81,9(56,'$' 1$&,21$/ )('(5,&2 9,//$55($/
)$&8/7$''(0(',&,1$¦+,32/,7281$18(§
6t/$%2
$6,*1$785$ 48,0,&$,125*$1,&$25*$1,&$ &¾',*20+(
, '$726*(1(5$/(6
(VFXHOD3URIHVLRQDO (QIHUPHUtD
'HSDUWDPHQWR$FDGpPLFR )tVLFD\4XtPLFD
$xRGH(VWXGLRV DxR
&UpGLWRV
&RQGLFLyQ 2EOLJDWRULR
+RUDV6HPDQDOHV 7HRUtD 3UiFWLFD
3UHUHTXLVLWR 1LQJXQR
3URIHVRUUHVSRQVDEOH *HURQFLR&DVWLOOR*RPHUR
,, 680,//$
/D DVLJQDWXUD WLHQH FRPR ILQDOLGDG HMHUFLWDU VXV KDELOLGDGHV \ DSWLWXGHV HQ OD
,QYHVWLJDFLyQ \0DQHMR GH0DWHULDOHVGH /DERUDWRULR TXHORLQLFLD HQ HO &DPSR GHOD
,QYHVWLJDFLyQ DQDOL]DQGR ODV IXQFLRQHV TXtPLFDV LQRUJiQLFDV \ RUJiQLFDV
'HVDUUROOiQGRVHOD$VLJQDWXUDHQIRUPDWHyULFDSUDFWLFD
,,, 2%-(7,926
2%-(7,926*(1(5$/(6
x $QDOL]DUORVIHQyPHQRVItVLFRV\TXtPLFRVTXHVHSURGXFHQHQODQDWXUDOH]D
x ,GHQWLILFDUODVSRVLELOLGDGHVTXHRIUHFHODTXtPLFD HQHO FDPSR GHODLQYHVWLJDFLyQ
HVSHFLDOPHQWHHQHOFDPSRGHODVDOXG
x $SOLFDU ORV FRQRFLPLHQWRV TXtPLFRV FRPR DOWHUQDWLYD GH VROXFLyQ D ORV SUREOHPDV
QDFLRQDOHV
x &RQRFHUDOJXQRVDVSHFWRVGHWUDEDMRFLHQWtILFRLGHQWLILFDUGLYHUVDVPDQLIHVWDFLRQHV
GHOD(QHUJtD([SOLFDUOD,PSRUWDQFLDGHOD&XDQWLILFDFLyQ'HVFULELUOD5HOHYDQFLD
GHDQiOLVLV\ODVtQWHVLV4XtPLFD
2%-(7,926(63(&º),&26
x ([SOLFDUHOVLJQLILFDGRGH1XPHUR$WyPLFR1XPHURGHPDVDHLVyWRSR(VWDEOHFHU
ODVGLIHUHQFLDVHQWUHXQDGLVROXFLyQ&RORLGH\XQDVXVSHQVLyQ
x ,GHQWLILFDUODVSULQFLSDOHVSURSLHGDGHVGHORVJDVHV)DPLOLDUL]DUVHFRQ HO SURFHVR
GHODUHVSLUDFLyQ'HVFULELUODVSURSLHGDGHVGHORVOtTXLGRV\VyOLGRV
x $SUHFLDUODLPSRUWDQFLDGHODFRUUHFWDHVFULWXUDGHIRUPXODVHQODGHWHUPLQDFLyQGH
ORVSHVRVDWyPLFRV'HWHUPLQDUOD)RUPXODHPStULFD\PROHFXODUGHXQFRPSXHVWR
x ,GHQWLILFDUODQDWXUDOH]D HOpFWULFDGHODPDWHULDGHVFULELU HOSURFHVRTXHFRQGXMRHO
GHVFXEULPLHQWRGHOHOHFWUyQ&RQRFHUGLYHUVRVWLSRVGHFDPELRVQXFOHDUHV
x ([SOLFDUHQTXHFRQVLVWHHOHQODFH LyQLFRHOFRYDOHQWH \ HOPHWiOLFR 'HVFULELU ODV
LQWHUDFFLRQHVPROHFXODUHV
x 'HILQLU HO HTXLOLEULR TXtPLFR HQ WpUPLQRV GH XQD UHDFFLyQ UHYHUVLEOH $SOLFDU HO
SULQFLSLRGH/HH&KDWHOLHUSDUDSURQRVWLFDUHOGHVSOD]DPLHQWRGHOHTXLOLEULRH[SOLFDU
GH
OD FODVLILFDFLyQ GH ORV iFLGRV \ %DVHV 'HVFULELU HO FRQFHSWR GH 3+ UHFRQRFHU
ODVUHDFFLRQHVGHQHXWUDOL]DFLyQ
x 'HVFULELU /D2[LGDFLyQ 5HGXFFLyQ &DUDFWHUL]DU ORV FRPSXHVWRV GH DFXHUGR D VXV
SURSLHGDGHV2[LGRUHGXFWRUDV'HVFULELU ORVHOHPHQWRV0HWiOLFRV\1R0HWiOLFRV
FRPRORVHOHPHQWRV1XWULHQWHV
,9 352*5$0$&,¾1'(&217(1,'26
81,'$',48º0,&$<18(6752081'2
35,0(5$6(0$1$
3ULPHUD6HVLyQ
,GHDV 3UHOLPLQDUHV 4XtPLFD HQ 1XHVWUR 0XQGR &RWLGLDQR &LHQFLD 3URFHGLPLHQWRV
&LHQWtILFRV $FWLWXG &LHQWtILFD FRPR 1RUPD GH &RPSRUWDPLHQWR /D 0DWHULD &ODVHV
0DVD 3HVR (VWDGRV GH $JUHJDFLyQ 'HILQLFLRQHV GH )DVH 0H]FOD &ODVHV
&RPELQDFLyQ
)XHQWH
$ *DUULW] -$ &KDPL]R 4XtPLFD $GGLVRQ :HVOH\ ,EHURDPHULFDQD 86$
/HFWXUD
4XtPLFDXQD&LHQFLD)HQRPHQROyJLFD3DJLQDV
6HJXQGD6HVLyQ
'HILQLFLyQGHVXVWDQFLDV&ODVHV(OHPHQWRV\&RPSXHVWRV/H\GHOD&RQVHUYDFLyQ
GHOD0DWHULD/D(QHUJtD&ODVHV&DPELR&ODVHV)tVLFDV\4XtPLFDV/HQJXDMHGHOD
4XtPLFD &RQVWLWX\HQWHV GHO iWRPR )RUPXODV &ODVHV &RPSXHVWRV &RYDOHQWHV H
OyQLFR(FXDFLyQ4XtPLFD/DTXtPLFDFRPR&LHQFLD&XDQWLWDWLYD$OFRKROHV$QiOLVLV
\6tQWHVLV4XtPLFD$VSLULQD
)XHQWH
$ *DUULW] -$ &KDPL]R 4XtPLFD $GGLVRQ :HVOH\ ,EHURDPHULFDQD 86$
/HFWXUD
0DWHULD(QHUJtD\&DPELR3DJLQDV
)XHQWH
5D\PRQG&KDQJ4XtPLFD0F*UDZ+LOO0p[LFR
/HFWXUD
+HUUDPLHQWDVGHOD4XtPLFD3DJLQDV
81,'$',,',9(56,'$''(/$6)250$61$785$/(6
6(*81'$6(0$1$
3ULPHUD6HVLyQ
0DWHULD 3URSLHGDGHV &ODVHV 6LVWHPD ,QWHUQDFLRQDO GH 8QLGDGHV 8QLGDGHV
%iVLFDV 'HULYDGRV 6XSOHPHQWDULR 3UHILMRV 0HGLFLRQHV 0DVD 9ROXPHQ
'HQVLGDG7LHPSR&RQFHSWRGH0RO &DORU7HPSHUDWXUD(VFDODV7HUPRPpWULFDV
1XPHURGH$YRJDGUR&RQFHSWRGHPDVD0RODU(MHUFLFLRV\3UREOHPDV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
0DWHULD3URSLHGDGHV0HGLFLyQ3DJLQDV
)XHQWH
5D\PRQG&KDQJ4XtPLFD0F*UDZ+LOO0p[LFR
/HFWXUD
0HGLFLyQ3iJLQDV
6HJXQGD6HVLyQ
/D WLHUUD \ OD 9LGD (O 2ULJHQ GH OD 9LGD 'LVSHUVLRQHV 'LVROXFLRQHV &RORLGHV
6XVSHQVLRQHV&DUDFWHUtVWLFDV'LVROXFLRQHV\VX&RQFHQWUDFLyQ3RUFHQWDMHHQ0DVD
\9ROXPHQ0RODULGDG1RUPDOLGDG330(MHUFLFLRV\3UREOHPDV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
GH
/HFWXUD
'LVROXFLRQHV&RORLGHV\VXVSHQVLRQHV3DJLQDV
7(5&(5$6(0$1$
3ULPHUD6HVLyQ
$QHVWpVLFRV\(VWHUHV6HSDUDFLyQGH0H]FODV)LOWUDFLyQ'HVWLODFLyQ6XEOLPDFLyQ
([WUDFFLyQ &ULVWDOL]DFLyQ &URPDWRJUDItD 6XVWDQFLDV 6LPSOHV \ &RPSXHVWDV
&RQFHSWR 0RGHUQR GH (OHPHQWR &ODVLILFDFLyQ GH ORV (OHPHQWRV 4XtPLFD GHO
2[tJHQR
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
'HODV0H]FODVDODV6XVWDQFLDV3DJLQDV¤
6HJXQGD6HVLyQ
9DOHQFLD \ )RUPXODV 4XtPLFDV )RUPXODFLyQ \ 1RPHQFODWXUD GH ORV &RPSXHVWRV
%LQDULRV LQRUJiQLFRV )RUPXODFLyQ \ 1RPHQFODWXUD GH ORV &RPSXHVWRV LQRUJiQLFRV
7HUQDULRV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
9DOHQFLDV\)RUPXODV4XtPLFDV3DJLQDV
&8$57$6(0$1$
3ULPHUD6HVLyQ
)RUPXODFLyQ \1RPHQFODWXUDGHORV&RPSXHVWRV,QRUJiQLFRV&XDWHUQDULRV (MHUFLFLRV
0HWDOHV3URSLHGDGHV*HQHUDOHV0HWDOXUJLD
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
*HQHUDOLGDGHV6REUH0HWDOHV3DJLQDV¤
6HJXQGD6HVLyQ
1R0HWDOHV\0HWDORLGHV(VWXGLRGHO$JXD&ODVHV3URSLHGDGHV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
*HQHUDOLGDGHVGHORV1R0HWDOHV3DJLQDV
81,'$',,,(67$'26'($*5(*$&,¾1'(/$0$7(5,$
48,17$6(0$1$
3ULPHUD6HVLyQ
*DVHV ,GHDV SUHOLPLQDUHV /D $WPyVIHUD 3URSLHGDGHV JHQHUDOHV GH ORV *DVHV
/H\HVGHORVJDVHV,GHDOHV(FXDFLyQGH(VWDGR(MHUFLFLRV\3UREOHPDV/H\GHODV
SUHVLRQHV3DUFLDOHV/H\GH'LIXVLyQGH*UDKDP(MHUFLFLRV\3UREOHPDV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
*DVHV3DJLQDV
6HJXQGD6HVLyQ
/tTXLGRV 3URSLHGDGHV *HQHUDOHV 3UHVLyQ GH 9DSRU 7HQVLyQ 6XSHUILFLDO
6ROXELOLGDG5HVSLUDFLyQ3URSLHGDGHV&ROLJDWLYDV2VPRVLV'LDJUDPDGHIDVHV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
/tTXLGRV3DJLQDV
GH
6(;7$6(0$1$
3ULPHUD6HVLyQ
6yOLGR 3URSLHGDGHV *HQHUDOHV 6yOLGRV &ULVWDOLQRV \ $PRUIRV 9LGULRV &ULVWDOHV
/tTXLGRV 0RGHOR &LQpWLFR 0ROHFXODU GH OD 0DWHULD ,GHDV 3UHOLPLQDUHV (O 0RGHOR
3UHPLVDV&RQVHFXHQFLDV\$SOLFDFLRQHV
)XHQWH
$ *DUULW] -$ &KDPL]R 4XtPLFD $GGLVRQ :HVOH\ ,EHURDPHULFDQD 86$
/HFWXUD
6yOLGRV3DJLQDV
81,'$',9'(/$602/e&8/$6$/26$72026
6HJXQGD6HVLyQ
1XPHUR GH $YRJDGUR \ OD 0DVD 0ROHFXODU (VWHTXLRPHWUtD ,GHDV 3UHOLPLQDUHV
3RUFHQWDMH HQ 3HVR )RUPXOD 0tQLPD )RUPXOD 0ROHFXODU (MHUFLFLRV \ SUREOHPDV
&RHILFLHQWHV\ EDODQFHR GH UHDFFLRQHV 5D]RQHV (VWHTXLRPHWUtFDV &DOFXOR GHPDVD
5HQGLPLHQWRGHXQD5HDFFLyQ5HDFWLYROLPLWDQWH
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
1XPHURGH$YRJDGUR\0DVD0RODU3DJLQDV
6(7,0$6(0$1$
3ULPHUD6HVLyQ
(YDOXDFLyQ
6HJXQGD6HVLyQ
'HVFXEULPLHQWR GHO (OHFWUyQ ,GHDV SUHOLPLQDUHV (OHFWULFLGDG \ 0DJQHWLVPR 7XERV
GH 'HVFDUJD 5D\RV &DWyGLFRV 3URSLHGDGHV \ FDUDFWHUtVWLFDV GHO (OHFWUyQ 3ULPHU
0RGHOR (OHFWUyQLFR GHO ·WRPR 5D\RV ; 4XtPLFD 1XFOHDU 'HVFXEULPLHQWR GH OD
5DGLRDFWLYLGDG1DWXUDOH]DGHODV(PDQDFLRQHV5DGLRDFWLYDV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
'HVFXEULPLHQWRGHO(OHFWUyQ3DJLQDV
2&7$9$6(0$1$
3ULPHUD6HVLyQ
'HVFXEULPLHQWRGHO3URWyQ&DUDFWHUtVWLFDV'HVFXEULPLHQWRGHO1HXWUyQ
5DGLRDFWLYLGDG 1DWXUDO $UWLILFLDO 7LSRV GH 5HDFFLRQHV 1XFOHDUHV )LVLyQ \ )XVLyQ
1XFOHDU&RQYHUVLyQ0DVD\(QHUJtD
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
'HVFXEULPLHQWRGHO1~FOHR$WyPLFR3DJLQDV
6HJXQGD6HVLyQ
7HRUtD&XiQWLFDGH3ODQFN1DWXUDOH]D'XDOGHOD0DWHULD3ULQFLSLRGH,QFHUWLGXPEUH
(FXDFLyQ GH 2QGD 1~PHURV &XiQWLFRV 0RGHORV 4XtPLFRV GHO ·WRPR 2UELWDOHV
)RUPDGHORV2UELWDOHV1LYHOHV\6XEQLYHOHV(QHUJpWLFRVGHO·WRPR
)XHQWH
$ *DUULW] -$ &KDPL]R 4XtPLFD $GGLVRQ :HVOH\ ,EHURDPHULFDQD 86$
/HFWXUD
(VWUXFWXUD(OHFWUyQLFDGHO·WRPR3DJLQDV
129(1$6(0$1$
3ULPHUD6HVLyQ
3ULQFLSLRGH&RQVWUXFFLyQ3URJUHVLYD7DEOD3HULyGLFD0RGHUQD7LSRVGH(OHPHQWRV
3RU VX (VWUXFWXUD $WyPLFD 3URSLHGDGHV 1RPEUHV 7tSLFRV 3URSLHGDGHV 3HULyGLFDV
'LPHQVLRQHV$WyPLFDV9ROXPHQ$WyPLFR5DGL$WyPLFR5DGLROyQLFR
GH
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
3HULRGLFLGDGTXtPLFD\(VWUXFWXUD(OHFWUyQLFD3DJLQDV
81,'$'9'(/26$72026$/$602/e&8/$6
6HJXQGD6HVLyQ
(QODFH 4XtPLFR (OHFWURQHJDWLYLGDG 5HJOD GHO 2FWHWR (QODFH OiQLFR (QODFH
&RYDOHQWH 3XUR (QODFH &RYDOHQWH &RRUGLQDGR 0~OWLSOH 0HWiOLFR 6LJPD SL
(MHUFLFLRV
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
(QODFHTXtPLFR\(OHFWURQHJDWLYLGDG3DJLQDV
'(&,0$6(0$1$
3ULPHUD6HVLyQ
,QWHUDFFLRQHVHQWUH0ROpFXODV(QODFHSRU3XHQWHGH+LGUyJHQR)XHU]DGH9DQ'HU
:DOLV
(VWUXFWXUD GH /HZLV 2FWHWRV \ *UXSRV )XQFLRQDOHV 2UJiQLFRV (QODFHV
'HVORFDOL]DGRV&DUJD)RUPDO
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
LQWHUDFFLRQHVHQWUH0ROpFXODV3DJLQDV
6HJXQGD6HVLyQ
+LEULGDFLyQ 7LSRV VS VS (MHPSORV *HRPHWUtD 0ROHFXODU 5HSXOVLyQ GH 3DUHV
(OHFWUyQLFRV OVRPHWUtD (VSDFLDO \ 3URSLHGDGHV 'HULYDGDV GH OD *HRPHWUtD 7HRUtD
2UELWDO0ROHFXODU
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
/HFWXUD
*HRPHWUtD0ROHFXODU3DJLQDV
'(&,0$35,0(5$6(0$1$
3ULPHUD6HVLyQ
0DFURPROpFXODV 7pUPLQRV 0DFURPROpFXODV 0DFURPROpFXODV 6LQWpWLFDV
3ROLPHUL]DFLyQ 3ROLPHUL]DFLyQ SRU $GLFLyQ &RQGHQVDFLyQ 0DFURPROpFXODV
1DWXUDOHV3ROLVDFiULGRV3URWHtQDV\3ROLSpSWLGRV7HODV·FLGRV1XFOHLFRV
)XHQWH
$ *DUULW] -$ &KDPL]R 4XtPLFD $GGLVRQ :HVOH\ ,EHURDPHULFDQD 86$
/HFWXUD
0DFURPROpFXODV3DJLQDV
81,'$'9,(48,/,%5,248º0,&2$&,'26<%$6(6
6HJXQGD6HVLyQ
(TXLOLEULR 4XtPLFR /H\ GH $FFLyQ GH 0DVDV &RQVWDQWH GH (TXLOLEULR (TXLOLEULR
+RPRJpQHR (TXLOLEULR +HWHURJpQHR 3URGXFWR GH 6ROXELOLGDG 3ULQFLSLR GH /HH
&KDWHOLHU &DPELR HQ OD &RQFHQWUDFLyQ &DPELR HQ OD 3UHVLyQ &DPELR HQ OD
7HPSHUDWXUD
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\,EHURDPHULFDQD86$
&DUDFWHUtVWLFDV
/HFWXUD
(TXLOLEULR4XtPLFR3DJLQDV
GH
'(&,0$6(*81'$6(0$1$
3ULPHUD6HVLyQ
&ODVLILFDFLyQGH$UUKHPLXV&ODVLILFDFLyQGH%URZQVWHG/RZU\&ODVLILFDFLyQGH/HZLV
)XHU]D GH ORV ·FLGRV \ %DVHV ·FLGRV 'LRIURWLFRV \ 3ROLIURWLFRV &RQVWDQWH GH
'LVRFLDFLyQGHO$JXD3+5HDFFLRQHVGH1HXWUDOL]DFLyQ7LWXODFLyQ
)XHQWH
$*DUULW]-$&KDPL]R4XtPLFD$GGLVRQ:HVOH\LEHURDPHULFDQD86$
/HFWXUD
·FLGRV%DVHV3DJLQDV
6HJXQGD6HVLyQ
/RV*DVHV1REOHV$OFDOLQRV\$OFDOLQRV7pUUHRV3URSLHGDGHVGH$OXPLQLR)DPLOLD
GH&DUERQR*UXSRGHO$OXPLQLR)DPLOLDGHOFDUERQR)DPLOLDGHO1LWUyJHQR)DPLOLD
GHO2[tJHQR3URSLHGDGHV$SOLFDFLRQHV
)XHQWH
5D\PRQG&KDQJ4XtPLFD0DF*UDZ+LOO0p[LFR
/HFWXUD
0HWDOHV3DJLQDV
'(&,0$7(5&(5$6(0$1$
3ULPHUD6HVLyQ
+DOyJHQRV0HWDOHVGH7UDQVLFLyQ0HWDOHVGH7UDQVLFLyQ,QWHUQD7LHUUDV5DUDV/DV
)XHU]DVGHOD1DWXUDOH]D
)XHQWH
5D\PRQG&KDQJ4XtPLFD0DF*UDZ+LOO0p[LFR
/HFWXUD
1R0HWDOHV3DJLQDV
81,'$'9,,(/$7202'(&$5%212<3523,('$'(6
6HJXQGD6HVLyQ
7LSR GH 5HDFFLRQHV 2UJiQLFDV 0HFDQLVPRV GH 5HDFFLyQ ,QWHUPHGLRV &DUERQDGRV
3URSLHGDGHVGHOiWRPRGH&DUERQR$OFDQRVGHILQLFLyQQRPHQFODWXUDSURSLHGDGHV
)XHQWH
+HQU\0HLVOLFK+RZDUG1HFKDPNLQ-DFRE6KDUHINL4XtPLFD2UJiQLFD&ROHFFLyQ
6FKDXP 0DF*UDZ+LOO(VSDxD
/HFWXUD
5HDFWLYLGDG4XtPLFD\5HDFFLRQHV2UJiQLFDV3DJLQDV
'(&,0$&8$57$6(0$1$
3ULPHUD6HVLyQ
$OTXHQRV GHILQLFLyQ QRPHQFODWXUD LVRPHUtD JHRPpWULFR SUHSDUDFLyQ SURSLHGDGHV
$OTXLQRVSURSLHGDGHVSUHSDUDFLyQDSOLFDFLRQHV$OFDQRGLHQRV
)XHQWH
+HQU\ 0HLVOLFK +RZDUG 1HFKDPNLQ -DFRE 6KDUHINL 4XtPLFD 2UJiQLFD &ROHFFLyQ
6FKDXP0DF*UDZ+LOO(VSDxD
/HFWXUD
$OTXHQRV\$OTXLQRV3DJLQDV
6HJXQGD6HVLyQ
+LGURFDUEXURV &tFOLFRV QRPHQFODWXUD \ HVWUXFWXUD 0pWRGR GH 6tQWHVLV 7HUSHQRV
&RPSXHVWRV$URPiWLFRV%HQFHQRSURSLHGDGHVDSOLFDFLRQHV
)XHQWH
+HQU\0HLVOLFK+RZDUG1HFKDPNLQ-DFRE6KDUHINL4XtPLFD2UJiQLFD&ROHFFLyQ
6FKDXP 0DF*UDZ+LOO(VSDxD
/HFWXUD
+LGURFDUEXURV$URPiWLFRV3DJLQDV
GH
81,'$'9,,,&2038(672625*$1,&262;,*(1$'26
'(&,0$48,17$6(0$1$
3ULPHUD6HVLyQ
$OFRKROHV QRPHQFODWXUD SUHSDUDFLyQ SURSLHGDGHV $OFRKROHV PDV LPSRUWDQWHV
(WHUHVQRPHQFODWXUDSUHSDUDFLyQSURSLHGDGHV
)XHQWH
+HQU\ 0HLVOLFK +RZDUG 1HFKDPNLQ -DFRE 6KDUHINL 4XtPLFD 2UJiQLFD &ROHFFLyQ
6FKDXP0DF*UDZ+LOO(VSDxD
/HFWXUD
$OFRKROHV3DJLQDV
6HJXQGD6HVLyQ
$OGHKtGR QRPHQFODWXUD SUHSDUDFLyQ SURSLHGDGHV &HWRQDV QRPHQFODWXUD
SUHSDUDFLyQSURSLHGDGHV·FLGRV&DUER[tOLFRV\VXV'HULYDGRV
)XHQWH
+HQU\ 0HLVOLFK +RZDUG 1HFKDPNtQ -DFRE 6KDUHINL 4XtPLFD 2UJiQLFD
&ROHFFLyQ6FKDXP0DF*UDZ+LOO(VSDxD
/HFWXUD
$OGHKtGRV&HWRQDV\·FLGRV3DJLQDV
81,'$',;&2038(672625*$1,&261,752*(1$'26
'(&,0$6(;7$6(0$1$
3ULPHUD6HVLyQ
$PLQDV QRPHQFODWXUD SUHSDUDFLyQ SURSLHGDGHV $SOLFDFLRQHV &RPSXHVWRV
)HQiOLFRVQRPHQFODWXUDSUHSDUDFLyQSURSLHGDGHV
)XHQWH
+HQU\ 0HLVOLFK +RZDUG 1HFKDPNLQ -DFRE 6KDUHINL 4XtPLFD 2UJiQLFD &ROHFFLyQ
6FKDXP0DF*UDZ+LOO(VSDxD
/HFWXUD
$PLQDV\&RPSXHVWRV)HQyOLFRV3DJLQDV
6HJXQGD6HVLyQ
$PLQRiFLGRV QRPHQFODWXUD SUHSDUDFLyQ SURSLHGDGHV 3pSWLGRV QRPHQFODWXUD
SUHSDUDFLyQSURSLHGDGHV3URWHtQDVSURSLHGDGHV
)XHQWH
+HQU\ 0HtVOLFK +RZDUG 1HFKDPNLQ -DFRE 6KDUHINL 4XtPLFD 2UJiQLFD &ROHFFLyQ
6FKDXP0DF*UDZ+LOO(VSDxD
/HFWXUD
$PLQRiFLGRV3pSWLGRV\3URWHtQDV3DJLQDV
81,'$';+,'5$726'(&$5%212<$&,'2618&/(,&26
'(&,0$6(7,0$6(0$1$
3ULPHUD6HVLyQ
+LGUDWR GH &DUERQR GHILQLFLyQ &ODVLILFDFLyQ 0RQRVDFiULGRV GHILQLFLyQ FODVLILFDFLyQ
'LVDFiULGRV3ROLVDFiULGRV·FLGRV1XFOHLFRV
)XHQWH
+HQU\ 0HLVOLFK +RZDUG 1HFKDPNLQ -DFRE 6KDUHINL 4XtPLFD 2UJiQLFD &ROHFFLyQ
6FKDXP0DF*UDZ+LOO(VSDxD
/HFWXUD
+LGUDWRVGH&DUERQR3DJLQDV
6HJXQGD6HVLyQ
(;$0(1),1$/
GH
9 0(72'2/2*,$
,QGXFWLYR 'HGXFWLYR 3DVLYR $FWLYR &LHQWtILFR %LROyJLFR 8WLOL]DQGR 7pFQLFDV
([SRVLWLYD5HIOH[LYD'LVFXVLyQ'HEDWH7DOOHU$SXQWHVHWF
9, (48,326<0$7(5,$/(6
/D9R]+XPDQD /LEURV 6HSDUDWDV *XtDV GH 3UDFWLFD 3L]DUUD 7L]D 3OXPRQHV
,PiJHQHV3UR\HFWDGDV/DERUDWRULRV5HDFWLYRV4XtPLFRV
9,, (9$/8$&,¾1
3HUPDQHQWH
7HRUtD
6HWRPDUDQWUHVSUXHEDVGHODVFXDOHVVHHOLPLQDUDXQDODQRWDPiVEDMD
3UDFWLFD
6HFRQVLGHUDODQRWDGHORVLQIRUPHVGHODDVLVWHQFLDGHODVLQWHUYHQFLRQHVRUDOHV\GH
ODVSUXHEDVHVFULWDV
3* ((33
9,,, )8(17(6'(,1)250$&,212%,%/,2*5$)º$
&+$0,=2-$¦ 48º0,&$§ (GLWRULDO$GGLVRQ:HVOH\,EHUR$PHULFDQD
&+$1*5 ¦48º0,&$§ (GLWRULDO0DF*UDZ¤+LOO
+HQU\ 0HLVOLFK +RZDUG 1HFKDPNLQ ¦ 48,0,&$ 25*·1,&$ &2/(&&,¾1
6&+$80(GLWRULDO0DF*UDZ¤+LOO
0257,0(5&KDUOHV¦ 48º0,&$§ (GLWRULDO0DF*UDZ¤+LOO
%52:1 7 / /(0$< § 48º0,& $ &,(1&,$ &(175$/ (GLWRULDO 3UHQWLFH +DOO
$1'(536211(6$$ ¦ 35,1&,3,26'(48,0,&$§ (GLWRULDO/LPXVD
:,77(1.1*$5/(<¦ 48º0,&$*(1(5$/§ (GLWRULDO0DF*UDZ¤+LOO
GH