Download   Report
  1. No category

FI-28 general.cdr

+PT.BOVFM$SV[7JBEFSP
6LTXLHUHVVDEHUFXiQWR
OOHYDVJDVWDGRHQOX]
\DKRUUDUHQWXIDFWXUD
FRQVXOWDWX&RQWDGRU
$OEHUWR&RQWDGRU
([SHUWRHQJHVWLyQ
GHHQHUJtD
3iVDWHD9LHVJR
\HYROX]LRQD
YLHVJRFOLHQWHVFRP
3BN§O3VJ[3VJ[
$POTFKFSPEF&EVDBDJ§O
$VMUVSBZ%FQPSUF
0$5,$
$9(
"MDBMEFEF5PSSFMBWFHB
'HVGHHOGHHQHURKDVWDHOGH
PDU]RHO;;9,,,)HVWLYDOGH,QYLHUQRGH
7RUUHODYHJDKDGHVWLODGRSDUDWRGRV
XVWHGHVXQDHVPHUDGDVHOHFFLyQGH
JHQXLQDVGHOLFDWWHVVHQ HQHO
SDQRUDPDQDFLRQDOGHODVDUWHV
HVFpQLFDV1RVODVYDDSURSRUFLRQDUXQ
HOHQFRLQVXSHUDEOHGHIHQGLHQGR
SURSXHVWDVGHORVPiVUHFRQRFLGRV
DXWRUHVTXHYLDMDQGHVGHORLQWHPSRUDO
KDVWDODYDQJXDUGLDSHURVLHPSUHFRQ
HOLQJUHGLHQWHFRP~QGHOWDOHQWR
(QWUHODµ0XxHFDGH3RUFHODQD¶GH
'DYLG0DPHWTXHGHILHQGHHOJUDQ
-RVp6DFULVWiQHQODSULPHUD
UHSUHVHQWDFLyQGHOSURJUDPD\OD
µ5HLQD-XDQD¶GH(UQHVWR&DEDOOHURTXH
LQWHUSUHWDHQPRQyORJRODLQFRPSDUDEOH
&RQFKD9HODVFRFHUUDQGRHO)HVWLYDO
KD\WRGRXQPXQGRGHSRVLELOLGDGHV
HVFpQLFDVSUR\HFWDGDVKDFLDWRGRVORV
S~EOLFRVFRQODVSURJUDPDFLRQHV
FRPSOHPHQWDULDVGHO7HDWUR-RYHQ\
7HDWURLQIDQWLO\SDUDEHEpV
<HVHHVHOREMHWLYRTXHEXVFDPRV
UHVSRQVDEOHV\SURJUDPDGRUHVTXH
WRGRWLSRGHS~EOLFRVWHQJDDFFHVRDOD
IDVFLQDFLyQGHOWHDWURDSUHFLRVPX\
DVHTXLEOHV\HQXQDVHGHH[FHSFLRQDO
ODGHQXHVWUR7HDWUR0XQLFLSDO&RQFKD
(VSLQD/DFDOLGDGHVHO~QLFRUHTXLVLWR
LPSUHVFLQGLEOHHQHVWDYDULDGDFDUWD
TXHOHVSUHVHQWDPRVQRH[HQWDGH
ULHVJRHQDOJXQDGHODVSURSXHVWDV
(VW~GLHQODFRQGHWHQLPLHQWR
VHOHFFLRQHQVHJ~QVXSURSLRFULWHULR
FRQRFLPLHQWRRVLPSOHLQWXLFLyQ\
SUHSiUHQVHDVHQWLUSRUTXHFRPRGLMR
)HGHULFR*DUFtD/RUFD³(OWHDWURHV
SRHVtDTXHVHVDOHGHOOLEURSDUD
KDFHUVHKXPDQD´
£%LHQYHQLGRVDO;;9,,,)HVWLYDOGH
,QYLHUQRGH7RUUHODYHJD
)LHODVXFLWDFRQORVDILFLRQDGRVDODV
DUWHVHVFpQLFDVHO)HVWLYDOGH
,QYLHUQRGH7RUUHODYHJDQRVSUHVHQWD
HQVXHGLFLyQXQLQWHUHVDQWH
SURJUDPDDUWtVWLFRTXHFRQFLWDUiOD
DWHQFLyQGHXQS~EOLFRILHO\
QXPHURVR
(VWDPRVDQWHXQRGHORVFHUWiPHQHV
HVFpQLFRVPiVYHWHUDQRVGHQXHVWUD
UHJLyQKHFKRTXHHVSUXHED
IHKDFLHQWHGHTXHKDEODPRVGHXQD
SURSXHVWDTXHFXHQWDFRQHODSR\RGH
ODVLQVWLWXFLRQHVSHURHQHVSHFLDOFRQ
HOIDYRUGHORVFLXGDGDQRV
WRUUHODYHJXHQVHVTXLHQHVJUDFLDVD
VXSUHVHQFLDPDVLYDDORVGLVWLQWRV
HVSHFWiFXORVTXHFRQIRUPDQHO
SURJUDPDKDFHQFUHFHU\PHMRUDU
HVWHIHVWLYDO
'HVGHOD&RQVHMHUtDGH&XOWXUD
HVWDPRVFRQYHQFLGRVTXHSDUD
GLVHxDUXQDRIHUWDFXOWXUDOGHFDOLGDG
\DWUDFWLYDHVQHFHVDULROD
FRODERUDFLyQGHWRGRVGHVGHODV
LQVWLWXFLRQHVKDVWDODFLXGDGDQtD
GiQGROHVHOSURWDJRQLVPRTXHVH
PHUHFHQ3RUHOORQRVROR
PDQWHQHPRVVLQRTXHWDPELpQ
TXHUHPRVUHIRU]DUHODSR\RD
LQLFLDWLYDVGHODUDLJDPEUH\FDOLGDG
GHHVWH)HVWLYDOGH,QYLHUQRTXHHV\D
XQDFRQYRFDWRULDLQHOXGLEOHGHO
FDOHQGDULRDUWtVWLFRFiQWDEUR\TXH
DGHPiVWLHQH\DXQDDFUHGLWDGD
UHSXWDFLyQQDFLRQDO
6RORPHUHVWDDQLPDUDORV
HVSHFWDGRUHVDTXHFRQVXSUHVHQFLD
DFRMDQXQDxRPiVHVWDQXHYD
HGLFLyQTXHDEXHQVHJXURQRVRIUHFH
ODSRVLELOLGDGGHDVLVWLUDHVSHFWiFXORV
H[FHOHQWHV\YDULDGRV\TXHQRV
DSRUWDUiQODVH[SHULHQFLDV~QLFDVH
LUUHSHWLEOHVTXHQRVRIUHFHHODUWHHQ
YLYR\HQGLUHFWR
/2&$/,'$'(6
1-"/0(&/&3"-
$0.13"%&"#0/04:&/53"%"4
/RV$ERQRV\ HQWUDGDVVHSRGUiQDGTXLULUDWUDYpVGHODSiJLQDGHO70&(
ZZZWPFHHVSLQFKDQGRHQODSHVWDxDGHFRPSUDGH³$ERQR´RVLQR
GHVHDFRPSUDUDERQRHQODGHFDGDHVSHFWiFXORFXDQGRpVWDVVDOJDQDOD
YHQWDDSDUWLUGHODVGHODPDxDQD
(6&(1$5,2
(6&(1$5,2
%
%
"#0/04
"#0/04;0/""
"#0/04;0/""-"5&3"-
BMHVOBEFFTUBTQMB[BTQVEJFSBUFOFSMBWJTJ§OSFEVDJEB
$%212*(1(5$/ViEDGRV=RQD$¼\=RQD$ODWHUDO¼
$%212-29(19LHUQHV=RQD$¼\=RQD$ODWHUDO¼
3DUDDJLOL]DUODYHQWDGHDERQRV\HQWUDGDV VHKD VHFXHQFLDGROD
YHQWDGHDERQRV\HQWUDGDVGHDFXHUGRFRQHOVLJXLHQWHFDOHQGDULR
7&/5"%&"#0/04
-6/&4%&
%*$*&.#3&
7&/5"%&
"#0/04
."35&4%&
%*$*&.#3&
7&/5"%&
"#0/04
5&"530+07&/
4u#"%04
)"45"&-%0.*/(0
%&%*$*&.#3&
)"45"&-%0.*/(0
%&%*$*&.#3&
7&/5"%&&/53"%"4
-6/&4%&
."35&4%&
%*$*&.#3&
%*$*&.#3&
7&/5"%&
7&/5"%&
&/53"%"4
&/53"%"4
5&"530+07&/
4u#"%04
)"45"&-%"%&-
&41&$5u$6-0
)"45"&-%"%&-
&41&$5u$6-0
.*}3$0-&4%&
%*$*&.#3&
7&/5"%&
&/53"%"4
*/'"/5*-&4
)"45"&-%"%&-
&41&$5u$6-0
&/53"%"4
&/53"%"4;0/"#
&/53"%"4;0/"$
WHOpIRQR*LJORQFRPSUDGHHQWUDGDV
HQKRUDULRGH
OXQHVDMXHYHVGHDK
YLHUQHVGHDK
BMHVOBEFFTUBTQMB[BTQVEJFSBUFOFSMBWJTJ§OSFEVDJEB
(QWDTXLOODHOGtDGHOHVSHFWiFXORKRUDVDQWHVVLTXHGDVHQHQWUDGDV
(O$IRUR7RWDOGHO7HDWURHVGHSOD]DV(OQ~PHURPi[LPRGHDERQRV\HQWUDGDV
TXHVHYHQGHUiQDXQDSHUVRQDWDUMHWDVHUiGHSRUHVSHFWiFXOR
6HLQIRUPDDOS~EOLFRTXHODV=RQDV$/DWHUDO\OD=RQD&SXGLHUDQWHQHUXQDYLVLyQ
UHGXFLGDHQDOJXQDVHVFHQDVGHDOJXQRVHVSHFWiFXORV\SRUHOORWLHQHXQSUHFLR
PHQRU
.•TJOGPSNBDJ§OTPCSFFM5FBUSPQMBOPTCVUBDBTZ
QSPHSBNBDJ§OXXXUNDFFT
PGJDJOBTUFBUSPUFMGPOP
3&5*3"%"%&"#0/04:&/53"%"4
(OHVSHFWDGRUSRGUiLPSULPLUHODERQRHQVXFDVDHQIRUPDWRGH
HQWUDGDVLQGLYLGXDOHVSDUDFDGDHVSHFWiFXOR/DWDTXLOODGHOWHDWUR
SHUPDQHFHUiDELHUWDORVGtDV\'((1(52(1+25$5,2'($
+ /RV DERQRV \ HQWUDGDV DGTXLULGRV SRU WHOpIRQR SRGUiQ VHU
UHWLUDGDVHQODWDTXLOODGHO7HDWURHQHOKRUDULRLQGLFDGRRGRVKRUDVDQWHV
GHFDGDIXQFLyQSUHVHQWDQGRHOFyGLJRGHFRPSUDRHO'1,GHODSHUVRQD
TXHORDGTXLULy6LODFRPSUDIXHSRULQWHUQHWGHEHUiLQGLFDUQRVHOFyGLJR
GHFRPSUDRHOFRUUHRHOHFWUyQLFRTXHVHXWLOL]ySDUDODFRPSUD
81$9(=&20(1=$'2(/(63(&7È&8/2126(3(50,7,5È(/$&&(62$/$6$/$
+04}4"$3*45u/
+"7*&3(0%*/0
4•CBEPEFFOFSPI
.6…&$"%&
103$&-"/"
8QPLOORQDULROHDFDEDGHFRPSUDUXQDYLyQD
VXMRYHQSURPHWLGDFRPRUHJDORGHERGDV6X
LQWHQFLyQHVMXELODUVH\GHGLFDUVHHQWHUDPHQWH
DHOOD'XUDQWHVX~OWLPRGtDHQODRILFLQDDQWHV
GHUHXQLUVHFRQHOODLQVWUX\HDVXMRYHQ
D\XGDQWHSDUDSRGHUDWHQGHUVXVQHJRFLRV
GHVGHODGLVWDQFLD3HURMXVWRDQWHVGHVDOLU
UHFLEHXQDOODPDGDGH~OWLPDKRUDTXHGHVHDUi
QRKDEHUUHFLELGRQXQFD
¢(VWiQORVSRGHURVRVOLEUHVGHUHQGLUFXHQWDV
SRUVXVDFWRV"¢([LVWHXQDpOLWHTXHPDQHMDORV
KLORVFRQFDSDFLGDGSDUDYDULDUHOUXPERGHORV
DFRQWHFLPLHQWRVFRQWDQVyORXQDOODPDGD
WHOHIyQLFD"0DPHWKDFUHDGRXQDLQWHQVD\
HPRFLRQDQWHHVWUXFWXUDWHDWUDOGHYLEUDQWH
ULWPRTXHPH]FODWHPDVUHFXUUHQWHVGHODXWRU
FRPRHOSRGHUGHODSROtWLFDODHFRQRPtD\ORV
PHGLRVGHFRPXQLFDFLyQFRQRWURVQXHYRV
FRPRODOHDOWDG\ODVGLILFXOWDGHVGHOVHU
KXPDQRSDUDURPSHUFRQVXSDVDGR8QD
HVSLUDOGHVXFHVRVTXHHQPHQRV
GHKRUDVPRGLILFDUiQSDUDVLHPSUHHO
GHVWLQRGHVXVSURWDJRQLVWDV<SRVLEOHPHQWH
QXHVWUDYLVLyQGHODFDUDRFXOWDGHORVGXHxRV
GHOPXQGR
-RVp6DFULVWiQKDVLGRVLWXDGRHQODOLVWDGHORV
PHMRUHVDFWRUHVDFWXDOHVSDUDOD$),
$PHULFDQ)LOP,QVWLWXWHHO~QLFRDFWRU
HVSDxROHQHVWHUiQNLQJ
'DYLG0DPHWHVFULELyHVWHWH[WRSDUD$O3DFLQR
/DYHUVLyQHVSDxRODHVODSULPHUDTXHVH
HVWUHQDPiVDOOiGH((886XGHVHQODFHKD
VLGRPRGLILFDGRHVWRGRXQJXLxRGHORSHJDGR
TXHHVWiHOWHDWURDODUHDOLGDGVRFLDOGHFDGD
OXJDUGRQGHVHUHSUHVHQWD
2ULJLQDOGH
'DYLG0DPHW
9HUVLyQ%HUQDEp5LFR
,QWHUSUHWDGDSRU
-RVp6DFULVWiQ\
-DYLHU*RGLQR
'LUHFFLyQ
-XDQ&DUORV5XELR
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
Ê-BMFDDJ§OEFMNBFTUSPË
+VBO*HOBDJP(BSD¡B(BS[§O"#$
Ê)BS•EJTGSVUBSBDVBMRVJFS
CVFOBGJDJPOBEPBMUFBUSP
.VZSFDPNFOEBCMFË
.BSJP.BSU¡O-VDBT&M&TQB¥PM
%PNJOHPEFFOFSPIII
7JFSOFTEFFOFSPI
%BOJ.BUFP
53*16-"
%&4&/$"%&/"%0
$"'"33&4#305)&34
7($752
-29(1
5FBUSPJOGBOUJMQBSBOJ¥PTBTBQBSUJSEFB¥PT
'RVFLHQWtILFRVLOXPLQDGRVKDQGHVFXELHUWR
XQDQXHYDIRUPDGHYLDMDU\KR\ORH[SRQHQ
DXQJUXSRGHSDVDMHURV'HVSXpVGHPXFKR
WUDEDMR\HVIXHU]RVHDWUHYHQDPRVWUDUVX
JUDQUHYROXFLyQHQORVPHGLRVGHWUDQVSRUWH
HO*ORER(VWiWLFR(VWH*ORERYLDMDSRUHO
HVSDFLRUR]DQGRORVOtPLWHVGHODUHDOLGDG
SHUPLWLHQGRLUDOXJDUHVTXHKDVWDDKRUD
QDGLHVRVSHFKDEDTXHH[LVWLHUDQ(OYLDMH
SURPHWHVHUDSDFLEOH\SRpWLFRDXQTXH
SXHGHVXUJLUPiVGHXQFRQWUDWLHPSRTXH
REOLJDUiDORVSDVDMHURVDLQFRUSRUDUVHDOD
WULSXODFLyQ
(VWiQSURJUDPDGDV
WUHVUHSUHVHQWDFLRQHVDODV
\K(OQ~PHUR
Pi[LPRGHHVSHFWDGRUHVSRU
FDGDUHSUHVHQWDFLyQVHUiGH
&RPSUXHEHTXHDGTXLHUH
ODHQWUDGDSDUDOD
UHSUHVHQWDFLyQGHVXLQWHUpV
/DUHSUHVHQWDFLyQ\ORV
HVSHFWDGRUHVHVWDUiQHQHO
HVFHQDULR
&UHDFLyQ-RUGL3DOHW
3HS)DUUpV\-RUGL)DUUpV
7H[WR-RUGL3DOHWL3XLJ
,QWHUSUHWDFLyQ-RUGL)DUUpV\
3HS)DUUpV
'LUHFFLyQ-RUGL3DOHWL3XLJ
'XUDFLyQPVLQGHVFDQVR
3UHFLR~QLFR¼
3UHPLR)LUD
3UHPLR
GHWLWHOOHVGH
)(7(1DO
/OHLGDDOD
PHMRUHVSHFWiFXOR
0HMRU(VFHQRJUDILD\
HQHVSDFLRQR
0HQFLyQ(VSHFLDO
FRQYHQFLRQDO
GHO-XUDGR
(OSROLIDFpWLFR'DQL0DWHRUHJUHVD
DOHVFHQDULRFRQXQPRQyORJR
GRQGHUHSDVDVXVDxRVHQHO
PXQGRGHOKXPRUFRQ
'DQL0DWHR
'HVHQFDGHQDGR
(QHODxRVHLQLFLyHQHO
PXQGRGHO6WDQG8S&RPHG\GHOD
PDQRGHOFDQDO3DUDPRXQW
±SUROtILFDFDQWHUDGH
PRQRORJXLVWDVHQ(VSDxD±
UHDOL]DQGRGHVGHHQWRQFHV
P~OWLSOHVHVSHFWiFXORVSRUWRGRHO
SDtV(O~OWLPRGHHOORV³3.4XH
'LRV1RV3LOOH&RQIHVDGRV´KD
SHUPDQHFLGRWHPSRUDGDVHQOD
FDUWHOHUDGHO7HDWUR&RILGLV$OFi]DU
GH0DGULGFRQJUDQp[LWRGHFUtWLFD
\S~EOLFR
(VWDHVODFUyQLFDGHXQYLDMHD
WUDYpVGHOWLHPSRSHUGLGR\GHO
HVSDFLRYDFtRTXHFRQIRUPDQOD
UXWLODQWHQLVLTXLHUDVDEHTXp
VLJQLILFDHVWRFDUUHUDGHXQ
$57,67$FRQPD\~VFXODV
3RUTXHFRPRGLMRXQVDELR³(OTXH
LQWHQWDYLYLUVLQWUDEDMDUHVXQ
LGLRWDSHURHOTXHORFRQVLJXHHV
XQJHQLR´
<Vt(VORTXHSDUHFH(OFKLVWH
PiVEULOODQWHGHHVWDVLQRSVLVQL
VLTXLHUDHVVX\R/RTXHOHV
GHFtDPRVXQ$57,67$9D\DQD
YHUOH'DxRQROHVYDDKDFHU«
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
'XUDFLyQKPVLQGHVFDQVR
4•CBEPEFFOFSPI
*/7&/$*#-&
8QDSDUHMDFRQXQHVWDWXVVRFLDO\
FXOWXUDOHOHYDGRVHYHREOLJDGDSRU
ODFULVLVHFRQyPLFDDWUDVODGDUVHD
XQEDUULRPiVKXPLOGHGHOD
SHULIHULD
'HFLGHQHQWRQFHVUHODFLRQDUVHFRQ
VXVYHFLQRVSDUDDGDSWDUVHDVX
QXHYRHQWRUQR/RTXHHQXQ
SULQFLSLRSDUHFHXQDGHFODUDFLyQGH
EXHQDVLQWHQFLRQHVDFDED
FRQYLUWLpQGRVHHQXQDSHVDGLOOD
SDUDODVGRVSDUWHVFDXVDQGRXQ
GDxRLUUHSDUDEOHHQODSDUHMDPiV
GpELO
&ODVLILFDGDFRPRXQDGHODVViWLUDV
VRFLDOHVPiVLQWHUHVDQWHVGHOWHDWUR
UHFLHQWHWRGDVODVFUtWLFDVKDQ
FRLQFLGLGRHQHORJLDUHVWDREUDTXH
FRQWDGDGHVGHODFRPHGLDKD
PRVWUDGRODFUXGH]DGHODV
UHODFLRQHVHQWUHSHUVRQDVGH
GLIHUHQWHHVWDWXV
VRFLDO\FXOWXUDO
DVtFRPRHOGDxR
TXHVHSXHGHQ
KDFHUHQWUHHOODV
/DYHUVLyQGH
DFXHUGRFRQHO
DXWRUKD
WUDVODGDGROD
DFFLyQDQXHVWUD
SURSLDVRFLHGDG
ORJUDGRFRQ'DQLHO
9HURQHVHDOD
FDEH]DQR
SXHGHQPiVTXH
FRQILUPDUHOPLVPR
2ULJLQDOGH7RUEHQ%HWWV
,QWHUSUHWDGDSRU0DULEHO9HUG~
-RUJH%RVFK
3LODU&DVWUR\
-RUJH&DOYR
'LULJLGDSRU'DQLHO9HURQHVH
'XUDFLyQKPVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
Ë6OBPCSBGVFSUFEJWFSUJEBRVFUF
SFUVFSDFFOMBCVUBDBÐË
'JOBODJBM5JNFT
Ê$PNFEJBÐBCSBTJWBZDPOQFSTQJDBDFT
DPNFOUBSJPTTPDJBMFTË5IF(VBSEJBO
4•CBEPZ%PNJOHPEFFOFSPIZI
&41"$*04%&-/*%0
5"--&3%&&45*.6-"$*‡/4&/403*"-:1-u45*$"
1"3"#&#}4%&.&4&4""…04
&UHDWHFWXUDSURSRQHHVSDFLRVULFRVHQ
H[SHULHQFLDVGRQGHFDGDQLxRSXHGH
DSUHQGHU\GHVDUUROODUVHDVXULWPR\
GHVGHVXVLQJXODULGDGGHVGHODEDVHGHOD
QHXURGLYHUVLGDG\ODQHXURSHGDJRJtD6H
WUDEDMDUiODHVWLPXODFLyQHOPRYLPLHQWR
HOMXHJRODH[SORUDFLyQVHQVRULDO\OD
H[SHULPHQWDFLyQSOiVWLFDFRQPDWHULDOHV
FRPRFDUWyQSDSHOSOiVWLFRV
FXHUGDVHWF
(VLPSRUWDQWHGHVWDFDUTXHHVWDV
LQLFLDWLYDVVHGLULJHQDQLxRVGHHGDGHV
FRPSUHQGLGDVHQWUHGLH]\WUHLQWD\VHLV
PHVHV\DTXHHQHVWRVWDOOHUHVORV
SULPHURVDxRVVRQFUXFLDOHVGHVGHHO
SXQWRGHYLVWDGHODSUHQGL]DMHQDWXUDO\
HVPX\SRVLWLYRTXHORVPiVSHTXHxRV
GLVIUXWHQGHHVSDFLRVGRQGHVHVLHQWDQ
VHJXURV\TXHHVWLPXOHQVXGHVDUUROOR
SDUDFUHFHUFRQWRGRVXSRWHQFLDO
2ULJLQDOGH&UHDWHFWXUD
'LUHFFLyQ,UHQH)HUQiQGH]
'RVSDVHVHO6iEDGRDODV
\\GRVHO
'RPLQJRDODVPLVPDVKRUDV
$IRURPi[LPRSHUVRQDV
'XUDFLyQGHFDGDSDVHK
7HDWURSDUD%HEpV
(QWUDGD~QLFD¼
7JFSOFTEFFOFSPI
-*26*%"$*‡/103
$*&33&
5&"530$)&:.0$)&
9XHOYHQORV]tQJDURVGH³(O)XQHUDO´FRQXQ
GLVSDUDWDGRHVSHFWiFXORGHP~VLFD]tQJDUD\
KXPRUJDJVLPSURYLVDFLyQ\XQDP~VLFD
WUHSLGDQWH\HVSHFWDFXODU
8QSDtVKDVLGRGHVPDQWHODGRVyORTXHGDGH
pOXQDSHTXHxDRUTXHVWDGHFLQFRP~VLFRVTXH
VHHQFRQWUDEDQGHJLUDFXDQGRVXSDtV
GHVDSDUHFLy$KRUDYDJDQVLQUXPERILMR
RIUHFLHQGRXQFRQFLHUWRTXHSUHWHQGHKRQUDU\
PDQWHQHUYLYDODPHPRULDGHVXSDtV(O
FRQFLHUWRVHLUiVDOSLFDQGRGHGLYHUWLGDV
VLWXDFLRQHVUHODFLRQDGDVFRQHOFRQWHQLGRGH
ORVWHPDVPXVLFDOHVODKLVWRULDGHVX
GHVFRQRFLGRSDtV\VXVDEVXUGDVWUDGLFLRQHV
VDOSLPHQWDGDVFRQODVUHDFFLRQHVGHVXV
H[FpQWULFRVLQWpUSUHWHV
$YGD&DVWDxHGD
6DQWDQGHU
7HO
)D[
ZZZVHQRUFRQVWUXFFLRQFRP
7($752
-29(1
2ULJLQDOHLQWHUSUHWDGDSRU
7HDWUR&KH\0RFKH
7HUH]D3RO\YNDYLROtQ
-HDQ3LHUUH%DLOO\
JXLWDUUDPDQRXFKH
'DYLG$UGLGJXLWDUUD
/XQD2FKRDYLRORQFKHOOR
-RDTXtQ0XULOORVD[RIyQ
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
%"/;"%
."-%*504
4•CBEPEFFOFSPI
(QXQDpSRFDGHFRODSVR
HFRQyPLFR\WHUULEOH
PLVHULDXQJUXSRGH
SHUVRQDVGHWRGDHGDG\
FRQGLFLyQVHSUHVHQWDQDXQ
PDUDWyQGHEDLOHFRQOD
SURPHVDGHTXHODSDUHMD
TXHPiVDJXDQWHJDQDUiXQ
SUHPLRHQPHWiOLFR
$ORODUJRGHODFRPSHWLFLyQ
ORVSDUWLFLSDQWHVWHQGUiQ
TXHVXSHUDUSUXHEDVGH
D]DUHVWpWLFDUHVLVWHQFLD\
SRQHUDSUXHEDVXVOtPLWHV
ItVLFRV\PHQWDOHVIUHQWHDOD
DWHQWDPLUDGDGHOS~EOLFROD
SUHVHQFLDGHXQPDHVWURGH
FHUHPRQLDV\XQDPLVWHULRVD
FDQWDQWH
(VWHHVSHFWiFXORHVXQIROLR
HQEODQFRXQDFRPSHWLFLyQ
UHDO\HQGLUHFWRHQODTXH
FDGDGtDORVDFWRUHV
OXFKDUiQSRUVHUODSDUHMD
JDQDGRUD
/LEUHDGDSWDFLyQGHOD
FpOHEUHSHOtFXODGH6LGQH\
3ROODFN'DQ]DG'DQ]DG
0DOGLWRVVHFRQYLHUWHHQ
XQKRPHQDMHDORV
SHUGHGRUHVTXHFDGDGtDVH
TXHGDQHQHOFDPLQR
LQWHQWDQGRDOFDQ]DUXQ
VXHxRDWRGRVORVTXH
OXFKDQSRUVXGLJQLGDGVLQ
LPSRUWDUODVFRQVHFXHQFLDV
9HUVLyQ)pOL[(VWDLUH
'LUHFFLyQ$OEHUWR
9HODVFR
,QWHUSUHWDGDSRU
*XLOOHUPR%DUULHQWRV
&DUPHQGHO&RQWH
.DUPHQ*DUD\-RVp
/)HUUHU5XEpQ
)UtDV'DYLG6iQFKH]
,JQDFLR0DWHRV1XULD
/ySH]6DUD3iUEROH
7[DEL3pUH]5XOR
3DUGR9HUyQLFD
5RQGD6DP6ODGH
$QD7HOHQWL\$OEHUWR
)UtDV
Ê4FWFOQPDPT
FTQFDU•DVMPTBT¡
IFDIPTFO&TQB¥BZQPS 'XUDFLyQKP
VLQGHVFDQVR
FTQB¥PMFT&TUPIBZ
RVFWFSMPZFYQPSUBSMPË =RQD$¼
uMWBSP7JDFOUF5*.&065
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
*0
13&. &+03
"-.
."9 5u$6-0
$
&41& -"$*‡/
7
3& & %PNJOHPEFFOFSPI
7JFSOFTEFFOFSPI
"MFY0m%PHIFSUZ
&-".03&41"/u
7($752
-29(1
"-"-6/"
5FBUSPJOGBOUJMQBSBOJ¥PTBTBQBSUJSEFB¥PT
'XUDQWHORVDxRV7DUDSDVDORVYHUDQRVHQ
ODJUDQMDREVHUYDQGRODVHVWUHOODV\VRxDQGR
FRQVHUDVWURQDXWD0LHQWUDVHOPXQGRHVWi
LQPHUVRHQODFDUUHUDHVSDFLDOHOODYLYH
IDVFLQDGDFRQODVKLVWRULDVTXHOHFXHQWDVX
LQJHQLRVRDEXHOR+DVWDTXHODGHVDSDULFLyQGH
pVWHODOOHYDDHPEDUFDUVHHQODPLVLyQPiV
LPSRUWDQWHGHVXYLGDVDOYDUHOGHVWLQRGHOD
OXQDFRQODD\XGDGHXQDSHFXOLDUEDQGDGDGH
JDQVRV
$/$/81$HVXQVRUSUHQGHQWHHVSHFWiFXOR
TXHD~QDWHDWUR\FLQHGHDQLPDFLyQSDUDGDU
IRUPDDXQDPiJLFDKLVWRULDOOHQDGHWHUQXUD\
IDQWDVtD
,GHDRULJLQDO\'UDPDWXUJLD
'DQLHO*DUFtD5RGUtJXH]\
&\QWKLD0LUDQGD
'LUHFFLyQ
&\QWKLD0LUDQGD
5HSDUWR(VWKHU'tD]GH0HUD
-XDQ3HGUR6FKZDUW]\9tFWRU
0DQXHO&RVR
'XUDFLyQPVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
(/DPRUHV3D1iHVXQDWUDJLFRPHGLD5RFN
TXHFXHQWDODGHVJDUUDGRUDKLVWRULDGHXQ
SREUHKRPEUHTXHKDSHUGLGRODFDSDFLGDG
GHHQDPRUDUVH8QHVSHFWiFXORLQWHUDFWLYR
GRQGHHOHVSHFWDGRUWLHQHPXFKRTXHRSLQDU
(OGHYHQLUGHQXHVWURSURWDJRQLVWDGHVGHTXH
VHHQDPRUySRU~OWLPDYH]KDVWDHOSUHVHQWH
GRQGHHOGHVHQFDQWR\ODSHUH]DVHKDQ
DGXHxDGRGHpO<XQDIUDVHTXHQRGHMDGH
VRQDUOHHQODFDEH]DXQD\RWUDYH]
DWRUPHQWiQGRORFDGDGtDPiVODIUDVHTXHOH
GLMRVXH[QRYLDIDYRULWDMXVWRDQWHVGHVDOLU
SRUODSXHUWD³7HYDVDTXHGDUVRORWRGDWX
SXWDYLGD´(O$PRUHV3D1iKDEODGHOPLHGR
DODVROHGDGGHOPLHGRDQRHQFRQWUDUOD
SDUHMDLGHDOVLHVQHFHVDULR
HQFRQWUDUODGHORHItPHURGHODV
UHODFLRQHVKR\GtDGHTXHWRGRVH
DFDEDGHTXHQDGLHDJXDQWD
FRPRDJXDQWDEDQQXHVWURV
SDGUHVGHORTXHQRVJXVWDTXH
QRVKDJDQVXIULUGHODVQRFKH
ORFDVGHOVH[RVLQVHQWLGRGHO
VH[RGLYHUWLGRGHORTXHQRV
FDOODPRV\QRGHEHUtDPRVGHORV
IUDFDVRVHQGHILQLWLYD
5HSDUWR
$OH[2¶'RJKHUW\\
-HV~V/DYLOOD
'LUHFFLyQ
-XOLR)UDJD
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
4•CBEPEFFOFSPI
-"16&35"%&"--"%0
6RQYHFLQRVSXHUWDFRQSXHUWD\VH
GHWHVWDQFRUGLDOPHQWH(OODHVXQD
SVLFyORJDSRFRGDGDDORVRFLDO\GHPHQWH
FXDGULFXODGDeOHVMHIHGHPDUNHWLQJHQ
XQDHPSUHVDGH\RJXUHVILHVWHUR\GH
HVStULWXURWXQGDPHQWHKHGRQLVWDeOHVXQ
VHGXFWRULUUHVLVWLEOHHQFDQWDGRGHKDEHUVH
FRQRFLGR(OODXQD³WRFDSHORWDV´
LQVRSRUWDEOH7RGROHVVHSDUD\FRPRHVGH
HVSHUDUWRGROHVYDDDFHUFDU
'RVVROWHURVHQSOHQDFULVLVGHORVTXH
FRPRPLOHVGHXUEDQLWDVSHUGLGRVHQOD
FLXGDGVHVXPHUJHQHQLQWHUQHWGRQGH
H[SORUDQVXVSRVLELOLGDGHVGHHQFRQWUDUVX
PHGLDQDUDQMD$OJXLHQSRUVXSXHVWRTXH
HVWXYLHUDHQODVDQWtSRGDVGHOSHUVRQDMH
LQIHUQDOFRQHOTXHFRPSDUWHQGHVFDQVLOOR<
VLQHPEDUJRDOJRQRVGLFHGHVGHHO
SULQFLSLRTXHHVWiQKHFKRVHOXQRSDUDHO
RWUR
³(OKRPEUH\ODPXMHUVRQLUUHFRQFLOLDEOHV
\HVHVHLQWHQWRLPSRVLEOHHQFDGDQXHYR
DPRUORTXHOHGDODJUDQGH]D´
0DUJXHULWH'XUDV
2ULJLQDOGH)DEULFH5RJHU/DFDQ
5HSDUWR6LOYLD0DUVy3DEOR
&KLDSHOOD/LWXV7RIRO0DUWtQH]
&RPSRVLFLyQPXVLFDO/LWXV
'LUHFWRU\DGDSWDGRU
6HUJLR3HULV0HQFKHWD
'XUDFLyQKPVLQ
GHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
Ê6OHP[PEFDPNFEJBFMKVFHPEFM
UFBUSPFMKVFHPEFMBWJEBË
+BWJFS7JMM•O&M.VOEP
Ê%JWFSUJEBZ"MUBDPNFEJB
EF4BM§OË
&M$PNFSDJP(JK§O
%PNJOHPEFFOFSPI
+VFWFTZWJFSOFTEFGFCSFSPI
&-"7"30
7($752
&/-"}10$"%&-.0/0."/%0
-29(1
$PNQB¥¡B1FMN”OFD
$"/$*0/&4%&
5*5*3*5&304
5*5*3*5&304%&#*/}'"3
6HWUDWDGHXQHVSHFWiFXORSDUD
QLxRVDVDSDUWLUGHDxRVGHWtWHUHV
GHGLYHUVDVWpFQLFDV\FDQFLRQHV
LQWHUSUHWDGDVHQGLUHFWR3DUDODSXHVWD
HQHVFHQDGH³/D'HVSHORQD´³8Q
HOHIDQWHVHFROXPSLDED´³/DSRUWHUDGH
PLFDVD´³6DUGLQDV´³(OPXQGRDO
UHYpV´³6REUHODVUXLQDV´VHXWLOL]DQ
JUDQGHVWtWHUHV\RWURVHOHPHQWRV
SOiVWLFRVSDUDDOLPHQWDUHOULWRFROHFWLYR
DWUDYpVGHODLPDJLQDFLyQ
6HLQFOX\HQWDPELpQRWURVWHPDV
UHVFDWDGRVGHODFXOWXUDSRSXODUFX\D
SURSXHVWDUHVXOWDDGHFXDGDSDUD
MXJDU³8QDGROD«´
³$QWyQSLUXOHUR´
8QDILHVWDDORJUDQGHSHUR
GHQWURGHXQWHDWURFRQ
SDUWLFLSDFLyQGHOS~EOLFR
FRQHOTXHVHHVWDEOHFH
XQDUHODFLyQGLUHFWD
2ULJLQDOGH/RV7LWLULWHURVGH
%LQpIDU
(QHVFHQD
9R]\DQLPDGRU(YD3DULFLR
%DWHUtD5REHUWR$TXLO~H
9LHQWRV3DEOR%RUGHUtDV
7HFOLVWD\YR])DXVWLQR&RUWpV
'LUHFFLyQ3DFR3DULFLR
'XUDFLyQPVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
8QDVRUSUHQGHQWHYHUVLyQGH³(O$YDUR´GH
5*5*3*5&304%&#*/}'"3
0ROLqUHSHUROOHYDGDDHVFHQDFRQJULIRV\
~WLOHVGHIRQWDQHUtDHQODTXHDGHPiVOR
TXHDWHVRUD\DQKHOD+DUSDJyQQRHV
GLQHURVLQRDJXD/RVSHUVRQDMHVVRQ
JULIRVWXERVFRGRVGHIRQWDQHUtDHWF
8QDSURSXHVWDPX\SHFXOLDU\VRUSUHQGHQWH
TXHUHFRPHQGDPRVTXHQRVHSLHUGDQ
3RUQHFHVLGDGHVWpFQLFDVGHOHVSHFWiFXOR
HODIRURVHUHGXFHDSHUVRQDVSRUSDVH
6HKDQSURJUDPDGRGRVSDVHVXQRHO
-XHYHV\RWURHO9LHUQHVGHIHEUHUR
3RUVXVLQJXODULGDGHVWHHVSHFWiFXORVH
HQFXHQWUDIXHUDGHODERQRMRYHQSRUORTXH 3UHPLR0HMRU(VSHFWiFXORHQOD)LUD
GH7LWHOOHVGH/OHLGD
ORVLQWHUHVDGRVGHEHUiQDFXGLUDODYHQWD
3UHPLR0HMRU(VSHFWiFXOR\0HMRU
GHHQWUDGDV
(VWDSURSXHVWDKDFRVHFKDGRORVVLJXLHQWHV ,QWHUSUHWDFLyQHQOD)LUDGH7LWHOOHV
GHOD9DOOG¶$OEDLGD
SUHPLRV
3UHPLRGHO-XUDGR\GHO3~EOLFRDO
0HMRU(VSHFWiFXORGHO)HVWLYDOGH
%HOR+RUL]RQWH%UDVLO
3UHPLRDO0HMRU(VSHFWiFXORGHOD
7HPSRUDGDGHOD$VRFLDFLyQGH
(VSHFWDGRUHVGHO7HDWURGHO0DU
3DOPDGH0DOORUFD
3UHPLRGHO)HVWLYDO3,)GH=DJUHE
&URDFLD
3UHPLRGHO)HVWLYDOGH2VWUDYD
5HS~EOLFD&KHFD
3UHPLRDOHVSHFWiFXORPiVRULJLQDO
2ULJLQDOGH0ROLqUH
GHOIHVWLYDO/XWNH(VORYHQLD
$GDSWDFLyQ(YD+LEHUQLD0LTXHO*DOODUGR 3UHPLRGHOS~EOLFRGHOIHVWLYDO/XWNH
\2OLYLHU%HQRLW
(VORYHQLD
,QWHUSUHWDGRSRU0LTXHO*DOODUGR\2OLYLHU
Êa$§NPFTQPTJCMFRVFVOPCKFUPOPT
%HQRLWR0LTXHO1HYDGR
'LUHFFLyQ2OLYLHU%HQRLW\0LTXHO*DOODUGR IBZBDBVUJWBEPEFFTBGPSNBË
&M"EFMBOUBEPEF4FHPWJB
'XUDFLyQKPVLQGHVFDQVR
Ê"MHPGVOEBNFOUBMNFOUFN•HJDPË
&MJTBCFUI$IBSEPOÅ-F5FNQT(JOFCSB4VJ[B
3UHFLR~QLFR¼
(63(&7È&8/2)8(5$'($%212
4•CBEPEFGFCSFSPI
)".-&5
$PNQB¥¡B/BDJPOBMEF5FBUSP$M•TJDP
,BNJLB[F1SPEVDDJPOFT
(QIUHQWDUVHD+DPOHWWLHQHDOJR
VXLFLGDORTXHQRHVXQDPDOD
SUHPLVDGHSDUWLGDQLSDUDPtTXH
VR\XQNDPLND]HQLSDUDHO3UtQFLSH
FX\DFRQFLHQFLDDQKHODHQQRSRFDV
RFDVLRQHVGDUVHPXHUWHSDUDGHMDU
GHVXIULU3HURFRPRGLFH+DUROG
%ORRP+DPOHWWLHQHXQDPHQWHWDQ
SRGHURVDTXHODVDFWLWXGHVORV
YDORUHV\ORVMXLFLRVPiVFRQWUDULRV
SXHGHQFRH[LVWLUGHQWURGHHOOD
FRKHUHQWHPHQWH(OVHU\HOQRVHUD
XQPLVPRWLHPSR\GHIRUPDWDQ
LOLPLWDGDFRPRpOPLVPRHVFDSD]GH
SHQVDUVHHOVXHxRGHXQD
FRQFLHQFLDLQILQLWD8QSRHPD
LOLPLWDGRKDELWDGRSRUXQSHUVRQDMH
LOLPLWDGRVREUHXQHVFHQDULRTXHHV
SXURHVSDFLRPHQWDO$OWR6LORVLJR
SHQVDQGRWDOYH]VHDLQFDSD]GH
VHJXLUDGHODQWH2WDOYH]VLJD
DGHODQWH\QRVHDFDSD]GHSHQVDU
/DFRQWUDGLFFLyQQRKDKHFKRPiV
TXHHPSH]DU0HDJDUURDODIUDVH
GH1LHW]VFKH£FRQWUDGtFHWHDWL
PLVPR3DUDYLYLUHVQHFHVDULR
SHUPDQHFHUGLYLGLGR
0LJXHOGHO$UFR'LUHFWRU
7RGRFXDQWRDFDHFHSRGUtDHVWDU
VXFHGLHQGRHQODFDEH]DGHO
LQFRQVWDQWH3UtQFLSHGDQpV
HVFHQDULRGHVXHxRVGHDPRU\
SHVDGLOODVTXHWUDQVFXUUHQ
VLJQLILFDWLYDPHQWHGHOHFKRHQ
OHFKRHOGH+DPOHWHOGH2IHOLD
HOWiODPRFXOSDEOHGH*HUWUXGLV\
&ODXGLRHOSRVWUHURGHOD
HQDPRUDGDH[FDYDGRHQHO
FHPHQWHULR(QHOFODXVWURtQWLPR
GHOGRUPLWRULRVHDSDUHFHHO
IDQWDVPDGHO5H\+DPOHWSDUD
LQIRUPDUDVXKLMRGHTXHKDVLGR
YLOPHQWHDVHVLQDGR\DOOtHO
KHUHGHURSUHWHULGRFRORFD
OLWHUDOPHQWHVREUHVXURVWUROD
PiVFDUDGHVX\RORFR
FRQYLUWLpQGRVHHQXQRWURILQJLGR
SDUDWUDPDUVXYHQJDQ]D+DPOHW
HVDOWLHPSRSURWDJRQLVWD\
DQWDJRQLVWDGHVtPLVPR
2ULJLQDOGH:6KDNHVSHDUH
'LUHFFLyQ\9HUVLyQ
0LJXHOGHO$UFR
,QWHUSUHWDGDSRU
,VUDHO(OHMDOGHÈQJHOD&UHPRQWH
&ULVWyEDO6XiUH]-RVp/XtV
0DUWtQH]'DQLHO)UHLUH&ODXGLR
-RUJH.HQW+RUDFLR\$QD
:DJHQHU
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
*TSBFM&MFKBMEF
Ê
TJQVFEFOIBDFSTF
DPOVOBFOUSBEBOJTFMP
QJFOTFOË
+VBO*HOBDJP(BSD¡B(BS[§O"#$
%PNJOHPEFGFCSFSPI
.0#:%*$,
(03","%"5&"530
&41&$5u$6-01"3"1Ž#-*$0'".*-*"3"1"35*3%&"…04
0RE\'LFNHVXQHVSHFWiFXORSHQVDGRSDUD
WRGRVORVS~EOLFRVDSDUWLUGHDxRVHQHO
TXHQRVHKDSUHWHQGLGRPiVTXHDWLVEDUOD
LQPHQVLGDG GH HVWD REUD PDHVWUD GH OD
OLWHUDWXUDXQLYHUVDO*RUDNDGDSURSRQHXQ
MXHJRHQHOTXHODLPDJLQDFLyQHVQXHVWUR
DOLDGR SDUD UHFUHDU DQWH ORV RMRV GH
QXHVWURV MyYHQHV HVSHFWDGRUHV PDUHV
FDFKDORWHV SHUVRQDMHV \ DYHQWXUDV
SUHVHQWHV HQ OD REUD \ WRGR HOOR VH
PDWHULDOL]DUD HQ OD PHQWH GHO HVSHFWDGRU
JUDFLDV D OD XWLOL]DFLyQ GH ORV HOHPHQWRV
HVFpQLFRVHOULWPRHOKXPRUODP~VLFDHO
WUDEDMR GH ORV DFWRUHV \ VREUH WRGR ODV
SDODEUDVGH0HOYLOOH
,VPDHO VH HPEDUFD HQ HO 3HTXRG EDUFR
EDOOHQHUR DO PDQGR GHO FDSLWiQ $NDE
'XUDQWHVXYLDMHGLVIUXWDGHORVSODFHUHVGH
ODYLGDHQHOPDUKDFHDPLJRV\DSUHQGHD
UHFRQRFHUDORVGLVWLQWRVWLSRVGHEDOOHQDV
6LQ HPEDUJR HO REVHVLYR GHVHR GH
YHQJDQ]D GHO &DSLWiQ $NDE FRQWUD 0RE\
'LFNODEDOOHQDEODQFDFRQGXFLUiDO3HTXRG
\DODWULSXODFLyQDODGHVJUDFLD
2ULJLQDOGH+HUPDQ0HOYLOOH
9HUVLyQGH*RUDNDGD-XOLR
6DOYDWLHUUD
,QWHUSUHWDGDSRU$ULW]D5RGUtJXH]
-RVp&UX]*XUUXW[DJD(UL]$OEHUGL
)UDQ/DVXHQYLROtQ
8QDL/DVRDFRUGHyQ
'LUHFFLyQ-RVp&DUORV*DUFtD
'XUDFLyQXQDKRUDVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
),1$/,67$
35(0,2)(7(1 $=3(,7,$
35(0,2'(/ 35(0,260$;
0(-25(63(&7È&8/2
3Ò%/,&2
0(-25
,1)$17,/
',5(&&,Ï1
7JFSOFTEFGFCSFSPI
-"."3"#6/5"
(6*--&."-#u
6RORKD\
XQOXJDU
PiVSHOLJURVR
TXHHOPDU
6X KRJDU
(QYtD0(',&2
DO
$\~GDQRVDUHVFDWDUDORVTXHKX\HQ
SRUPDU\DVHJXLUDVLVWLHQGRDORVTXH
YLYHQDWUDSDGRVEDMRODVERPEDV
'RQDFLyQtQWHJUDGHOFRVWHGHOPHQVDMH¼DIDYRUGH0pGLFRV6LQ)URQWHUDV06)
6HUYLFLRGH606GHWLSRVROLGDULRRSHUDGRSRU06)F1RXGHOD5DPEOD
%DUFHORQD$WHQFLyQFOLHQWH&RODERUDQ0RYLVWDU9RGDIRQH2UDQJH<RLJR
\(XVNDOWHO,QIRUPDFLyQOHJDO\SURWHFFLyQGHGDWRVZZZPVIHV
8QVKRZGHFORZQHQpUJLFR\HQHUJpWLFR
FDWDSXOWDGRSRUODPHMRUP~VLFDHQGLUHFWR
6NHWFKDWHPSRPDWHPiWLFR(QHOHVFHQDULR
ORVDUWLVWDVOXFKDQSDUDTXHQDGDVHHQWLHQGD
&DQFLRQHVSURSLDV*DJVDEVXUGRV&DEDUHW
1DGDWLHQHVHQWLGR\WRGRHVSRVLEOH1LQJ~Q
RUGHQHVWDEOHFLGR(VHOFDRVGHOSD\DVR
,PSURYLVDFLyQVDOLU\MXJDU'LYHUWLUVHSDVHOR
TXHSDVH\TXLpQVDEHORTXpSDVDUiKR\<
PDxDQD<SDVDGR(VWRHVODVHOYD¢4XHUpLV
UHtURV"(VWiLVLQYLWDGRV
0tUHQOR(VpO<DHVWiDTXt1XHVWURIURQWPDQ
WLHQHFODVH\FHURGLJQLGDG1RODQHFHVLWDSDUD
QDGD\ODUHJDODDTXLHQODTXLHUD6HUiPHMRU
TXHQRVHDEURFKHQORVFLQWXURQHVeOHVWiORFR
\HVFDSD]GHWRGR<DSXHVWRVUHOiMHQVH\
GpMHQVHOOHYDU/HVDVHJXUDPRVTXHQROHV
GROHUi
0iVDWUiVVHLVVLOXHWDVUHFRUWDGDV7RFDQGR
FRQVHJXULGDG\UHSDUWLHQGREXHQMXHJRGHVGH
HOPHGLRFDPSR/$0$5$%817$'HGRV
UiSLGRV6DQJUHFDOLHQWH
&DSDFHVGHGRPHVWLFDUFXDOTXLHU
HVWLORPXVLFDOTXHVHOHVSRQJDSRU
GHODQWH6XPDQEDFNJURXQG\
PXOWLSOLFDQHOMXHJR6RQ
WDOHQWRVPDGXUDGRV\NQRZKRZ
6RQDOWXUDSHVR\SODQWD<
QXQFDJXDUGDQXQDVHQOD
PDQJD$OOLQ
7($752
-29(1
,GHDRULJLQDOJXLyQ\
FRPSRVLFLyQPXVLFDO*8,//(0
$/%¬/$0$5$%817$
'LUHFFLyQ*XLOOHP$OEj
'LUHFFLyQPXVLFDO,xDNL
0DUTXLHJXL
,QWpUSUHWHV*XLOOHP$OEj
*XLOOHUPR&DUUL]R,xDNL
0DUTXLHJXL0DUWt6ROHU$OEHUW
&RPDOHUDV¬OYDU0RQIRUW\
(GJDU*yPH]
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
4•CBEPEFGFCSFSPI
*%*05"
8QDHVWpWLFDFLQHPDWRJUiILFD
PX\FHUFDQDDODQRYHODJUiILFD
VHUYLUiSDUDSRQHUHQSLHHVWD
VLQJXODUSURSXHVWDHVFpQLFDWDQ
KLODUDQWHFRPRLQTXLHWDQWH\
OOHQDGHLQWULJD8QPRQWDMH
VREUHODFDSDFLGDGGH
VXIULPLHQWRGHOVHUKXPDQRTXH
HOSURSLRGLUHFWRULQWURGXFH
FRPR³GRVDFWRUHVXQWH[WR
/DOX]VHHQFLHQGH/DYLGD
IOX\H5LDPRVDFDUFDMDGDV
*RQ]DORGH&DVWURFRPSDUWH
HVFHQDULRFRQ(OLVDEHW*HODEHUW
HQXQDVHQFLOODWUDPDTXH
Ê*EJPUBFTVOBPCSBBENJSBCMFNFOUFDPOTUSVJEBZ
SUHWHQGHOOHYDUDOSURWDJRQLVWDD
QBVUBEBVOEVFMPQS§EJHPFOTPSQSFTBTÐË
XQDSUHVLyQH[WUHPDSDUD
.BSDPT0SE§¥F[&-1"4
FRQRFHUORVOtPLWHVGHVX
LQWHOLJHQFLD´HQSDODEUDVGH
Ê$PORVFBWJEF[TFUSBHBFMFTQFDUBEPSFMNJTNP
&DVDQRYDV&RQXQHVFHQDULR
BO[VFMPFOFMRVFQJDBFMQSPUBHPOJTUBZD§NPTF
VLPLODUDOGHXQFRQFXUVRGH
EFTMJ[BQPSFMUPCPH•OEFJODFSUJEVNCSFTZ
WHOHYLVLyQXQDSVLFyORJDLUi
SRQLHQGRSUXHEDVDXQVXSXHVWR TPSQSFTBTQPSFMRVFFMBVUPSMPBSSPKBË
LGLRWD
TXHWHQGUiTXHSDVDUODV +VBO*HOBDJP(BS[§O"#$
XVDQGR~QLFDPHQWHHOLQJHQLR
6RUSUHQGiPRQRV
Ê)BZRVFDBMJGJDBSQVFTFTUBGVODJ§ODPNPVO
DQJXVWLpPRQRVUHIOH[LRQHPRV
YJUPÐQPSFMJOUFSTEFMUFYUPÐZQPSVONPOUBKF
MXQWRV(VRHV,GLRWD
RVFSP[BMPJNQFDBCMFÊ
2ULJLQDOGH-RUGL&DVDQRYDV
,QWHUSUHWDGDSRU
(OLVDEHW*HODEHUW\
*RQ]DORGH&DVWUR
'LUHFFLyQ,VUDHO(OHMDOGH
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
)VHPuMWBSF[%PN¡OHVF[#65"$"&/"/'*5&"530
%PNJOHPEFGFCSFSPI
7JFSOFTEFGFCSFSPI
:--"/"
6OBTFMFDDJ§OEFMPTNFKPSFTTLFUDIFT
EFB¥PTEFIJTUPSJBEF:MMBOB
&TQFDU•DVMPQBSBUPEPTMPTQ®CMJDPTBQBSUJSEFB¥PT
.*/6504
."3$&-(304
&41&$5u$6-01"3"1Ž#-*$0'".*-*"3"1"35*3%&"…04
%XVFDGRUGHJUDQGHVPRPHQWRV\
FROHFFLRQLVWDGHSHTXHxDVFRVDV0DUFHO
*URVHO3D\DVRFRQVWUX\HXQYHKtFXORKHFKR
GHLPDJLQDFLyQ\FRQpOHPSUHQGHXQYLDMH
KDFLDXQPXQGRPLQ~VFXORGLYHUVR\
GLYHUWLGR
-XJDQGRDLPDJLQDUiUEROHVDQLPDOHV\
FXULRVRVSHUVRQDMHV
&DGDHVFHQDHVWUDWDGDFRPRXQSHTXHxR
2ULJLQDOHLQWHUSUHWDGDSRU
FXHQWRORVREMHWRVVRQPDQLSXODGRVSDUD
0DUFHO*URV
GDUOHVYLGDFDGDGHWDOOHDGTXLHUHOD
LPSRUWDQFLDTXHGHEHGDUVHDODVSHTXHxDV
'XUDFLyQPVLQGHVFDQVR
FRVDV0LQXWRVHVXQHVSHFWiFXORKHFKRGH
=RQD$¼
ULVDHLPDJLQDFLyQ
=RQD$/$7(5$/¼
0DUFHO*URVQRVGHVFXEUHDWRGRVOD
KHUPRVXUDGHORSHTXHxRODLPSRUWDQFLDGH
DSURYHFKDUHOWLHPSR\ODQHFHVLGDGGHXVDU Ê
GBOU•TUJDPQBZBTP
ODLPDJLQDFLyQ
$VBOEPMPQFRVF¥PFT
IFSNPTPZMBJNBHJOBDJ§OFT
VOSFDVSTPOBUVSBMTBMVEBCMF
DPNPMBÐSJTBË
"'030-*#3&.JHVFMuOHFM#BSCB
Ê
5PEPTEJTGSVUBOEFPUSBHSBO
BWFOUVSBEFFTUFQBZBTPTBCJPRVFIBDF
UFBUSPEFPCKFUPTZDMPXOQBSBQFSTPOBT
JOUFMJHFOUFTEFDVBMRVJFSUBNB¥PË
-B3JPKB+PO•T4•J[
HVXQDxRPX\HVSHFLDOSDUD<OODQD
£&XPSOHQDxRV<ORYDQDFHOHEUDUFRPR
PHMRUVDEHQKDFHUORFRQXQQXHYR
HVSHFWiFXOR<OODQD
<OODQDUHSDVDVREUHHOHVFHQDULRORV
JUDQGHVPRPHQWRVGHODWUD\HFWRULDGHOD
FRPSDxtDFRQXQDVHOHFFLyQGHORVPHMRUHV
VNHWFKHVGHQXHVWURVHVSHFWiFXORV
<OODQDHVXQGHVWHUQLOODQWHVKRZTXHKDUi
UHDOLGDGHOGHVHRGHORVIDQVGH<OODQDGH
GLVIUXWDUHQXQPLVPRHVSHFWiFXORGHORVJDJV
PiVGLYHUWLGRVGHODFRPSDxtDHQHVWH
FXDUWRGHVLJOR
6DOXG\DSRURWURVDxRVPiV
/HWVURFN/HWV<OODQD
,GHDRULJLQDO\GLUHFFLyQ
DUWtVWLFD<OODQD
,QWpUSUHWHVHQDOWHUQDQFLD
)LGHO)HUQiQGH]
-XDQ5DPRV/XLV&DR
-XDQIUDQ'RUDGR\-RQ\(OtDV
'XUDFLyQKP
VLQGHVFDQVR
7($752
-29(1
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
4•CBEPEFGFCSFSPI
)}30&4
³+pURHV´HVXQDKLODUDQWH\
$XWRU*pUDOG6LEOH\UDV
FRQPRYHGRUDFRPHGLDGH
,QWpUSUHWHV
*pUDOG6LEOH\UDV
-XDQ*HD
(QHOODHQFRQWUDPRVDWUHV
,xDNL0LUDPyQ
YHWHUDQRVGHJXHUUDTXH
/XLV9DUHOD
5*5*3*5&304%&#*/}'"3
SDVDQVXV~OWLPRVGtDVHQXQ 'LUHFFLyQ7DP]LQ7RZQVHQG
KRVSLWDOPLOLWDUHQ]DU]DGRVHQ
EDWDOODVYHUEDOHVGHROYLGDGDV 'XUDFLyQKPVLQGHVFDQVR
FDPSDxDVPLOLWDUHV
=RQD$¼
FULWLFDQGRDODKHUPDQD
=RQD$/$7(5$/¼
0DGHOHLQH\UHIOH[LRQDQGR
=RQD%¼
VREUHVXVYLGDV
=RQD&¼
+HQUL/XLV9DUHODWLHQHXQD
SLHUQDOLVLDGD*XVWDYH-XDQ
6OPEFMPTU¡UVMPTEFSFGFSFODJBEFFTUB
*HDVXIUHGHDJRUDIRELD\
UFNQPSBEBZEFMBTQS§YJNBT
3KLOLSSH,xDNL0LUDPyQ
VXIUHGHVPD\RVRFDVLRQDGRV +PT.BS¡B$BTP&M$PNFSDJP
SRUXQSHGD]RGHPHWUDOOD
4JRVJFSFOWFSVOBDPNFEJBRVFOPTEFKFFOQB[
DORMDGRHQVXFHUHEUR
DPOOPTPUSPTNJTNPTFMJKBO)SPFT3FJS•OZ
3HURWRGRFDPELDFXDQGR
TFFOUFSOFDFS•O
*XVWDYHSURSRQHXQSODQGH
IXJDKXLUMXQWRVHQOD
-BTQSPWJODJBT7BMFODJB
µ2SHUDFLyQÈODPR¶
%PNJOHPEFGFCSFSPZI
7JFSOFTEFGFCSFSPI
.3,&#"#
+6"/$"--"5&+0"/&453"%&3
7($752
+XPRUDEVXUGR\PXFKR
VXUUHDOLVPRTXHLQWHQWDGDUQRVJDWR
SRUOLHEUHDEDVHGHFDUFDMDGD
OLPSLD
$QWLPDJLDGDGDtVPRMXHJRVGH
SDODEUDV\XQDJUDQFRPSOLFLGDGFRQ
HOS~EOLFR
3DUDWRGRDTXHOGLVSXHVWRDMXJDUDO
DEVXUGR0U.HEDEHVXQ
GLYHUWLPHQWRLQJHQLRVRGHOLUDQWH\
³EDVWDQWHLUUHYHUHQWH´GRQGHDO
ILQDOHOSHUVRQDMHVHKDUWDGHO
S~EOLFRVHYDGHOWHDWUR\GLFH
2ULJLQDOHLQWHUSUHWDGDSRU-RDQ
£$KtRVTXHGiLV
(VWUDGHU
-29(1
0-"4
5&"5301"3"#&#}45&-0/$*--05&"530
3FDPNFOEBEPQBSBOJ¥PTZOJ¥BTEFNFTFTBB¥PT
2VLQYLWDPRVDSDVDUXQUDWRPX\
VHQVRULDOFRQVRQLGRVDFXiWLFRV
PDJLDOX]P~VLFD\FDQFLRQHVHQ
GLUHFWR7RGRHOORHQFDPLQDGRD
MXJDUFRQODVJRWDVFRQODOOXYLD
FRQHODJXDFRQHOPDUFRQORV
SHFHVFRQODVRODV
&KORHDGRUDHODJXD\FDGDGtDVH
DVRPDDVXSDWLRSDUDMXJDUFRQODV
JRWDVGHURFtRSDUDSLVDUORV
FKDUFRVVLKDOORYLGR
&KORHYDDYLDMDUFRQODVJRWDVYD
DVDOWDU\MXQWDVLUiQDODQXEH
GHVGHHOKRQGRPDU
'HQXHYRODSRHVtDVHFRQYLHUWHHQ
FDQFLyQFRQXQWHPDFHQWUDOHO
DJXD\XQHVSDFLRPX\SDUWLFXODU
HOSDWLRGH&KORH
6REUHSRHPDVGH%6+HVVOLQJ
&HOLD9LxDV'RUD$ORQVR*ORULD
)XHUWHV(GXDUGR=DPDQLOOR\
0DULHWD0RQHGHUR
'XUDFLyQKRUDVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
NJOVUPTEFQVSPTVSSFBMJTNP/PTFMP
QJFOTFOWBZBOBWFSMPÐË
,GHDJXLyQHLQWHUSUHWDFLyQ
$QD*DOOHJR\ÈQJHO6iQFKH]
'XUDFLyQPVLQGHVFDQVR
3UHFLR~QLFR¼
/05"440#3&&45&&41&$5u$6-0
&TU•O QSPHSBNBEBT EPT SFQSFTFOUBDJPOFT B MBT
IZBMBTI&MBGPSPFTU•MJNJUBEPB
QFSTPOBT QPS GVODJ§O 4F SFDPNJFOEB RVF T§MP
BTJTUB VO GBNJMJBS DPO DBEB OJ¥PB QBSB EBS MB
PQDJ§OBRVFN•TNFOPSFTMPQVFEBOEJTGSVUBS
&TQFDU•DVMPT#$/
+VHBSBMBCTVSEPN•TDVJEBEPË
-B7BOHVBSEJB
"OBSRV¡BZEFTPSEFOQPSFODJNBEFUPEPË
5JNF0VU
Ð*SSFWFSFOUFNBSBWJMMPTBNFOUFBCTVSEPZ
TJNQMFNFOUFCSJMMBOUF
4°EEFVUTDIF;FJUVOH
Ê+PBO&TUSBEFSFTVOQBOUVNBDBEF$BSPM
#VSOFUUZ-VDJMMF#BMM:BI¡RVFEFFTPEJDIP
QBSBMBQPTUFSJEBE
-BDM•
4•CBEPEFGFCSFSPI
.*45&3*04%&-26*+05&
3"'"&-u-7"3&;Ê&-#36+0Ë
9HVWLGRFRQHOKiELWRGHODYHQHUDEOH
RUGHQWHUFHUDGH6DQ)UDQFLVFRHQVX
~OWLPDDJRQtDVREUHHOXPEUDOGHOD
SXHUWDURGHDGRSRUXQKD]GHOX]YLROD
ILJXUDGHXQFDEDOOHURTXHOHPLUDED
LQWUpSLGR6HGLUtDGHVXVRMRVTXH
EULOODEDQHQFHQGLGRVFRQHOIXOJRUGHOD
ORFXUDSHURHQUHDOLGDGORTXH
H[SUHVDEDQDTXHOORVRMRVHUDHOEULOORGH
ODLQPRUWDOLGDG(OPRULEXQGRJULWRHQ
YR]DOWD¢\HVWHTXp"\HOPLVPRGH
PDQHUDFDOPDGDDVtPLVPR
GXOFHPHQWHVHUHVSRQGtD¢\DWLTXp"
VL\RTXLHURTXHpOVHTXHGH\WXYHQJDV
¢DWLTXp"7~VtJXHPH
6XVKHUPDQRVGHSURIHVLyQ\RWURVTXH
HQDTXpOWUDQFHOHFXLGDEDQSHQVDURQ
TXHGHOLUDEDSHURDTXHOODVyORHUDVX
SDUWLFXODUPDQHUDGHUH]DU&DEDOOHUR
DQGDQWHGHODSDODEUDUHFLWDEDHOILQDO
GHO(YDQJHOLRGH6DQ-XDQ'LFHQTXH
PXULyFRQHOKiELWRGHODIUDWHUQLGDGGH
ORVLQGLJQRVHVFODYRVGHOVDJUDGR
VDFUDPHQWRGH/$3$/$%5$\YHUGDG
HVTXHODVLUYLyFRPRHOFDEDOOHURDVX
GDPD'LFHQTXHVHOODPDED0LJXHOGH
&HUYDQWHV6DDYHGUDSHUR¢TXpLPSRUWD
HVWRDQXHVWURFXHQWRVHxRU"6HDFXDO
IXHUHVXQRPEUHDpOOHGHGLFDPRVHVWD
IXQFLyQ*5$&,$6
0LSDGUHVLHPSUHPHGHFtD
6LHOS~EOLFRWHHVFXFKDGDODVJUDFLDV
SRUTXHVHUiVPDVKXPDQR
¢<HOS~EOLFRVHUiWDPELpQPiV
KXPDQR"
(VRHV\DFXHVWLyQGHOS~EOLFR5DIDHO
6LHPSUHTXHQRVOHtDHVWDKLVWRULD
FHUUDEDHOOLEURVHDFRUGDEDGHDTXHOODV
WDEHUQDVGH/XFHQD\GHFtD£X\ORTXH
\RGDUtDSRUYROYHUDYLYLUGHQXHYR
/RVPLVWHULRVGHO4XLMRWH
2ULJLQDOHLQWHUSUHWDGDSRU
5DIDHOÈOYDUH]³(O%UXMR´
'XUDFLyQKP
VLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
%PNJOHPEFGFCSFSPI
&-."(0%&0;
.64*$"-*/'"/5*-:'".*-*"3"1"35*3%&"…04
$0.1"…"-"."26*/&5"
&XDWURVRQODVEUXMDVGH2]
1RUWH6XU(VWH\2HVWH
2]PDODPDOYDGDEUXMDGHO
2HVWHDQVtDHOWURQRGH2]\
HOSRGHUPiJLFRDEVROXWR3RU
RWURODGR'RURWK\XQD
KHUPRVDMRYHQGH.DQVDVHV
SODQWDGDHQHODOWDUHOGtDGH
VXERGD6XVLWXDFLyQVH
FRPSOLFDFXDQGRXQWRUQDGR
ODDUUDVWUDDHOOD\DVXFDVD
DOUHLQRGH2](QVXLQWHQWR
SRUUHJUHVDUD.DQVDVYLDMDUi
DOD&LXGDG(VPHUDOGDHQ
EXVFDGHO0DJRGH2]HO
~QLFRTXHSXHGHD\XGDUOD(Q
FRPSDxtDGHXQ
(VSDQWDSiMDURVXQKRPEUH
GH+RMDODWD\XQOHyQ
FREDUGHGHVFXEULUiTXHXQ
WHUULEOHKHFKL]RVHFLHUQH
VREUH2]1XQFDKDEUiDPRU
¢3HURFyPRSXHGHURPSHUHVH
KHFKL]RDOJXLHQFRQHO
FRUD]yQURWR"
2ULJLQDOGH/)UDQN%DXP
9HUVLyQ\GLUHFFLyQ5REHUWR'RFWRU
&RPSRVLWRU0XVLFDO$OHMDQGUR
6HUUDQR
,QWHUSUHWDGDSRU3HGUR-DYLHU3LWL
6DQFKR$QWRQLR0DxDV,VDEHO
0RUHQR0DULQD0DUWtQ'DYLG$PyQ
&KHO\5XL]\5REHUWR'RFWRU
'XUDFLyQKPVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
7JFSOFTEFNBS[PI
120e6
1,1*Ò1
5()8*,$76
5()8*,$'2
$/$'(5,9$
0È6$/$
(1(/
'(5,9$(1(/
0(',7(55$1, 0(',7(55È1(2
&/#3650
7"26&30:63365*"
¢126$<8'$6$6(*8,5
6$/9$1'29,'$6"
PHGLWHUUDQHRSURDFWLYDRSHQDUPVRUJ
,%$1(6
-XDQ-RVp9DTXHURKDVLGRJXLRQLVWD\FRODERUDGRUGH
(/+RUPLJXHURGH$QWHQD+DJUDEDGRPRQyORJRV
HQ3DUDPRXQW&RPHG\\FRODERUDGRHQSURJUDPDVGH
UDGLR
,xDNL8UUXWLDDGHPiVGHVXVQXPHURVDVDSDULFLRQHV
HQ1XHYRV&yPLFRVGH3DUDPRXQW&RPHG\WUDEDMy
FRPRFRODERUDGRUHQHOSURJUDPD³1RFKHVLQWUHJXD´
HQODPLVPDFDGHQDMXQWRFRQ'DQL0DWHR\GLULJLy
³6RSDGH*DQVRV,QVWDQW´HQ&XDWUR79
$PERVKDQGHFLGLGRTXH\DYDOHGH
KDFHUPRQyORJRV/RTXHVHOOHYD
DKRUDHVKDFHUVNHWFKHVHQFLPDGH
XQHVFHQDULRHVORTXHVHKDQ
SURSXHVWR\HVORTXHYDQDKDFHU
6yORKD\XQSHTXHxRSUREOHPD
KD\TXHHVFULELUORVVNHWFKHV¢/R
FRQVHJXLUiQ"3XHVHVRHVORTXH
GHVFXEULUHPRVHQ(1%5872HO
QXHYRHVSHFWiFXORGHHVWRVGRV
YHWHUDQRVGHODFRPHGLDTXHKDQ
GHFLGLGRXQLUIXHU]DVSDUDKDFHU
XQDFRVDGLIHUHQWHKDFLHQGROR
PLVPR
7($752
-29(1
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
'XUDFLyQKP
VLQGHVFDQVR
4•CBEPEFNBS[PI
$0/$)"7&-"4$0
3&*/"+6"/"
&RQFKD9HODVFRVHKDPHWLGRHQOD
SLHOGHPXMHUHV~QLFDVFRPR6DQWD
7HUHVDR+pFXED\DKRUDYXHOYHD
HQFDUQDUDRWUDPXMHUIDVFLQDQWH
-XDQDOD/RFDHQXQPRQyORJRHVFULWR
SRU(UQHVWR&DEDOOHUR
(OPRQyORJRHVXQRUDWRULRTXH
SUHVHQWDHQHOPRPHQWRTXHODUHLQD
VDEHTXHYDDPRULU\KDFHXQD
FRQIHVLyQHQODTXHUHSDVDWRGDVX
YLGD
ÒQLFDDFWUL]VREUHHOHVFHQDULR
&RQFKD9HODVFRVHFRQYLHUWHHQ-XDQD
GH&DVWLOODȸPiVFRQRFLGDFRPR
-XDQDOD/RFDȸXQRGHORVSHUVRQDMHV
PiVFRQPRYHGRUHVGHQXHVWUD
KLVWRULDSDUDFRQWDUQRVVXVYLYHQFLDV
\SRUVXSXHVWRUHQGLUFXHQWDVDODV
SHUVRQDVTXHHVWXYLHURQHQVXYLGD
DQWHVGHPRULUVROD\DOHMDGDGHOR
TXHPiVTXHUtDVXVKLMRV
-XDQDGH&DVWLOODIXHFRQYHUWLGDHQ
XQDVRPEUDSULPHURSRUVXPDULGR
)HOLSHHO+HUPRVRGHVSXpVSRUVX
SDGUH)HUQDQGRHO&DWyOLFRTXLHQOD
UHFOX\HHQ7RUGHVLOODV\ILQDOPHQWH
SRUVXKLMR&DUORV9TXHODLJQRUD
Ê1VOUPZBQBSUFQBSBFMUSBCBKPEF
$PODIB7FMBTDPFMPDVFOUFDFSDBOB
DPNVOJDBUJWBTJFNQSFË
+VBO*HOBDJP(BSD¡B(BS[§O"#$
Êa4FODJMMBNFOUFJNQFDBCMFÐBT¡FTMB
JOUFSQSFUBDJ§ORVF$PODIB7FMBTDP
IBDFEFMQFSTPOBKFEF+VBOBEF
$BTUJMMBË
.BSJP.BSU¡O-VDBT&M&TQB¥PM
Ê.BKFTUVPTBFTQMOEJEBNBHO¡GJDB
BSSPMMBEPSBTFOTBDJPOBMBTPNCSPTB
QSPGVOEBBVUOUJDBTPCSFTBMJFOUF
EFTMVNCSBOUFÐË
.FSDFEFT$BNBDIP-BO[B%JHJUBM
2ULJLQDOGH(UQHVWR&DEDOOHUR
,QWHUSUHWDGDSRU&RQFKD9HODVFR
'LUHFFLyQ*HUDUGR9HUD
'XUDFLyQKPVLQGHVFDQVR
=RQD$¼
=RQD$/$7(5$/¼
=RQD%¼
=RQD&¼
4&37*$*04"-1Ž#-*$0%&-'&45*7"-%&*/7*&3/0
5&-&$"/(630
&MGFTUJWBMMFPGSFDFMBQPTJCJMJEBEEFBDVEJSBMUFBUSPZMFQSPQPSDJPOBVODBOHVSPQBSBEFKBSBTVT
IJKPTDPOMFMMB&TUFTFSWJDJPTFS•BCPOBEPMBNJUBEQPSMBQFSTPOBTPMJDJUBOUFZMBPUSBNJUBEQPS
FM'FTUJWBMEF*OWJFSOP-PTDBOHVSPTTPOQFSTPOBTQFSUFOFDJFOUFTBVOBFNQSFTBEFTFSWJDJPT
EFFTUFTFDUPS
-BTTPMJDJUVEFTEFFTUFTFSWJDJPTFEFCFS•OSFBMJ[BSUSFTE¡BTBOUFTEFMFTQFDU•DVMPBMRVFTF
EFTFBBTJTUJS
&/53"%"%&%*4$"1"$*5"%04'4*$04
-BTQFSTPOBTRVFTFFODVFOUSFOFOTJMMBTEFSVFEBTPRVFFTUOJNQFEJEBTPDPOEJGJDVMUBEFT
QBSBTVCJSMBTFTDBMFSBTEFBDDFTPBMUFBUSPDPOUBS•ODPOVOBFOUSBEBEJGFSFODJBEBZQPES•O
BDDFEFSBMUFBUSPBOUFTEFMBFOUSBEBEFMQ®CMJDP
":6%""'".*-*"3&4%&&/'&3.04$3‡/*$04
&O FM DBTP EF RVF OP QVFEB BTJTUJS B MPT FTQFDU•DVMPT EFM 'FTUJWBM QPS FTUBS DVJEBOEP B VO
FOGFSNPDS§OJDPFM'FTUJWBMEF*OWJFSOPMFGBDJMJUBVOBBVYJMJBSEFDM¡OJDBDPOFYQFSJFODJBRVF
DVJEBS•EFTVGBNJMJBSEVSBOUFMBTUSFTIPSBTEFMFTQFDU•DVMP&M'FTUJWBMTVCWFODJPOBS•BEFN•T
FMEFMDPTUFEFMDJUBEPBVYJMJBS
-BTTPMJDJUVEFTEFFTUFTFSWJDJPTFEFCFS•OSFBMJ[BSUSFTE¡BTBOUFTEFMFTQFDU•DVMPBMRVFTF
EFTFBBTJTUJS
%+7&#&&'
('56+8#.'5
4&37*$*0%&3&4&37"%&.&4"4&/3&45"63"/5&4
4J VTUFE EFTFB RVF TF MF SFTFSWF VOB NFTB QBSB DFOBS USBT FM FTQFDU•DVMP TPMJD¡UFMP FO MB
UBRVJMMBEFMUFBUSP
ĨĞƐƚŝǀĂůĚĞŝŶǀŝĞƌŶŽ
%&4$6&/5041"3""1"3$".*&/50%&7&)$6-04%&-1Ž#-*$0%&-'&45*7"-
ũŽƌŶĂĚĂƐ
ĞƐĐŽůĂƌĞƐ
4J VTUFE BQBSDB TV WFI¡DVMP FO MPT QBSLJOHT EF 5PSSFMBWFHB QBSLJOH -B -MBNB QBSLJOH EFM
#VMFWBSE%FNFUSJP)FSSFSPPFMQBSLJOHEFMB'&7&
FM'FTUJWBMMFTVCWFODJPOBQBSUFEFMDPTUFEFM
QBSLJOHÔ
1BSBFMMPEFCFS•EJSJHJSTFBMNPTUSBEPSEFTFSWJDJPTEFMWFTU¡CVMPEFMUFBUSPEPOEFMFGBDJMJUBS•O
VOUJDLFUDPOFMRVFTFSFBMJ[BS•FMEFTDVFOUPFOFMQSPQJPBQBSDBNJFOUP
&TUFTFSWJDJPT§MPGVODJPOBS•MPTWJFSOFTT•CBEPTZEPNJOHPTRVFEVSFFM'FTUJWBMZFOMBUBRVJMMB
EFMQBSLJOHEFCFS•QSFTFOUBSMBFOUSBEBEFMFTQFDU•DVMPKVOUPDPOFMUJDLFUGBDJMJUBEPRVFOP
TFS•W•MJEPQBSBPUSPE¡B
ĨĞƐƚŝǀĂůĚĞ
ƚĞĂƚƌŽ
ĂĨŝĐŝŽŶĂĚŽ
4&37*$*0%&40-*$*56%%&5"9*4
4JEFTFBRVFVOUBYJMFFTUFTQFSBOEPBMGJOBMJ[BSFMFTQFDU•DVMPFOMBQVFSUBTPMJD¡UFMPFOMB
UBRVJMMBEFMUFBUSP
ĚŽŶũƵĂŶĚĞ
ŶŽǀŝĞŵďƌĞ
4F SVFHB EFTDPOFDUFO TVT UFMGPOPT N§WJMFT TF¥BMFT BD®TUJDBT EF TVT
SFMPKFTZCVTDBQFSTPOBT
/P FTU• QFSNJUJEP SFBMJ[BS GPUPHSBG¡BT DPO P TJO GMBTI OJ HSBCBDJPOFT FO
TJTUFNBTEFBVEJPPW¡EFPTJOBVUPSJ[BDJ§OFYQSFTBZFTDSJUBEFMBSUJTUBPTV
SFQSFTFOUBOUF
ĨĞƐƚŝǀĂů
ŝŶƚĞƌŶĂĐŝŽŶĂůĚĞ
ĐŽƌƚŽŵĞƚƌĂũĞƐ
ĨĞƐƚŝǀĂů
ĚĞƚĞĂƚƌŽ
ĚĞĐĂůůĞ
$6&7"413&)*45‡3*$"4%&
$"/5"#3*"
1"53*.0/*0%&
-")6."/*%"%

EsDocs.com

© Copyright 2024