P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

!"#$%&'%( )( *+( ,-%+./( 0%/1/('+.*1$-'%&/2(!/(+31$-/('45-/1/(4%+'6%$$*7-'/-/( -%55-/1/+$%+3( '&(43$3-/(./&&%(8-/18'$%(/(./&&3(19'&*553(/83+34'83:(83+(&%( &3-3(8%5%78'$;( .'( 5-3.*--/( -'88</==%( /(388*5%='3+/:(%&'4/+$%-/(&"'+7.3$$3( /( &/( %$$'9'$;( ./'( 1/-9'7=':( 83+$-'>*'-/( %&&%( 1$%>'&'$;(!"#"$%#&%#'( )*+"+,%*#( )( -+78'%&/2(?-/%-/(*+(%4>'/+$/(6%793-/93&/(%&&/('45-/1/(-'153+./(@*'+.'(%(*+(5-/8'13( '+$/-/11/(5*>>&'832(!%(53&'$'8%('+.*1$-'%&/()($3-7+%$%(%&(8/+$-3(./&&"%,/+.%(.'(

A39/-+3( /( ,&'( 1$-*4/+$'( 8</(%>>'%43( '+$-3.3$$3( 5%-$3+3(.%(*+%(&/$$*-%(./&&%(1$-*$$*-%(./&&"/83+34'%( '$%&'%+%:( 8%7-%$$/-'==%$%(.%(*+"'45-/+.'7.+&%#(/%01-#'()(.)"2+"+(*+".+(./&&%( +*39%( 6%1/( .'( ,&3>%7&'==%='3+/( /(.'( 8%4>'%4/+$'($/8+3&3,'8'( 8</( 1$'%43( %$$-%79/-1%+.32#&(0'%+3(#+.*1$-'%(B2C()(*+%(,-%+./( 388%1'3+/( 5/-( $*$$/( &/(%='/+./( 8</( 93,&'3+3( 83,&'/7-/( &/( 3553-$*+'$;( &/,%$/( %&&%(@*%-$%( -'93&*='3+/( '+.*71$-'%&/D( '&( 0'%+3( 5-/9/./( *+('+1'/4/( .'( 4'1*-/( 3-,%+'8</(

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

3,+'(%='/+.%(5*F(%$$'9%-/( '+(43.3( %*$34%$'83( 1/+=%( -'783--/-/(%(>%+.'( 3( 153-$/&&'( /:(135-%$$*$$3:(1/+=%(9'+83&'(.'74/+1'3+%&':(1/$$3-'%&'(3($/--'7$3-'%&'2(G*/&&3(8</('&(A39/-+3(5-353+/:( '45/,+%+.3( -'13-1/('453-$%+$'(+/'(5-311'4'(%++':(9(1"(4)&+(6#..+(/%(!/1*%#(*+"('&( 43+.3( ./&&/( '45-/1/( 8</(93,&'3+3(8-/18/-/(/('++39%-/2(#+.*1$-'%(B2C('+9/1$/($*$$'(,&'(%15/$$'( ./&( 8'8&3( .'( 9'$%(./&&/('45-/1/( 8</( 93,&'3+3( %8@*'7-%&)( *+,6).%.%4%.:'( +0&)"/+(*+( 1*553-$3( +/,&'( '+9/1$'74/+$':(+/&&%(.','$%&'==%='3+/(

./'( 5-38/11'( 5-3.*$$'9':( +/&&%(9%&3-'==%='3+/( ./&&%( 5-3.*$7$'9'$;( ./'( &%93-%$3-':( +/&&%(63-4%='3+/( .'( 8345/$/+=/(%./,*%$/( /( +/&&3( 19'&*553( .'(+*39'(5-3.3$$'(/(5-38/11'2#&( 1*88/113( ./&( 0'%+3( #+.*71$-'%(B2C(.'5/+./-;(.%&&"%475'/==%( 83+( 8*'( 3,+'( 1'+,3&3('45-/+.'$3-/( *$'&'==/-;( &/(4'1*-/(4/11/(%(.'1531'='3+/2

?%-&3(?%&/+.%H'+'1$-3(./&&3(E9'&*553(I83+34'83(

INTRODUZIONE

STARTUP E PM I INNOVATIVE!""#$#%!%#&&"'(()*!+')(#

PATENT BOX,!%#&*!$)%#&%'&-#('&'..!/#%'!$'

CREDITO D ' IM POSTA R&S0%#.'!%#&8<'&'(*#1/#&+/&&23/3%)

NUOVA SABATIN I"%#,'/)&%&&"'(()*!+')(#

IPER E SUPERAM M ORTAM ENTO'(*#1/'%#&5/-&"%#1"#%#

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

INNOVAZIONE: INDUSTRIA 4 .0

IPER E SUPER A MMORTAMENTO'(*#1/'%#&5/-&"%#1"#%#

A CO SA S E RV E

!" #$%%&'()'*"*"+,-*,(+.)'*" /*"+0%'*1*"-2*"+,.*1(&,&" +,"3*,+"1('$0*,()/+",$&.+4"" +,"3*,+"0)(*'+)/+"*"+00)(*'+)/+"" 5136$J%-/"*"1+1(*0+"678"" 9$,:+&,)/+")//)"(')19&'0):+&,*"" (*-,&/&;+-)"*"<+;+()/*"" <*+"%'&-*11+"%'&<$((+.+=

Q UA L I VA N TAG G I

!" 6%*')00&'()0*,(&>"""""""1$%*'.)/$():+&,*"<*/"?@AB"""""""<*;/+"+,.*1(+0*,(+"+,"3*,+"""""""0)(*'+)/+",$&.+4"<+1%&1+(+.+"""""""*"(*-,&/&;+*")3+/+(),(+"/)"""""""(')19&'0):+&,*"+,"-2+).*"C=A""""""")-D$+1()(+"&"+,(&/%1'+,="

!" #$%*')00&'()0*,(&>"" 1$%*'.)/$():+&,*"<*/"ECAB"" <*;/+"+,.*1(+0*,(+"+,"3*,+"" 1('$0*,()/+",$&.+")-D$+1()(+"" &"+,"&/%1'+,!"#$%"&'(")$*$+&(,"" <*//F+%*')00&'()0*,(&"" %&11+3+/+(G"<+"9'$+'*"" <*//F);*.&/):+&,*"),-2*"" %*'";/+"+,.*1(+0*,(+"+,"3*,+"" 1('$0*,()/+"+00)(*'+)/+"" 5136$J%-/"*"1+1(*0+"678=

A C H I S I R I VO LG E

!" 7$((+"+"1&;;*((+"(+(&/)'+" <+"'*<<+(&"<F+0%'*1)4"" -&0%'*1*"/*"+0%'*1*"" +,<+.+<$)/+")11&;;*(()(*"" ,--./0/1"&2*"3$4$"+3&,-$"" +,"6()/+)4"+,-/$1*"/*"1()3+/+"" &';),+::):+&,+"<+"+0%'*1*"" '*1+<*,(+")//F*1(*'&4"" +,<+%*,<*,(*0*,(*"<)//)"" 9&'0)";+$'+<+-)4"<)//)"" <+0*,1+&,*"):+*,<)/*"*"" <)/"1*((&'*"*-&,&0+-&"+,"-$+"" &%*'),&=

"

/-")$*$+&(2"5"&676-,)(-$"&2*8!" H$&.)"#)3)(+,+=!" I'*<+(&"<F+0%&1()"" %*'")((+.+(G"<+"J+-*'-)"*"""""""""""#.+/$%%&=!( 0%$/+$(K3L2!" 6,-*,(+.+")//)""""""""""""%)('+0&,+)/+::):+&,*"" <*//*"+0%'*1*"5KIL8=!"""6,-*,(+.+");/+"+,.*1(+0*,(+"" +,""1$%-$*5"*"MN6"+,,&.)(+.*=!" O&,<&"I*,(')/*"<+"P)'),:+)=

CO M E S I ACC E D E

!" #+")--*<*"+,"0),+*')")$(&0)(+-)"" +,"9)1*"<+"'*<):+&,*"<+"3+/),-+&"" $"9%,7(9$",692&$%9(+&,:(2*$!

!" /-"4(%(992",-")$*$+&(2"+3&,-$"" 0)($')"D$),<&"/F&'<+,*"*"+/" %);)0*,(&"<+")/0*,&"+/"?AB"" 4(",*9(&(;2"32*2"$<$996,9("$*9%2"" +/"QE"<+-*03'*"?AER"*"/)"" -&,1*;,)"<*/"3*,*")..+*,*"*,('&"" +/"QA";+$;,&"?AES="

!" M*'";/+"+,.*1(+0*,(+"+,"" +%*')00&'()0*,(&"1$%*'+&'+"" )"@AA=AAA"T"%*'"1+,;&/&"3*,*"" 5"*$&$33,%(,"6*,";$%(:(,"9$&*(&,"" ;+$')()"<)"%)'(*"<+"$,"%*'+(&""" &"+,;*;,*'*"+1-'+((+",*+"""""""""'+1%*((+")/3+"%'&9*11+&,)/+""""""")((*1(),(+"-2*"+/"3*,*"%&11+*<*"" -)')((*'+1(+-2*"(*-,+-2*"()/+"" <)" +,-/$<*'/&" ,*;/+" */*,-2+" <+"""""""-$+")//F)//*;)(&"K"&")//F)//*;)(&"U"" <*//)"/*;;*"<+"U+/),-+&"?AER=

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

!%%'&9&,<+0*,(&"!"#

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

I PER E SUPER A MMORTAMENTO'(*#1/'%#&5/-&"%#1"#%#

D O M A N D E D I A P P R O F O N D I M E N TO

$% &'%"(%)'('%*+(,"-./#0%1234%5#'('%06!"#-.0.7%0%"(%8/'997%"(#.0/#7%67:8/'(-#57%,';%-7<.=0/'%('6'--0/#7%8'/%#;%-"7%<"(9#7(0:'(.7>%."..7%#;%67//#-8'..#57! "#$!%&'&()*+,&!-&..+!/+00*1,+2*1'&!-&.!3456!1""#,&!%*710'+!1"&,+,&!#'+!-*78*'2*1'&!8,+!.+!)1/"1'&'8&!/+8&,*+.&!&!9#&..+!*//+8&,*+.&!-&..:+)9#*781;!

$% <*!)=*&-&!)1'>&,/+!-&.!>+881!)=&?!+*!('*!-&..:*"&,+//1,8+/&'81!-&.!3456?!,*.&@+'1!0.*!*'@&78*/&'8*!*'!%&'*!/+8&,*+.*!'#1@*?!*').#7*!'&..:+..&0+81!A!+..+! .&00&! 'B! CDC! -&.! C53E?! &F&88#+8*! +! -&)1,,&,&! -+.! 3G! 0&''+*1! C53HB! I1/&! )1'7&0#&'2+?! #'! %&'&! -*! 9#&.! 8*"1! )1'7&0'+81! '&.! C53E! %&'&()*+! 71.1! -&..+!! /+00*1,+2*1'&!-&.!J56;

$% K'!%&'&!)1/",&71!'&..:+..&0+81!A!+..+!.&00&!-*!%*.+')*1?!+)9#*78+81!'&.!C53E!&-!&'8,+81!*'!>#'2*1'&!&-!*'8&,)1''&771!'&.!C53H?!-*!9#+.&!/+00*1,+2*1'&!-*!! )1781!%&'&()*+;

#+"'+(+*,*"-2*"1*"+/"136$J%-/"5"/4>/../.1"$"=6(*4(",&=6(39,92",33($7$",-")$*$1"-2"39$332"5"4,"&2*3(4$%,%3(",>$?2-,)(-$"&2*"-.(;$%,772%9,7$*92!"@6$39,"(*9$%;%$9,:(2*$"5"&2$%$*9$"-&,"/F*/*,-&"<*//F)//*;)(&"U"-2*"+,-/$<*"136$J%-/(1$%+.(%&3+/"*"D$+,<+",&,",*-*11)'+")/"9$,:+&,)0*,(&"<*/"3*,*=

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

U27$">(D"%(-$?,92"*$--,"%(3;239,";%$&$4$*9$1"-.(*?$39(7$*92"$<$996,92"*$-"LGEV";6S")$*$+&(,%$"32-2"4$-"36;$%,772%9,7$*92"W$"*2*"4$--.(;$%,772%9,7$*92X!"J,"7,>>(2%,:(2*$"4$-"TGH";6S"$33$%$"I%6(9,"4,-"LGEM1";$%(242"4.(7;239,"4("$*9%,9,"(*"I6*:(2*$"4$-")$*$!"J.(*9$%&2**$33(2*$1",("+*("4$-"36;$%,772%9,7$*92";%$?(392"4,--,"-$>>$"*!"LGY"4$-"?AE@4",&,")11$0*")/-$,)"'+/*.),:)=

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

I PER E SUPER A MMORTAMENTO'(*#1/'%#&5/-&"%#1"#%#

D O M A N D E D I A P P R O F O N D I M E N TO

$% L:*"&,+//1,8+/&'81!)1'!/+00*1,+2*1'&!-&.!3456!M!+"".*)+%*.&!+0.*!&7&,)&'8*!+,8*!&!",1>&77*1'*;!

$% <*!"#$!+"".*)+,&! *.! 7#"&,+//1,8+/&'81!-&.!J56!+!#'!%&'&! *//+8&,*+.&!)1/",&71!'&..+! 8+%&..+!N!+..&0+8+!+..+! .&00&!-*!%*.+')*1?! 7&! 8+.&!%&'&!@*&'&!! +)9#*78+81!'&.!C53H!&!+"".*)+81!'&..1!78&771!+''1!+!#'!%&'&!8&1,*)+/&'8&!)1/",&71!'&..+!8+%&..+!A?!/+!'1'!+0&@1.+81!"&,)=O!+)9#*78+81!0*P!-+!+''*!! -+..:*/",&7+;

$% <*!)=*&-&!-*!7+"&,&!7&!.+!"&,*2*+!0*#,+8+?!-+!>1,'*,7*!*'!)+71!-*!%&'*!)1'!@+.1,&!7#"&,*1,&!+!Q!455B555?!-&@&!&77&,&!,&-+88+!"&,!7*'01.1!%&'&!1!"#$!)1/",&'-&,&!! 8#88*!*!%&'*!78,#/&'8+.*!+)9#*78+8*!'&..1!78&771!&7&,)*2*1;!

$% R#+.*!)+,+88&,*78*)=&!-&@&!+@&,&!#'!%&'&!"&,!"18&,!&77&,&!-&('*81!S*'8&,)1''&771T;!

/-"9$*2%$"-$99$%,-$"4$--,"4(3;23(:(2*$"4("&6(",-"&277,"EE"WB#$%"-,"I%6(:(2*$"4$(")$*$IZ&("4("&6(",("&277("A"$"EG1"-.(7;%$3,"5"9$*69,",";%246%%$"6*,"4(&'(,%,:(2*$[CX1"(-"-&,(*,$(&"<*//F)//*;)(&"K"),,*11&")//)"/*;;*"<+"3+/),-+&"?AER"5*/*,-):+&,*"<*+"YU*,+"9$,:+&,)/+")//)"(')19&'0):+&,*"(*-,&/&;+-)"*"<+;+()/*"<*//*"+0%'*1*"1*-&,<&"+/"0&<*//&"\6,<$1('+)"C=A]Z8",&,-2^"/)"(+%&/&;+)"<+"3*,+");*.&/)3+/+"+,<$-&,&")"'+(*,*'*"-2*"/)"0);;+&'):+&,*"<*/"E@AB"'+;$)'<+"1&/(),(&"+"(+(&/)'+"<+"'*<<+(&"<F+0%'*1)=

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

V)"%*'+:+)"<*.*"*11*'*"9)(()"%*'"1+,;&/&"3*,*")-D$+1+(&=

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`QQ#1"a@QQ1"$&&!XbL!" 3(," (4$*9(+&,92"6*(?2&,7$*9$1",-"+*$"4(" %(&2*23&$%$" -.2%(>(*$"4$--$" (*I2%7,:(2*(1"7$4(,*9$" -.69(-(::2"4(" 1$%+.%-."<+" +,<+'+::)0*,(&" +,(*',):+&,)/0*,(*"'+-&,&1-+$(+" 5*1=>" +,<+'+::&"6M8=

A C O S A S E R V E

!" #&1(*,*'*"/*"+0%'*1*"-2*"" %(&'($42*2"+*,*:(,7$*9("" 3),-)'+"%*'"+,.*1(+0*,(+"" +,",$&.+"3*,+"1('$0*,()/+4"" 0)--2+,)'+4"+0%+),(+4"" )(('*::)($'*"<+"9)33'+-)")"$1&"" %'&<$((+.&"*"(*-,&/&;+*"<+;+()/+"" 5<%-.J%-/"*"136$J%-/8=

Q UA L I VA N TAG G I

!" I&,('+3$(&")"%)':+)/*"" -&%*'($')"<*;/+"+,(*'*11+"" %);)(+"<)//F+0%'*1)"" 36"+*,*:(,7$*9("),*&,%("" <+"+0%&'(&"-&0%'*1&"" (')"?A=AAA"*"?=AAA=AAA"" <+"*$'&4"-&,-*11+"<)"+1(+($(+"" 3),-)'+"-&,.*,:+&,)(+"" -&,"+/"N6#L4"-2*")((+,;&,&"" 1+)")"$,")%%&1+(&"5&%63+."" <+"I)11)"`*%&1+(+"*"M'*1(+(+4"" 1+)")//)"%'&..+1()"&'<+,)'+)="""""""/-"&2*9%()692"5"&,-&2-,92"""""""""""1$//)"3)1*"<+"$,"%+),&"<+""""""")00&'()0*,(&"-&,.*,:+&,)/*"""""""<+"@"),,+"-&,"$,"()11&"""""""<F+,(*'*11*"<*/"?4R@B"),,$&""""""""""$4"5"7,>>(2%,92"4$-"NGH";$%"""""+,.*1(+0*,(+"+,"(*-,&/&;+*"""""""6,<$1('+)"C=A="!" K--*11&"%'+&'+()'+&")/"O&,<&"" -*,(')/*"<+"P)'),:+)",*//)"" 0+1$')"0)11+0)"<*//FSAB=

/-")$*$+&(2"5"&676-,)(-$"&2*8!" 6%*')00&'()0*,(&"*"" "" #$%*')00&'()0*,(&=!" I'*<+(&"<F+0%&1()"" %*'")((+.+(G"<+"J+-*'-)"" *"#.+/$%%&=!" 0%$/+$(K3L=!" 6,-*,(+.+"" )//)"%)('+0&,+)/+::):+&,*"" <*//*"+0%'*1*"5KIL8="!" 6,-*,(+.+");/+"+,.*1(+0*,(+"" +,"1$%-$*5"*"MN6"+,,&.)(+.*=

A C H I S I R I VO LG E

!" K"($((*"/*"0+-'&4"%+--&/*"" *"0*<+*"+0%'*1*"%'*1*,(+"" 1$/"(*''+(&'+&",):+&,)/*4"" +,<+%*,<*,(*0*,(*"<)/"1*((&'*"" *-&,&0+-&"+,"-$+"&%*'),&=

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

NUOVA SA BATIN I"%#,'/)&%&&"'(()*!+')(#

CO M E S I ACC E D E

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

!%%'&9&,<+0*,(&"!"#

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

CREDITO D ’ IMPOSTA R&S0%#.'!%#&8<'&'(*#1/#&+/&&23/3%)

A C O S A S E R V E

!" #(+0&/)'*"/)"1%*1)"%'+.)()"" +,"J+-*'-)"*"#.+/$%%&"%*'"" +,,&.)'*"%'&-*11+"*"%'&<&((+"" *";)'),(+'*"/)"-&0%*(+(+.+(G"" 9$($')"<*//*"+0%'*1*=

Q UA L I VA N TAG G I

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

" <+")00&'()0*,(&"" <+"1('$0*,(+"*")(('*::)($'*"" <+"/)3&')(&'+&4"-&0%*(*,:*"" (*-,+-2*"*"%'+.)(+.*"+,<$1('+)/+=!" J,"7(36%,"5",;;-(&,)(-$"" %*'"/*"1%*1*"+,"J+-*'-)"" *"#.+/$%%&"-2*"1)'),,&"" 1&1(*,$(*",*/"%*'+&<&"" ?AERX?A?A=

/-")$*$+&(2"5"&676-,)(-$"&2*8!" 6%*')00&'()0*,(&"*"" "" #$%*')00&'()0*,(&=!" H$&.)"#)3)(+,+=!" 0%$/+$(K3L2!" 6,-*,(+.+")//)" %)('+0&,+)/+::):+&,*"" <*//*"+0%'*1*"5KIL8=!" 6,-*,(+.+");/+"+,.*1(+0*,(+"" +,"1$%-$*5"*"MN6"+,,&.)(+.*="!" O&,<&"I*,(')/*"<+"P)'),:+)=

A C H I S I R I VO LG E

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

CO M E S I ACC E D E

!" K$(&0)(+-)0*,(*"+,"9)1*"<+"" '*<):+&,*"<+"3+/),-+&4"+,<+-),<&"" /*"1%*1*"1&1(*,$(*",*//)"" <+-2+)'):+&,*"<*+"'*<<+(+4",*/"" =6,4%2"0R"4$-"724$--2"R*(&2!!" #$11+1(*"/F&33/+;&"" <+"<&-$0*,():+&,*"-&,()3+/*"" &$%9(+&,9,!

!%%'&9&,<+0*,(&"!"#

Nota del GruppoFinservice:Il Modello Redditi 2017 attualmente disponibile contempla solo il campo per l'indicazione dell'importo del credito d'imposta.

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

PATENT BOX,!%#&*!$)%#&%'&-#('&'..!/#%'!$'

A C O S A S E R V E

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

Q UA L I VA N TAG G I

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a#"" -&,,*11*")//&"1.+/$%%&"*")/"" 0),(*,+0*,(&"<*+"3*,+"" +00)(*'+)/+=O("+*("4$-"&,-&2-2"4$--.,>$?2-,:(2*$&--&''*"D$+,<+>!" <*(*'0+,)'*"+/"Y-&,('+3$(&"" *-&,&0+-&Z"&..*'&"+/"'*<<+(&"

" <*'+.),(*"<)//F$(+/+::&"<*+"3*,+"" +00)(*'+)/+")/",*((&"<*+"'*/)(+.+"" &239(b"!" <*(*'0+,)'*"+/"')%%&'(&" 5+/L*1(-%$'3X"I%,"("&239("=6,-(+&,9("" <+"Ja#"51&1(*,$(+"%*'"" /&"1.+/$%%&"<*/"3*,*"" +00)(*'+)/*8"*"+"-&1(+"" &27;-$33(?("_"=6,-(+&,9("$"*2*"" =6,-(+&,9("_"4("0cd"W3239$*69(" %*'"%'&<$''*"+/"3*,*"" (77,9$%(,-$Xb!" +,<+.+<$)'*"/)"D$&()" <+"Y'*<<+(&");*.&/)3+/*Z"" <*(*'0+,)()")%%/+-),<&"" +/"+/L*1(-%$'3")/"Y-&,('+3$(&" *-&,&0+-&Z"<*'+.),(*"" <)//F$(+/+::&"<*/"3*,*"" (77,9$%(,-$b!" ,;;-(&,%$1"(*+*$1","9,-$"=629,"" /)"%*'-*,($)/*"<+"<*()11):+&,*"" '+-&,&1-+$()=

/-")$*$+&(2"5"&676-,)(-$"&2*"9699$"/*")/('*"0+1$'*"-&,(*,$(*",*/"M+),&=

A C H I S I R I VO LG E

!" M&11&,&")--*<*'*"" )//F);*.&/):+&,*"+"1&;;*((+"" (+(&/)'+"<+"'*<<+(&"<F+0%'*1)4"" +"-$+"'*<<+(+"<+%*,<&,&"" +,"0&<&"<+0&1(')3+/*"" <)//F$(+/+::&"<+"3*,+"" +00)(*'+)/+4"1+),&"*11*"" 1&-+*(G"<+"-)%+()/+"&"<+"%*'1&,*4""" +0%'*,<+(&'+"+,<+.+<$)/+4"" *,(+"-&00*'-+)/+"*",&,4"" 1&;;*((+"'*1+<*,(+"+,"M)*1+"*1(*'+"" 50)"-&,"1()3+/*"&';),+::):+&,*"" +,"6()/+)8"-&,"-$+"1&,&"1()(+"" 1(+%$/)(+"(')(()(+"%*'")<*;$)(&"" 1-)03+&"<+"+,9&'0):+&,+=

CO M E S I ACC E D E

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

!%%'&9&,<+0*,(&"!"#

STARTUP E P M I I N N OVATIVE!""#$#%!%#&&O'(()*!+')(#

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

A C O S A S E R V E

!" #&1(*,*'*"/*"+0%'*1*"" +,,&.)(+.*"+,"($((*"/*"9)1+"<*/"" /&'&"-+-/&"<+".+()=!" O).&'+'*"/&"1.+/$%%&"" <*//F*-&1+1(*0)",):+&,)/*"" <*//F+0%'*,<+(&'+)"+,,&.)(+.)="!" e(<2*4$%$"6*,"*62?,"&6-96%,"" +0%'*,<+(&'+)/*".&()()"" )//)"-&//)3&'):+&,*4"" )//F+,,&.):+&,*"*" )//F+,(*',):+&,)/+::):+&,*=

Q UA L I VA N TAG G I

!" H$&.)"0&<)/+(G"<+"-&1(+($:+&,*"" <+;+()/*"*";')($+()=!" L1&,*'&"<)//)"<+1-+%/+,)"" 1$//*"1&-+*(G"<+"-&0&<&"" *"+,"%*'<+()"1+1(*0)(+-)=!" M&11+3+/+(G"),-2*"%*'"/*"1'/"" <+"*0*((*'*"%+),+"<+"" +,-*,(+.):+&,*"+,"/@*'$M4"" ,>$?2-,9("+3&,-7$*9$!!" 6,-*,(+.+");/+"+,.*1(+0*,(+"" +,"-)%+()/*"<+"'+1-2+&>"<*('):+&,*"" /0#fg"W;$%"(*?$39(7$*9("+*2"" )"E"0+/+&,*"<+"*$'&8"&"" <*<$:+&,*"<*//F+0%&,+3+/*"" /0fd"W+*2","E1Y"7(-(2*(X";,%("" )/"QAB=!" O&&$332">%,96(921"3$7;-(+&,92"" *"%'+&'+()'+&")/"O&,<&"" <+"P)'),:+)"%*'"/*"MN6=!" I@*'$M(8-3J.6*+.'+,"" %*'"/)"')--&/()"<+",$&.+"-)%+()/+"" <+"'+1-2+&=!" #$%&'%(E$%-$*5(P'1%>"$,)"0&<)/+(G"" <+;+()/*4"1*0%/+-*"*")--*/*')()"" %*'")((')''*"+0%'*,<+(&'+"

" +,,&.)(+.+=!" M&11+3+/+(G"<+"-*<*'*"/*"%*'<+(*"" )"1&-+*(G"D$&()(*"153+13-"" 5)/0*,&"+/"?AB"<*//*"D$&(*8=!" 6,"-)1&"<+"+,1$--*11&>"*1&,*'&"" <)//)"<+1-+%/+,)"9)//+0*,()'*"" &'<+,)'+)=!" 6,"-)1&"<+"1$--*11&>"/*"1$%-$*5"" 0)($'*"%&11&,&"-&,.*'(+'1+"" );+/0*,(*"+,"MN6"+,,&.)(+.*4"" -&,(+,$),<&")";&<*'*"" 4$(";%(*&(;,-(")$*$+&(!

/-")$*$+&(2"5"&676-,)(-$"&2*8!" 6%*')00&'()0*,(&"*"" "" #$%*')00&'()0*,(&=!" H$&.)"#)3)(+,+=!" I'*<+(&"<F+0%&1()" %*'")((+.+(G"<+"J+-*'-)" *"#.+/$%%&=!" 0%$/+$(K3L=!" 6,-*,(+.+" )//)"%)('+0&,+)/+::):+&,*"" <*//*"+0%'*1*"5KIL8=

A C H I S I R I VO LG E

E$%-$*5"+,,&.)(+.*>"1&-+*(G"<+"-)%+()/+",&,"D$&()(*"<+",$&.)&"'*-*,(*"-&1(+($:+&,*4"-&,".)/&'*"<*//)"%'&<$:+&,*"),,$)"+,9*'+&'*")"@"0+/+&,+"<+"*$'&"*"+/"-$+"&;;*((&"32&(,-$"5"&'(,%,7$*9$"-$>,92")//F+,,&.):+&,*="M'*1*,(),&")/0*,&"$,&"<*+"('*"1*;$*,(+"'*D$+1+(+>"!" +/" E@B"<*+" -&1(+" ),,$+" '+;$)'<)"" ,99(?(9D"4("0cdb!" ?_Q"/)$'*)(+4"&%%$'*"" E_Q"<&((&'+4"<&((&'),<+"" 4("%(&$%&,"2"%(&$%&,92%(b!" (+(&/)'+(G"<+"3'*.*((&"&"136$J%-/=MN6"+,,&.)(+.*>"+0%'*1*"<+"%+--&/*"*"0*<+*"<+0*,1+&,+"+,"9&'0)"<+"1&-+*(G"<+"-)%+()/+4"<&()(*"4(")(-,*&(2"&$%9(+&,92!"M'*1*,(),&")/0*,&"<$*"<*+"('*"1*;$*,(+"'*D$+1+(+>"!" +/"QB"<*+"-&1(+"),,$+"'+;$)'<)"" ,99(?(9D"4("0cdb!" E_Q"/)$'*)(+4"&%%$'*"E_@"<&((&'+4"" <&((&'),<+"<+"'+-*'-)"" 2"%(&$%&,92%(b!" (+(&/)'+(G"<+"3'*.*((&"&"136$J%-/=

CO M E S I ACC E D E

!" 61-'+.*,<&1+4"0*<+),(*"" ,692&$%9(+&,:(2*$"3+&'+/"" <*/"%&11*11&"<*+"'*D$+1+(+"" <+"1$%-$*5"&"MN6"+,,&.)(+.)4"" )//*"'+1%*((+.*"1*:+&,+"1%*-+)/+"" <*/"J*;+1('&"<*//*"60%'*1*="" M*'"/*"1$%-$*5"+,,&.)(+.*"+/"" '*;+0*");*.&/)(+.&"<$')"@"),,+" <)//)"-&1(+($:+&,*=

!%%'&9&,<+0*,(&"!"#

SALARIO D I PRODUTTIV ITÀ'("%#.#(/!%#('&(1!$!%')5/-&%#"30#%!%#&0%),3//'*'/4&

IRES , IR I E CONTABIL ITÀP ER CASSA $'-#%!%#&%'1)%1#

ACE (AIUTO ALLA CRESCITA ECONOMICA)0)/#(+'!%#('&("!0'/!$#('+('.0%#1!&

FONDO DI GARANZIA!.0$'!%#(&/(0)11'-'$'/4(.'("%#,'/)

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

COM PETIT IV ITÀ

FONDO D I GA R ANZIA!.0$'!%#&&/(0)11'-'$'/4&.'("%#,'/)

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

A C O S A S E R V E

!" #&1(*,*'*"/*"+0%'*1*"" *"+"%'&9*11+&,+1(+"-2*"2),,&"" 4(]&2-9D",4",&&$4$%$",-"&%$4(92"" 3),-)'+&"%*'-2^",&,"<+1%&,;&,&"" 4("36]&($*9(">,%,*:($!

Q UA L I VA N TAG G I

!" I&,-*11+&,*"<+"$,)";)'),:+)"" ;6))-(&,1"+*2","6*"7,33(72"" 4$--.YGH"4$-"+*,*:(,7$*921"" %*'"&%*'):+&,+"1+)")"3'*.*"1+)"" )"0*<+&X/$,;&"(*'0+,*4"" 1+)"%*'"9)'"9'&,(*")"*1+;*,:*"" <+"/+D$+<+(G"-2*"%*'"" '*)/+::)'*"+,.*1(+0*,(+="" 6/"O&,<&";)'),(+1-*")"-+)1-$,)"" +0%'*1)"&"%'&9*11+&,+1()"$,"" +0%&'(&"0)11+0&"" <+"?4@"0+/+&,+"<+"*$'&4"" $,"5&%63+."-2*"%$["*11*'*"" $(+/+::)(&")((').*'1&"$,)"&"%+b" 2;$%,:(2*(1"+*2","" -&,-&''*,:)"<*/"(*((&"1()3+/+(&4"" 1*,:)"$,"/+0+(*")/",$0*'&"" 4("2;$%,:(2*("$<$996,)(-(!"" 6/"/+0+(*"1+"'+9*'+1-*")//F+0%&'(&"" ;)'),(+(&4"0*,('*"" ;$%"(-"+*,*:(,7$*92"*$-"362"" &27;-$332"*2*"5";%$?(392"" $,"(*((&"0)11+0&="

/-")$*$+&(2"5"&676-,)(-$"&2*8!" 6%*')00&'()0*,(&"*"" "" #$%*')00&'()0*,(&=!" H$&.)"#)3)(+,+=!" I'*<+(&"<F+0%&1()"%*'")((+.+(G"" <+"J+-*'-)"*"#.+/$%%&=!" 0%$/+$(K3L=!" 6,-*,(+.+")//)"" %)('+0&,+)/+::):+&,*"<*//*"" +0%'*1*"5KIL8=!" 6,-*,(+.+");/+"+,.*1(+0*,(+"" +,"1$%-$*5"*"MN6"+,,&.)(+.*=

A C H I S I R I VO LG E

!" N+-'&"+0%'*1*"*"MN6"+,-/$1*" /*"1$%-$*52!" M'&9*11+&,+1(+"+1-'+((+");/+"" &'<+,+"%'&9*11+&,)/+"&")<*'*,(+"" )<")11&-+):+&,+"%'&9*11+&,)/+"" +1-'+((*")//F)%%&1+(&"*/*,-&"" <*/"N+,+1(*'&"<*//&"#.+/$%%&"" L-&,&0+-&=d2*2" ,77$33(" 32>>$99(" )$*$+&(,X'+"-2*"&%*'),&"+,"($((+"+"1*((&'+")<"$&&$:(2*$" 4(" =6$--2" +*,*:(,%(21"&2*3(4$%,9(" $&2*27(&,7$*9$" $" +X,),:+)'+)0*,(*"1),+=

CO M E S I ACC E D E

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

!%%'&9&,<+0*,(&"!"#

ACE (AIUTO ALLA CRE S CITA ECONOMIC A)

0)/#(+'!%#&'&("!0'/!$#&'+('.0%#1!&

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

A C O S A S E R V E

!" /*&$*9(?,%$"(-"%,<2%:,7$*92"" %)('+0&,+)/*"<*//*"+0%'*1*"" +()/+),*")((').*'1&"" (-"+*,*:(,7$*92"&2*"&,;(9,-$"" ;%2;%(21",-"+*$"4("299$*$%$"" 39%6996%$"+*,*:(,%($";(h"" *D$+/+3')(*"9')"9&,(+"*"+0%+*;2+"" *"9')"-)%+()/*"<+"'+1-2+&"*"<*3+(&4"" *"D$+,<+"%+b"-&0%*(+(+.*="

Q UA L I VA N TAG G I

!" `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

CO M E S I ACC E D E

!" K$(&0)(+-)0*,(*"+,"9)1*"" <+"'*<):+&,*"<+"3+/),-+&=

A C H I S I R I VO LG E

!" 7$((+"+"1&;;*((+"(+(&/)'+"" <+"'*<<+(&"<F+0%'*1)4"+,-/$1*"" /*"<+((*"+,<+.+<$)/+"" )11&;;*(()(*")//F6J64" &2*"3$4$"+3&,-$"(*"/9,-(,1" -&0%'*1*"/*"1()3+/+"" &';),+::):+&,+"<+"" +0%'*1*"'*1+<*,(+")//F*1(*'&4" +,<+%*,<*,(*0*,(*"" <)//)"9&'0)";+$'+<+-)4"" <)//)"<+0*,1+&,*"):+*,<)/*"" *"<)/"1*((&'*"*-&,&0+-&"+,"-$+"" &%*'),&=

IRES , IR I E CONTA BIL ITÀ PER CASSA$'-#%!%#&%'1)%1#

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

A C O S A S E R V E

!" 0(46%%$"-,";%$33(2*$"+3&,-$"" %*'"/*"+0%'*1*"-2*"+,.*1(&,&"" ,*/"9$($'&"/)1-+),<&";/+"$(+/+"" +,"):+*,<)=

Q UA L I VA N TAG G I

!" 7);/+&"<*//F6JL#"<)/"?R4@B"" )/"?CB4")..+-+,),<&"/F)/+D$&()"" ,"=6$--,"4$--,"7$4(,"Rf!!" M&11+3+/+(G"%*'"+0%'*,<+(&'+"" +,<+.+<$)/+"*"1&-+"<+"1&-+*(G"" <+"%*'1&,*"<+"&%()'*"%*'"" $,F)/+D$&()"$,+-)"<*/"?CB"" 56J68")"9'&,(*"<*//F)(($)/*"" '*;+0*"6JMLO"-2*"%'*.*<*"" ,-(=629$"+*2",-"TNH!" 6/"?CB"1+")%%/+-)"1$//)"%)'(*"" <+"'*<<+(&"<F+0%'*1)"-2*"'*1()"" +,"):+*,<)"0*,('*"1$//*"" 1&00*"%'*/*.)(*"%*'"$1&"" %*'1&,)/*"1+"-&,(+,$)")"%);)'*"" /F6JMLO=" VF&3+*((+.&"<*//F6J6")/"?CB"" 5"I,?2%(%$"-,"&,;(9,-(::,:(2*$"" <*//*"+0%'*1*4"()11),<&"" +,"0),+*')"%+b"/*;;*')";/+"$(+/+"" ,&,"%'*/*.)(+4"*D$+%)'),<&/&"" )//)"()11):+&,*"<*//*"1&-+*(G"" <+"-)%+()/+"56JL#")/"?CB8="" VF&%:+&,*".)/*"@"),,+"*<"" 5"%(**2?,)(-$!

" 7)/*"0+1$')"&/('*"" )"+,-*,(+.)'*"/*"MN6"" )<")$0*,()'*"+/"%'&%'+&"" %)('+0&,+&"2)"+/".),();;+&"" <+"'*,<*'*",*$(')/*"" /)"()11):+&,*",*//)"1-*/()"" <*//)"9&'0)"<+"+0%'*1)"" 5+,<+.+<$)/*4"1&-+*(G"" <+"%*'1&,*4"1&-+*(G"<+"-)%+()/+8"" *"<+"<+1(+,;$*'*"/F):+*,<)"" 4,--$";$%32*$"+3(&'$"" <*//F+0%'*,<+(&'*"*"<*/"1&-+&=

A C H I S I R I VO LG E

!" 6JL#>"1&-+*(G"<+"-)%+()/+4"*,(+"" ,&,"-&00*'-+)/+4"-&&%*')(+.*=!" 6J6>"+0%'*,<+(&'+"+,<+.+<$)/+"" *"1&-+*(G"<+"%*'1&,*"+,"" -&,()3+/+(G"&'<+,)'+)="" M&11&,&"$(+/+::)'/)"),-2*"" -&&%*')(+.*"*"1'/"-&,"'+-).+"" ,&,"1$%*'+&'+")"@"0+/+&,+"" <+"*$'&"*"-&,"$,)"'+1('*(()"3)1*"" 1&-+*()'+)=!" I&,()3+/+(G"%*'"-)11)>"" 1&;;*((+"+,"-&,()3+/+(G"" 3$7;-(+&,9,!

CO M E S I ACC E D E

!" K$(&0)(+-)0*,(*"+,"9)1*" <+"'*<):+&,*"<+"3+/),-+&=

SALARIO D I P R O D UTTIV ITÀ'("%#.#(/!%#('&(1!$!%')&5/-&%#"30#%!%#&0%),3//'*'/4

P I A N O N A Z I O N A L E I N D U S T R I A 4 . 0

A C O S A S E R V E

!" O).&'+'*"/F+,-'*0*,(&"" <+"%'&<$((+.+(G"1%&1(),<&"" /)"-&,(')(():+&,*")"/+.*//&"" ):+*,<)/*"*"+,('&<$-*,<&"" 1-)03+"%&1+(+.+"(')")$0*,(+"" 4("$]&($*:,"$"(*&%$7$*9("" 1)/)'+)/+"%*'"+"/).&')(&'+="!" M'&0$&.*'*"/F+,(*;'):+&,*"" 1$11+<+)'+)"<*/"J/&6%-/"):+*,<)/*"" )//*"9&'0*"<+"J/&6%-/"%$33/+-&"" 5%'*.+<*,:)"-&0%/*0*,()'*4"" 1),+(G"+,(*;')(+.)4"*--=8=!" O).&'+'*"/*"9&'0*"" <+"%)'(*-+%):+&,*"&';),+::)(+.)"" <*+"/).&')(&'+=

Q UA L I VA N TAG G I

!" 7)11):+&,*"<+".),();;+&";#."" )/"EAB"%*'"+"%'*0+"1)/)'+)/+"" /*;)(+")<")$0*,(+"" <+"%'&<$((+.+(G"):+*,<)/*="" 6/"/+0+(*"<*/"%'*0+&"-$+"" )%%/+-)'*"/)"<*()11):+&,*"" 5";,%(","N!GGG"$6%2"$",%%(?,"" )"C=AAA",*/"-)1&"+,"-$+"" +/"-&+,.&/;+0*,(&"<*+"/).&')(&'+"" ,*//F&';),+::):+&,*"" <*/"/).&'&"1+)"%)'+(*(+-&="" c"%&11+3+/*"1&1(+($+'*"+/"%'*0+&4"" +,"($((&"&"+,"%)'(*4"-&,"3*,+"" *"1*'.+:+"<+"$(+/+(G"1&-+)/*=!" c");*.&/)(&"),-2*" +/"'+-&'1&")"1*'.+:+"" <+"%'*.+<*,:)"-&0%/*0*,()'*4"" )//F)11+1(*,:)"1),+()'+)4"" )<")11+-$'):+&,+"-&,('&"" -,"*2*_,69236]&($*:,1"" )"1*'.+:+"*<$-)(+.+"*")//)"" %)'(*-+%):+&,*"):+&,)'+)"" <)"%)'(*"<*+"<+%*,<*,(+=

A C H I S I R I VO LG E

!" K<<*((+"<*/"1*((&'*"%'+.)(&" -2*",*//F),,&"%'*-*<*,(*"" )33+),&").$(&"$,"'*<<+(&"" <+"/).&'&"<+%*,<*,(*",&,"" 1$%*'+&'*")"SA=AAA"*$'&=!" K:+*,<*"-&,"+,-'*0*,(+"" <+"%'&<$((+.+(G4"'*<<+(+.+(G4"" $]&($*:,1"=6,-(9D"$"(**2?,:(2*$!""

CO M E S I ACC E D E

!" 7')0+(*"-&,(')((+"):+*,<)/+=