Agenda de eventos Chaves-Verín junho/junio 2018

Page 1

$*(1'$ &+$9(6 9(5Ì1

-81+2 -81,2

'(67$48(6 &+$9(6 9(5Ì1

VH[WD OXQHV

GRPLQJR

VH[WD MXHYHV

GRPLQJR

TXLQWD

VH[WD GRPLQJR

VH[WD GRPLQJR

VH[WD

VH[WD

YLHUQHV

GRPLQJR

PLpUFROHV

GRPLQJR VHJXQGD

TXLQWD VHJXQGD

VHJXQGD WHUoD

ViEDGR GRPLQJR

ViEDGR

TXLQWD VH[WD

TXLQWD VH[WD

ViEDGR

ViEDGR GRPLQJR

MXHYHV

YLHUQHV

$*(1'$ 21/,1( ',6321Ì9(/ (0 ',6321,%/( (1 ZZZ FKDYHV SW ZZZ HXURFLGDGHFKDYHVYHULQ HX 72'$6 $6 7(5d$6 72'26 /26 0$57(6

&+$9(6

'(6&2%5,5 2 081'2 '26 /,9526

%LEOLRWHFD 0XQLFLSDO GH &KDYHV K H K 9LVLWDV JXLDGDV j %LEOLRWHFD 0XQLFLSDO GXUDQWH DV TXDLV VH SUHWHQGH GDU D FRQKHFHU R IXQGR GRFXPHQWDO H VHUYLoRV DR GLVSRU GRV VHXV XWLOL]DGRUHV $WLYLGDGH SDUD JUXSRV RUJDQL]DGRV PHGLDQWH PDUFDomR SUpYLD 2UJ 0XQLFtSLR GH &KDYHV 72'$6 $6 48,17$6 72'26 /26 -8(9(6

&+$9(6

+25$ '2 &2172

%LEOLRWHFD 0XQLFLSDO GH &KDYHV K H K $ %LEOLRWHFD SURSRUFLRQD DRV PDLV QRYRV XPD KRUD GH GHVFREHUWD H LPDJLQDomR FRP R LQWXLWR GH HVWLPXODU D OHLWXUD H D SDUWLOKDU OLYURV ´-2®2 3e '( )(,-®2 ( 0,/$'< '2 6(8 &25$d®2µ 7H[WR GH -RVp )DQKD H LOXVWUDo}HV GH 0DIDOGD 0LOK}HV ´+i PXLWR WHPSR YLYLD QXPD DOGHLD XP PHQLQR SREUH FKDPDGR -RmR TXH XP GLD DFHLWRX WURFDU D VXD YDFD SRU IHLM}HV PiJLFRV µ 3~EOLFR DOYR SUp HVFRODU ´2 9$/( '26 02,1+26µ 7H[WR GH 1RHOLD % O D Q F R H L O X V W U D o } H V G H 9D O H U L D 'RFDPSR ´1R YDOH GRV PRLQKRV YLYLDP PXOKHUHV KRPHQV H FULDQoDV FRPR WX RX FRPR HX $Wp TXH XP GLD FKHJDUDP DV PiTXLQDV SHUIHLWDV µ 3~EOLFR DOYR FLFOR GR HQVLQR EiVLFR 2UJ 0XQLFtSLR GH &KDYHV

3$/(675$6 '( 1875,d®2 $XGLWyULR GDV 7HUPDV GH &KDYHV K 1XWULFLRQLVWD )LOLSH )HUUHLUD 2UJ &KDYHV 7HUPDV 63$ 72'$6 $6 48$57$6 72'26 /26 0,e5&2/(6

&+$9(6

2),&,1$ '( 5(67$852 ( &216(59$d®2 %LEOLRWHFD 0XQLFLSDO GH &KDYHV K H K ,QLFLDWLYD GHVWLQDGD D WRGD D FRPXQLGDGH HVFRODU FRP R LQWXLWR GH SURPRYHU WpFQLFDV IXQGDPHQWDLV QR SURFHVVR GH PDQXWHQomR H UHSDUDomR GH OLYURV $WLYLGDGH SDUD JUXSRV PHGLDQWH PDUFDomR SUpYLD 2UJ 0XQLFtSLR GH &KDYHV '( 0$57(6 $ '20,1*2 '( 7(5d$6 $ '20,1*2

9(5Ì1

(;326,&,Ð1 0XVHR &ODXVWUR 0HUFHGDULRV K D K \ K D K 5HDSHUWXUD FRQ QXHYRV FRQWHQLGRV UHODWLYRV DO PXQGR GHO YLQR \ DO SDVDGR GH OD FRPDUFD 2UJ &RQFHOOR GH 9HUtQ

72'26 /26 -8(9(6 72'$6 $6 48,17$6

9(5Ì1

587$ *$67521Ð0,&$ ´3,1&+2 ;29(6µ 3URSXHVWD JDVWURQyPLFD SURPRYLGD SRU OD $VRFLDFLyQ GH +RVWHOHURV GH 9HUtQ GRQGH HO SLQFKR SRU ¼ VH FRQYLHUWH HQ HO YHUGDGHUR SURWDJRQLVWD GH XQD GH ODV FRVWXPEUHV VRFLDOHV PiV DUUDLJDGDV GH QXHVWUR WHUULWRULR (VWDEOHFLPLHQWRV SDUWLFLSDQWHV %UDVLO /XJDQR 2 $XJXHLUR 6 5RTXH &DVD 0DQROD 2 &DVWHOR *DQGDLQDV 5HVWDXUDQWH $ )RQWH $GHJD GR &DQHGD &DIHWHUtD $JRUD 3DUDGRU GH 7XULVPR GH 0RQWHUUHL 6RXWR GDV &DQGHDV %DU 2 7L[R 7DSHULD 2 5HFXQFKR GD -DFLQWD $ %UDVD 7DSDV D 3DOOHLUD &DIHWHUtD 2 /XUH 5HVWDXUDQWH &DVD 1HOD 7DEHUQD *DOORID &DIp %DU /H 3DODFH &DIp %DU $ 0HUFHG 3DUULOODGD $ )UDJD 5HJXHLUR GD &RYD \ +RVWDO 5HVWDXUDQWH 5LEHLUR &ODUR 2UJ $(+&20 KDVWD DWp

PDUWHV WHUoD

9(5Ì1

DWp MXOKR KDVWD MXOLR

&+$9(6

7$//$ (1 0$'(,5$ $57( (;326,d®2 ( 2),&,2 $548,7(&785$ 62%5( 6DOD GH ([SRVLFLRQHV GH 9HUtQ 7(/$ 1$',5 $)2162

OXQHV D YLHUQHV K D K ViEDGRV K D K \ K D K

([SRVLFLyQ SURPRYLGD SRU HO SURIHVRU ;RVp /RLV &DUUHLUD FRQ REUDV UHDOL]DGDV SRU ORV DOXPQRV GHO $XOD GH 7DOOD GH OD (VFROD GH $UWHV H 2ILFLRV 8QD LQLFLDWLYD SDUD GHPRVWUDU HO LQWHUpV DFWXDO HQ ORV DVSHFWRV DUWtVWLFRV \ WpFQLFRV GH XQ RILFLR SUiFWLFDPHQWH GHVDSDUHFLGR 2UJ (VFROD GH $UWHV H 2ILFLRV DWp KDVWD

0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR ([SRVLomR PRQRJUiILFD GR PHVWUH 1DGLU $IRQVR GHGLFDGD DR VHX SHUFXUVR LQWHUQDFLRQDO $ ´$UTXLWHFWXUDµ FRPR FRPSRQHQWH SHVVRDO H SURILVVLRQDO GH 1DGLU $IRQVR H ´VREUH 7HODµ FRPR XQLYHUVR PDWHULDO H FRQFHWXDO GR DXWRU H GD VXD REUD 2UJ 0XQLFtSLR GH &KDYHV

RXWXEUR RFWXEUH

&+$9(6

(;326,d®2 0(6$ '26 621+26 '8$6 &2/(d¯(6 '( $57( &217(0325Ç1($ 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR ([SRVLomR FRP FXUDGRULD GH -RmR 6LOYpULR LQWHJUD REUDV GH YiULRV DUWLVWDV QDFLRQDLV H HVWUDQJHLURV TXH SHUPLWHP FRORFDU D DUWH SRUWXJXHVD QXP FRQWH[WR LQWHUQDFLRQDO H D DUWH LQWHUQDFLRQDO HP FRQWH[WR QDFLRQDO 2UJ 0XQLFtSLR GH &KDYHV H )XQGDomR GH 6HUUDOYHV

YLHUQHV

VH[WD

GRPLQJR GRPLQJR

9(5Ì1 -251$'$6 '( 38(57$6 $%,(57$6 9,126 0217(55(,

%RGHJDV GH 9HUtQ

8Q ILQ GH VHPDQD GH H[SHULHQFLDV HQRWXUtVWLFDV 3RGUiV GLVIUXWDU GH ORV YLQRV GH OD 'HQRPLQDFLyQ GH 2ULJHQ 0RQWHUUHL GH YLVLWDV JXLDGDV D ERGHJDV \ DFWLYLGDGHV FRPSOHPHQWDULDV 2UJ $VRFLDFLyQ 5XWD GHO 9LQR 0RQWHUUHL \ 7XULVPR GH *DOLFLD

VH[WD YLHUQHV

&+$9(6

&20(025$d¯(6 '2 ',$ 081',$/ '$ &5,$1d$ (VWiGLR 0XQLFLSDO GH &KDYHV $WLYLGDGHV TXH LUmR HQYROYHU DV FULDQoDV GR HQVLQR SUp HVFRODU H ž FLFOR GD UHGH S~EOLFD H SULYDGD GR FRQFHOKR 2UJ 0XQLFtSLR GH &KDYHV

9(5Ì1

2%5$'2,52 '( *$6752120,$ 3OD]D GH OD 0HUFHG K 5HDOL]DFLyQ JUDWXLWD GH XQ WDOOHU JDVWURQyPLFR RUJDQL]DGR SRU OD 5XWD GHO 9LQR GH 0RQWHUUHL 8Q ILQ GH VHPDQD GH H[ S H U L H Q F L D V H Q R W X U t V W L F D V 0 i V LQIRUPDFLyQ HQ HQ LQIR#GRPRQWHUUHL FRP 2UJ $VRFLDFLyQ 5XWD GHO 9LQR 0RQWHUUHL \ 7XULVPR GH *DOLFLD

&+$9(6

VH[WD

YLHUQHV

ViEDGR ViEDGR

&+$9(6

02675$ '( $57( 6(5,*5$),$6 '2 7() &LQH 7HDWUR %HQWR 0DUWLQV

6HULJUDILDV GRDGDV SHORV DU WLVWDV )ODYLHQVHV 3URMHWR GH $UWH FULDGR SHOR 7() FRP R LQWXLWR GH GLYXOJDU RV DUWLVWDV )ODYLHQVHV 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

75,%872 $26 ;8726 3217$3e6 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K *UXSR &RUDO 5LEHLUHQVH &RUR ,QIDQWR -XYHQLO $(-0 &RURV GD $$& H (QUDL]DUWH ´9HUVmR 5RFNµ &RQFHUWR GH DSRLR j $VVRFLDomR GRV $PLJRV GRV $QLPDLV GH &KDYHV (QWUDGD *UiWLV 2UJ 0XQLFtSLR GH &KDYHV $VVRFLDomR GH 'HVHQYROYLPHQWR H 3URPRomR GR HVSDoR 5XUDO H (QUDL]DUWH

VH[WD YLHUQHV

&+$9(6

&,1(0$ 80 /8*$5 6,/(1&,262 &LQH 7HDWUR %HQWR 0DUWLQV K 0 _ PLP _ WKULOOHU 8PD IDPtOLD YLYH HP DEVROXWR VLOrQFLR DPHDoDGD SRU PLVWHULRVDV FULDWXUDV TXH FDoDP DWUDYpV GR VRP %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

VH[WD YLHUQHV

0Ó6,&$ $2 9,92

9,12 %86

GRPLQJR GRPLQJR

9(5Ì1

(VWDFLyQ GH $XWRE~V GH 9HUtQ -RUQDGDV GH SXHUWDV DELHUWDV YLQRV 0RQWHUUHL (O SULPHU ILQ GH VHPDQD GH -XQLR WH HVSHUDPRV HQ QXHVWUR GHVWLQR HQ ODV YLVLWDV JXLDGDV D %RGHJDV $EHOHGRV %RGHJDV 'DQLHO )HUQiQGH] %RR5LYHUR &UHJR H 0RQDJXLOOR *DUJDOR 4XLQWD GR %XEOH 0iV ,QIRUPDFLyQ 2UJ $VRFLDFLyQ 5XWD GHO 9LQR 0RQWHUUHL \ 7XULVPR GH *DOLFLD

&+$9(6

9Ì725 3(,;(,52 '82

9tWRU 3HL[HLUR H -RVp $IRQVR DERUGDP WHPDV GH WRGRV RV WHPSRV H HVWLORV 8PD JXLWDUUD XPD YR] H R FDORU GD SHUFXVVmR WUD]HP XPD OXIDGD GH DU IUHVFR D FOiVVLFRV TXH DWUDYHVVDUDP YiULDV JHUDo}HV H FRQWLQXDP D ID]HU VXFHVVR (QWUDGD OLYUH 2UJ 6ROYHUGH &DVLQRV +RWpLV

ViEDGR ViEDGR

ViEDGR

ViEDGR

ViEDGR ViEDGR

%DU 3OD]D GR &DVLQR GH &KDYHV GDV K j K

&+$9(6

)(,5$ '$6 9$5$1'$6

/DUJR GR $UUDEDOGH K jV K

)HLUD GH 3URGXWRV 5HJLRQDLV 2UJ $PR&KDYHV $VV GH 0RUDGRUHV GR &HQWUR +LVWyULFR GH &KDYHV $SRLR 0XQLFtSLR GH &KDYHV

ViEDGR ViEDGR

&+$9(6

(63(7É&8/2 $ ,1&5Ì9(/ 9,$*(0 '( 9,7Ð5,$ 18-((1 SHOR *UXSR GH 7HDWUR H $UWHV 3HUIRUPDWLYDV GD 87$' &LQH 7HDWUR %HQWR 0DUWLQV K 2 FRUSR D YR] H D P~VLFD GHL[DP HP SDOFR SDVVRV FDUUHJDGRV GH PHPyULDV H WUDQVSRUWDP QRV SDUD RXWUR ORFDO 2 TXH WHUi WRPDGR FRQWD GH QyV" $ OHPEUDQoD TXH GHL[RX UDVWR YLQFDGR IRL R SRQWR GH SDUWLGD SDUD HVWH SURMHWR TXH UH~QH YiULRV LQWpUSUHWHV H EDLODULQRV 1D LQFHVVDQWH SURFXUD GR HVSDoR RQGH R PRYLPHQWR FRUSRUDO D OX] H R VRP VH LQWHUOLJDP jV PHPyULDV YLDMDPRV FRP 9LWyULD 1XMHHQ $ PXOKHU TXH QXQFD SDURX R UHOyJLR %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

GRPLQJR

&+$9(6

GRPLQJR

(',d®2 75$,/ 75,/+2 &29$ '2 /$'5®2 &RQFHQWUDomR QD (VFROD GH 0RUHLUDV K 6DtGD SUHYLVWD jV K ,WLQHUiULR (VFROD GH 0RUHLUDV SDVVDJHP SHODV &DVFDWDV GH $OPRIUH YLVLWD jV ODJRDV H PRLQKRV GHVDWLYDGRV QD &RYD GR /DGUmR SDVVDJHP SHOR IDQWiVWLFR 0RUUR GR (VFRQGHULMR GD 0RXUD H UHJUHVVR j (VFROD GH 0RUHLUDV 2UJ -XQWD GH )UHJXHVLD GH 0RUHLUDV

)(,5$ 0(16$/ '( 6®2 3('52 '( $*267e0 6DQWXiULR GH 1RVVD 6HQKRUD GD 6D~GH K jV K 5HDOL]D VH QR GRPLQJR GH FDGD PrV FRP SRQWRV GH YHQGD GH SURGXWRV ORFDLV WDLV FRPR SmR IRODU PHO IXPHLUR YLQKR OLFRUHV IUXWD OHJXPHV FHVWDULD URXSDV HQWUH RXWURV 2UJ -XQWD GH )UHJXHVLD GH 6mR 3HGUR GH $JRVWpP _ $SRLRV &RPLVVmR GH )HVWDV GD 1RVVD 6HQKRUD GD 6D~GH

9,12 %86

9(5Ì1

(VWDFLyQ GH $XWRE~V GH 9HUtQ K 9LVLWD D ODJDU UXSHVWUH 7~QHO GR YLxR 0RQWHUUHL \ WLHPSR OLEUH SDUD FRPHU /D 5X W D I L Q D O L ] D D O D V K 0 i V , Q IR U P D F L y Q \ U H V H U YD V H Q W I Q R 2UJ $VRFLDFLyQ 5XWD GHO 9LQR 0RQWHUUHL \ 7XULVPR GH *DOLFLD

&+$9(6

3$66(,2 %77

&DVWUR GH &XUDOKD K 'LVWkQFLD NP $ LQVFULomR LQFOXL UHIRUoR DOLPHQWDU H DOPRoR (PDLO FDVWUXP FXUDOLD#JPDLO FRP 2 U J & $ 67 58 0 $ V V R F L D o m R G H 'HVHQYROYLPHQWR &XOWXUDO GH &XUDOKD $SRLR -XQWD GH )UHJXHVLD GH &XUDOKD

&,1(0$ 80 /8*$5 6,/(1&,262

&LQH 7HDWUR %HQWR 0DUWLQV K K H K 0 _ PLP _ WKULOOHU 8PD IDPtOLD YLYH HP DEVROXWR VLOrQFLR DPHDoDGD SRU PLVWHULRVDV FULDWXUDV TXH FDoDP DWUDYpV GR VRP %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

OXQHV VHJXQGD

ViEDGR ViEDGR

9(5Ì1

PLpUFROHV TXDUWD

9(5Ì1

7($752 ´6&22%< '22 ( 2 0,67(5,2 '$ &26785(,5$µ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ K

(;326,&,Ð1 ´32578*$/,'$'(µ '( &$5/26 'Ì$6 6HGH $(7& &KDYHV 9HUtQ /D 6HGH GH OD (XURFLXGDG VLWXDGD HQ )HFHV GH $EDL[R DFRJHUi OD PXHVWUD H[SRVLWLYD ´3RUWXJDOLGDGµ SLQWXUDV GH &DUORV 'tDV 3RUWXJDOLGDGH $IDVWDPHQWR KRPHQDMH D OD SREODFLyQ WUDQVPRQWDQD 2UJ $(&7 &KDYHV 9HUtQ \ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

OXQHV VHJXQGD

9(5Ì1

0(5&$'2 3OD]D *DUFtD %DUEyQ \ $ODPHGD K D K 8Q PHUFDGR WUDGLFLRQDO FRQ SXHVWRV GH SURGXFWRV DXWyFWRQRV UHSDUWLGRV SRU OD ]RQD KLVWyULFD \ HO GtD LGHDO SDUD GLVIUXWDU GH OD JDVWURQRPtD 2UJ &RQFHOOR GH 9HUtQ

/DV 9ROXQWDULDV GH OD %LEOLRWHFD GHO D\XQWDPLHQWR GH 9HUtQ WLHQHQ HO SODFHU GH SUHVHQWDU OD REUD GH GH WHDWUR 6FRRE\ 'RR H R PLVWHULR GD FRVWXUHLUDµ JXLyQ UHDOL]DGR SRU 'xD 1RHOLD *DOOHJR &DPSRV /D DFWLYLGDG HVWD GHVWLQDGD D XQ PD[ GH VRFLRV FRQ HGDGHV GH D DxRV 3DUD SDUWLFLSDU HV QHFHVDULR LQVFULELUVH D SDUWLU GHO OXQHV GH -XQLR \ ELEOLRWHFD#YHULQ JDO 2UJ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

MXHYHV TXLQWD

DJRVWR DJRVWR

(;326,&,Ð1 7(0É7,&$ (/2< /8,6 $1'5e

9(5Ì1

%LEOLRWHFD 0XQLFLSDO GH 9HUtQ $ ODV K LQDXJXUDFLyQ GH OD ([SRVLFLyQ WHPiWLFD GHGLFDGD D ' (OR\ /XLV $QGUp 7DPELpQ WHQGUi OXJDU OD SUHVHQWDFLyQ GHO OLEUR TXH DFRPSDxD D OD H[SRVLFLyQ 2UJ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

TXLQWD

MXHYHV

GRPLQJR GRPLQJR

&+$9(6 0É*,&2 ž )(67,9$/ ,17(51$&,21$/ '( 0$*,$ 48,17$ K 0$*,$ '( 58$ *XWR 0iJLFR 9HJDV H /XtV 6DQWRV QR /DUJR *HQHUDO 6LOYHLUD 6(;7$ K 0$*,$ '( 58$ *XWR 0iJLFR 9HJDV H /XtV 6DQWRV QR /DUJR *HQHUDO 6LOYHLUD K *$/$ '( $%(5785$ $QGUp /RSHV 0LJXHO 6DUDLYD $PkQFLR /XtV 6DQWRV 2VFDU (VFDODQWH H =KDR -XQ QR $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV %LOKHWHV j YHQGD QR &HQWUR &XOWXUDO GH &KDYHV &ULDQoDV DWp DQRV ¼ $GXOWRV ¼

6É%$'2 K *$/$ '( &/26( 83 $QGUp /RSHV $PkQFLR *RQoDOR *LO 0iJLFR 9HJDV H 5RYLW QR $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV %LOKHWHV j YHQGD QR &HQWUR &XOWXUDO GH &KDYHV &ULDQoDV DWp DQRV ¼ $GXOWRV ¼

6É%$'2 ( '20,1*2 &RQJUHVVR ,QWHUQDFLRQDO GH 0DJLD 2UJ 0XQLFtSLR GH &KDYHV H &OXEH $PLJRV GD 0DJLD

&+$9(6

VH[WD YLHUQHV

&+$9(6

)(,5$ 0(',(9$/ (VFROD %iVLFD 1DGLU $IRQVR K jV K 6RE D pJLGH GR SDWULPyQLR FXOWXUDO D FRPXQLGDGH HVFRODU FRQVWUyL QRYRV ROKDUHV VREUH R SDVVDGR DR SURWDJRQL]DU D UHFRQVWLWXLomR DR YLYR GH XP PHUFDGR H VHUmR GD ,GDGH 0pGLD (QWUDGD OLYUH 2UJ (VFROD 1DGLU $IRQVR

9(5Ì1 &21)(5(1&,$ '( ' ;26e 5$0Ð1 6272

%LEOLRWHFD 0XQLFLSDO GH 9HUtQ K 3DUD SDUWLFLSDU HV QHFHVDULR LQVFULELUVH D SDUWLU GHO OXQHV GH MXQLR \ ELEOLRWHFD#YHULQ JDO 2UJ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

VH[WD YLHUQHV

0Ó6,&$ $2 9,92

&,1(0$ '($'322/ &LQH 7HDWUR %HQWR 0DUWLQV K 0 _ PLQ _ DomR 0DLRU PHOKRU H RFDVLRQDOPHQWH PDLV GHVSLGR GR TXH QXQFD 4XDQGR R VXSHU VROGDGR WHP XPD PLVVmR DVVDVVLQD 'HDGSRRO p IRUoDGR D SHQVDU QD DPL]DGH IDPtOLD H QR TXH UHDOPHQWH VLJQLILFD VHU XP KHUyL 7XGR LVVR HQTXDQWR Gi FDER GH VRPEUDV GH WXGR R TXH PH[H %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

ViEDGR ViEDGR

&+$9(6

ViEDGR ViEDGR

&+$9(6

'82 '( 3('52 %$526$ 0$5,$ '( '(86 %DU 3OD]D GR +RWHO &DVLQR GH &KDYHV K j K 0DULD GH 'HXV H 3HGUR %DURVD SHUFRUUHP DOJXPDV GDV VRQRULGDGHV GR -D]] %UDVLO 6RXO H 3RS (QWUDGD OLYUH 2UJ 6ROYHUGH &DVLQRV +RWpLV

&$0,1+$'$ ´'$5 0$,6 9,'$ $26 $126 '$5 0$,6 $126 ­ 9,'$µ 527$ '2 3®2 &RQFHQWUDomR QDV 7HUPDV GH &KDYHV K 6DtGD GH DXWRFDUUR jV K ,QFOXL DXOD GH DTXHFLPHQWR SHTXHQR DOPRoR VDXGiYHO DXOD GH UHOD[DPHQWR YLVLWD JXLDGD j DOGHLD GH )DL}HV H UHJUHVVR GH DXWRFDUUR jV 7HUPDV GH &KDYHV 2UJ &KDYHV 7HUPDV 63$ $SRLR 0XQLFtSLR GH &KDYHV

ViEDGR ViEDGR

&+$9(6

, 7251(,2 35(6,'(17( +2125É5,2 )5$1&,6&2 &$59$/+2

(VWiGLR 0XQLFLSDO GH &KDYHV

7RUQHLR TXDGUDQJXODU SDUD D IDL[D HWiULD 6XE FRP MRJDGRUHV QDVFLGRV DWp &RQWDUi FRP D SDUWLFLSDomR GR $EDPEUHV 6& *' &KDYHV 2XUHQVH &) H GR 6& %UDJD (YHQWR HQTXDGUDGR QDV DWLYLGDGHV GH HQFHUUDPHQWR GD pSRFD GHVSRUWLYD K 5HFHomR GDV &RPLWLYDV K -RJR 1 ž *' &KDYHV [ $EDPEUHV 6& K -RJR 1 ž 6& %UDJD [ 2XUHQVH &) K -RJR GH DWULEXLomR GRV ž ž &ODVVLILFDGRV K )LQDO K &HULPyQLD GH HQWUHJD GH WURIpXV 2UJ 'HSDUWDPHQWR GH )RUPDomR GR *UXSR 'HVSRUWLYR GH &KDYHV $SRLR 0XQLFtSLR GH &KDYHV

(;3(5,(1&,$ &2175$%$1'2

9(5Ì1

9LODUHOKR GD 5DLD K 37 &DPLQRV GHO &RQWUDEDQGR HQ OD UDLD LEpULFD &KDYHV 9HUtQ GHVWLQR GH IURQWHUD ([SHULPHQWH VHU FRQWUDEDQ GLVWD SRU XQ GtD \ YLYD K HQ OD IURQWHUD PiV DQWLJXD HVWDEOH \ ODUJD GH OD 8( 0iV LQIR HQ \ KWWS ZZZ GRXURZHOOFRPH FRP 2UJ 'RXUR :HOFRPH \ $(&7 &KDYHV 9HUtQ

ViEDGR

ViEDGR

&+$9(6

ViEDGR ViEDGR

GRPLQJR GRPLQJR

(675(,$ 5(9,67$ ­ )/$9,(16( ´Ð &+$9(6 12%5( &,'$'(µ

$1,9(56É5,2 &+$9(6 '2 /$5 '2 %20 &$0,1+2 '( &$/9®2

&LQH 7HDWUR %HQWR 0DUWLQV K

6É%$'2 K K &21*5(662 (19(/+(&,0(172 1$785$/ '2 ,'262 FRP $QWyQLR 3DOKD 0DULD -RmR 4XLQWHOD H -RVp 3LQWR GD &RVWD '20,1*2 &(/(%5$d®2 '2 $1,9(56É5,2 '2 /$5 '( &$/9®2 K 0LVVD &DPSDO K &RQFHUWR SHOD %DQGD 0XVLFDO GH /RLYRV 2UJ /DU GR %RP &DPLQKR GH &DOYmR

0 _ PLQ _ FRPpGLD ,QVSLUDGD QD 0DUFKD GH &KDYHV QD P~VLFD GH &DUORV (PtGLR 3HUHLUD H OHWUD GD SRHWLVD 0DULD 1HOVRQ QDVFH D 5HYLVWD ´Ð &KDYHV 1REUH &LGDGHµ 2 WHPD DSDL[RQDQWH GD PDUFKD Gi D FRQKHFHU R PHOKRU GH &KDYHV XWLOL]DQGR R KXPRU H D DOPD GRV )ODYLHQVHV e WHDWUDOL]DGR QXP WUDMHWR SHOD KLVWyULD H SHORV PRQXPHQWRV TXH FDUDWHUL]DP D FLGDGH 2V DWRUHV SHUWHQFHP DR $WHOLHU ´7HDWUR 3DUD 7RGRVµ VRE D RULHQWDomR GH 5XILQR 0DUWLQV H FRP WH[WRV GH 5XL 3LQWR H $OEHUWR 6DPSDLR %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH H $WHOLHU 7HDWUR 3DUD 7RGRV

GRPLQJR

GRPLQJR

&+$9(6

)(,5$ 0(16$/ '( &85$/+$ (1 /XJDU GD (VWUDGD &XUDOKD K jV K $ )HLUD 0HQVDO GH 3URGXWRV /RFDLV GH &XUDOKD UHDOL]D VH QR GRPLQJR GH FDGD P r V & R P H UF L D O L ] D P V H G L YH U V R V SURGXWRV GD UHJLmR EHP FRPR DTXHOHV TXH VmR FDUDWHUtVWLFRV GHVWHV HYHQWRV +DYHUi DLQGD SHWLVFRV EDU H PXLWD DQLPDomR 2UJ &$67580 $VV GH 'HVHQYROYLPHQWR /RFDO GH &XUDOKD _ $SRLR - ) &XUDOKD

'$5 $/(*5,$ $26 $126 &219Ì9,26 0,1+$6 0(0Ð5,$6 3DYLOKmR ([SRIOiYLD K jV K $WXDomR GR *UXSR 6LPSDWLD 2UJ 0XQLFtSLR GH &KDYHV

GRPLQJR

&+$9(6

GRPLQJR

*/(1 +$16$5' )5,(1'6 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K 9HQFHGRU GH XP ÐVFDU GD $FDGHPLD H XP *UDPP\ *OHQ +DQVDUG YROWD DR QRVVR SDtV SDUD PDLV XP HVSHWiFXOR PHPRUiYHO 'HSRLV GH WHU YLVLWDGR &KDYHV SHOD SULPHLUD YH] Ki XP DQR DWUiV R FDQWDXWRU LUODQGrV ILFRX HQFDQWDGR FRP D FLGDGH WUDQVPRQWDQD 'HFLGLX HQWmR MXQWDU DOJXQV DPLJRV LUODQGHVHV H DSUHVHQWDU OKHV D FLGDGH SHOD TXDO VH DSDL[RQRX 'HVVD YLVLWD TXH QmR p PDLV GR TXH XP UHHQFRQWUR GH DPLJRV UHVXOWD XP HVSHWiFXOR ~QLFR RQGH VH FHOHEUD D DPL]DGH %LOKHWH ¼ 0DLV LQIRUPDomR HP ZZZ LQGLHURU SW 2UJ ,1',(525 _ $SRLR 0XQLFtSLR GH &KDYHV _ $SRLR 7pFQLFR )DL

*/(1 +$16$5' )5,(1'6 '( -81+2 _

&,1(0$ '($'322/ &LQH 7HDWUR %HQWR 0DUWLQV K K H K 0 _ PLQ _ DomR 0DLRU PHOKRU H RFDVLRQDOPHQWH PDLV GHVSLGR GR TXH QXQFD 4XDQGR R VXSHU VROGDGR WHP XPD PLVVmR DVVDVVLQD 'HDGSRRO p IRUoDGR D SHQVDU QD DPL]DGH IDPtOLD H QR TXH UHDOPHQWH VLJQLILFD VHU XP KHUyL 7XGR LVVR HQTXDQWR Gi FDER GH VRPEUDV GH WXGR R TXH PH[H %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

OXQHV VHJXQGD

9(5Ì1

0(5&$'2 3OD]D *DUFtD %DUEyQ \ $ODPHGD K (O GtD GH IHULD HQ 9HUtQ HV XQD FLWD D OD TXH QR VXHOHQ IDOWDU ORV LQFRQGLFLRQDOHV GH ORV PHUFDGRV TXH GLVIUXWDQ SDVHDQGR \ FXULRVHDQGR HQWUH VLQItQ GH SURGXFWRV 8Q PHUFDGR WUDGLFLRQDO TXH SHUGXUD HQ OD DFWXDOLGDG SXHVWRV GH SURGXFWRV DXWyFWRQRV UHSDUWLGRV SRU OD ]RQD KLVWyULFD \ HO GtD LGHDO SDUD GLVIUXWDU GH OD JDVWURQRPtD ´3XOSHLUDVµ UHSDUWLGDV SRU GLYHUVDV FDOOHV GH 9HUtQ RIUHFHQ HO SODWR WUDGLFLRQDO \ PiV LQWHUQDFLRQDO GH OD JDVWURQRPtD JDOOHJD 2UJ &RQFHOOR GH 9HUtQ

VHJXQGD

OXQHV

ViEDGR ViEDGR

&+$9(6

6$1726 3238/$5(6 6(*81'$ D 6É%$'2 &2035$6 3238/$5(6 GHVFRQWRV QR FRPpUFLR ORFDO &$55266(/ ,1)$17,/ QR /DUJR GR $UUDEDOGH 6(;7$ 6$172 $17Ð1,2 K jV K )(,5$ '$6 9$5$1'$6 QD 3RQWH GH 7UDMDQR K j K 0(18 3238/$5 QRV UHVWDXUDQWHV DGHUHQWHV K j K &21&(572 ( %$,/( 3238/$5 QD 3RQWH GH 7UDMDQR 6É%$'2 )(67$ %5$1&$ K jV K )(,5$ '$6 9$5$1'$6 QD 3RQWH GH 7UDMDQR K jV K )(67,9$/ ,1)$17,/ '$ &$1d®2 /DUJR *HQHUDO 6LOYHLUD K j K '-6 3$57< 7UDYHVVD &kQGLGR GRV 5HLV 2UJ $PR&KDYHV $&,6$7 H -XQWD GH )UHJXHVLD GH 6DQWD 0DULD 0DLRU $SRLR 0XQLFtSLR GH &KDYHV

VHJXQGD OXQHV

WHUoD PDUWHV

&+$9(6

VHJXQGD

OXQHV

&+$9(6

7($752 &21&(572 '( /$85($'26 ),1$/ '2 &21&8562 62/,67$ $$& 5(9,67$ ­ )/$9,(16( ´Ð &+$9(6 12%5( &,'$'(µ $XGLWyULR GR &HQWUR &XOWXUDO GH &LQH 7HDWUR %HQWR 0DUWLQV K 0 _ PLQ _ FRPpGLD 2 WHPD DSDL[RQDQWH GD PDUFKD Gi D FRQKHFHU R PHOKRU GH &KDYHV XWLOL]DQGR R KXPRU H D DOPD GRV )ODYLHQVHV e WHDWUDOL]DGR QXP WUDMHWR SHOD KLVWyULD H SHORV PRQXPHQWRV TXH FDUDWHUL]DP D FLGDGH 2V DWRUHV SHUWHQFHP DR $WHOLHU ´7HDWUR 3DUD 7RGRVµ VRE D RULHQWDomR GH 5XILQR 0DUWLQV H FRP WH[WRV GH 5XL 3LQWR H $OEHUWR 6DPSDLR %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH H $WHOLHU 7HDWUR 3DUD 7RGRV

&KDYHV K

'HSRLV GH DSXUDGRV RV ILQDOLVWDV SRU HVFDOmR H GHSDUWDPHQWR MXQWDP VH WRGRV SDUD XP GRV PRPHQWRV PDLV LQWHUHVVDQWHV GR DQR OHWLYR 8PD QRLWH TXH SURPHWH VHU GH JUDQGH TXDOLGDGH H PXLWD P~VLFD 2UJ $FDGHPLD GH $UWHV GH &KDYHV

TXLQWD

MXHYHV

&+$9(6

YLHUQHV VH[WD

9(5Ì1

&8(17$&8(1726 %LEOLRWHFD 0XQLFLSDO GH 9HUtQ K D K

7() 62&,$/ &,1(0$ '( $17,*$0(17( &LQH 7HDWUR %HQWR 0DUWLQV K )LOPH 2 &RVWD GR &DVWHOR 0 _ PLP _ FRPpGLD 3URMHWR VRFLDO FULDGR SHOR 7() TXH FRQVLVWH HP WRGDV DV VHJXQGDV TXLQWDV IHLUDV GR PrV QD H[LELomR GH XP ILOPH DQWLJR FRP HQWUDGD JUDWXLWD TXH WHP FRPR LQWXLWR FRPEDWHU R LVRODPHQWR VRFLDO GD SRSXODomR VpQLRU GH &KDYHV (QWUDGD JUDWXLWD 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH $SRLR ,1$7(/

YLHUQHV

VH[WD

´5DSRVDGDV FXHQWDFXHQWRV FRQ 5DTXHO 4XHL]iV /D DFWLYLGDG HVWD GHVWLQDGD D XQ PD[ GH VRFLRV FRQ HGDGHV GH D DxRV 3DUD SDUWLFLSDU HV QHFHVDULR LQVFULELUVH WHOpIRQR R HPDLO ELEOLRWHFD#YHULQ JDO 2UJ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

VH[WD YLHUQHV

0Ó6,&$ $2 9,92

ViEDGR ViEDGR

&+$9(6

5,9(56,'(

%DU 3OD]D GR &DVLQR GH &KDYHV K j K ,QWHUSUHWDomR DF~VWLFD GH JUDQGHV FDQo}HV GDV ~OWLPDV GpFDGDV SRU 'DQ $OYHV YRFDOLVWD GR 'DQ 5LYHUPDQ HP IRUPDWR GXR (QWUDGD OLYUH 2UJ 6ROYHUGH &DVLQRV +RWpLV

KDVWD VHSWLHPEUH DWp VHWHPEUR

587$ 7(50$/ < '(/ $*8$ &$03$f$ 7(50$/ 8Q LWLQHUDULR WUDQVIURQWHUL]R HQ HO TXH WRGRV ORV VHQGHURV WH OOHYDQ DO DJXD XQ UHFRUULGR SRU WRGR HO 3DWULPRQLR 7HUPDO GH OD (XURFLXGDG GHO $JXD 5HFRJH WX SDVDSRUWH GH $J LVWD HQ FXDOTXLHUD GH ODV RILFLQDV GH WXULVPR GHO GHVWLQR 5HFRUUH ORV VHLV PDQDQWLDOHV VLWXDGRV HQ ODV WUHV ORFDOLGDGHV 9HUtQ &KDYHV \ 9LGDJR 8QD YH] FRPSOHWHV HO SDVDSRUWH UHFLELUiV WX 'LSORPD GH (PEDMDGRU GH ODV $JXDV GH &KDYHV 9HUtQ 2UJ $(&7 (XURFLXGDG &KDYHV 9HUtQ

9(5Ì1

&+$9(6

VH[WD

YLHUQHV

&+$9(6

&,1(0$ +$1 62/2 80$ +,67Ð5,$ '( 67$5 :$56 &LQH 7HDWUR %HQWR 0DUWLQV K 0 _ PLQ _ DomR DYHQWXUD 'HSRLV GH XPD VpULH GH DYHQWXUDV SHULJRVDV QR VXEPXQGR GR FULPH +DQ 6ROR ID] DPL]DGH FRP R FRSLORWR &KHZEDFFD H FRQKHFH R MRJDGRU FRP Pi UHSXWDomR /DQGR &DOULVVLDQ QXPD MRUQDGD TXH LUi GHILQLU R FDPLQKR GH XP GRV KHUyLV PDLV LPSURYiYHLV GD VDJD 6WDU :DUV %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

ViEDGR

&+$9(6

ViEDGR

)(,5$ '$6 9$5$1'$6 3RQWH GH 7UDMDQR K jV K

/DUJR *HQHUDO 6LOYHLUD K

)HLUD GH 3URGXWRV 5HJLRQDLV 2UJ $PR&KDYHV $SRLR 0XQLFtSLR GH &KDYHV

)(67,9$/ '( &25$,6

)(67,9$/ ,1)$17,/ '$ &$1d®2 0DLV XPD HGLomR TXH SURPHWH FRP PDLV GH FULDQoDV D VXELU DR SDOFR 2UJ -XQWD )UHJXHVLD GH 6DQWD 0DULD 0DLRU

9(5Ì1

,JOHVLD GH OD 0HUFHG K /D ,JOHVLD GH OD 0HUFHG DFRJHUi HO WUDGLFLRQDO )HVWLYDO GH &RUDOHV GH 9HUtQ (Q HVWH FRQFLHUWR GH SROLIRQtD YRFDO SDUWLFLSDUiQ OD &RUDO &DQGHD GH 9LDQD GR %ROR 2XUHQVH &RUDO &R\DQWLQD GH 9DOHQFLD GH 'RQ -XDQ /HyQ \ OD &RUDO GH OD $VRFLDFLyQ YHULQHQVH $PLJRV GD P~VLFD GH 9HUtQ 2UJ &RUDO $VRFLDFLyQ 9HULQHQVH $PLJRV GD 0~VLFD _ &RODERUD &RQFHOOR GH 9HUtQ H &RPXQLGDGH 0HUFHGDULD GH 9HUtQ

ViEDGR

GRPLQJR

ViEDGR

GRPLQJR

&+$9(6

7($7526 3,1Ð48,2 GH &DUORV &ROORGL H 3(7(5 3$1 &255( 0$/ $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV ViEDGR jV K H GRPLQJR jV K 2V DOXQRV PDLV MRYHQV GD $FDGHPLD GH $UWHV GH &KDYHV DSUHVHQWDP D SHoD ´3LQyTXLRµ GH &DUORV &ROORGL 8PD GDV SHUVRQDJHQV PDLV FpOHEUHV GD OLWHUDWXUD LQIDQWLO 3LQyTXLR p WUDTXLQDV H JRVWD PDLV GH EULQFDU GR TXH HVWXGDU 9HQKDP DVVLVWLU jV SHULSpFLDV GR VHX SHUFXUVR GH WUDQVIRUPDomR GXP ERQHFR GH PDGHLUD QXP PHQLQR UHDO *RVWD GH SHoDV FyPLFDV" (QWmR QmR SRGH SHUGHU ´3HWHU 3DQ FRUUH PDOµ SURPHWH WUD]HU PXLWDV JDUJDOKDGDV DSUHVHQWDGD SHORV DOXQRV GH WHDWUR GD $FDGHPLD GH $UWHV GH &KDYHV +i VRPEUDV D GDQoDU IDGDV D HOHWURFXWDU FURFRGLORV D ODGUDU DK H QmR QRV SRGHPRV HVTXHFHU R S~EOLFR D SDUWLFLSDU )LJXULQRV H FHQiULRV GD /XFLDQD 9LODQRYD 2UJ $FDGHPLD GH $UWHV GH &KDYHV

GRPLQJR

GRPLQJR

)(,5$ 0(16$/ '( 9,/$ 9(5'( '$ 5$,$

/DUJR GH 'H]HPEUR

5HDOL]D VH QR GRPLQJR GH FDGD PrV GXUDQWH D PDQKm FRP SRQWRV GH YHQGD GH SURGXWRV ORFDLV FRPR SmR FDVHLUR IXPHLUR H PHO URXSD FDOoDGR IUXWDV IORUHV iUYRUHV QXPLVPiWLFD H DLQGD XPD GLYHUVLGDGH GH RXWURV SURGXWRV GD WHUUD 2UJ -XQWD GH )UHJXHVLD GH 9LOD 9HUGH GD 5DLD

&,1(0$ +$1 62/2 80$ +,67Ð5,$ '( 67$5 :$56

&LQH 7HDWUR %HQWR 0DUWLQV K K H K

0 _ PLQ _ DomR DYHQWXUD 'HSRLV GDV DYHQWXUDV SHULJRVDV QR VXEPXQGR GR FULPH +DQ 6ROR HQWUD QXPD MRUQDGD TXH LUi GHILQLU R FDPLQKR GH XP GRV KHUyLV PDLV LPSURYiYHLV GD VDJD 6WDU :DUV %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

&+$9(6

;9,,, (1&21752 '( ,'2626 '2 &21&(/+2 '( &+$9(6 6DQWXiULR GH 1RVVD 6HQKRUD GD $SDUHFLGD &DOYmR K K 5HFHomR DRV SDUWLFLSDQWHV K 0LVVD &DPSDO K $OPRoR K 7DUGH &RQYtYLR 2UJ 0XQLFtSLR GH &KDYHV _ $SRLR -XQWDV )UHJXHVLDV GR &RQFHOKR GH &KDYHV

VHJXQGD

OXQHV

TXLQWD MXHYHV &+$9(6

MXHYHV TXLQWD

9(5Ì1

$8',d¯(6 ,17(5 ',6&,3/,1$5(6

&21)(5(1&,$ '( $/%(57( %/$1&2 &$6$/

$XGLWyULR H 6DOD 3ROLYDOHQWH GR &HQWUR &XOWXUDO GH &KDYHV K

%LEOLRWHFD 0XQLFLSDO GH 9HUtQ K

(QWUH 6HJXQGD H 4XLQWD KDYHUi OXJDU D $XGLo}HV TXH FRQWDUmR FRP DOXQRV RULXQGRV GDV GLYHUVDV FODVVHV GD $$& SURSRUFLRQDQGR DVVLP FRQFHUWRV TXH FRQWDUmR FRP RV MRYHQV P~VLFRV 2UJ $FDGHPLD GH $UWHV GH &KDYHV

2UJ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

'2 &216(59$7Ð5,2 '( 0Ó6,&$ '$ $$&

&,&/2 $',&$'2 $ ' (/2< /8,6 $1'5e

YLHUQHV VH[WD

9(5Ì1

&21)(5(1&,$ '( ' &$5/26 7+,e%$87 &,&/2 $',&$'2 $ ' (/2< /8,6 $1'5e

%LEOLRWHFD 0XQLFLSDO GH 9HUtQ K &RQIHUHQFLD GH ' &DUORV 7KLpEDXW QLHWR GH (OR\ /XLV $QGUp (O KRUDULR GH OD ELEOLRWHFD GH -XQLR D VHSWLHPEUH HV GH OXQHV D YLHUQHV GH K D K \ K D K 2UJ %LEOLRWHFD 0XQLFLSDO GH 9HUtQ

&+$9(6

&21&(572 (1&(555$0(172 '2 $12 (6&2/$5 '2 $*583 (6& '5 -Ó/,2 0$57,16 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K &RQFHUWR UHDOL]DGR SHOR &RUR ,QIDQWR MXYHQLO GR $JUXS GH (VFRODV 'U -~OLR 0DUWLQV FRPR PRVWUD GR WUDEDOKR GHVHPSHQKDGR GXUDQWH WRGR DQR OHWLYR 2 YDORU GH HQWUDGD ¼ UHYHUWH D IDYRU GR &RUR ,QIDQWRMXYHQLO 2UJ $JUXS GH (VFRODV 'U -~OLR 0DUWLQV

&+$9(6

&,1(0$ 35Ì1&,3( %8e (1&$17$'2 &LQH 7HDWUR %HQWR 0DUWLQV K 0 _ PLQ _ DQLPDomR 'HVGH TXH FRQVHJXLX IDODU R 3UtQFLSH )LOLSH YtWLPD GRV HQFDQWDPHQWRV GH IDGDV SHGH FRPSXOVLYDPHQWH HP FDVDPHQWR WRGDV DV PXOKHUHV TXH HQFRQWUD $WUiV GHOH DQGD XP UDVWR GH PXOKHUHV DSDL[RQDGDV H DPDQWHV GHVSUH]DGDV TXH FDXVDP HVWUDJRV GH YLQJDQoD QR UHLQR %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

VH[WD YLHUQHV

0Ó6,&$ $2 9,92

ViEDGR ViEDGR

&+$9(6

5,&$5'2 52&+$ '82

%DU 3OD]D GR &DVLQR GH &KDYHV K j K 3URMHWR GH FRYHUV DF~VWLFR DERUGDQGR FDQo}HV FOiVVLFDV H FRQWHPSRUkQHDV SRUWXJXHVDV H DQJORVD[yQLFDV GD SRS VRXO MD]] YRFDO (QWUDGD OLYUH 2UJ 6ROYHUGH &DVLQRV +RWpLV

&+$9(6

0RVWUD GR WUDEDOKR PXVLFDO GRV DOXQRV 2UJ $FDGHPLD GH $UWHV GH &KDYHV ViEDGR ViEDGR

0(5&$'2

9(5Ì1

3OD]D *DUFtD %DUEyQ \ $ODPHGD K D K 8Q PHUFDGR WUDGLFLRQDO TXH SHUGXUD HQ OD DFWXDOLGDG SXHVWRV GH SURGXFWRV DXWyFWRQRV UHSDUWLGRV SRU OD ]RQD KLVWyULFD \ HO GtD LGHDO SDUD GLVIUXWDU GH OD JDVWURQRPtD 2UJ &RQFHOOR GH 9HUtQ

ž (1&21752 '( $(5202'(/,602

$HUyGURPR GH &KDYHV K

$XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

ViEDGR ViEDGR

&+$9(6

VH[WD YLHUQHV

$8',d¯(6 ),1$,6 '( $12 /(7,92 $$&

&+$9(6

&$0,1+$'$ ´'$5 0$,6 9,'$ $26 $126 '$5 0$,6 $126 ­ 9,'$µ 527$ &$0,1+26 '( )(552 &RQFHQWUDomR QDV 7HUPDV GH &KDYHV K 6DtGD GH DXWRFDUUR jV K DWp j $OGHLD GH 9LOHOD GR 7kPHJD ,QFOXL DXOD GH DTXHFLPHQWR SHTXHQR DOPRoR VDXGi YHO DXOD GH UHOD[DPHQWR YLVLWD JXLDGD j 9LOD 7HUPDO GH 9LGDJR H UHJUHVVR GH DXWRFDUUR jV 7HUPDV GH &KDYHV 2UJ &KDYHV 7HUPDV H 63$ $SRLR 0XQLFtSLR GH &KDYHV

2UJ $VV GH 3LORWRV GH 5iGLRPRGHOLVPR GR $OWR 7kPHJD $SRLR 0XQLFtSLR GH &KDYHV H -XQWD GH )UHJXHVLD 6DQWD 0DULD 0DLRU

ViEDGR ViEDGR

&+$9(6

7($752 ,1)$17,/ ´$ %(/$ ( 2 0216752µ &LQH 7HDWUR %HQWR 0DUWLQV K %HOD PRUDYD QXPD SHTXHQD DOGHLD IUDQFHVD TXDQGR R VHX SDL IRL FDSWXUDGR SRU XP 0RQVWUR GR FDVWHOR 'HVHVSH UDGD GHFLGH HQWUHJDU D VXD YLGD HP WURFD GD OLEHUGDGH GR SURJHQLWRU H Oi FRQKHFH XP PXQGR QRYR FRP REMHWRV PiJLFRV H GHVFREUH TXH R 7H[WR GH *DEULHOOH 6X]DQQH %DUERW DGDSWDGR SRU 5XILQR 0DUWLQV %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH H $WHOLHU -~QLRU GH 7HDWUR GR 7()

ViEDGR ViEDGR

$d®2 '( 58$ (8 $&2/+2 /DUJR *HQHUDO 6LOYHLUD K 2 *UXSR GH &KDYHV GD $PQLVWLD ,QWHUQDFLRQDO RUJDQL]D XPD DomR GH UXD GH VHQVLELOL]DomR GD FRPXQLGDGH ORFDO SDUD D VLWXDomR GRV UHIXJLDGRV 8VDQGR D PLOHQDU 3RQWH GH 7UDMDQR FRPR PHWiIRUD GH SD] H XQLmR GH FXOWXUDV D SHUIRUPDQFH LQWHJUD WHDWUR P~VLFD GDQoD H SRHVLD 2UJ *UXSR GH &KDYHV GD $PQLVWLD ,QWHUQDFLRQDO _ &RODERUDomR 7() ,1',(525 8QLYHUVLGDGH 6pQLRU GR 5RWDU\ &OXE GH &KDYHV H *UXSR 3RQWDV 6ROWDV _ $SRLR 0XQLFtSLR GH &KDYHV H -XQWD GH )UHJXHVLD GH 6DQWD 0DULD 0DLRU

GRPLQJR GRPLQJR

&+$9(6

9 3$66(,2 3('(675( 527$ '26 /$0(,526 &RQFHQWUDomR HP 6mR &LSULDQR 9DOSDoRV K 3HUFXUVR )UHJXHVLDV GH 6DQWD /HXFiGLD &KDYHV H OLPtWURIHV 3Up LQVFULomR REULJDWyULD DWp GLD GH MXQKR GH DWUDYpV GRV FRQWDFWRV H 3UHoR VyFLRV ¼ QmR VyFLRV ¼ ,QFOXL UHIRUoR DOLPHQWDU RIHUWDV H GLSORPDV GH SDUWLFLSDomR jV DVVRFLDo}HV SUHVHQWHV 2UJ $VVRFLDomR &XOWXUDO H 5HFUHDWLYD $SURYHLWyPRPHQWR

&+$9(6

GRPLQJR GRPLQJR

&+$9(6

TXLQWD MXHYHV

&+$9(6

&21&(572 0Ó6,&$ '( &Ç0$5$

0XVHX GD 5HJLmR )ODYLHQVH K

&,1(0$ 35ÃŒ1&,3( %8e (1&$17$'2 93 &LQH 7HDWUR %HQWR 0DUWLQV K K H K 0 _ PLQ _ DQLPDomR 'HVGH TXH FRQVHJXLX IDODU R 3UtQFLSH )LOLSH YtWLPD GRV HQFDQWDPHQWRV GH IDGDV SHGH FRPSXOVLYDPHQWH HP FDVDPHQWR WRGDV DV PXOKHUHV TXH HQFRQWUD $WUiV GHOH DQGD XP UDVWR GH PXOKHUHV DSDL[RQDGDV H DPDQWHV GHVSUH]DGDV TXH FDXVDP HVWUDJRV GH YLQJDQoD QR UHLQR %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

TXLQWD MXHYHV

&+$9(6

*$/$ 62/,'É5,$ &HQWUR &XOWXUDO GH &KDYHV K K H K 2 ,QWHUDFW &OXE GH &KDYHV JUXSR GH MRYHQV SDWURFLQDGR SHOR 5RWDU\ &OXE GH &KDYHV LUi UHDOL]DU XPD JDOD VROLGiULD FXMDV YHUEDV LUmR UHYHU WHU SDUD R FRPEDWH H HUUDGLFDomR GD SROLRPLHOLWH 9DL FRQWDU FRP D SUHVHQoD GH YiULRV FDQWRUHV JUXSRV GH GDQoD H P~VLFRV GD UHJLmR IODYLHQVH (QWUDGD ¼ 2UJ ,QWHUDFW &OXE GH &KDYHV

$ 0~VLFD GH &kPDUD UHJUHVVD PDLV XPD YH] DR FHQWUR KLVWyULFR GD FLGDGH 1XP HVSDoR HPEOHPiWLFR RV DOXQRV GR &XUVR 3URILVVLRQDO GH ,QVWUXPHQWLVWD DSUH VHQWDP DR S~EOLFR XP UHFLWDO TXH FXOPLQD R HVWiJLR GH P~VLFD GH &kPDUD 2UJ $FDGHPLD GH $UWHV GH &KDYHV

TXLQWD MXHYHV

VH[WD YLHUQHV

&+$9(6

5(&,7$,6 '2 &8562 352),66,21$/ '( ,167580(17,67$ $$& )RUWH GH 6mR )UDQFLVFR H $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV 8P PRPHQWR GH SDUWLOKD D QmR SHUGHU 2UJ $FDGHPLD GH $UWHV GH &KDYHV

VH[WD YLHUQHV

&+$9(6

&,1(0$ 081'2 -85É66,&2 5(,12 &$Ì'2

&LQH 7HDWUR %HQWR 0DUWLQV K 0 _ PLQ _ DYHQWXUD 4XDWUR DQRV GHSRLV GR SDUTXH WHPiWLFR ´0XQGR -XUiVVLFRµ WHU VLGR GHVWUXtGR SRU GLQRVVDXURV IRUD GH FRQWUROR D ,OKD 1XEODU p DJRUD XP OXJDU DEDQGRQDGR SHOR +RPHP HQTXDQWR RV GLQRVVDXURV OXWDP SHOD VREUHYLYrQFLD QD VHOYD %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

ViEDGR ViEDGR

9, (',d®2 *$/$ ),1$/ '( &8562 (6&2/$ '( '$1d$ &+5,67,1( 9((1

&HQWUR &XOWXUDO GH &KDYHV K

&RPR Mi p WUDGLomR WRGRV RV DQRV D (VFROD GH 'DQoD &KULVWLQH 9HHQ WHP R SUD]HU GH DSUHVHQWDU XP PHJD HVSHWi FXOR FRP RV VHXV DOXQRV HQWUH FULDQoDV H DGXOWRV XPD RSRUWXQLGDGH GH PRVWUDU R WUDEDOKR GHVHQYROYLGR DR ORQJR GR DQR OHWLYR DRV IDPLOLDUHV DPLJRV H S~EOLFR HP JHUDO 2UJ (VFROD GH 'DQoD &KULVWLQH 9HHQ $SRLR $0$ )DL

&+$9(6

3$5$ &É '2 0$5®2 9 (',d®2 0$/$%226 ( &$1 &81 &LQH 7HDWUR %HQWR 0DUWLQV K 3DUD &i 'R 0DUmR p XPD LQLFLDWLYD IODYLHQVH TXH WHP SRU REMHWLYR SURPRYHU H GLQDPL]DU D P~VLFD DR YLYR QR ,QWHULRU WHQGR &KDYHV FRPR HSLFHQWUR GHVWH QRYR PRYLPHQWR FXOWXUDO $ SURSRVWD p D GH XP FLFOR UHJXODU GH FRQFHUWRV HP TXH FDGD VHVVmR FRQWDUi FRP GRLV QRPHV VHQGR XP GHOHV GD UHJLmR 7UD]HU DWp &KDYHV R TXH GH PHOKRU VH ID] QR SDtV GDQGR VHPSUH SDOFR j SUDWD GD FDVD %LOKHWH ¼ 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH H :DY 0DJD]LQH

),&+$ 7e&1,&$ (GLWRU (XURFLGDGH &KDYHV 9HUtQ $(&7 )RWRJUDILD FDSD H RXWUDV SL[DED\ FRP ([HFXomR (MHFXFLyQ *UiILFD 6LQDO &RRUGLQDGRU 9HUtQ &DUORV 0RQWHUR 'HVLJQ H &RRUGHQDGRU &KDYHV -RDQD &RHOKR 7LUDJHP ZZZ HXURFLGDGHFKDYHVYHULQ HX _ ZZZ YLVLWFKDYHVYHULQ FRP $V LQVWLWXLo}HV H DVVRFLDo}HV LQWHUHVVDGDV HP GLYXOJDU RV VHXV HYHQWRV GHYHP HQYLDU DWp DR GLD GR PrV DQWHULRU j SXEOLFDomR WRGD D LQIRUPDomR SDUD DJHQGD#FKDYHV SW RX LQIR#HXURFLGDGHFKDYHVYHULQ HX 2V KRUiULRV GRV HYHQWRV FRUUHVSRQGHP DRV GR SDtV RQGH WrP OXJDU 2V KRUDULRV GRV HYHQWRV FRUUHVSRQGHQ DRV GR SDtV RQGH WHxHQ OXJDU

(67( 0È6 -81+2 &+$9(6 0É*,&2

(1(52 -81,2 &$%$/*$7$ 62/67,&,2 '( '( 5(<(6 9(5É1 6$1 -8$1

35Ð;,026 (9(1726 6 9( $ &+

9(

-8/+2

&20(025$d¯(6 ',$ '$ &,'$'(

-8/,2 %$78&$'$

5Ì1

-81+2

-81,2

-8/+2

-8,/2

$*2672 $*2672

VHJXQGD OXQHV

WHUoD PDUWHV

TXDUWD PLpUFROHV

DTXL Ki HYHQWR DTXt KD\ HYHQWR

TXLQWD MXHYHV

VH[WD YLHUQHV

ViEDGR ViEDGR

GRPLQJR GRPLQJR

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.