,9&85620212*5$),&26(0(6&/0
³5(&20(1'$&,21(6(1(/
0$1(-2(;75$+263,7$/$5,2
'(/$&$5',23$7,$,648(0,&$´ *X...
60 downloads
421 Views
2MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
,9&85620212*5$),&26(0(6&/0
³5(&20(1'$&,21(6(1(/
0$1(-2(;75$+263,7$/$5,2
'(/$&$5',23$7,$,648(0,&$´ *XDGDODMDUD0D\R
-XDQ-/DUD 6DQFKH]
,9&85620212*5$),&26(0(6&/0
&,648(0,&$,1752'8&&,21
(XURSD(&9,$0PXHUWHVDxRV (Q(VSDxDPXHUWRVDxRSRU,$0
+\ IXHUDKRVSLWDO)979 VLQDWHQFLyQPHGLFDSUHYLDD3&5 QRSUHVHQFLDGRV
([WUDKRVSLWDODULR0&RQVXOWD'7 9DUyQGHDxRV 2WRxRLQYLHUQR K &RUWHMRYHJHWDWLYR $OWHUDFLRQHV677 'LDJQRVWLFRXYLP&DUGLRSDWtD ,VTXpPLFD $,QHVWDEOH ,$0
&,648(0,&$&$86$6
,9&85620212*5$),&26(0(6&/0
',60,18&,21(1(/$3257('(2$/0,2&$5',2
2EVWUXFFLyQGHODVFRURQDULDV2EVWUXFFLyQILMD$WHURVFOHURVLV&'LYHUVDV (VSDVPRDUWHULDO
'LVPLQXFLyQGHOULHJRFRURQDULR'LVPLQXFLyQGHOJDVWRFDUGLDFR
+LSRWHQVLyQJHQHUDO$QHPLDJUDYH ,1&5(0(172'(/$61(&(6,'$'(6'(2'(/0,2&$5',2
,QRWURStD PLRFiUGLFDHOHYDGD
+LSHUWURILDPLRFiUGLFD
7DTXLFDUGLD
0$6&2081&21',)(5(1&,$$7(526&/(526,6&2521$5,$
,9&85620212*5$),&26(0(6&/0
&,648(0,&$35(6(17$&,21
• • • • • •
$QJLQDGH3HFKR ,$0 ,VTXpPLFD 0LRFiUGLFD6LOHQWH ,QVXILFLHQFLD&DUGLDFD $UULWPLDV 0XHUWHV~ELWD
³6,1'520(&2521$5,2´$+$ ,$04 124 $,1(67$%/( 2ULJHQ)LVXUD3$WHURPD7&RURQDULR'LVPLQXFLyQIOXMRFRURQDULR
,9&85620212*5$),&26(0(6&/0
$,1(67$%/(&/$6,),&$&,21
$1*,1$(67$%/( 1RPRGLILFDFLyQFOtQLFDPHV $1*,1$,1(67$%/( (YROXFLyQLPSUHYLVLEOH
• $1*,1$,1,&,$/ &RPLHQ]RUHFLHQWHPHVHYROXFLyQ
• $1*,1$352*5(6,9$ $OWHUD)UHFXHQFLD,QWHQVLGDG 'XUDFLyQ'HVHQFDGHQDQWH • $1*,1$352/21*$'$ (SLVRGLRVGHODUJDGXUDFLyQ
• $1*,1$9$5,$17(35,1=0(7$/ 5HSRVR1RFKHRK 67HOHYDGR9DVRHVSDVPR • $1*,1$3267,1)$572 KDSULPHUPHVGH,$0
$,1(67$%/(&/,1,&$
,9&85620212*5$),&26(0(6&/0
'2/257,3,&20ROHVWLDSUHFRUGLDOFRQSHUILO LVTXpPLFR2SUHVLYR ,UUDGLDGRD EUD]RJDUJDQWDPDQGtEXOD6HDFRPSDxDGH'LVQHDVXGRU VHQVDFLyQGHPXHUWHLQPLQHQWH )250$6$7,3,&$635(6(17$&,21
'2/25 &XHOORPDQGtEXODEUD]RVGRUVRHSLJDVWULRPXxHFDV
&/,1,&$ $VLQWRPiWLFRV,&&$&96LQFRSH&RQIXVLyQ(3HULIpULFR $QVLHGDG'HSUHVLyQ'HELOLGDG'DWtSLFR9yPLWRV
6263(&+$ 3DFLHQWHTXHSUHVHQWDVLQWRPDWRORJtDFRQHOUHSRVRRHVIXHU]R VLQUHODFLyQQHFHVDULDOHYHRLQWHQVDGHGXUDFLyQYDULDEOH DWDTXHVUHSHWLGRVHSLVRGLRVPX\LQWHQVRVRSURORQJDGRV \SXHGHQFRQIXQGLUVHFRQ,$0
$,1(67$%/(&/,1,&$,, &5,7(5,26'($/725,(6*2
,9&85620212*5$),&26(0(6&/0
•$QJLQD3URORQJDGD •$QJLQDGH5HSRVR •5HSHUFXVLyQ+HPRGLQiPLFD('H3XOPyQ 6KRFN7$6 PP+J)&!SSP,0LWUDO6 &5,7(5,265,(6*2,17(50(',2 •$QJLQDGH5HSRVRUHVXHOWD •$QJLQD1RFWXUQD •$QJLQDGH5HFLHQWH&RPLHQ]R
,9&85620212*5$),&26(0(6&/0
$,1(67$%/('',)(5(1&,$/
• 3(5,&$5',7,6')LMR2SUHVLYR6XEHVWHUQDO $JUDYD 7RV LQVSLUDFLyQSURIXQGDRGHF~ELWR $OLYLD DO VHQWDUVHHUJXLGR$XGLEOHURFHSHULFiUGLFR GHRFRPSRQHQWHV
• '$257$³'HVJDUUDGRU´ LUUDGLDFLyQGRUVDO,QLFLRPX\ LQWHQVRHVWDELOL]DFLyQ\GLVPLQXFLyQGHLQWHQVLGDG 1RDIHFWDFDPELRVSRVWXUD3XOVRVSHULIpULFRV GpELOHVRDXVHQWHV\GLIHUHQWH7$HQ00
• 3(62)$*,&$4XHPD]yQ2SUHVLYR(SLJDVWULR5HODFLRQDGR FRQEHELGDVIUtDV$$6RDOFRKRO6tQWRPDVGH UHIOXMR$QWLiFLGRV\1LWUDWRV ('( ORDOLYLDQ • ,$0
,9&85620212*5$),&26(0(6&/0
$,1(67$%/('',)(5(1&,$/,, • 33/(85238/021$5
1(802725$; '3OHXUtWLFRDJXGR$QWHFHGHQWH77yUD[R (32& 7DTXLSQHD +LSHUUHVRQDQFLD
(0%2/,$ '3OHXUtWLFR7RVKHPRSWLVLV&LUXJtDR LQPRYLOL]DFLyQ 7DTXLSQHD \URFHSOHXUDO
• 3267(2086&8/$5'3XQ]DQWHLQWHUPLWHQWHODUJDGXUDFLyQ $XPHQWDFRQPRYLPLHQWRVWRUiFLFRV 5HODFLyQFRQWUDXPDWLVPRVSDWRORJtD DUWLFXODU67LHW]H \2VWHRDUWURVLV&
• 0,2&$5',7,6)LHEUH7DTXLFDUGLD6VXDYH\6IUHFXHQWH 3UHFHGLGDGHLQIHFFLyQGHYtDVDOWDV
$,1(67$%/((&*
,9&85620212*5$),&26(0(6&/0
'85$17((/'2/25
'(6&(16267<21'$71(*$7,9$
$6&(16267 3ULQ]PHWDO
1250$/2&$0%,260,1,026(121'$7
,$0&/,1,&$
,9&85620212*5$),&26(0(6&/0
'2/257,3,&20ROHVWLDSUHFRUGLDOFRQSHUILO LVTXpPLFR2SUHVLYR ,UUDGLDGRD EUD]RJDUJDQWDPDQGtEXOD6HDFRPSDxDGH'LVQHD VXGRUVHQVDFLyQGHPXHUWHLQPLQHQWH &$5$&7(5,67,&$6
GH,$0SUHVHQWDQ0ROHVWLDSUHFRUGLDO
0HQRVGHOFRQ0ROHVWLDSUHFRUGLDOWLHQHQ,$0
)UHFXHQWHPHQWHLUUDGLDDGRUVR
'XUDFLyQVXSHULRUD PLQXWRVKRUDV
5HSRVR\HVIXHU]R
1RDOLYLDFRQUHSRVRQLYDVRGLODWDGRUHV
$FRPSDxDGRGH5HDFFLyQ $GUHQpUJLFD R 9DJDO
,$0&/,1,&$,,
,9&85620212*5$),&26(0(6&/0
5($&&,21$'5(1(5*,&$&DWHFRODPLQDV 7DTXLFDUGLD6LQXVDO$XPHQWR3UHVLyQ$UWHULDO3DOLGH] 3LORHUHFFLyQ 'LDIRUHVLVIUtD$XPHQWRGHO*& 5($&&,219$*$/$FHWLOFROLQD ,$0,QIHULRU %UDGLFDUGLD+LSRWHQVLyQ$UWHULDO6DOLYDFLyQH[FHVLYD1DXVHD %URQFRHVSDVPR%DMR*&
$86&8/7$&,21
5XLGRSRUSHUGLGDGHGLVWHQVLELOLGDG GHODSDUHGYHQWULFXODULQIDUWDGD
5XLGRSRU,QVXILFLHQFLDFDUGLDFD
)URWHSHULFiUGLFRHQODHWDSDDJXGD
6RSORVLVWyOLFRLQWHQVR PHVRFiUGLFR SRUUXSWXUDGHOVHSWXPLQWHUYHQWLFXODU
6RSORVLVWyOLFRDSLFDOSRUGLVIXQFLyQRUXSWXUDGHOP~VFXORSDSLODUFRQ LQVXILFLHQFLDPLWUDODJXGD
,$0 '',)(5(1&,$/
,9&85620212*5$),&26(0(6&/0
35(&,6,21',$*1267,&$ &21&/,1,&$ &/,1,&$(&* • 3(5,&$5',7,6 • '$257$ • 3(62)$*,&$ • 33/(85238/021$5
1(802725$;
(0%2/,$ • 3267(2086&8/$5 • 0,2&$5',7,6 • $,1(67$%/(
,$0 (&*
,9&85620212*5$),&26(0(6&/0
(/(9$&,21'(/6(*0(172677/HVLyQ +25$6 21'$43$72/2*,&$1HFURVLV +25$6 $QFKXUD!PVHJ3URIXQGLGDG!2QGD5VLJXLHQWH
,19(56,21'(/$21'$7,VTXHPLD +25$6',$6
,$0(&*,,
,9&85620212*5$),&26(0(6&/0
&,
&216,'(5$&,21(6
%XHQD(63(&,),&,'$'SHRU6(16,%,/,'$'
5HJLVWURV(&*LQLFLDOHVDQyPDORV%5,$OWUHSRODUL]DFLyQ QRUPDOHV(YROXFLyQIDYRUDEOH
6HQVLELOLGDGYDULDEOH'HVFHQGHQWH$QWHULRU&LUFXQIOHMD
$QWHFHGHQWHVGH,$0GLVPLQX\HYDORUGLDJQRVWLFRGHO(&*
'$
,9&85620212*5$),&26(0(6&/0
,$0³124´&$5$&7(5,67,&$6 &$5$&7(5,67,&$6
'RORUSUHFRUGLDO GHODUJDGXUDFLyQ(&*6,121'$4 SHURFRQ GHVFHQVRGHO67\R2QGD71HJDWLYDDOWHUDFLRQHV HQ]LPiWLFDV
3URSRUFLyQ,$04124
(QJHQHUDO,$0PDVSHTXHxRV
/DDUWHULDUHVSRQVDEOHQRWRWDOPHQWHRFOXLGD
/DLVTXHPLDHVUHFXSHUDEOH SHURHVPDVH[WHQVD
)XQFLyQYHQWULFXODUSUHVHUYDGD 6LQRHVWDEDDOWHUDGD
0$/3521267,&2 /RFDOL]DFLyQDQWHULRUGHOGHVFHQVRGHO67 3UHVHQFLDGHFDPELRVHQHO67GXUDQWHODVFULVLV
QRSUHVHQWDQLVTXHPLDUHVLGXDO(;&(/(17(3521267,&2
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17( 0(','$6*(1(5$/(6
• 7UDQTXLOL]DUDOSDFLHQWH ,QIRUPDUSRVLEOH,$06HQVDFLyQ6HJXULGDG • 3RVLFLyQ 6HPLVHQWDGR
• 9DORUDFLyQ,QLFLDO +&OtQLFD$QWHFHGHQWHV+FRPLHQ]RGRORUH[SORUDFLyQ ([SORUDFLyQFOtQLFDREWHQFLyQHLQWHUSUHWDFLyQ(&*(10,18726 • 0RQLWRUL]DFLyQ (&*7$3XOVRELODWHUDO2[LPHWUtDGHSXOVR)5
• 2[LJHQRWHUDSLD 0DVFDULOOD³9HQWXUL´ RFiQXODQDVDOVLDQVLHGDG &ODVH,&RQJHVWLyQ3XOPRQDUSDWHQWH 6S2 &ODVH,,D$GPLQLVWUDFLyQDWRGR,$0GXUDQWHSULPHUDVK
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(,, 0(','$6*(1(5$/(6
• $ERUGDMH9HQRVRSHULIpULFR 'RVYtDV6*+LSR7$66DOLQR • (&*'HULYDFLRQHV
≥ P9RPDVGHUY FRQWLJXDV0LHPEURVR≥ ≥ P9 (OHYDFLyQ67≥ GHUY FRQWLJXDV3UHFRUGLDOHVR%&5,³1XHYRRSUHVXPLEOHPHQWH1XHYR´ ,1',&$'$),%5,12/,6,6 6L'HVFHQVR67R,19(56,212QGD7 12),%5,12/,6,677 β%ORTXHDQWHV&D $QWDJRQLVWDV $&73 $$61LWUDWRV +HSDULQDβ
(&*1RUPDOR,QHVSHFtILFR 1RGHVFDUWD& ,VTXpPLFD5HSHWLU(&* FDGD ODSULPHUDò K
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(,,, 0(','$6*(1(5$/(6 • 752321,1$7
$/7$(63(&,),&,'$'
1RVHHQFXHQWUDQHQ0~VFXOR/LVR /DV ,VRIRUPDV&DUGLDFD0(VTXHOpWLFRFRQWUDFFLyQOHQWD\UiSLGDGH VXEXQLGDG 7GLILHUHQHQVHFXHQFLDGH$D$QWLFXHUSRVDOWDPHQWH (VSHFtILFRVSDUD 7Q7F /D7Q7 HVTXHOpWLFDHOHYDGDVLOHVLyQPXVFXODUFUyQLFDPX\LPSRUWDQWH
(OHYDFLyQDSDUWLUKWUDVOHVLyQPLRFDUGLR
0$;,0$6(16,%,/,'$'+
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(,9 0(','$6*(1(5$/(6 • 752321,1$7
7(67752321,1$7
$F PRQRFORQDOHV&RQWURORUR &XDQWLILFDFLyQ%LRWLQD 7LUDUHDFWLYDFRQ(VWUHSWDYLGLQD µO FXDQWLILFDFLyQ LGHQWLILFDU
0XHVWUDV7XER+HSDULQL]DGRµ 'HVWHOORV³3RVLWLYH5HVXOW´ DF~VWLFD
9$/25(6 QJPO 1HJDWLYR 5HSHWLFLyQKLQLFLRFOtQLFD QJPOQJPO/2: 5HSHWLU 7HVW KFRQQXHYDPXHVWUD QJPOQJPO³[´ QJPO /HVLyQHQPLRFDUGLR !QJPO+,*+ /HVLyQPDVLYDHQPLRFDUGLR
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(9 0(','$6*(1(5$/(6
• 1,752*/,&(5,1$17*
&2175$,1',&$&,21(6
7$6PP+J)&SSP y !SSP6RVSHFKD,$09'R,QJHVWD 6LOGHQDILOR
17*68%/ *UDJHDVRDHURVRO'RVLVPJ $OLYLRUHSHWLUFDGDKDVWDYHFHV&DGXFLGDG12DUGRUFHIDOHDVUXERU 6L$OLYLR(&*6L67HOHYDGRRQRDOLYLR),%5,12/,6,6
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(9, 0(','$6*(1(5$/(6 • 1,752*/,&(5,1$17* 17*,9126867,7872$1$/*(6,$23,$&(26
,QGLFDFLRQHV $5HFXUUHQWH,$0$QWHULRU([WHQVR,QVXILFLHQFLD &DUGLDFD,VTXHPLD3HUVLVWHQWH+7$
'RVLV %RORPFJ ,QIXVLyQPFJPLQ ,QFUHPHQWRV PFJPLQ '0D[PFJPLQ PJ HQ6* 9,'5,2POK
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(9,, 0(','$6*(1(5$/(6 •6$/,&,/$726
$$6&2175$,1',&$&,21(6
$OHUJLDFRQRFLGD+HPRUUDJLDGLJHVWLYDDFWLYD'LVFUDVLD KHPiWLFD (QIHUPHGDGKHSiWLFDJUDYH
'26,6 PJ 0DVWLFDGD\WUDJDGD
68326,725,26$$6 PJ 1DXVHDVLQWHQVDV\YyPLWRV7UDVWRUQRV JDVWURLQWHVWLQDOHVDOWRV 'LSLULGDPRO7LFORSLGLQD6XOILQSLUD]RQD 6L$$6FRQWUDLQGLFDGR &ORSLGRJUHO (YLGHQFLDLQLFLDOUHGXFFLyQULHVJRUHODWLYR08(57(,$0 $&9$HQUHODFLyQ$$6
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(9,,, 0(','$6*(1(5$/(6 • $1$/*(6,$
&/25852025),&2,9%ROR PJ
6LK7$%UDGLFDUGLD$WURSLQD 7UHQGHOHQEUXJ
6L'HSUHVLyQUHVSLUDWRULD1DOR[RQD PJ 0(3(5,',1$%ROR PJ
6LK7$%UDGLFDUGLD%$9 • 6('$&,21
%(1=2',$&(3,1$6'RVLV0LGD]RODP PJNJ
6LDQVLHGDGDSHVDUGHRSLiFHRV
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(,; 0(','$6*(1(5$/(6 • +(3$5,1$
,QGLFDGDHQ$QJLQD,QHVWDEOH,$0124
1RHYLGHQFLDFRQYLQFHQWHSDUDXVRSUHKRVSLWDODULR
• $17$*21,67$6'(/&D'LOWLD]HP%ROR PJ
12'LKLGURSLULGLQDVGHDFFLyQUiSLGD 1LIHGLSLQD 1LFDUGLSLQD$PORGLSLQD)HORGLSLQD,VUDGLSLQD
6HDGPLQLVWUDQDOLQJUHVRKRVSLWDODULR
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(; 0(','$6*(1(5$/(6
• β%/248($17(6 $WHQRORO R0HWRSUROROPJ%ROROHQWR YDORUDUUHVSXHVWD ,VRSURWHUHQRO ,9VL(I$GYHUVRV
,QGLFDFLRQHV6LWUDVDQDOJHVLD\VHGDFLyQSHUVLVWHQ)$ FRQ595iSLGD7DTXLFDUGLD6LQXVDO+7$ UHDFWLYD'RORUSHUVLVWHQWHRUHFXUUHQWH
&RQWUDLQGLFDFLRQHV)&SSP7$6PP+J)DOOR9, PRGHUDGRRVHYHUR6LJQRVGH KLSRSHUIXVLyQ SHULIpULFD35!VHJ%$9,,,,,(32&VHYHUD
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;, 0(','$6*(1(5$/(6
• %/248($'25(653/$48(7$5,26*3 ,,E,,,D ,17(*5,1$6 )LEULQyJHQR *3 ,,E,,,D7URPERYHUGDGHUR
%HQHILFLRSUHFR]HQ 7WR PHGLFRGH$,QHVWDEOHH,$0124
%HQHILFLRPRGHVWRHQ0RUWDOLGDGH,$0UHGXFFLyQ
/RV*3 ,,E,,,D VHDGPLQLVWUDUDQFRQ+HSDULQD
7,0,± $EFL[LPDE 5HRSUR PJUW3$0HMRU UHSHUIXVLyQ
,1752$0, (SWLILEDWLGH ,QWHJULOLQ PJ$OWHSODVH
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;,, 0(','$6*(1(5$/(6
• %/248($'25(653/$48(7$5,26*3 ,,E,,,D
1RKD\GDWRVTXHFRPSDUHQGLUHFWDPHQWHODHILFDFLDGHORV*3 ,,E,,,D GLVSRQLEOHV35,063/86 7LURILEDQ38568,7 (SWLILEDWLGH
25$/ ;HPLORILEDQ 6LEUDILEDQ 3DUDSURORQJDU 7WRDQWLWURPEyWLFR 1R0HMRUHVTXH$VSLULQD6HJXULGDGKD\TXHHVWXGLDU ,GHQWLILFDUSDFLHQWHVEHQHILFLDULRVGHO 7WR'XGDVGXUDFLyQ\GRVLV
,9 6HJ~Q$+$\$&&\6(&&ODVH,,D3$&,(17(6&21,$06,1 (/(9$&,21'(/672$1*,1$5()5$&7$5,$ 5HRSUR (SWLILEDWLGH ,QWHJULOLQ \7LURILEDQ $EFL[LPDE $JUDVWDW 7WRXQLYHUVDOL]DGRHQ6&RURQDULRVHVWDOHMRVGHVHUUXWLQDULR
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;,,, 0(','$6*(1(5$/(6
• 75$6/$'2$&(175287,/
8QLGDGGHFRURQDULRVHQ869$ 6HPLVHQWDGR
9HORFLGDGDGDSWDGDDOWUDILFR1RJHQHUDUDQVLHGDG
6L)LEULQROLVDGR7UDWDUFRQVXPRFXLGDGR3URWHJHUFDEH]D
6L+HPRUUDJLD&RPSUHVLyQ6HYHUDR+FHUHEUDO,QKLELGRUHVSODVPLQD $FG 7UDQH[iPLFR($PLQRFDSURLFR R$SURWLQLQD3URWDPLQD
6LKD\FHQWURFRQ$&73HQHOiUHDHQFRQWUDUVHDPHQRVGHXQDKGHOLQLFLR GH$&73'LULJLUVHDO&HQWUR • 35($9,62+263,7$/$5,2
&RPXQLFDUGHWDOOHV\GHPRUDSUHYLVWD
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;,9 ,$012&203/,&$'2
$XVHQFLDGHDOWHUDFLRQHVHOpFWULFDVFOtQLFDV )5)&&LUFXODFLyQSHULIpULFD R KHPRGLQiPLFDVJUDYHVFRQWURODGDODDQVLHGDG\GRORU\GHVFDUWDGDODK7$ VHFXQGDULDDYyPLWRVVXGRUSURIXVRRSLiFHRVXRWURVIiUPDFRV3DFLHQWH 1RUPRWHQVRVLQWDTXL REUDGLFDUGLDQLGLVQHDEXHQUHOOHQRFDSLODU • ),%5,12/,6,6(;75$+263,7$/$5,$
,1',&$&,21(6
6LHPSUHTXHVHGLVSRQJDGHODGLHVWUDPLHQWRDGHFXDGR\HTXLSRQHFHVDULR
(OHYDFLyQGHO67!P9 HQGHUY FRQWLJXDVR%&5, HQHOFRQWH[WRGH VRVSHFKDGH,$0HQiUHDVTXHHOSDFLHQWHVHHQFXHQWUHSULPHUDVKRUDV GHO LQLFLRGHO,$0\SUHYHDGHPRUDUHDOLJXDORVXSHULRUD RLQWHUYDORWRWDO SUHYLVWRGHVGHOODPDGDDOLQLFLRGH )LEULQyOLVLV +RVSLWDODULDVHDVXSHULRUD
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;9 • ),%5,12/,6,6(;75$+263,7$/$5,$
&XDQGRVHSUHYHDJDQDQFLDGH7HQWUH\HQSULPHUDVKRUDVRHVWH HQSULPHURVGHVGHLQLFLRGHVtQWRPDV
(OWLHPSRDKRUUDGRHQSULPHUDVKRUDVPD\RULPSRUWDQFLD*,66,
0D\RU%HQHILFLR,$0$QWHULRU'LDEpWLFRV7$6PP+J)&!SSP
0HQRU%HQHILFLR,$0,QIHULRUH[FHSWRVLDIHFWDFLyQ9'HUHFKR &2175$,1',&$&,21(6
,FWXVKHPRUUiJLFR2WURVLFWXVHQXOWLPRDxR
1HRSODVLDLQWUDFUDQHDOFRQRFLGD
+HPRUUDJLDLQWHUQDDFWLYDH[FHSWRPHQVWUXDFLyQ
6RVSHFKD'LVHFFLyQ$yUWLFD
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;9, • ),%5,12/,6,6(;75$+263,7$/$5,$
35(&$8&,21(6&2175$,1',&$&,21(65(/$7,9$6
+WD VHYHUD QRFRQWURODGD7$67$'!PP+J(V$EVROXWDHQ ≥ SSP R7$6≤ ≤ SDFLHQWHVGH%DMR5LHVJR6KRFN(3XOPRQ)&≥
$&9$SUHYLRR(QIHUP ,QWUDFUDQHDO QRGHVFULWDHQFRQWUDLQGLFDFLRQHV ≥ 'LiWHVLV+HPRUUiJLFD FRQRFLGD
7WDQWLFRDJXODQWH ,15≥
7UDXPDWLVPRUHFLHQWH VHPDQDVSUHYLDV LQFOX\H7&(5&3WUDXPiWLFD RSURORQJDGD! \&LUXJtD LPSRUWDQWHVHPDQDV
3XQFLyQYDVFXODUQRFRPSUHVLEOH
+HPRUUDJLDLQWHUQDUHFLHQWH VHPDQDVSUHYLDV
8VRSUHYLR6.R$36$& VLVHSUHYHHQXVDUGtDVDxRV RDOHUJLDVDHOORV
(PEDUD]R
8OFHUDSpSWLFDDFWLYD
+7$FUyQLFDVHYHUD
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;9,, • ),%5,12/,6,6(;75$+263,7$/$5,$
&5,7(5,26,1',5(&726'(5(3(5)86,21
&OtQLFRV'LVPLQXFLyQGHOGRORU9DULDFLRQHVKHPRGLQiPLFDV%UDGLFDUGLDK7$
(OpFWULFRV'HVFHQVR67$UULWPLDV9HQWULFXODUHV([WUDVLVWROLD7DTXLFDUGLD 5,9$7UDVWRUQRGHODFRQGXFFLyQ%$9 • */8&26$62',2327$6,2 (&/$UHGXFFLyQPRUWDOLGDG\RWURVHYHQWRVQRIDWDOHVDO SHUIXQGLU PO.JKGXUDQWHKJOXFRVD88,,,QVXOLQDVROXEOH&/. PPROOLWUR 0HMRUDQWHVSULPHUDVKRUDV
• 2752675$7$0,(1726 1RLQGLFDGRV,(&$V$QWLDUUtWPLFRVSURILOiFWLFRV/LGRFDtQD QL 0J 3UREDEOHPHQWH~WLOHQ7RUVDGDV GH3XQWDDVRFLDGDD47ODUJRJU,9
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;9,,, ,$0&203/,&$'2
• &203/,&$&,21(6+(02',1$0,&$6
β%ORTXHDQWHV
+,3(5',1$0,&2β
%5$',&$5',$+,327(16,21 $WURSLQD\0DUFDSDVRV
+,3292/(0,$ )OXLGRV
,168),&,(1&,$&$5',$&$'LXUpWLFRV)XURVHPLGD PJ OHQWR 17*,9PFJ.JPLQ2 ≥
6+2&.&$5',2*(1,&2'RSDPLQD7$6 R'REXWDPLQD7$6≥ %&3$ &RURQDULRJUDItD&LUXJtD'HULYDFLyQ &RURQDULD&'& \$&73
,1)$5729'(5(&+26)LVLROyJLFRPOHQSDUDHYDOXDU ,QRWUySLFRV VLK7$'REXWDPLQD )LEULQyOLVLVR$&731217*2SLiFHRV'LXUpWLFRV
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;,; ,$0&203/,&$'2
• &203/,&$&,21(60(&$1,&$6
'HIHFWRVHSWDO YHQWULFXODU5XSWXUDGHSDUHGOLEUHGHYHQWUtFXORUXSWXUD GHP~VFXORSDSLODU7UDVODGRDFHQWURFRQ%&3$\&LUXJtD&DUGLDFD • &203/,&$&,21(6(/(&75,&$6 6HWUDWDUDQVHJ~Q$OJRULWPRV(5&\GHO,/&25
)9796,138/62
%5$',&$5',$6,186$/2%/248(2$9
7456(
7456$
,9&85620212*5$),&26(0(6&/0
&,648(0,&$0$1(-2'(/3$&,(17(;; ',61($'(35(680,%/(25,*(1&$5',$&2
217*)XURVHPLGD0RUILQD,QWXEDFLyQ276LDUULWPLDVHWUDWD
237,0,=$&,21'(/77 35(+263,7$/$5,2
)250$&,2132%/$&,212 3(5621$6&21)$&725(6'( 5,(6*2&$5',29$6&8/$5 62%5(&202$&78$5$17( 6,1720$6,1,&,$/(6'(326,%/(,$0<(15&3%
6(59,&,26'((0(5*(1&,$(;75$+263,7$/$5,$ $&&(6,%/(6$75$9(6'(81180(52)$&,/'(0(025,=$5 326,%,/,'$''('(6),%5,/$5(1&(175260(',&26%$6,&26
,9&85620212*5$),&26(0(6&/0
&,648(0,&$&$62&/,1,&2
38 3020-9$521K $17'01,'&2/(/,7,$6,6(3,*$675$/*,$6 ($'RORU$EGRPLQDOGHVGHKDFHGtDV(VWDPDGUXJDGDVREUH VHUHDJXGL]D HOGRORUTXHHPSLH]DHQODLQJOHL]TXLHUGD VHxDODFRQHOGHGRtQGLFH <VHYDDHVWRPDJRGLIXPLQDGR 1RFRUWHMRYHJHWDWLYR&HQRKXHYRVIULWRVFRQWRPDWH
(;3%(*&RQVFLHQWH2ULHQWDGR%LHQQXWULGR\3HUIXQGLGR $&51 1(852/2*,$1 */8&(0,$ PJGO $%'20(1'RORURVRHQ+LSRFRQGULR'[FRQGHIHQVDDEGRPLQDO +LSHUWLPSDQLVPRJHQHUDOL]DGR%OXPEHU 7$PP+J)&)5
,9&85620212*5$),&26(0(6&/0
&,648(0,&$&$62&/,1,&2
38 30 20-9$521K