>?
IRUPD©¥R
")"1/,1" +& Á0& &+01 ) Å "0 ")Ç1/& 0 !" &5 1"+0Ã, [ >: -RV« 9 & 0DWLDV /LFHQFLDGR HP (QJHQKDULD (OHWURW«FQLFD ,67
3URIHVVRU GR (QVLQR 6HFXQG£ULR 7«FQLFR $XWRU GH OLYURV W«FQLFR GLG£WLFRV GH HOHWULFLGDGH H HOHWUµQLFD
0 "#"&1,0 ! ,//"+1" ")Ç1/& +, ,/-, %2* +, -,!"* 0"/ !&3"/0,08 2+0 * &0 $/ 3"0 " ,21/,0 *"+,0: ,/ "00 / 7Ã,8 1,!,0 ,0 2&! !,0 0Ã, -,2 ,0 .2 +!, 0" -/,'"1 " &*-)"*"+1 2* ! ! +01 ) ÅÃ, )Ç1/& : * ! 0 0&12 Å "0 -"/&$,0 0 .2" -,!"* , ,//"/ "01Á /") &,+ ! ,* 0 ,//"+1"0 !" #2$ .2" , ,//"*8 "0-,/ !& *"+1" ,2 /"02)1 +1" !, "+3")%" &*"+1, " !"$/ ! ÅÃ, !, * 1"/& ) ")Ç1/& ,: "01" *-,8 /,1"ÅÃ, &#"/"+ & ) Ç #2+! *"+1 ) - / !"1"1 / 02 , ,//È+ & " ,/1 / )&*"+1 ÅÃ, ),$, .2" ,//"+1" !" #2$ 2)1/ - 00 2* ! !, )&*& / -/"3& *"+1" !"#&+&!, [ -/,1"$"+!, 00&* , 21&)&7 !,/:
,VWR « SDUD XP PHVPR GHIHLWR PHVPR ,G H PHVPD 8F D FRUUHQWH TXH SHUFRUUH R FRUSR KXPDQR SRGH YDULDU HQWUH P$ VHP SHULJR D P$ TXH SRGH VHU PRUWDO 1
'LIHUHQFLDO
5
<@:@:A:? #"&1,0 ! 0 ,//"+1"0 ")Ç1/& 0 +, ,/-, %2* +, 2V HIHLWRV SURYRFDGRV SHOD SDVVDJHP GD FRUUHQWH HO«WULFD SHOR FRUSR KXPDQR SRGHP VHU GLYHUVLͤFDGRV &RPR VH VDEH R FRUSR KXPDQR Q¥R « KRPRJ«QHR H FDGD XP GH QµV DSUHVHQWD XPD HVWUXWXUD DQD WµPLFD GLIHUHQWH GR RXWUR $ SHOH « R WHFLGR KXPDQR TXH DSUHVHQWD PDLRU UHVLVW¬QFLD HO«WULFD YDULDQGR R VHX YDORU GH SHVVRD SDUD SHVVRD $ PHVPD SHOH VH HVWLYHU K¼PLGD WHP XPD UHVLVW¬QFLD HO«WULFD PXLWR PHQRU GR TXH VHFD H VH HVWLYHU PROKDGD DLQGD VHU£ PHQRU 3RU RXWUR ODGR RV SRQWRV GH HQWUDGD H GH VD¯GD GD FRUUHQWH SHOR FRUSR KXPDQR WDPE«P V¥R LPSRUWDQWHV SRLV D UHVLVW¬QFLD HO«WULFD GR FRUSR 5K SRGH YDULDU EDVWDQWH FRP R WUDMHWR GD FRUUHQWH 1R 4XDGUR DSUHVHQWDPRV DOJXQV YDORUHV P«GLRV GH 5K GH DFRUGR FRP D SXEOL FD©¥R ̴3URWHFFLRQ FRQWUH OHV FKRFV HOHFWULTXHV ̰ 6HSWHPEUH ̵ 48$'52 5(6,67 1&,$ '2 &2532 +80$12 ƃ
7HQV¥R GH FRQWDFWR 9
(VWDGR GD 3HOH 6HFD
+¼PLGD
0ROKDGD
,PHUVD
1R HQWDQWR D SHOH KXPDQD SRGH DSUHVHQWDU YDORUHV GH UHVLVW¬QFLD HO«WULFD EHP VXSHULRUHV DRV YDORUHV P«GLRV LQGLFDGRV QR 4XDGUR SR GHQGR FKHJDU DRV RKPV 1¥R KDYHQGR SRUWDQWR YDORUHV ͤ[RV SDUD 5K SRGHPRV GL]HU TXH 5K SRGH YDULDU HQWUH FHUFD GH ƃ H GH ƃ QRV FDVRV OLPLWHV PDLV GHVIDYRU£YHLV H IDYRU£YHLV UHV SHWLYDPHQWH 6HQGR DVVLP DGPLWLQGR TXH K£ XP GHIHLWR QXP GDGR UHFHWRU TXH SURYRFRX XPD WHQV¥R GH FRQWDFWR 8F 9 SRU H[HPSOR REWHPRV HQW¥R DV VHJXLQWHV LQWHQVLGDGHV GH FRUUHQWH ,K H[WUHPDV SHU FRUUHQGR R FRUSR KXPDQR QXP FRQWDFWR LQGLUHWR , K
8F 5K
$ P$ H ,K
ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
8F 5K
$ P$
)
OK
8F
),*85$ &217$&72 ,1',5(72
6XSRQKD DJRUD TXH KRXYH XP FRQWDFWR GLUHWR FRP D WHQV¥R GH XPD WRPDGD GH 9 $ LQWHQVLGDGH TXH LULD SHUFRUUHU R FRUSR KXPDQR DG PLWLQGR RV PHVPRV YDORUHV GH 5K VHULD QDV GXDV VLWXD©·HV DQWHULRUHV
, K
8F
8F $ P$ H ,K $ P$ 5K 5K
&RQFOX¯PRV SRUWDQWR TXH XPD GDGD WHQV¥R SRGH WHU HIHLWRV PXLWR QH JDWLYRV QXPD SHVVRD H QXORV QRXWUD H TXH R FRQWDFWR GLUHWR « RE YLDPHQWH PDLV SHULJRVR TXH R FRQWDFWR LQGLUHWR 0DV YHMDPRV HQW¥R TXDLV RV SULQFLSDLV HIHLWRV GD SDVVDJHP GD FRUUHQWH HO«WULFD SHOR FRU SR KXPDQR EHP FRPR RV YDORUHV GDV LQWHQVLGDGHV GH FRUUHQWH TXH SURYRFDP FDGD XP GRV HIHLWRV H DLQGD TXDLV RV OLPLDUHV GH FRUUHQWH H GH WHQV¥R SHULJRVRV SDUD R KRPHP 2V HIHLWRV SRVV¯YHLV GD FRUUHQWH HO«WULFD QR KRPHP V¥R RV VHJXLQWHV &RQWUD©¥R PXVFXODU IUDFD RX P«GLD 6HQVD©¥R GH WHWDQL]D©¥R FRQWUD©¥R PXVFXODU IRUWH 3HUGD GH FRQKHFLPHQWR 3DUDOLVLD GR F«UHEUR 3DUDOLVLD GRV GLIHUHQWHV µUJ¥RV 'HFRPSRVL©¥R GR VDQJXH
>A
HOHWURWHFQLD E£VLFD 2 LGHDO « PHVPR WRPDU WRGDV DV SUHFDX©·HV SDUD RV HYLWDU REVHU YDQGR WRGDV DV UHJUDV GH VHJXUDQ©D H GH ERD SU£WLFD HO«WULFD QXQFD IDFLOLWDQGR
<@:@:A:@: 2+ &,+ *"+1, !, !&0'2+1,/ " &+1"//2-1,/ !&#"/"+ & &0 ([LVWHP GRLV WLSRV GH DSDUHOKRV GLIHUHQFLDLV R LQWHUUXSWRU GLIHUHQ FLDO ,' H R GLVMXQWRU GLIHUHQFLDO '' RX ''5 ̰ GLVMXQWRU GLIHUHQFLDO UHVLGXDO 2 LQWHUUXSWRU GLIHUHQFLDO WHP DSHQDV XPD SURWH©¥R GLIHUHQ FLDO FRQWUD DV FRUUHQWHV GH IXJD HQTXDQWR R GLVMXQWRU GLIHUHQFLDO WHP SDUD DO«P GD SURWH©¥R GLIHUHQFLDO XPD SURWH©¥R PDJQHWRW«UPLFD LVWR « FRQWUD VREUHFDUJDV H FXUWR FLUFXLWRV 3RUWDQWR R GLVMXQWRU « PDLV FRPSOHWR SURWHJHQGR VLPXOWDQHDPHQWH FRQWUD VREUHLQWHQVLGDGHV H FRQWUD FKRTXHV HO«WULFRV VHQGR R LQWHUUXSWRU XWLOL]DGR TXDQGR DV RX WUDV SURWH©·HV FRQWUD VREUHFDUJDV H FXUWR FLUFXLWRV M£ HVW¥R SUHYLV WDV SRU RXWURV µUJ¥RV GH SURWH©¥R
LQGLFDQGR TXH K£ GHIHLWR QR FLUFXLWR H TXH HVVH GHIHLWR SRGH VHU SHUL JRVR &RP HIHLWR QHP WRGDV DV FRUUHQWHV GH IXJD V¥R SHULJRVDV SRLV SRGHP RULJLQDU WHQV·HV GH FRQWDFWR LQIHULRUHV DRV YDORUHV OLPLWHV GH 9 RX GH 9 FRQVRDQWH R WLSR GH ORFDO GD FDQDOL]D©¥R H QHVVD VLWXD©¥R R GLIHUHQFLDO Q¥R GHYHU£ GLVSDUDU $ )LJXUD UHSUHVHQWD R SULQF¯SLR GH IXQFLRQD PHQWR GH XP DSD UHOKR GLIHUHQFLDO PRQRI£VLFR 6H R FLUFXLWR HVWLYHU HP SHUIHLWDV FRQ GL©·HV D FRUUHQWH QD IDVH ,) « LJXDO ¢ FRUUHQWH QR QHXWUR ,1 &RPR DV ERELQDV V¥R LJXDLV D H[FLWD©¥R GR Q¼FOHR VHU£ QXOD H SRUWDQWR QDGD DFRQWHFH 6H KRXYHU XPD IXJD GH FRUUHQWH SRU GHIHLWR SRU H[HPSOR QR SRQWR $ HQW¥R WHUHPRV ,) { ,1 6H VH YHULͤFDU TXH ,) ̰ ,1 ! ,U LQWHQVLGDGH GH UHJXOD©¥R GR GLIHUHQFLDO HQW¥R D H[FLWD©¥R GR Q¼FOHR VHU£ GLIHUHQWH GH ]HUR SRLV TXH )) { )1 H QHVVH FDVR R IOX[R QD ERELQD GH GHWH©¥R YDL H[FLW£ OD SURYRFDQGR D D©¥R GR UHO« VREUH R GLVSDUDGRU R TXDO YDL GHVOLJDU R LQWHUUXSWRU GR FLUFXLWR
/
/
/
1
, ! 7
),*85$ ,17(5583725 ',)(5(1&,$/ 0212) 6,&2
)DEULFDP VH DSDUHOKRV GLIHUHQFLDLV SDUD LQVWDOD©·HV PRQRI£VLFDV H SDUD LQVWDOD©·HV WULI£VLFDV 2 SULQF¯SLR GH IXQFLRQDPHQWR GR DSDUHOKR GLIHUHQFLDO PRQRI£VL FR EDVHLD VH QD FRPSDUD©¥R HQWUH D FRUUHQWH QD IDVH H D FRUUHQWH QR QHXWUR DWXDQGR TXDQGR D GLIHUHQ©D HQWUH HODV H[FHGH XP GDGR YDORU
)
),*85$ 35,1& 3,2 '( )81&,21$0(172 '2 $3$5(/+2 ',)(5(1&,$/ 75,) 6,&2
1
%RW¥R 21 2))
%RW¥R GH WHVWH
,)
,1
5HO« GH GHWH©¥R
,) ,1
),*85$ ',6-81725 ',)(5(1&,$/ 75,) 6,&2 ''5 ̰ 3527( 2 &2175$ )8*$6 '( &255(17( 62%5(&$5*$6 ( &8572 &,5&8,726
%RELQD GH GHWH©¥R
7RUR PDJQ«WLFR
%RELQD GH IDVH
%RELQD GR QHXWUR ƀ)
ƀ1 ƀ) ͟ ƀ1
,) ͟ ,1
&DUJD 7HUUD
$
),*85$ 35,1& 3,2 '( )81&,21$0(172 '2 $3$5(/+2 ',)(5(1&,$/ 0212) 6,&2 ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
1D )LJXUD HVW£ UHSUHVHQWDGR R SULQF¯SLR GH IXQFLRQDPHQWR GR DSDUHOKR GLIHUHQFLDO WULI£VLFR 1HVWH FDVR DV WU¬V IDVHV H R QHXWUR SDVVDP SRU GHQWUR GR Q¼FOHR IHUURPDJQ«WLFR 6H Q¥R KRX YHU TXDOTXHU GHIHLWR D VRPD YHWRULDO GDV FRU UHQWHV QDV IDVHV H QR QHXWUR VHU£ ]HUR R TXH TXHU GL]HU TXH R IOX[R UHVXOWDQWH WDPE«P VHU£ ]HUR 'HVWH PRGR Q¥R KDYHU£ TXDOTXHU D©¥R VREUH R GLVSDUDGRU H VREUH R LQWHUUXSWRU /RJR TXH KDMD XPD IXJD GH FRUUHQWH R VLVWHPD WULI£VLFR GH FRUUHQ WHV ͤFD GHVHTXLOLEUDGR SDVVD D KDYHU XP IOX[R QR Q¼FOHR TXH RULJLQD XPD WHQV¥R HO«WULFD TXH DSOLFDGD ¢ ERELQD GR GLVSDUDGRU ID] GHVOLJDU R LQWHUUXSWRU GHVGH TXH VH YHULͤTXH ,G ! ,U LQWHQVLGDGH GH UHJXOD©¥R 7 « XP ER W¥R GH WHVWH SDUD YHULͤFDU VH R GLVMXQWRU HVW£ HP ERDV FRQGL ©·HV DWXDQGR DR SURYRFDUPRV XPD FRUUHQWH GH GHIHLWR TXDQGR SUHV VLRQDPRV R ERW¥R (P FRQFOXV¥R DR FRUWDU D DOLPHQWD©¥R TXDQGR K£ FRUUHQWHV GH IXJD R DSDUHOKR GLIHUHQFLDO SURWHJH R XWLOL]D GRU TXH PDQXVHLH UHFHWR UHV RQGH RFRUUDP HVVDV FRUUHQWHV GH IXJD