analisi e modellizzazione degli effetti del vivaio sul bilancio societario

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 ; KBKNEYE M DJLMNNEVVKVEJBM LMCNE M@@M\\E LMN PEPKEJ Y]N OENKBIEJ YJIEM\K_EJ Dkrij _epç M-dken6  dkrijart;58<Gykhjj.et Ebtrjluzejbm Nm sjiemtç ikniesteihm se prmsmbtkbj ijdm mbtetç kiijdubkoene kl kzemblm prj`et. Nk vknutkzejbm lme ijste m lme reikve, nk rmnktevk pjneteik strktmceik, nedpkttj sjieknm, bjbihå pseijnjceij, sue sjccmtte ijebvjnte (ijdprmsm nm `kdecnem lme cejvkbe  prkteikbte), revmstjbj ub rujnj imbtrknm bmnnm simntm mijbjdeihm lme vkre inuo. ]bkbknese ijdpnmtk bjb puÿ pmrÿ prmsieblmrm lkn tmbmr ijbtj le ebbudmrmvjne vkrekoene, spmssj le ikrkttmrm „mdjtevj—, nm qukne ijbtrkllestebcujbj qumstj spmieknm dmriktj m nj rmbljbj ub `mrtenm tmrrmbj pmr pjneteihm cmstejbkne kl hji. „(…) tkbtj peõ reijbjsiekdj nk bkturk errkzejbknm lmnnm rmnkzejbe prmsmbte bmnnubevmrsj ikniesteij, tkbtj peõ bmnnk irmkzejbm le ousebmss bmn smttjrm oesjcbmrç  `kr nmvk sunnm ijdpjbmbte mdjtevm, sunneddkcebm jssek sue `kttjre ebtkbceoene.— Qhttp6//tmse.mprebts.nuess.et/;7;/;/tkdde-tmse.pl`,  pkc. =0T. E ijbsudktjre (j dmcnej „`ruetjre—) bjb sjbj imrtj qumnne „pmr`mttkdmbtm rkzejbkne—  prmse eb ms kdm lmnnk tmjrek mijbjdeik inksseik6 bjb r eimrihekdj pmrtkbtj mq ueneore le jttedj pkrmtekbj, ombsî, djntj peõ vmrjsedendmbtm, kdoekdj kl kvveiebkrie k setukzejbe le  smijbl omst . De prjpjbcj pmrtkbtj le imrikrm le jttedezzkrm cne sikrse lkte ihm sjbj reusietj k rkiijcnemrm, pmr irmkrm ub djlmnnj djntj sihmdkteij, dk ijdubqum ijmrmbtm, lme pjsseoene reikve kbbue prjljtte lk ub vevkej le suiimssj eb ijblezejbe „stkblkrl—. Jvvmrj reimrihmrÿ mnmdmbte rmnkteve k ub kbbj stkblkrl, lmpurkblj en peõ pjsseoenm e lkte lk `kttjre knmktjre, nmckte k ijbceubturm le vkrekbzk  pjsetevk j k smdpne im „`jrtubk bjb repmteoenm—. De ijbimbtrmrÿ eb pkrteijnkrm sun vevkej lmn Okrimnnjbk (nk i.l. ikbtmrk onkucrkbk ) m sun iksj lmn prjljttj peõ rkpprmsmbtktevj lmnnj stmssj6 Nejbmn Dmsse.

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Le società calcistiche si presentano come entità accomunabili ad aziende profit. La valutazione dei costi e dei ricavi, la relativa politica strategica, l’impatto sociale, nonché psicologico, sui soggetti coinvolti (comprese le famiglie dei giovani praticanti), rivestono un ruolo centrale nelle scelte economiche dei vari club.

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5/12/2018 ANALISI E MODELLIZZAZIONE DEGLI EFFETTI DEL VIVAIO SUL BILANCIO SOCIETARIO - slidepdf.com

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G@GCAUA I NMHICCATTGTAM@I HIKCA ILLIXXA

HIC \A\GAM UYC OACG@EAM UMEAIXG_AM

Ngrem _avæ

I.ngac4 ngremjrx7128Fqgbmmax

A`xrmhytam`i

Ci umeaixæ egceauxaebi ua vriui`xg`m emni i`xaxæ geemny`goaca gh gtai`hi vrmlax Cg|gcyxgtam`i hia emuxa i hia raeg|a# cg ricgxa|g vmcaxaeg uxrgxikaeg# c‑anvgxxm umeagci#

`m`ebá vuaemcmkaem# uya umkkixxa ema`|mcxa "emnvriui ci lgnakcai hia kam|g`avrgxaeg`xa!# ra|iuxm`m y` rymcm ei`xrgci `icci ueicxi iem`mnaebi hia |gra ecyo

Y`‑g`gcaua emnvcixg `m` vyÿ virÿ vriuea`hiri hgc xi`ir em`xm ha a``yniri|mca|gragoaca# uviuum ha egrgxxiri –inmxa|m„# ci wygca em`xrghhauxa`kym`m wyiuxm uvieagciniregxm i cm ri`hm`m y` lirxaci xirri`m vir vmcaxaebi kiuxam`gca gh bme 

–"…! xg`xm vañ raem`mueagnm cg `gxyrg arrgtam`gci hicci ricgtam`a vriui`xa

`icc‑y`a|irum egceauxaem# xg`xm vañ `iccg erigtam`i ha oyua`iuu `ic uixxmri oaumk`iræ  lgr ci|g uycci emnvm`i`xa inmxa|i# uycc‑anngka`i muuag uya lgxxmra a`xg`kaoaca.„Zbxxv4--xiuaivra`xucyauuax-767-7-xgnna.xiuavhl# vgk 9<^

A em`uyngxmra "m nikcam –lryaxmra„! `m` um`m eirxm wyicca –virlixxgni`xi rgtam`gca„

vriua a` iugni hiccg ximrag iem`mnaeg ecguuaeg4 `m` raeirebagnm virxg`xm iwyacaora hamxxanm vgrixag`m# oi`uã# nmcxm vañ |irmuanacni`xi# gnoagnm gh g||aea`grea guaxygtam`a ha uiem`h oiux  Na vrmvm`km virxg`xm ha eiregri ha mxxanattgri kca uegruahgxa ebi um`m rayueaxm g rgeemkcairi# vir erigri y` nmhiccm nmcxm uebingxaem# ngemny`wyi emiri`xi# hia vmuuaoaca raeg|a g``ya vrmhmxxa hg y` |a|gam ha uyeeiuum a`em`hatam`a –uxg`hgrh„. M||irm raeirebirÿ icini`xa ricgxa|a g y` g``m uxg`hgrh#hivyrg`hm ac vañ vmuuaoaci a hgxa hg lgxxmra gcigxmra# cikgxa g em`kay`xyri ha |grag`tg vmuaxa|g m g uinvcaei –lmrxy`g `m` ravixaoaci„. 

Na em`ei`xrirÿ a` vgrxaemcgri uyc |a|gam hic Ogreiccm`g "cg eh eg`xirg ocgykrg`g! iuyc egum hic vrmhmxxm vañ rgvvriui`xgxa|m hiccm uxiuum4 Cam`ic Niuua

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Ci em`ecyuam`a ugrg``m a`la`i iuxiui g uaxygtam`a vañ ki`irgca# umxxmca`ig`hm# ha |mcxga` |mcxg# a vgrgnixra ha eya xi`iri em`xm vir lgr uã ebi c‑g`gcaua rauycxa em`uauxi`xi em` ci

|grai rigcxæ uviealaebi G|i`hm hicaoirgxgni`xi ueicxm ha em`ei`xrgrna uy y` nmhiccm

ha uyeeiuum "gc vgra ha wyiccm hic _igc Nghrah m ngkgra hicc‑Gxgcg`xg!# ugræ nag eyrg  vmrna a` y`‑mxxaeg vrixxgni`xi  viuuanauxaeg: m||irm# ha lrm`xi gh guuy`tam`almrxini`xi umkkixxa|i# na emccmebirÿ hgc cgxm –`ikgxa|m„ hicci |grai uxani. Virxg`xm arauycxgxa# a` xirna`a ha rihhaxa|axæ hicc‑a`|iuxani`xm "_MA!# rauycxirg``m ni`ma`emrgkkag`xa ha wyg`xm# gyuvaegoacni`xi# `m` uag`m a` rigcxæ

Ci –iuxir`gcaxæ vmuaxa|i„ 

Cg nmhiccattgtam`i hia raeg|a ebi g`hrÿ g em`erixattgri# `m` xirræ em`xm ha u|gragxaicini`xa geeiuumra# a wygca em`emrrm`m hi lgexm g nakcamrgri ac rauycxgxm iem`mnaemh‑iuireatam. Xgca icini`xa |irrg``m a`emrvmrgxa a` y` vgrgnixrm# ki`iraegni`xihila`aoaci em` ac xirna`i "vrixxgni`xi iem`mnaem! –iuxir`gcaxæ„. Ua xrgxxg a` vrgxaeg halgxxmra ebi em`emrrirg``m gh geeriueiri a raeg|a m g rahyrri "a` iuireata lyxyra! a emuxahiccg umeaixæ em`uahirgxg4 |gcmra ha `m` lgeaci wyg`xalaegtam`i i-m hixirna`gtam`i gca|iccm ha ng`aliuxgtam`i xinvmrgci "|gci g hari uxgoacari em` vrieauam`i g wygcaiuireata vmxirca anvyxgri! Xyxxm eaÿ vyÿ iuuiri emny`wyi anvcini`xgxm# g vgxxm haillixxygri ycxiramra guuy`tam`a vricana`gra i emnvcaegri ac uyhhixxm nmhiccmG wyiuxm vrmvmuaxm# â ei`xrgci xi`ir em`xm hic vmxiri ua`irkaem hicci |grai iuxir`gcaxæ

 vmuaxa|i4 rayuei`hm g uixxgri cg kayuxg lriwyi`tg-a`xi`uaxæ hikca anvycua# kca illixxa  vmuum`m oi`ilaeagri c‑y`m hicc‑gcxrm i geeriueiri cg vrmvrag vmrxgxg. Ac ngrebam# cg

vrmvraixæ hikca uxgha# y` lcmrahm |a|gam "em` em`uikyi`xa oi`ilaea a`harixxa uynirebg`haua`k# gnvcagni`xm hiccg xalmuirag# rghaegni`xm gc xirraxmram iahi`xalaegtam`i umkkixxa|g!# `m`ebá cg vriui`tg ha egnvam`a a` rmug `gxa `iccg eaxxæ a`eya bg uihi cg umeaixæ#  vmuum`m lgri cg halliri`tg a` y`‑mxxaeg ha niham.cy`km viramhm"a` nmhm uanacgri g wyg`xm kaæ g||ai`i `ic nmhiccm a`kciui! Cg umnngxmrag ha wyiuxaicini`xa# ua xrghyei a` y` rauycxgxm halliri`xi g uiem`hg hiccm uviealaem ecyo vrium a`iugni Oguxg# gh iuinvam# em`uahirgri ci halliri`ti g ca|iccm ha ravgrxatam`ikimkrglaeg xrg cg xalmuirag hiccg Dy|i`xyu i wyiccg kagccmrmuug

Xgca iuxir`gcaxæ# virxg`xm# `m` |g``m umcm g lg|mrari umkkixxa xirta "emni ac ui`ummraka`gram hic xirna`i anvcaebiriooi!# ng em`emrrm`m g nakcamrgri cg uaxygtam`i

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iem`mnaeg-vgxranm`agci hic ecyo ha ralirani`xm Uy ha iuui# xyxxg|ag# ua vmuum`ma``iuxgri g`ebi hicci –iuxir`gcaxæ `ikgxa|i„# emni gh iuinvam vmxriooi iuuiri

c‑anvgxxm ulg|mri|mci ebi c‑gccm`xg`gni`xm ha y` ognoa`m bg uyccg lgnakcag m uyc uym

ri`hani`xm uemcguxaem4 virxg`xm# `icc‑g`gcaua# â iuui`tagci ralirarua g y` |a|gamuviealaem# hic wygci ua em`muem`m cg vmcaxaeg umeagci i ci a`xirgtam`a hic virum`gci em` argkgtta uicitam`gxa hga xgci`x uemyx 

Hg `m` xrgueyrgri vma ci |gragoaca geeiuumrai ebi |g``m g egrgxxirattgri ac vgrxaemcgri|a|gam "m a`uaini ha vaeemci i`xaxæ gllacagxi! vrium a` iugni @iccm uviealaem# na uxmraliri`hm gc `mni hiccg umeaixæ umxxmuxg`xi "ac ngrebam# cg em``iuug vrmliuuam`gcaxæ i ci

kgrg`tai guumeagxi   ―  ci wygca bg``m illixxm uyccg |gcyxgtam`i hia ricgxa|a –vrmhmxxa„yuei`xa .! Ac naermemunm ebi# a` y` earemcm |arxymum uegxyri`xi hg y` illaeai`xi vag`mkiuxam`gci# ua havg`g hga uyhhixxa icini`xa oguacgra# em`erixg y` `ym|m nmhiccm haecyo# vañ |aea`m gcci virum`i i gxxi`xm g wyikca icini`xa arrgtam`gca Y` vrmxmxavm a`krghm ha ueg|gri y` umcem ngregxm xrg y`g kiuxam`i vrmaixxgxg gc lyxyrm i y`g–|ieebam.uxgnvm„# cg wygci rymxg gxxmr`m gkca uxgjibmchir vayxxmuxm ebi gccgxalmuirag-gtam`gragxm ha na`mrg`tg 

A |g`xgkka "emnvm`i`xa vmuaxa|i ha rihhaxm i `m` umcm!# vir cg umeaixæ ebi eyrg ac|a|gam# um`m uea`haoaca a` gcni`m xri ngrem.emnvm`i`xa4

  Yxacattgtam`i hia xgci`xymua vrmhmxxa emni kamegxmra-rauir|i hiccg vrang uwyghrg"em` i|ahi`xa oi`ilaea ha rahytam`i hia emuxa ha gewyauxm ha kamegxmra gcxrixxg`xm|gcaha uyc niregxm!

  Eiuuam`i hia kamegxmra gh gcxra xign "vmuuaoacni`xi `m` a` harixxg emnvixatam`i

em` cg umeaixæ eihi`xi!# em` em`uikyi`xa –ngkkamra i`xrgxi„ "uyrvcyu hgc cgxmhia raeg|a a` |arxñ hikca ici|gxa haraxxa vcyrai``gca gcci vriuxgtam`a uvmrxa|i!

  Vriuxaxm hikca uxiuua gh gcxra xign# emuã hg rahyrri c‑illixxm `ikgxa|m

hicc‑a`emnvgxaoacaxæ ha y` xgci`xm hic vrmvram |a|gam em` ac riuxm hiccg uwyghrg.

 a`mcxri vmuuaoaci vriuxgri ac kamegxmri# lgrkca ngxyrgri cg `ieiuugrag iuvirai`tga` lmrngtam`a vrmliuuam`auxaebi halliri`xa i vma ulryxxgrcg y`g |mcxg rai`xrgxa "hi

ayri! a` vmuuiuum hic uym egrxicca`m# mvvyri |i`hircm a` y` uiem`hm xinvm gcecyo ebi cm bg vrium a` vriuxaxm

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A em`xrm vañ anvmrxg`xa um`m hiccg uikyi`xi xavmcmkag4 

  _aci|g`xa emuxa ha kiuxam`i i lmrngtam`i hia xgci`xa

  _auebam ha krg|a a`lmrxy`a meemrua g y` kamegxmri hiccg rmug vrm|i`ai`xi hgc|a|gam# em` em``iuug u|gcyxgtam`i lmrtmug hic kamegxmri uxiuum "a` mxxinvirg`tgga vra`eava AGU-AL_U!

  A kamegxmra vrmhmxxa hgc |a|gam `m` um`m gcxrixxg`xm yxaca ha wyicca gewyauxgxa gh 

bme uyc niregxm# a` wyg`xm ci cmrm egrgxxirauxaebi ly`tam`gca i ac cmrm rymcm"uxgxauxaegni`xi! um`m ni`m ghgxxa gcci iuaki`ti "umuxg`tagcni`xi rakahi! hic

xign kaæ emuxaxyaxm Cg wyg`xalaegtam`i ha xgci icini`xm# |g `ieiuugragni`xiillixxygxg em` ralirani`xm g y` ecyo uviealaem "em`muei`hm`i a nmhyca ghmxxgxahgcci |grai lmrngtam`a kam|g`aca# cg |irugxacaxæ gkkrikgxg hia vaeemca xgci`xa#iee! emny`wyi vmuuaoaci a`emrvmrgri xyxxa wyiuxa lgxxmra `iccg |gragoaci–|gcyxgtam`i hic vrmhmxxm hic |a|gam„ i naxakgrca "uivvyr cai|ini`xi! a` ogui gclgxxmri –vcgungoacaxæ g nm`xi  hic xgci`xm„.  a`lgxxa vi`ugoaci ebi a kam|g`avrgxaeg`xa vmuug`m iuuiri vgrtagcni`xi a`hmxxa "g`ebi `m` iuvcaeaxgni`xi! g

em`lrm`xgrua em` ci iuaki`ti hicci vrang uwyghrg# a` ng`airg xgci hg raeiregri"g`ebi ha vrmvrag |mcm`xæ! ngkkamri vmuuaoacaxæ ha nixxirua a` cyei y`g |mcxg ebi`i g|rg``m c‑meeguam`i. C‑ahigci ugriooi rayueari g kiuxari wyiuxa icini`xa gc la`i ha g|iri hia xignugxiccaxi "kam|g`aca ng `m` xrmvvm! cikkirni`xi uoacg`eagxa a` ly`tam`i hicciiuaki`ti "vriui`xa i vrmuvixxaebi! hiccg vrang uwyghrg

Na vrmvm`km mrg ha g`gcattgri "em`uahirg`hm y` gnvag rguuik`g ha hgxa! kca illixxavgxranm`agca ebi cg vrmhytam`i ha xgci`xa# xrgnaxi |a|gam# bg uyc oacg`eam hiccg umeaixæuvmrxa|g ebi cm kiuxauei

 a`xiriuug`xi `mxgri ebi cg cikki ha Tavl "bxxv4--ax{ajavihagmrk-{aja-Cikki]ha]Tavl ! xrm|g gvvcaegtam`i `icc‑g`gcaua hic |gcmri vgxranm`agci "emni aueraxxm gc oacg`eam! hia

nakcamra kamegxmra a` rmug Ac egnvam`auuanm â uinvri vrinagxm hgccg vcgxig: virxg`xm#

`iccg uxang hicci vcyu|gci`ti vrmhmxxi hgc |a|gam hyrg`xi cg uyg gxxa|axæ lmrngxa|g# uaxirræ em`xm ha wyiuxm Eaÿ â gccg ogui hiccg ueicxg ha hivyrgri ci emnvm`i`xa vmuaxa|i

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ha rihhaxm hiccg Eg`xirg hgccg vgrxaemcgri em`kay`xyrg vmuaxa|g gxxygci i ha uxangr`i araeg|a niha gccg cyei hiccg `mxi|mci |grag`tg a`hmxxg hga li`mni`a  Niuua i  A`aiuxg "iuui`hm wyiux‑ycxanm gc xmv hiccg vrmvrag vgrgomcg ha niregxm!

Emni kaæ g`xaeavgxm# ci anvcaegtam`a umeagca "g`gcattgxi ha uikyaxm! g`hrg``m gemuxaxyari y`g iuxir`gcaxæ "vmuaxa|g-`ikgxa|g a` ogui gc `ixxm hikca illixxa ha `gxyrgumeagci i vuaemcmkaeg hicc‑gxxa|axæ vriueicxg!.  Uyuuauxi xyxxg|ag g`ebi y`g `m`xrgueyrgoaci emnvm`i`xi iem`mnaeg "vguuam`i vir ac kamem ebi vmxræ a` uikyaxmxrghyrua a` uviui gvvg``gkkam hiccg umeaixæ# vyoocaeaxæ vmuaxa|g ra|mcxg gcc‑iuxir`m#iee! Vmuuagnm wya`ha em`ecyhiri ebi# rgkam`i|mcni`xi# y` vrmkixxm meycgxm# ebixai`i em`xm hiccg lmrngtam`i –g xyxxm xm`hm„ hia rgkgtta# hallaeacni`xi vrmhyrræ y`

anvgxxm kcmogcni`xi `ikgxa|m uy xirti vgrxa "ua vi`ua g wyg`xa rgkgtta um`m uxgxa –xmcxa hgccg uxrghg„ krgtai gccm uvmrx i gccg uyg vrmnmtam`i! Y` illixxm a`harixxm `ikgxa|m âvriuumebá uem`kayrgxm `iccg uxrgkrg`hi ngkkamrg`tg hia egua i `m` â hg vri`hiruana`angni`xi a` em`uahirgtam`i `iccm uxyham ha y` iuinvam |arxymum emni wyiccmhiccg eg`xirg ocgykrg`g

Uxrgxikai mvirgxa|i 

Cg vag`alaegtam`i `m` vyÿ ebi rymxgri gxxmr`m g xri egvaugcha4  Kiuxam`i hic rauebam

  Halliri`tagtam`i "umxxm ac vrmlacm g`gkrglaem! ih ici|gxg `ynirmuaxæ ha xiuuirgxa"iuui`hm cg virei`xygci ha lmrxa kamegxmra y`g rahmxxg lrgtam`i hic xmxgci hiavrgxaeg`xa!

  Umcahaxæ vgxranm`agci hiccg umeaixæ "vmuuaoacni`xi emghay|gxg hg y`‑ghikygxg

egvaxgcattgtam`i!# vir lgr lrm`xi g y` a`|iuxani`xm g raxmr`m halliraxm emniwyiccm a` wyiuxam`i

C‑icini`xm egrgxxirattg`xi riuxg c‑ici|gxg uviriwygtam`i# `icci |gcyxgtam`a ha niregxm#ha y` –rahmxxm„ `ynirm ha xmv vcgqir  Eaÿ â y`g harixxg em`uikyi`tg hiccg cikki haTavl# eaxgxg vrieihi`xini`xi4 vir googxxiri cg |grag`tg# mcxri ebi hauvmrri ha y` gnvam|a|gam "i hic em``iuum vgrem kamegxmra!# â `ieiuugram vrmkrgnngri c‑a`|iuxani`xm `ic

cy`km viramhm# umkkixxm# vir uyg `gxyrg# g `mxi|mca lcyxxygtam`a `ic raxmr`m gxxium Acvy`xm ha vgrikkam hiccm uxiuum havi`hi hg emni ua hieahi ha anvmuxgrcm# hgcci uxryxxyriha uyvvmrxm i hgccg cmrm vrmvraixæ Ua hi|i vma em`uahirgri ebi# `ic nmhiccm vriui`xgxm

xrg vmem# cg nguuang wymxgtam`i ha y` kamegxmri –xavm„ â rgkkay` xg gxxmr`m ga ?; g``aha ixæ i ebi a kam|g`a hg uicitam`gri vir ac |a|gam# |irmuanacni`xi# g|rg``m "gcc‑a`atam!

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y`‑ixæ nihag ha 75.78 g``a Ui `i hihyei ebi# emni na`anm# ua hm|rg``m guvixxgri78 g``a vrang ebi ac _MA "uxangoaci lgei`hm ralirani`xm gcci uviui umuxi`yxi 78 g``avrang! vmuug iuuiri egcemcgxm "i xi`hg g uxgoacattgrua! Ac egcemcm hic _MA eya ua â lgxxm

ralirani`xm  vme‑g`ta# vgrxi hgcc‑guuy`xm ebi a emuxa ha lmrngtam`i ha y` kam|g`auuanm

`m` uag`m xrmvvm hallmrna hg wyicca umuxi`yxa vir y` rgkgttm vañ ngxyrm4 wyiuxm âki`irgcni`xi lgcum# ng c‑irrmri rauycxiræ na`anm Oaumk`g a`lgxxa em`uahirgri ebi akam|g`auuana hic |a|gam um`m nmcxa# ni`xri a rgkgtta ebi riuxg`m hmvm a 7;.72 g``a"emnvriua a vrmliuuam`auxa vrmhmxxa! emuxaxyauem`m y`g rahmxxg lrgtam`i hic xmxgciHy`wyi# g`ebi a emuxa ha aueratam`i g oacg`eam "uiem`hm a vra`eava em`xgoaca |aki`xa! cmugrg``m4 uivvyr `m` uag`m xrgueyrgoaca a` ui`um guumcyxm "`icc‑mrha`i ha gcey`i hiea`i

ha nakcagag ha iyrm vir y` kamegxmri ha vrang lgueag!# ui rgvvmrxgxa gcc‑iuakym

wyg`xaxgxa|m ha egnvam`a vrmhmxxm# a`eahirg``m vmebauuanm uycci |gcyxgtam`aemnvciuua|i

Cg eg`xirg ocgykrg`g

Cg eg`xirg hic Ogreiccm`g rgvvriui`xg ui`t‑gcxrm y` iuinvam ha |a|gam xrg a vañ lcmrahai |arxymua Iuug bg vrmhmxxm "i em`xa`yg g ulmr`gri g``ygcni`xi! y` emuvaeymwyg`xaxgxa|m ha kamegxmra vrmliuuam`auxa xyxxmrg a` gxxa|axæ# uya wygca vmxir egcemcgri a

vra`eavgca vgrgnixra uxgxauxaea Eaÿ ea em`ui`xi ha googxxiri cg lcyxxygtam`i uxgxauxaeg ihiuxrgvmcgri y` |gcmr niham "hgc cgxm hia raeg|a! `m` gllixxm hg ici|gxa ngrka`a haa`eirxittgAc |a|gam hic Ogrëg# mcxri g anvmrua emni nmhiccm ha ralirani`xm hgc vy`xm ha |auxgxie`aem i mrkg`attgxa|m# vriui`xg gcxra vy`xa h‑ieeicci`tg i vriuxg nmcxg eyrg gccm

u|acyvvm g xyxxm xm`hm hikca ghmciuei`xa i hia vri.ghmciuei`xa ebi bg a` hmxi4

  A xgci`x uemyx i a uicitam`gxmra ha xgci`xa um`m uinvri gxxi`xa gcci wygcaxæ yng`i 

Y` kryvvm ha ng`gkir `m` xrgueyrg kca uvm`umr "la`m gccg uxgkam`i uemrug# acOgreiccm`g g|i|g mvxgxm vir y` umuxik`m gcc+Y`aeil# ravmrxg`hm`i ac `mni a`krg`hi uyccg ngkcaixxg# ni`xri# `icc‑g``m emrri`xi# ac cmkm ranvaeeamcaxm

–Y`aeil „ â uxgxm uvmuxgxm a` y`‑grig vañ viraliraeg hiccg ngkcag!  A vrivgrgxmra gxcixaea bg``m g hauvmuatam`i mxxana cgomrgxmra ha muuir|gtam`i i

nauyrgtam`i hic /ly`tam`gni`xm lauaem/ hikca gxcixa "xm`aeaxæ nyuemcgri# umcahaxæmuuig# earemcgtam`i hic ug`kyi# raxna ha riuvargtam`i# iee!

  Ac nmhycm ha kamem riuxg uxgoaci# hgcci kam|g`aca gccg vrang uwyghrg  A kamegxmra hiccg vrang uwyghrg ua gcci`g`m g rmxgtam`i em` ci lmrngtam`a

kam|g`aca

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G`gcaua hia kamegxmra # gxxygcni`xi gxxa|a# eriueayxa `ic |a|gam hic Ogreiccm`g 

Ac cmrm |gcmri ha niregxm â ly`tam`i "a` vranau! hiccg vgrxaemcgri uaxygtam`i

em`xrgxxygci hic nmni`xm i a`kcmog y`g uirai ha icini`xa emccgxirgca "emni ghiuinvam kca a`lmrxy`a meemrua# kca geeghani`xa a`lgyuxa a` ki`irgci i g`ebi |gcyxgtam`auxrgxikaem.emnvixaxa|i xrg ecyo ra|gca!

 @icc‑i|i`xygcaxæ ebi a hgxa vir uxangri ac |gcmri ha y` egceagxmri# a` y` hgxm cguum haxinvm# hm|iuuirm ng`egri# ua uyvvcaræ illixxyg`hm y`‑a`xirvmcgtam`i ca`igri xrg ci hyi

|gcyxgtam`a vañ vrmuuani Wygcmrg `inni`m eaÿ rauycxguui vmuuaoaci# ua vrmeihiræguuyni`hm y`g hyrgxg em`xrgxxygci ha ?1 g``a "emrrauvm`hi`xi gccg hyrgxg nihagvm`hirgxg ha y` egnvam`i rgvvriui`xgxa|m ha em`xrgxxa . umxxmueraxxa hga kamegxmra

g`gcattgxa `icc‑gnoaxm hiccg nguuang uirai `iccg wygci bg``m nacaxgxm .!# gc la`i hahivyrgri "uivvyr vgrtagcni`xi! cg wymxgtam`i hgccg emnvm`i`xi cikgxg gc |a`emcm xrgegceagxmri i umeaixæ 

Cg ricgxa|g hauxraoytam`i hic |gcmri ha niregxm a` ly`tam`i hicc‑ixæ# â uxgxg iuxrgvmcgxghgcc‑g`gcaua ha y` egnvam`i rgvvriui`xgxa|m ha kamegxmra "a` ogui ga rymca raemvi rxa! havrang lgueag-xmv vcgqir# hivyrgxm hg li`mni`a a`lcgxxa|a "|gcmra ha niregxmgxxygcattgxa! i ricgxa|a g y` mrattm`xi xinvmrgci niham ha < g``a i 5 niua 

Cg `muxrg uebingxattgtam`i# em`uahirg xyxxg grig umxxiug hgccg eyr|g ebi ahi`xalaeg ac|gcmri ha niregxm raliraxm gcc‑a`xirg |axg uvmrxa|g hic egceagxmri @ic `muxrm nmhiccm#iuug gvvgraræ emni y` auxmkrgnng `mrngcattgxm "g`hgni`xm hauem`xa`ym g krghm`a!Hg wyiuxm auxmkrgnng# egcemcirinm cg |gcyxgtam`i nihag hic kamegxmri gcc‑a`xir`m hic

eaecm ha |axg ha y` –egceagxmri vrmliuuam`auxg xavm„ "hga 72 ga 5< g``a# iuxrina a`ecyua!Xyxxg|ag# kageebá em`uahiragnm umcm c‑ixæ a` eya ac kamegxmri nacaxg a` y`g hicci hyinguuani uirai ha y`m hia nakcamra egnvam`gxa `gtam`gca hic kcmom# `ic uixxgri hicc‑a`xir|gccm `ic wygci a kamegxmra em`uahirgxa raeghm`m# rahyeagnm xgci rg`ki g

Z71# 59^ g``a "iuxrina a`ecyua! Virxg`xm# ni`xri a emillaeai`xa ha vm`hirgtam`i lg``mralirani`xm gcc‑a`xirm eaecm ha |axg hic egceagxmri# cg ravgrxatam`i hia raeg|a gkkrikgxa uyogui g``yg ua lm`hg uy y` mrattm`xi xinvmrgci ha 7; g``a "vai`gni`xi emiri`xi g`ebiem` a hgxa g`gcattgxa!

Gc |gcmri ha niregxm emnvciuua|m# ugræ vma hixrgxxg y`g wymxg vgra gccm 6?) hicxmxgci# gc la`i ha a`kcmogri `iccg uxang g`ebi a emuxa hg auera|iri a` oacg`eam ricgxa|a gakamegxmra gyxm.vrmhmxxa "vrm|i`ai`xa hgc |a|gam hiccg umeaixæ ebi cm kiuxauei! Xgciwymxg â uxgxg uxangxg a` ogui g hgxa rigca "gh iuinvam ci uviui ha kiuxam`i ha y` xmv.

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vcgqir# eriueayxm `ic vrmvram |a|gam i |gcyxgxm ?< nacam`a# vmuum`m iuuiri aueraxxi a`oacg`eam g 99666 iyrm ― emiri`xini`xi em` a vra`eava AGU-AL_U! 7

Cg uyeeiuua|g xgoiccg# em`xi`i`xi a emillaeai`xa ha vm`hirgtam`i raeg|gxa# â ac rauycxgxmhicc‑g`gcaua hicci wymxgtam`a ha niregxm ha y`   vgrem kamegxmra a`emrvmrg`xi 96egceagxmra "uxryxxyrgxm# `ia rymca# emni y`g lmrngtam`i egceauxaeg.xavm   ―  gc la`i harahyrri cg hauerivg`tg xrg ci halliri`xa egrrairi ha kamegxmra anvaikgxa a` ng`uam`ahalliri`xa!A xmv vcgqir em`uahirgxa `iccg rmug um`m4   Rg|a "e!# A`aiuxg "e!# Vyqmc "h!# \gchit "v!# Niuua "g!# Oyuwyixu "e!# Vihrm "g!#

  Dycam Eiugr "v!# Uxg`jm|aeb "e!# Aorgbanm|ae "g!# Xbagkm Uac|g "h!# Xmxxa "g!# Hic

Vairm "g!# Oyllm` "v!# \aiarg "e!# Jcmui "g!# @iuxg "h!# E _m`gchm "g!# Vivi "h!#

 Oi`gxag "h!# Gogxi "h!# Hi _muua "e!# U`iadhir "e!# Bi`rq "g!# Eba|y "h!

Xgoiccg 74 Illixxm hicc‑ixæ uyc |gcmri ha niregxm 

Ixæ "g``a! Emill ha vm`hirgtam`i

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Hm|i`hm em`uahirgri y` g``m.xavm "ki`iraem!# uyvvm`i`hm c‑a`|iuxani`xm g nm`xi 

emuxg`xi `ic xinvm "uxang vir halixxm hiccg rihhaxa|axæ rigci hicc‑a`|iuxani`xm! #xrghyeagnm ci |gcyxgtam`a gxxygca hia kamegxmra a` gxxa|axæ `ic |gcmr niham ha mk`avcgqir hyrg`xi cg egrrairg "ac ricgxa|m emillaeai`xi ha `mrngcattgtam`i emrrauvm`hiræ gc922?595) hicc‑gkkrikgxm!. 

Cg umnng ha xyxxa a |gcmra niha# a`iri`xa ga 5? vrmliuuam`auxa a` gxxa|axæ vrm|i`ai`xahgccg Eg`xirg# hana`yaxg hic ? vir nacci hic xmxgci "a` |arxñ ha wyg`xm hixxm a` ngxiragha aueratam`i a` oacg`eam!# ea lmr`aræ y`g uxang vir halixxm hia raeg|a vrmhmxxa hgc |a|gama` y` g``m.xavm. Eaÿ# uinvri umxxm c‑guuy`tam`i ha a`|iuxani`xa emuxg`xa `ic xinvm

"gcni`m `ikca ycxana ?6 g``a!

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Wygcmrg "`m` â wyiuxm ac egum! c‑gnnm`xgri niham hicci uviui g``yi hg anvyxgrua gc|a|gam# egcemcgxm em`uahirg`hm kca ycxana ?6 g``a# uyvirguui a emuxa gxxygca#c‑a`|iuxani`xm vmxriooi emny`wyi em`lakyrgrua emni y`g ueicxg iem`mnaeg

`ikgxa|g-`m`.vrmlaxxi|mci "uinvri gc `ixxm hicci raci|g`xa iuxir`gcaxæ vmuaxa|i    ― hicciwygca `m` uxagnm xi`i`hm em`xm a` wyiuxg lgui .  hg em`xrgvvmrua gc emuxm.mvvmrxy`axæhikca a`|iuxani`xa gcxir`gxa|a –raxi`yxa uaeyra„ `m` illixxygxa! 

Cg cauxg hia 5? egceagxmra em`uahirgxa "em` gcci uvgcci gcni`m y`g vriui`tg a` y`g hiccihyi nguuani uirai ha y` egnvam`gxm `gtam`gci vrmliuuam`auxaem! â cg uikyi`xi4

 Rg|a#  Egrciu Vyqmc#  \aexmr \gcháu#   G`hráu A`aiuxg#   Cyau Kgreîg#  Lrg`eauem _ylixi# 

  Dmg` \irhô#   Cam`ic Niuua#  Hgnaæ#  Kgora#  Nmbg#  Omdg`#  Uirkam Oyuwyixu#  Kirgrh# 

 Nmbg#  Vihrm#  Erauxag`#  Egrcmu Vi÷g# _moirxm Xrgubmrrgu#   Hg|ah Ogytç#  Gcoirx 

 Hmreg#  Nakyi#  Xm`a Nmrgc#   Ccyau Uguxri#   Diuôu Xgxm#   Ngre \gcai`xi#   Dmuá Ng`yic

Egughm#   Diuôu Mcnm#  Mramc _airg#  Licavi Ug`ebõ`#   Dm`gxbg` hmu Ug`xmu#  [gcxir 

Lir`ç`hit# Ngrxî` Nm`xmqg 

Xgoiccg ?4 _aeg|a g``ya gxxiua vir kamegxmri

\gcmri gxxygci Ixæ "g``a! Emill Vm`h \gcmri niham

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Vmaebá uxagnm em`uahirg`hm y` eiuvaxi egrgxxirattgxm hg y`g hyrgxg gxxiug ha 7; g``a#hmooagnm uvgcngri cg `muxrg vcyu|gci`tg uycc‑a`xirm cguum ha xinvm em`uahirgxm. A`

rigcxæ oaumk`iriooi gxxygcattgri kca a`|iuxani`xa a`atagca umuxi`yxa vir mxxi`iri acrauycxgxm mhair`m# ra|gcyxgxa hic ngrka`i niham ha vrmlaxxm guumeagxm gh gxxa|axæiem`mnaebi raxi`yxi uaeyri# gc la`i ha vir|i`ari g y`g uxang vañ gxxi`haoaci hic vrmlaxxmillixxa|m "gc `ixxm hic emuxm mvvmrxy`axæ!. Em`uahirg`hm c‑a`|iuxani`xm emuxg`xi `ic

xinvm# vmuuagnm lgri g ni`m ha illixxygri wyiuxm gkkayuxgni`xm i em`lrm`xgriuyeeiuua|gni`xi ac _MA uxangxm em` ac ngrka`i gxxium ha gcxra "avmxixaea! a`|iuxani`xagcxir`gxa|aVirxg`xm# a raeg|a niha g``ya hiccg Eg`xirg "hivyrgxa hg em`kay`xyri gcigxmrai! um`m

vgra g 

≂7;59 nacam`a ha iyrm Ui mrg xi`agnm em`xm "hgc cgxm hia emuxa!

hicc‑m`iri ricgxa|m gcc‑aueratam`i a` oacg`eam hia kamegxmra vrmhmxxa a` cmem#gvvrmuuangxm vir ieeiuum gccm 6?)# mxxi`agnm y` a`xrmaxm g``ym ha vmem uyviramri ga7;5 nacam`a

G wyiuxg umnng g`hrg``m vma gkkay`xi ci |grai iuxir`gcaxæ vmuaxa|i vir ac ecyo# emnici geeriueayxi i`xrgxi uegxyri`xa hg vyoocaeaxæ harixxg i a`harixxg "hikca i.vrgxaeg`xaaueraxxa gcci ueymci egceam# vguugvgrmcg# lihicxæ gccg umeaixæ vir cg wygci ua â uxgxaxiuuirgxa hg vaeemca# iee! Xgci |gcmri â hallaeacni`xi wyg`xalaegoaci# ng rgvvriui`xgemny`wyi y` anvmrxg`xi uyrvcyu hg em`uahirgri `icci ueicxi uxrgxikaem.kiuxam`gca

Xi`agnm vma em`xm hia kamegxmra ebi `m` bg``m nacaxgxm `icci hyi egxikmrai ngkkamra#ng ebi bg``m em`xraoyaxm ga uyeeiuua "cmegca i `m`! hicci uwyghri kam|g`aca i emuã |agVmuuagnm xrg`wyaccgni`xi –grrmxm`hgri„ ac vrieihi`xi |gcmri hia raeg|a niha vrmhmxxahgc |a|gam g 72 nacam`a g``ya

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Vi`uagnm wya`ha gc uyrvcyu hira|g`xi hg y`g ueymcg a`xir`g ha lmrngtam`igvvg``gkkam hiccg krg` vgrxi hia xie`aea hic |a|gam4 ci i`xrgxi eriuem`m ycxiramrni`xi

G eaÿ |g vma gkkay`xg c‑iuxir`gcaxæ ha egrgxxiri –umeagci„# eirxgni`xi vmuaxa|g# a` hmxiga rgkgtta aueraxxa "uxyham vgkgxm# |axg ug`g# mxxanm nmhiccm ihyegxa|m! i cg em``iuugerigtam`i ha vmuxa ha cg|mrm "gcni`m 96 ?!: ui`tg em`xgri ac |gcmri hikca annmoaca `iawygca a rgkgtta |a|m`m i gccmkkag`m. Wyiux‑ycxanm icini`xm â a`kcmogxm gcc‑a`xir`m hia79 nacam`a hia emuxa xmxgca ebi |i`km`m ravmrxgxa hgcci lm`xa 5

  i ebi guuynirinm emnixmxgci hicci gcxri emnvm`i`xa `ikgxa|i ha rihhaxm# `m` vrieihi`xini`xi em`xgoacattgxiHy`wyi# ua mxxai`i ha uaeyrm y` _MA vmuaxa|m i ac nmhiccm hiccg eg`xirg ocgykrg`gmhair`m rauycxg emuxg`xini`xi a` gxxa|m "`m`muxg`xi cg |grag`tg raci|g`xi!

C‑iuomrum umuxi`yxm hgccg umeaixæ vir cg lmrngtam`i i cg uemvirxg hia xgci`xa# gc wygciugriooi mvvmrxy`m ralirarua# â wyiccm ricgxa|m gcc‑g``gxg 7112.7111# kageebá c‑ixæ

nihag hic vgrem kamegxmra gyxm.vrmhmxxm â ha ?;2 g``a i a rgkgtta "guvarg`xaocgykrg`g! hic |a|gam bg``m y`‑ixæ nihag ha 79 g``a uegrua Gccg la`i hiccm uemrumnacci``am# a emuxa umuxi`yxa irg`m `ixxgni`xi a`liramra ga eareg 79 nacam`a g``yamhair`a: virxg`xm â cgvgcauuag`m ebi ac _MA hicc‑a`|iuxani`xm uag `mxi|mcni`xi

uyviramri gc ?6) "

$766! uxangxm a` vrieihi`tg

Ac |a|gam# a`mcxri# erig |gcmri gkkay`xm vir xyxxm c‑i`xmyrgki4 uag cg umeaixæ ebi ac

kamegxmri `i xrgkkm`m oi`ilaeam Y` lcmrahm |a|gam rgvvriui`xg g`ebi y`g kgrg`tagvir kca uxgjibmchir i y` uik`gci erauxgcca`m ha anvik`a g cy`km xirna`i# a wygca `m`vmuum`m ebi lmr`ari eirxitti gkca a`|iuxaxmra- gtam`auxa 8

_aguuyni`hm# ci iuxir`gcaxæ vmuaxa|i eaxgxi vmuum`m iuuiri haugkkrikgxi uag a` oguigcci egxikmrai ha umkkixxa ebi `i oi`ilaeag`m# uag g uiem`hg hikca icini`xa hia wygca

|g``m gh geeriueiri ac |gcmriUmkkixxa4 a kam|g`a hic |a|gam# ci ricgxa|i lgnakcai# c‑i`xmyrgki "`ym|a vmuxa ha cg|mrmerigxa!# cg umeaixæ. Wyiux‑ycxang xrgi vrmlaxxm gxxrg|irum ci uikyi`xa emnvm`i`xa4ngrebam umeaixgram "geeriueani`xm hic |gcmri hic ngrebam uxiuum!# raxmr`a a`harixxa i g

? Ac xmxgci hia rgkgtta aueraxxa `ic |a|gam hic Ogreiccm`g "75.7; g``a! â ha ?76 y`axæ "ravgrxaxa a` 75 lmrngtam`a!#ni`xri a ninora hiccm uxgll xie`aem "gcci`gxmra# muuir|gxmra# nguugkkagxmra i haraki`tg! um`m eareg 96 5 bxxv4--{{{kgttixxgax-Egceam-Iuxirm-Cakg-77.65.?677-|agkkam.eg`xirg.ocgykrg`g.2688781?178ubxnc

8 Y`‑g`gcaua hicci ricgtam`a xrg ci |gragoaca em`uahirgxi â vriui`xi wya4bxxv4--j`yuxgeghinagihy-Inng`yicMjmb-Vgviru-7698892-Xbi]\gcygxam`]ml]Byng`]Egvaxgc]a`]xbi]Lmm

xogcc]Vcgqir]Xrg`ulir]Ngrjix  

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  vmuxiramra ha `gxyrg vyoocaeaxgrag `m`ebá h‑anngka i# gnvcagni`xm hic `ynirm hiaxalmua i hia umea ha na`mrg`tg "`ic egum hicci umeaixæ wymxgxi! 9

Ac egum ha Cam`ic Niuua emuxaxyauei y` iuinvam ha iuxir`gcaxæ vmuaxa|g gvvg``gkkamhic kamegxmri# uag umxxm c‑guvixxm ugcyxauxaem# uag vir a |g`xgkka hgc vy`xm ha |auxg hiccglmrngtam`i uemcguxaeg icini`xgri# `m`ebá hiccg ngxyrgtam`i egrgxxiragci"c‑a`uirani`xm `iccg uxryxxyrg em`xraoyauei a`lgxxa g xi`iri cm`xg`a a kam|g`a hgccg hrmkgi hgcci gcxri vagkbi kam|g`aca# ha|yckg`hm y`m uxaci ha |axg ug`m i rauvixxmum hiccirikmci!Cg |aei`hg a` wyiuxam`i "i c‑guuauxi`tg hic Ogrëg vir ci eyri gc xgci`xymum

ghmciuei`xi! â gcxriuã inocingxaeg umxxm ac vrmlacm hicc‑anvmrxg`tg hic–rgeem`xgri-|i`hiri y`g uxmrag ha uyeeiuum-rauegxxm umeagci„. A` wyiuxm â ei`xrgci ac

lgxxm ebi ac egceagxmri vrm|i`kg hgc |a|gam i vmuuaoacni`xi ebi uag eriueayxm `iccg eaxxæhic ecyo kiuxmriNiuua# vyr `m` iuui`hm ha `gtam`gcaxæ uvgk`mcg# a`egr`g y`g uxmrag ha uyeeiuum i harauegxxm umeagci: ci uyi |aeauuaxyha`a vguug`m vir cg eyrg ha y` vrmocing ha ugcyxi#virnixxi`hm gc ecyo ocgykrg`g ha lgri y`g oiccauuang lakyrg Mrg cg uyg kakg`xmkrglag#guuaini g wyiccg ha gcxra egnvam`a gyxm.vrmhmxxa "Rg|a# A`aiuxg# iee!# egnvikkag uyccm

uxgham `ic wygci ua gcci`g`m xyxxi ci uicitam`a hic |a|gamCi em``iuui iuxir`gcaxæ vmuaxa|i um`m xg`xm vañ lmrxa wyg`xm vañ cg umeaixæ bg y`gxalmuirag rghaegxg `ic xirraxmram "ravri`hi`hm c‑iuinvam lgxxm a` gvirxyrg# cg xalmuiragrmng`auxg cm â nmcxm vañ ha wyiccg dy|i`xa`g! Lm`hgni`xgca# g xgc vrmvmuaxm# rauycxg`mac –em`xgxxm harixxm„ em` a xalmua i ac hiuahiram ha inycgtam`i hikca uxiuua4 wyicciemnvm`i`xa inmxa|i ebi em`xraoyauem`m gh geeriueiri `mxi|mcni`xi ac |gcmri hic vrmhmxxm –egceam„ "iuui`tagcni`xi a`ei`xrgxm uycci emnvixatam`a kamegxi!

Ci rixraoytam`a hia xmv.vcgqir uiem`hm cg cikki ha Tavl  

Xgci rikmcg invaraeg vmxriooi iuuiri |iralaegxg "i.vmux!# gh iuinvam# em`uahirg`hmy` hgxm hrglx hicc‑@OG  "ac rg`ja`k hia kamegxmra ueicxa a` wyicc‑g``gxg! i ci

rixraoytam`a ha wyia kamegxmra gcc‑a`xir`m hia |gra xign @OG  -@OG H.Cigkyi g hyig``a ha hauxg`tg Eaÿ virnixxiriooi ha mxxi`iri y` eraxiram rigcauxaem vir uxangri cg|grag`tg illixxa|g hic |gcmri gkkrikgxm hic vgrem kamegxmra vrmhmxxm hgc |a|gam ha y`

ecyo ha egceam Ac vgrgccicaunm â ycxiramrni`xi rgllmrtgxm hga riei`xa u|acyvva a` gnoaxm9 bxxv4--xiuaivra`xucyauuax-767-7-xgnna.xiuavhl 

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egceauxaem `gtam`gci g ca|iccm cikaucgxa|m "ui`xi`tg Omctng`! i hicc‑a`ki`xi wymxg "a`

xirna`a ricgxa|a! hia haraxxa xici|aua|a "vgq X\! uykca a`xrmaxa umeaixgra Cgkcmogcattgtam`i-a`xir`gtam`gcattgtam`i hia niregxa# mcxri g lg|mrari c‑gyni`xm hicci

rixraoytam`a hia kamegxmra# lg g`ebi uã ebi wyicci hia egceagxmra xi`hg`m gh guuyniriy`g uxryxxyrg "hauxraoytam`i! uanacgri rauvixxm gkca inmcyni`xa hia eiuxauxa @OG# uyawygca illixxygri c‑g`gcaua a`iri`xi gccg cikki ha Tavl Â lgeacauuanm ri`hirui`i em`xm muuir|g`hm cg hauxraoytam`i hia |gcmra ximraea haniregxm hia nakcamra 96 xmv.vcgqir "lmrxauuangni`xi emrricgxa gcci cmrm rixraoytam`a!4bxxv4--{{{uvmreciemn-kgniu-Hii|ai-vcgqir.ngrjix.|gcyi 

Hallaemcxæ `iccg wyg`xalaegtam`i hia emuxa

Vrmvmrri uxani uanacgra g wyicci illixxygxi vir raeg|a# hgc cgxm hia emuxa "gc la`i hauxangri cg rihhaxa|axæ gxxiug hicc‑a`|iuxani`xm# ac origj .i|i` vma`x# i kca gcxra icini`xaoguacgra vir illixxygri ugkki ueicxi iem`mnaebi!# `m` â gc nmni`xm vmuuaoaci Eaÿ gegyug hicc‑anvmuuaoacaxæ ha rivirari hgxa uyllaeai`xa i gxxi`haoaca.

A` rigcxæ# ci egrgxxirauxaebi lauamcmkaebi hic |a|gam "g`ebi umxxm hgc vy`xm ha |auxgkayrahaem!# ea virnixxiriooirm ha a`kcmogri xyxxa a emuxa ha uxryxxyrg a` y`‑y`aeg

|gragoaci# ui`tg oaumk`m ha haugkkrikgr`i ci |mea m ha ralirarca gcci ua`kmciemnvm`i`xa La`kagnm virxg`xm ha a`emrvmrgrca `iccg |gragoaci –Eu„ "g|ræ uik`m ni`m#gki`hm `ikgxa|gni`xi uyc rihhaxm!Gccm uxiuum nmhm# a`uiragnm a` y`‑y`aeg |gragoaci a raci|g`xa emuxa cikgxa gc vgkgni`xm

hikca uxavi`ha ha kamegxmra i xie`aea Vir ac `muxrm nmhiccm ogui# em`uahiragnm wyiuxm|gcmri emuxg`xi i a`haebagnmcm em` –Ei„ "xmxgci hikca inmcyni`xa cmrha cikgxa gc|a|gam! Vri`hagnm a` iugni ac hgxm g``ygci# `m`muxg`xi kca uxavi`ha hic virum`gciuag`m cawyahgxa ni`uacni`xi

G wyiuxm vy`xm# ugrinnm lgeacni`xi a` krghm ha uxangri ac rauycxgxm iem`mnaemh‑iuireatam "gxxium!# uyccg ogui hia emuxa lauua "Eu! i ha wyicca |gragoaca "Ei!Vyrxrmvvm# c‑y`aem hgxm ha eya hauvm`km gc nmni`xm# a`iri`xi gcci emnvm`i`xa`ikgxa|i ha rihhaxm# â cg kaæ eaxgxg uxang gkkrikgxg "emnvri`ua|g hikca gnnmrxgni`xa!

hicci uviui xmxgca cikgxi gc |a|gam ocgykrg`g4 eareg 79 nacam`a ha iyrm hg raliraruagcc‑g``m umcgri ?676 "bxxv4--{{{kgttixxgax-Egceam-Iuxirm-Cakg-77.65.?677-|agkkam.

eg`xirg.ocgykrg`g.2688781?178ubxnc!

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A` y`‑g`gcaua vañ geeyrgxg i m``aemnvri`ua|g# ua hm|riooi xi`iri em`xm hicci uikyi`xauviealaebi4 vra`eava AGU-AL_U i egcaorgxg aueratam`i g oacg`eam hia kamegxmragyxm.vrmhmxxa "em`uahirg`hm vma cg vmuuaoacaxæ ha |gcyxgri ci vriuxgtam`a vcyrai``gca hiakamegxmra uiem`hm ac nixmhm hic lgar.|gcyi# ra|gcyxg`hm a xgci`xa ebi rgkkay`km`m cgrmug hiccg vrang uwyghrg!# uxrgxikai a`xir`i "ui emnvrm y` kamegxmri uxrgvvg`hmcm gy`g ra|gci harixxg# mxxi`km y` |g`xgkkam ycxiramri  ―  ximrag hia kameba emnvixaxa|a iha`gnaebi hmna`g`xa .!# eaecm ha |axg ha y` kamegxmri.xavm haugkkrikgxm a` ogui gcrymcm raemvirxm i ricgxa|g nmhiccattgtam`i# egcemcm hiccg |grag`tg "i hikca gcxra

anvmrxg`xa a`haea uxgxauxaea! guumeagxg gcc‑gcigxmraixæ hiccg uemvirxg ha y` xmv vcgqir "uavi`ua g Niuua i gc uym |gcmri uviriwygxm rauvixxm gccg nihag hikca gcxra kamegxmravrmliuuam`auxa yueaxa hgc |a|gam hic Ogreiccm`g!

Y` vgrgnixrm a`xiriuug`xi "g`ebi ui nmcxm vgrtagci i gllixxm hg i`mrna irrmra `iccguxang!# vir |gcyxgri c‑anvik`m ha y` ecyo ha |irxaei `iccm u|acyvvm hic vrmvram |a|gam#

â ac rgvvmrxm xrg ac |gcmri gkkrikgxm ha xyxxi ci lmrngtam`a kam|g`aca "ha ca|iccma`liramri! kiuxaxi hgccg uxiuug umeaixæ uvmrxa|g i wyiccm hiccg nguuang uwyghrg <

Gc la`i ha mxxi`iri y` a`haei vañ ua`xixaem# bm vriliraxm nmcxavcaegri ac rauycxgxm vir 766"vguug`hm ga |gcmra virei`xygca!E‑â virÿ hg vrinixxiri ebi# `iccg cauxg uikyi`xi# `m` um`m ni`tam`gxi gcey`i xrg civañ anvmrxg`xa umeaixæ iyrmvii# emni ac Oi`laeg i umvrgxxyxxm ac _igc Nghrah "ac ecyo a`guumcyxm vañ |a`ei`xi `icci emnvixatam`a YILG!: eaÿ g egyug hicc‑anvmuuaoacaxæ harivirari hgxa uyllaeai`xa vir egcemcgri ac ricgxa|m a`haei A` vgrxaemcgri# ac |gcmrigkkrikgxm "ximraem! hiccg vrang uwyghrg hic _igc â xrg a vañ gcxa gc nm`hm "oi` 957nacam`a ha iyrm!# ni`xri cg uyg eg`xirg g``m|irg y`g lmrngtam`i "_igc Nghrah

Eguxaccg! nacaxg`xi `iccg xirtg ha|auam`i uvgk`mcg Vrmvram vir wyg`xm em`eir`i cguyhhixxg eg`xirg# ua vmuum`m iuvmrxgri cg ngkkamr vgrxi hicci |gcyxgtam`a i hiaemnni`xa lgxxa vrieihi`xini`xi g vrmvmuaxm ha wyiccm hic Ogrëg Ci vra`eavgcahalliri`ti i vieycagraxæ ugrg``m i|ahi`tagxi xrg vmem# `iccg uitam`i hivyxgxg gaem`lrm`xa xrg a |a|ga hia vra`eavgca Ecyo iyrmvia 

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Meemrri vrieaugri ebi# `iccg uxang hic |gcmri hicci lmrngtam`a kam|g`aca# ua xi`km`m umcgni`xi a`em`uahirgtam`i ci wymxgtam`a "nmcxm anvrieaui! hia egceagxmra vañ lmrxa# kca gcxra |i`km`m xrgueyrgxa Eaÿ `m` lgebi geyari ac ha|gram xrg ci lmrngtam`a vañ lmrxa i ci gcxri 

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Ieem a hgxa ricgxa|a g ?6 xmv.ecyo iyrmvia4

A`xir4 "9966666-?95166666!$766≂?7;) 

Nacg`4 "58;9666-?<?566666!$766≂75?) Ogreiccm`g4 "56166666-<68766666!$766≂97?) 

_mng4 "8?;9666-7<9?66666!$766≂?91) 

Cgtam4 "?<?9666-19596666!$766≂?;9) 

Yha`iui4 "7296666-77?;66666!$766≂7<8) 

Ogqir` Nm`gem4 "96?9666-559896666!$766≂796) 

Ng`ebiuxir Y`axih4 "7696666-855966666!$766≂6?8) 

@gvmca4 "1?9666-718966666!$766≂682) 

Uebgcji 684 "71?9666-75?;96666!$766≂789) 

Omryuuag Hmrxny`h4 "?996666-7;6196666!$766≂781) 

Nm`gem4 "96?9666-559896666!$766≂796) 

Mcqnvawyi Cam`i4 "7?66666-799966666!$766≂6;;) 

Gdg Gnuxirhgn4 ";666666-1;596666!$766≂;71) 

VU\ Ia`hm|i`4 "966666-22?96666!$766≂69;)Mcqnvawyi Cam`i4 "7796666-799966666!$766≂6;8)

Gxgcg`xg4 "79?9666-9<;66666!$766≂?<1)

Dy|i`xyu4 "8<?9666-?97;66666!$766≂728)

Ebicuig4 ";<;9666-8?;666666!$766≂726)

Ca|irvmmc4 "7<66666-?88666666!$766≂6<<)

A` wyiuxg uvieagci ecguualaeg# uvaeeg`m Gdg i Ogreiccm`g# ng wyiux‑ycxang rauycxg hakrg` cy`kg cg umeaixæ ha xiuxg vir wyg`xm em`eir`i ac hgxm guumcyxm "wygua 57 nacam`a haiyrm!

A` em`ecyuam`i# â guxrgxxgni`xi vmuuaoaci uxangri a` 78.?6 g``a cg cy`kbittg hicviramhm `ic wygci a emuxa |gragoaca "xmxgca! umuxi`yxa vmuum`m# gyuvaegoacni`xi# iuuiriikygkcagxa hga raeg|a "xmxgca!# `icc‑avmxiua ha y` vrmkixxm ha u|acyvvm |arxymum i a`

guui`tg ha lmrxa lcyxxygtam`a gcigxmrai `ikgxa|i "`m` xi`i`hm em`xm hicci iuxir`gcaxævmuaxa|i! Eaÿ em` uviealaem ralirani`xm g y` |a|gam ebi ua em`ei`xrg uya kam|g`auuana"ixæ xrg a 75 i a 79 g``a!. Ac raxmr`m vai`m hicc‑a`|iuxani`xm "_MA uxgoaci! â xyxxg|ag hg

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ralirarua gcc‑a`xirm vcyu|gcmri vrmhmxxm hg y` xgci`xm eriueayxm a` cmem hyrg`xi c‑a`xirg egrrairg vrmliuuam`auxaeg4 y` grem xinvmrgci ebi# a` gcey`a egua# vyÿ ulamrgri a ?9 g``a"g vgrxari hgc nmni`xm `ic wygci a xgci`x uemyx c‑bg``m `mxgxm!. Â hy`wyi wyiuxm ac

`ynirm ha uxgkam`a uycci wygca uxangri emrrixxgni`xi ac rauycxgxm iem`mnaemh‑iuireatam "i cg em``iuug rihhaxa|axæ hic egvaxgci gc cmrhm hicci |grai iuxir`gcaxæ!

Em`lrm`xm xrg ci vmcaxaebi uxrgxikaebi hia vra`eavgca

Ecyo iyrmvia

G`hagnm mrg g um`hgri gcey`a hia nmhicca cmkauxaea ebi em``mxg`m ci vra`eavgca umeaixæegceauxaebi hic \ieebam Em`xa`i`xi# lmegcattg`hm c‑gxxi`tam`i uya vy`xa ha lmrtg i ha

hiomcittg ha mk`y`g ha iuuiNi`xri ac Nacg` lg hiccg uxryni`xgtam`i h‑g|g`kygrhag hia uyma cgomrgxmra# hiccg

xie`mcmkag i hicc‑gvvrmeeam ueai`xal aem y`m hia lamra gcc‑meebaiccm hiccg vrmvrag vmcaxaeg

kiuxam`gci "vriuxg`hm nmcxg gxxi`tam`i gccg xyxicg hiccg nyuemcgxyrg hikca gxcixa# gccmuxgxm ha lmrng i gcci vriuxgtam`a gxcixaebi!# ac _igc Nghrah# hg nmcxauuana g``a#xrgunixxi y` |irm i vrmvram uxaci ha |axg Ua |g emuã hgc lmrxauuanm gxxgeegni`xm gccgngkcag# kaæ rghaegxm `iccg vuaebi hia kam|g`auuana# gccg lacmumlag hic oym` kamem i hic vmuuiuum vgccg# gc la`i ha anvmrri uycc‑g||irugram cg vrmvrag uyvringtag xie`aeg# gccgni`xgcaxæ |a`ei`xi ebi em`xrguuik`g ac ecyo vañ xaxmcgxm h‑Iyrmvg.

Ci uanacaxyha`a xrg cg eg`xirg hia ocg`emu i wyiccg ocgykrg`g um`m nmcxivcaea4 hgc`ynirm hicci lmrngtam`a –ugxiccaxi„ "oi` 75! gccg vriliri`tg# hg vgrxi hicci `yxraxi

uebairi ha xgci`x uemyx# vir a rgkgtta eriueayxa `iccg uxiuug eaxxæ hiccg uwyghrg#hgcc‑anvmrxg`tg hiccm uxyham# hiccg haueavca`g i hiccg eriueaxg yng`g hia vri.ghmciuei`xa gccg em`ha|auam`i hicci vra`eavgca "i g|g`kygrhauxaebi! uxryxxyrih‑gcci`gni`xm xrg gccai|a i vrmliuuam`auxa Wyiuxg  lmrng ni`xau "ebi emnvri`hi vyricg eyrg eirxmua`g hia lm`hgni`xgca! â vriui`xi g`ebi `iccg uwyghrg `gtam`gci uvgk`mcgi egrgxxirattg c‑gxxygci nmhiccm aoiraemY` gcxrm icini`xm anvmrxg`xi hgccg eg`xirg nghraci`g# â rgvvriui`xgxm hgcci meeguam`aem`eiuui hgc ecyo vir virnixxiri gkca guvarg`xa xgci`xa ha umxxmvmrua gc kayhatam hia

xgci`x uemyx# a emuahhixxa –xragcu„.  Hg wyiux‑gngckgng ha uyeeiuum um`m lamraxa

egnvam`auuana a` mk`a rymcm "emni ac vmrxairi Eguaccgu# a hali`umra _gñc Gcoamc# Uirkam

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_gnmu i Çc|grm Groicmg# a ei`xrmegnvauxa Rgoa Gcm`um i Kyxa i c‑i.gxxgeeg`xiInacam Oyxrgkyi÷m!

Ci ngkkamra umeaixæ g`kcmuguum`a "Ng`ebiuxir Y`axih# Ebicuig# Grui`gc# ng a`xirna`a vrmuvixxaea g`ebi Xmxxi`bgn# Ca|irvmmc ih I|irxm`!# vir em`|irum# bg``mlgxxm hiccg vrmvraixæ hikca uxgha i hicc‑gxxygtam`i ha vmcaxaebi uxrgxikaebi# |mcxi ga`xikrgri ci emnvm`i`xa ua`irkaebi i emccgxirgca gc egceam kamegxm "i`ynirgxi `iccguitam`i hihaegxg gcci iuxir`gcaxæ vmuaxa|i!# y`m hia egrha`a hiccg vrmvrag lacmumlaga`xir`g Y`g rixi lmrxini`xi a`xirem``iuug# cg wygci xai`i ac vguum em` ac vrmkriuum#ulryxxg`hm ci uanoamua lrg ci |graikgxi rigcxæ uixxmragca# xyxxi g`emrgxi gc org`h hicEcyo A xalmua ebi uikym`m ac ngxeb wygua ui`tg ogrrairi lrgvvmuxi xrg cmrm i a vrmvra

oi`agna`a# c‑i`mrni wyg`xaxgxa|m ha ngkcaixxi# ueagrvi i og`hairi uykca uvgcxa i a vyokrinaxa vir kygrhgri ci vgrxaxi# um`m hg g``a y`m hia ngreba ha lgooraeg hic nmhiccma`kciuiGcey`i umeaixæ "uyccg ueag ha wyg`xm lgxxm hgcc‑gccmrg vriuahi`xi hic Ebicuig `ic 71 15!ua um`m virua`m mrai`xgxi |irum vrmkixxa g uxgnvm emmvirgxa|m# narg`xa g lgrvgrxieavgri harixxgni`xi cg xalmuirag `iccg vrmvraixæ hia `ym|a uxgha i `icci ricgxa|ihieauam`a uxrgxikaebi Ci nmhgcaxæ em` eya ua iuxra`uieg y`g nauuam` gnvagni`xiem`ha|aug `m` um`m y`a|mebi# ng ac xri`h ki`irgci gvvgri emny`i

Cg uaxygtam`i hicci uwyghri hiccg Oy`hiucakg# umxxm c‑guvixxm hiccg vrmvraixæ hikca

anvag`xa uvmrxa|a# â geemny`goaci g wyiccg a`kciui Eaÿ virnixxi ga ecyo ha gkari uyccgrihhaxa|axæ hicci uxryxxyri# gvvmrxg`hm ci hm|yxi nmhalaebi a` xinva eicira i ui`tgieeiuua|a |a`emca iuxir`a

A` Axgcag# cg vrmvraixæ hikca uxgha `m` rgvvriui`xg eirxm y`m hia vy`xa ha lmrtg hiccgngkkamr vgrxi hia xign "iuecyhi`hm cg Dy|i`xyu i cg _ikkag`g!# ng ci riei`xahaebagrgtam`a hic vriuahi`xi hiccg _mng lg``m vriugkari y`g u|mcxg ngregxg `iccg

vmcaxaeg umeaixgrag Iuug ua a`harattg gccg erigtam`i ha y`g rixi ha i`xaxæ gyuacagrairymxg`xa gxxmr`m gc ngrebam# vy`xg`hm gc em`xinvm g lahicattgri cg xalmuirag#g||aea`g`hm ci lgnakcai gccm uxgham "a` vai`g emiri`tg em` wyg`xm g||ai`i a` Krg`Orixgk`g! Ac vrmocing –uaeyrittg„# a`lgxxa# emuxaxyauei y`m u`mhm eryeagci i vguugumvrgxxyxxm vir cg emuxrytam`i ha uxgha ha vrmvraixæ# `m` vmxi`hm canaxgruagcc‑auxaxytam`i hiccg –xiuuirg hic xalmum„. Uyc lrm`xi hic nirebg`haua`k# wygcemug virgrka`gri ac li`mni`m hia   lgcua krallgxa â kaæ uxgxm lgxxm "umvrgxxyxxm xrgnaxi kca GU_mng Uxmri!# ng â xyxxm ac naermemunm guumeagxm ebi hi|i em`xraoyari gc

viruikyani`xm hiccg rmxxg gvvi`g xrgeeagxgGc nmni`xm# a vra`eavgca muxgemca um`m ha `gxyrg xirraxmragci "xi`i`hm vyri em`xm hicciem``iuui vriliri`ti hiccg xalmuirag!# kayrahaeg ih iem`mnaeg# ni`xri y` a`ei`xa|m "a`

5/12/2018 ANALISI E MODELLIZZAZIONE DEGLI EFFETTI DEL VIVAIO SUL BILANCIO SOCIETARIO - slidepdf.com

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xirna`a vrmuvixxaea! â rgvvriui`xgxm hgccg vmcaxaeg hic lgar vcgq la`g`tagram# vrmvyk`gxghgc vriuahi`xi hicc‑YILG Naebic Vcgxa`aAc `ym|m emrum kagccmrmuum ua vrmvm`i gcxriuã ha iuxi`hiri cg raeireg hia kam|g`a xgci`xa

gc ha lymra hia em`la`a `gtam`gca# gnvcag`hm cm uerii`a`k gcci lguei h‑ixæ vañ oguui#

ui`tg virÿ xrgueyrgri ci wygcaxæ yng`i "a` vai`g emiri`tg em` ac vgrghakng lmrngxa|maoiraem!# em`xraoyi`hm emuã g`ebi gh geeriueiri c‑ahi`xalaegtam`i umkkixxa|g hiauyvvmrxir `icci umrxa hiccg uwyghrg hic eymri

Gvvi`haei4 lcyxxygtam`a gcigxmrai hgc cgxm hia raeg|a

Egcemcm hia raeg|a g``ya vrmhmxxa "a` em`erixm! hgc |a|gam hic Ogreiccm`g hyrg`xic‑g``gxg ?676.?677 "hgxa `m` hivyrgxa hgccg vgrxaemcgri em`kay`xyrg lg|mri|mci ebiuxg gxxrg|irug`hm ac ecyo a` wyiuxg lgui!

  \gcmri gkkrikgxm hia 5? vcgqir em`uahirgxa a` vrieihi`tg# hivyrgxa hicci

ricgxa|i uviui ha kiuxam`i hg auera|iri a` oacg`eam4

59?566666$6112>597919866≂597< nacam`a ha iyrm

   _aeg|a niha g``ya "ravgrxaxa a` 7; iuireata!4 ?6<2?62?≂?6.<2 nacam`a ha iyrm

  Uegrxm virei`xygci rauvixxm gc |gcmr niham4 "?6<2.7;.5?!-7;.5?≂71.8).

Xgci hgxm â emny`wyi a`liramri gc _MA.niham "rigci! uxangxm Eaÿ anvcaeg ebi#

g`ebi ha lrm`xi g y`g em`kay`xyrg `ikgxa|g g`xaxixaeg g wyiccg gxxygci# a raeg|a#uegxyri`xa hgc vgrxaemcgri nmhiccm ha |a|gam em`uahirgxm# emvrariooirm

emny`wyi vir a`xirm a emuxa h‑iuireatam umuxi`yxa.