DCN 4590 Buch.indb

Anuncio
'&1
'.*
%HGLHQXQJVDQOHLWXQJ
2SHUDWLQJLQVWUXFWLRQV
,VWUX]LRQLG¶XVR
1RWLFHG¶XWLOLVDWLRQ
,QVWUXFFLRQHVGHVHUYLFLR
,QVWUXù°HVGHVHUYLùR
*HEUXLNVDDQZLM]LQJ
%HWMHQLQJVYHMOHGQLQJ
%UXNVDQYLVQLQJ
.l\WW|RKMH
%UXNVDQYLVQLQJ
ĂĔėēďĕĢħĕęġęģĜğĭ
.XOODQòPNòODYX]X
,QVWUXNFMDREVğXJL
.H]HOpVL~WPXWDWy
1iYRGNREVOX]H
1iYRGQDREVOXKX
,QVWUXFĵLXQLGHIRORVLUH
1DYRGLOD]DXSRUDER
ćıġĥęĥěĨĩęĥĞėĜġĨĦĢĥėĩėĭğĶ
.DVXWXVMXKHQG
1DXGRMLPRVLLQVWUXNFLMD
(NVSOXDWþFLMDVLQVWUXNFLMD
ćĪġĥęĥěĨĩęĥĦĥĴġĨĦĢĪėĩėĭğğ
'
*%
,
)
(
3
1/
'.
1
),1
6
*5
75
3/
+
&=
6.
52
6/2
%*
(67
/7
/9
586
'&1
'.*
,
,,
,,,
$
%
,9
9
(
3DUDVXVHJXULGDG
3DUD SRGHU WUDEDMDU VLQ SHOLJUR
FRQ HO DSDUDWR XVWHG GHEH KD
EHU OHtGR tQWHJUDPHQWH \ FRP
SUHQGLGR ODV LQVWUXFFLRQHV GH
PDQHMR DVt FRPR ODV LQVWUXFFLR
QHV HQ UD]yQ GH OD VHJXULGDG \
VHJXLU HVWULFWDPHQWH ODV LQGLFD
FLRQHVDOOtFRPSUHQGLGDV
7RGDVODVSHUVRQDVTXHVHHQFXHQWUHQ
HQ HO OXJDU GH WUDEDMR GHEHQ
XVDU SURWHFWRUHV GH RtGR \ JDIDV
SURWHFWRUDV DGHFXDGDV FXDQGR
VH HPSOHH HO DSDUDWR /D SUHVLyQ
DF~VWLFD HPLWLGD SRU OD KHUUDPLHQWD
SXHGHGDxDUHORtGR
/DV SLH]DV TXH YXHODQ SRU HO DLUH \
ODVFKLVSDVSXHGHQGDxDUORVRMRV
/OHYDU JXDQWHV SURWHFWRUHV \
FDO]DGRUHVLVWHQWH
£3HOLJURGHKHULGDVSRUHOPDQHMR
LQDGHFXDGR
(VWiSURKLELGRPRGLILFDUODKHUUDPLHQWD
R SURGXFLU DSDUDWRV DGLFLRQDOHV
(VWH WLSR GH PRGLILFDFLRQHV SXHGH
RFDVLRQDUGDxRVSHUVRQDOHVRHOPDO
IXQFLRQDPLHQWRGHODKHUUDPLHQWD
£3HOLJURGHKHULGDVSRUFDtGDV
1R XWLOL]DU OD KHUUDPLHQWD DO
WUDEDMDUVREUHHVFDOHUDVRDQGDPLRV
LQHVWDEOHV 7UDEDMDU VLHPSUH VREUH
XQDEDVHILUPH
£3HOLJURGHKHULGDV
1R GHMDU QXQFD OD KHUUDPLHQWD VLQ
YLJLODQFLD \ SURWHJHUOD FRQWUD HO
XVR QR DXWRUL]DGR 'HVFRQHFWDU OD
KHUUDPLHQWDGHODLQVWDODFLyQGHDLUH
FRPSULPLGR DQWHV GH DEDQGRQDU HO
OXJDUGHWUDEDMR
&XLGDGR
(PSOHDU OD KHUUDPLHQWD ~QLFDPHQWH
FRQ OD SUHVLyQ GH VHUYLFLR LQGLFDGD
1R FRQHFWDU QXQFD OD KHUUDPLHQWD
D FRPSUHVRUHV TXH JHQHUHQ XQD
SUHVLyQ VXSHULRU D EDUHV /D
SUHVLyQLQDGHFXDGDSXHGHSHUMXGLFDU
OD KHUUDPLHQWD R VHU OD FDXVD GH XQ
PDOIXQFLRQDPLHQWR 3DUD ODSUHVLyQ
GHVHUYLFLRUHFRPHQGDGDYpDQVHODV
FDUDFWHUtVWLFDVWpFQLFDVGHODSDUDWR
£3HOLJURGHPXHUWH
£1R GLULJLU MDPiV OD ERFD GH
OD KHUUDPLHQWD FRQWUD Vt PLVPR
RWUDV SHUVRQDV R DQLPDOHV
LQGHSHQGLHQWHPHQWH GH TXH HVWp
GRWDGD GH HOHPHQWRV GH ILMDFLyQ R
QR(QFDVRFRQWUDULRVHFRUUHSHOLJUR
GHPXHUWHRGHKHULGDVPX\JUDYHV
£3HOLJURGHH[SORVLyQ
(VWi SURKLELGR XWLOL]DU R[tJHQR
JDVHVLQIODPDEOHVRJDVHVHQERWHOOD
FRPR IXHQWH GH HQHUJtD SDUD HVWD
KHUUDPLHQWD /D KHUUDPLHQWD SXHGH
H[SORWDU \ FDXVDU JUDYHV KHULGDV H
LQFOXVRODPXHUWH
(OHPHQWRVGHODPiTXLQD
$QWHVGHXWLOL]DUODKHUUDPLHQWDHOXVXDULRGHEHUiIDPLOLDUL]DUVHFRQWRGDVODVFDUDFWHUtVWLFDVGHIXQFLRQDPLHQWR
HLQVWUXFFLRQHVHQUD]yQGHODVHJXULGDG
9LVLyQJHQHUDO)LJ,
7XERJLUDWRULRGHVDOLGDGHDLUH
'LVSRVLWLYR GH DMXVWH GH OD SURIXQGLGDG GHO
DFFLRQDPLHQWR
&RQWDFWR FRQ OD SLH]D GH WUDEDMR FRQ FDSD
SURWHFWRUDGHOPDWHULDO
&DUJDGRUFRQWULQTXHWHGHEORTXHR
'LVSRVLWLYRGHDGDSWDFLyQGHOFDUJDGRU
3LYRWHDFWLYDFLyQLQGLYLGXDOSRUFRQWDFWR
3DODQFDGHOGLVSDUDGRU
QRHQHOPRGHOR'.*
&DUDFWHUtVWLFDVWpFQLFDV
1RGH$UW
3UHVLyQGHVHUYLFLR
&RQVXPRGHDLUHSRULPSDFWRDEDUHV
&RQH[LyQGHDLUHFRPSULPLGR
3UHVLyQDF~VWLFDSRQGHUDGD$
1LYHOGHSUHVLyQDF~VWLFD
9LEUDFLRQHV
3HVR
$QFKXUDGHODVJUDSDVSURIXQGLGDGGHSHQHWUDFLyQ
'LiPHWURGHORVFODYRVSURIXQGLGDGGHSHQHWUDFLyQ
FODYRVKHOLFRLGDOHVGHVROGDGXUDGHDODPEUH
'LiPHWURGHORVFODYRVSURIXQGLGDGGHSHQHWUDFLyQ
FODYRVKHOLFRLGDGHVHQFLQWDGHSOiVWLFR
/XEULFDQWHDLUHFRPSULPLGR
(PSOHRFRQIRUPHDOXVRSUHYLVWR
/D KHUUDPLHQWD HVWi SUHYLVWD H[FOXVLYDPHQWH SDUD
VHU FRQHFWDGD D XQ FRPSUHVRU GH DLUH FRPSULPLGR
UHJXODEOH\SDUDVHUHPSOHDGDSDUDORVFODYRV\ODV
JUDSDVGH:UWKHQDGHODQWHGHQRPLQDGRVHOHPHQWRV
GHILMDFLyQ
(O XVXDULR DVXPH OD UHVSRQVDELOLGDG SRU ORV GDxRV
SURGXFLGRV SRU HO HPSOHR QR FRQIRUPH DO XVR
SUHYLVWR
3URWHFFLyQGHODSDUDWR
/D SUHVLyQ Pi[LPD SHUPLWLGD YpDQVH
ODV FDUDFWHUtVWLFDV WpFQLFDV QR
GHEHUi H[FHGHUVH HQ FDVR QHFHVDULR
UHFRPHQGDPRV LQWHUFDODU XQ UHGXFWRU
GHSUHVLyQ
$ ILQ GH HYLWDU GHWHULRURV FDXVDGRV SRU HO DLUH
FRPSULPLGRVXFLRGHEHLQWHUFDODUVHHQHOVLVWHPDGH
FRQGXFWRVXQDXQLGDGGHDFRQGLFLRQDPLHQWRGHDLUH
FRPSULPLGR
(QFDVRGHTXHORVWXERVIOH[LEOHVWHQJDQXQDORQJLWXG
VXSHULRUDPHODSDUDWRGHEHHVWDUGRWDGRGHXQ
SHTXHxROXEULFDGRUSRUQHEOLQDGHDFHLWH\DTXHGH
OR FRQWUDULR QR TXHGD DVHJXUDGD OD DSRUWDFLyQ GH
DFHLWHVXILFLHQWH
(O DEDVWHFLPLHQWR GH DLUH FRPSULPLGR GHEH HVWDU
VXILFLHQWHPHQWHGLPHQVLRQDGR
8WLOL]DU ~QLFDPHQWH SLH]DV GH UHSXHVWR RULJLQDOHV GH
:UWKSDUDORVWUDEDMRVGHPDQWHQLPLHQWR
'&1
EDUHV
O
´
G%$
G%$
PV
NJ
'.*
EDUHV
O
´
G%$
G%$
PV
NJ
PPPP
PPPP
PPPP
$UW1R
3XHVWDHQIXQFLRQDPLHQWR
6XPLQLVWURGHDLUHFRPSULPLGR
3DUDHOIXQFLRQDPLHQWRSHUIHFWRGHODKHUUDPLHQWDVH
UHTXLHUHDLUHFRPSULPLGRILOWUDGRVHFR\DFHLWDGRHQ
XQDFDQWLGDGVXILFLHQWH
$OJHQHUDUDLUHFRPSULPLGRPHGLDQWHXQFRPSUHVRUVH
FRQGHQVDODKXPHGDGTXHSRUQDWXUDOH]DFRQWLHQHHO
DLUHSRUORTXHVHDFXPXODFRPRDJXDFRQGHQVDGD
HQ OD FDOGHUD GH SUHVLyQ \ HQ ODV WXEHUtDV (VWD
DJXD FRQGHQVDGD GHEH HOLPLQDUVH SRU PHGLR GH XQ
VHSDUDGRU GH DJXD &RQWURODU \ YDFLDU GLDULDPHQWH
HO VHSDUDGRU GH DJXD GDGR TXH GH RWUD IRUPD
H[LVWHHOULHVJRGHFRUURVLyQGHODLQVWDODFLyQGHDLUH
FRPSULPLGR \ GH OD KHUUDPLHQWD DXPHQWiQGRVH FRQ
HOORHOGHVJDVWH
/DV WRPDV SUHYLVWDV SDUD OD KHUUDPLHQWD GHEHQ
SURYHHUVH GLUHFWDPHQWH HQ HO SXQWR GH FRQH[LyQ GH
XQDXQLGDGGHDFRQGLFLRQDPLHQWRGHDLUHFRPSULPLGR
ILOWUR VHSDUDGRU GH DJXD OXEULFDGRU &RQWURODU
GLDULDPHQWH HO OXEULFDGRU \ UHOOHQDUOR FRQ HO DFHLWH
UHFRPHQGDGRYpDQVHODVFDUDFWHUtVWLFDVWpFQLFDV
(OYROXPHQGHDLUHHVWDQLPSRUWDQWHFRPRODSUHVLyQ
GHO DLUH /DV XQLRQHV GH WXERV IOH[LEOHV VXFLDV R HO
DJXDVXFLDGHQWURGHOVLVWHPDSXHGHQDIHFWDUHOIOXMR
GHDLUHGHWDOPDQHUDTXHODKHUUDPLHQWDQRWHQJDDOD
GLVSRVLFLyQXQYROXPHQGHDLUHVXILFLHQWHDSHVDUGH
TXHODSUHVLyQLQGLFDGDVHDHOHYDGD
$QWHV GH EXVFDU HO SUREOHPD HQ OD KHUUDPLHQWD HV
UHFRPHQGDEOH YHULILFDU SULPHUR VL ODV FDXVDV TXH
PHUPDQHOFDXGDOVHHQFXHQWUDQHQHOVXPLQLVWURGHDLUH
RHQODIXHQWHGHDLUHFRPSULPLGRVXFLHGDGDJXD
&RQHFWDUODKHUUDPLHQWDDODLQVWDODFLyQGH
DLUHFRPSULPLGR
(VWDKHUUDPLHQWD~QLFDPHQWHGHEHKDFHUVHIXQFLRQDU
FRQ DLUH FRPSULPLGR OLPSLR \ VHFR D XQD SUHVLyQ
UHJXODGDYpDQVHODVFDUDFWHUtVWLFDVWpFQLFDV
3DUD FRQHFWDU OD KHUUDPLHQWD D OD LQVWDODFLyQ GH
DLUH FRPSULPLGR XWLOL]DU ~QLFDPHQWH XQ HPSDOPH
LQVWDQWiQHR
&XDQGR VH FRQHFWD OD KHUUDPLHQWD SRU SULPHUD YH]
D OD LQVWDODFLyQ GH DLUH FRPSULPLGR HO PHFDQLVPR
GH DFFLRQDPLHQWR GH OD KHUUDPLHQWD SXHGH UHDOL]DU
DXWRPiWLFDPHQWHXQFLFORGHWUDEDMR
3RU HVWD UD]yQ VH GHEH FRQHFWDU SULPHUR OD
KHUUDPLHQWD D OD LQVWDODFLyQ GH DLUH FRPSULPLGR \
GHVSXpVDEDVWHFHUODGHHOHPHQWRVGHILMDFLyQ
3URWHFWRU\JDUUDGHSXQWD'&1
(O SURWHFWRU PRQWDGR HQ OD SDUWH GHODQWHUD GHO
FRQWDFWRFRQODSLH]DGHWUDEDMRHYLWDTXHDOWUDEDMDU
VH SURGX]FDQ GDxRV \ PDUFDV GH LPSUHVLyQ HQ OD
PDGHUDEODQGD
$QWHV GH TXLWDU R GH UHHPSOD]DU HO SURWHFWRU HV
QHFHVDULRVHSDUDUODKHUUDPLHQWDGHODLQVWDODFLyQGH
DLUHFRPSULPLGR
/DJDUUDGHSXQWDHYLWDTXHODKHUUDPLHQWDVHUHVEDOH
FXDQGR VH GHVHD FODYDU ORV HOHPHQWRV GH ILMDFLyQ
HVWDQGRODKHUUDPLHQWDHQSRVLFLyQLQFOLQDGD
&RQGXFWRJLUDWRULRGHDGPLVLyQGHDLUHGH
HVFDSH'&1
(OXVXDULRSXHGHJLUDUHOFRQGXFWRGHDGPLVLyQGHDLUH
GHHVFDSHDMXVWDEOHDODGLUHFFLyQTXHGHVHH
'LVSRVLWLYR GH DGDSWDFLyQ GHO FDUJDGRU
'&1)LJ,,
(O GLVSRVLWLYR GH DGDSWDFLyQ GHO FDUJDGRU VH
HQFXHQWUD PRQWDGR HQ HO FHQWUR GHO FDUJDGRU SHUPLWLpQGROH DO XVXDULR FDPELDU GH WDPDxR GH
ORV HOHPHQWRV GH ILMDFLyQ FRUUHVSRQGLHQWHV 3DUD
DGDSWDU OD KHUUDPLHQWD D ORV HOHPHQWRV GH ILMDFLyQ
FRUUHVSRQGLHQWHV EDVWD FRQ WLUDU KDFLD DWUiV HO
GLVSRVLWLYRGHDGDSWDFLyQ\JLUDUOR
/OHQDUODKHUUDPLHQWDGHHOHPHQWRVGHILMDFLyQ
/D ERFD GH OD KHUUDPLHQWD GHEH HVWDU GLULJLGD HQ
VHQWLGRFRQWUDULRGHOXVXDULR
6yORHVWiSHUPLWLGRHPSOHDUORVHOHPHQWRVGHILMDFLyQ
UHFRPHQGDGRVSDUDHVWDKHUUDPLHQWD
'&1)LJ,,
3UHVLRQDUKDFLDDEDMRHOWULQTXHWHGHEORTXHR\DEULUHO
FDUJDGRU(QFDVRQHFHVDULRKDEUiTXHDMXVWDUHO
FDUJDGRUFRQGLVSRVLWLYRGHDGDSWDFLyQGHOFDUJDGRU
DORVHOHPHQWRVGHILMDFLyQHPSOHDGRV,QWURGXFLUHO
UROORGHHOHPHQWRVGHILMDFLyQHQHOFDUJDGRU(PSXMDU
KDFLD DGHODQWH HO SULPHU HOHPHQWR GH ILMDFLyQ GHO
UROOR
&HUUDU HO FDUJDGRU SUHVWDQGR DWHQFLyQ D TXH HVWp
FRUUHFWDPHQWHEORTXHDGR
'.*)LJ,,,
3UHVLRQDUKDFLDDEDMRHOWULQTXHWHGHEORTXHR\DEULU
HOFDUJDGRU,QWURGXFLUORVHOHPHQWRVGHILMDFLyQHQ
HOFDUJDGRU
&HUUDU HO FDUJDGRU SUHVWDQGR DWHQFLyQ D TXH HVWp
FRUUHFWDPHQWHEORTXHDGR
6HOHFFLRQDU HO PRGR GH DFWLYDFLyQ
'&1)LJ,9
£'H QLQJ~Q PRGR HVWi SHUPLWLGR ILMDU OD XQLGDG GH
FRQWDFWRGHODSLH]DGHWUDEDMRRHOGLVSDUDGRUHQOD
SRVLFLyQGHDFWLYDFLyQ
(VWD KHUUDPLHQWD SHUPLWH HOHJLU HQWUH HO PRGR GH
DFWLYDFLyQ LQGLYLGXDO \ HO PRGR GH DFWLYDFLyQ SRU
FRQWDFWR
0RGR$$FWLYDFLyQLQGLYLGXDO
6HSDUDU OD KHUUDPLHQWD GH OD LQVWDODFLyQ GH DLUH
FRPSULPLGR 3UHVLRQDU HO SLYRWH GH OD SDODQFD GHO
GLVSDUDGRU *LUDU HO SLYRWH D OD SRVLFLyQ GHVHDGD
&HUFLRUDUVHGHTXHHOSLYRWHHVWpELHQHQFDMDGRSDUD
TXHODKHUUDPLHQWDIXQFLRQHFRUUHFWDPHQWH
&RQHFWDU OD KHUUDPLHQWD D OD LQVWDODFLyQ GH DLUH
FRPSULPLGR7RPDUODKHUUDPLHQWDGHOPDQJR&RORFDU
ODERFDGHODKHUUDPLHQWDHQODVXSHUILFLHGHODSLH]D
GHWUDEDMR\SUHVLRQDUODFRQWUDHOFRQWDFWRGHODSLH]D
GHWUDEDMR
$FWLYDU HO GLVSDUDGRU $QWHV GH HIHFWXDU HO VLJXLHQWH
GLVSDUR HVSHUDU KDVWD TXH VH KD\D OOHYDGR D FDER
FRPSOHWDPHQWHHOFLFORGHWUDEDMR
0RGR%$FWLYDFLyQSRUFRQWDFWR
/D DFWLYDFLyQ SRU FRQWDFWR SHUPLWH UHDOL]DU PX\
UiSLGDPHQWHFLFORVGHWUDEDMRTXHVHUHSLWHQ
$FFLRQDUHOGLVSDUDGRU\PDQWHQHUORVXMHWR&RORFDU
OD ERFD GH OD KHUUDPLHQWD HQ OD VXSHUILFLH GH OD
SLH]DGHWUDEDMR\SUHVLRQDUODFRQWUDHOFRQWDFWRGH
OD SLH]D GH WUDEDMR (O FLFOR GH WUDEDMR VH UHDOL]D
GH IRUPD DXWRPiWLFD $QWHV GH HIHFWXDU HO VLJXLHQWH
GLVSDUR HVSHUDU KDVWD TXH VH KD\D OOHYDGR D FDER
FRPSOHWDPHQWHHOFLFORGHWUDEDMR
0DQWHQHU VXMHWR HO GLVSDUDGRU /OHYDU OD ERFD GH OD
KHUUDPLHQWDDXQDQXHYDSRVLFLyQHQODVXSHUILFLHGH
OD SLH]D GH WUDEDMR \ SUHVLRQDUOD FRQWUD HO FRQWDFWR
GHODSLH]DGHWUDEDMR$FRQWLQXDFLyQVHUHDOL]DHO
VLJXLHQWHFLFORGHWUDEDMR
5HJXODUODSUHVLyQGHODLUH
/DFDQWLGDGGHDLUHQHFHVDULDGHSHQGHGHOWDPDxRGH
ORVHOHPHQWRVGHILMDFLyQ\GHOPDWHULDOGHODSLH]DGH
WUDEDMR $MXVWDU OD SUHVLyQ GHO DLUH D XQRV EDUHV
\ UHDOL]DU XQD SUXHED FODYDQGR DOJXQRV HOHPHQWRV
GH ILMDFLyQ HQ XQ PDWHULDO VLPLODU DO GH OD SLH]D GH
WUDEDMR
5HJXODUGHSUHVLyQGHODLUHKDVWDHQFRQWUDUHODMXVWH
PiVEDMRTXHDODYH]SHUPLWDUHVXOWDGRVGHFDOLGDG
FRQVWDQWH(QFDVRQHFHVDULRVHUiSRVLEOHUHDOL]DUXQ
DMXVWHGHSUHFLVLyQDWUDYpVGHODMXVWHGHODSURIXQGLGDG
GHSHQHWUDFLyQHQODKHUUDPLHQWD
$MXVWH GH OD SURIXQGLGDG GH SHQHWUDFLyQ
'&19
(V SRVLEOH DMXVWDU OD SURIXQGLGDG GH SHQHWUDFLyQ GH
ORVHOHPHQWRVGHILMDFLyQ
6HSDUDU OD KHUUDPLHQWD GH OD LQVWDODFLyQ GH DLUH
FRPSULPLGR
3DUDPRGLILFDUODSURIXQGLGDGGHSHQHWUDFLyQJLUDUHO
GLVSRVLWLYRGHDMXVWHGHODSURIXQGLGDGGHSHQHWUDFLyQ
D OD L]TXLHUGD R D OD GHUHFKD 9ROYHU D FRQHFWDU OD
KHUUDPLHQWDDODLQVWDODFLyQGHDLUHFRPSULPLGR
6DFDU ORV HOHPHQWRV GH ILMDFLyQ GH OD
KHUUDPLHQWD
$QWHVGHVDFDUORVHOHPHQWRVGHILMDFLyQHVQHFHVDULR
VHSDUDU OD KHUUDPLHQWD GH OD LQVWDODFLyQ GH DLUH
FRPSULPLGR
'&1)LJ,,
3UHVLRQDUKDFLDDEDMRHOWULQTXHWHGHEORTXHR\DEULU
HOFDUJDGRU6DFDUHOUROORGHHOHPHQWRVGHILMDFLyQ
GHOFDUJDGRU
&HUUDU HO FDUJDGRU SUHVWDQGR DWHQFLyQ D TXH HVWp
FRUUHFWDPHQWHEORTXHDGR
'.*)LJ,,,
3UHVLRQDUKDFLDDEDMRHOWULQTXHWHGHEORTXHR\DEULU
HOFDUJDGRU4XLWDUORVHOHPHQWRVGHILMDFLyQ
&HUUDU HO FDUJDGRU SUHVWDQGR DWHQFLyQ D TXH HVWp
FRUUHFWDPHQWHEORTXHDGR
(PSOHRFRQWLHPSRIUtR
&XDQGRKDFHIUtR\ODVWHPSHUDWXUDVVHDFHUFDQDORV
FHURJUDGRVRLQFOXVRVRQLQIHULRUHVVLHQGRHOHYDGDOD
KXPHGDGGHODLUHODKHUUDPLHQWDVHSXHGHFRQJHODU
KDFLHQGRLPSRVLEOHHOIXQFLRQDPLHQWRDGHFXDGR
&XDQGR KDFH IUtR UHFRPHQGDPRV HPSOHDU XQ
OXEULFDQWH SDUD KHUUDPLHQWDV QHXPiWLFDV R XQ
DQWLFRQJHODQWHFRPROXEULFDQWHJOLFROHWLOpQLFR
/D IRUPDFLyQ GH KLHOR HQ ODV YiOYXODV \ ODV SLH]DV
IXQFLRQDOHV GH OD KHUUDPLHQWD FRQGXFHQ DO GHWHULRUR
GHODPLVPD£1RJXDUGHQXQFDODKHUUDPLHQWDHQXQ
OXJDUIUtR
(OLPLQDFLyQGHIDOORV
$QWHVGHSURFHGHUDODHOLPLQDFLyQGHIDOORVVHGHEH
VHSDUDU OD KHUUDPLHQWD GH OD LQVWDODFLyQ GH DLUH
FRPSULPLGR
$EULU HO FDUJDGRU GH OD IRUPD GHVFULWD \ VDFDU
ORV HOHPHQWRV GH ILMDFLyQ (PSXMDU KDFLD DWUiV HO
PHFDQLVPR GH DFFLRQDPLHQWR XWLOL]DQGR SDUD HOOR
XQGHVWRUQLOODGRUDGHFXDGR\VDFDUORVHOHPHQWRVGH
ILMDFLyQGREODGRV
9ROYHU D FRQHFWDU OD KHUUDPLHQWD D OD LQVWDODFLyQ GH
DLUHFRPSULPLGR/OHQDUHOFDUJDGRUGHHOHPHQWRVGH
ILMDFLyQ
(OLPLQDFLyQGHIDOORV
6L OOHJDUDQ D SUHVHQWDUVH DOJXQD YH] IDOORV HQ
OD KHUUDPLHQWD ODV SRVLEOHV FDXVDV GHWDOODGDV D
FRQWLQXDFLyQ SXHGHQ DVLVWLU D OD SHUVRQD FXDOLILFDGD
DVXEVDQDUORV
&RPR SHUVRQD FXDOLILFDGD VH FRQVLGHUD D DTXHOOD
SHUVRQD TXH SRU VX IRUPDFLyQ SURIHVLRQDO \ SRU VX
H[SHULHQFLD GLVSRQH GH FRQRFLPLHQWRV VXILFLHQWHV HQ
HOWUDWRGHKHUUDPLHQWDVQHXPiWLFDVHVWDQGRDGHPiV
IDPLOLDUL]DGD HQ WDO PHGLGD FRQ ODV SUHVFULSFLRQHV
UHODWLYDV D OD SURWHFFLyQ \ VHJXULGDG HQ HO WUDEDMR
ODVGLVSRVLFLRQHVSDUDODSUHYHQFLyQGHDFFLGHQWHVHQ
HO WUDEDMR GLUHFWULFHV \ UHJODPHQWRV GH DSUREDFLyQ
JHQHUDO SHUWLQHQWHV S HM ODV QRUPDV &(1 R
&(1(/(&TXHSXHGDGHWHUPLQDUHOHVWDGRVHJXURGH
IXQFLRQDPLHQWRGHODVKHUUDPLHQWDV
$QWHV GH UHDOL]DU FXDOTXLHU HOLPLQDFLyQ GH IDOORV VH
GHEH VHSDUDU HO DSDUDWR GH OD LQVWDODFLyQ GH DLUH
FRPSULPLGR\YDFLDUHOFDUJDGRU
$QRPDOtD
3RVLEOHFDXVD
6ROXFLyQ
)XJDGHDLUHHQODSDUWH
VXSHULRUGHODKHUUDPLHQWDRHQ
HOiUHDGHOGLVSDUDGRU
7RUQLOORVIORMRV
$SUHWDUORVWRUQLOORV
-XQWDDQXODURMXQWDVGHWHULRUDGDV
RJDVWDGDV
5HQRYDUHPSOHDQGRHONLWGH
UHSDUDFLRQHV
)XJDGHDLUHHQODSDUWHLQIHULRU 7RUQLOORVIORMRV
GHODKHUUDPLHQWD
-XQWDDQXODURDPRUWLJXDGRU
GHWHULRUDGRRJDVWDGR
5HQRYDUHPSOHDQGRHONLWGH
UHSDUDFLRQHV
/DKHUUDPLHQWDQRIXQFLRQDR
IXQFLRQDGHIRUPDPX\OHQWD
6XPLQLVWURGHDLUHLQVXILFLHQWH
$VHJXUDUXQVXPLQLVWURGHDLUH
VXILFLHQWH
/XEULFDFLyQLQVXILFLHQWH
/XEULFDUODKHUUDPLHQWD
-XQWDDQXODURDPRUWLJXDGRU
GHWHULRUDGRRJDVWDGR
5HQRYDUHPSOHDQGRHONLWGH
UHSDUDFLRQHV
)DOORVIUHFXHQWHV
$SUHWDUORVWRUQLOORV
(OHPHQWRVGHILMDFLyQLQDSURSLDGRV 3UHVWDUDWHQFLyQDTXHHOWDPDxR
GHORVHOHPHQWRVGHILMDFLyQVHDHO
FRUUHFWR
(OHPHQWRVGHILMDFLyQGDxDGRV
5HFDPELDUORVHOHPHQWRVGH
ILMDFLyQ
&DUJDGRUIORMR
&DUJDGRUVXFLR
$SUHWDUORVWRUQLOORV
OLPSLDUHOFDUJDGRU
$FFLRQDPLHQWRGHVJDVWDGRR
GHWHULRUDGR
5HQRYDUHPSOHDQGRHONLW
GHPDQWHQLPLHQWRSDUD
DFFLRQDPLHQWRV
0DQWHQLPLHQWR\FXLGDGR
*DUDQWtD
$QWHV GH UHDOL]DU ORV WUDEDMRV GH PDQWHQLPLHQWR VH
GHEHVHSDUDUODKHUUDPLHQWDGHODLQVWDODFLyQGHDLUH
FRPSULPLGR
0DQWHQHU OD KHUUDPLHQWD \ HO PDQJR VHFRV OLPSLRV
\ OLEUHV GH DFHLWH (PSOHDU VLHPSUH XQ SDxR OLPSLR
SDUDODOLPSLH]D1RXWLOL]DUQXQFDOtTXLGRVGHIUHQR
JDVROLQDRGLVROYHQWHVSDUDODOLPSLH]D
3DUD HVWD KHUUDPLHQWD GH :h57+ FRQFHGHPRV XQD
JDUDQWtD GH DFXHUGR FRQ ODV GLVSRVLFLRQHV OHJDOHV
HVSHFtILFDVGHOUHVSHFWLYRSDtVFRPSUREDFLyQDWUDYpV
GHODIDFWXUDRDOEDWUiQGHHQWUHJD
/D OXEULFDFLyQ GHO FLOLQGUR OD MXQWD DQXODU \ HO
VHJPHQWRGHpPERORHVVXILFLHQWHSDUDWRGDODYLGD~WLO
GHODKHUUDPLHQWDEDMRFRQGLFLRQHVGHIXQFLRQDPLHQWR
QRUPDOHV1RHVQHFHVDULDXQDOXEULFDFLyQDGLFLRQDO
6LDSHVDUGHVXVHVPHUDGRVSURFHVRVGHIDEULFDFLyQ
\ GH FRQWURO OD KHUUDPLHQWD OOHJDUD D IDOODU OD
UHSDUDFLyQ OD GHEHUi UHDOL]DU XQ WDOOHU GH VHUYLFLR
SDUDKHUUDPLHQWDVQHXPiWLFDVDXWRUL]DGRSRU:UWK
(QFDVRGHFRQVXOWDV\SHGLGRVGHSLH]DVGHUHSXHVWR
URJDPRVLQGLFDUHO1RGHDUWtFXORGHODKHUUDPLHQWD
YpDVHODSODFDLQGLFDGRUDGHOWLSR
3LH]DVGHUHSXHVWR
1R HVWi SHUPLWLGR HPSOHDU RWUDV SLH]DV GH UHSXHVWR
TXHQRVHDQODVRULJLQDOHVGH:UWK(OHPSOHRGHRWUDV
SLH]DVSXHGHSURYRFDUGHWHULRURVGHODKHUUDPLHQWD
(Q FDVR GH GHIHFWR OH VXVWLWXLPRV R UHSDUDPRV HO
DSDUDWR 1R TXHGDQ FXELHUWRV SRU OD JDUDQWtD ORV
GDxRV RULJLQDGRV SRU HO PDQHMR LQDGHFXDGR GH OD
KHUUDPLHQWD
/DV UHFODPDFLRQHV VRODPHQWH SXHGHQ WUDPLWDUVH
VL HQWUHJD HO DSDUDWR VLQ GHVDUPDU D XQD VXFXUVDO
:UWKDSHUVRQDOGHVHUYLFLRH[WHULRUWpFQLFR:UWK
RDXQWDOOHUGHVHUYLFLRSDUDKHUUDPLHQWDVQHXPiWLFDV
DXWRUL]DGRSRU:UWK
'HFODUDFLyQGHFRQIRUPLGDG
'HFODUDPRV EDMR UHVSRQVDELOLGDG JHQHUDO TXH HVWH
SURGXFWR HVWi HQ FRQIRUPLGDG FRQ ODV QRUPDV R
GRFXPHQWRV QRUPDOL]DGRV VLJXLHQWHV (1 (1(1(1GHDFXHUGRFRQODV
UHJXODFLRQHV&(
$GROI:UWK*PE+&R.*
'LVSRVLWLYRVDGLFLRQDOHV
1R HVWi SHUPLWLGR XWLOL]DU DFFHVRULRV R GLVSRVLWLYRV
DGLFLRQDOHVTXHQRKD\DQVLGRUHFRPHQGDGRVSRUHO
IDEULFDQWHGHHVWDKHUUDPLHQWD
3URWHFFLyQGHOPHGLRDPELHQWH
5HFXSHUDFLyQ GH PDWHULDV
SULPDVHQOXJDUGHHOLPLQDFLyQ
GHGHVSHUGLFLRV
/DV KHUUDPLHQWDV DFFHVRULRV \ HO
HPEDODMH TXH \D QR VH SXHGDQ
XWLOL]DU GHEHQ VRPHWHUVH D XQ
SURFHVR GH UHFXSHUDFLyQ TXH
UHVSHWH HO PHGLR DPELHQWH $ WDO
HIHFWR GHYXHOYD OD KHUUDPLHQWD
TXH \D QR VH SXHGD XWLOL]DU D ORV
FHQWURVGHUHFRJLGDRGLUHFWDPHQWH
D:h57+
1RVUHVHUYDPRVHOGHUHFKRDPRGLILFDFLRQHV
$GROI:UWK
*PE+&R.*
.Q]HOVDX
7HOHIRQ
7HOHID[
ZZZZXHUWKGH
LQIR#ZXHUWKFRP
:UWK1LHGHU
ODVVXQJHQ
$
$DFKHQ
-OLFKHU6WUD‰H
$DFKHQ
7HOHIRQ
7HOHID[
QODDFKHQ#ZXHUWKFRP
$O]H\
6FKDIKlXVHU6WUD‰H
$O]H\
7HOHIRQ
7HOHID[
QODO]H\#ZXHUWKFRP
$DOHQ
5REHUW%RVFK6WUD‰H
$DOHQ
7HOHIRQ
7HOHID[
QODDOHQ#ZXHUWKFRP
$VFKDIIHQEXUJ
'DLPOHUVWUD‰H
$VFKDIIHQEXUJ
7HOHIRQ
7HOHID[
QODVFKDIIHQEXUJ#ZXHUWKFRP
$XJVEXUJ
)ORWRZVWUD‰H
*HUVWKRIHQ
7HOHIRQ
7HOHID[
QODXJVEXUJ#ZXHUWKFRP
%
%DFNQDQJ
*HZHUEHJHE%DFNQDQJ6G
%HLP(UOHQZlOGFKHQ
%DFNQDQJ
7HOHIRQ
7HOHID[
QOEDFNQDQJ#ZXHUWKFRP
%DG.UHX]QDFK
%RVHQKHLPHU6WUD‰HD
%DG.UHX]QDFK
7HOHIRQ
7HOHID[
QOEDGNUHX]QDFK
#ZXHUWKFRP
%DG0HUJHQWKHLP
,QGXVWULHSDUN:UWK
*HElXGH
%DG0HUJHQWKHLP
7HOHIRQ
7HOHID[
QOEDGPHUJHQWKHLP
#ZXHUWKFRP
%DG1HXVWDGW
,QGXVWULHVWUD‰H
%DG1HXVWDGW
7HOHIRQ
7HOHID[
QOEDGQHXVWDGW
#ZXHUWKFRP
6WDQG
%DPEHUJ
%LHJHQKRIVWUD‰H
+DOOVWDGW
7HOHIRQ
7HOHID[
QOEDPEHUJ#ZXHUWKFRP
%D\UHXWK
$P3IDIIHQIOHFN
%D\UHXWK
7HOHIRQ
7HOHID[
QOED\UHXWK#ZXHUWKFRP
%HUOLQ&KDUORWWHQEXUJ
6SDQGDXHU'DPP
%HUOLQ
7HOHIRQ
7HOHID[
QOEHUOLQFKDUORWWHQEXUJ
#ZXHUWKFRP
%HUOLQ+RKHQVFK|QKDXVHQ
*UHQ]JUDEHQVWUD‰H
%HUOLQ
7HOHIRQ
7HOHID[
QOEHUOLQKRKHQVFKRHQKDXVHQ
#ZXHUWKFRP
%HUOLQ5HLQLFNHQGRUI
2VUDPK|IH
6HHVWUD‰H2XGHQDUGHUVWU
%HUOLQ
7HOHIRQ
7HOHID[
QOEHUOLQUHLQLFNHQGRUI
#ZXHUWKFRP
%HUOLQ7HPSHOKRI
7HPSHOKRI
%RUXVVLDVWUD‰H
%HUOLQ
7HOHIRQ
7HOHID[
QOEHUOLQWHPSHOKRI
#ZXHUWKFRP
%LEHUDFK
5LVV&HQWHU
5LVV6WUD‰H
%LEHUDFK
7HOHIRQ
7HOHID[
QOELEHUDFK#ZXHUWKFRP
%LHOHIHOG
2EHUH+LOOHJRVVHU6WUD‰H
%LHOHIHOG
7HOHIRQ
7HOHID[
QOELHOHIHOG#ZXHUWKFRP
%RFKXP
+DUSHQHU)HOG
%RFKXP
7HOHIRQ
7HOHID[
QOERFKXP#ZXHUWKFRP
%|EOLQJHQ
+DQQV.OHPP6WUD‰H
%|EOLQJHQ+XOE
7HOHIRQ
7HOHID[
QOERHEOLQJHQ#ZXHUWKFRP
%UDXQVFKZHLJ
+DQVHVWUD‰H
%UDXQVFKZHLJ
7HOHIRQ
7HOHID[
QOEUDXQVFKZHLJ#ZXHUWKFRP
%UHPHQ
*HZHUEHJHELHW%D\HUQVWUD‰H
6WUDXELQJHU6WUD‰H
%UHPHQ
7HOHIRQ
7HOHID[
QOEUHPHQ#ZXHUWKFRP
%UHPHQ,,
+HPHOLQJHQ
(XURSDDOOHH
%UHPHQ+HPHOLQJHQ
7HOHIRQ
7HOHID[
QOEUHPHQKHPHOLQJHQ
#ZXHUWKFRP
&
&KHPQLW]
*HZHUEHJHELHW
6GULQJ1HHIHVWUD‰H
&DUO+DPHO6WUD‰H
&KHPQLW]
7HOHIRQ
7HOHID[
QOFKHPQLW]#ZXHUWKFRP
&REXUJ
1HXVWDGWHU6WU
&REXUJ
7HOHIRQ
7HOHID[
QOFREXUJ#ZXHUWKFRP
&RWWEXV
*HZHUEHJHELHW
$QGHU5HLFKVEDKQ
$P*OHLV
&RWWEXV6DQGRZ
7HOHIRQ
7HOHID[
QOFRWWEXV#ZXHUWKFRP
&UDLOVKHLP
,QGXVWULHJHELHW=XU)OJHODX
5R‰IHOGHU6WUD‰H
&UDLOVKHLP
7HOHIRQ
7HOHID[
QOFUDLOVKHLP#ZXHUWKFRP
'
'DUPVWDGW
'DLPOHUZHJ
'DUPVWDGW
7HOHIRQ
7HOHID[
QOGDUPVWDGW#ZXHUWKFRP
'LOOLQJHQ
(UEULQJHU6WUD‰H
'LOOLQJHQ6DDU
7HOHIRQ
7HOHID[
QOGLOOLQJHQ#ZXHUWKFRP
'RUWPXQG
:LOKHOPVWUD‰H$
+RO]ZLFNHGH
7HOHIRQ
7HOHID[
QOGRUWPXQG#ZXHUWKFRP
'UHVGHQ/|EWDX
0DOWHUVWUD‰H
'UHVGHQ
7HOHIRQ
7HOHID[
QOGUHVGHQORHEWDX
#ZXHUWKFRP
'UHVGHQ0LFNWHQ
0DULH&XULH6WUD‰H
'UHVGHQ
7HOHIRQ
7HOHID[
QOGUHVGHQPLFNWHQ#ZXHUWKFRP
'VVHOGRUI
/LHUHQIHOGHU6WUD‰H
'VVHOGRUI
3RVWIDFK
'VVHOGRUI
7HOHIRQ
7HOHID[
QOGXHVVHOGRUI#ZXHUWKFRP
(
(OPVKRUQ
5DPVNDPS
(OPVKRUQ
7HOHIRQ
7HOHID[
QOHOPVKRUQ#ZXHUWKFRP
(UIXUW
hEHUGHP)HOGJDUWHQ
(UIXUW/LQGHUEDFK
7HOHIRQ
7HOHID[
QOHUIXUW#ZXHUWKFRP
(UODQJHQ
$P:HLFKVHOJDUWHQ
(UODQJHQ7HQQHQORKH
7HOHIRQ
7HOHID[
QOHUODQJHQ#ZXHUWKFRP
(VFKERUQ
,QGXVWULHVWUD‰H
(VFKERUQ
7HOHIRQ
7HOHID[
QOHVFKERUQ#ZXHUWKFRP
(VVHQ
+HLQ]%lFNHU6WUD‰H
(VVHQ
7HOHIRQ
7HOHID[
QOHVVHQ#ZXHUWKFRP
(VVOLQJHQ
3ORFKLQJHU6WUD‰H
'HL]LVDX
7HOHIRQ
7HOHID[
QOHVVOLQJHQ#ZXHUWKFRP
)
)OHQVEXUJ
:HVWHUDOOHH
)OHQVEXUJ
7HOHIRQ
7HOHID[
QOIOHQVEXUJ#ZXHUWKFRP
)UDQNIXUW
+DQDXHU/DQGVWUD‰H
)UDQNIXUW0DLQ
7HOHIRQ
7HOHID[
QOIUDQNIXUWPDLQ#ZXHUWKFRP
)UDQNIXUW1LHGHU(VFKEDFK
%HQ*XULRQ5LQJ%HUQHU6WU
)UDQNI1LHGHU(VFKEDFK
7HOHIRQ
7HOHID[
QOIUDQNIXUWQLHGHUHVFKEDFK
#ZXHUWKFRP
)UHLEXUJ
,QGXVWULHJHELHW1RUG
0LWVFKHUOLFKVWUD‰H
)UHLEXUJ
7HOHIRQ
7HOHID[
QOIUHLEXUJ#ZXHUWKFRP
)XOGD
&KULVWLDQ:LUWK6WUD‰H
)XOGD
7HOHIRQ
7HOHID[
QOIXOGD#ZXHUWKFRP
*
+DOOH6DDOH
'HOLW]VFKHU6WUD‰H
+DOOH6DDOH
7HOHIRQ
7HOHID[
QOKDOOHVDDOH#ZXHUWKFRP
+DPEXUJ1RUG
,QGXVWULHJHELHW1HWWHONU|JHQ
*XWHQEHUJULQJ
1RUGHUVWHGW
7HOHIRQ
7HOHID[
QOKDPEXUJQRUG#ZXHUWKFRP
+DPEXUJ2VW
*HZHUEHJHELHW2VWVWHLQEHN
:LOOLQJKXVHQHU:HJ
+DPEXUJ2VWVWHLQEHN
7HOHIRQ
7HOHID[
QOKDPEXUJRVW#ZXHUWKFRP
+DPEXUJ6G
+HOPVSDUN+LWWIHOG
+HOPVZHJ
6HHYHWDO+LWWIHOG
7HOHIRQ
7HOHID[
QOKDPEXUJVXHG#ZXHUWKFRP
+DPEXUJ:HVW
6FKQDFNHQEXUJDOOHHE
+DPEXUJ
7HOHIRQ
7HOHID[
QOKDPEXUJZHVW#ZXHUWKFRP
+DQQRYHU
*HZHUEHJHELHW*RGVKRUQ
%D\HUQVWUD‰H
/DQJHQKDJHQ*RGVKRUQ
7HOHIRQ
7HOHID[
QOKDQQRYHU#ZXHUWKFRP
*DLVEDFK
6FKOLIIHQVWUD‰H
*DLVEDFK
7HOHIRQ
7HOHID[
QOJDLVEDFK#ZXHUWKFRP
+HLGHOEHUJ
*HZHUEHJHELHW5RKUEDFK6G
5HGWHQEDFKHU6WUD‰H
+HLGHOEHUJ
7HOHIRQ
7HOHID[
QOKHLGHOEHUJ#ZXHUWKFRP
*HOQKDXVHQ
$P*DOJHQIHOG
*HOQKDXVHQ
7HOHIRQ
7HOHID[
QOJHOQKDXVHQ#ZXHUWKFRP
+HLOEURQQ
'LHVHOVWUD‰H
+HLOEURQQ
7HOHIRQ
7HOHID[
QOKHLOEURQQ#ZXHUWKFRP
*HUD
*HZHUEHJHELHW%LHEODFK2VW
+HLQULFK+HUW]6WUD‰H
*HUD
7HOHIRQ
7HOHID[
QOJHUD#ZXHUWKFRP
+RI
$QGHU+RKHQVDDV
+RI
7HOHIRQ
7HOHID[
QOKRI#ZXHUWKFRP
,
*LH‰HQ
*HZHUEHJHELHW*LH‰HQ:HVW
5REHUW%RVFK6WUD‰H
*LH‰HQ
7HOHIRQ
7HOHID[
QOJLHVVHQ#ZXHUWKFRP
*|SSLQJHQ
,QGXVWULHJHELHW2VW
+HLOEURQQHU6WUD‰H
*|SSLQJHQ
7HOHIRQ
7HOHID[
QOJRHSSLQJHQ#ZXHUWKFRP
*RVODU
*HZHUEHJHELHW%DVVJHLJH
$OWH+HHUVWUD‰H
*RVODU
7HOHIRQ
7HOHID[
QOJRVODU#ZXHUWKFRP
+
+DJHQ
+H\GDVWUD‰H
+DJHQ
7HOHIRQ
7HOHID[
QOKDJHQ#ZXHUWKFRP
,QJROVWDGW
(ULDJVWUD‰H
,QJROVWDGW
7HOHIRQ
7HOHID[
QOLQJROVWDGW#ZXHUWKFRP
-HQD
/|EVWHGWHU6WUD‰H
-HQD
7HOHIRQ
7HOHID[
QOMHQD#ZXHUWKFRP
.
.DLVHUVODXWHUQ
0HUNXUVWUD‰H
.DLVHUVODXWHUQ
7HOHIRQ
7HOHID[
QONDLVHUVODXWHUQ#ZXHUWKFRP
.DUOVUXKH
3ULQW]VWUD‰HD
.DUOVUXKH
7HOHIRQ
7HOHID[
QONDUOVUXKH#ZXHUWKFRP
.DVVHO
,QGXVWULHJHE:DOGDX:HVW
2WWR+DKQ6WUD‰H
.DVVHO
7HOHIRQ
7HOHID[
QONDVVHO#ZXHUWKFRP
.HPSWHQ
0HVVHUVFKPLWWVWUD‰H
.HPSWHQ
7HOHIRQ
7HOHID[
QONHPSWHQ#ZXHUWKFRP
.LHO
6HHNRSSHOZHJD
.LHO
7HOHIRQ
7HOHID[
QONLHO#ZXHUWKFRP
.REOHQ]
$XIGHP+DKQHQEHUJ
0OKHLP.lUOLFK
7HOHIRQ
7HOHID[
QONREOHQ]#ZXHUWKFRP
.|OQ
.|KOVWUD‰H
.|OQ2VVHQGRUI
7HOHIRQ
7HOHID[
QONRHOQ#ZXHUWKFRP
;%$3ULQWHGLQ7DLZDQ0:926:‡‹E\$GROI:UWK&R.*‡1DFKGUXFNDXFKDXV]XJVZHLVHQXUPLW*HQHKPLJXQJ
.XOPEDFK
$P*ROGHQHQ)HOG
.XOPEDFK
7HOHIRQ
7HOHID[
QONXOPEDFK#ZXHUWKFRP
.Q]HOVDX
,QJHOILQJHU6WUD‰H
.Q]HOVDX
7HOHIRQ
7HOHID[
QONXHQ]HOVDX#ZXHUWKFRP
/
/DQGVKXW
6RQQHQULQJD
$OWGRUI
7HOHIRQ
7HOHID[
QOODQGVKXW#ZXHUWKFRP
/(6WHWWHQ
,QGXVWULHJHELHW6WHWWHQ
6LHOPLQJHU6WUD‰H
/(6WHWWHQ
7HOHIRQ
7HOHID[
QOOHLQIHOGHQHFKWHUGLQJHQ
#ZXHUWKFRP
/HLS]LJ
=XP%DKQKRI
/HLS]LJ5FNPDUVGRUI
7HOHIRQ
7HOHID[
QOOHLS]LJ#ZXHUWKFRP
/HLS]LJ=HQWUXP2VW
(LVHQEDKQVWU
/HLS]LJ
7HOHIRQ
7HOHID[
QOOHLS]LJ]HQWUXPRVW
#ZXHUWKFRP
/HRQEHUJ
+HUWLFKVWUD‰H
/HRQEHUJ(OWLQJHQ
7HOHIRQ
7HOHID[
QOOHRQEHUJ#ZXHUWKFRP
/LPEXUJ
,P'DFKVVWFN
/LPEXUJ
7HOHIRQ
7HOHID[
QOOLPEXUJ#ZXHUWKFRP
/EHFN
7DVFKHQPDFKHUVWUD‰H
/EHFN
5RJJHQKRUVW1RUG
7HOHIRQ
7HOHID[
QOOXHEHFN#ZXHUWKFRP
0
0DJGHEXUJ
6LOEHUEHUJZHJ
0DJGHEXUJ
7HOHIRQ
7HOHID[
QOPDJGHEXUJ#ZXHUWKFRP
0DLQ]
&DUO=HLVV6WUD‰H
0DLQ]+HFKWVKHLP
7HOHIRQ
7HOHID[
QOPDLQ]#ZXHUWKFRP
0DQQKHLP
)UDXQKRIHUVWUD‰H
0DQQKHLP
7HOHIRQ
7HOHID[
QOPDQQKHLP#ZXHUWKFRP
0HW]LQJHQ
,QGXVWULHJHELHW0/lQJHQIHOG
0D[3ODQFN6WU
0HW]LQJHQ
7HOHIRQ
7HOHID[
QOPHW]LQJHQ#ZXHUWKFRP
0LFKHOVWDGW
3HODUVWUD‰H
0LFKHOVWDGW2Z
7HOHIRQ
7HOHID[
QOPLFKHOVWDGW#ZXHUWKFRP
0LQGHQ
5LQJVWUD‰H
0LQGHQ
7HOHIRQ
7HOHID[
QOPLQGHQ#ZXHUWKFRP
0|QFKHQJODGEDFK
*HZHUEHJHELHW(QJHOEOHFN
%RUVLJVWUD‰H
0|QFKHQJODGEDFK
7HOHIRQ
7HOHID[
QOPRHQFKHQJODGEDFK
#ZXHUWKFRP
0QFKHQ
$P/HQ]HQIOHFN
,VPDQLQJ
7HOHIRQ
7HOHID[
QOPXHQFKHQLVPDQLQJ
#ZXHUWKFRP
0QFKHQ,,
5LGOHUVWUD‰H
0QFKHQ
7HOHIRQ
7HOHID[
QOPXHQFKHQWXHY#ZXHUWKFRP
0QVWHU
+DUNRUWVWUD‰H
0QVWHU
7HOHIRQ
7HOHID[
QOPXHQVWHU#ZXHUWKFRP
1
1HXEUDQGHQEXUJ
*QHLVVWUD‰H
1HXEUDQGHQEXUJ
7HOHIRQ
7HOHID[
QOQHXEUDQGHQEXUJ
#ZXHUWKFRP
1RUGKDXVHQ
)UHLKHUUYRP6WHLQ6WUD‰H&
1RUGKDXVHQ
7HOHIRQ
7HOHID[
QOQRUGKDXVHQ#ZXHUWKFRP
1UQEHUJ
/HQNHUVKHLPHU6WUD‰HD
1UQEHUJ
7HOHIRQ
7HOHID[
QOQXHUQEHUJ#ZXHUWKFRP
2
5RGJDX
:HLVNLUFKHQ*HZHUEHJHE2VW
'DLPOHUVWUD‰H
5RGJDX
7HOHIRQ
7HOHID[
QOURGJDX#ZXHUWKFRP
2IIHQEXUJ
5REHUW%RVFK6WUD‰H
2IIHQEXUJ(OJHUVZHLHU
7HOHIRQ
7HOHID[
QORIIHQEXUJ#ZXHUWKFRP
5RVHQKHLP
,VDUVWUD‰H$
5RVHQKHLP
7HOHIRQ
7HOHID[
QOURVHQKHLP#ZXHUWKFRP
gKULQJHQ
9HUUHQEHUJHU:HJ
gKULQJHQ
7HOHIRQ
7HOHID[
QORHKULQJHQ#ZXHUWKFRP
5RVWRFN
*HZHUEHJHELHW
1HX5RJJHQWLQHU6WUD‰H
5RJJHQWLQ
7HOHIRQ
7HOHID[
QOURVWRFN#ZXHUWKFRP
6
2OGHQEXUJ
$PPHUOlQGHU+HHUVWUD‰H
2OGHQEXUJ
7HOHIRQ
7HOHID[
QOROGHQEXUJ#ZXHUWKFRP
2VQDEUFN
+HWWOLFKHU0DVFK
2VQDEUFN
7HOHIRQ
7HOHID[
QORVQDEUXHFN#ZXHUWKFRP
3
3DGHUERUQ
)UDQNIXUWHU:HJ
3DGHUERUQ
7HOHIRQ
7HOHID[
QOSDGHUERUQ#ZXHUWKFRP
3DSHQEXUJ
6LHPHQVVWUD‰H
3DSHQEXUJ
7HOHIRQ
7HOHID[
QOSDSHQEXUJ#ZXHUWKFRP
3DVVDX
5HJHQVEXUJHU6WUD‰H
3DVVDX
7HOHIRQ
7HOHID[
QOSDVVDX#ZXHUWKFRP
3IRU]KHLP
*HZHUEHJHELHW
:LOIHUGLQJHU+|KH
5DVWDWWHU6WUD‰H
3IRU]KHLP
7HOHIRQ
7HOHID[
QOSIRU]KHLP#ZXHUWKFRP
3ODXHQ
%UGHUVWUD‰H
3ODXHQ
7HOHIRQ
7HOHID[
QOSODXHQ#ZXHUWKFRP
3RWVGDP
$P9HUNHKUVKRI
3RWVGDP
7HOHIRQ
7HOHID[
QOSRWVGDP#ZXHUWKFRP
5
5HJHQVEXUJ
)UDQ]+DUWO6WUD‰H
5HJHQVEXUJ
7HOHIRQ
7HOHID[
QOUHJHQVEXUJ#ZXHUWKFRP
5HXWOLQJHQ
,QGXVWULHJHELHW:HVW
)HUGLQDQG/DVVDOOH6WUD‰H
5HXWOLQJHQ
7HOHIRQ
7HOHID[
QOUHXWOLQJHQ#ZXHUWKFRP
6DDUEUFNHQ
,P5RWIHOG
6DDUEUFNHQ
7HOHIRQ
7HOHID[
QOVDDUEUXHFNHQ#ZXHUWKFRP
6FKZlELVFK+DOO
,QGXVWULHJHE+HVVHQWDO2VW
6FKPROOHUVWUD‰H
6FKZlELVFK+DOO
7HOHIRQ
7HOHID[
QOVFKZDHELVFKKDOO#ZXHUWKFRP
6FKZHLQIXUW
0D[3ODQFN6WUD‰H
6FKZHLQIXUW6HQQIHOG
7HOHIRQ
7HOHID[
QOVFKZHLQIXUW#ZXHUWKFRP
6LHJHQ
.DDQ0DULHQERUQ
+DXSWVWUD‰H
6LHJHQ
7HOHIRQ
7HOHID[
QOVLHJHQ#ZXHUWKFRP
6LQVKHLP
,QGHU$X
6LQVKHLP
7HOHIRQ
7HOHID[
QOVLQVKHLP#ZXHUWKFRP
6WXWWJDUW
.|OQHU6WUD‰H
+DOOVFKODJ
6WXWWJDUW
7HOHIRQ
7HOHID[
QOVWXWWJDUW#ZXHUWKFRP
7
7ULHU
2KPVWUD‰H
7ULHU
7HOHIRQ
7HOHID[
QOWULHU#ZXHUWKFRP
7URLVGRUI
5HGFDUVWUD‰HE
7URLVGRUI6SLFK
7HOHIRQ
7HOHID[
QOWURLVGRUI#ZXHUWKFRP
8
8OP1HX8OP
&DUO=HLVV6WUD‰H
1HX8OP
7HOHIRQ
7HOHID[
QOXOPQHXXOP#ZXHUWKFRP
8UEDFK
6FKRUQGRUIHU6WUD‰H
8UEDFK
7HOHIRQ
7HOHID[
QOXUEDFK#ZXHUWKFRP
$GROI:UWK*PE+&R.*
3RVWIDFKì.Q]HOVDXì7HOHIRQì7HOHID[
,QWHUQHWKWWSZZZZXHUWKFRPìHPDLOLQIR#ZXHUWKFRP
9
9LOOLQJHQ6FKZHQQLQJHQ
,QGXVWULHJHELHW9RFNHQKDXVHQ
+HLQULFK+HUW]6WUD‰H
969LOOLQJHQ
7HOHIRQ
7HOHID[
QOYLOOLQJHQVFKZHQQLQJHQ
#ZXHUWKFRP
:
:HLQJDUWHQ5DYHQVEXUJ
+lKQOHKRIVWUD‰H
:HLQJDUWHQ
7HOHIRQ
7HOHID[
QOZHLQJDUWHQUDYHQVEXUJ
#ZXHUWKFRP
:HL‰HQEXUJ
'HWWHQKHLPHU6WUD‰H
:HL‰HQEXUJ
7HOHIRQ
7HOHID[
QOZHLVVHQEXUJ#ZXHUWKFRP
:LHVEDGHQ
5KHLQJDXVWUD‰H
:LHVEDGHQ
7HOHIRQ
7HOHID[
QOZLHVEDGHQ#ZXHUWKFRP
:XSSHUWDO
,QGXVWULHJHELHW1lFKVWHEUHFN
0|GGLQJKRIH
:XSSHUWDO
7HOHIRQ
7HOHID[
QOZXSSHUWDO#ZXHUWKFRP
:U]EXUJ
*HZHUEHJHELHW2VW
6DQGlFNHU
:U]EXUJ
7HOHIRQ
7HOHID[
QOZXHU]EXUJ#ZXHUWKFRP
$XVODQGV
JHVHOOVFKDIWHQ
$OEDQLHQ$UJHQWLQLHQ
$UPHQLHQ$VHUEDLMDQ
$XVWUDOLHQ%HOJLHQ
%RVQLHQ+HU]HJRZLQD
%UDVLOLHQ%XOJDULHQ&KLOH
&KLQD'lQHPDUN'RPLQLN
5HSXEOLN(FXDGRU(VWODQG
)LQQODQG)UDQNUHLFK
*HRUJLHQ*ULHFKHQODQG
*UR‰EULWDQQLHQ,QGLHQ
,QGRQHVLHQ,UDQ,UODQG
,VODQG,VUDHO,WDOLHQ-DSDQ
-RUGDQLHQ.DPERGVFKD
.DQDGD.DVDFKVWDQ
.HQLD.LUJLVWDQ.RUHD
.RVRYR.URDWLHQ
/HWWODQG/LEDQRQ/LWDXHQ
0DNHGRQLHQ0DOD\VLD
0DOWD0DUWLQLTXH0H[LNR
0ROGDZLHQ1HXVHHODQG
1LHGHUODQGH1RUZHJHQ
gVWHUUHLFK3DQDPD3HUX
3KLOLSSLQHQ3ROHQ3RUWXJDO
5XPlQLHQ5XVVODQG
6FKZHGHQ6FKZHL]
6HUELHQ0RQWHQHJUR
6LQJDSXU6ORZDNHL
6ORZHQLHQ6SDQLHQ6UL
/DQND6GDIULND7DLZDQ
7KDLODQG7VFKHFKLHQ7UNHL
8NUDLQH8QJDUQ8UXJXD\
86$8VEHNLVWDQ9HUHLQ
$UDE(PLUDWH9LHWQDP
:HL‰UXVVODQG=\SHUQ
Descargar