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)DoDRJUiILFRGRIDWRUGHSRWrQFLDHPIXQomRGDSRWrQFLDPHFkQLFD
)DoDRJUiILFRGRFRQMXJDGRHPIXQomRGDSRWrQFLDPHFkQLFD



6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

&iOFXORV

9DPRVDJRUDGHVHQYROYHURVFiOFXORVQHFHVViULRVHPXPHQVDLRGHPRWRUWULIiVLFR
FRPFDUJDGHSyORVSRWrQFLDGHFYHIUHTrQFLDGH+]
2YDORUGRUDLRQRIUHLRGH3URQ\pGHP
9DPRVVXSRUTXHRVYDORUHVPHGLGRQRVLQVWUXPHQWRVVHMDPRVVHJXLQWHV
 $PSHUtPHWUR

$

 :DWWtPHWUR

:

 :DWWtPHWUR

:

 'LQDP{PHWUR

1

 7DF{PHWUR

USP

 9ROWtPHWUR

9

$VHJXLUDSUHVHQWDUHPRVDVIyUPXODVDVHUHPXWLOL]DGDVHVXDVDSOLFDo}HVFRPRV
YDORUHVPHGLGRV
3RWrQFLDPHFkQLFDIRUQHFLGDSHORPRWRUQRHL[R
9DPRVUHVROYHUHVWHH[HPSORFDOFXODQGRDSRWrQFLDHPFY
3FY =

U Q)


3FY =

        


  

(IHWXDQGRWRGRVRVFiOFXORVREWHPRV3FYFY

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

&RQMXJDGRGRELQiULRGRHL[R
& )U
& 
& 1P
3RWrQFLDDSDUHQWHWRWDODEVRUYLGDSHORPRWRU
1DVGXDVIyUPXODV SRWrQFLDDSDUHQWH WHQVmRGHIDVHFRUUHQWHGDIDVH RX
SRWrQFLDDSDUHQWH WHQVmRGDOLQKDFRUUHQWHGDOLQKD  
9DPRVDSOLFDUDVHJXQGDIyUPXODHVFULWDGHIRUPDDEUHYLDGD
3D = (/    
3D =     
3D  9$
3RWrQFLDUHDODEVRUYLGDSHORPRWRU
9DPRVXWLOL]DURVtPEROR: SDUDDOHLWXUDGRZDWWtPHWURH: SDUDDOHLWXUDGR
ZDWWtPHWUR
3DUDDSRWrQFLDUHDOXVDUHPRVRVtPEROR : / $VIyUPXODVVmRDVVHJXLQWHV
: /  : : VHRIDWRUGHSRWrQFLDIRUPDLRUTXH RX : /  : : VHR
IDWRUGHSRWrQFLDIRUPHQRUTXH 
1RSUHVHQWHFDVRYDPRVXWLOL]DUDIyUPXOD
: /  : : 
: /  
: /  :

)DWRUGHSRWrQFLDGRPRWRU
)DWRU GH SRWrQFLD =

SRWrQFLD UHDO
: /

RXGHIRUPDDEUHYLDGD FRV =
SRWrQFLDDS DUHQWH
3D

$SOLFDQGRRVYDORUHVWHPRV
FRV =






FRV 

6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

*HUDOPHQWHXWLOL]DPRVRIDWRUGHSRWrQFLDHPSRUFHQWDJHP1HVWHFDVRRVtPERORVHUi
FRVHRYDORUGHYHUiVHUPXOWLSOLFDGRSRU
FRV 
FRV 

5RWDomRGRFDPSRPDJQpWLFR
(VWDURWDomRGHYHVHUFRQVLGHUDGDjYHORFLGDGHGHVLQFURQLVPR1HVWHFDVRUHFHEHR
QRPHGHURWDomRVtQFURQD
$IyUPXODp URWDomR VtQFURQD =

  IUHTrQFLD
SDUHV GH SyOR

2EVHUYHDJRUDDIyUPXODHVFULWDGHIRUPDDEUHYLDGD
1V =

  I
S

$SOLFDQGRRVYDORUHVWHPRV
1V =

  


1V USP

'HVOL]DPHQWR
2GHVOL]DPHQWRpWDPEpPFKDPDGRGHHVFRUUHJDPHQWR6HXYDORUpGDGRHP
SRUFHQWDJHP$IyUPXODp
URWDomR VtQFURQD URWDomR PHGLGD
  RXGHIRUPDDEUHYLDGD
URWDomR VtQFURQD
1V 1 PHGLGD
6=
  
1V
GHVOL]DPHQ WR =

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

$SOLFDQGRRVYDORUHVWHPRV
6 =

 
 


6 
2EVHUYDomR
2YDORUGRGHVOL]DPHQWRGHYHVHUPHQRURXLJXDOD(QWUHWDQWRDSHQDVQRV
PRWRUHVDVVtQFURQRVHVWHYDORUFKHJDD

5HQGLPHQWR
2UHQGLPHQWRpGDGRHPSRUFHQWDJHP
$IyUPXODp UHQ GLP HQWR =
=

SRWrQFLD PHFkQLFD
    RXGHIRUPDDEUHYLDGD
SRWrQFLD UHDO WRWDO

3  
  
: /

&RPRHVWDPRVWUDEDOKDQGRFRPSRWrQFLDHPFYDIyUPXODSDVVDD =

3FY  
  
: /

6XEVWLWXLQGRRVYDORUHVWHPRV
=

  
 


 

&iOFXORVGRVRXWURVYDORUHVGHFDUJDVSDUDHQVDLDU
2YDORU1PHGLGRQRGLQDP{PHWURHTXLYDOHD'HYHPRVUHSHWLUDH[SHULrQFLD
FRPRXWUDVSRUFHQWDJHQVGHVWHYDORU9HMDDVHJXLURFiOFXORGHVWDVSRUFHQWDJHQV
 GH 1 =



  
=  1


6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

 GH 1 =

  
=  1


 GH 1 =

  
=  1


 GH 1 =

  
=  1


7DEHOD
9DPRVDJRUDFRQVWUXLUXPDWDEHODFRPRVYDORUHVPHGLGRVHRVYDORUHVFDOFXODGRV2V
YDORUHVPHGLGRVHRVYDORUHVFDOFXODGRVSDUDRYDORUGDIRUoD1IRUDPH[SOLFDGRV
DQWHULRUPHQWH2VYDORUHVPHGLGRVHRVYDORUHVFDOFXODGRVSDUDRVYDORUHVGDVIRUoDV
111H1HVWmRPRVWUDGRVQDWDEHODSDUDRH[HPSORILFDU
FRPSOHWR4XDQGRYRFrHQVDLDURPRWRUGHYHUiHIHWXDUWRGRVRVFiOFXORVQHFHVViULRV
9HMDDWDEHODDVHJXLU
9DORUHVPHGLGRV
&DUJD

)RUoD

(/

-/

USP





























































9DORUHVFDOFXODGRV
&DUJD

3P

3D

FRV

FY+3

1P

9$



























































6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

9DPRVDJRUDXWLOL]DQGRRVYDORUHVGDWDEHODFRQVWUXLURVJUiILFRVLQGLFDGRVDVHJXLU

*UiILFRGDURWDomRVtQFURQDHPIXQomRGDSRWrQFLDPHFkQLFD

*UiILFRGHUHQGLPHQWRHPIXQomRGDSRWrQFLDPHFkQLFD

*UiILFRGRIDWRUGHSRWrQFLDHPIXQomRGDSRWrQFLDPHFkQLFD



6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

*UiILFRGRFRQMXJDGRHPIXQomRGDSRWrQFLDPHFkQLFD
2EVHUYDomR
$HVFROKDGHXPPRWRUFRPSRWrQFLDPXLWRVXSHULRUjTXHODDVHUXWLOL]DGDDSUHVHQWD
WUrVLQFRQYHQLHQWHV
 $OWRFXVWRGRPRWRU
 %DL[RUHQGLPHQWR
 %DL[RIDWRUGHSRWrQFLD

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR



6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

0RWRUWULIiVLFRLPEULFDGR
FRPFDUJD

 )DoDRWHVWHGHLVRODomR
 0HoDDUHVLVWrQFLDGRVFRQGXWRUHVGRERELQDGR
 )DoDRWHVWHGHIXQFLRQDPHQWR
 $FRSOHRPRWRUDRIUHLR
 0RQWHRFLUFXLWRFRQIRUPHRGLDJUDPD
 /LJXHHGHVOLJXHSDUDYHULILFDURVHQWLGRGHURWDomR,QYHUWDVHQHFHVViULR
 /LJXHHFRORTXHFDUJDDWpDWLQJLUDFRUUHQWHQRPLQDOGRPRWRU
 )DoDDVOHLWXUDVGRVLQVWUXPHQWRVHDQRWHVXDVLQGLFDo}HV

$SDUHOKRV
 0HJ{KPHWUR

(TXLSDPHQWRV
 &DELQKRVFRPSLQRVEDQDQDQDVSRQWDV

 3RQWHGH:KHDWVWRQH
 7DF{PHWUR
 9ROWtPHWUR9

(TXLSDPHQWRV

 $PSHUtPHWUR$

 &LUFXLWRWULIiVLFRGHFXUWRFLUFXLWR

 ZDWWtPHWURGH:RX

 )UHLRGH3URQ\

 ZDWWtPHWUR / :

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR



6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

0RWRUWULIiVLFRFRPFDUJD
(QVDLR([HUFtFLR

 &RPSOHWHDWDEHODDEDL[RFRPRVYDORUHVGDVUHVLVWrQFLDVGHLVRODomRHP0
9DORUHVPHGLGRV

9DORUHVFDOFXODGRV



 BBBBBBBBBBB 0



 BBBBBBBBBBB 0



 BBBBBBBBBBB 0

H

BBBBBBBBBBB 0

H

BBBBBBBBBBB 0

H

BBBBBBBBBB 0D&

&RUULJLGDDWHPSHUDWXUDGHBBBBBB &
H

BBBBBBBBBB 0

H   BBBBBBBBBBB 0
 &RPSOHWHDWDEHODDEDL[RFRPRVYDORUHVGRVFRQGXWRUHVHP
9DORUHVPHGLGRV

9DORUHVFDOFXODGRV

BBBBBBBBBB

&ODVVH%

BBBBBBBBBB
BBBBBBBBBB

&7$ BBBBBBBBBB&

7HPSHUDWXUD7$BBBBBBBBBB&

BBBBBBBBBB

 &DOFXOHDSRWrQFLDDSDUHQWHGHVWHPRWRUDSOHQDFDUJD
 &DOFXOHDSRWrQFLDUHDOGHVWHPRWRUDSOHQDFDUJD
 &DOFXOHRIDWRUGHSRWrQFLDDSOHQDFDUJD

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

 &DOFXOHDSRWrQFLDPHFkQLFDIRUQHFLGDQRHL[RGRPRWRUDSOHQDFDUJDHPFY
 &DOFXOHDSRWrQFLDPHFkQLFDIRUQHFLGDQRHL[RGRPRWRUDSOHQDFDUJDHP+3
 &DOFXOHRFRQMXJDGRGRELQiULRGRHL[RDSOHQDFDUJD
 &DOFXOHRGHVOL]DPHQWRDSOHQDFDUJD
&DOFXOHRUHQGLPHQWRGRPRWRUDSOHQDFDUJD
&RPSOHWHDWDEHODDEDL[R
9DORUHVPHGLGRV
&DUJD

)RUoD

(/

-/

)UDomR

USP




















9DORUHVFDOFXODGRV
&DUJD

3P

3D

FRV

)UDomR

FY+3

1P

9$





















$JRUDFRPRVYDORUHVGDWDEHODYRFrYDLUHVROYHUDVTXHVW}HVGHQ26H




6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

)DoDRJUiILFRGRFRQMXJDGRHPIXQomRGDSRWrQFLDPHFkQLFD

)DoDRJUiILFRGDURWDomRVtQFURQDHPIXQomRGDSRWrQFLDPHFkQLFD

)DoDRJUiILFRGRUHQGLPHQWRHPIXQomRGDSRWrQFLDPHFkQLFD

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

)DoDRJUiILFRGRIDWRUGHSRWrQFLDHPIXQomRGDSRWrQFLDPHFkQLFD

(VFUHYDRVWUrVLQFRQYHQLHQWHVGHVHXWLOL]DUXPPRWRUFRPSRWrQFLDFLQFRYH]HV
DFLPDGDQHFHVViULDSDUDDFLRQDUXPDFDUJD



6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

%RELQDJHPGHPRWRUHV
WULIiVLFRVLPEULFDGRV

$VVLQDOHFRP;DDOWHUQDWLYDFRUUHWD
 2VHQURODPHQWRVLPEULFDGRVSRVVXHP
D  8PODGRGHERELQDSRUUDQKXUD
E  'RLVODGRVGHERELQDSRUUDQKXUD
F  2Q~PHURGHERELQDVLJXDODRGREURGRQ~PHURGHUDQKXUDV
 $IyUPXODTXHVHUYHSDUDFDOFXODURSDVVRGHERELQDIUDFLRQiULRp

D  <EI =  <S


E  <EI =  <S


F  <EI =  <S


G  <EI =  <S

 2IUHLRGH3URQ\VHUYHSDUD
D  0HGLUDFRUUHQWHGRPRWRU
E  &DUUHJDUPHFDQLFDPHQWHPRWRUHV
F  &DOFXODURQ~PHURGHERELQDVGRPRWRU
 4XDQGRDWHQVmRQRPLQDODXPHQWDDFRUUHQWHDSOHQDFDUJD
D  'LPLQXL
E  $XPHQWD
F  'LPLQXL
G  $XPHQWD

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

 4XDQWRDWHQVmRQRPLQDODXPHQWDDFRUUHQWHGHSDUWLGD
D  $XPHQWD
E  'LPLQXL
F  $XPHQWD
G  'LPLQXL
 (VFUHYDRVQRPHVGRVWUrVWLSRVGHSDVVRVGHERELQDSRVVtYHLV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 &RPSOHWHRHVTXHPDVLPSOLILFDGRGRPRWRUGDILJXUDDEDL[R

 8PPRWRUIRLFRQVWUXtGRGHDFRUGRFRPDFODVVH,3GD$%17(VFUHYDR
VLJQLILFDGRFRPSOHWRGHVWDFODVVH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 $ILJXUDDEDL[RDSUHVHQWDXPPRGHORGHIUHLRGH3URQ\FRPRVYDORUHVLQGLFDGRV
GDIRUoDHGRUDLR
&DOFXOH
D  $SRWrQFLDHPFY
BBBBBBBBBBBBBBBBBBBBBBBBBBB
E  $SRWrQFLDHP+3
BBBBBBBBBBBBBBBBBBBBBBBBBBB
F  2FRQMXJDGRGRELQiULRGRHL[R
BBBBBBBBBBBBBBBBBBBBBBBBBBB



6(1$,63,175$1(7

%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR

8PPRWRUWULIiVLFRLPEULFDGRSRVVXLUDQKXUDVHSyORV&DOFXOH
D  2Q~PHURGHERELQDV
E  2Q~PHURGHGHQWHV
F  2Q~PHURGHERELQDVSRUSyORDIDVH
G  2SDVVRGDERELQDIUDFLRQiULR
H  2VJUDXVHOpWULFRVWRWDLV
I  2VJUDXVHOpWULFRVSRUUDQKXUD
J  2SDVVRGDIDVH
K  2Q~PHURGHERELQDVOHYDQWDGDV

6(1$,63,175$1(7



%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR



6(1$,63,175$1(7



$SUHQGL]DJHP,QGXVWULDO
(OHWULFLVWDGHPDQXWHQomR
%RELQDGHLUDPDQXDO
0RQWDJHPGHIHUURGHVROGDU
3UHSDUDomRHERELQDJHPGHWUDQVIRUPDGRUPRQRIiVLFR
3RODUL]DomRHHQVDLRGHWUDQVIRUPDGRUWULIiVLFR
%RELQDJHPGHPRWRUWULIiVLFRPHLRLPEULFDGR
%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR
%RELQDJHPGHPRWRUWULIiVLFRFRPOLJDomR'DKODQGHU
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU
%RELQDJHPGHURWRUFRPERELQDVSUpPROGDGDV
3UHSDUDomRHERELQDJHPGHURWRUXQLYHUVDO
3UHSDUDomRHERELQDJHPGHDUPDGXUDVGHPiTXLQDVFF

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