Agenda de eventos Chaves-Verín julho/julio 2016

Page 1

$*(1'$

&+$9(6 9(5Ì1

-8/+2 -8/,2


(63(7É&8/26 (63(&7É&8/26

VHJXQGD OXQHV

&21&(572 &21&,(572

&+$9(6 9(5Ì1

'(67$48(6

&,1(0$ &,1(

VH[WD YLHUQHV

(;326,d¯(6 (;326,&,21(6

VH[WD YLHUQHV

TXDUWD PLpUFROHV

VH[WD YLHUQHV

PDUWHV WHUoD

VH[WD YLHUQHV

VH[WD YLHUQHV

VHJXQGD OXQHV

ViEDGR ViEDGR

TXLQWD MXHYHV

VH[WD YLHUQHV

VH[WD YLHUQHV

YLHUQHV VH[WD

KDVWD

VH[WD YLHUQHV

YLHUQHV VH[WD

TXLQWD MXHYHV


( '2

&20(025$d¯(6 ',$ '$

&(5,0Ï1,$ '2 +$67($5 '$ %$1'(,5$ 1$&,21$/ 3UDoD GH &DP}HV K $EHUWXUD GD ([SRVLomR ,QDXJXUDO 1$',5 $)2162 &+$9(6 3$5$ 80$ 2%5$ 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR K 520$*(0 $2 &(0,7e5,2 +RPHQDJHP DRV FRPEDWHQWHV K

5RWXQGD 5, K

&(5,0Ï1,$ '( &21'(&25$d®(6 081,&,3$,6 $XGLWyULR GR &HQWUR &XOWXUDO K &21&(572 %$1'$6 086,&$,6 '( 9,/$ 9(5'( '$ 5$,$ ( '( 5(%25'21'2 /DUJR *HQHUDO 6LOYHLUD K &21&(572 7,$*2 %(77(1&2857 H HVSHWiFXOR 3LURWpFQLFR 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR K

,, $TXDH )ODYLDH 1LJKW 5XQQLQJ 5RWXQGD GR 5DLR ; K

;;9 0DUDWRQD GH )XWVDO ³&,'$'( '( &+$9(6´ 3DYLOKmR 0XQLFLSDO GH &KDYHV

,9 )(,5$ '$ &8/785$ '2 081'2 585$/ -DUGLP 3~EOLFR GH &KDYHV

&LGDGH GH &KDYHV

GRP )272*5$)$ 5DLG )RWRJUiILFR

ViE

ViE

+20(1$*(0 $26 +(5Ï,6 VH[ '( &+$9(6 '2 '( -8/+2

&+$9(6

5HFHomR D 6XD ([FHOrQFLD R 3UHVLGHQWH GD 5HS~EOLFD QR 086(8 '( $57( &217(0325Æ1($ 1$',5 $)2162 K 2548(675$ '( 623526 '$ $&$'(0,$ '( $57(6 '( &+$9(6 H HVSHWiFXOR 0XOWLPpGLD H 3LURWpFQLFR 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR K 2548(675$ '( *8,7$55$6 GD $FDGHPLD GH $UWHV GH &KDYHV &HQWUR &XOWXUDO GH &KDYHV K 2548(675$ ,1)$17,/ GD $FDGHPLD GH $UWHV GH &KDYHV 3UDoD GH &DP}HV K 2548(675$ '( &25'$6 GD $FDGHPLD GH $UWHV GH &KDYHV &HQWUR &XOWXUDO GH &KDYHV K 2548(675$ '2 1257( &RQFHUWR ³5RVVLQL H R VHX 7HPSR´ 3UDoD GH &DP}HV K &KDYHV 6KRSSLQJ 1LJKW 2XW &HQWUR +LVWyULFR GDV K jV K )HVWD GDV (VSODQDGDV &HQWUR +LVWyULFR GDV K jV K $QLPDomR GH 5XD &HQWUR +LVWyULFR GDV K j K

D -8/+2

&,'$'( 081,&Ì3,2

VHJ

WHU

TXD

TXL

TXL

VH[


&+$9(6

,16&5,d¯(6 ´)(67$ '26 32926 (0 $48$( )/$9,$(µ $ &LGDGH GH &KDYHV YDL UHJUHVVDU QRV GLDV D GH DJRVWR DR ,PSpULR GH 7LWR )OiYLR 9HVSDVLDQR SDOFR GH LJXDULDV JDVWURQyPLFDV MDQWDU JDODLFR URPDQR VREUH D 3RQWH 5RPDQD GH 7UDMDQR IHVWLP GH EHELGDV VDEHUHV DQFHVWUDLV V L P X O D o } H V E p O L F D V O X W D H Q W U H JODGLDGRUHV OXWD JDOKRID H MRJR FRP YDUDSDXV UHFULDo}HV PLWROyJLFDV LQWHUSUHWDo}HV PXVLFDLV H EDLODGRV FLUFXV PD[LPXV H FRUWHMRV SHODV DUWpULDV GH $TXDH )ODYLDH &RQWD FRP PDLV GH H[SRVLWRUHV PXLWD DQLPDomR H IROLD 6H p DUWHVmR PHUFDGRU PHVWUH QD iUHD GH HVRWHULVPR H PLVWLFLVPR RX VLPSOHV PHQWH TXHU ID]HU SDUWH H PRVWUDU DV VXDV KDELOLGDGHV H YHQGHU RV VHXV SURGXWRV DJUR DOLPHQWDUHV LQVFUHYD VH $V LQVFULo}HV GHFRUUHP HQWUH R GLD GH MXQKR H GH MXOKR 9HQKD ID]HU GHVWD )HVWD GRV 3RYRV D VXD IHVWD HP WHUUDV GH $TXDH )ODYLDH 2UJ 0XQLFtSLR GH &KDYHV H (+$7%

&+$9(6

,16&5,d¯(6 )(67$ '26 32926 ´,, -2*26 3238/$5(6 $48$( )/$9,$(µ (VWmR DEHUWDV DV LQVFULo}HV SDUD RV ,, -RJRV 3RSXODUHV $TXDH )ODYLDH TXH VH LUmR UHDOL]DU GLD H GH DJRVWR QR -DUGLP 3~EOLFR H 0DUJHP (VTXHUGD GR 7kPHJD 'HVWLQDWiULRV -XQWDV GH )UHJXHVLD GR &RQFHOKR GH &KDYHV -RJRV 7UDomR j &RUGD &RUULGD GH 6DFRV &RUULGD FRP $QGDV %LOKDUGD H )LWR ,QVFULo}HV DWp DR GLD GH MXOKR QR &HQWUR &XOWXUDO GH &KDYHV H HQWUHJD GD /LVWD GH (OHPHQWRV DWp DR GLD GH MXOKR 2UJ 0XQLFtSLR GH &KDYHV

KDVWD DWp

PDUWHV WHUoD

$57( ,1)$17,/

9(5Ì1

6DOD GH ([SRVLFLyQV GH 9HUtQ OXQHV D YLHUQHV K D K ViEDGRV K D K \ K D K $UWH LQIDQWLO HV XQD PXHVWUD GH DUWH UHDOL]DGR SRU QLxRV \ QLxDV TXH QRV SUHVHQWD XQD VHOHFFLyQ GH REUDV HODERUDGDV GXUDQWH HO FXUVR HVFRODU \ VHOHFFLRQDGDV SRU ORV DOXPQRV \ DOXPQDV TXH ODV UHDOL]DURQ HQ ODV $XODV GH ,QLFLDFLyQ iV $UWHV 3OiVWLFDV GH OD (VFROD GH $UWHV H 2ILFLRV GH 9HUtQ FHQWUR GH IRUPDFLyQ QR UHJODGD TXH GHSHQGH GHO &RQFHOOR GH 9HUtQ 3DUD HO FXUVR TXH FRPHQ]DUi D PHGLDGRV GHO SUy[LPR PHV GH VHSWLHPEUH HVWi DELHUWR HO SOD]R SDUD OD UHVHUYD GH SXHVWRV HVFRODUHV 2UJ (VFROD GH $UWHV H 2ILFLRV GH 9HUtQ _ &RODERUD &RQFHOOR GH 9HUtQ


72'$6 $6 6(*81'$6 72'26 /26 /81(6

3$/(675$6 '( 32'2/2*,$

&+$9(6

$XGLWyULR GDV 7HUPDV GH &KDYHV K

&+$9(6

3RGRORJLVWD (OLVDEHWH 0RQWDOYmR 2UJ &KDYHV 7HUPDV 63$ 72'$6 $6 6(*81'$6 72'26 26 /81(6

$8/$6 '( &$32(,5$

&LQH 7HDWUR %HQWR 0DUWLQV K

9(5Ì1

$SDUHoD H YHQKD LQVFUHYHU VH QD QRVVD VHGH RX DWUDYpV GRV FRQWDFWRV _ H PDLO WHIFKDYHV#VDSR SW 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH /81(6 $ '20,1*2 6(*81'$ $ '20,1*2

%,%/,23,6&,1$ 3LVFLQDV GHVFXELHUWDV GH $ *UDQ[D K D K /D %LEOLRWHFD 3~EOLFD GH 9HUtQ SRQH HQ IXQFLRQDPLHQWR HO VHU YLFLR GH OD ELEOLRSLVFLQD HQ ODV SLVFLQDV GHVFXELHUWDV GH $ *UDQ[D SDUD H[WHQGHU ORV VHUYLFLRV ELEOLRWHFDULRV D ORV XVXVDULRV GH HVWD LQVWDODFLyQ GHSRUWLYD SRWHQFLDU OD OHFWXUD \ DWUDHU D OD ELEOLRWHFD XQ S~EOLFR TXH QR HV XVXDULR KDELWXDO LQFOX\HQGR DFWLYLGDGHV O~GLFR FXOWXUDOHV IXHUD GHO FXUVR HVFRODU 2UJ %LELORWHFD 3~EOLFD GHO &RQFHOOR GH 9HUtQ

/81(6 < 0Le5&2/(6 6(*81'$6 ( 48$57$6

.(52 9(5É1

9(5Ì1

&ROHJLR &(,3 3ULQFHVD GH (VSDxD K D K

&+$9(6

0HQRUHV FRQ HGDGHV FRPSUHQGLGDV HQWUH \ DxRV ORV QLxRV QR HVFRODUL]DGRV GHEHUiQ DFXGLU REOLJDWRULDPHQWH FRQ XQ DGXOWR ,QVFULSFLRQHV HQ HO 'SWR GH (GXFDFLyQ )DPLOLDU GR &RQFHOOR GH 9HUtQ $YGD GH 3RUWXJDO ELV HPDLO HGXFDGRUDIDPLOLDU#YHULQ QHW WHOpIRQR R HQ HO HGLILFLR PXQLFLSDO GR /DYDGRLUR VLWXDGR HVTXLQD GDV U~DV 5RVDOtD GH &DVWUR H /DYDGRLUR 2UJ (VFROD GH )DPLOLD 0XQLFLSDO GR &RQFHOOR GH 9HUtQ 72'$6 $6 7(5d$6 72'26 26 0$57(6

3$/(675$6 '( 1875,d®2

$XGLWyULR GDV 7HUPDV GH &KDYHV K

&+$9(6

1XWULFLRQLVWD 'U )LOLSH )HUUHLUD 2UJ &KDYHV 7HUPDV 63$ 72'$6 $6 7(5d$6 72'26 26 0$57(6

7($752 (6&2/$

&LQH 7HDWUR %HQWR 0DUWLQV K $WHOLHU GH 7HDWUR TXH WHP FRPR REMHWLYR D DSUHQGL]DJHP GH WHDWUR SDUD WRGDV DV LGDGHV 9HQKD LQVFUHYHU VH JUDWXLWDPHQWH QD QRVVD VHGH RX SHORV FRQWDFWRV _ H PDLO WHIFKDYHV#VDSR SW 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH


72'$6 $6 7(5d$6 72'26 26 0$57(6

&+$9(6

´/(5 (0 )e5,$6µ %LEOLRWHFD 0XQLFLSDO GH &KDYHV K PHGLDQWH PDUFDomR SUpYLD

&+$9(6

2 REMHWLYR GD DWLYLGDGH ´/HU HP )pULDVµ p LQFXWLU QDV FULDQoDV H QRV MRYHQV R JRVWR H R SUD]HU GD OHLWXUD 'HVWLQDWiULRV &ULDQoDV GRV DRV DQRV /LYURV VHOHFLRQDGRV SDUD DV DWLYLGDGHV 'LDV H ² ´72'26 12 62)ɵ WH[WR GH /XtVD 'XFOD 6RDUHV H LOXVWUDo}HV GH 3HGUR /HLWmR ´4XH ERP p HVWDU QR VRIi 0DV VH QRYH DPLJRV HQWUH HOHV XP HOHIDQWH UHVROYHUHP VHQWDU VH DR QRVVR ODGR R TXH DFRQWHFHUi"µ 'LD ² $ )/25 '2 &25$d®2 WH[WR GH 0DULD /RXUGHV 6RDUHV H LOXVWUDo}HV GH 1DWDOLQD &yLDV ´$V )ORUHV WrP WRGDV DV FRUHV GR PXQGR ( Ki )ORUHV GH WDQWRV IHLWLRV TXH p TXDVH LPSRVVtYHO HQFRQWUDU GXDV LJXDLV µ 'LD ² ´2 +20(0 48( (1*2/,8 $ /8$µ WH[WR GH 0iULR GH &DUYDOKR H LOXVWUDo}HV GH 3LHUUH 3UDWW ´1R EHFR GDV VDUGLQKHLUDV WXGR SRGH DFRQWHFHU 2 TXH HVWi HP FLPD p LJXDO DR TXH HVWi HP EDL[R R TXH p HVWUHLWR SRGH VHU ODUJR R TXH p SHTXHQR p JUDQGH WDPEpP«WXGR LVWR H PXLWR PDLV VH SRGH GHVFREULU QHVWD KLVWyULD µ 2UJ 0XQLFtSLR GH &KDYHV 72'$6 $6 48,17$6 72'26 26 -8(9(6

´/(,785$6 3$57,/+$'$6µ

%LEOLRWHFD 0XQLFLSDO GH &KDYHV K PHGLDQWH PDUFDomR SUpYLD

(VWD DWLYLGDGH FRQVLVWH QD SDUWLOKD GH OHLWXUDV HP GLIHUHQWHV VXSRUWHV WHQGR FRPR SULQFLSDO REMHWLYR GHVSHUWDU H LQFHQWLYDU R JRVWR SHOD OHLWXUD IRUPDQGR SHTXHQDV FRPXQLGDGHV GH OHLWRUHV 'HVWLQDWiULRV &ULDQoDV GRV DRV DQRV 2UJ 0XQLFtSLR GH &KDYHV

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

3,1&+2 ;29(6

9(5Ì1

(VWDEOHFLPLHQWRV SDUWLFLSDQWHV

&+$9(6

ViEDGR ViEDGR

8QD H[FHOHQWH RSRUWXQLGDG SDUD GLVIUXWDU GH PDQMDUHV HQ PLQLDWXUD D ½ (VWDEOHFLPLHQWRV SDUWLFLSDQWHV %UDVLO /XJDQR 2 $XJXHLUR 6 5RTXH &DVD 0DQROD 2 &DVWHOR $ &RUEDFHLUD *DQGDLQDV &DVD 1HOD %DU GR &DQHGD $JRUD 3DUDGRU GH 7XULVPR GH 0RQWHUUHL &DIp 3OD]D 2 5HFXQFKR GD -DFLQWD $ EUDVD 2 6RXWR GDV &DQGHDV $ SDOOHLUD &DIHWHUtD R OXUH /H SDODFH $ PHUFHG 7DSHULD 7UDQVPRQWDQD 3DUULOODGD $ )UDJD 2UJ $(+&20

VH[WD YLHUQHV

)(,5$ '( 9(/+$5,$6 '( &+$9(6

7HUUHLUR GH &DYDODULD GDV K jV K 'HVWLQDGD H[FOXVLYDPHQWH j YHQGD F R P S U D H W U R F D G H Y H O K D U L D V DQWLJXLGDGHV H DUWLJRV FROHFLRQiYHLV 2UJ $VVRFLDomR SDUD D 3URPRomR GR &HQWUR 8UEDQR GH &KDYHV ² 3UR&HQWUR


VH[WD

YLHUQHV

&+$9(6

),1$,6 '2 9, &21&8562 ,17(512 '$ $&$'(0,$ '( $57(6 '( &+$9(6 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

YLHUQHV

VH[WD

9(5Ì1

(QWUDGD OLYUH ,QLFLDP VH DV SURYDV ILQDLV GDV GLIHUHQWHV FDWHJRULDV GR &RQFXUVR ,QWHUQR &RQWDUmR FRP RV PDLV GHVWDFDGRV DOXQRV GR DQR OHWLYR DSXUDGRV GDV HOLPLQDWyULDV 2UJ $FDGHPLD GH $UWHV GH &KDYHV

35(6(17$&,Ð1 &21726 ( /(1'$6 $55$,$1$6

VH[WD

YLHUQHV

&+$9(6

&,1(0$ 7+( &21-85,1* $ (92&$d®2

&LQH 7HDWUR %HQWR 0DUWLQV K

&+$9(6

YLHUQHV VH[WD

0 _ PLQ _ 7HUURU 6HWH DQRV DSyV RV HYHQWRV GH ,QYRFDomR GR 0DO /RUUDLQH H (G :DUUHQ GHVHPEDUFDP QD ,QJODWHUUD SDUD DMXGDU XPD IDPtOLD DWRUPHQWDGD SRU XPD PDQLIHVWDomR SROWHUJHLVW QD ILOKD $ WUDPD p EDVHDGD QR FDVR (QILHOG 3ROWHUJHLVW UHJLVWUDGR QR ILQDO GD GpFDGD GH 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH VH[WD YLHUQHV

(;326,d®2 $ 0,f$ 5($/,'$'(

'( -8$1 &$5/26 9,/$5

%LEOLRWHFD 0XQLFLSDO GH &KDYHV 3LQWXUDV D JXDFKH H GHVHQKRV D WLQWD GD FKLQD

%LEOLRWHFD 3~EOLFD GHO &RQFHOOR GH 2UJ 0XQLFtSLR GH &KDYHV 9HUtQ K -RVp 5RGUtJXH] &UX] HVFULWRU HWQyJUDIR \ FRODERUDGRU GH OD %LEOLRWHFD SUHVHQWD VX QXHYR OLEUR TXH VDOGUi HQ HO PHV GH MXOLR D OD YHQWD 2UJ %LELORWHFD 3~EOLFD GHO &RQFHOOR GH 9HUtQ


YLHUQHV VH[WD

GRPLQJR GRPLQJR

9(5Ì1

&,1(0$ %86&$1'2 $ '25, 6DOyQ GH $FWRV GH OD &DVD GD &XOWXUD

ViEDGR ViEDGR

&+$9(6

PLQ _ )DPLOLDU +DQ SDVDGR XQRV PHVHV WUDV ORV DFRQWHFLPLHQWRV GH %XVFDQGR D 1HPR \ DKRUD OD DYHQWXUD VH FHQWUDUi HQ OD D P Q p V L F D ' R U \ TX H L Q L F L D U i X Q WUHSLGDQWH YLDMH D OR ODUJR GH WRGD OD FRVWD GH &DOLIRUQLD SDUD LQWHQWDU HQFRQWUDUVH FRQ VX IDPLOLD 2UJ 0DQFRPXQLGDGH GH 0XQLFLSLRV GH 9HUtQ

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

/DUJR GR $UUDEDOGH K jV K

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

ViEDGR ViEDGR

9(5Ì1

9$&$&,Ð16 12 0$5

7($752 '( 7Ì7(5(6 0,5&520,1$

3UD]D GD 0HUFp K 7tWHUHV FOiVLFRV GH JXDQWH DFFLyQ HPRFLyQ H LQWHUDFFLyQ FRQ HO S~EOLFR K D F H Q G H 9D F D F L y Q V Q R 0 D U X Q HVSHFWiFXOR LGHDO SDUD GLVIUXWDU HQ IDPLOLD &RQ XQ VHQFLOOR \ HILFD] JXLyQ SHUVRQDMHV GH PDUFDGR FDUiFWHU \ ULWPR WUHSLGDQWH 7HDWUR GH 7tWHUHV 0LUFURPLQD LQWHQWD UHQRYDU HO WUDGLFLRQDO HVWLOR GH F D F K L S R U U D & R Q P i V G H F L H Q HVFHQLILFDFLRQHV GHVGH HO HV OD SULPHUD FUHDFLyQ GH OD FRPSDxtD /D R E U D H V W i U H S U H V H Q W D G D S R U X Q PDQLSXODGRU \ WLHQH XQD GXUDFLyQ GH PLQXWRV $O ILQDO GHO HVSHFWiFXOR 0LUFURPLQD PXHVWUD FyPR IXQFLRQD XQ WHDWULOOR GHVGH GHQWUR 2UJ $*$',& &RQFHOOR GH 9HUtQ SURJUDPD &XOWXUD QR &DPLxR


PLpUFROHV TXDUWD

&+$9(6

YLHUQHV VH[WD

&+$9(6

(VFUHYHU FRP RV ROKRV p D PHOKRU IRUPD GH VHQWLU D ULD D ODJXQD DV JHQWHV DV DUWHV RV DOYRUHV RV HQWDUGHFHUHV H WDQWD WDQWD EHOH]D TXH HP WmR SRXFR HVSDoR QRV GHVOXPEUD (VWD H[SRVLomR FRQWD KLVWyULDV GH SHVFD GD ULD H GR PDU GH $YHLUR SRUTXH D IRWRJUDILD p XPD GDV PHOKRUHV PDQHLUDV GH FRQWDU KLVWyULDV 2UJ %ORJ &KDYHV _ $SRLR $GHJD GR )DXVWLQR _ 0HGLD 3DUWQHU 6LQDO 79

$GHJD GR )DXVWLQR

VHJXQGD OXQHV

&+$9(6

GRPLQJR GRPLQJR

ViEDGR ViEDGR

; 0$5$721$ )876$/ )(0,1,1$ &,'$'( '( &+$9(6

(;326,&®2 '( )272*5$),$ ´+,67Ð5,$6 '( 3(6&$µ '( $17Ð1,2 7(',0

3DYLOKmR 0XQLFLSDO GH &KDYHV

ViEDGR ViEDGR

2UJ +yTXHL &OXEH )ODYLHQVH _ $SRLR 0XQLFtSLR GH &KDYHV -XQWD GH )UHJXHVLD GH 6DQWD 0DULD 0DLRU H -XQWD GH )UHJXHVLD GD 0DGDOHQD

&+$9(6

&20(025$d®2 '2 ',$ ,17(51$&,21$/ 6(0 6$&26 3/É67,&26

GRPLQJR GRPLQJR

&DPSDQKD GH VHQVLELOL]DomR DPELHQWDO TXH SUHWHQGH DSHODU j QHFHVVLGDGH GH OLPLWDU D XWLOL]DomR GH VDFRV GH SOiVWLFR GHVFDUWiYHLV VXEVWLWXLQGR RV SRU RXWURV PDWHULDLV UHXWLOL]iYHLV H PHQRV DJUHVVLYRV SDUD R DPELHQWH H SDUD D VD~GH KXPDQD 2UJ 0XQLFtSLR GH &KDYHV $SRLR /RMD &RQWLQHQWH 0RGHOR ( /HFOHUF +LSHUPHUFDGR H 6XSHUPHUFDGR 3LQJR 'RFH

&,1(0$ 7+( &21-85,1* $ (92&$d®2

&LQH 7HDWUR %HQWR 0DUWLQV K K H K 0 _ PLQ _ 7HUURU /RUUDLQH H (G :DUUHQ GHVHPEDUFDP QD ,QJODWHUUD SDUD DMXGDU XPD IDPtOLD DWRUPHQWDGD SRU XPD PDQLIHVWDomR SROWHUJHLVW QD ILOKD 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH


OXQHV VHJXQGD

3OD]D *DUFtD %DUEyQ \ 3OD]D GH $ODPHGD GH K D K

0(5&$'2

VHJXQGD OXQHV

9(5Ì1

&+$9(6

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 9HULQ RIUHFHQ HO SODWR WUDGLFLRQDO \ PDV LQWHUQDFLRQDO GH OD JDVWURQRPtD JDOOHJD (O GtD GH IHULD HQ 9HULQ HV XQD FLWD D OD TXH QR VXHOHQ IDOWDU ORV LQFRQGLFLRQDOHV GH ORV PHUFDGRV TXH GLVIUXWDQ SDVHDQGR \ FXULRVHDQGR HQWUH VLQItQ GH SURGXFWRV 2UJ &RQFHOOR GH 9HUtQ

&21&(572 '( ,1$8*85$d®2 '2 086(8 '( $57( &217(0325Ç1($ 1$',5 $)2162 3(/$ 2548(675$ '( 623526 '$ $$&+$9(6

&20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&ÃŒ3,2 '( &+$9(6 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR K 0DHVWUR /XFLDQR 3HUHLUD

(QWUDGD OLYUH 8P WULEXWR DR 0HVWUH 1DGLU $IRQVR H j PRQXPHQWDOLGDGH DUTXLWHWyQLFD GR 0HVWUH 6L]D 9LHLUD R OHJDGR GH GRLV JpQLRV WUDQVIRUPDGRV HP P~VLFD SDUD DVVLQDODU D LQDXJXUDomR GHVWD IDQWiVWLFD REUD &RP XP HVSHWiFXOR GH OX] D UHDOoDU DV SDLVDJHQV VRQRUDV VHUmR WRFDGDV REUDV GH ' 0DVODQND ( :KLWDFUH -RKQ :LOOLDPV H 2 1DYDUUR $ QmR SHUGHU XP PRPHQWR GH JUDQGLRVLGDGH 2UJ 0XQLFtSLR GH &KDYHV $SRLR $FDGHPLD GH $UWHV GH &KDYHV


WHUoD PDUWHV

PLpUFROHV MXHYHV TXDUWD TXLQWD

&+$9(6

&,&/2 '( &21&(5726 '( 9(5®2 $&$'(0,$ '( $57(6 '( &+$9(6

(175$'$ /,95(

&20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&ÃŒ3,2 '( &+$9(6 7(5d$ 2548(675$ '( *8,7$55$6 '$ $$& (0 &21&(572 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

$ LQLFLDU &LFOR GH &RQFHUWRV GH 9HUmR D 2UTXHVWUD GH *XLWDUUDV GD $$& DSUHVHQWD VH HP FRQFHUWR VRE D RULHQWDomR GRV SURIHVVRUHV -RUJH &RVWD H $QWyQLR -XVWLoD QR FXOPLQDU GH XP HVWiJLR LQWHQVLYR 3DUD DOpP GD 2UTXHVWUD HVWDUmR WDPEpP SUHVHQWHV JUXSRV GH FkPDUD RQGH D JXLWDUUD p UDLQKD

48$57$ 2548(675$ ,1)$17,/ '$ $$& (0 &21&(572 3UDoD GH &DP}HV K

(VWH DQR DV )HVWDV GD &LGDGH YmR FRQWDU FRP D SUHVHQoD GD 2UTXHVWUD ,QIDQWLO GD $$& VRE D EDWXWD GR 0DHVWUR 7LDJR 6RDUHV QD VDOD GH YLVLWDV GD QRVVD FLGDGH &RP XP SURJUDPD IHVWLYR D 2UTXHVWUD ,QIDQWLO FRPHoD D SUHHQFKHU XP HVSDoR LPSRUWDQWH QR SDQRUDPD PXVLFDO GD QRVVD FLGDGH

48,17$ 2548(675$ '( &25'$6 '$ $$& (0 &21&(572 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

$ IHFKDU R &LFOR GH &RQFHUWRV GH 9HUmR D 2UTXHVWUD GH &RUGDV GD $$& DSUHVHQWD VH HP FRQFHUWR VRE D EDWXWD GR 0DHVWUR &DUORV 3HUHLUD FRP REUDV GH 6FKXEHUW %L]HW H RXWURV GHVWD YH] HP IRUPDomR VLQIyQLFD 8P FRQFHUWR TXH PDUFD R FXOPLQDU GR (VWiJLR )LQDO GD 2UTXHVWUD GH &RUGDV GD $$& 2UJ $FDGHPLD GH $UWHV GH &KDYHV $SRLR 0XQLFtSLR GH &KDYHV


TXDUWD PLpUFROHV

&+$9(6

(;35(66$ 7( $7(/,È5 '( (;35(66®2 086,&$/

$XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

TXLQWD MXHYHV

&+$9(6

(QWUDGD OLYUH $ IHFKDU GRLV GLDV GH LQWHQVD DWLYLGDGH PXVLFDO D $$& DSUHVHQWD HP DXGLomR RV WUDEDOKRV UHDOL]DGRV SHORV VHXV DOXQRV GHQWUR GXP FRQWH[WR GH ([SUHVVmR 0XVLFDO RULHQWDGRV SHORV SURIHVVRUHV 9DVFR 6RXVD 5LFDUGR /RSHV H 7kQLD 5RVD 2UJ $FDGHPLD GH $UWHV GH &KDYHV

&21&(572 2548(675$ '2 1257(

,16(5,'2 1$6 &20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&ÃŒ3,2 '( &+$9(6

3UDoD GH &DP}HV K ©5RVVLQL H R VHX 7HPSRª -RVp )HUUHLUD /RER GLUHomR 2UJ 0XQLFtSLR GH &KDYHV

YLHUQHV VH[WD

ViEDGR ViEDGR

9(5Ì1

020(1726 &21 0$18(/ 0$5Ì$

6DOD GH ([SRVLFLyQV GH 9HUtQ OXQHV D YLHUQHV K D K ViEDGRV K D K \ K D K ([SRVLFLyQ +RPHQDMH D 0DQXHO 0DUtD GH GLEXMR SLQWXUD FHUiPLFD \ HVFXOWXUD ( [ S R V L F L y Q I L O D W p O L F D G H W H P D V UHODFLRQDGRV FRQ 2XUHQVH \ HO FDUQDYDO FRQ OD SUHVHQWDFLyQ GHO VHOOR GH 0DQXHO 0DUtD GH OD )107 EDVDGR HQ XQ GLEXMR GH 0DUWtQH] &RHOOR 6H DGMXQWD FDUWHO H[SRVLFLyQ GHO TXH VH SXHGH H[WUDHU HO GLEXMR GH 0DQXHO 0DUtD GHO UHVSRQVDEOH GH OD H[SRVLFLyQ 0DUWtQH] &RHOOR 2UJ 0LJXHO ÉQJHO 0DUtD &RHOOR &RODERUD &RQFHOOR GH 9HUtQ


GRPLQJR GRPLQJR

YLHUQHV

VH[WD

2UJ 0XQLFtSLR GH &KDYHV

&+$9(6

0 _ PLQ _ $QLPDomR 8PD LOKD p KDELWDGD SRU SiVVDURV TXH QmR S R G H P YR D U 0 H V P R D V V L P H O H V WUDQVERUGDP DOHJULD SRU RQGH SDVVDP 0DV QR PHLR GR EDQGR WHP R LUULWDGR 5HG R LQFRQVWDQWH %RPED H R YRDGRU iJLO &KXFN TXH XQHP IRUoDV SDUD GHVFREULUHP R TXH XP JUXSR GH SRUFRV YHUGHV HVWmR ID]HQGR SRU Oi H QHP LPDJLQDP RV SODQRV PDTXLDYpOLFRV GD PDQDGD 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

&LQH 7HDWUR %HQWR 0DUWLQV K

&,1(0$ $1*5< %,5'6 ² 2 ),/0(

&+$9(6

/DUJR *HQHUDO 6LOYHLUD K

,16(5,'2 1$6 &20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&ÃŒ3,2 '( &+$9(6

YLHUQHV

VH[WD

&+$9(6

GRPLQJR GRPLQJR

&21&(572 %$1'$6 086,&$,6 '( 9,/$ 9(5'( '$ 5$,$ ( '( 5(%25'21'2

VH[WD YLHUQHV

;;9 0$5$721$ )876$/ &,'$'( '( &+$9(6

,16(5,'$ 1$6 &20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&ÃŒ3,2 '( &+$9(6

3DYLOKmR 0XQLFLSDO GH &KDYHV

YLHUQHV VH[WD

,QVFULo}HV DWp GLD GH MXOKR DWUDYpV GRV FRQWDFWRV _ _ KFIODYLHQVH#JPDLO FRP 2UJ +yTXHL &OXEH )ODYLHQVH $SRLR 0XQLFtSLR GH &KDYHV -XQWD GH )UHJXHVLD GH 6DQWD 0DULD 0DLRU H -XQWD GH )UHJXHVLD GD 0DGDOHQD

9(5Ì1

&,1(0$ 0, $0,*2 (/ *,*$17( 6DOyQ GH $FWRV GH OD &DVD GD &XOWXUD PLQ _ )DPLOLDU (VWUHQR D QLYHO QDFLRQDO $GDSWDFLyQ GHO FXHQWR GH 5RDOG 'DKO VREUH XQD QLxD TXH XQH IXHU]DV FRQ OD 5HLQD GH ,QJODWHUUD \ FRQ XQ JLJDQWH ERQDFKyQ FRQRFLGR FRPR HO %)* SDUD GHWHQHU XQD LQYDVLyQ GH PDOYDGRV JLJDQWHV TXH VH SUHSDUDQ SDUD FRPHUVH D WRGRV ORV QLxRV GHO SDtV 2UJ 0DQFRPXQLGDGH GH 0XQLFLSLRV GH 9HUtQ


VH[WD

YLHUQHV

&+$9(6

',$ '$ &,'$'( ( '2 081,&Ì3,2 '( &+$9(6 &20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&Ì3,2 '( &+$9(6 K &(5,0Ð1,$ '2 +$67($5 '$ %$1'(,5$ 1$&,21$/

*XDUGD GH +RQUD SHODV WUrV FRUSRUDo}HV GH %RPEHLURV GR &RQFHOKR ,QWHUSUHWDomR GR ´+LQR 1DFLRQDOµ H ´0DUFKD GH &KDYHVµ SHOD %DQGD 0XQLFLSDO )ODYLHQVH ´2V 3DUGDLVµ H &RUR ,QIDQWR -XYHQLO GR $JUXS GH (VFRODV 'U -~OLR 0DUWLQV 3UDoD GH &DP}HV

K $%(5785$ '$ (;326,d®2 ,1$8*85$/ ©1$',5 $)2162 &+$9(6 3$5$ 80$ 2%5$ 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR

K 520$*(0 $2 &(0,7e5,2 +RPHQDJHP DRV &RPEDWHQWHV K +20(1$*(0 $26 +(5Ð,6 '2 '( -8/+2 '( 5RWXQGD 5,

K &(5,0Ð1,$ '( &21'(&25$d¯(6 081,&,3$,6 $XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV

$ 3$57,5 '$6 K &+$9(6 6+233,1* 1,*+7 287 )(67$ '$6 (63/$1$'$6 $1,0$d®2 '( 58$ &HQWUR +LVWyULFR

K &21&(572 %$1'$6 086,&$,6 '( 9,/$ 9(5'( '$ 5$,$ ( '( 5(%25'21'2 /DUJR *HQHUDO 6LOYHLUD

K &21&(572 7,$*2 %(77(1&2857 ( (63(7É&8/2 3,527e&1,&2 0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR


VH[WD

GRPLQJR GRPLQJR

&+$9(6

GRPLQJR GRPLQJR

&+$9(6

&KDYHV ,QWHPSRUDO HP FRODERUDomR FRP D &kPDUD 0XQLFLSDO GH &KDYHV DSUHVHQWD D HGLomR GR ´)RWR*UDID UDLG IRWRJUiILFR FLGDGH GH &KDYHVµ XP FRQFXUVR DEHUWR D WRGRV RV HQWXVLDVWDV GD IRWRJUDILD TXH TXHLUDP WHVWDU R VHX WDOHQWR QD IRWRJUDILD GH UXD ,QVFULo}HV H PDLV LQIRUPDomR HP KWWS ZZZ LQWHPSRUDO HX )RWRJUDID 2UJ &KDYHV ,QWHPSRUDO H 0XQLFtSLR GH &KDYHV

ViEDGR ViEDGR

&+$9(6

)272*5$)$ 5$,' )272*5É),&2

YLHUQHV

&21&(572 7,$*2 %(77(1&2857

,16(5,'2 1$6 &20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&Ì3,2 '( &+$9(6

0XVHX GH $UWH &RQWHPSRUkQHD 1DGLU $IRQVR K

ViEDGR ViEDGR

(QWUDGD OLYUH 2UJ 0XQLFtSLR GH &KDYHV

,9 )(,5$ '$ &8/785$ '2 081'2 585$/

,16(5,'2 1$6 &20(025$d¯(6 '2 ',$ '$ &,'$'( ( '2 081,&Ì3,2 '( &+$9(6

-DUGLP 3~EOLFR GH &KDYHV

)HLUD GH 3URGXWRV )HLUD GH (TXLSDPHQWRV $JUtFRODV 3HFXiULRV H 6LOYtFRODV 0RVWUD GH $JULFXOWXUD GH 3HFXiULD H GH 6LOYLFXOWXUD $WHOLHUV GH $JULFXOWXUD 0RVWUD (WQRJUiILFD ([SRVLomR 5XUDO -RJRV 3RSXODUHV &DPSHRQDWR 5HJLRQDO GH )LWR DWXDomR GH JUXSRV PXVLFDLV DWXDomR GH 5DQFKRV )ROFOyULFRV DQLPDomR LQIDQWLO &DPLQKDGD ´3Uy GD & X O W X U D U X U D O µ $ X O D G H = X P E D GHPRQVWUDomR GH &DSRHLUD H $FUREiWLFD 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH


ViEDGR

ViEDGR

&+$9(6

,, $48$()/$9,$( 1,*7+ 5811,1* ² &+$9(6 3DUWLGD GR SDUTXH GR ( /HFOHUF URWXQGD GR 5DLR ; K

GRPLQJR GRPLQJR

&RUULGD NP _ &DPLQKDGD NP ,QVFULo}HV HP *LQiVLR H /RMD 7UDQTXLOLGDGH GR 7DERODGR H HP ZZZ DTXDHIODYLDHQLJWKUXQQLQJ HX 2 NLW GH LQVFULomR LQFOXL W·VKLUW VDFR IURQWDO RX ODQWHUQD 2V IXQGRV UHYHUWHP SDUD D $VVRFLDomR +XPDQLWiULD GH %RPEHLURV 9ROXQWiULRV )ODYLHQVHV 2V DWOHWDV FRUUHP RX FDPLQKDP GH ODQWHUQD QD PmR j GHVFREHUWD GD FLGDGH 5RPDQD H WHUPLQD MXQWR j 3LVFLQD 0XQLFLSDO 2UJ $FDGHPLD GH 'HVSRUWR GH &KDYHV _ $SRLR 0XQLFtSLR GH &KDYHV 363 GH &KDYHV H $JUXSDPHQWR Qž GR &RUSR 1DFLRQDO GH (VFXWDV

9,, 92/7$ &,&/2785,67$ ´2 9$/ '2 7É0(*$µ

3OD]D *DUFtD %DUEyQ K

(O UHFRUULGR WRWDO GH OD SUXHED HV GH NLOyPHWURV FRQ XQD GLILFXOWDG PHGLD VDOtGD GHVGH OD 3OD]D *DUFtD %DUEyQ \ PHWD HO FUXFHLUR GHO &DVWLOOR GH 0RQWHUUHL , Q V F U L S F L R Q H V H L Q IR U P D F L y Q H Q FOXEFLFOLVWDYHULQ#JPDLO FRP )HGHUDGRV ½ 1R IHGHUDGRV ½ LQFOX\H FRPLGD SDUD FLFOLVWD \ DFRPSDxDQWH 2UJ &OXE &LFOLVWD GH 9HUtQ

GRPLQJR GRPLQJR

&+$9(6

ž 3$66(,2 (48(675(

(48,1186 )/$9,86

&RQFHQWUDomR QR )RUWH 6 1HXWHO K &DYDOHLURV ½ _ $FRPSDQKDQWHV ½ &RQWDFWRV _ _ HTXLQQXVIODYLXV#JPDLO FRP )DFHERRN $VVRFLDomR (TXLQQXV )ODYLXV ,WLQHUiULR )RUWH GH 6 1HXWHO $Y 1XQR ÉOYDUHV 5XD 6W $QWyQLR 5XD &kQGLGR 6RXWWR 0D\RU $Y 'XDUWH 3DFKHFR 6W (VWHYmR SRQWH GD *DOLQKHLUD $Y 2XWXEUR )RUWH GH 6 1HXWHO 2UJ &HQWUR +LSLFR (TXLQQXV )ODYLXV $SRLRV 0XQLFtSLR GH &KDYHV *15 5, 363 H %RPEHLURV GH 6DOYDomR 3~EOLFD

9(5Ì1


9(5Ì1

&+$9(6

TXDUWD PLpUFROHV

TXLQWD MXHYHV

&+$9(6

$ 2UTXHVWUD GH 6RSURV GD $$& FRQYLGD R 0DHVWUR 3DXOR 0DUWLQV SDUD SDUWLOKDU D P~VLFD FRQQRVFR &RP REUDV GH - %DUQHV - $GDPV ' 0DVODQND H RXWURV HVWH FRQFHU WR HQFHUUD PDLV XPD WHPSRUDGD H FHOHEUD RV REMHWLYRV DWLQJLGRV VHP GHL[DU GH ROKDU SDUD RV TXH VH DYL]LQKDP 2UJ $FDGHPLD GH $UWHV GH &KDYHV

$XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

2548(675$ '( 623526 '$ $$&+$9(6

&21&(572 '( (1&(55$0(172 '( 7(0325$'$

$FDGHPLD GH 0~VLFD H %DOOHW 0R]DUW FKHJD DR ILP GH PDLV XP DQR OHWLYR H FRQYLGD WRGRV RV SDLV H DOXQRV D DVVLVWLUHP D XP HVSHWiFXOR FRP DXGLo}HV GRV DOXQRV QDV GLVFLSOLQDV GH 3LDQR 9LROLQR &DQWR &RQFHUWLQD $FRUGHmR H *XLWDUUD MXQWDPHQWH FRP RV *UXSRV GH &RQFHUWLQDV *XLWDUUDV H &RUDO GD $FDGHPLD (QWUDGD /LYUH 2UJ $FDGHPLD GH 0~VLFD H %DOOHW 0R]DUW

$XGLWyULR GD $FDGHPLD GH 0~VLFD H %DOOHW 0R]DUW K

$&$'(0,$ '( 0Ó6,&$ ( %$//(7 02=$57

&+$9(6

MXHYHV TXLQWD

&+$9(6

&21&(572 '( (1&(55$0(172 '( $12 /(7,92

GRPLQJR GRPLQJR

&,1(0$ $1*5< %,5'6 ² 2 ),/0(

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

OXQHV VHJXQGD

0 _ PLQ _ $QLPDomR $GDSWDomR GR MRJR $QJU\ %LUGV XP GRV PDLRUHV IpQRPHQRV PXQGLDLV GH HQWUHWHQLPHQWR 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

0(5&$'2

3OD]D *DUFtD %DUEyQ \ 3OD]D GH $ODPHGD GH K D K

WHUoD PDUWHV

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 9HULQ RIUHFHQ HO SODWR WUDGLFLRQDO \ PDV LQWHUQDFLRQDO GH OD JDVWURQRPtD JDOOHJD (O GtD GH IHULD HQ 9HULQ HV XQD FLWD D OD TXH QR VXHOHQ IDOWDU ORV LQFRQGLFLRQDOHV GH ORV PHUFDGRV TXH GLVIUXWDQ SDVHDQGR \ FXULRVHDQGR HQWUH VLQItQ GH SURGXFWRV 2UJ &RQFHOOR GH 9HUtQ

&,1(&/8%( '( &+$9(6

&LQH 7HDWUR %HQWR 0DUWLQV K $SDUHoD H YHQKD LQVFUHYHU VH QD QRVVD VHGH SHOR FRQWDFWR RX SHOR H PDLO WHIFKDYHV#VDSR SW 2UJ &LQHFOXEH GH &KDYHV


GRPLQJR GRPLQJR

&+$9(6

0 _ PLQ _ $omR )DQWDVLD $YHQWXUD 2 SDFtILFR UHLQR GH $]HURWK HVWi j EHLUD GD JXHUUD TXDQGR D VXD FLYLOL]DomR HQIUHQWD XPD WHPtYHO UDoD GH LQYDVRUHV 2UFV JXHUUHLURV TXH DEDQGRQDP R VHX ODU HP UXtQD SDUD FRORQL]DU RXWURV OXJDUHV 4XDQGR XP SRUWDO VH DEUH SDUD OLJDU RV GRLV PXQGRV XP H[pUFLWR HQIUHQWDUi D GHVWUXLomR H RXWUR D H[WLQomR 'H ODGRV RSRVWRV GRLV KHUyLV VmR FRORFDGRV QXPD URWD GH FROLVmR TXH LUi GHFLGLU R GHVWLQR GDV VXDV IDPtOLDV GRV VHXV SRYRV H GDV VXDV FDVDV 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

&LQH 7HDWUR %HQWR 0DUWLQV K

VH[WD YLHUQHV

YLHUQHV VH[WD

9(5Ì1

&,1(0$ ,1'(3(1'(1&( '$<

&,1(0$ :$5&5$)7 2 35,0(,52 (1&21752 '( '2,6 081'26

6DOyQ GH $FWRV GH OD &DVD GD &XOWXUD 8WLOL]DQGR WHFQRORJtD REWHQLGD GH ORV H[WUDWHUUHVWUHV DxRV DWUiV ODV QDFLRQHV GH OD 7LHUUD TXH WHPHQ HO U H J U H V R G H O R V L Q Y D V R U H V K D Q FRODERUDGR HQ OD HODERUDFLyQ GH XQ JLJDQWHVFR SURJUDPD GH GHIHQVD SDUD SURWHJHU HO SODQHWD 3HUR QR HV VHJXUR TXH HVH SURJUDPD VLUYD SDUD KDFHU IUHQWH D ORV DYDQ]DGRV H LQDXGLWRV UHFXUVRV GH ORV DWDFDQWHV 4XL]i VyOR OD LQYHQWLYD GH XQRV SRFRV YDOLHQWHV SXHGD HYLWDU OD GHVWUXFFLyQ GHO PXQGR TXH VH HQFXHQWUD GH QXHYR DO ERUGH GH OD H[WLQFLyQ 6HFXHOD GHO JUDQ p[LWR GH ,QGHSHQGHQFH 'D\ 2UJ 0DQFRPXQLGDGH GH 0XQLFLSLRV GH 9HUtQ


&+$9(6

ViEDGR ViEDGR

&+$9(6

&+$9(6

*UXSRV SDUWLFLSDQWHV *UXSR GH )ROFORUH 9LOD 0HGLHYDO GH 6DQWR (VWHYmR 5DQFKR )ROFOyULFR RV &DPSRQHVHV GH 0HVTXLWHOD ² 0DQJXDOGH 5DQFKR 5HJLRQDO GH 0LQGHOR 0LQGHOR 9LOD GR &RQGH 5DQFKR )ROFOyULFR H (WQRJUiILFR GH 0RJDGRXUR ² 0RJDGRXUR H 5DQFKR )ROFOyULFR GH 3LQKR 6mR 3HGUR GR 6XO 2UJ *UXSR GH )ROFORUH GD 9LOD 0HGLHYDO GH 6DQWR (VWrYmR _ $SRLRV 0XQLFtSLR GH &KDYHV $JUXS GH (VF 'U $QWyQLR *UDQMR H -XQWD GH )UHJXHVLD 6DQWD 0DULD 0DLRU

-DUGLP 3~EOLFR GH &KDYHV K

;9,, )(67,9$/ '( )2/&/25(

'HVWLQR )DL}HV 6DtGD jV K GDV 7HUPDV GH &KDYHV ,QVFULo}HV ½ QDV 7HUPDV GH &KDYHV DWp GLD GH MXOKR $TXHFLPHQWR FDPLQKDGD DXOD GH U H O D [ D P H Q W R S H T X H Q R D O P R o R VDXGiYHO UHJUHVVR GH DXWRFDUUR DWp jV 7HUPDV GH &KDYHV 2UJ &KDYHV 7HUPDV H 63$ $SRLR 0XQLFtSLR GH &KDYHV

&RQFHQWUDomR QDV 7HUPDV GH &KDYHV K

ViEDGR ViEDGR

&+$9(6

VH[WD YLHUQHV

(63(7É&8/2 '( %$//(7

&$0,1+$'$ ´'$5 0$,6 9,'$ $26 $126 '$5 0$,6 $126 ­ 9,'$µ

(1&(55$0(172 '( $12 /(7,92 '$ $&$'(0,$ '( 0Ó6,&$ ( %$//(7 02=$57

$XGLWyULR GR &HQWUR &XOWXUDO GH &KDYHV K

VH[WD

YLHUQHV

(QWUDGD /LYUH $FDGHPLD GH 0~VLFD H %DOOHW 0R]DUW WHP R SUD]HU GH DSUHVHQWDU R HVSHWiFXOR GH HQFHUUDPHQWR GR DQR OHWLYR QD GLVFLSOLQD GH %DOOHW HVWH DQR FRP R WHPD /XPLpUH R LQtFLR GD (UD GR &LQHPD 3DUWLFLSDomR GDV DOXQDV GRV JUDXV GH LQLFLDomR SUp SULPDU\ SULPDU\ ž ž ž H ž JUDX 2UJ $FDGHPLD GH 0~VLFD H %DOOHW 0R]DUW

&21&(572 %$1'$ 086,&$/ '$ 7255( '( (59('('2 ( %$1'$ 081,&,3$/ )/$9,(16( ©26 3$5'$,6ª

&+$9(6

/DUJR *HQHUDO 6LOYHLUD K

ViEDGR ViEDGR

2UJ 0XQLFtSLR GH &KDYHV

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

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


&+$9(6 VH[WD

YLHUQHV

VH[WD YLHUQHV

&+$9(6

GRPLQJR GRPLQJR

2UJ 0XQLFtSLR GH &KDYHV

&+$9(6

&+$9(6

/DUJR *HQHUDO 6LOYHLUD K

&21&(572 %$1'$6 086,&$,6 '( 5(%25'21'2 ( '( 287(,52 6(&2

2UJ *UXSR GHVSRUWLYR UHFUHDWLYR $VHV GD 0DGDOHQD _ $SRLRV 0XQLFtSLR GH &KDYHV -XQWD )UHJXHVLD GD 0DGDOHQD -XQWD )UHJXHVLD GH 6DQWD 0DULD 0DLRU H &KDYHV 7HUPDV 63$

&DPSR )XWHERO 3UDLD GH &KDYHV K VH[WD DWp K GRPLQJR

VH[WD YLHUQHV

&+$9(6

/DUJR GH GH]HPEUR

GRPLQJR GRPLQJR

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

%($&+ *$0(6 &+$9(6 7251(,2 '( 92/(, 35$,$

GRPLQJR GRPLQJR

9HQGD GH SURGXWRV ORFDLV FRPR SmR FDVHLUR IXPHLUR H PHO URXSD FDOoDGR IUXWDV IORUHV iUYRUHV QXPLVPiWLFD H DLQGD XPD GLYHUVLGDGH GH RXWURV SURGXWRV GD WHUUD 2V YLVLWDQWHV WrP DLQGD D SRVVLELOLGDGH GH VH GHOLFLDUHP FRP SUDWRV TXH FRPHoDP Mi D VHU XPD WUDGLomR QD QRVVD IHLUD 2UJ -) GH 9LOD 9HUGH GD 5DLD

&,1(0$ :$5&5$)7 2 35,0(,52 (1&21752 '( '2,6 081'26

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

TXDUWD PLpUFROHV

&+$9(6

0 _ PLQ _ $omR )DQWDVLD 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

&LQH 7HDWUR %HQWR 0DUWLQV K

&,1(0$ 0(675(6 '$ ,/86®2

%LEOLRWHFD 0XQLFLSDO GH &KDYHV K PHGLDQWH PDUFDomR SUpYLD

0 _ PLQ _ $omR &RPpGLD H 7KULOOHU 2V TXDWUR FDYDOHLURV HVWmR GH YROWD SDUD QRYD DYHQWXUD DOXFLQDQWH HOHYDQGR RV OLPLWHV GD LOXVmR HP SDOFR D QRYRV SDWDPDUHV H OHYDQGR RV j YROWD GR PXQGR 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

´2),&,1$ '( 5(67$852 ( &216(59$d®2µ

'HVWLQDWiULRV &ULDQoDV GRV DRV DQRV 1HVWD RILFLQD YDLV WHU D RSRUWXQLGDGH GH DSUHQGHU WpFQLFDV IXQGDPHQWDLV QR SURFHVVR GH PDQXWHQomR GRV OLYURV GH XPD IRUPD GLYHUWLGD 2UJ 0XQLFtSLR GH &KDYHV


YLHUQHV VH[WD

VHJXQGD OXQHV

&,1(0$ ,&( $*( 6DOyQ GH $FWRV GH OD &DVD GD &XOWXUD

ViEDGR ViEDGR

&+$9(6

PLQ _ )DPLOLDU 7HUFHUD SDUWH GH ODV DYHQWXUDV GH 'LHJR 6FUDW \ FRPSDxtD (Q HVWD RFDVLyQ OHV WRFDUi OLGLDU FRQ YDULRV GLQRVDXULRV 6FUDW VLJXH LQWHQWDQGR DSRGHUDUVH GH OD PX\ HVFXUULGL]D EHOORWD PLHQWUDV WDO YH] HQFXHQWUD HO YHUGDGHUR DPRU 0DQQ\ \ (OOLH HVSHUDQ HO QDFLPLHQWR GH VX PLQL PDPXW 6LG HO SHUH]RVR VH PHWH HQ XQ EXHQ OtR DO IRUPDU GH UHSHQWH XQD IDPLOLD SURSLD WUDV HQFRQWUDUVH XQRV KXHYRV GH GLQRVDXULR \ 'LHJR HO WLJUH GH GLHQWHV GH VDEOH VH SUHJXQWD VL SDVDU WDQWR WLHPSR FRQ VXV DPLJRV QR OH HVWDUi YROYLHQGR GHPDVLDGR EODQGLWR &RQ HO ILQ GH VDOYDU DO LQIRUWXQDGR 6LG OD SDQGLOOD VH DGHQWUD HQ XQ PLVWHULRVR PXQGR VXEWHUUiQHR GRQGH WLHQHQ DOJXQRV HQIUHQWDPLHQWRV FRQ ORV GLQRVDXULRV OLGLDQ FRQ XQD HQORTXHFLGD IORUD \ IDXQD \ FRQRFHQ D XQD FRPDGUHMD WXHUWD H LPSODFDEOH FD]DGRUD GH GLQRVDXULRV OODPDGD %XFN 2UJ 0DQFRPXQLGDGH GH 0XQLFLSLRV GH 9HUtQ

&$0,1+$'$ 62/,'É5,$ /,*$ 32578*8(6$ &2175$ 2 &$1&52 %XYHWH GDV 7HUPDV GH &KDYHV K 'LVWkQFLD .P 2 REMHWLYR p D DQJDULDomR GH IXQGRV SDUD D /LJD 3RUWXJXHVD FRQWUD R &DQFUR $ LQVFULomR VHUi IHLWD QD '5+$6 2 SUHoR GD LQVFULomR p GH ½ H VHUi HQWUHJXH XPD 7 6KLUW H XPD JDUUDID GH iJXD 2UJ /LJD 3RUWXJXHVD &RQWUD R &DQFUR H 0XQLFtSLR GH &KDYHV

ViEDGR ViEDGR

0(5&$'2

9(5Ì1

9(5Ì1

3OD]D *DUFtD %DUEyQ \ 3OD]D GH $ODPHGD GH 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 ´3XOSHLUDVµ UHSDUWLGDV SRU GLYHUVDV FDOOHV GH 9HULQ RIUHFHQ HO SODWR WUDGLFLRQDO \ PDV LQWHUQDFLRQDO GH OD JDVWURQRPtD JDOOHJD (O GtD GH IHULD HQ 9HULQ HV XQD FLWD D OD TXH QR VXHOHQ IDOWDU ORV LQFRQGLFLRQDOHV GH ORV PHUFDGRV TXH GLVIUXWDQ SDVHDQGR \ FXULRVHDQGR HQWUH VLQItQ GH SURGXFWRV 2UJ &RQFHOOR GH 9HUtQ


GRPLQJR GRRPLQJR

&,1(0$ 0(675(6 '$ ,/86®2

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

VHJXQGD OXQHV

GRPLQJR GRPLQJR

0 _ PLQ _ $omR &RPpGLD H 7KULOOHU 2V TXDWUR FDYDOHLURV HVWmR GH YROWD SDUD QRYD DYHQWXUD DOXFLQDQWH HOHYDQGR RV OLPLWHV GD LOXVmR HP SDOFR D QRYRV SDWDPDUHV H OHYDQGR RV j YROWD GR PXQGR 8P DQR DSyV HQJDQDUHP R )%, H JDQKDUHP D DGPLUDomR GR S~EOLFR FRP RV VHXV HVSHWiFXORV GH PDJLD DR HVWLOR 5RELQ GRV %RVTXHV RV LOXVLRQLVWDV UHJUHVVDP FRP XP QRYR HVSHWiFXOR TXH WHP FRPR YHUGDGHLUR REMHFWLYR H[SRU DV SUiWLFDV DQWLpWLFDV GH XP PDJQDWD GD WHFQRORJLD 2 KRPHP TXH TXHUHP DOFDQoDU FRP R VHX Q~PHUR GR GHVDSDUHFLPHQWR p QDGD PDLV QDGD PHQRV TXH :DOWHU 0DEU\ XP SURGtJLR GD WHFQRORJLD TXH REULJD RV &DYDOHLURV D GHVHQYROYHUHP R VHX JROSH PDLV LQFUtYHO GH VHPSUH 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

&+$9(6

%($&+ *$0(6 &+$9(6 )87(%2/ 35$,$ .,'6

&DPSR )XWHERO 3UDLD GH &KDYHV K 2UJ *UXSR 'HVSRUWLYR H 5HFUHDWLYR $VHV GD 0DGDOHQD $SRLRV 0XQLFtSLR GH &KDYHV -XQWD )UHJXHVLD GD 0DGDOHQD -XQWD )UHJXHVLD GH 6DQWD 0DULD 0DLRU H &KDYHV 7HUPDV 63$

WHUoD PDUWHV

&+$9(6

&+$9(6

&,1(&/8%( '( &+$9(6

&LQH 7HDWUR %HQWR 0DUWLQV K $SDUHoD H YHQKD LQVFUHYHU VH QD QRVVD VHGH SHOR FRQWDFWR RX SHOR H PDLO WHIFKDYHV#VDSR SW 2UJ &LQHFOXEH GH &KDYHV


TXLQWD MXHYHV

)(67,9$/ '( &857$6 -29(0

&LQH 7HDWUR %HQWR 0DUWLQV K

WHUoD PDUWHV

2 REMHWLYR SULQFLSDO p GDU D SRVVLELOLGDGH GH DSUHVHQWDomR GH WUDEDOKRV QD iUHD GR FLQHPD HP IRUPDWR FXUWD PHWUDJHP GH WUDEDOKRV GH MRYHQV FULDGRUHV $ SUp VHOHomR GRV WUDEDOKRV GHFRUUHUi GR GLD GH MXQKR DR GLD GH MXOKR 2V LQWHUHVVDGRV GHYHP HQYLDU RV VHXV WUDEDOKRV HP '9' SDUD D VHGH GR 7HDWUR ([SHULPHQWDO )ODYLHQVH QR /DUJR GR 0RQXPHQWR HP &KDYHV 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH $SRLR ,3'-

&+$9(6

&+$9(6

(16(0%/( '( -$== '26 352)(6625(6 '2 )(67,9$/ '( 0Ó6,&$ -Ó1,25

&HQWUR &XOWXUDO GH &KDYHV K

2 )(67,9$/ 0Ó6,&$ -Ó1,25 LUi UHDOL]DU XP FRQMXQWR GH FRQFHUWRV GH GHVFHQWUDOL]DomR H GLQDPL]DomR FXOWXUDO QRV PXQLFtSLRV GH 0RQWDOHJUH &KDYHV %RWLFDV 5LEHLUD GH 3HQD 9DOSDoRV 9LOD 3RXFD GH $JXLDU H 9LOD 5HDO $V IRUPDo}HV TXH VH DSUHVHQWDUmR QRV GLYHUVRV SDOFRV VHUmR FRQVWLWXtGDV SRU SURIHVVRUHV H DOXQRV 2UJ 0XQLFtSLR GH &KDYHV


VH[WD YLHUQHV

&+$9(6

:25.6+23 &2=,1+( 6(0 6$/ &2=,1+( 6$8'É9(/

7HUPDV GH &KDYHV K

VH[WD YLHUQHV

GRPLQJR GRPLQJR

1XWULFLRQLVWD 'U )LOLSH )HUUHLUD ,QVFULo}HV D ½ QDV 7HUPDV GH &KDYHV DWp GLD GH MXOKR GH _ ½ QR SUySULR GLD 3URJUDPD ,QWURGXomR DR WHPD VKRZ FRRNLQJ H SURYDV GH GHJXVWDomR 2UJ &KDYHV 7HUPDV H 63$

&+$9(6

%($&+ *$0(6 &+$9(6 0$5$721$ )87(%2/ '( 35$,$

&DPSR )XWHERO 3UDLD GH &KDYHV K VH[WD DWp K GRPLQJR

YLHUQHV

VH[WD

&+$9(6

2UJ *UXSR 'HVSRUWLYR H 5HFUHDWLYR $VHV GD 0DGDOHQ _ $SRLRV 0XQLFtSLR GH &KDYHV -XQWD )UHJXHVLD GD 0DGDOHQD -XQWD )UHJXHVLD GH 6DQWD 0DULD 0DLRU H &KDYHV 7HUPDV 63$

&21&(572 %$1'$6 086,&$,6 '( /2,926 ( '( 287(,52 6(&2

/DUJR *HQHUDO 6LOYHLUD K

2UJ 0XQLFtSLR GH &KDYHV

VH[WD YLHUQHV

&+$9(6

&,1(0$ ­ 352&85$ '( '25<

&LQH 7HDWUR %HQWR 0DUWLQV K

YLHUQHV VH[WD

9(5Ì1

ViEDGR ViEDGR

0 _ PLQ _$QLPDomR 2 ILOPH GD 'LVQH\3L[DU ´­ 3URFXUD GH 'RU\µ UH~QH R HVTXHFLGR SHL[H IrPHD D]XO SUHIHULGR GH WRGD D JHQWH 'RU\ FRP RV DPLJRV 1HPR H 0DUOLQ QXPD SURFXUD GH UHVSRVWDV VREUH R VHX SDVVDGR 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

%$78&$'$

3OD\D IOXYLDO 3OD]D *DUFtD %DUEyQ &DOOHV GH 9HUtQ /RV DVLVWHQWHV SRGUiQ GLVIUXWDU GH GRV MRUQDGDV FDUJDGDV GH ILHVWD DFWLYLGDGHV \ WUDGLFLyQ (VSHFWiFXORV YDULRV GH FDOOH \ FRQFLHUWRV ILHVWD GHO DJXD \ OD HVSXPD HQ OD 3OD]D *DUFtD %DUEyQ 5XWD GH OD %DWXFDGD \ HVSHFWiFXORV O~GLFRV PXVLFDOHV DO DLUH OLEUH HQWUH RWURV &RQFLHUWRV 3QHXUD 6LVWHUV &DER GH 9LOD \ /D HGDG GH RUR GHO SRS HVSDxRO 2UJ &RQFHOOR GH 9HUtQ


YLHUQHV VH[WD

9(5Ì1

GRPLQJR GRPLQJR

&,1(0$ 021(< 0$1 6DOyQ GH $FWRV GH OD &DVD GD &XOWXUD PLQ _ /HH *DWHV *HRUJH &ORRQH\ XQ IDPRVR SUHVHQWDGRU GH WHOHYLVLyQ HV FRQRFLGR SRU VHU XQR GH ORV JXU~V GH :DOO 6WUHHW 3HUR FXDQGR HO MRYHQ .\OH %XGZHOO -DFN 2 &RQQHOO SLHUGH WRGR HO GLQHUR GH VX IDPLOLD HQ XQD PDOD LQYHUVLyQ SRU FRQVHMR GH *DWHV GHFLGH VHFXHVWUDU DO SHULRGLVWD GXUDQWH VX HPLVLyQ HQ GLUHFWR GHO SURJUDPD 2UJ 0DQFRPXQLGDGH GH 0XQLFLSLRV GH 9HUtQ

ViEDGR ViEDGR

DJRVWR DJRVWR 9,'$*2

7251(,2 )876$/ 9,'$*2 )87(%2/ &/8%(

*LPQRGHVSRUWLYR GD &DVD GR 3RYR GH 9LGDJR $ HQWUDGD p JUDWXLWD SDUD R S~EOLFR HP JHUDO 2 7RUQHLR GH )XWVDO 9LGDJR )XWHERO &OXEH _ SUHWHQGH S{U j SURYD D SHUtFLD H R WDOHQWR GH MRYHQV H DGXOWRV (VWD HGLomR SUHWHQGH UHFHEHU SHOR PHQRV HTXLSDV TXH GHYHP FRQFUHWL]DU DV UHVSHWLYDV LQVFULo}HV DWp GLD GH MXOKR 2 IRUPXOiULR GH SDUWLFLSDomR HVWDUi GLVSRQtYHO HP ZZZ YLGDJRIF SW 7HUHPRV SUpPLRV SDUD DV SULPHLUDV HTXLSDV 3UpPLRV LQGLYLGXDLV H 3UpPLR )DLU 3OD\ 2UJ 9LGDJR )& $SRLRV &0& _ -)9 _ $)95 _ %99 _ *15 _ &39 _ 81,&(5 _ 0$&521


GRPLQJR GRPLQJR

&,1(0$ ­ 352&85$ '( '25<

&LQH 7HDWUR %HQWR 0DUWLQV K K H K 0 _ PLQ _$QLPDomR 2 ILOPH GD 'LVQH\3L[DU ´­ 3URFXUD GH 'RU\µ UH~QH R HVTXHFLGR SHL[H IrPHD D]XO SUHIHULGR GH WRGD D JHQWH 'RU\ FRP RV DPLJRV 1HPR H 0DUOLQ QXPD SURFXUD GH UHVSRVWDV VREUH R VHX SDVVDGR 'R TXH p TXH VH FRQVHJXH OHPEUDU" 4XHP VmR RV VHXV SDLV" ( RQGH p TXH DSUHQGHX D IDODU EDOHLrV" 2UJ 7HDWUR ([SHULPHQWDO )ODYLHQVH

),&+$ 7e&1,&$ (GLWRU (XURFLGDGH &KDYHV 9HUtQ $(&7 'HVLJQ -RDQD &RHOKR H 0DULVD )HUUHLUD )RWRJUDILD FDSD )HUQDQGR '& 5LEHLUR ([HFXomR (MHFXFLyQ *UiILFD 6LQDO &RRUGLQDGRU 9HUtQ &DUORV 0RQWHUR &RRUGHQDGRU &KDYHV -RVp 5LEHLUR 7LUDJHP ZZZ HXURFLGDGHFKDYHVYHULQ HX ZZZ YLVLWFKDYHVYHULQ FRP

&+$9(6

$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 HYHQWRV FKDYHV#JPDLO FRP 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


6

(67( 0È6

5Ì1

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

9(

129,(0%5( < )(5Ì$ 287212

2&78%5( 352&(6,Ð1 '$ 67$ &203$f$

6(37,(0%5( )(67$ '$ 9(1',0,$

$*2672 \ )(5,$ '(/ 9,12 '(120,1$&,Ð1 '( 25,*(1 0217(55(,

35Ð;,026 (9(1726

-8/+2 &20(025$d¯(6 ',$ '$ &,'$'(

9( +$

& $*2672 D )(,5$ '2 3$67(/ ,'(17,'$'(6 D )(67$ '26 32926

6(7(0%52 )(67,9,'$'(6 (0 +215$ '( 1266$ 6(1+25$ '$6 *5$d$6

2878%52 129(0%52 D )(,5$ '26 6$1726


-8/+2

-8/,2

$*2672

WHUoD PDUWHV

TXDUWD PLpUFROHV

DTXL Ki HYHQWR DTXt KD\ HYHQWR

TXLQWD MXHYHV

VH[WD YLHUQHV

ViEDGR ViEDGR

GRPLQJR GRPLQJR

6(7(0%52 6(37,(0%5(

VHJXQGD OXQHV


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