__MAIN_TEXT__

Page 1

(/ 6$/9$'25 & ZZZHVLNDEL]

0=J AHAC=JPA P=J éJE?= Oß ANAO Pé =Oß AO /LA?E=H


=@= @AP=HHA PA D=?A

AOLA?E=H

0K@K PA MQA@= LANBA?PK PQ RAOPE@K HKO V=L=PKO H=O FKU=O

AOPbO ?=OE HEOP=

/KHK PA B=HP= AOA éHPEIK PKMQA AOLA?E=H ?KJ AH MQA @AOHQI>N=NbO = PK@KO /LA?E=H AH =NKI= MQA D=Nb @QN=N PQ AHAC=J?E= P=JPK ?KIK Pé MQEAN=O DKN= Oß O=>AO MQA PK@=O H=O IEN=@=O OANbJ L=N= PE -QA PQ >AHHAV= HKO @AF=Nb OEJ L=H=>N=O -QA PQ AHAC=J?E= OANb IQU AOLA?E=H


1J =NKI= P=J AHAC=JPA ?KIK Pé

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

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

!NAO AOLA?E=H PQ LANBQIA P=I>EÛJ


z/AJOQ=H K NKIbJPE?K z-QÃ&#x203A; =NKI= R= IAFKN ?KJPECK

 '( '(6&8(172 (1 *5$==,$ (;27,&

)ORUDO 6HQVXDO $WUDFWLYD \ QDWXUDO FRPR OD SDUDGLVtDFD µRUGH7LDUp

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

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HU SiJ 



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 


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

&yG 

&yG 

9DORUL]DGR HQ  

9DORUL]DGR HQ  

 

 

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

*5$==,$ (;27,& (DX GH SDUIXP DWRPLVHXU  PO   IOR]

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




z-QÛ=NKI=R=IAFKN?KJPECK

/ 5$ 2 )/



 

)/ 25 $/

( /& '8

'8 /& (



/ $ 87 )5





2 ,& 75 &À



'8/&(



&À 75 ,& 2



'2 ,$ (& 3 (6

(6 3( &, $' 2



)5 87 $/



)/25$/

,9$ &7 $          

6(168 $/                       $  & ,   7  1    0½     52         



(/(* $1 7(            

AO?é>NAHKAJAH>=JE?K@ANKI=O@A^OEG=

)587$/ (63(&,$'2 &À75,&2

&À75,&2 (63(&,$'2 )587$/

'8/&(

«O=HK=Oß 1>E?=QJK@AHKOCNQLKOOACéJPQAOPEHK!HAC=JPA.KIbJPE?=/AJOQ=HK?PER=

(QACKAHECAAH=NKI=OACéJH=B=IEHE=KHB=PER="HKN=H QH?A"NQP=H!OLA?E=@KKßPNE?K

!OP=OOAã=HAOPA=UQ@=NbJ=AJ?KJPN=NPQ=NKI=AJAH?=PbHKCK DURPDV !(!#*0!/

,PiJHQHV ,PiJHQHV'LDPRQGV 6SHFLDO ;LDQD &ODVVLF&RQFHUW

DURPDV .+)¡*0%+/

*UD]]LD 5RPDQ]L )ORZHU\ /RYH&RQFHUW 9DQLOOD6FHQW $wQQDUD

DURPDV /!*/1(!/

*UD]]LD([RWLF *UD]]LD3DUDGLVH 9HKHPHQFHSDUDHOOD 3DVVLRQ&RQFHUW 5RVH 5RVH 6H[\*ROG %HDXW\5HG 'DQ]]tD 5HG,QWHQVH ,QFLWDQW -DGLVV 6HFUHW0XVN

DURPDV 0%2+/

([SUHVVLRQ eODQLH *\UD 0RPHQWRV9LEUDQWHV 0RPHQWRV/LEHUWDG ,W­V<RX ,W­V<RX/LYH

)/25$/


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


DURPDV 0%2+/

=@= QJ= ?KJ OQ LNKLE= LANOKJ=HE@=@ LANK ?KIL=NPEAJ@K AH IEOIK =NKI= SURPRFLyQFRORU´[ /DELDO '~R 7DWWRR 9HU SiJ 



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 


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

 7DOFR SHUIXPDGR  J   R]

&yG 

 

9DORUL]DGR HQ  

 

 /RFLyQ SHUIXPDGD  PO   IOR] &yG 

9DORUL]DGR HQ  

&yG 

/$ &2035$

723

9DORUL]DGR HQ    'HVRGRUDQWH UROORQ  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 

  

)ORUDO $FWLYD ([SUHVD WXV VHQWLPLHQWRV FRQµRUGH QDUDQMR MD]PtQ \ PLPRVDV 

)527$ $48Ã&#x20AC; < 6,(17( (/ $520$ (1 78 3,(/




2*%((/!*0

0Q=NKI=@E?A IQ?DK@A ?äIKANAO @AH=BKNI=?äIKOEAJPAO?äIK PKI=OH=RE@=?äIK=I=O

¦**.

"(+3!.5

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

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ

'XOFH 5RPiQWLFD /DIHOLFLGDG WLHQHDURPD DYDLQLOOD MD]PLQHV \OLULRV


$Ã&#x201A;11$5$ (DXGHSDUIXPDWRPLVHXU POIOR]

)/2:(5< (DXGHSDUIXPDWRPLVHXU POIOR]

020(17269,%5$17(6 (DXGHWRLOHWWHDWRPLVHXU POIOR]

&yG

&yG

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ

9DORUL]DGRHQ

9DORUL]DGRHQ











'('(6&8(172

'XOFH 5RPiQWLFD $PRU FKDPSDJQH \FiOLGRV WRTXHVGH YDLQLOOD

)ORUDO 5RPiQWLFD $UPRQLRVR EXTXpGH µRUHVTXHWH LQYLWDDVRxDU

)UXWDO$FWLYD 9LWDOLGDG \DOHJUtD JUDFLDVDOD IUHVFDµRUGH QDUDQMR



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

9$1,//$6&(17 (DXGHSDUIXPDWRPLVHXU POIOR]


DURPDV /!*/1(!/



'('(6&8(172(1 9(+(0(1&(3$5$(//$

)ORUDO 6HQVXDO 6HQVXDOHV RUTXtGHDV EODQFDV\µRU GHQDUDQMR

)ORUDO6HQVXDO 7HQWDGRUDV QRWDVGHURVD GDPDVFHQD\ PXJXHW

6(;<*2/' (DXGHSDUIXP POIOR]

9(+(0(1&(3$5$(//$ (DXGHSDUIXPDWRPLVHXU POIOR]

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ



SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ




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

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

526( 526( (DXGHSDUIXPDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



)ORUDO6HQVXDO 'HOLFDGDVURVDV XQWRTXHGH YDLQLOOD\PXVN

,=N=QJ= IQFANOAJOQ=H U@AHE?=@= QJ=NKO= 


z/=>AO?QbH AOIEOA?NAPK 6(&5(7086. (DXGHSDUIXPDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



(VSHFLDGD 6HQVXDO $SDVLRQDQWHV HVSHFLDV SHUIXPDQWX SLHOSDUDJXLDU VXVEHVRV

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


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

$KU=HCQEAJR==HHAC=N P=N@A=HPN=>=FK 3$66,21086. (DXGHSDUIXPDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



)ORUDO6HQVXDO &RTXHWDV QRWDVGHLULV \RUTXtGHDV MXHJDQFRQ XQWRTXH GHPXVN




NKI=O OAJOQ=HAO

DURPDV /!*/1(!/

,1&,7$17 (DX GH SDUIXP DWRPLVHXU  PO   IOR] &yG 

9DORUL]DGR HQ  

 

5(' ,17(16( (DX GH SDUIXP DWRPLVHXU  PO   IOR] &yG 

 

 '( '(6&8(172 (1 ,1&,7$17

'XOFH 6HQVXDO +LSQyWLFR FRQWUDVWH GH EHUJDPRWD \ PXVN VHGXFH LQWHQVDPHQWH

SURPRFLyQFRORU´[ /DELDO '~R 7DWWRR 9HU SiJ 



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 

'XOFH 6HQVXDO ,UUHVLVWLEOH PXVN \ WHQWDGRUDV IUDPEXHVDV


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

L=N= IQFANAO OAJOQ=HAO

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

%($87< 5(' (DX GH SDUIXP DWRPLVHXU  PO   IOR]

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

&yG 

9DORUL]DGR HQ  

 




DURPDV /!*/1(!/

KJMQßOP=HK ?KJAOA=NKI= MQAAOECQ=H=PE 

'XOFH6HQVXDO 3URYRFDWLYR µLUWHRGH RUTXtGHD FDOLSVR\ VRUEHWH GHSHUD

)527$$48À<6,(17( (/$520$'('$1==À$ (1783,(/

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


 782)(57$ (675(//$

'$1==Ã&#x20AC;$ (DXGHSDUIXPDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ






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

9DORUL]DGR HQ  

 

 &UHPD SDUD PDQRV  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 -DEyQ OtTXLGR SDUD PDQRV  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 /RFLyQ FRUSRUDO  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 -DEyQ OtTXLGR SDUD HO FXHUSR  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 HHAJ=NOA @A AJANCß= .AREP=HEV= PQO OAJPE@KO ?KJ AOPA @AHE?EKOK =NKI= BNQP=H L=N= MQA OEC=O ?KJ PQ EJ=CKP=>HA AJANCß= PK@K AH @ß=



SURPRFLyQ /DELDO '~R 7DWWRR SiJ 

1J =NKI= @AHE?EKOK OKHK L=N= PE

.AREP=HEV=JPA =NKI= BNQP=H @A @QN=VJKO BNAO=O U BN=I>QAO=O


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

$ 0,7$'

'( 35(&,2

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

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

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

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

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




&216,e17(7( &DOP  &RORQLD  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 &RORQLD 'HOLFLRVR DURPDµRUDO IUXWDO TXH WH UHFRQHFWD FRQ WX \R PiV SRVLWLYR

)E IKIAJPK @A NAH=T KJOEAJPA PQ LEAH U @Ã&#x203A;F=PA HHAR=N LKN AH NAH=F=JPA =NKI= @A REKHAP=O U NKO=O @A KJOEÃ&#x203A;JPAPA =HI



SURPRFLyQ /DELDO '~R 7DWWRR SiJ 

 -DEyQ OtTXLGR SDUD PDQRV  PO   IOR] &yG 

9DORUL]DGR HQ  

 


&yG 

 -DEyQ HQ EDUUD  XQLGDGHV GH  J   R] FX

9DORUL]DGR HQ  

&yG 

 

9DORUL]DGR HQ  

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

 /RFLyQ FRUSRUDO  PO   IOR]

$ 0,7$'

'( 35(&,2

 

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

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

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

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




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


KIKAHOQ=RA=NKI=@AH=OBHKNAOAJLNEI=RAN=

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

-QÛOAJOQ=HE@=@ P=J@AHE?=@=


(HAR=HKO=NKI=O@A H=J=PQN=HAV=AJPQLEAH KJHKONEMQßOEIKOF=>KJAOU?KHKJE=O"NQEPOÓ"HKSANO

-DERQHVOtTXLGRV


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

&RORQLDV


!OA=NKI=P=JBNAO?K MQAPAD=?A>NEHH=N /ACQNKAO@AH=O?KHKJE=O.AOLH=J@AOO MQA@AF=JDANIKOKO>NEHHKOAJPQLEAH



SURPRFLyQ/DELDO'~R7DWWRRSiJ


5(63/$1'(66,//86,21

5(63/$1'(66)/25(66

&RORQLDFRQEULOORV POIOR]

&RORQLDFRQEULOORV POIOR]

&RORQLDFRQEULOORV POIOR]

&yG

&yG

&yG

9DORUL]DGDV HQFX FX

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

5(63/$1'(66

 '('(6&8(172

NEHHKO AJPQLEAH

)ORUDO /LPDYHUGH\ JDUGHQLDVWH OOHQDQGHDOHJUtD \RSWLPLVPR

)ORUDO )UDJDQWHVOLULRV WHHQYXHOYHQ HQHQVXHxR

)ORUDO 6HQVXDOHVµRUHV GHO2ULHQWH GHVSLHUWDQWX VHQVXDOLGDG

)527$$48À <6,(17((/$520$'( 5(63/$1'(66)/25(66 (1783,(/




4XLQWHWRGHVRPEUDVPRFFDIDVKLRQ\ODELDOGHPi[LPDGXUDFLyQURMRH[WUDYDJDQ]D

,NKHKJC=PQ>AHHAV=

0QI=MQEHH=FA@QN=D=OP=MQAPéHK@A?E@=OÎ SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


/22. &2/25

0i[LPD GXUDFLyQ\ FRORU3URWHJH WXVSiUSDGRV

4XLQWHWRGHVRPEUDVSURIHVLRQDO JR] 9DORUL]DGRHQ



*01.!!*$*0 &yG

.+/! ,.+(+*#

)+ "/$%+*

61( )5/0!.5

-1 ,!.)*!*0

&yG

&yG

&yG

&yG

.!) "+.!/0

#()+1. ('

.+5( /!*/

"!/0%2( #+(

&yG

&yG

&yG

&yG

K

V



'('85$&,Ä1

2%*+ $%

&yG

 &yG

)%!( #(^

&yG

.+&+ !40.2#*6

'('(6&8(172

/DELDOGH Pi[LPDGXUDFLyQ JR] 9DORUL]DGRHQ



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

.+/ + *1 ! &yG

.+&+ /! 10+. &yG

&RORULQWHQVR SRUPXFKR PiVWLHPSR 3URYRFDWLYD VXDYLGDG

$!..5 &yG

"1/% ,%*' &yG

2%*+#+( !* &yG

V

(YDOXDFLyQVHQVRULDOGHGXUDFLyQUHDOL]DGDEDMRFRQGLFLRQHVGHODERUDWRULR

!TLNÛO=PA?KJ I=MQEHH=FA !HI=MQEHH=FAAOPQIAFKN =HE=@KAJ?Q=HMQEAN K?=OEäJR=U=O@KJ@A R=U=OOA=@A@ß=K@A JK?DAOEAILNAO=?=Nb= NAHQ?ENHKIAFKN@APE  ,KNMQA@bJ@KHA?KHKN= PQNKOPNKHA@=O?KHKN= PQRE@=JKEILKNP=MQÛ AOPEHKPAJC=OOEAILNA HKATLNAO=NbOIAFKN ?KJI=MQEHH=FA


¨

[ +, & .

. )+

$]XO]DILUR

[ + &y yG "1* G  +    

 %.

1!

)

..

[ (  [ &yG !* &y   * G  0+    

(Q?AQJ=IEN=@=HHAJ=@A?KHKN D=OP=LKN DKN=O

[ * [ &yG 2%. &y   G  * 0 !    

)

..

[ ¨* [ &yG *+ &y  #  G  (    

KHKN EJPAJOK PKK@KAH@ß=

6LVWHPD UHWUiFWLO

2URJODPRXU

$358(%$'(

$*8$

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ

(YDOXDFLyQVHQVRULDOGHGXUDFLyQUHDOL]DGD EDMRFRQGLFLRQHVGHODERUDWRULR

V



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


;

;

(HÃ&#x203A;R=PAH=CN=PEO LKNH=?KILN=@A @AHEJA=@KNAO

&XDOTXLHUFRPELQDFLyQHVSRVLEOH

'HOLQHDGRUSDUDRMRV GHPi[LPDGXUDFLyQ JR] 9DORUL]DGRHQ

*5$7,6

+.

+

[ #( [ &yG  )+ &y  1. G     

.01

9DORUL]DGRHQ SRUODFRPSUDGH GHOLQHDGRUHVGHHVWD SiJLQD

0iVFDUDSDUDSHVWDxDV VHFUHWRVGHVHQVXDOLGDG JR] 9DORUL]DGRHQ

1!

[ / [ &yG )! &y  0¡ ( G  %+    

*!

[ #.+ [ &yG ^  &y  *+ G     

0iVFDUDVHFUHWRVGH VHQVXDOLGDGQHJURLQWHQVR

[ ! [ &yG +0+ &y  _+ G     



2!

.

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

)..¨* %*0!*/+ &yG

*!#.+ )..¨* %*0!*/+

6

[ 1(6 [ &yG  "% &y  .+ G     

&yG

K

V

'('85$&,Ã&#x201E;1

0i[LPD DGKHUHQFLD GHFRORU\ WH[WXUDH[WUD VHGRVD

0i[LPD H[WHQVLyQ\ FXUYD&RORU LQWHQVRSRU PXFKRPiV WLHPSR

(YDOXDFLyQVHQVRULDOGHGXUDFLyQ UHDOL]DGDEDMRFRQGLFLRQHVGHODERUDWRULR

V




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

&XDUWHWROLODHPRWLRQ\ODELDOG~RWDWWRRURVDOLJKW

z-QÃ&#x203A;IEN=@=HQ?ENbODKU

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

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



2FWHWRURPDQWLFFRORUV\ ODELDOG~RWDWWRRFRUDODWWUDFWLRQ

SURPRFLyQ(VWXFKH9DQJXDUGSiJ


&XDUWHWRPRUDGRSDVVLRQ

&XDUWHWRHVPHUDOGDOX[H

&XDUWHWRGHVRPEUDV JR] 9DORUL]DGRHQ



2FWHWRRWRxRFKLF

2FWHWRFODVVLFJROGHQ

2FWHWRGHVRPEUDV JR] 9DORUL]DGRHQ



&XDUWHWRWXUTXHVDGHVLJQ

&XDUWHWRYLQRVZHHW

 EOPNE>Q?EäJE@A=H@APKJKO  "äNIQH=NAJKR=@==DKN= ?KJI=UKN?=NC=@A?KHKNU   IbO=@DANAJ?E=  LHE?=?EäJQJEBKNIA

61( +!*

01.-1!/ !/%#*

&yG

&yG

)..¨* (//%

.+/ %((1/%+*

,(0 .+*!

&yG

&yG

&yG

!/)!.(  (14

2!. ! &1*#(!

)+. + ,//%+*

&yG

&yG

&yG

.+/ 2%*0#!

.+/ $%

2%*+ /3!!0

&yG

&yG

&yG

/22. &2/25

61( #+( !* &yG

$0,7$'

'(35(&,2

2FWHWRHXIRULDEOXHV

2FWHWRFRORUV\PSKRQ\

+0+_+ $%

!1"+.% (1!/

(//% #+( !*

&yG

&yG

&yG

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

.+)*0% +(+./

.!* /'5

&yG

&yG

&yG

 2=NEA@=@@A?KI>EJ=?EKJAO  KHKNAOEJPAJOKO  #N=J=@DANAJ?E=UOQ=RE@=@ 


,NKPACAPQOLAOP=ã=O AJAHPKJKMQAMQEAN=O

(Q?AQJ=IEN=@=N=@E=JPAU PN=P=PQOLAOP=ã=O =HIEOIKPEAILK

  

0iVFDUDGH ,PSDFWRHQ JR] 9DORUL]DGRHQ



$358(%$'(

$*8$

 H=NC=NEV= OAL=N=LAEJ= ULNKPACA PQOLAOP=ã=O



'('(6&8(172

*!#.+

)..¨*

&yG

&yG

*!#.+ )..¨* &yG

*!#.+&yG

 

 0A@=QJ=IbTEI= LNKPA??EäJAJ R=NEA@=@@APKJKO 0iVFDUDWUDWDQWH DSUXHEDGHDJXD JR] 9DORUL]DGRHQ



*!#.+

)..¨*

&yG

&yG

*!#.+ )..¨*

0!..+0

61(

01.-1!/

&yG

&yG

&yG

&yG



   

SURPRFLyQ(VWXFKH9DQJXDUGSiJ

$358(%$'(

$*8$

 (Q?AQJ=O  LAOP=ã=OÃ&#x2019; IbOH=NC=OU CN=@KO IbONEV=@=O 0iVFDUDSDUDSHVWDxDV HIHFWRH[WHQVLRQHV JR] 9DORUL]DGRHQ



*!#.+

)..¨*

&yG

&yG

*!#.+ )..¨* &yG


/22. &2/25

!TLNÛO=PA?KJPQIEN=@= 0QOKFKOLQA@AJ@A?ENHKMQAPéMQEAN=OAHECAPQIbO?=N= U@AF=MQAPQOLAOP=ã=OD=>HAJLKNOßOKH=O 

*!#.+&yG

*!#.+&yG




,AOP=ã=OOEJHßIEPAO /EMQEANAO@=NHAIbTEI=ATLNAOEäJ=PQIEN=@= ?KJLAOP=ã=OIbOH=NC=OURKHQIEJKO=O

 AOP=AOPQIbO?=N=

(VWHODGR DODUJD

0iVFDUD0HJD/DVKHVQHJUR

(VWHODGR GDYROXPHQ

$358(%$'(

$*8$

 ÒIbORKHQIAJ  ÒLAOP=ã=O  IbOH=NC=O  LHE?=?EäJ   QJEBKNIA 0iVFDUD 0HJD/DVKHV JR] 9DORUL]DGRHQ



SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ

*!#.+ &yG

*!#.+ )..¨* &yG

)..¨* &yG


/22. &2/25

z(EOP=L=N=DA?DEV=N

0iVFDUD0LUDGDKHFKL]DQWHQHJUR

2KHQIAJMQA?=QPER= @ABEJE?EäJMQA DELJKPEV=

$358(%$'(

$*8$

 

 )=UKN@ABEJE?EäJ ?KJRA?AO IbORKHQIAJ 0iVFDUD 0LUDGD+HFKL]DQWH JR] 9DORUL]DGRHQ



*!#.+ &yG

*!#.+ )..¨*

)..¨* &yG

&yG




*!#.+&yG

 ,AOP=ã=O

Ã&#x2019; IbO?QNR=O  RA?AOIbORKHQIAJ 0iVFDUDSDUDSHVWDxDV H[WUDFXUYDV JR] 9DORUL]DGRHQ

0iVFDUDIRUWDOHFLPLHQWR FRQWLQXR JR] 9DORUL]DGRHQ



 $358(%$'(

$358(%$'(

$*8$

*!#.+

)..¨*

&yG

&yG

*!#.+

 "KNP=HA?AH=OLAOP=ã=O EJ?HQOK@AOLQÃ&#x203A;O @A@AOI=MQEHH=NH=O  KJ=?AEPA@A   NE?EJKUKHER=  

$*8$

*!#.+ )..¨*

)..¨* &yG

&yG

*!#.+ )..¨* &yG

 «O=HK?KIK @AHEJA=@KN  KJREANPAPQ @AHEJA=@KAJ OKI>N=O 'HOLQHDGRUNRKOFRQGLIXPLQDGRU JR] 9DORUL]DGRHQ

 

*!#.+ '+$(

)..¨* '+$(

61( '+$(

)+. + '+$(

01.-1!/ '+$(

,!.( '+$(

&yG

&yG

&yG

&yG

&yG

&yG

SURPRFLyQ(VWXFKH9DQJXDUGSiJ

&yG

*!#.+&yG


/22. &2/25 $!..5/$%*!&yG

 )bTEIK>NEHHK  !BA?PKIKF=@K ?KHKNEJPAJOKAJ  =?=>=@KLANH=@K

.!* /1*/$%*!

.+*! .%#$0

)..¨* .+1#!

.5/0( ,.%/)

.+&+ /$%*!

+.( /,(/$

&yG

&yG

&yG

&yG

&yG

&yG

$!..5 )#%

"1/% $%

.+/ !!,

.+/ /$%*!

.+/ + "/$%+*

*.*& .!)

&yG

&yG

&yG

&yG

&yG

&yG

)* .%* ,.+2+%¨*

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



&yG

/DELDOOtTXLGREULOORIDQWiVWLFR POIOR] 9DORUL]DGRHQ

 AHE?EKO=   ATLANEAJ?E=  AJPQOH=>EKO  ?KHKNO=>KNU  =NKI=ENNAOEOPE>HAO

!.!6/! 1%¨*&yG

%ULOORODELDOVDERULUUHVLVWLEOH POIOR] 9DORUL]DGRHQ



".)1!/ #+(+/ &yG

,.%$+ %.1!( !)+. %..!/%/0%(! &yG

&yG

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

&yG

)* .%* /* % +-1!0 ,.+2+%¨* &yG

&yG

)*&. *01.(

)*6* !**!( 

&yG

&yG




z-QÃ&#x203A; H=>E=H R= ?KJPECK 81 /$%,$/ '( &2/25 ,17(162

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

/DELDO HQ EDUUD Pi[LPR FRORU  J   R] 9DORUL]DGR HQ  

 

&yG

KHKN EJPAJOK @AO@A H= LNEIAN= =LHE?=?EäJ 0KJKO RE>N=JPAO

.+/ + 0!*0%¨* &yG

.+&+ )+.

2%*+ #()+1.

)#!*0 0.!2% 

&yG

&yG

&yG

"1/% "*5 &yG

.+/ %2%* &yG

+.( /$%*!

.+&+ $!..5

)+ )%/0!.%+

&yG

&yG

&yG

)..¨* ¡(% + &yG

/DELDO Pi[LPR FRORU FKHUU\ PLVWHULR

81 /$%,$/ 48( '85$ 0½6 7,(032

2%*+ !/!+

/DELDO GH ODUJD GXUDFLyQ  J   R]

 

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

&yG

&yG

.+&+ ,/%¨*

KHKN MQA OA =@DEANA LKN IbO PEAILK 0ATPQN= OQ=RA

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

)..¨* 1.#1* 5

)..¨* )«

)..¨* $2*

&yG

&yG

&yG

.+&+ /!45 &yG

)..¨* "*0% &yG

SURPRFLyQFRORU´[ /DELDO '~R 7DWWRR 9HU SiJ 

.+/ /! 1%¨* &yG



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 

/DELDO GH ODUJD GXUDFLyQ URMR SDVLyQ


/22. &2/25



'( '(6&8(172

81 /$%,$/ &21 0$<25 '(),1,&,Ã&#x201E;1

(=>E=H U @AHEJA=@KN ?KJ AH ?KHKN AT=?PK LHE?=?EäJ LNA?EO=

.+/ * 5 &yG

.! /1,.!)!

 

.+/ !((!

+.( /! 10%+*

&yG

&yG

$!..5 (//

!.!6 !!,

+""!! /3!!0

&yG

&yG

&yG

&yG

/DELDO  GHOLQHDGRU  J   R] 9DORUL]DGR HQ  

/DELDO  GHOLQHDGRU FHUH]D GHHS

81 /$%,$/ &21 7(;785$ 8/75$ 68$9(



)bTEI= OQ=RE@=@ ?=>=@K HEOK AHE?EKOK O=>KN U =NKI= /DELDO XOWUD VXDYL]DQWH  J   R] 9DORUL]DGR HQ  

)..¨* +0+_+

&yG

)36

"1/% /! 10+.

)$&725 '( 3527(&&,Ã&#x201E;1 62/$5

&yG

.+/ %*0.%# &yG

.+&+ 2%26 &yG

 

)..¨* 0!*0%¨* &yG

"1/% "*0/¤ .+/ +-1!0

.+/ + .+&+ )¡#%+ ,.+2+%¨*

&yG &yG

&yG

&yG

/DELDO XOWUD VXDYL]DQWH URMR SURYRFDFLyQ




!HPN=VKMQA I=N?=H= @EBANAJ?E= 0EAJAOHKKGO@EBANAJPAO L=N=HQ?EN>AHH= zQbHQO=NbODKU

$358(%$'(

$*8$

,(0/,.'&yG

*!#.+ !40.!)+ &yG

3XQWDSOXPyQ &RQVLJXHXQD PLUDGDH[SUHVLYD FRQXQVRORWUD]R

#.%/,(0&yG

'HOLQHDGRUOtTXLGR GHIiFLODSOLFDFLyQ POIOR] 9DORUL]DGRHQ



0+*+/ #(%00!.

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



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

)+. + #()+1.

61( /!*/%0%2!

+. + !**0+

)..¨* +0+_+

&yG

&yG

&yG

&yG

&yG

SURPRFLyQ(VWXFKH9DQJXDUGSiJ

2!. ! 1 6 &yG

)..¨* /,.'

61( /,.'

*!#.+ /,.'

&yG

&yG

&yG


 782)(57$ (675(//$

$358(%$'(

$*8$

,(0/,.'&yG

#.%/,(0&yG

3XQWDSLQFHO 'DOHDWXPLUDGD XQORRNVR´VWLFDGR FRQDFDEDGR H[WUD´QR

'HOLQHDGRUOtTXLGRGH DFDEDGRSURIHVLRQDO POIOR] 9DORUL]DGRHQ

*!#.+ !40.!)+ &yG



0+*+/ #(%00!.

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

)+. + #()+1.

61( /!*/%0%2!

+. + !**0+

)..¨* +0+_+

2!. ! 1 6

)..¨* /,.'

61( /,.'

*!#.+ /,.'

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG




'HOLQHDGRUHQODSL]SDUDRMRVQHJURLQWHQVRODELDOKLGUDWDQWHH[WUHPRURVDGLYD\PiVFDUDHIHFWRPD\RUYROXPHQQHJUR

'HOLQHDDODUJDQGR ODVHVTXLQDVSDUD TXHWXVRMRVVH YHDQPiVJUDQGHV 'HOLQHDVLQVDOLUWH GHORVERUGHV\ FRQXQFRORU VLPLODUD WXODELDO

'HOLQHDVLQVDOLUWH GHORVERUGHV\ FRQXQFRORUVLPLODU DWXODELDO

(KKGIK@ANJK

PNÃ&#x203A;RAPA?KJQJI=MQEHH=FAIbOEIL=?P=JPA KJQJKOH=>EKO NKFKEJPAJOKU@AHEJA=@KOUQJ=OLAOP=ã=OOéLANRKHQIEJKO=O MQA=?AJPQ=NbJPQIEN=@=@bJ@KPAQJAOPEHK?=OQ=HLANK OéLANIK@ANJK



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


. 61 1(    /  G .+ &y

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

+.( #(^

*01.(

/$%,26

2-26

&yG

&(-$6

&yG

%!..+*()¡/.

&yG

/%#1!+*!((%(

".)1!/)*%

,.%)!.+!( !(%*! +.

3DVRDSOLFDHOGHOLQHDGRUTXHYD\D PHMRUFRQWXVRMRV6LWLHQHVRMRV FODURVHOD]XORYHUGHHVWXFRORU VLWLHQHVRMRVPDUURQHVFXDOTXLHU WRQRWHTXHGDUiELHQ

3DVRGDOHFRORUDWXVODELRV ORVWRQRVLQWHQVRVVRQLGHDOHVSDUD HVWHORRN5HIXpU]DORGHOLQHDQGR ORVERUGHVFRQXQWRQRVLPLODU

/DELDOKLGUDWDQWHH[WUHPR JR] 9DORUL]DGRHQ

'HOLQHDGRUHQOiSL] SDUDFHMDV SDUDODELRV SDUDRMRV JR] 9DORUL]DGRHQ

3DVRGDOHPD\RUYROXPHQD WXVSHVWDxDVSDUDFRQVHJXLUXQD PLUDGDPiVLQWHQVD\PLVWHULRVD(VWD PiVFDUDMXQWRFRQXQEXHQGHOLQHDGR HVSHUIHFWDSDUDXQORRNPRGHUQR

0iVFDUDHIHFWR PD\RUYROXPHQ JR] 9DORUL]DGRHQ







'(/,1($'25'(2-26

,(0! + .0 &yG

)..¨* "^ &yG

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

2!. ! /% *!5 &yG

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

61( )..¨* 01.-1!/ )#% )! %0!..¡*!+ +.#+_ &yG

&yG

&yG

"1/% .+/ !/,(!* +. 10%2*0! &yG

&yG

)#!*0 0.2%!/

.+/ !**0+

&yG

&yG

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

"1/% #()

+.( $%

.+/ %2

&yG

&yG

&yG

&yG

'(/,1($'25'(/$%,26

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

.+/ !(%0! &yG

*!#.+ &yG

*!#.+ )..¨*

)..¨*

61(

&yG

&yG

&yG

 '('(6&8(172(1 /$%,$/+,'5$7$17( (;75(02

.+&+ )*$00*

*.*& $%

&yG

&yG

.+&+ (1&1.%

#.*0! /! 10+.

"^ )+

)..¨* #()+1.

&yG

&yG

&yG

&yG




'HOLQHDGRUHQODSL]QHJUR&yGODELDOHQEDUUDSDORURVD\PiVFDUDPLUDGDKHFKL]DQWHQHJUR

7UD]DXQDOLQHDJUXHVD HQHOSiUSDGRVXSHULRU SDUDTXHVHQRWHQ ORVEULOORV

(KKGN=@E=JPA

KJAOPAI=MQEHH=FA PéOANbOH=AOPNAHH= 1PEHEV= HKO@AHEJA=@KNAOHQTL=N= @=NHA>NEHHK=PQIEN=@=UHQ?EN QJKOLNKRK?=PERKOH=>EKO ?KJ=?=>=@KLANH=@K  !ODKN=@A@AOHQ>N=NÎÎÎ

$FDEDGR SHUODGR

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


,.%)!.+!( !(%*! +.

/%#1!+*!((%(

%!..+*()¡/.

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

/()¨* !/0!((+/

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

&yG

*!#.+ (14

&yG

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

&yG

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

3DVRHOGHOLQHDGRUOX[OHGDUi XQEULOORH[WUDDWXVRMRVJUDFLDV DVXVVHQVXDOHVUHµHMRV6LTXLHUHV FRQVHJXLUXQDPLUDGDPiJLFD HVWHHVHODFDEDGRTXHQHFHVLWDV

'HOLQHDGRUHQOiSL] SDUDFHMDV SDUDRMRV SDUDODELRV JR] 9DORUL]DGRHQ 

3DVRFRQVLJXHXQRVODELRVPiV SURYRFDWLYRVFRQDFDEDGRSHUODGR\ GHVWHOORVGHFRORUTXHOHGDUiPD\RU EULOORDWXVRQULVD\XQDDSDULHQFLD GHODELRVK~PHGRV

/DELDOHQEDUUD GHVWHOORVGHFRORU JR] 9DORUL]DGRHQ 



3DVRSDUDWHUPLQDUGHGDUOHD WXPLUDGDXQHIHFWRPiJLFR ODPiVFDUDPLUDGDKHFKL]DQWHOHGDUi DWXVSHVWDxDVYHFHVPiVYROXPHQ\ XQDGH´QLFLyQVRUSUHQGHQWHJUDFLDVD VXDSOLFDGRUHVSHFLDOTXHVHSDUD WXVSHVWDxDV

0iVFDUD0LUDGD +HFKL]DQWH JR] 9DORUL]DGRHQ 





'(/,1($'25'(2-26

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

"^ (14

2!. ! (14

&yG

&yG

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

61( (14 &yG

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

$++(0! !/0!((+/

*!#.+ (14 .+&+ !/0!((+/

*!#.+ )..¨* &yG

)..¨* &yG

&yG

&yG

&yG

*!#.+ &yG

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



'('(6&8(172 


(VPDOWH  HQ  $]XO %ULVD -DGH 2ULHQWDO

(= IK@= AO L=N= @EOBNQP=NH= ,bO=H= >EAJ LEJP=J@K PQO Qã=O z-QÃ&#x203A; P=H OE H=O LEJP=O ?KJ AH JQARK VQH NEO= U QO=O QJ ?KHKN @EOPEJPK AJ QJ= @A AHH=O


18(92 7212

18(92 7212


!J=IäN=PA @APQLEAH

)$&725'( 3527(&&,Ã&#x201E;1 62/$5

)36



0!..+0 &yG

(=I=CE=@AHI=MQEHH=FAAILEAV= LKNH=LEAH JPAO@AAILAV=N =OACéN=PA@AHQ?ENQJ?QPEO N=@E=JPAUOEJEILANBA??EKJAO

'HMDWXFXWLV HQYLGLDEOHPHQWH VXDYHFRQWURODHO EULOOR\´MDPHMRU HOPDTXLOODMH

0.*/(«% +/ &yG

*01.(.+*6! &yG

3ROYRVVXHOWRVSDUD URVWURSLHOGHVHGD JR] 9DORUL]DGRHQ



3ROYRVIDFLDOHVHQSHUODV HIHFWREURQFHDGR JR] &yG

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ

%URQFHDGR FRQDFDEDGR QDWXUDOFREHUWXUD XQLIRUPH VHDGDSWDD WXWRQRGHSLHO

9DORUL]DGRHQ




/22. &2/25

 '('(6&8(172

&RPREDVH

.+/  &yG

3ROYRVFRPSDFWRV GREOHDFDEDGR JR] 9DORUL]DGRHQ

&RPRSROYRV



.+/ 

.+/ 

!%#! 

!%#! 

!%#! 

&yG

&yG

&yG

&yG

&yG

3ROYRV\EDVH HQXQVROR SURGXFWR (PSDUHMD PDWL´FD\ GDVHQVDFLyQ GHIUHVFXUD

3ROYRVFRPSDFWRVGREOHDFDEDGRURVD




SURPRFLyQFRORU´[

/DELDO '~R 7DWWRR 9HU SiJ 



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 

&RUUHFWRU IDFLDO SLHO SHUIHFWD EHLJH  EDVH GH PDTXLOODMH KLGURQXWULWLYD EHLJH  ODELDO G~R WDWWRR URVD OLJKW


/22. &2/25

,EAH LANBA?P=

{=Oß @A Bb?EHÎ /E MQEANAO HQ?EN QJ= LEAH HEJ@= DE@N=P=@= U OEJ EILANBA??EKJAO ?KNNA?PKN U >=OA OKJ EJ@EOLAJO=>HAO

Q>NA EILANBA??EKJAO AF= PQ LEAH QJEBKNIA 0ATPQN= OQ=RA U OA@KO=

.+/   &yG

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

!%#!   

 

&yG

.+/

.+/   

!%#!  

&yG

&yG



&yG

'( '(6&8(172

.+/  &yG

.+/  &yG

$E@N=P= U JQPNA KNNECA EILANBA??EKJAO ARQAHRA H= =L=NEAJ?E= FKRAJ @A H= LEAH

!%#!  &yG

%DVH GH PDTXLOODMH KLGURQXWULWLYD  PO   IOR] 9DORUL]DGR HQ  

 

!%#! &yG

!%#!  &yG

)$&725 '( 3527(&&,Ä1 62/$5

!%#! 

!%#! 

!%#! 

&yG

&yG

&yG

)36



.+/ 

.+/ 

.+/ 

&yG

&yG

&yG




1J= LEAH HEJ@=

,=N= AILAV=N PQ OAOEäJ @A I=MQEHH=FA

.+/

%DVH  HQ  EHLJH 

&yG

KNNECA EILANBA??EKJAO KJPNKH= AH >NEHHK ,NKPACA H= LEAH

)$&725 '( 3527(&&,Ã&#x201E;1 62/$5

)36



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

 

!%#! &yG

SURPRFLyQFRORU´[ /DELDO '~R 7DWWRR 9HU SiJ 



!%#! 

!%#! 

!%#! 

!%#! 

.+/ 

.+/ 

.+/ 

.+/ 

.+/ 

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

&yG

SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 


/22. &2/25

PEAJA OQO PNQ?KO =OACéN=PA @A HQ?EN QJ ?QPEO OQ=RA U OEJ EILANBA??EKJAO

.+/  &yG

 '( '(6&8(172

!%#!  &Ã&#x201E;'

%DVH URVWUR KLGUDWDGR URVD 

.+/ &yG

.KOPNK Ã&#x2019; IbO DE@N=P=@K 1JEBKNIEV= AH PKJK @A PQ ?QPEO ,ANIEPA MQA PQ LEAH NAOLENA

)$&725 '( 3527(&&,Ã&#x201E;1 62/$5

)36



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

!%#! &yG

 

.+/  &yG

!%#! 

!%#! 

!%#! 

.+/ 

.+/ 

.+/ 

&yG

&yG

&yG

&yG

&yG

&yG

!%#!  &yG

5HVXOWDGRVREWHQLGRVHQSUXHEDGHH´FDFLDUHDOL]DGDFRQSDUWLFLSDQWHVGHVSXpVGHKRUDVGHODDSOLFDFLyQGHOSURGXFWR




=HARE@==PQOIAFEHH=O

1JPKMQA@A?KHKND=NbMQAPQNKOPNKOARA=N=@E=JPAรŽรŽรŽ 5XERUFRPSDFWRHIHFWR JHPDV\PLQHUDOHV JR] 9DORUL]DGRHQ



 )bTEI==@DANAJ?E=  0ATPQN=OQ=RAUOA@KO=  KJPNKH=AHAT?AOK @A>NEHHK #.*0!.+/! &yG

ยก).

)+

&yG

&yG

1.6+.+/

720$127$ ยš&yPRDSOLFDUWHUXERU VHJ~QODIRUPDGHWXURVWUR"

5RVWURUHGRQGHDGR $SOLFDHOUXERUDFHQWXDQGR HOKXHVRGHWXVSyPXORV HQGLUHFFLyQDODVLHQ (VWLOL]DUiWXURVWUR\ VHYHUiPiVGHOJDGR

&yG

 '('(6&8(172

.1 &yG ยค  

5RVWURFXDGUDGR $SOLFDHOUXERUHQODV PHMLOODVSDUDGDUOHVYLGD QRORDSOLTXHVVREUH ORVSyPXORV

5RVWURWULDQJXODU 7HTXHGDUiPHMRUHOUXERU VLORDSOLFDVGHVGHODSDUWH VXSHULRUGHOKXHVRGHO SyPXORGHVGHODPLWDG GHWXRMRKDFLDODVLHQ

SURPRFLyQFRORUยด[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ

+.( &yG




0+""!! /$%*!

&yG

/22. &2/25

.+&+/$%*!

&yG

'('(6&8(172

,. %/! +!* &yG

".)1!/ /$%*!

2%+(!0 /$%*!

$FRQGLFLRQD WXVODELRV GXOFHVDERU\ DURPD

&yG

&yG

6XDYL]D\ SUHYLHQHOD UHVHTXHGDG GHORV SiUSDGRV

".!/ /$%*! &yG

0!.. +*"+.0 &yG

AHHAV=J=PQN=H (KOEJCNA@EAJPAOJ=PQN=HAO @A!VAJOE?QE@=JPQLEAHU LNAREAJAJMQAOANAOAMQA

(=(16,&2/25 %ULOORODELDO POIOR] 9DORUL]DGRHQ



+.(%*!  &yG

3!0 /$%*! &yG

(VWXFKHGHVRPEUDV JR] 9DORUL]DGRHQ



,%"% .+)*! &yG

3ROYRVFRPSDFWRV SDUDURVWUR JR] 9DORUL]DGRHQ



) !%. "*0/5 &yG

0DWL´FDQ HKLGUDWDQ WXSLHOFRQ LQJUHGLHQWHV QDWXUDOHV

)%!(   &yG

+.(%*!   &yG

)%!(  &yG




Llegó el día con el que tanto soñaste ¡Y lo tienes todo! El vestido perfecto, el peinado ideal... Solo te faltan unos hermosos accesorios para convertirte en la novia más linda de todas.



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


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

(QEDxR GHRURFRQ SHUODVFUHPD FULVWDOHV \SLHGUDV IDFHWDGDV WUDQVO~FLGDV







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





18(9$ &2/(&&,Ã&#x201E;1'$00$ &ROODU /DUJRUHJXODEOHDFP 0HGLGDVGHOGLMH[FP

$UHWHV /DUJR[FP

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ



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

/,%5('(3/202

&yG



$UHWHVODUJRV /DUJR[FP &yG

3XOVHUD (OiVWLFD /DUJRDSUR[FP &yG

9DORUL]DGRHQ



$QLOOR 7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG 9HUSUREDGRUHQODSiJ

9DORUL]DGRHQ



9DORUL]DGRHQ






ยกQue palpite el amor!



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 


/$ &2035$

723 

(Q EDxR GRUDGR FRQ FULVWDOHV WUDQVO~FLGRV





18(9$ &2/(&&,Ã&#x201E;1 /29(56  &ROODU \ DUHWHV /DUJR UHJXODEOH GHO FROODU  D  FP 0HGLGD GH ORV DUHWHV  [  FP

 $UHWHV ODUJRV 0HGLGDV  [  FP

 3XOVHUD /DUJR UHJXODEOH  D  FP

&yG 

&yG 

&yG 

9DORUL]DGR HQ  

 

9DORUL]DGR HQ  

9DORUL]DGR HQ  

 

 

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

/,%5( '( 3/202 


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

9DORUL]DGR HQ  

 

$QLOOR $PRU (WHUQR 3UHFLRVR DQLOOR GH FRPSURPLVR HQ SODWD  FRQ FLUFyQ WUDQVO~FLGR ´QRVFDODGRV\PHQVDMH GH DPRU HQ OD SDUWH LQWHUQD

3/$7$



&RQ FLUFyQ

(VWXFKH /HEDQ

(VWXFKH )LQHVW

,QFOX\HSDUHVGHDUHWHVHQ EDxRGHRUR\SODWD

,QFOX\HDQLOORVHQEDxRGHRUR\SODWD FRQSHUOD\FULVWDOHV

&yG 

7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG

9DORUL]DGR HQ  

 

9HU SUREDGRU HQ OD SiJ 

9DORUL]DGRHQ 

SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 

 


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

18(9$ &2/(&&,Ã&#x201E;1 /8;85< (QEDxRGHRUR\EDxRGH SODWD FRQ WH[WXUDV GH DOWD MR\HUtD\ILQRVFULVWDOHV WUDQVO~FLGRV (VWXFKHGHFROODU\DUHWHV /DUJR UHJXODEOH GHO FROODU DFP 0HGLGDVGHOGLMH [FP



$QLOOR  (Q EDxR GH RUR 7DOOD  &yG  7DOOD  &yG  7DOOD  &yG  7DOOD  &yG 

(QEDxRGHSODWD

 (Q EDxR GH SODWD

7DOOD  &yG  7DOOD&yG 7DOOD  &yG  7DOOD  &yG 

&yG 

9HU SUREDGRU HQ OD SiJ 

9DORUL]DGR HQ  

9DORUL]DGR HQ  

(QEDxRGHRUR &yG 

  FX

  FX

&RQ FLUFyQ

 

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

/,%5( '( 3/202 


&ROHFFLyQHQ EDxRGHSODWD \EDxRGHRUR FRQFULVWDOHV WUDQVO~FLGRV



,ANBA?P=L=N= AOAIKIAJPK AOLA?E=H





18(9$ &2/(&&,Ã&#x201E;1025(0, &ROODU /DUJRUHJXODEOH DFP 0HGLGDVGHOGLMH [FP &yG

9DORUL]DGRHQ



$QLOOR 7DOOD&yG 7DOOD&yG 7DOOD&yG 7DOOD&yG 9HUSUREDGRU 3$5$(//$

9DORUL]DGRHQ

3$5$e/



$UHWHVODUJRV 0HGLGDVDSUR[LPDGDV [FP













&yG

9DORUL]DGRHQ



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

/,%5('(3/202 

SURPRFLyQ(VWXFKH9DQJXDUGSiJ

352%$'25'($1,//26&RORFDXQRGHWXVDQLOORVKDVWDTXHYHDVHO FtUFXORFRPSOHWRGHQWURGHpO(VDHVWXWDOOD


35202&,Ä1 (VWXFKH9DQJXDUG DVROR

 &yG

18(92

3RUODFRPSUDGHXQSUGXFWRGH )UDJDQFLDV0DTXLOODMHR%LMRXWHULH GHDGXOWRV

(VWXFKH9DQJXDUG ,QFOX\HSDUHVGHDUHWHV 9DORUL]DGRHQ

L=NAO@A=NAPAO

{D=OP= ?KI>EJ=?EKJAO@EOPEJP=OÎ

6LGHVHDVFRPSUDUVRORHOHVWXFKH9DQJXDUG VLQFRQGLFLyQGHSURPRFLyQ StGHORFRQHO&yG3UHFLR

3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN




3XOVHUD5HDOH]D (QEDxRGHSODWDFRQFULVWDOHV WUDQVO~FLGRV\SLHGUDV WUDQVO~FLGDV /DUJRUHJXODEOHDFP &yG

9DORUL]DGRHQ



&ROODU&RQGHVV (QEDxRGHSODWDFRQSHUODVFRORU FUHPD\HVPDOWHQHJUR /DUJRUHJXODEOH DFP 0HGLGDGHOGLMH [PP &yG

&ROODU,QILQLWR &RQGLMHFHQWUDOGHWUHVILQRV FULVWDOHV\ODUJRUHJXODEOH &RQEDxRHQRUR &yG

9DORUL]DGRHQ



9DORUL]DGRHQ



$UHWHVODUJRV5HDOH]D (QEDxRGHSODWDFRQFULVWDOHV \SLHGUDVWUDQVO~FLGDV

$UHWHVODUJRV)ORULDK (QEDxRGRUDGRFRQFULVWDOHV D]XOHV

&yG

$UHWHVODUJRV%ORVVRP (QEDxRSODWHDGRFRQSHUODV FRORUFUHPD /DUJRFP

9DORUL]DGRHQ

&yG

9DORUL]DGRHQ

 

9DORUL]DGRHQ



&yG




,55(6,67,%/(6

 '('(6&8(172

&ROODU5HOLJLRVR5R]]D &DGHQDHQEDxRGRUDGRFRQSLH]DV URVDGDVSHUODVGRUDGDV\GLMHFRQ LPDJHQGHOD9LUJHQGH)iWLPD /DUJRUHJXODEOHDFP

&ROODU+HDUW\SDUDQLxDV (QEDxRGHRURFRQHVPDOWHURVDGR \FULVWDOWUDQVO~FLGR/DUJRGHO FROODUFP

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ



&yG



$UHWHVODUJRV&DIIH (QEDxRGHRURFRQSLHGUDV FRORUPDUUyQ\FULVWDOHV WUDQVO~FLGRV/DUJRFP

(VWXFKH0DUFLD &ROODUHQEDxRSODWHDGRFRQGLMHV /DUJRUHJXODEOHGHOFROODUDFP 0HGLGDVGLMHFRQSHUOD[FP 0HGLGDVGLMHFRQIORU[FP 0HGLGDVGLMHFRQSLHGUD[FP

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ








.AL=N=?EäJ ,NKBQJ@= .AL=N=AH?=>AHHK@=ã=@KLKNAH QOK@ALH=J?D=OA?=@KN=PEJPAO U@A?KHKN=JPAO ,NAREAJAH=?=ß@=@AH?=>AHHK LKNMQEA>NA

/22. &$5( 5HSDUDFLyQ([WUHPD 6KDPSRR POIOR] &yG

9DORUL]DGRHQ



$FRQGLFLRQDGRU POIOR] &yG

9DORUL]DGRHQ



(KKGÓ=NA?QE@=H= =L=NEAJ?E=@APQ?=>AHHK

ABEJAOQONEVKOKHEOKOJ=PQN=HAOHA@=QJ DANIKOK>NEHHKKHKNAL=N=?KIKJEJCéJKPNK L=N=MQAPQ?=>AHHKOARA=O=HQ@=>HAUIbO EILKNP=JPAMQAPéHKOEAJP=OO=HQ@=>HA



SURPRFLyQ/DELDOG~R7DWWRRSiJ


&$%(//2 3,(/

 '('(6&8(172

(=EILKNP=J?E=@AQJ ?=>AHHKUQJ?QANLK DANIKOKO 0Q=L=NEAJ?E=AOAHNABHAFK @A?QbJPKPAMQEANAO@A ?QbJPKPA?QE@=O zäIK HA@E?AO=PQ?QANLKMQA HKMQEANAO/KJR=NE=OH=O BKNI=OLNKPACEAJ@KPQ ?=>AHHK@AFbJ@KHK DANIKOK@bJ@KHA=PQ LEAHHKOPN=P=IEAJPKOMQA JA?AOEP=D=?EAJ@K AFAN?E?EKUIbO !O?Q?D= =PQ?QANLKÃ&#x203A;H?KJOQ >AHHAV=PA@=H=OCN=?E=O  

 5HVXOWDGRVREWHQLGRVHQODERUDWRULRVREUHFDEHOORQDWXUDODSOLFDQGRODUXWLQDFRPSOHWD /RRN &DUH9VVKDPSRRVLQDJHQWHVDFRQGLFLRQDGRUHV




.EVKORA?AO IbO@AÂ&#x2DC;JE@KO UQ@==@AÂ&#x2DC;JENPQONEVKOU NA@Q?AAHBNEVV ,NKPACAPQ?=>AHHKUHK I=JPEAJA?KJAOAIKREIEAJPK J=PQN=HMQAOEAILNAMQEOEOPA

/22. &$5( 5L]R([WUHPR 6KDPSRR POIOR] &yG

9DORUL]DGRHQ



$FRQGLFLRQDGRU POIOR] &yG

9DORUL]DGRHQ

 



SURPRFLyQ/DELDOG~R7DWWRRSiJ




'('(6&8(172

&$%(//2 3,(/



RA?AO IbOHEOK HEJA=H=ODA>N=O@APQ?=>AHHK L=N==QIAJP=NOQHEOKJ=PQN=H ,NKPACAAH?=>AHHK@AHKO@=ãKO ?=QO=@KOLKNH=OLH=J?D=O

/22. &$5( /LVR$EVROXWR 6KDPSRR POIOR] &yG

9DORUL]DGRHQ

 )527$$48Ã&#x20AC;<6,(17( (/$520$/22. &$5( 



$FRQGLFLRQDGRU POIOR] &yG

9DORUL]DGRHQ



5HVXOWDGRVREWHQLGRVHQODERUDWRULRVREUHFDEHOORQDWXUDODSOLFDQGRODUXWLQDFRPSOHWD/RRN &DUHYV VKDPSRRVLQDJHQWHVDFRQGLFLRQDGRUHV




 RA?AO IbO >NEHH=JPA  QIAJP= AH >NEHHK ?NA=J@K QJ= ˜J=LAHß?QH=@AIE?NKL=NPß?QH=O @ALANH=OMQAD=?AMQAH=HQVOA NA™AFAAJPK@=O@ENA??EKJAO KJPNKH=AHBNEVV

/22. &$5( %ULOOR 0i[LPR  6KDPSRR  PO   IOR] &yG 

 $FRQGLFLRQDGRU  PO   IOR] &yG 

9DORUL]DGR HQ   FX

  FX





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



SURPRFLyQ /DELDO G~R 7DWWRR SiJ 


&$%(//2 3,(/

KILHAIAJPKO LANBA?PKO !H ?QE@=@K @A PQ ?=>AHHK JK PANIEJ= ?KJ H=HEILEAV= Q=HMQEAN=OA=PQPELK@A ?=>AHHK=Ué@=HK=?KJOANR=NOQIAFKN =L=NEAJ?E=?KJ(KKGÃ&#x201C;=NA

 5HVWDXUD WX FDEHOOR GHO GDxR SURYRFDGRV SRU TXtPLFRV VHFDGRUD SODQFKD \ WLQWHV

  5HVWDXUD ODV SXQWDV \ ODV VHOOD 3URWHJH WX FDEHOOR GH ORV HIHFWRV GHO VRO

 ,QFUHPHQWD HO EULOOR GH WX FDEHOOR \ D\XGD D GHMDUOR VXDYH \ VHGRVR

'( '(6&8(172 (1 0$6&$5,//$ '2%/( 5(3$5$&,Ã&#x201E;1 12&7851$

/22. &$5( 3DUD WRGR WLSR GH FDEHOOR 5HSDUDFLyQ ([WUHPD  0DVFDULOOD GREOH UHSDUDFLyQ QRFWXUQD  PO   IOR] &yG 

9DORUL]DGR HQ  

 

 /RFLyQ UHVWDXUDGRUD GH SXQWDV  PO   IOR] &yG 

9DORUL]DGR HQ  

 

%ULOOR 0i[LPR  6SUD\ PD[LPL]DGRU GH EULOOR  PO   IOR] &yG 

9DORUL]DGR HQ  

 




!OJ=PQN=HAOLNb?PE?K

!OAHIAFKN?QE@=@KMQAHALQA@AO@=N=H?=>AHHK@APK@=PQ B=IEHE=?KJHKOIAFKNAOEJCNA@EAJPAOJ=PQN=HAO

SURPRFLyQFRORU´[ /DELDO'~R7DWWRR 9HUSiJ



SURPRFLyQ/DELDOG~R7DWWRRSiJ


 2)(57$ (675(//$ /,752

$/9,(172 HQ7RGR WLSRGHFDEHOOR $XPHQWDHOEULOOR FRQDOPHQGUDV \IRUWDOHFHOD ´EUDFDSLODUFRQ JHUPHQGHWULJR

HQ 7RGRWLSRGHFDEHOOR 6KDPSRRDFRQGLFLRQDGRU OLWURIOR] &yG

9DORUL]DGRHQ








'( '(6&8(172

 &DEHOOR *UDVR &RQWUROD HO QLYHOGHJUDVD FRQOLPyQ\ UHIUHVFD FRQ ViELOD

 &DEHOOR 6HFR 6XDYL]D\ DFRQGLFLRQDFRQ DFHLWHGHFRFR KXPHFWD\GHMD GyFLOHOFDEHOOR FRQDJXDFDWH

 /,752



SURPRFLyQ /DELDO G~R 7DWWRR SiJ 

 &DEHOOR ([WUD 6HFR +XPHFWD\ GDEULOORFRQ DFHLWHGHMRMRED SURWHJHOD´EUD FDSLODUFRQNLZL

 &DEHOOR 1RUPDO )RUWDOHFH OD ´EUDFDSLODU FRQ DYHQD \ OH GDVXDYLGDG\ YLGDFRQPLHO

 /,752


&$%(//2 3,(/

KILHAPK ?QE@=@K L=N= PQ ?=>AHHK 0Q OD=ILKK PEAJA QJ ?KILHAIAJPK J=PQN=H ?NAI= L=N= LAEJ=N L=N= QJ NAOQHP=@K BAHEV

$/9,(172  7RGR WLSR GH FDEHOOR +LGUDWD VXDYL]D\ DXPHQWDHOEULOOR GHOFDEHOOR &RQDORHYHUD NDULWp\QXH]GH PDFDGDPLD

6KDPSRROLWURIOR] &DEHOOR6HFR&yG  &DEHOOR*UDVR&yG  &DEHOOR([WUD6HFR&yG  &DEHOOR1RUPDO&yG  9DORUL]DGRVHQFX   FX &UHPDSDUDSHLQDU JR] &yG 

9DORUL]DGRHQ

 




$=OP=DKN=OOEJN=OPNK @APN=JOLEN=?EäJ )bTEI=LNKPA??EäJMQAPAI=JPEAJAOA?=UHE>NA@AHI=HKHKN



SURPRFLyQ/DELDOG~R7DWWRRSiJ


&$%(//2 3,(/

727$/6(& 8QLVH[ 'HVRGRUDQWH DQWLWUDQVSLUDQWHUROORQ POIOR] &yG



'('(6&8(172

0XMHU 'HVRGRUDQWH DQWLWUDQVSLUDQWHUROORQ POIOR] &yG

+RPEUH 'HVRGRUDQWH DQWLWUDQVSLUDQWHUROORQ POIOR] &yG

9DORUL]DGRHQFX FX

8QLVH[ &RQIUDJDQFLD QHXWUD

3DUDHOOD &RQGHOLFDGR DURPDµRUDO

3DUDpO &RQUHIUHVFDQWH IUDJDQFLD PDVFXOLQD

K '('85$&,Ã&#x201E;1




/EÃ&#x203A;JPAPAOACQN=ULNKPACE@= KJAOPKO@AOK@KN=JPAOMQA?KI>=PAJH=PN=JOLEN=?EäJ UREAJAJ?KJAH=NKI=@APQBN=C=J?E=B=RKNEP=

&yG

&yG

&yG

&yG

&yG

3URWHJHQGHO PDORORUH LQWHQVL´FDQ WXIUDJDQFLD IDYRULWD

SDUDHOOD

&yG

&yG

&yG

'HVRGRUDQWHVUROORQ POIOR] 9DORUL]DGRVHQFX FX

&yG



&yG

&yG

SURPRFLyQ/DELDOG~R7DWWRRSiJ

&yG

&yG

&yG

&yG


&$%(//2 3,(/



'('(6&8(172

&yG

&yG

&yG

&yG

&yG

&yG

SDUDpO

&yG

&yG

&yG

&yG

&yG

&yG

&yG

XQLVH[

&yG

&yG

&yG

&yG &yG

18(92




EOBNQP=H=RE@= =L=OKHECANK 0=H?KL=N=I=JPAJAN PQOLEAOBNAO?KOUOA?KO 7DOFRSDUDSLHV JR] &yG

9DORUL]DGRHQ



3URWHJHGHOD WUDQVSLUDFLyQ\ GHOPDORORUSRU KRUDV



SURPRFLyQ/DELDOG~R7DWWRRSiJ


&$%(//2 3,(/

(OLPLQD LPSXUH]DV\ FpOXODVPXHUWDV &RQFiVFDUD GHQXH]SLHGUD SyPH]\PHQWRO

AH?=JO=J?EK UH=O=OLANAV=O JKMQA@=NbJE DQAHH= ,NQA>=PK@=H= HßJA=U@EOBNQP= @AQJKOLEAO OQ=RAOBNAO?KO UNAH=F=@KO

 '('(6&8(172

6XDYL]D\ UHIUHVFD&RQ H[WUDFWRGH RUTXtGHD ODYDQGD\ PHQWRO

/À1($3$5$3,(6 &UHPDH[IROLDQWHSDUDSLHV JR] &yG

9DORUL]DGRHQ

 (OLPLQDFDOORV \DVSHUH]DV &RQH[WUDFWR GHDYHQDiFLGR VDOLFtOLFR\ PHQWRO

&UHPDKXPHFWDQWH JR] &yG

9DORUL]DGRHQ



&UHPDSDUDSLHVFRQ DVSHUH]DV\FDOORVLGDGHV JR] &yG

9DORUL]DGRHQ






AOI=MQEHH=NOA AO?QE@=NH=LEAH !HEIEJ=NEILQNAV=OUNAPEN=NAH I=MQEHH=FA=UQ@==KTECAJ=NPQ LEAHUMQAOANAOP=>HAV?=



SURPRFLyQ/DELDOG~R7DWWRRSiJ

/¤K/¤ *KPK@=OH=OLEAHAOOKJECQ=HAOJK PK@=OH=OVKJ=OP=ILK?K 1PEHEV=QJ @AOI=MQEHH=@KNMQANAOLKJ@==H=O JA?AOE@=@AO@APQNKOPNK


&$%(//2 3,(/

$0,7$'

'(35(&,2 'HVPDTXLOOD ODV]RQDV GHOLFDGDVGHO URVWURRMRV\ ODELRV

%LIiVLFR3DUD UHPRYHUKDVWD HOPDTXLOODMH PiVGLItFLO

'HVPDTXLOOD ODSLHO VHQVLEOH

/RFLyQGHVPDTXLOODQWH SDUDRMRV\URVWUR POIOR]

'HVPDTXLOODGRUHQJHO SDUDRMRV\ODELRV JR]

'HVPDTXLOODGRUOtTXLGR DFFLyQLQPHGLDWD POIOR]

&yG

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ

9DORUL]DGRHQ










0K@=A@=@U PELK@ALEAH

HKAU>=NNK .E?KAJIEJAN=HAOAH>=NNK AOPEIQH=H=?EN?QH=?EäJU =>OKN>AH=OEILQNAV=O IEAJPN=OMQAAH=HKA?KJQJ Ò@A=CQ=PEAJAQJLK@AN PAN=LÛQPE?KOKNLNAJ@AJPA



SURPRFLyQ/DELDOG~R7DWWRRSiJ


&$%(//2 3,(/

!OP=I=O?=NEHH=@A=HKAU>=NNK OßMQAAODE@N=P=?EäJEJIA@E=P= -QÛPATPQN=P=JNABNAO?=JPA

AOP=I=O?=NEHH=@AF=IELEAH OéLANDE@N=P=@=UIQUOQ=RA{UAJOKHK IEJQPKOÎ

1$785$/&$5( 0DVFDULOODIDFLDO KLGUDWDFLyQLQPHGLDWD JR] &yG

9DORUL]DGRHQ

+XPHFWD\VXDYL]D ODSLHOGHOURVWURGH IRUPDLQPHGLDWD FRQEDUURRUJiQLFR \DORH



720$127$ $SOtFDODRYHFHVSRUVHPDQD 3DVR$SOLFDXQDFDSD VREUHHOURVWUROLPSLR\ GpMDODVHFDUHQWUH\ PLQXWRV 3DVR(QMXDJDFRQ DJXDWLELD6LHQWHFyPR WRGDWXSLHOTXHGDV~SHU VXDYHHKLGUDWDGD

 '('(6&8(172




0K@=A@=@U PELK@ALEAH

$E@N=P=?EäJIbTEI= AJIENKOPNKUKFKO (=?NAI=I=JPEAJAIELEAHDE@N=P=@=PK@KAH@ß= UAHCAH@AF=IEOKFKO?KJQJ=OAJO=?EäJ@ABNAO?QN=

1$785$/&$5( &UHPDKLGUDWDQWHIDFLDO JR] &yG

9DORUL]DGRHQ



*HOUHIUHVFDQWHSDUDHO FRQWRUQRGHRMRV JR]

,ALEJKUPÛRAN@A #N=?E=O=OQ=HPK ?KJPAJE@K@A=CQ= AHLALEJKAOQJ=BQAJPA J=PQN=H@ADE@N=P=?EäJ L=N=H=LEAHIEAJPN=O MQAAHPÛRAN@A=UQ@= =@=NHAQJ==L=NEAJ?E= BNAO?=UFKRAJ

+LGUDWDWXV SiUSDGRV ORVUHIUHVFD\ $QWHV D\XGDDPHMRUDU ODDSDULHQFLD GHEROVDV RMHUDV\OtQHDV 'HVSXpV GHH[SUHVLyQ

&yG

9DORUL]DGRHQ



+25$6 GHKLGUDWDFLyQ

+LGUDWDWXSLHO \D\XGDD SURWHJHUODGHOD DSDULFLyQGHORV VLJQRVGHODHGDG



SURPRFLyQ/DELDOG~R7DWWRRSiJ


&$%(//2 3,(/

3UXHEDGHHILFDFLDGHUPDWROyJLFDUHDOL]DGDHQODERUDWRULRV&ODLPFRQPXMHUHVHQWUH\DxRVGXUDQWHVHPDQDVXVDQGRHOSURGXFWRYHFHVDOGtD

@= N= ?H=N=@KAJ N= OAI=J= OAI=J= OAI=J= OAI=J=O

.KO=)KOMQAP=U KJ?D=@AJb?=N (=?KI>EJ=?EäJLANBA?P=MQA =?H=N=H=LEAH@AIENKOPNKAJ OKHKOAI=J=OH=I=JPEAJA DE@N=P=@=LKNDKN=O{U =@AIbOH=LNKPACA@AHOKHÎ &UHPDDFODUDGRUD)36 JR] &yG

9DORUL]DGRHQ



18(92 .KO=IKOMQAP=U ?KJ?D=@AJb?=N !H=?AEPA@ANKO=IKOMQAP= IAFKN=H=NAJKR=?EäJ@AH=LEAH U>NEJ@=OQ=RE@=@UHQV=PQ NKOPNK ,KNOQL=NPAH=?KJ?D= @AJb?=N=UQ@===?H=N=NAHPKJK @APQLEAH

$FODUDODSLHOHQ VHPDQDV \ PHMRUDVXWRQR

)$&725'( 3527(&&,Ä1 62/$5

)36






(Q?A QJ= IEN=@= OéLAN FKRAJ



%(1(),&,26 '( 78 &5(0$ 3$5$ (/ &2172512 '( 2-26

=HA = H= @AHE?=@= LEAH @AH ?KJPKNJK @A PQO KFKO AH PN=P=IEAJPK AOLA?E=HEV=@K MQA JA?AOEP=

ò!O@ABb?EH=LHE?=?EäJ

6X SXQWD VLOLFRQDGD IDFLOLWD OD DSOLFDFLyQ HQ HO FRQWRUQR GHO RMR \ SHUPLWH XWLOL]DU OD FDQWLGDG SUHFLVD GH SURGXFWR 6ROR WLHQHV TXH DSOLFDU DOUHGHGRU GHO RMR \ HVSDUFLU GHOLFDGDPHQWH FRQ OD \HPD GHO GHGR



GH ODV PXMHUHV VLQWLy PHMRUtD HQ OD DSDULHQFLD GH DUUXJDV EROVDV \ RMHUDV HQ HO FRQWRUQR GH ORV RMRV


&$%(//2 3,(/



%(1(),&,26 '( 78 0$6&$5,//$ (;)2/,$17(

.AJQAR= PQ ?QPEO !TBKHE= OQ=RAIAJPA PQ LEAH ?KJ AH LK@AN @A HKO LÛP=HKO @A NKO=



DxRV FXLGDQGR WX URVWUR




%(1(),&,26 '( 78 &5(0$ '( %(//(=$

 J

.AOQHP=@KO ?KILNK>=@KO

 

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



DxRV FXLGDQGR WX URVWUR




%(1(),&,26 '( 78 &5(0$ '( -89(178'

 J

.AOQHP=@KO ?KILNK>=@KO

 

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


,EAHOQ=RA =NKI=EJPAJOK (K?EKJAOMQAD=?AJ @APQLEAHQJ=RAN@=@AN= PAJP=?EäJ

&yG &yG

 /Q=REV=JH=LEAH  (=LANBQI=J?KJPQ  BN=C=J?E=LNABANE@= /RFLRQHVSHUIXPDGDV POIOR] 9DORUL]DGRHQFX FX

&yG



&yG

SURPRFLyQ/DELDOG~R7DWWRRSiJ

&yG

&yG




EOBNQP=@AHOKH LNKPACEAJ@K=PQ B=IEHE=

3URWHJH ODSLHOGHORV UD\RV89$ \89%TXH FDXVDQHO HQYHMHFLPLHQWR SUHPDWXUR

3URWHFWRU VRODUHQVSUD\ TXHGLVPLQX\H ORVGDxRV RFDVLRQDGRV SRUHOVROHQOD SLHO(VGHIiFLO DSOLFDFLyQ

&$%(//2 3,(/

AF=MQAAHOKH PA@Ã&#x203A;QJ=>N=VK

'('(6&8(172

3URWHJHOD GHOLFDGDSLHO GHORVQLxRV GHOVRO(YLWDHO HQURMHFLPLHQWR HLUULWDFLyQ

3(5)(&7681 6SUD\ 3URWHFWRUVRODUFRUSRUDO HQVSUD\)36 POIOR] &yG

9DORUL]DGRHQ



$GXOWRV 3URWHFWRUVRODUURVWUR\ FXHUSR)363$ JR] &yG

9DORUL]DGRHQ



.LGV 3URWHFWRUVRODUSDUD QLxRVURVWUR\FXHUSR)36 3$ JR] &yG

9DORUL]DGRHQ






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

 /,752

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



SURPRFLyQ /DELDO G~R 7DWWRR SiJ 


0Q LEAH P=I>EÛJ PEAJA =JPKFK @A =HCK @AHE?EKOK

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

2=EJEHH= U &=VIßJ QJ= ?KI>EJ=?EäJ MQA @AF= PQ LEAH OQ=RA U ?KJ ATMQEOEPK =NKI=

1$785$/ &$5( 6XDYL]D \ KXPHFWD OD SLHO &RQ UHODMDQWH DURPD GH YDLQLOOD \ MD]PtQ

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

9DORUL]DGR HQ  

 




!HECAH=HK?EäJ E@A=HL=N=PQPELK @ALEAH DKN=PK@=O LK@AIKOPAJAN QJ=LEAH DANIKO=

1$785$/&$5( )ORUGH1DUDQMR /LWFKL /RFLyQKXPHFWDQWH FRUSRUDO OLWURIOR] &yG

9DORUL]DGRHQ



'XUD]QR $oDt /RFLyQKXPHFWDQWH FRUSRUDO OLWURIOR] &yG

9DORUL]DGRHQ 





SURPRFLyQ/DELDOG~R7DWWRRSiJ

+LGUDWD \VXDYL]D ODSLHO&RQ UHIUHVFDQWH DURPDGHµRU GHQDUDQMR\ OLWFKL

6XDYL]D\ UHYLWDOL]DODSLHO &RQGHOLFLRVR DURPDGH GXUD]QR\DoDt

/,752


&$%(//2 3,(/

+XPHFWD QXWUHUHYLWDOL]D VXDYL]DGHYXHOYH OD´UPH]D\D\XGD DSURWHJHUGHO PHGLRDPELHQWH

$OLVDODSLHO GHQDUDQMD &RQH[WUDFWR GHFRUDO\ DOJDVPDULQDV

/,752

75,3/($&&,Ã&#x201E;10$; /RFLyQGHEHOOH]D SDUDHOFXHUSR OLWURIOR] &yG

9DORUL]DGRHQ 



/RFLyQGHEHOOH]DSDUD HOFXHUSR POIOR] &yG

9DORUL]DGRHQ



$48$/27,21 3LHO/LVD /RFLyQFRUSRUDO H[WUDKXPHFWDQWH OLWURIOR] &yG

9DORUL]DGRHQ 






1J>=ãK@AHA?DAL=N= @AF=NPQLEAHOQ=RA?EP= !JAHP=I=ãKE@A=HL=N= PK@=PQB=IEHE=

/,752

/$GD$6Ã&#x201E;/2

 &yG

08/7,&5(0 0LON /RFLyQFRUSRUDO KXPHFWDQWH OLWURIOR] &yG

9DORUL]DGRHQ 



(YDOXDFLyQUHDOL]DGDHQ /DERUDWRULRV%HOFRUSFRQ KRPEUHV\PXMHUHVHQWUH ORVDDxRV\D DxRV\HQ/DERUDWRULRV&ODLP GH$UJHQWLQDFRQQLxRV HQWUHORVDDxRV



3DUDODSLHOGH WRGDODIDPLOLD +LGUDWDSRU KRUDV FRQ SURWHtQDVGH OHFKHDORHYHUD \YLWDPLQD%

SURPRFLyQ/DELDOG~R7DWWRRSiJ


)bTEI=DE@N=P=?EäJ AJQJP=I=ãKL=N= PK@=H=B=IEHE=

/,752

/$GD$6Ã&#x201E;/2

 &yG

08/7,&5(0 1XWULHQWV /RFLyQFRUSRUDOQXWULWLYD OLWURIOR] &yG

9DORUL]DGRHQ



3DUDSLHOH[WUD VHFD+LGUDWD UHYLWDOL]D SURWHJH\ VXDYL]D



&$%(//2 3,(/

1J=#.* OKHQ?EäJL=N= H=LEAHATPN=OA?=


$KURKU=RANPA>NEHH=N @A?QANLKAJPANK (K?EKJAO?KNLKN=HAO MQA@AF=JPQLEAH ATMQEOEP=IAJPAOQ=RA U?KJQJ@AHE?=@K>NEHHK

6('$ 252 /RFLyQOXPLQRVD POIOR] &yG

9DORUL]DGRHQ



6XDYL]D KXPHFWDWX SLHO\GHMDXQ VHQVXDOEULOOR GRUDGR

(1&$172'(3(5/$6 /RFLyQOXPLQRVD POIOR] &yG

9DORUL]DGRHQ





SURPRFLyQ/DELDOG~R7DWWRRSiJ

+XPHFWD VXDYL]DH LOXPLQDWXSLHO FRQGHVWHOORV SHUODGRV


&$%(//2 3,(/

(EJ@= D=OP=H=LQJP= @AHKO@A@KO !HECAH=?NAI=E@A=H L=N=HQ?ENQJ=OI=JKO OQ=RAOUDANIKO=O

 '('(6&8(172

6XDYL]D WXVPDQRV \D\XGDD IRUWDOHFHU WXVXxDVFRQ YLWDPLQDV$ (NHUDWLQD\ FDOFLR

+LGUDWDQXWUH VXDYL]D UHYLWDOL]D\D\XGD DSURWHJHUWXV PDQRV$GHPiV IRUWDOHFHODVXxDV

0$126 8f$6 3(5)(&7$6 &UHPDPXOWLDFWLYD SDUDPDQRV JR] &yG

9DORUL]DGRHQ



75,3/($&&,Ã&#x201E;10$; &UHPDGHEHOOH]DSDUD PDQRV JR] &yG

9DORUL]DGRHQ






$=U PNQMQEPKO MQA JKO =UQ@=J = IK@AH=N AH ?QANLK K@U ,ANBA?PEKJ PQ =HE=@K E@A=H L=N= ?KJOACQEN H= BECQN= MQA P=JPK @AOA=O

&RQ URGLOORV PDVDMHDGRUHV



'( '(6&8(172

 (OLPLQD ORV YHOORV \ UHWDUGD VX FUHFLPLHQWR

 $OLVD OD DSDULHQFLD GH SLHO GH QDUDQMD \ ODV HVWUtDV

$´UPDOD SLHO GHO EXVWR /D VXDYL]D H KLGUDWD

3UiFWLFD HVSiWXOD SDUD XQD PHMRU DSOLFDFLyQ

%2'< 3(5)(&7,21 'HSLODFWLYH  &UHPD GHSLODWRULD  J   R] &yG 

9DORUL]DGR HQ  

  

)LUPLQJ %XVW  *HO DILUPDQWH SDUD EXVWR  PO   IOR]

/LSR (IIHFW 0DVVDJHU  &UHPD JHO FRUSRUDO  PDVDMHDGRU  PO   IOR]

&yG 

&yG 

9DORUL]DGR HQ  

9DORUL]DGR HQ  

 

SURPRFLyQ /DELDO G~R 7DWWRR SiJ 

 


&$%(//2 3,(/

7H[WXUD SDUD PDVDMHV DO UHYHUVR

 0RGHOD WX VLOXHWD $\XGD D UHGXFLU ORV GHSyVLWRV GH JUDVD GH OD SLHO

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

9DORUL]DGR HQ  

 




)A=HACN=O AH@ß=?KJ PQOOKJNEOEP=O ?KJP=CEKO=O

/¤K/¤ 0N=OAH>=ãKAJRQAHRA=PQ>A>ÛAJAH =NKI=@AHE?EKOKUNABNAO?=JPA@AH= ?KHKJE=Cé LNKRA?D=AHIKIAJPK L=N=D=?ANHA?KOMQEHH=OMQAHKD=C=J OKJNAßNÎ 

SURPRFLyQ/DELDOG~R7DWWRRSiJ


/,752 &RORQLD 7LHUQRDURPD FRQµRUHVGH PDQ]DQLOODTXH ORGHMDUiIUHVFR \UHODMDGR

6KDPSRR /HGDUiD VXFDEHOOR FODUREULOOR\ VXDYLGDG

7DOFR 0DQWLHQHVX SLHOVXDYH\ VHFD\ORGHMD FyPRGR\ IUHVFRWRGR HOGtD

83$ &RORQLDFRQIORUHV GHPDQ]DQLOOD OLWURIOR]

6KDPSRRFRQPDQ]DQLOOD \DFHLWHVGHDOJRGyQ OLWURIOR]

&yG

&yG



'('(6&8(172

9DORUL]DGRHQ

9DORUL]DGRHQ





'HPOIOR]

'HPOIOR]

7DOFRFRQIpFXODV GHPDt]JR]

&yG

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ

9DORUL]DGRHQ







/RVSURGXFWRVGHHVWD SiJLQDSRGUiQOOHJDUWH FRQHOQRPEUH8SDR$J~

1,f26 %(%e6

GHDPHVHV


0A?QE@K?Q=J@K @QANIAOL=N= MQAOEAILNA OQAãAOHEJ@K

GHDPHVHV

/,752

6KDPSRR 8QVROR SURGXFWRTXH FXLGDVXFDEHOOR \SLHOLGHDOSDUD HOEDxRDQWHV GHGRUPLU

83$ %DE\5HOD[ 6KDPSRRFDEHOOR\FXHUSR OLWURIOR]

/¤K/¤

&yG

!H@AO?=JOK@APQ>A>Ã&#x203A;AOEILKNP=JPAL=N=OQ @AO=NNKHHK ,KNAOK=Ué@=HK=@KNIENNAH=F=@KU LNKBQJ@K?KJCé=>U.AH=T



9DORUL]DGRHQ 'HPOIOR] &yG

9DORUL]DGRHQ 

SURPRFLyQ/DELDOG~R7DWWRRSiJ




7DOFR 3URWHJHVXSLHO FRQIpFXODV GHPDt]DORH PDQ]DQLOOD µRUHVGHD]DKDU \FDQHOD

&RORQLD 7LHUQRDURPD µRUDOFRQQRWDV GHMD]PtQ\ YDLQLOODTXHOR UHIUHVFD\OR UHODMD



'('(6&8(172

/RVSURGXFWRVGHHVWDSiJLQDSRGUiQ OOHJDUWHFRQHOQRPEUH8SDR$J~

/RFLyQ 'HOLFDGDFDULFLD TXHVXDYL]D VXSLHO\OR D\XGDDGRUPLU SURIXQGDPHQWH

&RORQLD OLWURIOR] &yG

9DORUL]DGRHQ



'HPOIOR]

7DOFR JR] &yG

9DORUL]DGRHQ



/RFLyQKLGUDWDQWHSDUDPDVDMHV POIOR] &yG

9DORUL]DGRHQ



'HPOIOR]

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ







1,f26 %(%e6

/,752


AO@AMQA J=?EOPA PA?QE@KOKHK ?KJHKIAFKN

/¤K/¤ 0QO?=NE?E=OOKJH=LNEIAN=NAH=?EäJ MQAPEAJAPQNA?EÛJJ=?E@K?KJAH IQJ@K LNKRA?D=AH>=ãKL=N= =?=NE?E=NHK?KJOQ=RE@=@



SURPRFLyQ/DELDOG~R7DWWRRSiJ




'('(6&8(172



&RORQLD 7LHUQRDURPD QDWXUDOFRQ IyUPXODVXDYH\ YLWDPLQD(SDUD HOUHFLpQQDFLGR

6KDPSRR )yUPXODH[WUD VXDYH8QVROR SURGXFWRTXH QXWUHVXDYL]D\ SURWHJHVXSLHO \FDEHOOR

83$ 0i[LPR&XLGDGR &RORQLDVLQDOFRKRO OLWURIOR] &yG

9DORUL]DGRHQ



'HPOIOR] &yG

9DORUL]DGRHQ



1,f26 %(%e6



/,752

6KDPSRRFDEHOOR \FXHUSR OLWURIOR] &yG

9DORUL]DGRHQ





GHDPHVHV

&UHPD &RQDYHQD\ SURWHtQDVGH OHFKH'HMD VXSLHOVXDYH \SURWHJLGD WRGRHOGtD

&UHPDFRUSRUDO KXPHFWDFLyQKRUDV JR] &yG

9DORUL]DGRHQ



'HJR] &yG

9DORUL]DGRHQ





6KDPSRRFDEHOOR \FXHUSR POIOR] &yG

9DORUL]DGRHQ



/RVSURGXFWRVGHHVWDSiJLQD SRGUiQOOHJDUWHFRQHOQRPEUH 8SDR$J~




)AAJ?=JP=?Q=J@K IEDEF=IA@E?A MQAMQEANAOAN ?KIKUK

(QXQVROR SDVRVXFDEHOOR TXHGDUiOLPSLR VHGRVR\FRQXQ ULTXtVLPRDURPD DWXWWLIUXWWL

'HMDVXSLHO PX\VXDYH FRQXQRORU ULTXtVLPR\ FRQSUHFLRVRV EULOORV

8QDURPD GHGHOLFLRVDV µRUHV\ IUXWDVSDUD ODVFKLFDV PiVIDVKLRQ

/¤K/¤ /EANAO?KKHUNA B=ODEKJD=VMQAH=OAOPNAHH=O U?DEOLEP=O@A)EJEDE?OPAD=C=J>NEHH=NAJPNA PK@=OPQO=IEC=O



SURPRFLyQ5HORM0LQL:DWFKSiJ


3DUDTXHHOOD SXHGDOXFLUHO SHLQDGRPiV GLYHUWLGR\FRQ EULOORVPX\ PRGHUQRV

$62/2

1,f26 %(%e6

'HVHQUHGDHO FDEHOOROHGDXQ EULOORIDEXORVR\ ORGHMDOLVWRSDUD ORVSHLQDGRV PiVOLQGRV

FX 0,1,&+,&6 /LVD&RRO 6KDPSRRHQ POIOR] &yG

9DORUL]DGRHQ 0RGHUQR DURPDµRUDO IUXWDOVROR SDUDFKLFDV FRRO

&DQG\6ZHHW /RFLyQSDUDHOFXHUSR FRQFKLVSLWDV POIOR] &yG

9DORUL]DGRHQ 5XEL'LYLQH &RORQLDFRQFKLVSHDQWHV HVWUHOODVPOIOR] &yG

9DORUL]DGRHQ 7LQD'DQFH 'HVHQUHGDQWHPiJLFR POIOR] &yG

9DORUL]DGRHQ 7LQD\/LVD *HOFRQFKLVSLWDVSDUDHO FDEHOORPOIOR] &yG

9DORUL]DGRHQ &RQPDQ]DQLOOD \SURWHtQDVGH WULJRUHVDOWDHO FRORUQDWXUDOGHO FDEHOORFODUR

.HOO\7HFK &RORQLDFRQFKLVSHDQWHV HVWUHOODV POIOR] &yG

9DORUL]DGRHQ &DQG\\.HOO\ 6KDPSRRPDQ]DQLOOD HQPOIOR] &yG

9DORUL]DGRHQFX 


KJ OKHK QJ =??AOKNEK PA ?KJREANPAO AJ QJ= LNEJ?AO=

/¤ K /¤ ,=N= MQA PQ LAMQAã= AOPÃ&#x203A; OEAILNA N=@E=JPA @EHA MQA AHH= AO AOLA?E=H LKNMQA AO éJE?= 5 HQACK @EOBNQPAJ FQJP=O QJ IKIAJPK AOLA?E=H NACbH=HA QJ HEJ@K =??AOKNEK MQA H= D=Nb HQ?EN =éJ IbO >AHH=



SURPRFLyQ 5HORM 0LQL :DWFK SiJ 


18(9$  &ROODU ,QFOX\H GLMH FRQ IRUPD GH PDULSRVD \ FULVWDO FHOHVWH 0HGLGDV DSUR[ GHO GLMH  FP [  FP



(Q EDxR GH RUR FRQ FULVWDOHV \ HVPDOWHV SLQWDGRV D PDQR GH FRORU PRUDGR \ WXUTXHVD

1,f26 %(%e6

&2/(&&,Ä1 67$5(//$

'( '(6&8(172 (1 &2/(&&,Ä1 67$5(//$



&yG 

9DORUL]DGR HQ  

   $UHWHV

&yG 



9DORUL]DGR HQ  

 

 $UHWHV ODUJRV &yG 



9DORUL]DGR HQ  

 

 3XOVHUD ,QFOX\H GLMH GH PDULSRVD \ FULVWDO 0HGLGDV GHO GLMH  FP [  FP



&yG 

9DORUL]DGR HQ  

  18(92

 (VWXFKH GH DQLOORV 3ULQFHVV

 (Q EDxR GRUDGR \ SODWHDGR FRQ HVPDOWHV OLQGDV SLHGUDV \ FULVWDO WUDVO~FLGR

7UHV SDUHV GH DQLOORV FRQ IRUPDV GH SULQFHVD HVWUHOOD \ FRURQD &yG 

9DORUL]DGR HQ  

 

 (VWXFKH GH DUHWHV 0DJLF *DUGHQ 6LHWH SDUHV GH DUHWHV V~SHU FRPELQDEOHV FRQ GLVHxRV GH IORU PRQR SLQJLQR \ HVWUHOOD IXJD] HQWUH RWURV &yG 

9DORUL]DGR HQ  

 

 (Q EDxR GH RUR \ SODWD FRQ HVPDOWHV GH FRORUHV \ FULVWDOHV

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

/,%5( '( 3/202 


(=AJANCß=@AIE DEFKAOEJ=CKP=>HA U?=@=@ß= PEAJAIbOÎ

0i[LPDHVSXPD TXHHOLPLQDWRGR UDVWURGHVXFLHGDG HQHOFDEHOOR

8QKXUDFiQ GHIUHVFXUD FRQDURPD DGHOLFLRVDV IUXWDV

&20$1'2)25&( $URPD[ &RORQLD POIOR] &yG

9DORUL]DGRHQ



5HIUHVFDQWH DURPDSDUD VXSHUKpURHV TXHGHVLQWHJUD DORV0XJU\[

3DUDJHOL[ *HO JR] &yG

9DORUL]DGRHQ



6SXPDWDN 6KDPSRRHQ POIOR] &yG

9DORUL]DGRHQ 



;SODVK &RORQLD POIOR] &yG

9DORUL]DGRHQ 





SURPRFLyQ5HORM0LQL:DWFKSiJ

3HUPLWH KDFHUORV SHLQDGRVPiV GLYHUWLGRV\ PRGHUQRV


35202&,Ä1 5HORM0LQL:DWFKDVROR

5LAJO=J@K P=I>EÛJAJAHH=



1JNAHKF?KJPK@KAH AOPEHK@AH=O)EJEDE?O

&yG

3RODFRPSUDGHXQSURGXFWR 0LQLFKLFVR&RPDQGR)RUFHGHOD SiJDOD

5HORM0LQL:DWFK /LQGR\PRGHUQRUHORM SDUDQLxDVFRQODLPDJHQ GHODV0LQL&KLFVHQHOGLDO 9DORUL]DGRHQ

3HURTXpIDVKLRQ !OQJHEJ@KNAHKF?KHKN NKO=@KMQAREAJA ?KJQJ==HQ?EJ=JPA ?KNNA=MQAOA=>NK?D= OKH==LAJ=OAJPN=AJ ?KJP=?PK?KJPQ>N=VK 

&RUUHD\ PDQHFLOODVGH FRORUPRUDGR

%RUGH URVDGR 3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN




DURPDV /! 10+.!/

'20$'25'(&25$=21(6 N=RßKAH=NKI==PNARE@K@ADNEOPE=J)AEAN



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


&yG

9DORUL]DGRHQ



e/ e/

%5$9À2 &+5,67,$10(,(5 &RORJQHDWRPLVHXU POIOR]



'('(6&8(172

(KO=NKI=O OKJEILNA@A?E>HAO

0DGHURVR 6HGXFWRU $URPDFRQ LQWHQVRFXHUR \VHGXFWRUDV QRWDVGH iPEDU\ PDGHUD

(=BN=C=J?E=LANBA?P=AO QJRE=FAEJ?NAß>HAL=N= HKOOAJPE@KOHHAJK@A NKI=J?A=RAJPQN=U IEOPANEK zäIKOANb H=LNäTEI=RAV*=@EA HKO=>A (KEILKNP=JPAAO @EOBNQP=NAHIKIAJPKU D=?AN@A?=@=OQOLENK QJ=DEOPKNE=EJKHRE@=>HA




š(/(*,5 81$ )5$*$1&,$ $/ $=$5" -$0½6 !J AH >=JE?K @A NKI=O @A ^OEG= AJ?QAJPN= OQ BN=C=J?E= E@A=H

12 (5 ' 02

6(' 8& 72 5







 

 

(6 3( &, $ ' 2

2 ' $ &, 3( (6







62 2 (5 ' $ 0





 7,9 $&

62 2 (5 ' $ 0

(/( *$ 17 (



&À 75 ,& 2





2 ,& 75 &À











/ $ 5% +(

+( 5% $ /









(63(&,$'2 0$'(5262

+(5%$/

&À75,&2

&À75,&2

+(5%$/

0$'(5262

(63(&,$'2

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

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

!OP=O OAã=HAO PA =UQ@=NbJ = AJ?KJPN=N PQ =NKI= AJ AH ?=PbHKCK DURPDV !(!#*0!/

 ,PSHULXP  $]DEDN  '­DULHQ  '­DULHQ &ODVV

DURPDV )+ !.*+/

 .DORV %ODFN  +LJKZD\  &DUGLJDQ

DURPDV /! 10+.!/

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

DURPDV 0%2+/

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


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


3$5$72'2 81+20%5( 72'281$520$ "NAO?KEIL=?P=JPAH=IbORENEH EJPANLNAP=?EäJ@A=?KN@AO@AI=@AN=O NQ>E=OURAPERANOABQJ@AJ?KJNAOEJ=O J=PQN=HAOLQN=OU?QANKL=N=HKCN=NQJ= BN=C=J?E=LKPAJPAIAJPAI=O?QHEJ=



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


18(9$

0$; (DXGHWRLOHWWHDWRPLVHXU POIOR]

'HVRGRUDQWHUROORQ POIOR]

&yG

&yG

9DORUL]DGRHQ

9DORUL]DGRHQ





 '('(6&8(172

0DGHURVR6HGXFWRU ,PSDFWDQWH\SRGHURVD PL[WXUDGHPDGHUDV YHWLYHU\FXHUR

)527$$48Ã&#x20AC;<6,(17( (/$520$(1783,(/




(;86 &RORJQHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



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

9$1,//$+20%5( &RORJQHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ 



7DOFRSHUIXPDGR JR] &yG

9DORUL]DGRHQ 

 +HUEDO 6HGXFWRU 9LULOHVQRWDV GHFXHUR ODYDQGD\ HVHQFLDV FtWULFDV



SURPRFLyQ(VWXFKH9DQJXDUGSiJ

(VSHFLDGR 6HGXFWRU &iOLGDYDLQLOOD VHPH]FOD FRQDLUHV PDGHURVRV


e/ e/

(67$6(5½/$ 12&+(3(5)(&7$ )éOE?=NKIbJPE?= IEN=@=O=PNARE@=O QJ=NKI=ENNAOEOPE>HA

 '('(6&8(172(1 (/7$/&2 .$/26721,*+7

.$/26721,*+7 &RORJQHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ (VSHFLDGR 6HGXFWRU 6HGXFWRUDV QRWDVGH SDWFKRXOL\ ViQGDOROD FRQTXLVWDQ



7DOFRSHUIXPDGR JR] &yG

9DORUL]DGRHQ






'26$520$648( +$&(1/$',)(5(1&,$ ,7 6<28/,9( )UDJDQFLDXQLVH[ (DXGHWRLOHWWHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



)25=( &RORJQHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



 '('(6&8(172

&tWULFD$FWLYD /DIUHVFXUD GHXQDQRFKH GHYHUDQR PDQGDULQDV LWDOLDQDVQRWDV PDULQDV\KRMDV GHEDPE~



SURPRFLyQ(VWXFKH9DQJXDUGSiJ

0DGHURVR $FWLYR 3RWHQWHV QRWDVGH OLPyQWRQND\ FHGUREODQFR


e/ e/

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

$9(17285 &RORJQHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



0DGHURVR $FWLYR %ULVDVGHOLPyQ DXVWUDOLDQR\ FHGURLQYLWDQ DODDYHQWXUD

6(5/,%5((6 81$$9(1785$ 


&tWULFR$FWLYR (VSRQWiQHDV QRWDVFtWULFDV GHOLPyQ\ WRURQMDHQVX SXQWRPiV UHIUHVFDQWH

)527$$48Ã&#x20AC;<6,(17( (/$520$(1783,(/



,7 6<28 )UDJDQFLDXQLVH[ (DXGHWRLOHWWHDWRPLVHXU POIOR] 9DORUL]DGRHQ


35202&,Ä1 ,1683(5$%/( ,W­V<RXDVROR

 &yG

6,03/(0(17(7Ç 3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN




//(*$5 $ /$ &,0$ 7,(1( 686 5(&203(16$6

+HUEDO $FWLYR 'LQiPLFD IUHVFXUDFRQ YLJRURVDV QRWDVGH ODYDQGD

 '('(6&8(172

$/7+(86 &RORJQHDWRPLVHXU POIOR]

)527$$48Ã&#x20AC;<6,(17( (/$520$'($/7+(86 (1783,(/

&yG 

9DORUL]DGRHQ

  

SURPRFLyQ (VWXFKH 9DUJXDUG SiJ 


e/ e/

(/(*$1&,$ 325 '26 ' $5,(1 &RORJQHDWRPLVHXU POIOR]

' $5,(1 &/$66 &RORJQHDWRPLVHXU POIOR]

&yG 

&yG 

9DORUL]DGRHQ

9DORUL]DGRHQ

 

 

35202&,Ã&#x201E;1 '­DULHQ&ODVV

$ 62/2



9DORUL]DGRHQ &yG

3RUODFRPSUDGH' DULHQ

+HUEDO (OHJDQWH 6R´VWLFDGRV DFRUGHVGH UREOHYHUEHQD \YHWLYHU

+HUEDO (OHJDQWH 6R´VWLFDGDVQRWDV GHVDOYLD\ODYDQGD VHPH]FODQFRQOD LUUHVLVWLEOHIXVLyQ GHViQGDORFHGUR \YHWLYHU




&$'$ +20%5( 7,(1( 68 (67,/2

U QJ= BN=C=J?E= MQA HK D=?A AOLA?E=H

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

,0½1(0 &RORJQH DWRPLVHXU  PO   IOR] &yG 

 

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

,03(5,80 &RORJQH DWRPLVHXU  PO   IOR] &yG 

9DORUL]DGR HQ  

 



SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 


e/ e/ 0DGHURVR (OHJDQWH 1RWDV YHUGHV FREUDQ GLVWLQFLyQ FXDQGR VH DVRFLDQ FRQ ´QDVPDGHUDV

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

$=$%$. &RORJQH DWRPLVHXU  PO   IOR]

.$/26 63257 &RORJQH DWRPLVHXU  PO   IOR]

&yG 

9DORUL]DGR HQ  

9DORUL]DGR HQ  

 

&yG 

 




&$87,9$6('8&( &2148,67$ ,KNOQORAJ=O?KNNANEPIKUL=OEäJAOAAJ?=JPK H=PEJKMQAHKD=?A@QAãK@AQJLK@ANéJE?K

!OÃ&#x203A;HMQEÃ&#x203A;JLKJAH=ONACH=OUAHH=O=I=JNAJ@ENOA =JPAH=ENNAOEOPE>HAPAJP=?EäJ



SURPRFLyQ(VWXFKH9DQJXDUGSiJ


e/ e/

 '('(6&8(172

)2*26 (DXGHWRLOHWWHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



)527$$48Ã&#x20AC;<6,(17( (/$520$(1783,(/

+HUEDO 6HGXFWRU 3DWFKRXOL\ FDUGDPRPR VHXQHQHQOD PiVLUUHVLVWLEOH HVHQFLD PDVFXOLQD




81$520$$8'$= '20,1$/$&,8'$' 

SURPRFLyQ(VWXFKH9DQJXDUGSiJ


 782)(57$ (675(//$

+,*+:$< &RORJQHDWRPLVHXU POIOR] &yG

9DORUL]DGRHQ



0DGHURVR 0RGHUQR $XGDFHV QRWDVGH PXVNWRQND \YHWLYHU LQYLWDQDYLYLU LQWHQVDPHQWH

)527$$48Ã&#x20AC;<6,(17( (/$520$(1783,(/




6,(035( $75$&7,92

SURPRFLyQFRORU´[ /DELDO '~R 7DWWRR 9HU SiJ 



SURPRFLyQ /DELDO 'XR 7DWWRR SiJ 


&$%(//2 3,(/



'( '(6&8(172

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

 6KDPSRR 0i[LPD 1XWULFLyQ 5HGXFH OD FDtGD GHO FDEHOOR HQ XQ  

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

e6,.$ 0(1  6KDPSRR PXOWLDFFLyQ  HQ   PO   IOR]

 6KDPSRR Pi[LPD QXWULFLyQ  PO   IOR]

 6KDPSRR FRQWURO HIHFWLYR  PO   IOR]

&yG 

&yG 

&yG 

9DORUL]DGR HQ  

9DORUL]DGR HQ  

9DORUL]DGR HQ  

 7UDWDPLHQWR IDFLDO PXOWLDFFLyQ HQ ORFLyQ  PO   IOR]

 'HVRGRUDQWH HQ VSUD\  PO   IOR]

&yG 

9DORUL]DGR HQ  

 

9DORUL]DGR HQ  

 

 

 

&yG 

 

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




18(92 7$3$%2721(6 (5$= 0HGLGDV DSUR[LPDGDV  [  FP &yG 

(Q EDxR GH SODWD FRQ GLVHxR WH[WXUDGR \ IUDQMD OLVD DO PHGLR

9DORUL]DGR HQ  

 

 '( '(6&8(172 (1 7$3$%2721(6 (5$=

&2/(&&,Ã&#x201E;1 +(55$-(  &DGHQD /DUJR  FP 0HGLGDV GHO GLMH  [  FP

&DGHQD \ GLMH HQ IRUPD GH KHUUDGXUD HQ EDxR GH SODWD &ROODU DGLFLRQDO GH FXHUR

&yG 

9DORUL]DGR HQ  

 



 (VFODYD 0HGLGD DSUR[ GHO GLMH  [  FP &yG 

9DORUL]DGR HQ  

 

(Q EDxR GH SODWD \ GLMH UHFWDQJXODU FRQ GLVHxR GH GRV KHUUDGXUDV





SURPRFLyQ (VWXFKH 9DQJXDUG SiJ 


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

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

18(9$ &2/(&&,Ä1 /$1'(1  &DGHQD /DUJR  FP 0HGLGDV GHO GLMH  [  FP

 (VFODYD 0HGLGD DSUR[ GHO GLMH  [  FP

&yG 

9DORUL]DGR HQ  

9DORUL]DGR HQ   

 

&yG 

 






.+/$%&yG

0QOH=>EKOOA RANbJOAJOQ=HAO D=OP=LKN DKN=O



2%*+ !(%//

/()¨*3+* !.

+.(00.0%+*

.+/(%#$0

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

.+&+,//%+*

&yG

&yG

&yG

&yG

&yG

&yG


35202&,Ã&#x201E;1 /DELDOG~RWDWWRR DVROR



K

V

'('85$&,Ã&#x201E;1

 "EF=AH?KHKNAJ@KOL=OKO  ,NKPACAPQOH=>EKO  (KODQIA?P=U=?KJ@E?EKJ= "1/%/3!!0 &yG

/DELDOG~RWDWWRR POJ IOR]R] 9DORUL]DGRHQ

"1/%$+0

%.1!( !/%.!

&yG

&yG

3DVR &RORU

.+/ .!) &yG

V

3DVR %ULOOR

(YDOXDFLyQVHQVRULDOGHGXUDFLyQUHDOL]DGDEDMRFRQGLFLRQHVGHODERUDWRULR

3RUODFRPSUDGHFXDOTXLHU SURGXFWRGHOFDWiORJR1RLQFOX\H RWUDVSURPRFLRQHV

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

3URPRFLyQYiOLGDKDVWDDJRWDUVWRFN




2)(57$ 0$*1Ã&#x20AC;),&$ DVROR

(/6$/9$'25& +$= 78 3(','2 $ 75$9e6 '( 78 &2168/725$ 2 //$0$ $/  &$7½/2*2 9,*(17( 

eVLND FRPXQLFD D VXV FOLHQWHV TXH DPERV ORJRV GH OD PDUFD HVWiQ YLJHQWHV \ SRGUi UHFLELU SURGXFWRV FRQ FXDOTXLHUD GH HOORV PDQWHQLHQGR HO PLVPR QLYHO GH FDOLGDG

6tJXHQRV HQ ZZZHVLNDEL]

ZZZIDFHERRNFRPHVLNDEHOFRUS

ZZZ\RXWXEHFRP(VLND9LGHRV

#(VLND%HOFRUS

Profile for SomosBelcorp

Catálogo Ésika El Salvador C13  

Ésika / Campaña 13 / El Salvador

Catálogo Ésika El Salvador C13  

Ésika / Campaña 13 / El Salvador