5-2 cofinancing operations - riccardo loi

8/14/2019 5-2 Cofinancing Operations - Riccardo Loi

1/15

M@OEKJKMEKC @QLXJTE@K]

@ooemejn Mòekjkmekc

Bjkenj. :? K`vlbhlx. 8115

Xemmjxd` Nè@ooeml ò Mòekjkmekc @qlxjte`k}

J}ejk Dlvln`qblkt Hjki


2/15

B`d|nlB`d|nl} @|tnekl} @|tnekl

Dloekete`k ò @ooemejnDloekete`k ò @ooemejn MòekjkmekcMòekjkmekc

]`|xml} ò @ooemejn]`|xml} ò @ooemejn MòekjkmekcMòekjkmekc

@ooemejn@ooemejn MòekjkmekcMòekjkmekc ]txjtlcu]txjtlcu

Hlkloet} ò @ooemejnHlkloet} ò @ooemejn MòekjkmekcMòekjkmekc setf JDHsetf JDH

@ooemejn@ooemejn MòekjkmekcMòekjkmekc B`djnetel} jkd Ek}tx|blkt}B`djnetel} jkd Ek}tx|blkt}

M``qlxjte`k O|kd}M``qlxjte`k O|kd}

]lliekc D`k`x]lliekc D`k`x} ]|qq`xt} ]|qq`xt


3/15

@ooemejn@ooemejn MòekjkmekcMòekjkmekc

Oekjkmekc ox`b òoemejn }`|xml}

lvtlxkjn t` tfl qx`glmt }q`k}`x}.

jxxjkcld t` }|qq`xtJDH"j}}e}tld tlmfkemjn j}}e}tjkml.

n`jk qx`glmt} `x qx`cxjb}.

t`cltflx setf JDH} `sk o|kd}


4/15

N`jk Qx`glmt}'N`jk Qx`glmt}'

]`|xml} ò Oekjkml 8114]`|xml} ò Oekjkml 8114""81168116

$3+< henne`k

' Mòekjkmld Q|hnem }lmt`x qx`glmt} knu

'' Ekmn|dl} h`tf òoemejn jkd m`bblxmejn }`|xml}


5/15

Tlmfkemjn J}}e}tjkmlTlmfkemjn J}}e}tjkml

]`|xml} `o Oekjkml 8114]`|xml} `o Oekjkml 8114""81168116

$:+:< henne`k

' ]ekcnl jkd b|nted`k`x tx|}t o|kd} setf henjtlxjn} jkd b|ntenjtlxjn} j}blbhlx}

'' Ekmn|dl} J}ejk T}|kjbe O|kd. Qjie}tjk Ljxtfz|jil O|kd. Mnebjtl MfjkclO|kd.

Xlce`kjn M``qlxjte`k jkd Ektlcxjte`k O|kd


6/15

]`|xml} ò @ooemejn]`|xml} ò @ooemejn MòekjkmekcMòekjkmekc

@ooemejn

b|ntenjtlxjn

henjtlxjn

@ooemejn@ooemejn

b|ntenjtlxjnb|ntenjtlxjn

henjtlxjnhenjtlxjn

@ooemejn@ooemejn MòekjkmekcMòekjkmekc ]txjtlcu]txjtlcu

T` lkfjkml xl}`|xml b`henewjte`k ox`b òoemejn }`|xml} òmòekjkmekcT` lkfjkml xl}`|xml b`henewjte`k ox`b òoemejn }`|xml} òT` lkfjkml xl}`|xml b`henewjte`k ox`b òoemejn }`|xml} òmòekjkmekcmòekjkmekc


7/15

Hlkloet} òHlkloet} ò MòekjkmekcMòekjkmekc setf JDHsetf JDHT` D`k`x}T` D`k`x}

D|l deneclkml ò JDH qx`glmt qx`ml}}ekc jkd ebqnlblktjte`k

Mnljx jkd txjk}qjxlkt qx`m|xlblkt qx`ml}}

JDH} ik`snldcl ò Dlvln`qekc Blbhlx M`|ktxel} &DBM}%

Qxl}lkml ek oelnd setf Xl}edlkt Be}}e`k}

N`kc"tebl m``qlxjte`k jkd m`nnjh`xjte`k setf DBM}

JDH j} mjtjnu}t o`x dlvln`qblkt e}}|l} }` tfjt d`k`x} mjk s`xi setf JDH `k m`bb`kjclkdj}

D|l deneclkml ò JDH qx`glmt qx`ml}}ekc jkd ebqnlblktjte`k

Mnljx jkd txjk}qjxlkt qx`m|xlblkt qx`ml}}

JDH} ik`snldcl ò Dlvln`qekc Blbhlx M`|ktxel} &DBM}%

Qxl}lkml ek oelnd setf Xl}edlkt Be}}e`k}

N`kc"tebl m``qlxjte`k jkd m`nnjh`xjte`k setf DBM}

JDH j} mjtjnu}t o`x dlvln`qblkt e}}|l} }` tfjt d`k`x} mjk s`xi setf JDH `k m`bb`kjclkdj}

Jddete`kjnetu t` xl}`|xml}

Jhenetu t` |kdlxtjil njxcl"}mjnl qx`glmt}

M``xdekjte`k ò ltlxkjn j}}e}tjkml

Jddete`kjnetuJddete`kjnetu t` xl}`|xml}t` xl}`|xml}

Jhenetu t` |kdlxtjil njxclJhenetu t` |kdlxtjil njxcl""}mjnl qx`glmt}}mjnl qx`glmt}

M``xdekjte`k ò ltlxkjn j}}e}tjkmlM``xdekjte`k ò ltlxkjn j}}e}tjkml

T`T`DBM}DBM}


8/15

@ooemejn@ooemejn MòekjkmekcMòekjkmekc B`djnetel}B`djnetel}

N`jk Qx`glmtMòekjkmekc

]tjkd"Jn`klTlmfkemjn J}}e}tjkml

Mòekjkmekc

D`k`xN`jk

HjkiN`jk

D`k`xCxjkt

HjkiN`jk

D`k`xCxjkt

HjkiCxjkt D`k`x

Cxjkt`x


9/15

N`jk Qx`glmtN`jk Qx`glmt MòekjkmekcMòekjkmekcJ+J+ GèktGèkt MòekjkmekcMòekjkmekc

"" Hjki jkdHjki jkd Mòekjkmelx}Mòekjkmelx} clklxjnnu q``n tflex o|kd} t` oekjkml jclklxjnnu q``n tflex o|kd} t` oekjkml j

m`bb`k ne}t ò c``d} jkd }lxveml} o`x tfl qx`glmt}+m`bb`k ne}t ò c``d} jkd }lxveml} o`x tfl qx`glmt}+

"" Mjk hl j n`jk `x j cxjktMjk hl j n`jk `x j cxjkt"" O`nn`s Hjki qx`m|xlblkt c|edlnekl}. j} slnn j} }jolc|jxd q`nemeO`nn`s Hjki qx`m|xlblkt c|edlnekl}. j} slnn j} }jolc|jxd q`nemel}l}

"" Mòekjkmelx}Mòekjkmelx} d` k`t tel tflex o|kd} }ekml JDH klld} t` jdbeke}tlxd` k`t tel tflex o|kd} }ekml JDH klld} t` jdbeke}tlx

tflex o|kd}tflex o|kd}

"" O|nn `x qjxtejn jdbeke}txjte`kO|nn `x qjxtejn jdbeke}txjte`k"" Loolmtld tfx`|cf qx`glmt }qlmeoemLoolmtld tfx`|cf qx`glmt }qlmeoem mòekjkmekcmòekjkmekc jcxllblktjcxllblkt

H+H+ QjxjnnlnQjxjnnln MòekjkmekcMòekjkmekc

"" mjk hl j n`jk `x j cxjktmjk hl j n`jk `x j cxjkt"" h`tf teld jkd |kteld o|kd} mjk hl |}ldh`tf teld jkd |kteld o|kd} mjk hl |}ld

"" o`x teld o|kd}. qx`glmt m`bq`klkt} jxl oekjkmld }lqjxjtlnu |kdo`x teld o|kd}. qx`glmt m`bq`klkt} jxl oekjkmld }lqjxjtlnu |kdlxlx

tfl d`k`xtfl d`k`x} `sk qx`m|xlblkt q`nemel} jkd qx`mld|xl}} `sk qx`m|xlblkt q`nemel} jkd qx`mld|xl}

"" loolmtld tfx`|cf }qlmeoemloolmtld tfx`|cf }qlmeoem mòekjkmekcmòekjkmekc jcxllblktjcxllblkt


10/15

N`jk Qx`glmtN`jk Qx`glmt MòekjkmekcMòekjkmekc

M@OEKJKMEKC M@KMLQT]M@OEKJKMEKC M@KMLQT]

Tuql} òTuql} òJDHJDH }}Jdbeke}txjte`k òJdbeke}txjte`k òmòekjkmekcmòekjkmekc |kdlx n`jk qx`glmt}|kdlx n`jk qx`glmt}

O|nn Jdbeke}txjte`k7O|nn Jdbeke}txjte`k7

JDH qx`vedl} j o|nn xjkcl ò }lxveml}. ekmn|dekcJDH qx`vedl} j o|nn xjkcl ò }lxveml}. ekmn|dekc

qx`m|xlblkt. de}h|x}lblkt. jkd }|qlxve}e`k ò ebqnlblktjte`k+ Tfqx`m|xlblkt. de}h|x}lblkt. jkd }|qlxve}e`k ò ebqnlblktjte`k+ Tfll

mòekjkmelxmòekjkmelx}} o|kd} jxl txjk}olxxld t` jk JDH }qlmejn jmm`|kt `k tflo|kd} jxl txjk}olxxld t` jk JDH }qlmejn jmm`|kt `k tfl

hj}e} ò j qxldltlxbekld }mfld|nl &m`xxl}q`kdekc t` de}h|x}lblkthj}e} ò j qxldltlxbekld }mfld|nl &m`xxl}q`kdekc t` de}h|x}lblkt}%+}%+

JDH de}h|x}l} ox`b et} }qlmejn jmm`|kt jkd qx`vedl} tflJDH de}h|x}l} ox`b et} }qlmejn jmm`|kt jkd qx`vedl} tfl mòekjkmelxmòekjkmelx

setf z|jxtlxnu oekjkmejn }tjtlblkt} jkd qx`cxl}} xlq`xt} `k tflsetf z|jxtlxnu oekjkmejn }tjtlblkt} jkd qx`cxl}} xlq`xt} `k tfl|tenewjte`k ò et} o|kd}+|tenewjte`k ò et} o|kd}+

Qjxtejn Jdbeke}txjte`kQjxtejn Jdbeke}txjte`k77JDHJDH}} }lxveml} m`k}e}t ò qx`m|xlblkt.}lxveml} m`k}e}t ò qx`m|xlblkt.

de}h|x}lblkt. jkd }|qlxve}e`k ò ebqnlblktjte`k+ O`x de}h|x}lblde}h|x}lblkt. jkd }|qlxve}e`k ò ebqnlblktjte`k+ O`x de}h|x}lblkt}.kt}.ts` }lt} ò setfdxjsjn jqqnemjte`k} jxl qxlqjxld hu tfl h`xx`slxts` }lt} ò setfdxjsjn jqqnemjte`k} jxl qxlqjxld hu tfl h`xx`slx

&llm|tekc jclkmu%. `kl }lt ljmf e} }lkt t` JDH jkd tfl&llm|tekc jclkmu%. `kl }lt ljmf e} }lkt t` JDH jkd tfl mòekjkmelxmòekjkmelx..

|q`k sfemf JDH ek}tx|mt} tfl|q`k sfemf JDH ek}tx|mt} tfl mòekjkmelxmòekjkmelx t` de}h|x}l dexlmtnu t` tflt` de}h|x}l dexlmtnu t` tfl

m`ktxjmt`x+ Xlq`xtekc t` tflm`ktxjmt`x+ Xlq`xtekc t` tfl mòekjkmelxmòekjkmelx e} tfx`|cf JDH }tjkdjxde} tfx`|cf JDH }tjkdjxdd`m|blktjte`k+d`m|blktjte`k+


11/15

Bjg`x N`jkBjg`x N`jk MòekjkmekcMòekjkmekc Eketejtevl}Eketejtevl}

MòekjkmelxMòekjkmelx Qx`cxjbQx`cxjb

E}njbem Dlvln`qblkt HjkiE}njbem Dlvln`qblkt Hjki 81168116""81:1 &tfxll uljx}%81:1 &tfxll uljx}%

$8+1 henne`k o`x }`vlxleck qx`glmt}$8+1 henne`k o`x }`vlxleck qx`glmt}C`vlxkblkt ò I`xlj &tfx`|cfC`vlxkblkt ò I`xlj &tfx`|cf

LDMO/ILVEB/IDH%LDMO/ILVEB/IDH%81168116""81:1 &tfxll uljx}%81:1 &tfxll uljx}%

$1+< henne`k o`x }`vlxleck `qlxjte`k}$1+< henne`k o`x }`vlxleck `qlxjte`k}

$=+1 henne`k o`x$=+1 henne`k o`x k`k}`vlxleckk`k}`vlxleck `qlxjte`k}`qlxjte`k}

GHEM/JmmlnlxjtldGHEM/Jmmlnlxjtld MòekjkmekcMòekjkmekc

]mflbl setf JDH &JMOJ%]mflbl setf JDH &JMOJ%81168116""81:= &oevl uljx}%81:= &oevl uljx}%

$8+1 henne`k$8+1 henne`k

EOJDEOJD

&ek qx`cxl}}%&ek qx`cxl}}%

81158115""81:881:8

$=11 benne`k$=11 benne`k


12/15

Oekjkmekc ]tjkdOekjkmekc ]tjkd""Jn`kl Tlmfkemjn J}}e}tjkmlJn`kl Tlmfkemjn J}}e}tjkml

B@DJNETEL]B@DJNETEL]

J+J+ Gèkt jkd Lmn|}evlGèkt jkd Lmn|}evl MòekjkmekcMòekjkmekc

"" |kteld cxjkt} `knu|kteld cxjkt} `knu"" Mòekjkmelx}Mòekjkmelx} d` k`t tel tflex j}}e}tjkmld` k`t tel tflex j}}e}tjkml

"" O`nn`s Hjki qx`m|xlblkt jkd m`k}|ntjkt}O`nn`s Hjki qx`m|xlblkt jkd m`k}|ntjkt}xlmx|etblktxlmx|etblkt

c|edlnekl}c|edlnekl}

H+H+ Qjxjnnln/TeldQjxjnnln/Teld MòekjkmekcMòekjkmekc

"" K`t q`}}ehnl j} m|xxlkt xlc|njte`k} qxlvlkt tfl HjkiK`t q`}}ehnl j} m|xxlkt xlc|njte`k} qxlvlkt tfl Hjki

ox`b jmmlqtekc teld o|kd} t` oekjkml }tjkdox`b jmmlqtekc teld o|kd} t` oekjkml }tjkd""jn`kljn`kl tlmfkemjn j}}e}tjkmltlmfkemjn j}}e}tjkml


13/15

Oekjkmekc ]tjkdOekjkmekc ]tjkd""Jn`kl Tlmfkemjn J}}e}tjkmlJn`kl Tlmfkemjn J}}e}tjkml

EK]TX\BLKT]EK]TX\BLKT]

JJ++ M``qlxjte`k/Tx|}t O|kd}M``qlxjte`k/Tx|}t O|kd}

\kteld o|kd}\kteld o|kd}jdbeke}tlxld hu tfl Hjki t` }|qq`xtjdbeke}tlxld hu tfl Hjki t` }|qq`xt

:+:+ tfltflJDHJDH}} tlmfkemjn j}}e}tjkml &TJ% qx`cxjbtlmfkemjn j}}e}tjkml &TJ% qx`cxjb8+8+ jkd/`x }bjnn m`bq`klkt} ò n`jk qx`glmt} sfemf mjk hl qjmijcld jjkd/`x }bjnn m`bq`klkt} ò n`jk qx`glmt} sfemf mjk hl qjmijcld j} TJ} &e+l+ ekv`nvekc m`k}|ntjkt}%} TJ} &e+l+ ekv`nvekc m`k}|ntjkt}%

=+=+ jkd/`x &eee% ebqnlblktjte`k ò H`jxd jqqx`vld q`nemel} o`x sfemfjkd/`x &eee% ebqnlblktjte`k ò H`jxd jqqx`vld q`nemel} o`x sfemf jnn`mjtld JDH O|kd} bju k`t hljnn`mjtld JDH O|kd} bju k`t hl

lk`|cflk`|cf

M|xxlktnu =1 M``qlxjte`k O|kd} l}tjhne}fld jkd/`x m`ktxeh|tld huM|xxlktnu =1 M``qlxjte`k O|kd} l}tjhne}fld jkd/`x m`ktxeh|tld huJ|}txjnej. Hlnce|b. Mjkjdj.J|}txjnej. Hlnce|b. Mjkjdj.

Dlkbjxi. Oeknjkd. Oxjkml. Exlnjkd. Etjnu. Gjqjk. ]`|tf I`xlj. N|Dlkbjxi. Oeknjkd. Oxjkml. Exlnjkd. Etjnu. Gjqjk. ]`|tf I`xlj. N|lbh|xc. Kltflxnjkd}. Klslbh|xc. Kltflxnjkd}. Kls

Wljnjkd. K`xsju. Ql`qnlWljnjkd. K`xsju. Ql`qnl} Xlq|hnem ò Mfekj. ]qjek. ]sldlk. ]setwlxnjkd. \ketld Iekcd`b} Xlq|hnem ò Mfekj. ]qjek. ]sldlk. ]setwlxnjkd. \ketld Iekcd`b jkdjkd

\ketld ]tjtl}+\ketld ]tjtl}+

\bhxlnnj\bhxlnnjtuql jcxllblkt} m`vlxekc m`|ktxel} jkd }lmt`x qxe`xetel}tuql jcxllblkt} m`vlxekc m`|ktxel} jkd }lmt`x qxe`xetel}

Tlmfkemjn j}}e}tjkmlTlmfkemjn j}}e}tjkml""`xelktld `x tflbjtem`xelktld `x tflbjtem

]ekcnl]ekcnl""d`k`x `x B|nted`k`x `x B|nte""d`k`xd`k`x Jdbeke}txjte`k OllJdbeke}txjte`k Oll

H+H+ Qx`glmt ]qlmeoemQx`glmt ]qlmeoem MòekjkmekcMòekjkmekc

@kl qx`glmt@kl qx`glmt""`kl jcxllblkt hj}e}`kl jcxllblkt hj}e}

Jdbeke}txjte`k OllJdbeke}txjte`k Oll


14/15

]lliekc D`k`x ]|qq`xt]lliekc D`k`x ]|qq`xt

Loo`xt} tfx`|cf D@K@X M@@XDEKJTE@K

Jbqnl }m`ql ek Hjki} Qx`cxjb / Qx`glmt qx`ml}}ekc

Loo`xt} tfx`|cf D@K@X M@@XDEKJTE@KLoo`xt} tfx`|cf D@K@X M@@XDEKJTE@K

Jbqnl }m`ql ek HjkiJbqnl }m`ql ek Hjki} Qx`cxjb / Qx`glmt qx`ml}}ekc} Qx`cxjb / Qx`glmt qx`ml}}ekc


15/15

]lliekc D`k`x ]|qq`xt]lliekc D`k`x ]|qq`xt

5-2 cofinancing operations - riccardo loi

Documents