$1É/,6,69,68$/


/e;,&29,68$/
'((175$'$

   
   6,67(0$   &219(56,Ð1
  6(0É17,&2   *5$)(0$
       )21(0$

/e;,&2)212/Ð*,&2
'(6$/,'$


1,9(/)21e0,&2
€ (YDOXDFLyQGHSURFHVRVSHUFHSWLYRYLVXDOHV

€ (SURFHVRVGHUHFRQRFLPLHQWRGHSDODEUDV
x 'HWHUPLQDUHOIXQFLRQDPLHQWRGHODV € 5HFRQRFLPLHQWRJOREDOSDODEUD
GRVUXWDVGHDFFHVROp[LFR 
x 'yQGHUHVLGHODGLILFXOWDG € 5HFRQRFLPLHQWRGHXQLGDGHVJUDIHPDV
x 7LSRGHHUURUHV 
 € 5HFRQRFLPLHQWRVLPXOWiQHRLQWHUDFFLyQ
LQIRUPDWLYDHQWUHDPERVQLYHOHV
€ (3URFHVRVGHFRPSUHQVLyQGHWH[WRV
&8,'$'2&*UDIHPD)RQHPD
x 6LQWiFWLFRV
x 6HPiQWLFRV   &*UDIHPDQRPEUHGHOHWUD
 
'RVUXWDVFRPSOHPHQWDULDV € 7LSRGHEODQFR
¾ 3DODEUDV´QXHYDVµ5XWDIRQROyJLFD

¾ 'LVWLQFLyQGHKRPyIRQRV5XWDOp[LFDR
€ 5XWDOp[LFDRGLUHFWD GLUHFWD
9LVXDOL]DFLyQVXILFLHQWHSDUDFRQIRUPDUXQD 
UHSUHVHQWDFLyQLQWHUQD+RPyIRQRV´KRODµµRODµ € 7LSRGHOHFWRU
 ¾ 1LxRVSHTXHxRV5XWDIRQROyJLFD
€ 5XWDIRQROyJLFD ¾ 1LxRVPD\RUHV5XWDOp[LFDRGLUHFWD
$SUHQGL]DMHGHUHJODVGHFRQYHUVLyQSDO1XHYDV 

&5XWD/p[LFD € (VWUDWHJLDVGHSURFHVDPLHQWRVLQWiFWLFR
/9$GHSDODEUDVDLVODGDV $VLJQDFLyQGHUROHVVLQWiFWLFRV
x )UHFXHQFLDGHXVR    6XVWDQWLYR9HUER6XVWDQWLYR
x 7LHPSRVGHUHVSXHVWD    6XMHWR9HUER2EMHWR
x 7LSRVGH(UURU    /DPXMHUPDOWUDWyDOPDULGR
  (OPDULGRIXHPDOWUDWDGRSRUODPXMHU
    $OPDULGRORDWDFyODPXMHU
&5XWD)RQROyJLFD
 
&2UDOUDVJRVSURVyGLFRVFRPRHQWRQDFLyQ\
/9$GHSVHXGRSDODEUDVDLVODGDV SDXVDV
x /RQJLWXG &(VFULWRVLJQRVGHSXQWXDFLyQ 
x &RPSOHMLGDGVLOiELFD
€ ([WUDFFLyQGHVLJQLILFDGRGHOWH[WR 
(VWUXFWXUDVHPiQWLFDPiVDOOiGHVXIRUPD € ,'(17,),&$&,Ð1'(/(75$6
VXSHUILFLDO 
¾ 48,e1KL]R48eD48,e1'Ð1'(\&8É1'2 € 352&(626/e;,&26


€ ,QWHJUDFLyQDODPHPRULDSUHYLD € 352&(6266,17É&7,&26
 
€ )DVHFRQVWUXFWLYDRLQIHUHQFLDO € 352&(6266(0É17,&26

 2%-(7,926

(9$/8$&,Ð1'(/26352&(626 2EWHQHUXQDSXQWXDFLyQGHODFDSDFLGDG
/(&725(6352/(&
OHFWRUD
&XHWRV5RGUtJXH]\5XDQR
2EWHQHULQIRUPDFLyQGHORVPHFDQLVPRV\
7(67'(/(&785$<(6&5,785$(1 HVWUDWHJLDVXWLOL]DGDVHQODOHFWXUD
(63$f2//((

&LWROHUHWDO

0DWHULDO
+RMDGHUHJLVWURGHUHVSXHVWDV
3UXHEDVGHVWLQDGDVDHYDOXDUORVSURFHVRVTXH
LQWHUYLHQHQHQODOHFWXUD LGHQWLILFDUODVOHWUDV\HPSDUHMDUODVFRQVXV
,GHQWLILFDFLyQGHOHWUDV
3URFHVRVOp[LFRV
3URFHVRVVLQWiFWLFRV
3URFHVRVVHPiQWLFRV
,GHQWLILFDFLyQGHOHWUDV
2EMHWLYR
0HGLUODFDSDFLGDGGHORVQLxRVSDUD
FRUUHVSRQGLHQWHVVRQLGRV
3UXHEDV
1RPEUHRVRQLGRGHODVOHWUDV
,JXDOGLIHUHQWHHQSDODEUDV\
SVHXGRSDODEUDV
,GHQWLILFDFLyQGHOHWUDV ,JXDOGLIHUHQWH
HQSDODEUDV\SVHXGRSDODEUDV
2EMHWLYR
2EMHWLYR
$YHULJXDUVLHOQLxRFRQRFHWRGDVODVOHWUDV &RPSUREDUVLHOQLxRHVFDSD]GHVHJPHQWDU
ODVSDODEUDVHQOHWUDV
3URFHGLPLHQWR
3URFHGLPLHQWR
6HPXHVWUDQODVOHWUDVDLVODGDVSDUDTXHHO
QLxRGLJDVXQRPEUHRHOVRQLGRTXHOHV 6HSLGHVHxDODUODVSDODEUDVTXHVRQ
FRUUHVSRQGH H[DFWDPHQWHLJXDOHVVyORVHGLIHUHQFLDQHQ
XQDOHWUD
 1RPEUHRVRQLGRGHODVOHWUDVWUDQVFRGLILFDFLyQ
 7DUHDVHQFLOOD
3RFRVHUURUHVGHSHQGLHQWHVGHOFRQWH[WRJF

 'LVWLQFLyQLJXDOGLIHUHQWHSDODEUDV\
SVHXGRSDODEUDV
 (UURUHVPDODVHJPHQWDFLyQGHSDODEUDVHQOHWUDVDSOLFDFRQ
GLILFXOWDGODVUHJODVGHFRQYHUVLyQ*UDIHPDVFRPSXHVWRVGH
OHWUDVFK²JX²OO
 3URFHVRVOp[LFRV 'HFLVLyQOp[LFD

2EMHWLYR 2EMHWLYR
&RPSUREDUHOIXQFLRQDPLHQWRGHODVGRV 0HGLUHOQLYHOGHUHSUHVHQWDFLRQHV
UXWDVGHUHFRQRFLPLHQWRGHSDODEUDV\GH RUWRJUiILFDV
VXVFRPSRQHQWHV 3URFHGLPLHQWR
´$TXtWLHQHVXQDOLVWDGHSDODEUDVXQDVVRQ
3UXHEDV UHDOHVRWUDVLQYHQWDGDVWLHQHVTXHVHxDODU
ODVUHDOHVµ
'HFLVLyQOp[LFD
/HFWXUDGHSDODEUDV
/HFWXUDGHSVHXGRSDODEUDV
/HFWXUDGHSDODEUDV\SVHXGRSDODEUDV
 /HFWXUDGHSDODEUDV
2EMHWLYR
&RPSUREDUHOIXQFLRQDPLHQWRGHODVUXWDV
FRPSDUDQGRORVUHVXOWDGRVFRQODSUXHEDVLJXLHQWH

3URFHGLPLHQWR
´/HHHVWDVSDODEUDVHQYR]DOWDµ
 /HFWXUDGHSVHXGRSDODEUDV

2EMHWLYR
&RPSUREDUHOIXQFLRQDPLHQWRGHODVUXWDV
FRPSDUDQGRORVUHVXOWDGRVFRQODSUXHED
DQWHULRU\ODSRVWHULRU
3URFHGLPLHQWR
´/HHHVWDVSDODEUDVLQYHQWDGDVHQYR]DOWDµ
/HFWXUDGHSDODEUDV\SVHXGRSDODEUDV
/HFWXUDGHSVHXGRSDODEUDV
/9$SVHXGRSDODEUDVIRUPDGDVFRQODVVtODEDVGHODV
2EMHWLYR
SDODEUDVGHODSUXHEDDQWHULRU
&RPSUREDUHOIXQFLRQDPLHQWRGHODVUXWDV /DVGLIHUHQFLDVGHUHQGLPLHQWRHQWUH/9$SDODEUDV
\/9$SVHXGRSDODEUDVDXPHQWDQFRQHOPD\RU
PHGLDQWHODOHFWXUDGHSDODEUDVUHDOHVH QLYHOOHFWRU!SUHIHUHQFLDGHXQDXRWUDYtD
LUUHDOHVGHGLIHUHQWHIUHFXHQFLD\ORQJLWXG


3URFHGLPLHQWR
/HFWXUDGHSDODEUDV\SVHXGRSDODEUDV
 9DULDEOHV/RQJLWXG\IUHFXHQFLD
´$TXtWLHQHVXQDOLVWDGHSDODEUDVUHDOHVH  D3DO)UHFXHQWHVE3DO,QIUHFXHQWHVF3VHXGR3
LQYHQWDGDVWLHQHVTXHOHHUODVWRGDVHQYR] x 5HQGLPLHQWRVLPLODUUXWDIRQROyJLFD
DOWDµ x 0HMRUDTXHE\FUXWDOp[LFD 
 3URFHVRVVLQWiFWLFRV (VWUXFWXUDVJUDPDWLFDOHV

2EMHWLYR
2EMHWLYR
(YDOXDUODFDSDFLGDGSDUDSURFHVDUGLVWLQWDVHVWUXFWXUDV
(YDOXDUHOSURFHVDPLHQWRVLQWiFWLFR JUDPDWLFDOHVHVGHFLUSDUDDVLJQDUORVSDSHOHV
VLQWiFWLFRVDODVGLVWLQWDVSDODEUDVGHODRUDFLyQ

3UXHEDV 3URFHGLPLHQWR
(VWUXFWXUDVJUDPDWLFDOHV ´6HxDODODIUDVH
TXHGLFHGH
6LJQRVGHSXQWXDFLyQ YHUGDGORTXH
DSDUHFHHQHO
GLEXMRµ
 6LJQRVGHSXQWXDFLyQ 3URFHVRVVHPiQWLFRV

2EMHWLYR
2EMHWLYR
&RPSUREDUODFDSDFLGDGSDUDUHDOL]DUODV
SDXVDV\HQWRQDFLRQHVTXHLQGLFDQORVVLJQRV (YDOXDUHOSURFHVDPLHQWRVHPiQWLFR
GHSXQWXDFLyQ
3URFHGLPLHQWR 3UXHEDV

´7HYR\DPRVWUDUXQERQLWRFXHQWRSDUDTXH &RPSUHQVLyQGHRUDFLRQHV
OROHDVHQYR]DOWD/pHORFRQFODULGDG\
EXHQDHQWRQDFLyQµ &RPSUHQVLyQGHWH[WRV
 &RPSUHQVLyQGHRUDFLRQHV &RPSUHQVLyQGHRUDFLRQHV

2EMHWLYR
&RPSUREDUODFDSDFLGDGSDUDH[WUDHUHO
VLJQLILFDGRGHRUDFLRQHVVHQFLOODV

 &RPSUHQVLyQGHyUGHQHVSDUDHMHFXWDURVHxDODU


3URFHGLPLHQWR
´7HYR\DHQVHxDUXQDVIUDVHV\XQRVGLEXMRV
7LHQHVTXHOHHUODVIUDVHV\KDFHU
H[DFWDPHQWHORTXHWHLQGLFDQ
&RPSUHQVLyQGHRUDFLRQHV &RPSUHQVLyQGHRUDFLRQHV
 &RPSUHQVLyQGHWH[WRV

2EMHWLYR
&RPSUREDUODFDSDFLGDGSDUDH[WUDHUHOVLJQLILFDGRGH
XQWH[WRHLQWHJUDUORFRQORVFRQRFLPLHQWRVSUHYLRV € 6HJPHQWDFLyQIRQpPLFD
 € /HFWXUDGHOHWUDV
 3URFHVRVGHLQWHJUDFLyQHQODPHPRULD\HODERUDFLyQGH € /HFWXUDGHSDODEUDV
LQIHUHQFLDVVREUHWH[WRVQDUUDWLYRV\H[SRVLWLYRV € /HFWXUDGHSVHXGRSDODEUDV
3UHJXQWDVOLWHUDOHV € &RPSUHQVLyQGHSDODEUDV\IUDVHV
3UHJXQWDVLQIHUHQFLDOHV
x )UDVHV
x )DPLOLDGHSDODEUDV
x 3UHJXQWDV
3URFHGLPLHQWR x &RPSOHWDU
€ 3URVRGLD
´7HYR\DHQVHxDUXQRVWH[WRVSDUDTXHORVOHDV/pHORV
€ &RPSUHQVLyQGHWH[WRV
FRQDWHQFLyQSRUTXHFXDQGRWHUPLQHVWHKDUpXQDV
SUHJXQWDVVREUHHOORVµ
     '(6$675(
$%5,*$5
     1RVpVLFRPHPRVFKRFRODWH
       $%5,*$'2 &RPHPRVFKRFRODWH
$%5,5 
     'LJRTXHQRTXLHURFRPHUFKRFRODWH
      $%5,*8,72    
$%52&+$5 ¢&RPHPRVFKRFRODWH"

     '(6$%5,*$'2
     'LJRTXHHVWDPRVFRPLHQGRFKRFRODWH
   $%5,*2