8VRGHOUHORM\HOWHPSRUL]DGRU
*($SSOLDQFHVFRP
3DUDDMXVWDUHOUHORM
(OUHORMGHEHVHUDMXVWDGRHQODKRUDFRUUHFWD
GHOGtDSDUDTXHODVIXQFLRQHVDXWRPiWLFDV
FURQRPHWUDGDVGHOKRUQRIXQFLRQHQ
DSURSLDGDPHQWH/DKRUDGHOGtDQRSXHGH
FDPELDUVHGXUDQWHXQFLFORGHKRUQHDGR
FURQRPHWUDGRRDXWROLPSLH]D
3UHVLRQHHOERWyQ
&ORFN
(QORVPRGHORVFRQERWRQHVQXPpULFRV
DSULpWHORVSDUDVHOHFFLRQDUODKRUDGHOGtD
FRUUHFWD
(QORVPRGHORVFRQERWRQHV
\
²
GH
+RXU+RUD
\
0LQ0LQ
DSULpWHORVSDUD
VHOHFFLRQDUODKRUDGHOGtDFRUUHFWD
3UHVLRQHHOERWyQ
6WDUW
$VHJ~UHVHGHTXHHOUHORMVHD
DMXVWDGRHQODKRUDFRUUHFWDGHO
GtD
3DUDDMXVWDUHOWHPSRUL]DGRU
3UHVLRQHHOERWyQ
.LWFKHQ7LPHU2Q2II
(QORVPRGHORVFRQERWRQHVQXPpULFRV
DSULpWHORVKDVWDTXHDSDUH]FDHQOD
SDQWDOODODFDQWLGDGGHWLHPSRTXHGHVHD
3RUHMHPSORSDUDDMXVWDUKRUDV\
PLQXWRVDSULHWH\HQHVHRUGHQ
(QORVPRGHORVFRQERWRQHV
\
²
GH
+RXU
+RUD
\
0LQ0LQ
DSULpWHORVKDVWDTXH
DSDUH]FDHQODSDQWDOOD
ODFDQWLGDGGHWLHPSRTXHGHVHD
(OWLHPSRPi[LPRTXHSXHGHLQJUHVDUHQ
PLQXWRVHV
/RVWLHPSRVGHFRFFLyQGHPiV
GHPLQXWRVGHEHQFRQYHUWLUVH
DKRUDV\PLQXWRV3RUHMHPSORLQJUHVH
PLQXWRVFRPRKRUD
PLQXWRV
6LFRPHWHXQHUURUDSULHWH
.LWFKHQ7LPHU
2Q2II
\YXHOYDDFRPHQ]DU
3UHVLRQHHOERWyQ
6WDUW
'HVSXpVGHSUHVLRQDUHOERWyQ
6WDUW
6(7
GHVDSDUHFHHVWROHLQGLFDTXHHOWLHPSR
HVWiHQFXHQWDUHJUHVLYDDXQTXHODSDQWDOODQR
FDPELHKDVWDTXHKD\DSDVDGRXQPLQXWR(Q
ODSDQWDOODQRVHPRVWUDUiQORVVHJXQGRVKDVWD
TXHHO~OWLPRPLQXWRHVWpHQFXHQWDUHJUHVLYD
&XDQGRHOWHPSRUL]DGRUDOFDQFH
HO
FRQWUROSLWDUiYHFHVVHJXLGDVSRUXQ
SLWLGRFDGDVHJXQGRVKDVWDTXHVH
SUHVLRQHHOERWyQ
.LWFKHQ7LPHU2Q2II
(OWRQRGHVHJXQGRVSXHGHFDQFHODUVH
VLJXLHQGRORVSDVRVHQODVFDUDFWHUtVWLFDV
HVSHFLDOHVGHVXVHFFLyQGHFRQWUROGHOKRUQR
LQIHULRUEDMRODVHFFLyQWRQRVDOILQDOGHXQFLFOR
FURQRPHWUDGR
(OWHPSRUL]DGRUHV~QLFDPHQWHXQ
WHPSRUL]DGRUGHPLQXWRV
(OWHPSRUL]DGRUQRFRQWUROD
ODVRSHUDFLRQHVGHOKRUQR
/DFRQILJXUDFLyQPi[LPD
HQHOWHPSRUL]DGRUHVGH
KRUDV\PLQXWRV
3DUDUHLQLFLDUHOWHPSRUL]DGRU
6LODSDQWDOODWRGDYtDHVWiPRVWUDQGR
HOWLHPSRUHVWDQWHSXHGHFDPELDUOD
SUHVLRQDQGRHOERWyQ
.LWFKHQ7LPHU2Q2II
OXHJRSUHVLRQHORVERWRQHVQXPpULFRVHQ
DOJXQRVPRGHORVRORVERWRQHV
R
²
GH
+RXU
+RUD
\
0LQ0LQ
HQDOJXQRVPRGHORVKDVWD
TXHHQODSDQWDOODDSDUH]FDHOWLHPSRTXH
GHVHD
6LHOWLHPSRUHVWDQWHQRHVWiHQODSDQWDOOD
HQODSDQWDOODHVWiUHORMLQLFLRSRVWHUJDGRR
WLHPSRGHFRFFLyQUHFXHUGHHOWLHPSRUHVWDQWH
SUHVLRQDQGRHOERWyQ
.LWFKHQ7LPHU2Q2II
\
OXHJRSUHVLRQDQGRORVERWRQHVQXPpULFRVHQ
DOJXQRVPRGHORVRORVERWRQHV
R
²
GH
+RXU
+RUD
\
0LQ0LQ
HQDOJXQRVPRGHORVKDVWD
LQJUHVDUHOQXHYRWLHPSRTXHGHVHD
3DUDFDQFHODUHOWHPSRUL]DGRU
3UHVLRQHHOERWyQ
.LWFKHQ7LPHU2Q2II
GRV
YHFHV