6SB)UB7LSSLQJB5HVWUDLQW²
&RORTXHODXQLGDGHQODXELFDFLyQGHVHDGD&RORTXHXQWDFRHQODSDUHGGHWUiVGHODXQLGDG)LMHXQVXMHWDGRU
7DOWDFRGHODSDUHGFRQORVWRUQLOORVQHJURV[79HDOD)LJXUD)LMHXQVHJXQGRVXMHWDGRUDOD
XQLGDGFRQORVWRUQLOORVGHFDEH]DUHGRQGD[79HDOD)LJXUD-XQWHDPERVVXMHWDGRUHVFRQODFRUUHD
GHVXMHFLyQGH1\ORQ7-DOHILUPHPHQWHGHODFRUUHDGHVXMHFLyQGH1\ORQ7SDUDTXHQRTXHGHIORMD9HD
ODV)LJXUDV\6LQRSXHGHFRORFDUXQWDFRFRPSUHORVDUWtFXORVGHIHUUHWHUtDDGHFXDGRVSDUDHOPRQWDMH
HQHOWLSRGHSDUHGTXHWHQJD\DVHJXUHODXQLGDG
127$6LUHFLELyGRVFRUUHDVDQWLFDtGDVFRQVXVDUWtFXORVGHIHUUHWHUtDFRORTXHGRVWDFRV
GHWUiVGHODXQLGDG\DMXVWHDPEDVFRUUHDVXQDHQFDGDWDFRFRQIRUPHHVWDVLQVWUXFFLRQHV
6LQRSXHGHFRORFDUGRVWDFRVHQODSDUHGFRPSUHORVDUWtFXORVGHIHUUHWHUtDDGHFXDGRVSDUD
HOPRQWDMHHQHOWLSRGHSDUHGTXHWLHQH\DVHJXUHODXQLGDG
,QVWUXFFLRQHVSDUDFRORFDUFRUUHDVDQWLFDtGDVHQPXHEOHV
7²[
7RUQLOORQHJUR
±4W\
7²[7RUQLOOR
GHFDEH]D
UHGRQGD±4W\
7²6XMHWDGRU
±4W\
7²&RUUHD
GHVXMHFLyQGH
1\ORQ±4W\
$QWHVGHFRPHQ]DUFRQHODUPDGRLGHQWLILTXHFDGDSDUWH\DVHJ~UHVHGHTXHODVFDQWLGDGHVUHFLELGDVFRLQFLGDQ
FRQORTXHDSDUHFHHQHVWDOLVWD6LQHFHVLWDUHHPSOD]DUXQDSLH]DFRPXQtTXHVHFRQHOVHUYLFLRGHDWHQFLyQDOFOLHQWHGH
:KLWWLHU:RRG)XUQLWXUH\FRQVXOWHODVLJXLHQWHOLVWDSDUDREWHQHUHOQRPEUH\OHWUDGHODPLVPD
3XOOWKH1\ORQ5HVWUDLQW6WUDS7WLJKWVRWKHUHLVQRVODFN
-DOHILUPHPHQWHGHODFRUUHDGHVXMHFLyQGH1\ORQSDUDTXHQRTXHGHIORMD3XOOWLJKW -DOHILUPHPHQWH
$PHQRVTXHHVWpHVSHFtILFDPHQWHGLVHxDGRSDUDDGDSWDUVHQR
FRORTXHWHOHYLVRUHVQLRWURVREMHWRVSHVDGRVVREUHODSDUWHVXSHULRU
GHHVWHSURGXFWR
,QVWDOOH]OXQLWpjOHQGURLWGpVLUp/RFDOLVH]XQPRQWDQWGDQVOHPXUGHUQLqUHOXQLWp)L[H]XQHDWWDFKH7DX
PRQWDQWjODLGHGHYLVQRLUHVQXPpUR[SR79RLUODILJXUH)L[H]ODVHFRQGHDWWDFKHjOXQLWpjODLGHGH
YLVjWrWHF\OLQGULTXHERPEpHQXPpUR[SR79RLUODILJXUH5DFFRUGH]OHVGHX[DWWDFKHVDYHFODVDQJOH
GHUHWHQXHHQQ\ORQ77LUH]ODVDQJOHGHUHWHQXHHQQ\ORQ7GHIDoRQjQDYRLUDXFXQMHX9RLUOHVILJXUHV
HW6LYRXVQHSRXYH]ORFDOLVHUGHPRQWDQWIDLWHVODFKDWGHIL[DWLRQVPXUDOHVDGpTXDWHVVHORQYRWUHW\SHGH
PXUHWIL[H]OXQLWpVROLGHPHQW
5(0$548(6LGHX[GLVSRVLWLIVGHUHWHQXHGHEDVFXOHPHQWRQWpWpGpSRVpVGDQVYRWUHHPEDOODJH
ORFDOLVH]GHX[PRQWDQWVGHUULqUHOXQLWpHWIL[H]\OHVGHX[GLVSRVLWLIVXQVXUFKDTXHPRQWDQWPXUDOVHORQ
OHVSUpVHQWHVLQVWUXFWLRQV6LYRXVQHSRXYH]ORFDOLVHUGHX[PRQWDQWVPXUDX[IDLWHVODFKDWGHIL[DWLRQV
PXUDOHVDGpTXDWHVVHORQYRWUHW\SHGHPXUHWIL[H]OXQLWpVROLGHPHQW
,QVWUXFWLRQVGXGLVSRVLWLIGHUHWHQXHGHEDVFXOHPHQWGXPHXEOH
7²[
9LVQRLUH
±4W\
7²[9LVj
WrWHF\OLQGULTXH
ERPEpH±4W\
7²$WWDFKH
±4W\
7²6DQJOH
GHUHWHQXHHQ
Q\ORQ±4W\
$YDQWGHFRPPHQFHUOHPRQWDJHLGHQWLILHUFKDTXHSLqFHHWV¶DVVXUHUTXHOHVTXDQWLWpVGHVpOpPHQWVUHoXV
FRUUHVSRQGHQWjFHTXLHVWVXUODOLVWH6LYRXVGHYH]UHPSODFHUXQHSLqFHFRQWDFWH]OHVHUYLFHjODFOLHQWqOH
GH:KLWWLHU:RRG)XUQLWXUHHQYRXVUpIpUDQWjODOLVWHFLGHVVRXVSRXUOHQRPHWOHFRGHGHOHWWUH
3XOOWKH1\ORQ5HVWUDLQW6WUDS7WLJKWVRWKHUHLVQRVODFN
7LUH]ODVDQJOHGHUHWHQXHHQQ\ORQGHIDoRQjQDYRLUDXFXQMHX3XOOWLJKW 7LUH]
¬PRLQVTXLOQHVRLWFRQoXVSpFLILTXHPHQWjFHWWHILQQHSDVSODFHU
GHWpOpYLVLRQRXGDXWUHVREMHWVORXUGVVXUOHGHVVXVGHFHSURGXLW
