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I MATERIALI$  D 6vB g  A-$ D 6vg   S $  D 6v   K IMMATERIALI$ 8 ,R  )D  `  D 6v9a I B3) TEMPI$  !D 6Xva, S $  "D 6vHR x8(CALENDARIO DELLE ATTIVITA )$ #D 6dvrB  f&B4) RESPONSABILITA $H D 0޽h ? ̙33b*% Invest 4 B8  H ( ,B H H 0`v SORIZZONTE TEMPORALE$ 2 H 68v RCorrisponde al periodo durante il quale si manifesteranno gli effetti del progettoS 2SL @@`  H# @  H 0\v@@0, nSe il progetto di durata molto lunga, occorre rispettare il criterio della prudenzialit, per l aleatoriet degli effetti lontani nel tempo 2M 4 H 0$v@`  $Dipende dalle preferenze individuali dell investitore (aspettative di recupero del capitale, attitudine al rischio, ecc.)z 2z H 6pv` @f vDDipende dalle situazioni ambientali (economiche, sociali, politiche)E 2EH H 0޽h ? ̙33Gb*% Invest 4 B9 LU( J L L 0vP _FLUSSI DEI COSTI E DEI BENEFICI$ 2R L 0v lDevono rappresentare in modo completo gli effetti della decisione di realizzare il progetto; in caso di investimenti non autonomi (connessi ad altre attivit, es. esecuzione di un miglioramento fondiario connesso ad attivit agricole) devono essere determinati in base all analisi differenziale (with/without) 67 2( ,( L 0XvP Devono essere costituiti da entrate e uscite monetarie, determinate secondo il principio della cassa e non della competenza, quali: investimento iniziale gestione operativa gestione finanziaria eventuale valore residuo di investimenti esistenti a fine periodo| 2 2_   H L 0޽h ? ̙337b,% Invest 4 B10  P 3(  P P 6vP ]SCELTA DEL SAGGIO DI SCONTO& P 6Lv >NELL ANALISI DEGLI INVESTIMENTI& R P < vpP< SAGGIO DI RENDIMENTO DEL CAPITALE IN INVESTIMENTI ALTERNATIVI (COSTO OPPORTUNITA )$TS P 6v@P"&  XSAGGIO DI INTERESSE ATTESO DALL IMPRENDITORE$-, P <x P@  v4IL FLUSSO DI COSTI E BENEFICI E CALCOLATO A PREZZI COSTANTI PERTANTO IL SAGGIO DI SCONTO DEVE ESSERE REALE (AL NETTO DELL INFLAZIONE) E NON NOMINALE &H P 0޽h ? ̙33b,% Invest 4 B11 um h(  h h 0| x @ ^SCOPI E CRITERI DI VALUTAZIONE$ 2 h 0v`pp CSCOPI" 2 h 0x` ICRITERI& 2 h 0Dx   VACCETTAZIONE - RIFIUTO$ 2 h 0xP  EVAN>0 RBC>1 SRI>r 2 h 0 x p0  r4ORDINAMENTO DI PROGETTI MAX RBC"5 24  h 0!xP pV X$SCELTA TRA PROGETTI CHE SI ESCLUDONO% 2%  h 0%xP @p FMAX VAN" 2H h 0޽h ? ̙33Rb*% Invest 4B12 7R/R Q(    :  3 :  3 o:  3 oq:  3 oq:  3 oZq:  3 oZ\q:  3 o\T q:  3 oT V q:  3 oV (q:  3 (*o:  3 o(*q:  3 o*q:  3 o:  3 oq:  3 oq  <2x DANNI$  <6x _* NINVESTIMENTO A$  <=xV NBenefici Costi$  6AxP  NBenefici netti$  <Fx _* NINVESTIMENTO B$  < C 3S^9:B ? 3 3S^6@ @ C 3^a<:B A 3 3^`<@ B C 3a3 9:B C 3 3a3 6@ D C 33 5 <:B E 3 33 4 <@ F C 35 9:B G 3 35 6@ H C 3<:B I 3 3<@ J C 3m9:B K 3 3m6@ L C 3mp<:B M 3 3mo<@ N C <PS:B O 3 <PQ@ P C <^a:B Q 3 <^`@ R C <3 5 :B S 3 <3 4 @ T C <:B U 3 <@ V C <mp:B W 3 <mo X <x|x @  A1$ Y <,x   j 50 10 +402  Z <4x P   m 10 10 +04  [ <x   k 10 10 +02 @ \ C PS:B ] 3 PQ@ ^ C S^:B _ 3 S^@ ` C ^a:B a 3 ^`@ b C a3 :B c 3 a3 @ d C 3 5 :B e 3 3 4 @ f C 5 :B g 3 5 @ h C :B i 3 @ j C m:B k 3 m@ l C mp:B m 3 mo@ n C PS :B o 3 PQ @ p C ^a :B q 3 ^` @ r C 3 5  :B s 3 3 4  @ t C  :B u 3  @ v C mp :B w 3 mo  x <ܛx @  A2$ y <x   j 50 10 +402  z <x P   l 50 10 +404  { <Px   j 50 10 +402 @ | C  PS :B } 3  PQ @ ~ C  S^ :B  3  S^ @  C  ^a :B  3  ^` @  C  a3  :B  3  a3  @  C  3 5  :B  3  3 4  @  C  5  :B  3  5  @  C   :B  3   @  C  m :B  3  m @  C  mp :B  3  mo @  C  PS :B  3  PQ @  C  ^a :B  3  ^` @  C  3 5 :B  3  3 4 @  C   :B  3   @  C  mp :B  3  mo   <@x @  A3$  <x   j 50 10 +402   <x P   j 50 10 +402   <x   j 50 10 +402 @  C  PS :B  3  PQ @  C  S^ :B  3  S^ @  C  ^a :B  3  ^` @  C  a3 :B  3  a3 @  C  3 5 :B  3  3 4 @  C  5  :B  3  5  @  C   :B  3   @  C  m :B  3  m @  C  mp :B  3  mo @  C  PS :B  3  PQ @  C  ^a :B  3  ^` @  C  3 5 :B  3  3 4 @  C   :B  3   @  C  mp :B  3  mo   <dx @ A4$  <x  j 50 10 +402   < x P  j 90 10 +802   <x   j 100 10 +904 @  C  PS :B  3  PQ @  C  S^ :B  3  S^ @  C  ^a :B  3  ^` @  C  a3 :B  3  a3 @  C  3 5  :B  3  3 4  @  C  5  :B  3  5  @  C   :B  3   @  C  m :B  3  m :B  3  mo :B  3  PQf:B  3 fPSi:B  3 fPQl:B  3 fPSi:B  3 fPQl:B  3 fS^i@  C  ^af:B  3  ^`f:B  3 f^ai:B  3 f^`l:B  3 fa3 i@  C  3 5 f:B  3  3 4 f:B  3 f3 5 i:B  3 f3 4 l:B  3 f5 i:B  3  f:B  3 fi:B  3 fl:B  3 fmi:B  3  mof:B  3 fmpi:B  3 fmol:B  3 fmpi:B  3 fmol4  # [@!  6z TESEMPI DI INVESTIMENTI"  6z` ` FBenefici Costi  6t z 0 FBenefici netti  6 z\` FBenefici Costi  6z` FBenefici nettiH  0޽h ? ̙33[ b.% Invest4 - B13   S$Y (   $ $ 6|zp v t6CRITERI PER L ANALISI DEGLI" $ 0z @v J INVESTIMENTI" 8  K$@  & $ <$#z >  $ <!z " 8   L$@ & $ <l)z  z Y "  $ </z "  &$ 0 2zp `  b$Esempio: Investimento A (r = 0,05):"%$ B$ 6x6zp b0  k-= 40 0,952 + 40 0,907 + 40 0,864 + 40 0,823 =".- C$ 6 040,XB  ( 0D@  ( <gz@ M  [RAPPORTO BENEFICI/COSTI (RBC)"  ( <mz P  \L investimento conveniente quando: RBC > 14/+` ( c $A :?? `s  : ( 0 szP 4 B 2 ` ( BuzP2 rEsempio Investimento A: VAN= B0  C0 = (141.9-125)= 16.9 `:   ( B~z` E@ CEsempio Investimento A: = =1.135 4D/ ` ( c $A ;?? @ > ;` ( c $A @??   @H ( 0޽h ? ̙33b*% Invest4-B15 PH,(  ,x , <A ?? `  , 0xz ] XSAGGIO DI RENDIMENTO INTERNO h , 0܍z- 2 il saggio che rende uguale l accumulazione iniziale dei costi a quella dei benefici, cio che rende nullo il valore attuale netto r = SRI se VAN= BN0 = 0 Il SRI si ottiene per tentativi, modificando il saggio e ricalcolando il VAN e fino a quando il VAN=0 Esempio Investimento A: per r = 10 % VAN = 1.7 per r = 11 % VAN = -0.9 Il SRI sar compreso tra il 10 % e l 11 % e precisamente SRI = 10.66%  2 g H , 0޽h ? ̙33b,% Invest 4 B16  4(  4XB 4 0D0^B 4 6D p XB 4 0Dp 4 0@z @ 8- 10 2 4 0pz0pP 30 2XB 4 0D PP XB 4 0D 0 0 XB  4 0D    4 0zp@W 65% 2  4 0 zpp W 710% 2  4 0Xzp W 715% 2XB  4 0D p XB 4 0DpXB 4 0Dp 4 0z Pg  650 2 4 0\z g 7100 2 4 0zP 7 7150 2 4 0 MILIONI  2 ^B 4 6D0 XB 4 0D00 4 BC0DEFh(8X 0@   4 BCPDEFDP@   ` R2 4 s * `R2 4 s *P  4 0Pz 4  DSAGGIO DI SCONTO 2 4 0 zP  TSRI NELL INVESTIMENTO DI TIPO PICO O PIPO+ 2+ 4 0z   9NETTO 2 4 0z`G :USCITE 2  4 0zP w ;ENTRATE 2H 4 0޽h ? ̙33 b,% Invest 4 B17 | t 80  ( Q@  8FB 8 S D FB 8 S D2 8 BNCLRENG-fHINJQ 7`T;LR7`T;LRN;LRN0 xLB 8 c $D   2 8 BCENGVH Ig?JQ Ǔ`TCAT7Ǔ`TCAT7g?CAT7g?= 2 8 B,PC2MENGeqH֡I,PJQ `T.2MM`T.2MM,P.2MM,P D :2  8 3  L  :2  8 3 @ C  8 6K@  9SRI 2  8 60O0  B0 C0 BN0` 2     8 67` FB0( 2   8 60P FC0( 2  8 6x4   GBN0( 2  8 6$  ?P" 2 8 6pPp ?0" 2 8 6$6pp ?r" 2 8 0`'   RSRI NELL INVESTIMENTO DI TIPO CICO O CIPO* 2*H 8 0޽h ??0888 ̙33rb,% Invest 4 B18 ~(  r  6A ?   L  0P 0TEMPO DI RITORNO DEL CAPITALE dato dal numero di anni necessari affinch i benefici coprano i costi t = TRC Si ottiene ricalcolando il VAN aumentando progressivamente l orizzonte temporale Esempio Investimento A: per t=1 C0= 134.5 B0= 47.5 C0 > B0 per t=2 C0= 143.6 B0= 93 C0 > B0 per t=3 C0= 152.2 B0= 136 C0 > B0 per t=4 C0= 160.4 B0= 177 C0 <B0 TRC = 4 anni Z"       >A 2 vx  <A ?? ` H  0޽h ? ̙33b,% Invest4 B19 *"01(    0|z@p PIL GIUDIZIO DI CONVENIENZA IN BASE AL VAN VARIA IN FUNZIONE DEL SAGGIO DI SCONTO"Q 2Pl  1 #"tt`P_  <z?  O -0,4 @`  <tz?@   O -7,2 @`  <{? @  O 1,8  @`  <{?  g 10 %0 @`  <{?  ` 19,9 ((2 @`  <{?@   ` 11,7 ((2 @`  <{?@   ` 16,9 ((2 @`  <4{?  t 5%$ @`  <@>{? VAN Investimento C @`  <p@{?@  VAN Investimento B @`  <HA{?@  _VAN Investimento A @`  <[{? uSAGGIO DI SCONTO 2(2 @``B  0o ?ZB  s *1 ?ZB  s *1 ?  `B  0o ?`B   0o ?ZB ! s *1 ?ZB " s *1 ?@ @ ZB # s *1 ?`B $ 0o ?H  0޽h ? ̙33=b,% Invest 4 B20 @,,I(  !  0l{p0 -A BN0 = 14 B0/C0 = 1,14 IRR= 15,2% x(2, 2-  0@q{ 0 9B BN0 = 6 B0/C0 = 1,3 IRR = 30,3 % x(28 2/  0X{{p 0 ;C BN0 = 13 B0/C0 = 1,16 IRR = 14,04 %x(2: 2  0({j @ 2    0{@0 6D BN0 = - 5 B0/C0 = 0,9 IRR = 6 %n(25 2  0L{p 3A 2  0{  3B 2  0x{ @ 3C 2  0{   d0SCELTA DELL INVESTIMENTO 2  0{P   a+INVESTIMENTI CHE SI ESCLUDONO (ALTERNATIVI),(2,  0<{P   g1INVESTIMENTI INDIPENDENTI DIVISIBILI (ORDINABILI)2(22  0\{P $ X CRITERIO BN00 2    0ĭ{P @$ rCRITERIO B0/C0H 2     0{ 4 A 2)F  p     0d{pp 3B 2  0{pp 3C 2  0{pp 3A 2  08{  61 2  0${ 62 2  0p{ 63 2^B  6D ^B  6D pp^B  6D @@^B  6D ^B @ 6D@ ^B  6Dp ^B  6Dp p ^B  6D`^B @ 6DP^B  @ 6D  ^B ! 6D  ^B " 6D PPP ^B # 6DPPp^B $ 6D P ^B %@ 6D ` ^B & 6D00^B ' 6D ` ( 0d{ LINVESTIMENTI FATTIBILI:  2` ) c $A g??p g^B * 6Dp p ` + c $A h??  h` , c $A i??  iH  0޽h ? ̙33?b,% Invest 4 B21 PX?(   X X 6{p V JANALISI DI SENSITIVITA DEI RISULTATI$&% X 6{X S $   X 6{ Xz  S $ .L *  X# p X 6{*Zq A-$ X 6@{r CVERIFICA LA VARIAZIONE DEL GIUDIZIO DI CONVENIENZA, IN RELAZIONE AL&DC  X 6{l:  pMUTARE DEGLI EVENTI (VARIABILI) CONSIDERATI PIU INCERTI&98;8    X @D  X <{ d  A-$  X <${    N L ANALISI DI SCENARIO VERIFICA LA CONVENIENZA DELL INVESTIMENTO AL VARIARE CONTEMPORANEO DI TUTTE LE VARIABILI ALEATORIE CONSIDERATE&  X <l} ^ D  >   X <}    >  X 6$}Q X  S $ S8 *O   X@   X 6 }*O Z  A-$ X 6h}Q   2L ANALISI DI SOGLIA FORNISCE I VALORI DELLE SINGOLE VARIABILI OLTRE I QUALI VIENE MENO LA CONVENIENZA DELL INVESTIMENTO&yx X 6}  > H X 0޽h ? ̙33ab,% Invest 4 B22 ` \m(  \ \ 6 }   VMIGLIORAMENTI FONDIARI$* 8  \p0 \ 6#} j(SONO INVESTIMENTI DI CAPITALE REALIZZATI&)( \ 6(}_L `STABILMENTE SUL FONDO AGRICOLO&  \ 6{ A-$  \ 60}( S $   \ 64}a  Zsistemazioni del terreno&  \ 68}; A-$  \ 6l=}(= S $  \ 6A}a = Rimpianti arborei& \ 6LF}5 A-$ \ 6J}7( S $  \ 6,O}a71  Yimpianti di irrigazione& \ 6S} A-$ \ 6Q}( S $  \ 6[}a  Wfabbricati produttivi&:8 s   \p   \ 6`}s   ZPOSSONO ESSERE ANALIZZATI CON L ANALISI DEGLI&.- \ 6^}   bINVESTIMENTI SOLO QUELLI PER I QUALI E POSSIBILE&21 \ 6Di} Gl  n,ISOLARE GLI EFFETTI ECONOMICI DALLA GESTIONE&-, \ 6m}f    t0COMPLESSIVA DELL AZIENDA(8 / \ "E \ 6{} uTALI INVESTIMENTI SI POSSONO VALUTARE : IN BASE PARI AL REDDITO ANNUO COSTANTE ILLIMITATO IN BASE AL FLUSSO MONETARIO0( N!v @` \ 6p}O F  \ 6ā}I/ > H \ 0޽h ? ̙33b,% Invest 4 B23 p(  r  0}`P GIUDIZI DI CONVENIENZA ALL ESECUZIONE DELL INVESTIMENTO IN BASE AL REDDITO ANNUO COSTANTE ILLIMITATO.e(2Q  0Ԏ}  Ya) In funzione del reddito" 2`  c $A H??  H  00}` Z Ob) In funzione del capitale 2`  c $A E??  E  0}   \(c) In funzione del saggio di fruttuosit) 2)`  c $A F??   FH  0޽h ? ̙33Sb.% Invest 4 B24 l](  l l 6}`F  YESEMPIO DI INVESTIMENTO& l 6 }<p y3REALIZZAZIONE DEL DRENAGGIO SU UN ETTARO DI TERRENO*438  l0 l 64} HDati( l 6ܮ}k x6Saggio di redditivit di investimenti alternativi r=4%&76 l 6,}c # aCosto del drenaggio K=3.000.000&  l 6ȷ}/  UDurata in anni n=10&(8    l =  l 6}# H ^Flusso di benefici e costi(   l 6p}E   ((analisi differenziale with vs. without)&)(,8  G  lP   l 64} @v  j(Senza drenaggio (media della rotazione):&)(H  l C W Gc   l 6t}n & .  O PLV=2.500.000&  l 6}&  QSpese=1.750.000& l 6h} b  g Bfa=750.000&  8 O " l P l 6}O  h&Con drenaggio (media della rotazione):&'&H l C    l 6}[  ZPLV=2.850.000 (+350.000)& l 6(}  \Spese=1.650.000 (-100.000)& l 6X}x"8 m+Quota di ammortamento del drenaggio=300.000&,+ l 6}1b g Bfp=900.000&  H l 0޽h ? ̙33 b,% Invest 4 B25 P H )p(  p p 0(}  r<GIUDIZIO DI CONVENIENZA ALLA REALIZZAZIONE DEL MIGLIORAMENTO=(2= p 0}` b.(IPOTESI DI REDDITO ANNUO COSTANTE ILLIMITATO)/ 2/ p 0D~w IIn base al reddito: 2` p c $A ??    p 0|~@` @' l8L investimento conveniente 2 !p 08~g HIn base al valore: 2` "p c $A ??p   #p B ~0 `   j8L investimento conveniente $p 0~   OIn base alla fruttuosit: 2` %p c $A ?? =  &p B~ ` g j8L investimento convenienteXB 'p 0D> 0 XB (p 0D> 0 XB )p 0D> 0 H p 0޽h ? ̙33yb,% Invest 4 B26 OyGytx( de  tuF m t  -u@ i tis@  Nt t 68~ SANNO 2# Z Mt s *w@  Pt t 6 ~ W BENEFICI 2 # Z Ot s *t@  Rt t 6&~{ TCOSTI 2# Z Qt s *@  Tt t 6d,~w {BENEFICI NETTI P#  #  Z St s *w@  Vt t 6<3~ W PLV post 2 # Z Ut s *z@   Xt  t 69~  Z K drenaggio 2  # Z Wt s * y@  b Zt b  t 6?~ F Y Spese post 2  # Z Yt s * b@ b \tb  t 6$F~~{ vBf ante 2 # Z [t s *b@ g ^tg  t 6L~g l0 2# Z ]t s *gr@ g `tg  t 6Q~g R ""  Z _t s *g@  g bt g  t 6V~ g x 3.000.000 2  #  Z at s * gr@  bg dt bg t 6\~ Fg R ""  Z ct s * bgr@ bg ftbg t 6a~~{g R ""  Z et s *bg@ g htg t 6f~wg y -3.000.000 2  #  Z gt s *g@ g4 jtg4 t 6l~g4 l1 2# Z it s *g4@ g4 ltg4 t 6q~g4 x 2.850.000 2  #  Z kt s *g4r@ g 4 ntg 4 t 6 x~g 4 R ""  Z mt s *g 4@  gb4 pt gb4 t 6|~ gF4 x 1.650.000 2  #  Z ot s * gb4@ bg4 rtbg4 t 6~~g{4 v750.000 2 # Z qt s *bg4@ g4 ttg4 t 6(~gw4 v450.000 2 # Z st s *g4@ 4  vt4  t 6\~4  l2 2# Z ut s *4 @ 4  xt4  t 6ؔ~4  x 2.850.000 2  #  Z wt s *4 r@ 4   zt4   t 6 ~4   R ""  Z yt s *4  @  4b  |t 4b  t 6~ 4F  x 1.650.000 2  #  Z {t s * 4b @ b4  ~tb4  t 6~~4{  v750.000 2 # Z }t s *b4 @ 4  t4  t 6~4w  v450.000 2 # Z t s *4 @    t   t 6H~   l3 2# Z t s *  @    t   t 6ķ~   x 2.850.000 2  #  Z t s *  r@   t  t 6~  R ""  Z t s * @   b  t  b   t 6~  F  x 1.650.000 2  #  Z t s *  b @ b   tb   !t 6~~ {  v750.000 2 # Z t s *b  @    t   "t 6~ w  v450.000 2 # Z t s *  @    t   #t 6~   l4 2# Z t s *  @    t   $t 6~   x 2.850.000 2  #  Z t s *  r@   t  %t 6~  R ""  Z t s * @  b  t b  &t 6~ F  x 1.650.000 2  #  Z t s * b @ b   tb   't 6p~~ {  v750.000 2 # Z t s *b  @    t   (t 6~ w  v450.000 2 # Z t s *  @  h t h )t 6~ h l5 2# Z t s * h@  h t h *t 6D h x 2.850.000 2  #  Z t s * hr@  h t h +t 6( h R ""  Z t s * h@  bh t bh ,t 6  Fh x 1.650.000 2  #  Z t s * bh@ b h tb h -t 6~ {h v750.000 2 # Z t s *b h@  h t h .t 6 wh v450.000 2 # Z t s * h@ h5 th5 /t 68h5 l6 2# Z t s *h5@ h5 th5 0t 6 h5 x 2.850.000 2  #  Z t s *h5r@ h 5 th 5 1t 6'h 5 R ""  Z t s *h 5@  hb5 t hb5 2t 6+ hF5 x 1.650.000 2  #  Z t s * hb5@ bh5 tbh5 3t 6`1~h{5 v750.000 2 # Z t s *bh5@ h5 th5 4t 67hw5 v450.000 2 # Z t s *h5@ 5 t5 5t 6>5 l7 2# Z t s *5@ 5 t5 6t 6C5 x 2.850.000 2  #  Z t s *5r@ 5  t5  7t 6I5  R ""  Z t s *5 @  5b t 5b 8t 6dN 5F x 1.650.000 2  #  Z t s * 5b@ b5 tb5 9t 6$T~5{ v750.000 2 # Z t s *b5@ 5 t5 :t 6Z5w v450.000 2 # Z t s *5@  t ;t 6` l8 2# Z t s *@  t t 6(q F x 1.650.000 2  #  Z t s * b@ b tb ?t 6w~{ v750.000 2 # Z t s *b@  t @t 6}w v450.000 2 # Z t s *@  t At 6H l9 2# Z t s *@  t Bt 6 x 2.850.000 2  #  Z t s *r@   t  Ct 6  R ""  Z t s * @  b t b Dt 6X F x 1.650.000 2  #  Z t s * b@ b tb Et 6~{ v750.000 2 # Z t s *b@  t Ft 6w v450.000 2 # Z t s *@ i ti Gt 6i q10 2# Z t s *i@ i ti Ht 6Ыi x 2.850.000 2  #  Z t s *ir@  i t i It 6 i R ""  Z t s * i@  bi t bi Jt 6X Fi x 1.650.000 2  #  Z t s * bi@ bi tbi Kt 6~{i v750.000 2 # Z t s *bi@ i ti Lt 6wi v450.000 2 # Z t s *iZ t s *7m~ t 6P ` LN.B. Non si conteggia l'ammortamento Tutti i dati sono riferiti a fine anno %(CcC c &CI ,4 t 6LJ HANALISI DELL'INVESTIMENTO DRENAGGIO Flusso monetario dell'investimento \I$Cc"CCAH t 0޽h ? ̙33b.% Invest 4 B27  x(  x( x 0 RISULTATI DELLA VALUTAZIONE DELL INVESTIMENTO IN BASE AL FLUSSO MONETARIOJ(2J` x c $A ??TP  ` x c $A ??   `  x c $A ??p t H x 0޽h ? ̙33b,% Invest 4 B28 '$ (  F  0D CRITERI DI VALUTAZIONE DELL INDENNITA PER L ESECUZIONE DI MIGLIORAMENTI SU FONDO ALTRUIX(2Xdb  <o F    h   c $A c??. ch   c $A d?? dn   0,p IL PROFITTO DEL MIGLIORAMENTO E PERCEPITO INTERAMENTE DAL PROPRIETARIO. LO SPESO PUO RISULTARE NEGATIVOj 2j fb   6opp  0m M IMMOBILIZZO& 2   F 0T   0T h  c $A e??0  eh  c $A f??@P T  f  00  0IL PROFITTO DEL MIGLIORAMENTO E RIPARTITO TRA PROPRIETARIO ED ESECUTORE DEL MIGLIORAMENTO. LO SPESO HA SEMPRE VALORE POSITIVO 2 fb  6o 0   0`p  TCOSTO AMMORTIZZATO& 2   0 ` RCOSTO DEPREZZATO& 2    0 3  a+INCREMENTO DEL VALORE DI CAPITALIZZAZIONE , 2,   0@` V INCREMENTO DEL VALORE DI MERCATO! 2! ^r  6op@ Xr  0p @0   6O CSPESO" 2  6 O H MIGLIORATO" 2   0"P B 2 `  c $A ??, d  N8 0  $ 0n  s *A a??0 @ an  s *A b??0  b  6'@  <IL PROFITTO DEL MIGLIORAMENTO E PERCEPITO INTERAMENTE DALL ESECUTORE DEL MIGLIORAMENTO. IL MIGLIORAMENTO HA SEMPRE VALORE POSITIVO 2 h # c $A ??`   H  0޽h ? ̙33_]b,% Invest 4 B29 \\}_\( o  | | </P h$CALCOLO DELL'INDENNIZZO (A TASSO 0)(%$ | <5HG FANNO& | <3H/ M IMMOBILIZZO&  | <|<H  GCOSTO& | <A  L DEPREZZATO&  | <|FH  L MIGLIORATO& F | S @DF | S @CF | S @CF | S CDF | S @CF | S @CF | S CDF | S @CF | S @gCF } S CgjDF } S @gjCF } S @jCF } S @DF } S @CF } S DF } S DF } S DF } S DgjF  } S D  } <PJ C0&  } <(UJ K 3.000.000&   } <Y CJ K 3.000.000&   } <X^lJ K 4.500.000& F } S F } S F } S F } S F } S F } S gF } S gjF } S jF } S F } S ?F } S ?F } S ?F } S gj?F } S ? } <fG C1& } <XkG K 2.550.000&  } <\pG C K 2.700.000&  } <tGl K 4.050.000& F  } S ?CF !} S ?BF "} S ?CF #} S ?BF $} S ?CF %} S ?gBF &} S ?gjCF '} S ?jBF (} S ?CF )} S CF *} S CF +} S CF ,} S CgjF -} S C .} <x}  C2& /} <<  K 2.100.000&  0} <@ C  K 2.400.000&  1} <܋l  K 3.600.000& F 2} S F 3} S F 4} S F 5} S F 6} S F 7} S gF 8} S gjF 9} S jF :} S F ;} S  F <} S  F =} S  F >} S gj F ?} S   @} <\ L  C3& A} <  L  K 1.650.000&  B} <$ CL  K 2.100.000&  C} < lL  K 3.150.000& F D} S  F E} S   F F} S   F G} S   F H} S   F I} S  g F J} S  gj F K} S  j F L} S   F M} S  A F N} S  A F O} S  A F P} S  gjA F Q} S  A  R} <@K   C4& S} <K   K 1.200.000&  T} <K C  K 1.800.000&  U} <๨K l  K 2.700.000& F V} S B G F W} S B E F X} S B G F Y} S B E F Z} S B G F [} S B gE F \} S B gjG F ]} S B jE F ^} S B G F _} S G F `} S G  F a} S G  F b} S G gj F c} S G   d} <l   C5& e} <0ƨ   I750.000& f} <˨ C  K 1.500.000&  g} <pϨ l  K 2.250.000& F h} S  F i} S   F j} S   F k} S   F l} S   F m} S  g F n} S  gj F o} S  j F p} S   F q} S  F r} S   F s} S   F t} S  gj F u} S    v} <ר O  C6& w} <4ܨ O  I300.000& x} <8ۨ CO  K 1.200.000&  y} < lO  K 1.800.000& F z} S  F {} S   F |} S   F }} S   F ~} S   F } S  g F } S  gj F } S  j F } S   F } S  D F } S  D F } S  D F } S  gjD F } S  D  } <M   C7& } <dM b  J-150.000&  } <lM = E  I900.000& } <DM l  K 1.350.000& F } S D I F } S D G F } S D I F } S D G F } S D I F } S D gG F } S D gjI F } S D jG F } S D I F } S I F } S I  F } S I  F } S I gj F } S I   } <H   C8& } < b  J-600.000&  } <X = E  I600.000& } <   I900.000&F } S  F } S   F } S   F } S   F } S   F } S  g F } S  gj F } S  j F } S   F } S  F } S   F } S   F } S  gj F } S    } < Q C9& } <h! 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C8 j3.000.000 2.700.000 2.400.000 2.100.000 1.800.000 1.500.000 1.200.000 900.000 600.000 300.000 0kk @`3 r <p?C 8 s3.000.000 2.670.000 2.326.800 1.969.872 1.598.667 1.212.614 811.118 393.563 -40.695 -492.322 -962.015tt @` q <z?C8 b0 1 2 3 4 5 6 7 8 9 10 @` p <?0C V MIGLIORATO   @` o <? 0C \COSTO DEPREZZATO @` n <?0 C W IMMOBILIZZO   @` m <X?0C PANNO @``B u 0o ?00ZB v s *1 ?CC`B w 0o ?88`B x 0o ?08ZB y s *1 ?08ZB z s *1 ? 0 8ZB { s *1 ?08`B | 0o ?08H  0޽h ? ̙33b.% Invest 4 B31 26(    <f DANDAMENTO DEI VALORI DELL'INDENNIZZO IN FUNZIONE DELL'ANNO DI STIMA(ED:  3 n:B  3 no:B  3   :B  3   :B  3 56:B  3 gh:B  3 F  S i+n@B  C n@B  C no@B  C   @B  C   @B  C   @B  C 56@B  C gh@B  C @B  C   @B  C   @B  C  () @B  C  vw @B  C   @B  C    @B  C  ` a @B  C  @B  C  @B  C  IJ @B  C   @B ! C    " BC DEF  @`eq # BC DEF  @`u  $ BC DEF  @` . % B C DEF  @`ER & B C DEF  @`kx ' B CDEF   @` ( BC DEF  @` ) B C DEF  @` * BC DEF  @`  + BC DEF  @`#+ , BC DEF  @`$2  - B C DEF  @`IV . 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