Catálogo Ésika Colombia C16

Page 1

&2/20%,$ &

!H ?KHKN @A H= JK?DA OA @AO?Q>NA =JPA PE ?KJ H= JQAR= BN=C=J?E= &=@EOO #H=I

ZZZ HVLND EL]



AO?Q>NA HKO OA?NAPKO @APNbO @A QJ ?KHKN

!H ?KHKN JACNK D= B=O?EJ=@K = IQFANAO @AH IQJ@K AJPANK LKN =ãKO !HAC=JPA OAJOQ=H IEOPANEKOK

LKOAA PK@K HK MQA QJ= IQFAN LQA@A @AOA=N QAJP= QJ= =JPECQ= HAUAJ@= MQA QJ P=HEOIbJ HKCNä ?=LPQN=N PK@= OQ I=CE= AOLAN=J@K = QJ= IQFAN MQA HE>ANA OQ AOAJ?E= L=N= AJRKHRANH= AJ OQ I=N=REHHKOK LK@AN

z/ANbO Pé



18(92 '( '(6&8(172

LK@ÛN=PA @AH ?KHKN @A H= JK?DA

&=@EOO #H=I AO?KJ@A AJ OQ EJPAJOK =NKI= PK@K AH LK@AN @AH ?KHKN JACNK =@= RAV MQA HK HE>ANAO PA AJRKHRANb AJ QJ D=HK @A AHAC=J?E= U OAJOQ=HE@=@ L=N= ?KJMQEOP=N H= JK?DA

(VSHFLDGD HOHJDQWH 5H´ QDGDV QRWDV GH RUTXtGHD PXVN \ µ RU GH FLUXHOR WH HQYXHOYHQ HQ XQ DURPD VR´ VWLFDGR \ FDXWLYDQWH

-$',66 */$0 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

*5$7,6

$UHWHV -DGLVV 3RU OD FRPSUD GH XQ SURGXFWR GH OD SiJLQD 9DORUL]DGR HQ


PDQLFXUH IUDQFHVD FRQ WRQRV QHJUR RVDGR \ SODWD OX[

720$ 127$ 0DQLFXUH IUDQFHVD GH FRORUHV DVt GH IiFLO 3DVR 3URWHJH WXV XxDV ›(V PX\ LPSRUWDQWH 6LHPSUH DSOtFDWH XQD FDSD GH OD %DVH IRWDOHFHGRUD GH XxDV \ GHMD TXH VHTXH

3DVR (OLJH XQ WRQR RVFXUR 'HFtGHWH SRU HO QHJUR \ DSOtFDOR VREUH WXV XxDV

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ

3DVR &RQWUDVWD &RQ HO WRQR FKDPSDJQH JDOD R HO SODWD OX[ SLQWD OD SXQWD GH WXV XxDV \ OLVWR


!H AJ?=JPK @A H= JK?DA P=I>EÛJ AOPb AJ PQO I=JKO /AP @A AOI=HPAO H=?G *ECDP ?KHKNAO JK?PQNJKO L=N= ?KILHAIAJP=N PQ HKKG

35202&,Ä1 6HW GH HVPDOWHV %ODFN 1LJKW

D VROR 9DORUL]DGR HQ

&yG 3RU OD FRPSUD GH -DGLVV *ODP

6(7 '( (60$/7(6 %/$&. 1,*+7 ,QFOX\H FDMD \ HVPDOWHV SURIHVLRQDOHV HQ SDUD XxDV HQ ORV WRQRV 1HJUR RVDGR FKDPSDJQH JDOD \ SODWD OX[H

6L GHVHDV FRPSUDU VROR HO HO VHW GH HVPDOWHV VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR


18(9$

&ROHFFLyQ -DGLVV *ODP &ROODU /DUJR UHJXODEOH D FP 0HGLGDV DSUR[ GHO GLMH [ FP &yG

9DORUL]DGR HQ

$UHWHV ODUJRV /DUJR DSUR[ FP &yG

9DORUL]DGR HQ

3XOVHUD 'H DUR GXUR &yG

9DORUL]DGR HQ

(Q EDxR GRUDGR FRQ HOHJDQWH SLHGUD QHJUD IDFHWDGD HQ IRUPD GH OiJULPD

SURPRFLyQ (VWXFKH +DQQD SiJ


1J PKMQA @A AHAC=J?E= OK>NA PQ LEAH KHA??E채J @A =??AOKNEKO &=@EOO #H=I FKU=O L=N= HQ?EN OEAILNA @AOHQI>N=JPA


!OP= JK?DA OANb PQU=

KHA??EäJ @A I=MQEHH=FA #H=I )EOPANU ?KHKN U OAJOQ=HE@=@ L=N= MQA ?KJMQEOPAO H= JK?DA

0RGHOR PDTXLOODGD FRQ FXDUWHWR GH VRPEUDV 3ODWD EURQ]H UXERU iPEDU GHOLQHDGRU .RKO FRQ GLIXPLQDGRU WRQR QHJUR 0iVFDUD GH LPSDFWR HQ WRQR QHJUR \ ODELDO /DUJD GXUDFLyQ WRQR 1DWXUDO 'XQH

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


,( 0 .+*6! &yG

&yG

* 01. ( 1*!

'( '(6&8(172

&XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

*!#.+

&yG

*!#.+ '+$(

&yG

5XERU FRPSDFWR JHPDV \ PLQHUDOHV J R] 9DORUL]DGR HQ

GH GHVFXHQWR

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

ยก) . &yG

/DELDO GH ODUJD GXUDFLyQ J R] 9DORUL]DGR HQ

GH GHVFXHQWR

0iVFDUD GH LPSDFWR HQ J R] 9DORUL]DGR HQ

GH GHVFXHQWR


)5$*$1&,$6

6(168$/(6

!HECA PQ I=JAN= @A ?KJMQEOP=NHK %($87< 5(' (DX GH SDUIXP DWRPLVHXU PO IO R]

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

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

'( '(6&8(172 (1 %($87< 5('

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

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


(6(1&,$6 $520$6 ! 105 .!

KJMQßOP=HK ?KIK OKHK Pé O=>AO D=?ANHK (=O IQFANAO PAJAIKO IQ?D=O ?KO=O AJ ?KIéJ LANK P=I>EÛJ OKIKO IQU AOLA?E=HAO U IQU @EOPEJP=O L=N= D=?ANJKO OAJPEN

,KN AOK AJ?QAJPN= =MQß AH =NKI= MQA IAFKN ATLNAO= PQ OAJOQ=HE@=@ U ?KJMQßOP=HK = PQ AOPEHK (K R=O = ?=QPER=N

.+/! Ó .+/!


z-QÛ =NKI= R= IAFKN ?KJPECK

/ 5$ 2 )/

)/ 25 $/

( /& '8

'8 /& (

/ $ 87 )5

2 ,& 75 &À

)/25$/

'8/&(

)587$/

(63(&,$'2 &À75,&2

&À 75 ,& 2

'2 $ &, ( 3 (6

(6 3( &, $' 2

)5 87 $/

,9$ &7 $

6(168 $/ $ & , 7 1 ½ 0 2 5

(/(* $1 7(

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

&À75,&2 (63(&,$'2 )587$/

'8/&(

)/25$/

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

(QACK AHECA AH PELK @A =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 -DGLVV *ODP

)5$*$1&,$6

520½17,&$6 *UD]]LD 5RPDQ]L )LRUL 9DQLOOD 6FHQW $wQQDUD

)5$*$1&,$6

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

)5$*$1&,$6

$&7,9$6

([SUHVVLRQ eODQLH *\UD 0RPHQWRV 9LEUDQWHV )DQWDVtD $]XO ,Q´ QLWR ,W­V <RX ,W­V <RX /LYH


'( '(6&8(172 (1 5(' ,17(16(

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

^H JK LK@Nb NAOEOPENOA = PQ =NKI=


)5$*$1&,$6

6(168$/(6

)Q?D=O BKNI=O @A OA@Q?ENHK

)ORUDO 6HQVXDO 7HQWDGRUDV QRWDV GH URVD GDPDVFHQD \ PXJXHW

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

0,1, 9(+(0(1&( 3$5$ (//$ (DX GH SDUIXP PO IO R]

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

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

GH GHVFXHQWR

&yG

GH GHVFXHQWR


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

'( '(6&8(172 (1 -$',66

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

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

9DORUL]DGR HQ

GH GHVFXHQWR

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

-$',66 (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ


)5$*$1&,$6

6(168$/(6

&QAC= = ?KJMQEOP=NHK 3$66,21 086. (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

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


(VSHFLDGD 6HQVXDO $SDVLRQDQWHV HVSHFLDV SHUIXPDQ WX SLHO SDUD JXLDU VXV EHVRV

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

z/=>AO ?QbH AO IE OA?NAPK

$ 0,7$'

'( 35(&,2

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

9DORUL]DGR HQ

)527$ $48À < 6,(17( (/ $520$ 6(&5(7 086. (1 78 3,(/


5 OE BQAN=O QJ= BHKN z?QbH OANß=O z .KO= @A QHC=NE= KNMQß@A= ATäPE?= K BHKN @A 0E=NÛ *5$==,$ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG )ORUDO 5RPiQWLFD 'HOLFDGDV URVDV GH %XOJDULD UHYHODQ WX HVHQFLD IHPHQLQD

*5$==,$ (;27,& (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

*5$==,$ 3$5$',6( (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGDV HQ F X F X GH GHVFXHQWR

)ORUDO 6HQVXDO 0LVWHULR \ VHQVXDOLGDG HQ XQD IXVLyQ GH RUTXtGHDV \ H[yWLFDV IUXWDV

)ORUDO 6HQVXDO $WUDFWLYD \ QDWXUDO FRPR OD SDUDGLVtDFD µ RU GH 7LDUp


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

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

1J =NKI= MQA PA D=?A OAJPEN ?KIK ANAO AOLA?E=H 63(&,$/ (DX GH SDUIXP DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

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


)5$*$1&,$6

(/(*$17(6


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

(= AHAC=J?E= PEAJA PQ JKI>NA

$ 62/2

*5$7,6 8Q SDU GH SHQGLHQWHV DO D]DU 3RU OD FRPSUD GHO HDX GH SDUIXP / LPDJH 9DORUL]DGR HQ

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


)5$*$1&,$6

520½17,&$6

!J AH BKJ@K PK@=O OKIKO NKIbJPE?=O


'( '(6&8(172 (1 9$1,//$ 6&(17

!OPb LAN@E@=IAJPA AJ=IKN=@K @A PE U @A PQ =NKI=

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


)5$*$1&,$6

$&7,9$6

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

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

)UXWDO $FWLYD ,PSXOVD WX GtD FRQ FKLVSHDQWHV JRWDV GH PDQGDULQD \ µ RU GH ORWR

*<5$ &RORQLD FRQ DWRPL]DGRU PO IO R]

9DORUL]DGR HQ

&yG

GH GHVFXHQWR

9DORUL]DGR HQ

GH GHVFXHQWR


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

)KIAJPKO éJE?KO =NKI=O éJE?KO

'( '(6&8(172 (1 )$17$6À$ $=8/ ,1),1,72

)UXWDO $FWLYD 9LWDOLGDG \ DOHJUtD JUDFLDV D OD IUHVFD µ RU GH QDUDQMR

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

020(1726 9,%5$17(6 (DX GH WRLOHWWH DWRPLVHXU PO IO R]

)$17$6À$ $=8/ ,1),1,72 (DX GH WRLOHWWH DWRPLVHXU PO IO R]

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

GH GHVFXHQWR

GH GHVFXHQWR


)5$*$1&,$6

$&7,9$6

$ 62/2

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

9DORUL]DGR HQ

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

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


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

채ILHE?AO AJ PK@K D=OP= AJ AOA =NKI= MQA JKO AJ?=JP=


AHE?EKOKO =NKI=O ATMQEOEP= OQ=RE@=@ 2ERA H=O IbO @AHE?=@=O OAJO=?EKJAO ?KJ H=O HK?EKJAO LANBQI=@=O


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

&yG &yG

G &y

&yG

'( '(6&8(172

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

6XDYL]DQ \ SHUIXPDQ WX SLHO

&yG

&yG

&yG

&yG &yG


GH SURWHFF LyQ

)527$ $48À < 6,(17( (/ $520$ &216,e17(7( (1(5*< (1 78 3,(/


18(92

,NKPÛCAPA U ?=LPQN= QJ IQJ@K @A OAJO=?EKJAO

'( '(6&8(172

#AHAO =JPE>=?PANE=HAO KJOEÛJPAPA @AHE?EKOKO =NKI=O MQA @AOLEANP=J PQO OAJPE@KO U AHEIEJ=J AH Ò @A >=?PANE=O @A PQO I=JKO

/=>ß=O MQA

QJMQA JK HKO RA=O AJ PQO I=JKO RERAJ IbO @A AOLA?EAO @A >=?PANE=O NAOEOPAJPAO =H F=>äJ @A PK?=@KN ,KN AOK @A>AO HHAR=N QJ CAH =JPE>=?PANE=H AJ AH P=I=ãK E@A=H L=N= PQ ?=NPAN= MQA JK OA =?=>A NbLE@=IAJPA =Oß PAJ@NbO PQO I=JKO HEILE=O ?=@= RAV MQA OA= JA?AO=NEK

F X


$=V QJ= L=QO= KJ KJOEÛJPAPA =HI

&216,e17(7( &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

GH GHVFXHQWR

&yG

9DORUL]DGR HQ

-DEyQ HQ EDUUD XQLGDGHV GH J R] F X 9DORUL]DGR HQ

GH GHVFXHQWR

&RORQLD $URPD µ RUDO IUXWDO TXH WH UHFRQHFWD FRQ WX \R PiV SRVLWLYR

-DEyQ OtTXLGR SDUD PDQRV 0DQRV OLPSLDV VXDYHV \ FRQ XQ ULFR DURPD

/RFLyQ FRUSRUDO 6XDYL]D WX SLHO FRQ XQ DURPD UHODMDQWH

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

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

)527$ $48À < 6,(17( (/ $520$ '( &216,e17(7( &$/0 (1 78 3,(/


&216,e17(7(

+ HHÛJ=PA @A AJANCß=

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

(QHUJ\ &RORQLD PO IO R] &yG

KJ KJOEÛJPAPA !JANCU

9DORUL]DGR HQ

GH GHVFXHQWR

&UHPD SDUD PDQRV PO IO R] &yG

9DORUL]DGR HQ &RORQLD $QLPD WX GtD FRQ XQ UHYLWDOL]DQWH DURPD IUXWDO

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

GH GHVFXHQWR

-DEyQ OtTXLGR SDUD PDQRV PO IO R] &yG

9DORUL]DGR HQ

/RFLyQ FRUSRUDO PO IO R] &yG

9DORUL]DGR HQ

GH GHVFXHQWR

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

9DORUL]DGR HQ

'( '(6&8(172 (1 (/ -$%Ä1 /À48,'2 3$5$ (/ &8(532

-DEyQ OtTXLGR SDUD PDQRV 0DQRV OLPSLDV VXDYHV \ FRQ XQ ULFR DURPD

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

-DEyQ OtTXLGR SDUD HO FXHUSR /LPSLD OD SLHO \ OD DFRQGLFLRQD FRQ XQ DURPD GHOLFLRVR


&216,e17(7( 6DWLVIDFWLRQ /RFLyQ FRUSRUDO PO IO R] &yG

9DORUL]DGR HQ

GH GHVFXHQWR

&RORQLD PO IO R] &yG

9DORUL]DGR HQ

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

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


=HA QJ LNAIEK = PQ LEAH PK@KO HKO @ß=O

18(92 '( '(6&8(172

ÛF=H= OQ=RA DE@N=P=@= A EILNACJ=@= ?KJ ATMQEOEP=O JKP=O KNEAJP=HAO U BHKN=HAO @A R=EJEHH= PQ LEAH HK IANA?A

-DEyQ HQ EDUUD XQLGDGHV GH J R] F X &yG

9DORUL]DGR HQ

-DEyQ HQ EDUUD 5HFRQIRUWDQWH VXDYLGDG TXH RIUHFH HO DFHLWH GH SDOPD DOPHQGUDV \ HPROLHQWHV

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

)527$ $48À < 6,(17( (/ $520$ &216,(17(7( 6$7,6)$&7,21 (1 78 3,(/


KO BKNI=O @A NABNAO?=NPA

NKI=O OAJOQ=HAO K ?KJ >NEHHKO Pé @A?E@AOÎ

)ORUDO 3URYRFDWLYDV RUTXtGHDV SHUIXPDQ WX SLHO

)ORUDO ([yWLFD HVHQFLD GH LQVLQXDQWHV SpWDORV

)ORUDO ([TXLVLWD FRPELQDFLyQ GH URVDV \ DFHLWHV DURPiWLFRV

&RORQLD PO IO R] 6HGXFLQJ 2UFKLGHD &yG

3DVVLRQ /LOO\ &yG

6HQVXDOO\ 5RVH &yG

9DORUL]DGDV HQ F X

$ 62/2

F X &XDOTXLHU FRORQLD GH HVWD SiJLQD

NEHHKO AJ PQ LEAH

&RORQLD FRQ EULOORV PO IO R] 5HVSODQGHVV &yG

5HVSODQGHVV ,OOXVLRQ &yG

5HVSODQGHVV )ORUHVV &yG

9DORUL]DGR HQ F X

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

)ORUDO )UDJDQWHV OLULRV WH HQYXHOYHQ HQ HQVXHxR

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


$ 62/2

AHE?EKO=O BHKNAO U BNQP=O PA NABNAO?=J = ?=@= IKIAJPK

F X &XDOTXLHU FRORQLD GH HVWD SiJLQD

)58,76 )/2:(56 &RORQLD PO IO R] 0\VWLF &RFNWDLO &yG

7URSLFDO 0DUDFX\i &yG

)UHHVLD %RXTXHW &yG

9DORUL]DGDV HQ F X

)UXWDO ([yWLFDV JRWDV GH O\FKHH \ JUDQDGD

)UXWDO 'LVIUXWD GHO UHYLWDOL]DQWH DURPD D PDUDFX\i HQ WX SLHO

)ORUDO 'HOLFDGR DURPD GH DPRURVDV IUHHVLDV HQ WX SLHO

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

)II

=NKI=O @A H= J=PQN=HAV=


bOE?K HKO =??AOKNEKO ?KJ ?KHKNAO RERKO U BHKNAO

!HECA PAH=O HECAN=O OQAHP=O ?KJ ?KHKNAO RERKO K LNEJPO

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


2FWHWR GH VRPEUDV J R] 9DORUL]DGR HQ .+) *0% +(+./ &yG

&RQVLJXH OD FRPELQDFLyQ LGHDO FRQ ORV WRQRV PiV FODURV

'HOLQHDGRU NRKO FRQ GLIXPLQDGRU J R] 9DORUL]DGR HQ *!#.+ '+$( &yG

'HOLQHD \ GLIXPLQD SDUD GDUOH D WXV RMRV XQ DFDEDGR ªVPRN\«

0iVFDUD 0LUDGD +HFKL]DQWH J R] 9DORUL]DGR HQ *!#.+ &yG

3HVWDxDV V~SHU GH´ QLGDV SDUD XQD PLUDGD LQWHQVD

L=OKO L=N= QJ HKKG EJ ,NALbN=PA L=N= =PN=AN IEN=@=O ?KJ AOPA HKKG LNEI=RAN=H LANBA?PK L=N= O=HEN = PKI=N QJ ?=BÛ ?KJ H=O =IEC=O K @A ODKLLEJC

LKN MQA ?KJ AOPKO L=OKO AOP=N = H= IK@= ?=@= @ß= U HQ?EN >AHH= OANb HK IbO Bb?EH

/26 /DELDO GH ODUJD GXUDFLyQ J R] 9DORUL]DGR HQ * . *& + /!//%+* &yG

/DELRV LQWHQVRV \ SURYRFDWLYRV GXUDQWH WRGR HO GtD

$

9DORUL]DGR HQ

&yG

$+255$


,NAJ@=O @KN=@=O K ?KJ >NEHHKO E@A=HAO L=N= AOPA HKKG

bOE?K =??AOKNEKO @A ?KHKNAO LNKBQJ@KO ?KIK HKO IKN=@KO

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


2FWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

&RQVLJXH HO DFDEDGR LGHDO FRPELQDQGR WRQRV SDVWHOHV FRQ SURIXQGRV

'HOLQHDGRU HQ OiSL] SDUD RMRV J R] 9DORUL]DGR HQ 'DOH PLVWHULR D WX PLUDGD PD\RU GH´ QLFLyQ FRQ HO WRQR QHJUR

>bOE?KO L=N= QJ HKKG EJ

0iVFDUD SDUD SHVWDxDV HIHFWR H[WHQVLRQHV J R] 9DORUL]DGR HQ 3HVWDxDV H[WUD ODUJDV \ RVFXUDV SDUD UHIRU]DU HVD PLUDGD KLSQRWL]DGRUD

/26 /DELDO GH ODUJD GXUDFLyQ J R] 9DORUL]DGR HQ /DELRV LQWHQVRV \ SURYRFDWLYRV GXUDQWH WRGD OD QRFKH SDVH OR TXH SDVH

$

9DORUL]DGR HQ

&yG

$+255$


(VPDOWH HQ QHJUR RVDGR \ FKDPSDJQH JDOD ODELDO KLGUDWDQWH SLPLHQWD FDOLHQWH FXDUWHWR GH VRPEUDV SODWD EURQ]H \ GHOLQHDGRU QHJUR LQWHQVR

,KJHA QJ LK?K @A LEIEAJP= = PQ RE@= (= JQAR= ?KHA??EäJ ,EIEAJP= =HEAJPA PA @=Nb AOA PKMQA LE?=JPA MQA JA?AOEP=O L=N= MQA ?Q=HMQEAN IKIAJPK OA= EJKHRE@=>HA

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


&2/(&&,Ä1 3,0,(17$ &$/,(17(

'( '(6&8(172

$ ), #*! # (

*!#.+ +/ +

&yG

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

&yG

&yG

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

,( 0 .+*6! &yG

'HOLQHDGRU HQ OiSL] SDUD RMRV J R] 9DORUL]DGR HQ

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

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

&XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

GH GHVFXHQWR

&yG

7212 3,0,(17$ &$/,(17(

&yG

) ..¨* ( //%

18(92

/DELDO KLGUDWDQWH H[WUHPR J R] 9DORUL]DGR HQ

GH GHVFXHQWR


0QO OKI>N=O JQJ?= PA B=HH=J ,KNMQA REAJAJ ?KJ PKJKO OéLAN ?KI>EJ=>HAO L=N= MQA Oß K Oß HKCNAO QJ =?=>=@K AOLA?P=?QH=N

) ..¨* ( //% &yG

LHE?=?EäJ IbO LNA?EO= EBQIEJ= PQ I=MQEHH=FA @A BKNI= L=NAF= 6HW GH DSOLFDGRUHV SDUD VRPEUDV \ ODELDO &yG

9DORUL]DGR HQ

GH GHVFXHQWR

!/)!. ( (14 &yG

)=UKN ?=NC= @A ?KHKN U IbO =@DANAJ?E= EOPNE>Q?EäJ E@A=H @A PKJKO LHE?=?EäJ QJEBKNIA ,( 0 .+*6! &yG

&XDUWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

GH GHVFXHQWR

01.-1!/ !/%#*

(%( !)+0%+*

&yG

&yG

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

)+. + , //%+* &yG

2%*+ /3!!0

2!. ! &1*#(!

#. * 0! + !

61( + ! *

&yG

&yG

&yG

&yG

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


/22. &2/25

!* +( # %

/ / G ( &y

2WRxR FKLF

(XIRULD EOXHV

.+

)

* &y 0 % G + (+ . /

&RORU V\PSKRQ\

&ODVVLF JROGHQ

)bO PKJKO )bO HKKGO

KJOECQA PK@=O H=O IEN=@=O MQA MQEAN=O U Hé?APA AJ ?Q=HMQEAN K?=OEäJ

'( '(6&8(172

!1

"

&y +.% G (1 ! /

0KJKO OéLAN ?KI>EJ=>HAO 2=NEA@=@ @A ?KI>EJ=?EKJAO 2FWHWR GH VRPEUDV J R] 9DORUL]DGR HQ

+0

+

&y _+ G $ %

+(+. /5),$+*5

.!* /'5

&yG

&yG


(VPDOWH SURIHVLRQDO HQ SDUD XxDV IXFVLD DWUHYLGD

"1 /% 0.!2% &yG

AO?Q>NA HKO PKJKO MQA AOPbJ @A IK@=

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


(%( )¡#% + &yG

.+/ .+) * ! &yG

& ! +.%!*0 ( &yG

.+/ 2% . *0! &yG

/ *#.! ( 0%* &yG

/ ()¨* !/0!(( *0!

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

0i[LPR EULOOR QXWUH PD\RU GXUDFLyQ VHFDGR UiSLGR DSOLFDFLyQ XQLIRUPH \ EURFKD SURIHVLRQDO

&yG

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

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

) #!*0 2% . *0! &yG

&yG

12 !.*!0 &yG

%DVH IRUWDOHFHGRUD SDUD XxDV PO IO R] &yG

9DORUL]DGR HQ

.+/ !1"+.%

&yG

GH GHVFXHQWR

) (2 /+"0 &yG

'( '(6&8(172

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

.1 ¤ %*0!*/+

(%( " / %* %¨* &yG

,«.,1. , /%¨* &yG

61( )¤/0% + &yG

61( *+ $! &yG

2!. ! /1*01+/+ &yG

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

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

+. ( 0.+,% ( &yG

3URWHJH \ IRUWDOHFH WXV XxDV GiQGROHV XQD PHMRU DSDULHQFLD

$ ), #*! # ( &yG

#.%/ #( ) &yG

,( 0 (14! &yG

!.+ $% &yG

*!#.+ +/ + &yG


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

$!..5 &yG

2%*+ $% &yG

1J H=>E=H MQA @QN= P=JPK ?KIK PQO >AOKO (Q?A PK@= H= OAJOQ=HE@=@ @A PQO H=>EKO D=OP= LKN DKN=O

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

/DELDO Pi[LPD GXUDFLyQ IXFVLD H[SUHVV GHOLQHDGRU Pi[LPD GXUDFLyQ QHJUR PiVFDUD VHFUHWRV GH VHQVXDOLGDG QHJUR LQWHQVR \ TXLQWHWR PRFFD IDVKLRQ

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


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

$+ +( 0! / 0¤*

&yG

&yG

+ &yG

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

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

/DELDO GH Pi[LPD GXUDFLyQ J R] 9DORUL]DGR HQ .+/ + *1 !

)+. + *%#$0

)%!( #( ^

&yG

&yG

&yG

2%*+ #+( !* &yG

K

V

'( '85$&,Ä1

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

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

.+/ (%#$0 &yG

"1 /% ,%*' &yG

* !(%0 &yG


3ODWD UDGLDQWH

9HUGH RWRxR

7XUTXHVD PHWiOLFR

&LUXHOD HQFDQWR

$]XO ]DILUR

1HJUR pEDQR

0RUDGR SURIXQGR

)bTEI= OAJOQ=HE@=@ @A QJ OKHK PN=VK 'HOLQHDGRU QHJUR TXLQWHWR RUR PDJQHWLF PiVFDUD VHFUHWRV GH VHQVXDOLGDG QHJUR \ ODELDO Pi[LPD GXUDFLyQ PLHO JUDFp

0DUUyQ YLEUDQWH

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


)+. + ,.+"1* + &yG

)bTEI= =@DANAJ?E= KHKNAO EJPAJOKO 0ATPQN= ATPN= OA@KO=

yG

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

* 0 ! &

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

% .

&yG *+

)

* 2 . .¨

+ ^ *!#.

01.-1!/ )!0¡(% + &yG

61( 6 "%.+ &yG

,( 0 . % *0! &yG

+.+ #( )+1. &yG

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

) ..¨* *+# ( &yG

2!. ! +0+_+ &yG

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

6LVWHPD UHWUiFWLO

K

V

'( '85$&,Ä1

$ 358(%$ '(

$*8$


-1 ,!.) *!*0 &yG

.+/ .! ) &yG

0Q LK@AN @A H= =PN=??EäJ JK PEAJA BEJ 0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG QHJUR LQWHQVR V

'~R WDWWRR SLPLHQWD FDOLHQWH PiVFDUD VHFUHWRV GH VHQVXDOLGDG QHJUR \ TXLQWHWR PRFFD IDVKLRQ

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

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


'( '(6&8(172

0i[LPD GXUDFLyQ \ FRORU 3URWHJH WXV SiUSDGRV

)LMD HO FRORU HQ SDVRV SURWHJH WXV ODELRV \ ORV KXPHFWD \ DFRQGLFLRQD

0i[LPD DGKHUHQFLD GH FRORU WH[WXUD H[WUD VHGRVD

+.+ ) #*!0% .+&+ $%,*+0%

&yG

K

&yG

V

'( '85$&,Ä1

18(9$ )Ä508/$

$ 358(%$ '(

$*8$

,%)%!*0 (%!*0! &yG

0iVFDUD SDUD SHVWDxDV VHFUHWRV GH VHQVXDOLGDG J R] 9DORUL]DGR HQ

) ..¨* %*0!*/+ &yG

*!#.+ ) ..¨* %*0!*/+ &yG

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

/DELDO G~R WDWWRR PO J IO R] R] 9DORUL]DGR HQ

GH GHVFXHQWR

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

.+5 ( /!*/

61( )5/0!.5

"!/0%2 ( #+(

(%( .+) *0%

&yG

&yG

&yG

&yG

)+ " /$%+*

.+/! ,.+(+*#

,1.,(! .0%/0%

#( )+1. ( '

&yG

&yG

&yG

&yG

+. ( ) #%

.+&+ , //%+*

"1 /% /3!!0

"1 /% $+0

&yG

&yG

&yG

&yG

%.1!( !/%.!

.+/ )%/0!.5

.+/ $%

.+/ (%#$0

&yG

&yG

&yG

&yG


A?E@A ?äIK @=NHA IbO EIL=?PK = PQ IEN=@=

KJ QJ @AHEJA=@K HßMQE@K BEJK CNQAOK K ?KJ >NEHHK

1HJUR VSDUN

1HJUR VSDUN

/RRN VR´ VWLFDGR FRQ DFDEDGR H[WUD ´ QR

&RQVLJXH XQD PLUDGD LPSDFWDQWH FRQ XQ VROR WUD]R

'( '(6&8(172

$ 358(%$ '(

$ 358(%$ '(

$*8$

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

$*8$

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

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

2!. ! 1 6

*!#.+ !40.!)+

)+. + #( )+1.

) ..¨* +0+_+

61( /!*/%0%2!

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

2!. ! 1 6

*!#.+ !40.!)+

)+. + #( )+1.

) ..¨* +0+_+

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

72126 */,77(5

&yG

72126 */,77(5

#.%/ ,( 0

+. + !* *0+

,( 0 /, .'

*!#.+ /, .'

) ..¨* /, .'

61( /, .'

&yG

&yG

&yG

&yG

&yG

&yG

#.%/ ,( 0

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ

+. + !* *0+

61( /!*/%0%2!

&yG

&yG

,( 0 /, .'

*!#.+ /, .'

) ..¨* /, .'

61( /, .'

&yG

&yG

&yG

&yG


/22. &2/25

KJ ?KHKNAO EJPAJOKO LAOP=ã=O LNKPACE@=O

'( '(6&8(172

01.-1!/ &yG

61( &yG

0!.. +0 &yG

$ 358(%$ '(

$*8$

*!#.+ ) ..¨* &yG

0iVFDUD WUDWDQWH D SUXHED GH DJXD J R] 9DORUL]DGR HQ

*!#.+ &yG

0iVFDUD WUDWDQWH D SUXHED GH DJXD QHJUR

) ..¨* &yG


0iVFDUD HQ QHJUR FXDUWHWR URVD LOOXVLRQ GHOLQHDGRU HQ OiSL] QHJUR \ UXERU JHPDV UXEt

0K@K HK MQA PQO LAOP=ã=O JA?AOEP=J 1J= OKH= IbO?=N= MQA HK D=?A PK@K L=N= MQA PQO LAOP=ã=O HQV?=J IAFKN MQA JQJ?=


35202&,Ä1 0iVFDUD GH LPSDFWR HQ D VROR ,QQRYDGRU FHSLOOR SDUD XQD PHMRU DSOLFDFLyQ \ FREHUWXUD

3HLQH TXH VHSDUD WXV SHVWDxDV \ UHWLUD HO H[FHVR GH PiVFDUD

3RU OD FRPSUD GH XQ SURGXFWR GH PDTXLOODMH GH OD SiJ \ D OD

H=NC= .EV= "KNP=HA?A /AL=N= U LAEJ= LNQA>= @A =CQ= 0iVFDUD GH LPSDFWR HQ J R] 9DORUL]DGR HQ

) ..¨*

*!#.+

&yG

&yG

*!#.+ ) ..¨* &yG

$ 358(%$ '(

$*8$

6L GHVHDV FRPSUDU VROR OD PiVFDUD GH LPSDFWR HQ VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR DVt 1HJUR PDUUyQ &yG 1HJUR &yG 0DUUyQ &yG 3UHFLR F X

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN 1R LQFOX\H PXHVWUDV SURGXFWRV GH UHJDOR PLQLV QL RWUDV SURPRFLRQHV


z-QÛ JA?AOEP=J PQO H=>EKO %5,//2 < +80(&7$&,Ä1

+,'5$7$&,Ä1

/DELDO KLGUDWDQWH H[WUHPR URMR GHVHR

/DELDO OtTXLGR EULOOR XOWUD IDQWiVWLFR URVDGR PDJQHWLF

$E@N=P=?EäJ EJPAJO= LKN DKN=O

UQ@= = MQA HKO H=>EKO OA?KO NA?QLANAJ AH JERAH @A =CQ= MQA JA?AOEP=J

/DELDO KLGUDWDQWH H[WUHPR J R] 9DORUL]DGR HQ

)bTEIK >NEHHK !BA?PK IKF=@K !REP= H= NAOAMQA@=@ /DELDO OtTXLGR EULOOR XOWUD IDQWiVWLFR PO IO R] 9DORUL]DGR HQ

.+/ + " /$%+*

) ..¨* #( )+1.

". ) 1!/ ) *¤ &yG

+.#+_ /!45 &yG

&yG

"1 /% #( )

"^ )+ &yG

$!..5 ) #% &yG

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

.+/ !/0!( . &yG

&yG

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

* . *& ,.%) 2!.

.+/ 1(61. &yG

&yG

.+/ %2 &yG

.!* /1*/$%*! &yG

.+/ .+)¡*0% &yG

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

"1 /% 10%2 *0! &yG

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

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ

) ..¨* .+1#! &yG

&yG

&yG

.+&+ !/!+

)36

.+/ + ) #*!0%

&yG

)$&725 '( 3527(&&,Ä1 62/$5


/22. &2/25

'( '(6&8(172

&2/25 ,17(162

%5,//2 < &2/25

/DELDO GHVWHOORV GH FRORU IUHVD GHVWHOORV

/DELDO PD[LPR FRORU IXFVLD IDQF\

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

KHKNAO RE>N=JPAO @AO@A H= LNEIAN= =LHE?=?EäJ KJ ?AN=O J=PQN=HAO /Q=RA =LHE?=?EäJ /DELDO HQ EDUUD Pi[LPR FRORU J R] 9DORUL]DGR HQ

)+ !/0!((+/

".!/ !/0!((+/

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

&yG

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

.+/ !/0!((+/

&yG

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

&yG

&yG

&yG

&yG

* . *& 2%2 6

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

, (+ .+/ !/0!((+/

.+&+ $!..5 &yG

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

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

+. + !/0!((+/

/ ()¨* !/0!((+/

&yG

&yG

"1 /% " * 5 &yG

) #!*0 0.!2% &yG

.+&+ )+. &yG

+. ( /$%*! &yG

.+/ %2%* &yG

.+/ + 0!*0 %¨* &yG )$&725 '( 3527(&&,Ä1 62/$5

) ..¨* ¡(% + &yG

)36


!J=IKN= ?KJ PQO H=>EKO &yG

.+&+ 2%2 6

0½;,0$ 68$9,'$' )$&725 '( 3527(&&,Ä1 62/$5

)36

2%*+ /!*/1 ( &yG

)bTEI= OQ=RE@=@ ?=>=@K HEOK

.+/ %*0.%#

/DELDO XOWUD VXDYL]DQWH J R] 9DORUL]DGR HQ

&yG

.+/ + )¡#% +

&yG

&yG

) ..¨* 0!*0 %¨*

&yG

&yG

.+&+ ,.+2+ %¨*

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

.+/ +-1!0

) ..¨* +0+_+ &yG

"1 /% " *0 /¤ &yG

(=>E=H U @AHEJA=@KN ?KJ AH ?KHKN AT=?PK /A =@DEANA LKN IbO PEAILK

/$%,26 0½6 '(),1,'26

/DELDO GH DSOLFDFLyQ SUHFLVD

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

)$&725 '( 3527(&&,Ä1 62/$5

GH GHVFXHQWR

)36

.+/ !((!

.! /1,.!)!

&yG

&yG

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ

2%*+ )% *%#$0

$!..5 ( // &yG

'HOLQHDGRU GH ODUJD GXUDFLyQ

&yG

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

&yG

+. ( /! 1 0%+*

.+/ * 5

!.!6 !!,

&yG &yG

/DELDO GHOLQHDGRU UHG VXSUHPH


/22. &2/25

(=>EKO EJPAJOKO PKKK@K AH @ß= )bTEIK ?KHKN U QJ= PATPQN= OQ=RA U LNKRK?=PER= MQA @QN= D=OP= MQA Pé MQEAN=O /DELDO GH ODUJD GXUDFLyQ J R] 9DORUL]DGR HQ

'( '(6&8(172

/DELDO GH ODUJD GXUDFLyQ URMR SDVLyQ

"1 /% 0!*0 %¨* &yG

2%*+ !/!+

"1 /% !(%.%+

.+&+ /!45

.+&+ , /%¨*

&yG

&yG

&yG

&yG

)$&725 '( 3527(&&,Ä1 62/$5

.+/ /! 1 %¨*

2%*+ +1-1!0

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

.+&+ "%!/0

) ..¨* " * 0%

&yG

&yG

&yG

&yG

&yG

.+/ "%+.!((!

".!/ /3!!0

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

) ..¨* 1.#1* 5

* 01. ( 1*!

&yG

&yG

&yG

&yG

&yG

) ..¨* ) «

"1 /% !1"+.%

) ..¨* $ 2 *

"1 /% /1 (%)!

&yG

&yG

&yG

&yG

)36


'HOLQHDGRU HQ OiSL] SDUD FHMDV SDUD RMRV SDUD ODELRV J R] 9DORUL]DGR HQ F X

3$5$ /$%,26 ) ..¨* . )!(

) ..¨* ( *+ &yG

&yG

#1%* .! ( .+&+ ) *$ 00 * &yG

&yG

+. ( #( ^

2%*+ %* %0 *0!

&yG

&yG

'HOLQHDGRU SDUD RMRV QHJUR LQWHQVR SDUD ODELRV PDUUyQ FDUDPHO \ SDUD FHMDV QDWXUDO

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ

* . *& $%

"1 /% 2%2 6

&yG

&yG

.+/ !(% 0! &yG


35202&,Ä1 ,1683(5$%/(

!H PN=VK MQA I=N?= H= @EBANAJ?E=

'HOLQHDGRUHV D VROR

F X 3DUD FHMDV

* 01. ( &yG

&RORUHV LQWHQVRV GH JUDQ DGKHUHQFLD

*!#.+ &yG

3$5$ 2-26

PKJKO HQT

3$5$ &(-$6 +. + ,.! %(! 0+ &yG

*!#.+ (14 &yG

61( (14

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

&yG

) ..¨* +.#+_

&yG

&yG

2!. ! (14 "^ (14

&yG

&yG

2!. ! /% *!5 61( )! %0!..¡*!+

) ..¨* "^

&yG

&yG

&yG

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

01.-1!/ ) #% ,( 0! + . 0

&yG

&yG

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN 1R LQFOX\H PXHVWUDV SURGXFWRV GH UHJDOR PLQLV QL RWUDV SURPRFLRQHV


1J= LEAH LANBA?P= PEAJA OQO PNQ?KO 0K@=O PAJAIKO LAMQAã=O EILANBA??EKJAO AJ H= LEAH

LANK J=@EA PEAJA LKN MQÛ O=>ANHK

'HMD WX FXWLV HQYLGLDEOHPHQWH VXDYH FRQWUROD HO EULOOR \ ´ MD PHMRU HO PDTXLOODMH

&RUULJH FXEUH FRQWUROD HO EULOOR \ SURWHJH OD SLHO

0. */(« % +/

&yG

.+/

&XEUH ODV LPSHUIHFFLRQHV FRQ XQ DFDEDGR VXDYH \ VHGRVR

!%#!

&yG

&RUULJH KLGUDWD QXWUH \ GHYXHOYH OD DSDULHQFLD GH ´ UPH]D \ HODVWLFLGDG

&yG

!%#! &yG

0!.. +0 &yG )$&725 '( 3527(&&,Ä1 62/$5

)$&725 '( 3527(&&,Ä1 62/$5

)$&725 '( 3527(&&,Ä1 62/$5

)36

)36

)36

%DVH GH PDTXLOODMH KLGUR QXWULWLYD PO IO R] 9DORUL]DGR HQ

.+/

.+/

.+/

&yG

&yG

&yG

&RUUHFWRU IDFLDO SLHO SHUIHFWD J R] 9DORUL]DGR HQ

!%#!

.+/

&yG

&yG

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

%DVH GH PDTXLOODMH SDUD URVWUR HQ SUR J R] 9DORUL]DGR HQ

.+/

.+/

.+/

&yG

&yG

&yG

.+/

.+/

.+/

!%#!

.+/

.+/

.+/

&yG

&yG

&yG

&yG

&yG

&yG

&yG

SURPRFLyQ 0iVFDUD GH LPSDFWR HQ SiJ


=HA IbO RE@= = PQ ?QPEO KJ HKO ?KHKNAO J=PQN=HAO EJOLEN=@KO AJ LEA@N=O LNA?EKO=O

0i[LPD DGKHUHQFLD WH[WXUD VXDYH \ VHGRVD \ FRQWUROD HO H[FHVR GH EULOOR

'( '(6&8(172

5XERU FRPSDFWR HIHFWR JHPDV \ PLQHUDOHV J R] 9DORUL]DGR HQ

GH GHVFXHQWR

ยก) . &yG

)+

+. (

&yG

&yG

1 .6+ .+/ &yG

%URFKD SDUD UXERU &yG

9DORUL]DGR HQ

5XERU FRPSDFWR FXDU]R URVD

.1 ยค &yG

$SOtFD HO UXERU FRQ XQ DFDEDGR XQLIRUPH \ QDWXUDO

6HW GH HVSRQMDV &yG

9DORUL]DGR HQ

$SOLFD \ GLIXPLQD FRQ DFDEDGR XQLIRUPH HOLPLQDQGR ORV H[FHVRV GH EDVH \ FXLGDQGR WX SLHO FRQ VX VXDYH WH[WXUD


0RGHOR OOHYD RFWHWR GH VRPEUDV DUHQD VN\ \ ODELDO Pi[LPR FRORU FRUDO VKLQH

SURPRFLyQ (VWXFKH +DQQD SiJ


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

'( '(6&8(172

IKN = LNEIAN= REOP=

(Q EDxR GRUDGR FRQ SLHGUDV FRORU PHOyQ \ YHUGH

18(9$ &2/(&&,Ä1 (*($6 &ROODU /DUJR UHJXODEOH D FP /DUJR DSUR[LPDGR GHO GLMH FP

$UHWHV 0HGLGDV FP [ PP

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG

z HCQJ= RAV D=O AOP=@K BNAJPA = QJ =??AOKNEK U D=O @E?DK {#Q=QÎ {)A AJ?=JP=Î {!O L=N= IßÎ !OK AO =IKN = LNEIAN= REOP= QJ OAJPEIEAJPK EJ?NAß>HA MQA =DKN= LK@NbO REREN QJ= U KPN= RAV CN=?E=O = HKO HEJ@KO U IK@ANJKO =??AOKNEKO MQA ^OEG= PEAJA L=N= PE

{-QA ?KIEAJ?A AH =IKNÎ

$UHWHV ODUJRV 0HGLGDV [ FP &yG

9DORUL]DGR HQ 18(675$ %,-287(5,( (6

/,%5( '( 3/202


0RGHOR XWLOL]D FXDUWHWR GH VRPEUDV PDUUyQ FODVVLF \ ODELDO ODUJD GXUDFLyQ URVD ILRUHOOH

SURPRFLyQ (VWXFKH +DQQD SiJ


/$ &2035$

(= BHKN IbO HEJ@=

{OANbO PéÎ

723

KJ H= JQAR= ?KHA??EäJ /LA?E=H "HKSAN HK =PN=L=NbO @AO@A AH LNEIAN IKIAJPK

(Q EDxR GH RUR URVDGR \ FULVWDOHV WUDQVO~FLGRV

18(9$ &2/(&&,Ä1 63(&,$/ )/2:(5 &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH FP [ FP

$UHWHV ODUJRV 0HGLGDV [ FP

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

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

/,%5( '( 3/202

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

3XOVHUD /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

9DORUL]DGR HQ


%ILKOE>HA NAOEOPENOA = 2=O?KJE= /Q LEA@N=O NKO=@=O U ?NEOP=HAO HHAJ=NbJ @A CH=IKQN AOA HKKG MQA AOPbO >QO?=J@K

'( '(6&8(172

&2/(&&,Ä1 9$6&21,$ &ROODU /DUJR UHJXODEOH D FP 0HGLGDV GHO GLMH [ FP

3XOVHUD 'H DUR SDUWLGR

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

$UHWHV ODUJRV /DUJR FP

9DVFRQLD HV

&yG

8QD GHOLFDGD FROHFFLyQ HQ EDxR GH SODWD FRQ FULVWDOHV \ SLHGUDV HQ WRQRV URVDGRV ›0X\ IHPHQLQD

9DORUL]DGR HQ

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

/,%5( '( 3/202

SURPRFLyQ (VWXFKH +DQQD SiJ

&yG

$QLOOR

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

9DORUL]DGR HQ


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

'( '(6&8(172 (1 (678&+( )$6&,12

(VWXFKH )ORUHQFH ,QFOX\H FROODU \ DUHWHV (Q EDxR SODWHDGR FRQ FULVWDOHV \ SHUOD /DUJR UHJXODEOH GHO FROODU D FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ

GH GHVFXHQWR 6H DWHQGHUi KDVWD DJRWDU VWRFN

(VWXFKH )DVFLQR ,QFOX\H FROODU \ DUHWHV (Q EDxR GRUDGR FRQ FULVWDOHV GH FRORU D]XO \ IXFVLD /DUJR UHJXODEOH GHO FROODU D FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ


(Q EDxR SODWHDGR FRQ HVPDOWH FUHPD SHUODGR

'( '(6&8(172 (1 &2//$5 < $5(7(6 /$5*26 )/25(1&,$

(O GLMH HV UHYHUVLOEOH SRU XQ ODGR HVPDOWH \ SRU HO RWUR ´ QD WH[WXUD GH DOWD MR\HUtD

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

/,%5( '( 3/202

&2/(&&,Ä1 )/25(1&,$ &ROODU $UHWHV ODUJRV /DUJR UHJXODEOH D FP 0HGLGDV [ FP

$UHWHV 0HGLGDV [ FP

3XOVHUD /DUJR UHJXODEOH D FP

&yG

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH +DQQD SiJ


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

'( '(6&8(172 (1 &2//$5 %27$1<

(Q EDxR SODWHDGR FRQ SHUODV FUHPD \ µ RUHV PRUDGDV

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

9DORUL]DGR HQ

9DORUL]DGR HQ

$UHWHV &yG

9DORUL]DGR HQ

3XOVHUD /DUJR UHJXODEOH D FP &yG

GH GHVFXHQWR

GH GHVFXHQWR


(VWXFKH 9DQJXDUG ,QFOX\H SDUHV GH DUHWHV +DVWD IRUPDV GH XVR &yG

9DORUL]DGR HQ

(Q EDxR GH SODWD FRQ SHUODV FULVWDOHV D]XOHV \ SLHGUDV URVDGDV

GH GHVFXHQWR

(VWXFKH ,PDULV 9LHQHQ SDUHV GH DUHWHV &yG

9DORUL]DGR HQ

&RQ EDxR GH SODWD \ RUR SLHGUDV HVPDOWHV \ FULVWDOHV

GH GHVFXHQWR +DVWD DJRWDU VWRFN 3$5$ (//$

3$5$ e/

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

352%$'25 '( $1,//26 &RORFD XQ DQLOOR TXH XVHV VREUH HO SUREDGRU (O FtUFXOR TXH ORJUHV YHU GHQWUR GH WX DQLOOR LQGLFD WX WDOOD

SURPRFLyQ (VWXFKH +DQQD SiJ

/,%5( '( 3/202


-QEANK AOP= U AOP= U

{PK@=OÎ

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

$ANIKO=O LQHOAN=O L=N= PK@K PELK @A K?=OEäJ

18(9$6

38/6(5$6 3XOVHUD $OHMDQGUtD (Q EDxR SODWHDGR FRQ SLHGUDV GH FRORUHV HQ IRUPD RYDODGD /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

3XOVHUD /LEHULP (Q EDxR SODWHDGR FRQ GLMHV HQ IRUPD GH IORU FRQ HVPDOWH FRORU QHJUR \ FRORU KXHVR /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

3XOVHUD 'HLUD] )LODV GH SHUODV FRQ GLMH HQ IRUPD GH IORU OOHYD PiV GH FULVWDOHV \ SHUODV (OiVWLFD &yG

9DORUL]DGR HQ

3XOVHUD 'XFK\ 3ODWHDGD FRQ FDODGRV WLSR ILOLJUDQD 7LHQH SDUWHV OLVDV \ FRQ WH[WXUD GH DOWD ELMRXWHULH (OiVWLFD &yG

9DORUL]DGR HQ

0RGHOR OOHYD HVPDOWH GH XxDV WRQR FRFRD JRORVD


3LQ 6DQWXRV (Q EDxR GH RUR FRQ SHUODV 7LHQH OD LPDJHQ GH OD 9LUJHQ GHO &DUPHQ \ XQD FUX] 'H FP GH ODUJR DOWR UHOLHYH 0HGLGDV GH OD FUX] [ PP &yG

9DORUL]DGR HQ

&ROODU 9LUJHQ 0tD (Q EDxR SODWHDGR FRQ SHUODV \ GLMH GH OD 9LUJHQ 0DUtD /DUJR UHJXODEOH D FP 'LMH [ PP &yG

9DORUL]DGR HQ

3XOVHUD %HQGLFLRQHV 'HQDULR HQ IRUPD GH SXOVHUD FRQ SHUODV URVDGDV \ GLMH GH OD 9LUJHQ 0DUtD HQ EDxR GH RUR (OiVWLFD &yG

9DORUL]DGR HQ

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

/,%5( '( 3/202

SURPRFLyQ (VWXFKH +DQQD SiJ

EREJ= ?KIL=ãß= (EJ@KO =??AOKNEKO NAHECEKOKO L=N= OAJPENPA OEAILNA =?KIL=ã=@=


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

'( '(6&8(172 (1 72'26 (6726 $&&(625,26

(VWXFKH *HQHULV SDUD PDPi H KLMD (Q EDxRV GRUDGRV FRQ GLVHxRV GH WXOLSDQHV \ FULVWDOHV ,QFOX\H GRV FROODUHV SDUD WL \ HOOD /DUJR PDPi D FP /DUJR KLMD FP &yG

9DORUL]DGR HQ

+DVWD DJRWDU VWRFN


&2/(&&,Ä1 '-$1,5$

&ROODU (Q EDxR SODWHDGR FRQ SLHGUDV \ SHUODV JULVHV /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

3XOVHUD /DUJR UHJXODEOH D FP &yG

9DORUL]DGR HQ

$UHWHV ODUJRV 0HGLGDV [ FP &yG

9DORUL]DGR HQ

'( '(6&8(172 (1 (678&+( '$5$<$ < &2/(&&,Ä1 '-$1,5$

(VWXFKH 'DUD\D (Q EDxR GH RUR \ SODWD FRQ SHUOD \ FULVWDOHV 7DOOD &yG 7DOOD &yG 7DOOD &yG 7DOOD &yG 9HU SUREDGRU HQ OD SiJ

9DORUL]DGR HQ

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

/,%5( '( 3/202

SURPRFLyQ (VWXFKH +DQQD SiJ


35202&,Ä1 (VWXFKH +DQQD D VROR

&yG

3RU OD FRPSUD GH XQ SURGXFWR GH DFFHVRULRV R PDTXLOODMH GH ODV SiJ y

18(92 6L GHVHDV FRPSUDU VROR HO (VWXFKH +DQQD VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

(VWXFKH +DQQD &RQ EDxR GH RUR \ SODWD /OHYD SHUODV FULVWDOHV SLHGUDV \ GHWDOOHV HQ SDYp ,QFOX\H SDUHV GH DUHWHV 9DORUL]DGR HQ

0RGHOR XWLOL]D VRPEUDV FODVVLF JROGHQ \ ODELDO GHVWHOORV QDWXUDO GXQH


'( '(6&8(172 (1 *$)$6 /,//< < 67$55,1* 3$5$ '$0$

*DIDV /LOO\ SDUD GDPD 0DUFR \ OHQWHV FRORU PRUDGR FRQ DFFHVRULR GH PHWDO D ORV ODGRV &yG

9DORUL]DGR HQ

*DIDV 6WDUULQJ SDUD GDPD (Q FRORU QHJUR FRQ FULVWDOHV \ GHWDOOHV GH PHWDO /HQWHV FRORU KXPR HQ GHJUDGp &yG

9DORUL]DGR HQ

3527(&&,Ä1 &2175$ /26 5$<26

89

7RGDV QXHVWUDV JDIDV YLHQHQ FRQ HVWXFKH

SURPRFLyQ (VWXFKH +DQQD SiJ


$&&(625,26 (67,/2 0RGHOR XWLOL]D HVPDOWH GH XxDV WRQR /LOD IDVFLQDFLyQ DUHWHV ODUJRV 1DLV SXOVHUDV /XPLHUH JDIDV 6WDUULQJ \ UHORM 6SDUNV

18(92 5HORM 6SDUNV SDUD GDPD 'LDO FRORU RUR URVDGR FRQ HIHFWR WRUQDVRO \ OOXYLD GH JOLWWHU &yG

9DORUL]DGR HQ

GH GHVFXHQWR

7RGRV QXHVWURV UHORMHV FXHQWDQ FRQ JDUDQWtD GH PHVHV \ YLHQHQ HQ HVWXFKH


0N=P=IEAJPKO EJPAJOERKO L=N= NAPNK?A@AN =ãKO AJ PQ LEAH (Q?A OEAILNA FKRAJ @bJ@KHA JQAR= RE@= = PQ NKOPNK

&RUULJH ODV DUUXJDV \ EULQGD XQ HIHFWR GH UHOOHQR

$ 0,7$'

'( 35(&,2 5HD´ UPD OD SLHO GH WX URVWUR

'LVPLQX\H OD DSDULHQFLD GH PDQFKDV \ DFODUD WX SLHO

*5$7,6 9HKHPHQFH 0LQL SDUD HOOD GH PO µ R] SRU OD FRPSUD GH XQ SURGXFWR GH OD SiJLQD

5(1$&(5 ,17(16,92 /LQHV 2XW 7UDWDPLHQWR IDFLDO FRUUHFWRU GH DUUXJDV HQ FUHPD JHO PO IO R]

)LUP $FWLRQ &UHPD IDFLDO UHDILUPDQWH J R]

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG

%ODQF 5DGLDQFH 7UDWDPLHQWR DFODUDGRU IDFLDO HQ FUHPD )36 J R] &yG

9DORUL]DGR HQ


&$%(//2 3,(/ .KOPNK OEAILNA FKRAJ 0AJAN QJ ?QPEO DANIKOK AO IbO OAJ?EHHK @A HK MQA IQ?D=O ?NAAIKO /KHK D=U MQA AHACEN QJ= ?NAI= AOLA?ßBE?= L=N= PQ PELK @A LEAH U I=JPAJAN QJ= NQPEJ= >bOE?= @A HEILEAV= A DE@N=P=?EäJ @E=NE= L=N= MQA JKPAO H= @EBANAJ?E= AJ PQ NKPNK


)bO ?=L=?E@=@ )bO >AHHAV= L=N= PQ NKOPNK

/AEO >AJABE?EKO AJ ?=@= ?NAI= L=N= MQA PQ NKOPNK HQV?= OEAILNA FKRAJ U DANIKOK

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

9DORUL]DGR HQ

J

%HQH´ FLRV GH WX FUHPD GH EHOOH]D

(EILE= $QIA?P= 0KJEBE?= .ABNAO?= /Q=REV= ,NKPACA


%HQH´ FLRV GH WX FUHPD GH MXYHQWXG

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

PAJé= H= =L=NEAJ?E= @A =NNQC=O ?H=N= AH PKJK @A H= LEAH .A=BENI= *QPNA /Q=REV= ,NKPACA

75,3/( $&&,Ä1 0$;

J

&UHPD IDFLDO GH MXYHQWXG QXWULWLYD J R] &yG

9DORUL]DGR HQ


&UHPD SDUD HO FRQWRUQR GH RMRV $ 62/2

0QO =HE=@KO L=N= I=JPAJAN PQ >AHHAV= AJ ?=L=?E@=@AO IbO LNb?PE?=O 0NELHA ??EäJ )=T PK@K HK MQA JA?AOEP= PQ ?QPEO L=N= HQ?EN NA=HIAJPA DANIKOK

9DORUL]DGR HQ

&yG 3RU OD FRPSUD GH FXDOTXLHU 7ULSOH $FFLyQ 0D[ GH J

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

/LPSLD KXPHFWD WRQL´ FD UHIUHVFD VXDYL]D \ SURWHJH

J

'LVPLQX\H OD DSDULHQFLD GH DUUXJDV RMHUDV \ EROVDV $´ UPD HO FRQWRUQR GH ORV RMRV SURWHJH GHO PHGLR DPELHQWH \ VXDYL]D OD SLHO

$WHQ~D OD DSDULHQFLD GH DUUXJDV DFODUD HO WRQR GH OD SLHO UHD´ UPD QXWUH VXDYL]D \ SURWHJH

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

9DORUL]DGR HQ 6L GHVHDV FRPSUDU VROR OD FUHPD SDUD HO FRQWRUQR GH RMRV VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR

&UHPD GH EHOOH]D OLPSLDGRUD J R] &yG 9DORUL]DGR HQ

&UHPD GH MXYHQWXG QXWULWLYD J R] &yG 9DORUL]DGR HQ


$QIA?P= PQ ?QPEO U AH ?KJPKNJK @A PQO KFKO L=N= MQA HQV?=O DANIKO=

1$785$/ &$5( *HO UHIUHVFDQWH SDUD HO FRQWRUQR GH RMRV J R] 9DORUL]DGR HQ

&$%(//2 3,(/

,ALEJK !H IAFKN DE@N=P=JPA J=PQN=H L=N= PQ LEAH

&UHPD KLGUDWDQWH IDFLDO J R] 9DORUL]DGR HQ

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

$QWHV

'HVSXpV

2MRV +LGUDWD WXV SiUSDGRV ORV UHIUHVFD \ D\XGD D HYLWDU OD DSDULHQFLD GH EROVDV RMHUDV \ OtQHDV GH H[SUHVLyQ

/26

$

9DORUL]DGR HQ

&yG

$+255$

*5$7,6

(VPDOWH SURIHVLRQDO HQ SDUD XxDV GH PO µ R] WRQR DFHUR FKLF SRU OD FRPSUD GH OD FUHPD IDFLDO \ HO JHO UHIUHVFDQWH SDUD RMRV

+25$6 GH KLGUDWDFLyQ

5RVWUR +LGUDWD WX SLHO \ D\XGD D SURWHJHUOD GH OD DSDULFLyQ GH ORV VLJQRV GH OD HGDG FRQ SHSLQR \ FHUDPLGDV

6L GHVHDV FRPSUDU VROR (O JHO UHIUHVFDQWH SDUD FRQWRUQR GH RMRV VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR /D FUHPD KLGUDWDQWH IDFLDO VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR


=HA IbO HQV = PQ NKOPNK ?KJ NKO= IKOMQAP= U ?KJ?D= @A Jb?=N ?H=N= AH PKJK @A PQ LEAH U H= @AF= OQ=RA

N=

OAI=J=

@=

OAI=J=

N= P= OAI=J= OAI=J=

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

9DORUL]DGR HQ

'( '(6&8(172

)$&725 '( 3527(&&,Ä1 62/$5

)36

0A R= = CQOP=N LKNMQA ?H=N= H= LEAH @A PQ NKOPNK )AFKN= AH PKJK AJ OAI=J=O KJ NKO= IKOMQAP= U ?KJ?D= @A Jb?=N

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


&$%(//2 3,(/

APNbO @A AOP= IbO?=N= @AO?Q>NENbO QJ NKOPNK NA=HIAJPA DANIKOK $E@N=P= PQ ?QPEO U HQ?ENb HHAJK @A RE@=

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

1$785$/ &$5( 0DVFDULOOD IDFLDO KLGUDWDFLyQ LQPHGLDWD J R] &yG

[

&2035$ < //(9$

0A R= = CQOP=N LKNMQA $E@N=P= PQ NKOPNK 0EAJA ABA?PK EJIA@E=PK

KJ >=NNK KNCbJE?K U =HKA


AOI=MQEHH=@KN AH LNEIAN L=OK L=N= QJ= LEAH DANIKO=

AF= NAOLEN=N = PQ LEAH L=N= I=JPAJANH= OEAILNA O=J=


'HVPDTXLOOD ODV ]RQDV GHOLFDGDV GHO URVWUR RMRV \ ODELRV

&$%(//2 3,(/

'( '(6&8(172

%LIiVLFR 3DUD UHPRYHU KDVWD HO PDTXLOODMH PiV GLItFLO

'HVPDTXLOOD OD SLHO VHQVLEOH

$JLWDU DQWHV GH XVDU SDUD XQ UHVXOWDGR SHUIHFWR

&8½/ (6 78 '(60$48,//$'25" 'HOLFLRVD \ VHQVRULDO

'HOLFDGR JHO

%LIiVLFR \ HIHFWLYR

5HVWDEOHFH OD SXUH]D VXDYLGDG \ IUHVFXUD GH WX URVWUR VLQ LUULWDU OD SLHO 6H SXHGH XVDU HQ WRGR WLSR GH FXWLV LQFOXVR HO PiV VHQVLEOH

'HVPDTXtLOOD WX URVWUR VLQ PDOWUDWDU OD EHOOH]D GH WX SLHO FXLGDQGR \ SURWHJLHQGR OD GHOLFDGD ]RQD GH ORV ODELRV \ HO FRQWRUQR GH RMRV

6X IDVH ROHRVD UHWLUD KDVWD HO PDTXLOODMH D SUXHED GH DJXD \ GH ODUJD GXUDFLyQ VX IDVH DFXRVD HOLPLQD ODV LPSXUH]DV GH WX SLHO

/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


/,752


/E AHECAO QJ= ?NAI= AHECA QJ= MQA HK D=C= PK@K

2)(57$ )$0,/,$

0NELHA ??EäJ )=T ?KJ OQO >AJABE?EKO PA OEILHEBE?= AH ?QE@=@K @A H= LEAH

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

9DORUL]DGR HQ

%(1(),&,26 3$5$ (/ &8(532

$QIA?P= *QPNA .AREP=HEV= /Q=REV= ARQAHRA H= BENIAV= UQ@= = LNKPACAN @AH IA@EK =I>EAJPA


EOBNQP= @A HK IbO J=PQN=H AJ PQ ?QANLK *=PQN=H =NA DQIA?P= PK@= PQ LEAH U H= LANBQI= ?KJ HKO IbO NE?KO =NKI=O @A H= J=PQN=HAV=

'( '(6&8(172

1$785$/ &$5( /RFLyQ KXPHFWDQWH FRUSRUDO OLWUR IO R] 9DLQLOOD -D]PtQ &yG )ORU GH 1DUDQMR /LWFKL &yG 'XUD]QR $oDt &yG 9DORUL]DGRV HQ F X F X

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

/,752


/,752

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

&$%(//2 3,(/

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

/,752

)527$ $48À < 6,(17( (/ $520$ '85$=12 $d$À (1 78 3,(/


.A?QLAN= H= OQ=RE@=@ AJ PQ ?QANLK 2QAHRA = OAJPENH= ATMQEOEP=IAJPA =?=NE?E=>HA ?KJ =RAJ= CANIAJ @A PNECK U IEAH

$YHQD FRQ QXWULHQWHV HVHQFLDOHV SDUD OD SLHO

*HUPHQ GH WULJR QXWUH \ UHYLWDOL]D OD SLHO

/,752

0LHO DSRUWD KLGUDWDFLyQ GH PDQHUD QDWXUDO

08/7,&5(0 1XWULHQWV /RFLyQ FRUSRUDO QXWULWLYD OLWUR IO R] &yG

9DORUL]DGR HQ

3DUD SLHO H[WUD VHFD +LGUDWD UHYLWDOL]D SURWHJH \ VXDYL]D


!H @AHE?EKOK =NKI= ?ßPNE?K @A "NAODEJC PA =?KIL=ã= PK@K AH @ß=

&$%(//2 3,(/

/QIÛNCAPA AJ H= IbO NE?= BNAO?QN= /,752

'( '(6&8(172

)5(6+,1* )UXWDO 5HIUHVFDQWH DURPD D OLPRQHV

&RORQLD FtWULFD OLWUR IO R] &yG

9DORUL]DGR HQ


/E PA CQOP=J HKO >NEHHKO

!OP=NbO IQU BAHEV @A HHAR=N AH =?=>=@K @KN=@K K LANH=@K AJ PQ LEAH

PK@KO JKO CQOP= @EOBNQP=N @AH OKH ?KJ H= IAFKN LNKPA??EäJ ,ANBA?P /QJ ?QE@= JQAOPN= LEAH @AH @=ãK MQA K?=OEKJ=J HKO N=UKO OKH=NAO

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

3URWHFWRU VRODU HQ VSUD\ TXH GLVPLQX\H ORV GDxRV RFDVLRQDGRV SRU HO VRO HQ OD SLHO (V GH IiFLO DSOLFDFLyQ

+XPHFWD VXDYL]D H LOXPLQD WX SLHO FRQ GHVWHOORV SHUODGRV

6('$ 252

(1&$172 '( 3(5/$6

3(5)(&7 681

/RFLyQ OXPLQRVD PO IO R]

/RFLyQ OXPLQRVD PO IO R]

3URWHFWRU VRODU FRUSRUDO HQ VSUD\ )36 PO IO R]

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ


&$%(//2 3,(/

35202&,Ä1

7ULSOH $FFLyQ 0D[ /RFLyQ SDUD HO FXHUSR PO

$ 62/2

9DORUL]DGR HQ &yG

3RU OD FRPSUD GH XQ EORTXHDGRU GH HVWD SiJLQD

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

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

3URWHFWRU VRODU URVWUR \ FXHUSR )36 3$ J R] &yG

9DORUL]DGR HQ

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

3URWHFWRU VRODU SDUD QLxRV URVWUR \ FXHUSR )36 3$ J R] &yG

9DORUL]DGR HQ


/EAJPA H= LNKPA??EäJ 5 P=I>EÛJ ?äIK PQ =NKI= LNABANE@K OA D=?A IbO EJPAJOK

3DUD HOOD

18(92

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG


3DUD pO

&yG

&yG

&yG

&yG

&yG

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

&yG

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

&yG

&yG

&yG

&yG

F X 8QLVH[

&yG

&yG

&yG

&yG

&yG

&yG

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


8QLVH[

AOK@KN=JPAO =JPEPN=JOLEN=JPAO AJ OLN=U U NKHH KJ @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=

727$/ 6(& 'HVRGRUDQWH VSUD\ PO IO R] 8QLVH[ &yG 0XMHU &yG 9DORUL]DGR HQ F X F X

&RQ IUDJDQFLD QHXWUD

3DUD HOOD

&RQ GHOLFDGR DURPD µ RUDO


&$%(//2 3,(/

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

$ 0,7$'

'( 35(&,2 8QLVH[ &RQ IUDJDQFLD QHXWUD

3DUD pO &RQ UHIUHVFDQWH IUDJDQFLD PDVFXOLQD

3DUD HOOD &RQ GHOLFDGR DURPD µ RUDO

8QLVH[

3DUD pO

3DUD HOOD

727$/ 6(& 8QLVH[ 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ VLQ DOFRKRO PO IO R]

+RPEUH 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ VLQ DOFRKRO PO IO R]

0XMHU 'HVRGRUDQWH DQWLWUDQVSLUDQWH UROO RQ VLQ DOFRKRO PO IO R]

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ


(= IEOI= BNAO?QN= @A OEAILNA ?KJ PQ =NKI= B=RKNEPK !J QJ= JQAR= LNAOAJP=?EäJ

3DUD HOOD

/RV FOLHQWHV SRGUtDQ UHFLELU 7DOFRV SHUIXPDGRV FRQ OD DQWHULRU SUHVHQWDFLyQ SHUR OD PLVPD FDOLGDG GH SURGXFWR

&yG

3DUD pO

&yG


&$%(//2 3,(/

18(9$

3DUD HOOD

35(6(17$&,Ä1

0DQWLHQHQ WX SLHO IUHVFD \ OD SHUIXPDQ

7DOFRV SHUIXPDGRV J R] 9DORUL]DGRV HQ F X F X

&yG

&yG

&yG

&yG

3DUD pO

&yG

&yG

&yG

&yG

&yG

&yG


/¤ K /¤ LHß?=PA AH P=H?K AJ HKO LEAO @AOLQÛO @AH >=ãK $=VHKO ?KJ OQ=RAO I=O=FAO D=OP= MQA AH ?KHKN >H=J?K @AO=L=NAV?=

(= I=N=REHHKO= BNAO?QN= MQA PK@KO MQEANAJ OAJPEN AJ HKO LEAO *K @AFAO @A QO=N P=H?K @A LEAO PK@KO HKO @ß=O L=N= I=JPAJANHKO O=JKO


&$%(//2 3,(/

'( '(6&8(172

7DOFR SDUD SLHV J R] &yG

9DORUL]DGR HQ

J 3URWHJH GH OD WUDQVSLUDFLyQ \ GHO PDO RORU SRU KRUDV


3URWHJH GH OD WUDQVSLUDFLyQ \ GHO PDO RORU SRU KRUDV

6XDYL]D \ UHIUHVFD &RQ H[WUDFWR GH RUTXtGHD ODYDQGD \ PHQWRO (OLPLQD FDOORV \ DVSHUH]DV &RQ H[WUDFWR GH DYHQD iFLGR VDOLFtOLFR \ PHQWRO

/À1($ 3$5$ 3,(6 &UHPD SDUD SLHV FRQ DVSHUH]DV \ FDOORVLGDGHV J R] &yG

9DORUL]DGR HQ

&UHPD KXPHFWDQWH J R] &yG

9DORUL]DGR HQ

7DOFR SDUD SLHV J R] &yG

9DORUL]DGR HQ


KI>EJ= @KO LNK@Q?PKO @A IQU Bb?EH =LHE?=?EäJ

&$%(//2 3,(/

/EAJPA HKO LEAO @KO RA?AO IbO NAJKR=@KO

/26

$

9DORUL]DGR HQ

&yG

720$ 127$ 4XLHUHV VHQWLU ORV SLHV FRPR QXHYRV"

$+255$

3DVR 6XPHUJH WXV SLHV HQ DJXD WLELD SRU PLQXWRV /XHJR VpFDORV 3DVR $SOLFD OD FUHPD H[IROLDQWH \ PDVDMHD WXV SLHV FRQ PRYLPLHQWRV FLUFXODUHV /XHJR HQMXDJD \ VHFD 3DVR $SOtFDWH HO WDOFR FRQ VXDYHV PDVDMHV KDVWD TXH QR TXHGH QLQJXQD KXHOOD EODQFD VREUH WX SLHO

3URWHJH GH OD WUDQVSLUDFLyQ \ GHO PDO RORU SRU KRUDV

(OLPLQD LPSXUH]DV \ FpOXODV PXHUWDV &RQ FiVFDUD GH QXH] SLHGUD SyPH] \ PHQWRO

6L GHVHDV FRPSUDU VROR HO 7DOFR SDUD SLHV J StGHOR FRQ HO &yG 9DORUL]DGR HQ 3UHFLR 6L GHVHDV FRPSUDU VROR OD &UHPD H[IROLDQWH SDUD SLHV StGHOD FRQ HO &yG 9DORUL]DGR HQ 3UHFLR


5K =IK H= J=PQN=HAV= U AHH= IE ?=>AHHKÎ /A?NAPKO J=PQN=HAO MQA @AF=J PQ ?=>AHHK DANIKOK @A I=JAN= J=PQN=H

/26

$

/26

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG

&yG

$+255$

$+255$

/,752

PO

/,752

PO

&DEHOOR 6HFR 6XDYL]D \ DFRQGLFLRQD FRQ DFHLWH GH FRFR KXPHFWD \ GHMD GyFLO HO FDEHOOR FRQ DJXDFDWH

&DEHOOR 1RUPDO )RUWDOHFH OD ´ EUD FDSLODU FRQ DYHQD \ OH GD VXDYLGDG \ YLGD FRQ PLHO

6L GHVHDV FRPSUDU VROR (O VKDPSRR SDUD FDEHOOR QRUPDO StGHOR FRQ HO &yG 3UHFLR (O DFRQGLFLRQDGRU SDUD FDEHOOR QRUPDO StGHOR FRQ HO &yG 3UHFLR

$

6L GHVHDV FRPSUDU VROR (O VKDPSRR SDUD FDEHOOR VHFR StGHOR FRQ HO &yG 3UHFLR (O DFRQGLFLRQDGRU SDUD FDEHOOR VHFR StGHOR FRQ HO &yG 3UHFLR


&$%(//2 3,(/

/26

$

9DORUL]DGR HQ

&yG

$+255$

/,752

PO

&DEHOOR *UDVR &RQWUROD HO QLYHO GH JUDVD FRQ OLPyQ \ UHIUHVFD FRQ ViELOD

$/9,(172 &DEHOOR 1RUPDO 6KDPSRR OLWUR IO R] 9DORUL]DGR HQ $FRQGLFLRQDGRU PO IO R] 9DORUL]DGR HQ &DEHOOR 6HFR 6KDPSRR OLWUR IO R] 9DORUL]DGR HQ $FRQGLFLRQDGRU PO IO R] 9DORUL]DGR HQ

6L GHVHDV FRPSUDU VROR (O VKDPSRR SDUD FDEHOOR JUDVR StGHOR FRQ HO &yG 3UHFLR (O DFRQGLFLRQDGRU SDUD FDEHOOR JUDVR StGHOR FRQ HO &yG 3UHFLR

&DEHOOR *UDVR 6KDPSRR OLWUR IO R] 9DORUL]DGR HQ $FRQGLFLRQDGRU PO IO R] 9DORUL]DGR HQ


z-QEÛJ ?QE@= IE ?=>AHHK (= J=PQN=HAV=Î

%JCNA@EAJPAO J=PQN=HAO L=N= @AF=N PQ ?=>AHHK OQ=RA U DANIKOK &DEHOOR 6HFR 6XDYL]D \ DFRQGLFLRQD FRQ DFHLWH GH FRFR KXPHFWD \ GHMD GyFLO HO FDEHOOR FRQ DJXDFDWH

$/9,(172 6KDPSRR PO IO R] &DEHOOR 6HFR &yG &DEHOOR *UDVR &yG WRGR WLSR GH FDEHOOR &yG 9DORUL]DGRV HQ F X F X

&DEHOOR *UDVR &RQWUROD HO QLYHO GH JUDVD FRQ OLPyQ \ UHIUHVFD FRQ ViELOD

HQ 7RGR WLSR GH FDEHOOR $XPHQWD HO EULOOR FRQ DOPHQGUDV \ IRUWDOHFH OD ´ EUD FDSLODU FRQ JHUPHQ GH WULJR


&$%(//2 3,(/

35202&,Ä1 &UHPD SDUD SHLQDU

D VROR 9DORUL]DGR HQ &yG 3RU OD FRPSUD GHO 6KDPSRR $OYLHQWR HQ GH OLWUR

/,752

HQ 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R] &yG

HQ 7RGR WLSR GH FDEHOOR $XPHQWD HO EULOOR FRQ DOPHQGUDV \ IRUWDOHFH OD ´ EUD FDSLODU FRQ JHUPHQ GH WULJR

7RGR WLSR GH FDEHOOR +LGUDWD SURIXQGDPHQWH \ VXDYL]D FRQ DORH YHUD DXPHQWD HO EULOOR FRQ NDULWp \ IDFLOLWD HO SHLQDGR FRQ QXH] GH PDFDGDPLD

&UHPD SDUD SHLQDU J R] 9DORUL]DGR HQ

9DORUL]DGR HQ


,NALbN=PA L=N= PAJAN QJ ?=>AHHK O=JK U QJ HKKG AOLA?P=?QH=N /KHK (KKG Ó =NA PA >NEJ@= QJ =?=>=@K ?KIK @A O=HäJ @A >AHHAV=

/26

.EVKO RA?AO IbO @A˜ JE@KO

$

9DORUL]DGR HQ

&yG

$+255$

/22. &$5( 5L]R ([WUHPR 6KDPSRR HVSHFLDOL]DGR PO IO R] 9DORUL]DGR HQ $FRQGLFLRQDGRU HVSHFLDOL]DGR PO IO R] 9DORUL]DGR HQ &UHPD SDUD SHLQDU PO IO R] 9DORUL]DGR HQ

'H´ QH WXV UL]RV \ SHUPLWH XQ SHLQDGR PiV SURIHVLRQDO

#N=PEO NAI= L=N= LAEJ=N @A

IH ™ KV LKN H= ?KILN= @AH OD=ILKK =?KJ@E?EKJ=@KN

6L GHVHDV FRPSUDU VROR HO VKDPSRR UL]R H[WUHPR VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR 6L GHVHDV FRPSUDU VROR HO DFRQGLFLRQDGRU UL]R H[WUHPR VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR 5HVXOWDGRV REWHQLGRV HQ ODERUDWRULR VREUH FDEHOOR QDWXUDO DSOLFDQGR OD UXWLQD FRPSOHWD /RRN &DUH 9V VKDPSRR VLQ DJHQWHV DFRQGLFLRQDGRUHV


&$%(//2 3,(/

RA?AO IbO HEOK

/26

$

9DORUL]DGR HQ

&yG

$+255$

/LVR $EVROXWR 6KDPSRR HVSHFLDOL]DGR PO IO R] 9DORUL]DGR HQ $FRQGLFLRQDGRU HVSHFLDOL]DGR PO IO R] 9DORUL]DGR HQ &UHPD SDUD SHLQDU PO IO R] 9DORUL]DGR HQ

#N=PEO NAI= L=N= LAEJ=N @A

IH ™ KV LKN H= ?KILN= @AH OD=ILKK =?KJ@E?EKJ=@KN

$OLQHD FDGD KHEUD GH WX FDEHOOR /RJUDUiV XQ ODFHDGR GH VDOyQ

6L GHVHDV FRPSUDU VROR HO VKDPSRR OLVR DEVROXWR VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR 6L GHVHDV FRPSUDU VROR DFRQGLFLRQDGRU OLVR DEVROXWR VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR


(= I=JAN= IbO NbLE@= @A PAJAN QJ ?=>AHHK HEILEK U OQ=RA 2EP=H Q=?PEKJ AJ HEILE= U =?KJ@E?EKJ=@= PQ ?=>AHHK AJ QJ OKHK L=OK

/¤ K /¤ ,=N= MQA PQ ?=>AHHK MQA@A OQ=RA U ?KJ >NEHHK @AF= =?PQ=N AH OD=ILKK LKN QJKO IEJQPKO U AJFQbC=HK ?KJ =CQ= BNß=


35202&,Ä1 9LWDO 'XDFWLRQ HQ D VROR

/,752

&yG

9,7$/ /LPSLD \ DFRQGLFLRQD D OD YH]

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN

'XDFWLRQ HQ 6KDPSRR DFRQGLFLRQDGRU OLWUR IO R] 9DORUL]DGR HQ


,AHQMQANß= L=N= LNEJ?AO=O EREÛNP=JOA LNK>=J@K HKO LAEJ=@KO IbO HEJ@KO ?KJ H= HßJA= )EJE DE?OÎ ,KNMQA PEAJA PK@K HK MQA PQ LAMQAã= JA?AOEP= L=N= MQA@=N P=J HEJ@= U >NEHH=JPA ?KIK QJ= LNEJ?AOEP=

(EILEK U IQU HEJ@K Oß MQA@=Nb OQ ?=>AHHK HEOPK L=N= AILAV=N = D=?ANHA HKO LAEJ=@KO IbO B=ODEKJ )II =NKI= @A I=JV=JEHH= K @A PQPPE BNQPPE

@AF= MQA AHH= @A?E@=Î

(HAJ= OQ ?=>AHHK @A I=CE= KJ AH AOAJNA@=JPA )bCE?K 0EJ= =J?A MQA OQ=REV= OQ ?=>AHHK U HK @AF= OéLAN @ä?EH U Bb?EH @A LAEJ=N *K D=U JQ@K MQA OA HA NAOEOP=Î

,AEJ=@K ?KJ ?DEOLEP=OÎ $=V MQA OQ LAEJ=@K @QNA IQ?DK IbO ?KJ AH #AH ?KJ ?DEOLEP=O L=N= AH ?=>AHHK 0EJ= U (EO= 5 JK OKHK AOK AH CAH P=I>EÛJ HA @AF= AOPNAHHEP=O MQA H= D=NbJ >NEHH=N IbO MQA OEAILNA

SURPRFLyQ 5HORM 0LQL :DWFK SiJ


1,f26 %(%e6

)EJE DE?O PEAJA @A PK@K L=N= D=?ANHA = PQ LAMQAã= HKO LAEJ=@KO IbO B=ODEKJ

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

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

&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

'( '(6&8(172

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

/LVD &RRO 6KDPSRR HQ PO IO R]

7LQD \ /LVD 7LQD 'DQFH *HO FRQ FKLVSLWDV SDUD HO 'HVHQUHGDQWH PiJLFR FDEHOOR PO IO R] PO IO R]

&yG

&yG

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ

9DORUL]DGR HQ


!OPNAHHEP=O L=N= PQ LAMQAã= KJ )EJE DE?O OQ LEAH MQA@= OQ=RA?EP= LANBQI=@= U ?KJ HEJ@KO >NEHHEPKO

'( '(6&8(172

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

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

0,1, &+,&6 &DQG\ 6ZHHW /RFLyQ SDUD HO FXHUSR FRQ FKLVSLWDV PO IO R] &yG

9DORUL]DGR HQ

5XEL 'LYLQH &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG

9DORUL]DGR HQ

.HOO\ 7HFK &RORQLD FRQ FKLVSHDQWHV HVWUHOODV PO IO R] &yG

9DORUL]DGR HQ

SURPRFLyQ 5HORM 0LQL :DWFK SiJ

0RGHUQR DURPD µ RUDO IUXWDO VROR SDUD FKLFDV FRRO


35202&,Ä1 5HORM 0LQL :DWFK D VROR

&yG

SRU OD FRPSUD GH XQ SURGXFWR GH OD SiJ D OD

5 L=N= MQA HHARA H= DKN= ?KJ AOPEHK 5HORM 0LQL :DWFK 5HORM SDUD QLxDV FRQ OD LPDJHQ GH ODV 0LQL &KLFV HQ HO GLDO 9DORUL]DGR HQ

&RUUHD \ PDQHFLOODV GH FRORU PRUDGR

%RUGH URVDGR

1J NAHKF ?KJ OQO LANOKJ=FAO B=RKNEPKO

3HUR TXp IDVKLRQ !O QJ HEJ@K NAHKF ?KHKN NKO=@K MQA REAJA ?KJ QJ= =HQ?EJ=JPA ?KNNA= MQA OA =>NK?D= OKH= =H AJPN=N AJ ?KJP=?PK ?KJ PQ >N=VK

6L GHVHDV FRPSUDU VROR HO UHORM 0LQL :DWFK VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR FRQ HO &yG 3UHFLR

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


0QO JEãKO @K>HAIAJPA HEILEKO U BNAO?KO ?KJ $=LLU HQ>

[

0DQWLHQH VX FDEHOOR OLVLWR \ VHGRVR

&XDOTXLHU FRPELQDFLyQ HV SRVLEOH HQWUH SURGXFWRV +DSS\ &OXE

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

'HVHQUHGD DO Pi[LPR VX FDEHOOR RQGXODGR \ OR GHMD KHUPRVR

&yG

+LSRSRYD &RORQLD SDUD QLxDV PO IO R] 6X ULFR DURPD D QDUDQMD OD YD D GHMDU ROLHQGR GHOLFLRVR

&yG

1XU\ *OXE\ 6KDPSRR FDEHOOR RQGXODGR HQ PO IO R] &yG

'HOIL 6SODVK 6KDPSRR FDEHOOR OLVR HQ PO IO R] &yG

9DORUL]DGRV HQ

F X

SURPRFLyQ 5HORM 0LQL :DWFK SiJ

6X DURPD D OLPyQ OR KDUi VHQWLUVH PX\ IUHVFR WUDV HO EDxR


(KO IAFKNAO LNK@Q?PKO L=N= AH >A>Û IbO PEANJK

&$%(//2 3,(/

'( '(6&8(172

GH D PHVHV

/,752

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

/,752

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

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

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

$*Ç 6KDPSRR FRQ PDQ]DQLOOD \ DFHLWHV GH DOJRGyQ OLWUR IO R]

6KDPSRR FRQ PLHO \ WULJR OLWUR IO R]

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG

&RORQLD FRQ IORUHV GH PDQ]DQLOOD OLWUR IO R]

&RORQLD IUHVFD OLWUR IO R]

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

&yG


,NKPÛCAHK @A H=O ENNEP=?EKJAO KJ H= OQ=RE@=@ @A HKO P=H?KO Cé U Cé =>U .AH=T

J

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

$*Ç %DE\ 5HOD[ 7DOFR J R] &yG

9DORUL]DGR HQ

/¤ K /¤ AOLQÛO @A QJ >=ãK NAH=F=JPA ?KJ AH OD=ILKK Cé =>U .AH=T OA?= >EAJ OQ LEAH U LNKPÛCAH= ?KJ AH P=H?K @A H= IEOI= HßJA= 2ANbO ?äIK @QANIA NEMQßOEIK

GH D PHVHV


&$%(//2 3,(/

[

&2035$ < //(9$ &XDOTXLHU FRPELQDFLyQ HV SRVLEOH

J

7DOFR 0DQWLHQH VX SLHO VXDYH \ VHFD \ OR GHMD FyPRGR \ IUHVFR WRGR HO GtD

$*Ç 7DOFR FRQ IpFXODV GH PDt] J R] &yG

9DORUL]DGR HQ

/¤ K /¤ GH D PHVHV

LHE?= AH P=H?K Cé HAJP=IAJPA AJ PQ I=JK HAFKO @AH NKOPNK @A PQ >A>Û U ATPEÛJ@AHK ?KJ OQ=RE@=@ OK>NA OQ LEAH >EAJ OAMQEP= Oß ÛH FQC=Nb PN=JMQEHK U ?KJPAJPK PK@K AH @ß=


5K ?QE@K PQO OQAãKO KJ IE =IKN U AH =NKI= NAH=F=JPA @A H= HK?EäJ U AH OD=ILKK Cé =>U .AH=T

/,752

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

/¤ K /¤ ,=N= NAH=F=N = PQ >A>Û =JPAO @A @KNIEN =@AIbO @A HKO LNK@Q?PKO Cé =>U .AH=T LNQA>= @=NHA OQ=RAO I=O=FAO AJ H= AOL=H@= IEAJPN=O HA ?=JP=O QJ= ?=J?EäJ

GH D PHVHV


&$%(//2 3,(/

'( '(6&8(172

/,752

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

%DE\ 5HOD[ &RORQLD OLWUR IO R] /RFLyQ 'HOLFDGD FDULFLD TXH VXDYL]D VX SLHO \ OR D\XGD D GRUPLU SURIXQGDPHQWH

&yG

9DORUL]DGR HQ

GH GHVFXHQWR

6KDPSRR SDUD FDEHOOR \ FXHUSR OLWUR IO R] &yG

9DORUL]DGR HQ

'H PO IO R] &yG

/RFLyQ KLGUDWDQWH SDUD PDVDMHV PO IO R] &yG

9DORUL]DGR HQ

'H PO IO R] &yG

GH D PHVHV


0Q NA?EÛJ J=?E@K AOPb AJ H=O IAFKNAO I=JKO KJ Cé )bTEIK QE@=@K

/,752

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

GH D PHVHV


&$%(//2 3,(/

'( '(6&8(172

/,752

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 &RORQLD VLQ DOFRKRO OLWUR IO R] &yG

9DORUL]DGR HQ

6KDPSRR SDUD FDEHOOR \ FXHUSR OLWUR IO R] &yG

9DORUL]DGR HQ

&UHPD FRUSRUDO KXPHFWDFLyQ KRUDV J R] &yG

9DORUL]DGR HQ

0A R= = CQOP=N LKNMQA

GH D PHVHV

/KJ LNK@Q?PKO AOLA?E=HAO L=N= NA?EÛJ J=?E@KO

0EAJA EJCNA@EAJPAO MQA LNKPACAJ = PQ >A>Û

/QO =NKI=O OKJ IQU OQ=RAO U PEANJKO


&2/(&&,Ä1 62&&(5 (Q EDxR GH SODWD FRQ HVPDOWHV SLQWDGRV D PDQR (O GLMH HV UHYHUVLEOH

&DGHQD ,QFOX\H GLMH UHYHUVLEOH FRQ OD SDODEUD ªVRFFHU« \ HO Q~PHUR ª « SRU GHWUiV 0HGLGDV DSUR[ [ FP &ROODU ½QJHO 0tR (Q EDxR GH RUR FRQ GLMH HQ IRUPD GH iQJHO /DUJR DSUR[ FP 0HGLGDV GHO GLMH [ FP

&yG

9DORUL]DGR HQ

&yG

(VFODYD 0HGLGDV DSUR[ [ FP

9DORUL]DGR HQ

&yG

GH GHVFXHQWR

9DORUL]DGR HQ

6H DWHQGHUi KDVWD DJRWDU VWRFN

GH GHVFXHQWR

GH GHVFXHQWR

(VWXFKH )UHVVLD &ROODU \ DUHWHV HQ EDxR GRUDGR FRQ HVPDOWHV URMR \ YHUGH 0HGLGDV DSUR[ GHO GLMH [ FP

(VWXFKH 7RR &RRO 7UHV SDUHV GH DUHWHV HQ EDxR GH SODWD FRQ IRUPDV GH PDULSRVD HVWUHOODV \ FRUD]yQ

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

GH GHVFXHQWR

6H DWHQGHUi KDVWD DJRWDU VWRFN

'( '(6&8(172 (1 (678&+( 722 &22/


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

18(92 (VWXFKH GH FROODUHV *LUO 3RZHU ,QFOX\H GRV FROODUHV HQ EDxR SODWHDGR FRQ FULVWDOHV \ HVPDOWHV GH FRORUHV 8Q GLMH OOHYD OD SDODEUD ª%HVW« HO RWUR ª)ULHQGV« 0HGLGDV DSUR[ [ FP &yG

9DORUL]DGR HQ

,=N= @KO =IEC=O EJOAL=N=>HAO KO HEJ@KO ?KHH=NAO ?KJ @EOAãKO @A ,A=?A Ó (KRA

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

/,%5( '( 3/202 6H DWHQGHUi KDVWD DJRWDU VWRFN


)5$*$1&,$6

(/(*$17(6

62),67,&$'2 (1 &$'$ *27$ ' 256$< &/$66 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

'( '(6&8(172


e/ e/ (KO =NKI=O I=N?=J AH ?=IEJK 1J =NKI= LQA@A OAN AH ?KIEAJVK @A QJ= DEOPKNE= EJKHRE@=>HA 5= OA=J AHAC=JPAO =RAJPQNANKO IEOPANEKOKO K OA@Q?PKNAO PK@KO ?KJ@Q?AJ LKN ?=IEJKO EJAOLAN=@KO OEAILNA @ENA?PK =H ?KN=V채J @AOLANP=J@K HKO @AOAKO IbO ENNAOEOPE>HAO


(/(*,5 81$ )5$*$1&,$ $/ $=$5" -$0½6

'2 ,$ (& 3 (6

62 2 (5 $' 0

62 2 (5 ' $ 0

+( 5% $/ &À 75 ,& 2

0$'(5262

+(5%$/

&À75,&2

&À75,&2

(63(&,$'2

2 ,& 75 &À

$/ 5% +(

,9 &7 $

6('8&7 25 2 1 5 ( ' 2 0 2 $' &, 3( (6

(/( *$ 17 (

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

+(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 :LQQHU %ODFN +LJKZD\ &DUGLJDQ

)5$*$1&,$6

6('8&725$6 6WURQJ 0XVN 9DQLOOD +RPEUH :LQQHU 7RQLJKW 9HKHPHQFH SDUD pO ,PiQHP %UDYtR 0D[ ([XV 3XOVR 6DOYDMH )RJRV

)5$*$1&,$6

$&7,9$6

$YHQWRXU )RU]H :LQQHU 6SRUW $OWKHXV ,W­V <RX ,W­V <RX /LYH


'( '(6&8(172

:,11(5 %/$&. &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ

e/ e/

(;&(3&,21$/ 325 ,167,172


)5$*$1&,$6

$&7,9$6

6,(035( 7Ç

)527$ $48À < 6,(17( (/ $520$ ,7­6 <28 /,9( (1 78 3,(/


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

&tWULFD $FWLYD (VSRQWiQHDV QRWDV FtWULFDV GH OLPyQ \ WRURQMD HQ VX SXQWR PiV UHIUHVFDQWH

)527$ $48À < 6,(17( (/ $520$ '( ,7­6 <28 (1 78 3,(/


)5$*$1&,$6

(/(*$17(6

)5(6&$ (/(*$1&,$ 3$5$ (/ +20%5( &260232/,7$


e/ e/

$ 62/2

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


)5$*$1&,$6

6('8&725$6


81 $520$ 48( $&(/(5$ /26 /$7,'26

$ 62/2

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

9DORUL]DGR HQ

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


)5$*$1&,$6

6('8&725$6

)8(57( 9,5,/ 6('8&725 !TQO AOAJ?E= @A DKI>NA

(;86 &RORJQH DWRPLVHXU PO IO R] &yG

9DORUL]DGR HQ


&yG

9DORUL]DGR HQ

'( '(6&8(172 (1 %5$9À2

,1'20$%/( N=RßK AH =NKI= =PNARE@K @A DNEOPE=J )AEAN

e/ e/

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


)5$*$1&,$6

6('8&725$6


e/ e/

(/ 25,*(1 '( /$ 3$6,Ä1

!H LK@AN @A H= OA@Q??EäJ

'( '(6&8(172 (1 67521* 086.

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

9DORUL]DGR HQ


)5$*$1&,$6

6('8&725$6

'( '(6&8(172 (1 )2*26

'( '(6&8(172 (1 6$/9$-(


'( '(6&8(172 (1 9$1,//$ +20%5(

-8172 $ e/ (/ 7,(032 6( '(7,(1(

e/ e/


(/ &$%(//2 '(/ +20%5( 1(&(6,7$ 81 &8,'$'2 (63(&,$/ 6KDPSRR 0i[LPD )XHU]D 5HGXFH OD FDtGD GHO FDEHOOR HQ XQ

6KDPSRR HQ /LPSLD SURIXQGDPHQWH \ D\XGD D SUHYHQLU OD FDVSD

35202&,Ä1

*HO ILMDGRU SDUD HO FDEHOOR

$ 62/2

9DORUL]DGR HQ

&yG

3RU OD FRPSUD GH XQ VKDPSRR GH HVWD SiJLQD

*HO SDUD HO FDEHOOR %ULQGD Pi[LPD ´ MDFLyQ \ KXPHFWDFLyQ

e6,.$ 0(1 *HO ILMDGRU SDUD HO FDEHOOR J R]

6KDPSRR PXOWLDFFLyQ HQ PO IO R]

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

&yG

&yG

9DORUL]DGR HQ

9DORUL]DGR HQ

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


&$%(//2 3,(/

325 +25$6 /$ 75$163,5$&,Ä1 (67$5½ /(-26 '( e/ ^OEG= )AJ KJPNKH "NAOD @AOK@KN=JPA OLN=U L=N= DKI>NAO ?KJ $+. / @A LNKPA??EäJ ?KJPEJQ=

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

&21 727$/ 3527(&7,21 &203/(; 6X IyUPXOD FRQ PLFURFiSVXODV DVHJXUD KDVWD KRUDV GH SURWHFFLyQ FRQWUD OD VXGRUDFLyQ \ HO PDO RORU &RQ SRWHQWH DJHQWH DQWLWUDQVSLUDQWH OLEUH GH DOFRKRO \ TXH QR PDQFKD OD URSD

$URPD IUHVFR \ YDURQLO D PHQWD \ PDGHUD

'( '(6&8(172

e6,.$ 0(1 &RQWURO )UHVK 'HVRGRUDQWH VSUD\ PO IO R] &yG

9DORUL]DGR HQ


(Q EDxR GH SODWD \ RUR 'LMH FRQ WH[WXUD GH DOWD MR\HUtD \ FULVWDOHV QHJURV LQFUXVWDGRV

'(7$//(6 48( 5()/(-$1 68 (67,/2

18(9$ &2/(&&,Ä1 67((/ &DGHQD /DUJR FP 0HGLGDV GHO GLMH [ FP &yG

9DORUL]DGR HQ

GH GHVFXHQWR

(VFODYD 0HGLGD GHO GLMH [ FP

&yG

9DORUL]DGR HQ

GH GHVFXHQWR

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

&2/(&&,Ä1 /$1'(1 (VFODYD &DGHQD /DUJR FP 0HGLGD GHO GLMH [ FP 0HGLGDV GHO GLMH [ FP &yG &yG

9DORUL]DGR HQ

9DORUL]DGR HQ

SURPRFLyQ (VWXFKH +DQQD SiJ


e/ e/

(Q EDxR GH SODWD \ GLMH UHFWDQJXODU FRQ HVPDOWH QHJUR


02'(512 $ 72'$ +25$ *DIDV (PSLUH 0DUFR \ EUD]RV GH PHWDO SODWHDGR FRQ DFDEDGR EULOODQWH \ OHQWHV QHJUDV &yG

9DORUL]DGR HQ

3527(&&,Ä1 &2175$ /26 5$<26

7RGDV QXHVWUDV JDIDV YLHQHQ FRQ HVWXFKH

SURPRFLyQ (VWXFKH +DQQD SiJ

89


e/ e/ 18(926

*DIDV +HXUR 0DUFR PDUUyQ EUD]RV GH PHWDO GRUDGR \ OHQWHV FRORU PDUUyQ FRQ GHJUDGp &yG

9DORUL]DGR HQ

18(92

5HORM 2PHUDO 'H PHWDO SODWHDGR GLDO JULV WRUQDVRODGR FRQ WH[WXUD UD\DGD &yG

9DORUL]DGR HQ

7RGRV QXHVWURV UHORMHV FXHQWDQ FRQ JDUDQWtD GH PHVHV \ YLHQHQ HQ HVWXFKH


)5$*$1&,$6

$&7,9$6

$/*8126 ,17(17$1 27526 6( $75(9(1


;

3URGXFWR

[

[

:LQQHU 6SRUW

&yG

&yG

e/ e/

;

:,11(5 63257 &RORJQH DWRPLVHXU PO IO R] 9DORUL]DGR HQ

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


35202&,Ä1 *8À$ '( 0$48,//$-( < 02'$ %ULOOR ODELDO VDERU LUUHVLVWLEOH

D VROR

&yG

". ) 1!/ #+(+/

) *6 * !* *!(

) *& . * 01. (

0!*0 %¨* ! $+ +( 0!

%.1!( %..!/%/0% (!

,.% $+ ! )+.

0QO H=>EKO >NEHH=J U LNKRK?=J >AOKO

+. ( ! * . *&

%ULOOR ODELDO VDERU LUUHVLVWLEOH FHUH]D VHGXFFLyQ

3RU OD FRPSUD GH XQ SURGXFWR GH OD *XtD GH 0DTXLOODMH \ 0RGD 7H OOHJDUi FXDOTXLHU WRQR

%ULOOR ODELDO VDERU LUUHVLVWLEOH PO IO R]

!.!6 /! 1 %¨*

/ * % +-1!0

!(% % ! ) * .%* ".!/ / +* ".!/ ,.+2+ %¨* .!)

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN 1R LQFOX\H PXHVWUDV SURGXFWRV GH UHJDOR PLQLV QL RWUDV SURPRFLRQHV 6L GHVHDV FRPSUDU VROR XQ EULOOR ODELDO VLQ FRQGLFLyQ GH SURPRFLyQ StGHOR DVt 7HQWDFLyQ GH FKRFRODQWH &yG 6DQGtD FRTXHWD &yG 0DQ]DQD HQFDQHODGD &yG 0DQMDU QDWXUDO &yG 0DQGDULQD SURYRFDFLyQ &yG )UHVDV FRQ FUHPD &yG )UDPEXHVD JRORVD &yG 'HOLFLD GH IUHVD &yG &RUDO GH QDUDQMD &yG &LUXHOD LUUHVLVWLEOH &yG &HUH]D VHGXFFLyQ &yG &DSULFKR GH PRUD &yG 9DORUL]DGR HQ F X 3UHFLR F X


,1683( 5$%/(6

e6,.$ 0(1 /RFLyQ IRUWDOHFLPLHQWR DQWLFDtGD PO IO R] &yG

9DORUL]DGR HQ

'( '(6&8(172

'UHDP )RUHVW

&2/25),; 0$;7,0( 4XLQWHWR GH VRPEUDV SURIHVLRQDO &yG

9DORUL]DGR HQ

3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN 1R LQFOX\H PXHVWUDV SURGXFWRV GH UHJDOR PLQLV QL RWUDV SURPRFLRQHV 3URPRFLyQ YiOLGD KDVWD DJRWDU VWRFN


;

; 3URGXFWR :LQQHU 6SRUW

[ &yG

[ &yG

:,11(5 63257 &RORJQH DWRPLVHXU PO IO R] 9DORUL]DGR HQ

62/2 +$< 81$ )250$ '( 9,9,5 $/ (;75(02

&2/20%,$ & +$= 78 3(','2 $ 75$9e6 '( 78 &2168/725$ 2 //$0$ $ 18(675$ /À1($ '( $7(1&,Ä1 $/ &/,(17( (1 72'2 (/ 3$À6 $/ e6,.$ < '(6'( %2*27½ $/ (67( &$7½/2*2 < 686 35202&,21(6 (67½1 9,*(17(6 +$67$ 35(*Ç17$/( $ 78 &2168/725$ /$6 )(&+$6 (63(&À),&$6 '( 78 5(*,Ä1 1R DSOLFD HO UHWUDFWR GH OD FRPSUD GH SURGXFWRV GH XVR SHUVRQDO VHJ~Q OR GLVSXHVWR SRU HO (VWDWXWR GHO &RQVXPLGRU (Q ORV GHPiV FDVRV HO SOD]R VHUi GH GtDV KiELOHV GHVGH OD HQWUHJD GHO SURGXFWR %HOFRUS RWRUJD OD JDUDQWtD OHJDO HQ ORV WpUPLQRV GHO (VWDWXWR GHO &RQVXPLGRU ,QIyUPDWH VREUH OD SROtWLFD \ HO SURFHGLPLHQWR GH FDPELRV R GHYROXFLRQHV OODPDQGR D OD OtQHD GH DWHQFLyQ DO FOLHQWH R FRQ WX &RQVXOWRUD /RV SURGXFWRV \ SURPRFLRQHV VH DWHQGHUiQ KDVWD DJRWDU HO VWRFN PtQLPR GH XQLGDGHV 6tJXHQRV HQ ZZZ HVLND EL]

ZZZ IDFHERRN FRP HVLND EHOFRUS

ZZZ \RXWXEH FRP (VLND9LGHRV

#(VLND%HOFRUS

,035(6,Ð1 0(752&2/25 6 $

PNARANOA =NNEAOC=N @EOBNQP=N

?KJ 3EJJAN /LKNP


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