Governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 quotate; p<span class=\"_ _4\"></span>er approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e della succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea dei s<span class=\"_ _4\"></span>oci. Si rinv<span class=\"_ _4\"></span>ia per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli </span><span style=\"display:inherit;clear:left;\">alla docume<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione me<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a a dispo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e sul sito de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 <span class=\"ff5f\">htt<span class=\"_ _4\"></span>ps:<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>/g<span class=\"_ _1\"></span>roup.ferragamo.com<span class=\"_ _4\"></span>/it sezion<span class=\"_ _4\"></span>e governance<span class=\"_ _4\"></span>/</span></span><span style=\"display:inherit;clear:left;\">as<span class=\"_ _4\"></span>semble<span class=\"_ _4\"></span>a-<span class=\"_ _4\"></span>degli-<span class=\"_ _4\"></span>azionis<span class=\"_ _4\"></span>ti/2025<span class=\"ff5c ls3 ws5d\">; (iv<span class=\"_ _1\"></span>) delib<span class=\"_ _4\"></span>erato di convo<span class=\"_ _4\"></span>care l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea o<span class=\"_ _4\"></span>rdinaria e stra<span class=\"_ _4\"></span>ordinari deg<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r il pross<span class=\"_ _4\"></span>imo 1<span class=\"_ _2\"></span>6 apr<span class=\"_ _4\"></span>ile 2025; e (<span class=\"_ _2\"></span>v) confermato la nomina de<span class=\"_ _4\"></span>l CFO e Dirige<span class=\"_ _4\"></span>nte Prepos<span class=\"_ _4\"></span>to ai </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nti contab<span class=\"_ _4\"></span>ili e societ<span class=\"_ _4\"></span>ari quale Dirige<span class=\"_ _4\"></span>nte Prepo<span class=\"_ _4\"></span>sto all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 per il 2025.</span></span> </span><span style=\"display:inherit;clear:left;\">I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>a ai s<span class=\"_ _1\"></span>en<span class=\"_ _2\"></span>si de<span class=\"_ _2\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>art. 1<span class=\"_ _45\"></span>4<span class=\"_ _1\"></span>9<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>uod<span class=\"_ _1\"></span>ec<span class=\"_ _2\"></span>ies d<span class=\"_ _2\"></span>el </span><span style=\"display:inherit;clear:left;\">Re<span class=\"_ _4\"></span>go<span class=\"_ _4\"></span>lame<span class=\"_ _4\"></span>nto<span class=\"_ _5\"></span> Emit<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>nti</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) </span><span style=\"display:inherit;clear:left;\">Soggetto che ha erogato il servizio<span class=\"_ _1c1\"> </span>Destinatario<span class=\"_ _c4\"> </span>Note<span class=\"_ _60\"> </span>T<span class=\"_ _1\"></span>otale C<span class=\"_ _2\"></span>ompensi 2024<span class=\"_ _2e5\"></span>Tipologia di servizi</span><span style=\"display:inherit;clear:left;\">Revisione C<span class=\"_ _2\"></span>ontabile<span class=\"_ _6d\"> </span>Revisore della C<span class=\"_ _1\"></span>apogruppo<span class=\"_ _7d\"> </span>Capogruppo<span class=\"_ _1ad\"> </span>371 </span><span style=\"display:inherit;clear:left;\">Altri Servizi<span class=\"_ _2f3\"> </span>i) Revisor<span class=\"_ _1\"></span>e della Capogruppo<span class=\"_ _1f9\"> </span>Capogruppo<span class=\"_ _1f9\"> </span>1 <span class=\"_ _95\"> </span>198 </span><span style=\"display:inherit;clear:left;\">ii) Rete del revisor<span class=\"_ _2\"></span>e della Capogruppo<span class=\"_ _7d\"> </span>Capogruppo<span class=\"_ _cd\"> </span> <span class=\"_ _73\"> </span>- </span><span style=\"display:inherit;clear:left;\">Subtotale<span class=\"_ _34b\"> </span>569 </span><span style=\"display:inherit;clear:left;\">Revisione C<span class=\"_ _2\"></span>ontabile<span class=\"_ _225\"> </span>i) Revisore della Capogruppo<span class=\"_ _2f4\"> </span>Societ\u00e0 contr<span class=\"_ _1\"></span>ollate<span class=\"_ _2aa\"> </span>107 </span><span style=\"display:inherit;clear:left;\">ii) Rete del revisor<span class=\"_ _2\"></span>e della Capogruppo<span class=\"_ _2f4\"> </span>Societ\u00e0 controllate<span class=\"_ _1ad\"> </span>647 </span><span style=\"display:inherit;clear:left;\">Altri Servizi<span class=\"_ _253\"> </span>Rete del r<span class=\"_ _1\"></span>evisore della C<span class=\"_ _2\"></span>apogruppo<span class=\"_ _74\"> </span>Societ\u00e0 controllate<span class=\"_ _28a\"> </span>4 </span><span style=\"display:inherit;clear:left;\">Subtotale<span class=\"_ _34b\"> </span>758 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _34c\"> </span>1.327 </span><span style=\"display:inherit;clear:left;\">1)  <span class=\"_ _0\"></span>La voce si riferisc<span class=\"_ _2\"></span>e principalmente all<span class=\"_ _4\"></span>\u2019attestazione resa sulla Dichiar<span class=\"_ _2\"></span>azione consolidata di car<span class=\"_ _2\"></span>attere Non Finanziario ed alle attestazioni sul cr<span class=\"_ _1\"></span>edito Ricer<span class=\"_ _2\"></span>ca </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">&amp; Sviluppo</span></span>.</span><span style=\"display:inherit;clear:left;\">Firen<span class=\"_ _4\"></span>ze, 6 marzo 2025</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _168\"></span> <span class=\"_ _169\"></span>     Per <span class=\"_ _34d\"></span>il <span class=\"_ _34d\"></span>Consig<span class=\"_ _4\"></span>lio <span class=\"_ _34d\"></span>di <span class=\"_ _34d\"></span>Amministr<span class=\"_ _4\"></span>azione</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _168\"></span> <span class=\"_ _169\"></span>     Il <span class=\"_ _34d\"></span>P<span class=\"_ _1\"></span>residente </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _168\"></span> <span class=\"_ _169\"></span>     Leonardo <span class=\"_ _34d\"></span>Ferragamo</span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _2\"></span>ttestaz<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>ne a<span class=\"_ _2\"></span>i sen<span class=\"_ _2\"></span>si de<span class=\"_ _2\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _0\"></span>art. 1<span class=\"_ _45\"></span>54 b<span class=\"_ _2\"></span>is d<span class=\"_ _2\"></span>el D<span class=\"_ _1c\"></span>.l<span class=\"_ _2\"></span>g<span class=\"_ _4\"></span>s. 2<span class=\"_ _0\"></span>4 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _2\"></span>ebb<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>i<span class=\"_ _1\"></span>o 1<span class=\"_ _0\"></span>998 n<span class=\"_ _1\"></span>. 5<span class=\"_ _1\"></span>8 (T<span class=\"_ _ac\"></span>est<span class=\"_ _1\"></span>o U<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>o de<span class=\"_ _2\"></span>ll<span class=\"_ _1c\"></span>a Fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>za<span class=\"_ _44\"></span>) </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>. <span class=\"_ _228\"> </span> <span class=\"_ _45\"></span>I sot<span class=\"_ _4\"></span>toscrit<span class=\"_ _4\"></span>ti Marco G<span class=\"_ _4\"></span>obbet<span class=\"_ _4\"></span>ti in qualit\u00e0 di \u201cAmministrato<span class=\"_ _4\"></span>re Del<span class=\"_ _4\"></span>egato<span class=\"_ _4\"></span>\u201d e Pierre Gio<span class=\"_ _4\"></span>rgio S<span class=\"_ _4\"></span>allier de la T<span class=\"_ _2\"></span>our in qualit\u00e0 di </span><span style=\"display:inherit;clear:left;\">\u201cD<span class=\"_ _4\"></span>irigente pre<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to alla reda<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i docume<span class=\"_ _4\"></span>nti contabili s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>ari<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>tano, </span><span style=\"display:inherit;clear:left;\">tenuto an<span class=\"_ _4\"></span>che conto di quanto prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>54<span class=\"_ _4\"></span>-bis<span class=\"_ _4\"></span>, commi 3 e 4, de<span class=\"_ _4\"></span>l decre<span class=\"_ _4\"></span>to legi<span class=\"_ _4\"></span>slativo 24 febbraio 1<span class=\"_ _1\"></span>99<span class=\"_ _4\"></span>8, n.<span class=\"_ _4\"></span>58: </span><span style=\"display:inherit;clear:left;\"> \u2022 <span class=\"_ _52\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ade<span class=\"_ _4\"></span>guatez<span class=\"_ _5\"></span>za in rela<span class=\"_ _4\"></span>zione all<span class=\"_ _4\"></span>e caratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impre<span class=\"_ _4\"></span>sa e  </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _346\"> </span> <span class=\"_ _47\"></span>l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a applica<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, delle pro<span class=\"_ _4\"></span>cedure ammini<span class=\"_ _4\"></span>strati<span class=\"_ _4\"></span>ve e contab<span class=\"_ _4\"></span>ili per la forma<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato ne<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do 1\u00b0 gennaio\u20133<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">2. <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ade<span class=\"_ _4\"></span>guatez<span class=\"_ _5\"></span>za de<span class=\"_ _4\"></span>lle proce<span class=\"_ _4\"></span>dure amminist<span class=\"_ _4\"></span>rative e cont<span class=\"_ _4\"></span>abili pe<span class=\"_ _4\"></span>r la formazio<span class=\"_ _4\"></span>ne del bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tata </span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>ata sulla bas<span class=\"_ _4\"></span>e del mo<span class=\"_ _4\"></span>dello <span class=\"ff5f ls2b wsee\">Internal Control\u2013Integrated Fr<span class=\"_ _1\"></span>amework<span class=\"ff5c ls3 ws59\"> emanato dal <span class=\"ff5f\">Commitee of Spo<span class=\"_ _4\"></span>nsoring Or<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">ganizations of the T<span class=\"_ _2\"></span>re<span class=\"_ _4\"></span>adway Commis<span class=\"_ _4\"></span>sion<span class=\"ff5c\"> che rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il mod<span class=\"_ _4\"></span>ello di rifer<span class=\"_ _4\"></span>imento a live<span class=\"_ _4\"></span>llo interna<span class=\"_ _4\"></span>zionale gen<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ralmente accettato. </span><span style=\"display:inherit;clear:left;\">3. <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>Si atte<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a, inoltr<span class=\"_ _4\"></span>e, che </span><span style=\"display:inherit;clear:left;\">3.<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span> <span class=\"_ _ac\"></span>Il b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4: </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _242\"> </span>a) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>\u00e8 re<span class=\"_ _4\"></span>datto in conformit<span class=\"_ _4\"></span>\u00e0 ai principi c<span class=\"_ _4\"></span>ontabili inte<span class=\"_ _4\"></span>rnazionali app<span class=\"_ _4\"></span>licabili ric<span class=\"_ _4\"></span>onosciut<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019Unio<span class=\"_ _4\"></span>ne Europea ai s<span class=\"_ _4\"></span>ensi </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento (CE) n. 1606<span class=\"_ _4\"></span>/20<span class=\"_ _4\"></span>02 del Parlame<span class=\"_ _4\"></span>nto europ<span class=\"_ _4\"></span>eo e de<span class=\"_ _4\"></span>l Consiglio, de<span class=\"_ _4\"></span>l 1<span class=\"_ _2\"></span>9 luglio 20<span class=\"_ _4\"></span>02 e suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive </span><span style=\"display:inherit;clear:left;\">integrazioni<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1f0\"> </span>b<span class=\"_ _1\"></span>)  <span class=\"_ _ac\"></span>corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>e alle risult<span class=\"_ _4\"></span>anze dei libr<span class=\"_ _4\"></span>i e delle s<span class=\"_ _4\"></span>critture co<span class=\"_ _4\"></span>ntabili;  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _241\"> </span>c<span class=\"_ _1\"></span>) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>\u00e8 id<span class=\"_ _4\"></span>oneo a for<span class=\"_ _4\"></span>nire una rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e veritie<span class=\"_ _4\"></span>ra e corret<span class=\"_ _4\"></span>ta d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrim<span class=\"_ _4\"></span>oniale, ec<span class=\"_ _4\"></span>onomic<span class=\"_ _4\"></span>a e finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziaria dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Emitt<span class=\"_ _4\"></span>ente e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>insiem<span class=\"_ _4\"></span>e delle impre<span class=\"_ _4\"></span>se inclu<span class=\"_ _4\"></span>se nel c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidamento. </span><span style=\"display:inherit;clear:left;\">3.2  <span class=\"_ _ac\"></span>L<span class=\"_ _4\"></span>a rela<span class=\"_ _4\"></span>zione sulla ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne compre<span class=\"_ _4\"></span>nde un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>analis<span class=\"_ _4\"></span>i atten<span class=\"_ _4\"></span>dibile dell<span class=\"_ _4\"></span>\u2019andamento e de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato della ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e, nonch\u00e9 </span><span style=\"display:inherit;clear:left;\">della situa<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Emittente e d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ins<span class=\"_ _4\"></span>ieme de<span class=\"_ _4\"></span>lle impres<span class=\"_ _4\"></span>e incluse n<span class=\"_ _4\"></span>el cons<span class=\"_ _4\"></span>olidame<span class=\"_ _4\"></span>nto, unitamente a<span class=\"_ _4\"></span>d una des<span class=\"_ _4\"></span>cri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ei principali ri<span class=\"_ _4\"></span>schi ed in<span class=\"_ _4\"></span>cer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze cui sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti. </span><span style=\"display:inherit;clear:left;\">Firen<span class=\"_ _4\"></span>ze, 6 marzo 2025 </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1f0\"> </span> <span class=\"_ _10d\"> </span>Ammin<span class=\"_ _1\"></span>istratore Delegato </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1f0\"> </span> <span class=\"_ _10d\"> </span>Mar<span class=\"_ _1\"></span>co Gobbetti </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _2b0\"> </span> <span class=\"_ _10d\"> </span>Dirige<span class=\"_ _4\"></span>nte prep<span class=\"_ _4\"></span>osto alla re<span class=\"_ _4\"></span>dazi<span class=\"_ _4\"></span>one dei do<span class=\"_ _4\"></span>cumenti co<span class=\"_ _4\"></span>ntabili so<span class=\"_ _4\"></span>cietar<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1f0\"> </span> <span class=\"_ _10d\"> </span>Pierre Gior<span class=\"_ _4\"></span>gio Sallie<span class=\"_ _4\"></span>r de La T<span class=\"_ _2\"></span>our </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__7": {
   "value": "Salvatore Ferragamo S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__6": {
   "value": "Salvatore Ferragamo S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__8": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__10": {
   "value": "via Tornabuoni 2 Firenze",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__9": {
   "value": "via Tornabuoni 2 Firenze",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__11": {
   "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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__12": {
   "value": "<span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato ap<span class=\"_ _4\"></span>provato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. con de<span class=\"_ _4\"></span>liber<span class=\"_ _4\"></span>a del 6 mar<span class=\"_ _4\"></span>zo 2025.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__13": {
   "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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__14": {
   "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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__15": {
   "value": "Ferragamo Finanziaria S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__16": {
   "value": "<span style=\"display:inherit;clear:left;\">2.1 Espr<span class=\"_ _2\"></span>essione di confor<span class=\"_ _2\"></span>mit\u00e0 agli IFRS</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. \u00e8 s<span class=\"_ _4\"></span>tato r<span class=\"_ _4\"></span>edatto in c<span class=\"_ _4\"></span>onformit\u00e0 agli <span class=\"ff5f\">I<span class=\"_ _4\"></span>nternational Financial Re<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>ting Standards <span class=\"ff5c\">(IFRS), eme<span class=\"_ _4\"></span>ssi dall<span class=\"_ _4\"></span>\u2019</span>Inte<span class=\"_ _4\"></span>rnational Accounting Standards Bo<span class=\"_ _4\"></span>ard <span class=\"ff5c ls9 ws167\">(\u201cIASB\u201d<span class=\"_ _5\"></span>) ed omologati d<span class=\"_ _1\"></span>all\u2019<span class=\"_ _4\"></span>Unione<span class=\"_ _1\"></span> </span></span><span style=\"display:inherit;clear:left;\">Europea e<span class=\"_ _4\"></span>d in vigore alla dat<span class=\"_ _4\"></span>a di bilancio. Le note e<span class=\"_ _4\"></span>splic<span class=\"_ _4\"></span>ative al Bilancio c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>dato sono s<span class=\"_ _4\"></span>tate inte<span class=\"_ _4\"></span>grate con le infor<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mazio<span class=\"_ _4\"></span>ni agg<span class=\"_ _4\"></span>iuntive richie<span class=\"_ _4\"></span>ste da Con<span class=\"_ _4\"></span>sob e dai prov<span class=\"_ _5\"></span>vedime<span class=\"_ _4\"></span>nti da es<span class=\"_ _4\"></span>sa emanati in at<span class=\"_ _4\"></span>tuazio<span class=\"_ _4\"></span>ne all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>art<span class=\"_ _4\"></span>. 9 de<span class=\"_ _4\"></span>l D.lgs. 38<span class=\"_ _4\"></span>/20<span class=\"_ _4\"></span>05 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>de<span class=\"_ _4\"></span>liber<span class=\"_ _4\"></span>e 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 e 1<span class=\"_ _2\"></span>5520) del 27 luglio 200<span class=\"_ _4\"></span>6 e comunic<span class=\"_ _4\"></span>azione D<span class=\"_ _4\"></span>EM/60<span class=\"_ _4\"></span>64293 del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 78 del </span><span style=\"display:inherit;clear:left;\">Regolam<span class=\"_ _4\"></span>ento emit<span class=\"_ _4\"></span>tenti, de<span class=\"_ _4\"></span>l docume<span class=\"_ _4\"></span>nto CE del n<span class=\"_ _4\"></span>ovembre 20<span class=\"_ _4\"></span>03 e, dove ap<span class=\"_ _4\"></span>plicabili, de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>. Con \u201c<span class=\"_ _4\"></span>IFRS<span class=\"_ _4\"></span>\u201d si </span><span style=\"display:inherit;clear:left;\">intendo<span class=\"_ _4\"></span>no anche gli <span class=\"ff5f\">Inte<span class=\"_ _4\"></span>rnational Accounting Standards </span>(\u201c<span class=\"_ _4\"></span>IA<span class=\"_ _4\"></span>S\u201d<span class=\"_ _4\"></span>) t<span class=\"_ _4\"></span>uttor<span class=\"_ _4\"></span>a in vigore, n<span class=\"_ _4\"></span>onch\u00e9 tut<span class=\"_ _4\"></span>ti i docume<span class=\"_ _4\"></span>nti interpre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati<span class=\"_ _4\"></span>vi eme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i dagli <span class=\"ff5f\">IFRS Interpre<span class=\"_ _4\"></span>tation Committe<span class=\"_ _4\"></span>e</span><span class=\"ls6 wsbc\">, precede<span class=\"_ _4\"></span>ntemente denomi<span class=\"_ _1\"></span>nato <span class=\"ff5f ls3 ws16d\">International Financial Repor<span class=\"_ _4\"></span>ting </span></span></span><span style=\"display:inherit;clear:left;\">Interpret<span class=\"_ _4\"></span>ations Committe<span class=\"_ _4\"></span>e <span class=\"ff5c\">(\u201c<span class=\"_ _4\"></span>IFRIC<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) e<span class=\"_ _4\"></span>d ancor p<span class=\"_ _4\"></span>rima </span>Standing Interpretat<span class=\"_ _4\"></span>ions Committe<span class=\"_ _4\"></span>e <span class=\"ff5c ls32 ws122\">(\u201c<span class=\"_ _4\"></span>SIC<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>)</span><span class=\"ls0\">.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__17-1": {
   "value": "<span style=\"display:inherit;clear:left;\">2.2 C<span class=\"_ _2\"></span>ontenuto e for<span class=\"_ _1\"></span>ma del bilancio c<span class=\"_ _2\"></span>onsolidato</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019unit\u00e0 di valut<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro e tut<span class=\"_ _4\"></span>ti i valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi in migliaia di euro s<span class=\"_ _4\"></span>e non dive<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>amente indic<span class=\"_ _4\"></span>ato.</span><span style=\"display:inherit;clear:left;\">Gli schemi d<span class=\"_ _1\"></span>i presentazione della situ<span class=\"_ _1\"></span>azione patrimon<span class=\"_ _2\"></span>iale e finanziari<span class=\"_ _1\"></span>a consolida<span class=\"_ _1\"></span>ta presentano una distinzione<span class=\"_ _1\"></span> tra </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corrent<span class=\"_ _4\"></span>i e non corre<span class=\"_ _4\"></span>nti, dove:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _165\"></span>le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti compre<span class=\"_ _4\"></span>ndono i s<span class=\"_ _4\"></span>aldi atti<span class=\"_ _4\"></span>vi con ci<span class=\"_ _4\"></span>clo di realiz<span class=\"_ _4\"></span>zo olt<span class=\"_ _4\"></span>re dodici m<span class=\"_ _4\"></span>esi e<span class=\"_ _4\"></span>d includon<span class=\"_ _4\"></span>o le atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali, mater<span class=\"_ _4\"></span>iali, finanz<span class=\"_ _4\"></span>iarie e le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no i saldi at<span class=\"_ _4\"></span>tivi c<span class=\"_ _4\"></span>on ciclo di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo entro i do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>l<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>igibili oltre do<span class=\"_ _4\"></span>dici me<span class=\"_ _4\"></span>si, inclusi i de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, i fon<span class=\"_ _4\"></span>di per </span><span style=\"display:inherit;clear:left;\">rischi e<span class=\"_ _4\"></span>d one<span class=\"_ _4\"></span>ri e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci a dipend<span class=\"_ _4\"></span>enti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ive;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>orrenti co<span class=\"_ _4\"></span>mprendo<span class=\"_ _4\"></span>no le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 e<span class=\"_ _4\"></span>sigibili entro d<span class=\"_ _4\"></span>odici me<span class=\"_ _4\"></span>si, compre<span class=\"_ _4\"></span>sa la quot<span class=\"_ _4\"></span>a a breve d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>inanzia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">menti a m<span class=\"_ _4\"></span>edio<span class=\"_ _4\"></span>-lungo ter<span class=\"_ _4\"></span>mine, dei fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e<span class=\"_ _4\"></span>d oneri e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici a dipe<span class=\"_ _4\"></span>ndenti.</span><span style=\"display:inherit;clear:left;\">Il prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico con<span class=\"_ _4\"></span>solidato \u00e8 p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntato, dive<span class=\"_ _4\"></span>rsam<span class=\"_ _4\"></span>ente dal bilancio s<span class=\"_ _4\"></span>eparato d<span class=\"_ _4\"></span>ella soci<span class=\"_ _4\"></span>et\u00e0 C<span class=\"_ _4\"></span>apo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do una clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one dei co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione, fo<span class=\"_ _4\"></span>rma ritenut<span class=\"_ _4\"></span>a pi\u00f9 rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ativa ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per natura di s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019alloca<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione \u00e8 ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uata dal </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do i centri di c<span class=\"_ _4\"></span>osto ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla spe<span class=\"_ _4\"></span>sa. L<span class=\"_ _4\"></span>a forma sce<span class=\"_ _4\"></span>lta \u00e8, infat<span class=\"_ _4\"></span>ti, conforme </span><span style=\"display:inherit;clear:left;\">alle mo<span class=\"_ _4\"></span>dalit\u00e0 di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting</span> inte<span class=\"_ _4\"></span>rno e di ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span>. Il de<span class=\"_ _4\"></span>ttag<span class=\"_ _4\"></span>lio per natur<span class=\"_ _4\"></span>a di spe<span class=\"_ _4\"></span>sa \u00e8 fornito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>interno de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>ota 36 \u201cCo<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).</span></span> Il ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">\u00e8 st<span class=\"_ _4\"></span>ato predi<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to in bas<span class=\"_ _4\"></span>e al meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to e vie<span class=\"_ _4\"></span>ne pres<span class=\"_ _4\"></span>entato in c<span class=\"_ _4\"></span>onformit\u00e0 allo I<span class=\"_ _4\"></span>AS 7<span class=\"_ _2\"></span>, class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ando i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari tra at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>a, di inves<span class=\"_ _4\"></span>timento e di f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Si pre<span class=\"_ _4\"></span>cisa che co<span class=\"_ _4\"></span>n riferime<span class=\"_ _4\"></span>nto alla delibe<span class=\"_ _4\"></span>ra Cons<span class=\"_ _4\"></span>ob n. 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>19 del 27 luglio 200<span class=\"_ _4\"></span>6 e alla comunic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne n. DEM6<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>4293 </span><span style=\"display:inherit;clear:left;\">del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, n<span class=\"_ _4\"></span>egli sch<span class=\"_ _4\"></span>emi di bilancio \u00e8 dat<span class=\"_ _4\"></span>a evide<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi con par<span class=\"_ _4\"></span>ti c<span class=\"_ _4\"></span>orrelate<span class=\"_ _4\"></span>, ai fini di una </span><span style=\"display:inherit;clear:left;\">migliore informati<span class=\"_ _4\"></span>va.</span><span style=\"display:inherit;clear:left;\">A f<span class=\"_ _4\"></span>ini comparati<span class=\"_ _4\"></span>vi i pros<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>i cons<span class=\"_ _4\"></span>olidati pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano il confronto co<span class=\"_ _4\"></span>n i dati patrimoniali con<span class=\"_ _4\"></span>solidati de<span class=\"_ _4\"></span>l bilancio al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e con i dati eco<span class=\"_ _4\"></span>nomici con<span class=\"_ _4\"></span>solidati de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023.</span><span style=\"display:inherit;clear:left;\">2.3 P<span class=\"_ _2\"></span>rincipi C<span class=\"_ _2\"></span>ontabili</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 s<span class=\"_ _4\"></span>tato re<span class=\"_ _4\"></span>datto in ba<span class=\"_ _4\"></span>se al principio d<span class=\"_ _4\"></span>el cos<span class=\"_ _4\"></span>to st<span class=\"_ _4\"></span>orico, tranne ch<span class=\"_ _4\"></span>e per g<span class=\"_ _4\"></span>li strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati e le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>stinate alla ve<span class=\"_ _4\"></span>ndita che s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo, nonch\u00e9 sul pre<span class=\"_ _4\"></span>supp<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">continuit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale. I pr<span class=\"_ _4\"></span>incipi contab<span class=\"_ _4\"></span>ili adott<span class=\"_ _4\"></span>ati nel B<span class=\"_ _4\"></span>ilancio Cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 sono g<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi di que<span class=\"_ _4\"></span>lli </span><span style=\"display:inherit;clear:left;\">adot<span class=\"_ _4\"></span>tati ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei principi c<span class=\"_ _4\"></span>ontabili inter<span class=\"_ _4\"></span>nazionali di nuov<span class=\"_ _4\"></span>a adozione ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4. Pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">mag<span class=\"_ _4\"></span>giori de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli sui principi di nuov<span class=\"_ _4\"></span>a adozione s<span class=\"_ _4\"></span>i rimanda al succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo parag<span class=\"_ _4\"></span>rafo \u201c<span class=\"_ _4\"></span>Variazioni di principi c<span class=\"_ _4\"></span>ontabili </span><span style=\"display:inherit;clear:left;\">interna<span class=\"_ _4\"></span>zionali<span class=\"_ _4\"></span>\u201d.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__18": {
   "value": "<span style=\"display:inherit;clear:left;\">Il prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico con<span class=\"_ _4\"></span>solidato \u00e8 p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntato, dive<span class=\"_ _4\"></span>rsam<span class=\"_ _4\"></span>ente dal bilancio s<span class=\"_ _4\"></span>eparato d<span class=\"_ _4\"></span>ella soci<span class=\"_ _4\"></span>et\u00e0 C<span class=\"_ _4\"></span>apo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do una clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one dei co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione, fo<span class=\"_ _4\"></span>rma ritenut<span class=\"_ _4\"></span>a pi\u00f9 rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ativa ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per natura di s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019alloca<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione \u00e8 ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uata dal </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do i centri di c<span class=\"_ _4\"></span>osto ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la de<span class=\"_ _4\"></span>stinaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla spe<span class=\"_ _4\"></span>sa. L<span class=\"_ _4\"></span>a forma sce<span class=\"_ _4\"></span>lta \u00e8, infat<span class=\"_ _4\"></span>ti, conforme </span><span style=\"display:inherit;clear:left;\">alle mo<span class=\"_ _4\"></span>dalit\u00e0 di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting</span> inte<span class=\"_ _4\"></span>rno e di ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span>. Il de<span class=\"_ _4\"></span>ttag<span class=\"_ _4\"></span>lio per natur<span class=\"_ _4\"></span>a di spe<span class=\"_ _4\"></span>sa \u00e8 fornito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>interno de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\">note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>ota 36 \u201cCo<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__19": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3 P<span class=\"_ _2\"></span>rincipi C<span class=\"_ _2\"></span>ontabili</span><span style=\"display:inherit;clear:left;\">2.3.1 Note gener<span class=\"_ _2\"></span>ali</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 s<span class=\"_ _4\"></span>tato re<span class=\"_ _4\"></span>datto in ba<span class=\"_ _4\"></span>se al principio d<span class=\"_ _4\"></span>el cos<span class=\"_ _4\"></span>to st<span class=\"_ _4\"></span>orico, tranne ch<span class=\"_ _4\"></span>e per g<span class=\"_ _4\"></span>li strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati e le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>stinate alla ve<span class=\"_ _4\"></span>ndita che s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo, nonch\u00e9 sul pre<span class=\"_ _4\"></span>supp<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">continuit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale. I pr<span class=\"_ _4\"></span>incipi contab<span class=\"_ _4\"></span>ili adott<span class=\"_ _4\"></span>ati nel B<span class=\"_ _4\"></span>ilancio Cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 sono g<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi di que<span class=\"_ _4\"></span>lli </span><span style=\"display:inherit;clear:left;\">adot<span class=\"_ _4\"></span>tati ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei principi c<span class=\"_ _4\"></span>ontabili inter<span class=\"_ _4\"></span>nazionali di nuov<span class=\"_ _4\"></span>a adozione ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4. Pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">mag<span class=\"_ _4\"></span>giori de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli sui principi di nuov<span class=\"_ _4\"></span>a adozione s<span class=\"_ _4\"></span>i rimanda al succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo parag<span class=\"_ _4\"></span>rafo \u201c<span class=\"_ _4\"></span>Variazioni di principi c<span class=\"_ _4\"></span>ontabili </span><span style=\"display:inherit;clear:left;\">interna<span class=\"_ _4\"></span>zionali<span class=\"_ _4\"></span>\u201d.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazioni discre<span class=\"_ _2\"></span>zionali<span class=\"_ _4\"></span>, st<span class=\"_ _4\"></span>ime c<span class=\"_ _2\"></span>ontabili ed assunzioni significat<span class=\"_ _4\"></span>ive</span><span style=\"display:inherit;clear:left;\">La re<span class=\"_ _4\"></span>dazion<span class=\"_ _4\"></span>e del bilancio c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidato richied<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fettua<span class=\"_ _4\"></span>zione di s<span class=\"_ _4\"></span>time e di as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni sia nella dete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne di </span><span style=\"display:inherit;clear:left;\">alcune att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, sia ne<span class=\"_ _4\"></span>lla valuta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pote<span class=\"_ _4\"></span>nziali, ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>uate sulla base d<span class=\"_ _4\"></span>elle migliori </span><span style=\"display:inherit;clear:left;\">informazio<span class=\"_ _4\"></span>ni disponibili. G<span class=\"_ _4\"></span>li eventi p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero non c<span class=\"_ _4\"></span>onfermare pie<span class=\"_ _4\"></span>namente le s<span class=\"_ _4\"></span>time.</span><span style=\"display:inherit;clear:left;\">I principal<span class=\"_ _1\"></span>i dati con<span class=\"_ _1\"></span>getturati si riferiscono a<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fon<span class=\"_ _4\"></span>di obsol<span class=\"_ _4\"></span>esc<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a delle riman<span class=\"_ _4\"></span>enze di mater<span class=\"_ _4\"></span>ie prime e<span class=\"_ _4\"></span>d acce<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ri e delle riman<span class=\"_ _4\"></span>enze di pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i finiti; poic<span class=\"_ _4\"></span>h\u00e9 il Grupp<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>a pro<span class=\"_ _4\"></span>dotti s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>ti agli andame<span class=\"_ _4\"></span>nti del me<span class=\"_ _4\"></span>rcato, all<span class=\"_ _4\"></span>\u2019inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>a della mo<span class=\"_ _4\"></span>da, le rimane<span class=\"_ _4\"></span>nze di pro<span class=\"_ _4\"></span>dotti alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>agione s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tte a ri<span class=\"_ _4\"></span>duzioni di val<span class=\"_ _4\"></span>ore. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, il fondo o<span class=\"_ _4\"></span>bsol<span class=\"_ _4\"></span>esc<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a rimanen<span class=\"_ _4\"></span>ze di prodot<span class=\"_ _4\"></span>ti f<span class=\"_ _4\"></span>initi, rifl<span class=\"_ _4\"></span>ette la </span><span style=\"display:inherit;clear:left;\">stima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls5a wsd4\">management</span> circa l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e di valore att<span class=\"_ _4\"></span>ese s<span class=\"_ _4\"></span>ui prodot<span class=\"_ _4\"></span>ti dell<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se colle<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ni di stagi<span class=\"_ _4\"></span>oni pas<span class=\"_ _4\"></span>sate, te<span class=\"_ _4\"></span>nen<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do in cons<span class=\"_ _4\"></span>idera<span class=\"_ _4\"></span>zione la c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di vende<span class=\"_ _4\"></span>re gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attrave<span class=\"_ _4\"></span>rso i di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>si canali dis<span class=\"_ _4\"></span>tributi<span class=\"_ _4\"></span>vi in cui ope<span class=\"_ _4\"></span>ra il Grupp<span class=\"_ _4\"></span>o. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unzion<span class=\"_ _4\"></span>e pu\u00f2 es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re declinat<span class=\"_ _4\"></span>a in modo di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>o nelle di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche dove il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>, in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella cono<span class=\"_ _4\"></span>scen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>l singolo me<span class=\"_ _4\"></span>rcato in me<span class=\"_ _4\"></span>rito alla capa<span class=\"_ _4\"></span>cit\u00e0 lo<span class=\"_ _4\"></span>cale di as<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>bire la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">di prod<span class=\"_ _4\"></span>otti rife<span class=\"_ _4\"></span>riti a st<span class=\"_ _4\"></span>agioni pa<span class=\"_ _4\"></span>ssate<span class=\"_ _4\"></span>. Indic<span class=\"_ _4\"></span>ativame<span class=\"_ _4\"></span>nte le as<span class=\"_ _4\"></span>sunzioni di s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne preve<span class=\"_ _4\"></span>dono co<span class=\"_ _4\"></span>munque pe<span class=\"_ _4\"></span>rcentuali </span><span style=\"display:inherit;clear:left;\">di sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>scent<span class=\"_ _4\"></span>i con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>aument<span class=\"_ _4\"></span>are dell<span class=\"_ _4\"></span>\u2019anzianit\u00e0 de<span class=\"_ _4\"></span>lla colle<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, in modo t<span class=\"_ _4\"></span>ale da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere da un lato la dimi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nuzion<span class=\"_ _4\"></span>e dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ven<span class=\"_ _4\"></span>dita sui c<span class=\"_ _4\"></span>anali sec<span class=\"_ _4\"></span>ondari (<span class=\"_ _4\"></span>principalme<span class=\"_ _4\"></span>nte <span class=\"ff5f ls5f ws14d\">outlet</span>) e dall<span class=\"_ _4\"></span>\u2019altro la diminuzione de<span class=\"_ _4\"></span>lla probabilit<span class=\"_ _4\"></span>\u00e0 di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a col pa<span class=\"_ _4\"></span>ssare d<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o. Alla ba<span class=\"_ _4\"></span>se della de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione di t<span class=\"_ _4\"></span>ale perc<span class=\"_ _4\"></span>entuale c<span class=\"_ _4\"></span>\u2019\u00e8 sia un\u2019analisi stat<span class=\"_ _4\"></span>istic<span class=\"_ _4\"></span>a del v<span class=\"_ _4\"></span>ariare </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019anzianit\u00e0 de<span class=\"_ _4\"></span>l prodot<span class=\"_ _4\"></span>to in giace<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>, che una valut<span class=\"_ _4\"></span>azione di c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anza n<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o di utiliz<span class=\"_ _4\"></span>zo di p<span class=\"_ _4\"></span>ercentuali. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o si </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>i una variazio<span class=\"_ _4\"></span>ne nelle informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili, le p<span class=\"_ _4\"></span>ercentuali ve<span class=\"_ _4\"></span>ngono rianaliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e ed eve<span class=\"_ _4\"></span>ntualmente ade<span class=\"_ _4\"></span>guate. Il </span><span style=\"display:inherit;clear:left;\">fondo ob<span class=\"_ _4\"></span>sole<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nza di mate<span class=\"_ _4\"></span>rie prime rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la st<span class=\"_ _4\"></span>ima del <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> circa la diminuzione de<span class=\"_ _4\"></span>lla probabilit<span class=\"_ _4\"></span>\u00e0 di utiliz<span class=\"_ _4\"></span>zo </span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>se ch<span class=\"_ _4\"></span>e viene anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata s<span class=\"_ _4\"></span>ulla base de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo delle mate<span class=\"_ _4\"></span>rie prime a l<span class=\"_ _4\"></span>enta mov<span class=\"_ _4\"></span>iment<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ri<span class=\"_ _4\"></span>duzioni<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>ripris<span class=\"_ _4\"></span>tini di valore s<span class=\"_ _4\"></span>ulle atti<span class=\"_ _4\"></span>vit\u00e0 n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da al succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo paragrafo \u201c<span class=\"_ _4\"></span><span><span style=\"display:inherit;clear:left;\">Ridu<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span> durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>ipris<span class=\"_ _4\"></span>tini di valo<span class=\"_ _4\"></span>re di Immobili imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immo<span class=\"_ _4\"></span>biliari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali a </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita<span class=\"_ _4\"></span>, Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, leg<span class=\"_ _4\"></span>ato alla sol<span class=\"_ _4\"></span>vibilit\u00e0 d<span class=\"_ _4\"></span>ella cliente<span class=\"_ _4\"></span>la ed allo <span class=\"ff5f ls59 ws114\">st<span class=\"_ _4\"></span>anding</span><span class=\"ls58 wse8\"> de<span class=\"_ _4\"></span>gli stes</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si, con cui v<span class=\"_ _4\"></span>i sono p<span class=\"_ _4\"></span>eraltro in ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e rappo<span class=\"_ _4\"></span>rti c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidati nel te<span class=\"_ _4\"></span>mpo. Il Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a una matrice pe<span class=\"_ _4\"></span>r calco<span class=\"_ _4\"></span>lare le </span><span style=\"display:inherit;clear:left;\">ECL (<span class=\"ff5f ls0 ws110\">Ex<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cted Credit Los<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span><span class=\"ff5c\">) pe<span class=\"_ _4\"></span>r i crediti co<span class=\"_ _4\"></span>mmerciali. Le aliquote di a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto si bas<span class=\"_ _4\"></span>ano sui gio<span class=\"_ _4\"></span>rni di sca<span class=\"_ _4\"></span>duto per </span></span></span><span style=\"display:inherit;clear:left;\">ogni clas<span class=\"_ _4\"></span>se di clie<span class=\"_ _4\"></span>nti rag<span class=\"_ _4\"></span>gruppat<span class=\"_ _4\"></span>a nei var<span class=\"_ _4\"></span>i segm<span class=\"_ _4\"></span>enti che pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano similari an<span class=\"_ _4\"></span>damenti di pe<span class=\"_ _4\"></span>rdita s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a (<span class=\"_ _2\"></span>ad e<span class=\"_ _4\"></span>semp<span class=\"_ _4\"></span>io, </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica, tip<span class=\"_ _4\"></span>o di prodot<span class=\"_ _4\"></span>to, tipo di clie<span class=\"_ _4\"></span>nte, <span class=\"ff5f ls61 ws116\">rat<span class=\"_ _4\"></span>in<span class=\"_ _4\"></span>g</span> e garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. La matric<span class=\"_ _4\"></span>e si bas<span class=\"_ _4\"></span>a inizialmente sui t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di inso<span class=\"_ _4\"></span>l<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>ati del Grup<span class=\"_ _4\"></span>po. Il Grup<span class=\"_ _4\"></span>po calibr<span class=\"_ _4\"></span>a la matrice pe<span class=\"_ _4\"></span>r aff<span class=\"_ _4\"></span>inare il dato st<span class=\"_ _4\"></span>orico sulle p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>rediti co<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>nali. Ad es<span class=\"_ _4\"></span>empio, se s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che le con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>ste (<span class=\"_ _1\"></span>ad es<span class=\"_ _4\"></span>empio, il ris<span class=\"_ _4\"></span>chio pae<span class=\"_ _4\"></span>se) si </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>riorino l'anno suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivo, ci\u00f2 pu\u00f2 p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare a un aume<span class=\"_ _4\"></span>nto del nume<span class=\"_ _4\"></span>ro di inademp<span class=\"_ _4\"></span>ienze in que<span class=\"_ _4\"></span>l paes<span class=\"_ _4\"></span>e, i t<span class=\"_ _4\"></span>assi di in<span class=\"_ _4\"></span>sol<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>. Ad ogni data di r<span class=\"_ _4\"></span>iferiment<span class=\"_ _4\"></span>o, i tas<span class=\"_ _4\"></span>si di insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono ag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>ornati </span><span style=\"display:inherit;clear:left;\">e vengono anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati i camb<span class=\"_ _4\"></span>iamenti ne<span class=\"_ _4\"></span>lle stime s<span class=\"_ _4\"></span>u ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visionali<span class=\"_ _4\"></span>. La valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della corr<span class=\"_ _4\"></span>elazio<span class=\"_ _4\"></span>ne tra i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici, le condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ionali e le ECL rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano una s<span class=\"_ _4\"></span>tima signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019ammontare </span><span style=\"display:inherit;clear:left;\">di ECL \u00e8 se<span class=\"_ _4\"></span>nsibile ai c<span class=\"_ _4\"></span>ambiamenti de<span class=\"_ _4\"></span>lle circos<span class=\"_ _4\"></span>tanze e de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te. A<span class=\"_ _4\"></span>nche l'e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a stor<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andame<span class=\"_ _4\"></span>nto delle p<span class=\"_ _4\"></span>erdite su cre<span class=\"_ _4\"></span>dito del G<span class=\"_ _4\"></span>ruppo e la p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni econ<span class=\"_ _4\"></span>omiche future p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero </span><span style=\"display:inherit;clear:left;\">non e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>za ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tiva de<span class=\"_ _4\"></span>l cliente in futuro. Pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sull<span class=\"_ _4\"></span>\u2019analisi dei ris<span class=\"_ _4\"></span>chi di credito si </span><span style=\"display:inherit;clear:left;\">rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 1<span class=\"_ _2\"></span>5 \u201c<span class=\"_ _4\"></span>Crediti comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i, in part<span class=\"_ _4\"></span>icolare i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019impe<span class=\"_ _4\"></span>gno contr<span class=\"_ _4\"></span>attuale al rip<span class=\"_ _4\"></span>ristin<span class=\"_ _4\"></span>o futuro di loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o ed i co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">per c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi in cor<span class=\"_ _4\"></span>so o pre<span class=\"_ _4\"></span>vedibili;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>so indiv<span class=\"_ _4\"></span>iduato a ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica dei r<span class=\"_ _4\"></span>icavi da co<span class=\"_ _4\"></span>ntratti c<span class=\"_ _4\"></span>on clienti, ove pre<span class=\"_ _4\"></span>sente n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni co<span class=\"_ _4\"></span>ntrattuali o ne<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">pratic<span class=\"_ _4\"></span>a comme<span class=\"_ _4\"></span>rciale abituale pe<span class=\"_ _4\"></span>r la vendit<span class=\"_ _4\"></span>a di beni. Il G<span class=\"_ _4\"></span>ruppo ha d<span class=\"_ _4\"></span>eterminato che il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re atte<span class=\"_ _4\"></span>so \u00e8 il me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tod<span class=\"_ _4\"></span>o pi\u00f9 appropriato p<span class=\"_ _4\"></span>er s<span class=\"_ _4\"></span>timare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile sulle ve<span class=\"_ _4\"></span>ndite di b<span class=\"_ _4\"></span>eni con dirit<span class=\"_ _4\"></span>ti di res<span class=\"_ _4\"></span>tituzi<span class=\"_ _4\"></span>one, dato </span><span style=\"display:inherit;clear:left;\">l'elev<span class=\"_ _4\"></span>ato numero di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche simili; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>v<span class=\"_ _4\"></span>ita utile d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e macchinari, delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita e de<span class=\"_ _4\"></span>gli inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>bi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liari nonch\u00e9 alla ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l rispe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i requisit<span class=\"_ _4\"></span>i di iscri<span class=\"_ _4\"></span>zione e misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali per co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, i cui v<span class=\"_ _4\"></span>alori so<span class=\"_ _4\"></span>no deter<span class=\"_ _4\"></span>minati in base a s<span class=\"_ _4\"></span>time attuar<span class=\"_ _4\"></span>iali<span class=\"_ _1\"></span>; per l<span class=\"_ _4\"></span>e principali as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni attuariali si </span><span style=\"display:inherit;clear:left;\">rinvia alla not<span class=\"_ _4\"></span>a 2<span class=\"_ _2\"></span>4 \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r bene<span class=\"_ _4\"></span>fici ai dip<span class=\"_ _4\"></span>end<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r impost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite che s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ate nella misur<span class=\"_ _4\"></span>a in cui sia probabile l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>esi<span class=\"_ _4\"></span>sten<span class=\"_ _4\"></span>za di ad<span class=\"_ _4\"></span>eguati utili f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali futuri a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali le diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee o eve<span class=\"_ _4\"></span>ntuali perdite f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali pot<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e. A tal r<span class=\"_ _4\"></span>iguardo, il <span class=\"ff5f ws0\">mana-</span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls0 ws97\"> del Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>ima la probabile manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azione t<span class=\"_ _4\"></span>empo<span class=\"_ _4\"></span>rale e l<span class=\"_ _4\"></span>\u2019ammontare dei fut<span class=\"_ _4\"></span>uri utili fi<span class=\"_ _4\"></span>scalm<span class=\"_ _4\"></span>ente imponibili;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> val<span class=\"_ _4\"></span>or <span class=\"_ _43\"> </span>e<span class=\"_ _4\"></span>quo <span class=\"_ _43\"> </span><span class=\"ff5f ws141\">(fair value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, tra cui ri<span class=\"_ _4\"></span>ves<span class=\"_ _4\"></span>tono par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare impor<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>za gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati, di cui </span></span></span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o fa largo us<span class=\"_ _4\"></span>o per la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di cambio; pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sulle as<span class=\"_ _4\"></span>sunz<span class=\"_ _4\"></span>ioni alla base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f ws0\">fair </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\"> si rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 32 \u201cStr<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari e v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"lsb4 ws13a\">\u201d;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _62\"> </span> v<span class=\"_ _4\"></span>alore <span class=\"_ _22\"> </span>equo <span class=\"_ _22\"> </span><span class=\"ff5f wsa3\">(f<span class=\"_ _1\"></span>air value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> dei piani di pag<span class=\"_ _4\"></span>amento bas<span class=\"_ _4\"></span>ati su az<span class=\"_ _4\"></span>ioni sia regolati p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a che rego<span class=\"_ _4\"></span>lati con azio<span class=\"_ _4\"></span>ni di<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">cui la Capo<span class=\"_ _4\"></span>gruppo f<span class=\"_ _4\"></span>a uso p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>entiva<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> del Grupp<span class=\"_ _4\"></span>o; per i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>ulle ass<span class=\"_ _4\"></span>unzioni alla </span><span style=\"display:inherit;clear:left;\">base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> si rinvia alla not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti bas<span class=\"_ _4\"></span>ati su azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>; </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _4a\"></span>risc<span class=\"_ _4\"></span>hio di socco<span class=\"_ _4\"></span>mben<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>lle controver<span class=\"_ _4\"></span>sie in cui il Gr<span class=\"_ _4\"></span>uppo \u00e8 coinvolto; il Grup<span class=\"_ _4\"></span>po acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a fronte di </span><span style=\"display:inherit;clear:left;\">conten<span class=\"_ _4\"></span>ziosi e c<span class=\"_ _4\"></span>ause l<span class=\"_ _4\"></span>egali in cor<span class=\"_ _4\"></span>so quand<span class=\"_ _4\"></span>o ritiene p<span class=\"_ _4\"></span>robabile che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icher<span class=\"_ _4\"></span>\u00e0 un esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario e quando l<span class=\"_ _4\"></span>\u2019am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e delle p<span class=\"_ _4\"></span>erdite che ne d<span class=\"_ _4\"></span>erive<span class=\"_ _4\"></span>ranno pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte stimato. St<span class=\"_ _4\"></span>ante le ince<span class=\"_ _4\"></span>rte<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze ine<span class=\"_ _4\"></span>renti l<span class=\"_ _4\"></span>\u2019esito di </span><span style=\"display:inherit;clear:left;\">tali pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti, \u00e8 dif<span class=\"_ _4\"></span>ficil<span class=\"_ _4\"></span>e predire co<span class=\"_ _4\"></span>n cer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o che deri<span class=\"_ _4\"></span>ver\u00e0 da t<span class=\"_ _4\"></span>ali controver<span class=\"_ _4\"></span>sie e<span class=\"_ _4\"></span>d \u00e8 quindi pos<span class=\"_ _4\"></span>sibile che il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _4\"></span>ei fondi p<span class=\"_ _4\"></span>er proc<span class=\"_ _4\"></span>ediment<span class=\"_ _4\"></span>i legali p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a variare a se<span class=\"_ _4\"></span>guito di futur<span class=\"_ _4\"></span>i sv<span class=\"_ _4\"></span>iluppi nei pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so. Il Grup<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">monitor<span class=\"_ _4\"></span>a lo <span class=\"ff5f ls46 ws94\">statu<span class=\"_ _4\"></span>s</span> delle c<span class=\"_ _4\"></span>ause e p<span class=\"_ _4\"></span>rocedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so e si co<span class=\"_ _4\"></span>nsulta c<span class=\"_ _4\"></span>on i propri c<span class=\"_ _4\"></span>onsule<span class=\"_ _4\"></span>nti legali e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti in mate<span class=\"_ _4\"></span>ria </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ale. Il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a, inoltre<span class=\"_ _4\"></span>, le po<span class=\"_ _4\"></span>sizioni f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ince<span class=\"_ _4\"></span>rte e s<span class=\"_ _4\"></span>e nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario rile<span class=\"_ _4\"></span>va una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16, sono s<span class=\"_ _4\"></span>tate ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate le se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>time cont<span class=\"_ _4\"></span>abili signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, come G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">qualit\u00e0 di lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls32 ws39e\"> Le<span class=\"_ _4\"></span>ase<span class=\"_ _4\"></span> <span class=\"_ _40\"> </span>te<span class=\"_ _4\"></span>rm</span><span class=\"ls7d ws2d8\">: l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to \u00e8 una tematic<span class=\"_ _4\"></span>a molto ril<span class=\"_ _4\"></span>evante dal mom<span class=\"_ _4\"></span>ento che </span></span><span style=\"display:inherit;clear:left;\">la forma, la le<span class=\"_ _4\"></span>gisla<span class=\"_ _4\"></span>zione e le pr<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i commerciali sui c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto imm<span class=\"_ _4\"></span>obiliare variano sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativam<span class=\"_ _4\"></span>ente da </span><span style=\"display:inherit;clear:left;\">una giurisdi<span class=\"_ _4\"></span>zione a<span class=\"_ _4\"></span>d un'<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ra e la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti delle o<span class=\"_ _4\"></span>pzioni di rinnovo al ter<span class=\"_ _4\"></span>mine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do non can<span class=\"_ _4\"></span>cel<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">labile sulla s<span class=\"_ _4\"></span>tima di leas<span class=\"_ _4\"></span>e term co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni. l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">Interpret<span class=\"_ _4\"></span>ation Committe<span class=\"_ _4\"></span>e</span> ha chiarito che ai </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>ini della ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di esig<span class=\"_ _4\"></span>ibilit\u00e0 un lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o deve cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>are il momento c<span class=\"_ _4\"></span>ontrattual<span class=\"_ _4\"></span>e nel qua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti coinvo<span class=\"_ _4\"></span>lte pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare il loro dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>scinde<span class=\"_ _4\"></span>re il contrat<span class=\"_ _4\"></span>to sen<span class=\"_ _4\"></span>za inco<span class=\"_ _4\"></span>rrere in pe<span class=\"_ _4\"></span>nali </span><span style=\"display:inherit;clear:left;\">che non s<span class=\"_ _4\"></span>ono irrile<span class=\"_ _4\"></span>vanti; il concett<span class=\"_ _4\"></span>o di penal<span class=\"_ _4\"></span>e non deve aver<span class=\"_ _4\"></span>e un\u2019accezio<span class=\"_ _4\"></span>ne mer<span class=\"_ _4\"></span>amente contr<span class=\"_ _4\"></span>attuale<span class=\"_ _4\"></span>, ma va vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">considerando tutti gli<span class=\"_ _1\"></span> aspetti economici del contra<span class=\"_ _1\"></span>tto. Il Gruppo h<span class=\"_ _1\"></span>a considerato tali<span class=\"_ _1\"></span> conclusion<span class=\"_ _1\"></span>i nell\u2019ide<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>fic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella durata d<span class=\"_ _4\"></span>ei contrat<span class=\"_ _4\"></span>ti di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to. Il Grupp<span class=\"_ _4\"></span>o, infatti, pe<span class=\"_ _4\"></span>r la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e della durat<span class=\"_ _4\"></span>a del le<span class=\"_ _4\"></span>ase ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e c<span class=\"_ _4\"></span>ancella<span class=\"_ _4\"></span>zione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente in cap<span class=\"_ _4\"></span>o al loc<span class=\"_ _4\"></span>atario, al loc<span class=\"_ _4\"></span>atore o a ent<span class=\"_ _4\"></span>rambi. In </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili da entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>ntrattuali ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a o meno di </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi disinc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i econo<span class=\"_ _4\"></span>mici nel rif<span class=\"_ _4\"></span>iut<span class=\"_ _4\"></span>are la richies<span class=\"_ _4\"></span>ta di rinnovo c<span class=\"_ _4\"></span>ome richie<span class=\"_ _4\"></span>sto dal par<span class=\"_ _4\"></span>agrafo B34 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili solo da una d<span class=\"_ _4\"></span>elle due par<span class=\"_ _4\"></span>ti ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato il paragr<span class=\"_ _4\"></span>afo B3<span class=\"_ _1\"></span>5 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di quanto sopra<span class=\"_ _4\"></span>, tenuto cont<span class=\"_ _4\"></span>o degli sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ici fat<span class=\"_ _4\"></span>ti e circos<span class=\"_ _4\"></span>tanze no<span class=\"_ _4\"></span>nch\u00e9 de<span class=\"_ _4\"></span>lla stima sull<span class=\"_ _4\"></span>\u2019ess<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">ragion<span class=\"_ _4\"></span>evolmente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione, ha co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato ch<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>-  <span class=\"_ _45\"></span>per i c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di durata annuale rinnov<span class=\"_ _4\"></span>abili automatic<span class=\"_ _4\"></span>amente s<span class=\"_ _4\"></span>alvo disd<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a si \u00e8 cons<span class=\"_ _4\"></span>iderat<span class=\"_ _4\"></span>a una durata me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">di cinque anni, bas<span class=\"_ _4\"></span>ando t<span class=\"_ _4\"></span>ale sce<span class=\"_ _4\"></span>lta su analis<span class=\"_ _4\"></span>i stor<span class=\"_ _4\"></span>iche;</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>- <span class=\"_ _4\"></span> <span class=\"_ _45\"></span>neg<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si se \u00e8 so<span class=\"_ _4\"></span>lo il Grupp<span class=\"_ _4\"></span>o a poter e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare l<span class=\"_ _4\"></span>\u2019opzione, si \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rata una durat<span class=\"_ _4\"></span>a f<span class=\"_ _4\"></span>ino al sec<span class=\"_ _4\"></span>ondo rinno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vo prev<span class=\"_ _4\"></span>isto dal co<span class=\"_ _4\"></span>ntratto, ba<span class=\"_ _4\"></span>sando<span class=\"_ _4\"></span>si sull<span class=\"_ _4\"></span>\u2019eviden<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a e sul fatto di no<span class=\"_ _4\"></span>n poter c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erare ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>to il rinnovo o<span class=\"_ _4\"></span>ltre il se<span class=\"_ _4\"></span>condo p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _166\"> </span> <span class=\"_ _45\"></span> <span class=\"_ _45\"></span>Dop<span class=\"_ _4\"></span>o la data di de<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o, il Gruppo ri<span class=\"_ _4\"></span>vede la dur<span class=\"_ _4\"></span>ata dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso s<span class=\"_ _4\"></span>e si verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a un evento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo o un </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vo cambiame<span class=\"_ _4\"></span>nto delle circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze che, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>ndo dalla volont<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, abbia un'incid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla ragione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a del lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o di ese<span class=\"_ _4\"></span>rcitare un'opzione non p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente inclu<span class=\"_ _4\"></span>sa nella s<span class=\"_ _4\"></span>ua determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f ls7f ws13b\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> o di no<span class=\"_ _4\"></span>n ese<span class=\"_ _4\"></span>rcitare un'opzione pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente inclus<span class=\"_ _4\"></span>a nella sua det<span class=\"_ _4\"></span>erminaz<span class=\"_ _4\"></span>ione della dur<span class=\"_ _4\"></span>ata del <span class=\"ff5f ls7f ws13b\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span><span class=\"ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _165\"></span>De<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto: poich\u00e9 ne<span class=\"_ _4\"></span>lla mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te dei c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o stipulati dal G<span class=\"_ _4\"></span>ruppo, non \u00e8 </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ente un t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse imp<span class=\"_ _4\"></span>licito, il Gruppo ha c<span class=\"_ _4\"></span>alcolato un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so increm<span class=\"_ _4\"></span>ental<span class=\"_ _4\"></span>e di indebit<span class=\"_ _4\"></span>amento <span class=\"ff5f ws125\">(Incre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mental B<span class=\"_ _4\"></span>orrowing Rate-<span class=\"_ _4\"></span>IBR)<span class=\"ff5c\">. Al f<span class=\"_ _4\"></span>ine di dete<span class=\"_ _4\"></span>rminare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IBR da utiliz<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pagame<span class=\"_ _4\"></span>nti futuri </span></span><span style=\"display:inherit;clear:left;\">dei c<span class=\"_ _4\"></span>anoni di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to, il Grupp<span class=\"_ _4\"></span>o ha identif<span class=\"_ _4\"></span>icato o<span class=\"_ _4\"></span>gni Paes<span class=\"_ _4\"></span>e come un p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche </span><span style=\"display:inherit;clear:left;\">simili e ha dete<span class=\"_ _4\"></span>rminato il relativo IBR c<span class=\"_ _4\"></span>ome il ta<span class=\"_ _4\"></span>sso di un<span class=\"_ _4\"></span>o strume<span class=\"_ _4\"></span>nto privo di r<span class=\"_ _4\"></span>ischio de<span class=\"_ _4\"></span>l risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo Paes<span class=\"_ _4\"></span>e in cui il<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato stip<span class=\"_ _4\"></span>ulato, basato sulle di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>se sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze contrat<span class=\"_ _4\"></span>tuali, magg<span class=\"_ _4\"></span>iorato de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Credit spread</span><span class=\"ls69 ws8\"> di Gr<span class=\"_ _4\"></span>uppo.</span></span><span style=\"display:inherit;clear:left;\">Le stim<span class=\"_ _4\"></span>e e le ass<span class=\"_ _4\"></span>unzioni s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fettuate dag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri con il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to delle fun<span class=\"_ _4\"></span>zioni az<span class=\"_ _4\"></span>iendali e, quan<span class=\"_ _4\"></span>do ap<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">propriato, di sp<span class=\"_ _4\"></span>ecialis<span class=\"_ _4\"></span>ti indipe<span class=\"_ _4\"></span>ndent<span class=\"_ _4\"></span>i e sono ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te per<span class=\"_ _4\"></span>iodic<span class=\"_ _4\"></span>amente, i<span class=\"_ _4\"></span>scrive<span class=\"_ _4\"></span>ndo a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, ove richies<span class=\"_ _4\"></span>to,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">gli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i di ciascuna varia<span class=\"_ _4\"></span>zione ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo in cui t<span class=\"_ _4\"></span>ali stim<span class=\"_ _4\"></span>e ed as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni doves<span class=\"_ _4\"></span>sero dif<span class=\"_ _4\"></span>ferir<span class=\"_ _4\"></span>e dalle circost<span class=\"_ _4\"></span>anze </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ive.</span><span style=\"display:inherit;clear:left;\">Riduzione durev<span class=\"_ _1\"></span>ole/Ripristini di valor<span class=\"_ _2\"></span>e di Immobili impianti e macchinari, Investimenti immobiliari, <span class=\"_ _2\"></span>Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vita utile definita, A<span class=\"_ _2\"></span>ttivit\u00e0 per Diritto d\u2019uso e Avviamento</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o monitora c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte il proprio <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> per v<span class=\"_ _4\"></span>alutare se v<span class=\"_ _4\"></span>i siano indic<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e le sue att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti </span><span style=\"display:inherit;clear:left;\">siano so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette al ri<span class=\"_ _4\"></span>schio di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore, tr<span class=\"_ _4\"></span>a cui l'av<span class=\"_ _4\"></span>viamento, gli inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari, le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali con </span><span style=\"display:inherit;clear:left;\">una vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali in cor<span class=\"_ _4\"></span>so)<span class=\"_ _2\"></span>, l<span class=\"_ _4\"></span>e immobiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azioni mate<span class=\"_ _4\"></span>riali e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d'us<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento e le At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali in co<span class=\"_ _4\"></span>rso s<span class=\"_ _4\"></span>ono sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>osti a ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore almen<span class=\"_ _4\"></span>o una volta l<span class=\"_ _4\"></span>\u2019anno (<span class=\"_ _2\"></span>con </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre) o con magg<span class=\"_ _4\"></span>iore fre<span class=\"_ _4\"></span>quenz<span class=\"_ _4\"></span>a, quando le circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze facciano rit<span class=\"_ _4\"></span>enere ch<span class=\"_ _4\"></span>e il valore di is<span class=\"_ _4\"></span>crizio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">potre<span class=\"_ _4\"></span>bbe e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto a p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ad og<span class=\"_ _4\"></span>ni <span class=\"ff5f\">repor<span class=\"_ _4\"></span>ting date</span><span class=\"ls62 ws59\"> s<span class=\"_ _4\"></span>volge l<span class=\"_ _4\"></span>\u2019analisi finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a ad indi<span class=\"_ _4\"></span>viduare la p<span class=\"_ _4\"></span>re</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sen<span class=\"_ _4\"></span>za di eve<span class=\"_ _4\"></span>ntuali indicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls59 ws114\">impairme<span class=\"_ _4\"></span>nt</span><span class=\"ls62 wseb\"> e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdite dur<span class=\"_ _4\"></span>evoli di val<span class=\"_ _4\"></span>ore di Immobili, im<span class=\"_ _4\"></span>pianti e macchinari, Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imenti </span></span><span style=\"display:inherit;clear:left;\">immobiliari, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a ed Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento, me<span class=\"_ _4\"></span>diante la redazi<span class=\"_ _4\"></span>one di </span><span style=\"display:inherit;clear:left;\">check<span class=\"_ _4\"></span>list<span class=\"ff5c ws131\"> che indi<span class=\"_ _4\"></span>viduino la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di indic<span class=\"_ _4\"></span>atori e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni (<span class=\"_ _2\"></span>quali con<span class=\"_ _4\"></span>dizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni </span></span><span style=\"display:inherit;clear:left;\">riguardanti il se<span class=\"_ _4\"></span>ttore e<span class=\"_ _4\"></span>d il merc<span class=\"_ _4\"></span>ato, capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di me<span class=\"_ _4\"></span>rcato, varia<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ien<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te te<span class=\"_ _4\"></span>cnologi<span class=\"_ _4\"></span>co, di mercato, e<span class=\"_ _4\"></span>conomico o n<span class=\"_ _4\"></span>ormativo ne<span class=\"_ _4\"></span>l quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o ne<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato al quale un\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 rivolt<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) </span><span style=\"display:inherit;clear:left;\">o interni (q<span class=\"_ _1\"></span>uali signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata o ci si att<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ar\u00e0 utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata, l<span class=\"_ _4\"></span>\u2019andamento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previs<span class=\"_ _4\"></span>to, </span><span style=\"display:inherit;clear:left;\">cash<span class=\"ff5c ls0 ws0\"> </span><span class=\"ls57 ws97\">f<span class=\"_ _4\"></span>low<span class=\"ff5c ls0 ws0\"> negati<span class=\"_ _4\"></span>vi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span></span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, le CGU dove so<span class=\"_ _4\"></span>no risc<span class=\"_ _4\"></span>ontrati indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span> s<span class=\"_ _4\"></span>ono as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f ls36 wsb\">te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5d\"> di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span></span></span>. In </span><span style=\"display:inherit;clear:left;\">linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls59 wsd8\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls5b ws2b\"> sono st<span class=\"_ _4\"></span>ati condotti considerando<span class=\"_ _1\"></span> qual<span class=\"_ _1\"></span>i CGU<span class=\"_ _1\"></span><span class=\"ff5f ls0 ws150\"> (<span class=\"_ _1\"></span>Cash Ge<span class=\"_ _4\"></span>nerating Units)<span class=\"ff5c\"> le singole </span></span></span></span><span style=\"display:inherit;clear:left;\">aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche in cui il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era, di no<span class=\"_ _4\"></span>rma coincid<span class=\"_ _4\"></span>enti con le s<span class=\"_ _4\"></span>ingole entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po, fatti s<span class=\"_ _4\"></span>alv<span class=\"_ _4\"></span>i i casi in </span><span style=\"display:inherit;clear:left;\">cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po ope<span class=\"_ _4\"></span>rino ne<span class=\"_ _4\"></span>l mede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in te<span class=\"_ _4\"></span>rritori e m<span class=\"_ _4\"></span>ercati limitrof<span class=\"_ _4\"></span>i car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zati da clie<span class=\"_ _4\"></span>ntela </span><span style=\"display:inherit;clear:left;\">comune e<span class=\"_ _4\"></span>d omoge<span class=\"_ _4\"></span>nea. </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, risp<span class=\"_ _4\"></span>etto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Retail Hong Kong \u00e8 s<span class=\"_ _4\"></span>tata s<span class=\"_ _4\"></span>epar<span class=\"_ _4\"></span>ata dalla CGU Cina in linea </span><span style=\"display:inherit;clear:left;\">con il nuovo mo<span class=\"_ _4\"></span>dello dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo pos<span class=\"_ _4\"></span>to in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re dal Grupp<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">La p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto \u00e8 dete<span class=\"_ _4\"></span>rminata valut<span class=\"_ _4\"></span>ando il valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti indi<span class=\"_ _4\"></span>catori di p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore, il v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile di una atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 viene r<span class=\"_ _4\"></span>idott<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">pari al mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e tra il suo <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita e il suo v<span class=\"_ _4\"></span>alore d<span class=\"_ _4\"></span>\u2019uso. Il val<span class=\"_ _4\"></span>ore recup<span class=\"_ _4\"></span>erabil<span class=\"_ _4\"></span>e \u00e8 determinato </span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>ingola atti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, a meno che l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 non ge<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa in e<span class=\"_ _4\"></span>ntrata che s<span class=\"_ _4\"></span>ono ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti dai </span><span style=\"display:inherit;clear:left;\">flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a da altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o gruppi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, ne<span class=\"_ _4\"></span>l qual caso l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 tes<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella CGU a cui </span><span style=\"display:inherit;clear:left;\">appartiene l'a<span class=\"_ _1\"></span>ttivit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il calco<span class=\"_ _4\"></span>lo del <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita si ba<span class=\"_ _4\"></span>sa su dati dis<span class=\"_ _4\"></span>ponibili re<span class=\"_ _4\"></span>lativi a op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di ven<span class=\"_ _4\"></span>dita tra p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i libere e </span><span style=\"display:inherit;clear:left;\">autonom<span class=\"_ _4\"></span>e, di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 simili o prez<span class=\"_ _5\"></span>zi di merc<span class=\"_ _4\"></span>ato os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili, dedot<span class=\"_ _4\"></span>ti i mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i cost<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i alla dismis<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0. Il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso \u00e8 calco<span class=\"_ _4\"></span>lato tramite mo<span class=\"_ _4\"></span>delli di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>o un tas<span class=\"_ _4\"></span>so di sc<span class=\"_ _4\"></span>onto ante impos<span class=\"_ _4\"></span>te che ri<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fl<span class=\"_ _4\"></span>ette la s<span class=\"_ _4\"></span>tima corre<span class=\"_ _4\"></span>nte del me<span class=\"_ _4\"></span>rcato rife<span class=\"_ _4\"></span>rito al cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>naro rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ato al temp<span class=\"_ _4\"></span>o e ai rischi s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cifici d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0. Il v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso \u00e8 il valore at<span class=\"_ _4\"></span>tuale dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i (DCF: <span class=\"ff5f\">Discounted Cash Flow</span>) che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e abbiano origin<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0.</span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lle CGU \u00e8 stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el <span class=\"ff5f\">value in use</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero t<span class=\"_ _4\"></span>ramite il meto<span class=\"_ _4\"></span>do del <span class=\"ff5f\">D<span class=\"_ _4\"></span>iscounted Cash Flow</span> ch<span class=\"_ _4\"></span>e rav<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a nella c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di produrre f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa l<span class=\"_ _4\"></span>\u2019elem<span class=\"_ _4\"></span>ento fonda<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ment<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento att<span class=\"_ _4\"></span>ualiz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di sco<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto (<span class=\"ff5f\">Weighted Average Cost of Capital</span> - WAC<span class=\"_ _1\"></span>C) \u00e8 st<span class=\"_ _4\"></span>ato stimato s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo la formulaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ws0\">Ex<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>ed </span></span><span style=\"display:inherit;clear:left;\">Capital As<span class=\"_ _4\"></span>set Pricing Mode<span class=\"_ _4\"></span>l<span class=\"ff5c lsf2 ws2e9\"> (\"CA<span class=\"_ _2\"></span>PM<span class=\"_ _2\"></span>\") <span class=\"ff5f ls62 wsa\">unconditional</span><span class=\"ls0 ws12a\">, pe<span class=\"_ _4\"></span>r quanto concer<span class=\"_ _4\"></span>ne il cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls3a wsaf\">eq<span class=\"_ _4\"></span>uit<span class=\"_ _4\"></span>y<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws12a\">, me<span class=\"_ _4\"></span>ntre il cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>bito </span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u00e8 stimato c<span class=\"_ _4\"></span>ome somma di <span class=\"ff5f\">risk f<span class=\"_ _4\"></span>ree</span> del p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di riferime<span class=\"_ _4\"></span>nto e <span class=\"ff5f\">interes<span class=\"_ _4\"></span>t coverage ratio</span> delle so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>par<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>nti al <span class=\"ff5f ws0\">panel<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>tima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls36 wsb\">beta</span> e del <span class=\"ff5f ls62 wsa\">de<span class=\"_ _4\"></span>bt equit<span class=\"_ _4\"></span>y ratio</span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita \u201cg<span class=\"_ _4\"></span>\u201d \u00e8 dete<span class=\"_ _4\"></span>rminato come l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ione atte<span class=\"_ _4\"></span>sa n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio \u2013 lungo perio<span class=\"_ _4\"></span>do ne<span class=\"_ _4\"></span>l mercato di r<span class=\"_ _4\"></span>iferimento<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws3a7\"> te<span class=\"_ _4\"></span>rminal <span class=\"_ _40\"> </span>value</span> \u00e8 det<span class=\"_ _4\"></span>erminato con il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>ella rendit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>rpetua a<span class=\"_ _4\"></span>d un tas<span class=\"_ _4\"></span>so di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a \u201c<span class=\"_ _2\"></span>g<span class=\"_ _5\"></span>\u201d di lungo pe<span class=\"_ _4\"></span>riodo </span><span style=\"display:inherit;clear:left;\">I flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a sono r<span class=\"_ _4\"></span>icavati dalle s<span class=\"_ _4\"></span>time elab<span class=\"_ _4\"></span>orate dal <span class=\"ff5f ls56 ws7\">managem<span class=\"_ _4\"></span>ent</span> azien<span class=\"_ _4\"></span>dale, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la mig<span class=\"_ _4\"></span>lior stima </span><span style=\"display:inherit;clear:left;\">effettuabile da<span class=\"_ _1\"></span>l Gruppo, su<span class=\"_ _1\"></span>lle condizion<span class=\"_ _2\"></span>i e<span class=\"_ _4\"></span>conomic<span class=\"_ _1\"></span>he previste nel periodo di pian<span class=\"_ _1\"></span>o, tenendo anc<span class=\"_ _1\"></span>he in considerazione<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>di di analisti di se<span class=\"_ _4\"></span>ttore<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si non inclu<span class=\"_ _4\"></span>dono le at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di ris<span class=\"_ _4\"></span>truttur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per cui il Gr<span class=\"_ _4\"></span>uppo, non abb<span class=\"_ _4\"></span>ia gi\u00e0 un\u2019ob<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bliga<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, n\u00e9 signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivi inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti futuri che incre<span class=\"_ _4\"></span>mente<span class=\"_ _4\"></span>ranno il ren<span class=\"_ _4\"></span>dimento de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to re<span class=\"_ _4\"></span>cuperab<span class=\"_ _4\"></span>ile dipen<span class=\"_ _4\"></span>de sen<span class=\"_ _4\"></span>sibilmente dal t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di </span><span style=\"display:inherit;clear:left;\">sconto ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>ello dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ssa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati cos\u00ec com<span class=\"_ _4\"></span>e dai flus<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai fini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>trapo<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Le proie<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>l piano copron<span class=\"_ _4\"></span>o un arco temp<span class=\"_ _4\"></span>orale mas<span class=\"_ _4\"></span>simo di cinque anni in line<span class=\"_ _4\"></span>a con quanto discip<span class=\"_ _4\"></span>linato dallo IAS </span><span style=\"display:inherit;clear:left;\">36 ed il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita a lungo te<span class=\"_ _4\"></span>rmine (<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>) utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato al f<span class=\"_ _4\"></span>ine della s<span class=\"_ _4\"></span>tima del v<span class=\"_ _4\"></span>alore ter<span class=\"_ _4\"></span>minale dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 st<span class=\"_ _4\"></span>ato as<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sunto pari all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflazi<span class=\"_ _4\"></span>one atte<span class=\"_ _4\"></span>sa ne<span class=\"_ _4\"></span>l medi<span class=\"_ _4\"></span>o\u2013<span class=\"_ _4\"></span>lungo perio<span class=\"_ _4\"></span>do dei p<span class=\"_ _4\"></span>rincipali merc<span class=\"_ _4\"></span>ati in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, pubblic<span class=\"_ _4\"></span>ato sulle </span><span style=\"display:inherit;clear:left;\">primarie ban<span class=\"_ _4\"></span>che dati dispo<span class=\"_ _4\"></span>nibili. Per<span class=\"_ _4\"></span>tanto, se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>ugge<span class=\"_ _4\"></span>rito dalla dot<span class=\"_ _4\"></span>trina, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a g cos\u00ec d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito </span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a che ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re mantenuto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a a tempo in<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>inito, in con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">side<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne dello s<span class=\"_ _4\"></span>tato di maturit<span class=\"_ _4\"></span>\u00e0 del s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re e dei me<span class=\"_ _4\"></span>rcati ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ici nei quali il Gr<span class=\"_ _4\"></span>uppo op<span class=\"_ _4\"></span>era; su oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nti lunghi \u00e8 </span><span style=\"display:inherit;clear:left;\">comunque dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icile pot<span class=\"_ _4\"></span>er sos<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>ere una cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>dente quella d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia ne<span class=\"_ _4\"></span>l suo compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o recup<span class=\"_ _4\"></span>erabile dip<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ensib<span class=\"_ _4\"></span>ilmente dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mode<span class=\"_ _4\"></span>llo dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">cos\u00ec co<span class=\"_ _4\"></span>me dai flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019estr<span class=\"_ _4\"></span>apolaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne ricono<span class=\"_ _4\"></span>sciuta una p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a di valore la<span class=\"_ _4\"></span>ddove il valor<span class=\"_ _4\"></span>e recupe<span class=\"_ _4\"></span>rabile ri<span class=\"_ _4\"></span>sulti inferiore al v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le risult<span class=\"_ _4\"></span>anze dell<span class=\"_ _4\"></span>e valuta<span class=\"_ _4\"></span>zioni ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate per la d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutte l<span class=\"_ _4\"></span>e CGU og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls0 ws119\"> s<span class=\"_ _4\"></span>ono confront<span class=\"_ _4\"></span>ate con il re<span class=\"_ _4\"></span>lativo valore c<span class=\"_ _4\"></span>ontabile e qualo<span class=\"_ _4\"></span>ra il valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ella CGU (incluso </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto attribuit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) ris<span class=\"_ _4\"></span>ulti mag<span class=\"_ _4\"></span>giore de<span class=\"_ _4\"></span>l V<span class=\"_ _1\"></span>alore Re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile si pro<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>r\u00e0 alla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una perdit<span class=\"_ _4\"></span>a di valore p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i due v<span class=\"_ _4\"></span>alori. In cias<span class=\"_ _4\"></span>cuna CGU la perdit<span class=\"_ _4\"></span>a sar<span class=\"_ _4\"></span>\u00e0 imputat<span class=\"_ _4\"></span>a nel se<span class=\"_ _4\"></span>guente o<span class=\"_ _4\"></span>rdine:</span><span style=\"display:inherit;clear:left;\">a.  <span class=\"_ _49\"></span>ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento allo<span class=\"_ _4\"></span>cato all<span class=\"_ _4\"></span>\u2019unit\u00e0 (fino ad annullarl<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>), se la ri<span class=\"_ _4\"></span>duzione \u00e8 rife<span class=\"_ _4\"></span>rita all<span class=\"_ _4\"></span>\u2019unit\u00e0 </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile;</span><span style=\"display:inherit;clear:left;\">b.  <span class=\"_ _45\"></span>ri<span class=\"_ _4\"></span>duzione p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle altre at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0, e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti g<span class=\"_ _4\"></span>i\u00e0 valutate al lo<span class=\"_ _4\"></span>ro </span><span style=\"display:inherit;clear:left;\">valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile.</span><span style=\"display:inherit;clear:left;\">La rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rdite di valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento non p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>sere r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inata in es<span class=\"_ _4\"></span>ercizi f<span class=\"_ _4\"></span>uturi.</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che nell<span class=\"_ _4\"></span>\u2019ambito del p<span class=\"_ _4\"></span>roces<span class=\"_ _4\"></span>so di <span class=\"ff5f ls66 ws11c\">I<span class=\"_ _4\"></span>mpairm<span class=\"_ _4\"></span>ent</span> v<span class=\"_ _4\"></span>iene inf<span class=\"_ _4\"></span>ine formaliz<span class=\"_ _5\"></span>zata una ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, che ha lo sco<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">di valut<span class=\"_ _4\"></span>are i risult<span class=\"_ _4\"></span>ati ottenut<span class=\"_ _4\"></span>i anche al variare d<span class=\"_ _4\"></span>ei principali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari, dei p<span class=\"_ _4\"></span>arametr<span class=\"_ _4\"></span>i W<span class=\"_ _2\"></span>ACC e del t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita g<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Informativ<span class=\"_ _2\"></span>a sulle riduzioni durevoli di v<span class=\"_ _1\"></span>alore</span><span style=\"display:inherit;clear:left;\">Sulla base di quanto pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f\">Impairme<span class=\"_ _4\"></span>nt test</span> app<span class=\"_ _4\"></span>rovata dal Co<span class=\"_ _4\"></span>nsiglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione in dat<span class=\"_ _4\"></span>a 30 </span><span style=\"display:inherit;clear:left;\">gennaio 2025, il Grup<span class=\"_ _4\"></span>po ha analiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent</span> e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o per<span class=\"_ _4\"></span>dite durevoli in rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">alle propr<span class=\"_ _4\"></span>ie attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, ov<span class=\"_ _5\"></span>vero l<span class=\"_ _4\"></span>\u2019eventuale ve<span class=\"_ _4\"></span>nir meno de<span class=\"_ _4\"></span>i motiv<span class=\"_ _4\"></span>i che avevano co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zione di </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zioni durante i pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, il Gr<span class=\"_ _4\"></span>uppo ha ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziato un risult<span class=\"_ _4\"></span>ato ope<span class=\"_ _4\"></span>rativo ne<span class=\"_ _4\"></span>gativo in diminuz<span class=\"_ _4\"></span>ione risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erci<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente, p<span class=\"_ _4\"></span>enaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da un contes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Le incer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze sulla doman<span class=\"_ _4\"></span>da dei be<span class=\"_ _4\"></span>ni di luss<span class=\"_ _4\"></span>o por<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no a mantene<span class=\"_ _4\"></span>re un approc<span class=\"_ _4\"></span>cio prude<span class=\"_ _4\"></span>nte sulle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative di br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi s<span class=\"_ _4\"></span>volta ha in<span class=\"_ _4\"></span>dividuato s<span class=\"_ _4\"></span>egnali di de<span class=\"_ _4\"></span>bole<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a, con una <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span> inferiore ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative su tut<span class=\"_ _4\"></span>te le </span><span style=\"display:inherit;clear:left;\">CGU, che sono s<span class=\"_ _4\"></span>tate co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uente<span class=\"_ _4\"></span>mente sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>oste a <span class=\"ff5f ls59 wse2\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt tes<span class=\"_ _4\"></span>t</span>. Il ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls59 wse2\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5\"> ha d<span class=\"_ _4\"></span>eter<span class=\"_ _4\"></span>minato </span></span><span style=\"display:inherit;clear:left;\">una riduzi<span class=\"_ _4\"></span>one di valor<span class=\"_ _4\"></span>e di Euro 80,2 milioni p<span class=\"_ _4\"></span>er mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si ve<span class=\"_ _4\"></span>da la nota 10 \u201cRidu<span class=\"_ _4\"></span>zioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d </span><span style=\"display:inherit;clear:left;\">del presente documento.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _2\"></span>alutazione degli impatti del cambiamento climatico</span><span style=\"display:inherit;clear:left;\">Come in<span class=\"_ _4\"></span>dicato ne<span class=\"_ _4\"></span>l paragrafo \u201c<span class=\"_ _4\"></span>Principali ris<span class=\"_ _4\"></span>chi ed ince<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lla Relaz<span class=\"_ _4\"></span>ione sulla Ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one, ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha pro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uito il pe<span class=\"_ _4\"></span>rcors<span class=\"_ _4\"></span>o intrapre<span class=\"_ _4\"></span>so nel 2023 p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one di un <span class=\"ff5f\">Climate Change Risk Manageme<span class=\"_ _4\"></span>nt F<span class=\"_ _1\"></span>ramework<span class=\"ff5c\">, f<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">naliz<span class=\"_ _4\"></span>zato a r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>e proprie c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di identif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pote<span class=\"_ _4\"></span>nziali impatt<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari e as<span class=\"_ _4\"></span>sicurare una cor<span class=\"_ _4\"></span>rett<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione e a<span class=\"_ _4\"></span>dattam<span class=\"_ _4\"></span>ento alle sf<span class=\"_ _4\"></span>ide c<span class=\"_ _4\"></span>onnes<span class=\"_ _4\"></span>se al c<span class=\"_ _4\"></span>ambiamento climatico. Le analis<span class=\"_ _4\"></span>i hanno res<span class=\"_ _4\"></span>tituito una valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del </span><span style=\"display:inherit;clear:left;\">rischio l<span class=\"_ _4\"></span>egato al c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o con par<span class=\"_ _4\"></span>ticolare r<span class=\"_ _4\"></span>iferimento all<span class=\"_ _4\"></span>e principali e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni climatich<span class=\"_ _4\"></span>e per i sit<span class=\"_ _4\"></span>i pi\u00f9 </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>anti e per i <span class=\"ff5f ls46 wsc2\">bu<span class=\"_ _4\"></span>sines<span class=\"_ _4\"></span>s suppli<span class=\"_ _4\"></span>ers</span> c<span class=\"_ _4\"></span>hiave per il Grup<span class=\"_ _4\"></span>po. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o, per il bre<span class=\"_ _4\"></span>ve peri<span class=\"_ _4\"></span>odo, le analisi hann<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ituito </span><span style=\"display:inherit;clear:left;\">una quantific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle imp<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>gli eventi climatici e<span class=\"_ _4\"></span>stre<span class=\"_ _4\"></span>mi, in termini di p<span class=\"_ _4\"></span>erdite di fat<span class=\"_ _4\"></span>turato dov<span class=\"_ _4\"></span>ute </span><span style=\"display:inherit;clear:left;\">a interru<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>ll'attivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. <span class=\"ff5f ls59 wsa6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span> interrupt<span class=\"_ _4\"></span>ion</span>) e di costi pe<span class=\"_ _4\"></span>r danni agli <span class=\"ff5f ls36 wsb\">asset</span><span class=\"lsf3 wsde\"> (c<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>d<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span> <span class=\"ff5f ls5a wscc\">prope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>y damage</span></span>)<span class=\"_ _2\"></span>. In<span class=\"_ _4\"></span>oltre, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>diata e approfondit<span class=\"_ _4\"></span>a una pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>voluzion<span class=\"_ _4\"></span>e dell'es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> in perime<span class=\"_ _4\"></span>tro al cambiame<span class=\"_ _4\"></span>nto climatico nel </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>030) e nel lungo ter<span class=\"_ _4\"></span>mine (2050<span class=\"_ _1\"></span>), sec<span class=\"_ _4\"></span>ondo gli s<span class=\"_ _4\"></span>cenari climatici di rife<span class=\"_ _4\"></span>rimento (RCP<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>SSC 8<span class=\"_ _4\"></span>.5), identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ando eve<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuali variaz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve risp<span class=\"_ _4\"></span>etto alle anali<span class=\"_ _4\"></span>si di breve te<span class=\"_ _4\"></span>rmine</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o, negli anni ha raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zato un appro<span class=\"_ _4\"></span>ccio proat<span class=\"_ _4\"></span>tivo de<span class=\"_ _4\"></span>lle dinamiche leg<span class=\"_ _4\"></span>ate al cambiame<span class=\"_ _4\"></span>nto climatico e nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del 2024 sono st<span class=\"_ _4\"></span>ate implem<span class=\"_ _4\"></span>entate di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e azioni in ot<span class=\"_ _4\"></span>tica di mit<span class=\"_ _4\"></span>igazio<span class=\"_ _4\"></span>ne alla pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e ai rischi le<span class=\"_ _4\"></span>gati alla </span><span style=\"display:inherit;clear:left;\">transizione sostenibile. T<span class=\"_ _1c\"></span>ra queste, si citano<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _52\"> </span>- <span class=\"_ _44\"></span> <span class=\"_ _165\"></span>Il Gr<span class=\"_ _4\"></span>uppo ge<span class=\"_ _4\"></span>stis<span class=\"_ _4\"></span>ce i rischi d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019interru<span class=\"_ _4\"></span>zione te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anea de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 dovut<span class=\"_ _4\"></span>a a eventi e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni o eventi </span><span style=\"display:inherit;clear:left;\">naturali, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o poliz<span class=\"_ _4\"></span>ze a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ative a cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura di danni diret<span class=\"_ _4\"></span>ti sugli <span class=\"ff5f ls36 wsb\">as<span class=\"_ _4\"></span>set</span> azie<span class=\"_ _4\"></span>ndali ed eve<span class=\"_ _4\"></span>ntuali relativ<span class=\"_ _4\"></span>i danni </span><span style=\"display:inherit;clear:left;\">indiret<span class=\"_ _4\"></span>ti da inter<span class=\"_ _4\"></span>ruzio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _7b\"> </span>- <span class=\"_ _43\"> </span> Il <span class=\"_ _ae\"> </span>Piano <span class=\"_ _ae\"> </span><span class=\"ff5f ls67 ws8c\">Performance</span><span class=\"ws133\"> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023-2<span class=\"_ _1\"></span>025, approvato dall<span class=\"_ _4\"></span>\u2019As<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea deg<span class=\"_ _4\"></span>li A<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023, </span></span><span style=\"display:inherit;clear:left;\">e rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vato a se<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>zionati dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o amministratori e<span class=\"_ _4\"></span>/o collaboratori di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di altre </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 app<span class=\"_ _4\"></span>arte<span class=\"_ _4\"></span>nenti al G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo, co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati chiave nel p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>eguim<span class=\"_ _4\"></span>ento del s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>so s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dio<span class=\"_ _4\"></span>-lungo termine<span class=\"_ _4\"></span>, preve<span class=\"_ _4\"></span>de obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG<span class=\"_ _4\"></span>, tra cui que<span class=\"_ _4\"></span>lli colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambiental<span class=\"_ _4\"></span>e. Per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti basat<span class=\"_ _4\"></span>i su azioni<span class=\"_ _4\"></span>\u201d d<span class=\"_ _4\"></span>el Bilancio Co<span class=\"_ _4\"></span>nsoli<span class=\"_ _4\"></span>dato.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>Durante il 2024 \u00e8 stato or<span class=\"_ _4\"></span>ganiz<span class=\"_ _4\"></span>zato un <span class=\"ff5f ls57 ws97\">workshop</span> d<span class=\"_ _4\"></span>edicat<span class=\"_ _4\"></span>o alla circolarit\u00e0 d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti, che ha co<span class=\"_ _4\"></span>involto 60 g<span class=\"_ _4\"></span>iovani </span><span style=\"display:inherit;clear:left;\">tale<span class=\"_ _4\"></span>nti dell<span class=\"_ _4\"></span>\u2019azien<span class=\"_ _4\"></span>da impegnati n<span class=\"_ _4\"></span>el ripe<span class=\"_ _4\"></span>nsare una s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei nos<span class=\"_ _4\"></span>tri pro<span class=\"_ _4\"></span>dotti p<span class=\"_ _4\"></span>i\u00f9 iconici in otti<span class=\"_ _4\"></span>ca innovati<span class=\"_ _4\"></span>va e circo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lare. I ri<span class=\"_ _4\"></span>sultati de<span class=\"_ _4\"></span>ll'iniziati<span class=\"_ _4\"></span>va son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>entati all'Amministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, al Dire<span class=\"_ _4\"></span>ttore Cre<span class=\"_ _4\"></span>ativo e all'inte<span class=\"_ _4\"></span>ro ESG </span><span style=\"display:inherit;clear:left;\">Stee<span class=\"_ _4\"></span>ring Commi<span class=\"_ _1\"></span>tte<span class=\"_ _4\"></span>e<span class=\"ff5c\">, se<span class=\"_ _4\"></span>gnando un sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo pas<span class=\"_ _4\"></span>so avant<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o una strate<span class=\"_ _4\"></span>gia azie<span class=\"_ _4\"></span>ndale che ve<span class=\"_ _4\"></span>de la so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 </span></span><span style=\"display:inherit;clear:left;\">come uno d<span class=\"_ _4\"></span>ei valor<span class=\"_ _4\"></span>i distinti<span class=\"_ _4\"></span>vi della marc<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _1\"></span> <span class=\"_ _49\"></span>N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha av<span class=\"_ _4\"></span>viato un p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o di <span class=\"ff5f\">Life C<span class=\"_ _2\"></span>ycle A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>sment<span class=\"ff5c\"> (LCA) su tre d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti pi\u00f9 rap<span class=\"_ _4\"></span>pre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ativi, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ad approfo<span class=\"_ _4\"></span>ndire gli impatt<span class=\"_ _4\"></span>i deriv<span class=\"_ _4\"></span>anti dall'approv<span class=\"_ _4\"></span>vig<span class=\"_ _4\"></span>ionamento e dalla pro<span class=\"_ _4\"></span>duzio<span class=\"_ _4\"></span>ne. Il pro<span class=\"_ _4\"></span>getto </span><span style=\"display:inherit;clear:left;\">ha prev<span class=\"_ _4\"></span>isto un'attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls68 ws8e\">engagem<span class=\"_ _1\"></span>ent<span class=\"ff5c ls0 ws121\"> con i fornitori, volt<span class=\"_ _4\"></span>a a coinvolgerli at<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente e a garantire una v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span></span></span><span style=\"display:inherit;clear:left;\">tras<span class=\"_ _4\"></span>parente lungo la f<span class=\"_ _4\"></span>iliera p<span class=\"_ _4\"></span>rodutt<span class=\"_ _4\"></span>iva, me<span class=\"_ _4\"></span>tte<span class=\"_ _4\"></span>ndo in pratic<span class=\"_ _4\"></span>a la visi<span class=\"_ _4\"></span>one di <span class=\"ff5f ls68 ws8e\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls0 wse2\"> con la catena d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re sempre </span></span></span><span style=\"display:inherit;clear:left;\">pi\u00f9 bas<span class=\"_ _4\"></span>ata anche s<span class=\"_ _4\"></span>u proget<span class=\"_ _4\"></span>ti ESG co<span class=\"_ _4\"></span>ndivi<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>-  <span class=\"_ _47\"></span>Ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di r<span class=\"_ _4\"></span>accolt<span class=\"_ _4\"></span>a dati dei prin<span class=\"_ _4\"></span>cipali fornitori te<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ili e conciari, ince<span class=\"_ _4\"></span>ntrata sull<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>ze chimiche nelle f<span class=\"_ _4\"></span>asi di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, al f<span class=\"_ _4\"></span>ine di monitor<span class=\"_ _4\"></span>are e mitigare gli impat<span class=\"_ _4\"></span>ti dei ri<span class=\"_ _4\"></span>schi di f<span class=\"_ _4\"></span>iliera ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o leg<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 nella Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla Ges<span class=\"_ _4\"></span>tione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o continuer<span class=\"_ _4\"></span>\u00e0 nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2025 a raffo<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>are la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o sugli impatt<span class=\"_ _4\"></span>i po<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>ziali sugli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> e sui proce<span class=\"_ _4\"></span>ssi d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, al fin<span class=\"_ _4\"></span>e di indiriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte ed impl<span class=\"_ _4\"></span>ement<span class=\"_ _4\"></span>are eventuali ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">misure di contro<span class=\"_ _4\"></span>llo per limit<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e a tali ris<span class=\"_ _4\"></span>chi.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.2 Immobili, Impianti e macc<span class=\"_ _1\"></span>hinari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono r<span class=\"_ _4\"></span>ilevate al co<span class=\"_ _4\"></span>sto s<span class=\"_ _4\"></span>torico, comp<span class=\"_ _4\"></span>rensi<span class=\"_ _4\"></span>vo dei co<span class=\"_ _4\"></span>sti acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sori diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte imputab<span class=\"_ _4\"></span>ili e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">alla mes<span class=\"_ _4\"></span>sa in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l be<span class=\"_ _4\"></span>ne per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso p<span class=\"_ _4\"></span>er cui \u00e8 s<span class=\"_ _4\"></span>tato ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ato. T<span class=\"_ _1c\"></span>ale co<span class=\"_ _4\"></span>sto inclu<span class=\"_ _4\"></span>de i cos<span class=\"_ _4\"></span>ti per la s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzion<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te di macchinari e impianti ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui sono s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti se co<span class=\"_ _4\"></span>nformi ai criteri di r<span class=\"_ _4\"></span>ilevaz<span class=\"_ _4\"></span>ione. Il v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to (il </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to meno l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>o accumulato e le pe<span class=\"_ _4\"></span>rdite pe<span class=\"_ _4\"></span>r riduzio<span class=\"_ _4\"></span>ne di valore a<span class=\"_ _4\"></span>ccumulate<span class=\"_ _1\"></span>) delle par<span class=\"_ _4\"></span>ti di ma<span class=\"_ _4\"></span>cchinari e </span><span style=\"display:inherit;clear:left;\">impianti sos<span class=\"_ _4\"></span>tituiti \u00e8 ril<span class=\"_ _4\"></span>evato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co al mome<span class=\"_ _4\"></span>nto della loro s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Le spe<span class=\"_ _4\"></span>se di manute<span class=\"_ _4\"></span>nzion<span class=\"_ _4\"></span>e e riparaz<span class=\"_ _4\"></span>ione, che n<span class=\"_ _4\"></span>on siano sus<span class=\"_ _4\"></span>cet<span class=\"_ _4\"></span>tibili a valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o prolungare la v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua dei b<span class=\"_ _4\"></span>eni, </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sate nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio in cui s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute, in ca<span class=\"_ _4\"></span>so contrar<span class=\"_ _4\"></span>io vengono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mulate dete<span class=\"_ _4\"></span>rminate sec<span class=\"_ _4\"></span>ondo le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uito. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 cal<span class=\"_ _4\"></span>colato in quote cos<span class=\"_ _4\"></span>tanti in b<span class=\"_ _4\"></span>ase alla vit<span class=\"_ _4\"></span>a utile s<span class=\"_ _4\"></span>timata de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a. Le vite ut<span class=\"_ _4\"></span>ili delle </span><span style=\"display:inherit;clear:left;\">principali cla<span class=\"_ _4\"></span>ssi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>guent<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Impianti e Macchinari<span class=\"_ _2bb\"> </span>5-6 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _2bc\"> </span>4-7 anni</span><span style=\"display:inherit;clear:left;\">Altri beni:</span><span style=\"display:inherit;clear:left;\">- Mobili Ar<span class=\"_ _1\"></span>redi Uffici<span class=\"_ _2bd\"> </span>5-8 anni</span><span style=\"display:inherit;clear:left;\">- Macchine Elettr<span class=\"_ _1\"></span>oniche<span class=\"_ _2be\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">- C<span class=\"_ _1\"></span>ollezione Storica<span class=\"_ _2bf\"> </span>5 anni</span><span style=\"display:inherit;clear:left;\">- Automezzi<span class=\"_ _2c0\"> </span><span class=\"ws0\">3-4 anni</span></span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _217\"> </span>Minor<span class=\"_ _1\"></span>e tra la vita utile del bene e la dur<span class=\"_ _2\"></span>ata residua del contr<span class=\"_ _2\"></span>atto di affitto del bene</span><span style=\"display:inherit;clear:left;\">Il valore re<span class=\"_ _4\"></span>siduo d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>ne, la vit<span class=\"_ _4\"></span>a utile e i m<span class=\"_ _4\"></span>etodi di ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento ap<span class=\"_ _4\"></span>plicati s<span class=\"_ _4\"></span>ono riv<span class=\"_ _4\"></span>isti alla f<span class=\"_ _4\"></span>ine di cias<span class=\"_ _4\"></span>cun es<span class=\"_ _4\"></span>ercizio e </span><span style=\"display:inherit;clear:left;\">ade<span class=\"_ _4\"></span>guati, se ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sario, in mo<span class=\"_ _4\"></span>do pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tico.</span><span style=\"display:inherit;clear:left;\">Qualor<span class=\"_ _4\"></span>a part<span class=\"_ _4\"></span>i signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve di tali atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 materiali abbiano dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nti vite utili, t<span class=\"_ _4\"></span>ali compo<span class=\"_ _4\"></span>nenti s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zate s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. I terre<span class=\"_ _4\"></span>ni, sia liberi da co<span class=\"_ _4\"></span>stru<span class=\"_ _4\"></span>zione sia anne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i a fabbric<span class=\"_ _4\"></span>ati, sono r<span class=\"_ _4\"></span>ilevati s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente e no<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in quanto e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti a vit<span class=\"_ _4\"></span>a utile illimitat<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli immobili, impianti e ma<span class=\"_ _4\"></span>cchinari \u00e8 sot<span class=\"_ _4\"></span>topos<span class=\"_ _4\"></span>to a ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. </span><span style=\"display:inherit;clear:left;\">Se e<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>e un\u2019in<span class=\"_ _4\"></span>dicazi<span class=\"_ _4\"></span>one di ques<span class=\"_ _4\"></span>to tip<span class=\"_ _4\"></span>o e nel ca<span class=\"_ _4\"></span>so in cui il valo<span class=\"_ _4\"></span>re di carico e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>da il valore di pre<span class=\"_ _4\"></span>sumibile re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sono s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ate fin<span class=\"_ _4\"></span>o a rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il loro valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo. Il val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">macchinari \u00e8 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entato dal mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re tra il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo net<span class=\"_ _4\"></span>to di vendit<span class=\"_ _4\"></span>a e il valor<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso.</span><span style=\"display:inherit;clear:left;\">Nel d<span class=\"_ _4\"></span>efinire il v<span class=\"_ _4\"></span>alore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari fu<span class=\"_ _4\"></span>turi atte<span class=\"_ _4\"></span>si son<span class=\"_ _4\"></span>o attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto ante </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi sp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 che non gen<span class=\"_ _4\"></span>era f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span>ziari ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti, il valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto econ<span class=\"_ _4\"></span>omico fra i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valo<span class=\"_ _4\"></span>re sono </span><span style=\"display:inherit;clear:left;\">ripris<span class=\"_ _4\"></span>tinate nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano me<span class=\"_ _4\"></span>no i motiv<span class=\"_ _4\"></span>i che le hanno ge<span class=\"_ _4\"></span>nerate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile di un e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nto di immobili, impianti e macchinari e<span class=\"_ _4\"></span>d ogni co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte signif<span class=\"_ _4\"></span>icativo ini<span class=\"_ _4\"></span>zial<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente ril<span class=\"_ _4\"></span>evato \u00e8 eliminato al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lla dismis<span class=\"_ _4\"></span>sione (cio\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ott<span class=\"_ _4\"></span>iene il contro<span class=\"_ _4\"></span>l<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lo<span class=\"_ _2\"></span>) o quan<span class=\"_ _4\"></span>do non ci si at<span class=\"_ _4\"></span>tende al<span class=\"_ _4\"></span>cun bene<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>io econo<span class=\"_ _4\"></span>mico futuro dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019utile/pe<span class=\"_ _4\"></span>rdita </span><span style=\"display:inherit;clear:left;\">che em<span class=\"_ _4\"></span>erge al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>liminazion<span class=\"_ _4\"></span>e contabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>cal<span class=\"_ _4\"></span>colato come dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a tra il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 ed il c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pe<span class=\"_ _4\"></span>rcepito) \u00e8 rilevato a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o quando l<span class=\"_ _4\"></span>\u2019eleme<span class=\"_ _4\"></span>nto \u00e8 eliminato<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>ab<span class=\"_ _4\"></span>ilme<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">2.3.3 In<span class=\"_ _1\"></span>vestimenti Immobiliari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali dete<span class=\"_ _4\"></span>nute a fini di re<span class=\"_ _4\"></span>ddito e no<span class=\"_ _4\"></span>n a uso s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in un\u2019apposit<span class=\"_ _4\"></span>a clas<span class=\"_ _4\"></span>se den<span class=\"_ _4\"></span>omi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nata \u201c<span class=\"_ _4\"></span>Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o lo IA<span class=\"_ _4\"></span>S 40, e s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate al c<span class=\"_ _4\"></span>osto. Le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 rie<span class=\"_ _4\"></span>ntranti in tali f<span class=\"_ _4\"></span>attisp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cie cons<span class=\"_ _4\"></span>iston<span class=\"_ _4\"></span>o in terre<span class=\"_ _4\"></span>ni e/o fabbricati (o parti di f<span class=\"_ _4\"></span>abbric<span class=\"_ _4\"></span>ati) detenuti dal pro<span class=\"_ _4\"></span>priet<span class=\"_ _4\"></span>ario o dal loc<span class=\"_ _4\"></span>atario ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di un </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria o ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a al fine di c<span class=\"_ _4\"></span>once<span class=\"_ _4\"></span>derli in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ie di immobili so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate sep<span class=\"_ _4\"></span>aratame<span class=\"_ _4\"></span>nte dagli altri b<span class=\"_ _4\"></span>eni immobili p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>eduti. G<span class=\"_ _4\"></span>li invest<span class=\"_ _4\"></span>imenti immo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">biliari son<span class=\"_ _4\"></span>o esp<span class=\"_ _4\"></span>osti al n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ei relati<span class=\"_ _4\"></span>vi ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti accumulati e di e<span class=\"_ _4\"></span>ventuali pe<span class=\"_ _4\"></span>rdite di valore<span class=\"_ _4\"></span>. La v<span class=\"_ _4\"></span>ita utile de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari del Gr<span class=\"_ _4\"></span>uppo \u00e8 di 33 anni.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevar<span class=\"_ _4\"></span>ne eventuali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore, </span><span style=\"display:inherit;clear:left;\">qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Le pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">di valore s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co fra i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e s<span class=\"_ _4\"></span>valuta<span class=\"_ _4\"></span>zioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valore </span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inate nel ca<span class=\"_ _4\"></span>so in cui veng<span class=\"_ _4\"></span>ano meno i m<span class=\"_ _4\"></span>otivi ch<span class=\"_ _4\"></span>e le hanno gene<span class=\"_ _4\"></span>rate.</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari son<span class=\"_ _4\"></span>o eliminati dal bilancio quando s<span class=\"_ _4\"></span>ono ce<span class=\"_ _4\"></span>duti (<span class=\"_ _2\"></span>cio<span class=\"_ _4\"></span>\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne il controll<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) o quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>invest<span class=\"_ _4\"></span>imento \u00e8 durevo<span class=\"_ _4\"></span>lmente inutiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abile e non s<span class=\"_ _4\"></span>ono att<span class=\"_ _4\"></span>esi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici fut<span class=\"_ _4\"></span>uri dalla </span><span style=\"display:inherit;clear:left;\">sua ce<span class=\"_ _4\"></span>ssion<span class=\"_ _4\"></span>e. L<span class=\"_ _1c\"></span>'ammontare d<span class=\"_ _4\"></span>el corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tivo da co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rare pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ell'utile o de<span class=\"_ _4\"></span>lla per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante </span><span style=\"display:inherit;clear:left;\">dalla cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di un investim<span class=\"_ _4\"></span>ento immobiliare \u00e8 d<span class=\"_ _4\"></span>eterminato in confor<span class=\"_ _4\"></span>mit\u00e0 ai re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prez<span class=\"_ _4\"></span>zo dell'operazione nell'IF<span class=\"_ _1\"></span>RS 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">2.3.4 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _2\"></span>easing</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta all<span class=\"_ _4\"></span>'inizio de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to se il contr<span class=\"_ _4\"></span>atto \u00e8, o c<span class=\"_ _4\"></span>ontiene<span class=\"_ _4\"></span>, un <span class=\"ff5f ls59 ws114\">lea<span class=\"_ _4\"></span>sing</span>. Il contratto \u00e8<span class=\"_ _4\"></span>, o contien<span class=\"_ _4\"></span>e, un <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span> se<span class=\"_ _4\"></span>, in </span><span style=\"display:inherit;clear:left;\">cambio di un c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo, conferis<span class=\"_ _4\"></span>ce il diritt<span class=\"_ _4\"></span>o di controllare l'utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di un'<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r un perio<span class=\"_ _4\"></span>do di temp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>val<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ta dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali. </span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatario</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o applica un s<span class=\"_ _4\"></span>ingolo mod<span class=\"_ _4\"></span>ello cont<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>i i contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione in cui \u00e8 l<span class=\"_ _4\"></span>ocat<span class=\"_ _4\"></span>ario, ecce<span class=\"_ _4\"></span>tto p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">di breve durat<span class=\"_ _4\"></span>a e contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di beni di val<span class=\"_ _4\"></span>ore esig<span class=\"_ _4\"></span>uo. Il Grupp<span class=\"_ _4\"></span>o rileva una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing<span class=\"_ _4\"></span></span><span class=\"ls0 ws11c\"> e </span></span><span style=\"display:inherit;clear:left;\">un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 per D<span class=\"_ _4\"></span>iritto d\u2019uso: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o rileva un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso alla data di d<span class=\"_ _4\"></span>ecorre<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto (vale a dire alla data in cui l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tos<span class=\"_ _4\"></span>tante \u00e8 a disp<span class=\"_ _4\"></span>osi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l loc<span class=\"_ _4\"></span>atario<span class=\"_ _1\"></span>). Le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso sono mi<span class=\"_ _4\"></span>surate al cos<span class=\"_ _4\"></span>to, al net<span class=\"_ _4\"></span>to dei re<span class=\"_ _4\"></span>lativi ammo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore accumulate d<span class=\"_ _4\"></span>eterminate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nel s<span class=\"_ _4\"></span>eguito, </span><span style=\"display:inherit;clear:left;\">e rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate pe<span class=\"_ _4\"></span>r tene<span class=\"_ _4\"></span>r conto di eventuali ri<span class=\"_ _4\"></span>deter<span class=\"_ _4\"></span>minazioni de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del <span class=\"ff5f ls59 ws114\">l<span class=\"_ _4\"></span>easing</span>. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Uso includ<span class=\"_ _4\"></span>e il valore de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls59 ws114\">leas<span class=\"_ _4\"></span>ing</span> rilev<span class=\"_ _4\"></span>ata, i cos<span class=\"_ _4\"></span>ti iniziali diret<span class=\"_ _4\"></span>ti so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti, i pagame<span class=\"_ _4\"></span>nti dovuti p<span class=\"_ _4\"></span>er il <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fettuati alla dat<span class=\"_ _4\"></span>a o prima della dat<span class=\"_ _4\"></span>a di deco<span class=\"_ _4\"></span>rrenz<span class=\"_ _4\"></span>a al net<span class=\"_ _4\"></span>to degli inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i al<span class=\"ff5f ls59 ws136\"> lea<span class=\"_ _4\"></span>sing </span>ricev<span class=\"_ _4\"></span>uti, e la st<span class=\"_ _4\"></span>ima dei cos<span class=\"_ _4\"></span>ti che il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o dovr\u00e0 s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>enere p<span class=\"_ _4\"></span>er il ripr<span class=\"_ _4\"></span>istino d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>stante n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni or<span class=\"_ _4\"></span>iginali, qualora prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">A meno ch<span class=\"_ _4\"></span>e il Gruppo n<span class=\"_ _4\"></span>on sia ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte cer<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>tare il b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o di loca<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 calc<span class=\"_ _4\"></span>olato in quote cos<span class=\"_ _4\"></span>tanti in ba<span class=\"_ _4\"></span>se al minore t<span class=\"_ _4\"></span>ra la durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to e la vit<span class=\"_ _4\"></span>a utile st<span class=\"_ _4\"></span>imata del b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">come segue:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _287\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">Automezzi<span class=\"_ _2c1\"> </span>3-4 anni</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>elle Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per D<span class=\"_ _4\"></span>iritto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Us<span class=\"_ _4\"></span>o \u00e8 sott<span class=\"_ _4\"></span>opos<span class=\"_ _4\"></span>to a verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, per r<span class=\"_ _4\"></span>ilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di valor<span class=\"_ _4\"></span>e, qualora eve<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un\u2019in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ione di </span><span style=\"display:inherit;clear:left;\">ques<span class=\"_ _4\"></span>to tipo e n<span class=\"_ _4\"></span>el ca<span class=\"_ _4\"></span>so in cui il valore di c<span class=\"_ _4\"></span>arico e<span class=\"_ _4\"></span>cceda il v<span class=\"_ _4\"></span>alore di pre<span class=\"_ _4\"></span>sumibile reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo, le attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>valutate f<span class=\"_ _4\"></span>ino a </span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>lette<span class=\"_ _4\"></span>re il loro val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo. Il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal mag<span class=\"_ _4\"></span>giore tr<span class=\"_ _4\"></span>a il prez<span class=\"_ _4\"></span>zo n<span class=\"_ _4\"></span>etto di ve<span class=\"_ _4\"></span>ndita e il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso. Nel de<span class=\"_ _4\"></span>finire il va<span class=\"_ _4\"></span>lore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i atte<span class=\"_ _4\"></span>si sono at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto </span><span style=\"display:inherit;clear:left;\">ante impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'attivit<span class=\"_ _4\"></span>\u00e0 che non ge<span class=\"_ _4\"></span>nera f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari ampiame<span class=\"_ _4\"></span>nte indipe<span class=\"_ _4\"></span>ndenti, il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate ne<span class=\"_ _4\"></span>l conto e<span class=\"_ _4\"></span>conomico f<span class=\"_ _4\"></span>ra i cos<span class=\"_ _4\"></span>ti per amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e sva<span class=\"_ _4\"></span>lutaz<span class=\"_ _4\"></span>ioni. T<span class=\"_ _1c\"></span>ali p<span class=\"_ _4\"></span>erdite di v<span class=\"_ _4\"></span>alore son<span class=\"_ _4\"></span>o ripris<span class=\"_ _4\"></span>tinate </span><span style=\"display:inherit;clear:left;\">nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano men<span class=\"_ _4\"></span>o i motiv<span class=\"_ _4\"></span>i che le hanno gen<span class=\"_ _4\"></span>erate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span>: </span><span style=\"display:inherit;clear:left;\">Alla data di d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, il Grupp<span class=\"_ _4\"></span>o rilev<span class=\"_ _4\"></span>a una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span> calcolat<span class=\"_ _4\"></span>a come il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e dei </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nti futuri re<span class=\"_ _4\"></span>sidui f<span class=\"_ _4\"></span>ino alla f<span class=\"_ _4\"></span>ine del co<span class=\"_ _4\"></span>ntratto. I pag<span class=\"_ _4\"></span>amenti fut<span class=\"_ _4\"></span>uri includono i p<span class=\"_ _4\"></span>agamenti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>si, al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">incenti<span class=\"_ _4\"></span>vi al <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> da ric<span class=\"_ _4\"></span>evere, i p<span class=\"_ _4\"></span>agamenti v<span class=\"_ _4\"></span>ariabili che dipe<span class=\"_ _4\"></span>ndono da un in<span class=\"_ _4\"></span>dice o un tas<span class=\"_ _4\"></span>so e gli imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti che si pre<span class=\"_ _4\"></span>vede </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o dovr\u00e0 p<span class=\"_ _4\"></span>agare a titol<span class=\"_ _4\"></span>o di garanzi<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re resi<span class=\"_ _4\"></span>duo. I pagame<span class=\"_ _4\"></span>nti futuri includ<span class=\"_ _4\"></span>ono anche il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>serci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio de<span class=\"_ _4\"></span>ll'opzione di acquis<span class=\"_ _4\"></span>to, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione<span class=\"_ _4\"></span>, e i pagame<span class=\"_ _4\"></span>nti di penalit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di riso<span class=\"_ _4\"></span>luzione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione di ri<span class=\"_ _4\"></span>soluzi<span class=\"_ _4\"></span>one. I pag<span class=\"_ _4\"></span>amenti </span><span style=\"display:inherit;clear:left;\">variabili, che no<span class=\"_ _4\"></span>n dipen<span class=\"_ _4\"></span>dono da un indice o t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so, ma che pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o dipend<span class=\"_ _4\"></span>ono principalm<span class=\"_ _4\"></span>ente dal volume de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\">vendite<span class=\"_ _4\"></span>, continuano ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come cos<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico, tra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i. Per calc<span class=\"_ _4\"></span>olare il va<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lore att<span class=\"_ _4\"></span>uale dei pag<span class=\"_ _4\"></span>amenti futur<span class=\"_ _4\"></span>i, il Gruppo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f\">Incre<span class=\"_ _4\"></span>mental Bo<span class=\"_ _4\"></span>rrowing Rate</span> (IBR) alla da<span class=\"_ _1\"></span>ta di iniz<span class=\"_ _4\"></span>io del co<span class=\"_ _4\"></span>ntratto. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte, la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> \u00e8 incre<span class=\"_ _4\"></span>mentat<span class=\"_ _4\"></span>a per g<span class=\"_ _4\"></span>li interes<span class=\"_ _4\"></span>si e de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>ntata p<span class=\"_ _4\"></span>er i pag<span class=\"_ _4\"></span>amenti ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuati. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _4\"></span>a per t<span class=\"_ _4\"></span>enere c<span class=\"_ _4\"></span>onto di modif<span class=\"_ _4\"></span>iche ai t<span class=\"_ _4\"></span>ermini del c<span class=\"_ _4\"></span>ontratto.</span><span style=\"display:inherit;clear:left;\">Cont<span class=\"_ _4\"></span>ratti d<span class=\"_ _4\"></span>i breve dur<span class=\"_ _4\"></span>ata e c<span class=\"_ _4\"></span>ontrat<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>ni di valo<span class=\"_ _4\"></span>re e<span class=\"_ _4\"></span>siguo: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>vale d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione dall<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 p<span class=\"_ _4\"></span>er i contrat<span class=\"_ _4\"></span>ti di breve dur<span class=\"_ _4\"></span>ata (inferiore a 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi) e pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">i contrat<span class=\"_ _4\"></span>ti in cui il singolo b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato \u00e8 di valo<span class=\"_ _4\"></span>re esig<span class=\"_ _4\"></span>uo (inferiore a Euro 5.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0). I pagame<span class=\"_ _4\"></span>nti dei can<span class=\"_ _4\"></span>oni di tali contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati linearm<span class=\"_ _4\"></span>ente come c<span class=\"_ _4\"></span>osti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico, sulla bas<span class=\"_ _4\"></span>e dei te<span class=\"_ _4\"></span>rmini e delle co<span class=\"_ _4\"></span>ndizioni d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to.</span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatore</span><span style=\"display:inherit;clear:left;\">I contrat<span class=\"_ _4\"></span>ti di <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte lasciano in c<span class=\"_ _4\"></span>apo al Grup<span class=\"_ _4\"></span>po tutt<span class=\"_ _4\"></span>i i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>lla propriet<span class=\"_ _4\"></span>\u00e0 de<span class=\"_ _4\"></span>l bene </span><span style=\"display:inherit;clear:left;\">sono cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls9 ws8\"> op<span class=\"_ _4\"></span>erativi. </span></span><span style=\"display:inherit;clear:left;\">I canoni di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati in quote cos<span class=\"_ _4\"></span>tanti lungo la durat<span class=\"_ _4\"></span>a dei co<span class=\"_ _4\"></span>ntratti di lo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re alla data di bilancio </span><span style=\"display:inherit;clear:left;\">e, se d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti da invest<span class=\"_ _4\"></span>imenti immob<span class=\"_ _4\"></span>iliari, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Loc<span class=\"_ _4\"></span>azioni Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I cos<span class=\"_ _4\"></span>ti diret<span class=\"_ _4\"></span>ti iniziali </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tenuti p<span class=\"_ _4\"></span>er l'ot<span class=\"_ _4\"></span>tenimento d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo sono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati e rile<span class=\"_ _4\"></span>vati come ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento lungo la dur<span class=\"_ _4\"></span>ata del </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws0\"> con lo s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>sso cr<span class=\"_ _4\"></span>iterio di rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one dei prove<span class=\"_ _4\"></span>nti del </span>l<span class=\"_ _4\"></span>easing<span class=\"ff5c ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\">2.3.5 Aggr<span class=\"_ _2\"></span>egazioni <span class=\"_ _4\"></span>aziendali <span class=\"_ _4\"></span>ed Avviamento</span><span style=\"display:inherit;clear:left;\">Le aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _4\"></span>zando il metodo dell\u2019acq<span class=\"_ _1\"></span>uisto. </span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>to \u00e8 valut<span class=\"_ _4\"></span>ato come so<span class=\"_ _4\"></span>mma del cor<span class=\"_ _4\"></span>rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo trasfe<span class=\"_ _4\"></span>rito misur<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> (valore equo) alla data di </span></span></span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto di qual<span class=\"_ _4\"></span>siasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazio<span class=\"_ _4\"></span>ne di minoranz<span class=\"_ _4\"></span>a nell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. Per ogni ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azi<span class=\"_ _4\"></span>endale<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente d<span class=\"_ _4\"></span>eve valut<span class=\"_ _4\"></span>are qualsiasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione di minoran<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ac<span class=\"_ _4\"></span>quisit<span class=\"_ _4\"></span>a al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsc6\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) oppure<span class=\"_ _1\"></span> in </span></span></span><span style=\"display:inherit;clear:left;\">propo<span class=\"_ _4\"></span>rzio<span class=\"_ _4\"></span>ne alla quota  d<span class=\"_ _4\"></span>ella par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a nelle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 net<span class=\"_ _4\"></span>te identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>abili dell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. I cos<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ono sp<span class=\"_ _4\"></span>esat<span class=\"_ _4\"></span>i e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati tra le sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e amministr<span class=\"_ _4\"></span>ative.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o deter<span class=\"_ _4\"></span>mina di aver acquisit<span class=\"_ _4\"></span>o un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale quando l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>sieme inte<span class=\"_ _4\"></span>grato di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e be<span class=\"_ _4\"></span>ni include almen<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">un fatto<span class=\"_ _4\"></span>re della pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e ed un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anziale che in<span class=\"_ _4\"></span>sieme co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>ono in mod<span class=\"_ _4\"></span>o signif<span class=\"_ _4\"></span>icativo alla c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span>. Il proc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so acquis<span class=\"_ _4\"></span>ito \u00e8 consi<span class=\"_ _4\"></span>derato s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anziale s<span class=\"_ _4\"></span>e \u00e8 cruciale p<span class=\"_ _4\"></span>er la capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span> e i fatto<span class=\"_ _4\"></span>ri di produ<span class=\"_ _4\"></span>zione ac<span class=\"_ _4\"></span>quisiti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o una forz<span class=\"_ _4\"></span>a  lavoro organi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata ch<span class=\"_ _4\"></span>e dispon<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sarie comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>ze, cono<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nze o es<span class=\"_ _4\"></span>perie<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>er e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uire tale pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so o co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>e signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>amente alla </span><span style=\"display:inherit;clear:left;\">capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un o<span class=\"_ _4\"></span>utput ed \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato unico o sc<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>o  o non pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>stituito s<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a cos<span class=\"_ _4\"></span>ti, </span><span style=\"display:inherit;clear:left;\">sfor<span class=\"_ _4\"></span>zi o rit<span class=\"_ _4\"></span>ardi signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r le capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un <span class=\"ff5f ls5b ws8\">o<span class=\"_ _4\"></span>utput<span class=\"_ _4\"></span></span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">Ogni cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo poten<span class=\"_ _4\"></span>ziale deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rile<span class=\"_ _4\"></span>vato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente al <span class=\"ff5f\">fair value</span> alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne. L<span class=\"_ _4\"></span>a variazio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f wsb\">fair value<span class=\"ff5c\"> del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pote<span class=\"_ _4\"></span>nziale clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, s<span class=\"_ _4\"></span>ar\u00e0 </span></span></span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ata se<span class=\"_ _4\"></span>condo quanto dis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico o nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle altre comp<span class=\"_ _4\"></span>onenti di co<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">economico complessivo. Se il<span class=\"_ _1\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _1\"></span>lassificato come strumento di<span class=\"_ _1\"></span> patrimon<span class=\"_ _1\"></span>io netto, i<span class=\"_ _2\"></span>l suo valore </span><span style=\"display:inherit;clear:left;\">non deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rimis<span class=\"_ _4\"></span>urato e la sua es<span class=\"_ _4\"></span>tinzi<span class=\"_ _4\"></span>one sar<span class=\"_ _4\"></span>\u00e0 contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to. Nei c<span class=\"_ _4\"></span>asi in cui il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">pote<span class=\"_ _4\"></span>nziale non r<span class=\"_ _4\"></span>icade n<span class=\"_ _4\"></span>ello sc<span class=\"_ _4\"></span>opo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, deve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e comunque valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair value</span> e le variazio<span class=\"_ _4\"></span>ni devono e<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sere rilevate nel conto economico.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione azi<span class=\"_ _4\"></span>endale \u00e8 iniz<span class=\"_ _4\"></span>ialmente valut<span class=\"_ _4\"></span>ato al cos<span class=\"_ _4\"></span>to che eme<span class=\"_ _4\"></span>rge com<span class=\"_ _4\"></span>e ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>insiem<span class=\"_ _4\"></span>e dei corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i corris<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to is<span class=\"_ _4\"></span>critto p<span class=\"_ _4\"></span>er le inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoranz<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">equo d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 nett<span class=\"_ _4\"></span>e identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili acquisite e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 as<span class=\"_ _4\"></span>sunte dal Gr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>sto richi<span class=\"_ _4\"></span>ede la rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one a valor<span class=\"_ _4\"></span>e equo de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te non ric<span class=\"_ _4\"></span>onos<span class=\"_ _4\"></span>ciute<span class=\"_ _2\"></span>) e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali ed es<span class=\"_ _4\"></span>cluse le r<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>uttura<span class=\"_ _4\"></span>zioni future) </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>azien<span class=\"_ _4\"></span>da acq<span class=\"_ _1\"></span>uistata.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, l<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento \u00e8 va<span class=\"_ _4\"></span>lutato al cos<span class=\"_ _4\"></span>to ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cumulate. Al f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla ve<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er riduz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 allo<span class=\"_ _4\"></span>cato, alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">alle singole unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i del Gr<span class=\"_ _4\"></span>uppo, o ai grupp<span class=\"_ _4\"></span>i di unit\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si che dovr<span class=\"_ _4\"></span>ebbe<span class=\"_ _4\"></span>ro ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciare </span><span style=\"display:inherit;clear:left;\">dalle sine<span class=\"_ _4\"></span>rgie de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione, in<span class=\"_ _4\"></span>dipend<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte dal fatto ch<span class=\"_ _4\"></span>e altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo siano a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnate </span><span style=\"display:inherit;clear:left;\">a tali unit<span class=\"_ _4\"></span>\u00e0 o rag<span class=\"_ _4\"></span>gruppam<span class=\"_ _4\"></span>enti di unit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo ac<span class=\"_ _4\"></span>quisisc<span class=\"_ _4\"></span>e un <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, de<span class=\"_ _4\"></span>ve classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are o des<span class=\"_ _4\"></span>ignare le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie acquis<span class=\"_ _4\"></span>ite o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unte in accordo c<span class=\"_ _4\"></span>on i termini co<span class=\"_ _4\"></span>ntrattuali, le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni econo<span class=\"_ _4\"></span>miche e le altre co<span class=\"_ _4\"></span>ndizioni p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tine<span class=\"_ _4\"></span>nti in es<span class=\"_ _4\"></span>sere alla </span><span style=\"display:inherit;clear:left;\">data di ac<span class=\"_ _4\"></span>quisizion<span class=\"_ _4\"></span>e. Ci\u00f2 includ<span class=\"_ _4\"></span>e la verif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>abilire se un d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorpo<span class=\"_ _4\"></span>rato deb<span class=\"_ _4\"></span>ba es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>eparato dal c<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>o primario. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a in pi\u00f9 fasi, la s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 rical<span class=\"_ _4\"></span>cola il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws150\"> della<span class=\"_ _1\"></span> parte<span class=\"_ _4\"></span>cipazione precedente<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mente de<span class=\"_ _4\"></span>tenut<span class=\"_ _4\"></span>a e rileva n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomico l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>eventuale ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita ris<span class=\"_ _4\"></span>ultante.</span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 s<span class=\"_ _4\"></span>tato allo<span class=\"_ _4\"></span>cato a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0 ge<span class=\"_ _4\"></span>neratri<span class=\"_ _4\"></span>ce di flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari e l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 dismet<span class=\"_ _4\"></span>te par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 di t<span class=\"_ _4\"></span>ale uni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">t\u00e0, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>viame<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>ociato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di<span class=\"_ _4\"></span>sme<span class=\"_ _4\"></span>ssa d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e incluso ne<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 quan<span class=\"_ _4\"></span>do si dete<span class=\"_ _4\"></span>rmina </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vante dalla dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento as<span class=\"_ _4\"></span>sociato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei valo<span class=\"_ _4\"></span>ri relativ<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa e de<span class=\"_ _4\"></span>lla part<span class=\"_ _4\"></span>e mantenuta d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari.</span><span style=\"display:inherit;clear:left;\">Le <span class=\"ff5f ls2b ws5d\">busines<span class=\"_ _4\"></span>s combination</span><span class=\"ls3 ws8\"> effet<span class=\"_ _4\"></span>tuate tra entit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _4\"></span>to comune co<span class=\"_ _4\"></span>ntrollo non rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>I<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">FRS 3. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui la <span class=\"ff5f ls2b wse5\">busines<span class=\"_ _4\"></span>s combina<span class=\"_ _1\"></span>tion<span class=\"ff5c ls3 wsd9\"> tra e<span class=\"_ _4\"></span>ntit\u00e0 sot<span class=\"_ _4\"></span>to comune c<span class=\"_ _4\"></span>ontrollo non ab<span class=\"_ _4\"></span>bia sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica e </span></span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nti una mera rio<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale la so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>plica il me<span class=\"_ _4\"></span>todo di co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ls58 ws6\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>ss</span><span class=\"ls0 ws0\"> <span class=\"ff5f ls68 ws8e\">com</span><span class=\"ff5f\">-</span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">bination<span class=\"ff5c ls9 ws8\"> cosiddetti </span></span></span><span class=\"ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">pooling</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">of</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>st</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">met<span class=\"_ _4\"></span>hod</span></span><span class=\"ff5c\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ag<span class=\"_ _4\"></span>gregan<span class=\"_ _4\"></span>do</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">e</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">linea</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>er</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">line<span class=\"_ _4\"></span>a</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ai</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">valori</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">libro</span></span>.</span></span></span><span style=\"display:inherit;clear:left;\">2.3.6 Atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _4\"></span>Immateriali</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019attivo al cos<span class=\"_ _4\"></span>to di acqui<span class=\"_ _4\"></span>sto quando \u00e8 p<span class=\"_ _4\"></span>robabile che l<span class=\"_ _4\"></span>\u2019uso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici futuri e quando il c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e determinato in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 imma<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teriali ac<span class=\"_ _4\"></span>quisite att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni di ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione di imp<span class=\"_ _4\"></span>rese s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo def<span class=\"_ _4\"></span>inito alla data di ac<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">quisizi<span class=\"_ _4\"></span>one, se t<span class=\"_ _4\"></span>ale val<span class=\"_ _4\"></span>ore pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato in modo at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>dibile. <span><span style=\"display:inherit;clear:left;\">Le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a sono </span></span></span><span style=\"display:inherit;clear:left;\">ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate a quote cos<span class=\"_ _4\"></span>tanti lungo la lo<span class=\"_ _4\"></span>ro vita ut<span class=\"_ _4\"></span>ile stimat<span class=\"_ _4\"></span>a; la vita utile v<span class=\"_ _4\"></span>iene rie<span class=\"_ _4\"></span>saminat<span class=\"_ _4\"></span>a con pe<span class=\"_ _4\"></span>riodicit<span class=\"_ _4\"></span>\u00e0 annuale </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>ventuali cambiame<span class=\"_ _4\"></span>nti, laddove n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>i, sono app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>n applica<span class=\"_ _4\"></span>zione pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">accumulate det<span class=\"_ _4\"></span>erminate se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>e modalit<span class=\"_ _4\"></span>\u00e0 des<span class=\"_ _4\"></span>critte n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guito. </span><span style=\"display:inherit;clear:left;\">Le vite utili d<span class=\"_ _4\"></span>elle princip<span class=\"_ _4\"></span>ali classi di at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita so<span class=\"_ _4\"></span>no le se<span class=\"_ _4\"></span>guenti:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _f\"> </span>2-5 anni</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2a4\"> </span>10 anni</span><span style=\"display:inherit;clear:left;\">Key money<span class=\"_ _2c2\"> </span><span class=\"ff61\">In base alla durat<span class=\"_ _1\"></span>a residua del c<span class=\"_ _1\"></span>ontratto di affitto del bene</span></span><span style=\"display:inherit;clear:left;\">Know how<span class=\"_ _2c3\"> </span><span class=\"ff61\">8 anni</span></span><span style=\"display:inherit;clear:left;\">Un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriale vi<span class=\"_ _4\"></span>ene eliminat<span class=\"_ _4\"></span>a al momento d<span class=\"_ _4\"></span>ella dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e (<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>sia, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tien<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">controllo) o quando non ci si att<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci econo<span class=\"_ _4\"></span>mici futuri dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. Qualsia<span class=\"_ _4\"></span>si utile o p<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dita de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019eliminazio<span class=\"_ _4\"></span>ne dell'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a come dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za tr<span class=\"_ _4\"></span>a il corrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo net<span class=\"_ _4\"></span>to della dis<span class=\"_ _4\"></span>missio<span class=\"_ _4\"></span>ne e il </span><span style=\"display:inherit;clear:left;\">valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0) \u00e8 inclusa ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca, pe<span class=\"_ _4\"></span>r rilev<span class=\"_ _4\"></span>arne eventuali p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore, qualor<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">eventi o c<span class=\"_ _4\"></span>ambiamenti di s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e indichino che il valo<span class=\"_ _4\"></span>re di carico n<span class=\"_ _4\"></span>on pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere recup<span class=\"_ _4\"></span>erato. Le p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico fra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore sono r<span class=\"_ _4\"></span>ipri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stinate n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui vengan<span class=\"_ _4\"></span>o meno i moti<span class=\"_ _4\"></span>vi che l<span class=\"_ _4\"></span>e hanno gener<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>osti di sviluppo</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di ricerc<span class=\"_ _4\"></span>a sono imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico nel mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>no sos<span class=\"_ _4\"></span>tenuti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti in rela<span class=\"_ _4\"></span>zione a un det<span class=\"_ _4\"></span>erminato proget<span class=\"_ _4\"></span>to so<span class=\"_ _4\"></span>no capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati solo quand<span class=\"_ _4\"></span>o il Gruppo p<span class=\"_ _4\"></span>u\u00f2 </span><span style=\"display:inherit;clear:left;\">dimos<span class=\"_ _4\"></span>trare la po<span class=\"_ _4\"></span>ssibilit<span class=\"_ _4\"></span>\u00e0 tecnic<span class=\"_ _4\"></span>a di compl<span class=\"_ _4\"></span>etare l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 immaterial<span class=\"_ _4\"></span>e in modo da re<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la disponibil<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019uso o p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la vendit<span class=\"_ _4\"></span>a, la propr<span class=\"_ _4\"></span>ia intenzio<span class=\"_ _4\"></span>ne di complet<span class=\"_ _4\"></span>are det<span class=\"_ _4\"></span>ta at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r usarla o ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la, le modalit<span class=\"_ _4\"></span>\u00e0 in cui es<span class=\"_ _4\"></span>sa ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">probabili b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici f<span class=\"_ _4\"></span>uturi, la dispo<span class=\"_ _4\"></span>nibilit\u00e0 di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e tecnich<span class=\"_ _4\"></span>e, f<span class=\"_ _4\"></span>inanziarie o di altro t<span class=\"_ _4\"></span>ipo pe<span class=\"_ _4\"></span>r complet<span class=\"_ _4\"></span>are lo </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>iluppo e la sua c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di valutare in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile il co<span class=\"_ _4\"></span>sto at<span class=\"_ _4\"></span>tribuibile all<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 durante il su<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo.</span><span style=\"display:inherit;clear:left;\">Durante il p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di sv<span class=\"_ _4\"></span>iluppo, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 \u00e8 ries<span class=\"_ _4\"></span>aminata annualmente ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>. Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte alla rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati al cos<span class=\"_ _4\"></span>to decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ato di ogni eve<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento o p<span class=\"_ _4\"></span>erdita a<span class=\"_ _4\"></span>ccumulata. L<span class=\"_ _1c\"></span>'ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 inizia ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui lo sv<span class=\"_ _4\"></span>iluppo si \u00e8 </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>tato e l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 disp<span class=\"_ _4\"></span>onibile all<span class=\"_ _4\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato con rife<span class=\"_ _4\"></span>rimento al p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do in cui si pre<span class=\"_ _4\"></span>vede che il p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">colle<span class=\"_ _4\"></span>gato gene<span class=\"_ _4\"></span>rer\u00e0 ri<span class=\"_ _4\"></span>cavi p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Diritti di br<span class=\"_ _1\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _2\"></span>e d<span class=\"_ _4\"></span>\u2019ingegno </span><span style=\"display:inherit;clear:left;\">I diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>ti e di utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle op<span class=\"_ _4\"></span>ere di ingeg<span class=\"_ _4\"></span>no si riferi<span class=\"_ _4\"></span>scono ai co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er licen<span class=\"_ _4\"></span>ze d<span class=\"_ _4\"></span>\u2019uso dei <span class=\"ff5f ws5d\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ls0 wsee\"> e<span class=\"_ _4\"></span>d al<span class=\"_ _4\"></span>le </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>se p<span class=\"_ _4\"></span>er il dep<span class=\"_ _4\"></span>osito e la re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne marchi e dei bre<span class=\"_ _4\"></span>vetti re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai prodot<span class=\"_ _4\"></span>ti del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>oncessioni, diritti lic<span class=\"_ _2\"></span>enze e marchi similar<span class=\"_ _2\"></span>i </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e in esam<span class=\"_ _4\"></span>e si riferis<span class=\"_ _4\"></span>ce alle sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di depo<span class=\"_ _4\"></span>sito e reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el marchio Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo. I c<span class=\"_ _4\"></span>osti di a<span class=\"_ _4\"></span>cquisto </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in un arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale pari alla vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>l diritt<span class=\"_ _4\"></span>o acquisito.</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 immater<span class=\"_ _1\"></span>iali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte imputabil<span class=\"_ _4\"></span>e alle somme p<span class=\"_ _4\"></span>agate pe<span class=\"_ _4\"></span>r otten<span class=\"_ _4\"></span>ere la disp<span class=\"_ _4\"></span>onibilit\u00e0 di immo<span class=\"_ _4\"></span>bili in loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e suben<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trand<span class=\"_ _4\"></span>o a contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o dei con<span class=\"_ _4\"></span>duttori in m<span class=\"_ _4\"></span>odo da pot<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere nu<span class=\"_ _4\"></span>ovi contrat<span class=\"_ _4\"></span>ti con i lo<span class=\"_ _4\"></span>cator<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1\"></span><span class=\"ff5f ls3a ws8c\">key money<span class=\"ff5c lse ws0\">)<span class=\"_ _2\"></span>. T<span class=\"_ _2\"></span>ali one<span class=\"_ _4\"></span>ri vengon<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati lungo un oriz<span class=\"_ _4\"></span>zonte te<span class=\"_ _4\"></span>mporal<span class=\"_ _4\"></span>e pari alla durata d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to.</span></span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e include, a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio 2020, anche il <span class=\"ff5f ls32 wsd4\">know how</span> acquis<span class=\"_ _4\"></span>ito attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zione az<span class=\"_ _4\"></span>iendale di A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ts </span><span style=\"display:inherit;clear:left;\">S.<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>.l. e Aur<span class=\"_ _4\"></span>a 1 S.r<span class=\"_ _1\"></span>.l., i<span class=\"_ _4\"></span>scritt<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re equo alla dat<span class=\"_ _4\"></span>a di acquisiz<span class=\"_ _4\"></span>ione. T<span class=\"_ _2\"></span>ale o<span class=\"_ _4\"></span>nere vie<span class=\"_ _4\"></span>ne ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato lungo un oriz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zonte temp<span class=\"_ _4\"></span>orale di 8 anni.</span><span style=\"display:inherit;clear:left;\">2.3.7 Strumenti finanziari </span><span style=\"display:inherit;clear:left;\">Uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8 qualsiasi contr<span class=\"_ _4\"></span>atto che d\u00e0 or<span class=\"_ _4\"></span>igine a un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>er un\u2019entit<span class=\"_ _4\"></span>\u00e0 e ad una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria o ad uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ativo di cap<span class=\"_ _4\"></span>itale p<span class=\"_ _4\"></span>er un\u2019altra entit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">Nell'<span class=\"_ _4\"></span>IFRS 9 il pr<span class=\"_ _4\"></span>incipio gene<span class=\"_ _4\"></span>rale \u00e8 che un'entit<span class=\"_ _4\"></span>\u00e0 deve rile<span class=\"_ _4\"></span>vare nella p<span class=\"_ _4\"></span>ropria situa<span class=\"_ _4\"></span>zione patrim<span class=\"_ _4\"></span>oniale-f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziaria un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>\u00e0 o una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria quando e s<span class=\"_ _4\"></span>olo quando div<span class=\"_ _4\"></span>iene p<span class=\"_ _4\"></span>arte n<span class=\"_ _4\"></span>elle claus<span class=\"_ _4\"></span>ole contr<span class=\"_ _4\"></span>attuali dell<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione inizial<span class=\"_ _4\"></span>e, le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in funzi<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa co<span class=\"_ _4\"></span>ntrattuali de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie e del mo<span class=\"_ _4\"></span>dell<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span> che il Grupp<span class=\"_ _4\"></span>o usa p<span class=\"_ _4\"></span>er la loro ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one. L<span class=\"_ _4\"></span>a valu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa contrat<span class=\"_ _4\"></span>tuali \u00e8 indic<span class=\"_ _4\"></span>ata come <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st<span class=\"ff5c wsb6\"> SPP<span class=\"_ _1\"></span>I (<span class=\"_ _2\"></span>cosiddet<span class=\"_ _4\"></span>to <span class=\"ff5f ls3 ws59\">\u201cs<span class=\"_ _4\"></span>olely p<span class=\"_ _4\"></span>ayment<span class=\"_ _4\"></span>s of </span></span></span></span><span style=\"display:inherit;clear:left;\">principal and intere<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) e viene e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guita a li<span class=\"_ _4\"></span>vello di st<span class=\"_ _4\"></span>rumento. T<span class=\"_ _2\"></span>utt<span class=\"_ _4\"></span>avia, s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari identi<span class=\"_ _4\"></span>ci pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span><span style=\"display:inherit;clear:left;\">analiz<span class=\"_ _4\"></span>zati in g<span class=\"_ _4\"></span>ruppo dal mo<span class=\"_ _4\"></span>mento che l<span class=\"_ _4\"></span>\u2019esito d<span class=\"_ _4\"></span>el <span class=\"ff5f lsa ws90\">test</span> no<span class=\"_ _4\"></span>n sareb<span class=\"_ _4\"></span>be dif<span class=\"_ _4\"></span>ferente r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to al ca<span class=\"_ _4\"></span>so in cui fos<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>tati v<span class=\"_ _4\"></span>alutati </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>idualme<span class=\"_ _4\"></span>nte e sep<span class=\"_ _4\"></span>aratam<span class=\"_ _4\"></span>ente. </span><span style=\"display:inherit;clear:left;\">Il mod<span class=\"_ _4\"></span>ello di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce al mod<span class=\"_ _4\"></span>o in cui gest<span class=\"_ _4\"></span>isce le p<span class=\"_ _4\"></span>roprie </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al f<span class=\"_ _4\"></span>ine di gener<span class=\"_ _4\"></span>are flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i. Il mode<span class=\"_ _4\"></span>llo azie<span class=\"_ _4\"></span>ndale det<span class=\"_ _4\"></span>ermina se i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>riverann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">dalla racco<span class=\"_ _4\"></span>lta di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali, dalla vendit<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie o da e<span class=\"_ _4\"></span>ntrambi. In bas<span class=\"_ _4\"></span>e a tali c<span class=\"_ _4\"></span>arat<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teri<span class=\"_ _4\"></span>stiche l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate in quat<span class=\"_ _4\"></span>tro cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al c<span class=\"_ _4\"></span>osto amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato (strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo con ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a degli utili e p<span class=\"_ _4\"></span>erdite cumu<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late (<span class=\"_ _1\"></span>str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sen<span class=\"_ _4\"></span>za rigiro de<span class=\"_ _4\"></span>gli utili e pe<span class=\"_ _4\"></span>rdite cumulate </span><span style=\"display:inherit;clear:left;\">nel momento dell\u2019eli<span class=\"_ _1\"></span>minazione<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>trumenti ra<span class=\"_ _1\"></span>ppresentativi di capitale<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"lsa wsb\"> rilevato a conto economico.</span></span><span style=\"display:inherit;clear:left;\">In se<span class=\"_ _4\"></span>de di rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria al suo <span class=\"ff5f\">fair value</span> pi\u00f9, nel c<span class=\"_ _4\"></span>aso di un'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziaria non al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, i costi di tr<span class=\"_ _4\"></span>ansa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. I crediti co<span class=\"_ _4\"></span>mmerciali, che non c<span class=\"_ _4\"></span>ontengono </span><span style=\"display:inherit;clear:left;\">una compo<span class=\"_ _4\"></span>nente di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va o pe<span class=\"_ _4\"></span>r i quali il Gruppo ha app<span class=\"_ _4\"></span>licato l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>ediente p<span class=\"_ _4\"></span>ratico, son<span class=\"_ _4\"></span>o valutati </span><span style=\"display:inherit;clear:left;\">al pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019opera<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>eterminato s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do l'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po valut<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, al <span class=\"ff5f\">fair value</span><span class=\"ls9 ws1d\"> ri<span class=\"_ _1\"></span>levato nel </span></span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo e al <span class=\"ff5f ls3 ws0\">f<span class=\"_ _1\"></span>air value<span class=\"ff5c lsa wsb\"> rilevato nel conto economico.<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e al cost<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato se entramb<span class=\"_ _4\"></span>i i seg<span class=\"_ _4\"></span>uenti re<span class=\"_ _4\"></span>quisiti so<span class=\"_ _4\"></span>no so<span class=\"_ _4\"></span>ddisfat<span class=\"_ _4\"></span>ti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria \u00e8 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>duta ne<span class=\"_ _4\"></span>l quadro di un mode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> il cui obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo \u00e8 il pos<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>so di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zato a<span class=\"_ _4\"></span>lla raccolt<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari contr<span class=\"_ _4\"></span>attuali;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e de<span class=\"_ _4\"></span>ll'intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sull'impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el cap<span class=\"_ _4\"></span>itale da re<span class=\"_ _4\"></span>stituire<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sono s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente v<span class=\"_ _4\"></span>alutate utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il crit<span class=\"_ _4\"></span>erio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo e s<span class=\"_ _4\"></span>ono sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tte ad <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span>. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomico quan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata o ri<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ata.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono inclusi i cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e i dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel conto ec<span class=\"_ _2\"></span>onomico complessiv<span class=\"_ _1\"></span>o (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 da s<span class=\"_ _4\"></span>trumenti di d<span class=\"_ _4\"></span>ebito al f<span class=\"_ _4\"></span>air value rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo se e<span class=\"_ _4\"></span>ntrambe </span><span style=\"display:inherit;clear:left;\">le seguenti condizioni<span class=\"_ _1\"></span> sono soddisfatte: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _45\"></span>l'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria \u00e8 p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a nel quadro di un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> il cui obiet<span class=\"_ _4\"></span>tivo \u00e8 con<span class=\"_ _4\"></span>seguit<span class=\"_ _4\"></span>o sia mediante l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cas<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari c<span class=\"_ _4\"></span>ontrattuali ch<span class=\"_ _4\"></span>e mediante la ve<span class=\"_ _4\"></span>ndita de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie; e</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e<span class=\"_ _4\"></span>d interes<span class=\"_ _4\"></span>si det<span class=\"_ _4\"></span>erminati sull'imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e da res<span class=\"_ _4\"></span>tituire.</span><span style=\"display:inherit;clear:left;\">Per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 da strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito valut<span class=\"_ _4\"></span>ati al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo gli utili e le p<span class=\"_ _4\"></span>erdite </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>ilevate a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni pe<span class=\"_ _4\"></span>r diffe<span class=\"_ _4\"></span>renze c<span class=\"_ _4\"></span>ambio e delle p<span class=\"_ _4\"></span>erdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, insiem<span class=\"_ _4\"></span>e alle ripre<span class=\"_ _4\"></span>se, che s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. Al mome<span class=\"_ _4\"></span>nto dell'e<span class=\"_ _4\"></span>liminazione<span class=\"_ _4\"></span>, la variazio<span class=\"_ _4\"></span>ne cumula<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>a del <span class=\"ff5f\">fair value</span><span class=\"ls9 wsfd\"> rilevata nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _2\"></span>; gli importi che </span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iconos<span class=\"_ _4\"></span>ciuti a conto e<span class=\"_ _4\"></span>conomico s<span class=\"_ _4\"></span>ono gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si che s<span class=\"_ _4\"></span>arebb<span class=\"_ _4\"></span>ero st<span class=\"_ _4\"></span>ati rilev<span class=\"_ _4\"></span>ati se l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria foss<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ata da </span><span style=\"display:inherit;clear:left;\">semp<span class=\"_ _4\"></span>re valutat<span class=\"_ _4\"></span>a al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Al mo<span class=\"_ _4\"></span>mento il Grup<span class=\"_ _4\"></span>po non ha que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a fatti<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cie.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 def<span class=\"_ _4\"></span>inis<span class=\"_ _4\"></span>ce la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsa7\"> rileva<span class=\"_ _1\"></span>to a con<span class=\"_ _1\"></span>to economico come<span class=\"_ _1\"></span> una categor<span class=\"_ _1\"></span>ia residua<span class=\"_ _1\"></span>le </span></span><span style=\"display:inherit;clear:left;\">da applic<span class=\"_ _4\"></span>are a tutte que<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie che, in v<span class=\"_ _4\"></span>irt<span class=\"_ _4\"></span>\u00f9 delle loro c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche contr<span class=\"_ _4\"></span>attuali, non s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ate al </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato o al <span class=\"ff5f\">fair value</span> rilevato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tav<span class=\"_ _4\"></span>ia, il Grupp<span class=\"_ _4\"></span>o pu\u00f2 dec<span class=\"_ _4\"></span>idere<span class=\"_ _4\"></span>, in sede </span><span style=\"display:inherit;clear:left;\">di rilev<span class=\"_ _4\"></span>azione ini<span class=\"_ _4\"></span>ziale, di de<span class=\"_ _4\"></span>signare irre<span class=\"_ _4\"></span>vocabilm<span class=\"_ _4\"></span>ente un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria come mis<span class=\"_ _4\"></span>urata al <span class=\"ff5f\">fair value</span> rilevato a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico se ci\u00f2 c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l'eliminazion<span class=\"_ _4\"></span>e o la riduzio<span class=\"_ _4\"></span>ne signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va di un disalline<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile (definito c<span class=\"_ _4\"></span>ome </span><span style=\"display:inherit;clear:left;\">un <span class=\"_ _5\"></span><span class=\"ff5f ls3 ws140\">\u201caccounting mismatch<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff5c\">) che inve<span class=\"_ _4\"></span>ce eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>e le per<span class=\"_ _4\"></span>dite o i prof<span class=\"_ _4\"></span>itti sull'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 foss<span class=\"_ _4\"></span>ero rile<span class=\"_ _4\"></span>vati se<span class=\"_ _4\"></span>condo un </span></span></span><span style=\"display:inherit;clear:left;\">diffe<span class=\"_ _4\"></span>rente crite<span class=\"_ _4\"></span>rio. Se<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ne ques<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>celt<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in qualche mo<span class=\"_ _4\"></span>do as<span class=\"_ _4\"></span>similata ad un <span class=\"ff5f\">account<span class=\"_ _4\"></span>ing policy cho<span class=\"_ _4\"></span>ice</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>avia va not<span class=\"_ _4\"></span>ato che il prin<span class=\"_ _4\"></span>cipio non richie<span class=\"_ _4\"></span>de che e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a sia applicat<span class=\"_ _4\"></span>a in mod<span class=\"_ _4\"></span>o coere<span class=\"_ _4\"></span>nte a tutt<span class=\"_ _4\"></span>e le trans<span class=\"_ _4\"></span>azioni s<span class=\"_ _4\"></span>imilari.</span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari al <span class=\"ff5f\">fair value</span> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico so<span class=\"_ _4\"></span>no iscrit<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">patrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria al <span class=\"ff5f lse ws0\">fair value<span class=\"ff5c\"> e le variazioni n<span class=\"_ _4\"></span>ette de<span class=\"_ _4\"></span>l </span>fair value<span class=\"ff5c\"> rilevate ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio.<span class=\"_ _4\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">In ques<span class=\"_ _4\"></span>ta c<span class=\"_ _4\"></span>ategoria rie<span class=\"_ _4\"></span>ntrano gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati. I der<span class=\"_ _4\"></span>ivati so<span class=\"_ _4\"></span>no clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dete<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">la negoziaz<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>alvo che non s<span class=\"_ _4\"></span>iano des<span class=\"_ _4\"></span>ignati come s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a eff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace. </span><span style=\"display:inherit;clear:left;\">Il deri<span class=\"_ _4\"></span>vato incor<span class=\"_ _4\"></span>porato co<span class=\"_ _4\"></span>ntenuto in un contr<span class=\"_ _4\"></span>atto ibri<span class=\"_ _4\"></span>do non der<span class=\"_ _4\"></span>ivato, in una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o in un co<span class=\"_ _4\"></span>ntratto </span><span style=\"display:inherit;clear:left;\">non f<span class=\"_ _4\"></span>inanziario p<span class=\"_ _4\"></span>rincipale, \u00e8 s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o principale e co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato come de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o separ<span class=\"_ _4\"></span>ato, se: le sue c<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>ris<span class=\"_ _4\"></span>tiche ec<span class=\"_ _4\"></span>onomiche e<span class=\"_ _4\"></span>d i rischi a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>so as<span class=\"_ _4\"></span>sociati n<span class=\"_ _4\"></span>on sono s<span class=\"_ _4\"></span>tret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte corre<span class=\"_ _4\"></span>lati a quelli del c<span class=\"_ _4\"></span>ontratto p<span class=\"_ _4\"></span>rincipale; </span><span style=\"display:inherit;clear:left;\">uno str<span class=\"_ _4\"></span>umento se<span class=\"_ _4\"></span>parato co<span class=\"_ _4\"></span>n gli ste<span class=\"_ _4\"></span>ssi t<span class=\"_ _4\"></span>ermini del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorp<span class=\"_ _4\"></span>orato so<span class=\"_ _4\"></span>ddisfe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di deriv<span class=\"_ _4\"></span>ato; e il </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to ibrido n<span class=\"_ _4\"></span>on \u00e8 valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsff\"> rilevato nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span>. I derivati i<span class=\"_ _1\"></span>ncorporati sono val<span class=\"_ _1\"></span>utati al<span class=\"_ _1\"></span> <span class=\"ff5f ls0 ws0\">fair </span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span></span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">con</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">varia<span class=\"_ _4\"></span>zioni</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">fair value</span></span></span><span class=\"lsa wsb\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">rilevate</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">nel</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">conto</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">economico.</span></span><span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Riclassificazione </span><span style=\"display:inherit;clear:left;\">Una riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>olo nel c<span class=\"_ _4\"></span>aso in cui inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venga un c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>i termini de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to che mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>a signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a altrimenti at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>i o quando il Grupp<span class=\"_ _4\"></span>o modif<span class=\"_ _4\"></span>ica il s<span class=\"_ _4\"></span>uo <span class=\"ff5f ls0 ws0\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s </span></span><span style=\"display:inherit;clear:left;\">model<span class=\"ff5c ls3 ws150\"> pe<span class=\"_ _4\"></span>r ges<span class=\"_ _4\"></span>tire le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie. L<span class=\"_ _4\"></span>a riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere appli<span class=\"_ _4\"></span>cata pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente dalla data di r<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one, se<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a nece<span class=\"_ _4\"></span>ssit<span class=\"_ _4\"></span>\u00e0 di ride<span class=\"_ _4\"></span>terminare prof<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>i, perdit<span class=\"_ _4\"></span>e e interes<span class=\"_ _4\"></span>si gi\u00e0 pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente rilev<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria (o<span class=\"_ _1\"></span>, ove applic<span class=\"_ _4\"></span>abile, par<span class=\"_ _4\"></span>te di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o par<span class=\"_ _4\"></span>te di un gr<span class=\"_ _4\"></span>uppo di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie simi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">li) \u00e8 cance<span class=\"_ _4\"></span>llata in primo luo<span class=\"_ _4\"></span>go (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s. rimo<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a dal prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrimo<span class=\"_ _4\"></span>niale-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria del Grup<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>) quan<span class=\"_ _4\"></span>do:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>i dirit<span class=\"_ _4\"></span>ti a rice<span class=\"_ _4\"></span>vere f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>stinti, o</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il Grupp<span class=\"_ _4\"></span>o ha tras<span class=\"_ _4\"></span>ferito a<span class=\"_ _4\"></span>d una ter<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te il dirit<span class=\"_ _4\"></span>to a riceve<span class=\"_ _4\"></span>re flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o ha as<span class=\"_ _4\"></span>sunto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obbligo co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>uale di corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>erli inter<span class=\"_ _4\"></span>amente e se<span class=\"_ _4\"></span>nza r<span class=\"_ _4\"></span>itardi e (<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>) ha t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rito so<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici della </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria, op<span class=\"_ _4\"></span>pure (b) non ha trasfe<span class=\"_ _4\"></span>rito n\u00e9 tr<span class=\"_ _4\"></span>attenut<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tut<span class=\"_ _4\"></span>ti i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0, ma ha tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito il controllo de<span class=\"_ _4\"></span>lla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Nei c<span class=\"_ _4\"></span>asi in cui il Grup<span class=\"_ _4\"></span>po abbia tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito i diritti a r<span class=\"_ _4\"></span>icevere f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o abbia sig<span class=\"_ _4\"></span>lato un accordo in </span><span style=\"display:inherit;clear:left;\">base a<span class=\"_ _4\"></span>l quale mantiene i dirit<span class=\"_ _4\"></span>ti contrat<span class=\"_ _4\"></span>tuali a riceve<span class=\"_ _4\"></span>re i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria, ma as<span class=\"_ _4\"></span>sume un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gaz<span class=\"_ _4\"></span>ione contr<span class=\"_ _4\"></span>attuale a pag<span class=\"_ _4\"></span>are i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari a uno o p<span class=\"_ _4\"></span>i\u00f9 bene<span class=\"_ _4\"></span>ficiari (<span class=\"_ _5\"></span><span class=\"ff5f ls0 ws0\">pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s-t<span class=\"_ _4\"></span>hrou<span class=\"_ _4\"></span>gh</span>)<span class=\"_ _2\"></span>, e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o valut<span class=\"_ _4\"></span>a se e in che misur<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">abbia trat<span class=\"_ _4\"></span>tenuto i ri<span class=\"_ _4\"></span>schi e i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici inere<span class=\"_ _4\"></span>nti al pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Se tut<span class=\"_ _4\"></span>ti i rischi e i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ine<span class=\"_ _4\"></span>renti al po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria son<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>i, il Gruppo e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">parat<span class=\"_ _4\"></span>amente com<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 qual<span class=\"_ _4\"></span>siasi dirit<span class=\"_ _4\"></span>to e obblig<span class=\"_ _4\"></span>azione cr<span class=\"_ _4\"></span>eati o mantenuti; in cas<span class=\"_ _4\"></span>o contrari<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria continua ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere mantenut<span class=\"_ _4\"></span>a in bilancio. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui  non abbia n<span class=\"_ _4\"></span>\u00e9 tras<span class=\"_ _4\"></span>ferito n\u00e9 tr<span class=\"_ _4\"></span>atte<span class=\"_ _4\"></span>nuto sos<span class=\"_ _4\"></span>tan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici o non abbia p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>o il controllo sulla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 continua a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>sere ril<span class=\"_ _4\"></span>evata n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">bilancio de<span class=\"_ _4\"></span>l Gruppo n<span class=\"_ _4\"></span>ella misura  d<span class=\"_ _4\"></span>el suo coinvo<span class=\"_ _4\"></span>lgimento re<span class=\"_ _4\"></span>siduo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa; qualora il controll<span class=\"_ _4\"></span>o sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria non fos<span class=\"_ _4\"></span>se mante<span class=\"_ _4\"></span>nuto, il Gruppo  e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve separ<span class=\"_ _4\"></span>atame<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 quals<span class=\"_ _4\"></span>iasi diritt<span class=\"_ _4\"></span>o e obbliga<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>ati o mantenuti. L<span class=\"_ _1c\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ita e la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ciata </span><span style=\"display:inherit;clear:left;\">sono v<span class=\"_ _4\"></span>alutate in mo<span class=\"_ _4\"></span>do da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere i dirit<span class=\"_ _4\"></span>ti e le obblig<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e rimangono di pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>inenz<span class=\"_ _4\"></span>a del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Quando il co<span class=\"_ _4\"></span>involgimento re<span class=\"_ _4\"></span>siduo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019entit\u00e0 \u00e8 una garan<span class=\"_ _4\"></span>zia sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rita, il c<span class=\"_ _4\"></span>oinvolgimento \u00e8 mis<span class=\"_ _4\"></span>urato sulla bas<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">del mino<span class=\"_ _4\"></span>re tra l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to mass<span class=\"_ _4\"></span>imo del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto che l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e dover ripag<span class=\"_ _4\"></span>are.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate e valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato utiliz<span class=\"_ _5\"></span>zand<span class=\"_ _4\"></span>o il tas<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo ad </span><span style=\"display:inherit;clear:left;\">ecce<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ne di quelle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie che, no<span class=\"_ _4\"></span>n rispo<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>do ai requis<span class=\"_ _4\"></span>iti per p<span class=\"_ _4\"></span>oter e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico. R<span class=\"_ _4\"></span>ientrano in qu<span class=\"_ _4\"></span>est<span class=\"_ _5\"></span>\u2019ultimo cas<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie det<span class=\"_ _4\"></span>enute a sco<span class=\"_ _4\"></span>po di ne<span class=\"_ _4\"></span>goziazione<span class=\"_ _4\"></span>. Il Gruppo in<span class=\"_ _4\"></span>oltre pu\u00f2 s<span class=\"_ _4\"></span>ceglie<span class=\"_ _4\"></span>re, in se<span class=\"_ _4\"></span>de di rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne iniziale, di d<span class=\"_ _4\"></span>esignare </span><span style=\"display:inherit;clear:left;\">irrevoc<span class=\"_ _4\"></span>abilmente l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsbe\"> con impu<span class=\"_ _1\"></span>tazione a conto economic<span class=\"_ _1\"></span>o qua<span class=\"_ _1\"></span>ndo questo consente di<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">fornire un'informativa p<span class=\"_ _4\"></span>i\u00f9 rilevante<span class=\"_ _4\"></span>, in quanto<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">elimina o ri<span class=\"_ _4\"></span>duce signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte un'incoere<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>ella misura<span class=\"_ _4\"></span>zione o ril<span class=\"_ _4\"></span>evaz<span class=\"_ _4\"></span>ione (<span class=\"_ _1\"></span>def<span class=\"_ _4\"></span>inita anch<span class=\"_ _4\"></span>e come <span class=\"ff5f\">\u201can accoun<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">ting mismatch\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) che eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe dalla misur<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o dalla rileva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i prof<span class=\"_ _4\"></span>itti o </span></span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e su di una bas<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rente;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws130\">un grup<span class=\"_ _4\"></span>po di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie \u00e8 ge<span class=\"_ _4\"></span>stito e v<span class=\"_ _4\"></span>alutato al <span class=\"ff5f\">fair value</span> in applica<span class=\"_ _4\"></span>zione di una p<span class=\"_ _4\"></span>olitica di <span class=\"ff5f ls0 ws0\">r<span class=\"_ _4\"></span>isk </span></span></span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> o sulla ba<span class=\"_ _4\"></span>se di una str<span class=\"_ _4\"></span>ategia di inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nto e l'informativ<span class=\"_ _4\"></span>a su det<span class=\"_ _4\"></span>to gruppo \u00e8 fo<span class=\"_ _4\"></span>rnita inter<span class=\"_ _4\"></span>namente ai </span></span><span style=\"display:inherit;clear:left;\">dirigenti chiave su t<span class=\"_ _4\"></span>ale bas<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Anche i d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati con <span class=\"ff5f\">fair value</span> negati<span class=\"_ _4\"></span>vo sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati e v<span class=\"_ _4\"></span>alutati al <span class=\"ff5f\">fair value</span><span class=\"lsa ws86\"> rilevato a conto<span class=\"_ _1\"></span> economico ad ecce<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ne di quelli de<span class=\"_ _4\"></span>tenuti co<span class=\"_ _4\"></span>me ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono rile<span class=\"_ _4\"></span>vate inizialme<span class=\"_ _4\"></span>nte al </span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> cui si agg<span class=\"_ _4\"></span>iungono, nel c<span class=\"_ _4\"></span>aso di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti e debit<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i di trans<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>si dirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte attribuibili. </span></span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o compre<span class=\"_ _4\"></span>ndono de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e altri de<span class=\"_ _4\"></span>biti, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti, inclusi sc<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">conto cor<span class=\"_ _4\"></span>rente e st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie dipe<span class=\"_ _4\"></span>nde dalla loro cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, come pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al <span class=\"ff5f\">fair value</span><span class=\"ls0 wsc7\"> a </span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato (<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti).</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _2\"></span>ato a conto economic<span class=\"_ _2\"></span>o </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>ono pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 det<span class=\"_ _4\"></span>enute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al <span class=\"ff5f\">fair value</span> con varia<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico. Le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>nute per la n<span class=\"_ _4\"></span>egoziazion<span class=\"_ _4\"></span>e sono tut<span class=\"_ _4\"></span>te quell<span class=\"_ _4\"></span>e assunte c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019intento di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uerle o t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rirle ne<span class=\"_ _4\"></span>l breve te<span class=\"_ _4\"></span>rmine. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a catego<span class=\"_ _4\"></span>ria include inolt<span class=\"_ _4\"></span>re gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti dal Grupp<span class=\"_ _4\"></span>o che non s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>signati come </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>umenti di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura in una rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dallo IA<span class=\"_ _4\"></span>S 39. I deri<span class=\"_ _4\"></span>vati incorp<span class=\"_ _4\"></span>orati, s<span class=\"_ _4\"></span>corpor<span class=\"_ _4\"></span>ati dal contrat<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to princip<span class=\"_ _4\"></span>ale, so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari dete<span class=\"_ _4\"></span>nuti per la n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne salvo ch<span class=\"_ _4\"></span>e non siano de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci. Gli utili o l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dete<span class=\"_ _4\"></span>nute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>one son<span class=\"_ _4\"></span>o rilevati n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Le p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie son<span class=\"_ _4\"></span>o desig<span class=\"_ _4\"></span>nate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate a </span></span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico dalla dat<span class=\"_ _4\"></span>a di prima iscr<span class=\"_ _4\"></span>izione<span class=\"_ _4\"></span>, solo s<span class=\"_ _4\"></span>e i criteri d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 so<span class=\"_ _4\"></span>no sod<span class=\"_ _4\"></span>disfat<span class=\"_ _4\"></span>ti. Al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po non ha de<span class=\"_ _4\"></span>signato pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al<span class=\"ff5f\"> fair value</span><span class=\"lsa wsb\"> con vari<span class=\"_ _1\"></span>azioni rilevate a conto<span class=\"_ _1\"></span> economico.</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al c<span class=\"_ _1\"></span>osto ammortizzato (<span class=\"_ _4\"></span>prestiti e finanziamenti)</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti sono v<span class=\"_ _4\"></span>alutati con il cr<span class=\"_ _4\"></span>iterio de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato usan<span class=\"_ _4\"></span>do il meto<span class=\"_ _4\"></span>do del </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 e<span class=\"_ _4\"></span>stint<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">oltre che at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so di ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento. Il co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato \u00e8 c<span class=\"_ _4\"></span>alcolato rile<span class=\"_ _4\"></span>vando lo s<span class=\"_ _4\"></span>conto o il pre<span class=\"_ _4\"></span>mio </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquisi<span class=\"_ _4\"></span>zione e g<span class=\"_ _4\"></span>li onorari o co<span class=\"_ _4\"></span>sti che f<span class=\"_ _4\"></span>anno par<span class=\"_ _4\"></span>te integr<span class=\"_ _4\"></span>ante del t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nto al </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo \u00e8 compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a gli one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdita).<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>ossib<span class=\"_ _4\"></span>ile riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icare le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie.  </span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria vi<span class=\"_ _4\"></span>ene can<span class=\"_ _4\"></span>cellata quand<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante la pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 \u00e8 e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>inta, annullata ov<span class=\"_ _5\"></span>vero ade<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">piuta<span class=\"_ _4\"></span>. Ladd<span class=\"_ _4\"></span>ove una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte foss<span class=\"_ _4\"></span>e sos<span class=\"_ _4\"></span>tituita da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>altra de<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>tato<span class=\"_ _4\"></span>re, a condi<span class=\"_ _4\"></span>zioni so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e, opp<span class=\"_ _4\"></span>ure le condi<span class=\"_ _4\"></span>zioni di una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte venis<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte modif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>e, tale s<span class=\"_ _4\"></span>cambio o<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a viene t<span class=\"_ _4\"></span>ratt<span class=\"_ _4\"></span>ato come una c<span class=\"_ _4\"></span>ancellaz<span class=\"_ _4\"></span>ione cont<span class=\"_ _4\"></span>abile de<span class=\"_ _4\"></span>lla passi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 originale<span class=\"_ _4\"></span>, accompagnat<span class=\"_ _4\"></span>a dalla rileva<span class=\"_ _4\"></span>zione di una </span><span style=\"display:inherit;clear:left;\">nuova pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, con iscri<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) d<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io di eventuali dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze tra i val<span class=\"_ _4\"></span>ori cont<span class=\"_ _4\"></span>abili.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ompens<span class=\"_ _4\"></span>azione di strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 e una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re compe<span class=\"_ _4\"></span>nsate e il s<span class=\"_ _4\"></span>aldo net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione p<span class=\"_ _4\"></span>atrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria, se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un diritto l<span class=\"_ _4\"></span>egale at<span class=\"_ _4\"></span>tuale a comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>are gli impor<span class=\"_ _4\"></span>ti rile<span class=\"_ _4\"></span>vati cont<span class=\"_ _4\"></span>abilmente e v<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">sia l<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>nzione di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uere il re<span class=\"_ _4\"></span>siduo net<span class=\"_ _4\"></span>to, o reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e conte<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>stingu<span class=\"_ _4\"></span>ere la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span>.</span><span style=\"display:inherit;clear:left;\">Strumenti finanziari der<span class=\"_ _2\"></span>ivati e hedge ac<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ount<span class=\"_ _4\"></span>ing</span><span style=\"display:inherit;clear:left;\">Rilevazione iniziale e v<span class=\"_ _1\"></span>alutazione succ<span class=\"_ _2\"></span>essiva</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivati tr<span class=\"_ _4\"></span>a i quali<span class=\"_ _1\"></span>: contrat<span class=\"_ _4\"></span>ti a termin<span class=\"_ _4\"></span>e in valuta, p<span class=\"_ _4\"></span>er cop<span class=\"_ _4\"></span>rire i rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vi alle varia<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio s<span class=\"_ _4\"></span>ulle trans<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ommerciali in valut<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>ali str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono </span><span style=\"display:inherit;clear:left;\">inizialm<span class=\"_ _4\"></span>ente ril<span class=\"_ _4\"></span>evati al <span class=\"ff5f ls3 ws145\">fair value<span class=\"ff5c\"> alla data in cui il co<span class=\"_ _4\"></span>ntratto de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o \u00e8 sotto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>to e, suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente, s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati </span></span></span><span style=\"display:inherit;clear:left;\">nuovame<span class=\"_ _4\"></span>nte al <span class=\"ff5f\">fair value</span>. I derivati s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie quando il <span class=\"ff5f\">fair value</span> \u00e8 pos<span class=\"_ _4\"></span>itivo e com<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie quand<span class=\"_ _4\"></span>o il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> \u00e8 neg<span class=\"_ _4\"></span>ativo. Com<span class=\"_ _4\"></span>e conse<span class=\"_ _4\"></span>ntito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 paragr<span class=\"_ _4\"></span>afo 7<span class=\"_ _1c\"></span>.2<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>, il G<span class=\"_ _4\"></span>ruppo ha o<span class=\"_ _4\"></span>ptato </span></span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 39 in merito all<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls68 wscc\">hedge accounting</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Coe<span class=\"_ _4\"></span>rentem<span class=\"_ _4\"></span>ente con quanto s<span class=\"_ _4\"></span>tabilito dallo I<span class=\"_ _4\"></span>AS 39.<span class=\"_ _4\"></span>88 e ripre<span class=\"_ _4\"></span>so dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9.<span class=\"_ _4\"></span>6.4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>, g<span class=\"_ _4\"></span>li strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>tur<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo le mo<span class=\"_ _4\"></span>dalit\u00e0 s<span class=\"_ _4\"></span>tabilite p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span><span class=\"ff5f ls5b ws14d\">\u2019hedg<span class=\"_ _4\"></span>e accounting<span class=\"_ _4\"></span></span><span class=\"lse ws6f\"> so<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o q<span class=\"_ _4\"></span>ua<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>do:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inizio della c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, esis<span class=\"_ _4\"></span>te la de<span class=\"_ _4\"></span>signazi<span class=\"_ _4\"></span>one formale e la do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, </span><span style=\"display:inherit;clear:left;\">degli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 nella ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio e della s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gia nell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tuare la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura sar<span class=\"_ _4\"></span>\u00e0 altame<span class=\"_ _4\"></span>nte ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _49\"></span>p<span class=\"_ _4\"></span>er le cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne progr<span class=\"_ _4\"></span>ammata che \u00e8 og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>ve es<span class=\"_ _4\"></span>sere alt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e e deve pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>are un\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one alle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e incide<span class=\"_ _4\"></span>re sul conto e<span class=\"_ _4\"></span>co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomico;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>acia pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere atte<span class=\"_ _4\"></span>ndibilme<span class=\"_ _4\"></span>nte misurata; e </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa \u00e8 alt<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace durante i dive<span class=\"_ _4\"></span>rsi p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di contab<span class=\"_ _4\"></span>ili per i quali \u00e8 de<span class=\"_ _4\"></span>signata<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti gli s<span class=\"_ _4\"></span>trumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o misurati al <span class=\"ff5f\">fair value</span>. Quando gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati hanno le c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>rist<span class=\"_ _4\"></span>iche </span><span style=\"display:inherit;clear:left;\">per es<span class=\"_ _4\"></span>sere contabil<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zz<span class=\"_ _4\"></span>ati secondo l\u2019he<span class=\"_ _4\"></span>dge<span class=\"_ _1\"></span> accounti<span class=\"_ _1\"></span>ng, si applicano i seguenti tra<span class=\"_ _1\"></span>ttamenti contabili<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws84\"> <span class=\"_ _ac\"></span>Fair value hedge<span class=\"ff5c\"> \u2013 se uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario deri<span class=\"_ _4\"></span>vato \u00e8 de<span class=\"_ _4\"></span>signato com<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne alle varia<span class=\"_ _4\"></span>zioni </span></span></span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore corre<span class=\"_ _4\"></span>nte di una atti<span class=\"_ _4\"></span>vit\u00e0 o di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile che p<span class=\"_ _4\"></span>u\u00f2 dete<span class=\"_ _4\"></span>rminare </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti s<span class=\"_ _4\"></span>ul conto eco<span class=\"_ _4\"></span>nomico, la varia<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura \u00e8 rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o e la </span></span></span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\">  dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o attribuib<span class=\"_ _4\"></span>ile al rischio c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>to \u00e8 ril<span class=\"_ _4\"></span>evato com<span class=\"_ _4\"></span>e par<span class=\"_ _4\"></span>te del v<span class=\"_ _4\"></span>alore di ca<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">rico de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ele<span class=\"_ _4\"></span>mento cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>d \u00e8 inoltre rile<span class=\"_ _4\"></span>vato nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di un impegn<span class=\"_ _4\"></span>o irrevoc<span class=\"_ _4\"></span>abile, il <span class=\"ff5f\">fair value</span> </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte relativ<span class=\"_ _4\"></span>a al rischio co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>to \u00e8 is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>o nello s<span class=\"_ _4\"></span>tato patrim<span class=\"_ _4\"></span>oniale come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, andan<span class=\"_ _4\"></span>do a </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la voce di s<span class=\"_ _4\"></span>tato patr<span class=\"_ _4\"></span>imoniale che s<span class=\"_ _4\"></span>ar\u00e0 intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata dall<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>egno irre<span class=\"_ _4\"></span>vocabil<span class=\"_ _4\"></span>e al momento d<span class=\"_ _4\"></span>el suo re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f wsed\"> <span class=\"_ _ac\"></span>Cash f<span class=\"_ _4\"></span>low hedg<span class=\"_ _4\"></span>e<span class=\"ff5c\"> \u2013 se uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o deriv<span class=\"_ _4\"></span>ato \u00e8 des<span class=\"_ _4\"></span>ignato come co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izione alla v<span class=\"_ _4\"></span>ariabilit\u00e0</span></span></span><span style=\"display:inherit;clear:left;\">dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa di una att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a altame<span class=\"_ _4\"></span>nte probabil<span class=\"_ _4\"></span>e o di un</span><span style=\"display:inherit;clear:left;\">impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile e che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e avere ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti sul conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, la por<span class=\"_ _4\"></span>zione ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e degli utili o de<span class=\"_ _4\"></span>lle pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">sullo st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8  rilevat<span class=\"_ _4\"></span>a nel patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to ed e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo; </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a cumulati sono  s<span class=\"_ _4\"></span>tornati dal pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to e cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico ne<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o  perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">in cui vie<span class=\"_ _4\"></span>ne rilevat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura; l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ut<span class=\"_ _4\"></span>ile o la pe<span class=\"_ _4\"></span>rdita  as<span class=\"_ _4\"></span>sociati a una c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, o a quella par<span class=\"_ _4\"></span>te</span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura di<span class=\"_ _4\"></span>ventat<span class=\"_ _4\"></span>a inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cace<span class=\"_ _4\"></span>, sono is<span class=\"_ _4\"></span>critti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cacia \u00e8 rile<span class=\"_ _4\"></span>vata.</span><span style=\"display:inherit;clear:left;\">Qualora non<span class=\"_ _1\"></span> ricorrano le<span class=\"_ _1\"></span> condizioni per l\u2019a<span class=\"_ _1\"></span>pplicazione dell\u2019<span class=\"ff5f ls68 ws137\">hedge accounting</span><span class=\"ls3 wsc3\">, gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>rivanti dalla valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one al </span></span><span style=\"display:inherit;clear:left;\">\u201c<span class=\"_ _4\"></span>fair value\u201d<span class=\"ff5c\"> dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario der<span class=\"_ _4\"></span>ivato so<span class=\"_ _4\"></span>no imputati dir<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>amente a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico.</span></span><span style=\"display:inherit;clear:left;\">2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _4\"></span>ivalenti</span><span style=\"display:inherit;clear:left;\">Le dispo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e i d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti a breve t<span class=\"_ _4\"></span>ermine comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no il denaro in c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e i depo<span class=\"_ _4\"></span>siti a vi<span class=\"_ _4\"></span>sta e a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, in que<span class=\"_ _4\"></span>sto ultim<span class=\"_ _4\"></span>o cas<span class=\"_ _4\"></span>o con sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za orig<span class=\"_ _4\"></span>inaria previ<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>on oltre i tre m<span class=\"_ _4\"></span>esi.</span><span style=\"display:inherit;clear:left;\">2.3.9 Azioni <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie</span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate sono ril<span class=\"_ _4\"></span>evate al cos<span class=\"_ _4\"></span>to e po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate in diminuzion<span class=\"_ _4\"></span>e del patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to, la vendit<span class=\"_ _4\"></span>a o la </span><span style=\"display:inherit;clear:left;\">cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di azioni p<span class=\"_ _4\"></span>roprie non danno o<span class=\"_ _4\"></span>rigine a ne<span class=\"_ _4\"></span>ssun p<span class=\"_ _4\"></span>rofit<span class=\"_ _4\"></span>to o pe<span class=\"_ _4\"></span>rdita ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico.  L<span class=\"_ _4\"></span>a diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra il val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">di acquis<span class=\"_ _4\"></span>to e il corris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivo, in ca<span class=\"_ _4\"></span>so di vendit<span class=\"_ _4\"></span>a e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazio<span class=\"_ _4\"></span>ne, vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vata in una ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va d<span class=\"_ _4\"></span>el Patrimonio N<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">2.3.10 Rimanenze</span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o sono va<span class=\"_ _4\"></span>lutate al minore t<span class=\"_ _4\"></span>ra il cost<span class=\"_ _4\"></span>o di acquis<span class=\"_ _4\"></span>to e/o di produzi<span class=\"_ _4\"></span>one, det<span class=\"_ _4\"></span>erminato se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del c<span class=\"_ _4\"></span>osto m<span class=\"_ _4\"></span>edio po<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>ato, e il valore net<span class=\"_ _4\"></span>to di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. Il cost<span class=\"_ _4\"></span>o di acquist<span class=\"_ _4\"></span>o \u00e8 inclusivo d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori; </span><span style=\"display:inherit;clear:left;\">il cos<span class=\"_ _4\"></span>to di produ<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>rende i c<span class=\"_ _4\"></span>osti di dire<span class=\"_ _4\"></span>tta imp<span class=\"_ _4\"></span>utaz<span class=\"_ _4\"></span>ione e una quot<span class=\"_ _4\"></span>a dei cos<span class=\"_ _4\"></span>ti indiret<span class=\"_ _4\"></span>ti, ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte im<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">putab<span class=\"_ _4\"></span>ili ai prodot<span class=\"_ _4\"></span>ti. Il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di presumib<span class=\"_ _4\"></span>ile realiz<span class=\"_ _4\"></span>zo \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>o dal normale pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo st<span class=\"_ _4\"></span>imato di vendit<span class=\"_ _4\"></span>a dedot<span class=\"_ _4\"></span>ti i </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti stimati di co<span class=\"_ _4\"></span>mplet<span class=\"_ _4\"></span>amento e i co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>timati pe<span class=\"_ _4\"></span>r realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are la vendit<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">2.3.11 <span class=\"_ _1\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 possedute per la vendita </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce include l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, il cui v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile sar<span class=\"_ _4\"></span>\u00e0 recupe<span class=\"_ _4\"></span>rato princip<span class=\"_ _4\"></span>almente att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">piutto<span class=\"_ _4\"></span>sto ch<span class=\"_ _4\"></span>e attrave<span class=\"_ _4\"></span>rso l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo cont<span class=\"_ _4\"></span>inuativo. Le atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate alla vendit<span class=\"_ _4\"></span>a sono v<span class=\"_ _4\"></span>alutate al minore t<span class=\"_ _4\"></span>ra il loro </span><span style=\"display:inherit;clear:left;\">valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile e il <span class=\"ff5f\">fair value</span> al net<span class=\"_ _4\"></span>to dei co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita.</span><span style=\"display:inherit;clear:left;\">2.3.12 Fondi rischi ed oneri </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti a fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri son<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuati quando il G<span class=\"_ _4\"></span>ruppo de<span class=\"_ _4\"></span>ve far fronte a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione att<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">(le<span class=\"_ _4\"></span>gale o implicit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) risult<span class=\"_ _4\"></span>ante da un evento pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, \u00e8 probabile un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uscit<span class=\"_ _4\"></span>a di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e per far f<span class=\"_ _4\"></span>ronte a tal<span class=\"_ _4\"></span>e obbliga<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">\u00e8 pos<span class=\"_ _4\"></span>sibile ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare una stima af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idabile de<span class=\"_ _4\"></span>l suo ammont<span class=\"_ _4\"></span>are. </span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo rit<span class=\"_ _4\"></span>iene che un ac<span class=\"_ _4\"></span>cantoname<span class=\"_ _4\"></span>nto al fondo ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i sar\u00e0 in par<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>l tutt<span class=\"_ _4\"></span>o rimbor<span class=\"_ _4\"></span>sato, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>empio ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di rischi co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, l<span class=\"_ _4\"></span>\u2019ind<span class=\"_ _4\"></span>enniz<span class=\"_ _4\"></span>zo \u00e8 rile<span class=\"_ _4\"></span>vato in mod<span class=\"_ _4\"></span>o distinto e s<span class=\"_ _4\"></span>eparato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">se, e s<span class=\"_ _4\"></span>olo se<span class=\"_ _4\"></span>, es<span class=\"_ _4\"></span>so risult<span class=\"_ _4\"></span>a pratic<span class=\"_ _4\"></span>amente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to. In tal c<span class=\"_ _4\"></span>aso, ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">\u00e8 pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ato al netto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ammontare rilev<span class=\"_ _4\"></span>ato per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indenni<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to di attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l denaro \u00e8 signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo, gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati utiliz<span class=\"_ _5\"></span>zando </span><span style=\"display:inherit;clear:left;\">un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto ante impo<span class=\"_ _4\"></span>ste che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te, ove a<span class=\"_ _4\"></span>deguato, i ris<span class=\"_ _4\"></span>chi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Quando v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne, l<span class=\"_ _4\"></span>\u2019incr<span class=\"_ _4\"></span>emento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento dov<span class=\"_ _4\"></span>uto al tra<span class=\"_ _4\"></span>scorre<span class=\"_ _4\"></span>re del te<span class=\"_ _4\"></span>mpo \u00e8 rile<span class=\"_ _4\"></span>vato come o<span class=\"_ _4\"></span>nere f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">2.3.13 Fondi P<span class=\"_ _1c\"></span>ensione e altri benefici a lungo termine per i dipendenti </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha, in Italia, un \u201c<span class=\"_ _4\"></span>Piano a ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi<span class=\"_ _4\"></span>\u201d con rife<span class=\"_ _4\"></span>rimento alle quot<span class=\"_ _4\"></span>e TFR, re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. per l<span class=\"_ _4\"></span>e sole quot<span class=\"_ _4\"></span>e iscrit<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 20<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, ha \u201cPiani a contr<span class=\"_ _4\"></span>ibuzioni de<span class=\"_ _4\"></span>finite<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er le quote </span><span style=\"display:inherit;clear:left;\">TFR maturate succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a tale dat<span class=\"_ _4\"></span>a. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e distin<span class=\"_ _4\"></span>zione \u00e8 con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a alla Leg<span class=\"_ _4\"></span>ge Finanz<span class=\"_ _4\"></span>iaria 2007 e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>ti attuati<span class=\"_ _4\"></span>vi, dalla quale deri<span class=\"_ _4\"></span>va la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione obb<span class=\"_ _4\"></span>ligatoria de<span class=\"_ _4\"></span>l TFR alle forme pe<span class=\"_ _4\"></span>nsionis<span class=\"_ _4\"></span>tiche co<span class=\"_ _4\"></span>mpleme<span class=\"_ _4\"></span>ntari o al </span><span style=\"display:inherit;clear:left;\">Fondo di T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sore<span class=\"_ _4\"></span>ria ges<span class=\"_ _4\"></span>tito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>INPS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re altri \u201c<span class=\"_ _4\"></span>Piani a benef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>finiti<span class=\"_ _5\"></span>\u201d negli St<span class=\"_ _4\"></span>ati Uniti, Me<span class=\"_ _4\"></span>ssico, T<span class=\"_ _2\"></span>ailandia, Francia, B<span class=\"_ _4\"></span>elgio, Princi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pato di Monac<span class=\"_ _4\"></span>o, T<span class=\"_ _1c\"></span>aiwan, G<span class=\"_ _4\"></span>iappone e Svi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zera.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre alcuni piani a co<span class=\"_ _4\"></span>ntribuzio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>inita p<span class=\"_ _4\"></span>er i prop<span class=\"_ _4\"></span>ri dipen<span class=\"_ _4\"></span>denti. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obbligazio<span class=\"_ _4\"></span>ne net<span class=\"_ _4\"></span>ta de<span class=\"_ _4\"></span>l Gruppo d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ante da piani a ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci def<span class=\"_ _4\"></span>initi vien<span class=\"_ _4\"></span>e calco<span class=\"_ _4\"></span>lata se<span class=\"_ _4\"></span>paratam<span class=\"_ _4\"></span>ente pe<span class=\"_ _4\"></span>r ciascun piano </span><span style=\"display:inherit;clear:left;\">stiman<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icio futuro che i dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti hanno maturato in camb<span class=\"_ _4\"></span>io dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ata nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio </span><span style=\"display:inherit;clear:left;\">corre<span class=\"_ _4\"></span>nte e nei pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi; tal<span class=\"_ _4\"></span>e ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>cio vien<span class=\"_ _4\"></span>e attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>alcolare il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e.  Il cos<span class=\"_ _4\"></span>to dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">prev<span class=\"_ _4\"></span>isti ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>el piano a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi \u00e8 det<span class=\"_ _4\"></span>erminato us<span class=\"_ _4\"></span>ando il meto<span class=\"_ _4\"></span>do att<span class=\"_ _4\"></span>uariale della proi<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne unitaria de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o. Gli utili e le pe<span class=\"_ _4\"></span>rdite attuariali s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati dirett<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>e nel conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo, cos\u00ec com<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9. Gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si net<span class=\"_ _4\"></span>ti sulla pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>vono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re deter<span class=\"_ _4\"></span>minati moltiplic<span class=\"_ _4\"></span>ando la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di sconto. </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne attuariale d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 s<span class=\"_ _4\"></span>tata af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idata a<span class=\"_ _4\"></span>d attuari indip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.14 <span class=\"ff64\">F<span class=\"_ _2\"></span>air value</span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3 rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unica fonte di rife<span class=\"_ _4\"></span>rimento p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> e per la relati<span class=\"_ _4\"></span>va informativ<span class=\"_ _4\"></span>a, quando </span><span style=\"display:inherit;clear:left;\">tale v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione \u00e8 richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a o cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il <span class=\"ff5f\">fair value</span> \u00e8 il prez<span class=\"_ _4\"></span>zo che s<span class=\"_ _4\"></span>i perce<span class=\"_ _4\"></span>pirebb<span class=\"_ _4\"></span>e per la ve<span class=\"_ _4\"></span>ndita di un<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o che </span><span style=\"display:inherit;clear:left;\">si paghe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e per il t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rimento di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in una regolare op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a oper<span class=\"_ _4\"></span>atori di me<span class=\"_ _4\"></span>rcato alla data di </span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. Il <span class=\"ff5f ls3 ws5c\">fair value<span class=\"ff5c\"> di un\u2019attivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ato adot<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>do le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni che gli ope<span class=\"_ _4\"></span>ratori di me<span class=\"_ _4\"></span>rcato utiliz<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zereb<span class=\"_ _4\"></span>bero n<span class=\"_ _4\"></span>ella dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, pre<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>ndo che gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si agis<span class=\"_ _4\"></span>cano p<span class=\"_ _4\"></span>er so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fare </span><span style=\"display:inherit;clear:left;\">nel mo<span class=\"_ _4\"></span>do migliore il p<span class=\"_ _4\"></span>roprio inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Una valut<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el <span class=\"ff5f\">fair value</span> di un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non f<span class=\"_ _4\"></span>inanziaria cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>a la capacit<span class=\"_ _4\"></span>\u00e0 di un ope<span class=\"_ _4\"></span>ratore di me<span class=\"_ _4\"></span>rcato di gen<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rare be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ec<span class=\"_ _4\"></span>onomici impie<span class=\"_ _4\"></span>gando l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e migliore ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o vend<span class=\"_ _4\"></span>endola a un alt<span class=\"_ _4\"></span>ro ope<span class=\"_ _4\"></span>ratore di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato che la impieg<span class=\"_ _4\"></span>here<span class=\"_ _4\"></span>bbe ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e miglior ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za t<span class=\"_ _4\"></span>ecniche di v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione che s<span class=\"_ _4\"></span>ono adatt<span class=\"_ _4\"></span>e alle circost<span class=\"_ _4\"></span>anze e p<span class=\"_ _4\"></span>er le quali vi s<span class=\"_ _4\"></span>ono suf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icienti dati dis<span class=\"_ _4\"></span>ponibili </span><span style=\"display:inherit;clear:left;\">per v<span class=\"_ _4\"></span>alutare il <span class=\"ff5f\">fair value</span>, mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di <span class=\"ff5f ls59 ws114\">input</span> os<span class=\"_ _4\"></span>ser<span class=\"_ _5\"></span>vabili rile<span class=\"_ _4\"></span>vanti e minimiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019uso di <span class=\"ff5f ls59 ws114\">input</span><span class=\"ls46 wsd2\"> no<span class=\"_ _4\"></span>n os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili. </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le quali il <span class=\"ff5f\">fair value</span> viene valut<span class=\"_ _4\"></span>ato o es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to in bilancio s<span class=\"_ _4\"></span>ono cate<span class=\"_ _4\"></span>goriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate in base alla </span><span style=\"display:inherit;clear:left;\">gerarchia del <span class=\"ff5f ls3 ws0\">fair value<span class=\"ff5c\">, come di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">Li<span class=\"_ _4\"></span>vello 1 - i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>on rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati) in merc<span class=\"_ _4\"></span>ati attiv<span class=\"_ _4\"></span>i per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 id<span class=\"_ _4\"></span>entiche a cui l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 acce<span class=\"_ _4\"></span>de<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">re alla data di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ws5c\">Li<span class=\"_ _4\"></span>vello 2 \u2013 <span class=\"ff5f ls5f ws14d\">Inp<span class=\"_ _4\"></span>ut</span> diver<span class=\"_ _4\"></span>si dai pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati inclusi ne<span class=\"_ _4\"></span>l Livello 1, osse<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vabili diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte o indirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o </span></span></span><span style=\"display:inherit;clear:left;\">per la p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3\">Li<span class=\"_ _4\"></span>vello 3 \u2013 te<span class=\"_ _4\"></span>cniche di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne per l<span class=\"_ _4\"></span>e quali i dati di <span class=\"ff5f ls58 ws6\">input</span> non s<span class=\"_ _4\"></span>ono os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o p<span class=\"_ _4\"></span>er la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span></span></span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> \u00e8 clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icata inte<span class=\"_ _4\"></span>ramente n<span class=\"_ _4\"></span>ello st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo della ger<span class=\"_ _4\"></span>archia del <span class=\"ff5f\">fair value</span> in cui \u00e8 classi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls58 ws6\">input</span><span class=\"ls3 ws0\"> di pi\u00f9 bas<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo di gerarchia utiliz<span class=\"_ _5\"></span>zato p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span></span><span style=\"display:inherit;clear:left;\">I meto<span class=\"_ _4\"></span>di di dete<span class=\"_ _4\"></span>rminazi<span class=\"_ _4\"></span>one de<span class=\"_ _4\"></span>l <span class=\"ff5f ls3 ws8e\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> con rife<span class=\"_ _4\"></span>rimento agli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, con f<span class=\"_ _4\"></span>inalit\u00e0 co<span class=\"_ _4\"></span>ntabili o informative<span class=\"_ _4\"></span>, </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iepilog<span class=\"_ _4\"></span>ati di seg<span class=\"_ _4\"></span>uito con rife<span class=\"_ _4\"></span>rimento alle pr<span class=\"_ _4\"></span>incipali cate<span class=\"_ _4\"></span>gorie di st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari, cui s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tati appli<span class=\"_ _4\"></span>cati:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati: son<span class=\"_ _4\"></span>o stati a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati gli ade<span class=\"_ _4\"></span>guati mo<span class=\"_ _4\"></span>delli di <span class=\"ff5f ls5b ws8\">pricing</span> b<span class=\"_ _4\"></span>asati sui v<span class=\"_ _4\"></span>alori di me<span class=\"_ _4\"></span>rcato dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>Credit<span class=\"_ _4\"></span>i e Debit<span class=\"_ _4\"></span>i e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e non quotate: p<span class=\"_ _4\"></span>er gli s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari con sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>nza sup<span class=\"_ _4\"></span>erior<span class=\"_ _4\"></span>e ad un anno \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato applic<span class=\"_ _4\"></span>ato il metod<span class=\"_ _4\"></span>o del <span class=\"ff5f\">Dis<span class=\"_ _4\"></span>counted Cash Flow<span class=\"_ _2\"></span><span class=\"ff5c\">, o<span class=\"_ _4\"></span>ssia l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa atte<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne dell<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni di tas<span class=\"_ _4\"></span>so e me<span class=\"_ _4\"></span>rito cre<span class=\"_ _4\"></span>ditizio; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>Str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari quot<span class=\"_ _4\"></span>ati: \u00e8 utiliz<span class=\"_ _4\"></span>zato il val<span class=\"_ _4\"></span>ore di merc<span class=\"_ _4\"></span>ato alla data di rifer<span class=\"_ _4\"></span>imento.</span><span style=\"display:inherit;clear:left;\">2.3.15 C<span class=\"_ _2\"></span>osti</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti quando relati<span class=\"_ _4\"></span>vi a be<span class=\"_ _4\"></span>ni e ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi ve<span class=\"_ _4\"></span>nduti o cons<span class=\"_ _4\"></span>umati nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio o pe<span class=\"_ _4\"></span>r ripar<span class=\"_ _4\"></span>tizio<span class=\"_ _4\"></span>ne sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero quan<span class=\"_ _4\"></span>do non si p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019utilit\u00e0 futura de<span class=\"_ _4\"></span>gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di pubblicit<span class=\"_ _4\"></span>\u00e0 e ricerc<span class=\"_ _4\"></span>a, in acco<span class=\"_ _4\"></span>rdo con lo IA<span class=\"_ _4\"></span>S 38, s<span class=\"_ _4\"></span>ono integ<span class=\"_ _4\"></span>ralmente imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando il </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>o reso e c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>gnato al Grupp<span class=\"_ _4\"></span>o</span></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti a sec<span class=\"_ _4\"></span>onda de<span class=\"_ _4\"></span>lla loro natura cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do i principi ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>gli IFRS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.3.16 Rica<span class=\"_ _2\"></span>vi da contr<span class=\"_ _2\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti da contrat<span class=\"_ _4\"></span>ti con i clie<span class=\"_ _4\"></span>nti sono ril<span class=\"_ _4\"></span>evati quando il co<span class=\"_ _4\"></span>ntrollo dei b<span class=\"_ _4\"></span>eni e se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i \u00e8 tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte per un </span><span style=\"display:inherit;clear:left;\">ammontar<span class=\"_ _4\"></span>e che rifl<span class=\"_ _4\"></span>ette il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di rice<span class=\"_ _4\"></span>vere in cambi<span class=\"_ _4\"></span>o di tali be<span class=\"_ _4\"></span>ni o ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.</span><span style=\"display:inherit;clear:left;\">Vendita di beni</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dalla vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni son<span class=\"_ _4\"></span>o riconos<span class=\"_ _4\"></span>ciuti nel m<span class=\"_ _4\"></span>omento in cui il co<span class=\"_ _4\"></span>ntrollo del b<span class=\"_ _4\"></span>ene p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a al cliente, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>lmente al mom<span class=\"_ _4\"></span>ento della s<span class=\"_ _4\"></span>pedi<span class=\"_ _4\"></span>zione in rag<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle clausol<span class=\"_ _4\"></span>e applicat<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera s<span class=\"_ _4\"></span>e ci sono altr<span class=\"_ _4\"></span>e prome<span class=\"_ _4\"></span>sse n<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni di fare sulle quali una </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo della tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere allo<span class=\"_ _4\"></span>cato (<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>d ese<span class=\"_ _4\"></span>mpio garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. Nel de<span class=\"_ _4\"></span>terminare il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni, il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti der<span class=\"_ _4\"></span>ivanti dalla pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za di cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile, di </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>nenti di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, di corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i non mone<span class=\"_ _4\"></span>tari e di co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi da pagare al cli<span class=\"_ _4\"></span>ente (se </span><span style=\"display:inherit;clear:left;\">pr<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>ti).  </span><span style=\"display:inherit;clear:left;\">Diritto di reso</span><span style=\"display:inherit;clear:left;\">Alcuni co<span class=\"_ _4\"></span>ntratti p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tono al clie<span class=\"_ _4\"></span>nte di res<span class=\"_ _4\"></span>tituire i be<span class=\"_ _4\"></span>ni entro un det<span class=\"_ _4\"></span>erminato pe<span class=\"_ _4\"></span>riodo di t<span class=\"_ _4\"></span>empo. Il Gr<span class=\"_ _4\"></span>uppo utiliz<span class=\"_ _5\"></span>za il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del v<span class=\"_ _4\"></span>alore att<span class=\"_ _4\"></span>eso p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>imare i beni ch<span class=\"_ _4\"></span>e non verr<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti pe<span class=\"_ _4\"></span>rch\u00e9 tal<span class=\"_ _4\"></span>e meto<span class=\"_ _4\"></span>do \u00e8 il migliore pe<span class=\"_ _4\"></span>r preve<span class=\"_ _4\"></span>dere </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammontare d<span class=\"_ _4\"></span>el corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tivo v<span class=\"_ _4\"></span>ariabile a cui il Grup<span class=\"_ _4\"></span>po avr\u00e0 dirit<span class=\"_ _4\"></span>to. La g<span class=\"_ _4\"></span>uida dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>5 s<span class=\"_ _4\"></span>ulle limitaz<span class=\"_ _4\"></span>ioni alla rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo variabile s<span class=\"_ _4\"></span>i applican<span class=\"_ _4\"></span>o per la de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare de<span class=\"_ _4\"></span>l corris<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>ivo variabil<span class=\"_ _4\"></span>e che pu\u00f2 </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere in<span class=\"_ _4\"></span>cluso ne<span class=\"_ _4\"></span>l pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo della tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione. Per l<span class=\"_ _4\"></span>e merci che ci s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e il Gruppo r<span class=\"_ _4\"></span>ettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a i ricavi e </span><span style=\"display:inherit;clear:left;\">regi<span class=\"_ _4\"></span>stra una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per rimb<span class=\"_ _4\"></span>orsi<span class=\"_ _4\"></span>. Il diritto di re<span class=\"_ _4\"></span>stitu<span class=\"_ _4\"></span>zione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 (e il corrisp<span class=\"_ _4\"></span>ondente ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iust<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del ve<span class=\"_ _4\"></span>nduto<span class=\"_ _1\"></span>) \u00e8 ricono<span class=\"_ _4\"></span>sciuto anche p<span class=\"_ _4\"></span>er il dirit<span class=\"_ _4\"></span>to di riceve<span class=\"_ _4\"></span>re i beni dal clie<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">Roy<span class=\"_ _2\"></span>alties</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i per <span class=\"ff5f ls6 ws86\">royalt<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span></span> deriv<span class=\"_ _4\"></span>ano da contrat<span class=\"_ _4\"></span>ti con clie<span class=\"_ _4\"></span>nti di <span class=\"ff5f\">\u201cs<span class=\"_ _4\"></span>ales ba<span class=\"_ _4\"></span>sed royalties<span class=\"_ _4\"></span>\u201d</span> e so<span class=\"_ _4\"></span>no dunque iscr<span class=\"_ _4\"></span>itti p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>za con rife<span class=\"_ _4\"></span>rimento allo s<span class=\"_ _4\"></span>tato di avan<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>ndite de<span class=\"_ _4\"></span>l licenziat<span class=\"_ _4\"></span>ario, in base all<span class=\"_ _4\"></span>e condiz<span class=\"_ _4\"></span>ioni contrat<span class=\"_ _4\"></span>tual<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente previste.</span><span style=\"display:inherit;clear:left;\">2.3.17 Diritti di r<span class=\"_ _1\"></span>ecuper<span class=\"_ _2\"></span>o prodotti da clienti per r<span class=\"_ _2\"></span>esi</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il diritt<span class=\"_ _4\"></span>o del Grup<span class=\"_ _4\"></span>po a recup<span class=\"_ _4\"></span>erare i b<span class=\"_ _4\"></span>eni che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>i dai </span><span style=\"display:inherit;clear:left;\">clienti. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ata al pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle rimane<span class=\"_ _4\"></span>nze al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali costi p<span class=\"_ _4\"></span>er il re<span class=\"_ _4\"></span>cupero, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>se po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ili riduzioni d<span class=\"_ _4\"></span>el valor<span class=\"_ _4\"></span>e dei pro<span class=\"_ _4\"></span>dotti re<span class=\"_ _4\"></span>si. Il Gr<span class=\"_ _4\"></span>uppo ag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>na perio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente la stima c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019entit\u00e0 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a dei re<span class=\"_ _4\"></span>si da clienti, no<span class=\"_ _4\"></span>nch\u00e9 eve<span class=\"_ _4\"></span>ntuali ulteriori r<span class=\"_ _4\"></span>iduzioni di v<span class=\"_ _4\"></span>alore dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti res<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">2.3.18 P<span class=\"_ _1c\"></span>assivit\u00e0 per r<span class=\"_ _1\"></span>esi</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er rimb<span class=\"_ _4\"></span>orsi r<span class=\"_ _4\"></span>appres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>'obbligo di rimbo<span class=\"_ _4\"></span>rsare in p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e o tutto il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto (<span class=\"_ _2\"></span>o da ric<span class=\"_ _4\"></span>evere) </span><span style=\"display:inherit;clear:left;\">dal cliente e vi<span class=\"_ _4\"></span>ene valut<span class=\"_ _4\"></span>ata in ba<span class=\"_ _4\"></span>se al valo<span class=\"_ _4\"></span>re che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di dover re<span class=\"_ _4\"></span>stituir<span class=\"_ _4\"></span>e al cliente. Il G<span class=\"_ _4\"></span>ruppo ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rna le </span><span style=\"display:inherit;clear:left;\">sue s<span class=\"_ _4\"></span>time dell<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>si (<span class=\"_ _2\"></span>e la co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>ondente v<span class=\"_ _4\"></span>ariazio<span class=\"_ _4\"></span>ne del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione) alla fin<span class=\"_ _4\"></span>e di ciascun </span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>riodo di<span class=\"_ _4\"></span> riferime<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">2.3.19 Piani di pagamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ricono<span class=\"_ _4\"></span>sce be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici addi<span class=\"_ _4\"></span>zionali ad alcuni dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti, amministr<span class=\"_ _4\"></span>atori e collab<span class=\"_ _4\"></span>oratori che r<span class=\"_ _4\"></span>ives<span class=\"_ _4\"></span>tono ru<span class=\"_ _4\"></span>oli di rilievo, </span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o piani di par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione al c<span class=\"_ _4\"></span>apitale r<span class=\"_ _4\"></span>ientranti ne<span class=\"_ _4\"></span>lla cate<span class=\"_ _4\"></span>goria <span class=\"ff5f lsa ws90\">\u201cequ<span class=\"_ _1\"></span>ity-s<span class=\"_ _1\"></span>ettled\u201d<span class=\"ff5c ls0 wse1\">, in quanto prevedo<span class=\"_ _4\"></span>no la cons<span class=\"_ _4\"></span>egna </span></span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>isica d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni, e attrave<span class=\"_ _4\"></span>rso p<span class=\"_ _4\"></span>iani basati sul v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni ma regolabili p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa (<span class=\"ff5f ls36 wsb\">\u201ccash-sett<span class=\"_ _4\"></span>led<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span></span><span class=\"lse ws5\">). </span></span><span style=\"display:inherit;clear:left;\">Operazioni c<span class=\"_ _2\"></span>on pagamento regolato c<span class=\"_ _2\"></span>on strumenti di capitale</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>tabilito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 2 \u2013 Pag<span class=\"_ _4\"></span>amenti ba<span class=\"_ _4\"></span>sati su az<span class=\"_ _4\"></span>ioni \u2013 i diritt<span class=\"_ _4\"></span>i ass<span class=\"_ _4\"></span>egnati a favore d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti ve<span class=\"_ _4\"></span>ngono </span><span style=\"display:inherit;clear:left;\">valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati al <span class=\"ff5f\">fair value</span><span class=\"ls6 ws13c\"> al momento della<span class=\"_ _1\"></span> comunicazione dell\u2019assegnazione degli stess<span class=\"_ _4\"></span>i al beneficiario<span class=\"_ _1\"></span>, determina<span class=\"_ _1\"></span>to </span></span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo il mo<span class=\"_ _4\"></span>dello b<span class=\"_ _4\"></span>inomiale. T<span class=\"_ _2\"></span>ale mo<span class=\"_ _4\"></span>dello t<span class=\"_ _4\"></span>iene cont<span class=\"_ _4\"></span>o di tutte le c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche di ta<span class=\"_ _4\"></span>li diritti (durata, pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo e con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio, ecc<span class=\"_ _4\"></span>.)<span class=\"_ _2\"></span>, n<span class=\"_ _4\"></span>onch\u00e9 de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>i titoli a<span class=\"_ _4\"></span>zionari sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione e della vo<span class=\"_ _4\"></span>latilit\u00e0 </span><span style=\"display:inherit;clear:left;\">attesa degli ste<span class=\"_ _4\"></span>ssi.</span><span style=\"display:inherit;clear:left;\">Se il dirit<span class=\"_ _4\"></span>to divi<span class=\"_ _4\"></span>ene e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abile dop<span class=\"_ _4\"></span>o un cer<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di tempo dall<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one (<span class=\"_ _2\"></span><span class=\"ff5f ls5f ws1d2\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing perio<span class=\"_ _4\"></span>d<span class=\"_ _5\"></span><span class=\"ff5c ls0 wsf7\">) e al verif<span class=\"_ _4\"></span>icar<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>te con<span class=\"_ _4\"></span>dizioni di <span class=\"ff5f ls67 ws8c\">p<span class=\"_ _4\"></span>erformance</span>, il cos<span class=\"_ _4\"></span>to delle o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate con s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale, as<span class=\"_ _4\"></span>siem<span class=\"_ _4\"></span>e al corris<span class=\"_ _4\"></span>ponde<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>nto del pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to, \u00e8 rilev<span class=\"_ _4\"></span>ato sul per<span class=\"_ _4\"></span>iodo in cui le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni relative al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento di ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o alla </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fatte co<span class=\"_ _4\"></span>n termine alla dat<span class=\"_ _4\"></span>a in cui i ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari hanno piename<span class=\"_ _4\"></span>nte maturato il diritt<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">a riceve<span class=\"_ _4\"></span>re il compe<span class=\"_ _4\"></span>nso (<span class=\"_ _4\"></span>\u201c<span class=\"_ _2\"></span>dat<span class=\"_ _4\"></span>a di maturazi<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Alla f<span class=\"_ _4\"></span>ine di ciascun e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio il <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti ass<span class=\"_ _4\"></span>egnati pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dentem<span class=\"_ _4\"></span>ente dete<span class=\"_ _4\"></span>rminato non vi<span class=\"_ _4\"></span>ene ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o; a tale data </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne invece ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rnata la st<span class=\"_ _4\"></span>ima del numero d<span class=\"_ _4\"></span>ei diritt<span class=\"_ _4\"></span>i che matureranno f<span class=\"_ _4\"></span>ino alla s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i cumulati rilevati a fro<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te di tali o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni alla data di chiu<span class=\"_ _4\"></span>sura di ogni e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio sino alla data di matur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e sono co<span class=\"_ _4\"></span>mmisurati alle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze </span><span style=\"display:inherit;clear:left;\">del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di maturazi<span class=\"_ _4\"></span>one ed alla miglio<span class=\"_ _4\"></span>re stima dis<span class=\"_ _4\"></span>ponibile d<span class=\"_ _4\"></span>el numero di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti par<span class=\"_ _4\"></span>tecipati<span class=\"_ _4\"></span>vi che ve<span class=\"_ _4\"></span>rranno ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vame<span class=\"_ _4\"></span>nte a maturazion<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to o ric<span class=\"_ _4\"></span>avo a conto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a la variazio<span class=\"_ _4\"></span>ne del co<span class=\"_ _4\"></span>sto cumulato </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019inizio e alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. </span><span style=\"display:inherit;clear:left;\">Nes<span class=\"_ _4\"></span>sun co<span class=\"_ _4\"></span>sto vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vato pe<span class=\"_ _4\"></span>r i diritti che n<span class=\"_ _4\"></span>on arriv<span class=\"_ _4\"></span>ano a maturazio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>initiv<span class=\"_ _4\"></span>a, tranne ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o dei dirit<span class=\"_ _4\"></span>ti la cui as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gnaz<span class=\"_ _4\"></span>ione \u00e8 sub<span class=\"_ _4\"></span>ordinata all<span class=\"_ _4\"></span>e condi<span class=\"_ _4\"></span>zioni di me<span class=\"_ _4\"></span>rcato.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019effet<span class=\"_ _4\"></span>to della diluiz<span class=\"_ _4\"></span>ione dei dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati non anco<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>ercitati \u00e8 r<span class=\"_ _4\"></span>ifle<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>lla diluizione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile per a<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Operazioni r<span class=\"_ _2\"></span>egolate per cassa</span><span style=\"display:inherit;clear:left;\">In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni con pagam<span class=\"_ _4\"></span>ento bas<span class=\"_ _4\"></span>ato su azio<span class=\"_ _4\"></span>ni regolate p<span class=\"_ _4\"></span>er ca<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, il cost<span class=\"_ _4\"></span>o delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni rego<span class=\"_ _4\"></span>late per c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">\u00e8 valut<span class=\"_ _4\"></span>ato inizialmente al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o alla data di comunic<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019asseg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e al bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>io. T<span class=\"_ _1c\"></span>ale v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo \u00e8 </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>sato ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo f<span class=\"_ _4\"></span>ino alla matura<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, con rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente. Fin<span class=\"_ _4\"></span>o a quando la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">non \u00e8 e<span class=\"_ _4\"></span>stinta v<span class=\"_ _4\"></span>iene e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuato il rica<span class=\"_ _4\"></span>lcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> a ciascuna dat<span class=\"_ _4\"></span>a di chiusura di bilancio e<span class=\"_ _4\"></span>d alla data di re<span class=\"_ _4\"></span>golamento </span></span></span><span style=\"display:inherit;clear:left;\">imputan<span class=\"_ _4\"></span>do tutt<span class=\"_ _4\"></span>e le variaz<span class=\"_ _4\"></span>ioni a conto e<span class=\"_ _4\"></span>conomico. L<span class=\"_ _1c\"></span>'appro<span class=\"_ _4\"></span>ccio utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are le con<span class=\"_ _4\"></span>dizioni di matura<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">quando si mis<span class=\"_ _4\"></span>urano le op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni regolat<span class=\"_ _4\"></span>e con titoli a<span class=\"_ _4\"></span>zionari si ap<span class=\"_ _4\"></span>plica anch<span class=\"_ _4\"></span>e alle trans<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa.</span><span style=\"display:inherit;clear:left;\">2.3.20 P<span class=\"_ _2\"></span>rov<span class=\"_ _1\"></span>enti ed Oneri finanziari</span><span style=\"display:inherit;clear:left;\">I proventi e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati pe<span class=\"_ _4\"></span>r compet<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>egli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i maturati sul valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o delle </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie, utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo.</span><span style=\"display:inherit;clear:left;\">2.3.21 Dividendi</span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati contab<span class=\"_ _4\"></span>ilmente quando s<span class=\"_ _4\"></span>orge il dirit<span class=\"_ _4\"></span>to degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti a riceve<span class=\"_ _4\"></span>re il pagame<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">2.3.22 C<span class=\"_ _2\"></span>ontributi pubblici</span><span style=\"display:inherit;clear:left;\">I contribut<span class=\"_ _4\"></span>i pubblici so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ati quando sus<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te la ragion<span class=\"_ _4\"></span>evole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a che es<span class=\"_ _4\"></span>si sar<span class=\"_ _4\"></span>anno ricev<span class=\"_ _4\"></span>uti e che tut<span class=\"_ _4\"></span>te le con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni ad<span class=\"_ _1\"></span> essi riferiti sia<span class=\"_ _1\"></span>no soddisfatte. I contribu<span class=\"_ _1\"></span>ti in con<span class=\"_ _1\"></span>to esercizio sono presentati come com<span class=\"_ _1\"></span>ponente positiva nel </span><span style=\"display:inherit;clear:left;\">conto economico.</span><span style=\"display:inherit;clear:left;\">2.3.23 Imposte sul r<span class=\"_ _1\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Imposte c<span class=\"_ _2\"></span>orrenti</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti rifl<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>no una stima re<span class=\"_ _4\"></span>alistic<span class=\"_ _4\"></span>a del c<span class=\"_ _4\"></span>arico f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale, de<span class=\"_ _4\"></span>terminata ap<span class=\"_ _4\"></span>plicand<span class=\"_ _4\"></span>o le aliquote e la nor<span class=\"_ _4\"></span>mativa </span><span style=\"display:inherit;clear:left;\">vigente n<span class=\"_ _4\"></span>ei Pae<span class=\"_ _4\"></span>si nei quali il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>a la sua att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; il debito pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti vien<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>ato patrimoniale a<span class=\"_ _4\"></span>l netto di e<span class=\"_ _4\"></span>ventuali accont<span class=\"_ _4\"></span>i di impost<span class=\"_ _4\"></span>a pagati<span class=\"_ _4\"></span>. Il Gruppo v<span class=\"_ _4\"></span>aluta p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e assunt<span class=\"_ _4\"></span>a nella dichiara<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei red<span class=\"_ _4\"></span>diti nei c<span class=\"_ _4\"></span>asi in cui le nor<span class=\"_ _4\"></span>me f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>iano sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad inte<span class=\"_ _4\"></span>rpret<span class=\"_ _4\"></span>azioni </span><span style=\"display:inherit;clear:left;\">e, ove appro<span class=\"_ _4\"></span>priato, prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>de a st<span class=\"_ _4\"></span>anziare de<span class=\"_ _4\"></span>gli acc<span class=\"_ _4\"></span>antonamenti.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti relati<span class=\"_ _4\"></span>ve a pos<span class=\"_ _4\"></span>te rilevate dire<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>amente a patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to o nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o com<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sono anch<span class=\"_ _4\"></span>e es<span class=\"_ _4\"></span>se rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to o nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Imposte differite</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite s<span class=\"_ _4\"></span>ono calc<span class=\"_ _4\"></span>olate sulle dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e risultant<span class=\"_ _4\"></span>i alla data di bilancio fra i v<span class=\"_ _4\"></span>alori f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali pre<span class=\"_ _4\"></span>si a </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e i valori rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati a bilanci<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve sono ril<span class=\"_ _4\"></span>evate a fronte di tut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e tas<span class=\"_ _4\"></span>sab<span class=\"_ _4\"></span>ili, ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>di quan<span class=\"_ _4\"></span>do le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve deri<span class=\"_ _4\"></span>vino dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">in una trans<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e che non \u00e8 una ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale e che<span class=\"_ _4\"></span>, al tempo d<span class=\"_ _4\"></span>ella trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti n<span class=\"_ _4\"></span>\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio calc<span class=\"_ _4\"></span>olato a fini di b<span class=\"_ _4\"></span>ilancio n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile o sulla pe<span class=\"_ _4\"></span>rdita ca<span class=\"_ _4\"></span>lcolati a f<span class=\"_ _4\"></span>ini fi<span class=\"_ _4\"></span>scali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>con rife<span class=\"_ _4\"></span>rimento a dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze te<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>e ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>abili ass<span class=\"_ _4\"></span>ociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazioni in co<span class=\"_ _4\"></span>ntrollate, coll<span class=\"_ _4\"></span>egate e <span class=\"ff5f ls2b ws114\">joint ventu<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">re<span class=\"ff5c wse7\">, nel c<span class=\"_ _4\"></span>aso in cui il rig<span class=\"_ _4\"></span>iro delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re controllato e<span class=\"_ _4\"></span>d \u00e8 probabil<span class=\"_ _4\"></span>e che es<span class=\"_ _4\"></span>so non s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>ichi </span></span><span style=\"display:inherit;clear:left;\">nel fut<span class=\"_ _4\"></span>uro preve<span class=\"_ _4\"></span>dibile.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive so<span class=\"_ _4\"></span>no rilevate a f<span class=\"_ _4\"></span>ronte di tutte l<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili e pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate a nuovo, ne<span class=\"_ _4\"></span>lla misura in cui sia prob<span class=\"_ _4\"></span>abile l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di adeg<span class=\"_ _4\"></span>uati utili fi<span class=\"_ _4\"></span>scali fut<span class=\"_ _4\"></span>uri che pos<span class=\"_ _4\"></span>sano r<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>re applica<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bile l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee de<span class=\"_ _4\"></span>ducibili e delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate a nuovo, ecce<span class=\"_ _4\"></span>tto il c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019impo<span class=\"_ _4\"></span>sta dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ita att<span class=\"_ _4\"></span>iva coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alle diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili de<span class=\"_ _4\"></span>rivi dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one iniziale di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in una tran<span class=\"_ _4\"></span>sazi<span class=\"_ _4\"></span>one che non \u00e8 un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>greg<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dale e che, al te<span class=\"_ _4\"></span>mpo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, non </span><span style=\"display:inherit;clear:left;\">influis<span class=\"_ _4\"></span>ce n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio c<span class=\"_ _4\"></span>alcolato a f<span class=\"_ _4\"></span>ini di bilancio n\u00e9 s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>tile o sulla pe<span class=\"_ _4\"></span>rdita c<span class=\"_ _4\"></span>alcolati a f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>iscali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto a diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>abili as<span class=\"_ _4\"></span>sociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ioni in controllate<span class=\"_ _4\"></span>, colleg<span class=\"_ _4\"></span>ate e <span class=\"ff5f ls2b wsef\">joint<span class=\"_ _1\"></span> ven<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ture<span class=\"ff5c ls3 ws15c\">, le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e attive s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate sol<span class=\"_ _4\"></span>o nella misura in cui s<span class=\"_ _4\"></span>ia probabile ch<span class=\"_ _4\"></span>e le diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee </span></span><span style=\"display:inherit;clear:left;\">dedu<span class=\"_ _4\"></span>cibili si rive<span class=\"_ _4\"></span>rse<span class=\"_ _4\"></span>ranno ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019immediato f<span class=\"_ _4\"></span>uturo e che vi siano a<span class=\"_ _4\"></span>deguati ut<span class=\"_ _4\"></span>ili fis<span class=\"_ _4\"></span>cali a fronte d<span class=\"_ _4\"></span>ei quali le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">temp<span class=\"_ _4\"></span>oranee p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ano es<span class=\"_ _4\"></span>sere ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Il valore da rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare in bilan<span class=\"_ _4\"></span>cio delle imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite attive v<span class=\"_ _4\"></span>iene r<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span>aminato a ciascuna data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io </span><span style=\"display:inherit;clear:left;\">e ridot<span class=\"_ _4\"></span>to nella mis<span class=\"_ _4\"></span>ura in cui non ris<span class=\"_ _4\"></span>ulti pi\u00f9 probabil<span class=\"_ _4\"></span>e che suf<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cienti utili f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali sarann<span class=\"_ _4\"></span>o disponibili in f<span class=\"_ _4\"></span>uturo in modo </span><span style=\"display:inherit;clear:left;\">da per<span class=\"_ _4\"></span>mett<span class=\"_ _4\"></span>ere a tutt<span class=\"_ _4\"></span>o o par<span class=\"_ _4\"></span>te di tale cre<span class=\"_ _4\"></span>dito di e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Le impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve non rico<span class=\"_ _4\"></span>nosciute s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">ries<span class=\"_ _4\"></span>aminate con p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cit\u00e0 annuale alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio e vengono r<span class=\"_ _4\"></span>ilevate ne<span class=\"_ _4\"></span>lla misura in cui \u00e8 dive<span class=\"_ _4\"></span>ntato </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e che l<span class=\"_ _4\"></span>\u2019utile fis<span class=\"_ _4\"></span>cale s<span class=\"_ _4\"></span>ia suff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a cons<span class=\"_ _4\"></span>entire che t<span class=\"_ _4\"></span>ali impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite att<span class=\"_ _4\"></span>ive pos<span class=\"_ _4\"></span>san<span class=\"_ _4\"></span>o ess<span class=\"_ _4\"></span>ere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">Per st<span class=\"_ _4\"></span>abilire se s<span class=\"_ _4\"></span>aranno reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati re<span class=\"_ _4\"></span>dditi imponib<span class=\"_ _4\"></span>ili a fronte dei quali pot<span class=\"_ _4\"></span>er utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are una diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a temp<span class=\"_ _4\"></span>oranea d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ducibile, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 valuta s<span class=\"_ _4\"></span>e la normativ<span class=\"_ _4\"></span>a tribut<span class=\"_ _4\"></span>aria loc<span class=\"_ _4\"></span>ale impong<span class=\"_ _4\"></span>a o meno re<span class=\"_ _4\"></span>stri<span class=\"_ _4\"></span>zioni alle fonti di re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibili a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali pu\u00f2 ef<span class=\"_ _4\"></span>fettuare d<span class=\"_ _4\"></span>eduzi<span class=\"_ _4\"></span>oni sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>annullam<span class=\"_ _4\"></span>ento di det<span class=\"_ _4\"></span>ta dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ea de<span class=\"_ _4\"></span>ducibile. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive s<span class=\"_ _4\"></span>ono misur<span class=\"_ _4\"></span>ate in base alle ali<span class=\"_ _4\"></span>quote f<span class=\"_ _4\"></span>iscali ch<span class=\"_ _4\"></span>e ci si atte<span class=\"_ _4\"></span>nde veng<span class=\"_ _4\"></span>ano applic<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io in cui tali att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 si reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zano o t<span class=\"_ _4\"></span>ali pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 si e<span class=\"_ _4\"></span>stinguo<span class=\"_ _4\"></span>no, consid<span class=\"_ _4\"></span>erand<span class=\"_ _4\"></span>o le aliquote in vigo<span class=\"_ _4\"></span>re e quelle gi\u00e0 </span><span style=\"display:inherit;clear:left;\">emanate o so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialment<span class=\"_ _4\"></span>e emanate alla data di bilancio.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite re<span class=\"_ _4\"></span>lative a pos<span class=\"_ _4\"></span>te rile<span class=\"_ _4\"></span>vate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to   o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo son<span class=\"_ _4\"></span>o anche es<span class=\"_ _4\"></span>se rile<span class=\"_ _4\"></span>vate diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte a patrimonio n<span class=\"_ _4\"></span>etto o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive ve<span class=\"_ _4\"></span>ngono comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>ate, qualora e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>ta un dirit<span class=\"_ _4\"></span>to leg<span class=\"_ _4\"></span>ale a compe<span class=\"_ _4\"></span>nsare l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">per imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>on le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te cor<span class=\"_ _4\"></span>renti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e facciano rifer<span class=\"_ _4\"></span>imento alla st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa entit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e ed alla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa autor<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale.</span><span style=\"display:inherit;clear:left;\">Imposta sul valor<span class=\"_ _2\"></span>e aggiunto</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i e le atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati al net<span class=\"_ _4\"></span>to delle imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e sul valore ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iunto ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>t<span class=\"_ _4\"></span>ale impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a applicat<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di beni o s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>zi risulti ind<span class=\"_ _4\"></span>etraibile<span class=\"_ _4\"></span>, nel qual c<span class=\"_ _4\"></span>aso e<span class=\"_ _4\"></span>ssa v<span class=\"_ _4\"></span>iene ril<span class=\"_ _4\"></span>evat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">del co<span class=\"_ _4\"></span>sto di ac<span class=\"_ _4\"></span>quisto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 o p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ella voce di co<span class=\"_ _4\"></span>sto ril<span class=\"_ _4\"></span>evata a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>si riferi<span class=\"_ _4\"></span>sca a cre<span class=\"_ _4\"></span>diti e de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>rciali per i quali \u00e8 gi\u00e0 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a eme<span class=\"_ _4\"></span>ssa o r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>a la fatt<span class=\"_ _4\"></span>ura, i cui valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">include<span class=\"_ _4\"></span>ndo il v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammont<span class=\"_ _4\"></span>are nett<span class=\"_ _4\"></span>o delle impo<span class=\"_ _4\"></span>ste indir<span class=\"_ _4\"></span>ette sull<span class=\"_ _4\"></span>e vendite e sug<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i che pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate da o pagate </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019erario \u00e8 incluso a b<span class=\"_ _4\"></span>ilancio nei cre<span class=\"_ _4\"></span>diti o de<span class=\"_ _4\"></span>biti tribut<span class=\"_ _4\"></span>ari a se<span class=\"_ _4\"></span>conda de<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>no del s<span class=\"_ _4\"></span>aldo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>24<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>Utile per azione</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019utile base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 cal<span class=\"_ _4\"></span>colato div<span class=\"_ _4\"></span>idend<span class=\"_ _4\"></span>o il risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a attribuibil<span class=\"_ _4\"></span>e agli A<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nisti d<span class=\"_ _4\"></span>ella Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. A<span class=\"_ _4\"></span>i fini de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo dell<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tile diluito p<span class=\"_ _4\"></span>er azio<span class=\"_ _4\"></span>ne, la me<span class=\"_ _4\"></span>dia pond<span class=\"_ _4\"></span>erata d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni in circolazi<span class=\"_ _4\"></span>one \u00e8 modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata as<span class=\"_ _4\"></span>sumen<span class=\"_ _4\"></span>do la conver<span class=\"_ _4\"></span>sione di t<span class=\"_ _4\"></span>utte </span><span style=\"display:inherit;clear:left;\">le pote<span class=\"_ _4\"></span>nziali az<span class=\"_ _4\"></span>ioni aventi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to diluitivo. An<span class=\"_ _4\"></span>che l<span class=\"_ _4\"></span>\u2019utile nett<span class=\"_ _4\"></span>o \u00e8 rettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato per te<span class=\"_ _4\"></span>ner co<span class=\"_ _4\"></span>nto degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti, al net<span class=\"_ _4\"></span>to delle </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te, de<span class=\"_ _4\"></span>lla conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">2.3.25 Ac<span class=\"_ _2\"></span>cor<span class=\"_ _1\"></span>di <span class=\"_ _4\"></span>di <span class=\"ff64 lsf4 ws3ac\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff64 lsf5 ws3ad\">Ca<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span></span> su Interessenz<span class=\"_ _2\"></span>e di Minoranza </span></span><span style=\"display:inherit;clear:left;\">Nel c<span class=\"_ _4\"></span>aso di opzio<span class=\"_ _4\"></span>ni <span class=\"ff5f ls5b ws8\">put</span> conce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ai soci di min<span class=\"_ _4\"></span>oranz<span class=\"_ _4\"></span>a, il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria pari al val<span class=\"_ _4\"></span>ore at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale de<span class=\"_ _4\"></span>l prez<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>pzione. S<span class=\"_ _4\"></span>e i termini e le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> danno gi\u00e0 al Gr<span class=\"_ _4\"></span>uppo acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ai ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici colle<span class=\"_ _4\"></span>gati alla quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e opzionata, il G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a tale quot<span class=\"_ _4\"></span>a come s<span class=\"_ _4\"></span>e foss<span class=\"_ _4\"></span>e gi\u00e0 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ata acqui<span class=\"_ _4\"></span>stat<span class=\"_ _4\"></span>a e, quindi, al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>l riconos<span class=\"_ _4\"></span>cimento ini<span class=\"_ _4\"></span>ziale della pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, tale v<span class=\"_ _4\"></span>alore vie<span class=\"_ _4\"></span>ne riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato dal </span><span style=\"display:inherit;clear:left;\">patrimonio n<span class=\"_ _4\"></span>etto r<span class=\"_ _4\"></span>iducend<span class=\"_ _4\"></span>o la quota de<span class=\"_ _4\"></span>lle minoran<span class=\"_ _4\"></span>ze. La p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente r<span class=\"_ _4\"></span>imisurata a<span class=\"_ _4\"></span>d ogni data di </span><span style=\"display:inherit;clear:left;\">chiusura co<span class=\"_ _4\"></span>nformeme<span class=\"_ _4\"></span>nte a quanto previ<span class=\"_ _4\"></span>sto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9. Ne<span class=\"_ _4\"></span>gli altri c<span class=\"_ _4\"></span>asi, la po<span class=\"_ _4\"></span>litica cont<span class=\"_ _4\"></span>abile sc<span class=\"_ _4\"></span>elta dal G<span class=\"_ _4\"></span>ruppo pr<span class=\"_ _4\"></span>evede </span><span style=\"display:inherit;clear:left;\">che il Grup<span class=\"_ _4\"></span>po, al mome<span class=\"_ _4\"></span>nto del rico<span class=\"_ _4\"></span>noscim<span class=\"_ _4\"></span>ento iniziale de<span class=\"_ _4\"></span>lla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ichi t<span class=\"_ _4\"></span>ale valore n<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o, continuando a cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are gli utili e pe<span class=\"_ _4\"></span>rdite attrib<span class=\"_ _4\"></span>uibili a tali minoran<span class=\"_ _4\"></span>ze e il patrimonio n<span class=\"_ _4\"></span>etto di mino<span class=\"_ _4\"></span>ranza; </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ogni mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca di valor<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 v<span class=\"_ _4\"></span>iene rile<span class=\"_ _4\"></span>vata a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span></span>  </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>26<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>IAS 29 C<span class=\"_ _2\"></span>riteri di contabilizzazione in economie iperinflazionate </span><span style=\"display:inherit;clear:left;\">Con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, l'e<span class=\"_ _4\"></span>conomia arge<span class=\"_ _4\"></span>ntina \u00e8 consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a iperinf<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>nata se<span class=\"_ _4\"></span>condo i c<span class=\"_ _4\"></span>riteri de<span class=\"_ _4\"></span>l <span class=\"ff5f ws5d\">\"Financial </span></span><span style=\"display:inherit;clear:left;\">Repo<span class=\"_ _4\"></span>rting in Hyp<span class=\"_ _4\"></span>erinfl<span class=\"_ _4\"></span>ationar<span class=\"_ _4\"></span>y Economies\" <span class=\"ff5c\">(<span class=\"_ _4\"></span>\"I<span class=\"_ _4\"></span>AS 29<span class=\"_ _4\"></span>\"<span class=\"_ _4\"></span>). T<span class=\"_ _1c\"></span>ale prin<span class=\"_ _4\"></span>cipio richied<span class=\"_ _4\"></span>e che i valor<span class=\"_ _4\"></span>i di bilancio delle e<span class=\"_ _4\"></span>ntit\u00e0 la cui </span></span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>a funzi<span class=\"_ _4\"></span>onale sia que<span class=\"_ _4\"></span>lla di un'economia c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a iper<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ionata, s<span class=\"_ _4\"></span>iano ride<span class=\"_ _4\"></span>terminate ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un indice g<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>le dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi che r<span class=\"_ _4\"></span>iflet<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>e variazi<span class=\"_ _4\"></span>oni del pot<span class=\"_ _4\"></span>ere di acquis<span class=\"_ _4\"></span>to gen<span class=\"_ _4\"></span>erale<span class=\"_ _4\"></span>. L<span class=\"_ _44\"></span>'<span class=\"_ _4\"></span>indice di infla<span class=\"_ _4\"></span>zione ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato in A<span class=\"_ _4\"></span>rgentina \u00e8 </span><span style=\"display:inherit;clear:left;\">un indice sintet<span class=\"_ _4\"></span>ico con le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche: (a<span class=\"_ _2\"></span>) dal 1\u00b0 gennaio 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 in p<span class=\"_ _4\"></span>oi vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o un nuovo indice nazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nale dei p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zi al c<span class=\"_ _4\"></span>onsumo; e (b) per i pe<span class=\"_ _4\"></span>riodi f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 20<span class=\"_ _2\"></span>16 viene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato l'in<span class=\"_ _4\"></span>dice dei pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi all<span class=\"_ _4\"></span>'ingros<span class=\"_ _4\"></span>so.</span><span style=\"display:inherit;clear:left;\">Perci\u00f2 tut<span class=\"_ _4\"></span>ti gli ele<span class=\"_ _4\"></span>menti de<span class=\"_ _4\"></span>l bilancio de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 Fer<span class=\"_ _4\"></span>ragamo Ar<span class=\"_ _4\"></span>gentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati sep<span class=\"_ _4\"></span>arati in ele<span class=\"_ _4\"></span>menti mo<span class=\"_ _4\"></span>netari e </span><span style=\"display:inherit;clear:left;\">non mon<span class=\"_ _4\"></span>etari. G<span class=\"_ _4\"></span>li elem<span class=\"_ _4\"></span>enti mon<span class=\"_ _4\"></span>etari s<span class=\"_ _4\"></span>ono rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntati dal de<span class=\"_ _4\"></span>naro pos<span class=\"_ _4\"></span>sedut<span class=\"_ _4\"></span>o e dalle voci atti<span class=\"_ _4\"></span>ve o pas<span class=\"_ _4\"></span>sive i cui val<span class=\"_ _4\"></span>ori </span><span style=\"display:inherit;clear:left;\">devono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ric<span class=\"_ _4\"></span>evuti o pag<span class=\"_ _4\"></span>ati in denaro; tutt<span class=\"_ _4\"></span>i gli altri el<span class=\"_ _4\"></span>ementi s<span class=\"_ _4\"></span>ono non m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i. Gli ele<span class=\"_ _4\"></span>menti m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ari non son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ridet<span class=\"_ _4\"></span>erminati pe<span class=\"_ _4\"></span>rch\u00e9 sono g<span class=\"_ _4\"></span>i\u00e0 espre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i in termini di unit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>aria attuale<span class=\"_ _4\"></span>. In un perio<span class=\"_ _4\"></span>do di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _4\"></span>, un'entit\u00e0 che </span><span style=\"display:inherit;clear:left;\">detie<span class=\"_ _4\"></span>ne un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di atti<span class=\"_ _4\"></span>vit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>arie risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie pe<span class=\"_ _4\"></span>rde pot<span class=\"_ _4\"></span>ere d'acquis<span class=\"_ _4\"></span>to e un'entit\u00e0 con </span><span style=\"display:inherit;clear:left;\">un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 mon<span class=\"_ _4\"></span>etarie ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>a potere d<span class=\"_ _4\"></span>'acquisto. L<span class=\"_ _1c\"></span>'util<span class=\"_ _4\"></span>e o la perdit<span class=\"_ _4\"></span>a sulla </span><span style=\"display:inherit;clear:left;\">posizione monetaria netta \u00e8 incl<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>so nel conto<span class=\"_ _1\"></span> economico. L<span class=\"_ _44\"></span>'effetto dell'inflazione su<span class=\"_ _1\"></span>lla posizione monetari<span class=\"_ _1\"></span>a netta e </span><span style=\"display:inherit;clear:left;\">sulle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 non mo<span class=\"_ _4\"></span>netar<span class=\"_ _4\"></span>ie della so<span class=\"_ _4\"></span>ciet\u00e0 F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Arge<span class=\"_ _4\"></span>ntina S.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r l'anno chiuso il 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato un onere n<span class=\"_ _4\"></span>etto p<span class=\"_ _4\"></span>ari a Euro 7<span class=\"_ _1\"></span>83 migliaia, non sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato (<span class=\"_ _2\"></span>un prove<span class=\"_ _4\"></span>nto nett<span class=\"_ _4\"></span>o di Euro 284 </span><span style=\"display:inherit;clear:left;\">migliaia nel conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023)<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la ridete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne da IAS 2<span class=\"_ _4\"></span>9 delle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>duto inoltre a v<span class=\"_ _4\"></span>alutare se l<span class=\"_ _4\"></span>'am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e ridete<span class=\"_ _4\"></span>rminato dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 super<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>e il suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, l'applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 29 ha com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato la creazi<span class=\"_ _4\"></span>one di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze fis<span class=\"_ _4\"></span>cali te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee pe<span class=\"_ _4\"></span>rch\u00e9, me<span class=\"_ _4\"></span>ntre il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie \u00e8 </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r l'infla<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, non \u00e8 ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a una rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a equi<span class=\"_ _4\"></span>valente ai f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali; l'effet<span class=\"_ _4\"></span>to di tale dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a tempo<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">nea \u00e8 una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>a che \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.27 V<span class=\"_ _2\"></span>ariazioni di principi contabili inter<span class=\"_ _1\"></span>nazionali</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha adot<span class=\"_ _4\"></span>tato anticip<span class=\"_ _4\"></span>atament<span class=\"_ _4\"></span>e alcun principio, inter<span class=\"_ _4\"></span>preta<span class=\"_ _4\"></span>zione o mig<span class=\"_ _4\"></span>lioramento e<span class=\"_ _4\"></span>manato ma non anco<span class=\"_ _4\"></span>ra </span><span style=\"display:inherit;clear:left;\">in vigore<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 1: C<span class=\"_ _2\"></span>lassif<span class=\"_ _4\"></span>icazione delle passivit\u00e0 in c<span class=\"_ _2\"></span>orrenti e non c<span class=\"_ _2\"></span>orrenti </span><span style=\"display:inherit;clear:left;\">Nel 2020 e nel 202<span class=\"_ _4\"></span>2, lo IA<span class=\"_ _4\"></span>SB ha pubblic<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>e modif<span class=\"_ _4\"></span>iche allo IA<span class=\"_ _4\"></span>S 1 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo di chiarire i re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>care le </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 com<span class=\"_ _4\"></span>e correnti o n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, anche in rela<span class=\"_ _4\"></span>zione alle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te a <span class=\"ff5f ls64 wse2\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, e di def<span class=\"_ _4\"></span>inire le informazi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ative da fornire in bilancio. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche son<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>ziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, e dovranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere app<span class=\"_ _4\"></span>licate retro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica non ha av<span class=\"_ _4\"></span>uto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul Grup<span class=\"_ _4\"></span>po. </span><span style=\"display:inherit;clear:left;\">Modifiche all<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _2\"></span>S 16 L<span class=\"_ _1\"></span>easing: passivit\u00e0 per leasing in \u201cS<span class=\"_ _4\"></span>ale and L<span class=\"_ _2\"></span>easeback\u201d  </span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di s<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>mbre 2022, lo I<span class=\"_ _4\"></span>ASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli eme<span class=\"_ _4\"></span>ndamenti all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivo di spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>icare i par<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">metri ch<span class=\"_ _4\"></span>e il locato<span class=\"_ _4\"></span>re \u2013 vendito<span class=\"_ _4\"></span>re deve utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are pe<span class=\"_ _4\"></span>r contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare i pagam<span class=\"_ _4\"></span>enti variabili d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icano </span><span style=\"display:inherit;clear:left;\">in un'oper<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di <span class=\"ff5f ls3 wsc7\">\"<span class=\"_ _4\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _4\"></span>\"<span class=\"ff5c\">. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che introduco<span class=\"_ _4\"></span>no un nuovo mod<span class=\"_ _4\"></span>ello di cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pa<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">game<span class=\"_ _4\"></span>nti variabili e richie<span class=\"_ _4\"></span>derann<span class=\"_ _4\"></span>o al locato<span class=\"_ _4\"></span>re - vendito<span class=\"_ _4\"></span>re di rivalut<span class=\"_ _4\"></span>are e pote<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte riformulare le tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ioni di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a e retrol<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>tipulate a par<span class=\"_ _4\"></span>tire dal 201<span class=\"_ _2\"></span>9. Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che iniziano al 1\u00b0 gen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">naio 202<span class=\"_ _2\"></span>4 o su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente e dov<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re applicate r<span class=\"_ _4\"></span>etrosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a oper<span class=\"_ _4\"></span>azioni di <span class=\"ff5f\">\u201c<span class=\"_ _5\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _5\"></span>\u201d</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">iniziate dop<span class=\"_ _4\"></span>o la prima applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. L<span class=\"_ _44\"></span>'applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne anticipata \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntita a con<span class=\"_ _4\"></span>dizion<span class=\"_ _4\"></span>e che tale f<span class=\"_ _4\"></span>atto sia </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>o noto. T<span class=\"_ _2\"></span>ale modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a non ha avuto n<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sun impatto s<span class=\"_ _4\"></span>ul Gruppo.</span><span style=\"display:inherit;clear:left;\">Modifiche allo IAS 7 Rendic<span class=\"_ _2\"></span>onto finanziario e IFR<span class=\"_ _2\"></span>S 7 Strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di mag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso d<span class=\"_ _4\"></span>elle mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e allo IAS 7 R<span class=\"_ _4\"></span>endico<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario e all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 7 Strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari pe<span class=\"_ _4\"></span>r chiarire le car<span class=\"_ _4\"></span>atteri<span class=\"_ _4\"></span>stich<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi f<span class=\"_ _4\"></span>inanziari con for<span class=\"_ _4\"></span>nitori e richie<span class=\"_ _4\"></span>dere mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re informativa da illus<span class=\"_ _4\"></span>trare in<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">bilancio. I mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i richies<span class=\"_ _4\"></span>ti hanno lo s<span class=\"_ _4\"></span>copo di p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di capire g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">accordi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari con fornitor<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, sui f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari e sull<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one al ris<span class=\"_ _4\"></span>chio di liquidit\u00e0<span class=\"_ _4\"></span>. Le modif<span class=\"_ _4\"></span>iche so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>caci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e iniziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente; tutt<span class=\"_ _4\"></span>avia, \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a l'applic<span class=\"_ _4\"></span>azione ant<span class=\"_ _4\"></span>icipata a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che t<span class=\"_ _4\"></span>ale fat<span class=\"_ _4\"></span>to sia res<span class=\"_ _4\"></span>o noto. Le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni trans<span class=\"_ _4\"></span>itorie hanno chiarito ch<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione non \u00e8 r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>ta ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">formativ<span class=\"_ _4\"></span>a infrannuale dell<span class=\"_ _4\"></span>\u2019anno di prima applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; per<span class=\"_ _4\"></span>tanto, le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche non hann<span class=\"_ _4\"></span>o avuto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul bilancio<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">consolidato del Gruppo.</span></span> </span><span style=\"display:inherit;clear:left;\">2.3.28 P<span class=\"_ _2\"></span>rincipi emessi ma non ancor<span class=\"_ _2\"></span>a in vigore </span><span style=\"display:inherit;clear:left;\">Sono di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o illustrati i p<span class=\"_ _4\"></span>rincipi che<span class=\"_ _4\"></span>, alla data di reda<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Bilancio Con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o risult<span class=\"_ _4\"></span>avano gi\u00e0 ema<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nati ma non anco<span class=\"_ _4\"></span>ra in vigore<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019elenco si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a principi e inte<span class=\"_ _4\"></span>rpreta<span class=\"_ _4\"></span>zioni che il G<span class=\"_ _4\"></span>ruppo si a<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>aranno rag<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">volmente ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>l futuro. Il Grup<span class=\"_ _4\"></span>po intend<span class=\"_ _4\"></span>e adot<span class=\"_ _4\"></span>tare que<span class=\"_ _4\"></span>sti pr<span class=\"_ _4\"></span>incipi quando entre<span class=\"_ _4\"></span>ranno in vigo<span class=\"_ _4\"></span>re. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 21 Effetti delle var<span class=\"_ _2\"></span>iazioni dei cambi delle valute estere </span><span style=\"display:inherit;clear:left;\">In agost<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso una m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>ica alla IA<span class=\"_ _4\"></span>S2<span class=\"_ _2\"></span>1 Ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i delle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>i cambi de<span class=\"_ _4\"></span>lle valute e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re chiarendo: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>quando una valut<span class=\"_ _4\"></span>a non \u00e8 s<span class=\"_ _4\"></span>cambiabile co<span class=\"_ _4\"></span>n altre valute;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>come una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 deve s<span class=\"_ _4\"></span>timare i ta<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ambio puntuali quando una valut<span class=\"_ _4\"></span>a non pu<span class=\"_ _4\"></span>\u00f2 es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>cambiata<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche ri<span class=\"_ _4\"></span>chiede<span class=\"_ _4\"></span>ranno mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i per p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e il tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">di cambio p<span class=\"_ _4\"></span>untuale utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o, il proces<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>tima, la natura e l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019utilizzo di un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di camb<span class=\"_ _4\"></span>io stimato sui </span><span style=\"display:inherit;clear:left;\">dati di bilancio e i ris<span class=\"_ _4\"></span>chi per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>da legati alla no<span class=\"_ _4\"></span>n intercambiabilit<span class=\"_ _4\"></span>\u00e0 della v<span class=\"_ _4\"></span>aluta. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche sar<span class=\"_ _4\"></span>anno ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>zierann<span class=\"_ _4\"></span>o al 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2025 o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte. L<span class=\"_ _1c\"></span>'applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto valutan<span class=\"_ _4\"></span>do se le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche avrann<span class=\"_ _4\"></span>o un impatto sul bilan<span class=\"_ _4\"></span>cio conso<span class=\"_ _4\"></span>lidato.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 18 Presentation and Disclosure in F<span class=\"_ _2\"></span>inancial Statements</span><span style=\"display:inherit;clear:left;\">Ad aprile 2024, lo IASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18, che sos<span class=\"_ _4\"></span>tituis<span class=\"_ _4\"></span>ce lo IA<span class=\"_ _4\"></span>S 1 Prese<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione del b<span class=\"_ _4\"></span>ilancio. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>8 introduce </span><span style=\"display:inherit;clear:left;\">nuovi re<span class=\"_ _4\"></span>quisiti p<span class=\"_ _4\"></span>er la pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, inclusi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici totali e s<span class=\"_ _4\"></span>ubtotali. Ulte<span class=\"_ _4\"></span>rior<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, le entit<span class=\"_ _4\"></span>\u00e0 dovranno cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are tutti i c<span class=\"_ _4\"></span>osti e<span class=\"_ _4\"></span>d i ric<span class=\"_ _4\"></span>avi all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno </span><span style=\"display:inherit;clear:left;\">di quattro c<span class=\"_ _4\"></span>ategorie: op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>va, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto, finanz<span class=\"_ _4\"></span>iamento, impo<span class=\"_ _4\"></span>ste sul re<span class=\"_ _4\"></span>ddito e<span class=\"_ _4\"></span>d attiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>ve ces<span class=\"_ _4\"></span>sate<span class=\"_ _4\"></span>, dove </span><span style=\"display:inherit;clear:left;\">le prime t<span class=\"_ _4\"></span>re catego<span class=\"_ _4\"></span>rie son<span class=\"_ _4\"></span>o nuove. Il princip<span class=\"_ _4\"></span>io richied<span class=\"_ _4\"></span>e inoltre di dare informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e della nuova d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inizione </span><span style=\"display:inherit;clear:left;\">deg<span class=\"_ _4\"></span>li indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws124\"> definit<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws110\"> (</span><span class=\"ff5f\">manageme<span class=\"_ _4\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d per<span class=\"_ _4\"></span>formance me<span class=\"_ _4\"></span>asures<span class=\"ff5c ls44 wsaf\"> (<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>P<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>s))<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">tali di co<span class=\"_ _4\"></span>sti e ric<span class=\"_ _4\"></span>avi, e includ<span class=\"_ _4\"></span>e nuove dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni per l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione e dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle informazi<span class=\"_ _4\"></span>oni finan<span class=\"_ _4\"></span>ziare </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei ruo<span class=\"_ _4\"></span>li identif<span class=\"_ _4\"></span>icati d<span class=\"_ _4\"></span>ei pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio \u201cprimari<span class=\"_ _4\"></span>\u201d (<span class=\"ff5f\">Primary Financial State<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>s</span> \u2013 PFS) e delle note<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate introdot<span class=\"_ _4\"></span>te allo IA<span class=\"_ _4\"></span>S 7 Ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario, che in<span class=\"_ _4\"></span>cludono il c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>l punto di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a della ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a sulla base de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to; dall\u2019utile o </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dita all<span class=\"_ _4\"></span>\u2019utile o per<span class=\"_ _4\"></span>dita op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i e la rimozione d<span class=\"_ _4\"></span>ella facolt<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa dai div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di e de<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gli intere<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>. Ulterior<span class=\"_ _4\"></span>mente, s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e cons<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ziali a molte<span class=\"_ _4\"></span>plici altri prin<span class=\"_ _4\"></span>cipi contab<span class=\"_ _4\"></span>ili. L<span class=\"_ _1c\"></span>\u2019IFR<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>, e le modif<span class=\"_ _4\"></span>iche ag<span class=\"_ _4\"></span>li altri principi, s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivi p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incomincian<span class=\"_ _4\"></span>o al o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente il 1\u00b0 gennaio </span><span style=\"display:inherit;clear:left;\">2027<span class=\"_ _44\"></span>, ma l<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione anticipat<span class=\"_ _4\"></span>a \u00e8 pe<span class=\"_ _4\"></span>rmes<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>alvo darne informati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18 si applicher<span class=\"_ _4\"></span>\u00e0 retrosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al momento lavo<span class=\"_ _4\"></span>rando p<span class=\"_ _4\"></span>er ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>are gli impatt<span class=\"_ _4\"></span>i che le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno sui p<span class=\"_ _4\"></span>ropri pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio </span><span style=\"display:inherit;clear:left;\">e sulle note al bilan<span class=\"_ _4\"></span>cio.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 19 Subsidiaries without Public Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>ountability: Disclosures</span><span style=\"display:inherit;clear:left;\">A mag<span class=\"_ _4\"></span>gio 202<span class=\"_ _2\"></span>4, l<span class=\"_ _4\"></span>o IASB ha e<span class=\"_ _4\"></span>manato l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9, che p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>tte alle e<span class=\"_ _4\"></span>ntit\u00e0 \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibili<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, ave<span class=\"_ _4\"></span>nti deter<span class=\"_ _4\"></span>minati requisiti, di o<span class=\"_ _4\"></span>p<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tare p<span class=\"_ _4\"></span>er una ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i propri re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pur continuan<span class=\"_ _4\"></span>do ad applic<span class=\"_ _4\"></span>are le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni per la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, mis<span class=\"_ _4\"></span>urazion<span class=\"_ _4\"></span>e e pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>egli altri IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">accounting standards</span>. Pe<span class=\"_ _4\"></span>r ess<span class=\"_ _4\"></span>ere \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibile<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, </span><span style=\"display:inherit;clear:left;\">un\u2019entit\u00e0 d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>sere una c<span class=\"_ _4\"></span>ontrollata co<span class=\"_ _4\"></span>s\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>9, no<span class=\"_ _4\"></span>n pu\u00f2 avere una <span class=\"ff5f ls4 wsfd\">\u201cpublic account<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">bilit<span class=\"_ _4\"></span>y<span class=\"_ _5\"></span>\u201d<span class=\"ff5c ls3 wse7\"> e de<span class=\"_ _4\"></span>ve avere una controllante (ultima od interme<span class=\"_ _4\"></span>dia<span class=\"_ _2\"></span>) ch<span class=\"_ _4\"></span>e prepar<span class=\"_ _4\"></span>a il bilancio cons<span class=\"_ _4\"></span>olidato, disp<span class=\"_ _4\"></span>onibile al pubbli<span class=\"_ _4\"></span>co, </span></span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to in acco<span class=\"_ _4\"></span>rdo agli IFRS <span class=\"ff5f\">acco<span class=\"_ _4\"></span>unting standards</span>. L<span class=\"_ _1c\"></span>'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 di<span class=\"_ _4\"></span>venter\u00e0 e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incominciano </span><span style=\"display:inherit;clear:left;\">al o succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 1<span class=\"_ _1\"></span>\u00b0 Gennaio 2027<span class=\"_ _1c\"></span>, con la p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sibilit\u00e0 di app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione anticipat<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>enuto conto ch<span class=\"_ _4\"></span>e le azio<span class=\"_ _4\"></span>ni della </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo s<span class=\"_ _4\"></span>ono quot<span class=\"_ _4\"></span>ate pubblic<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, il Gruppo no<span class=\"_ _4\"></span>n \u00e8 ele<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>ibile pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9.</span><span style=\"display:inherit;clear:left;\">Amendments to the Classification and Measur<span class=\"_ _2\"></span>ement of Financial Instruments - Amendments to IF<span class=\"_ _1\"></span>RS 9 </span><span style=\"display:inherit;clear:left;\">and IFR<span class=\"_ _2\"></span>S 7</span><span style=\"display:inherit;clear:left;\">In data 30 mag<span class=\"_ _4\"></span>gio 2024 lo IASB ha pub<span class=\"_ _4\"></span>blicato il do<span class=\"_ _4\"></span>cumento \u201c<span class=\"_ _2\"></span><span class=\"ff5f\">Ame<span class=\"_ _4\"></span>ndment<span class=\"_ _4\"></span>s to th<span class=\"_ _4\"></span>e Classif<span class=\"_ _4\"></span>ication and M<span class=\"_ _4\"></span>easureme<span class=\"_ _4\"></span>nt </span></span><span style=\"display:inherit;clear:left;\">of Financial Instrume<span class=\"_ _4\"></span>nts - Am<span class=\"_ _4\"></span>endment<span class=\"_ _4\"></span>s to I<span class=\"_ _4\"></span>FRS 9 and IFRS 7<span class=\"_ _5\"></span><span class=\"ff5c\">\u201d che chiaris<span class=\"_ _4\"></span>ce alcuni asp<span class=\"_ _4\"></span>etti p<span class=\"_ _4\"></span>roblemati<span class=\"_ _4\"></span>ci emer<span class=\"_ _4\"></span>si dalla </span></span><span style=\"display:inherit;clear:left;\">post<span class=\"_ _2\"></span>-implemen<span class=\"_ _2\"></span>tation r<span class=\"_ _1\"></span>eview<span class=\"_ _1\"></span> <span class=\"ff5c ls3 wse9\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, tr<span class=\"_ _4\"></span>a cui il tratt<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie i cui ren<span class=\"_ _4\"></span>dimenti varia<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">no al rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG (i.e<span class=\"_ _4\"></span>. gree<span class=\"_ _4\"></span>n bond<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>). In par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e hanno l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _ac\"></span>chiarire la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie co<span class=\"_ _4\"></span>n rendime<span class=\"_ _4\"></span>nti variabili e le<span class=\"_ _4\"></span>gati ad obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vi ambient<span class=\"_ _4\"></span>ali, sociali e </span><span style=\"display:inherit;clear:left;\">di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls3 ws0\"> azi<span class=\"_ _4\"></span>endale (ES<span class=\"_ _4\"></span>G) ed i criteri da utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls87 wsf8\">assess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t<span class=\"ff5c ls0 ws5\"> de<span class=\"_ _4\"></span>l SPPI<span class=\"_ _4\"></span> </span><span class=\"lsa ws90\">test<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\">;</span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>d<span class=\"_ _4\"></span>eterminare ch<span class=\"_ _4\"></span>e la data di rego<span class=\"_ _4\"></span>lamento de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 tramite s<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>mi di pagame<span class=\"_ _4\"></span>nto elet<span class=\"_ _4\"></span>tronici \u00e8 quella in cui la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 risult<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tinta<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tavia, \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntito ad un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 di ad<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>are una politic<span class=\"_ _4\"></span>a contab<span class=\"_ _4\"></span>ile per c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntire di eli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">minare contab<span class=\"_ _4\"></span>ilmente una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria pr<span class=\"_ _4\"></span>ima di conse<span class=\"_ _4\"></span>gnare liquidit<span class=\"_ _4\"></span>\u00e0 alla data di rego<span class=\"_ _4\"></span>lamento in pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">di dete<span class=\"_ _4\"></span>rminate con<span class=\"_ _4\"></span>dizioni s<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ifich<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Con que<span class=\"_ _4\"></span>ste mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche, lo IA<span class=\"_ _4\"></span>SB ha ino<span class=\"_ _4\"></span>ltre introdot<span class=\"_ _4\"></span>to ulter<span class=\"_ _4\"></span>iori re<span class=\"_ _4\"></span>quisiti di informativ<span class=\"_ _4\"></span>a riguardo in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare ad </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti in s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale des<span class=\"_ _4\"></span>ignati a F<span class=\"_ _4\"></span>VOCI. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che si applich<span class=\"_ _4\"></span>eranno a par<span class=\"_ _4\"></span>tire dai bilan<span class=\"_ _4\"></span>ci degli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e hanno inizio dal 1\u00b0 gennaio 2026. Il Grupp<span class=\"_ _4\"></span>o sta v<span class=\"_ _4\"></span>alutand<span class=\"_ _4\"></span>o se le mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>he avranno un impat<span class=\"_ _4\"></span>to sul bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">Annual Impro<span class=\"_ _2\"></span>vement<span class=\"_ _4\"></span>s Volume 11</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 luglio 202<span class=\"_ _2\"></span>4 lo I<span class=\"_ _4\"></span>ASB ha p<span class=\"_ _4\"></span>ubblicato un d<span class=\"_ _4\"></span>ocumento d<span class=\"_ _4\"></span>enominato <span class=\"ff5f\">\u201cAnnual Improvement<span class=\"_ _4\"></span>s Volume 1<span class=\"_ _44\"></span>1\u201d<span class=\"ff5c ls4 ws11f\"> che include </span></span></span><span style=\"display:inherit;clear:left;\">chiarimenti, s<span class=\"_ _4\"></span>emplif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni, corr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ni e cambiame<span class=\"_ _4\"></span>nti volti a migliorar<span class=\"_ _4\"></span>e la coere<span class=\"_ _4\"></span>nza di di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>i IFRS <span class=\"ff5f\">Accounting Stan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">da<span class=\"_ _4\"></span>rds<span class=\"_ _4\"></span><span class=\"ff5c ls4 wsa\">. I principi m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icati s<span class=\"_ _4\"></span>ono:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Firs<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>time Adopt<span class=\"_ _4\"></span>ion of International Financial Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Standards<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s: Disclo<span class=\"_ _4\"></span>sures<span class=\"ff5c\"> e le re<span class=\"_ _4\"></span>lative line<span class=\"_ _4\"></span>e guida sull'imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>'IFRS 7;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>9 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1<span class=\"_ _1\"></span>0 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Consolidate<span class=\"_ _4\"></span>d Financial Stateme<span class=\"_ _4\"></span>nts<span class=\"_ _4\"></span><span class=\"ff5c\">; e</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IA<span class=\"_ _4\"></span>S <span class=\"_ _43\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">St<span class=\"_ _4\"></span>atement of Cash Flow<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>i appliche<span class=\"_ _4\"></span>ranno dal 1\u00b0 gennaio 202<span class=\"_ _1\"></span>6, ma \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a un\u2019applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata. Il Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>a valut<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do se le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche avr<span class=\"_ _4\"></span>anno un impatto sul b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ontracts Refer<span class=\"_ _2\"></span>encing Nature-dependent Elec<span class=\"_ _1\"></span>tricity \u2013 Amendment to IFR<span class=\"_ _2\"></span>S 9 and IFRS 7</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 lo IA<span class=\"_ _4\"></span>SB ha pubb<span class=\"_ _4\"></span>licato un em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nto denominato <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Contract<span class=\"_ _4\"></span>s Refe<span class=\"_ _4\"></span>rencing Nature-<span class=\"_ _4\"></span>de<span class=\"_ _4\"></span>pen<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">dent Ele<span class=\"_ _4\"></span>ctricit<span class=\"_ _4\"></span>y \u2013 Amendm<span class=\"_ _4\"></span>ent to IFRS 9 and I<span class=\"_ _4\"></span>FRS 7\u201d<span class=\"ff5c\">, c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare l<span class=\"_ _4\"></span>e entit\u00e0 n<span class=\"_ _4\"></span>el rendi<span class=\"_ _4\"></span>contare gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari dei c<span class=\"_ _4\"></span>ontratti di a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di elet<span class=\"_ _4\"></span>tricit<span class=\"_ _4\"></span>\u00e0 prodot<span class=\"_ _4\"></span>ta da fonti rinn<span class=\"_ _4\"></span>ovabili (spes<span class=\"_ _4\"></span>so st<span class=\"_ _4\"></span>ruttur<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls0 wscc\">Po<span class=\"_ _4\"></span>wer<span class=\"_ _4\"></span> Purch<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">Agreements<span class=\"ff5c ls3 ws145\">)<span class=\"_ _1\"></span>. Sulla base di t<span class=\"_ _4\"></span>ali contrat<span class=\"_ _4\"></span>ti, la quantit\u00e0 di e<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ricit\u00e0 ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>a ed ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ata pu\u00f2 v<span class=\"_ _4\"></span>ariare in base a f<span class=\"_ _4\"></span>attori </span></span><span style=\"display:inherit;clear:left;\">incontrollab<span class=\"_ _4\"></span>ili quali le condizio<span class=\"_ _4\"></span>ni mete<span class=\"_ _4\"></span>orologi<span class=\"_ _4\"></span>che. Lo IA<span class=\"_ _4\"></span>SB ha app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nti mirati ai principi IFR<span class=\"_ _4\"></span>S 9 e IFRS </span><span style=\"display:inherit;clear:left;\">7<span class=\"_ _1c\"></span>. G<span class=\"_ _4\"></span>li eme<span class=\"_ _4\"></span>ndamenti in<span class=\"_ _4\"></span>cludon<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>un chiarim<span class=\"_ _4\"></span>ento riguardo all<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i requis<span class=\"_ _4\"></span>iti di <span class=\"ff5f lsa wsb\">\u201cown use\u201d</span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">questa</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">tipologia</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>tratti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>d<span class=\"_ _4\"></span>ei criter<span class=\"_ _4\"></span>i per co<span class=\"_ _4\"></span>nsent<span class=\"_ _4\"></span>ire la contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one di tali c<span class=\"_ _4\"></span>ontratti c<span class=\"_ _4\"></span>ome st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura; e,</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>de<span class=\"_ _4\"></span>i nuovi re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r conse<span class=\"_ _4\"></span>ntire agli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>atori de<span class=\"_ _4\"></span>l bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e l'effet<span class=\"_ _4\"></span>to di que<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti sulle<span class=\"_ _1\"></span> <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws0\"> finanz<span class=\"_ _4\"></span>iarie e sui flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a di un\u2019entit\u00e0<span class=\"_ _4\"></span>.</span></span><span style=\"display:inherit;clear:left;\">La mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca si app<span class=\"_ _4\"></span>licher\u00e0 dal 1\u00b0 gennaio 2026, ma \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a un\u2019applicazi<span class=\"_ _4\"></span>one anticipat<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a valutan<span class=\"_ _4\"></span>do se </span><span style=\"display:inherit;clear:left;\">le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno un impat<span class=\"_ _4\"></span>to sul bilancio co<span class=\"_ _4\"></span>nsolidato.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__22": {
   "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, tenen-do in considerazione la capacit\u00e0 di vendere gli stessi attraverso i diversi canali distributivi in cui opera il Gruppo. Tale assunzione pu\u00f2 essere declinata in modo diverso nelle diverse aree geografiche dove il Gruppo opera, in considera-zione 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 dimi-nuzione dei prezzi di vendita sui canali secondari (principalmente outlet) e dall\u2019altro la diminuzione 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 rianalizzate 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   riduzioni/ripristini di valore sulle attivit\u00e0 non correnti, per maggiori dettagli si rimanda al successivo paragrafo \u201cRidu-zione 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 Avviamento\u201d;\u2022   fondo svalutazione dei crediti per le vendite all\u2019ingrosso, legato alla solvibilit\u00e0 della clientela ed allo standing degli stes-si, con cui vi sono peraltro in generale rapporti consolidati nel tempo. Il Gruppo utilizza una matrice per calcolare 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 insol-venza storici osservati del Gruppo. Il Gruppo calibra la matrice per affinare il dato storico sulle perdite su crediti con elementi previsionali. Ad esempio, se si prevede che le condizioni economiche previste (ad esempio, il rischio paese) si deteriorino l'anno successivo, ci\u00f2 pu\u00f2 portare a un aumento del numero di inadempienze in quel paese, i tassi di insol-venza 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'esperienza storica sull\u2019andamento delle perdite su credito del Gruppo e la previsione delle condizioni 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 \u201cGestione dei rischi finanziari (IFRS 7)\u201d e 15 \u201cCrediti commerciali\u201d;\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 me-todo pi\u00f9 appropriato per stimare l\u2019entit\u00e0 del corrispettivo variabile sulle vendite di beni con diritti di restituzione, dato l'elevato 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 immobi-liari 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 24 \u201cPassivit\u00e0 per benefici ai dipendenti\u201d;\u2022   attivit\u00e0 per imposte differite che sono rilevate nella misura in cui sia probabile l\u2019esistenza di adeguati utili fiscali futuri a fronte dei quali le differenze temporanee o eventuali perdite fiscali potranno essere utilizzate. A tal riguardo, il mana-gement 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 \u201cGestione dei rischi finanziari (IFRS 7)\u201d e 32 \u201cStrumenti finanziari e valutazione al fair value\u201d;\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 42 \u201cPagamenti basati su azioni\u201d; \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\u2019IFRS 16, 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'altra e la valutazione degli effetti delle opzioni di rinnovo al termine del periodo non cancel-labile 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 qua-le 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\u2019identifica-zione 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 ragionevolmente 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 su analisi storiche;  -  negli altri casi se \u00e8 solo il Gruppo a poter esercitare l\u2019opzione, si \u00e8 considerata una durata fino al secondo rinno-vo 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 significativo o un significativo cambiamento delle circostanze che, dipendendo dalla volont\u00e0 del Gruppo, abbia un'incidenza sulla ragione-vole certezza del locatario di esercitare un'opzione non precedentemente inclusa nella sua determinazione della durata del leasing o di non esercitare un'opzione 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 presente un tasso di interesse implicito, il Gruppo ha calcolato un tasso incrementale di indebitamento (Incre-mental 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 determinato 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 Gruppo monitora costantemente il proprio business per valutare se vi siano indicazioni che le sue attivit\u00e0 non correnti siano soggette al rischio di perdita di valore, tra cui l'avviamento, gli investimenti immobiliari, le attivit\u00e0 immateriali con una vita utile definita (incluse le attivit\u00e0 immateriali in corso), le immobilizzazioni materiali e le attivit\u00e0 per diritto d'uso.L\u2019Avviamento e le Attivit\u00e0 immateriali in corso sono sottoposti 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.Secondo quanto previsto dallo IAS 36, il Gruppo ad ogni reporting date svolge l\u2019analisi finalizzata ad individuare la pre-senza di eventuali indicatori di impairment e/o perdite durevoli di valore di Immobili, impianti e macchinari, Investimenti immobiliari, Attivit\u00e0 per diritto d\u2019uso, Attivit\u00e0 immateriali a vita utile definita ed Avviamento, mediante la redazione di checklist che individuino la presenza di indicatori esterni (quali condizioni macro economiche generali, considerazioni riguardanti il settore ed il mercato, capitalizzazione di mercato, variazioni significative con effetto negativo nell\u2019ambien-te tecnologico, di mercato, economico o normativo nel quale l\u2019entit\u00e0 opera o nel mercato al quale un\u2019attivit\u00e0 \u00e8 rivolta) o interni (quali significativi cambiamenti con effetto negativo sull\u2019entit\u00e0 nella misura in cui o nel modo in cui un\u2019attivit\u00e0 viene utilizzata o ci si attende sar\u00e0 utilizzata, l\u2019andamento economico dell\u2019attivit\u00e0 \u00e8, o sar\u00e0, peggiore di quanto previsto, cash flow negativi o in declino). A seguito di tale analisi, le CGU dove sono riscontrati indicatori di impairment sono assoggettate a test di impairment. In linea con il passato, gli impairment test sono stati condotti considerando quali CGU (Cash Generating Units) 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. Appare d\u2019utilit\u00e0 evidenziare che, rispetto al passato, la CGU Retail Hong Kong \u00e8 stata separata dalla CGU Cina in linea con il nuovo modello distributivo posto in essere dal Gruppo nel corso del 2024.  La perdita di valore dell\u2019Avviamento \u00e8 determinata valutando il valore recuperabile dell\u2019unit\u00e0 generatrice di flussi finan-ziari (o gruppo di unit\u00e0 generatrice di flussi finanziari) cui l\u2019Avviamento \u00e8 riconducibile.Se sono presenti indicatori di perdita di valore, il valore contabile di una attivit\u00e0 viene ridotto al suo valore recuperabile, pari al maggiore tra il suo fair value dedotti i costi di vendita e il suo valore d\u2019uso. Il valore recuperabile \u00e8 determinato per la singola attivit\u00e0, a meno che l'attivit\u00e0 non generi flussi di cassa in entrata che sono ampiamente indipendenti dai flussi di cassa in entrata da altre attivit\u00e0 o gruppi di attivit\u00e0, nel qual caso l'attivit\u00e0 \u00e8 testata come parte della CGU a cui appartiene l'attivit\u00e0.Il calcolo del fair value dedotti i costi di vendita si basa su dati disponibili relativi a 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 ri-flette la stima corrente del mercato riferito al costo del denaro rapportato al tempo e ai rischi specifici dell'attivit\u00e0. Il valore d\u2019uso \u00e8 il valore attuale dei flussi finanziari futuri (DCF: Discounted Cash Flow) che si prevede abbiano origine dall\u2019attivit\u00e0.La configurazione di valore utilizzata per determinare il valore recuperabile delle CGU \u00e8 stimata sulla base del value in use, ovvero tramite il metodo del Discounted Cash Flow che ravvisa nella capacit\u00e0 di produrre flussi di cassa l\u2019elemento fonda-mentale ai fini della valutazione della CGU di riferimento attualizzandoli in base ad un opportuno tasso di sconto. Le assunzioni principali per la determinazione del valore recuperabile sono di seguito riportate:\u2022   tasso di sconto (Weighted Average Cost of Capital - WACC) \u00e8 stato stimato secondo la formulazione dell\u2019Extended Capital Asset Pricing Model (\"CAPM\") unconditional, per quanto concerne il costo dell\u2019equity, mentre il costo del debito \u00e8 stimato come somma di risk free del paese di riferimento e interest coverage ratio delle societ\u00e0 appartenenti al panel per la stima del beta e del debt equity ratio.\u2022   tasso di crescita \u201cg\u201d \u00e8 determinato come l\u2019inflazione attesa nel medio \u2013 lungo periodo nel mercato di riferimento.\u2022   terminal  value \u00e8 determinato con il metodo della rendita perpetua ad un tasso di crescita \u201cg\u201d di lungo periodo I flussi di cassa sono ricavati dalle stime elaborate dal management aziendale, che rappresentano la miglior stima effettuabile dal Gruppo, sulle condizioni economiche previste nel periodo di piano, tenendo anche in considerazione studi di analisti di settore. Tali flussi non includono le attivit\u00e0 di ristrutturazione per cui il Gruppo, 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.Le proiezioni del piano coprono un arco temporale massimo di cinque anni in linea con quanto disciplinato dallo IAS 36 ed il tasso di crescita a lungo termine (g) utilizzato al fine della stima del valore terminale dell\u2019attivit\u00e0 \u00e8 stato as-sunto pari all\u2019inflazione attesa nel medio\u2013lungo periodo dei principali mercati in cui il Gruppo opera, pubblicato sulle primarie banche dati disponibili. Pertanto, secondo quanto suggerito dalla dottrina, il tasso di crescita g cos\u00ec definito rappresenta il tasso di crescita che ragionevolmente pu\u00f2 essere mantenuto dall\u2019impresa a tempo indefinito, in con-siderazione dello stato di maturit\u00e0 del settore e dei mercati geografici nei quali il Gruppo opera; su orizzonti lunghi \u00e8 comunque difficile poter sostenere una crescita eccedente quella dell\u2019economia nel suo complesso. 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.Viene riconosciuta una perdita di valore laddove il valore recuperabile risulti inferiore al valore contabile.Le risultanze delle valutazioni effettuate per la determinazione del valore recuperabile per tutte le CGU oggetto di impairment test sono confrontate con il relativo valore contabile e qualora il valore netto contabile della CGU (incluso l\u2019avviamento attribuito) risulti maggiore del Valore Recuperabile si proceder\u00e0 alla rilevazione di una perdita di valore per la differenza tra i due valori. In ciascuna CGU la perdita sar\u00e0 imputata nel seguente ordine:a.  riduzione del valore contabile dell\u2019avviamento allocato all\u2019unit\u00e0 (fino ad annullarlo), se la riduzione \u00e8 riferita all\u2019unit\u00e0 generatrice di flussi finanziari (o gruppo di unit\u00e0 generatrice di flussi finanziari) cui l\u2019Avviamento \u00e8 riconducibile;b.  riduzione proporzionale del valore contabile delle altre attivit\u00e0 dell\u2019unit\u00e0, escluse le attivit\u00e0 correnti gi\u00e0 valutate al loro valore recuperabile.La rilevazione di perdite di valore dell\u2019Avviamento non pu\u00f2 essere ripristinata in esercizi futuri.Si segnala che nell\u2019ambito del processo di Impairment viene infine formalizzata una verifica di sensitivit\u00e0, che ha lo scopo di valutare i risultati ottenuti anche al variare dei principali flussi finanziari, dei parametri WACC e del tasso di crescita g. Informativa sulle riduzioni durevoli di valoreSulla base di quanto previsto dalla procedura di Impairment test approvata dal Consiglio di Amministrazione in data 30 gennaio 2025, il Gruppo ha analizzato la presenza di eventuali indicatori di impairment e/o perdite durevoli in relazione alle proprie attivit\u00e0 non correnti, ovvero l\u2019eventuale venir meno dei motivi che avevano comportato la rilevazione di svalutazioni durante i precedenti esercizi. Nel corso dell\u2019esercizio 2024, il Gruppo ha evidenziato un risultato operativo negativo in diminuzione rispetto all\u2019eserci-zio precedente, penalizzato da un contesto di mercato complesso. Le incertezze sulla domanda dei beni di lusso porta-no a mantenere un approccio prudente sulle aspettative di breve termine. L\u2019analisi svolta ha individuato segnali di debolezza, con una performance inferiore rispetto alle aspettative su tutte le CGU, che sono state conseguentemente sottoposte a impairment test. Il risultato degli impairment test ha determinato una riduzione di valore di Euro 80,2 milioni per maggiori dettagli si veda la nota 10 \u201cRiduzioni durevoli di valore di Immo-bili, impianti e macchinari, Attivit\u00e0 per diritto d\u2019uso, Attivit\u00e0 immateriali a vita utile definita e Investimenti immobiliari\u201d del presente documento.",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__23-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Ridu<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span> durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>ipris<span class=\"_ _4\"></span>tini di valo<span class=\"_ _4\"></span>re di Immobili imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immo<span class=\"_ _4\"></span>biliari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali a </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita<span class=\"_ _4\"></span>, Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, leg<span class=\"_ _4\"></span>ato alla sol<span class=\"_ _4\"></span>vibilit\u00e0 d<span class=\"_ _4\"></span>ella cliente<span class=\"_ _4\"></span>la ed allo <span class=\"ff5f ls59 ws114\">st<span class=\"_ _4\"></span>anding</span><span class=\"ls58 wse8\"> de<span class=\"_ _4\"></span>gli stes</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si, con cui v<span class=\"_ _4\"></span>i sono p<span class=\"_ _4\"></span>eraltro in ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e rappo<span class=\"_ _4\"></span>rti c<span class=\"_ _4\"></span>onso<span class=\"_ _4\"></span>lidati nel te<span class=\"_ _4\"></span>mpo. Il Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a una matrice pe<span class=\"_ _4\"></span>r calco<span class=\"_ _4\"></span>lare le </span><span style=\"display:inherit;clear:left;\">ECL (<span class=\"ff5f ls0 ws110\">Ex<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cted Credit Los<span class=\"_ _4\"></span>s<span class=\"_ _1\"></span><span class=\"ff5c\">) pe<span class=\"_ _4\"></span>r i crediti co<span class=\"_ _4\"></span>mmerciali. Le aliquote di a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto si bas<span class=\"_ _4\"></span>ano sui gio<span class=\"_ _4\"></span>rni di sca<span class=\"_ _4\"></span>duto per </span></span></span><span style=\"display:inherit;clear:left;\">ogni clas<span class=\"_ _4\"></span>se di clie<span class=\"_ _4\"></span>nti rag<span class=\"_ _4\"></span>gruppat<span class=\"_ _4\"></span>a nei var<span class=\"_ _4\"></span>i segm<span class=\"_ _4\"></span>enti che pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano similari an<span class=\"_ _4\"></span>damenti di pe<span class=\"_ _4\"></span>rdita s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a (<span class=\"_ _2\"></span>ad e<span class=\"_ _4\"></span>semp<span class=\"_ _4\"></span>io, </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica, tip<span class=\"_ _4\"></span>o di prodot<span class=\"_ _4\"></span>to, tipo di clie<span class=\"_ _4\"></span>nte, <span class=\"ff5f ls61 ws116\">rat<span class=\"_ _4\"></span>in<span class=\"_ _4\"></span>g</span> e garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. La matric<span class=\"_ _4\"></span>e si bas<span class=\"_ _4\"></span>a inizialmente sui t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di inso<span class=\"_ _4\"></span>l<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>ati del Grup<span class=\"_ _4\"></span>po. Il Grup<span class=\"_ _4\"></span>po calibr<span class=\"_ _4\"></span>a la matrice pe<span class=\"_ _4\"></span>r aff<span class=\"_ _4\"></span>inare il dato st<span class=\"_ _4\"></span>orico sulle p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>rediti co<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>nali. Ad es<span class=\"_ _4\"></span>empio, se s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che le con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>ste (<span class=\"_ _1\"></span>ad es<span class=\"_ _4\"></span>empio, il ris<span class=\"_ _4\"></span>chio pae<span class=\"_ _4\"></span>se) si </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>riorino l'anno suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivo, ci\u00f2 pu\u00f2 p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare a un aume<span class=\"_ _4\"></span>nto del nume<span class=\"_ _4\"></span>ro di inademp<span class=\"_ _4\"></span>ienze in que<span class=\"_ _4\"></span>l paes<span class=\"_ _4\"></span>e, i t<span class=\"_ _4\"></span>assi di in<span class=\"_ _4\"></span>sol<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>. Ad ogni data di r<span class=\"_ _4\"></span>iferiment<span class=\"_ _4\"></span>o, i tas<span class=\"_ _4\"></span>si di insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici vengono ag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>ornati </span><span style=\"display:inherit;clear:left;\">e vengono anali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati i camb<span class=\"_ _4\"></span>iamenti ne<span class=\"_ _4\"></span>lle stime s<span class=\"_ _4\"></span>u ele<span class=\"_ _4\"></span>menti pre<span class=\"_ _4\"></span>visionali<span class=\"_ _4\"></span>. La valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della corr<span class=\"_ _4\"></span>elazio<span class=\"_ _4\"></span>ne tra i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">insol<span class=\"_ _4\"></span>venz<span class=\"_ _4\"></span>a sto<span class=\"_ _4\"></span>rici, le condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ionali e le ECL rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano una s<span class=\"_ _4\"></span>tima signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019ammontare </span><span style=\"display:inherit;clear:left;\">di ECL \u00e8 se<span class=\"_ _4\"></span>nsibile ai c<span class=\"_ _4\"></span>ambiamenti de<span class=\"_ _4\"></span>lle circos<span class=\"_ _4\"></span>tanze e de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te. A<span class=\"_ _4\"></span>nche l'e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a stor<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andame<span class=\"_ _4\"></span>nto delle p<span class=\"_ _4\"></span>erdite su cre<span class=\"_ _4\"></span>dito del G<span class=\"_ _4\"></span>ruppo e la p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni econ<span class=\"_ _4\"></span>omiche future p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>ero </span><span style=\"display:inherit;clear:left;\">non e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>za ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tiva de<span class=\"_ _4\"></span>l cliente in futuro. Pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sull<span class=\"_ _4\"></span>\u2019analisi dei ris<span class=\"_ _4\"></span>chi di credito si </span><span style=\"display:inherit;clear:left;\">rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 1<span class=\"_ _2\"></span>5 \u201c<span class=\"_ _4\"></span>Crediti comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i, in part<span class=\"_ _4\"></span>icolare i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019impe<span class=\"_ _4\"></span>gno contr<span class=\"_ _4\"></span>attuale al rip<span class=\"_ _4\"></span>ristin<span class=\"_ _4\"></span>o futuro di loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o ed i co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">per c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi in cor<span class=\"_ _4\"></span>so o pre<span class=\"_ _4\"></span>vedibili;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>so indiv<span class=\"_ _4\"></span>iduato a ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica dei r<span class=\"_ _4\"></span>icavi da co<span class=\"_ _4\"></span>ntratti c<span class=\"_ _4\"></span>on clienti, ove pre<span class=\"_ _4\"></span>sente n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni co<span class=\"_ _4\"></span>ntrattuali o ne<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">pratic<span class=\"_ _4\"></span>a comme<span class=\"_ _4\"></span>rciale abituale pe<span class=\"_ _4\"></span>r la vendit<span class=\"_ _4\"></span>a di beni. Il G<span class=\"_ _4\"></span>ruppo ha d<span class=\"_ _4\"></span>eterminato che il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re atte<span class=\"_ _4\"></span>so \u00e8 il me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tod<span class=\"_ _4\"></span>o pi\u00f9 appropriato p<span class=\"_ _4\"></span>er s<span class=\"_ _4\"></span>timare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile sulle ve<span class=\"_ _4\"></span>ndite di b<span class=\"_ _4\"></span>eni con dirit<span class=\"_ _4\"></span>ti di res<span class=\"_ _4\"></span>tituzi<span class=\"_ _4\"></span>one, dato </span><span style=\"display:inherit;clear:left;\">l'elev<span class=\"_ _4\"></span>ato numero di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche simili; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>v<span class=\"_ _4\"></span>ita utile d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e macchinari, delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita e de<span class=\"_ _4\"></span>gli inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>bi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liari nonch\u00e9 alla ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l rispe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i requisit<span class=\"_ _4\"></span>i di iscri<span class=\"_ _4\"></span>zione e misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali per co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, i cui v<span class=\"_ _4\"></span>alori so<span class=\"_ _4\"></span>no deter<span class=\"_ _4\"></span>minati in base a s<span class=\"_ _4\"></span>time attuar<span class=\"_ _4\"></span>iali<span class=\"_ _1\"></span>; per l<span class=\"_ _4\"></span>e principali as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni attuariali si </span><span style=\"display:inherit;clear:left;\">rinvia alla not<span class=\"_ _4\"></span>a 2<span class=\"_ _2\"></span>4 \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r bene<span class=\"_ _4\"></span>fici ai dip<span class=\"_ _4\"></span>end<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r impost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite che s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ate nella misur<span class=\"_ _4\"></span>a in cui sia probabile l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>esi<span class=\"_ _4\"></span>sten<span class=\"_ _4\"></span>za di ad<span class=\"_ _4\"></span>eguati utili f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali futuri a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali le diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee o eve<span class=\"_ _4\"></span>ntuali perdite f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali pot<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>e. A tal r<span class=\"_ _4\"></span>iguardo, il <span class=\"ff5f ws0\">mana-</span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls0 ws97\"> del Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>ima la probabile manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azione t<span class=\"_ _4\"></span>empo<span class=\"_ _4\"></span>rale e l<span class=\"_ _4\"></span>\u2019ammontare dei fut<span class=\"_ _4\"></span>uri utili fi<span class=\"_ _4\"></span>scalm<span class=\"_ _4\"></span>ente imponibili;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> val<span class=\"_ _4\"></span>or <span class=\"_ _43\"> </span>e<span class=\"_ _4\"></span>quo <span class=\"_ _43\"> </span><span class=\"ff5f ws141\">(fair value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, tra cui ri<span class=\"_ _4\"></span>ves<span class=\"_ _4\"></span>tono par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare impor<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>za gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati, di cui </span></span></span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o fa largo us<span class=\"_ _4\"></span>o per la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di cambio; pe<span class=\"_ _4\"></span>r i dett<span class=\"_ _4\"></span>agli sulle as<span class=\"_ _4\"></span>sunz<span class=\"_ _4\"></span>ioni alla base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f ws0\">fair </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\"> si rinvia alle note 3 \u201c<span class=\"_ _4\"></span>Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari (IFRS 7)<span class=\"_ _4\"></span>\u201d e 32 \u201cStr<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari e v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"lsb4 ws13a\">\u201d;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _62\"> </span> v<span class=\"_ _4\"></span>alore <span class=\"_ _22\"> </span>equo <span class=\"_ _22\"> </span><span class=\"ff5f wsa3\">(f<span class=\"_ _1\"></span>air value<span class=\"_ _1\"></span>)<span class=\"ff5c\"> dei piani di pag<span class=\"_ _4\"></span>amento bas<span class=\"_ _4\"></span>ati su az<span class=\"_ _4\"></span>ioni sia regolati p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a che rego<span class=\"_ _4\"></span>lati con azio<span class=\"_ _4\"></span>ni di<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">cui la Capo<span class=\"_ _4\"></span>gruppo f<span class=\"_ _4\"></span>a uso p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>entiva<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls5a wsd4\">manageme<span class=\"_ _4\"></span>nt</span> del Grupp<span class=\"_ _4\"></span>o; per i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>ulle ass<span class=\"_ _4\"></span>unzioni alla </span><span style=\"display:inherit;clear:left;\">base d<span class=\"_ _4\"></span>el cal<span class=\"_ _4\"></span>colo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> si rinvia alla not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti bas<span class=\"_ _4\"></span>ati su azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>; </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _4a\"></span>risc<span class=\"_ _4\"></span>hio di socco<span class=\"_ _4\"></span>mben<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>lle controver<span class=\"_ _4\"></span>sie in cui il Gr<span class=\"_ _4\"></span>uppo \u00e8 coinvolto; il Grup<span class=\"_ _4\"></span>po acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a fronte di </span><span style=\"display:inherit;clear:left;\">conten<span class=\"_ _4\"></span>ziosi e c<span class=\"_ _4\"></span>ause l<span class=\"_ _4\"></span>egali in cor<span class=\"_ _4\"></span>so quand<span class=\"_ _4\"></span>o ritiene p<span class=\"_ _4\"></span>robabile che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icher<span class=\"_ _4\"></span>\u00e0 un esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario e quando l<span class=\"_ _4\"></span>\u2019am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e delle p<span class=\"_ _4\"></span>erdite che ne d<span class=\"_ _4\"></span>erive<span class=\"_ _4\"></span>ranno pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte stimato. St<span class=\"_ _4\"></span>ante le ince<span class=\"_ _4\"></span>rte<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze ine<span class=\"_ _4\"></span>renti l<span class=\"_ _4\"></span>\u2019esito di </span><span style=\"display:inherit;clear:left;\">tali pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti, \u00e8 dif<span class=\"_ _4\"></span>ficil<span class=\"_ _4\"></span>e predire co<span class=\"_ _4\"></span>n cer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019esb<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o che deri<span class=\"_ _4\"></span>ver\u00e0 da t<span class=\"_ _4\"></span>ali controver<span class=\"_ _4\"></span>sie e<span class=\"_ _4\"></span>d \u00e8 quindi pos<span class=\"_ _4\"></span>sibile che il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _4\"></span>ei fondi p<span class=\"_ _4\"></span>er proc<span class=\"_ _4\"></span>ediment<span class=\"_ _4\"></span>i legali p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a variare a se<span class=\"_ _4\"></span>guito di futur<span class=\"_ _4\"></span>i sv<span class=\"_ _4\"></span>iluppi nei pro<span class=\"_ _4\"></span>cedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so. Il Grup<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">monitor<span class=\"_ _4\"></span>a lo <span class=\"ff5f ls46 ws94\">statu<span class=\"_ _4\"></span>s</span> delle c<span class=\"_ _4\"></span>ause e p<span class=\"_ _4\"></span>rocedim<span class=\"_ _4\"></span>enti in cor<span class=\"_ _4\"></span>so e si co<span class=\"_ _4\"></span>nsulta c<span class=\"_ _4\"></span>on i propri c<span class=\"_ _4\"></span>onsule<span class=\"_ _4\"></span>nti legali e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti in mate<span class=\"_ _4\"></span>ria </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ale. Il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a, inoltre<span class=\"_ _4\"></span>, le po<span class=\"_ _4\"></span>sizioni f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ince<span class=\"_ _4\"></span>rte e s<span class=\"_ _4\"></span>e nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario rile<span class=\"_ _4\"></span>va una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16, sono s<span class=\"_ _4\"></span>tate ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate le se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>time cont<span class=\"_ _4\"></span>abili signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, come G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">qualit\u00e0 di lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls32 ws39e\"> Le<span class=\"_ _4\"></span>ase<span class=\"_ _4\"></span> <span class=\"_ _40\"> </span>te<span class=\"_ _4\"></span>rm</span><span class=\"ls7d ws2d8\">: l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to \u00e8 una tematic<span class=\"_ _4\"></span>a molto ril<span class=\"_ _4\"></span>evante dal mom<span class=\"_ _4\"></span>ento che </span></span><span style=\"display:inherit;clear:left;\">la forma, la le<span class=\"_ _4\"></span>gisla<span class=\"_ _4\"></span>zione e le pr<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i commerciali sui c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto imm<span class=\"_ _4\"></span>obiliare variano sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativam<span class=\"_ _4\"></span>ente da </span><span style=\"display:inherit;clear:left;\">una giurisdi<span class=\"_ _4\"></span>zione a<span class=\"_ _4\"></span>d un'<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ra e la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti delle o<span class=\"_ _4\"></span>pzioni di rinnovo al ter<span class=\"_ _4\"></span>mine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do non can<span class=\"_ _4\"></span>cel<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">labile sulla s<span class=\"_ _4\"></span>tima di leas<span class=\"_ _4\"></span>e term co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di as<span class=\"_ _4\"></span>sunzi<span class=\"_ _4\"></span>oni. l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">Interpret<span class=\"_ _4\"></span>ation Committe<span class=\"_ _4\"></span>e</span> ha chiarito che ai </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>ini della ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di esig<span class=\"_ _4\"></span>ibilit\u00e0 un lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o deve cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>are il momento c<span class=\"_ _4\"></span>ontrattual<span class=\"_ _4\"></span>e nel qua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti coinvo<span class=\"_ _4\"></span>lte pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare il loro dirit<span class=\"_ _4\"></span>to di re<span class=\"_ _4\"></span>scinde<span class=\"_ _4\"></span>re il contrat<span class=\"_ _4\"></span>to sen<span class=\"_ _4\"></span>za inco<span class=\"_ _4\"></span>rrere in pe<span class=\"_ _4\"></span>nali </span><span style=\"display:inherit;clear:left;\">che non s<span class=\"_ _4\"></span>ono irrile<span class=\"_ _4\"></span>vanti; il concett<span class=\"_ _4\"></span>o di penal<span class=\"_ _4\"></span>e non deve aver<span class=\"_ _4\"></span>e un\u2019accezio<span class=\"_ _4\"></span>ne mer<span class=\"_ _4\"></span>amente contr<span class=\"_ _4\"></span>attuale<span class=\"_ _4\"></span>, ma va vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">considerando tutti gli<span class=\"_ _1\"></span> aspetti economici del contra<span class=\"_ _1\"></span>tto. Il Gruppo h<span class=\"_ _1\"></span>a considerato tali<span class=\"_ _1\"></span> conclusion<span class=\"_ _1\"></span>i nell\u2019ide<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>fic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>ella durata d<span class=\"_ _4\"></span>ei contrat<span class=\"_ _4\"></span>ti di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to. Il Grupp<span class=\"_ _4\"></span>o, infatti, pe<span class=\"_ _4\"></span>r la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e della durat<span class=\"_ _4\"></span>a del le<span class=\"_ _4\"></span>ase ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e c<span class=\"_ _4\"></span>ancella<span class=\"_ _4\"></span>zione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente in cap<span class=\"_ _4\"></span>o al loc<span class=\"_ _4\"></span>atario, al loc<span class=\"_ _4\"></span>atore o a ent<span class=\"_ _4\"></span>rambi. In </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni di rinnovo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili da entr<span class=\"_ _4\"></span>ambe le par<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>ntrattuali ha con<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>rato l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a o meno di </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi disinc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i econo<span class=\"_ _4\"></span>mici nel rif<span class=\"_ _4\"></span>iut<span class=\"_ _4\"></span>are la richies<span class=\"_ _4\"></span>ta di rinnovo c<span class=\"_ _4\"></span>ome richie<span class=\"_ _4\"></span>sto dal par<span class=\"_ _4\"></span>agrafo B34 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di opzioni e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abili solo da una d<span class=\"_ _4\"></span>elle due par<span class=\"_ _4\"></span>ti ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato il paragr<span class=\"_ _4\"></span>afo B3<span class=\"_ _1\"></span>5 dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di quanto sopra<span class=\"_ _4\"></span>, tenuto cont<span class=\"_ _4\"></span>o degli sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ici fat<span class=\"_ _4\"></span>ti e circos<span class=\"_ _4\"></span>tanze no<span class=\"_ _4\"></span>nch\u00e9 de<span class=\"_ _4\"></span>lla stima sull<span class=\"_ _4\"></span>\u2019ess<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">ragion<span class=\"_ _4\"></span>evolmente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione, ha co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato ch<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>-  <span class=\"_ _45\"></span>per i c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di durata annuale rinnov<span class=\"_ _4\"></span>abili automatic<span class=\"_ _4\"></span>amente s<span class=\"_ _4\"></span>alvo disd<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a si \u00e8 cons<span class=\"_ _4\"></span>iderat<span class=\"_ _4\"></span>a una durata me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">di cinque anni, bas<span class=\"_ _4\"></span>ando t<span class=\"_ _4\"></span>ale sce<span class=\"_ _4\"></span>lta su analis<span class=\"_ _4\"></span>i stor<span class=\"_ _4\"></span>iche;</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _57\"> </span>- <span class=\"_ _4\"></span> <span class=\"_ _45\"></span>neg<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si se \u00e8 so<span class=\"_ _4\"></span>lo il Grupp<span class=\"_ _4\"></span>o a poter e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare l<span class=\"_ _4\"></span>\u2019opzione, si \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rata una durat<span class=\"_ _4\"></span>a f<span class=\"_ _4\"></span>ino al sec<span class=\"_ _4\"></span>ondo rinno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vo prev<span class=\"_ _4\"></span>isto dal co<span class=\"_ _4\"></span>ntratto, ba<span class=\"_ _4\"></span>sando<span class=\"_ _4\"></span>si sull<span class=\"_ _4\"></span>\u2019eviden<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>toric<span class=\"_ _4\"></span>a e sul fatto di no<span class=\"_ _4\"></span>n poter c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erare ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>to il rinnovo o<span class=\"_ _4\"></span>ltre il se<span class=\"_ _4\"></span>condo p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _166\"> </span> <span class=\"_ _45\"></span> <span class=\"_ _45\"></span>Dop<span class=\"_ _4\"></span>o la data di de<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o, il Gruppo ri<span class=\"_ _4\"></span>vede la dur<span class=\"_ _4\"></span>ata dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso s<span class=\"_ _4\"></span>e si verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a un evento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo o un </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vo cambiame<span class=\"_ _4\"></span>nto delle circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze che, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>ndo dalla volont<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, abbia un'incid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla ragione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a del lo<span class=\"_ _4\"></span>catari<span class=\"_ _4\"></span>o di ese<span class=\"_ _4\"></span>rcitare un'opzione non p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente inclu<span class=\"_ _4\"></span>sa nella s<span class=\"_ _4\"></span>ua determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla durata </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f ls7f ws13b\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> o di no<span class=\"_ _4\"></span>n ese<span class=\"_ _4\"></span>rcitare un'opzione pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente inclus<span class=\"_ _4\"></span>a nella sua det<span class=\"_ _4\"></span>erminaz<span class=\"_ _4\"></span>ione della dur<span class=\"_ _4\"></span>ata del <span class=\"ff5f ls7f ws13b\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span><span class=\"ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _165\"></span>De<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto: poich\u00e9 ne<span class=\"_ _4\"></span>lla mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te dei c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o stipulati dal G<span class=\"_ _4\"></span>ruppo, non \u00e8 </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ente un t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse imp<span class=\"_ _4\"></span>licito, il Gruppo ha c<span class=\"_ _4\"></span>alcolato un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so increm<span class=\"_ _4\"></span>ental<span class=\"_ _4\"></span>e di indebit<span class=\"_ _4\"></span>amento <span class=\"ff5f ws125\">(Incre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mental B<span class=\"_ _4\"></span>orrowing Rate-<span class=\"_ _4\"></span>IBR)<span class=\"ff5c\">. Al f<span class=\"_ _4\"></span>ine di dete<span class=\"_ _4\"></span>rminare l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IBR da utiliz<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pagame<span class=\"_ _4\"></span>nti futuri </span></span><span style=\"display:inherit;clear:left;\">dei c<span class=\"_ _4\"></span>anoni di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to, il Grupp<span class=\"_ _4\"></span>o ha identif<span class=\"_ _4\"></span>icato o<span class=\"_ _4\"></span>gni Paes<span class=\"_ _4\"></span>e come un p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio di co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche </span><span style=\"display:inherit;clear:left;\">simili e ha dete<span class=\"_ _4\"></span>rminato il relativo IBR c<span class=\"_ _4\"></span>ome il ta<span class=\"_ _4\"></span>sso di un<span class=\"_ _4\"></span>o strume<span class=\"_ _4\"></span>nto privo di r<span class=\"_ _4\"></span>ischio de<span class=\"_ _4\"></span>l risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo Paes<span class=\"_ _4\"></span>e in cui il<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato stip<span class=\"_ _4\"></span>ulato, basato sulle di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>se sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze contrat<span class=\"_ _4\"></span>tuali, magg<span class=\"_ _4\"></span>iorato de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Credit spread</span><span class=\"ls69 ws8\"> di Gr<span class=\"_ _4\"></span>uppo.</span></span><span style=\"display:inherit;clear:left;\">Le stim<span class=\"_ _4\"></span>e e le ass<span class=\"_ _4\"></span>unzioni s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fettuate dag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri con il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to delle fun<span class=\"_ _4\"></span>zioni az<span class=\"_ _4\"></span>iendali e, quan<span class=\"_ _4\"></span>do ap<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">propriato, di sp<span class=\"_ _4\"></span>ecialis<span class=\"_ _4\"></span>ti indipe<span class=\"_ _4\"></span>ndent<span class=\"_ _4\"></span>i e sono ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te per<span class=\"_ _4\"></span>iodic<span class=\"_ _4\"></span>amente, i<span class=\"_ _4\"></span>scrive<span class=\"_ _4\"></span>ndo a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, ove richies<span class=\"_ _4\"></span>to,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">gli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i di ciascuna varia<span class=\"_ _4\"></span>zione ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo in cui t<span class=\"_ _4\"></span>ali stim<span class=\"_ _4\"></span>e ed as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni doves<span class=\"_ _4\"></span>sero dif<span class=\"_ _4\"></span>ferir<span class=\"_ _4\"></span>e dalle circost<span class=\"_ _4\"></span>anze </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ive.</span><span style=\"display:inherit;clear:left;\">Riduzione durev<span class=\"_ _1\"></span>ole/Ripristini di valor<span class=\"_ _2\"></span>e di Immobili impianti e macchinari, Investimenti immobiliari, <span class=\"_ _2\"></span>Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vita utile definita, A<span class=\"_ _2\"></span>ttivit\u00e0 per Diritto d\u2019uso e Avviamento</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o monitora c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte il proprio <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> per v<span class=\"_ _4\"></span>alutare se v<span class=\"_ _4\"></span>i siano indic<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e le sue att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non cor<span class=\"_ _4\"></span>renti </span><span style=\"display:inherit;clear:left;\">siano so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette al ri<span class=\"_ _4\"></span>schio di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore, tr<span class=\"_ _4\"></span>a cui l'av<span class=\"_ _4\"></span>viamento, gli inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari, le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali con </span><span style=\"display:inherit;clear:left;\">una vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali in cor<span class=\"_ _4\"></span>so)<span class=\"_ _2\"></span>, l<span class=\"_ _4\"></span>e immobiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azioni mate<span class=\"_ _4\"></span>riali e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d'us<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento e le At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali in co<span class=\"_ _4\"></span>rso s<span class=\"_ _4\"></span>ono sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>osti a ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di pe<span class=\"_ _4\"></span>rdita di v<span class=\"_ _4\"></span>alore almen<span class=\"_ _4\"></span>o una volta l<span class=\"_ _4\"></span>\u2019anno (<span class=\"_ _2\"></span>con </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre) o con magg<span class=\"_ _4\"></span>iore fre<span class=\"_ _4\"></span>quenz<span class=\"_ _4\"></span>a, quando le circo<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>ze facciano rit<span class=\"_ _4\"></span>enere ch<span class=\"_ _4\"></span>e il valore di is<span class=\"_ _4\"></span>crizio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">potre<span class=\"_ _4\"></span>bbe e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto a p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ad og<span class=\"_ _4\"></span>ni <span class=\"ff5f\">repor<span class=\"_ _4\"></span>ting date</span><span class=\"ls62 ws59\"> s<span class=\"_ _4\"></span>volge l<span class=\"_ _4\"></span>\u2019analisi finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a ad indi<span class=\"_ _4\"></span>viduare la p<span class=\"_ _4\"></span>re</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sen<span class=\"_ _4\"></span>za di eve<span class=\"_ _4\"></span>ntuali indicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls59 ws114\">impairme<span class=\"_ _4\"></span>nt</span><span class=\"ls62 wseb\"> e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdite dur<span class=\"_ _4\"></span>evoli di val<span class=\"_ _4\"></span>ore di Immobili, im<span class=\"_ _4\"></span>pianti e macchinari, Inve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imenti </span></span><span style=\"display:inherit;clear:left;\">immobiliari, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a ed Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento, me<span class=\"_ _4\"></span>diante la redazi<span class=\"_ _4\"></span>one di </span><span style=\"display:inherit;clear:left;\">check<span class=\"_ _4\"></span>list<span class=\"ff5c ws131\"> che indi<span class=\"_ _4\"></span>viduino la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di indic<span class=\"_ _4\"></span>atori e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni (<span class=\"_ _2\"></span>quali con<span class=\"_ _4\"></span>dizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni </span></span><span style=\"display:inherit;clear:left;\">riguardanti il se<span class=\"_ _4\"></span>ttore e<span class=\"_ _4\"></span>d il merc<span class=\"_ _4\"></span>ato, capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di me<span class=\"_ _4\"></span>rcato, varia<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ien<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te te<span class=\"_ _4\"></span>cnologi<span class=\"_ _4\"></span>co, di mercato, e<span class=\"_ _4\"></span>conomico o n<span class=\"_ _4\"></span>ormativo ne<span class=\"_ _4\"></span>l quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o ne<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato al quale un\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 rivolt<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) </span><span style=\"display:inherit;clear:left;\">o interni (q<span class=\"_ _1\"></span>uali signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata o ci si att<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ar\u00e0 utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata, l<span class=\"_ _4\"></span>\u2019andamento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previs<span class=\"_ _4\"></span>to, </span><span style=\"display:inherit;clear:left;\">cash<span class=\"ff5c ls0 ws0\"> </span><span class=\"ls57 ws97\">f<span class=\"_ _4\"></span>low<span class=\"ff5c ls0 ws0\"> negati<span class=\"_ _4\"></span>vi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span></span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, le CGU dove so<span class=\"_ _4\"></span>no risc<span class=\"_ _4\"></span>ontrati indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span> s<span class=\"_ _4\"></span>ono as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f ls36 wsb\">te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5d\"> di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span></span></span>. In </span><span style=\"display:inherit;clear:left;\">linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls59 wsd8\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls5b ws2b\"> sono st<span class=\"_ _4\"></span>ati condotti considerando<span class=\"_ _1\"></span> qual<span class=\"_ _1\"></span>i CGU<span class=\"_ _1\"></span><span class=\"ff5f ls0 ws150\"> (<span class=\"_ _1\"></span>Cash Ge<span class=\"_ _4\"></span>nerating Units)<span class=\"ff5c\"> le singole </span></span></span></span><span style=\"display:inherit;clear:left;\">aree ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>iche in cui il G<span class=\"_ _4\"></span>ruppo op<span class=\"_ _4\"></span>era, di no<span class=\"_ _4\"></span>rma coincid<span class=\"_ _4\"></span>enti con le s<span class=\"_ _4\"></span>ingole entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po, fatti s<span class=\"_ _4\"></span>alv<span class=\"_ _4\"></span>i i casi in </span><span style=\"display:inherit;clear:left;\">cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 leg<span class=\"_ _4\"></span>ali del Grup<span class=\"_ _4\"></span>po ope<span class=\"_ _4\"></span>rino ne<span class=\"_ _4\"></span>l mede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in te<span class=\"_ _4\"></span>rritori e m<span class=\"_ _4\"></span>ercati limitrof<span class=\"_ _4\"></span>i car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zati da clie<span class=\"_ _4\"></span>ntela </span><span style=\"display:inherit;clear:left;\">comune e<span class=\"_ _4\"></span>d omoge<span class=\"_ _4\"></span>nea. </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, risp<span class=\"_ _4\"></span>etto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Retail Hong Kong \u00e8 s<span class=\"_ _4\"></span>tata s<span class=\"_ _4\"></span>epar<span class=\"_ _4\"></span>ata dalla CGU Cina in linea </span><span style=\"display:inherit;clear:left;\">con il nuovo mo<span class=\"_ _4\"></span>dello dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo pos<span class=\"_ _4\"></span>to in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re dal Grupp<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">La p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto \u00e8 dete<span class=\"_ _4\"></span>rminata valut<span class=\"_ _4\"></span>ando il valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti indi<span class=\"_ _4\"></span>catori di p<span class=\"_ _4\"></span>erdita di v<span class=\"_ _4\"></span>alore, il v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile di una atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 viene r<span class=\"_ _4\"></span>idott<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">pari al mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e tra il suo <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita e il suo v<span class=\"_ _4\"></span>alore d<span class=\"_ _4\"></span>\u2019uso. Il val<span class=\"_ _4\"></span>ore recup<span class=\"_ _4\"></span>erabil<span class=\"_ _4\"></span>e \u00e8 determinato </span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>ingola atti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, a meno che l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 non ge<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa in e<span class=\"_ _4\"></span>ntrata che s<span class=\"_ _4\"></span>ono ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti dai </span><span style=\"display:inherit;clear:left;\">flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a da altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o gruppi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, ne<span class=\"_ _4\"></span>l qual caso l<span class=\"_ _4\"></span>'attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 tes<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella CGU a cui </span><span style=\"display:inherit;clear:left;\">appartiene l'a<span class=\"_ _1\"></span>ttivit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il calco<span class=\"_ _4\"></span>lo del <span class=\"ff5f\">fair value</span> ded<span class=\"_ _4\"></span>otti i co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita si ba<span class=\"_ _4\"></span>sa su dati dis<span class=\"_ _4\"></span>ponibili re<span class=\"_ _4\"></span>lativi a op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di ven<span class=\"_ _4\"></span>dita tra p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i libere e </span><span style=\"display:inherit;clear:left;\">autonom<span class=\"_ _4\"></span>e, di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 simili o prez<span class=\"_ _5\"></span>zi di merc<span class=\"_ _4\"></span>ato os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili, dedot<span class=\"_ _4\"></span>ti i mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i cost<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i alla dismis<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0. Il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso \u00e8 calco<span class=\"_ _4\"></span>lato tramite mo<span class=\"_ _4\"></span>delli di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>o un tas<span class=\"_ _4\"></span>so di sc<span class=\"_ _4\"></span>onto ante impos<span class=\"_ _4\"></span>te che ri<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fl<span class=\"_ _4\"></span>ette la s<span class=\"_ _4\"></span>tima corre<span class=\"_ _4\"></span>nte del me<span class=\"_ _4\"></span>rcato rife<span class=\"_ _4\"></span>rito al cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>naro rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ato al temp<span class=\"_ _4\"></span>o e ai rischi s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cifici d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0. Il v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso \u00e8 il valore at<span class=\"_ _4\"></span>tuale dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i (DCF: <span class=\"ff5f\">Discounted Cash Flow</span>) che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e abbiano origin<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0.</span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lle CGU \u00e8 stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el <span class=\"ff5f\">value in use</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero t<span class=\"_ _4\"></span>ramite il meto<span class=\"_ _4\"></span>do del <span class=\"ff5f\">D<span class=\"_ _4\"></span>iscounted Cash Flow</span> ch<span class=\"_ _4\"></span>e rav<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a nella c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di produrre f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa l<span class=\"_ _4\"></span>\u2019elem<span class=\"_ _4\"></span>ento fonda<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ment<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento att<span class=\"_ _4\"></span>ualiz<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di sco<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto (<span class=\"ff5f\">Weighted Average Cost of Capital</span> - WAC<span class=\"_ _1\"></span>C) \u00e8 st<span class=\"_ _4\"></span>ato stimato s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo la formulaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ws0\">Ex<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>ed </span></span><span style=\"display:inherit;clear:left;\">Capital As<span class=\"_ _4\"></span>set Pricing Mode<span class=\"_ _4\"></span>l<span class=\"ff5c lsf2 ws2e9\"> (\"CA<span class=\"_ _2\"></span>PM<span class=\"_ _2\"></span>\") <span class=\"ff5f ls62 wsa\">unconditional</span><span class=\"ls0 ws12a\">, pe<span class=\"_ _4\"></span>r quanto concer<span class=\"_ _4\"></span>ne il cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls3a wsaf\">eq<span class=\"_ _4\"></span>uit<span class=\"_ _4\"></span>y<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws12a\">, me<span class=\"_ _4\"></span>ntre il cos<span class=\"_ _4\"></span>to del de<span class=\"_ _4\"></span>bito </span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u00e8 stimato c<span class=\"_ _4\"></span>ome somma di <span class=\"ff5f\">risk f<span class=\"_ _4\"></span>ree</span> del p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di riferime<span class=\"_ _4\"></span>nto e <span class=\"ff5f\">interes<span class=\"_ _4\"></span>t coverage ratio</span> delle so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>par<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>nti al <span class=\"ff5f ws0\">panel<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">per la s<span class=\"_ _4\"></span>tima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls36 wsb\">beta</span> e del <span class=\"ff5f ls62 wsa\">de<span class=\"_ _4\"></span>bt equit<span class=\"_ _4\"></span>y ratio</span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita \u201cg<span class=\"_ _4\"></span>\u201d \u00e8 dete<span class=\"_ _4\"></span>rminato come l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ione atte<span class=\"_ _4\"></span>sa n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio \u2013 lungo perio<span class=\"_ _4\"></span>do ne<span class=\"_ _4\"></span>l mercato di r<span class=\"_ _4\"></span>iferimento<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws3a7\"> te<span class=\"_ _4\"></span>rminal <span class=\"_ _40\"> </span>value</span> \u00e8 det<span class=\"_ _4\"></span>erminato con il m<span class=\"_ _4\"></span>etodo d<span class=\"_ _4\"></span>ella rendit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>rpetua a<span class=\"_ _4\"></span>d un tas<span class=\"_ _4\"></span>so di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a \u201c<span class=\"_ _2\"></span>g<span class=\"_ _5\"></span>\u201d di lungo pe<span class=\"_ _4\"></span>riodo </span><span style=\"display:inherit;clear:left;\">I flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a sono r<span class=\"_ _4\"></span>icavati dalle s<span class=\"_ _4\"></span>time elab<span class=\"_ _4\"></span>orate dal <span class=\"ff5f ls56 ws7\">managem<span class=\"_ _4\"></span>ent</span> azien<span class=\"_ _4\"></span>dale, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la mig<span class=\"_ _4\"></span>lior stima </span><span style=\"display:inherit;clear:left;\">effettuabile da<span class=\"_ _1\"></span>l Gruppo, su<span class=\"_ _1\"></span>lle condizion<span class=\"_ _2\"></span>i e<span class=\"_ _4\"></span>conomic<span class=\"_ _1\"></span>he previste nel periodo di pian<span class=\"_ _1\"></span>o, tenendo anc<span class=\"_ _1\"></span>he in considerazione<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>di di analisti di se<span class=\"_ _4\"></span>ttore<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si non inclu<span class=\"_ _4\"></span>dono le at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di ris<span class=\"_ _4\"></span>truttur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e per cui il Gr<span class=\"_ _4\"></span>uppo, non abb<span class=\"_ _4\"></span>ia gi\u00e0 un\u2019ob<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bliga<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, n\u00e9 signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivi inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti futuri che incre<span class=\"_ _4\"></span>mente<span class=\"_ _4\"></span>ranno il ren<span class=\"_ _4\"></span>dimento de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to re<span class=\"_ _4\"></span>cuperab<span class=\"_ _4\"></span>ile dipen<span class=\"_ _4\"></span>de sen<span class=\"_ _4\"></span>sibilmente dal t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di </span><span style=\"display:inherit;clear:left;\">sconto ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>ello dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ssa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati cos\u00ec com<span class=\"_ _4\"></span>e dai flus<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai fini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>trapo<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Le proie<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>l piano copron<span class=\"_ _4\"></span>o un arco temp<span class=\"_ _4\"></span>orale mas<span class=\"_ _4\"></span>simo di cinque anni in line<span class=\"_ _4\"></span>a con quanto discip<span class=\"_ _4\"></span>linato dallo IAS </span><span style=\"display:inherit;clear:left;\">36 ed il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita a lungo te<span class=\"_ _4\"></span>rmine (<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>) utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato al f<span class=\"_ _4\"></span>ine della s<span class=\"_ _4\"></span>tima del v<span class=\"_ _4\"></span>alore ter<span class=\"_ _4\"></span>minale dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 st<span class=\"_ _4\"></span>ato as<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sunto pari all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inflazi<span class=\"_ _4\"></span>one atte<span class=\"_ _4\"></span>sa ne<span class=\"_ _4\"></span>l medi<span class=\"_ _4\"></span>o\u2013<span class=\"_ _4\"></span>lungo perio<span class=\"_ _4\"></span>do dei p<span class=\"_ _4\"></span>rincipali merc<span class=\"_ _4\"></span>ati in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, pubblic<span class=\"_ _4\"></span>ato sulle </span><span style=\"display:inherit;clear:left;\">primarie ban<span class=\"_ _4\"></span>che dati dispo<span class=\"_ _4\"></span>nibili. Per<span class=\"_ _4\"></span>tanto, se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>ugge<span class=\"_ _4\"></span>rito dalla dot<span class=\"_ _4\"></span>trina, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a g cos\u00ec d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito </span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il ta<span class=\"_ _4\"></span>sso di cre<span class=\"_ _4\"></span>scit<span class=\"_ _4\"></span>a che ragi<span class=\"_ _4\"></span>onevolme<span class=\"_ _4\"></span>nte pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re mantenuto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a a tempo in<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>inito, in con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">side<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne dello s<span class=\"_ _4\"></span>tato di maturit<span class=\"_ _4\"></span>\u00e0 del s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re e dei me<span class=\"_ _4\"></span>rcati ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ici nei quali il Gr<span class=\"_ _4\"></span>uppo op<span class=\"_ _4\"></span>era; su oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nti lunghi \u00e8 </span><span style=\"display:inherit;clear:left;\">comunque dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icile pot<span class=\"_ _4\"></span>er sos<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>ere una cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>dente quella d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia ne<span class=\"_ _4\"></span>l suo compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o recup<span class=\"_ _4\"></span>erabile dip<span class=\"_ _4\"></span>ende s<span class=\"_ _4\"></span>ensib<span class=\"_ _4\"></span>ilmente dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di sconto utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>l mode<span class=\"_ _4\"></span>llo dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">cos\u00ec co<span class=\"_ _4\"></span>me dai flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a in entrat<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si in futuro e dal t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cres<span class=\"_ _4\"></span>cita utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019estr<span class=\"_ _4\"></span>apolaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne ricono<span class=\"_ _4\"></span>sciuta una p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a di valore la<span class=\"_ _4\"></span>ddove il valor<span class=\"_ _4\"></span>e recupe<span class=\"_ _4\"></span>rabile ri<span class=\"_ _4\"></span>sulti inferiore al v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le risult<span class=\"_ _4\"></span>anze dell<span class=\"_ _4\"></span>e valuta<span class=\"_ _4\"></span>zioni ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuate per la d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutte l<span class=\"_ _4\"></span>e CGU og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls0 ws119\"> s<span class=\"_ _4\"></span>ono confront<span class=\"_ _4\"></span>ate con il re<span class=\"_ _4\"></span>lativo valore c<span class=\"_ _4\"></span>ontabile e qualo<span class=\"_ _4\"></span>ra il valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ella CGU (incluso </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto attribuit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) ris<span class=\"_ _4\"></span>ulti mag<span class=\"_ _4\"></span>giore de<span class=\"_ _4\"></span>l V<span class=\"_ _1\"></span>alore Re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile si pro<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>r\u00e0 alla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una perdit<span class=\"_ _4\"></span>a di valore p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i due v<span class=\"_ _4\"></span>alori. In cias<span class=\"_ _4\"></span>cuna CGU la perdit<span class=\"_ _4\"></span>a sar<span class=\"_ _4\"></span>\u00e0 imputat<span class=\"_ _4\"></span>a nel se<span class=\"_ _4\"></span>guente o<span class=\"_ _4\"></span>rdine:</span><span style=\"display:inherit;clear:left;\">a.  <span class=\"_ _49\"></span>ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento allo<span class=\"_ _4\"></span>cato all<span class=\"_ _4\"></span>\u2019unit\u00e0 (fino ad annullarl<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>), se la ri<span class=\"_ _4\"></span>duzione \u00e8 rife<span class=\"_ _4\"></span>rita all<span class=\"_ _4\"></span>\u2019unit\u00e0 </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari (<span class=\"_ _2\"></span>o g<span class=\"_ _4\"></span>ruppo di unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari) cui l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 rico<span class=\"_ _4\"></span>nducibile;</span><span style=\"display:inherit;clear:left;\">b.  <span class=\"_ _45\"></span>ri<span class=\"_ _4\"></span>duzione p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle altre at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0, e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti g<span class=\"_ _4\"></span>i\u00e0 valutate al lo<span class=\"_ _4\"></span>ro </span><span style=\"display:inherit;clear:left;\">valore re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>abile.</span><span style=\"display:inherit;clear:left;\">La rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rdite di valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento non p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>sere r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inata in es<span class=\"_ _4\"></span>ercizi f<span class=\"_ _4\"></span>uturi.</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che nell<span class=\"_ _4\"></span>\u2019ambito del p<span class=\"_ _4\"></span>roces<span class=\"_ _4\"></span>so di <span class=\"ff5f ls66 ws11c\">I<span class=\"_ _4\"></span>mpairm<span class=\"_ _4\"></span>ent</span> v<span class=\"_ _4\"></span>iene inf<span class=\"_ _4\"></span>ine formaliz<span class=\"_ _5\"></span>zata una ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ica di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, che ha lo sco<span class=\"_ _4\"></span>po </span><span style=\"display:inherit;clear:left;\">di valut<span class=\"_ _4\"></span>are i risult<span class=\"_ _4\"></span>ati ottenut<span class=\"_ _4\"></span>i anche al variare d<span class=\"_ _4\"></span>ei principali f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari, dei p<span class=\"_ _4\"></span>arametr<span class=\"_ _4\"></span>i W<span class=\"_ _2\"></span>ACC e del t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita g<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Informativ<span class=\"_ _2\"></span>a sulle riduzioni durevoli di v<span class=\"_ _1\"></span>alore</span><span style=\"display:inherit;clear:left;\">Sulla base di quanto pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f\">Impairme<span class=\"_ _4\"></span>nt test</span> app<span class=\"_ _4\"></span>rovata dal Co<span class=\"_ _4\"></span>nsiglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione in dat<span class=\"_ _4\"></span>a 30 </span><span style=\"display:inherit;clear:left;\">gennaio 2025, il Grup<span class=\"_ _4\"></span>po ha analiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impairm<span class=\"_ _4\"></span>ent</span> e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o per<span class=\"_ _4\"></span>dite durevoli in rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">alle propr<span class=\"_ _4\"></span>ie attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, ov<span class=\"_ _5\"></span>vero l<span class=\"_ _4\"></span>\u2019eventuale ve<span class=\"_ _4\"></span>nir meno de<span class=\"_ _4\"></span>i motiv<span class=\"_ _4\"></span>i che avevano co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>tato la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zione di </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zioni durante i pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, il Gr<span class=\"_ _4\"></span>uppo ha ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziato un risult<span class=\"_ _4\"></span>ato ope<span class=\"_ _4\"></span>rativo ne<span class=\"_ _4\"></span>gativo in diminuz<span class=\"_ _4\"></span>ione risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erci<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente, p<span class=\"_ _4\"></span>enaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da un contes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Le incer<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze sulla doman<span class=\"_ _4\"></span>da dei be<span class=\"_ _4\"></span>ni di luss<span class=\"_ _4\"></span>o por<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no a mantene<span class=\"_ _4\"></span>re un approc<span class=\"_ _4\"></span>cio prude<span class=\"_ _4\"></span>nte sulle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative di br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi s<span class=\"_ _4\"></span>volta ha in<span class=\"_ _4\"></span>dividuato s<span class=\"_ _4\"></span>egnali di de<span class=\"_ _4\"></span>bole<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a, con una <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span> inferiore ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alle asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ative su tut<span class=\"_ _4\"></span>te le </span><span style=\"display:inherit;clear:left;\">CGU, che sono s<span class=\"_ _4\"></span>tate co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uente<span class=\"_ _4\"></span>mente sot<span class=\"_ _4\"></span>top<span class=\"_ _4\"></span>oste a <span class=\"ff5f ls59 wse2\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt tes<span class=\"_ _4\"></span>t</span>. Il ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls59 wse2\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls62 ws5\"> ha d<span class=\"_ _4\"></span>eter<span class=\"_ _4\"></span>minato </span></span><span style=\"display:inherit;clear:left;\">una riduzi<span class=\"_ _4\"></span>one di valor<span class=\"_ _4\"></span>e di Euro 80,2 milioni p<span class=\"_ _4\"></span>er mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si ve<span class=\"_ _4\"></span>da la nota 10 \u201cRidu<span class=\"_ _4\"></span>zioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d </span><span style=\"display:inherit;clear:left;\">del presente documento.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli immobili, impianti e ma<span class=\"_ _4\"></span>cchinari \u00e8 sot<span class=\"_ _4\"></span>topos<span class=\"_ _4\"></span>to a ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. </span><span style=\"display:inherit;clear:left;\">Se e<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>e un\u2019in<span class=\"_ _4\"></span>dicazi<span class=\"_ _4\"></span>one di ques<span class=\"_ _4\"></span>to tip<span class=\"_ _4\"></span>o e nel ca<span class=\"_ _4\"></span>so in cui il valo<span class=\"_ _4\"></span>re di carico e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>da il valore di pre<span class=\"_ _4\"></span>sumibile re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sono s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ate fin<span class=\"_ _4\"></span>o a rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il loro valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo. Il val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">macchinari \u00e8 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entato dal mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re tra il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo net<span class=\"_ _4\"></span>to di vendit<span class=\"_ _4\"></span>a e il valor<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso.</span><span style=\"display:inherit;clear:left;\">Nel d<span class=\"_ _4\"></span>efinire il v<span class=\"_ _4\"></span>alore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari fu<span class=\"_ _4\"></span>turi atte<span class=\"_ _4\"></span>si son<span class=\"_ _4\"></span>o attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto ante </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi sp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 che non gen<span class=\"_ _4\"></span>era f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span>ziari ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti, il valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto econ<span class=\"_ _4\"></span>omico fra i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valo<span class=\"_ _4\"></span>re sono </span><span style=\"display:inherit;clear:left;\">ripris<span class=\"_ _4\"></span>tinate nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano me<span class=\"_ _4\"></span>no i motiv<span class=\"_ _4\"></span>i che le hanno ge<span class=\"_ _4\"></span>nerate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevar<span class=\"_ _4\"></span>ne eventuali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore, </span><span style=\"display:inherit;clear:left;\">qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Le pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">di valore s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co fra i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e s<span class=\"_ _4\"></span>valuta<span class=\"_ _4\"></span>zioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valore </span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inate nel ca<span class=\"_ _4\"></span>so in cui veng<span class=\"_ _4\"></span>ano meno i m<span class=\"_ _4\"></span>otivi ch<span class=\"_ _4\"></span>e le hanno gene<span class=\"_ _4\"></span>rate.</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>elle Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per D<span class=\"_ _4\"></span>iritto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Us<span class=\"_ _4\"></span>o \u00e8 sott<span class=\"_ _4\"></span>opos<span class=\"_ _4\"></span>to a verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, per r<span class=\"_ _4\"></span>ilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di valor<span class=\"_ _4\"></span>e, qualora eve<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un\u2019in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ione di </span><span style=\"display:inherit;clear:left;\">ques<span class=\"_ _4\"></span>to tipo e n<span class=\"_ _4\"></span>el ca<span class=\"_ _4\"></span>so in cui il valore di c<span class=\"_ _4\"></span>arico e<span class=\"_ _4\"></span>cceda il v<span class=\"_ _4\"></span>alore di pre<span class=\"_ _4\"></span>sumibile reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo, le attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>valutate f<span class=\"_ _4\"></span>ino a </span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>lette<span class=\"_ _4\"></span>re il loro val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo. Il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal mag<span class=\"_ _4\"></span>giore tr<span class=\"_ _4\"></span>a il prez<span class=\"_ _4\"></span>zo n<span class=\"_ _4\"></span>etto di ve<span class=\"_ _4\"></span>ndita e il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso. Nel de<span class=\"_ _4\"></span>finire il va<span class=\"_ _4\"></span>lore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i atte<span class=\"_ _4\"></span>si sono at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto </span><span style=\"display:inherit;clear:left;\">ante impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'attivit<span class=\"_ _4\"></span>\u00e0 che non ge<span class=\"_ _4\"></span>nera f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari ampiame<span class=\"_ _4\"></span>nte indipe<span class=\"_ _4\"></span>ndenti, il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate ne<span class=\"_ _4\"></span>l conto e<span class=\"_ _4\"></span>conomico f<span class=\"_ _4\"></span>ra i cos<span class=\"_ _4\"></span>ti per amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e sva<span class=\"_ _4\"></span>lutaz<span class=\"_ _4\"></span>ioni. T<span class=\"_ _1c\"></span>ali p<span class=\"_ _4\"></span>erdite di v<span class=\"_ _4\"></span>alore son<span class=\"_ _4\"></span>o ripris<span class=\"_ _4\"></span>tinate </span><span style=\"display:inherit;clear:left;\">nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano men<span class=\"_ _4\"></span>o i motiv<span class=\"_ _4\"></span>i che le hanno gen<span class=\"_ _4\"></span>erate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, l<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento \u00e8 va<span class=\"_ _4\"></span>lutato al cos<span class=\"_ _4\"></span>to ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cumulate. Al f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla ve<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er riduz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 allo<span class=\"_ _4\"></span>cato, alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">alle singole unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i del Gr<span class=\"_ _4\"></span>uppo, o ai grupp<span class=\"_ _4\"></span>i di unit\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si che dovr<span class=\"_ _4\"></span>ebbe<span class=\"_ _4\"></span>ro ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciare </span><span style=\"display:inherit;clear:left;\">dalle sine<span class=\"_ _4\"></span>rgie de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione, in<span class=\"_ _4\"></span>dipend<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte dal fatto ch<span class=\"_ _4\"></span>e altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo siano a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnate </span><span style=\"display:inherit;clear:left;\">a tali unit<span class=\"_ _4\"></span>\u00e0 o rag<span class=\"_ _4\"></span>gruppam<span class=\"_ _4\"></span>enti di unit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca, pe<span class=\"_ _4\"></span>r rilev<span class=\"_ _4\"></span>arne eventuali p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore, qualor<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">eventi o c<span class=\"_ _4\"></span>ambiamenti di s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e indichino che il valo<span class=\"_ _4\"></span>re di carico n<span class=\"_ _4\"></span>on pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere recup<span class=\"_ _4\"></span>erato. Le p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico fra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore sono r<span class=\"_ _4\"></span>ipri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stinate n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui vengan<span class=\"_ _4\"></span>o meno i moti<span class=\"_ _4\"></span>vi che l<span class=\"_ _4\"></span>e hanno gener<span class=\"_ _4\"></span>ate.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__24": {
   "value": "<span style=\"display:inherit;clear:left;\">V<span class=\"_ _2\"></span>alutazione degli impatti del cambiamento climatico</span><span style=\"display:inherit;clear:left;\">Come in<span class=\"_ _4\"></span>dicato ne<span class=\"_ _4\"></span>l paragrafo \u201c<span class=\"_ _4\"></span>Principali ris<span class=\"_ _4\"></span>chi ed ince<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lla Relaz<span class=\"_ _4\"></span>ione sulla Ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one, ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha pro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uito il pe<span class=\"_ _4\"></span>rcors<span class=\"_ _4\"></span>o intrapre<span class=\"_ _4\"></span>so nel 2023 p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one di un <span class=\"ff5f\">Climate Change Risk Manageme<span class=\"_ _4\"></span>nt F<span class=\"_ _1\"></span>ramework<span class=\"ff5c\">, f<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">naliz<span class=\"_ _4\"></span>zato a r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>e proprie c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di identif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pote<span class=\"_ _4\"></span>nziali impatt<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari e as<span class=\"_ _4\"></span>sicurare una cor<span class=\"_ _4\"></span>rett<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione e a<span class=\"_ _4\"></span>dattam<span class=\"_ _4\"></span>ento alle sf<span class=\"_ _4\"></span>ide c<span class=\"_ _4\"></span>onnes<span class=\"_ _4\"></span>se al c<span class=\"_ _4\"></span>ambiamento climatico. Le analis<span class=\"_ _4\"></span>i hanno res<span class=\"_ _4\"></span>tituito una valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del </span><span style=\"display:inherit;clear:left;\">rischio l<span class=\"_ _4\"></span>egato al c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o con par<span class=\"_ _4\"></span>ticolare r<span class=\"_ _4\"></span>iferimento all<span class=\"_ _4\"></span>e principali e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni climatich<span class=\"_ _4\"></span>e per i sit<span class=\"_ _4\"></span>i pi\u00f9 </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>anti e per i <span class=\"ff5f ls46 wsc2\">bu<span class=\"_ _4\"></span>sines<span class=\"_ _4\"></span>s suppli<span class=\"_ _4\"></span>ers</span> c<span class=\"_ _4\"></span>hiave per il Grup<span class=\"_ _4\"></span>po. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o, per il bre<span class=\"_ _4\"></span>ve peri<span class=\"_ _4\"></span>odo, le analisi hann<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ituito </span><span style=\"display:inherit;clear:left;\">una quantific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle imp<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>gli eventi climatici e<span class=\"_ _4\"></span>stre<span class=\"_ _4\"></span>mi, in termini di p<span class=\"_ _4\"></span>erdite di fat<span class=\"_ _4\"></span>turato dov<span class=\"_ _4\"></span>ute </span><span style=\"display:inherit;clear:left;\">a interru<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>ll'attivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. <span class=\"ff5f ls59 wsa6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span> interrupt<span class=\"_ _4\"></span>ion</span>) e di costi pe<span class=\"_ _4\"></span>r danni agli <span class=\"ff5f ls36 wsb\">asset</span><span class=\"lsf3 wsde\"> (c<span class=\"_ _5\"></span>.<span class=\"_ _5\"></span>d<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span> <span class=\"ff5f ls5a wscc\">prope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>y damage</span></span>)<span class=\"_ _2\"></span>. In<span class=\"_ _4\"></span>oltre, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">stu<span class=\"_ _4\"></span>diata e approfondit<span class=\"_ _4\"></span>a una pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>voluzion<span class=\"_ _4\"></span>e dell'es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> in perime<span class=\"_ _4\"></span>tro al cambiame<span class=\"_ _4\"></span>nto climatico nel </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>030) e nel lungo ter<span class=\"_ _4\"></span>mine (2050<span class=\"_ _1\"></span>), sec<span class=\"_ _4\"></span>ondo gli s<span class=\"_ _4\"></span>cenari climatici di rife<span class=\"_ _4\"></span>rimento (RCP<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>SSC 8<span class=\"_ _4\"></span>.5), identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ando eve<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuali variaz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve risp<span class=\"_ _4\"></span>etto alle anali<span class=\"_ _4\"></span>si di breve te<span class=\"_ _4\"></span>rmine</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o, negli anni ha raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zato un appro<span class=\"_ _4\"></span>ccio proat<span class=\"_ _4\"></span>tivo de<span class=\"_ _4\"></span>lle dinamiche leg<span class=\"_ _4\"></span>ate al cambiame<span class=\"_ _4\"></span>nto climatico e nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del 2024 sono st<span class=\"_ _4\"></span>ate implem<span class=\"_ _4\"></span>entate di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e azioni in ot<span class=\"_ _4\"></span>tica di mit<span class=\"_ _4\"></span>igazio<span class=\"_ _4\"></span>ne alla pos<span class=\"_ _4\"></span>sibile e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e ai rischi le<span class=\"_ _4\"></span>gati alla </span><span style=\"display:inherit;clear:left;\">transizione sostenibile. T<span class=\"_ _1c\"></span>ra queste, si citano<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _52\"> </span>- <span class=\"_ _44\"></span> <span class=\"_ _165\"></span>Il Gr<span class=\"_ _4\"></span>uppo ge<span class=\"_ _4\"></span>stis<span class=\"_ _4\"></span>ce i rischi d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019interru<span class=\"_ _4\"></span>zione te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anea de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 dovut<span class=\"_ _4\"></span>a a eventi e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rni o eventi </span><span style=\"display:inherit;clear:left;\">naturali, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o poliz<span class=\"_ _4\"></span>ze a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ative a cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura di danni diret<span class=\"_ _4\"></span>ti sugli <span class=\"ff5f ls36 wsb\">as<span class=\"_ _4\"></span>set</span> azie<span class=\"_ _4\"></span>ndali ed eve<span class=\"_ _4\"></span>ntuali relativ<span class=\"_ _4\"></span>i danni </span><span style=\"display:inherit;clear:left;\">indiret<span class=\"_ _4\"></span>ti da inter<span class=\"_ _4\"></span>ruzio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls59 ws114\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _7b\"> </span>- <span class=\"_ _43\"> </span> Il <span class=\"_ _ae\"> </span>Piano <span class=\"_ _ae\"> </span><span class=\"ff5f ls67 ws8c\">Performance</span><span class=\"ws133\"> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023-2<span class=\"_ _1\"></span>025, approvato dall<span class=\"_ _4\"></span>\u2019As<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea deg<span class=\"_ _4\"></span>li A<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023, </span></span><span style=\"display:inherit;clear:left;\">e rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vato a se<span class=\"_ _4\"></span>le<span class=\"_ _4\"></span>zionati dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o amministratori e<span class=\"_ _4\"></span>/o collaboratori di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di altre </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 app<span class=\"_ _4\"></span>arte<span class=\"_ _4\"></span>nenti al G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo, co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati chiave nel p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>eguim<span class=\"_ _4\"></span>ento del s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>so s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dio<span class=\"_ _4\"></span>-lungo termine<span class=\"_ _4\"></span>, preve<span class=\"_ _4\"></span>de obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG<span class=\"_ _4\"></span>, tra cui que<span class=\"_ _4\"></span>lli colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambiental<span class=\"_ _4\"></span>e. Per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 42 \u201cPagame<span class=\"_ _4\"></span>nti basat<span class=\"_ _4\"></span>i su azioni<span class=\"_ _4\"></span>\u201d d<span class=\"_ _4\"></span>el Bilancio Co<span class=\"_ _4\"></span>nsoli<span class=\"_ _4\"></span>dato.</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>Durante il 2024 \u00e8 stato or<span class=\"_ _4\"></span>ganiz<span class=\"_ _4\"></span>zato un <span class=\"ff5f ls57 ws97\">workshop</span> d<span class=\"_ _4\"></span>edicat<span class=\"_ _4\"></span>o alla circolarit\u00e0 d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti, che ha co<span class=\"_ _4\"></span>involto 60 g<span class=\"_ _4\"></span>iovani </span><span style=\"display:inherit;clear:left;\">tale<span class=\"_ _4\"></span>nti dell<span class=\"_ _4\"></span>\u2019azien<span class=\"_ _4\"></span>da impegnati n<span class=\"_ _4\"></span>el ripe<span class=\"_ _4\"></span>nsare una s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei nos<span class=\"_ _4\"></span>tri pro<span class=\"_ _4\"></span>dotti p<span class=\"_ _4\"></span>i\u00f9 iconici in otti<span class=\"_ _4\"></span>ca innovati<span class=\"_ _4\"></span>va e circo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lare. I ri<span class=\"_ _4\"></span>sultati de<span class=\"_ _4\"></span>ll'iniziati<span class=\"_ _4\"></span>va son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>entati all'Amministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, al Dire<span class=\"_ _4\"></span>ttore Cre<span class=\"_ _4\"></span>ativo e all'inte<span class=\"_ _4\"></span>ro ESG </span><span style=\"display:inherit;clear:left;\">Stee<span class=\"_ _4\"></span>ring Commi<span class=\"_ _1\"></span>tte<span class=\"_ _4\"></span>e<span class=\"ff5c\">, se<span class=\"_ _4\"></span>gnando un sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo pas<span class=\"_ _4\"></span>so avant<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o una strate<span class=\"_ _4\"></span>gia azie<span class=\"_ _4\"></span>ndale che ve<span class=\"_ _4\"></span>de la so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 </span></span><span style=\"display:inherit;clear:left;\">come uno d<span class=\"_ _4\"></span>ei valor<span class=\"_ _4\"></span>i distinti<span class=\"_ _4\"></span>vi della marc<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _10\"> </span>- <span class=\"_ _1\"></span> <span class=\"_ _49\"></span>N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 il Grup<span class=\"_ _4\"></span>po ha av<span class=\"_ _4\"></span>viato un p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o di <span class=\"ff5f\">Life C<span class=\"_ _2\"></span>ycle A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>sment<span class=\"ff5c\"> (LCA) su tre d<span class=\"_ _4\"></span>ei prod<span class=\"_ _4\"></span>otti pi\u00f9 rap<span class=\"_ _4\"></span>pre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ativi, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato ad approfo<span class=\"_ _4\"></span>ndire gli impatt<span class=\"_ _4\"></span>i deriv<span class=\"_ _4\"></span>anti dall'approv<span class=\"_ _4\"></span>vig<span class=\"_ _4\"></span>ionamento e dalla pro<span class=\"_ _4\"></span>duzio<span class=\"_ _4\"></span>ne. Il pro<span class=\"_ _4\"></span>getto </span><span style=\"display:inherit;clear:left;\">ha prev<span class=\"_ _4\"></span>isto un'attiv<span class=\"_ _4\"></span>it\u00e0 di <span class=\"ff5f ls68 ws8e\">engagem<span class=\"_ _1\"></span>ent<span class=\"ff5c ls0 ws121\"> con i fornitori, volt<span class=\"_ _4\"></span>a a coinvolgerli at<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente e a garantire una v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span></span></span><span style=\"display:inherit;clear:left;\">tras<span class=\"_ _4\"></span>parente lungo la f<span class=\"_ _4\"></span>iliera p<span class=\"_ _4\"></span>rodutt<span class=\"_ _4\"></span>iva, me<span class=\"_ _4\"></span>tte<span class=\"_ _4\"></span>ndo in pratic<span class=\"_ _4\"></span>a la visi<span class=\"_ _4\"></span>one di <span class=\"ff5f ls68 ws8e\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls0 wse2\"> con la catena d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re sempre </span></span></span><span style=\"display:inherit;clear:left;\">pi\u00f9 bas<span class=\"_ _4\"></span>ata anche s<span class=\"_ _4\"></span>u proget<span class=\"_ _4\"></span>ti ESG co<span class=\"_ _4\"></span>ndivi<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>-  <span class=\"_ _47\"></span>Ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>affor<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di r<span class=\"_ _4\"></span>accolt<span class=\"_ _4\"></span>a dati dei prin<span class=\"_ _4\"></span>cipali fornitori te<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ili e conciari, ince<span class=\"_ _4\"></span>ntrata sull<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>ze chimiche nelle f<span class=\"_ _4\"></span>asi di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, al f<span class=\"_ _4\"></span>ine di monitor<span class=\"_ _4\"></span>are e mitigare gli impat<span class=\"_ _4\"></span>ti dei ri<span class=\"_ _4\"></span>schi di f<span class=\"_ _4\"></span>iliera ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o leg<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 nella Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla Ges<span class=\"_ _4\"></span>tione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o continuer<span class=\"_ _4\"></span>\u00e0 nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2025 a raffo<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>are la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambiamento climatic<span class=\"_ _4\"></span>o sugli impatt<span class=\"_ _4\"></span>i po<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>ziali sugli <span class=\"ff5f ls36 wsb\">ass<span class=\"_ _4\"></span>et</span> e sui proce<span class=\"_ _4\"></span>ssi d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, al fin<span class=\"_ _4\"></span>e di indiriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte ed impl<span class=\"_ _4\"></span>ement<span class=\"_ _4\"></span>are eventuali ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\">misure di contro<span class=\"_ _4\"></span>llo per limit<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e a tali ris<span class=\"_ _4\"></span>chi.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__25": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.2 Immobili, Impianti e macc<span class=\"_ _1\"></span>hinari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono r<span class=\"_ _4\"></span>ilevate al co<span class=\"_ _4\"></span>sto s<span class=\"_ _4\"></span>torico, comp<span class=\"_ _4\"></span>rensi<span class=\"_ _4\"></span>vo dei co<span class=\"_ _4\"></span>sti acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sori diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte imputab<span class=\"_ _4\"></span>ili e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">alla mes<span class=\"_ _4\"></span>sa in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l be<span class=\"_ _4\"></span>ne per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso p<span class=\"_ _4\"></span>er cui \u00e8 s<span class=\"_ _4\"></span>tato ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ato. T<span class=\"_ _1c\"></span>ale co<span class=\"_ _4\"></span>sto inclu<span class=\"_ _4\"></span>de i cos<span class=\"_ _4\"></span>ti per la s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzion<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te di macchinari e impianti ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui sono s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti se co<span class=\"_ _4\"></span>nformi ai criteri di r<span class=\"_ _4\"></span>ilevaz<span class=\"_ _4\"></span>ione. Il v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to (il </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to meno l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>o accumulato e le pe<span class=\"_ _4\"></span>rdite pe<span class=\"_ _4\"></span>r riduzio<span class=\"_ _4\"></span>ne di valore a<span class=\"_ _4\"></span>ccumulate<span class=\"_ _1\"></span>) delle par<span class=\"_ _4\"></span>ti di ma<span class=\"_ _4\"></span>cchinari e </span><span style=\"display:inherit;clear:left;\">impianti sos<span class=\"_ _4\"></span>tituiti \u00e8 ril<span class=\"_ _4\"></span>evato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co al mome<span class=\"_ _4\"></span>nto della loro s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ituzione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Le spe<span class=\"_ _4\"></span>se di manute<span class=\"_ _4\"></span>nzion<span class=\"_ _4\"></span>e e riparaz<span class=\"_ _4\"></span>ione, che n<span class=\"_ _4\"></span>on siano sus<span class=\"_ _4\"></span>cet<span class=\"_ _4\"></span>tibili a valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o prolungare la v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua dei b<span class=\"_ _4\"></span>eni, </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sate nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio in cui s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute, in ca<span class=\"_ _4\"></span>so contrar<span class=\"_ _4\"></span>io vengono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mulate dete<span class=\"_ _4\"></span>rminate sec<span class=\"_ _4\"></span>ondo le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uito. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 cal<span class=\"_ _4\"></span>colato in quote cos<span class=\"_ _4\"></span>tanti in b<span class=\"_ _4\"></span>ase alla vit<span class=\"_ _4\"></span>a utile s<span class=\"_ _4\"></span>timata de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a. Le vite ut<span class=\"_ _4\"></span>ili delle </span><span style=\"display:inherit;clear:left;\">principali cla<span class=\"_ _4\"></span>ssi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>guent<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Impianti e Macchinari<span class=\"_ _2bb\"> </span>5-6 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _2bc\"> </span>4-7 anni</span><span style=\"display:inherit;clear:left;\">Altri beni:</span><span style=\"display:inherit;clear:left;\">- Mobili Ar<span class=\"_ _1\"></span>redi Uffici<span class=\"_ _2bd\"> </span>5-8 anni</span><span style=\"display:inherit;clear:left;\">- Macchine Elettr<span class=\"_ _1\"></span>oniche<span class=\"_ _2be\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">- C<span class=\"_ _1\"></span>ollezione Storica<span class=\"_ _2bf\"> </span>5 anni</span><span style=\"display:inherit;clear:left;\">- Automezzi<span class=\"_ _2c0\"> </span><span class=\"ws0\">3-4 anni</span></span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _217\"> </span>Minor<span class=\"_ _1\"></span>e tra la vita utile del bene e la dur<span class=\"_ _2\"></span>ata residua del contr<span class=\"_ _2\"></span>atto di affitto del bene</span><span style=\"display:inherit;clear:left;\">Il valore re<span class=\"_ _4\"></span>siduo d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>ne, la vit<span class=\"_ _4\"></span>a utile e i m<span class=\"_ _4\"></span>etodi di ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento ap<span class=\"_ _4\"></span>plicati s<span class=\"_ _4\"></span>ono riv<span class=\"_ _4\"></span>isti alla f<span class=\"_ _4\"></span>ine di cias<span class=\"_ _4\"></span>cun es<span class=\"_ _4\"></span>ercizio e </span><span style=\"display:inherit;clear:left;\">ade<span class=\"_ _4\"></span>guati, se ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sario, in mo<span class=\"_ _4\"></span>do pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tico.</span><span style=\"display:inherit;clear:left;\">Qualor<span class=\"_ _4\"></span>a part<span class=\"_ _4\"></span>i signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve di tali atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 materiali abbiano dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nti vite utili, t<span class=\"_ _4\"></span>ali compo<span class=\"_ _4\"></span>nenti s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zate s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. I terre<span class=\"_ _4\"></span>ni, sia liberi da co<span class=\"_ _4\"></span>stru<span class=\"_ _4\"></span>zione sia anne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i a fabbric<span class=\"_ _4\"></span>ati, sono r<span class=\"_ _4\"></span>ilevati s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente e no<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in quanto e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti a vit<span class=\"_ _4\"></span>a utile illimitat<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli immobili, impianti e ma<span class=\"_ _4\"></span>cchinari \u00e8 sot<span class=\"_ _4\"></span>topos<span class=\"_ _4\"></span>to a ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. </span><span style=\"display:inherit;clear:left;\">Se e<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>e un\u2019in<span class=\"_ _4\"></span>dicazi<span class=\"_ _4\"></span>one di ques<span class=\"_ _4\"></span>to tip<span class=\"_ _4\"></span>o e nel ca<span class=\"_ _4\"></span>so in cui il valo<span class=\"_ _4\"></span>re di carico e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>da il valore di pre<span class=\"_ _4\"></span>sumibile re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo,<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sono s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ate fin<span class=\"_ _4\"></span>o a rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il loro valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo. Il val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili, impianti e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">macchinari \u00e8 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entato dal mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re tra il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo net<span class=\"_ _4\"></span>to di vendit<span class=\"_ _4\"></span>a e il valor<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso.</span><span style=\"display:inherit;clear:left;\">Nel d<span class=\"_ _4\"></span>efinire il v<span class=\"_ _4\"></span>alore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari fu<span class=\"_ _4\"></span>turi atte<span class=\"_ _4\"></span>si son<span class=\"_ _4\"></span>o attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto ante </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi sp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 che non gen<span class=\"_ _4\"></span>era f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span>ziari ampiame<span class=\"_ _4\"></span>nte indipen<span class=\"_ _4\"></span>denti, il valo<span class=\"_ _4\"></span>re di realiz<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto econ<span class=\"_ _4\"></span>omico fra i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valo<span class=\"_ _4\"></span>re sono </span><span style=\"display:inherit;clear:left;\">ripris<span class=\"_ _4\"></span>tinate nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano me<span class=\"_ _4\"></span>no i motiv<span class=\"_ _4\"></span>i che le hanno ge<span class=\"_ _4\"></span>nerate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile di un e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nto di immobili, impianti e macchinari e<span class=\"_ _4\"></span>d ogni co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte signif<span class=\"_ _4\"></span>icativo ini<span class=\"_ _4\"></span>zial<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente ril<span class=\"_ _4\"></span>evato \u00e8 eliminato al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lla dismis<span class=\"_ _4\"></span>sione (cio\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ott<span class=\"_ _4\"></span>iene il contro<span class=\"_ _4\"></span>l<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lo<span class=\"_ _2\"></span>) o quan<span class=\"_ _4\"></span>do non ci si at<span class=\"_ _4\"></span>tende al<span class=\"_ _4\"></span>cun bene<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>io econo<span class=\"_ _4\"></span>mico futuro dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019utile/pe<span class=\"_ _4\"></span>rdita </span><span style=\"display:inherit;clear:left;\">che em<span class=\"_ _4\"></span>erge al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>liminazion<span class=\"_ _4\"></span>e contabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>cal<span class=\"_ _4\"></span>colato come dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a tra il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 ed il c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pe<span class=\"_ _4\"></span>rcepito) \u00e8 rilevato a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o quando l<span class=\"_ _4\"></span>\u2019eleme<span class=\"_ _4\"></span>nto \u00e8 eliminato<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>ab<span class=\"_ _4\"></span>ilme<span class=\"_ _4\"></span>nte.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__27": {
   "value": "<span style=\"display:inherit;clear:left;\">Le spe<span class=\"_ _4\"></span>se di manute<span class=\"_ _4\"></span>nzion<span class=\"_ _4\"></span>e e riparaz<span class=\"_ _4\"></span>ione, che n<span class=\"_ _4\"></span>on siano sus<span class=\"_ _4\"></span>cet<span class=\"_ _4\"></span>tibili a valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o prolungare la v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua dei b<span class=\"_ _4\"></span>eni, </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>sate nell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio in cui s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute, in ca<span class=\"_ _4\"></span>so contrar<span class=\"_ _4\"></span>io vengono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__28-1": {
   "value": "<span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 cal<span class=\"_ _4\"></span>colato in quote cos<span class=\"_ _4\"></span>tanti in b<span class=\"_ _4\"></span>ase alla vit<span class=\"_ _4\"></span>a utile s<span class=\"_ _4\"></span>timata de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impres<span class=\"_ _4\"></span>a. Le vite ut<span class=\"_ _4\"></span>ili delle </span><span style=\"display:inherit;clear:left;\">principali cla<span class=\"_ _4\"></span>ssi di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>guent<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Impianti e Macchinari<span class=\"_ _2bb\"> </span>5-6 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _2bc\"> </span>4-7 anni</span><span style=\"display:inherit;clear:left;\">Altri beni:</span><span style=\"display:inherit;clear:left;\">- Mobili Ar<span class=\"_ _1\"></span>redi Uffici<span class=\"_ _2bd\"> </span>5-8 anni</span><span style=\"display:inherit;clear:left;\">- Macchine Elettr<span class=\"_ _1\"></span>oniche<span class=\"_ _2be\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">- C<span class=\"_ _1\"></span>ollezione Storica<span class=\"_ _2bf\"> </span>5 anni</span><span style=\"display:inherit;clear:left;\">- Automezzi<span class=\"_ _2c0\"> </span><span class=\"ws0\">3-4 anni</span></span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _217\"> </span>Minor<span class=\"_ _1\"></span>e tra la vita utile del bene e la dur<span class=\"_ _2\"></span>ata residua del contr<span class=\"_ _2\"></span>atto di affitto del bene</span><span style=\"display:inherit;clear:left;\">Il valore re<span class=\"_ _4\"></span>siduo d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>ne, la vit<span class=\"_ _4\"></span>a utile e i m<span class=\"_ _4\"></span>etodi di ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento ap<span class=\"_ _4\"></span>plicati s<span class=\"_ _4\"></span>ono riv<span class=\"_ _4\"></span>isti alla f<span class=\"_ _4\"></span>ine di cias<span class=\"_ _4\"></span>cun es<span class=\"_ _4\"></span>ercizio e </span><span style=\"display:inherit;clear:left;\">ade<span class=\"_ _4\"></span>guati, se ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sario, in mo<span class=\"_ _4\"></span>do pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tico.</span><span style=\"display:inherit;clear:left;\">A meno ch<span class=\"_ _4\"></span>e il Gruppo n<span class=\"_ _4\"></span>on sia ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte cer<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>tare il b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o di loca<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 calc<span class=\"_ _4\"></span>olato in quote cos<span class=\"_ _4\"></span>tanti in ba<span class=\"_ _4\"></span>se al minore t<span class=\"_ _4\"></span>ra la durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to e la vit<span class=\"_ _4\"></span>a utile st<span class=\"_ _4\"></span>imata del b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">come segue:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _287\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">Automezzi<span class=\"_ _2c1\"> </span>3-4 anni</span><span style=\"display:inherit;clear:left;\">Le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a sono </span><span style=\"display:inherit;clear:left;\">ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate a quote cos<span class=\"_ _4\"></span>tanti lungo la lo<span class=\"_ _4\"></span>ro vita ut<span class=\"_ _4\"></span>ile stimat<span class=\"_ _4\"></span>a; la vita utile v<span class=\"_ _4\"></span>iene rie<span class=\"_ _4\"></span>saminat<span class=\"_ _4\"></span>a con pe<span class=\"_ _4\"></span>riodicit<span class=\"_ _4\"></span>\u00e0 annuale </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>ventuali cambiame<span class=\"_ _4\"></span>nti, laddove n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>i, sono app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>n applica<span class=\"_ _4\"></span>zione pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>a.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__29": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.3 In<span class=\"_ _1\"></span>vestimenti Immobiliari</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali dete<span class=\"_ _4\"></span>nute a fini di re<span class=\"_ _4\"></span>ddito e no<span class=\"_ _4\"></span>n a uso s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in un\u2019apposit<span class=\"_ _4\"></span>a clas<span class=\"_ _4\"></span>se den<span class=\"_ _4\"></span>omi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nata \u201c<span class=\"_ _4\"></span>Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o lo IA<span class=\"_ _4\"></span>S 40, e s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate al c<span class=\"_ _4\"></span>osto. Le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 rie<span class=\"_ _4\"></span>ntranti in tali f<span class=\"_ _4\"></span>attisp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cie cons<span class=\"_ _4\"></span>iston<span class=\"_ _4\"></span>o in terre<span class=\"_ _4\"></span>ni e/o fabbricati (o parti di f<span class=\"_ _4\"></span>abbric<span class=\"_ _4\"></span>ati) detenuti dal pro<span class=\"_ _4\"></span>priet<span class=\"_ _4\"></span>ario o dal loc<span class=\"_ _4\"></span>atario ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di un </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria o ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a al fine di c<span class=\"_ _4\"></span>once<span class=\"_ _4\"></span>derli in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ie di immobili so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate sep<span class=\"_ _4\"></span>aratame<span class=\"_ _4\"></span>nte dagli altri b<span class=\"_ _4\"></span>eni immobili p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>eduti. G<span class=\"_ _4\"></span>li invest<span class=\"_ _4\"></span>imenti immo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">biliari son<span class=\"_ _4\"></span>o esp<span class=\"_ _4\"></span>osti al n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ei relati<span class=\"_ _4\"></span>vi ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti accumulati e di e<span class=\"_ _4\"></span>ventuali pe<span class=\"_ _4\"></span>rdite di valore<span class=\"_ _4\"></span>. La v<span class=\"_ _4\"></span>ita utile de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari del Gr<span class=\"_ _4\"></span>uppo \u00e8 di 33 anni.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rific<span class=\"_ _4\"></span>a, pe<span class=\"_ _4\"></span>r rilevar<span class=\"_ _4\"></span>ne eventuali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore, </span><span style=\"display:inherit;clear:left;\">qualora eve<span class=\"_ _4\"></span>nti o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Le pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">di valore s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co fra i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e s<span class=\"_ _4\"></span>valuta<span class=\"_ _4\"></span>zioni. T<span class=\"_ _2\"></span>ali pe<span class=\"_ _4\"></span>rdite di valore </span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>inate nel ca<span class=\"_ _4\"></span>so in cui veng<span class=\"_ _4\"></span>ano meno i m<span class=\"_ _4\"></span>otivi ch<span class=\"_ _4\"></span>e le hanno gene<span class=\"_ _4\"></span>rate.</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari son<span class=\"_ _4\"></span>o eliminati dal bilancio quando s<span class=\"_ _4\"></span>ono ce<span class=\"_ _4\"></span>duti (<span class=\"_ _2\"></span>cio<span class=\"_ _4\"></span>\u00e8, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne il controll<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) o quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>invest<span class=\"_ _4\"></span>imento \u00e8 durevo<span class=\"_ _4\"></span>lmente inutiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abile e non s<span class=\"_ _4\"></span>ono att<span class=\"_ _4\"></span>esi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici fut<span class=\"_ _4\"></span>uri dalla </span><span style=\"display:inherit;clear:left;\">sua ce<span class=\"_ _4\"></span>ssion<span class=\"_ _4\"></span>e. L<span class=\"_ _1c\"></span>'ammontare d<span class=\"_ _4\"></span>el corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tivo da co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rare pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ell'utile o de<span class=\"_ _4\"></span>lla per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante </span><span style=\"display:inherit;clear:left;\">dalla cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di un investim<span class=\"_ _4\"></span>ento immobiliare \u00e8 d<span class=\"_ _4\"></span>eterminato in confor<span class=\"_ _4\"></span>mit\u00e0 ai re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prez<span class=\"_ _4\"></span>zo dell'operazione nell'IF<span class=\"_ _1\"></span>RS 1<span class=\"_ _2\"></span>5.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__31": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.4 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _2\"></span>easing</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta all<span class=\"_ _4\"></span>'inizio de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to se il contr<span class=\"_ _4\"></span>atto \u00e8, o c<span class=\"_ _4\"></span>ontiene<span class=\"_ _4\"></span>, un <span class=\"ff5f ls59 ws114\">lea<span class=\"_ _4\"></span>sing</span>. Il contratto \u00e8<span class=\"_ _4\"></span>, o contien<span class=\"_ _4\"></span>e, un <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span> se<span class=\"_ _4\"></span>, in </span><span style=\"display:inherit;clear:left;\">cambio di un c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo, conferis<span class=\"_ _4\"></span>ce il diritt<span class=\"_ _4\"></span>o di controllare l'utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di un'<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r un perio<span class=\"_ _4\"></span>do di temp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>val<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ta dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali. </span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatario</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o applica un s<span class=\"_ _4\"></span>ingolo mod<span class=\"_ _4\"></span>ello cont<span class=\"_ _4\"></span>abile pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>i i contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione in cui \u00e8 l<span class=\"_ _4\"></span>ocat<span class=\"_ _4\"></span>ario, ecce<span class=\"_ _4\"></span>tto p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">di breve durat<span class=\"_ _4\"></span>a e contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di beni di val<span class=\"_ _4\"></span>ore esig<span class=\"_ _4\"></span>uo. Il Grupp<span class=\"_ _4\"></span>o rileva una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing<span class=\"_ _4\"></span></span><span class=\"ls0 ws11c\"> e </span></span><span style=\"display:inherit;clear:left;\">un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 per D<span class=\"_ _4\"></span>iritto d\u2019uso: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o rileva un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso alla data di d<span class=\"_ _4\"></span>ecorre<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto (vale a dire alla data in cui l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tos<span class=\"_ _4\"></span>tante \u00e8 a disp<span class=\"_ _4\"></span>osi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l loc<span class=\"_ _4\"></span>atario<span class=\"_ _1\"></span>). Le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso sono mi<span class=\"_ _4\"></span>surate al cos<span class=\"_ _4\"></span>to, al net<span class=\"_ _4\"></span>to dei re<span class=\"_ _4\"></span>lativi ammo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore accumulate d<span class=\"_ _4\"></span>eterminate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le mo<span class=\"_ _4\"></span>dalit\u00e0 de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nel s<span class=\"_ _4\"></span>eguito, </span><span style=\"display:inherit;clear:left;\">e rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate pe<span class=\"_ _4\"></span>r tene<span class=\"_ _4\"></span>r conto di eventuali ri<span class=\"_ _4\"></span>deter<span class=\"_ _4\"></span>minazioni de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del <span class=\"ff5f ls59 ws114\">l<span class=\"_ _4\"></span>easing</span>. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er Dirit<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Uso includ<span class=\"_ _4\"></span>e il valore de<span class=\"_ _4\"></span>lla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls59 ws114\">leas<span class=\"_ _4\"></span>ing</span> rilev<span class=\"_ _4\"></span>ata, i cos<span class=\"_ _4\"></span>ti iniziali diret<span class=\"_ _4\"></span>ti so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti, i pagame<span class=\"_ _4\"></span>nti dovuti p<span class=\"_ _4\"></span>er il <span class=\"ff5f ls59 ws114\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fettuati alla dat<span class=\"_ _4\"></span>a o prima della dat<span class=\"_ _4\"></span>a di deco<span class=\"_ _4\"></span>rrenz<span class=\"_ _4\"></span>a al net<span class=\"_ _4\"></span>to degli inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i al<span class=\"ff5f ls59 ws136\"> lea<span class=\"_ _4\"></span>sing </span>ricev<span class=\"_ _4\"></span>uti, e la st<span class=\"_ _4\"></span>ima dei cos<span class=\"_ _4\"></span>ti che il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o dovr\u00e0 s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>enere p<span class=\"_ _4\"></span>er il ripr<span class=\"_ _4\"></span>istino d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>stante n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni or<span class=\"_ _4\"></span>iginali, qualora prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">A meno ch<span class=\"_ _4\"></span>e il Gruppo n<span class=\"_ _4\"></span>on sia ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte cer<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>tare il b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>l contratt<span class=\"_ _4\"></span>o di loca<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento \u00e8 calc<span class=\"_ _4\"></span>olato in quote cos<span class=\"_ _4\"></span>tanti in ba<span class=\"_ _4\"></span>se al minore t<span class=\"_ _4\"></span>ra la durata de<span class=\"_ _4\"></span>l contrat<span class=\"_ _4\"></span>to e la vit<span class=\"_ _4\"></span>a utile st<span class=\"_ _4\"></span>imata del b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">come segue:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati <span class=\"_ _2ba\"> </span>33 anni</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _287\"> </span>3-5 anni</span><span style=\"display:inherit;clear:left;\">Automezzi<span class=\"_ _2c1\"> </span>3-4 anni</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>elle Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per D<span class=\"_ _4\"></span>iritto d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Us<span class=\"_ _4\"></span>o \u00e8 sott<span class=\"_ _4\"></span>opos<span class=\"_ _4\"></span>to a verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, per r<span class=\"_ _4\"></span>ilevarn<span class=\"_ _4\"></span>e eventuali pe<span class=\"_ _4\"></span>rdite di valor<span class=\"_ _4\"></span>e, qualora eve<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">o cambiame<span class=\"_ _4\"></span>nti di situaz<span class=\"_ _4\"></span>ione indichino ch<span class=\"_ _4\"></span>e il valore di c<span class=\"_ _4\"></span>arico non p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cupe<span class=\"_ _4\"></span>rato. Se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un\u2019in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ione di </span><span style=\"display:inherit;clear:left;\">ques<span class=\"_ _4\"></span>to tipo e n<span class=\"_ _4\"></span>el ca<span class=\"_ _4\"></span>so in cui il valore di c<span class=\"_ _4\"></span>arico e<span class=\"_ _4\"></span>cceda il v<span class=\"_ _4\"></span>alore di pre<span class=\"_ _4\"></span>sumibile reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo, le attiv<span class=\"_ _4\"></span>it\u00e0 s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>valutate f<span class=\"_ _4\"></span>ino a </span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>lette<span class=\"_ _4\"></span>re il loro val<span class=\"_ _4\"></span>ore di realiz<span class=\"_ _4\"></span>zo. Il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal mag<span class=\"_ _4\"></span>giore tr<span class=\"_ _4\"></span>a il prez<span class=\"_ _4\"></span>zo n<span class=\"_ _4\"></span>etto di ve<span class=\"_ _4\"></span>ndita e il </span><span style=\"display:inherit;clear:left;\">valore d<span class=\"_ _5\"></span>\u2019uso. Nel de<span class=\"_ _4\"></span>finire il va<span class=\"_ _4\"></span>lore d'us<span class=\"_ _4\"></span>o, i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari futur<span class=\"_ _4\"></span>i atte<span class=\"_ _4\"></span>si sono at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i utiliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto </span><span style=\"display:inherit;clear:left;\">ante impos<span class=\"_ _4\"></span>te che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te la stima co<span class=\"_ _4\"></span>rrente de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato riferito al co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>l denaro rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tato al t<span class=\"_ _4\"></span>empo e ai ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Per un'attivit<span class=\"_ _4\"></span>\u00e0 che non ge<span class=\"_ _4\"></span>nera f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari ampiame<span class=\"_ _4\"></span>nte indipe<span class=\"_ _4\"></span>ndenti, il v<span class=\"_ _4\"></span>alore di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo \u00e8 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>rminato in relazi<span class=\"_ _4\"></span>one all'unit\u00e0 ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari cui tale at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 appar<span class=\"_ _4\"></span>tie<span class=\"_ _4\"></span>ne. Le p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate ne<span class=\"_ _4\"></span>l conto e<span class=\"_ _4\"></span>conomico f<span class=\"_ _4\"></span>ra i cos<span class=\"_ _4\"></span>ti per amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e sva<span class=\"_ _4\"></span>lutaz<span class=\"_ _4\"></span>ioni. T<span class=\"_ _1c\"></span>ali p<span class=\"_ _4\"></span>erdite di v<span class=\"_ _4\"></span>alore son<span class=\"_ _4\"></span>o ripris<span class=\"_ _4\"></span>tinate </span><span style=\"display:inherit;clear:left;\">nel c<span class=\"_ _4\"></span>aso in cui ve<span class=\"_ _4\"></span>ngano men<span class=\"_ _4\"></span>o i motiv<span class=\"_ _4\"></span>i che le hanno gen<span class=\"_ _4\"></span>erate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span>: </span><span style=\"display:inherit;clear:left;\">Alla data di d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, il Grupp<span class=\"_ _4\"></span>o rilev<span class=\"_ _4\"></span>a una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>eas<span class=\"_ _4\"></span>ing</span> calcolat<span class=\"_ _4\"></span>a come il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e dei </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nti futuri re<span class=\"_ _4\"></span>sidui f<span class=\"_ _4\"></span>ino alla f<span class=\"_ _4\"></span>ine del co<span class=\"_ _4\"></span>ntratto. I pag<span class=\"_ _4\"></span>amenti fut<span class=\"_ _4\"></span>uri includono i p<span class=\"_ _4\"></span>agamenti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>si, al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">incenti<span class=\"_ _4\"></span>vi al <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> da ric<span class=\"_ _4\"></span>evere, i p<span class=\"_ _4\"></span>agamenti v<span class=\"_ _4\"></span>ariabili che dipe<span class=\"_ _4\"></span>ndono da un in<span class=\"_ _4\"></span>dice o un tas<span class=\"_ _4\"></span>so e gli imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti che si pre<span class=\"_ _4\"></span>vede </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o dovr\u00e0 p<span class=\"_ _4\"></span>agare a titol<span class=\"_ _4\"></span>o di garanzi<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re resi<span class=\"_ _4\"></span>duo. I pagame<span class=\"_ _4\"></span>nti futuri includ<span class=\"_ _4\"></span>ono anche il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>serci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio de<span class=\"_ _4\"></span>ll'opzione di acquis<span class=\"_ _4\"></span>to, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione<span class=\"_ _4\"></span>, e i pagame<span class=\"_ _4\"></span>nti di penalit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di riso<span class=\"_ _4\"></span>luzione d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, se il Gr<span class=\"_ _4\"></span>uppo ha la ragi<span class=\"_ _4\"></span>onevole c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _5\"></span>za di e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>are l'opzione di ri<span class=\"_ _4\"></span>soluzi<span class=\"_ _4\"></span>one. I pag<span class=\"_ _4\"></span>amenti </span><span style=\"display:inherit;clear:left;\">variabili, che no<span class=\"_ _4\"></span>n dipen<span class=\"_ _4\"></span>dono da un indice o t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so, ma che pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o dipend<span class=\"_ _4\"></span>ono principalm<span class=\"_ _4\"></span>ente dal volume de<span class=\"_ _4\"></span>lle </span><span style=\"display:inherit;clear:left;\">vendite<span class=\"_ _4\"></span>, continuano ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come cos<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico, tra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i. Per calc<span class=\"_ _4\"></span>olare il va<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lore att<span class=\"_ _4\"></span>uale dei pag<span class=\"_ _4\"></span>amenti futur<span class=\"_ _4\"></span>i, il Gruppo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>za l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f\">Incre<span class=\"_ _4\"></span>mental Bo<span class=\"_ _4\"></span>rrowing Rate</span> (IBR) alla da<span class=\"_ _1\"></span>ta di iniz<span class=\"_ _4\"></span>io del co<span class=\"_ _4\"></span>ntratto. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte, la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> \u00e8 incre<span class=\"_ _4\"></span>mentat<span class=\"_ _4\"></span>a per g<span class=\"_ _4\"></span>li interes<span class=\"_ _4\"></span>si e de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>ntata p<span class=\"_ _4\"></span>er i pag<span class=\"_ _4\"></span>amenti ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuati. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> \u00e8 rimisurat<span class=\"_ _4\"></span>a per t<span class=\"_ _4\"></span>enere c<span class=\"_ _4\"></span>onto di modif<span class=\"_ _4\"></span>iche ai t<span class=\"_ _4\"></span>ermini del c<span class=\"_ _4\"></span>ontratto.</span><span style=\"display:inherit;clear:left;\">Cont<span class=\"_ _4\"></span>ratti d<span class=\"_ _4\"></span>i breve dur<span class=\"_ _4\"></span>ata e c<span class=\"_ _4\"></span>ontrat<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>ni di valo<span class=\"_ _4\"></span>re e<span class=\"_ _4\"></span>siguo: </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o si av<span class=\"_ _4\"></span>vale d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019esen<span class=\"_ _4\"></span>zione dall<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 p<span class=\"_ _4\"></span>er i contrat<span class=\"_ _4\"></span>ti di breve dur<span class=\"_ _4\"></span>ata (inferiore a 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi) e pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">i contrat<span class=\"_ _4\"></span>ti in cui il singolo b<span class=\"_ _4\"></span>ene lo<span class=\"_ _4\"></span>cato \u00e8 di valo<span class=\"_ _4\"></span>re esig<span class=\"_ _4\"></span>uo (inferiore a Euro 5.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0). I pagame<span class=\"_ _4\"></span>nti dei can<span class=\"_ _4\"></span>oni di tali contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati linearm<span class=\"_ _4\"></span>ente come c<span class=\"_ _4\"></span>osti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico, sulla bas<span class=\"_ _4\"></span>e dei te<span class=\"_ _4\"></span>rmini e delle co<span class=\"_ _4\"></span>ndizioni d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to.</span><span style=\"display:inherit;clear:left;\">Il Gruppo in veste di locatore</span><span style=\"display:inherit;clear:left;\">I contrat<span class=\"_ _4\"></span>ti di <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte lasciano in c<span class=\"_ _4\"></span>apo al Grup<span class=\"_ _4\"></span>po tutt<span class=\"_ _4\"></span>i i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>lla propriet<span class=\"_ _4\"></span>\u00e0 de<span class=\"_ _4\"></span>l bene </span><span style=\"display:inherit;clear:left;\">sono cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls9 ws8\"> op<span class=\"_ _4\"></span>erativi. </span></span><span style=\"display:inherit;clear:left;\">I canoni di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati in quote cos<span class=\"_ _4\"></span>tanti lungo la durat<span class=\"_ _4\"></span>a dei co<span class=\"_ _4\"></span>ntratti di lo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re alla data di bilancio </span><span style=\"display:inherit;clear:left;\">e, se d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti da invest<span class=\"_ _4\"></span>imenti immob<span class=\"_ _4\"></span>iliari, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Loc<span class=\"_ _4\"></span>azioni Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I cos<span class=\"_ _4\"></span>ti diret<span class=\"_ _4\"></span>ti iniziali </span><span style=\"display:inherit;clear:left;\">sos<span class=\"_ _4\"></span>tenuti p<span class=\"_ _4\"></span>er l'ot<span class=\"_ _4\"></span>tenimento d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo sono c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati e rile<span class=\"_ _4\"></span>vati come ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>amento lungo la dur<span class=\"_ _4\"></span>ata del </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws0\"> con lo s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>sso cr<span class=\"_ _4\"></span>iterio di rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one dei prove<span class=\"_ _4\"></span>nti del </span>l<span class=\"_ _4\"></span>easing<span class=\"ff5c ls0 ws0\">.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__34-1": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.5 Aggr<span class=\"_ _2\"></span>egazioni <span class=\"_ _4\"></span>aziendali <span class=\"_ _4\"></span>ed Avviamento</span><span style=\"display:inherit;clear:left;\">Le aggregazioni aziendali sono contabilizzate utiliz<span class=\"_ _4\"></span>zando il metodo dell\u2019acq<span class=\"_ _1\"></span>uisto. </span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to di acquis<span class=\"_ _4\"></span>to \u00e8 valut<span class=\"_ _4\"></span>ato come so<span class=\"_ _4\"></span>mma del cor<span class=\"_ _4\"></span>rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo trasfe<span class=\"_ _4\"></span>rito misur<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> (valore equo) alla data di </span></span></span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto di qual<span class=\"_ _4\"></span>siasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazio<span class=\"_ _4\"></span>ne di minoranz<span class=\"_ _4\"></span>a nell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. Per ogni ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azi<span class=\"_ _4\"></span>endale<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente d<span class=\"_ _4\"></span>eve valut<span class=\"_ _4\"></span>are qualsiasi par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione di minoran<span class=\"_ _4\"></span>za ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ac<span class=\"_ _4\"></span>quisit<span class=\"_ _4\"></span>a al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsc6\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) oppure<span class=\"_ _1\"></span> in </span></span></span><span style=\"display:inherit;clear:left;\">propo<span class=\"_ _4\"></span>rzio<span class=\"_ _4\"></span>ne alla quota  d<span class=\"_ _4\"></span>ella par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a nelle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 net<span class=\"_ _4\"></span>te identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>abili dell<span class=\"_ _4\"></span>\u2019acquisit<span class=\"_ _4\"></span>a. I cos<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">acquisi<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ono sp<span class=\"_ _4\"></span>esat<span class=\"_ _4\"></span>i e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ati tra le sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e amministr<span class=\"_ _4\"></span>ative.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o deter<span class=\"_ _4\"></span>mina di aver acquisit<span class=\"_ _4\"></span>o un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 azien<span class=\"_ _4\"></span>dale quando l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>sieme inte<span class=\"_ _4\"></span>grato di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e be<span class=\"_ _4\"></span>ni include almen<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">un fatto<span class=\"_ _4\"></span>re della pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e ed un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anziale che in<span class=\"_ _4\"></span>sieme co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>ono in mod<span class=\"_ _4\"></span>o signif<span class=\"_ _4\"></span>icativo alla c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span>. Il proc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so acquis<span class=\"_ _4\"></span>ito \u00e8 consi<span class=\"_ _4\"></span>derato s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anziale s<span class=\"_ _4\"></span>e \u00e8 cruciale p<span class=\"_ _4\"></span>er la capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>rare un <span class=\"ff5f ls5b ws8\">outp<span class=\"_ _4\"></span>ut</span> e i fatto<span class=\"_ _4\"></span>ri di produ<span class=\"_ _4\"></span>zione ac<span class=\"_ _4\"></span>quisiti compr<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o una forz<span class=\"_ _4\"></span>a  lavoro organi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata ch<span class=\"_ _4\"></span>e dispon<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sarie comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>ze, cono<span class=\"_ _4\"></span>sce<span class=\"_ _4\"></span>nze o es<span class=\"_ _4\"></span>perie<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>er e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uire tale pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so o co<span class=\"_ _4\"></span>ntribuisc<span class=\"_ _4\"></span>e signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>amente alla </span><span style=\"display:inherit;clear:left;\">capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un o<span class=\"_ _4\"></span>utput ed \u00e8 co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato unico o sc<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>o  o non pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere so<span class=\"_ _4\"></span>stituito s<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a cos<span class=\"_ _4\"></span>ti, </span><span style=\"display:inherit;clear:left;\">sfor<span class=\"_ _4\"></span>zi o rit<span class=\"_ _4\"></span>ardi signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r le capa<span class=\"_ _4\"></span>cit\u00e0 di continuare a ge<span class=\"_ _4\"></span>nerare un <span class=\"ff5f ls5b ws8\">o<span class=\"_ _4\"></span>utput<span class=\"_ _4\"></span></span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">Ogni cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo poten<span class=\"_ _4\"></span>ziale deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rile<span class=\"_ _4\"></span>vato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquirente al <span class=\"ff5f\">fair value</span> alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne. L<span class=\"_ _4\"></span>a variazio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">del <span class=\"ff5f wsb\">fair value<span class=\"ff5c\"> del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo pote<span class=\"_ _4\"></span>nziale clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, s<span class=\"_ _4\"></span>ar\u00e0 </span></span></span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ata se<span class=\"_ _4\"></span>condo quanto dis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico o nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle altre comp<span class=\"_ _4\"></span>onenti di co<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">economico complessivo. Se il<span class=\"_ _1\"></span> corrispettivo potenziale \u00e8 c<span class=\"_ _1\"></span>lassificato come strumento di<span class=\"_ _1\"></span> patrimon<span class=\"_ _1\"></span>io netto, i<span class=\"_ _2\"></span>l suo valore </span><span style=\"display:inherit;clear:left;\">non deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere rimis<span class=\"_ _4\"></span>urato e la sua es<span class=\"_ _4\"></span>tinzi<span class=\"_ _4\"></span>one sar<span class=\"_ _4\"></span>\u00e0 contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to. Nei c<span class=\"_ _4\"></span>asi in cui il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">pote<span class=\"_ _4\"></span>nziale non r<span class=\"_ _4\"></span>icade n<span class=\"_ _4\"></span>ello sc<span class=\"_ _4\"></span>opo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9, deve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e comunque valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair value</span> e le variazio<span class=\"_ _4\"></span>ni devono e<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sere rilevate nel conto economico.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione azi<span class=\"_ _4\"></span>endale \u00e8 iniz<span class=\"_ _4\"></span>ialmente valut<span class=\"_ _4\"></span>ato al cos<span class=\"_ _4\"></span>to che eme<span class=\"_ _4\"></span>rge com<span class=\"_ _4\"></span>e ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>insiem<span class=\"_ _4\"></span>e dei corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i corris<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to is<span class=\"_ _4\"></span>critto p<span class=\"_ _4\"></span>er le inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoranz<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">equo d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 nett<span class=\"_ _4\"></span>e identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili acquisite e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 as<span class=\"_ _4\"></span>sunte dal Gr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>sto richi<span class=\"_ _4\"></span>ede la rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one a valor<span class=\"_ _4\"></span>e equo de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te non ric<span class=\"_ _4\"></span>onos<span class=\"_ _4\"></span>ciute<span class=\"_ _2\"></span>) e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali ed es<span class=\"_ _4\"></span>cluse le r<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>uttura<span class=\"_ _4\"></span>zioni future) </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>azien<span class=\"_ _4\"></span>da acq<span class=\"_ _1\"></span>uistata.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, l<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento \u00e8 va<span class=\"_ _4\"></span>lutato al cos<span class=\"_ _4\"></span>to ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cumulate. Al f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla ve<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er riduz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 allo<span class=\"_ _4\"></span>cato, alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">alle singole unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i del Gr<span class=\"_ _4\"></span>uppo, o ai grupp<span class=\"_ _4\"></span>i di unit\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si che dovr<span class=\"_ _4\"></span>ebbe<span class=\"_ _4\"></span>ro ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciare </span><span style=\"display:inherit;clear:left;\">dalle sine<span class=\"_ _4\"></span>rgie de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione, in<span class=\"_ _4\"></span>dipend<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte dal fatto ch<span class=\"_ _4\"></span>e altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo siano a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnate </span><span style=\"display:inherit;clear:left;\">a tali unit<span class=\"_ _4\"></span>\u00e0 o rag<span class=\"_ _4\"></span>gruppam<span class=\"_ _4\"></span>enti di unit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo ac<span class=\"_ _4\"></span>quisisc<span class=\"_ _4\"></span>e un <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, de<span class=\"_ _4\"></span>ve classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are o des<span class=\"_ _4\"></span>ignare le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie acquis<span class=\"_ _4\"></span>ite o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>unte in accordo c<span class=\"_ _4\"></span>on i termini co<span class=\"_ _4\"></span>ntrattuali, le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni econo<span class=\"_ _4\"></span>miche e le altre co<span class=\"_ _4\"></span>ndizioni p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tine<span class=\"_ _4\"></span>nti in es<span class=\"_ _4\"></span>sere alla </span><span style=\"display:inherit;clear:left;\">data di ac<span class=\"_ _4\"></span>quisizion<span class=\"_ _4\"></span>e. Ci\u00f2 includ<span class=\"_ _4\"></span>e la verif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>abilire se un d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorpo<span class=\"_ _4\"></span>rato deb<span class=\"_ _4\"></span>ba es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>eparato dal c<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>o primario. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a in pi\u00f9 fasi, la s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 rical<span class=\"_ _4\"></span>cola il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws150\"> della<span class=\"_ _1\"></span> parte<span class=\"_ _4\"></span>cipazione precedente<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">mente de<span class=\"_ _4\"></span>tenut<span class=\"_ _4\"></span>a e rileva n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomico l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>eventuale ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita ris<span class=\"_ _4\"></span>ultante.</span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 s<span class=\"_ _4\"></span>tato allo<span class=\"_ _4\"></span>cato a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0 ge<span class=\"_ _4\"></span>neratri<span class=\"_ _4\"></span>ce di flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari e l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 dismet<span class=\"_ _4\"></span>te par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 di t<span class=\"_ _4\"></span>ale uni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">t\u00e0, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>viame<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>ociato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di<span class=\"_ _4\"></span>sme<span class=\"_ _4\"></span>ssa d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e incluso ne<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 quan<span class=\"_ _4\"></span>do si dete<span class=\"_ _4\"></span>rmina </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vante dalla dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento as<span class=\"_ _4\"></span>sociato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei valo<span class=\"_ _4\"></span>ri relativ<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa e de<span class=\"_ _4\"></span>lla part<span class=\"_ _4\"></span>e mantenuta d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari.</span><span style=\"display:inherit;clear:left;\">Le <span class=\"ff5f ls2b ws5d\">busines<span class=\"_ _4\"></span>s combination</span><span class=\"ls3 ws8\"> effet<span class=\"_ _4\"></span>tuate tra entit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _4\"></span>to comune co<span class=\"_ _4\"></span>ntrollo non rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>I<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">FRS 3. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui la <span class=\"ff5f ls2b wse5\">busines<span class=\"_ _4\"></span>s combina<span class=\"_ _1\"></span>tion<span class=\"ff5c ls3 wsd9\"> tra e<span class=\"_ _4\"></span>ntit\u00e0 sot<span class=\"_ _4\"></span>to comune c<span class=\"_ _4\"></span>ontrollo non ab<span class=\"_ _4\"></span>bia sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica e </span></span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nti una mera rio<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale la so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>plica il me<span class=\"_ _4\"></span>todo di co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ls58 ws6\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>ss</span><span class=\"ls0 ws0\"> <span class=\"ff5f ls68 ws8e\">com</span><span class=\"ff5f\">-</span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">bination<span class=\"ff5c ls9 ws8\"> cosiddetti </span></span></span><span class=\"ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">pooling</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">of</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>st</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">met<span class=\"_ _4\"></span>hod</span></span><span class=\"ff5c\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ag<span class=\"_ _4\"></span>gregan<span class=\"_ _4\"></span>do</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">e</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">linea</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>er</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">line<span class=\"_ _4\"></span>a</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">ai</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">valori</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">libro</span></span>.</span></span></span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 no<span class=\"_ _4\"></span>n vi son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>e agg<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zioni di impre<span class=\"_ _4\"></span>se (</span><span style=\"display:inherit;clear:left;\">business</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">combination<span class=\"_ _2\"></span></span><span style=\"display:inherit;clear:left;\">).</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__36-1": {
   "value": "<span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione azi<span class=\"_ _4\"></span>endale \u00e8 iniz<span class=\"_ _4\"></span>ialmente valut<span class=\"_ _4\"></span>ato al cos<span class=\"_ _4\"></span>to che eme<span class=\"_ _4\"></span>rge com<span class=\"_ _4\"></span>e ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>insiem<span class=\"_ _4\"></span>e dei corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i corris<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to is<span class=\"_ _4\"></span>critto p<span class=\"_ _4\"></span>er le inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoranz<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">equo d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 nett<span class=\"_ _4\"></span>e identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili acquisite e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 as<span class=\"_ _4\"></span>sunte dal Gr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>sto richi<span class=\"_ _4\"></span>ede la rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one a valor<span class=\"_ _4\"></span>e equo de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te non ric<span class=\"_ _4\"></span>onos<span class=\"_ _4\"></span>ciute<span class=\"_ _2\"></span>) e d<span class=\"_ _4\"></span>elle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 i<span class=\"_ _4\"></span>dentif<span class=\"_ _4\"></span>icabili (inclu<span class=\"_ _4\"></span>se le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali ed es<span class=\"_ _4\"></span>cluse le r<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>uttura<span class=\"_ _4\"></span>zioni future) </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>azien<span class=\"_ _4\"></span>da acq<span class=\"_ _1\"></span>uistata.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, l<span class=\"_ _4\"></span>\u2019avv<span class=\"_ _4\"></span>iamento \u00e8 va<span class=\"_ _4\"></span>lutato al cos<span class=\"_ _4\"></span>to ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle perdit<span class=\"_ _4\"></span>e di valore ac<span class=\"_ _4\"></span>cumulate. Al f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>lla ve<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rif<span class=\"_ _4\"></span>ica p<span class=\"_ _4\"></span>er riduz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>viam<span class=\"_ _4\"></span>ento acquis<span class=\"_ _4\"></span>ito in un\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale \u00e8 allo<span class=\"_ _4\"></span>cato, alla data di ac<span class=\"_ _4\"></span>quisizio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">alle singole unit<span class=\"_ _4\"></span>\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i del Gr<span class=\"_ _4\"></span>uppo, o ai grupp<span class=\"_ _4\"></span>i di unit\u00e0 gene<span class=\"_ _4\"></span>ratrici di f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si che dovr<span class=\"_ _4\"></span>ebbe<span class=\"_ _4\"></span>ro ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciare </span><span style=\"display:inherit;clear:left;\">dalle sine<span class=\"_ _4\"></span>rgie de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione, in<span class=\"_ _4\"></span>dipend<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte dal fatto ch<span class=\"_ _4\"></span>e altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo siano a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnate </span><span style=\"display:inherit;clear:left;\">a tali unit<span class=\"_ _4\"></span>\u00e0 o rag<span class=\"_ _4\"></span>gruppam<span class=\"_ _4\"></span>enti di unit\u00e0<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 s<span class=\"_ _4\"></span>tato allo<span class=\"_ _4\"></span>cato a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unit\u00e0 ge<span class=\"_ _4\"></span>neratri<span class=\"_ _4\"></span>ce di flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari e l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 dismet<span class=\"_ _4\"></span>te par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 di t<span class=\"_ _4\"></span>ale uni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">t\u00e0, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>viame<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>ociato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di<span class=\"_ _4\"></span>sme<span class=\"_ _4\"></span>ssa d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e incluso ne<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 quan<span class=\"_ _4\"></span>do si dete<span class=\"_ _4\"></span>rmina </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vante dalla dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019a<span class=\"_ _1\"></span>v<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento as<span class=\"_ _4\"></span>sociato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei valo<span class=\"_ _4\"></span>ri relativ<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 dism<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa e de<span class=\"_ _4\"></span>lla part<span class=\"_ _4\"></span>e mantenuta d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019unit\u00e0 gener<span class=\"_ _4\"></span>atrice di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__35": {
   "value": "<span style=\"display:inherit;clear:left;\">Le <span class=\"ff5f ls2b ws5d\">busines<span class=\"_ _4\"></span>s combination</span><span class=\"ls3 ws8\"> effet<span class=\"_ _4\"></span>tuate tra entit<span class=\"_ _4\"></span>\u00e0 sot<span class=\"_ _4\"></span>to comune co<span class=\"_ _4\"></span>ntrollo non rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>I<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">FRS 3. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui la <span class=\"ff5f ls2b wse5\">busines<span class=\"_ _4\"></span>s combina<span class=\"_ _1\"></span>tion<span class=\"ff5c ls3 wsd9\"> tra e<span class=\"_ _4\"></span>ntit\u00e0 sot<span class=\"_ _4\"></span>to comune c<span class=\"_ _4\"></span>ontrollo non ab<span class=\"_ _4\"></span>bia sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica e </span></span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nti una mera rio<span class=\"_ _4\"></span>rganiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale la so<span class=\"_ _4\"></span>ciet\u00e0 ap<span class=\"_ _4\"></span>plica il me<span class=\"_ _4\"></span>todo di co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ls58 ws6\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>ss</span><span class=\"ls0 ws0\"> <span class=\"ff5f ls68 ws8e\">com</span><span class=\"ff5f\">-</span></span></span><span style=\"display:inherit;clear:left;\">bination<span class=\"ff5c ls9 ws8\"> cosiddetti </span></span><span style=\"display:inherit;clear:left;\">pooling</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">of</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>st</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">met<span class=\"_ _4\"></span>hod</span><span style=\"display:inherit;clear:left;\">,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">ag<span class=\"_ _4\"></span>gregan<span class=\"_ _4\"></span>do</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">le</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">le</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">linea</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>er</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">line<span class=\"_ _4\"></span>a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">ai</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">valori</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">libro</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__39": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.6 Atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _4\"></span>Immateriali</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019attivo al cos<span class=\"_ _4\"></span>to di acqui<span class=\"_ _4\"></span>sto quando \u00e8 p<span class=\"_ _4\"></span>robabile che l<span class=\"_ _4\"></span>\u2019uso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici futuri e quando il c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e determinato in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 imma<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teriali ac<span class=\"_ _4\"></span>quisite att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni di ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione di imp<span class=\"_ _4\"></span>rese s<span class=\"_ _4\"></span>ono is<span class=\"_ _4\"></span>critte al v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo def<span class=\"_ _4\"></span>inito alla data di ac<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">quisizi<span class=\"_ _4\"></span>one, se t<span class=\"_ _4\"></span>ale val<span class=\"_ _4\"></span>ore pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dete<span class=\"_ _4\"></span>rminato in modo at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>dibile. <span><span style=\"display:inherit;clear:left;\">Le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a sono </span></span></span><span style=\"display:inherit;clear:left;\">ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate a quote cos<span class=\"_ _4\"></span>tanti lungo la lo<span class=\"_ _4\"></span>ro vita ut<span class=\"_ _4\"></span>ile stimat<span class=\"_ _4\"></span>a; la vita utile v<span class=\"_ _4\"></span>iene rie<span class=\"_ _4\"></span>saminat<span class=\"_ _4\"></span>a con pe<span class=\"_ _4\"></span>riodicit<span class=\"_ _4\"></span>\u00e0 annuale </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>ventuali cambiame<span class=\"_ _4\"></span>nti, laddove n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>i, sono app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>n applica<span class=\"_ _4\"></span>zione pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti accumulati e di eve<span class=\"_ _4\"></span>ntuali perdite di v<span class=\"_ _4\"></span>alore </span><span style=\"display:inherit;clear:left;\">accumulate det<span class=\"_ _4\"></span>erminate se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>e modalit<span class=\"_ _4\"></span>\u00e0 des<span class=\"_ _4\"></span>critte n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guito. </span><span style=\"display:inherit;clear:left;\">Le vite utili d<span class=\"_ _4\"></span>elle princip<span class=\"_ _4\"></span>ali classi di at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita so<span class=\"_ _4\"></span>no le se<span class=\"_ _4\"></span>guenti:</span><span style=\"display:inherit;clear:left;\">Vita Utile</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto industriali e diritti di utilizzazione delle opere dell\u2019ingegno<span class=\"_ _f\"> </span>2-5 anni</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2a4\"> </span>10 anni</span><span style=\"display:inherit;clear:left;\">Key money<span class=\"_ _2c2\"> </span><span class=\"ff61\">In base alla durat<span class=\"_ _1\"></span>a residua del c<span class=\"_ _1\"></span>ontratto di affitto del bene</span></span><span style=\"display:inherit;clear:left;\">Know how<span class=\"_ _2c3\"> </span><span class=\"ff61\">8 anni</span></span><span style=\"display:inherit;clear:left;\">Un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriale vi<span class=\"_ _4\"></span>ene eliminat<span class=\"_ _4\"></span>a al momento d<span class=\"_ _4\"></span>ella dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e (<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>sia, alla data in cui l<span class=\"_ _4\"></span>\u2019acquirente ne ot<span class=\"_ _4\"></span>tien<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">controllo) o quando non ci si att<span class=\"_ _4\"></span>endon<span class=\"_ _4\"></span>o ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci econo<span class=\"_ _4\"></span>mici futuri dal suo ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o dismis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>. Qualsia<span class=\"_ _4\"></span>si utile o p<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dita de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019eliminazio<span class=\"_ _4\"></span>ne dell'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a come dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za tr<span class=\"_ _4\"></span>a il corrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo net<span class=\"_ _4\"></span>to della dis<span class=\"_ _4\"></span>missio<span class=\"_ _4\"></span>ne e il </span><span style=\"display:inherit;clear:left;\">valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>ell'attiv<span class=\"_ _4\"></span>it\u00e0) \u00e8 inclusa ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico.</span><span style=\"display:inherit;clear:left;\">Il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 immateriali \u00e8 sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>sto a ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca, pe<span class=\"_ _4\"></span>r rilev<span class=\"_ _4\"></span>arne eventuali p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore, qualor<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">eventi o c<span class=\"_ _4\"></span>ambiamenti di s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e indichino che il valo<span class=\"_ _4\"></span>re di carico n<span class=\"_ _4\"></span>on pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere recup<span class=\"_ _4\"></span>erato. Le p<span class=\"_ _4\"></span>erdite di va<span class=\"_ _4\"></span>lore </span><span style=\"display:inherit;clear:left;\">sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico fra i c<span class=\"_ _4\"></span>osti p<span class=\"_ _4\"></span>er ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amenti e s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni. T<span class=\"_ _2\"></span>ali p<span class=\"_ _4\"></span>erdite di val<span class=\"_ _4\"></span>ore sono r<span class=\"_ _4\"></span>ipri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stinate n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui vengan<span class=\"_ _4\"></span>o meno i moti<span class=\"_ _4\"></span>vi che l<span class=\"_ _4\"></span>e hanno gener<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>osti di sviluppo</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di ricerc<span class=\"_ _4\"></span>a sono imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico nel mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>no sos<span class=\"_ _4\"></span>tenuti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nuti in rela<span class=\"_ _4\"></span>zione a un det<span class=\"_ _4\"></span>erminato proget<span class=\"_ _4\"></span>to so<span class=\"_ _4\"></span>no capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati solo quand<span class=\"_ _4\"></span>o il Gruppo p<span class=\"_ _4\"></span>u\u00f2 </span><span style=\"display:inherit;clear:left;\">dimos<span class=\"_ _4\"></span>trare la po<span class=\"_ _4\"></span>ssibilit<span class=\"_ _4\"></span>\u00e0 tecnic<span class=\"_ _4\"></span>a di compl<span class=\"_ _4\"></span>etare l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 immaterial<span class=\"_ _4\"></span>e in modo da re<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la disponibil<span class=\"_ _4\"></span>e per l<span class=\"_ _4\"></span>\u2019uso o p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">la vendit<span class=\"_ _4\"></span>a, la propr<span class=\"_ _4\"></span>ia intenzio<span class=\"_ _4\"></span>ne di complet<span class=\"_ _4\"></span>are det<span class=\"_ _4\"></span>ta at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r usarla o ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>la, le modalit<span class=\"_ _4\"></span>\u00e0 in cui es<span class=\"_ _4\"></span>sa ge<span class=\"_ _4\"></span>nere<span class=\"_ _4\"></span>r\u00e0 </span><span style=\"display:inherit;clear:left;\">probabili b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici f<span class=\"_ _4\"></span>uturi, la dispo<span class=\"_ _4\"></span>nibilit\u00e0 di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e tecnich<span class=\"_ _4\"></span>e, f<span class=\"_ _4\"></span>inanziarie o di altro t<span class=\"_ _4\"></span>ipo pe<span class=\"_ _4\"></span>r complet<span class=\"_ _4\"></span>are lo </span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>iluppo e la sua c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 di valutare in m<span class=\"_ _4\"></span>odo att<span class=\"_ _4\"></span>endibile il co<span class=\"_ _4\"></span>sto at<span class=\"_ _4\"></span>tribuibile all<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 durante il su<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo.</span><span style=\"display:inherit;clear:left;\">Durante il p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di sv<span class=\"_ _4\"></span>iluppo, l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 \u00e8 ries<span class=\"_ _4\"></span>aminata annualmente ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione di eve<span class=\"_ _4\"></span>ntuali perdit<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>. Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte alla rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati al cos<span class=\"_ _4\"></span>to decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ato di ogni eve<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento o p<span class=\"_ _4\"></span>erdita a<span class=\"_ _4\"></span>ccumulata. L<span class=\"_ _1c\"></span>'ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 inizia ne<span class=\"_ _4\"></span>l mome<span class=\"_ _4\"></span>nto in cui lo sv<span class=\"_ _4\"></span>iluppo si \u00e8 </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>tato e l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 \u00e8 disp<span class=\"_ _4\"></span>onibile all<span class=\"_ _4\"></span>\u2019uso. \u00c8 ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato con rife<span class=\"_ _4\"></span>rimento al p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do in cui si pre<span class=\"_ _4\"></span>vede che il p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">colle<span class=\"_ _4\"></span>gato gene<span class=\"_ _4\"></span>rer\u00e0 ri<span class=\"_ _4\"></span>cavi p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Diritti di br<span class=\"_ _1\"></span>evetto industriale e di utilizzazione delle oper<span class=\"_ _2\"></span>e d<span class=\"_ _4\"></span>\u2019ingegno </span><span style=\"display:inherit;clear:left;\">I diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>ti e di utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle op<span class=\"_ _4\"></span>ere di ingeg<span class=\"_ _4\"></span>no si riferi<span class=\"_ _4\"></span>scono ai co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er licen<span class=\"_ _4\"></span>ze d<span class=\"_ _4\"></span>\u2019uso dei <span class=\"ff5f ws5d\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ls0 wsee\"> e<span class=\"_ _4\"></span>d al<span class=\"_ _4\"></span>le </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>se p<span class=\"_ _4\"></span>er il dep<span class=\"_ _4\"></span>osito e la re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne marchi e dei bre<span class=\"_ _4\"></span>vetti re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai prodot<span class=\"_ _4\"></span>ti del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>oncessioni, diritti lic<span class=\"_ _2\"></span>enze e marchi similar<span class=\"_ _2\"></span>i </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e in esam<span class=\"_ _4\"></span>e si riferis<span class=\"_ _4\"></span>ce alle sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di depo<span class=\"_ _4\"></span>sito e reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el marchio Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo. I c<span class=\"_ _4\"></span>osti di a<span class=\"_ _4\"></span>cquisto </span><span style=\"display:inherit;clear:left;\">sono amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati in un arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale pari alla vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>l diritt<span class=\"_ _4\"></span>o acquisito.</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 immater<span class=\"_ _1\"></span>iali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte imputabil<span class=\"_ _4\"></span>e alle somme p<span class=\"_ _4\"></span>agate pe<span class=\"_ _4\"></span>r otten<span class=\"_ _4\"></span>ere la disp<span class=\"_ _4\"></span>onibilit\u00e0 di immo<span class=\"_ _4\"></span>bili in loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e suben<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trand<span class=\"_ _4\"></span>o a contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o dei con<span class=\"_ _4\"></span>duttori in m<span class=\"_ _4\"></span>odo da pot<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere nu<span class=\"_ _4\"></span>ovi contrat<span class=\"_ _4\"></span>ti con i lo<span class=\"_ _4\"></span>cator<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1\"></span><span class=\"ff5f ls3a ws8c\">key money<span class=\"ff5c lse ws0\">)<span class=\"_ _2\"></span>. T<span class=\"_ _2\"></span>ali one<span class=\"_ _4\"></span>ri vengon<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati lungo un oriz<span class=\"_ _4\"></span>zonte te<span class=\"_ _4\"></span>mporal<span class=\"_ _4\"></span>e pari alla durata d<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to.</span></span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e include, a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio 2020, anche il <span class=\"ff5f ls32 wsd4\">know how</span> acquis<span class=\"_ _4\"></span>ito attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>rega<span class=\"_ _4\"></span>zione az<span class=\"_ _4\"></span>iendale di A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ts </span><span style=\"display:inherit;clear:left;\">S.<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>.l. e Aur<span class=\"_ _4\"></span>a 1 S.r<span class=\"_ _1\"></span>.l., i<span class=\"_ _4\"></span>scritt<span class=\"_ _4\"></span>o al suo valo<span class=\"_ _4\"></span>re equo alla dat<span class=\"_ _4\"></span>a di acquisiz<span class=\"_ _4\"></span>ione. T<span class=\"_ _2\"></span>ale o<span class=\"_ _4\"></span>nere vie<span class=\"_ _4\"></span>ne ammor<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato lungo un oriz<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zonte temp<span class=\"_ _4\"></span>orale di 8 anni.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__42": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.7 Strumenti finanziari </span><span style=\"display:inherit;clear:left;\">Uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8 qualsiasi contr<span class=\"_ _4\"></span>atto che d\u00e0 or<span class=\"_ _4\"></span>igine a un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>er un\u2019entit<span class=\"_ _4\"></span>\u00e0 e ad una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria o ad uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ativo di cap<span class=\"_ _4\"></span>itale p<span class=\"_ _4\"></span>er un\u2019altra entit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">Nell'<span class=\"_ _4\"></span>IFRS 9 il pr<span class=\"_ _4\"></span>incipio gene<span class=\"_ _4\"></span>rale \u00e8 che un'entit<span class=\"_ _4\"></span>\u00e0 deve rile<span class=\"_ _4\"></span>vare nella p<span class=\"_ _4\"></span>ropria situa<span class=\"_ _4\"></span>zione patrim<span class=\"_ _4\"></span>oniale-f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziaria un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>\u00e0 o una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria quando e s<span class=\"_ _4\"></span>olo quando div<span class=\"_ _4\"></span>iene p<span class=\"_ _4\"></span>arte n<span class=\"_ _4\"></span>elle claus<span class=\"_ _4\"></span>ole contr<span class=\"_ _4\"></span>attuali dell<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>ento. </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione inizial<span class=\"_ _4\"></span>e, le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in funzi<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa co<span class=\"_ _4\"></span>ntrattuali de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie e del mo<span class=\"_ _4\"></span>dell<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span> che il Grupp<span class=\"_ _4\"></span>o usa p<span class=\"_ _4\"></span>er la loro ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one. L<span class=\"_ _4\"></span>a valu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa contrat<span class=\"_ _4\"></span>tuali \u00e8 indic<span class=\"_ _4\"></span>ata come <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st<span class=\"ff5c wsb6\"> SPP<span class=\"_ _1\"></span>I (<span class=\"_ _2\"></span>cosiddet<span class=\"_ _4\"></span>to <span class=\"ff5f ls3 ws59\">\u201cs<span class=\"_ _4\"></span>olely p<span class=\"_ _4\"></span>ayment<span class=\"_ _4\"></span>s of </span></span></span></span><span style=\"display:inherit;clear:left;\">principal and intere<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) e viene e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guita a li<span class=\"_ _4\"></span>vello di st<span class=\"_ _4\"></span>rumento. T<span class=\"_ _2\"></span>utt<span class=\"_ _4\"></span>avia, s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari identi<span class=\"_ _4\"></span>ci pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span><span style=\"display:inherit;clear:left;\">analiz<span class=\"_ _4\"></span>zati in g<span class=\"_ _4\"></span>ruppo dal mo<span class=\"_ _4\"></span>mento che l<span class=\"_ _4\"></span>\u2019esito d<span class=\"_ _4\"></span>el <span class=\"ff5f lsa ws90\">test</span> no<span class=\"_ _4\"></span>n sareb<span class=\"_ _4\"></span>be dif<span class=\"_ _4\"></span>ferente r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to al ca<span class=\"_ _4\"></span>so in cui fos<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>tati v<span class=\"_ _4\"></span>alutati </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>idualme<span class=\"_ _4\"></span>nte e sep<span class=\"_ _4\"></span>aratam<span class=\"_ _4\"></span>ente. </span><span style=\"display:inherit;clear:left;\">Il mod<span class=\"_ _4\"></span>ello di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce al mod<span class=\"_ _4\"></span>o in cui gest<span class=\"_ _4\"></span>isce le p<span class=\"_ _4\"></span>roprie </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al f<span class=\"_ _4\"></span>ine di gener<span class=\"_ _4\"></span>are flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i. Il mode<span class=\"_ _4\"></span>llo azie<span class=\"_ _4\"></span>ndale det<span class=\"_ _4\"></span>ermina se i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>riverann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">dalla racco<span class=\"_ _4\"></span>lta di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali, dalla vendit<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie o da e<span class=\"_ _4\"></span>ntrambi. In bas<span class=\"_ _4\"></span>e a tali c<span class=\"_ _4\"></span>arat<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teri<span class=\"_ _4\"></span>stiche l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate in quat<span class=\"_ _4\"></span>tro cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al c<span class=\"_ _4\"></span>osto amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato (strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo con ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a degli utili e p<span class=\"_ _4\"></span>erdite cumu<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late (<span class=\"_ _1\"></span>str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sen<span class=\"_ _4\"></span>za rigiro de<span class=\"_ _4\"></span>gli utili e pe<span class=\"_ _4\"></span>rdite cumulate </span><span style=\"display:inherit;clear:left;\">nel momento dell\u2019eli<span class=\"_ _1\"></span>minazione<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>trumenti ra<span class=\"_ _1\"></span>ppresentativi di capitale<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"lsa wsb\"> rilevato a conto economico.</span></span><span style=\"display:inherit;clear:left;\">In se<span class=\"_ _4\"></span>de di rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria al suo <span class=\"ff5f\">fair value</span> pi\u00f9, nel c<span class=\"_ _4\"></span>aso di un'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziaria non al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, i costi di tr<span class=\"_ _4\"></span>ansa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. I crediti co<span class=\"_ _4\"></span>mmerciali, che non c<span class=\"_ _4\"></span>ontengono </span><span style=\"display:inherit;clear:left;\">una compo<span class=\"_ _4\"></span>nente di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va o pe<span class=\"_ _4\"></span>r i quali il Gruppo ha app<span class=\"_ _4\"></span>licato l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>ediente p<span class=\"_ _4\"></span>ratico, son<span class=\"_ _4\"></span>o valutati </span><span style=\"display:inherit;clear:left;\">al pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019opera<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>eterminato s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do l'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po valut<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, al <span class=\"ff5f\">fair value</span><span class=\"ls9 ws1d\"> ri<span class=\"_ _1\"></span>levato nel </span></span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo e al <span class=\"ff5f ls3 ws0\">f<span class=\"_ _1\"></span>air value<span class=\"ff5c lsa wsb\"> rilevato nel conto economico.<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e al cost<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato se entramb<span class=\"_ _4\"></span>i i seg<span class=\"_ _4\"></span>uenti re<span class=\"_ _4\"></span>quisiti so<span class=\"_ _4\"></span>no so<span class=\"_ _4\"></span>ddisfat<span class=\"_ _4\"></span>ti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria \u00e8 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>duta ne<span class=\"_ _4\"></span>l quadro di un mode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> il cui obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo \u00e8 il pos<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>so di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zato a<span class=\"_ _4\"></span>lla raccolt<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari contr<span class=\"_ _4\"></span>attuali;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e de<span class=\"_ _4\"></span>ll'intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sull'impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el cap<span class=\"_ _4\"></span>itale da re<span class=\"_ _4\"></span>stituire<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sono s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente v<span class=\"_ _4\"></span>alutate utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il crit<span class=\"_ _4\"></span>erio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo e s<span class=\"_ _4\"></span>ono sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tte ad <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span>. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomico quan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata o ri<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ata.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono inclusi i cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e i dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel conto ec<span class=\"_ _2\"></span>onomico complessiv<span class=\"_ _1\"></span>o (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 da s<span class=\"_ _4\"></span>trumenti di d<span class=\"_ _4\"></span>ebito al f<span class=\"_ _4\"></span>air value rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo se e<span class=\"_ _4\"></span>ntrambe </span><span style=\"display:inherit;clear:left;\">le seguenti condizioni<span class=\"_ _1\"></span> sono soddisfatte: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _45\"></span>l'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria \u00e8 p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a nel quadro di un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> il cui obiet<span class=\"_ _4\"></span>tivo \u00e8 con<span class=\"_ _4\"></span>seguit<span class=\"_ _4\"></span>o sia mediante l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cas<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari c<span class=\"_ _4\"></span>ontrattuali ch<span class=\"_ _4\"></span>e mediante la ve<span class=\"_ _4\"></span>ndita de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie; e</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e<span class=\"_ _4\"></span>d interes<span class=\"_ _4\"></span>si det<span class=\"_ _4\"></span>erminati sull'imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e da res<span class=\"_ _4\"></span>tituire.</span><span style=\"display:inherit;clear:left;\">Per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 da strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito valut<span class=\"_ _4\"></span>ati al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo gli utili e le p<span class=\"_ _4\"></span>erdite </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>ilevate a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni pe<span class=\"_ _4\"></span>r diffe<span class=\"_ _4\"></span>renze c<span class=\"_ _4\"></span>ambio e delle p<span class=\"_ _4\"></span>erdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, insiem<span class=\"_ _4\"></span>e alle ripre<span class=\"_ _4\"></span>se, che s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. Al mome<span class=\"_ _4\"></span>nto dell'e<span class=\"_ _4\"></span>liminazione<span class=\"_ _4\"></span>, la variazio<span class=\"_ _4\"></span>ne cumula<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>a del <span class=\"ff5f\">fair value</span><span class=\"ls9 wsfd\"> rilevata nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _2\"></span>; gli importi che </span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iconos<span class=\"_ _4\"></span>ciuti a conto e<span class=\"_ _4\"></span>conomico s<span class=\"_ _4\"></span>ono gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si che s<span class=\"_ _4\"></span>arebb<span class=\"_ _4\"></span>ero st<span class=\"_ _4\"></span>ati rilev<span class=\"_ _4\"></span>ati se l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria foss<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ata da </span><span style=\"display:inherit;clear:left;\">semp<span class=\"_ _4\"></span>re valutat<span class=\"_ _4\"></span>a al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Al mo<span class=\"_ _4\"></span>mento il Grup<span class=\"_ _4\"></span>po non ha que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a fatti<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cie.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 def<span class=\"_ _4\"></span>inis<span class=\"_ _4\"></span>ce la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsa7\"> rileva<span class=\"_ _1\"></span>to a con<span class=\"_ _1\"></span>to economico come<span class=\"_ _1\"></span> una categor<span class=\"_ _1\"></span>ia residua<span class=\"_ _1\"></span>le </span></span><span style=\"display:inherit;clear:left;\">da applic<span class=\"_ _4\"></span>are a tutte que<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie che, in v<span class=\"_ _4\"></span>irt<span class=\"_ _4\"></span>\u00f9 delle loro c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche contr<span class=\"_ _4\"></span>attuali, non s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ate al </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato o al <span class=\"ff5f\">fair value</span> rilevato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tav<span class=\"_ _4\"></span>ia, il Grupp<span class=\"_ _4\"></span>o pu\u00f2 dec<span class=\"_ _4\"></span>idere<span class=\"_ _4\"></span>, in sede </span><span style=\"display:inherit;clear:left;\">di rilev<span class=\"_ _4\"></span>azione ini<span class=\"_ _4\"></span>ziale, di de<span class=\"_ _4\"></span>signare irre<span class=\"_ _4\"></span>vocabilm<span class=\"_ _4\"></span>ente un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria come mis<span class=\"_ _4\"></span>urata al <span class=\"ff5f\">fair value</span> rilevato a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico se ci\u00f2 c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l'eliminazion<span class=\"_ _4\"></span>e o la riduzio<span class=\"_ _4\"></span>ne signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va di un disalline<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile (definito c<span class=\"_ _4\"></span>ome </span><span style=\"display:inherit;clear:left;\">un <span class=\"_ _5\"></span><span class=\"ff5f ls3 ws140\">\u201caccounting mismatch<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff5c\">) che inve<span class=\"_ _4\"></span>ce eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>e le per<span class=\"_ _4\"></span>dite o i prof<span class=\"_ _4\"></span>itti sull'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 foss<span class=\"_ _4\"></span>ero rile<span class=\"_ _4\"></span>vati se<span class=\"_ _4\"></span>condo un </span></span></span><span style=\"display:inherit;clear:left;\">diffe<span class=\"_ _4\"></span>rente crite<span class=\"_ _4\"></span>rio. Se<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ne ques<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>celt<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in qualche mo<span class=\"_ _4\"></span>do as<span class=\"_ _4\"></span>similata ad un <span class=\"ff5f\">account<span class=\"_ _4\"></span>ing policy cho<span class=\"_ _4\"></span>ice</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>avia va not<span class=\"_ _4\"></span>ato che il prin<span class=\"_ _4\"></span>cipio non richie<span class=\"_ _4\"></span>de che e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a sia applicat<span class=\"_ _4\"></span>a in mod<span class=\"_ _4\"></span>o coere<span class=\"_ _4\"></span>nte a tutt<span class=\"_ _4\"></span>e le trans<span class=\"_ _4\"></span>azioni s<span class=\"_ _4\"></span>imilari.</span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari al <span class=\"ff5f\">fair value</span> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico so<span class=\"_ _4\"></span>no iscrit<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">patrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria al <span class=\"ff5f lse ws0\">fair value<span class=\"ff5c\"> e le variazioni n<span class=\"_ _4\"></span>ette de<span class=\"_ _4\"></span>l </span>fair value<span class=\"ff5c\"> rilevate ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio.<span class=\"_ _4\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">In ques<span class=\"_ _4\"></span>ta c<span class=\"_ _4\"></span>ategoria rie<span class=\"_ _4\"></span>ntrano gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati. I der<span class=\"_ _4\"></span>ivati so<span class=\"_ _4\"></span>no clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dete<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">la negoziaz<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>alvo che non s<span class=\"_ _4\"></span>iano des<span class=\"_ _4\"></span>ignati come s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a eff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace. </span><span style=\"display:inherit;clear:left;\">Il deri<span class=\"_ _4\"></span>vato incor<span class=\"_ _4\"></span>porato co<span class=\"_ _4\"></span>ntenuto in un contr<span class=\"_ _4\"></span>atto ibri<span class=\"_ _4\"></span>do non der<span class=\"_ _4\"></span>ivato, in una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o in un co<span class=\"_ _4\"></span>ntratto </span><span style=\"display:inherit;clear:left;\">non f<span class=\"_ _4\"></span>inanziario p<span class=\"_ _4\"></span>rincipale, \u00e8 s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o principale e co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato come de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o separ<span class=\"_ _4\"></span>ato, se: le sue c<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>ris<span class=\"_ _4\"></span>tiche ec<span class=\"_ _4\"></span>onomiche e<span class=\"_ _4\"></span>d i rischi a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>so as<span class=\"_ _4\"></span>sociati n<span class=\"_ _4\"></span>on sono s<span class=\"_ _4\"></span>tret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte corre<span class=\"_ _4\"></span>lati a quelli del c<span class=\"_ _4\"></span>ontratto p<span class=\"_ _4\"></span>rincipale; </span><span style=\"display:inherit;clear:left;\">uno str<span class=\"_ _4\"></span>umento se<span class=\"_ _4\"></span>parato co<span class=\"_ _4\"></span>n gli ste<span class=\"_ _4\"></span>ssi t<span class=\"_ _4\"></span>ermini del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorp<span class=\"_ _4\"></span>orato so<span class=\"_ _4\"></span>ddisfe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di deriv<span class=\"_ _4\"></span>ato; e il </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to ibrido n<span class=\"_ _4\"></span>on \u00e8 valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsff\"> rilevato nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span>. I derivati i<span class=\"_ _1\"></span>ncorporati sono val<span class=\"_ _1\"></span>utati al<span class=\"_ _1\"></span> <span class=\"ff5f ls0 ws0\">fair </span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span></span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">con</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">varia<span class=\"_ _4\"></span>zioni</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">fair value</span></span></span><span class=\"lsa wsb\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">rilevate</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">nel</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">conto</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">economico.</span></span><span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Riclassificazione </span><span style=\"display:inherit;clear:left;\">Una riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>olo nel c<span class=\"_ _4\"></span>aso in cui inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venga un c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>i termini de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to che mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>a signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a altrimenti at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>i o quando il Grupp<span class=\"_ _4\"></span>o modif<span class=\"_ _4\"></span>ica il s<span class=\"_ _4\"></span>uo <span class=\"ff5f ls0 ws0\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s </span></span><span style=\"display:inherit;clear:left;\">model<span class=\"ff5c ls3 ws150\"> pe<span class=\"_ _4\"></span>r ges<span class=\"_ _4\"></span>tire le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie. L<span class=\"_ _4\"></span>a riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere appli<span class=\"_ _4\"></span>cata pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente dalla data di r<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one, se<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a nece<span class=\"_ _4\"></span>ssit<span class=\"_ _4\"></span>\u00e0 di ride<span class=\"_ _4\"></span>terminare prof<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>i, perdit<span class=\"_ _4\"></span>e e interes<span class=\"_ _4\"></span>si gi\u00e0 pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente rilev<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria (o<span class=\"_ _1\"></span>, ove applic<span class=\"_ _4\"></span>abile, par<span class=\"_ _4\"></span>te di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o par<span class=\"_ _4\"></span>te di un gr<span class=\"_ _4\"></span>uppo di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie simi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">li) \u00e8 cance<span class=\"_ _4\"></span>llata in primo luo<span class=\"_ _4\"></span>go (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s. rimo<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a dal prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrimo<span class=\"_ _4\"></span>niale-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria del Grup<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>) quan<span class=\"_ _4\"></span>do:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>i dirit<span class=\"_ _4\"></span>ti a rice<span class=\"_ _4\"></span>vere f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>stinti, o</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il Grupp<span class=\"_ _4\"></span>o ha tras<span class=\"_ _4\"></span>ferito a<span class=\"_ _4\"></span>d una ter<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te il dirit<span class=\"_ _4\"></span>to a riceve<span class=\"_ _4\"></span>re flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o ha as<span class=\"_ _4\"></span>sunto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obbligo co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>uale di corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>erli inter<span class=\"_ _4\"></span>amente e se<span class=\"_ _4\"></span>nza r<span class=\"_ _4\"></span>itardi e (<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>) ha t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rito so<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici della </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria, op<span class=\"_ _4\"></span>pure (b) non ha trasfe<span class=\"_ _4\"></span>rito n\u00e9 tr<span class=\"_ _4\"></span>attenut<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tut<span class=\"_ _4\"></span>ti i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0, ma ha tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito il controllo de<span class=\"_ _4\"></span>lla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Nei c<span class=\"_ _4\"></span>asi in cui il Grup<span class=\"_ _4\"></span>po abbia tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito i diritti a r<span class=\"_ _4\"></span>icevere f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o abbia sig<span class=\"_ _4\"></span>lato un accordo in </span><span style=\"display:inherit;clear:left;\">base a<span class=\"_ _4\"></span>l quale mantiene i dirit<span class=\"_ _4\"></span>ti contrat<span class=\"_ _4\"></span>tuali a riceve<span class=\"_ _4\"></span>re i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria, ma as<span class=\"_ _4\"></span>sume un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gaz<span class=\"_ _4\"></span>ione contr<span class=\"_ _4\"></span>attuale a pag<span class=\"_ _4\"></span>are i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari a uno o p<span class=\"_ _4\"></span>i\u00f9 bene<span class=\"_ _4\"></span>ficiari (<span class=\"_ _5\"></span><span class=\"ff5f ls0 ws0\">pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s-t<span class=\"_ _4\"></span>hrou<span class=\"_ _4\"></span>gh</span>)<span class=\"_ _2\"></span>, e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o valut<span class=\"_ _4\"></span>a se e in che misur<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">abbia trat<span class=\"_ _4\"></span>tenuto i ri<span class=\"_ _4\"></span>schi e i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici inere<span class=\"_ _4\"></span>nti al pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Se tut<span class=\"_ _4\"></span>ti i rischi e i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ine<span class=\"_ _4\"></span>renti al po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria son<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>i, il Gruppo e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">parat<span class=\"_ _4\"></span>amente com<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 qual<span class=\"_ _4\"></span>siasi dirit<span class=\"_ _4\"></span>to e obblig<span class=\"_ _4\"></span>azione cr<span class=\"_ _4\"></span>eati o mantenuti; in cas<span class=\"_ _4\"></span>o contrari<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria continua ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere mantenut<span class=\"_ _4\"></span>a in bilancio. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui  non abbia n<span class=\"_ _4\"></span>\u00e9 tras<span class=\"_ _4\"></span>ferito n\u00e9 tr<span class=\"_ _4\"></span>atte<span class=\"_ _4\"></span>nuto sos<span class=\"_ _4\"></span>tan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici o non abbia p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>o il controllo sulla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 continua a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>sere ril<span class=\"_ _4\"></span>evata n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">bilancio de<span class=\"_ _4\"></span>l Gruppo n<span class=\"_ _4\"></span>ella misura  d<span class=\"_ _4\"></span>el suo coinvo<span class=\"_ _4\"></span>lgimento re<span class=\"_ _4\"></span>siduo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa; qualora il controll<span class=\"_ _4\"></span>o sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria non fos<span class=\"_ _4\"></span>se mante<span class=\"_ _4\"></span>nuto, il Gruppo  e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve separ<span class=\"_ _4\"></span>atame<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 quals<span class=\"_ _4\"></span>iasi diritt<span class=\"_ _4\"></span>o e obbliga<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>ati o mantenuti. L<span class=\"_ _1c\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ita e la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ciata </span><span style=\"display:inherit;clear:left;\">sono v<span class=\"_ _4\"></span>alutate in mo<span class=\"_ _4\"></span>do da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere i dirit<span class=\"_ _4\"></span>ti e le obblig<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e rimangono di pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>inenz<span class=\"_ _4\"></span>a del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Quando il co<span class=\"_ _4\"></span>involgimento re<span class=\"_ _4\"></span>siduo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019entit\u00e0 \u00e8 una garan<span class=\"_ _4\"></span>zia sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rita, il c<span class=\"_ _4\"></span>oinvolgimento \u00e8 mis<span class=\"_ _4\"></span>urato sulla bas<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">del mino<span class=\"_ _4\"></span>re tra l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to mass<span class=\"_ _4\"></span>imo del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto che l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e dover ripag<span class=\"_ _4\"></span>are.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate e valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato utiliz<span class=\"_ _5\"></span>zand<span class=\"_ _4\"></span>o il tas<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo ad </span><span style=\"display:inherit;clear:left;\">ecce<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ne di quelle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie che, no<span class=\"_ _4\"></span>n rispo<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>do ai requis<span class=\"_ _4\"></span>iti per p<span class=\"_ _4\"></span>oter e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico. R<span class=\"_ _4\"></span>ientrano in qu<span class=\"_ _4\"></span>est<span class=\"_ _5\"></span>\u2019ultimo cas<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie det<span class=\"_ _4\"></span>enute a sco<span class=\"_ _4\"></span>po di ne<span class=\"_ _4\"></span>goziazione<span class=\"_ _4\"></span>. Il Gruppo in<span class=\"_ _4\"></span>oltre pu\u00f2 s<span class=\"_ _4\"></span>ceglie<span class=\"_ _4\"></span>re, in se<span class=\"_ _4\"></span>de di rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne iniziale, di d<span class=\"_ _4\"></span>esignare </span><span style=\"display:inherit;clear:left;\">irrevoc<span class=\"_ _4\"></span>abilmente l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsbe\"> con impu<span class=\"_ _1\"></span>tazione a conto economic<span class=\"_ _1\"></span>o qua<span class=\"_ _1\"></span>ndo questo consente di<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">fornire un'informativa p<span class=\"_ _4\"></span>i\u00f9 rilevante<span class=\"_ _4\"></span>, in quanto<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">elimina o ri<span class=\"_ _4\"></span>duce signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte un'incoere<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>ella misura<span class=\"_ _4\"></span>zione o ril<span class=\"_ _4\"></span>evaz<span class=\"_ _4\"></span>ione (<span class=\"_ _1\"></span>def<span class=\"_ _4\"></span>inita anch<span class=\"_ _4\"></span>e come <span class=\"ff5f\">\u201can accoun<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">ting mismatch\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) che eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe dalla misur<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o dalla rileva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i prof<span class=\"_ _4\"></span>itti o </span></span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e su di una bas<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rente;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws130\">un grup<span class=\"_ _4\"></span>po di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie \u00e8 ge<span class=\"_ _4\"></span>stito e v<span class=\"_ _4\"></span>alutato al <span class=\"ff5f\">fair value</span> in applica<span class=\"_ _4\"></span>zione di una p<span class=\"_ _4\"></span>olitica di <span class=\"ff5f ls0 ws0\">r<span class=\"_ _4\"></span>isk </span></span></span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> o sulla ba<span class=\"_ _4\"></span>se di una str<span class=\"_ _4\"></span>ategia di inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nto e l'informativ<span class=\"_ _4\"></span>a su det<span class=\"_ _4\"></span>to gruppo \u00e8 fo<span class=\"_ _4\"></span>rnita inter<span class=\"_ _4\"></span>namente ai </span></span><span style=\"display:inherit;clear:left;\">dirigenti chiave su t<span class=\"_ _4\"></span>ale bas<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Anche i d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati con <span class=\"ff5f\">fair value</span> negati<span class=\"_ _4\"></span>vo sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati e v<span class=\"_ _4\"></span>alutati al <span class=\"ff5f\">fair value</span><span class=\"lsa ws86\"> rilevato a conto<span class=\"_ _1\"></span> economico ad ecce<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ne di quelli de<span class=\"_ _4\"></span>tenuti co<span class=\"_ _4\"></span>me ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono rile<span class=\"_ _4\"></span>vate inizialme<span class=\"_ _4\"></span>nte al </span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> cui si agg<span class=\"_ _4\"></span>iungono, nel c<span class=\"_ _4\"></span>aso di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti e debit<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i di trans<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>si dirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte attribuibili. </span></span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o compre<span class=\"_ _4\"></span>ndono de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e altri de<span class=\"_ _4\"></span>biti, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti, inclusi sc<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">conto cor<span class=\"_ _4\"></span>rente e st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie dipe<span class=\"_ _4\"></span>nde dalla loro cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, come pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al <span class=\"ff5f\">fair value</span><span class=\"ls0 wsc7\"> a </span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato (<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti).</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _2\"></span>ato a conto economic<span class=\"_ _2\"></span>o </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>ono pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 det<span class=\"_ _4\"></span>enute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al <span class=\"ff5f\">fair value</span> con varia<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico. Le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>nute per la n<span class=\"_ _4\"></span>egoziazion<span class=\"_ _4\"></span>e sono tut<span class=\"_ _4\"></span>te quell<span class=\"_ _4\"></span>e assunte c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019intento di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uerle o t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rirle ne<span class=\"_ _4\"></span>l breve te<span class=\"_ _4\"></span>rmine. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a catego<span class=\"_ _4\"></span>ria include inolt<span class=\"_ _4\"></span>re gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti dal Grupp<span class=\"_ _4\"></span>o che non s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>signati come </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>umenti di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura in una rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dallo IA<span class=\"_ _4\"></span>S 39. I deri<span class=\"_ _4\"></span>vati incorp<span class=\"_ _4\"></span>orati, s<span class=\"_ _4\"></span>corpor<span class=\"_ _4\"></span>ati dal contrat<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to princip<span class=\"_ _4\"></span>ale, so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari dete<span class=\"_ _4\"></span>nuti per la n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne salvo ch<span class=\"_ _4\"></span>e non siano de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci. Gli utili o l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dete<span class=\"_ _4\"></span>nute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>one son<span class=\"_ _4\"></span>o rilevati n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Le p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie son<span class=\"_ _4\"></span>o desig<span class=\"_ _4\"></span>nate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate a </span></span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico dalla dat<span class=\"_ _4\"></span>a di prima iscr<span class=\"_ _4\"></span>izione<span class=\"_ _4\"></span>, solo s<span class=\"_ _4\"></span>e i criteri d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 so<span class=\"_ _4\"></span>no sod<span class=\"_ _4\"></span>disfat<span class=\"_ _4\"></span>ti. Al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po non ha de<span class=\"_ _4\"></span>signato pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al<span class=\"ff5f\"> fair value</span><span class=\"lsa wsb\"> con vari<span class=\"_ _1\"></span>azioni rilevate a conto<span class=\"_ _1\"></span> economico.</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al c<span class=\"_ _1\"></span>osto ammortizzato (<span class=\"_ _4\"></span>prestiti e finanziamenti)</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti sono v<span class=\"_ _4\"></span>alutati con il cr<span class=\"_ _4\"></span>iterio de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato usan<span class=\"_ _4\"></span>do il meto<span class=\"_ _4\"></span>do del </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 e<span class=\"_ _4\"></span>stint<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">oltre che at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so di ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento. Il co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato \u00e8 c<span class=\"_ _4\"></span>alcolato rile<span class=\"_ _4\"></span>vando lo s<span class=\"_ _4\"></span>conto o il pre<span class=\"_ _4\"></span>mio </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquisi<span class=\"_ _4\"></span>zione e g<span class=\"_ _4\"></span>li onorari o co<span class=\"_ _4\"></span>sti che f<span class=\"_ _4\"></span>anno par<span class=\"_ _4\"></span>te integr<span class=\"_ _4\"></span>ante del t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nto al </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo \u00e8 compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a gli one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdita).<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>ossib<span class=\"_ _4\"></span>ile riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icare le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie.  </span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria vi<span class=\"_ _4\"></span>ene can<span class=\"_ _4\"></span>cellata quand<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante la pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 \u00e8 e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>inta, annullata ov<span class=\"_ _5\"></span>vero ade<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">piuta<span class=\"_ _4\"></span>. Ladd<span class=\"_ _4\"></span>ove una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte foss<span class=\"_ _4\"></span>e sos<span class=\"_ _4\"></span>tituita da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>altra de<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>tato<span class=\"_ _4\"></span>re, a condi<span class=\"_ _4\"></span>zioni so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e, opp<span class=\"_ _4\"></span>ure le condi<span class=\"_ _4\"></span>zioni di una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte venis<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte modif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>e, tale s<span class=\"_ _4\"></span>cambio o<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a viene t<span class=\"_ _4\"></span>ratt<span class=\"_ _4\"></span>ato come una c<span class=\"_ _4\"></span>ancellaz<span class=\"_ _4\"></span>ione cont<span class=\"_ _4\"></span>abile de<span class=\"_ _4\"></span>lla passi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 originale<span class=\"_ _4\"></span>, accompagnat<span class=\"_ _4\"></span>a dalla rileva<span class=\"_ _4\"></span>zione di una </span><span style=\"display:inherit;clear:left;\">nuova pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, con iscri<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) d<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io di eventuali dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze tra i val<span class=\"_ _4\"></span>ori cont<span class=\"_ _4\"></span>abili.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ompens<span class=\"_ _4\"></span>azione di strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 e una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re compe<span class=\"_ _4\"></span>nsate e il s<span class=\"_ _4\"></span>aldo net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione p<span class=\"_ _4\"></span>atrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria, se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un diritto l<span class=\"_ _4\"></span>egale at<span class=\"_ _4\"></span>tuale a comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>are gli impor<span class=\"_ _4\"></span>ti rile<span class=\"_ _4\"></span>vati cont<span class=\"_ _4\"></span>abilmente e v<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">sia l<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>nzione di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uere il re<span class=\"_ _4\"></span>siduo net<span class=\"_ _4\"></span>to, o reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e conte<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>stingu<span class=\"_ _4\"></span>ere la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span>.</span><span style=\"display:inherit;clear:left;\">Strumenti finanziari der<span class=\"_ _2\"></span>ivati e hedge ac<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ount<span class=\"_ _4\"></span>ing</span><span style=\"display:inherit;clear:left;\">Rilevazione iniziale e v<span class=\"_ _1\"></span>alutazione succ<span class=\"_ _2\"></span>essiva</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivati tr<span class=\"_ _4\"></span>a i quali<span class=\"_ _1\"></span>: contrat<span class=\"_ _4\"></span>ti a termin<span class=\"_ _4\"></span>e in valuta, p<span class=\"_ _4\"></span>er cop<span class=\"_ _4\"></span>rire i rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vi alle varia<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio s<span class=\"_ _4\"></span>ulle trans<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ommerciali in valut<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>ali str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono </span><span style=\"display:inherit;clear:left;\">inizialm<span class=\"_ _4\"></span>ente ril<span class=\"_ _4\"></span>evati al <span class=\"ff5f ls3 ws145\">fair value<span class=\"ff5c\"> alla data in cui il co<span class=\"_ _4\"></span>ntratto de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o \u00e8 sotto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>to e, suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente, s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati </span></span></span><span style=\"display:inherit;clear:left;\">nuovame<span class=\"_ _4\"></span>nte al <span class=\"ff5f\">fair value</span>. I derivati s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie quando il <span class=\"ff5f\">fair value</span> \u00e8 pos<span class=\"_ _4\"></span>itivo e com<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie quand<span class=\"_ _4\"></span>o il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> \u00e8 neg<span class=\"_ _4\"></span>ativo. Com<span class=\"_ _4\"></span>e conse<span class=\"_ _4\"></span>ntito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 paragr<span class=\"_ _4\"></span>afo 7<span class=\"_ _1c\"></span>.2<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>, il G<span class=\"_ _4\"></span>ruppo ha o<span class=\"_ _4\"></span>ptato </span></span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 39 in merito all<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls68 wscc\">hedge accounting</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Coe<span class=\"_ _4\"></span>rentem<span class=\"_ _4\"></span>ente con quanto s<span class=\"_ _4\"></span>tabilito dallo I<span class=\"_ _4\"></span>AS 39.<span class=\"_ _4\"></span>88 e ripre<span class=\"_ _4\"></span>so dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9.<span class=\"_ _4\"></span>6.4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>, g<span class=\"_ _4\"></span>li strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>tur<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo le mo<span class=\"_ _4\"></span>dalit\u00e0 s<span class=\"_ _4\"></span>tabilite p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span><span class=\"ff5f ls5b ws14d\">\u2019hedg<span class=\"_ _4\"></span>e accounting<span class=\"_ _4\"></span></span><span class=\"lse ws6f\"> so<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o q<span class=\"_ _4\"></span>ua<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>do:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inizio della c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, esis<span class=\"_ _4\"></span>te la de<span class=\"_ _4\"></span>signazi<span class=\"_ _4\"></span>one formale e la do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, </span><span style=\"display:inherit;clear:left;\">degli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 nella ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio e della s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gia nell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tuare la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura sar<span class=\"_ _4\"></span>\u00e0 altame<span class=\"_ _4\"></span>nte ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _49\"></span>p<span class=\"_ _4\"></span>er le cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne progr<span class=\"_ _4\"></span>ammata che \u00e8 og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>ve es<span class=\"_ _4\"></span>sere alt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e e deve pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>are un\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one alle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e incide<span class=\"_ _4\"></span>re sul conto e<span class=\"_ _4\"></span>co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomico;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>acia pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere atte<span class=\"_ _4\"></span>ndibilme<span class=\"_ _4\"></span>nte misurata; e </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa \u00e8 alt<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace durante i dive<span class=\"_ _4\"></span>rsi p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di contab<span class=\"_ _4\"></span>ili per i quali \u00e8 de<span class=\"_ _4\"></span>signata<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti gli s<span class=\"_ _4\"></span>trumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o misurati al <span class=\"ff5f\">fair value</span>. Quando gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati hanno le c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>rist<span class=\"_ _4\"></span>iche </span><span style=\"display:inherit;clear:left;\">per es<span class=\"_ _4\"></span>sere contabil<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zz<span class=\"_ _4\"></span>ati secondo l\u2019he<span class=\"_ _4\"></span>dge<span class=\"_ _1\"></span> accounti<span class=\"_ _1\"></span>ng, si applicano i seguenti tra<span class=\"_ _1\"></span>ttamenti contabili<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws84\"> <span class=\"_ _ac\"></span>Fair value hedge<span class=\"ff5c\"> \u2013 se uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario deri<span class=\"_ _4\"></span>vato \u00e8 de<span class=\"_ _4\"></span>signato com<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne alle varia<span class=\"_ _4\"></span>zioni </span></span></span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore corre<span class=\"_ _4\"></span>nte di una atti<span class=\"_ _4\"></span>vit\u00e0 o di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile che p<span class=\"_ _4\"></span>u\u00f2 dete<span class=\"_ _4\"></span>rminare </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti s<span class=\"_ _4\"></span>ul conto eco<span class=\"_ _4\"></span>nomico, la varia<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura \u00e8 rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o e la </span></span></span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\">  dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o attribuib<span class=\"_ _4\"></span>ile al rischio c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>to \u00e8 ril<span class=\"_ _4\"></span>evato com<span class=\"_ _4\"></span>e par<span class=\"_ _4\"></span>te del v<span class=\"_ _4\"></span>alore di ca<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">rico de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ele<span class=\"_ _4\"></span>mento cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>d \u00e8 inoltre rile<span class=\"_ _4\"></span>vato nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di un impegn<span class=\"_ _4\"></span>o irrevoc<span class=\"_ _4\"></span>abile, il <span class=\"ff5f\">fair value</span> </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte relativ<span class=\"_ _4\"></span>a al rischio co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>to \u00e8 is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>o nello s<span class=\"_ _4\"></span>tato patrim<span class=\"_ _4\"></span>oniale come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, andan<span class=\"_ _4\"></span>do a </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la voce di s<span class=\"_ _4\"></span>tato patr<span class=\"_ _4\"></span>imoniale che s<span class=\"_ _4\"></span>ar\u00e0 intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata dall<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>egno irre<span class=\"_ _4\"></span>vocabil<span class=\"_ _4\"></span>e al momento d<span class=\"_ _4\"></span>el suo re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f wsed\"> <span class=\"_ _ac\"></span>Cash f<span class=\"_ _4\"></span>low hedg<span class=\"_ _4\"></span>e<span class=\"ff5c\"> \u2013 se uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o deriv<span class=\"_ _4\"></span>ato \u00e8 des<span class=\"_ _4\"></span>ignato come co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izione alla v<span class=\"_ _4\"></span>ariabilit\u00e0</span></span></span><span style=\"display:inherit;clear:left;\">dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa di una att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a altame<span class=\"_ _4\"></span>nte probabil<span class=\"_ _4\"></span>e o di un</span><span style=\"display:inherit;clear:left;\">impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile e che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e avere ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti sul conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, la por<span class=\"_ _4\"></span>zione ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e degli utili o de<span class=\"_ _4\"></span>lle pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">sullo st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8  rilevat<span class=\"_ _4\"></span>a nel patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to ed e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo; </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a cumulati sono  s<span class=\"_ _4\"></span>tornati dal pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to e cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico ne<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o  perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">in cui vie<span class=\"_ _4\"></span>ne rilevat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura; l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ut<span class=\"_ _4\"></span>ile o la pe<span class=\"_ _4\"></span>rdita  as<span class=\"_ _4\"></span>sociati a una c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, o a quella par<span class=\"_ _4\"></span>te</span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura di<span class=\"_ _4\"></span>ventat<span class=\"_ _4\"></span>a inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cace<span class=\"_ _4\"></span>, sono is<span class=\"_ _4\"></span>critti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cacia \u00e8 rile<span class=\"_ _4\"></span>vata.</span><span style=\"display:inherit;clear:left;\">Qualora non<span class=\"_ _1\"></span> ricorrano le<span class=\"_ _1\"></span> condizioni per l\u2019a<span class=\"_ _1\"></span>pplicazione dell\u2019<span class=\"ff5f ls68 ws137\">hedge accounting</span><span class=\"ls3 wsc3\">, gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>rivanti dalla valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one al </span></span><span style=\"display:inherit;clear:left;\">\u201c<span class=\"_ _4\"></span>fair value\u201d<span class=\"ff5c\"> dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario der<span class=\"_ _4\"></span>ivato so<span class=\"_ _4\"></span>no imputati dir<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>amente a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__43": {
   "value": "<span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span>zione inizial<span class=\"_ _4\"></span>e, le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ate in funzi<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche de<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa co<span class=\"_ _4\"></span>ntrattuali de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie e del mo<span class=\"_ _4\"></span>dell<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span> che il Grupp<span class=\"_ _4\"></span>o usa p<span class=\"_ _4\"></span>er la loro ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one. L<span class=\"_ _4\"></span>a valu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa contrat<span class=\"_ _4\"></span>tuali \u00e8 indic<span class=\"_ _4\"></span>ata come <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st<span class=\"ff5c wsb6\"> SPP<span class=\"_ _1\"></span>I (<span class=\"_ _2\"></span>cosiddet<span class=\"_ _4\"></span>to <span class=\"ff5f ls3 ws59\">\u201cs<span class=\"_ _4\"></span>olely p<span class=\"_ _4\"></span>ayment<span class=\"_ _4\"></span>s of </span></span></span></span><span style=\"display:inherit;clear:left;\">principal and intere<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) e viene e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guita a li<span class=\"_ _4\"></span>vello di st<span class=\"_ _4\"></span>rumento. T<span class=\"_ _2\"></span>utt<span class=\"_ _4\"></span>avia, s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari identi<span class=\"_ _4\"></span>ci pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span><span style=\"display:inherit;clear:left;\">analiz<span class=\"_ _4\"></span>zati in g<span class=\"_ _4\"></span>ruppo dal mo<span class=\"_ _4\"></span>mento che l<span class=\"_ _4\"></span>\u2019esito d<span class=\"_ _4\"></span>el <span class=\"ff5f lsa ws90\">test</span> no<span class=\"_ _4\"></span>n sareb<span class=\"_ _4\"></span>be dif<span class=\"_ _4\"></span>ferente r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to al ca<span class=\"_ _4\"></span>so in cui fos<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>tati v<span class=\"_ _4\"></span>alutati </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>idualme<span class=\"_ _4\"></span>nte e sep<span class=\"_ _4\"></span>aratam<span class=\"_ _4\"></span>ente. </span><span style=\"display:inherit;clear:left;\">Il mod<span class=\"_ _4\"></span>ello di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce al mod<span class=\"_ _4\"></span>o in cui gest<span class=\"_ _4\"></span>isce le p<span class=\"_ _4\"></span>roprie </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al f<span class=\"_ _4\"></span>ine di gener<span class=\"_ _4\"></span>are flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i. Il mode<span class=\"_ _4\"></span>llo azie<span class=\"_ _4\"></span>ndale det<span class=\"_ _4\"></span>ermina se i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>riverann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">dalla racco<span class=\"_ _4\"></span>lta di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali, dalla vendit<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie o da e<span class=\"_ _4\"></span>ntrambi. In bas<span class=\"_ _4\"></span>e a tali c<span class=\"_ _4\"></span>arat<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teri<span class=\"_ _4\"></span>stiche l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate in quat<span class=\"_ _4\"></span>tro cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al c<span class=\"_ _4\"></span>osto amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato (strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo con ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a degli utili e p<span class=\"_ _4\"></span>erdite cumu<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late (<span class=\"_ _1\"></span>str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sen<span class=\"_ _4\"></span>za rigiro de<span class=\"_ _4\"></span>gli utili e pe<span class=\"_ _4\"></span>rdite cumulate </span><span style=\"display:inherit;clear:left;\">nel momento dell\u2019eli<span class=\"_ _1\"></span>minazione<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>trumenti ra<span class=\"_ _1\"></span>ppresentativi di capitale<span class=\"_ _2\"></span>);</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"lsa wsb\"> rilevato a conto economico.</span></span><span style=\"display:inherit;clear:left;\">In se<span class=\"_ _4\"></span>de di rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Gr<span class=\"_ _4\"></span>uppo valut<span class=\"_ _4\"></span>a un'<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria al suo <span class=\"ff5f\">fair value</span> pi\u00f9, nel c<span class=\"_ _4\"></span>aso di un'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziaria non al <span class=\"ff5f\">fair value</span> rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, i costi di tr<span class=\"_ _4\"></span>ansa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. I crediti co<span class=\"_ _4\"></span>mmerciali, che non c<span class=\"_ _4\"></span>ontengono </span><span style=\"display:inherit;clear:left;\">una compo<span class=\"_ _4\"></span>nente di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va o pe<span class=\"_ _4\"></span>r i quali il Gruppo ha app<span class=\"_ _4\"></span>licato l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>ediente p<span class=\"_ _4\"></span>ratico, son<span class=\"_ _4\"></span>o valutati </span><span style=\"display:inherit;clear:left;\">al pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019opera<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>eterminato s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do l'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po valut<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, al <span class=\"ff5f\">fair value</span><span class=\"ls9 ws1d\"> ri<span class=\"_ _1\"></span>levato nel </span></span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo e al <span class=\"ff5f ls3 ws0\">f<span class=\"_ _1\"></span>air value<span class=\"ff5c lsa wsb\"> rilevato nel conto economico.<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e al cost<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato se entramb<span class=\"_ _4\"></span>i i seg<span class=\"_ _4\"></span>uenti re<span class=\"_ _4\"></span>quisiti so<span class=\"_ _4\"></span>no so<span class=\"_ _4\"></span>ddisfat<span class=\"_ _4\"></span>ti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria \u00e8 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>duta ne<span class=\"_ _4\"></span>l quadro di un mode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> il cui obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo \u00e8 il pos<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>so di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zato a<span class=\"_ _4\"></span>lla raccolt<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari contr<span class=\"_ _4\"></span>attuali;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e de<span class=\"_ _4\"></span>ll'intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sull'impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el cap<span class=\"_ _4\"></span>itale da re<span class=\"_ _4\"></span>stituire<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sono s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente v<span class=\"_ _4\"></span>alutate utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il crit<span class=\"_ _4\"></span>erio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo e s<span class=\"_ _4\"></span>ono sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tte ad <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span>. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomico quan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata o ri<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ata.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono inclusi i cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e i dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel conto ec<span class=\"_ _2\"></span>onomico complessiv<span class=\"_ _1\"></span>o (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 da s<span class=\"_ _4\"></span>trumenti di d<span class=\"_ _4\"></span>ebito al f<span class=\"_ _4\"></span>air value rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo se e<span class=\"_ _4\"></span>ntrambe </span><span style=\"display:inherit;clear:left;\">le seguenti condizioni<span class=\"_ _1\"></span> sono soddisfatte: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _45\"></span>l'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria \u00e8 p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a nel quadro di un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> il cui obiet<span class=\"_ _4\"></span>tivo \u00e8 con<span class=\"_ _4\"></span>seguit<span class=\"_ _4\"></span>o sia mediante l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cas<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari c<span class=\"_ _4\"></span>ontrattuali ch<span class=\"_ _4\"></span>e mediante la ve<span class=\"_ _4\"></span>ndita de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie; e</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e<span class=\"_ _4\"></span>d interes<span class=\"_ _4\"></span>si det<span class=\"_ _4\"></span>erminati sull'imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e da res<span class=\"_ _4\"></span>tituire.</span><span style=\"display:inherit;clear:left;\">Per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 da strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito valut<span class=\"_ _4\"></span>ati al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo gli utili e le p<span class=\"_ _4\"></span>erdite </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>ilevate a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni pe<span class=\"_ _4\"></span>r diffe<span class=\"_ _4\"></span>renze c<span class=\"_ _4\"></span>ambio e delle p<span class=\"_ _4\"></span>erdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, insiem<span class=\"_ _4\"></span>e alle ripre<span class=\"_ _4\"></span>se, che s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. Al mome<span class=\"_ _4\"></span>nto dell'e<span class=\"_ _4\"></span>liminazione<span class=\"_ _4\"></span>, la variazio<span class=\"_ _4\"></span>ne cumula<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>a del <span class=\"ff5f\">fair value</span><span class=\"ls9 wsfd\"> rilevata nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _2\"></span>; gli importi che </span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iconos<span class=\"_ _4\"></span>ciuti a conto e<span class=\"_ _4\"></span>conomico s<span class=\"_ _4\"></span>ono gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si che s<span class=\"_ _4\"></span>arebb<span class=\"_ _4\"></span>ero st<span class=\"_ _4\"></span>ati rilev<span class=\"_ _4\"></span>ati se l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria foss<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ata da </span><span style=\"display:inherit;clear:left;\">semp<span class=\"_ _4\"></span>re valutat<span class=\"_ _4\"></span>a al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Al mo<span class=\"_ _4\"></span>mento il Grup<span class=\"_ _4\"></span>po non ha que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a fatti<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cie.</span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 def<span class=\"_ _4\"></span>inis<span class=\"_ _4\"></span>ce la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsa7\"> rileva<span class=\"_ _1\"></span>to a con<span class=\"_ _1\"></span>to economico come<span class=\"_ _1\"></span> una categor<span class=\"_ _1\"></span>ia residua<span class=\"_ _1\"></span>le </span></span><span style=\"display:inherit;clear:left;\">da applic<span class=\"_ _4\"></span>are a tutte que<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie che, in v<span class=\"_ _4\"></span>irt<span class=\"_ _4\"></span>\u00f9 delle loro c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche contr<span class=\"_ _4\"></span>attuali, non s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ate al </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato o al <span class=\"ff5f\">fair value</span> rilevato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tav<span class=\"_ _4\"></span>ia, il Grupp<span class=\"_ _4\"></span>o pu\u00f2 dec<span class=\"_ _4\"></span>idere<span class=\"_ _4\"></span>, in sede </span><span style=\"display:inherit;clear:left;\">di rilev<span class=\"_ _4\"></span>azione ini<span class=\"_ _4\"></span>ziale, di de<span class=\"_ _4\"></span>signare irre<span class=\"_ _4\"></span>vocabilm<span class=\"_ _4\"></span>ente un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria come mis<span class=\"_ _4\"></span>urata al <span class=\"ff5f\">fair value</span> rilevato a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico se ci\u00f2 c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l'eliminazion<span class=\"_ _4\"></span>e o la riduzio<span class=\"_ _4\"></span>ne signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va di un disalline<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile (definito c<span class=\"_ _4\"></span>ome </span><span style=\"display:inherit;clear:left;\">un <span class=\"_ _5\"></span><span class=\"ff5f ls3 ws140\">\u201caccounting mismatch<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff5c\">) che inve<span class=\"_ _4\"></span>ce eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>e le per<span class=\"_ _4\"></span>dite o i prof<span class=\"_ _4\"></span>itti sull'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 foss<span class=\"_ _4\"></span>ero rile<span class=\"_ _4\"></span>vati se<span class=\"_ _4\"></span>condo un </span></span></span><span style=\"display:inherit;clear:left;\">diffe<span class=\"_ _4\"></span>rente crite<span class=\"_ _4\"></span>rio. Se<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ne ques<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>celt<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in qualche mo<span class=\"_ _4\"></span>do as<span class=\"_ _4\"></span>similata ad un <span class=\"ff5f\">account<span class=\"_ _4\"></span>ing policy cho<span class=\"_ _4\"></span>ice</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>avia va not<span class=\"_ _4\"></span>ato che il prin<span class=\"_ _4\"></span>cipio non richie<span class=\"_ _4\"></span>de che e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a sia applicat<span class=\"_ _4\"></span>a in mod<span class=\"_ _4\"></span>o coere<span class=\"_ _4\"></span>nte a tutt<span class=\"_ _4\"></span>e le trans<span class=\"_ _4\"></span>azioni s<span class=\"_ _4\"></span>imilari.</span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari al <span class=\"ff5f\">fair value</span> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico so<span class=\"_ _4\"></span>no iscrit<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">patrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria al <span class=\"ff5f lse ws0\">fair value<span class=\"ff5c\"> e le variazioni n<span class=\"_ _4\"></span>ette de<span class=\"_ _4\"></span>l </span>fair value<span class=\"ff5c\"> rilevate ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio.<span class=\"_ _4\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">In ques<span class=\"_ _4\"></span>ta c<span class=\"_ _4\"></span>ategoria rie<span class=\"_ _4\"></span>ntrano gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati. I der<span class=\"_ _4\"></span>ivati so<span class=\"_ _4\"></span>no clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dete<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">la negoziaz<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>alvo che non s<span class=\"_ _4\"></span>iano des<span class=\"_ _4\"></span>ignati come s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a eff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace. </span><span style=\"display:inherit;clear:left;\">Il deri<span class=\"_ _4\"></span>vato incor<span class=\"_ _4\"></span>porato co<span class=\"_ _4\"></span>ntenuto in un contr<span class=\"_ _4\"></span>atto ibri<span class=\"_ _4\"></span>do non der<span class=\"_ _4\"></span>ivato, in una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o in un co<span class=\"_ _4\"></span>ntratto </span><span style=\"display:inherit;clear:left;\">non f<span class=\"_ _4\"></span>inanziario p<span class=\"_ _4\"></span>rincipale, \u00e8 s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o principale e co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato come de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o separ<span class=\"_ _4\"></span>ato, se: le sue c<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>ris<span class=\"_ _4\"></span>tiche ec<span class=\"_ _4\"></span>onomiche e<span class=\"_ _4\"></span>d i rischi a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>so as<span class=\"_ _4\"></span>sociati n<span class=\"_ _4\"></span>on sono s<span class=\"_ _4\"></span>tret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte corre<span class=\"_ _4\"></span>lati a quelli del c<span class=\"_ _4\"></span>ontratto p<span class=\"_ _4\"></span>rincipale; </span><span style=\"display:inherit;clear:left;\">uno str<span class=\"_ _4\"></span>umento se<span class=\"_ _4\"></span>parato co<span class=\"_ _4\"></span>n gli ste<span class=\"_ _4\"></span>ssi t<span class=\"_ _4\"></span>ermini del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorp<span class=\"_ _4\"></span>orato so<span class=\"_ _4\"></span>ddisfe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di deriv<span class=\"_ _4\"></span>ato; e il </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to ibrido n<span class=\"_ _4\"></span>on \u00e8 valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsff\"> rilevato nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span>. I derivati i<span class=\"_ _1\"></span>ncorporati sono val<span class=\"_ _1\"></span>utati al<span class=\"_ _1\"></span> <span class=\"ff5f ls0 ws0\">fair </span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span></span></span><span class=\"ff5c ls3 ws0\"><span><span style=\"display:inherit;clear:left;\">,</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">con</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">le</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">varia<span class=\"_ _4\"></span>zioni</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">di</span></span><span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">fair value</span></span></span><span class=\"lsa wsb\"><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">rilevate</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">nel</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">conto</span></span><span><span style=\"display:inherit;clear:left;\"> </span></span><span><span style=\"display:inherit;clear:left;\">economico.</span></span><span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">Riclassificazione </span><span style=\"display:inherit;clear:left;\">Una riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>olo nel c<span class=\"_ _4\"></span>aso in cui inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venga un c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>i termini de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to che mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>a signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a altrimenti at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>i o quando il Grupp<span class=\"_ _4\"></span>o modif<span class=\"_ _4\"></span>ica il s<span class=\"_ _4\"></span>uo <span class=\"ff5f ls0 ws0\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s </span></span><span style=\"display:inherit;clear:left;\">model<span class=\"ff5c ls3 ws150\"> pe<span class=\"_ _4\"></span>r ges<span class=\"_ _4\"></span>tire le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie. L<span class=\"_ _4\"></span>a riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere appli<span class=\"_ _4\"></span>cata pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente dalla data di r<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one, se<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a nece<span class=\"_ _4\"></span>ssit<span class=\"_ _4\"></span>\u00e0 di ride<span class=\"_ _4\"></span>terminare prof<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>i, perdit<span class=\"_ _4\"></span>e e interes<span class=\"_ _4\"></span>si gi\u00e0 pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente rilev<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria (o<span class=\"_ _1\"></span>, ove applic<span class=\"_ _4\"></span>abile, par<span class=\"_ _4\"></span>te di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o par<span class=\"_ _4\"></span>te di un gr<span class=\"_ _4\"></span>uppo di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie simi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">li) \u00e8 cance<span class=\"_ _4\"></span>llata in primo luo<span class=\"_ _4\"></span>go (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s. rimo<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a dal prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrimo<span class=\"_ _4\"></span>niale-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria del Grup<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>) quan<span class=\"_ _4\"></span>do:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>i dirit<span class=\"_ _4\"></span>ti a rice<span class=\"_ _4\"></span>vere f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>stinti, o</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il Grupp<span class=\"_ _4\"></span>o ha tras<span class=\"_ _4\"></span>ferito a<span class=\"_ _4\"></span>d una ter<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te il dirit<span class=\"_ _4\"></span>to a riceve<span class=\"_ _4\"></span>re flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o ha as<span class=\"_ _4\"></span>sunto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obbligo co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>uale di corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>erli inter<span class=\"_ _4\"></span>amente e se<span class=\"_ _4\"></span>nza r<span class=\"_ _4\"></span>itardi e (<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>) ha t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rito so<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici della </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria, op<span class=\"_ _4\"></span>pure (b) non ha trasfe<span class=\"_ _4\"></span>rito n\u00e9 tr<span class=\"_ _4\"></span>attenut<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tut<span class=\"_ _4\"></span>ti i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0, ma ha tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito il controllo de<span class=\"_ _4\"></span>lla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Nei c<span class=\"_ _4\"></span>asi in cui il Grup<span class=\"_ _4\"></span>po abbia tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito i diritti a r<span class=\"_ _4\"></span>icevere f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o abbia sig<span class=\"_ _4\"></span>lato un accordo in </span><span style=\"display:inherit;clear:left;\">base a<span class=\"_ _4\"></span>l quale mantiene i dirit<span class=\"_ _4\"></span>ti contrat<span class=\"_ _4\"></span>tuali a riceve<span class=\"_ _4\"></span>re i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria, ma as<span class=\"_ _4\"></span>sume un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gaz<span class=\"_ _4\"></span>ione contr<span class=\"_ _4\"></span>attuale a pag<span class=\"_ _4\"></span>are i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari a uno o p<span class=\"_ _4\"></span>i\u00f9 bene<span class=\"_ _4\"></span>ficiari (<span class=\"_ _5\"></span><span class=\"ff5f ls0 ws0\">pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s-t<span class=\"_ _4\"></span>hrou<span class=\"_ _4\"></span>gh</span>)<span class=\"_ _2\"></span>, e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o valut<span class=\"_ _4\"></span>a se e in che misur<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">abbia trat<span class=\"_ _4\"></span>tenuto i ri<span class=\"_ _4\"></span>schi e i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici inere<span class=\"_ _4\"></span>nti al pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Se tut<span class=\"_ _4\"></span>ti i rischi e i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ine<span class=\"_ _4\"></span>renti al po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria son<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>i, il Gruppo e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">parat<span class=\"_ _4\"></span>amente com<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 qual<span class=\"_ _4\"></span>siasi dirit<span class=\"_ _4\"></span>to e obblig<span class=\"_ _4\"></span>azione cr<span class=\"_ _4\"></span>eati o mantenuti; in cas<span class=\"_ _4\"></span>o contrari<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria continua ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere mantenut<span class=\"_ _4\"></span>a in bilancio. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui  non abbia n<span class=\"_ _4\"></span>\u00e9 tras<span class=\"_ _4\"></span>ferito n\u00e9 tr<span class=\"_ _4\"></span>atte<span class=\"_ _4\"></span>nuto sos<span class=\"_ _4\"></span>tan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici o non abbia p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>o il controllo sulla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 continua a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>sere ril<span class=\"_ _4\"></span>evata n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">bilancio de<span class=\"_ _4\"></span>l Gruppo n<span class=\"_ _4\"></span>ella misura  d<span class=\"_ _4\"></span>el suo coinvo<span class=\"_ _4\"></span>lgimento re<span class=\"_ _4\"></span>siduo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa; qualora il controll<span class=\"_ _4\"></span>o sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria non fos<span class=\"_ _4\"></span>se mante<span class=\"_ _4\"></span>nuto, il Gruppo  e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve separ<span class=\"_ _4\"></span>atame<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 quals<span class=\"_ _4\"></span>iasi diritt<span class=\"_ _4\"></span>o e obbliga<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>ati o mantenuti. L<span class=\"_ _1c\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ita e la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ciata </span><span style=\"display:inherit;clear:left;\">sono v<span class=\"_ _4\"></span>alutate in mo<span class=\"_ _4\"></span>do da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere i dirit<span class=\"_ _4\"></span>ti e le obblig<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e rimangono di pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>inenz<span class=\"_ _4\"></span>a del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Quando il co<span class=\"_ _4\"></span>involgimento re<span class=\"_ _4\"></span>siduo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019entit\u00e0 \u00e8 una garan<span class=\"_ _4\"></span>zia sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rita, il c<span class=\"_ _4\"></span>oinvolgimento \u00e8 mis<span class=\"_ _4\"></span>urato sulla bas<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">del mino<span class=\"_ _4\"></span>re tra l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to mass<span class=\"_ _4\"></span>imo del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto che l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e dover ripag<span class=\"_ _4\"></span>are.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__44": {
   "value": "<span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al costo ammortizzato (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e al cost<span class=\"_ _4\"></span>o ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato se entramb<span class=\"_ _4\"></span>i i seg<span class=\"_ _4\"></span>uenti re<span class=\"_ _4\"></span>quisiti so<span class=\"_ _4\"></span>no so<span class=\"_ _4\"></span>ddisfat<span class=\"_ _4\"></span>ti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>l'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria \u00e8 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>duta ne<span class=\"_ _4\"></span>l quadro di un mode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busin<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>s</span> il cui obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vo \u00e8 il pos<span class=\"_ _4\"></span>ses<span class=\"_ _4\"></span>so di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zato a<span class=\"_ _4\"></span>lla raccolt<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari contr<span class=\"_ _4\"></span>attuali;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e de<span class=\"_ _4\"></span>ll'intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sull'impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el cap<span class=\"_ _4\"></span>itale da re<span class=\"_ _4\"></span>stituire<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sono s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente v<span class=\"_ _4\"></span>alutate utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il crit<span class=\"_ _4\"></span>erio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo e s<span class=\"_ _4\"></span>ono sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tte ad <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span>. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomico quan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 eliminat<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata o ri<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ata.</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono inclusi i cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e i dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__45": {
   "value": "<span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato nel conto ec<span class=\"_ _2\"></span>onomico complessiv<span class=\"_ _1\"></span>o (strumenti di debito)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o valuta l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 da s<span class=\"_ _4\"></span>trumenti di d<span class=\"_ _4\"></span>ebito al f<span class=\"_ _4\"></span>air value rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo se e<span class=\"_ _4\"></span>ntrambe </span><span style=\"display:inherit;clear:left;\">le seguenti condizioni<span class=\"_ _1\"></span> sono soddisfatte: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _45\"></span>l'attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria \u00e8 p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a nel quadro di un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>usine<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span></span> il cui obiet<span class=\"_ _4\"></span>tivo \u00e8 con<span class=\"_ _4\"></span>seguit<span class=\"_ _4\"></span>o sia mediante l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cas<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziari c<span class=\"_ _4\"></span>ontrattuali ch<span class=\"_ _4\"></span>e mediante la ve<span class=\"_ _4\"></span>ndita de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie; e</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>i te<span class=\"_ _4\"></span>rmini contratt<span class=\"_ _4\"></span>uali dell'atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria preved<span class=\"_ _4\"></span>ono a dete<span class=\"_ _4\"></span>rminate date flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati unica<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente da pag<span class=\"_ _4\"></span>amenti de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale e<span class=\"_ _4\"></span>d interes<span class=\"_ _4\"></span>si det<span class=\"_ _4\"></span>erminati sull'imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e da res<span class=\"_ _4\"></span>tituire.</span><span style=\"display:inherit;clear:left;\">Per le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 da strum<span class=\"_ _4\"></span>enti di deb<span class=\"_ _4\"></span>ito valut<span class=\"_ _4\"></span>ati al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> rilev<span class=\"_ _4\"></span>ato nel co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo gli utili e le p<span class=\"_ _4\"></span>erdite </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>ilevate a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni pe<span class=\"_ _4\"></span>r diffe<span class=\"_ _4\"></span>renze c<span class=\"_ _4\"></span>ambio e delle p<span class=\"_ _4\"></span>erdite di </span><span style=\"display:inherit;clear:left;\">valore<span class=\"_ _4\"></span>, insiem<span class=\"_ _4\"></span>e alle ripre<span class=\"_ _4\"></span>se, che s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. Al mome<span class=\"_ _4\"></span>nto dell'e<span class=\"_ _4\"></span>liminazione<span class=\"_ _4\"></span>, la variazio<span class=\"_ _4\"></span>ne cumula<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>a del <span class=\"ff5f\">fair value</span><span class=\"ls9 wsfd\"> rilevata nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span> complessivo viene riclassificata nel conto economico<span class=\"_ _2\"></span>; gli importi che </span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iconos<span class=\"_ _4\"></span>ciuti a conto e<span class=\"_ _4\"></span>conomico s<span class=\"_ _4\"></span>ono gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si che s<span class=\"_ _4\"></span>arebb<span class=\"_ _4\"></span>ero st<span class=\"_ _4\"></span>ati rilev<span class=\"_ _4\"></span>ati se l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria foss<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ata da </span><span style=\"display:inherit;clear:left;\">semp<span class=\"_ _4\"></span>re valutat<span class=\"_ _4\"></span>a al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Al mo<span class=\"_ _4\"></span>mento il Grup<span class=\"_ _4\"></span>po non ha que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a fatti<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cie.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__46": {
   "value": "<span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _1\"></span>ato a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 def<span class=\"_ _4\"></span>inis<span class=\"_ _4\"></span>ce la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsa7\"> rileva<span class=\"_ _1\"></span>to a con<span class=\"_ _1\"></span>to economico come<span class=\"_ _1\"></span> una categor<span class=\"_ _1\"></span>ia residua<span class=\"_ _1\"></span>le </span></span><span style=\"display:inherit;clear:left;\">da applic<span class=\"_ _4\"></span>are a tutte que<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie che, in v<span class=\"_ _4\"></span>irt<span class=\"_ _4\"></span>\u00f9 delle loro c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche contr<span class=\"_ _4\"></span>attuali, non s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ate al </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato o al <span class=\"ff5f\">fair value</span> rilevato a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tav<span class=\"_ _4\"></span>ia, il Grupp<span class=\"_ _4\"></span>o pu\u00f2 dec<span class=\"_ _4\"></span>idere<span class=\"_ _4\"></span>, in sede </span><span style=\"display:inherit;clear:left;\">di rilev<span class=\"_ _4\"></span>azione ini<span class=\"_ _4\"></span>ziale, di de<span class=\"_ _4\"></span>signare irre<span class=\"_ _4\"></span>vocabilm<span class=\"_ _4\"></span>ente un'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria come mis<span class=\"_ _4\"></span>urata al <span class=\"ff5f\">fair value</span> rilevato a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico se ci\u00f2 c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l'eliminazion<span class=\"_ _4\"></span>e o la riduzio<span class=\"_ _4\"></span>ne signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va di un disalline<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile (definito c<span class=\"_ _4\"></span>ome </span><span style=\"display:inherit;clear:left;\">un <span class=\"_ _5\"></span><span class=\"ff5f ls3 ws140\">\u201caccounting mismatch<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span><span class=\"ff5c\">) che inve<span class=\"_ _4\"></span>ce eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>e le per<span class=\"_ _4\"></span>dite o i prof<span class=\"_ _4\"></span>itti sull'att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 foss<span class=\"_ _4\"></span>ero rile<span class=\"_ _4\"></span>vati se<span class=\"_ _4\"></span>condo un </span></span></span><span style=\"display:inherit;clear:left;\">diffe<span class=\"_ _4\"></span>rente crite<span class=\"_ _4\"></span>rio. Se<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ne ques<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>celt<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in qualche mo<span class=\"_ _4\"></span>do as<span class=\"_ _4\"></span>similata ad un <span class=\"ff5f\">account<span class=\"_ _4\"></span>ing policy cho<span class=\"_ _4\"></span>ice</span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>avia va not<span class=\"_ _4\"></span>ato che il prin<span class=\"_ _4\"></span>cipio non richie<span class=\"_ _4\"></span>de che e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a sia applicat<span class=\"_ _4\"></span>a in mod<span class=\"_ _4\"></span>o coere<span class=\"_ _4\"></span>nte a tutt<span class=\"_ _4\"></span>e le trans<span class=\"_ _4\"></span>azioni s<span class=\"_ _4\"></span>imilari.</span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari al <span class=\"ff5f\">fair value</span> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate ne<span class=\"_ _4\"></span>l conto eco<span class=\"_ _4\"></span>nomico so<span class=\"_ _4\"></span>no iscrit<span class=\"_ _4\"></span>ti ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">patrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria al <span class=\"ff5f lse ws0\">fair value<span class=\"ff5c\"> e le variazioni n<span class=\"_ _4\"></span>ette de<span class=\"_ _4\"></span>l </span>fair value<span class=\"ff5c\"> rilevate ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio.<span class=\"_ _4\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">In ques<span class=\"_ _4\"></span>ta c<span class=\"_ _4\"></span>ategoria rie<span class=\"_ _4\"></span>ntrano gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deriv<span class=\"_ _4\"></span>ati. I der<span class=\"_ _4\"></span>ivati so<span class=\"_ _4\"></span>no clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dete<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">la negoziaz<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>alvo che non s<span class=\"_ _4\"></span>iano des<span class=\"_ _4\"></span>ignati come s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a eff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace. </span><span style=\"display:inherit;clear:left;\">Il deri<span class=\"_ _4\"></span>vato incor<span class=\"_ _4\"></span>porato co<span class=\"_ _4\"></span>ntenuto in un contr<span class=\"_ _4\"></span>atto ibri<span class=\"_ _4\"></span>do non der<span class=\"_ _4\"></span>ivato, in una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o in un co<span class=\"_ _4\"></span>ntratto </span><span style=\"display:inherit;clear:left;\">non f<span class=\"_ _4\"></span>inanziario p<span class=\"_ _4\"></span>rincipale, \u00e8 s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>o dal contratt<span class=\"_ _4\"></span>o principale e co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato come de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o separ<span class=\"_ _4\"></span>ato, se: le sue c<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>ris<span class=\"_ _4\"></span>tiche ec<span class=\"_ _4\"></span>onomiche e<span class=\"_ _4\"></span>d i rischi a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>so as<span class=\"_ _4\"></span>sociati n<span class=\"_ _4\"></span>on sono s<span class=\"_ _4\"></span>tret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte corre<span class=\"_ _4\"></span>lati a quelli del c<span class=\"_ _4\"></span>ontratto p<span class=\"_ _4\"></span>rincipale; </span><span style=\"display:inherit;clear:left;\">uno str<span class=\"_ _4\"></span>umento se<span class=\"_ _4\"></span>parato co<span class=\"_ _4\"></span>n gli ste<span class=\"_ _4\"></span>ssi t<span class=\"_ _4\"></span>ermini del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato incorp<span class=\"_ _4\"></span>orato so<span class=\"_ _4\"></span>ddisfe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e la def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di deriv<span class=\"_ _4\"></span>ato; e il </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to ibrido n<span class=\"_ _4\"></span>on \u00e8 valut<span class=\"_ _4\"></span>ato al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls9 wsff\"> rilevato nel con<span class=\"_ _2\"></span>to e<span class=\"_ _4\"></span>conomico<span class=\"_ _1\"></span>. I derivati i<span class=\"_ _1\"></span>ncorporati sono val<span class=\"_ _1\"></span>utati al<span class=\"_ _1\"></span> <span class=\"ff5f ls0 ws0\">fair </span></span></span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span></span><span style=\"display:inherit;clear:left;\">,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">con</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">le</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">varia<span class=\"_ _4\"></span>zioni</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">fair value</span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">rilevate</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">nel</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">conto</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">economico.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__47": {
   "value": "<span style=\"display:inherit;clear:left;\">Riclassificazione </span><span style=\"display:inherit;clear:left;\">Una riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>olo nel c<span class=\"_ _4\"></span>aso in cui inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venga un c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>i termini de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>to che mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>a signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a altrimenti at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>i o quando il Grupp<span class=\"_ _4\"></span>o modif<span class=\"_ _4\"></span>ica il s<span class=\"_ _4\"></span>uo <span class=\"ff5f ls0 ws0\">bu<span class=\"_ _4\"></span>sine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s </span></span><span style=\"display:inherit;clear:left;\">model<span class=\"ff5c ls3 ws150\"> pe<span class=\"_ _4\"></span>r ges<span class=\"_ _4\"></span>tire le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie. L<span class=\"_ _4\"></span>a riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere appli<span class=\"_ _4\"></span>cata pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente dalla data di r<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one, se<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a nece<span class=\"_ _4\"></span>ssit<span class=\"_ _4\"></span>\u00e0 di ride<span class=\"_ _4\"></span>terminare prof<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>i, perdit<span class=\"_ _4\"></span>e e interes<span class=\"_ _4\"></span>si gi\u00e0 pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>entem<span class=\"_ _4\"></span>ente rilev<span class=\"_ _4\"></span>ati.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__48-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria (o<span class=\"_ _1\"></span>, ove applic<span class=\"_ _4\"></span>abile, par<span class=\"_ _4\"></span>te di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria o par<span class=\"_ _4\"></span>te di un gr<span class=\"_ _4\"></span>uppo di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie simi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">li) \u00e8 cance<span class=\"_ _4\"></span>llata in primo luo<span class=\"_ _4\"></span>go (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s. rimo<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a dal prosp<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>ella situaz<span class=\"_ _4\"></span>ione patrimo<span class=\"_ _4\"></span>niale-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iaria del Grup<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>) quan<span class=\"_ _4\"></span>do:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>i dirit<span class=\"_ _4\"></span>ti a rice<span class=\"_ _4\"></span>vere f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>stinti, o</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il Grupp<span class=\"_ _4\"></span>o ha tras<span class=\"_ _4\"></span>ferito a<span class=\"_ _4\"></span>d una ter<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te il dirit<span class=\"_ _4\"></span>to a riceve<span class=\"_ _4\"></span>re flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>i dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o ha as<span class=\"_ _4\"></span>sunto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obbligo co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>uale di corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>erli inter<span class=\"_ _4\"></span>amente e se<span class=\"_ _4\"></span>nza r<span class=\"_ _4\"></span>itardi e (<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>) ha t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rito so<span class=\"_ _4\"></span>stan<span class=\"_ _4\"></span>zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici della </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria, op<span class=\"_ _4\"></span>pure (b) non ha trasfe<span class=\"_ _4\"></span>rito n\u00e9 tr<span class=\"_ _4\"></span>attenut<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tut<span class=\"_ _4\"></span>ti i rischi e b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0, ma ha tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito il controllo de<span class=\"_ _4\"></span>lla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Nei c<span class=\"_ _4\"></span>asi in cui il Grup<span class=\"_ _4\"></span>po abbia tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito i diritti a r<span class=\"_ _4\"></span>icevere f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o abbia sig<span class=\"_ _4\"></span>lato un accordo in </span><span style=\"display:inherit;clear:left;\">base a<span class=\"_ _4\"></span>l quale mantiene i dirit<span class=\"_ _4\"></span>ti contrat<span class=\"_ _4\"></span>tuali a riceve<span class=\"_ _4\"></span>re i flu<span class=\"_ _4\"></span>ssi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria, ma as<span class=\"_ _4\"></span>sume un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gaz<span class=\"_ _4\"></span>ione contr<span class=\"_ _4\"></span>attuale a pag<span class=\"_ _4\"></span>are i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari a uno o p<span class=\"_ _4\"></span>i\u00f9 bene<span class=\"_ _4\"></span>ficiari (<span class=\"_ _5\"></span><span class=\"ff5f ls0 ws0\">pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s-t<span class=\"_ _4\"></span>hrou<span class=\"_ _4\"></span>gh</span>)<span class=\"_ _2\"></span>, e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o valut<span class=\"_ _4\"></span>a se e in che misur<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">abbia trat<span class=\"_ _4\"></span>tenuto i ri<span class=\"_ _4\"></span>schi e i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici inere<span class=\"_ _4\"></span>nti al pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o. Se tut<span class=\"_ _4\"></span>ti i rischi e i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ine<span class=\"_ _4\"></span>renti al po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>'a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria son<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>ialmente tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>i, il Gruppo e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">parat<span class=\"_ _4\"></span>amente com<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 qual<span class=\"_ _4\"></span>siasi dirit<span class=\"_ _4\"></span>to e obblig<span class=\"_ _4\"></span>azione cr<span class=\"_ _4\"></span>eati o mantenuti; in cas<span class=\"_ _4\"></span>o contrari<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria continua ad e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere mantenut<span class=\"_ _4\"></span>a in bilancio. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o in cui  non abbia n<span class=\"_ _4\"></span>\u00e9 tras<span class=\"_ _4\"></span>ferito n\u00e9 tr<span class=\"_ _4\"></span>atte<span class=\"_ _4\"></span>nuto sos<span class=\"_ _4\"></span>tan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente tut<span class=\"_ _4\"></span>ti i ris<span class=\"_ _4\"></span>chi e ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici o non abbia p<span class=\"_ _4\"></span>ers<span class=\"_ _4\"></span>o il controllo sulla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 continua a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>sere ril<span class=\"_ _4\"></span>evata n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">bilancio de<span class=\"_ _4\"></span>l Gruppo n<span class=\"_ _4\"></span>ella misura  d<span class=\"_ _4\"></span>el suo coinvo<span class=\"_ _4\"></span>lgimento re<span class=\"_ _4\"></span>siduo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa; qualora il controll<span class=\"_ _4\"></span>o sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria non fos<span class=\"_ _4\"></span>se mante<span class=\"_ _4\"></span>nuto, il Gruppo  e<span class=\"_ _4\"></span>limina dal proprio bilan<span class=\"_ _4\"></span>cio l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria e<span class=\"_ _4\"></span>d iscri<span class=\"_ _4\"></span>ve separ<span class=\"_ _4\"></span>atame<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 quals<span class=\"_ _4\"></span>iasi diritt<span class=\"_ _4\"></span>o e obbliga<span class=\"_ _4\"></span>zione cre<span class=\"_ _4\"></span>ati o mantenuti. L<span class=\"_ _1c\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ita e la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>ciata </span><span style=\"display:inherit;clear:left;\">sono v<span class=\"_ _4\"></span>alutate in mo<span class=\"_ _4\"></span>do da rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ere i dirit<span class=\"_ _4\"></span>ti e le obblig<span class=\"_ _4\"></span>azioni ch<span class=\"_ _4\"></span>e rimangono di pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>inenz<span class=\"_ _4\"></span>a del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Quando il co<span class=\"_ _4\"></span>involgimento re<span class=\"_ _4\"></span>siduo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019entit\u00e0 \u00e8 una garan<span class=\"_ _4\"></span>zia sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rita, il c<span class=\"_ _4\"></span>oinvolgimento \u00e8 mis<span class=\"_ _4\"></span>urato sulla bas<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">del mino<span class=\"_ _4\"></span>re tra l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to mass<span class=\"_ _4\"></span>imo del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto che l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e dover ripag<span class=\"_ _4\"></span>are.</span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria vi<span class=\"_ _4\"></span>ene can<span class=\"_ _4\"></span>cellata quand<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante la pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 \u00e8 e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>inta, annullata ov<span class=\"_ _5\"></span>vero ade<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">piuta<span class=\"_ _4\"></span>. Ladd<span class=\"_ _4\"></span>ove una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte foss<span class=\"_ _4\"></span>e sos<span class=\"_ _4\"></span>tituita da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>altra de<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>tato<span class=\"_ _4\"></span>re, a condi<span class=\"_ _4\"></span>zioni so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e, opp<span class=\"_ _4\"></span>ure le condi<span class=\"_ _4\"></span>zioni di una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte venis<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte modif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>e, tale s<span class=\"_ _4\"></span>cambio o<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a viene t<span class=\"_ _4\"></span>ratt<span class=\"_ _4\"></span>ato come una c<span class=\"_ _4\"></span>ancellaz<span class=\"_ _4\"></span>ione cont<span class=\"_ _4\"></span>abile de<span class=\"_ _4\"></span>lla passi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 originale<span class=\"_ _4\"></span>, accompagnat<span class=\"_ _4\"></span>a dalla rileva<span class=\"_ _4\"></span>zione di una </span><span style=\"display:inherit;clear:left;\">nuova pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, con iscri<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) d<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io di eventuali dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze tra i val<span class=\"_ _4\"></span>ori cont<span class=\"_ _4\"></span>abili.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__51": {
   "value": "<span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__50": {
   "value": "<span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita di v<span class=\"_ _1\"></span>alore di atti<span class=\"_ _1\"></span>vit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one pe<span class=\"_ _4\"></span>r perdit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se (<span class=\"ff5f\">Exp<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>ted credit lo<span class=\"_ _4\"></span>ss \u201c<span class=\"_ _4\"></span>ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) per tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie rappre<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ate da str<span class=\"_ _4\"></span>umenti di de<span class=\"_ _4\"></span>bito non det<span class=\"_ _4\"></span>enuti al <span class=\"ff5f\">fair value</span> rilevato a co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico. Nell<span class=\"_ _4\"></span>o spe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>o le dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni di </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent<span class=\"ff5c ls0 ws11b\"> si app<span class=\"_ _4\"></span>licano a tut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato e al <span class=\"ff5f\">fair value</span> rilevato ne<span class=\"_ _4\"></span>l conto </span></span><span style=\"display:inherit;clear:left;\">eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo, me<span class=\"_ _4\"></span>ntre sono e<span class=\"_ _4\"></span>sclus<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie valut<span class=\"_ _4\"></span>ate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls36 wsc9\"> rilevato a conto economico. </span></span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, rientran<span class=\"_ _4\"></span>o nel pe<span class=\"_ _4\"></span>rimetro di ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione anche l<span class=\"_ _4\"></span>e seg<span class=\"_ _4\"></span>uenti tip<span class=\"_ _4\"></span>ologie di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws3a7\"> Loan <span class=\"_ _43\"> </span>Commitment<span class=\"ff5c ws0\"> non v<span class=\"_ _4\"></span>alutati a F<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>TPL;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>G<span class=\"_ _4\"></span>aranzie f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione IFR<span class=\"_ _4\"></span>S 9;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> Cre<span class=\"_ _4\"></span>diti <span class=\"_ _43\"> </span>pe<span class=\"_ _4\"></span>r <span class=\"_ _43\"> </span><span class=\"ff5f ls5e ws11e\">Lea<span class=\"_ _4\"></span>sin<span class=\"_ _4\"></span>g</span><span class=\"ws0\"> rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6;</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls66 ws3ab\"> Cont<span class=\"_ _4\"></span>ract <span class=\"_ _43\"> </span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>t</span><span class=\"ls0 ws0\"> rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>5.</span></span><span style=\"display:inherit;clear:left;\">Le ECLs s<span class=\"_ _4\"></span>i basan<span class=\"_ _4\"></span>o sulla diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra i f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari contrat<span class=\"_ _4\"></span>tuali dovut<span class=\"_ _4\"></span>i in conformit\u00e0 al c<span class=\"_ _4\"></span>ontratto e t<span class=\"_ _4\"></span>utti i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si finan<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari che il Gr<span class=\"_ _4\"></span>uppo si as<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ta di rice<span class=\"_ _4\"></span>vere, s<span class=\"_ _4\"></span>contati a<span class=\"_ _4\"></span>d un\u2019appross<span class=\"_ _4\"></span>imazione d<span class=\"_ _4\"></span>el ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivo orig<span class=\"_ _4\"></span>inario. I flus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">di cas<span class=\"_ _4\"></span>sa che il G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tta di r<span class=\"_ _4\"></span>icevere dip<span class=\"_ _4\"></span>endo<span class=\"_ _4\"></span>no dalla probabilit<span class=\"_ _4\"></span>\u00e0 che si ve<span class=\"_ _4\"></span>rifichi un e<span class=\"_ _4\"></span>vento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault</span> d<span class=\"_ _4\"></span>ella contro<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te e quanto, in tale c<span class=\"_ _4\"></span>aso, ci si at<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e di riuscire a re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>are; i flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a atte<span class=\"_ _4\"></span>si include<span class=\"_ _4\"></span>ranno quindi anche i f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivanti dall<span class=\"_ _4\"></span>\u2019escu<span class=\"_ _4\"></span>ssio<span class=\"_ _4\"></span>ne delle g<span class=\"_ _4\"></span>aranzie re<span class=\"_ _4\"></span>ali detenut<span class=\"_ _4\"></span>e o di altre garan<span class=\"_ _4\"></span>zie sul cre<span class=\"_ _4\"></span>dito che son<span class=\"_ _4\"></span>o par<span class=\"_ _4\"></span>te integrante </span><span style=\"display:inherit;clear:left;\">delle condizion<span class=\"_ _1\"></span>i contra<span class=\"_ _1\"></span>ttuali.</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo l<span class=\"_ _4\"></span>\u2019approccio ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto dal Principio, la mo<span class=\"_ _4\"></span>dalit\u00e0 di d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 wsc1\"> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ziarie \u00e8 in funz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sito de<span class=\"_ _4\"></span>l monitor<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gio del m<span class=\"_ _4\"></span>erito cre<span class=\"_ _4\"></span>ditizio d<span class=\"_ _4\"></span>elle contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i.  Relati<span class=\"_ _4\"></span>vamente alle e<span class=\"_ _4\"></span>sp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ni cre<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ditizie p<span class=\"_ _4\"></span>er le quali non v<span class=\"_ _4\"></span>i \u00e8 st<span class=\"_ _4\"></span>ato un aumento sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo de<span class=\"_ _4\"></span>l rischio di cre<span class=\"_ _4\"></span>dito dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale, bi<span class=\"_ _4\"></span>sogna ril<span class=\"_ _4\"></span>evare </span><span style=\"display:inherit;clear:left;\">le pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti che der<span class=\"_ _4\"></span>ivano dalla s<span class=\"_ _4\"></span>tima di eventi di <span class=\"ff5f ls60 wsfd\">d<span class=\"_ _4\"></span>efau<span class=\"_ _4\"></span>lt</span> che so<span class=\"_ _4\"></span>no pos<span class=\"_ _4\"></span>sibili entro i s<span class=\"_ _4\"></span>ucce<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si (<span class=\"_ _1c\"></span><span class=\"ff5f lsf0 wsd1\">12<span class=\"_ _4\"></span>-<span class=\"_ _3\"></span>m<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>n<span class=\"_ _5\"></span>t<span class=\"_ _5\"></span>h<span class=\"_ _5\"></span>s<span class=\"_ _5\"></span> </span></span><span style=\"display:inherit;clear:left;\">ECL<span class=\"ff5c ls0 wsff\">)<span class=\"_ _2\"></span>. Pe<span class=\"_ _4\"></span>r le esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni credit<span class=\"_ _4\"></span>izie pe<span class=\"_ _4\"></span>r le quali vi \u00e8 s<span class=\"_ _4\"></span>tato un signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo aumento d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di credito dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one </span></span><span style=\"display:inherit;clear:left;\">iniziale, b<span class=\"_ _4\"></span>isog<span class=\"_ _4\"></span>na rilevare inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte le per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se che si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>ono alla res<span class=\"_ _4\"></span>idua durata de<span class=\"_ _4\"></span>ll'esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione, a pre<span class=\"_ _4\"></span>scin<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dere dal mo<span class=\"_ _4\"></span>mento in cui l<span class=\"_ _4\"></span>\u2019evento di <span class=\"ff5f ls60 wsfd\">de<span class=\"_ _4\"></span>fault<span class=\"_ _4\"></span></span> si preve<span class=\"_ _4\"></span>de che si ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>ichi (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifetim<span class=\"_ _4\"></span>e ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c lse ws5\">). </span></span></span><span style=\"display:inherit;clear:left;\">Per i credit<span class=\"_ _4\"></span>i commerciali e le at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivanti da co<span class=\"_ _4\"></span>ntratto, il Gr<span class=\"_ _4\"></span>uppo appli<span class=\"_ _4\"></span>ca un appro<span class=\"_ _4\"></span>ccio semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ato nel c<span class=\"_ _4\"></span>alcolo d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dite atte<span class=\"_ _4\"></span>se. Pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, il Grupp<span class=\"_ _4\"></span>o non monitor<span class=\"_ _4\"></span>a le variaz<span class=\"_ _4\"></span>ioni del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito, ma rileva inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte la perdit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa a og<span class=\"_ _4\"></span>ni data di riferime<span class=\"_ _4\"></span>nto (<span class=\"_ _1\"></span><span class=\"ff5f ls59 ws114\">\u201c<span class=\"_ _4\"></span>Lifet<span class=\"_ _4\"></span>ime ECL<span class=\"_ _1c\"></span>\u201d<span class=\"_ _3\"></span><span class=\"ff5c ls0 ws0\">). Pi<span class=\"_ _1\"></span>\u00f9 nello s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ico, il Gr<span class=\"_ _4\"></span>uppo p<span class=\"_ _4\"></span>er le sud<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e adott<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019espe<span class=\"_ _4\"></span>diente prat<span class=\"_ _4\"></span>ico della <span class=\"ff5f ls46 ws122\">prov<span class=\"_ _4\"></span>ision matrix</span> p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt<span class=\"ff5c ls0 ws86\">, ov<span class=\"_ _4\"></span>vero ha d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inito un sist<span class=\"_ _4\"></span>ema matriciale ba<span class=\"_ _4\"></span>sato </span></span></span><span style=\"display:inherit;clear:left;\">sulle informaz<span class=\"_ _4\"></span>ioni sto<span class=\"_ _4\"></span>riche di inca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, rivis<span class=\"_ _4\"></span>te pe<span class=\"_ _4\"></span>r consid<span class=\"_ _4\"></span>erare e<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>nti prosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>ci con riferim<span class=\"_ _4\"></span>ento alle sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>iche tip<span class=\"_ _4\"></span>olo<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gie di deb<span class=\"_ _4\"></span>itori e de<span class=\"_ _4\"></span>l loro ambient<span class=\"_ _4\"></span>e econo<span class=\"_ _4\"></span>mico, come s<span class=\"_ _4\"></span>trumento p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one delle p<span class=\"_ _4\"></span>erdite at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__52": {
   "value": "<span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie</span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate e valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato utiliz<span class=\"_ _5\"></span>zand<span class=\"_ _4\"></span>o il tas<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo ad </span><span style=\"display:inherit;clear:left;\">ecce<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>ne di quelle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie che, no<span class=\"_ _4\"></span>n rispo<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>do ai requis<span class=\"_ _4\"></span>iti per p<span class=\"_ _4\"></span>oter e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere valut<span class=\"_ _4\"></span>ate al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato, sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icate al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico. R<span class=\"_ _4\"></span>ientrano in qu<span class=\"_ _4\"></span>est<span class=\"_ _5\"></span>\u2019ultimo cas<span class=\"_ _4\"></span>o le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie det<span class=\"_ _4\"></span>enute a sco<span class=\"_ _4\"></span>po di ne<span class=\"_ _4\"></span>goziazione<span class=\"_ _4\"></span>. Il Gruppo in<span class=\"_ _4\"></span>oltre pu\u00f2 s<span class=\"_ _4\"></span>ceglie<span class=\"_ _4\"></span>re, in se<span class=\"_ _4\"></span>de di rile<span class=\"_ _4\"></span>vazio<span class=\"_ _4\"></span>ne iniziale, di d<span class=\"_ _4\"></span>esignare </span><span style=\"display:inherit;clear:left;\">irrevoc<span class=\"_ _4\"></span>abilmente l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span><span class=\"ls9 wsbe\"> con impu<span class=\"_ _1\"></span>tazione a conto economic<span class=\"_ _1\"></span>o qua<span class=\"_ _1\"></span>ndo questo consente di<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">fornire un'informativa p<span class=\"_ _4\"></span>i\u00f9 rilevante<span class=\"_ _4\"></span>, in quanto<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">elimina o ri<span class=\"_ _4\"></span>duce signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte un'incoere<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>ella misura<span class=\"_ _4\"></span>zione o ril<span class=\"_ _4\"></span>evaz<span class=\"_ _4\"></span>ione (<span class=\"_ _1\"></span>def<span class=\"_ _4\"></span>inita anch<span class=\"_ _4\"></span>e come <span class=\"ff5f\">\u201can accoun<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">ting mismatch\u201d<span class=\"_ _3\"></span><span class=\"ff5c\">) che eme<span class=\"_ _4\"></span>rgere<span class=\"_ _4\"></span>bbe dalla misur<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o dalla rileva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i prof<span class=\"_ _4\"></span>itti o </span></span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e su di una bas<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rente;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ls0 ws0\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws130\">un grup<span class=\"_ _4\"></span>po di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie \u00e8 ge<span class=\"_ _4\"></span>stito e v<span class=\"_ _4\"></span>alutato al <span class=\"ff5f\">fair value</span> in applica<span class=\"_ _4\"></span>zione di una p<span class=\"_ _4\"></span>olitica di <span class=\"ff5f ls0 ws0\">r<span class=\"_ _4\"></span>isk </span></span></span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> o sulla ba<span class=\"_ _4\"></span>se di una str<span class=\"_ _4\"></span>ategia di inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nto e l'informativ<span class=\"_ _4\"></span>a su det<span class=\"_ _4\"></span>to gruppo \u00e8 fo<span class=\"_ _4\"></span>rnita inter<span class=\"_ _4\"></span>namente ai </span></span><span style=\"display:inherit;clear:left;\">dirigenti chiave su t<span class=\"_ _4\"></span>ale bas<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Anche i d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati con <span class=\"ff5f\">fair value</span> negati<span class=\"_ _4\"></span>vo sono clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icati e v<span class=\"_ _4\"></span>alutati al <span class=\"ff5f\">fair value</span><span class=\"lsa ws86\"> rilevato a conto<span class=\"_ _1\"></span> economico ad ecce<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ne di quelli de<span class=\"_ _4\"></span>tenuti co<span class=\"_ _4\"></span>me ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e sono rile<span class=\"_ _4\"></span>vate inizialme<span class=\"_ _4\"></span>nte al </span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> cui si agg<span class=\"_ _4\"></span>iungono, nel c<span class=\"_ _4\"></span>aso di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti e debit<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i di trans<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>si dirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte attribuibili. </span></span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o compre<span class=\"_ _4\"></span>ndono de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e altri de<span class=\"_ _4\"></span>biti, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti, inclusi sc<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>ti di </span><span style=\"display:inherit;clear:left;\">conto cor<span class=\"_ _4\"></span>rente e st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie dipe<span class=\"_ _4\"></span>nde dalla loro cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, come pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al <span class=\"ff5f\">fair value</span><span class=\"ls0 wsc7\"> a </span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie al cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _5\"></span>zato (<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti).</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> rilev<span class=\"_ _2\"></span>ato a conto economic<span class=\"_ _2\"></span>o </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al <span class=\"ff5f\">fair value</span> rilev<span class=\"_ _4\"></span>ato a conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>ono pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 det<span class=\"_ _4\"></span>enute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al <span class=\"ff5f\">fair value</span> con varia<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico. Le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">dete<span class=\"_ _4\"></span>nute per la n<span class=\"_ _4\"></span>egoziazion<span class=\"_ _4\"></span>e sono tut<span class=\"_ _4\"></span>te quell<span class=\"_ _4\"></span>e assunte c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019intento di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uerle o t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rirle ne<span class=\"_ _4\"></span>l breve te<span class=\"_ _4\"></span>rmine. </span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a catego<span class=\"_ _4\"></span>ria include inolt<span class=\"_ _4\"></span>re gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti dal Grupp<span class=\"_ _4\"></span>o che non s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>signati come </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>umenti di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura in una rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dallo IA<span class=\"_ _4\"></span>S 39. I deri<span class=\"_ _4\"></span>vati incorp<span class=\"_ _4\"></span>orati, s<span class=\"_ _4\"></span>corpor<span class=\"_ _4\"></span>ati dal contrat<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to princip<span class=\"_ _4\"></span>ale, so<span class=\"_ _4\"></span>no class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari dete<span class=\"_ _4\"></span>nuti per la n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne salvo ch<span class=\"_ _4\"></span>e non siano de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">come s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci. Gli utili o l<span class=\"_ _4\"></span>e perdit<span class=\"_ _4\"></span>e sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dete<span class=\"_ _4\"></span>nute pe<span class=\"_ _4\"></span>r la negoziazi<span class=\"_ _4\"></span>one son<span class=\"_ _4\"></span>o rilevati n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>) d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Le p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie son<span class=\"_ _4\"></span>o desig<span class=\"_ _4\"></span>nate al <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> con v<span class=\"_ _4\"></span>ariazioni ril<span class=\"_ _4\"></span>evate a </span></span></span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico dalla dat<span class=\"_ _4\"></span>a di prima iscr<span class=\"_ _4\"></span>izione<span class=\"_ _4\"></span>, solo s<span class=\"_ _4\"></span>e i criteri d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 so<span class=\"_ _4\"></span>no sod<span class=\"_ _4\"></span>disfat<span class=\"_ _4\"></span>ti. Al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla rileva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione ini<span class=\"_ _4\"></span>ziale, il Grup<span class=\"_ _4\"></span>po non ha de<span class=\"_ _4\"></span>signato pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie al<span class=\"ff5f\"> fair value</span><span class=\"lsa wsb\"> con vari<span class=\"_ _1\"></span>azioni rilevate a conto<span class=\"_ _1\"></span> economico.</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al c<span class=\"_ _1\"></span>osto ammortizzato (<span class=\"_ _4\"></span>prestiti e finanziamenti)</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la rileva<span class=\"_ _4\"></span>zione iniz<span class=\"_ _4\"></span>iale, i f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti sono v<span class=\"_ _4\"></span>alutati con il cr<span class=\"_ _4\"></span>iterio de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato usan<span class=\"_ _4\"></span>do il meto<span class=\"_ _4\"></span>do del </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo. Gli utili e le p<span class=\"_ _4\"></span>erdite s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 e<span class=\"_ _4\"></span>stint<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">oltre che at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so di ammor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>amento. Il co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato \u00e8 c<span class=\"_ _4\"></span>alcolato rile<span class=\"_ _4\"></span>vando lo s<span class=\"_ _4\"></span>conto o il pre<span class=\"_ _4\"></span>mio </span><span style=\"display:inherit;clear:left;\">sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquisi<span class=\"_ _4\"></span>zione e g<span class=\"_ _4\"></span>li onorari o co<span class=\"_ _4\"></span>sti che f<span class=\"_ _4\"></span>anno par<span class=\"_ _4\"></span>te integr<span class=\"_ _4\"></span>ante del t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>amm<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nto al </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivo \u00e8 compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a gli one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile/(p<span class=\"_ _4\"></span>erdita).<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>ossib<span class=\"_ _4\"></span>ile riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icare le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie.  </span><span style=\"display:inherit;clear:left;\">Canc<span class=\"_ _2\"></span>ellazione</span><span style=\"display:inherit;clear:left;\">Una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria vi<span class=\"_ _4\"></span>ene can<span class=\"_ _4\"></span>cellata quand<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante la pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 \u00e8 e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>inta, annullata ov<span class=\"_ _5\"></span>vero ade<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">piuta<span class=\"_ _4\"></span>. Ladd<span class=\"_ _4\"></span>ove una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte foss<span class=\"_ _4\"></span>e sos<span class=\"_ _4\"></span>tituita da un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>altra de<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>tato<span class=\"_ _4\"></span>re, a condi<span class=\"_ _4\"></span>zioni so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zialmente di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e, opp<span class=\"_ _4\"></span>ure le condi<span class=\"_ _4\"></span>zioni di una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 es<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>nte venis<span class=\"_ _4\"></span>sero s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anzialme<span class=\"_ _4\"></span>nte modif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>e, tale s<span class=\"_ _4\"></span>cambio o<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a viene t<span class=\"_ _4\"></span>ratt<span class=\"_ _4\"></span>ato come una c<span class=\"_ _4\"></span>ancellaz<span class=\"_ _4\"></span>ione cont<span class=\"_ _4\"></span>abile de<span class=\"_ _4\"></span>lla passi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 originale<span class=\"_ _4\"></span>, accompagnat<span class=\"_ _4\"></span>a dalla rileva<span class=\"_ _4\"></span>zione di una </span><span style=\"display:inherit;clear:left;\">nuova pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, con iscri<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(perdit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) d<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io di eventuali dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze tra i val<span class=\"_ _4\"></span>ori cont<span class=\"_ _4\"></span>abili.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ompens<span class=\"_ _4\"></span>azione di strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 e una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re compe<span class=\"_ _4\"></span>nsate e il s<span class=\"_ _4\"></span>aldo net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione p<span class=\"_ _4\"></span>atrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria, se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un diritto l<span class=\"_ _4\"></span>egale at<span class=\"_ _4\"></span>tuale a comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>are gli impor<span class=\"_ _4\"></span>ti rile<span class=\"_ _4\"></span>vati cont<span class=\"_ _4\"></span>abilmente e v<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">sia l<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>nzione di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uere il re<span class=\"_ _4\"></span>siduo net<span class=\"_ _4\"></span>to, o reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e conte<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>stingu<span class=\"_ _4\"></span>ere la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__53": {
   "value": "<span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ompens<span class=\"_ _4\"></span>azione di strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 e una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re compe<span class=\"_ _4\"></span>nsate e il s<span class=\"_ _4\"></span>aldo net<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>lla situa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione p<span class=\"_ _4\"></span>atrimoniale<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziaria, se e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te un diritto l<span class=\"_ _4\"></span>egale at<span class=\"_ _4\"></span>tuale a comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>are gli impor<span class=\"_ _4\"></span>ti rile<span class=\"_ _4\"></span>vati cont<span class=\"_ _4\"></span>abilmente e v<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sia l<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>nzione di e<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span>uere il re<span class=\"_ _4\"></span>siduo net<span class=\"_ _4\"></span>to, o reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e conte<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>stingu<span class=\"_ _4\"></span>ere la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__54": {
   "value": "<span style=\"display:inherit;clear:left;\">Strumenti finanziari der<span class=\"_ _2\"></span>ivati e hedge ac<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ount<span class=\"_ _4\"></span>ing</span><span style=\"display:inherit;clear:left;\">Rilevazione iniziale e v<span class=\"_ _1\"></span>alutazione succ<span class=\"_ _2\"></span>essiva</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivati tr<span class=\"_ _4\"></span>a i quali<span class=\"_ _1\"></span>: contrat<span class=\"_ _4\"></span>ti a termin<span class=\"_ _4\"></span>e in valuta, p<span class=\"_ _4\"></span>er cop<span class=\"_ _4\"></span>rire i rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vi alle varia<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio s<span class=\"_ _4\"></span>ulle trans<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ommerciali in valut<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>ali str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono </span><span style=\"display:inherit;clear:left;\">inizialm<span class=\"_ _4\"></span>ente ril<span class=\"_ _4\"></span>evati al <span class=\"ff5f ls3 ws145\">fair value<span class=\"ff5c\"> alla data in cui il co<span class=\"_ _4\"></span>ntratto de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o \u00e8 sotto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>to e, suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente, s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati </span></span></span><span style=\"display:inherit;clear:left;\">nuovame<span class=\"_ _4\"></span>nte al <span class=\"ff5f\">fair value</span>. I derivati s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie quando il <span class=\"ff5f\">fair value</span> \u00e8 pos<span class=\"_ _4\"></span>itivo e com<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie quand<span class=\"_ _4\"></span>o il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> \u00e8 neg<span class=\"_ _4\"></span>ativo. Com<span class=\"_ _4\"></span>e conse<span class=\"_ _4\"></span>ntito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 paragr<span class=\"_ _4\"></span>afo 7<span class=\"_ _1c\"></span>.2<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>, il G<span class=\"_ _4\"></span>ruppo ha o<span class=\"_ _4\"></span>ptato </span></span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 39 in merito all<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls68 wscc\">hedge accounting</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Coe<span class=\"_ _4\"></span>rentem<span class=\"_ _4\"></span>ente con quanto s<span class=\"_ _4\"></span>tabilito dallo I<span class=\"_ _4\"></span>AS 39.<span class=\"_ _4\"></span>88 e ripre<span class=\"_ _4\"></span>so dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9.<span class=\"_ _4\"></span>6.4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>, g<span class=\"_ _4\"></span>li strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>tur<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo le mo<span class=\"_ _4\"></span>dalit\u00e0 s<span class=\"_ _4\"></span>tabilite p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span><span class=\"ff5f ls5b ws14d\">\u2019hedg<span class=\"_ _4\"></span>e accounting<span class=\"_ _4\"></span></span><span class=\"lse ws6f\"> so<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o q<span class=\"_ _4\"></span>ua<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>do:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inizio della c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, esis<span class=\"_ _4\"></span>te la de<span class=\"_ _4\"></span>signazi<span class=\"_ _4\"></span>one formale e la do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, </span><span style=\"display:inherit;clear:left;\">degli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 nella ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio e della s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gia nell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tuare la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura sar<span class=\"_ _4\"></span>\u00e0 altame<span class=\"_ _4\"></span>nte ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _49\"></span>p<span class=\"_ _4\"></span>er le cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne progr<span class=\"_ _4\"></span>ammata che \u00e8 og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>ve es<span class=\"_ _4\"></span>sere alt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e e deve pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>are un\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one alle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e incide<span class=\"_ _4\"></span>re sul conto e<span class=\"_ _4\"></span>co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomico;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>acia pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere atte<span class=\"_ _4\"></span>ndibilme<span class=\"_ _4\"></span>nte misurata; e </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa \u00e8 alt<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace durante i dive<span class=\"_ _4\"></span>rsi p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di contab<span class=\"_ _4\"></span>ili per i quali \u00e8 de<span class=\"_ _4\"></span>signata<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti gli s<span class=\"_ _4\"></span>trumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o misurati al <span class=\"ff5f\">fair value</span>. Quando gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati hanno le c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>rist<span class=\"_ _4\"></span>iche </span><span style=\"display:inherit;clear:left;\">per es<span class=\"_ _4\"></span>sere contabil<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zz<span class=\"_ _4\"></span>ati secondo l\u2019he<span class=\"_ _4\"></span>dge<span class=\"_ _1\"></span> accounti<span class=\"_ _1\"></span>ng, si applicano i seguenti tra<span class=\"_ _1\"></span>ttamenti contabili<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws84\"> <span class=\"_ _ac\"></span>Fair value hedge<span class=\"ff5c\"> \u2013 se uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario deri<span class=\"_ _4\"></span>vato \u00e8 de<span class=\"_ _4\"></span>signato com<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne alle varia<span class=\"_ _4\"></span>zioni </span></span></span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore corre<span class=\"_ _4\"></span>nte di una atti<span class=\"_ _4\"></span>vit\u00e0 o di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile che p<span class=\"_ _4\"></span>u\u00f2 dete<span class=\"_ _4\"></span>rminare </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti s<span class=\"_ _4\"></span>ul conto eco<span class=\"_ _4\"></span>nomico, la varia<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura \u00e8 rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o e la </span></span></span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\">  dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o attribuib<span class=\"_ _4\"></span>ile al rischio c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>to \u00e8 ril<span class=\"_ _4\"></span>evato com<span class=\"_ _4\"></span>e par<span class=\"_ _4\"></span>te del v<span class=\"_ _4\"></span>alore di ca<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">rico de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ele<span class=\"_ _4\"></span>mento cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>d \u00e8 inoltre rile<span class=\"_ _4\"></span>vato nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di un impegn<span class=\"_ _4\"></span>o irrevoc<span class=\"_ _4\"></span>abile, il <span class=\"ff5f\">fair value</span> </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte relativ<span class=\"_ _4\"></span>a al rischio co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>to \u00e8 is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>o nello s<span class=\"_ _4\"></span>tato patrim<span class=\"_ _4\"></span>oniale come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, andan<span class=\"_ _4\"></span>do a </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la voce di s<span class=\"_ _4\"></span>tato patr<span class=\"_ _4\"></span>imoniale che s<span class=\"_ _4\"></span>ar\u00e0 intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata dall<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>egno irre<span class=\"_ _4\"></span>vocabil<span class=\"_ _4\"></span>e al momento d<span class=\"_ _4\"></span>el suo re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f wsed\"> <span class=\"_ _ac\"></span>Cash f<span class=\"_ _4\"></span>low hedg<span class=\"_ _4\"></span>e<span class=\"ff5c\"> \u2013 se uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o deriv<span class=\"_ _4\"></span>ato \u00e8 des<span class=\"_ _4\"></span>ignato come co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izione alla v<span class=\"_ _4\"></span>ariabilit\u00e0</span></span></span><span style=\"display:inherit;clear:left;\">dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa di una att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a altame<span class=\"_ _4\"></span>nte probabil<span class=\"_ _4\"></span>e o di un</span><span style=\"display:inherit;clear:left;\">impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile e che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e avere ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti sul conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, la por<span class=\"_ _4\"></span>zione ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e degli utili o de<span class=\"_ _4\"></span>lle pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">sullo st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8  rilevat<span class=\"_ _4\"></span>a nel patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to ed e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo; </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a cumulati sono  s<span class=\"_ _4\"></span>tornati dal pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to e cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico ne<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o  perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">in cui vie<span class=\"_ _4\"></span>ne rilevat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura; l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ut<span class=\"_ _4\"></span>ile o la pe<span class=\"_ _4\"></span>rdita  as<span class=\"_ _4\"></span>sociati a una c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, o a quella par<span class=\"_ _4\"></span>te</span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura di<span class=\"_ _4\"></span>ventat<span class=\"_ _4\"></span>a inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cace<span class=\"_ _4\"></span>, sono is<span class=\"_ _4\"></span>critti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cacia \u00e8 rile<span class=\"_ _4\"></span>vata.</span><span style=\"display:inherit;clear:left;\">Qualora non<span class=\"_ _1\"></span> ricorrano le<span class=\"_ _1\"></span> condizioni per l\u2019a<span class=\"_ _1\"></span>pplicazione dell\u2019<span class=\"ff5f ls68 ws137\">hedge accounting</span><span class=\"ls3 wsc3\">, gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>rivanti dalla valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one al </span></span><span style=\"display:inherit;clear:left;\">\u201c<span class=\"_ _4\"></span>fair value\u201d<span class=\"ff5c\"> dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario der<span class=\"_ _4\"></span>ivato so<span class=\"_ _4\"></span>no imputati dir<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>amente a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__55": {
   "value": "<span style=\"display:inherit;clear:left;\">Rilevazione iniziale e v<span class=\"_ _1\"></span>alutazione succ<span class=\"_ _2\"></span>essiva</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari der<span class=\"_ _4\"></span>ivati tr<span class=\"_ _4\"></span>a i quali<span class=\"_ _1\"></span>: contrat<span class=\"_ _4\"></span>ti a termin<span class=\"_ _4\"></span>e in valuta, p<span class=\"_ _4\"></span>er cop<span class=\"_ _4\"></span>rire i rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vi alle varia<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio s<span class=\"_ _4\"></span>ulle trans<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ommerciali in valut<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>ali str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono </span><span style=\"display:inherit;clear:left;\">inizialm<span class=\"_ _4\"></span>ente ril<span class=\"_ _4\"></span>evati al <span class=\"ff5f ls3 ws145\">fair value<span class=\"ff5c\"> alla data in cui il co<span class=\"_ _4\"></span>ntratto de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>o \u00e8 sotto<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>to e, suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente, s<span class=\"_ _4\"></span>ono valut<span class=\"_ _4\"></span>ati </span></span></span><span style=\"display:inherit;clear:left;\">nuovame<span class=\"_ _4\"></span>nte al <span class=\"ff5f\">fair value</span>. I derivati s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati come att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie quando il <span class=\"ff5f\">fair value</span> \u00e8 pos<span class=\"_ _4\"></span>itivo e com<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie quand<span class=\"_ _4\"></span>o il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> \u00e8 neg<span class=\"_ _4\"></span>ativo. Com<span class=\"_ _4\"></span>e conse<span class=\"_ _4\"></span>ntito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9 paragr<span class=\"_ _4\"></span>afo 7<span class=\"_ _1c\"></span>.2<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>, il G<span class=\"_ _4\"></span>ruppo ha o<span class=\"_ _4\"></span>ptato </span></span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 39 in merito all<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls68 wscc\">hedge accounting</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Coe<span class=\"_ _4\"></span>rentem<span class=\"_ _4\"></span>ente con quanto s<span class=\"_ _4\"></span>tabilito dallo I<span class=\"_ _4\"></span>AS 39.<span class=\"_ _4\"></span>88 e ripre<span class=\"_ _4\"></span>so dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9.<span class=\"_ _4\"></span>6.4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>, g<span class=\"_ _4\"></span>li strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>tur<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo le mo<span class=\"_ _4\"></span>dalit\u00e0 s<span class=\"_ _4\"></span>tabilite p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span><span class=\"ff5f ls5b ws14d\">\u2019hedg<span class=\"_ _4\"></span>e accounting<span class=\"_ _4\"></span></span><span class=\"lse ws6f\"> so<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o q<span class=\"_ _4\"></span>ua<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>do:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _165\"></span>all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inizio della c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, esis<span class=\"_ _4\"></span>te la de<span class=\"_ _4\"></span>signazi<span class=\"_ _4\"></span>one formale e la do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della rela<span class=\"_ _4\"></span>zione di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa, </span><span style=\"display:inherit;clear:left;\">degli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 nella ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio e della s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gia nell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tuare la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>i preve<span class=\"_ _4\"></span>de che la cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura sar<span class=\"_ _4\"></span>\u00e0 altame<span class=\"_ _4\"></span>nte ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _49\"></span>p<span class=\"_ _4\"></span>er le cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne progr<span class=\"_ _4\"></span>ammata che \u00e8 og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>ve es<span class=\"_ _4\"></span>sere alt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e e deve pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>are un\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one alle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e incide<span class=\"_ _4\"></span>re sul conto e<span class=\"_ _4\"></span>co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomico;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>acia pu\u00f2 e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere atte<span class=\"_ _4\"></span>ndibilme<span class=\"_ _4\"></span>nte misurata; e </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>la c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa \u00e8 alt<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace durante i dive<span class=\"_ _4\"></span>rsi p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di contab<span class=\"_ _4\"></span>ili per i quali \u00e8 de<span class=\"_ _4\"></span>signata<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti gli s<span class=\"_ _4\"></span>trumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o misurati al <span class=\"ff5f\">fair value</span>. Quando gli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati hanno le c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>rist<span class=\"_ _4\"></span>iche </span><span style=\"display:inherit;clear:left;\">per es<span class=\"_ _4\"></span>sere contabil<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zz<span class=\"_ _4\"></span>ati secondo l\u2019he<span class=\"_ _4\"></span>dge<span class=\"_ _1\"></span> accounti<span class=\"_ _1\"></span>ng, si applicano i seguenti tra<span class=\"_ _1\"></span>ttamenti contabili<span class=\"_ _2\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f ws84\"> <span class=\"_ _ac\"></span>Fair value hedge<span class=\"ff5c\"> \u2013 se uno s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario deri<span class=\"_ _4\"></span>vato \u00e8 de<span class=\"_ _4\"></span>signato com<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne alle varia<span class=\"_ _4\"></span>zioni </span></span></span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore corre<span class=\"_ _4\"></span>nte di una atti<span class=\"_ _4\"></span>vit\u00e0 o di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile che p<span class=\"_ _4\"></span>u\u00f2 dete<span class=\"_ _4\"></span>rminare </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti s<span class=\"_ _4\"></span>ul conto eco<span class=\"_ _4\"></span>nomico, la varia<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair val<span class=\"_ _1\"></span>ue<span class=\"ff5c\"> del d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ato di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura \u00e8 rilevato n<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o e la </span></span></span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\">  dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o attribuib<span class=\"_ _4\"></span>ile al rischio c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>to \u00e8 ril<span class=\"_ _4\"></span>evato com<span class=\"_ _4\"></span>e par<span class=\"_ _4\"></span>te del v<span class=\"_ _4\"></span>alore di ca<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">rico de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ele<span class=\"_ _4\"></span>mento cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to e<span class=\"_ _4\"></span>d \u00e8 inoltre rile<span class=\"_ _4\"></span>vato nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. Ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di un impegn<span class=\"_ _4\"></span>o irrevoc<span class=\"_ _4\"></span>abile, il <span class=\"ff5f\">fair value</span> </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>mpone<span class=\"_ _4\"></span>nte relativ<span class=\"_ _4\"></span>a al rischio co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>to \u00e8 is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>o nello s<span class=\"_ _4\"></span>tato patrim<span class=\"_ _4\"></span>oniale come at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, andan<span class=\"_ _4\"></span>do a </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la voce di s<span class=\"_ _4\"></span>tato patr<span class=\"_ _4\"></span>imoniale che s<span class=\"_ _4\"></span>ar\u00e0 intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata dall<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>egno irre<span class=\"_ _4\"></span>vocabil<span class=\"_ _4\"></span>e al momento d<span class=\"_ _4\"></span>el suo re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f wsed\"> <span class=\"_ _ac\"></span>Cash f<span class=\"_ _4\"></span>low hedg<span class=\"_ _4\"></span>e<span class=\"ff5c\"> \u2013 se uno st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o deriv<span class=\"_ _4\"></span>ato \u00e8 des<span class=\"_ _4\"></span>ignato come co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izione alla v<span class=\"_ _4\"></span>ariabilit\u00e0</span></span></span><span style=\"display:inherit;clear:left;\">dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa di una att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di una pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 di bilancio o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a altame<span class=\"_ _4\"></span>nte probabil<span class=\"_ _4\"></span>e o di un</span><span style=\"display:inherit;clear:left;\">impe<span class=\"_ _4\"></span>gno irrevo<span class=\"_ _4\"></span>cabile e che p<span class=\"_ _4\"></span>otrebb<span class=\"_ _4\"></span>e avere ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti sul conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, la por<span class=\"_ _4\"></span>zione ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e degli utili o de<span class=\"_ _4\"></span>lle pe<span class=\"_ _4\"></span>rdite </span><span style=\"display:inherit;clear:left;\">sullo st<span class=\"_ _4\"></span>rumento f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o \u00e8  rilevat<span class=\"_ _4\"></span>a nel patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to ed e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo; </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a cumulati sono  s<span class=\"_ _4\"></span>tornati dal pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to e cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico ne<span class=\"_ _4\"></span>llo ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o  perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">in cui vie<span class=\"_ _4\"></span>ne rilevat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura; l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ut<span class=\"_ _4\"></span>ile o la pe<span class=\"_ _4\"></span>rdita  as<span class=\"_ _4\"></span>sociati a una c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>, o a quella par<span class=\"_ _4\"></span>te</span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura di<span class=\"_ _4\"></span>ventat<span class=\"_ _4\"></span>a inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cace<span class=\"_ _4\"></span>, sono is<span class=\"_ _4\"></span>critti a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico quando l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cacia \u00e8 rile<span class=\"_ _4\"></span>vata.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__56": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.8 Disponibilit\u00e0 liquide e mezzi equ<span class=\"_ _4\"></span>ivalenti</span><span style=\"display:inherit;clear:left;\">Le dispo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e i d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti a breve t<span class=\"_ _4\"></span>ermine comp<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no il denaro in c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e i depo<span class=\"_ _4\"></span>siti a vi<span class=\"_ _4\"></span>sta e a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, in que<span class=\"_ _4\"></span>sto ultim<span class=\"_ _4\"></span>o cas<span class=\"_ _4\"></span>o con sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za orig<span class=\"_ _4\"></span>inaria previ<span class=\"_ _4\"></span>sta n<span class=\"_ _4\"></span>on oltre i tre m<span class=\"_ _4\"></span>esi.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__57": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.9 Azioni <span class=\"_ _4\"></span>pr<span class=\"_ _2\"></span>oprie</span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate sono ril<span class=\"_ _4\"></span>evate al cos<span class=\"_ _4\"></span>to e po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate in diminuzion<span class=\"_ _4\"></span>e del patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to, la vendit<span class=\"_ _4\"></span>a o la </span><span style=\"display:inherit;clear:left;\">cance<span class=\"_ _4\"></span>llazion<span class=\"_ _4\"></span>e di azioni p<span class=\"_ _4\"></span>roprie non danno o<span class=\"_ _4\"></span>rigine a ne<span class=\"_ _4\"></span>ssun p<span class=\"_ _4\"></span>rofit<span class=\"_ _4\"></span>to o pe<span class=\"_ _4\"></span>rdita ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico.  L<span class=\"_ _4\"></span>a diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra il val<span class=\"_ _4\"></span>ore </span><span style=\"display:inherit;clear:left;\">di acquis<span class=\"_ _4\"></span>to e il corris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivo, in ca<span class=\"_ _4\"></span>so di vendit<span class=\"_ _4\"></span>a e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazio<span class=\"_ _4\"></span>ne, vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vata in una ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va d<span class=\"_ _4\"></span>el Patrimonio N<span class=\"_ _4\"></span>etto.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__58": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.10 Rimanenze</span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o sono va<span class=\"_ _4\"></span>lutate al minore t<span class=\"_ _4\"></span>ra il cost<span class=\"_ _4\"></span>o di acquis<span class=\"_ _4\"></span>to e/o di produzi<span class=\"_ _4\"></span>one, det<span class=\"_ _4\"></span>erminato se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del c<span class=\"_ _4\"></span>osto m<span class=\"_ _4\"></span>edio po<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>ato, e il valore net<span class=\"_ _4\"></span>to di reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. Il cost<span class=\"_ _4\"></span>o di acquist<span class=\"_ _4\"></span>o \u00e8 inclusivo d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori; </span><span style=\"display:inherit;clear:left;\">il cos<span class=\"_ _4\"></span>to di produ<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>rende i c<span class=\"_ _4\"></span>osti di dire<span class=\"_ _4\"></span>tta imp<span class=\"_ _4\"></span>utaz<span class=\"_ _4\"></span>ione e una quot<span class=\"_ _4\"></span>a dei cos<span class=\"_ _4\"></span>ti indiret<span class=\"_ _4\"></span>ti, ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte im<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">putab<span class=\"_ _4\"></span>ili ai prodot<span class=\"_ _4\"></span>ti. Il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di presumib<span class=\"_ _4\"></span>ile realiz<span class=\"_ _4\"></span>zo \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>o dal normale pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo st<span class=\"_ _4\"></span>imato di vendit<span class=\"_ _4\"></span>a dedot<span class=\"_ _4\"></span>ti i </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti stimati di co<span class=\"_ _4\"></span>mplet<span class=\"_ _4\"></span>amento e i co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>timati pe<span class=\"_ _4\"></span>r realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are la vendit<span class=\"_ _4\"></span>a.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__59": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.11 <span class=\"_ _1\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 possedute per la vendita </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce include l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti, il cui v<span class=\"_ _4\"></span>alore cont<span class=\"_ _4\"></span>abile sar<span class=\"_ _4\"></span>\u00e0 recupe<span class=\"_ _4\"></span>rato princip<span class=\"_ _4\"></span>almente att<span class=\"_ _4\"></span>raver<span class=\"_ _4\"></span>so la vendit<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">piutto<span class=\"_ _4\"></span>sto ch<span class=\"_ _4\"></span>e attrave<span class=\"_ _4\"></span>rso l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo cont<span class=\"_ _4\"></span>inuativo. Le atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate alla vendit<span class=\"_ _4\"></span>a sono v<span class=\"_ _4\"></span>alutate al minore t<span class=\"_ _4\"></span>ra il loro </span><span style=\"display:inherit;clear:left;\">valore n<span class=\"_ _4\"></span>etto c<span class=\"_ _4\"></span>ontabile e il <span class=\"ff5f\">fair value</span> al net<span class=\"_ _4\"></span>to dei co<span class=\"_ _4\"></span>sti di ven<span class=\"_ _4\"></span>dita.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__60": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.12 Fondi rischi ed oneri </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti a fo<span class=\"_ _4\"></span>ndi per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri son<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuati quando il G<span class=\"_ _4\"></span>ruppo de<span class=\"_ _4\"></span>ve far fronte a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zione att<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">(le<span class=\"_ _4\"></span>gale o implicit<span class=\"_ _4\"></span>a<span class=\"_ _1\"></span>) risult<span class=\"_ _4\"></span>ante da un evento pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, \u00e8 probabile un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uscit<span class=\"_ _4\"></span>a di ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e per far f<span class=\"_ _4\"></span>ronte a tal<span class=\"_ _4\"></span>e obbliga<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">\u00e8 pos<span class=\"_ _4\"></span>sibile ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare una stima af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idabile de<span class=\"_ _4\"></span>l suo ammont<span class=\"_ _4\"></span>are. </span><span style=\"display:inherit;clear:left;\">Quando il G<span class=\"_ _4\"></span>ruppo rit<span class=\"_ _4\"></span>iene che un ac<span class=\"_ _4\"></span>cantoname<span class=\"_ _4\"></span>nto al fondo ris<span class=\"_ _4\"></span>chi e oner<span class=\"_ _4\"></span>i sar\u00e0 in par<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>l tutt<span class=\"_ _4\"></span>o rimbor<span class=\"_ _4\"></span>sato, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>empio ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di rischi co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, l<span class=\"_ _4\"></span>\u2019ind<span class=\"_ _4\"></span>enniz<span class=\"_ _4\"></span>zo \u00e8 rile<span class=\"_ _4\"></span>vato in mod<span class=\"_ _4\"></span>o distinto e s<span class=\"_ _4\"></span>eparato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">se, e s<span class=\"_ _4\"></span>olo se<span class=\"_ _4\"></span>, es<span class=\"_ _4\"></span>so risult<span class=\"_ _4\"></span>a pratic<span class=\"_ _4\"></span>amente c<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>to. In tal c<span class=\"_ _4\"></span>aso, ne<span class=\"_ _4\"></span>l conto ec<span class=\"_ _4\"></span>onomico il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">\u00e8 pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ato al netto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ammontare rilev<span class=\"_ _4\"></span>ato per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indenni<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo. </span><span style=\"display:inherit;clear:left;\">Se l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to di attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l denaro \u00e8 signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo, gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati utiliz<span class=\"_ _5\"></span>zando </span><span style=\"display:inherit;clear:left;\">un tas<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>conto ante impo<span class=\"_ _4\"></span>ste che rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>te, ove a<span class=\"_ _4\"></span>deguato, i ris<span class=\"_ _4\"></span>chi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0. Quando v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne, l<span class=\"_ _4\"></span>\u2019incr<span class=\"_ _4\"></span>emento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento dov<span class=\"_ _4\"></span>uto al tra<span class=\"_ _4\"></span>scorre<span class=\"_ _4\"></span>re del te<span class=\"_ _4\"></span>mpo \u00e8 rile<span class=\"_ _4\"></span>vato come o<span class=\"_ _4\"></span>nere f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>o.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__61": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.13 Fondi P<span class=\"_ _1c\"></span>ensione e altri benefici a lungo termine per i dipendenti </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha, in Italia, un \u201c<span class=\"_ _4\"></span>Piano a ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi<span class=\"_ _4\"></span>\u201d con rife<span class=\"_ _4\"></span>rimento alle quot<span class=\"_ _4\"></span>e TFR, re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. per l<span class=\"_ _4\"></span>e sole quot<span class=\"_ _4\"></span>e iscrit<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 20<span class=\"_ _4\"></span>06<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, ha \u201cPiani a contr<span class=\"_ _4\"></span>ibuzioni de<span class=\"_ _4\"></span>finite<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er le quote </span><span style=\"display:inherit;clear:left;\">TFR maturate succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a tale dat<span class=\"_ _4\"></span>a. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e distin<span class=\"_ _4\"></span>zione \u00e8 con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a alla Leg<span class=\"_ _4\"></span>ge Finanz<span class=\"_ _4\"></span>iaria 2007 e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>ti attuati<span class=\"_ _4\"></span>vi, dalla quale deri<span class=\"_ _4\"></span>va la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zione obb<span class=\"_ _4\"></span>ligatoria de<span class=\"_ _4\"></span>l TFR alle forme pe<span class=\"_ _4\"></span>nsionis<span class=\"_ _4\"></span>tiche co<span class=\"_ _4\"></span>mpleme<span class=\"_ _4\"></span>ntari o al </span><span style=\"display:inherit;clear:left;\">Fondo di T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>sore<span class=\"_ _4\"></span>ria ges<span class=\"_ _4\"></span>tito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>INPS<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re altri \u201c<span class=\"_ _4\"></span>Piani a benef<span class=\"_ _4\"></span>ici de<span class=\"_ _4\"></span>finiti<span class=\"_ _5\"></span>\u201d negli St<span class=\"_ _4\"></span>ati Uniti, Me<span class=\"_ _4\"></span>ssico, T<span class=\"_ _2\"></span>ailandia, Francia, B<span class=\"_ _4\"></span>elgio, Princi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pato di Monac<span class=\"_ _4\"></span>o, T<span class=\"_ _1c\"></span>aiwan, G<span class=\"_ _4\"></span>iappone e Svi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zera.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ha inoltre alcuni piani a co<span class=\"_ _4\"></span>ntribuzio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>inita p<span class=\"_ _4\"></span>er i prop<span class=\"_ _4\"></span>ri dipen<span class=\"_ _4\"></span>denti. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obbligazio<span class=\"_ _4\"></span>ne net<span class=\"_ _4\"></span>ta de<span class=\"_ _4\"></span>l Gruppo d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ante da piani a ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ci def<span class=\"_ _4\"></span>initi vien<span class=\"_ _4\"></span>e calco<span class=\"_ _4\"></span>lata se<span class=\"_ _4\"></span>paratam<span class=\"_ _4\"></span>ente pe<span class=\"_ _4\"></span>r ciascun piano </span><span style=\"display:inherit;clear:left;\">stiman<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rto d<span class=\"_ _4\"></span>el be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icio futuro che i dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti hanno maturato in camb<span class=\"_ _4\"></span>io dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ata nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio </span><span style=\"display:inherit;clear:left;\">corre<span class=\"_ _4\"></span>nte e nei pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti es<span class=\"_ _4\"></span>ercizi; tal<span class=\"_ _4\"></span>e ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>cio vien<span class=\"_ _4\"></span>e attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>alcolare il v<span class=\"_ _4\"></span>alore attual<span class=\"_ _4\"></span>e.  Il cos<span class=\"_ _4\"></span>to dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici </span><span style=\"display:inherit;clear:left;\">prev<span class=\"_ _4\"></span>isti ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>el piano a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi \u00e8 det<span class=\"_ _4\"></span>erminato us<span class=\"_ _4\"></span>ando il meto<span class=\"_ _4\"></span>do att<span class=\"_ _4\"></span>uariale della proi<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne unitaria de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o. Gli utili e le pe<span class=\"_ _4\"></span>rdite attuariali s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati dirett<span class=\"_ _4\"></span>ament<span class=\"_ _4\"></span>e nel conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo, cos\u00ec com<span class=\"_ _4\"></span>e previ<span class=\"_ _4\"></span>sto </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9. Gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si net<span class=\"_ _4\"></span>ti sulla pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>vono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re deter<span class=\"_ _4\"></span>minati moltiplic<span class=\"_ _4\"></span>ando la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 net<span class=\"_ _4\"></span>ta p<span class=\"_ _4\"></span>er il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di sconto. </span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne attuariale d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 s<span class=\"_ _4\"></span>tata af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>idata a<span class=\"_ _4\"></span>d attuari indip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__62": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.14 <span class=\"ff64\">F<span class=\"_ _2\"></span>air value</span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3 rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>unica fonte di rife<span class=\"_ _4\"></span>rimento p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> e per la relati<span class=\"_ _4\"></span>va informativ<span class=\"_ _4\"></span>a, quando </span><span style=\"display:inherit;clear:left;\">tale v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione \u00e8 richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a o cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il <span class=\"ff5f\">fair value</span> \u00e8 il prez<span class=\"_ _4\"></span>zo che s<span class=\"_ _4\"></span>i perce<span class=\"_ _4\"></span>pirebb<span class=\"_ _4\"></span>e per la ve<span class=\"_ _4\"></span>ndita di un<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 o che </span><span style=\"display:inherit;clear:left;\">si paghe<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e per il t<span class=\"_ _4\"></span>rasfe<span class=\"_ _4\"></span>rimento di una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in una regolare op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a oper<span class=\"_ _4\"></span>atori di me<span class=\"_ _4\"></span>rcato alla data di </span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne. Il <span class=\"ff5f ls3 ws5c\">fair value<span class=\"ff5c\"> di un\u2019attivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ato adot<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>do le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni che gli ope<span class=\"_ _4\"></span>ratori di me<span class=\"_ _4\"></span>rcato utiliz<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">zereb<span class=\"_ _4\"></span>bero n<span class=\"_ _4\"></span>ella dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, pre<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>ndo che gli s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>si agis<span class=\"_ _4\"></span>cano p<span class=\"_ _4\"></span>er so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fare </span><span style=\"display:inherit;clear:left;\">nel mo<span class=\"_ _4\"></span>do migliore il p<span class=\"_ _4\"></span>roprio inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Una valut<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>el <span class=\"ff5f\">fair value</span> di un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non f<span class=\"_ _4\"></span>inanziaria cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>a la capacit<span class=\"_ _4\"></span>\u00e0 di un ope<span class=\"_ _4\"></span>ratore di me<span class=\"_ _4\"></span>rcato di gen<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rare be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici ec<span class=\"_ _4\"></span>onomici impie<span class=\"_ _4\"></span>gando l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e migliore ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo o vend<span class=\"_ _4\"></span>endola a un alt<span class=\"_ _4\"></span>ro ope<span class=\"_ _4\"></span>ratore di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato che la impieg<span class=\"_ _4\"></span>here<span class=\"_ _4\"></span>bbe ne<span class=\"_ _4\"></span>l suo mas<span class=\"_ _4\"></span>simo e miglior ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo.</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o utiliz<span class=\"_ _4\"></span>za t<span class=\"_ _4\"></span>ecniche di v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione che s<span class=\"_ _4\"></span>ono adatt<span class=\"_ _4\"></span>e alle circost<span class=\"_ _4\"></span>anze e p<span class=\"_ _4\"></span>er le quali vi s<span class=\"_ _4\"></span>ono suf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icienti dati dis<span class=\"_ _4\"></span>ponibili </span><span style=\"display:inherit;clear:left;\">per v<span class=\"_ _4\"></span>alutare il <span class=\"ff5f\">fair value</span>, mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di <span class=\"ff5f ls59 ws114\">input</span> os<span class=\"_ _4\"></span>ser<span class=\"_ _5\"></span>vabili rile<span class=\"_ _4\"></span>vanti e minimiz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do l<span class=\"_ _4\"></span>\u2019uso di <span class=\"ff5f ls59 ws114\">input</span><span class=\"ls46 wsd2\"> no<span class=\"_ _4\"></span>n os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili. </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le quali il <span class=\"ff5f\">fair value</span> viene valut<span class=\"_ _4\"></span>ato o es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to in bilancio s<span class=\"_ _4\"></span>ono cate<span class=\"_ _4\"></span>goriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate in base alla </span><span style=\"display:inherit;clear:left;\">gerarchia del <span class=\"ff5f ls3 ws0\">fair value<span class=\"ff5c\">, come di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3 ws138\">Li<span class=\"_ _4\"></span>vello 1 - i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati (<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>on rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati) in merc<span class=\"_ _4\"></span>ati attiv<span class=\"_ _4\"></span>i per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 id<span class=\"_ _4\"></span>entiche a cui l<span class=\"_ _4\"></span>\u2019entit\u00e0 p<span class=\"_ _4\"></span>u\u00f2 acce<span class=\"_ _4\"></span>de<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">re alla data di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ws5c\">Li<span class=\"_ _4\"></span>vello 2 \u2013 <span class=\"ff5f ls5f ws14d\">Inp<span class=\"_ _4\"></span>ut</span> diver<span class=\"_ _4\"></span>si dai pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi quot<span class=\"_ _4\"></span>ati inclusi ne<span class=\"_ _4\"></span>l Livello 1, osse<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vabili diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte o indirett<span class=\"_ _4\"></span>ame<span class=\"_ _4\"></span>nte per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o </span></span></span><span style=\"display:inherit;clear:left;\">per la p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span><span class=\"ff5f\"> <span class=\"_ _ac\"></span><span class=\"ff5c ls3\">Li<span class=\"_ _4\"></span>vello 3 \u2013 te<span class=\"_ _4\"></span>cniche di valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne per l<span class=\"_ _4\"></span>e quali i dati di <span class=\"ff5f ls58 ws6\">input</span> non s<span class=\"_ _4\"></span>ono os<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>abili per l<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 o p<span class=\"_ _4\"></span>er la pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0.</span></span></span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> \u00e8 clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icata inte<span class=\"_ _4\"></span>ramente n<span class=\"_ _4\"></span>ello st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo della ger<span class=\"_ _4\"></span>archia del <span class=\"ff5f\">fair value</span> in cui \u00e8 classi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"ff5f ls58 ws6\">input</span><span class=\"ls3 ws0\"> di pi\u00f9 bas<span class=\"_ _4\"></span>so live<span class=\"_ _4\"></span>llo di gerarchia utiliz<span class=\"_ _5\"></span>zato p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span></span><span style=\"display:inherit;clear:left;\">I meto<span class=\"_ _4\"></span>di di dete<span class=\"_ _4\"></span>rminazi<span class=\"_ _4\"></span>one de<span class=\"_ _4\"></span>l <span class=\"ff5f ls3 ws8e\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> con rife<span class=\"_ _4\"></span>rimento agli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari, con f<span class=\"_ _4\"></span>inalit\u00e0 co<span class=\"_ _4\"></span>ntabili o informative<span class=\"_ _4\"></span>, </span></span></span><span style=\"display:inherit;clear:left;\">sono r<span class=\"_ _4\"></span>iepilog<span class=\"_ _4\"></span>ati di seg<span class=\"_ _4\"></span>uito con rife<span class=\"_ _4\"></span>rimento alle pr<span class=\"_ _4\"></span>incipali cate<span class=\"_ _4\"></span>gorie di st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari, cui s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tati appli<span class=\"_ _4\"></span>cati:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>Str<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati: son<span class=\"_ _4\"></span>o stati a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati gli ade<span class=\"_ _4\"></span>guati mo<span class=\"_ _4\"></span>delli di <span class=\"ff5f ls5b ws8\">pricing</span> b<span class=\"_ _4\"></span>asati sui v<span class=\"_ _4\"></span>alori di me<span class=\"_ _4\"></span>rcato dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>Credit<span class=\"_ _4\"></span>i e Debit<span class=\"_ _4\"></span>i e attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e non quotate: p<span class=\"_ _4\"></span>er gli s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari con sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>nza sup<span class=\"_ _4\"></span>erior<span class=\"_ _4\"></span>e ad un anno \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato applic<span class=\"_ _4\"></span>ato il metod<span class=\"_ _4\"></span>o del <span class=\"ff5f\">Dis<span class=\"_ _4\"></span>counted Cash Flow<span class=\"_ _2\"></span><span class=\"ff5c\">, o<span class=\"_ _4\"></span>ssia l<span class=\"_ _4\"></span>\u2019attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei f<span class=\"_ _4\"></span>lussi di c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>sa atte<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne dell<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni di tas<span class=\"_ _4\"></span>so e me<span class=\"_ _4\"></span>rito cre<span class=\"_ _4\"></span>ditizio; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>Str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari quot<span class=\"_ _4\"></span>ati: \u00e8 utiliz<span class=\"_ _4\"></span>zato il val<span class=\"_ _4\"></span>ore di merc<span class=\"_ _4\"></span>ato alla data di rifer<span class=\"_ _4\"></span>imento.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__63": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.15 C<span class=\"_ _2\"></span>osti</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti quando relati<span class=\"_ _4\"></span>vi a be<span class=\"_ _4\"></span>ni e ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi ve<span class=\"_ _4\"></span>nduti o cons<span class=\"_ _4\"></span>umati nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio o pe<span class=\"_ _4\"></span>r ripar<span class=\"_ _4\"></span>tizio<span class=\"_ _4\"></span>ne sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero quan<span class=\"_ _4\"></span>do non si p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>a identif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019utilit\u00e0 futura de<span class=\"_ _4\"></span>gli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di pubblicit<span class=\"_ _4\"></span>\u00e0 e ricerc<span class=\"_ _4\"></span>a, in acco<span class=\"_ _4\"></span>rdo con lo IA<span class=\"_ _4\"></span>S 38, s<span class=\"_ _4\"></span>ono integ<span class=\"_ _4\"></span>ralmente imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando il </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>o reso e c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>gnato al Grupp<span class=\"_ _4\"></span>o</span></span>. </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti sono i<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti a sec<span class=\"_ _4\"></span>onda de<span class=\"_ _4\"></span>lla loro natura cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do i principi ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>gli IFRS<span class=\"_ _4\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__64": {
   "value": "<span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti di pubblicit<span class=\"_ _4\"></span>\u00e0 e ricerc<span class=\"_ _4\"></span>a, in acco<span class=\"_ _4\"></span>rdo con lo IA<span class=\"_ _4\"></span>S 38, s<span class=\"_ _4\"></span>ono integ<span class=\"_ _4\"></span>ralmente imp<span class=\"_ _4\"></span>utati a conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co quando il </span><span style=\"display:inherit;clear:left;\">ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>o reso e c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>gnato al Grupp<span class=\"_ _4\"></span>o</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__65-1": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.16 Rica<span class=\"_ _2\"></span>vi da contr<span class=\"_ _2\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti da contrat<span class=\"_ _4\"></span>ti con i clie<span class=\"_ _4\"></span>nti sono ril<span class=\"_ _4\"></span>evati quando il co<span class=\"_ _4\"></span>ntrollo dei b<span class=\"_ _4\"></span>eni e se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>i \u00e8 tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte per un </span><span style=\"display:inherit;clear:left;\">ammontar<span class=\"_ _4\"></span>e che rifl<span class=\"_ _4\"></span>ette il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di rice<span class=\"_ _4\"></span>vere in cambi<span class=\"_ _4\"></span>o di tali be<span class=\"_ _4\"></span>ni o ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.</span><span style=\"display:inherit;clear:left;\">Vendita di beni</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dalla vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni son<span class=\"_ _4\"></span>o riconos<span class=\"_ _4\"></span>ciuti nel m<span class=\"_ _4\"></span>omento in cui il co<span class=\"_ _4\"></span>ntrollo del b<span class=\"_ _4\"></span>ene p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a al cliente, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>lmente al mom<span class=\"_ _4\"></span>ento della s<span class=\"_ _4\"></span>pedi<span class=\"_ _4\"></span>zione in rag<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle clausol<span class=\"_ _4\"></span>e applicat<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera s<span class=\"_ _4\"></span>e ci sono altr<span class=\"_ _4\"></span>e prome<span class=\"_ _4\"></span>sse n<span class=\"_ _4\"></span>el contrat<span class=\"_ _4\"></span>to che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni di fare sulle quali una </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te del co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo della tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ione deve e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere allo<span class=\"_ _4\"></span>cato (<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>d ese<span class=\"_ _4\"></span>mpio garan<span class=\"_ _4\"></span>zie)<span class=\"_ _1\"></span>. Nel de<span class=\"_ _4\"></span>terminare il pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di vendit<span class=\"_ _4\"></span>a dei b<span class=\"_ _4\"></span>eni, il Grupp<span class=\"_ _4\"></span>o consi<span class=\"_ _4\"></span>dera gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti der<span class=\"_ _4\"></span>ivanti dalla pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za di cor<span class=\"_ _4\"></span>risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo variabile, di </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>nenti di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nto signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve, di corri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i non mone<span class=\"_ _4\"></span>tari e di co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi da pagare al cli<span class=\"_ _4\"></span>ente (se </span><span style=\"display:inherit;clear:left;\">pr<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>ti).  </span><span style=\"display:inherit;clear:left;\">Diritto di reso</span><span style=\"display:inherit;clear:left;\">Alcuni co<span class=\"_ _4\"></span>ntratti p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tono al clie<span class=\"_ _4\"></span>nte di res<span class=\"_ _4\"></span>tituire i be<span class=\"_ _4\"></span>ni entro un det<span class=\"_ _4\"></span>erminato pe<span class=\"_ _4\"></span>riodo di t<span class=\"_ _4\"></span>empo. Il Gr<span class=\"_ _4\"></span>uppo utiliz<span class=\"_ _5\"></span>za il </span><span style=\"display:inherit;clear:left;\">meto<span class=\"_ _4\"></span>do del v<span class=\"_ _4\"></span>alore att<span class=\"_ _4\"></span>eso p<span class=\"_ _4\"></span>er st<span class=\"_ _4\"></span>imare i beni ch<span class=\"_ _4\"></span>e non verr<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti pe<span class=\"_ _4\"></span>rch\u00e9 tal<span class=\"_ _4\"></span>e meto<span class=\"_ _4\"></span>do \u00e8 il migliore pe<span class=\"_ _4\"></span>r preve<span class=\"_ _4\"></span>dere </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ammontare d<span class=\"_ _4\"></span>el corr<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tivo v<span class=\"_ _4\"></span>ariabile a cui il Grup<span class=\"_ _4\"></span>po avr\u00e0 dirit<span class=\"_ _4\"></span>to. La g<span class=\"_ _4\"></span>uida dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>5 s<span class=\"_ _4\"></span>ulle limitaz<span class=\"_ _4\"></span>ioni alla rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne del c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivo variabile s<span class=\"_ _4\"></span>i applican<span class=\"_ _4\"></span>o per la de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare de<span class=\"_ _4\"></span>l corris<span class=\"_ _4\"></span>pett<span class=\"_ _4\"></span>ivo variabil<span class=\"_ _4\"></span>e che pu\u00f2 </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere in<span class=\"_ _4\"></span>cluso ne<span class=\"_ _4\"></span>l pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo della tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione. Per l<span class=\"_ _4\"></span>e merci che ci s<span class=\"_ _4\"></span>i aspe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e il Gruppo r<span class=\"_ _4\"></span>ettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a i ricavi e </span><span style=\"display:inherit;clear:left;\">regi<span class=\"_ _4\"></span>stra una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per rimb<span class=\"_ _4\"></span>orsi<span class=\"_ _4\"></span>. Il diritto di re<span class=\"_ _4\"></span>stitu<span class=\"_ _4\"></span>zione di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 (e il corrisp<span class=\"_ _4\"></span>ondente ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iust<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del ve<span class=\"_ _4\"></span>nduto<span class=\"_ _1\"></span>) \u00e8 ricono<span class=\"_ _4\"></span>sciuto anche p<span class=\"_ _4\"></span>er il dirit<span class=\"_ _4\"></span>to di riceve<span class=\"_ _4\"></span>re i beni dal clie<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">Roy<span class=\"_ _2\"></span>alties</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i per <span class=\"ff5f ls6 ws86\">royalt<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span></span> deriv<span class=\"_ _4\"></span>ano da contrat<span class=\"_ _4\"></span>ti con clie<span class=\"_ _4\"></span>nti di <span class=\"ff5f\">\u201cs<span class=\"_ _4\"></span>ales ba<span class=\"_ _4\"></span>sed royalties<span class=\"_ _4\"></span>\u201d</span> e so<span class=\"_ _4\"></span>no dunque iscr<span class=\"_ _4\"></span>itti p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ten<span class=\"_ _4\"></span>za con rife<span class=\"_ _4\"></span>rimento allo s<span class=\"_ _4\"></span>tato di avan<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>ndite de<span class=\"_ _4\"></span>l licenziat<span class=\"_ _4\"></span>ario, in base all<span class=\"_ _4\"></span>e condiz<span class=\"_ _4\"></span>ioni contrat<span class=\"_ _4\"></span>tual<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente previste.</span><span style=\"display:inherit;clear:left;\">2.3.17 Diritti di r<span class=\"_ _1\"></span>ecuper<span class=\"_ _2\"></span>o prodotti da clienti per r<span class=\"_ _2\"></span>esi</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nta il diritt<span class=\"_ _4\"></span>o del Grup<span class=\"_ _4\"></span>po a recup<span class=\"_ _4\"></span>erare i b<span class=\"_ _4\"></span>eni che si p<span class=\"_ _4\"></span>reved<span class=\"_ _4\"></span>e saranno re<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>i dai </span><span style=\"display:inherit;clear:left;\">clienti. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 \u00e8 valut<span class=\"_ _4\"></span>ata al pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente valo<span class=\"_ _4\"></span>re contabil<span class=\"_ _4\"></span>e delle rimane<span class=\"_ _4\"></span>nze al net<span class=\"_ _4\"></span>to di eve<span class=\"_ _4\"></span>ntuali costi p<span class=\"_ _4\"></span>er il re<span class=\"_ _4\"></span>cupero, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>se po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ili riduzioni d<span class=\"_ _4\"></span>el valor<span class=\"_ _4\"></span>e dei pro<span class=\"_ _4\"></span>dotti re<span class=\"_ _4\"></span>si. Il Gr<span class=\"_ _4\"></span>uppo ag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>na perio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente la stima c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019entit\u00e0 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a dei re<span class=\"_ _4\"></span>si da clienti, no<span class=\"_ _4\"></span>nch\u00e9 eve<span class=\"_ _4\"></span>ntuali ulteriori r<span class=\"_ _4\"></span>iduzioni di v<span class=\"_ _4\"></span>alore dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti res<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">2.3.18 P<span class=\"_ _1c\"></span>assivit\u00e0 per r<span class=\"_ _1\"></span>esi</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er rimb<span class=\"_ _4\"></span>orsi r<span class=\"_ _4\"></span>appres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>'obbligo di rimbo<span class=\"_ _4\"></span>rsare in p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e o tutto il co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vo ricev<span class=\"_ _4\"></span>uto (<span class=\"_ _2\"></span>o da ric<span class=\"_ _4\"></span>evere) </span><span style=\"display:inherit;clear:left;\">dal cliente e vi<span class=\"_ _4\"></span>ene valut<span class=\"_ _4\"></span>ata in ba<span class=\"_ _4\"></span>se al valo<span class=\"_ _4\"></span>re che il Grupp<span class=\"_ _4\"></span>o si asp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a di dover re<span class=\"_ _4\"></span>stituir<span class=\"_ _4\"></span>e al cliente. Il G<span class=\"_ _4\"></span>ruppo ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rna le </span><span style=\"display:inherit;clear:left;\">sue s<span class=\"_ _4\"></span>time dell<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 per r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>si (<span class=\"_ _2\"></span>e la co<span class=\"_ _4\"></span>rrisp<span class=\"_ _4\"></span>ondente v<span class=\"_ _4\"></span>ariazio<span class=\"_ _4\"></span>ne del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione) alla fin<span class=\"_ _4\"></span>e di ciascun </span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>riodo di<span class=\"_ _4\"></span> riferime<span class=\"_ _4\"></span>nto.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__68": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.19 Piani di pagamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ricono<span class=\"_ _4\"></span>sce be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici addi<span class=\"_ _4\"></span>zionali ad alcuni dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti, amministr<span class=\"_ _4\"></span>atori e collab<span class=\"_ _4\"></span>oratori che r<span class=\"_ _4\"></span>ives<span class=\"_ _4\"></span>tono ru<span class=\"_ _4\"></span>oli di rilievo, </span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o piani di par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione al c<span class=\"_ _4\"></span>apitale r<span class=\"_ _4\"></span>ientranti ne<span class=\"_ _4\"></span>lla cate<span class=\"_ _4\"></span>goria <span class=\"ff5f lsa ws90\">\u201cequ<span class=\"_ _1\"></span>ity-s<span class=\"_ _1\"></span>ettled\u201d<span class=\"ff5c ls0 wse1\">, in quanto prevedo<span class=\"_ _4\"></span>no la cons<span class=\"_ _4\"></span>egna </span></span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>isica d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni, e attrave<span class=\"_ _4\"></span>rso p<span class=\"_ _4\"></span>iani basati sul v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni ma regolabili p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa (<span class=\"ff5f ls36 wsb\">\u201ccash-sett<span class=\"_ _4\"></span>led<span class=\"_ _4\"></span>\u201d<span class=\"_ _5\"></span></span><span class=\"lse ws5\">). </span></span><span style=\"display:inherit;clear:left;\">Operazioni c<span class=\"_ _2\"></span>on pagamento regolato c<span class=\"_ _2\"></span>on strumenti di capitale</span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto s<span class=\"_ _4\"></span>tabilito dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 2 \u2013 Pag<span class=\"_ _4\"></span>amenti ba<span class=\"_ _4\"></span>sati su az<span class=\"_ _4\"></span>ioni \u2013 i diritt<span class=\"_ _4\"></span>i ass<span class=\"_ _4\"></span>egnati a favore d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti ve<span class=\"_ _4\"></span>ngono </span><span style=\"display:inherit;clear:left;\">valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati al <span class=\"ff5f\">fair value</span><span class=\"ls6 ws13c\"> al momento della<span class=\"_ _1\"></span> comunicazione dell\u2019assegnazione degli stess<span class=\"_ _4\"></span>i al beneficiario<span class=\"_ _1\"></span>, determina<span class=\"_ _1\"></span>to </span></span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo il mo<span class=\"_ _4\"></span>dello b<span class=\"_ _4\"></span>inomiale. T<span class=\"_ _2\"></span>ale mo<span class=\"_ _4\"></span>dello t<span class=\"_ _4\"></span>iene cont<span class=\"_ _4\"></span>o di tutte le c<span class=\"_ _4\"></span>aratt<span class=\"_ _4\"></span>eris<span class=\"_ _4\"></span>tiche di ta<span class=\"_ _4\"></span>li diritti (durata, pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo e con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio, ecc<span class=\"_ _4\"></span>.)<span class=\"_ _2\"></span>, n<span class=\"_ _4\"></span>onch\u00e9 de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>i titoli a<span class=\"_ _4\"></span>zionari sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione e della vo<span class=\"_ _4\"></span>latilit\u00e0 </span><span style=\"display:inherit;clear:left;\">attesa degli ste<span class=\"_ _4\"></span>ssi.</span><span style=\"display:inherit;clear:left;\">Se il dirit<span class=\"_ _4\"></span>to divi<span class=\"_ _4\"></span>ene e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>abile dop<span class=\"_ _4\"></span>o un cer<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di tempo dall<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one (<span class=\"_ _2\"></span><span class=\"ff5f ls5f ws1d2\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing perio<span class=\"_ _4\"></span>d<span class=\"_ _5\"></span><span class=\"ff5c ls0 wsf7\">) e al verif<span class=\"_ _4\"></span>icar<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">cer<span class=\"_ _4\"></span>te con<span class=\"_ _4\"></span>dizioni di <span class=\"ff5f ls67 ws8c\">p<span class=\"_ _4\"></span>erformance</span>, il cos<span class=\"_ _4\"></span>to delle o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate con s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale, as<span class=\"_ _4\"></span>siem<span class=\"_ _4\"></span>e al corris<span class=\"_ _4\"></span>ponde<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>nto del pat<span class=\"_ _4\"></span>rimonio net<span class=\"_ _4\"></span>to, \u00e8 rilev<span class=\"_ _4\"></span>ato sul per<span class=\"_ _4\"></span>iodo in cui le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni relative al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento di ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o alla </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio s<span class=\"_ _4\"></span>ono so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fatte co<span class=\"_ _4\"></span>n termine alla dat<span class=\"_ _4\"></span>a in cui i ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari hanno piename<span class=\"_ _4\"></span>nte maturato il diritt<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">a riceve<span class=\"_ _4\"></span>re il compe<span class=\"_ _4\"></span>nso (<span class=\"_ _4\"></span>\u201c<span class=\"_ _2\"></span>dat<span class=\"_ _4\"></span>a di maturazi<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Alla f<span class=\"_ _4\"></span>ine di ciascun e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio il <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti ass<span class=\"_ _4\"></span>egnati pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dentem<span class=\"_ _4\"></span>ente dete<span class=\"_ _4\"></span>rminato non vi<span class=\"_ _4\"></span>ene ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o; a tale data </span><span style=\"display:inherit;clear:left;\">vie<span class=\"_ _4\"></span>ne invece ag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>rnata la st<span class=\"_ _4\"></span>ima del numero d<span class=\"_ _4\"></span>ei diritt<span class=\"_ _4\"></span>i che matureranno f<span class=\"_ _4\"></span>ino alla s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i cumulati rilevati a fro<span class=\"_ _4\"></span>n<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te di tali o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>azioni alla data di chiu<span class=\"_ _4\"></span>sura di ogni e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio sino alla data di matur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e sono co<span class=\"_ _4\"></span>mmisurati alle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze </span><span style=\"display:inherit;clear:left;\">del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di maturazi<span class=\"_ _4\"></span>one ed alla miglio<span class=\"_ _4\"></span>re stima dis<span class=\"_ _4\"></span>ponibile d<span class=\"_ _4\"></span>el numero di s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti par<span class=\"_ _4\"></span>tecipati<span class=\"_ _4\"></span>vi che ve<span class=\"_ _4\"></span>rranno ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vame<span class=\"_ _4\"></span>nte a maturazion<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to o ric<span class=\"_ _4\"></span>avo a conto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a la variazio<span class=\"_ _4\"></span>ne del co<span class=\"_ _4\"></span>sto cumulato </span><span style=\"display:inherit;clear:left;\">rilev<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019inizio e alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. </span><span style=\"display:inherit;clear:left;\">Nes<span class=\"_ _4\"></span>sun co<span class=\"_ _4\"></span>sto vi<span class=\"_ _4\"></span>ene rile<span class=\"_ _4\"></span>vato pe<span class=\"_ _4\"></span>r i diritti che n<span class=\"_ _4\"></span>on arriv<span class=\"_ _4\"></span>ano a maturazio<span class=\"_ _4\"></span>ne def<span class=\"_ _4\"></span>initiv<span class=\"_ _4\"></span>a, tranne ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o dei dirit<span class=\"_ _4\"></span>ti la cui as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gnaz<span class=\"_ _4\"></span>ione \u00e8 sub<span class=\"_ _4\"></span>ordinata all<span class=\"_ _4\"></span>e condi<span class=\"_ _4\"></span>zioni di me<span class=\"_ _4\"></span>rcato.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019effet<span class=\"_ _4\"></span>to della diluiz<span class=\"_ _4\"></span>ione dei dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati non anco<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>ercitati \u00e8 r<span class=\"_ _4\"></span>ifle<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>lla diluizione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019utile per a<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Operazioni r<span class=\"_ _2\"></span>egolate per cassa</span><span style=\"display:inherit;clear:left;\">In pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni con pagam<span class=\"_ _4\"></span>ento bas<span class=\"_ _4\"></span>ato su azio<span class=\"_ _4\"></span>ni regolate p<span class=\"_ _4\"></span>er ca<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, il cost<span class=\"_ _4\"></span>o delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni rego<span class=\"_ _4\"></span>late per c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">\u00e8 valut<span class=\"_ _4\"></span>ato inizialmente al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o alla data di comunic<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019asseg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e al bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>io. T<span class=\"_ _1c\"></span>ale v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo \u00e8 </span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>sato ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo f<span class=\"_ _4\"></span>ino alla matura<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, con rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente. Fin<span class=\"_ _4\"></span>o a quando la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">non \u00e8 e<span class=\"_ _4\"></span>stinta v<span class=\"_ _4\"></span>iene e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuato il rica<span class=\"_ _4\"></span>lcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> a ciascuna dat<span class=\"_ _4\"></span>a di chiusura di bilancio e<span class=\"_ _4\"></span>d alla data di re<span class=\"_ _4\"></span>golamento </span></span></span><span style=\"display:inherit;clear:left;\">imputan<span class=\"_ _4\"></span>do tutt<span class=\"_ _4\"></span>e le variaz<span class=\"_ _4\"></span>ioni a conto e<span class=\"_ _4\"></span>conomico. L<span class=\"_ _1c\"></span>'appro<span class=\"_ _4\"></span>ccio utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato per c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are le con<span class=\"_ _4\"></span>dizioni di matura<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">quando si mis<span class=\"_ _4\"></span>urano le op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni regolat<span class=\"_ _4\"></span>e con titoli a<span class=\"_ _4\"></span>zionari si ap<span class=\"_ _4\"></span>plica anch<span class=\"_ _4\"></span>e alle trans<span class=\"_ _4\"></span>azioni re<span class=\"_ _4\"></span>golate pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__70": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.20 P<span class=\"_ _2\"></span>rov<span class=\"_ _1\"></span>enti ed Oneri finanziari</span><span style=\"display:inherit;clear:left;\">I proventi e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati pe<span class=\"_ _4\"></span>r compet<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>egli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i maturati sul valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o delle </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie, utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__69": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.20 P<span class=\"_ _2\"></span>rov<span class=\"_ _1\"></span>enti ed Oneri finanziari</span><span style=\"display:inherit;clear:left;\">I proventi e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati pe<span class=\"_ _4\"></span>r compet<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>egli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i maturati sul valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o delle </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie, utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di intere<span class=\"_ _4\"></span>sse e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__71": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.21 Dividendi</span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati contab<span class=\"_ _4\"></span>ilmente quando s<span class=\"_ _4\"></span>orge il dirit<span class=\"_ _4\"></span>to degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti a riceve<span class=\"_ _4\"></span>re il pagame<span class=\"_ _4\"></span>nto.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__72": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.22 C<span class=\"_ _2\"></span>ontributi pubblici</span><span style=\"display:inherit;clear:left;\">I contribut<span class=\"_ _4\"></span>i pubblici so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ati quando sus<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>te la ragion<span class=\"_ _4\"></span>evole ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a che es<span class=\"_ _4\"></span>si sar<span class=\"_ _4\"></span>anno ricev<span class=\"_ _4\"></span>uti e che tut<span class=\"_ _4\"></span>te le con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dizioni ad<span class=\"_ _1\"></span> essi riferiti sia<span class=\"_ _1\"></span>no soddisfatte. I contribu<span class=\"_ _1\"></span>ti in con<span class=\"_ _1\"></span>to esercizio sono presentati come com<span class=\"_ _1\"></span>ponente positiva nel </span><span style=\"display:inherit;clear:left;\">conto economico.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__73": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.23 Imposte sul r<span class=\"_ _1\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Imposte c<span class=\"_ _2\"></span>orrenti</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti rifl<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>no una stima re<span class=\"_ _4\"></span>alistic<span class=\"_ _4\"></span>a del c<span class=\"_ _4\"></span>arico f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale, de<span class=\"_ _4\"></span>terminata ap<span class=\"_ _4\"></span>plicand<span class=\"_ _4\"></span>o le aliquote e la nor<span class=\"_ _4\"></span>mativa </span><span style=\"display:inherit;clear:left;\">vigente n<span class=\"_ _4\"></span>ei Pae<span class=\"_ _4\"></span>si nei quali il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>a la sua att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0; il debito pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti vien<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato ne<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>ato patrimoniale a<span class=\"_ _4\"></span>l netto di e<span class=\"_ _4\"></span>ventuali accont<span class=\"_ _4\"></span>i di impost<span class=\"_ _4\"></span>a pagati<span class=\"_ _4\"></span>. Il Gruppo v<span class=\"_ _4\"></span>aluta p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">te la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e assunt<span class=\"_ _4\"></span>a nella dichiara<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei red<span class=\"_ _4\"></span>diti nei c<span class=\"_ _4\"></span>asi in cui le nor<span class=\"_ _4\"></span>me f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>iano sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad inte<span class=\"_ _4\"></span>rpret<span class=\"_ _4\"></span>azioni </span><span style=\"display:inherit;clear:left;\">e, ove appro<span class=\"_ _4\"></span>priato, prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>de a st<span class=\"_ _4\"></span>anziare de<span class=\"_ _4\"></span>gli acc<span class=\"_ _4\"></span>antonamenti.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te corre<span class=\"_ _4\"></span>nti relati<span class=\"_ _4\"></span>ve a pos<span class=\"_ _4\"></span>te rilevate dire<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>amente a patrim<span class=\"_ _4\"></span>onio net<span class=\"_ _4\"></span>to o nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o com<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo sono anch<span class=\"_ _4\"></span>e es<span class=\"_ _4\"></span>se rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to o nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico compl<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Imposte differite</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite s<span class=\"_ _4\"></span>ono calc<span class=\"_ _4\"></span>olate sulle dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e risultant<span class=\"_ _4\"></span>i alla data di bilancio fra i v<span class=\"_ _4\"></span>alori f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali pre<span class=\"_ _4\"></span>si a </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e i valori rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati a bilanci<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve sono ril<span class=\"_ _4\"></span>evate a fronte di tut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e tas<span class=\"_ _4\"></span>sab<span class=\"_ _4\"></span>ili, ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>di quan<span class=\"_ _4\"></span>do le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve deri<span class=\"_ _4\"></span>vino dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">in una trans<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e che non \u00e8 una ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale e che<span class=\"_ _4\"></span>, al tempo d<span class=\"_ _4\"></span>ella trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti n<span class=\"_ _4\"></span>\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio calc<span class=\"_ _4\"></span>olato a fini di b<span class=\"_ _4\"></span>ilancio n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile o sulla pe<span class=\"_ _4\"></span>rdita ca<span class=\"_ _4\"></span>lcolati a f<span class=\"_ _4\"></span>ini fi<span class=\"_ _4\"></span>scali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>con rife<span class=\"_ _4\"></span>rimento a dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze te<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>e ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>abili ass<span class=\"_ _4\"></span>ociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazioni in co<span class=\"_ _4\"></span>ntrollate, coll<span class=\"_ _4\"></span>egate e <span class=\"ff5f ls2b ws114\">joint ventu<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">re<span class=\"ff5c wse7\">, nel c<span class=\"_ _4\"></span>aso in cui il rig<span class=\"_ _4\"></span>iro delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re controllato e<span class=\"_ _4\"></span>d \u00e8 probabil<span class=\"_ _4\"></span>e che es<span class=\"_ _4\"></span>so non s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>ichi </span></span><span style=\"display:inherit;clear:left;\">nel fut<span class=\"_ _4\"></span>uro preve<span class=\"_ _4\"></span>dibile.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive so<span class=\"_ _4\"></span>no rilevate a f<span class=\"_ _4\"></span>ronte di tutte l<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili e pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate a nuovo, ne<span class=\"_ _4\"></span>lla misura in cui sia prob<span class=\"_ _4\"></span>abile l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di adeg<span class=\"_ _4\"></span>uati utili fi<span class=\"_ _4\"></span>scali fut<span class=\"_ _4\"></span>uri che pos<span class=\"_ _4\"></span>sano r<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>re applica<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bile l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee de<span class=\"_ _4\"></span>ducibili e delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate a nuovo, ecce<span class=\"_ _4\"></span>tto il c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019impo<span class=\"_ _4\"></span>sta dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ita att<span class=\"_ _4\"></span>iva coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alle diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili de<span class=\"_ _4\"></span>rivi dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one iniziale di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in una tran<span class=\"_ _4\"></span>sazi<span class=\"_ _4\"></span>one che non \u00e8 un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>greg<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dale e che, al te<span class=\"_ _4\"></span>mpo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, non </span><span style=\"display:inherit;clear:left;\">influis<span class=\"_ _4\"></span>ce n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio c<span class=\"_ _4\"></span>alcolato a f<span class=\"_ _4\"></span>ini di bilancio n\u00e9 s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>tile o sulla pe<span class=\"_ _4\"></span>rdita c<span class=\"_ _4\"></span>alcolati a f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>iscali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto a diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>abili as<span class=\"_ _4\"></span>sociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ioni in controllate<span class=\"_ _4\"></span>, colleg<span class=\"_ _4\"></span>ate e <span class=\"ff5f ls2b wsef\">joint<span class=\"_ _1\"></span> ven<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ture<span class=\"ff5c ls3 ws15c\">, le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e attive s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate sol<span class=\"_ _4\"></span>o nella misura in cui s<span class=\"_ _4\"></span>ia probabile ch<span class=\"_ _4\"></span>e le diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee </span></span><span style=\"display:inherit;clear:left;\">dedu<span class=\"_ _4\"></span>cibili si rive<span class=\"_ _4\"></span>rse<span class=\"_ _4\"></span>ranno ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019immediato f<span class=\"_ _4\"></span>uturo e che vi siano a<span class=\"_ _4\"></span>deguati ut<span class=\"_ _4\"></span>ili fis<span class=\"_ _4\"></span>cali a fronte d<span class=\"_ _4\"></span>ei quali le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">temp<span class=\"_ _4\"></span>oranee p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ano es<span class=\"_ _4\"></span>sere ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Il valore da rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare in bilan<span class=\"_ _4\"></span>cio delle imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite attive v<span class=\"_ _4\"></span>iene r<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span>aminato a ciascuna data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io </span><span style=\"display:inherit;clear:left;\">e ridot<span class=\"_ _4\"></span>to nella mis<span class=\"_ _4\"></span>ura in cui non ris<span class=\"_ _4\"></span>ulti pi\u00f9 probabil<span class=\"_ _4\"></span>e che suf<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cienti utili f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali sarann<span class=\"_ _4\"></span>o disponibili in f<span class=\"_ _4\"></span>uturo in modo </span><span style=\"display:inherit;clear:left;\">da per<span class=\"_ _4\"></span>mett<span class=\"_ _4\"></span>ere a tutt<span class=\"_ _4\"></span>o o par<span class=\"_ _4\"></span>te di tale cre<span class=\"_ _4\"></span>dito di e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Le impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve non rico<span class=\"_ _4\"></span>nosciute s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">ries<span class=\"_ _4\"></span>aminate con p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cit\u00e0 annuale alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio e vengono r<span class=\"_ _4\"></span>ilevate ne<span class=\"_ _4\"></span>lla misura in cui \u00e8 dive<span class=\"_ _4\"></span>ntato </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e che l<span class=\"_ _4\"></span>\u2019utile fis<span class=\"_ _4\"></span>cale s<span class=\"_ _4\"></span>ia suff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a cons<span class=\"_ _4\"></span>entire che t<span class=\"_ _4\"></span>ali impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite att<span class=\"_ _4\"></span>ive pos<span class=\"_ _4\"></span>san<span class=\"_ _4\"></span>o ess<span class=\"_ _4\"></span>ere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">Per st<span class=\"_ _4\"></span>abilire se s<span class=\"_ _4\"></span>aranno reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati re<span class=\"_ _4\"></span>dditi imponib<span class=\"_ _4\"></span>ili a fronte dei quali pot<span class=\"_ _4\"></span>er utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are una diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a temp<span class=\"_ _4\"></span>oranea d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ducibile, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 valuta s<span class=\"_ _4\"></span>e la normativ<span class=\"_ _4\"></span>a tribut<span class=\"_ _4\"></span>aria loc<span class=\"_ _4\"></span>ale impong<span class=\"_ _4\"></span>a o meno re<span class=\"_ _4\"></span>stri<span class=\"_ _4\"></span>zioni alle fonti di re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibili a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali pu\u00f2 ef<span class=\"_ _4\"></span>fettuare d<span class=\"_ _4\"></span>eduzi<span class=\"_ _4\"></span>oni sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>annullam<span class=\"_ _4\"></span>ento di det<span class=\"_ _4\"></span>ta dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ea de<span class=\"_ _4\"></span>ducibile. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive s<span class=\"_ _4\"></span>ono misur<span class=\"_ _4\"></span>ate in base alle ali<span class=\"_ _4\"></span>quote f<span class=\"_ _4\"></span>iscali ch<span class=\"_ _4\"></span>e ci si atte<span class=\"_ _4\"></span>nde veng<span class=\"_ _4\"></span>ano applic<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io in cui tali att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 si reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zano o t<span class=\"_ _4\"></span>ali pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 si e<span class=\"_ _4\"></span>stinguo<span class=\"_ _4\"></span>no, consid<span class=\"_ _4\"></span>erand<span class=\"_ _4\"></span>o le aliquote in vigo<span class=\"_ _4\"></span>re e quelle gi\u00e0 </span><span style=\"display:inherit;clear:left;\">emanate o so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialment<span class=\"_ _4\"></span>e emanate alla data di bilancio.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite re<span class=\"_ _4\"></span>lative a pos<span class=\"_ _4\"></span>te rile<span class=\"_ _4\"></span>vate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to   o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo son<span class=\"_ _4\"></span>o anche es<span class=\"_ _4\"></span>se rile<span class=\"_ _4\"></span>vate diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte a patrimonio n<span class=\"_ _4\"></span>etto o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive ve<span class=\"_ _4\"></span>ngono comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>ate, qualora e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>ta un dirit<span class=\"_ _4\"></span>to leg<span class=\"_ _4\"></span>ale a compe<span class=\"_ _4\"></span>nsare l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">per imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>on le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te cor<span class=\"_ _4\"></span>renti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e facciano rifer<span class=\"_ _4\"></span>imento alla st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa entit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e ed alla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa autor<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale.</span><span style=\"display:inherit;clear:left;\">Imposta sul valor<span class=\"_ _2\"></span>e aggiunto</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i e le atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati al net<span class=\"_ _4\"></span>to delle imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e sul valore ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iunto ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>t<span class=\"_ _4\"></span>ale impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a applicat<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di beni o s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>zi risulti ind<span class=\"_ _4\"></span>etraibile<span class=\"_ _4\"></span>, nel qual c<span class=\"_ _4\"></span>aso e<span class=\"_ _4\"></span>ssa v<span class=\"_ _4\"></span>iene ril<span class=\"_ _4\"></span>evat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">del co<span class=\"_ _4\"></span>sto di ac<span class=\"_ _4\"></span>quisto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 o p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ella voce di co<span class=\"_ _4\"></span>sto ril<span class=\"_ _4\"></span>evata a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>si riferi<span class=\"_ _4\"></span>sca a cre<span class=\"_ _4\"></span>diti e de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>rciali per i quali \u00e8 gi\u00e0 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a eme<span class=\"_ _4\"></span>ssa o r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>a la fatt<span class=\"_ _4\"></span>ura, i cui valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">include<span class=\"_ _4\"></span>ndo il v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammont<span class=\"_ _4\"></span>are nett<span class=\"_ _4\"></span>o delle impo<span class=\"_ _4\"></span>ste indir<span class=\"_ _4\"></span>ette sull<span class=\"_ _4\"></span>e vendite e sug<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i che pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate da o pagate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019erario \u00e8 incluso a b<span class=\"_ _4\"></span>ilancio nei cre<span class=\"_ _4\"></span>diti o de<span class=\"_ _4\"></span>biti tribut<span class=\"_ _4\"></span>ari a se<span class=\"_ _4\"></span>conda de<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>no del s<span class=\"_ _4\"></span>aldo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__74": {
   "value": "<span style=\"display:inherit;clear:left;\">Imposte differite</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite s<span class=\"_ _4\"></span>ono calc<span class=\"_ _4\"></span>olate sulle dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e risultant<span class=\"_ _4\"></span>i alla data di bilancio fra i v<span class=\"_ _4\"></span>alori f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali pre<span class=\"_ _4\"></span>si a </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e i valori rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tati a bilanci<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve sono ril<span class=\"_ _4\"></span>evate a fronte di tut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e tas<span class=\"_ _4\"></span>sab<span class=\"_ _4\"></span>ili, ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>di quan<span class=\"_ _4\"></span>do le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>ve deri<span class=\"_ _4\"></span>vino dalla rilev<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e iniziale de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento o di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">in una trans<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e che non \u00e8 una ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne azie<span class=\"_ _4\"></span>ndale e che<span class=\"_ _4\"></span>, al tempo d<span class=\"_ _4\"></span>ella trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non co<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fetti n<span class=\"_ _4\"></span>\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio calc<span class=\"_ _4\"></span>olato a fini di b<span class=\"_ _4\"></span>ilancio n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile o sulla pe<span class=\"_ _4\"></span>rdita ca<span class=\"_ _4\"></span>lcolati a f<span class=\"_ _4\"></span>ini fi<span class=\"_ _4\"></span>scali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>con rife<span class=\"_ _4\"></span>rimento a dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze te<span class=\"_ _4\"></span>mporane<span class=\"_ _4\"></span>e ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>abili ass<span class=\"_ _4\"></span>ociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazioni in co<span class=\"_ _4\"></span>ntrollate, coll<span class=\"_ _4\"></span>egate e <span class=\"ff5f ls2b ws114\">joint ventu<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">re<span class=\"ff5c wse7\">, nel c<span class=\"_ _4\"></span>aso in cui il rig<span class=\"_ _4\"></span>iro delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze temp<span class=\"_ _4\"></span>orane<span class=\"_ _4\"></span>e pu\u00f2 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re controllato e<span class=\"_ _4\"></span>d \u00e8 probabil<span class=\"_ _4\"></span>e che es<span class=\"_ _4\"></span>so non s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>ichi </span></span><span style=\"display:inherit;clear:left;\">nel fut<span class=\"_ _4\"></span>uro preve<span class=\"_ _4\"></span>dibile.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive so<span class=\"_ _4\"></span>no rilevate a f<span class=\"_ _4\"></span>ronte di tutte l<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili e pe<span class=\"_ _4\"></span>r le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate a nuovo, ne<span class=\"_ _4\"></span>lla misura in cui sia prob<span class=\"_ _4\"></span>abile l<span class=\"_ _4\"></span>\u2019esist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di adeg<span class=\"_ _4\"></span>uati utili fi<span class=\"_ _4\"></span>scali fut<span class=\"_ _4\"></span>uri che pos<span class=\"_ _4\"></span>sano r<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>re applica<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bile l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee de<span class=\"_ _4\"></span>ducibili e delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate a nuovo, ecce<span class=\"_ _4\"></span>tto il c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _ac\"></span>l<span class=\"_ _5\"></span>\u2019impo<span class=\"_ _4\"></span>sta dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ita att<span class=\"_ _4\"></span>iva coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alle diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee de<span class=\"_ _4\"></span>ducibili de<span class=\"_ _4\"></span>rivi dalla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one iniziale di un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in una tran<span class=\"_ _4\"></span>sazi<span class=\"_ _4\"></span>one che non \u00e8 un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>greg<span class=\"_ _4\"></span>azione a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dale e che, al te<span class=\"_ _4\"></span>mpo de<span class=\"_ _4\"></span>lla trans<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ssa<span class=\"_ _4\"></span>, non </span><span style=\"display:inherit;clear:left;\">influis<span class=\"_ _4\"></span>ce n\u00e9 sull<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio c<span class=\"_ _4\"></span>alcolato a f<span class=\"_ _4\"></span>ini di bilancio n\u00e9 s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>tile o sulla pe<span class=\"_ _4\"></span>rdita c<span class=\"_ _4\"></span>alcolati a f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>iscali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto a diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>abili as<span class=\"_ _4\"></span>sociate a par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ioni in controllate<span class=\"_ _4\"></span>, colleg<span class=\"_ _4\"></span>ate e <span class=\"ff5f ls2b wsef\">joint<span class=\"_ _1\"></span> ven<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ture<span class=\"ff5c ls3 ws15c\">, le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e attive s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate sol<span class=\"_ _4\"></span>o nella misura in cui s<span class=\"_ _4\"></span>ia probabile ch<span class=\"_ _4\"></span>e le diffe<span class=\"_ _4\"></span>renze t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>anee </span></span><span style=\"display:inherit;clear:left;\">dedu<span class=\"_ _4\"></span>cibili si rive<span class=\"_ _4\"></span>rse<span class=\"_ _4\"></span>ranno ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019immediato f<span class=\"_ _4\"></span>uturo e che vi siano a<span class=\"_ _4\"></span>deguati ut<span class=\"_ _4\"></span>ili fis<span class=\"_ _4\"></span>cali a fronte d<span class=\"_ _4\"></span>ei quali le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">temp<span class=\"_ _4\"></span>oranee p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ano es<span class=\"_ _4\"></span>sere ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zate.</span><span style=\"display:inherit;clear:left;\">Il valore da rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare in bilan<span class=\"_ _4\"></span>cio delle imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite attive v<span class=\"_ _4\"></span>iene r<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span>aminato a ciascuna data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io </span><span style=\"display:inherit;clear:left;\">e ridot<span class=\"_ _4\"></span>to nella mis<span class=\"_ _4\"></span>ura in cui non ris<span class=\"_ _4\"></span>ulti pi\u00f9 probabil<span class=\"_ _4\"></span>e che suf<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>cienti utili f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali sarann<span class=\"_ _4\"></span>o disponibili in f<span class=\"_ _4\"></span>uturo in modo </span><span style=\"display:inherit;clear:left;\">da per<span class=\"_ _4\"></span>mett<span class=\"_ _4\"></span>ere a tutt<span class=\"_ _4\"></span>o o par<span class=\"_ _4\"></span>te di tale cre<span class=\"_ _4\"></span>dito di e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato. Le impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve non rico<span class=\"_ _4\"></span>nosciute s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">ries<span class=\"_ _4\"></span>aminate con p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cit\u00e0 annuale alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio e vengono r<span class=\"_ _4\"></span>ilevate ne<span class=\"_ _4\"></span>lla misura in cui \u00e8 dive<span class=\"_ _4\"></span>ntato </span><span style=\"display:inherit;clear:left;\">probabil<span class=\"_ _4\"></span>e che l<span class=\"_ _4\"></span>\u2019utile fis<span class=\"_ _4\"></span>cale s<span class=\"_ _4\"></span>ia suff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a cons<span class=\"_ _4\"></span>entire che t<span class=\"_ _4\"></span>ali impos<span class=\"_ _4\"></span>te diffe<span class=\"_ _4\"></span>rite att<span class=\"_ _4\"></span>ive pos<span class=\"_ _4\"></span>san<span class=\"_ _4\"></span>o ess<span class=\"_ _4\"></span>ere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate.</span><span style=\"display:inherit;clear:left;\">Per st<span class=\"_ _4\"></span>abilire se s<span class=\"_ _4\"></span>aranno reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati re<span class=\"_ _4\"></span>dditi imponib<span class=\"_ _4\"></span>ili a fronte dei quali pot<span class=\"_ _4\"></span>er utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are una diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a temp<span class=\"_ _4\"></span>oranea d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ducibile, l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>entit<span class=\"_ _4\"></span>\u00e0 valuta s<span class=\"_ _4\"></span>e la normativ<span class=\"_ _4\"></span>a tribut<span class=\"_ _4\"></span>aria loc<span class=\"_ _4\"></span>ale impong<span class=\"_ _4\"></span>a o meno re<span class=\"_ _4\"></span>stri<span class=\"_ _4\"></span>zioni alle fonti di re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibili a </span><span style=\"display:inherit;clear:left;\">fronte de<span class=\"_ _4\"></span>i quali pu\u00f2 ef<span class=\"_ _4\"></span>fettuare d<span class=\"_ _4\"></span>eduzi<span class=\"_ _4\"></span>oni sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>annullam<span class=\"_ _4\"></span>ento di det<span class=\"_ _4\"></span>ta dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>za te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ea de<span class=\"_ _4\"></span>ducibile. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive s<span class=\"_ _4\"></span>ono misur<span class=\"_ _4\"></span>ate in base alle ali<span class=\"_ _4\"></span>quote f<span class=\"_ _4\"></span>iscali ch<span class=\"_ _4\"></span>e ci si atte<span class=\"_ _4\"></span>nde veng<span class=\"_ _4\"></span>ano applic<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io in cui tali att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 si reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zano o t<span class=\"_ _4\"></span>ali pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 si e<span class=\"_ _4\"></span>stinguo<span class=\"_ _4\"></span>no, consid<span class=\"_ _4\"></span>erand<span class=\"_ _4\"></span>o le aliquote in vigo<span class=\"_ _4\"></span>re e quelle gi\u00e0 </span><span style=\"display:inherit;clear:left;\">emanate o so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialment<span class=\"_ _4\"></span>e emanate alla data di bilancio.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite re<span class=\"_ _4\"></span>lative a pos<span class=\"_ _4\"></span>te rile<span class=\"_ _4\"></span>vate dirett<span class=\"_ _4\"></span>amente a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to   o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>etto di co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo son<span class=\"_ _4\"></span>o anche es<span class=\"_ _4\"></span>se rile<span class=\"_ _4\"></span>vate diret<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nte a patrimonio n<span class=\"_ _4\"></span>etto o ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o di conto eco<span class=\"_ _4\"></span>nomico comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive e pas<span class=\"_ _4\"></span>sive ve<span class=\"_ _4\"></span>ngono comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>ate, qualora e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>ta un dirit<span class=\"_ _4\"></span>to leg<span class=\"_ _4\"></span>ale a compe<span class=\"_ _4\"></span>nsare l<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">per imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e correnti c<span class=\"_ _4\"></span>on le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te cor<span class=\"_ _4\"></span>renti e le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>e facciano rifer<span class=\"_ _4\"></span>imento alla st<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sa entit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e ed alla s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa autor<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__75": {
   "value": "<span style=\"display:inherit;clear:left;\">Imposta sul valor<span class=\"_ _2\"></span>e aggiunto</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i, i cost<span class=\"_ _4\"></span>i e le atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vati al net<span class=\"_ _4\"></span>to delle imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e sul valore ag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iunto ad ecce<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del c<span class=\"_ _4\"></span>aso in cui:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _47\"></span>t<span class=\"_ _4\"></span>ale impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a applicat<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di beni o s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>zi risulti ind<span class=\"_ _4\"></span>etraibile<span class=\"_ _4\"></span>, nel qual c<span class=\"_ _4\"></span>aso e<span class=\"_ _4\"></span>ssa v<span class=\"_ _4\"></span>iene ril<span class=\"_ _4\"></span>evat<span class=\"_ _4\"></span>a come par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">del co<span class=\"_ _4\"></span>sto di ac<span class=\"_ _4\"></span>quisto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 o p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ella voce di co<span class=\"_ _4\"></span>sto ril<span class=\"_ _4\"></span>evata a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>si riferi<span class=\"_ _4\"></span>sca a cre<span class=\"_ _4\"></span>diti e de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>rciali per i quali \u00e8 gi\u00e0 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a eme<span class=\"_ _4\"></span>ssa o r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>a la fatt<span class=\"_ _4\"></span>ura, i cui valor<span class=\"_ _4\"></span>i sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">include<span class=\"_ _4\"></span>ndo il v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>ammont<span class=\"_ _4\"></span>are nett<span class=\"_ _4\"></span>o delle impo<span class=\"_ _4\"></span>ste indir<span class=\"_ _4\"></span>ette sull<span class=\"_ _4\"></span>e vendite e sug<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i che pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o es<span class=\"_ _4\"></span>sere re<span class=\"_ _4\"></span>cuper<span class=\"_ _4\"></span>ate da o pagate </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019erario \u00e8 incluso a b<span class=\"_ _4\"></span>ilancio nei cre<span class=\"_ _4\"></span>diti o de<span class=\"_ _4\"></span>biti tribut<span class=\"_ _4\"></span>ari a se<span class=\"_ _4\"></span>conda de<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>no del s<span class=\"_ _4\"></span>aldo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__76": {
   "value": "<span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>24<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>Utile per azione</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019utile base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 cal<span class=\"_ _4\"></span>colato div<span class=\"_ _4\"></span>idend<span class=\"_ _4\"></span>o il risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o p<span class=\"_ _4\"></span>erdit<span class=\"_ _4\"></span>a attribuibil<span class=\"_ _4\"></span>e agli A<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nisti d<span class=\"_ _4\"></span>ella Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. A<span class=\"_ _4\"></span>i fini de<span class=\"_ _4\"></span>l calco<span class=\"_ _4\"></span>lo dell<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tile diluito p<span class=\"_ _4\"></span>er azio<span class=\"_ _4\"></span>ne, la me<span class=\"_ _4\"></span>dia pond<span class=\"_ _4\"></span>erata d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni in circolazi<span class=\"_ _4\"></span>one \u00e8 modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata as<span class=\"_ _4\"></span>sumen<span class=\"_ _4\"></span>do la conver<span class=\"_ _4\"></span>sione di t<span class=\"_ _4\"></span>utte </span><span style=\"display:inherit;clear:left;\">le pote<span class=\"_ _4\"></span>nziali az<span class=\"_ _4\"></span>ioni aventi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to diluitivo. An<span class=\"_ _4\"></span>che l<span class=\"_ _4\"></span>\u2019utile nett<span class=\"_ _4\"></span>o \u00e8 rettif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato per te<span class=\"_ _4\"></span>ner co<span class=\"_ _4\"></span>nto degli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti, al net<span class=\"_ _4\"></span>to delle </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te, de<span class=\"_ _4\"></span>lla conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__77": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.25 Ac<span class=\"_ _2\"></span>cor<span class=\"_ _1\"></span>di <span class=\"_ _4\"></span>di <span class=\"ff64 lsf4 ws3ac\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff64 lsf5 ws3ad\">Ca<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span>l<span class=\"_ _5\"></span></span> su Interessenz<span class=\"_ _2\"></span>e di Minoranza </span></span><span style=\"display:inherit;clear:left;\">Nel c<span class=\"_ _4\"></span>aso di opzio<span class=\"_ _4\"></span>ni <span class=\"ff5f ls5b ws8\">put</span> conce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e ai soci di min<span class=\"_ _4\"></span>oranz<span class=\"_ _4\"></span>a, il Grupp<span class=\"_ _4\"></span>o iscri<span class=\"_ _4\"></span>ve una pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria pari al val<span class=\"_ _4\"></span>ore at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tuale de<span class=\"_ _4\"></span>l prez<span class=\"_ _4\"></span>zo di e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>pzione. S<span class=\"_ _4\"></span>e i termini e le c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> danno gi\u00e0 al Gr<span class=\"_ _4\"></span>uppo acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ai ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici econ<span class=\"_ _4\"></span>omici colle<span class=\"_ _4\"></span>gati alla quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e opzionata, il G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>ntabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a tale quot<span class=\"_ _4\"></span>a come s<span class=\"_ _4\"></span>e foss<span class=\"_ _4\"></span>e gi\u00e0 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ata acqui<span class=\"_ _4\"></span>stat<span class=\"_ _4\"></span>a e, quindi, al mo<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>l riconos<span class=\"_ _4\"></span>cimento ini<span class=\"_ _4\"></span>ziale della pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>, tale v<span class=\"_ _4\"></span>alore vie<span class=\"_ _4\"></span>ne riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>icato dal </span><span style=\"display:inherit;clear:left;\">patrimonio n<span class=\"_ _4\"></span>etto r<span class=\"_ _4\"></span>iducend<span class=\"_ _4\"></span>o la quota de<span class=\"_ _4\"></span>lle minoran<span class=\"_ _4\"></span>ze. La p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente r<span class=\"_ _4\"></span>imisurata a<span class=\"_ _4\"></span>d ogni data di </span><span style=\"display:inherit;clear:left;\">chiusura co<span class=\"_ _4\"></span>nformeme<span class=\"_ _4\"></span>nte a quanto previ<span class=\"_ _4\"></span>sto dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9. Ne<span class=\"_ _4\"></span>gli altri c<span class=\"_ _4\"></span>asi, la po<span class=\"_ _4\"></span>litica cont<span class=\"_ _4\"></span>abile sc<span class=\"_ _4\"></span>elta dal G<span class=\"_ _4\"></span>ruppo pr<span class=\"_ _4\"></span>evede </span><span style=\"display:inherit;clear:left;\">che il Grup<span class=\"_ _4\"></span>po, al mome<span class=\"_ _4\"></span>nto del rico<span class=\"_ _4\"></span>noscim<span class=\"_ _4\"></span>ento iniziale de<span class=\"_ _4\"></span>lla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0, ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ichi t<span class=\"_ _4\"></span>ale valore n<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o, continuando a cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are gli utili e pe<span class=\"_ _4\"></span>rdite attrib<span class=\"_ _4\"></span>uibili a tali minoran<span class=\"_ _4\"></span>ze e il patrimonio n<span class=\"_ _4\"></span>etto di mino<span class=\"_ _4\"></span>ranza; </span><span style=\"display:inherit;clear:left;\">ogni mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca di valor<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 v<span class=\"_ _4\"></span>iene rile<span class=\"_ _4\"></span>vata a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__78": {
   "value": "<span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>3<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>26<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>IAS 29 C<span class=\"_ _2\"></span>riteri di contabilizzazione in economie iperinflazionate </span><span style=\"display:inherit;clear:left;\">Con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, l'e<span class=\"_ _4\"></span>conomia arge<span class=\"_ _4\"></span>ntina \u00e8 consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a iperinf<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>nata se<span class=\"_ _4\"></span>condo i c<span class=\"_ _4\"></span>riteri de<span class=\"_ _4\"></span>l <span class=\"ff5f ws5d\">\"Financial </span></span><span style=\"display:inherit;clear:left;\">Repo<span class=\"_ _4\"></span>rting in Hyp<span class=\"_ _4\"></span>erinfl<span class=\"_ _4\"></span>ationar<span class=\"_ _4\"></span>y Economies\" <span class=\"ff5c\">(<span class=\"_ _4\"></span>\"I<span class=\"_ _4\"></span>AS 29<span class=\"_ _4\"></span>\"<span class=\"_ _4\"></span>). T<span class=\"_ _1c\"></span>ale prin<span class=\"_ _4\"></span>cipio richied<span class=\"_ _4\"></span>e che i valor<span class=\"_ _4\"></span>i di bilancio delle e<span class=\"_ _4\"></span>ntit\u00e0 la cui </span></span><span style=\"display:inherit;clear:left;\">valut<span class=\"_ _4\"></span>a funzi<span class=\"_ _4\"></span>onale sia que<span class=\"_ _4\"></span>lla di un'economia c<span class=\"_ _4\"></span>onsid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a iper<span class=\"_ _4\"></span>inflaz<span class=\"_ _4\"></span>ionata, s<span class=\"_ _4\"></span>iano ride<span class=\"_ _4\"></span>terminate ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zan<span class=\"_ _4\"></span>do un indice g<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nera<span class=\"_ _4\"></span>le dei pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi che r<span class=\"_ _4\"></span>iflet<span class=\"_ _4\"></span>ta l<span class=\"_ _4\"></span>e variazi<span class=\"_ _4\"></span>oni del pot<span class=\"_ _4\"></span>ere di acquis<span class=\"_ _4\"></span>to gen<span class=\"_ _4\"></span>erale<span class=\"_ _4\"></span>. L<span class=\"_ _44\"></span>'<span class=\"_ _4\"></span>indice di infla<span class=\"_ _4\"></span>zione ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato in A<span class=\"_ _4\"></span>rgentina \u00e8 </span><span style=\"display:inherit;clear:left;\">un indice sintet<span class=\"_ _4\"></span>ico con le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche: (a<span class=\"_ _2\"></span>) dal 1\u00b0 gennaio 20<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 in p<span class=\"_ _4\"></span>oi vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o un nuovo indice nazi<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nale dei p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zi al c<span class=\"_ _4\"></span>onsumo; e (b) per i pe<span class=\"_ _4\"></span>riodi f<span class=\"_ _4\"></span>ino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 20<span class=\"_ _2\"></span>16 viene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato l'in<span class=\"_ _4\"></span>dice dei pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi all<span class=\"_ _4\"></span>'ingros<span class=\"_ _4\"></span>so.</span><span style=\"display:inherit;clear:left;\">Perci\u00f2 tut<span class=\"_ _4\"></span>ti gli ele<span class=\"_ _4\"></span>menti de<span class=\"_ _4\"></span>l bilancio de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 Fer<span class=\"_ _4\"></span>ragamo Ar<span class=\"_ _4\"></span>gentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati sep<span class=\"_ _4\"></span>arati in ele<span class=\"_ _4\"></span>menti mo<span class=\"_ _4\"></span>netari e </span><span style=\"display:inherit;clear:left;\">non mon<span class=\"_ _4\"></span>etari. G<span class=\"_ _4\"></span>li elem<span class=\"_ _4\"></span>enti mon<span class=\"_ _4\"></span>etari s<span class=\"_ _4\"></span>ono rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntati dal de<span class=\"_ _4\"></span>naro pos<span class=\"_ _4\"></span>sedut<span class=\"_ _4\"></span>o e dalle voci atti<span class=\"_ _4\"></span>ve o pas<span class=\"_ _4\"></span>sive i cui val<span class=\"_ _4\"></span>ori </span><span style=\"display:inherit;clear:left;\">devono e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ric<span class=\"_ _4\"></span>evuti o pag<span class=\"_ _4\"></span>ati in denaro; tutt<span class=\"_ _4\"></span>i gli altri el<span class=\"_ _4\"></span>ementi s<span class=\"_ _4\"></span>ono non m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i. Gli ele<span class=\"_ _4\"></span>menti m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ari non son<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">ridet<span class=\"_ _4\"></span>erminati pe<span class=\"_ _4\"></span>rch\u00e9 sono g<span class=\"_ _4\"></span>i\u00e0 espre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i in termini di unit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>aria attuale<span class=\"_ _4\"></span>. In un perio<span class=\"_ _4\"></span>do di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _4\"></span>, un'entit\u00e0 che </span><span style=\"display:inherit;clear:left;\">detie<span class=\"_ _4\"></span>ne un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di atti<span class=\"_ _4\"></span>vit\u00e0 m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>arie risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie pe<span class=\"_ _4\"></span>rde pot<span class=\"_ _4\"></span>ere d'acquis<span class=\"_ _4\"></span>to e un'entit\u00e0 con </span><span style=\"display:inherit;clear:left;\">un ecce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 mon<span class=\"_ _4\"></span>etarie ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>a potere d<span class=\"_ _4\"></span>'acquisto. L<span class=\"_ _1c\"></span>'util<span class=\"_ _4\"></span>e o la perdit<span class=\"_ _4\"></span>a sulla </span><span style=\"display:inherit;clear:left;\">posizione monetaria netta \u00e8 incl<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>so nel conto<span class=\"_ _1\"></span> economico. L<span class=\"_ _44\"></span>'effetto dell'inflazione su<span class=\"_ _1\"></span>lla posizione monetari<span class=\"_ _1\"></span>a netta e </span><span style=\"display:inherit;clear:left;\">sulle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 non mo<span class=\"_ _4\"></span>netar<span class=\"_ _4\"></span>ie della so<span class=\"_ _4\"></span>ciet\u00e0 F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Arge<span class=\"_ _4\"></span>ntina S.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r l'anno chiuso il 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 \u00e8 </span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>ato un onere n<span class=\"_ _4\"></span>etto p<span class=\"_ _4\"></span>ari a Euro 7<span class=\"_ _1\"></span>83 migliaia, non sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato (<span class=\"_ _2\"></span>un prove<span class=\"_ _4\"></span>nto nett<span class=\"_ _4\"></span>o di Euro 284 </span><span style=\"display:inherit;clear:left;\">migliaia nel conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico cons<span class=\"_ _4\"></span>olidato al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023)<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">Dop<span class=\"_ _4\"></span>o la ridete<span class=\"_ _4\"></span>rminazio<span class=\"_ _4\"></span>ne da IAS 2<span class=\"_ _4\"></span>9 delle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>duto inoltre a v<span class=\"_ _4\"></span>alutare se l<span class=\"_ _4\"></span>'am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e ridete<span class=\"_ _4\"></span>rminato dell'atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 super<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>e il suo valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, l'applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo IA<span class=\"_ _4\"></span>S 29 ha com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato la creazi<span class=\"_ _4\"></span>one di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze fis<span class=\"_ _4\"></span>cali te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee pe<span class=\"_ _4\"></span>rch\u00e9, me<span class=\"_ _4\"></span>ntre il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>elle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 non mon<span class=\"_ _4\"></span>etarie \u00e8 </span><span style=\"display:inherit;clear:left;\">rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r l'infla<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, non \u00e8 ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a una rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a equi<span class=\"_ _4\"></span>valente ai f<span class=\"_ _4\"></span>ini f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali; l'effet<span class=\"_ _4\"></span>to di tale dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a tempo<span class=\"_ _4\"></span>ra<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nea \u00e8 una pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale dif<span class=\"_ _4\"></span>ferit<span class=\"_ _4\"></span>a che \u00e8 s<span class=\"_ _4\"></span>tata r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a nel conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__79-1": {
   "value": "<span style=\"display:inherit;clear:left;\">2.3.27 V<span class=\"_ _2\"></span>ariazioni di principi contabili inter<span class=\"_ _1\"></span>nazionali</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha adot<span class=\"_ _4\"></span>tato anticip<span class=\"_ _4\"></span>atament<span class=\"_ _4\"></span>e alcun principio, inter<span class=\"_ _4\"></span>preta<span class=\"_ _4\"></span>zione o mig<span class=\"_ _4\"></span>lioramento e<span class=\"_ _4\"></span>manato ma non anco<span class=\"_ _4\"></span>ra </span><span style=\"display:inherit;clear:left;\">in vigore<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 1: C<span class=\"_ _2\"></span>lassif<span class=\"_ _4\"></span>icazione delle passivit\u00e0 in c<span class=\"_ _2\"></span>orrenti e non c<span class=\"_ _2\"></span>orrenti </span><span style=\"display:inherit;clear:left;\">Nel 2020 e nel 202<span class=\"_ _4\"></span>2, lo IA<span class=\"_ _4\"></span>SB ha pubblic<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>e modif<span class=\"_ _4\"></span>iche allo IA<span class=\"_ _4\"></span>S 1 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo di chiarire i re<span class=\"_ _4\"></span>quisiti pe<span class=\"_ _4\"></span>r clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>care le </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 com<span class=\"_ _4\"></span>e correnti o n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nti, anche in rela<span class=\"_ _4\"></span>zione alle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te a <span class=\"ff5f ls64 wse2\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, e di def<span class=\"_ _4\"></span>inire le informazi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ative da fornire in bilancio. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche son<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>ziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, e dovranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere app<span class=\"_ _4\"></span>licate retro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica non ha av<span class=\"_ _4\"></span>uto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul Grup<span class=\"_ _4\"></span>po. </span><span style=\"display:inherit;clear:left;\">Modifiche all<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _2\"></span>S 16 L<span class=\"_ _1\"></span>easing: passivit\u00e0 per leasing in \u201cS<span class=\"_ _4\"></span>ale and L<span class=\"_ _2\"></span>easeback\u201d  </span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di s<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>mbre 2022, lo I<span class=\"_ _4\"></span>ASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli eme<span class=\"_ _4\"></span>ndamenti all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16 con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivo di spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>icare i par<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">metri ch<span class=\"_ _4\"></span>e il locato<span class=\"_ _4\"></span>re \u2013 vendito<span class=\"_ _4\"></span>re deve utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>are pe<span class=\"_ _4\"></span>r contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare i pagam<span class=\"_ _4\"></span>enti variabili d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> che s<span class=\"_ _4\"></span>i verif<span class=\"_ _4\"></span>icano </span><span style=\"display:inherit;clear:left;\">in un'oper<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di <span class=\"ff5f ls3 wsc7\">\"<span class=\"_ _4\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _4\"></span>\"<span class=\"ff5c\">. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che introduco<span class=\"_ _4\"></span>no un nuovo mod<span class=\"_ _4\"></span>ello di cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei pa<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">game<span class=\"_ _4\"></span>nti variabili e richie<span class=\"_ _4\"></span>derann<span class=\"_ _4\"></span>o al locato<span class=\"_ _4\"></span>re - vendito<span class=\"_ _4\"></span>re di rivalut<span class=\"_ _4\"></span>are e pote<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte riformulare le tr<span class=\"_ _4\"></span>ansaz<span class=\"_ _4\"></span>ioni di </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a e retrol<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>tipulate a par<span class=\"_ _4\"></span>tire dal 201<span class=\"_ _2\"></span>9. Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che iniziano al 1\u00b0 gen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">naio 202<span class=\"_ _2\"></span>4 o su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente e dov<span class=\"_ _4\"></span>ranno es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re applicate r<span class=\"_ _4\"></span>etrosp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte a oper<span class=\"_ _4\"></span>azioni di <span class=\"ff5f\">\u201c<span class=\"_ _5\"></span>Sale and Leas<span class=\"_ _4\"></span>eback<span class=\"_ _5\"></span>\u201d</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">iniziate dop<span class=\"_ _4\"></span>o la prima applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16. L<span class=\"_ _44\"></span>'applic<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne anticipata \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntita a con<span class=\"_ _4\"></span>dizion<span class=\"_ _4\"></span>e che tale f<span class=\"_ _4\"></span>atto sia </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>o noto. T<span class=\"_ _2\"></span>ale modif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a non ha avuto n<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sun impatto s<span class=\"_ _4\"></span>ul Gruppo.</span><span style=\"display:inherit;clear:left;\">Modifiche allo IAS 7 Rendic<span class=\"_ _2\"></span>onto finanziario e IFR<span class=\"_ _2\"></span>S 7 Strumenti finanziari</span><span style=\"display:inherit;clear:left;\">Nel m<span class=\"_ _4\"></span>ese di mag<span class=\"_ _4\"></span>gi<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso d<span class=\"_ _4\"></span>elle mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e allo IAS 7 R<span class=\"_ _4\"></span>endico<span class=\"_ _4\"></span>nto finan<span class=\"_ _4\"></span>ziario e all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 7 Strume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari pe<span class=\"_ _4\"></span>r chiarire le car<span class=\"_ _4\"></span>atteri<span class=\"_ _4\"></span>stich<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi f<span class=\"_ _4\"></span>inanziari con for<span class=\"_ _4\"></span>nitori e richie<span class=\"_ _4\"></span>dere mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re informativa da illus<span class=\"_ _4\"></span>trare in<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">bilancio. I mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i richies<span class=\"_ _4\"></span>ti hanno lo s<span class=\"_ _4\"></span>copo di p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di capire g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>gli </span><span style=\"display:inherit;clear:left;\">accordi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari con fornitor<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0, sui f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari e sull<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one al ris<span class=\"_ _4\"></span>chio di liquidit\u00e0<span class=\"_ _4\"></span>. Le modif<span class=\"_ _4\"></span>iche so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>caci pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e iniziano al 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4 o suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente; tutt<span class=\"_ _4\"></span>avia, \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a l'applic<span class=\"_ _4\"></span>azione ant<span class=\"_ _4\"></span>icipata a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che t<span class=\"_ _4\"></span>ale fat<span class=\"_ _4\"></span>to sia res<span class=\"_ _4\"></span>o noto. Le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni trans<span class=\"_ _4\"></span>itorie hanno chiarito ch<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione non \u00e8 r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>ta ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019in<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">formativ<span class=\"_ _4\"></span>a infrannuale dell<span class=\"_ _4\"></span>\u2019anno di prima applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e; per<span class=\"_ _4\"></span>tanto, le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche non hann<span class=\"_ _4\"></span>o avuto ne<span class=\"_ _4\"></span>ssun impat<span class=\"_ _4\"></span>to sul bilancio<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">consolidato del Gruppo.</span><span style=\"display:inherit;clear:left;\">2.3.28 P<span class=\"_ _2\"></span>rincipi emessi ma non ancor<span class=\"_ _2\"></span>a in vigore </span><span style=\"display:inherit;clear:left;\">Sono di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o illustrati i p<span class=\"_ _4\"></span>rincipi che<span class=\"_ _4\"></span>, alla data di reda<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Bilancio Con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o risult<span class=\"_ _4\"></span>avano gi\u00e0 ema<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nati ma non anco<span class=\"_ _4\"></span>ra in vigore<span class=\"_ _4\"></span>. L<span class=\"_ _1c\"></span>\u2019elenco si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a principi e inte<span class=\"_ _4\"></span>rpreta<span class=\"_ _4\"></span>zioni che il G<span class=\"_ _4\"></span>ruppo si a<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ta s<span class=\"_ _4\"></span>aranno rag<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">volmente ap<span class=\"_ _4\"></span>plicabili ne<span class=\"_ _4\"></span>l futuro. Il Grup<span class=\"_ _4\"></span>po intend<span class=\"_ _4\"></span>e adot<span class=\"_ _4\"></span>tare que<span class=\"_ _4\"></span>sti pr<span class=\"_ _4\"></span>incipi quando entre<span class=\"_ _4\"></span>ranno in vigo<span class=\"_ _4\"></span>re. </span><span style=\"display:inherit;clear:left;\">Emendamento allo IAS 21 Effetti delle var<span class=\"_ _2\"></span>iazioni dei cambi delle valute estere </span><span style=\"display:inherit;clear:left;\">In agost<span class=\"_ _4\"></span>o 2023, lo IAS<span class=\"_ _4\"></span>B ha eme<span class=\"_ _4\"></span>sso una m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>ica alla IA<span class=\"_ _4\"></span>S2<span class=\"_ _2\"></span>1 Ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i delle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>i cambi de<span class=\"_ _4\"></span>lle valute e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re chiarendo: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>quando una valut<span class=\"_ _4\"></span>a non \u00e8 s<span class=\"_ _4\"></span>cambiabile co<span class=\"_ _4\"></span>n altre valute;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>come una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 deve s<span class=\"_ _4\"></span>timare i ta<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ambio puntuali quando una valut<span class=\"_ _4\"></span>a non pu<span class=\"_ _4\"></span>\u00f2 es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>cambiata<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche ri<span class=\"_ _4\"></span>chiede<span class=\"_ _4\"></span>ranno mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli informativ<span class=\"_ _4\"></span>i per p<span class=\"_ _4\"></span>ermet<span class=\"_ _4\"></span>tere ai l<span class=\"_ _4\"></span>ettor<span class=\"_ _4\"></span>i di bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e il tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">di cambio p<span class=\"_ _4\"></span>untuale utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>o, il proces<span class=\"_ _4\"></span>so di s<span class=\"_ _4\"></span>tima, la natura e l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019utilizzo di un t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di camb<span class=\"_ _4\"></span>io stimato sui </span><span style=\"display:inherit;clear:left;\">dati di bilancio e i ris<span class=\"_ _4\"></span>chi per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>da legati alla no<span class=\"_ _4\"></span>n intercambiabilit<span class=\"_ _4\"></span>\u00e0 della v<span class=\"_ _4\"></span>aluta. Le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche sar<span class=\"_ _4\"></span>anno ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>aci pe<span class=\"_ _4\"></span>r gli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi che ini<span class=\"_ _4\"></span>zierann<span class=\"_ _4\"></span>o al 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2025 o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte. L<span class=\"_ _1c\"></span>'applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto valutan<span class=\"_ _4\"></span>do se le mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche avrann<span class=\"_ _4\"></span>o un impatto sul bilan<span class=\"_ _4\"></span>cio conso<span class=\"_ _4\"></span>lidato.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 18 Presentation and Disclosure in F<span class=\"_ _2\"></span>inancial Statements</span><span style=\"display:inherit;clear:left;\">Ad aprile 2024, lo IASB ha e<span class=\"_ _4\"></span>mes<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18, che sos<span class=\"_ _4\"></span>tituis<span class=\"_ _4\"></span>ce lo IA<span class=\"_ _4\"></span>S 1 Prese<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione del b<span class=\"_ _4\"></span>ilancio. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>8 introduce </span><span style=\"display:inherit;clear:left;\">nuovi re<span class=\"_ _4\"></span>quisiti p<span class=\"_ _4\"></span>er la pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, inclusi spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ici totali e s<span class=\"_ _4\"></span>ubtotali. Ulte<span class=\"_ _4\"></span>rior<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente<span class=\"_ _4\"></span>, le entit<span class=\"_ _4\"></span>\u00e0 dovranno cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are tutti i c<span class=\"_ _4\"></span>osti e<span class=\"_ _4\"></span>d i ric<span class=\"_ _4\"></span>avi all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no del pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno </span><span style=\"display:inherit;clear:left;\">di quattro c<span class=\"_ _4\"></span>ategorie: op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>va, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto, finanz<span class=\"_ _4\"></span>iamento, impo<span class=\"_ _4\"></span>ste sul re<span class=\"_ _4\"></span>ddito e<span class=\"_ _4\"></span>d attiv<span class=\"_ _4\"></span>it\u00e0 op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>ve ces<span class=\"_ _4\"></span>sate<span class=\"_ _4\"></span>, dove </span><span style=\"display:inherit;clear:left;\">le prime t<span class=\"_ _4\"></span>re catego<span class=\"_ _4\"></span>rie son<span class=\"_ _4\"></span>o nuove. Il princip<span class=\"_ _4\"></span>io richied<span class=\"_ _4\"></span>e inoltre di dare informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e della nuova d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>inizione </span><span style=\"display:inherit;clear:left;\">deg<span class=\"_ _4\"></span>li indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws124\"> definit<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws110\"> (</span><span class=\"ff5f\">manageme<span class=\"_ _4\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>def<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>d per<span class=\"_ _4\"></span>formance me<span class=\"_ _4\"></span>asures<span class=\"ff5c ls44 wsaf\"> (<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>P<span class=\"_ _4\"></span>M<span class=\"_ _4\"></span>s))<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">tali di co<span class=\"_ _4\"></span>sti e ric<span class=\"_ _4\"></span>avi, e includ<span class=\"_ _4\"></span>e nuove dispo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ni per l<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione e dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle informazi<span class=\"_ _4\"></span>oni finan<span class=\"_ _4\"></span>ziare </span><span style=\"display:inherit;clear:left;\">sulla bas<span class=\"_ _4\"></span>e dei ruo<span class=\"_ _4\"></span>li identif<span class=\"_ _4\"></span>icati d<span class=\"_ _4\"></span>ei pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio \u201cprimari<span class=\"_ _4\"></span>\u201d (<span class=\"ff5f\">Primary Financial State<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>s</span> \u2013 PFS) e delle note<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate introdot<span class=\"_ _4\"></span>te allo IA<span class=\"_ _4\"></span>S 7 Ren<span class=\"_ _4\"></span>diconto f<span class=\"_ _4\"></span>inanziario, che in<span class=\"_ _4\"></span>cludono il c<span class=\"_ _4\"></span>ambiamento de<span class=\"_ _4\"></span>l punto di </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a della ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a sulla base de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do indiret<span class=\"_ _4\"></span>to; dall\u2019utile o </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>dita all<span class=\"_ _4\"></span>\u2019utile o per<span class=\"_ _4\"></span>dita op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i e la rimozione d<span class=\"_ _4\"></span>ella facolt<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si di cas<span class=\"_ _4\"></span>sa dai div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di e de<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gli intere<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>. Ulterior<span class=\"_ _4\"></span>mente, s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e cons<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ziali a molte<span class=\"_ _4\"></span>plici altri prin<span class=\"_ _4\"></span>cipi contab<span class=\"_ _4\"></span>ili. L<span class=\"_ _1c\"></span>\u2019IFR<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>, e le modif<span class=\"_ _4\"></span>iche ag<span class=\"_ _4\"></span>li altri principi, s<span class=\"_ _4\"></span>ono ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tivi p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incomincian<span class=\"_ _4\"></span>o al o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vamente il 1\u00b0 gennaio </span><span style=\"display:inherit;clear:left;\">2027<span class=\"_ _44\"></span>, ma l<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione anticipat<span class=\"_ _4\"></span>a \u00e8 pe<span class=\"_ _4\"></span>rmes<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>alvo darne informati<span class=\"_ _4\"></span>va. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 18 si applicher<span class=\"_ _4\"></span>\u00e0 retrosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a al momento lavo<span class=\"_ _4\"></span>rando p<span class=\"_ _4\"></span>er ide<span class=\"_ _4\"></span>ntific<span class=\"_ _4\"></span>are gli impatt<span class=\"_ _4\"></span>i che le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno sui p<span class=\"_ _4\"></span>ropri pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>ti di bilancio </span><span style=\"display:inherit;clear:left;\">e sulle note al bilan<span class=\"_ _4\"></span>cio.</span><span style=\"display:inherit;clear:left;\">IFR<span class=\"_ _2\"></span>S 19 Subsidiaries without Public Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>ountability: Disclosures</span><span style=\"display:inherit;clear:left;\">A mag<span class=\"_ _4\"></span>gio 202<span class=\"_ _2\"></span>4, l<span class=\"_ _4\"></span>o IASB ha e<span class=\"_ _4\"></span>manato l<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9, che p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>tte alle e<span class=\"_ _4\"></span>ntit\u00e0 \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibili<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, ave<span class=\"_ _4\"></span>nti deter<span class=\"_ _4\"></span>minati requisiti, di o<span class=\"_ _4\"></span>p<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tare p<span class=\"_ _4\"></span>er una ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i propri re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pur continuan<span class=\"_ _4\"></span>do ad applic<span class=\"_ _4\"></span>are le disp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni per la r<span class=\"_ _4\"></span>ileva<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, mis<span class=\"_ _4\"></span>urazion<span class=\"_ _4\"></span>e e pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione n<span class=\"_ _4\"></span>egli altri IFR<span class=\"_ _4\"></span>S <span class=\"ff5f\">accounting standards</span>. Pe<span class=\"_ _4\"></span>r ess<span class=\"_ _4\"></span>ere \u201cele<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gibile<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, alla f<span class=\"_ _4\"></span>ine de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, </span><span style=\"display:inherit;clear:left;\">un\u2019entit\u00e0 d<span class=\"_ _4\"></span>eve es<span class=\"_ _4\"></span>sere una c<span class=\"_ _4\"></span>ontrollata co<span class=\"_ _4\"></span>s\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019interno d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>9, no<span class=\"_ _4\"></span>n pu\u00f2 avere una <span class=\"ff5f ls4 wsfd\">\u201cpublic account<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">bilit<span class=\"_ _4\"></span>y<span class=\"_ _5\"></span>\u201d<span class=\"ff5c ls3 wse7\"> e de<span class=\"_ _4\"></span>ve avere una controllante (ultima od interme<span class=\"_ _4\"></span>dia<span class=\"_ _2\"></span>) ch<span class=\"_ _4\"></span>e prepar<span class=\"_ _4\"></span>a il bilancio cons<span class=\"_ _4\"></span>olidato, disp<span class=\"_ _4\"></span>onibile al pubbli<span class=\"_ _4\"></span>co, </span></span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to in acco<span class=\"_ _4\"></span>rdo agli IFRS <span class=\"ff5f\">acco<span class=\"_ _4\"></span>unting standards</span>. L<span class=\"_ _1c\"></span>'IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 di<span class=\"_ _4\"></span>venter\u00e0 e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi che incominciano </span><span style=\"display:inherit;clear:left;\">al o succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 1<span class=\"_ _1\"></span>\u00b0 Gennaio 2027<span class=\"_ _1c\"></span>, con la p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sibilit\u00e0 di app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione anticipat<span class=\"_ _4\"></span>a. T<span class=\"_ _2\"></span>enuto conto ch<span class=\"_ _4\"></span>e le azio<span class=\"_ _4\"></span>ni della </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo s<span class=\"_ _4\"></span>ono quot<span class=\"_ _4\"></span>ate pubblic<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, il Gruppo no<span class=\"_ _4\"></span>n \u00e8 ele<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>ibile pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>plica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9.</span><span style=\"display:inherit;clear:left;\">Amendments to the Classification and Measur<span class=\"_ _2\"></span>ement of Financial Instruments - Amendments to IF<span class=\"_ _1\"></span>RS 9 </span><span style=\"display:inherit;clear:left;\">and IFR<span class=\"_ _2\"></span>S 7</span><span style=\"display:inherit;clear:left;\">In data 30 mag<span class=\"_ _4\"></span>gio 2024 lo IASB ha pub<span class=\"_ _4\"></span>blicato il do<span class=\"_ _4\"></span>cumento \u201c<span class=\"_ _2\"></span><span class=\"ff5f\">Ame<span class=\"_ _4\"></span>ndment<span class=\"_ _4\"></span>s to th<span class=\"_ _4\"></span>e Classif<span class=\"_ _4\"></span>ication and M<span class=\"_ _4\"></span>easureme<span class=\"_ _4\"></span>nt </span></span><span style=\"display:inherit;clear:left;\">of Financial Instrume<span class=\"_ _4\"></span>nts - Am<span class=\"_ _4\"></span>endment<span class=\"_ _4\"></span>s to I<span class=\"_ _4\"></span>FRS 9 and IFRS 7<span class=\"_ _5\"></span><span class=\"ff5c\">\u201d che chiaris<span class=\"_ _4\"></span>ce alcuni asp<span class=\"_ _4\"></span>etti p<span class=\"_ _4\"></span>roblemati<span class=\"_ _4\"></span>ci emer<span class=\"_ _4\"></span>si dalla </span></span><span style=\"display:inherit;clear:left;\">post<span class=\"_ _2\"></span>-implemen<span class=\"_ _2\"></span>tation r<span class=\"_ _1\"></span>eview<span class=\"_ _1\"></span> <span class=\"ff5c ls3 wse9\">dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 9, tr<span class=\"_ _4\"></span>a cui il tratt<span class=\"_ _4\"></span>amento co<span class=\"_ _4\"></span>ntabile de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie i cui ren<span class=\"_ _4\"></span>dimenti varia<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">no al rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i ESG (i.e<span class=\"_ _4\"></span>. gree<span class=\"_ _4\"></span>n bond<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>). In par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e hanno l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _ac\"></span>chiarire la class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie co<span class=\"_ _4\"></span>n rendime<span class=\"_ _4\"></span>nti variabili e le<span class=\"_ _4\"></span>gati ad obie<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vi ambient<span class=\"_ _4\"></span>ali, sociali e </span><span style=\"display:inherit;clear:left;\">di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls3 ws0\"> azi<span class=\"_ _4\"></span>endale (ES<span class=\"_ _4\"></span>G) ed i criteri da utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span><span class=\"ff5f ls87 wsf8\">assess<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>t<span class=\"ff5c ls0 ws5\"> de<span class=\"_ _4\"></span>l SPPI<span class=\"_ _4\"></span> </span><span class=\"lsa ws90\">test<span class=\"_ _4\"></span><span class=\"ff5c ls0 ws0\">;</span></span></span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_\"> </span> <span class=\"_ _49\"></span>d<span class=\"_ _4\"></span>eterminare ch<span class=\"_ _4\"></span>e la data di rego<span class=\"_ _4\"></span>lamento de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 tramite s<span class=\"_ _4\"></span>iste<span class=\"_ _4\"></span>mi di pagame<span class=\"_ _4\"></span>nto elet<span class=\"_ _4\"></span>tronici \u00e8 quella in cui la </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 risult<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tinta<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>tavia, \u00e8 c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntito ad un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 di ad<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>are una politic<span class=\"_ _4\"></span>a contab<span class=\"_ _4\"></span>ile per c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>ntire di eli<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">minare contab<span class=\"_ _4\"></span>ilmente una pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria pr<span class=\"_ _4\"></span>ima di conse<span class=\"_ _4\"></span>gnare liquidit<span class=\"_ _4\"></span>\u00e0 alla data di rego<span class=\"_ _4\"></span>lamento in pre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za </span><span style=\"display:inherit;clear:left;\">di dete<span class=\"_ _4\"></span>rminate con<span class=\"_ _4\"></span>dizioni s<span class=\"_ _4\"></span>pec<span class=\"_ _4\"></span>ifich<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Con que<span class=\"_ _4\"></span>ste mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche, lo IA<span class=\"_ _4\"></span>SB ha ino<span class=\"_ _4\"></span>ltre introdot<span class=\"_ _4\"></span>to ulter<span class=\"_ _4\"></span>iori re<span class=\"_ _4\"></span>quisiti di informativ<span class=\"_ _4\"></span>a riguardo in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare ad </span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>timenti in s<span class=\"_ _4\"></span>trument<span class=\"_ _4\"></span>i di capit<span class=\"_ _4\"></span>ale des<span class=\"_ _4\"></span>ignati a F<span class=\"_ _4\"></span>VOCI. Le mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>che si applich<span class=\"_ _4\"></span>eranno a par<span class=\"_ _4\"></span>tire dai bilan<span class=\"_ _4\"></span>ci degli </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizi ch<span class=\"_ _4\"></span>e hanno inizio dal 1\u00b0 gennaio 2026. Il Grupp<span class=\"_ _4\"></span>o sta v<span class=\"_ _4\"></span>alutand<span class=\"_ _4\"></span>o se le mo<span class=\"_ _4\"></span>dific<span class=\"_ _4\"></span>he avranno un impat<span class=\"_ _4\"></span>to sul bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">Annual Impro<span class=\"_ _2\"></span>vement<span class=\"_ _4\"></span>s Volume 11</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 luglio 202<span class=\"_ _2\"></span>4 lo I<span class=\"_ _4\"></span>ASB ha p<span class=\"_ _4\"></span>ubblicato un d<span class=\"_ _4\"></span>ocumento d<span class=\"_ _4\"></span>enominato <span class=\"ff5f\">\u201cAnnual Improvement<span class=\"_ _4\"></span>s Volume 1<span class=\"_ _44\"></span>1\u201d<span class=\"ff5c ls4 ws11f\"> che include </span></span></span><span style=\"display:inherit;clear:left;\">chiarimenti, s<span class=\"_ _4\"></span>emplif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni, corr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ni e cambiame<span class=\"_ _4\"></span>nti volti a migliorar<span class=\"_ _4\"></span>e la coere<span class=\"_ _4\"></span>nza di di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>i IFRS <span class=\"ff5f\">Accounting Stan<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">da<span class=\"_ _4\"></span>rds<span class=\"_ _4\"></span><span class=\"ff5c ls4 wsa\">. I principi m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icati s<span class=\"_ _4\"></span>ono:</span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Firs<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-<span class=\"_ _4\"></span>time Adopt<span class=\"_ _4\"></span>ion of International Financial Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Standards<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s: Disclo<span class=\"_ _4\"></span>sures<span class=\"ff5c\"> e le re<span class=\"_ _4\"></span>lative line<span class=\"_ _4\"></span>e guida sull'imp<span class=\"_ _4\"></span>leme<span class=\"_ _4\"></span>ntazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>'IFRS 7;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>9 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Financial Inst<span class=\"_ _4\"></span>rument<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">;</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IFRS <span class=\"_ _41\"> </span>1<span class=\"_ _1\"></span>0 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">Consolidate<span class=\"_ _4\"></span>d Financial Stateme<span class=\"_ _4\"></span>nts<span class=\"_ _4\"></span><span class=\"ff5c\">; e</span></span></span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> IA<span class=\"_ _4\"></span>S <span class=\"_ _43\"> </span>7 <span class=\"_ _43\"> </span><span class=\"ff5f ws0\">St<span class=\"_ _4\"></span>atement of Cash Flow<span class=\"_ _4\"></span>s<span class=\"ff5c ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">Le modif<span class=\"_ _4\"></span>iche s<span class=\"_ _4\"></span>i appliche<span class=\"_ _4\"></span>ranno dal 1\u00b0 gennaio 202<span class=\"_ _1\"></span>6, ma \u00e8 co<span class=\"_ _4\"></span>nsentit<span class=\"_ _4\"></span>a un\u2019applica<span class=\"_ _4\"></span>zione anticip<span class=\"_ _4\"></span>ata. Il Grup<span class=\"_ _4\"></span>po st<span class=\"_ _4\"></span>a valut<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">do se le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche avr<span class=\"_ _4\"></span>anno un impatto sul b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato.</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ontracts Refer<span class=\"_ _2\"></span>encing Nature-dependent Elec<span class=\"_ _1\"></span>tricity \u2013 Amendment to IFR<span class=\"_ _2\"></span>S 9 and IFRS 7</span><span style=\"display:inherit;clear:left;\">In data 1<span class=\"_ _1\"></span>8 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 lo IA<span class=\"_ _4\"></span>SB ha pubb<span class=\"_ _4\"></span>licato un em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nto denominato <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Contract<span class=\"_ _4\"></span>s Refe<span class=\"_ _4\"></span>rencing Nature-<span class=\"_ _4\"></span>de<span class=\"_ _4\"></span>pen<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">dent Ele<span class=\"_ _4\"></span>ctricit<span class=\"_ _4\"></span>y \u2013 Amendm<span class=\"_ _4\"></span>ent to IFRS 9 and I<span class=\"_ _4\"></span>FRS 7\u201d<span class=\"ff5c\">, c<span class=\"_ _4\"></span>on l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tare l<span class=\"_ _4\"></span>e entit\u00e0 n<span class=\"_ _4\"></span>el rendi<span class=\"_ _4\"></span>contare gli e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari dei c<span class=\"_ _4\"></span>ontratti di a<span class=\"_ _4\"></span>cquist<span class=\"_ _4\"></span>o di elet<span class=\"_ _4\"></span>tricit<span class=\"_ _4\"></span>\u00e0 prodot<span class=\"_ _4\"></span>ta da fonti rinn<span class=\"_ _4\"></span>ovabili (spes<span class=\"_ _4\"></span>so st<span class=\"_ _4\"></span>ruttur<span class=\"_ _4\"></span>ati come <span class=\"ff5f ls0 wscc\">Po<span class=\"_ _4\"></span>wer<span class=\"_ _4\"></span> Purch<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">Agreements<span class=\"ff5c ls3 ws145\">)<span class=\"_ _1\"></span>. Sulla base di t<span class=\"_ _4\"></span>ali contrat<span class=\"_ _4\"></span>ti, la quantit\u00e0 di e<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>ricit\u00e0 ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>a ed ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ata pu\u00f2 v<span class=\"_ _4\"></span>ariare in base a f<span class=\"_ _4\"></span>attori </span></span><span style=\"display:inherit;clear:left;\">incontrollab<span class=\"_ _4\"></span>ili quali le condizio<span class=\"_ _4\"></span>ni mete<span class=\"_ _4\"></span>orologi<span class=\"_ _4\"></span>che. Lo IA<span class=\"_ _4\"></span>SB ha app<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato em<span class=\"_ _4\"></span>endame<span class=\"_ _4\"></span>nti mirati ai principi IFR<span class=\"_ _4\"></span>S 9 e IFRS </span><span style=\"display:inherit;clear:left;\">7<span class=\"_ _1c\"></span>. G<span class=\"_ _4\"></span>li eme<span class=\"_ _4\"></span>ndamenti in<span class=\"_ _4\"></span>cludon<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>un chiarim<span class=\"_ _4\"></span>ento riguardo all<span class=\"_ _4\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i requis<span class=\"_ _4\"></span>iti di <span class=\"ff5f lsa wsb\">\u201cown use\u201d</span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">questa</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">tipologia</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>tratti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>d<span class=\"_ _4\"></span>ei criter<span class=\"_ _4\"></span>i per co<span class=\"_ _4\"></span>nsent<span class=\"_ _4\"></span>ire la contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one di tali c<span class=\"_ _4\"></span>ontratti c<span class=\"_ _4\"></span>ome st<span class=\"_ _4\"></span>rumenti di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura; e,</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span>de<span class=\"_ _4\"></span>i nuovi re<span class=\"_ _4\"></span>quisiti di informati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r conse<span class=\"_ _4\"></span>ntire agli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>atori de<span class=\"_ _4\"></span>l bilancio di compre<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e l'effet<span class=\"_ _4\"></span>to di que<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti sulle<span class=\"_ _1\"></span> <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls3 ws0\"> finanz<span class=\"_ _4\"></span>iarie e sui flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a di un\u2019entit\u00e0<span class=\"_ _4\"></span>.</span></span><span style=\"display:inherit;clear:left;\">La mo<span class=\"_ _4\"></span>difi<span class=\"_ _4\"></span>ca si app<span class=\"_ _4\"></span>licher\u00e0 dal 1\u00b0 gennaio 2026, ma \u00e8 cons<span class=\"_ _4\"></span>entit<span class=\"_ _4\"></span>a un\u2019applicazi<span class=\"_ _4\"></span>one anticipat<span class=\"_ _4\"></span>a. Il Grupp<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>a valutan<span class=\"_ _4\"></span>do se </span><span style=\"display:inherit;clear:left;\">le mo<span class=\"_ _4\"></span>difich<span class=\"_ _4\"></span>e avranno un impat<span class=\"_ _4\"></span>to sul bilancio co<span class=\"_ _4\"></span>nsolidato.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__81": {
   "value": "<span style=\"display:inherit;clear:left;\">Il Bilancio Con<span class=\"_ _4\"></span>solidato al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 include la s<span class=\"_ _4\"></span>ituazion<span class=\"_ _4\"></span>e patrimoniale<span class=\"_ _4\"></span>, econ<span class=\"_ _4\"></span>omica e f<span class=\"_ _4\"></span>inanziaria de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle sue e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>ntrollate es<span class=\"_ _4\"></span>tere con<span class=\"_ _4\"></span>solidate inte<span class=\"_ _4\"></span>gralme<span class=\"_ _4\"></span>nte, nel l<span class=\"_ _4\"></span>oro insiem<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">identificate come Gruppo Salvatore Ferragamo.</span><span style=\"display:inherit;clear:left;\">Il Bilancio Con<span class=\"_ _4\"></span>solidato al 31 dicembre 202<span class=\"_ _2\"></span>4 co<span class=\"_ _4\"></span>mprend<span class=\"_ _4\"></span>e le situazi<span class=\"_ _4\"></span>oni contab<span class=\"_ _4\"></span>ili dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 de<span class=\"_ _4\"></span>lle so<span class=\"_ _4\"></span>ciet\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o redat<span class=\"_ _4\"></span>te adot<span class=\"_ _4\"></span>tando i m<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>simi principi c<span class=\"_ _4\"></span>ontabili de<span class=\"_ _4\"></span>lla controllante<span class=\"_ _4\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__82": {
   "value": "<span style=\"display:inherit;clear:left;\">Le entit\u00e0 c<span class=\"_ _4\"></span>ontrollate son<span class=\"_ _4\"></span>o quelle entit<span class=\"_ _4\"></span>\u00e0 in </span><span style=\"display:inherit;clear:left;\">cui il Grupp<span class=\"_ _4\"></span>o detie<span class=\"_ _4\"></span>ne il controllo, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro quando il Grup<span class=\"_ _4\"></span>po \u00e8 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to a rendim<span class=\"_ _4\"></span>enti variabili de<span class=\"_ _4\"></span>rivanti dal p<span class=\"_ _4\"></span>roprio rap<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0, o v<span class=\"_ _4\"></span>anta de<span class=\"_ _4\"></span>i diritti su t<span class=\"_ _4\"></span>ali ren<span class=\"_ _4\"></span>dimenti, avend<span class=\"_ _4\"></span>o nel conte<span class=\"_ _4\"></span>mpo la c<span class=\"_ _4\"></span>apacit\u00e0 di inf<span class=\"_ _4\"></span>luen<span class=\"_ _4\"></span>zarli e<span class=\"_ _4\"></span>sercit<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>o potere s<span class=\"_ _4\"></span>ull<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 s<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>sa. I b<span class=\"_ _4\"></span>ilanci delle e<span class=\"_ _4\"></span>ntit\u00e0 cont<span class=\"_ _4\"></span>rollate sono inclu<span class=\"_ _4\"></span>si nel b<span class=\"_ _4\"></span>ilancio cons<span class=\"_ _4\"></span>olidato dal mome<span class=\"_ _4\"></span>nto in </span><span style=\"display:inherit;clear:left;\">cui la controllante iniz<span class=\"_ _4\"></span>ia ad es<span class=\"_ _4\"></span>ercitare il c<span class=\"_ _4\"></span>ontrollo f<span class=\"_ _4\"></span>ino alla data in cui t<span class=\"_ _4\"></span>ale controll<span class=\"_ _4\"></span>o ces<span class=\"_ _4\"></span>sa. In c<span class=\"_ _4\"></span>aso di p<span class=\"_ _4\"></span>erdita di c<span class=\"_ _4\"></span>ontrollo, </span><span style=\"display:inherit;clear:left;\">il Grupp<span class=\"_ _4\"></span>o elimina le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>ntrollata e qualsia<span class=\"_ _4\"></span>si prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zione di mino<span class=\"_ _4\"></span>ranza </span><span style=\"display:inherit;clear:left;\">nel patrimon<span class=\"_ _1\"></span>io netto inc<span class=\"_ _1\"></span>lusa qualsi<span class=\"_ _2\"></span>asi altra componente di<span class=\"_ _1\"></span> conto economic<span class=\"_ _1\"></span>o complessivo relativa al<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>entit\u00e0 controlla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta. Q<span class=\"_ _4\"></span>ualsiasi ut<span class=\"_ _4\"></span>ile o per<span class=\"_ _4\"></span>dita de<span class=\"_ _4\"></span>rivante dalla p<span class=\"_ _4\"></span>erdita di c<span class=\"_ _4\"></span>ontrollo vie<span class=\"_ _4\"></span>ne rilev<span class=\"_ _4\"></span>ato nell<span class=\"_ _4\"></span>\u2019utile<span class=\"_ _4\"></span>/(per<span class=\"_ _4\"></span>dita<span class=\"_ _1\"></span>) dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. Qual<span class=\"_ _4\"></span>sia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">si par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipazion<span class=\"_ _4\"></span>e mantenuta n<span class=\"_ _4\"></span>ella e<span class=\"_ _4\"></span>x entit\u00e0 c<span class=\"_ _4\"></span>ontrollata v<span class=\"_ _4\"></span>iene valut<span class=\"_ _4\"></span>ata al <span class=\"ff5f\">fair value</span> alla data de<span class=\"_ _4\"></span>lla perdit<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntrollo. <span class=\"_ _ac\"></span> </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>ti i sal<span class=\"_ _4\"></span>di e le trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni infragruppo, inclu<span class=\"_ _4\"></span>si eventuali ut<span class=\"_ _4\"></span>ili e perdite no<span class=\"_ _4\"></span>n realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati deri<span class=\"_ _4\"></span>vanti da rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti intratt<span class=\"_ _4\"></span>enuti </span><span style=\"display:inherit;clear:left;\">fra so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o complet<span class=\"_ _4\"></span>amente e<span class=\"_ _4\"></span>liminati. </span><span style=\"display:inherit;clear:left;\">Le intere<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>nze di minor<span class=\"_ _4\"></span>anza rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano la p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e di profit<span class=\"_ _4\"></span>ti o pe<span class=\"_ _4\"></span>rdite e de<span class=\"_ _4\"></span>lle attiv<span class=\"_ _4\"></span>it\u00e0 ne<span class=\"_ _4\"></span>tte no<span class=\"_ _4\"></span>n detenute dal G<span class=\"_ _4\"></span>rup<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po e so<span class=\"_ _4\"></span>no esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e in una voce se<span class=\"_ _4\"></span>parata d<span class=\"_ _4\"></span>el conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, e nella situaz<span class=\"_ _4\"></span>ione patrim<span class=\"_ _4\"></span>oniale e f<span class=\"_ _4\"></span>inanziaria tra le c<span class=\"_ _4\"></span>om<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ponenti del patrimoni<span class=\"_ _1\"></span>o netto, separatamente dal<span class=\"_ _1\"></span> patrimoni<span class=\"_ _1\"></span>o netto di Gruppo.<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Le acquisi<span class=\"_ _4\"></span>zioni di so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate son<span class=\"_ _4\"></span>o contabili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zate in bas<span class=\"_ _4\"></span>e al meto<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>\u2019acquist<span class=\"_ _4\"></span>o (<span class=\"_ _4\"></span><span class=\"ff5f\">purchase met<span class=\"_ _4\"></span>hod<span class=\"_ _5\"></span></span>) che com<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>allo<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019aggre<span class=\"_ _4\"></span>gazi<span class=\"_ _4\"></span>one azie<span class=\"_ _4\"></span>ndale ai <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali </span><span style=\"display:inherit;clear:left;\">acquisit<span class=\"_ _4\"></span>e alla data di acquis<span class=\"_ _4\"></span>izione e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inclusion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>ultato de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cquisit<span class=\"_ _4\"></span>a maturato dalla data di acquis<span class=\"_ _4\"></span>izione f<span class=\"_ _4\"></span>ino alla </span><span style=\"display:inherit;clear:left;\">chiusura de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io. Le variazi<span class=\"_ _4\"></span>oni nell<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>za par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipativa d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po in una soc<span class=\"_ _4\"></span>iet\u00e0 co<span class=\"_ _4\"></span>ntrollata che no<span class=\"_ _4\"></span>n </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ano la pe<span class=\"_ _4\"></span>rdita de<span class=\"_ _4\"></span>l controllo s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate come op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni sul cap<span class=\"_ _4\"></span>itale<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito so<span class=\"_ _4\"></span>no ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate le soci<span class=\"_ _4\"></span>et\u00e0 inclus<span class=\"_ _4\"></span>e nell<span class=\"_ _4\"></span>\u2019area di cons<span class=\"_ _4\"></span>olidamento al 31 dicembre 202<span class=\"_ _2\"></span>4 e c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>date integralme<span class=\"_ _4\"></span>nte.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Denominazione<span class=\"_ _2c6\"> </span>Sede<span class=\"_ _1f1\"> </span>D<span class=\"_ _4\"></span>ivisa<span class=\"_ _228\"> </span>Capitale Sociale</span><span style=\"display:inherit;clear:left;\">% di controllo<span class=\"_ _a1\"> </span>Note </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iretto<span class=\"_ _1bb\"> </span>Indiretto</span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.<span class=\"_ _15d\"> </span>Fir<span class=\"_ _1\"></span>enze, Italia<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _e1\"> </span></span>16.879.000<span class=\"_ _12d\"> </span>Capogruppo</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>.<span class=\"_ _65\"> </span>Amsterdam, P<span class=\"_ _2\"></span>aesi Bassi<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _1b9\"> </span></span>500.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S.<span class=\"_ _2c7\"> </span>P<span class=\"_ _2\"></span>arigi, Fr<span class=\"_ _2\"></span>ancia<span class=\"_ _29c\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _7f\"> </span></span>4.334.094<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH<span class=\"_ _1ae\"> </span>Monaco<span class=\"_ _1\"></span>, Germania<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _7f\"> </span></span>3.300.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH<span class=\"_ _73\"> </span>Vienna, Austria<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _1e5\"> </span></span><span class=\"ws0\">1.853.158<span class=\"_ _163\"> </span>100%</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited<span class=\"_ _70\"> </span>Londra, Regno Unito<span class=\"_ _87\"> </span>Sterlina inglese<span class=\"_ _1e5\"> </span>7.672.735<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A<span class=\"_ _7a\"> </span>Mendrisio<span class=\"_ _2\"></span>, Svizzera<span class=\"_ _7f\"> </span>Fr<span class=\"_ _2\"></span>anco svizzero<span class=\"_ _1e5\"> </span>1.000.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA<span class=\"_ _ba\"> </span>Bruxelles, Belgio<span class=\"_ _29c\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _1b9\"> </span></span>750.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M.<span class=\"_ _266\"> </span>P<span class=\"_ _1\"></span>rincipato di Monaco<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Euro<span class=\"_ _1b9\"> </span></span>304.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Espana S.L<span class=\"_ _4\"></span>.<span class=\"_ _1c5\"> </span>Madrid, Spagna<span class=\"_ _266\"> </span><span class=\"ls97 ws1cf\">Eu<span class=\"_ _4\"></span>ro<span class=\"_ _7f\"> </span></span>4.600.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA Inc.<span class=\"_ _172\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _1e8\"> </span>Dollar<span class=\"_ _1\"></span>o americano<span class=\"_ _164\"> </span>74.011.969<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Canada Inc.<span class=\"_ _2c8\"> </span>V<span class=\"_ _1\"></span>ancouver<span class=\"_ _1c\"></span>, Canada<span class=\"_ _19a\"> </span>Dollaro canadese<span class=\"_ _240\"> </span>4.441.461<span class=\"_ _24c\"> </span>100%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">S-Fer International Inc.<span class=\"_ _1b1\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _1e8\"> </span>Dollaro americano<span class=\"_ _240\"> </span>4.600.000<span class=\"_ _24c\"> </span>100%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Sator Realty Inc.<span class=\"_ _ea\"> </span>New Y<span class=\"_ _1c\"></span>ork, Stati Uniti<span class=\"_ _18b\"> </span>Dollaro americano<span class=\"_ _1ba\"> </span>100.000<span class=\"_ _24c\"> </span>100%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Citt\u00e0 del Messico<span class=\"_ _2\"></span>, </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso messicano<span class=\"_ _1e5\"> </span>4.592.700<span class=\"_ _174\"> </span>99,73%<span class=\"_ _88\"> </span>0,27%<span class=\"_ _15f\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Messico</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>.<span class=\"_ _27b\"> </span>Santiago, Cile<span class=\"_ _2a9\"> </span>P<span class=\"_ _1\"></span>eso cileno<span class=\"_ _2b0\"> </span>3.187.970.000<span class=\"_ _123\"> </span>99%<span class=\"_ _bf\"> </span>1%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>.<span class=\"_ _221\"> </span>Buenos Aires, Ar<span class=\"_ _1\"></span>gentina<span class=\"_ _257\"> </span><span class=\"ws0\">Peso ar<span class=\"_ _2\"></span>gentino<span class=\"_ _2b0\"> </span>1.050.100.000<span class=\"_ _240\"> </span>95%<span class=\"_ _cf\"> </span>5%<span class=\"_ _7\"> </span>(1) </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brasil Roupas e <span class=\"_ _1\"></span>Acessorios L<span class=\"_ _2\"></span>tda<span class=\"_ _4\"></span>.<span class=\"_ _127\"> </span>San P<span class=\"_ _2\"></span>aolo, Brasile<span class=\"_ _1ba\"> </span>Real br<span class=\"_ _1\"></span>asiliani<span class=\"_ _164\"> </span>55.615.000<span class=\"_ _123\"> </span>99%<span class=\"_ _bf\"> </span>1%<span class=\"_ _7\"> </span>(1) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Hong Kong  Ltd.<span class=\"_ _17\"> </span>Hong Kong<span class=\"_ _4\"></span>, Cina<span class=\"_ _166\"> </span>Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _ec\"> </span>10.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>.<span class=\"_ _1d7\"> </span>T<span class=\"_ _2\"></span>okyo, Giappone<span class=\"_ _60\"> </span>Y<span class=\"_ _2\"></span>en Giapponese<span class=\"_ _234\"> </span>305.700.000<span class=\"_ _174\"> </span>89,13%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd.<span class=\"_ _95\"> </span></span><span style=\"display:inherit;clear:left;\">Sidney<span class=\"_ _2\"></span>, Australia<span class=\"_ _1e4\"> </span><span class=\"ws0\">Dollaro australiano<span class=\"_ _164\"> </span>13.637.003<span class=\"_ _163\"> </span>100%</span></span><span style=\"display:inherit;clear:left;\">Ferrimag L<span class=\"_ _2\"></span>imited<span class=\"_ _2c9\"> </span>Hong Kong, Cina<span class=\"_ _17b\"> </span>Dollar<span class=\"_ _1\"></span>o di Hong Kong<span class=\"_ _234\"> </span>109.200.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fashion T<span class=\"_ _1c\"></span>rading (Shanghai) Co<span class=\"_ _2\"></span>. Ltd.<span class=\"_ _1b9\"> </span>Shanghai, Cina<span class=\"_ _1e8\"> </span>Dollar<span class=\"_ _2\"></span>o americano<span class=\"_ _1b9\"> </span>200.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>3) </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Moda (Shanghai) Co. L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.<span class=\"_ _261\"> </span>Shanghai, Cina<span class=\"_ _18b\"> </span>Dollaro americano<span class=\"_ _1e5\"> </span>1.400.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited<span class=\"_ _97\"> </span>Hong Kong<span class=\"_ _4\"></span>, Cina<span class=\"_ _166\"> </span>Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _e1\"> </span>88.000.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(3)<span class=\"_ _4\"></span> </span></span><span style=\"display:inherit;clear:left;\">Nuovo dollar<span class=\"_ _1\"></span>o </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited<span class=\"_ _6d\"> </span>T<span class=\"_ _2\"></span>aipei, T<span class=\"_ _2\"></span>aiwan</span><span style=\"display:inherit;clear:left;\">136.250.000<span class=\"_ _263\"> </span>100%<span class=\"_ _7\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>3) </span></span><span style=\"display:inherit;clear:left;\">taiwanese</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited<span class=\"_ _aa\"> </span>Mac<span class=\"_ _1\"></span>ao, Cina<span class=\"_ _1b9\"> </span>Macau P<span class=\"_ _2\"></span>ataca<span class=\"_ _164\"> </span>17.275.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail India Priv<span class=\"_ _2\"></span>ate Limited<span class=\"_ _25\"> </span>New Delhi, India<span class=\"_ _1b9\"> </span>Rupia Indiana<span class=\"_ _213\"> </span>300.000.000<span class=\"_ _163\"> </span>100%<span class=\"_ _24b\"> </span>(4) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.<span class=\"_ _2ca\"> </span>Seoul, C<span class=\"_ _1\"></span>orea del Sud<span class=\"_ _163\"> </span>Won sudc<span class=\"_ _1\"></span>oreano<span class=\"_ _1f0\"> </span>3.291.200.000<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd<span class=\"_ _2cb\"> </span>Singapore<span class=\"_ _1df\"> </span>Dollaro di Singapore<span class=\"_ _164\"> </span>47.600.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited<span class=\"_ _2cc\"> </span>Bangkok, T<span class=\"_ _1c\"></span>ailandia<span class=\"_ _22b\"> </span>Baht<span class=\"_ _234\"> </span>220.000.000<span class=\"_ _164\"> </span>100%</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd.<span class=\"_ _214\"> </span>Kuala L<span class=\"_ _2\"></span>umpur<span class=\"_ _2\"></span>, Malesia<span class=\"_ _242\"> </span>Ringgit della Malesia<span class=\"_ _240\"> </span>1.300.000<span class=\"_ _163\"> </span>100%</span><span style=\"display:inherit;clear:left;\">1. T<span class=\"_ _2\"></span>ramite Fer<span class=\"_ _2\"></span>ragamo USA Inc., 2. T<span class=\"_ _2\"></span>ramite Ferr<span class=\"_ _2\"></span>agamo Hong Kong Ltd.; 3. T<span class=\"_ _2\"></span>r<span class=\"_ _1\"></span>amite Ferrimag L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>.; 4. societ\u00e0 non oper<span class=\"_ _1\"></span>ativa.  </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 la co<span class=\"_ _4\"></span>mposi<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo non ha s<span class=\"_ _4\"></span>ubito variaz<span class=\"_ _4\"></span>ioni. </span><span style=\"display:inherit;clear:left;\">Si ricorda ino<span class=\"_ _4\"></span>ltre che Fe<span class=\"_ _4\"></span>rragamo A<span class=\"_ _4\"></span>rgentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.  op<span class=\"_ _4\"></span>era in un pa<span class=\"_ _4\"></span>ese ch<span class=\"_ _4\"></span>e dal 1<span class=\"_ _1\"></span>\u00b0 luglio 201<span class=\"_ _2\"></span>8, \u00e8 con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>ato con un\u2019e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">conomia ip<span class=\"_ _4\"></span>erinf<span class=\"_ _4\"></span>lazionat<span class=\"_ _4\"></span>a sec<span class=\"_ _4\"></span>ondo i crite<span class=\"_ _4\"></span>ri dello I<span class=\"_ _4\"></span>AS 29 \"<span class=\"_ _4\"></span>Rendi<span class=\"_ _4\"></span>conta<span class=\"_ _4\"></span>zione cont<span class=\"_ _4\"></span>abile in ec<span class=\"_ _4\"></span>onomie ip<span class=\"_ _4\"></span>erinfla<span class=\"_ _4\"></span>zionate\"; </span><span style=\"display:inherit;clear:left;\">per t<span class=\"_ _4\"></span>ale mot<span class=\"_ _4\"></span>ivo nella sit<span class=\"_ _4\"></span>uazione p<span class=\"_ _4\"></span>atrimoniale, e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>ca e f<span class=\"_ _4\"></span>inanziaria di Fe<span class=\"_ _4\"></span>rragamo A<span class=\"_ _4\"></span>rgentina S<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata p<span class=\"_ _4\"></span>er il </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidamento \u00e8 s<span class=\"_ _4\"></span>tato ap<span class=\"_ _4\"></span>plicato a par<span class=\"_ _4\"></span>tire dall<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 201<span class=\"_ _2\"></span>8 tal<span class=\"_ _4\"></span>e principio co<span class=\"_ _4\"></span>ntabile, m<span class=\"_ _4\"></span>eglio illus<span class=\"_ _4\"></span>trato ne<span class=\"_ _4\"></span>lla nota 2 </span><span style=\"display:inherit;clear:left;\">\u201cCrite<span class=\"_ _4\"></span>ri di reda<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. L<span class=\"_ _2\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azione di qu<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>o principio re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte agli es<span class=\"_ _4\"></span>ercizi dal 201<span class=\"_ _2\"></span>8 al 202<span class=\"_ _1\"></span>4 non \u00e8 </span><span style=\"display:inherit;clear:left;\">da consi<span class=\"_ _4\"></span>derar<span class=\"_ _4\"></span>si signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativo a livell<span class=\"_ _4\"></span>o di Gruppo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__83-1": {
   "value": "<span style=\"display:inherit;clear:left;\">2.4.1 C<span class=\"_ _2\"></span>ontrollate c<span class=\"_ _2\"></span>on interessenze di minor<span class=\"_ _2\"></span>anze signific<span class=\"_ _1\"></span>ative</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tano la pr<span class=\"_ _4\"></span>incipale atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 svolt<span class=\"_ _4\"></span>a e la pe<span class=\"_ _4\"></span>rcentuale di p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>e minoranze al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023 di Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _4\"></span>.K<span class=\"_ _4\"></span>., unica s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n par<span class=\"_ _4\"></span>tecipa<span class=\"_ _4\"></span>zioni di minoran<span class=\"_ _4\"></span>za.</span><span style=\"display:inherit;clear:left;\">% di minoranza </span><span style=\"display:inherit;clear:left;\">Societ\u00e0<span class=\"_ _2cd\"> </span>Attivit\u00e0</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>.<span class=\"_ _df\"> </span>Societ\u00e0 <span class=\"ff5f\">retail</span> per il mer<span class=\"_ _2\"></span>cato giapponese<span class=\"_ _2ce\"> </span>10,87%<span class=\"_ _f2\"> </span>10,87%</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nti fornisco<span class=\"_ _4\"></span>no i principali dati e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>-f<span class=\"_ _4\"></span>inanziari di F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>.. T<span class=\"_ _1c\"></span>ali informa<span class=\"_ _4\"></span>zioni s<span class=\"_ _4\"></span>ono </span><span style=\"display:inherit;clear:left;\">bas<span class=\"_ _4\"></span>ate sui saldi d<span class=\"_ _4\"></span>elle situa<span class=\"_ _4\"></span>zioni cont<span class=\"_ _4\"></span>abili degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, re<span class=\"_ _4\"></span>datti ai f<span class=\"_ _4\"></span>ini della p<span class=\"_ _4\"></span>redisp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l bilancio </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidato, al lo<span class=\"_ _4\"></span>rdo dell<span class=\"_ _4\"></span>e eliminaz<span class=\"_ _4\"></span>ioni </span><span style=\"display:inherit;clear:left;\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">.</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _2cf\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _89\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _10b\"> </span>32.944<span class=\"_ _262\"> </span>32.211</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2d0\"> </span>51.327<span class=\"_ _262\"> </span>53.249</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 non corr<span class=\"_ _2\"></span>enti<span class=\"_ _2d1\"> </span>26.600<span class=\"_ _262\"> </span>28.620</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 corr<span class=\"_ _2\"></span>enti<span class=\"_ _1e\"> </span>48.547<span class=\"_ _8e\"> </span>47.691</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio Netto<span class=\"_ _2d2\"> </span>9.124<span class=\"_ _24c\"> </span>9.149</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di T<span class=\"_ _1\"></span>erzi<span class=\"_ _2d3\"> </span>992<span class=\"_ _72\"> </span>995</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"_ _2d4\"> </span>82.955<span class=\"_ _262\"> </span>86.450</span><span style=\"display:inherit;clear:left;\">Utile d'esercizio<span class=\"_ _1a7\"> </span>170<span class=\"_ _24c\"> </span>1.611</span><span style=\"display:inherit;clear:left;\">Risultato di pertinenza di terzi<span class=\"_ _54\"> </span>18<span class=\"_ _72\"> </span>175</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo del periodo<span class=\"_ _2d5\"> </span>340<span class=\"_ _24c\"> </span>1.654</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o attribuito alle partecipazioni di terzi<span class=\"_ _b5\"> </span>36<span class=\"_ _72\"> </span>180</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 oper<span class=\"_ _2\"></span>ativa<span class=\"_ _f8\"> </span>7.704<span class=\"_ _1d6\"> </span>(2.328)</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di in<span class=\"_ _2\"></span>vestimento<span class=\"_ _29a\"> </span>(4.502)<span class=\"_ _1d6\"> </span>(1.756)</span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa generato/(utilizzato) dall'attivit\u00e0 di finanziamento<span class=\"_ _153\"> </span>(3.380)<span class=\"_ _1d6\"> </span>(3.759)</span><span style=\"display:inherit;clear:left;\">Incremento/(decremento)  delle disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _16\"> </span>(178)<span class=\"_ _99\"> </span>(7.843)</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ividendi pagati alle partecipazioni di minor<span class=\"_ _1\"></span>anza<span class=\"_ _2d6\"> </span>-<span class=\"_ _70\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>2 richie<span class=\"_ _4\"></span>de di rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntare s<span class=\"_ _4\"></span>e suss<span class=\"_ _4\"></span>isto<span class=\"_ _4\"></span>no requis<span class=\"_ _4\"></span>iti di leg<span class=\"_ _4\"></span>ge, c<span class=\"_ _4\"></span>ontrattuali e<span class=\"_ _4\"></span>/o regolament<span class=\"_ _4\"></span>ari nonch\u00e9 dirit<span class=\"_ _4\"></span>ti di prote<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si di minoran<span class=\"_ _4\"></span>za che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono in alcuni ca<span class=\"_ _4\"></span>si limitare la c<span class=\"_ _4\"></span>apacit<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo di acce<span class=\"_ _4\"></span>dere all<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o di uti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>le e di es<span class=\"_ _4\"></span>tinguere l<span class=\"_ _4\"></span>e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo. Dall<span class=\"_ _4\"></span>\u2019analisi di ques<span class=\"_ _4\"></span>te fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie non s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>e rest<span class=\"_ _4\"></span>rizioni s<span class=\"_ _4\"></span>ignifi<span class=\"_ _4\"></span>cative<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">43. Ac<span class=\"_ _2\"></span>c<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>di <span class=\"_ _4\"></span>di <span class=\"_ _5\"></span><span class=\"ff5f ls30 ws95\">Pu<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span></span><span class=\"ws0\"> e <span class=\"ff5f lsf7 ws157\">Ca<span class=\"_ _3\"></span>l<span class=\"_ _3\"></span>l<span class=\"_ _5\"></span></span> su Inter<span class=\"_ _2\"></span>essenze di Minor<span class=\"_ _2\"></span>anza</span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 cre<span class=\"_ _4\"></span>sciuto ne<span class=\"_ _4\"></span>gli ultimi anni preval<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte pe<span class=\"_ _4\"></span>r crescit<span class=\"_ _4\"></span>a interna<span class=\"_ _4\"></span>. In alcune aree ge<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">graf<span class=\"_ _4\"></span>iche, in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza n<span class=\"_ _4\"></span>el contine<span class=\"_ _4\"></span>nte asiatico, ha reali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato la sua e<span class=\"_ _4\"></span>spans<span class=\"_ _4\"></span>ione geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica anch<span class=\"_ _4\"></span>e tramite <span class=\"ff5f ls2c ws110\">partnership<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">con dis<span class=\"_ _4\"></span>tributor<span class=\"_ _4\"></span>i locali<span class=\"_ _4\"></span>. In relazio<span class=\"_ _4\"></span>ne a ques<span class=\"_ _4\"></span>te <span class=\"ff5f ls2c ws110\">partnershi<span class=\"_ _1\"></span>p<span class=\"ff5c ls3 ws146\">, gli <span class=\"ff5f\">Shareholder<span class=\"_ _4\"></span>s\u2019 A<span class=\"_ _4\"></span>greeme<span class=\"_ _4\"></span>nt</span> regolano i r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti tr<span class=\"_ _4\"></span>a i </span>partners<span class=\"ff5c ls0 ws0\">, </span></span></span><span style=\"display:inherit;clear:left;\">st<span class=\"_ _4\"></span>abilisco<span class=\"_ _4\"></span>no le rego<span class=\"_ _4\"></span>le di <span class=\"ff5f ls56 ws7\">governance</span><span class=\"ls9 ws13c\"> e con<span class=\"_ _1\"></span>tengono al<span class=\"_ _1\"></span>cune prevision<span class=\"_ _1\"></span>i di op<span class=\"_ _2\"></span>zioni <span class=\"ff5f ls5b ws8\">put</span><span class=\"ls3 ws134\"> e di opzioni <span class=\"ff5f ws5d\">c<span class=\"_ _4\"></span>all</span><span class=\"ls6 ws169\"> che gl<span class=\"_ _1\"></span>i azionisti </span></span></span></span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o ese<span class=\"_ _4\"></span>rcitare in ce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>e condizi<span class=\"_ _4\"></span>oni.   </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 l\u2019unico accor<span class=\"_ _4\"></span>do rimast<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere su inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di minoran<span class=\"_ _4\"></span>ze riguarda Ferr<span class=\"_ _4\"></span>agamo Japan K<span class=\"_ _4\"></span>.K<span class=\"_ _4\"></span>. e </span><span style=\"display:inherit;clear:left;\">preve<span class=\"_ _4\"></span>de la pos<span class=\"_ _4\"></span>sibilit<span class=\"_ _4\"></span>\u00e0 che i so<span class=\"_ _4\"></span>ci di minoranz<span class=\"_ _4\"></span>a, che det<span class=\"_ _4\"></span>engono, cumulativ<span class=\"_ _4\"></span>amente, dal m<span class=\"_ _4\"></span>ese di lug<span class=\"_ _4\"></span>lio 2022, una quota d<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>0<span class=\"_ _4\"></span>,87% (in pre<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>nza 29<span class=\"_ _4\"></span>%)<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sano ce<span class=\"_ _4\"></span>dere le p<span class=\"_ _4\"></span>roprie a<span class=\"_ _4\"></span>zioni alla Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., ad un pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo contr<span class=\"_ _4\"></span>at<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tualmente d<span class=\"_ _4\"></span>eterminato in pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di do<span class=\"_ _4\"></span>cument<span class=\"_ _4\"></span>ate nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie o in c<span class=\"_ _4\"></span>aso di mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lle proprie s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie </span><span style=\"display:inherit;clear:left;\">di inves<span class=\"_ _4\"></span>timento ne<span class=\"_ _4\"></span>l set<span class=\"_ _4\"></span>tore de<span class=\"_ _4\"></span>l luss<span class=\"_ _4\"></span>o. Cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>ntemente a p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ire dal bilancio al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 201<span class=\"_ _2\"></span>0 \u00e8 st<span class=\"_ _4\"></span>ata is<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a una </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria coll<span class=\"_ _4\"></span>egat<span class=\"_ _4\"></span>a alla pos<span class=\"_ _4\"></span>sibilit\u00e0 di e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zio dell<span class=\"_ _4\"></span>\u2019opzione <span class=\"ff5f ls5b ws8\">put</span> da p<span class=\"_ _4\"></span>arte d<span class=\"_ _4\"></span>ei so<span class=\"_ _4\"></span>ci di minoranz<span class=\"_ _4\"></span>a sulla quota </span><span style=\"display:inherit;clear:left;\">di loro prop<span class=\"_ _4\"></span>riet\u00e0; al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 la pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziaria ris<span class=\"_ _4\"></span>ulta pari a Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>334 migliaia, mentre risult<span class=\"_ _4\"></span>ava pari a </span><span style=\"display:inherit;clear:left;\">Euro 898 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023 e nulla al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2022, 202<span class=\"_ _2\"></span>1 e 2020. Poich\u00e9 il Gr<span class=\"_ _4\"></span>uppo Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo </span><span style=\"display:inherit;clear:left;\">non ha rite<span class=\"_ _4\"></span>nuto di avere acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici eco<span class=\"_ _4\"></span>nomici colle<span class=\"_ _4\"></span>gati a t<span class=\"_ _4\"></span>ale quota di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e, a ogni data di v<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">eventuali ad<span class=\"_ _4\"></span>eguame<span class=\"_ _4\"></span>nti di valore d<span class=\"_ _4\"></span>ella <span class=\"ff5f ls5b ws8\">put</span> vengo<span class=\"_ _4\"></span>no rilevat<span class=\"_ _4\"></span>i dirett<span class=\"_ _4\"></span>amente a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__84": {
   "value": "<span style=\"display:inherit;clear:left;\">2.4.2 C<span class=\"_ _2\"></span>onver<span class=\"_ _2\"></span>sione dei bilanci in moneta diver<span class=\"_ _2\"></span>sa dall\u2019<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o e delle poste in valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Il bilancio con<span class=\"_ _4\"></span>solidato \u00e8 pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato in euro, che \u00e8 la v<span class=\"_ _4\"></span>aluta fun<span class=\"_ _4\"></span>zionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne adot<span class=\"_ _4\"></span>tata dalla C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. </span><span style=\"display:inherit;clear:left;\">Ciascuna impr<span class=\"_ _4\"></span>esa d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o def<span class=\"_ _4\"></span>inisce la p<span class=\"_ _4\"></span>ropria valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale, che \u00e8 utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zata p<span class=\"_ _4\"></span>er valut<span class=\"_ _4\"></span>are le voci c<span class=\"_ _4\"></span>ompre<span class=\"_ _4\"></span>se nei </span><span style=\"display:inherit;clear:left;\">singoli bilanci.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__85": {
   "value": "<span style=\"display:inherit;clear:left;\">Le trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra sono r<span class=\"_ _4\"></span>ilevate iniz<span class=\"_ _4\"></span>ialmente al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di cambio (riferito alla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>) in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">alla data de<span class=\"_ _4\"></span>lla transa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 monet<span class=\"_ _4\"></span>arie, d<span class=\"_ _4\"></span>enominate in valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera<span class=\"_ _4\"></span>, sono ric<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>tite ne<span class=\"_ _4\"></span>lla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">luta fun<span class=\"_ _4\"></span>zionale al t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cambi<span class=\"_ _4\"></span>o in ess<span class=\"_ _4\"></span>ere alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>te le dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze di cambio s<span class=\"_ _4\"></span>ono rile<span class=\"_ _4\"></span>vate nel c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico. </span><span style=\"display:inherit;clear:left;\">Le pos<span class=\"_ _4\"></span>te non mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>e valutate al c<span class=\"_ _4\"></span>osto s<span class=\"_ _4\"></span>torico in v<span class=\"_ _4\"></span>aluta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra sono c<span class=\"_ _4\"></span>onver<span class=\"_ _4\"></span>tite us<span class=\"_ _4\"></span>ando i t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio in v<span class=\"_ _4\"></span>igore alla </span><span style=\"display:inherit;clear:left;\">data di<span class=\"_ _1\"></span> inizia<span class=\"_ _1\"></span>le rilevazione dell<span class=\"_ _1\"></span>a transazione. </span><span style=\"display:inherit;clear:left;\">I cambi ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del cont<span class=\"_ _4\"></span>rovalore in euro d<span class=\"_ _4\"></span>ei bilanci e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi in valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>ter<span class=\"_ _4\"></span>a delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trollate (valuta p<span class=\"_ _4\"></span>er 1 Euro<span class=\"_ _2\"></span>) s<span class=\"_ _4\"></span>ono ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ati nella s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte tab<span class=\"_ _4\"></span>ella:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">Cambi medi<span class=\"_ _ea\"> </span>Cambi di fine periodo</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _1dc\"> </span>31 dicembre 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Dollaro americ<span class=\"_ _1\"></span>ano<span class=\"_ _1a8\"> </span>1,0824<span class=\"_ _1f2\"> </span>1,0813<span class=\"_ _1d3\"> </span>1,0389<span class=\"_ _141\"> </span>1,1050</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>ranco svizzer<span class=\"_ _1\"></span>o<span class=\"_ _2a5\"> </span>0,9526<span class=\"_ _1f2\"> </span>0,9718<span class=\"_ _1d3\"> </span>0,9412<span class=\"_ _261\"> </span>0,9260</span><span style=\"display:inherit;clear:left;\">Y<span class=\"_ _1c\"></span>en g<span class=\"_ _4\"></span>iapponese<span class=\"_ _24f\"> </span>163,8520<span class=\"_ _80\"> </span>151,9902<span class=\"_ _25\"> </span>163,0601<span class=\"_ _2b6\"> </span>156,3301</span><span style=\"display:inherit;clear:left;\">Sterlina inglese<span class=\"_ _1aa\"> </span>0,8466<span class=\"_ _1f2\"> </span>0,8698<span class=\"_ _1d3\"> </span>0,8292<span class=\"_ _141\"> </span>0,8690</span><span style=\"display:inherit;clear:left;\">Dollaro austr<span class=\"_ _2\"></span>aliano<span class=\"_ _120\"> </span>1,6397<span class=\"_ _2d7\"> </span>1,6288<span class=\"_ _2d7\"> </span>1,6772<span class=\"_ _141\"> </span>1,6263</span><span style=\"display:inherit;clear:left;\">Won sudc<span class=\"_ _2\"></span>oreano<span class=\"_ _dc\"> </span>1475,4050<span class=\"_ _12d\"> </span>1412,8884<span class=\"_ _65\"> </span>1532,1444<span class=\"_ _176\"> </span>1433,6506</span><span style=\"display:inherit;clear:left;\">Dollaro di Hong K<span class=\"_ _2\"></span>ong<span class=\"_ _158\"> </span>8,4454<span class=\"_ _2d7\"> </span>8,4650<span class=\"_ _2d7\"> </span>8,0686<span class=\"_ _141\"> </span>8,6314</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso messicano<span class=\"_ _209\"> </span>19,8314<span class=\"_ _1c1\"> </span>19,1830<span class=\"_ _1c1\"> </span>21,5504<span class=\"_ _1d3\"> </span>18,7231</span><span style=\"display:inherit;clear:left;\">Nuovo dollar<span class=\"_ _1\"></span>o taiwanese<span class=\"_ _1d4\"> </span>34,7330<span class=\"_ _1c1\"> </span>33,6853<span class=\"_ _1c1\"> </span>34,0460<span class=\"_ _1d3\"> </span>33,9354</span><span style=\"display:inherit;clear:left;\">Dollaro di Singapor<span class=\"_ _2\"></span>e<span class=\"_ _1ad\"> </span>1,4458<span class=\"_ _1f2\"> </span>1,4523<span class=\"_ _2d7\"> </span>1,4164<span class=\"_ _141\"> </span>1,4591</span><span style=\"display:inherit;clear:left;\">Baht Thailandia<span class=\"_ _2d8\"> </span>38,1811<span class=\"_ _1c1\"> </span>37,6311<span class=\"_ _1c1\"> </span>35,6760<span class=\"_ _1d3\"> </span>37,9730</span><span style=\"display:inherit;clear:left;\">Ringgit della Malaysia<span class=\"_ _20f\"> </span>4,9503<span class=\"_ _1f2\"> </span>4,9320<span class=\"_ _2d7\"> </span>4,6454<span class=\"_ _141\"> </span>5,0775</span><span style=\"display:inherit;clear:left;\">Rupia indiana<span class=\"_ _243\"> </span>90,5569<span class=\"_ _2b6\"> </span>89,3001<span class=\"_ _1c1\"> </span>88,9335<span class=\"_ _1d3\"> </span>91,9045</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ataca di Macau<span class=\"_ _a7\"> </span>8,6966<span class=\"_ _2d7\"> </span>8,7164<span class=\"_ _2d7\"> </span>8,2968<span class=\"_ _141\"> </span>8,9127</span><span style=\"display:inherit;clear:left;\">Renminbi cinese<span class=\"_ _2d9\"> </span>7,7875<span class=\"_ _2d7\"> </span>7,6600<span class=\"_ _2d7\"> </span>7,5833<span class=\"_ _141\"> </span>7,8509</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso cileno<span class=\"_ _243\"> </span>1020,2416<span class=\"_ _25\"> </span>907,4245<span class=\"_ _2da\"> </span>1030,7153<span class=\"_ _2b6\"> </span>968,7763</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eso argentino<span class=\"_ _2db\"> </span>990,2167<span class=\"_ _25\"> </span>895,1990<span class=\"_ _2da\"> </span>1069,5530<span class=\"_ _1c1\"> </span>895,1990</span><span style=\"display:inherit;clear:left;\">Real brasiliano<span class=\"_ _2dc\"> </span>5,8283<span class=\"_ _2d7\"> </span>5,4010<span class=\"_ _2d7\"> </span>6,4253<span class=\"_ _141\"> </span>5,3618</span><span style=\"display:inherit;clear:left;\">Dollaro c<span class=\"_ _1\"></span>anadese<span class=\"_ _2dd\"> </span>1,4821<span class=\"_ _2d7\"> </span>1,4595<span class=\"_ _2d7\"> </span>1,4948<span class=\"_ _141\"> </span>1,4642</span><span style=\"display:inherit;clear:left;\">Alla data di chiu<span class=\"_ _4\"></span>sura del b<span class=\"_ _4\"></span>ilancio, le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo so<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>tite n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a di pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o (l<span class=\"_ _4\"></span>\u2019euro<span class=\"_ _2\"></span>) al t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cambi<span class=\"_ _4\"></span>o in ess<span class=\"_ _4\"></span>ere a t<span class=\"_ _4\"></span>ale data, e il lo<span class=\"_ _4\"></span>ro conto ec<span class=\"_ _4\"></span>onomico \u00e8 co<span class=\"_ _4\"></span>nver<span class=\"_ _4\"></span>tito us<span class=\"_ _4\"></span>ando il cambio </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o di perio<span class=\"_ _4\"></span>do. Le dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dalla conver<span class=\"_ _4\"></span>sione so<span class=\"_ _4\"></span>no rilev<span class=\"_ _4\"></span>ate dirett<span class=\"_ _4\"></span>amente a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to e </span><span style=\"display:inherit;clear:left;\">sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>eparat<span class=\"_ _4\"></span>amente in una app<span class=\"_ _4\"></span>osit<span class=\"_ _4\"></span>a rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va dell<span class=\"_ _4\"></span>o ste<span class=\"_ _4\"></span>sso e<span class=\"_ _4\"></span>d es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>te nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>s<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sivo. A<span class=\"_ _4\"></span>l moment<span class=\"_ _4\"></span>o della dismis<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e di una societ<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera<span class=\"_ _4\"></span>, le diffe<span class=\"_ _4\"></span>renze di c<span class=\"_ _4\"></span>ambio cumulate rile<span class=\"_ _4\"></span>vate come c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di </span><span style=\"display:inherit;clear:left;\">conto economic<span class=\"_ _1\"></span>o complessivo in considerazione di<span class=\"_ _1\"></span> quella pa<span class=\"_ _1\"></span>rticolare societ\u00e0 estera sono rilevate in<span class=\"_ _1\"></span> conto economico<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">Qualsia<span class=\"_ _4\"></span>si av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto deri<span class=\"_ _4\"></span>vante dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>izione di una s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera e quals<span class=\"_ _4\"></span>iasi ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica al <span class=\"ff5f\">fair value</span> (<span class=\"_ _2\"></span>v<span class=\"_ _4\"></span>alore e<span class=\"_ _4\"></span>quo<span class=\"_ _2\"></span>) de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">valori c<span class=\"_ _4\"></span>ontabili di at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>rivante dall<span class=\"_ _4\"></span>\u2019acquisizi<span class=\"_ _4\"></span>one di quella s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati c<span class=\"_ _4\"></span>ome atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 de<span class=\"_ _4\"></span>lla societ<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>tera e s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi ne<span class=\"_ _4\"></span>lla valuta f<span class=\"_ _4\"></span>unzionale d<span class=\"_ _4\"></span>ella so<span class=\"_ _4\"></span>ciet\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra e conver<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>i al tas<span class=\"_ _4\"></span>so di c<span class=\"_ _4\"></span>ambio </span><span style=\"display:inherit;clear:left;\">di chiusur<span class=\"_ _4\"></span>a di fin<span class=\"_ _4\"></span>e per<span class=\"_ _4\"></span>iodo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__86": {
   "value": "<span style=\"display:inherit;clear:left;\">3. Gestione dei rischi finanziari (IFRS 7)</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to in varia mis<span class=\"_ _4\"></span>ura ai diver<span class=\"_ _4\"></span>si ris<span class=\"_ _4\"></span>chi finan<span class=\"_ _4\"></span>ziari conne<span class=\"_ _4\"></span>ssi alla p<span class=\"_ _4\"></span>ropria atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0, in </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare ri<span class=\"_ _4\"></span>conducibili alla tip<span class=\"_ _4\"></span>ologia de<span class=\"_ _4\"></span>i rischi di m<span class=\"_ _4\"></span>ercato, ulte<span class=\"_ _4\"></span>riorme<span class=\"_ _4\"></span>nte distinguib<span class=\"_ _4\"></span>ili in<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>r<span class=\"_ _4\"></span>ischi di t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o, relativ<span class=\"_ _4\"></span>i agli ef<span class=\"_ _4\"></span>fetti di v<span class=\"_ _4\"></span>ariazioni de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>r<span class=\"_ _4\"></span>ischi di camb<span class=\"_ _4\"></span>io, conse<span class=\"_ _4\"></span>guenti all<span class=\"_ _4\"></span>\u2019oper<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 in aree v<span class=\"_ _4\"></span>alutarie di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e da quella de<span class=\"_ _4\"></span>lla divis<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _165\"></span>rischi di liqui<span class=\"_ _4\"></span>dit\u00e0, re<span class=\"_ _4\"></span>lativi alla dis<span class=\"_ _4\"></span>ponibilit<span class=\"_ _4\"></span>\u00e0 di risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie e alla f<span class=\"_ _4\"></span>acilit\u00e0 di acc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so al merc<span class=\"_ _4\"></span>ato del cre<span class=\"_ _4\"></span>dito e </span><span style=\"display:inherit;clear:left;\">conne<span class=\"_ _4\"></span>ssi all<span class=\"_ _4\"></span>\u2019esige<span class=\"_ _4\"></span>nza di f<span class=\"_ _4\"></span>are fronte agli impe<span class=\"_ _4\"></span>gni f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o nel bre<span class=\"_ _4\"></span>ve termine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _160\"> </span> <span class=\"_ _45\"></span>rischi di cre<span class=\"_ _4\"></span>dito (<span class=\"_ _1\"></span>o di contropar<span class=\"_ _4\"></span>te), che rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano i rischi di ina<span class=\"_ _4\"></span>dempime<span class=\"_ _4\"></span>nto di obbliga<span class=\"_ _4\"></span>zioni comm<span class=\"_ _4\"></span>erciali o f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziarie as<span class=\"_ _4\"></span>sunte dalle vari<span class=\"_ _4\"></span>e contropar<span class=\"_ _4\"></span>ti e de<span class=\"_ _4\"></span>rivanti dalle n<span class=\"_ _4\"></span>ormali ope<span class=\"_ _4\"></span>raz<span class=\"_ _4\"></span>ioni comme<span class=\"_ _4\"></span>rciali o da attiv<span class=\"_ _4\"></span>it\u00e0 di f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to, impiego e co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>ei risc<span class=\"_ _4\"></span>hi. </span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei ris<span class=\"_ _4\"></span>chi di tipo f<span class=\"_ _4\"></span>inanziario v<span class=\"_ _4\"></span>iene ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulla ba<span class=\"_ _4\"></span>se di line<span class=\"_ _4\"></span>e guida dete<span class=\"_ _4\"></span>rminate dalla Capog<span class=\"_ _4\"></span>ruppo, </span><span style=\"display:inherit;clear:left;\">nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to deg<span class=\"_ _4\"></span>li obiet<span class=\"_ _4\"></span>tivi d<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>initi a livello ce<span class=\"_ _4\"></span>ntrale dal Co<span class=\"_ _4\"></span>nsiglio di Ammini<span class=\"_ _4\"></span>stra<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Ci\u00f2 cons<span class=\"_ _4\"></span>ente di contro<span class=\"_ _4\"></span>llare e </span><span style=\"display:inherit;clear:left;\">di coordinare l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 delle s<span class=\"_ _4\"></span>ingole so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate, anche at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di pianif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione e co<span class=\"_ _4\"></span>ntrollo </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziario pi\u00f9 ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icac<span class=\"_ _4\"></span>e, di monitor<span class=\"_ _4\"></span>are in mod<span class=\"_ _4\"></span>o siste<span class=\"_ _4\"></span>matico i live<span class=\"_ _4\"></span>lli di esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one ai rischi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari del Gr<span class=\"_ _4\"></span>uppo e </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>andamento di t<span class=\"_ _4\"></span>eso<span class=\"_ _4\"></span>reria, di fornire utili in<span class=\"_ _4\"></span>dicaz<span class=\"_ _4\"></span>ioni per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _4\"></span>timiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e dei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti con gli is<span class=\"_ _4\"></span>tituti di </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>o di riferiment<span class=\"_ _4\"></span>o. Sec<span class=\"_ _4\"></span>ondo t<span class=\"_ _4\"></span>ali diretti<span class=\"_ _4\"></span>ve, il Grupp<span class=\"_ _4\"></span>o pre<span class=\"_ _4\"></span>sidia in maniera s<span class=\"_ _4\"></span>pecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i singoli ris<span class=\"_ _4\"></span>chi fi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari, inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venen<span class=\"_ _4\"></span>do con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di mitigarn<span class=\"_ _4\"></span>e il relativo impat<span class=\"_ _4\"></span>to, anche att<span class=\"_ _4\"></span>ravers<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo di strum<span class=\"_ _4\"></span>enti der<span class=\"_ _4\"></span>ivati. </span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivat<span class=\"_ _4\"></span>i sono utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati ai so<span class=\"_ _4\"></span>li fini di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>. In applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i principi IFR<span class=\"_ _4\"></span>S alcuni deri<span class=\"_ _4\"></span>vati son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cati come di n<span class=\"_ _4\"></span>egoziazio<span class=\"_ _4\"></span>ne ancorch\u00e9 sian<span class=\"_ _4\"></span>o stati s<span class=\"_ _4\"></span>tipulati co<span class=\"_ _4\"></span>n esclu<span class=\"_ _4\"></span>siva f<span class=\"_ _4\"></span>inalit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie s<span class=\"_ _4\"></span>ono prev<span class=\"_ _4\"></span>alente<span class=\"_ _4\"></span>mente cos<span class=\"_ _4\"></span>tituite da de<span class=\"_ _4\"></span>biti comm<span class=\"_ _4\"></span>erciali e da debit<span class=\"_ _4\"></span>i vers<span class=\"_ _4\"></span>o banche e altr<span class=\"_ _4\"></span>i debiti </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari, oltre alla p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> in s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o all<span class=\"_ _4\"></span>\u2019introdu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l principio co<span class=\"_ _4\"></span>ntabile IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. La ges<span class=\"_ _4\"></span>tione di t<span class=\"_ _4\"></span>ali </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 \u00e8 princip<span class=\"_ _4\"></span>almente f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a al f<span class=\"_ _4\"></span>inanziamento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po.</span><span style=\"display:inherit;clear:left;\">Rischio di tasso</span><span style=\"display:inherit;clear:left;\">Le oscilla<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>sse di m<span class=\"_ _4\"></span>ercato inf<span class=\"_ _4\"></span>luisco<span class=\"_ _4\"></span>no sul live<span class=\"_ _4\"></span>llo degli on<span class=\"_ _4\"></span>eri f<span class=\"_ _4\"></span>inanziari ne<span class=\"_ _4\"></span>tti e sul v<span class=\"_ _4\"></span>alore di me<span class=\"_ _4\"></span>rcato </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie.</span><span style=\"display:inherit;clear:left;\">Il rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so d<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se si pu<span class=\"_ _4\"></span>\u00f2 classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>are in:</span><span style=\"display:inherit;clear:left;\">\u2022  <span class=\"_ _161\"></span><span class=\"ff5f ws8e\">flow risk<span class=\"ff5c\">, che s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce alla variabilit<span class=\"_ _4\"></span>\u00e0 degli imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di interes<span class=\"_ _4\"></span>si att<span class=\"_ _4\"></span>ivi e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi inc<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ati e pagati a s<span class=\"_ _4\"></span>eguito de<span class=\"_ _4\"></span>i movi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">menti n<span class=\"_ _4\"></span>ei livelli de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato;</span><span style=\"display:inherit;clear:left;\">\u2022  <span class=\"_ _161\"></span><span class=\"ff5f ls5b ws15a\">price risk<span class=\"ff5c ls3 ws111\">, relati<span class=\"_ _4\"></span>vo alla sens<span class=\"_ _4\"></span>ibilit\u00e0 de<span class=\"_ _4\"></span>l valore di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 alle variaz<span class=\"_ _4\"></span>ioni del li<span class=\"_ _4\"></span>vello dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di </span></span></span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse (si riferi<span class=\"_ _4\"></span>sce ad at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 o pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 a t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o f<span class=\"_ _4\"></span>iss<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo \u00e8 princ<span class=\"_ _4\"></span>ipalmente e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to al <span class=\"ff5f\">f<span class=\"_ _4\"></span>low risk</span>, o ris<span class=\"_ _4\"></span>chio di flu<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, cio\u00e8 al rischi<span class=\"_ _4\"></span>o di conse<span class=\"_ _4\"></span>guire a </span><span style=\"display:inherit;clear:left;\">conto e<span class=\"_ _4\"></span>conomico un aum<span class=\"_ _4\"></span>ento dei co<span class=\"_ _4\"></span>sti f<span class=\"_ _4\"></span>inanziari p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to di una variaz<span class=\"_ _4\"></span>ione sf<span class=\"_ _4\"></span>avorevole de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di inter<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>e. Le s<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano riso<span class=\"_ _4\"></span>rse f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie di ter<span class=\"_ _4\"></span>zi princip<span class=\"_ _4\"></span>almente sot<span class=\"_ _4\"></span>to forma di de<span class=\"_ _4\"></span>bito banc<span class=\"_ _4\"></span>ario rego<span class=\"_ _4\"></span>lato a tas<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">variabile e impi<span class=\"_ _4\"></span>egano la liqui<span class=\"_ _4\"></span>dit\u00e0 disp<span class=\"_ _4\"></span>onibile pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente in s<span class=\"_ _4\"></span>trumenti di m<span class=\"_ _4\"></span>ercato m<span class=\"_ _4\"></span>onet<span class=\"_ _4\"></span>ario. V<span class=\"_ _1\"></span>ariazio<span class=\"_ _4\"></span>ni nei t<span class=\"_ _4\"></span>assi </span><span style=\"display:inherit;clear:left;\">di intere<span class=\"_ _4\"></span>sse di m<span class=\"_ _4\"></span>ercato inci<span class=\"_ _4\"></span>dono so<span class=\"_ _4\"></span>lo sul cos<span class=\"_ _4\"></span>to dei f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamenti e sul re<span class=\"_ _4\"></span>ndimento de<span class=\"_ _4\"></span>lle forme di impie<span class=\"_ _4\"></span>go e quindi sul </span><span style=\"display:inherit;clear:left;\">livello d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri e dei p<span class=\"_ _4\"></span>roventi f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o, e non anche sul loro <span class=\"ff5f\">fair value</span><span class=\"ls0\">.</span></span><span style=\"display:inherit;clear:left;\">La po<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne debit<span class=\"_ _4\"></span>oria onero<span class=\"_ _4\"></span>sa \u00e8 rapp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a da finan<span class=\"_ _4\"></span>ziamenti a t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o variabile a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e. Il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inde<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bitam<span class=\"_ _4\"></span>ento banc<span class=\"_ _4\"></span>ario \u00e8 parame<span class=\"_ _4\"></span>trato al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di mercato (<span class=\"_ _5\"></span>gene<span class=\"_ _4\"></span>ralmente e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r o il tas<span class=\"_ _4\"></span>so di rifer<span class=\"_ _4\"></span>imento sul </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato interbanc<span class=\"_ _4\"></span>ario sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ico de<span class=\"_ _4\"></span>lla valuta in cui il f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento \u00e8 deno<span class=\"_ _4\"></span>minato<span class=\"_ _2\"></span>) di p<span class=\"_ _4\"></span>eriod<span class=\"_ _4\"></span>o pi\u00f9 uno <span class=\"ff5f ws5d\">spread</span><span class=\"ls4 ws84\"> ch<span class=\"_ _4\"></span>e di<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">pen<span class=\"_ _4\"></span>de dalla tipol<span class=\"_ _4\"></span>ogia di linea di cre<span class=\"_ _4\"></span>dito utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata. G<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi var<span class=\"_ _4\"></span>iano da un giorno a<span class=\"_ _4\"></span>d un massim<span class=\"_ _4\"></span>o inferiore ad un anno; </span><span style=\"display:inherit;clear:left;\">il per<span class=\"_ _4\"></span>iodo di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se e il parame<span class=\"_ _4\"></span>tro di merc<span class=\"_ _4\"></span>ato applicato (euribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>), non sup<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o i dodici me<span class=\"_ _4\"></span>si. I marg<span class=\"_ _4\"></span>ini </span><span style=\"display:inherit;clear:left;\">applic<span class=\"_ _4\"></span>ati sono par<span class=\"_ _4\"></span>agonabili ai migliori <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls0 ws5\"> di m<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>at<span class=\"_ _4\"></span>o. </span></span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono in giace<span class=\"_ _4\"></span>nza pr<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o conti co<span class=\"_ _4\"></span>rrenti o impie<span class=\"_ _4\"></span>gate in ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di <span class=\"ff5f ls9 ws16c\">time deposit<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws11d\"> a breve te<span class=\"_ _4\"></span>rmine </span></span></span><span style=\"display:inherit;clear:left;\">aper<span class=\"_ _4\"></span>ti c<span class=\"_ _4\"></span>on le banche di re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne che gene<span class=\"_ _4\"></span>ralmente p<span class=\"_ _4\"></span>rendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do o il </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della v<span class=\"_ _4\"></span>aluta in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato, in strut<span class=\"_ _4\"></span>ture di </span><span style=\"display:inherit;clear:left;\">cash po<span class=\"_ _4\"></span>oling<span class=\"ff5c\"> o in pres<span class=\"_ _4\"></span>titi </span><span class=\"ls5a wsd4\">int<span class=\"_ _4\"></span>erco<span class=\"_ _4\"></span>mpa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa\">, regolat<span class=\"_ _4\"></span>i a condizi<span class=\"_ _4\"></span>oni corrent<span class=\"_ _4\"></span>i di mercato, f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a contene<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>izion<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo ve<span class=\"_ _4\"></span>rso il si<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ma bancario, il ri<span class=\"_ _4\"></span>schio di controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e e l<span class=\"_ _4\"></span>\u2019incide<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>egli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari.</span><span style=\"display:inherit;clear:left;\">La so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>rata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span>e della propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, \u00e8 </span><span style=\"display:inherit;clear:left;\">inoltre e<span class=\"_ _4\"></span>ntrata ne<span class=\"_ _4\"></span>l 2022 in un inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo po<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>za Ram<span class=\"_ _4\"></span>o I prontam<span class=\"_ _4\"></span>ente liquidabile<span class=\"_ _4\"></span>, nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2023 in </span><span style=\"display:inherit;clear:left;\">un inves<span class=\"_ _4\"></span>timento in tit<span class=\"_ _4\"></span>oli di st<span class=\"_ _4\"></span>ato italiani di breve t<span class=\"_ _4\"></span>ermine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>soro<span class=\"_ _1\"></span>) e nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4 in un inve<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stim<span class=\"_ _4\"></span>ento as<span class=\"_ _4\"></span>sicurativo p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a multiramo pront<span class=\"_ _4\"></span>amente li<span class=\"_ _4\"></span>quidabile.</span><span style=\"display:inherit;clear:left;\">Nell<span class=\"_ _4\"></span>\u2019ambito della comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a politic<span class=\"_ _4\"></span>a di ottimi<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e, vie<span class=\"_ _4\"></span>ne ricerc<span class=\"_ _4\"></span>ato un equilibrio t<span class=\"_ _4\"></span>ra so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 con ecc<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>si di liquidit\u00e0 r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to ad altr<span class=\"_ _4\"></span>e con fabbi<span class=\"_ _4\"></span>sogni f<span class=\"_ _4\"></span>inanziari, r<span class=\"_ _4\"></span>icorren<span class=\"_ _4\"></span>do alle forme di f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamento me<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">onerose. </span><span style=\"display:inherit;clear:left;\">La se<span class=\"_ _4\"></span>nsibilit<span class=\"_ _4\"></span>\u00e0 al rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so \u00e8 monito<span class=\"_ _4\"></span>rata a live<span class=\"_ _4\"></span>llo di Grupp<span class=\"_ _4\"></span>o tene<span class=\"_ _4\"></span>ndo opp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tunamente in co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>one l<span class=\"_ _4\"></span>\u2019espos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o una ges<span class=\"_ _4\"></span>tione co<span class=\"_ _4\"></span>ordinata de<span class=\"_ _4\"></span>l debito e d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0 disponibil<span class=\"_ _4\"></span>e e delle re<span class=\"_ _4\"></span>lative sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ze. A<span class=\"_ _4\"></span>lla data del bilan<span class=\"_ _4\"></span>cio non son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari deri<span class=\"_ _4\"></span>vati di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e, </span><span style=\"display:inherit;clear:left;\">volti a tr<span class=\"_ _4\"></span>asformare l<span class=\"_ _5\"></span>\u2019inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>nto da variabile a f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>so, n\u00e9 il Gr<span class=\"_ _4\"></span>uppo ne ha fat<span class=\"_ _4\"></span>to utiliz<span class=\"_ _4\"></span>zo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 al rischio di t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o cui \u00e8 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to il Grupp<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta p<span class=\"_ _4\"></span>rende<span class=\"_ _4\"></span>ndo in con<span class=\"_ _4\"></span>sider<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e le par<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tite di bilancio ch<span class=\"_ _4\"></span>e originano inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si regolati a t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so variabil<span class=\"_ _4\"></span>e e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando incre<span class=\"_ _4\"></span>menti o de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nti paralle<span class=\"_ _4\"></span>li nelle </span><span style=\"display:inherit;clear:left;\">cur<span class=\"_ _4\"></span>ve dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di riferime<span class=\"_ _4\"></span>nto per s<span class=\"_ _4\"></span>ingola valut<span class=\"_ _4\"></span>a propor<span class=\"_ _4\"></span>zionali alla ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a volatilit\u00e0 annua os<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vata sul m<span class=\"_ _4\"></span>ercato. Il </span><span style=\"display:inherit;clear:left;\">risult<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>\u2019analisi ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a con riferim<span class=\"_ _4\"></span>ento ai fatt<span class=\"_ _4\"></span>ori di rischi<span class=\"_ _4\"></span>o gener<span class=\"_ _4\"></span>anti esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ioni signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span>cur<span class=\"_ _4\"></span>ve de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse in R<span class=\"_ _4\"></span>enmimbi cine<span class=\"_ _4\"></span>se, Euro, Dollaro di H<span class=\"_ _4\"></span>ong Kong, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Patac<span class=\"_ _4\"></span>a di Macao, D<span class=\"_ _4\"></span>ollaro mes<span class=\"_ _4\"></span>sican<span class=\"_ _4\"></span>o, Dol<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">laro di Singapo<span class=\"_ _4\"></span>re e Dollaro me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano<span class=\"_ _1\"></span>) ha mos<span class=\"_ _4\"></span>trato pote<span class=\"_ _4\"></span>nziali p<span class=\"_ _4\"></span>erdite o utili a co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico di Euro 396 migliaia, </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ate con pote<span class=\"_ _4\"></span>nziali p<span class=\"_ _4\"></span>erdite o utili a conto e<span class=\"_ _4\"></span>cono<span class=\"_ _4\"></span>mico di Euro 1<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span><span style=\"display:inherit;clear:left;\">La po<span class=\"_ _4\"></span>ssib<span class=\"_ _4\"></span>ile variazi<span class=\"_ _4\"></span>one in se<span class=\"_ _4\"></span>nso favore<span class=\"_ _4\"></span>vole o sf<span class=\"_ _4\"></span>avorevole de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di rife<span class=\"_ _4\"></span>rimento di me<span class=\"_ _4\"></span>rcato continua a<span class=\"_ _4\"></span>d avere un </span><span style=\"display:inherit;clear:left;\">impatto p<span class=\"_ _4\"></span>oco sig<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>ativo sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico di G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di v<span class=\"_ _4\"></span>ariazione d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in valute dive<span class=\"_ _4\"></span>rse dalla v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nominaz<span class=\"_ _4\"></span>ione di conto. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, \u00e8 po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are il rischio di c<span class=\"_ _4\"></span>ambio sulla ba<span class=\"_ _4\"></span>se della natura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e degli impa<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ti che determin<span class=\"_ _1\"></span>a:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>sul risult<span class=\"_ _4\"></span>ato ec<span class=\"_ _4\"></span>onomico, pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella diver<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativ<span class=\"_ _4\"></span>it\u00e0 di cos<span class=\"_ _4\"></span>ti e ric<span class=\"_ _4\"></span>avi in valut<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al mo<span class=\"_ _4\"></span>mento in cui </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>tate d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>e le condiz<span class=\"_ _4\"></span>ioni di pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo (<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ischio e<span class=\"_ _4\"></span>conomico) e per ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di crediti e d<span class=\"_ _4\"></span>ebiti </span><span style=\"display:inherit;clear:left;\">comme<span class=\"_ _4\"></span>rciali o f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>nominati in v<span class=\"_ _4\"></span>aluta (rischio tr<span class=\"_ _4\"></span>ansat<span class=\"_ _4\"></span>tivo)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato, risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico e patrimonio n<span class=\"_ _4\"></span>etto, p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di azie<span class=\"_ _4\"></span>nde che re<span class=\"_ _4\"></span>digono il bilancio c<span class=\"_ _4\"></span>on monet<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa da quella fun<span class=\"_ _4\"></span>zionale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">traslativo<span class=\"_ _2\"></span>).</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra a livello inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nale ed \u00e8 quindi e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sto ai ris<span class=\"_ _4\"></span>chi deri<span class=\"_ _4\"></span>vanti dalle f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio, ch<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">hanno rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico e s<span class=\"_ _4\"></span>ul valore de<span class=\"_ _4\"></span>l patrimonio n<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>a funz<span class=\"_ _4\"></span>ionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei dati f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro. </span><span style=\"display:inherit;clear:left;\">Per le so<span class=\"_ _4\"></span>ciet\u00e0 la cui di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a di rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Bilancio \u00e8 di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa dalla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po, se<span class=\"_ _4\"></span>condo </span><span style=\"display:inherit;clear:left;\">quanto det<span class=\"_ _4\"></span>tato dai p<span class=\"_ _4\"></span>rincipi IFR<span class=\"_ _4\"></span>S:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>i conti e<span class=\"_ _4\"></span>conomici ve<span class=\"_ _4\"></span>ngono conve<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iti in euro al camb<span class=\"_ _4\"></span>io medio di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do; a parit\u00e0 di ric<span class=\"_ _4\"></span>avi e marg<span class=\"_ _4\"></span>ini in divis<span class=\"_ _4\"></span>a loc<span class=\"_ _4\"></span>ale, </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ioni dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io pos<span class=\"_ _4\"></span>sono c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>are effe<span class=\"_ _4\"></span>tti sul c<span class=\"_ _4\"></span>ontrovalore in e<span class=\"_ _4\"></span>uro dei ric<span class=\"_ _4\"></span>avi, dei co<span class=\"_ _4\"></span>sti e de<span class=\"_ _4\"></span>i risul<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati economici<span class=\"_ _2\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 vengon<span class=\"_ _4\"></span>o conver<span class=\"_ _4\"></span>tite in euro al c<span class=\"_ _4\"></span>ambio di f<span class=\"_ _4\"></span>ine pe<span class=\"_ _4\"></span>riodo e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sono as<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>re controvalo<span class=\"_ _4\"></span>ri </span><span style=\"display:inherit;clear:left;\">diver<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i cambi. T<span class=\"_ _2\"></span>ale var<span class=\"_ _4\"></span>iazione ha e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to a patrim<span class=\"_ _4\"></span>onio nett<span class=\"_ _4\"></span>o, dove \u00e8 riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>i<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a nella voce \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, e vien<span class=\"_ _4\"></span>e rilevat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. </span><span style=\"display:inherit;clear:left;\">Oltre ag<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>soluti, anch<span class=\"_ _4\"></span>e gli indici di bilancio p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono var<span class=\"_ _4\"></span>iare, se le pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zioni tr<span class=\"_ _4\"></span>a utile, att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to e patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o nelle var<span class=\"_ _4\"></span>ie valute camb<span class=\"_ _4\"></span>iano per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle variazi<span class=\"_ _4\"></span>oni nei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambi<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>olitica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o coprir<span class=\"_ _4\"></span>si a fronte de<span class=\"_ _4\"></span>lla propria e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di c<span class=\"_ _4\"></span>ambio tra<span class=\"_ _4\"></span>slativo. </span><span style=\"display:inherit;clear:left;\">Obiet<span class=\"_ _4\"></span>tivo d<span class=\"_ _4\"></span>ella politi<span class=\"_ _4\"></span>ca di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio \u00e8 la minimiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei rischi di c<span class=\"_ _4\"></span>ambio ec<span class=\"_ _4\"></span>onomico e tr<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sat<span class=\"_ _4\"></span>tivo, cio\u00e8 de<span class=\"_ _4\"></span>i rischi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalla pos<span class=\"_ _4\"></span>sibilit\u00e0 che l<span class=\"_ _4\"></span>e parit\u00e0 v<span class=\"_ _4\"></span>alutarie s<span class=\"_ _4\"></span>i modif<span class=\"_ _4\"></span>ichino in se<span class=\"_ _4\"></span>nso s<span class=\"_ _4\"></span>favorevol<span class=\"_ _4\"></span>e nel pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">intercorr<span class=\"_ _4\"></span>ente tra il mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>rge la prev<span class=\"_ _4\"></span>ision<span class=\"_ _4\"></span>e di un impegn<span class=\"_ _4\"></span>o a pagare o di un diritt<span class=\"_ _4\"></span>o a incas<span class=\"_ _4\"></span>sare di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019euro per una dat<span class=\"_ _4\"></span>a futura (def<span class=\"_ _4\"></span>inizione <span class=\"ff5f ls56 ws7\">b<span class=\"_ _4\"></span>udget</span><span class=\"ls9 wsc7\">, fissa<span class=\"_ _4\"></span>zione del listin<span class=\"_ _1\"></span>o, predisposizione ord<span class=\"_ _1\"></span>ine<span class=\"_ _2\"></span>), la registrazione del </span></span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nto contab<span class=\"_ _4\"></span>ile (fatturaz<span class=\"_ _4\"></span>ione) e il momento in cui l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>cas<span class=\"_ _4\"></span>so o il pagam<span class=\"_ _4\"></span>ento ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte si manifes<span class=\"_ _4\"></span>ta, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">neran<span class=\"_ _4\"></span>do un ef<span class=\"_ _4\"></span>fetto in t<span class=\"_ _4\"></span>ermini di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze cambio, con imp<span class=\"_ _4\"></span>atto a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. In continuit\u00e0 c<span class=\"_ _4\"></span>on la politic<span class=\"_ _4\"></span>a di </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ad<span class=\"_ _4\"></span>ottat<span class=\"_ _4\"></span>a neg<span class=\"_ _4\"></span>li ultimi anni, il Gruppo ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>sce il ris<span class=\"_ _4\"></span>chio di cambio de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ante dalla propria </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>ommerciale<span class=\"_ _4\"></span>, coere<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte a quanto dispo<span class=\"_ _4\"></span>sto dalla <span class=\"ff5f ls4 ws3\">po<span class=\"_ _4\"></span>licy</span> di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io e dagli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente def<span class=\"_ _4\"></span>initi a live<span class=\"_ _4\"></span>llo central<span class=\"_ _4\"></span>e, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o la cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">merciali de<span class=\"_ _4\"></span>rivanti dalle ve<span class=\"_ _4\"></span>ndite pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e in divis<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se dall<span class=\"_ _4\"></span>\u2019euro, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di mitig<span class=\"_ _4\"></span>are il rischio di v<span class=\"_ _4\"></span>ariabilit\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">margine at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>o, deriv<span class=\"_ _4\"></span>ante dalle vendit<span class=\"_ _4\"></span>e relative alle f<span class=\"_ _4\"></span>uture colle<span class=\"_ _4\"></span>zioni. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o oper<span class=\"_ _4\"></span>a in misura signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativa sui m<span class=\"_ _4\"></span>ercati inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nali anche attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o societ<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciali loc<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zate </span><span style=\"display:inherit;clear:left;\">in pae<span class=\"_ _4\"></span>si che utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano valute di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019Euro, princip<span class=\"_ _4\"></span>almente Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e Renmimbi cine<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 le p<span class=\"_ _4\"></span>ercentuali di ri<span class=\"_ _4\"></span>cavi net<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>nominati in Dollari am<span class=\"_ _4\"></span>ericani s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">pari a circa il 33%<span class=\"_ _4\"></span>, in Renmimbi cine<span class=\"_ _4\"></span>si a circa il 10%<span class=\"_ _4\"></span>, in Y<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 6%, in Won sud<span class=\"_ _4\"></span>-c<span class=\"_ _4\"></span>oreani a circa il 5% </span><span style=\"display:inherit;clear:left;\">ed in Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssic<span class=\"_ _4\"></span>ani a circa il 5%. N<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 2023, la pe<span class=\"_ _4\"></span>rcentuale dei r<span class=\"_ _4\"></span>icavi n<span class=\"_ _4\"></span>etti re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">dalla Soci<span class=\"_ _4\"></span>et\u00e0 in Do<span class=\"_ _4\"></span>llari americ<span class=\"_ _4\"></span>ani sono s<span class=\"_ _4\"></span>tate p<span class=\"_ _4\"></span>ari a circa il 3<span class=\"_ _2\"></span>1%, in Renmimbi cin<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 9%<span class=\"_ _4\"></span>, in Won sud-<span class=\"_ _4\"></span>coreani </span><span style=\"display:inherit;clear:left;\">a circa il 6%<span class=\"_ _4\"></span>, in Pes<span class=\"_ _4\"></span>o mes<span class=\"_ _4\"></span>sicani a circ<span class=\"_ _4\"></span>a il 6% ed in Y<span class=\"_ _2\"></span>en g<span class=\"_ _4\"></span>iappone<span class=\"_ _4\"></span>si a circa il 5%<span class=\"_ _4\"></span>. I rischi di v<span class=\"_ _4\"></span>aluta orig<span class=\"_ _4\"></span>inano principal<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente dalle e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 in Dollari ame<span class=\"_ _4\"></span>ricani, Re<span class=\"_ _4\"></span>nminbi cinesi, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi, Won sud<span class=\"_ _4\"></span>-co<span class=\"_ _4\"></span>reani e </span><span style=\"display:inherit;clear:left;\">Pes<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>essica<span class=\"_ _2\"></span>ni.</span><span style=\"display:inherit;clear:left;\">In un proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di ricerc<span class=\"_ _4\"></span>a di semp<span class=\"_ _4\"></span>re mag<span class=\"_ _4\"></span>giore ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e di un pi\u00f9 puntuale pre<span class=\"_ _4\"></span>sidio d<span class=\"_ _4\"></span>ei rischi, la ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one del ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">di cambio \u00e8 a<span class=\"_ _4\"></span>ccentrat<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>so la C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. I tra<span class=\"_ _4\"></span>sferim<span class=\"_ _4\"></span>enti one<span class=\"_ _4\"></span>rosi di me<span class=\"_ _4\"></span>rce alle so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate vengono re<span class=\"_ _4\"></span>go<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lati dirett<span class=\"_ _4\"></span>amente n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a del Pae<span class=\"_ _4\"></span>se in cui op<span class=\"_ _4\"></span>erano e ve<span class=\"_ _4\"></span>ndono. In re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne al proprio m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, il G<span class=\"_ _4\"></span>rup<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po so<span class=\"_ _4\"></span>stie<span class=\"_ _4\"></span>ne una par<span class=\"_ _4\"></span>te signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va dei c<span class=\"_ _4\"></span>osti in e<span class=\"_ _4\"></span>uro (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>lativi alla pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e e alla ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>lla strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">Cor<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>orat<span class=\"_ _4\"></span>e<span class=\"ff5c ls3 ws81\">) mentre i ric<span class=\"_ _4\"></span>avi e i cos<span class=\"_ _4\"></span>ti reg<span class=\"_ _4\"></span>istrat<span class=\"_ _4\"></span>i dalle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente n<span class=\"_ _4\"></span>elle valute l<span class=\"_ _4\"></span>ocali </span></span><span style=\"display:inherit;clear:left;\">dei ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i mercati di r<span class=\"_ _4\"></span>iferimento. In p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>icolare, il G<span class=\"_ _4\"></span>ruppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di cambio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019Euro </span><span style=\"display:inherit;clear:left;\">nei co<span class=\"_ _4\"></span>nfronti del D<span class=\"_ _4\"></span>ollaro americ<span class=\"_ _4\"></span>ano, in rela<span class=\"_ _4\"></span>zione sia alle ve<span class=\"_ _4\"></span>ndite in Do<span class=\"_ _4\"></span>llari ef<span class=\"_ _4\"></span>fettuate sul m<span class=\"_ _4\"></span>ercato no<span class=\"_ _4\"></span>rdameric<span class=\"_ _4\"></span>ano, sia </span><span style=\"display:inherit;clear:left;\">ancora s<span class=\"_ _4\"></span>u un circoscrit<span class=\"_ _4\"></span>to numero di m<span class=\"_ _4\"></span>ercati, pr<span class=\"_ _4\"></span>evale<span class=\"_ _4\"></span>ntemente a<span class=\"_ _4\"></span>siatici. In ques<span class=\"_ _4\"></span>to conte<span class=\"_ _4\"></span>sto, il Gr<span class=\"_ _4\"></span>uppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riazio<span class=\"_ _4\"></span>ne dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute in cui s<span class=\"_ _4\"></span>ono den<span class=\"_ _4\"></span>ominate le vendit<span class=\"_ _4\"></span>e, che si tr<span class=\"_ _4\"></span>aduce ne<span class=\"_ _4\"></span>l rischio ch<span class=\"_ _4\"></span>e il controvalor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in Euro dei ric<span class=\"_ _4\"></span>avi dete<span class=\"_ _4\"></span>rminato al mome<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so non sia s<span class=\"_ _4\"></span>uff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a coprire i co<span class=\"_ _4\"></span>sti di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e o comunque </span><span style=\"display:inherit;clear:left;\">a cons<span class=\"_ _4\"></span>eguire il marg<span class=\"_ _4\"></span>ine obiet<span class=\"_ _4\"></span>tivo. T<span class=\"_ _2\"></span>ale ris<span class=\"_ _4\"></span>chio \u00e8 acce<span class=\"_ _4\"></span>ntuato per il ril<span class=\"_ _4\"></span>evante inter<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>allo temp<span class=\"_ _4\"></span>orale  che inte<span class=\"_ _4\"></span>rcorre  tr<span class=\"_ _4\"></span>a  il </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in  cui vengono f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>sati i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ve<span class=\"_ _4\"></span>ndita di una co<span class=\"_ _4\"></span>llezi<span class=\"_ _4\"></span>one ed il mo<span class=\"_ _4\"></span>mento in cui i ric<span class=\"_ _4\"></span>avi vengo<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>titi in </span><span style=\"display:inherit;clear:left;\">Euro, che si es<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e fino a di<span class=\"_ _4\"></span>ciotto me<span class=\"_ _4\"></span>si.</span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o (in quanto societ<span class=\"_ _4\"></span>\u00e0 di pro<span class=\"_ _4\"></span>duzione) stipula co<span class=\"_ _4\"></span>ntratti di ve<span class=\"_ _4\"></span>ndita a t<span class=\"_ _4\"></span>ermine di valut<span class=\"_ _4\"></span>a oppure o<span class=\"_ _4\"></span>pzioni, atti </span><span style=\"display:inherit;clear:left;\">a def<span class=\"_ _4\"></span>inire anticipatam<span class=\"_ _4\"></span>ente il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di conver<span class=\"_ _4\"></span>sione, o un r<span class=\"_ _4\"></span>ange pred<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o di tas<span class=\"_ _4\"></span>si di conver<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e, a date future con un </span><span style=\"display:inherit;clear:left;\">oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale mas<span class=\"_ _4\"></span>simo att<span class=\"_ _4\"></span>eso di 24 mesi. Si n<span class=\"_ _4\"></span>ota che ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi in e<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o il rischio di </span><span style=\"display:inherit;clear:left;\">cambio qua<span class=\"_ _4\"></span>si es<span class=\"_ _4\"></span>clusiv<span class=\"_ _4\"></span>amente con ve<span class=\"_ _4\"></span>ndite di valut<span class=\"_ _4\"></span>a a termin<span class=\"_ _4\"></span>e tramite contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">for<span class=\"_ _4\"></span>ward<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">A tale f<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>, in funzio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e e delle co<span class=\"_ _4\"></span>ndizioni di m<span class=\"_ _4\"></span>ercato, vengo<span class=\"_ _4\"></span>no stipulate<span class=\"_ _4\"></span>, prima de<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione de<span class=\"_ _4\"></span>i li<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stini di ve<span class=\"_ _4\"></span>ndita, e c<span class=\"_ _4\"></span>omunque non olt<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>ella campag<span class=\"_ _4\"></span>na vendite<span class=\"_ _4\"></span>, cope<span class=\"_ _4\"></span>rture p<span class=\"_ _4\"></span>er un ammont<span class=\"_ _4\"></span>are gene<span class=\"_ _4\"></span>ralmente </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a il 50% e il 9<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>% delle pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ni di vendite in va<span class=\"_ _4\"></span>luta, p<span class=\"_ _4\"></span>ercentuale c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa e non s<span class=\"_ _4\"></span>ulla singola valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera. N<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla fis<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l listin<span class=\"_ _4\"></span>o, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare dell<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rture </span><span style=\"display:inherit;clear:left;\">in es<span class=\"_ _4\"></span>sere v<span class=\"_ _4\"></span>iene inte<span class=\"_ _4\"></span>grato in re<span class=\"_ _4\"></span>lazione ag<span class=\"_ _4\"></span>li ordini ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>cquisiti e m<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>i in produ<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. In tal mo<span class=\"_ _4\"></span>do la soci<span class=\"_ _4\"></span>et\u00e0 </span><span style=\"display:inherit;clear:left;\">ricon<span class=\"_ _4\"></span>duce il rischio c<span class=\"_ _4\"></span>ommerciale al s<span class=\"_ _4\"></span>olo ris<span class=\"_ _4\"></span>chio deri<span class=\"_ _4\"></span>vante dai volumi di vendit<span class=\"_ _4\"></span>a e non anch<span class=\"_ _4\"></span>e a quello der<span class=\"_ _4\"></span>ivante dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">All<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sopr<span class=\"_ _4\"></span>a des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a, si ag<span class=\"_ _4\"></span>giunge quella re<span class=\"_ _4\"></span>siduale di alcun<span class=\"_ _4\"></span>e controllate as<span class=\"_ _4\"></span>iatiche e latino<span class=\"_ _4\"></span>-americ<span class=\"_ _4\"></span>ane che ef<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fettuan<span class=\"_ _4\"></span>o acquist<span class=\"_ _4\"></span>i di merce in D<span class=\"_ _4\"></span>ollari ameri<span class=\"_ _4\"></span>cani o in Euro e vendo<span class=\"_ _4\"></span>no nella valut<span class=\"_ _4\"></span>a del Pa<span class=\"_ _4\"></span>ese in cui op<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o. I valori de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>ti coinvolti s<span class=\"_ _4\"></span>ono signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte inferiori ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to a quelli de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span>gruppo. </span><span style=\"display:inherit;clear:left;\">Inoltre il G<span class=\"_ _4\"></span>ruppo cont<span class=\"_ _4\"></span>rolla e copre l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one deri<span class=\"_ _4\"></span>vante dalla varia<span class=\"_ _4\"></span>zione di val<span class=\"_ _4\"></span>ore, a se<span class=\"_ _4\"></span>guito de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni dei </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di cambio, di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa da que<span class=\"_ _4\"></span>lla di conto della s<span class=\"_ _4\"></span>ingola Soci<span class=\"_ _4\"></span>et\u00e0, che </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o  determinare e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti sul co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico (<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ipicame<span class=\"_ _4\"></span>nte rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i di debito<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>credit<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario <span class=\"ff5f ls5a wsd4\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany</span><span class=\"ls0 ws0\">), </span></span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari, la cui cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo i princip<span class=\"_ _4\"></span>i IFRS se<span class=\"_ _4\"></span>gue le re<span class=\"_ _4\"></span>gole del <span class=\"ff5f\">fair value he<span class=\"_ _4\"></span>dge</span><span class=\"ls0 ws0\">: </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vanti dalle suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>oni del val<span class=\"_ _4\"></span>ore corre<span class=\"_ _4\"></span>nte dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a sono ril<span class=\"_ _4\"></span>evati </span><span style=\"display:inherit;clear:left;\">a conto e<span class=\"_ _4\"></span>conomico, co<span class=\"_ _4\"></span>me pure l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a sulla po<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le relaz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura dell<span class=\"_ _4\"></span>e future trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra della C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo (<span class=\"_ _1\"></span>qualific<span class=\"_ _4\"></span>abili ai f<span class=\"_ _4\"></span>ini IFRS come <span class=\"ff5f ls0 ws0\">c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>h </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>low hedge<span class=\"ff5c ls3 ws0\">) sono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le rego<span class=\"_ _4\"></span>le dell<span class=\"_ _4\"></span>\u2019</span><span class=\"ls68 wscc\">hedge accounting<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito le mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023:</span><span style=\"display:inherit;clear:left;\">Rischio di Cambio</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _2df\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Saldo iniziale<span class=\"_ _c\"> </span>5.552<span class=\"_ _78\"> </span>9.495</span><span style=\"display:inherit;clear:left;\"> + incrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia positiva<span class=\"_ _125\"> </span>4.535<span class=\"_ _2d7\"> </span>15.707</span><span style=\"display:inherit;clear:left;\"> - decrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia negativa<span class=\"_ _1a\"> </span>(12.226)<span class=\"_ _1f2\"> </span>(2.805)</span><span style=\"display:inherit;clear:left;\"> -  <span class=\"_ _45\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _1\"></span>a Riserva di <span class=\"ff64\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedge<span class=\"ff61\">  </span></span></span><span style=\"display:inherit;clear:left;\">(6.765)<span class=\"_ _1f1\"> </span>(20.219)</span><span style=\"display:inherit;clear:left;\">ed imputazione di pro<span class=\"_ _1\"></span>vento a CE</span><span style=\"display:inherit;clear:left;\">+ incrementi per tr<span class=\"_ _2\"></span>asferimento di efficacia dalla Ri<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rva<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>i <span class=\"ff64 ls0\">Cash flow hedge </span>ed imputazione di c<span class=\"_ _1\"></span>osto a CE<span class=\"_ _b7\"> </span><span class=\"ls0\">1.923<span class=\"_ _141\"> </span>3.374</span></span><span style=\"display:inherit;clear:left;\">Saldo finale<span class=\"_ _c\"> </span>(6.981)<span class=\"_ _261\"> </span>5.552</span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span>, che accog<span class=\"_ _4\"></span>lie le variaz<span class=\"_ _4\"></span>ioni di valore d<span class=\"_ _4\"></span>egli s<span class=\"_ _4\"></span>trumenti a c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>elle tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ioni atte<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a, si \u00e8 ne<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.533 migliaia nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, me<span class=\"_ _4\"></span>ntre si era d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">Euro 3.943 migliaia nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023. Le varia<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e rifle<span class=\"_ _4\"></span>tton<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>uro nei con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fronti de<span class=\"_ _4\"></span>lle principali v<span class=\"_ _4\"></span>alute og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. Il decr<span class=\"_ _4\"></span>emento \u00e8 s<span class=\"_ _4\"></span>tato p<span class=\"_ _4\"></span>rincipalmente d<span class=\"_ _4\"></span>ovuto al raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">del do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e del re<span class=\"_ _4\"></span>nminbi cines<span class=\"_ _4\"></span>e nella s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da part<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019anno. L<span class=\"_ _44\"></span>\u2019ammontare tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito dalla Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va alla </span><span style=\"display:inherit;clear:left;\">voce \u201c<span class=\"_ _4\"></span>Ric<span class=\"_ _4\"></span>avi dell<span class=\"_ _4\"></span>e vendite<span class=\"_ _4\"></span>\u201d in oc<span class=\"_ _4\"></span>casi<span class=\"_ _4\"></span>one della manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti \u00e8 st<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte po<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sitivo p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>842 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 e<span class=\"_ _4\"></span>d era s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente p<span class=\"_ _4\"></span>ositivo p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>845 migliaia </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so del 2024 non si sono ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icate interr<span class=\"_ _4\"></span>uzioni di re<span class=\"_ _4\"></span>lazioni di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura p<span class=\"_ _4\"></span>er annullame<span class=\"_ _4\"></span>nto<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante att<span class=\"_ _4\"></span>eso; le re<span class=\"_ _4\"></span>lazioni de<span class=\"_ _4\"></span>signate di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura si s<span class=\"_ _4\"></span>ono ri<span class=\"_ _4\"></span>velate ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci al ce<span class=\"_ _4\"></span>nto per c<span class=\"_ _4\"></span>ento pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">la durata de<span class=\"_ _4\"></span>l sot<span class=\"_ _4\"></span>tost<span class=\"_ _4\"></span>ante og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to della re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019eventuale inef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icacia de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura pu\u00f2 rea<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>si pe<span class=\"_ _4\"></span>r effe<span class=\"_ _4\"></span>tto di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze ne<span class=\"_ _4\"></span>lle tempi<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a gene<span class=\"_ _4\"></span>rati dai sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ti e dagli s<span class=\"_ _4\"></span>trumenti di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>c<span class=\"_ _4\"></span>ambiamenti n<span class=\"_ _4\"></span>egli impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i attes<span class=\"_ _4\"></span>i dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa de<span class=\"_ _4\"></span>i sott<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anti cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ti e degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano nelle t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lle di seg<span class=\"_ _4\"></span>uito l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale me<span class=\"_ _4\"></span>dio e la signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er fat<span class=\"_ _4\"></span>tore di ris<span class=\"_ _4\"></span>chio delle co<span class=\"_ _4\"></span>per<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ture sul ris<span class=\"_ _4\"></span>chio di cambio in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ne<span class=\"_ _4\"></span>l Gruppo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 20<span class=\"_ _1\"></span>23. Il numero d<span class=\"_ _4\"></span>elle valut<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>tere rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate n<span class=\"_ _4\"></span>elle t<span class=\"_ _4\"></span>abelle m<span class=\"_ _4\"></span>ette in e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>me la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio sia quasi t<span class=\"_ _4\"></span>otalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">acce<span class=\"_ _4\"></span>ntrata pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o la Capo<span class=\"_ _4\"></span>gruppo.</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Manifestazione finanziaria</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>15.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">215.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,104<span class=\"_ _12a\"> </span>1,093<span class=\"_ _12a\"> </span>1,101<span class=\"_ _d4\"> </span>1,104<span class=\"_ _12a\"> </span>1,085</span><span style=\"display:inherit;clear:left;\">Importo nozionale in AUD<span class=\"_ _20d\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/AUD)<span class=\"_ _1f7\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _83\"> </span>2.000<span class=\"_ _219\"> </span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">2.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,501<span class=\"_ _12a\"> </span>1,516<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CHF<span class=\"_ _2cb\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CHF)<span class=\"_ _155\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,795<span class=\"_ _12a\"> </span>7,797<span class=\"_ _d4\"> </span>7,782<span class=\"_ _12a\"> </span>7,792<span class=\"_ _12a\"> </span>7,719</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _1b1\"> </span>500<span class=\"_ _f2\"> </span>-<span class=\"_ _d4\"> </span>1.500<span class=\"_ _12a\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,847<span class=\"_ _f2\"> </span>-<span class=\"_ _12a\"> </span>0,850<span class=\"_ _d4\"> </span>0,856<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>5.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _bf\"> </span>10.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">35.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,601<span class=\"_ _12a\"> </span>8,509<span class=\"_ _12a\"> </span>8,610<span class=\"_ _12a\"> </span>8,505<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>400.000<span class=\"_ _123\"> </span><span class=\"ff62\">3.500.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>159,448<span class=\"_ _21\"> </span>155,798<span class=\"_ _21\"> </span>155,395<span class=\"_ _21\"> </span>155,401<span class=\"_ _21\"> </span>156,120</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>9.000.000<span class=\"_ _88\"> </span>2.000.000<span class=\"_ _19a\"> </span><span class=\"ff62\">23.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.433,000<span class=\"_ _88\"> </span>1.470,000<span class=\"_ _89\"> </span>1.481,000<span class=\"_ _88\"> </span>1.480,167<span class=\"_ _88\"> </span>1.468,000</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _151\"> </span><span class=\"ff62\">450.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>20,043<span class=\"_ _bf\"> </span>21,093<span class=\"_ _bf\"> </span>22,926<span class=\"_ _cf\"> </span>22,768<span class=\"_ _bf\"> </span>21,922</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>27.000<span class=\"_ _bf\"> </span>36.000<span class=\"_ _bf\"> </span>53.000<span class=\"_ _bf\"> </span>74.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _151\"> </span><span class=\"ff62\">195.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,051<span class=\"_ _12a\"> </span>1,071<span class=\"_ _12a\"> </span>1,090<span class=\"_ _d4\"> </span>1,096<span class=\"_ _12a\"> </span>1,088</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _2e1\"> </span>2.000<span class=\"_ _d7\"> </span>500<span class=\"_ _d4\"> </span>5.000<span class=\"_ _12a\"> </span>2.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">9.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,449<span class=\"_ _12a\"> </span>1,478<span class=\"_ _12a\"> </span>1,479<span class=\"_ _d4\"> </span>1,502<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>40.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _c1\"> </span>110.000<span class=\"_ _f2\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,302<span class=\"_ _12a\"> </span>7,305<span class=\"_ _d4\"> </span>7,505<span class=\"_ _12a\"> </span>7,773<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _97\"> </span>1.000<span class=\"_ _12a\"> </span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.700</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,878<span class=\"_ _12a\"> </span>0,874<span class=\"_ _12a\"> </span>0,871<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>8.000<span class=\"_ _bf\"> </span>11.000<span class=\"_ _12a\"> </span>7.000<span class=\"_ _bf\"> </span>18.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">44.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,363<span class=\"_ _12a\"> </span>8,418<span class=\"_ _12a\"> </span>8,473<span class=\"_ _12a\"> </span>8,405<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>600.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _f3\"> </span>-<span class=\"_ _7\"> </span><span class=\"ff62\">2.800.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>137,631<span class=\"_ _21\"> </span>145,682<span class=\"_ _21\"> </span>153,665<span class=\"_ _21\"> </span>151,440<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _7\"> </span>10.000.000<span class=\"_ _7\"> </span>12.000.000<span class=\"_ _123\"> </span>14.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _1da\"> </span><span class=\"ff62\">40.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.394,800<span class=\"_ _88\"> </span>1.422,317<span class=\"_ _89\"> </span>1.396,625<span class=\"_ _88\"> </span>1.415,937<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">250.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>21,285<span class=\"_ _bf\"> </span>20,580<span class=\"_ _bf\"> </span>19,779<span class=\"_ _cf\"> </span>19,261<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">170.000<span class=\"_ _bf\"> </span></span>85.000<span class=\"_ _bf\"> </span>35.000<span class=\"_ _bf\"> </span>45.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">3.100.000<span class=\"_ _88\"> </span></span>1.200.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _c1\"> </span>200.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.500<span class=\"_ _219\"> </span></span>500<span class=\"_ _d4\"> </span>2.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">300.000<span class=\"_ _bf\"> </span></span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _20d\"> </span><span class=\"ff62\">500<span class=\"_ _219\"> </span></span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">220.000<span class=\"_ _cf\"> </span></span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _d8\"> </span>70.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">25.000<span class=\"_ _d4\"> </span></span>5.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">15.000.000<span class=\"_ _88\"> </span></span>4.000.000<span class=\"_ _88\"> </span>7.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">144.000<span class=\"_ _bf\"> </span></span>56.000<span class=\"_ _bf\"> </span>73.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">2.600.000<span class=\"_ _88\"> </span></span>1.300.000<span class=\"_ _21\"> </span>500.000<span class=\"_ _21\"> </span>700.000<span class=\"_ _c1\"> </span>100.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.700<span class=\"_ _12a\"> </span></span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">140.000<span class=\"_ _21\"> </span></span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _1d2\"> </span><span class=\"ff62\">7.000<span class=\"_ _d4\"> </span></span>1.000<span class=\"_ _12a\"> </span>6.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">275.000<span class=\"_ _21\"> </span></span>110.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>75.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">30.000<span class=\"_ _d4\"> </span></span>8.000<span class=\"_ _bf\"> </span>17.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">36.000.000<span class=\"_ _7\"> </span></span>14.000.000<span class=\"_ _7\"> </span>14.000.000<span class=\"_ _88\"> </span>8.000.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a pi\u00f9 signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va, in ter<span class=\"_ _4\"></span>mini di volumi di nozionale deno<span class=\"_ _4\"></span>minati in valuta co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti, \u00e8 volt<span class=\"_ _4\"></span>a a mitigare </span><span style=\"display:inherit;clear:left;\">il rischio ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>o da oscillazi<span class=\"_ _4\"></span>oni nei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019Euro e le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti valute: Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano, Renminbi cine<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">se, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Won sud-<span class=\"_ _4\"></span>coreano e Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano. </span><span style=\"display:inherit;clear:left;\">Da un punto di vis<span class=\"_ _4\"></span>ta te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ale, le co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture con dur<span class=\"_ _4\"></span>ata sup<span class=\"_ _4\"></span>eriore all<span class=\"_ _4\"></span>\u2019anno sono nulle al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4  cos<span class=\"_ _4\"></span>\u00ec come </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. Le tab<span class=\"_ _4\"></span>elle s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>stran<span class=\"_ _4\"></span>o le date di manifest<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria dei s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti per </span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa e le date con l<span class=\"_ _4\"></span>e quali viene re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, che si dete<span class=\"_ _4\"></span>rmina a  seg<span class=\"_ _4\"></span>uito dell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">fattur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ti e che co<span class=\"_ _4\"></span>stitui<span class=\"_ _4\"></span>scono o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura  dal rischio di c<span class=\"_ _4\"></span>ambio, alla data di chius<span class=\"_ _4\"></span>ura </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4  e 2023.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _1\"></span>tuazione pa<span class=\"_ _1\"></span>trimoni<span class=\"_ _1\"></span>ale-f<span class=\"_ _4\"></span>ina<span class=\"_ _1\"></span>nziaria<span class=\"_ _1\"></span> \u00e8 rappresentato come segue:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>endite attese altamente probabili</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff63\">C<span class=\"_ _2\"></span>ash flow hedge<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>arr<span class=\"_ _4\"></span>ying amount</span><span style=\"display:inherit;clear:left;\">/ variazione di <span class=\"ff63\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">utilizzate per misurar<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2e3\"> </span>Importo nozionale</span><span style=\"display:inherit;clear:left;\">l\u2019inefficacia</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">passivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _ce\"> </span><span class=\"ff61\">241.816<span class=\"_ _1f7\"> </span>(6.980)<span class=\"_ _24b\"> </span>1.052<span class=\"_ _27a\"> </span>(<span class=\"_ _4\"></span>7.609)</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _ce\"> </span><span class=\"ff61\">225.927<span class=\"_ _24b\"> </span>5.552<span class=\"_ _6c\"> </span>4.454<span class=\"_ _2e4\"> </span>(272)</span></span><span style=\"display:inherit;clear:left;\">Nel 2023, e<span class=\"_ _4\"></span>d in par<span class=\"_ _4\"></span>ticolare ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>se di dicemb<span class=\"_ _4\"></span>re, si se<span class=\"_ _4\"></span>gnala il for<span class=\"_ _4\"></span>te dep<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>amento sub<span class=\"_ _4\"></span>ito dal Peso ar<span class=\"_ _4\"></span>gentino in se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">guito a misure p<span class=\"_ _4\"></span>olitiche l<span class=\"_ _4\"></span>ocali; la valut<span class=\"_ _4\"></span>a non \u00e8 comunque r<span class=\"_ _4\"></span>ilevante p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o in termini di e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di </span><span style=\"display:inherit;clear:left;\">cambio co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Sensitivity Analysis</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 effe<span class=\"_ _4\"></span>ttuata al f<span class=\"_ _4\"></span>ine di v<span class=\"_ _4\"></span>alutare l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo al ri<span class=\"_ _4\"></span>schio di cambi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta ip<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando varia<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>rcentuali in aume<span class=\"_ _4\"></span>nto e in diminuzione de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio delle v<span class=\"_ _4\"></span>arie divi<span class=\"_ _4\"></span>se, pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zionali alla </span><span style=\"display:inherit;clear:left;\">loro volatilit<span class=\"_ _4\"></span>\u00e0 annua, applic<span class=\"_ _4\"></span>ata a tut<span class=\"_ _4\"></span>te le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie rile<span class=\"_ _4\"></span>vanti es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>lle valute orig<span class=\"_ _4\"></span>inarie. In </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si ha intere<span class=\"_ _4\"></span>ssato t<span class=\"_ _4\"></span>utte le v<span class=\"_ _4\"></span>alute e le se<span class=\"_ _4\"></span>guenti p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati sui t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e altri cre<span class=\"_ _4\"></span>diti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali e altri de<span class=\"_ _4\"></span>biti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 liquide e e<span class=\"_ _4\"></span>quivale<span class=\"_ _4\"></span>nti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie a breve e lungo te<span class=\"_ _4\"></span>rmine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> a bre<span class=\"_ _4\"></span>ve e lungo termine<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la tabe<span class=\"_ _4\"></span>lla ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a gli impatti p<span class=\"_ _4\"></span>i\u00f9 signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>i e le relati<span class=\"_ _4\"></span>ve valute e si rife<span class=\"_ _4\"></span>risce all<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione al ris<span class=\"_ _4\"></span>chio di cambio </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo quanto richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>o dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 7 e non cons<span class=\"_ _4\"></span>idera p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>rivanti dalla co<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>ione dei b<span class=\"_ _4\"></span>ilanci delle </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re con valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Sono s<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati i rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>elle valute la cui </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione gen<span class=\"_ _4\"></span>era un impatt<span class=\"_ _4\"></span>o a conto ec<span class=\"_ _4\"></span>onomico e a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to, consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a in valore a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>luto, super<span class=\"_ _4\"></span>iore a </span><span style=\"display:inherit;clear:left;\">Euro un milione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.913<span class=\"_ _68\"> </span>1.853</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _218\"> </span>10,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(433)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>11.813<span class=\"_ _208\"> </span>11.953</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(501)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>380<span class=\"_ _80\"> </span>713</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(21)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>611<span class=\"_ _68\"> </span>1.680</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>6,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(75)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.794<span class=\"_ _68\"> </span>1.682</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>13,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(317)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>501<span class=\"_ _80\"> </span>155</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>5,4%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(42)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>690<span class=\"_ _1c1\"> </span>21</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(39)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>553<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>15,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.383<span class=\"_ _80\"> </span>230</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>8,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(65)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>18.145<span class=\"_ _2a3\"> </span>18.287</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.376)<span class=\"_ _2a3\"> </span>(2.302)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _e6\"> </span>(10,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>537<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(13.834)<span class=\"_ _74\"> </span>(13.998)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>564<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(445)<span class=\"_ _148\"> </span>(834)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>23<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(691)<span class=\"_ _2a3\"> </span>(1.899)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(6,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>78<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.365)<span class=\"_ _bc\"> </span>(2.217<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(13,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>375<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(559)<span class=\"_ _148\"> </span>(172)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(5,4%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>46<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(788)<span class=\"_ _32\"> </span>(24)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>43<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(751)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(15,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.624)<span class=\"_ _148\"> </span>(271)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(8,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>76</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(21.691)<span class=\"_ _b3\"> </span>(21.717)</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>2.000<span class=\"_ _68\"> </span>1.625</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _df\"> </span>9,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(467)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>12.070<span class=\"_ _68\"> </span>9.764</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _bc\"> </span>(1.581)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>441<span class=\"_ _68\"> </span>1.984</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(5)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>526<span class=\"_ _68\"> </span>2.068</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(60)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.726<span class=\"_ _80\"> </span>833</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>12,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(45)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.133<span class=\"_ _80\"> </span>228</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>6,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(25)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>781<span class=\"_ _80\"> </span>331</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(83)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>799<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>14,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(2)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>140<span class=\"_ _80\"> </span>262</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(91)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>17.257<span class=\"_ _2a3\"> </span>17.095</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.486)<span class=\"_ _2a3\"> </span>(2.020)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _7a\"> </span>(9,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>565<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(14.197)<span class=\"_ _74\"> </span>(11.485)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _68\"> </span>1.784<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(524)<span class=\"_ _2a3\"> </span>(2.357)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>5<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(597)<span class=\"_ _2a3\"> </span>(2.345)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>64<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.221)<span class=\"_ _2a3\"> </span>(1.072)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(12,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>58<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.328)<span class=\"_ _148\"> </span>(268)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(6,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>25<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(907)<span class=\"_ _148\"> </span>(385)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>94<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.171)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(14,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>2<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(165)<span class=\"_ _148\"> </span>(309)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>104</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(20.895)<span class=\"_ _b3\"> </span>(20.241)</span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla sopr<span class=\"_ _4\"></span>a ripor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a, una varia<span class=\"_ _4\"></span>zione po<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>a dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio indi<span class=\"_ _4\"></span>viduati (EUR<span class=\"_ _4\"></span>/JPY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">USD, EUR<span class=\"_ _4\"></span>/KRW<span class=\"_ _1\"></span>, EUR<span class=\"_ _4\"></span>/CNY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/MX<span class=\"_ _4\"></span>N, EUR<span class=\"_ _4\"></span>/GBP<span class=\"_ _44\"></span>, EUR<span class=\"_ _4\"></span>/C<span class=\"_ _4\"></span>AD, EUR<span class=\"_ _4\"></span>/BRL e EUR<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>HKD) avrebbe p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>to un utile di Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>45 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e un utile di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.257 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023; analogame<span class=\"_ _4\"></span>nte, un mov<span class=\"_ _4\"></span>imento </span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativo dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio av<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e prodot<span class=\"_ _4\"></span>to una pe<span class=\"_ _4\"></span>rdita di Euro 2<span class=\"_ _2\"></span>1.691 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4  e una p<span class=\"_ _4\"></span>erdita di </span><span style=\"display:inherit;clear:left;\">Euro 20.8<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023. L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento ge<span class=\"_ _4\"></span>nerato a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to dagli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ati desig<span class=\"_ _4\"></span>nati di </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura in cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza all<span class=\"_ _4\"></span>e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate variaz<span class=\"_ _4\"></span>ioni pos<span class=\"_ _4\"></span>itive dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambi<span class=\"_ _4\"></span>o sarebb<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ato pari a Euro 1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.287 migliaia </span><span style=\"display:inherit;clear:left;\">al  3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e a Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023; la riduzione di p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a alle </span><span style=\"display:inherit;clear:left;\">ipotiz<span class=\"_ _5\"></span>zate var<span class=\"_ _4\"></span>iazioni ne<span class=\"_ _4\"></span>gative de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio sare<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>tata p<span class=\"_ _4\"></span>ari a Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e a Euro </span><span style=\"display:inherit;clear:left;\">20.24<span class=\"_ _1c\"></span>1 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si di sen<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>it\u00e0 con<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>a se<span class=\"_ _4\"></span>condo le m<span class=\"_ _4\"></span>odalit\u00e0 d<span class=\"_ _4\"></span>escr<span class=\"_ _4\"></span>itte<span class=\"_ _4\"></span>, sui risult<span class=\"_ _4\"></span>ati della quale </span><span style=\"display:inherit;clear:left;\">incide in manie<span class=\"_ _4\"></span>ra rilev<span class=\"_ _4\"></span>ante il valore de<span class=\"_ _4\"></span>lla volatilit\u00e0 di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di camb<span class=\"_ _4\"></span>io consid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a, most<span class=\"_ _4\"></span>ra un impatto s<span class=\"_ _4\"></span>igni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icativo s<span class=\"_ _4\"></span>ul patrimonio net<span class=\"_ _4\"></span>to di Grup<span class=\"_ _4\"></span>po, a se<span class=\"_ _4\"></span>guito della p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ibile variaz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura, che v<span class=\"_ _4\"></span>iene so<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>sa a R<span class=\"_ _4\"></span>iser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> e la cui rileva<span class=\"_ _4\"></span>zione a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico si avr<span class=\"_ _4\"></span>\u00e0 negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi </span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivi, al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>arsi de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se. L<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _4\"></span>ento o la ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli impatti a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">economico e a stato patri<span class=\"_ _1\"></span>moniale, i<span class=\"_ _1\"></span>n ognuno degli esercizi considerati,<span class=\"_ _1\"></span> deriva es<span class=\"_ _4\"></span>senzialmente dal<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u2019effetto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>andamen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to dell<span class=\"_ _4\"></span>e singole valute a<span class=\"_ _4\"></span>lle date di riferime<span class=\"_ _4\"></span>nto e dalla variazio<span class=\"_ _4\"></span>ne nella co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tenz<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e alle flut<span class=\"_ _4\"></span>tuazi<span class=\"_ _4\"></span>oni dei t<span class=\"_ _4\"></span>assi di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">Rischio di liquidit\u00e0</span><span style=\"display:inherit;clear:left;\">Il rischio di li<span class=\"_ _4\"></span>quidit\u00e0 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il ri<span class=\"_ _4\"></span>schio che il Gr<span class=\"_ _4\"></span>uppo non sia in g<span class=\"_ _4\"></span>rado di ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tare le p<span class=\"_ _4\"></span>roprie obb<span class=\"_ _4\"></span>ligazio<span class=\"_ _4\"></span>ni finan<span class=\"_ _4\"></span>ziarie </span><span style=\"display:inherit;clear:left;\">a caus<span class=\"_ _4\"></span>a della dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icolt<span class=\"_ _4\"></span>\u00e0 di repe<span class=\"_ _4\"></span>rire fondi a con<span class=\"_ _4\"></span>dizioni di pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo co<span class=\"_ _4\"></span>rrenti di me<span class=\"_ _4\"></span>rcato (<span class=\"ff5f ls5b ws5d\">funding liquidit<span class=\"_ _4\"></span>y risk</span>) o di liquidare </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ul mercato p<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>perire l<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>arie (<span class=\"_ _2\"></span><span class=\"ff5f\">a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>t liquidity risk<span class=\"ff5c ls0\">).</span></span></span><span style=\"display:inherit;clear:left;\">La prima c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>za \u00e8 un impatt<span class=\"_ _4\"></span>o negati<span class=\"_ _4\"></span>vo sul conto e<span class=\"_ _4\"></span>conomico, n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui la So<span class=\"_ _4\"></span>ciet\u00e0 sia c<span class=\"_ _4\"></span>ostre<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a a sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti addiz<span class=\"_ _4\"></span>ionali pe<span class=\"_ _4\"></span>r adempi<span class=\"_ _4\"></span>ere ai propr<span class=\"_ _4\"></span>i impegni.</span><span style=\"display:inherit;clear:left;\">I fatto<span class=\"_ _4\"></span>ri che princip<span class=\"_ _4\"></span>almente inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>ano la liquidit<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati dalle riso<span class=\"_ _4\"></span>rse ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ate o ass<span class=\"_ _4\"></span>orbite </span><span style=\"display:inherit;clear:left;\">dalle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ive e di inves<span class=\"_ _4\"></span>timento, dalle eve<span class=\"_ _4\"></span>ntuali distrib<span class=\"_ _4\"></span>uzioni di div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di, dalle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche di </span><span style=\"display:inherit;clear:left;\">sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e di disp<span class=\"_ _4\"></span>onibilit\u00e0 di rinnovo d<span class=\"_ _4\"></span>el deb<span class=\"_ _4\"></span>ito o dalla sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a e liquidabilit<span class=\"_ _4\"></span>\u00e0 degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dell<span class=\"_ _4\"></span>e ec<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a. I fabbi<span class=\"_ _4\"></span>sogni o le e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>denze di li<span class=\"_ _4\"></span>quidit\u00e0 s<span class=\"_ _4\"></span>ono monitor<span class=\"_ _4\"></span>ati su bas<span class=\"_ _4\"></span>e giornalie<span class=\"_ _4\"></span>ra dalla Capog<span class=\"_ _4\"></span>ruppo al f<span class=\"_ _4\"></span>ine </span><span style=\"display:inherit;clear:left;\">di garantire un ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>ce repe<span class=\"_ _4\"></span>rimento d<span class=\"_ _4\"></span>elle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziarie o un ade<span class=\"_ _4\"></span>guato inves<span class=\"_ _4\"></span>timento d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">La ne<span class=\"_ _4\"></span>goziazione e la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle lin<span class=\"_ _4\"></span>ee di cre<span class=\"_ _4\"></span>dito vien<span class=\"_ _4\"></span>e coordinat<span class=\"_ _4\"></span>a dalla Capog<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n lo scop<span class=\"_ _4\"></span>o di prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>dere alle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0 di bre<span class=\"_ _4\"></span>ve e medio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>e singole so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po se<span class=\"_ _4\"></span>condo cr<span class=\"_ _4\"></span>iteri di ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e<span class=\"_ _4\"></span>d econo<span class=\"_ _4\"></span>micit\u00e0. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4, son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>n pi\u00f9 contropar<span class=\"_ _4\"></span>ti ban<span class=\"_ _4\"></span>carie line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span>, per comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 380.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 </span><span style=\"display:inherit;clear:left;\">migliaia, interame<span class=\"_ _4\"></span>nte utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in una o pi\u00f9 solu<span class=\"_ _4\"></span>zioni (<span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>). Alla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a data so<span class=\"_ _4\"></span>no inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere linee a b<span class=\"_ _4\"></span>reve </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e a revoc<span class=\"_ _4\"></span>a sulla Capog<span class=\"_ _4\"></span>ruppo e su al<span class=\"_ _4\"></span>cune delle s<span class=\"_ _4\"></span>ue controllate p<span class=\"_ _4\"></span>er tot<span class=\"_ _4\"></span>ali Euro 442.447 migliaia. </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo disp<span class=\"_ _4\"></span>one di line<span class=\"_ _4\"></span>e di credito no<span class=\"_ _4\"></span>n utiliz<span class=\"_ _4\"></span>zate <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> (nella forma <span class=\"ff5f ws5d\">revolv<span class=\"_ _4\"></span>ing</span> o </span><span style=\"display:inherit;clear:left;\">term</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">loan<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">) </span></span><span style=\"display:inherit;clear:left;\">per Euro 38<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 migliaia e a re<span class=\"_ _4\"></span>voca p<span class=\"_ _4\"></span>er Euro 329.53<span class=\"_ _2\"></span>1 migliaia, a fronte di un ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento lord<span class=\"_ _4\"></span>o di Euro 1<span class=\"_ _44\"></span>1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>91<span class=\"_ _2\"></span>6 </span><span style=\"display:inherit;clear:left;\">migliaia e una posi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>inanziaria n<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a <span class=\"ff5f lsa ws90\">adjusted</span> creditoria di Euro 1<span class=\"_ _2\"></span>72.780 migliaia (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>ebitoria p<span class=\"_ _4\"></span>er Euro 503.<span class=\"_ _4\"></span>566 mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gliaia consi<span class=\"_ _4\"></span>derand<span class=\"_ _4\"></span>o anche le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l principio IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6). Le linee <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> hanno </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 una durat<span class=\"_ _4\"></span>a res<span class=\"_ _4\"></span>idua mass<span class=\"_ _4\"></span>ima di ventinove me<span class=\"_ _4\"></span>si e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici </span><span style=\"display:inherit;clear:left;\">mes<span class=\"_ _4\"></span>i. Le linee di cre<span class=\"_ _4\"></span>dito e la relati<span class=\"_ _4\"></span>va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria sono di<span class=\"_ _4\"></span>stribuit<span class=\"_ _4\"></span>e fra i principa<span class=\"_ _4\"></span>li istituti b<span class=\"_ _4\"></span>ancari na<span class=\"_ _4\"></span>zionali e inter<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali. Alla data de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>utiliz<span class=\"_ _4\"></span>zo mas<span class=\"_ _4\"></span>simo \u00e8 infer<span class=\"_ _4\"></span>iore a un anno. Le line<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span><span class=\"ls4 ws145\"> attualme<span class=\"_ _4\"></span>nte in </span></span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere p<span class=\"_ _4\"></span>er il Gr<span class=\"_ _4\"></span>uppo, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>, non richie<span class=\"_ _4\"></span>dono il r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to di <span class=\"ff5f ls57 ws97\">cov<span class=\"_ _4\"></span>enant<span class=\"_ _4\"></span></span> finan<span class=\"_ _4\"></span>ziari. Per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti-L<span class=\"_ _4\"></span>imitaz<span class=\"_ _4\"></span>ioni all<span class=\"_ _4\"></span>\u2019uso delle ri<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">\u00c8 semp<span class=\"_ _4\"></span>re st<span class=\"_ _4\"></span>ata polit<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>tipulare e mante<span class=\"_ _4\"></span>nere con co<span class=\"_ _4\"></span>ntinuit\u00e0 e con c<span class=\"_ _4\"></span>ontropar<span class=\"_ _4\"></span>ti banc<span class=\"_ _4\"></span>arie dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>icate un am<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e di linee di cre<span class=\"_ _4\"></span>dito <span class=\"ff5f ws0\">committe<span class=\"_ _4\"></span>d</span> ritenut<span class=\"_ _4\"></span>o congruo ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to ai fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>lle singole s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e idon<span class=\"_ _4\"></span>eo ad as<span class=\"_ _4\"></span>sicurar<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in ogni mom<span class=\"_ _4\"></span>ento la liquidit<span class=\"_ _4\"></span>\u00e0 nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>aria al so<span class=\"_ _4\"></span>ddisf<span class=\"_ _4\"></span>acimento e al ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di ogni imp<span class=\"_ _4\"></span>egno f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>io del Gr<span class=\"_ _4\"></span>uppo, a condi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zioni e<span class=\"_ _4\"></span>conomiche s<span class=\"_ _4\"></span>tab<span class=\"_ _4\"></span>ilite, oltre a<span class=\"_ _4\"></span>d ass<span class=\"_ _4\"></span>icurare la disp<span class=\"_ _4\"></span>onibilit\u00e0 di un ad<span class=\"_ _4\"></span>eguato live<span class=\"_ _4\"></span>llo di elas<span class=\"_ _4\"></span>ticit<span class=\"_ _4\"></span>\u00e0 oper<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">progr<span class=\"_ _4\"></span>ammi di sv<span class=\"_ _4\"></span>iluppo. Anch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, la po<span class=\"_ _4\"></span>litica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte delle pro<span class=\"_ _4\"></span>prie ecc<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nze di ca<span class=\"_ _4\"></span>ssa p<span class=\"_ _4\"></span>er att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di inves<span class=\"_ _4\"></span>timento sul m<span class=\"_ _4\"></span>ercato in de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>iti bancar<span class=\"_ _4\"></span>i a breve (<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">t<span class=\"_ _4\"></span>ime </span></span><span style=\"display:inherit;clear:left;\">deposit<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">), oltre ch<span class=\"_ _4\"></span>e per ac<span class=\"_ _4\"></span>cende<span class=\"_ _4\"></span>re pres<span class=\"_ _4\"></span>titi <span class=\"ff5f ls7c wsf0\">int<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">, rego<span class=\"_ _4\"></span>lati a condiz<span class=\"_ _4\"></span>ioni corre<span class=\"_ _4\"></span>nti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da conte<span class=\"_ _4\"></span>nere l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">creme<span class=\"_ _4\"></span>nto della pro<span class=\"_ _4\"></span>pria esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>bitoria ver<span class=\"_ _4\"></span>so il si<span class=\"_ _4\"></span>stema b<span class=\"_ _4\"></span>ancario e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari r<span class=\"_ _4\"></span>elativ<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono impieg<span class=\"_ _4\"></span>ate con le ban<span class=\"_ _4\"></span>che di relaz<span class=\"_ _4\"></span>ione in op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di <span class=\"ff5f ls9 ws90\">time deposit</span> a breve o medio t<span class=\"_ _4\"></span>ermi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>olitame<span class=\"_ _4\"></span>nte compre<span class=\"_ _4\"></span>se tr<span class=\"_ _4\"></span>a un giorno e tre m<span class=\"_ _4\"></span>esi, ch<span class=\"_ _4\"></span>e prendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">o il tas<span class=\"_ _4\"></span>so di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della valut<span class=\"_ _4\"></span>a in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato. Le ste<span class=\"_ _4\"></span>sse </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni di invest<span class=\"_ _4\"></span>imento de<span class=\"_ _4\"></span>lla liquidit\u00e0 vengo<span class=\"_ _4\"></span>no realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate con gli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi prio<span class=\"_ _4\"></span>ritari di re<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>re le riso<span class=\"_ _4\"></span>rse di<span class=\"_ _4\"></span>sponibili </span><span style=\"display:inherit;clear:left;\">con bre<span class=\"_ _4\"></span>ve preav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iso (nel cas<span class=\"_ _4\"></span>o di sca<span class=\"_ _4\"></span>denze s<span class=\"_ _4\"></span>uperi<span class=\"_ _4\"></span>ori a tre me<span class=\"_ _4\"></span>si \u00e8 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a contrat<span class=\"_ _4\"></span>tualmente la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">za p<span class=\"_ _4\"></span>enali) e di neutra<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zare il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdita di c<span class=\"_ _4\"></span>apitale e<span class=\"_ _4\"></span>vitan<span class=\"_ _4\"></span>do ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di tipo sp<span class=\"_ _4\"></span>eculati<span class=\"_ _4\"></span>vo. La so<span class=\"_ _4\"></span>ciet\u00e0 S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>oder<span class=\"_ _4\"></span>ata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>ella propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, ha inolt<span class=\"_ _4\"></span>re nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 mante<span class=\"_ _4\"></span>nuto un invest<span class=\"_ _4\"></span>imento in tito<span class=\"_ _4\"></span>li di stat<span class=\"_ _4\"></span>o italiani di breve te<span class=\"_ _4\"></span>rmine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>es<span class=\"_ _4\"></span>oro<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er Euro 9.95<span class=\"_ _4\"></span>8 </span><span style=\"display:inherit;clear:left;\">migliaia ed uno as<span class=\"_ _4\"></span>sicurat<span class=\"_ _4\"></span>ivo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za Ramo I p<span class=\"_ _4\"></span>rontame<span class=\"_ _4\"></span>nte liquidabile da Euro 1<span class=\"_ _2\"></span>5.4<span class=\"_ _4\"></span>44 mig<span class=\"_ _4\"></span>liaia, oltre ad ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare un </span><span style=\"display:inherit;clear:left;\">nuovo inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za multiram<span class=\"_ _4\"></span>o prontame<span class=\"_ _4\"></span>nte liquidabile p<span class=\"_ _4\"></span>er Euro 2<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.99<span class=\"_ _4\"></span>9 migliaia, nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della <span class=\"_ _3\"></span><span class=\"ff5f ls4 ws3\">policy</span><span class=\"ws12e\"> p<span class=\"_ _4\"></span>er la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e e mitigazi<span class=\"_ _4\"></span>one del r<span class=\"_ _4\"></span>ischio di liquidit<span class=\"_ _4\"></span>\u00e0 approvat<span class=\"_ _4\"></span>a dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 2023 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo princip<span class=\"_ _4\"></span>ale di garantire a<span class=\"_ _4\"></span>deguate co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture de<span class=\"_ _4\"></span>i fabbis<span class=\"_ _4\"></span>ogni </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>celte<span class=\"_ _4\"></span>, che tengono c<span class=\"_ _4\"></span>onto anche de<span class=\"_ _4\"></span>lla preve<span class=\"_ _4\"></span>dibile dinamica futur<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa, ins<span class=\"_ _4\"></span>ieme ad una t<span class=\"_ _4\"></span>empe<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di rinegoziaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle linee di cre<span class=\"_ _4\"></span>dito, anche prima d<span class=\"_ _4\"></span>ella loro naturale s<span class=\"_ _4\"></span>cad<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a, cons<span class=\"_ _4\"></span>entono di ri<span class=\"_ _4\"></span>durre in </span><span style=\"display:inherit;clear:left;\">maniera s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativa l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione al ris<span class=\"_ _4\"></span>chio in es<span class=\"_ _4\"></span>ame e di ade<span class=\"_ _4\"></span>guare il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indebit<span class=\"_ _4\"></span>amento a<span class=\"_ _4\"></span>lle migliori con<span class=\"_ _4\"></span>dizioni </span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato. Il Grupp<span class=\"_ _4\"></span>o ha cost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte mantenuto l<span class=\"_ _4\"></span>\u2019acces<span class=\"_ _4\"></span>so a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ampia g<span class=\"_ _4\"></span>amma di fonti di finan<span class=\"_ _4\"></span>ziamento a co<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>m<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">petit<span class=\"_ _4\"></span>ivi, no<span class=\"_ _4\"></span>nost<span class=\"_ _4\"></span>ante il quadro di riferim<span class=\"_ _4\"></span>ento es<span class=\"_ _4\"></span>tern<span class=\"_ _4\"></span>o, nel quale pe<span class=\"_ _4\"></span>rmangono rigi<span class=\"_ _4\"></span>dit\u00e0 ne<span class=\"_ _4\"></span>l mercat<span class=\"_ _4\"></span>o del cre<span class=\"_ _4\"></span>dito. Nono<span class=\"_ _4\"></span>stante </span><span style=\"display:inherit;clear:left;\">la gene<span class=\"_ _4\"></span>rale cap<span class=\"_ _4\"></span>acit\u00e0 di ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>zione di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>rente ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a del Gr<span class=\"_ _4\"></span>uppo, avere s<span class=\"_ _4\"></span>empre mantenut<span class=\"_ _4\"></span>o la </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibilit\u00e0 di un congr<span class=\"_ _4\"></span>uo ammontar<span class=\"_ _4\"></span>e di linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span> ha pe<span class=\"_ _4\"></span>rme<span class=\"_ _4\"></span>sso di f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare con s<span class=\"_ _4\"></span>icurez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a le fas<span class=\"_ _4\"></span>i di mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">turbo<span class=\"_ _4\"></span>lenz<span class=\"_ _4\"></span>a dei me<span class=\"_ _4\"></span>rcati e di eve<span class=\"_ _4\"></span>ntuale volatilit\u00e0 ne<span class=\"_ _4\"></span>lla dispo<span class=\"_ _4\"></span>nibilit\u00e0 di cap<span class=\"_ _4\"></span>itale di pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ito sul merc<span class=\"_ _4\"></span>ato. Con c<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za men<span class=\"_ _4\"></span>si<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le vie<span class=\"_ _4\"></span>ne monitor<span class=\"_ _4\"></span>ata la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>iva di og<span class=\"_ _4\"></span>ni singola soci<span class=\"_ _4\"></span>et\u00e0 e que<span class=\"_ _4\"></span>lla del Grup<span class=\"_ _4\"></span>po nel s<span class=\"_ _4\"></span>uo comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, e </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ata con l<span class=\"_ _4\"></span>\u2019ultima prev<span class=\"_ _4\"></span>isione di <span class=\"ff5f ls5a wsd4\">Budge<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>/Forecast</span>. Il <span class=\"ff5f ls5a wsd4\">manage<span class=\"_ _4\"></span>ment</span> ritien<span class=\"_ _4\"></span>e che i fondi e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o attualmente </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibili, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>giunta de<span class=\"_ _4\"></span>i fondi che si pr<span class=\"_ _4\"></span>evede s<span class=\"_ _4\"></span>aranno gen<span class=\"_ _4\"></span>erati dall<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 corre<span class=\"_ _4\"></span>nte ope<span class=\"_ _4\"></span>rativa<span class=\"_ _4\"></span>, conse<span class=\"_ _4\"></span>ntiranno al </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o di fare fronte co<span class=\"_ _4\"></span>n tranquillit\u00e0 al r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>so deg<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti alla loro natur<span class=\"_ _4\"></span>ale sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e a so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fa<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re i fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>rivanti dall<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024 </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori<span class=\"_ _13e\"> </span>160.891<span class=\"_ _12a\"> </span>3.555<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _21\"> </span>164.446</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _2ea\"> </span>85.867<span class=\"_ _bf\"> </span>28.136<span class=\"_ _209\"> </span>114.003</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _2d8\"> </span>1.134<span class=\"_ _a2\"> </span>1.134</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _28a\"> </span></span>37.608<span class=\"_ _c1\"> </span>103.438<span class=\"_ _21\"> </span>379.325<span class=\"_ _21\"> </span>248.908<span class=\"_ _c1\"> </span>769.279</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2eb\"> </span>317<span class=\"_ _132\"> </span>471<span class=\"_ _d7\"> </span>788</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _294\"> </span>2.269<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _12a\"> </span>2.269</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _131\"> </span>3.957<span class=\"_ _12a\"> </span>8.209<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _bf\"> </span>12.166</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>292.043<span class=\"_ _b2\"> </span>143.338<span class=\"_ _b2\"> </span>379.325<span class=\"_ _7c\"> </span>249.379<span class=\"_ _257\"> </span>1.064.085</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori <span class=\"_ _1ad\"> </span>168.466 <span class=\"_ _2a3\"> </span>4.857 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _67\"> </span>173.323 </span><span style=\"display:inherit;clear:left;\">Debiti verso banche  <span class=\"_ _283\"> </span>70.820 <span class=\"_ _2a3\"> </span>9.653 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _111\"> </span>80.473 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziaria <span class=\"_ _209\"> </span>898 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>898 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing <span class=\"_ _2ea\"> </span></span>34.886 <span class=\"_ _111\"> </span>97.070 <span class=\"_ _67\"> </span>398.933 <span class=\"_ _11f\"> </span>280.406 <span class=\"_ _11f\"> </span>811.295 </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _20\"> </span>347 <span class=\"_ _1f9\"> </span>- <span class=\"_ _32\"> </span>59 <span class=\"_ _148\"> </span>177 <span class=\"_ _65\"> </span>583 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a <span class=\"_ _15d\"> </span>517 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>517 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a <span class=\"_ _eb\"> </span>350 <span class=\"_ _148\"> </span>566 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>916 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>276.284 <span class=\"_ _127\"> </span>112.146 <span class=\"_ _127\"> </span>398.992 <span class=\"_ _105\"> </span>280.583 <span class=\"_ _87\"> </span>1.068.005 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle p<span class=\"_ _4\"></span>oste di b<span class=\"_ _4\"></span>ilancio rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative di pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie mos<span class=\"_ _4\"></span>tra sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze dist<span class=\"_ _4\"></span>ribuite, co<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">quelle di natura c<span class=\"_ _4\"></span>ommerciale co<span class=\"_ _4\"></span>ncentrate e<span class=\"_ _4\"></span>ntro i tre me<span class=\"_ _4\"></span>si. Per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, i v<span class=\"_ _4\"></span>alori de<span class=\"_ _4\"></span>i debiti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche han<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no una durata re<span class=\"_ _4\"></span>sidua mas<span class=\"_ _4\"></span>sima inferio<span class=\"_ _4\"></span>re ad un anno e pe<span class=\"_ _4\"></span>r la mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te inferi<span class=\"_ _4\"></span>ore a 3 mes<span class=\"_ _4\"></span>i. </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie iscrit<span class=\"_ _4\"></span>te in bilancio hanno v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua di pi\u00f9 bre<span class=\"_ _4\"></span>ve termine e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>endo in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza re<span class=\"_ _4\"></span>lative a di<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e m<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi e<span class=\"_ _4\"></span>quival<span class=\"_ _4\"></span>enti.</span></span> </span><span style=\"display:inherit;clear:left;\">Rischio di cr<span class=\"_ _2\"></span>edito</span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione del G<span class=\"_ _4\"></span>ruppo a p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali perdite d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dal mancato ad<span class=\"_ _4\"></span>empime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">delle o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni as<span class=\"_ _4\"></span>sunte dalle contropar<span class=\"_ _4\"></span>ti, s<span class=\"_ _4\"></span>ia commerciali che f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie. Il Grup<span class=\"_ _4\"></span>po pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a una diver<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ischio di cre<span class=\"_ _4\"></span>dito in base a<span class=\"_ _4\"></span>lla natura delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 che hanno ge<span class=\"_ _4\"></span>nerato il cre<span class=\"_ _4\"></span>dito st<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o. L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio </span><span style=\"display:inherit;clear:left;\">di credito c<span class=\"_ _4\"></span>ommerciale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o \u00e8 riferibil<span class=\"_ _4\"></span>e alle vendite d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, ai credit<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dai ricav<span class=\"_ _4\"></span>i prove<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nienti dalle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di licen<span class=\"_ _4\"></span>za e di lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>oni immobiliari, che ins<span class=\"_ _4\"></span>ieme rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano c<span class=\"_ _4\"></span>irca il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>5 pe<span class=\"_ _4\"></span>r cento de<span class=\"_ _4\"></span>l fattur<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">global<span class=\"_ _4\"></span>e: il rimanente giro d<span class=\"_ _4\"></span>\u2019affari \u00e8 rife<span class=\"_ _4\"></span>ribile alle ve<span class=\"_ _4\"></span>ndite DT<span class=\"_ _2\"></span>C con pag<span class=\"_ _4\"></span>amento in cont<span class=\"_ _4\"></span>anti o mediante c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito o </span><span style=\"display:inherit;clear:left;\">di debit<span class=\"_ _4\"></span>o al momento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to. I credit<span class=\"_ _4\"></span>i commerciali, pr<span class=\"_ _4\"></span>incipalmente rife<span class=\"_ _4\"></span>ribili alle vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls4 ws97\">, ed in mi<span class=\"_ _4\"></span>sura </span></span><span style=\"display:inherit;clear:left;\">meno r<span class=\"_ _4\"></span>ilevante a ve<span class=\"_ _4\"></span>ndite<span class=\"ff5f ls68 wse3\"> e-<span class=\"_ _4\"></span>comme<span class=\"_ _4\"></span>rce</span> o D<span class=\"_ _2\"></span>TC se all<span class=\"_ _4\"></span>\u2019intern<span class=\"_ _4\"></span>o di <span class=\"ff5f\">depar<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt store</span>, hanno gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a infe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riore a 9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>. Il Gruppo ge<span class=\"_ _4\"></span>neralm<span class=\"_ _4\"></span>ente pri<span class=\"_ _4\"></span>vileg<span class=\"_ _4\"></span>ia rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali con clie<span class=\"_ _4\"></span>nti con i quali intratt<span class=\"_ _4\"></span>iene re<span class=\"_ _4\"></span>lazioni </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidate nel t<span class=\"_ _4\"></span>empo. \u00c8 p<span class=\"_ _4\"></span>olitica d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>rre i clienti che ri<span class=\"_ _4\"></span>chiedon<span class=\"_ _4\"></span>o condiz<span class=\"_ _4\"></span>ioni di pagame<span class=\"_ _4\"></span>nto dilazionate </span><span style=\"display:inherit;clear:left;\">a proce<span class=\"_ _4\"></span>dure di verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla relativ<span class=\"_ _4\"></span>a class<span class=\"_ _4\"></span>e di credito, sia c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto ad informaz<span class=\"_ _4\"></span>ioni otte<span class=\"_ _4\"></span>nibili da agenzi<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cializ<span class=\"_ _4\"></span>zate<span class=\"_ _4\"></span>, sia dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oss<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>azione e anali<span class=\"_ _4\"></span>si dei dati andam<span class=\"_ _4\"></span>entali de<span class=\"_ _4\"></span>i clienti di non nuov<span class=\"_ _4\"></span>a acquisi<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Inoltre, il s<span class=\"_ _4\"></span>aldo de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>i viene c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte monitorato n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, in mo<span class=\"_ _4\"></span>do da as<span class=\"_ _4\"></span>sicurare te<span class=\"_ _4\"></span>mpe<span class=\"_ _4\"></span>stiv<span class=\"_ _4\"></span>it\u00e0 di inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vento e </span><span style=\"display:inherit;clear:left;\">da ridurre il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdite. Il fra<span class=\"_ _4\"></span>zioname<span class=\"_ _4\"></span>nto del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito tra una molt<span class=\"_ _4\"></span>eplicit<span class=\"_ _4\"></span>\u00e0 di clienti op<span class=\"_ _4\"></span>era ad ulte<span class=\"_ _4\"></span>riore </span><span style=\"display:inherit;clear:left;\">mitiga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio in o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto. </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati in bilancio al net<span class=\"_ _4\"></span>to della s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di inadempi<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>ntropar<span class=\"_ _4\"></span>te, det<span class=\"_ _4\"></span>erminata co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rando le informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili sulla so<span class=\"_ _4\"></span>lvibilit<span class=\"_ _4\"></span>\u00e0 del clie<span class=\"_ _4\"></span>nte, i dati sto<span class=\"_ _4\"></span>rici e le </span><span style=\"display:inherit;clear:left;\">condizioni economi<span class=\"_ _1\"></span>che previsiona<span class=\"_ _1\"></span>li.  </span><span style=\"display:inherit;clear:left;\">Oltre all<span class=\"_ _4\"></span>\u2019ottenim<span class=\"_ _4\"></span>ento, ove pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>, di garanzi<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e dei clienti <span class=\"ff5f ls32 ws122\">whole<span class=\"_ _4\"></span>saler</span> o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>adozione di m<span class=\"_ _4\"></span>odalit\u00e0 di p<span class=\"_ _4\"></span>agamento </span><span style=\"display:inherit;clear:left;\">pi\u00f9 caute<span class=\"_ _4\"></span>lative p<span class=\"_ _4\"></span>er il credit<span class=\"_ _4\"></span>ore, quali le let<span class=\"_ _4\"></span>tere di cre<span class=\"_ _4\"></span>dito do<span class=\"_ _4\"></span>cumentar<span class=\"_ _4\"></span>io, un altro strum<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r la gest<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito comme<span class=\"_ _4\"></span>rciale \u00e8 la stipula di p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di preve<span class=\"_ _4\"></span>nire il rischio di manc<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nto attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o una puntuale sel<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio clie<span class=\"_ _4\"></span>nti ope<span class=\"_ _4\"></span>rata co<span class=\"_ _4\"></span>ngiuntamente c<span class=\"_ _4\"></span>on le compag<span class=\"_ _4\"></span>nie di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurazi<span class=\"_ _4\"></span>one, che s<span class=\"_ _4\"></span>i impeg<span class=\"_ _4\"></span>nano a garantire l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>denniz<span class=\"_ _4\"></span>zo in c<span class=\"_ _4\"></span>aso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale la So<span class=\"_ _4\"></span>ciet\u00e0 r<span class=\"_ _4\"></span>itiene ch<span class=\"_ _4\"></span>e le politich<span class=\"_ _4\"></span>e di <span class=\"ff5f\">credit risk manageme<span class=\"_ _4\"></span>nt</span> adott<span class=\"_ _4\"></span>ate abbiano p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di contene<span class=\"_ _4\"></span>re en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tro limiti acce<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>abili lo sca<span class=\"_ _4\"></span>duto e le ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>ze per l<span class=\"_ _4\"></span>e quali \u00e8 stato n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>io ricorre<span class=\"_ _4\"></span>re a misure le<span class=\"_ _4\"></span>gali di recup<span class=\"_ _4\"></span>ero de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credito.  </span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito conn<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di f<span class=\"_ _4\"></span>inanziamento, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e ope<span class=\"_ _4\"></span>rativit<span class=\"_ _4\"></span>\u00e0 in st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dalla incapa<span class=\"_ _4\"></span>cit\u00e0 de<span class=\"_ _4\"></span>lla contropar<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>emit<span class=\"_ _4\"></span>tente de<span class=\"_ _4\"></span>gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari a a<span class=\"_ _4\"></span>dempie<span class=\"_ _4\"></span>re alle proprie o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zioni contr<span class=\"_ _4\"></span>attuali, cos\u00ec d<span class=\"_ _4\"></span>etto ri<span class=\"_ _4\"></span>schio di contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>e. Il Grup<span class=\"_ _4\"></span>po ges<span class=\"_ _4\"></span>tisc<span class=\"_ _4\"></span>e ques<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">tipo di risch<span class=\"_ _2\"></span>io se<span class=\"_ _4\"></span>lezionando con<span class=\"_ _1\"></span>troparti con elevato <span class=\"ff5f ls58 ws6\">standing</span><span class=\"ls3 ws11f\"> cr<span class=\"_ _4\"></span>editiz<span class=\"_ _4\"></span>io, consid<span class=\"_ _4\"></span>erate s<span class=\"_ _4\"></span>olvibili dal m<span class=\"_ _4\"></span>ercato e co<span class=\"_ _4\"></span>n le quali </span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>iene ordinar<span class=\"_ _4\"></span>i e continuativ<span class=\"_ _4\"></span>i rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali e di se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>io bancari, e di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cando la v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span>nominazio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne della li<span class=\"_ _4\"></span>quidit\u00e0 in e<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>so.  </span><span style=\"display:inherit;clear:left;\">Con tut<span class=\"_ _4\"></span>te le contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i con le quali vie<span class=\"_ _4\"></span>ne s<span class=\"_ _4\"></span>volta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 in de<span class=\"_ _4\"></span>rivati, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati negoziati e s<span class=\"_ _4\"></span>tipulati contr<span class=\"_ _4\"></span>atti quadro </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo gli <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls4 wsa\"> interna<span class=\"_ _4\"></span>zionali (ISDA<span class=\"ff5f ls2c ws8e\"> Master A<span class=\"_ _1\"></span>greemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">), al fin<span class=\"_ _4\"></span>e di regolare le v<span class=\"_ _4\"></span>arie fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie.  </span></span></span></span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito riguar<span class=\"_ _4\"></span>dante le altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie del G<span class=\"_ _4\"></span>ruppo ch<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>dono disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">equiv<span class=\"_ _4\"></span>alenti, at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato e alcuni s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati, pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a un rischio par<span class=\"_ _4\"></span>i al valore </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile di ques<span class=\"_ _4\"></span>te atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in caso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ella controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c8\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni imputate </span></span></span><span style=\"display:inherit;clear:left;\">a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie<span class=\"_ _a7\"> </span>13 <span class=\"_ _1f7\"> </span>- <span class=\"_ _6e\"> </span>37 <span class=\"_ _225\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi e finanziamenti<span class=\"_ _128\"> </span> <span class=\"_ _1ce\"> </span> <span class=\"_ _83\"> </span> <span class=\"_ _a6\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _23d\"> </span>84.579 <span class=\"_ _221\"> </span>- <span class=\"_ _81\"> </span>106.821 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _2ec\"> </span>12.793 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>15.608 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _177\"> </span>238.194 <span class=\"_ _1f7\"> </span>- <span class=\"_ _81\"> </span>268.988 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2ed\"> </span>- <span class=\"_ _82\"> </span>13.578 <span class=\"_ _1b4\"> </span>- <span class=\"_ _176\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _cb\"> </span>50.401 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>35.240 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Derivati<span class=\"_ _1f\"> </span>1.919 <span class=\"_ _1f7\"> </span>- <span class=\"_ _23e\"> </span>8.348 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>387.899 <span class=\"_ _d7\"> </span>13.578 <span class=\"_ _212\"> </span>435.042 <span class=\"_ _25\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a come l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne del Gr<span class=\"_ _4\"></span>uppo al ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o, sia commerciale ch<span class=\"_ _4\"></span>e di contropar<span class=\"_ _4\"></span>te, \u00e8 r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ata dal val<span class=\"_ _4\"></span>ore contab<span class=\"_ _4\"></span>ile delle p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ative di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _1\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e, quasi e<span class=\"_ _4\"></span>sclusi<span class=\"_ _4\"></span>vamente<span class=\"_ _4\"></span>, limitat<span class=\"_ _4\"></span>a alla quota cor<span class=\"_ _4\"></span>rente. L<span class=\"_ _4\"></span>a quota no<span class=\"_ _4\"></span>n corrente \u00e8 inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tat<span class=\"_ _4\"></span>a dalla voce \u201c<span class=\"_ _4\"></span>Dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali<span class=\"_ _4\"></span>\u201d, che ricompren<span class=\"_ _4\"></span>de in mas<span class=\"_ _4\"></span>sima par<span class=\"_ _4\"></span>te i dep<span class=\"_ _4\"></span>ositi in co<span class=\"_ _4\"></span>ntanti ver<span class=\"_ _4\"></span>sati da vari<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">a fronte de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di immobili, qui es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ta al valo<span class=\"_ _4\"></span>re nominale<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _192\"> </span>31 dicembre 2024<span class=\"_ _6b\"> </span>%<span class=\"_ _e1\"> </span>31 dicembre 2023<span class=\"_ _263\"> </span>%</span><span style=\"display:inherit;clear:left;\">Italia<span class=\"_ _232\"> </span>17.557 <span class=\"_ _80\"> </span>20,8% <span class=\"_ _f3\"> </span>22.084 <span class=\"_ _ca\"> </span>20,7% </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _13d\"> </span>6.870 <span class=\"_ _1f1\"> </span>8,1% <span class=\"_ _b7\"> </span>12.363 <span class=\"_ _81\"> </span>11,6% </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _114\"> </span><span class=\"ws0\">19.361 <span class=\"_ _32\"> </span>22,9% <span class=\"_ _b7\"> </span>19.508 <span class=\"_ _81\"> </span>18,3% </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _116\"> </span>5.363 <span class=\"_ _1f1\"> </span>6,3% <span class=\"_ _23e\"> </span>6.434 <span class=\"_ _f3\"> </span>6,0% </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _98\"> </span>27.497 <span class=\"_ _32\"> </span>32,5% <span class=\"_ _b7\"> </span>36.575 <span class=\"_ _81\"> </span>34,2% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _11\"> </span>7.931 <span class=\"_ _1f1\"> </span>9,4% <span class=\"_ _23e\"> </span>9.857 <span class=\"_ _f3\"> </span>9,2% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span>84.579 <span class=\"_ _148\"> </span>100,0% <span class=\"_ _2e0\"> </span>106.821 <span class=\"_ _d1\"> </span>100,0% </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a la concentr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o commerciale p<span class=\"_ _4\"></span>er area g<span class=\"_ _4\"></span>eogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a di atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o nei </span><span style=\"display:inherit;clear:left;\">due esercizi considerati.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi non </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi scaduti ma non svalutati</span><span style=\"display:inherit;clear:left;\">scaduti e non </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">svalutati</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2ee\"></span>&lt;30 gg<span class=\"_ _7f\"> </span>30-60 gg<span class=\"_ _7f\"> </span>60-90 gg<span class=\"_ _164\"> </span>90-120 gg<span class=\"_ _8b\"> </span>&gt;120 gg</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _90\"> </span>65.298 <span class=\"_ _b4\"> </span>6.197 <span class=\"_ _b4\"> </span>3.314 <span class=\"_ _c1\"> </span>2.278 <span class=\"_ _b4\"> </span>1.726 <span class=\"_ _b4\"> </span>5.766 <span class=\"_ _15f\"> </span><span class=\"ff62\">84.579 </span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _83\"> </span>93.374 <span class=\"_ _b4\"> </span>4.860 <span class=\"_ _b4\"> </span>3.177 <span class=\"_ _b4\"> </span>1.093 <span class=\"_ _b4\"> </span>1.170 <span class=\"_ _c1\"> </span>3.147 <span class=\"_ _19a\"> </span><span class=\"ff62\">106.821 </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _66\"> </span>77,2% <span class=\"_ _111\"> </span>7,3% <span class=\"_ _74\"> </span>3,9% <span class=\"_ _111\"> </span>2,7% <span class=\"_ _74\"> </span>2,1% <span class=\"_ _111\"> </span>6,8% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _66\"> </span>87,4% <span class=\"_ _111\"> </span>4,6% <span class=\"_ _74\"> </span>3,0% <span class=\"_ _111\"> </span>1,0% <span class=\"_ _74\"> </span>1,1% <span class=\"_ _111\"> </span>2,9% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze de<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>caduti e n<span class=\"_ _4\"></span>on sv<span class=\"_ _4\"></span>alutati ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la conce<span class=\"_ _4\"></span>ntrazi<span class=\"_ _4\"></span>one nell<span class=\"_ _4\"></span>\u2019ambito dei tr<span class=\"_ _4\"></span>enta </span><span style=\"display:inherit;clear:left;\">giorni p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i chiusi al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. </span><span style=\"display:inherit;clear:left;\">La con<span class=\"_ _4\"></span>centra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e vers<span class=\"_ _4\"></span>o i principali clie<span class=\"_ _4\"></span>nti \u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata nella t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla sotto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante; per la co<span class=\"_ _4\"></span>ncentra<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle ve<span class=\"_ _4\"></span>ndite pe<span class=\"_ _4\"></span>r area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ica s<span class=\"_ _4\"></span>i rinvia a quanto esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>appos<span class=\"_ _4\"></span>ito paragr<span class=\"_ _4\"></span>afo<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncentr<span class=\"_ _1\"></span>azione del rischio di merc<span class=\"_ _2\"></span>ato<span class=\"_ _1cc\"> </span>2024 <span class=\"_ _78\"> </span>2023 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con il maggior cliente<span class=\"_ _8c\"> </span>1,4% <span class=\"_ _99\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 3 maggiori clienti<span class=\"_ _2a1\"> </span>3,9% <span class=\"_ _141\"> </span>4,1% </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 10 maggiori clienti<span class=\"_ _2f0\"> </span>9,4% <span class=\"_ _1d3\"> </span>10,0%</span></span> </span><span style=\"display:inherit;clear:left;\">Gestione del capit<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obietti<span class=\"_ _4\"></span>vo primario de<span class=\"_ _4\"></span>lla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale del G<span class=\"_ _4\"></span>ruppo \u00e8 gar<span class=\"_ _4\"></span>antire che sia mantenuto un s<span class=\"_ _4\"></span>olido <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls2b ws12c\"> cre<span class=\"_ _4\"></span>ditizio </span></span><span style=\"display:inherit;clear:left;\">e ade<span class=\"_ _4\"></span>guati livelli de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di capit<span class=\"_ _4\"></span>ale in mo<span class=\"_ _4\"></span>do da supp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zare il v<span class=\"_ _4\"></span>alore pe<span class=\"_ _4\"></span>r gli azi<span class=\"_ _4\"></span>onisti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ges<span class=\"_ _4\"></span>tisce la s<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>tura del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e e la modif<span class=\"_ _4\"></span>ica in f<span class=\"_ _4\"></span>unzione di v<span class=\"_ _4\"></span>ariazioni n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e. Per </span><span style=\"display:inherit;clear:left;\">mantene<span class=\"_ _4\"></span>re o adeg<span class=\"_ _4\"></span>uare la strut<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale, il Gr<span class=\"_ _4\"></span>uppo pu\u00f2 a<span class=\"_ _4\"></span>deguare i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pagati ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti, rimbo<span class=\"_ _4\"></span>rsar<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">capit<span class=\"_ _4\"></span>ale o em<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re nuove azio<span class=\"_ _4\"></span>ni. Nes<span class=\"_ _4\"></span>suna varia<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata ap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a agli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i, alle politi<span class=\"_ _4\"></span>che o alle proc<span class=\"_ _4\"></span>edure </span><span style=\"display:inherit;clear:left;\">durante gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Allo s<span class=\"_ _4\"></span>copo di co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uire ques<span class=\"_ _4\"></span>to obiet<span class=\"_ _4\"></span>tivo, la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del cap<span class=\"_ _4\"></span>itale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o mira, tra l<span class=\"_ _4\"></span>e altre cos<span class=\"_ _4\"></span>e, ad as<span class=\"_ _4\"></span>sicurare <span class=\"_ _49\"></span> </span><span style=\"display:inherit;clear:left;\">che siano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>ventuali <span class=\"ff5f ls57 ws97\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, legati ai d<span class=\"_ _4\"></span>ebiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche, ch<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>iniscon<span class=\"_ _4\"></span>o i requisit<span class=\"_ _4\"></span>i di strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">patrimon<span class=\"_ _1\"></span>iale.  </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o include ne<span class=\"_ _4\"></span>l debito n<span class=\"_ _4\"></span>etto, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti onero<span class=\"_ _4\"></span>si, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, altri de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciali ed altri d<span class=\"_ _4\"></span>ebiti, al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle disp<span class=\"_ _4\"></span>onibilit\u00e0 liquid<span class=\"_ _4\"></span>e e mez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i equiv<span class=\"_ _4\"></span>alenti. </span><span style=\"display:inherit;clear:left;\">Nella vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari<span class=\"_ _4\"></span>\u201d \u00e8 inclus<span class=\"_ _4\"></span>a la valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di ac<span class=\"_ _4\"></span>quisto di quot<span class=\"_ _4\"></span>e di minoranz<span class=\"_ _4\"></span>a (<span class=\"_ _1\"></span>vedas<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">nota 43 \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ccordi di <span class=\"ff5f ls55 wscc\">Put</span> e <span class=\"ff5f ws5d\">Call</span> su Inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), pari a Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>34 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 (Euro 898 </span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Nella t<span class=\"_ _4\"></span>abella n<span class=\"_ _4\"></span>on vengono inclu<span class=\"_ _4\"></span>si i valor<span class=\"_ _4\"></span>i ed i relat<span class=\"_ _4\"></span>ivi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti prod<span class=\"_ _4\"></span>otti dai de<span class=\"_ _4\"></span>rivati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio </span><span style=\"display:inherit;clear:left;\">di cambio.</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Finanziamenti onerosi<span class=\"_ _119\"> </span>113.291 <span class=\"_ _f3\"> </span>80.129 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _2f1\"> </span></span>676.346 <span class=\"_ _81\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _1a0\"> </span>1.134 <span class=\"_ _27a\"> </span>898 </span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali ed Altri debiti (al netto degli Strumenti derivati di c<span class=\"_ _2\"></span>opertura)<span class=\"_ _14a\"> </span>198.821 <span class=\"_ _ca\"> </span>221.571 </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _129\"> </span>238.194 <span class=\"_ _ca\"> </span>268.988 </span><span style=\"display:inherit;clear:left;\">Debito netto<span class=\"_ _2f2\"> </span>751.398 <span class=\"_ _2e0\"> </span>744.652 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di Gruppo (al netto della Riserva di <span class=\"ff64\">cash flow hedge</span>)<span class=\"_ _2ea\"> </span>624.396 <span class=\"_ _ca\"> </span>716.946 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di terzi<span class=\"_ _a8\"> </span>995<span class=\"_ _24c\"> </span>997 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto (al netto della Riserva di <span class=\"ff63\">cash flow hedge</span>)<span class=\"_ _1c9\"> </span>625.391 <span class=\"_ _2e0\"> </span>717.943 </span><span style=\"display:inherit;clear:left;\">Capitale e debito netto<span class=\"_ _3a\"> </span>1.376.789 <span class=\"_ _2da\"> </span>1.462.595 </span><span style=\"display:inherit;clear:left;\">Debito netto/P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _d2\"> </span>120,1% <span class=\"_ _1c1\"> </span>103,7%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__87": {
   "value": "<span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di v<span class=\"_ _4\"></span>ariazione d<span class=\"_ _4\"></span>ei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in valute dive<span class=\"_ _4\"></span>rse dalla v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nominaz<span class=\"_ _4\"></span>ione di conto. In par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare, \u00e8 po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are il rischio di c<span class=\"_ _4\"></span>ambio sulla ba<span class=\"_ _4\"></span>se della natura d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">e degli impa<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ti che determin<span class=\"_ _1\"></span>a:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>sul risult<span class=\"_ _4\"></span>ato ec<span class=\"_ _4\"></span>onomico, pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella diver<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativ<span class=\"_ _4\"></span>it\u00e0 di cos<span class=\"_ _4\"></span>ti e ric<span class=\"_ _4\"></span>avi in valut<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto al mo<span class=\"_ _4\"></span>mento in cui </span><span style=\"display:inherit;clear:left;\">sono s<span class=\"_ _4\"></span>tate d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>e le condiz<span class=\"_ _4\"></span>ioni di pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo (<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ischio e<span class=\"_ _4\"></span>conomico) e per ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di crediti e d<span class=\"_ _4\"></span>ebiti </span><span style=\"display:inherit;clear:left;\">comme<span class=\"_ _4\"></span>rciali o f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>nominati in v<span class=\"_ _4\"></span>aluta (rischio tr<span class=\"_ _4\"></span>ansat<span class=\"_ _4\"></span>tivo)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>sul bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato, risult<span class=\"_ _4\"></span>ato econo<span class=\"_ _4\"></span>mico e patrimonio n<span class=\"_ _4\"></span>etto, p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o della conve<span class=\"_ _4\"></span>rsio<span class=\"_ _4\"></span>ne di attiv<span class=\"_ _4\"></span>it\u00e0 e pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">di azie<span class=\"_ _4\"></span>nde che re<span class=\"_ _4\"></span>digono il bilancio c<span class=\"_ _4\"></span>on monet<span class=\"_ _4\"></span>a di deno<span class=\"_ _4\"></span>minazione di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa da quella fun<span class=\"_ _4\"></span>zionale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">traslativo<span class=\"_ _2\"></span>).</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra a livello inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nale ed \u00e8 quindi e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sto ai ris<span class=\"_ _4\"></span>chi deri<span class=\"_ _4\"></span>vanti dalle f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zioni dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio, ch<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">hanno rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si sul ris<span class=\"_ _4\"></span>ultato e<span class=\"_ _4\"></span>conomico e s<span class=\"_ _4\"></span>ul valore de<span class=\"_ _4\"></span>l patrimonio n<span class=\"_ _4\"></span>etto.</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>a funz<span class=\"_ _4\"></span>ionale e di pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei dati f<span class=\"_ _4\"></span>inanziari de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro. </span><span style=\"display:inherit;clear:left;\">Per le so<span class=\"_ _4\"></span>ciet\u00e0 la cui di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a di rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Bilancio \u00e8 di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sa dalla valut<span class=\"_ _4\"></span>a funzional<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po, se<span class=\"_ _4\"></span>condo </span><span style=\"display:inherit;clear:left;\">quanto det<span class=\"_ _4\"></span>tato dai p<span class=\"_ _4\"></span>rincipi IFR<span class=\"_ _4\"></span>S:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>i conti e<span class=\"_ _4\"></span>conomici ve<span class=\"_ _4\"></span>ngono conve<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iti in euro al camb<span class=\"_ _4\"></span>io medio di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do; a parit\u00e0 di ric<span class=\"_ _4\"></span>avi e marg<span class=\"_ _4\"></span>ini in divis<span class=\"_ _4\"></span>a loc<span class=\"_ _4\"></span>ale, </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ioni dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di camb<span class=\"_ _4\"></span>io pos<span class=\"_ _4\"></span>sono c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>are effe<span class=\"_ _4\"></span>tti sul c<span class=\"_ _4\"></span>ontrovalore in e<span class=\"_ _4\"></span>uro dei ric<span class=\"_ _4\"></span>avi, dei co<span class=\"_ _4\"></span>sti e de<span class=\"_ _4\"></span>i risul<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tati economici<span class=\"_ _2\"></span>;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 vengon<span class=\"_ _4\"></span>o conver<span class=\"_ _4\"></span>tite in euro al c<span class=\"_ _4\"></span>ambio di f<span class=\"_ _4\"></span>ine pe<span class=\"_ _4\"></span>riodo e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto p<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>sono as<span class=\"_ _4\"></span>sume<span class=\"_ _4\"></span>re controvalo<span class=\"_ _4\"></span>ri </span><span style=\"display:inherit;clear:left;\">diver<span class=\"_ _4\"></span>si in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della f<span class=\"_ _4\"></span>luttua<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i cambi. T<span class=\"_ _2\"></span>ale var<span class=\"_ _4\"></span>iazione ha e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to a patrim<span class=\"_ _4\"></span>onio nett<span class=\"_ _4\"></span>o, dove \u00e8 riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>i<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a nella voce \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di conver<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, e vien<span class=\"_ _4\"></span>e rilevat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>co comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo. </span><span style=\"display:inherit;clear:left;\">Oltre ag<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>soluti, anch<span class=\"_ _4\"></span>e gli indici di bilancio p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono var<span class=\"_ _4\"></span>iare, se le pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zioni tr<span class=\"_ _4\"></span>a utile, att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, inde<span class=\"_ _4\"></span>bitame<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to e patrimo<span class=\"_ _4\"></span>nio nett<span class=\"_ _4\"></span>o nelle var<span class=\"_ _4\"></span>ie valute camb<span class=\"_ _4\"></span>iano per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle variazi<span class=\"_ _4\"></span>oni nei rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambi<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Non \u00e8 p<span class=\"_ _4\"></span>olitica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o coprir<span class=\"_ _4\"></span>si a fronte de<span class=\"_ _4\"></span>lla propria e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di c<span class=\"_ _4\"></span>ambio tra<span class=\"_ _4\"></span>slativo. </span><span style=\"display:inherit;clear:left;\">Obiet<span class=\"_ _4\"></span>tivo d<span class=\"_ _4\"></span>ella politi<span class=\"_ _4\"></span>ca di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio \u00e8 la minimiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei rischi di c<span class=\"_ _4\"></span>ambio ec<span class=\"_ _4\"></span>onomico e tr<span class=\"_ _4\"></span>an<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sat<span class=\"_ _4\"></span>tivo, cio\u00e8 de<span class=\"_ _4\"></span>i rischi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalla pos<span class=\"_ _4\"></span>sibilit\u00e0 che l<span class=\"_ _4\"></span>e parit\u00e0 v<span class=\"_ _4\"></span>alutarie s<span class=\"_ _4\"></span>i modif<span class=\"_ _4\"></span>ichino in se<span class=\"_ _4\"></span>nso s<span class=\"_ _4\"></span>favorevol<span class=\"_ _4\"></span>e nel pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">intercorr<span class=\"_ _4\"></span>ente tra il mo<span class=\"_ _4\"></span>mento in cui so<span class=\"_ _4\"></span>rge la prev<span class=\"_ _4\"></span>ision<span class=\"_ _4\"></span>e di un impegn<span class=\"_ _4\"></span>o a pagare o di un diritt<span class=\"_ _4\"></span>o a incas<span class=\"_ _4\"></span>sare di<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019euro per una dat<span class=\"_ _4\"></span>a futura (def<span class=\"_ _4\"></span>inizione <span class=\"ff5f ls56 ws7\">b<span class=\"_ _4\"></span>udget</span><span class=\"ls9 wsc7\">, fissa<span class=\"_ _4\"></span>zione del listin<span class=\"_ _1\"></span>o, predisposizione ord<span class=\"_ _1\"></span>ine<span class=\"_ _2\"></span>), la registrazione del </span></span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nto contab<span class=\"_ _4\"></span>ile (fatturaz<span class=\"_ _4\"></span>ione) e il momento in cui l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>cas<span class=\"_ _4\"></span>so o il pagam<span class=\"_ _4\"></span>ento ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte si manifes<span class=\"_ _4\"></span>ta, ge<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">neran<span class=\"_ _4\"></span>do un ef<span class=\"_ _4\"></span>fetto in t<span class=\"_ _4\"></span>ermini di dif<span class=\"_ _4\"></span>feren<span class=\"_ _4\"></span>ze cambio, con imp<span class=\"_ _4\"></span>atto a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o. In continuit\u00e0 c<span class=\"_ _4\"></span>on la politic<span class=\"_ _4\"></span>a di </span><span style=\"display:inherit;clear:left;\">ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ad<span class=\"_ _4\"></span>ottat<span class=\"_ _4\"></span>a neg<span class=\"_ _4\"></span>li ultimi anni, il Gruppo ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>sce il ris<span class=\"_ _4\"></span>chio di cambio de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ante dalla propria </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 c<span class=\"_ _4\"></span>ommerciale<span class=\"_ _4\"></span>, coere<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte a quanto dispo<span class=\"_ _4\"></span>sto dalla <span class=\"ff5f ls4 ws3\">po<span class=\"_ _4\"></span>licy</span> di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io e dagli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>dicam<span class=\"_ _4\"></span>ente def<span class=\"_ _4\"></span>initi a live<span class=\"_ _4\"></span>llo central<span class=\"_ _4\"></span>e, attr<span class=\"_ _4\"></span>avers<span class=\"_ _4\"></span>o la cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura sis<span class=\"_ _4\"></span>tematic<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i com<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">merciali de<span class=\"_ _4\"></span>rivanti dalle ve<span class=\"_ _4\"></span>ndite pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e in divis<span class=\"_ _4\"></span>e diver<span class=\"_ _4\"></span>se dall<span class=\"_ _4\"></span>\u2019euro, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di mitig<span class=\"_ _4\"></span>are il rischio di v<span class=\"_ _4\"></span>ariabilit\u00e0 de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">margine at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>o, deriv<span class=\"_ _4\"></span>ante dalle vendit<span class=\"_ _4\"></span>e relative alle f<span class=\"_ _4\"></span>uture colle<span class=\"_ _4\"></span>zioni. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o oper<span class=\"_ _4\"></span>a in misura signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativa sui m<span class=\"_ _4\"></span>ercati inte<span class=\"_ _4\"></span>rnazio<span class=\"_ _4\"></span>nali anche attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o societ<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciali loc<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zate </span><span style=\"display:inherit;clear:left;\">in pae<span class=\"_ _4\"></span>si che utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ano valute di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019Euro, princip<span class=\"_ _4\"></span>almente Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e Renmimbi cine<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 le p<span class=\"_ _4\"></span>ercentuali di ri<span class=\"_ _4\"></span>cavi net<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>nominati in Dollari am<span class=\"_ _4\"></span>ericani s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">pari a circa il 33%<span class=\"_ _4\"></span>, in Renmimbi cine<span class=\"_ _4\"></span>si a circa il 10%<span class=\"_ _4\"></span>, in Y<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 6%, in Won sud<span class=\"_ _4\"></span>-c<span class=\"_ _4\"></span>oreani a circa il 5% </span><span style=\"display:inherit;clear:left;\">ed in Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssic<span class=\"_ _4\"></span>ani a circa il 5%. N<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 2023, la pe<span class=\"_ _4\"></span>rcentuale dei r<span class=\"_ _4\"></span>icavi n<span class=\"_ _4\"></span>etti re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">dalla Soci<span class=\"_ _4\"></span>et\u00e0 in Do<span class=\"_ _4\"></span>llari americ<span class=\"_ _4\"></span>ani sono s<span class=\"_ _4\"></span>tate p<span class=\"_ _4\"></span>ari a circa il 3<span class=\"_ _2\"></span>1%, in Renmimbi cin<span class=\"_ _4\"></span>esi a circ<span class=\"_ _4\"></span>a il 9%<span class=\"_ _4\"></span>, in Won sud-<span class=\"_ _4\"></span>coreani </span><span style=\"display:inherit;clear:left;\">a circa il 6%<span class=\"_ _4\"></span>, in Pes<span class=\"_ _4\"></span>o mes<span class=\"_ _4\"></span>sicani a circ<span class=\"_ _4\"></span>a il 6% ed in Y<span class=\"_ _2\"></span>en g<span class=\"_ _4\"></span>iappone<span class=\"_ _4\"></span>si a circa il 5%<span class=\"_ _4\"></span>. I rischi di v<span class=\"_ _4\"></span>aluta orig<span class=\"_ _4\"></span>inano principal<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente dalle e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 in Dollari ame<span class=\"_ _4\"></span>ricani, Re<span class=\"_ _4\"></span>nminbi cinesi, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>esi, Won sud<span class=\"_ _4\"></span>-co<span class=\"_ _4\"></span>reani e </span><span style=\"display:inherit;clear:left;\">Pes<span class=\"_ _1\"></span>o m<span class=\"_ _1\"></span>essica<span class=\"_ _2\"></span>ni.</span><span style=\"display:inherit;clear:left;\">In un proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di ricerc<span class=\"_ _4\"></span>a di semp<span class=\"_ _4\"></span>re mag<span class=\"_ _4\"></span>giore ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e di un pi\u00f9 puntuale pre<span class=\"_ _4\"></span>sidio d<span class=\"_ _4\"></span>ei rischi, la ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one del ri<span class=\"_ _4\"></span>schio </span><span style=\"display:inherit;clear:left;\">di cambio \u00e8 a<span class=\"_ _4\"></span>ccentrat<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>so la C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo. I tra<span class=\"_ _4\"></span>sferim<span class=\"_ _4\"></span>enti one<span class=\"_ _4\"></span>rosi di me<span class=\"_ _4\"></span>rce alle so<span class=\"_ _4\"></span>ciet\u00e0 co<span class=\"_ _4\"></span>ntrollate vengono re<span class=\"_ _4\"></span>go<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lati dirett<span class=\"_ _4\"></span>amente n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>a del Pae<span class=\"_ _4\"></span>se in cui op<span class=\"_ _4\"></span>erano e ve<span class=\"_ _4\"></span>ndono. In re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne al proprio m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo di <span class=\"ff5f ls58 ws6\">busine<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>s</span>, il G<span class=\"_ _4\"></span>rup<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po so<span class=\"_ _4\"></span>stie<span class=\"_ _4\"></span>ne una par<span class=\"_ _4\"></span>te signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va dei c<span class=\"_ _4\"></span>osti in e<span class=\"_ _4\"></span>uro (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>lativi alla pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e e alla ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>lla strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">Cor<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>orat<span class=\"_ _4\"></span>e<span class=\"ff5c ls3 ws81\">) mentre i ric<span class=\"_ _4\"></span>avi e i cos<span class=\"_ _4\"></span>ti reg<span class=\"_ _4\"></span>istrat<span class=\"_ _4\"></span>i dalle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>ono e<span class=\"_ _4\"></span>spre<span class=\"_ _4\"></span>ssi pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente n<span class=\"_ _4\"></span>elle valute l<span class=\"_ _4\"></span>ocali </span></span><span style=\"display:inherit;clear:left;\">dei ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i mercati di r<span class=\"_ _4\"></span>iferimento. In p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>icolare, il G<span class=\"_ _4\"></span>ruppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alle var<span class=\"_ _4\"></span>iazioni de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di cambio de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019Euro </span><span style=\"display:inherit;clear:left;\">nei co<span class=\"_ _4\"></span>nfronti del D<span class=\"_ _4\"></span>ollaro americ<span class=\"_ _4\"></span>ano, in rela<span class=\"_ _4\"></span>zione sia alle ve<span class=\"_ _4\"></span>ndite in Do<span class=\"_ _4\"></span>llari ef<span class=\"_ _4\"></span>fettuate sul m<span class=\"_ _4\"></span>ercato no<span class=\"_ _4\"></span>rdameric<span class=\"_ _4\"></span>ano, sia </span><span style=\"display:inherit;clear:left;\">ancora s<span class=\"_ _4\"></span>u un circoscrit<span class=\"_ _4\"></span>to numero di m<span class=\"_ _4\"></span>ercati, pr<span class=\"_ _4\"></span>evale<span class=\"_ _4\"></span>ntemente a<span class=\"_ _4\"></span>siatici. In ques<span class=\"_ _4\"></span>to conte<span class=\"_ _4\"></span>sto, il Gr<span class=\"_ _4\"></span>uppo \u00e8 e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>to alla va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riazio<span class=\"_ _4\"></span>ne dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute in cui s<span class=\"_ _4\"></span>ono den<span class=\"_ _4\"></span>ominate le vendit<span class=\"_ _4\"></span>e, che si tr<span class=\"_ _4\"></span>aduce ne<span class=\"_ _4\"></span>l rischio ch<span class=\"_ _4\"></span>e il controvalor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in Euro dei ric<span class=\"_ _4\"></span>avi dete<span class=\"_ _4\"></span>rminato al mome<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so non sia s<span class=\"_ _4\"></span>uff<span class=\"_ _4\"></span>icie<span class=\"_ _4\"></span>nte a coprire i co<span class=\"_ _4\"></span>sti di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e o comunque </span><span style=\"display:inherit;clear:left;\">a cons<span class=\"_ _4\"></span>eguire il marg<span class=\"_ _4\"></span>ine obiet<span class=\"_ _4\"></span>tivo. T<span class=\"_ _2\"></span>ale ris<span class=\"_ _4\"></span>chio \u00e8 acce<span class=\"_ _4\"></span>ntuato per il ril<span class=\"_ _4\"></span>evante inter<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>allo temp<span class=\"_ _4\"></span>orale  che inte<span class=\"_ _4\"></span>rcorre  tr<span class=\"_ _4\"></span>a  il </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in  cui vengono f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>sati i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi di ve<span class=\"_ _4\"></span>ndita di una co<span class=\"_ _4\"></span>llezi<span class=\"_ _4\"></span>one ed il mo<span class=\"_ _4\"></span>mento in cui i ric<span class=\"_ _4\"></span>avi vengo<span class=\"_ _4\"></span>no conver<span class=\"_ _4\"></span>titi in </span><span style=\"display:inherit;clear:left;\">Euro, che si es<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>e fino a di<span class=\"_ _4\"></span>ciotto me<span class=\"_ _4\"></span>si.</span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o (in quanto societ<span class=\"_ _4\"></span>\u00e0 di pro<span class=\"_ _4\"></span>duzione) stipula co<span class=\"_ _4\"></span>ntratti di ve<span class=\"_ _4\"></span>ndita a t<span class=\"_ _4\"></span>ermine di valut<span class=\"_ _4\"></span>a oppure o<span class=\"_ _4\"></span>pzioni, atti </span><span style=\"display:inherit;clear:left;\">a def<span class=\"_ _4\"></span>inire anticipatam<span class=\"_ _4\"></span>ente il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di conver<span class=\"_ _4\"></span>sione, o un r<span class=\"_ _4\"></span>ange pred<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o di tas<span class=\"_ _4\"></span>si di conver<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e, a date future con un </span><span style=\"display:inherit;clear:left;\">oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale mas<span class=\"_ _4\"></span>simo att<span class=\"_ _4\"></span>eso di 24 mesi. Si n<span class=\"_ _4\"></span>ota che ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi in e<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o il rischio di </span><span style=\"display:inherit;clear:left;\">cambio qua<span class=\"_ _4\"></span>si es<span class=\"_ _4\"></span>clusiv<span class=\"_ _4\"></span>amente con ve<span class=\"_ _4\"></span>ndite di valut<span class=\"_ _4\"></span>a a termin<span class=\"_ _4\"></span>e tramite contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">for<span class=\"_ _4\"></span>ward<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">A tale f<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>, in funzio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e e delle co<span class=\"_ _4\"></span>ndizioni di m<span class=\"_ _4\"></span>ercato, vengo<span class=\"_ _4\"></span>no stipulate<span class=\"_ _4\"></span>, prima de<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione de<span class=\"_ _4\"></span>i li<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stini di ve<span class=\"_ _4\"></span>ndita, e c<span class=\"_ _4\"></span>omunque non olt<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>ella campag<span class=\"_ _4\"></span>na vendite<span class=\"_ _4\"></span>, cope<span class=\"_ _4\"></span>rture p<span class=\"_ _4\"></span>er un ammont<span class=\"_ _4\"></span>are gene<span class=\"_ _4\"></span>ralmente </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a il 50% e il 9<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>% delle pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ni di vendite in va<span class=\"_ _4\"></span>luta, p<span class=\"_ _4\"></span>ercentuale c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa e non s<span class=\"_ _4\"></span>ulla singola valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera. N<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla fis<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l listin<span class=\"_ _4\"></span>o, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare dell<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rture </span><span style=\"display:inherit;clear:left;\">in es<span class=\"_ _4\"></span>sere v<span class=\"_ _4\"></span>iene inte<span class=\"_ _4\"></span>grato in re<span class=\"_ _4\"></span>lazione ag<span class=\"_ _4\"></span>li ordini ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>cquisiti e m<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>i in produ<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. In tal mo<span class=\"_ _4\"></span>do la soci<span class=\"_ _4\"></span>et\u00e0 </span><span style=\"display:inherit;clear:left;\">ricon<span class=\"_ _4\"></span>duce il rischio c<span class=\"_ _4\"></span>ommerciale al s<span class=\"_ _4\"></span>olo ris<span class=\"_ _4\"></span>chio deri<span class=\"_ _4\"></span>vante dai volumi di vendit<span class=\"_ _4\"></span>a e non anch<span class=\"_ _4\"></span>e a quello der<span class=\"_ _4\"></span>ivante dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">All<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sopr<span class=\"_ _4\"></span>a des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a, si ag<span class=\"_ _4\"></span>giunge quella re<span class=\"_ _4\"></span>siduale di alcun<span class=\"_ _4\"></span>e controllate as<span class=\"_ _4\"></span>iatiche e latino<span class=\"_ _4\"></span>-americ<span class=\"_ _4\"></span>ane che ef<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fettuan<span class=\"_ _4\"></span>o acquist<span class=\"_ _4\"></span>i di merce in D<span class=\"_ _4\"></span>ollari ameri<span class=\"_ _4\"></span>cani o in Euro e vendo<span class=\"_ _4\"></span>no nella valut<span class=\"_ _4\"></span>a del Pa<span class=\"_ _4\"></span>ese in cui op<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o. I valori de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>ti coinvolti s<span class=\"_ _4\"></span>ono signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte inferiori ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to a quelli de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span>gruppo. </span><span style=\"display:inherit;clear:left;\">Inoltre il G<span class=\"_ _4\"></span>ruppo cont<span class=\"_ _4\"></span>rolla e copre l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one deri<span class=\"_ _4\"></span>vante dalla varia<span class=\"_ _4\"></span>zione di val<span class=\"_ _4\"></span>ore, a se<span class=\"_ _4\"></span>guito de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni dei </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di cambio, di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa da que<span class=\"_ _4\"></span>lla di conto della s<span class=\"_ _4\"></span>ingola Soci<span class=\"_ _4\"></span>et\u00e0, che </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o  determinare e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti sul co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico (<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ipicame<span class=\"_ _4\"></span>nte rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i di debito<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>credit<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario <span class=\"ff5f ls5a wsd4\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany</span><span class=\"ls0 ws0\">), </span></span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari, la cui cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo i princip<span class=\"_ _4\"></span>i IFRS se<span class=\"_ _4\"></span>gue le re<span class=\"_ _4\"></span>gole del <span class=\"ff5f\">fair value he<span class=\"_ _4\"></span>dge</span><span class=\"ls0 ws0\">: </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vanti dalle suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>oni del val<span class=\"_ _4\"></span>ore corre<span class=\"_ _4\"></span>nte dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a sono ril<span class=\"_ _4\"></span>evati </span><span style=\"display:inherit;clear:left;\">a conto e<span class=\"_ _4\"></span>conomico, co<span class=\"_ _4\"></span>me pure l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a sulla po<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le relaz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura dell<span class=\"_ _4\"></span>e future trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra della C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo (<span class=\"_ _1\"></span>qualific<span class=\"_ _4\"></span>abili ai f<span class=\"_ _4\"></span>ini IFRS come <span class=\"ff5f ls0 ws0\">c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>h </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>low hedge<span class=\"ff5c ls3 ws0\">) sono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le rego<span class=\"_ _4\"></span>le dell<span class=\"_ _4\"></span>\u2019</span><span class=\"ls68 wscc\">hedge accounting<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito le mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023:</span><span style=\"display:inherit;clear:left;\">Rischio di Cambio</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _2df\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Saldo iniziale<span class=\"_ _c\"> </span>5.552<span class=\"_ _78\"> </span>9.495</span><span style=\"display:inherit;clear:left;\"> + incrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia positiva<span class=\"_ _125\"> </span>4.535<span class=\"_ _2d7\"> </span>15.707</span><span style=\"display:inherit;clear:left;\"> - decrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia negativa<span class=\"_ _1a\"> </span>(12.226)<span class=\"_ _1f2\"> </span>(2.805)</span><span style=\"display:inherit;clear:left;\"> -  <span class=\"_ _45\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _1\"></span>a Riserva di <span class=\"ff64\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedge<span class=\"ff61\">  </span></span></span><span style=\"display:inherit;clear:left;\">(6.765)<span class=\"_ _1f1\"> </span>(20.219)</span><span style=\"display:inherit;clear:left;\">ed imputazione di pro<span class=\"_ _1\"></span>vento a CE</span><span style=\"display:inherit;clear:left;\">+ incrementi per tr<span class=\"_ _2\"></span>asferimento di efficacia dalla Ri<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rva<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>i <span class=\"ff64 ls0\">Cash flow hedge </span>ed imputazione di c<span class=\"_ _1\"></span>osto a CE<span class=\"_ _b7\"> </span><span class=\"ls0\">1.923<span class=\"_ _141\"> </span>3.374</span></span><span style=\"display:inherit;clear:left;\">Saldo finale<span class=\"_ _c\"> </span>(6.981)<span class=\"_ _261\"> </span>5.552</span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span>, che accog<span class=\"_ _4\"></span>lie le variaz<span class=\"_ _4\"></span>ioni di valore d<span class=\"_ _4\"></span>egli s<span class=\"_ _4\"></span>trumenti a c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>elle tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ioni atte<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a, si \u00e8 ne<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.533 migliaia nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, me<span class=\"_ _4\"></span>ntre si era d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">Euro 3.943 migliaia nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023. Le varia<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e rifle<span class=\"_ _4\"></span>tton<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>uro nei con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fronti de<span class=\"_ _4\"></span>lle principali v<span class=\"_ _4\"></span>alute og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. Il decr<span class=\"_ _4\"></span>emento \u00e8 s<span class=\"_ _4\"></span>tato p<span class=\"_ _4\"></span>rincipalmente d<span class=\"_ _4\"></span>ovuto al raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">del do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e del re<span class=\"_ _4\"></span>nminbi cines<span class=\"_ _4\"></span>e nella s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da part<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019anno. L<span class=\"_ _44\"></span>\u2019ammontare tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito dalla Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va alla </span><span style=\"display:inherit;clear:left;\">voce \u201c<span class=\"_ _4\"></span>Ric<span class=\"_ _4\"></span>avi dell<span class=\"_ _4\"></span>e vendite<span class=\"_ _4\"></span>\u201d in oc<span class=\"_ _4\"></span>casi<span class=\"_ _4\"></span>one della manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti \u00e8 st<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte po<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sitivo p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>842 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 e<span class=\"_ _4\"></span>d era s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente p<span class=\"_ _4\"></span>ositivo p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>845 migliaia </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so del 2024 non si sono ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icate interr<span class=\"_ _4\"></span>uzioni di re<span class=\"_ _4\"></span>lazioni di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura p<span class=\"_ _4\"></span>er annullame<span class=\"_ _4\"></span>nto<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante att<span class=\"_ _4\"></span>eso; le re<span class=\"_ _4\"></span>lazioni de<span class=\"_ _4\"></span>signate di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura si s<span class=\"_ _4\"></span>ono ri<span class=\"_ _4\"></span>velate ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci al ce<span class=\"_ _4\"></span>nto per c<span class=\"_ _4\"></span>ento pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">la durata de<span class=\"_ _4\"></span>l sot<span class=\"_ _4\"></span>tost<span class=\"_ _4\"></span>ante og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to della re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019eventuale inef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icacia de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura pu\u00f2 rea<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>si pe<span class=\"_ _4\"></span>r effe<span class=\"_ _4\"></span>tto di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze ne<span class=\"_ _4\"></span>lle tempi<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a gene<span class=\"_ _4\"></span>rati dai sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ti e dagli s<span class=\"_ _4\"></span>trumenti di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>c<span class=\"_ _4\"></span>ambiamenti n<span class=\"_ _4\"></span>egli impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i attes<span class=\"_ _4\"></span>i dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa de<span class=\"_ _4\"></span>i sott<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anti cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ti e degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano nelle t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lle di seg<span class=\"_ _4\"></span>uito l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale me<span class=\"_ _4\"></span>dio e la signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er fat<span class=\"_ _4\"></span>tore di ris<span class=\"_ _4\"></span>chio delle co<span class=\"_ _4\"></span>per<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ture sul ris<span class=\"_ _4\"></span>chio di cambio in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ne<span class=\"_ _4\"></span>l Gruppo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 20<span class=\"_ _1\"></span>23. Il numero d<span class=\"_ _4\"></span>elle valut<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>tere rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate n<span class=\"_ _4\"></span>elle t<span class=\"_ _4\"></span>abelle m<span class=\"_ _4\"></span>ette in e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>me la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio sia quasi t<span class=\"_ _4\"></span>otalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">acce<span class=\"_ _4\"></span>ntrata pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o la Capo<span class=\"_ _4\"></span>gruppo.</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Manifestazione finanziaria</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>15.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">215.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,104<span class=\"_ _12a\"> </span>1,093<span class=\"_ _12a\"> </span>1,101<span class=\"_ _d4\"> </span>1,104<span class=\"_ _12a\"> </span>1,085</span><span style=\"display:inherit;clear:left;\">Importo nozionale in AUD<span class=\"_ _20d\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/AUD)<span class=\"_ _1f7\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _83\"> </span>2.000<span class=\"_ _219\"> </span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">2.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,501<span class=\"_ _12a\"> </span>1,516<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CHF<span class=\"_ _2cb\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CHF)<span class=\"_ _155\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,795<span class=\"_ _12a\"> </span>7,797<span class=\"_ _d4\"> </span>7,782<span class=\"_ _12a\"> </span>7,792<span class=\"_ _12a\"> </span>7,719</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _1b1\"> </span>500<span class=\"_ _f2\"> </span>-<span class=\"_ _d4\"> </span>1.500<span class=\"_ _12a\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,847<span class=\"_ _f2\"> </span>-<span class=\"_ _12a\"> </span>0,850<span class=\"_ _d4\"> </span>0,856<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>5.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _bf\"> </span>10.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">35.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,601<span class=\"_ _12a\"> </span>8,509<span class=\"_ _12a\"> </span>8,610<span class=\"_ _12a\"> </span>8,505<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>400.000<span class=\"_ _123\"> </span><span class=\"ff62\">3.500.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>159,448<span class=\"_ _21\"> </span>155,798<span class=\"_ _21\"> </span>155,395<span class=\"_ _21\"> </span>155,401<span class=\"_ _21\"> </span>156,120</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>9.000.000<span class=\"_ _88\"> </span>2.000.000<span class=\"_ _19a\"> </span><span class=\"ff62\">23.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.433,000<span class=\"_ _88\"> </span>1.470,000<span class=\"_ _89\"> </span>1.481,000<span class=\"_ _88\"> </span>1.480,167<span class=\"_ _88\"> </span>1.468,000</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _151\"> </span><span class=\"ff62\">450.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>20,043<span class=\"_ _bf\"> </span>21,093<span class=\"_ _bf\"> </span>22,926<span class=\"_ _cf\"> </span>22,768<span class=\"_ _bf\"> </span>21,922</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>27.000<span class=\"_ _bf\"> </span>36.000<span class=\"_ _bf\"> </span>53.000<span class=\"_ _bf\"> </span>74.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _151\"> </span><span class=\"ff62\">195.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,051<span class=\"_ _12a\"> </span>1,071<span class=\"_ _12a\"> </span>1,090<span class=\"_ _d4\"> </span>1,096<span class=\"_ _12a\"> </span>1,088</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _2e1\"> </span>2.000<span class=\"_ _d7\"> </span>500<span class=\"_ _d4\"> </span>5.000<span class=\"_ _12a\"> </span>2.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">9.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,449<span class=\"_ _12a\"> </span>1,478<span class=\"_ _12a\"> </span>1,479<span class=\"_ _d4\"> </span>1,502<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>40.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _c1\"> </span>110.000<span class=\"_ _f2\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,302<span class=\"_ _12a\"> </span>7,305<span class=\"_ _d4\"> </span>7,505<span class=\"_ _12a\"> </span>7,773<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _97\"> </span>1.000<span class=\"_ _12a\"> </span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.700</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,878<span class=\"_ _12a\"> </span>0,874<span class=\"_ _12a\"> </span>0,871<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>8.000<span class=\"_ _bf\"> </span>11.000<span class=\"_ _12a\"> </span>7.000<span class=\"_ _bf\"> </span>18.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">44.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,363<span class=\"_ _12a\"> </span>8,418<span class=\"_ _12a\"> </span>8,473<span class=\"_ _12a\"> </span>8,405<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>600.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _f3\"> </span>-<span class=\"_ _7\"> </span><span class=\"ff62\">2.800.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>137,631<span class=\"_ _21\"> </span>145,682<span class=\"_ _21\"> </span>153,665<span class=\"_ _21\"> </span>151,440<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _7\"> </span>10.000.000<span class=\"_ _7\"> </span>12.000.000<span class=\"_ _123\"> </span>14.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _1da\"> </span><span class=\"ff62\">40.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.394,800<span class=\"_ _88\"> </span>1.422,317<span class=\"_ _89\"> </span>1.396,625<span class=\"_ _88\"> </span>1.415,937<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">250.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>21,285<span class=\"_ _bf\"> </span>20,580<span class=\"_ _bf\"> </span>19,779<span class=\"_ _cf\"> </span>19,261<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">170.000<span class=\"_ _bf\"> </span></span>85.000<span class=\"_ _bf\"> </span>35.000<span class=\"_ _bf\"> </span>45.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">3.100.000<span class=\"_ _88\"> </span></span>1.200.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _c1\"> </span>200.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.500<span class=\"_ _219\"> </span></span>500<span class=\"_ _d4\"> </span>2.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">300.000<span class=\"_ _bf\"> </span></span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _20d\"> </span><span class=\"ff62\">500<span class=\"_ _219\"> </span></span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">220.000<span class=\"_ _cf\"> </span></span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _d8\"> </span>70.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">25.000<span class=\"_ _d4\"> </span></span>5.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">15.000.000<span class=\"_ _88\"> </span></span>4.000.000<span class=\"_ _88\"> </span>7.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">144.000<span class=\"_ _bf\"> </span></span>56.000<span class=\"_ _bf\"> </span>73.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">2.600.000<span class=\"_ _88\"> </span></span>1.300.000<span class=\"_ _21\"> </span>500.000<span class=\"_ _21\"> </span>700.000<span class=\"_ _c1\"> </span>100.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.700<span class=\"_ _12a\"> </span></span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">140.000<span class=\"_ _21\"> </span></span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _1d2\"> </span><span class=\"ff62\">7.000<span class=\"_ _d4\"> </span></span>1.000<span class=\"_ _12a\"> </span>6.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">275.000<span class=\"_ _21\"> </span></span>110.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>75.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">30.000<span class=\"_ _d4\"> </span></span>8.000<span class=\"_ _bf\"> </span>17.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">36.000.000<span class=\"_ _7\"> </span></span>14.000.000<span class=\"_ _7\"> </span>14.000.000<span class=\"_ _88\"> </span>8.000.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a pi\u00f9 signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va, in ter<span class=\"_ _4\"></span>mini di volumi di nozionale deno<span class=\"_ _4\"></span>minati in valuta co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti, \u00e8 volt<span class=\"_ _4\"></span>a a mitigare </span><span style=\"display:inherit;clear:left;\">il rischio ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>o da oscillazi<span class=\"_ _4\"></span>oni nei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019Euro e le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti valute: Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano, Renminbi cine<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">se, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Won sud-<span class=\"_ _4\"></span>coreano e Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano. </span><span style=\"display:inherit;clear:left;\">Da un punto di vis<span class=\"_ _4\"></span>ta te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ale, le co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture con dur<span class=\"_ _4\"></span>ata sup<span class=\"_ _4\"></span>eriore all<span class=\"_ _4\"></span>\u2019anno sono nulle al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4  cos<span class=\"_ _4\"></span>\u00ec come </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. Le tab<span class=\"_ _4\"></span>elle s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>stran<span class=\"_ _4\"></span>o le date di manifest<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria dei s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti per </span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa e le date con l<span class=\"_ _4\"></span>e quali viene re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, che si dete<span class=\"_ _4\"></span>rmina a  seg<span class=\"_ _4\"></span>uito dell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">fattur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ti e che co<span class=\"_ _4\"></span>stitui<span class=\"_ _4\"></span>scono o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura  dal rischio di c<span class=\"_ _4\"></span>ambio, alla data di chius<span class=\"_ _4\"></span>ura </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4  e 2023.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _1\"></span>tuazione pa<span class=\"_ _1\"></span>trimoni<span class=\"_ _1\"></span>ale-f<span class=\"_ _4\"></span>ina<span class=\"_ _1\"></span>nziaria<span class=\"_ _1\"></span> \u00e8 rappresentato come segue:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>endite attese altamente probabili</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff63\">C<span class=\"_ _2\"></span>ash flow hedge<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>arr<span class=\"_ _4\"></span>ying amount</span><span style=\"display:inherit;clear:left;\">/ variazione di <span class=\"ff63\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">utilizzate per misurar<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2e3\"> </span>Importo nozionale</span><span style=\"display:inherit;clear:left;\">l\u2019inefficacia</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">passivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _ce\"> </span><span class=\"ff61\">241.816<span class=\"_ _1f7\"> </span>(6.980)<span class=\"_ _24b\"> </span>1.052<span class=\"_ _27a\"> </span>(<span class=\"_ _4\"></span>7.609)</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _ce\"> </span><span class=\"ff61\">225.927<span class=\"_ _24b\"> </span>5.552<span class=\"_ _6c\"> </span>4.454<span class=\"_ _2e4\"> </span>(272)</span></span><span style=\"display:inherit;clear:left;\">Nel 2023, e<span class=\"_ _4\"></span>d in par<span class=\"_ _4\"></span>ticolare ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>se di dicemb<span class=\"_ _4\"></span>re, si se<span class=\"_ _4\"></span>gnala il for<span class=\"_ _4\"></span>te dep<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>amento sub<span class=\"_ _4\"></span>ito dal Peso ar<span class=\"_ _4\"></span>gentino in se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">guito a misure p<span class=\"_ _4\"></span>olitiche l<span class=\"_ _4\"></span>ocali; la valut<span class=\"_ _4\"></span>a non \u00e8 comunque r<span class=\"_ _4\"></span>ilevante p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o in termini di e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di </span><span style=\"display:inherit;clear:left;\">cambio co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Sensitivity Analysis</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 effe<span class=\"_ _4\"></span>ttuata al f<span class=\"_ _4\"></span>ine di v<span class=\"_ _4\"></span>alutare l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo al ri<span class=\"_ _4\"></span>schio di cambi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta ip<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando varia<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>rcentuali in aume<span class=\"_ _4\"></span>nto e in diminuzione de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio delle v<span class=\"_ _4\"></span>arie divi<span class=\"_ _4\"></span>se, pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zionali alla </span><span style=\"display:inherit;clear:left;\">loro volatilit<span class=\"_ _4\"></span>\u00e0 annua, applic<span class=\"_ _4\"></span>ata a tut<span class=\"_ _4\"></span>te le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie rile<span class=\"_ _4\"></span>vanti es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>lle valute orig<span class=\"_ _4\"></span>inarie. In </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si ha intere<span class=\"_ _4\"></span>ssato t<span class=\"_ _4\"></span>utte le v<span class=\"_ _4\"></span>alute e le se<span class=\"_ _4\"></span>guenti p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati sui t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e altri cre<span class=\"_ _4\"></span>diti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali e altri de<span class=\"_ _4\"></span>biti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 liquide e e<span class=\"_ _4\"></span>quivale<span class=\"_ _4\"></span>nti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie a breve e lungo te<span class=\"_ _4\"></span>rmine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> a bre<span class=\"_ _4\"></span>ve e lungo termine<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la tabe<span class=\"_ _4\"></span>lla ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a gli impatti p<span class=\"_ _4\"></span>i\u00f9 signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>i e le relati<span class=\"_ _4\"></span>ve valute e si rife<span class=\"_ _4\"></span>risce all<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione al ris<span class=\"_ _4\"></span>chio di cambio </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo quanto richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>o dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 7 e non cons<span class=\"_ _4\"></span>idera p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>rivanti dalla co<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>ione dei b<span class=\"_ _4\"></span>ilanci delle </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re con valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Sono s<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati i rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>elle valute la cui </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione gen<span class=\"_ _4\"></span>era un impatt<span class=\"_ _4\"></span>o a conto ec<span class=\"_ _4\"></span>onomico e a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to, consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a in valore a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>luto, super<span class=\"_ _4\"></span>iore a </span><span style=\"display:inherit;clear:left;\">Euro un milione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.913<span class=\"_ _68\"> </span>1.853</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _218\"> </span>10,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(433)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>11.813<span class=\"_ _208\"> </span>11.953</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(501)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>380<span class=\"_ _80\"> </span>713</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(21)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>611<span class=\"_ _68\"> </span>1.680</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>6,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(75)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.794<span class=\"_ _68\"> </span>1.682</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>13,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(317)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>501<span class=\"_ _80\"> </span>155</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>5,4%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(42)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>690<span class=\"_ _1c1\"> </span>21</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(39)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>553<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>15,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.383<span class=\"_ _80\"> </span>230</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>8,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(65)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>18.145<span class=\"_ _2a3\"> </span>18.287</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.376)<span class=\"_ _2a3\"> </span>(2.302)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _e6\"> </span>(10,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>537<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(13.834)<span class=\"_ _74\"> </span>(13.998)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>564<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(445)<span class=\"_ _148\"> </span>(834)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>23<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(691)<span class=\"_ _2a3\"> </span>(1.899)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(6,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>78<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.365)<span class=\"_ _bc\"> </span>(2.217<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(13,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>375<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(559)<span class=\"_ _148\"> </span>(172)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(5,4%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>46<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(788)<span class=\"_ _32\"> </span>(24)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>43<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(751)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(15,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.624)<span class=\"_ _148\"> </span>(271)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(8,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>76</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(21.691)<span class=\"_ _b3\"> </span>(21.717)</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>2.000<span class=\"_ _68\"> </span>1.625</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _df\"> </span>9,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(467)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>12.070<span class=\"_ _68\"> </span>9.764</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _bc\"> </span>(1.581)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>441<span class=\"_ _68\"> </span>1.984</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(5)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>526<span class=\"_ _68\"> </span>2.068</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(60)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.726<span class=\"_ _80\"> </span>833</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>12,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(45)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.133<span class=\"_ _80\"> </span>228</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>6,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(25)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>781<span class=\"_ _80\"> </span>331</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(83)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>799<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>14,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(2)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>140<span class=\"_ _80\"> </span>262</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(91)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>17.257<span class=\"_ _2a3\"> </span>17.095</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.486)<span class=\"_ _2a3\"> </span>(2.020)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _7a\"> </span>(9,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>565<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(14.197)<span class=\"_ _74\"> </span>(11.485)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _68\"> </span>1.784<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(524)<span class=\"_ _2a3\"> </span>(2.357)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>5<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(597)<span class=\"_ _2a3\"> </span>(2.345)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>64<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.221)<span class=\"_ _2a3\"> </span>(1.072)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(12,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>58<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.328)<span class=\"_ _148\"> </span>(268)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(6,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>25<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(907)<span class=\"_ _148\"> </span>(385)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>94<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.171)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(14,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>2<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(165)<span class=\"_ _148\"> </span>(309)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>104</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(20.895)<span class=\"_ _b3\"> </span>(20.241)</span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla sopr<span class=\"_ _4\"></span>a ripor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a, una varia<span class=\"_ _4\"></span>zione po<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>a dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio indi<span class=\"_ _4\"></span>viduati (EUR<span class=\"_ _4\"></span>/JPY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">USD, EUR<span class=\"_ _4\"></span>/KRW<span class=\"_ _1\"></span>, EUR<span class=\"_ _4\"></span>/CNY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/MX<span class=\"_ _4\"></span>N, EUR<span class=\"_ _4\"></span>/GBP<span class=\"_ _44\"></span>, EUR<span class=\"_ _4\"></span>/C<span class=\"_ _4\"></span>AD, EUR<span class=\"_ _4\"></span>/BRL e EUR<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>HKD) avrebbe p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>to un utile di Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>45 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e un utile di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.257 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023; analogame<span class=\"_ _4\"></span>nte, un mov<span class=\"_ _4\"></span>imento </span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativo dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio av<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e prodot<span class=\"_ _4\"></span>to una pe<span class=\"_ _4\"></span>rdita di Euro 2<span class=\"_ _2\"></span>1.691 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4  e una p<span class=\"_ _4\"></span>erdita di </span><span style=\"display:inherit;clear:left;\">Euro 20.8<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023. L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento ge<span class=\"_ _4\"></span>nerato a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to dagli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ati desig<span class=\"_ _4\"></span>nati di </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura in cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza all<span class=\"_ _4\"></span>e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate variaz<span class=\"_ _4\"></span>ioni pos<span class=\"_ _4\"></span>itive dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambi<span class=\"_ _4\"></span>o sarebb<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ato pari a Euro 1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.287 migliaia </span><span style=\"display:inherit;clear:left;\">al  3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e a Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023; la riduzione di p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a alle </span><span style=\"display:inherit;clear:left;\">ipotiz<span class=\"_ _5\"></span>zate var<span class=\"_ _4\"></span>iazioni ne<span class=\"_ _4\"></span>gative de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio sare<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>tata p<span class=\"_ _4\"></span>ari a Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e a Euro </span><span style=\"display:inherit;clear:left;\">20.24<span class=\"_ _1c\"></span>1 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si di sen<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>it\u00e0 con<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>a se<span class=\"_ _4\"></span>condo le m<span class=\"_ _4\"></span>odalit\u00e0 d<span class=\"_ _4\"></span>escr<span class=\"_ _4\"></span>itte<span class=\"_ _4\"></span>, sui risult<span class=\"_ _4\"></span>ati della quale </span><span style=\"display:inherit;clear:left;\">incide in manie<span class=\"_ _4\"></span>ra rilev<span class=\"_ _4\"></span>ante il valore de<span class=\"_ _4\"></span>lla volatilit\u00e0 di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di camb<span class=\"_ _4\"></span>io consid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a, most<span class=\"_ _4\"></span>ra un impatto s<span class=\"_ _4\"></span>igni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icativo s<span class=\"_ _4\"></span>ul patrimonio net<span class=\"_ _4\"></span>to di Grup<span class=\"_ _4\"></span>po, a se<span class=\"_ _4\"></span>guito della p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ibile variaz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura, che v<span class=\"_ _4\"></span>iene so<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>sa a R<span class=\"_ _4\"></span>iser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> e la cui rileva<span class=\"_ _4\"></span>zione a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico si avr<span class=\"_ _4\"></span>\u00e0 negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi </span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivi, al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>arsi de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se. L<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _4\"></span>ento o la ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli impatti a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">economico e a stato patri<span class=\"_ _1\"></span>moniale, i<span class=\"_ _1\"></span>n ognuno degli esercizi considerati,<span class=\"_ _1\"></span> deriva es<span class=\"_ _4\"></span>senzialmente dal<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u2019effetto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>andamen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to dell<span class=\"_ _4\"></span>e singole valute a<span class=\"_ _4\"></span>lle date di riferime<span class=\"_ _4\"></span>nto e dalla variazio<span class=\"_ _4\"></span>ne nella co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tenz<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e alle flut<span class=\"_ _4\"></span>tuazi<span class=\"_ _4\"></span>oni dei t<span class=\"_ _4\"></span>assi di c<span class=\"_ _4\"></span>ambio.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__88-1": {
   "value": "<span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o (in quanto societ<span class=\"_ _4\"></span>\u00e0 di pro<span class=\"_ _4\"></span>duzione) stipula co<span class=\"_ _4\"></span>ntratti di ve<span class=\"_ _4\"></span>ndita a t<span class=\"_ _4\"></span>ermine di valut<span class=\"_ _4\"></span>a oppure o<span class=\"_ _4\"></span>pzioni, atti </span><span style=\"display:inherit;clear:left;\">a def<span class=\"_ _4\"></span>inire anticipatam<span class=\"_ _4\"></span>ente il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di conver<span class=\"_ _4\"></span>sione, o un r<span class=\"_ _4\"></span>ange pred<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>o di tas<span class=\"_ _4\"></span>si di conver<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e, a date future con un </span><span style=\"display:inherit;clear:left;\">oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale mas<span class=\"_ _4\"></span>simo att<span class=\"_ _4\"></span>eso di 24 mesi. Si n<span class=\"_ _4\"></span>ota che ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi in e<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>, il Grupp<span class=\"_ _4\"></span>o ha cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o il rischio di </span><span style=\"display:inherit;clear:left;\">cambio qua<span class=\"_ _4\"></span>si es<span class=\"_ _4\"></span>clusiv<span class=\"_ _4\"></span>amente con ve<span class=\"_ _4\"></span>ndite di valut<span class=\"_ _4\"></span>a a termin<span class=\"_ _4\"></span>e tramite contr<span class=\"_ _4\"></span>atti </span><span style=\"display:inherit;clear:left;\">for<span class=\"_ _4\"></span>ward<span class=\"_ _2\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">A tale f<span class=\"_ _4\"></span>ine<span class=\"_ _4\"></span>, in funzio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tes<span class=\"_ _4\"></span>e e delle co<span class=\"_ _4\"></span>ndizioni di m<span class=\"_ _4\"></span>ercato, vengo<span class=\"_ _4\"></span>no stipulate<span class=\"_ _4\"></span>, prima de<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione de<span class=\"_ _4\"></span>i li<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stini di ve<span class=\"_ _4\"></span>ndita, e c<span class=\"_ _4\"></span>omunque non olt<span class=\"_ _4\"></span>re l<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>ella campag<span class=\"_ _4\"></span>na vendite<span class=\"_ _4\"></span>, cope<span class=\"_ _4\"></span>rture p<span class=\"_ _4\"></span>er un ammont<span class=\"_ _4\"></span>are gene<span class=\"_ _4\"></span>ralmente </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a il 50% e il 9<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>% delle pre<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ni di vendite in va<span class=\"_ _4\"></span>luta, p<span class=\"_ _4\"></span>ercentuale c<span class=\"_ _4\"></span>alcolat<span class=\"_ _4\"></span>a sull<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">atte<span class=\"_ _4\"></span>sa e non s<span class=\"_ _4\"></span>ulla singola valut<span class=\"_ _4\"></span>a es<span class=\"_ _4\"></span>tera. N<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla fis<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l listin<span class=\"_ _4\"></span>o, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare dell<span class=\"_ _4\"></span>e cope<span class=\"_ _4\"></span>rture </span><span style=\"display:inherit;clear:left;\">in es<span class=\"_ _4\"></span>sere v<span class=\"_ _4\"></span>iene inte<span class=\"_ _4\"></span>grato in re<span class=\"_ _4\"></span>lazione ag<span class=\"_ _4\"></span>li ordini ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>cquisiti e m<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>i in produ<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. In tal mo<span class=\"_ _4\"></span>do la soci<span class=\"_ _4\"></span>et\u00e0 </span><span style=\"display:inherit;clear:left;\">ricon<span class=\"_ _4\"></span>duce il rischio c<span class=\"_ _4\"></span>ommerciale al s<span class=\"_ _4\"></span>olo ris<span class=\"_ _4\"></span>chio deri<span class=\"_ _4\"></span>vante dai volumi di vendit<span class=\"_ _4\"></span>a e non anch<span class=\"_ _4\"></span>e a quello der<span class=\"_ _4\"></span>ivante dal </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">All<span class=\"_ _4\"></span>\u2019operati<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 sopr<span class=\"_ _4\"></span>a des<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>a, si ag<span class=\"_ _4\"></span>giunge quella re<span class=\"_ _4\"></span>siduale di alcun<span class=\"_ _4\"></span>e controllate as<span class=\"_ _4\"></span>iatiche e latino<span class=\"_ _4\"></span>-americ<span class=\"_ _4\"></span>ane che ef<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fettuan<span class=\"_ _4\"></span>o acquist<span class=\"_ _4\"></span>i di merce in D<span class=\"_ _4\"></span>ollari ameri<span class=\"_ _4\"></span>cani o in Euro e vendo<span class=\"_ _4\"></span>no nella valut<span class=\"_ _4\"></span>a del Pa<span class=\"_ _4\"></span>ese in cui op<span class=\"_ _4\"></span>eran<span class=\"_ _4\"></span>o. I valori de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>ti coinvolti s<span class=\"_ _4\"></span>ono signif<span class=\"_ _4\"></span>icat<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte inferiori ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to a quelli de<span class=\"_ _4\"></span>lla Capo<span class=\"_ _4\"></span>gruppo. </span><span style=\"display:inherit;clear:left;\">Inoltre il G<span class=\"_ _4\"></span>ruppo cont<span class=\"_ _4\"></span>rolla e copre l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one deri<span class=\"_ _4\"></span>vante dalla varia<span class=\"_ _4\"></span>zione di val<span class=\"_ _4\"></span>ore, a se<span class=\"_ _4\"></span>guito de<span class=\"_ _4\"></span>lle variaz<span class=\"_ _4\"></span>ioni dei </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i di cambio, di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 o di pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa da que<span class=\"_ _4\"></span>lla di conto della s<span class=\"_ _4\"></span>ingola Soci<span class=\"_ _4\"></span>et\u00e0, che </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>son<span class=\"_ _4\"></span>o  determinare e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>ti sul co<span class=\"_ _4\"></span>nto econo<span class=\"_ _4\"></span>mico (<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>ipicame<span class=\"_ _4\"></span>nte rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i di debito<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>credit<span class=\"_ _4\"></span>o finan<span class=\"_ _4\"></span>ziario <span class=\"ff5f ls5a wsd4\">inte<span class=\"_ _4\"></span>rcom<span class=\"_ _4\"></span>pany</span><span class=\"ls0 ws0\">), </span></span><span style=\"display:inherit;clear:left;\">attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>inanziari, la cui cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azione s<span class=\"_ _4\"></span>eco<span class=\"_ _4\"></span>ndo i princip<span class=\"_ _4\"></span>i IFRS se<span class=\"_ _4\"></span>gue le re<span class=\"_ _4\"></span>gole del <span class=\"ff5f\">fair value he<span class=\"_ _4\"></span>dge</span><span class=\"ls0 ws0\">: </span></span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a deri<span class=\"_ _4\"></span>vanti dalle suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>oni del val<span class=\"_ _4\"></span>ore corre<span class=\"_ _4\"></span>nte dello s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nto di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a sono ril<span class=\"_ _4\"></span>evati </span><span style=\"display:inherit;clear:left;\">a conto e<span class=\"_ _4\"></span>conomico, co<span class=\"_ _4\"></span>me pure l<span class=\"_ _4\"></span>\u2019utile o la perdit<span class=\"_ _4\"></span>a sulla po<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Le relaz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura dell<span class=\"_ _4\"></span>e future trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni in valuta e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>ra della C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo (<span class=\"_ _1\"></span>qualific<span class=\"_ _4\"></span>abili ai f<span class=\"_ _4\"></span>ini IFRS come <span class=\"ff5f ls0 ws0\">c<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>h </span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>low hedge<span class=\"ff5c ls3 ws0\">) sono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zate s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do le rego<span class=\"_ _4\"></span>le dell<span class=\"_ _4\"></span>\u2019</span><span class=\"ls68 wscc\">hedge accounting<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito le mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio chius<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023:</span><span style=\"display:inherit;clear:left;\">Rischio di Cambio</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _2df\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Saldo iniziale<span class=\"_ _c\"> </span>5.552<span class=\"_ _78\"> </span>9.495</span><span style=\"display:inherit;clear:left;\"> + incrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia positiva<span class=\"_ _125\"> </span>4.535<span class=\"_ _2d7\"> </span>15.707</span><span style=\"display:inherit;clear:left;\"> - decrementi per rilev<span class=\"_ _1\"></span>azione di nuova effic<span class=\"_ _1\"></span>acia negativa<span class=\"_ _1a\"> </span>(12.226)<span class=\"_ _1f2\"> </span>(2.805)</span><span style=\"display:inherit;clear:left;\"> -  <span class=\"_ _45\"></span>decrementi per trasferimento di efficacia dall<span class=\"_ _1\"></span>a Riserva di <span class=\"ff64\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedge<span class=\"ff61\">  </span></span></span><span style=\"display:inherit;clear:left;\">(6.765)<span class=\"_ _1f1\"> </span>(20.219)</span><span style=\"display:inherit;clear:left;\">ed imputazione di pro<span class=\"_ _1\"></span>vento a CE</span><span style=\"display:inherit;clear:left;\">+ incrementi per tr<span class=\"_ _2\"></span>asferimento di efficacia dalla Ri<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rva<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>i <span class=\"ff64 ls0\">Cash flow hedge </span>ed imputazione di c<span class=\"_ _1\"></span>osto a CE<span class=\"_ _b7\"> </span><span class=\"ls0\">1.923<span class=\"_ _141\"> </span>3.374</span></span><span style=\"display:inherit;clear:left;\">Saldo finale<span class=\"_ _c\"> </span>(6.981)<span class=\"_ _261\"> </span>5.552</span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span>, che accog<span class=\"_ _4\"></span>lie le variaz<span class=\"_ _4\"></span>ioni di valore d<span class=\"_ _4\"></span>egli s<span class=\"_ _4\"></span>trumenti a c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura d<span class=\"_ _4\"></span>elle tran<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ioni atte<span class=\"_ _4\"></span>se in valut<span class=\"_ _4\"></span>a, si \u00e8 ne<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.533 migliaia nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, me<span class=\"_ _4\"></span>ntre si era d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">Euro 3.943 migliaia nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023. Le varia<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e rifle<span class=\"_ _4\"></span>tton<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>uro nei con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">fronti de<span class=\"_ _4\"></span>lle principali v<span class=\"_ _4\"></span>alute og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. Il decr<span class=\"_ _4\"></span>emento \u00e8 s<span class=\"_ _4\"></span>tato p<span class=\"_ _4\"></span>rincipalmente d<span class=\"_ _4\"></span>ovuto al raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zame<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">del do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano e del re<span class=\"_ _4\"></span>nminbi cines<span class=\"_ _4\"></span>e nella s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da part<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019anno. L<span class=\"_ _44\"></span>\u2019ammontare tr<span class=\"_ _4\"></span>asfer<span class=\"_ _4\"></span>ito dalla Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va alla </span><span style=\"display:inherit;clear:left;\">voce \u201c<span class=\"_ _4\"></span>Ric<span class=\"_ _4\"></span>avi dell<span class=\"_ _4\"></span>e vendite<span class=\"_ _4\"></span>\u201d in oc<span class=\"_ _4\"></span>casi<span class=\"_ _4\"></span>one della manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti \u00e8 st<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte po<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sitivo p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>842 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 e<span class=\"_ _4\"></span>d era s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente p<span class=\"_ _4\"></span>ositivo p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>845 migliaia </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so del 2024 non si sono ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icate interr<span class=\"_ _4\"></span>uzioni di re<span class=\"_ _4\"></span>lazioni di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura p<span class=\"_ _4\"></span>er annullame<span class=\"_ _4\"></span>nto<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante att<span class=\"_ _4\"></span>eso; le re<span class=\"_ _4\"></span>lazioni de<span class=\"_ _4\"></span>signate di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura si s<span class=\"_ _4\"></span>ono ri<span class=\"_ _4\"></span>velate ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icaci al ce<span class=\"_ _4\"></span>nto per c<span class=\"_ _4\"></span>ento pe<span class=\"_ _4\"></span>r tutt<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">la durata de<span class=\"_ _4\"></span>l sot<span class=\"_ _4\"></span>tost<span class=\"_ _4\"></span>ante og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to della re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019eventuale inef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icacia de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura pu\u00f2 rea<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zar<span class=\"_ _4\"></span>si pe<span class=\"_ _4\"></span>r effe<span class=\"_ _4\"></span>tto di:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze ne<span class=\"_ _4\"></span>lle tempi<span class=\"_ _4\"></span>stiche d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a gene<span class=\"_ _4\"></span>rati dai sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tanti cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ti e dagli s<span class=\"_ _4\"></span>trumenti di c<span class=\"_ _4\"></span>oper<span class=\"_ _4\"></span>tura;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>c<span class=\"_ _4\"></span>ambiamenti n<span class=\"_ _4\"></span>egli impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i attes<span class=\"_ _4\"></span>i dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa de<span class=\"_ _4\"></span>i sott<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anti cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ti e degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti di cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura. </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano nelle t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lle di seg<span class=\"_ _4\"></span>uito l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oriz<span class=\"_ _4\"></span>zo<span class=\"_ _4\"></span>nte tempo<span class=\"_ _4\"></span>rale me<span class=\"_ _4\"></span>dio e la signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er fat<span class=\"_ _4\"></span>tore di ris<span class=\"_ _4\"></span>chio delle co<span class=\"_ _4\"></span>per<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ture sul ris<span class=\"_ _4\"></span>chio di cambio in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere ne<span class=\"_ _4\"></span>l Gruppo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 20<span class=\"_ _1\"></span>23. Il numero d<span class=\"_ _4\"></span>elle valut<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>tere rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate n<span class=\"_ _4\"></span>elle t<span class=\"_ _4\"></span>abelle m<span class=\"_ _4\"></span>ette in e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>me la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio sia quasi t<span class=\"_ _4\"></span>otalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">acce<span class=\"_ _4\"></span>ntrata pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o la Capo<span class=\"_ _4\"></span>gruppo.</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Manifestazione finanziaria</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>15.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>60.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">215.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,104<span class=\"_ _12a\"> </span>1,093<span class=\"_ _12a\"> </span>1,101<span class=\"_ _d4\"> </span>1,104<span class=\"_ _12a\"> </span>1,085</span><span style=\"display:inherit;clear:left;\">Importo nozionale in AUD<span class=\"_ _20d\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/AUD)<span class=\"_ _1f7\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _83\"> </span>2.000<span class=\"_ _219\"> </span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">2.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,501<span class=\"_ _12a\"> </span>1,516<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CHF<span class=\"_ _2cb\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _1f1\"> </span><span class=\"ff62\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CHF)<span class=\"_ _155\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,795<span class=\"_ _12a\"> </span>7,797<span class=\"_ _d4\"> </span>7,782<span class=\"_ _12a\"> </span>7,792<span class=\"_ _12a\"> </span>7,719</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _1b1\"> </span>500<span class=\"_ _f2\"> </span>-<span class=\"_ _d4\"> </span>1.500<span class=\"_ _12a\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,847<span class=\"_ _f2\"> </span>-<span class=\"_ _12a\"> </span>0,850<span class=\"_ _d4\"> </span>0,856<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>5.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _bf\"> </span>10.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">35.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,601<span class=\"_ _12a\"> </span>8,509<span class=\"_ _12a\"> </span>8,610<span class=\"_ _12a\"> </span>8,505<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>400.000<span class=\"_ _123\"> </span><span class=\"ff62\">3.500.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>159,448<span class=\"_ _21\"> </span>155,798<span class=\"_ _21\"> </span>155,395<span class=\"_ _21\"> </span>155,401<span class=\"_ _21\"> </span>156,120</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _88\"> </span>9.000.000<span class=\"_ _88\"> </span>2.000.000<span class=\"_ _19a\"> </span><span class=\"ff62\">23.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.433,000<span class=\"_ _88\"> </span>1.470,000<span class=\"_ _89\"> </span>1.481,000<span class=\"_ _88\"> </span>1.480,167<span class=\"_ _88\"> </span>1.468,000</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _151\"> </span><span class=\"ff62\">450.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>20,043<span class=\"_ _bf\"> </span>21,093<span class=\"_ _bf\"> </span>22,926<span class=\"_ _cf\"> </span>22,768<span class=\"_ _bf\"> </span>21,922</span><span style=\"display:inherit;clear:left;\">31 D<span class=\"_ _4\"></span>icembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale flussi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _e7\"> </span>Meno di 1 mese<span class=\"_ _234\"> </span>Da 1 a 3 mesi<span class=\"_ _178\"> </span>Da 3 a 6 mesi<span class=\"_ _234\"> </span>Da 6 a 9 mesi<span class=\"_ _256\"> </span>Da 9 a 12 mesi</span><span style=\"display:inherit;clear:left;\">attesi</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontratti a ter<span class=\"_ _1\"></span>mine di valuta ester<span class=\"_ _2\"></span>a</span><span style=\"display:inherit;clear:left;\">Importo nozionale in USD<span class=\"_ _6f\"> </span>27.000<span class=\"_ _bf\"> </span>36.000<span class=\"_ _bf\"> </span>53.000<span class=\"_ _bf\"> </span>74.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _151\"> </span><span class=\"ff62\">195.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/USD<span class=\"_ _4\"></span>)<span class=\"_ _212\"> </span>1,051<span class=\"_ _12a\"> </span>1,071<span class=\"_ _12a\"> </span>1,090<span class=\"_ _d4\"> </span>1,096<span class=\"_ _12a\"> </span>1,088</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CAD<span class=\"_ _2e1\"> </span>2.000<span class=\"_ _d7\"> </span>500<span class=\"_ _d4\"> </span>5.000<span class=\"_ _12a\"> </span>2.000<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">9.500</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CAD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>1,449<span class=\"_ _12a\"> </span>1,478<span class=\"_ _12a\"> </span>1,479<span class=\"_ _d4\"> </span>1,502<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in CNY<span class=\"_ _1b3\"> </span>40.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>50.000<span class=\"_ _c1\"> </span>110.000<span class=\"_ _f2\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">300.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/CNY)<span class=\"_ _212\"> </span>7,302<span class=\"_ _12a\"> </span>7,305<span class=\"_ _d4\"> </span>7,505<span class=\"_ _12a\"> </span>7,773<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in GBP<span class=\"_ _97\"> </span>1.000<span class=\"_ _12a\"> </span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _e5\"> </span><span class=\"ff62\">3.700</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/GBP)<span class=\"_ _ca\"> </span>0,878<span class=\"_ _12a\"> </span>0,874<span class=\"_ _12a\"> </span>0,871<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in HKD<span class=\"_ _2e1\"> </span>8.000<span class=\"_ _bf\"> </span>11.000<span class=\"_ _12a\"> </span>7.000<span class=\"_ _bf\"> </span>18.000<span class=\"_ _f3\"> </span>-<span class=\"_ _b4\"> </span><span class=\"ff62\">44.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/HKD<span class=\"_ _4\"></span>)<span class=\"_ _2e0\"> </span>8,363<span class=\"_ _12a\"> </span>8,418<span class=\"_ _12a\"> </span>8,473<span class=\"_ _12a\"> </span>8,405<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in JPY<span class=\"_ _1b3\"> </span>400.000<span class=\"_ _88\"> </span>1.000.000<span class=\"_ _21\"> </span>600.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _f3\"> </span>-<span class=\"_ _7\"> </span><span class=\"ff62\">2.800.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/JPY<span class=\"_ _4\"></span>)<span class=\"_ _82\"> </span>137,631<span class=\"_ _21\"> </span>145,682<span class=\"_ _21\"> </span>153,665<span class=\"_ _21\"> </span>151,440<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in KRW<span class=\"_ _230\"> </span>4.000.000<span class=\"_ _7\"> </span>10.000.000<span class=\"_ _7\"> </span>12.000.000<span class=\"_ _123\"> </span>14.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _1da\"> </span><span class=\"ff62\">40.000.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/KRW<span class=\"_ _4\"></span>)<span class=\"_ _15b\"> </span>1.394,800<span class=\"_ _88\"> </span>1.422,317<span class=\"_ _89\"> </span>1.396,625<span class=\"_ _88\"> </span>1.415,937<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Importo nozionale in MXN<span class=\"_ _260\"> </span>30.000<span class=\"_ _bf\"> </span>80.000<span class=\"_ _21\"> </span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _151\"> </span><span class=\"ff62\">250.000</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso a termine medio (EUR/MXN<span class=\"_ _4\"></span>)<span class=\"_ _2da\"> </span>21,285<span class=\"_ _bf\"> </span>20,580<span class=\"_ _bf\"> </span>19,779<span class=\"_ _cf\"> </span>19,261<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Analisi dei flussi sottostanti: Impatto a conto ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">170.000<span class=\"_ _bf\"> </span></span>85.000<span class=\"_ _bf\"> </span>35.000<span class=\"_ _bf\"> </span>45.000<span class=\"_ _d4\"> </span>5.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">3.100.000<span class=\"_ _88\"> </span></span>1.200.000<span class=\"_ _21\"> </span>900.000<span class=\"_ _21\"> </span>800.000<span class=\"_ _c1\"> </span>200.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.500<span class=\"_ _219\"> </span></span>500<span class=\"_ _d4\"> </span>2.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">300.000<span class=\"_ _bf\"> </span></span>80.000<span class=\"_ _21\"> </span>200.000<span class=\"_ _bf\"> </span>20.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _20d\"> </span><span class=\"ff62\">500<span class=\"_ _219\"> </span></span>500<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">220.000<span class=\"_ _cf\"> </span></span>60.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _d8\"> </span>70.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">25.000<span class=\"_ _d4\"> </span></span>5.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">15.000.000<span class=\"_ _88\"> </span></span>4.000.000<span class=\"_ _88\"> </span>7.000.000<span class=\"_ _88\"> </span>4.000.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">da 9 mesi </span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _83\"> </span>T<span class=\"_ _2\"></span>otale flussi attesi<span class=\"_ _19c\"> </span>entro 3 mesi<span class=\"_ _1e7\"> </span>da 3 a 6 mesi<span class=\"_ _1e7\"> </span>da 6 a 9 mesi</span><span style=\"display:inherit;clear:left;\">ad 1 anno<span class=\"_ _174\"> </span>oltre a 1 anno</span><span style=\"display:inherit;clear:left;\">Rischio di cambio</span><span style=\"display:inherit;clear:left;\">Vendite attese in USD<span class=\"_ _97\"> </span><span class=\"ff62\">144.000<span class=\"_ _bf\"> </span></span>56.000<span class=\"_ _bf\"> </span>73.000<span class=\"_ _bf\"> </span>15.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in JP<span class=\"_ _2\"></span>Y<span class=\"_ _2e2\"> </span><span class=\"ff62\">2.600.000<span class=\"_ _88\"> </span></span>1.300.000<span class=\"_ _21\"> </span>500.000<span class=\"_ _21\"> </span>700.000<span class=\"_ _c1\"> </span>100.000<span class=\"_ _f2\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in GBP<span class=\"_ _e6\"> </span><span class=\"ff62\">2.700<span class=\"_ _12a\"> </span></span>1.700<span class=\"_ _d4\"> </span>1.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in MXN<span class=\"_ _2e2\"> </span><span class=\"ff62\">140.000<span class=\"_ _21\"> </span></span>100.000<span class=\"_ _bf\"> </span>40.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _1\"></span>AD<span class=\"_ _1d2\"> </span><span class=\"ff62\">7.000<span class=\"_ _d4\"> </span></span>1.000<span class=\"_ _12a\"> </span>6.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in C<span class=\"_ _2\"></span>NY<span class=\"_ _24a\"> </span><span class=\"ff62\">275.000<span class=\"_ _21\"> </span></span>110.000<span class=\"_ _bf\"> </span>90.000<span class=\"_ _bf\"> </span>75.000<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in HKD<span class=\"_ _aa\"> </span><span class=\"ff62\">30.000<span class=\"_ _d4\"> </span></span>8.000<span class=\"_ _bf\"> </span>17.000<span class=\"_ _12a\"> </span>5.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">Vendite attese in KR<span class=\"_ _2\"></span>W<span class=\"_ _24c\"> </span><span class=\"ff62\">36.000.000<span class=\"_ _7\"> </span></span>14.000.000<span class=\"_ _7\"> </span>14.000.000<span class=\"_ _88\"> </span>8.000.000<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 di cope<span class=\"_ _4\"></span>rtur<span class=\"_ _4\"></span>a pi\u00f9 signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>va, in ter<span class=\"_ _4\"></span>mini di volumi di nozionale deno<span class=\"_ _4\"></span>minati in valuta co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti, \u00e8 volt<span class=\"_ _4\"></span>a a mitigare </span><span style=\"display:inherit;clear:left;\">il rischio ge<span class=\"_ _4\"></span>nerat<span class=\"_ _4\"></span>o da oscillazi<span class=\"_ _4\"></span>oni nei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019Euro e le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti valute: Do<span class=\"_ _4\"></span>llaro americ<span class=\"_ _4\"></span>ano, Renminbi cine<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">se, Y<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n giappon<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>, Won sud-<span class=\"_ _4\"></span>coreano e Pe<span class=\"_ _4\"></span>so me<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>cano. </span><span style=\"display:inherit;clear:left;\">Da un punto di vis<span class=\"_ _4\"></span>ta te<span class=\"_ _4\"></span>mpor<span class=\"_ _4\"></span>ale, le co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture con dur<span class=\"_ _4\"></span>ata sup<span class=\"_ _4\"></span>eriore all<span class=\"_ _4\"></span>\u2019anno sono nulle al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4  cos<span class=\"_ _4\"></span>\u00ec come </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. Le tab<span class=\"_ _4\"></span>elle s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate mo<span class=\"_ _4\"></span>stran<span class=\"_ _4\"></span>o le date di manifest<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria dei s<span class=\"_ _4\"></span>otto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti per </span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa e le date con l<span class=\"_ _4\"></span>e quali viene re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato l<span class=\"_ _4\"></span>\u2019impat<span class=\"_ _4\"></span>to a conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o, che si dete<span class=\"_ _4\"></span>rmina a  seg<span class=\"_ _4\"></span>uito dell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">fattur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>ti e che co<span class=\"_ _4\"></span>stitui<span class=\"_ _4\"></span>scono o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lla cope<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ura  dal rischio di c<span class=\"_ _4\"></span>ambio, alla data di chius<span class=\"_ _4\"></span>ura </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4  e 2023.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019impatto dei sottostanti coperti sulla si<span class=\"_ _1\"></span>tuazione pa<span class=\"_ _1\"></span>trimoni<span class=\"_ _1\"></span>ale-f<span class=\"_ _4\"></span>ina<span class=\"_ _1\"></span>nziaria<span class=\"_ _1\"></span> \u00e8 rappresentato come segue:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>endite attese altamente probabili</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff63\">C<span class=\"_ _2\"></span>ash flow hedge<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>arr<span class=\"_ _4\"></span>ying amount</span><span style=\"display:inherit;clear:left;\">/ variazione di <span class=\"ff63\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff62\"> </span></span></span><span style=\"display:inherit;clear:left;\">utilizzate per misurar<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">Voc<span class=\"_ _2\"></span>e di bilancio \u201caltr<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2e3\"> </span>Importo nozionale</span><span style=\"display:inherit;clear:left;\">l\u2019inefficacia</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">passivit\u00e0 cor<span class=\"_ _2\"></span>renti\u201d</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _ce\"> </span><span class=\"ff61\">241.816<span class=\"_ _1f7\"> </span>(6.980)<span class=\"_ _24b\"> </span>1.052<span class=\"_ _27a\"> </span>(<span class=\"_ _4\"></span>7.609)</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _ce\"> </span><span class=\"ff61\">225.927<span class=\"_ _24b\"> </span>5.552<span class=\"_ _6c\"> </span>4.454<span class=\"_ _2e4\"> </span>(272)</span></span><span style=\"display:inherit;clear:left;\">Nel 2023, e<span class=\"_ _4\"></span>d in par<span class=\"_ _4\"></span>ticolare ne<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>se di dicemb<span class=\"_ _4\"></span>re, si se<span class=\"_ _4\"></span>gnala il for<span class=\"_ _4\"></span>te dep<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>amento sub<span class=\"_ _4\"></span>ito dal Peso ar<span class=\"_ _4\"></span>gentino in se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">guito a misure p<span class=\"_ _4\"></span>olitiche l<span class=\"_ _4\"></span>ocali; la valut<span class=\"_ _4\"></span>a non \u00e8 comunque r<span class=\"_ _4\"></span>ilevante p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o in termini di e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio di </span><span style=\"display:inherit;clear:left;\">cambio co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo.</span><span style=\"display:inherit;clear:left;\">Sensitivity Analysis</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 effe<span class=\"_ _4\"></span>ttuata al f<span class=\"_ _4\"></span>ine di v<span class=\"_ _4\"></span>alutare l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo al ri<span class=\"_ _4\"></span>schio di cambi<span class=\"_ _4\"></span>o \u00e8 stat<span class=\"_ _4\"></span>a cond<span class=\"_ _4\"></span>otta ip<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando varia<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>rcentuali in aume<span class=\"_ _4\"></span>nto e in diminuzione de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio delle v<span class=\"_ _4\"></span>arie divi<span class=\"_ _4\"></span>se, pro<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>zionali alla </span><span style=\"display:inherit;clear:left;\">loro volatilit<span class=\"_ _4\"></span>\u00e0 annua, applic<span class=\"_ _4\"></span>ata a tut<span class=\"_ _4\"></span>te le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie rile<span class=\"_ _4\"></span>vanti es<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>lle valute orig<span class=\"_ _4\"></span>inarie. In </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si ha intere<span class=\"_ _4\"></span>ssato t<span class=\"_ _4\"></span>utte le v<span class=\"_ _4\"></span>alute e le se<span class=\"_ _4\"></span>guenti p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e:</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati sui t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti comm<span class=\"_ _4\"></span>erciali e altri cre<span class=\"_ _4\"></span>diti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali e altri de<span class=\"_ _4\"></span>biti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 liquide e e<span class=\"_ _4\"></span>quivale<span class=\"_ _4\"></span>nti;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie a breve e lungo te<span class=\"_ _4\"></span>rmine;</span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _13\"> </span> pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 <span class=\"_ _41\"> </span>per <span class=\"_ _41\"> </span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws0\"> a bre<span class=\"_ _4\"></span>ve e lungo termine<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, la tabe<span class=\"_ _4\"></span>lla ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a gli impatti p<span class=\"_ _4\"></span>i\u00f9 signif<span class=\"_ _4\"></span>icativ<span class=\"_ _4\"></span>i e le relati<span class=\"_ _4\"></span>ve valute e si rife<span class=\"_ _4\"></span>risce all<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione al ris<span class=\"_ _4\"></span>chio di cambio </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo quanto richie<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>o dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 7 e non cons<span class=\"_ _4\"></span>idera p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto g<span class=\"_ _4\"></span>li effe<span class=\"_ _4\"></span>tti de<span class=\"_ _4\"></span>rivanti dalla co<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>ione dei b<span class=\"_ _4\"></span>ilanci delle </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re con valut<span class=\"_ _4\"></span>a funzio<span class=\"_ _4\"></span>nale diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Sono s<span class=\"_ _4\"></span>tati co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rati i rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti di cambio d<span class=\"_ _4\"></span>elle valute la cui </span><span style=\"display:inherit;clear:left;\">variaz<span class=\"_ _4\"></span>ione gen<span class=\"_ _4\"></span>era un impatt<span class=\"_ _4\"></span>o a conto ec<span class=\"_ _4\"></span>onomico e a patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to, consi<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a in valore a<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>luto, super<span class=\"_ _4\"></span>iore a </span><span style=\"display:inherit;clear:left;\">Euro un milione<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.913<span class=\"_ _68\"> </span>1.853</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _218\"> </span>10,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(433)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>11.813<span class=\"_ _208\"> </span>11.953</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(501)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>380<span class=\"_ _80\"> </span>713</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(21)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>611<span class=\"_ _68\"> </span>1.680</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>6,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(75)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.794<span class=\"_ _68\"> </span>1.682</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>13,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(317)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>501<span class=\"_ _80\"> </span>155</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>5,4%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(42)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>690<span class=\"_ _1c1\"> </span>21</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(39)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>553<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>15,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.383<span class=\"_ _80\"> </span>230</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>8,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(65)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>18.145<span class=\"_ _2a3\"> </span>18.287</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.376)<span class=\"_ _2a3\"> </span>(2.302)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _e6\"> </span>(10,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>537<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(13.834)<span class=\"_ _74\"> </span>(13.998)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>564<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(445)<span class=\"_ _148\"> </span>(834)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>23<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(691)<span class=\"_ _2a3\"> </span>(1.899)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(6,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>78<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.365)<span class=\"_ _bc\"> </span>(2.217<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(13,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>375<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(559)<span class=\"_ _148\"> </span>(172)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(5,4%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>46<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(788)<span class=\"_ _32\"> </span>(24)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>43<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(751)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(15,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _266\"> </span>-<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.624)<span class=\"_ _148\"> </span>(271)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(8,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>76</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(21.691)<span class=\"_ _b3\"> </span>(21.717)</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti </span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>2.000<span class=\"_ _68\"> </span>1.625</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _df\"> </span>9,8%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _148\"> </span>(467)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b6\"> </span>12.070<span class=\"_ _68\"> </span>9.764</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _2e6\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _bc\"> </span>(1.581)<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>441<span class=\"_ _68\"> </span>1.984</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _25c\"> </span>7,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(5)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>526<span class=\"_ _68\"> </span>2.068</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _20d\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(60)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.726<span class=\"_ _80\"> </span>833</span><span style=\"display:inherit;clear:left;\">VARIAZIONE PO<span class=\"_ _1\"></span>SITIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _20e\"> </span>12,2%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(45)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _c4\"> </span>1.133<span class=\"_ _80\"> </span>228</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _20d\"> </span>6,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(25)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>781<span class=\"_ _80\"> </span>331</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _2e6\"> </span>5,9%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(83)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>799<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2ca\"> </span>14,0%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _214\"> </span>(2)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _d1\"> </span>140<span class=\"_ _80\"> </span>262</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _218\"> </span>6,7%</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _32\"> </span>(91)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e7\"> </span>17.257<span class=\"_ _2a3\"> </span>17.095</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Incremento/ </span><span style=\"display:inherit;clear:left;\">Impatti</span><span style=\"display:inherit;clear:left;\">Riduzione del tasso di </span><span style=\"display:inherit;clear:left;\">Impatti a C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">a P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">cambio sottostante<span class=\"_ _261\"> </span>Sottostante</span><span style=\"display:inherit;clear:left;\">Economic<span class=\"_ _2\"></span>o</span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _2e5\"></span>(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.486)<span class=\"_ _2a3\"> </span>(2.020)</span><span style=\"display:inherit;clear:left;\">EUR/JPY<span class=\"_ _7a\"> </span>(9,8%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>565<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _b4\"> </span>(14.197)<span class=\"_ _74\"> </span>(11.485)</span><span style=\"display:inherit;clear:left;\">EUR/USD<span class=\"_ _19e\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _68\"> </span>1.784<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(524)<span class=\"_ _2a3\"> </span>(2.357)</span><span style=\"display:inherit;clear:left;\">EUR/KRW<span class=\"_ _177\"> </span>(7,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>5<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(597)<span class=\"_ _2a3\"> </span>(2.345)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _2\"></span>NY<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>64<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(2.221)<span class=\"_ _2a3\"> </span>(1.072)</span><span style=\"display:inherit;clear:left;\">VARIAZIONE NEGA<span class=\"_ _2\"></span>TIV<span class=\"_ _2\"></span>A</span><span style=\"display:inherit;clear:left;\">EUR/MXN<span class=\"_ _2e3\"> </span>(12,2%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>58<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.328)<span class=\"_ _148\"> </span>(268)</span><span style=\"display:inherit;clear:left;\">EUR/GBP<span class=\"_ _19e\"> </span>(6,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>25<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(907)<span class=\"_ _148\"> </span>(385)</span><span style=\"display:inherit;clear:left;\">EUR/C<span class=\"_ _1\"></span>AD<span class=\"_ _19e\"> </span>(5,9%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1c1\"> </span>94<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _e5\"> </span>(1.171)<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">EUR/BRL<span class=\"_ _2a2\"> </span>(14,0%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _1f2\"> </span>2<span class=\"_ _29c\"> </span>-</span><span style=\"display:inherit;clear:left;\">Strumenti derivati <span class=\"_ _7e\"> </span>(165)<span class=\"_ _148\"> </span>(309)</span><span style=\"display:inherit;clear:left;\">EUR/HKD<span class=\"_ _e6\"> </span>(6,7%)</span><span style=\"display:inherit;clear:left;\">Strumenti non derivati<span class=\"_ _80\"> </span>104</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2e8\"> </span>(20.895)<span class=\"_ _b3\"> </span>(20.241)</span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntato ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla sopr<span class=\"_ _4\"></span>a ripor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a, una varia<span class=\"_ _4\"></span>zione po<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>a dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio indi<span class=\"_ _4\"></span>viduati (EUR<span class=\"_ _4\"></span>/JPY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/</span><span style=\"display:inherit;clear:left;\">USD, EUR<span class=\"_ _4\"></span>/KRW<span class=\"_ _1\"></span>, EUR<span class=\"_ _4\"></span>/CNY<span class=\"_ _2\"></span>, EUR<span class=\"_ _4\"></span>/MX<span class=\"_ _4\"></span>N, EUR<span class=\"_ _4\"></span>/GBP<span class=\"_ _44\"></span>, EUR<span class=\"_ _4\"></span>/C<span class=\"_ _4\"></span>AD, EUR<span class=\"_ _4\"></span>/BRL e EUR<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>HKD) avrebbe p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>to un utile di Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>45 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e un utile di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.257 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023; analogame<span class=\"_ _4\"></span>nte, un mov<span class=\"_ _4\"></span>imento </span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativo dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambio av<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e prodot<span class=\"_ _4\"></span>to una pe<span class=\"_ _4\"></span>rdita di Euro 2<span class=\"_ _2\"></span>1.691 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4  e una p<span class=\"_ _4\"></span>erdita di </span><span style=\"display:inherit;clear:left;\">Euro 20.8<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023. L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento ge<span class=\"_ _4\"></span>nerato a p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to dagli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>riv<span class=\"_ _4\"></span>ati desig<span class=\"_ _4\"></span>nati di </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura in cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza all<span class=\"_ _4\"></span>e ipotiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate variaz<span class=\"_ _4\"></span>ioni pos<span class=\"_ _4\"></span>itive dei t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>si di cambi<span class=\"_ _4\"></span>o sarebb<span class=\"_ _4\"></span>e st<span class=\"_ _4\"></span>ato pari a Euro 1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>.287 migliaia </span><span style=\"display:inherit;clear:left;\">al  3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e a Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>95 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023; la riduzione di p<span class=\"_ _4\"></span>atrimonio net<span class=\"_ _4\"></span>to in con<span class=\"_ _4\"></span>segu<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a alle </span><span style=\"display:inherit;clear:left;\">ipotiz<span class=\"_ _5\"></span>zate var<span class=\"_ _4\"></span>iazioni ne<span class=\"_ _4\"></span>gative de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di c<span class=\"_ _4\"></span>ambio sare<span class=\"_ _4\"></span>bbe s<span class=\"_ _4\"></span>tata p<span class=\"_ _4\"></span>ari a Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 migliaia al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e a Euro </span><span style=\"display:inherit;clear:left;\">20.24<span class=\"_ _1c\"></span>1 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023. L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>anali<span class=\"_ _4\"></span>si di sen<span class=\"_ _4\"></span>sitiv<span class=\"_ _4\"></span>it\u00e0 con<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>a se<span class=\"_ _4\"></span>condo le m<span class=\"_ _4\"></span>odalit\u00e0 d<span class=\"_ _4\"></span>escr<span class=\"_ _4\"></span>itte<span class=\"_ _4\"></span>, sui risult<span class=\"_ _4\"></span>ati della quale </span><span style=\"display:inherit;clear:left;\">incide in manie<span class=\"_ _4\"></span>ra rilev<span class=\"_ _4\"></span>ante il valore de<span class=\"_ _4\"></span>lla volatilit\u00e0 di me<span class=\"_ _4\"></span>rcato de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di camb<span class=\"_ _4\"></span>io consid<span class=\"_ _4\"></span>erat<span class=\"_ _4\"></span>a, most<span class=\"_ _4\"></span>ra un impatto s<span class=\"_ _4\"></span>igni<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>icativo s<span class=\"_ _4\"></span>ul patrimonio net<span class=\"_ _4\"></span>to di Grup<span class=\"_ _4\"></span>po, a se<span class=\"_ _4\"></span>guito della p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ibile variaz<span class=\"_ _4\"></span>ione di valo<span class=\"_ _4\"></span>re degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati de<span class=\"_ _4\"></span>signati </span><span style=\"display:inherit;clear:left;\">di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura, che v<span class=\"_ _4\"></span>iene so<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>sa a R<span class=\"_ _4\"></span>iser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a di <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> e la cui rileva<span class=\"_ _4\"></span>zione a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico si avr<span class=\"_ _4\"></span>\u00e0 negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi </span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivi, al mom<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tivo manife<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>arsi de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e atte<span class=\"_ _4\"></span>se. L<span class=\"_ _2\"></span>\u2019increm<span class=\"_ _4\"></span>ento o la ridu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli impatti a c<span class=\"_ _4\"></span>onto </span><span style=\"display:inherit;clear:left;\">economico e a stato patri<span class=\"_ _1\"></span>moniale, i<span class=\"_ _1\"></span>n ognuno degli esercizi considerati,<span class=\"_ _1\"></span> deriva es<span class=\"_ _4\"></span>senzialmente dal<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u2019effetto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>andamen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to dell<span class=\"_ _4\"></span>e singole valute a<span class=\"_ _4\"></span>lle date di riferime<span class=\"_ _4\"></span>nto e dalla variazio<span class=\"_ _4\"></span>ne nella co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tenz<span class=\"_ _4\"></span>a delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e alle flut<span class=\"_ _4\"></span>tuazi<span class=\"_ _4\"></span>oni dei t<span class=\"_ _4\"></span>assi di c<span class=\"_ _4\"></span>ambio.</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mine<span class=\"_ _4\"></span>\u201d pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2 migliaia (Euro 6.81<span class=\"_ _1c\"></span>3 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023<span class=\"_ _1\"></span>) accog<span class=\"_ _4\"></span>lie la valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value</span><span class=\"ls9 wse1\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) dei con<span class=\"_ _1\"></span>tratti derivati (<span class=\"_ _2\"></span>componente di<span class=\"_ _1\"></span> coper<span class=\"_ _4\"></span>tura<span class=\"_ _2\"></span>) in essere, </span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">stip<span class=\"_ _4\"></span>ulati dalla Capogr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischi<span class=\"_ _4\"></span>o di cambio sulle ve<span class=\"_ _4\"></span>ndite in div<span class=\"_ _4\"></span>ise di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro.</span></span> </span><span style=\"display:inherit;clear:left;\">18 <span class=\"_ _44\"></span>. A<span class=\"_ _1\"></span>ltre atti<span class=\"_ _2\"></span>vit\u00e0 finanziarie cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie corr<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>idenz<span class=\"_ _4\"></span>iata nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati<span class=\"_ _100\"> </span>307 <span class=\"_ _211\"> </span>1.535<span class=\"_ _1f2\"> </span>(1.228) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _285\"> </span>50.414 <span class=\"_ _176\"> </span>35.277<span class=\"_ _1d3\"> </span>15.137 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>50.721 <span class=\"_ _25\"> </span>36.812<span class=\"_ _1f2\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati<span class=\"_ _4\"></span>\u201d, pari a Euro 307 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>535 migliaia al 3<span class=\"_ _2\"></span>1 dicembre 2023),<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce alla valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> degli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la comp<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>nte non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura.</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>\u201d ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la valuta<span class=\"_ _4\"></span>zione al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span><span class=\"ff5f\">fair value<span class=\"ff5c\">) al<span class=\"_ _1\"></span>la f<span class=\"_ _4\"></span>ine dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span></span></span><span style=\"display:inherit;clear:left;\">degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura<span class=\"_ _1\"></span>), in ess<span class=\"_ _4\"></span>ere, s<span class=\"_ _4\"></span>tipulati dalla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione del r<span class=\"_ _4\"></span>ischio di </span><span style=\"display:inherit;clear:left;\">cambio. Pe<span class=\"_ _4\"></span>r magg<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 32 \u201c<span class=\"_ _4\"></span>Strumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari e valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value\u201d<span class=\"ff62 ls0\">.</span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__89": {
   "value": "<span style=\"display:inherit;clear:left;\">Rischio di liquidit\u00e0</span><span style=\"display:inherit;clear:left;\">Il rischio di li<span class=\"_ _4\"></span>quidit\u00e0 rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il ri<span class=\"_ _4\"></span>schio che il Gr<span class=\"_ _4\"></span>uppo non sia in g<span class=\"_ _4\"></span>rado di ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tare le p<span class=\"_ _4\"></span>roprie obb<span class=\"_ _4\"></span>ligazio<span class=\"_ _4\"></span>ni finan<span class=\"_ _4\"></span>ziarie </span><span style=\"display:inherit;clear:left;\">a caus<span class=\"_ _4\"></span>a della dif<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icolt<span class=\"_ _4\"></span>\u00e0 di repe<span class=\"_ _4\"></span>rire fondi a con<span class=\"_ _4\"></span>dizioni di pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo co<span class=\"_ _4\"></span>rrenti di me<span class=\"_ _4\"></span>rcato (<span class=\"ff5f ls5b ws5d\">funding liquidit<span class=\"_ _4\"></span>y risk</span>) o di liquidare </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>ul mercato p<span class=\"_ _4\"></span>er re<span class=\"_ _4\"></span>perire l<span class=\"_ _4\"></span>e risor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>arie (<span class=\"_ _2\"></span><span class=\"ff5f\">a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>t liquidity risk<span class=\"ff5c ls0\">).</span></span></span><span style=\"display:inherit;clear:left;\">La prima c<span class=\"_ _4\"></span>onse<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>za \u00e8 un impatt<span class=\"_ _4\"></span>o negati<span class=\"_ _4\"></span>vo sul conto e<span class=\"_ _4\"></span>conomico, n<span class=\"_ _4\"></span>el cas<span class=\"_ _4\"></span>o in cui la So<span class=\"_ _4\"></span>ciet\u00e0 sia c<span class=\"_ _4\"></span>ostre<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>a a sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>ti addiz<span class=\"_ _4\"></span>ionali pe<span class=\"_ _4\"></span>r adempi<span class=\"_ _4\"></span>ere ai propr<span class=\"_ _4\"></span>i impegni.</span><span style=\"display:inherit;clear:left;\">I fatto<span class=\"_ _4\"></span>ri che princip<span class=\"_ _4\"></span>almente inf<span class=\"_ _4\"></span>luenz<span class=\"_ _4\"></span>ano la liquidit<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po son<span class=\"_ _4\"></span>o rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati dalle riso<span class=\"_ _4\"></span>rse ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ate o ass<span class=\"_ _4\"></span>orbite </span><span style=\"display:inherit;clear:left;\">dalle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ive e di inves<span class=\"_ _4\"></span>timento, dalle eve<span class=\"_ _4\"></span>ntuali distrib<span class=\"_ _4\"></span>uzioni di div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di, dalle carat<span class=\"_ _4\"></span>teris<span class=\"_ _4\"></span>tiche di </span><span style=\"display:inherit;clear:left;\">sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e di disp<span class=\"_ _4\"></span>onibilit\u00e0 di rinnovo d<span class=\"_ _4\"></span>el deb<span class=\"_ _4\"></span>ito o dalla sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a e liquidabilit<span class=\"_ _4\"></span>\u00e0 degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti f<span class=\"_ _4\"></span>inanziari dell<span class=\"_ _4\"></span>e ec<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a. I fabbi<span class=\"_ _4\"></span>sogni o le e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>denze di li<span class=\"_ _4\"></span>quidit\u00e0 s<span class=\"_ _4\"></span>ono monitor<span class=\"_ _4\"></span>ati su bas<span class=\"_ _4\"></span>e giornalie<span class=\"_ _4\"></span>ra dalla Capog<span class=\"_ _4\"></span>ruppo al f<span class=\"_ _4\"></span>ine </span><span style=\"display:inherit;clear:left;\">di garantire un ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>ce repe<span class=\"_ _4\"></span>rimento d<span class=\"_ _4\"></span>elle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziarie o un ade<span class=\"_ _4\"></span>guato inves<span class=\"_ _4\"></span>timento d<span class=\"_ _4\"></span>ella liquidit<span class=\"_ _4\"></span>\u00e0. </span><span style=\"display:inherit;clear:left;\">La ne<span class=\"_ _4\"></span>goziazione e la ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne delle lin<span class=\"_ _4\"></span>ee di cre<span class=\"_ _4\"></span>dito vien<span class=\"_ _4\"></span>e coordinat<span class=\"_ _4\"></span>a dalla Capog<span class=\"_ _4\"></span>ruppo co<span class=\"_ _4\"></span>n lo scop<span class=\"_ _4\"></span>o di prov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>dere alle </span><span style=\"display:inherit;clear:left;\">nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0 di bre<span class=\"_ _4\"></span>ve e medio p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do dell<span class=\"_ _4\"></span>e singole so<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po se<span class=\"_ _4\"></span>condo cr<span class=\"_ _4\"></span>iteri di ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>icien<span class=\"_ _4\"></span>za e<span class=\"_ _4\"></span>d econo<span class=\"_ _4\"></span>micit\u00e0. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4, son<span class=\"_ _4\"></span>o in es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>n pi\u00f9 contropar<span class=\"_ _4\"></span>ti ban<span class=\"_ _4\"></span>carie line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span>, per comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 380.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 </span><span style=\"display:inherit;clear:left;\">migliaia, interame<span class=\"_ _4\"></span>nte utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in una o pi\u00f9 solu<span class=\"_ _4\"></span>zioni (<span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>). Alla ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a data so<span class=\"_ _4\"></span>no inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere linee a b<span class=\"_ _4\"></span>reve </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e a revoc<span class=\"_ _4\"></span>a sulla Capog<span class=\"_ _4\"></span>ruppo e su al<span class=\"_ _4\"></span>cune delle s<span class=\"_ _4\"></span>ue controllate p<span class=\"_ _4\"></span>er tot<span class=\"_ _4\"></span>ali Euro 442.447 migliaia. </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo disp<span class=\"_ _4\"></span>one di line<span class=\"_ _4\"></span>e di credito no<span class=\"_ _4\"></span>n utiliz<span class=\"_ _4\"></span>zate <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> (nella forma <span class=\"ff5f ws5d\">revolv<span class=\"_ _4\"></span>ing</span> o </span><span style=\"display:inherit;clear:left;\">term</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">loan<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">) </span></span><span style=\"display:inherit;clear:left;\">per Euro 38<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0 migliaia e a re<span class=\"_ _4\"></span>voca p<span class=\"_ _4\"></span>er Euro 329.53<span class=\"_ _2\"></span>1 migliaia, a fronte di un ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento lord<span class=\"_ _4\"></span>o di Euro 1<span class=\"_ _44\"></span>1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>91<span class=\"_ _2\"></span>6 </span><span style=\"display:inherit;clear:left;\">migliaia e una posi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>inanziaria n<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>a <span class=\"ff5f lsa ws90\">adjusted</span> creditoria di Euro 1<span class=\"_ _2\"></span>72.780 migliaia (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>ebitoria p<span class=\"_ _4\"></span>er Euro 503.<span class=\"_ _4\"></span>566 mi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gliaia consi<span class=\"_ _4\"></span>derand<span class=\"_ _4\"></span>o anche le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span> co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l principio IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6). Le linee <span class=\"ff5f ws5d\">commit<span class=\"_ _4\"></span>ted</span> hanno </span><span style=\"display:inherit;clear:left;\">al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 una durat<span class=\"_ _4\"></span>a res<span class=\"_ _4\"></span>idua mass<span class=\"_ _4\"></span>ima di ventinove me<span class=\"_ _4\"></span>si e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici </span><span style=\"display:inherit;clear:left;\">mes<span class=\"_ _4\"></span>i. Le linee di cre<span class=\"_ _4\"></span>dito e la relati<span class=\"_ _4\"></span>va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziaria sono di<span class=\"_ _4\"></span>stribuit<span class=\"_ _4\"></span>e fra i principa<span class=\"_ _4\"></span>li istituti b<span class=\"_ _4\"></span>ancari na<span class=\"_ _4\"></span>zionali e inter<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali. Alla data de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>utiliz<span class=\"_ _4\"></span>zo mas<span class=\"_ _4\"></span>simo \u00e8 infer<span class=\"_ _4\"></span>iore a un anno. Le line<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">committe<span class=\"_ _4\"></span>d</span><span class=\"ls4 ws145\"> attualme<span class=\"_ _4\"></span>nte in </span></span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>sere p<span class=\"_ _4\"></span>er il Gr<span class=\"_ _4\"></span>uppo, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws5d\">revolving<span class=\"_ _4\"></span></span>, non richie<span class=\"_ _4\"></span>dono il r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to di <span class=\"ff5f ls57 ws97\">cov<span class=\"_ _4\"></span>enant<span class=\"_ _4\"></span></span> finan<span class=\"_ _4\"></span>ziari. Per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si </span><span style=\"display:inherit;clear:left;\">veda la not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti-L<span class=\"_ _4\"></span>imitaz<span class=\"_ _4\"></span>ioni all<span class=\"_ _4\"></span>\u2019uso delle ri<span class=\"_ _4\"></span>sor<span class=\"_ _4\"></span>se f<span class=\"_ _4\"></span>inanziarie<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span><span style=\"display:inherit;clear:left;\">\u00c8 semp<span class=\"_ _4\"></span>re st<span class=\"_ _4\"></span>ata polit<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>tipulare e mante<span class=\"_ _4\"></span>nere con co<span class=\"_ _4\"></span>ntinuit\u00e0 e con c<span class=\"_ _4\"></span>ontropar<span class=\"_ _4\"></span>ti banc<span class=\"_ _4\"></span>arie dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>icate un am<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">montar<span class=\"_ _4\"></span>e di linee di cre<span class=\"_ _4\"></span>dito <span class=\"ff5f ws0\">committe<span class=\"_ _4\"></span>d</span> ritenut<span class=\"_ _4\"></span>o congruo ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to ai fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>lle singole s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e idon<span class=\"_ _4\"></span>eo ad as<span class=\"_ _4\"></span>sicurar<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">in ogni mom<span class=\"_ _4\"></span>ento la liquidit<span class=\"_ _4\"></span>\u00e0 nece<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>aria al so<span class=\"_ _4\"></span>ddisf<span class=\"_ _4\"></span>acimento e al ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to di ogni imp<span class=\"_ _4\"></span>egno f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>io del Gr<span class=\"_ _4\"></span>uppo, a condi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zioni e<span class=\"_ _4\"></span>conomiche s<span class=\"_ _4\"></span>tab<span class=\"_ _4\"></span>ilite, oltre a<span class=\"_ _4\"></span>d ass<span class=\"_ _4\"></span>icurare la disp<span class=\"_ _4\"></span>onibilit\u00e0 di un ad<span class=\"_ _4\"></span>eguato live<span class=\"_ _4\"></span>llo di elas<span class=\"_ _4\"></span>ticit<span class=\"_ _4\"></span>\u00e0 oper<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">progr<span class=\"_ _4\"></span>ammi di sv<span class=\"_ _4\"></span>iluppo. Anch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, la po<span class=\"_ _4\"></span>litica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te </span><span style=\"display:inherit;clear:left;\">consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte delle pro<span class=\"_ _4\"></span>prie ecc<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nze di ca<span class=\"_ _4\"></span>ssa p<span class=\"_ _4\"></span>er att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di inves<span class=\"_ _4\"></span>timento sul m<span class=\"_ _4\"></span>ercato in de<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>iti bancar<span class=\"_ _4\"></span>i a breve (<span class=\"_ _2\"></span><span class=\"ff5f ls59 ws114\">t<span class=\"_ _4\"></span>ime </span></span><span style=\"display:inherit;clear:left;\">deposit<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">), oltre ch<span class=\"_ _4\"></span>e per ac<span class=\"_ _4\"></span>cende<span class=\"_ _4\"></span>re pres<span class=\"_ _4\"></span>titi <span class=\"ff5f ls7c wsf0\">int<span class=\"_ _4\"></span>erc<span class=\"_ _4\"></span>ompa<span class=\"_ _4\"></span>ny<span class=\"_ _2\"></span><span class=\"ff5c ls0 wsaf\">, rego<span class=\"_ _4\"></span>lati a condiz<span class=\"_ _4\"></span>ioni corre<span class=\"_ _4\"></span>nti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da conte<span class=\"_ _4\"></span>nere l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span></span></span></span><span style=\"display:inherit;clear:left;\">creme<span class=\"_ _4\"></span>nto della pro<span class=\"_ _4\"></span>pria esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>bitoria ver<span class=\"_ _4\"></span>so il si<span class=\"_ _4\"></span>stema b<span class=\"_ _4\"></span>ancario e gli o<span class=\"_ _4\"></span>neri f<span class=\"_ _4\"></span>inanziari r<span class=\"_ _4\"></span>elativ<span class=\"_ _4\"></span>i.</span><span style=\"display:inherit;clear:left;\">Le ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa s<span class=\"_ _4\"></span>ono impieg<span class=\"_ _4\"></span>ate con le ban<span class=\"_ _4\"></span>che di relaz<span class=\"_ _4\"></span>ione in op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di <span class=\"ff5f ls9 ws90\">time deposit</span> a breve o medio t<span class=\"_ _4\"></span>ermi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>olitame<span class=\"_ _4\"></span>nte compre<span class=\"_ _4\"></span>se tr<span class=\"_ _4\"></span>a un giorno e tre m<span class=\"_ _4\"></span>esi, ch<span class=\"_ _4\"></span>e prendo<span class=\"_ _4\"></span>no a riferime<span class=\"_ _4\"></span>nto il tas<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>uribor/libor/<span class=\"_ _2\"></span>sof<span class=\"_ _4\"></span>r di perio<span class=\"_ _4\"></span>do </span><span style=\"display:inherit;clear:left;\">o il tas<span class=\"_ _4\"></span>so di rife<span class=\"_ _4\"></span>rimento s<span class=\"_ _4\"></span>ul mercato inte<span class=\"_ _4\"></span>rbanc<span class=\"_ _4\"></span>ario spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ico della valut<span class=\"_ _4\"></span>a in cui l<span class=\"_ _4\"></span>\u2019inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto \u00e8 deno<span class=\"_ _4\"></span>minato. Le ste<span class=\"_ _4\"></span>sse </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni di invest<span class=\"_ _4\"></span>imento de<span class=\"_ _4\"></span>lla liquidit\u00e0 vengo<span class=\"_ _4\"></span>no realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate con gli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi prio<span class=\"_ _4\"></span>ritari di re<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>re le riso<span class=\"_ _4\"></span>rse di<span class=\"_ _4\"></span>sponibili </span><span style=\"display:inherit;clear:left;\">con bre<span class=\"_ _4\"></span>ve preav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iso (nel cas<span class=\"_ _4\"></span>o di sca<span class=\"_ _4\"></span>denze s<span class=\"_ _4\"></span>uperi<span class=\"_ _4\"></span>ori a tre me<span class=\"_ _4\"></span>si \u00e8 prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a contrat<span class=\"_ _4\"></span>tualmente la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">za p<span class=\"_ _4\"></span>enali) e di neutra<span class=\"_ _4\"></span>liz<span class=\"_ _4\"></span>zare il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdita di c<span class=\"_ _4\"></span>apitale e<span class=\"_ _4\"></span>vitan<span class=\"_ _4\"></span>do ope<span class=\"_ _4\"></span>razi<span class=\"_ _4\"></span>oni di tipo sp<span class=\"_ _4\"></span>eculati<span class=\"_ _4\"></span>vo. La so<span class=\"_ _4\"></span>ciet\u00e0 S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., in ot<span class=\"_ _4\"></span>tica di m<span class=\"_ _4\"></span>oder<span class=\"_ _4\"></span>ata dive<span class=\"_ _4\"></span>rsif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>ella propr<span class=\"_ _4\"></span>ia cas<span class=\"_ _4\"></span>sa, ha inolt<span class=\"_ _4\"></span>re nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 mante<span class=\"_ _4\"></span>nuto un invest<span class=\"_ _4\"></span>imento in tito<span class=\"_ _4\"></span>li di stat<span class=\"_ _4\"></span>o italiani di breve te<span class=\"_ _4\"></span>rmine (Buoni O<span class=\"_ _4\"></span>rdinari del T<span class=\"_ _2\"></span>es<span class=\"_ _4\"></span>oro<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er Euro 9.95<span class=\"_ _4\"></span>8 </span><span style=\"display:inherit;clear:left;\">migliaia ed uno as<span class=\"_ _4\"></span>sicurat<span class=\"_ _4\"></span>ivo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za Ramo I p<span class=\"_ _4\"></span>rontame<span class=\"_ _4\"></span>nte liquidabile da Euro 1<span class=\"_ _2\"></span>5.4<span class=\"_ _4\"></span>44 mig<span class=\"_ _4\"></span>liaia, oltre ad ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuare un </span><span style=\"display:inherit;clear:left;\">nuovo inves<span class=\"_ _4\"></span>timento a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativo in poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>za multiram<span class=\"_ _4\"></span>o prontame<span class=\"_ _4\"></span>nte liquidabile p<span class=\"_ _4\"></span>er Euro 2<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.99<span class=\"_ _4\"></span>9 migliaia, nel ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della <span class=\"_ _3\"></span><span class=\"ff5f ls4 ws3\">policy</span><span class=\"ws12e\"> p<span class=\"_ _4\"></span>er la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e e mitigazi<span class=\"_ _4\"></span>one del r<span class=\"_ _4\"></span>ischio di liquidit<span class=\"_ _4\"></span>\u00e0 approvat<span class=\"_ _4\"></span>a dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 2023 con l<span class=\"_ _4\"></span>\u2019obiet<span class=\"_ _4\"></span>tivo princip<span class=\"_ _4\"></span>ale di garantire a<span class=\"_ _4\"></span>deguate co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ture de<span class=\"_ _4\"></span>i fabbis<span class=\"_ _4\"></span>ogni </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziari da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lle socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">Que<span class=\"_ _4\"></span>ste s<span class=\"_ _4\"></span>celte<span class=\"_ _4\"></span>, che tengono c<span class=\"_ _4\"></span>onto anche de<span class=\"_ _4\"></span>lla preve<span class=\"_ _4\"></span>dibile dinamica futur<span class=\"_ _4\"></span>a dei f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i di cas<span class=\"_ _4\"></span>sa, ins<span class=\"_ _4\"></span>ieme ad una t<span class=\"_ _4\"></span>empe<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">va att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di rinegoziaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle linee di cre<span class=\"_ _4\"></span>dito, anche prima d<span class=\"_ _4\"></span>ella loro naturale s<span class=\"_ _4\"></span>cad<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a, cons<span class=\"_ _4\"></span>entono di ri<span class=\"_ _4\"></span>durre in </span><span style=\"display:inherit;clear:left;\">maniera s<span class=\"_ _4\"></span>ignific<span class=\"_ _4\"></span>ativa l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>posi<span class=\"_ _4\"></span>zione al ris<span class=\"_ _4\"></span>chio in es<span class=\"_ _4\"></span>ame e di ade<span class=\"_ _4\"></span>guare il cos<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indebit<span class=\"_ _4\"></span>amento a<span class=\"_ _4\"></span>lle migliori con<span class=\"_ _4\"></span>dizioni </span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato. Il Grupp<span class=\"_ _4\"></span>o ha cost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte mantenuto l<span class=\"_ _4\"></span>\u2019acces<span class=\"_ _4\"></span>so a un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ampia g<span class=\"_ _4\"></span>amma di fonti di finan<span class=\"_ _4\"></span>ziamento a co<span class=\"_ _4\"></span>sti co<span class=\"_ _4\"></span>m<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">petit<span class=\"_ _4\"></span>ivi, no<span class=\"_ _4\"></span>nost<span class=\"_ _4\"></span>ante il quadro di riferim<span class=\"_ _4\"></span>ento es<span class=\"_ _4\"></span>tern<span class=\"_ _4\"></span>o, nel quale pe<span class=\"_ _4\"></span>rmangono rigi<span class=\"_ _4\"></span>dit\u00e0 ne<span class=\"_ _4\"></span>l mercat<span class=\"_ _4\"></span>o del cre<span class=\"_ _4\"></span>dito. Nono<span class=\"_ _4\"></span>stante </span><span style=\"display:inherit;clear:left;\">la gene<span class=\"_ _4\"></span>rale cap<span class=\"_ _4\"></span>acit\u00e0 di ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>zione di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>rente ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>a del Gr<span class=\"_ _4\"></span>uppo, avere s<span class=\"_ _4\"></span>empre mantenut<span class=\"_ _4\"></span>o la </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibilit\u00e0 di un congr<span class=\"_ _4\"></span>uo ammontar<span class=\"_ _4\"></span>e di linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span> ha pe<span class=\"_ _4\"></span>rme<span class=\"_ _4\"></span>sso di f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare con s<span class=\"_ _4\"></span>icurez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a le fas<span class=\"_ _4\"></span>i di mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">turbo<span class=\"_ _4\"></span>lenz<span class=\"_ _4\"></span>a dei me<span class=\"_ _4\"></span>rcati e di eve<span class=\"_ _4\"></span>ntuale volatilit\u00e0 ne<span class=\"_ _4\"></span>lla dispo<span class=\"_ _4\"></span>nibilit\u00e0 di cap<span class=\"_ _4\"></span>itale di pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ito sul merc<span class=\"_ _4\"></span>ato. Con c<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za men<span class=\"_ _4\"></span>si<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le vie<span class=\"_ _4\"></span>ne monitor<span class=\"_ _4\"></span>ata la po<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>iva di og<span class=\"_ _4\"></span>ni singola soci<span class=\"_ _4\"></span>et\u00e0 e que<span class=\"_ _4\"></span>lla del Grup<span class=\"_ _4\"></span>po nel s<span class=\"_ _4\"></span>uo comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, e </span><span style=\"display:inherit;clear:left;\">confront<span class=\"_ _4\"></span>ata con l<span class=\"_ _4\"></span>\u2019ultima prev<span class=\"_ _4\"></span>isione di <span class=\"ff5f ls5a wsd4\">Budge<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>/Forecast</span>. Il <span class=\"ff5f ls5a wsd4\">manage<span class=\"_ _4\"></span>ment</span> ritien<span class=\"_ _4\"></span>e che i fondi e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o attualmente </span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>nibili, con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ag<span class=\"_ _4\"></span>giunta de<span class=\"_ _4\"></span>i fondi che si pr<span class=\"_ _4\"></span>evede s<span class=\"_ _4\"></span>aranno gen<span class=\"_ _4\"></span>erati dall<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 corre<span class=\"_ _4\"></span>nte ope<span class=\"_ _4\"></span>rativa<span class=\"_ _4\"></span>, conse<span class=\"_ _4\"></span>ntiranno al </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o di fare fronte co<span class=\"_ _4\"></span>n tranquillit\u00e0 al r<span class=\"_ _4\"></span>imbor<span class=\"_ _4\"></span>so deg<span class=\"_ _4\"></span>li utiliz<span class=\"_ _4\"></span>zi de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti alla loro natur<span class=\"_ _4\"></span>ale sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za e a so<span class=\"_ _4\"></span>ddis<span class=\"_ _4\"></span>fa<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re i fabbi<span class=\"_ _4\"></span>sogni de<span class=\"_ _4\"></span>rivanti dall<span class=\"_ _4\"></span>\u2019attiv<span class=\"_ _4\"></span>it\u00e0 di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e di ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024 </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori<span class=\"_ _13e\"> </span>160.891<span class=\"_ _12a\"> </span>3.555<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _21\"> </span>164.446</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _2ea\"> </span>85.867<span class=\"_ _bf\"> </span>28.136<span class=\"_ _209\"> </span>114.003</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _2d8\"> </span>1.134<span class=\"_ _a2\"> </span>1.134</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _28a\"> </span></span>37.608<span class=\"_ _c1\"> </span>103.438<span class=\"_ _21\"> </span>379.325<span class=\"_ _21\"> </span>248.908<span class=\"_ _c1\"> </span>769.279</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2eb\"> </span>317<span class=\"_ _132\"> </span>471<span class=\"_ _d7\"> </span>788</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _294\"> </span>2.269<span class=\"_ _f2\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _12a\"> </span>2.269</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _131\"> </span>3.957<span class=\"_ _12a\"> </span>8.209<span class=\"_ _f3\"> </span>-<span class=\"_ _f3\"> </span>-<span class=\"_ _bf\"> </span>12.166</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>292.043<span class=\"_ _b2\"> </span>143.338<span class=\"_ _b2\"> </span>379.325<span class=\"_ _7c\"> </span>249.379<span class=\"_ _257\"> </span>1.064.085</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _f4\"> </span>&lt; 3 mesi <span class=\"_ _87\"> </span>3-12 mesi<span class=\"_ _b2\"> </span>1-5 anni<span class=\"_ _ec\"> </span>&gt;5 anni<span class=\"_ _2a9\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori <span class=\"_ _1ad\"> </span>168.466 <span class=\"_ _2a3\"> </span>4.857 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _67\"> </span>173.323 </span><span style=\"display:inherit;clear:left;\">Debiti verso banche  <span class=\"_ _283\"> </span>70.820 <span class=\"_ _2a3\"> </span>9.653 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _111\"> </span>80.473 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziaria <span class=\"_ _209\"> </span>898 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>898 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing <span class=\"_ _2ea\"> </span></span>34.886 <span class=\"_ _111\"> </span>97.070 <span class=\"_ _67\"> </span>398.933 <span class=\"_ _11f\"> </span>280.406 <span class=\"_ _11f\"> </span>811.295 </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _20\"> </span>347 <span class=\"_ _1f9\"> </span>- <span class=\"_ _32\"> </span>59 <span class=\"_ _148\"> </span>177 <span class=\"_ _65\"> </span>583 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a <span class=\"_ _15d\"> </span>517 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>517 </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a <span class=\"_ _eb\"> </span>350 <span class=\"_ _148\"> </span>566 <span class=\"_ _1f9\"> </span>- <span class=\"_ _1f9\"> </span>- <span class=\"_ _65\"> </span>916 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1e9\"> </span>276.284 <span class=\"_ _127\"> </span>112.146 <span class=\"_ _127\"> </span>398.992 <span class=\"_ _105\"> </span>280.583 <span class=\"_ _87\"> </span>1.068.005 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle p<span class=\"_ _4\"></span>oste di b<span class=\"_ _4\"></span>ilancio rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntative di pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziarie mos<span class=\"_ _4\"></span>tra sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>ze dist<span class=\"_ _4\"></span>ribuite, co<span class=\"_ _4\"></span>n<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">quelle di natura c<span class=\"_ _4\"></span>ommerciale co<span class=\"_ _4\"></span>ncentrate e<span class=\"_ _4\"></span>ntro i tre me<span class=\"_ _4\"></span>si. Per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, i v<span class=\"_ _4\"></span>alori de<span class=\"_ _4\"></span>i debiti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche han<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no una durata re<span class=\"_ _4\"></span>sidua mas<span class=\"_ _4\"></span>sima inferio<span class=\"_ _4\"></span>re ad un anno e pe<span class=\"_ _4\"></span>r la mag<span class=\"_ _4\"></span>gior par<span class=\"_ _4\"></span>te inferi<span class=\"_ _4\"></span>ore a 3 mes<span class=\"_ _4\"></span>i. </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie iscrit<span class=\"_ _4\"></span>te in bilancio hanno v<span class=\"_ _4\"></span>ita re<span class=\"_ _4\"></span>sidua di pi\u00f9 bre<span class=\"_ _4\"></span>ve termine e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>endo in p<span class=\"_ _4\"></span>revale<span class=\"_ _4\"></span>nza re<span class=\"_ _4\"></span>lative a di<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>nibilit\u00e0 liquide e m<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zi e<span class=\"_ _4\"></span>quival<span class=\"_ _4\"></span>enti.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__90": {
   "value": "<span style=\"display:inherit;clear:left;\">Rischio di cr<span class=\"_ _2\"></span>edito</span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019esp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione del G<span class=\"_ _4\"></span>ruppo a p<span class=\"_ _4\"></span>otenz<span class=\"_ _4\"></span>iali perdite d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dal mancato ad<span class=\"_ _4\"></span>empime<span class=\"_ _4\"></span>nto </span><span style=\"display:inherit;clear:left;\">delle o<span class=\"_ _4\"></span>bbligaz<span class=\"_ _4\"></span>ioni as<span class=\"_ _4\"></span>sunte dalle contropar<span class=\"_ _4\"></span>ti, s<span class=\"_ _4\"></span>ia commerciali che f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie. Il Grup<span class=\"_ _4\"></span>po pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a una diver<span class=\"_ _4\"></span>sa e<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ischio di cre<span class=\"_ _4\"></span>dito in base a<span class=\"_ _4\"></span>lla natura delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 che hanno ge<span class=\"_ _4\"></span>nerato il cre<span class=\"_ _4\"></span>dito st<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>o. L<span class=\"_ _1c\"></span>\u2019espo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e al rischio </span><span style=\"display:inherit;clear:left;\">di credito c<span class=\"_ _4\"></span>ommerciale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o \u00e8 riferibil<span class=\"_ _4\"></span>e alle vendite d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inate all<span class=\"_ _4\"></span>\u2019ingros<span class=\"_ _4\"></span>so, ai credit<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vanti dai ricav<span class=\"_ _4\"></span>i prove<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nienti dalle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 di licen<span class=\"_ _4\"></span>za e di lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>oni immobiliari, che ins<span class=\"_ _4\"></span>ieme rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entano c<span class=\"_ _4\"></span>irca il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>5 pe<span class=\"_ _4\"></span>r cento de<span class=\"_ _4\"></span>l fattur<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">global<span class=\"_ _4\"></span>e: il rimanente giro d<span class=\"_ _4\"></span>\u2019affari \u00e8 rife<span class=\"_ _4\"></span>ribile alle ve<span class=\"_ _4\"></span>ndite DT<span class=\"_ _2\"></span>C con pag<span class=\"_ _4\"></span>amento in cont<span class=\"_ _4\"></span>anti o mediante c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito o </span><span style=\"display:inherit;clear:left;\">di debit<span class=\"_ _4\"></span>o al momento d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>acquis<span class=\"_ _4\"></span>to. I credit<span class=\"_ _4\"></span>i commerciali, pr<span class=\"_ _4\"></span>incipalmente rife<span class=\"_ _4\"></span>ribili alle vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls4 ws97\">, ed in mi<span class=\"_ _4\"></span>sura </span></span><span style=\"display:inherit;clear:left;\">meno r<span class=\"_ _4\"></span>ilevante a ve<span class=\"_ _4\"></span>ndite<span class=\"ff5f ls68 wse3\"> e-<span class=\"_ _4\"></span>comme<span class=\"_ _4\"></span>rce</span> o D<span class=\"_ _2\"></span>TC se all<span class=\"_ _4\"></span>\u2019intern<span class=\"_ _4\"></span>o di <span class=\"ff5f\">depar<span class=\"_ _4\"></span>tme<span class=\"_ _4\"></span>nt store</span>, hanno gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte sca<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a infe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riore a 9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>. Il Gruppo ge<span class=\"_ _4\"></span>neralm<span class=\"_ _4\"></span>ente pri<span class=\"_ _4\"></span>vileg<span class=\"_ _4\"></span>ia rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali con clie<span class=\"_ _4\"></span>nti con i quali intratt<span class=\"_ _4\"></span>iene re<span class=\"_ _4\"></span>lazioni </span><span style=\"display:inherit;clear:left;\">cons<span class=\"_ _4\"></span>olidate nel t<span class=\"_ _4\"></span>empo. \u00c8 p<span class=\"_ _4\"></span>olitica d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span>rre i clienti che ri<span class=\"_ _4\"></span>chiedon<span class=\"_ _4\"></span>o condiz<span class=\"_ _4\"></span>ioni di pagame<span class=\"_ _4\"></span>nto dilazionate </span><span style=\"display:inherit;clear:left;\">a proce<span class=\"_ _4\"></span>dure di verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla relativ<span class=\"_ _4\"></span>a class<span class=\"_ _4\"></span>e di credito, sia c<span class=\"_ _4\"></span>on riferime<span class=\"_ _4\"></span>nto ad informaz<span class=\"_ _4\"></span>ioni otte<span class=\"_ _4\"></span>nibili da agenzi<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cializ<span class=\"_ _4\"></span>zate<span class=\"_ _4\"></span>, sia dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>oss<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>azione e anali<span class=\"_ _4\"></span>si dei dati andam<span class=\"_ _4\"></span>entali de<span class=\"_ _4\"></span>i clienti di non nuov<span class=\"_ _4\"></span>a acquisi<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. Inoltre, il s<span class=\"_ _4\"></span>aldo de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">credit<span class=\"_ _4\"></span>i viene c<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>anteme<span class=\"_ _4\"></span>nte monitorato n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio, in mo<span class=\"_ _4\"></span>do da as<span class=\"_ _4\"></span>sicurare te<span class=\"_ _4\"></span>mpe<span class=\"_ _4\"></span>stiv<span class=\"_ _4\"></span>it\u00e0 di inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vento e </span><span style=\"display:inherit;clear:left;\">da ridurre il ris<span class=\"_ _4\"></span>chio di pe<span class=\"_ _4\"></span>rdite. Il fra<span class=\"_ _4\"></span>zioname<span class=\"_ _4\"></span>nto del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito tra una molt<span class=\"_ _4\"></span>eplicit<span class=\"_ _4\"></span>\u00e0 di clienti op<span class=\"_ _4\"></span>era ad ulte<span class=\"_ _4\"></span>riore </span><span style=\"display:inherit;clear:left;\">mitiga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rischio in o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto. </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali s<span class=\"_ _4\"></span>ono rilev<span class=\"_ _4\"></span>ati in bilancio al net<span class=\"_ _4\"></span>to della s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne stimat<span class=\"_ _4\"></span>a sulla base d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio di inadempi<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">della co<span class=\"_ _4\"></span>ntropar<span class=\"_ _4\"></span>te, det<span class=\"_ _4\"></span>erminata co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rando le informa<span class=\"_ _4\"></span>zioni dis<span class=\"_ _4\"></span>ponibili sulla so<span class=\"_ _4\"></span>lvibilit<span class=\"_ _4\"></span>\u00e0 del clie<span class=\"_ _4\"></span>nte, i dati sto<span class=\"_ _4\"></span>rici e le </span><span style=\"display:inherit;clear:left;\">condizioni economi<span class=\"_ _1\"></span>che previsiona<span class=\"_ _1\"></span>li.  </span><span style=\"display:inherit;clear:left;\">Oltre all<span class=\"_ _4\"></span>\u2019ottenim<span class=\"_ _4\"></span>ento, ove pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>, di garanzi<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e dei clienti <span class=\"ff5f ls32 ws122\">whole<span class=\"_ _4\"></span>saler</span> o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>adozione di m<span class=\"_ _4\"></span>odalit\u00e0 di p<span class=\"_ _4\"></span>agamento </span><span style=\"display:inherit;clear:left;\">pi\u00f9 caute<span class=\"_ _4\"></span>lative p<span class=\"_ _4\"></span>er il credit<span class=\"_ _4\"></span>ore, quali le let<span class=\"_ _4\"></span>tere di cre<span class=\"_ _4\"></span>dito do<span class=\"_ _4\"></span>cumentar<span class=\"_ _4\"></span>io, un altro strum<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato pe<span class=\"_ _4\"></span>r la gest<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del ri<span class=\"_ _4\"></span>schio di cre<span class=\"_ _4\"></span>dito comme<span class=\"_ _4\"></span>rciale \u00e8 la stipula di p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve, con l<span class=\"_ _4\"></span>\u2019obiett<span class=\"_ _4\"></span>ivo di preve<span class=\"_ _4\"></span>nire il rischio di manc<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">pagame<span class=\"_ _4\"></span>nto attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o una puntuale sel<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio clie<span class=\"_ _4\"></span>nti ope<span class=\"_ _4\"></span>rata co<span class=\"_ _4\"></span>ngiuntamente c<span class=\"_ _4\"></span>on le compag<span class=\"_ _4\"></span>nie di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurazi<span class=\"_ _4\"></span>one, che s<span class=\"_ _4\"></span>i impeg<span class=\"_ _4\"></span>nano a garantire l<span class=\"_ _4\"></span>\u2019in<span class=\"_ _4\"></span>denniz<span class=\"_ _4\"></span>zo in c<span class=\"_ _4\"></span>aso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">In gene<span class=\"_ _4\"></span>rale la So<span class=\"_ _4\"></span>ciet\u00e0 r<span class=\"_ _4\"></span>itiene ch<span class=\"_ _4\"></span>e le politich<span class=\"_ _4\"></span>e di <span class=\"ff5f\">credit risk manageme<span class=\"_ _4\"></span>nt</span> adott<span class=\"_ _4\"></span>ate abbiano p<span class=\"_ _4\"></span>erme<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di contene<span class=\"_ _4\"></span>re en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tro limiti acce<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>abili lo sca<span class=\"_ _4\"></span>duto e le ins<span class=\"_ _4\"></span>olven<span class=\"_ _4\"></span>ze per l<span class=\"_ _4\"></span>e quali \u00e8 stato n<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>ssar<span class=\"_ _4\"></span>io ricorre<span class=\"_ _4\"></span>re a misure le<span class=\"_ _4\"></span>gali di recup<span class=\"_ _4\"></span>ero de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">credito.  </span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito conn<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>so alle att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 di f<span class=\"_ _4\"></span>inanziamento, inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto e ope<span class=\"_ _4\"></span>rativit<span class=\"_ _4\"></span>\u00e0 in st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la </span><span style=\"display:inherit;clear:left;\">cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io \u00e8 rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dalla incapa<span class=\"_ _4\"></span>cit\u00e0 de<span class=\"_ _4\"></span>lla contropar<span class=\"_ _4\"></span>te o de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>emit<span class=\"_ _4\"></span>tente de<span class=\"_ _4\"></span>gli strum<span class=\"_ _4\"></span>enti f<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nanziari a a<span class=\"_ _4\"></span>dempie<span class=\"_ _4\"></span>re alle proprie o<span class=\"_ _4\"></span>bbliga<span class=\"_ _4\"></span>zioni contr<span class=\"_ _4\"></span>attuali, cos\u00ec d<span class=\"_ _4\"></span>etto ri<span class=\"_ _4\"></span>schio di contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>e. Il Grup<span class=\"_ _4\"></span>po ges<span class=\"_ _4\"></span>tisc<span class=\"_ _4\"></span>e ques<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">tipo di risch<span class=\"_ _2\"></span>io se<span class=\"_ _4\"></span>lezionando con<span class=\"_ _1\"></span>troparti con elevato <span class=\"ff5f ls58 ws6\">standing</span><span class=\"ls3 ws11f\"> cr<span class=\"_ _4\"></span>editiz<span class=\"_ _4\"></span>io, consid<span class=\"_ _4\"></span>erate s<span class=\"_ _4\"></span>olvibili dal m<span class=\"_ _4\"></span>ercato e co<span class=\"_ _4\"></span>n le quali </span></span><span style=\"display:inherit;clear:left;\">tratt<span class=\"_ _4\"></span>iene ordinar<span class=\"_ _4\"></span>i e continuativ<span class=\"_ _4\"></span>i rappor<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>mmerciali e di se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>viz<span class=\"_ _4\"></span>io bancari, e di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cando la v<span class=\"_ _4\"></span>aluta di de<span class=\"_ _4\"></span>nominazio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne della li<span class=\"_ _4\"></span>quidit\u00e0 in e<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>so.  </span><span style=\"display:inherit;clear:left;\">Con tut<span class=\"_ _4\"></span>te le contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>i con le quali vie<span class=\"_ _4\"></span>ne s<span class=\"_ _4\"></span>volta un<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 in de<span class=\"_ _4\"></span>rivati, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati negoziati e s<span class=\"_ _4\"></span>tipulati contr<span class=\"_ _4\"></span>atti quadro </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo gli <span class=\"ff5f ws5d\">s<span class=\"_ _4\"></span>tandard</span><span class=\"ls4 wsa\"> interna<span class=\"_ _4\"></span>zionali (ISDA<span class=\"ff5f ls2c ws8e\"> Master A<span class=\"_ _1\"></span>greemen<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">), al fin<span class=\"_ _4\"></span>e di regolare le v<span class=\"_ _4\"></span>arie fatt<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>cie.  </span></span></span></span><span style=\"display:inherit;clear:left;\">Il rischio di cr<span class=\"_ _4\"></span>edito riguar<span class=\"_ _4\"></span>dante le altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie del G<span class=\"_ _4\"></span>ruppo ch<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>dono disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">equiv<span class=\"_ _4\"></span>alenti, at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 f<span class=\"_ _4\"></span>inanziarie al co<span class=\"_ _4\"></span>sto ammo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zato e alcuni s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati, pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a un rischio par<span class=\"_ _4\"></span>i al valore </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>ile di ques<span class=\"_ _4\"></span>te atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 in caso di in<span class=\"_ _4\"></span>solve<span class=\"_ _4\"></span>nza d<span class=\"_ _4\"></span>ella controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c8\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">Quota </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente </span><span style=\"display:inherit;clear:left;\">non cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni imputate </span></span></span><span style=\"display:inherit;clear:left;\">a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie<span class=\"_ _a7\"> </span>13 <span class=\"_ _1f7\"> </span>- <span class=\"_ _6e\"> </span>37 <span class=\"_ _225\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi e finanziamenti<span class=\"_ _128\"> </span> <span class=\"_ _1ce\"> </span> <span class=\"_ _83\"> </span> <span class=\"_ _a6\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _23d\"> </span>84.579 <span class=\"_ _221\"> </span>- <span class=\"_ _81\"> </span>106.821 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _2ec\"> </span>12.793 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>15.608 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _177\"> </span>238.194 <span class=\"_ _1f7\"> </span>- <span class=\"_ _81\"> </span>268.988 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _2ed\"> </span>- <span class=\"_ _82\"> </span>13.578 <span class=\"_ _1b4\"> </span>- <span class=\"_ _176\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _cb\"> </span>50.401 <span class=\"_ _1f7\"> </span>- <span class=\"_ _f3\"> </span>35.240 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">Derivati<span class=\"_ _1f\"> </span>1.919 <span class=\"_ _1f7\"> </span>- <span class=\"_ _23e\"> </span>8.348 <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>387.899 <span class=\"_ _d7\"> </span>13.578 <span class=\"_ _212\"> </span>435.042 <span class=\"_ _25\"> </span>13.760 </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a come l<span class=\"_ _4\"></span>\u2019espo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne del Gr<span class=\"_ _4\"></span>uppo al ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o, sia commerciale ch<span class=\"_ _4\"></span>e di contropar<span class=\"_ _4\"></span>te, \u00e8 r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sent<span class=\"_ _4\"></span>ata dal val<span class=\"_ _4\"></span>ore contab<span class=\"_ _4\"></span>ile delle p<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ative di att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _1\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 e, quasi e<span class=\"_ _4\"></span>sclusi<span class=\"_ _4\"></span>vamente<span class=\"_ _4\"></span>, limitat<span class=\"_ _4\"></span>a alla quota cor<span class=\"_ _4\"></span>rente. L<span class=\"_ _4\"></span>a quota no<span class=\"_ _4\"></span>n corrente \u00e8 inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tat<span class=\"_ _4\"></span>a dalla voce \u201c<span class=\"_ _4\"></span>Dep<span class=\"_ _4\"></span>ositi c<span class=\"_ _4\"></span>auzionali<span class=\"_ _4\"></span>\u201d, che ricompren<span class=\"_ _4\"></span>de in mas<span class=\"_ _4\"></span>sima par<span class=\"_ _4\"></span>te i dep<span class=\"_ _4\"></span>ositi in co<span class=\"_ _4\"></span>ntanti ver<span class=\"_ _4\"></span>sati da vari<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">a fronte de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di immobili, qui es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ta al valo<span class=\"_ _4\"></span>re nominale<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _192\"> </span>31 dicembre 2024<span class=\"_ _6b\"> </span>%<span class=\"_ _e1\"> </span>31 dicembre 2023<span class=\"_ _263\"> </span>%</span><span style=\"display:inherit;clear:left;\">Italia<span class=\"_ _232\"> </span>17.557 <span class=\"_ _80\"> </span>20,8% <span class=\"_ _f3\"> </span>22.084 <span class=\"_ _ca\"> </span>20,7% </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _13d\"> </span>6.870 <span class=\"_ _1f1\"> </span>8,1% <span class=\"_ _b7\"> </span>12.363 <span class=\"_ _81\"> </span>11,6% </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _114\"> </span><span class=\"ws0\">19.361 <span class=\"_ _32\"> </span>22,9% <span class=\"_ _b7\"> </span>19.508 <span class=\"_ _81\"> </span>18,3% </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _116\"> </span>5.363 <span class=\"_ _1f1\"> </span>6,3% <span class=\"_ _23e\"> </span>6.434 <span class=\"_ _f3\"> </span>6,0% </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _98\"> </span>27.497 <span class=\"_ _32\"> </span>32,5% <span class=\"_ _b7\"> </span>36.575 <span class=\"_ _81\"> </span>34,2% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _11\"> </span>7.931 <span class=\"_ _1f1\"> </span>9,4% <span class=\"_ _23e\"> </span>9.857 <span class=\"_ _f3\"> </span>9,2% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span>84.579 <span class=\"_ _148\"> </span>100,0% <span class=\"_ _2e0\"> </span>106.821 <span class=\"_ _d1\"> </span>100,0% </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella mo<span class=\"_ _4\"></span>str<span class=\"_ _4\"></span>a la concentr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del ris<span class=\"_ _4\"></span>chio di credit<span class=\"_ _4\"></span>o commerciale p<span class=\"_ _4\"></span>er area g<span class=\"_ _4\"></span>eogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a di atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o nei </span><span style=\"display:inherit;clear:left;\">due esercizi considerati.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi non </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi scaduti ma non svalutati</span><span style=\"display:inherit;clear:left;\">scaduti e non </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">svalutati</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2ee\"></span>&lt;30 gg<span class=\"_ _7f\"> </span>30-60 gg<span class=\"_ _7f\"> </span>60-90 gg<span class=\"_ _164\"> </span>90-120 gg<span class=\"_ _8b\"> </span>&gt;120 gg</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _90\"> </span>65.298 <span class=\"_ _b4\"> </span>6.197 <span class=\"_ _b4\"> </span>3.314 <span class=\"_ _c1\"> </span>2.278 <span class=\"_ _b4\"> </span>1.726 <span class=\"_ _b4\"> </span>5.766 <span class=\"_ _15f\"> </span><span class=\"ff62\">84.579 </span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _83\"> </span>93.374 <span class=\"_ _b4\"> </span>4.860 <span class=\"_ _b4\"> </span>3.177 <span class=\"_ _b4\"> </span>1.093 <span class=\"_ _b4\"> </span>1.170 <span class=\"_ _c1\"> </span>3.147 <span class=\"_ _19a\"> </span><span class=\"ff62\">106.821 </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _66\"> </span>77,2% <span class=\"_ _111\"> </span>7,3% <span class=\"_ _74\"> </span>3,9% <span class=\"_ _111\"> </span>2,7% <span class=\"_ _74\"> </span>2,1% <span class=\"_ _111\"> </span>6,8% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">Dati in % 31 dicembr<span class=\"_ _2\"></span>e 2023<span class=\"_ _66\"> </span>87,4% <span class=\"_ _111\"> </span>4,6% <span class=\"_ _74\"> </span>3,0% <span class=\"_ _111\"> </span>1,0% <span class=\"_ _74\"> </span>1,1% <span class=\"_ _111\"> </span>2,9% <span class=\"_ _e1\"> </span><span class=\"ff62\">100,0% </span></span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>analisi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata sulle s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nze de<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>caduti e n<span class=\"_ _4\"></span>on sv<span class=\"_ _4\"></span>alutati ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la conce<span class=\"_ _4\"></span>ntrazi<span class=\"_ _4\"></span>one nell<span class=\"_ _4\"></span>\u2019ambito dei tr<span class=\"_ _4\"></span>enta </span><span style=\"display:inherit;clear:left;\">giorni p<span class=\"_ _4\"></span>er gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i chiusi al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023. </span><span style=\"display:inherit;clear:left;\">La con<span class=\"_ _4\"></span>centra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle vendit<span class=\"_ _4\"></span>e vers<span class=\"_ _4\"></span>o i principali clie<span class=\"_ _4\"></span>nti \u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata nella t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla sotto<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante; per la co<span class=\"_ _4\"></span>ncentra<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle ve<span class=\"_ _4\"></span>ndite pe<span class=\"_ _4\"></span>r area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ica s<span class=\"_ _4\"></span>i rinvia a quanto esp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>mente ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>appos<span class=\"_ _4\"></span>ito paragr<span class=\"_ _4\"></span>afo<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncentr<span class=\"_ _1\"></span>azione del rischio di merc<span class=\"_ _2\"></span>ato<span class=\"_ _1cc\"> </span>2024 <span class=\"_ _78\"> </span>2023 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con il maggior cliente<span class=\"_ _8c\"> </span>1,4% <span class=\"_ _99\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 3 maggiori clienti<span class=\"_ _2a1\"> </span>3,9% <span class=\"_ _141\"> </span>4,1% </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ercentuale dei rica<span class=\"_ _2\"></span>vi realizzati con i primi 10 maggiori clienti<span class=\"_ _2f0\"> </span>9,4% <span class=\"_ _1d3\"> </span>10,0%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__91": {
   "value": "<span style=\"display:inherit;clear:left;\">Gestione del capit<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019obietti<span class=\"_ _4\"></span>vo primario de<span class=\"_ _4\"></span>lla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale del G<span class=\"_ _4\"></span>ruppo \u00e8 gar<span class=\"_ _4\"></span>antire che sia mantenuto un s<span class=\"_ _4\"></span>olido <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls2b ws12c\"> cre<span class=\"_ _4\"></span>ditizio </span></span><span style=\"display:inherit;clear:left;\">e ade<span class=\"_ _4\"></span>guati livelli de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di capit<span class=\"_ _4\"></span>ale in mo<span class=\"_ _4\"></span>do da supp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 e mas<span class=\"_ _4\"></span>simiz<span class=\"_ _4\"></span>zare il v<span class=\"_ _4\"></span>alore pe<span class=\"_ _4\"></span>r gli azi<span class=\"_ _4\"></span>onisti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ges<span class=\"_ _4\"></span>tisce la s<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>tura del c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e e la modif<span class=\"_ _4\"></span>ica in f<span class=\"_ _4\"></span>unzione di v<span class=\"_ _4\"></span>ariazioni n<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni e<span class=\"_ _4\"></span>conomich<span class=\"_ _4\"></span>e. Per </span><span style=\"display:inherit;clear:left;\">mantene<span class=\"_ _4\"></span>re o adeg<span class=\"_ _4\"></span>uare la strut<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale, il Gr<span class=\"_ _4\"></span>uppo pu\u00f2 a<span class=\"_ _4\"></span>deguare i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pagati ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti, rimbo<span class=\"_ _4\"></span>rsar<span class=\"_ _4\"></span>e il </span><span style=\"display:inherit;clear:left;\">capit<span class=\"_ _4\"></span>ale o em<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re nuove azio<span class=\"_ _4\"></span>ni. Nes<span class=\"_ _4\"></span>suna varia<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata ap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a agli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i, alle politi<span class=\"_ _4\"></span>che o alle proc<span class=\"_ _4\"></span>edure </span><span style=\"display:inherit;clear:left;\">durante gli e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Allo s<span class=\"_ _4\"></span>copo di co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uire ques<span class=\"_ _4\"></span>to obiet<span class=\"_ _4\"></span>tivo, la ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e del cap<span class=\"_ _4\"></span>itale d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o mira, tra l<span class=\"_ _4\"></span>e altre cos<span class=\"_ _4\"></span>e, ad as<span class=\"_ _4\"></span>sicurare <span class=\"_ _49\"></span> </span><span style=\"display:inherit;clear:left;\">che siano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>ventuali <span class=\"ff5f ls57 ws97\">cove<span class=\"_ _4\"></span>nant<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, legati ai d<span class=\"_ _4\"></span>ebiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o banche, ch<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>iniscon<span class=\"_ _4\"></span>o i requisit<span class=\"_ _4\"></span>i di strut<span class=\"_ _4\"></span>tura </span><span style=\"display:inherit;clear:left;\">patrimon<span class=\"_ _1\"></span>iale.  </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o include ne<span class=\"_ _4\"></span>l debito n<span class=\"_ _4\"></span>etto, f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti onero<span class=\"_ _4\"></span>si, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, altri de<span class=\"_ _4\"></span>biti f<span class=\"_ _4\"></span>inanziari, de<span class=\"_ _4\"></span>biti comme<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciali ed altri d<span class=\"_ _4\"></span>ebiti, al ne<span class=\"_ _4\"></span>tto de<span class=\"_ _4\"></span>lle disp<span class=\"_ _4\"></span>onibilit\u00e0 liquid<span class=\"_ _4\"></span>e e mez<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i equiv<span class=\"_ _4\"></span>alenti. </span><span style=\"display:inherit;clear:left;\">Nella vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari<span class=\"_ _4\"></span>\u201d \u00e8 inclus<span class=\"_ _4\"></span>a la valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di ac<span class=\"_ _4\"></span>quisto di quot<span class=\"_ _4\"></span>e di minoranz<span class=\"_ _4\"></span>a (<span class=\"_ _1\"></span>vedas<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">nota 43 \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ccordi di <span class=\"ff5f ls55 wscc\">Put</span> e <span class=\"ff5f ws5d\">Call</span> su Inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), pari a Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>34 migliaia al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 (Euro 898 </span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">Nella t<span class=\"_ _4\"></span>abella n<span class=\"_ _4\"></span>on vengono inclu<span class=\"_ _4\"></span>si i valor<span class=\"_ _4\"></span>i ed i relat<span class=\"_ _4\"></span>ivi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti prod<span class=\"_ _4\"></span>otti dai de<span class=\"_ _4\"></span>rivati ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er la ges<span class=\"_ _4\"></span>tione d<span class=\"_ _4\"></span>el ris<span class=\"_ _4\"></span>chio </span><span style=\"display:inherit;clear:left;\">di cambio.</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Finanziamenti onerosi<span class=\"_ _119\"> </span>113.291 <span class=\"_ _f3\"> </span>80.129 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per<span class=\"ff64\"> leasing<span class=\"_ _2f1\"> </span></span>676.346 <span class=\"_ _81\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _1a0\"> </span>1.134 <span class=\"_ _27a\"> </span>898 </span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali ed Altri debiti (al netto degli Strumenti derivati di c<span class=\"_ _2\"></span>opertura)<span class=\"_ _14a\"> </span>198.821 <span class=\"_ _ca\"> </span>221.571 </span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _129\"> </span>238.194 <span class=\"_ _ca\"> </span>268.988 </span><span style=\"display:inherit;clear:left;\">Debito netto<span class=\"_ _2f2\"> </span>751.398 <span class=\"_ _2e0\"> </span>744.652 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di Gruppo (al netto della Riserva di <span class=\"ff64\">cash flow hedge</span>)<span class=\"_ _2ea\"> </span>624.396 <span class=\"_ _ca\"> </span>716.946 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto di terzi<span class=\"_ _a8\"> </span>995<span class=\"_ _24c\"> </span>997 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto (al netto della Riserva di <span class=\"ff63\">cash flow hedge</span>)<span class=\"_ _1c9\"> </span>625.391 <span class=\"_ _2e0\"> </span>717.943 </span><span style=\"display:inherit;clear:left;\">Capitale e debito netto<span class=\"_ _3a\"> </span>1.376.789 <span class=\"_ _2da\"> </span>1.462.595 </span><span style=\"display:inherit;clear:left;\">Debito netto/P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _d2\"> </span>120,1% <span class=\"_ _1c1\"> </span>103,7%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__93": {
   "value": "<span style=\"display:inherit;clear:left;\">5. Immobili, impianti e mac<span class=\"_ _2\"></span>chinari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli Immobili, impianti e macchinari s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>ntali al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 202<span class=\"_ _1\"></span>4 e 2023 \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel </span><span style=\"display:inherit;clear:left;\">seg<span class=\"_ _4\"></span>uente pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _3d\"> </span>28.329 <span class=\"_ _d0\"> </span>- <span class=\"_ _257\"> </span>28.329 <span class=\"_ _111\"> </span>28.998<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>28.998</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _122\"> </span>103.516 <span class=\"_ _151\"> </span>50.138 <span class=\"_ _257\"> </span>53.378 <span class=\"_ _11f\"> </span>101.668<span class=\"_ _127\"> </span>46.536<span class=\"_ _67\"> </span>55.132</span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _1dd\"> </span>63.599 <span class=\"_ _1ba\"> </span>52.257 <span class=\"_ _8b\"> </span>11.342 <span class=\"_ _111\"> </span>63.699<span class=\"_ _127\"> </span>49.332<span class=\"_ _67\"> </span>14.367</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _79\"> </span>149.449 <span class=\"_ _85\"> </span>122.907 <span class=\"_ _8b\"> </span>26.542 <span class=\"_ _11f\"> </span>135.829<span class=\"_ _89\"> </span>112.348<span class=\"_ _67\"> </span>23.481</span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _2dd\"> </span>91.067 <span class=\"_ _151\"> </span>82.456 <span class=\"_ _105\"> </span>8.611 <span class=\"_ _111\"> </span>87.668<span class=\"_ _127\"> </span>77.642<span class=\"_ _127\"> </span>10.026</span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _154\"> </span>315.032 <span class=\"_ _85\"> </span>258.500 <span class=\"_ _8b\"> </span>56.532 <span class=\"_ _11f\"> </span>298.253<span class=\"_ _89\"> </span>248.078<span class=\"_ _67\"> </span>50.175</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _1f7\"> </span>20.826 <span class=\"_ _32\"> </span>- <span class=\"_ _8b\"> </span>20.826 <span class=\"_ _111\"> </span>18.509<span class=\"_ _25\"> </span>-<span class=\"_ _67\"> </span>18.509</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2c6\"> </span>771.818 <span class=\"_ _86\"> </span>566.258 <span class=\"_ _1b8\"> </span>205.560 <span class=\"_ _127\"> </span>734.624<span class=\"_ _8b\"> </span>533.936<span class=\"_ _8b\"> </span>200.688</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne degli imm<span class=\"_ _4\"></span>obili, impianti e macchinari p<span class=\"_ _4\"></span>er gli es<span class=\"_ _4\"></span>erciz<span class=\"_ _4\"></span>i chiusi al </span><span style=\"display:inherit;clear:left;\">3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _123\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _1dc\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _1bb\"> </span>Amm.ti<span class=\"_ _19c\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _113\"> </span>28.998<span class=\"_ _85\"> </span>(220) <span class=\"_ _2a9\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _240\"> </span>(449) <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>28.329 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _ef\"> </span>55.132<span class=\"_ _1b9\"> </span>248 <span class=\"_ _203\"> </span>831 <span class=\"_ _1e5\"> </span>(200) <span class=\"_ _19c\"> </span>(2.633) <span class=\"_ _2a9\"> </span>- <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>53.378 </span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _9c\"> </span>14.367<span class=\"_ _b6\"> </span>4 <span class=\"_ _203\"> </span>771 <span class=\"_ _b6\"> </span>- <span class=\"_ _1e2\"> </span>(3.784) <span class=\"_ _b6\"> </span>- <span class=\"_ _8a\"> </span>(16) <span class=\"_ _1da\"> </span>11.342 </span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _1ba\"> </span>23.481<span class=\"_ _1b9\"> </span>181 <span class=\"_ _19a\"> </span>18.609 <span class=\"_ _1e5\"> </span>(933) <span class=\"_ _1e2\"> </span>(9.545) <span class=\"_ _8a\"> </span>(55) <span class=\"_ _19c\"> </span>(5.196) <span class=\"_ _19a\"> </span>26.542 </span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _11a\"> </span>10.026<span class=\"_ _ec\"> </span>45 <span class=\"_ _7\"> </span>3.980 <span class=\"_ _8a\"> </span>(51) <span class=\"_ _1e2\"> </span>(4.955) <span class=\"_ _bf\"> </span>2 <span class=\"_ _123\"> </span>(436)<span class=\"_ _4\"></span> <span class=\"_ _15f\"> </span>8.611 </span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _1b3\"> </span>50.175<span class=\"_ _1e5\"> </span>1.146 <span class=\"_ _19a\"> </span>31.426 <span class=\"_ _1e5\"> </span>(595) <span class=\"_ _174\"> </span>(20.069)<span class=\"_ _4\"></span> <span class=\"_ _b2\"> </span>53 <span class=\"_ _19c\"> </span>(5.604) <span class=\"_ _19a\"> </span>56.532 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _74\"> </span>18.509<span class=\"_ _1b9\"> </span>435 <span class=\"_ _19a\"> </span>27.884 <span class=\"_ _1de\"> </span>(21.978) <span class=\"_ _b6\"> </span>- <span class=\"_ _1e2\"> </span>(4.024) <span class=\"_ _b6\"> </span>- <span class=\"_ _19a\"> </span>20.826 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14f\"> </span>200.688<span class=\"_ _1e5\"> </span>1.839 <span class=\"_ _1e2\"> </span>83.501 <span class=\"_ _1e3\"> </span>(23.757) <span class=\"_ _1e4\"> </span>(40.986) <span class=\"_ _1bb\"> </span>(4.473) <span class=\"_ _1e4\"> </span>(11.252) <span class=\"_ _1de\"> </span>205.560 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 non </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">destinate alla </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _1e4\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _213\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _1e3\"> </span>Amm.ti<span class=\"_ _7b\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">dismissione</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _296\"> </span>29.613<span class=\"_ _1e8\"> </span>(615)<span class=\"_ _151\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>28.998</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _14a\"> </span>55.150<span class=\"_ _18b\"> </span>(186)<span class=\"_ _174\"> </span>2.833<span class=\"_ _111\"> </span>-<span class=\"_ _1e8\"> </span>(2.602)<span class=\"_ _151\"> </span>-<span class=\"_ _7c\"> </span>-<span class=\"_ _d8\"> </span>(63)<span class=\"_ _19a\"> </span>55.132</span><span style=\"display:inherit;clear:left;\">Impianti e macchinari<span class=\"_ _97\"> </span>14.056<span class=\"_ _7\"> </span>(6)<span class=\"_ _174\"> </span>4.841<span class=\"_ _151\"> </span>(4)<span class=\"_ _1e8\"> </span>(4.520)<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>14.367</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e indust<span class=\"_ _4\"></span>riali e commer<span class=\"_ _2\"></span>ciali<span class=\"_ _b1\"> </span>21.973<span class=\"_ _18b\"> </span>(555)<span class=\"_ _241\"> </span>11.475<span class=\"_ _1dc\"> </span>(340)<span class=\"_ _1e8\"> </span>(8.437<span class=\"_ _4\"></span>)<span class=\"_ _151\"> </span>-<span class=\"_ _1bb\"> </span>(635)<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>23.481</span><span style=\"display:inherit;clear:left;\">Altri beni<span class=\"_ _27e\"> </span>8.540<span class=\"_ _18b\"> </span>(101)<span class=\"_ _174\"> </span>6.197<span class=\"_ _87\"> </span>(14)<span class=\"_ _1e8\"> </span>(4.417)<span class=\"_ _1da\"> </span>(18)<span class=\"_ _1bb\"> </span>(161)<span class=\"_ _82\"> </span>-<span class=\"_ _1da\"> </span>10.026</span><span style=\"display:inherit;clear:left;\">Migliorie su beni di terzi<span class=\"_ _a6\"> </span>53.933<span class=\"_ _242\"> </span>(1.733)<span class=\"_ _241\"> </span>22.692<span class=\"_ _1dc\"> </span>(169)<span class=\"_ _256\"> </span>(18.699)<span class=\"_ _151\"> </span>-<span class=\"_ _16e\"> </span>(5.849)<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>50.175</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali in c<span class=\"_ _2\"></span>orso ed acconti<span class=\"_ _e5\"> </span>8.299<span class=\"_ _18b\"> </span>(230)<span class=\"_ _1f0\"> </span>28.523<span class=\"_ _256\"> </span>(18.083)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _82\"> </span>-<span class=\"_ _19a\"> </span>18.509</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>191.564<span class=\"_ _1df\"> </span>(3.426)<span class=\"_ _242\"> </span>76.561<span class=\"_ _2b0\"> </span>(18.610)<span class=\"_ _2b0\"> </span>(38.675)<span class=\"_ _19c\"> </span>(18)<span class=\"_ _23\"> </span>(6.645)<span class=\"_ _cf\"> </span>(63)<span class=\"_ _1de\"> </span>200.688</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019incre<span class=\"_ _4\"></span>mento, al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>lle \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali in co<span class=\"_ _4\"></span>rso e<span class=\"_ _4\"></span>d acconti<span class=\"_ _5\"></span>\u201d<span class=\"_ _2\"></span>:  </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>de<span class=\"_ _4\"></span>lle voci \u201c<span class=\"_ _4\"></span>Fabbricat<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d e \u201cImpianti e mac<span class=\"_ _4\"></span>chinari<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce princip<span class=\"_ _4\"></span>almente ad al<span class=\"_ _4\"></span>cuni lavori di miglioria pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o lo st<span class=\"_ _4\"></span>abili<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mento di O<span class=\"_ _4\"></span>smannoro<span class=\"_ _4\"></span>\u2013Se<span class=\"_ _4\"></span>sto Fi<span class=\"_ _4\"></span>orentino, di prop<span class=\"_ _4\"></span>riet\u00e0 d<span class=\"_ _4\"></span>ella Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>.,e pre<span class=\"_ _4\"></span>sso l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>edif<span class=\"_ _4\"></span>icio di Ne<span class=\"_ _4\"></span>w Y<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>rk, </span><span style=\"display:inherit;clear:left;\">di proprie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo USA<span class=\"_ _4\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>delle \u201cAttre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zature indus<span class=\"_ _4\"></span>triali e comm<span class=\"_ _4\"></span>erciali<span class=\"_ _4\"></span>\u201d \u00e8 relativo p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ap<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e ris<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>turazio<span class=\"_ _4\"></span>ne di punti vendit<span class=\"_ _4\"></span>a; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _48\"></span>d<span class=\"_ _4\"></span>egli \u201c<span class=\"_ _1\"></span>Altri b<span class=\"_ _4\"></span>eni<span class=\"_ _4\"></span>\u201d riguar<span class=\"_ _4\"></span>da prevale<span class=\"_ _4\"></span>nteme<span class=\"_ _4\"></span>nte attre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zature informatich<span class=\"_ _4\"></span>e (Euro 2.<span class=\"_ _1\"></span>794 migliaia<span class=\"_ _2\"></span>) e m<span class=\"_ _4\"></span>obili e arre<span class=\"_ _4\"></span>di (Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>034 migliaia<span class=\"_ _1\"></span>); </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _45\"></span>dell<span class=\"_ _4\"></span>e migliorie su b<span class=\"_ _4\"></span>eni di ter<span class=\"_ _4\"></span>zi si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e preval<span class=\"_ _4\"></span>enteme<span class=\"_ _4\"></span>nte a lavori ef<span class=\"_ _4\"></span>fettuati p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019aper<span class=\"_ _4\"></span>tura o ris<span class=\"_ _4\"></span>trut<span class=\"_ _4\"></span>turazio<span class=\"_ _4\"></span>ne dei punti </span><span style=\"display:inherit;clear:left;\">vendit<span class=\"_ _4\"></span>a; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 mat<span class=\"_ _4\"></span>eriali in cor<span class=\"_ _4\"></span>so e acco<span class=\"_ _4\"></span>nti si riferis<span class=\"_ _4\"></span>ce in buona p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>e alle spe<span class=\"_ _4\"></span>se so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nute e acconti e<span class=\"_ _4\"></span>rogati ine<span class=\"_ _4\"></span>renti rin<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">novi e ap<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ture di punti ven<span class=\"_ _4\"></span>dita non anc<span class=\"_ _4\"></span>ora op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i alla data di chiusur<span class=\"_ _4\"></span>a del bilancio. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 materiali ne<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _4\"></span>Migliorie s<span class=\"_ _4\"></span>u beni di te<span class=\"_ _4\"></span>rzi<span class=\"_ _5\"></span>\u201d<span class=\"_ _2\"></span>, so<span class=\"_ _4\"></span>no inclusi i co<span class=\"_ _4\"></span>sti di ripr<span class=\"_ _4\"></span>i<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">stino l<span class=\"_ _4\"></span>ocali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>i (<span class=\"_ _2\"></span>acc<span class=\"_ _4\"></span>antonati in contropar<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>a al \u201c<span class=\"_ _4\"></span>Fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi e oneri<span class=\"_ _4\"></span>\u201d, nota 23<span class=\"_ _1\"></span>), per il 202<span class=\"_ _1\"></span>4 pari a Euro </span><span style=\"display:inherit;clear:left;\">2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>5 migliaia (<span class=\"_ _2\"></span>ne<span class=\"_ _4\"></span>l 2023 pari a Euro 392 migliaia<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">I decre<span class=\"_ _4\"></span>menti s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nzialme<span class=\"_ _4\"></span>nte alla dismiss<span class=\"_ _4\"></span>ione di ce<span class=\"_ _4\"></span>spiti (non complet<span class=\"_ _4\"></span>amente amm<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zati) di punti ve<span class=\"_ _4\"></span>ndi<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta ri<span class=\"_ _4\"></span>strut<span class=\"_ _4\"></span>turati o chiusi n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio.  </span><span style=\"display:inherit;clear:left;\">La ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ica a<span class=\"_ _4\"></span>lla voce terr<span class=\"_ _4\"></span>eni pari ad Euro 4<span class=\"_ _4\"></span>49 migliaia si rifer<span class=\"_ _4\"></span>isce al tr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>rimento de<span class=\"_ _4\"></span>lla por<span class=\"_ _4\"></span>zione di te<span class=\"_ _4\"></span>rreno di p<span class=\"_ _4\"></span>ropriet<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinata a te<span class=\"_ _4\"></span>rreni p<span class=\"_ _4\"></span>er inves<span class=\"_ _4\"></span>timento imm<span class=\"_ _4\"></span>obiliare da par<span class=\"_ _4\"></span>te della C<span class=\"_ _4\"></span>apogrup<span class=\"_ _4\"></span>po; mentre la ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a sulla voce \u201c<span class=\"_ _1\"></span>Atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">materiali in cor<span class=\"_ _4\"></span>so e<span class=\"_ _4\"></span>d acconti<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 4.02<span class=\"_ _1\"></span>4 migliaia si riferis<span class=\"_ _4\"></span>ce alle op<span class=\"_ _4\"></span>ere di bo<span class=\"_ _4\"></span>nific<span class=\"_ _4\"></span>a svo<span class=\"_ _4\"></span>lte sul terr<span class=\"_ _4\"></span>eno di </span><span style=\"display:inherit;clear:left;\">propri<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inato ad inves<span class=\"_ _4\"></span>timento immo<span class=\"_ _4\"></span>biliare pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>339 migliaia ed alla </span><span style=\"display:inherit;clear:left;\">realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne di un edif<span class=\"_ _4\"></span>icio da de<span class=\"_ _4\"></span>stinare a e<span class=\"_ _4\"></span>dilizia pro<span class=\"_ _4\"></span>duttiv<span class=\"_ _4\"></span>a di intere<span class=\"_ _4\"></span>sse ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per Euro </span><span style=\"display:inherit;clear:left;\">2.6<span class=\"_ _4\"></span>85 migliaia. Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla not<span class=\"_ _4\"></span>a 6 \u201cInve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immobiliari<span class=\"_ _4\"></span>\u201d.  </span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, a f<span class=\"_ _4\"></span>ine anno \u00e8 st<span class=\"_ _4\"></span>ata v<span class=\"_ _4\"></span>a<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lutat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a di indicatori di <span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span> rintracciabili t<span class=\"_ _4\"></span>ramite fonti intern<span class=\"_ _4\"></span>e o fonti es<span class=\"_ _4\"></span>terne di informa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Tipic<span class=\"_ _4\"></span>amente fonti e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rne pos<span class=\"_ _4\"></span>so<span class=\"_ _4\"></span>no es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e da modif<span class=\"_ _4\"></span>iche ne<span class=\"_ _4\"></span>l contes<span class=\"_ _4\"></span>to te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ico, econo<span class=\"_ _4\"></span>mico e leg<span class=\"_ _4\"></span>ale in cui </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>ra, me<span class=\"_ _4\"></span>ntre le fonti intern<span class=\"_ _4\"></span>e sono rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate dalle s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie azie<span class=\"_ _4\"></span>ndali che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono cambiare o m<span class=\"_ _4\"></span>eno la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>-</span><span style=\"display:inherit;clear:left;\">ne di utiliz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>ei beni<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voce di b<span class=\"_ _4\"></span>ilancio per Euro 1<span class=\"_ _1c\"></span>1.252 migliaia. Per tutti i det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _1\"></span>0 \u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__94-1": {
   "value": "<span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, a f<span class=\"_ _4\"></span>ine anno \u00e8 st<span class=\"_ _4\"></span>ata v<span class=\"_ _4\"></span>a<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lutat<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>eventuale p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nz<span class=\"_ _4\"></span>a di indicatori di <span class=\"ff5f ls59 ws114\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span> rintracciabili t<span class=\"_ _4\"></span>ramite fonti intern<span class=\"_ _4\"></span>e o fonti es<span class=\"_ _4\"></span>terne di informa<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Tipic<span class=\"_ _4\"></span>amente fonti e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rne pos<span class=\"_ _4\"></span>so<span class=\"_ _4\"></span>no es<span class=\"_ _4\"></span>sere co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>e da modif<span class=\"_ _4\"></span>iche ne<span class=\"_ _4\"></span>l contes<span class=\"_ _4\"></span>to te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ico, econo<span class=\"_ _4\"></span>mico e leg<span class=\"_ _4\"></span>ale in cui </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>ra, me<span class=\"_ _4\"></span>ntre le fonti intern<span class=\"_ _4\"></span>e sono rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>entate dalle s<span class=\"_ _4\"></span>trate<span class=\"_ _4\"></span>gie azie<span class=\"_ _4\"></span>ndali che p<span class=\"_ _4\"></span>oss<span class=\"_ _4\"></span>ono cambiare o m<span class=\"_ _4\"></span>eno la de<span class=\"_ _4\"></span>stina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span>-</span><span style=\"display:inherit;clear:left;\">ne di utiliz<span class=\"_ _4\"></span>zo d<span class=\"_ _4\"></span>ei beni<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voce di b<span class=\"_ _4\"></span>ilancio per Euro 1<span class=\"_ _1c\"></span>1.252 migliaia. Per tutti i det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _1\"></span>0 \u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span><span style=\"display:inherit;clear:left;\">10.  <span class=\"_ _46\"></span>Riduzioni dur<span class=\"_ _2\"></span>evoli di v<span class=\"_ _1\"></span>alor<span class=\"_ _2\"></span>e di Immobili, impianti  </span><span style=\"display:inherit;clear:left;\">e mac<span class=\"_ _2\"></span>chinari, attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1\"></span>, attivit\u00e0 immateriali </span><span style=\"display:inherit;clear:left;\">a vita utile definita e In<span class=\"_ _2\"></span>vestimenti immobiliari<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">Il 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato c<span class=\"_ _4\"></span>aratte<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zato da un co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o, contras<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nato da continue te<span class=\"_ _4\"></span>nsioni ge<span class=\"_ _4\"></span>opoliti<span class=\"_ _4\"></span>che </span><span style=\"display:inherit;clear:left;\">ed inc<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tez<span class=\"_ _4\"></span>ze ma<span class=\"_ _4\"></span>croec<span class=\"_ _4\"></span>onomiche<span class=\"_ _4\"></span>, che hanno avuto un imp<span class=\"_ _4\"></span>atto sulla doman<span class=\"_ _4\"></span>da di beni di lus<span class=\"_ _4\"></span>so. Il s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re ha attrave<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sato una fa<span class=\"_ _4\"></span>se di normali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione, c<span class=\"_ _4\"></span>ausat<span class=\"_ _4\"></span>a principalme<span class=\"_ _4\"></span>nte da un diff<span class=\"_ _4\"></span>icile co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to global<span class=\"_ _4\"></span>e del canal<span class=\"_ _4\"></span>e <span class=\"ff5f ls32 ws122\">wholesale</span><span class=\"ls0 ws80\"> e da<span class=\"_ _4\"></span>l </span></span><span style=\"display:inherit;clear:left;\">rallent<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>ei merc<span class=\"_ _4\"></span>ati asiatici, con un m<span class=\"_ _4\"></span>ercato pa<span class=\"_ _4\"></span>rti<span class=\"_ _4\"></span>colarme<span class=\"_ _4\"></span>nte diff<span class=\"_ _4\"></span>icile in Cina, e impat<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a dalla contraz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">della ba<span class=\"_ _4\"></span>se di cons<span class=\"_ _4\"></span>umatori, con una mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e pres<span class=\"_ _4\"></span>sione s<span class=\"_ _4\"></span>ui consumi as<span class=\"_ _4\"></span>piraz<span class=\"_ _4\"></span>ionali. Que<span class=\"_ _4\"></span>sto co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>to di merc<span class=\"_ _4\"></span>ato, ca<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ratte<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato da una prima par<span class=\"_ _4\"></span>te dell<span class=\"_ _4\"></span>'anno parti<span class=\"_ _4\"></span>colarme<span class=\"_ _4\"></span>nte diff<span class=\"_ _4\"></span>icile<span class=\"_ _4\"></span>, ha influito ne<span class=\"_ _4\"></span>gativ<span class=\"_ _4\"></span>amente sui ri<span class=\"_ _4\"></span>sultati d<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Se<span class=\"_ _4\"></span>condo quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dallo IA<span class=\"_ _4\"></span>S 36, il Grup<span class=\"_ _4\"></span>po ha s<span class=\"_ _4\"></span>volto l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi f<span class=\"_ _4\"></span>inaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata ad indi<span class=\"_ _4\"></span>viduare la pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nza di eve<span class=\"_ _4\"></span>ntuali </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span> e<span class=\"_ _4\"></span>/o perdite dure<span class=\"_ _4\"></span>voli di valo<span class=\"_ _4\"></span>re di Immobili, imp<span class=\"_ _4\"></span>ianti e macchinari, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti immob<span class=\"_ _4\"></span>iliari, At<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso e At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita, me<span class=\"_ _4\"></span>diante la reda<span class=\"_ _4\"></span>zione di <span class=\"ff5f ws5d\">che<span class=\"_ _4\"></span>cklist</span><span class=\"ls4 ws120\">  vo<span class=\"_ _4\"></span>lte ad indi<span class=\"_ _4\"></span>viduare </span></span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di indicat<span class=\"_ _4\"></span>ori es<span class=\"_ _4\"></span>terni (quali condizioni macro e<span class=\"_ _4\"></span>conomi<span class=\"_ _4\"></span>che gene<span class=\"_ _4\"></span>rali, consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zioni riguardanti il s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">ed il me<span class=\"_ _4\"></span>rcato, cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di merc<span class=\"_ _4\"></span>ato, variazioni s<span class=\"_ _4\"></span>ignifi<span class=\"_ _4\"></span>cative co<span class=\"_ _4\"></span>n effe<span class=\"_ _4\"></span>tto ne<span class=\"_ _4\"></span>gativo ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambiente te<span class=\"_ _4\"></span>cnolo<span class=\"_ _4\"></span>gico, di </span><span style=\"display:inherit;clear:left;\">merc<span class=\"_ _4\"></span>ato, econo<span class=\"_ _4\"></span>mico o normati<span class=\"_ _4\"></span>vo nel quale l<span class=\"_ _4\"></span>\u2019entit\u00e0 op<span class=\"_ _4\"></span>era o n<span class=\"_ _4\"></span>el merc<span class=\"_ _4\"></span>ato al quale un\u2019attiv<span class=\"_ _4\"></span>it\u00e0 \u00e8 ri<span class=\"_ _4\"></span>volta) o interni (<span class=\"_ _2\"></span>quali </span><span style=\"display:inherit;clear:left;\">signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi camb<span class=\"_ _4\"></span>iamenti con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to neg<span class=\"_ _4\"></span>ativo sull<span class=\"_ _4\"></span>\u2019entit\u00e0 ne<span class=\"_ _4\"></span>lla misura in cui o ne<span class=\"_ _4\"></span>l mod<span class=\"_ _4\"></span>o in cui un\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 vien<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta o ci si at<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>de sar\u00e0 ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zata<span class=\"_ _4\"></span>, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>an<span class=\"_ _4\"></span>damento e<span class=\"_ _4\"></span>conomico d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 \u00e8<span class=\"_ _4\"></span>, o sar\u00e0, p<span class=\"_ _4\"></span>eg<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>re di quanto previ<span class=\"_ _4\"></span>sto, <span class=\"ff5f lsa wsaf\">cash flow</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">neg<span class=\"_ _4\"></span>ativi o in de<span class=\"_ _4\"></span>clino<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito di tal<span class=\"_ _4\"></span>e analisi, per l<span class=\"_ _4\"></span>e CGU dove si so<span class=\"_ _4\"></span>no risco<span class=\"_ _4\"></span>ntrati indic<span class=\"_ _4\"></span>atori di impairme<span class=\"_ _4\"></span>nt, es<span class=\"_ _4\"></span>terni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o interni, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a <span class=\"ff5f lsa ws90\">tes<span class=\"_ _4\"></span>t</span><span class=\"ls4 ws14a\"> di <span class=\"ff5f ls58 ws6\">impairme<span class=\"_ _4\"></span>nt</span></span> anche av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>alendo<span class=\"_ _4\"></span>si del s<span class=\"_ _4\"></span>uppor<span class=\"_ _4\"></span>to di un <span class=\"ff5f ls2b wscf\">advis<span class=\"_ _4\"></span>or</span> este<span class=\"_ _4\"></span>rno, cos\u00ec c<span class=\"_ _4\"></span>ome ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nella </span><span style=\"display:inherit;clear:left;\">succes<span class=\"_ _4\"></span>siva tabe<span class=\"_ _4\"></span>lla.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">In linea con il p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ato, gli <span class=\"ff5f ls58 ws175\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span><span class=\"ls9 wsb9\"> sono st<span class=\"_ _4\"></span>ati condo<span class=\"_ _1\"></span>tti considerando qua<span class=\"_ _1\"></span>li CGU<span class=\"_ _1\"></span> <span class=\"ff5f ls3 wsb4\">(<span class=\"_ _1\"></span>Cash Gen<span class=\"_ _4\"></span>erating Units)<span class=\"ff5c ls0 wsc4\"> le </span></span></span></span><span style=\"display:inherit;clear:left;\">singole are<span class=\"_ _4\"></span>e geog<span class=\"_ _4\"></span>raf<span class=\"_ _4\"></span>iche in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, di norma co<span class=\"_ _4\"></span>incidenti c<span class=\"_ _4\"></span>on le singole e<span class=\"_ _4\"></span>ntit\u00e0 le<span class=\"_ _4\"></span>gali de<span class=\"_ _4\"></span>l Gruppo, fat<span class=\"_ _4\"></span>ti sal<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">i cas<span class=\"_ _4\"></span>i in cui pi\u00f9 entit<span class=\"_ _4\"></span>\u00e0 legali de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>rino nel m<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>simo Pae<span class=\"_ _4\"></span>se o in ter<span class=\"_ _4\"></span>ritori e me<span class=\"_ _4\"></span>rcati limitrof<span class=\"_ _4\"></span>i carat<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati da </span><span style=\"display:inherit;clear:left;\">cliente<span class=\"_ _4\"></span>la comune ed o<span class=\"_ _4\"></span>mogen<span class=\"_ _4\"></span>ea.  </span><span style=\"display:inherit;clear:left;\">Appar<span class=\"_ _4\"></span>e d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>utilit\u00e0 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziare che<span class=\"_ _4\"></span>, rispe<span class=\"_ _4\"></span>tto al pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ato, la CGU Ferragam<span class=\"_ _4\"></span>o Retail Ho<span class=\"_ _4\"></span>ng Kong \u00e8 stat<span class=\"_ _4\"></span>a separ<span class=\"_ _4\"></span>ata dalla CGU </span><span style=\"display:inherit;clear:left;\">Cina in linea con il nu<span class=\"_ _4\"></span>ovo mode<span class=\"_ _4\"></span>llo distr<span class=\"_ _4\"></span>ibutivo p<span class=\"_ _4\"></span>osto in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere dal Grup<span class=\"_ _4\"></span>po nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La conf<span class=\"_ _4\"></span>igura<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er dete<span class=\"_ _4\"></span>rminare il valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile de<span class=\"_ _4\"></span>lla CGU \u00e8 st<span class=\"_ _4\"></span>ata stimat<span class=\"_ _4\"></span>a sulla bas<span class=\"_ _4\"></span>e del </span><span style=\"display:inherit;clear:left;\">value in us<span class=\"_ _4\"></span>e, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro tramite il met<span class=\"_ _4\"></span>odo de<span class=\"_ _4\"></span>l <span class=\"ff5f\">Discounte<span class=\"_ _4\"></span>d Cash Flow</span> che rav<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>isa ne<span class=\"_ _4\"></span>lla capacit<span class=\"_ _4\"></span>\u00e0 di produrr<span class=\"_ _4\"></span>e flus<span class=\"_ _4\"></span>si di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">l<span class=\"_ _4\"></span>\u2019elemento fo<span class=\"_ _4\"></span>ndament<span class=\"_ _4\"></span>ale ai f<span class=\"_ _4\"></span>ini della valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della CGU di rifer<span class=\"_ _4\"></span>imento attuali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zand<span class=\"_ _4\"></span>oli in base a<span class=\"_ _4\"></span>d un oppor<span class=\"_ _4\"></span>tuno </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>sso di s<span class=\"_ _4\"></span>conto. Ai f<span class=\"_ _4\"></span>ini de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tualiz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i flu<span class=\"_ _4\"></span>ssi di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i il tas<span class=\"_ _4\"></span>so \u00e8 s<span class=\"_ _4\"></span>tato indi<span class=\"_ _4\"></span>viduato ne<span class=\"_ _4\"></span>l cost<span class=\"_ _4\"></span>o medio p<span class=\"_ _4\"></span>on<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">derat<span class=\"_ _4\"></span>o del cap<span class=\"_ _4\"></span>itale <span class=\"ff5f ls5 ws98\">pos<span class=\"_ _4\"></span>t<span class=\"_ _2\"></span>-tax<span class=\"ff5c ls3 wsec\">. L<span class=\"_ _1c\"></span>\u2019applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l meto<span class=\"_ _4\"></span>do f<span class=\"_ _4\"></span>inanziario pe<span class=\"_ _4\"></span>r la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del valo<span class=\"_ _4\"></span>re recup<span class=\"_ _4\"></span>erabile e il </span></span></span><span style=\"display:inherit;clear:left;\">succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo confronto co<span class=\"_ _4\"></span>n i risp<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi valo<span class=\"_ _4\"></span>ri contabili ha c<span class=\"_ _4\"></span>ompor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato, quindi, per le CGU o<span class=\"_ _4\"></span>gge<span class=\"_ _4\"></span>tto di <span class=\"ff5f ls58 wsa6\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span> tes<span class=\"_ _4\"></span>t</span>, la </span><span style=\"display:inherit;clear:left;\">stima de<span class=\"_ _4\"></span>l WA<span class=\"_ _2\"></span>CC <span class=\"ff5f ls5 ws98\">post-tax</span>, del valor<span class=\"_ _4\"></span>e dei f<span class=\"_ _4\"></span>lussi o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativi de<span class=\"_ _4\"></span>sunti dal <span class=\"ff5f ls56 ws7\">budget</span> 2025 e dai f<span class=\"_ _4\"></span>lussi 2026 \u2013 2029 predis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti </span><span style=\"display:inherit;clear:left;\">dal <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls3 ws12f\"> azien<span class=\"_ _4\"></span>dale, de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l <span class=\"ff5f\">terminal value</span> (T<span class=\"_ _4\"></span>V<span class=\"_ _4\"></span>) e il t<span class=\"_ _4\"></span>as<span class=\"_ _4\"></span>so di cres<span class=\"_ _4\"></span>cita utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato p<span class=\"_ _4\"></span>er la proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei flu<span class=\"_ _4\"></span>ssi </span></span><span style=\"display:inherit;clear:left;\">oltre l<span class=\"_ _4\"></span>\u2019oriz<span class=\"_ _4\"></span>zonte di piano.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha approv<span class=\"_ _4\"></span>ato la proce<span class=\"_ _4\"></span>dura di <span class=\"ff5f ls58 wse6\">impair<span class=\"_ _4\"></span>ment te<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span></span><span class=\"ls0 ws16e\">, il </span></span><span style=\"display:inherit;clear:left;\">W<span class=\"_ _1\"></span>ACC, il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di crescit<span class=\"_ _4\"></span>a \u201cg<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, i f<span class=\"_ _4\"></span>lussi o<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ativi de<span class=\"_ _4\"></span>sunti dal <span class=\"ff5f ls56 ws7\">budget</span> 2025 e dai f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>i 202<span class=\"_ _1\"></span>6 \u2013 2029, predis<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>ti dal <span class=\"ff5f ws5d\">mana<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">gemen<span class=\"_ _1\"></span>t<span class=\"ff5c ls3 ws0\"> azien<span class=\"_ _4\"></span>dale, utiliz<span class=\"_ _5\"></span>zati p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019</span><span class=\"ls58 ws114\">impairment t<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>t<span class=\"ff5c ls0 ws0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda al par<span class=\"_ _4\"></span>agrafo \u201cCrite<span class=\"_ _4\"></span>ri di reda<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>\u201d se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e \u201cR<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e durevole<span class=\"_ _4\"></span>/R<span class=\"_ _4\"></span>iprist<span class=\"_ _4\"></span>ini di valore di </span><span style=\"display:inherit;clear:left;\">Immobili impianti e mac<span class=\"_ _4\"></span>chinari, Investim<span class=\"_ _4\"></span>enti immobiliari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immater<span class=\"_ _4\"></span>iali a vita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r Diritto </span><span style=\"display:inherit;clear:left;\">d<span class=\"_ _4\"></span>\u2019uso e Av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto\u201d<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni pr<span class=\"_ _4\"></span>incipali pe<span class=\"_ _4\"></span>r la determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ate.  </span><span style=\"display:inherit;clear:left;\">CGU soggette ad </span><span style=\"display:inherit;clear:left;\">impair<span class=\"_ _1\"></span>ment test<span class=\"_ _136\"> </span><span class=\"ff62\">W<span class=\"_ _1\"></span>ACC (tasso di sc<span class=\"_ _2\"></span>onto)<span class=\"_ _d7\"> </span>T<span class=\"_ _2\"></span>asso di crescita \u201c<span class=\"_ _1c\"></span>g<span class=\"_ _4\"></span>\u201d</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _112\"> </span>8,9% <span class=\"_ _218\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _2f7\"> </span>9,9% <span class=\"_ _294\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Suisse <span class=\"_ _239\"> </span>7,2% <span class=\"_ _218\"> </span>1,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _2f8\"> </span>11,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _2f9\"> </span>9,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _2fa\"> </span><span class=\"ws0\">9,9% <span class=\"_ _294\"> </span>2,1% </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Netherland B.V<span class=\"_ _2\"></span>. <span class=\"_ _d6\"> </span>9,2% <span class=\"_ _218\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA <span class=\"_ _53\"> </span>10,0% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA Inc. <span class=\"_ _2d\"> </span>11,3% <span class=\"_ _294\"> </span>2,1% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>. <span class=\"_ _19f\"> </span>11,3% <span class=\"_ _218\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _2fb\"> </span>17,2% <span class=\"_ _294\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brazil r<span class=\"_ _1\"></span>oupas e Ac<span class=\"_ _2\"></span>essorios Ltda. <span class=\"_ _2fc\"> </span>21,0% <span class=\"_ _294\"> </span>3,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>. <span class=\"_ _2fd\"> </span><span class=\"ws0\">30,5% <span class=\"_ _294\"> </span>8,0% </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _224\"> </span>8,0% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _2fe\"> </span>9,8% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd. <span class=\"_ _da\"> </span>9,7% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _fb\"> </span>10,3% <span class=\"_ _218\"> </span>2,2% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd. <span class=\"_ _182\"> </span>10,8% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _21a\"> </span>11,0% <span class=\"_ _294\"> </span>2,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _182\"> </span>8,6% <span class=\"_ _294\"> </span>1,5% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo China <span class=\"_ _10a\"> </span>8,8% <span class=\"_ _218\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _35\"> </span>9,2% <span class=\"_ _294\"> </span>2,0% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Ltd. <span class=\"_ _1fa\"> </span>10,3% <span class=\"_ _294\"> </span>2,5% </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito, per c<span class=\"_ _4\"></span>omplete<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a di informazion<span class=\"_ _4\"></span>e, anche le a<span class=\"_ _4\"></span>ssun<span class=\"_ _4\"></span>zioni principali p<span class=\"_ _4\"></span>er la det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one del </span><span style=\"display:inherit;clear:left;\">valore r<span class=\"_ _4\"></span>ecupe<span class=\"_ _4\"></span>rabile p<span class=\"_ _4\"></span>er le CGU as<span class=\"_ _4\"></span>sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>tate a<span class=\"_ _4\"></span>d <span class=\"ff5f ls58 ws114\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st</span> in dat<span class=\"_ _4\"></span>a 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023.  </span><span style=\"display:inherit;clear:left;\">CGU soggette ad </span><span style=\"display:inherit;clear:left;\">impair<span class=\"_ _1\"></span>ment test<span class=\"_ _136\"> </span><span class=\"ff62\">W<span class=\"_ _1\"></span>ACC (tasso di sc<span class=\"_ _2\"></span>onto)<span class=\"_ _d7\"> </span>T<span class=\"_ _2\"></span>asso di crescita \u201c<span class=\"_ _1c\"></span>g<span class=\"_ _4\"></span>\u201d</span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd <span class=\"_ _8d\"> </span>9,76% <span class=\"_ _1c2\"> </span>2,00% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _2f9\"> </span>9,79% <span class=\"_ _19e\"> </span>1,90% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1fe\"> </span>11,19% <span class=\"_ _19e\"> </span>2,40% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _2f7\"> </span>10,51% <span class=\"_ _19e\"> </span>2,00% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _106\"> </span>10,58% <span class=\"_ _19e\"> </span>1,70% </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _10f\"> </span>8,12% <span class=\"_ _19e\"> </span>1,50% </span><span style=\"display:inherit;clear:left;\">Gruppo Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _2ff\"> </span>11,15% <span class=\"_ _19e\"> </span>1,60% </span><span style=\"display:inherit;clear:left;\">Area Cinese + HK <span class=\"_ _3a\"> </span>9,64% <span class=\"_ _19e\"> </span>2,24% </span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span><span class=\"ws141\"> di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws13e\">, pre<span class=\"_ _4\"></span>disp<span class=\"_ _4\"></span>osto dal G<span class=\"_ _4\"></span>ruppo ha de<span class=\"_ _4\"></span>terminato una ridu<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore dei <span class=\"ff5f\">carr<span class=\"_ _4\"></span>ying amount</span><span class=\"ls0 ws118\"> d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>e CG<span class=\"_ _4\"></span>U </span></span></span></span><span style=\"display:inherit;clear:left;\">di seg<span class=\"_ _4\"></span>uito indicat<span class=\"_ _4\"></span>e, alloc<span class=\"_ _4\"></span>ata prop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ionalmente a<span class=\"_ _4\"></span>d Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inita, Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari e At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso c<span class=\"_ _4\"></span>ome sintetic<span class=\"_ _4\"></span>amente m<span class=\"_ _4\"></span>ostr<span class=\"_ _4\"></span>ato nella suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>siva t<span class=\"_ _4\"></span>abe<span class=\"_ _4\"></span>lla.</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">Immobili, </span><span style=\"display:inherit;clear:left;\">immateriali <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">impianti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">a vita utile </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">Investimenti </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">e macchinari</span><span style=\"display:inherit;clear:left;\">definita</span><span style=\"display:inherit;clear:left;\">diritto d'uso</span><span style=\"display:inherit;clear:left;\">immobiliari<span class=\"_ _74\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>. <span class=\"_ _157\"> </span>   10 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _12a\"> </span>  183 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _297\"> </span>  193 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _3d\"> </span>   89 <span class=\"_ _0\"></span> <span class=\"_ _d9\"> </span>   31 <span class=\"_ _0\"></span> <span class=\"_ _c3\"> </span>   3.689 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.809 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _101\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>259  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   3.312 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.571 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _5f\"> </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _3\"> </span>7  <span class=\"_ _d0\"> </span><span class=\"ws0\">   -<span class=\"_ _12a\"> </span>  770 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _12a\"> </span>  777 <span class=\"_ _45\"></span> </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _2a5\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>256  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   7.776 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   8.032 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A <span class=\"_ _295\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>388  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   4.305 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   4.693 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _300\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>136  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   1.474 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.610 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _107\"> </span>-<span class=\"_ _d0\"> </span>   -<span class=\"_ _2ef\"> </span> -<span class=\"_ _67\"> </span>  16.213 <span class=\"_ _45\"></span> <span class=\"_ _127\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>16.213  </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _301\"> </span>  6.929 <span class=\"_ _45\"></span> <span class=\"_ _d9\"> </span>   40 <span class=\"_ _0\"></span> <span class=\"_ _7c\"> </span>   7.239 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _b2\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>14.208  </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1ad\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>359  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _c1\"> </span>   4.029 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   4.388 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited <span class=\"_ _101\"> </span>  1.431 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   6.981 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   8.412 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _15c\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>368  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   1.167 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.535 <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _290\"> </span>   18 <span class=\"_ _0\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   3.030 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   3.048 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte Ltd <span class=\"_ _e3\"> </span>   84 <span class=\"_ _45\"></span> <span class=\"_ _82\"> </span>   -<span class=\"_ _c1\"> </span>   6.418 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   6.502 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _302\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>530  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _297\"> </span>  737 <span class=\"_ _0\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.267 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn. Bhd. <span class=\"_ _142\"> </span><span class=\"ws144\"> <span class=\"_ _3\"> </span>388  <span class=\"_ _d0\"> </span></span>   -<span class=\"_ _b4\"> </span>   1.557 <span class=\"_ _45\"></span> <span class=\"_ _176\"> </span> -<span class=\"_ _c1\"> </span>   1.945 <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _202\"> </span><span class=\"ws144\">11.252  <span class=\"_ _7e\"> </span></span>   71 <span class=\"_ _45\"></span> <span class=\"_ _105\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>52.667  <span class=\"_ _1b9\"> </span></span>  16.213 <span class=\"_ _0\"></span> <span class=\"_ _1b9\"> </span><span class=\"ws144\"> <span class=\"_ _40\"> </span>80.203  </span></span><span style=\"display:inherit;clear:left;\">Inoltre<span class=\"_ _4\"></span>, con riferim<span class=\"_ _4\"></span>ento a quanto emanato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>ESM<span class=\"_ _4\"></span>A in merito al m<span class=\"_ _4\"></span>onitorag<span class=\"_ _4\"></span>gio d<span class=\"_ _4\"></span>egli ef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>i del climate e de<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">impatti s<span class=\"_ _4\"></span>ui <span class=\"ff5f lsa ws90\">test</span><span class=\"ls4 ws15b\"> di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span></span> de<span class=\"_ _4\"></span>i <span class=\"ff5f\">non-f<span class=\"_ _4\"></span>inancial as<span class=\"_ _4\"></span>set<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span></span>, il Gruppo ha s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>ato un\u2019analisi del ris<span class=\"_ _4\"></span>chio con st<span class=\"_ _4\"></span>rumenti </span><span style=\"display:inherit;clear:left;\">quantitati<span class=\"_ _4\"></span>vi quali l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>applic<span class=\"_ _4\"></span>azione di un m<span class=\"_ _4\"></span>ode<span class=\"_ _4\"></span>llo econo<span class=\"_ _4\"></span>metric<span class=\"_ _4\"></span>o per la s<span class=\"_ _4\"></span>tima delle re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ni esis<span class=\"_ _4\"></span>tenti tr<span class=\"_ _4\"></span>a le variabili ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">croe<span class=\"_ _4\"></span>conomiche e <span class=\"ff5f ws5d\">climat<span class=\"_ _4\"></span>e-re<span class=\"_ _4\"></span>lated</span> e le p<span class=\"_ _4\"></span>rincipali grand<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>ze e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o-f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie di interes<span class=\"_ _4\"></span>se de<span class=\"_ _4\"></span>lla CGU. Dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>analis<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">non so<span class=\"_ _4\"></span>no eme<span class=\"_ _4\"></span>rsi ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti signif<span class=\"_ _4\"></span>icati<span class=\"_ _4\"></span>vi de<span class=\"_ _4\"></span>lle tematich<span class=\"_ _4\"></span>e <span class=\"ff5f ws5d\">climate</span><span class=\"ls4 ws13e\"> sul <span class=\"ff5f lsa ws90\">test</span> di <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airment</span></span> d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o. Infin<span class=\"_ _4\"></span>e, il <span class=\"ff5f ls56 ws7\">management</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">ha pre<span class=\"_ _4\"></span>dispos<span class=\"_ _4\"></span>to una <span class=\"ff5f\">se<span class=\"_ _4\"></span>nsitivit<span class=\"_ _4\"></span>y analy<span class=\"_ _4\"></span>sis</span> su <span class=\"ff5f ls53 wsa6\">g-<span class=\"_ _4\"></span>rat<span class=\"_ _4\"></span>e</span> (<span class=\"_ _1c\"></span>+/<span class=\"_ _2\"></span>- 0,<span class=\"_ _4\"></span>5%<span class=\"_ _2\"></span>) e WA<span class=\"_ _1\"></span>CC (<span class=\"_ _1c\"></span>+<span class=\"_ _2\"></span>/- 0,5%<span class=\"_ _1\"></span>), nonch\u00e9 un <span class=\"ff5f\">wor<span class=\"_ _4\"></span>st case s<span class=\"_ _4\"></span>cenario</span><span class=\"ls25 wsf2\"> (c<span class=\"_ _4\"></span>h<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> </span></span><span style=\"display:inherit;clear:left;\">preve<span class=\"_ _4\"></span>de un pe<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>giorame<span class=\"_ _4\"></span>nto dei f<span class=\"_ _4\"></span>lus<span class=\"_ _4\"></span>si prev<span class=\"_ _4\"></span>isti da Piano) d<span class=\"_ _1\"></span>a cui eme<span class=\"_ _4\"></span>rge che una minor<span class=\"_ _4\"></span>e <span class=\"ff5f ls2b wscf\">performance</span> sui ric<span class=\"_ _4\"></span>avi pot<span class=\"_ _4\"></span>rebb<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">compo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>are un\u2019ulterio<span class=\"_ _4\"></span>re perdit<span class=\"_ _4\"></span>a di valo<span class=\"_ _4\"></span>re per l<span class=\"_ _4\"></span>e CGU gi\u00e0 og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o di svalut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one, e<span class=\"_ _4\"></span>d una perdit<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r le CGU Cina e </span><span style=\"display:inherit;clear:left;\">Korea, che a<span class=\"_ _4\"></span>d og<span class=\"_ _4\"></span>gi non pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntano pe<span class=\"_ _4\"></span>rdite durevoli di v<span class=\"_ _4\"></span>alore, co<span class=\"_ _4\"></span>si come c<span class=\"_ _4\"></span>onfermato anche dalla <span class=\"ff5f\">risk analy<span class=\"_ _4\"></span>sis</span><span class=\"ls0 ws137\"> e da<span class=\"_ _4\"></span>lle </span></span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>ve simulazioni M<span class=\"_ _4\"></span>ontec<span class=\"_ _4\"></span>arlo.</span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsf5\"> sulla voce At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso \u2013 Fabbr<span class=\"_ _4\"></span>icati, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla comp<span class=\"_ _4\"></span>leta </span></span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore ne<span class=\"_ _4\"></span>tto co<span class=\"_ _4\"></span>ntabile p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>3 migliaia. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua, ino<span class=\"_ _4\"></span>ltre, p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cament<span class=\"_ _4\"></span>e delle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni sui <span class=\"ff5f\">fair value</span> degli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari iscrit<span class=\"_ _4\"></span>ti in bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio. Dalla pe<span class=\"_ _4\"></span>rizia s<span class=\"_ _4\"></span>volta da un t<span class=\"_ _4\"></span>erzo in<span class=\"_ _4\"></span>dipen<span class=\"_ _4\"></span>dente sul te<span class=\"_ _4\"></span>rreno e il f<span class=\"_ _4\"></span>abbricat<span class=\"_ _4\"></span>o di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo, </span><span style=\"display:inherit;clear:left;\">si \u00e8 re<span class=\"_ _4\"></span>so nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rare una riduzi<span class=\"_ _4\"></span>one di valo<span class=\"_ _4\"></span>re pari a Euro 3.403 migliaia, p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guare il valor<span class=\"_ _4\"></span>e al minore tra il </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ed il <span class=\"ff5f\">fair value</span> deri<span class=\"_ _4\"></span>vante dalla pe<span class=\"_ _4\"></span>rizia.</span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, e come r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 36 la verif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lla recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata alme<span class=\"_ _4\"></span>no annualmente e co<span class=\"_ _4\"></span>munque quando si </span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ican<span class=\"_ _4\"></span>o eventi che f<span class=\"_ _4\"></span>anno pres<span class=\"_ _4\"></span>upporre una r<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e del val<span class=\"_ _4\"></span>ore. </span><span style=\"display:inherit;clear:left;\">Nel ri<span class=\"_ _4\"></span>vede<span class=\"_ _4\"></span>re i propri in<span class=\"_ _4\"></span>dicatori di <span class=\"ff5f ls58 ws6\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span>, il Grupp<span class=\"_ _4\"></span>o prend<span class=\"_ _4\"></span>e in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione, t<span class=\"_ _4\"></span>ra gli altri fat<span class=\"_ _4\"></span>tori, la re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e tra la </span><span style=\"display:inherit;clear:left;\">propria c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione di me<span class=\"_ _4\"></span>rcato e il propr<span class=\"_ _4\"></span>io valore co<span class=\"_ _4\"></span>ntabile<span class=\"_ _4\"></span>. Al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, la capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di m<span class=\"_ _4\"></span>ercato </span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo e<span class=\"_ _4\"></span>ra ampiamente al di s<span class=\"_ _4\"></span>opra de<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio netto, p<span class=\"_ _4\"></span>erci\u00f2 il Grup<span class=\"_ _4\"></span>po non ha re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">alcuna ridu<span class=\"_ _4\"></span>zione dur<span class=\"_ _4\"></span>evole di v<span class=\"_ _4\"></span>alore su t<span class=\"_ _4\"></span>ale voc<span class=\"_ _4\"></span>e.</span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voc<span class=\"_ _4\"></span>e di bilancio pe<span class=\"_ _4\"></span>r Euro 5<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>.667 migliaia. Pe<span class=\"_ _4\"></span>r tutti i de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica n<span class=\"_ _4\"></span>ota 10 \u201cRidu<span class=\"_ _4\"></span>zioni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws156\"> su alcun<span class=\"_ _4\"></span>e <span class=\"ff5f ls2c ws15b\">cas<span class=\"_ _1\"></span>h gener<span class=\"_ _2\"></span>atin<span class=\"_ _1\"></span>g un<span class=\"_ _2\"></span>it<span class=\"_ _4\"></span>s<span class=\"ff5c ls3 ws156\"> del Grupp<span class=\"_ _4\"></span>o, che hanno por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato alla rileva<span class=\"_ _4\"></span>zione di </span></span></span></span><span style=\"display:inherit;clear:left;\">riduz<span class=\"_ _4\"></span>ioni di valore s<span class=\"_ _4\"></span>u quest<span class=\"_ _4\"></span>a voce di b<span class=\"_ _4\"></span>ilancio per Euro 71 migliaia. Per tutti i d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a nota 10<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__96-1": {
   "value": "<span style=\"display:inherit;clear:left;\">6. In<span class=\"_ _1\"></span>vestimenti immobiliari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli Inves<span class=\"_ _4\"></span>timenti immo<span class=\"_ _4\"></span>biliari al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l seg<span class=\"_ _4\"></span>uente pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2f3\"> </span>C<span class=\"_ _1\"></span>osto Storico<span class=\"_ _63\"> </span><span class=\"ws9e\">Fondo Amm.to<span class=\"_ _242\"> </span></span>V<span class=\"_ _2\"></span>alore netto<span class=\"_ _e0\"> </span>Costo Storic<span class=\"_ _2\"></span>o<span class=\"_ _62\"> </span><span class=\"ws9e\">Fondo Amm.to<span class=\"_ _16e\"> </span></span>V<span class=\"_ _2\"></span>alore netto</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _11\"> </span>7.175 <span class=\"_ _b4\"> </span>1.573 <span class=\"_ _105\"> </span>5.602 <span class=\"_ _2a3\"> </span>5.065<span class=\"_ _176\"> </span>-<span class=\"_ _74\"> </span>5.065</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _2ea\"> </span>15.375 <span class=\"_ _1ba\"> </span>14.514 <span class=\"_ _a1\"> </span>861 <span class=\"_ _111\"> </span>11.930<span class=\"_ _127\"> </span>11.892<span class=\"_ _148\"> </span>38</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _262\"> </span>110.358 <span class=\"_ _87\"> </span>110.358 <span class=\"_ _2da\"> </span>- <span class=\"_ _67\"> </span>101.327<span class=\"_ _67\"> </span>83.764<span class=\"_ _127\"> </span>17.563</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2c6\"> </span>132.908 <span class=\"_ _86\"> </span>126.445 <span class=\"_ _1b9\"> </span>6.463 <span class=\"_ _127\"> </span>118.322<span class=\"_ _1b9\"> </span>95.656<span class=\"_ _105\"> </span>22.666</span><span style=\"display:inherit;clear:left;\">Gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari si rifer<span class=\"_ _4\"></span>iscon<span class=\"_ _4\"></span>o a edif<span class=\"_ _4\"></span>ici situati ne<span class=\"_ _4\"></span>gli Stati Uniti e a p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ire dal 202<span class=\"_ _2\"></span>4 all<span class=\"_ _4\"></span>\u2019edifi<span class=\"_ _4\"></span>cio des<span class=\"_ _4\"></span>tinato a </span><span style=\"display:inherit;clear:left;\">ediliz<span class=\"_ _4\"></span>ia produt<span class=\"_ _4\"></span>tiva di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se gene<span class=\"_ _4\"></span>rale<span class=\"_ _4\"></span>, pres<span class=\"_ _4\"></span>so l<span class=\"_ _4\"></span>\u2019area di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., ubic<span class=\"_ _4\"></span>ata ne<span class=\"_ _4\"></span>l Co<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mune di Se<span class=\"_ _4\"></span>sto Fi<span class=\"_ _4\"></span>orentino \u2013 O<span class=\"_ _4\"></span>smannoro. </span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e degli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari p<span class=\"_ _4\"></span>er gli es<span class=\"_ _4\"></span>ercizi chiu<span class=\"_ _4\"></span>si al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e 2023:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">Rid. ne </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _174\"> </span><span class=\"ls0\">Incrementi<span class=\"_ _85\"> </span>Amm.ti<span class=\"_ _242\"> </span>Riclassifiche</span></span><span style=\"display:inherit;clear:left;\">di valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _291\"> </span>5.065<span class=\"_ _e5\"> </span>323 <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _105\"> </span>1.788 <span class=\"_ _85\"> </span>(1.574) <span class=\"_ _127\"> </span>5.602 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _251\"> </span>38<span class=\"_ _2da\"> </span>2 <span class=\"_ _2da\"> </span>- <span class=\"_ _111\"> </span>(35) <span class=\"_ _105\"> </span>2.685 <span class=\"_ _85\"> </span>(1.829) <span class=\"_ _a1\"> </span>861 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _2f4\"> </span>17.563<span class=\"_ _e5\"> </span>367 <span class=\"_ _105\"> </span>2.481 <span class=\"_ _85\"> </span>(4.198) <span class=\"_ _2da\"> </span>- <span class=\"_ _1b8\"> </span>(16.213) <span class=\"_ _2da\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27d\"> </span>22.666<span class=\"_ _d8\"> </span>692 <span class=\"_ _1b9\"> </span>2.481 <span class=\"_ _87\"> </span>(4.233) <span class=\"_ _1ba\"> </span>4.473 <span class=\"_ _1dc\"> </span>(19.616) <span class=\"_ _1ba\"> </span>6.463 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _233\"> </span>Incrementi<span class=\"_ _b1\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>err<span class=\"_ _1\"></span>eni <span class=\"_ _91\"> </span>5.247<span class=\"_ _a1\"> </span>(182)<span class=\"_ _176\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _2f4\"> </span>5.065</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _22f\"> </span>105<span class=\"_ _2a6\"> </span>(2)<span class=\"_ _176\"> </span>-<span class=\"_ _208\"> </span>(65)<span class=\"_ _148\"> </span>38</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso - F<span class=\"_ _2\"></span>abbricati<span class=\"_ _29e\"> </span>22.395<span class=\"_ _111\"> </span>(690)<span class=\"_ _176\"> </span>-<span class=\"_ _105\"> </span>(4.142)<span class=\"_ _67\"> </span>17.563</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1af\"> </span>27.747<span class=\"_ _74\"> </span>(874)<span class=\"_ _176\"> </span>-<span class=\"_ _1ba\"> </span>(4.207)<span class=\"_ _105\"> </span>22.666</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _4\"></span>T<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>rreni<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e la riclass<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>a dai \u201c<span class=\"_ _4\"></span>T<span class=\"_ _1c\"></span>e<span class=\"_ _4\"></span>rreni Indu<span class=\"_ _4\"></span>striali<span class=\"_ _4\"></span>\u201d p<span class=\"_ _4\"></span>er Euro 4<span class=\"_ _4\"></span>49 migliaia riferit<span class=\"_ _4\"></span>a alla por<span class=\"_ _4\"></span>zione di te<span class=\"_ _4\"></span>rreno </span><span style=\"display:inherit;clear:left;\">di proprie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. d<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>inata ad e<span class=\"_ _4\"></span>dilizia produt<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a di intere<span class=\"_ _4\"></span>sse ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e e per Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _4\"></span>339<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">migliaia alle ope<span class=\"_ _4\"></span>re di bonif<span class=\"_ _4\"></span>ica e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate sul te<span class=\"_ _4\"></span>rreno ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate dalla voce \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali in cors<span class=\"_ _4\"></span>o ed acc<span class=\"_ _4\"></span>onti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cFabbri<span class=\"_ _4\"></span>cati<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie l<span class=\"_ _4\"></span>\u2019immo<span class=\"_ _4\"></span>bile della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., ubic<span class=\"_ _4\"></span>ato nel Co<span class=\"_ _4\"></span>mune di Se<span class=\"_ _4\"></span>sto Fio<span class=\"_ _4\"></span>rentino \u2013 </span><span style=\"display:inherit;clear:left;\">Osmann<span class=\"_ _4\"></span>oro, des<span class=\"_ _4\"></span>tinato a ediliz<span class=\"_ _4\"></span>ia produt<span class=\"_ _4\"></span>tiva di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se gene<span class=\"_ _4\"></span>rale ricla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato dalla voce \u201c<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali in cors<span class=\"_ _4\"></span>o ed </span><span style=\"display:inherit;clear:left;\">acconti<span class=\"_ _4\"></span>\u201d; l<span class=\"_ _4\"></span>\u2019immobile \u00e8 s<span class=\"_ _4\"></span>tato c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>ato a dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4.  </span><span style=\"display:inherit;clear:left;\">Si ricorda ch<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso che rie<span class=\"_ _4\"></span>ntrano ne<span class=\"_ _4\"></span>lla def<span class=\"_ _4\"></span>inizione di inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti in atti<span class=\"_ _4\"></span>vit\u00e0 imm<span class=\"_ _4\"></span>obiliari sono </span><span style=\"display:inherit;clear:left;\">clas<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cate nella p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nte voce di bilanci<span class=\"_ _4\"></span>o e al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4, a s<span class=\"_ _4\"></span>eguito de<span class=\"_ _4\"></span>lla riduzio<span class=\"_ _4\"></span>ne di valore r<span class=\"_ _4\"></span>ilevat<span class=\"_ _4\"></span>a a seguit<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">del <span class=\"_ _5\"></span><span class=\"ff5f lsa ws90\">test</span><span class=\"ls4 ws150\"> di <span class=\"ff5f ls58 ws6\">imp<span class=\"_ _4\"></span>airme<span class=\"_ _4\"></span>nt</span></span><span class=\"ws81\"> condot<span class=\"_ _4\"></span>to nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio, ris<span class=\"_ _4\"></span>ultano comp<span class=\"_ _4\"></span>letam<span class=\"_ _4\"></span>ente s<span class=\"_ _4\"></span>valutate<span class=\"_ _4\"></span>. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli si riman<span class=\"_ _4\"></span>da alla </span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>cif<span class=\"_ _4\"></span>ica not<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 \u201c<span class=\"_ _4\"></span>Ri<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e Inves<span class=\"_ _4\"></span>timenti Immo<span class=\"_ _4\"></span>biliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso \u2013 Fabbricati s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i i cost<span class=\"_ _4\"></span>i di ripris<span class=\"_ _4\"></span>tino loc<span class=\"_ _4\"></span>ali in </span><span style=\"display:inherit;clear:left;\">aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to da ter<span class=\"_ _4\"></span>zi pe<span class=\"_ _4\"></span>r contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>, accanto<span class=\"_ _4\"></span>nati in contropar<span class=\"_ _4\"></span>tit<span class=\"_ _4\"></span>a al \u201cFo<span class=\"_ _4\"></span>ndo </span><span style=\"display:inherit;clear:left;\">per r<span class=\"_ _4\"></span>ischi e one<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>\u201d (<span class=\"_ _1\"></span>nota 2<span class=\"_ _4\"></span>3<span class=\"_ _2\"></span>), pari ad Euro 2.4<span class=\"_ _4\"></span>81 migliai<span class=\"_ _1\"></span>a nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 (par<span class=\"_ _4\"></span>i a Euro 0 migliaia nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023)<span class=\"_ _1\"></span>. <span class=\"_ _1c\"></span> </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsf5\"> sulla voce At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso \u2013 Fabbr<span class=\"_ _4\"></span>icati, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla comp<span class=\"_ _4\"></span>leta </span></span><span style=\"display:inherit;clear:left;\">sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l valore ne<span class=\"_ _4\"></span>tto co<span class=\"_ _4\"></span>ntabile p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.21<span class=\"_ _1c\"></span>3 migliaia. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota s<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>cific<span class=\"_ _4\"></span>a 1<span class=\"_ _2\"></span>0 </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua, ino<span class=\"_ _4\"></span>ltre, p<span class=\"_ _4\"></span>eriodi<span class=\"_ _4\"></span>cament<span class=\"_ _4\"></span>e delle valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni sui <span class=\"ff5f\">fair value</span> degli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari iscrit<span class=\"_ _4\"></span>ti in bi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">lancio. Dalla pe<span class=\"_ _4\"></span>rizia s<span class=\"_ _4\"></span>volta da un t<span class=\"_ _4\"></span>erzo in<span class=\"_ _4\"></span>dipen<span class=\"_ _4\"></span>dente sul te<span class=\"_ _4\"></span>rreno e il f<span class=\"_ _4\"></span>abbricat<span class=\"_ _4\"></span>o di propriet<span class=\"_ _4\"></span>\u00e0 della S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo, </span><span style=\"display:inherit;clear:left;\">si \u00e8 re<span class=\"_ _4\"></span>so nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sario re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rare una riduzi<span class=\"_ _4\"></span>one di valo<span class=\"_ _4\"></span>re pari a Euro 3.403 migliaia, p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guare il valor<span class=\"_ _4\"></span>e al minore tra il </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to ed il <span class=\"ff5f\">fair value</span> deri<span class=\"_ _4\"></span>vante dalla pe<span class=\"_ _4\"></span>rizia.</span><span style=\"display:inherit;clear:left;\">34. L<span class=\"_ _1\"></span>oc<span class=\"_ _1\"></span>azioni immobiliari</span><span style=\"display:inherit;clear:left;\">I proventi de<span class=\"_ _4\"></span>rivant<span class=\"_ _4\"></span>i dalle loc<span class=\"_ _4\"></span>azioni immo<span class=\"_ _4\"></span>biliari sono da imput<span class=\"_ _4\"></span>ars<span class=\"_ _4\"></span>i interame<span class=\"_ _4\"></span>nte al Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo Usa p<span class=\"_ _4\"></span>er la con<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ces<span class=\"_ _4\"></span>sion<span class=\"_ _4\"></span>e in aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o di spazi n<span class=\"_ _4\"></span>egli immob<span class=\"_ _4\"></span>ili di propriet<span class=\"_ _4\"></span>\u00e0 e pres<span class=\"_ _4\"></span>i in loc<span class=\"_ _4\"></span>azione e s<span class=\"_ _4\"></span>ubloc<span class=\"_ _4\"></span>ati. Nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2024 si sono at<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tati a Euro 3.455 migliaia, in aumento (<span class=\"_ _1c\"></span>+<span class=\"_ _1c\"></span>27<span class=\"_ _1c\"></span>,<span class=\"_ _4\"></span>3%<span class=\"_ _2\"></span>) r<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, quando e<span class=\"_ _4\"></span>rano pari a Euro 2.7<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>4 migliaia.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__98": {
   "value": "<span style=\"display:inherit;clear:left;\">7. Avviamento</span><span style=\"display:inherit;clear:left;\">Il valore d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iamento \u00e8 s<span class=\"_ _4\"></span>tato inter<span class=\"_ _4\"></span>amente ac<span class=\"_ _4\"></span>quisito durante l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2020 attrave<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale di </span><span style=\"display:inherit;clear:left;\">Ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>s s.r<span class=\"_ _1\"></span>.l. e Aura 1 S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l. e<span class=\"_ _4\"></span>d \u00e8 attrib<span class=\"_ _4\"></span>uibile alle sine<span class=\"_ _4\"></span>rgie e altri b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici e<span class=\"_ _4\"></span>conomici d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gr<span class=\"_ _4\"></span>ega<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 acquisit<span class=\"_ _4\"></span>e con quell<span class=\"_ _4\"></span>e della Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., relati<span class=\"_ _4\"></span>vamente a<span class=\"_ _4\"></span>lla progett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one e realiz<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">del pro<span class=\"_ _4\"></span>dot<span class=\"_ _4\"></span>to calz<span class=\"_ _4\"></span>ature uomo. A<span class=\"_ _4\"></span>l nett<span class=\"_ _4\"></span>o del <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 ac<span class=\"_ _4\"></span>quisite, il val<span class=\"_ _4\"></span>ore res<span class=\"_ _4\"></span>iduo alloc<span class=\"_ _4\"></span>ato ad </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>viame<span class=\"_ _4\"></span>nto deri<span class=\"_ _4\"></span>vante dall<span class=\"_ _4\"></span>\u2019acquisizion<span class=\"_ _4\"></span>e ammonta a Euro 6<span class=\"_ _4\"></span>.679 migliaia. T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e voce non ha sub<span class=\"_ _4\"></span>ito variaz<span class=\"_ _4\"></span>ione ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Come pr<span class=\"_ _4\"></span>evis<span class=\"_ _4\"></span>to dalla proce<span class=\"_ _4\"></span>dura di analisi d<span class=\"_ _4\"></span>egli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, di cui il G<span class=\"_ _4\"></span>ruppo si \u00e8 d<span class=\"_ _4\"></span>otato, e come r<span class=\"_ _4\"></span>ichies<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">dallo IA<span class=\"_ _4\"></span>S 36 la verif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>lla recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>\u2019av<span class=\"_ _4\"></span>viamento \u00e8 ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tuata alme<span class=\"_ _4\"></span>no annualmente e co<span class=\"_ _4\"></span>munque quando si </span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ican<span class=\"_ _4\"></span>o eventi che f<span class=\"_ _4\"></span>anno pres<span class=\"_ _4\"></span>upporre una r<span class=\"_ _4\"></span>iduzion<span class=\"_ _4\"></span>e del val<span class=\"_ _4\"></span>ore. </span><span style=\"display:inherit;clear:left;\">Nel ri<span class=\"_ _4\"></span>vede<span class=\"_ _4\"></span>re i propri in<span class=\"_ _4\"></span>dicatori di <span class=\"ff5f ls58 ws6\">im<span class=\"_ _4\"></span>pairme<span class=\"_ _4\"></span>nt</span>, il Grupp<span class=\"_ _4\"></span>o prend<span class=\"_ _4\"></span>e in consid<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zione, t<span class=\"_ _4\"></span>ra gli altri fat<span class=\"_ _4\"></span>tori, la re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e tra la </span><span style=\"display:inherit;clear:left;\">propria c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione di me<span class=\"_ _4\"></span>rcato e il propr<span class=\"_ _4\"></span>io valore co<span class=\"_ _4\"></span>ntabile<span class=\"_ _4\"></span>. Al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, la capit<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione di m<span class=\"_ _4\"></span>ercato </span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo e<span class=\"_ _4\"></span>ra ampiamente al di s<span class=\"_ _4\"></span>opra de<span class=\"_ _4\"></span>l valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>el patrimo<span class=\"_ _4\"></span>nio netto, p<span class=\"_ _4\"></span>erci\u00f2 il Grup<span class=\"_ _4\"></span>po non ha re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato </span><span style=\"display:inherit;clear:left;\">alcuna ridu<span class=\"_ _4\"></span>zione dur<span class=\"_ _4\"></span>evole di v<span class=\"_ _4\"></span>alore su t<span class=\"_ _4\"></span>ale voc<span class=\"_ _4\"></span>e.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__100-1": {
   "value": "<span style=\"display:inherit;clear:left;\">8. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 per diritto d\u2019uso</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziata n<span class=\"_ _4\"></span>el se<span class=\"_ _4\"></span>guente p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to</span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _2cd\"> </span>1.127.090 <span class=\"_ _87\"> </span>601.463 <span class=\"_ _23f\"> </span>525.627 <span class=\"_ _15f\"> </span>1.050.724<span class=\"_ _89\"> </span>437.206<span class=\"_ _1b9\"> </span>613.518</span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _284\"> </span>6.278 <span class=\"_ _c1\"> </span>3.278 <span class=\"_ _105\"> </span>3.000 <span class=\"_ _cf\"> </span>6.069<span class=\"_ _74\"> </span>2.983<span class=\"_ _2a9\"> </span>3.086</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _19b\"> </span>16 <span class=\"_ _7e\"> </span>16 <span class=\"_ _2da\"> </span>- <span class=\"_ _12b\"> </span>499<span class=\"_ _12a\"> </span>491<span class=\"_ _212\"> </span>8</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1c3\"> </span>1.133.384 <span class=\"_ _86\"> </span>604.757 <span class=\"_ _1b8\"> </span>528.627 <span class=\"_ _1b8\"> </span>1.057.292<span class=\"_ _8b\"> </span>440.680<span class=\"_ _151\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella ch<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>ta la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso per g<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi chiusi al 31 dicembre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 2023. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _174\"> </span>Incrementi<span class=\"_ _180\"> </span>Decrementi<span class=\"_ _87\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _1dd\"> </span>613.518 <span class=\"_ _257\"> </span>10.264 <span class=\"_ _257\"> </span>77.702 <span class=\"_ _85\"> </span>(2.258) <span class=\"_ _1bb\"> </span>(121.027) <span class=\"_ _1b8\"> </span>(52.572) <span class=\"_ _23f\"> </span>525.627 </span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _292\"> </span>3.086 <span class=\"_ _2a3\"> </span><span class=\"ls35 ws38\">(3)<span class=\"_ _4\"></span> <span class=\"_ _105\"> </span></span>1.765 <span class=\"_ _111\"> </span>(82) <span class=\"_ _85\"> </span>(1.672) <span class=\"_ _111\"> </span>(94) <span class=\"_ _1b9\"> </span>3.000 </span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _2c8\"> </span>8 <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _bc\"> </span><span class=\"ls71 ws12\">(7) <span class=\"_ _e2\"> </span></span>(1) <span class=\"_ _2da\"> </span>- </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>616.612 <span class=\"_ _8b\"> </span>10.261 <span class=\"_ _85\"> </span>79.467 <span class=\"_ _87\"> </span>(2.340) <span class=\"_ _213\"> </span>(122.706) <span class=\"_ _1dc\"> </span>(52.667) <span class=\"_ _1b8\"> </span>528.627 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _233\"> </span>Incrementi<span class=\"_ _174\"> </span>Decrementi<span class=\"_ _b1\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abbricati<span class=\"_ _1a8\"> </span>477.501<span class=\"_ _1b9\"> </span>(8.141)<span class=\"_ _88\"> </span>265.290<span class=\"_ _1b9\"> </span>(4.144)<span class=\"_ _23f\"> </span>(116.988)<span class=\"_ _89\"> </span>613.518</span><span style=\"display:inherit;clear:left;\">Veic<span class=\"_ _2\"></span>oli<span class=\"_ _137\"> </span>2.213<span class=\"_ _32\"> </span>3<span class=\"_ _2f4\"> </span>2.629<span class=\"_ _a1\"> </span>(128)<span class=\"_ _1b9\"> </span>(1.631)<span class=\"_ _74\"> </span>3.086</span><span style=\"display:inherit;clear:left;\">Attrezzatur<span class=\"_ _2\"></span>e e alt<span class=\"_ _4\"></span>ri beni<span class=\"_ _2ab\"> </span>10<span class=\"_ _d0\"> </span>1<span class=\"_ _32\"> </span>4<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span><span class=\"ls71 ws12\">(7)<span class=\"_ _d0\"> </span></span>8</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>479.724<span class=\"_ _1ba\"> </span>(8.137)<span class=\"_ _8b\"> </span>267.923<span class=\"_ _1ba\"> </span>(4.272)<span class=\"_ _17c\"> </span>(118.626)<span class=\"_ _8b\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cFabbri<span class=\"_ _4\"></span>cati<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e Attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso re<span class=\"_ _4\"></span>lative prin<span class=\"_ _4\"></span>cipalmente a cont<span class=\"_ _4\"></span>ratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di ne<span class=\"_ _4\"></span>gozi (pari a circ<span class=\"_ _4\"></span>a il </span><span style=\"display:inherit;clear:left;\">92% delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso Fabbr<span class=\"_ _4\"></span>icati) e in misura re<span class=\"_ _4\"></span>siduale r<span class=\"_ _4\"></span>elative a co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ici, fores<span class=\"_ _4\"></span>teri<span class=\"_ _4\"></span>e e altri </span><span style=\"display:inherit;clear:left;\">spa<span class=\"_ _4\"></span>zi. I principali incr<span class=\"_ _4\"></span>ementi re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio si rife<span class=\"_ _4\"></span>risco<span class=\"_ _4\"></span>no a nuovi cont<span class=\"_ _4\"></span>ratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto s<span class=\"_ _4\"></span>ottos<span class=\"_ _4\"></span>critt<span class=\"_ _4\"></span>i nel pe<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riod<span class=\"_ _4\"></span>o o a est<span class=\"_ _4\"></span>ensio<span class=\"_ _4\"></span>ni di contratt<span class=\"_ _4\"></span>i esis<span class=\"_ _4\"></span>tenti, pr<span class=\"_ _4\"></span>incipalmente p<span class=\"_ _4\"></span>er i punti ve<span class=\"_ _4\"></span>ndita, m<span class=\"_ _4\"></span>entre i princip<span class=\"_ _4\"></span>ali decre<span class=\"_ _4\"></span>menti so<span class=\"_ _4\"></span>no relati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">a contrat<span class=\"_ _4\"></span>ti terminati in v<span class=\"_ _4\"></span>ia anticipata o p<span class=\"_ _4\"></span>er i quali \u00e8 st<span class=\"_ _4\"></span>ata contr<span class=\"_ _4\"></span>att<span class=\"_ _4\"></span>ata una riduz<span class=\"_ _4\"></span>ione dei c<span class=\"_ _4\"></span>anoni di af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>to futuri<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Da seg<span class=\"_ _4\"></span>nalare che nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto delle At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso \u2013 Fabbricati s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i i cost<span class=\"_ _4\"></span>i di ripris<span class=\"_ _4\"></span>tino loc<span class=\"_ _4\"></span>ali in aff<span class=\"_ _4\"></span>it<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to da ter<span class=\"_ _4\"></span>zi p<span class=\"_ _4\"></span>er contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne rientr<span class=\"_ _4\"></span>anti nell<span class=\"_ _4\"></span>\u2019ambito dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>6, acc<span class=\"_ _4\"></span>antonati in contro<span class=\"_ _4\"></span>part<span class=\"_ _4\"></span>ita al \u201c<span class=\"_ _4\"></span>Fond<span class=\"_ _4\"></span>o per ri<span class=\"_ _4\"></span>schi </span><span style=\"display:inherit;clear:left;\">e oner<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d (<span class=\"_ _2\"></span>not<span class=\"_ _4\"></span>a 23<span class=\"_ _1\"></span>), pari a Euro 2.03<span class=\"_ _1\"></span>1 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4 (<span class=\"_ _4\"></span>pari a Euro 1<span class=\"_ _1\"></span>.25<span class=\"_ _4\"></span>0 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per mag<span class=\"_ _4\"></span>giori d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli sui f<span class=\"_ _4\"></span>lussi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari in uscit<span class=\"_ _4\"></span>a relati<span class=\"_ _4\"></span>vi ai contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne si rimanda alle not<span class=\"_ _4\"></span>e 26 \u201cPas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _5\"></span><span class=\"ff5c ls0 ws0\">\u201d e 36 \u201cComp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura dell<span class=\"_ _4\"></span>e voci di cos<span class=\"_ _4\"></span>to di conto e<span class=\"_ _4\"></span>conomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ata </span><span style=\"display:inherit;clear:left;\">la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indi<span class=\"_ _4\"></span>catori di <span class=\"ff5f ls59 ws114\">imp<span class=\"_ _4\"></span>airment<span class=\"_ _4\"></span></span>, sia di natura interna che e<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>erna. Dalle analis<span class=\"_ _4\"></span>i effe<span class=\"_ _4\"></span>ttuate s<span class=\"_ _4\"></span>ono eme<span class=\"_ _4\"></span>rsi </span><span style=\"display:inherit;clear:left;\">indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls59 ws114\">impa<span class=\"_ _4\"></span>irment</span><span class=\"ls0 wsc2\"> s<span class=\"_ _4\"></span>u alcune <span class=\"ff5f ls68 ws150\">cash<span class=\"_ _1\"></span> gener<span class=\"_ _2\"></span>ating u<span class=\"_ _2\"></span>nits<span class=\"ff5c ls0 wsc2\"> del G<span class=\"_ _4\"></span>ruppo, che hanno p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato alla rile<span class=\"_ _4\"></span>vazi<span class=\"_ _4\"></span>one di riduz<span class=\"_ _4\"></span>ioni di </span></span></span></span><span style=\"display:inherit;clear:left;\">valore s<span class=\"_ _4\"></span>u ques<span class=\"_ _4\"></span>ta voc<span class=\"_ _4\"></span>e di bilancio pe<span class=\"_ _4\"></span>r Euro 5<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>.667 migliaia. Pe<span class=\"_ _4\"></span>r tutti i de<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica n<span class=\"_ _4\"></span>ota 10 \u201cRidu<span class=\"_ _4\"></span>zioni </span><span style=\"display:inherit;clear:left;\">durevoli di val<span class=\"_ _4\"></span>ore di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a vit<span class=\"_ _4\"></span>a utile de<span class=\"_ _4\"></span>finit<span class=\"_ _4\"></span>a e </span><span style=\"display:inherit;clear:left;\">Inves<span class=\"_ _4\"></span>timent<span class=\"_ _4\"></span>i Immobiliari<span class=\"_ _4\"></span>\u201d.</span><span style=\"display:inherit;clear:left;\">26. P<span class=\"_ _44\"></span>assivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _2\"></span>asing</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ta la mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o degli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, su<span class=\"_ _4\"></span>d<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>sa tra quot<span class=\"_ _4\"></span>a corre<span class=\"_ _4\"></span>nte e non cor<span class=\"_ _4\"></span>rente. </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _315\"> </span>non cor<span class=\"_ _1\"></span>renti<span class=\"_ _66\"> </span>corr<span class=\"_ _1\"></span>enti<span class=\"_ _1f1\"> </span>T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01.2024<span class=\"_ _2f\"> </span>596.603 <span class=\"_ _32\"> </span>114.439 <span class=\"_ _2da\"> </span><span class=\"ff62\">711.042 </span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onversione<span class=\"_ _144\"> </span>10.944 <span class=\"_ _1f2\"> </span>3.571 <span class=\"_ _25\"> </span><span class=\"ff62\">14.515 </span></span><span style=\"display:inherit;clear:left;\">Incrementi<span class=\"_ _2fa\"> </span>75.821 <span class=\"_ _260\"> </span>- <span class=\"_ _25\"> </span><span class=\"ff62\">75.821 </span></span><span style=\"display:inherit;clear:left;\">Decrementi<span class=\"_ _2fd\"> </span>(2.492) <span class=\"_ _260\"> </span>- <span class=\"_ _32\"> </span><span class=\"ff62\">(2.492) </span></span><span style=\"display:inherit;clear:left;\">Rimborso delle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff61\">- <span class=\"_ _148\"> </span>(124.903) <span class=\"_ _12a\"> </span><span class=\"ff62\">(124.903) </span></span></span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"ff61\"> pagati<span class=\"_ _1a3\"> </span>- <span class=\"_ _d0\"> </span>(22.563) <span class=\"_ _148\"> </span><span class=\"ff62\">(22.563) </span></span></span><span style=\"display:inherit;clear:left;\">Altri movimenti<span class=\"_ _129\"> </span>(128.532) <span class=\"_ _80\"> </span>153.458 <span class=\"_ _25\"> </span><span class=\"ff62\">24.926 </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore a fine periodo<span class=\"_ _9d\"> </span>552.344 <span class=\"_ _d0\"> </span>124.002 <span class=\"_ _2da\"> </span>676.346 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _315\"> </span>non cor<span class=\"_ _1\"></span>renti<span class=\"_ _66\"> </span>corr<span class=\"_ _1\"></span>enti<span class=\"_ _1f1\"> </span>T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01.2023<span class=\"_ _2f\"> </span>468.737 <span class=\"_ _32\"> </span>106.586 <span class=\"_ _2da\"> </span><span class=\"ff62\">575.323 </span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onv<span class=\"_ _2\"></span>.ne<span class=\"_ _316\"> </span>(8.103) <span class=\"_ _ca\"> </span>(2.736) <span class=\"_ _148\"> </span><span class=\"ff62\">(10.839) </span></span><span style=\"display:inherit;clear:left;\">Incrementi <span class=\"_ _317\"> </span>266.679 <span class=\"_ _260\"> </span>- <span class=\"_ _2da\"> </span><span class=\"ff62\">266.679 </span></span><span style=\"display:inherit;clear:left;\">Decrementi<span class=\"_ _2fd\"> </span>(4.578) <span class=\"_ _260\"> </span>- <span class=\"_ _32\"> </span><span class=\"ff62\">(4.578) </span></span><span style=\"display:inherit;clear:left;\">Rimborso delle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _139\"> </span><span class=\"ff61\">- <span class=\"_ _148\"> </span>(116.403) <span class=\"_ _12a\"> </span><span class=\"ff62\">(116.403) </span></span></span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"ff61\"> pagati <span class=\"_ _1e9\"> </span>- <span class=\"_ _32\"> </span>(20.451) <span class=\"_ _148\"> </span><span class=\"ff62\">(20.451) </span></span></span><span style=\"display:inherit;clear:left;\">Altri movimenti<span class=\"_ _129\"> </span>(126.132) <span class=\"_ _80\"> </span>147.443 <span class=\"_ _25\"> </span><span class=\"ff62\">21.311 </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore a fine periodo<span class=\"_ _9d\"> </span>596.603 <span class=\"_ _d0\"> </span>114.439 <span class=\"_ _2da\"> </span>711.042 </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _4\"></span>IBR medio p<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>rato applic<span class=\"_ _4\"></span>ato ai contrat<span class=\"_ _4\"></span>ti in es<span class=\"_ _4\"></span>sere a<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 \u00e8 st<span class=\"_ _4\"></span>ato de<span class=\"_ _4\"></span>l 3,4<span class=\"_ _2\"></span>3% (3,32% nel 2023)<span class=\"_ _1\"></span>. <span class=\"_ _46\"></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento agli altr<span class=\"_ _4\"></span>i flus<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>inanziari in u<span class=\"_ _4\"></span>scita re<span class=\"_ _4\"></span>lativ<span class=\"_ _4\"></span>i ai <span class=\"ff5f ls58 ws6\">leas<span class=\"_ _4\"></span>ing</span> si rimanda alla not<span class=\"_ _4\"></span>a 36 \u201cComp<span class=\"_ _4\"></span>osizio<span class=\"_ _4\"></span>ne pe<span class=\"_ _4\"></span>r natura </span><span style=\"display:inherit;clear:left;\">delle vo<span class=\"_ _4\"></span>ci di cos<span class=\"_ _4\"></span>to di conto ec<span class=\"_ _4\"></span>onomico<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__102": {
   "value": "<span style=\"display:inherit;clear:left;\">9. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 immateriali a vita utile definita</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vita ut<span class=\"_ _4\"></span>ile def<span class=\"_ _4\"></span>inita al 31 dicembre 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>gu<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>te: <span class=\"_ _4\"></span>  </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _162\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto </span><span style=\"display:inherit;clear:left;\">Fondo </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to </span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Storico</span><span style=\"display:inherit;clear:left;\">Amm.to </span><span style=\"display:inherit;clear:left;\">netto</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e dell<span class=\"_ _4\"></span>\u2019ingegno<span class=\"_ _bc\"> </span>31.259 <span class=\"_ _164\"> </span>29.735 <span class=\"_ _17c\"> </span>1.524 <span class=\"_ _123\"> </span>30.518<span class=\"_ _60\"> </span>29.015<span class=\"_ _15f\"> </span>1.503</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _2ec\"> </span>9.939 <span class=\"_ _7f\"> </span>8.440 <span class=\"_ _1b8\"> </span>1.499 <span class=\"_ _88\"> </span>9.679<span class=\"_ _8b\"> </span>8.092<span class=\"_ _15f\"> </span>1.587</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _299\"> </span>115.057 <span class=\"_ _e1\"> </span>93.647 <span class=\"_ _233\"> </span>21.410 <span class=\"_ _163\"> </span>106.704<span class=\"_ _1b8\"> </span>83.157<span class=\"_ _19a\"> </span>23.547</span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _4e\"> </span>24.563 <span class=\"_ _e1\"> </span>20.442 <span class=\"_ _17c\"> </span>4.121 <span class=\"_ _123\"> </span>23.602<span class=\"_ _1b8\"> </span>18.744<span class=\"_ _7\"> </span>4.858</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _2ce\"> </span>3.318 <span class=\"_ _208\"> </span>- <span class=\"_ _17c\"> </span>3.318 <span class=\"_ _8a\"> </span>5.377<span class=\"_ _d4\"> </span>-<span class=\"_ _15f\"> </span>5.377</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>184.136 <span class=\"_ _178\"> </span>152.264 <span class=\"_ _233\"> </span>31.872 <span class=\"_ _19c\"> </span>175.880<span class=\"_ _26c\"> </span>139.008<span class=\"_ _1e2\"> </span>36.872</span><span style=\"display:inherit;clear:left;\">Le tab<span class=\"_ _4\"></span>elle che s<span class=\"_ _4\"></span>eguo<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziano la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali a v<span class=\"_ _4\"></span>ita util<span class=\"_ _4\"></span>e def<span class=\"_ _4\"></span>inita pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi al </span><span style=\"display:inherit;clear:left;\">3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _60\"> </span>Incr<span class=\"_ _2\"></span>.ti<span class=\"_ _23f\"> </span>Decr<span class=\"_ _2\"></span>.ti<span class=\"_ _213\"> </span>Amm.ti</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">1.503<span class=\"_ _1ba\"> </span>37 <span class=\"_ _88\"> </span>997 <span class=\"_ _87\"> </span>(156) <span class=\"_ _23f\"> </span>(817) <span class=\"_ _257\"> </span>(40) <span class=\"_ _17c\"> </span>1.524 </span><span style=\"display:inherit;clear:left;\">dell\u2019ingegno</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _175\"> </span>1.587<span class=\"_ _b4\"> </span>1 <span class=\"_ _88\"> </span>260 <span class=\"_ _2a3\"> </span>- <span class=\"_ _23f\"> </span>(349) <span class=\"_ _cf\"> </span>- <span class=\"_ _1b8\"> </span>1.499 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _1c3\"> </span>23.547<span class=\"_ _74\"> </span>- <span class=\"_ _17c\"> </span>8.353 <span class=\"_ _e2\"> </span>- <span class=\"_ _1e7\"> </span>(8.798) <span class=\"_ _1e7\"> </span>(1.692) <span class=\"_ _26c\"> </span>21.410 </span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _1e9\"> </span>4.858<span class=\"_ _1ba\"> </span>61 <span class=\"_ _89\"> </span>265 <span class=\"_ _208\"> </span>- <span class=\"_ _1e7\"> </span>(1.032) <span class=\"_ _257\"> </span>(31) <span class=\"_ _17c\"> </span>4.121 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _1f2\"> </span>5.377<span class=\"_ _74\"> </span>- <span class=\"_ _17c\"> </span>6.482 <span class=\"_ _164\"> </span>(8.541) <span class=\"_ _cf\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _1b8\"> </span>3.318 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _18c\"> </span>36.872<span class=\"_ _1ba\"> </span>99 <span class=\"_ _1e7\"> </span>16.357 <span class=\"_ _19a\"> </span>(8.697) <span class=\"_ _16e\"> </span>(10.996) <span class=\"_ _234\"> </span>(1.763) <span class=\"_ _213\"> </span>31.872 </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">Rid. ne di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _ae\"> </span>Incrementi<span class=\"_ _4\"></span>Decrementi<span class=\"_ _1e4\"> </span>Amm.ti<span class=\"_ _174\"> </span>Riclass.</span><span style=\"display:inherit;clear:left;\">valor<span class=\"_ _1\"></span>e</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Diritti di brevetto e di utilizzazione delle oper<span class=\"_ _2\"></span>e </span><span style=\"display:inherit;clear:left;\">1.085<span class=\"_ _87\"> </span>(32) <span class=\"_ _1e2\"> </span>1.100 <span class=\"_ _ec\"> </span>- <span class=\"_ _1da\"> </span>(668) <span class=\"_ _b1\"> </span>18 <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>1.503 </span><span style=\"display:inherit;clear:left;\">dell\u2019ingegno</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>oncessioni, lic<span class=\"_ _1\"></span>enze e marchi<span class=\"_ _294\"> </span>1.512<span class=\"_ _2f5\"> </span>- <span class=\"_ _240\"> </span>440 <span class=\"_ _ec\"> </span>- <span class=\"_ _1da\"> </span>(365) <span class=\"_ _b4\"> </span>- <span class=\"_ _ec\"> </span>- <span class=\"_ _1e2\"> </span>1.587 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di sviluppo<span class=\"_ _15c\"> </span>21.704<span class=\"_ _74\"> </span>- <span class=\"_ _1de\"> </span>11.381 <span class=\"_ _b4\"> </span>- <span class=\"_ _174\"> </span>(9.308) <span class=\"_ _b4\"> </span>- <span class=\"_ _163\"> </span>(230) <span class=\"_ _1de\"> </span>23.547 </span><span style=\"display:inherit;clear:left;\">Altre <span class=\"_ _2f6\"> </span>5.684<span class=\"_ _87\"> </span>(36) <span class=\"_ _240\"> </span>275 <span class=\"_ _ec\"> </span>- <span class=\"_ _1e3\"> </span>(1.065) <span class=\"_ _b4\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>4.858 </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita in cor<span class=\"_ _1\"></span>so<span class=\"_ _15b\"> </span>4.918<span class=\"_ _2f5\"> </span>- <span class=\"_ _1de\"> </span>12.055 <span class=\"_ _241\"> </span>(11.596) <span class=\"_ _ec\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _b4\"> </span>- <span class=\"_ _19c\"> </span>5.377 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2dc\"> </span>34.903<span class=\"_ _7f\"> </span>(68) <span class=\"_ _174\"> </span>25.251 <span class=\"_ _1df\"> </span>(11.596) <span class=\"_ _1df\"> </span>(11.406) <span class=\"_ _b1\"> </span>18 <span class=\"_ _19a\"> </span>(230) <span class=\"_ _1e3\"> </span>36.872 </span><span style=\"display:inherit;clear:left;\">Le Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita s<span class=\"_ _4\"></span>i increme<span class=\"_ _4\"></span>ntano, al net<span class=\"_ _4\"></span>to del d<span class=\"_ _4\"></span>ecrem<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lle Attiv<span class=\"_ _4\"></span>it\u00e0 immate<span class=\"_ _4\"></span>riali a vita </span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a in cors<span class=\"_ _4\"></span>o, nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 p<span class=\"_ _4\"></span>rincipalmente p<span class=\"_ _4\"></span>er nuov<span class=\"_ _4\"></span>i invest<span class=\"_ _4\"></span>imenti in cos<span class=\"_ _4\"></span>ti di s<span class=\"_ _4\"></span>viluppo p<span class=\"_ _4\"></span>er app<span class=\"_ _4\"></span>licativ<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware<span class=\"ff5c ws95\"> (iscrit<span class=\"_ _4\"></span>ti nella voc<span class=\"_ _4\"></span>e \u201cCos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) e sp<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e per lice<span class=\"_ _4\"></span>nze di utiliz<span class=\"_ _4\"></span>zo </span>s<span class=\"_ _4\"></span>oft<span class=\"_ _4\"></span>ware<span class=\"ff5c ws95\"> (voce \u201c<span class=\"_ _4\"></span>Diritti di b<span class=\"_ _4\"></span>revet<span class=\"_ _4\"></span>to e di </span></span><span style=\"display:inherit;clear:left;\">utilizza<span class=\"_ _4\"></span>zione delle opere dell'ing<span class=\"_ _1\"></span>egno\u201d<span class=\"_ _5\"></span>), a<span class=\"_ _1\"></span>l netto dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammor<span class=\"_ _4\"></span>tamento di periodo. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cCos<span class=\"_ _4\"></span>ti di sv<span class=\"_ _4\"></span>iluppo<span class=\"_ _4\"></span>\u201d compre<span class=\"_ _4\"></span>nde pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente la c<span class=\"_ _4\"></span>apitali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>e spe<span class=\"_ _4\"></span>se pe<span class=\"_ _4\"></span>r lo s<span class=\"_ _4\"></span>viluppo de<span class=\"_ _4\"></span>gli applic<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i <span class=\"_ _4\"></span><span class=\"ff5f\">sof<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ware</span><span class=\"ws80\"> azi<span class=\"_ _4\"></span>endali (SAP sis<span class=\"_ _4\"></span>tema co<span class=\"_ _4\"></span>ntabile, ER<span class=\"_ _4\"></span>P gest<span class=\"_ _4\"></span>ione pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e, sis<span class=\"_ _4\"></span>temi di <span class=\"ff5f ls58 ws6\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span>, co<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o della </span></span><span style=\"display:inherit;clear:left;\">piatt<span class=\"_ _4\"></span>aforma informatica p<span class=\"_ _4\"></span>er il comm<span class=\"_ _4\"></span>ercio ele<span class=\"_ _4\"></span>ttronic<span class=\"_ _4\"></span>o, progett<span class=\"_ _4\"></span>o <span class=\"ff5f\">\u201cN<span class=\"_ _4\"></span>ew Pos Solut<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span></span><span class=\"ls4 ws168\">\u201d finali<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introdu<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">nuovo sis<span class=\"_ _4\"></span>tema di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a e di <span class=\"ff5f\">back of<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ice<span class=\"_ _1\"></span><span class=\"ff5c\">). Al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, il G<span class=\"_ _4\"></span>ruppo no<span class=\"_ _4\"></span>n pres<span class=\"_ _4\"></span>enta at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 immateriali d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti </span></span></span><span style=\"display:inherit;clear:left;\">dallo s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o interno. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re<span class=\"_ _4\"></span>\u201d include prev<span class=\"_ _4\"></span>alente<span class=\"_ _4\"></span>mente il <span class=\"ff5f ls32 wscd\">know how<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws11d\">, deri<span class=\"_ _4\"></span>vante dalla valo<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione a <span class=\"ff5f\">fair value</span> delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">t\u00e0 ac<span class=\"_ _4\"></span>quisite ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ag<span class=\"_ _4\"></span>gr<span class=\"_ _4\"></span>egaz<span class=\"_ _4\"></span>ione az<span class=\"_ _4\"></span>iendale c<span class=\"_ _4\"></span>on Ar<span class=\"_ _4\"></span>ts S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l. e Aura 1 S<span class=\"_ _4\"></span>.r<span class=\"_ _1\"></span>.l., av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l 2020 (pari al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 ad un v<span class=\"_ _4\"></span>alore net<span class=\"_ _4\"></span>to di Euro 2.<span class=\"_ _4\"></span>592 migliai<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>); la vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre<span class=\"_ _4\"></span>\u201d include anch<span class=\"_ _4\"></span>e il cosidd<span class=\"_ _4\"></span>etto <span class=\"ff5f ls2b wsf0\">key money<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws11e\">, o<span class=\"_ _4\"></span>ssia le s<span class=\"_ _4\"></span>omme </span></span></span><span style=\"display:inherit;clear:left;\">pagate p<span class=\"_ _4\"></span>er ott<span class=\"_ _4\"></span>enere la di<span class=\"_ _4\"></span>sponibilit<span class=\"_ _4\"></span>\u00e0 di immobili in lo<span class=\"_ _4\"></span>cazi<span class=\"_ _4\"></span>one sube<span class=\"_ _4\"></span>ntrando a c<span class=\"_ _4\"></span>ontratti e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti o<span class=\"_ _4\"></span>d otte<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o il rece<span class=\"_ _4\"></span>sso </span><span style=\"display:inherit;clear:left;\">dei co<span class=\"_ _4\"></span>ndutto<span class=\"_ _4\"></span>ri, in modo da p<span class=\"_ _4\"></span>oter ot<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re nuovi contr<span class=\"_ _4\"></span>atti co<span class=\"_ _4\"></span>n i locato<span class=\"_ _4\"></span>ri (pari al 31 dicembre 202<span class=\"_ _2\"></span>4 a<span class=\"_ _4\"></span>d un valore ne<span class=\"_ _4\"></span>tto </span><span style=\"display:inherit;clear:left;\">di Euro 48<span class=\"_ _4\"></span>0 migliaia<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 36 e come prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalla relativa p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dura del G<span class=\"_ _4\"></span>ruppo, alme<span class=\"_ _4\"></span>no annualmente vi<span class=\"_ _4\"></span>ene verif<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cat<span class=\"_ _4\"></span>a la pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di eventuali indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls58 ws6\">impa<span class=\"_ _4\"></span>irment</span>, s<span class=\"_ _4\"></span>ia di natura interna che e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>rna. Dalle analisi e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuate so<span class=\"_ _4\"></span>no </span><span style=\"display:inherit;clear:left;\">eme<span class=\"_ _4\"></span>rsi in<span class=\"_ _4\"></span>dicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls58 ws6\">impairm<span class=\"_ _4\"></span>ent</span><span class=\"ls3 ws156\"> su alcun<span class=\"_ _4\"></span>e <span class=\"ff5f ls2c ws15b\">cas<span class=\"_ _1\"></span>h gener<span class=\"_ _2\"></span>atin<span class=\"_ _1\"></span>g un<span class=\"_ _2\"></span>it<span class=\"_ _4\"></span>s<span class=\"ff5c ls3 ws156\"> del Grupp<span class=\"_ _4\"></span>o, che hanno por<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato alla rileva<span class=\"_ _4\"></span>zione di </span></span></span></span><span style=\"display:inherit;clear:left;\">riduz<span class=\"_ _4\"></span>ioni di valore s<span class=\"_ _4\"></span>u quest<span class=\"_ _4\"></span>a voce di b<span class=\"_ _4\"></span>ilancio per Euro 71 migliaia. Per tutti i d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a nota 10<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u201cR<span class=\"_ _4\"></span>iduzio<span class=\"_ _4\"></span>ni durevoli di valo<span class=\"_ _4\"></span>re di Immobili, impianti e macchinari, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>uso, At<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 immateriali a v<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">utile def<span class=\"_ _4\"></span>init<span class=\"_ _4\"></span>a e Invest<span class=\"_ _4\"></span>imenti Immob<span class=\"_ _4\"></span>iliari<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span></span> </span><span style=\"display:inherit;clear:left;\">La ridu<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore di Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>692 migliaia sulla voce \u201cCo<span class=\"_ _4\"></span>sti di s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o\u201d si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e a spe<span class=\"_ _4\"></span>se cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate nei pre<span class=\"_ _4\"></span>ce<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">denti e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi e non pi\u00f9 s<span class=\"_ _4\"></span>oddis<span class=\"_ _4\"></span>face<span class=\"_ _4\"></span>nti le str<span class=\"_ _4\"></span>ategie a<span class=\"_ _4\"></span>ziendali.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__104-1": {
   "value": "<span style=\"display:inherit;clear:left;\">11. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>ro<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spetto se<span class=\"_ _4\"></span>guente:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario<span class=\"_ _303\"> </span>1.508 <span class=\"_ _23e\"> </span>1.773 <span class=\"_ _cd\"> </span>(265) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2d5\"> </span>2.204 <span class=\"_ _23e\"> </span>2.723 <span class=\"_ _7d\"> </span>(519) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>3.712 <span class=\"_ _c0\"> </span>4.496 <span class=\"_ _1f9\"> </span>(<span class=\"_ _4\"></span>784) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cCrediti ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o Erario<span class=\"_ _4\"></span>\u201d si riferis<span class=\"_ _4\"></span>cono pr<span class=\"_ _4\"></span>incipalmente alla quot<span class=\"_ _4\"></span>a non cor<span class=\"_ _4\"></span>rente del cr<span class=\"_ _4\"></span>edito d<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>ta pe<span class=\"_ _4\"></span>r Rice<span class=\"_ _4\"></span>rca e </span><span style=\"display:inherit;clear:left;\">Sviluppo, <span class=\"ff5f ls57 ws97\">des<span class=\"_ _4\"></span>ign</span><span class=\"ls3 ws16c\"> e idea<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>tica e<span class=\"_ _4\"></span>d innovaz<span class=\"_ _4\"></span>ione te<span class=\"_ _4\"></span>cnolog<span class=\"_ _4\"></span>ica nonch<span class=\"_ _4\"></span>\u00e9 del Cre<span class=\"_ _4\"></span>dito f<span class=\"_ _4\"></span>isca<span class=\"_ _4\"></span>le deri<span class=\"_ _4\"></span>vante dalle ero<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ni </span></span><span style=\"display:inherit;clear:left;\">liber<span class=\"_ _4\"></span>ali a sos<span class=\"_ _4\"></span>tegno d<span class=\"_ _4\"></span>ella cultura - c<span class=\"_ _4\"></span>.d. \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>t Bonus<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>, di cui be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>icia la Capog<span class=\"_ _4\"></span>ruppo. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 no<span class=\"_ _4\"></span>n correnti<span class=\"_ _5\"></span>\u201d accog<span class=\"_ _4\"></span>lie principalme<span class=\"_ _4\"></span>nte, pe<span class=\"_ _4\"></span>r Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>396 migliaia (p<span class=\"_ _4\"></span>ari a Euro 2.075 migliaia al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>), la quota a lungo de<span class=\"_ _4\"></span>i contribut<span class=\"_ _4\"></span>i a clienti pe<span class=\"_ _4\"></span>r alles<span class=\"_ _4\"></span>timenti n<span class=\"_ _4\"></span>egozi e/o spazi p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>sonaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati monomarc<span class=\"_ _4\"></span>a </span><span style=\"display:inherit;clear:left;\">e, pe<span class=\"_ _4\"></span>r Euro 665 migliaia (par<span class=\"_ _4\"></span>i a Euro 648 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>) gli ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>ti relati<span class=\"_ _4\"></span>vi alla imput<span class=\"_ _4\"></span>azione in quot<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>tanti de<span class=\"_ _4\"></span>i contratt<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to ope<span class=\"_ _4\"></span>rativo de<span class=\"_ _4\"></span>rivanti dag<span class=\"_ _4\"></span>li investim<span class=\"_ _4\"></span>enti immobiliari n<span class=\"_ _4\"></span>egli US<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>, come pre<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>o dai </span><span style=\"display:inherit;clear:left;\">princip<span class=\"_ _4\"></span>i di riferime<span class=\"_ _4\"></span>nto.</span><span style=\"display:inherit;clear:left;\">12. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 finanziarie non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziar<span class=\"_ _4\"></span>ie non corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, par<span class=\"_ _4\"></span>i a Euro 1<span class=\"_ _1c\"></span>3.<span class=\"_ _4\"></span>583 migliaia (<span class=\"_ _2\"></span>al 31 dicembre 2023 Euro 1<span class=\"_ _2\"></span>3.7<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>0 migliaia<span class=\"_ _2\"></span>), </span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce a de<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauzi<span class=\"_ _4\"></span>onali, principalme<span class=\"_ _4\"></span>nte per c<span class=\"_ _4\"></span>ontratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto p<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>ivo in es<span class=\"_ _4\"></span>sere<span class=\"_ _4\"></span>, contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati in ba<span class=\"_ _4\"></span>se al cri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">terio del costo ammortiz<span class=\"_ _4\"></span>zato.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__106": {
   "value": "<span style=\"display:inherit;clear:left;\">13. Rimanenze   </span><span style=\"display:inherit;clear:left;\">Le rimanen<span class=\"_ _4\"></span>ze di magaz<span class=\"_ _4\"></span>zin<span class=\"_ _4\"></span>o compren<span class=\"_ _4\"></span>dono le s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti cate<span class=\"_ _4\"></span>gorie:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore lor<span class=\"_ _2\"></span>do materie prime, sussidiarie e di consumo<span class=\"_ _28e\"> </span>30.476 <span class=\"_ _f3\"> </span>34.895<span class=\"_ _2e0\"> </span>(4.419) </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione<span class=\"_ _304\"> </span>(6.806) <span class=\"_ _f2\"> </span>(6.152)<span class=\"_ _b7\"> </span>(654) </span><span style=\"display:inherit;clear:left;\">Materie prime, sussidiarie e di consumo<span class=\"_ _305\"> </span>23.670 <span class=\"_ _f2\"> </span>28.743<span class=\"_ _176\"> </span>(5.073) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore lor<span class=\"_ _2\"></span>do prodotti finiti e merci<span class=\"_ _9b\"> </span>366.962 <span class=\"_ _ca\"> </span>334.877<span class=\"_ _2e0\"> </span>32.085 </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione<span class=\"_ _14d\"> </span>(82.744) <span class=\"_ _212\"> </span>(65.275)<span class=\"_ _82\"> </span>(17.469) </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>odotti finiti e merci<span class=\"_ _108\"> </span>284.218 <span class=\"_ _2e0\"> </span>269.602<span class=\"_ _2e0\"> </span>14.616 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>307.888 <span class=\"_ _2e0\"> </span>298.345<span class=\"_ _f2\"> </span>9.543 </span><span style=\"display:inherit;clear:left;\">La var<span class=\"_ _4\"></span>iazione d<span class=\"_ _4\"></span>elle materi<span class=\"_ _4\"></span>e prime, ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023, \u00e8 funzio<span class=\"_ _4\"></span>nale ai volumi di produ<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo e il re<span class=\"_ _4\"></span>la<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo fon<span class=\"_ _4\"></span>do rifl<span class=\"_ _4\"></span>ette l<span class=\"_ _4\"></span>\u2019obso<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>cenz<span class=\"_ _4\"></span>a di materie pr<span class=\"_ _4\"></span>ime (prin<span class=\"_ _4\"></span>cipalmente p<span class=\"_ _4\"></span>ellami e acce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ori) ritenut<span class=\"_ _4\"></span>e non pi\u00f9 idon<span class=\"_ _4\"></span>ee ai piani </span><span style=\"display:inherit;clear:left;\">produt<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i azie<span class=\"_ _4\"></span>ndali. Le giace<span class=\"_ _4\"></span>nze di prod<span class=\"_ _4\"></span>otti f<span class=\"_ _4\"></span>initi so<span class=\"_ _4\"></span>no in aumento di Euro 1<span class=\"_ _2\"></span>4.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>16 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _1c\"></span>+5,<span class=\"_ _1\"></span>4%<span class=\"_ _2\"></span>). Per una miglior<span class=\"_ _4\"></span>e compren<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>lle modalit<span class=\"_ _4\"></span>\u00e0 di dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e dei fondi s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne sopr<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>entati s<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">rimanda alla not<span class=\"_ _4\"></span>a 2 \u201cCriter<span class=\"_ _4\"></span>i di redaz<span class=\"_ _4\"></span>ione<span class=\"_ _4\"></span>\u201d paragr<span class=\"_ _4\"></span>afo \u201c<span class=\"_ _4\"></span>V<span class=\"_ _1\"></span>aluta<span class=\"_ _4\"></span>zioni discr<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>nali, stime co<span class=\"_ _4\"></span>ntabili ed a<span class=\"_ _4\"></span>ssun<span class=\"_ _4\"></span>zioni signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ative<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti e<span class=\"_ _4\"></span>/o (<span class=\"_ _1c\"></span>ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zi) net<span class=\"_ _4\"></span>ti del fon<span class=\"_ _4\"></span>do sv<span class=\"_ _4\"></span>aluta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle rimanen<span class=\"_ _4\"></span>ze sono s<span class=\"_ _4\"></span>tati i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie P<span class=\"_ _1\"></span>rime<span class=\"_ _2fd\"> </span>654 <span class=\"_ _23e\"> </span>3.371<span class=\"_ _2ef\"> </span>(2.717) </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>odotti Finiti<span class=\"_ _109\"> </span>16.573 <span class=\"_ _23e\"> </span>1.389<span class=\"_ _81\"> </span>15.184 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>17.227 <span class=\"_ _c0\"> </span>4.760<span class=\"_ _2ef\"> </span>12.467</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__107": {
   "value": "<span style=\"display:inherit;clear:left;\">14. Diritti di r<span class=\"_ _2\"></span>ecuper<span class=\"_ _2\"></span>o pr<span class=\"_ _2\"></span>odotti da clienti per resi </span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento al dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o di cui ai \u201cR<span class=\"_ _4\"></span>icav<span class=\"_ _4\"></span>i da contratt<span class=\"_ _4\"></span>i con clienti<span class=\"_ _4\"></span>\u201d, la v<span class=\"_ _1\"></span>oce \u201c<span class=\"_ _4\"></span>Dirit<span class=\"_ _4\"></span>ti di recup<span class=\"_ _4\"></span>ero pro<span class=\"_ _4\"></span>dotti da clie<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">per r<span class=\"_ _4\"></span>esi<span class=\"_ _4\"></span>\u201d \u00e8 par<span class=\"_ _4\"></span>i a Euro 5.91<span class=\"_ _44\"></span>1 migliaia (par<span class=\"_ _4\"></span>i a Euro 6.0<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span>4 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), ed inc<span class=\"_ _4\"></span>lude la stima d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">cos<span class=\"_ _4\"></span>to dei pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i, che si pre<span class=\"_ _4\"></span>sume sar<span class=\"_ _4\"></span>anno res<span class=\"_ _4\"></span>tituiti, val<span class=\"_ _4\"></span>oriz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata al minore tr<span class=\"_ _4\"></span>a il prece<span class=\"_ _4\"></span>dente v<span class=\"_ _4\"></span>alore di car<span class=\"_ _4\"></span>ico di magaz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no (stima del co<span class=\"_ _4\"></span>sto di pro<span class=\"_ _4\"></span>duzion<span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d il valo<span class=\"_ _4\"></span>re nett<span class=\"_ _4\"></span>o di realiz<span class=\"_ _4\"></span>zo, e diminuita di e<span class=\"_ _4\"></span>ventuali cos<span class=\"_ _4\"></span>ti futuri p<span class=\"_ _4\"></span>er il loro re<span class=\"_ _4\"></span>cupero.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__108": {
   "value": "<span style=\"display:inherit;clear:left;\">15. C<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>editi commer<span class=\"_ _2\"></span>ciali</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi commerciali<span class=\"_ _306\"> </span>89.253 <span class=\"_ _219\"> </span>112.099<span class=\"_ _214\"> </span>(22.846) </span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _f7\"> </span>(4.673) <span class=\"_ _80\"> </span>(5.278)<span class=\"_ _24c\"> </span>605 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>84.580 <span class=\"_ _2da\"> </span>106.821<span class=\"_ _81\"> </span>(22.241) </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i commerciali e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>enzialme<span class=\"_ _4\"></span>nte riferibili alle ve<span class=\"_ _4\"></span>ndite <span class=\"ff5f ls32 ws122\">wholes<span class=\"_ _4\"></span>ale</span>, ed in misura m<span class=\"_ _4\"></span>eno rile<span class=\"_ _4\"></span>vante a vendit<span class=\"_ _4\"></span>e <span class=\"ff5f ls68 ws8e\">e-<span class=\"_ _4\"></span>com<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">me<span class=\"_ _4\"></span>rce<span class=\"ff5c ls3 wsf0\"> o D<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>C se all<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>rno di <span class=\"ff5f\">dep<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ment store</span>, s<span class=\"_ _4\"></span>ono in diminuzio<span class=\"_ _4\"></span>ne risp<span class=\"_ _4\"></span>etto al 31 dicembre 2023; sono infrut<span class=\"_ _4\"></span>tiferi di </span></span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>ssi e hanno ge<span class=\"_ _4\"></span>nera<span class=\"_ _4\"></span>lmente sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za inferi<span class=\"_ _4\"></span>ore a 90 g<span class=\"_ _4\"></span>iorni. Il relati<span class=\"_ _4\"></span>vo fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e crediti \u00e8 rit<span class=\"_ _4\"></span>enuto cong<span class=\"_ _4\"></span>ruo </span><span style=\"display:inherit;clear:left;\">per f<span class=\"_ _4\"></span>ronteg<span class=\"_ _4\"></span>giare eve<span class=\"_ _4\"></span>ntuali insol<span class=\"_ _4\"></span>venze<span class=\"_ _4\"></span>. Inoltre<span class=\"_ _4\"></span>, da evid<span class=\"_ _4\"></span>enziare ch<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ate perdite </span><span style=\"display:inherit;clear:left;\">su cre<span class=\"_ _4\"></span>diti per Euro 1<span class=\"_ _2\"></span>45 migliaia a se<span class=\"_ _4\"></span>guito di st<span class=\"_ _4\"></span>ralcio <span class=\"ff5f ls5b ws8\">(write-<span class=\"_ _4\"></span>of<span class=\"_ _4\"></span>f<span class=\"_ _5\"></span>) </span><span class=\"ls7 ws94\">di c<span class=\"_ _4\"></span>rediti<span class=\"_ _4\"></span> comme<span class=\"_ _4\"></span>rciali ine<span class=\"_ _4\"></span>sigibili. </span></span><span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne credit<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a la segu<span class=\"_ _4\"></span>ente:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _52\"> </span>Acc<span class=\"_ _1\"></span>antonamenti<span class=\"_ _257\"> </span>Utilizzi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _2a5\"> </span><span class=\"ff62\">5.278<span class=\"_ _d9\"> </span></span>86<span class=\"_ _219\"> </span>877<span class=\"_ _88\"> </span>(1.568)<span class=\"_ _2f4\"> </span><span class=\"ff62\">4.673</span></span><span style=\"display:inherit;clear:left;\">Per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi de<span class=\"_ _4\"></span>i crediti co<span class=\"_ _4\"></span>mmerciali sc<span class=\"_ _4\"></span>aduti non s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ati si rimanda alla n<span class=\"_ _4\"></span>ota 3 \u201cG<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i rischi f<span class=\"_ _4\"></span>inanziari \u2013 R<span class=\"_ _4\"></span>ischio </span><span style=\"display:inherit;clear:left;\">di credit<span class=\"_ _4\"></span>o\u201d.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__109-1": {
   "value": "<span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne credit<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a la segu<span class=\"_ _4\"></span>ente:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>iff. di </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _52\"> </span>Acc<span class=\"_ _1\"></span>antonamenti<span class=\"_ _257\"> </span>Utilizzi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Fondo svalutazione c<span class=\"_ _1\"></span>rediti<span class=\"_ _2a5\"> </span><span class=\"ff62\">5.278<span class=\"_ _d9\"> </span></span>86<span class=\"_ _219\"> </span>877<span class=\"_ _88\"> </span>(1.568)<span class=\"_ _2f4\"> </span><span class=\"ff62\">4.673</span></span><span style=\"display:inherit;clear:left;\">Per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi de<span class=\"_ _4\"></span>i crediti co<span class=\"_ _4\"></span>mmerciali sc<span class=\"_ _4\"></span>aduti non s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>ati si rimanda alla n<span class=\"_ _4\"></span>ota 3 \u201cG<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>i rischi f<span class=\"_ _4\"></span>inanziari \u2013 R<span class=\"_ _4\"></span>ischio </span><span style=\"display:inherit;clear:left;\">di credit<span class=\"_ _4\"></span>o\u201d.</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella sinte<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a gli ef<span class=\"_ _4\"></span>fetti pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i a Conto Econo<span class=\"_ _4\"></span>mico e Patrimonio Net<span class=\"_ _4\"></span>to con r<span class=\"_ _4\"></span>iferimento a cia<span class=\"_ _4\"></span>scuna cate<span class=\"_ _4\"></span>goria </span><span style=\"display:inherit;clear:left;\">di str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Gruppo n<span class=\"_ _4\"></span>egli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utili netti/(P<span class=\"_ _1\"></span>erdite nette) rilev<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i a c<span class=\"_ _2\"></span>onto economico su str<span class=\"_ _2\"></span>ument<span class=\"_ _4\"></span>i finanziari:<span class=\"_ _2c6\"> </span> </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _207\"> </span>(13.078) <span class=\"_ _23e\"> </span>1.367</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _a0\"> </span>4.842 <span class=\"_ _f3\"> </span>16.845</span><span style=\"display:inherit;clear:left;\">Utili netti/(Per<span class=\"_ _2\"></span>dite nette) rilevati a patrimonio netto su strumenti finanziari: <span class=\"_ _13e\"> </span> </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _1fc\"> </span>(12.533) <span class=\"_ _f2\"> </span>(3.943<span class=\"_ _1\"></span>)</span><span style=\"display:inherit;clear:left;\">Interessi attivi/passi<span class=\"_ _1\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i sulle attivit\u00e0/passivit\u00e0 finanziarie </span><span style=\"display:inherit;clear:left;\">non al FVTPL:</span><span style=\"display:inherit;clear:left;\">Interessi attivi <span class=\"_ _25b\"> </span>10.417 <span class=\"_ _23e\"> </span>8.982</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _23b\"> </span>4.923 <span class=\"_ _23e\"> </span>2.468</span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2cf\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308</span></span><span style=\"display:inherit;clear:left;\">Spese e commissioni non inc<span class=\"_ _1\"></span>luse nel tasso di interesse effettivo:<span class=\"_ _107\"> </span> </span><span style=\"display:inherit;clear:left;\">di competenza di passivit\u00e0 finanziarie <span class=\"_ _112\"> </span>1.011 <span class=\"_ _31f\"> </span>951</span><span style=\"display:inherit;clear:left;\">Interessi attivi matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i su strumenti finanziari s<span class=\"_ _2\"></span>valutati<span class=\"_ _1fd\"> </span> </span><span style=\"display:inherit;clear:left;\">Ac<span class=\"_ _1\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie:<span class=\"_ _320\"> </span> </span><span style=\"display:inherit;clear:left;\">crediti/finanziamenti<span class=\"_ _236\"> </span>545 <span class=\"_ _23e\"> </span>1.885</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__110-1": {
   "value": "<span style=\"display:inherit;clear:left;\">16. C<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>editi t<span class=\"_ _4\"></span>ributari</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario (<span class=\"_ _5\"></span>imposta sul valor<span class=\"_ _1\"></span>e aggiunto e altre imposte)<span class=\"_ _73\"> </span>18.193 <span class=\"_ _176\"> </span>24.587<span class=\"_ _1f2\"> </span>(6.394) </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi verso Er<span class=\"_ _1\"></span>ario per imposte dirette<span class=\"_ _307\"> </span>7.563 <span class=\"_ _211\"> </span>9.357<span class=\"_ _1f2\"> </span>(1.794) </span><span style=\"display:inherit;clear:left;\">Ritenute d\u2019acc<span class=\"_ _1\"></span>onto subite<span class=\"_ _103\"> </span>66 <span class=\"_ _8e\"> </span>81<span class=\"_ _221\"> </span>(15) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>25.822 <span class=\"_ _25\"> </span>34.025<span class=\"_ _b7\"> </span>(8.203) </span><span style=\"display:inherit;clear:left;\">I credit<span class=\"_ _4\"></span>i tributar<span class=\"_ _4\"></span>i si riferis<span class=\"_ _4\"></span>cono pr<span class=\"_ _4\"></span>incipalmente a cre<span class=\"_ _4\"></span>diti pe<span class=\"_ _4\"></span>r impos<span class=\"_ _4\"></span>ta sul v<span class=\"_ _4\"></span>alore ag<span class=\"_ _4\"></span>giunto e cre<span class=\"_ _4\"></span>diti ver<span class=\"_ _4\"></span>so er<span class=\"_ _4\"></span>ario per </span><span style=\"display:inherit;clear:left;\">impos<span class=\"_ _4\"></span>te sul re<span class=\"_ _4\"></span>ddito in riferim<span class=\"_ _4\"></span>ento agli acc<span class=\"_ _4\"></span>onti ver<span class=\"_ _4\"></span>sati ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio, e evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iano un decre<span class=\"_ _4\"></span>mento ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prece<span class=\"_ _4\"></span>dente<span class=\"_ _4\"></span>, pari a Euro 8.<span class=\"_ _4\"></span>203 migliaia.</span><span style=\"display:inherit;clear:left;\">29. Debiti tributari</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i debiti t<span class=\"_ _4\"></span>ributar<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti verso E<span class=\"_ _1\"></span>rario (<span class=\"_ _4\"></span>imposta sul valore aggiunto e altre imposte) <span class=\"_ _11b\"> </span>7.686 <span class=\"_ _23e\"> </span>7.399 <span class=\"_ _23e\"> </span>287 </span><span style=\"display:inherit;clear:left;\">Debiti verso E<span class=\"_ _1\"></span>rario per imposte dir<span class=\"_ _2\"></span>ette <span class=\"_ _197\"> </span>9.844 <span class=\"_ _23e\"> </span>2.173 <span class=\"_ _211\"> </span>7.671 </span><span style=\"display:inherit;clear:left;\">Altri debiti tributari <span class=\"_ _1a5\"> </span>1.726 <span class=\"_ _23e\"> </span>3.115 <span class=\"_ _80\"> </span>(1.389) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>19.256 <span class=\"_ _f2\"> </span>12.687 <span class=\"_ _1c1\"> </span>6.569 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>a gli \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri deb<span class=\"_ _4\"></span>iti T<span class=\"_ _1c\"></span>rib<span class=\"_ _4\"></span>utari<span class=\"_ _4\"></span>\u201d al 31 dicembre 2023 risult<span class=\"_ _4\"></span>ava is<span class=\"_ _4\"></span>critto da par<span class=\"_ _4\"></span>te d<span class=\"_ _4\"></span>ella Capo<span class=\"_ _4\"></span>gruppo il d<span class=\"_ _4\"></span>ebito de<span class=\"_ _4\"></span>rivante dalla </span><span style=\"display:inherit;clear:left;\">proce<span class=\"_ _4\"></span>dura di sanato<span class=\"_ _4\"></span>ria del cre<span class=\"_ _4\"></span>dito R&amp;S p<span class=\"_ _4\"></span>er i pe<span class=\"_ _4\"></span>riodi d<span class=\"_ _5\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 201<span class=\"_ _1c\"></span>8 p<span class=\"_ _4\"></span>er comp<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i Euro 2.01<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia. In </span><span style=\"display:inherit;clear:left;\">data 2 agos<span class=\"_ _4\"></span>to 202<span class=\"_ _2\"></span>4, la S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>critto c<span class=\"_ _4\"></span>on la Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">so ver<span class=\"_ _4\"></span>bale di contra<span class=\"_ _4\"></span>dditt<span class=\"_ _4\"></span>orio, in cui \u00e8 st<span class=\"_ _4\"></span>ata conc<span class=\"_ _4\"></span>ordata l<span class=\"_ _4\"></span>\u2019adesi<span class=\"_ _4\"></span>one da par<span class=\"_ _4\"></span>te della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 alla proce<span class=\"_ _4\"></span>dura di ri<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>amen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to sp<span class=\"_ _4\"></span>ontane<span class=\"_ _4\"></span>o di cui all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 5, commi da 7 a 1<span class=\"_ _2\"></span>2, de<span class=\"_ _4\"></span>l D.L. 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>6/202<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>er un impor<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>sivo di Euro 6<span class=\"_ _4\"></span>.8<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>9 migliaia </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni dal 20<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9. In dat<span class=\"_ _4\"></span>a 1<span class=\"_ _1c\"></span>4 ot<span class=\"_ _4\"></span>tobre 2024, Salvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato la richies<span class=\"_ _4\"></span>ta di ac<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">alla proce<span class=\"_ _4\"></span>dura di rive<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>amento sp<span class=\"_ _4\"></span>ontane<span class=\"_ _4\"></span>o (sostitut<span class=\"_ _4\"></span>iva de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019is<span class=\"_ _4\"></span>tanz<span class=\"_ _4\"></span>a pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ata in data 28 ot<span class=\"_ _4\"></span>tobre 2022<span class=\"_ _4\"></span>, per l'<span class=\"_ _4\"></span>impor<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">di Euro 2.01<span class=\"_ _1c\"></span>2 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>), ed ha ve<span class=\"_ _4\"></span>rsat<span class=\"_ _4\"></span>o l<span class=\"_ _4\"></span>\u2019impor<span class=\"_ _4\"></span>to co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente dov<span class=\"_ _4\"></span>uto (p<span class=\"_ _4\"></span>ari ad Euro 6.<span class=\"_ _4\"></span>80<span class=\"_ _4\"></span>9 migliaia<span class=\"_ _1\"></span>) entro il te<span class=\"_ _4\"></span>rmine </span><span style=\"display:inherit;clear:left;\">di leg<span class=\"_ _4\"></span>ge de<span class=\"_ _4\"></span>l 1<span class=\"_ _2\"></span>6 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazi<span class=\"_ _4\"></span>one sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, </span><span style=\"display:inherit;clear:left;\">paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__111-1": {
   "value": "<span style=\"display:inherit;clear:left;\">17. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e attivit\u00e0 c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 correnti \u00e8 r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito nella s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte tab<span class=\"_ _4\"></span>ella:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi diversi <span class=\"_ _e\"> </span>36.798 <span class=\"_ _176\"> </span>23.598<span class=\"_ _1d3\"> </span>13.200 </span><span style=\"display:inherit;clear:left;\">Risconti attivi<span class=\"_ _14e\"> </span>7.615 <span class=\"_ _1f9\"> </span>7.301<span class=\"_ _263\"> </span>314 </span><span style=\"display:inherit;clear:left;\">Strumenti derivati di copert<span class=\"_ _1\"></span>ura a br<span class=\"_ _2\"></span>eve termine<span class=\"_ _2dd\"> </span>1.612 <span class=\"_ _211\"> </span>6.813<span class=\"_ _1f2\"> </span>(5.201) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>46.025 <span class=\"_ _25\"> </span>37.712<span class=\"_ _261\"> </span>8.313 </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 la voce \u201cCredit<span class=\"_ _4\"></span>i diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie principalm<span class=\"_ _4\"></span>ente: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>il cre<span class=\"_ _4\"></span>dito per a<span class=\"_ _4\"></span>cconto IRE<span class=\"_ _4\"></span>S vers<span class=\"_ _4\"></span>o la controllante Fe<span class=\"_ _4\"></span>rragamo F<span class=\"_ _4\"></span>inanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>2.<span class=\"_ _4\"></span>57<span class=\"_ _2\"></span>6 migliaia (<span class=\"_ _1\"></span>al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023 er<span class=\"_ _4\"></span>a un debito par<span class=\"_ _4\"></span>i a Euro 4.942 migliaia<span class=\"_ _2\"></span>), di p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tinen<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. maturato n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>am<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bito del consolidato<span class=\"_ _1\"></span> fis<span class=\"_ _4\"></span>cale nazionale<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ad\"> </span> <span class=\"_ _ac\"></span>cre<span class=\"_ _4\"></span>diti vers<span class=\"_ _4\"></span>o le so<span class=\"_ _4\"></span>ciet\u00e0 di ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one delle c<span class=\"_ _4\"></span>ar<span class=\"_ _4\"></span>te di credito p<span class=\"_ _4\"></span>er ven<span class=\"_ _4\"></span>dite DT<span class=\"_ _2\"></span>C pari a Euro 1<span class=\"_ _2\"></span>2.793 migliaia (<span class=\"_ _1c\"></span>al 31 dicembre </span><span style=\"display:inherit;clear:left;\">2023 Euro 1<span class=\"_ _2\"></span>5.6<span class=\"_ _4\"></span>08 migliaia);<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _22\"> </span> <span class=\"_ _4a\"></span>il cre<span class=\"_ _4\"></span>dito de<span class=\"_ _4\"></span>lla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., p<span class=\"_ _4\"></span>ari a Euro 1<span class=\"_ _2\"></span>.4<span class=\"_ _4\"></span>40 migliaia (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>364 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 2023<span class=\"_ _2\"></span>), </span><span style=\"display:inherit;clear:left;\">ver<span class=\"_ _4\"></span>so la Reg<span class=\"_ _4\"></span>ione T<span class=\"_ _2\"></span>osc<span class=\"_ _4\"></span>ana e il Ministe<span class=\"_ _4\"></span>ro dello Svilupp<span class=\"_ _4\"></span>o Economico, re<span class=\"_ _4\"></span>lativo all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Ac<span class=\"_ _4\"></span>cordo pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019innova<span class=\"_ _4\"></span>zione (<span class=\"_ _4\"></span>proget<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">I-SU<span class=\"_ _4\"></span>CCEED<span class=\"_ _2\"></span>), per i cui d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agli si rimanda alla Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla Ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e, al paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>anti<span class=\"_ _4\"></span>cipi a fornitori par<span class=\"_ _4\"></span>i a Euro 3.6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>4 migliaia (<span class=\"_ _2\"></span>al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 er<span class=\"_ _4\"></span>ano pari a Euro 2.<span class=\"_ _4\"></span>27<span class=\"_ _2\"></span>6 migliaia)<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">I risconti a<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>tivi comprendono prin<span class=\"_ _1\"></span>cipalmen<span class=\"_ _1\"></span>te contri<span class=\"_ _2\"></span>buti a clienti<span class=\"_ _1\"></span> per allestimenti nego<span class=\"_ _1\"></span>zi e/<span class=\"_ _1\"></span>o spazi personaliz<span class=\"_ _4\"></span>zati mo<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nomarca p<span class=\"_ _4\"></span>er Euro 3.<span class=\"_ _4\"></span>57<span class=\"_ _1\"></span>8 migliaia, premi a<span class=\"_ _4\"></span>ssicur<span class=\"_ _4\"></span>ativi p<span class=\"_ _4\"></span>er Euro 691 migliaia ed in par<span class=\"_ _4\"></span>te resi<span class=\"_ _4\"></span>duale ad af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>ti, non ri<span class=\"_ _4\"></span>entranti </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019ambito del nuovo pr<span class=\"_ _4\"></span>incipio IFRS 16, per Euro 1<span class=\"_ _2\"></span>26 migliaia.  </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura a b<span class=\"_ _4\"></span>reve ter<span class=\"_ _4\"></span>mine<span class=\"_ _4\"></span>\u201d pari ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2 migliaia (Euro 6.81<span class=\"_ _1c\"></span>3 mig<span class=\"_ _4\"></span>liaia al 3<span class=\"_ _2\"></span>1 dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 2023<span class=\"_ _1\"></span>) accog<span class=\"_ _4\"></span>lie la valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value</span><span class=\"ls9 wse1\"> (<span class=\"_ _1\"></span>valore equo<span class=\"_ _2\"></span>) dei con<span class=\"_ _1\"></span>tratti derivati (<span class=\"_ _2\"></span>componente di<span class=\"_ _1\"></span> coper<span class=\"_ _4\"></span>tura<span class=\"_ _2\"></span>) in essere, </span></span><span style=\"display:inherit;clear:left;\">stip<span class=\"_ _4\"></span>ulati dalla Capogr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r la ges<span class=\"_ _4\"></span>tione de<span class=\"_ _4\"></span>l rischi<span class=\"_ _4\"></span>o di cambio sulle ve<span class=\"_ _4\"></span>ndite in div<span class=\"_ _4\"></span>ise di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>euro.</span><span style=\"display:inherit;clear:left;\">18 <span class=\"_ _44\"></span>. A<span class=\"_ _1\"></span>ltre atti<span class=\"_ _2\"></span>vit\u00e0 finanziarie cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie corr<span class=\"_ _4\"></span>enti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>idenz<span class=\"_ _4\"></span>iata nel p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati<span class=\"_ _100\"> </span>307 <span class=\"_ _211\"> </span>1.535<span class=\"_ _1f2\"> </span>(1.228) </span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _285\"> </span>50.414 <span class=\"_ _176\"> </span>35.277<span class=\"_ _1d3\"> </span>15.137 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>50.721 <span class=\"_ _25\"> </span>36.812<span class=\"_ _1f2\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati<span class=\"_ _4\"></span>\u201d, pari a Euro 307 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>535 migliaia al 3<span class=\"_ _2\"></span>1 dicembre 2023),<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">si riferi<span class=\"_ _4\"></span>sce alla valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne al <span class=\"ff5f\">fair value</span> degli st<span class=\"_ _4\"></span>rumenti de<span class=\"_ _4\"></span>rivati p<span class=\"_ _4\"></span>er la comp<span class=\"_ _4\"></span>one<span class=\"_ _4\"></span>nte non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura.</span></span> La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce princip<span class=\"_ _4\"></span>almente, p<span class=\"_ _4\"></span>er Euro 4<span class=\"_ _4\"></span>0.443 migliaia (Euro 1<span class=\"_ _1c\"></span>5<span class=\"_ _4\"></span>.44<span class=\"_ _4\"></span>4 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _2\"></span>), ad un inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nto ass<span class=\"_ _4\"></span>icurativo in p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>za mult<span class=\"_ _4\"></span>iramo pront<span class=\"_ _4\"></span>amente liquidab<span class=\"_ _4\"></span>ile e, pe<span class=\"_ _4\"></span>r Euro 9.958 migliaia (Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>9.796 migliaia al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023<span class=\"_ _1\"></span>), ad un inves<span class=\"_ _4\"></span>timento in tit<span class=\"_ _4\"></span>oli di st<span class=\"_ _4\"></span>ato italiani di breve t<span class=\"_ _4\"></span>ermine (Buoni O<span class=\"_ _4\"></span>rdinari </span><span style=\"display:inherit;clear:left;\">del T<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>soro<span class=\"_ _1\"></span>), effe<span class=\"_ _4\"></span>ttuati entr<span class=\"_ _4\"></span>ambi dalla soci<span class=\"_ _4\"></span>et\u00e0 S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. in ott<span class=\"_ _4\"></span>ica di mo<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">gestione della propri<span class=\"_ _2\"></span>a c<span class=\"_ _4\"></span>assa.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__114": {
   "value": "<span style=\"display:inherit;clear:left;\">19. Disponibilit\u00e0 liquide e mez<span class=\"_ _4\"></span>zi equ<span class=\"_ _4\"></span>iv<span class=\"_ _2\"></span>alenti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _81\"> </span>129.866<span class=\"_ _82\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">Depositi bancari e postali a vista <span class=\"_ _308\"> </span>183.422 <span class=\"_ _81\"> </span>137.255<span class=\"_ _81\"> </span>46.167 </span><span style=\"display:inherit;clear:left;\">Denaro e v<span class=\"_ _1\"></span>alori in cassa <span class=\"_ _204\"> </span>987 <span class=\"_ _23e\"> </span>1.867<span class=\"_ _b7\"> </span>(880) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>238.194 <span class=\"_ _2e0\"> </span>268.988<span class=\"_ _219\"> </span>(30.794) </span><span style=\"display:inherit;clear:left;\">I dep<span class=\"_ _4\"></span>ositi ban<span class=\"_ _4\"></span>cari a bre<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span><span class=\"ff5f ls9 ws268\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa9\">) p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so gli is<span class=\"_ _4\"></span>tituti di rela<span class=\"_ _4\"></span>zione hann<span class=\"_ _4\"></span>o sca<span class=\"_ _4\"></span>denze v<span class=\"_ _4\"></span>ariabili tra un gior<span class=\"_ _4\"></span>no ed 1<span class=\"_ _1c\"></span>1 me<span class=\"_ _4\"></span>si </span></span></span><span style=\"display:inherit;clear:left;\">e si car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zano in o<span class=\"_ _4\"></span>gni cas<span class=\"_ _4\"></span>o per la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 in ass<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di penali. I d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari e pos<span class=\"_ _4\"></span>tali rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no disp<span class=\"_ _4\"></span>onibilit\u00e0 te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee, d<span class=\"_ _4\"></span>etenute pr<span class=\"_ _4\"></span>incipalmente a f<span class=\"_ _4\"></span>ronte di pagame<span class=\"_ _4\"></span>nti imminenti.  </span><span style=\"display:inherit;clear:left;\">Anche n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, la politica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te co<span class=\"_ _4\"></span>nsist<span class=\"_ _4\"></span>ente de<span class=\"_ _4\"></span>lle pro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">prie e<span class=\"_ _4\"></span>cced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di inves<span class=\"_ _4\"></span>timento s<span class=\"_ _4\"></span>ul merc<span class=\"_ _4\"></span>ato in depo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari a breve (<span class=\"_ _1\"></span><span class=\"ff5f ls9 wsc1\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsde\">), oltre ch<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">per a<span class=\"_ _4\"></span>ccend<span class=\"_ _4\"></span>ere pre<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>i <span class=\"ff5f ls5a wsd4\">inter<span class=\"_ _4\"></span>comp<span class=\"_ _4\"></span>any<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws138\">, re<span class=\"_ _4\"></span>golati a con<span class=\"_ _4\"></span>dizioni cor<span class=\"_ _4\"></span>renti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da co<span class=\"_ _4\"></span>ntenere la p<span class=\"_ _4\"></span>ropria es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>izio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">ne deb<span class=\"_ _4\"></span>itoria ver<span class=\"_ _4\"></span>so il sis<span class=\"_ _4\"></span>tema ban<span class=\"_ _4\"></span>cario.</span></span> </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 il Gruppo ha line<span class=\"_ _4\"></span>e di credito n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate per Euro 709.<span class=\"_ _4\"></span>53<span class=\"_ _2\"></span>1 migliaia; al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023 le linee </span><span style=\"display:inherit;clear:left;\">di credito n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate ammontav<span class=\"_ _4\"></span>ano a Euro 728.<span class=\"_ _4\"></span>54<span class=\"_ _4\"></span>0 migliaia. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla not<span class=\"_ _4\"></span>a 22 \u201c<span class=\"_ _4\"></span>Pres<span class=\"_ _4\"></span>titi </span><span style=\"display:inherit;clear:left;\">e f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini del re<span class=\"_ _4\"></span>ndiconto f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iario conso<span class=\"_ _4\"></span>lidato la voce \u201c<span class=\"_ _4\"></span>Disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi equi<span class=\"_ _4\"></span>valenti<span class=\"_ _4\"></span>\u201d al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _1\"></span> si compone come segue:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cassa e depositi bancari a vista<span class=\"_ _1c6\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _12d\"> </span>129.866<span class=\"_ _1f1\"> </span>(<span class=\"_ _4\"></span>76.081) </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _13a\"> </span>(1.109) <span class=\"_ _25\"> </span>(1.529)<span class=\"_ _263\"> </span>420 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>237.085 <span class=\"_ _2da\"> </span>267.459<span class=\"_ _ca\"> </span>(30.374) </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito la rico<span class=\"_ _4\"></span>nciliazione d<span class=\"_ _4\"></span>el f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 deriv<span class=\"_ _4\"></span>anti dalle atti<span class=\"_ _4\"></span>vit\u00e0 di f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamento, cos<span class=\"_ _4\"></span>\u00ec come ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nel </span><span style=\"display:inherit;clear:left;\">rendic<span class=\"_ _4\"></span>onto f<span class=\"_ _4\"></span>inanziario, pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti </span><span style=\"display:inherit;clear:left;\">78.600<span class=\"_ _86\"> </span>29.565 <span class=\"_ _164\"> </span>(4.690) <span class=\"_ _1e5\"> </span>4.017 <span class=\"_ _208\"> </span>- <span class=\"_ _7f\"> </span>4.690 <span class=\"_ _213\"> </span>112.182 </span><span style=\"display:inherit;clear:left;\">(ad esclusione degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti<span class=\"_ _260\"> </span>596.603<span class=\"_ _de\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _e1\"> </span>10.944 <span class=\"_ _164\"> </span>75.821 <span class=\"_ _23\"> </span>(131.024) <span class=\"_ _213\"> </span>552.344 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>114.439<span class=\"_ _213\"> </span>(124.903) <span class=\"_ _178\"> </span>(22.563) <span class=\"_ _1e5\"> </span>3.571 <span class=\"_ _208\"> </span>- <span class=\"_ _213\"> </span>153.458 <span class=\"_ _213\"> </span>124.002 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>789.642<span class=\"_ _1da\"> </span>(95.338) <span class=\"_ _1e8\"> </span>(27.253) <span class=\"_ _163\"> </span>18.532 <span class=\"_ _163\"> </span>75.821 <span class=\"_ _164\"> </span>27.124 <span class=\"_ _178\"> </span>788.528 </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti (ad esc<span class=\"_ _1\"></span>lusione </span><span style=\"display:inherit;clear:left;\">29.264<span class=\"_ _86\"> </span>51.563 <span class=\"_ _164\"> </span>(2.024) <span class=\"_ _163\"> </span>(2.227) <span class=\"_ _e2\"> </span>- <span class=\"_ _7f\"> </span>2.024 <span class=\"_ _e1\"> </span>78.600 </span><span style=\"display:inherit;clear:left;\">degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti <span class=\"_ _6c\"> </span>468.737<span class=\"_ _2a6\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _164\"> </span>(8.103) <span class=\"_ _234\"> </span>266.679 <span class=\"_ _23\"> </span>(130.710) <span class=\"_ _213\"> </span>596.603 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>106.586<span class=\"_ _213\"> </span>(116.403) <span class=\"_ _178\"> </span>(20.451) <span class=\"_ _163\"> </span>(2.736) <span class=\"_ _e2\"> </span>- <span class=\"_ _213\"> </span>147.443 <span class=\"_ _213\"> </span>114.439 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>604.587<span class=\"_ _1da\"> </span>(64.840) <span class=\"_ _18b\"> </span>(22.475) <span class=\"_ _1e8\"> </span>(13.066) <span class=\"_ _178\"> </span>266.679 <span class=\"_ _163\"> </span>18.757 <span class=\"_ _178\"> </span>789.642 </span><span style=\"display:inherit;clear:left;\">La col<span class=\"_ _4\"></span>onna \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri movim<span class=\"_ _4\"></span>enti non di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a\u201d inclu<span class=\"_ _4\"></span>de la riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l debito t<span class=\"_ _4\"></span>ra quota n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nte e quota cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">dei Pre<span class=\"_ _4\"></span>stiti e Finan<span class=\"_ _4\"></span>ziamenti e d<span class=\"_ _4\"></span>elle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, gli intere<span class=\"_ _4\"></span>ssi s<span class=\"_ _4\"></span>u Prest<span class=\"_ _4\"></span>iti e Finanziame<span class=\"_ _4\"></span>nti e sulle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws141\"> maturati ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo, e l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to sulla Pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r </span>le<span class=\"_ _4\"></span>asing<span class=\"ff5c ls3 ws141\"> di alcuni ca<span class=\"_ _4\"></span>si di es<span class=\"_ _4\"></span>tinzio<span class=\"_ _4\"></span>ne anticipata di c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di </span></span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e o della contr<span class=\"_ _4\"></span>atta<span class=\"_ _4\"></span>zione di una ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>ei cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o futuri.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__115": {
   "value": "<span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _81\"> </span>129.866<span class=\"_ _82\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">Depositi bancari e postali a vista <span class=\"_ _308\"> </span>183.422 <span class=\"_ _81\"> </span>137.255<span class=\"_ _81\"> </span>46.167 </span><span style=\"display:inherit;clear:left;\">Denaro e v<span class=\"_ _1\"></span>alori in cassa <span class=\"_ _204\"> </span>987 <span class=\"_ _23e\"> </span>1.867<span class=\"_ _b7\"> </span>(880) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>238.194 <span class=\"_ _2e0\"> </span>268.988<span class=\"_ _219\"> </span>(30.794) </span><span style=\"display:inherit;clear:left;\">I dep<span class=\"_ _4\"></span>ositi ban<span class=\"_ _4\"></span>cari a bre<span class=\"_ _4\"></span>ve (<span class=\"_ _2\"></span><span class=\"ff5f ls9 ws268\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsa9\">) p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so gli is<span class=\"_ _4\"></span>tituti di rela<span class=\"_ _4\"></span>zione hann<span class=\"_ _4\"></span>o sca<span class=\"_ _4\"></span>denze v<span class=\"_ _4\"></span>ariabili tra un gior<span class=\"_ _4\"></span>no ed 1<span class=\"_ _1c\"></span>1 me<span class=\"_ _4\"></span>si </span></span></span><span style=\"display:inherit;clear:left;\">e si car<span class=\"_ _4\"></span>atter<span class=\"_ _4\"></span>iz<span class=\"_ _4\"></span>zano in o<span class=\"_ _4\"></span>gni cas<span class=\"_ _4\"></span>o per la pro<span class=\"_ _4\"></span>nta liquidabilit<span class=\"_ _4\"></span>\u00e0 in ass<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di penali. I d<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari e pos<span class=\"_ _4\"></span>tali rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no disp<span class=\"_ _4\"></span>onibilit\u00e0 te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee, d<span class=\"_ _4\"></span>etenute pr<span class=\"_ _4\"></span>incipalmente a f<span class=\"_ _4\"></span>ronte di pagame<span class=\"_ _4\"></span>nti imminenti.  </span><span style=\"display:inherit;clear:left;\">Anche n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, la politica de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o \u00e8 st<span class=\"_ _4\"></span>ata quella di utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zare una par<span class=\"_ _4\"></span>te co<span class=\"_ _4\"></span>nsist<span class=\"_ _4\"></span>ente de<span class=\"_ _4\"></span>lle pro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">prie e<span class=\"_ _4\"></span>cced<span class=\"_ _4\"></span>enze di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a per at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 di inves<span class=\"_ _4\"></span>timento s<span class=\"_ _4\"></span>ul merc<span class=\"_ _4\"></span>ato in depo<span class=\"_ _4\"></span>siti banc<span class=\"_ _4\"></span>ari a breve (<span class=\"_ _1\"></span><span class=\"ff5f ls9 wsc1\">time deposit<span class=\"_ _2\"></span><span class=\"ff5c ls3 wsde\">), oltre ch<span class=\"_ _4\"></span>e </span></span></span><span style=\"display:inherit;clear:left;\">per a<span class=\"_ _4\"></span>ccend<span class=\"_ _4\"></span>ere pre<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>i <span class=\"ff5f ls5a wsd4\">inter<span class=\"_ _4\"></span>comp<span class=\"_ _4\"></span>any<span class=\"_ _2\"></span><span class=\"ff5c ls3 ws138\">, re<span class=\"_ _4\"></span>golati a con<span class=\"_ _4\"></span>dizioni cor<span class=\"_ _4\"></span>renti di merc<span class=\"_ _4\"></span>ato, cos\u00ec da co<span class=\"_ _4\"></span>ntenere la p<span class=\"_ _4\"></span>ropria es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>izio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne deb<span class=\"_ _4\"></span>itoria ver<span class=\"_ _4\"></span>so il sis<span class=\"_ _4\"></span>tema ban<span class=\"_ _4\"></span>cario.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__116": {
   "value": "<span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini del re<span class=\"_ _4\"></span>ndiconto f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iario conso<span class=\"_ _4\"></span>lidato la voce \u201c<span class=\"_ _4\"></span>Disp<span class=\"_ _4\"></span>onibilit\u00e0 li<span class=\"_ _4\"></span>quide e me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi equi<span class=\"_ _4\"></span>valenti<span class=\"_ _4\"></span>\u201d al 31 dicembre 202<span class=\"_ _2\"></span>4 e </span><span style=\"display:inherit;clear:left;\">2023<span class=\"_ _1\"></span> si compone come segue:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Cassa e depositi bancari a vista<span class=\"_ _1c6\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">Depositi bancari a br<span class=\"_ _1\"></span>eve<span class=\"_ _a2\"> </span>53.785 <span class=\"_ _12d\"> </span>129.866<span class=\"_ _1f1\"> </span>(<span class=\"_ _4\"></span>76.081) </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _13a\"> </span>(1.109) <span class=\"_ _25\"> </span>(1.529)<span class=\"_ _263\"> </span>420 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>237.085 <span class=\"_ _2da\"> </span>267.459<span class=\"_ _ca\"> </span>(30.374) </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito la rico<span class=\"_ _4\"></span>nciliazione d<span class=\"_ _4\"></span>el f<span class=\"_ _4\"></span>luss<span class=\"_ _4\"></span>o delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 deriv<span class=\"_ _4\"></span>anti dalle atti<span class=\"_ _4\"></span>vit\u00e0 di f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamento, cos<span class=\"_ _4\"></span>\u00ec come ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato nel </span><span style=\"display:inherit;clear:left;\">rendic<span class=\"_ _4\"></span>onto f<span class=\"_ _4\"></span>inanziario, pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti </span><span style=\"display:inherit;clear:left;\">78.600<span class=\"_ _86\"> </span>29.565 <span class=\"_ _164\"> </span>(4.690) <span class=\"_ _1e5\"> </span>4.017 <span class=\"_ _208\"> </span>- <span class=\"_ _7f\"> </span>4.690 <span class=\"_ _213\"> </span>112.182 </span><span style=\"display:inherit;clear:left;\">(ad esclusione degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti<span class=\"_ _260\"> </span>596.603<span class=\"_ _de\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _e1\"> </span>10.944 <span class=\"_ _164\"> </span>75.821 <span class=\"_ _23\"> </span>(131.024) <span class=\"_ _213\"> </span>552.344 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>114.439<span class=\"_ _213\"> </span>(124.903) <span class=\"_ _178\"> </span>(22.563) <span class=\"_ _1e5\"> </span>3.571 <span class=\"_ _208\"> </span>- <span class=\"_ _213\"> </span>153.458 <span class=\"_ _213\"> </span>124.002 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>789.642<span class=\"_ _1da\"> </span>(95.338) <span class=\"_ _1e8\"> </span>(27.253) <span class=\"_ _163\"> </span>18.532 <span class=\"_ _163\"> </span>75.821 <span class=\"_ _164\"> </span>27.124 <span class=\"_ _178\"> </span>788.528 </span><span style=\"display:inherit;clear:left;\">Flusso di c<span class=\"_ _1\"></span>assa</span><span style=\"display:inherit;clear:left;\">per rimborsi/ </span><span style=\"display:inherit;clear:left;\">per interessi </span><span style=\"display:inherit;clear:left;\">Nuovi </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">incassi </span><span style=\"display:inherit;clear:left;\">pagati/</span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti di </span><span style=\"display:inherit;clear:left;\">Altri mov<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2023</span><span style=\"display:inherit;clear:left;\">capitale</span><span style=\"display:inherit;clear:left;\">incassati</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne</span><span style=\"display:inherit;clear:left;\">leasing</span><span style=\"display:inherit;clear:left;\">non di cassa</span><span style=\"display:inherit;clear:left;\">31.12.2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>estiti e finanziamenti correnti (ad esc<span class=\"_ _1\"></span>lusione </span><span style=\"display:inherit;clear:left;\">29.264<span class=\"_ _86\"> </span>51.563 <span class=\"_ _164\"> </span>(2.024) <span class=\"_ _163\"> </span>(2.227) <span class=\"_ _e2\"> </span>- <span class=\"_ _7f\"> </span>2.024 <span class=\"_ _e1\"> </span>78.600 </span><span style=\"display:inherit;clear:left;\">degli scoperti bancari)</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> non cor<span class=\"_ _1\"></span>renti <span class=\"_ _6c\"> </span>468.737<span class=\"_ _2a6\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _164\"> </span>(8.103) <span class=\"_ _234\"> </span>266.679 <span class=\"_ _23\"> </span>(130.710) <span class=\"_ _213\"> </span>596.603 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing</span> cor<span class=\"_ _1\"></span>renti<span class=\"_ _20e\"> </span>106.586<span class=\"_ _213\"> </span>(116.403) <span class=\"_ _178\"> </span>(20.451) <span class=\"_ _163\"> </span>(2.736) <span class=\"_ _e2\"> </span>- <span class=\"_ _213\"> </span>147.443 <span class=\"_ _213\"> </span>114.439 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivit\u00e0 da A<span class=\"_ _1\"></span>ttivit\u00e0 di finanziamento<span class=\"_ _21\"> </span>604.587<span class=\"_ _1da\"> </span>(64.840) <span class=\"_ _18b\"> </span>(22.475) <span class=\"_ _1e8\"> </span>(13.066) <span class=\"_ _178\"> </span>266.679 <span class=\"_ _163\"> </span>18.757 <span class=\"_ _178\"> </span>789.642 </span><span style=\"display:inherit;clear:left;\">La col<span class=\"_ _4\"></span>onna \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri movim<span class=\"_ _4\"></span>enti non di c<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>a\u201d inclu<span class=\"_ _4\"></span>de la riclas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica de<span class=\"_ _4\"></span>l debito t<span class=\"_ _4\"></span>ra quota n<span class=\"_ _4\"></span>on corre<span class=\"_ _4\"></span>nte e quota cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">dei Pre<span class=\"_ _4\"></span>stiti e Finan<span class=\"_ _4\"></span>ziamenti e d<span class=\"_ _4\"></span>elle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, gli intere<span class=\"_ _4\"></span>ssi s<span class=\"_ _4\"></span>u Prest<span class=\"_ _4\"></span>iti e Finanziame<span class=\"_ _4\"></span>nti e sulle Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">lea<span class=\"_ _4\"></span>sing<span class=\"ff5c ls3 ws141\"> maturati ne<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo, e l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to sulla Pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r </span>le<span class=\"_ _4\"></span>asing<span class=\"ff5c ls3 ws141\"> di alcuni ca<span class=\"_ _4\"></span>si di es<span class=\"_ _4\"></span>tinzio<span class=\"_ _4\"></span>ne anticipata di c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di </span></span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e o della contr<span class=\"_ _4\"></span>atta<span class=\"_ _4\"></span>zione di una ri<span class=\"_ _4\"></span>duzione d<span class=\"_ _4\"></span>ei cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o futuri.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__117": {
   "value": "<span style=\"display:inherit;clear:left;\">20. <span class=\"_ _2\"></span>Atti<span class=\"_ _2\"></span>vit\u00e0 nette possedute per la vendita</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Att<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 pos<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>dute per la ve<span class=\"_ _4\"></span>ndita<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>ari a Euro 67 migliaia, si riferis<span class=\"_ _4\"></span>ce ad un immob<span class=\"_ _4\"></span>ile di proprie<span class=\"_ _4\"></span>t\u00e0 ubic<span class=\"_ _4\"></span>ato negli </span><span style=\"display:inherit;clear:left;\">Stati Uniti ch<span class=\"_ _4\"></span>e il Consiglio di A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del 3 agos<span class=\"_ _4\"></span>to 2023 ha de<span class=\"_ _4\"></span>stinato alla ven<span class=\"_ _4\"></span>dita pe<span class=\"_ _4\"></span>rch\u00e9 non pi\u00f9 impi<span class=\"_ _4\"></span>egato </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>attivit\u00e0 op<span class=\"_ _4\"></span>erativa del Gruppo.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__118": {
   "value": "<span style=\"display:inherit;clear:left;\">21. C<span class=\"_ _2\"></span>apitale sociale e riser<span class=\"_ _4\"></span>ve</span><span style=\"display:inherit;clear:left;\">Il capit<span class=\"_ _4\"></span>ale so<span class=\"_ _4\"></span>ciale delib<span class=\"_ _4\"></span>erato, sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>critto e ve<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>ato della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 amm<span class=\"_ _4\"></span>onta a Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.879.<span class=\"_ _4\"></span>00<span class=\"_ _4\"></span>0, </span><span style=\"display:inherit;clear:left;\">ed \u00e8 co<span class=\"_ _4\"></span>stituito da 168.790.<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 azioni o<span class=\"_ _4\"></span>rdinarie. Ne<span class=\"_ _4\"></span>l cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, non vi s<span class=\"_ _4\"></span>ono s<span class=\"_ _4\"></span>tate varia<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>l numero </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni emes<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e, pari a Euro 53.676 migliaia, \u00e8 compos<span class=\"_ _4\"></span>ta da numero 3<span class=\"_ _4\"></span>.<span class=\"_ _1c\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>302 a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Salvato<span class=\"_ _4\"></span>re Fer<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. ad un pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo me<span class=\"_ _4\"></span>dio unitario di Euro 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,2<span class=\"_ _1\"></span>4; tale ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a si \u00e8 cos<span class=\"_ _4\"></span>tituita co<span class=\"_ _4\"></span>n gli acquis<span class=\"_ _4\"></span>ti av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>i nel cor<span class=\"_ _4\"></span>so </span><span style=\"display:inherit;clear:left;\">del 201<span class=\"_ _2\"></span>8, 201<span class=\"_ _2\"></span>9, 202<span class=\"_ _2\"></span>1 e 202<span class=\"_ _4\"></span>2 (<span class=\"_ _2\"></span>nr<span class=\"_ _2\"></span>. 1<span class=\"_ _1\"></span>4.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, nr<span class=\"_ _2\"></span>. 1<span class=\"_ _2\"></span>36<span class=\"_ _4\"></span>.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, nr<span class=\"_ _2\"></span>. 624.<span class=\"_ _1c\"></span>1<span class=\"_ _1\"></span>63 e nr<span class=\"_ _2\"></span>. 2.<span class=\"_ _4\"></span>601<span class=\"_ _2\"></span>.6<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>7 risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte<span class=\"_ _2\"></span>), e co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">gratuit<span class=\"_ _4\"></span>a, av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023 e del 2024, all\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore e Dire<span class=\"_ _4\"></span>ttore G<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>rale ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente di </span><span style=\"display:inherit;clear:left;\">nr<span class=\"_ _2\"></span>. 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>4.7<span class=\"_ _1\"></span>66 e n. 1<span class=\"_ _2\"></span>47<span class=\"_ _1c\"></span>.732 azioni, in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione di quanto prev<span class=\"_ _4\"></span>isto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 202<span class=\"_ _4\"></span>2 e 2023 </span><span style=\"display:inherit;clear:left;\">(p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 42 \u201c<span class=\"_ _4\"></span>Pagamenti ba<span class=\"_ _4\"></span>sati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente docum<span class=\"_ _4\"></span>ento<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">I ver<span class=\"_ _4\"></span>same<span class=\"_ _4\"></span>nti in conto capit<span class=\"_ _4\"></span>ale, p<span class=\"_ _4\"></span>ari a Euro 2.9<span class=\"_ _4\"></span>95 migliaia, interame<span class=\"_ _4\"></span>nte riferibili alla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o, sono s<span class=\"_ _4\"></span>tati e<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uiti in </span><span style=\"display:inherit;clear:left;\">un\u2019unica so<span class=\"_ _4\"></span>luzione n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 20<span class=\"_ _4\"></span>03 dalla controllante Ferr<span class=\"_ _4\"></span>agamo Finanz<span class=\"_ _4\"></span>iaria S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. e si s<span class=\"_ _4\"></span>ono ridot<span class=\"_ _4\"></span>ti, pe<span class=\"_ _4\"></span>r scis<span class=\"_ _4\"></span>sione<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 20<span class=\"_ _4\"></span>07<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va l<span class=\"_ _4\"></span>egale<span class=\"_ _4\"></span>, pari a Euro 4.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _4\"></span>8 migliaia, interam<span class=\"_ _4\"></span>ente rifer<span class=\"_ _4\"></span>ita alla so<span class=\"_ _4\"></span>ciet\u00e0 C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo, si \u00e8 co<span class=\"_ _4\"></span>stituit<span class=\"_ _4\"></span>a in anni prece<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">de<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va s<span class=\"_ _4\"></span>trao<span class=\"_ _4\"></span>rdinaria, pari ad Euro 68<span class=\"_ _4\"></span>3.9<span class=\"_ _4\"></span>08 migliaia, inte<span class=\"_ _4\"></span>ramente r<span class=\"_ _4\"></span>iferibile alla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o, \u00e8 cost<span class=\"_ _4\"></span>ituita co<span class=\"_ _4\"></span>n utili </span><span style=\"display:inherit;clear:left;\">non dis<span class=\"_ _4\"></span>tribuiti; la variaz<span class=\"_ _4\"></span>ione reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ata nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do \u00e8 st<span class=\"_ _4\"></span>ata det<span class=\"_ _4\"></span>erminata da un incr<span class=\"_ _4\"></span>emento di Euro 87<span class=\"_ _2\"></span>.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 migliaia, rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tivo all<span class=\"_ _4\"></span>\u2019utile dell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio 2023 de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>. Il decre<span class=\"_ _4\"></span>mento di Euro 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>568 migliaia si rifer<span class=\"_ _4\"></span>isce alla </span><span style=\"display:inherit;clear:left;\">dist<span class=\"_ _4\"></span>ribuzion<span class=\"_ _4\"></span>e di divid<span class=\"_ _4\"></span>endi, de<span class=\"_ _4\"></span>liberati n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 da Salvatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>..  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">c<span class=\"_ _4\"></span>ash f<span class=\"_ _4\"></span>low hedge</span>, n<span class=\"_ _4\"></span>egati<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>r Euro 5.30<span class=\"_ _4\"></span>5 migliaia, \u00e8 determinat<span class=\"_ _4\"></span>a dalla valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ziari def<span class=\"_ _4\"></span>initi com<span class=\"_ _4\"></span>e <span class=\"ff5f\">cash f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dge</span> al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, a fro<span class=\"_ _4\"></span>nte delle op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>zioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura de<span class=\"_ _4\"></span>l rischio di c<span class=\"_ _4\"></span>ambio ed </span><span style=\"display:inherit;clear:left;\">\u00e8 ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ata al net<span class=\"_ _4\"></span>to dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di c<span class=\"_ _4\"></span>onvers<span class=\"_ _4\"></span>ione, n<span class=\"_ _4\"></span>egati<span class=\"_ _4\"></span>va per Euro 8<span class=\"_ _4\"></span>.078 migliaia, rifle<span class=\"_ _4\"></span>tte le v<span class=\"_ _4\"></span>ariazioni di v<span class=\"_ _4\"></span>alore de<span class=\"_ _4\"></span>lla quota di Grup<span class=\"_ _4\"></span>po del p<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">trimonio n<span class=\"_ _4\"></span>etto d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>onsoli<span class=\"_ _4\"></span>date, dovut<span class=\"_ _4\"></span>e alle variaz<span class=\"_ _4\"></span>ioni dei t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>i di cambio de<span class=\"_ _4\"></span>lle valute fun<span class=\"_ _4\"></span>zionali de<span class=\"_ _4\"></span>lle ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to alla valut<span class=\"_ _4\"></span>a di pres<span class=\"_ _4\"></span>enta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato.  </span><span style=\"display:inherit;clear:left;\">La ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va ut<span class=\"_ _4\"></span>ili indivi<span class=\"_ _4\"></span>si, pari a Euro 35.555 migliaia, recep<span class=\"_ _4\"></span>isce i ri<span class=\"_ _4\"></span>sultati patr<span class=\"_ _4\"></span>imonializ<span class=\"_ _4\"></span>zati n<span class=\"_ _4\"></span>el temp<span class=\"_ _4\"></span>o, tene<span class=\"_ _4\"></span>ndo opp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tu<span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">namente co<span class=\"_ _4\"></span>nto delle ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>iche di con<span class=\"_ _4\"></span>solidame<span class=\"_ _4\"></span>nto, in par<span class=\"_ _4\"></span>ticolare de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019utile non realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato sulle rimane<span class=\"_ _4\"></span>nze. T<span class=\"_ _2\"></span>ale ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>a, </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, ri<span class=\"_ _4\"></span>sente de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetto di p<span class=\"_ _4\"></span>i\u00f9 fattori: si de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nta di Euro 60<span class=\"_ _4\"></span>.94<span class=\"_ _4\"></span>0 migliaia pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetto d<span class=\"_ _4\"></span>ella </span><span style=\"display:inherit;clear:left;\">patrimonializ<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023, al net<span class=\"_ _4\"></span>to del ri<span class=\"_ _4\"></span>sultato de<span class=\"_ _4\"></span>lla socie<span class=\"_ _4\"></span>t\u00e0 Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o alloc<span class=\"_ _4\"></span>ato alla </span><span style=\"display:inherit;clear:left;\">rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va st<span class=\"_ _4\"></span>raordinaria, di Euro 235 migliaia per la c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _5\"></span>zaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>gli accordi di <span class=\"ff5f ls5b ws8\">p<span class=\"_ _4\"></span>ut</span> e <span class=\"ff5f ws5d\">call</span><span class=\"ls4 wsee\"> su intere<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze di mino<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ranz<span class=\"_ _4\"></span>a pree<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti  (nota 43 \u201c<span class=\"_ _2\"></span>Accordi di <span class=\"ff5f ls55 wscc\">Put<span class=\"_ _4\"></span></span> e <span class=\"ff5f ws5d\">Call</span> su Intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>enze di Minor<span class=\"_ _4\"></span>anza<span class=\"_ _4\"></span>\u201d  de<span class=\"_ _4\"></span>l pres<span class=\"_ _4\"></span>ente Bilancio Co<span class=\"_ _4\"></span>nsolidato), e<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">di Euro 463 migliaia pe<span class=\"_ _4\"></span>r ef<span class=\"_ _4\"></span>fetti mino<span class=\"_ _4\"></span>ri. </span><span style=\"display:inherit;clear:left;\">Le voci \u201c<span class=\"_ _1\"></span>Altre ri<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>\u201d e \u201cef<span class=\"_ _4\"></span>fett<span class=\"_ _4\"></span>o IAS 19 <span class=\"ff5f ls2b wscf\">equit<span class=\"_ _4\"></span>y<span class=\"_ _3\"></span></span>\u201d<span class=\"_ _1c\"></span>, p<span class=\"_ _4\"></span>er un tot<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to di Euro 1<span class=\"_ _2\"></span>0<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>2 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>ndono i v<span class=\"_ _4\"></span>alori is<span class=\"_ _4\"></span>critti a fro<span class=\"_ _4\"></span>nte delle dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nze di valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e richies<span class=\"_ _4\"></span>te dai principi IFR<span class=\"_ _4\"></span>S risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o ai principi </span><span style=\"display:inherit;clear:left;\">loc<span class=\"_ _4\"></span>ali delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo. La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie principalme<span class=\"_ _4\"></span>nte la rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>va di <span class=\"ff5f\">Stock Grant</span>, pari a Euro </span><span style=\"display:inherit;clear:left;\">8.<span class=\"_ _2\"></span>184 migliaia, per i tr<span class=\"_ _4\"></span>e piani di incentiv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e al <span class=\"ff5f ls8 ws2b\">top management</span> in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re alla data del 31 dicembre 202<span class=\"_ _2\"></span>4, e s<span class=\"_ _4\"></span>i \u00e8 </span><span style=\"display:inherit;clear:left;\">increme<span class=\"_ _4\"></span>ntat<span class=\"_ _4\"></span>a di Euro 2.832 migliaia per ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to del co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>i piani nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4 e s<span class=\"_ _4\"></span>i \u00e8 decre<span class=\"_ _4\"></span>ment<span class=\"_ _4\"></span>ata di Euro </span><span style=\"display:inherit;clear:left;\">2.<span class=\"_ _4\"></span>398 migliaia pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a delle a<span class=\"_ _4\"></span>zioni in e<span class=\"_ _4\"></span>secu<span class=\"_ _4\"></span>zione di quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dal Piano <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2023, p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 42 \u201c<span class=\"_ _4\"></span>Pagamenti ba<span class=\"_ _4\"></span>sati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d; nel cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>increme<span class=\"_ _4\"></span>nto di Euro 87 migliaia si riferisce alla v<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione attuar<span class=\"_ _4\"></span>iale dei piani a be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re in </span><span style=\"display:inherit;clear:left;\">alcune so<span class=\"_ _4\"></span>ciet\u00e0 de<span class=\"_ _4\"></span>l Gruppo. </span><span style=\"display:inherit;clear:left;\">Gli impor<span class=\"_ _4\"></span>ti s<span class=\"_ _4\"></span>ono al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>gli ef<span class=\"_ _4\"></span>fetti f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali ove applic<span class=\"_ _4\"></span>abili. </span><span style=\"display:inherit;clear:left;\">Le variaz<span class=\"_ _4\"></span>ioni nelle c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nti del patr<span class=\"_ _4\"></span>imonio net<span class=\"_ _4\"></span>to av<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023  so<span class=\"_ _4\"></span>no evid<span class=\"_ _4\"></span>enziate </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>ti. Di s<span class=\"_ _4\"></span>eguito s<span class=\"_ _4\"></span>i ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a una tavola di det<span class=\"_ _4\"></span>tagli<span class=\"_ _4\"></span>o relativ<span class=\"_ _4\"></span>a alle rise<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>ve ed utili in<span class=\"_ _4\"></span>divis<span class=\"_ _4\"></span>i<span class=\"_ _1\"></span>: </span><span style=\"display:inherit;clear:left;\">Riserve formate </span><span style=\"display:inherit;clear:left;\">Riserva con<span class=\"_ _2\"></span>versione </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">con utili</span><span style=\"display:inherit;clear:left;\">cambi<span class=\"_ _c1\"> </span>Altre riserve<span class=\"_ _214\"> </span>Tot<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Riserva azioni proprie<span class=\"_ _197\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _2da\"> </span>(53.676) <span class=\"_ _2da\"> </span>(53.676) </span><span style=\"display:inherit;clear:left;\">Ver<span class=\"_ _2\"></span>samenti in conto capitale<span class=\"_ _2a5\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _211\"> </span>2.995 <span class=\"_ _1f9\"> </span>2.995 </span><span style=\"display:inherit;clear:left;\">Riserva legale<span class=\"_ _f8\"> </span>4.188 <span class=\"_ _69\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _211\"> </span>4.188 </span><span style=\"display:inherit;clear:left;\">Riserva straor<span class=\"_ _2\"></span>dinaria<span class=\"_ _243\"> </span>683.908 <span class=\"_ _69\"> </span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _219\"> </span>683.908 </span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _29a\"> </span></span>- <span class=\"_ _2cc\"> </span>- <span class=\"_ _25\"> </span>(5.305) <span class=\"_ _25\"> </span>(5.305) </span><span style=\"display:inherit;clear:left;\">Riserva di con<span class=\"_ _2\"></span>versione<span class=\"_ _1be\"> </span>- <span class=\"_ _25\"> </span>(8.078) <span class=\"_ _2cc\"> </span>- <span class=\"_ _25\"> </span>(8.078) </span><span style=\"display:inherit;clear:left;\">Utili indivisi<span class=\"_ _1a\"> </span>35.555 <span class=\"_ _225\"> </span>- <span class=\"_ _69\"> </span>- <span class=\"_ _176\"> </span>35.555 </span><span style=\"display:inherit;clear:left;\">Altre riserve<span class=\"_ _1cd\"> </span>- <span class=\"_ _225\"> </span>- <span class=\"_ _66\"> </span>10.712 <span class=\"_ _176\"> </span>10.712 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1f8\"> </span>723.651 <span class=\"_ _32\"> </span>(8.078) <span class=\"_ _148\"> </span>(45.274) <span class=\"_ _65\"> </span>670.299 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Riserva azioni proprie<span class=\"_ _197\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _82\"> </span>(56.223)<span class=\"_ _82\"> </span>(56.223)</span><span style=\"display:inherit;clear:left;\">Ver<span class=\"_ _2\"></span>samenti in conto capitale<span class=\"_ _2a5\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>2.995<span class=\"_ _f2\"> </span>2.995</span><span style=\"display:inherit;clear:left;\">Riserva legale<span class=\"_ _f8\"> </span>4.188<span class=\"_ _6c\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>4.188</span><span style=\"display:inherit;clear:left;\">Riserva straor<span class=\"_ _2\"></span>dinaria<span class=\"_ _243\"> </span>613.476<span class=\"_ _6c\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _d1\"> </span>613.476</span><span style=\"display:inherit;clear:left;\">Riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _29a\"> </span></span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>4.220<span class=\"_ _f2\"> </span>4.220</span><span style=\"display:inherit;clear:left;\">Riserva di con<span class=\"_ _2\"></span>versione<span class=\"_ _1be\"> </span>-<span class=\"_ _f2\"> </span>2.038<span class=\"_ _6c\"> </span>-<span class=\"_ _f2\"> </span>2.038</span><span style=\"display:inherit;clear:left;\">Utili indivisi<span class=\"_ _1a\"> </span>97.193<span class=\"_ _6c\"> </span>-<span class=\"_ _24b\"> </span>-<span class=\"_ _81\"> </span>97.193</span><span style=\"display:inherit;clear:left;\">Altre riserve<span class=\"_ _1cd\"> </span>-<span class=\"_ _6c\"> </span>-<span class=\"_ _2e0\"> </span>10.340<span class=\"_ _81\"> </span>10.340</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _1f8\"> </span>714.857<span class=\"_ _cd\"> </span>2.038<span class=\"_ _219\"> </span>(38.668)<span class=\"_ _82\"> </span>678.227</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__119": {
   "value": "<span style=\"display:inherit;clear:left;\">22. P<span class=\"_ _1c\"></span>restiti e finanziamenti</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito un det<span class=\"_ _4\"></span>taglio de<span class=\"_ _4\"></span>i pres<span class=\"_ _4\"></span>titi e de<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziamenti co<span class=\"_ _4\"></span>rrenti e non c<span class=\"_ _4\"></span>orrenti:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti finanziari verso banche a br<span class=\"_ _2\"></span>eve termine<span class=\"_ _20a\"> </span>112.182 <span class=\"_ _176\"> </span>78.600<span class=\"_ _1d3\"> </span>33.582 </span><span style=\"display:inherit;clear:left;\">Scoperti bancari<span class=\"_ _112\"> </span>1.109 <span class=\"_ _211\"> </span>1.529<span class=\"_ _230\"> </span>(420) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>113.291 <span class=\"_ _25\"> </span>80.129<span class=\"_ _1f2\"> </span>33.162 </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024, i debiti f<span class=\"_ _4\"></span>inanziari ve<span class=\"_ _4\"></span>rso b<span class=\"_ _4\"></span>anche a breve t<span class=\"_ _4\"></span>ermine, s<span class=\"_ _4\"></span>ono aume<span class=\"_ _4\"></span>ntati princip<span class=\"_ _4\"></span>almente p<span class=\"_ _4\"></span>er il mag<span class=\"_ _4\"></span>giore </span><span style=\"display:inherit;clear:left;\">utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o delle lin<span class=\"_ _4\"></span>ee <span class=\"ff5f ls0 ws0\">uncommit<span class=\"_ _4\"></span>ted<span class=\"ff5c\">. </span></span></span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4 il Gr<span class=\"_ _4\"></span>uppo, in cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>elle con<span class=\"_ _4\"></span>dizioni ge<span class=\"_ _4\"></span>nerali de<span class=\"_ _4\"></span>l merc<span class=\"_ _4\"></span>ato del cre<span class=\"_ _4\"></span>dito e anche de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">propria b<span class=\"_ _4\"></span>uona situaz<span class=\"_ _4\"></span>ione di ca<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a, non ha rite<span class=\"_ _4\"></span>nuto oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>o effe<span class=\"_ _4\"></span>ttuare inter<span class=\"_ _5\"></span>venti signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativi sulla p<span class=\"_ _4\"></span>ropria st<span class=\"_ _4\"></span>ruttura </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>inanziaria mantene<span class=\"_ _4\"></span>ndo pre<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>och\u00e8 co<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anti le linee <span class=\"ff5f\">commit<span class=\"_ _4\"></span>ted</span> e<span class=\"_ _4\"></span>d <span class=\"ff5f\">uncommitte<span class=\"_ _4\"></span>d</span> in es<span class=\"_ _4\"></span>ser<span class=\"_ _4\"></span>e con controp<span class=\"_ _4\"></span>arti di<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sifi<span class=\"_ _4\"></span>cate.</span><span style=\"display:inherit;clear:left;\">In continuit<span class=\"_ _4\"></span>\u00e0 con il pas<span class=\"_ _4\"></span>sato \u00e8 s<span class=\"_ _4\"></span>tata ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a una part<span class=\"_ _4\"></span>e consis<span class=\"_ _4\"></span>tente d<span class=\"_ _4\"></span>elle prop<span class=\"_ _4\"></span>rie ecce<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>ze di cas<span class=\"_ _4\"></span>sa p<span class=\"_ _4\"></span>er acce<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e o rin<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">novare pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>iti <span class=\"ff5f ls7c wsf0\">inte<span class=\"_ _4\"></span>rcomp<span class=\"_ _4\"></span>any<span class=\"_ _1\"></span><span class=\"ff5c ls0 wscb\">, regolati a c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ni correnti di m<span class=\"_ _4\"></span>ercato. A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 no<span class=\"_ _4\"></span>n sono p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere </span></span></span><span style=\"display:inherit;clear:left;\">a livello di G<span class=\"_ _4\"></span>ruppo p<span class=\"_ _4\"></span>rest<span class=\"_ _4\"></span>iti a sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za <span class=\"ff5f\">(<span class=\"_ _1\"></span>term loan)<span class=\"ff5c\"> utiliz<span class=\"_ _4\"></span>zati, b<span class=\"_ _4\"></span>ench\u00e9 rimang<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere un ammo<span class=\"_ _4\"></span>ntare rite<span class=\"_ _4\"></span>nuto congru<span class=\"_ _4\"></span>o </span></span></span><span style=\"display:inherit;clear:left;\">di linee di cre<span class=\"_ _4\"></span>dito utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>abili in ca<span class=\"_ _4\"></span>so di nec<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sit\u00e0. I f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziamenti e le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o conce<span class=\"_ _4\"></span>sse al G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono rego<span class=\"_ _4\"></span>lati </span><span style=\"display:inherit;clear:left;\">a ta<span class=\"_ _4\"></span>sso v<span class=\"_ _4\"></span>ariabile. Il co<span class=\"_ _4\"></span>sto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019inde<span class=\"_ _4\"></span>bitam<span class=\"_ _4\"></span>ento \u00e8 parame<span class=\"_ _4\"></span>trato al t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di merc<span class=\"_ _4\"></span>ato di perio<span class=\"_ _4\"></span>do (<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>neralme<span class=\"_ _4\"></span>nte euribo<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>/<span class=\"_ _4\"></span>libor/</span><span style=\"display:inherit;clear:left;\">sofr o il t<span class=\"_ _4\"></span>ass<span class=\"_ _4\"></span>o di riferime<span class=\"_ _4\"></span>nto sul merc<span class=\"_ _4\"></span>ato interban<span class=\"_ _4\"></span>cario sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ico de<span class=\"_ _4\"></span>lla valuta in cui il f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iamento \u00e8 den<span class=\"_ _4\"></span>ominato<span class=\"_ _2\"></span>) pi\u00f9 uno </span><span style=\"display:inherit;clear:left;\">spread<span class=\"ff5c wsa6\"> dif<span class=\"_ _4\"></span>fere<span class=\"_ _4\"></span>nziato sulla ba<span class=\"_ _4\"></span>se della t<span class=\"_ _4\"></span>ipolog<span class=\"_ _4\"></span>ia di linea di credit<span class=\"_ _4\"></span>o. I margini applic<span class=\"_ _4\"></span>abili son<span class=\"_ _4\"></span>o in linea con i miglio<span class=\"_ _4\"></span>ri </span>standard<span class=\"ff5c\"> </span></span><span style=\"display:inherit;clear:left;\">di merc<span class=\"_ _4\"></span>ato.  </span><span style=\"display:inherit;clear:left;\">Gli st<span class=\"_ _4\"></span>rumenti di f<span class=\"_ _4\"></span>inanziam<span class=\"_ _4\"></span>ento utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati sono r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati da:  </span><span style=\"display:inherit;clear:left;\">i) <span class=\"_\"> </span> <span class=\"_ _ac\"></span>linee di cre<span class=\"_ _4\"></span>dito me<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a dispo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e nella valut<span class=\"_ _4\"></span>a  e nel p<span class=\"_ _4\"></span>aes<span class=\"_ _4\"></span>e di resid<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della singola s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r sopp<span class=\"_ _4\"></span>erire a ne<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sit\u00e0 f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iarie a breve s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza c<span class=\"_ _4\"></span>olleg<span class=\"_ _4\"></span>ate alla gest<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l capit<span class=\"_ _4\"></span>ale circolante, a re<span class=\"_ _4\"></span>voca <span class=\"ff5f\">(uncommitted<span class=\"_ _4\"></span>)</span>; </span><span style=\"display:inherit;clear:left;\">ii) <span class=\"_ _44\"></span> <span class=\"_ _49\"></span>line<span class=\"_ _4\"></span>e di credito a br<span class=\"_ _4\"></span>eve e medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted</span>, nella for<span class=\"_ _4\"></span>ma <span class=\"ff5f ws0\">revolving<span class=\"_ _4\"></span></span>, negoziate su b<span class=\"_ _4\"></span>ase bilate<span class=\"_ _4\"></span>rale dalla </span><span style=\"display:inherit;clear:left;\">Capo<span class=\"_ _4\"></span>gruppo.  </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 le linee <span class=\"ff5f ws0\">committ<span class=\"_ _4\"></span>ed</span> hanno una durat<span class=\"_ _4\"></span>a resi<span class=\"_ _4\"></span>dua massima di ve<span class=\"_ _4\"></span>ntinove mes<span class=\"_ _4\"></span>i e una durata re<span class=\"_ _4\"></span>sidua me<span class=\"_ _4\"></span>dia </span><span style=\"display:inherit;clear:left;\">pon<span class=\"_ _4\"></span>derat<span class=\"_ _4\"></span>a di tredici m<span class=\"_ _4\"></span>esi. Le line<span class=\"_ _4\"></span>e di credit<span class=\"_ _4\"></span>o e la relativ<span class=\"_ _4\"></span>a attiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziaria s<span class=\"_ _4\"></span>ono dis<span class=\"_ _4\"></span>tribuite fr<span class=\"_ _4\"></span>a i principali is<span class=\"_ _4\"></span>tituti banc<span class=\"_ _4\"></span>ari </span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nali e internazio<span class=\"_ _4\"></span>nali. Alla data di chius<span class=\"_ _4\"></span>ura del pr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>nte bilancio non s<span class=\"_ _4\"></span>ono in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re utiliz<span class=\"_ _4\"></span>zi sull<span class=\"_ _4\"></span>e linee <span class=\"ff5f ws0\">commit<span class=\"_ _4\"></span>ted<span class=\"ff5c\"> </span></span></span><span style=\"display:inherit;clear:left;\">mentre q<span class=\"_ _1\"></span>uelli presenti sul<span class=\"_ _2\"></span>le linee <span class=\"ff5f ls0 ws0\">uncommitt<span class=\"_ _4\"></span>ed<span class=\"ff5c\"> so<span class=\"_ _4\"></span>no inferiori all<span class=\"_ _4\"></span>\u2019anno. </span></span></span><span style=\"display:inherit;clear:left;\">Per ulteri<span class=\"_ _4\"></span>ore det<span class=\"_ _4\"></span>taglio de<span class=\"_ _4\"></span>i debiti f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziari ver<span class=\"_ _4\"></span>so banche<span class=\"_ _4\"></span>, i fi<span class=\"_ _4\"></span>di accordati p<span class=\"_ _4\"></span>er il Grupp<span class=\"_ _4\"></span>o e gli utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>i delle line<span class=\"_ _4\"></span>e di credito, </span><span style=\"display:inherit;clear:left;\">suddivise per tipologia, sono cos\u00ec rappr<span class=\"_ _1\"></span>esentati: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _78\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _285\"> </span>A<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>ordato<span class=\"_ _123\"> </span>Utilizzato<span class=\"_ _67\"> </span>Acc<span class=\"_ _1\"></span>ordato<span class=\"_ _257\"> </span>Utilizzato</span><span style=\"display:inherit;clear:left;\">Linee </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ommitted<span class=\"_ _201\"> </span><span class=\"ff61\">380.000 <span class=\"_ _2e0\"> </span>- <span class=\"_ _b3\"> </span>380.000 <span class=\"_ _212\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">Revolving<span class=\"_ _17f\"> </span><span class=\"ff61\">380.000 <span class=\"_ _212\"> </span>- <span class=\"_ _b3\"> </span>380.000 <span class=\"_ _2e0\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>erm L<span class=\"_ _1\"></span>oan<span class=\"_ _1fc\"> </span><span class=\"ff61\">- <span class=\"_ _212\"> </span>- <span class=\"_ _1f2\"> </span>- <span class=\"_ _212\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">Linee a Revoc<span class=\"_ _2\"></span>a<span class=\"_ _144\"> </span>442.447 <span class=\"_ _b1\"> </span>112.916 <span class=\"_ _b3\"> </span>428.504 <span class=\"_ _b2\"> </span>79.964 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _8d\"> </span>822.447 <span class=\"_ _8a\"> </span>112.916 <span class=\"_ _15b\"> </span>808.504 <span class=\"_ _74\"> </span>79.964 </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>lla compo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e e variazio<span class=\"_ _4\"></span>ne della p<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>one f<span class=\"_ _4\"></span>inanziaria net<span class=\"_ _4\"></span>ta al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 <span class=\"_ _ac\"></span> </span><span style=\"display:inherit;clear:left;\">e al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>condo lo s<span class=\"_ _4\"></span>chema de<span class=\"_ _4\"></span>lla Comunica<span class=\"_ _4\"></span>zione Co<span class=\"_ _4\"></span>nsob n<span class=\"_ _4\"></span>. DEM/60<span class=\"_ _4\"></span>64293 del 28 luglio 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>6, </span><span style=\"display:inherit;clear:left;\">integrato d<span class=\"_ _1\"></span>al Richi<span class=\"_ _1\"></span>amo d\u2019A<span class=\"_ _2\"></span>t<span class=\"_ _4\"></span>tenzione di Consob n.5/2<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>. Disponibilit\u00e0 liquide<span class=\"_ _2d5\"> </span>184.409 <span class=\"_ _219\"> </span>139.122<span class=\"_ _2d7\"> </span>45.287 </span><span style=\"display:inherit;clear:left;\">B. Mezzi equivalenti a disponibilit\u00e0 liquide<span class=\"_ _250\"> </span>53.785 <span class=\"_ _219\"> </span>129.866<span class=\"_ _214\"> </span>(76.081) </span><span style=\"display:inherit;clear:left;\">C. Altr<span class=\"_ _1\"></span>e attivit\u00e0 finanziarie cor<span class=\"_ _2\"></span>renti<span class=\"_ _1e9\"> </span>50.721 <span class=\"_ _176\"> </span>36.812<span class=\"_ _2d7\"> </span>13.909 </span><span style=\"display:inherit;clear:left;\">D. Liquidit\u00e0 (A+B+C)<span class=\"_ _108\"> </span>288.915 <span class=\"_ _2da\"> </span>305.800<span class=\"_ _ca\"> </span>(16.885) </span><span style=\"display:inherit;clear:left;\">E. Debito finanziario corr<span class=\"_ _2\"></span>ente (<span class=\"_ _5\"></span>inclusi gli strumenti di debito)<span class=\"_ _1d7\"> </span>116.135 <span class=\"_ _176\"> </span>81.411<span class=\"_ _1d3\"> </span>34.724 </span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1c\"></span>. P<span class=\"_ _1\"></span>arte corr<span class=\"_ _2\"></span>ente del debito finanziario non corrente*<span class=\"_ _27d\"> </span>124.002 <span class=\"_ _219\"> </span>114.439<span class=\"_ _261\"> </span>9.563 </span><span style=\"display:inherit;clear:left;\">G. Indebitamento finanziario cor<span class=\"_ _1\"></span>rente (E+F)<span class=\"_ _1c3\"> </span>240.137 <span class=\"_ _2da\"> </span>195.850<span class=\"_ _1f2\"> </span>44.287 </span><span style=\"display:inherit;clear:left;\">H. Indebitamento finanziario cor<span class=\"_ _1\"></span>rente netto (G-D)<span class=\"_ _251\"> </span>(48.778) <span class=\"_ _12a\"> </span>(109.950)<span class=\"_ _1f2\"> </span>61.172 </span><span style=\"display:inherit;clear:left;\">I. Debito finanziario non corr<span class=\"_ _2\"></span>ente (<span class=\"_ _4\"></span>esclusi gli strumenti di debito)*<span class=\"_ _177\"> </span>552.344 <span class=\"_ _219\"> </span>596.603<span class=\"_ _1f1\"> </span>(44.259) </span><span style=\"display:inherit;clear:left;\">J. Strumenti di debito<span class=\"_ _112\"> </span>- <span class=\"_ _225\"> </span>-<span class=\"_ _2e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">K. Debiti commerciali e altri debiti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>enti<span class=\"_ _135\"> </span>- <span class=\"_ _2cc\"> </span>-<span class=\"_ _2e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">L. Indebitamento finanziario non corr<span class=\"_ _1\"></span>ente (I+J+K)<span class=\"_ _290\"> </span>552.344 <span class=\"_ _2da\"> </span>596.603<span class=\"_ _ca\"> </span>(44.259) </span><span style=\"display:inherit;clear:left;\">M. Indebitamento finanziario netto (H+L)<span class=\"_ _2a5\"> </span>503.566 <span class=\"_ _2da\"> </span>486.653<span class=\"_ _1f2\"> </span>16.913 </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _44\"></span>Al 31 dicembr<span class=\"_ _1\"></span>e 2024, la voce \u201cP<span class=\"_ _2\"></span>arte cor<span class=\"_ _1\"></span>rente del debito finanziario non c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>ente\u201d si riferisce per E<span class=\"_ _2\"></span>uro 10.954 migliaia a P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff5f ws12\">leasing</span> corr<span class=\"_ _2\"></span>enti verso </span><span style=\"display:inherit;clear:left;\">parti corr<span class=\"_ _2\"></span>elate (Euro 9.358 migliaia al 31 dicembr<span class=\"_ _2\"></span>e 2023). Al 31 dic<span class=\"_ _1\"></span>embre 2024, la voc<span class=\"_ _2\"></span>e \u201cDebito finanziario non corrente\u201d si riferisc<span class=\"_ _2\"></span>e per Euro 84.155 </span><span style=\"display:inherit;clear:left;\">migliaia a P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff5f ws12\">leasing</span> non cor<span class=\"_ _1\"></span>renti ver<span class=\"_ _2\"></span>so par<span class=\"_ _4\"></span>ti cor<span class=\"_ _2\"></span>relate (Euro 92.410 migliaia al 31 dic<span class=\"_ _2\"></span>embre 2023). P<span class=\"_ _2\"></span>er maggiori dettagli si rimanda alla nota 45<span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">\u201cOper<span class=\"_ _1\"></span>azioni con P<span class=\"_ _2\"></span>arti C<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate\u201d.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1\"></span>imitazioni all\u2019uso delle risorse finanziarie </span><span style=\"display:inherit;clear:left;\">Le linee <span class=\"ff5f ls3 ws5d\">c<span class=\"_ _4\"></span>ommitted<span class=\"ff5c ws0\"> at<span class=\"_ _4\"></span>tualmente in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o non richie<span class=\"_ _4\"></span>dono il ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to di </span><span class=\"ls57 ws97\">cove<span class=\"_ _4\"></span>nant</span></span> f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari.  </span><span style=\"display:inherit;clear:left;\">Cove<span class=\"_ _4\"></span>nant<span class=\"ff5c ls3 wsb6\"> f<span class=\"_ _4\"></span>inanziari s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>senti in al<span class=\"_ _4\"></span>cuni contratt<span class=\"_ _4\"></span>i di finan<span class=\"_ _4\"></span>ziamento lo<span class=\"_ _4\"></span>cali dell<span class=\"_ _4\"></span>e socie<span class=\"_ _4\"></span>t\u00e0 asiatich<span class=\"_ _4\"></span>e, ancorch<span class=\"_ _4\"></span>\u00e9 si trat<span class=\"_ _4\"></span>ti </span></span><span style=\"display:inherit;clear:left;\">di linee a re<span class=\"_ _4\"></span>voca <span class=\"ff5f ws5d\">uncommit<span class=\"_ _4\"></span>ted</span><span class=\"ls0 ws6f\">.  </span></span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i <span class=\"ff5f ls57 ws97\">c<span class=\"_ _4\"></span>oven<span class=\"_ _4\"></span>ant</span> f<span class=\"_ _4\"></span>inanziari e non f<span class=\"_ _4\"></span>inan<span class=\"_ _4\"></span>ziari sono r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tati da tut<span class=\"_ _4\"></span>te le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__121": {
   "value": "<span style=\"display:inherit;clear:left;\">23. F<span class=\"_ _1\"></span>ondi per rischi ed oneri</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si forni<span class=\"_ _4\"></span>sce il det<span class=\"_ _4\"></span>taglio e la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della voc<span class=\"_ _4\"></span>e in og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _b3\"> </span>Accant.<span class=\"_ _2f5\"> </span>Utiliz<span class=\"_ _4\"></span>zi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontenziosi legali<span class=\"_ _b5\"> </span>8.520<span class=\"_ _66\"> </span>78 <span class=\"_ _e2\"> </span>1.683 <span class=\"_ _2f4\"> </span>(7.208) <span class=\"_ _e2\"> </span>3.073 </span><span style=\"display:inherit;clear:left;\">Fondi per rischi diver<span class=\"_ _2\"></span>si<span class=\"_ _2aa\"> </span>15.408<span class=\"_ _219\"> </span>405 <span class=\"_ _e2\"> </span>4.739 <span class=\"_ _2f4\"> </span>(1.111) <span class=\"_ _2f5\"> </span>19.441 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _309\"> </span>23.928<span class=\"_ _219\"> </span>483 <span class=\"_ _bc\"> </span>6.422 <span class=\"_ _b4\"> </span>(8.319)<span class=\"_ _4\"></span> <span class=\"_ _2f4\"> </span>22.514 </span><span style=\"display:inherit;clear:left;\">I conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali compre<span class=\"_ _4\"></span>ndono a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti a fronte di prob<span class=\"_ _4\"></span>abili pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 conne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a proce<span class=\"_ _4\"></span>dimenti in<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tent<span class=\"_ _4\"></span>ati nei confro<span class=\"_ _4\"></span>nti della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o e alcuni proce<span class=\"_ _4\"></span>dimenti r<span class=\"_ _4\"></span>iguardanti le so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate, olt<span class=\"_ _4\"></span>re a controver<span class=\"_ _4\"></span>sie di </span><span style=\"display:inherit;clear:left;\">lavoro riferit<span class=\"_ _4\"></span>e sia a conten<span class=\"_ _4\"></span>ziosi che a s<span class=\"_ _4\"></span>time di imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i trans<span class=\"_ _4\"></span>attiv<span class=\"_ _4\"></span>i che le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo pre<span class=\"_ _4\"></span>vedono di s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>e per </span><span style=\"display:inherit;clear:left;\">la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne in fase p<span class=\"_ _4\"></span>re-<span class=\"_ _4\"></span>conte<span class=\"_ _4\"></span>nzio<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>l fondo re<span class=\"_ _4\"></span>lativo ai conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">alla chiusura av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo di alcuni c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o c<span class=\"_ _4\"></span>ontrover<span class=\"_ _4\"></span>sie leg<span class=\"_ _4\"></span>ali e del lavoro rife<span class=\"_ _4\"></span>ribili alla Capo<span class=\"_ _4\"></span>gruppo e </span><span style=\"display:inherit;clear:left;\">ad alcune s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>. In par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, si ricorda la chius<span class=\"_ _4\"></span>ura della ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca sui cre<span class=\"_ _4\"></span>diti d<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a relativ<span class=\"_ _4\"></span>i all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">di ricerc<span class=\"_ _4\"></span>a e sv<span class=\"_ _4\"></span>iluppo (ex art<span class=\"_ _4\"></span>. 3 de<span class=\"_ _4\"></span>l decreto<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>leg<span class=\"_ _4\"></span>ge 23 dice<span class=\"_ _4\"></span>mbre 201<span class=\"_ _1c\"></span>3, n. 1<span class=\"_ _2\"></span>45), che la Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha f<span class=\"_ _4\"></span>ruito </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni d<span class=\"_ _4\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 2 agosto 2024 mediante la sot<span class=\"_ _4\"></span>toscri<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a la Soci<span class=\"_ _4\"></span>et\u00e0 e la </span><span style=\"display:inherit;clear:left;\">Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana di un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so ve<span class=\"_ _4\"></span>rbale di contr<span class=\"_ _4\"></span>addit<span class=\"_ _4\"></span>torio, pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>i rimanda al paragr<span class=\"_ _4\"></span>afo 29 \u201cD<span class=\"_ _4\"></span>ebiti T<span class=\"_ _2\"></span>ribut<span class=\"_ _4\"></span>ari<span class=\"_ _4\"></span>\u201d ed alla Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatti di r<span class=\"_ _4\"></span>ilievo av<span class=\"_ _4\"></span>venuti </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio \u2013 V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono relat<span class=\"_ _4\"></span>ivi prin<span class=\"_ _4\"></span>cipalmente a co<span class=\"_ _4\"></span>ntrovers<span class=\"_ _4\"></span>ie fi<span class=\"_ _4\"></span>scali, de<span class=\"_ _4\"></span>l lavoro e leg<span class=\"_ _4\"></span>ali sor<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4; pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatt<span class=\"_ _4\"></span>i di rilievo </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi diver<span class=\"_ _4\"></span>si compre<span class=\"_ _4\"></span>nde prin<span class=\"_ _4\"></span>cipalmente acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti a fronte di probab<span class=\"_ _4\"></span>ili pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, tra cui la pr<span class=\"_ _4\"></span>inci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pale \u00e8 re<span class=\"_ _4\"></span>lativa ai co<span class=\"_ _4\"></span>sti di ripri<span class=\"_ _4\"></span>stino lo<span class=\"_ _4\"></span>cali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rzi c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in rela<span class=\"_ _4\"></span>zione agli ob<span class=\"_ _4\"></span>blighi contr<span class=\"_ _4\"></span>attuali pre<span class=\"_ _4\"></span>senti </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto (Euro 1<span class=\"_ _2\"></span>9.<span class=\"_ _4\"></span>36<span class=\"_ _4\"></span>6 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e Euro 1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>333 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _1\"></span>). </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do si riferi<span class=\"_ _4\"></span>sce p<span class=\"_ _4\"></span>er Euro 4.739 migliai<span class=\"_ _1\"></span>a ai cos<span class=\"_ _4\"></span>ti di ripris<span class=\"_ _4\"></span>tino lo<span class=\"_ _4\"></span>cali.  </span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali a livello di G<span class=\"_ _4\"></span>ruppo, pe<span class=\"_ _4\"></span>r le quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti, si </span><span style=\"display:inherit;clear:left;\">rimanda alla Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla gest<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne \u201cFat<span class=\"_ _4\"></span>ti di rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__120": {
   "value": "<span style=\"display:inherit;clear:left;\">23. F<span class=\"_ _1\"></span>ondi per rischi ed oneri</span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si forni<span class=\"_ _4\"></span>sce il det<span class=\"_ _4\"></span>taglio e la m<span class=\"_ _4\"></span>oviment<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della voc<span class=\"_ _4\"></span>e in og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>o<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">D<span class=\"_ _4\"></span>ifferenza </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">01.01.2024</span><span style=\"display:inherit;clear:left;\">di con<span class=\"_ _1\"></span>v<span class=\"_ _2\"></span>.ne<span class=\"_ _b3\"> </span>Accant.<span class=\"_ _2f5\"> </span>Utiliz<span class=\"_ _4\"></span>zi</span><span style=\"display:inherit;clear:left;\">31.12.2024</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontenziosi legali<span class=\"_ _b5\"> </span>8.520<span class=\"_ _66\"> </span>78 <span class=\"_ _e2\"> </span>1.683 <span class=\"_ _2f4\"> </span>(7.208) <span class=\"_ _e2\"> </span>3.073 </span><span style=\"display:inherit;clear:left;\">Fondi per rischi diver<span class=\"_ _2\"></span>si<span class=\"_ _2aa\"> </span>15.408<span class=\"_ _219\"> </span>405 <span class=\"_ _e2\"> </span>4.739 <span class=\"_ _2f4\"> </span>(1.111) <span class=\"_ _2f5\"> </span>19.441 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _309\"> </span>23.928<span class=\"_ _219\"> </span>483 <span class=\"_ _bc\"> </span>6.422 <span class=\"_ _b4\"> </span>(8.319)<span class=\"_ _4\"></span> <span class=\"_ _2f4\"> </span>22.514 </span><span style=\"display:inherit;clear:left;\">I conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali compre<span class=\"_ _4\"></span>ndono a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti a fronte di prob<span class=\"_ _4\"></span>abili pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 conne<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e a proce<span class=\"_ _4\"></span>dimenti in<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tent<span class=\"_ _4\"></span>ati nei confro<span class=\"_ _4\"></span>nti della Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o e alcuni proce<span class=\"_ _4\"></span>dimenti r<span class=\"_ _4\"></span>iguardanti le so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate, olt<span class=\"_ _4\"></span>re a controver<span class=\"_ _4\"></span>sie di </span><span style=\"display:inherit;clear:left;\">lavoro riferit<span class=\"_ _4\"></span>e sia a conten<span class=\"_ _4\"></span>ziosi che a s<span class=\"_ _4\"></span>time di imp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i trans<span class=\"_ _4\"></span>attiv<span class=\"_ _4\"></span>i che le s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo pre<span class=\"_ _4\"></span>vedono di s<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>e per </span><span style=\"display:inherit;clear:left;\">la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne in fase p<span class=\"_ _4\"></span>re-<span class=\"_ _4\"></span>conte<span class=\"_ _4\"></span>nzio<span class=\"_ _4\"></span>sa. L<span class=\"_ _1c\"></span>\u2019utiliz<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>l fondo re<span class=\"_ _4\"></span>lativo ai conten<span class=\"_ _4\"></span>ziosi l<span class=\"_ _4\"></span>egali si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte </span><span style=\"display:inherit;clear:left;\">alla chiusura av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta ne<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo di alcuni c<span class=\"_ _4\"></span>ontenz<span class=\"_ _4\"></span>iosi e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o c<span class=\"_ _4\"></span>ontrover<span class=\"_ _4\"></span>sie leg<span class=\"_ _4\"></span>ali e del lavoro rife<span class=\"_ _4\"></span>ribili alla Capo<span class=\"_ _4\"></span>gruppo e </span><span style=\"display:inherit;clear:left;\">ad alcune s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>. In par<span class=\"_ _4\"></span>ticolare<span class=\"_ _4\"></span>, si ricorda la chius<span class=\"_ _4\"></span>ura della ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>ca sui cre<span class=\"_ _4\"></span>diti d<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a relativ<span class=\"_ _4\"></span>i all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 </span><span style=\"display:inherit;clear:left;\">di ricerc<span class=\"_ _4\"></span>a e sv<span class=\"_ _4\"></span>iluppo (ex art<span class=\"_ _4\"></span>. 3 de<span class=\"_ _4\"></span>l decreto<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>leg<span class=\"_ _4\"></span>ge 23 dice<span class=\"_ _4\"></span>mbre 201<span class=\"_ _1c\"></span>3, n. 1<span class=\"_ _2\"></span>45), che la Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. ha f<span class=\"_ _4\"></span>ruito </span><span style=\"display:inherit;clear:left;\">per g<span class=\"_ _4\"></span>li anni d<span class=\"_ _4\"></span>\u2019impos<span class=\"_ _4\"></span>ta dal 201<span class=\"_ _2\"></span>5 al 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 2 agosto 2024 mediante la sot<span class=\"_ _4\"></span>toscri<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a la Soci<span class=\"_ _4\"></span>et\u00e0 e la </span><span style=\"display:inherit;clear:left;\">Dire<span class=\"_ _4\"></span>zione Re<span class=\"_ _4\"></span>gionale de<span class=\"_ _4\"></span>lla T<span class=\"_ _1c\"></span>o<span class=\"_ _4\"></span>scana di un pro<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>so ve<span class=\"_ _4\"></span>rbale di contr<span class=\"_ _4\"></span>addit<span class=\"_ _4\"></span>torio, pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali s<span class=\"_ _4\"></span>i rimanda al paragr<span class=\"_ _4\"></span>afo 29 \u201cD<span class=\"_ _4\"></span>ebiti T<span class=\"_ _2\"></span>ribut<span class=\"_ _4\"></span>ari<span class=\"_ _4\"></span>\u201d ed alla Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatti di r<span class=\"_ _4\"></span>ilievo av<span class=\"_ _4\"></span>venuti </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio \u2013 V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antonamenti s<span class=\"_ _4\"></span>ono relat<span class=\"_ _4\"></span>ivi prin<span class=\"_ _4\"></span>cipalmente a co<span class=\"_ _4\"></span>ntrovers<span class=\"_ _4\"></span>ie fi<span class=\"_ _4\"></span>scali, de<span class=\"_ _4\"></span>l lavoro e leg<span class=\"_ _4\"></span>ali sor<span class=\"_ _4\"></span>te ne<span class=\"_ _4\"></span>l cors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4; pe<span class=\"_ _4\"></span>r mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li sui conten<span class=\"_ _4\"></span>ziosi f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cali si riman<span class=\"_ _4\"></span>da alla Relazio<span class=\"_ _4\"></span>ne sulla Ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne, parag<span class=\"_ _4\"></span>rafo \u201cFatt<span class=\"_ _4\"></span>i di rilievo </span><span style=\"display:inherit;clear:left;\">av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio \u2013 Verif<span class=\"_ _4\"></span>iche e conte<span class=\"_ _4\"></span>nzios<span class=\"_ _4\"></span>i fis<span class=\"_ _4\"></span>cali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">Il fondo p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi diver<span class=\"_ _4\"></span>si compre<span class=\"_ _4\"></span>nde prin<span class=\"_ _4\"></span>cipalmente acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti a fronte di probab<span class=\"_ _4\"></span>ili pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0, tra cui la pr<span class=\"_ _4\"></span>inci<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pale \u00e8 re<span class=\"_ _4\"></span>lativa ai co<span class=\"_ _4\"></span>sti di ripri<span class=\"_ _4\"></span>stino lo<span class=\"_ _4\"></span>cali in af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto da te<span class=\"_ _4\"></span>rzi c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in rela<span class=\"_ _4\"></span>zione agli ob<span class=\"_ _4\"></span>blighi contr<span class=\"_ _4\"></span>attuali pre<span class=\"_ _4\"></span>senti </span><span style=\"display:inherit;clear:left;\">nei re<span class=\"_ _4\"></span>lativi co<span class=\"_ _4\"></span>ntratti di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto (Euro 1<span class=\"_ _2\"></span>9.<span class=\"_ _4\"></span>36<span class=\"_ _4\"></span>6 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e Euro 1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>333 migliai<span class=\"_ _1\"></span>a al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _1\"></span>). </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>acc<span class=\"_ _4\"></span>antonamento di p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do si riferi<span class=\"_ _4\"></span>sce p<span class=\"_ _4\"></span>er Euro 4.739 migliai<span class=\"_ _1\"></span>a ai cos<span class=\"_ _4\"></span>ti di ripris<span class=\"_ _4\"></span>tino lo<span class=\"_ _4\"></span>cali.  </span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 poten<span class=\"_ _4\"></span>ziali a livello di G<span class=\"_ _4\"></span>ruppo, pe<span class=\"_ _4\"></span>r le quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati a<span class=\"_ _4\"></span>ccantoname<span class=\"_ _4\"></span>nti, si </span><span style=\"display:inherit;clear:left;\">rimanda alla Rela<span class=\"_ _4\"></span>zione s<span class=\"_ _4\"></span>ulla gest<span class=\"_ _4\"></span>ione, s<span class=\"_ _4\"></span>ezio<span class=\"_ _4\"></span>ne \u201cFat<span class=\"_ _4\"></span>ti di rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzio<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscali e do<span class=\"_ _4\"></span>ganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__122": {
   "value": "<span style=\"display:inherit;clear:left;\">24. P<span class=\"_ _44\"></span>assivit\u00e0 per benefici ai dipendenti</span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella ch<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>e most<span class=\"_ _4\"></span>ra la compo<span class=\"_ _4\"></span>sizio<span class=\"_ _4\"></span>ne dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici pe<span class=\"_ _4\"></span>r i dipen<span class=\"_ _4\"></span>denti al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per benefici definiti ai dipendenti<span class=\"_ _30a\"> </span>5.659 <span class=\"_ _211\"> </span>6.754<span class=\"_ _1f2\"> </span>(1.095) </span><span style=\"display:inherit;clear:left;\">Altre passivit\u00e0 per benefici ai dipendenti <span class=\"_ _307\"> </span>367 <span class=\"_ _23e\"> </span>200<span class=\"_ _263\"> </span>167 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>6.026 <span class=\"_ _2b6\"> </span>6.954<span class=\"_ _99\"> </span>(928) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cPas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi ai dipe<span class=\"_ _4\"></span>ndenti<span class=\"_ _4\"></span>\u201d r<span class=\"_ _4\"></span>icompre<span class=\"_ _4\"></span>nde il valor<span class=\"_ _4\"></span>e del TFR della S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">e le altre pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi ai dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di alcune so<span class=\"_ _4\"></span>ciet\u00e0 e<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>re del G<span class=\"_ _4\"></span>ruppo.</span><span style=\"display:inherit;clear:left;\">La mov<span class=\"_ _4\"></span>imenta<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dipe<span class=\"_ _4\"></span>ndenti p<span class=\"_ _4\"></span>er il 202<span class=\"_ _2\"></span>4 e 2023 \u00e8 illus<span class=\"_ _4\"></span>trat<span class=\"_ _4\"></span>a nel pro<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>guente:<span class=\"_ _4\"></span> <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _162\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 </span><span style=\"display:inherit;clear:left;\">Obblig. per </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">per benefici </span><span style=\"display:inherit;clear:left;\">Obblig. per </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">per benefici </span><span style=\"display:inherit;clear:left;\">benefici </span><span style=\"display:inherit;clear:left;\">delle attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">definiti a </span><span style=\"display:inherit;clear:left;\">benefici </span><span style=\"display:inherit;clear:left;\">delle attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">definiti a </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">a dip.</span><span style=\"display:inherit;clear:left;\">del piano</span><span style=\"display:inherit;clear:left;\">dip.</span><span style=\"display:inherit;clear:left;\">a dip.</span><span style=\"display:inherit;clear:left;\">del piano</span><span style=\"display:inherit;clear:left;\">dip.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore al 01.01<span class=\"_ _9a\"> </span>12.954 <span class=\"_ _19a\"> </span>(6.200) <span class=\"_ _1dc\"> </span>6.754 <span class=\"_ _85\"> </span>13.632<span class=\"_ _e1\"> </span>(6.119)<span class=\"_ _85\"> </span>7.513</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto relati<span class=\"_ _1\"></span>vo alle prestazioni di la<span class=\"_ _2\"></span>voro cor<span class=\"_ _1\"></span>renti<span class=\"_ _177\"> </span>453 <span class=\"_ _2a3\"> </span>- <span class=\"_ _89\"> </span><span class=\"ff62\">453 <span class=\"_ _15b\"> </span></span>374<span class=\"_ _d4\"> </span>-<span class=\"_ _11f\"> </span><span class=\"ff62\">374</span></span><span style=\"display:inherit;clear:left;\">Oneri/(proventi) finanziari<span class=\"_ _2dd\"> </span>395 <span class=\"_ _87\"> </span>(154) <span class=\"_ _30b\"> </span><span class=\"ff62\">241 <span class=\"_ _a1\"> </span></span>442<span class=\"_ _30b\"> </span>(146)<span class=\"_ _11f\"> </span><span class=\"ff62\">296</span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazioni incluse nel risultato netto del periodo<span class=\"_ _30c\"> </span>848 <span class=\"_ _86\"> </span>(154) <span class=\"_ _89\"> </span>694 <span class=\"_ _a1\"> </span>816<span class=\"_ _257\"> </span>(146)<span class=\"_ _11f\"> </span>670</span><span style=\"display:inherit;clear:left;\">Rendimento delle attivit\u00e0 a servizio del piano<span class=\"_ _1ac\"> </span>- <span class=\"_ _85\"> </span>(252) <span class=\"_ _1b8\"> </span><span class=\"ff62\">(252) <span class=\"_ _2da\"> </span></span>-<span class=\"_ _30b\"> </span>(183)<span class=\"_ _257\"> </span><span class=\"ff62\">(183)</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdita<span class=\"_ _4\"></span>/(<span class=\"_ _4\"></span>profitto) attuariale deri<span class=\"_ _1\"></span>vante da:<span class=\"_ _175\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2a3\"> </span><span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">- ipotesi finanziarie<span class=\"_ _284\"> </span>(164) <span class=\"_ _e2\"> </span>- <span class=\"_ _60\"> </span><span class=\"ff62\">(164) <span class=\"_ _a1\"> </span></span>159<span class=\"_ _d9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff62\">159</span></span><span style=\"display:inherit;clear:left;\">- ipotesi demografiche<span class=\"_ _20\"> </span><span class=\"ls71 ws12\">(7) <span class=\"_ _2a3\"> </span></span>- <span class=\"_ _1b9\"> </span><span class=\"ff62 ls71 ws12\">(7) <span class=\"_ _2a6\"> </span></span>6<span class=\"_ _d9\"> </span>-<span class=\"_ _e2\"> </span><span class=\"ff62\">6</span></span><span style=\"display:inherit;clear:left;\">- rettifiche basate sull\u2019esperienza<span class=\"_ _c7\"> </span>(229) <span class=\"_ _e2\"> </span>- <span class=\"_ _60\"> </span><span class=\"ff62\">(229) <span class=\"_ _2f5\"> </span></span><span class=\"ls71 ws12\">(77)<span class=\"_ _d4\"> </span></span>-<span class=\"_ _105\"> </span><span class=\"ff62 ls71 ws12\">(77)</span></span><span style=\"display:inherit;clear:left;\">Differenza di c<span class=\"_ _2\"></span>onversione<span class=\"_ _31\"> </span>158 <span class=\"_ _151\"> </span><span class=\"ls35 ws38\">(<span class=\"_ _4\"></span>73)<span class=\"_ _4\"></span> <span class=\"_ _127\"> </span></span><span class=\"ff62\">85 <span class=\"_ _11f\"> </span></span>(284)<span class=\"_ _c3\"> </span>228<span class=\"_ _127\"> </span><span class=\"ff62\">(56)</span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazioni incluse nelle altre c<span class=\"_ _1\"></span>omponenti </span><span style=\"display:inherit;clear:left;\">(242) <span class=\"_ _86\"> </span>(325) <span class=\"_ _60\"> </span>(567) <span class=\"_ _127\"> </span>(196)<span class=\"_ _111\"> </span>45<span class=\"_ _257\"> </span>(151)</span><span style=\"display:inherit;clear:left;\">del conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontributi versati dal datore di l<span class=\"_ _1\"></span>avor<span class=\"_ _2\"></span>o<span class=\"_ _30d\"> </span>(660) <span class=\"_ _1b9\"> </span>659 <span class=\"_ _1b9\"> </span><span class=\"ff62\">(1) <span class=\"_ _11f\"> </span></span>(400)<span class=\"_ _c3\"> </span>397<span class=\"_ _74\"> </span><span class=\"ff62 ls35 ws38\">(3)</span></span><span style=\"display:inherit;clear:left;\">Benefici erogati<span class=\"_ _18c\"> </span>(922) <span class=\"_ _85\"> </span>(299) <span class=\"_ _234\"> </span><span class=\"ff62\">(1.221) <span class=\"_ _67\"> </span></span>(898)<span class=\"_ _89\"> </span>(377<span class=\"_ _4\"></span>)<span class=\"_ _e1\"> </span><span class=\"ff62\">(1.275)</span></span><span style=\"display:inherit;clear:left;\">Altre variazioni<span class=\"_ _28f\"> </span>(1.582) <span class=\"_ _1b9\"> </span>360 <span class=\"_ _234\"> </span>(1.222) <span class=\"_ _86\"> </span>(1.298)<span class=\"_ _111\"> </span>20<span class=\"_ _e1\"> </span>(1.278)</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore alla fine del periodo<span class=\"_ _302\"> </span>11.978 <span class=\"_ _19a\"> </span>(6.319) <span class=\"_ _1dc\"> </span>5.659 <span class=\"_ _85\"> </span>12.954<span class=\"_ _e1\"> </span>(6.200)<span class=\"_ _85\"> </span>6.754</span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. \u00e8 p<span class=\"_ _4\"></span>ari a Euro 4.34<span class=\"_ _4\"></span>4 migliaia, in diminuzio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne di Euro 538 migliaia rispet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 di<span class=\"_ _4\"></span>cembre 2023.  </span><span style=\"display:inherit;clear:left;\">Le principali a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie us<span class=\"_ _4\"></span>ate nella de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore at<span class=\"_ _4\"></span>tuale del tr<span class=\"_ _4\"></span>att<span class=\"_ _4\"></span>amento di f<span class=\"_ _4\"></span>ine rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">sono di s<span class=\"_ _4\"></span>eguito illu<span class=\"_ _4\"></span>strate: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _f6\"> </span>2,83<span class=\"_ _c0\"> </span>2,84%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _30e\"> </span>2,44<span class=\"_ _c0\"> </span>2,56%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di inf<span class=\"_ _4\"></span>lazione<span class=\"_ _30f\"> </span>2,10<span class=\"_ _c0\"> </span>2,10%</span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le ip<span class=\"_ _4\"></span>otesi d<span class=\"_ _4\"></span>emogr<span class=\"_ _4\"></span>afich<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zate n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi della S<span class=\"_ _4\"></span>al<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pe<span class=\"_ _4\"></span>r il tas<span class=\"_ _4\"></span>so di mor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>alit\u00e0 \u00e8 s<span class=\"_ _4\"></span>tato pre<span class=\"_ _4\"></span>so a rife<span class=\"_ _4\"></span>rimento que<span class=\"_ _4\"></span>llo della p<span class=\"_ _4\"></span>opola<span class=\"_ _4\"></span>zione it<span class=\"_ _4\"></span>aliana rilevato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019I<span class=\"_ _4\"></span>ST<span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>T del 20<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0, ridot<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l 25%, dis<span class=\"_ _4\"></span>tinto pe<span class=\"_ _4\"></span>r et\u00e0 e se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o; mentre il ta<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di probabilit<span class=\"_ _4\"></span>\u00e0 di uscit<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 lavo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rativ<span class=\"_ _4\"></span>a \u00e8 st<span class=\"_ _4\"></span>ato stimato pari al 5,47% annuo.  </span><span style=\"display:inherit;clear:left;\">La pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>lle soci<span class=\"_ _4\"></span>et\u00e0 no<span class=\"_ _4\"></span>n italiane de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce a Ferr<span class=\"_ _4\"></span>agamo Japan KK<span class=\"_ _4\"></span>, Fe<span class=\"_ _4\"></span>rragamo </span><span style=\"display:inherit;clear:left;\">Ret<span class=\"_ _4\"></span>ail T<span class=\"_ _1c\"></span>aiwan Limit<span class=\"_ _4\"></span>ed, Fe<span class=\"_ _4\"></span>rragamo Franc<span class=\"_ _4\"></span>e S.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>.<span class=\"_ _4\"></span>S., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Monte<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>Carlo S<span class=\"_ _4\"></span>AM, Fer<span class=\"_ _4\"></span>ragamo B<span class=\"_ _4\"></span>elgique S<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>, Ferrag<span class=\"_ _4\"></span>amo </span><span style=\"display:inherit;clear:left;\">Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>.de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L.d<span class=\"_ _4\"></span>e C.<span class=\"_ _1\"></span>V<span class=\"_ _2\"></span>., Ferr<span class=\"_ _4\"></span>agamo Us<span class=\"_ _4\"></span>a Inc., Fe<span class=\"_ _4\"></span>rragamo (<span class=\"_ _4\"></span>Thailand<span class=\"_ _4\"></span>) Limited, Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o (<span class=\"_ _1\"></span>Suiss<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>) SA<span class=\"_ _4\"></span>, e<span class=\"_ _4\"></span>d \u00e8 pari a Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>4 migliaia, in diminuzione di Euro 558 migliaia risp<span class=\"_ _4\"></span>etto al 31 dicembre 2023. Il valo<span class=\"_ _4\"></span>re \u00e8 esp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>so al net<span class=\"_ _4\"></span>to del <span class=\"ff5f ls0 ws0\">fa<span class=\"_ _4\"></span>ir </span></span><span style=\"display:inherit;clear:left;\">value<span class=\"_ _4\"></span><span class=\"ff5c ls3 ws0\"> delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 al se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio d<span class=\"_ _4\"></span>el piano, cos<span class=\"_ _4\"></span>tituite pre<span class=\"_ _4\"></span>valent<span class=\"_ _4\"></span>emente da p<span class=\"_ _4\"></span>oliz<span class=\"_ _4\"></span>ze as<span class=\"_ _4\"></span>sicurati<span class=\"_ _4\"></span>ve. </span></span><span style=\"display:inherit;clear:left;\">Le principali a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ioni f<span class=\"_ _4\"></span>inanziarie us<span class=\"_ _4\"></span>ate nella de<span class=\"_ _4\"></span>terminaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l valore at<span class=\"_ _4\"></span>tuale delle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dip<span class=\"_ _4\"></span>en<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">denti s<span class=\"_ _4\"></span>ono di se<span class=\"_ _4\"></span>guito illus<span class=\"_ _4\"></span>trate: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di aumento delle retribuzioni<span class=\"_ _1fd\"> </span>1,86% - 5,50% <span class=\"_ _21\"> </span>1,86% - 5,50%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _310\"> </span>0,99% -10,81% <span class=\"_ _21\"> </span>0,99% - 9,42%</span><span style=\"display:inherit;clear:left;\">Per quanto riguarda le ip<span class=\"_ _4\"></span>otesi d<span class=\"_ _4\"></span>emogr<span class=\"_ _4\"></span>afich<span class=\"_ _4\"></span>e utiliz<span class=\"_ _4\"></span>zate n<span class=\"_ _4\"></span>ella valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi de<span class=\"_ _4\"></span>lle so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 non italiane d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, il tas<span class=\"_ _4\"></span>so di mor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>alit\u00e0 pre<span class=\"_ _4\"></span>so a rife<span class=\"_ _4\"></span>rimento \u00e8 que<span class=\"_ _4\"></span>llo <span class=\"ff5f ws5d\">standard</span> pe<span class=\"_ _4\"></span>r ogni po<span class=\"_ _4\"></span>polaz<span class=\"_ _4\"></span>ione lo<span class=\"_ _4\"></span>cale </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ata, dis<span class=\"_ _4\"></span>tinto per e<span class=\"_ _4\"></span>t\u00e0 e se<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o; mentre pe<span class=\"_ _4\"></span>r il tas<span class=\"_ _4\"></span>so di rot<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>onale so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ate stimate le fr<span class=\"_ _4\"></span>equen<span class=\"_ _4\"></span>ze </span><span style=\"display:inherit;clear:left;\">annue sulla bas<span class=\"_ _4\"></span>e dei singoli dati a<span class=\"_ _4\"></span>zien<span class=\"_ _4\"></span>dali.</span><span style=\"display:inherit;clear:left;\">Vie<span class=\"_ _4\"></span>ne di seg<span class=\"_ _4\"></span>uito riep<span class=\"_ _4\"></span>ilogata un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>analisi quantit<span class=\"_ _4\"></span>ativa de<span class=\"_ _4\"></span>lla sens<span class=\"_ _4\"></span>itiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r le as<span class=\"_ _4\"></span>sunzio<span class=\"_ _4\"></span>ni signifi<span class=\"_ _4\"></span>cative al 31 dicembre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">ed al 31 d<span class=\"_ _1\"></span>icemb<span class=\"_ _4\"></span>re 2023  per l<span class=\"_ _4\"></span>\u2019obbliga<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici a dipe<span class=\"_ _4\"></span>ndenti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., c<span class=\"_ _4\"></span>he rappre<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>inciden<span class=\"_ _4\"></span>za mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>e sul valore tot<span class=\"_ _4\"></span>ale de<span class=\"_ _4\"></span>lle obblig<span class=\"_ _4\"></span>azioni p<span class=\"_ _4\"></span>er be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi a dipe<span class=\"_ _4\"></span>ndenti:</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _11c\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _28a\"> </span>Var %<span class=\"_ _15f\"> </span>Incrementi<span class=\"_ _233\"> </span>Decrementi<span class=\"_ _151\"> </span>Incr<span class=\"_ _2\"></span>ementi<span class=\"_ _e1\"> </span>Dec<span class=\"_ _1\"></span>rementi</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso annuo di attualiz<span class=\"_ _4\"></span>zazione<span class=\"_ _26e\"> </span>+/- 0,5% <span class=\"_ _12a\"> </span>(157)<span class=\"_ _215\"> </span>167<span class=\"_ _148\"> </span>(179)<span class=\"_ _25\"> </span>190</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di mortalit\u00e0<span class=\"_ _20b\"> </span>+/- 0,025% <span class=\"_ _1f9\"> </span>-<span class=\"_ _214\"> </span>-<span class=\"_ _29c\"> </span>-<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rotazione del personale<span class=\"_ _2c7\"> </span>+/- 0,5% <span class=\"_ _1f9\"> </span>-<span class=\"_ _1f1\"> </span>-<span class=\"_ _29c\"> </span>-<span class=\"_ _266\"> </span>-</span><span style=\"display:inherit;clear:left;\">Le analisi di se<span class=\"_ _4\"></span>nsiti<span class=\"_ _4\"></span>vit\u00e0 s<span class=\"_ _4\"></span>opra rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate ef<span class=\"_ _4\"></span>fettuate ip<span class=\"_ _4\"></span>otiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ando camb<span class=\"_ _4\"></span>iamenti ragio<span class=\"_ _4\"></span>nevoli ne<span class=\"_ _4\"></span>lle as<span class=\"_ _4\"></span>sunzioni </span><span style=\"display:inherit;clear:left;\">chiave nei due p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>di pos<span class=\"_ _4\"></span>ti a confronto.  </span><span style=\"display:inherit;clear:left;\">Il numero m<span class=\"_ _4\"></span>edio d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti (in t<span class=\"_ _4\"></span>ermini di <span class=\"ff5f ls3 ws0\">full t<span class=\"_ _4\"></span>ime equivalent<span class=\"ff5c\">) per c<span class=\"_ _4\"></span>ategor<span class=\"_ _4\"></span>ia \u00e8 ripor<span class=\"_ _4\"></span>tato n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella se<span class=\"_ _4\"></span>guente: </span></span></span><span style=\"display:inherit;clear:left;\">(</span><span style=\"display:inherit;clear:left;\">Full time equiv<span class=\"_ _2\"></span>alent<span class=\"ff62\">)<span class=\"_ _236\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span></span><span style=\"display:inherit;clear:left;\">Dirigenti, quadri e <span class=\"ff64\">store managers<span class=\"_ _223\"> </span></span>683 <span class=\"_ _27a\"> </span>710</span><span style=\"display:inherit;clear:left;\">Impiegati<span class=\"_ _1eb\"> </span>2.469 <span class=\"_ _23e\"> </span>2.575</span><span style=\"display:inherit;clear:left;\">Operai<span class=\"_ _311\"> </span>308 <span class=\"_ _27a\"> </span>299</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ersonale interinale<span class=\"_ _312\"> </span>99 <span class=\"_ _69\"> </span>87</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _313\"> </span>3.559 <span class=\"_ _c0\"> </span>3.671</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019organico me<span class=\"_ _4\"></span>dio \u00e8 sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>zialmente invariato r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__123": {
   "value": "<span style=\"display:inherit;clear:left;\">Il numero m<span class=\"_ _4\"></span>edio d<span class=\"_ _4\"></span>ei dipe<span class=\"_ _4\"></span>ndenti (in t<span class=\"_ _4\"></span>ermini di <span class=\"ff5f ls3 ws0\">full t<span class=\"_ _4\"></span>ime equivalent<span class=\"ff5c\">) per c<span class=\"_ _4\"></span>ategor<span class=\"_ _4\"></span>ia \u00e8 ripor<span class=\"_ _4\"></span>tato n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella se<span class=\"_ _4\"></span>guente: </span></span></span><span style=\"display:inherit;clear:left;\">(</span><span style=\"display:inherit;clear:left;\">Full time equiv<span class=\"_ _2\"></span>alent<span class=\"ff62\">)<span class=\"_ _236\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span></span><span style=\"display:inherit;clear:left;\">Dirigenti, quadri e <span class=\"ff64\">store managers<span class=\"_ _223\"> </span></span>683 <span class=\"_ _27a\"> </span>710</span><span style=\"display:inherit;clear:left;\">Impiegati<span class=\"_ _1eb\"> </span>2.469 <span class=\"_ _23e\"> </span>2.575</span><span style=\"display:inherit;clear:left;\">Operai<span class=\"_ _311\"> </span>308 <span class=\"_ _27a\"> </span>299</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ersonale interinale<span class=\"_ _312\"> </span>99 <span class=\"_ _69\"> </span>87</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _313\"> </span>3.559 <span class=\"_ _c0\"> </span>3.671</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019organico me<span class=\"_ _4\"></span>dio \u00e8 sos<span class=\"_ _4\"></span>tan<span class=\"_ _4\"></span>zialmente invariato r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>to all<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__124": {
   "value": "<span style=\"display:inherit;clear:left;\">25. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 non c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata nel p<span class=\"_ _4\"></span>rosp<span class=\"_ _4\"></span>etto s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti per passivit\u00e0 differite<span class=\"_ _f\"> </span>13.478 <span class=\"_ _f2\"> </span>14.556<span class=\"_ _2e0\"> </span>(1.078) </span><span style=\"display:inherit;clear:left;\">Altri debiti<span class=\"_ _314\"> </span>1.245 <span class=\"_ _23e\"> </span>1.667<span class=\"_ _b7\"> </span>(422) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>14.723 <span class=\"_ _f2\"> </span>16.223<span class=\"_ _176\"> </span>(1.500) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti p<span class=\"_ _4\"></span>er pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 dif<span class=\"_ _4\"></span>ferite<span class=\"_ _4\"></span>\u201d (<span class=\"_ _4\"></span>pari a Euro 1<span class=\"_ _2\"></span>3.47<span class=\"_ _2\"></span>8 migliaia al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4) si riferisc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alla </span><span style=\"display:inherit;clear:left;\">lineari<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zaz<span class=\"_ _4\"></span>ione dei c<span class=\"_ _4\"></span>ontributi ric<span class=\"_ _4\"></span>evuti dai lo<span class=\"_ _4\"></span>catori a f<span class=\"_ _4\"></span>ronte dei co<span class=\"_ _4\"></span>sti s<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nuti pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alle<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>imento dei n<span class=\"_ _4\"></span>egozi.  </span><span style=\"display:inherit;clear:left;\">Al 3<span class=\"_ _1\"></span>1 dicembre 2024 la voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltri debit<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce al de<span class=\"_ _4\"></span>bito nei co<span class=\"_ _4\"></span>nfronti dei dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti del Gr<span class=\"_ _4\"></span>uppo pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">bonu<span class=\"_ _4\"></span>s</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">variabili a lungo te<span class=\"_ _4\"></span>rmine; e per Euro 47<span class=\"_ _2\"></span>1 migliaia a de<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauz<span class=\"_ _4\"></span>ionali ricev<span class=\"_ _4\"></span>uti pe<span class=\"_ _4\"></span>r contratt<span class=\"_ _4\"></span>i di aff<span class=\"_ _4\"></span>itt<span class=\"_ _4\"></span>o attivo (Euro 236 </span><span style=\"display:inherit;clear:left;\">migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023<span class=\"_ _2\"></span>).</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__126": {
   "value": "<span style=\"display:inherit;clear:left;\">27. Debiti c<span class=\"_ _2\"></span>ommerciali</span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a di seg<span class=\"_ _4\"></span>uito il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i debiti c<span class=\"_ _4\"></span>ommerciali:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali<span class=\"_ _33\"> </span>162.801 <span class=\"_ _ca\"> </span>172.000 <span class=\"_ _25\"> </span>(9.199) </span><span style=\"display:inherit;clear:left;\">Anticipi da clienti<span class=\"_ _29b\"> </span>1.645 <span class=\"_ _23e\"> </span>1.323 <span class=\"_ _c0\"> </span>322 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _237\"> </span>164.446 <span class=\"_ _2e0\"> </span>173.323 <span class=\"_ _32\"> </span>(8.877) </span><span style=\"display:inherit;clear:left;\">I debit<span class=\"_ _4\"></span>i commerciali no<span class=\"_ _4\"></span>n produco<span class=\"_ _4\"></span>no intere<span class=\"_ _4\"></span>ssi e s<span class=\"_ _4\"></span>ono in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za rego<span class=\"_ _4\"></span>lati a 60/9<span class=\"_ _4\"></span>0 giorni<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>al<span class=\"_ _4\"></span>e valore inclu<span class=\"_ _4\"></span>de i debit<span class=\"_ _4\"></span>i relativ<span class=\"_ _4\"></span>i al normale s<span class=\"_ _4\"></span>volgime<span class=\"_ _4\"></span>nto dell<span class=\"_ _4\"></span>\u2019attivit<span class=\"_ _4\"></span>\u00e0 comme<span class=\"_ _4\"></span>rciale da par<span class=\"_ _4\"></span>te dell<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo, </span><span style=\"display:inherit;clear:left;\">in par<span class=\"_ _4\"></span>ticolare i co<span class=\"_ _4\"></span>sti p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019acquisto di mate<span class=\"_ _4\"></span>rie prime<span class=\"_ _4\"></span>, compon<span class=\"_ _4\"></span>enti e i cos<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r le lavoraz<span class=\"_ _4\"></span>ioni.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__127": {
   "value": "<span style=\"display:inherit;clear:left;\">28. P<span class=\"_ _44\"></span>assivit\u00e0 per r<span class=\"_ _1c\"></span>esi</span><span style=\"display:inherit;clear:left;\">Con rife<span class=\"_ _4\"></span>rimento al dirit<span class=\"_ _4\"></span>to di res<span class=\"_ _4\"></span>o di cui ai \u201cR<span class=\"_ _4\"></span>icav<span class=\"_ _4\"></span>i da contratt<span class=\"_ _4\"></span>i con clienti<span class=\"_ _4\"></span>\u201d, la v<span class=\"_ _1\"></span>oce \u201c<span class=\"_ _4\"></span>Pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r resi<span class=\"_ _4\"></span>\u201d r<span class=\"_ _4\"></span>isulta p<span class=\"_ _4\"></span>ari a Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.4<span class=\"_ _4\"></span>8<span class=\"_ _1\"></span>1 migliaia al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 (Euro 9.<span class=\"_ _4\"></span>563 migliaia al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>) e si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e alla pass<span class=\"_ _4\"></span>ivit<span class=\"_ _4\"></span>\u00e0 nei co<span class=\"_ _4\"></span>nfronti </span><span style=\"display:inherit;clear:left;\">dei clie<span class=\"_ _4\"></span>nti per l<span class=\"_ _4\"></span>\u2019ammontare de<span class=\"_ _4\"></span>i resi di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti che si s<span class=\"_ _4\"></span>tima saranno r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ituiti.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__129-1": {
   "value": "<span style=\"display:inherit;clear:left;\">30. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti </span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti<span class=\"_ _4\"></span>\u201d \u00e8 ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziata ne<span class=\"_ _4\"></span>l prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o segu<span class=\"_ _4\"></span>ente:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Debiti diver<span class=\"_ _1\"></span>si <span class=\"_ _14e\"> </span>4.526 <span class=\"_ _b7\"> </span>12.533 <span class=\"_ _80\"> </span>(8.007) </span><span style=\"display:inherit;clear:left;\">Debiti verso dipendenti <span class=\"_ _2d5\"> </span>21.877 <span class=\"_ _f3\"> </span>27.344 <span class=\"_ _80\"> </span>(5.467<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">Debiti verso istituti pr<span class=\"_ _2\"></span>evidenziali <span class=\"_ _2a7\"> </span>5.185 <span class=\"_ _23e\"> </span>5.252 <span class=\"_ _29c\"> </span>(67) </span><span style=\"display:inherit;clear:left;\">Ratei passivi <span class=\"_ _2b9\"> </span>975 <span class=\"_ _76\"> </span>906 <span class=\"_ _8e\"> </span>69 </span><span style=\"display:inherit;clear:left;\">Risconti passivi <span class=\"_ _318\"> </span>1.812 <span class=\"_ _23e\"> </span>2.213 <span class=\"_ _cd\"> </span>(401) </span><span style=\"display:inherit;clear:left;\">Strumenti derivati di copert<span class=\"_ _1\"></span>ura <span class=\"_ _319\"> </span>9.776 <span class=\"_ _27a\"> </span>558 <span class=\"_ _1f9\"> </span>9.218 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>44.151 <span class=\"_ _f2\"> </span>48.806 <span class=\"_ _32\"> </span>(4.655) </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti ve<span class=\"_ _4\"></span>rso dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d acco<span class=\"_ _4\"></span>glie il debito d<span class=\"_ _4\"></span>el Grup<span class=\"_ _4\"></span>po nei co<span class=\"_ _4\"></span>nfronti dei dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti per c<span class=\"_ _4\"></span>ompete<span class=\"_ _4\"></span>nze maturate </span><span style=\"display:inherit;clear:left;\">e non anco<span class=\"_ _4\"></span>ra liquidate alla data di chius<span class=\"_ _4\"></span>ura del bilanc<span class=\"_ _4\"></span>io (Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>877 migliaia, in diminuz<span class=\"_ _4\"></span>ione ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al valore d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 2023 pari a Euro 27<span class=\"_ _44\"></span>.<span class=\"_ _4\"></span>34<span class=\"_ _4\"></span>4 migliaia<span class=\"_ _2\"></span>). A<span class=\"_ _4\"></span>l 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 la voce \u201c<span class=\"_ _4\"></span>Deb<span class=\"_ _4\"></span>iti diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d acc<span class=\"_ _4\"></span>ogliev<span class=\"_ _4\"></span>a il debito p<span class=\"_ _4\"></span>er IRE<span class=\"_ _4\"></span>S </span><span style=\"display:inherit;clear:left;\">ver<span class=\"_ _4\"></span>so la controllante F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 4.<span class=\"_ _4\"></span>942 migliaia (<span class=\"_ _2\"></span>al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 ri<span class=\"_ _4\"></span>sulta un cre<span class=\"_ _4\"></span>dito pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.576 migliaia<span class=\"_ _2\"></span>), di per<span class=\"_ _4\"></span>tin<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a della Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. maturato ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>amb<span class=\"_ _4\"></span>ito del con<span class=\"_ _4\"></span>solidato f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale </span><span style=\"display:inherit;clear:left;\">nazio<span class=\"_ _4\"></span>nale.</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cD<span class=\"_ _4\"></span>ebiti ve<span class=\"_ _4\"></span>rso i<span class=\"_ _4\"></span>stituti p<span class=\"_ _4\"></span>revid<span class=\"_ _4\"></span>enziali<span class=\"_ _4\"></span>\u201d ac<span class=\"_ _4\"></span>coglie de<span class=\"_ _4\"></span>biti ver<span class=\"_ _4\"></span>so is<span class=\"_ _4\"></span>tituti di pre<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nza, li<span class=\"_ _4\"></span>quidati nel me<span class=\"_ _4\"></span>se su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>sivo </span><span style=\"display:inherit;clear:left;\">alla chiusura, re<span class=\"_ _4\"></span>lativi ai c<span class=\"_ _4\"></span>ompen<span class=\"_ _4\"></span>si spe<span class=\"_ _4\"></span>tt<span class=\"_ _4\"></span>anti ai dipend<span class=\"_ _4\"></span>enti. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati di co<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>\u201d ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia la valuta<span class=\"_ _4\"></span>zione al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span><span class=\"ff5f\">fair value<span class=\"ff5c\">) al<span class=\"_ _1\"></span>la f<span class=\"_ _4\"></span>ine dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio </span></span></span><span style=\"display:inherit;clear:left;\">degli s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>ompone<span class=\"_ _4\"></span>nte di cope<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tura<span class=\"_ _1\"></span>), in ess<span class=\"_ _4\"></span>ere, s<span class=\"_ _4\"></span>tipulati dalla Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione del r<span class=\"_ _4\"></span>ischio di </span><span style=\"display:inherit;clear:left;\">cambio. Pe<span class=\"_ _4\"></span>r magg<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 32 \u201c<span class=\"_ _4\"></span>Strumenti f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari e valuta<span class=\"_ _4\"></span>zione al <span class=\"ff5f\">fair value\u201d<span class=\"ff62 ls0\">.</span></span></span><span style=\"display:inherit;clear:left;\">31. <span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>e passivit\u00e0 finanziarie c<span class=\"_ _2\"></span>or<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>enti</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lla voce \u201c<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ltre pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>e correnti<span class=\"_ _4\"></span>\u201d \u00e8 e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nziata n<span class=\"_ _4\"></span>el pros<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to se<span class=\"_ _4\"></span>guente:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _2a7\"> </span>31 dicembre 2024<span class=\"_ _e1\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Strumenti derivati a br<span class=\"_ _1\"></span>eve termine<span class=\"_ _186\"> </span>1.710 <span class=\"_ _27a\"> </span>384 <span class=\"_ _211\"> </span>1.326 </span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari corr<span class=\"_ _2\"></span>enti<span class=\"_ _94\"> </span>1.134 <span class=\"_ _76\"> </span>898 <span class=\"_ _23e\"> </span>236 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>2.844 <span class=\"_ _c0\"> </span>1.282 <span class=\"_ _2b6\"> </span>1.562 </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cStr<span class=\"_ _4\"></span>umenti de<span class=\"_ _4\"></span>rivati a br<span class=\"_ _4\"></span>eve termin<span class=\"_ _4\"></span>e\u201d a<span class=\"_ _4\"></span>ccoglie pr<span class=\"_ _4\"></span>incipalmente il <span class=\"ff5f\">fair value</span><span class=\"ls6 ws129\"> degli strumenti finanziari <span class=\"_ _1\"></span>derivati </span></span><span style=\"display:inherit;clear:left;\">aventi <span class=\"ff5f ws114\">m<span class=\"_ _4\"></span>ark to market<span class=\"ff5c\"> negativo alla dat<span class=\"_ _4\"></span>a di chiusura de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>ior det<span class=\"_ _4\"></span>taglio s<span class=\"_ _4\"></span>i rinvia alla succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va not<span class=\"_ _4\"></span>a </span></span></span><span style=\"display:inherit;clear:left;\">32 \u201cStrume<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari e valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e al <span class=\"ff5f\">fair value<span class=\"_ _4\"></span></span><span class=\"ls3d ws147\">\u201d.<span class=\"_ _4\"></span>   </span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>ri debit<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari corre<span class=\"_ _4\"></span>nti<span class=\"_ _4\"></span>\u201d si riferi<span class=\"_ _4\"></span>sce alla valo<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella <span class=\"ff5f\">put option</span> at<span class=\"_ _4\"></span>tribuita ag<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti di mino<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ranz<span class=\"_ _4\"></span>a della Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K. di ve<span class=\"_ _4\"></span>nder<span class=\"_ _4\"></span>e alla Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. la pro<span class=\"_ _4\"></span>pria quota di par<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>cipaz<span class=\"_ _4\"></span>ione, v<span class=\"_ _4\"></span>alo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ata alle con<span class=\"_ _4\"></span>dizioni pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>te dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ccordo t<span class=\"_ _4\"></span>ra le par<span class=\"_ _4\"></span>ti. T<span class=\"_ _2\"></span>ale <span class=\"ff5f\">put option</span> \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a rilev<span class=\"_ _4\"></span>ata in controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ita al patrimo<span class=\"_ _4\"></span>nio </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di Grupp<span class=\"_ _4\"></span>o. Per mag<span class=\"_ _4\"></span>giori det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla not<span class=\"_ _4\"></span>a 43 \u201c<span class=\"_ _2\"></span>Accordi di <span class=\"ff5f\">Put e Call </span></span><span style=\"display:inherit;clear:left;\">su</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sen<span class=\"_ _4\"></span>ze</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">di</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Minoran<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__132": {
   "value": "<span style=\"display:inherit;clear:left;\">32. Strumenti finanziari e valutazione al </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>gli str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019o<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>ca dell<span class=\"_ _5\"></span>\u2019IFR<span class=\"_ _4\"></span>S 9 \u00e8 tras<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>sale a di<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>e voci di bilancio. D<span class=\"_ _4\"></span>i seg<span class=\"_ _4\"></span>uito si </span><span style=\"display:inherit;clear:left;\">ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>a la tab<span class=\"_ _4\"></span>ella che pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>a il valore c<span class=\"_ _4\"></span>ontabile d<span class=\"_ _4\"></span>egli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere, p<span class=\"_ _4\"></span>er c<span class=\"_ _4\"></span>ategoria di appar<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>nen<span class=\"_ _4\"></span>za, </span><span style=\"display:inherit;clear:left;\">pos<span class=\"_ _4\"></span>to a confronto c<span class=\"_ _4\"></span>on i corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>enti valo<span class=\"_ _4\"></span>ri equi al 3<span class=\"_ _1\"></span>1 dicembre 2024 e al 3<span class=\"_ _2\"></span>1 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Classific<span class=\"_ _2\"></span>azione degli st<span class=\"_ _4\"></span>rumenti finanziari e r<span class=\"_ _2\"></span>appresent<span class=\"_ _1\"></span>azione del lor<span class=\"_ _2\"></span>o <span class=\"ff64\">fair value</span></span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _2\"></span>TTIV<span class=\"_ _1\"></span>IT<span class=\"_ _1c\"></span>\u00c0 FINANZIARIE</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61 ls35 ws38\"> con</span></span></span><span style=\"display:inherit;clear:left;\">variazioni imputate a c<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _141\"> </span>307 <span class=\"_ _d0\"> </span>- <span class=\"_ _21\"> </span>307 <span class=\"_ _e2\"> </span>1.535<span class=\"_ _176\"> </span>-<span class=\"_ _74\"> </span>1.535</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>itoli detenuti con finalit\u00e0 speculative<span class=\"_ _260\"> </span>13 <span class=\"_ _d0\"> </span>- <span class=\"_ _d8\"> </span>13 <span class=\"_ _32\"> </span>37<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>37</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 v<span class=\"_ _2\"></span>alutate al costo ammortizzato<span class=\"_ _30c\"> </span> <span class=\"_ _2ef\"> </span> <span class=\"_ _65\"> </span> </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs carte di credito<span class=\"_ _e4\"> </span>12.793 <span class=\"_ _31a\"> </span>- <span class=\"_ _123\"> </span>12.793 <span class=\"_ _74\"> </span>15.608<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>15.608</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi vs clienti<span class=\"_ _27d\"> </span>84.579 <span class=\"_ _31a\"> </span>- <span class=\"_ _123\"> </span>84.579 <span class=\"_ _67\"> </span>106.821<span class=\"_ _176\"> </span>-<span class=\"_ _30b\"> </span>106.821</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali<span class=\"_ _31b\"> </span>- <span class=\"_ _151\"> </span>13.578 <span class=\"_ _123\"> </span>13.578 <span class=\"_ _1f9\"> </span>-<span class=\"_ _127\"> </span>13.760<span class=\"_ _67\"> </span>13.760</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0 finanziarie c<span class=\"_ _2\"></span>orrenti<span class=\"_ _162\"> </span>50.401 <span class=\"_ _d0\"> </span>- <span class=\"_ _123\"> </span>50.401 <span class=\"_ _74\"> </span>35.240<span class=\"_ _176\"> </span>-<span class=\"_ _67\"> </span>35.240</span><span style=\"display:inherit;clear:left;\">Disponibilit\u00e0 liquide e mezzi equivalenti<span class=\"_ _1f1\"> </span>238.194 <span class=\"_ _d1\"> </span> <span class=\"_ _23f\"> </span>238.194 <span class=\"_ _11f\"> </span>268.988<span class=\"_ _176\"> </span>-<span class=\"_ _89\"> </span>268.988</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 finanziarie al <span class=\"ff64\">fair v<span class=\"_ _2\"></span>al<span class=\"_ _4\"></span>ue<span class=\"ff61\"> con v<span class=\"_ _2\"></span>ariazioni </span></span></span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _6e\"> </span><span class=\"ws144\">1.612  <span class=\"_ _25\"> </span>-    <span class=\"_ _151\"> </span></span>1.612 <span class=\"_ _2a3\"> </span>6.813 <span class=\"_ _d0\"> </span>- <span class=\"_ _b4\"> </span>6.813</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>387.899 <span class=\"_ _151\"> </span>13.578 <span class=\"_ _19c\"> </span>401.477 <span class=\"_ _127\"> </span>435.042<span class=\"_ _1b9\"> </span>13.760<span class=\"_ _8b\"> </span>448.802</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>ASSIVIT<span class=\"_ _1c\"></span>\u00c0 FINANZIARIE </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _2c7\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alore c<span class=\"_ _2\"></span>ontabile</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">Quota</span><span style=\"display:inherit;clear:left;\">Quota non</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\"> cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>rente</span><span style=\"display:inherit;clear:left;\">Fair V<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 valutate al costo ammortizzato<span class=\"_ _6f\"> </span> <span class=\"_ _2ef\"> </span> <span class=\"_ _65\"> </span> </span><span style=\"display:inherit;clear:left;\">Debiti verso for<span class=\"_ _2\"></span>nitori e acconti<span class=\"_ _2e2\"> </span>164.447 <span class=\"_ _31a\"> </span>- <span class=\"_ _1da\"> </span>164.447 <span class=\"_ _11f\"> </span>173.323<span class=\"_ _176\"> </span>-<span class=\"_ _30b\"> </span>173.323</span><span style=\"display:inherit;clear:left;\">Debiti verso banche <span class=\"_ _31c\"> </span>113.291 <span class=\"_ _d0\"> </span>- <span class=\"_ _1da\"> </span>113.291 <span class=\"_ _111\"> </span>80.129<span class=\"_ _176\"> </span>-<span class=\"_ _127\"> </span>80.129</span><span style=\"display:inherit;clear:left;\">Altri debiti finanziari<span class=\"_ _29\"> </span>1.134 <span class=\"_ _d0\"> </span>- <span class=\"_ _8a\"> </span>1.134 <span class=\"_ _148\"> </span>898<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>898</span><span style=\"display:inherit;clear:left;\">Debiti verso azionisti per di<span class=\"_ _1\"></span>videndi<span class=\"_ _1d2\"> </span>- <span class=\"_ _d1\"> </span> <span class=\"_ _2da\"> </span>- <span class=\"_ _1f9\"> </span>-<span class=\"_ _31d\"> </span>-</span><span style=\"display:inherit;clear:left;\">Depositi cauzionali <span class=\"_ _113\"> </span>317 <span class=\"_ _2a3\"> </span>471 <span class=\"_ _c1\"> </span>788 <span class=\"_ _148\"> </span>347<span class=\"_ _12a\"> </span>236<span class=\"_ _12a\"> </span>583</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _eb\"> </span></span>124.002 <span class=\"_ _85\"> </span>552.344 <span class=\"_ _67\"> </span>n<span class=\"_ _5\"></span>/<span class=\"_ _2\"></span>a* <span class=\"_ _11f\"> </span>114.439<span class=\"_ _30b\"> </span>596.603<span class=\"_ _bc\"> </span><span class=\"lsd4 wse3\">n<span class=\"_ _3\"></span>/a*</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al <span class=\"ff64\">fair value</span> con v<span class=\"_ _1\"></span>ariazioni </span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente non di copertur<span class=\"_ _2\"></span>a<span class=\"_ _f3\"> </span>1.711 <span class=\"_ _d0\"> </span>- <span class=\"_ _8a\"> </span>1.711 <span class=\"_ _148\"> </span>384<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>384</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0 finanziarie al<span class=\"ff64\"> fair value</span> con v<span class=\"_ _1\"></span>ariazioni </span><span style=\"display:inherit;clear:left;\">imputate a conto ec<span class=\"_ _1\"></span>onomico c<span class=\"_ _1\"></span>omplessivo</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _6e\"> </span>9.776 <span class=\"_ _d0\"> </span>- <span class=\"_ _88\"> </span>9.776 <span class=\"_ _148\"> </span>558<span class=\"_ _176\"> </span>-<span class=\"_ _12a\"> </span>558</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _179\"> </span>414.678 <span class=\"_ _86\"> </span>552.815 <span class=\"_ _19a\"> </span>291.147 <span class=\"_ _105\"> </span>370.078<span class=\"_ _257\"> </span>596.839<span class=\"_ _8b\"> </span>255.875</span><span style=\"display:inherit;clear:left;\">*In applicazione del principio IFRS 16 alla P<span class=\"_ _1c\"></span>assivit\u00e0 per <span class=\"ff5f\">leasing</span> non si applica il calcolo del <span class=\"ff5f\">fair v<span class=\"_ _2\"></span>alue<span class=\"ff5c\">.  </span></span></span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella e<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>nzia che la gr<span class=\"_ _4\"></span>an part<span class=\"_ _4\"></span>e delle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>inanziarie in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere \u00e8 rapp<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>entat<span class=\"_ _4\"></span>a da pos<span class=\"_ _4\"></span>te f<span class=\"_ _4\"></span>inanzia<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rie atti<span class=\"_ _4\"></span>ve e pas<span class=\"_ _4\"></span>sive a bre<span class=\"_ _4\"></span>ve,  ad e<span class=\"_ _4\"></span>cce<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>; in consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla loro natura, p<span class=\"_ _4\"></span>er la mag<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">giore parte delle poste, il valor<span class=\"_ _1\"></span>e contabile<span class=\"_ _1\"></span> \u00e8 considerato u<span class=\"_ _1\"></span>na ragionev<span class=\"_ _1\"></span>ole approssimazione del va<span class=\"_ _1\"></span>lore equo.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">In tutti g<span class=\"_ _4\"></span>li altri ca<span class=\"_ _4\"></span>si, la deter<span class=\"_ _4\"></span>minazione d<span class=\"_ _4\"></span>el valo<span class=\"_ _4\"></span>re equo av<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>iene s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do meto<span class=\"_ _4\"></span>dolo<span class=\"_ _4\"></span>gie class<span class=\"_ _4\"></span>ifi<span class=\"_ _4\"></span>cabili nel L<span class=\"_ _4\"></span>ivello 2 de<span class=\"_ _4\"></span>lla </span><span style=\"display:inherit;clear:left;\">gerarchia de<span class=\"_ _4\"></span>i livelli di signif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ativit<span class=\"_ _4\"></span>\u00e0 dei dati utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati ne<span class=\"_ _4\"></span>lla determina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l <span class=\"ff5f\">fair value</span> cos\u00ec come d<span class=\"_ _4\"></span>efinit<span class=\"_ _4\"></span>a dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _2\"></span>3. <span class=\"_ _1c\"></span> </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o fa ricor<span class=\"_ _4\"></span>so a mo<span class=\"_ _4\"></span>delli inte<span class=\"_ _4\"></span>rni di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, gener<span class=\"_ _4\"></span>almente utiliz<span class=\"_ _5\"></span>zati ne<span class=\"_ _4\"></span>lla pratic<span class=\"_ _4\"></span>a finan<span class=\"_ _4\"></span>ziaria, sulla bas<span class=\"_ _4\"></span>e di </span><span style=\"display:inherit;clear:left;\">pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi forniti dagli op<span class=\"_ _4\"></span>erato<span class=\"_ _4\"></span>ri di merc<span class=\"_ _4\"></span>ato o di quota<span class=\"_ _4\"></span>zioni rilev<span class=\"_ _4\"></span>ate su merc<span class=\"_ _4\"></span>ati atti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r me<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo di primari <span class=\"ff5f ls58 ws6\">info<span class=\"_ _4\"></span>-prov<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>s</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Per la dete<span class=\"_ _4\"></span>rminazion<span class=\"_ _4\"></span>e del <span class=\"ff5f\">fair value</span> dei de<span class=\"_ _4\"></span>rivati v<span class=\"_ _4\"></span>iene utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zato un mo<span class=\"_ _4\"></span>dello di <span class=\"ff5f ls5b ws8\">pric<span class=\"_ _4\"></span>ing</span> basato s<span class=\"_ _4\"></span>ui valori di m<span class=\"_ _4\"></span>ercato de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">ta<span class=\"_ _4\"></span>ssi di inter<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>se e dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di c<span class=\"_ _4\"></span>ambio rilev<span class=\"_ _4\"></span>abili alla data di valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Per la voce re<span class=\"_ _4\"></span>lativa ai \u201c<span class=\"_ _4\"></span>De<span class=\"_ _4\"></span>posit<span class=\"_ _4\"></span>i cauzio<span class=\"_ _4\"></span>nali<span class=\"_ _4\"></span>\u201d il valore co<span class=\"_ _4\"></span>ntabile \u00e8 s<span class=\"_ _4\"></span>tato co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato una ragion<span class=\"_ _4\"></span>evole app<span class=\"_ _4\"></span>rossima<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">del v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o. Non ci son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ate variazio<span class=\"_ _4\"></span>ni nei meto<span class=\"_ _4\"></span>di valut<span class=\"_ _4\"></span>ativi a<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>ati risp<span class=\"_ _4\"></span>etto ai p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi, n\u00e9 tra<span class=\"_ _4\"></span>sferi<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">menti da un li<span class=\"_ _4\"></span>vello a un altro de<span class=\"_ _4\"></span>lla gerarchia dell<span class=\"_ _4\"></span>e attiv<span class=\"_ _4\"></span>it\u00e0 o pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 v<span class=\"_ _4\"></span>alutate al v<span class=\"_ _4\"></span>alore equ<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o ef<span class=\"_ _4\"></span>fettua il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l <span class=\"ff5f ls2b ws84\">non-pe<span class=\"_ _4\"></span>rformance risk</span>, cio\u00e8 del ri<span class=\"_ _4\"></span>schio che una de<span class=\"_ _4\"></span>lle par<span class=\"_ _4\"></span>ti non on<span class=\"_ _4\"></span>ori i propri imp<span class=\"_ _4\"></span>egni </span><span style=\"display:inherit;clear:left;\">contrat<span class=\"_ _4\"></span>tuali per e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to di un po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e <span class=\"ff5f ls55 wscc\">defa<span class=\"_ _4\"></span>ult</span> prima d<span class=\"_ _4\"></span>ella sc<span class=\"_ _4\"></span>aden<span class=\"_ _4\"></span>za  de<span class=\"_ _4\"></span>l deriv<span class=\"_ _4\"></span>ato, sia con rifer<span class=\"_ _4\"></span>imento al ris<span class=\"_ _4\"></span>chio della </span><span style=\"display:inherit;clear:left;\">contropa<span class=\"_ _1\"></span>rte (<span class=\"_ _1\"></span><span class=\"ff5f ls3 ws15c\">Credit V<span class=\"_ _2\"></span>alue A<span class=\"_ _4\"></span>djustment<span class=\"_ _4\"></span><span class=\"ff5c\">: C<span class=\"_ _4\"></span>V<span class=\"_ _2\"></span>A), sia al propr<span class=\"_ _4\"></span>io rischio di ina<span class=\"_ _4\"></span>dempime<span class=\"_ _4\"></span>nto (<span class=\"ff5f\">Debt Risk Adjustm<span class=\"_ _4\"></span>ent</span><span class=\"ls34 ws10e\">:<span class=\"_ _5\"></span> DVA<span class=\"_ _4\"></span>)<span class=\"_ _4\"></span>,<span class=\"_ _4\"></span> </span></span></span></span><span style=\"display:inherit;clear:left;\">applic<span class=\"_ _4\"></span>andolo al v<span class=\"_ _4\"></span>alore di me<span class=\"_ _4\"></span>rcato del p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio p<span class=\"_ _4\"></span>rivo di ris<span class=\"_ _4\"></span>chio. T<span class=\"_ _1c\"></span>ali ag<span class=\"_ _4\"></span>giu<span class=\"_ _4\"></span>stam<span class=\"_ _4\"></span>enti, data la tip<span class=\"_ _4\"></span>olog<span class=\"_ _4\"></span>ia di strume<span class=\"_ _4\"></span>nti </span><span style=\"display:inherit;clear:left;\">deri<span class=\"_ _4\"></span>vati pre<span class=\"_ _4\"></span>senti in p<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tafoglio r<span class=\"_ _4\"></span>appre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ati esclu<span class=\"_ _4\"></span>sivam<span class=\"_ _4\"></span>ente da vendit<span class=\"_ _4\"></span>e o da acquist<span class=\"_ _4\"></span>i di valuta a t<span class=\"_ _4\"></span>ermine tr<span class=\"_ _4\"></span>amite con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tratti <span class=\"ff5f ls2b wscf\">for<span class=\"_ _4\"></span>ward<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws5\">, la relativ<span class=\"_ _4\"></span>a sca<span class=\"_ _4\"></span>den<span class=\"_ _4\"></span>za, comp<span class=\"_ _4\"></span>resa n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019ambito dei dodici m<span class=\"_ _4\"></span>esi, e i <span class=\"ff5f ls53 wsa6\">ra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>ng</span><span class=\"ls9 ws14d\"> sia delle contropa<span class=\"_ _1\"></span>rti con cui sono </span></span></span></span><span style=\"display:inherit;clear:left;\">stati stipulati<span class=\"_ _1\"></span> i contra<span class=\"_ _1\"></span>tti sia del Gruppo<span class=\"_ _1\"></span>, risultano<span class=\"_ _1\"></span> non signi<span class=\"_ _1\"></span>ficativi. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala inoltre che<span class=\"_ _4\"></span>, sulla bas<span class=\"_ _4\"></span>e degli acc<span class=\"_ _4\"></span>ordi ISDA <span class=\"ff5f ls2c ws0\">Master<span class=\"_ _1\"></span> Agreemen<span class=\"_ _2\"></span>t<span class=\"ff5c ls3 ws11e\"> e de<span class=\"_ _4\"></span>gli accordi quadro e<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>tenti co<span class=\"_ _4\"></span>n le contro<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>ti con le quali ve<span class=\"_ _4\"></span>ngono stip<span class=\"_ _4\"></span>ulati contratt<span class=\"_ _4\"></span>i deri<span class=\"_ _4\"></span>vati, \u00e8 in gene<span class=\"_ _4\"></span>rale po<span class=\"_ _4\"></span>ssibil<span class=\"_ _4\"></span>e effe<span class=\"_ _4\"></span>ttuare la comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne (<span class=\"ff5f ls58 ws6\">nett<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls0 ws15a\">) di </span></span><span style=\"display:inherit;clear:left;\">tutt<span class=\"_ _4\"></span>e le atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 finan<span class=\"_ _4\"></span>ziarie in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re originate da tali s<span class=\"_ _4\"></span>trume<span class=\"_ _4\"></span>nti deri<span class=\"_ _4\"></span>vati. </span><span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella sinte<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a gli ef<span class=\"_ _4\"></span>fetti pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i a Conto Econo<span class=\"_ _4\"></span>mico e Patrimonio Net<span class=\"_ _4\"></span>to con r<span class=\"_ _4\"></span>iferimento a cia<span class=\"_ _4\"></span>scuna cate<span class=\"_ _4\"></span>goria </span><span style=\"display:inherit;clear:left;\">di str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Gruppo n<span class=\"_ _4\"></span>egli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utili netti/(P<span class=\"_ _1\"></span>erdite nette) rilev<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i a c<span class=\"_ _2\"></span>onto economico su str<span class=\"_ _2\"></span>ument<span class=\"_ _4\"></span>i finanziari:<span class=\"_ _2c6\"> </span> </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _207\"> </span>(13.078) <span class=\"_ _23e\"> </span>1.367</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _a0\"> </span>4.842 <span class=\"_ _f3\"> </span>16.845</span><span style=\"display:inherit;clear:left;\">Utili netti/(Per<span class=\"_ _2\"></span>dite nette) rilevati a patrimonio netto su strumenti finanziari: <span class=\"_ _13e\"> </span> </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _1fc\"> </span>(12.533) <span class=\"_ _f2\"> </span>(3.943<span class=\"_ _1\"></span>)</span><span style=\"display:inherit;clear:left;\">Interessi attivi/passi<span class=\"_ _1\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i sulle attivit\u00e0/passivit\u00e0 finanziarie </span><span style=\"display:inherit;clear:left;\">non al FVTPL:</span><span style=\"display:inherit;clear:left;\">Interessi attivi <span class=\"_ _25b\"> </span>10.417 <span class=\"_ _23e\"> </span>8.982</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _23b\"> </span>4.923 <span class=\"_ _23e\"> </span>2.468</span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2cf\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308</span></span><span style=\"display:inherit;clear:left;\">Spese e commissioni non inc<span class=\"_ _1\"></span>luse nel tasso di interesse effettivo:<span class=\"_ _107\"> </span> </span><span style=\"display:inherit;clear:left;\">di competenza di passivit\u00e0 finanziarie <span class=\"_ _112\"> </span>1.011 <span class=\"_ _31f\"> </span>951</span><span style=\"display:inherit;clear:left;\">Interessi attivi matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i su strumenti finanziari s<span class=\"_ _2\"></span>valutati<span class=\"_ _1fd\"> </span> </span><span style=\"display:inherit;clear:left;\">Ac<span class=\"_ _1\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie:<span class=\"_ _320\"> </span> </span><span style=\"display:inherit;clear:left;\">crediti/finanziamenti<span class=\"_ _236\"> </span>545 <span class=\"_ _23e\"> </span>1.885</span><span style=\"display:inherit;clear:left;\">Co<span class=\"_ _4\"></span>mme<span class=\"_ _4\"></span>nto<span class=\"_ _4\"></span> alle<span class=\"_ _5\"></span> prin<span class=\"_ _4\"></span>cipali<span class=\"_ _4\"></span> vo<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span> de<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> c<span class=\"_ _4\"></span>onto</span><span style=\"display:inherit;clear:left;\">e<span class=\"_ _4\"></span>conomico</span><span style=\"display:inherit;clear:left;\">Ai f<span class=\"_ _4\"></span>ini di una miglior comp<span class=\"_ _4\"></span>rensio<span class=\"_ _4\"></span>ne dell<span class=\"_ _4\"></span>\u2019andamento de<span class=\"_ _4\"></span>lle voci di conto e<span class=\"_ _4\"></span>conomic<span class=\"_ _4\"></span>o si rinvia anche ai co<span class=\"_ _4\"></span>mmenti ins<span class=\"_ _4\"></span>eriti </span><span style=\"display:inherit;clear:left;\">nella Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla ges<span class=\"_ _4\"></span>tione re<span class=\"_ _4\"></span>lativi al co<span class=\"_ _4\"></span>nfronto dei dati de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__133-1": {
   "value": "<span style=\"display:inherit;clear:left;\">La t<span class=\"_ _4\"></span>abella sinte<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>a gli ef<span class=\"_ _4\"></span>fetti pro<span class=\"_ _4\"></span>dott<span class=\"_ _4\"></span>i a Conto Econo<span class=\"_ _4\"></span>mico e Patrimonio Net<span class=\"_ _4\"></span>to con r<span class=\"_ _4\"></span>iferimento a cia<span class=\"_ _4\"></span>scuna cate<span class=\"_ _4\"></span>goria </span><span style=\"display:inherit;clear:left;\">di str<span class=\"_ _4\"></span>umenti f<span class=\"_ _4\"></span>inanziari in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere pe<span class=\"_ _4\"></span>r il Gruppo n<span class=\"_ _4\"></span>egli e<span class=\"_ _4\"></span>serci<span class=\"_ _4\"></span>zi 202<span class=\"_ _2\"></span>4 e 2023. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utili netti/(P<span class=\"_ _1\"></span>erdite nette) rilev<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i a c<span class=\"_ _2\"></span>onto economico su str<span class=\"_ _2\"></span>ument<span class=\"_ _4\"></span>i finanziari:<span class=\"_ _2c6\"> </span> </span><span style=\"display:inherit;clear:left;\">Attivit\u00e0/passivit\u00e0 finanziarie detenute per la negoziazione<span class=\"_ _207\"> </span>(13.078) <span class=\"_ _23e\"> </span>1.367</span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _a0\"> </span>4.842 <span class=\"_ _f3\"> </span>16.845</span><span style=\"display:inherit;clear:left;\">Utili netti/(Per<span class=\"_ _2\"></span>dite nette) rilevati a patrimonio netto su strumenti finanziari: <span class=\"_ _13e\"> </span> </span><span style=\"display:inherit;clear:left;\">Derivati - c<span class=\"_ _1\"></span>omponente di copertur<span class=\"_ _2\"></span>a<span class=\"_ _1fc\"> </span>(12.533) <span class=\"_ _f2\"> </span>(3.943<span class=\"_ _1\"></span>)</span><span style=\"display:inherit;clear:left;\">Interessi attivi/passi<span class=\"_ _1\"></span>vi (al tasso interno di rendimento) matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i sulle attivit\u00e0/passivit\u00e0 finanziarie </span><span style=\"display:inherit;clear:left;\">non al FVTPL:</span><span style=\"display:inherit;clear:left;\">Interessi attivi <span class=\"_ _25b\"> </span>10.417 <span class=\"_ _23e\"> </span>8.982</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _23b\"> </span>4.923 <span class=\"_ _23e\"> </span>2.468</span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2cf\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308</span></span><span style=\"display:inherit;clear:left;\">Spese e commissioni non inc<span class=\"_ _1\"></span>luse nel tasso di interesse effettivo:<span class=\"_ _107\"> </span> </span><span style=\"display:inherit;clear:left;\">di competenza di passivit\u00e0 finanziarie <span class=\"_ _112\"> </span>1.011 <span class=\"_ _31f\"> </span>951</span><span style=\"display:inherit;clear:left;\">Interessi attivi matur<span class=\"_ _2\"></span>at<span class=\"_ _4\"></span>i su strumenti finanziari s<span class=\"_ _2\"></span>valutati<span class=\"_ _1fd\"> </span> </span><span style=\"display:inherit;clear:left;\">Ac<span class=\"_ _1\"></span>cantonamenti per svalutazione di attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie:<span class=\"_ _320\"> </span> </span><span style=\"display:inherit;clear:left;\">crediti/finanziamenti<span class=\"_ _236\"> </span>545 <span class=\"_ _23e\"> </span>1.885</span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cInte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si pas<span class=\"_ _4\"></span>sivi<span class=\"_ _5\"></span>\u201d include pr<span class=\"_ _4\"></span>incipalmente gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si da f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti bancari a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__135": {
   "value": "<span style=\"display:inherit;clear:left;\">33. Ric<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>vi da c<span class=\"_ _2\"></span>ont<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>atti c<span class=\"_ _2\"></span>on clienti </span><span style=\"display:inherit;clear:left;\">Neg<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi chiusi al 31 dicembre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 i ricav<span class=\"_ _4\"></span>i da contrat<span class=\"_ _4\"></span>ti con client<span class=\"_ _4\"></span>i ammontano ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mente a Euro 1<span class=\"_ _1\"></span>.03<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>65<span class=\"_ _2\"></span>1 migliaia e ad Euro 1<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>53.557 migliaia. Nei p<span class=\"_ _4\"></span>rospe<span class=\"_ _4\"></span>tti di s<span class=\"_ _4\"></span>eguito s<span class=\"_ _4\"></span>i evide<span class=\"_ _4\"></span>nzia la dis<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>grega<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">delle p<span class=\"_ _4\"></span>rincipali cate<span class=\"_ _4\"></span>gorie de<span class=\"_ _4\"></span>i ricavi p<span class=\"_ _4\"></span>rovenienti dai co<span class=\"_ _4\"></span>ntratti co<span class=\"_ _4\"></span>n clienti in bas<span class=\"_ _4\"></span>e al canale di ve<span class=\"_ _4\"></span>ndita e<span class=\"_ _4\"></span>d alla suddi<span class=\"_ _4\"></span>visio<span class=\"_ _4\"></span>ne </span><span style=\"display:inherit;clear:left;\">per ar<span class=\"_ _4\"></span>ea geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica pe<span class=\"_ _4\"></span>r gli es<span class=\"_ _4\"></span>ercizi 2024 e 2<span class=\"_ _1\"></span>023.  </span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Ricavi da </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _134\"> </span><span class=\"ls42 wsea\">DTC<span class=\"_ _208\"> </span></span><span class=\"ff63\">Wholesale<span class=\"_ _4f\"> </span></span>Licenze e pr<span class=\"_ _1\"></span>estazioni</span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _10d\"> </span>151.103 <span class=\"_ _176\"> </span>95.333 <span class=\"_ _176\"> </span>16.672 <span class=\"_ _80\"> </span>263.108 </span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _f1\"> </span><span class=\"ws0\">244.720 <span class=\"_ _176\"> </span>62.983 <span class=\"_ _c0\"> </span>343 <span class=\"_ _80\"> </span>308.046 </span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _1d9\"> </span>83.828 <span class=\"_ _23e\"> </span>127 <span class=\"_ _225\"> </span>- <span class=\"_ _1f1\"> </span>83.955 </span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _b0\"> </span>230.668 <span class=\"_ _176\"> </span>62.888 <span class=\"_ _23e\"> </span>385 <span class=\"_ _32\"> </span>293.941 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _3d\"> </span>70.773 <span class=\"_ _176\"> </span>11.698 <span class=\"_ _c0\"> </span>130 <span class=\"_ _1c1\"> </span>82.601 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>781.092 <span class=\"_ _2da\"> </span>233.029 <span class=\"_ _25\"> </span>17.530 <span class=\"_ _b9\"> </span>1.031.651 </span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Ricavi da </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _134\"> </span><span class=\"ls42 wsea\">DTC<span class=\"_ _208\"> </span></span><span class=\"ff63\">Wholesale<span class=\"_ _4f\"> </span></span>Licenze e pr<span class=\"_ _1\"></span>estazioni</span><span style=\"display:inherit;clear:left;\">contr<span class=\"_ _1\"></span>atti con clienti</span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _1\"></span>opa<span class=\"_ _10d\"> </span>142.576<span class=\"_ _d1\"> </span>127.939<span class=\"_ _212\"> </span>16.220<span class=\"_ _c5\"> </span>286.735</span><span style=\"display:inherit;clear:left;\">Nord Americ<span class=\"_ _1\"></span>a<span class=\"_ _f1\"> </span><span class=\"ws0\">250.879<span class=\"_ _212\"> </span>72.240<span class=\"_ _261\"> </span>304<span class=\"_ _66\"> </span>323.423</span></span><span style=\"display:inherit;clear:left;\">Giappone<span class=\"_ _1d9\"> </span>88.758<span class=\"_ _261\"> </span>581<span class=\"_ _6c\"> </span>-<span class=\"_ _1f9\"> </span>89.339</span><span style=\"display:inherit;clear:left;\">Asia P<span class=\"_ _2\"></span>acifico<span class=\"_ _b0\"> </span>289.903<span class=\"_ _212\"> </span>80.934<span class=\"_ _261\"> </span>513<span class=\"_ _c5\"> </span>371.350</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro e Sud A<span class=\"_ _1\"></span>merica<span class=\"_ _3d\"> </span>65.567<span class=\"_ _212\"> </span>16.962<span class=\"_ _261\"> </span>181<span class=\"_ _1f9\"> </span>82.710</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _188\"> </span>837.683<span class=\"_ _82\"> </span>298.656<span class=\"_ _2ef\"> </span>17.218<span class=\"_ _de\"> </span>1.153.557</span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>enta l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>informativa s<span class=\"_ _4\"></span>ulla disag<span class=\"_ _4\"></span>gre<span class=\"_ _4\"></span>gazio<span class=\"_ _4\"></span>ne dei ric<span class=\"_ _4\"></span>avi se<span class=\"_ _4\"></span>guen<span class=\"_ _4\"></span>do un approc<span class=\"_ _4\"></span>cio quali-<span class=\"_ _4\"></span>quantitativo.  </span><span style=\"display:inherit;clear:left;\">La te<span class=\"_ _4\"></span>mpist<span class=\"_ _4\"></span>ica di rilev<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne dei ric<span class=\"_ _4\"></span>avi, pe<span class=\"_ _4\"></span>r le vendit<span class=\"_ _4\"></span>e di beni, sia at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so il canal<span class=\"_ _4\"></span>e D<span class=\"_ _2\"></span>TC che <span class=\"ff5f ls69 wsb7\">wholesale</span>, av<span class=\"_ _5\"></span>vien<span class=\"_ _4\"></span>e nel </span><span style=\"display:inherit;clear:left;\">mome<span class=\"_ _4\"></span>nto in cui il controllo de<span class=\"_ _4\"></span>l ben<span class=\"_ _4\"></span>e \u00e8 st<span class=\"_ _4\"></span>ato tras<span class=\"_ _4\"></span>ferito al clie<span class=\"_ _4\"></span>nte, gene<span class=\"_ _4\"></span>ralmente al m<span class=\"_ _4\"></span>omento de<span class=\"_ _4\"></span>lla cons<span class=\"_ _4\"></span>egna; mentre </span><span style=\"display:inherit;clear:left;\">per l<span class=\"_ _4\"></span>e licenze e p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni, la rilev<span class=\"_ _4\"></span>azione d<span class=\"_ _4\"></span>ei ricav<span class=\"_ _4\"></span>i av<span class=\"_ _4\"></span>vie<span class=\"_ _4\"></span>ne in bas<span class=\"_ _4\"></span>e alla tempis<span class=\"_ _4\"></span>tica di e<span class=\"_ _4\"></span>roga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio ai </span><span style=\"display:inherit;clear:left;\">cl<span class=\"_ _4\"></span>ie<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cLic<span class=\"_ _4\"></span>enze e pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>\u201d include le <span class=\"ff5f ls58 ws6\">royalt<span class=\"_ _4\"></span>ies</span> d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>anti dai contratt<span class=\"_ _4\"></span>i di licenz<span class=\"_ _4\"></span>a con i grup<span class=\"_ _4\"></span>pi Marchon, Time<span class=\"_ _4\"></span>x e </span><span style=\"display:inherit;clear:left;\">Inter Par<span class=\"_ _4\"></span>fums Inc p<span class=\"_ _4\"></span>er la pro<span class=\"_ _4\"></span>duzione e di<span class=\"_ _4\"></span>stribu<span class=\"_ _4\"></span>zione ri<span class=\"_ _4\"></span>spet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente di occ<span class=\"_ _4\"></span>hiali, orologi e prof<span class=\"_ _4\"></span>umi a marchio \u201cS<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. I ric<span class=\"_ _4\"></span>avi pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span> sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati in bas<span class=\"_ _4\"></span>e allo st<span class=\"_ _4\"></span>ato di avanzam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>lle vendite de<span class=\"_ _4\"></span>l licen<span class=\"_ _4\"></span>ziatario.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__139": {
   "value": "<span style=\"display:inherit;clear:left;\">35. C<span class=\"_ _1c\"></span>osto del venduto e c<span class=\"_ _1\"></span>osti oper<span class=\"_ _2\"></span>ativi</span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to del ve<span class=\"_ _4\"></span>nduto e i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi chiusi al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>amente par<span class=\"_ _4\"></span>i ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>108.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>2 mig<span class=\"_ _4\"></span>liaia ed Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>105.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>32 migliai<span class=\"_ _1\"></span>a e pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ano la seg<span class=\"_ _4\"></span>uente clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinaz<span class=\"_ _4\"></span>ione:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto<span class=\"_ _306\"> </span>295.098 <span class=\"_ _81\"> </span>316.839<span class=\"_ _82\"> </span>(21.741) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _302\"> </span>47.038 <span class=\"_ _f3\"> </span>53.086<span class=\"_ _2ef\"> </span>(6.048) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di vendita e distribuzione<span class=\"_ _1c6\"> </span>496.519 <span class=\"_ _ca\"> </span>454.649<span class=\"_ _212\"> </span>41.870 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di comunicazione e di </span><span style=\"display:inherit;clear:left;\">mar<span class=\"_ _2\"></span>keting<span class=\"_ _f1\"> </span><span class=\"ff61\">86.661 <span class=\"_ _81\"> </span>113.695<span class=\"_ _82\"> </span>(27.034) </span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti generali e amministr<span class=\"_ _2\"></span>ativi<span class=\"_ _140\"> </span>157.093 <span class=\"_ _81\"> </span>137.142<span class=\"_ _81\"> </span>19.951 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _145\"> </span>25.703 <span class=\"_ _f3\"> </span>29.721<span class=\"_ _2e0\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980 </span><span style=\"display:inherit;clear:left;\">Il total<span class=\"_ _4\"></span>e dei cos<span class=\"_ _4\"></span>ti \u00e8 so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialmente in line<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dente, c<span class=\"_ _4\"></span>on una riduzio<span class=\"_ _4\"></span>ne del \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del ven<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, a fronte de<span class=\"_ _4\"></span>lla contra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Ricav<span class=\"_ _4\"></span>i, e dei \u201cC<span class=\"_ _4\"></span>osti di c<span class=\"_ _4\"></span>omunicaz<span class=\"_ _4\"></span>ione e <span class=\"ff5f ls5b ws8\">market<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls4 wse8\">\u201d, in diminuzione de<span class=\"_ _4\"></span>l 23,<span class=\"_ _4\"></span>8% ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span></span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 2023, quando risult<span class=\"_ _4\"></span>ava pe<span class=\"_ _4\"></span>naliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a da mag<span class=\"_ _4\"></span>giori co<span class=\"_ _4\"></span>sti ric<span class=\"_ _4\"></span>onducibili alle a<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r la realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>ategia di rilancio de<span class=\"_ _4\"></span>l <span class=\"ff5f ls53 wsa6\">bra<span class=\"_ _4\"></span>nd</span>, iniz<span class=\"_ _4\"></span>iata nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 2023 si se<span class=\"_ _4\"></span>gnala un increme<span class=\"_ _4\"></span>nto dei Co<span class=\"_ _4\"></span>sti di ve<span class=\"_ _4\"></span>ndita e dis<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione e de<span class=\"_ _4\"></span>i costi g<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ali e amministrati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente de<span class=\"_ _4\"></span>l 9,2% e del 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>,5%<span class=\"_ _2\"></span>), in quanto t<span class=\"_ _4\"></span>ali voci risult<span class=\"_ _4\"></span>ano for<span class=\"_ _4\"></span>tem<span class=\"_ _4\"></span>ente impatt<span class=\"_ _4\"></span>ate dalle ridu<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">degli <span class=\"ff5f lsa ws90\">asset<span class=\"_ _4\"></span>s</span><span class=\"ls3\"> regis<span class=\"_ _4\"></span>trate ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 (rispet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente pari a<span class=\"_ _4\"></span>d Euro 62.330 migliaia e Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.270 migliaia nel 202<span class=\"_ _2\"></span>4). Al nett<span class=\"_ _4\"></span>o </span></span><span style=\"display:inherit;clear:left;\">di tali s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni l<span class=\"_ _4\"></span>e voci avre<span class=\"_ _4\"></span>bbero re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato un de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nto rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vamente de<span class=\"_ _4\"></span>l 3,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>% e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u20191<span class=\"_ _2\"></span>,0<span class=\"_ _4\"></span>%<span class=\"_ _4\"></span>, in linea con il </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>mento re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato sulle altre vo<span class=\"_ _4\"></span>ci di spe<span class=\"_ _4\"></span>sa. </span><span style=\"display:inherit;clear:left;\">Per tutt<span class=\"_ _4\"></span>i i dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da alla nota sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica 10 \u201cRi<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__138": {
   "value": "<span style=\"display:inherit;clear:left;\">35. C<span class=\"_ _1c\"></span>osto del venduto e c<span class=\"_ _1\"></span>osti oper<span class=\"_ _2\"></span>ativi</span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to del ve<span class=\"_ _4\"></span>nduto e i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi chiusi al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>amente par<span class=\"_ _4\"></span>i ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>108.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>2 mig<span class=\"_ _4\"></span>liaia ed Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>105.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>32 migliai<span class=\"_ _1\"></span>a e pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ano la seg<span class=\"_ _4\"></span>uente clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinaz<span class=\"_ _4\"></span>ione:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto<span class=\"_ _306\"> </span>295.098 <span class=\"_ _81\"> </span>316.839<span class=\"_ _82\"> </span>(21.741) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _302\"> </span>47.038 <span class=\"_ _f3\"> </span>53.086<span class=\"_ _2ef\"> </span>(6.048) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di vendita e distribuzione<span class=\"_ _1c6\"> </span>496.519 <span class=\"_ _ca\"> </span>454.649<span class=\"_ _212\"> </span>41.870 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di comunicazione e di </span><span style=\"display:inherit;clear:left;\">mar<span class=\"_ _2\"></span>keting<span class=\"_ _f1\"> </span><span class=\"ff61\">86.661 <span class=\"_ _81\"> </span>113.695<span class=\"_ _82\"> </span>(27.034) </span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti generali e amministr<span class=\"_ _2\"></span>ativi<span class=\"_ _140\"> </span>157.093 <span class=\"_ _81\"> </span>137.142<span class=\"_ _81\"> </span>19.951 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _145\"> </span>25.703 <span class=\"_ _f3\"> </span>29.721<span class=\"_ _2e0\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980 </span><span style=\"display:inherit;clear:left;\">Il total<span class=\"_ _4\"></span>e dei cos<span class=\"_ _4\"></span>ti \u00e8 so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialmente in line<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dente, c<span class=\"_ _4\"></span>on una riduzio<span class=\"_ _4\"></span>ne del \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del ven<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, a fronte de<span class=\"_ _4\"></span>lla contra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Ricav<span class=\"_ _4\"></span>i, e dei \u201cC<span class=\"_ _4\"></span>osti di c<span class=\"_ _4\"></span>omunicaz<span class=\"_ _4\"></span>ione e <span class=\"ff5f ls5b ws8\">market<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls4 wse8\">\u201d, in diminuzione de<span class=\"_ _4\"></span>l 23,<span class=\"_ _4\"></span>8% ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span></span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 2023, quando risult<span class=\"_ _4\"></span>ava pe<span class=\"_ _4\"></span>naliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a da mag<span class=\"_ _4\"></span>giori co<span class=\"_ _4\"></span>sti ric<span class=\"_ _4\"></span>onducibili alle a<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r la realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>ategia di rilancio de<span class=\"_ _4\"></span>l <span class=\"ff5f ls53 wsa6\">bra<span class=\"_ _4\"></span>nd</span>, iniz<span class=\"_ _4\"></span>iata nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 2023 si se<span class=\"_ _4\"></span>gnala un increme<span class=\"_ _4\"></span>nto dei Co<span class=\"_ _4\"></span>sti di ve<span class=\"_ _4\"></span>ndita e dis<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione e de<span class=\"_ _4\"></span>i costi g<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ali e amministrati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente de<span class=\"_ _4\"></span>l 9,2% e del 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>,5%<span class=\"_ _2\"></span>), in quanto t<span class=\"_ _4\"></span>ali voci risult<span class=\"_ _4\"></span>ano for<span class=\"_ _4\"></span>tem<span class=\"_ _4\"></span>ente impatt<span class=\"_ _4\"></span>ate dalle ridu<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">degli <span class=\"ff5f lsa ws90\">asset<span class=\"_ _4\"></span>s</span><span class=\"ls3\"> regis<span class=\"_ _4\"></span>trate ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 (rispet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente pari a<span class=\"_ _4\"></span>d Euro 62.330 migliaia e Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.270 migliaia nel 202<span class=\"_ _2\"></span>4). Al nett<span class=\"_ _4\"></span>o </span></span><span style=\"display:inherit;clear:left;\">di tali s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni l<span class=\"_ _4\"></span>e voci avre<span class=\"_ _4\"></span>bbero re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato un de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nto rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vamente de<span class=\"_ _4\"></span>l 3,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>% e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u20191<span class=\"_ _2\"></span>,0<span class=\"_ _4\"></span>%<span class=\"_ _4\"></span>, in linea con il </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>mento re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato sulle altre vo<span class=\"_ _4\"></span>ci di spe<span class=\"_ _4\"></span>sa. </span><span style=\"display:inherit;clear:left;\">Per tutt<span class=\"_ _4\"></span>i i dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da alla nota sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica 10 \u201cRi<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__137": {
   "value": "<span style=\"display:inherit;clear:left;\">35. C<span class=\"_ _1c\"></span>osto del venduto e c<span class=\"_ _1\"></span>osti oper<span class=\"_ _2\"></span>ativi</span><span style=\"display:inherit;clear:left;\">Il cos<span class=\"_ _4\"></span>to del ve<span class=\"_ _4\"></span>nduto e i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi chiusi al 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>amente par<span class=\"_ _4\"></span>i ad Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>108.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>2 mig<span class=\"_ _4\"></span>liaia ed Euro 1<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>105.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>32 migliai<span class=\"_ _1\"></span>a e pres<span class=\"_ _4\"></span>ent<span class=\"_ _4\"></span>ano la seg<span class=\"_ _4\"></span>uente clas<span class=\"_ _4\"></span>sif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er </span><span style=\"display:inherit;clear:left;\">des<span class=\"_ _4\"></span>tinaz<span class=\"_ _4\"></span>ione:  </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto<span class=\"_ _306\"> </span>295.098 <span class=\"_ _81\"> </span>316.839<span class=\"_ _82\"> </span>(21.741) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di stile, sviluppo prodotto e logistica in uscita<span class=\"_ _302\"> </span>47.038 <span class=\"_ _f3\"> </span>53.086<span class=\"_ _2ef\"> </span>(6.048) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di vendita e distribuzione<span class=\"_ _1c6\"> </span>496.519 <span class=\"_ _ca\"> </span>454.649<span class=\"_ _212\"> </span>41.870 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti di comunicazione e di </span><span style=\"display:inherit;clear:left;\">mar<span class=\"_ _2\"></span>keting<span class=\"_ _f1\"> </span><span class=\"ff61\">86.661 <span class=\"_ _81\"> </span>113.695<span class=\"_ _82\"> </span>(27.034) </span></span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti generali e amministr<span class=\"_ _2\"></span>ativi<span class=\"_ _140\"> </span>157.093 <span class=\"_ _81\"> </span>137.142<span class=\"_ _81\"> </span>19.951 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _145\"> </span>25.703 <span class=\"_ _f3\"> </span>29.721<span class=\"_ _2e0\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980 </span><span style=\"display:inherit;clear:left;\">Il total<span class=\"_ _4\"></span>e dei cos<span class=\"_ _4\"></span>ti \u00e8 so<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>anzialmente in line<span class=\"_ _4\"></span>a risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio pr<span class=\"_ _4\"></span>ece<span class=\"_ _4\"></span>dente, c<span class=\"_ _4\"></span>on una riduzio<span class=\"_ _4\"></span>ne del \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del ven<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, a fronte de<span class=\"_ _4\"></span>lla contra<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Ricav<span class=\"_ _4\"></span>i, e dei \u201cC<span class=\"_ _4\"></span>osti di c<span class=\"_ _4\"></span>omunicaz<span class=\"_ _4\"></span>ione e <span class=\"ff5f ls5b ws8\">market<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span><span class=\"ls4 wse8\">\u201d, in diminuzione de<span class=\"_ _4\"></span>l 23,<span class=\"_ _4\"></span>8% ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to </span></span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 2023, quando risult<span class=\"_ _4\"></span>ava pe<span class=\"_ _4\"></span>naliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a da mag<span class=\"_ _4\"></span>giori co<span class=\"_ _4\"></span>sti ric<span class=\"_ _4\"></span>onducibili alle a<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r la realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e della </span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>ategia di rilancio de<span class=\"_ _4\"></span>l <span class=\"ff5f ls53 wsa6\">bra<span class=\"_ _4\"></span>nd</span>, iniz<span class=\"_ _4\"></span>iata nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 2023 si se<span class=\"_ _4\"></span>gnala un increme<span class=\"_ _4\"></span>nto dei Co<span class=\"_ _4\"></span>sti di ve<span class=\"_ _4\"></span>ndita e dis<span class=\"_ _4\"></span>tribuz<span class=\"_ _4\"></span>ione e de<span class=\"_ _4\"></span>i costi g<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ali e amministrati<span class=\"_ _4\"></span>vi </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>ispet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>amente de<span class=\"_ _4\"></span>l 9,2% e del 1<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>,5%<span class=\"_ _2\"></span>), in quanto t<span class=\"_ _4\"></span>ali voci risult<span class=\"_ _4\"></span>ano for<span class=\"_ _4\"></span>tem<span class=\"_ _4\"></span>ente impatt<span class=\"_ _4\"></span>ate dalle ridu<span class=\"_ _4\"></span>zioni di valor<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">degli <span class=\"ff5f lsa ws90\">asset<span class=\"_ _4\"></span>s</span><span class=\"ls3\"> regis<span class=\"_ _4\"></span>trate ne<span class=\"_ _4\"></span>l 202<span class=\"_ _2\"></span>4 (rispet<span class=\"_ _4\"></span>tivam<span class=\"_ _4\"></span>ente pari a<span class=\"_ _4\"></span>d Euro 62.330 migliaia e Euro 2<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>.270 migliaia nel 202<span class=\"_ _2\"></span>4). Al nett<span class=\"_ _4\"></span>o </span></span><span style=\"display:inherit;clear:left;\">di tali s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azioni l<span class=\"_ _4\"></span>e voci avre<span class=\"_ _4\"></span>bbero re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trato un de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nto rispe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>vamente de<span class=\"_ _4\"></span>l 3,<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>% e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u20191<span class=\"_ _2\"></span>,0<span class=\"_ _4\"></span>%<span class=\"_ _4\"></span>, in linea con il </span><span style=\"display:inherit;clear:left;\">decre<span class=\"_ _4\"></span>mento re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato sulle altre vo<span class=\"_ _4\"></span>ci di spe<span class=\"_ _4\"></span>sa. </span><span style=\"display:inherit;clear:left;\">Per tutt<span class=\"_ _4\"></span>i i dett<span class=\"_ _4\"></span>agli si riman<span class=\"_ _4\"></span>da alla nota sp<span class=\"_ _4\"></span>ecif<span class=\"_ _4\"></span>ica 10 \u201cRi<span class=\"_ _4\"></span>duzioni durevo<span class=\"_ _4\"></span>li di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__141": {
   "value": "<span style=\"display:inherit;clear:left;\">36.  <span class=\"_ _46\"></span>C<span class=\"_ _1c\"></span>omposizione per natur<span class=\"_ _2\"></span>a delle voci di c<span class=\"_ _2\"></span>osto di conto </span><span style=\"display:inherit;clear:left;\">ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura del c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>el vendut<span class=\"_ _4\"></span>o e dei cos<span class=\"_ _4\"></span>ti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel pro<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>tto se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie prime, merci e materiale di c<span class=\"_ _2\"></span>onsumo utiliz<span class=\"_ _4\"></span>zati<span class=\"_ _e8\"> </span>177.671 <span class=\"_ _81\"> </span>198.835<span class=\"_ _82\"> </span>(21.164) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per servizi<span class=\"_ _182\"> </span>408.761 <span class=\"_ _81\"> </span>459.182<span class=\"_ _82\"> </span>(50.421) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del personale<span class=\"_ _14d\"> </span>231.758 <span class=\"_ _ca\"> </span>237.605<span class=\"_ _c5\"> </span>(5.847) </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _217\"> </span>52.017 <span class=\"_ _b7\"> </span>50.146<span class=\"_ _f2\"> </span>1.871 </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 per diritto d\u2019uso<span class=\"_ _321\"> </span>126.904 <span class=\"_ _81\"> </span>122.768<span class=\"_ _f2\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazioni di attivit\u00e0 materiali, immateriali, diritto d'uso e inv<span class=\"_ _1\"></span>estimenti </span><span style=\"display:inherit;clear:left;\">85.298 <span class=\"_ _23e\"> </span>6.875<span class=\"_ _212\"> </span>78.423 </span><span style=\"display:inherit;clear:left;\">immobiliari</span><span style=\"display:inherit;clear:left;\">Altri oneri<span class=\"_ _14\"> </span>25.703 <span class=\"_ _b7\"> </span>29.721<span class=\"_ _c5\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980</span></span> </span><span style=\"display:inherit;clear:left;\">Ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023, si reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>a un decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i \u201cCos<span class=\"_ _4\"></span>ti per s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>, p<span class=\"_ _4\"></span>rincipalmente p<span class=\"_ _4\"></span>er ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to della ri<span class=\"_ _4\"></span>du<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione di co<span class=\"_ _4\"></span>sti v<span class=\"_ _4\"></span>ariabili colle<span class=\"_ _4\"></span>gata alla contr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e delle ve<span class=\"_ _4\"></span>ndite. Il \u201c<span class=\"_ _4\"></span>Cost<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>onale<span class=\"_ _4\"></span>\u201d include il co<span class=\"_ _4\"></span>mpens<span class=\"_ _4\"></span>o relati<span class=\"_ _4\"></span>vo al </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di lavoro dipen<span class=\"_ _4\"></span>dente de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>gato e Diret<span class=\"_ _4\"></span>tore G<span class=\"_ _4\"></span>ener<span class=\"_ _4\"></span>ale, olt<span class=\"_ _4\"></span>re alla stima de<span class=\"_ _4\"></span>l <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls68 ws12f\"> variabile, </span></span><span style=\"display:inherit;clear:left;\">se pre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>e, e ai compe<span class=\"_ _4\"></span>nsi di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo de<span class=\"_ _4\"></span>i piani con pagam<span class=\"_ _4\"></span>enti bas<span class=\"_ _4\"></span>ati su azi<span class=\"_ _4\"></span>oni (pe<span class=\"_ _4\"></span>r i cui i det<span class=\"_ _4\"></span>tagli si </span><span style=\"display:inherit;clear:left;\">rimanda alla not<span class=\"_ _4\"></span>a 42 \u201cPagamenti b<span class=\"_ _4\"></span>asati su a<span class=\"_ _4\"></span>zioni<span class=\"_ _4\"></span>\u201d de<span class=\"_ _4\"></span>lle note e<span class=\"_ _4\"></span>splicati<span class=\"_ _4\"></span>ve al pre<span class=\"_ _4\"></span>sente bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r totali </span><span style=\"display:inherit;clear:left;\">Euro 4.4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9 migliaia (Euro 8.<span class=\"_ _4\"></span>083 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>). La vo<span class=\"_ _4\"></span>ce \u201c<span class=\"_ _4\"></span>Svalutazi<span class=\"_ _4\"></span>oni di atti<span class=\"_ _4\"></span>vit\u00e0 mate<span class=\"_ _4\"></span>riali, immateriali, dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019u<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">so e inves<span class=\"_ _4\"></span>time<span class=\"_ _4\"></span>nti immobiliari<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e Euro 80.<span class=\"_ _4\"></span>204 migliaia pe<span class=\"_ _4\"></span>r la riduzio<span class=\"_ _4\"></span>ne di valore r<span class=\"_ _4\"></span>egis<span class=\"_ _4\"></span>trata c<span class=\"_ _4\"></span>ome risult<span class=\"_ _4\"></span>ato deg<span class=\"_ _4\"></span>li </span><span style=\"display:inherit;clear:left;\">impairm<span class=\"_ _4\"></span>ent te<span class=\"_ _4\"></span>st<span class=\"ff5c ls3 wsd5\"> s<span class=\"_ _4\"></span>volti p<span class=\"_ _4\"></span>er ver<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>are la recup<span class=\"_ _4\"></span>erabilit<span class=\"_ _4\"></span>\u00e0 del v<span class=\"_ _4\"></span>alore di tali at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 su alcun<span class=\"_ _4\"></span>e CGU <span class=\"ff5f\">(<span class=\"_ _2\"></span>Cas<span class=\"_ _4\"></span>h Gene<span class=\"_ _4\"></span>rating Uni<span class=\"_ _1\"></span>t)<span class=\"ff5c ls0 ws0\"> </span></span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo. Per tut<span class=\"_ _4\"></span>ti i det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i rimanda alla nota 10 \u201cR<span class=\"_ _4\"></span>iduzioni dure<span class=\"_ _4\"></span>voli di valore di Immo<span class=\"_ _4\"></span>bili, impianti e macchinari, </span><span style=\"display:inherit;clear:left;\">Atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, Atti<span class=\"_ _4\"></span>vit\u00e0 immate<span class=\"_ _4\"></span>riali a vit<span class=\"_ _4\"></span>a utile def<span class=\"_ _4\"></span>inita e Inve<span class=\"_ _4\"></span>stim<span class=\"_ _4\"></span>enti Immobiliari<span class=\"_ _4\"></span>\u201d.<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito gli impat<span class=\"_ _4\"></span>ti nel co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r natura negli e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi 202<span class=\"_ _2\"></span>4 e 2023, de<span class=\"_ _4\"></span>rivanti dai c<span class=\"_ _4\"></span>ontratti di l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _209\"> </span>2024<span class=\"_ _1e7\"> </span>% sul T<span class=\"_ _2\"></span>otale<span class=\"_ _d0\"> </span>2023<span class=\"_ _163\"> </span>% sul T<span class=\"_ _2\"></span>otale</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Ammortamenti su A<span class=\"_ _2\"></span>ttivit\u00e0 per diritto d\u2019uso<span class=\"_ _2e4\"> </span>126.904 <span class=\"_ _b3\"> </span>62,8% <span class=\"_ _d8\"> </span>122.768<span class=\"_ _bc\"> </span>59,6% <span class=\"_ _2a3\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Interessi e oneri sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _97\"> </span><span class=\"ff61\">22.466 <span class=\"_ _b3\"> </span>11,1% <span class=\"_ _d9\"> </span>21.329<span class=\"_ _bc\"> </span>10,4% <span class=\"_ _2a3\"> </span>1.137 </span></span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _26e\"> </span></span>(173) <span class=\"_ _b4\"> </span>(0,1%) <span class=\"_ _219\"> </span>(319)<span class=\"_ _b6\"> </span>(0,1%) <span class=\"_ _65\"> </span>146 </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazione a bre<span class=\"_ _1\"></span>ve termine (<span class=\"ff64\">short term</span>)<span class=\"_ _d7\"> </span>3.031 <span class=\"_ _9f\"> </span>1,5% <span class=\"_ _2da\"> </span>4.598<span class=\"_ _b9\"> </span>2,2% <span class=\"_ _2f4\"> </span>(1.567) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazione di beni di valor<span class=\"_ _2\"></span>e modesto  </span><span style=\"display:inherit;clear:left;\">735 <span class=\"_ _b6\"> </span>0,4% <span class=\"_ _2ef\"> </span>693<span class=\"_ _b9\"> </span>0,3% <span class=\"_ _80\"> </span>42 </span><span style=\"display:inherit;clear:left;\">(<span class=\"ff64\">low value assets</span>)</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti relati<span class=\"_ _1\"></span>vi a locazioni con pagamenti v<span class=\"_ _2\"></span>ariabili non </span><span style=\"display:inherit;clear:left;\">49.207 <span class=\"_ _b3\"> </span>24,3% <span class=\"_ _d9\"> </span>56.755<span class=\"_ _bc\"> </span>27,6% <span class=\"_ _2f4\"> </span>(7.548) </span><span style=\"display:inherit;clear:left;\">inclusi nella valutazione delle passivit<span class=\"_ _1\"></span>\u00e0 per <span class=\"ff64\">leasing</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _9b\"> </span>202.170 <span class=\"_ _1ba\"> </span>100,0% <span class=\"_ _cf\"> </span>205.824<span class=\"_ _b3\"> </span>100,0% <span class=\"_ _ec\"> </span>(3.654) </span><span style=\"display:inherit;clear:left;\">Alcuni de<span class=\"_ _4\"></span>i contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po conte<span class=\"_ _4\"></span>ngono pagame<span class=\"_ _4\"></span>nti di cano<span class=\"_ _4\"></span>ni di aff<span class=\"_ _4\"></span>itto a d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione v<span class=\"_ _4\"></span>ariabile </span><span style=\"display:inherit;clear:left;\">leg<span class=\"_ _4\"></span>ati ai ricavi ge<span class=\"_ _4\"></span>ner<span class=\"_ _4\"></span>ati da punti vendit<span class=\"_ _4\"></span>a (DOS), in spazi pr<span class=\"_ _4\"></span>esi in lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione che no<span class=\"_ _4\"></span>n sono inclu<span class=\"_ _4\"></span>si nella valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one delle </span><span style=\"display:inherit;clear:left;\">pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> dei c<span class=\"_ _4\"></span>ontratti di l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>zione e s<span class=\"_ _4\"></span>ono iscr<span class=\"_ _4\"></span>itti in ba<span class=\"_ _4\"></span>se alla comp<span class=\"_ _4\"></span>etenz<span class=\"_ _4\"></span>a eco<span class=\"_ _4\"></span>nomica<span class=\"_ _4\"></span>. I cost<span class=\"_ _4\"></span>i dei can<span class=\"_ _4\"></span>oni va<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riabili rappr<span class=\"_ _4\"></span>ese<span class=\"_ _4\"></span>ntano, al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, comple<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte il 2<span class=\"_ _2\"></span>4,<span class=\"_ _4\"></span>3% del t<span class=\"_ _4\"></span>otale de<span class=\"_ _4\"></span>gli one<span class=\"_ _4\"></span>ri nett<span class=\"_ _4\"></span>i a conto ec<span class=\"_ _4\"></span>onomico </span><span style=\"display:inherit;clear:left;\">inere<span class=\"_ _4\"></span>nti ai contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e inclusi e non n<span class=\"_ _4\"></span>ella pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> di cui al principio c<span class=\"_ _4\"></span>ontabile IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>. I cano<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">variabili dipe<span class=\"_ _4\"></span>ndon<span class=\"_ _4\"></span>o dalle vendite e p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tanto dallo s<span class=\"_ _4\"></span>vilupp<span class=\"_ _4\"></span>o eco<span class=\"_ _4\"></span>nomico de<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi su<span class=\"_ _4\"></span>cces<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>i. Si stima ch<span class=\"_ _4\"></span>e i canoni </span><span style=\"display:inherit;clear:left;\">variabili continu<span class=\"_ _4\"></span>eranno ne<span class=\"_ _4\"></span>i futuri e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>i ad avere un<span class=\"_ _4\"></span>\u2019incide<span class=\"_ _4\"></span>nza p<span class=\"_ _4\"></span>ropor<span class=\"_ _4\"></span>zionale all<span class=\"_ _4\"></span>e vendite de<span class=\"_ _4\"></span>i prodot<span class=\"_ _4\"></span>ti f<span class=\"_ _4\"></span>initi. </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>eralme<span class=\"_ _4\"></span>nte i contrat<span class=\"_ _4\"></span>ti di loc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del Grup<span class=\"_ _4\"></span>po preve<span class=\"_ _4\"></span>dono clau<span class=\"_ _4\"></span>sole di di<span class=\"_ _4\"></span>vieto di s<span class=\"_ _4\"></span>ubloc<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del be<span class=\"_ _4\"></span>ne og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">della lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione, ma no<span class=\"_ _4\"></span>n preve<span class=\"_ _4\"></span>dono pe<span class=\"_ _4\"></span>r il Grupp<span class=\"_ _4\"></span>o il risp<span class=\"_ _4\"></span>etto di <span class=\"ff5f ls57 ws97\">co<span class=\"_ _4\"></span>vena<span class=\"_ _4\"></span>nt<span class=\"_ _4\"></span>s</span><span class=\"ls4 wsa\"> f<span class=\"_ _4\"></span>inanziari.  </span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o non ha opzioni di chius<span class=\"_ _4\"></span>ura anticipata ch<span class=\"_ _4\"></span>e ha intenzi<span class=\"_ _4\"></span>one di es<span class=\"_ _4\"></span>ercitar<span class=\"_ _4\"></span>e ma che non ha valut<span class=\"_ _4\"></span>ato nella pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0 </span><span style=\"display:inherit;clear:left;\">per <span class=\"_ _5\"></span><span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ws95\">. Re<span class=\"_ _4\"></span>lativame<span class=\"_ _4\"></span>nte alle opzioni di rinnovo, il Gr<span class=\"_ _4\"></span>uppo ne<span class=\"_ _4\"></span>lla propria po<span class=\"_ _4\"></span>litica co<span class=\"_ _4\"></span>ntabile di det<span class=\"_ _4\"></span>erminazi<span class=\"_ _4\"></span>one della </span></span><span style=\"display:inherit;clear:left;\">durata d<span class=\"_ _4\"></span>el <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing</span><span class=\"ls3 ws0\"> ha co<span class=\"_ _4\"></span>nside<span class=\"_ _4\"></span>rato le opzioni di r<span class=\"_ _4\"></span>innovo che intende e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcitare<span class=\"_ _4\"></span>. </span></span><span style=\"display:inherit;clear:left;\">Il Grupp<span class=\"_ _4\"></span>o pres<span class=\"_ _4\"></span>enta v<span class=\"_ _4\"></span>alori di impe<span class=\"_ _4\"></span>gni pe<span class=\"_ _4\"></span>r i <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> a breve t<span class=\"_ _4\"></span>ermine pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ti per il 2025 in line<span class=\"_ _4\"></span>a con i valo<span class=\"_ _4\"></span>ri contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>nto econ<span class=\"_ _4\"></span>omico dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2024.<span class=\"_ _1\"></span>  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito il det<span class=\"_ _4\"></span>taglio d<span class=\"_ _4\"></span>egli \u201c<span class=\"_ _1\"></span>Altri c<span class=\"_ _4\"></span>osti o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ivi<span class=\"_ _4\"></span>\u201d:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Minusvalenze da alienazione di attivit<span class=\"_ _1\"></span>\u00e0 materiali e immateriali<span class=\"_ _1ec\"> </span>1.918 <span class=\"_ _27a\"> </span>514 <span class=\"_ _1f9\"> </span>1.404 </span><span style=\"display:inherit;clear:left;\">Sopra<span class=\"_ _2\"></span>vvenienze passive<span class=\"_ _2d6\"> </span>1.374 <span class=\"_ _23e\"> </span>1.585 <span class=\"_ _cd\"> </span>(211) </span><span style=\"display:inherit;clear:left;\">Acc<span class=\"_ _1\"></span>antonamenti ai fondi per rischi ed oneri<span class=\"_ _36\"> </span>1.683 <span class=\"_ _23e\"> </span>6.317 <span class=\"_ _80\"> </span>(4.634) </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazione di attivit\u00e0 cor<span class=\"_ _2\"></span>renti<span class=\"_ _4e\"> </span>690 <span class=\"_ _23e\"> </span>2.117 <span class=\"_ _25\"> </span>(1.427) </span><span style=\"display:inherit;clear:left;\">Altre imposte e tasse<span class=\"_ _2fb\"> </span>16.855 <span class=\"_ _f3\"> </span>15.903 <span class=\"_ _23e\"> </span>952 </span><span style=\"display:inherit;clear:left;\">Altri costi oper<span class=\"_ _2\"></span>ativi<span class=\"_ _d6\"> </span>3.183 <span class=\"_ _23e\"> </span>3.285 <span class=\"_ _cd\"> </span>(102) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale <span class=\"_ _220\"> </span>25.703 <span class=\"_ _f2\"> </span>29.721 <span class=\"_ _31a\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">Gli altri co<span class=\"_ _4\"></span>sti op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vi ris<span class=\"_ _4\"></span>ultano in diminuzi<span class=\"_ _4\"></span>one del 1<span class=\"_ _2\"></span>3,<span class=\"_ _4\"></span>5% rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente.  </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201c<span class=\"_ _2\"></span>Alt<span class=\"_ _4\"></span>re impos<span class=\"_ _4\"></span>te e ta<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>\u201d si r<span class=\"_ _4\"></span>iferisc<span class=\"_ _4\"></span>e in buona par<span class=\"_ _4\"></span>te all<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a sugli immo<span class=\"_ _4\"></span>bili di propriet<span class=\"_ _4\"></span>\u00e0 dell<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>rup<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">po Fe<span class=\"_ _4\"></span>rragamo Us<span class=\"_ _4\"></span>a <span class=\"ff5f\">(<span class=\"_ _2\"></span>re<span class=\"_ _4\"></span>al es<span class=\"_ _4\"></span>tate tax)<span class=\"ff5c ls0 ws6f\">.  </span></span></span><span style=\"display:inherit;clear:left;\">La s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di attiv<span class=\"_ _4\"></span>it\u00e0 cor<span class=\"_ _4\"></span>renti \u00e8 in diminuzio<span class=\"_ _4\"></span>ne risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _2\"></span>.427 migliaia, e si riferisc<span class=\"_ _4\"></span>e sia </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>accanto<span class=\"_ _4\"></span>namento al fond<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>alutaz<span class=\"_ _4\"></span>ione cre<span class=\"_ _4\"></span>diti, sia alle pe<span class=\"_ _4\"></span>rdite su cre<span class=\"_ _4\"></span>diti a seg<span class=\"_ _4\"></span>uito di str<span class=\"_ _4\"></span>alcio.  </span><span style=\"display:inherit;clear:left;\">Gli acc<span class=\"_ _4\"></span>antoname<span class=\"_ _4\"></span>nti ai fondi p<span class=\"_ _4\"></span>er ris<span class=\"_ _4\"></span>chi ed o<span class=\"_ _4\"></span>neri, in diminu<span class=\"_ _4\"></span>zione r<span class=\"_ _4\"></span>ispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ercizio<span class=\"_ _4\"></span> 2023, si riferi<span class=\"_ _4\"></span>scon<span class=\"_ _4\"></span>o principalm<span class=\"_ _4\"></span>ente </span><span style=\"display:inherit;clear:left;\">a controver<span class=\"_ _4\"></span>sie di lavoro, le<span class=\"_ _4\"></span>gali e f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali riferite sia a co<span class=\"_ _4\"></span>ntenzi<span class=\"_ _4\"></span>osi in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re che a stim<span class=\"_ _4\"></span>e di impor<span class=\"_ _4\"></span>ti tran<span class=\"_ _4\"></span>satt<span class=\"_ _4\"></span>ivi che l<span class=\"_ _4\"></span>e so<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ciet<span class=\"_ _4\"></span>\u00e0 del Grup<span class=\"_ _4\"></span>po potre<span class=\"_ _4\"></span>bbe<span class=\"_ _4\"></span>ro sos<span class=\"_ _4\"></span>tene<span class=\"_ _4\"></span>re per la c<span class=\"_ _4\"></span>ompos<span class=\"_ _4\"></span>izione di t<span class=\"_ _4\"></span>ali controve<span class=\"_ _4\"></span>rsie in fa<span class=\"_ _4\"></span>se pre<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>conten<span class=\"_ _4\"></span>zios<span class=\"_ _4\"></span>a.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__140": {
   "value": "<span style=\"display:inherit;clear:left;\">36.  <span class=\"_ _46\"></span>C<span class=\"_ _1c\"></span>omposizione per natur<span class=\"_ _2\"></span>a delle voci di c<span class=\"_ _2\"></span>osto di conto </span><span style=\"display:inherit;clear:left;\">ec<span class=\"_ _2\"></span>onomico</span><span style=\"display:inherit;clear:left;\">La comp<span class=\"_ _4\"></span>osiz<span class=\"_ _4\"></span>ione pe<span class=\"_ _4\"></span>r natura del c<span class=\"_ _4\"></span>osto d<span class=\"_ _4\"></span>el vendut<span class=\"_ _4\"></span>o e dei cos<span class=\"_ _4\"></span>ti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i \u00e8 evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>iata nel pro<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>tto se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nte: </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Materie prime, merci e materiale di c<span class=\"_ _2\"></span>onsumo utiliz<span class=\"_ _4\"></span>zati<span class=\"_ _e8\"> </span>177.671 <span class=\"_ _81\"> </span>198.835<span class=\"_ _82\"> </span>(21.164) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per servizi<span class=\"_ _182\"> </span>408.761 <span class=\"_ _81\"> </span>459.182<span class=\"_ _82\"> </span>(50.421) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del personale<span class=\"_ _14d\"> </span>231.758 <span class=\"_ _ca\"> </span>237.605<span class=\"_ _c5\"> </span>(5.847) </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 materiali e immateriali<span class=\"_ _217\"> </span>52.017 <span class=\"_ _b7\"> </span>50.146<span class=\"_ _f2\"> </span>1.871 </span><span style=\"display:inherit;clear:left;\">Ammortamenti su attivit\u00e0 per diritto d\u2019uso<span class=\"_ _321\"> </span>126.904 <span class=\"_ _81\"> </span>122.768<span class=\"_ _f2\"> </span>4.136 </span><span style=\"display:inherit;clear:left;\">Sv<span class=\"_ _1\"></span>alutazioni di attivit\u00e0 materiali, immateriali, diritto d'uso e inv<span class=\"_ _1\"></span>estimenti </span><span style=\"display:inherit;clear:left;\">85.298 <span class=\"_ _23e\"> </span>6.875<span class=\"_ _212\"> </span>78.423 </span><span style=\"display:inherit;clear:left;\">immobiliari</span><span style=\"display:inherit;clear:left;\">Altri oneri<span class=\"_ _14\"> </span>25.703 <span class=\"_ _b7\"> </span>29.721<span class=\"_ _c5\"> </span>(4.018) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _2b9\"> </span>1.108.112 <span class=\"_ _2da\"> </span>1.105.132<span class=\"_ _cd\"> </span>2.980</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__142": {
   "value": "<span style=\"display:inherit;clear:left;\">37. Altri <span class=\"_ _4\"></span>pr<span class=\"_ _1\"></span>oventi</span><span style=\"display:inherit;clear:left;\">Gli altri p<span class=\"_ _4\"></span>roventi si comp<span class=\"_ _4\"></span>ongono com<span class=\"_ _4\"></span>e dett<span class=\"_ _4\"></span>agliato di se<span class=\"_ _4\"></span>guito:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Recuperi di spese<span class=\"_ _252\"> </span>1.604<span class=\"_ _141\"> </span>1.945<span class=\"_ _b7\"> </span>(341)</span><span style=\"display:inherit;clear:left;\">Affitti attivi di immobili strumentali<span class=\"_ _1c6\"> </span>205<span class=\"_ _2e2\"> </span>-<span class=\"_ _261\"> </span>205</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ontributi pubblicitari<span class=\"_ _24d\"> </span>264<span class=\"_ _263\"> </span>403<span class=\"_ _79\"> </span>(139)</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi diversi<span class=\"_ _da\"> </span>14.951<span class=\"_ _1d3\"> </span>16.473<span class=\"_ _2ef\"> </span>(1.522)</span><span style=\"display:inherit;clear:left;\">Plusvalenze da alienazione beni materiali - immateriali <span class=\"_ _152\"> </span>11<span class=\"_ _2e4\"> </span>39<span class=\"_ _269\"> </span>(28)</span><span style=\"display:inherit;clear:left;\">Sopra<span class=\"_ _2\"></span>vvenienze attive <span class=\"_ _17f\"> </span>6.970<span class=\"_ _141\"> </span>2.023<span class=\"_ _f2\"> </span>4.947</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>24.005<span class=\"_ _1f2\"> </span>20.883<span class=\"_ _cd\"> </span>3.122</span><span style=\"display:inherit;clear:left;\">Gli altri p<span class=\"_ _4\"></span>roventi, pari a Euro 2<span class=\"_ _1\"></span>4.0<span class=\"_ _4\"></span>05 migliaia, re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trano ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 2023 un increm<span class=\"_ _4\"></span>ento di Euro 3.<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>22 </span><span style=\"display:inherit;clear:left;\">migliaia. La vo<span class=\"_ _4\"></span>ce \u201cProvent<span class=\"_ _4\"></span>i diver<span class=\"_ _4\"></span>si<span class=\"_ _4\"></span>\u201d si de<span class=\"_ _4\"></span>creme<span class=\"_ _4\"></span>nta risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o al prece<span class=\"_ _4\"></span>dente e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio princip<span class=\"_ _4\"></span>almente p<span class=\"_ _4\"></span>er la riduz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ero<span class=\"_ _4\"></span>gati, dai vari gove<span class=\"_ _4\"></span>rni dei Pae<span class=\"_ _4\"></span>si in cui il Grupp<span class=\"_ _4\"></span>o ope<span class=\"_ _4\"></span>ra, a so<span class=\"_ _4\"></span>steg<span class=\"_ _4\"></span>no delle imp<span class=\"_ _4\"></span>rese e d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019economia; nel </span><span style=\"display:inherit;clear:left;\">2023 la voce inclu<span class=\"_ _4\"></span>deva Euro 2.<span class=\"_ _4\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3 migliaia, rife<span class=\"_ _4\"></span>rita al c<span class=\"_ _4\"></span>ontributo a fond<span class=\"_ _4\"></span>o perdut<span class=\"_ _4\"></span>o relativo all<span class=\"_ _4\"></span>\u2019Accordo pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019Inno<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vaz<span class=\"_ _4\"></span>ione (p<span class=\"_ _4\"></span>rogett<span class=\"_ _4\"></span>o I-SUCCEED, per mag<span class=\"_ _4\"></span>gior<span class=\"_ _4\"></span>i dett<span class=\"_ _4\"></span>agli si rimanda alla Re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e sulla ges<span class=\"_ _4\"></span>tione al par<span class=\"_ _4\"></span>agrafo \u201cFatt<span class=\"_ _4\"></span>i di </span><span style=\"display:inherit;clear:left;\">rilievo av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuti nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio, se<span class=\"_ _4\"></span>zione Inc<span class=\"_ _4\"></span>entiv<span class=\"_ _4\"></span>i Fondo p<span class=\"_ _4\"></span>er la Cres<span class=\"_ _4\"></span>cita S<span class=\"_ _4\"></span>oste<span class=\"_ _4\"></span>nibile - Accor<span class=\"_ _4\"></span>do per l<span class=\"_ _4\"></span>'innova<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), me<span class=\"_ _4\"></span>ntre nel 2024 risulta pari a<span class=\"_ _4\"></span>d Euro 7<span class=\"_ _2\"></span>5 mig<span class=\"_ _4\"></span>liaia. La voce \u201c<span class=\"_ _4\"></span>S<span class=\"_ _4\"></span>oprav<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nienze at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>\u201d includ<span class=\"_ _4\"></span>e per Euro 4.<span class=\"_ _4\"></span>979<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">migliaia il rilascio di co<span class=\"_ _4\"></span>sti re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rati neg<span class=\"_ _4\"></span>li ese<span class=\"_ _4\"></span>rcizi pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>enti e non pi\u00f9 dov<span class=\"_ _4\"></span>uti.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__144": {
   "value": "<span style=\"display:inherit;clear:left;\">38. Gestione finanziaria</span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria si comp<span class=\"_ _4\"></span>one come d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agliato di seg<span class=\"_ _4\"></span>uito:</span><span style=\"display:inherit;clear:left;\">Oneri finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _318\"> </span>4.690 <span class=\"_ _23e\"> </span>2.024<span class=\"_ _f2\"> </span>2.666 </span><span style=\"display:inherit;clear:left;\">Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _1ff\"> </span>2.371 <span class=\"_ _23e\"> </span>2.530<span class=\"_ _b7\"> </span>(159) </span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2a1\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308<span class=\"_ _f2\"> </span>1.156 </span></span><span style=\"display:inherit;clear:left;\">Oneri sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _1fd\"> </span></span>2 <span class=\"_ _69\"> </span>21<span class=\"_ _78\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite su cambi<span class=\"_ _13a\"> </span>12.537 <span class=\"_ _f3\"> </span>28.792<span class=\"_ _82\"> </span>(16.255) </span><span style=\"display:inherit;clear:left;\">Oneri finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _27b\"> </span>22.679 <span class=\"_ _f3\"> </span>14.712<span class=\"_ _f2\"> </span>7.967 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>64.743 <span class=\"_ _f2\"> </span>69.387<span class=\"_ _176\"> </span>(4.644) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1\"></span>ro<span class=\"_ _2\"></span>venti finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi attivi<span class=\"_ _1b7\"> </span>7.644 <span class=\"_ _23e\"> </span>8.230<span class=\"_ _b7\"> </span>(586) </span><span style=\"display:inherit;clear:left;\">Altri proventi finanziari<span class=\"_ _9d\"> </span>2.773 <span class=\"_ _27a\"> </span>752<span class=\"_ _f2\"> </span>2.021 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _10d\"> </span></span>173 <span class=\"_ _27a\"> </span>319<span class=\"_ _79\"> </span>(146) </span><span style=\"display:inherit;clear:left;\">Utili su cambi<span class=\"_ _13b\"> </span>17.976 <span class=\"_ _f3\"> </span>17.569<span class=\"_ _261\"> </span>407 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _133\"> </span>9.601 <span class=\"_ _f3\"> </span>16.079<span class=\"_ _2e0\"> </span>(6.478) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>38.167 <span class=\"_ _f2\"> </span>42.949<span class=\"_ _176\"> </span>(4.782) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cInte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si pas<span class=\"_ _4\"></span>sivi<span class=\"_ _5\"></span>\u201d include pr<span class=\"_ _4\"></span>incipalmente gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si da f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti bancari a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e.</span></span> </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cOne<span class=\"_ _4\"></span>ri da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e altri one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>\u201d si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alle spe<span class=\"_ _4\"></span>se banc<span class=\"_ _4\"></span>arie, e<span class=\"_ _4\"></span>d in misura </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>iduale agli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari su b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne alla valuta<span class=\"_ _4\"></span>zione ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>ello IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 d<span class=\"_ _4\"></span>ei piani a </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi, e da oner<span class=\"_ _4\"></span>i da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati regis<span class=\"_ _4\"></span>trati in s<span class=\"_ _4\"></span>eguito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introduzio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>rincipio cont<span class=\"_ _4\"></span>abile IFRS 16 e<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">sono p<span class=\"_ _4\"></span>ari a Euro 22.4<span class=\"_ _4\"></span>64 migliaia. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i, pari ad Euro 7<span class=\"_ _1c\"></span>.<span class=\"_ _4\"></span>64<span class=\"_ _4\"></span>4 migliaia, so<span class=\"_ _4\"></span>no in diminuzione di Euro 58<span class=\"_ _4\"></span>6 migliaia rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 a </span><span style=\"display:inherit;clear:left;\">caus<span class=\"_ _4\"></span>a di minori re<span class=\"_ _4\"></span>ndimenti ot<span class=\"_ _4\"></span>tenuti s<span class=\"_ _4\"></span>ulla liquidit\u00e0 inve<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>a, come co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a del ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse e d<span class=\"_ _4\"></span>ella minore e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e creditor<span class=\"_ _4\"></span>ia. </span><span style=\"display:inherit;clear:left;\">Gli utili e p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>ambi sono s<span class=\"_ _4\"></span>tati re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za dalla Capo<span class=\"_ _4\"></span>grupp<span class=\"_ _4\"></span>o Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., e d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di ve<span class=\"_ _4\"></span>ndita s<span class=\"_ _4\"></span>ia vers<span class=\"_ _4\"></span>o soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o <span class=\"ff5f ls58 ws6\">(intercomp<span class=\"_ _4\"></span>any)</span> che vers<span class=\"_ _4\"></span>o ter<span class=\"_ _4\"></span>zi in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Nel </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 si \u00e8 verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato un impatto ne<span class=\"_ _4\"></span>tto di utili su c<span class=\"_ _4\"></span>ambi pe<span class=\"_ _4\"></span>r Euro 5.4<span class=\"_ _1\"></span>39 migliaia rispe<span class=\"_ _4\"></span>tto a un impat<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di perdit<span class=\"_ _4\"></span>e su cambi p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>22<span class=\"_ _4\"></span>3 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Gli one<span class=\"_ _4\"></span>ri e proventi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari per a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair value</span>  dei deri<span class=\"_ _4\"></span>vati rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano il pre<span class=\"_ _4\"></span>mio o lo sco<span class=\"_ _4\"></span>nto applicato </span><span style=\"display:inherit;clear:left;\">sulle op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io, post<span class=\"_ _4\"></span>e in es<span class=\"_ _4\"></span>sere dalla Cap<span class=\"_ _4\"></span>ogrup<span class=\"_ _4\"></span>po, e le variaz<span class=\"_ _4\"></span>ioni di <span class=\"ff5f\">fair value</span><span class=\"ls2b wse3\"> re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">lative a s<span class=\"_ _4\"></span>trumenti d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e s<span class=\"_ _4\"></span>ono da met<span class=\"_ _4\"></span>tere in s<span class=\"_ _4\"></span>trett<span class=\"_ _4\"></span>a rela<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>n gli utili e per<span class=\"_ _4\"></span>dite su </span><span style=\"display:inherit;clear:left;\">cambi. N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 si \u00e8 verifi<span class=\"_ _4\"></span>cato un impatt<span class=\"_ _4\"></span>o nett<span class=\"_ _4\"></span>o di oneri p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls6 ws124\"> dei derivati </span></span></span><span style=\"display:inherit;clear:left;\">per Euro 1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>078 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a un imp<span class=\"_ _4\"></span>atto net<span class=\"_ _4\"></span>to di prove<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari per Euro 1.367 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__143": {
   "value": "<span style=\"display:inherit;clear:left;\">38. Gestione finanziaria</span><span style=\"display:inherit;clear:left;\">La ge<span class=\"_ _4\"></span>stion<span class=\"_ _4\"></span>e finan<span class=\"_ _4\"></span>ziaria si comp<span class=\"_ _4\"></span>one come d<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>agliato di seg<span class=\"_ _4\"></span>uito:</span><span style=\"display:inherit;clear:left;\">Oneri finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi passivi<span class=\"_ _318\"> </span>4.690 <span class=\"_ _23e\"> </span>2.024<span class=\"_ _f2\"> </span>2.666 </span><span style=\"display:inherit;clear:left;\">Oneri da attualizzazione e altri oneri finanziari<span class=\"_ _1ff\"> </span>2.371 <span class=\"_ _23e\"> </span>2.530<span class=\"_ _b7\"> </span>(159) </span><span style=\"display:inherit;clear:left;\">Interessi sulle passivit\u00e0 per </span><span style=\"display:inherit;clear:left;\">le<span class=\"_ _1\"></span>asing<span class=\"_ _2a1\"> </span><span class=\"ff61\">22.464 <span class=\"_ _f3\"> </span>21.308<span class=\"_ _f2\"> </span>1.156 </span></span><span style=\"display:inherit;clear:left;\">Oneri sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _1fd\"> </span></span>2 <span class=\"_ _69\"> </span>21<span class=\"_ _78\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite su cambi<span class=\"_ _13a\"> </span>12.537 <span class=\"_ _f3\"> </span>28.792<span class=\"_ _82\"> </span>(16.255) </span><span style=\"display:inherit;clear:left;\">Oneri finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _27b\"> </span>22.679 <span class=\"_ _f3\"> </span>14.712<span class=\"_ _f2\"> </span>7.967 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>64.743 <span class=\"_ _f2\"> </span>69.387<span class=\"_ _176\"> </span>(4.644) </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1\"></span>ro<span class=\"_ _2\"></span>venti finanziari</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Interessi attivi<span class=\"_ _1b7\"> </span>7.644 <span class=\"_ _23e\"> </span>8.230<span class=\"_ _b7\"> </span>(586) </span><span style=\"display:inherit;clear:left;\">Altri proventi finanziari<span class=\"_ _9d\"> </span>2.773 <span class=\"_ _27a\"> </span>752<span class=\"_ _f2\"> </span>2.021 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _10d\"> </span></span>173 <span class=\"_ _27a\"> </span>319<span class=\"_ _79\"> </span>(146) </span><span style=\"display:inherit;clear:left;\">Utili su cambi<span class=\"_ _13b\"> </span>17.976 <span class=\"_ _f3\"> </span>17.569<span class=\"_ _261\"> </span>407 </span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>oventi finanziari per adeguamento al <span class=\"ff64\">fair value</span> dei derivati<span class=\"_ _133\"> </span>9.601 <span class=\"_ _f3\"> </span>16.079<span class=\"_ _2e0\"> </span>(6.478) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _15\"> </span>38.167 <span class=\"_ _f2\"> </span>42.949<span class=\"_ _176\"> </span>(4.782) </span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cInte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si pas<span class=\"_ _4\"></span>sivi<span class=\"_ _5\"></span>\u201d include pr<span class=\"_ _4\"></span>incipalmente gli inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si da f<span class=\"_ _4\"></span>inanziame<span class=\"_ _4\"></span>nti bancari a b<span class=\"_ _4\"></span>reve termin<span class=\"_ _4\"></span>e.</span></span> </span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cOne<span class=\"_ _4\"></span>ri da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e altri one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari<span class=\"_ _4\"></span>\u201d si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>e principalme<span class=\"_ _4\"></span>nte alle spe<span class=\"_ _4\"></span>se banc<span class=\"_ _4\"></span>arie, e<span class=\"_ _4\"></span>d in misura </span><span style=\"display:inherit;clear:left;\">res<span class=\"_ _4\"></span>iduale agli one<span class=\"_ _4\"></span>ri f<span class=\"_ _4\"></span>inanziari su b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici ai dipe<span class=\"_ _4\"></span>ndenti, in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne alla valuta<span class=\"_ _4\"></span>zione ai s<span class=\"_ _4\"></span>ensi d<span class=\"_ _4\"></span>ello IA<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>9 d<span class=\"_ _4\"></span>ei piani a </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>ici def<span class=\"_ _4\"></span>initi, e da oner<span class=\"_ _4\"></span>i da attualiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i sulle pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span> so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati regis<span class=\"_ _4\"></span>trati in s<span class=\"_ _4\"></span>eguito all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>introduzio<span class=\"_ _4\"></span>ne del p<span class=\"_ _4\"></span>rincipio cont<span class=\"_ _4\"></span>abile IFRS 16 e<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">sono p<span class=\"_ _4\"></span>ari a Euro 22.4<span class=\"_ _4\"></span>64 migliaia. </span><span style=\"display:inherit;clear:left;\">Gli intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i attiv<span class=\"_ _4\"></span>i, pari ad Euro 7<span class=\"_ _1c\"></span>.<span class=\"_ _4\"></span>64<span class=\"_ _4\"></span>4 migliaia, so<span class=\"_ _4\"></span>no in diminuzione di Euro 58<span class=\"_ _4\"></span>6 migliaia rispe<span class=\"_ _4\"></span>tto all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023 a </span><span style=\"display:inherit;clear:left;\">caus<span class=\"_ _4\"></span>a di minori re<span class=\"_ _4\"></span>ndimenti ot<span class=\"_ _4\"></span>tenuti s<span class=\"_ _4\"></span>ulla liquidit\u00e0 inve<span class=\"_ _4\"></span>stit<span class=\"_ _4\"></span>a, come co<span class=\"_ _4\"></span>nseg<span class=\"_ _4\"></span>uenz<span class=\"_ _4\"></span>a del ge<span class=\"_ _4\"></span>neral<span class=\"_ _4\"></span>e decre<span class=\"_ _4\"></span>mento de<span class=\"_ _4\"></span>i tas<span class=\"_ _4\"></span>si di </span><span style=\"display:inherit;clear:left;\">intere<span class=\"_ _4\"></span>sse e d<span class=\"_ _4\"></span>ella minore e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e creditor<span class=\"_ _4\"></span>ia. </span><span style=\"display:inherit;clear:left;\">Gli utili e p<span class=\"_ _4\"></span>erdite su c<span class=\"_ _4\"></span>ambi sono s<span class=\"_ _4\"></span>tati re<span class=\"_ _4\"></span>gis<span class=\"_ _4\"></span>trati in prev<span class=\"_ _4\"></span>alen<span class=\"_ _4\"></span>za dalla Capo<span class=\"_ _4\"></span>grupp<span class=\"_ _4\"></span>o Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., e d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>atti<span class=\"_ _4\"></span>vit\u00e0 di ve<span class=\"_ _4\"></span>ndita s<span class=\"_ _4\"></span>ia vers<span class=\"_ _4\"></span>o soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o <span class=\"ff5f ls58 ws6\">(intercomp<span class=\"_ _4\"></span>any)</span> che vers<span class=\"_ _4\"></span>o ter<span class=\"_ _4\"></span>zi in valut<span class=\"_ _4\"></span>a diver<span class=\"_ _4\"></span>sa dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Euro. Nel </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4 si \u00e8 verif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ato un impatto ne<span class=\"_ _4\"></span>tto di utili su c<span class=\"_ _4\"></span>ambi pe<span class=\"_ _4\"></span>r Euro 5.4<span class=\"_ _1\"></span>39 migliaia rispe<span class=\"_ _4\"></span>tto a un impat<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">net<span class=\"_ _4\"></span>to di perdit<span class=\"_ _4\"></span>e su cambi p<span class=\"_ _4\"></span>er Euro 1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>22<span class=\"_ _4\"></span>3 migliaia nell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 2023.  </span><span style=\"display:inherit;clear:left;\">Gli one<span class=\"_ _4\"></span>ri e proventi f<span class=\"_ _4\"></span>inanz<span class=\"_ _4\"></span>iari per a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair value</span>  dei deri<span class=\"_ _4\"></span>vati rapp<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>ntano il pre<span class=\"_ _4\"></span>mio o lo sco<span class=\"_ _4\"></span>nto applicato </span><span style=\"display:inherit;clear:left;\">sulle op<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura del ri<span class=\"_ _4\"></span>schio di camb<span class=\"_ _4\"></span>io, post<span class=\"_ _4\"></span>e in es<span class=\"_ _4\"></span>sere dalla Cap<span class=\"_ _4\"></span>ogrup<span class=\"_ _4\"></span>po, e le variaz<span class=\"_ _4\"></span>ioni di <span class=\"ff5f\">fair value</span><span class=\"ls2b wse3\"> re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">lative a s<span class=\"_ _4\"></span>trumenti d<span class=\"_ _4\"></span>eriv<span class=\"_ _4\"></span>ati class<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ati non di cop<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>tura e s<span class=\"_ _4\"></span>ono da met<span class=\"_ _4\"></span>tere in s<span class=\"_ _4\"></span>trett<span class=\"_ _4\"></span>a rela<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>n gli utili e per<span class=\"_ _4\"></span>dite su </span><span style=\"display:inherit;clear:left;\">cambi. N<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 si \u00e8 verifi<span class=\"_ _4\"></span>cato un impatt<span class=\"_ _4\"></span>o nett<span class=\"_ _4\"></span>o di oneri p<span class=\"_ _4\"></span>er ade<span class=\"_ _4\"></span>guame<span class=\"_ _4\"></span>nto al <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c ls6 ws124\"> dei derivati </span></span></span><span style=\"display:inherit;clear:left;\">per Euro 1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>078 migliai<span class=\"_ _1\"></span>a risp<span class=\"_ _4\"></span>etto a un imp<span class=\"_ _4\"></span>atto net<span class=\"_ _4\"></span>to di prove<span class=\"_ _4\"></span>nti finan<span class=\"_ _4\"></span>ziari per Euro 1.367 migliaia nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__146": {
   "value": "<span style=\"display:inherit;clear:left;\">39. Imposte sul r<span class=\"_ _2\"></span>eddito</span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te rilev<span class=\"_ _4\"></span>ate a conto ec<span class=\"_ _4\"></span>onomico s<span class=\"_ _4\"></span>ono le se<span class=\"_ _4\"></span>gue<span class=\"_ _4\"></span>nti<span class=\"_ _1\"></span>:</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>ariazione</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _110\"> </span>2024<span class=\"_ _230\"> </span>2023</span><span style=\"display:inherit;clear:left;\">2024 vs 2023</span><span style=\"display:inherit;clear:left;\">Imposte cor<span class=\"_ _1\"></span>renti<span class=\"_ _110\"> </span>(10.668) <span class=\"_ _212\"> </span>(33.869)<span class=\"_ _212\"> </span>23.201 </span><span style=\"display:inherit;clear:left;\">Imposte differite<span class=\"_ _19\"> </span>19.285 <span class=\"_ _f2\"> </span>12.602<span class=\"_ _f2\"> </span>6.683 </span><span style=\"display:inherit;clear:left;\">Utilizzo/(Acc<span class=\"_ _1\"></span>antonamento) per imposte esercizi pr<span class=\"_ _2\"></span>ecedenti<span class=\"_ _bb\"> </span>(1.109) <span class=\"_ _23e\"> </span>1.918<span class=\"_ _2ef\"> </span>(3.027<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>7.508 <span class=\"_ _c5\"> </span>(19.349)<span class=\"_ _2ef\"> </span>26.857 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ax rate<span class=\"_ _1fb\"> </span><span class=\"ff62\">na <span class=\"_ _2d7\"> </span>42,4%</span></span><span style=\"display:inherit;clear:left;\">La voc<span class=\"_ _4\"></span>e \u201cUt<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo /(Accantoname<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te es<span class=\"_ _4\"></span>ercizi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti<span class=\"_ _4\"></span>\u201d s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>ce per Euro 959 migliaia alla verif<span class=\"_ _4\"></span>ica </span><span style=\"display:inherit;clear:left;\">f<span class=\"_ _4\"></span>iscal<span class=\"_ _4\"></span>e sulla Ferr<span class=\"_ _4\"></span>agamo Japan in re<span class=\"_ _4\"></span>lazione all<span class=\"_ _4\"></span>e annualit\u00e0 dal 201<span class=\"_ _2\"></span>9 al 2023 e per Euro 1<span class=\"_ _2\"></span>5<span class=\"_ _4\"></span>0 migliaia all verif<span class=\"_ _4\"></span>ica f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale </span><span style=\"display:inherit;clear:left;\">sulla Ferr<span class=\"_ _4\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limite<span class=\"_ _4\"></span>d, relati<span class=\"_ _4\"></span>va al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di impos<span class=\"_ _4\"></span>ta 2022, i cui c<span class=\"_ _4\"></span>osti s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati reg<span class=\"_ _4\"></span>istr<span class=\"_ _4\"></span>ati nel cor<span class=\"_ _4\"></span>rente </span><span style=\"display:inherit;clear:left;\">es<span class=\"_ _4\"></span>ercizio p<span class=\"_ _4\"></span>er i cui det<span class=\"_ _4\"></span>tag<span class=\"_ _4\"></span>li si rimanda alla Rela<span class=\"_ _4\"></span>zione sulla ge<span class=\"_ _4\"></span>sti<span class=\"_ _4\"></span>one al paragr<span class=\"_ _4\"></span>afo \u201cFatti di rilie<span class=\"_ _4\"></span>vo av<span class=\"_ _4\"></span>venuti n<span class=\"_ _4\"></span>el cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">serci<span class=\"_ _4\"></span>zio - V<span class=\"_ _1\"></span>erif<span class=\"_ _4\"></span>iche e co<span class=\"_ _4\"></span>ntenzi<span class=\"_ _4\"></span>osi f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali e doganali<span class=\"_ _4\"></span>\u201d<span class=\"_ _1\"></span>.  </span><span style=\"display:inherit;clear:left;\">A par<span class=\"_ _4\"></span>tire dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4, il Grup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo, quale gr<span class=\"_ _4\"></span>uppo multinaz<span class=\"_ _4\"></span>ionale che sup<span class=\"_ _4\"></span>era la s<span class=\"_ _4\"></span>oglia di </span><span style=\"display:inherit;clear:left;\">ricav<span class=\"_ _4\"></span>i di Euro 7<span class=\"_ _2\"></span>5<span class=\"_ _4\"></span>0 milioni per du<span class=\"_ _4\"></span>e dei quattro e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizi pre<span class=\"_ _4\"></span>cede<span class=\"_ _4\"></span>nti, rientra n<span class=\"_ _4\"></span>el camp<span class=\"_ _4\"></span>o di applica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle impo<span class=\"_ _4\"></span>ste </span><span style=\"display:inherit;clear:left;\">sul red<span class=\"_ _4\"></span>dito del s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do pilas<span class=\"_ _4\"></span>tro prev<span class=\"_ _4\"></span>iste dalla Dire<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va (UE) 2022<span class=\"_ _4\"></span>/<span class=\"_ _4\"></span>2523, adott<span class=\"_ _4\"></span>ata in Ita<span class=\"_ _4\"></span>lia dal Decret<span class=\"_ _4\"></span>o Legislati<span class=\"_ _4\"></span>vo </span><span style=\"display:inherit;clear:left;\">27 dicembre 2023, n. 20<span class=\"_ _4\"></span>9, intesa a g<span class=\"_ _4\"></span>arantire un live<span class=\"_ _4\"></span>llo di imposi<span class=\"_ _4\"></span>zione f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale minimo glo<span class=\"_ _4\"></span>bale pe<span class=\"_ _4\"></span>r i gruppi multina<span class=\"_ _4\"></span>zio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nali di impres<span class=\"_ _4\"></span>e e i gruppi na<span class=\"_ _4\"></span>zionali su larg<span class=\"_ _4\"></span>a sca<span class=\"_ _4\"></span>la nell'<span class=\"_ _4\"></span>Unione (<span class=\"_ _1\"></span>c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">global minimum tax</span>). <span class=\"_ _2\"></span>S<span class=\"_ _4\"></span>ulla base de<span class=\"_ _4\"></span>lle informazio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">conos<span class=\"_ _4\"></span>ciute o ragio<span class=\"_ _4\"></span>nevolme<span class=\"_ _4\"></span>nte stimabili, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati ef<span class=\"_ _4\"></span>fettuati i <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span> prev<span class=\"_ _4\"></span>isti dai re<span class=\"_ _4\"></span>gimi semp<span class=\"_ _4\"></span>lific<span class=\"_ _4\"></span>ati trans<span class=\"_ _4\"></span>itori che<span class=\"_ _4\"></span>, con </span><span style=\"display:inherit;clear:left;\">riguardo alla mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ranz<span class=\"_ _4\"></span>a delle giuris<span class=\"_ _4\"></span>dizio<span class=\"_ _4\"></span>ni in cui il gruppo op<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>, sono ris<span class=\"_ _4\"></span>ultati ne<span class=\"_ _4\"></span>l sod<span class=\"_ _4\"></span>disfa<span class=\"_ _4\"></span>cimento di alme<span class=\"_ _4\"></span>no uno </span><span style=\"display:inherit;clear:left;\">dei tre <span class=\"ff5f lsa ws90\">te<span class=\"_ _4\"></span>st</span> prev<span class=\"_ _4\"></span>isti, ri<span class=\"_ _4\"></span>corren<span class=\"_ _4\"></span>do le condi<span class=\"_ _4\"></span>zioni pe<span class=\"_ _4\"></span>r l'az<span class=\"_ _4\"></span>zer<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle impos<span class=\"_ _4\"></span>te da se<span class=\"_ _4\"></span>condo pila<span class=\"_ _4\"></span>stro. A<span class=\"_ _4\"></span>nche dove i re<span class=\"_ _4\"></span>gimi </span><span style=\"display:inherit;clear:left;\">semplificati transitori potr<span class=\"_ _1\"></span>ebbero non trovare<span class=\"_ _1\"></span> applicazione, non sono stati iden<span class=\"_ _1\"></span>tificati rischi sign<span class=\"_ _1\"></span>ificativi di esposizio<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne all'i<span class=\"_ _1\"></span>mposizione int<span class=\"_ _1\"></span>egrativa. </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite includ<span class=\"_ _4\"></span>ono l<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _4\"></span>mento n<span class=\"_ _4\"></span>etto ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve su pe<span class=\"_ _4\"></span>rdite f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>er Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>2<span class=\"_ _2\"></span>42 migliaia, relative p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte alle socie<span class=\"_ _4\"></span>t\u00e0 Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e Ferr<span class=\"_ _4\"></span>agamo US<span class=\"_ _4\"></span>A Inc. e in via re<span class=\"_ _4\"></span>sidua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le ad alcun<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 controllate d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019area Europea.  </span><span style=\"display:inherit;clear:left;\">Imposte differite attive e passi<span class=\"_ _2\"></span>ve</span><span style=\"display:inherit;clear:left;\">Nel s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o sono ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziati pe<span class=\"_ _4\"></span>r natura i compo<span class=\"_ _4\"></span>nenti de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Altre c<span class=\"_ _1\"></span>omponenti del C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">Stato patrimoniale</span><span style=\"display:inherit;clear:left;\">economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o<span class=\"_ _88\"> </span>C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023*</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _c1\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _322\"> </span><span class=\"ws0\"> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span></span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _e3\"> </span>837 <span class=\"_ _105\"> </span>1.006 <span class=\"_ _1b9\"> </span>607 <span class=\"_ _a1\"> </span>509 <span class=\"_ _85\"> </span>(282) <span class=\"_ _216\"> </span><span class=\"ls71 ws12\">(7) </span></span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _300\"> </span>11.673 <span class=\"_ _105\"> </span>9.667 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>2.360 <span class=\"_ _b6\"> </span>(87)<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 immateriali<span class=\"_ _323\"> </span>920 <span class=\"_ _105\"> </span>1.281 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _85\"> </span>(361) <span class=\"_ _ec\"> </span>(424) </span><span style=\"display:inherit;clear:left;\">- sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _324\"> </span></span>123.754 <span class=\"_ _23f\"> </span>137.096 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _164\"> </span>12.585 <span class=\"_ _bc\"> </span>186 </span><span style=\"display:inherit;clear:left;\">- sulla riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _eb\"> </span></span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _d0\"> </span>- </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _11b\"> </span>19.643 <span class=\"_ _257\"> </span>15.633 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>3.866 <span class=\"_ _bc\"> </span>722 </span><span style=\"display:inherit;clear:left;\">- sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze<span class=\"_ _b1\"> </span>45.360 <span class=\"_ _8b\"> </span>56.546 <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _178\"> </span>(11.186) <span class=\"_ _b4\"> </span>6.980 </span><span style=\"display:inherit;clear:left;\">- su perdite fisc<span class=\"_ _1\"></span>ali <span class=\"_ _150\"> </span>22.167 <span class=\"_ _105\"> </span>6.378 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _e1\"> </span>15.242 <span class=\"_ _c1\"> </span>4.505 </span><span style=\"display:inherit;clear:left;\">- su fondi tassati<span class=\"_ _2dc\"> </span>3.855 <span class=\"_ _127\"> </span>5.557 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _163\"> </span>(1.861) <span class=\"_ _b4\"> </span>2.066 </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _131\"> </span>9.909 <span class=\"_ _257\"> </span>10.566 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(864) <span class=\"_ _bc\"> </span>405 </span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _326\"> </span><span class=\"ws0\">239.795 <span class=\"_ _1b8\"> </span>243.730 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _111\"> </span>509 <span class=\"_ _164\"> </span>19.499 <span class=\"_ _203\"> </span>14.346 </span></span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _327\"> </span> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _16\"> </span>(26) <span class=\"_ _11f\"> </span>(138) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _1b9\"> </span>106 <span class=\"_ _9f\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _c6\"> </span>(1.683) <span class=\"_ _85\"> </span>(1.557) <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _87\"> </span>(150) <span class=\"_ _151\"> </span>(1.139) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1a9\"> </span>(94.653) <span class=\"_ _26c\"> </span>(121.462) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>80 <span class=\"_ _9f\"> </span>(81) </span><span style=\"display:inherit;clear:left;\">- sulla riserva di<span class=\"ff64\"> cash flow hedge<span class=\"_ _192\"> </span></span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _208\"> </span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _e2\"> </span>- <span class=\"_ _b9\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _193\"> </span>(3.014) <span class=\"_ _8b\"> </span>(2.720) <span class=\"_ _2a3\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(294) <span class=\"_ _b3\"> </span>(437) </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _18d\"> </span>(959) <span class=\"_ _85\"> </span>(1.005) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>44 <span class=\"_ _9f\"> </span>(66) </span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _328\"> </span>(100.335) <span class=\"_ _1e7\"> </span>(128.213) <span class=\"_ _e2\"> </span>- <span class=\"_ _87\"> </span>(1.331) <span class=\"_ _86\"> </span>(214) <span class=\"_ _b1\"> </span>(1.744) </span><span style=\"display:inherit;clear:left;\">Effetto Netto<span class=\"_ _5f\"> </span>139.460 <span class=\"_ _1b8\"> </span>115.517 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _67\"> </span>(822) <span class=\"_ _163\"> </span>19.285 <span class=\"_ _151\"> </span>12.602 </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>tono l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee tra il v<span class=\"_ _4\"></span>alore ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato a bilancio e la </span><span style=\"display:inherit;clear:left;\">base f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>calme<span class=\"_ _4\"></span>nte imponibile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in bilancio delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er ten<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">conto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ibilit\u00e0 di<span class=\"_ _4\"></span> realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\"> Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive su p<span class=\"_ _4\"></span>erdite f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali preg<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se, is<span class=\"_ _4\"></span>critte d<span class=\"_ _4\"></span>opo aver ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icato l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sibilit\u00e0 di un re<span class=\"_ _4\"></span>ddito </span><span style=\"display:inherit;clear:left;\">imponibile f<span class=\"_ _4\"></span>uturo a fronte del qual<span class=\"_ _4\"></span>e potranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate, al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 so<span class=\"_ _4\"></span>no le </span><span style=\"display:inherit;clear:left;\">seguenti:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024   </span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>81.555 <span class=\"_ _d0\"> </span>25,82% <span class=\"_ _176\"> </span>21.058 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _226\"> </span>3.799 <span class=\"_ _d1\"> </span>29,19% <span class=\"_ _1f9\"> </span>1.109 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>85.354 <span class=\"_ _6a\"> </span>25,97% <span class=\"_ _25\"> </span>22.167 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>22.302 <span class=\"_ _d0\"> </span>27,30% <span class=\"_ _211\"> </span>6.088 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _227\"> </span>624 <span class=\"_ _d0\"> </span>21,00% <span class=\"_ _c0\"> </span>131 </span><span style=\"display:inherit;clear:left;\">Oltre 1 ed entro 3 anni<span class=\"_ _1a5\"> </span>521 <span class=\"_ _d0\"> </span>30,62% <span class=\"_ _c0\"> </span>159 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>23.447 <span class=\"_ _6a\"> </span>27,20% <span class=\"_ _2b6\"> </span>6.378 </span><span style=\"display:inherit;clear:left;\">Le per<span class=\"_ _4\"></span>dite fi<span class=\"_ _4\"></span>scali d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 sulle quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate cal<span class=\"_ _4\"></span>co<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>, poich\u00e9 no<span class=\"_ _4\"></span>n \u00e8 probabile ch<span class=\"_ _4\"></span>e sar\u00e0 dis<span class=\"_ _4\"></span>ponibile in futuro un re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibile a fronte de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">quale il Grupp<span class=\"_ _4\"></span>o potr\u00e0  ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zare i re<span class=\"_ _4\"></span>lativi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici, e la re<span class=\"_ _4\"></span>lativa s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza s<span class=\"_ _4\"></span>ono rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla seg<span class=\"_ _4\"></span>uente: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\">201.895<span class=\"_ _329\"> </span><span class=\"ff61\">128.316<span class=\"_ _1f9\"> </span>7.087<span class=\"_ _2da\"> </span>20.129<span class=\"_ _12a\"> </span>35.922<span class=\"_ _127\"> </span>10.441</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\"><span><span style=\"display:inherit;clear:left;\">187.121<span class=\"_ _329\"> </span></span></span><span class=\"ff61\"><span><span style=\"display:inherit;clear:left;\">127.888</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1f9\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">5.017</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _2da\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">19.049</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _12a\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">22.496</span></span><span><span style=\"display:inherit;clear:left;\"><span class=\"_ _127\"> </span></span></span><span><span style=\"display:inherit;clear:left;\">12.671</span></span></span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ta la rico<span class=\"_ _4\"></span>nciliazion<span class=\"_ _4\"></span>e fra l<span class=\"_ _4\"></span>\u2019onere f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale teor<span class=\"_ _4\"></span>ico e l<span class=\"_ _4\"></span>\u2019onere ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>vo:<span class=\"_ _1\"></span>  </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Risultato ante imposte<span class=\"_ _10a\"> </span>(75.577) <span class=\"_ _f2\"> </span>45.584</span><span style=\"display:inherit;clear:left;\">Aliquota IRES in vigore per l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _21a\"> </span>(24,0%) <span class=\"_ _1c1\"> </span>(24,0%)</span><span style=\"display:inherit;clear:left;\">Onere fisc<span class=\"_ _1\"></span>ale teorico<span class=\"_ _a8\"> </span>18.138 <span class=\"_ _c5\"> </span>(10.940)</span><span style=\"display:inherit;clear:left;\">Effetto IRAP <span class=\"_ _32a\"> </span>(233) <span class=\"_ _cd\"> </span>(4.921)</span><span style=\"display:inherit;clear:left;\">(C<span class=\"_ _1\"></span>osti non deducibili) al netto di prov<span class=\"_ _1\"></span>enti non tassabili<span class=\"_ _28\"> </span>(6.351) <span class=\"_ _31f\"> </span>104</span><span style=\"display:inherit;clear:left;\">Differenz<span class=\"_ _1\"></span>e derivanti da differ<span class=\"_ _2\"></span>enti aliquote - paesi esteri<span class=\"_ _116\"> </span>(1.865) <span class=\"_ _f2\"> </span>(1.449)</span><span style=\"display:inherit;clear:left;\">Altri effetti<span class=\"_ _32b\"> </span>(655) <span class=\"_ _f2\"> </span>(1.695)</span><span style=\"display:inherit;clear:left;\">Effetti rivenienti dalla manc<span class=\"_ _1\"></span>ata iscrizione della fiscalit\u00e0 differita<span class=\"_ _32c\"> </span>(1.442) <span class=\"_ _f2\"> </span>(4.125)</span><span style=\"display:inherit;clear:left;\">Effetto <span class=\"ff64\">P<span class=\"_ _2\"></span>atent Box<span class=\"ff61\"> (IRES e IRAP)<span class=\"_ _220\"> </span>1.025 <span class=\"_ _23e\"> </span>3.577</span></span></span><span style=\"display:inherit;clear:left;\">Effetto (acc<span class=\"_ _1\"></span>antonamento)/utilizzo fondo rischi imposte esercizi pr<span class=\"_ _2\"></span>ecedenti<span class=\"_ _32d\"> </span>- <span class=\"_ _23e\"> </span>2.018</span><span style=\"display:inherit;clear:left;\">Effetto imposte esercizi pr<span class=\"_ _2\"></span>ecedenti <span class=\"_ _fd\"> </span>(1.109) <span class=\"_ _f2\"> </span>(1.918)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale delle differenze<span class=\"_ _1ed\"> </span>(10.630) <span class=\"_ _1f9\"> </span>(8.409)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale imposte <span class=\"_ _1a7\"> </span>7.508 <span class=\"_ _c5\"> </span>(19.349)</span><span style=\"display:inherit;clear:left;\">Aliquota fiscale effettiv<span class=\"_ _2\"></span>a <span class=\"_ _32e\"> </span>na <span class=\"_ _214\"> </span>(42,4%)</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__147": {
   "value": "<span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite includ<span class=\"_ _4\"></span>ono l<span class=\"_ _4\"></span>\u2019incre<span class=\"_ _4\"></span>mento n<span class=\"_ _4\"></span>etto ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di imp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>rite atti<span class=\"_ _4\"></span>ve su pe<span class=\"_ _4\"></span>rdite f<span class=\"_ _4\"></span>iscali p<span class=\"_ _4\"></span>er Euro </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _2\"></span>5.<span class=\"_ _4\"></span>2<span class=\"_ _2\"></span>42 migliaia, relative p<span class=\"_ _4\"></span>rincipalme<span class=\"_ _4\"></span>nte alle socie<span class=\"_ _4\"></span>t\u00e0 Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e Ferr<span class=\"_ _4\"></span>agamo US<span class=\"_ _4\"></span>A Inc. e in via re<span class=\"_ _4\"></span>sidua<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">le ad alcun<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 controllate d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019area Europea.  </span><span style=\"display:inherit;clear:left;\">Imposte differite attive e passi<span class=\"_ _2\"></span>ve</span><span style=\"display:inherit;clear:left;\">Nel s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nte prosp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>o sono ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>ziati pe<span class=\"_ _4\"></span>r natura i compo<span class=\"_ _4\"></span>nenti de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit\u00e0 e p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per imp<span class=\"_ _4\"></span>oste dif<span class=\"_ _4\"></span>fer<span class=\"_ _4\"></span>ite al 3<span class=\"_ _2\"></span>1 </span><span style=\"display:inherit;clear:left;\">dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 ed al 31 dicembre 2023. </span><span style=\"display:inherit;clear:left;\">Altre c<span class=\"_ _1\"></span>omponenti del C<span class=\"_ _1\"></span>onto </span><span style=\"display:inherit;clear:left;\">Stato patrimoniale</span><span style=\"display:inherit;clear:left;\">economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o<span class=\"_ _88\"> </span>C<span class=\"_ _1\"></span>onto economic<span class=\"_ _1\"></span>o</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023*</span><span style=\"display:inherit;clear:left;\">2024</span><span style=\"display:inherit;clear:left;\">2023</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _c1\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _322\"> </span><span class=\"ws0\"> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span></span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _e3\"> </span>837 <span class=\"_ _105\"> </span>1.006 <span class=\"_ _1b9\"> </span>607 <span class=\"_ _a1\"> </span>509 <span class=\"_ _85\"> </span>(282) <span class=\"_ _216\"> </span><span class=\"ls71 ws12\">(7) </span></span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _300\"> </span>11.673 <span class=\"_ _105\"> </span>9.667 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>2.360 <span class=\"_ _b6\"> </span>(87)<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 immateriali<span class=\"_ _323\"> </span>920 <span class=\"_ _105\"> </span>1.281 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _85\"> </span>(361) <span class=\"_ _ec\"> </span>(424) </span><span style=\"display:inherit;clear:left;\">- sulle passivit\u00e0 per <span class=\"ff64\">leasing<span class=\"_ _324\"> </span></span>123.754 <span class=\"_ _23f\"> </span>137.096 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _164\"> </span>12.585 <span class=\"_ _bc\"> </span>186 </span><span style=\"display:inherit;clear:left;\">- sulla riserva di <span class=\"ff64\">cash flow hedge<span class=\"_ _eb\"> </span></span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>1.677 <span class=\"_ _2da\"> </span>- <span class=\"_ _e2\"> </span>- <span class=\"_ _d0\"> </span>- </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _11b\"> </span>19.643 <span class=\"_ _257\"> </span>15.633 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _7f\"> </span>3.866 <span class=\"_ _bc\"> </span>722 </span><span style=\"display:inherit;clear:left;\">- sull\u2019eliminazione dell\u2019utile sedimentato nelle rimanenze<span class=\"_ _b1\"> </span>45.360 <span class=\"_ _8b\"> </span>56.546 <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _178\"> </span>(11.186) <span class=\"_ _b4\"> </span>6.980 </span><span style=\"display:inherit;clear:left;\">- su perdite fisc<span class=\"_ _1\"></span>ali <span class=\"_ _150\"> </span>22.167 <span class=\"_ _105\"> </span>6.378 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _e1\"> </span>15.242 <span class=\"_ _c1\"> </span>4.505 </span><span style=\"display:inherit;clear:left;\">- su fondi tassati<span class=\"_ _2dc\"> </span>3.855 <span class=\"_ _127\"> </span>5.557 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _163\"> </span>(1.861) <span class=\"_ _b4\"> </span>2.066 </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _131\"> </span>9.909 <span class=\"_ _257\"> </span>10.566 <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(864) <span class=\"_ _bc\"> </span>405 </span><span style=\"display:inherit;clear:left;\">Imposte differite Attive<span class=\"_ _326\"> </span><span class=\"ws0\">239.795 <span class=\"_ _1b8\"> </span>243.730 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _111\"> </span>509 <span class=\"_ _164\"> </span>19.499 <span class=\"_ _203\"> </span>14.346 </span></span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _327\"> </span> <span class=\"_ _d1\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _216\"> </span> <span class=\"_ _2ef\"> </span> </span><span style=\"display:inherit;clear:left;\">- sui benefici a dipendenti<span class=\"_ _16\"> </span>(26) <span class=\"_ _11f\"> </span>(138) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _1b9\"> </span>106 <span class=\"_ _9f\"> </span>(19) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 materiali<span class=\"_ _c6\"> </span>(1.683) <span class=\"_ _85\"> </span>(1.557) <span class=\"_ _208\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _87\"> </span>(150) <span class=\"_ _151\"> </span>(1.139) </span><span style=\"display:inherit;clear:left;\">- sulle attivit\u00e0 per diritto d\u2019uso<span class=\"_ _1a9\"> </span>(94.653) <span class=\"_ _26c\"> </span>(121.462) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>80 <span class=\"_ _9f\"> </span>(81) </span><span style=\"display:inherit;clear:left;\">- sulla riserva di<span class=\"ff64\"> cash flow hedge<span class=\"_ _192\"> </span></span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _208\"> </span>- <span class=\"_ _85\"> </span>(1.331) <span class=\"_ _e2\"> </span>- <span class=\"_ _b9\"> </span>(2) </span><span style=\"display:inherit;clear:left;\">- sulla valutazione delle rimanenze<span class=\"_ _193\"> </span>(3.014) <span class=\"_ _8b\"> </span>(2.720) <span class=\"_ _2a3\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _325\"> </span>(294) <span class=\"_ _b3\"> </span>(437) </span><span style=\"display:inherit;clear:left;\">- per altre differ<span class=\"_ _1\"></span>enze tempor<span class=\"_ _1\"></span>anee<span class=\"_ _18d\"> </span>(959) <span class=\"_ _85\"> </span>(1.005) <span class=\"_ _e2\"> </span>- <span class=\"_ _2da\"> </span>- <span class=\"_ _ec\"> </span>44 <span class=\"_ _9f\"> </span>(66) </span><span style=\"display:inherit;clear:left;\">Imposte differite P<span class=\"_ _2\"></span>assive<span class=\"_ _328\"> </span>(100.335) <span class=\"_ _1e7\"> </span>(128.213) <span class=\"_ _e2\"> </span>- <span class=\"_ _87\"> </span>(1.331) <span class=\"_ _86\"> </span>(214) <span class=\"_ _b1\"> </span>(1.744) </span><span style=\"display:inherit;clear:left;\">Effetto Netto<span class=\"_ _5f\"> </span>139.460 <span class=\"_ _1b8\"> </span>115.517 <span class=\"_ _240\"> </span>2.284 <span class=\"_ _67\"> </span>(822) <span class=\"_ _163\"> </span>19.285 <span class=\"_ _151\"> </span>12.602 </span><span style=\"display:inherit;clear:left;\">Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite rif<span class=\"_ _4\"></span>let<span class=\"_ _4\"></span>tono l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ale net<span class=\"_ _4\"></span>to dell<span class=\"_ _4\"></span>e diffe<span class=\"_ _4\"></span>renze te<span class=\"_ _4\"></span>mporan<span class=\"_ _4\"></span>ee tra il v<span class=\"_ _4\"></span>alore ripo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato a bilancio e la </span><span style=\"display:inherit;clear:left;\">base f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>calme<span class=\"_ _4\"></span>nte imponibile d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 e delle pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vit\u00e0<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">La cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in bilancio delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a oppor<span class=\"_ _4\"></span>tuname<span class=\"_ _4\"></span>nte rett<span class=\"_ _4\"></span>ific<span class=\"_ _4\"></span>ata p<span class=\"_ _4\"></span>er ten<span class=\"_ _4\"></span>ere </span><span style=\"display:inherit;clear:left;\">conto d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>tti<span class=\"_ _4\"></span>va po<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ibilit\u00e0 di<span class=\"_ _4\"></span> realiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\"> Le impos<span class=\"_ _4\"></span>te dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive su p<span class=\"_ _4\"></span>erdite f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali preg<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se, is<span class=\"_ _4\"></span>critte d<span class=\"_ _4\"></span>opo aver ve<span class=\"_ _4\"></span>rif<span class=\"_ _4\"></span>icato l<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>a pos<span class=\"_ _4\"></span>sibilit\u00e0 di un re<span class=\"_ _4\"></span>ddito </span><span style=\"display:inherit;clear:left;\">imponibile f<span class=\"_ _4\"></span>uturo a fronte del qual<span class=\"_ _4\"></span>e potranno e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ate, al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 e al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 2023 so<span class=\"_ _4\"></span>no le </span><span style=\"display:inherit;clear:left;\">seguenti:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024   </span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>81.555 <span class=\"_ _d0\"> </span>25,82% <span class=\"_ _176\"> </span>21.058 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _226\"> </span>3.799 <span class=\"_ _d1\"> </span>29,19% <span class=\"_ _1f9\"> </span>1.109 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>85.354 <span class=\"_ _6a\"> </span>25,97% <span class=\"_ _25\"> </span>22.167 </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>erdite fiscali </span><span style=\"display:inherit;clear:left;\">Imposte differite </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">pregr<span class=\"_ _2\"></span>esse<span class=\"_ _123\"> </span>Aliquota fiscale </span><span style=\"display:inherit;clear:left;\">attive</span><span style=\"display:inherit;clear:left;\">Senza limiti temporali<span class=\"_ _2fb\"> </span>22.302 <span class=\"_ _d0\"> </span>27,30% <span class=\"_ _211\"> </span>6.088 </span><span style=\"display:inherit;clear:left;\">Entro 1 anno<span class=\"_ _227\"> </span>624 <span class=\"_ _d0\"> </span>21,00% <span class=\"_ _c0\"> </span>131 </span><span style=\"display:inherit;clear:left;\">Oltre 1 ed entro 3 anni<span class=\"_ _1a5\"> </span>521 <span class=\"_ _d0\"> </span>30,62% <span class=\"_ _c0\"> </span>159 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _26\"> </span>23.447 <span class=\"_ _6a\"> </span>27,20% <span class=\"_ _2b6\"> </span>6.378 </span><span style=\"display:inherit;clear:left;\">Le per<span class=\"_ _4\"></span>dite fi<span class=\"_ _4\"></span>scali d<span class=\"_ _4\"></span>elle so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e al 31 dicembre 2023 sulle quali non s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate cal<span class=\"_ _4\"></span>co<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">late le impo<span class=\"_ _4\"></span>ste dif<span class=\"_ _4\"></span>ferite at<span class=\"_ _4\"></span>tive<span class=\"_ _4\"></span>, poich\u00e9 no<span class=\"_ _4\"></span>n \u00e8 probabile ch<span class=\"_ _4\"></span>e sar\u00e0 dis<span class=\"_ _4\"></span>ponibile in futuro un re<span class=\"_ _4\"></span>ddito imp<span class=\"_ _4\"></span>onibile a fronte de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">quale il Grupp<span class=\"_ _4\"></span>o potr\u00e0  ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zare i re<span class=\"_ _4\"></span>lativi b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>ici, e la re<span class=\"_ _4\"></span>lativa s<span class=\"_ _4\"></span>cade<span class=\"_ _4\"></span>nza s<span class=\"_ _4\"></span>ono rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tate ne<span class=\"_ _4\"></span>lla tabe<span class=\"_ _4\"></span>lla seg<span class=\"_ _4\"></span>uente: </span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\">201.895<span class=\"_ _329\"> </span><span class=\"ff61\">128.316<span class=\"_ _1f9\"> </span>7.087<span class=\"_ _2da\"> </span>20.129<span class=\"_ _12a\"> </span>35.922<span class=\"_ _127\"> </span>10.441</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Scadenza</span><span style=\"display:inherit;clear:left;\">Senza limiti <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 1 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">oltre 3 ed <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">temporali<span class=\"_ _105\"> </span>Entro 1 anno</span><span style=\"display:inherit;clear:left;\">entro 3 anni</span><span style=\"display:inherit;clear:left;\">entro 5 anni<span class=\"_ _178\"> </span>oltre 5 anni</span><span style=\"display:inherit;clear:left;\">187.121<span class=\"_ _329\"> </span></span><span style=\"display:inherit;clear:left;\">127.888</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1f9\"> </span></span><span style=\"display:inherit;clear:left;\">5.017</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _2da\"> </span></span><span style=\"display:inherit;clear:left;\">19.049</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _12a\"> </span></span><span style=\"display:inherit;clear:left;\">22.496</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _127\"> </span></span><span style=\"display:inherit;clear:left;\">12.671</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__148": {
   "value": "<span style=\"display:inherit;clear:left;\">4 0. Risultato per azione</span><span style=\"display:inherit;clear:left;\">Come ri<span class=\"_ _4\"></span>chiest<span class=\"_ _4\"></span>o dallo IA<span class=\"_ _4\"></span>S 33 si forniscono l<span class=\"_ _4\"></span>e informazioni s<span class=\"_ _4\"></span>ui dati utiliz<span class=\"_ _4\"></span>zati p<span class=\"_ _4\"></span>er il c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato econ<span class=\"_ _4\"></span>omico pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ne e diluito. Il risult<span class=\"_ _4\"></span>ato base p<span class=\"_ _4\"></span>er az<span class=\"_ _4\"></span>ione \u00e8 ca<span class=\"_ _4\"></span>lcolato div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>do il risult<span class=\"_ _4\"></span>ato econ<span class=\"_ _4\"></span>omico del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do, utile o pe<span class=\"_ _4\"></span>rdita, </span><span style=\"display:inherit;clear:left;\">attrib<span class=\"_ _4\"></span>uibile agli azio<span class=\"_ _4\"></span>nisti d<span class=\"_ _4\"></span>ella Capo<span class=\"_ _4\"></span>gruppo p<span class=\"_ _4\"></span>er il nume<span class=\"_ _4\"></span>ro medio p<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>rato delle a<span class=\"_ _4\"></span>zioni in circola<span class=\"_ _4\"></span>zione durant<span class=\"_ _4\"></span>e il pe<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riod<span class=\"_ _4\"></span>o di riferime<span class=\"_ _4\"></span>nto, tenen<span class=\"_ _4\"></span>do conto anche d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019effet<span class=\"_ _4\"></span>to me<span class=\"_ _4\"></span>dio pond<span class=\"_ _4\"></span>erato de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni proprie in p<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>afoglio durante </span><span style=\"display:inherit;clear:left;\">il per<span class=\"_ _4\"></span>iodo di rife<span class=\"_ _4\"></span>rimento. Di s<span class=\"_ _4\"></span>eguit<span class=\"_ _4\"></span>o sono e<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>sti i val<span class=\"_ _4\"></span>ori utiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati nel c<span class=\"_ _4\"></span>alcolo de<span class=\"_ _4\"></span>l risult<span class=\"_ _4\"></span>ato per a<span class=\"_ _4\"></span>zione b<span class=\"_ _4\"></span>ase e diluito. </span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Utile/(perdita) netto di pertinenza degli azionisti della Capogruppo (Eur<span class=\"_ _2\"></span>o)<span class=\"_ _2ab\"> </span>(68.087.735) <span class=\"_ _b9\"> </span>26.059.789</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie<span class=\"_ _24\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.516.389</span><span style=\"display:inherit;clear:left;\">Risultato per azione base azioni ordinarie (E<span class=\"_ _1\"></span>uro)<span class=\"_ _14b\"> </span>(0,411) <span class=\"_ _c0\"> </span>0,157</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie<span class=\"_ _24\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.516.389</span><span style=\"display:inherit;clear:left;\">Effetto diluitivo piani di<span class=\"ff64\"> Stock grant<span class=\"_ _32f\"> </span></span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">Numero medio azioni or<span class=\"_ _2\"></span>dinarie dilu<span class=\"_ _4\"></span>ito<span class=\"_ _33\"> </span>165.629.069 <span class=\"_ _bc\"> </span>165.664.121</span><span style=\"display:inherit;clear:left;\">Risultato per azione diluito azioni ordinarie (Eur<span class=\"_ _2\"></span>o)<span class=\"_ _1cd\"> </span>(0,411) <span class=\"_ _c0\"> </span>0,157</span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che il risult<span class=\"_ _4\"></span>ato diluito pe<span class=\"_ _4\"></span>r azion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio chiuso al 31 dicembre 202<span class=\"_ _2\"></span>4 \u00e8 s<span class=\"_ _4\"></span>tato de<span class=\"_ _4\"></span>terminato se<span class=\"_ _4\"></span>nza c<span class=\"_ _4\"></span>onsi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">derar<span class=\"_ _4\"></span>e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>to diluiti<span class=\"_ _4\"></span>vo dei piani di <span class=\"ff5f\">sto<span class=\"_ _4\"></span>ck gran<span class=\"_ _1\"></span>t<span class=\"ff5c\">, in quanto in pres<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a di una perdit<span class=\"_ _4\"></span>a dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio.   </span></span></span><span style=\"display:inherit;clear:left;\">Altre in<span class=\"_ _2\"></span>form<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zion<span class=\"_ _1\"></span>i</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__149": {
   "value": "<span style=\"display:inherit;clear:left;\">41. Dividendi </span><span style=\"display:inherit;clear:left;\">La Cap<span class=\"_ _4\"></span>ogrupp<span class=\"_ _4\"></span>o Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione della d<span class=\"_ _4\"></span>elibe<span class=\"_ _4\"></span>ra dell<span class=\"_ _4\"></span>\u2019Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti del 2<span class=\"_ _4\"></span>3 aprile </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4, ha prov<span class=\"_ _5\"></span>vedut<span class=\"_ _4\"></span>o alla distribu<span class=\"_ _4\"></span>zione agli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti di una par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>gli utili accanto<span class=\"_ _4\"></span>nati a Ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va Stra<span class=\"_ _4\"></span>ordinaria, pari ad </span><span style=\"display:inherit;clear:left;\">un divi<span class=\"_ _4\"></span>dendo unit<span class=\"_ _4\"></span>ario di Euro <span style=\"letter-spacing: 0.36px;\">0,10</span> per c<span class=\"_ _4\"></span>iascuna dell<span class=\"_ _4\"></span>e n. 1<span class=\"_ _2\"></span>65.<span class=\"_ _4\"></span>676.69<span class=\"_ _4\"></span>8 azioni ordinar<span class=\"_ _4\"></span>ie in circolazio<span class=\"_ _4\"></span>ne (<span class=\"_ _2\"></span>al net<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>lle n. </span><span style=\"display:inherit;clear:left;\">3.<span class=\"_ _2\"></span>1<span class=\"_ _1c\"></span>1<span class=\"_ _2\"></span>3.<span class=\"_ _4\"></span>302 azioni p<span class=\"_ _4\"></span>roprie in po<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>afoglio) al<span class=\"_ _1\"></span>la data de<span class=\"_ _4\"></span>llo st<span class=\"_ _4\"></span>acco ce<span class=\"_ _4\"></span>dola, p<span class=\"_ _4\"></span>er un tot<span class=\"_ _4\"></span>ale di Euro 1<span class=\"_ _2\"></span>6.<span class=\"_ _4\"></span>567<span class=\"_ _2\"></span>.66<span class=\"_ _4\"></span>9,8<span class=\"_ _4\"></span>0. Al 31 dicem<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4 i di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi risult<span class=\"_ _4\"></span>ano inter<span class=\"_ _4\"></span>amente pagat<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Le altre so<span class=\"_ _4\"></span>ciet\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o, con azi<span class=\"_ _4\"></span>onisti t<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>zi di minoranz<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, n<span class=\"_ _4\"></span>on hanno delib<span class=\"_ _4\"></span>erato e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o </span><span style=\"display:inherit;clear:left;\">pagato dividendi.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__150": {
   "value": "0.1",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:EUR/xbrli:shares"
   }
  },
  "f1__s9__6__152": {
   "value": "<span style=\"display:inherit;clear:left;\">42. P<span class=\"_ _44\"></span>agamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Come re<span class=\"_ _4\"></span>so noto a<span class=\"_ _4\"></span>l mercato c<span class=\"_ _4\"></span>on appos<span class=\"_ _4\"></span>ito comunic<span class=\"_ _4\"></span>ato st<span class=\"_ _4\"></span>ampa datato 3 feb<span class=\"_ _4\"></span>braio 2025, in pari data la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e il dott<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti hanno rag<span class=\"_ _4\"></span>giunto un acc<span class=\"_ _4\"></span>ordo pe<span class=\"_ _4\"></span>r la risolu<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>nse<span class=\"_ _4\"></span>nsuale dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilan<span class=\"_ _4\"></span>cio relativo all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, il 6 marzo 2025, co<span class=\"_ _4\"></span>n con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tuale rinun<span class=\"_ _4\"></span>cia ai <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls5b ws7\"> STI 202<span class=\"_ _1\"></span>4, <span class=\"ff5f ls3 ws90\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 2024 L<span class=\"_ _44\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award<span class=\"_ _4\"></span>\u201d</span> 2022-<span class=\"_ _1c\"></span>2026. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i </span></span></span></span><span style=\"display:inherit;clear:left;\">rinvia alla se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e fatti di rilie<span class=\"_ _4\"></span>vo inter<span class=\"_ _4\"></span>venuti d<span class=\"_ _4\"></span>opo la chiusur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Restr<span class=\"_ _2\"></span>icted Shares</span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricte<span class=\"_ _4\"></span>d Shares</span>, a<span class=\"_ _4\"></span>pprovato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea d<span class=\"_ _4\"></span>egli A<span class=\"_ _4\"></span>zi<span class=\"_ _4\"></span>onisti d<span class=\"_ _4\"></span>el 1<span class=\"_ _2\"></span>4 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>1 e p<span class=\"_ _4\"></span>er come m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>embl<span class=\"_ _4\"></span>ea degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>l 26 aprile 2023, preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione di azi<span class=\"_ _4\"></span>oni della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 a favore dell<span class=\"_ _4\"></span>\u2019Ammini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale Marco G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti (il \u201c<span class=\"_ _4\"></span>Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o\u201d<span class=\"_ _4\"></span>), p<span class=\"_ _4\"></span>er quanto affe<span class=\"_ _4\"></span>rente il relat<span class=\"_ _4\"></span>ivo rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">lavoro dipe<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>nte. </span><span style=\"display:inherit;clear:left;\">Il piano era vo<span class=\"_ _4\"></span>lto a raf<span class=\"_ _4\"></span>forz<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>llineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e tut<span class=\"_ _4\"></span>ti gli <span class=\"ff5f ls2c ws110\">stak<span class=\"_ _1\"></span>ehold<span class=\"_ _1\"></span>er<span class=\"ff5c ls4 ws115\"> del Gr<span class=\"_ _4\"></span>uppo, favore<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">done in par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare motiv<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e fi<span class=\"_ _4\"></span>deliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne alla Soci<span class=\"_ _4\"></span>et\u00e0 e al Gr<span class=\"_ _4\"></span>uppo, rilev<span class=\"_ _4\"></span>anti per la re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ante </span><span style=\"display:inherit;clear:left;\">cambiame<span class=\"_ _4\"></span>nto nel piano in<span class=\"_ _4\"></span>dustr<span class=\"_ _4\"></span>iale e str<span class=\"_ _4\"></span>ategico de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o med<span class=\"_ _4\"></span>esimo. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">\u00c8 prev<span class=\"_ _4\"></span>isto ch<span class=\"_ _4\"></span>e al Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o sia ass<span class=\"_ _4\"></span>egnato, all<span class=\"_ _4\"></span>\u2019iniz<span class=\"_ _4\"></span>io di ogni anno, il dirit<span class=\"_ _4\"></span>to a maturare, gr<span class=\"_ _4\"></span>atuitame<span class=\"_ _4\"></span>nte, un numero </span><span style=\"display:inherit;clear:left;\">di <span class=\"_ _3\"></span><span class=\"ff5f ls3 ws67\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> cor<span class=\"_ _4\"></span>rispo<span class=\"_ _4\"></span>ndente a<span class=\"_ _4\"></span>d un controvalor<span class=\"_ _4\"></span>e monet<span class=\"_ _4\"></span>ario di Euro 2.5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 su ba<span class=\"_ _4\"></span>se annua, dete<span class=\"_ _4\"></span>rminato </span></span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mon<span class=\"_ _4\"></span>etari<span class=\"_ _4\"></span>o per il val<span class=\"_ _4\"></span>ore me<span class=\"_ _4\"></span>dio delle a<span class=\"_ _4\"></span>zioni (p<span class=\"_ _4\"></span>er t<span class=\"_ _4\"></span>ale intende<span class=\"_ _4\"></span>ndos<span class=\"_ _4\"></span>i la media de<span class=\"_ _4\"></span>i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">uf<span class=\"_ _4\"></span>ficiali de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni) nei 30 gior<span class=\"_ _4\"></span>ni prece<span class=\"_ _4\"></span>denti il 1\u00b0 gennaio di ciascun ann<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Ciascun cicl<span class=\"_ _4\"></span>o del Piano ha durat<span class=\"_ _4\"></span>a annuale, a de<span class=\"_ _4\"></span>correre dal 1\u00b0 gennaio di ogni ann<span class=\"_ _4\"></span>o (pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, dal 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4). Le azioni del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> saranno p<span class=\"_ _4\"></span>oi attrib<span class=\"_ _4\"></span>uite al termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> di 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi, a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che<span class=\"_ _4\"></span>, in linea con le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche approv<span class=\"_ _4\"></span>ate dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023 in sede o<span class=\"_ _4\"></span>rdinaria:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la So<span class=\"_ _4\"></span>ciet\u00e0 ab<span class=\"_ _4\"></span>bia cons<span class=\"_ _4\"></span>eguito, ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di rife<span class=\"_ _4\"></span>rimento, i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti obiet<span class=\"_ _4\"></span>tivi minimali (c.d. <span class=\"ff5f ls58 ws6\">und<span class=\"_ _4\"></span>erpins</span><span class=\"ls0\">): </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1bd\"> </span>a) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>li<span class=\"_ _4\"></span>vello de<span class=\"_ _4\"></span>i ricavi c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi a CER (<span class=\"_ _2\"></span><span class=\"ff5f\">current e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio di riferim<span class=\"_ _4\"></span>ento equi<span class=\"_ _4\"></span>valente a<span class=\"_ _4\"></span>d almeno </span></span></span><span style=\"display:inherit;clear:left;\">il 70% di quello d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte; e  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>b) <span class=\"_ _1\"></span> <span class=\"_ _ac\"></span>ROIC del G<span class=\"_ _4\"></span>ruppo a R<span class=\"_ _4\"></span>ER (<span class=\"_ _2\"></span><span class=\"ff5f\">re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ted e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) di segno p<span class=\"_ _4\"></span>ositi<span class=\"_ _4\"></span>vo per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio di rifer<span class=\"_ _4\"></span>imento, dove pe<span class=\"_ _4\"></span>r ROIC </span></span></span><span style=\"display:inherit;clear:left;\">si inten<span class=\"_ _4\"></span>de il risult<span class=\"_ _4\"></span>ato nett<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>ante dal bilancio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019anno di<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) di<span class=\"_ _4\"></span>viso il c<span class=\"_ _4\"></span>apit<span class=\"_ _4\"></span>ale invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to <span class=\"ff5f lsa ws90\">adjusted</span> medio (capitale n<span class=\"_ _4\"></span>etto <span class=\"ff5f lsa ws90\">adjusted</span><span class=\"ls68 wsb1\"> rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntato dal capit<span class=\"_ _4\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e quell<span class=\"_ _4\"></span>e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate tra gli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari); </span><span style=\"display:inherit;clear:left;\">(2<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>il rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o fra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e la So<span class=\"_ _4\"></span>ciet\u00e0 sia an<span class=\"_ _4\"></span>cora in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al termine d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wse5\"> di ciascun ciclo. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">Una volta at<span class=\"_ _4\"></span>tribuite<span class=\"_ _4\"></span>, le azio<span class=\"_ _4\"></span>ni attribuite (<span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span>) sono comun<span class=\"_ _4\"></span>que sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad un v<span class=\"_ _4\"></span>incolo di intra<span class=\"_ _4\"></span>sferib<span class=\"_ _4\"></span>ilit\u00e0 </span><span style=\"display:inherit;clear:left;\">\u2013 cosi<span class=\"_ _4\"></span>ddet<span class=\"_ _4\"></span>to per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span> - di 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si dec<span class=\"_ _4\"></span>orrente dal 1\u00b0 gennaio di ogni anno s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>sivo (ferm<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">meccanismo del cosiddetto <span class=\"ff5f ls3 wsb7\">se<span class=\"_ _4\"></span>ll to cover<span class=\"ff5c\">). Il vincol<span class=\"_ _4\"></span>o di </span><span class=\"ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span><span class=\"ff5c\"> p<span class=\"_ _4\"></span>ermane anch<span class=\"_ _4\"></span>e in ipotes<span class=\"_ _4\"></span>i di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l rappor<span class=\"_ _4\"></span>to, </span></span></span><span style=\"display:inherit;clear:left;\">per qualun<span class=\"_ _4\"></span>que ragione inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a, ad ec<span class=\"_ _4\"></span>cez<span class=\"_ _4\"></span>ione so<span class=\"_ _4\"></span>lo di mor<span class=\"_ _4\"></span>te o invalidit<span class=\"_ _4\"></span>\u00e0 total<span class=\"_ _4\"></span>e e perman<span class=\"_ _4\"></span>ente che comp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti la </span><span style=\"display:inherit;clear:left;\">cess<span class=\"_ _4\"></span>azione del rapporto. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0 in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l Piano era prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impiego di az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">rive<span class=\"_ _4\"></span>nienti da acquis<span class=\"_ _4\"></span>ti autori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati dall'Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai se<span class=\"_ _4\"></span>nsi deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civil<span class=\"_ _4\"></span>e.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> \u00e8 sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto ai me<span class=\"_ _4\"></span>ccanis<span class=\"_ _4\"></span>mi di corre<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>x po<span class=\"_ _4\"></span>st prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>i dalle politich<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">di remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclus<span class=\"_ _4\"></span>e le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span> e </span><span style=\"display:inherit;clear:left;\">malus<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">). </span></span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>147.732 <span class=\"_ _ca\"> </span>114.766</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _330\"> </span>- <span class=\"_ _253\"> </span>-</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _2b8\"> </span>(147.732) <span class=\"_ _6a\"> </span>(114.766)</span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _1b4\"> </span>-</span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>205.255 <span class=\"_ _ca\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span><span class=\"ws144\">-    <span class=\"_ _1c1\"> </span></span>147.732</span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1b9\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) <span class=\"_ _a\"> </span>Numero<span class=\"_ _1df\"> </span></span></span>Fair v<span class=\"_ _2\"></span>alue <span class=\"_ _19c\"> </span><span class=\"ff62\">Numero<span class=\"_ _18b\"> </span></span>Fair v<span class=\"_ _2\"></span>alue </span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _a3\"> </span>147.732 <span class=\"_ _1dc\"> </span>2.398 <span class=\"_ _23f\"> </span>114.766<span class=\"_ _8b\"> </span>2.547</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22e\"> </span>205.255 <span class=\"_ _17c\"> </span>2.488 <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">- esercitati dur<span class=\"_ _2\"></span>ante l\u2019esercizio<span class=\"_ _332\"> </span>(147.732) <span class=\"_ _1e7\"> </span>(2.398) <span class=\"_ _1bb\"> </span>(114.766)<span class=\"_ _1dc\"> </span>(2.547<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _3a\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne del 6 mar<span class=\"_ _4\"></span>zo 202<span class=\"_ _2\"></span>4, pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">ha acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato il rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi minimali (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. un<span class=\"_ _4\"></span>derpin<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>) di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l 2023 e, pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale Marco G<span class=\"_ _4\"></span>obb<span class=\"_ _4\"></span>etti ha maturato il dir<span class=\"_ _4\"></span>itto a ric<span class=\"_ _4\"></span>evere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 1<span class=\"_ _2\"></span>47<span class=\"_ _44\"></span>.732<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ni di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. (<span class=\"ff5f\">\u201cRe<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> 2023\u201d<span class=\"_ _4\"></span>) a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnateg<span class=\"_ _4\"></span>li il 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2023 nell<span class=\"_ _4\"></span>\u2019ambito ed in e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cuzio<span class=\"_ _4\"></span>ne di quanto previ<span class=\"_ _4\"></span>sto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares<span class=\"_ _4\"></span></span>. Le <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023, rinvenute p<span class=\"_ _4\"></span>er intero dalla prov<span class=\"_ _5\"></span>vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate dalla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e sul conto tito<span class=\"_ _4\"></span>li intest<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale ne<span class=\"_ _4\"></span>l mes<span class=\"_ _4\"></span>e di aprile 202<span class=\"_ _1\"></span>4, fermo r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ando ch<span class=\"_ _4\"></span>e le ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sono s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>e ad un </span><span style=\"display:inherit;clear:left;\">vinco<span class=\"_ _4\"></span>lo di intras<span class=\"_ _4\"></span>feribilit\u00e0 (c.d. <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p</span>) di do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne tenuto<span class=\"_ _4\"></span>si in data 25 ge<span class=\"_ _4\"></span>nnaio 202<span class=\"_ _2\"></span>4 ha as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re Del<span class=\"_ _4\"></span>egato e Dire<span class=\"_ _4\"></span>tto<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re Ge<span class=\"_ _4\"></span>nerale Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti il dir<span class=\"_ _4\"></span>itto a rice<span class=\"_ _4\"></span>vere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 205.255 a<span class=\"_ _4\"></span>zioni di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (\u201c<span class=\"ff5f ls32 ws122\">Re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), con ef<span class=\"_ _4\"></span>fetto a d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>ere dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4. Le <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Share<span class=\"_ _4\"></span>s</span> 202<span class=\"_ _2\"></span>4 non ve<span class=\"_ _4\"></span>rranno tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 gennaio 2025 in quanto come s<span class=\"_ _4\"></span>opra r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tato s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia.</span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f ls3 wse1\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> del Piano </span>Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> \u00e8 st<span class=\"_ _4\"></span>ato determinato c<span class=\"_ _4\"></span>ome il </span>fair value<span class=\"ff5c ls6 wsd2\"> delle azioni<span class=\"_ _1\"></span> al momento dell\u2019assegnazio<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>contato de<span class=\"_ _4\"></span>i divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Shares</span><span class=\"ls9 ws67\"> p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amministra<span class=\"_ _1\"></span>tore Delegato e Dir<span class=\"_ _1\"></span>ettore </span></span><span style=\"display:inherit;clear:left;\">generale sono le seguenti<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _333\"> </span>1 gennaio 2024<span class=\"_ _1ba\"> </span>1 gennaio 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _33\"> </span>12,21<span class=\"_ _261\"> </span>16,49</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue <span class=\"ff61\">per azione alla data di assegnazione (<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o)<span class=\"_ _232\"> </span>12,12<span class=\"_ _261\"> </span>16,23</span></span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Special A<span class=\"_ _1c\"></span>war<span class=\"_ _2\"></span>d<span class=\"ff61\"> <span class=\"ff62\">2022 - 2026</span></span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> \u00e8 volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019allineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il <span class=\"ff5f ls9 ws134\">top manageme<span class=\"_ _4\"></span>nt</span> e tutti gli <span class=\"ff5f ls6a ws138\">stakeho<span class=\"_ _2\"></span>lder<span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo in un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>otti<span class=\"_ _4\"></span>ca di crea<span class=\"_ _4\"></span>zione di va<span class=\"_ _4\"></span>lore, ince<span class=\"_ _4\"></span>ntivan<span class=\"_ _4\"></span>do i ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari a rag<span class=\"_ _4\"></span>giungere gli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0, che s<span class=\"_ _4\"></span>ono rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si anch<span class=\"_ _4\"></span>e nel piano s<span class=\"_ _4\"></span>trateg<span class=\"_ _4\"></span>ico, e favoren<span class=\"_ _4\"></span>done altre<span class=\"_ _4\"></span>s\u00ec la <span class=\"ff5f ls1c ws5c\">retention</span><span class=\"ls0 ws139\">.  </span></span><span style=\"display:inherit;clear:left;\">In consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione e ai f<span class=\"_ _4\"></span>ini del p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento di t<span class=\"_ _4\"></span>ali obiet<span class=\"_ _4\"></span>tivi, il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award</span> preved<span class=\"_ _4\"></span>e un unico ciclo sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sto a un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5 ws98\">per<span class=\"_ _4\"></span>formance</span> quinquennale<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale arco t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>ale appare id<span class=\"_ _4\"></span>oneo, p<span class=\"_ _4\"></span>eraltro, al con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sudd<span class=\"_ _4\"></span>etti ob<span class=\"_ _4\"></span>iett<span class=\"_ _4\"></span>ivi di lungo te<span class=\"_ _4\"></span>rmine per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guiti con il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award<span class=\"_ _1\"></span><span class=\"ff5c ls0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 e a<span class=\"_ _4\"></span>lla data della pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nte Relaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ario del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span><span class=\"ls34 ws1d\"> e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>a<span class=\"_ _5\"></span> l<span class=\"_ _5\"></span>\u2019A<span class=\"_ _5\"></span>m<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale de<span class=\"_ _4\"></span>lla Soci<span class=\"_ _4\"></span>et\u00e0. Il Co<span class=\"_ _4\"></span>nsiglio di A<span class=\"_ _4\"></span>mministra<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>otr\u00e0 indi<span class=\"_ _4\"></span>viduare ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari (<span class=\"_ _2\"></span>all<span class=\"_ _4\"></span>\u2019ini<span class=\"_ _4\"></span>zio del Piano ov<span class=\"_ _5\"></span>vero durante il Perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _5\"></span></span>, con app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro </span><span style=\"display:inherit;clear:left;\">pro-<span class=\"_ _4\"></span>rata temporis<span class=\"ff5c\"> che r<span class=\"_ _4\"></span>ipropor<span class=\"_ _4\"></span>zioni l<span class=\"_ _4\"></span>o </span>Special Award Bonus<span class=\"ff5c\"> te<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o conto dell<span class=\"_ _4\"></span>\u2019ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a in se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio n<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so del Pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _5\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ng<span class=\"_ _5\"></span></span>), a prop<span class=\"_ _4\"></span>rio insindac<span class=\"_ _4\"></span>abile giudi<span class=\"_ _4\"></span>zio, tra i<span class=\"ff5f ls9 wse1\"> top manager</span><span class=\"ls1c ws138\"> che ricoprono e ricopriranno il ruolo<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>atori, dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o collaboratori d<span class=\"_ _4\"></span>ella So<span class=\"_ _4\"></span>ciet\u00e0 e di co<span class=\"_ _4\"></span>ntrollate.  </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019erogaz<span class=\"_ _4\"></span>ione di uno <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Sp<span class=\"_ _4\"></span>ecial Award Bonus<span class=\"_ _4\"></span>\u201d</span><span class=\"ls62 wsbe\"> in due </span><span class=\"ff5f ws0\">tranche</span> risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte: (<span class=\"_ _2\"></span>a) alla fine de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">primo tr<span class=\"_ _4\"></span>iennio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4), al ragg<span class=\"_ _4\"></span>iungimento de<span class=\"_ _4\"></span>l primo obie<span class=\"_ _4\"></span>ttivo; e (b) alla fine </span><span style=\"display:inherit;clear:left;\">del bi<span class=\"_ _4\"></span>ennio succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo (vale a dire al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2026<span class=\"_ _1\"></span>), al rag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>l se<span class=\"_ _4\"></span>condo ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vo, subordinat<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">alla sus<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere a t<span class=\"_ _4\"></span>ali date di un rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di amministra<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di lavoro fra cias<span class=\"_ _4\"></span>cun Ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciario e la Socie<span class=\"_ _4\"></span>t\u00e0 </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero una Co<span class=\"_ _4\"></span>ntrollata, a s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da del ca<span class=\"_ _4\"></span>so. L<span class=\"_ _1c\"></span>\u2019eroga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Spe<span class=\"_ _4\"></span>cial Award Bonus\u201d</span> p<span class=\"_ _4\"></span>er entr<span class=\"_ _4\"></span>ambe le <span class=\"ff5f ws0\">tranche</span> s<span class=\"_ _4\"></span>ar\u00e0 cor<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r il 50% in de<span class=\"_ _4\"></span>naro e per il re<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante 50<span class=\"_ _4\"></span>% in azioni de<span class=\"_ _4\"></span>lla Soc<span class=\"_ _4\"></span>iet\u00e0. </span><span style=\"display:inherit;clear:left;\">Ciascuna<span class=\"_ _4\"></span> <span class=\"ff5f ls0 ws0\">tr<span class=\"_ _1\"></span>anche<span class=\"ff5c wsbe\"> sar<span class=\"_ _4\"></span>\u00e0 pari ad un impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o perce<span class=\"_ _4\"></span>ntuale (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>eterminato dai comp<span class=\"_ _4\"></span>etenti o<span class=\"_ _4\"></span>rgani de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 e, p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Ammini<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale pari a<span class=\"_ _4\"></span>llo 0,50<span class=\"_ _4\"></span>%) del valore m<span class=\"_ _4\"></span>edio di cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 in un peri<span class=\"_ _4\"></span>odo </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a i 3 mesi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>d i 3 mes<span class=\"_ _4\"></span>i succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi alla f<span class=\"_ _4\"></span>ine del p<span class=\"_ _4\"></span>rimo trie<span class=\"_ _4\"></span>nnio e dell<span class=\"_ _4\"></span>\u2019ulteriore bi<span class=\"_ _4\"></span>ennio succ<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to (il \u201c<span class=\"_ _4\"></span>Valore Medio<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per la quota d<span class=\"_ _4\"></span>ello <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award Bonus</span> che sar\u00e0 e<span class=\"_ _4\"></span>rogat<span class=\"_ _4\"></span>a tramite l<span class=\"_ _4\"></span>\u2019attribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a di azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet\u00e0 s<span class=\"_ _4\"></span>aranno </span><span style=\"display:inherit;clear:left;\">impieg<span class=\"_ _4\"></span>ate azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti auto<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zati dall<span class=\"_ _4\"></span>'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai sen<span class=\"_ _4\"></span>si deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2357 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice </span><span style=\"display:inherit;clear:left;\">Civil<span class=\"_ _4\"></span>e, e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o da eve<span class=\"_ _4\"></span>ntuali appos<span class=\"_ _4\"></span>iti aumenti di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e ai sens<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019art. 2<span class=\"_ _4\"></span>349 comma 1 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni attribuite ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari s<span class=\"_ _4\"></span>aranno so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette a<span class=\"_ _4\"></span>d un vincolo di intr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>ribilit\u00e0 (c.d. <span class=\"ff5f ls63 wsc1\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _5\"></span>u<span class=\"_ _4\"></span>p</span>) di 3 me<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano \u00e8 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to ai mecc<span class=\"_ _4\"></span>anismi di cor<span class=\"_ _4\"></span>rezi<span class=\"_ _4\"></span>one e<span class=\"_ _4\"></span>x pos<span class=\"_ _4\"></span>t previ<span class=\"_ _4\"></span>sti dalle p<span class=\"_ _4\"></span>olitiche di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclu<span class=\"_ _4\"></span>se le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span>, limitate a eve<span class=\"_ _4\"></span>ntuali condot<span class=\"_ _4\"></span>te imput<span class=\"_ _4\"></span>abili ai ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari a titolo di do<span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di<span class=\"ff64\"> stock gr<span class=\"_ _2\"></span>ant<span class=\"ff61\"> e costo del piano</span></span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _2d0\"> </span>5.153<span class=\"_ _261\"> </span>2.576</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _2d1\"> </span>-<span class=\"_ _90\"> </span>-</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _334\"> </span>7.737<span class=\"_ _141\"> </span>5.153</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto delle transazioni con pag<span class=\"_ _1\"></span>amento basato su azioni (<span class=\"_ _4\"></span>pagamento in azioni)<span class=\"_ _157\"> </span>2.584<span class=\"_ _141\"> </span>2.577</span><span style=\"display:inherit;clear:left;\">(Adeguamento del costo)/<span class=\"_ _2\"></span>Costo delle transazioni c<span class=\"_ _2\"></span>on pagamento basato su azioni (<span class=\"_ _4\"></span>pagamento per cassa)<span class=\"_ _1f1\"> </span><span class=\"ls0\">(345)<span class=\"_ _1f2\"> </span>(1.112)</span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito della ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione cons<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>uale dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti tra la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 3 </span><span style=\"display:inherit;clear:left;\">febb<span class=\"_ _4\"></span>raio 2025, con co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>tuale rinuncia ai <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>onus</span><span class=\"ls5b wsa\"> S<span class=\"_ _4\"></span>TI 202<span class=\"_ _2\"></span>4, <span class=\"ff5f ls3 wsd4\">R<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4 L<span class=\"_ _2\"></span>TI c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>special award<span class=\"_ _4\"></span>\u201d</span><span class=\"ls36 ws14d\"> 202<span class=\"_ _4\"></span>2-<span class=\"_ _2\"></span>2026, </span></span></span></span></span><span style=\"display:inherit;clear:left;\">si se<span class=\"_ _4\"></span>gnala con rife<span class=\"_ _4\"></span>rimento al Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> 2022 \u2013 202<span class=\"_ _1\"></span>6 quanto seg<span class=\"_ _4\"></span>ue: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>prima <span class=\"_ _43\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws114\"> (<span class=\"_ _2\"></span>rife<span class=\"_ _4\"></span>rita al tri<span class=\"_ _4\"></span>ennio 2022-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) risulta g<span class=\"_ _4\"></span>iunta a maturaz<span class=\"_ _4\"></span>ione al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto, a fronte </span></span><span style=\"display:inherit;clear:left;\">della rinuncia ne<span class=\"_ _4\"></span>l 2025 non ci sar<span class=\"_ _4\"></span>anno erog<span class=\"_ _4\"></span>azioni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o variaz<span class=\"_ _4\"></span>ioni del c<span class=\"_ _4\"></span>osto cumulato re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato tra i co<span class=\"_ _4\"></span>sti de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>rso<span class=\"_ _4\"></span>nale </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el trie<span class=\"_ _4\"></span>nnio (20<span class=\"_ _1\"></span>22-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) che risult<span class=\"_ _4\"></span>a pari ad Euro 5.<span class=\"_ _4\"></span>23<span class=\"_ _2\"></span>1 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>se<span class=\"_ _4\"></span>conda <span class=\"_ _41\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws141\"> (<span class=\"_ _2\"></span>rifer<span class=\"_ _4\"></span>ita al bie<span class=\"_ _4\"></span>nnio 2025-2<span class=\"_ _1\"></span>026) anch\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia, non ri<span class=\"_ _4\"></span>sulta giunt<span class=\"_ _4\"></span>a a maturazio<span class=\"_ _4\"></span>ne, e </span></span><span style=\"display:inherit;clear:left;\">nel 2025 de<span class=\"_ _4\"></span>termine<span class=\"_ _4\"></span>r\u00e0 una variaz<span class=\"_ _4\"></span>ione po<span class=\"_ _4\"></span>sitiva a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico pari a<span class=\"_ _4\"></span>d Euro 2.51<span class=\"_ _44\"></span>1 migliaia. pe<span class=\"_ _4\"></span>r rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il mancato </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto della con<span class=\"_ _4\"></span>dizione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza in s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do il mec<span class=\"_ _4\"></span>canismo di a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one sop<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to, la valuta<span class=\"_ _4\"></span>zione rig<span class=\"_ _4\"></span>uarda il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> total<span class=\"_ _4\"></span>e del piano ch<span class=\"_ _4\"></span>e \u00e8 </span></span></span><span style=\"display:inherit;clear:left;\">influ<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>ato dal gra<span class=\"_ _4\"></span>do di rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di obi<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span><span class=\"ls0 wse9\"> leg<span class=\"_ _4\"></span>ati alla valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one del t<span class=\"_ _4\"></span>itolo de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0; per<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">tanto, ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al principio c<span class=\"_ _4\"></span>ontabile s<span class=\"_ _4\"></span>i tratt<span class=\"_ _4\"></span>a di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>i <span class=\"ff5f\">\u201cmarket base<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>\u201d</span>. La st<span class=\"_ _4\"></span>ima del <span class=\"ff5f\">fair value</span><span class=\"ls62 ws12a\"> \u00e8 st<span class=\"_ _4\"></span>ata ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tua</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zando la s<span class=\"_ _4\"></span>imulazione s<span class=\"_ _4\"></span>toc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etodo M<span class=\"_ _4\"></span>onte Carlo ch<span class=\"_ _4\"></span>e, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>e ipotes<span class=\"_ _4\"></span>i, ha conse<span class=\"_ _4\"></span>ntito di </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inire un consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte numero di sce<span class=\"_ _4\"></span>nari alter<span class=\"_ _4\"></span>nativi ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ato. In part<span class=\"_ _4\"></span>icolare, in o<span class=\"_ _4\"></span>gni sce<span class=\"_ _4\"></span>nario la </span><span style=\"display:inherit;clear:left;\">proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019azione \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a a part<span class=\"_ _4\"></span>ire dal valore iniz<span class=\"_ _4\"></span>iale, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o un moto geom<span class=\"_ _4\"></span>etrico Bro<span class=\"_ _4\"></span>wniano. </span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i nella det<span class=\"_ _4\"></span>erminazio<span class=\"_ _4\"></span>ne della s<span class=\"_ _4\"></span>tima del <span class=\"ff5f\">fair value</span>. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>ato e Diret<span class=\"_ _4\"></span>tore </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>erale alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione, p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ws0\">t<span class=\"_ _4\"></span>ranche</span> che preve<span class=\"_ _4\"></span>de il pagame<span class=\"_ _4\"></span>nto in azioni, e alle date di </span><span style=\"display:inherit;clear:left;\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"ff5c ls0 ws138\"> (3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla <span class=\"ff5f ws0\">tranche</span> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>. Il </span></span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> della </span>tranche<span class=\"ff5c\"> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa d<span class=\"_ _4\"></span>ovr\u00e0 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re valut<span class=\"_ _4\"></span>ato ad ogni data di </span><span class=\"ls59 ws114\">r<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ing</span><span class=\"ff5c\">. </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione<span class=\"_ _2bc\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _335\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alle data di assegnazione (Euro)<span class=\"_ _194\"> </span>22,53 </span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>34,00% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _1c7\"> </span>(0,07%) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione alla data di </span><span style=\"display:inherit;clear:left;\">repor<span class=\"_ _1\"></span>ting<span class=\"_ _9d\"> </span><span class=\"ff62\">31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembre 2023</span></span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _2fe\"> </span>1 gennaio 2022<span class=\"_ _67\"> </span>1 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di <span class=\"ff64\">reporting</span> (Euro)<span class=\"_ _1fc\"> </span>6,77 <span class=\"_ _336\"> </span>12,21</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _337\"> </span>31,62% <span class=\"_ _211\"> </span>31,60%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _338\"> </span>0% <span class=\"_ _155\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _17a\"> </span>2,19% <span class=\"_ _1d3\"> </span>3,00%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione. </span><span style=\"display:inherit;clear:left;\">** Media dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione rispettiv<span class=\"_ _2\"></span>amente alle due scadenze dei tre anni e cinque anni.  </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">P<span class=\"_ _1c\"></span>erformanc<span class=\"_ _2\"></span>e<span class=\"ff62\"> e </span>Restricted Shar<span class=\"_ _2\"></span>es<span class=\"ff62\"> 2023-2025</span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25, approv<span class=\"_ _4\"></span>ato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ionist<span class=\"_ _4\"></span>i del 26 aprile 2023, \u00e8 </span><span style=\"display:inherit;clear:left;\">volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare, n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>l comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo pacchet<span class=\"_ _4\"></span>to retr<span class=\"_ _4\"></span>ibutivo de<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>i, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alline<span class=\"_ _4\"></span>amento di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i del </span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws59\"> con tu<span class=\"_ _4\"></span>tti gli </span></span><span style=\"display:inherit;clear:left;\">stakeho<span class=\"_ _1\"></span>lder</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">del</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Gruppo,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fa<span class=\"_ _1\"></span>vorendone</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">in</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _1\"></span>rticolare</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">motivazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fideliz<span class=\"_ _4\"></span>zazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(in</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">un\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tica di <span class=\"ff5f lsa ws90\">retention<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws14d\">) alla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e al G<span class=\"_ _4\"></span>ruppo, in una log<span class=\"_ _4\"></span>ica di so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 e di crea<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore ne<span class=\"_ _4\"></span>l </span></span></span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>. Per tali rag<span class=\"_ _4\"></span>ioni il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli, ognuno con un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span><span class=\"ls9 ws150\"> trienna<span class=\"_ _1\"></span>le. T<span class=\"_ _1c\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">arco temporale<span class=\"_ _1\"></span> appare i<span class=\"_ _1\"></span>nfatti idoneo al<span class=\"_ _1\"></span> conseguimento dei suddetti obiettivi. </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25 \u00e8 ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vato a s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zionati dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o amministrator<span class=\"_ _4\"></span>i e/o colla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bor<span class=\"_ _4\"></span>atori di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di altre s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 appar<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>enti al Grup<span class=\"_ _4\"></span>po Ferr<span class=\"_ _4\"></span>agamo, cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ati chiave nel </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guimento d<span class=\"_ _4\"></span>el succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenibile n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>, che son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati indivi<span class=\"_ _4\"></span>duati dal Consiglio di A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re del C<span class=\"_ _4\"></span>omitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e nomine (<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>r ciascuno de<span class=\"_ _4\"></span>i cicli </span><span style=\"display:inherit;clear:left;\">del Piano)<span class=\"_ _2\"></span>, a p<span class=\"_ _4\"></span>roprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio (<span class=\"_ _4\"></span>\u201cB<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>). </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 56 (390<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>71<span class=\"_ _1c\"></span>6 dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati) e sono s<span class=\"_ _4\"></span>tati indi<span class=\"_ _4\"></span>viduati tr<span class=\"_ _4\"></span>a i </span><span style=\"display:inherit;clear:left;\">dipen<span class=\"_ _4\"></span>denti di S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e dell<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>enti so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate: Fer<span class=\"_ _4\"></span>ragamo US<span class=\"_ _4\"></span>A Inc., Fe<span class=\"_ _4\"></span>rragamo B<span class=\"_ _4\"></span>rasil </span><span style=\"display:inherit;clear:left;\">Roupas e Ac<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sorio<span class=\"_ _4\"></span>s Ltda., Fer<span class=\"_ _4\"></span>ragamo Japan K<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>K., Fe<span class=\"_ _4\"></span>rragamo Kore<span class=\"_ _4\"></span>a Ltd., Fer<span class=\"_ _4\"></span>ragamo Ho<span class=\"_ _4\"></span>ng Kong Ltd., Ferrag<span class=\"_ _4\"></span>amo Fa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">shion T<span class=\"_ _2\"></span>rading (Shanghai) Co. Ltd. e Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Retail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Un memb<span class=\"_ _4\"></span>ro del Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>ficiari d<span class=\"_ _4\"></span>el piano. </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne potr<span class=\"_ _4\"></span>\u00e0 indivi<span class=\"_ _4\"></span>duare ulterior<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiari (durante il primo anno di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span><span class=\"ls68 wsd2\"> di ciascun ciclo, </span></span><span style=\"display:inherit;clear:left;\">con appli<span class=\"_ _4\"></span>cazio<span class=\"_ _4\"></span>ne, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro <span class=\"ff5f\">pro<span class=\"_ _4\"></span>-rata temp<span class=\"_ _4\"></span>oris</span><span class=\"ws122\"> che riprop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ioni i diritt<span class=\"_ _4\"></span>i tene<span class=\"_ _4\"></span>ndo conto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va </span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>manenz<span class=\"_ _4\"></span>a in ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span>), a proprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio, tr<span class=\"_ _4\"></span>a i <span class=\"ff5f ls56 ws13b\">top manager</span><span class=\"lsa ws11e\"> che rico<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">prono e ric<span class=\"_ _4\"></span>opriranno il r<span class=\"_ _4\"></span>uolo di amminist<span class=\"_ _4\"></span>ratori, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o collaborato<span class=\"_ _4\"></span>ri della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 e di controllate. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli. Il primo relati<span class=\"_ _4\"></span>vo al per<span class=\"_ _4\"></span>iodo di ve<span class=\"_ _4\"></span>sting 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025, il se<span class=\"_ _4\"></span>condo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>2026 e il terzo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riodo di ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing 2025-<span class=\"_ _2\"></span>2027<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">Ogni singol<span class=\"_ _4\"></span>o ciclo del <span class=\"ff5f\">Piano Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 wsa6\"> 202<span class=\"_ _4\"></span>3-2025 prev<span class=\"_ _4\"></span>ed<span class=\"_ _4\"></span>e: </span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>ttr<span class=\"_ _4\"></span>ibuzion<span class=\"_ _4\"></span>e gratuita ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari di un ce<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>to numero di dirit<span class=\"_ _4\"></span>ti iniziali (i \u201c<span class=\"_ _4\"></span>Diritti Ini<span class=\"_ _4\"></span>ziali<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) a cons<span class=\"_ _4\"></span>eguire (ciascuno<span class=\"_ _2\"></span>) la </span><span style=\"display:inherit;clear:left;\">titolarit<span class=\"_ _4\"></span>\u00e0 di n. 1 az<span class=\"_ _4\"></span>ione di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., sub<span class=\"_ _4\"></span>ordinatame<span class=\"_ _4\"></span>nte al rag<span class=\"_ _4\"></span>giungimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di <span class=\"ff5f lsa ws90\">retention</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">e di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span>, nonch\u00e9, co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, di un eventuale ulte<span class=\"_ _4\"></span>riore nume<span class=\"_ _4\"></span>ro di diritti ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi allo sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la de<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione, in f<span class=\"_ _4\"></span>ase di att<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne dei Dirit<span class=\"_ _4\"></span>ti Iniziali, de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls68 wscc\"> di ciascun ciclo; </span></span><span style=\"display:inherit;clear:left;\">c) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e azioni ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l livello de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span> rag<span class=\"_ _4\"></span>giunto e in rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>gli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span>, al termine di ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting</span><span class=\"ls4 wse9\"> e<span class=\"_ _4\"></span> subordinat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span> alla </span></span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ica d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni prev<span class=\"_ _4\"></span>iste dal Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span><span class=\"ls36 wsa6\"> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>202<span class=\"_ _4\"></span>5. </span></span><span style=\"display:inherit;clear:left;\">La matura<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Diritt<span class=\"_ _4\"></span>i Iniziali-s<span class=\"_ _4\"></span>uddiv<span class=\"_ _4\"></span>isi in un ammont<span class=\"_ _4\"></span>are pari al 75% degli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i, legato al r<span class=\"_ _4\"></span>agg<span class=\"_ _4\"></span>iungimento di obi<span class=\"_ _4\"></span>et<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span> e di <span class=\"ff5f ls2b wscf\">performance</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance<span class=\"_ _4\"></span></span>\u201d<span class=\"_ _5\"></span>), e nel re<span class=\"_ _4\"></span>siduo ammont<span class=\"_ _4\"></span>are pari al 25% le<span class=\"_ _4\"></span>gato al rag<span class=\"_ _4\"></span>giun<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di s<span class=\"_ _4\"></span>ola <span class=\"ff5f lsa ws90\">retention</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f lsa ws90\">Retention</span>\u201d<span class=\"_ _5\"></span>) \u2013 e la corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazione d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni sarann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinate alla verif<span class=\"_ _4\"></span>ica da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>l Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls67 ws8c\">Performance</span>, de<span class=\"_ _4\"></span>l rag<span class=\"_ _4\"></span>giungimento d<span class=\"_ _4\"></span>ella condi<span class=\"_ _4\"></span>zione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinato e/o di collaboraz<span class=\"_ _4\"></span>ione e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a il benef<span class=\"_ _4\"></span>iciario e S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o altra </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo (il \u201cR<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) al te<span class=\"_ _4\"></span>rmine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>sting</span> di cia<span class=\"_ _4\"></span>scun ciclo de<span class=\"_ _4\"></span>l Piano e al livello di </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di uno o pi\u00f9 in<span class=\"_ _4\"></span>dicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls0 ws0\"> al termine de<span class=\"_ _4\"></span>l perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span> di ciascun ciclo d<span class=\"_ _4\"></span>el Piano; e </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Diritt<span class=\"_ _4\"></span>i <span class=\"ff5f lsa ws90\">Retention</span>, del rag<span class=\"_ _4\"></span>giungiment<span class=\"_ _4\"></span>o della sola c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a del R<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to al </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wscc\"> di cias<span class=\"_ _4\"></span>cun ciclo del Piano. </span></span><span style=\"display:inherit;clear:left;\">Gli indic<span class=\"_ _4\"></span>atori rile<span class=\"_ _4\"></span>vanti pe<span class=\"_ _4\"></span>r la maturazion<span class=\"_ _4\"></span>e dei Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance</span> pe<span class=\"_ _4\"></span>r il primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025) e per il </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo cicl<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>02<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-2<span class=\"_ _1\"></span>026) sono suddi<span class=\"_ _4\"></span>visi tr<span class=\"_ _4\"></span>a indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"lsa wsde\"> economico-f<span class=\"_ _4\"></span>inanzia<span class=\"_ _1\"></span>ria (<span class=\"_ _2\"></span>coerenti con il Pia<span class=\"_ _1\"></span>no </span></span><span style=\"display:inherit;clear:left;\">Strateg<span class=\"_ _4\"></span>ico<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d indicato<span class=\"_ _4\"></span>ri ESG (sec<span class=\"_ _4\"></span>ondo quanto prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalle raccoman<span class=\"_ _4\"></span>dazioni d<span class=\"_ _4\"></span>el Codi<span class=\"_ _4\"></span>ce di <span class=\"ff5f ls2b ws7\">Corpora<span class=\"_ _1\"></span>te Governance<span class=\"ff5c ls0 wsa\"> e </span></span></span><span style=\"display:inherit;clear:left;\">le <span class=\"ff5f ls6b wscf\">best pr<span class=\"_ _1\"></span>actic<span class=\"_ _2\"></span>e<span class=\"ff5c ls3 ws0\"> di me<span class=\"_ _4\"></span>rcato<span class=\"_ _1\"></span>) e sono i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>me<span class=\"_ _4\"></span>dia della cre<span class=\"_ _4\"></span>scita % in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne <span class=\"ff5f\">product ne<span class=\"_ _4\"></span>t sales</span> (<span class=\"_ _4\"></span>Vendite net<span class=\"_ _4\"></span>te)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r tali inten<span class=\"_ _4\"></span>dendo<span class=\"_ _4\"></span>si la somma d<span class=\"_ _4\"></span>elle ven<span class=\"_ _4\"></span>dite </span><span style=\"display:inherit;clear:left;\">nei c<span class=\"_ _4\"></span>anali D<span class=\"_ _2\"></span>TC e <span class=\"ff5f ls32 ws122\">wholesale</span> (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>me ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate in bilancio<span class=\"_ _1\"></span>) al net<span class=\"_ _4\"></span>to di st<span class=\"_ _4\"></span>anziame<span class=\"_ _4\"></span>nti e resi (non sono, pe<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, inclus<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">altre comp<span class=\"_ _4\"></span>onenti di r<span class=\"_ _4\"></span>icavo quali <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span>, Ef<span class=\"_ _4\"></span>fetto <span class=\"ff5f ls5b ws14d\">Ca<span class=\"_ _4\"></span>sh f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dging</span> sui ri<span class=\"_ _4\"></span>cavi, lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ioni immobiliari, etc<span class=\"_ _4\"></span>.)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>EBITDA cumulato nel trie<span class=\"_ _4\"></span>nnio 2023-<span class=\"_ _2\"></span>2025 (<span class=\"_ _4\"></span>per il p<span class=\"_ _4\"></span>rimo Ciclo<span class=\"_ _1\"></span>) e nel t<span class=\"_ _4\"></span>riennio 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-20<span class=\"_ _1\"></span>26 (pe<span class=\"_ _4\"></span>r il seco<span class=\"_ _4\"></span>ndo Ciclo)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">tale inte<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>dosi il ri<span class=\"_ _4\"></span>sultato op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato in bilancio<span class=\"_ _2\"></span>) al l<span class=\"_ _4\"></span>ordo de<span class=\"_ _4\"></span>gli ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e delle s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali ed immateriali e de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso; </span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>)  <span class=\"_ _45\"></span>i. <span class=\"_ _4\"></span> <span class=\"_ _ac\"></span>me<span class=\"_ _4\"></span>dia ROIC nel t<span class=\"_ _4\"></span>riennio 2023-2025, per tal<span class=\"_ _4\"></span>e intende<span class=\"_ _4\"></span>ndosi il r<span class=\"_ _4\"></span>isultato n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo (come risult<span class=\"_ _4\"></span>ante dal bilan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anno di r<span class=\"_ _4\"></span>iferimento) diviso il c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">adjusted<span class=\"ff5c ls3 wsec\"> medio (quest<span class=\"_ _5\"></span>\u2019ultimo rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal capit<span class=\"_ _4\"></span>ale inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e </span></span><span style=\"display:inherit;clear:left;\">quelle cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>icate t<span class=\"_ _4\"></span>ra gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari) valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il primo Ciclo; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_\"> </span>  <span class=\"_ _ac\"></span><span class=\"ff5f ls3 ws5d\">Net Cash Flow<span class=\"_ _4\"></span><span class=\"ff5c\">: diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra Ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento f<span class=\"_ _4\"></span>inanziario n<span class=\"_ _4\"></span>etto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icato/(</span><span class=\"ls7 ws4\">surplus</span><span class=\"ff5c\">) a fine tri<span class=\"_ _4\"></span>ennio 2026 e Indebi<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nto f<span class=\"_ _4\"></span>inanziario net<span class=\"_ _4\"></span>to ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>icato/(<span class=\"ff5f ls7 ws4\">surplus<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">) a f<span class=\"_ _4\"></span>ine anno 2023 valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il se<span class=\"_ _4\"></span>condo Cicl<span class=\"_ _4\"></span>o;<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">d) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>ESG<span class=\"_ _4\"></span>, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il live<span class=\"_ _4\"></span>llo di rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambienta<span class=\"_ _4\"></span>le e sociale d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al primo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i. <span class=\"_ _160\"> </span>  <span class=\"_ _ac\"></span>met<span class=\"_ _4\"></span>rica su <span class=\"ff5f ws5d\">climate</span>: 100<span class=\"_ _4\"></span>% en<span class=\"_ _4\"></span>ergia rinnov<span class=\"_ _4\"></span>abile in tut<span class=\"_ _4\"></span>te le se<span class=\"_ _4\"></span>di azie<span class=\"_ _4\"></span>ndali nel mo<span class=\"_ _4\"></span>ndo entro il 2029; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span><span class=\"ff5f wsd7\">Ge<span class=\"_ _4\"></span>nder pa<span class=\"_ _4\"></span>y gap</span><span class=\"ls3 wsc2\"> pe<span class=\"_ _4\"></span>r i dipend<span class=\"_ _4\"></span>enti della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle controllate in No<span class=\"_ _4\"></span>rd </span></span><span style=\"display:inherit;clear:left;\">Ame<span class=\"_ _4\"></span>rica, C<span class=\"_ _4\"></span>orea e Cina; </span><span style=\"display:inherit;clear:left;\">iii. <span class=\"_ _1c\"></span>  <span class=\"_ _49\"></span>cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e Uni PdR 1<span class=\"_ _1c\"></span>25/<span class=\"_ _4\"></span>22 (i.e<span class=\"_ _4\"></span>. cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione sull<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>a adozione d<span class=\"_ _4\"></span>el sis<span class=\"_ _4\"></span>tema di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne per la p<span class=\"_ _4\"></span>arit\u00e0 di </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>re risp<span class=\"_ _4\"></span>etto a 6 are<span class=\"_ _4\"></span>e principali: Cultura e st<span class=\"_ _4\"></span>rategia, <span class=\"ff5f ls5b ws8\">G<span class=\"_ _4\"></span>overnan<span class=\"_ _4\"></span>ce</span>, Proce<span class=\"_ _4\"></span>ssi HR<span class=\"_ _4\"></span>, O<span class=\"_ _4\"></span>ppor<span class=\"_ _4\"></span>tunit<span class=\"_ _4\"></span>\u00e0 di cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">inclusio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>onne in azie<span class=\"_ _4\"></span>nda, Equit\u00e0 re<span class=\"_ _4\"></span>muner<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er gene<span class=\"_ _4\"></span>re, T<span class=\"_ _2\"></span>utela de<span class=\"_ _4\"></span>lla genitorialit<span class=\"_ _4\"></span>\u00e0 e conciliaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a-lavoro)<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al seco<span class=\"_ _4\"></span>ndo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i.  <span class=\"_ _1b6\"></span><span class=\"ff5f wsb4\"> <span class=\"_ _165\"></span>Me<span class=\"_ _4\"></span>tric on Supply chain<span class=\"ff5c\">: aument<span class=\"_ _4\"></span>are la tras<span class=\"_ _4\"></span>paren<span class=\"_ _4\"></span>za della c<span class=\"_ _4\"></span>atena di fornitur<span class=\"_ _4\"></span>a mappando il 6<span class=\"_ _4\"></span>0% d<span class=\"_ _4\"></span>ei fornitori di </span></span></span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>llette<span class=\"_ _4\"></span>ria (live<span class=\"_ _4\"></span>llo 1 e 2) acquisen<span class=\"_ _4\"></span>do informazio<span class=\"_ _4\"></span>ni ESG (<span class=\"ff5f ls57 ws97\">focus<span class=\"_ _4\"></span></span> su asp<span class=\"_ _4\"></span>etti s<span class=\"_ _4\"></span>ociali e </span><span style=\"display:inherit;clear:left;\">governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws6f\">)  </span></span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _4\"></span>el <span class=\"_ _ae\"> </span><span class=\"ff5f wse5\">Gende<span class=\"_ _4\"></span>r pay gap:</span><span class=\"ls3 ws15c\"> cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el risult<span class=\"_ _4\"></span>ato, def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di una <span class=\"ff5f ls2b wscf\">roadmap</span><span class=\"ls9 wsf3\"> e<span class=\"_ _1\"></span> implementazione </span></span></span><span style=\"display:inherit;clear:left;\">iniziative p<span class=\"_ _4\"></span>er colmare <span class=\"ff5f ls4 ws3\">gap</span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">iii.  <span class=\"_ _4\"></span><span class=\"ff5f ls56 ws3b3\"> Engagement</span><span class=\"ls3 ws0\">: Mi<span class=\"_ _4\"></span>surare entro il 2024 l\u2019<span class=\"_ _4\"></span>impegn<span class=\"_ _4\"></span>o dei dipe<span class=\"_ _4\"></span>ndenti e migli<span class=\"_ _4\"></span>orarlo ne<span class=\"_ _4\"></span>l 2026.  </span></span><span style=\"display:inherit;clear:left;\">Il numero di Dirit<span class=\"_ _4\"></span>ti Iniziali \u00e8 de<span class=\"_ _4\"></span>terminato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>vio pare<span class=\"_ _4\"></span>re favorevol<span class=\"_ _4\"></span>e del Comit<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni e Nomine sulla ba<span class=\"_ _4\"></span>se di un indic<span class=\"_ _4\"></span>atore pari ad un multip<span class=\"_ _4\"></span>lo/percentuale d<span class=\"_ _4\"></span>el comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>o fis<span class=\"_ _4\"></span>so di cias<span class=\"_ _4\"></span>cun </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciario e divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia del p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zo uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>iciale dell<span class=\"_ _4\"></span>e A<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>i 30 giorni pr<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enti il 1\u00b0 gennaio dell<span class=\"_ _4\"></span>\u2019anno di inizio di ciascun ciclo d<span class=\"_ _4\"></span>el Piano. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte al complet<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 ws84\"> di ciascun cicl<span class=\"_ _4\"></span>o del Piano, a ciascuno dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari sar\u00e0<span class=\"_ _4\"></span>, </span></span><span style=\"display:inherit;clear:left;\">inoltre<span class=\"_ _4\"></span>, attribuit<span class=\"_ _4\"></span>o a titolo gr<span class=\"_ _4\"></span>atuito un ulterio<span class=\"_ _4\"></span>re numero di dirit<span class=\"_ _4\"></span>ti ag<span class=\"_ _4\"></span>giuntivi c<span class=\"_ _4\"></span>alcolato in f<span class=\"_ _4\"></span>unzione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Iniziali ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">turati e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare cumulato dei di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pe<span class=\"_ _4\"></span>r A<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e distrib<span class=\"_ _4\"></span>uiti agli azio<span class=\"_ _4\"></span>nisti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. </span><span style=\"display:inherit;clear:left;\">nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do compre<span class=\"_ _4\"></span>so fr<span class=\"_ _4\"></span>a il primo giorn<span class=\"_ _4\"></span>o del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> e il g<span class=\"_ _4\"></span>iorno pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente la data di as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnazion<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>zioni (entrambi inclus<span class=\"_ _4\"></span>i).<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>as<span class=\"_ _4\"></span>segnazione delle A<span class=\"_ _4\"></span>zioni \u00e8 ul<span class=\"_ _1\"></span>teriormente condiziona<span class=\"_ _1\"></span>ta: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>alla p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza (non in per<span class=\"_ _4\"></span>iodo di pre<span class=\"_ _4\"></span>av<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to; e </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _49\"></span>all<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>nza di v<span class=\"_ _4\"></span>iolazi<span class=\"_ _4\"></span>oni di par<span class=\"_ _4\"></span>ticolare gr<span class=\"_ _4\"></span>avit\u00e0 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Etico del G<span class=\"_ _4\"></span>ruppo che ab<span class=\"_ _4\"></span>biano quale cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza la ce<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rto di lavo<span class=\"_ _4\"></span>ro. </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni, nel numero c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>nte ai relativ<span class=\"_ _4\"></span>i diritti t<span class=\"_ _4\"></span>otali, sar<span class=\"_ _4\"></span>anno ass<span class=\"_ _4\"></span>egnate ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, tr<span class=\"_ _4\"></span>amite appo<span class=\"_ _4\"></span>sita co<span class=\"_ _4\"></span>mu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nica<span class=\"_ _4\"></span>zione da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., n<span class=\"_ _4\"></span>on oltre il tre<span class=\"_ _4\"></span>ntesim<span class=\"_ _4\"></span>o giorno di c<span class=\"_ _4\"></span>alendari<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla data </span><span style=\"display:inherit;clear:left;\">di approva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io social<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019ultimo anno di ciascun cicl<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni in es<span class=\"_ _4\"></span>ecu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Piano av<span class=\"_ _4\"></span>verr\u00e0 imp<span class=\"_ _4\"></span>iegan<span class=\"_ _4\"></span>do azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti aut<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati dall'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>gli art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civ<span class=\"_ _4\"></span>ile. </span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _18b\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>160.149 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>257.069 <span class=\"_ _12d\"> </span>164.475 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _d3\"> </span>26.502 <span class=\"_ _211\"> </span>4.326 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _339\"> </span>- <span class=\"_ _2cc\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>390.716 <span class=\"_ _219\"> </span>160.149 </span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni.</span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _a6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) </span></span></span></span><span style=\"display:inherit;clear:left;\">Numero<span class=\"_ _1bb\"> </span></span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _1\"></span>alue <span class=\"_ _242\"> </span><span class=\"ff62\">Numer<span class=\"_ _1\"></span>o<span class=\"_ _16e\"> </span><span class=\"ff63\">F<span class=\"_ _2\"></span>air value </span></span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti della Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>80.247 <span class=\"_ _a1\"> </span>100 <span class=\"_ _b4\"> </span>- <span class=\"_ _e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>137.313 <span class=\"_ _2a6\"> </span>7 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">- annullati durante l'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>15.564 <span class=\"_ _297\"> </span>19 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>201.996 <span class=\"_ _a1\"> </span>218 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti di societ\u00e0 controll<span class=\"_ _1\"></span>ate<span class=\"_ _11a\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _c4\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>79.902 <span class=\"_ _208\"> </span>99 <span class=\"_ _ec\"> </span>- <span class=\"_ _2a3\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>119.756 <span class=\"_ _2a6\"> </span>6 <span class=\"_ _e0\"> </span>84.228 <span class=\"_ _1b9\"> </span>107 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>10.938 <span class=\"_ _297\"> </span>14 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>188.720 <span class=\"_ _a1\"> </span>230 <span class=\"_ _e0\"> </span>79.902 <span class=\"_ _ec\"> </span>99 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale diritti a ricever<span class=\"_ _2\"></span>e azioni<span class=\"_ _10f\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _216\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _da\"> </span>160.149 <span class=\"_ _15b\"> </span>199 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>257.069 <span class=\"_ _297\"> </span>13 <span class=\"_ _1f0\"> </span>164.475 <span class=\"_ _105\"> </span>207 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>26.502 <span class=\"_ _297\"> </span>33 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>390.716 <span class=\"_ _a1\"> </span>448 <span class=\"_ _2b0\"> </span>160.149 <span class=\"_ _1b9\"> </span>199 </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al p<span class=\"_ _4\"></span>rimo Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di ves<span class=\"_ _4\"></span>ting 2023-<span class=\"_ _1\"></span>2025, alla data di av<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>o del Piano (<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel me<span class=\"_ _4\"></span>se di </span><span style=\"display:inherit;clear:left;\">otto<span class=\"_ _4\"></span>bre 2023, in seg<span class=\"_ _4\"></span>uito al comple<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>che prope<span class=\"_ _4\"></span>deut<span class=\"_ _4\"></span>iche alla comunic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del piano ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>iduati dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>az<span class=\"_ _4\"></span>ione deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 47<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati as<span class=\"_ _4\"></span>segnat<span class=\"_ _4\"></span>i 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>4.4<span class=\"_ _1\"></span>75 diritti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati originariame<span class=\"_ _4\"></span>nte indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate: Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o USA Inc<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>. de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L. de C<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>., Fe<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo B<span class=\"_ _4\"></span>rasil Roup<span class=\"_ _4\"></span>as e Ace<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>rios Ltda., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Korea Ltd., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Hong Kong Ltd., </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>ding (<span class=\"_ _1\"></span>Shanghai) Co. Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Retail T<span class=\"_ _2\"></span>aiwan Limit<span class=\"_ _4\"></span>ed e Fe<span class=\"_ _4\"></span>rragamo Re<span class=\"_ _4\"></span>tail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 36 (<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>33.6<span class=\"_ _4\"></span>47 diritti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati), stante l<span class=\"_ _4\"></span>\u2019uscit<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del </span><span style=\"display:inherit;clear:left;\">2023 e del 2024, di sette dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di societ<span class=\"_ _4\"></span>\u00e0 contro<span class=\"_ _4\"></span>llate e, nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4, di quat<span class=\"_ _4\"></span>tro dipen<span class=\"_ _4\"></span>denti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. Un m<span class=\"_ _4\"></span>embro de<span class=\"_ _4\"></span>l Consigli<span class=\"_ _4\"></span>o di Amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e \u00e8 tra i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari del p<span class=\"_ _4\"></span>iano. </span><span style=\"display:inherit;clear:left;\">Sulla base d<span class=\"_ _4\"></span>ei dati prev<span class=\"_ _4\"></span>isionali pr<span class=\"_ _4\"></span>edisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls5a wsd4\">management</span> azie<span class=\"_ _4\"></span>ndale, ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la miglior s<span class=\"_ _4\"></span>tima ef<span class=\"_ _4\"></span>fettuab<span class=\"_ _4\"></span>ile </span><span style=\"display:inherit;clear:left;\">dal Grupp<span class=\"_ _4\"></span>o sulle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te nel t<span class=\"_ _4\"></span>riennio de<span class=\"_ _4\"></span>l primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025), sono s<span class=\"_ _4\"></span>tate ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">le st<span class=\"_ _4\"></span>ime sul rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span> econ<span class=\"_ _4\"></span>omico<span class=\"_ _4\"></span>-finan<span class=\"_ _4\"></span>ziaria e degli in<span class=\"_ _4\"></span>dicatori E<span class=\"_ _4\"></span>SG, a<span class=\"_ _4\"></span>deguand<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vo costo an<span class=\"_ _4\"></span>che con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, come p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>to dai principi c<span class=\"_ _4\"></span>ontabili ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a <span class=\"ff5f ws0\">non </span></span><span style=\"display:inherit;clear:left;\">market c<span class=\"_ _1\"></span>ondition<span class=\"ff5c ls0 wse3\">. P<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, il numero di dirit<span class=\"_ _4\"></span>ti che s<span class=\"_ _4\"></span>aranno es<span class=\"_ _4\"></span>ercit<span class=\"_ _4\"></span>ati alla fin<span class=\"_ _4\"></span>e del piano s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati stimati p<span class=\"_ _4\"></span>ari a 63.483 </span></span><span style=\"display:inherit;clear:left;\">diritti; la ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">st<span class=\"_ _4\"></span>ock grant</span> al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>e tale a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls7f ws13b\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2026, alla dat<span class=\"_ _4\"></span>a di av<span class=\"_ _4\"></span>vio de<span class=\"_ _4\"></span>l Piano (<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta nel m<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4, in s<span class=\"_ _4\"></span>eguito al c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle verif<span class=\"_ _4\"></span>iche p<span class=\"_ _4\"></span>rope<span class=\"_ _4\"></span>deutich<span class=\"_ _4\"></span>e alla comunica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l piano ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari, indiv<span class=\"_ _4\"></span>iduati </span><span style=\"display:inherit;clear:left;\">dal Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 56 ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egnati 2<span class=\"_ _4\"></span>57<span class=\"_ _1c\"></span>.0<span class=\"_ _4\"></span>69 dirit<span class=\"_ _4\"></span>ti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle seg<span class=\"_ _4\"></span>uenti </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 co<span class=\"_ _4\"></span>ntrollate: Ferrag<span class=\"_ _4\"></span>amo USA Inc<span class=\"_ _4\"></span>., Fer<span class=\"_ _4\"></span>ragamo Br<span class=\"_ _4\"></span>asil Roupa<span class=\"_ _4\"></span>s e Aces<span class=\"_ _4\"></span>sori<span class=\"_ _4\"></span>os Ltda., Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K., F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Ko<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rea Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Hong Kong Ltd. e Fe<span class=\"_ _4\"></span>rragamo Fas<span class=\"_ _4\"></span>hion T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>ading (Shanghai) Co. Ltd.. Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 sono<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">in azie<span class=\"_ _4\"></span>nda tutt<span class=\"_ _4\"></span>i i des<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano. Un membro d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari de<span class=\"_ _4\"></span>l piano. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nati \u00e8 st<span class=\"_ _4\"></span>ata realiz<span class=\"_ _5\"></span>zat<span class=\"_ _4\"></span>a rifle<span class=\"_ _4\"></span>tten<span class=\"_ _4\"></span>do le con<span class=\"_ _4\"></span>dizioni di me<span class=\"_ _4\"></span>rcato f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">valide alla dat<span class=\"_ _4\"></span>a di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, adott<span class=\"_ _4\"></span>ando una me<span class=\"_ _4\"></span>todo<span class=\"_ _4\"></span>logia che s<span class=\"_ _4\"></span>egue l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ione <span class=\"ff5f\">risk neut<span class=\"_ _4\"></span>ral</span> tipica di que<span class=\"_ _4\"></span>sti piani. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente alla quantif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r la stima de<span class=\"_ _4\"></span>lla media de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l titolo a di<span class=\"_ _4\"></span>cembre 2025 </span><span style=\"display:inherit;clear:left;\">e dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _1\"></span>6 \u00e8 st<span class=\"_ _4\"></span>ata utiliz<span class=\"_ _5\"></span>zata la s<span class=\"_ _4\"></span>imulazion<span class=\"_ _4\"></span>e stoc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etod<span class=\"_ _4\"></span>o Monte Carl<span class=\"_ _4\"></span>o che, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>une </span><span style=\"display:inherit;clear:left;\">ipote<span class=\"_ _4\"></span>si, ha cons<span class=\"_ _4\"></span>entito di de<span class=\"_ _4\"></span>finire un co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tente numero di s<span class=\"_ _4\"></span>cenari alt<span class=\"_ _4\"></span>ernativ<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019arco tempor<span class=\"_ _4\"></span>ale consi<span class=\"_ _4\"></span>derato. In p<span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ticolare<span class=\"_ _4\"></span>, in ogni sc<span class=\"_ _4\"></span>enario la proie<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuata a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dal valore inizial<span class=\"_ _4\"></span>e, se<span class=\"_ _4\"></span>condo un </span><span style=\"display:inherit;clear:left;\">moto ge<span class=\"_ _4\"></span>ometric<span class=\"_ _4\"></span>o Browniano. I div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di atte<span class=\"_ _4\"></span>si sono inc<span class=\"_ _4\"></span>lusi nella d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla stima de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le prin<span class=\"_ _4\"></span>cipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws150\"> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 ws95\"> 202<span class=\"_ _4\"></span>3-<span class=\"_ _1\"></span>2025 all<span class=\"_ _4\"></span>a data </span></span></span></span><span style=\"display:inherit;clear:left;\">di as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33a\"> </span>11 ottobre 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>12,03</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>32,43%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>3,58%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione.</span><span style=\"display:inherit;clear:left;\">** Derivato dalla curv<span class=\"_ _1\"></span>a dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione c<span class=\"_ _1\"></span>on riferimento alla scadenza del piano  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Restrict<span class=\"_ _4\"></span>ed Shares</span> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025 alla data di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione re<span class=\"_ _4\"></span>lativam<span class=\"_ _4\"></span>ente al se<span class=\"_ _4\"></span>condo Ci<span class=\"_ _4\"></span>clo.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all'assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33b\"> </span>27 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>6,815</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>44,31%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>2,19%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__151": {
   "value": "<span style=\"display:inherit;clear:left;\">42. P<span class=\"_ _44\"></span>agamenti basati su azioni </span><span style=\"display:inherit;clear:left;\">Come re<span class=\"_ _4\"></span>so noto a<span class=\"_ _4\"></span>l mercato c<span class=\"_ _4\"></span>on appos<span class=\"_ _4\"></span>ito comunic<span class=\"_ _4\"></span>ato st<span class=\"_ _4\"></span>ampa datato 3 feb<span class=\"_ _4\"></span>braio 2025, in pari data la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e il dott<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti hanno rag<span class=\"_ _4\"></span>giunto un acc<span class=\"_ _4\"></span>ordo pe<span class=\"_ _4\"></span>r la risolu<span class=\"_ _4\"></span>zione co<span class=\"_ _4\"></span>nse<span class=\"_ _4\"></span>nsuale dei r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zio<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ne con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilan<span class=\"_ _4\"></span>cio relativo all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _1\"></span>4, il 6 marzo 2025, co<span class=\"_ _4\"></span>n con<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tes<span class=\"_ _4\"></span>tuale rinun<span class=\"_ _4\"></span>cia ai <span class=\"ff5f ls58 ws6\">bonus<span class=\"_ _4\"></span></span><span class=\"ls5b ws7\"> STI 202<span class=\"_ _1\"></span>4, <span class=\"ff5f ls3 ws90\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 2024 L<span class=\"_ _44\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award<span class=\"_ _4\"></span>\u201d</span> 2022-<span class=\"_ _1c\"></span>2026. Per mag<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>iori det<span class=\"_ _4\"></span>tagli s<span class=\"_ _4\"></span>i </span></span></span></span><span style=\"display:inherit;clear:left;\">rinvia alla se<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e fatti di rilie<span class=\"_ _4\"></span>vo inter<span class=\"_ _4\"></span>venuti d<span class=\"_ _4\"></span>opo la chiusur<span class=\"_ _4\"></span>a dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio. </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Restr<span class=\"_ _2\"></span>icted Shares</span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricte<span class=\"_ _4\"></span>d Shares</span>, a<span class=\"_ _4\"></span>pprovato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea d<span class=\"_ _4\"></span>egli A<span class=\"_ _4\"></span>zi<span class=\"_ _4\"></span>onisti d<span class=\"_ _4\"></span>el 1<span class=\"_ _2\"></span>4 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>1 e p<span class=\"_ _4\"></span>er come m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>icato </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>embl<span class=\"_ _4\"></span>ea degli A<span class=\"_ _5\"></span>zionis<span class=\"_ _4\"></span>ti de<span class=\"_ _4\"></span>l 26 aprile 2023, preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione di azi<span class=\"_ _4\"></span>oni della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 a favore dell<span class=\"_ _4\"></span>\u2019Ammini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale Marco G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti (il \u201c<span class=\"_ _4\"></span>Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o\u201d<span class=\"_ _4\"></span>), p<span class=\"_ _4\"></span>er quanto affe<span class=\"_ _4\"></span>rente il relat<span class=\"_ _4\"></span>ivo rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di </span><span style=\"display:inherit;clear:left;\">lavoro dipe<span class=\"_ _4\"></span>nde<span class=\"_ _4\"></span>nte. </span><span style=\"display:inherit;clear:left;\">Il piano era vo<span class=\"_ _4\"></span>lto a raf<span class=\"_ _4\"></span>forz<span class=\"_ _4\"></span>are l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>llineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e tut<span class=\"_ _4\"></span>ti gli <span class=\"ff5f ls2c ws110\">stak<span class=\"_ _1\"></span>ehold<span class=\"_ _1\"></span>er<span class=\"ff5c ls4 ws115\"> del Gr<span class=\"_ _4\"></span>uppo, favore<span class=\"_ _4\"></span>n<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">done in par<span class=\"_ _4\"></span>tic<span class=\"_ _4\"></span>olare motiv<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne e fi<span class=\"_ _4\"></span>deliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne alla Soci<span class=\"_ _4\"></span>et\u00e0 e al Gr<span class=\"_ _4\"></span>uppo, rilev<span class=\"_ _4\"></span>anti per la re<span class=\"_ _4\"></span>aliz<span class=\"_ _4\"></span>za<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ante </span><span style=\"display:inherit;clear:left;\">cambiame<span class=\"_ _4\"></span>nto nel piano in<span class=\"_ _4\"></span>dustr<span class=\"_ _4\"></span>iale e str<span class=\"_ _4\"></span>ategico de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o med<span class=\"_ _4\"></span>esimo. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">\u00c8 prev<span class=\"_ _4\"></span>isto ch<span class=\"_ _4\"></span>e al Bene<span class=\"_ _4\"></span>ficiari<span class=\"_ _4\"></span>o sia ass<span class=\"_ _4\"></span>egnato, all<span class=\"_ _4\"></span>\u2019iniz<span class=\"_ _4\"></span>io di ogni anno, il dirit<span class=\"_ _4\"></span>to a maturare, gr<span class=\"_ _4\"></span>atuitame<span class=\"_ _4\"></span>nte, un numero </span><span style=\"display:inherit;clear:left;\">di <span class=\"_ _3\"></span><span class=\"ff5f ls3 ws67\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> cor<span class=\"_ _4\"></span>rispo<span class=\"_ _4\"></span>ndente a<span class=\"_ _4\"></span>d un controvalor<span class=\"_ _4\"></span>e monet<span class=\"_ _4\"></span>ario di Euro 2.5<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0.0<span class=\"_ _4\"></span>0<span class=\"_ _4\"></span>0 su ba<span class=\"_ _4\"></span>se annua, dete<span class=\"_ _4\"></span>rminato </span></span></span><span style=\"display:inherit;clear:left;\">divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mon<span class=\"_ _4\"></span>etari<span class=\"_ _4\"></span>o per il val<span class=\"_ _4\"></span>ore me<span class=\"_ _4\"></span>dio delle a<span class=\"_ _4\"></span>zioni (p<span class=\"_ _4\"></span>er t<span class=\"_ _4\"></span>ale intende<span class=\"_ _4\"></span>ndos<span class=\"_ _4\"></span>i la media de<span class=\"_ _4\"></span>i pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zi </span><span style=\"display:inherit;clear:left;\">uf<span class=\"_ _4\"></span>ficiali de<span class=\"_ _4\"></span>lle azio<span class=\"_ _4\"></span>ni) nei 30 gior<span class=\"_ _4\"></span>ni prece<span class=\"_ _4\"></span>denti il 1\u00b0 gennaio di ciascun ann<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Ciascun cicl<span class=\"_ _4\"></span>o del Piano ha durat<span class=\"_ _4\"></span>a annuale, a de<span class=\"_ _4\"></span>correre dal 1\u00b0 gennaio di ogni ann<span class=\"_ _4\"></span>o (pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024, dal 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4). Le azioni del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> saranno p<span class=\"_ _4\"></span>oi attrib<span class=\"_ _4\"></span>uite al termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> di 1<span class=\"_ _2\"></span>2 m<span class=\"_ _4\"></span>esi, a </span><span style=\"display:inherit;clear:left;\">condi<span class=\"_ _4\"></span>zione che<span class=\"_ _4\"></span>, in linea con le m<span class=\"_ _4\"></span>odif<span class=\"_ _4\"></span>iche approv<span class=\"_ _4\"></span>ate dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli a<span class=\"_ _4\"></span>zionis<span class=\"_ _4\"></span>ti del 26 april<span class=\"_ _4\"></span>e 2023 in sede o<span class=\"_ _4\"></span>rdinaria:<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la So<span class=\"_ _4\"></span>ciet\u00e0 ab<span class=\"_ _4\"></span>bia cons<span class=\"_ _4\"></span>eguito, ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio di rife<span class=\"_ _4\"></span>rimento, i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti obiet<span class=\"_ _4\"></span>tivi minimali (c.d. <span class=\"ff5f ls58 ws6\">und<span class=\"_ _4\"></span>erpins</span><span class=\"ls0\">): </span></span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1bd\"> </span>a) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>li<span class=\"_ _4\"></span>vello de<span class=\"_ _4\"></span>i ricavi c<span class=\"_ _4\"></span>omple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi a CER (<span class=\"_ _2\"></span><span class=\"ff5f\">current e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) per l<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio di riferim<span class=\"_ _4\"></span>ento equi<span class=\"_ _4\"></span>valente a<span class=\"_ _4\"></span>d almeno </span></span></span><span style=\"display:inherit;clear:left;\">il 70% di quello d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io prec<span class=\"_ _4\"></span>ede<span class=\"_ _4\"></span>nte; e  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _4f\"> </span>b) <span class=\"_ _1\"></span> <span class=\"_ _ac\"></span>ROIC del G<span class=\"_ _4\"></span>ruppo a R<span class=\"_ _4\"></span>ER (<span class=\"_ _2\"></span><span class=\"ff5f\">re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ted e<span class=\"_ _4\"></span>xchange rates<span class=\"ff5c\">) di segno p<span class=\"_ _4\"></span>ositi<span class=\"_ _4\"></span>vo per l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio di rifer<span class=\"_ _4\"></span>imento, dove pe<span class=\"_ _4\"></span>r ROIC </span></span></span><span style=\"display:inherit;clear:left;\">si inten<span class=\"_ _4\"></span>de il risult<span class=\"_ _4\"></span>ato nett<span class=\"_ _4\"></span>o del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e risult<span class=\"_ _4\"></span>ante dal bilancio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o dell<span class=\"_ _4\"></span>\u2019anno di<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">riferime<span class=\"_ _4\"></span>nto<span class=\"_ _2\"></span>) di<span class=\"_ _4\"></span>viso il c<span class=\"_ _4\"></span>apit<span class=\"_ _4\"></span>ale invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to <span class=\"ff5f lsa ws90\">adjusted</span> medio (capitale n<span class=\"_ _4\"></span>etto <span class=\"ff5f lsa ws90\">adjusted</span><span class=\"ls68 wsb1\"> rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntato dal capit<span class=\"_ _4\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e quell<span class=\"_ _4\"></span>e classif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ate tra gli inve<span class=\"_ _4\"></span>stime<span class=\"_ _4\"></span>nti immobiliari); </span><span style=\"display:inherit;clear:left;\">(2<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>il rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o fra il Be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciario e la So<span class=\"_ _4\"></span>ciet\u00e0 sia an<span class=\"_ _4\"></span>cora in es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re al termine d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wse5\"> di ciascun ciclo. <span class=\"_ _165\"></span><span class=\"ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">Una volta at<span class=\"_ _4\"></span>tribuite<span class=\"_ _4\"></span>, le azio<span class=\"_ _4\"></span>ni attribuite (<span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span>) sono comun<span class=\"_ _4\"></span>que sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>te ad un v<span class=\"_ _4\"></span>incolo di intra<span class=\"_ _4\"></span>sferib<span class=\"_ _4\"></span>ilit\u00e0 </span><span style=\"display:inherit;clear:left;\">\u2013 cosi<span class=\"_ _4\"></span>ddet<span class=\"_ _4\"></span>to per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span> - di 1<span class=\"_ _2\"></span>2 me<span class=\"_ _4\"></span>si dec<span class=\"_ _4\"></span>orrente dal 1\u00b0 gennaio di ogni anno s<span class=\"_ _4\"></span>ucces<span class=\"_ _4\"></span>sivo (ferm<span class=\"_ _4\"></span>o rest<span class=\"_ _4\"></span>ando il </span><span style=\"display:inherit;clear:left;\">meccanismo del cosiddetto <span class=\"ff5f ls3 wsb7\">se<span class=\"_ _4\"></span>ll to cover<span class=\"ff5c\">). Il vincol<span class=\"_ _4\"></span>o di </span><span class=\"ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p<span class=\"_ _4\"></span></span><span class=\"ff5c\"> p<span class=\"_ _4\"></span>ermane anch<span class=\"_ _4\"></span>e in ipotes<span class=\"_ _4\"></span>i di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l rappor<span class=\"_ _4\"></span>to, </span></span></span><span style=\"display:inherit;clear:left;\">per qualun<span class=\"_ _4\"></span>que ragione inte<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>venut<span class=\"_ _4\"></span>a, ad ec<span class=\"_ _4\"></span>cez<span class=\"_ _4\"></span>ione so<span class=\"_ _4\"></span>lo di mor<span class=\"_ _4\"></span>te o invalidit<span class=\"_ _4\"></span>\u00e0 total<span class=\"_ _4\"></span>e e perman<span class=\"_ _4\"></span>ente che comp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ti la </span><span style=\"display:inherit;clear:left;\">cess<span class=\"_ _4\"></span>azione del rapporto. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0 in es<span class=\"_ _4\"></span>ecuz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>l Piano era prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>a con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impiego di az<span class=\"_ _4\"></span>ioni propri<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">rive<span class=\"_ _4\"></span>nienti da acquis<span class=\"_ _4\"></span>ti autori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zati dall'Ass<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai se<span class=\"_ _4\"></span>nsi deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civil<span class=\"_ _4\"></span>e.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> \u00e8 sog<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto ai me<span class=\"_ _4\"></span>ccanis<span class=\"_ _4\"></span>mi di corre<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>x po<span class=\"_ _4\"></span>st prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>i dalle politich<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">di remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclus<span class=\"_ _4\"></span>e le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span> e </span><span style=\"display:inherit;clear:left;\">malus<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\">). </span></span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>147.732 <span class=\"_ _ca\"> </span>114.766</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>205.255 <span class=\"_ _81\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _330\"> </span>- <span class=\"_ _253\"> </span>-</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _2b8\"> </span>(147.732) <span class=\"_ _6a\"> </span>(114.766)</span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _1b4\"> </span>-</span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>205.255 <span class=\"_ _ca\"> </span>147.732</span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span><span class=\"ws144\">-    <span class=\"_ _1c1\"> </span></span>147.732</span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _1b9\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) <span class=\"_ _a\"> </span>Numero<span class=\"_ _1df\"> </span></span></span>Fair v<span class=\"_ _2\"></span>alue <span class=\"_ _19c\"> </span><span class=\"ff62\">Numero<span class=\"_ _18b\"> </span></span>Fair v<span class=\"_ _2\"></span>alue </span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _a3\"> </span>147.732 <span class=\"_ _1dc\"> </span>2.398 <span class=\"_ _23f\"> </span>114.766<span class=\"_ _8b\"> </span>2.547</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22e\"> </span>205.255 <span class=\"_ _17c\"> </span>2.488 <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">- esercitati dur<span class=\"_ _2\"></span>ante l\u2019esercizio<span class=\"_ _332\"> </span>(147.732) <span class=\"_ _1e7\"> </span>(2.398) <span class=\"_ _1bb\"> </span>(114.766)<span class=\"_ _1dc\"> </span>(2.547<span class=\"_ _4\"></span>)</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _3a\"> </span>- <span class=\"_ _cf\"> </span>- <span class=\"_ _23f\"> </span>147.732<span class=\"_ _8b\"> </span>2.398</span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne del 6 mar<span class=\"_ _4\"></span>zo 202<span class=\"_ _2\"></span>4, pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, </span><span style=\"display:inherit;clear:left;\">ha acce<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ato il rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi minimali (<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.d. un<span class=\"_ _4\"></span>derpin<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>) di comp<span class=\"_ _4\"></span>eten<span class=\"_ _4\"></span>za de<span class=\"_ _4\"></span>l 2023 e, pe<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>anto, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale Marco G<span class=\"_ _4\"></span>obb<span class=\"_ _4\"></span>etti ha maturato il dir<span class=\"_ _4\"></span>itto a ric<span class=\"_ _4\"></span>evere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 1<span class=\"_ _2\"></span>47<span class=\"_ _44\"></span>.732<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">azio<span class=\"_ _4\"></span>ni di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. (<span class=\"ff5f\">\u201cRe<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s</span> 2023\u201d<span class=\"_ _4\"></span>) a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnateg<span class=\"_ _4\"></span>li il 1<span class=\"_ _2\"></span>\u00b0 ge<span class=\"_ _4\"></span>nnaio 2023 nell<span class=\"_ _4\"></span>\u2019ambito ed in e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cuzio<span class=\"_ _4\"></span>ne di quanto previ<span class=\"_ _4\"></span>sto dal Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares<span class=\"_ _4\"></span></span>. Le <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span> 2023, rinvenute p<span class=\"_ _4\"></span>er intero dalla prov<span class=\"_ _5\"></span>vis<span class=\"_ _4\"></span>ta </span><span style=\"display:inherit;clear:left;\">di azio<span class=\"_ _4\"></span>ni proprie ac<span class=\"_ _4\"></span>quist<span class=\"_ _4\"></span>ate dalla Salvat<span class=\"_ _4\"></span>ore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e sul conto tito<span class=\"_ _4\"></span>li intest<span class=\"_ _4\"></span>ato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mmi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nistr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale ne<span class=\"_ _4\"></span>l mes<span class=\"_ _4\"></span>e di aprile 202<span class=\"_ _1\"></span>4, fermo r<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ando ch<span class=\"_ _4\"></span>e le ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>e sono s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>e ad un </span><span style=\"display:inherit;clear:left;\">vinco<span class=\"_ _4\"></span>lo di intras<span class=\"_ _4\"></span>feribilit\u00e0 (c.d. <span class=\"ff5f ls7a ws118\">l<span class=\"_ _4\"></span>o<span class=\"_ _5\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>p</span>) di do<span class=\"_ _4\"></span>dici mes<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne tenuto<span class=\"_ _4\"></span>si in data 25 ge<span class=\"_ _4\"></span>nnaio 202<span class=\"_ _2\"></span>4 ha as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnato all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re Del<span class=\"_ _4\"></span>egato e Dire<span class=\"_ _4\"></span>tto<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">re Ge<span class=\"_ _4\"></span>nerale Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti il dir<span class=\"_ _4\"></span>itto a rice<span class=\"_ _4\"></span>vere, a t<span class=\"_ _4\"></span>itolo gratuit<span class=\"_ _4\"></span>o, n. 205.255 a<span class=\"_ _4\"></span>zioni di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (\u201c<span class=\"ff5f ls32 ws122\">Re<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), con ef<span class=\"_ _4\"></span>fetto a d<span class=\"_ _4\"></span>ecorr<span class=\"_ _4\"></span>ere dal 1\u00b0 gennaio 202<span class=\"_ _2\"></span>4. Le <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Share<span class=\"_ _4\"></span>s</span> 202<span class=\"_ _2\"></span>4 non ve<span class=\"_ _4\"></span>rranno tra<span class=\"_ _4\"></span>sferit<span class=\"_ _4\"></span>e </span></span><span style=\"display:inherit;clear:left;\">con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dal 1<span class=\"_ _1\"></span>\u00b0 gennaio 2025 in quanto come s<span class=\"_ _4\"></span>opra r<span class=\"_ _4\"></span>ipor<span class=\"_ _4\"></span>tato s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia.</span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Il <span class=\"ff5f ls3 wse1\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> del Piano </span>Re<span class=\"_ _4\"></span>stric<span class=\"_ _4\"></span>ted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> \u00e8 st<span class=\"_ _4\"></span>ato determinato c<span class=\"_ _4\"></span>ome il </span>fair value<span class=\"ff5c ls6 wsd2\"> delle azioni<span class=\"_ _1\"></span> al momento dell\u2019assegnazio<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">ne, s<span class=\"_ _4\"></span>contato de<span class=\"_ _4\"></span>i divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a del Piano <span class=\"ff5f\">Re<span class=\"_ _4\"></span>strict<span class=\"_ _4\"></span>ed Shares</span><span class=\"ls9 ws67\"> p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>Amministra<span class=\"_ _1\"></span>tore Delegato e Dir<span class=\"_ _1\"></span>ettore </span></span><span style=\"display:inherit;clear:left;\">generale sono le seguenti<span class=\"_ _2\"></span>: </span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _333\"> </span>1 gennaio 2024<span class=\"_ _1ba\"> </span>1 gennaio 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _33\"> </span>12,21<span class=\"_ _261\"> </span>16,49</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue <span class=\"ff61\">per azione alla data di assegnazione (<span class=\"_ _4\"></span>Eur<span class=\"_ _2\"></span>o)<span class=\"_ _232\"> </span>12,12<span class=\"_ _261\"> </span>16,23</span></span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">Special A<span class=\"_ _1c\"></span>war<span class=\"_ _2\"></span>d<span class=\"ff61\"> <span class=\"ff62\">2022 - 2026</span></span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> \u00e8 volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare l<span class=\"_ _4\"></span>\u2019allineamento di inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>si tra il <span class=\"ff5f ls9 ws134\">top manageme<span class=\"_ _4\"></span>nt</span> e tutti gli <span class=\"ff5f ls6a ws138\">stakeho<span class=\"_ _2\"></span>lder<span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">del G<span class=\"_ _4\"></span>ruppo Fe<span class=\"_ _4\"></span>rragamo in un<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>otti<span class=\"_ _4\"></span>ca di crea<span class=\"_ _4\"></span>zione di va<span class=\"_ _4\"></span>lore, ince<span class=\"_ _4\"></span>ntivan<span class=\"_ _4\"></span>do i ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari a rag<span class=\"_ _4\"></span>giungere gli o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di </span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0, che s<span class=\"_ _4\"></span>ono rif<span class=\"_ _4\"></span>les<span class=\"_ _4\"></span>si anch<span class=\"_ _4\"></span>e nel piano s<span class=\"_ _4\"></span>trateg<span class=\"_ _4\"></span>ico, e favoren<span class=\"_ _4\"></span>done altre<span class=\"_ _4\"></span>s\u00ec la <span class=\"ff5f ls1c ws5c\">retention</span><span class=\"ls0 ws139\">.  </span></span><span style=\"display:inherit;clear:left;\">In consi<span class=\"_ _4\"></span>dera<span class=\"_ _4\"></span>zione e ai f<span class=\"_ _4\"></span>ini del p<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento di t<span class=\"_ _4\"></span>ali obiet<span class=\"_ _4\"></span>tivi, il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award</span> preved<span class=\"_ _4\"></span>e un unico ciclo sot<span class=\"_ _4\"></span>topo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sto a un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5 ws98\">per<span class=\"_ _4\"></span>formance</span> quinquennale<span class=\"_ _4\"></span>. T<span class=\"_ _1c\"></span>ale arco t<span class=\"_ _4\"></span>empor<span class=\"_ _4\"></span>ale appare id<span class=\"_ _4\"></span>oneo, p<span class=\"_ _4\"></span>eraltro, al con<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>uimento de<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">sudd<span class=\"_ _4\"></span>etti ob<span class=\"_ _4\"></span>iett<span class=\"_ _4\"></span>ivi di lungo te<span class=\"_ _4\"></span>rmine per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guiti con il Piano <span class=\"ff5f\">Sp<span class=\"_ _4\"></span>ecial Award<span class=\"_ _1\"></span><span class=\"ff5c ls0\">. </span></span></span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 e a<span class=\"_ _4\"></span>lla data della pre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>nte Relaz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ario del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span><span class=\"ls34 ws1d\"> e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>a<span class=\"_ _5\"></span> l<span class=\"_ _5\"></span>\u2019A<span class=\"_ _5\"></span>m<span class=\"_ _5\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gen<span class=\"_ _4\"></span>erale de<span class=\"_ _4\"></span>lla Soci<span class=\"_ _4\"></span>et\u00e0. Il Co<span class=\"_ _4\"></span>nsiglio di A<span class=\"_ _4\"></span>mministra<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>otr\u00e0 indi<span class=\"_ _4\"></span>viduare ulte<span class=\"_ _4\"></span>riori </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciari (<span class=\"_ _2\"></span>all<span class=\"_ _4\"></span>\u2019ini<span class=\"_ _4\"></span>zio del Piano ov<span class=\"_ _5\"></span>vero durante il Perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _5\"></span>in<span class=\"_ _4\"></span>g<span class=\"_ _5\"></span></span>, con app<span class=\"_ _4\"></span>licaz<span class=\"_ _4\"></span>ione, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro </span><span style=\"display:inherit;clear:left;\">pro-<span class=\"_ _4\"></span>rata temporis<span class=\"ff5c\"> che r<span class=\"_ _4\"></span>ipropor<span class=\"_ _4\"></span>zioni l<span class=\"_ _4\"></span>o </span>Special Award Bonus<span class=\"ff5c\"> te<span class=\"_ _4\"></span>nend<span class=\"_ _4\"></span>o conto dell<span class=\"_ _4\"></span>\u2019ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a in se<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>vizio n<span class=\"_ _4\"></span>el </span></span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _4\"></span>so del Pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls5c ws115\">Ve<span class=\"_ _5\"></span>s<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ng<span class=\"_ _5\"></span></span>), a prop<span class=\"_ _4\"></span>rio insindac<span class=\"_ _4\"></span>abile giudi<span class=\"_ _4\"></span>zio, tra i<span class=\"ff5f ls9 wse1\"> top manager</span><span class=\"ls1c ws138\"> che ricoprono e ricopriranno il ruolo<span class=\"_ _2\"></span> </span></span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>atori, dipe<span class=\"_ _4\"></span>ndenti e<span class=\"_ _4\"></span>/o collaboratori d<span class=\"_ _4\"></span>ella So<span class=\"_ _4\"></span>ciet\u00e0 e di co<span class=\"_ _4\"></span>ntrollate.  </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f\">Special Award</span> preve<span class=\"_ _4\"></span>de l<span class=\"_ _4\"></span>\u2019erogaz<span class=\"_ _4\"></span>ione di uno <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Sp<span class=\"_ _4\"></span>ecial Award Bonus<span class=\"_ _4\"></span>\u201d</span><span class=\"ls62 wsbe\"> in due </span><span class=\"ff5f ws0\">tranche</span> risp<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>ivame<span class=\"_ _4\"></span>nte: (<span class=\"_ _2\"></span>a) alla fine de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">primo tr<span class=\"_ _4\"></span>iennio dal 1\u00b0 gennaio 2022 (vale a dire al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4), al ragg<span class=\"_ _4\"></span>iungimento de<span class=\"_ _4\"></span>l primo obie<span class=\"_ _4\"></span>ttivo; e (b) alla fine </span><span style=\"display:inherit;clear:left;\">del bi<span class=\"_ _4\"></span>ennio succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ivo (vale a dire al 3<span class=\"_ _2\"></span>1 dicemb<span class=\"_ _4\"></span>re 2026<span class=\"_ _1\"></span>), al rag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>l se<span class=\"_ _4\"></span>condo ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vo, subordinat<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">alla sus<span class=\"_ _4\"></span>sist<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>a in es<span class=\"_ _4\"></span>sere a t<span class=\"_ _4\"></span>ali date di un rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di amministra<span class=\"_ _4\"></span>zione e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o di lavoro fra cias<span class=\"_ _4\"></span>cun Ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciario e la Socie<span class=\"_ _4\"></span>t\u00e0 </span><span style=\"display:inherit;clear:left;\">ov<span class=\"_ _4\"></span>vero una Co<span class=\"_ _4\"></span>ntrollata, a s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>da del ca<span class=\"_ _4\"></span>so. L<span class=\"_ _1c\"></span>\u2019eroga<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>llo <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>Spe<span class=\"_ _4\"></span>cial Award Bonus\u201d</span> p<span class=\"_ _4\"></span>er entr<span class=\"_ _4\"></span>ambe le <span class=\"ff5f ws0\">tranche</span> s<span class=\"_ _4\"></span>ar\u00e0 cor<span class=\"_ _2\"></span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a pe<span class=\"_ _4\"></span>r il 50% in de<span class=\"_ _4\"></span>naro e per il re<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ante 50<span class=\"_ _4\"></span>% in azioni de<span class=\"_ _4\"></span>lla Soc<span class=\"_ _4\"></span>iet\u00e0. </span><span style=\"display:inherit;clear:left;\">Ciascuna<span class=\"_ _4\"></span> <span class=\"ff5f ls0 ws0\">tr<span class=\"_ _1\"></span>anche<span class=\"ff5c wsbe\"> sar<span class=\"_ _4\"></span>\u00e0 pari ad un impo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o perce<span class=\"_ _4\"></span>ntuale (<span class=\"_ _2\"></span>d<span class=\"_ _4\"></span>eterminato dai comp<span class=\"_ _4\"></span>etenti o<span class=\"_ _4\"></span>rgani de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 e, p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Ammini<span class=\"ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato e D<span class=\"_ _4\"></span>iretto<span class=\"_ _4\"></span>re Gene<span class=\"_ _4\"></span>rale pari a<span class=\"_ _4\"></span>llo 0,50<span class=\"_ _4\"></span>%) del valore m<span class=\"_ _4\"></span>edio di cap<span class=\"_ _4\"></span>italiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 in un peri<span class=\"_ _4\"></span>odo </span><span style=\"display:inherit;clear:left;\">compre<span class=\"_ _4\"></span>so tr<span class=\"_ _4\"></span>a i 3 mesi p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti e<span class=\"_ _4\"></span>d i 3 mes<span class=\"_ _4\"></span>i succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi alla f<span class=\"_ _4\"></span>ine del p<span class=\"_ _4\"></span>rimo trie<span class=\"_ _4\"></span>nnio e dell<span class=\"_ _4\"></span>\u2019ulteriore bi<span class=\"_ _4\"></span>ennio succ<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo </span><span style=\"display:inherit;clear:left;\">dall<span class=\"_ _4\"></span>\u2019inizio d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to (il \u201c<span class=\"_ _4\"></span>Valore Medio<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>).  </span><span style=\"display:inherit;clear:left;\">Per la quota d<span class=\"_ _4\"></span>ello <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award Bonus</span> che sar\u00e0 e<span class=\"_ _4\"></span>rogat<span class=\"_ _4\"></span>a tramite l<span class=\"_ _4\"></span>\u2019attribuz<span class=\"_ _4\"></span>ione gratuit<span class=\"_ _4\"></span>a di azio<span class=\"_ _4\"></span>ni della So<span class=\"_ _4\"></span>ciet\u00e0 s<span class=\"_ _4\"></span>aranno </span><span style=\"display:inherit;clear:left;\">impieg<span class=\"_ _4\"></span>ate azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti auto<span class=\"_ _4\"></span>riz<span class=\"_ _4\"></span>zati dall<span class=\"_ _4\"></span>'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a, ai sen<span class=\"_ _4\"></span>si deg<span class=\"_ _4\"></span>li art<span class=\"_ _4\"></span>t. 2357 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice </span><span style=\"display:inherit;clear:left;\">Civil<span class=\"_ _4\"></span>e, e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o da eve<span class=\"_ _4\"></span>ntuali appos<span class=\"_ _4\"></span>iti aumenti di c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e ai sens<span class=\"_ _4\"></span>i dell<span class=\"_ _4\"></span>\u2019art. 2<span class=\"_ _4\"></span>349 comma 1 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Civile<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni attribuite ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari s<span class=\"_ _4\"></span>aranno so<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>gette a<span class=\"_ _4\"></span>d un vincolo di intr<span class=\"_ _4\"></span>asfe<span class=\"_ _4\"></span>ribilit\u00e0 (c.d. <span class=\"ff5f ls63 wsc1\">l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>k-<span class=\"_ _5\"></span>u<span class=\"_ _4\"></span>p</span>) di 3 me<span class=\"_ _4\"></span>si. </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019ince<span class=\"_ _4\"></span>ntivo og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to de<span class=\"_ _4\"></span>l Piano \u00e8 sog<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to ai mecc<span class=\"_ _4\"></span>anismi di cor<span class=\"_ _4\"></span>rezi<span class=\"_ _4\"></span>one e<span class=\"_ _4\"></span>x pos<span class=\"_ _4\"></span>t previ<span class=\"_ _4\"></span>sti dalle p<span class=\"_ _4\"></span>olitiche di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 (ivi inclu<span class=\"_ _4\"></span>se le claus<span class=\"_ _4\"></span>ole di <span class=\"ff5f\">claw ba<span class=\"_ _4\"></span>ck</span>, limitate a eve<span class=\"_ _4\"></span>ntuali condot<span class=\"_ _4\"></span>te imput<span class=\"_ _4\"></span>abili ai ben<span class=\"_ _4\"></span>efi<span class=\"_ _4\"></span>ciari a titolo di do<span class=\"_ _4\"></span>lo<span class=\"_ _2\"></span>). </span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di<span class=\"ff64\"> stock gr<span class=\"_ _2\"></span>ant<span class=\"ff61\"> e costo del piano</span></span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _2\"></span>alue </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti all\u2019Amministratore Delegato e Dir<span class=\"_ _2\"></span>ettore Generale</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _2d0\"> </span>5.153<span class=\"_ _261\"> </span>2.576</span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _2d1\"> </span>-<span class=\"_ _90\"> </span>-</span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _334\"> </span>7.737<span class=\"_ _141\"> </span>5.153</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto delle transazioni con pag<span class=\"_ _1\"></span>amento basato su azioni (<span class=\"_ _4\"></span>pagamento in azioni)<span class=\"_ _157\"> </span>2.584<span class=\"_ _141\"> </span>2.577</span><span style=\"display:inherit;clear:left;\">(Adeguamento del costo)/<span class=\"_ _2\"></span>Costo delle transazioni c<span class=\"_ _2\"></span>on pagamento basato su azioni (<span class=\"_ _4\"></span>pagamento per cassa)<span class=\"_ _1f1\"> </span><span class=\"ls0\">(345)<span class=\"_ _1f2\"> </span>(1.112)</span></span><span style=\"display:inherit;clear:left;\">A seg<span class=\"_ _4\"></span>uito della ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione cons<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>uale dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti tra la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 e l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>atore De<span class=\"_ _4\"></span>legato, av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta in dat<span class=\"_ _4\"></span>a 3 </span><span style=\"display:inherit;clear:left;\">febb<span class=\"_ _4\"></span>raio 2025, con co<span class=\"_ _4\"></span>ntes<span class=\"_ _4\"></span>tuale rinuncia ai <span class=\"ff5f ls58 ws6\">b<span class=\"_ _4\"></span>onus</span><span class=\"ls5b wsa\"> S<span class=\"_ _4\"></span>TI 202<span class=\"_ _2\"></span>4, <span class=\"ff5f ls3 wsd4\">R<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s<span class=\"ff5c\"> 202<span class=\"_ _2\"></span>4 L<span class=\"_ _2\"></span>TI c.<span class=\"_ _4\"></span>d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>special award<span class=\"_ _4\"></span>\u201d</span><span class=\"ls36 ws14d\"> 202<span class=\"_ _4\"></span>2-<span class=\"_ _2\"></span>2026, </span></span></span></span></span><span style=\"display:inherit;clear:left;\">si se<span class=\"_ _4\"></span>gnala con rife<span class=\"_ _4\"></span>rimento al Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> 2022 \u2013 202<span class=\"_ _1\"></span>6 quanto seg<span class=\"_ _4\"></span>ue: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>prima <span class=\"_ _43\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws114\"> (<span class=\"_ _2\"></span>rife<span class=\"_ _4\"></span>rita al tri<span class=\"_ _4\"></span>ennio 2022-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) risulta g<span class=\"_ _4\"></span>iunta a maturaz<span class=\"_ _4\"></span>ione al 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto, a fronte </span></span><span style=\"display:inherit;clear:left;\">della rinuncia ne<span class=\"_ _4\"></span>l 2025 non ci sar<span class=\"_ _4\"></span>anno erog<span class=\"_ _4\"></span>azioni e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o variaz<span class=\"_ _4\"></span>ioni del c<span class=\"_ _4\"></span>osto cumulato re<span class=\"_ _4\"></span>gist<span class=\"_ _4\"></span>rato tra i co<span class=\"_ _4\"></span>sti de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>rso<span class=\"_ _4\"></span>nale </span><span style=\"display:inherit;clear:left;\">nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el trie<span class=\"_ _4\"></span>nnio (20<span class=\"_ _1\"></span>22-<span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>4) che risult<span class=\"_ _4\"></span>a pari ad Euro 5.<span class=\"_ _4\"></span>23<span class=\"_ _2\"></span>1 mig<span class=\"_ _4\"></span>liaia<span class=\"_ _2\"></span>; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _43\"> </span> la <span class=\"_ _41\"> </span>se<span class=\"_ _4\"></span>conda <span class=\"_ _41\"> </span><span class=\"ff5f ws5d\">t<span class=\"_ _4\"></span>ranche</span><span class=\"ws141\"> (<span class=\"_ _2\"></span>rifer<span class=\"_ _4\"></span>ita al bie<span class=\"_ _4\"></span>nnio 2025-2<span class=\"_ _1\"></span>026) anch\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a og<span class=\"_ _4\"></span>get<span class=\"_ _4\"></span>to di rinuncia, non ri<span class=\"_ _4\"></span>sulta giunt<span class=\"_ _4\"></span>a a maturazio<span class=\"_ _4\"></span>ne, e </span></span><span style=\"display:inherit;clear:left;\">nel 2025 de<span class=\"_ _4\"></span>termine<span class=\"_ _4\"></span>r\u00e0 una variaz<span class=\"_ _4\"></span>ione po<span class=\"_ _4\"></span>sitiva a c<span class=\"_ _4\"></span>onto eco<span class=\"_ _4\"></span>nomico pari a<span class=\"_ _4\"></span>d Euro 2.51<span class=\"_ _44\"></span>1 migliaia. pe<span class=\"_ _4\"></span>r rifl<span class=\"_ _4\"></span>ette<span class=\"_ _4\"></span>re il mancato </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto della con<span class=\"_ _4\"></span>dizione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza in s<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izio. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">Cons<span class=\"_ _4\"></span>ideran<span class=\"_ _4\"></span>do il mec<span class=\"_ _4\"></span>canismo di a<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>gnazi<span class=\"_ _4\"></span>one sop<span class=\"_ _4\"></span>ra es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to, la valuta<span class=\"_ _4\"></span>zione rig<span class=\"_ _4\"></span>uarda il <span class=\"ff5f\">fair v<span class=\"_ _1\"></span>alue<span class=\"ff5c\"> total<span class=\"_ _4\"></span>e del piano ch<span class=\"_ _4\"></span>e \u00e8 </span></span></span><span style=\"display:inherit;clear:left;\">influ<span class=\"_ _4\"></span>enz<span class=\"_ _4\"></span>ato dal gra<span class=\"_ _4\"></span>do di rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di obi<span class=\"_ _4\"></span>etti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span><span class=\"ls0 wse9\"> leg<span class=\"_ _4\"></span>ati alla valori<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zazi<span class=\"_ _4\"></span>one del t<span class=\"_ _4\"></span>itolo de<span class=\"_ _4\"></span>lla Societ<span class=\"_ _4\"></span>\u00e0; per<span class=\"_ _1\"></span><span class=\"ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">tanto, ris<span class=\"_ _4\"></span>pet<span class=\"_ _4\"></span>to al principio c<span class=\"_ _4\"></span>ontabile s<span class=\"_ _4\"></span>i tratt<span class=\"_ _4\"></span>a di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>i <span class=\"ff5f\">\u201cmarket base<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>\u201d</span>. La st<span class=\"_ _4\"></span>ima del <span class=\"ff5f\">fair value</span><span class=\"ls62 ws12a\"> \u00e8 st<span class=\"_ _4\"></span>ata ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>tua</span><span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ta utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zando la s<span class=\"_ _4\"></span>imulazione s<span class=\"_ _4\"></span>toc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etodo M<span class=\"_ _4\"></span>onte Carlo ch<span class=\"_ _4\"></span>e, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rtun<span class=\"_ _4\"></span>e ipotes<span class=\"_ _4\"></span>i, ha conse<span class=\"_ _4\"></span>ntito di </span><span style=\"display:inherit;clear:left;\">def<span class=\"_ _4\"></span>inire un consi<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nte numero di sce<span class=\"_ _4\"></span>nari alter<span class=\"_ _4\"></span>nativi ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>arc<span class=\"_ _4\"></span>o tempo<span class=\"_ _4\"></span>rale cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ato. In part<span class=\"_ _4\"></span>icolare, in o<span class=\"_ _4\"></span>gni sce<span class=\"_ _4\"></span>nario la </span><span style=\"display:inherit;clear:left;\">proie<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo dell<span class=\"_ _4\"></span>\u2019azione \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a ef<span class=\"_ _4\"></span>fettuat<span class=\"_ _4\"></span>a a part<span class=\"_ _4\"></span>ire dal valore iniz<span class=\"_ _4\"></span>iale, se<span class=\"_ _4\"></span>cond<span class=\"_ _4\"></span>o un moto geom<span class=\"_ _4\"></span>etrico Bro<span class=\"_ _4\"></span>wniano. </span><span style=\"display:inherit;clear:left;\">I divi<span class=\"_ _4\"></span>dendi at<span class=\"_ _4\"></span>tesi s<span class=\"_ _4\"></span>ono inclus<span class=\"_ _4\"></span>i nella det<span class=\"_ _4\"></span>erminazio<span class=\"_ _4\"></span>ne della s<span class=\"_ _4\"></span>tima del <span class=\"ff5f\">fair value</span>. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f\">Spe<span class=\"_ _4\"></span>cial Award</span> per l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>Amminis<span class=\"_ _4\"></span>tratore D<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>ato e Diret<span class=\"_ _4\"></span>tore </span><span style=\"display:inherit;clear:left;\">Gen<span class=\"_ _4\"></span>erale alla dat<span class=\"_ _4\"></span>a di ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione, p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della <span class=\"ff5f ws0\">t<span class=\"_ _4\"></span>ranche</span> che preve<span class=\"_ _4\"></span>de il pagame<span class=\"_ _4\"></span>nto in azioni, e alle date di </span><span style=\"display:inherit;clear:left;\">rep<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>ting<span class=\"ff5c ls0 ws138\"> (3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e 3<span class=\"_ _1\"></span>1 dicemb<span class=\"_ _4\"></span>re 2023<span class=\"_ _2\"></span>), pe<span class=\"_ _4\"></span>r la valuta<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla <span class=\"ff5f ws0\">tranche</span> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento p<span class=\"_ _4\"></span>er cas<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>. Il </span></span><span style=\"display:inherit;clear:left;\">fair value<span class=\"ff5c\"> della </span>tranche<span class=\"ff5c\"> che pre<span class=\"_ _4\"></span>vede il pag<span class=\"_ _4\"></span>amento pe<span class=\"_ _4\"></span>r cas<span class=\"_ _4\"></span>sa d<span class=\"_ _4\"></span>ovr\u00e0 e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re valut<span class=\"_ _4\"></span>ato ad ogni data di </span><span class=\"ls59 ws114\">r<span class=\"_ _4\"></span>epo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>ing</span><span class=\"ff5c\">. </span></span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione<span class=\"_ _2bc\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _335\"> </span>1\u00b0 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alle data di assegnazione (Euro)<span class=\"_ _194\"> </span>22,53 </span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>34,00% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0% </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _1c7\"> </span>(0,07%) </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione alla data di </span><span style=\"display:inherit;clear:left;\">repor<span class=\"_ _1\"></span>ting<span class=\"_ _9d\"> </span><span class=\"ff62\">31 dicembr<span class=\"_ _2\"></span>e 2024<span class=\"_ _1dc\"> </span>31 dicembre 2023</span></span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _2fe\"> </span>1 gennaio 2022<span class=\"_ _67\"> </span>1 gennaio 2022</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di <span class=\"ff64\">reporting</span> (Euro)<span class=\"_ _1fc\"> </span>6,77 <span class=\"_ _336\"> </span>12,21</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _337\"> </span>31,62% <span class=\"_ _211\"> </span>31,60%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _338\"> </span>0% <span class=\"_ _155\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _17a\"> </span>2,19% <span class=\"_ _1d3\"> </span>3,00%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione. </span><span style=\"display:inherit;clear:left;\">** Media dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione rispettiv<span class=\"_ _2\"></span>amente alle due scadenze dei tre anni e cinque anni.  </span><span style=\"display:inherit;clear:left;\">Piano <span class=\"ff63\">P<span class=\"_ _1c\"></span>erformanc<span class=\"_ _2\"></span>e<span class=\"ff62\"> e </span>Restricted Shar<span class=\"_ _2\"></span>es<span class=\"ff62\"> 2023-2025</span></span></span><span style=\"display:inherit;clear:left;\">a) Descrizione del piano</span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25, approv<span class=\"_ _4\"></span>ato dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>emble<span class=\"_ _4\"></span>a degli A<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ionist<span class=\"_ _4\"></span>i del 26 aprile 2023, \u00e8 </span><span style=\"display:inherit;clear:left;\">volto a raf<span class=\"_ _4\"></span>for<span class=\"_ _4\"></span>zare, n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>l comple<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo pacchet<span class=\"_ _4\"></span>to retr<span class=\"_ _4\"></span>ibutivo de<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiar<span class=\"_ _4\"></span>i, l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alline<span class=\"_ _4\"></span>amento di intere<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i del </span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws59\"> con tu<span class=\"_ _4\"></span>tti gli </span></span><span style=\"display:inherit;clear:left;\">stakeho<span class=\"_ _1\"></span>lder</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span></span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">del</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Gruppo,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fa<span class=\"_ _1\"></span>vorendone</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">in</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">pa<span class=\"_ _1\"></span>rticolare</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">motivazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">fideliz<span class=\"_ _4\"></span>zazione</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(in</span><span style=\"display:inherit;clear:left;\"><span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">un\u2019<span class=\"_ _2\"></span>ot<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tica di <span class=\"ff5f lsa ws90\">retention<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws14d\">) alla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e al G<span class=\"_ _4\"></span>ruppo, in una log<span class=\"_ _4\"></span>ica di so<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 e di crea<span class=\"_ _4\"></span>zione di v<span class=\"_ _4\"></span>alore ne<span class=\"_ _4\"></span>l </span></span></span><span style=\"display:inherit;clear:left;\">medi<span class=\"_ _4\"></span>o-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>. Per tali rag<span class=\"_ _4\"></span>ioni il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli, ognuno con un p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting<span class=\"_ _4\"></span></span><span class=\"ls9 ws150\"> trienna<span class=\"_ _1\"></span>le. T<span class=\"_ _1c\"></span>ale </span></span><span style=\"display:inherit;clear:left;\">arco temporale<span class=\"_ _1\"></span> appare i<span class=\"_ _1\"></span>nfatti idoneo al<span class=\"_ _1\"></span> conseguimento dei suddetti obiettivi. </span><span style=\"display:inherit;clear:left;\">Il Piano <span class=\"ff5f ls2b wscf\">Performance</span> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> 2023-20<span class=\"_ _1\"></span>25 \u00e8 ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>vato a s<span class=\"_ _4\"></span>ele<span class=\"_ _4\"></span>zionati dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o amministrator<span class=\"_ _4\"></span>i e/o colla<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bor<span class=\"_ _4\"></span>atori di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di altre s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 appar<span class=\"_ _4\"></span>ten<span class=\"_ _4\"></span>enti al Grup<span class=\"_ _4\"></span>po Ferr<span class=\"_ _4\"></span>agamo, cons<span class=\"_ _4\"></span>ider<span class=\"_ _4\"></span>ati chiave nel </span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>guimento d<span class=\"_ _4\"></span>el succe<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenibile n<span class=\"_ _4\"></span>el me<span class=\"_ _4\"></span>dio-<span class=\"_ _4\"></span>lungo termine<span class=\"_ _4\"></span>, che son<span class=\"_ _4\"></span>o st<span class=\"_ _4\"></span>ati indivi<span class=\"_ _4\"></span>duati dal Consiglio di A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e di Salvato<span class=\"_ _4\"></span>re Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., pr<span class=\"_ _4\"></span>evio pare<span class=\"_ _4\"></span>re del C<span class=\"_ _4\"></span>omitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e nomine (<span class=\"_ _4\"></span>pe<span class=\"_ _4\"></span>r ciascuno de<span class=\"_ _4\"></span>i cicli </span><span style=\"display:inherit;clear:left;\">del Piano)<span class=\"_ _2\"></span>, a p<span class=\"_ _4\"></span>roprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio (<span class=\"_ _4\"></span>\u201cB<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>). </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 56 (390<span class=\"_ _4\"></span>.<span class=\"_ _1\"></span>71<span class=\"_ _1c\"></span>6 dir<span class=\"_ _4\"></span>itti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati) e sono s<span class=\"_ _4\"></span>tati indi<span class=\"_ _4\"></span>viduati tr<span class=\"_ _4\"></span>a i </span><span style=\"display:inherit;clear:left;\">dipen<span class=\"_ _4\"></span>denti di S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e dell<span class=\"_ _4\"></span>e segu<span class=\"_ _4\"></span>enti so<span class=\"_ _4\"></span>ciet\u00e0 c<span class=\"_ _4\"></span>ontrollate: Fer<span class=\"_ _4\"></span>ragamo US<span class=\"_ _4\"></span>A Inc., Fe<span class=\"_ _4\"></span>rragamo B<span class=\"_ _4\"></span>rasil </span><span style=\"display:inherit;clear:left;\">Roupas e Ac<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>sorio<span class=\"_ _4\"></span>s Ltda., Fer<span class=\"_ _4\"></span>ragamo Japan K<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>K., Fe<span class=\"_ _4\"></span>rragamo Kore<span class=\"_ _4\"></span>a Ltd., Fer<span class=\"_ _4\"></span>ragamo Ho<span class=\"_ _4\"></span>ng Kong Ltd., Ferrag<span class=\"_ _4\"></span>amo Fa<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">shion T<span class=\"_ _2\"></span>rading (Shanghai) Co. Ltd. e Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Retail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Un memb<span class=\"_ _4\"></span>ro del Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>ene<span class=\"_ _4\"></span>ficiari d<span class=\"_ _4\"></span>el piano. </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne potr<span class=\"_ _4\"></span>\u00e0 indivi<span class=\"_ _4\"></span>duare ulterior<span class=\"_ _4\"></span>i bene<span class=\"_ _4\"></span>ficiari (durante il primo anno di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span><span class=\"ls68 wsd2\"> di ciascun ciclo, </span></span><span style=\"display:inherit;clear:left;\">con appli<span class=\"_ _4\"></span>cazio<span class=\"_ _4\"></span>ne, in t<span class=\"_ _4\"></span>al cas<span class=\"_ _4\"></span>o, di un parametro <span class=\"ff5f\">pro<span class=\"_ _4\"></span>-rata temp<span class=\"_ _4\"></span>oris</span><span class=\"ws122\"> che riprop<span class=\"_ _4\"></span>orz<span class=\"_ _4\"></span>ioni i diritt<span class=\"_ _4\"></span>i tene<span class=\"_ _4\"></span>ndo conto de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ef<span class=\"_ _4\"></span>fetti<span class=\"_ _4\"></span>va </span></span><span style=\"display:inherit;clear:left;\">per<span class=\"_ _4\"></span>manenz<span class=\"_ _4\"></span>a in ser<span class=\"_ _5\"></span>vizi<span class=\"_ _4\"></span>o nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>l per<span class=\"_ _4\"></span>iodo di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing<span class=\"_ _4\"></span></span>), a proprio ins<span class=\"_ _4\"></span>indacabil<span class=\"_ _4\"></span>e giudizio, tr<span class=\"_ _4\"></span>a i <span class=\"ff5f ls56 ws13b\">top manager</span><span class=\"lsa ws11e\"> che rico<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">prono e ric<span class=\"_ _4\"></span>opriranno il r<span class=\"_ _4\"></span>uolo di amminist<span class=\"_ _4\"></span>ratori, dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti e/o collaborato<span class=\"_ _4\"></span>ri della So<span class=\"_ _4\"></span>ciet<span class=\"_ _4\"></span>\u00e0 e di controllate. </span><span style=\"display:inherit;clear:left;\">Oggetto del Piano </span><span style=\"display:inherit;clear:left;\">Il Piano si ar<span class=\"_ _4\"></span>ticola in tre ci<span class=\"_ _4\"></span>cli. Il primo relati<span class=\"_ _4\"></span>vo al per<span class=\"_ _4\"></span>iodo di ve<span class=\"_ _4\"></span>sting 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025, il se<span class=\"_ _4\"></span>condo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _1\"></span>2026 e il terzo re<span class=\"_ _4\"></span>lativo al pe<span class=\"_ _4\"></span>riodo di ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing 2025-<span class=\"_ _2\"></span>2027<span class=\"_ _1c\"></span>. </span><span style=\"display:inherit;clear:left;\">Ogni singol<span class=\"_ _4\"></span>o ciclo del <span class=\"ff5f\">Piano Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Re<span class=\"_ _4\"></span>stricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 wsa6\"> 202<span class=\"_ _4\"></span>3-2025 prev<span class=\"_ _4\"></span>ed<span class=\"_ _4\"></span>e: </span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>ttr<span class=\"_ _4\"></span>ibuzion<span class=\"_ _4\"></span>e gratuita ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari di un ce<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>to numero di dirit<span class=\"_ _4\"></span>ti iniziali (i \u201c<span class=\"_ _4\"></span>Diritti Ini<span class=\"_ _4\"></span>ziali<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) a cons<span class=\"_ _4\"></span>eguire (ciascuno<span class=\"_ _2\"></span>) la </span><span style=\"display:inherit;clear:left;\">titolarit<span class=\"_ _4\"></span>\u00e0 di n. 1 az<span class=\"_ _4\"></span>ione di Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>., sub<span class=\"_ _4\"></span>ordinatame<span class=\"_ _4\"></span>nte al rag<span class=\"_ _4\"></span>giungimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di <span class=\"ff5f lsa ws90\">retention</span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">e di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span>, nonch\u00e9, co<span class=\"_ _4\"></span>mples<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span>, di un eventuale ulte<span class=\"_ _4\"></span>riore nume<span class=\"_ _4\"></span>ro di diritti ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi allo sc<span class=\"_ _4\"></span>ade<span class=\"_ _4\"></span>re di </span><span style=\"display:inherit;clear:left;\">ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>la de<span class=\"_ _4\"></span>fini<span class=\"_ _4\"></span>zione, in f<span class=\"_ _4\"></span>ase di att<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne dei Dirit<span class=\"_ _4\"></span>ti Iniziali, de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls68 wscc\"> di ciascun ciclo; </span></span><span style=\"display:inherit;clear:left;\">c) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>egnaz<span class=\"_ _4\"></span>ione dell<span class=\"_ _4\"></span>e azioni ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, in fun<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l livello de<span class=\"_ _4\"></span>gli indic<span class=\"_ _4\"></span>atori di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span> rag<span class=\"_ _4\"></span>giunto e in rela<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">zione al r<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>giungimento de<span class=\"_ _4\"></span>gli obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span>, al termine di ciascun p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ve<span class=\"_ _4\"></span>sting</span><span class=\"ls4 wse9\"> e<span class=\"_ _4\"></span> subordinat<span class=\"_ _4\"></span>amente<span class=\"_ _4\"></span> alla </span></span><span style=\"display:inherit;clear:left;\">verif<span class=\"_ _4\"></span>ica d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>av<span class=\"_ _4\"></span>ver<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle condi<span class=\"_ _4\"></span>zioni prev<span class=\"_ _4\"></span>iste dal Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Rest<span class=\"_ _4\"></span>ricted Share<span class=\"_ _4\"></span>s</span><span class=\"ls36 wsa6\"> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>202<span class=\"_ _4\"></span>5. </span></span><span style=\"display:inherit;clear:left;\">La matura<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i Diritt<span class=\"_ _4\"></span>i Iniziali-s<span class=\"_ _4\"></span>uddiv<span class=\"_ _4\"></span>isi in un ammont<span class=\"_ _4\"></span>are pari al 75% degli ste<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>i, legato al r<span class=\"_ _4\"></span>agg<span class=\"_ _4\"></span>iungimento di obi<span class=\"_ _4\"></span>et<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tiv<span class=\"_ _4\"></span>i di <span class=\"ff5f lsa ws90\">retention</span> e di <span class=\"ff5f ls2b wscf\">performance</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance<span class=\"_ _4\"></span></span>\u201d<span class=\"_ _5\"></span>), e nel re<span class=\"_ _4\"></span>siduo ammont<span class=\"_ _4\"></span>are pari al 25% le<span class=\"_ _4\"></span>gato al rag<span class=\"_ _4\"></span>giun<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">gimento di o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi di s<span class=\"_ _4\"></span>ola <span class=\"ff5f lsa ws90\">retention</span> (i \u201cDirit<span class=\"_ _4\"></span>ti <span class=\"ff5f lsa ws90\">Retention</span>\u201d<span class=\"_ _5\"></span>) \u2013 e la corris<span class=\"_ _4\"></span>pond<span class=\"_ _4\"></span>ente as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazione d<span class=\"_ _4\"></span>elle az<span class=\"_ _4\"></span>ioni sarann<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinate alla verif<span class=\"_ _4\"></span>ica da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>l Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls67 ws8c\">Performance</span>, de<span class=\"_ _4\"></span>l rag<span class=\"_ _4\"></span>giungimento d<span class=\"_ _4\"></span>ella condi<span class=\"_ _4\"></span>zione di p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro </span><span style=\"display:inherit;clear:left;\">subor<span class=\"_ _4\"></span>dinato e/o di collaboraz<span class=\"_ _4\"></span>ione e<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>o di amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione tr<span class=\"_ _4\"></span>a il benef<span class=\"_ _4\"></span>iciario e S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e<span class=\"_ _4\"></span>/<span class=\"_ _1\"></span>o altra </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo (il \u201cR<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>) al te<span class=\"_ _4\"></span>rmine del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>sting</span> di cia<span class=\"_ _4\"></span>scun ciclo de<span class=\"_ _4\"></span>l Piano e al livello di </span><span style=\"display:inherit;clear:left;\">rag<span class=\"_ _4\"></span>giungim<span class=\"_ _4\"></span>ento di uno o pi\u00f9 in<span class=\"_ _4\"></span>dicator<span class=\"_ _4\"></span>i di <span class=\"ff5f ls67 ws8c\">per<span class=\"_ _4\"></span>formance</span><span class=\"ls0 ws0\"> al termine de<span class=\"_ _4\"></span>l perio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls59 ws114\">ve<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ing</span> di ciascun ciclo d<span class=\"_ _4\"></span>el Piano; e </span></span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>pe<span class=\"_ _4\"></span>r quanto riguarda i Diritt<span class=\"_ _4\"></span>i <span class=\"ff5f lsa ws90\">Retention</span>, del rag<span class=\"_ _4\"></span>giungiment<span class=\"_ _4\"></span>o della sola c<span class=\"_ _4\"></span>ondizio<span class=\"_ _4\"></span>ne di pe<span class=\"_ _4\"></span>rmanenz<span class=\"_ _4\"></span>a del R<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to al </span><span style=\"display:inherit;clear:left;\">termin<span class=\"_ _4\"></span>e del pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span><span class=\"ls68 wscc\"> di cias<span class=\"_ _4\"></span>cun ciclo del Piano. </span></span><span style=\"display:inherit;clear:left;\">Gli indic<span class=\"_ _4\"></span>atori rile<span class=\"_ _4\"></span>vanti pe<span class=\"_ _4\"></span>r la maturazion<span class=\"_ _4\"></span>e dei Dirit<span class=\"_ _4\"></span>ti <span class=\"ff5f ls2b wscf\">Performance</span> pe<span class=\"_ _4\"></span>r il primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025) e per il </span><span style=\"display:inherit;clear:left;\">se<span class=\"_ _4\"></span>condo cicl<span class=\"_ _4\"></span>o (2<span class=\"_ _1\"></span>02<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-2<span class=\"_ _1\"></span>026) sono suddi<span class=\"_ _4\"></span>visi tr<span class=\"_ _4\"></span>a indicato<span class=\"_ _4\"></span>ri di <span class=\"ff5f ls2b wscf\">per<span class=\"_ _4\"></span>formance</span><span class=\"lsa wsde\"> economico-f<span class=\"_ _4\"></span>inanzia<span class=\"_ _1\"></span>ria (<span class=\"_ _2\"></span>coerenti con il Pia<span class=\"_ _1\"></span>no </span></span><span style=\"display:inherit;clear:left;\">Strateg<span class=\"_ _4\"></span>ico<span class=\"_ _2\"></span>) e<span class=\"_ _4\"></span>d indicato<span class=\"_ _4\"></span>ri ESG (sec<span class=\"_ _4\"></span>ondo quanto prev<span class=\"_ _4\"></span>ist<span class=\"_ _4\"></span>o dalle raccoman<span class=\"_ _4\"></span>dazioni d<span class=\"_ _4\"></span>el Codi<span class=\"_ _4\"></span>ce di <span class=\"ff5f ls2b ws7\">Corpora<span class=\"_ _1\"></span>te Governance<span class=\"ff5c ls0 wsa\"> e </span></span></span><span style=\"display:inherit;clear:left;\">le <span class=\"ff5f ls6b wscf\">best pr<span class=\"_ _1\"></span>actic<span class=\"_ _2\"></span>e<span class=\"ff5c ls3 ws0\"> di me<span class=\"_ _4\"></span>rcato<span class=\"_ _1\"></span>) e sono i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti:<span class=\"_ _1\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>) <span class=\"_ _1\"></span> <span class=\"_ _47\"></span>me<span class=\"_ _4\"></span>dia della cre<span class=\"_ _4\"></span>scita % in re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne <span class=\"ff5f\">product ne<span class=\"_ _4\"></span>t sales</span> (<span class=\"_ _4\"></span>Vendite net<span class=\"_ _4\"></span>te)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r tali inten<span class=\"_ _4\"></span>dendo<span class=\"_ _4\"></span>si la somma d<span class=\"_ _4\"></span>elle ven<span class=\"_ _4\"></span>dite </span><span style=\"display:inherit;clear:left;\">nei c<span class=\"_ _4\"></span>anali D<span class=\"_ _2\"></span>TC e <span class=\"ff5f ls32 ws122\">wholesale</span> (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>me ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ate in bilancio<span class=\"_ _1\"></span>) al net<span class=\"_ _4\"></span>to di st<span class=\"_ _4\"></span>anziame<span class=\"_ _4\"></span>nti e resi (non sono, pe<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, inclus<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">altre comp<span class=\"_ _4\"></span>onenti di r<span class=\"_ _4\"></span>icavo quali <span class=\"ff5f ls58 ws6\">royaltie<span class=\"_ _4\"></span>s</span>, Ef<span class=\"_ _4\"></span>fetto <span class=\"ff5f ls5b ws14d\">Ca<span class=\"_ _4\"></span>sh f<span class=\"_ _4\"></span>low he<span class=\"_ _4\"></span>dging</span> sui ri<span class=\"_ _4\"></span>cavi, lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ioni immobiliari, etc<span class=\"_ _4\"></span>.)<span class=\"_ _1\"></span>; </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>) <span class=\"_ _1c\"></span> <span class=\"_ _49\"></span>EBITDA cumulato nel trie<span class=\"_ _4\"></span>nnio 2023-<span class=\"_ _2\"></span>2025 (<span class=\"_ _4\"></span>per il p<span class=\"_ _4\"></span>rimo Ciclo<span class=\"_ _1\"></span>) e nel t<span class=\"_ _4\"></span>riennio 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-20<span class=\"_ _1\"></span>26 (pe<span class=\"_ _4\"></span>r il seco<span class=\"_ _4\"></span>ndo Ciclo)<span class=\"_ _1\"></span>, pe<span class=\"_ _4\"></span>r </span><span style=\"display:inherit;clear:left;\">tale inte<span class=\"_ _4\"></span>nden<span class=\"_ _4\"></span>dosi il ri<span class=\"_ _4\"></span>sultato op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vo (<span class=\"_ _2\"></span>com<span class=\"_ _4\"></span>e ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ato in bilancio<span class=\"_ _2\"></span>) al l<span class=\"_ _4\"></span>ordo de<span class=\"_ _4\"></span>gli ammor<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nti e delle s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 mater<span class=\"_ _4\"></span>iali ed immateriali e de<span class=\"_ _4\"></span>lle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso; </span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>)  <span class=\"_ _45\"></span>i. <span class=\"_ _4\"></span> <span class=\"_ _ac\"></span>me<span class=\"_ _4\"></span>dia ROIC nel t<span class=\"_ _4\"></span>riennio 2023-2025, per tal<span class=\"_ _4\"></span>e intende<span class=\"_ _4\"></span>ndosi il r<span class=\"_ _4\"></span>isultato n<span class=\"_ _4\"></span>etto de<span class=\"_ _4\"></span>l pe<span class=\"_ _4\"></span>riodo (come risult<span class=\"_ _4\"></span>ante dal bilan<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cio cons<span class=\"_ _4\"></span>olidato annuale de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>anno di r<span class=\"_ _4\"></span>iferimento) diviso il c<span class=\"_ _4\"></span>apital<span class=\"_ _4\"></span>e invest<span class=\"_ _4\"></span>ito net<span class=\"_ _4\"></span>to </span><span style=\"display:inherit;clear:left;\">adjusted<span class=\"ff5c ls3 wsec\"> medio (quest<span class=\"_ _5\"></span>\u2019ultimo rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ato dal capit<span class=\"_ _4\"></span>ale inves<span class=\"_ _4\"></span>tito net<span class=\"_ _4\"></span>to es<span class=\"_ _4\"></span>cluden<span class=\"_ _4\"></span>do le atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e </span></span><span style=\"display:inherit;clear:left;\">quelle cla<span class=\"_ _4\"></span>ssif<span class=\"_ _4\"></span>icate t<span class=\"_ _4\"></span>ra gli inves<span class=\"_ _4\"></span>timenti imm<span class=\"_ _4\"></span>obiliari) valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il primo Ciclo; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_\"> </span>  <span class=\"_ _ac\"></span><span class=\"ff5f ls3 ws5d\">Net Cash Flow<span class=\"_ _4\"></span><span class=\"ff5c\">: diffe<span class=\"_ _4\"></span>renz<span class=\"_ _4\"></span>a tra Ind<span class=\"_ _4\"></span>ebit<span class=\"_ _4\"></span>amento f<span class=\"_ _4\"></span>inanziario n<span class=\"_ _4\"></span>etto re<span class=\"_ _4\"></span>ttif<span class=\"_ _4\"></span>icato/(</span><span class=\"ls7 ws4\">surplus</span><span class=\"ff5c\">) a fine tri<span class=\"_ _4\"></span>ennio 2026 e Indebi<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">tame<span class=\"_ _4\"></span>nto f<span class=\"_ _4\"></span>inanziario net<span class=\"_ _4\"></span>to ret<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>icato/(<span class=\"ff5f ls7 ws4\">surplus<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws0\">) a f<span class=\"_ _4\"></span>ine anno 2023 valido s<span class=\"_ _4\"></span>olo pe<span class=\"_ _4\"></span>r il se<span class=\"_ _4\"></span>condo Cicl<span class=\"_ _4\"></span>o;<span class=\"_ _2\"></span> </span></span></span><span style=\"display:inherit;clear:left;\">d) <span class=\"_ _2\"></span> <span class=\"_ _47\"></span>ESG<span class=\"_ _4\"></span>, che rap<span class=\"_ _4\"></span>pres<span class=\"_ _4\"></span>enta il live<span class=\"_ _4\"></span>llo di rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto di obiet<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>i colleg<span class=\"_ _4\"></span>ati alla sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 ambienta<span class=\"_ _4\"></span>le e sociale d<span class=\"_ _4\"></span>elle </span><span style=\"display:inherit;clear:left;\">atti<span class=\"_ _4\"></span>vit\u00e0 d<span class=\"_ _4\"></span>el Grupp<span class=\"_ _4\"></span>o.  </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al primo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i. <span class=\"_ _160\"> </span>  <span class=\"_ _ac\"></span>met<span class=\"_ _4\"></span>rica su <span class=\"ff5f ws5d\">climate</span>: 100<span class=\"_ _4\"></span>% en<span class=\"_ _4\"></span>ergia rinnov<span class=\"_ _4\"></span>abile in tut<span class=\"_ _4\"></span>te le se<span class=\"_ _4\"></span>di azie<span class=\"_ _4\"></span>ndali nel mo<span class=\"_ _4\"></span>ndo entro il 2029; </span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>del <span class=\"_ _22\"> </span><span class=\"ff5f wsd7\">Ge<span class=\"_ _4\"></span>nder pa<span class=\"_ _4\"></span>y gap</span><span class=\"ls3 wsc2\"> pe<span class=\"_ _4\"></span>r i dipend<span class=\"_ _4\"></span>enti della S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle controllate in No<span class=\"_ _4\"></span>rd </span></span><span style=\"display:inherit;clear:left;\">Ame<span class=\"_ _4\"></span>rica, C<span class=\"_ _4\"></span>orea e Cina; </span><span style=\"display:inherit;clear:left;\">iii. <span class=\"_ _1c\"></span>  <span class=\"_ _49\"></span>cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e Uni PdR 1<span class=\"_ _1c\"></span>25/<span class=\"_ _4\"></span>22 (i.e<span class=\"_ _4\"></span>. cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione sull<span class=\"_ _4\"></span>\u2019effe<span class=\"_ _4\"></span>ttiv<span class=\"_ _4\"></span>a adozione d<span class=\"_ _4\"></span>el sis<span class=\"_ _4\"></span>tema di ge<span class=\"_ _4\"></span>stio<span class=\"_ _4\"></span>ne per la p<span class=\"_ _4\"></span>arit\u00e0 di </span><span style=\"display:inherit;clear:left;\">gene<span class=\"_ _4\"></span>re risp<span class=\"_ _4\"></span>etto a 6 are<span class=\"_ _4\"></span>e principali: Cultura e st<span class=\"_ _4\"></span>rategia, <span class=\"ff5f ls5b ws8\">G<span class=\"_ _4\"></span>overnan<span class=\"_ _4\"></span>ce</span>, Proce<span class=\"_ _4\"></span>ssi HR<span class=\"_ _4\"></span>, O<span class=\"_ _4\"></span>ppor<span class=\"_ _4\"></span>tunit<span class=\"_ _4\"></span>\u00e0 di cres<span class=\"_ _4\"></span>cita e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">inclusio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>onne in azie<span class=\"_ _4\"></span>nda, Equit\u00e0 re<span class=\"_ _4\"></span>muner<span class=\"_ _4\"></span>ativa p<span class=\"_ _4\"></span>er gene<span class=\"_ _4\"></span>re, T<span class=\"_ _2\"></span>utela de<span class=\"_ _4\"></span>lla genitorialit<span class=\"_ _4\"></span>\u00e0 e conciliaz<span class=\"_ _4\"></span>ione </span><span style=\"display:inherit;clear:left;\">vit<span class=\"_ _4\"></span>a-lavoro)<span class=\"_ _1\"></span>. </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali o<span class=\"_ _4\"></span>biett<span class=\"_ _4\"></span>ivi con r<span class=\"_ _4\"></span>iferime<span class=\"_ _4\"></span>nto al seco<span class=\"_ _4\"></span>ndo Ciclo s<span class=\"_ _4\"></span>ono: </span><span style=\"display:inherit;clear:left;\">i.  <span class=\"_ _1b6\"></span><span class=\"ff5f wsb4\"> <span class=\"_ _165\"></span>Me<span class=\"_ _4\"></span>tric on Supply chain<span class=\"ff5c\">: aument<span class=\"_ _4\"></span>are la tras<span class=\"_ _4\"></span>paren<span class=\"_ _4\"></span>za della c<span class=\"_ _4\"></span>atena di fornitur<span class=\"_ _4\"></span>a mappando il 6<span class=\"_ _4\"></span>0% d<span class=\"_ _4\"></span>ei fornitori di </span></span></span><span style=\"display:inherit;clear:left;\">pe<span class=\"_ _4\"></span>llette<span class=\"_ _4\"></span>ria (live<span class=\"_ _4\"></span>llo 1 e 2) acquisen<span class=\"_ _4\"></span>do informazio<span class=\"_ _4\"></span>ni ESG (<span class=\"ff5f ls57 ws97\">focus<span class=\"_ _4\"></span></span> su asp<span class=\"_ _4\"></span>etti s<span class=\"_ _4\"></span>ociali e </span><span style=\"display:inherit;clear:left;\">governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws6f\">)  </span></span><span style=\"display:inherit;clear:left;\">ii. <span class=\"_ _160\"> </span> <span class=\"_ _43\"> </span> misur<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"_ _22\"> </span>d<span class=\"_ _4\"></span>el <span class=\"_ _ae\"> </span><span class=\"ff5f wse5\">Gende<span class=\"_ _4\"></span>r pay gap:</span><span class=\"ls3 ws15c\"> cer<span class=\"_ _4\"></span>tif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>el risult<span class=\"_ _4\"></span>ato, def<span class=\"_ _4\"></span>inizion<span class=\"_ _4\"></span>e di una <span class=\"ff5f ls2b wscf\">roadmap</span><span class=\"ls9 wsf3\"> e<span class=\"_ _1\"></span> implementazione </span></span></span><span style=\"display:inherit;clear:left;\">iniziative p<span class=\"_ _4\"></span>er colmare <span class=\"ff5f ls4 ws3\">gap</span><span class=\"ls0\">; </span></span><span style=\"display:inherit;clear:left;\">iii.  <span class=\"_ _4\"></span><span class=\"ff5f ls56 ws3b3\"> Engagement</span><span class=\"ls3 ws0\">: Mi<span class=\"_ _4\"></span>surare entro il 2024 l\u2019<span class=\"_ _4\"></span>impegn<span class=\"_ _4\"></span>o dei dipe<span class=\"_ _4\"></span>ndenti e migli<span class=\"_ _4\"></span>orarlo ne<span class=\"_ _4\"></span>l 2026.  </span></span><span style=\"display:inherit;clear:left;\">Il numero di Dirit<span class=\"_ _4\"></span>ti Iniziali \u00e8 de<span class=\"_ _4\"></span>terminato dal Con<span class=\"_ _4\"></span>siglio di Amminis<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>zione pre<span class=\"_ _4\"></span>vio pare<span class=\"_ _4\"></span>re favorevol<span class=\"_ _4\"></span>e del Comit<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni e Nomine sulla ba<span class=\"_ _4\"></span>se di un indic<span class=\"_ _4\"></span>atore pari ad un multip<span class=\"_ _4\"></span>lo/percentuale d<span class=\"_ _4\"></span>el comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>o fis<span class=\"_ _4\"></span>so di cias<span class=\"_ _4\"></span>cun </span><span style=\"display:inherit;clear:left;\">ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>iciario e divi<span class=\"_ _4\"></span>dendo t<span class=\"_ _4\"></span>ale cont<span class=\"_ _4\"></span>rovalore mo<span class=\"_ _4\"></span>netari<span class=\"_ _4\"></span>o per la me<span class=\"_ _4\"></span>dia del p<span class=\"_ _4\"></span>rez<span class=\"_ _4\"></span>zo uf<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>iciale dell<span class=\"_ _4\"></span>e A<span class=\"_ _4\"></span>zioni ne<span class=\"_ _4\"></span>i 30 giorni pr<span class=\"_ _4\"></span>e<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ced<span class=\"_ _4\"></span>enti il 1\u00b0 gennaio dell<span class=\"_ _4\"></span>\u2019anno di inizio di ciascun ciclo d<span class=\"_ _4\"></span>el Piano. </span><span style=\"display:inherit;clear:left;\">Succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vame<span class=\"_ _4\"></span>nte al complet<span class=\"_ _4\"></span>amento d<span class=\"_ _4\"></span>el pe<span class=\"_ _4\"></span>riodo di <span class=\"ff5f ls58 ws6\">v<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>ting</span><span class=\"ls68 ws84\"> di ciascun cicl<span class=\"_ _4\"></span>o del Piano, a ciascuno dei b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari sar\u00e0<span class=\"_ _4\"></span>, </span></span><span style=\"display:inherit;clear:left;\">inoltre<span class=\"_ _4\"></span>, attribuit<span class=\"_ _4\"></span>o a titolo gr<span class=\"_ _4\"></span>atuito un ulterio<span class=\"_ _4\"></span>re numero di dirit<span class=\"_ _4\"></span>ti ag<span class=\"_ _4\"></span>giuntivi c<span class=\"_ _4\"></span>alcolato in f<span class=\"_ _4\"></span>unzione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Iniziali ma<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">turati e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ammo<span class=\"_ _4\"></span>ntare cumulato dei di<span class=\"_ _4\"></span>vide<span class=\"_ _4\"></span>ndi pe<span class=\"_ _4\"></span>r A<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e distrib<span class=\"_ _4\"></span>uiti agli azio<span class=\"_ _4\"></span>nisti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. </span><span style=\"display:inherit;clear:left;\">nel p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do compre<span class=\"_ _4\"></span>so fr<span class=\"_ _4\"></span>a il primo giorn<span class=\"_ _4\"></span>o del p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls58 ws6\">ves<span class=\"_ _4\"></span>ting</span> e il g<span class=\"_ _4\"></span>iorno pre<span class=\"_ _4\"></span>ced<span class=\"_ _4\"></span>ente la data di as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnazion<span class=\"_ _4\"></span>e delle </span><span style=\"display:inherit;clear:left;\">A<span class=\"_ _4\"></span>zioni (entrambi inclus<span class=\"_ _4\"></span>i).<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _2\"></span>as<span class=\"_ _4\"></span>segnazione delle A<span class=\"_ _4\"></span>zioni \u00e8 ul<span class=\"_ _1\"></span>teriormente condiziona<span class=\"_ _1\"></span>ta: </span><span style=\"display:inherit;clear:left;\">a<span class=\"_ _2\"></span>)  <span class=\"_ _ac\"></span>alla p<span class=\"_ _4\"></span>ermane<span class=\"_ _4\"></span>nza (non in per<span class=\"_ _4\"></span>iodo di pre<span class=\"_ _4\"></span>av<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) d<span class=\"_ _4\"></span>el Rapp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to; e </span><span style=\"display:inherit;clear:left;\">b<span class=\"_ _2\"></span>)  <span class=\"_ _49\"></span>all<span class=\"_ _4\"></span>\u2019asse<span class=\"_ _4\"></span>nza di v<span class=\"_ _4\"></span>iolazi<span class=\"_ _4\"></span>oni di par<span class=\"_ _4\"></span>ticolare gr<span class=\"_ _4\"></span>avit\u00e0 de<span class=\"_ _4\"></span>l Codic<span class=\"_ _4\"></span>e Etico del G<span class=\"_ _4\"></span>ruppo che ab<span class=\"_ _4\"></span>biano quale cons<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nza la ce<span class=\"_ _4\"></span>s<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rto di lavo<span class=\"_ _4\"></span>ro. </span><span style=\"display:inherit;clear:left;\">Le azio<span class=\"_ _4\"></span>ni, nel numero c<span class=\"_ _4\"></span>orrisp<span class=\"_ _4\"></span>onde<span class=\"_ _4\"></span>nte ai relativ<span class=\"_ _4\"></span>i diritti t<span class=\"_ _4\"></span>otali, sar<span class=\"_ _4\"></span>anno ass<span class=\"_ _4\"></span>egnate ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, tr<span class=\"_ _4\"></span>amite appo<span class=\"_ _4\"></span>sita co<span class=\"_ _4\"></span>mu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">nica<span class=\"_ _4\"></span>zione da par<span class=\"_ _4\"></span>te de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., n<span class=\"_ _4\"></span>on oltre il tre<span class=\"_ _4\"></span>ntesim<span class=\"_ _4\"></span>o giorno di c<span class=\"_ _4\"></span>alendari<span class=\"_ _4\"></span>o succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vo alla data </span><span style=\"display:inherit;clear:left;\">di approva<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l bilancio con<span class=\"_ _4\"></span>solidato d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io social<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019ultimo anno di ciascun cicl<span class=\"_ _4\"></span>o.</span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1c\"></span>\u2019<span class=\"_ _1\"></span>attrib<span class=\"_ _4\"></span>uzione g<span class=\"_ _4\"></span>ratuita di a<span class=\"_ _4\"></span>zioni in es<span class=\"_ _4\"></span>ecu<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l Piano av<span class=\"_ _4\"></span>verr\u00e0 imp<span class=\"_ _4\"></span>iegan<span class=\"_ _4\"></span>do azioni p<span class=\"_ _4\"></span>roprie ri<span class=\"_ _4\"></span>venienti da ac<span class=\"_ _4\"></span>quisti aut<span class=\"_ _4\"></span>o<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">riz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati dall'<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea, ai se<span class=\"_ _4\"></span>nsi de<span class=\"_ _4\"></span>gli art<span class=\"_ _4\"></span>t. 2<span class=\"_ _4\"></span>35<span class=\"_ _1\"></span>7 e 2357<span class=\"_ _2\"></span>-ter d<span class=\"_ _4\"></span>el Co<span class=\"_ _4\"></span>dice Civ<span class=\"_ _4\"></span>ile. </span><span style=\"display:inherit;clear:left;\">Movimentazione nel periodo del numer<span class=\"_ _2\"></span>o dei diritti assegnati a ricever<span class=\"_ _2\"></span>e azioni*</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _18b\"> </span>31 dicembre 2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>i)<span class=\"_ _242\"> </span>In circolazione all\u2019inizio dell\u2019esercizio<span class=\"_ _1b2\"> </span>160.149 <span class=\"_ _69\"> </span>- </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>ii)<span class=\"_ _7b\"> </span>Assegnati nel periodo<span class=\"_ _18e\"> </span>257.069 <span class=\"_ _12d\"> </span>164.475 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iii)<span class=\"_ _166\"> </span>Annullati nel periodo<span class=\"_ _d3\"> </span>26.502 <span class=\"_ _211\"> </span>4.326 </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _5\"></span>iv)<span class=\"_ _166\"> </span><span class=\"ls0 ws0\">Esercitati nel periodo<span class=\"_ _339\"> </span>- <span class=\"_ _2cc\"> </span>- </span></span><span style=\"display:inherit;clear:left;\">(v)<span class=\"_ _1bd\"> </span>Scaduti nel periodo<span class=\"_ _1a6\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">(vi)<span class=\"_ _17b\"> </span>In circolazione a fine periodo<span class=\"_ _a0\"> </span>390.716 <span class=\"_ _219\"> </span>160.149 </span><span style=\"display:inherit;clear:left;\">(vii)<span class=\"_ _13\"> </span>Esercitabili a fine periodo<span class=\"_ _331\"> </span>- <span class=\"_ _2cc\"> </span>- </span><span style=\"display:inherit;clear:left;\">* Il prezzo medio del periodo non \u00e8 stato indic<span class=\"_ _1\"></span>ato in quanto si tratta di un piano c<span class=\"_ _2\"></span>on assegnazione gratuita di azioni.</span><span style=\"display:inherit;clear:left;\">b) Movimentazione della Riserv<span class=\"_ _1\"></span>a di </span><span style=\"display:inherit;clear:left;\">stock</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">gr<span class=\"_ _2\"></span>ant</span><span style=\"display:inherit;clear:left;\">2024<span class=\"_ _a6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">(<span class=\"ff63\">Fair V<span class=\"_ _2\"></span>alue<span class=\"ff65\"> <span class=\"ff62\">in migliaia di Euro) </span></span></span></span><span style=\"display:inherit;clear:left;\">Numero<span class=\"_ _1bb\"> </span></span><span style=\"display:inherit;clear:left;\">Fair v<span class=\"_ _1\"></span>alue <span class=\"_ _242\"> </span><span class=\"ff62\">Numer<span class=\"_ _1\"></span>o<span class=\"_ _16e\"> </span><span class=\"ff63\">F<span class=\"_ _2\"></span>air value </span></span></span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti della Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.</span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>80.247 <span class=\"_ _a1\"> </span>100 <span class=\"_ _b4\"> </span>- <span class=\"_ _e2\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>137.313 <span class=\"_ _2a6\"> </span>7 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">- annullati durante l'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>15.564 <span class=\"_ _297\"> </span>19 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>201.996 <span class=\"_ _a1\"> </span>218 <span class=\"_ _e0\"> </span>80.247 <span class=\"_ _1b9\"> </span>100 </span><span style=\"display:inherit;clear:left;\">Diritti a ricever<span class=\"_ _2\"></span>e azioni att<span class=\"_ _4\"></span>ribuiti a dipendenti di societ\u00e0 controll<span class=\"_ _1\"></span>ate<span class=\"_ _11a\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _c4\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _35\"> </span>79.902 <span class=\"_ _208\"> </span>99 <span class=\"_ _ec\"> </span>- <span class=\"_ _2a3\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>119.756 <span class=\"_ _2a6\"> </span>6 <span class=\"_ _e0\"> </span>84.228 <span class=\"_ _1b9\"> </span>107 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>10.938 <span class=\"_ _297\"> </span>14 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>188.720 <span class=\"_ _a1\"> </span>230 <span class=\"_ _e0\"> </span>79.902 <span class=\"_ _ec\"> </span>99 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale diritti a ricever<span class=\"_ _2\"></span>e azioni<span class=\"_ _10f\"> </span> <span class=\"_ _d0\"> </span> <span class=\"_ _a1\"> </span> <span class=\"_ _216\"> </span> </span><span style=\"display:inherit;clear:left;\">- ad inizio esercizio<span class=\"_ _da\"> </span>160.149 <span class=\"_ _15b\"> </span>199 <span class=\"_ _b4\"> </span>- <span class=\"_ _208\"> </span>- </span><span style=\"display:inherit;clear:left;\">- assegnati durante l\u2019eser<span class=\"_ _1\"></span>cizio<span class=\"_ _22f\"> </span>257.069 <span class=\"_ _297\"> </span>13 <span class=\"_ _1f0\"> </span>164.475 <span class=\"_ _105\"> </span>207 </span><span style=\"display:inherit;clear:left;\">- annullati durante l\u2019eser<span class=\"_ _2\"></span>cizio<span class=\"_ _2d5\"> </span>26.502 <span class=\"_ _297\"> </span>33 <span class=\"_ _19c\"> </span>4.326 <span class=\"_ _b6\"> </span>8 </span><span style=\"display:inherit;clear:left;\">- a fine periodo<span class=\"_ _254\"> </span>390.716 <span class=\"_ _a1\"> </span>448 <span class=\"_ _2b0\"> </span>160.149 <span class=\"_ _1b9\"> </span>199 </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al p<span class=\"_ _4\"></span>rimo Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di ves<span class=\"_ _4\"></span>ting 2023-<span class=\"_ _1\"></span>2025, alla data di av<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>o del Piano (<span class=\"_ _2\"></span>av<span class=\"_ _5\"></span>venut<span class=\"_ _4\"></span>a nel me<span class=\"_ _4\"></span>se di </span><span style=\"display:inherit;clear:left;\">otto<span class=\"_ _4\"></span>bre 2023, in seg<span class=\"_ _4\"></span>uito al comple<span class=\"_ _4\"></span>tame<span class=\"_ _4\"></span>nto delle ve<span class=\"_ _4\"></span>rifi<span class=\"_ _4\"></span>che prope<span class=\"_ _4\"></span>deut<span class=\"_ _4\"></span>iche alla comunic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del piano ai b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari, </span><span style=\"display:inherit;clear:left;\">indiv<span class=\"_ _4\"></span>iduati dal Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>az<span class=\"_ _4\"></span>ione deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 47<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati as<span class=\"_ _4\"></span>segnat<span class=\"_ _4\"></span>i 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>4.4<span class=\"_ _1\"></span>75 diritti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari so<span class=\"_ _4\"></span>no st<span class=\"_ _4\"></span>ati originariame<span class=\"_ _4\"></span>nte indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e d<span class=\"_ _4\"></span>elle se<span class=\"_ _4\"></span>guenti s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate: Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o USA Inc<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Me<span class=\"_ _4\"></span>xico S<span class=\"_ _4\"></span>. de R<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>L. de C<span class=\"_ _4\"></span>.<span class=\"_ _2\"></span>V<span class=\"_ _2\"></span>., Fe<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ragamo B<span class=\"_ _4\"></span>rasil Roup<span class=\"_ _4\"></span>as e Ace<span class=\"_ _4\"></span>sso<span class=\"_ _4\"></span>rios Ltda., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Japan K.<span class=\"_ _4\"></span>K<span class=\"_ _4\"></span>., Ferrag<span class=\"_ _4\"></span>amo Korea Ltd., Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o Hong Kong Ltd., </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo Fashion T<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>ding (<span class=\"_ _1\"></span>Shanghai) Co. Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Retail T<span class=\"_ _2\"></span>aiwan Limit<span class=\"_ _4\"></span>ed e Fe<span class=\"_ _4\"></span>rragamo Re<span class=\"_ _4\"></span>tail HK Limite<span class=\"_ _4\"></span>d. </span><span style=\"display:inherit;clear:left;\">Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _2\"></span>4 i d<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano sono 36 (<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>33.6<span class=\"_ _4\"></span>47 diritti as<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>gnati), stante l<span class=\"_ _4\"></span>\u2019uscit<span class=\"_ _4\"></span>a, nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del </span><span style=\"display:inherit;clear:left;\">2023 e del 2024, di sette dip<span class=\"_ _4\"></span>ende<span class=\"_ _4\"></span>nti di societ<span class=\"_ _4\"></span>\u00e0 contro<span class=\"_ _4\"></span>llate e, nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4, di quat<span class=\"_ _4\"></span>tro dipen<span class=\"_ _4\"></span>denti de<span class=\"_ _4\"></span>lla Salv<span class=\"_ _4\"></span>atore </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _4\"></span>agamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. Un m<span class=\"_ _4\"></span>embro de<span class=\"_ _4\"></span>l Consigli<span class=\"_ _4\"></span>o di Amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e \u00e8 tra i be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari del p<span class=\"_ _4\"></span>iano. </span><span style=\"display:inherit;clear:left;\">Sulla base d<span class=\"_ _4\"></span>ei dati prev<span class=\"_ _4\"></span>isionali pr<span class=\"_ _4\"></span>edisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i dal <span class=\"ff5f ls5a wsd4\">management</span> azie<span class=\"_ _4\"></span>ndale, ch<span class=\"_ _4\"></span>e rappre<span class=\"_ _4\"></span>sent<span class=\"_ _4\"></span>ano la miglior s<span class=\"_ _4\"></span>tima ef<span class=\"_ _4\"></span>fettuab<span class=\"_ _4\"></span>ile </span><span style=\"display:inherit;clear:left;\">dal Grupp<span class=\"_ _4\"></span>o sulle condi<span class=\"_ _4\"></span>zioni e<span class=\"_ _4\"></span>conomiche p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>te nel t<span class=\"_ _4\"></span>riennio de<span class=\"_ _4\"></span>l primo Ciclo d<span class=\"_ _4\"></span>el Piano (2023-<span class=\"_ _2\"></span>2025), sono s<span class=\"_ _4\"></span>tate ri<span class=\"_ _4\"></span>vist<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">le st<span class=\"_ _4\"></span>ime sul rag<span class=\"_ _4\"></span>giungime<span class=\"_ _4\"></span>nto degli ob<span class=\"_ _4\"></span>ietti<span class=\"_ _4\"></span>vi di <span class=\"ff5f ls67 ws8c\">pe<span class=\"_ _4\"></span>rformance</span> econ<span class=\"_ _4\"></span>omico<span class=\"_ _4\"></span>-finan<span class=\"_ _4\"></span>ziaria e degli in<span class=\"_ _4\"></span>dicatori E<span class=\"_ _4\"></span>SG, a<span class=\"_ _4\"></span>deguand<span class=\"_ _4\"></span>o il </span><span style=\"display:inherit;clear:left;\">relati<span class=\"_ _4\"></span>vo costo an<span class=\"_ _4\"></span>che con rife<span class=\"_ _4\"></span>rimento all<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2023, come p<span class=\"_ _4\"></span>revis<span class=\"_ _4\"></span>to dai principi c<span class=\"_ _4\"></span>ontabili ne<span class=\"_ _4\"></span>l cas<span class=\"_ _4\"></span>o di cosid<span class=\"_ _4\"></span>dett<span class=\"_ _4\"></span>a <span class=\"ff5f ws0\">non </span></span><span style=\"display:inherit;clear:left;\">market c<span class=\"_ _1\"></span>ondition<span class=\"ff5c ls0 wse3\">. P<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>r<span class=\"_ _4\"></span>tanto, il numero di dirit<span class=\"_ _4\"></span>ti che s<span class=\"_ _4\"></span>aranno es<span class=\"_ _4\"></span>ercit<span class=\"_ _4\"></span>ati alla fin<span class=\"_ _4\"></span>e del piano s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ati stimati p<span class=\"_ _4\"></span>ari a 63.483 </span></span><span style=\"display:inherit;clear:left;\">diritti; la ris<span class=\"_ _4\"></span>er<span class=\"_ _4\"></span>va di <span class=\"ff5f\">st<span class=\"_ _4\"></span>ock grant</span> al 3<span class=\"_ _2\"></span>1 dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _2\"></span>4 rif<span class=\"_ _4\"></span>lett<span class=\"_ _4\"></span>e tale a<span class=\"_ _4\"></span>deguame<span class=\"_ _4\"></span>nto. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente al s<span class=\"_ _4\"></span>econ<span class=\"_ _4\"></span>do Ciclo, con p<span class=\"_ _4\"></span>erio<span class=\"_ _4\"></span>do di <span class=\"ff5f ls7f ws13b\">ve<span class=\"_ _4\"></span>sting<span class=\"_ _4\"></span></span> 202<span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2026, alla dat<span class=\"_ _4\"></span>a di av<span class=\"_ _4\"></span>vio de<span class=\"_ _4\"></span>l Piano (<span class=\"_ _2\"></span>av<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nuta nel m<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>e di dicem<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">bre 202<span class=\"_ _2\"></span>4, in s<span class=\"_ _4\"></span>eguito al c<span class=\"_ _4\"></span>omplet<span class=\"_ _4\"></span>amento de<span class=\"_ _4\"></span>lle verif<span class=\"_ _4\"></span>iche p<span class=\"_ _4\"></span>rope<span class=\"_ _4\"></span>deutich<span class=\"_ _4\"></span>e alla comunica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l piano ai be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari, indiv<span class=\"_ _4\"></span>iduati </span><span style=\"display:inherit;clear:left;\">dal Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, e alla formale a<span class=\"_ _4\"></span>ccett<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one deg<span class=\"_ _4\"></span>li ste<span class=\"_ _4\"></span>ssi) i de<span class=\"_ _4\"></span>stinat<span class=\"_ _4\"></span>ari del Piano e<span class=\"_ _4\"></span>rano 56 ed e<span class=\"_ _4\"></span>rano st<span class=\"_ _4\"></span>ati </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egnati 2<span class=\"_ _4\"></span>57<span class=\"_ _1c\"></span>.0<span class=\"_ _4\"></span>69 dirit<span class=\"_ _4\"></span>ti. I be<span class=\"_ _4\"></span>nef<span class=\"_ _4\"></span>iciari son<span class=\"_ _4\"></span>o stat<span class=\"_ _4\"></span>i indivi<span class=\"_ _4\"></span>duati tra i dipe<span class=\"_ _4\"></span>ndenti di S<span class=\"_ _4\"></span>alvator<span class=\"_ _4\"></span>e Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. e de<span class=\"_ _4\"></span>lle seg<span class=\"_ _4\"></span>uenti </span><span style=\"display:inherit;clear:left;\">soci<span class=\"_ _4\"></span>et\u00e0 co<span class=\"_ _4\"></span>ntrollate: Ferrag<span class=\"_ _4\"></span>amo USA Inc<span class=\"_ _4\"></span>., Fer<span class=\"_ _4\"></span>ragamo Br<span class=\"_ _4\"></span>asil Roupa<span class=\"_ _4\"></span>s e Aces<span class=\"_ _4\"></span>sori<span class=\"_ _4\"></span>os Ltda., Fe<span class=\"_ _4\"></span>rragamo Jap<span class=\"_ _4\"></span>an K.<span class=\"_ _4\"></span>K., F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo Ko<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rea Ltd., F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o Hong Kong Ltd. e Fe<span class=\"_ _4\"></span>rragamo Fas<span class=\"_ _4\"></span>hion T<span class=\"_ _1c\"></span>r<span class=\"_ _4\"></span>ading (Shanghai) Co. Ltd.. Alla data d<span class=\"_ _4\"></span>el 3<span class=\"_ _2\"></span>1 dic<span class=\"_ _4\"></span>embre 202<span class=\"_ _1\"></span>4 sono<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">in azie<span class=\"_ _4\"></span>nda tutt<span class=\"_ _4\"></span>i i des<span class=\"_ _4\"></span>tinatari de<span class=\"_ _4\"></span>l Piano. Un membro d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione \u00e8 tra i b<span class=\"_ _4\"></span>enef<span class=\"_ _4\"></span>iciari de<span class=\"_ _4\"></span>l piano. </span><span style=\"display:inherit;clear:left;\">c) Modalit\u00e0 di determinazione del </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">v<span class=\"_ _2\"></span>alue</span><span style=\"display:inherit;clear:left;\">La valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del <span class=\"ff5f\">fair value</span> dei dirit<span class=\"_ _4\"></span>ti as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nati \u00e8 st<span class=\"_ _4\"></span>ata realiz<span class=\"_ _5\"></span>zat<span class=\"_ _4\"></span>a rifle<span class=\"_ _4\"></span>tten<span class=\"_ _4\"></span>do le con<span class=\"_ _4\"></span>dizioni di me<span class=\"_ _4\"></span>rcato f<span class=\"_ _4\"></span>inanziario </span><span style=\"display:inherit;clear:left;\">valide alla dat<span class=\"_ _4\"></span>a di valuta<span class=\"_ _4\"></span>zione<span class=\"_ _4\"></span>, adott<span class=\"_ _4\"></span>ando una me<span class=\"_ _4\"></span>todo<span class=\"_ _4\"></span>logia che s<span class=\"_ _4\"></span>egue l<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>impos<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ione <span class=\"ff5f\">risk neut<span class=\"_ _4\"></span>ral</span> tipica di que<span class=\"_ _4\"></span>sti piani. </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente alla quantif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ei Dirit<span class=\"_ _4\"></span>ti Ag<span class=\"_ _4\"></span>giunti<span class=\"_ _4\"></span>vi pe<span class=\"_ _4\"></span>r la stima de<span class=\"_ _4\"></span>lla media de<span class=\"_ _4\"></span>l valore de<span class=\"_ _4\"></span>l titolo a di<span class=\"_ _4\"></span>cembre 2025 </span><span style=\"display:inherit;clear:left;\">e dicembr<span class=\"_ _4\"></span>e 202<span class=\"_ _1\"></span>6 \u00e8 st<span class=\"_ _4\"></span>ata utiliz<span class=\"_ _5\"></span>zata la s<span class=\"_ _4\"></span>imulazion<span class=\"_ _4\"></span>e stoc<span class=\"_ _4\"></span>ast<span class=\"_ _4\"></span>ica con il M<span class=\"_ _4\"></span>etod<span class=\"_ _4\"></span>o Monte Carl<span class=\"_ _4\"></span>o che, sulla bas<span class=\"_ _4\"></span>e di oppo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>une </span><span style=\"display:inherit;clear:left;\">ipote<span class=\"_ _4\"></span>si, ha cons<span class=\"_ _4\"></span>entito di de<span class=\"_ _4\"></span>finire un co<span class=\"_ _4\"></span>nsis<span class=\"_ _4\"></span>tente numero di s<span class=\"_ _4\"></span>cenari alt<span class=\"_ _4\"></span>ernativ<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019arco tempor<span class=\"_ _4\"></span>ale consi<span class=\"_ _4\"></span>derato. In p<span class=\"_ _4\"></span>ar<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ticolare<span class=\"_ _4\"></span>, in ogni sc<span class=\"_ _4\"></span>enario la proie<span class=\"_ _4\"></span>zion<span class=\"_ _4\"></span>e del pre<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zo de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zione \u00e8 s<span class=\"_ _4\"></span>tata e<span class=\"_ _4\"></span>ffet<span class=\"_ _4\"></span>tuata a p<span class=\"_ _4\"></span>artir<span class=\"_ _4\"></span>e dal valore inizial<span class=\"_ _4\"></span>e, se<span class=\"_ _4\"></span>condo un </span><span style=\"display:inherit;clear:left;\">moto ge<span class=\"_ _4\"></span>ometric<span class=\"_ _4\"></span>o Browniano. I div<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>di atte<span class=\"_ _4\"></span>si sono inc<span class=\"_ _4\"></span>lusi nella d<span class=\"_ _4\"></span>etermina<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>lla stima de<span class=\"_ _4\"></span>l </span><span style=\"display:inherit;clear:left;\">fair</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">val<span class=\"_ _1\"></span>ue<span class=\"ff5c ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le prin<span class=\"_ _4\"></span>cipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance<span class=\"_ _1\"></span><span class=\"ff5c ls3 ws150\"> e <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span><span class=\"ls36 ws95\"> 202<span class=\"_ _4\"></span>3-<span class=\"_ _1\"></span>2025 all<span class=\"_ _4\"></span>a data </span></span></span></span><span style=\"display:inherit;clear:left;\">di as<span class=\"_ _4\"></span>seg<span class=\"_ _4\"></span>nazion<span class=\"_ _4\"></span>e. </span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all\u2019assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33a\"> </span>11 ottobre 2023</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>12,03</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>32,43%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>3,58%</span><span style=\"display:inherit;clear:left;\">* Ragionevole stima sulla base della volatilit\u00e0 storica c<span class=\"_ _2\"></span>alcolata in riferimento alla data di valutazione.</span><span style=\"display:inherit;clear:left;\">** Derivato dalla curv<span class=\"_ _1\"></span>a dei tassi interest r<span class=\"_ _2\"></span>ate swap alla data di valutazione c<span class=\"_ _1\"></span>on riferimento alla scadenza del piano  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito le pr<span class=\"_ _4\"></span>incipali ass<span class=\"_ _4\"></span>unzioni p<span class=\"_ _4\"></span>er la valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del Piano <span class=\"ff5f ls2b wscf\">Per<span class=\"_ _4\"></span>formance</span> e <span class=\"ff5f\">Restrict<span class=\"_ _4\"></span>ed Shares</span> 2023<span class=\"_ _4\"></span>-<span class=\"_ _2\"></span>2025 alla data di </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>egna<span class=\"_ _4\"></span>zione re<span class=\"_ _4\"></span>lativam<span class=\"_ _4\"></span>ente al se<span class=\"_ _4\"></span>condo Ci<span class=\"_ _4\"></span>clo.</span><span style=\"display:inherit;clear:left;\">V<span class=\"_ _1\"></span>alutazione all'assegnazione</span><span style=\"display:inherit;clear:left;\">Data di assegnazione<span class=\"_ _33b\"> </span>27 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Pr<span class=\"_ _2\"></span>ezzo azioni alla data di assegnazione (Euro)<span class=\"_ _dd\"> </span>6,815</span><span style=\"display:inherit;clear:left;\">Volatilit<span class=\"_ _1\"></span>\u00e0 attesa*<span class=\"_ _51\"> </span>44,31%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di uscita <span class=\"_ _2ba\"> </span>0%</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>asso di rendimento delle azioni Salvator<span class=\"_ _2\"></span>e Ferragamo S.p<span class=\"_ _2\"></span>.A<span class=\"_ _4\"></span>.**<span class=\"_ _254\"> </span>2,19%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__154": {
   "value": "<span style=\"display:inherit;clear:left;\">44. Infor<span class=\"_ _2\"></span>mativa di settor<span class=\"_ _1c\"></span>e</span><span style=\"display:inherit;clear:left;\">Il principio c<span class=\"_ _4\"></span>ontabile IFR<span class=\"_ _4\"></span>S 8 - Seg<span class=\"_ _4\"></span>menti op<span class=\"_ _4\"></span>erati<span class=\"_ _4\"></span>vi richie<span class=\"_ _4\"></span>de che siano fo<span class=\"_ _4\"></span>rnite informazio<span class=\"_ _4\"></span>ni dett<span class=\"_ _4\"></span>agliate pe<span class=\"_ _4\"></span>r ogni se<span class=\"_ _4\"></span>gmen<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">to op<span class=\"_ _4\"></span>erativo, inte<span class=\"_ _4\"></span>so com<span class=\"_ _4\"></span>e una compone<span class=\"_ _4\"></span>nte di un\u2019entit\u00e0 i cui r<span class=\"_ _4\"></span>isultati o<span class=\"_ _4\"></span>perat<span class=\"_ _4\"></span>ivi so<span class=\"_ _4\"></span>no pe<span class=\"_ _4\"></span>riodic<span class=\"_ _4\"></span>amente ri<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ti dal <span class=\"ff5f ls32 ws122\">top </span></span><span style=\"display:inherit;clear:left;\">management<span class=\"ff5c ls3 ws0\"> ai f<span class=\"_ _4\"></span>ini dell<span class=\"_ _4\"></span>\u2019adozione di de<span class=\"_ _4\"></span>cisioni in me<span class=\"_ _4\"></span>rito alle ris<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>e da alloc<span class=\"_ _4\"></span>are e della valut<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne della </span><span class=\"ls2b wscf\">pe<span class=\"_ _4\"></span>rformance<span class=\"ff5c ls0 ws2d9\">.  </span></span></span><span style=\"display:inherit;clear:left;\">A livello ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ionale, l<span class=\"_ _4\"></span>\u2019organiz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne del G<span class=\"_ _4\"></span>ruppo S<span class=\"_ _4\"></span>alvatore F<span class=\"_ _4\"></span>erragam<span class=\"_ _4\"></span>o si bas<span class=\"_ _4\"></span>a su una stru<span class=\"_ _4\"></span>ttura a matri<span class=\"_ _4\"></span>ce, ar<span class=\"_ _4\"></span>ticolat<span class=\"_ _4\"></span>a per </span><span style=\"display:inherit;clear:left;\">canale dis<span class=\"_ _4\"></span>tribut<span class=\"_ _4\"></span>ivo, area geo<span class=\"_ _4\"></span>graf<span class=\"_ _4\"></span>ica  e c<span class=\"_ _4\"></span>ategoria me<span class=\"_ _4\"></span>rceol<span class=\"_ _4\"></span>ogica<span class=\"_ _4\"></span>, per<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>anto  non son<span class=\"_ _4\"></span>o identif<span class=\"_ _4\"></span>icab<span class=\"_ _4\"></span>ili segm<span class=\"_ _4\"></span>enti op<span class=\"_ _4\"></span>erativ<span class=\"_ _4\"></span>i ed </span><span style=\"display:inherit;clear:left;\">il <span class=\"ff5f ls56 ws14d\">top managem<span class=\"_ _4\"></span>ent</span><span class=\"ls3 wsa6\"> rived<span class=\"_ _4\"></span>e i risult<span class=\"_ _4\"></span>ati econ<span class=\"_ _4\"></span>omici a livello di G<span class=\"_ _4\"></span>ruppo n<span class=\"_ _4\"></span>el suo ins<span class=\"_ _4\"></span>ieme<span class=\"_ _4\"></span>. Quindi l<span class=\"_ _4\"></span>\u2019a<span class=\"_ _1\"></span>tti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 del Gr<span class=\"_ _4\"></span>uppo \u00e8 st<span class=\"_ _4\"></span>ata </span></span><span style=\"display:inherit;clear:left;\">rappre<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>ntata co<span class=\"_ _4\"></span>me un unico set<span class=\"_ _4\"></span>tore og<span class=\"_ _4\"></span>ge<span class=\"_ _4\"></span>tto di informati<span class=\"_ _4\"></span>va sulla bas<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 8<span class=\"_ _4\"></span>. </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _31e\"> </span>2024<span class=\"_ _1d6\"> </span>2023</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi DT<span class=\"_ _2\"></span>C<span class=\"_ _33c\"> </span>776.700 <span class=\"_ _81\"> </span>824.204 </span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"ff64 ws3b4\"> Wholesale<span class=\"_ _31e\"> </span></span>232.579 <span class=\"_ _81\"> </span>295.290 </span><span style=\"display:inherit;clear:left;\">Vendite nette<span class=\"_ _a9\"> </span>1.009.279 <span class=\"_ _2da\"> </span>1.119.494 </span><span style=\"display:inherit;clear:left;\">Effetto </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _2\"></span>ash f<span class=\"_ _4\"></span>low hedging<span class=\"ff61\"> sui Rica<span class=\"_ _1\"></span>vi<span class=\"_ _1b0\"> </span>4.842 <span class=\"_ _b7\"> </span>16.845 </span></span><span style=\"display:inherit;clear:left;\">Lic<span class=\"_ _1\"></span>enze e prest<span class=\"_ _1\"></span>azioni<span class=\"_ _339\"> </span>17.530 <span class=\"_ _f3\"> </span>17.218 </span><span style=\"display:inherit;clear:left;\">Locazioni Immobiliari <span class=\"_ _339\"> </span>3.455 <span class=\"_ _336\"> </span>2.714 </span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi<span class=\"_ _1e6\"> </span>1.035.106 <span class=\"_ _2da\"> </span>1.156.271 </span><span style=\"display:inherit;clear:left;\">di cui in Italia<span class=\"_ _33d\"> </span>122.016 <span class=\"_ _81\"> </span>128.534 </span><span style=\"display:inherit;clear:left;\">Margine Lor<span class=\"_ _2\"></span>do<span class=\"_ _23b\"> </span>740.008 <span class=\"_ _2e0\"> </span>839.432 </span><span style=\"display:inherit;clear:left;\">Margine Lor<span class=\"_ _2\"></span>do %<span class=\"_ _2a\"> </span>71,5% <span class=\"_ _1d3\"> </span>72,6% </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti del personale<span class=\"_ _196\"> </span>(217.893) <span class=\"_ _6a\"> </span>(223.102) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per affitti<span class=\"_ _23b\"> </span>(72.391) <span class=\"_ _2e0\"> </span>(81.203) </span><span style=\"display:inherit;clear:left;\">Ammortamenti e svalutazioni di attivit\u00e0 non c<span class=\"_ _2\"></span>orrenti<span class=\"_ _2a7\"> </span>(264.079) <span class=\"_ _6a\"> </span>(179.623) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osti per comunicazione<span class=\"_ _33e\"> </span>(79.300) <span class=\"_ _6a\"> </span>(105.436) </span><span style=\"display:inherit;clear:left;\">Altri costi (al netto degli altri pro<span class=\"_ _1\"></span>venti)<span class=\"_ _182\"> </span>(155.346) <span class=\"_ _6a\"> </span>(178.046) </span><span style=\"display:inherit;clear:left;\">Risultato oper<span class=\"_ _1\"></span>ativo<span class=\"_ _a8\"> </span>(49.001) <span class=\"_ _f2\"> </span>72.022 </span><span style=\"display:inherit;clear:left;\">(Oneri)/prov<span class=\"_ _1\"></span>enti finanziari netti<span class=\"_ _314\"> </span>(26.576) <span class=\"_ _2e0\"> </span>(26.438) </span><span style=\"display:inherit;clear:left;\">Risultato prima delle imposte<span class=\"_ _2f7\"> </span>(75.577) <span class=\"_ _f2\"> </span>45.584 </span><span style=\"display:inherit;clear:left;\">Imposte sul reddito<span class=\"_ _31e\"> </span>7.508 <span class=\"_ _212\"> </span>(19.349) </span><span style=\"display:inherit;clear:left;\">Risultato netto <span class=\"_ _2d0\"> </span>(68.069)<span class=\"_ _4\"></span> <span class=\"_ _33f\"> </span>26.235 </span><span style=\"display:inherit;clear:left;\">EB<span class=\"_ _4\"></span>ITD<span class=\"_ _1\"></span>A*<span class=\"_ _340\"> </span><span class=\"ls0 ws0\">215.218 <span class=\"_ _2e0\"> </span>251.811 </span></span><span style=\"display:inherit;clear:left;\">* P<span class=\"_ _2\"></span>er la definizione di E<span class=\"_ _4\"></span>BITD<span class=\"_ _2\"></span>A si rimanda allo specifico paragr<span class=\"_ _2\"></span>afo della Relazione sulla gestione in merito agli indicatori alternati<span class=\"_ _1\"></span>vi di <span class=\"ff5f\">performanc<span class=\"_ _1\"></span>e<span class=\"ff5c\">. </span></span></span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _163\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023 </span><span style=\"display:inherit;clear:left;\">Rimanenze e Diritti di rec<span class=\"_ _1\"></span>upero pr<span class=\"_ _2\"></span>odotti da clienti per resi<span class=\"_ _98\"> </span>313.799 <span class=\"_ _81\"> </span>304.389</span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi commerciali<span class=\"_ _21c\"> </span>84.580 <span class=\"_ _ca\"> </span>106.821</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 materiali e In<span class=\"_ _2\"></span>vestimenti immobiliari<span class=\"_ _14d\"> </span>212.023 <span class=\"_ _81\"> </span>223.354</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 per diritto d\u2019uso<span class=\"_ _341\"> </span>528.627 <span class=\"_ _81\"> </span>616.612</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 immateriali a vit<span class=\"_ _1\"></span>a utile definita e Avviamento<span class=\"_ _202\"> </span>38.551 <span class=\"_ _b7\"> </span>43.551</span><span style=\"display:inherit;clear:left;\">Altre attivit\u00e0<span class=\"_ _334\"> </span>234.284 <span class=\"_ _81\"> </span>212.342</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 nette possedute per l<span class=\"_ _1\"></span>a vendita<span class=\"_ _342\"> </span>67 <span class=\"_ _69\"> </span>63</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale attivit\u00e0 al lordo della liquidit\u00e0 e dei cr<span class=\"_ _2\"></span>editi finanziari correnti<span class=\"_ _f4\"> </span>1.411.931 <span class=\"_ _2da\"> </span>1.507.132</span><span style=\"display:inherit;clear:left;\">Indebitamento finanziario netto<span class=\"_ _2b9\"> </span>503.566 <span class=\"_ _ca\"> </span>486.653</span><span style=\"display:inherit;clear:left;\">Debiti commer<span class=\"_ _1\"></span>ciali e P<span class=\"_ _2\"></span>assivit\u00e0 per resi<span class=\"_ _1fe\"> </span>175.927 <span class=\"_ _81\"> </span>182.886</span><span style=\"display:inherit;clear:left;\">Altre passivit\u00e0<span class=\"_ _312\"> </span>112.352 <span class=\"_ _81\"> </span>115.430</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio netto<span class=\"_ _31e\"> </span>620.086 <span class=\"_ _81\"> </span>722.163</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale passivo e PN (al netto della liquidit\u00e0 e dei cr<span class=\"_ _1\"></span>editi finanziari cor<span class=\"_ _1\"></span>renti)<span class=\"_ _343\"> </span>1.411.931 <span class=\"_ _2da\"> </span>1.507.132</span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente all<span class=\"_ _4\"></span>e informazioni richi<span class=\"_ _4\"></span>est<span class=\"_ _4\"></span>e dall<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 8 si rimanda a quanto es<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span>to nella Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne sulla ges<span class=\"_ _4\"></span>tione p<span class=\"_ _4\"></span>er i </span><span style=\"display:inherit;clear:left;\">det<span class=\"_ _4\"></span>tagli e<span class=\"_ _4\"></span>d i relativ<span class=\"_ _4\"></span>i comme<span class=\"_ _4\"></span>nti sui ricav<span class=\"_ _4\"></span>i suddi<span class=\"_ _4\"></span>visi p<span class=\"_ _4\"></span>er area ge<span class=\"_ _4\"></span>ograf<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>a, canale dis<span class=\"_ _4\"></span>tributi<span class=\"_ _4\"></span>vo e catego<span class=\"_ _4\"></span>ria merce<span class=\"_ _4\"></span>ologi<span class=\"_ _4\"></span>ca. </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito si rip<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tano le informa<span class=\"_ _4\"></span>zioni rife<span class=\"_ _4\"></span>rite alle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 non corre<span class=\"_ _4\"></span>nti (<span class=\"_ _2\"></span>co<span class=\"_ _4\"></span>n esclu<span class=\"_ _4\"></span>sione de<span class=\"_ _4\"></span>gli st<span class=\"_ _4\"></span>rumenti f<span class=\"_ _4\"></span>inanziari e </span><span style=\"display:inherit;clear:left;\">delle at<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 f<span class=\"_ _4\"></span>isc<span class=\"_ _4\"></span>ali diffe<span class=\"_ _4\"></span>rite) allocate in bas<span class=\"_ _4\"></span>e alla loro lo<span class=\"_ _4\"></span>caliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e geogr<span class=\"_ _4\"></span>afic<span class=\"_ _4\"></span>a. </span><span style=\"display:inherit;clear:left;\">Eur<span class=\"_ _2\"></span>opa <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Nord <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">Asia <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>entro <span class=\"_ _45\"></span> </span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _a6\"> </span>Italia</span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _4\"></span>esclusa Italia)</span><span style=\"display:inherit;clear:left;\">America<span class=\"_ _e1\"> </span>Giappone</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>acifico</span><span style=\"display:inherit;clear:left;\">Sud America<span class=\"_ _1e4\"> </span><span class=\"ws0\">Consolidato</span></span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024<span class=\"_ _155\"> </span>285.628<span class=\"_ _30b\"> </span>162.669<span class=\"_ _89\"> </span>220.139<span class=\"_ _67\"> </span>30.961<span class=\"_ _127\"> </span>90.842<span class=\"_ _74\"> </span>6.257<span class=\"_ _30b\"> </span>796.496</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023<span class=\"_ _155\"> </span>290.709<span class=\"_ _30b\"> </span>190.832<span class=\"_ _89\"> </span>245.429<span class=\"_ _67\"> </span>31.892<span class=\"_ _89\"> </span>123.711<span class=\"_ _67\"> </span>19.200<span class=\"_ _89\"> </span>901.773</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__155-1": {
   "value": "<span style=\"display:inherit;clear:left;\">45. Oper<span class=\"_ _2\"></span>azioni c<span class=\"_ _2\"></span>on parti cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>elate</span><span style=\"display:inherit;clear:left;\">Nel p<span class=\"_ _4\"></span>rese<span class=\"_ _4\"></span>nte paragrafo s<span class=\"_ _4\"></span>ono de<span class=\"_ _4\"></span>scrit<span class=\"_ _4\"></span>ti i rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i con par<span class=\"_ _4\"></span>ti corr<span class=\"_ _4\"></span>elate intercor<span class=\"_ _4\"></span>si ne<span class=\"_ _4\"></span>gli es<span class=\"_ _4\"></span>ercizi chius<span class=\"_ _4\"></span>i al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 </span><span style=\"display:inherit;clear:left;\">e 2023.</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2024</span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">e altre </span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">passivit\u00e0 </span><span style=\"display:inherit;clear:left;\">e C<span class=\"_ _1\"></span>osti Operati<span class=\"_ _1\"></span>vi </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">finanziarie </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti e </span><span style=\"display:inherit;clear:left;\">(al netto degli </span><span style=\"display:inherit;clear:left;\">Oneri</span><span style=\"display:inherit;clear:left;\">diritto </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">Debiti</span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi</span><span style=\"display:inherit;clear:left;\">altri proventi)</span><span style=\"display:inherit;clear:left;\">finanziari</span><span style=\"display:inherit;clear:left;\">d\u2019uso</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 contr<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Finanziaria S.p.A.</span><span style=\"display:inherit;clear:left;\">58<span class=\"_ _b9\"> </span>(87)<span class=\"_ _87\"> </span>(17)<span class=\"_ _164\"> </span>416<span class=\"_ _b6\"> </span>-<span class=\"_ _77\"> </span>12.576<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _1dc\"> </span>(455)</span><span style=\"display:inherit;clear:left;\">(societ\u00e0 che esercita atti<span class=\"_ _1\"></span>vit\u00e0 di </span><span style=\"display:inherit;clear:left;\">direzione e c<span class=\"_ _1\"></span>oordinamento  </span><span style=\"display:inherit;clear:left;\">su Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.)</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 cor<span class=\"_ _1\"></span>relate</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>alazzo Feroni F<span class=\"_ _1\"></span>inanziaria S.p.A.<span class=\"_ _65\"> </span>25<span class=\"_ _b4\"> </span>(9.370)<span class=\"_ _1e8\"> </span>(3.248)<span class=\"_ _1f0\"> </span>69.411<span class=\"_ _bf\"> </span>1<span class=\"_ _1ba\"> </span>-<span class=\"_ _88\"> </span>(53)<span class=\"_ _7c\"> </span>-<span class=\"_ _256\"> </span>(79.035)</span><span style=\"display:inherit;clear:left;\">Lungar<span class=\"_ _1\"></span>no Alberghi S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _6f\"> </span><span class=\"ws0\">12<span class=\"_ _c1\"> </span>(2.995)<span class=\"_ _1dc\"> </span>(574)<span class=\"_ _241\"> </span>13.427<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _89\"> </span>(84)<span class=\"_ _b2\"> </span>-<span class=\"_ _180\"> </span>(15.619)</span></span><span style=\"display:inherit;clear:left;\">Fondazione Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _2e1\"> </span>2<span class=\"_ _bc\"> </span>(189)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _89\"> </span>(50)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 riconducibili a membri del C<span class=\"_ _2\"></span>onsiglio di Amministrazione</span><span style=\"display:inherit;clear:left;\">Dal Borr<span class=\"_ _2\"></span>o S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _1d7\"> </span>56<span class=\"_ _82\"> </span>(8)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _c1\"> </span>35<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Club Sw<span class=\"_ _1\"></span>an Racing S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _162\"> </span>22<span class=\"_ _b9\"> </span>(22)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _b6\"> </span>-<span class=\"_ _1b9\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o S.r<span class=\"_ _2\"></span>.l. Societ\u00e0 agricola<span class=\"_ _78\"> </span>2<span class=\"_ _82\"> </span>(1)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o T<span class=\"_ _2\"></span>uscan Bistro S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _6e\"> </span>-<span class=\"_ _82\"> </span>(2)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Rubino S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _cb\"> </span>-<span class=\"_ _b9\"> </span>(61)<span class=\"_ _151\"> </span>(1)<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _8a\"> </span>5<span class=\"_ _67\"> </span>(1)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Sole Studio S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _199\"> </span>1<span class=\"_ _1f1\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Halldis Italia S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _1d1\"> </span>-<span class=\"_ _1f1\"> </span>-<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>1<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Altre parti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate </span><span style=\"display:inherit;clear:left;\">Massimo Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _1c2\"> </span>-<span class=\"_ _bc\"> </span>(140)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _b6\"> </span>-<span class=\"_ _1b9\"> </span>-<span class=\"_ _89\"> </span>(12)<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Riccar<span class=\"_ _2\"></span>do Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _2ae\"> </span>-<span class=\"_ _7e\"> </span>(76)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _8b\"> </span>(6)<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Giovanna F<span class=\"_ _1\"></span>err<span class=\"_ _2\"></span>agamo<span class=\"_ _20e\"> </span>-<span class=\"_ _b9\"> </span>(90)<span class=\"_ _74\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _b2\"> </span>-<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">Angiolo Anichini<span class=\"_ _28c\"> </span><span class=\"ws0\">-<span class=\"_ _bc\"> </span>(182)<span class=\"_ _74\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _bc\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _bf\"> </span>-<span class=\"_ _60\"> </span>(32)<span class=\"_ _74\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti c<span class=\"_ _1\"></span>on </span><span style=\"display:inherit;clear:left;\">-<span class=\"_ _c1\"> </span>(6.658)<span class=\"_ _2f5\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _9f\"> </span>-<span class=\"_ _1ba\"> </span>-<span class=\"_ _d8\"> </span>-<span class=\"_ _1e2\"> </span>(277)<span class=\"_ _74\"> </span>-</span><span style=\"display:inherit;clear:left;\">responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _27e\"> </span>178<span class=\"_ _b1\"> </span>(19.881)<span class=\"_ _e0\"> </span>(3.840)<span class=\"_ _242\"> </span>83.254<span class=\"_ _21\"> </span>37<span class=\"_ _1f0\"> </span>12.581<span class=\"_ _23f\"> </span>(200)<span class=\"_ _26c\"> </span>(315)<span class=\"_ _2b0\"> </span>(95.109)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Gruppo<span class=\"_ _1b4\"> </span>1.035.106<span class=\"_ _1e2\"> </span>(1.084.107)<span class=\"_ _77\"> </span>(64.743)<span class=\"_ _10\"> </span>528.627<span class=\"_ _19a\"> </span>84.580<span class=\"_ _241\"> </span>59.608<span class=\"_ _1bd\"> </span>(164.446)<span class=\"_ _7b\"> </span>(58.874)<span class=\"_ _166\"> </span>(676.346)</span><span style=\"display:inherit;clear:left;\">% incidenza<span class=\"_ _1cf\"> </span>0,0%<span class=\"_ _e2\"> </span>1,8%<span class=\"_ _17c\"> </span>5,9%<span class=\"_ _23\"> </span>15,7%<span class=\"_ _87\"> </span>0,0%<span class=\"_ _23\"> </span>21,1%<span class=\"_ _123\"> </span>0,1%<span class=\"_ _19c\"> </span>0,5%<span class=\"_ _26c\"> </span>14,1%</span><span style=\"display:inherit;clear:left;\">31 dicembr<span class=\"_ _1\"></span>e 2023</span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti </span><span style=\"display:inherit;clear:left;\">e altre </span><span style=\"display:inherit;clear:left;\">Al<span class=\"_ _4\"></span>tre</span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>osto del venduto</span><span style=\"display:inherit;clear:left;\">Attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">attivit\u00e0 </span><span style=\"display:inherit;clear:left;\">passivit\u00e0 </span><span style=\"display:inherit;clear:left;\">e C<span class=\"_ _1\"></span>osti Operati<span class=\"_ _1\"></span>vi </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">finanziarie </span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti e </span><span style=\"display:inherit;clear:left;\">(al netto degli </span><span style=\"display:inherit;clear:left;\">Oneri</span><span style=\"display:inherit;clear:left;\">diritto </span><span style=\"display:inherit;clear:left;\">Cr<span class=\"_ _2\"></span>editi </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">Debiti</span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>assivit\u00e0</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)</span><span style=\"display:inherit;clear:left;\">Rica<span class=\"_ _1\"></span>vi</span><span style=\"display:inherit;clear:left;\">altri proventi)</span><span style=\"display:inherit;clear:left;\">finanziari</span><span style=\"display:inherit;clear:left;\">d\u2019uso</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">commer<span class=\"_ _1\"></span>ciali</span><span style=\"display:inherit;clear:left;\">cor<span class=\"_ _1\"></span>renti</span><span style=\"display:inherit;clear:left;\">per <span class=\"ff63\">leasing</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 contr<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Finanziaria S.p.A.</span><span style=\"display:inherit;clear:left;\">57<span class=\"_ _25\"> </span>(85)<span class=\"_ _1b9\"> </span>(19)<span class=\"_ _123\"> </span>500<span class=\"_ _7e\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _8a\"> </span></span>14<span class=\"_ _b9\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _233\"> </span></span>(4.942)<span class=\"_ _8b\"> </span>(538)</span><span style=\"display:inherit;clear:left;\">(societ\u00e0 che esercita atti<span class=\"_ _1\"></span>vit\u00e0 di </span><span style=\"display:inherit;clear:left;\">direzione e c<span class=\"_ _1\"></span>oordinamento <span class=\"ls0\"> </span></span><span style=\"display:inherit;clear:left;\">su Salv<span class=\"_ _1\"></span>atore Fer<span class=\"_ _2\"></span>ragamo S.p.A.)</span><span style=\"display:inherit;clear:left;\">Societ\u00e0 cor<span class=\"_ _1\"></span>relate</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>alazzo Feroni F<span class=\"_ _1\"></span>inanziaria S.p.A.<span class=\"_ _263\"> </span><span class=\"ws38\">26<span class=\"_ _12a\"> </span>(9.228)<span class=\"_ _e1\"> </span>(3.387)<span class=\"_ _1de\"> </span>76.524<span class=\"_ _203\"> </span>1.001<span class=\"_ _11f\"> </span></span><span class=\"ls0\">6<span class=\"_ _151\"> </span></span><span class=\"ws38\">(212)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _1e7\"> </span></span><span class=\"ws38\">(83.519)</span></span><span style=\"display:inherit;clear:left;\">Lungar<span class=\"_ _1\"></span>no Alberghi S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _172\"> </span><span class=\"ws38\">19<span class=\"_ _12a\"> </span>(2.797)<span class=\"_ _8b\"> </span>(644)<span class=\"_ _1de\"> </span>15.564<span class=\"_ _12b\"> </span><span class=\"ls0 ws0\">8<span class=\"_ _21\"> </span>-<span class=\"_ _c1\"> </span></span>(24)<span class=\"_ _15b\"> </span><span class=\"ls0 ws0\">-<span class=\"_ _1e7\"> </span></span>(17.654)</span></span><span style=\"display:inherit;clear:left;\">Fondazione Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _11b\"> </span><span class=\"ls0\">2<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(189)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _c1\"> </span></span><span class=\"ws38\">(50)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 riconducibili a membri del C<span class=\"_ _2\"></span>onsiglio di Amministrazione</span><span style=\"display:inherit;clear:left;\">Dal Borr<span class=\"_ _2\"></span>o S.r<span class=\"_ _1\"></span>.l.<span class=\"_ _343\"> </span><span class=\"ws38\">42<span class=\"_ _25\"> </span>(42)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _bf\"> </span></span><span class=\"ws38\">(5)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Club Sw<span class=\"_ _1\"></span>an Racing S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _15d\"> </span><span class=\"ws38\">22<span class=\"_ _176\"> </span>(26)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o S.r<span class=\"_ _2\"></span>.l. Societ\u00e0 agricola<span class=\"_ _1b1\"> </span><span class=\"ls0\">-<span class=\"_ _2b6\"> </span></span><span class=\"ws38\">16<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _e5\"> </span></span><span class=\"ws38\">19<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Il Borr<span class=\"_ _1\"></span>o T<span class=\"_ _2\"></span>uscan Bistro S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _7a\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(1)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Rubino S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _c6\"> </span><span class=\"ls0\">-<span class=\"_ _25\"> </span></span><span class=\"ws38\">(55)<span class=\"_ _ec\"> </span>(1)<span class=\"_ _88\"> </span>57<span class=\"_ _7e\"> </span></span><span class=\"ls0\">-<span class=\"_ _11f\"> </span>5<span class=\"_ _bf\"> </span></span><span class=\"ws38\">(2)<span class=\"_ _15b\"> </span></span><span class=\"ls0\">-<span class=\"_ _1ba\"> </span></span><span class=\"ws38\">(57<span class=\"_ _4\"></span>)</span></span><span style=\"display:inherit;clear:left;\">Windows on Italy S.r<span class=\"_ _1c\"></span>.l.<span class=\"_ _2c7\"> </span><span class=\"ls0\">-<span class=\"_ _29c\"> </span>-<span class=\"_ _e2\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _d9\"> </span>1<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Sole Studio S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _11a\"> </span><span class=\"ls0\">1<span class=\"_ _29c\"> </span>-<span class=\"_ _e2\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Halldis Italia S.r<span class=\"_ _2\"></span>.l.<span class=\"_ _344\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(9)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _d9\"> </span>1<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Harbour Cit<span class=\"_ _2\"></span>y Estates Limited<span class=\"_ _2e3\"> </span><span class=\"ls0\">-<span class=\"_ _12a\"> </span></span><span class=\"ws38\">(4.553)<span class=\"_ _85\"> </span>(115)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _2a3\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>imes Square Ltd.<span class=\"_ _cb\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(695)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Harriman L<span class=\"_ _1\"></span>easing Limited<span class=\"_ _25c\"> </span><span class=\"ls0\">-<span class=\"_ _1c1\"> </span></span><span class=\"ws38\">(2)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Lane Cr<span class=\"_ _2\"></span>awford (Hong K<span class=\"_ _1\"></span>ong<span class=\"_ _4\"></span>) Limited<span class=\"_ _22b\"> </span><span class=\"ls0\">8<span class=\"_ _29c\"> </span>-<span class=\"_ _2a3\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Long Jin C<span class=\"_ _2\"></span>omplex Development (Chengdu) </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd<span class=\"_ _1a8\"> </span><span class=\"ls0\">-<span class=\"_ _12a\"> </span></span><span class=\"ws38\">(1.965)<span class=\"_ _85\"> </span>(267)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Dalian T<span class=\"_ _2\"></span>imes Square C<span class=\"_ _1\"></span>ommercial C<span class=\"_ _2\"></span>o.ltd<span class=\"_ _25\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(550)<span class=\"_ _1ba\"> </span>(17)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>edder Group Limited<span class=\"_ _df\"> </span><span class=\"ws38\">(1)<span class=\"_ _c0\"> </span></span><span class=\"ls0\">-<span class=\"_ _2a3\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>edder <span class=\"_ _4\"></span>Vision Limited<span class=\"_ _28b\"> </span><span class=\"ws38\">19<span class=\"_ _c0\"> </span></span><span class=\"ls0\">-<span class=\"_ _2a3\"> </span>-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">OIS Realty Limited<span class=\"_ _30d\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(478)<span class=\"_ _1b9\"> </span>(10)<span class=\"_ _21\"> </span></span><span class=\"ls0\">-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Shanghai Wheelock squar<span class=\"_ _2\"></span>e Development<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd.<span class=\"_ _120\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(834)<span class=\"_ _1b9\"> </span>(22)<span class=\"_ _c1\"> </span></span><span class=\"ls0\">-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Shanghai Harriman P<span class=\"_ _2\"></span>roperty Management </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o. Ltd.<span class=\"_ _120\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(103)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Wharf (China) P<span class=\"_ _2\"></span>roperty Management C<span class=\"_ _2\"></span>o.<span class=\"_ _4\"></span> </span><span style=\"display:inherit;clear:left;\">Ltd - IFS Br<span class=\"_ _2\"></span>anch<span class=\"_ _343\"> </span><span class=\"ls0\">-<span class=\"_ _12d\"> </span></span><span class=\"ws38\">(133)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Chongquing Jiayi Real Estate Dev<span class=\"_ _1\"></span>elopment </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>o Ltd.<span class=\"_ _1a8\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(299)<span class=\"_ _1b9\"> </span>(30)<span class=\"_ _21\"> </span></span><span class=\"ls0\">-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Chengdu T<span class=\"_ _2\"></span>imes Outlets Commerc<span class=\"_ _2\"></span>e Co., L<span class=\"_ _1\"></span>td<span class=\"_ _9f\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(222)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Altre parti c<span class=\"_ _1\"></span>orr<span class=\"_ _1\"></span>elate </span><span style=\"display:inherit;clear:left;\">Massimo Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _1a9\"> </span><span class=\"ls0\">-<span class=\"_ _2da\"> </span></span><span class=\"ws38\">(104)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Riccar<span class=\"_ _2\"></span>do Ferr<span class=\"_ _1\"></span>agamo<span class=\"_ _31c\"> </span><span class=\"ls0\">-<span class=\"_ _80\"> </span></span><span class=\"ws38\">(50)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _105\"> </span><span class=\"ls7b ws15f\">(<span class=\"_ _4\"></span>3)<span class=\"_ _208\"> </span></span>-</span></span><span style=\"display:inherit;clear:left;\">Giovanna F<span class=\"_ _1\"></span>err<span class=\"_ _2\"></span>agamo<span class=\"_ _1ec\"> </span><span class=\"ls0\">-<span class=\"_ _25\"> </span></span><span class=\"ws38\">(90)<span class=\"_ _208\"> </span></span><span class=\"ls0\">-<span class=\"_ _21\"> </span>-<span class=\"_ _7e\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _15b\"> </span>-<span class=\"_ _e2\"> </span>-</span></span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti con responsabilit\u00e0 str<span class=\"_ _1\"></span>ategiche</span><span style=\"display:inherit;clear:left;\">Amministratori, Sindaci e Dirigenti</span><span style=\"display:inherit;clear:left;\">con r<span class=\"_ _1\"></span>esponsabilit\u00e0 strategiche<span class=\"_ _56\"> </span><span class=\"ls0\">8<span class=\"_ _cf\"> </span></span><span class=\"ws38\">(10.339)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-<span class=\"_ _c1\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _21\"> </span>-<span class=\"_ _b9\"> </span>-<span class=\"_ _26c\"> </span></span><span class=\"ws38\">(5.063)<span class=\"_ _e2\"> </span></span><span class=\"ls0\">-</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _dc\"> </span>203<span class=\"_ _a1\"> </span>(32.833)<span class=\"_ _164\"> </span>(4.512)<span class=\"_ _1e3\"> </span>92.645<span class=\"_ _8a\"> </span>1.029<span class=\"_ _8a\"> </span>25<span class=\"_ _203\"> </span>(292)<span class=\"_ _61\"> </span>(10.008)<span class=\"_ _16e\"> </span>(101.768)</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale Gruppo<span class=\"_ _2f3\"> </span><span class=\"ws38\">1.156.271<span class=\"_ _257\"> </span>(1.084.249)<span class=\"_ _234\"> </span>(69.387)<span class=\"_ _241\"> </span>616.612<span class=\"_ _164\"> </span>106.821<span class=\"_ _1e3\"> </span>51.472<span class=\"_ _178\"> </span>(173.323)<span class=\"_ _16e\"> </span>(65.029)<span class=\"_ _16e\"> </span>(711.042)</span></span><span style=\"display:inherit;clear:left;\">% incidenza<span class=\"_ _2ac\"> </span><span class=\"ws38\">0,0%<span class=\"_ _219\"> </span>3,0%<span class=\"_ _89\"> </span>6,5%<span class=\"_ _178\"> </span>15,0%<span class=\"_ _1b9\"> </span>1,0%<span class=\"_ _163\"> </span>0,0%<span class=\"_ _1b9\"> </span>0,2%<span class=\"_ _19a\"> </span>15,4%<span class=\"_ _15f\"> </span>14,3%</span></span><span style=\"display:inherit;clear:left;\">Le vendite e g<span class=\"_ _4\"></span>li acquist<span class=\"_ _4\"></span>i tra par<span class=\"_ _4\"></span>ti cor<span class=\"_ _4\"></span>relate so<span class=\"_ _4\"></span>no ef<span class=\"_ _4\"></span>fettuati al pr<span class=\"_ _4\"></span>ez<span class=\"_ _4\"></span>zo no<span class=\"_ _4\"></span>rmalmente pr<span class=\"_ _4\"></span>aticato sul me<span class=\"_ _4\"></span>rcato. I s<span class=\"_ _4\"></span>aldi in es<span class=\"_ _4\"></span>sere </span><span style=\"display:inherit;clear:left;\">a f<span class=\"_ _4\"></span>ine per<span class=\"_ _4\"></span>iodo no<span class=\"_ _4\"></span>n sono as<span class=\"_ _4\"></span>sis<span class=\"_ _4\"></span>titi da garan<span class=\"_ _4\"></span>zie, no<span class=\"_ _4\"></span>n gener<span class=\"_ _4\"></span>ano intere<span class=\"_ _4\"></span>ssi e s<span class=\"_ _4\"></span>ono rego<span class=\"_ _4\"></span>lati a pronti. Si s<span class=\"_ _4\"></span>egnalano f<span class=\"_ _4\"></span>ide<span class=\"_ _4\"></span>jussi<span class=\"_ _4\"></span>oni </span><span style=\"display:inherit;clear:left;\">bancar<span class=\"_ _4\"></span>ie rilasciate a favo<span class=\"_ _4\"></span>re di Palaz<span class=\"_ _4\"></span>zo Fero<span class=\"_ _4\"></span>ni Finanziaria S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. p<span class=\"_ _4\"></span>er Euro 2.243 mi<span class=\"_ _1\"></span>gliaia, a favore di Lungarn<span class=\"_ _4\"></span>o Albe<span class=\"_ _4\"></span>rghi S<span class=\"_ _4\"></span>.r<span class=\"_ _2\"></span>.<span class=\"_ _4\"></span>l. </span><span style=\"display:inherit;clear:left;\">per Euro 4<span class=\"_ _4\"></span>88 migliaia e<span class=\"_ _4\"></span>d a favore di Fe<span class=\"_ _4\"></span>rragamo Finan<span class=\"_ _4\"></span>ziaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A pe<span class=\"_ _4\"></span>r Euro 23 migliaia, per ut<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zo in aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to di immobili </span><span style=\"display:inherit;clear:left;\">di loro prop<span class=\"_ _4\"></span>riet\u00e0<span class=\"_ _4\"></span>. Non vi s<span class=\"_ _4\"></span>ono ulter<span class=\"_ _4\"></span>iori garan<span class=\"_ _4\"></span>zie, pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ate o ricev<span class=\"_ _4\"></span>ute, in re<span class=\"_ _4\"></span>lazion<span class=\"_ _4\"></span>e a crediti e de<span class=\"_ _4\"></span>biti con p<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>i correlate<span class=\"_ _4\"></span>. Il </span><span style=\"display:inherit;clear:left;\">Grupp<span class=\"_ _4\"></span>o non ha acc<span class=\"_ _4\"></span>antonato alcun fondo s<span class=\"_ _4\"></span>valut<span class=\"_ _4\"></span>azi<span class=\"_ _4\"></span>one credit<span class=\"_ _4\"></span>i a fronte deg<span class=\"_ _4\"></span>li impor<span class=\"_ _4\"></span>ti dov<span class=\"_ _4\"></span>uti dalle par<span class=\"_ _4\"></span>ti corre<span class=\"_ _4\"></span>late.  </span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito i comm<span class=\"_ _4\"></span>enti alle t<span class=\"_ _4\"></span>abelle p<span class=\"_ _4\"></span>rece<span class=\"_ _4\"></span>denti: </span><span style=\"display:inherit;clear:left;\">Societ\u00e0 c<span class=\"_ _2\"></span>ont<span class=\"_ _4\"></span>r<span class=\"_ _1\"></span>ollante</span><span style=\"display:inherit;clear:left;\">Fer<span class=\"_ _2\"></span>ragamo F<span class=\"_ _2\"></span>inanziaria S.p.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">Nell<span class=\"_ _4\"></span>\u2019ambito del co<span class=\"_ _4\"></span>nsolidato f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>cale na<span class=\"_ _4\"></span>zionale di cui la C<span class=\"_ _4\"></span>apogrup<span class=\"_ _4\"></span>po Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. \u00e8 par<span class=\"_ _4\"></span>te congiunt<span class=\"_ _4\"></span>amente </span><span style=\"display:inherit;clear:left;\">a Ferr<span class=\"_ _4\"></span>agamo Finanziar<span class=\"_ _4\"></span>ia S.p.<span class=\"_ _5\"></span>A<span class=\"_ _4\"></span>. (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ntit\u00e0 co<span class=\"_ _4\"></span>nsolidante) si evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>ia tra le Alt<span class=\"_ _4\"></span>re attiv<span class=\"_ _4\"></span>it\u00e0 co<span class=\"_ _4\"></span>rrenti un cre<span class=\"_ _4\"></span>dito di Euro 1<span class=\"_ _1c\"></span>2<span class=\"_ _4\"></span>.576 </span><span style=\"display:inherit;clear:left;\">migliaia riferito al cre<span class=\"_ _4\"></span>dito net<span class=\"_ _4\"></span>to IRE<span class=\"_ _4\"></span>S deri<span class=\"_ _4\"></span>vante dagli acco<span class=\"_ _4\"></span>nti vers<span class=\"_ _4\"></span>ati nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>el 202<span class=\"_ _2\"></span>4 e n<span class=\"_ _4\"></span>on utiliz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>i a fine ann<span class=\"_ _4\"></span>o. della </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>..  </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. ha inoltre in e<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>ere un contr<span class=\"_ _4\"></span>atto di loc<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ne con Fe<span class=\"_ _4\"></span>rragamo Finan<span class=\"_ _4\"></span>ziaria S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>., re<span class=\"_ _4\"></span>lativo </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>aff<span class=\"_ _4\"></span>it<span class=\"_ _4\"></span>to di un capanno<span class=\"_ _4\"></span>ne adiacente all<span class=\"_ _4\"></span>o stab<span class=\"_ _4\"></span>ilimento di Os<span class=\"_ _4\"></span>mannoro, che la so<span class=\"_ _4\"></span>ciet\u00e0 C<span class=\"_ _4\"></span>apogr<span class=\"_ _4\"></span>uppo ha adibit<span class=\"_ _4\"></span>o a mo<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">delle<span class=\"_ _4\"></span>ria per l<span class=\"_ _4\"></span>o sv<span class=\"_ _4\"></span>iluppo dei p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti in pe<span class=\"_ _4\"></span>lle. Ri<span class=\"_ _4\"></span>entrand<span class=\"_ _4\"></span>o nell<span class=\"_ _4\"></span>\u2019ambito di applica<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>, il contrat<span class=\"_ _4\"></span>to \u00e8 st<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zato co<span class=\"_ _4\"></span>n l<span class=\"_ _4\"></span>\u2019iscr<span class=\"_ _4\"></span>izione d<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>At<span class=\"_ _4\"></span>tiv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _5\"></span>\u2019uso, ammor<span class=\"_ _4\"></span>tiz<span class=\"_ _4\"></span>zat<span class=\"_ _4\"></span>a lungo la vit<span class=\"_ _4\"></span>a del contr<span class=\"_ _4\"></span>atto, in controp<span class=\"_ _4\"></span>art<span class=\"_ _4\"></span>ita </span><span style=\"display:inherit;clear:left;\">alla pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing</span><span class=\"ls0\">. </span></span><span style=\"display:inherit;clear:left;\">Societ\u00e0 c<span class=\"_ _2\"></span>orr<span class=\"_ _2\"></span>elate </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti rig<span class=\"_ _4\"></span>uardano principalme<span class=\"_ _4\"></span>nte trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di natura commerciale ch<span class=\"_ _4\"></span>e hanno avuto ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to sui ric<span class=\"_ _4\"></span>avi, sui co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i, sui crediti e d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali, sulle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, sulle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing</span> e s<span class=\"_ _4\"></span>ulle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ve<span class=\"_ _4\"></span>ndita di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti;<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>contratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione; s<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 s<span class=\"_ _4\"></span>ono cont<span class=\"_ _4\"></span>abiliz<span class=\"_ _4\"></span>zati c<span class=\"_ _4\"></span>ome prev<span class=\"_ _4\"></span>isto  dal p<span class=\"_ _4\"></span>rincipio (<span class=\"_ _1\"></span>quindi </span><span style=\"display:inherit;clear:left;\">con l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>scrizi<span class=\"_ _4\"></span>one di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari), altrimenti i c<span class=\"_ _4\"></span>ano<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ni sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a conto e<span class=\"_ _4\"></span>conomico lin<span class=\"_ _4\"></span>earme<span class=\"_ _4\"></span>nte per la durat<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntratto e i re<span class=\"_ _4\"></span>lativi d<span class=\"_ _4\"></span>ebiti s<span class=\"_ _4\"></span>ono inclusi n<span class=\"_ _4\"></span>ei </span><span style=\"display:inherit;clear:left;\">Deb<span class=\"_ _4\"></span>iti commerciali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnalano in par<span class=\"_ _4\"></span>ticolare i s<span class=\"_ _4\"></span>egue<span class=\"_ _4\"></span>nti rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>i:<span class=\"_ _2\"></span> </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _1c\"></span>alazzo Fer<span class=\"_ _2\"></span>oni Finanziaria S.p.A<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i e i relativ<span class=\"_ _4\"></span>i crediti s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono prin<span class=\"_ _4\"></span>cipalmente a pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi informatici e amminis<span class=\"_ _4\"></span>trativ<span class=\"_ _4\"></span>i.  </span><span style=\"display:inherit;clear:left;\">Le atti<span class=\"_ _4\"></span>vit\u00e0 p<span class=\"_ _4\"></span>er dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso e le pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er <span class=\"ff5f ls58 ws6\">le<span class=\"_ _4\"></span>asing<span class=\"_ _4\"></span></span>, i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i e gli oner<span class=\"_ _4\"></span>i finan<span class=\"_ _4\"></span>ziari sono in<span class=\"_ _4\"></span>erenti p<span class=\"_ _4\"></span>rincipalmente </span><span style=\"display:inherit;clear:left;\">ad af<span class=\"_ _4\"></span>fit<span class=\"_ _4\"></span>ti pe<span class=\"_ _4\"></span>r i loc<span class=\"_ _4\"></span>ali della se<span class=\"_ _4\"></span>de ce<span class=\"_ _4\"></span>ntrale di Firen<span class=\"_ _4\"></span>ze e per al<span class=\"_ _4\"></span>cuni negozi della c<span class=\"_ _4\"></span>atena it<span class=\"_ _4\"></span>aliana, rientranti p<span class=\"_ _4\"></span>er la mag<span class=\"_ _4\"></span>gior </span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>te nell<span class=\"_ _4\"></span>\u2019ambito di applic<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 1<span class=\"_ _1\"></span>6.  </span><span style=\"display:inherit;clear:left;\">L<span class=\"_ _1\"></span>ungarno A<span class=\"_ _1\"></span>lber<span class=\"_ _1\"></span>ghi <span class=\"_ _4\"></span>S.r<span class=\"_ _44\"></span>.l.</span><span style=\"display:inherit;clear:left;\">I ricav<span class=\"_ _4\"></span>i (<span class=\"_ _2\"></span>e i re<span class=\"_ _4\"></span>lativi s<span class=\"_ _4\"></span>aldi a credit<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>) si rife<span class=\"_ _4\"></span>risc<span class=\"_ _4\"></span>ono a vendit<span class=\"_ _4\"></span>e di prodot<span class=\"_ _4\"></span>ti; le attiv<span class=\"_ _4\"></span>it\u00e0 p<span class=\"_ _4\"></span>er diritt<span class=\"_ _4\"></span>o d<span class=\"_ _4\"></span>\u2019uso, le pas<span class=\"_ _4\"></span>sivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span><span class=\"ls0 ws0\">, </span></span><span style=\"display:inherit;clear:left;\">i cos<span class=\"_ _4\"></span>ti ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i e gli intere<span class=\"_ _4\"></span>ssi pa<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>vi si rife<span class=\"_ _4\"></span>riscon<span class=\"_ _4\"></span>o principalme<span class=\"_ _4\"></span>nte ad un contrat<span class=\"_ _4\"></span>to pe<span class=\"_ _4\"></span>r l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto di un l<span class=\"_ _4\"></span>ocale a<span class=\"_ _4\"></span>dibito a </span><span style=\"display:inherit;clear:left;\">punto vendit<span class=\"_ _4\"></span>a della c<span class=\"_ _4\"></span>atena DT<span class=\"_ _2\"></span>C it<span class=\"_ _4\"></span>aliana, rientrante n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito di app<span class=\"_ _4\"></span>licazi<span class=\"_ _4\"></span>one dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>IFRS 16.  </span><span style=\"display:inherit;clear:left;\">Fondazione F<span class=\"_ _2\"></span>err<span class=\"_ _2\"></span>agamo </span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti (<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>d i relati<span class=\"_ _4\"></span>vi saldi a d<span class=\"_ _4\"></span>ebito) si riferisc<span class=\"_ _4\"></span>ono pe<span class=\"_ _4\"></span>r Euro 99 migliaia ai ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi pre<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ati per la ge<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>archiv<span class=\"_ _4\"></span>io sto<span class=\"_ _4\"></span>ri<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">co Sal<span class=\"_ _4\"></span>vatore Fe<span class=\"_ _4\"></span>rragamo (Euro 99 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>) e p<span class=\"_ _4\"></span>er Euro 90 mig<span class=\"_ _4\"></span>liaia a erogaz<span class=\"_ _4\"></span>ioni liber<span class=\"_ _4\"></span>ali a suppor<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>elle atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">ist<span class=\"_ _4\"></span>ituzionali de<span class=\"_ _4\"></span>lla Fonda<span class=\"_ _4\"></span>zione (Euro 90 migliaia ne<span class=\"_ _4\"></span>l 2023<span class=\"_ _2\"></span>).  </span><span style=\"display:inherit;clear:left;\">Societ\u00e0 ric<span class=\"_ _2\"></span>onducibili ai membri del C<span class=\"_ _2\"></span>onsiglio di Amministr<span class=\"_ _2\"></span>azione</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _1c\"></span>ali r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>ti rig<span class=\"_ _4\"></span>uardano principalme<span class=\"_ _4\"></span>nte trans<span class=\"_ _4\"></span>azio<span class=\"_ _4\"></span>ni di natura commerciale ch<span class=\"_ _4\"></span>e hanno avuto ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to sui ric<span class=\"_ _4\"></span>avi, sui co<span class=\"_ _4\"></span>sti </span><span style=\"display:inherit;clear:left;\">ope<span class=\"_ _4\"></span>rativ<span class=\"_ _4\"></span>i, sui crediti e d<span class=\"_ _4\"></span>ebiti co<span class=\"_ _4\"></span>mmerciali, sulle at<span class=\"_ _4\"></span>tivit<span class=\"_ _4\"></span>\u00e0 pe<span class=\"_ _4\"></span>r diritto d<span class=\"_ _4\"></span>\u2019uso, sulle p<span class=\"_ _4\"></span>assi<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per <span class=\"ff5f ls58 ws6\">l<span class=\"_ _4\"></span>easing</span> e s<span class=\"_ _4\"></span>ulle altre atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 </span><span style=\"display:inherit;clear:left;\">e pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare: </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>ve<span class=\"_ _4\"></span>ndita di p<span class=\"_ _4\"></span>rodot<span class=\"_ _4\"></span>ti;<span class=\"_ _1\"></span> </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ae\"> </span> <span class=\"_ _47\"></span>c<span class=\"_ _4\"></span>ontratt<span class=\"_ _4\"></span>i di loca<span class=\"_ _4\"></span>zione; s<span class=\"_ _4\"></span>e rientranti n<span class=\"_ _4\"></span>ell<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>ambito de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019IFR<span class=\"_ _4\"></span>S 1<span class=\"_ _2\"></span>6 so<span class=\"_ _4\"></span>no contab<span class=\"_ _4\"></span>iliz<span class=\"_ _4\"></span>zati co<span class=\"_ _4\"></span>me prev<span class=\"_ _4\"></span>isto dal p<span class=\"_ _4\"></span>rincipio (<span class=\"_ _1\"></span>quindi </span><span style=\"display:inherit;clear:left;\">con l<span class=\"_ _4\"></span>\u2019i<span class=\"_ _4\"></span>scrizi<span class=\"_ _4\"></span>one di atti<span class=\"_ _4\"></span>vit<span class=\"_ _4\"></span>\u00e0 per dirit<span class=\"_ _4\"></span>to d<span class=\"_ _4\"></span>\u2019uso, pas<span class=\"_ _4\"></span>siv<span class=\"_ _4\"></span>it\u00e0 pe<span class=\"_ _4\"></span>r <span class=\"ff5f ls58 ws6\">lea<span class=\"_ _4\"></span>sing<span class=\"_ _4\"></span></span>, ammor<span class=\"_ _4\"></span>tam<span class=\"_ _4\"></span>enti e one<span class=\"_ _4\"></span>ri finan<span class=\"_ _4\"></span>ziari), altrimenti i c<span class=\"_ _4\"></span>ano<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ni sono c<span class=\"_ _4\"></span>ontabiliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ati a conto e<span class=\"_ _4\"></span>conomico lin<span class=\"_ _4\"></span>earme<span class=\"_ _4\"></span>nte per la durat<span class=\"_ _4\"></span>a del co<span class=\"_ _4\"></span>ntratto e i re<span class=\"_ _4\"></span>lativi d<span class=\"_ _4\"></span>ebiti s<span class=\"_ _4\"></span>ono inclusi n<span class=\"_ _4\"></span>ei </span><span style=\"display:inherit;clear:left;\">Deb<span class=\"_ _4\"></span>iti commerciali; </span><span style=\"display:inherit;clear:left;\">\u2022 <span class=\"_ _ab\"> </span> <span class=\"_ _ac\"></span>p<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>taz<span class=\"_ _4\"></span>ioni di ser<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>izi.  </span><span style=\"display:inherit;clear:left;\">Altr<span class=\"_ _1\"></span>e parti cor<span class=\"_ _2\"></span>rel<span class=\"_ _1\"></span>ate </span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente all<span class=\"_ _4\"></span>e altre par<span class=\"_ _4\"></span>ti corre<span class=\"_ _4\"></span>late, i cos<span class=\"_ _4\"></span>ti, e i relati<span class=\"_ _4\"></span>vi de<span class=\"_ _4\"></span>biti, si rifer<span class=\"_ _4\"></span>iscon<span class=\"_ _4\"></span>o al cost<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenuto prin<span class=\"_ _4\"></span>cipalmente da </span><span style=\"display:inherit;clear:left;\">Salv<span class=\"_ _4\"></span>atore Fer<span class=\"_ _4\"></span>ragamo S<span class=\"_ _4\"></span>.p.<span class=\"_ _4\"></span>A<span class=\"_ _5\"></span>. e da Ferr<span class=\"_ _4\"></span>agamo Usa In<span class=\"_ _4\"></span>c. in rela<span class=\"_ _4\"></span>zione al r<span class=\"_ _4\"></span>appor<span class=\"_ _4\"></span>to di co<span class=\"_ _4\"></span>llabora<span class=\"_ _4\"></span>zione in e<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>re nel co<span class=\"_ _4\"></span>rso </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _5\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>erciz<span class=\"_ _4\"></span>io.  </span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori, sindaci e dirigenti c<span class=\"_ _2\"></span>on responsabilit\u00e0 str<span class=\"_ _2\"></span>ateg<span class=\"_ _4\"></span>iche</span><span style=\"display:inherit;clear:left;\">Relati<span class=\"_ _4\"></span>vamente ag<span class=\"_ _4\"></span>li amministrato<span class=\"_ _4\"></span>ri e sindaci si r<span class=\"_ _4\"></span>imanda alla succe<span class=\"_ _4\"></span>ssi<span class=\"_ _4\"></span>va not<span class=\"_ _4\"></span>a 46 \u201cC<span class=\"_ _4\"></span>ompen<span class=\"_ _4\"></span>si ad Amminis<span class=\"_ _4\"></span>trator<span class=\"_ _4\"></span>i e Sindaci<span class=\"_ _4\"></span>\u201d<span class=\"_ _2\"></span>. </span><span style=\"display:inherit;clear:left;\">I dirigenti co<span class=\"_ _4\"></span>n resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 st<span class=\"_ _4\"></span>rategich<span class=\"_ _4\"></span>e nel cor<span class=\"_ _4\"></span>so de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4 so<span class=\"_ _4\"></span>no indicati n<span class=\"_ _4\"></span>ella tab<span class=\"_ _4\"></span>ella sot<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span>tante: </span><span style=\"display:inherit;clear:left;\">Nome e cognome<span class=\"_ _30d\"> </span>Funzione</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _345\"> </span><span class=\"ff64\">Chief T<span class=\"_ _1c\"></span>ransformation &amp; Sustainability Officer </span></span><span style=\"display:inherit;clear:left;\">Pierr<span class=\"_ _2\"></span>e Giorgio Sallier de La T<span class=\"_ _2\"></span>our <span class=\"_ _24c\"> </span><span class=\"ff64\">Chief Financial Offic<span class=\"_ _2\"></span>er <span class=\"ff61\">e Dirigente preposto alla redazione dei documenti c<span class=\"_ _2\"></span>ontabili societari </span></span></span><span style=\"display:inherit;clear:left;\">I cos<span class=\"_ _4\"></span>ti relati<span class=\"_ _4\"></span>vi ai dirigenti co<span class=\"_ _4\"></span>n resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 st<span class=\"_ _4\"></span>rategich<span class=\"_ _4\"></span>e, si rife<span class=\"_ _4\"></span>risco<span class=\"_ _4\"></span>no al cost<span class=\"_ _4\"></span>o sos<span class=\"_ _4\"></span>tenuto dal G<span class=\"_ _4\"></span>ruppo in re<span class=\"_ _4\"></span>lazione al </span><span style=\"display:inherit;clear:left;\">rapp<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>o di lavoro dipen<span class=\"_ _4\"></span>dente interco<span class=\"_ _4\"></span>rrente, in<span class=\"_ _4\"></span>clusivo de<span class=\"_ _4\"></span>l <span class=\"ff5f ls58 ws6\">bonu<span class=\"_ _4\"></span>s</span> variabile e de<span class=\"_ _4\"></span>l cos<span class=\"_ _4\"></span>to f<span class=\"_ _4\"></span>igurativo de<span class=\"_ _4\"></span>l Piano <span class=\"ff5f ls2b wscf\">Performan<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">ce</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> <span class=\"ff5f\">Res<span class=\"_ _4\"></span>tricte<span class=\"_ _4\"></span>d Shares</span> </span><span style=\"display:inherit;clear:left;\">2023-20<span class=\"_ _1\"></span>25.</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Ne<span class=\"_ _4\"></span>l</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">cors<span class=\"_ _4\"></span>o</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">202<span class=\"_ _1\"></span>4</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">sono</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">s<span class=\"_ _4\"></span>tati</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">p<span class=\"_ _4\"></span>ari</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">a</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">Euro</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">80<span class=\"_ _4\"></span>9</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">migliaia,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">(<span class=\"_ _2\"></span>m<span class=\"_ _4\"></span>entre</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">nell<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>er<span class=\"_ _2\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">cizio 2023 e<span class=\"_ _4\"></span>rano pari a<span class=\"_ _4\"></span>d Euro 872 migliai<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>). In general<span class=\"_ _4\"></span>e ai dirigenti con re<span class=\"_ _4\"></span>spo<span class=\"_ _4\"></span>nsabilit<span class=\"_ _4\"></span>\u00e0 str<span class=\"_ _4\"></span>ategich<span class=\"_ _4\"></span>e sono ric<span class=\"_ _4\"></span>onosciut<span class=\"_ _4\"></span>i </span><span style=\"display:inherit;clear:left;\">be<span class=\"_ _4\"></span>nef<span class=\"_ _5\"></span>it<span class=\"_ _4\"></span>s</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">non</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">m<span class=\"_ _4\"></span>onetar<span class=\"_ _4\"></span>i,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">quali</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">auto,</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">telefon<span class=\"_ _4\"></span>o</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">cellulare</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">e</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">poli<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ze</span><span style=\"display:inherit;clear:left;\"> </span><span style=\"display:inherit;clear:left;\">ass<span class=\"_ _4\"></span>icurative<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">46. C<span class=\"_ _1c\"></span>ompensi ad <span class=\"_ _1\"></span>Amministr<span class=\"_ _2\"></span>atori e Sindaci</span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _316\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ompensi </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Retrib., </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">Benefici </span><span style=\"display:inherit;clear:left;\">bonus<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">per la </span><span style=\"display:inherit;clear:left;\">partec.a </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">e altri </span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">Stock </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">comitati</span><span style=\"display:inherit;clear:left;\">monetari</span><span style=\"display:inherit;clear:left;\">incentivi</span><span style=\"display:inherit;clear:left;\">compensi</span><span style=\"display:inherit;clear:left;\">Grant<span class=\"_ _180\"> </span><span class=\"ff62\">T<span class=\"_ _2\"></span>otale </span></span><span style=\"display:inherit;clear:left;\">Leonar<span class=\"_ _1\"></span>do Ferr<span class=\"_ _2\"></span>agamo <span class=\"_ _225\"> </span>Presidente<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>400<span class=\"_ _151\"> </span>-<span class=\"_ _7f\"> </span> c) <span class=\"_ _8a\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>400</span><span style=\"display:inherit;clear:left;\">Angelica Visc<span class=\"_ _2\"></span>onti<span class=\"_ _225\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _1\"></span>esidente<span class=\"_ _346\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>200<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>200</span></span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e Delegato </span><span style=\"display:inherit;clear:left;\">Marc<span class=\"_ _2\"></span>o Gobbetti</span><span style=\"display:inherit;clear:left;\">1.01-31.12<span class=\"_ _87\"> </span>b)<span class=\"_ _163\"> </span>120<span class=\"_ _151\"> </span>-<span class=\"_ _ae\"> </span><span class=\"lsf8 ws9a\"> c) d) e) f<span class=\"_ _4\"></span>) <span class=\"_ _61\"> </span></span>2.180<span class=\"_ _151\"> </span>-<span class=\"_ _61\"> </span>2.239<span class=\"_ _174\"> </span>4.539</span><span style=\"display:inherit;clear:left;\">e Direttor<span class=\"_ _2\"></span>e Generale</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _1f2\"> </span><span class=\"ls0\">Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _151\"> </span>-<span class=\"_ _1df\"> </span><span class=\"lsf8 ws9a\"> c) d) e) <span class=\"_ _1e2\"> </span></span>457<span class=\"_ _151\"> </span>-<span class=\"_ _60\"> </span>19<span class=\"_ _164\"> </span>526</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrizia Michela </span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _8b\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _123\"> </span>45<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>95</span><span style=\"display:inherit;clear:left;\">Giangualano</span><span style=\"display:inherit;clear:left;\">Umberto T<span class=\"_ _2\"></span>ombari<span class=\"_ _1d6\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>15<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>65</span><span style=\"display:inherit;clear:left;\">Laura Donnini <span class=\"_ _1b3\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>34<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>84</span><span style=\"display:inherit;clear:left;\">Nicc<span class=\"_ _1\"></span>ol\u00f2 Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _78\"> </span>Amministrator<span class=\"_ _2\"></span>e<span class=\"_ _160\"> </span>23.04-31.12<span class=\"_ _325\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _8a\"> </span>4<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>39</span><span style=\"display:inherit;clear:left;\">Sara F<span class=\"_ _2\"></span>errero<span class=\"_ _11e\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _123\"> </span>40<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>75</span><span style=\"display:inherit;clear:left;\">Ernesto Gr<span class=\"_ _2\"></span>eco<span class=\"_ _1b4\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>11<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _123\"> </span>29<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>40</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abio Gallia<span class=\"_ _249\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-07.05<span class=\"_ _269\"> </span>2<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _8a\"> </span>2</span><span style=\"display:inherit;clear:left;\">Annalisa Loustau Elia<span class=\"_ _1c1\"> </span>Amministr<span class=\"_ _1\"></span>atore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>r\u00e9d\u00e9ric Biousse<span class=\"_ _1ef\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _fb\"> </span>1.035<span class=\"_ _1da\"> </span>150<span class=\"_ _219\"> </span>2.637<span class=\"_ _123\"> </span>29<span class=\"_ _23\"> </span>2.258<span class=\"_ _1e3\"> </span>6.109</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025; b) risoluzione consensuale con effetto dalla data di appr<span class=\"_ _1\"></span>ovazione del pr<span class=\"_ _2\"></span>ogetto di bilancio </span><span style=\"display:inherit;clear:left;\">relativ<span class=\"_ _1\"></span>o all\u2019esercizio 2024, 06 marzo 2025; c) auto; d) telefono c<span class=\"_ _1\"></span>ellulare; e) polizze assic<span class=\"_ _1\"></span>urati<span class=\"_ _1\"></span>ve; f<span class=\"_ _5\"></span>) foresteria </span><span style=\"display:inherit;clear:left;\">Sindaci</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _f7\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Altri compensi </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">perc<span class=\"_ _1\"></span>epiti </span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">Emolumenti</span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">da societ\u00e0 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">per la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">compensi*</span><span style=\"display:inherit;clear:left;\">controll<span class=\"_ _1\"></span>ate</span><span style=\"display:inherit;clear:left;\">gener<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Andrea Balelli<span class=\"_ _72\"> </span>P<span class=\"_ _2\"></span>residente<span class=\"_ _e0\"> </span>01.01-31.12<span class=\"_ _219\"> </span>a)<span class=\"_ _148\"> </span>64<span class=\"_ _148\"> </span>15<span class=\"_ _176\"> </span>-<span class=\"_ _de\"> </span>79</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>aola Car<span class=\"_ _1\"></span>amella<span class=\"_ _d7\"> </span><span class=\"ws8\">Sindaco effettivo<span class=\"_ _1de\"> </span></span>01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span><span style=\"display:inherit;clear:left;\">Giovanni C<span class=\"_ _2\"></span>rostarosa Guicciar<span class=\"_ _2\"></span>di</span><span style=\"display:inherit;clear:left;\">Sindaco effettiv<span class=\"_ _1\"></span>o<span class=\"_ _e0\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>160<span class=\"_ _de\"> </span>39<span class=\"_ _176\"> </span>-<span class=\"_ _297\"> </span>199</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025   </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _45\"></span>Gli alt<span class=\"_ _4\"></span>ri compensi si riferisc<span class=\"_ _2\"></span>ono al compenso quale Pr<span class=\"_ _2\"></span>esidente o membro dell\u2019Organismo di Vigilanza di cui al D.lgs. 231/2001 </span><span style=\"display:inherit;clear:left;\">Si precisa che i membri del c<span class=\"_ _1\"></span>ollegio sindacale non hanno perc<span class=\"_ _2\"></span>epito alt<span class=\"_ _4\"></span>ri compensi er<span class=\"_ _2\"></span>ogati da societ\u00e0 del Gruppo. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che pe<span class=\"_ _4\"></span>r Amminist<span class=\"_ _4\"></span>ratori e Sinda<span class=\"_ _4\"></span>ci non son<span class=\"_ _4\"></span>o previ<span class=\"_ _4\"></span>ste inde<span class=\"_ _4\"></span>nnit\u00e0 di f<span class=\"_ _4\"></span>ine c<span class=\"_ _4\"></span>arica<span class=\"ff62 ls0\">.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__156": {
   "value": "<span style=\"display:inherit;clear:left;\">46. C<span class=\"_ _1c\"></span>ompensi ad <span class=\"_ _1\"></span>Amministr<span class=\"_ _2\"></span>atori e Sindaci</span><span style=\"display:inherit;clear:left;\">Amministr<span class=\"_ _1\"></span>atori</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _316\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">C<span class=\"_ _1\"></span>ompensi </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Retrib., </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">per </span><span style=\"display:inherit;clear:left;\">Benefici </span><span style=\"display:inherit;clear:left;\">bonus<span class=\"ff62\"> </span></span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">per la </span><span style=\"display:inherit;clear:left;\">partec.a </span><span style=\"display:inherit;clear:left;\">non </span><span style=\"display:inherit;clear:left;\">e altri </span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">Stock </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">comitati</span><span style=\"display:inherit;clear:left;\">monetari</span><span style=\"display:inherit;clear:left;\">incentivi</span><span style=\"display:inherit;clear:left;\">compensi</span><span style=\"display:inherit;clear:left;\">Grant<span class=\"_ _180\"> </span><span class=\"ff62\">T<span class=\"_ _2\"></span>otale </span></span><span style=\"display:inherit;clear:left;\">Leonar<span class=\"_ _1\"></span>do Ferr<span class=\"_ _2\"></span>agamo <span class=\"_ _225\"> </span>Presidente<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>400<span class=\"_ _151\"> </span>-<span class=\"_ _7f\"> </span> c) <span class=\"_ _8a\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>400</span><span style=\"display:inherit;clear:left;\">Angelica Visc<span class=\"_ _2\"></span>onti<span class=\"_ _225\"> </span><span class=\"ws0\">Vicepr<span class=\"_ _1\"></span>esidente<span class=\"_ _346\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _163\"> </span>200<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _163\"> </span>200</span></span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e Delegato </span><span style=\"display:inherit;clear:left;\">Marc<span class=\"_ _2\"></span>o Gobbetti</span><span style=\"display:inherit;clear:left;\">1.01-31.12<span class=\"_ _87\"> </span>b)<span class=\"_ _163\"> </span>120<span class=\"_ _151\"> </span>-<span class=\"_ _ae\"> </span><span class=\"lsf8 ws9a\"> c) d) e) f<span class=\"_ _4\"></span>) <span class=\"_ _61\"> </span></span>2.180<span class=\"_ _151\"> </span>-<span class=\"_ _61\"> </span>2.239<span class=\"_ _174\"> </span>4.539</span><span style=\"display:inherit;clear:left;\">e Direttor<span class=\"_ _2\"></span>e Generale</span><span style=\"display:inherit;clear:left;\">Giacomo Fer<span class=\"_ _2\"></span>ragamo<span class=\"_ _1f2\"> </span><span class=\"ls0\">Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _151\"> </span>-<span class=\"_ _1df\"> </span><span class=\"lsf8 ws9a\"> c) d) e) <span class=\"_ _1e2\"> </span></span>457<span class=\"_ _151\"> </span>-<span class=\"_ _60\"> </span>19<span class=\"_ _164\"> </span>526</span></span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrizia Michela </span><span style=\"display:inherit;clear:left;\">Amministrator<span class=\"_ _1\"></span>e<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _8b\"> </span>a)<span class=\"_ _123\"> </span>50<span class=\"_ _123\"> </span>45<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>95</span><span style=\"display:inherit;clear:left;\">Giangualano</span><span style=\"display:inherit;clear:left;\">Umberto T<span class=\"_ _2\"></span>ombari<span class=\"_ _1d6\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>15<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>65</span><span style=\"display:inherit;clear:left;\">Laura Donnini <span class=\"_ _1b3\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>50<span class=\"_ _123\"> </span>34<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>84</span><span style=\"display:inherit;clear:left;\">Nicc<span class=\"_ _1\"></span>ol\u00f2 Ferr<span class=\"_ _2\"></span>agamo<span class=\"_ _78\"> </span>Amministrator<span class=\"_ _2\"></span>e<span class=\"_ _160\"> </span>23.04-31.12<span class=\"_ _325\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _8a\"> </span>4<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>39</span><span style=\"display:inherit;clear:left;\">Sara F<span class=\"_ _2\"></span>errero<span class=\"_ _11e\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-31.12<span class=\"_ _85\"> </span>a)<span class=\"_ _240\"> </span>35<span class=\"_ _123\"> </span>40<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>75</span><span style=\"display:inherit;clear:left;\">Ernesto Gr<span class=\"_ _2\"></span>eco<span class=\"_ _1b4\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>11<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _123\"> </span>29<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>40</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _1\"></span>abio Gallia<span class=\"_ _249\"> </span>Amministratore<span class=\"_ _ab\"> </span>23.04-07.05<span class=\"_ _269\"> </span>2<span class=\"_ _151\"> </span>-<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _8a\"> </span>2</span><span style=\"display:inherit;clear:left;\">Annalisa Loustau Elia<span class=\"_ _1c1\"> </span>Amministr<span class=\"_ _1\"></span>atore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">F<span class=\"_ _2\"></span>r\u00e9d\u00e9ric Biousse<span class=\"_ _1ef\"> </span>Amministratore<span class=\"_ _17b\"> </span>1.01-23.04<span class=\"_ _b7\"> </span>16<span class=\"_ _8a\"> </span>6<span class=\"_ _141\"> </span>-<span class=\"_ _151\"> </span>-<span class=\"_ _8a\"> </span>-<span class=\"_ _123\"> </span>22</span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _fb\"> </span>1.035<span class=\"_ _1da\"> </span>150<span class=\"_ _219\"> </span>2.637<span class=\"_ _123\"> </span>29<span class=\"_ _23\"> </span>2.258<span class=\"_ _1e3\"> </span>6.109</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025; b) risoluzione consensuale con effetto dalla data di appr<span class=\"_ _1\"></span>ovazione del pr<span class=\"_ _2\"></span>ogetto di bilancio </span><span style=\"display:inherit;clear:left;\">relativ<span class=\"_ _1\"></span>o all\u2019esercizio 2024, 06 marzo 2025; c) auto; d) telefono c<span class=\"_ _1\"></span>ellulare; e) polizze assic<span class=\"_ _1\"></span>urati<span class=\"_ _1\"></span>ve; f<span class=\"_ _5\"></span>) foresteria </span><span style=\"display:inherit;clear:left;\">Sindaci</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro) <span class=\"_ _f7\"> </span>2024</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>eriodo </span><span style=\"display:inherit;clear:left;\">per cui </span><span style=\"display:inherit;clear:left;\">Altri compensi </span><span style=\"display:inherit;clear:left;\">\u00e8 stata </span><span style=\"display:inherit;clear:left;\">Scadenza </span><span style=\"display:inherit;clear:left;\">perc<span class=\"_ _1\"></span>epiti </span><span style=\"display:inherit;clear:left;\">Caric<span class=\"_ _1\"></span>a </span><span style=\"display:inherit;clear:left;\">ricoperta </span><span style=\"display:inherit;clear:left;\">della </span><span style=\"display:inherit;clear:left;\">Emolumenti</span><span style=\"display:inherit;clear:left;\">Altri </span><span style=\"display:inherit;clear:left;\">da societ\u00e0 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale </span><span style=\"display:inherit;clear:left;\">Nome e C<span class=\"_ _1\"></span>ognome</span><span style=\"display:inherit;clear:left;\">ricoperta</span><span style=\"display:inherit;clear:left;\">la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">carica</span><span style=\"display:inherit;clear:left;\">per la caric<span class=\"_ _1\"></span>a</span><span style=\"display:inherit;clear:left;\">compensi*</span><span style=\"display:inherit;clear:left;\">controll<span class=\"_ _1\"></span>ate</span><span style=\"display:inherit;clear:left;\">gener<span class=\"_ _1\"></span>ale</span><span style=\"display:inherit;clear:left;\">Andrea Balelli<span class=\"_ _72\"> </span>P<span class=\"_ _2\"></span>residente<span class=\"_ _e0\"> </span>01.01-31.12<span class=\"_ _219\"> </span>a)<span class=\"_ _148\"> </span>64<span class=\"_ _148\"> </span>15<span class=\"_ _176\"> </span>-<span class=\"_ _de\"> </span>79</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>aola Car<span class=\"_ _1\"></span>amella<span class=\"_ _d7\"> </span><span class=\"ws8\">Sindaco effettivo<span class=\"_ _1de\"> </span></span>01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span><span style=\"display:inherit;clear:left;\">Giovanni C<span class=\"_ _2\"></span>rostarosa Guicciar<span class=\"_ _2\"></span>di</span><span style=\"display:inherit;clear:left;\">Sindaco effettiv<span class=\"_ _1\"></span>o<span class=\"_ _e0\"> </span><span class=\"ws0\">01.01-31.12<span class=\"_ _d7\"> </span>a)<span class=\"_ _148\"> </span>48<span class=\"_ _de\"> </span>12<span class=\"_ _176\"> </span>-<span class=\"_ _148\"> </span>60</span></span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _14c\"> </span>160<span class=\"_ _de\"> </span>39<span class=\"_ _176\"> </span>-<span class=\"_ _297\"> </span>199</span><span style=\"display:inherit;clear:left;\">a) con l'appr<span class=\"_ _1\"></span>ovazione del bilancio chiuso per l'eser<span class=\"_ _2\"></span>cizio 2025   </span><span style=\"display:inherit;clear:left;\">*  <span class=\"_ _45\"></span>Gli alt<span class=\"_ _4\"></span>ri compensi si riferisc<span class=\"_ _2\"></span>ono al compenso quale Pr<span class=\"_ _2\"></span>esidente o membro dell\u2019Organismo di Vigilanza di cui al D.lgs. 231/2001 </span><span style=\"display:inherit;clear:left;\">Si precisa che i membri del c<span class=\"_ _1\"></span>ollegio sindacale non hanno perc<span class=\"_ _2\"></span>epito alt<span class=\"_ _4\"></span>ri compensi er<span class=\"_ _2\"></span>ogati da societ\u00e0 del Gruppo. </span><span style=\"display:inherit;clear:left;\">Si se<span class=\"_ _4\"></span>gnala che pe<span class=\"_ _4\"></span>r Amminist<span class=\"_ _4\"></span>ratori e Sinda<span class=\"_ _4\"></span>ci non son<span class=\"_ _4\"></span>o previ<span class=\"_ _4\"></span>ste inde<span class=\"_ _4\"></span>nnit\u00e0 di f<span class=\"_ _4\"></span>ine c<span class=\"_ _4\"></span>arica<span class=\"ff62 ls0\">.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__158": {
   "value": "<span style=\"display:inherit;clear:left;\">47. Impegni e rischi </span><span style=\"display:inherit;clear:left;\">Il dett<span class=\"_ _4\"></span>aglio de<span class=\"_ _4\"></span>i rischi e de<span class=\"_ _4\"></span>gli impe<span class=\"_ _4\"></span>gni \u00e8 il seg<span class=\"_ _4\"></span>uente:</span><span style=\"display:inherit;clear:left;\">(In migliaia di Euro)<span class=\"_ _237\"> </span>31 dicembr<span class=\"_ _1\"></span>e 2024 <span class=\"_ _163\"> </span>31 dicembr<span class=\"_ _2\"></span>e 2023 </span><span style=\"display:inherit;clear:left;\">Fideiussioni e gar<span class=\"_ _1\"></span>anzie prestate da ter<span class=\"_ _1\"></span>zi a terzi nell\u2019interesse delle societ\u00e0 del Gruppo<span class=\"_ _347\"> </span>25.950 <span class=\"_ _f3\"> </span>26.730 </span><span style=\"display:inherit;clear:left;\">Garanzie pr<span class=\"_ _2\"></span>estate dalle societ\u00e0 del Gruppo a terzi nell\u2019interesse delle societ\u00e0 del Gruppo <span class=\"_ _2e6\"> </span>60.034 <span class=\"_ _b7\"> </span>85.087 </span><span style=\"display:inherit;clear:left;\">T<span class=\"_ _2\"></span>otale<span class=\"_ _348\"> </span>85.984 <span class=\"_ _2e0\"> </span>111.817 </span><span style=\"display:inherit;clear:left;\">Le f<span class=\"_ _4\"></span>ideius<span class=\"_ _4\"></span>sioni e le g<span class=\"_ _4\"></span>aranzie p<span class=\"_ _4\"></span>rest<span class=\"_ _4\"></span>ate da so<span class=\"_ _4\"></span>gg<span class=\"_ _4\"></span>etti te<span class=\"_ _4\"></span>rz<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019inte<span class=\"_ _4\"></span>res<span class=\"_ _4\"></span>se dell<span class=\"_ _4\"></span>e socie<span class=\"_ _4\"></span>t\u00e0 de<span class=\"_ _4\"></span>l Gruppo s<span class=\"_ _4\"></span>i riferis<span class=\"_ _4\"></span>cono pre<span class=\"_ _4\"></span>valen<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">teme<span class=\"_ _4\"></span>nte a f<span class=\"_ _4\"></span>ideius<span class=\"_ _4\"></span>sioni e g<span class=\"_ _4\"></span>aranzie rila<span class=\"_ _4\"></span>sciate su contr<span class=\"_ _4\"></span>atti di lo<span class=\"_ _4\"></span>caz<span class=\"_ _4\"></span>ione st<span class=\"_ _4\"></span>ipulati dalle soci<span class=\"_ _4\"></span>et\u00e0 de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o e compren<span class=\"_ _4\"></span>dono </span><span style=\"display:inherit;clear:left;\">una garanz<span class=\"_ _4\"></span>ia per 6 milioni di US<span class=\"_ _4\"></span>D (Euro 5.<span class=\"_ _2\"></span>7<span class=\"_ _4\"></span>75 migliaia<span class=\"_ _2\"></span>) relati<span class=\"_ _4\"></span>va ad un contr<span class=\"_ _4\"></span>atto di af<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>itto de<span class=\"_ _4\"></span>l Grupp<span class=\"_ _4\"></span>o Ferrag<span class=\"_ _4\"></span>amo Usa<span class=\"_ _4\"></span>. <span class=\"_ _0\"></span> </span><span style=\"display:inherit;clear:left;\">Le garan<span class=\"_ _4\"></span>zie pre<span class=\"_ _4\"></span>state dall<span class=\"_ _4\"></span>e societ<span class=\"_ _4\"></span>\u00e0 del G<span class=\"_ _4\"></span>ruppo s<span class=\"_ _4\"></span>ono pre<span class=\"_ _4\"></span>valente<span class=\"_ _4\"></span>mente a favor<span class=\"_ _4\"></span>e di istitut<span class=\"_ _4\"></span>i di credito a gar<span class=\"_ _4\"></span>anzia di line<span class=\"_ _4\"></span>e </span><span style=\"display:inherit;clear:left;\">di cre<span class=\"_ _4\"></span>dito utili<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>zabili l<span class=\"_ _4\"></span>oca<span class=\"_ _4\"></span>lmente<span class=\"_ _4\"></span>.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__159": {
   "value": "<span style=\"display:inherit;clear:left;\">48.  <span class=\"_ _1b6\"></span>Er<span class=\"_ _2\"></span>ogazioni pubbliche Informati<span class=\"_ _2\"></span>va ex art<span class=\"_ _4\"></span>. 1, <span class=\"ls0\"> </span></span><span style=\"display:inherit;clear:left;\">c<span class=\"_ _2\"></span>ommi 125-129 della Legg<span class=\"_ _1\"></span>e n. 124/2017 </span><span style=\"display:inherit;clear:left;\">In relaz<span class=\"_ _4\"></span>ione al disp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>o di cui all<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>, comma 1<span class=\"_ _2\"></span>2<span class=\"_ _4\"></span>5, della le<span class=\"_ _4\"></span>g<span class=\"_ _4\"></span>ge 1<span class=\"_ _1c\"></span>24/201<span class=\"_ _1c\"></span>7<span class=\"_ _1c\"></span>, in m<span class=\"_ _4\"></span>erito all<span class=\"_ _4\"></span>\u2019obbligo di dare evi<span class=\"_ _4\"></span>denz<span class=\"_ _4\"></span>a in nota </span><span style=\"display:inherit;clear:left;\">integr<span class=\"_ _4\"></span>ativa de<span class=\"_ _4\"></span>lle somme di d<span class=\"_ _4\"></span>enaro eventualm<span class=\"_ _4\"></span>ente ricev<span class=\"_ _4\"></span>ute ne<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>rcizio a tito<span class=\"_ _4\"></span>lo di sov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nzioni, co<span class=\"_ _4\"></span>ntributi, inc<span class=\"_ _4\"></span>arichi re<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">tribuiti e c<span class=\"_ _4\"></span>omunque vant<span class=\"_ _4\"></span>ag<span class=\"_ _4\"></span>gi econ<span class=\"_ _4\"></span>omici di qualunque gene<span class=\"_ _4\"></span>re dalle pubbli<span class=\"_ _4\"></span>che amministr<span class=\"_ _4\"></span>azioni e dai s<span class=\"_ _4\"></span>og<span class=\"_ _4\"></span>gett<span class=\"_ _4\"></span>i di cui al </span><span style=\"display:inherit;clear:left;\">comma 1<span class=\"_ _2\"></span>25 de<span class=\"_ _4\"></span>l me<span class=\"_ _4\"></span>desimo ar<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>colo, si ev<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>zia che nel c<span class=\"_ _4\"></span>ors<span class=\"_ _4\"></span>o del 202<span class=\"_ _2\"></span>4 la S<span class=\"_ _4\"></span>alvato<span class=\"_ _4\"></span>re Ferrag<span class=\"_ _4\"></span>amo S.<span class=\"_ _4\"></span>p.<span class=\"_ _4\"></span>A non ha r<span class=\"_ _4\"></span>icevut<span class=\"_ _4\"></span>o </span><span style=\"display:inherit;clear:left;\">sov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>nzioni, c<span class=\"_ _4\"></span>ontributi, inc<span class=\"_ _4\"></span>arichi retribuit<span class=\"_ _4\"></span>i e comunque v<span class=\"_ _4\"></span>antag<span class=\"_ _4\"></span>gi ec<span class=\"_ _4\"></span>onomici di qualunque ge<span class=\"_ _4\"></span>nere dalle pub<span class=\"_ _4\"></span>bliche am<span class=\"ws0\">-</span></span><span style=\"display:inherit;clear:left;\">ministr<span class=\"_ _4\"></span>azioni. A<span class=\"_ _4\"></span>i sen<span class=\"_ _4\"></span>si delle di<span class=\"_ _4\"></span>spos<span class=\"_ _4\"></span>izioni de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 3-<span class=\"_ _4\"></span>quater de<span class=\"_ _4\"></span>l DL 1<span class=\"_ _2\"></span>35/20<span class=\"_ _2\"></span>18, conver<span class=\"_ _4\"></span>tito co<span class=\"_ _4\"></span>n modif<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>zioni dalla Leg<span class=\"_ _4\"></span>ge </span><span style=\"display:inherit;clear:left;\">1<span class=\"_ _1c\"></span>1 febbr<span class=\"_ _4\"></span>aio 20<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>9 n.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>2, pe<span class=\"_ _4\"></span>r le erog<span class=\"_ _4\"></span>azioni ri<span class=\"_ _4\"></span>cevute s<span class=\"_ _4\"></span>i rinvia alle indic<span class=\"_ _4\"></span>azioni c<span class=\"_ _4\"></span>ontenute ne<span class=\"_ _4\"></span>l Regi<span class=\"_ _4\"></span>stro Naz<span class=\"_ _4\"></span>ionale de<span class=\"_ _4\"></span>gli Aiuti di </span><span style=\"display:inherit;clear:left;\">Stato di cui all<span class=\"_ _4\"></span>\u2019artico<span class=\"_ _4\"></span>lo 52 della Leg<span class=\"_ _4\"></span>ge 2<span class=\"_ _1\"></span>4 dicemb<span class=\"_ _4\"></span>re 20<span class=\"_ _2\"></span>1<span class=\"_ _1\"></span>2, n. 235.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__160": {
   "value": "<span style=\"display:inherit;clear:left;\">51. Dati di sintesi delle societ\u00e0 c<span class=\"_ _2\"></span>ontr<span class=\"_ _1\"></span>ollate </span><span style=\"display:inherit;clear:left;\">Si ripor<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>ano di se<span class=\"_ _4\"></span>guito i dati di sinte<span class=\"_ _4\"></span>si delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 controllate<span class=\"_ _4\"></span>.</span><span style=\"display:inherit;clear:left;\">(In migliaia)<span class=\"_ _1a5\"> </span>2024<span class=\"_ _2ac\"> </span>2023</span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">P<span class=\"_ _2\"></span>atrimonio </span><span style=\"display:inherit;clear:left;\">Societ\u00e0<span class=\"_ _8c\"> </span>V<span class=\"_ _2\"></span>aluta<span class=\"_ _c1\"> </span>Ricavi </span><span style=\"display:inherit;clear:left;\">Netto<span class=\"_ _bc\"> </span>Ricavi </span><span style=\"display:inherit;clear:left;\">Netto </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Australia Pt<span class=\"_ _1\"></span>y Ltd. <span class=\"_ _1c3\"> </span>AUD <span class=\"_ _151\"> </span>20.873 <span class=\"_ _257\"> </span>23.099 <span class=\"_ _74\"> </span>22.757 <span class=\"_ _1ba\"> </span>23.076 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Japan K.K<span class=\"_ _4\"></span>. <span class=\"_ _1c9\"> </span>JPY <span class=\"_ _1e8\"> </span>13.592.373 <span class=\"_ _1e7\"> </span>1.487.800 <span class=\"_ _1b8\"> </span>13.139.599 <span class=\"_ _163\"> </span>1.430.279 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Korea L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _134\"> </span>KRW <span class=\"_ _178\"> </span>85.877.141 <span class=\"_ _61\"> </span>84.020.923 <span class=\"_ _1b8\"> </span>98.392.189 <span class=\"_ _178\"> </span>81.574.307 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Espana S.L<span class=\"_ _4\"></span>.  <span class=\"_ _1c4\"> </span>EURO <span class=\"_ _151\"> </span>20.207 <span class=\"_ _105\"> </span>4.475 <span class=\"_ _2f5\"> </span>15.768 <span class=\"_ _b4\"> </span>4.247 </span><span style=\"display:inherit;clear:left;\">Ferrimag L<span class=\"_ _2\"></span>imited <span class=\"_ _9b\"> </span>HKD <span class=\"_ _d0\"> </span>- <span class=\"_ _257\"> </span>44.013 <span class=\"_ _1f9\"> </span>- <span class=\"_ _325\"> </span>130.253 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail HK Limited <span class=\"_ _24f\"> </span>HKD <span class=\"_ _87\"> </span>156.673 <span class=\"_ _1bb\"> </span>(377.938) <span class=\"_ _11f\"> </span>220.174 <span class=\"_ _e1\"> </span>(397.162) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail T<span class=\"_ _2\"></span>aiwan L<span class=\"_ _2\"></span>imited <span class=\"_ _104\"> </span>TWD <span class=\"_ _325\"> </span>516.820 <span class=\"_ _23f\"> </span>439.591 <span class=\"_ _67\"> </span>628.732 <span class=\"_ _325\"> </span>429.300 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Mexico S. de R.L. de C.V<span class=\"_ _2\"></span>. <span class=\"_ _326\"> </span>MXN <span class=\"_ _163\"> </span>1.165.496 <span class=\"_ _23f\"> </span>874.011 <span class=\"_ _85\"> </span>1.145.802 <span class=\"_ _325\"> </span>856.699 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Nederland B.V<span class=\"_ _2\"></span>. <span class=\"_ _244\"> </span>EURO <span class=\"_ _b4\"> </span>2.640 <span class=\"_ _105\"> </span>1.479 <span class=\"_ _e2\"> </span>4.287 <span class=\"_ _b4\"> </span>1.613 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fashion T<span class=\"_ _1c\"></span>rading (Shanghai) Co<span class=\"_ _2\"></span>. Ltd. <span class=\"_ _28d\"> </span>CNY <span class=\"_ _325\"> </span>919.687 <span class=\"_ _23f\"> </span>685.522 <span class=\"_ _85\"> </span>1.067.029 <span class=\"_ _325\"> </span>783.214 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Singapore) Pte. Ltd. <span class=\"_ _349\"> </span>SGD <span class=\"_ _151\"> </span>16.805 <span class=\"_ _8b\"> </span>(9.983) <span class=\"_ _74\"> </span>17.352 <span class=\"_ _203\"> </span>(8.861) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (<span class=\"_ _4\"></span>Thailand) Limited <span class=\"_ _120\"> </span>THB <span class=\"_ _87\"> </span>207.990 <span class=\"_ _1bb\"> </span>(119.862) <span class=\"_ _11f\"> </span>234.984 <span class=\"_ _e1\"> </span>(222.472) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Malaysia) Sdn Bhd <span class=\"_ _2af\"> </span><span class=\"ls78 ws155\">MYR <span class=\"_ _1ba\"> </span></span>38.304 <span class=\"_ _8b\"> </span>13.636 <span class=\"_ _2f5\"> </span>42.586 <span class=\"_ _1ba\"> </span>16.786 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Hong Kong Ltd. <span class=\"_ _2c6\"> </span>USD <span class=\"_ _325\"> </span>120.671 <span class=\"_ _257\"> </span>90.248 <span class=\"_ _67\"> </span>181.927 <span class=\"_ _1ba\"> </span>93.593 </span><span style=\"display:inherit;clear:left;\">Gruppo Ferr<span class=\"_ _2\"></span>agamo USA <span class=\"_ _34a\"> </span>USD <span class=\"_ _87\"> </span>336.971 <span class=\"_ _257\"> </span>63.193 <span class=\"_ _11f\"> </span>344.737 <span class=\"_ _1ba\"> </span>91.352 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Deutschland GmbH <span class=\"_ _31b\"> </span>EURO <span class=\"_ _b4\"> </span>8.184 <span class=\"_ _a1\"> </span>507 <span class=\"_ _e2\"> </span>8.123 <span class=\"_ _b4\"> </span>2.881 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Belgique SA <span class=\"_ _20\"> </span>EURO <span class=\"_ _c1\"> </span>1.274 <span class=\"_ _15b\"> </span>667 <span class=\"_ _2a3\"> </span>1.090 <span class=\"_ _bc\"> </span>685 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Monte-Carlo S.A.M. <span class=\"_ _302\"> </span>EURO <span class=\"_ _bc\"> </span>872 <span class=\"_ _85\"> </span>(3.537) <span class=\"_ _65\"> </span>732 <span class=\"_ _203\"> </span>(1.358) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo (Suisse) S<span class=\"_ _4\"></span>A <span class=\"_ _134\"> </span>CHF <span class=\"_ _c1\"> </span>6.672 <span class=\"_ _85\"> </span>(1.748) <span class=\"_ _e2\"> </span>7.383 <span class=\"_ _b4\"> </span>1.866 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo U.K. Limited <span class=\"_ _23d\"> </span>GBP <span class=\"_ _151\"> </span>15.187 <span class=\"_ _105\"> </span>1.483 <span class=\"_ _2f5\"> </span>16.648 <span class=\"_ _b4\"> </span>6.187 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Fr<span class=\"_ _2\"></span>ance S.A<span class=\"_ _4\"></span>.S. <span class=\"_ _321\"> </span>EURO <span class=\"_ _151\"> </span>18.182 <span class=\"_ _105\"> </span>7.562 <span class=\"_ _2f5\"> </span>18.739 <span class=\"_ _1ba\"> </span>10.950 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Chile S.A<span class=\"_ _4\"></span>. <span class=\"_ _1c9\"> </span><span class=\"ls79 ws9d\">CLP <span class=\"_ _163\"> </span></span>1.410.076 <span class=\"_ _23f\"> </span>712.669 <span class=\"_ _85\"> </span>1.574.334 <span class=\"_ _325\"> </span>681.769 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Austria <span class=\"_ _4\"></span>GmbH <span class=\"_ _2d9\"> </span><span class=\"ws0\">EURO <span class=\"_ _b4\"> </span>3.487 <span class=\"_ _105\"> </span>3.233 <span class=\"_ _e2\"> </span>2.920 <span class=\"_ _b4\"> </span>4.242 </span></span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail India Priv<span class=\"_ _2\"></span>ate Limited <span class=\"_ _343\"> </span>INR <span class=\"_ _31a\"> </span>- <span class=\"_ _1bb\"> </span>(474.058) <span class=\"_ _1f9\"> </span>- <span class=\"_ _e1\"> </span>(467.175) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Retail Macau Limited <span class=\"_ _e3\"> </span>MOP <span class=\"_ _1ba\"> </span>68.487 <span class=\"_ _1b8\"> </span>(10.315) <span class=\"_ _74\"> </span>78.586 <span class=\"_ _2a3\"> </span>235 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Moda (Shanghai) Co.L<span class=\"_ _2\"></span>td<span class=\"_ _4\"></span>. <span class=\"_ _326\"> </span>CNY <span class=\"_ _325\"> </span>143.078 <span class=\"_ _1bb\"> </span>(182.660) <span class=\"_ _67\"> </span>198.562 <span class=\"_ _e1\"> </span>(105.957<span class=\"_ _4\"></span>) </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Brasil Roupas e <span class=\"_ _1\"></span>Acessorios L<span class=\"_ _2\"></span>tda<span class=\"_ _4\"></span>. <span class=\"_ _345\"> </span>BRL<span class=\"_ _1\"></span> <span class=\"_ _151\"> </span>77.316 <span class=\"_ _257\"> </span>21.898 <span class=\"_ _2f5\"> </span>63.848 <span class=\"_ _1ba\"> </span>21.888 </span><span style=\"display:inherit;clear:left;\">Ferr<span class=\"_ _2\"></span>agamo Argentina S.A<span class=\"_ _4\"></span>. <span class=\"_ _11\"> </span></span><span style=\"display:inherit;clear:left;\">ARS</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _164\"> </span></span><span style=\"display:inherit;clear:left;\">2.261.441</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1b8\"> </span></span><span style=\"display:inherit;clear:left;\">(34.823)</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _325\"> </span></span><span style=\"display:inherit;clear:left;\">1.371.660</span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1e8\"> </span></span><span style=\"display:inherit;clear:left;\">(1.205.826)</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "f1__s9__6__161": {
   "value": "<span style=\"display:inherit;clear:left;\">52. F<span class=\"_ _1c\"></span>atti di rilievo intervenuti dopo la chiusur<span class=\"_ _2\"></span>a dell<span class=\"_ _4\"></span>\u2019eser<span class=\"_ _2\"></span>cizio </span><span style=\"display:inherit;clear:left;\">In data 3 feb<span class=\"_ _4\"></span>braio 2025 la So<span class=\"_ _4\"></span>ciet\u00e0 e il d<span class=\"_ _4\"></span>ott. Marc<span class=\"_ _4\"></span>o Gobb<span class=\"_ _4\"></span>etti hann<span class=\"_ _4\"></span>o rag<span class=\"_ _4\"></span>giunto un accord<span class=\"_ _4\"></span>o per la ri<span class=\"_ _4\"></span>soluz<span class=\"_ _4\"></span>ione con<span class=\"_ _4\"></span>sens<span class=\"_ _4\"></span>uale </span><span style=\"display:inherit;clear:left;\">dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti di lavoro e di amminis<span class=\"_ _4\"></span>trazi<span class=\"_ _4\"></span>one con ef<span class=\"_ _4\"></span>fet<span class=\"_ _4\"></span>to dalla data di approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e del pro<span class=\"_ _4\"></span>getto di bilanc<span class=\"_ _4\"></span>io relativo </span><span style=\"display:inherit;clear:left;\">all<span class=\"_ _4\"></span>\u2019eserciz<span class=\"_ _4\"></span>io 202<span class=\"_ _2\"></span>4, ov<span class=\"_ _4\"></span>ve<span class=\"_ _4\"></span>ro il 6 marzo 2025, com<span class=\"_ _4\"></span>e da comunica<span class=\"_ _4\"></span>zione diramat<span class=\"_ _4\"></span>a al merc<span class=\"_ _4\"></span>ato in pari data<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\">In tale s<span class=\"_ _4\"></span>ede \u00e8 s<span class=\"_ _4\"></span>tato in<span class=\"_ _4\"></span>oltre res<span class=\"_ _4\"></span>o noto che: (i) Il Dot<span class=\"_ _4\"></span>t. G<span class=\"_ _4\"></span>obbe<span class=\"_ _4\"></span>tti avr<span class=\"_ _4\"></span>\u00e0 diritto all<span class=\"_ _4\"></span>\u2019eroga<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>ella retribu<span class=\"_ _4\"></span>zione e de<span class=\"_ _4\"></span>ll<span class=\"_ _4\"></span>\u2019emolu<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">mento f<span class=\"_ _4\"></span>is<span class=\"_ _4\"></span>so sino alla dat<span class=\"_ _4\"></span>a di ces<span class=\"_ _4\"></span>saz<span class=\"_ _4\"></span>ione e al mantenim<span class=\"_ _4\"></span>ento di taluni <span class=\"ff5f ls5b ws6\">f<span class=\"_ _4\"></span>ringe ben<span class=\"_ _4\"></span>ef<span class=\"_ _4\"></span>it</span> sino al 3<span class=\"_ _1\"></span>1 dicembr<span class=\"_ _4\"></span>e 2025, ii)verran<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">no ricon<span class=\"_ _4\"></span>osciuti al D<span class=\"_ _4\"></span>ott<span class=\"_ _4\"></span>. Gobb<span class=\"_ _4\"></span>ett<span class=\"_ _4\"></span>i entro 30 gior<span class=\"_ _4\"></span>ni dalla ces<span class=\"_ _4\"></span>sazio<span class=\"_ _4\"></span>ne dei rap<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ti, l<span class=\"_ _4\"></span>\u2019imp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to di compl<span class=\"_ _4\"></span>ess<span class=\"_ _4\"></span>ivo di Euro 4.450 </span><span style=\"display:inherit;clear:left;\">migliaia lordi a fronte de<span class=\"_ _4\"></span>lla ces<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>l rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>o di lavoro ed Euro 50 migliaia lordi a fro<span class=\"_ _4\"></span>nte delle rinunc<span class=\"_ _4\"></span>e pres<span class=\"_ _4\"></span>tate </span><span style=\"display:inherit;clear:left;\">risp<span class=\"_ _4\"></span>etto all<span class=\"_ _4\"></span>\u2019es<span class=\"_ _4\"></span>ecuzi<span class=\"_ _4\"></span>one e ces<span class=\"_ _4\"></span>sa<span class=\"_ _4\"></span>zione de<span class=\"_ _4\"></span>i rappo<span class=\"_ _4\"></span>rt<span class=\"_ _4\"></span>i intercor<span class=\"_ _4\"></span>si, fra cui, in par<span class=\"_ _4\"></span>tico<span class=\"_ _4\"></span>lare, la rinuncia ai <span class=\"ff5f ls58 ws6\">bo<span class=\"_ _4\"></span>nus</span><span class=\"ls5b ws5d\"> STI 2024, <span class=\"ff5f ws8\">Rest<span class=\"_ _4\"></span>ri<span class=\"ls0 ws0\">-</span></span></span></span><span style=\"display:inherit;clear:left;\">cte<span class=\"_ _4\"></span>d Shares<span class=\"ff5c\"> 202<span class=\"_ _1\"></span>4 L<span class=\"_ _1c\"></span>TI c<span class=\"_ _4\"></span>.d. <span class=\"ff5f\">\u201c<span class=\"_ _4\"></span>spe<span class=\"_ _4\"></span>cial award\u201d</span> 202<span class=\"_ _4\"></span>2<span class=\"_ _1\"></span>-<span class=\"_ _2\"></span>2026; (iii) con riferime<span class=\"_ _4\"></span>nto alla <span class=\"ff5f ls56 ws7\">governance</span> della So<span class=\"_ _4\"></span>ciet\u00e0 p<span class=\"_ _4\"></span>er il pe<span class=\"_ _4\"></span>riod<span class=\"_ _4\"></span>o in<span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">terco<span class=\"_ _4\"></span>rrente tra il 6 mar<span class=\"_ _4\"></span>zo 2025 e la data di no<span class=\"_ _4\"></span>mina del nuovo Amminis<span class=\"_ _4\"></span>trator<span class=\"_ _4\"></span>e Dele<span class=\"_ _4\"></span>gato, che i pot<span class=\"_ _4\"></span>eri e<span class=\"_ _4\"></span>secut<span class=\"_ _4\"></span>ivi ve<span class=\"_ _4\"></span>rranno </span><span style=\"display:inherit;clear:left;\">conferit<span class=\"_ _4\"></span>i al Presid<span class=\"_ _4\"></span>ente, che p<span class=\"_ _4\"></span>roporr<span class=\"_ _4\"></span>\u00e0 una distribu<span class=\"_ _4\"></span>zione d<span class=\"_ _4\"></span>elle del<span class=\"_ _4\"></span>eghe e ve<span class=\"_ _4\"></span>rr\u00e0 supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>tato da un comit<span class=\"_ _4\"></span>ato cons<span class=\"_ _4\"></span>ultivo di </span><span style=\"display:inherit;clear:left;\">pres<span class=\"_ _4\"></span>iden<span class=\"_ _4\"></span>za pe<span class=\"_ _4\"></span>r la trans<span class=\"_ _4\"></span>izione c<span class=\"_ _4\"></span>ompos<span class=\"_ _4\"></span>to da es<span class=\"_ _4\"></span>per<span class=\"_ _4\"></span>ti co<span class=\"_ _4\"></span>n conso<span class=\"_ _4\"></span>lidata e<span class=\"_ _4\"></span>sper<span class=\"_ _4\"></span>ienz<span class=\"_ _4\"></span>a nel s<span class=\"_ _4\"></span>etto<span class=\"_ _4\"></span>re che hanno gi\u00e0 op<span class=\"_ _4\"></span>erato con </span><span style=\"display:inherit;clear:left;\">ruoli api<span class=\"_ _4\"></span>cali all<span class=\"_ _4\"></span>\u2019inter<span class=\"_ _4\"></span>no della S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 \u2013 ov<span class=\"_ _4\"></span>vero, Jame<span class=\"_ _4\"></span>s Ferr<span class=\"_ _4\"></span>agamo, Erne<span class=\"_ _4\"></span>sto Gre<span class=\"_ _4\"></span>co e Miche<span class=\"_ _4\"></span>le Nor<span class=\"_ _4\"></span>sa (che assume<span class=\"_ _4\"></span>r\u00e0 l<span class=\"_ _4\"></span>\u2019inc<span class=\"_ _4\"></span>a<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">rico di <span class=\"ff5f\">Chairman Special A<span class=\"_ _4\"></span>dvisor</span>) - pe<span class=\"_ _4\"></span>r cons<span class=\"_ _4\"></span>olidare la nuova f<span class=\"_ _4\"></span>ase di s<span class=\"_ _4\"></span>viluppo s<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>tenibile de<span class=\"_ _4\"></span>i valori fon<span class=\"_ _4\"></span>danti del <span class=\"ff5f ls53 wsa6\">b<span class=\"_ _4\"></span>rand<span class=\"_ _4\"></span></span><span class=\"ls0 ws0\"> </span></span><span style=\"display:inherit;clear:left;\">par<span class=\"_ _4\"></span>tend<span class=\"_ _4\"></span>o dal lavoro svolt<span class=\"_ _4\"></span>o fin<span class=\"_ _4\"></span>o ad ade<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o con l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>obiet<span class=\"_ _4\"></span>tivo di pa<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>are ad una nuova fa<span class=\"_ _4\"></span>se ne<span class=\"_ _4\"></span>l proce<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>o di rinnovament<span class=\"_ _4\"></span>o, </span><span style=\"display:inherit;clear:left;\">accelerarne l<span class=\"_ _4\"></span>\u2019implementazione e ra<span class=\"_ _2\"></span>f<span class=\"_ _4\"></span>forzarne il fonda<span class=\"_ _1\"></span>mentale legame con l\u2019<span class=\"_ _1\"></span><span class=\"ff5f ls56 ws7\">heritage<span class=\"ff5c ls68 wscc\"> del marchio. </span></span></span><span style=\"display:inherit;clear:left;\">Di se<span class=\"_ _4\"></span>guito a quanto comunic<span class=\"_ _4\"></span>ato in data 3 febb<span class=\"_ _4\"></span>raio 2025, Marco Gob<span class=\"_ _4\"></span>bet<span class=\"_ _4\"></span>ti ha formaliz<span class=\"_ _4\"></span>z<span class=\"_ _4\"></span>ato le dimis<span class=\"_ _4\"></span>sioni dagli inc<span class=\"_ _4\"></span>arichi </span><span style=\"display:inherit;clear:left;\">di amministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e in ess<span class=\"_ _4\"></span>ere co<span class=\"_ _4\"></span>n la Societ<span class=\"_ _4\"></span>\u00e0 con ef<span class=\"_ _4\"></span>f<span class=\"_ _4\"></span>ica<span class=\"_ _4\"></span>cia dal 6 marzo 2025, in conformit<span class=\"_ _4\"></span>\u00e0 all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>accord<span class=\"_ _4\"></span>o di risolu<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">consensuale raggiunto tra<span class=\"_ _1\"></span> le parti. Contestualmen<span class=\"_ _1\"></span>te, in li<span class=\"_ _1\"></span>nea con il<span class=\"_ _1\"></span> medesimo accordo di risoluzi<span class=\"_ _1\"></span>one consensuale, </span><span style=\"display:inherit;clear:left;\">sono ve<span class=\"_ _4\"></span>nuti men<span class=\"_ _4\"></span>o gli incarichi e l<span class=\"_ _4\"></span>e resp<span class=\"_ _4\"></span>onsab<span class=\"_ _4\"></span>ilit\u00e0 di lavoro di Marco G<span class=\"_ _4\"></span>obbet<span class=\"_ _4\"></span>ti con la S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0.  </span><span style=\"display:inherit;clear:left;\">Il Consig<span class=\"_ _4\"></span>lio di Amminist<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ne, riunitos<span class=\"_ _4\"></span>i in pari data, n<span class=\"_ _4\"></span>on ha ritenuto di p<span class=\"_ _4\"></span>roce<span class=\"_ _4\"></span>dere alla co<span class=\"_ _4\"></span>opta<span class=\"_ _4\"></span>zione di un nuovo co<span class=\"_ _4\"></span>m<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">pone<span class=\"_ _4\"></span>nte, las<span class=\"_ _4\"></span>ciando all<span class=\"_ _4\"></span>\u2019assemb<span class=\"_ _4\"></span>lea pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>ta pe<span class=\"_ _4\"></span>r il 1<span class=\"_ _2\"></span>6 april<span class=\"_ _4\"></span>e 2025 l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ssunz<span class=\"_ _4\"></span>ione de<span class=\"_ _4\"></span>lle delib<span class=\"_ _4\"></span>eraz<span class=\"_ _4\"></span>ioni in merit<span class=\"_ _4\"></span>o. </span><span style=\"display:inherit;clear:left;\">Nel co<span class=\"_ _4\"></span>rso d<span class=\"_ _4\"></span>ella me<span class=\"_ _4\"></span>desima s<span class=\"_ _4\"></span>edut<span class=\"_ _4\"></span>a, su prop<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>a del Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nte e con il parer<span class=\"_ _4\"></span>e favorevole d<span class=\"_ _4\"></span>el Comit<span class=\"_ _4\"></span>ato Remune<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni </span><span style=\"display:inherit;clear:left;\">e Nomine<span class=\"_ _4\"></span>, il Consiglio di A<span class=\"_ _4\"></span>mministr<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e ha inoltre as<span class=\"_ _4\"></span>sunto talun<span class=\"_ _4\"></span>e delibe<span class=\"_ _4\"></span>razio<span class=\"_ _4\"></span>ni in materia di caric<span class=\"_ _4\"></span>he sociali, prov<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">vede<span class=\"_ _4\"></span>ndo ad una re<span class=\"_ _4\"></span>dist<span class=\"_ _4\"></span>ribuzio<span class=\"_ _4\"></span>ne delle d<span class=\"_ _4\"></span>eleg<span class=\"_ _4\"></span>he che sar<span class=\"_ _4\"></span>\u00e0 ef<span class=\"_ _4\"></span>fic<span class=\"_ _4\"></span>ace sino all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>indivi<span class=\"_ _4\"></span>duazion<span class=\"_ _4\"></span>e del nuovo A<span class=\"_ _4\"></span>mministrato<span class=\"_ _4\"></span>re </span><span style=\"display:inherit;clear:left;\">Del<span class=\"_ _4\"></span>egato at<span class=\"_ _4\"></span>traver<span class=\"_ _4\"></span>so una rice<span class=\"_ _4\"></span>rca che dov<span class=\"_ _4\"></span>r\u00e0 es<span class=\"_ _4\"></span>se<span class=\"_ _4\"></span>re la pi\u00f9 ef<span class=\"_ _4\"></span>fi<span class=\"_ _4\"></span>ciente ed e<span class=\"_ _4\"></span>ff<span class=\"_ _4\"></span>ic<span class=\"_ _4\"></span>ace pos<span class=\"_ _4\"></span>sibile<span class=\"_ _4\"></span>. <span class=\"_ _44\"></span> In p<span class=\"_ _4\"></span>arti<span class=\"_ _4\"></span>colare, s<span class=\"_ _4\"></span>ono st<span class=\"_ _4\"></span>ate </span><span style=\"display:inherit;clear:left;\">conferit<span class=\"_ _4\"></span>e dele<span class=\"_ _4\"></span>ghe ges<span class=\"_ _4\"></span>tionali al Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nte Ese<span class=\"_ _4\"></span>cutivo Le<span class=\"_ _4\"></span>onardo Fe<span class=\"_ _4\"></span>rragamo, non<span class=\"_ _4\"></span>ch\u00e9 ai Consig<span class=\"_ _4\"></span>lieri Jame<span class=\"_ _4\"></span>s Ferr<span class=\"_ _4\"></span>agamo e<span class=\"_ _4\"></span>d </span><span style=\"display:inherit;clear:left;\">Ernes<span class=\"_ _4\"></span>to Gre<span class=\"_ _4\"></span>co. Rimane c<span class=\"_ _4\"></span>onfermato il supp<span class=\"_ _4\"></span>or<span class=\"_ _4\"></span>to del C<span class=\"_ _4\"></span>omitato Co<span class=\"_ _4\"></span>nsultivo di Pre<span class=\"_ _4\"></span>side<span class=\"_ _4\"></span>nza co<span class=\"_ _4\"></span>mpos<span class=\"_ _4\"></span>to dagli Amminis<span class=\"_ _4\"></span>tratori </span><span style=\"display:inherit;clear:left;\">con de<span class=\"_ _4\"></span>lega e<span class=\"_ _4\"></span>d il <span class=\"ff5f\">Chairman Special Ad<span class=\"_ _4\"></span>visor</span> Miche<span class=\"_ _4\"></span>le Nor<span class=\"_ _4\"></span>sa, co<span class=\"_ _4\"></span>me comunic<span class=\"_ _4\"></span>ato il 3 febbraio 2025<span class=\"_ _4\"></span>.  </span><span style=\"display:inherit;clear:left;\"> <span class=\"_ _1c\"></span>A<span class=\"_ _4\"></span>lla luce de<span class=\"_ _4\"></span>l nuovo ass<span class=\"_ _4\"></span>etto, ai s<span class=\"_ _4\"></span>ensi de<span class=\"_ _4\"></span>lla Racco<span class=\"_ _4\"></span>mandazio<span class=\"_ _4\"></span>ne n. 1<span class=\"_ _2\"></span>3 de<span class=\"_ _4\"></span>l Codice di <span class=\"ff5f ls2b ws132\">Corporate Governance</span> e dell<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>ar<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span>. 5 </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento d<span class=\"_ _4\"></span>el Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>traz<span class=\"_ _4\"></span>ione, \u00e8 s<span class=\"_ _4\"></span>tat<span class=\"_ _4\"></span>a nominata Patriz<span class=\"_ _4\"></span>ia Michela Giangualan<span class=\"_ _4\"></span>o in qualit\u00e0 di <span class=\"ff5f ls0 ws0\">le<span class=\"_ _4\"></span>ad </span></span><span style=\"display:inherit;clear:left;\">inde<span class=\"_ _4\"></span>pen<span class=\"_ _4\"></span>dent dir<span class=\"_ _4\"></span>ec<span class=\"_ _4\"></span>tor<span class=\"_ _1c\"></span><span class=\"ff5c ls0 ws0\">. </span></span><span style=\"display:inherit;clear:left;\">Nella riunion<span class=\"_ _4\"></span>e tenut<span class=\"_ _4\"></span>asi in data 6 mar<span class=\"_ _4\"></span>zo 2025 il Cons<span class=\"_ _4\"></span>iglio di Amminis<span class=\"_ _4\"></span>trazi<span class=\"_ _4\"></span>one, tr<span class=\"_ _4\"></span>a l<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>alt<span class=\"_ _4\"></span>ro, ha<span class=\"_ _1\"></span>: (i) approvato il proge<span class=\"_ _4\"></span>tto </span><span style=\"display:inherit;clear:left;\">di Bilancio di e<span class=\"_ _4\"></span>serciz<span class=\"_ _4\"></span>io al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4, il Bilanci<span class=\"_ _4\"></span>o conso<span class=\"_ _4\"></span>lidato al 3<span class=\"_ _2\"></span>1 dice<span class=\"_ _4\"></span>mbre 202<span class=\"_ _2\"></span>4 e la Re<span class=\"_ _4\"></span>lazio<span class=\"_ _4\"></span>ne degli A<span class=\"_ _4\"></span>mmini<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">str<span class=\"_ _4\"></span>atori sulla ges<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span>e dell<span class=\"_ _4\"></span>\u2019eserci<span class=\"_ _4\"></span>zio 202<span class=\"_ _2\"></span>4, co<span class=\"_ _4\"></span>ntenente l<span class=\"_ _5\"></span>\u2019Informati<span class=\"_ _4\"></span>va di So<span class=\"_ _4\"></span>ste<span class=\"_ _4\"></span>nibilit\u00e0 de<span class=\"_ _4\"></span>l Gruppo F<span class=\"_ _4\"></span>errag<span class=\"_ _4\"></span>amo redat<span class=\"_ _4\"></span>ta in </span><span style=\"display:inherit;clear:left;\">conformit<span class=\"_ _4\"></span>\u00e0 alle nuove disp<span class=\"_ _4\"></span>osizi<span class=\"_ _4\"></span>oni introdot<span class=\"_ _4\"></span>te dalla <span class=\"ff5f\">Corporate Sustainabilit<span class=\"_ _4\"></span>y Rep<span class=\"_ _4\"></span>ort<span class=\"_ _4\"></span>ing Direct<span class=\"_ _4\"></span>ive</span> (\u201cC<span class=\"_ _4\"></span>SRD<span class=\"_ _4\"></span>\u201d<span class=\"_ _4\"></span>), rece<span class=\"_ _4\"></span>pita </span><span style=\"display:inherit;clear:left;\">con il D. Lgs<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>25/202<span class=\"_ _1\"></span>4, e ai principi di re<span class=\"_ _4\"></span>ndicont<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e <span class=\"ff5f\">European Sust<span class=\"_ _4\"></span>ainability Re<span class=\"_ _4\"></span>por<span class=\"_ _4\"></span>ting Standards</span> (\u201c<span class=\"_ _4\"></span>ESR<span class=\"_ _4\"></span>S\u201d<span class=\"_ _4\"></span>) p<span class=\"_ _4\"></span>re<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">dispo<span class=\"_ _4\"></span>sti dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>EFR<span class=\"_ _4\"></span>AG ed emanati dalla Co<span class=\"_ _4\"></span>mmissi<span class=\"_ _4\"></span>one Europe<span class=\"_ _4\"></span>a con il Regolam<span class=\"_ _4\"></span>ento de<span class=\"_ _4\"></span>legato (UE<span class=\"_ _4\"></span>) 2023/<span class=\"_ _2\"></span>; (ii) approv<span class=\"_ _4\"></span>ato </span><span style=\"display:inherit;clear:left;\">la Rela<span class=\"_ _4\"></span>zione sul G<span class=\"_ _4\"></span>overno S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>ario e gli A<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>etti Prop<span class=\"_ _4\"></span>rietar<span class=\"_ _4\"></span>i, relativ<span class=\"_ _4\"></span>a all<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>es<span class=\"_ _4\"></span>ercizio 2024 redatta dalla S<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 ai sen<span class=\"_ _4\"></span>si </span><span style=\"display:inherit;clear:left;\">dell<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>23-<span class=\"_ _4\"></span>bis del TU<span class=\"_ _4\"></span>F; (<span class=\"_ _1\"></span>iii) approvato, con il pare<span class=\"_ _4\"></span>re favorevo<span class=\"_ _4\"></span>le del Co<span class=\"_ _4\"></span>mitato Re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zioni e Nomine<span class=\"_ _4\"></span>, la Rela<span class=\"_ _4\"></span>zione </span><span style=\"display:inherit;clear:left;\">sulla polit<span class=\"_ _4\"></span>ica in materia di re<span class=\"_ _4\"></span>munera<span class=\"_ _4\"></span>zione p<span class=\"_ _4\"></span>er l<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 2025 e sui comp<span class=\"_ _4\"></span>ens<span class=\"_ _4\"></span>i corrisp<span class=\"_ _4\"></span>ost<span class=\"_ _4\"></span>i nell<span class=\"_ _4\"></span>\u2019ese<span class=\"_ _4\"></span>rcizio 202<span class=\"_ _2\"></span>4, p<span class=\"_ _4\"></span>redi<span class=\"ls0 ws0\">-</span></span><span style=\"display:inherit;clear:left;\">spo<span class=\"_ _4\"></span>st<span class=\"_ _4\"></span>a in conformit\u00e0 a quanto pre<span class=\"_ _4\"></span>vis<span class=\"_ _4\"></span>to dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>art<span class=\"_ _4\"></span>. 1<span class=\"_ _2\"></span>23<span class=\"_ _4\"></span>-ter de<span class=\"_ _4\"></span>l TUF<span class=\"_ _1c\"></span>, dall<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 84<span class=\"_ _4\"></span>-<span class=\"_ _4\"></span>quater e dall<span class=\"_ _4\"></span>\u2019<span class=\"_ _2\"></span>A<span class=\"_ _4\"></span>lleg<span class=\"_ _4\"></span>ato 3A, S<span class=\"_ _4\"></span>chema 7-bis </span><span style=\"display:inherit;clear:left;\">del Re<span class=\"_ _4\"></span>golamento CO<span class=\"_ _4\"></span>NSOB n. 1<span class=\"_ _1c\"></span>19<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>9<span class=\"_ _4\"></span>99 e suc<span class=\"_ _4\"></span>ces<span class=\"_ _4\"></span>sive mo<span class=\"_ _4\"></span>dif<span class=\"_ _4\"></span>iche e dell<span class=\"_ _4\"></span>\u2019art<span class=\"_ _4\"></span>. 5 del Co<span class=\"_ _4\"></span>dice di <span class=\"ff5f ls2b wsbc\">Corporate Governance<span class=\"_ _1\"></span><span class=\"ff5c ls0 ws0\"> </span></span></span><span style=\"display:inherit;clear:left;\">delle s<span class=\"_ _4\"></span>ociet<span class=\"_ _4\"></span>\u00e0 quotate; p<span class=\"_ _4\"></span>er approv<span class=\"_ _4\"></span>azion<span class=\"_ _4\"></span>e da part<span class=\"_ _4\"></span>e della succ<span class=\"_ _4\"></span>es<span class=\"_ _4\"></span>siva A<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>sembl<span class=\"_ _4\"></span>ea dei s<span class=\"_ _4\"></span>oci. Si rinv<span class=\"_ _4\"></span>ia per mag<span class=\"_ _4\"></span>gio<span class=\"_ _4\"></span>ri dett<span class=\"_ _4\"></span>agli </span><span style=\"display:inherit;clear:left;\">alla docume<span class=\"_ _4\"></span>ntaz<span class=\"_ _4\"></span>ione me<span class=\"_ _4\"></span>ss<span class=\"_ _4\"></span>a a dispo<span class=\"_ _4\"></span>sizion<span class=\"_ _4\"></span>e sul sito de<span class=\"_ _4\"></span>lla Socie<span class=\"_ _4\"></span>t\u00e0 <span class=\"ff5f\">htt<span class=\"_ _4\"></span>ps:<span class=\"_ _4\"></span>/<span class=\"_ _2\"></span>/g<span class=\"_ _1\"></span>roup.ferragamo.com<span class=\"_ _4\"></span>/it sezion<span class=\"_ _4\"></span>e governance<span class=\"_ _4\"></span>/</span></span><span style=\"display:inherit;clear:left;\">as<span class=\"_ _4\"></span>semble<span class=\"_ _4\"></span>a-<span class=\"_ _4\"></span>degli-<span class=\"_ _4\"></span>azionis<span class=\"_ _4\"></span>ti/2025<span class=\"ff5c ls3 ws5d\">; (iv<span class=\"_ _1\"></span>) delib<span class=\"_ _4\"></span>erato di convo<span class=\"_ _4\"></span>care l<span class=\"_ _4\"></span>\u2019<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>sse<span class=\"_ _4\"></span>mblea o<span class=\"_ _4\"></span>rdinaria e stra<span class=\"_ _4\"></span>ordinari deg<span class=\"_ _4\"></span>li azionis<span class=\"_ _4\"></span>ti di Sal<span class=\"_ _4\"></span><span class=\"ls0 ws0\">-</span></span></span><span style=\"display:inherit;clear:left;\">vatore Fe<span class=\"_ _4\"></span>rragam<span class=\"_ _4\"></span>o S.p<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>. pe<span class=\"_ _4\"></span>r il pross<span class=\"_ _4\"></span>imo 1<span class=\"_ _2\"></span>6 apr<span class=\"_ _4\"></span>ile 2025; e (<span class=\"_ _2\"></span>v) confermato la nomina de<span class=\"_ _4\"></span>l CFO e Dirige<span class=\"_ _4\"></span>nte Prepos<span class=\"_ _4\"></span>to ai </span><span style=\"display:inherit;clear:left;\">docume<span class=\"_ _4\"></span>nti contab<span class=\"_ _4\"></span>ili e societ<span class=\"_ _4\"></span>ari quale Dirige<span class=\"_ _4\"></span>nte Prepo<span class=\"_ _4\"></span>sto all<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>Informativ<span class=\"_ _4\"></span>a di Sos<span class=\"_ _4\"></span>tenibilit<span class=\"_ _4\"></span>\u00e0 per il 2025.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "it",
    "entity": "scheme:5493005GRP0FEE3NRI35",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  }
 }
}