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FACULTAD DE CIENCIAS ECONÓMICAS Y ADMINISTRATIVAS

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Ψ
ĨĞĐƚŝǀŽ ΨϮϱ͕ϭϵϴ͘ϵϭ Ψϭϵ͕ϵϱϳ͘ϵϭ Ψϭϵ͕ϵϭϯ͘ϱϭ Ψϭϵ͕ϵϱϳ͘ϵϭ ϭϵ͕ϵϭϳ͘ϰϭ Ψϭϵ͕ϵϵϱ͘Ϭϭ
Ψ
ƌĞĚŝƚŽ  Ψϭϲ͕ϳϵϵ͘Ϯϳ Ψϭϯ͕ϯϬϱ͘Ϯϳ Ψϭϯ͕Ϯϳϱ͘ϲϳ ϭϯ͕ϯϬϱ͘Ϯϳ Ψϭϯ͕Ϯϳϴ͘Ϯϳ
&ůƵũŽĚĞĞĨĞĐƚŝǀŽ Ψϭϱ͕ϬϬϭ͘Ϯϯ Ψϯ͕ϰϰϮ͘ϵϲ Ψϲ͕ϵϴϭ͘ϯϲ Ψϲ͕ϵϲϲ͘ϱϲ Ψϲ͕ϵϳϳ͘ϰϲ Ψϲ͕ϵϮϲ͘ϴϲ




 

DĞƐϳ DĞƐϴ DĞƐϵ DĞƐϭϬ DĞƐϭϭ DĞƐϭϮ
ΨϰϬ͕ϮϬϬ͘ϭϰ ΨϰϬ͕ϮϬϬ͘ϭϰ ΨϰϬ͕ϮϬϬ͘ϭϰ ΨϰϬ͕ϮϬϬ͘ϭϰ ΨϰϬ͕ϮϬϬ͘ϭϰ ΨϰϬ͕ϮϬϬ͘ϭϰ
Ψϯϱ͕ϯϰϯ͘ϱϮ Ψϯϱ͕ϯϰϯ͘ϱϮ Ψϯϱ͕ϯϰϯ͘ϱϮ Ψϯϱ͕ϯϰϯ͘ϱϮ Ψϯϱ͕ϯϰϯ͘ϱϮ Ψϯϱ͕ϯϰϯ͘ϱϮ
ΨϮϭ͕ϮϬϲ͘ϭϭ ΨϮϭ͕ϮϬϲ͘ϭϭ ΨϮϭ͕ϮϬϲ͘ϭϭ ΨϮϭ͕ϮϬϲ͘ϭϭ ΨϮϭ͕ϮϬϲ͘ϭϭ ΨϮϭ͕ϮϬϲ͘ϭϭ
Ψϭϯ͕ϯϯϬ͘Ϭϭ Ψϭϰ͕ϭϯϳ͘ϰϭ Ψϭϰ͕ϭϯϳ͘ϰϭ Ψϭϰ͕ϭϯϳ͘ϰϭ Ψϭϰ͕ϭϯϳ͘ϰϭ Ψϭϰ͕ϭϯϳ͘ϰϭ
Ψϱ͕ϲϲϰ͘Ϭϯ Ψϰ͕ϴϱϲ͘ϲϯ Ψϰ͕ϴϱϲ͘ϲϯ Ψϰ͕ϴϱϲ͘ϲϯ Ψϰ͕ϴϱϲ͘ϲϯ Ψϰ͕ϴϱϲ͘ϲϯ


,QYHUVLyQLQLFLDOFDSLWDOGHWUDEDMR\HVWUXFWXUDGHFDSLWDO

,QYHUVLyQ,QLFLDO

/DLQYHUVLyQLQLFLDOGHOSUR\HFWRHVGHODPLVPDTXHFRPSUHQGHFDSLWDO
GH WUDEDMRDFWLYRV ILMRV FRPR PXHEOHV SDUD HO UHVWDXUDQWH PDTXLQDULD
HTXLSDPLHQWR GH FRFLQDPHQDMHKDUGZDUH \ VRIWZDUH $GHPiV DFWLYRV
LQWDQJLEOHVTXHFRPSUHQGHQSHUPLVRVGHIXQFLRQDPLHQWR
7DEOD,QYHUVLyQLQLFLDOGHOSUR\HFWR

/EsZ^/ME/E/>
ĞƚĂůůĞ sĂůŽƌ
ĂƉŝƚĂůĚĞƚƌĂďĂũŽ Ψϰϳ͕Ϯϯϳ͘ϵϵ
ĐƚŝǀŽƐĨŝũŽƐ Ψϯϵ͕ϳϰϮ͘ϭϲ
dŽƚĂů Ψϴϲ͕ϵϴϬ͘ϭϱ


&DSLWDOGH7UDEDMR

(O FDSLWDO GH WUDEDMR QHFHVDULR SDUD LQLFLDU HO SUR\HFWR HV  HO FXDO
HVWi FRPSXHVWR SRU WRGRV ORV JDVWRV GH IXQFLRQDPLHQWR GH OD HPSUHVD  TXH
GHEHUi FDQFHODU GHVGH HO PRPHQWR TXH LQLFLD VXV DFWLYLGDGHV KDVWD TXH ORV
LQJUHVRVVXSHUHQDORVJDVWRVJHQHUDGRVSRUODHPSUHVD\SXHGDQPDQWHQHUVH
SRUVtPLVPD

(VWUXFWXUDGH&DSLWDO

(O SUR\HFWR VH ILQDQFLDUi HQXQ   GH GHXGD OD PLVPDTXH FRUUHVSRQGH D
 FRQ XQD WDVD GH LQWHUpV DFWLYD GH  DQXDO GHO %DQFR GHO
3LFKLQFKD 3RU RWUR ODGR HO  UHVWDQWH FRUUHVSRQGH DO  TXH
SURYHQGUjGHOFDSLWDOGHORVDFFLRQLVWDVGHODHPSUHVD/DFXRWDDQXDODSDJDU
HVGH6HHOLJLyHVWDLQVWLWXFLyQEDQFDULDSDUDILQDQFLDUHOSUR\HFWR




 
GDGR TXH OD PLVPD  HQWUHJD EHQHILFLRV FRPR XQD WDVD GH LQWHUpV EDMD  \ ORV
VRFLRVSUHVHQWDQXQKLVWRULDOFUHGLWLFLRFRQHVWHEDQFR

7DEOD(VWUXFWXUDGHFDSLWDOGHOUHVWDXUDQWH³1REX´
ĂƉŝƚĂůƉƌŽƉŝŽ ϱϬ͘ϬϬй Ψϰϯ͕ϰϵϬ͘Ϭϳ
&ŝŶĂŶĐŝĂŵŝĞŶƚŽ ϱϬ͘ϬϬй Ψϰϯ͕ϰϵϬ͘Ϭϳ
dŽƚĂů ϭϬϬ͘ϬϬй Ψϴϲ͕ϵϴϬ͘ϭϱ


 352<(&&,Ï1 '( (67$'2 '( 5(68/7$'26 6,78$&,Ï1


),1$1&,(5$(67$'2'()/8-2'(()(&7,92<)/8-2'(&$-$
(VWDGRGHUHVXOWDGRV
7DEOD(VWDGRGHUHVXOWDGRVSUR\HFWDGRDFLQFRDxRV
ƐƚĂĚŽĚĞƌĞƐƵůƚĂĚŽƐ
ĞƚĂůůĞ ŹŽϭ ŹŽϮ ŹŽϯ ŹŽϰ ŹŽϱ
Ψ
/ŶŐƌĞƐŽƉŽƌǀĞŶƚĂƐ ΨϰϴϮ͕ϰϬϭ͘ϳϮ Ψϰϴϵ͕ϯϲϮ͘ϯϳ Ψϰϵϲ͕ϰϰϵ͘ϱϮ ΨϱϬϮ͕ϵϴϳ͘ϵϲ ϱϭϬ͕ϯϯϳ͘Ϭϵ
Ψ
;ͲͿŽƐƚŽĚĞƉƌŽĚƵĐĐŝſŶ Ψϯϳϭ͕Ϭϳϴ͘Ϯϱ Ψϯϳϲ͕ϳϲϰ͘ϭϮ ΨϯϴϮ͕ϱϱϱ͘ϲϭ Ψϯϴϳ͕ϵϯϯ͘ϱϭ ϯϵϯ͕ϵϰϯ͘ϲϰ
Ψ
;сͿhƚŝůŝĚĂĚďƌƵƚĂĞŶǀĞŶƚĂƐ Ψϭϭϭ͕ϯϮϯ͘ϰϳ ΨϭϭϮ͕ϱϵϴ͘Ϯϱ Ψϭϭϯ͕ϴϵϯ͘ϵϭ Ψϭϭϱ͕Ϭϱϰ͘ϰϱ ϭϭϲ͕ϯϵϯ͘ϰϱ
Ψ
;ͲͿ'ĂƐƚŽƐŽƉĞƌĂĐŝŽŶĂůĞƐ Ψϰϵ͕Ϯϭϳ͘ϯϭ Ψϱϯ͕ϴϰϭ͘ϭϴ Ψϱϱ͕ϭϬϴ͘ϴϮ Ψϱϲ͕ϰϭϮ͘ϭϯ ϱϳ͕ϳϱϮ͘ϮϮ
Ψ
;сͿƵƚŝůĚĂĚŽƉĞƌĂĐŝŽŶĂů ΨϲϮ͕ϭϬϲ͘ϭϲ Ψϱϴ͕ϳϱϳ͘Ϭϳ Ψϱϴ͕ϳϴϱ͘Ϭϴ Ψϱϴ͕ϲϰϮ͘ϯϯ ϱϴ͕ϲϰϭ͘Ϯϯ
Ψ
/ŶƚĞƌĞƐĞƐ Ψϱ͕ϭϰϰ͘ϴϴ Ψϰ͕ϯϯϮ͘Ϯϴ Ψϯ͕ϰϮϯ͘ϱϲ ΨϮ͕ϰϬϳ͘ϯϯ ϭ͕ϮϳϬ͘ϴϵ
Ψ
hƚŝůŝĚĂĚĚĞƐƉƵĞƐĚĞŝŶƚĞƌĞƐ Ψϱϲ͕ϵϲϭ͘Ϯϵ Ψϱϰ͕ϰϮϰ͘ϳϵ Ψϱϱ͕ϯϲϭ͘ϱϯ Ψϱϲ͕Ϯϯϰ͘ϵϵ ϱϳ͕ϯϳϬ͘ϯϰ
ϭϱйƉĂƌƚŝĐŝƉĂĐŝſŶ Ψ
ƚƌĂďĂũĂĚŽƌĞƐ Ψϴ͕ϱϰϰ͘ϭϵ Ψϴ͕ϭϲϯ͘ϳϮ Ψϴ͕ϯϬϰ͘Ϯϯ Ψϴ͕ϰϯϱ͘Ϯϱ ϴ͕ϲϬϱ͘ϱϱ
hƚŝůŝĚĂĚĂĚĂŶƚĞƐĚĞ Ψ
ŝŵƉƵĞƐƚŽƐ Ψϰϴ͕ϰϭϳ͘ϭϬ Ψϰϲ͕Ϯϲϭ͘Ϭϳ Ψϰϳ͕Ϭϱϳ͘ϯϬ Ψϰϳ͕ϳϵϵ͘ϳϰ ϰϴ͕ϳϲϰ͘ϳϵ
Ψ
ϮϮйŝŵƉƵĞƐƚŽĂůĂƌĞŶƚĂ ΨϭϬ͕ϲϱϭ͘ϳϲ ΨϭϬ͕ϭϳϳ͘ϰϰ ΨϭϬ͕ϯϱϮ͘ϲϭ ΨϭϬ͕ϱϭϱ͘ϵϰ ϭϬ͕ϳϮϴ͘Ϯϱ
Ψ
hƚŝůŝĚĂĚŶĞƚĂ Ψϯϳ͕ϳϲϱ͘ϯϯ Ψϯϲ͕Ϭϴϯ͘ϲϯ Ψϯϲ͕ϳϬϰ͘ϲϵ Ψϯϳ͕Ϯϴϯ͘ϴϬ ϯϴ͕Ϭϯϲ͘ϱϰ

(OHVWDGRGHUHVXOWDGRVHEDVDHQORVLJXLHQWHHQHOLQJUHVRSRUYHQWDVTXHVH
KDREWHQLGRGXUDQWHHOSULPHUDxRFRQXQUXEURGHDSDUWLUGHOTXLQWR
DxRVHLQFUHPHQWDQODVYHQWDVHQXQYDORUGHGHELGRDODHYROXFLyQ
HQ YHQWDV GH QXPHUR GH SODWRV TXH HO UHVWDXUDQWH 1REX RIUHFHUi HQ HO
PHUFDGR(OFRVWRGH SURGXFFLyQVHUHODFLRQD FRQODPDWHULDSULPDGLUHFWDOD
PDQRGHREUDGLUHFWD\ORVFRVWRVLQGLUHFWRVFRPRVHYLVXDOL]DHQODWDEODORV
FRVWRVGHSURGXFFLyQLQFUHPHQWDQFRQHOWLHPSRSRUTXHDSDUWLUGHOWHUFHUDxR
VHLQFUHPHQWDPDQRGHREUDGLUHFWDGHELGRDOLQFUHPHQWRGHODVYHQWDVHQHO
UHVWDXUDQWH 3RU OR WDQWR VH HYLGHQFLD XQD XWLOLGDG QHWD SRVLWLYD GXUDQWH ORV
SULPHURVFLQFRVDxRVGHIXQFLRQDPLHQWR




 
(VWDGRGHVLWXDFLyQILQDQFLHUD

(OHVWDGRGHVLWXDFLyQILQDQFLHUDUHSUHVHQWDORVDFWLYRVSDVLYRV\HOSDWULPRQLR
GHOSUR\HFWR
7DEOD(VWDGRGHVLWXDFLyQILQDQFLHUD$FWLYRV
^dK^/dh/ME&/EE/ZWZKzdK
 Ϭ ϭ Ϯ ϯ ϰ ϱ
    
d/sK^ ϴϲ͕ϵϴϬ͘ϭϱ ϭϯϳ͕ϬϳϮ͘ϱϭ ϭϮϲ͕ϴϱϰ͘ϰϵ ϭϭϵ͕ϮϬϬ͘ϵϴ ϭϭϬ͕ϰϲϳ͘ϵϴ ϭϬϬ͕ϴϲϬ͘ϰϮ
    
ŽƌƌŝĞŶƚĞƐ ϰϳ͕Ϯϯϳ͘ϵϵ ϭϬϰ͕ϰϵϴ͘Ϯϲ ϭϬϭ͕ϰϰϴ͘ϭϱ ϭϬϬ͕ϵϲϮ͘ϱϱ ϵϴ͕ϴϳϱ͘ϳϵ ϵϱ͕ϵϭϰ͘ϰϲ
    
ĨĞĐƚŝǀŽ ϰϭ͕ϵϵϴ͘ϭϵ ϵϴ͕ϴϳϭ͘ϯϭ ϵϱ͕ϰϮϬ͘ϵϯ ϵϰ͕ϱϮϭ͘ϱϴ ϵϮ͕ϬϬϳ͘ϭϵ ϵϱ͕ϵϭϰ͘ϰϲ
/ŶǀĞŶƚĂƌŝŽĚĞŵĂƚĞƌŝĂ     
ƉƌŝŵĂ ϱ͕Ϯϯϵ͘ϴϬ ϱ͕ϲϮϲ͘ϵϱ ϲ͕ϬϮϳ͘Ϯϭ ϲ͕ϰϰϬ͘ϵϳ ϲ͕ϴϲϴ͘ϲϬ Ͳ
    
EŽŽƌƌŝĞŶƚĞƐ ϯϵ͕ϳϰϮ͘ϭϲ ϯϮ͕ϱϳϰ͘Ϯϱ Ϯϱ͕ϰϬϲ͘ϯϰ ϭϴ͕Ϯϯϴ͘ϰϰ ϭϭ͕ϱϵϮ͘ϮϬ ϰ͕ϵϰϱ͘ϵϲ
WƌŽƉŝĞĚĂĚ͕WůĂŶƚĂLJ
ƋƵŝƉŽ Ψϯϵ͕ϳϰϮ͘ϭϲ Ψϯϵ͕ϳϰϮ͘ϭϲ Ψϯϵ͕ϳϰϮ͘ϭϲ Ψϯϵ͕ϳϰϮ͘ϭϲ Ψϯϵ͕ϳϰϮ͘ϭϲ Ψϯϵ͕ϳϰϮ͘ϭϲ
ĞƉƌĞĐŝĂĐŝſŶ Ψ Ψ Ψ Ψ Ψ
ĂĐƵŵƵůĂĚĂ Ͳ ϳ͕ϭϲϳ͘ϵϭ ϭϰ͕ϯϯϱ͘ϴϮ Ϯϭ͕ϱϬϯ͘ϳϮ Ϯϴ͕ϭϰϵ͘ϵϲ ϯϰ͕ϳϵϲ͘Ϯϭ
   
/ŶƚĂŶŐŝďůĞƐ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
ŵŽƌƚŝnjĂĐŝſŶ    
ĂĐƵŵƵůĂĚĂ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ

/RV DFWLYRV FRUULHQWHV SUHVHQWDQ HQ HO SULPHU DxR XQ YDORU GH $104,498.23. 
'HQWURGHHVWDFXHQWDVHPDQHMDODFXHQWDGHHIHFWLYRFRQXQYDORU
DQXDO HVWH UXEUR UHSUHVHQWD XQ SRUFHQWDMH DOWR GHELGR D TXH HO JLUR GHO
QHJRFLR VH OR UHDOL]DUi HQ VX PD\RUtD FRQ XQ FLUFXODQH HQ HIHFWLYR/RV
LQYHQWDULRVGHSURGXFWRVWHUPLQDGRVVHSURYLVLRQDQDOGHOPHVVLJXLHQWH\
PDQWLHQHQXQYDORUGH
/RVDFWLYRVQRFRUULHQWHVVXPDQXQYDORUGHHQHOSULPHUDxR\
HVWiQ FRPSXHVWRV SRU OD LQYHUVLyQ HQ SURSLHGDG SODQWD HTXLSRV \ ELHQHV
LQWDQJLEOHV
7DEOD(VWDGRGHVLWXDFLyQILQDQFLHUD3DVLYRV

     
W^/sK^ ϰϯ͕ϰϵϬ͘Ϭϳ ϱϱ͕ϴϭϳ͘ϭϬ ϰϳ͕ϮϴϬ͘ϳϴ ϯϵ͕ϬϬϲ͘ϮϮ Ϯϵ͕ϲϵϰ͘ϭϭ ϭϵ͕ϯϯϯ͘ϴϭ
    
ŽƌƌŝĞŶƚĞƐ Ͳ ϭϵ͕ϭϵϱ͘ϵϱ ϭϴ͕ϯϰϭ͘ϭϱ ϭϴ͕ϲϱϲ͘ϴϯ ϭϴ͕ϵϱϭ͘ϭϵ ϭϵ͕ϯϯϯ͘ϴϭ
    
ϭϱйdƌĂďĂũĂĚŽƌĞƐ  ϴ͕ϱϰϰ͘ϭϵ ϴ͕ϭϲϯ͘ϳϮ ϴ͕ϯϬϰ͘Ϯϯ ϴ͕ϰϯϱ͘Ϯϱ ϴ͕ϲϬϱ͘ϱϱ
/ŵƉƵĞƐƚŽƐƉŽƌ     
ƉĂŐĂƌ  ϭϬ͕ϲϱϭ͘ϳϲ ϭϬ͕ϭϳϳ͘ϰϰ ϭϬ͕ϯϱϮ͘ϲϭ ϭϬ͕ϱϭϱ͘ϵϰ ϭϬ͕ϳϮϴ͘Ϯϱ
    
EŽŽƌƌŝĞŶƚĞƐ ϰϯ͕ϰϵϬ͘Ϭϳ ϯϲ͕ϲϮϭ͘ϭϱ Ϯϴ͕ϵϯϵ͘ϲϯ ϮϬ͕ϯϰϵ͘ϯϴ ϭϬ͕ϳϰϮ͘ϵϭ Ͳ
ĞƵĚĂĂůĂƌŐŽ     
ƉůĂnjŽ ϰϯ͕ϰϵϬ͘Ϭϳ ϯϲ͕ϲϮϭ͘ϭϱ Ϯϴ͕ϵϯϵ͘ϲϯ ϮϬ͕ϯϰϵ͘ϯϴ ϭϬ͕ϳϰϮ͘ϵϭ Ͳ






 
/D FXHQWD GH SDVLYRV PDQHMD ODV REOLJDFLRQHV GHO UHVWDXUDQWH OD SROtWLFD GH
SDJRDSURYHHGRUHVHVWDEOHFHTXHODVFXHQWDVVHFDQFHODQHQVXWRWDOLGDGD
GtDVHQHIHFWLYR\DFUHGLWR(OYDORUGHSDVLYRVFRUULHQWHVDQXDOHV
WLHQHXQYDORUGH$HQHOSULPHUDxRGHIXQFLRQDPLHQWRPLHQWUDVTXH
HQ ORV DFWLYRV QR FRUUULHQWHV VH REWLHQH XQ YDORU GH    HVWH YDORU
FRPRVHYLVXDOL]DHQODWDEODGLVPLQX\HFRQHOWLHPSRGHELGRDTXHODGHXGDVH
YDFDQFHODQGRHQVXWRWDOLGDG

7DEOD(VWDGRGHVLWXDFLyQILQDQFLHUD3DWULPRQLR
     
WdZ/DKE/K ϰϯ͕ϰϵϬ͘Ϭϳ ϴϭ͕Ϯϱϱ͘ϰϭ ϳϵ͕ϱϳϯ͘ϳϭ ϴϬ͕ϭϵϰ͘ϳϲ ϴϬ͕ϳϳϯ͘ϴϳ ϴϭ͕ϱϮϲ͘ϲϭ
     
ĂƉŝƚĂů ϰϯ͕ϰϵϬ͘Ϭϳ ϰϯ͕ϰϵϬ͘Ϭϳ ϰϯ͕ϰϵϬ͘Ϭϳ ϰϯ͕ϰϵϬ͘Ϭϳ ϰϯ͕ϰϵϬ͘Ϭϳ ϰϯ͕ϰϵϬ͘Ϭϳ
    
hƚŝůŝĚĂĚĞƐƌĞƚĞŶŝĚĂƐ Ͳ ϯϳ͕ϳϲϱ͘ϯϯ ϯϲ͕Ϭϴϯ͘ϲϯ ϯϲ͕ϳϬϰ͘ϲϵ ϯϳ͕Ϯϴϯ͘ϴϬ ϯϴ͕Ϭϯϲ͘ϱϰ
dŽƚĂůWĂƐŝǀŽн      
WĂƚƌŝŵŽŶŝŽ ϴϲ͕ϵϴϬ͘ϭϱ ϭϯϳ͕ϬϳϮ͘ϱϭ ϭϮϲ͕ϴϱϰ͘ϰϵ ϭϭϵ͕ϮϬϬ͘ϵϴ ϭϭϬ͕ϰϲϳ͘ϵϴ ϭϬϬ͕ϴϲϬ͘ϰϮ
ŽŵƉƌŽďĂĐŝſŶ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
     
sĂůŽƌĂĐŝſŶŵƉƌĞƐĂ ϴϲ͕ϵϴϬ͘ϭϱ ϭϯϳ͕ϬϳϮ͘ϱϭ ϭϮϲ͕ϴϱϰ͘ϰϵ ϭϭϵ͕ϮϬϬ͘ϵϴ ϭϭϬ͕ϰϲϳ͘ϵϴ ϭϬϬ͕ϴϲϬ͘ϰϮ


x (O SDWULPRQLR TXH SUHVHQWD HO SUR\HFWR HVWi FRPSXHVWR SRU XQ YDORU GH
ϰϯ͕ϰϵϬ͘ϬϳHOFDSLWDOVHLQFUHPHQWDSURJUHVLYDPHQWHJUDFLDVDODVXWLOLGDGHV
UHWHQLGDVPHGLDQWHODSROtWLFDGHSDJRGHGLYLGHQGRV3RUORWDQWRDPD\RU
XWLOLGDGHVUHWHQLGDGHVPD\RULQFUHPHQWRHQHOSDWULPRQLR

)OXMRGH(IHFWLYR

(O IOXMR GH HIHFWLYR UHIOHMD OD YDULDFLyQ GH HQWUDGD \ VDOLGD GH HIHFWLYR HQ XQ
SHULRGRGHWHUPLQDGR6HHYLGHQFLDUHVXOWDGRVGHVDOGRSRVLWLYRDOILQDOGHFDGD
SHULRGR GH DxR GXUDQWH ORV FLQFR DxRV SUR\HFWDGRV (O UHVWDXUDQWH ³1REX´
GHEHFXEULUODVGLIHUHQWHVREOLJDFLRQHVFRQXQDDOWDOLTXLGH]HVSHFLDOPHQWHFRQ
VXV  DFWLYRV FRUULHQWHV HO IOXMR GH HIHFWLYR TXH VH SURYLVLRQD DO HPSH]DU HO
SUR\HFWR    GDGR TXH VH GHEH FRPSHQVDU ODV SURYLVLRQHV GH
LQYHQWDULR \ ODV REOLJDFLRQHV FRUULHQWHV TXH UHSUHVHQWDQ XQ DOWR UXEUR HQ HO
UHVWDXUDQWH








 
7DEOD)OXMRGHHIHFWLYRSUR\HFWDGRDFLQFRDxRV

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ĐƚŝǀŝĚĂĚĞƐKƉĞƌĂĐŝŽŶĂůĞƐ ϱ͕Ϯϯϵ͘ϴϬ ϲϯ͕ϳϰϮ͘Ϭϱ ϰϭ͕ϵϵϲ͘ϰϴ ϰϯ͕ϳϳϰ͘ϱϮ ϰϯ͕ϳϵϲ͘ϳϳ ϱϭ͕ϵϯϯ͘ϵϵ
    
hƚŝůŝĚĂĚEĞƚĂ  ϯϳ͕ϳϲϱ͘ϯϯ ϯϲ͕Ϭϴϯ͘ϲϯ ϯϲ͕ϳϬϰ͘ϲϵ ϯϳ͕Ϯϴϯ͘ϴϬ ϯϴ͕Ϭϯϲ͘ϱϰ
ĞƉƌĞĐŝĂĐŝŽŶĞƐLJ
ĂŵŽƌƚŝnjĂĐŝſŶ      
Ψ Ψ Ψ Ψ Ψ
нĞƉƌĞĐŝĂĐŝſŶ  ϳ͕ϭϲϳ͘ϵϭ ϳ͕ϭϲϳ͘ϵϭ ϳ͕ϭϲϳ͘ϵϭ ϲ͕ϲϰϲ͘Ϯϰ ϲ͕ϲϰϲ͘Ϯϰ
Ψ Ψ Ψ Ψ Ψ
нŵŽƌƚŝnjĂĐŝſŶ  Ͳ Ͳ Ͳ Ͳ Ͳ
нѐƉĂƌƚŝĐŝƉĂĐŝſŶ Ψ ΨͲ Ψ Ψ Ψ
ƚƌĂďĂũĂĚŽƌĞƐ  ϴ͕ϱϰϰ͘ϭϵ ϯϴϬ͘ϰϳ ϭϰϬ͘ϱϭ ϭϯϭ͘ϬϮ ϭϳϬ͘ϯϬ
Ͳ ΨͲ ΨͲ ΨͲ ΨͲ Ψ
/ŶǀĞŶƚĂƌŝŽƐ ϱ͕Ϯϯϵ͘ϴϬ ϯϴϳ͘ϭϱ ϰϬϬ͘Ϯϲ ϰϭϯ͘ϳϲ ϰϮϳ͘ϲϯ ϲ͕ϴϲϴ͘ϲϬ
Ψ ΨͲ Ψ Ψ Ψ
нѐ/ŵƉƵĞƐƚŽƐ  ϭϬ͕ϲϱϭ͘ϳϲ ϰϳϰ͘ϯϯ ϭϳϱ͘ϭϳ ϭϲϯ͘ϯϰ ϮϭϮ͘ϯϭ
      
Ͳ
ĐƚŝǀŝĚĂĚĞƐĚĞ/ŶǀĞƌƐŝſŶ ϯϵ͕ϳϰϮ͘ϭϲ     
ͲĚƋƵŝƐŝĐŝſŶWWLJ Ͳ
ŝŶƚĂŶŐŝďůĞƐ ϯϵ͕ϳϰϮ͘ϭϲ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ ΨϬ͘ϬϬ
      
ĐƚŝǀŝĚĂĚĞƐĚĞ  Ͳ Ͳ Ͳ Ͳ Ͳ
&ŝŶĂŶĐŝĂŵŝĞŶƚŽ ϴϲ͕ϵϴϬ͘ϭϱ ϲ͕ϴϲϴ͘ϵϯ ϰϱ͕ϰϰϲ͘ϴϱ ϰϰ͕ϲϳϯ͘ϴϴ ϰϲ͕ϯϭϭ͘ϭϲ ϰϴ͕ϬϮϲ͘ϳϮ
 Ͳ Ͳ Ͳ Ͳ Ͳ
нѐĞƵĚĂ>ĂƌŐŽWůĂnjŽ ϰϯ͕ϰϵϬ͘Ϭϳ ϲ͕ϴϲϴ͘ϵϯ ϳ͕ϲϴϭ͘ϱϮ ϴ͕ϱϵϬ͘Ϯϰ ϵ͕ϲϬϲ͘ϰϳ ϭϬ͕ϳϰϮ͘ϵϭ
    
ͲWĂŐŽĚĞĚŝǀŝĚĞŶĚŽƐ  ;ϯϳ͕ϳϲϱ͘ϯϯͿ ;ϯϲ͕Ϭϴϯ͘ϲϯͿ ;ϯϲ͕ϳϬϰ͘ϲϵͿ ;ϯϳ͕Ϯϴϯ͘ϴϬͿ ;ϯϴ͕Ϭϯϲ͘ϱϰͿ
  Ͳ   
нѐĂƉŝƚĂů ϰϯ͕ϰϵϬ͘Ϭϳ ϯϳ͕ϳϲϱ͘ϯϯ ϭ͕ϲϴϭ͘ϳϬ ϲϮϭ͘Ϭϲ ϱϳϵ͘ϭϭ ϳϱϮ͘ϳϰ
      
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&d/sK ϰϭ͕ϵϵϴ͘ϭϵ ϱϲ͕ϴϳϯ͘ϭϮ ;ϯ͕ϰϱϬ͘ϯϴͿ ;ϴϵϵ͘ϯϲͿ ;Ϯ͕ϱϭϰ͘ϯϵͿ ϯ͕ϵϬϳ͘Ϯϳ
&d/sKWZ/E/W/K^     
WZ/KK Ϭ ϰϭ͕ϵϵϴ͘ϭϵ ϵϴ͕ϴϳϭ͘ϯϭ ϵϱ͕ϰϮϬ͘ϵϯ ϵϰ͕ϱϮϭ͘ϱϴ ϵϮ͕ϬϬϳ͘ϭϵ
dKd>&d/sK&/E>      
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ĞƚĂůůĞ ŹŽϬ ŹŽϭ ŹŽϮ ŹŽϯ ŹŽϰ ŹŽϱ
Ψ Ψ Ψ Ψ Ψ
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Ψ Ψ Ψ Ψ Ψ
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ǀĞŶƚĂƐ  ϭϭϭ͕ϯϮϯ͘ϰϳ ϭϭϮ͕ϱϵϴ͘Ϯϱ ϭϭϯ͕ϴϵϯ͘ϵϭ ϭϭϱ͕Ϭϱϰ͘ϰϱ ϭϭϲ͕ϯϵϯ͘ϰϱ
Ψ Ψ Ψ Ψ Ψ
;ͲͿ'ĂƐƚŽƐŽƉĞƌĂĐŝŽŶĂůĞƐ  ϰϵ͕Ϯϭϳ͘ϯϭ ϱϯ͕ϴϰϭ͘ϭϴ ϱϱ͕ϭϬϴ͘ϴϮ ϱϲ͕ϰϭϮ͘ϭϯ ϱϳ͕ϳϱϮ͘ϮϮ
Ψ Ψ Ψ Ψ Ψ
;сͿƵƚŝůĚĂĚŽƉĞƌĂĐŝŽŶĂů  ϲϮ͕ϭϬϲ͘ϭϲ ϱϴ͕ϳϱϳ͘Ϭϳ ϱϴ͕ϳϴϱ͘Ϭϴ ϱϴ͕ϲϰϮ͘ϯϯ ϱϴ͕ϲϰϭ͘Ϯϯ
Ψ Ψ Ψ Ψ Ψ
/ŶƚĞƌĞƐĞƐ  ϱ͕ϭϰϰ͘ϴϴ ϰ͕ϯϯϮ͘Ϯϴ ϯ͕ϰϮϯ͘ϱϲ Ϯ͕ϰϬϳ͘ϯϯ ϭ͕ϮϳϬ͘ϴϵ
&ůƵũŽĚĞĞĨĞĐƚŝǀŽ Ψ Ψ Ψ Ψ Ψ
ŽƉĞƌĂĐŝŽŶĂů  ϱϲ͕ϵϲϭ͘Ϯϵ ϱϰ͕ϰϮϰ͘ϳϵ ϱϱ͕ϯϲϭ͘ϱϯ ϱϲ͕Ϯϯϰ͘ϵϵ ϱϳ͕ϯϳϬ͘ϯϰ
Ψ Ψ Ψ Ψ Ψ
ĞƉƌĞĐŝĂĐŝŽŶĞƐ  ϳ͕ϭϲϳ͘ϵϭ ϳ͕ϭϲϳ͘ϵϭ ϳ͕ϭϲϳ͘ϵϭ ϲ͕ϲϰϲ͘Ϯϰ ϲ͕ϲϰϲ͘Ϯϰ
Ψ Ψ Ψ Ψ Ψ
WĂŐŽĚĞĐĂƉŝƚĂů  ϲ͕ϴϲϴ͘ϵϯ ϳ͕ϲϴϭ͘ϱϮ ϴ͕ϱϵϬ͘Ϯϰ ϵ͕ϲϬϲ͘ϰϳ ϭϬ͕ϳϰϮ͘ϵϭ
Ψ
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ZĞŐƵůĂĐŝſŶLJŽŶƚƌŽůĚĞ
WĞƌŵŝƐŽĚĞůZ^;KƌŐĂŶŝƐŵŽĚĞŽŶƚƌŽů^ĂŶŝƚĂƌŝŽ sŝŐŝůĂŶĐŝĂ^ĂŶŝƚĂƌŝĂ
hϵϭϭLJƵĞƌƉŽĚĞ
ĞƌƚŝĨŝĐĂĚŽĚĞ^ĞŐƵƌŝĚĂĚ ŽŵďĞƌŽƐĚĞYƵŝƚŽ
WĞƌŵŝƐŽĚĞŽŵďĞƌŽƐ 
WĞƌŵŝƐŽƐĚĞ&ƵŶĐŝŽŶĂŵŝĞŶƚŽ DŝŶŝƐƚĞƌŝŽĚĞdƌĂďĂũŽLJ
&ŽƌŵĂůŝnjĂĐŝſŶĚĞĐŽŶƚƌĂƚŽƐĚĞƚƌĂďĂũŽ ZĞĐƵƌƐŽƐ,ƵŵĂŶŽƐ
>ŝĐĞŶĐŝĂŶƵĂůĚĞ&ƵŶĐŝŽŶĂŵŝĞŶƚŽ DŝŶŝƐƚĞƌŝŽĚĞdƵƌŝƐŵŽ

ĞƌƚŝĨŝĐĂĚŽĚĞDĂŶŝƉƵůĂĐŝſŶĚĞĂůŝŵĞŶƚŽƐ

ĞƌƚŝĨŝĐĂĚŽĚĞ^ĂůƵĚKĐƵƉĂĐŝŽŶĂů DŝŶŝƐƚĞƌŝŽĚĞ^ĂůƵĚWƵďůŝĐĂ




 

$1(;2(67$'2'(6,78$&,Ñ1(6&(1$5,2237,0,67$<3(6,0,67$



ƐƚĂĚŽĚĞƌĞƐƵůƚĂĚŽƐKƉƚŝŵŝƐƚĂ
ĞƚĂůůĞ ŹŽϭ ŹŽϮ ŹŽϯ ŹŽϰ ŹŽϱ
/ŶŐƌĞƐŽƉŽƌǀĞŶƚĂƐ ΨϱϯϬ͕ϲϰϭ͘ϴϵ Ψϱϯϴ͕Ϯϵϴ͘ϲϭ Ψϱϰϲ͕Ϭϵϰ͘ϰϳ Ψϱϱϯ͕Ϯϴϲ͘ϳϲ Ψϱϲϭ͕ϯϳϬ͘ϴϬ
;ͲͿŽƐƚŽĚĞ
ƉƌŽĚƵĐĐŝſŶ Ψϯϴϵ͕ϲϯϮ͘ϭϲ Ψϯϵϱ͕ϲϬϮ͘ϯϮ ΨϰϬϭ͕ϲϴϯ͘ϯϵ ΨϰϬϳ͕ϯϯϬ͘ϭϴ Ψϰϭϯ͕ϲϰϬ͘ϴϮ
;сͿhƚŝůŝĚĂĚďƌƵƚĂĞŶ
ǀĞŶƚĂƐ Ψϭϰϭ͕ϬϬϵ͘ϳϯ ΨϭϰϮ͕ϲϵϲ͘Ϯϵ Ψϭϰϰ͕ϰϭϭ͘Ϭϴ Ψϭϰϱ͕ϵϱϲ͘ϱϴ Ψϭϰϳ͕ϳϮϵ͘ϵϳ
;ͲͿ'ĂƐƚŽƐ
ŽƉĞƌĂĐŝŽŶĂůĞƐ Ψϱϯ͕ϰϮϱ͘Ϯϰ Ψϱϰ͕ϲϴϭ͘ϭϴ Ψϱϱ͕ϵϳϮ͘ϰϯ Ψϱϳ͕ϯϬϬ͘Ϭϴ Ψϭϵ͕ϰϭϲ͘ϳϰ
;сͿƵƚŝůĚĂĚ
ŽƉĞƌĂĐŝŽŶĂů Ψϴϳ͕ϱϴϰ͘ϰϵ Ψϴϴ͕Ϭϭϱ͘ϭϬ Ψϴϴ͕ϰϯϴ͘ϲϱ Ψϴϴ͕ϲϱϲ͘ϱϬ ΨϭϮϴ͕ϯϭϯ͘Ϯϰ
/ŶƚĞƌĞƐĞƐ Ψϱ͕ϭϰϰ͘ϴϴ Ψϰ͕ϯϯϮ͘Ϯϴ Ψϯ͕ϰϮϯ͘ϱϲ ΨϮ͕ϰϬϳ͘ϯϯ Ψϭ͕ϮϳϬ͘ϴϵ
hƚŝůŝĚĂĚĚĞƐƉƵĞƐĚĞ
ŝŶƚĞƌĠƐ ΨϴϮ͕ϰϯϵ͘ϲϮ Ψϴϯ͕ϲϴϮ͘ϴϮ Ψϴϱ͕Ϭϭϱ͘Ϭϵ Ψϴϲ͕Ϯϰϵ͘ϭϲ ΨϭϮϳ͕ϬϰϮ͘ϯϱ
ϭϱйƉĂƌƚŝĐŝƉĂĐŝſŶ
ƚƌĂďĂũĂĚŽƌĞƐ ΨϭϮ͕ϯϲϱ͘ϵϰ ΨϭϮ͕ϱϱϮ͘ϰϮ ΨϭϮ͕ϳϱϮ͘Ϯϲ ΨϭϮ͕ϵϯϳ͘ϯϳ Ψϭϵ͕Ϭϱϲ͘ϯϱ
hƚŝůŝĚĂĚĂĚĂŶƚĞƐĚĞ
ŝŵƉƵĞƐƚŽƐ ΨϳϬ͕Ϭϳϯ͘ϲϳ Ψϳϭ͕ϭϯϬ͘ϰϬ ΨϳϮ͕ϮϲϮ͘ϴϯ Ψϳϯ͕ϯϭϭ͘ϳϵ ΨϭϬϳ͕ϵϴϲ͘ϬϬ
ϮϮйŝŵƉƵĞƐƚŽĂůĂ
ƌĞŶƚĂ Ψϭϱ͕ϰϭϲ͘Ϯϭ Ψϭϱ͕ϲϰϴ͘ϲϵ Ψϭϱ͕ϴϵϳ͘ϴϮ Ψϭϲ͕ϭϮϴ͘ϱϵ ΨϮϯ͕ϳϱϲ͘ϵϮ
hƚŝůŝĚĂĚŶĞƚĂ Ψϱϰ͕ϲϱϳ͘ϰϲ Ψϱϱ͕ϰϴϭ͘ϳϭ Ψϱϲ͕ϯϲϱ͘ϬϬ Ψϱϳ͕ϭϴϯ͘ϮϬ Ψϴϰ͕ϮϮϵ͘Ϭϴ


ƐƚĂĚŽĚĞƌĞƐƵůƚĂĚŽƐWĞƐŝŵŝƐƚĂ
ĞƚĂůůĞ ŹŽϭ ŹŽϮ ŹŽϯ ŹŽϰ ŹŽϱ
Ψ
/ŶŐƌĞƐŽƉŽƌǀĞŶƚĂƐ Ψϰϯϰ͕ϭϲϭ͘ϱϱ ΨϰϰϬ͕ϰϮϲ͘ϭϯ Ψϰϰϲ͕ϴϬϰ͘ϱϳ ϰϱϮ͕ϲϴϵ͘ϭϳ Ψϰϱϵ͕ϯϬϯ͘ϯϴ
;ͲͿŽƐƚŽĚĞ Ψ
ƉƌŽĚƵĐĐŝſŶ Ψϯϳϭ͕Ϭϳϴ͘Ϯϱ Ψϯϳϲ͕ϳϲϰ͘ϭϮ ΨϯϴϮ͕ϱϱϱ͘ϲϭ ϯϴϳ͕ϵϯϯ͘ϱϭ Ψϯϵϯ͕ϵϰϯ͘ϲϰ
;сͿhƚŝůŝĚĂĚďƌƵƚĂĞŶ Ψ
ǀĞŶƚĂƐ Ψϲϯ͕Ϭϴϯ͘ϯϬ Ψϲϯ͕ϲϲϮ͘ϬϮ Ψϲϰ͕Ϯϰϴ͘ϵϱ ϲϰ͕ϳϱϱ͘ϲϲ Ψϲϱ͕ϯϱϵ͘ϳϰ
;ͲͿ'ĂƐƚŽƐ Ψ
ŽƉĞƌĂĐŝŽŶĂůĞƐ Ψϱϰ͕ϭϱϰ͘Ϯϳ Ψϱϱ͕ϰϯϬ͘ϳϬ Ψϱϲ͕ϳϰϯ͘Ϭϳ ϰϯ͕ϰϯϴ͘ϲϲ ΨͲ
;сͿƵƚŝůĚĂĚ Ψ
ŽƉĞƌĂĐŝŽŶĂů Ψϴ͕ϵϮϵ͘Ϭϯ Ψϴ͕Ϯϯϭ͘ϯϮ Ψϳ͕ϱϬϱ͘ϴϴ Ϯϭ͕ϯϭϳ͘ϬϬ Ψϲϱ͕ϯϱϵ͘ϳϰ
Ψ
/ŶƚĞƌĞƐĞƐ Ψϱ͕ϭϰϰ͘ϴϴ Ψϰ͕ϯϯϮ͘Ϯϴ Ψϯ͕ϰϮϯ͘ϱϲ Ϯ͕ϰϬϳ͘ϯϯ Ψϭ͕ϮϳϬ͘ϴϵ
hƚŝůŝĚĂĚĚĞƐƉƵĞƐĚĞ Ψ
ŝŶƚĞƌĠƐ Ψϯ͕ϳϴϰ͘ϭϱ Ψϯ͕ϴϵϵ͘Ϭϯ Ψϰ͕ϬϴϮ͘ϯϯ ϭϴ͕ϵϬϵ͘ϲϲ Ψϲϰ͕Ϭϴϴ͘ϴϱ
ϭϱйƉĂƌƚŝĐŝƉĂĐŝſŶ Ψ
ƚƌĂďĂũĂĚŽƌĞƐ Ψϱϲϳ͘ϲϮ Ψϱϴϰ͘ϴϲ ΨϲϭϮ͘ϯϱ Ϯ͕ϴϯϲ͘ϰϱ Ψϵ͕ϲϭϯ͘ϯϯ
hƚŝůŝĚĂĚĂĚĂŶƚĞƐĚĞ Ψ
ŝŵƉƵĞƐƚŽƐ Ψϯ͕Ϯϭϲ͘ϱϯ Ψϯ͕ϯϭϰ͘ϭϴ Ψϯ͕ϰϲϵ͘ϵϴ ϭϲ͕Ϭϳϯ͘Ϯϭ Ψϱϰ͕ϰϳϱ͘ϱϮ
ϮϮйŝŵƉƵĞƐƚŽĂůĂ Ψ
ƌĞŶƚĂ ΨϳϬϳ͘ϲϰ ΨϳϮϵ͘ϭϮ Ψϳϲϯ͘ϯϵ ϯ͕ϱϯϲ͘ϭϭ Ψϭϭ͕ϵϴϰ͘ϲϮ
Ψ Ψ Ψ Ψ Ψ
hƚŝůŝĚĂĚŶĞƚĂ Ϯ͕ϱϬϴ͘ϴϵ Ϯ͕ϱϴϱ͘Ϭϲ Ϯ͕ϳϬϲ͘ϱϴ ϭϮ͕ϱϯϳ͘ϭϭ ϰϮ͕ϰϵϬ͘ϵϭ



$1(;238172'((48,/,%5,2352<(&7$'2$&,1&2$f26




 


38172'(
(48,/,%5,2
'HWDOOH $xR $xR $xR $xR $xR
&26726),-26     
&26726
9$5,$%/(6     
&2672727$/     
8QLGDGHV     
&RVWRXQLWDULR  
YDULDEOH     

3UHFLRGHYHQWD     
0DUJHQGH  
FRQWULEXFLyQ     
3XQWRGH
HTXLOLEULRHQ
XQLGDGHV     
3XQWRGH
HTXLOLEULRHQ
GyODUHV     
GHYHQWDV     




 
$QH[R

&>h:K:>
/EsZ^/KE/^d
Ψ
&>h:K>:> ΨͲ Ψ Ψ Ψ Ψ ϱϴ͕Ϯϭϵ͘ϲ
WZKzdK ϴϲ͕ϵϴϬ͘ϭϱ ϱϳ͕ϮϲϬ͘Ϯϳ ϱϯ͕ϵϭϭ͘ϭϴ ϱϯ͕ϵϯϵ͘ϭϵ ϱϯ͕Ϯϳϰ͘ϳϲ Ϯ
Ψ
WƌĠƐƚĂŵŽ ϰϯ͕ϰϵϬ͘Ϭϳ     
ΨͲ ΨͲ ΨͲ ΨͲ ΨͲ
'ĂƐƚŽƐĚĞŝŶƚĞƌĠƐ  ϱ͕ϭϰϰ͘ϴϴ ϰ͕ϯϯϮ͘Ϯϴ ϯ͕ϰϮϯ͘ϱϲ Ϯ͕ϰϬϳ͘ϯϯ
ϭ͕ϮϳϬ͘ϴϵ
ΨͲ
ΨͲ ΨͲ ΨͲ ΨͲ ϭϬ͕ϳϰϮ͘ϵ
ŵŽƌƚŝnjĂĐŝſŶĚĞůĐĂƉŝƚĂů  ϲ͕ϴϲϴ͘ϵϯ ϳ͕ϲϴϭ͘ϱϮ ϴ͕ϱϵϬ͘Ϯϰ ϵ͕ϲϬϲ͘ϰϳ ϭ
Ψ Ψ Ψ Ψ Ψ
ƐĐƵĚŽ&ŝƐĐĂů  Ϯ͕ϯϭϰ͘ϴϯ Ϯ͕ϱϴϴ͘ϲϳ Ϯ͕ϴϵϰ͘ϵϭ ϯ͕Ϯϯϳ͘ϯϴ ϯ͕ϲϮϬ͘ϯϲ
Ψ
&>h:K:> ΨͲ Ψ Ψ Ψ Ψ ϰϵ͕ϴϮϲ͘ϭ
/EsZ^/KE/^d ϰϯ͕ϰϵϬ͘Ϭϳ ϰϳ͕ϱϲϭ͘ϯϬ ϰϰ͕ϰϴϲ͘Ϭϱ ϰϰ͕ϴϮϬ͘ϯϬ ϰϰ͕ϰϵϴ͘ϯϰ ϴ


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