$FHUFDGHODVIXQFLRQHVGHOWHPSRUL]DGRU
&RPLGD
7LHPSR
&RPHQWDULRV
3DQHV7RUWDV
3DQHVEXxXHORVRSDQHFLOORV
WUR]R
GHPLQ
3DVWHOLWRV
RQ]DVDSUR[
DPLQ
9XHOYDDRUGHQDUOXHJRGHODPLWDGGHOWLHPSR
3HVFDGR\0DULVFRV
/RPRVFRQJHODGRVOE
DPLQ
)UXWD
%ROVDGHSOiVWLFR³R
DPLQ
3DTXHWHGHRQ]DV
&DUQH
7RFLQR
OE
DPLQ
&RORTXHHOSDTXHWHFHUUDGRHQHOKRUQR'HMHUHSRVDUSRUPLQXWRVOXHJRGHODGHVFRQJHODFLyQ
6DOFKLFKDV7LSR)UDQNIXUW
OE
DPLQ
&RORTXHHOSDTXHWHFHUUDGRHQHOKRUQR&RFLQHHQHOKRUQRPLFURRQGDVKDVWDTXHODVVDOFKLFKDVWLSR)UDQNIRUW
VHSXHGDQVHSDUDU'HMHUHSRVDUSRUPLQXWRVGHVHUQHFHVDULRSDUDFRPSOHWDUODGHVFRQJHODFLyQ
&DUQHSLFDGD
OE
DPLQ
'pYXHOWDOXHJRGHODSULPHUDPLWDGGHWLHPSR
$VDUELIHFRUGHURWHUQHUDFHUGR
DPLQ
8VHHOQLYHOGHSRWHQFLD
SRUOE
%LVWHFVFKXOHWDVGHFHUGR\FRUGHUR
DPLQ
&RORTXHODFDUQHD~QHQYXHOWDHQHOSODWRGHFRFFLyQ'pYXHOWDOXHJRGHODSULPHUDPLWDGGHWLHPSR\FXEUDODV
SRUOE
iUHDVFDOLHQWHVFRQSDSHOGHDOXPLQLR/XHJRGHODVHJXQGDPLWDGGHOWLHPSRVHSDUHORVWUR]RVFRQXQFXFKLOORGH
PHVD(VSHUHKDVWDTXHVHFRPSOHWHODGHVFRQJHODFLyQ
$YH
3ROORSDULOODIUHLGRUDFRUWH
DPLQ
&RORTXHHOSROORHQYXHOWRHQHOSODWR'HVHQYXHOYD\GpYXHOWDOXHJRGHODSULPHUDPLWDGGHWLHPSR/XHJR
ø
DOEV
GHODVHJXQGDPLWDGGHWLHPSRVHSDUHORVWUR]RV\FRORTXHORVPLVPRVHQHOSODWRGHFRFFLyQ
&RFLQHHQHOKRUQRPLFURRQGDVHQWUH\PLQXWRVPiVVLHVQHFHVDULR'HMHUHSRVDUSRUXQRVSRFRVPLQXWRV
SDUDILQDOL]DUODGHVFRQJHODFLyQ
3ROORHQWHUR
ø
DOEV
DPLQ
&RORTXHHOSROORHQYXHOWRHQHOSODWR/XHJRGHODPLWDGGHOWLHPSRGHVHQYXHOYD\GpYXHOWDHOSROOR&XEUDODV
SDUWHVFDOLHQWHVFRQSDSHOGHDOXPLQLR3DUDFRPSOHWDUODGHVFRQJHODFLyQGHMHFRUUHUDJXDIUtDHQODFDYLGDG
KDVWDTXHVHSXHGDQUHWLUDUORVPHQXGRV
*DOOLQDGH&RUQXDOOHV
DPLQ
&RORTXHODJDOOLQDVLQGHVHQYROYHUHQHOKRUQRFRQODSHFKXJDKDFLDDUULED'pYXHOWDOXHJRGHODSULPHUDPLWDG
SRUOE
GHWLHPSR'HMHFRUUHUDJXDSRUODFDYLGDGKDVWDTXHVHSXHGDQTXLWDUORVPHQXGRV
3HFKXJDGHSDYR
DOEV
DPLQ
&RORTXHODSHFKXJDVLQGHVHQYROYHUHQHOSODWRSDUDXVRVHJXURHQHOKRUQRPLFURRQGDVFRQODSHFKXJDKDFLD
SRUOE
DEDMR/XHJRGHODSULPHUDPLWDGGHWLHPSRGpYXHOWDODSHFKXJDKDFLDDUULED\FXEUDODVSDUWHVFDOLHQWHVFRQ
SDSHOGHDOXPLQLR'HVFRQJHOHGXUDQWHODVHJXQGDPLWDGGHOWLHPSR'HMHUHSRVDUHQWUH\KRUDVHQHO
UHIULJHUDGRUSDUDFRPSOHWDUODGHVFRQJHODFLyQ
*XtDGH'HVFRQJHODFLyQ