Catálogo Ésika Mexico C14

Page 1

0e;,&2 & ZZZ HVLND EL]

EOBNQP= @A QJ IQJ@K @A OAJO=?EKJAO

PA HK D=O C=J=@K ,=N= PE JQAR= KJOEÛJPAPA /=PEOB=?PEKJ


!O PEAILK @A LAJO=N AJ PE (=O HßJA= @A ?QANLK U >=ãK KJOEÛJPAPA @A ^OEG= PA PN=JOLKNP=J = QJ HQC=N IbCE?K U éJE?K QJ HQC=N MQA AO OKHK PQUK

U @A J=@EA IbO

(HÛJ=PA @A AJANCß=

.AHbF=PA U @EOBNQP=

&RQVLpQWHWH (QHUJ\

&RQVLpQWHWH &DOP


18(9$

,NÛIE=PA &RQVLpQWHWH 6DWLVIDFWLRQ


)ANA?AO ?KJOAJPENPA $=O @=@K PK@K @A PE L=N= MQA ?=@= @ß= O=HC= LANBA?PK

SURPRFLyQ 7RDOOD 6RIW 7RXFK SiJ


18(92 &216,e17(7( 6DWLVIDFWLRQ &RORQLD PO IO R] &yG

9DORUL]DGR HQ

/RFLyQ FRUSRUDO 1R KD\ PD\RU VDWLVIDFFLyQ SDUD WX SLHO TXH KXPHF WDUOD \ HQYROYHUOD HQ VXDYLGDG

/RFLyQ FRUSRUDO PO IO R] &yG

9DORUL]DGR HQ

&RORQLD 'DWH XQ UHVSLUR SDUD GLVIUXWDU GH HVWH FiOLGR \ UHFRQIRUWDQWH DURPD D YDLQLOOD

35202&,Ä1 /RFLyQ FRUSRUDO

D VROR 9DORUL]DGR HQ

&yG 3RU OD FRPSUD GH OD FRORQLD &RQVLHQWHWH 6DWLVIDFWLRQ


&216,e17(7( (QHUJ\ &RORQLD PO IO R] &yG

9DORUL]DGR HQ

&UHPD SDUD PDQRV PO IO R] &yG

9DORUL]DGR HQ

-DEyQ OtTXLGR SDUD PDQRV PO IO R] &yG

9DORUL]DGR HQ

/RFLyQ FRUSRUDO PO IO R] &yG

9DORUL]DGR HQ

-DEyQ OtTXLGR SDUD HO FXHUSR PO IO R] &yG

9DORUL]DGR HQ

.AREP=HßV=PA 5 HHÛJ=PA @A AJANCß= ?KJ AH @AHE?EKOK =NKI= @A KJOEÛJPAPA !JANCU

SURPRFLyQ 7RDOOD 6RIW 7RXFK SiJ

5HYLWDOL]DQWH DURPD IUXWDO GH GXUD]QRV IUHVDV \ IUDPEXHVDV


(6(1&,$6 $520$6

'( '(6&8(172 (1 /$ &2/21,$

&RORQLD $QLPD WX GtD FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO

-DEyQ OtTXLGR SDUD PDQRV 'HMD WXV PDQRV OLPSLDV VXDYHV FRPR OD VHGD \ FRQ XQ H[TXLVLWR DURPD

&UHPD SDUD PDQRV /DV GHMD VHGRVDV \ SURWHJLGDV GH OD UHVHTXHGDG

/RFLyQ FRUSRUDO 6HQVDFLyQ GH VXDYLGDG FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO

-DEyQ OtTXLGR SDUD HO FXHUSR /LPSLD \ DFRQGLFLRQD WRGD OD SLHO FRQ XQ DURPD GH GXUD]QRV IUHVDV \ IUDPEXHVDV


/KJ &=>KJAO AJ >=NN= !J QJ= HEJ@= LNAOAJP=?EäJ E@A=H L=N= NAC=H=N

'( '(6&8(172 (1 /$ &2/21,$

&RORQLD 'HOLFLRVR DURPD µ RUDO IUXWDO TXH WH UHFRQHFWD FRQ WX \R PiV SRVLWLYR

0äI=PA H= RE@= ?KJ ?=HI= EOBNQP= AH IKIAJPK ?KJ KJOEÛJPAPA =HI

SURPRFLyQ 7RDOOD 6RIW 7RXFK SiJ


&DOP &RORQLD PO IO R] &yG

9DORUL]DGR HQ

-DEyQ OtTXLGR SDUD PDQRV PO IO R]

/RFLyQ FRUSRUDO PO IO R]

&yG

9DORUL]DGR HQ

&yG

9DORUL]DGR HQ

(6(1&,$6 $520$6

&216,e17(7( -DEyQ HQ EDUUD XQLGDGHV GH J R] F X &yG

9DORUL]DGR HQ

5HODMDQWH DURPD µ RUDO GH YLROHWD \ URVDV FRQ WRTXHV IUXWDOHV

-DEyQ OtTXLGR SDUD PDQRV 'HMD WXV PDQRV OLPSLDV VXDYHV \ FRQ XQ H[TXLVLWR DURPD

/RFLyQ FRUSRUDO (QYXHOYH WX SLHO HQ XQD GHOLFLRVD VXDYLGDG \ FRQ XQ UHODMDQWH DURPD

-DEyQ HQ EDUUD /LPSLD \ KXPHFWD WX SLHO FRQ DFHLWHV GH SDOPD


/AJOQ=HAO BHKNAO AJ PK@= PQ LEAH 0NAO =NKI=O @A BHKNAO MQA PA D=NbJ OAJPEN OAJOQ=H U @AHE?=@=

KHKJE=O !TMQEOEPKO =NKI=O @A BHKNAO 0A D=NbJ OAJPEN IQU OAJOQ=H

?AEPAO @A >=ãK (EILE=J U DQIA?P=J PQ LEAH KJ PNAO B=OAO LQNEBE?=@KN= DE@N=P=JPA U =NKIbPE?=

)QHPELHE?= PQ OAJOQ=HE@=@ KILHAIAJP= H= JQAR= ATLANEAJ?E= @A HKO =?AEPAO ?KNLKN=HAO ?KJ HKO =NKI=O U H=O PATPQN=O @A H= HßJA= OAJOQ=H @A >=ãK U ?QANLK

(K?EKJAO ?KNLKN=HAO /Q=REV=J U LANBQI=J PQ LEAH «O=H=O @AOLQÛO @AH =?AEPA @A >=ãK U =JPAO @A H= ?KHKJE=


F X

F X

*K @AF= CN=OKO= H= LEAH

'( '(6&8(172

(6(1&,$6 $520$6

F X


/EAJPA HKO IbO @AHE?EKOKO =NKI=O @A H= J=PQN=HAV= KJ H=O ?KHKJE=O U F=>KJAO "NQEPO Ó "HKSANO

&RORQLDV

F X


'( '(6&8(172

-DERQHV OtTXLGRV

F X

(6(1&,$6 $520$6


)A AJ?=JP=J HKO =NKI=O ?KJ >NEHHKO (=O ?KHKJE=O .AOLH=J@AOO @AF=J PQ LEAH ?KJ HEJ@KO >NEHHKO U QJ =NKI= @AHE?EKOK

NEHHKO AJ PQ LEAH

5(63/$1'(66 &RORQLD FRQ EULOORV PO IO R] &yG

5(63/$1'(66 ,//86,21 &RORQLD FRQ EULOORV PO IO R] &yG

5(63/$1'(66 )/25(66 &RORQLD FRQ EULOORV PO IO R] &yG

9DORUL]DGDV HQ F X F X

'( '(6&8(172

)ORUDO /LPD YHUGH \ JDUGHQLDV WH OOHQDQ GH DOHJUtD \ RSWLPLVPR

SURPRFLyQ 7RDOOD 6RIW 7RXFK SiJ

)ORUDO )UDJDQWHV OLULRV WH HQYXHOYHQ HQ HQVXHxR

)ORUDO 6HQVXDOHV µ RUHV GHO 2ULHQWH GHVSLHUWDQ WX VHQVXDOLGDG


35202&,Ä1 7RDOOD 6RIW 7RXFK D VROR

&yG

3RU OD FRPSUD GH FXDOTXLHU SUR GXFWR GH %DWK 6KRZHU GH OD SiJ D OD SiJ

7RDOOD 6RIW 7RXFK 7RDOOD GH IHOSD SDUD PXMHU LGHDO SDUD VDOLU GH OD GXFKD 0HGLGDV [ FP 9DORUL]DGR HQ

0EAJAO AOPEHK D=OP= L=N= OA?=N PQ ?=>AHHK

/LQGR GLVHxR

!JRQAHRA PK@K PQ ?=>AHHK ?KJ AOP= LNb?PE?= PK=HH=

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


(/,*( 78 7212

.+/ !((! &yG

1. 6*+ #( ) &yG

$!..5 ( // &yG

+. ( /! 1 0%+* &yG

2%*+ )% *%#$0 &yG

+""!! /3!!0 &yG

!.!6 !!, &yG

"1 /% "!))! &yG

(=>EKO QHPN= @ABEJE@KO

AHEJA= PQO H=>EKO L=N= ?KJOACQEN QJKO >KN@AO LANBA?PKO L=N= QJKO H=>EKO OéLAN LNKRK?=PERKO

SURPRFLyQ (VWXFKH )DVFLQR SiJ


/22. &2/25

3DVR GHOLQHDGRU

'( '(6&8(172

!H I=MQEHH=FA AO PQ IAFKN ?äILHE?A

3HUIHFW 0DWFK /DELDO GHOLQHDGRU J R] 9DORUL]DGR HQ

&yG

(=>E=H U @AHEJA=@KN ?KJ AH ?KHKN AT=?PK LHE?=?EäJ LNA?EO= .! /1,.!)!

&yG

) 0 $ .+/ * 5

3DVR ODELDO

KHKNAO OKI>N=O >NEHHKO PATPQN=O

PK@K LAJO=@K L=N= NAHQ?EN HK IAFKN @A PE ?KIK IQFAN PQ H=@K IbO ?KMQAPK IEOPANEKOK OA@Q?PKN K =HACNA !H I=MQEHH=FA AO PQ ?KILHAIAJPK LANBA?PK éO=HK U HQ?A =H IbTEIK PQ >AHHAV= AJ ?=@= K?=OEäJ


z QbH AO PQ H=>E=H {0KKK@KOÎ &yG

.+/ + 0!*0 %¨*

/$%,26 6Ç3(5 ,17(1626

KHKN EJPAJOK @AO@A H= LNEIAN= =LHE?=?EäJ 0ATPQN= OQ=RA /DELDO HQ EDUUD Pi[LPR FRORU J R] 9DORUL]DGR HQ

$!..5 )%/0!.%+ &yG

+. ( /$%*!

.+/ %2%*

"1 /% " * 5

.+&+ )+.

.+&+ $!..5

* . *& 2%2 6

) ..¨* ¡(% +

)+ )%/0!.%+

2%*+ #( )+1.

) #!*0 0.!2%

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

"1 /% /! 1 0+.

&yG

/$%,26 &21 7(;785$ 8/75$ 68$9(

)bTEI= OQ=RE@=@ ?=>=@K HEOK KJ =?AEPAO J=PQN=HAO /DELDO XOWUD VXDYL]DQWH J R] 9DORUL]DGR HQ

.+/ %*0.%# &yG

.+/ + )¡#% +

.+/ +-1!0

&yG &yG

.+&+ .+&+ 2%2 6 ,.+2+ %¨* &yG &yG

) ..¨* +0+_+

) ..¨* 0!*0 %¨*

"1 /% " *0 /¤

)+. + + /!/%¨*

&yG

&yG

&yG

&yG

SURPRFLyQ (VWXFKH )DVFLQR SiJ

) (2 %(1/%¨*

2%*+ /!*/1 (

&yG &yG


".!/ /3!!0

) ..¨* $ 2 *

"1 /% 0!*0 %¨* &yG

* . *& + /!//%+*

.+&+ /!45 &yG

'( '(6&8(172

/22. &2/25

&yG

.+/ /! 1 %¨*

&yG

) ..¨* 1.#1* 5

&yG

2%*+ !/!+

* 01. ( 1*! &yG

"1 /% !(%.%+

&yG

&yG

.+/ "%+.!((!

) ..¨* " * 0% &yG

.+&+ "%!/0

&yG

&yG

&yG

.+&+ , /%¨*

&yG

"1 /% !1"+.%

2%*+ +1-1!0 &yG

2%+(!0 " /$%+* &yG

"1 /% /1 (%)! &yG

&yG

&yG

) ..¨* ) «

&yG

#. * 0! $%

&yG

&2/25 ,17(162 72'2 (/ 'À$

KHKN MQA OA =@DEANA LKN IbO PEAILK 0ATPQN= OQ=RA /DELDO GH ODUJD GXUDFLyQ J R]

&yG

9DORUL]DGR HQ


+.#+_ /!45

&yG

/$%,26 +,'5$7$'26

!TPNAI= DE@N=P=?EäJ LKN DKN=O !REP= MQA PQO H=>EKO OA NAOAMQAJ )bO REP=IEJ=O U IEJAN=HAO /DELDO KLGUDWDQWH H[WUHPR J R] 9DORUL]DGR HQ

.+&+ !/!+ &yG

.+/ !/,(!* +.

.+/ !* *0+

+. ( $%

.+/ .+)¡*0%

&yG

&yG

&yG

&yG

.+/ %2

"1 /% #( )

&yG &yG

.+&+ %*0.%# *0!

.+&+ (1&1.%

&yG

&yG

) ..¨* )+. + #( )+1. !41 !. *0! &yG

&yG

2%*+ !/0!((+/

&yG

/$%,26 &21 %5,//2 < &2/25

KHKN U >NEHHK =L=O @A LANH=O MQA NABHAF=J H= HQV 0ATPQN= ?NAIKO= /DELDO HQ EDUUD GHVWHOORV GH FRORU J R] 9DORUL]DGR HQ

".!/ !/0!((+/ &yG

+. + !/0!((+/ &yG

* 01. ( !/0!((+/ &yG

/ ()¨* !/0!((+/ &yG

+. ( !/0!((+/ &yG

, (+ .+/ !/0!((+/ &yG

.+/ !/0!((+/ &yG

SURPRFLyQ (VWXFKH )DVFLQR SiJ

"1 /% !/0!((+/ &yG

)+ !/0!((+/ &yG

.+&+ $+ +( 0! !/0!((+/ !/0!((+/ &yG

&yG


/22. &2/25

35292&$7,92 6$%25 < %5,//2

NEHHK PAJP=@KN AHE?EKOK O=>KN U ATMQEOEPK =NKI= %ULOOR ODELDO VDERU LUUHVLVWLEOH PO IO R] 9DORUL]DGR HQ

&yG

".!/ / +* .!)

/ * ¤ +-1!0 &yG

$ 0,7$'

) * .%* !(% % ! ,.+2+ %¨* ".!/ &yG

&yG

+. ( ! * . *&

!.!6 ". ) 1!/ ,.% $+ %.1!( ) *& . ) *6 * /! 1 %¨* #+(+/ ! )+. %..!/%/0% (! * 01. ( !* *!(

&yG

&yG

&yG

&yG

&yG

&yG

'( 35(&,2

&yG

/$%,26 6Ç3(5 %5,//$17(6

)bTEIK >NEHHK !BA?PK @A H=>EKO IKF=@KO *K LAC=FKOK /DELDO OtTXLGR EULOOR IDQWiVWLFR PO IO R] 9DORUL]DGR HQ

+. ( /,( /$

&yG

$!..5 ) #% &yG

.+/ !/0!( .

$!..5 /$%*!

.+/ + " /$%+*

) ..¨* .+1#!

.+/ !!,

)+. + !)+0%+*

.+/ + ) #*!0%

.+&+ /$%*!

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

.+&+ * . *& .! ) %..!/%/0% (! &yG &yG

.+* ! .%#$0

.!* /1*/$%*!

.5/0 ( ,.%/)

&yG

&yG

&yG


"EF= AH ?KHKN AJ L=OKO ,NKPACA PQO H=>EKO (KO DQIA?P= U =?KJ@E?EKJ= /DELDO G~R WDWWRR PO J IO R] R] 9DORUL]DGR HQ

.+/ (%#$0

.+/ $%

&yG

&yG

"1 /% /3!!0

"1 /% $+0

&yG

&yG

%.1!( !/%.!

.+/ )%/0!.5

&yG

&yG

/ ()¨* 3+* !.

+. ( 00. 0%+*

&yG

&yG

.+/ .! )

"^ , //%+*

.+&+ , //%+*

&yG

&yG

&yG

,%)%!*0 (%!*0!

&yG

3DVR &RORU

2%*+ !(%//

$+ +( 0! %*0!*/!

&yG

&yG

SURPRFLyQ (VWXFKH )DVFLQR SiJ

.+&+ /! 1 0+. &yG

3DVR %ULOOR


/22. &2/25

1J H=>E=H = LNQA>= @A >AOKO

+ &yG

V(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR

&yG

$+ +( 0! , //%+* 0

&yG

)%!( #( ^

2%*+ $%

K

V

&yG

)bTEI= EJPAJOE@=@ @A ?KHKN D=OP= LKN DKN=O L=OA HK MQA L=OA

)+. + *%#$0 &yG

'( '85$&,Ä1 .+/ + *1 ! &yG

"1 /% ,%*' &yG

.+/ (%#$0 &yG

$+ +( 0! / 0¤* &yG

+,+.0+ &yG

$!..5 &yG

.+&+ !40. 2 # *6 &yG

* !(%0 &yG

"1 /% !4,.!// &yG

KHKN EJPAJOK LKN IQ?DK IbO PEAILK ,NKRK?=PER= OQ=RE@=@ "b?EH =LHE?=?EäJ

/DELDO GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ

'( '(6&8(172


)bTEI= ATPAJOEäJ U ?QNR= "EF= AH ?KHKN LKN IQ?DK IbO PEAILK KHKN EJPAJOK 0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG J R] 9DORUL]DGR HQ

) ..¨* %*0!*/+ &yG

*!#.+ ) ..¨* %*0!*/+

*!#.+ %*0!*/+ &yG

&yG

$ 358(%$ '(

K

V

'( '85$&,Ä1

SURPRFLyQ (VWXFKH )DVFLQR SiJ

4XLQWHWR GH VRPEUDV QDWXUH HQFKDQW

$*8$


/22. &2/25

KHKNAO MQA JK OA >KNN=J OAJOQ=HE@=@ MQA JK OA KHRE@=

'( '(6&8(172

)bTEI= @QN=?EäJ U ?KHKN ,NKPACA PQO LbNL=@KO

0 %/ 0 % ( ! . ,1., G &y

9LHQH FRQ LQVWUXFFLRQHV GH DSOLFDFLyQ

)+

&yG " /$%+ *

$ * !* 1. ! * 0 yG

.+/! ,.+(+*#

(%( .+) *0%

#( )+1. ( '

&yG

&yG

&yG

0

,QFOX\H DSOLFDGRUHV SURIHVLRQDOHV

&

.+5 ( /!*/

+.+ ) #*!0%

61( )5/0!.5

&yG

&yG

&yG

K

V

'( '85$&,Ä1 -1 ,!.) *!*0

"!/0%2 ( #+(

&yG

&yG

V

(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR

4XLQWHWR GH VRPEUDV SURIHVLRQDO J R] 9DORUL]DGR HQ

6RPEUD GHOLQHDGRU HQ SROYR


1HJUR pEDQR V(YDOXDFLyQ VHQVRULDO GH GXUDFLyQ UHDOL]DGD EDMR FRQGLFLRQHV GH ODERUDWRULR

KHKN @A LNEJ?ELEK = BEJ =HA = PQO KFKO I=UKN EJPAJOE@=@ @QN=JPA PK@K AH @ß=

SURPRFLyQ (VWXFKH )DVFLQR SiJ


,(

0 .

% *

0 !

01

.-

1!

G

+ & y

&y G

" %.

6LVWHPD UHWUiFWLO 1( 6

/ )

! 0¡

(%

+ & y

+1

. & y

¨*

..

G

G

G

)

_+ &y

+ # (

0+

+.

! +

'( '85$&,Ä1

6

.

)

V

2!

K 2%

*! #.

+ ^

*

1*

*0

+ & y

G

G

+ & y

G

G

+ & y

( & y

#

!*

*+

+"

+ , .

yG

! &

.

*0

)+

.

¨*

(

..

1!

'HOLQHDGRU SDUD RMRV GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ

)

%.

0ATPQN= ATPN= OA@KO= )bTEI= =@DANAJ?E= @A ?KHKN KJ OEOPAI= NAPNb?PEH

78 2)(57$ (675(//$

$ 358(%$ '(

$*8$


.+/ ,.%) 2!. &yG

$QLOOR 6RUWLVH

35202&,Ä1 $QLOOR VRUWLVH

$ 62/2

9DORUL]DGR HQ &yG

3RU OD FRPSUD GH FXDOTXLHU HVPDOWH R EDVH IRUWDOHFHGRUD

7DPDxR UHJXODEOH &RQ EDxR GH SODWD \ HVPDOWH URVDGR

0DQLFXUH GH HVPDOWHV URVD HXIRULD \ URVD SULPDYHUD ODELDO GH ODUJD GXUDFLyQ IXFVLD HXIRULD GHOLQHDGRU GH RMRV QHJUR LQWHQVR PiVFDUD HQ QHJUR

SURPRFLyQ (VWXFKH )DVFLQR SiJ


&yG

.+/ /!

&yG

.+&+ 2% . *0!

&yG

)%/0!.%+ .! )

&yG

$ ), #*! # (

+. + %2%*+

&yG

&yG

+ .! )¤/0% +

&yG

.+/ + .* 2 (

.+&+ /!*/1 (

'( '(6&8(172

&yG

&yG

.+/ .+) * !

&yG

"1 /% 0.!2%

&yG

.1 ¤ %*0!*/+

&yG

". ) 1!/ %(1/%¨*

&yG

+. ( 0.+,% (

&yG

&yG

/ *#.! ( 0%*

) #!*0 2% . *0!

&yG

12 !.*!0

&yG

&yG

61( .%/

&yG

,«.,1. , /%¨*

&yG

+ + #+(+/

9DORUL]DGR HQ

61( )¤/0% +

&yG

&yG

&yG

%.1!( %*0!*/+

01.-1!/ #( )+1.

%DVH IRUWDOHFHGRUD SDUD XxDV PO IO R]

&yG

) (2 /+"0

&yG

&yG

(%( )¡#% +

&yG

( * + ) ."%(

& ! +.%!*0 (

&yG

2!. ! /1*01+/+

&yG

!.+ $%

z%JK?AJPA K =PNARE@= 18(92 7212

!H JQARK PKJK .KO= !QBKNE= AO LANBA?PK L=N= PE =HCQJ=O RA?AO NKIbJPE?= U @QH?A U KPN=O =L=OEKJ=@= U AOLKJPbJA=

&y 1"+ / G . %

! .+

*QPNA "KNP=HA?A QN=?EäJ LNKHKJC=@= !TPN= >NEHHK /A?=@K NbLE@K ?=>=@K QJEBKNIA

(VPDOWH SURIHVLRQDO HQ SDUD XxDV PO IO R] 9DORUL]DGR HQ

&y 0 G (1 4 !

,(


35202&,Ä1 6HW GH PDQLFXUH QDLOV NLW D VROR

3RU OD FRPSUD GH FXDOTXLHU HVPDOWH R EDVH IRUWDOHFHGRUD 1R LQFOX\H RWUDV SURPRFLRQHV

&yG &yG

/LPD SHTXHxD SDUD SLHO PXHUWD \ FDOORVLGDGHV

&LOLQGUR SDUD DOLVDU XxDV JUXHVDV \ RQGXODFLRQHV

6HW GH PDQLFXUH QDLOV NLW 9DORUL]DGR HQ

/LPD JUDQGH SDUD FDOORV \ SLHO iVSHUD

'LVFR SXOLGRU TXH VXDYL]D \ GD HO EULOOR ILQDO /LPD GH SUHFLVLyQ SDUD WHUPLQDU GH GDU IRUPD D OD XxD \ TXLWDU OD SLHO PiV VHQVLEOH

5HPRYHGRU GH FXWtFXODV \ OLPSLDGRU GH XxDV

/LPD GH JUDQR ILQR SDUD GDU IRUPD D ODV XxDV

/LPD SDUD GDU IRUPD D ODV XxDV PiV GXUDV

1J =?=>=@K LNKBAOEKJ=H DA?DK LKN PE IEOI=

5HPXHYH ODV FXWtFXODV

(PSDUHMD WXV XxDV

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

SURPRFLyQ (VWXFKH )DVFLQR SiJ

'DOHV EULOOR FRQ HO SXOLGRU

$SOLFD HO FRORU


0,5$'$ '( ,03$&72

/22. &2/25

0,5$'$ 62),67,&$'$

'HOLQHDGRU GH DFDEDGR SURIHVLRQDO SODWD VSDUN

'HOLQHDGRU GH IiFLO DSOLFDFLyQ QHJUR

'HOLQHDGRU OtTXLGR GH DFDEDGR SURIHVLRQDO PO IO R] 9DORUL]DGR HQ

'HOLQHDGRU OtTXLGR GH IiFLO DSOLFDFLyQ PO IO R] 9DORUL]DGR HQ

$ 358(%$ '(

$ 358(%$ '(

,( 0 /, .'

*!#.+ /, .'

) ..¨* /, .'

61( /, .'

&yG

&yG

&yG

&yG

&yG

$*8$ *!#.+ !40.!)+

&yG

*!#.+ !40.!)+

$*8$

,( 0 /, .'

*!#.+ /, .'

) ..¨* /, .'

61( /, .'

&yG

&yG

&yG

&yG

2!. ! 1 6

61( /!*/%0%2!

#.%/ ,( 0

) ..¨* +0+_+

2!. ! 1 6

&yG

&yG

&yG

&yG

&yG

)+. + #( )+1.

2%+(!0 )%/0!.%+

+. + !* *0+

&yG

&yG

&yG

61( /!*/%0%2! &yG

#.%/ ,( 0

) ..¨* +0+_+

&yG

&yG

)+. + #( )+1.

2%+(!0 )%/0!.%+

&yG

&yG &yG

+. + !* *0+

'( '(6&8(172


*!#.+ '+$(

01.-1!/ '+$(

61( '+$(

&yG

&yG

&yG

$ 358(%$ '(

$*8$

'( '(6&8(172

'HOLQHDGRU D]XO NRKO

'LIXPLQDGRU

AHEJA= U @EBQIEJ= ?KJ QJ OKHK HbLEV

.AI=N?= PQ I=MQEHH=FA ?KJ QJ EJ?NAß>HA =?=>=@K

JKP=NbO H= @EBANAJ?E=

SURPRFLyQ (VWXFKH )DVFLQR SiJ

'HOLQHDGRU NRKO FRQ GLIXPLQDGRU J R] 9DORUL]DGR HQ

,!.( '+$(

)+. + '+$(

) ..¨* '+$(

&yG

&yG

&yG


( %+/

/22. &2/25

!& /

* . *& $% &yG

"1 /% 2%2 6

) ..¨* ( *+

&yG

&yG

2%*+ %* %0 *0! &yG

#1%* .! ( &yG

.+&+ ) *$ 00 *

.+/ !(% 0!

) ..+* . )!(

&yG

&yG

*!#.+

* 01. (

&yG

&yG

&yG

+. ( #( ^ &yG

#N=J =@DANAJ?E= KHKNAO EJPAJOKO /A @AOHEV= OQ=RAIAJPA 'HOLQHDGRU HQ OiSL] SDUD RMRV SDUD ODELRV SDUD FHMDV J R] 9DORUL]DGR HQ

*!#.+ %*0!*/+ &yG

'( '(6&8(172

(Q WRQRV OX[ $ 358(%$ '(

$*8$

!(!/0! ,.% ! &yG

"^ (14

,( 0! + . 0

&yG

61( (14 &yG

2!. ! (14 &yG

) ..¨* "^

&yG

*!#.+ (14

&yG

+. + ,.! %(! 0+

01.-1!/ ) #%

&yG

&yG

&yG

61( )! %0!..¡*!+ &yG

) ..¨* +.#+_

2!. ! /% *!5

&yG

&yG

+&+/


1. * $% &yG

%(1)%* +.!/

0+*+/ )! %+/

7RQRV LOXPLQDGRUHV

,.+"1* %6 +.!/

7RQRV PHGLRV

7RQRV SURIXQGL]DGRUHV

$OJXQRV ORRNV TXH SXHGHV FRQVHJXLU FRQ FDGD HVWXFKH &1*#(! "!!(%*#

SURPRFLyQ (VWXFKH )DVFLQR SiJ

) #% .! )/

1. * $%


35202&,Ä1 ,1683(5$%/( 1XHYR (VWXFKH GH VRPEUDV D VROR

.! )/ ) #% &yG

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

&1*#(! "!!(%*# &yG

EAJPKO @A HKKGO { !.+ ANNKNAOÎ 0Q *1!2+ AOPQ?DA @A OKI>N=O PA @= PK@=O H=O B=?EHE@=@AO L=N= MQA I=MQEHH=N PQ KFKO OA= OAJ?EHHßOEIK

+NC=JEV=@K LKN PKJKO EHQIEJ=@KNAO IA@EKO U LNKBQJ@EV=@KNAO KHKNAO ?KI>EJ=>HAO )=UKN ?=NC= @A ?KHKN U =@DANAJ?E=

(VWXFKH GH VRPEUDV J R] 9DORUL]DGR HQ


)bO Bb?EH

EILKOE>HA ,NQA>= ?KJ ?KHKNAO OéLAN ?KI>EJ=>HAO MQA Oß K Oß OEAILNA PA MQA@=NbJ >EAJ

) ..¨* ( //% &yG

EOPNE>Q?EäJ E@A=H @A PKJKO "äNIQH= NAJKR=@= =DKN= ?KJ I=UKN ?=NC= @A ?KHKN U IbO =@DANAJ?E= LHE?=?EäJ QJEBKNIA &XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

!/)!. ( (14 &yG

61( #+( !*

(%( !)+0%+*

61( + ! *

&yG

&yG

&yG

,( 0 .+*6! &yG

)+. + , //%+*

01.-1!/ !/%#*

&yG

&yG

.+/ 2%*0 #!

.+/ %((1/%+*

&yG

&yG

#. * 0! + !

2!. ! &1*#(!

&yG

&yG

.+/ $% &yG

2%*+ /3!!0 &yG

'HOLQHDGRU OtTXLGR HIHFWR PiJLFR SDUD RMRV PO IO R] &yG

'( '(6&8(172

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH )DVFLQR SiJ

&RORFD HO SLQFHO HQ OD VRPEUD GHO FRORU TXH HOLMDV SDUD GHOLQHDUWH (VSHUD D TXH FDUJXH HO FRORU \ GHOtQHDWH FRPR VLHPSUH OR KDV KHFKR


35202&,Ä1 'HVPDTXLOODGRU OtTXLGR DFFLyQ LQPHGLDWD D VROR

3RU OD FRPSUD GH FXDOTXLHU SURGXFWR GH PDTXLOODMH GH RMRV \ URVWUR

&yG

EBbOE?K "=OA KHAKO= L=N= AHEIEJ=N AH I=MQEHH=FA = LNQA>= @A =CQ= U B=OA =?QKO= MQA AHEIEJ= H=O EILQNAV=O @A H= LEAH ,=N= AH I=MQEHH=FA IbO @EBß?EH 'HVPDTXLOODGRU OtTXLGR DFFLyQ LQPHGLDWD PO IO R] 9DORUL]DGR HQ

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


SURPRFLyQ (VWXFKH )DVFLQR SiJ

0iVFDUD SDUD SHVWDxDV HIHFWR H[WHQVLRQHV 1HJUR


0Q IEN=@= JK PEAJA HßIEPAO =DKN= LQA@AJ OAN Ò IbO H=NC=O

/22. &2/25

(HAC= P=J HAFKO ?KIK PQO LAOP=ã=O

*!#.+ &yG

61( &yG

@AIbO CN=@KO IbO ?QNR=O KJPEAJA =HKA U NE?EJK

) ..¨* &yG

0iVFDUD SDUD SHVWDxDV HIHFWR H[WHQVLRQHV J R] 9DORUL]DGR HQ

*!#.+ ) ..¨* &yG

'( '(6&8(172

$ 358(%$ '(

$*8$


0½6&$5$ 0(*$ /$6+(6

*!#.+ &yG

$ 358(%$ '(

$*8$

0½6&$5$ 0,5$'$ +(&+,=$17(

,AOP=ã=O IbO BQANPAO KJ =?AEPA @A KHER= U NE?EJK ?=>=@K OA@KOK 0iVFDUD IRUWDOHFLPLHQWR FRQWLQXR J R] 9DORUL]DGR HQ

*!#.+ &yG

*!#.+ ) ..¨*

) ..¨* &yG

&yG

SURPRFLyQ (VWXFKH )DVFLQR SiJ

*!#.+ &yG


/22. &2/25 /22. &2/25

!TLNÛO=PA ?KJ PQ IEN=@= 0QO KFKO LQA@AJ @A?EN HK MQA Pé MQEAN=O AHECA PQ IbO?=N= U @AF= MQA PQO LAOP=ã=O D=>HAJ LKN Oß OKH=O Ò IbO RKHQIAJ Ò IbO H=NC=O LHE?=?EäJ QJEBKNIA 0iVFDUD 0HJD /DVKHV J R] 9DORUL]DGR HQ

$ 358(%$ '(

*!#.+ &yG

*!#.+ ) ..¨*

$*8$

) ..¨* &yG

&yG

&8$/48,(5$ $ 6Ä/2

RA?AO IbO RKHQIAJ /AL=N= PQO LAOP=ã=O ABEJE?EäJ OKNLNAJ@AJPA

$ 358(%$ '(

$*8$

0iVFDUD PLUDGD KHFKL]DQWH J R] 9DORUL]DGR HQ

*!#.+ &yG

*!#.+ ) ..¨*

) ..¨* &yG

&yG


+LGUR QXWULWLYD

!%#! &yG

!%#!

!%#!

&yG

!%#!

&yG

&yG

.+/

.+/

.+/

&yG

&yG

&yG

.+/ &yG

5RVWUR KLGUDWDGR

!%#! &yG

!%#!

!%#!

!%#!

&yG

&yG

&yG

.+/

.+/

&yG

&yG

.+/

.+/

&yG

&yG

%DVH KLGURQXWULWLYD URVD

5RVWUR HQ

!%#!

!%#!

!%#!

!%#!

&yG

&yG

&yG

&yG

.+/ &yG

SURPRFLyQ (VWXFKH )DVFLQR SiJ

.+/

.+/

.+/

&yG

&yG

&yG


/22. &2/25

!J=IäN=PA @A PQ LEAH

0AJAN QJ= LEAH LANBA?P= AO =Oß @A Bb?EH

'( '(6&8(172

!%#! &yG

)$&725 '( 3527(&&,Ä1 62/$5

)$&725 '( 3527(&&,Ä1 62/$5

)$&725 '( 3527(&&,Ä1 62/$5

)36

)36

)36

.+/

!%#!

.+/

&yG

&yG

&yG

.+/

.+/

!%#!

&yG

&yG

&yG

!%#! &yG

$E@N=P= U JQPNA Q>NA EILANBA??EKJAO ARQAHRA H= =L=NEAJ?E= FKRAJ @A PQ LEAH %DVH GH PDTXLOODMH KLGUR QXWULWLYD PO IO R] 9DORUL]DGR HQ

$E@N=P= U NABNAO?= PQ LEAH 1JEBKNIEV= AH PKJK @A PQ ?QPEO ,ANIEPA MQA PQ LEAH NAOLENA %DVH GH PDTXLOODMH URVWUR KLGUDWDGR J R] 9DORUL]DGR HQ

KNNECA EILANBA??EKJAO Q>NA U AIL=NAF= KJPNKH= AH >NEHHK U BEF= AH I=MQEHH=FA ,NKPACA @AH OKH U H= ?KJP=IEJ=?EäJ %DVH GH PDTXLOODMH SDUD URVWUR HQ SUR J R] 9DORUL]DGR HQ


&RUUHFWRU 'LVLPXOD DUUXJDV \ OtQHDV GH H[SUHVLyQ

%DVH HTXLOLEULR SHUIHFWR VDQGDOV FRUUHFWRU URVD \ UXERU FRUDO

5XERU /H GD YLGD D WXV PHMLOODV

%DVH HTXLOLEULR SHUIHFWR 0DWL´FD WX FXWLV

=HA RE@= = PQ NKOPNK

0EAJAO PK@K HK JA?AO=NEK L=N= HQ?EN QJ ?QPEO DANIKOK

OQ=RA QJEBKNIA U OEJ EILANBA??EKJAO

SURPRFLyQ (VWXFKH )DVFLQR SiJ


/22. &2/25

!%#!

&yG

.+/

&yG

)+/ 0+ &yG

/ * (/ &yG

+. ( &yG

)!(+*! &yG

#. * 0! .+/! &yG

ยก) . 1 .6+ .+/

&yG

&yG

.1 ยค &yG

)+ &yG

Q>NA EILANBA??EKJAO AF= PQ LEAH QJEBKNIA 0ATPQN= OQ=RA U OA@KO= &RUUHFWRU IDFLDO SLHO SHUIHFWD J R] 9DORUL]DGR HQ

!%#! &yG

EOEIQH= HKO LKNKO =>EANPKO AF= PQ ?QPEO BNAO?K U I=PA %DVH GH PDTXLOODMH HTXLOLEULR SHUIHFWR PO IO R] 9DORUL]DGR HQ

)bTEI= =@DANAJ?E= 0ATPQN= OQ=RA U OA@KO= KJPNKH= AH AT?AOK @A >NEHHK 5XERU FRPSDFWR HIHFWR JHPDV \ PLQHUDOHV J R] 9DORUL]DGR HQ

.+/ &yG


(KO LKHRKO OKJ H= ?H=RA ,=N= ?KJPNKH=N AH >NEHHK @A PQ ?QEPEO U HKCN=N MQA PQ I=MQEHH=FA OA =@DEAN= IAFKN U LKN IbO PEAILK

3ROYRV VXHOWRV SDUD URVWUR SLHO GH VHGD J R] 9DORUL]DGR HQ

*5$7,6

%URFKD SDUD SROYRV 3RU OD FRPSUD GH ORV SROYRV VXHOWRV

3ROYRV FRPSDFWRV GREOH DFDEDGR J R] 9DORUL]DGR HQ

9DORUL]DGR HQ

0. */(« % +/ &yG

!%#!

!%#!

.+/

.+/

&yG

&yG

&yG

&yG

+~PHGR FRPR EDVH

!%#! &yG

.+/ &yG

6HFR FRPR SROYRV

0!.. +0 &yG

SURPRFLyQ (VWXFKH )DVFLQR SiJ


/22. &2/25

AHH= LKN J=PQN=HAV= (KO EJCNA@EAJPAO J=PQN=HAO @A !VAJOE ?QE@=J PQ LEAH U AREP=J MQA OA NAOAMQA

0!.. +*"+.0

'( '(6&8(172

&yG

2%+(!0 /$%*!

&yG

0+""!! /$%*!

&yG

". ) 1!/ /$%*!

&yG

".!/ /$%*!

&yG

)%!( &yG

, . %/! + ! * &yG

.+&+ /$%*! &yG

(VWXFKH GH VRPEUDV J R] 9DORUL]DGR HQ

%ULOOR ODELDO PO IO R] 9DORUL]DGR HQ

3ROYRV FRPSDFWRV SDUD URVWUR J R] 9DORUL]DGR HQ

)%!( &yG

+. (%*! +. (%*! &yG

&yG

3!0 /$%*! &yG

, %"% .+) * !

) !%. " *0 /5

&yG

&yG


,EAH >NKJ?A=@= PK@K AH =ãK

(Q?A QJ >NKJ?A=@K J=PQN=H OEJ JA?AOE@=@ @A ATLKJANPA = HKO @=ãKO MQA LNK@Q?AJ HKO N=UKO OKH=NAO

SURPRFLyQ (VWXFKH )DVFLQR SiJ


35202&,Ä1 3ROYRV HQ SHUODV HIHFWR EURQFHDGR D VROR NKJ?A=@K J=PQN=H K>ANPQN= QJEBKNIA /A =@=LP= = PQ PKJK @A LEAH

3ROYRV IDFLDOHV HQ SHUODV HIHFWR EURQFHDGR J R] 9DORUL]DGR HQ

* 01. ( .+*6! &yG

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


'( '(6&8(172 (1 &2//$5

%RWDQ\ HV

8QD GHOLFDGD FROHFFLyQ HQ EDxR SODWHDGR FRQ SHUODV FUHPD \ µ RUHV PRUDGDV ›6XV ´ QRV FDODGRV \ HVPDOWH SLQWDGR D PDQR WH YDQ D HQFDQWDU

18(9$

&2/(&&,Ä1 %27$1< &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP

&yG

9DORUL]DGR HQ

$UHWHV &yG

9DORUL]DGR HQ

$UHWHV ODUJRV 0HGLGDV [ FP &yG

9DORUL]DGR HQ

3XOVHUD /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

18(675$ %,-287(5,( (6

/,%5( '( 3/202

SURPRFLyQ (VWXFKH )DVFLQR SiJ


$&&(625,26 (67,/2 AP=HHAO MQA PA D=NbJ >NEHH=N z!NAO @A H=O MQA HA CQOP= NAEJRAJP=NOA ?=I>E=N U HQ?EN OEAILNA N=@E=JPA !JPKJ?AO JA?AOEP=O QJKO HEJ@KO U IK@ANJKO =??AOKNEKO /Q R=NEA@=@ @A ?KHKNAO PATPQN=O U BEJKO I=PANE=HAO NA=HV=NbJ PK@= PQ >AHHAV= U CH=IKQN { AOHéI>N=HKO ?KJ HKO =??AOKNEKO MQA ^OEG= PEAJA L=N= PEÎ


0Q HKKG

{I=FAOPQKOKÎ 2=O = HQ?EN IbO MQA @EREJ= ?KJ AOP= ?KHA??EäJ @A LANH=O CNEOAO U LEA@N=O B=?AP=@=O

18(675$ %,-287(5,( (6

/,%5( '( 3/202

SURPRFLyQ (VWXFKH )DVFLQR SiJ


/$ &2035$

723 0DJHVWLF HV 8QD GHOLFDGD FROHFFLyQ HQ EDxR GH SODWD FRQ ´ QDV SHUODV \ SLHGUDV IDFHWDGDV GH FRORU JULV

18(9$ &2/(&&,Ä1 0$*(67,& &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ

$UHWHV 0HGLGDV [ FP &yG 9DORUL]DGR HQ

$UHWHV ODUJRV 0HGLGDV [ FP

3XOVHUD /DUJR UHJXODEOH D FP

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ


&ROODU $UHWHV ODUJRV )ORZHUV $ 6Ä/2

9DORUL]DGR HQ

&yG

&2/(&&,Ä1 )/2:(56 &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP

$UHWHV ODUJRV 0HGLGDV [ FP

&yG

$UHWHV 0HGLGDV [ FP &yG

9DORUL]DGR HQ

&yG

3XOVHUD /DUJR UHJXODEOH D FP

(Q EDxR SODWHDGR FRQ HVPDOWH QHJUR \ SHUODV FUHPDV

&yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH )DVFLQR SiJ

18(675$ %,-287(5,( (6

/,%5( '( 3/202


$&&(625,26 (67,/2

(678&+( 635,1*7,0( &ROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU D FP 0HGLGDV GHO GLMH [ FP

&yG

9DORUL]DGR HQ

(Q EDxR GRUDGR FRQ FULVWDOHV PXOWLFRORU

$UHWHV ODUJRV 0HGLGDV [ FP &yG

9DORUL]DGR HQ

3XOVHUD /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

'( '(6&8(172 (1 &2//$5 < $5(7(6


&RQ SLQ HQ OD SDUWH SRVWHULRU

(Q EDxR SODWHDGR FRQ SHUODV FUHPDV GLMH HQ IRUPD GH yYDOR FRQ LPDJHQ GH OD 9LUJHQ 0DUtD \ XQD FUX]

(Q EDxR GH RUR FRQ SHUODV FRORU FUHPD LPDJHQ GHO QLxR -HV~V \ XQD FUX]

18(92

5RVDULR 0\VHULFRUGL /DUJR UHJXODEOH D FP /DUJR GHO FROJDQWH FP

3LQ 'HQDU\V &yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&ROODU $QJHOV :LQJ /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH )DVFLQR SiJ

(Q EDxR SODWHDGR FRQ GLMH GH DODV GH iQJHO \ EROLWD VRQRUD WLSR FDVFDEHO

3$5$ e/

/EÛJPAPA LNKPACE@= ?KJ H=O =H=O @A PQ bJCAH CQ=N@EbJ {(HÛR=H=O @KJ@A R=U=OÎ

3$5$ (//$

QH?A ?KIL=ãß=

KJ @EFA OKJKNK PELK ?=O?=>AH

352%$'25 '( $1,//26 &RORFD XQR GH WXV DQLOORV KDVWD TXH YHDV HO FtUFXOR FRPSOHWR GHQWUR GH pO (VD HV WX WDOOD


78 2)(57$ (675(//$

18(92 (VWXFKH 0DGDP ,QFOX\H SDUHV GH DUHWHV &yG

9DORUL]DGR HQ

18(92

{/KJ LNA?EKOKO U =@AIbO ?KI>EJ=JÎ *=@= ?KIK AJ?KJPN=N H= ?KI>EJ=?EäJ LANBA?P= zJK &XDWUR SDUHV GH DUHWHV HQ EDxR GH RUR \ SODWD

(VWXFKH 'DUD\D ,QFOX\H SDUHV GH DQLOORV 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU

9DORUL]DGR HQ

(Q EDxR GH RUR \ SODWD FRQ SHUOD \ FULVWDOHV


0RUHPL HV

8QD FROHFFLyQ V~SHUFRPELQDEOH HQ EDxR GH RUR \ EDxR GH SODWD /OHYD ´ QRV FULVWDOHV \ XQRV GLVHxRV GH DOWD MR\HUtD TXH WH YDQ D GHMDU VLQ SDODEUDV

+NK LH=P= ?KJ ?NEOP=HAO

{IA AJ?=JP=Î &2/(&&,Ä1 025(0,

&ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ

$UHWHV ODUJRV /DUJR [ FP &yG

9DORUL]DGR HQ

$QLOOR

7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ

9DORUL]DGR HQ

'( '(6&8(172 (1 $1,//2

SURPRFLyQ (VWXFKH )DVFLQR SiJ


$&&(625,26 (67,/2

'( '(6&8(172 (1 $5(7(6

(Q EDxR GRUDGR FRQ SHUODV URVDGDV SHUODV GRUDGDV \ FULVWDOHV WUDQVO~FLGRV

&2/(&&,Ä1 *5(&,$ &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ

$UHWHV ODUJRV /DUJR FP &yG

9DORUL]DGR HQ

$UHWHV &yG

9DORUL]DGR HQ

3XOVHUD /DUJR UHJXODEOH D FP &yG 18(675$ %,-287(5,( (6

/,%5( '( 3/202

9DORUL]DGR HQ


3XOVHUD 0DOHQLV 3XOVHUD HOiVWLFD $QFKR FP

(Q EDxR SODWHDGR FRQ GLVHxRV HQ IRUPD GH FRUD]yQ

&yG

9DORUL]DGR HQ

3XOVHUD /DWLVVH /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

(VWXFKH 6KLULD ,QFOX\H SDUHV GH DUHWHV &yG

9DORUL]DGR HQ

(Q EDxR GH SODWD \ RUR FRQ HVPDOWHV SHUODV SLHGUDV \ FULVWDOHV

18(675$ %,-287(5,( (6

/,%5( '( 3/202

SURPRFLyQ (VWXFKH )DVFLQR SiJ

(Q EDxR SODWHDGR FRQ SLHGUDV GH FRORUHV


35202&,Ä1 (VWXFKH )DVFLQR D VROR

&yG

3RU OD FRPSUD GH FXDOTXLHU SURGXF WR GH PDTXLOODMH R DFFHVRULRV GH OD SiJ D OD SiJ 1R LQFOX\H RWUDV SURPRFLRQHV

1J ?KN=VäJ DANIKOK OA JKP=

'LMH HQ IRUPD GH FRUD]yQ FRQ ´ QRV FDODGRV

18(92 (678&+( )$6&,12 &ROODU \ DUHWHV HQ EDxR GRUDGR FRQ FULVWDOHV GH FRORU D]XO \ IXFVLD /DUJR UHJXODEOH GHO FROODU D FP 0HGLGDV GHO GLMH [ FP 0HGLGDV GH ORV DUHWHV [ FP 9DORUL]DGR HQ 3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN 6L GHVHDV FRPSUDU VROR HO (VWXFKH )DVFLQR VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR


(E>NA @A PN=JOLEN=?EäJ LKN IbO PEAILK ,=N= OACQEN ?KJ AH NEPIK @A PQ RE@= OEJ LNAK?QL=?EKJAO

+25$6 '( 3527(&&,21

8QLVH[ FRQ IUDJDQFLD QHXWUD

+RPEUH FRQ UHIUHVFDQWH IUDJDQFLD PDVFXOLQD

0XMHU FRQ GHOLFDGR DURPD µ RUDO

'( '(6&8(172

727$/ 6(& 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ PO IO R] 8QLVH[ &yG +RPEUH &yG 0XMHU &yG 9DORUL]DGRV HQ F X F X

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/ (= >AHHAV= PEAJA QJ= BQJ?EäJ $=?ANPA OAJPEN >EAJ QJ LK?K ?KJOAJPE@= ?KJ OACQNE@=@ U MQA AOK OA NABHAFA AJ PQ ATPANEKN 0K@KO PQO AOBQANVKO R=HAJ H= LAJ= OEJK LKN MQÛ D=?ANHKO 5 ?KIK ^OEG= OA MQEANA OQI=N = PQO LNKLäOEPKO PA KBNA?A OQO IAFKNAO LNK@Q?PKO


DKN=O @A BNAO?QN= U OACQNE@=@ AJ QJ OKHK POOOO

0KP=H /A? =DKN= P=I>EÛJ AJ OLN=U L=N= QJ OA?=@K QHPN=NNbLE@K

SURPRFLyQ 0DVFDULOOD H[IROLDQWH SiJ

AOK@KN=JPA JPEPN=JOLEN=JPA @A IbTEI= LNKPA??EäJ

KJ ATPN=?PK @A DKF=O @A >=I>é E@A=H L=N= LEAH OAJOE>HA

/A?= NbLE@=IAJPA U JK I=J?D= H= NKL=


18(926 &$%(//2 3,(/

'( '(6&8(172

0XMHU

8QLVH[

727$/ 6(& 0XMHU 'HVRGRUDQWH VSUD\ PO IO R] &yG

9DORUL]DGR HQ

8QLVH[ 'HVRGRUDQWH VSUD\ PO IO R] &yG

9DORUL]DGR HQ


)Q?DKO =NKI=O H= IEOI= LNKPA??EäJ

3DUD HOOD

/EAJPA QJ= PKP=H OACQNE@=@ PK@K AH @ß=

&yG &yG

[ [

[ [

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

3URWHJHQ GHO PDO RORU H LQWHQVL´ FDQ WX IUDJDQFLD IDYRULWD

[ [

&yG &yG

&yG &yG

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ

&yG &yG

&yG &yG


&$%(//2 3,(/

;

;

3DUD pO

&XDOTXLHU FRPELQDFLyQ HV SRVLEOH

'HVRGRUDQWHV UROO RQ PO IO R] 9DORUL]DGRV HQ F X F X

[ [

&yG &yG

&yG &yG

&yG &yG

&yG &yG

8QLVH[

[ &yG [ &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG [ [

[ [

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG

&yG &yG


.bLE@K LNb?PE?K U L=N= PK@= H= B=IEH= (K IAFKN L=N= PAJAN QJ ?=>AHHK DANIKOK AJ IAJKO PEAILK

/ß K Oß 1J= I=JAN= @A =DKNN=N R=HEKOKO IEJQPKO =H @ß= AO QO=N QJ OD=ILKK AJ MQA HEILE= U @AF= PQ ?=>AHHK OQ=RA =H IEOIK PEAILK

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

/,752

'( '(6&8(172

9,7$/ 'XDFWLRQ HQ 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R] &yG

9DORUL]DGR HQ


!H PKMQA BEJ=H L=N= IK@AH=N PQ LAEJ=@K ,=N= QJ HKKG AOLA?P=?QH=N AOPKO ?KILHAIAJPKO OKJ EJ@EOLAJO=>HAOÎ 3HLQD WX FDEHOOR UL]DGR FRQ YHFHV PD\RU GH´ QLFLyQ

3HLQD WX FDEHOOR OLVR GHMiQGROR YHFHV PiV OLVR 5HVWDXUD \ VHOOD ODV SXQWDV SURWHJH WX FDEHOOR GH ORV HIHFWRV GHO VRO

%ULQGD YHFHV PiV EULOOR GHMDQGR WX FDEHOOR VXDYH \ VHGRVR

/22. &$5( 5L]R ([WUHPR &UHPD SDUD SHLQDU PO IO R]

/LVR $EVROXWR &UHPD SDUD SHLQDU PO IO R]

/RFLyQ UHVWDXUDGRUD GH SXQWDV PO IO R]

6SUD\ PD[LPL]DGRU GH EULOOR PO IO R]

&yG

&yG

&yG

&yG

9DORUL]DGR HQ F X F X

9DORUL]DGR HQ

9DORUL]DGR HQ

5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH YV VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

'( '(6&8(172

5HVWDXUD WX FDEHOOR GH ORV GDxRV SURYRFDGRV SRU TXtPLFRV VHFDGRUD SODQFKDV \ WLQWHV

*K IbO ?=>AHHK @=ã=@K

.AL=N= PQ ?=>AHHK LNKBQJ@=IAJPA IEAJPN=O @QANIAO

.AL=N=?EäJ LNKBQJ@=

0DVFDULOOD GREOH UHSDUDFLyQ QRFWXUQD PO IO R] &yG

9DORUL]DGR HQ


RA?AO IbO HEOK

.EVKO RA?AO IbO @A˜JE@KO

!O ?KIK PAJAN QJ O=HäJ @A >AHHAV= AJ PQ LNKLE= ?=O= (KKG Ó =NA PA KBNA?A AH HKKG LNKBAOEKJ=H MQA P=JPK PA CQOP= @AO@A H= ?KIK@E@=@ @A PQ DKC=N

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


.AL=N=?EäJ LNKBQJ@=

&$%(//2 3,(/

RA?AO IbO >NEHH=JPA

6KDPSRR $FRQGLFLRQDGRU $ 62/2

/22. &$5( 6KDPSRR PO IO R] /LVR $EVROXWR &yG 5L]R ([WUHPR &yG %ULOOR 0i[LPR &yG 5HSDUDFLyQ ([WUHPD &yG 9DORUL]DGRV HQ F X F X

$FRQGLFLRQDGRU PO IO R] /LVR $EVROXWR &yG 5L]R ([WUHPR &yG %ULOOR 0i[LPR &yG 5HSDUDFLyQ ([WUHPD &yG 9DORUL]DGRV HQ F X F X

9DORUL]DGR HQ 9iOLGR SDUD SURGXFWRV GH OD PLVPD OtQHD

/LVR $EVROXWR

&yG

5L]R ([WUHPR

&yG

%ULOOR 0i[LPR

&yG

5HSDUDFLyQ ([WUHPD

&yG

5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH YV VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV


1RUPDO

6HFR

$/9,(172

6KDPSRR PO IO R] &DEHOOR 1RUPDO &yG &DEHOOR 6HFR &yG &DEHOOR *UDVR &yG &DEHOOR ([WUD 6HFR &yG

$FRQGLFLRQDGRU PO IO R] &DEHOOR 1RUPDO &yG &DEHOOR 6HFR &yG &DEHOOR *UDVR &yG &DEHOOR ([WUD 6HFR &yG 9DORUL]DGR HQ F X F X

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

$ 0,7$'

!HECA HK IAFKN @A H= J=PQN=HAV= L=N= ?QE@=N PQ ?=>AHHK

'( 35(&,2

*K EILKNP= MQÛ PELK @A ?=>AHHK PAJC=O HREAJPK PEAJA PEAJA AH PN=P=IEAJPK E@A=H

7RGR WLSR GH FDEHOOR &UHPD SDUD SHLQDU J R] &yG

9DORUL]DGR HQ

*UDVR

([WUD 6HFR


0AJAN QJ NKOPNK DANIKOK PEAJA OQO OA?NAPKO (=O éJE?=O ?NAI=O MQA PA KBNA?AJ >AJABE?EKO L=N= ?QE@=N PQ NKOPNK

>AJABE?EKO

J

.AOQHP=@KO ?KILNK>=@KO

GH ODV PXMHUHV VLQWLy OD SLHO PiV KXPHFWDGD GH ODV PXMHUHV VLQWLy PHQRV LPSXUH]DV HQ OD SLHO


78 2)(57$ (675(//$

>AJABE?EKO

J

.AOQHP=@KO ?KILNK>=@KO

GH ODV PXMHUHV VLQWLy PHMRUtD HQ OD DSDULHQFLD GH DUUXJDV GH ODV PXMHUHV SHUFLELy VX SLHO PiV FODUD


APNbO @A PQ I=MQEHH=FA D=U QJ= IQFAN DANIKO= AO?é>NAH= ?KJ HKO @AOI=MQEHH=@KNAO U @=HA QJ NAOLENK = PQ LEAH

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

'( '(6&8(172

'HVPDTXLOOD ODV ]RQDV GHOLFDGDV GHO URVWUR RMRV \ ODELRV

%LIiVLFR 3DUD UHPRYHU KDVWD HO PDTXLOODMH PiV GLItFLO

'HVPDTXLOOD OD SLHO VHQVLEOH

/RFLyQ GHVPDTXLOODQWH SDUD RMRV \ URVWUR PO IO R]

'HVPDTXLOODGRU HQ JHO SDUD RMRV \ ODELRV J R]

'HVPDTXLOODGRU OtTXLGR DFFLyQ LQPHGLDWD PO IO R]

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ


1$785$/ &$5( &UHPD DFODUDGRUD IDFLDO )36 J R] &yG

9DORUL]DGR HQ

0K@= A@=@ U PELK @A LEAH

$FODUD OD SLHO HQ VHPDQDV \ PHMRUD VX WRQR &RQ URVD PRVTXHWD \ FRQFKD GH QiFDU

3UXHED GH HILFDFLD GHUPDWROyJLFD UHDOL]DGD HQ ODERUDWRULRV &ODLP FRQ PXMHUHV HQWUH \ DxRV GXUDQWH VHPDQDV XVDQGR HO SURGXFWR YHFHV DO GtD

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

0K@KO HKO OA?NAPKO @A H= J=PQN=HAV= L=N= ?QE@=N PQ NKOPNK ,ALEJK PA RAN@A U NKO= IKOMQAP= L=N= I=JPAJAN QJ ?QPEO FKRAJ U DANIKOK

0DVFDULOOD IDFLDO KLGUDWDFLyQ LQPHGLDWD J R] &yG

9DORUL]DGR HQ

+XPHFWD \ VXDYL]D OD SLHO GHO URVWUR GH IRUPD LQPHGLDWD FRQ EDUUR RUJiQLFR \ DORH

*HO UHIUHVFDQWH SDUD HO FRQWRUQR GH RMRV J R]

&UHPD KLGUDWDQWH IDFLDO J R]

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG

2MRV +LGUDWD WXV SiUSDGRV ORV UHIUHVFD \ $QWHV D\XGD D PHMRUDU OD DSDULHQFLD GH EROVDV RMHUDV \ OtQHDV 'HVSXpV GH H[SUHVLyQ

+LGUDWD OD SLHO GH ORV SiUSDGRV \ D\XGD D PHMRUDU OD DSDULHQFLD GH ORV VLJQRV GH FDQVDQFLR FRQ SHSLQR \ Wp YHUGH

+25$6 GH KLGUDWDFLyQ


0K@K QJ HEPNK @A DQIA?P=?EäJ U ?KJ QJ LNKRK?=@KN =NKI= ,=N= PE MQA MQEANAO OAJPEN PQ LEAH OQ=RA PK@K AH PEAILK HHÛR=PA *=PQN=H =NA AJ ?Q=HMQEAN= @A OQO NE?KO =NKI=O

'( '(6&8(172

6XDYL]D \ UHYLWDOL]D OD SLHO &RQ GHOLFLRVR DURPD GH GXUD]QR \ DoDt

1$785$/ &$5( 'XUD]QR $oDt /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG

)ORU GH 1DUDQMR /LWFKL /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG

9DLQLOOD -D]PtQ /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] &yG

9DORUL]DGR HQ F X F X

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ

/,752


&$%(//2 3,(/

/,752

+LGUDWD \ VXDYL]D OD SLHO &RQ UHIUHVFDQWH DURPD GH µ RU GH QDUDQMR \ OLWFKL

6XDYL]D \ KXPHFWD OD SLHO &RQ UHODMDQWH DURPD GH YDLQLOOD \ MD]PtQ


(= >AHHAV= @A PK@= PQ LEAH AOPb =OACQN=@=

/,752

A LEAO = ?=>AV= U OEJ KHRE@=N PQO I=JKO

0DQRV +LGUDWD QXWUH VXDYL]D UHYLWDOL]D \ D\XGD D SURWHJHU WXV PDQRV $GHPiV IRUWDOHFH ODV XxDV

'( '(6&8(172

75,3/( $&&,Ä1 0$; &UHPD GH EHOOH]D SDUD PDQRV J R] &yG

9DORUL]DGR HQ

08/7,&5(0 0,/. /RFLyQ FRUSRUDO KXPHFWDQWH OLWUR IO R] &yG

9DORUL]DGR HQ

(YDOXDFLyQ UHDOL]DGD HQ /DERUDWRULRV %HOFRUS FRQ KRPEUHV \ PXMHUHV HQWUH ORV D DxRV \ D DxRV \ HQ /DERUDWRULRV &ODLP GH $UJHQWLQD FRQ QLxRV HQWUH ORV D DxRV

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ

&XHUSR 3DUD OD SLHO GH WRGD OD IDPLOLD +LGUDWD SRU KRUDV FRQ SURWHtQDV GH OHFKH DORH YHUD \ YLWDPLQD %


&$%(//2 3,(/

0Q LEAH AO LNA?EKO= Hé?AH= ?KJ AHAC=JPAO >NEHHKO .A=HV= OQ PATPQN= @AOP=?= OQO BKNI=O

'( '(6&8(172

(1&$172 '( 3(5/$6 /RFLyQ OXPLQRVD PO IO R] &yG

9DORUL]DGR HQ +XPHFWD VXDYL]D H LOXPLQD WX SLHO FRQ GHVWHOORV SHUODGRV

6XDYL]D KXPHFWD WX SLHO \ GHMD XQ VHQVXDO EULOOR GRUDGR

6('$ 252 /RFLyQ OXPLQRVD PO IO R] &yG

9DORUL]DGR HQ


.A?QLAN= AH AJ?=JPK @A PQ LEAH OQ OQ=RE@=@ )=N=REHHKOKO EJCNA@EAJPAO J=PQN=HAO ?KIK H= =RAJ= H= IEAH U AH PNECK HA >NEJ@=J AH IAFKN PN=P=IEAJPK

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

/,752

'( '(6&8(172

08/7,&5(0 1875,(176 3DUD SLHO H[WUD VHFD +LGUDWD UHYLWDOL]D SURWHJH \ VXDYL]D &RQ DYHQD JHUPHQ GH WULJR \ PLHO

/RFLyQ FRUSRUDO QXWULWLYD OLWUR IO R] &yG

9DORUL]DGR HQ

$YHQD FRQ QXWULHQWHV HVHQFLDOHV SDUD OD SLHO

*HUPHQ GH WULJR QXWUH \ UHYLWDOL]D OD SLHO

0LHO DSRUWD KLGUDWDFLyQ GH PDQHUD QDWXUDO


IEJ 1J= ?EP= ?KJPECK IEOI= !O IKIAJPK @A ?KJOAJPEN PK@= PQ LEAH

EOBNQP= @A QJ @AHE?EKOK >=ãK U QJ AJFQ=CQA J=H ?KJ =CQ= BNß= MQA PKJE MQA PQ LEAH

/K>NA H= LEAH OA?= =LHß?=PA H= ?NAI= DQIA?P=JPA LKN VKJ=O

.A=HEV= OQ=RAO I=O=FAO ?EN?QH=NAO AJ OAJPE@K =O?AJ@AJPA

.ALEPA H= KLAN=?EäJ AJ H=O VKJ=O IbO NA>AH@AO @A OAMQA@=@ K LEAH @A J=N=JF=

)bO MQA DQIA?P=?EäJ !HECA QJ= ?NAI= MQA D=?A PK@K Q KPN= MQA =@AIbO PA =UQ@A = ?KI>=PEN H= LEAH @A J=N=JF= U @EOBNQP= @A QJ= LEAH I=N=REHHKO=

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&$%(//2 3,(/

+XPHFWD QXWUH UHYLWDOL]D VXDYL]D GHYXHOYH OD ´ UPH]D \ D\XGD D SURWHJHU GHO PHGLR DPELHQWH

$OLVD OD SLHO GH QDUDQMD &RQ H[WUDFWR GH FRUDO \ DOJDV PDULQDV

'( '(6&8(172

/,752

75,3/( $&&,Ä1 0$; /RFLyQ GH EHOOH]D SDUD HO FXHUSR OLWUR IO R] &yG

9DORUL]DGR HQ

$48$/27,21 3LHO /LVD /RFLyQ FRUSRUDO H[WUD KXPHFWDQWH OLWUR IO R] &yG

9DORUL]DGR HQ


$=V MQA PK@K PQ ?QANLK PA AJ?=JPA

/RFLRQHV SHUIXPDGDV PO IO R] 9DORUL]DGDV HQ F X F X

'( '(6&8(172

&yG

&yG

&yG

K@U ,ANBA?PEKJ AO PQ IAFKN =HE=@K AJ H= >=P=HH=

6XDYL]DQ \ SHUIXPDQ WX SLHO

%2'< 3(5)(&7,21 /LSR (IIHFW 0DVVDJHU &UHPD JHO FRUSRUDO PDVDMHDGRU PO IO R] &yG

9DORUL]DGR HQ

'XDOLVV *HO DOLVDGRU GH HVWUtDV \ SLHO GH QDUDQMD PO IO R] &yG

&yG

&yG

&yG

&yG

9DORUL]DGR HQ

)LUPLQJ %XVW *HO DILUPDQWH SDUD EXVWR PO IO R] &yG

9DORUL]DGR HQ

'HSLODFWLYH &UHPD GHSLODWRULD J R] &yG

9DORUL]DGR HQ

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ


&RQ URGLOORV PDVDMHDGRUHV

'XDOLVV UQ@= = NA@Q?EN H= =L=NEAJ?E= @A LEAH @A J=N=JF= U AOPNß=O KJ AJR=OA I=O=FA=@KN

)LUPLQJ %XVW NI= H= LEAH @AH >QOPK (= OQ=REV= A DE@N=P=

&RQ HVIHUDV PDVDMHDGRUDV TXH D\XGDQ D OD HOLPLQDFLyQ GH OtTXLGRV R GHSyVLWRV GH JUDVD

&$%(//2 3,(/

/LSR (IIHFW 0DVVDJHU )K@AH= PQ OEHQAP= UQ@= = NA@Q?EN HKO @ALäOEPKO @A CN=O= AJ H= LEAH

'HSLODFWLYH !HEIEJ= HKO RAHHKO U NAP=N@= OQ ?NA?EIEAJPK

(= BKNI= IbO Bb?EH @A HQ?EN QJ=O LEANJ=O OQ=RAO LNA?EKO=O

'( '(6&8(172

3UiFWLFD HVSiWXOD SDUD XQD PHMRU DSOLFDFLyQ


/EAILNA LNKPACE@KO >=FK AH OKH ,=N= L=O=N H=O IAFKNAO DKN=O @EOBNQP=J@K @A OQO CN=J@AO >AJABE?EKO

3(5)(&7 681 .,'6 3URWHFWRU VRODU SDUD QLxRV URVWUR \ FXHUSR )36 3$ J R] &yG

9DORUL]DGR HQ

3(5)(&7 681 3URWHFWRU VRODU URVWUR \ FXHUSR )36 3$ J R] &yG

9DORUL]DGR HQ

)36 FRQWUD ORV UD\RV 89% TXH FDXVDQ TXHPDGXUDV \ HQYHMHFLPLHQWR SUHPDWXUR

9LWDPLQD ( TXH D\XGD D SURWHJHU OD SLHO GH ORV QLxRV GH ORV GDxRV FDXVDGRV SRU HO VRO

3URWHJH OD GHOLFDGD SLHO GH ORV QLxRV GHO VRO (YLWD HO HQURMHFLPLHQWR H LUULWDFLyQ

SURPRFLyQ 0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV SiJ

3URWHJH OD SLHO GH ORV UD\RV 89$ \ 89% TXH FDXVDQ HO HQYHMHFLPLHQWR SUHPDWXUR


/26

9DORUL]DGR HQ

&yG

=OP= ?KJ @A@E?=NHAO IEJQPKO = H= OAI=J=

&RQ FiVFDUD GH QXH] SDUD HOLPLQDU LPSXUH]DV \ FpOXODV PXHUWDV

$

&$%(//2 3,(/

(HÛR=PA AH PN=P=IEAJPK ?KILHAPK L=N= PAJAN QJKO LEAO BNAO?KO U HECANKO

$+255$

&RQ H[WUDFWR GH RUTXtGHDV SDUD VXDYL]DU \ UHIUHVFDU OD SLHO

&RQ DYHQD SDUD HOLPLQDU FDOORV \ DVSHUH]DV

/À1($ 3$5$ 3,(6 &UHPD H[IROLDQWH SDUD SLHV J R] 9DORUL]DGR HQ

&UHPD KXPHFWDQWH J R] 9DORUL]DGR HQ

&UHPD SDUD SLHV FRQ DVSHUH]DV \ FDOORVLGDGHV J R] 9DORUL]DGR HQ

6L GHVHDV FRPSUDU VROR OD &UHPD H[IROLDQWH StGHOD FRQ HO &yG 3UHFLR

6L GHVHDV FRPSUDU VROR OD &UHPD KXPHFWDQWH StGHOD FRQ HO &yG 3UHFLR

6L GHVHDV FRPSUDU VROR OD &UHPD SDUD SLHV FRQ DVSHUH]DV StGHOD FRQ HO &yG 3UHFLR


DxRV FXLGDQGR WX URVWUR

7ULSOH $FFLyQ IXH ODQ]DGD HQ 3HU~ HQ SRU %HOFRUS


35202&,Ä1

EIA ?QbH AO PQ OA?NAPK L=N= PAJAN QJ ?QPEO P=J HEJ@K

0DVFDULOOD H[IROLDQWH R FUHPD SDUD FRQWRUQR GH RMRV D VROR

F X

)=O?=NEHH= ATBKHE=JPA U ?NAI= L=N= KFKO EJ@EOLAJO=>HAO L=N= H= >AHHAV= @A PK@K PQ NKOPNK

5RVWUR 5HGXFH OD DSDULHQFLD GH SXQWRV QHJURV \ SRURV DELHUWRV 5HPXHYH FpOXODV PXHUWDV UHGXFH HO EULOOR KXPHFWD \ VXDYL]D

3RU OD FRPSUD GH FXDOTXLHU SURGXFWR GH FDEHOOR \ SLHO GH OD SiJ D OD SiJ

2MRV 'LVPLQX\H OD DSDULHQFLD GH DUUXJDV RMHUDV \ EROVDV $´ UPD HO FRQWRUQR GH RMRV D\XGD D SURWHJHU WX SLHO GHO PHGLR DPELHQWH \ VXDYL]D OD SLHO

75,3/( $&&,Ä1 0$; 0DVFDULOOD H[IROLDQWH IDFLDO PXOWLEHQHILFLRV J R] &yG

9DORUL]DGR HQ &UHPD SDUD HO FRQWRUQR GH RMRV J R] &yG

9DORUL]DGR HQ

3UR FROiJHQR H[WUDFWR GH URVD \ FDOpQGXOD

3UR FROiJHQR H[WUDFWR GH URVD \ FDOpQGXOD

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


/KJNEOEP=O AJ AH >=ãK $=V @A OQ >=ãK QJ IKIAJPK IQU @ERANPE@K ?KJ HKO PELO MQA PAJAIKO L=N= PE

Oß LK@NbO @AO=NNKHH=N IAFKN AO= ?KJATEäJ P=J AOLA?E=H MQA PEAJAO ?KJ PQO LAMQAãKO

$=V MQA OA OEAJP= ?äIK@K !HECA QJ IKIAJPK @AH @ß= AJ AH MQA JK PAJC= D=I>NA U LNAL=N= AH >=ãK ?KJ =CQ= PE>E= *K KHRE@AO PAJAN = H= I=JK HKO LNK@Q?PKO IbO @AHE?EKOKO L=N= AH >=ãK OQ OD=ILKK B=RKNEPK U HKO F=>KJAO IbO NE?KO

-QA HHARA OQO FQCQAPAOÎ 0äI=PA QJ PEAILK L=N= FQC=N ?KJ PQ DEFK @QN=JPA AH >=ãK ,QA@AJ D=?ANOA LAEJ=@KO @ERANPE@KO ?KJ H= AOLQI= U IQ?D=O ?KO=O IbOÎ

0N=O AH >=ãK >NbV=HK ?KJ QJ= PK=HH= OQ=RA U D=VHA ?KOMQEHHEP=O @ERANPE@=OÎ LNKRA?D= L=N= OQ=REV=N OQ ?QANLK ?KJ ?NAI=O L=N= JEãKO Oß MQA@=Nb NAH=F=@K U OéLAN BAHEV

SURPRFLyQ (VWXFKH 3LR /LQGR R &DGHQD 6RFFHU SiJ


6X ULFR DURPD D QDUDQMD OD YD D GHMDU ROLHQGR GHOLFLRVR

(=O ?KHKJE=O $=LLU HQ> OKJ LQN= @ERANOEäJ

1,f26 %(%e6

{-QÛ NE?K DQAHAJ PQO JEãKOÎ

6X DURPD D OLPyQ OR KDUi VHQWLUVH PX\ IUHVFR GHVSXpV GHO EDxR

'( '(6&8(172

+$33< &/8% &RFR]LxR &RORQLD SDUD QLxRV PO IO R] &yG

+LSRSRYD &RORQLD SDUD QLxDV PO IO R] &yG

9DORUL]DGDV HQ F X

F X


0QO DEFKO OKJ PQO OQLANDÛNKAO KI=J@K "KN?A HKO @AF= HEOPKO L=N= O=HR=N AH IQJ@K

0i[LPD HVSXPD TXH HOLPLQD WRGR UDVWUR GH VXFLHGDG HQ HO FDEHOOR

8Q KXUDFiQ GH IUHVFXUD FRQ DURPD D GHOLFLRVDV IUXWDV

5HIUHVFDQWH DURPD SDUD VXSHUKpURHV TXH GHVLQWHJUD D ORV 0XJU\[

3HUPLWH KDFHU ORV SHLQDGRV PiV GLYHUWLGRV \ PRGHUQRV

&20$1'2 )25&( 3DUDJHOL[ *HO J R]

6SXPDWDN 6KDPSRR HQ PO IO R]

;SODVK &RORQLD PO IO R]

$URPD[ &RORQLD PO IO R]

&yG

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3LR /LQGR R &DGHQD 6RFFHU SiJ


35202&,Ä1 (VWXFKH 3LR /LQGR D VROR

&yG

&DGHQD 6RFFHU D VROR

(Q EDxR SODWHDGR FRQ HVPDOWH SLQWDGR D PDQR FRORU URMR \ DPDULOOR

&yG

3RU OD FRPSUD GH FXDOTXLHU SUR GXFWR GH QLxRV \ EHEpV GH OD SiJ D OD SiJ

(Q EDxR GH SODWD FRQ HVPDOWHV SLQWDGRV D PDQR FRORU URMR YLQR FHOHVWH \ QHJUR

'LMH UHYHUVLEOH

18(675$ %,-287(5,( (6

/,%5( '( 3/202

18(92

18(9$

(VWXFKH 3LR /LQGR

&DGHQD 6RFFHU SDUD QLxR

,QFOX\H XQ SDU DUHWHV FRQ IRUPDV GH OD]R URMR \ XQ OLQGR FROODU FRQ GLMH GH KXHYLWR FRQ SROOLWR 0HGLGDV DSUR[ [ FP 9DORUL]DGR HQ

,QFOX\H GLMH UHYHUVLEOH FRQ XQD FDPLVHWD GH I~WERO \ XQD SHORWD SRU GHODQWH \ OD SDODEUD ªVRFFHU« \ HO Q~PHUR ª « SRU GHWUiV 0HGLGDV DSUR[ [ FP 9DORUL]DGR HQ

6L GHVHDV FRPSUDU VROR HO (VWXFKH 3LR /LQGR VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR 6L GHVHDV FRPSUDU VROR OD &DGHQD 6RFFHU VLQ FRQGLFLyQ GH SURPRFLyQ StGHOD FRQ HO &yG 3UHFLR

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


'( '(6&8(172 (1 /$ &$'(1$ /,77/( -(686

&DGHQD /LWWOH -HVXV SDUD QLxR /DUJR FP 'LiPHWUR GHO GLMH FP &yG

9DORUL]DGR HQ

18(9$ (Q EDxR GH SODWD FRQ GLMH GH FUX] HQ UHOLHYH

(VFODYD 6RFFHU SDUD QLxR ,QFOX\H GLMH UHFWDQJXODU FRQ HO Q~PHUR ª « DO FHQWUR \ XQD SHORWD GH I~WERO 0HGLGDV DSUR[ [ FP &yG

9DORUL]DGR HQ

(Q EDxR GH RUR \ SODWD FRQ HVPDOWH GH FRORUHV FULVWDOHV \ SHUODV

(VWXFKH GH DUHWHV 6ZHHW\ ,QFOX\H GLYHUWLGRV SDUHV GH DUHWHV SDUD QLxDV FRQ IRUPDV GH PDULSRVD OD]R EROD DUJROOD KHODGR IORU \ VRPEUHUR &yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3LR /LQGR R &DGHQD 6RFFHU SiJ

(Q EDxR GH SODWD FRQ HVPDOWHV SLQWDGRV D PDQR FRORU URMR YLQR FHOHVWH \ QHJUR


1,f26 %(%e6

'( '(6&8(172 (1 (/ &2//$5

(Q EDxR SODWHDGR FRQ HVPDOWHV \ OLQGDV SHUODV

&2/(&&,Ä1 6:((7 %$/(5,1$ &ROODU &RQ GLMH GH ]DSDWLWRV GH EDOOHW \ FRUD]yQ 0HGLGD DSUR[ GHO GLMH [ FP &yG

9DORUL]DGR HQ

3XOVHUD ,QFOX\H XQ GLMH FHQWUDO GH ]DSDWLOODV GH EDOOHW \ GRV GLMHV GH FRUD]RQHV FRQ SHUODV EODQFDV 0HGLGD DSUR[ FP &yG

9DORUL]DGR HQ

(VWXFKH GH DUHWHV /RYH %DOOHW ,QFOX\H SDUHV GH DUHWHV FRQ IRUPDV GH OD]R GH FRUD]yQ \ PiV

&yG

9DORUL]DGR HQ

(Q EDxR SODWHDGR FRQ HVPDOWHV SLQWDGRV D PDQR FULVWDOHV \ SHUODV

18(675$ %,-287(5,( (6

/,%5( '( 3/202


0K@K HK MQA PQ LAMQAã= JA?AOEP= KJ )EJE DE?O PAJ@Nb IQ?D=O KL?EKJAO L=N= RANOA HEJ@ßOEI=

&RQ PDQ]DQLOOD \ SURWHtQDV GH WULJR UHVDOWD HO FRORU QDWXUDO GHO FDEHOOR FODUR

'HVHQUHGD HO FDEHOOR OH GD XQ EULOOR IDEXORVR \ OR GHMD OLVWR SDUD ORV SHLQDGRV PiV OLQGRV

'HMD VX SLHO PX\ VXDYH FRQ XQ RORU ULTXtVLPR \ FRQ SUHFLRVRV EULOORV

3DUD TXH HOOD SXHGD OXFLU HO SHLQDGR PiV GLYHUWLGR \ FRQ EULOORV PX\ PRGHUQRV

0,1, &+,&6 &DQG\ \ .HOO\ 6KDPSRR PDQ]DQLOOD HQ PO IO R]

7LQD 'DQFH 'HVHQUHGDQWH PiJLFR PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&DQG\ 6ZHHW /RFLyQ SDUD HO FXHUSR FRQ FKLVSLWDV PO IO R]

7LQD \ /LVD *HO FRQ FKLVSLWDV SDUD HO FDEHOOR PO IO R]

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3LR /LQGR R &DGHQD 6RFFHU SiJ

&yG


1,f26 %(%e6 0RGHUQR DURPD µ RUDO IUXWDO VROR SDUD FKLFDV FRRO

8Q DURPD GH GHOLFLRVDV µ RUHV \ IUXWDV SDUD ODV FKLFDV PiV IDVKLRQ

(Q XQ VROR SDVR VX FDEHOOR TXHGDUi OLPSLR VHGRVR \ FRQ XQ ULTXtVLPR DURPD D WXWWL IUXWWL

.HOO\ 7HFK 5XEL 'LYLQH /LVD &RRO &RORQLD FRQ FKLVSHDQWHV &RORQLD FRQ FKLVSHDQWHV 6KDPSRR HQ HVWUHOODV PO IO R] HVWUHOODV PO IO R] PO IO R] &yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

'( '(6&8(172


0Q >A>Û J=?A ?KJ AH IAFKN ?QE@=@K >=FK AH >N=VK !O H= HßJA= Cé )bTEIK QE@=@K

GH D PHVHV

6KDPSRR )yUPXOD H[WUD VXDYH 8Q VROR SURGXFWR TXH QXWUH VXDYL]D \ SURWHJH VX SLHO \ FDEHOOR

&UHPD &RQ DYHQD \ SURWHtQDV GH OHFKH 'HMD VX SLHO VXDYH \ SURWHJLGD WRGR HO GtD

$*Ç 0i[LPR &XLGDGR &UHPD FRUSRUDO KXPHFWDFLyQ KRUDV J R] &yG

9DORUL]DGR HQ

6KDPSRR FDEHOOR \ FXHUSR OLWUR IO R] &yG

9DORUL]DGR HQ

&RORQLD VLQ DOFRKRO OLWUR IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH 3LR /LQGR R &DGHQD 6RFFHU SiJ

&RORQLD 7LHUQR DURPD QDWXUDO FRQ IyUPXOD VXDYH \ YLWDPLQD ( SDUD HO UHFLpQ QDFLGR

/,752


/26

$

/26

9DORUL]DGR HQ

$

9DORUL]DGR HQ

&yG

&yG

$+255$

$+255$

6KDPSRR /H GDUi D VX FDEHOOR FODUR EULOOR \ VXDYLGDG

1,f26 %(%e6

GH D PHVHV

&RORQLD 7LHUQR DURPD FRQ µ RUHV GH PDQ]DQLOOD TXH OR GHMDUi IUHVFR \ UHODMDGR

&RORQLD 6XDYH DURPD FtWULFR TXH OR UHIUHVFD D WRGD KRUD

6KDPSRR &RQ HVHQFLDV GH PLHO \ WULJR SDUD TXH WHQJD HO FDEHOOR PiV IXHUWH \ VDQR

$*Ç 6KDPSRR FRQ PDQ]DQLOOD \ DFHLWHV GH DOJRGyQ PO IO R] 9DORUL]DGR HQ

&RORQLD FRQ IORUHV GH PDQ]DQLOOD PO IO R] 9DORUL]DGR HQ

6L GHVHDV FRPSUDU HVWRV SURGXFWRV SRU VHSDUDGR StGHORV DVt 6KDPSRR FRQ PDQ]DQLOOD &yG 3UHFLR R &RORQLD FRQ IORUHV GH PDQ]DQLOOD &yG 3UHFLR

&RORQLD IUHVFD PO IO R] 9DORUL]DGR HQ

6KDPSRR FRQ PLHO \ WULJR PO IO R] 9DORUL]DGR HQ

6L GHVHDV FRPSUDU HVWRV SURGXFWRV SRU VHSDUDGR StGHORV DVt &RORQLD IUHVFD &yG 3UHFLR R 6KDPSRR FRQ PLHO \ WULJR &yG 3UHFLR


GH D PHVHV

/RFLyQ 'HOLFDGD FDULFLD TXH VXDYL]D VX SLHO \ OR D\XGD D GRUPLU SURIXQGDPHQWH

,=NA?A QJ =JCAHEPKÎ *=@= IbO NAH=F=JPA L=N= PQ >A>Û MQA AH @AHE?EKOK =NKI= U OQ=RE@=@ @A Cé =>U .AH=T

SURPRFLyQ (VWXFKH 3LR /LQGR R &DGHQD 6RFFHU SiJ


6KDPSRR 8Q VROR SURGXFWR TXH FXLGD VX FDEHOOR \ SLHO LGHDO SDUD HO EDxR DQWHV GH GRUPLU

7DOFR 3URWHJH VX SLHO FRQ IpFXODV GH PDt] DORH PDQ]DQLOOD µ RUHV GH D]DKDU \ FDQHOD

1,f26 %(%e6

&RORQLD 7LHUQR DURPD µ RUDO FRQ QRWDV GH MD]PtQ \ YDLQLOOD TXH OR UHIUHVFD \ OR UHODMD

'( '(6&8(172 (1 /$ &2/21,$

$*Ç

/,752

%DE\ 5HOD[ /RFLyQ KLGUDWDQWH SDUD PDVDMHV PO IO R] &yG

9DORUL]DGR HQ

&RORQLD OLWUR IO R] &yG

9DORUL]DGR HQ

6KDPSRR FDEHOOR \ FXHUSR OLWUR IO R] &yG

9DORUL]DGR HQ )527$ $48À < 6,(17( (/ $520$ %$%< 5(/$; (1 78 3,(/

7DOFR J R] &yG

9DORUL]DGR HQ

/¤ K /¤ 0Q >A>Û JA?AOEP= @KNIEN = H= IEOI= DKN= ,KN AOK D=VHA QJ= NQPEJ= U RANbO MQA OA MQA@=Nb @KNIE@EPK =H EJOP=JPA


0½6 '( 81$ )250$ '( &2148,67$5 $9(17285 &RORJQH DWRPLVHXU PO IO R]

)2*26 (DX GH WRLOHWWH DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

'( '(6&8(172 (1 $9(17285

0DGHURVR $FWLYR %ULVDV GH OLPyQ DXVWUDOLDQR \ FHGUR LQYLWDQ D OD DYHQWXUD

+HUEDO 6HGXFWRU 3DWFKRXOL \ FDUGDPRPR VH XQHQ HQ OD PiV LUUHVLVWLEOH HVHQFLD PDVFXOLQD

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


e/ e/ 2!*0+1.

(= I=CE= @A HKO =NKI=O 1J= >QAJ= BN=C=J?E= PEAJA AH LK@AN @A @AOLANP=N OAJPEIEAJPKO NAREREN NA?QAN@KO U LKN OQLQAOPK =QIAJP=N AH =PN=?PERK ,KN AOK QJ LANBQIA JK AO OKHK QJ KHKN =CN=@=>HA OEJK QJ IQJ@K IbCE?K HHAJK @A OAJO=?EKJAO

"+#+/


(/,*,5 81$ )5$*$1&,$ $/ $=$5" -$0½6

62 2 (5 $' 0

2 $' &, ( 3 (6 0 $' (5 2 62

+( 5% $/

&À 75 ,& 2

2 ,& 75 &À

$/ 5% +(

7,9 $&

6 ('8 2 &7 51 25 ( ' 2 0 2 $' &, 3( (6

(/ (* $1 7(

!J AH >=JE?K @A NKI=O @A ^OEG= AJ?QAJPN= OQ BN=C=J?E= E@A=H

0$'(5262

+(5%$/

&À75,&2

&À75,&2

(63(&,$'2

+(5%$/

0$'(5262

(63(&,$'2

«O=HK =Oß 1>E?= QJK @A HKO CNQLKO OACéJ OQ AOPEHK !HAC=JPA )K@ANJK /A@Q?PKN K ?PERK

(QACK AHECA AH =NKI= OACéJ H= B=IEHE= KHB=PER= !OLA?E=@K )=@ANKOK $AN>=H K ßPNE?K

!OP=O OAã=HAO PA CQE=NbJ = AJ?KJPN=N AH =NKI= MQA >QO?=O AJ AH ?=PbHKCK )5$*$1&,$6

(/(*$17(6

,PSHULXP $]DEDN '­RUVD\ '­RUVD\ &ODVV

)5$*$1&,$6

02'(51$6

.DORV %ODFN +LJKZD\ &DUGLJDQ

)5$*$1&,$6

6('8&725$6

6WURQJ 0XVN 9DQLOOD +RPEUH .DORV 7RQLJKW 9HKHPHQFH SDUD pO ,PiQHP %UDYtR 0D[ ([XV 3XOVR 6DOYDMH )RJRV

)5$*$1&,$6

$&7,9$6

$YHQWRXU )RU]H .DORV 6SRUW $OWKHXV ,W­V <RX ,W­V <RX /LYH


e/ e/

/26 6(&5(726 '( 81 *5$1 6('8&725

'( '(6&8(172

38/62 &+5,67,$1 0(,(5 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

%5$9À2 &+5,67,$1 0(,(5 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ


$520$6 48( (1$025$1

(VSHFLDGR 6HGXFWRU 6HGXFWRUDV QRWDV GH SDWFKRXOL \ ViQGDOR OD FRQTXLVWDQ

(VSHFLDGR 6HGXFWRU &iOLGD YDLQLOOD VH PH]FOD FRQ DLUHV PDGHURVRV

.$/26 721,*+7 &RORJQH DWRPLVHXU PO IO R]

9$1,//$ +20%5( &RORJQH DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

'( '(6&8(172 (1 .$/26 721,*+7

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


e/ e/

3$6,Ä1 48( 683(5$ /26 6(17,'26

67521* 086. &RORJQH PO IO R] &yG

9DORUL]DGR HQ

(VSHFLDGR 6HGXFWRU 1RWDV GH PXVN \ EHUJDPRWD VH XQHQ HQ XQ H[FLWDQWH DURPD

7DOFR SHUIXPDGR J R] &yG

9DORUL]DGR HQ

'HVRGRUDQWH UROO RQ PO IO R] &yG

9DORUL]DGR HQ


)5$*$1&,$6

(/(*$17(6

62),67,&$'2 (1 &$'$ *27$

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


' 256$< &/$66 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

78 2)(57$ (675(//$


/2 0(-25 '(/ e;,72 (6 ',6)587$5/2

'( '(6&8(172 (1 ,03(5,80

,03(5,80 &RORJQH DWRPLVHXU PO IO R]

0DGHURVR (OHJDQWH 6R´ VWLFDGDV QRWDV GH OLPyQ GH ,WDOLD SLPLHQWD QHJUD \ VHOHFWDV PDGHUDV

&yG

9DORUL]DGR HQ

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


e/ e/

6,(035( )5(6&2 6,(035( $75$&7,92 6HW eVLND 0HQ $ 62/2

9DORUL]DGR HQ &yG

6(7 e6,.$ 0(1 ,QFOX\H ‡ &RORJQH ‡ 'HVRGRUDQWH VSUD\ e6,.$ 0(1 )UHVK %RG\ VSODVK UHIUHVFDQWH PO IO R] 9DORUL]DGR HQ

'HVRGRUDQWH VSUD\ PO IO R] 9DORUL]DGR HQ

&RORQLD )UHVFDV QRWDV GH EHUJDPRWD PHQWD WRURQMD \ ODYDQGD TXH UHIUHVFDQ \ UHFDUJDQ GH HQHUJtD

'HVRGRUDQWH HQ VSUD\ $VHJXUD KDVWD KRUDV GH SURWHFFLyQ FRQWUD OD VXGRUDFLyQ \ HO PDO RORU &RQ DURPD D PHQWD \ PDGHUDV

6L GHVHDV FRPSUDU VROR OD FRORJQH eVLND 0HQ StGHOD FRQ HO &yG 3UHFLR 'HVRGRUDQWH VSUD\ &yG 3UHFLR


(/ &8,'$'2 (63(&,$/ 48( e/ 1(&(6,7$ 6KDPSRR HQ /LPSLD \ DFRQGLFLRQD HQ XQ VROR SDVR

6KDPSRR 0i[LPD )XHU]D 5HGXFH OD FDtGD GHO FDEHOOR HQ XQ

e6,.$ 0(1 6KDPSRR PXOWLDFFLyQ HQ PO IO R] &yG

6KDPSRR Pi[LPD IXHU]D PO IO R] &yG

6KDPSRR FRQWURO HIHFWLYR PO IO R] &yG

9DORUL]DGR HQ F X

F X

'( '(6&8(172

&DtGD GHO FDEHOOR SRU TXLHEUH UHVXOWDGRV D SDUWLU GH OD WD ODYDGD YV HO FRQWURO EDVDO

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ

6KDPSRR &RQWURO (IHFWLYR /LPSLD SURIXQGDPHQWH \ IRUWDOHFH HO FDEHOOR


/RFLyQ IRUWDOHFLPLHQWR DQWLFDtGD PO IO R]

e/ e/

e6,.$ 0(1

'( '(6&8(172

&yG

9DORUL]DGR HQ

/$6 0,5$'$6 6( *$1$1 6,1 3(5'(5 (/ &$%(//2

/RFLyQ FDSLODU )RUWDOHFH HO FXHUR FDEHOOXGR H LQFHQWLYD HO FUHFLPLHQWR FDSLODU

TECNOLOGร A FORTITECH โ ข Bio-mineral Complex: Devuelve la estructura natural al cabello. โ ข Activo Anticaรญda Procapil: Ayuda a mejorar el anclaje de la fibra capilar. โ ข Antiseborreico de Menta Acuรกtica: Acciรณn refrescante que reduce la picazรณn.


)5$*$1&,$6

6(168$/(6

z/=>AO ?QbH AO IE OA?NAPK (VSHFLDGD 6HQVXDO $SDVLRQDQWHV HVSHFLDV SHUIXPDQ WX SLHO SDUD JXLDU VXV EHVRV

)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


78 2)(57$ (675(//$

6(&5(7 086. (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ


{-QÛ >EAJ PA R=J HKO @E=I=JPAOÎ / ,0$*( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ

)ORUDO (OHJDQWH /XMRVR HQFXHQWUR GH \ODQJ \ODQJ \ MD]PLQHV


(6(1&,$6 $520$6

'( '(6&8(172 (1 526( 526(

9$1,//$ 6&(17 (DX GH SDUIXP DWRPLVHXU PO IO R]

526( 526( (DX GH SDUIXP DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

'XOFH 5RPiQWLFD /D IHOLFLGDG WLHQH DURPD D YDLQLOOD MD]PLQHV \ OLULRV

)ORUDO 6HQVXDO 'HOLFDGDV URVDV XQ WRTXH GH YDLQLOOD \ PXVN


)ORUDO (OHJDQWH 8Q GHOLFLRVR ERXTXHW GH JDUGHQLDV VH FRPELQD FRQ ´ QDV PDGHUDV \ XQ IUHVFR WRTXH IUXWDO

)ORUDO $FWLYD ([SUHVD WXV VHQWLPLHQWRV FRQ µ RU GH QDUDQMR MD]PtQ \ PLPRVDV

63(&,$/ (DX GH SDUIXP DWRPLVHXU PO IO R]

(;35(66,21 (DX GH SDUIXP DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

'( '(6&8(172 (1 63(&,$/

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


(6(1&,$6 $520$6

'( '(6&8(172 (1 <28 /,9(

KJPECK ?=@= EJOP=JPA OA RQAHRA éJE?K ,7 6 <28 /,9( )UDJDQFLD XQLVH[ (DX GH SDUIXP DWRPLVHXU PO IO R]

&tWULFD $FWLYD /D IUHVFXUD GH PDQGDULQDV LWDOLDQDV FRQ KRMDV GH EDPE~

&yG

9DORUL]DGR HQ

)527$ $48À < 6,(17( (/ $520$ '( <28 /,9( (1 78 3,(/


z-QÛ =NKI= R= IAFKN ?KJPECK

( /& '8

'8 /& (

/ $ 87 )5

2 ,& 75 &À

&À 75 ,& 2

'2 ,$ (& 3 (6

(6 3( &, $' 2

)5 87 $/

)/ 25 $/

/ 5$ 2 )/

,9$ &7 $

6(168 $/ $ & , 7 1 0½ 2 5

(/(* $1 7(

AO?é>NAHK AJ AH >=JE?K @A NKI=O @A ^OEG=

)/25$/

'8/&(

)587$/

(63(&,$'2 &À75,&2

&À75,&2 (63(&,$'2 )587$/

'8/&(

«O=HK =Oß 1>E?= QJK @A HKO CNQLKO OACéJ PQ AOPEHK !HAC=JPA .KIbJPE?= /AJOQ=H K ?PER=

(QACK AHECA AH =NKI= OACéJ H= B=IEHE= KHB=PER= "HKN=H QH?A "NQP=H !OLA?E=@K K ßPNE?K

!OP=O OAã=HAO PA =UQ@=NbJ = AJ?KJPN=N PQ =NKI= AJ AH ?=PbHKCK )5$*$1&,$6

(/(*$17(6 /­LPDJH /­LPDJH 'LDPRQGV 6SHFLDO ;LDQD &ODVVLF &RQFHUW

)5$*$1&,$6

520½17,&$6 *UD]]LD 5RPDQ]L )ORZHU\ /RYH &RQFHUW 9DQLOOD 6FHQW $wQQDUD

)5$*$1&,$6

6(168$/(6 *UD]]LD ([RWLF *UD]]LD 3DUDGLVH 3DVVLRQ 0XVN 9HKHPHQFH SDUD HOOD 3DVVLRQ &RQFHUW 5RVH 5RVH 6H[\ *ROG %HDXW\ 5HG 'DQ]]tD 5HG ,QWHQVH ,QFLWDQW -DGLVV 6HFUHW 0XVN

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ

)5$*$1&,$6

$&7,9$6

([SUHVVLRQ eODQLH *\UD 0RPHQWRV 9LEUDQWHV 0RPHQWRV /LEHUWDG ,W­V <RX ,W­V <RX /LYH

)/25$/


(6(1&,$6 $520$6

(= IQFAN AO ?KIK QJ= BHKN AO?Q>NA ?QbH ANAO Pé

'( '(6&8(172 (1 *5$==,$ 3$5$',6(


3$66,21 &21&(57 &RORJQH DWRPLVHXU PO IO R]

&/$66,& &21&(57 &RORJQH $WRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

)527$ $48À < 6,(17( (/ $520$ '( 3$66,21 &21&(57 (1 78 3,(/

)ORUDO 6HQVXDO 8QD VH[\ PHORGtD GH OLULRV GHO YDOOH MD]PLQHV \ iPEDU JULV WH YXHOYHQ LUUHVLVWLEOH


35202&,Ä1 3DVVLRQ &ODVVLF R /RYH &RQFHUW D VROR

F X

3RU OD FRPSUD GH FXDOTXLHU SURGXFWR GHO FDWiORJR 1R LQFOX\H RWUDV SURPRFLRQHV

/29( &21&(57 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(VSHFLDGD (OHJDQWH )LQRV DFRUGHV GH YLROHWDV QHJUDV WRQND \ YDLQLOOD GHVSLHUWDQ WX ODGR PiV VR´ VWLFDGR

)ORUDO 5RPiQWLFD 7LHUQDV QRWDV GH µ RU GH QHUROL \ JDUGHQLDV WH LQVSLUDQ D DPDU

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


1J QJERANOK @A =NKI=O

OKHK L=N= PEÎ

(63(&,$/ '( $520$6

/A@Q?PKNAO NKIbJPE?KO AHAC=JPAO =?PERKO

EJOLEN=@KNAO LNKRA?D= AOP= KLKNPQJE@=@ L=N= @EOBNQP=N PQO =NKI=O B=RKNEPKO = LNA?EKO OéLAN AOLA?E=HAO U @AO?Q>NA PK@= H= C=I= @A ENNAOEOPE>HAO AOAJ?E=O MQA ^OEG= PEAJA L=N= PE

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ



/$ GD ,W­V <RX (ODQLH R *UD]]LD $ 62/2

&XDOTXLHU FRPELQDFLyQ HV SRVLEOH

3URGXFWR

GD

,W­V <RX

&yG

(ODQLH

&yG

*UD]]LD

&yG

,7 6 <28 )UDJDQFLD XQLVH[ (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(63(&,$/ '( $520$6

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ

&tWULFD $FWLYD (VSRQWiQHDV QRWDV GH OLPyQ \ PDQGDULQD


e/$1,( (DX GH SDUIXP DWRPLVHXU PO IO R]

*5$==,$ (DX GH SDUIXP DWRPLVHXU PO IO R]

&yG

9DORUL]DGR HQ

&yG

9DORUL]DGR HQ

)ORUDO $FWLYD $OHJUH IXVLyQ GH JDUGHQLDV \ DPRU SRU OD YLGD

)ORUDO 5RPiQWLFD 'HOLFDGDV URVDV GH %XOJDULD UHYHODQ WX HVHQFLD IHPHQLQD


/$ GD 0RPHQWRV /LEHUWDG R 'DQ]]tD $ 62/2

&XDOTXLHU FRPELQDFLyQ HV SRVLEOH

3URGXFWR 0RPHQWRV /LEHUWDG

GD &yG

'DQ]]tD

&yG

6H[\ *ROG

&yG

020(1726 /,%(57$' (DX GH WRLOHWWH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(63(&,$/ '( $520$6

)UXWDO $FWLYD 3ODFHQWHURV DFRUGHV GH PDQGDULQD OLPyQ \ FDVVLV

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


'$1==À$ (DX GH SDUIXP DWRPLVHXU PO IO R]

6(;< *2/' (DX GH SDUIXP PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

'XOFH 6HQVXDO 3URYRFDWLYR µ LUWHR GH RUTXtGHD FDOLSVR \ VRUEHWH GH SHUD

)ORUDO 6HQVXDO 6HQVXDOHV RUTXtGHDV EODQFDV \ µ RU GH QDUDQMR


{/EAILNA MQEOA PAJAN QJ >KHOK ?KIK ÛOPAÎ


35202&,Ä1 %ROVR 3ULGH D VyOR

&yG

3RU OD FRPSUD GH FXDOTXLHU IUDJDQ FLD GH OD SiJ D OD SiJ \ GH OD SiJ D OD SiJ 1R LQOFX\H RWUDV SURPRFLRQHV

%ROVR 3ULGH

,QFUHtEOHPHQWH FyPRGR 0RGHUQD WH[WXUD FRQ GHWDOOHV GH FRUUHDV SRU IXHUD \ PXFKR HVSDFLR SRU GHQWUR 3HUIHFWR SDUD XVDUOR KR\ PLVPR \ WRGRV ORV GtDV 0HGLGDV DSUR[ [ [ FP 9DORUL]DGR HQ

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


/$ GD ,PiQHP +LJKZD\ R &DUGLJDQ $ 62/2

&XDOTXLHU FRPELQDFLyQ HV SRVLEOH

3URGXFWR

GD

,PiQHP

&yG

+LJKZD\

&yG

&DUGLJDQ

&yG

,0½1(0 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(63(&,$/ '( $520$6

(VSHFLDGR 6HGXFWRU /D LQWHQVLGDG GHO ViQGDOR \ HO FDVKPqUH VH FRPELQDQ HQ XQD IUDJDQFLD LUUHVLVWLEOH

)527$ $48À < 6,(17( (/ $520$ '( ,0½1(0 (1 78 3,(/

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


+,*+:$< &RORJQH DWRPLVHXU PO IO R]

&$5',*$1 &RORJQH DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

0DGHURVR 0RGHUQR $XGDFHV QRWDV GH PXVN WRQND \ YHWLYHU LQYLWDQ D YLYLU LQWHQVDPHQWH

+HUEDO 0RGHUQR 2ULJLQDOHV QRWDV GH KRMDV GH PHQWD IUHVFD ODYDQGD FLSUpV \ YHWLYHU


*5$7,6 'HVRGRUDQWH UROO RQ 3RU OD FRPSUD GH OD IUDJDQFLD 0D[ 9DORUL]DGR HQ

&yG

9DORUL]DGR HQ

'HVRGRUDQWH UROO RQ PO IO R]

0DGHURVR 6HGXFWRU ,PSDFWDQWH \ SRGHURVD PL[WXUD GH PDGHUDV YHWLYHU \ FXHUR

(63(&,$/ '( $520$6

18(9$

0$; (DX GH WRLOHWWH DWRPLVHXU PO IO R]

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ

)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/


3$5$ 72'2 81 +20%5( 72'2 81 $520$


(63(&,$/ '( $520$6

.$/26 %/$&. &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(VSHFLDGR 0RGHUQR 0DGHUDV H[FOXVLYDV \ HVSHFLDV ~QLFDV SDUD HO KRPEUH GLVWLQJXLGR

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


/$ &2035$

723

.$/26 63257 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

)527$ $48À < 6,(17( (/ $520$ '( .$/26 63257 (1 78 3,(/

+HUEDO $FWLYR (QpUJLFDV QRWDV FtWULFDV FHGUR YHWLYHU \ PXVN


3$66,21 086. (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

(63(&,$/ '( $520$6

'HVRGRUDQWH UROO RQ PO IO R] 9DORUL]DGR HQ

*5$7,6 'HVRGRUDQWH UROO RQ 3RU OD FRPSUD GH OD IUDJDQFLD 3DVVLRQ 0XVN 9DORUL]DGR HQ

)ORUDO 6HQVXDO 8Q DURPD DEVROXWR GH URVDV \ MD]PtQ UHYHOD WRGD OD LQWHQVLGDG GH WX HVHQFLD GH PXMHU

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ


%($87< 5(' (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

&2/25),; 0$;7,0( 0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG J R] 9DORUL]DGR HQ

35202&,Ä1

0DVFDUD &RORU´ [ WRQR QHJUR

$ 6Ä/2

9DORUL]DGR HQ &yG

3RU OD FRPSUD GH OD IUDJDQFLD %HDXW\ 5HG

)ORUDO 6HQVXDO &RTXHWDV QRWDV GH LULV \ RUTXtGHDV MXHJDQ FRQ XQ WRTXH GH PXVN


&=@EOO PEAJA L=N= PE QJ NAC=HK OéLAN =PN=?PERK /KHK LKN AOP= ?=IL=ã= &=@EOO REAJA ?KJ QJ @EFA MQA ?KILHAIAJP= AH I=CJÛPE?K =NKI= MQA U= ?KJK?AO U =QIAJP= PQ LK@AN @A =PN=??EäJ

(63(&,$/ '( $520$6

-$',66 (DX GH SDUIXP DWRPLVHXU PO IO R] 9DORUL]DGR HQ

(',&,Ä1 /,0,7$'$

)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/

SURPRFLyQ 3DVVLRQ &ODVVLF R /RYH &RQFHUW SiJ

(VSHFLDGR 6HQVXDO 6HFUHWDV HVSHFLDV \ µ RU GH QHUROL DWUDHQ OR TXH PiV GHVHDV


35202&,Ä1 ,1683(5$%/( -DGLVV D VROR

&yG

3UHFLRVR GLMH YHUGH HVPHUDOGD FRQ WH[WXUD TXH UHµ HMD OD OX] ÇVDOR HQ XQ FROODU R XQD SXOVHUD

En caso de agotarse el producto, la empresa se reserva el derecho de sustituirlo por otro de similar valor y calidad.


(63(&,$/ '( $520$6

SURPRFLyQ SiJ

3UHFLRVR GLMH YHUGH HVPHUDOGD FRQ WH[WXUD TXH UHµ HMD OD OX] ÇVDOR HQ XQ FROODU R XQD SXOVHUD


&=@EOO PEAJA L=N= PE QJ NAC=HK OéLAN =PN=?PERK

35202&,Ä1 ,1683(5$%/( -DGLVV D VyOR

&yG

/KHK LKN AOP= ?=IL=ã= &=@EOO REAJA ?KJ QJ @EFA MQA ?KILHAIAJP= AH I=CJÛPE?K =NKI= MQA U= ?KJK?AO U =QIAJP= PQ LK@AN @A =PN=??EäJ

-$',66 (DX GH SDUIXP DWRPLVHXU PO IO R] 9DORUL]DGR HQ

(',&,Ä1 /,0,7$'$

)527$ $48À < 6,(17( (/ $520$ (1 78 3,(/

(VSHFLDGR 6HQVXDO 6HFUHWDV HVSHFLDV \ µ RU GH QHUROL DWUDHQ OR TXH PiV GHVHDV

En caso de agotarse el producto, la empresa se reserva el derecho de sustituirlo por otro de similar valor y calidad.


2)(57$ 0$*1À),&$

(63(&,$/ '( $520$6

786 )5$*$1&,$6 )$925,7$6 $ 35(&,26 ,1&5(À%/(6

D VROR

%5$9À2 &+5,67,$1 0(,(5 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

0(;,&2 & +$= 78 3(','2 $ 75$9e6 '( 78 &2168/725$ 2 //$0$ *5$7,6 $/ &$7½/2*2 9,*(17(

6$/8' (6 %(//(=$ eVLND FRPXQLFD D VXV FOLHQWHV TXH DPERV ORJRV GH OD PDUFD HVWiQ YLJHQWHV \ SRGUi UHFLELU SURGXFWRV FRQ FXDOTXLHUD GH HOORV PDQWHQLHQGR HO PLVPR QLYHO GH FDOLGDG 6tJXHQRV HQ ZZZ HVLND EL]

ZZZ IDFHERRN FRP HVLND EHOFRUS

ZZZ \RXWXEH FRP (VLND9LGHRV

#(VLND%HOFRUS


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.