127$
6LODPiTXLQDQRVHSRQHHQPDUFKD
DEUDODDOHWDGHOFRPSDUWLPHQWRGHODEDWHUtD\
FRPSUXHEHODOODYHGHVHJXULGDG
UHWLUHODEDWHUtD\H[DPLQHODSODWDIRUPDGHOFRUWDFpVSHG
SDUDDVHJXUDUVHGHTXHQRKD\DKLHUEDDWUDSDGDHQOD
FXFKLOOD\TXHHVWDSXHGDJLUDUOLEUHPHQWHFRQODPDQR
$UUDQTXHVXDYH
(VWDPiTXLQDGHLRQHVGHOLWLRWLHQHXQDIXQFLyQGHDUUDQTXH
VXDYH&XDQGRHQFLHQGHODPiTXLQDDOFDQ]DODYHORFLGDG
Pi[LPDGHVSXpVGHDSUR[LPDGDPHQWHVHJXQGRV
'(7(1&,Ï1'(/$0È48,1$
)LJXUD
6XHOWHHOLQWHUUXSWRUGHODVDSDUDGHWHQHUODPiTXLQD
$9,62
(VSHUHKDVWDTXHODFXFKLOODVHGHWHQJDSRUFRPSOHWRDQWHV
GHYROYHUDSRQHUHQPDUFKDODPiTXLQD1RDSDJXH\
HQFLHQGDODPiTXLQDUiSLGDPHQWHSDUDHYLWDUGDxRVHQOD
PLVPD
$9,62
5HWLUHVLHPSUHODOODYHGHVHJXULGDG\ODEDWHUtDWUDV
ILQDOL]DUHOWUDEDMR
)81&,21$0,(172'(/
6,67(0$'($87235238/6,Ï1
)LJXUD
3RQJDHQPDUFKDODPiTXLQD
0LHQWUDVPDQWLHQHSXOVDGRHOLQWHUUXSWRUGHVHJXULGDG
WLUHGHODSDODQFDGHDXWRSURSXOVLyQHQODGLUHFFLyQGHO
PDQLOODU
6XMHWHHOLQWHUUXSWRUGHVHJXULGDG\ODSDODQFDGH
DXWRSURSXOVLyQDOPLVPRWLHPSRFRQODPDQRGHUHFKD
$MXVWHHOERWyQGHFRQWUROGHYHORFLGDGFRQODPDQR
L]TXLHUGD
(PSXMHHOERWyQGHFRQWUROGHYHORFLGDGHQOD
GLUHFFLyQGHOVtPERORGHOFRQHMRSDUDDXPHQWDUOD
YHORFLGDG
7LUHGHOERWyQGHFRQWUROGHYHORFLGDGHQODGLUHFFLyQ
GHOVtPERORGHODWRUWXJDSDUDGLVPLQXLUODYHORFLGDG
6XHOWHODSDODQFDGHDXWRSURSXOVLyQSDUDGHWHQHUHO
VLVWHPDGHDXWRSURSXOVLyQ
9$&,$'2'(/5(&2*(+,(5%$
'HWHQJDODPiTXLQD
5HWLUHODOODYHGHVHJXULGDG
5HWLUHODEDWHUtD
$EUDODDOHWDGHGHVFDUJDWUDVHUD\VXMpWHOD
6RVWHQJDHOUHFRJHKLHUEDSRUHODVD\GHVHQJiQFKHORGHOD
YDULOODGHODSXHUWD
&LHUUHODDOHWDGHGHVFDUJDWUDVHUD
9DFtHHOUHFRJHKLHUED
)81&,21$0,(172(1
3(1',(17(6
$9,62
1RVLHJXHHQSHQGLHQWHVFRQXQDLQFOLQDFLyQVXSHULRUD
6LQRHVWiFyPRGRQRVLHJXHHQXQDSHQGLHQWH
$9,62
0DQWHQJDXQDYHORFLGDGGHDXWRSURSXOVLyQEDMDFXDQGR
VLHJXHHQXQDSHQGLHQWH
1RVXED\EDMHHQXQDSHQGLHQWHVLHJXHWUDQVYHUVDOPHQWH
ODVXSHUILFLHGHODPLVPD7HQJDFXLGDGRDOFDPELDUGH
GLUHFFLyQHQXQDSHQGLHQWH
6XSHUYLVHORVRULILFLRVVXUFRVSLHGUDV\RWURVREMHWRV
RFXOWRVTXHSXHGHQKDFHUTXHVHFDLJD(OLPLQHWRGRVORV
REVWiFXORVFRPRSLHGUDV\UDPDVGHiUEROHV
$VHJ~UHVHGHWHQHUXQHTXLOLEULRHVWDEOH6LSLHUGHHO
HTXLOLEULRVXHOWHHOLQWHUUXSWRUGHVHJXULGDG
LQPHGLDWDPHQWH
1RVLHJXHFHUFDGHSUHFLSLFLRV]DQMDVRWHUUDSOHQHV
&216(-26'(
)81&,21$0,(172
1RLQWHQWHDQXODUHOIXQFLRQDPLHQWRGHOERWyQGHSXHVWD
HQPDUFKDRHOLQWHUUXSWRUGHVHJXULGDG
1RLQFOLQHODPiTXLQDFXDQGRODSRQJDHQPDUFKD
1RSRQJDODVPDQRVQLORVSLHVFHUFDRGHEDMRGHODV
SLH]DVJLUDWRULDV
0DQWHQJDOLPSLRHOFRQGXFWRGHGHVFDUJD
1RFRUWHKLHUEDPRMDGD
(VQHFHVDULDXQDPD\RUDOWXUDGHODFXFKLOODSDUDFpVSHG
QXHYRRGHQVR
/LPSLHODSDUWHLQIHULRUGHODSODWDIRUPDGHOFRUWDFpVSHG
GHVSXpVGHFDGDXVR5HWLUHORVUHFRUWHVGHKLHUEDODV
KRMDVODVXFLHGDG\RWURVUHVLGXRV
0$17(1,0,(172
35(&$8&,Ï1
1RSHUPLWDTXHOtTXLGRVGHIUHQRVJDVROLQD\RWURV
GHULYDGRVGHOSHWUyOHRWRTXHQODVSLH]DVGHSOiVWLFR/DV
VXVWDQFLDVTXtPLFDVSXHGHQGDxDUHOSOiVWLFR\KDFHUTXH
TXHGHLQVHUYLEOH
,QJOpV,QVWUXFFLRQHVRULJLQDOHV
(6