ENM 0012 - 12 BEMOL Semana 1

Page 1

/,95(

&+,36

/,95(

/,95(

$126 5

$12 5

WLD *DUDQ 75$

(;

( QWUHWHQLPHQWR

$126 5

$12 5

WLD *DUDQ 75$

(;

1RNLD $VKD %5

'9' 2 &DVDPHQWR 'H 0XULHO 5

'9' 7HPSRV 'H 9LROrQFLD 5

&'V

&' &DOFLQKD 3UHWD 9ROXPH 5

&' 7KH )HYHUV 9HP 'DQoDU 9RO 5

/LYUR $ $UWH 'H $PDU 2YtGLR 5

/,9526

3É*,1$6

$ $UWH GH $PDU DXWrQWLFR WUDWDGR VREUH D VHGXomR H R MRJR DPRURVR 'HVVH SHUtRGR p WDPEpP 5HPHGLD $PRULV 2V 5HPpGLRV GR $PRU WDPEpP SUHVHQWH QHVWH YROXPH

(035(6$ 5(63216É9(/

1RNLD /XPLD $=

$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU 6 $VKD

$126 5

$12 5

WLD *DUDQ 75$

(;

$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK ZL IL *36 )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU :LQGRZV 3KRQH

$126 5

$12 5

WLD *DUDQ 75$

(;

$126 5

5HSURGXomR VRPHQWH HP DSDUHOKRV FRP WHFQRORJLD %OX 5D\

'9'V

)RWRV PHUDPHQWH LOXVWUDWLYDV

&kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L *36 7HFQRORJLD * 6LVW 2SHU 6DPVXQJ %DGD )RQH RXYLGR FDER 86% (;

$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU *RRJOH $QGURLG

$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK :L )L *36 )XQomR PRGHP 7HFQRORJLD * 6LVW 2SHU *RRJOH $QGURLG

$ 9LVWD 5 [ [ 5 VHP MXURV

WLD *DUDQ 75$

$12 5

6PDUW 6RQ\ (ULFVVRQ :7 $ :DONPDQ 37 $$7

6PDUW 6DPVXQJ 'XRV *DOD[\ < 6 37

6DPVXQJ :DYH < 6 37

/,95(

/,95(

&; '9'6 'LUW\ 'DQFLQJ (G $QLYHUViULR 5

&' 3DXOD )HUQDQGHV 0HXV (QFDQWRV 5

/LYUR &ULPH &DVWLJR 'RVWyLHYLVN 5

3É*,1$6

'9' 6HUWDQHMR 3UD 1DPRUDU 5

&' 1RYHOD $YHQLGD %UDVLO 5

'9' -RVp $XJXVWR 1D (VWUDGD $R 9LYR 5

'9' 6KHUORFN +ROPHV 2 -RJR 'H 6RPEUDV 5

&' 2QH 'LUHFWLRQ 8S $OO 1LJKW 5

&' %UXQR 0DUV 'RR :RSV ( +RROLJDQV 5

/LYUR e 7XGR 7mR 6LPSOHV 'DQX]D /HmR 5

3É*,1$6

$ FROXQLVWD IDOD VREUH HWLTXHWD SyV LQWHUQHW URPDQFH SyV FHOXODU H RXWUDV SyV PRGHUQLGDGHV &RP GLFDV 8P GRV URPDQFHV PDLV LPSRUWDQWHV PDLV OLGRV SDUD DV FODVVHV HPHUJHQWHV VREUH R TXH OHYDU QD SUL H IHVWHMDGRV GD OLWHUDWXUD &ULPH H &DVWLJR PHLUD YLDJHP GH DYLmR SDUD R ILOKR TXH TXHU FRQWDU SXEOLFDGR RULJLQDOPHQWH HP FRQWD D SDUD D IDPtOLD TXH p JD\ H SDUD DV PmHV TXH HVWmR KLVWyULD GH XP FULPH H VXDV FRQVHTXrQFLDV YLYHQGR VXD VHJXQGD MXYHQWXGH GHSRLV GRV

%/8 5$<

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

(10 2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

%OX 5D\ 2V -RYHQV 3LVWROHLURV 5

%OX 5D\ 6KHUORFN +ROPHV -RJR 'H 6RPEUDV 5

&' ,YHWH *LO ( &DHWDQR (VSHFLDO 5

&' -DVRQ 0UD] /RYH ,V $ )RXU /HWWHU :RUG 5

/LYUR 'LHWD $PD]{QLFD (XOHU 5LEHLUR ( ,YDQD &UX] 5

/LYUR *XLD 3ROLWLFDPHQWH ,QFRUUHWR /HDQGUR 1DUORFK 'H 5

3É*,1$6

(VWH OLYUR PRVWUD TXH D ´GLHWD ULEHLULQKDµ j EDVH GH SHL[HV GR IXQGR GRV ULRV H ODJRV GHULYDGRV GD PDQGLRFD H VREUHWXGR GRV IUXWRV GD IORUHVWD DVVRFLDGDV D KiELWRV FXOWXUDLV GH XWLOL]DomR FRU UHWD GHVVHV DOLPHQWRV WrP LPSRUWDQWH HIHLWR QD VD~GH H ORQJHYLGDGH

3É*,1$6

3RU 5

([LVWH XP HVTXHPD WmR UHSHWLGR SDUD FRQWDU D KLVWyULD GR %UDVLO TXH EDVWD PLVWXUDU FKDY}HV PXGDU GDWDV RX QRPHV H SURQWR 9RFr Mi SRGH SDVVDU HP TXDOTXHU SURYD GH KLVWyULD QD HVFROD 1HVVH OLYUR R MRUQDOLVWD /HDQGUR 1DUORFK SUHIHUH DGRWDU XPD SRVWXUD GLIHUHQWH ² TXH YDL DOpP GRV PRFLQKRV H EDQGLGRV WmR FRQKHFLGRV

(P D %HPRO IRL SHOR Ý DQR FRQVHFXWLYR D HPSUHVD FRPHUFLDO TXH PDLV ,&06 DUUHFDGRX SDUD R $PD]RQDV


, QIRUPiWLFD

'(7(&725 )$&(

0(*$3,;(/6

'(7(&725 &(1$ ,17(/,*(17(

'(7(&725 )$&(

'(7(&725 '( )$&( ( 6255,62

'(7(&725 &(1$ ,17(/,*(17(

0(*$3,;(/6

'(7(&725 &(1$ ,17(/,*(17(

0RFKLOD 3 1RWHERRN +3 /4 /$ $JLV

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR (VWUXWXUD SROLpVWHU $OoD UHJXOiYHO ,PSHUPHiYHO

Q

G R )D E

D QWH

)LOPDGRUD 3DQDVRQLF 6' +' 9 37

U

0iTXLQD )RWRJUiILFD 6RQ\ 'LJLWDO 0S[ '6& : 9 9,

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 0tGLD FRPS PD[ 6' 6'+& * *UDY FRP iXGLR 5HVRO PD[ YtGHR +' [ S[ 0RGRV GH FHQD PDFUR FP (VWDELOL]DGRU yWLFR 0DUFD GD OHQWH /XPL[ '& 9DULR $OLP FDSDF EDWHULD IRWRV $FRPSDQKD FDER YtGHR 'LVSRQtYHO WDPEpP QD FRU SUHWR

&203$7,%,/,'$'( 127(%22.6

$QRV

WLD

LF

* DUD

0iTXLQD )RWRJUiILFD 3DQDVRQLF /XPL[ 0S[ )+ 52

5

0iTXLQD )RWRJUiILFD 6DPVXQJ 'LJLWDO 0S[ (& 09 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 &2035$ 3527(*,'$

)81d®2 0É48,1$ )272*5É),&$

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 &2035$ 3527(*,'$ 5 *DUDQWLD GR IDEULFDQWH DQR =RRP ySWLFR GLJLWDO ; ; 6HQVLELOLGDGH PD[ ,62 0tGLD FRPS PD[ 6' 00& *% *UDY FRP iXGLR H ]RRP 0RGRV GH FHQD PDFUR FP (VWDELOL]DGRU GLJLWDO 0DUFD GD OHQWH 6DPVXQJ PP $OLP FDSDF EDWHULD /L LRQ

=RRP ySWLFR GLJLWDO [ [ 6HQVLELOLGDGH PD[ ,62 0tGLD FRPS PD[ 06 6' *% *UDY FRP iXGLR 5HVRO PD[ YtGHR +' [ 0RGRV GH FHQD PDFUR &0 (VWDELOL]DGRU GLJLWDO 0DUFD GD OHQWH &DUO =HLVV $OLP FDSDF EDWHULD IRWRV 'LVSRQtYHO WDPEpP QD FRU SUDWD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 7LSR PtGLD FDUWmR 6' 0DUFD GD OHQWH 3DQDVRQLF =RRP GLJLWDO ySWLFR [ [ &2035$ 3527(*,'$ 5 (VW GH LPDJHP 3RZHU 2 , 6 (QWUDGDV 86% 6DtGDV 86% 7HPSR GD EDWHULD HP XVR DWp PLQ $FHVVyULRV EROVD $12 5

WLD *DUDQ 75$

(;

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

5(352'8= ),/0(6 %/8 5$<

/,95(

7DEOHW 6DPVXQJ *DOD[\ 7DE * 3 &= $$7

$ 9LVWD 5 [ [ 5 VHP MXURV &2035$ 3527(*,'$

5

*DUDQWLD GR IDEULFDQWH DQR 3URFHVVDGRU 'XDO &RUH *K]

9LGHRJDPH 6RQ\ 3OD\VWDWLRQ *% 37

6LVW 2SHU $QGURLG 0HPyULD 5$0 LQWHUQD *% *% %OXHWRRWK :L )L * *36 -DYD &kPHUD SULP 6HFXQG 03 03 7LSR FDUWmR FDSDF PD[ 0 6' *% $FHVVyULRV IRQH GH RXYLGR $FHVVyULRV FDUUHJDGRU FDER 86%

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR $OLPHQWDomR HQHUJLD 9ROWDJHP ELYROW 7HFQRORJLD :L )L $FHVVR D 361 $FRPSDQKD FRQWUROH

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

)RWRV PHUDPHQWH LOXVWUDWLYDV

0(*$3,;(/6

1RWHERRN ,WDXWHF ,QIRZD\ $ 37

80 648((=(

9(/2&,'$'(

*+=

*% +' *% :(%&$0 &2035$ 3527(*,'$

5

3& +(/3

.*

5

$12 5

WLD *DUDQ 75$

(;

$ 9LVWD 5 [ [ 5 VHP MXURV

&2035$ 3527(*,'$

5

9(/2&,'$'(

*+=

*%

$126 5

3& +(/3

+' *%

5

*DUDQWLD GR IDEULFDQWH DQR 8QLGDGH yWLFD JUDYDGRU '9' &' 3ODFD 79 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 1RUWRQ DQR 'LIHUHQFLDO SRVLWLYR ' $12 5

WLD *DUDQ 75$

(;

$126 5

9(/2&,'$'(

*+=

*%

1RWHERRN $FHU $2 %= &21 37 $$7

*% +' *%

WLD *DUDQ 75$

(;

$126 5

3& +(/3 5

:(%&$0 1RWHERRN ,WDXWHF ,QIRZD\ : 37

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV :L )L %OXH /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' &2035$ 3527(*,'$ 5 6DtGD +'0, 6: 3URGXW 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 1RUWRQ GLDV $12 5

WLD *DUDQ 75$

(;

$126 5

80 648((=(

3& +(/3 5

*+=

.*

*%

WLD *DUDQ 75$

(;

*$1+$'25 '$ 35202d®2 ',$ '$6 0®(6 $0$=21$6 6+233,1*

$126 5

+' *%

:(%&$0

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV ZL IL %OXH /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' &2035$ 3527(*,'$ 6: 3URG 2IILFH 6WDUWHU 5 6: DQWLYtUXV YDO 6HFXULW\ DQR 'LIHUHQFLDO EDWHULD GH FpOXODV $12 5

9(/2&,'$'(

+' *%

3& +(/3 5

.* 1RWHERRN 6RQ\ 9DLR 93& (* (% 3 3.

$ 9LVWD 5 [ [ 5 VHP MXURV &RQH[}HV ZLUHOHVV /HLWRU FDUWmR 86% 8QLGDGH yWLFD 6DtGD +'0, 'LVSRQtYHO WDPEpP QD FRU SUHWR

:(%&$0 $QRV

WLD

Q

$12 5

*%

*5É7,6

* DUD

$ 9LVWD 5 [ [ 5 VHP MXURV .* :(%&$0 *DUDQWLD GR IDEULFDQWH DQR 3URFHV $0' & &RQH[}HV ZLUHOHVV :L IL /HLWRU FDUWmR 86%

6DtGD +'0, &2035$ 3527(*,'$ 5 6: 3URG 2IILFH 6WDUWHU 6: DQWLYtUXV YDO 0F$IHH GLDV 'LIHUHQFLDO DWp K

1RWHERRN 6DPVXQJ 59 &' %5 35 37

+' *%

D QWH

.*

*+=

*+=

U

LF

+' *% 9(/2&,'$'(

*%

9(/2&,'$'(

G R )D E

&OLHQWH %HPRO -DQGHU 5XEHQV GD 6LOYD 3UrPLR .LD 6SRUWDJH

:(%&$0 1RWHERRN /* ' $ 7 %( 3 37

.*

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR &RQH[}HV ZLUHOHVV ZL IL % * 1 /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, 6: 3URGXW 06 2IILFH 6: $QWLYtUXV YDO 1RUWRQ GLDV 'LIHUHQFLDO WHOD ' )XOO +' 'LIHUHQFLDO OHLWRU %OX UD\ $12 5

WLD *DUDQ 75$

(;

$126 5

&2035$ 3527(*,'$

5

3& +(/3 5

3DUDEpQV H REULJDGR

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

*5É7,6

&RPSXWDGRU 3RVLWLYR 3& 79 3UHPLXP ' &=

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 3URFHVV $0' & 'XDO &RUH &RQH[}HV ZLUHOHVV ZL IL EOXH /HLWRU FDUWmR 86% 8QLGDGH yWLFD JUDYDGRU '9' &' 6DtGD +'0, 6: 3URGXW 2IILFH 6WDUWHU $QWLYtUXV YDO 0LFURVRIW DQR 'LIHUHQFLDO EDWHULD FpOXODV


( OHWU{QLFRV &DL[D $PSOLILFDGD +LQRU %R[ 7ULR :

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

6XSRUWH 3 79 (/* 9HVD *HQLXV

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

)RWRV PHUDPHQWH LOXVWUDWLYDV

$ 9LVWD 5 [ [ 5 VHP MXURV 3$5$ 79 '( /&' /(' 3/$60$

*DUDQWLD GR IDEULFDQWH DQR ,QVWDODomR QD SDUHGH 7DPDQKR PtQLPR 7DPDQKR Pi[LPR 7LSR GH IXUDomR 9HVD D $FHVVyULRV PDQXDO H NLW

5

(175$'$

+'0,

+'0, (175$'$6

)8// +' 0RQLWRU 79 /* /&' /(' )+' '79 0 37

0RQLWRU 79 6DPVXQJ /(' )+' '79 /7

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 0XOWLPtGLD HPEXWLGR (QWUDGDV 5*% 79 86% %ULOKR &G 0ò &RPSDWLELOLGDGH :LQGRZV &RQVXPR GH HQHUJLD :

*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 0XOWLPtGLD HPEXWLGR (QWUDGD ' 6XE %DVH UHJXOiYHO %ULOKR FG P &RPSDWLELOLGDGH :LQ ;3 9LVWD &RQVXPR GH HQHUJLD : $12 5

WLD *DUDQ 75$

(;

$126 5

$12 5

WLD *DUDQ 75$

(;

/('

'79 /('

.LW $QWHQD 3DUDEyOLFD +RW 6DW 0 +6

&219(5625 ',*,7$/ ,17(*5$'2

$ 9LVWD 5 [ [ 5 VHP MXURV 2X HQWUDGD 5 [ 5 7RWDO D SUD]R 5

79 6RQ\ /(' %UDYLD .'/ (; :

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR (QWUDGDV iXGLR DQDOyJLFR 6DtGDV iXGLR GLJLWDO WUDVHLUD

3RWrQFLD GR iXGLR : : 506

$126 5

$12 5

WLD *DUDQ 75$

(;

*DUDQWLD GR IDEULFDQWH DQR 5HFHSomR GH FDQDLV 9+) 8+) %RWmR DMXVWH GH VLQWRQLD 5HFHSomR )0 7LSR GH FDER FRD[LDO (QJORED FDQDLV GH D 8VR H[WHUQR

$126 5

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

+'0,

+'0,

(175$'$6

(175$'$6

/('

/&' 79 3DQDVRQLF /&' )+' 7& / 8 %

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

&2035$ 3527(*,'$

327È1&,$ 506 :

*DUDQWLD GR IDEULFDQWH DQR $PSOLILFDGRU HPEXWLGR 'ULYHU )DODQWH VXEZRRIHU GH 6XSHU WZHHWHU 'HVLJQ PRGHUQR 5HSURGX] PpGLRV JUDYHV H DJXGRV $OoDV SDUD WUDQVSRUWH

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 3& 86% 6' 6DtGDV ySWLFD DQDOyJLFD &RQVXPR XVR VWE\ : K : 3RWrQFLD GR iXGLR : 506 )UHT rQFLD +] $12 5

WLD *DUDQ 75$

(;

$126 5

9$5,('$'( '( 352'8726

&219(5625 ',*,7$/ ,17(*5$'2

79 3DQDVRQLF /(' +' 7& / ; %

&2035$ 3527(*,'$

5

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 6' &DUG 86% 6DtGDV iXGLR ySWLFR DQDOyJLFR )UHTXrQFLD +] &RQVXPR XVR VWE\ : : $12 5

WLD *DUDQ 75$

(;

$126 5

&219(5625 ',*,7$/ ,17(*5$'2

79 6DPVXQJ /&' )+' /1 ' )

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 5*% 86% 6DtGDV ySWLFD FRD[LDO 3RWrQFLD GR iXGLR : 506 )UHTXrQFLD +] &RQVXPR XVR VWE\ : K : K $12 5

WLD *DUDQ 75$

(;

$126 5

+'0,

(175$'$

+'0,

)8// +'

)8// +'

/&' &219(5625 ',*,7$/ ,17(*5$'2

&2035$ 3527(*,'$

5

(175$'$6

79 3DQDVRQLF /(' )+' 7& / ( %

$ 9LVWD 5 [ [ 5 VHP MXURV

/(' &219(5625 ',*,7$/ ,17(*5$'2

*DUDQWLD GR IDEULFDQWH DQR 7HPSR GH UHVSRVWD 06 (QWUDGDV 6' &$5' 86% 6DtGDV iXGLR ySWLFR DQDOyJLFR &RQVXPR XVR VWE\ : : $12 5

WLD *DUDQ 75$

(;

$126 5

&2035$ 3527(*,'$

5

0DLV GH PLO LWHQV *DUDQWLD GH TXDOLGDGH H YDULHGDGH GHQWUR GR VHX RUoDPHQWR


$12 5

FP

5

0LFUR 2QGDV (OHFWUROX[ 0() / %5

$ 9LVWD 5 [ [ 5 VHP MXURV P F 2X [ [ 5 7RWDO D SUD]R 5

/ FP

WLD *DUDQ 75$

$126 5

(;

&/$66( $

%$,;2 &216802 '( (1(5*,$

*DUDQWLD GR IDEULFDQWH DQR 3RWrQFLD : $XWR GHVFRQJHODPHQWR DTXHFLPHQWR FR]LPHQWR 7HFOD SLSRFD 7UDYD GH VHJXUDQoD 7LPHU

&2035$ 3527(*,'$

5

WLD *DUDQ 75$

$12 5

(;

$126 5

$U &RQGLFLRQDGR %WXV &RQVXO &&) '%$ 9 *DUDQWLD GR IDEULFDQWH DQR &RPSUHVVRU URWDWLYR $FLRQDPHQWR PDQXDO $ 9LVWD 5 *DELQHWH DoR JDOYDQL]DGR [ [ 5 VHP MXURV P F &LFOR GH DU IULR 2X [ [ 5 6DtGD GR DU ODWHUDO 7RWDO D SUD]R 5

%786

9 FP

&2035$ 3527(*,'$

&/$66( $

$12 5

%$,;2 &216802 '( (1(5*,$

%786

(;

$126 5

&/$66( $

$U &RQGLFLRQDGR *DUDQWLD GR IDEULFDQWH DQR %WXV 6SULQJHU 4&$ %%% 9 &RPSUHVVRU URWDWLYR $FLRQDPHQWR PDQXDO *DELQHWH FKDSD HOHWUR ]LQFDGD $ 9LVWD 5 &LFOR GH DU IULR [ [ 5 VHP MXURV 6DtGD GR DU IURQWDO 2X [ [ 5 ([DXVWmR GR DU 7RWDO D SUD]R 5

F P

9

FP

WLD *DUDQ 75$

$126 5

(;

$FLRQDPHQWR PDQXDO 7LPHU *DELQHWH DoR JDOYDQL]DGR &LFOR GH DU IULR 'XSOD VDtGD GR DU

*DUDQWLD GR IDEULFDQWH DQR &RPSUHVVRU URWDWLYR

5 $12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

%786

FP

&2035$ 3527(*,'$

$U &RQGLFLRQDGR %WXV (OHFWUROX[ (0 ) 9

%$,;2 &216802 '( (1(5*,$

9 FP

WLD *DUDQ 75$

FP

FP

5

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

&2035$ 3527(*,'$

FP

/ LQKD %UDQFD

FP

&2035$ 3527(*,'$

5

&2035$ 3527(*,'$

6HFDGRUD %UDVWHPS . 6XVSHQV %6, $% %5

$7e .*

*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD DQWL UXJDV 7UDYD QD SRUWD &HVWR GH LQR[ 7LSR SDUHGH 3RUWD GH YLGUR WHPSHUDGR 3pV UHJXOiYHLV

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

FP

$12 5

3XULILFDGRU ,%%/ )5 %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

0(6$ FP

FP

WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 6HUYH iJXD JHODGD QDWXUDO 7HUPRVWDWR UHJXOiYHO )LOWUD FROHWRU UHPRYtYHO ,VRODPHQWR WpUPLFR *DELQHWH SROLHWLOHQR

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ &/$66( $

%$,;2 &216802 '( (1(5*,$

$12 5

VR U

&R PS

FP

WLD

%$,;2 &216802 '( (1(5*,$

%786

HV

U

LF

G R )D E

Q

Q

WLD

$QRV

* DUD

* DUD

9

$QRV

D QWH

&/$66( $

%786

U

F

P

FP

(;

6SOLW /* &RPSUHVVRU URWDWLYR 761& <0$ 768& <0$ $FLRQDPHQWR HOHWU{QLFR 7LPHU $ 9LVWD 5 &RQWUROH UHPRWR [ [ 5 VHP MXURV *DELQHWH DoR JDOYDQL]DGR 2X [ [ 5 &LFOR GH DU IULR 7RWDO D SUD]R 5 6DtGD GR DU KRUL]RQWDO YHUWLFDO

9

FP

WLD *DUDQ 75$

FP FP

&R PS

%786

U

FP

FP

FP

5

(;

FP

VR U

$QRV

WLD

&2035$ 3527(*,'$

FP

FP

U

Q

Q

G R )D E

* DUD

* DUD

$QRV

WLD

WLD *DUDQ 75$

6SOLW /* &RPSUHVVRU URWDWLYR 761& 70$ 768& 70$ $FLRQDPHQWR HOHWU{QLFR &RQWUROH UHPRWR *DELQHWH DoR JDOYDQL]DGR $ 9LVWD 5 [ [ 5 VHP MXURV &LFOR GH DU IULR 6DtGD GR DU KRUL]RQWDO YHUWLFDO 2X [ [ 5 7LPHU 7RWDO D SUD]R 5

%$,;2 &216802 '( (1(5*,$

HV

%2&$6

'HSXUDGRU % 'DNR '$'. 3$ ,%5 *DUDQWLD GR IDEULFDQWH DQR YHORFLGDGHV 'XSOD ILOWUDJHP $ 9LVWD 5 0iVFDUD FDSWDGRUD GH DU [ [ 5 VHP MXURV /XPLQiULD 2X [ [ 5 7LSR GH ILOWUR PHWiOLFR 7RWDO D SUD]R 5 7LSR GH ILOWUR FDUYmR

$12 5

&/$66( $

D QWH

(;

)81d®2 '(385$'25 ( (;$86725

$126 5

LF

WLD *DUDQ 75$

FP

$12 5

&/$66( $

%$,;2 &216802 '( (1(5*,$

&/$66( $

%$,;2 &216802 '( (1(5*,$

&/$66( $

%2&$6

%$,;2 &216802 '( (1(5*,$

%2&$6

%2&$6

)2512

FP

FP

FP

)2512 $872/,03$17(

*DUDQWLD GR IDEULFDQWH DQR $ 9LVWD 5 [ [ 5 VHP MXURV 3UDWHOHLUDV IL[DV 7DPSD GH YLGUR 2X [ [ 5 $FHQGLPHQWR DXWRPiWLFR IRUQR

7RWDO D SUD]R 5

&(57,),&$'2 ,62

U

LF

WLD

Q

(;

$126 5

)RJmR % 'DNR /XQD )*'. 3/8'' %5 %5

$QRV

D QWH

&2035$ 3527(*,'$

* DUD

WLD *DUDQ 75$

FP

FP

5 $12 5

)2512 $872/,03$17(

FP

FP &2035$ 3527(*,'$

)RJmR % (VPDOWHF +DZDLL %5

$&(1',0(172 $8720É7,&2 727$/

$&(1',0(172 $8720É7,&2 727$/

$872/,03$17(

FP

%2&$6

&/$66( $

%$,;2 &216802 '( (1(5*,$

G R )D E

$ 9LVWD 5 [ [ 5 VHP MXURV 0HVD GH LQR[ 2X [ [ 5 3UDWHOHLUDV IL[DV 7RWDO D SUD]R 5 $FHQGLPHQWR PDQXDO

)RJmR % 'DNR 6XSUHPH 6 )*'. 366 %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

5 $12 5

WLD *DUDQ

$ (;75

$126 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[DV 7DPSD GH YLGUR

&2035$ 3527(*,'$

)RJmR % &RQWLQHQWDO 6SD]LR )*&7 363 %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

5 $12 5

WLD *DUDQ 75$

(;

$126 5

*DUDQWLD GR IDEULFDQWH DQR 0HVD GH LQR[ 3UDWHOHLUDV IL[D

$WHQGLPHQWR H VHUYLoRV FRP D FHUWLILFDomR GH TXDOLGDGH ,62

)RWRV PHUDPHQWH LOXVWUDWLYDV

352*5$0$6 '( 6(&$*(0

$126 5

$

(;75

FP

FP

$12 5

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

5 WLD *DUDQ


126626

6(59,d26 &2035$ 3527(*,'$

5

5

/DYDGRUD $UQR /DYHWH 6XSHU 0/

$7e .*

352*5$0$6 '( /$9$*(0

*DUDQWLD GR IDEULFDQWH DQR 1tYHLV GH iJXD 6LVW GH ODYDJHP WXUELOKRQDPHQWR 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 3URJUDPD GH HQ[iJ HV

FP

WLD *DUDQ 75$

$12 5

FP

FP

&/$66( $

%$,;2 &216802 '( (1(5*,$

&/$66( $

%$,;2 &216802 '( (1(5*,$

$7e .*

352*5$0$6 '( /$9$*(0

&(175,)8*$d®2

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PDQXDO 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU S DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV

FP

$126 5

(;

/DYDGRUD 6XJJDU $OHOXLD $/ %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$12 5

FP

WLD *DUDQ 75$

(;

3DUFHOH VXDV FRPSUDV FRP FRPRGLGDGH H DFXPXOH SRQWRV SDUD VXDV SUy[LPDV FRPSUDV

5

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

&$57®2 ( %Ñ186

&2035$ 3527(*,'$

/DYDGRUD &RQVXO &:, $ %5

*DUDQWLD GR IDEULFDQWH DQR 6LVWHPD GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PHFkQLFR 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 3URJUDPD GH HQ[iJ HV $12 5

$126 5

WLD

*DUDQ

$

&/$66( $

%$,;2 &216802 '( (1(5*,$

$7e .*

$126 5

(;75

&5(',É5,2 35Ð35,2

&UHGLiULR SUySULR IOH[tYHO H SHUVRQDOL]DGR

FP

&2035$ 3527(*,'$

FP

FP

352*5$0$6 '( /$9$*(0

5(1(*2&,( 6(86 &2175$726

5HSDFWXDomR GLVSRQtYHO HP TXDOTXHU ORMD GH IRUPD VLPSOHV D MXURV UHGX]LGRV

FP

*$5$17,$ %(02/ '( 6$7,6)$d®2

&2035$ 3527(*,'$

&2035$ 3527(*,'$

5

5

/DYDGRUD (OHFWUROX[ /7( %5

$7e .*

352*5$0$6 '( /$9$*(0

(;

$126 5

$12 5

FP

FP

WLD *DUDQ 75$

(;

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

&/$66( $

%$,;2 &216802 '( (1(5*,$

3& +(/3

'XDV YLVLWDV WpFQLFDV SDUD LQVWDODomR H VXSRUWH GR VHX FRPSXWDGRU RX QRWHERRN

*DUDQWLD GR IDEULFDQWH DQR

$7e .* 6LVWHPD GH ODYDJHP DJLWDGRU 1tYHLV GH iJXD &2035$ 3527(*,'$ 7LSR GH FRQWUROH PHFkQLFR &HVWR HP SROLSURSLOHQR 3URWHMD VHX SURGXWR FRQWUD GDQRV &(175,)8*$d®2 'LVSHQVHU S DPDFLDQWH DOYHMDQWH H DFLGHQWHV QmR FREHUWRV SHOR IDEULFDQWH GXUDQWH R SUD]R GH JDUDQWLD 3URJUDPD GH HQ[iJXHV

FP

WLD *DUDQ 75$

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 &/$66( $ 7RWDO D SUD]R 5 %$,;2 &216802 '( (1(5*,$ *DUDQWLD GR IDEULFDQWH DQR $7e .* 6LVWHPD GH ODYDJHP DJLWDGRU 7LSR GH FRQWUROH HOHWU{QLFR 352*5$0$6 1tYHLV GH iJXD '( /$9$*(0 &HVWR HP LQR[ 'LVSHQVHU S DPDFLDQWH DOYHMDQWH &(175,)8*$d®2 3URJUDPD GH HQ[iJ HV

$12 5

9RFr SRGH WURFDU RX FDQFHODU D FRPSUD HP DWp GLDV

/DYDGRUD (OHFWUROX[ /7 ) %5

FP

&(175,)8*$d®2

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 6LVW GH ODYDJHP WXUELOKmR 7LSR GH FRQWUROH PHFkQLFR 1tYHLV GH iJXD &HVWR HP SROLSURSLOHQR 'LVSHQVHU SDUD DPDFLDQWH DOYHMDQWH 3URJUDPD GH HQ[iJ HV

5

/DYDGRUD %UDVWHPS %:/ $%$ %5

FP

&/$66( $

%$,;2 &216802 '( (1(5*,$

FP

$126 5

352*5$0$6 '( /$9$*(0

$12 5

FP

WLD *DUDQ 75$

(;

$126 5

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

(/(7523257É7(,6

3RU XP SHTXHQR FXVWR DGLFLRQDO YRFr JDUDQWH SURWHomR H[WUD SDUD VHX HOHWURSRUWiWLO $ *DUDQWHFK DVVHJXUD D WURFD HP FDVR GH GHIHLWRV SHVVRDV ItVLFDV VRPHQWH

QWLD *DUD75$

(;

&2035$ 3527(*,'$

FP

5

&RQJHODGRU (OHFWUROX[ + / %5

2%-(726 '( '(&25$d®2 0(5$0(17( ,/8675$7,926

5 0È6 RX : K FP

FP

$12 5

&2035$ 3527(*,'$

5

WLD *DUDQ 75$

(;

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

&216802 '( (1(5*,$

*DUDQWLD GR IDEULFDQWH DQR 1tYHO HFRQ{PLFR FODVVH ( )XQomR UHIULJHUDGRU 7HFOD FRQJHODPHQWR UiSLGR 3RVLomR KRUL]RQWDO 5HYHVWLPHQWR DoR ]LQFDGR 3DLQHO GH FRQWUROH ODWHUDO

3e6 &20 52',1+$6

&216802 '( (1(5*,$

35 2 '

/

5 0È6 RX : K

$126 5

RX DQRV D PDLV GH SURWHomR HP VXDV FRPSUDV SRU XP SHTXHQR FXVWR DGLFLRQDO SHVVRDV ItVLFDV VRPHQWH

8 7 2 & / $

6 6 ( $

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

)(&+$'85$ 1$ 3257$

9,'$ /21*$ 3$5$ 6(86 352'8726

*HODGHLUD (OHFWUROX[ 5( / %5 9

/

FP

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248( FP FP

&2035$ 3527(*,'$

FP

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

/ LQKD %UDQFD

*DUDQWLD GR IDEULFDQWH DQR 'HJHOR FRQJ PDQXDO 'HJHOR UHIULJ PDQXDO &RQWUROHV H[WHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD $12 5

FP

WLD *DUDQ 75$

$126 5

(;

-RJRV SDJDPHQWRV GH FRQWDV UHFHELPHQWR GH EHQHItFLRV VDTXHV GD &DL[D H %% FUpGLWR GH FHOXODU HWF 3UHVHQWHV HP ORMDV GD %HPRO

/,67$ '( 35(6(17(6

)DFLOLWH D HVFROKD GH VHXV FRQYLGDGRV GHL[DQGR D OLVWD QD %HPRO RX HP QRVVR VLWH ZZZ EHPRO FRP EU

&$57®2 35(6(17(

$FHUWH QD HVFROKD H DJUDGH VHPSUH 'LVSRQtYHO QRV YDORUHV GH 5 5 5 H 5 &2035$ 3527(*,'$

&2035$ 3527(*,'$

&2035$ 3527(*,'$

5

5

5

ZZZ EHPRO FRP EU

FP QWLD *DUD75$

(;

5 0È6 RX : K

*DUDQWLD GR IDEULFDQWH DQR 'HJHOR PDQXDO &HVWRV JDYHWDV UHPRYtYHLV 3RVLomR 9HUWLFDO $12 5

WLD *DUDQ 75$

(;

$126 5

/ )5267 )5(( FP

35 2 '

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

35 2 '

&216802 '( (1(5*,$

*DUDQWLD GR IDEULFDQWH DQR &RQWUROHV LQWHUQR H[WHUQR 3RUWD UHYHUVtYHO &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWD $12 5

WLD *DUDQ 75$

(;

$126 5

8 7 2 & / $

&216802 '( (1(5*,$

5 0È6 RX : K /,*$'2 K

/ )5267 )5((

FP

P

*HODGHLUD %UDVWHPS *HODGHLUD %UDVWHPS )) %50 (5$1$ / ,1

FP

F

FP

35 2 '

)RWRV PHUDPHQWH LOXVWUDWLYDV

/

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

8 7 2 & / $

6 6 ( $

&216802 '( (1(5*,$

5 0È6 RX : K

)UHH]HU &RQVXO &98 *%$1$ / %5

6 6 ( $

8 7 2 & / $

6 6 ( $

FP

FP

6HUYLoRV H SURGXWRV GLVSRQtYHLV YLD LQWHUQHW K

FP

*$5$17,$ (;75$ 28 $126 $ 0$,6 '( 3527(d®2 (0 68$6 &2035$6 325 80 3(48(12 &8672 $',&,21$/ 3(662$6 )Ì6,&$6 620(17(

*HODGHLUD (OHFWUROX[ )) ') $ / %5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR &RQWUROHV H[WHUQRV &DSDFLGDGH FRQJHODGRU / 3UDWHOHLUDV UHJXOiYHLV UHPRYtYHLV 3RUWD ODWLFtQLR ODWDV $12 5

WLD *DUDQ 75$

(;

+25É5,26 (67(1','26

)XQFLRQDPRV DRV GRPLQJRV H IHULDGRV SDUD VXD PDLRU FRQYHQLrQFLD

&2035( ( +$%,/,7( 6(8 &(/8/$5

7RGDV DV RSHUDGRUDV QD %HPRO 6HX DSDUHOKR KDELOLWDGR QD KRUD GD FRPSUD

$126 5

606 %(02/

&OLHQWH %HPRO UHFHEH WRUSHGRV VREUH FRPSUDV UHDOL]DGDV HQWUHJDV H OHPEUHWH GH YHQFLPHQWR


*$9(7$6 2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(

3ROWURQD / 0RGHFRU &0 %5

DQWLD

$12 *DU 75$ 0HVD 3 (VFULWyULR 5 (; .DSSHVEHUJ 37 0DWHULDO 0'3 3LQWXUD %3 $ 9LVWD 5 [ [ 5 VHP MXURV $FDEDPHQWR %3 6LVWHPD GH PRQWDJHP SDUDIXVR 2X [ [ 5 'LVSRQtYHO QD FRU WHFD ,WiOLD 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 'LVSRQtYHO WDPEpP QD FRU SUHWR

FP

FP

0DWHULDO 0') 0'3 $FDEDPHQWR 89 3LQWXUD 89 6LVWHPD GH PRQWDJHP *LURIL[ /RFDO S FDL[D GH VRP $ 9LVWD 5 $FRPRGDomR 79 /&' '9' 6RP [ [ 5 VHP MXURV 3X[DGRUHV 7LSR &URPDGR 2X [ [ 5 'LVSRQtYHO QD FRU 7RWDO D SUD]R 5 WDEDFR FRP EUDQFR

&DPD &DVDO ,QFDEUDV /RUHQD ,0% 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$

(;75

FP

%HOLFKH ,QFDEUDV %HOJD ; 7%

0DWHULDO 0') 36 3LQWXUD YHUQL] 89 $FDEDPHQWR DOWR EULOKR 6LVWHPD GH PRQWDJHP SDUDIXVRV 'LVSRQtYHO QD FRU WDEDFR FRP EUDQFR

FP

FP

WLD

FP

FP

FP *DUDQ

&{PRGD 6DSDWHLUR 0DWHULDO 0'3 * 5LPR 79 '9' ,3 3& $FDEDPHQWR LPSUHVVmR 6LVWHPD GH PRQWDJHP $ 9LVWD 5 PLQLIL[ *LUR [ [ 5 VHP MXURV &RUUHGLoDV PHWiOLFDV 2X [ [ 5 3RUWDV 7RWDO D SUD]R 5 3X[DGRUHV WLSR DOoD

$7e .*

FP

$12 5

FP

FP

(;

5DFN /tQHD 6LHQD &9 98/ 37

,'26 &2/&+¯(6 9(1' ( 6(3$5$'$0(17

'(&25$d®2 &2/&+®2 ( 2%-(726 '( 926 0(5$0(17( ,/8675$7,

WLD *DUDQ 75$

FP

FP

$12 5

$12 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

&DPD (SHGD $UFRQ 8QLYHUVDO %*

WLD *DUDQ 75$

(;

(;

&DPD GH VROWHLUR 7LSR PRGHOR FDPD DUFRQ 7HFLGR SROLpVWHU DOJRGmR 1tYHO GH FRQIRUWR ILUPH 3URWHomR DQWL iFDUR PRIR DOpUJLFR EDFWpULD

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

0DWHULDO 0') 3LQWXUD 9HUQL] 89 6LVWHPD GH PRQWDJHP IL[DomR 'LVSRQtYHO WDPEpP QD FRU EUDQFR

WLD *DUDQ 75$

$12 5

FP

FP

FP

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$

3257$6 2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(

FP

FP $12 5

(VWDQWH /tQHD $FiFLD &9 98 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 0DWHULDO 0'3 0')

WLD *DUDQ 75$

FP

/8*$5(6

FP

(;

$FDEDPHQWR 89 3LQWXUD 89 6LVW GH PRQWDJHP JLURIL[ IL[DomR $FRPRGDomR 79 /&' '9' 6RP %DU 3X[DGRUHV FURPDGRV 'LVSRQtYHO QDV FRUHV LPEXLD FRP SUHWR H WDEDFR FRP EUDQFR

$12 5

5RXSHLUR 3 * .DSSHVEHUJ 6 7&, 37 +RPH /tQHD (URV &9 37

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 0DWHULDO 0'3

0DWHULDO 0'3 0') $FDEDPHQWR EDL[D SUHVVmR ODFD 3LQWXUD 89 6LVWHPD GH PRQWDJHP JLURIL[ $FRPRGDomR 79 '9' +RPH

*$9(7$6

FP

FP

WLD

*DUDQ

$

(;75

$FDEDPHQWR LPSUHVVmR (VSHOKR 5HVSLUR DQWL PRIR 6LVWHPD GH PRQWDJHP IL[DomR 'REUDGLoDV SUHVVmR PHWiOLFDV &RUUHGLoDV SOiVWLFDV &DOFHLUR FURPDGR 3X[DGRUHV WLSR PHWDO 'LVSRQtYHO QDV FRUHV EUDQFR H EUDQFR FRP SUHWR

3(d$6 3(d$6

P

F

F

P

FP

$12 5

&RSD 3 0DGHVD %5 37

2%-(726 '( '(&25$d®2 9(1','26 6(3$5$'$0(17(

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

WLD *DUDQ 75$

P

F

(;

$VVHQWR DFROFKRDGR &RU GR DVVHQWR SUHWR 0DWHULDO 0') $FDEDPHQWR SLQWXUD 89 7DPSR WLSR WDPSR HP 0') )RUPDWR GR WDPSR UHWDQJXODU 'LVSRQtYHO WDPEpP QD FRU LPEXLD FRP SUHWR

&RSD 3 .DSSHVEHUJ 7 0 & 9'5 &0 %5 FP

FP

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$*25$ 92&È 32'( $*(1'$5 $ 68$ (175(*$ 3$5$ ',$ ( +25É5,2 '( 68$ &219(1,È1&,$ $6 7$;$6 9$5,$0 '( $ 5($,6

$12 5

WLD *DUDQ 75$

(;

$VVHQWR DFROFKRDGR 0DWHULDO IHUUR FURPDGR $FDEDPHQWR YHUQL] SURWHWRU 7DPSR WLSR YLGUR WHPSHUDGR )RUPDWR GR WDPSR UHWDQJXODU

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

FP

FP

)RWRV PHUDPHQWH LOXVWUDWLYDV

FP

FP

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

FP

0yYHLV


9DULHGDGHV

%DQGHMD 'H &DPD 0DUWLSODVW %$ 90

&RROHU 0DUWLSODVW 9HUWLFH &9 17

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

2%-(72 '( '(&25$d®2 9(1','2 6(3$5$'$0(17(

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

'LVSRQtYHO WDPEpP QD FRU SUHWR 3URFHVVDGRU 0DOORU\ $GYDQFH 7ULWHU 5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

/

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR $FRPSDQKD FDUDPERODV &RUSR HP DoR LQR[ 5RWDomR USP &DSDFLGDGH H[WUDomR PO P 3RWrQFLD +3 &RQVXPR .: K

&2035$ 3527(*,'$

5

*DUDQWLD GR IDEULFDQWH DQR )XQomR OLTXLGLILFDGRU )XQomR SXOVDU 3RWrQFLD : 3RUWD ILR $FHVVyULR $12 5

7URFD *DUDQWLGD

2%-(72 '( '(&25$d®2 0(5$0(17( ,/8675$7,92

3URGXWR SRVVXL HQWUDGDV GH DU LPSRVVLELOLWDQGR D FULDomR GH PRIR QDV URXSDV &DSDFLGDGH /

(VSUHPHGRU /RUHQ 6LG (;7 3LF /;

&2035$ 3527(*,'$

$ 9LVWD 5 [ [ 5 VHP MXURV [ 2X [ [ 5 7RWDO D SUD]R 5

$126 5

$12 5

7URFD *DUDQWLGD

&0 02725 &20 52/$0(1726

$126 5

9HQWLODGRU 'H 7HWR /RUHQ 6LG &ULS 0 (3, %5

9$325

)HUUR 0DOORU\ 8OOLVVHV %5 $=

$ 9LVWD 5 [ [ 5 VHP MXURV *DUDQWLD GR IDEULFDQWH DQR %DVH UHYHVWLGD HP 7HIORQ /kPSDGD SLORWR 6DOYD ERW}HV &2035$ 3527(*,'$ 5 3RWrQFLD : $12 5

7URFD *DUDQWLGD

02725 &20 52/$0(1726

$126 5 $12 5

7URFD *DUDQWLGD

$126 5

9HQWLODGRU 'H &ROXQD /RUHQ 6LG 7 0 &9 &5

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 9HORFLGDGH WLSR DMXVWiYHO 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : $OWXUD Pi[LPD 0 0DWHULDO GD JUDGH DoR $MXVWH GH DOWXUD +pOLFH SiV

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5 *DUDQWLD GR IDEULFDQWH DQR 9HORFLGDGH WLSR DMXVWiYHO 2VFLODomR $MXVWH GH LQFOLQDomR *UDGH UHPRYtYHO 3RWrQFLD : $OWXUD Pi[LPD P 0DWHULDO GD JUDGH DoR $MXVWH GH DOWXUD +pOLFH SiV $12 5

/ *DUUDID 7pUPLFD ,QYLFWD 0L[ %537

$ YHQGD GD *DUDQWLD ([WUD %HPRO p H[FOXVLYD SDUD SHVVRD ItVLFD

2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

)RWRV PHUDPHQWH LOXVWUDWLYDV

&HVWR 0DUWLSODVW & 73 75 17

7URFD *DUDQWLGD

$126 5

*HOHLUD ,QYLFWD /

$ 9LVWD 5 [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

$ 9LVWD 5 [ [ 5 VHP MXURV [ [ 5 VHP MXURV 2X [ [ 5 7RWDO D SUD]R 5

/

(&2120,$ 72'26 26 352'8726 '(67( (1&$57( (67®2 &20 35(d26 35202&,21$,6 ( 6,1$/,=$'26 1$6 /2-$6 &20 80$ (7,48(7$ $0$5(/$ /,95(

&2035$ 3527(*,'$

&2035$ 3527(*,'$

5

5

0RWRUROD 0RWRNH\ 0LQL 'XDO &KLS (; $$7

&+,36

0RWRUROD 0RWRNH\ 6RFLDO (; 37 $$7

$ 9LVWD 5 [ [ 5 VHP MXURV

$ 9LVWD 5 [ [ 5 VHP MXURV

&kPHUD 0S[ 7HFODGR 4:(57< 03 SOD\HU 5iGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86% $12 5

WLD *DUDQ 75$

(;

/,95( $126 5

$12 5

/,95( &2035$ 3527(*,'$

5

&2035$ 3527(*,'$

5

0RWRUROD 0RWR 79 'XDO &KLS $$7

$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU UiGLR )0 %OXHWRRWK )RQH RXYLGR &DER 86% 0HPyULD LQWHUQD *%

&+,36 79 ',*,7$/ ( $1$/Ð*,&$ *5É7,6

/,95(

$12 5

WLD *DUDQ 75$

(;

$126 5

&kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L )RQH RXYLGR &DER 86% WLD *DUDQ 75$

(;

&+,36

/,95( $126 5

/* 'XDO &KLS & $$7

&+,36

$ 9LVWD 5 [ [ 5 VHP MXURV 6DPVXQJ 6 6WDU 'XDO &KLS 37

$ 9LVWD 5 [ [ 5 VHP MXURV &kPHUD 0S[ 03 SOD\HU 5iGLR )0 %OXHWRRWK :L )L )RQH RXYLGR $12 5

WLD *DUDQ 75$

(;

$126 5

6XSRUWH SDUD &KLSV VLPXOWkQHRV 7HFODGR 4:(57< FRPSOHWR H HUJRQ{PLFR &RQH[mR :L )L H DFHVVR j LQWHUQHW $FHVVR GLUHWR D UHGHV VRFLDLV )DFHERRN 7ZLWWHU 2UNXW H :LQGRZV /LYH 0HVVHQJHU $WDOKRV QD WHOD SULQFLSDO SDUD UHGHV VRFLDLV QRWtFLDV FOLPD H PDLO H PXLWR PDLV 7HOD GH µ H FkPHUD GH 03 03 3OD\HU H 5iGLR )0 FRP DQWHQD LQWHUQD (QWUDGD SDUD FDUWmR GH PHPyULD GH *% $12 5

WLD *DUDQ 75$

(;

$126 5

&2035$ 3527(*,'$

5

&/,(17( %(02/ 5(&(%( 7253('26 62%5( &2035$6 5($/,=$'$6 (175(*$6 /(0%5(7( '( 9(1&,0(172 $*5$'(&,0(172 3(/$6 &2035$6 ( 48,7$d®2 '2 &$51È


1mR MRJXH HVWH HQFDUWH HP YLD S~EOLFD 2)(57$6 9É/,'$6 $3(1$6 3$5$ $6 /2-$6 '( 0$1$86 9$/,'$'( $ 28 $17(6 2&255(1'2 2 7e50,12 '2 (67248(

%(02/ $0$=21$6 6+233,1* %(02/ $9(1,'$ %(02/ %$55262 %(02/ &$0$38­ %(02/ &,'$'( 129$ %(02/ ('8&$1'26 %(02/ *5$1'( &,5&8/$5 %(02/ ,7$&2$7,$5$ %(02/ 0$1$8$5$ 6+233,1* %(02/ *5$1'( &,5&8/$5 %(02/ 0$1$&$3858 %(02/ 0$75,= %(02/ 0,//(11,80 %(02/ 3217$ 1(*5$ %(02/ 32572 9(/+2 &(1752 %(02/ 32572 9(/+2 6+233,1* %(02/ 5,2 %5$1&2 %(02/ 678',2 6+233,1* %(02/ 72548$72 /2-$ &20

'LVTXH JUiWLV )DOH FRQRVFR H HVFODUHoD VXDV G~YLGDV

ZZZ EHPRO FRP EU

/2-$ &20 &$,;$ (/(75Ñ1,&2 %5$'(6&2

/2-$ &20 %5$'(6&2 (;35(662

/2-$ &20 *8,&+È '$ &$,;$

/LPLWH PtQLPR SDUD YHQGD D FUpGLWR 5 &DUWmR %HPRO (P FRPSUDV DWp 5 FOLHQWH FRP R &DUWmR %HPRO SRGHUi FRPSUDU VHP HQWUDGD H VHP MXURV H SDUFHODU HP DWp YH]HV SDUD GLDV GHVGH TXH HVWHMD FRP VHX OLPLWH GLVSRQtYHO -XURV 'HVSHVDV 2SHUDomR GH &UpGLWR 3DUD 3DUFHODV ,JXDLV $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ $ 0 $ $ HP DWp [ -XURV GH 0RUD DR PrV D SDUWLU GR GLD 0XOWD GH 0RUD D SDUWLU GR GLD 26 3/$126 '( 3$*$0(172 $35(6(17$'26 (67­2 68-(,726 $ $3529$d­2 '( &5e',72 &21)250( &5,7e5,26 87,/,=$'26 3(/$ %(02/

$ 68$ 0(/+25 (6&2/+$


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.