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UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

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Page 1: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

'UD00LODJURV6DDYHGUD6DDYHGUD&HQWUR,)$3$$ODPHGDGHO2ELVSR

-RUQDGD,QQRYDFLRQHVHQHO&XOWLYRGHO2OLYR

3UR\HFWR3575$75$([SHULPHQWDFLyQ&RRSHUDFLyQ\7UDQVIHUHQFLDGH7HFQRORJtD

HQ2OLYDU

,)$3$&HQWUR$ODPHGDGHO2ELVSR

Page 2: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

(48,32

*UXSRGHO3UR\HFWR7UDQVIRUPD2OLYDUGH,)$3$

2WURV,QYHVWLJDGRUHV\7pFQLFRV,)$3$9HUyQLFD3HGUD]D-LPpQH]

5RVD&DUERQHOO%RMROOR

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5DIDHOD2UGyxH])HUQiQGH]

5XEpQ5RPHUR*DUFtD

-XDQD0HVD(VFXGHUR

*UXSRGHO,$6&6,&$QWRQLRGH+DUR6DUD2EUHJyQ&DQR-RVp/XLV/XTXH2MHGD

Page 3: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

(O352%/(0$

Page 4: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

6ROXFLRQHV9LDEOHVGHVGHHO3XQWRGH9LVWD(FRQyPLFR\)LQDQFLHUR

5HQWDELOLGDGGHODV([SORWDFLRQHV

6HJXULGDG$OLPHQWDULD

&DQWLGDG\&DOLGDG± $OFDQ]DUXQEXHQ%DODQFH+tGULFR

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&RQVHUYDFLyQGHORV5HFXUVRV1R5HQRYDEOHV

6XHOR± /XFKDFRQWUDOD(URVLyQ

$FXtIHURV± (YLWDUOD&RQWDPLQDFLyQSRU+HUELFLGDV

&RQVHUYDFLyQGHO$JURHFRVLVWHPD

(TXLOLEULR± 3UHVHUYDUOD%LRGLYHUVLGDG

&DSDFLGDG3URGXFWLYD± $XPHQWDUOD)HUWLOLGDG\3RURVLGDGGHO6XHOR

Page 5: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

&$0%,26(1$*5,&8/785$0DQHMRGHO6XHORHQ2OLYDU

7HQGHQFLD,PSRVLFLyQ$FWXDO

3URWHFFLyQGHO6XHOR,QFUHPHQWRGHOD%LRGLYHUVLGDG)LMDFLyQGH&2,QFUHPHQWRGHOD)HUWLOLGDG

Page 6: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

&yPRORDERUGDPRVGHVGHHO3UR\HFWR7UDQVIRUPD2OLYDU

¢4XpSRGHPRVKDFHU"

Page 7: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

± FLWDVUHODFLRQDGDVFRQHOPDQHMRGHOVXHORGHOROLYDU

± FLWDVGHRWURVFXOWLYRVRWHPDVUHODFLRQDGRV

± 0XFKRPiVYROXPHQ GH LQIRUPDFLyQ GHORHVSHUDGR

± (VWDPRVFODVLILFDQGRSDUDIDFLOLWDUODE~VTXHGDGHGRFXPHQWRV

+D\PXFKRWUDEDMRUHDOL]DGR\ODELEOLRJUDItDHVWiGLVSHUVD

5(&23,/$&,Ï1%,%/,2*5È),&$<&/$6,),&$&,Ï1

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ͲƐƉĂŹŽů ϬͲ/ŶƷƚŝů >Ͳ>ŝďƌŽŵŽŶŽŐƌĂĨşĂ KͲKůŝǀŽ ƌďͲƌďŽůͲƉƌŽĚƵĐĐŝſŶŽĚĞƐĂƌƌŽůůŽ

/Ͳ/ŶŐůĠƐ ϭͲWŽĐŽ >ͲĂƉşƚƵůŽůŝďƌŽ ͲůŵĞŶĚƌŽ ZͲZĞĐŽůĞĐĐŝſŶ/dͲ/ƚĂůŝĂŶŽ ϮͲDĞĚŝŽ dĞƐŝƐ sͲsŝŹĂ WͲŶĨĞƌŵĞĚĂĚĞƐͲWůĂŐĂƐ

&Ͳ&ƌĂŶĐĠƐ ϯͲůƚŽ ͲƌƚşĐƵůŽ;^/Ϳ >Ͳ>ĞŹŽƐŽƐ D,ͲDĂůĂƐŚŝĞƌďĂƐ

ͲŽŶŐƌĞƐŽ ,Ͳ,ĞƌďĄĐĞŽƐ &Ͳ&ĞƌƚŝůŝnjĂĐŝſŶŶƵƚƌŝĞŶƚĞƐ

ZͲZĞƐƵŵĞŶ ͲƵďŝĞƌƚĂƐ ͲƵďŝĞƌƚĂƐDƵŐͲŵƵƐŐŽƐDƵůͲDƵůĐŚŝŶŐKƚƌͲKƚƌĂƐ

dͲdĠĐŶŝĐŽ DͲDƵƐŐŽƐ DͲDĂƋƵŝŶĂƌŝĂ

ͲŝǀƵůŐĂƚŝǀŽ^Ͳ^ƵĞůŽ;ƌŽͲƌŽƐŝſŶŽŵͲ

ĐŽŵƉĂĐƚĂĐŝſŶŐƵͲŐƵĂ&ĞƌͲ&ĞƌƚŝůŝĚĂĚͿ

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Page 8: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

3URFXUDPRVPDQWHQHUQRVLQIRUPDGRV\³DOGtD´GHRWURVDYDQFHV

$VLVWLPRVDDJULFXOWRUHV\HPSUHVDVFXDQGRVXUJHQSUREOHPDVLQHVSHUDGRVILWRWR[LFLGDGHVSHFLHVSUREOHPiWLFDVHWF

&RPSUREDPRVTXHHVSRVLEOHUHGXFLUHURVLyQ\REWHQHUEXHQDVSURGXFFLRQHVUHDOL]DQGREXHQDVSUiFWLFDVGHPDQHMR

$GTXLULPRV FRQRFLPLHQWRV GH H[SHULHQFLDVHQRWURVFXOWLYRV

$JULFXOWRUHV\HPSUHVDVHVWiQLQQRYDQGR\DGDSWDQGRODVWpFQLFDVFRQVWDQWHPHQWH

$&78$/,=$&,Ï1'(/26352%/(0$6

Page 9: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

(VFDVDLQIRUPDFLyQGHODHILFDFLDGHORVQXHYRVKHUELFLGDV\SDUDODVQXHYDVFREHUWXUDV5HDOL]DPRVHQVD\RVFRQKHUELFLGDV

&21752/'((63(&,(6',)Ë&,/(6

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Page 10: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

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3UHSDUDUELHQHOVXHOR\HOHJLUODGRVLVGHVHPLOODVXILFLHQWHFRPSUREDQGRHOSRGHUJHUPLQDWLYR \HOYLJRUGHODVHPLOOD

&RPSUREDUHOQLYHOGHIHUWLOLGDGGHOVXHOR\DERQDU VLIXHUDQHFHVDULRODPD\RUtDGHODVYHFHV

5HVXPHQGHUHVXOWDGRV

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727$/(QVD\RVGHDERQDGRSDUDFUXFtIHUDVHQDxRV

Page 11: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

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(YLWDUODSpUGLGDGHDJXD HQHOVXHOR\UHGXFLUODFRPSHWHQFLDFRQHOROLYR

Page 12: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

'RVLVGHVLHPEUD\DERQDGRGH6LQDSLVDOEDVXEVSPDLUHL

ϭǑͲ ŶƐĂLJŽƐĞŶƚŝĞƌƌĂƐĚĞůĂďŽƌ ĐŽŶϯĚŽƐŝƐĚĞƐŝĞŵďƌĂLJϱƚŝƉŽƐĚĞĂďŽŶĂĚŽĞŶůĂŵĞĚĂLJdŽŵĞũŝů

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&KEKE

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dKd> E ϯϮϳ ϲϱϱ ϯϯϱ ϲϳ Ϭ

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ϵϯϲ ϰϮ ϭϬ ϮϬ Ϭ

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Page 13: UD 0 0LODJURV 6DDYHGUD 6DDYHGUD · (48,32 *uxsr gho 3ur\hfwr 7udqvirupd 2olydu gh ,)$3$ 2wurv ,qyhvwljdgruhv \ 7pfqlfrv ,)$3$ 9huyqlfd 3hgud]d -lppqh] 5rvd &duerqhoo %rmroor 5didho

$YDQFHGHUHVXOWDGRVGHHQVD\RVGHDERQDGRGH6LQDSLVDOEDVXEVSPDLUHL

ϭǑͲ ŶƐĂLJŽƐĞŶƚŝĞƌƌĂƐĚĞůĂďŽƌ^Ğ ĚĞƚĞƌŵŝŶſ ƋƵĞůĂĚŽƐŝƐ ϮϳϱŬŐŚĂĂĚĞĐƵĂĚĂƉĂƌĂƐĞŵďƌĂƌĞŶŽůŝǀĂƌƐŝĞŵƉƌĞƋƵĞůĂƐĞŵŝůůĂĞƐƚƵǀŝĞƌĂĞŶďƵĞŶ

ĞƐƚĂĚŽĐŽŶďƵĞŶƉŽĚĞƌŐĞƌŵŝŶĂƚŝǀŽLJďƵĞŶǀŝŐŽƌĚĞůĂƐƉůĄŶƚƵůĂƐ

ů ĂďŽŶĂĚŽ ϯ ŶŽ ƉƌŽƉŽƌĐŝŽŶſ ŵĞũŽƌĂƐƐƵƐƚĂŶĐŝĂůĞƐƌĞƐƉĞĐƚŽĂůŽƐŽƚƌŽƐĞŶƐĂLJĂĚŽƐƉŽƌĞůůŽĞŶůŽƐĞŶƐĂLJŽƐƉŽƐƚĞƌŝŽƌĞƐĞŶŽůŝǀĂƌĞƐƐĞƉƌĞƐĐŝŶĚŝſĚĞĞƐƚĞƚƌĂƚĂŵŝĞŶƚŽ

ϮǑͲ ŶƐĂLJŽƐĞŶϮŽůŝǀĂƌĞƐ ĐŽŶůĂĚŽƐŝƐĚĞƐŝĞŵďƌĂϮLJůŽƐĂďŽŶĂĚŽƐϭϮLJϰ^ĞŽďƚƵǀŝĞƌŽŶĚĂƚŽƐŵƵLJŝƌƌĞŐƵůĂƌĞƐ>ĂƐ ŝƌƌĞŐƵůĂƌŝĚĂĚĞƐ ĚĞ ůĂ ĨĞƌƚŝůŝĚĂĚ ĚĞů ƐƵĞůŽ ƌĞƉĞƌĐƵƚŝĞƌŽŶ ĞŶ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞ ůĂƐ ƉůĂŶƚĂƐ ĚĞ ^ŝŶĂƉŝƐ ĂůďĂ ƐƵďƐƉŵĂŝƌĞŝ

DĄƐĚĞƐĂƌƌŽůůŽŶ njŽŶĂƐƉƌſdžŝŵĂƐĂůĂ ĐŽƉĂƌĞŝƚĞƌĂĚĂŵĞŶƚĞĂďŽŶĂĚĂƐƉŽƌůŽƐĂŐƌŝĐƵůƚŽƌĞƐŶ ůŽƐ ďŽƌĚĞƐ ĚĞ ůĂƐ ĨƌĂŶũĂƐĚĞ ĐƵďŝĞƌƚĂ ƉŽƌ Ğů ĞĨĞĐƚŽ ďŽƌĚĞŶnjŽŶĂƐĚĞĂĐƵŵƵůĂĐŝſŶĚĞƐĞĚŝŵĞŶƚŽƐ

DĞŶŽƐĚĞƐĂƌƌŽůůŽŶůŽƐĐĞŶƚƌŽƐĚĞůĂƐĐĂůůĞƐ

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