Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Psicot+Ëcnicos Mad 2011
Psicot+Ëcnicos Mad 2011
'(32/,&Ì$1$&,21$/
GHHQHURGH
O N L I N E
Además ahora te ofrecemos la posibilidad de contar con un apoyo extra para tu preparación
a través de e-duforma online, un sistema de tutorización para nuestros libros que está lleno de
ventajas:
Flexible: A través de internet y sin horarios, de manera que puedes adaptar tus horarios
de estudio según tus necesidades y desde tu propia casa.
www.eduformaonline.com
El camino hacia una formación con éxito
www.mad.es
(6&$/$%É6,&$
'(32/,&Ì$1$&,21$/
(-(5&,&,2636,&27e&1,&26
<'(3(5621$/,'$'
$8725
0$18(/9(&,12&$6752
3UHSDUDGRUGHRSRVLFLRQHVDO&XHUSR1DFLRQDOGH3ROLFtD
(GLWRULDO0DG6/
(ODXWRU
&XDUWDHGLFLyQHQHUR
'HUHFKRVGHHGLFLyQUHVHUYDGRVDIDYRUGH(',725,$/0$'6/
3URKLELGDODUHSURGXFFLyQWRWDORSDUFLDOVLQSHUPLVRHVFULWRGHOHGLWRU
,035(62(1(63$f$
'LVHxR3RUWDGD(',725,$/0$'6/
(GLWD(',725,$/0$'6/
3OJ0HUNDF%1DYH$/&$/É'(*8$'$Ì5$6HYLOOD
7HOI
:(%ZZZPDGHV
,6%118
35(6(17$&,Ð1
&RQ HVWD REUD VH SUHWHQGH SURSRUFLRQDU D DTXHOODV SHUVRQDV TXH GHVHDQ RSRVLWDU
DO&XHUSR1DFLRQDOGH3ROLFtDXQDIRUPDFLyQJOREDOSDUDODSUXHEDSVLFRWpFQLFDDXQTXH
SXHGHVHUGHJUDQXWLOLGDGSDUDDTXHOORVIXQFLRQDULRVTXH\DSHUWHQHFHQDO&XHUSR\TXH
TXLHUDQSURPRFLRQDUVH
(OPDQXDOVHKDGLYLGLGRHQFXDWUREORTXHV(-(5&,&,2636,&27e&1,&26(-(5&,&,26
Ð01,%86(-(5&,&,26'(3(5621$/,'$'<(175(9,67$/RVHMHUFLFLRVTXHORFRPSRQHQ
VRQ VLPLODUHV D ORV XWLOL]DGRV HQ OD RSRVLFLyQ DO &XHUSR 1DFLRQDO GH 3ROLFtD 'H KHFKR
PXFKDVGHODVSUHJXQWDVTXHYDDHQFRQWUDUKDQDSDUHFLGRHQH[iPHQHVDQWHULRUHV
'HVSXpVGHFDGDEORTXHHQFRQWUDUiXQD+RMDGH5HVSXHVWDVVLPLODUDODXWLOL]DGD
HQORVH[iPHQHVRILFLDOHV/HDFRQVHMDPRVTXHODIRWRFRSLH\DTXHDVtSRGUiUHSHWLUORV
HMHUFLFLRVWRGDVODVYHFHVTXHTXLHUD
(VSHUDPRVTXHHVWHPDWHULDOOHVLUYDSDUDDSUREDU£68(57(
Ì1',&(
(-(5&,&,2636,&27e&1,&26
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
(MHUFLFLR$1
+RMDGHUHVSXHVWDV
6ROXFLRQHVDORVHMHUFLFLRV3VLFRWpFQLFRV
5HVSXHVWDVFRPHQWDGDV
(-(5&,&,26Ð01,%86
(MHUFLFLR%1
(MHUFLFLR%1
(MHUFLFLR%1
(MHUFLFLR%1
(MHUFLFLR%1
(MHUFLFLR%1
+RMDGHUHVSXHVWDV
6ROXFLRQHVDORVHMHUFLFLRVGHÐPQLEXV
5HVSXHVWDVFRPHQWDGDV
358(%$'(3(5621$/,'$'
(MHUFLFLR&1
(MHUFLFLR&1
(MHUFLFLR&1
(MHUFLFLR&1
(MHUFLFLR&1
+RMDGHUHVSXHVWDV
/DHQWUHYLVWDSHUVRQDO
(-(5&,&,2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
/HD DWHQWDPHQWH FDGD HMHUFLFLR \ GH HQWUH ODV DOWHUQDWLYDV TXH VH OH SURSRQHQ
HOLMD OD TXH FUHD TXH HV OD FRUUHFWD /DV FRQWHVWDFLRQHV ODV DQRWDUi HQ OD +RMD GH
5HVSXHVWDV
(QHVWHWLSRGHSUXHEDVVHPLGHHVHQFLDOPHQWHODFDSDFLGDGGHUHIOH[LyQ\HOUD]R
QDPLHQWR
(QHOODVHVIXQGDPHQWDOODUDSLGH]\ODOyJLFD
(Q OD PD\RUtD GH ORV FDVRV SDUD OOHJDU D OD UHVSXHVWD FRUUHFWD HV FRQYHQLHQWH
UHVROYHUHOSODQWHDPLHQWRDSDUWLUGHODVDOWHUQDWLYDV
(MHPSORV
6L$HVPD\RUTXH%VLHQGR&LJXDOD$\'PD\RUTXH&(QWRQFHV'HV
$ 0HQRUTXH& & 0D\RUTXH$
% 0HQRUTXH% ' ,JXDOTXH&
&RPRVHSXHGHGHGXFLU'SXHGHVHUPD\RUTXH$TXH%\TXH&SRUWDQWRODUHVSXHVWDHVOD&
¢&XiOGHODVVLJXLHQWHVH[SUHVLRQHVHVLUUHOHYDQWHSDUDSRGHUDILUPDUOR
VLJXLHQWH"
´$OJXQDVDYHVQRHVWiQSURWHJLGDVSRUHO,&21$µ
$ $OJXQDVUDSDFHVVRQSHUMXGLFLDOHVSDUDHOFDPSR
% /DVUDSDFHVVRQDYHV
& $OJXQDVDYHVQRVRQSHUMXGLFLDOHVSDUDHOFDPSR
' /RVDQLPDOHVSHUMXGLFLDOHVSDUDHOFDPSRQRHVWiQSURWHJLGRVSRUHO
,&21$
'HODVUHVSXHVWDVVHGHGXFHTXHODVDYHVSHUMXGLFLDOHVSDUDHOFDPSRQRHVWiQSURWHJLGDVSRUWDQWROD
UHVSXHVWDHVOD³%´
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
&RPSOHWH OyJLFDPHQWH OD VLJXLHQWH IUDVH (O SDGUH HV PD\RU
TXHODPDGUH
$$YHFHV %6LHPSUH &1XQFD '1R
6L-XDQHVKHUPDQRGH0DUtD\/XLVHVWtRGH-XDQ¢TXpHV0DUtDFRQ
UHVSHFWRD/XLV"
$7tD %3ULPD &6REULQD '+HUPDQD
(Q XQD FDOOH KD\ WUHV FDVDV TXH HVWiQ VLWXDGDV GH OD VLJXLHQWH IRUPD
/DFDVDFRQHOWHMDGRD]XODODGHUHFKDGHODTXHWLHQHHOWHMDGRURMROD
YHUGHDODGHUHFKDGHODGHOWHMDGRD]XO¢&XiOGHODVWUHVHVWiVLWXDGD
HQHOPHGLR"
$/DYHUGH %/DURMD &/DD]XO '1LQJXQD
6L/XLVDHVWtDGH/XLV\$QWRQLRHVKLMRGH/XLVD¢4XpHV/XLVFRQUHV
SHFWRD$QWRQLR"
$6REULQR %3ULPRV &7tR '3ULPR
$QWRQLRHVPD\RUTXH/XLV0DUtDWLHQHODPLVPDHGDGTXH&DUPHQOD
FXDOHVPD\RUTXH$QWRQLR¢4XLpQHVHOPHQRUGHORVFXDWUR"
$$QWRQLR %&DUPHQ &/XLV '0DUtD
/H SUHJXQWDPRV DO 6U 5XL] FXiQWRV DQLPDOHV WLHQH HQ VX FDVD 1RV
UHVSRQGLyWRGRVVRQFDQDULRVPHQRVWUHVWRGRVVRQSHFHVPHQRVWUHV
WRGRVVRQWRUWXJDVPHQRVWUHV\WRGRVVRQSHUURVPHQRVWUHV¢&XiQWRV
DQLPDOHVWLHQHHO6U5XL]"
$ % & '
6LODVGRVSULPHUDVSURSRVLFLRQHVVRQYHUGDGHUDV¢ODWHUFHUDHV"
² /RVPLHPEURVGHHVWHHTXLSRVRQGHQWLVWDV
² $QWRQLRHVGHQWLVWD
² $QWRQLRSHUWHQHFHDHVWHHTXLSR
$9HUGDGHUD %)DOVD &,QFLHUWD ',PSUREDEOH
8QDIRWRFRSLDGRUDKDFHFRSLDVSRUPLQXWRSHURKD\TXHGHVHFKDU
XQD GH FDGD SRU GHIHFWXRVD 3DUD HYLWDU XQ UHFDOHQWDPLHQWR H[FH
VLYRODIRWRFRSLDGRUDGHEHSDUDUGRVPLQXWRVGHVSXpVGHFDGDPHGLD
KRUDGHWUDEDMR¢&XiQWDVFRSLDVFRUUHFWDVKDFHGXUDQWHORVSULPH
URVPLQXWRV"
$ % & '
(QXQDILODHVWiQVHQWDGRVWUHVDPLJRV-XDQDODGHUHFKDGH6HUJLR\
5DPyQDODGHUHFKDGH-XDQ¢4XLpQHVWiHQHOFHQWUR"
$-XDQ %6HUJLR &5DPyQ '1LQJXQR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
8QDSHUVRQDVDOHGHVXRILFLQD&DPLQDSDVRVKDFLDODL]TXLHUGD\
SHQVDQGR TXH VH ROYLGy DOJR UHWURFHGH SDVRV KDFLD OD GHUHFKD ¢$
FXiQWRVSDVRVHVWiGHODRILFLQD"
$ % & '
6L$HVPHQRUTXH%6HVPD\RUTXH-\pVWDHVPD\RUTXH%-HV
$0D\RUTXH6 %0HQRUTXH% &0D\RUTXH$ '0HQRUTXH$
(QXQFDOGHURJUDQGHKD\PHWLGRVVHLVPiVSHTXHxRVTXHFRQWLHQHQD
VXYH]GRFHFDOGHURVFDGDXQR¢&XiQWRVFDOGHURVKD\HQWRWDO"
$ % & '
)HUQDQGRHVPHQRUTXH-XOLR%HJRxDWLHQHODPLVPDHGDGTXHÉJXHGD
ODFXDOHVPHQRUTXH)HUQDQGR¢4XLpQHVHOPD\RUGHORVFXDWUR"
$)HUQDQGR %ÉJXHGD &-XOLR '%HJRxD
(QXQDDJHQFLDGHYLDMHVUHVHUYDQSDVDMHVWUHVPDWULPRQLRVWUHVKHU
PDQRV \ WUHV KHUPDQDV ¢&XiO HV HO Q~PHUR PtQLPR GH SHUVRQDV TXH
VROLFLWDQSDVDMH"
$ % & '
0DUtDHVPD\RUTXH/XLVD$QDWLHQHODPLVPDHGDGTXH5RVDVLHQGR
pVWDPD\RUTXH0DUtD¢4XpHV5RVDFRQUHVSHFWRD/XLVD"
$0D\RU %0HQRU &7LHQHQODPLVPDHGDG '1RVHSXHGHVDEHU
)pOL[\ÉQJHOYLVLWDQDXQRVDPLJRVHQHOSXHEORÉQJHOWLHQHDOOtXQWtR
TXHHVWiFDVDGRFRQ(OHQD(OHQDWLHQHGRVKLMDV0HUFKH\0DLWH¢TXp
HV(OHQDGHÉQJHO"
$7tD %+HUPDQD &$PLJD '6REULQD
6LWHQJRHOFXiGUXSORGHHXURV\/XLVWLHQHHOGREOHGHODPLWDGGHOR
TXH\RSRVHRPiVFLQFR¢&XiQWRVHXURVWLHQH/XLV"
$ % & '
6L $QWRQLR HV PiV MRYHQ TXH -XDQ \ $QWRQLR HV PiV YLHMR TXH 6HUJLR
HQWRQFHV6HUJLRHVTXH-XDQ
$ 0iVMRYHQ
% 0iVYLHMR
& 0HQRVMRYHQ
' 'HODPLVPDHGDG
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
6LODVGRVSULPHUDVSURSRVLFLRQHVVRQYHUGDGHUDVODWHUFHUDHV
² $OJXQRVDPLJRVGH-XDQVRQLWDOLDQRV
² $OJXQRVDPLJRVGH-XDQVRQPpGLFRV
² $OJXQRVDPLJRVGH-XDQVRQPpGLFRVLWDOLDQRV
$9HUGDGHUD %)DOVD &,QFLHUWD ',PSUREDEOH
3UHJXQWDQGRHQXQDIDPLOLDFXiQWRVKLMRVVRQUHVSRQGHHOPD\RUTXHpOWLHQH
WDQWDVKHUPDQDVFRPRKHUPDQRV\ODKLMDPD\RUGLFHTXHWLHQHGREOHQ~PH
URGHKHUPDQRVTXHGHKHUPDQDV¢&XiQWRVKLMRVHKLMDVHUDQ"
$KLMDV\KLMRV
%KLMRV\KLMDV
&KLMRV\KLMDV
'KLMRV\KLMDV
/DQLHWDGHOSDGUHGHODKHUPDQDGHPLPDGUHHVPL
$7tD %6REULQD &0DGUH '3ULPD
<RWHQtDXQDFLWDFRQXQDPLJRWRGRVORVGRPLQJRVDPHGLRGtD/DSUL
PHUDYH]OOHJyDODVKRUDVODVHJXQGDDODVKRUDVODVLJXLHQ
WHDODVKRUDV\SRUILQOD~OWLPDYH]DODVKRUDV¢DTXpKRUD
VHVXSRQHTXHOOHJDUiODSUy[LPDYH]"
$$ODVKRUDV
%$ODVKRUDV
&$ODVKRUDV
'1LQJXQDGHODVUHVSXHVWDVDQWHULRUHV
$QDHVPHQRUTXH/XLVD0DUtDWLHQHODPLVPDHGDGTXH-XDQHOFXDOHV
PD\RUTXH/XLVDH,UHQHHVPHQRUTXH$QD¢4XpHV/XLVDFRQUHVSHFWR
D,UHQH"
$0D\RU
%0HQRU
&1RVHVDEH
'7LHQHQODPLVPDHGDG
8QJULIRYDOOHQDQGRXQUHFLSLHQWHGHWDOIRUPDTXHFDGDPLQXWRTXH
SDVDHOJULIRKDGXSOLFDGRODFDQWLGDGGHDJXDTXHKD\HQHOUHFLSLHQWH
6LDOFDERGHXQDKRUD\PHGLDHOUHFLSLHQWHHVWiFRPSOHWDPHQWHOOHQR
¢FXiQWRWLHPSRVHKDEUiQHFHVLWDGRSDUDOOHQDUHOUHFLSLHQWHXQFXDUWR
GHVXFDSDFLGDGWRWDO"
$0HGLDKRUD
%8QDKRUD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
&PLQXWRV
'PLQXWRV
6L /XLVD HV KLMD GH OD KHUPDQD GH PL KHUPDQR \ -XDQ HV HO SDGUH GH
/XLVD¢4XpHV-XDQFRQUHVSHFWRDPt"
$3ULPR %7tR &&XxDGR '3DGUH
6DELHQGRTXHXQDHVWUHOODPiVXQURPERPiVXQDUHGRQGDYDOHQFLQFR
TXHGRVUHGRQGDV\WUHVURPERVYDOHQXQFXDGUDGR\TXHXQDUHGRQGD
\GRVURPERVYDOHQXQDHVWUHOOD¢FXiQWRYDOHXQFXDGUDGR"
$ % & '
6L$HVPD\RUTXH&VLHQGR%LJXDOD$\(PD\RUTXH%HQWRQFHV(HV
$0HQRUTXH%
%0D\RUTXH&
&0HQRUTXH&
',JXDOTXH&
/XLVDHVPD\RUTXH$QD,UHQHHVPD\RUTXH/XLVD¢&XiOHVODPHQRU
GHODVWUHV"
$/XLVD %$QD &,UHQH '1RVHSXHGHVDEHU
(Q XQD ILOD HVWiQ VHQWDGRV FLQFR DPLJRV 5LFDUGR HVWi VHQWDGR D OD
GHUHFKDGH-DLPH/XLVDODL]TXLHUGDGH-DLPH-XDQDODGHUHFKDGH
5LFDUGR \ (VWHEDQ D OD L]TXLHUGD GH /XLV ¢4XLpQ HVWi VHQWDGR HQ HO
FHQWUR"
$/XLV %5LFDUGR &-DLPH '-XDQ
6L 3HGUR HVWXGLD PiV TXH -RUJH \ -XDQ HVWXGLD PiV TXH 3HGUR pVWH
HVWXGLD
$0iVTXH-XDQ
%0HQRVTXH-XDQ
&0HQRVTXH-RUJH
',JXDOTXH-RUJH
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHEXVFDUHQWUHYDULDVRSFLRQHVGHUHVSXHVWDHOVLQyQLPRRDQWyQLPRGH
ODVSDODEUDVSURSXHVWDV
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV
(MHPSORV
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$ &RQFHGHU2WRUJDU
% 'LOLJHQWH/DERULRVR
& 3HUPLVLyQ,QWROHUDQFLD
' &DPELR0XWDFLyQ
/DVROXFLyQHV3HUPLVLyQ,QWROHUDQFLD\HVWHSDUGHSDODEUDVWLHQHGHODQWHODOHWUD´&µTXHHVODTXH
KDEUtDTXHPDUFDU
¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
$ 'LItFLO)iFLO
% 'RPLQDU6HUYLU
& 'LVFUHSDU&RQYHQLU
' 'LVFXOSDU([FXVDU
(QHVWHFDVRODVROXFLyQHV'LVFXOSDU([FXVDU\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´'µTXH
HVODTXHKDEUtDTXHPDUFDU
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$0RID%HID %7H[WXDO3UHFLVR &'LOLJHQFLD5DSLGH]
'4XHUHOOD²&RQYHQLR ()XQGDPHQWR&LPLHQWR
¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
$$JUDYLR+RPHQDMH %6HQVDWH]²/RFXUD &7DQJLEOH²3DOSDEOH
'/DPSLxR²%DUEXGR (/DVLWXG²(QHUJtD
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$3DUWLU'LYLGLU %/OHQDU+HQFKLU &(VWyOLGR6yOLGR
'&KLVWRVR-RFRVR ('LVFXOSD3UHWH[WR
/RVVLQyQLPRVGH9$38/($5\&21675(f,5VRQ
$9HQWLODU,PSRQHU %3XOYHUL]DU2SULPLU &$]RWDU6RFRUUHU
'6DFXGLU5HxLU (*ROSHDU2EOLJDU
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$3RPSD%RDWR %2SXHVWR$GYHUVR &,QFDXWR,QFUpGXOR
'3HUHFHGHUR(ItPHUR (2EVWLQDGR(PSHxDGR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$,QIXQGLU,QVSLUDU %,QQRYDU5HIRUPDU &6XVFULELU6XVFLWDU
'&RQWHQGHU'LVSXWDU (,QWHUFDODU,QWHUSRQHU
6RQDQWyQLPRGH(;27e5,&2\VLQyQLPRGH(;3,5$5
$(VRWpULFR)DOOHFHU %$FFHVLEOH([KDODU &&RP~Q3XUJDU
'6HFUHWR$WLVEDU ($UFDQR5HGLPLU
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$([LPLR([iQLPH %$VXPLU$GTXLULU &/XFUR*DQDQFLD
'([KRUWDU3HUVXDGLU (*HQHURVR'DGLYRVR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$,JQRWR1HFLR %+ROODU+XPLOODU &&LUFXQVSHFWR3UXGHQWH
'$EDQGRQDGR'HVDPSDUDGR (+HUPDIURGLWD$QGUyJLQR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$6DLQHWHDU$JUDGDU %6LELOLQR0LVWHULRVR &6XEURJDU6XVWLWXLU
'(VWXOWR,QVLJQH (*DODQXUD*HQWLOH]D
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$+RPpULFReSLFR %,QPRODU6DFULILFDU &0DFLOHQWR'HVFRORULGR
',QQRPLQDGR,QGyPLWR (&iEDOD&RQMHWXUD
¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
$&RQDWR,QWHQWR %5HYRFDU9DOLGDU &&RQYH[R&yQFDYR
'5LJRU,PSUHFLVLyQ (,UUDFLRQDO6HQVDWR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$&XLWD3HQD %(VFXGULxDU2WHDU &,GHRJUi¿FR6LPEyOLFR
'%HOIRV'XHQGHV (/HUGR7RUSH
/RVVLQyQLPRVGH80%5$/H,1&2$5VRQ
$&RPLHQ]R3OHLWHDU %9HVWtEXOR$PHQD]DU &7pUPLQR(PSH]DU
'3ULQFLSLR7HUPLQDU ((QWUDGD,QFUHPHQWDU
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$5RPR&KDWR %$XJXVWR0DMHVWXRVR &'HVFROODQWH6REUHVDOLHQWH
'<HUPR$UPDGXUD ((PSXMyQ(QYLWH
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$%DVWR$QFKR %9HWXVWR$QWLJXR &6XFLQWR5HVXPLGR
'6LEDULWD([TXLVLWR (0ROLFLH%ODQGXUD
/RVVLQyQLPRVGH2-($5\$85$VRQ
$9HU*ORULD %0LUDU&RURQD &$WUDHU$OLHQWR
'&HJDU9LHQWR ((VSDQWDU6RSOR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$/DFHUDGR+HULGR %3XVLOiQLPH7tPLGR &6XEYHQLU5HFXHUGR
'+LODULGDG5LVD (/LVLDGR,QYiOLGR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$*UH\5HEDxR %5LFWXV3URFHVLyQ &&RQGRQDU3HUGRQDU
'$ELJDUUDGR$PRQWRQDGR(/LFHQFLRVR'LVROXWR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$(QWHFR(QIHUPL]R %/LVRQMHDU$GXODU &,QFXULD1REOH]D
'&RQPLQDU$PHQD]DU (,QFRQVLVWHQFLD)UDJLOLGDG
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$0DQLGR6REDGR %%DODGt,QVLJQLILFDQWH &6yUGLGR,QGHFHQWH
'$SRFDGR,QFOLQDGR ((QXQFLDU'HFODUDU
¢4XpSDUHMDGH$17Ð1,026HV,1&255(&7$"
$/HJDO,OtFLWR %&UHHU-X]JDU &,QFRUSRUDU6HSDUDU
',QGHFLVLyQ5HVROXFLyQ (2UDWH&XHUGR
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$)DODFLD(QJDxR %,GLRVLQFUDVLD3HFXOLDULGDG &'LVSHQGLR$EVROXFLyQ
'&DWHUYD0XOWLWXG ($VLPHWUtD,UUHJXODULGDG
/RVVLQyQLPRVGH',7,5$0%2\)É08/$VRQ
$7UDMtQ$]DIDWD %(QFRPLR&ULDGD &)OHPyQ&KLFD
''HVSLVWDGR&XHQWR (%LIXUFDGR5HSXWDFLyQ
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$0HQGD]7HUFR %9HQDO6RERUQDEOH &(SLF~UHR([TXLVLWR
'7XUJHQWH+LQFKDGR ($JUDYLDU0ROHVWDU
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$6RH]*URVHUR %)UtYROR/LJHUR &7XPHIDFWR$EXOWDGR
''LSVyPDQR$EVWHPLR('LJUHVLyQ'LYDJDFLyQ
/RVVLQyQLPRVGH0$&,/(172\*/$8&2VRQ
$/HQWR)ODFR %0DOROLHQWHÌQWHJUR &0DOR(QFDQWDGRU
'3RGULGR*ODXFRPD ('HVFRORULGR9HUGH
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$$SULVFR(VWDEOR %)HUD],QGyPLWR &)~WLO,QVLJQLILFDQWH
'3DUFR0RGHUDGR ($JRELDU$EUXPDU
¢4XpSDUHMDGH6,1Ð1,026HV,1&255(&7$"
$=ROOLSDU6ROOR]DU %&XWtFXOD(SLGHUPLV &0DQFLOOD0iFXOD
')XVWD7RUQHR (3DUDGLJPD0RGHOR
¢4XpSDUHMDGH6,1Ð1,026HV&255(&7$"
$$UWH3LQWXUD %5HORM7LHPSR &0DQDGD+DWR
'%RUUDVFRVR%RUURVR (7HPSRUDO$QWLFLFOyQ
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
6HOHSUHVHQWDQFXHVWLRQHVGHFiOFXORTXHGHEHUiUHVROYHU
9DPRVDUHSDVDUGLYHUVRVHMHUFLFLRVGHPDWHPiWLFDHOHPHQWDOFRPRODQXPHUDFLyQ
URPDQDHFXDFLRQHVSRUFHQWDMHVHOPi[LPRFRP~QGLYLVRU\HOPtQLPRFRP~QP~OWL
SORRSHUDFLRQHVFRQIUDFFLRQHVSULQFLSDOHVXQLGDGHVGHPHGLGDUHJODGHWUHVVLVWHPD
ELQDULRiUHDVGHSROtJRQRVPHGLDDULWPpWLFDPHGLDQD\PRGDHWF
/DPD\RUtDVRQFXHVWLRQHVVHQFLOODVHQODVTXHVXGLILFXOWDGUHVLGHQRHQODUHVROX
FLyQHQVtVLQRHQODUDSLGH]FRQODTXHKDQGHUHVROYHUVH
$ YHFHV HQ YH] GH EXVFDU OD VROXFLyQ D SDUWLU GHO HQXQFLDGR OR TXH LQWHUHVD HV
SUREDU ODV UHVSXHVWDV SDUD YHU FXiO GH HOODV VH DMXVWD DO HQXQFLDGR FRQ OR TXH VH
DKRUUDUtDHOWLHPSRGHOSODQWHDPLHQWR\UHVROXFLyQGHOSUREOHPD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
(MHPSORV
6LHOSUHFLRGHIRWRFRSLDVHVFpQWLPRV¢FXiQWRFRVWDUiQIRWRFRSLDV"
$ % & '
5HJODGHWUHVVLPSOH\GLUHFWD
0pWRGRQRUPDO 0pWRGRGHUHGXFFLyQDODXQLGDG
6LIRWRFRSLDVFXHVWDQFpQWLPRV FXHVWDQFpQWLPRV
IRWRFRSLDVFRVWDUiQ[FpQWLPRV FXHVWD FpQWLPRV
[GHGRQGH[ Ã FRVWDUiQÃ FpQWLPRV
[ FpQWLPRV
(Q XQ WULiQJXOR UHFWiQJXOR XQ iQJXOR PLGH ¢&XiQWR PLGH HO RWUR
iQJXORQRUHFWR"
$ % & '
/RVWUHViQJXORVVXPDQ\DGHPiVKD\XQiQJXORUHFWRTXHPLGH
3DUDKDOODUODVROXFLyQVXPDPRV \HVWDFLIUDVHODUHVWDPRVDOXHJR²
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
¢&XiOHVHOPi[LPRFRP~QGLYLVRUGH\"
$ % & '
¢&XiOHVHOPtQLPRFRP~QP~OWLSORGH\"
$ % & '
6LHOGHXQFDSLWDODVFLHQGHDHXURV¢FXiQWRHVHOFDSLWDO"
$ % & '
¢&XiOHVHOGHHXURV"
$HXURV %HXURV &HXURV 'HXURV
¢4XpSRUFHQWDMHKD\TXHDSOLFDUDSDUDTXHUHVXOWH"
$ % & '
6L$QWRQLRVHFRPHGHXQDWDUWD\0DUtD¢FXiQWRVHFRPHQHQWUH
ORVGRV"
$ % & '
¢&XiOHVHOUHVXOWDGRGHPXOWLSOLFDUSRU"
$ % & '
¢&XiOHVHOUHVXOWDGRGHGLYLGLUHQWUH"
$ % & '
¢4Xp Q~PHUR WLHQH TXH GLYLGLU DO SDUD TXH HO FRFLHQWH VHD \ HO
UHVWR"
$ % & '
+DOODHOiUHDGHXQWULiQJXORGHFPGHDOWXUD\FPGHEDVH
$FPò %FPò &FPò 'FPò
+DOODHOiUHDGHXQWUDSHFLRGHFPGHEDVHPD\RUFPGHEDVHPHQRU
\FPGHDOWXUD
$FPò %FPò &FPò 'FPò
+DOODODORQJLWXGGHXQDFLUFXQIHUHQFLDGHFPGHGLiPHWUR
$FP %FP &FP 'FP
+DOODHOiUHDGHXQFtUFXORGHFPGHUDGLR
$FPò %FPò &FPò 'FPò
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(Q FLQFR GtDV 5RVD JDVWy HQ FKXFKHUtDV \ FpQWLPRV
¢&XiQWRJDVWySRUWpUPLQRPHGLR"
$ % & '
/DVSDJDVVHPDQDOHVGHFLQFRDPLJRVVRQ\HXURV&DOFXOD
ODPHGLDQD
$ % & '
(OSHVRGHORVFXDWURPLHPEURVGHXQDIDPLOLDHV\+DOOD
ODPHGLDQD
$ % & '
/DVQRWDVHQ,QJOpVGHVLHWHDOXPQRVVRQ\&DOFXODOD
PRGD
$\ % & '\
PXMHUHV GH XQD HPSUHVD HVWiQ FDVDGDV \ UHSUHVHQWDQ HO GH
ODVPXMHUHV TXH WUDEDMDQ HQ GLFKD HPSUHVD¢&XiQWDVPXMHUHVKD\ HQ
WRWDO"
$ % & '
6LXQOLEURTXHQRVFRVWyHXURVORYHQGHPRVXQPiVFDUR¢SRU
FXiQWRGLQHURORYHQGHUHPRV"
$HXURV %HXURV &HXURV 'HXURV
9HQGt XQD PHUFDQFtD HQ HXURV ¢&XiO IXH HO SUHFLR GH FRPSUD VL
JDQpXQHQHOSUHFLRGHYHQWD"
$ % & '
6LHQXQDVUHEDMDVXQDFDPLVDGHHXURVFXHVWDVyOR¢TXpSRUFHQ
WDMHGHUHEDMDKDFHQ"
$ % & '
6LGLVSRQJRGHHXURVGHORVFXDOHVFRORFRDODQXDO\HOUHVWR
DODQXDO¢TXpLQWHUHVHVPHSURGXFLUiQHQXQDxR"
$ % & '
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
8QDLPSUHVRUDWDUGDKRUDVHQLPSULPLUSiJLQDV¢4XpQ~PHUR
GH LPSUHVRUDV GHO PLVPR WLSR VH KD GH SRQHU HQ PDUFKD VLPXOWiQHD
PHQWHSDUDLPSULPLUSiJLQDVHQWUHVKRUDV"
$ % & '
'RV SHUVRQDV WUDEDMDQGR KRUDV GLDULDV WDUGDQ GtDV HQ KDFHU XQD
REUD ¢&XiQWDV SHUVRQDV VHUiQ QHFHVDULDV SDUD KDFHU ODV PLVPD REUD
HQGtDVWUDEDMDQGRKRUDVGLDULDV"
$ % & '
8QFRFKHTXHFLUFXODDNPKWDUGDKRUDVHQUHFRUUHUXQWUD\HFWR
¢&XiQWRWDUGDUiHQKDFHUHOPLVPRUHFRUULGRVLFLUFXODDNPK"
$ % & '
3DUDFRQVWUXLUXQDSDUHGWUDEDMDGRUHVWDUGDQGtDV¢&XiQWRWDU
GDUiQWUDEDMDGRUHV"
$GtDV %GtDV &GtDV 'GtDV
6H TXLHUHQ HQYDVDU PDJGDOHQDV \ EL]FRFKRV HQ FDMDV OR PiV
JUDQGHV TXH VHD SRVLEOH VLQ PH]FODUORV \ VLQ TXH VREUH QLQJXQR
¢&XiQWDVFDMDVKDFHQIDOWDSDUDFDGDFRVD"
$P\E %P\E &P\E 'P\E
3DUDSDVDUXQDVYDFDFLRQHVJDVWRXQRFWDYRHQPDQXWHQFLyQXQWHUFLR
HQDORMDPLHQWRODPLWDGHQGLYHUWLUPH\YXHOYRDFDVDFRQHXURV
¢&XiQWRGLQHURKHJDVWDGR"
$¼ %¼ &¼ '¼
8QD FDPSDQD WDxH FDGD PLQXWRV \ RWUD FDGD PLQXWRV 6RQDURQ
MXQWDVDODVHQWRQFHV¢DTXpKRUDVRQDUiQMXQWDVGHQXHYR"
$ % & '
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHIUDVHVLQFRPSOHWDVDODVTXHOHVIDOWDXQDRGRVSDODEUDV\TXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
&RPSOHWHFRUUHFWDPHQWHODIUDVHVLJXLHQWH
«««HVD12&+(FRPR'(6$<812HVD««
$ &(1$&2&,1$
% $/08(5=20$f$1$
& 38(57$9(17$1$
' $%81'$1&,$3/$&(5
( &(1$0$f$1$
/D IUDVHFRPSOHWDVHUtD&(1$HVD12&+(FRPR'(6$<812HVD0$f$1$
/DVROXFLyQHVSXHV&(1$0$f$1$\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´(µTXHHVODTXH
KDEUtDTXHPDUFDU
5(&8(5'((;,67(81$62/$5(638(67$(1&$'$352%/(0$
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
«««HVD9(562FRPR(6&8/725HVD«««
$SRHWDDUWLVWD %SRHWDHVWDWXD &P~VLFRHVWDWXD
'UHYHUVRHVWDWXD (UHYHUVRDUWLVWD
«««HVD1,f2FRPR9(7(5,1$5,2HV«««
$SHGLDWUDJDWR %SURIHVRUDQLPDO &SHUURHQIHUPHUD
'PDGUHHQIHUPHUD (MXJXHWHLQ\HFFLyQ
«««HVD3e6,02FRPR3(25HVD«««
$PDORPHMRU %PDOREXHQR &PHMRUySWLPR
'EXHQtVLPRPDOR (FHOHEpUULPRSDXSpUULPR
«««HVD6235$12ORTXH&21)(5(1&,$HVD«««
$DULDRUDGRU %SDUWLWXUDDSXQWHV &SHQWDJUDPDGLVFXUVR
'SLDQRJUDEDGRUD (RUTXHVWDSROtWLFR
«««HVD$-2FRPR&252HVD«««
$EDMRRUR %WDMRORUR &IDMRWRUR
'DMRVIRUR (JDMRPRUR
«««HVD9(*(7$/FRPR$&8$5,2HVD«««
$KXHUWDSH] %IORUDQLPDO &WRPDWHDJXD
'MDUGtQSLHGUD (HQVDODGDPDU
«««HVD5Ì2FRPR6(5HVD«««
$IXHQWHUHV %DUUR\RHEUR &PRQWDxDH[LVWLU
'RtUUHV (DJXDSHUVRQD
«««HVD$&(,7(FRPR&$5%85$17(HVD«««
$OXEULFDQWHJDVROLQD %DFHLWXQDHQFHQGLGR &JDVROLQDPRWRU
'HQJUDVHEXMtD (UDGLDGRUVHJPHQWR
««««HVD62/FRPR6$/HVD««««
$FDORUPDU %IUtRDOLPHQWR &ORVODV
'DJXDPDU (OX]VDERU
«««HVD9$5,26FRPR021Ð/2*2HVD«««
$Q~PHURSDODEUD %WUHVSUyORJR &FDQWLGDGFLIUD
'XQRGLiORJR (G~RWUHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
«««HVD-8(*2FRPR%e/,&2HVD«««
$PXxHFDHQHPLJR %GLYHUVLyQDUPD &O~GLFRJXHUUD
'EDWDOODWULXQIR (GHSRUWHDXWRULGDG
«««HVD%,6785ÌFRPR(6&8/725HVD«««
$FLUXMDQRFLQFHO %RSHUDFLyQHVWDWXD &FRUWHDUWH
'PpGLFRDUTXLWHFWR (PDQREDUUR
«««HVD9(57,&$/FRPR9,*$HVD«««
$SRVLFLyQFROXPQD %OLPDFRQVWUXFFLyQ &YpUWLFHFHPHQWR
'FROXPQDKRUL]RQWDO (HVFDOyQGLQWHO
««««HVDÐ37,&$FRPR621,'2HVD«««
$RMRVLOHQFLR %FRORUVDERU &OX]DF~VWLFD
'JDIDVP~VLFD (P~VLFDYLVWD
««HVD&8$'5$'2FRPR7(75$('52HVD««
$URPERFRQR %FtUFXORFRQR &FXERWULiQJXOR
'WULiQJXORWUDSHFLR (WUDSHFLRSHQWiJRQR
«««HVD$%5,/FRPR)(%5(52HVD«««
$PD\RHQHUR %PDU]RHQHUR &MXOLRRFWXEUH
'GLFLHPEUHPDU]R (MXOLRDJRVWR
««HVD$621$17(FRPR&2162/$56(HVD««
$VRODUFRQVRODU %GLVRQDQWHHQIDGDUVH &PDOVRQDQWHFRQIRUWDUVH
'FRQVRQDQWHDVRODUVH (VXHQDVRODU
«HVD3(1Ô/7,02FRPR3$6$'20$f$1$HVD«
$~OWLPRPDxDQD %DQWHSHQ~OWLPRD\HU&SULPHURKR\
'PDxDQDPDUWHV (SDVDGRSUHVHQWH
«««HVD(55$5FRPR$%1(*$&,Ð1HVD«««
$DFHUWDUUHVLJQDFLyQ %DEHUUDUDEQHJDU &IDOODUGLODFLyQ
'DEHUUDUQHJDFLyQ (DFLHUWRIDOOR
«««HVD$/&851,$FRPR&2163,&82HVD«««
$OLQDMHDVFHQGHQFLD %SURVDSLDLQVLJQH &LOXVWUHOLEHUWLQR
'FUiSXODOXMXULRVR (VREUHVDOLHQWHFDVWD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
«««HVD5(%(/$56(FRPR$/$%$5HVD«««
$DFDWDUHQVDO]DU %VROLYLDQWDUVHGHQRWDU &GHVREHGHFHULQMXULDU
'REHGHFHUGHQRVWDU (GHVDFDWRLQVXOWDU
«««HVD'85$'(52FRPR75$,&,Ð1HVD«««
$HWHUQROHDOWDG %LQILQLWRILGHOLGDG &WUDQVLWRULRLQILGHOLGDG
'SHUHFHGHURWUDJHGLD (FRQVLVWHQWHSHUILGLD
«««HVD$&8&,$5FRPR$3267$7$5HVD«««
$DSUHPLDUDEMXUDU %DEUD]DUUHJHQHUDU &DSUHVXUDUUHSOLFDU
'FRPSURPHWHUDSRVWDU(UDOHQWL]DUUHQHJDU
«««HVD,1),(512FRPR&(/(67,$/HVD«««
$OODPDVFLHOR %DYHUQRHPStUHR &WiUWDURWHUUHQDO
'OLPERSXUJDWRULR (D]XOURMR
«««HVD%(62FRPR$0,*$HVD«««
$FDULxRREHVD %QRYLDUHVSHWR &REHVRPLJD
'WRUWD]RPXMHU (FDULFLDQLxD
«««HVD9(5'(FRPR%(50(//Ð1HVD«««
$PDUPDUUyQ %FDPSRD]XO &FRORUJUDQR
'JODXFRURMR (SLQWXUDDGRUQR
«««HVD&$7$/8f$FRPR+8(/9$HVD«««
$$QGDOXFtD*HURQD %FRVWDSURYLQFLD &&yUGRED/pULGD
'6HYLOOD%DUFHORQD (SURYLQFLDFRPXQLGDG
«««HVD&$%$//(5Ì$FRPR3,(HVD«««
$HMpUFLWRSLHUQD %FDEDOOHURLQIDQWH &DUWLOOHUtDGHGR
'FDEDOORLQIDQWHUtD (EULGDVERWD
«««HVD//89,$FRPR',48(HVD«««
$DJXDVDOLGD %SDUDJXDVLQXQGDFLyQ &QXEHULHVJR
'DJXDFUHFLGD (EDUURDUHQD
«««HVD&2//$5FRPR(6/$%Ð1HVD«««
$UHORMSXOVHUD %SHUODURVDULR &FXHOORPXxHFD
'FXHQWDFDGHQD (PHGDOODHVFODYD
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHPDWULFHVTXHHVWiQIRUPDGDVSRUXQDVHULHGHVLJQRVTXHFRPSRQHQXQ
JUXSRUHODFLRQDGR6LQHPEDUJRIDOWDXQHOHPHQWRHQHOJUXSRTXHKDGHVHUGHGXFLGR
SRU9G/DVSLH]DVTXHFRPSRQHQODPDWUL]QRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXH
HVWiQVLWXDGDVVLJXLHQGRXQDOyJLFD'HGXFLHQGRHVDOyJLFDOHVHUiIiFLOHQFRQWUDUHQ
HOUHSHUWRULRGHVROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
$ % & '
/DUHVSXHVWDHVOD´%µ+D\WUHVFRORUHVQHJUREODQFR\UD\DGR/RVWUHVFRORUHV
YDQSHUPXWDQGRGHSRVLFLyQ\QRDSDUHFHQQLKRUL]RQWDOQLYHUWLFDOPHQWHPiVTXH
XQDYH]HQFDGDILODRHQFDGDFROXPQDÔQLFDPHQWHIDOWDSRUVDOLUHOFRORUQHJURSXHV
WDQWRHQXQVHQWLGRFRPRHQHORWURKDQDSDUHFLGR\DHOEODQFR\HOUD\DGR
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$ %
& ' ( $ % & ' (
$ % & ' (
$ % & ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$ %
& ' ( $ %
& ' (
$ %
& ' ( $ %
& ' (
$ %
& ' ( $ %
& ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$ %
& ' ( $ % & ' (
$ %
& ' ( $ % & ' (
$ %
& ' ( $ % & ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$ %
& ' (
$ %
& ' (
$ %
& ' ( $ % & ' (
$ %
& ' ( $ % '
& (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$ %
& ' ( $ % & ' (
$ % & ' ( $ %
& ' (
$ % & ' (
$ %
& ' (
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHIUDVHVLQFRPSOHWDVDODVTXHOHVIDOWDXQDRGRVSDODEUDV\TXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
&RPSOHWHFRUUHFWDPHQWHODIUDVHVLJXLHQWH
«««HVD12&+(FRPR'(6$<812HVD««
$ &(1$&2&,1$
% $/08(5=20$f$1$
& 38(57$9(17$1$
' $%81'$1&,$3/$&(5
( &(1$0$f$1$
/DIUDVHFRPSOHWDVHUtD&(1$HVD12&+(FRPR'(6$<812HVD0$f$1$
/DVROXFLyQHVSXHV&(1$0$f$1$\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´(µTXHHVODTXH
KDEUtDTXHPDUFDU
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
«««HVD*$5$-(FRPRÉ5%2/HVD«««
$FDVDERVTXH %FRFKHKRMDV &SDUNLQJUDPDV
'RTXHGDGYHUGH (DXWRPyYLOFDPSR
«««HVD52',//$FRPR%5$=2HVD«««
$SLHGHGRV %SLHUQDFRGR &PDQRGHGRV
'SLHUQDPDQJD (SXxRKRPEUR
$7(18$5HVD«««FRPR'(),1,5HVD«««
$RSULPLURFDVLRQDU %PLWLJDUGHOLPLWDU &GHVFLIUDUH[SUHVDU
'GHPRUDUOLPLWDU (DXPHQWDUERFHWDU
325HVD«««FRPR3$5$HVD«««
$P~OWLSORUHSDUWR %ILQDOLGDGREMHWLYR &FDXVDILQDOLGDG
'VXMHWRFRPSOHPHQWR (PDVFXOLQRIHPHQLQR
386,/É1,0(HVD«««FRPR25,*,1$/HVD«««
$MXELORVRFRSLD %DYH]DGREXUOD &REYLRERFHWR
'DXGD]FDOFR (WUDLGRUGLVWLQWR
3$7(17(HVD««««FRPR1Ì7,'2HVD«««
$SDWpWLFROHVLYR %SURSLRQLPLR &SDOPDULROLPSLR
'SURFOLYHQtYHR (RULJLQDOFODUR
$3É7,&2HVD«««FRPR52781'2HVD«««
$GLVFUHSDQWHDGXVWR %LQGROHQWHUHGRQGR &DSDUHQWHVDUFiVWLFR
'LQGROHQWHREWXVR (VLPSiWLFRGHILQLWLYR
),50(HVD«««FRPR92/8%/(HVD«««
$HVWDEOHYHUViWLO %YHUViWLODUELWUDULR &HQpUJLFRHVSDFLRVR
'FRQVWDQWHLGyQHR (UHFWRFXUYR
+$&,$HVD«««FRPR75$6HVD««««
$SURFHGHQFLDVLWXDFLyQ%SUHVDJLRSRVWHULRU &GLQiPLFRDYDQFH
'GLUHFFLyQVLWXDFLyQ (YHUERDGYHUELR
75$16,*(17(HVD«FRPR75$16*5(625HVD«
$WROHUDQWHFXPSOLGRU %IUDQFRLQVLQFHUR &FRQGHVFHQGLHQWHLQIUDFWRU
'FXPSOLGRUH[DOWDGR (SHUPLVLYRDXWRULWDULR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$+25$HVD««««FRPR$3(1$6HVD«««
$WLHPSRFDOLGDG %DFWXDOSRFR &SUHVHQWHUDQJR
'DFWXDOFDWHJRUtD (VLHPSUHQXQFD
-867,35(&,$5HVD'(635(&,$5FRPR25,*(1HVD«««
$SULQFLSLR %FRPLHQ]R &FXQD
'GHVHQODFH (DSUHFLDU
/,%52HVD%,%/,27(&$FRPR',$5,2HVD««««
$SLQDFRWHFD %KHPHURWHFD &UHYLVWD
'FRQWDELOLGDG (TXLRVFR
%$48(/,7$HVD$,6/$17(FRPR&2%5(HVD««««
$FRQGXFWRU %EURQFH &VHOHFWRU
'HVWDxR (FRQVWULFWRU
'(55,%2HVD(',),&,2FRPR'(6*8$&(HVD«««
$FRQVWUXFFLyQ %UHSDUDFLyQ &HPEDUFDFLyQ
'DUPDGXUD (QDXIUDJLR
&2&+(HVD92/$17(FRPR%$5&2HVD««««
$SURD %WLPyQ &VH[WDQWH
'EU~MXOD (DQFOD
7(03(5$785$HVD7(50Ð0(752FRPR9,(172HVD«
$DQHPyPHWUR %FURQyPHWUR &SOXYLyPHWUR
'EDUyPHWUR (JRQLyPHWUR
0É48,1$HVD3,(=$FRPR3$/$%5$HVD««««
$OHWUD %IUDVH &HVFULWXUD
'OHQJXDMH (H[SUHVLyQ
&(17$852HVD&$%$//2FRPR)$812HVD««««
$iJXLOD %RYHMD &PDFKRFDEUtR
'IHOLQR (XQLFRUQLR
0,//$HVD/21*,78'FRPR/,%5$HVD««««
$FDSDFLGDG %VXSHU¿FLH &SHVR
'IXHU]D (ORQJLWXG
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
&$&(5(f2HVD&É&(5(6FRPR(*$%5(16(HVD««
$&iGL] %&DODWD\XG &&DEUD
'*XDGDODMDUD (*HURQD
2%/,&82HVD,1&/,1$'2FRPR$-(12HVD««««
$KXUWR %H[WUDxR &SHUMXGLFLDO
'DXVHQWH (YLHMR
(1/$&(HVD&21(;,Ð1FRPR&203/(-2HVD««««
$VHJXLGR %LQWULQFDGR &VLPSOH
'DJOXWLQDGR (WDUD
$6(17,5HVD$'0,7,5FRPR',98/*$5HVD««««
$VXSHGLWDU %VXJHULU &UHFRQRFHU
'H[WHQGHU (FULWLFDU
()(&7,92HVD5($/FRPR(;38(672HVD««««
$SHOLJURVR %HItPHUR &ILFWLFLR
'LPSHULRVR (RSXHVWR
(1$/7(&(5HVD(16$/=$5FRPR&255(*,5HVD««
$HVWLPXODU %WHUPLQDU &DPRQHVWDU
'H[DPLQDU (ERUUDU
««««HVD$1,0$/FRPR&257(=$HVD«««
$FiVFDUDiUERO %SLHOKXHYR &SLHOiUERO
'KRPEUHSURWHFFLyQ (FiVFDUDKXHYR
«««HVD3$/$%5$FRPR3$/$%5$HVD«««
$YRFDEORSURPHVD %VtODEDIUDVH &VtODEDKRQRU
'KRQRUIUDVH (OHWUDVtODED
«««HVD7(-$'2FRPR%$6(HVD««««
$DOHURWULiQJXOR %WHUUD]DDOWXUD &WHUUD]DODGR
'F~VSLGHVXHOR (FXOPHQFLPD
««««HVD5Ì2FRPR&267$HVD««««
$ROHDMHSOD\D %FRUULHQWHPDU &RULOODPDU
'ROHDMHPDU (FRUULHQWHSOD\D
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVLQFRPSOHWDVGHILJXUDVDODVTXHOHVIDOWDXQHOHPHQWRTXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVILJXUDVQRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXHHVWiQVLWXDGDVVLJXLHQGRXQD
HYROXFLyQOyJLFD'HGXFLHQGRHVDHYROXFLyQOHVHUiIiFLOHQFRQWUDUHQHOUHSHUWRULRGH
VROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
¢4XpILJXUDFRQWLQ~DODVHULH"
$ % & ' (
6LREVHUYDGHWHQLGDPHQWHSXHGHYHUTXHODSULPHUDILJXUDWLHQHWUHVODGRVODVHJXQ
GDFXDWURODWHUFHUDFLQFR\ODFXDUWDILJXUDGHEHUtDWHQHUVHLVODGRV3RUWDQWROD
ILJXUDTXHFRQWLQ~DODVHULHFRUUHVSRQGHDODDOWHUQDWLYD´%µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$ % & ' (
$ % & ' (
$ % & ' (
$ % & ' (
$ % & ' (
$ % & ' (
$ % & ' (
$ % & ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQIUDVHVQXPHUDGDVGHODO
6HWUDWDGHEXVFDUHOMXHJRGHSDODEUDVGHHQWUHODVTXHVHSURSRQHQTXHVXVWLWXL
UtDDODVHQWUHFRPLOODGDVVLQFDPELDUHOVHQWLGRGHODIUDVH
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV
(MHPSORV
(O´EHRGRµIXHREMHWRGH´HVFDUQLRµS~EOLFR
$ ERUUDFKRORD
% ORFXD]DIUHQWD
& HEULRPRID
' LPSiYLGRDGXODFLyQ
/DVROXFLyQHV´HEULRPRIDµ\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´&µTXHHVODTXHKDEUtD
TXHPDUFDU
6LHPSUHOHKHPRVFRQVLGHUDGRPX\´ODGLQRµSHURKDUHVXOWDGRVHU
PX\´LQRFXRµ
$ WXOOLGRDVWXWR
% DVWXWRDE\HFWR
& LQTXLQDGRSXVLOiQLPH
' DVWXWRLQRFHQWH
(QHVWHFDVRODVROXFLyQHV´DVWXWRLQRFHQWHµ\HVWHSDUGHSDODEUDVWLHQHQGHODQWHODOHWUD´'µ
TXHHVODTXHKDEUtDTXHPDUFDU
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
/D´HFXDQLPLGDGµHQVXVDILUPDFLRQHVSURYRFDED´HVFDUQLRµHQWUHVXV
FRPSDxHURV
$LJXDOGDGDGXODFLyQ %SDUFLDOLGDGOLVRQMD
&HTXLGDGPRID 'UHODWLYLGDGEXUOD
/DQXHYD´SDULGDGµPRQHWDULDSURGXMR´SDUR[LVPRµHQOD%ROVD
$FRUULHQWHFDOPD %LJXDOGDGLQVHQVLELOLGDG
&HTXLYDOHQFLDH[DOWDFLyQ 'SURWHFFLyQHIHUYHVFHQFLD
&RQiQLPR´SHUVXDGLGRµVXSHUyODV´GLVSXWDVµVXUJLGDVHQWUHHOORV
$UHQRYDGRGLVFXVLRQHV %YDFLODQWHGLVFUHSDQFLDV
&FRQYHQFLGRGLVHQVLRQHV 'YDFLODQWHFRQFRUGLDV
(OMXH]´H[KRUWyµDOUHRTXHGHSXVLHUDVXDFWLWXG´DIUHQWRVDµ
$H[HFUyXOWUDMDQWH %HQFRPLySRQ]RxRVD
&DGYLUWLyLQMXULRVD 'LQYLWyMDFWDQFLRVD
)XHGHFLVLYRHOFRDFFLRQDGRYRWRGH´LQGRFWRVµYHOHLGRVRV\´GHVDEULGRVµ
$GtVFRORVKRVFRV %SURVpOLWRVLQVXOVRV
&LJQRUDQWHVGLVSOLFHQWHV 'UHEHOGHVUtJLGRV
/D´PHVXUDµHQVXVDFFLRQHVHUDGLJQDGH´HQFRPLRµ
$SHFXOLDULGDGGLVWLQFLyQ %SUXGHQFLDDODEDQ]D
&UHIOH[LyQHMHPSOR 'YXOJDULGDGUHFRPSHQVD
&RQ´GHQXHGRµWRPyOD´HQVHxDµ\DYDQ]yKDFLDHOHQHPLJR
$YDORUEDQGHUD %EL]DUUtDEDVWLyQ
&GHODFLyQEDOXDUWH 'WHPHULGDGHVWDQGDUWH
´6RVOD\DQGRµODVGLILFXOWDGHV´XUGLHURQµXQDQXHYDHVWUDWHJLD
$VRUWHDQGRWUDPDURQ %UHFDOFDQGRWUDPLWDURQ
&FRQMHWXUDQGRPDTXLQDURQ 'VRVSHFKDQGRDSUHPLDURQ
2EVHUYDURQFRQ´UHWLFHQFLDµFyPRVXHVStULWX´SXVLOiQLPHµVHDSRGH
UDEDGHpO
$DxRUDQ]DDXGD] %GLVLPXORSRQ]RxRVR
&UHSXJQDQFLDDSUHQVLYR 'UHVHUYDFREDUGH
(UD´YHOHLGRVRµHQVXWUDWRFRQORVGHPiVSHURXQ´DYH]DGRµSURIHVLRQDO
$YDQLGRVRDJUHVLYR %FDSULFKRVRLQIDWLJDEOH
&HQYLGLRVRH[SHULPHQWDGR 'LQFRQVWDQWHH[SHUWR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
7UDVSURIHULUXQDIUDVH´FRQFOX\HQWHµOHVPLUyFRQJHVWR´GLVSOLFHQWHµ
$FDWHJyULFDLQGLIHUHQWH %UHGXQGDQWHGLVFUHSDQWH
&WDMDQWHGLVWDQWH 'FRUWDQWHGLVFRUGDQWH
(UDGHWRGRVELHQFRQRFLGDVX´SHUVSLFDFLDµ\´SHWXODQFLDµ
$FDSDFLGDGIDWXLGDG %DVWXFLDLPSRUWDQFLD
&VDJDFLGDGHQYDQHFLPLHQWR 'DJXGH]DYHUVDWLOLGDG
7RGDVVXVSURSLHGDGHVIXHURQ´DUUDVDGDVµDFDXVDGHODV´LPSHWXRVDVµ
OOXYLDV
$GHVEDVWDGDVLQFOHPHQWHV %GHYDVWDGDVYHKHPHQWHV
&GHVRODGDVFiXVWLFDV 'GHVEDUDWDGDVLQVLVWHQWHV
3UHVHQWDEDXQJHVWR´PRKtQRµDOKDEHUVLGR´YHMDGRµSRUVXDPLJRV
$PHODQFyOLFRFRQWUDULDGR %HVTXLYRVRUSUHQGLGR
&PRUWHFLQRGHQLJUDGR 'GLVJXVWDGRPDOWUDWDGR
6X´PDOYDGRµFRPSRUWDPLHQWROHDFDUUHyOD´HQHPLVWDGµFRQVXSXHEOR
$LQRFXRDQWLSDWtD %LQLFXRLQVLGLD
&SHUYHUVRKRVWLOLGDG 'PDOVDQRLQTXLQD
/H´LQVWDURQµDTXHUHDOL]DUDODV´SHVTXLVDVµSHUWLQHQWHV
$H[KRUWDURQLQGDJDFLRQHV %DFRQVHMDURQSUHPLVDV
&DQLPDURQDYHULJXDFLRQHV 'VXJLULHURQLQYHVWLJDFLRQHV
6HKDEOyVLQ´URGHRVµVREUHODVFRQVHFXHQFLDVGHVX´GLVLGHQFLDµ
$EDJDMHVGLVFRUGDQFLD %SUHWH[WRVGLVRQDQFLD
&UHVHUYDVGLVSHQGLR 'DPEDJHVGLVFUHSDQFLD
0DQLIHVWyVX´DTXLHVFHQFLDµDXQTXHQRHUDDOJR´LQPDQHQWHµDVXSHU
VRQDOLGDG
$FRQVHQVRLQPLQHQWH %DVHQVRLQKHUHQWH
&FRQIRUPLGDGLQQHJDEOH 'FRQVHQWLPLHQWRLQPXWDEOH
(UD´HVFODUHFHGRUµFRQWHPSODUFyPR´PHGUDEDµHQVXWUDEDMR
$GLOXFLGDGRUSURJUHVDED %UHVSODQGHFHGRUVXEtD
&VLQWRPiWLFRFRQVSLUDED 'HVWUHPHFHGRULQWULJDED
/HGLHURQXQ´UHYXOVLYRµFRQWUDHOEUHEDMH´OHWDOµ
$UHSXOVLYRYHQHQRVR %SXUJDQWHOHWiUJLFR
&UHVWDXUDWLYROHVLYR 'DQWtGRWR²PRUWtIHUR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
6XV IDFXOWDGHV KDEtDQ ´PHUPDGRµ DQWH ODV ´DIUHQWDVµ GH VXV HQHPL
JRV
$PHQJXDGRDODEDQ]DV %DXPHQWDGRDJUDYLRV
&PHMRUDGRLQVXOWRV 'GLVPLQXLGRRIHQVDV
&RQIHVy WRGD OD YHUGDG VLQ ´SDOLDWLYRVµ DQWH XQ DXGLWRULR ´DPLODQD
GRµ
$DWHQXDQWHVLQWLPLGDGR %DJUDYDQWHVWHPHURVR
&H[FXVDVDPLQRUDGR 'VXDYL]DQWHVYDOLHQWH
8QDYH]GHPRVWUDGD´HPStULFDPHQWHµVXWHRUtDIXHOOHYDGDDODSUiFWL
FDFRQ´SUHPXUDµ
$KLSRWpWLFDPHQWHFDOPD %H[SHULPHQWDOPHQWHXUJHQFLD
&REMHWLYDPHQWHSURQWLWXG 'FLHQWtILFDPHQWHVRVLHJR
7UDWDEDQVLHPSUHGH´HPXODUµDVXV´GLVROXWRVµYHFLQRV
$PROHVWDUYLUWXRVRV %LPLWDUOLEHUWLQRV
&DJUDGDUPHVXUDGRV 'HVWLPXODUGtVFRORV
(O´H[FHOVRµJXHUUHURGHMy´SDWHQWHµVXEL]DUUtD
$DOWtVLPRRFXOWR %WLPRUDWRSDOSDEOH
&HPLQHQWHPDQLILHVWD 'PRKtQRYLVLEOH
7UDWDEDFRQ´SURGLJDOLGDGµDORVPDUJLQDGRV\´PHQHVWHURVRVµ
$IDPLOLDULGDGLQGLJHQWHV %GLVWDQFLDPLHQWRDIDQRVRV
&IUHFXHQFLDSXGLHQWHV 'JHQHURVLGDGQHFHVLWDGRV
)XH´LQWHUSHODGRµSRUHOWULEXQDODFHUFDGHVXLPSOLFDFLyQHQDTXHOOD
´PDVDFUHµ
$H[SORUDGRDQLTXLODPLHQWR %LQWHUSUHWDGRPDWDQ]D
&SUHJXQWDGRH[WHUPLQLR 'LQWHUURJDGRUHIULHJD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
&RQVLJXLyORTXHVHSURSRQtDPHGLDQWH´IDODFLDVµ\RWUDV´DUJXFLDVµ
$IUDXGHVDUWLPDxDV %LQJHQLRVLGDGHVDOHJDFLRQHV
&YHUGDGHVWUHWDV 'HQJDxRVVXWLOH]DV
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVLQFRPSOHWDVGHILJXUDVDODVTXHOHVIDOWDXQHOHPHQWRTXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVILJXUDVQRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXHHVWiQVLWXDGDVVLJXLHQGRXQD
HYROXFLyQOyJLFD'HGXFLHQGRHVDHYROXFLyQOHVHUiIiFLOHQFRQWUDUHQHOUHSHUWRULRGH
VROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
¢4XpILJXUDFRQWLQ~DODVHULH"
$ % & ' (
6LREVHUYDGHWHQLGDPHQWHSXHGHYHUTXHODSULPHUDILJXUDWLHQHWUHVODGRVODVHJXQGDFXDWUR
ODWHUFHUDFLQFR\ODFXDUWDILJXUDGHEHUtDWHQHUVHLVODGRV3RUWDQWRODILJXUDTXHFRQWLQ~D
ODVHULHFRUUHVSRQGHDODDOWHUQDWLYD´%µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$ % & '
$ % & '
$ % & '
$ % & '
$ % & '
$ % & '
$ % & '
$ % & '
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVGHQ~PHURV6XWUDEDMRFRQVLVWHHQHQFRQWUDUHQWUHHOUHSHUWRULR
GHVROXFLRQHVSURSXHVWDVHOQ~PHURTXHHQEXHQDOyJLFDVHJXLUtDODVHULH
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(MHPSORV
(QFXHQWUHHOQ~PHURTXHVLJXHODVHULH«
$ % & ' (
&DGDQ~PHURGHODVHULHHVHOGREOHGHODQWHULRU\HOTXHGHEHLUGHWUiVGHOHVSXHVHO
(QFXHQWUHHOQ~PHURTXHVLJXHODVHULH«
$ % & ' (
$TXtKD\GRVVHULHVPH]FODGDV/DVHULHSDUIRUPDGDSRUORVQ~PHURV\ODVHULHLPSDU
TXHHVWiIRUPDGDSRUORVQ~PHURV«&RPRVHSXHGHYHUFDGDQ~PHURHVWUHVXQL
GDGHVPHQRUTXHHODQWHULRU(QHVWHFDVRODVROXFLyQHVHO
(QFXHQWUHHOQ~PHURTXHVLJXHODVHULH«
$ % & ' (
(QHVWH~OWLPRFDVRODVHULHHVWiIRUPDGDSRUORVQ~PHURVSDUHVTXH
HVWiQFRORFDGRVGHIRUPDFRQVHFXWLYD
/DVROXFLyQHVSXHVHO
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
«
$ % & ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
«
$ % & ' (
«
$ % & ' (
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHJUXSRVGHSDODEUDVTXHSRUVXUHODFLyQIRUPDQXQDIDPLOLD(QWUHHOODV
KD\XQDTXHQRSHUWHQHFHDOJUXSR3UHFLVDPHQWHVXODERUFRQVLVWHHQHQFRQWUDUOD
SDODEUDDMHQDDOJUXSR
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(MHPSORV
6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
$'iGLYD %ÐELFH &/LPRVQD 'ÐEROR ('RQDWLYR
/DVROXFLyQHVOD´%µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´ÐELFHµVLQyQLPRGH´REVWiFXORµ\SRUWDQWR
QDGDWLHQHTXHYHUFRQODVRWUDVFXDWURTXHVHUH¿HUHQDODPLVPDFRVD
6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
$%UHYH %6XFLQWR &&RQIXVR '/DFyQLFR (6REULR
$TXtODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´&RQIXVRµTXHHVVLQyQLPRGH³GLIXVR´\
SRUWDQWRQDGDWLHQHTXHYHUFRQODVRWUDVFXDWURTXHVHUH¿HUHQDEUHYHGDG
6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
$&RQVWLWXLU %&RQVWUXLU &&RQVWDWDU '&RQVWUHxLU (&RQVWDQWH
(QHVWH~OWLPRFDVRODVROXFLyQHVOD´(µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´&RQVWDQWHµTXHWHUPLQD
FRQODOHWUD³H´\SRUWDQWRQDGDWLHQHTXHYHUFRQODVRWUDVFXDWURTXHWHUPLQDQFRQ³U´
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
6HxDOHODSDODEUDTXHQRSHUWHQHFHDOJUXSR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6XODERUFRQVLVWHHQHQFRQWUDUHQWUHHOUHSHUWRULRGHDOWHUQDWLYDVODSDODEUDTXH
PiVVHSDUH]FDDODSDODEUDSURSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(MHPSORV
6HxDOHODSDODEUDTXHPiVVHSDUHFHD,1(50(
$'RUPLGR %$EXUULGR &7XPEDGR ',QGHIHQVR('HVJDQDGR
(QHVWHFDVRODVROXFLyQHVOD´'µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´,QGHIHQVRµ\DTXHODSDODEUD
´,QHUPHµTXLHUHGHFLUTXHVHHVWiVLQDUPDV
6HxDOHODSDODEUDTXHPiVVHSDUHFHD%8&Ð/,&2
$3DVPDGR %%XFDO &3DVWRULO '$WyQLWR ($WRORQGUDGR
$TXtVHSURSRQHODSDODEUD´%XFyOLFRµTXHKDFHUHIHUHQFLDDOJpQHURSRpWLFRTXHWUDWDGHODYLGDSDVWRULO
SRUWDQWRODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´3DVWRULOµ
6HxDOHODSDODEUDTXHPiVVHSDUHFHD/Ð%5(*$
$/DUJD %3URIXQGD &&DYHUQDULD '6LQXRVD (2VFXUD
(QHVWHFDVRODVROXFLyQHVWiHQOD´(µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´2VFXUDµTXHHVVLQyQLPR
GHODSDODEUDSURSXHVWD
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
6HxDOHODSDODEUDTXHPiVVHSDUHFHD
$%52*$5
$%<(&72
$+Ì72
$038/262
$1$&25(7$
$1)5$&78262
$1*267$
$3Ð/2*2
$5&$12
$675262
$9,(62
%É&8/2
%$+255,1$
%$5'2
&$%,/'(2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
&É5&$9$
$+HULGD %0XOWLWXG &=DQMD '&DUSHWD ($QWLFXDGR
&(12%,2
$&RPHGRU %6DOD &&ODYHFtQ '0RQDVWHULR (&HQLFHUR
&21780$&,$
$7HVWDUXGH] %0DQtD &3HUVSLFDFLD ''HVWUH]D (&RQWURYHUVLD
'(35(&$&,Ð1
$,QVXOWR %$PHQD]D &5HDFFLyQ '6~SOLFD (([FODPDFLyQ
',62/872
$$VXVWDGR %'HFLGLGR &,QGHFLVR '9LFLRVR ($WRORQGUDGR
(03('(51,'2
$2EVWLQDGR %&DSULFKRVR &5HEHOGH ',QRFHQWH (%HEHGRU
(17,%$5
$(QIULDU %(QWDEOLOODU &$SXQWDODU '$SDLVDU ((VSHWDU
(;27e5,&2
$5HOLJLRVR %3URIDQR &2FXOWR '3~EOLFR (6DJUDGR
),/$175Ð3,&2
$)LORVyILFR %$OWUXLVWD &(JRtVWD '5HEHOGH (&ROHFFLRQLVWD
*e1(6,6
$2ULJHQ %6DELGXUtD &/LEUR ',GHD ((QJHQGUR
,03(/(5
$5HWHQHU %(PSXMDU &(VWLPDU '5HTXHULU (5HJDxDU
,03(5,&,$
$(QIHUPHGDG %,PSUHYLVLyQ &'HVFXLGR ''HVWUH]D (7RUSH]D
,03/(0(172
$6XSOHPHQWR %,PSOtFLWR &%UtR '8WHQVLOLR (,PSHGLPHQWR
,1&Ð/80(
$6DQR %)LUPH &'HUHFKR '6HUHQR (9HUWLFDO
,123(
$,QRFXR %&LHJR &,Q~WLO '3REUH (,QRFHQWH
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHSDODEUDVUHODFLRQDGDVHQXQDVHFXHQFLDOyJLFD'HGXFLHQGRODUHODFLyQ
TXH KD\ HQWUH ODV SDODEUDV OH VHUi IiFLO HQFRQWUDU HQWUH HO UHSHUWRULR GH VROXFLRQHV
SURSXHVWDV FXiO HV OD SDODEUD OHWUD R FLIUD FRUUHFWD TXH GHEHUtD LU HQ OXJDU GH ORV
SXQWRVVXVSHQVLYRV
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(MHPSORV
6HxDOHODSDODEUDTXHFXPSOHODUHODFLyQ\TXHGHEHUtDLUHQORVSXQWRVVXVSHQVLYRV
(192/725,2)81'$&5($68*(5(1&,$««««-817$
$23,1,Ð1 %&216(-2 &*2%,(512'&216(162 (-8,&,2
/DVROXFLyQHVOD´%µOXJDUGRQGHVHHQFXHQWUD´&216(-2µSDODEUDTXHHVDOPLVPRWLHPSR
VLQyQLPRGH´68*(5(1&,$µ\GH´-817$µ
6HxDOHODSDODEUDTXHVLJXHODVHFXHQFLD\TXHGHEHUtDLUHQORVSXQWRVVXVSHQVLYRV
3$525,=20,725272««««
$6,7,2 %0(6$ &0,72 '7$6$ (5,6$
$TXtODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUD´0,72µ~QLFDSDODEUDGH
FXDWUROHWUDVTXHWHUPLQDHQ´2µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
6HxDOHODSDODEUDOHWUDRFLIUDTXHGHEHUtDLUHQORVSXQWRVVXVSHQVLYRV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRV
(Q HVWH HMHUFLFLR HQFRQWUDUi GRV WUHV R FXDWUR FXDGUDGRV VXSHUSXHVWRV YHUWLFDO
PHQWH &DGD XQR GH HVWRV FXDGUDGRV WLHQH D VX GHUHFKD XQD RUGHQ GH URWDFLyQ R
FDPELR(VWDVyUGHQHVHVWiQHQFtUFXORVRURPERV6XWDUHDFRQVLVWHHQHVWXGLDUFDGD
FROXPQD GH FXDGUDGRV HPSH]DQGR SRU DUULED \ GHFLGLU FyPR TXHGDUtD GHVSXpV GH
DSOLFDUODVyUGHQHVTXHKD\DVXODGR
(MHPSOR
25'(1 '$/$98(/7$$/$),*85$$55,%$$%$-2
$%&'(
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
Ð5'(1(6'(527$&,Ð12&$0%,2
'$/$98(/7$$/$),*85$$55,%$$%$-2
*,5$'(/$'2/$),*85$'(5(&+$²,=48,(5'$
&$0%,$(/25'(1'((67(&8$'52&21(/48((67É(1&,0$
$18/$/$25'(1$17(5,25
$18/$/$25'(16,*8,(17(
$18/$/$),*85$'(/&8$'52$17(5,25
$18/$/$),*85$'(/&8$'526,*8,(17(
'$/$98(/7$$/26&8$'526'(/$&2/801$
&$0%,$ /26 '26 &8$'5$'26 ,1)(5,25(6 325 /26 '26
683(5,25(6
//(9$ /$6 '26 ),*85$6 '(/ &(1752 $ /26 (;75(026 <
9,&(9(56$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%& '(
$%& '(
$%& '(
$%& '(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$%& '(
$%& '(
$%& '(
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVGHOHWUDVGHQ~PHURVRPL[WDV6XWUDEDMRFRQVLVWHHQHQFRQWUDU
HQWUHHOUHSHUWRULRGHVROXFLRQHVSURSXHVWDVHOQ~PHURRODOHWUDTXHGHEHUtDLUHQWUH
ORVSDUpQWHVLV\TXHHQEXHQDOyJLFDVHJXLUtDODVHULH
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(ODOIDEHWRTXHXVDUHPRVFRQWLHQHODVVLJXLHQWHVOHWUDV
$ % & ' ( ) * + ,
- . / 0 1 f 2 3 4
5 6 7 8 9 : ; < =
(MHPSORV
6HxDOHODOHWUDTXHFRQWLQXDODVHULH$%&$%&$%«
$$ %% && '' ((
&RPRSXHGHYHUVHUHSLWHODVHULH$%&/DUHVSXHVWDFRUUHFWDHVOD´&µ
6HxDOHODOHWUDRQ~PHURTXHFRQWLQXDODVHULH0/.«
$ % & ' (
(QWUHODVOHWUDVVHDOWHUQDQORVQ~PHURVSRUWDQWROHWRFDDO/DUHVSXHVWDFRUUHFWDHVOD´'µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
6HxDOHODOHWUDRQ~PHURTXHFRQWLQ~DODVHULH
'<-'<,'<«
$- %, &' '< (+
$',2«
$9 %: &; '< (=
,&-$+%,&-$+%,«
$$ %% && '+ (-
$1&2(4*««
$6( %,/ &6, '+8 (5+
$%&$'()'*+,«
$* %+ &, '- (.
$%&.2=$-
$% %& &. '2 (3
$&)*/0f45«
$6 %7 &8 '9 (:
$=&;(9««««
$*6 %)7 &*7 '*8 (*7
$%&&'())*+,«
$+ %, &- '. (/
&''())*++««
$+,, %,,+ &+,- '-,, (,--
%).3«
$: %9 &8 '; (<
$%'(*+««
$() %,- &-. './ (/0
%(+.«
$ % & ' (
=;<:89756««««
$432 %423 &423 '342 (324
=;9«
$5 %6 &7 '8 (9
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6XODERUFRQVLVWHHQHQFRQWUDUHQWUHHOUHSHUWRULRGHDOWHUQDWLYDVODSDODEUDTXH
PiVVHSDUH]FDDODSDODEUDSURSXHVWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(MHPSORV
6HxDOHODSDODEUDTXHPiVVHSDUHFHD,1(50(
$'RUPLGR %$EXUULGR &7XPEDGR ',QGHIHQVR ('HVJDQDGR
(QHVWHFDVRODVROXFLyQHVOD´'µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´,QGHIHQVRµ\DTXHODSDODEUD
´,QHUPHµTXLHUHGHFLUTXHVHHVWiVLQDUPDV
6HxDOHODSDODEUDTXHPiVVHSDUHFHD%8&Ð/,&2
$3DVPDGR %%XFDO &3DVWRULO '$WyQLWR ($WRORQGUDGR
$TXtVHSURSRQHODSDODEUD´%XFyOLFRµTXHKDFHUHIHUHQFLDDOJpQHURSRpWLFRTXHWUDWDGHODYLGDSDVWRULO
SRUWDQWRODVROXFLyQHVOD´&µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´3DVWRULOµ
6HxDOHODSDODEUDTXHPiVVHSDUHFHD/Ð%5(*$
$/DUJD %3URIXQGD &&DYHUQDULD '6LQXRVD (2VFXUD
(QHVWHFDVRODVROXFLyQHVWiHQOD´(µOXJDUGRQGHVHHQFXHQWUDODSDODEUD´2VFXUDµTXHHVVLQyQLPR
GHODSDODEUDSURSXHVWD
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
6HxDOHODSDODEUDTXHPiVVHSDUHFHD
$%$&(52
$%Ô/,&2
$&(1'5$'2
$/&$1&Ì$
$/)$*8$5$
$/0,5(=
$1),1(852
$50,67,&,2
$7255$17(
%$7$+2/$
%,68172
%,7248(
%5812
%85(2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
&$5,É7,'(
&$5/,1*$
'(%(/$5
',$75,%$
',f$5
'Ì6&2/2
(1'(&+$
(6&2/,2
(;25',2
)8&6,1$
+,'5$
Ì/(21
,035Ð9,'2
-(5*Ð1
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
-,)(52
/(9$
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(VWDSUXHEDWUDWDGHPHGLUVXFDSDFLGDGGHSHUFHSFLyQHVSDFLDO\SDUDHOORVHOH
SLGHTXHDQDOLFHGLVWLQWRVGLEXMRVJHRPpWULFRV
3DUDGHVFXEULUODVUHVSXHVWDVFRUUHFWDVGHEHUiWHQHUHQFXHQWDHOWDPDxRGHODV
ILJXUDVFXiQWDVYHFHVVHUHSLWHQVXRULHQWDFLyQHQHOHVSDFLRHWF
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
2EVHUYHHVWDILJXUD
$ % & '
&RPRSXHGHYHUHOSODQRIRUPDXQUHFWiQJXORSHUIHFWRFRQODILJXUD´$µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
6HxDOHODILJXUDTXHQRWLHQHUHODFLyQFRQODVGHPiV
$%&'(
$KRUDGHEHDYHULJXDUHOQ~PHURWRWDOGHFXERVTXHKD\HQFDGDPRQWyQ
2EVHUYHODILJXUDGHODL]TXLHUGD¢HQTXpSRVLFLyQVHHQFXHQWUDGHVSXpVGH
KDEHUJLUDGRKDFLDODGHUHFKD"
$%&
,GHQWLILTXHFXiOGHODVFXDWURILJXUDVTXHVH
SUHVHQWDQDFRQWLQXDFLyQFRUUHVSRQGHDOD
TXHVHKDIRUPDGRGREODQGRHOPRGHORGHOD
L]TXLHUGD
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
¢&XiQWDVFDUDVWLHQHHVWHFXHUSRVyOLGR"
2EVHUYH HO YROXPHQ GH OD L]TXLHUGD ¢&RQ TXp RWUR YROXPHQ $ % R &
HQFDMD"
$%&
2EVHUYH HO YROXPHQ GH OD L]TXLHUGD ¢&RQ TXp RWUR YROXPHQ $ % R &
HQFDMD"
$%&
6HKDYROWHDGRHVWDILJXUD KDFLDODL]TXLHUGD\OXHJRVHKDJLUDGR
¢&XiOHVODILJXUDTXH
UHVXOWDGHHOOR"
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%& '(
(OLMDHQWUHODVDOWHUQDWLYDVHOQHJDWLYRGHODVLJXLHQWHILJXUD
$%&'(
2EVHUYHHOYROXPHQGHODL]TXLHUGDVHKDREWHQLGRGREODQGRXQDGHODVWUHV
ILJXUDVVLJXLHQWHV'LJDFXiO
$%&
¢&XiQWDVIOHFKDVGLIHUHQWHVKD\"
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
¢&XiQWDVFDUDVWLHQHHVWHYROXPHQ"
+HPRVJLUDGRHVWD ¢&XiORFXiOHVVRQODVTXHVHFRUUHVSRQ
ILJXUD GHQFRQHOPRGHOR"
$%&'(
2EVHUYHHOFXHUSRVyOLGRGHODL]TXLHUGD¢HQTXpSRVLFLyQVHHQFRQWUDUiVL
ORKDFHPRVJLUDUDODGHUHFKD"
$%&'
2EVHUYHHVWH ¢$TXpILJXUDFRUUHVSRQGHVLORKDFH
PRVDLFR PRVJLUDUDODL]TXLHUGD"
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%&'(
6HxDOHODILJXUDTXHQRWLHQHUHODFLyQFRQODVGHPiV
$%&'(
,GHQWLILTXHFXiOGHODVFXDWURILJXUDVTXH
VHSUHVHQWDQDFRQWLQXDFLyQFRUUHVSRQGH
DODTXHVHKDIRUPDGRGREODQGRHOPRGH
ORGHODL]TXLHUGD
$%&'
)tMHVHHQODOyJLFDGHORVVLJXLHQWHVGLEXMRV\VHxDOHODUHVSXHVWDFRUUHFWD
$%&'
$%&'
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
6HxDOHODILJXUDTXHQRWLHQHUHODFLyQFRQODVGHPiV
$%&'(
,GHQWLILTXHFXiOGHODVFXDWURILJXUDVTXHVH
SUHVHQWDQDFRQWLQXDFLyQFRUUHVSRQGHDOD
TXHVHKDIRUPDGRGREODQGRHOPRGHORGHOD
L]TXLHUGD
$%&'
$%&'(
)tMHVHHQ ¢&XiQWDVYHFHVDSDUHFHQUHSHWLGDV
HVWHGLEXMR ODVILJXUDV GHODFROXPQDL]TXLHUGD"
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
2EVHUYHHOGLEXMRGHODL]TXLHUGD¢&XiOGH
ORVFXDWURFXERVFRUUHVSRQGHDOGLEXMR"
$%&'
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
0HPRULD
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHOHSUHVHQWDQYDULRVHMHUFLFLRVGHPHPRULDTXHFRQVWDQGHLPi
JHQHV\RWH[WRV
6HOHFRQFHGHUiXQWLHPSRSDUDTXHSXHGDREVHUYDUGHWHQLGDPHQWHODVLPiJHQHV
\OHHUORVWH[WRV
3RVWHULRUPHQWHFRQWHVWDUiDSUHJXQWDVVREUHHVRVHMHUFLFLRV
5HFXHUGHTXHQRSXHGHWRPDUQRWDVHVFULWDV
&RQVHMRV
'HEHVDEHUTXHHVWDHVXQDSUXHEDFRQXQEDMRSRUFHQWDMHGHDFLHUWRVSRUWDQWR
QR´WLUHODWRDOODµ\SLHQVHTXHORVGHPiVRSRVLWRUHVWLHQHQODVPLVPDVGLILFXOWDGHV
/HDDOSULQFLSLRWRGRHOWH[WRSDUDWHQHUXQDLGHDJHQHUDO\GHVSXpVYD\DTXHGiQ
GRVHFRQORVGHWDOOHV
$ YHFHV ODV SUHJXQWDV VH FRQFHQWUDQ VREUH OD SDUWH ILQDO GHO HMHUFLFLR \D TXH
VDEHQTXHORVFDQGLGDWRVKDFHQXQPD\RUHVIXHU]RDOSULQFLSLR\DOILQDOR\DWLHQHQ
PXFKRVGDWRVRQROHVTXHGDWLHPSR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,21812
'LVSRQHGH&,1&20,18726SDUDPHPRUL]DUORVGHWDOOHVGHHVWHSODQR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,21'26
$TXtWLHQHXQDVHULHGHGLEXMRVDVRFLDGRVDSDODEUDV3RVWHULRUPHQWHVHOHSUHVHQ
WDUiQ HVRV PLVPRV GLEXMRV SDUD TXH ORV HPSDUHMH FRUUHFWDPHQWH FRQ OD SDODEUD
TXHHQVXFDVRWXYLHVHQDVRFLDGD'LVSRQHGH810,1872SDUDPHPRUL]DUODV
SDUHMDV
(-(5&,&,2175(6
$KRUDWLHQHXQDOLVWDFRQYHLQWHSDUHMDVGHSDODEUDV3RVWHULRUPHQWHVHOHSUHVHQWDUiQ
YDULDVSDODEUDVVXHOWDVSDUDTXHODVHPSDUHMHFRUUHFWDPHQWHFRQODSDODEUDTXHHQVX
FDVRWXYLHVHQDVRFLDGD'LVSRQHGH'260,18726SDUDPHPRUL]DUODVSDUHMDV
&2&+(²58('$ &$032²%$7$//$
/É3,=²0(6$ &2&,1$²3$5(-$
&,1785Ð1²9(67,'2 &É0$5$²/8=
*20$²38(57$ %,%(5Ð1²%2/6$
7$%$&2²68(/2 08-(5²5$',2
78/,3É1²1Ô0(52 *$62/,1$²021('$
&$6$²3$3(/(5$ 6(//2²3/É67,&2
/,%52²&$1&,Ð1 0$1&+$²&$%/(
)5$6&2²(/(*$1&,$ &2/25²$=8)5(
&(52²3/$72 *$0%$²085$//$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,21&8$752
6HJXLGDPHQWHVHOHSUHVHQWDXQWH[WRFX\RVGHWDOOHVGHEHUiPHPRUL]DU3RVWHULRUPHQWH
GHEHUiUHVSRQGHUDYDULDVSUHJXQWDVVREUHHOWH[WR'LVSRQHGH810,1872SDUD
PHPRUL]DUOR
7(;72
6HJ~QXQLQWHUHVDQWHHVWXGLRVHKDQHQFRQWUDGRGLYHUVDVFRLQFLGHQFLDV
HQGRVGHORVSUHVLGHQWHVPiVLPSRUWDQWHVGHORVPXFKRVTXHKDQJREHUQD
GRHQORV(VWDGRV8QLGRV-RKQ).HQQHG\\$EUDKDP/LQFROQ
/DSULPHUDHVTXHDPERVFRPHQ]DURQVXPDQGDWRHQXQDxR.HQQHG\
HQ\/LQFROQFLHQDxRVDQWHV
/D VHJXQGD HV TXH DPERV IXHURQ DVHVLQDGRV HQ XQ DFWR S~EOLFR \ SRU
GLVSDURVGHEDOD
/DWHUFHUDHVTXHORVYLFHSUHVLGHQWHVGHXQR\RWURVHOODPDEDQGHSUL
PHUDSHOOLGR-RKQVRQ
<RWUDPiV/RVDWHQWDGRVVXFHGLHURQHQYLHUQHV\ORVDVHVLQRVQRSXGLH
URQVHUMX]JDGRVSRUPRULUDVXYH]YtFWLPDVGHDUPDVGHIXHJR
(-(5&,&,21&,1&2
'LVSRQHGH75(60,18726SDUDPHPRUL]DUORVGHWDOOHVGHHVWDSiJLQD
)XQFLRQDULRQ812 )XQFLRQDULRQ'26
1RPEUH5REHUWR$5$*Ð1 1RPEUH3DWULFLD&$6752
&DWHJRUtD&ODVH$(GDG &DWHJRUtD&ODVH&(GDG
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
)XQFLRQDULRQ75(6 )XQFLRQDULRQ&8$752
1RPEUH0DQXHO*$5&Ì$ 1RPEUH-RVp*21=É/(=
&DWHJRUtD&ODVH%(GDG &DWHJRUtD&ODVH'(GDG
)XQFLRQDULRQ&,1&2 )XQFLRQDULRQ6(,6
1RPEUH'DQLHO52'5Ì*8(= 1RPEUH$OLFLD=$3$7(52
&DWHJRUtD&ODVH$(GDG &DWHJRUtD&ODVH((GDG
$3$57,5'($+25$',6321('(0,187263$5$5(6321'(5
35(*817$662%5((/(-(5&,&,21812
¢&XiQWDVFDOOHVHQWRWDODSDUHFHQHQHOSODQR"
¢3RUTXpFDOOHWLHQHODHQWUDGDOD&RPLVDUtDGH3ROLFtD"
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
¢&XiQWRV YHKtFXORV HQ WRWDO HVWiQ FLUFXODQGR SRU ODV GLVWLQWDV FDO]D
GDV"
3RUHO3DVHRGH3L]DUURORVYHKtFXORVSXHGHQFLUFXODU
$(QDPEDVGLUHFFLRQHV
%'LUHFFLyQ6XU1RUWH
&'LUHFFLyQ1RUWH6XU
''LUHFFLyQ(VWH2HVWH
(QWUHOD&DOOH&HUYDQWHV\OD&DOOH/XQDKD\
(QODHVTXLQDIRUPDGDSRUHO3DVHRGH3L]DUUR\OD&DOOH)HUQDQGR9,,
HVWi
&RQUHVSHFWRDO+RVSLWDOOD,JOHVLDHVWiVLWXDGD
35(*817$662%5((/(-(5&,&,21'26
6HxDOHODSDODEUDDVRFLDGDDORVGLEXMRVVLJXLHQWHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
35(*817$662%5((/(-(5&,&,2175(6
6HxDOHODSDUHMDGHODVSDODEUDVVLJXLHQWHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
35(*817$662%5((/(-(5&,&,21&8$752
$EUDKDP/LQFROQFRPHQ]yVXPDQGDWRHQHODxR
(OSULPHUDSHOOLGRGHORVYLFHSUHVLGHQWHVGHDPERVSUHVLGHQWHVHUD
$PERVDWHQWDGRVVXFHGLHURQHQ
¢&XiOHVODVHJXQGDFRLQFLGHQFLDTXHVHPHQFLRQDHQHOWH[WR"
$ $PERVFRPHQ]DURQVXPDQGDWRHQXQDxR
% $PERVIXHURQDVHVLQDGRVHQXQDFWRS~EOLFR\SRUGLVSDURVGHEDOD
& /RVYLFHSUHVLGHQWHVGHXQR\RWURVHOODPDEDQGHSULPHUDSHOOLGR
' /RVDWHQWDGRVVXFHGLHURQXQ\ORVDVHVLQRVQRSXGLHURQVHUMX]JDGRV
35(*817$662%5((/(-(5&,&,21&,1&2
¢&yPRVHOODPDHOIXQFLRQDULRTXHHVWiIXPDQGR"
/RVGRVIXQFLRQDULRVTXHWLHQHQDxRVVRQ
(OIXQFLRQDULRQ~PHUR75(6HV
$5REHUWR$5$*Ð1
%$OLFLD=$3$7(52
&0DQXHO*$5&Ì$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(OIXQFLRQDULRTXHVHHVWiDUUHJODQGRODFRUEDWDVHOODPD
/RVGRVIXQFLRQDULRVGHOD&ODVH$VRQ
¢&XiQWRVDxRVWLHQH-RVp0DUtD*21=É/(="
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
6HOHSUHVHQWDQSUREOHPDVTXHGHEHUiUHVROYHU
6HWUDWDGHSUREOHPDVTXHHQDSDULHQFLDQRSUHVHQWDQGLILFXOWDGHQVXUHVROXFLyQ
SHURTXHSXHGHQWHQHUXQSHTXHxRWUXFRHQVXHQXQFLDGRTXHKDUiTXHODVROXFLyQ
VHDPiVGLItFLOGHKDOODU
$ YHFHV HQ YH] GH EXVFDU OD VROXFLyQ D SDUWLU GHO HQXQFLDGR OR TXH LQWHUHVD HV
SUREDU ODV UHVSXHVWDV SDUD YHU FXiO GH HOODV VH DMXVWD DO DQXQFLDGR FRQ OR TXH VH
DKRUUDUtDHOWLHPSRGHOSODQWHDPLHQWR\UHVROXFLyQGHOSUREOHPD
6HUHFRPLHQGDUHSDVDUFXHVWLRQHVGHPDWHPiWLFDHOHPHQWDOFRPRODUHJODGHWUHV
VLPSOH\FRPSXHVWDVLVWHPDPpWULFRGHFLPDOIyUPXODGHLQWHUpVVLPSOHSRUFHQWDMHV
SODQWHDPLHQWRGHSUREOHPDVPHGLDQWHVLVWHPDVGHHFXDFLRQHVHWF
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
(MHPSORV
6LDOGLQHURTXHWHQJRDKRUDOHDxDGLHUDVXPLWDG\DGHPiVRWURV
HXURVWHQGUtDHXURV¢&XiQWRGLQHURWHQJR"
$ % & '
3ODQWHDPRVODHFXDFLyQ[[
5HVROYHPRV[[ Ã[[
[ ² [
0LUHORMDGHODQWDPLQXWRVDOGtD6LORSRQJRHQKRUDDOPHGLRGtDGHO
OXQHV¢TXpKRUDPDUFDUiDOVLJXLHQWHPLpUFROHVFXDQGRVHDQHQUHDOLGDG
ODVVHLVGHODWDUGH"
$KRUDV %KPLQ &KPLQ 'KPLQ
&DGDGtDKRUDVDGHODQWDPLQXWRV+DQSDVDGRGRVGtDV\KRUDVSRUWDQWRKDEUiDGHODQWDGR
PLQXWRV
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
+DOODU XQ Q~PHUR TXH VXPDGR FRQ XQLGDGHV VHD LJXDO DO WULSOH GH
GLFKRQ~PHURGLVPLQXLGRHQXQLGDGHV
$ % & '
+DOODUXQQ~PHURTXHDOVXPDUOHVXGREOH\VXWHUFHUDSDUWHUHVXOWH
$ % & '
'RVQ~PHURVSDUHVFRQVHFXWLYRVVXPDQ¢&XiOHVHOPD\RU"
$ % & '
/DVXPDGHWUHVQ~PHURVFRQVHFXWLYRVHV¢&XiOHVHOPD\RU"
$ % & '
/DGLIHUHQFLDGHGRVQ~PHURVHV\HOPD\RUHVWULSOHGHOPHQRU¢&XiO
HVHOPD\RU"
$ % & '
/D VXPD GH GRV Q~PHURV HV $xDGLHQGR DO PD\RU VH REWLHQH HO
GREOHGHOPHQRU¢&XiOHVHOPHQRU"
$ % & '
+DOODHOQ~PHURFX\DPLWDGWHUFHUD\FXDUWDSDUWHVXPDQ
$ % & '
6HKDGHVFRPSXHVWRHOQ~PHURHQGRVSDUWHVWDOHVTXHDOGLYLGLUXQD
HQWUH OD RWUD VH REWLHQH GH FRFLHQWH \ GH UHVWR ¢&XiO HV OD SDUWH
GLYLGHQGR"
$ % & '
8QDPDGUHWLHQHDxRV\VXKLMR¢&XiQWRVDxRVKDQGHWUDQVFXUULU
SDUDTXHODHGDGGHODPDGUHVHDHOWULSOHGHODHGDGGHOKLMR"
$ % & '
/DVHGDGHVGHXQSDGUH\VXKLMRVHGLIHUHQFLDQHQDxRV'HQWURGH
FLQFRDxRVODHGDGGHOSDGUHVHUiWUHVYHFHVODHGDGGHOKLMR¢4XpHGDG
WLHQHHOSDGUH"
$ % & '
9tFWRUWLHQHDxRVPiVTXHVXKHUPDQD\GHQWURGHDxRVODVXPDGH
VXVHGDGHVVHUiGHDxRV¢4XpHGDGWLHQH9tFWRU"
$ % & '
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$QGUHDWLHQHDxRVVXKHUPDQR3DFR\VXSDGUH¢&XiQWRVDxRV
KDQGHSDVDUSDUDTXHODHGDGGHOSDGUHVHDODVXPDGHODVHGDGHVGH
ORVKLMRV"
$ % & '
$QD GLFH D VX KLMD %HDWUL] ´+DFH DxRV PL HGDG HUD YHFHV OD WX\D
SHURDKRUDVyORHVHOWULSOHµ¢4XpHGDGWLHQH$QD"
$ % & '
&XDWURUHIUHVFRVPiVERFDGLOORVD¼FDGDXQR\EROVDVGHSDWDWDV
D¼FDGDXQDFXHVWDQ¼¢&XiQWRFXHVWDFDGDUHIUHVFR"
$¼ %¼ &¼ '¼
8QFRPHUFLDQWHGHFDIpKDFHXQDPH]FODGHGRVFDOLGDGHVGLVWLQWDVXQD
DHXURVHONJ\RWUDDHXURVHONJ\KDREWHQLGRNJGHFDIpD
HXURVHONJ&DOFXODORVNJGHFDIpTXHVHKDQPH]FODGRGHFDGDFODVH
$\ %\ &\ '\
(QWUH DPLJRV KDQ GH SDJDU ¼ &RPR DOJXQRV GH HOORV QR WLHQHQ
GLQHURFDGDXQRGHORVUHVWDQWHVKDSDJDGR¼PiVGHORVTXHOHFRUUHV
SRQGtD¢&XiQWRVQRWLHQHQGLQHUR"
$ % & '
(QXQDOPDFpQKD\GRVYHFHVPiVPLFURRQGDVTXHWHOHYLVRUHV\FLQFR
YHFHVPiVODYDGRUDVTXHPLFURRQGDV6LHQWRWDOKD\HOHFWURGRPpV
WLFRV¢FXiQWDVODYDGRUDVKD\"
$ % & '
8QDXWRE~VWLHQHFXDWURYHFHVPiVSOD]DVGHSLHTXHSOD]DVGHDVLHQWR
¢&XiOHVHOQ~PHURGHSOD]DVGHSLHVLHODXWRE~VWLHQHXQWRWDOGH
SOD]DV"
$ % & '
0DULVDKDUHDOL]DGRWUHVH[iPHQHV\WLHQHXQDQRWDPHGLDGH¢&XiO
GHEHVHUVXSUy[LPDQRWDSDUDTXHODPHGLDVHD"
$ % & '
3HGUR WLHQH HO WULSOH GH HXURV TXH $QWRQLR 6L 3HGUR WXYLHVH HXURV
PHQRV\$QWRQLRHXURVPiVORVGRVWHQGUtDQLJXDOQ~PHURGHHXURV
¢&XiQWRVHXURVWLHQH3HGUR"
$ % & '
(QXQDFDVDGHFDPSRKD\FRQHMRV\JDOOLQDV6LFRQWDPRVODVFDEH]DVVRQ
\VLFRQWDPRVODVSDWDVVRQ¢&XiQWRVFRQHMRV\JDOOLQDVKD\"
$F\J %F\J &FJ 'F\J
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
8Q KRWHO WLHQH KDELWDFLRQHV HQWUH GREOHV\ VHQFLOODV ¢&XiQWDV KD\
GHFDGDWLSRVDELHQGRTXHHOQ~PHURWRWDOGHFDPDVHV"
$\ %\ &\ '\
(Q XQD UHXQLyQ GH SHUVRQDV KD\ GREOH Q~PHUR GH PXMHUHV TXH GH
KRPEUHV \ HO Q~PHUR GH QLxRV HV HO FXiGUXSOH GHO Q~PHUR GH KRPEUHV
¢&XiQWRVQLxRVKD\"
$ % & '
6LXQSDGUHUHSDUWHHXURVHQWUHVXVWUHVKLMRV$QWRQLR%HOpQ\
&pVDUHQFDQWLGDGHVGLUHFWDPHQWHSURSRUFLRQDOHVDORVKLMRVTXHpVWRV
WLHQHQ TXH VRQ \ UHVSHFWLYDPHQWH ¢FXiQWR OH FRUUHVSRQGH D
&pVDU"
$ % & '
8QSDGUHUHSDUWH¼HQWUHVXVGRVKLMRVGH\DxRVGHIRUPD
LQYHUVDPHQWH SURSRUFLRQDO D VXV HGDGHV ¢&XiQWR FRUUHVSRQGH DO
PD\RU"
$¼ %¼ &¼ '¼
8QWUHQKDFXELHUWR\DGHVXLWLQHUDULR6LD~QOHIDOWDQNP¢FXiO
HVODORQJLWXGWRWDOGHOUHFRUULGR"
$NP %NP &NP 'NP
'HSUHJXQWDVHQXQWHVWVHREWLHQHQSXQWRVSRUFDGDUHVSXHVWD
FRUUHFWD\VHUHVWDQSXQWRVSRUFDGDHUURU6LPLQRWDKDVLGR
¢FXiQWRVDFLHUWRV\HUURUHVKHWHQLGR"
$D\H %D\H &D\H 'D\H
(OSHUtPHWURGHXQUHFWiQJXORHVGHFP\HOODGRODUJRHVWUHVYHFHV
HODQFKR¢FXiQWRPLGHHOODGRODUJR"
$ % & '
8Q JULIR OOHQD XQ GHSyVLWR HQ K \ XQ VHJXQGR JULIR OOHQD HO PLVPR
GHSyVLWRHQ¢&XiQWRWDUGDUiQHQOOHQDUORORVGRVMXQWRV"
$KPLQ %KPLQ &KPLQ 'KPLQ
8QREUHURWDUGDKHQKDFHUXQDREUD\RWURWDUGD¢&XiQWRWDUGDUiQ
ORVGRVMXQWRV"
$KPLQV%KPLQV&KPLQV'KPLQV
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQIUDVHVGHVRUGHQDGDVQXPHUDGDVGHODO
6X WUDEDMR FRQVLVWLUi HQ RUGHQDUODV DGHFXDGDPHQWH SDUD TXH DGTXLHUDQ VHQWLGR
3RVWHULRUPHQWHVHxDODUiHQOD+RMDGH5HVSXHVWDVOD~OWLPDSDODEUDGHFDGDIUDVH
6HJXLGDPHQWHVHRIUHFHQYDULRVHMHPSORV
(MHPSORV
PDGUXJDU1RPXFKRWHPSUDQRDPDQHFHSRUPiV
$PDGUXJDU %PXFKR &WHPSUDQR 'DPDQHFH
/DIUDVHRUGHQDGDTXHGDUtDDVt´1RSRUPXFKRPDGUXJDUDPDQHFHPiVWHPSUDQRµSRUWDQWRODUHV
SXHVWDFRUUHFWDHVOD´&µ
SDUGRVQRFKHWRGRV'HJDWRVVRQORV
$SDUGRV %QRFKH &WRGRV 'JDWRV
/DIUDVHRUGHQDGDTXHGDUtDDVt´'HQRFKHWRGRVORVJDWRVVRQSDUGRVµSRUWDQWRODUHVSXHVWDFRUUHFWD
HVOD´$µ
ROPRSHUDV1RDOSLGDV
$ROPR %SHUDV &DO 'SLGDV
/DIUDVHRUGHQDGDTXHGDUtDDVt´1RSLGDVSHUDVDOROPRµSRUWDQWRODUHVSXHVWDFRUUHFWDHVOD´$µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
2UGHQHODVVLJXLHQWHVIUDVHV\VHxDOHOD~OWLPDSDODEUDGHFDGDXQD
)Ì-(6(48(/$63$/$%5$648((03,(=$13250$<Ô6&8/$6216,(035(/$
35,0(5$3$/$%5$'(&$'$)5$6(
VRORVROHGDG/DVLJQLILFDHVWDUQR
$VROR %VROHGDG &VLJQLILFD 'HVWDU
PHGLRSUHYLVWR8QDEROLGRSHOLJURHVWi
$PHGLR %SUHYLVWR &DEROLGR 'SHOLJUR
SHQVDUQXHVWURFRPSRUWDPLHQWR'HEHPRVHQSURSLR
$SHQVDU %QXHVWUR &FRPSRUWDPLHQWR 'SURSLR
SODQWHH1RVROXFLRQHVSUREOHPDVSURSRQJDVyOR
$VROXFLRQHV %SUREOHPDV &SURSRQJD 'VyOR
JREHUQDUXVXUSDGRUVLHPSUH4XLHQVDEHHVXQQR
$VDEH %VLHPSUH &JREHUQDU 'XVXUSDGRU
MRYHQIDQWDVtD6yORODVLHPSUHSHUPDQHFH
$MRYHQ %IDQWDVtD &VLHPSUH 'SHUPDQHFH
/DVTXHIXHURQVRQFRPRIXHURQFRVDVFRPRVRQSRU
$FRVDV %VRQ &FRPR 'IXHURQ
DPRUHVPDWDQSHTXHxHFHVORVJUDQGHV/DV
$DPRUHV %PDWDQ &SHTXHxHFHV 'JUDQGHV
DTXHOORWHPHUGHHQWLHQGH6HTXHGHMDVH
$DTXHOOR %WHPHU &HQWLHQGH 'GHMD
QDGDDPDGRTXHSHUGtTXHOR1RKD\PiV
$QDGD %DPDGR &SHUGt 'KD\
VXUJHGHSDUWLUORLQVLJQLILFDQWHWUiJLFR/RD
$VXUJH %SDUWLU &LQVLJQLILFDQWH 'WUiJLFR
DUUXLQDGRVHIHFWLYRHQHVFRVD(OGLQHURGH
$DUUXLQDGRV %HIHFWLYR &FRVD 'GLQHUR
KHUHQFLD(O\SHURHOWRQWRVORVGHFXDQGRHVOD
$KHUHQFLD %SHUR &WRQWRV 'FXDQGR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
QDGLH&XtGDWHTXHRGLHGHUD]yQWHFRQ
PXHUWH/DVROODGHJORULDHVHO
\DYHUJHQ]DPXULHUDVHGHYLYRHVWDUtDQR6L
DSUHKHQGH6HFXDQGRDSUHQGHVH
OHYiQWDWH6LVLHWHFDHVRFKRYHFHV
RGLHV1RDPDSHUGHUJDQDU
FRQVLVWHSURJUHVR(OFDPELRHQHO
PXOWLSOLFDU\LQWHULRUYLGDHQULTXHFHU/HHUHVOD
PHMRUVLQUD]yQ(VKDEOHQTXH
KDFHUODVKD\FUtWLFDVWLHPSRD/DVTXHVDEHU
JUDQGHVMHIHVVLPSOLILFDGRUHV/RVEXHQRVVHUGHEHQ
EDWDOODVGLVWLQJXLUTXp$SUHQGHJDQDUGHEHVD
WHPRUHV/DiQLPRVGHEHUtDTXHUHOLJLyQPiVGDU
FRQVHMRDJXDGHFLGHHQHOFRQ7RPDYLQRSHUR
MXHJR(QFRQRFHODDOVHPHVDFDEDOOHUR\HOHQ
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
UHVSRQVDELOLGDGHVLPSRUWDQWH/DPiVKDELOLGDGOD
QRHUHVGLUpORVHU\TXHOR'LPHTXHWHFUHHV
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
3ULPHUDSDUWHHMHUFLFLRVGHFRPSUHQVLyQOHFWRUD
(Q OD SULPHUD SDUWH SUHJXQWDV VH HQFRQWUDUi FRQ WUHV WH[WRV TXH GHEHUi
OHHUDWHQWDPHQWH,QPHGLDWDPHQWHGHVSXpVGHFDGDWH[WRDSDUHFHQSUHJXQWDVVREUH
pOTXHGHEHUiFRQWHVWDU
(-(03/2
7(;72´3UHYLDH[KLELFLyQGHOGRFXPHQWRLQGLYLGXDORFROHFWLYRDFUHGLWD
WLYRGHODGHXGDWULEXWDULDORV-XHFHVGH,QVWUXFFLyQDXWRUL]DUiQGHQWURGH
ODVYHLQWLFXDWURKRUDVVLJXLHQWHVDODVROLFLWXGODHQWUDGDHQHOGRPLFLOLRGHO
GHXGRUVLHPSUHTXHVHPDQLILHVWHSRUORVyUJDQRVGHUHFDXGDFLyQKDEHUSHU
VHJXLGRFXDQWRVELHQHVVHDSRVLEOHWUDEDUVLQQHFHVLGDGGHDTXHOODHQWUDGDµ
3UHJXQWD/RV-XHFHVGH,QVWUXFFLyQDXWRUL]DUiQODHQWUDGDHQHOGRPL
FLOLRGHOGHXGRU
$'HVSXpVGHKRUDVGHKDEHUORVROLFLWDGR
%&XDQGRXQLQGLYLGXRRXQFROHFWLYRORVROLFLWHQ
&$FXDOTXLHUSHUVRQDLQGLYLGXDORFROHFWLYD
'(QHOSOD]RGHKRUDVGHVGHODVROLFLWXG
(QHVWHFDVRODUHVSXHVWDFRUUHFWDHVOD´'µ
6HJXQGDSDUWHHMHUFLFLRVGHSHQVDPLHQWROyJLFRDQDOtWLFR
(QODVHJXQGDSDUWHSUHJXQWDVVHHQFRQWUDUiFRQGRVHMHUFLFLRVFRPSXHV
WRVSRUXQDVHULHGHSLVWDVTXHGHEHUiOHHUDWHQWDPHQWH,QPHGLDWDPHQWHGHVSXpVGH
FDGDHMHUFLFLRDSDUHFHQSUHJXQWDVVREUHpOTXHGHEHUiFRQWHVWDU
3DUDUHVROYHUHVWHWLSRGHHMHUFLFLRVHVFRQYHQLHQWHHODERUDUFXDGURVFRQWRGRVORV
GDWRV/XHJROHHPRVODVSLVWDV\YDPRVWDFKDQGRORVGDWRVTXHQRVVREUDQ\GHMDQGR
ORVFRUUHFWRV
/HDDWHQWDPHQWHFDGDHMHUFLFLR\GHHQWUHODVDOWHUQDWLYDVTXHVHOHSURSRQHQHOLMDOD
TXHFUHDTXHHVODFRUUHFWD/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2812/($&21$7(1&,Ð1(/6,*8,(17(7(;72
/RV TXLQFH IXQFLRQDULRV GH OD 2ILFLQD GH 'HQXQFLDV HVWiQ GLVWULEXLGRV HQ FLQFR
WXUQRVWDUGHPDxDQDQRFKHOLEUHOLEUH3DUDHPSH]DUDWUDEDMDUFDGDIXQFLRQDULR
SHGLUiDO-HIHGH7XUQRHO/LEURGH5HOHYRVDQRWDUiHQpOVXQ~PHURGHFDUQpSURIHVLR
QDO\VHORGHYROYHUiSDUDTXHpOOROOHYHSHUVRQDOPHQWHDODILUPDGHO-HIHGH6HUYLFLRV
(VWHHVHOSURFHGLPLHQWRTXHGHEHVHJXLUVHQRUPDOPHQWH
6LQHPEDUJRVLVHWUDWDGHOWXUQRGHQRFKHRHQGtDVIHVWLYRVEDVWDUiTXHHO-HIHGH
7XUQRILUPHHO/LEURGH5HOHYRVGDQGRFXHQWDGHHOORYHUEDOPHQWHDO-HIHGH6HUYLFLRV
DOGtDVLJXLHQWH
(Q FDGD FDPELR GH WXUQR HO -HIH GH 7XUQR HQWUDQWH UHFLELUi SHUVRQDOPHQWH ODV
LQVWUXFFLRQHVHVFULWDVTXHOHGDUiHO-HIHGH6HUYLFLRV'LFKR-HIHGH7XUQRDQWHVGH
QDGD GHEHUi UHXQLU D ORV IXQFLRQDULRV OHV OHHUi ODV LQVWUXFFLRQHV UHFLELGDV \ pVWRV
ILUPDUiQHQHO/LEURGH5HOHYRVODFRQIRUPLGDG
&217(67($/$66,*8,(17(635(*817$6
(QFDGDFDPELRGHWXUQR
$ (O-HIHGH7XUQRUHFLELUiODVLQVWUXFFLRQHVTXHOHGDUiQSHUVRQDOPHQWHORV
IXQFLRQDULRV
% (O-HIHGH6HUYLFLRVUHFLELUiODVLQVWUXFFLRQHVTXHOHGDUiSHUVRQDOPHQWHHO
-HIHGH7XUQR
& (O -HIH GH 7XUQR UHFLELUi ODV LQVWUXFFLRQHV HVFULWDV TXH OH GDUi HO -HIH GH
6HUYLFLRV
' /RVIXQFLRQDULRVUHFLELUiQGLUHFWDPHQWHGHO-HIHGH6HUYLFLRVODVLQVWUXFFLRQHV
¢(QTXpFDVRVGHEHILUPDUHO/LEURGH5HOHYRVHO-HIHGH6HUYLFLRV"
$ (QWRGRVORVFDVRV
% (QORVWXUQRVGHGtDVLHPSUH\FXDQGRQRVHDIHVWLYR
& ÔQLFDPHQWHHQORVWXUQRVGHQRFKH\GtDVIHVWLYRV
' (QQLQJ~QFDVR
$OHPSH]DUHQFDGDFDPELRGHWXUQRHO-HIHGH7XUQR
$ 3HGLUiDORVIXQFLRQDULRVTXHILUPHQODFRQIRUPLGDG
% )LUPDUiODFRQIRUPLGDGSRUFDGDIXQFLRQDULR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
& 'HEHUiOHHUOHVODVLQVWUXFFLRQHVUHFLELGDV\pVWRVILUPDUiQODFRQIRUPLGDG
' 'HEHUiUHXQLUDORVIXQFLRQDULRV\ILUPDUpOPLVPRODVLQVWUXFFLRQHV
¢4XLpQUHXQLUiDORVIXQFLRQDULRVHQFDGDFDPELRGHWXUQR"
$ /RV-HIHVGH7XUQR
% (O-HIHGH6HUYLFLRV
& (O-HIHGH7XUQRHQWUDQWH
' 1LQJXQDGHODVUHVSXHVWDVDQWHULRUHVHVFRUUHFWD
6L HQ WRGRV ORV WXUQRV KD\ ORV PLVPRV IXQFLRQDULRV ¢FXiQWRV KD\ HQ
FDGDWXUQR"
$ % & '
(QORVWXUQRVGHGtD\FXDQGRQRVHDIHVWLYR
$ (O/LEURGH5HOHYRVKDGHVHUILUPDGRSRUHO-HIHGH7XUQR
% (O/LEURGH5HOHYRVKDGHVHUILUPDGR~QLFDPHQWHSRUORVIXQFLRQDULRV
& (QHVWHFDVRQRHVQHFHVDULRILUPDUGLFKROLEUR
' 6HVLJXHHOSURFHGLPLHQWRQRUPDO
(-(5&,&,2'26/($&21$7(1&,Ð1(/6,*8,(17(7(;72
(O-XH]GH,QVWUXFFLyQQ~PGHORVGH0DGULGLQVWUX\HXQH[SHGLHQWHFULPLQDO
GH'LOLJHQFLDV3UHYLDVFRQWUDHO6U5RVHQGR9(1785$&$%(=$6IXQFLRQDULRGH
FDUUHUDHPSOHDGRHQHO'HSDUWDPHQWRGH6DQLGDGLQWHJUDGRHQOD'LUHFFLyQ*HQHUDO
GHOD6DOXG3~EOLFDGH7ROHGRSRUODVXSXHVWDFRPLVLyQGHXQGHOLWRGHFRKHFKRSDVL
YRSRUKDEHUDFHSWDGRGLQHURGHXQDGPLQLVWUDGRDFDPELRGHOLEUDUOHXQDFHUWLILFD
FLyQIDOVDGHODSRWDELOLGDGGHODVDJXDVFRQTXHVHQXWUHXQDLQGXVWULDDOLPHQWDULD
TXHQRSURYLHQHQGHODUHGGHVXPLQLVWURPXQLFLSDO
3RU HVWD PLVPD FDXVD OD SURSLD 'LUHFFLyQ *HQHUDO GH OD 6DOXG 3~EOLFD KD
DELHUWRXQH[SHGLHQWHGLVFLSOLQDULRFRQWUDHOFLWDGRIXQFLRQDULRHQHOFXDOFRQVWDQ
ODV GLYHUVDV DFWXDFLRQHV WHVWLILFDOHV TXH DFUHGLWDQ TXH HO 6U 5RVHQGR 9(1785$
&$%(=$6 HO GtD GH MXOLR GH DFHSWy ¼XURV GHO 6U 0DULR 3(5(=
(6&8'(52 SURSLHWDULR GH OD HPSUHVD DOLPHQWDULD 325&,126$ D FDPELR GH
IDFLOLWDUOH XQD FHUWLILFDFLyQ DFUHGLWDWLYD IDOVD TXH FHUWLILFDED TXH ODV DJXDV SUR
FHGHQWHVGHOVXPLQLVWURSDUWLFXODUGHODLQGXVWULDUHXQtDQWRGDVODVFRQGLFLRQHV
QHFHVDULDVSDUDVHUGHFODUDGDVSRWDEOHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
&217(67($/$66,*8,(17(635(*817$6
/DVDJXDVSURFHGHQ
$ 'HODUHGGHVXPLQLVWURPXQLFLSDO
% 'HXQSR]R
& 'HVXPLQLVWURSDUWLFXODU
' 'HXQUtRFHUFDQR
/DLQGXVWULDVHGHGLFDD
$ 'LVWULEXFLyQGHDJXDV
% $FWLYLGDGHVDOLPHQWDULDV
& 6RERUQDUIXQFLRQDULRVGHFDUUHUD
' $EDVWHFLPLHQWRGHDJXDVGH7ROHGR
(O6U5RVHQGR9(1785$
$ (V-XH]HQ0DGULG
% (V*HUHQWHGH3RUFLQRVD
& (VIXQFLRQDULRHQ0DGULG
' (VIXQFLRQDULRHQ7ROHGR
/DDFXVDFLyQFULPLQDOHVGH
$ 3UHYDULFDFLyQ
% )DOVLILFDFLyQGHGRFXPHQWRV
& 6RERUQRSDVLYR
' &RKHFKRSDVLYR
(O'HSDUWDPHQWRGH6DQLGDGHVWiLQWHJUDGR
$ (QOD'LUHFFLyQ*HQHUDOGH6DQLGDG\6HJXULGDG6RFLDO
% (QOD'LUHFFLyQ*HQHUDOGH6DQLGDG\$FFLyQ6RFLDO
& (QOD'LUHFFLyQ*HQHUDOGHOD6DOXG3~EOLFD
' 1RILJXUDHQHOWH[WR
(O-XH]LQVWUX\H
$ 8QH[SHGLHQWHGLVFLSOLQDULRGH'LOLJHQFLDV3UHYLDV
% 8QH[SHGLHQWHGLVFLSOLQDULRFRQWUDHO6U5RVHQGR9(1785$
& $\%VRQFRUUHFWDV
' 1LQJXQDHVFRUUHFWD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,275(6/($&21$7(1&,Ð1(/6,*8,(17(7(;72
(QHOHGLILFLRGHOD'LYLVLyQGH)RUPDFLyQ\3HUIHFFLRQDPLHQWRVLWRHQHOQGH
OD$YGGH3tR;,,GH0DGULGKD\GRVHQWUDGDVFX\RFRQWUROGHDFFHVRFRUUHVSRQGHD
GRVVXEDOWHUQRV
(QODSXHUWD$TXHGDDFFHVRDODVSODQWDVDDD\DVHHQFXHQWUDHOVXEDO
WHUQR;(OKRUDULRGHDFFHVRDOHGLILFLRSRUHVWDSXHUWDHVGHDKRUDVSDUD
ODVSHUVRQDVDMHQDVDOD'LYLVLyQ\GHDKRUDV\GHDKRUDV
SDUDHOSHUVRQDOGHODSURSLD'LYLVLyQ
(OFRQWUROGHODSXHUWD%FRUUHVSRQGHDOVXEDOWHUQR<\GDDFFHVRDODVSODQWDVD
DD\D(OKRUDULRGHDFFHVRDOHGLILFLRSRUHVWDSXHUWDHVSRUODWDUGHGHD
KRUDVSDUDODVSHUVRQDVDMHQDVDOD'LYLVLyQ\GHDKRUDVSDUDORV
HPSOHDGRVGHOD'LYLVLyQ
&217(67($/$66,*8,(17(635(*817$6
8QHPSOHDGRGHOD'LYLVLyQDFXGHDODVKRUDVDUHDOL]DUXQDGHWHU
PLQDJHVWLyQHQODDSODQWDDQWHORFXDO
$ (OVXEDOWHUQR<OHSHUPLWLUiHODFFHVR
% (OVXEDOWHUQRGHODSXHUWD$OHLQGLFDUiTXHGHEHUiHVSHUDUPLQXWRV
& (OVXEDOWHUQR;OHSHUPLWLUiHODFFHVR
' 6RODPHQWHVHOHSRGUiGDUDFFHVRSRUODSXHUWD%
3RUODVWDUGHVHOKRUDULRGHDFFHVRSRUODSXHUWD%HV
$ 'HDKRUDVSDUDHOSHUVRQDOGHODSURSLD'LYLVLyQ
% 'HDKRUDVSDUDODVSHUVRQDVDMHQDVDOD'LYLVLyQ
& 'HDKRUDVSDUDHOSHUVRQDOGHODSURSLD'LYLVLyQ
' 'HDKRUDVSDUDODVSHUVRQDVDMHQDVDOD'LYLVLyQ
(OFRQWUROGHODSXHUWD$ORUHDOL]DUi
$ (OVXEDOWHUQR;
% (OVXEDOWHUQR<
& /RVGRVDOWHUQDWLYDPHQWH
' 1RH[LVWHSXHUWD$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
8QIXQFLRQDULRGHOD'LYLVLyQGHVHDKDFHUXQDYLVLWDDXQGHWHUPLQDGR
FDUJRGHODSURSLD'LYLVLyQTXHVHHQFXHQWUDHQODSODQWDD\DFXGH
DODVKRUDV
$ 3RGUiHQWUDUHQHOHGLILFLRSRUODSXHUWD%
% 3RGUiHQWUDUHQHOHGLILFLRSUHYLDSUHVHQWDFLyQGHODDXWRUL]DFLyQILUPDGD
& 1RSRGUiUHDOL]DUODYLVLWDSRUHVWDUIXHUDGHKRUDULRGHDWHQFLyQDOS~EOLFR
' 1RSRGUiUHDOL]DUODYLVLWDSRUQRWHQHUFLWDSUHYLD
(ODFFHVRSRUODSXHUWD%DODVKRUDV
$ (VSRVLEOHSDUDFXDOTXLHUSHUVRQD
% 3XHGHUHDOL]DUORVyORHOSHUVRQDOGHOD'LYLVLyQ
& 1HFHVLWDUiODFRUUHVSRQGLHQWHDXWRUL]DFLyQILUPDGD
' 'HEHUiVHUFRQWURODGRSRUHOVXEDOWHUQR;
(OFRQWUROGHODSXHUWD%ORUHDOL]DUi
$ (OVXEDOWHUQR;
% (OVXEDOWHUQR<
& /RVGRVDOWHUQDWLYDPHQWH
' 1RH[LVWHSXHUWD%
(-(5&,&,2&8$752/($&21$7(1&,Ð1/266,*8,(17(6'$72662%5(/26
&8$75235,0(526&/$6,),&$'26(181$&203(7,&,Ð1'(7,5232/,&,$/
D (O0RVVRG(VFXDGUDWLHQHXQD3LVWROD+.\QRYLHQHGH6DEDGHOO
E (OSDUWLFLSDQWHGHDxRVWLHQHXQD3LVWROD6WDU3.
F (OSDUWLFLSDQWHTXHOOHYyHOSULPHUSUHPLRYLHQHGH5HXV
G (O3ROLFtD1DFLRQDOTXHYLHQHGH0DWDUyQRWLHQHXQ5HYyOYHU$VWUDSHUR
HVHOPD\RUGHORVFXDWUR
H (O*XDUGLD&LYLOWLHQHDxRVPHQRVTXHpO\WLHQHXQ5HYyOYHU$VWUD
I (OTXHTXHGyHQFXDUWROXJDUWLHQHDxRV\YLHQHGH7DUUDJRQD\HOTXHTXHGy
HQWHUFHUOXJDUQRHV3ROLFtD/RFDOQLWLHQHDxRV
J (OTXHTXHGyFODVLILFDGRHQVHJXQGROXJDUYLHQHGH6DEDGHOO\QRWLHQHDxRV
QL
K (OTXHYLHQHGH7DUUDJRQDQRHV3ROLFtD/RFDO
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
&217(67($/$66,*8,(17(635(*817$6
¢4XLpQTXHGyFODVLILFDGRHOSULPHUR"
$ 3ROLFtD/RFDO
% *XDUGLD&LYLO
& 3ROLFtD1DFLRQDO
' 0RVVRG(VFXDGUD
¢4XLpQHVHOGHPHQRVHGDG"
$ 3ROLFtD/RFDO
% *XDUGLD&LYLO
& 3ROLFtD1DFLRQDO
' 0RVVRG(VFXDGUD
¢4XLpQHVHOGHPiVHGDG"
$ 3ROLFtD/RFDO
% *XDUGLD&LYLO
& 3ROLFtD1DFLRQDO
' 0RVVRG(VFXDGUD
¢4XpDUPDWLHQHHO3ROLFtD/RFDO"
$ 3LVWROD+.
% 3LVWROD6WDU3.
& 3LVWROD%HUHWWD)
' 5HYyOYHU$VWUD
¢4XpHGDGWLHQHHO0RVVR"
$
%
&
'
¢4XpHVHOSDUWLFLSDQWHTXHYLHQHGH6DEDGHOO"
$ 3ROLFtD/RFDO
% *XDUGLD&LYLO
& 3ROLFtD1DFLRQDO
' 0RVVRG(VFXDGUD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2&,1&2
/($&21$7(1&,Ð1/266,*8,(17(6'$72662%5(&8$752)81&,21$5,26
&$7(*25Ì$('$''(67,12<3/$17$'Ð1'(75$%$-$1
D (OIXQFLRQDULRGHVWLQDGRHQ'(181&,$6QRHV,163(&725
E (O&20,6$5,2WLHQHDxRV\QRHVWiHQOD3/$17$%$-$
F (O 68%,163(&725 HVWi HQ OD 35,0(5$ 3/$17$ SHUR QR HV GH
+20,&,',26
G (OIXQFLRQDULRGHDxRVHVWiHQOD7(5&(5$3/$17$
H (O32/,&Ì$QRHVWiGHVWLQDGRHQ'(181&,$6QLHQ$75$&26
I (OIXQFLRQDULRGHVWLQDGRHQ(;75$1-(526HVWiHQOD6(*81'$3/$17$
J (OIXQFLRQDULRGHOD3/$17$%$-$QRWLHQHQLDxRV
K (OIXQFLRQDULRGHOD7(5&(5$3/$17$HV32/,&Ì$SHURQRWLHQHDxRV
&217(67($/$66,*8,(17(635(*817$6
¢4XLpQHVWiHQODSODQWDEDMD"
$&RPLVDULR
%,QVSHFWRU
&6XELQVSHFWRU
'3ROLFtD
¢4XpFDWHJRUtDWLHQHHOGHPHQRVHGDG"
$&RPLVDULR
%,QVSHFWRU
&6XELQVSHFWRU
'3ROLFtD
¢4XpFDWHJRUtDWLHQHHOIXQFLRQDULRGHVWLQDGRHQ'(181&,$6"
$&RPLVDULR
%,QVSHFWRU
&6XELQVSHFWRU
'3ROLFtD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
¢4XpGHVWLQRWLHQHHOPiVMRYHQ"
$([WUDQMHURV
%$WUDFRV
&'HQXQFLDV
'+RPLFLGLRV
¢(QTXpSODQWDHVWiHO3ROLFtD"
$%$-$
%35,0(5$
&6(*81'$
'7(5&(5$
¢4XpHGDGWLHQHHOIXQFLRQDULRGHVWLQDGRHQ(;75$1-(526"
$
%
&
'
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(QHVWDSUXHEDVHOHSLGHTXHDQDOLFHGLEXMRV\SDODEUDVFRGLILFDGDV(QFRQWUDUiWDPELpQ
RWURVHMHUFLFLRVGHOyJLFDTXHWHQGUiTXHUHVROYHU$VLPLVPRVHHQIUHQWDUiDVHQFLOORVHMHUFLFLRV
HQORVTXHWHQGUiTXHFXDQWLILFDUOHWUDV
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV
(MHPSORV
)tMHVHHQHVWHFyGLJR
(QORVVLJXLHQWHVGLEXMRVVHKDQVXPDGRORVSXQWRVFRUUHVSRQGLHQWHVDOFyGLJR
HVWDEOHFLGR7RGRVVXPDQORPLVPRPHQRVXQRTXHVXPDGLIHUHQWH¢FXiOHV"
$%&'
&RPRSXHGHYHUWRGRVVXPDQLJXDODH[FHSFLyQGHOTXHHVWiHQODOHWUD´$µ
3DODEUDPRGHOR & 2 1 7 ( 0 3 / $ 5
6XSRQLHQGRTXHQRVHGLVSRQHGHPiVILFKDVTXHODVGHODSDODEUDPRGHOR\SRUWDQWR
QRVHSXHGHQUHSHWLUH[DPLQHODVFXDWURSDODEUDVVLJXLHQWHV\FRQWHVWHFRQODDOWHUQDWLYDHQOD
TXHVHSXHGDQXWLOL]DUPD\RUQ~PHURGHILFKDV
$%2/(7Ì1 %%/$1',5 &(;&/86,92 '0(17,5$
&RPRSRGHPRVFRPSUREDUVHSXHGHQXWLOL]DUPD\RUQ~PHURGHILFKDVIRUPDQGRODSDODEUD
0(17,5$SRUWDQWRPDUFDUtDPRVHQODKRMDGHUHVSXHVWDVOD'
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
)tMHVHHQHVWHFyGLJR
(Q FDGD HMHUFLFLR VH SUHVHQWDQ YDULRV GLEXMRV GRQGH VH KDQ VXPDGR ORV
SXQWRVFRUUHVSRQGLHQWHVDOFyGLJR7RGRVVXPDQORPLVPRPHQRVXQRTXH
VXPDGLIHUHQWH¢FXiOHVpVWHHQFDGDFDVR"
$ % & '
$ % & '
$ % & '
'HEHPRVWUDVODGDUQRVDXQ&HQWURVLWXDGRHQRWUDFLXGDGSDUDUHDOL
]DUXQRVH[iPHQHV¢&yPRRUGHQDUtDORVVLJXLHQWHVHOHPHQWRVDILQGH
UHDOL]DUHVWDWDUHDGHODIRUPDPiVUDFLRQDO"
(QFDUJDUORVELOOHWHVSDUDHOYLDMH
3UHVHQWDUVHHQHO&HQWUR
,QIRUPDUVHGHODIHFKDGHSUHVHQWDFLyQ
5HDOL]DUHOSULPHUHMHUFLFLR
3UHSDUDUHOHTXLSDMH
$ % & '
8Q YHKtFXOR TXH FLUFXODED GHODQWH GH 9G (Q FDUUHWHUD KD WHQLGR XQ
DFFLGHQWH\KDFRPHQ]DGRDLQFHQGLDUVH¢&yPRRUGHQDUtDODVVLJXLHQ
WHVDFWLYLGDGHVSDUDDX[LOLDUDORVRFXSDQWHVGHOYHKtFXORDFFLGHQWDGR
GHODIRUPDPiVHILFD]"
6DFDUDORVKHULGRVGHOFRFKHVLQLHVWUDGR
$\XGDUDRULOODUHOFRFKHTXHTXHGyHQODFDUUHWHUD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
+DFHUOHODUHVSLUDFLyQDUWLILFLDODXQKHULGRTXHVHDVIL[LD
7UDVODGDUDXQKHULGRPHQRVJUDYHQRFDEtDHQODDPEXODQFLD
3HGLUDORVSULPHURVTXHSDVHQTXHDYLVHQDXQDDPEXODQFLD
(Q XQD OHQJXD H[WUDMHUD 7,3( /$66 TXLHUH GHFLU 32&2 (63$&,2
/26$/$66TXLHUHGHFLU08&+2(63$&,2¢&yPRVHGLFH(63$&,2"
(QXQDOHQJXDH[WUDMHUD&237$<1(%25$7VLJQLILFD48,(523$1<
-$0Ð11(%27,6VLJQLILFD7(1*2-$0Ð1¢&yPRVHGLFH-$0Ð1"
'DGDVODVVLJXLHQWHVFODYHV
$(,28'037
6HxDOHHOGLEXMRTXHUHSUHVHQWDODVVLJXLHQWHVSDODEUDV
7Ì2
$%&'
3Ò$
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
'$0(
(QXQDFODYHVHFUHWDVHVXVWLWX\HFDGDOHWUDSRUODVLJXLHQWHGHODOIDEHWR
'HVFLIUHODVVLJXLHQWHVSDODEUDVTXHHVFULELyXQDJHQWH
46-1%;)6%
196'-%
'%f%6-%7
47-'303+-%
/HDDWHQWDPHQWHODIUDVHTXHKD\GHQWURGHOUHFXDGUR
/$,*8$/'$'(1/$5,48(=$'(%(&216,67,5(148(1,1*Ô1
&,8'$'$126($7$1238/(17248(38('$&2035$5$2752
1,1,1*8127$132%5(48(6(9($1(&(6,7$'2'(9(1'(56(
¢4XpFRQVRQDQWHDSDUHFHPiVYHFHVHQODIUDVH"
¢&XiQWDVSDODEUDVGHPHQRVGHOHWUDVSHURGHPiVGHOHWUDVWLH
QHQXQDFRQVRQDQWHDOSULQFLSLR\DOILQDOGHODSDODEUD"
¢&XiQWDV YHFHV DSDUHFHQ GRV YRFDOHV MXQWDV HQ ODV SDODEUDV GH OD
IUDVH"
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
+D\DOJXQDVFRQVRQDQWHVTXHQRDSDUHFHQQXQFDHQODIUDVH\XQDHV
OD«
¢&XiQWDV YRFDOHV HQ WRWDO KD\ HQ ODV WUHV SDODEUDV PiV ODUJDV GH OD
IUDVH"
3DODEUDPRGHOR & 2 1 7 ( 0 3 / $ 5
6XSRQLHQGRTXHQRVHGLVSRQHGHPiVILFKDVTXHODVGHODSDODEUDPRGH
OR \ SRU WDQWR QR VH SXHGHQ UHSHWLU H[DPLQH ODV FXDWUR SDODEUDV GH ORV
HMHUFLFLRVVLJXLHQWHV\FRQWHVWHHQOD+RMDGH5HVSXHVWDVFRQODDOWHUQDWLYD
HQODTXHVHSXHGDQXWLOL]DUPD\RUQ~PHURGHILFKDV
&ODVLILFDUSREODFLRQHVVHJ~QVXQ~PHURGHKDELWDQWHVDWHQGLHQGRDORV
GDWRVVLJXLHQWHV
PHQRVGHKDELWDQWHV585$/
HQWUH\KDELW,17(50(',$
PiVGHKDELWDQWHV85%$1$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$¢5XUDO"
%¢,QWHUPHGLD"
&¢0iVGHKDELWDQWHV"
'¢0HQRVGHKDELWDQWHV"
¢4XpSDODEUDGHEHUtDILJXUDU
HQ OD FDVLOOD TXH FRQWLHQH HO
Q~PHUR"
$5XUDO
%8UEDQD
&3REODFLyQ
',QWHUPHGLD
¢4XpSDODEUDGHEHUtDILJXUDUHQODFDVLOODTXHFRQWLHQHHOQ~PHUR"
$8UEDQD
%3REODFLyQ
&,QWHUPHGLD
'0iVGHKDELWDQWHV
¢4XpSUHJXQWDGHEHUtDFRQWHQHUODFDVLOODTXHWLHQHHOQ~PHUR"
$¢5XUDO"
%¢1GHVFRQRFLGR"
&¢(OFRQWDGRUPDUFD"
'¢0HQRVGHKDELWDQWHV"
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHOHSUHVHQWDQHMHUFLFLRVTXHGHEHUiUHVROYHU
(VWpDWHQWRDFDGDFXHVWLyQ\GHHQWUHODVDOWHUQDWLYDVTXHVHOHSURSRQHQHOLMDOD
TXHFUHDTXHHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV7UDWHGHUHVROYHUORVPHQWDOPHQWH
(MHPSOR
'DGR HO VLJXLHQWH SODQWHDPLHQWR ¢FXiQWR YDOH HO VLJQR TXH HVWi HQWUH
LQWHUURJDQWHV"
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
6HOHSUHVHQWDQHMHUFLFLRVGHILFKDVGHGRPLQy&RPR\DVDEHFDGDILFKDHVWiFRP
SXHVWDGHXQUHFWiQJXORGLYLGLGRHQGRVFXDGUDGRVGHQWURGHORVFXDOHVSXHGHKDEHUXQ
GHWHUPLQDGRQ~PHURGHSXQWLWRVTXHRVFLODHQWUH\6XWUDEDMRFRQVLVWHHQDYHULJXDU
HOQ~PHURGHSXQWRVTXHGHEHUtDWHQHUHOUHFWiQJXORHQEODQFR
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV
/DUHVSXHVWDFRUUHFWDHVOD´(µ/DUHVSXHVWDFRUUHFWDHVOD´%µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(Q HVWD SUXHED HQFRQWUDUi VtPERORV TXH HVWiQ UHODFLRQDGRV SRU XQD VHFXHQFLD
OyJLFD7DPELpQHQFRQWUDUiGLEXMRVJHRPpWULFRVFRPELQDGRVFRQQ~PHURVTXHHVWiQ
UHODFLRQDGRVLJXDOPHQWHSRUXQDVHFXHQFLDOyJLFD$VLPLVPRVHHQIUHQWDUiDHMHUFL
FLRVVHQFLOORVGHFiOFXOR
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHQGRVHMHPSORV
(MHPSORV
)tMHVHHQHVWHFyGLJR ×Ø8ÂB¦ÐÎD×7¡7
(Q FDGD HMHUFLFLR VH SUHVHQWD XQD VHULH GH VtPERORV RUGHQDGRV VHJ~Q HO FLWDGR
FyGLJR 6X WDUHD FRQVLVWH HQ DYHULJXDU TXp VtPEROR FRQWLQXDUtD ODV VHULHV TXH VH OH
SUHVHQWDQ
3RUHMHPSORVLWXYLpVHPRVODVHULH¡"HOVtPERORTXHODFRQWLQXDUtDVHUtD
¢4XpQ~PHURGHEHLUHQODLQFyJQLWD"
/DSULPHUDILODDXPHQWDGHXQRHQXQRODVHJXQGDGHGRVHQGRV\ODWHUFHUDGHWUHVHQWUHVSRUWDQWR
ODUHVSXHVWDHV
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
)tMHVHHQHVWHFyGLJR
×Ø8ÂB¦ÐÎD×7¡7
6XWDUHDFRQVLVWHHQDYHULJXDUTXpVtPERORGHORVFXDWURVLWXDGRVDOD
GHUHFKDFRQWLQXDUtDODVHULHTXHVHSUHVHQWDDODL]TXLHUGD
%XVTXHODUHODFLyQHLQGLTXHHOQ~PHURTXHGHEHLUHQODLQFyJQLWD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
7HQLHQGRHQFXHQWDORVYDORUHVVLJXLHQWHV
&DOFXOHHOYDORUGHODLQFyJQLWDHQORVVLJXLHQWHVHMHUFLFLRV
$&pQWLPRV %&pQWLPRV &&pQWLPRV '(XURV
$ % & '
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$PRQHGDV %PRQHGDV &PRQHGDV 'PRQHGDV
/DVGLH]SUHJXQWDVVLJXLHQWHVHVWiQFRPSXHVWDVSRUILODVGHOHWUDVDSDUWLU
GHODVFXDOHVGHEHUiREWHQHUXQRGHORVUHVXOWDGRVILQDOHVHQWUHORVTXHDSD
UHFHQFRPRRSFLRQHVGHUHVSXHVWD3DUDOOHJDUDOUHVXOWDGRFRUUHFWRGHEHUi
VHJXLUORVSDVRVTXHVHLQGLFDQDFRQWLQXDFLyQ
$ 7
UDQVIRUPHFDGDOHWUDHQHOQ~PHURFRUUHVSRQGLHQWHGHDFXHUGRFRQODVLJXLHQWH
WDEOD
/(75$6 H I J K L M N P Q x
1Ô0(526
%6XPHORVQ~PHURVTXHKDQUHVXOWDGRGHODWUDQVIRUPDFLyQUHDOL]DGDHQFDGDILOD
& 5HVWHSXQWRVFDGDYH]TXHXQDOHWUDYD\DLQPHGLDWDPHQWHVHJXLGDGHVtPLVPD
HQFDGDXQDGHODVILODV
'6XPHSXQWRVSRUFDGDOHWUDTXHVHUHSLWDRPiVYHFHVHQODPLVPDILODDXQTXH
QRVHDGHIRUPDVHJXLGD
(6L HO UHVXOWDGR REWHQLGR WUDV ODV RSHUDFLRQHV DQWHULRUHV HV SDU UHG~]FDOR D OD
PLWDGGHORFRQWUDULRPDQWpQJDORFRPRHVWi
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7 H V W 3 V L F R W p F Q L F R
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQYDULDVWDEODVFRQGDWRVHVWDGtVWLFRVTXHWHQGUiTXH
FRPSDUDU\FRQORVTXHGHEHUiUHDOL]DUFiOFXORVSDUDSRGHUFRQWHVWDUDODVSUHJXQWDV
TXHDFRQWLQXDFLyQVHOHIRUPXODQ
/HD DWHQWDPHQWH FDGD SUHJXQWD \ GH HQWUH ODV DOWHUQDWLYDV TXH VH OH SURSRQHQ
HOLMDODTXHFUHDTXHHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
,1',&$'25(6'((92/8&,Ð1'(/$&5,0,1$/,'$'
52%26&21)8(5=$
'()5$8'$&,21(6
7,521(6
9,2/$&,21(6
6HJ~QORVGDWRVGHODWDEOD¢HQTXpDxRVHSURGXMHURQPHQRVGHOLWRV"
$
%
&
'
(1RVHSXHGHVDEHU
6XPDQGRODVFROXPQDVOOHJDPRVDODVROXFLyQTXHHQHVWHFDVRHVOD´&µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
3/$17,//$0(',$'(81$&20,6$5Ì$/2&$/$f2
('$' 68%,163(&725(6 2),&,$/(6 32/,&Ì$6
RPiV
RPHQRV
('$''(-8%,/$&,Ð1$f26
5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
¢4Xp FDWHJRUtD WLHQH PD\RU Q~PHUR GH JHQWH FRQ HGDG VXSHULRU D
DxRV"
$3ROLFtDV %2ILFLDOHV &6XELQVSHFWRUHV
'7RGDVLJXDO (1RVHSXHGHVDEHU
'HODSODQWLOODDFWXDO¢FXiQWDVSHUVRQDVVHKDEUiQMXELODGRHQ"
$ % &
' (1RVHSXHGHVDEHU
¢&XiQWDVQXHYDVLQFRUSRUDFLRQHVGHEHQUHDOL]DUVHKDVWDHOSDUD
TXHHVHDxRODSODQWLOODKD\DDXPHQWDGRHQSHUVRQDV"
$ % &
' (
¢&XiQWRV3ROLFtDVSRGUtDQDVFHQGHUD2ILFLDOVLVHFXEULHVHQWRGDVODV
YDFDQWHVTXHVHSURGX]FDQSRUMXELODFLyQHQWUH\"
$ % &
' (
¢&XiQWRVRILFLDOHVPD\RUHVGHDxRVKDEUiHQHO"
$ % &
' (1RVHSXHGHVDEHU
6L SUHYHPRV TXH KDVWD HO DVFHQGHUiQ D RILFLDO IXQFLRQDULRV
¢FXiQWDVSHUVRQDVGHEHPRVLQFRUSRUDUSDUDPDQWHQHUODFDSDFLGDGGH
IXQFLRQDULRVGHODFDWHJRUtDGHSROLFtDVWHQLHQGRHQFXHQWDODVMXELOD
FLRQHV
$ % &
' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
,1',&$'25(6'((92/8&,Ð1'(/$&5,0,1$/,'$'325',675,726
'LVWULWR$
'LVWULWR%
5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
6LFRPSDUDPRVHOQ~PHURGHGHOLWRVTXHTXHGDURQVLQHVFODUHFHUHQ
HQHOGLVWULWR$FRQHOQ~PHURGHORVGHOGLVWULWR%GHVFXEULUHPRVTXH
$)XHURQLJXDOHV
%(Q$TXHGDURQPiVSRUHVFODUHFHU
&)XHLQIHULRUHQ%
'(Q%TXHGDURQPiVSRUHVFODUHFHU
(1LQJXQDGHODVDQWHULRUHV
6HJ~QORVGDWRVGHODWDEODHOQ~PHURVGHGHWHQLGRV
$(QGLVPLQX\yHQHOGLVWULWR%
%(QDXPHQWyHQORVGRVGLVWULWRV
&(QKXERPiVGHWHQLGRVTXHHQ
'(QDXPHQWyHQHO$
(1LQJXQDGHODVDQWHULRUHV
(OQ~PHURGHGHOLWRVFRQRFLGRV
$$XPHQWyHQHQHOGLVWULWR%
%(QGLVPLQX\yHQHOGLVWULWR$
&(QDXPHQWyHQHO$
'(QDXPHQWyHQDPERVGLVWULWRV
(1LQJXQD
(QHOGLVWULWR%HOQ~PHURGHGHWHQLGRVHQUHODFLyQDOQ~PHURGHGHOL
WRVHVFODUHFLGRVIXH
$,JXDOHQ\
%,QIHULRUHQ
&,QIHULRUHQ
''REOHHQTXHHQ
(1LQJXQD
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(QHODxRKXER
$0HQRUQ~PHURGHGHOLWRVHVFODUHFLGRV
%0D\RUQ~PHURGHGHWHQLGRVTXHHQ
&(OPLVPRQ~PHURGHGHWHQLGRVTXHHQ
'(OPLVPRQ~PHURGHGHOLWRVFRQRFLGRVTXHHQ
(1LQJXQDGHODVDQWHULRUHV
(QHOELHQLRHOQ~PHURGHGHOLWRVFRQRFLGRVIXH
$7ULSOHHQ%TXHHQ$
%6XSHULRUHQHOGLVWULWR$
&6XSHULRUHQHOGLVWULWR%
',JXDOHQDPERVGLVWULWRV
('REOHHQ$TXHHQ%
,1',&$'25(6'((92/8&,Ð1'(/$&5,0,1$/,'$'
52%26&21)8(5=$
'()5$8'$&,21(6
7,521(6
9,2/$&,21(6
5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
6HJ~QORVGDWRVGHODWDEOD¢HQTXpDxRVHSURGXMHURQPiVGHOLWRV"
$ % &
' (1RVHSXHGHVDEHU
(QFRQUHVSHFWRDODUHGXFFLyQHQHOQ~PHURGHGHOLWRVIXH
PD\RUHQ
$7LURQHV %9LRODFLRQHV &5RERVFRQIXHU]D
''HIUDXGDFLRQHV (1RGLVPLQX\yQLQJ~QWLSRGHGHOLWR
¢4XpGHOLWRVGLVPLQX\HURQHQFRQUHVSHFWRD"
$5RERVFRQIXHU]D\GHIUDXGDFLRQHV
%'HIUDXGDFLRQHV\YLRODFLRQHV
&5RERVFRQIXHU]D\YLRODFLRQHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
''HIUDXGDFLRQHV\WLURQHV
(5RERVFRQIXHU]D\WLURQHV
¢&XiQGRVHLQFUHPHQWDURQWRGRVORVWLSRVGHGHOLWRVPHQRVXQR"
$ % &\
' (1LQJXQDGHODVDQWHULRUHV
¢(QTXpELHQLRVHSURGXMRPD\RUQ~PHURGHWLURQHV"
$ % &
' (1LQJXQDGHODVDQWHULRUHV
¢(QTXpELHQLRVHSURGXMRPD\RUQ~PHURGHGHIUDXGDFLRQHV"
$ % &
' (1LQJXQDGHODVDQWHULRUHV
)5(&8(1&,$67(Ð5,&$6'(3$62'(3$758//$6325+25$
6(*Ô1=21$6
0DxDQD 7DUGH 1RFKH
9LYLHQGDVWLSR,NPGHFDOOHV
9LYLHQGDVWLSR,,NPGHFDOOHV
&KDOHWVNPGHFDOOHV
&RPHUFLDONPGHFDOOHV
9HORFLGDGGHSDWUXOODMHDSLHNPKHQDXWRNPK
5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
6HJ~QORVGDWRVGHODWDEOD
$/DIUHFXHQFLDWRWDOGHSDVRHVPD\RUSRUODVPDxDQDV
%/DIUHFXHQFLDWRWDOGHSDVRHVPD\RUSRUODVWDUGHV
&/DIUHFXHQFLDWRWDOGHSDVRHVPD\RUSRUODVQRFKHV
'1RH[LVWHGLIHUHQFLDHQWUHODPDxDQD\ODWDUGH
(1RH[LVWHGLIHUHQFLDHQWUHODWDUGH\ODQRFKH
6LGHVHDPRVSDWUXOODUOD]RQDFRPHUFLDOHQHOWXUQRGHQRFKHFRQDXWRV
=HWDV¢FXiQWRVFRFKHVQHFHVLWDUHPRV"
$ % &
' (1LQJXQDGHODVDQWHULRUHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
¢&XiQWRVFRFKHV=HWDVQHFHVLWDUHPRVSDUDFXEULUHOSDWUXOODMHFRPSOH
WRGHOD]RQDGHFKDOHWVHQHOWXUQRGHQRFKH"
$ % &
' (1LQJXQDGHODVDQWHULRUHV
¢&XiQWRV=HWDVVHUiQQHFHVDULRVSDUDSDWUXOODUHQHOWXUQRGHQRFKH
NPGHFDOOHVHQOD]RQDGHYLYLHQGDVWLSR,"
$ % &
' (
¢&XiQWRV=HWDVVHUiQQHFHVDULRVSDUDSDWUXOODUHQHOWXUQRGHPDxDQD
ODPLWDGGHODVFDOOHVGHOD]RQDFRPHUFLDO"
$ % &
' (
'HELGRDXQDXPHQWRHQHOQ~PHURGHGHOLWRVVHYDQDSDWUXOODUNP
GHFDOOHVGHOD]RQDGHFKDOHWVFRQSDUHMDVDSLH¢&XiQWRVIXQFLRQDULRV
QHFHVLWDUHPRVSDUDFXEULUHVWHVHUYLFLRSRUODWDUGH"
$ % &
' (
1Ô0(52(67,0$'2'(',/,*(1&,$6325'Ì$)81&,21$5,2
1~PHURHVWLPDGR
GHGLOLJHQFLDVDOGtD
1~PHURGH
IXQFLRQDULRV
5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
¢&XiOHVHOQ~PHURHVWLPDGRGHGHQXQFLDVGLDULDV"
$ % &
' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
7RPDQGR HO Q~PHUR WRWDO GH GLOLJHQFLDV \ GH IXQFLRQDULRV ¢FXiQWDV
GLOLJHQFLDVDWLHQGHXQIXQFLRQDULRSRUWpUPLQRPHGLR"
$ % &
' (
(VSHUDPRV TXH HO GH QXHVWURV IXQFLRQDULRV WRPHQ ODV YDFDFLR
QHV HQ HO PHV GH DJRVWR 7HQLHQGR HQ FXHQWD HO DXPHQWR SRU HQ HO
Q~PHUR GH GHQXQFLDV \ TXH GHELGR D OD UHGXFFLyQ HQ OD WUDPLWDFLyQ
GHGRFXPHQWRVSRGHPRVOLEHUDUDIXQFLRQDULRVGHHVHVHUYLFLR¢TXp
FDQWLGDG GH SHUVRQDV GH UHIXHU]R GHEHPRV VROLFLWDU SDUD HO PHV GH
DJRVWR FRQWDQGR FRQ TXH OD FDQWLGDG GH SHWLFLRQHV GH LQIRUPDFLyQ
QR YDUtH \ PDQWHQLHQGR HO Q~PHUR PHGLR GH GLOLJHQFLDV GLDULDV SRU
IXQFLRQDULR"
$ % &
' (
'XUDQWH HO PHV GH DJRVWR VH UHGXFH HO Q~PHUR GH WUDPLWDFLRQHV GH
GRFXPHQWRV D OD PLWDG VLQ HPEDUJR VH PXOWLSOLFDQ HO Q~PHUR GH
GHQXQFLDVSRU6LODVSHWLFLRQHVGHLQIRUPDFLyQQRYDULDUDQ¢FXiQWRV
IXQFLRQDULRVVHUtDQQHFHVDULRVSDUDFXEULUHOVHUYLFLRPDQWHQLHQGRHO
Q~PHURPHGLRGHGLOLJHQFLDVGLDULDVSRUIXQFLRQDULR"
$ % &
' (
¢(QTXpWXUQRHOQ~PHURGHGHQXQFLDVSRUIXQFLRQDULRHVPHQRU"
$3RUODPDxDQD %3RUODWDUGH &3RUODQRFKH
'(QWRGRVLJXDO (1LQJXQDGHODVDQWHULRUHV
¢4XpSRUFHQWDMHGHGLOLJHQFLDVSRUSHUVRQDUHDOL]DQORVIXQFLRQDULRVGH
GRFXPHQWDFLyQ\SHWLFLyQGHLQIRUPDFLyQ"
$ % &
' (
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQSURYHUELRVRGLFKRVTXHGHEHUiOHHUDWHQWDPHQWH
/HDDWHQWDPHQWHFDGDSURYHUELRRGLFKR\GHHQWUHODVDOWHUQDWLYDVTXHVHOHSUR
SRQHQHOLMDODTXHFUHDTXHPiVVHDSUR[LPDDOSURYHUELRRGLFKRSULQFLSDO
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
7UDEDMHGHSULVDQRSLHUGDWLHPSRGHMHODVFXHVWLRQHVTXHOHSDUH]FDQPiVGLItFLOHV
SDUDHOILQDO
6XWDUHDFRQVLVWHHQORVLJXLHQWH
'HEHOHHUFXLGDGRVDPHQWHFDGDSURYHUELRRGLFKRTXHDSDUHFHHVFULWRHQQHJULWD
'HVSXpVGHEHUiHOHJLUODUHVSXHVWDFX\RVLJQLILFDGRPiVVHOHDSUR[LPH
6HJXLGDPHQWHVHRIUHFHXQHMHPSORWUDWHGHUHVROYHUORPHQWDOPHQWH
(MHPSOR
$KLHUURFDOLHQWHEDWLUGHUHSHQWH
$(OKLHUURVHEDWHHQFDOLHQWH
%(OKLHUURIUtRQRVLUYHSDUDQDGD
&0HMRUKDFHUXQDFRVDELHQTXHPXFKDVPDO
'+D\TXHVDEHUDSURYHFKDUHOPRPHQWRRSRUWXQR
(QHVWHFDVRODUHVSXHVWDFRUUHFWDHVOD´'µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$XQTXHHOPDGHURHVWpDxRVHQHODJXDQRVHYROYHUiFDLPiQ
$ 'RQGHQRKD\PDWDQRKD\SDWDWD
% 6LQHODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
& 1RSRUPXFKRPDGUXJDUDPDQHFHPiVWHPSUDQR
' $ODJXD\DOPDWULPRQLRKD\TXHWLUDUVHGHFDEH]D
+D\KRPEUHVYDQRVTXHWLHQHQERFDSHURQRWLHQHQPDQRV
$ =DSDWHURDWXV]DSDWRV
% /DVSDODEUDVYXHODQORVHVFULWRVTXHGDQ
& (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU
' /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
+D\TXHWUDEDMDUHOKLHUURPLHQWUDVHVWiFDOLHQWH
$ +D\TXHQDYHJDUFXDQGRVRSODHOYLHQWR
% (ODJXDPiVFODUDSXHGHYHQLUGHOIDQJR
& 1RVHGHEHQFRQWDUORVSROOLWRVDQWHVGHVDOLUGHOFDVFDUyQ
' /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
2EUDVVRQDPRUHV\QREXHQDVUD]RQHV
$ 9DOHPiVOHDOWDGGHFRUD]yQTXHFLHQVDOPRV
% /DYHUGDG\ODPDxDQDVHHVFODUHFHQFRQHOWLHPSR
& /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
' (OH[LOLRFRQGLQHURHVXQDSDWULD\ODSDWULDVLQGLQHURHVXQH[LOLR
7LHPSR\GLQHURJUDQGHVUHPHGLRV
$ (OUHPHGLRGHWRGRVORVYLFLRVHVWHQHUSRFRGLQHUR
% 3DUDHOKDPEULHQWRHOSDQVLHPSUHWDUGDHQFRFHUVH
& (OFHQLFHUR\HOULFRFXDQWRPiVVHHPSOHDQPiVVXFLRV
' (OH[LOLRFRQGLQHURHVXQDSDWULD\ODSDWULDVLQGLQHURHVXQH[LOLR
(ODVQRIURWDDODVQR
$ 'LRVORVFUHD\HOORVVHMXQWDQ
% /DYHUGDG\ODPDxDQDVHHVFODUHFHQFRQHOWLHPSR
& (OFHQLFHUR\HOULFRFXDQWRPiVVHHPSOHDQPiVVXFLRV
' /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
(OLJQRUDQWHHVSRFRWROHUDQWH
$ 6yORVHUHFRJHORTXHVHVLHPEUD
% /DSHUH]DHVODOODYHGHOYLFLR\ODSREUH]D
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
& /RVYLHMRVGLFHQORTXHKDQKHFKR\ORVQHFLRVORTXHKDUiQ
' 'HODFDVDDMHQDVXHOHFULWLFDUTXLHQODVX\DQRVDEHFXLGDU
/RPHMRUGHORVGDGRVHVQRMXJDUORV
$ 0HMRUFDVDUVHTXHTXHPDUVH
% 6yORVHUHFRJHORTXHVHVLHPEUD
& /DSHUH]DHVODOODYHGHOYLFLR\ODSREUH]D
' (OUHPHGLRGHWRGRVORVYLFLRVHVWHQHUSRFRGLQHUR
/DFDUQHRFLRVDVLHPSUHHVOXMXULRVD
$ 6yORVHUHFRJHORTXHVHVLHPEUD
% $EXHQKDPEUHQRKD\SDQGXUR
& &RJHEXHQDIDPD\pFKDWHDGRUPLU
' /DSHUH]DHVODOODYHGHOYLFLR\ODSREUH]D
(OTXHVLHPEUDYLHQWRVUHFRJHWHPSHVWDGHV
$ 6yORVHUHFRJHORTXHVHVLHPEUD
% &RJHEXHQDIDPD\pFKDWHDGRUPLU
& 2EUDVVRQDPRUHV\QREXHQDVUD]RQHV
' 3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
0XHUWRDQGDHQODYLGDTXLHQWLHQHODIDPDSHUGLGD
$ 4XLHQPDODQGDPDODFDED
% 0LHQWUDVKD\YLGDKD\HVSHUDQ]D
& &RJHEXHQDIDPD\pFKDWHDGRUPLU
' 'LPHFRQTXLpQDQGDV\WHGLUpTXLpQHUHV
1RSHFDGHJXODTXLHQQXQFDWXYRKROJXUD
$ 4XLHQPDODQGDPDODFDED
% $EXHQKDPEUHQRKD\SDQGXUR
& 3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
' 3DUDHOKDPEULHQWRHOSDQVLHPSUHWDUGDHQFRFHUVH
3UHVXPLUVLQYDOHUHVPDVFDUVLQFRPHU
$ 3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
% 0iVYDOHOHDOWDGGHFRUD]yQTXHVDOPRV
& 6LQDODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
' $OPDOWUDEDMDGRUQROHYLHQHELHQQLQJ~QD]DGyQ
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
4XLHQGHPR]RQRWUDEDMDGHYLHMRGXHUPHHQODSDMD
$ 4XLHQPDODQGDPDODFDED
% 6LQDODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
& $OPDOWUDEDMDGRUQROHYLHQHELHQQLQJ~QD]DGyQ
' (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU
7UDEDMDQGRKD]WHGLHVWUR\VHUiVXQEXHQPDHVWUR
$ 'HUHSHQWHQRKD\GLHVWURQLYDOLHQWH
% 6LQDODJXDDSUR[LPDUQXQFDWHSRGUiVPRMDU
& $OPDOWUDEDMDGRUQROHYLHQHELHQQLQJ~QD]DGyQ
' (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU
3RUVXIUXWRVHFRQRFHDOiUERO
$ 'HWDOSDORWDODVWLOOD
% (OPDOQXQFDSXHGHVHUGLVLPXODGR
& (OKRPEUHVHGDDFRQRFHUSRUVXVDFFLRQHV
' 6yORDXQWRQWRVHOHRFXUUHSHGLUSHUDVDOROPR
(OSULPHUDPRUVHSDUHFHDODSULPHUDQLHYHHQORSRFRTXHGXUD
$ 'HWDOSDORWDODVWLOOD
% 4XLHQGDSULPHURGDGRVYHFHV
& 3UHVXQFLyQVLQKHFKRVHVSyOYRUDHQVDOYDV
' (OIXHJRGHODOHxDYHUGHSURSRUFLRQDPiVKXPRTXHFDORU
9tVWHPHGHVSDFLRTXHWHQJRSULVD
$ $SUHV~UDWHOHQWDPHQWH
% (OTXHHVSHUDGHVHVSHUD
& (OTXHUtDHO~OWLPRUHLUiPHMRU
' 3DUDHOKDPEULHQWRHOSDQVLHPSUHWDUGDHQFRFHUVH
([FXVDQRSHGLGDDFXVDFLyQPDQLIHVWDGD
$ (OTXHVHSLFDDMRVPDVWLFD
% 'HORTXHUHERVDHOFRUD]yQKDEODODERFD
& $OEXHQHQWHQGHGRUFRQPHGLDSDODEUDEDVWD
' 7RGRVWHQHPRVIXHU]DVSDUDVRSRUWDUODVGHVGLFKDVDMHQDV
$UHVXOWDGRVDXJXVWRVSRUYtDVDQJRVWDV
$ (OiJXLODQRFD]DPRVFDV
% 7RGDEXHQDPHGLFLQDWLHQHVDERUDPDUJR
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
& $OEXHQHQWHQGHGRUFRQPHGLDSDODEUDEDVWD
' /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU
$PRUTXHQRVHDWUHYHHVGHVSUHFLDGRSRUODVPXMHUHV
$ $PRUFRQFDVDGDYLGDSUHVWDGD
% (ODPRUHQFRJLGRHQSRFRHVWHQLGR
& $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
' /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU
/DDYDULFLDURPSHHOVDFR
$ $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
% $IXHU]DGHFKXSDUHOPRVTXLWRVHKDFHDSODVWDU
& /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU
' 6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
1RKD\URVDVLQHVSLQDV
$ $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
% 4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
& /DDEHMDWLHQHGHODPLHOHOGXO]RU\GHODJXLMyQHOHVFR]RU
' 6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
6DUQDFRQJXVWRQRSLFD
$ (OTXHVHSLFDDMRVPDVWLFD
% $TXLHQOHJXVWDQORVSHUURVVRSRUWDODVSXOJDV
& 4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
' 6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
9HMH]\EHOOH]DQRDQGDQMXQWDV
$ 0LHQWUDVVHYLYHWRGRHVSRVLEOH
% 4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
& 6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
' +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH
$PRUFRQFDVDGDYLGDDUULHVJDGD
$ $YLGDUHSRVDGDPXHUWHOHMDQD
% 0LHQWUDVVHYLYHWRGRHVSRVLEOH
& 4XLHQDPDDXQDPXMHUFDVDGDWLHQHODYLGDSUHVWDGD
' +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
0LHQWUDVKD\YLGDKD\HVSHUDQ]D
$ $YLGDUHSRVDGDPXHUWHOHMDQD
% 0LHQWUDVVHYLYHWRGRHVSRVLEOH
& 0XHUWRDQGDHQODYLGDTXLHQWLHQHODIDPDSHUGLGD
' +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH
'HODPXHUWHQRHVFDSDQLHOULFRQLHOUH\QLHOSDSD
$ $YLGDUHSRVDGDPXHUWHOHMDQD
% 0LHQWUDVKD\YLGDKD\HVSHUDQ]D
& 0XHUWRDQGDHQODYLGDTXLHQWLHQHODIDPDSHUGLGD
' +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH
6XEHODVHVFDOHUDVFRPRYLHMR\OOHJDUiVDUULEDFRPRMRYHQ
$ $YLGDUHSRVDGDPXHUWHOHMDQD
% (ODPRUHQFRJLGRHQSRFRHVWHQLGR
& 6LODPRFHGDGVXSLHUD\ODYHMH]SXGLHUD¢TXpQRKLFLHUDQ"
' +X\HQGRGHWXPXHUWHFDQVDUiVWXVSLHUQDVVLQGHHOODOLEUHYHUWH
(QFRMHUDGHSHUUR\HQOiJULPDVGHPXMHUQRGHEHVFUHHU
$ (ODPRUHQFRJLGRHQSRFRHVWHQLGR
% /DPXMHUUtHFXDQGRSXHGH\OORUDFXDQGRTXLHUH
& /DYHUGDG\ODPDxDQDVHHVFODUHFHQFRQHOWLHPSR
' 6LHUHVXQDVQRWRGRVFDUJDUiQVXVDFRVREUHWXORPR
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
(QHVWHHMHUFLFLRVHHQFRQWUDUiFLQFRGLDJUDPDVFRPSXHVWRVSRUVHULHVGHOHWUDVXQLGDVSRU
IOHFKDV6XWDUHDFRQVLVWHHQHVWXGLDUFDGDGLDJUDPDVLJXLHQGRHOVHQWLGRTXHLQGLFDQODVGLIH
UHQWHVIOHFKDVDILQGHGHWHUPLQDUHOHIHFWRGHORVFRPDQGRVLQWHUFDODGRVHQHOODV
(MHPSOR
$%&
*+, Ä Ä ,+*
123 Ä Ä 12
&%
&RPRSXHGHFRPSUREDUODVHULH*+,KDVLGRLQYHUWLGDSRUHOFRPDQGR TXHGDQGRDVt,+*
(QODVHULH123OD~OWLPDOHWUDKDVLGRRPLWLGDSRUHOFRPDQGR TXHGDQGRDVt12
/DVHULH$%&KDVLGRLQYHUWLGDSRUHOFRPDQGR \GHVSXpV
OD~OWLPDOHWUDKDVLGRRPLWLGDSRUHOFRPDQGR TXHGDQGRDVt&%
'HVSXpV GHEHUi UHVSRQGHU D XQDV SUHJXQWDV DSOLFDQGR HO PLVPR HIHFWR GH ORV FRPDQGRV
(QWUHGRVVHULHVGHOHWUDVVyORSXHGHVHJXLUHOFDPLQRWUD]DGRSRUHOPLVPRWLSRGHIOHFKD
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
',$*5$0$
$%
:;<=
Ä Ä Ä ;<==
Æ
$%%
Æ
;=<
$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV
1,1*81$
Ä
$ % & ' (
-/. Ä Ä Ä "
3456 Ä Ä "
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
-./0 Ä Ä Ä "
6789 Ä Ä "
1,1*81$
Ä
$ % & ' (
',$*5$0$
+*)) %&
$
Ä Ä Ä Ä $$
./0
Ä Ä Ä 00/.
)*+ %%
$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV
7+%6 Ä Ä "
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$% Ä Ä "
%$ $ % $%% $$%
$ % & ' (
'77 Ä Ä "
Ä Ä Ä Ä 1,1*81$
$ % & ' (
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
',$*5$0$
$%&' )*+,
=<;:
Ä Ä Ä <;:==
$./0-
Í Í Í -./0
$&'% )*+,,$
$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV
509) Ä Ä Ä "
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$ % & ' (
',$*5$0$
789:
8:;< Ä Ä Ä <8;
$%&' Ä Ä Ä %%&'$
%&' Ä Ä Ä '%%&
%897
$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
',$*5$0$
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$$%&
')()
Å
$%&' Ä Ä Ä Ä Ä $%$&
'() ())
$QDOLFHHOGLDJUDPD\DSOLFDQGRHOPLVPRHIHFWRGHORVFRPDQGRVFRQWHVWH
DODVVLJXLHQWHVFXHVWLRQHV
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
),1'(/(-(5&,&,2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
6HWUDWDGHVHULHVLQFRPSOHWDVGHILJXUDVDODVTXHOHVIDOWDXQHOHPHQWRTXHGHEH
FRPSOHWDUHVFRJLHQGRHQWUHYDULDVRSFLRQHVGHUHVSXHVWD
/DVILJXUDVQRHVWiQSXHVWDVSRUFDVXDOLGDGVLQRTXHHVWiQVLWXDGDVVLJXLHQGRXQD
HYROXFLyQOyJLFD'HGXFLHQGRHVDHYROXFLyQOHVHUiIiFLOHQFRQWUDUHQHOUHSHUWRULRGH
VROXFLRQHVSURSXHVWDVFXiOHVODFRUUHFWD
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
¢4XpILJXUDFRQWLQ~DODVHULH"
$%&'(
6LREVHUYDGHWHQLGDPHQWHSXHGHYHUTXHODSULPHUDILJXUDWLHQHWUHVODGRV
ODVHJXQGDFXDWURODWHUFHUDFLQFR\ODFXDUWDILJXUDGHEHUtDWHQHUVHLVODGRV
3RUWDQWRODILJXUDTXHFRQWLQ~DODVHULHFRUUHVSRQGHDODDOWHUQDWLYD´%µ
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
$%&'(
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
$%&'(
$%&'(
$%&'(
$%&'(
$%&'
$%&'
$%&'
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
$%&'
$%&'
$%&'
$%&'
$%&'
$%&'
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
( - ( 5 & , & , 2 $ 1
7HVW 3VLFRWpFQLFR
,QVWUXFFLRQHV
$FRQWLQXDFLyQVHSUHVHQWDQHMHUFLFLRVQXPHUDGRVGHODO
(QODSULPHUDILODKD\FLQFRSDODEUDV\HQODVHJXQGDHVDVSDODEUDVHVWiQHQRWURRUGHQ\
HVFULWDVFRQVtPERORV(VWXGLHODUHODFLyQTXHKD\HQWUHHOODVSDUDSRGHUUHVSRQGHUDODSUH
JXQWDTXHKD\GHEDMR/DUHODFLyQHQWUHOHWUDV\VtPERORVFDPELDHQFDGDHMHUFLFLR\QRVLUYHOD
FRUUHVSRQGHQFLDHQFRQWUDGDHQHOHMHUFLFLRDQWHULRU
/DVFRQWHVWDFLRQHVODVDQRWDUiHQOD+RMDGH5HVSXHVWDV
6HJXLGDPHQWHVHRIUHFHXQHMHPSOR
(MHPSOR
(QODSULPHUDILODKD\FLQFRSDODEUDV
(QODVHJXQGDHVDVSDODEUDVHVWiQHQRWURRUGHQ\HVFULWDVFRQVtPERORV
(VWXGLHODUHODFLyQTXHKD\HQWUHHOODVSDUDSRGHUUHVSRQGHUDODSUHJXQWDTXHKD\GHEDMR
g88Ò ¡: :Ò g
Ò56 :¡8Ò 66d
'HVSXpVGHHVWXGLDUODUHODFLyQHQWUHSDODEUDV\VtPERORVHORUGHQ\ODFRUUHVSRQGHQFLD
HVHVWH
g88Ò ¡: :Ò g
Ò56 :¡8Ò 66d
0(7(5 %$-$5 0,5/2 &$%(5 72'26
/DVROXFLyQHV:\HVWHVtPERORWLHQHGHODQWHODOHWUD´%µTXHHVODRSFLyQTXHKDEUtD
TXHPDUFDU
5(&8(5'(/DUHODFLyQHQWUHOHWUDV\VtPERORVFDPELDHQFDGDHMHUFLFLR\QRVLUYHOD
FRUUHVSRQGHQFLDHQFRQWUDGDHQHOHMHUFLFLRDQWHULRU
5(&8(5'(48(6Ð/2'(%('$581$5(638(67$325(-(5&,&,2
',6321('(0,187263$5$5(6321'(5
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$
.( Ɔ
. .=
¢4XpVtPERORFRUUHVSRQGHDODOHWUD5"$
%( & '
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
36,&27e&1,&2
(-(5&,&,2636,&27e&1,&26<'(3(5621$/,'$'
$