You are on page 1of 42

&(12*5$),$

$QWRQLR&DVWHOQRX

z 3RUVHWUDWDUGHXPDDWLYLGDGHGHFULDomR

DDUWHH WpFQLFDGHFULDUSURMHWDUHGLULJLUD H[HFXomRGHFHQiULRVSDUDHVSHWiFXORVGH WHDWURFLQHPDWHOHYLVmRHVKRZV DUWtVWLFDHGHVHQYROYLPHQWRWpFQLFR FRUUHVSRQGHDXPDGDViUHDVDILQVGR FXUVRGHDUTXLWHWXUDHGHVLJQ

z 'HQRPLQDVH&(12*5$),$

,QWURGXomR

FRQVLVWHQRFRQMXQWR GHHOHPHQWRV SLFWyULFRVSOiVWLFRVH WpFQLFRVTXHSHUPLWHP PRQWDUXPD UHSUHVHQWDomRWHDWUDO RXTXDOTXHURXWURWLSR GHHVSHWiFXORFRPR XPGHVILOHVKRZRX HYHQWRIHVWLYR

z $&(12*5$),$ $&(12*5$),$

z $SDUWLUGDFHQRWpFQLFD $SDUWLUGDFHQRWpFQLFD
DFHQRJUDILDSHUPLWHD SUHSDUDomRGHDPELHQWHV SDUDVHUHPILOPDGRV SLQWXUDPRELOLiULR GHFRUDomRREMHWRVHWF  HRXVHUYLUHPGHSDOFR SDUDDFRQWHFLPHQWRVGH YDULDGDVQDWXUH]DV

z &(15,2 pRDUUDQMRH[SUHVVLYRGHXPHVSDoR

DUTXLWHW{QLFRQRTXDORVGLYHUVRVPDWHULDLV WHO}HVEDPEROLQDVEDVWLGRUHVPyYHLVH DGHUHoRV HHIHLWRVFrQLFRV IRUPDVOX]HVFRUHV HVRQV HVWmRGHVWLQDGRVDFULDUDUHDOLGDGH YLVXDORXDDWPRVIHUDGRDPELHQWHRQGHGHFRUUH XPDDomRGUDPiWLFDRXFHQD

z $LGpLDGHFHQiULRQRWHDWURRFLGHQWDOQDVFHXQD
DQWLJD*5e&,$SRUYROWDGRVpFXOR9D& DQWLJD*5e&,$SRUYROWDGRVpFXOR9D& HPERUDDVXQLGDGHVGHDomROXJDUHWHPSRGD WUDJpGLDJUHJDWHQKDPVLPSOLILFDGREDVWDQWHRV SUREOHPDVFHQRWpFQLFRVFRPSDUDGRVDKRMH IDFKDGDVGHSDOiFLRVWHPSORVHWHQGDVGH FDPSDQKDFRPDOJXQVPHFDQLVPRVTXH SURGX]LDPHIHLWRVHVSHFLDLVHHQULTXHFLDPR DVSHFWRYLVXDOGHXPHVSHWiFXOR

(YROXomRKLVWyULFD

z 1DTXHODpSRFDD&(12*5$),$ UHGX]LDVHD 1DTXHODpSRFDD&(12*5$),$ UHGX]LD

z 3ULQFLSDLVHOHPHQWRV
FHQRWpFQLFRVJUHJRV z 6NHQH EDUUDFDVLPSOHVGH
z (NLFOHPD LPSURYLVDYDDR
LQWHULRUGRSDOiFLR WURFDYD S~EOLFRXPDFHQDRFRUULGDQR PDGHLUDHSDQRRQGHRDWRUVH

z 0HFDQH ID]LDDVFHQGHUjV z 7HRORJHLRQ LQFXPELDVHGH LQFXPELD


ID]HUGHVFHUjFHQDXPD GLYLQGDGH DOWXUDVGHXVHVHKHUyLV

z $OoDS}HV ID]LDPVXELUDR
SDOFRVRPEUDVGHPRUWRV 

7KHDWURQ SODWpLD

2UFKHVWUD SDOFR

3URVNHQLRQ SURVFrQLR

6NHQH FHQD

3DUDLGRL DFHVVRVODWHUDLV

7HDWURGH(SLGDXUXV &DSDFSHVVRDV D&*UpFLD 

7HDWURGH'\RQLVLXV$WHQDV &DSDFSHVVRDV 6pF9D&*UpFLD

7HDWURGH(SKHVXV*UpFLD

7HDWURGH$VSHGXV*UpFLD

&RPRQD*UpFLDKDYLDXPDSDUWH FRQVWUXtGD IDFKDGDVGHSDOiFLRV HRXWUD SDUWHPyYHO PDTXLQLVPRV e LPSRUWDQWHREVHUYDUDVGLIHUHQoDV EiVLFDVHQWUHRWHDWURJUHJRHRURPDQR


z

4XDQWRj520$DQWLJDRFHQiULR DFRPSDQKDYDDFRQVWUXomRIDXVWRVDGRV WHDWURVURPDQRVEXVFDQGRVHPSUHR LPSDFWRYLVXDOGROX[RHGDULTXH]D

7HDWURGH0DUFHOOR 5RPD D&

7HDWURJUHJR
z z z z
)RUPDGRSRUXPFtUFXORFHQWUDO HQYROYLGRSRUXPDQILWHDWURHP GHJUDXV WHDWURGHDUHQD  &DUiWHUUHOLJLRVRDERUGDQGR KLVWyULDVGHGHXVHVHKHUyLVHP KRQUDGH'LRQtVLR /XJDUGHUHXQLmRGD FRPXQLGDGHVHPGLYLV}HVSRU FODVVHVVRFLDLV 8PDVySHVVRDHVFUHYLDR WH[WRPRQWDYDRSDOFRHHUD DWRUYLYHQGRYiULRV SHUVRQDJHQVDSDUWLUGH 6yIRFOHVFRPHoDUDPDVXUJLU DXWRUHVTXHHVFUHYLDPSDUD RXWURVDWRUHV

7HDWURGH/DRGHFLD VNHQH  *UpFLD 7HDWURGH3HUJDPXP*UpFLD

7HDWURGH0\UD *UpFLD

7HDWURGH3ULHQH *UpFLD

$SUHVHQWDomRQR7HDWURGH'LRQtVLR 6pF9D&$WHQDV*UpFLD

7HDWURURPDQR
z z z z
)RUPDGRSRUXPVHPLFtUFXOR )RUPDGRSRUXPVHPL ODWHUDOHORFDOL]DGRHPXPHGLItFLR IHFKDGR &DUiWHUODLFRWHPDVIDPLOLDUHVH DPRURVRVDWUDYpVGRVJrQHURV FRPpGLDHWUDJpGLD /XJDUGHGLYHUWLPHQWRFRP VHSDUDomRHQWUHFODVVHVVRFLDLV 9iULRVDWRUHVFRQWUDFHQDP VHJXQGRXPWH[WRHVFULWRSRUXP DXWRULQLFLDOPHQWHJUHJRRS~EOLFR SUHIHULDJrQHURVPDLVYXOJDUHV FRPRDSDQWRPLPDHHVSHWiFXORV FLUFHQVHV

7HDWURGH0DUFHOOR 5RPD D&

7HDWURGH9ROWHUUD

7HDWURGH$SKRUGLVLDV

7HDWURGH$OH[DQGULD

7HDWURPHGLHYDO

z 'XUDQWHD,'$'(0e',$QmRVHFRQVWUXtUDP 'XUDQWHD,'$'(0e',$QmRVHFRQVWUXtUDP
WHDWURVHUHSUHVHQWDYDPVHDSHQDVFHUWDV WHDWURVHUHSUHVHQWDYDP SDVVDJHQVEtEOLFDVJHUDOPHQWHGHQWURGDV LJUHMDVRXQDVUXDVGDVFLGDGHV$VVLPR SUySULRLQWHULRUGDVLJUHMDVVHUYLDGHFHQiULR FRQWDPLQRXVHGHHOHPHQWRVSURIDQRVR FRQWDPLQRX WHDWURSDVVRXDVHUHQFHQDGRQRDGUR GDV WHDWURSDVVRXDVHUHQFHQDGRQRDGUR LJUHMDVVHQGRHPROGXUDGRSHORVSyUWLFRV

z 3RUYROWDGRVpFXOR,;G&TXDQGRRGUDPD

10

SHoDVWHDWUDLV PHGLHYDLVIRUDPVH WRUQDQGRPXLWR H[WHQVDVHFRPYiULRV SHUVRQDJHQVRTXH IH]FRPTXHHODV IRVVHPUHSUHVHQWDGDV HPSUDoDVS~EOLFDV DLQGDSUy[LPRjV LJUHMDV

z &RPRWHPSRDV

z 6XUJLXRSDOFRVLPXOWkQHR 6XUJLXRSDOFRVLPXOWkQHR
FDUDFWHUL]DGRSRU
HVWUDGR

z 'LYHUVDVLQGLFDo}HVVXPiULDV
MXVWDSXQKDPVHDRORQJRGHXP MXVWDSXQKDP

z 8PVLPSOHVSRUWmRVXJHULDXPD
FLGDGHXPDSHTXHQDHOHYDomR VLPEROL]DYDXPDPRQWDQKDHDVVLP SRUGLDQWH

z 1RFDQWRHVTXHUGRGRHVWUDGRXPD
HQRUPHERFDGHGUDJmRVHUYLDSDUDD SDVVDJHPGHGHP{QLRVHSDUD FRQGX]LUDRLQIHUQRRVSHFDGRUHV FKmRVLWXDYDVHRSDUDtVR FKmRVLWXDYD

z 1RFDQWRGLUHLWRGRHVWUDGRDFLPDGR

11

z 1R5(1$6&,0(172 1R5(1$6&,0(172

RWHDWURUHFXSHURXVHX DQWLJREULOKRSDVVDQGR DVHUFRQVLGHUDGRXPD DUWHHUXGLWDHJDQKDQGR XPHGLItFLRHVSHFLDO FRPGLYLV}HV KLHUiUTXLFDV2PRGHOR FOiVVLFRIRLEDVWDQWH FRSLDGRLQFOXLQGRVXDV RUGHQVDUTXLWHW{QLFDV

UXDVH SDOiFLRV HUDFRQVWUXtGRHPSHUVSHFWLYD QRUPDOPHQWHFRPXP~QLFRSRQWRGHIXJD HDSUHVHQWDGRFRPRXPTXDGUR

LQVSLUDQGRVHQRVDQWLJRV 9LWU~YLR HQDV SHVTXLVDVVREUHSHUVSHFWLYDFULDUDPR SULQFtSLRGDVDODjLWDOLDQD HPTXHRSODFR SDVVDYDDVHUVHSDUDGRGDSODWpLD


z 1RSDOFRXPFHQiULRIL[R

z 1RVpFXOR;9,RVDUTXLWHWRVLWDOLDQRV

12

7HDWURUHQDVFHQWLVWD

z 1DFHQRJUDILDUHQDVFHQWLVWDUHFULDYDVHDVVLP 1DFHQRJUDILDUHQDVFHQWLVWDUHFULDYD

SDLVDJHQVXUEDQDVRXFDPSHVWUHVDRIXQGRGR SDOFRDFRPSDQKDQGRRWLSRGHHQFHQDomR VHMDHODWUDJpGLDRXFRPpGLD

7HDWUR2OtPSLFR 3LD]]D 0DWWHRWWL9HQH]D ,WiOLD

$QGUHD3DOODGLR 

13

9LFHQ]R6FDPR]]L 
7HDWUR2OLPSLFRGH6DEELRQHWD ,WiOLD

z $VSHUVSHFWLYDVVXFHVVLYDV

TXHDSDUHFHUDPQRVpFXOR ;9,HPGLDQWHWLQKDPFRPR REMHWLYRDODUJDULOXVRULDPHQWH RHVSDoRRQGHVH GHVHQURODYDDDomRFrQLFD

z 2VSULQFtSLRVHPTXH

VHEDVHDYDPDV SULPHLUDVFHQRJUDILDV HODERUDGDVIRUDP FULDGRVSHORDUTXLWHWR %$/'$66$5( 3(58==,    HVHXGLVFtSXOR 6(%$67,$12 6(5/,2     

14

%DOGDVVDUH 3HUX]]L  


9LOOD)DUQHVLQD 5RPD

6LPXODomRDWXDOGHXP FHQiULRGH%3HUX]]L

7UDJLTXH

6HEDVWLDQR6HUOLR 

&RPLTXH

15

6LPXODomRDWXDOGHXPFHQiULRGH66HUOLR

LPSRUWDQWHSDSHO GHVHPSHQKDUDPRV LUPmRV)(5',1$1'2 LUPmRV)(5',1$1'2  H  )5$1&(6&2*$//, %,%,(1$    RVTXDLVLQWURGX]LUDPRV FHQiULRVHPSHUVSHFWLYD GLDJRQDODRLQYpVGH FHQWUDO-XQWRDVHXV ILOKRVSHUFRUUHUDPWRGD D(XURSDSURMHWDQGR WHDWURVFHQiULRVH PDTXLQiULRVGHFHQD

z 1RVpFXOR;9,,

16

'LVHJQRSHU7HDWUR'XFDOH GL3LDFHQ]D 

)UDQFHVFR*DOOL%LELHQD 

7HDWURHOLVDEHWDQR
z 5HODWLYRDRSHUtRGRGD5DLQKD(OL]DEHWK,

RWHDWURLQJOrVGHXPRVWUDVGHXPD JUDQGHYLWDOLGDGHHRULJLQDOLGDGHGXUDQWH PDLVGHWUrVTXDUWRVGHVpFXORGD UHSUHVHQWDomRGH*RUGRGXF GH7KRPDV 6DFNYLOOH  H7KRPDV1RUWRQ  HPDWpRIHFKDPHQWR GRVWHDWURVSHOR3DUODPHQWRSXULWDQR RFRUULGRHP

17

z 6XFHVVRFRPHUFLDOHSRSXODUR
WHDWURHOLVDEHWDQR IRLIUXWR GHXPDPXOWLSOLFLGDGHGH DXWRUHVHQWUHRVTXDLV z -RKQ/\O\  -RKQ/\O\  z 5REHUW*UHHQH  5REHUW*UHHQH  z *HRUJH&KDSPDQ  *HRUJH&KDSPDQ  z &KULVWRSKHU0DUORZH  &KULVWRSKHU0DUORZH  z :LOOLDQ6KDNHVSHDUH  :LOOLDQ6KDNHVSHDUH  z 7KRPDV'HNNHU  7KRPDV'HNNHU  z -RKQ)OHWFKHU  -RKQ)OHWFKHU  z -RKQ:HEVWHU  -RKQ:HEVWHU  z )UDQFLV%HDXPRQW  )UDQFLV%HDXPRQW  z -RKQ)RUG  -RKQ)RUG 

FULDo}HVGRWHDWUR HOLVDEHWDQR FRLQFLGLUDPFRPD FRQVWUXomRGHWHDWURV SHUPDQHQWHVFXMR PDLRUH[HPSORpR *OREH7KHDWUH   *OREH7KHDWUH

z 1D,QJODWHUUDDV

18

*OREH7HDWUH /RQGUHV ,QJODWHUUD

(VTXHPDGHSODWpLDGR*OREH7KHDWUH

19

z $SHVDUGHVXDGLYHUVLGDGH

pSRVVtYHOGHOLQHDUDOJXPDV FDUDFWHUtVWLFDVGRWHDWUR LQJOrVGHVVHSHUtRGR z (VWLOL]DomRGRFHQiULR z ,QWHUOLJDomRHQWUHRWUiJLFRH

z z z

RF{PLFR

3UHGLOHomRSHODYLROrQFLDHR WHPDGDYLQJDQoD $QJ~VWLDPHWDItVLFD GLVVLPXODGDSRUXPJUDQGH DSHWLWHSHORSUD]HUHSHOR FRQKHFLPHQWR 0LVWXUDGHWUXFXOrQFLDYHUEDO FRPUHILQDPHQWRSRpWLFR

z 'RVpFXOR;9,,HP

GLDQWHDDUWHWHDWUDO VRIUHXYiULRV GHVHQYROYLPHQWRV FRPRRVXUJLPHQWR GHRXWURVJrQHURV DXWRVIDUVDV ViWLUDV FDGDTXDO FRPXPDHVWUXWXUD z $WHDWURORJLD GHDWpHQWmR $WHDWURORJLD MiVHGLYLGLDFODUDPHQWH SHFXOLDUGHQDUUDomR HPGUDPDWXUJLD HFRQVHTHQWH FHQRJUDILDHHQFHQDomR FHQRJUDILD SURSULDPHQWHGLWD

20

z $OXQRGRV%LELHQD $OXQRGRV%LELHQD

*,29$11,3$2/2 3$11,1,    WRUQRXVHRSULPHLURGRV WRUQRX JUDQGHVYHGXVWLWLLQGR JUDQGHVYHGXVWLWLLQGR EHPDOpPGDPLQ~VFLD EHPDOpPGDPLQ~VFLD WRSRJUiILFDHPVXDVYLVWDV GH5RPDVXDV FRPSRVLo}HVFRPUXtQDV LPDJLQiULDVHVXDV UHSUHVHQWDo}HVGHFRUWHMRV HIHVWDV

HVSHFWDGRUHVPDQWLQKDP HVSHFWDGRUHVPDQWLQKDP VHVHPSUHDJUXSDGRVQD SODWpLDHHPSpDSDUWLU z GHTXDQGRVHFRPHoRXD FRORFDUDOJXPDVSROWURQDV VREUHRSDOFRSDUD JUDQGHVSHUVRQDOLGDGHV

z $WpRV

1D)UDQoDHPR '848('(/$85$*8$,6 FRQFHGHXDRVDWRUHVGD &RPpGLH )UDQoDLVH R GLUHLWRGHSHUPLWLURXQmR TXHXPDSDUWHGRSDOFR IRVVHRFXSDGDSRU HVSHFWDGRUHV'HSRLVGLVWR LQLFLRXVHDLQVWDODomRGH LQLFLRX SROWURQDVQDSODWpLD

21

7HDWUREDUURFR

z $JUDQGHFRQVWUXomRDUTXLWHW{QLFDGHFHQiULRV

EDUURFRVGDYDVHPXLWRPDLVHPySHUDV GRTXH EDUURFRVGDYD VHPXLWRPDLVHPySHUDV HPSHoDVWHDWUDLV'HQWURGHWDQWDVFROXQDV F~SXODVDUFRVHSHUVSHFWLYDVDSUHVHQoD KXPDQDVHUHGX]LDTXDVHDRPtQLPRVyVH ID]HQGRVHQWLUSHORFDQWRYLJRURVR IXQGRJHUDOPHQWHFRPDSLQWXUDGHXPD IXQGRJHUDOPHQWHFRPDSLQWXUDGHXPD SDLVDJHPRPDLVQDWXUDOLVWDSRVVtYHOHRV FKDPDGRVEDVWLGRUHVSDQRVODWHUDLVDRSDOFR FKDPDGRVEDVWLGRUHVSDQRVODWHUDLVDRSDOFR LJXDOPHQWHHPWHODSLQWDGD

z )RLQRVpFXOR;9,,,TXHVXUJLXRWHOmRGH )RLQRVpFXOR;9,,,TXHVXUJLXRWHOmRGH

%D\UHXWK 7KHDWUH %DYLHUD$OHPDQKD &DSDFSHVVRDV

%UFNZDOG

22

z ,PSRUWDQWHSDSHOWHYHR

FRPSRVLWRUDOHPmR 5,&+$5':$*1(5    SULQFLSDOPHQWHGHYLGRDR VHXFRQFHLWRGHXQLGDGH VHXFRQFHLWRGHXQLGDGH WHDWUDOTXHDXPHQWDYDD WHDWUDOTXHDXPHQWDYDD GLVWkQFLDHQWUHSDOFRH SODWpLDDFHQWXDQGRR FDUiWHULOXVLRQLVWDGR HVSHWiFXORHSURSXQKD TXHVHHVWDEHOHFHVVHXPD UHODomRPiJLFDHQWUH S~EOLFRHFHQDR *2/)2 RX$%,602067,&2 RX$%,602067,&2

z 1RLQtFLRGRVpFXOR;,;

&HQiULRSDUD/D*D]]D/DGUD 7HDWURGHO&RUVR %RORJQD,WiOLD

z $FHQRJUDILDGHL[RXGH

LQDXJXURXVHDEXVFDGD LQDXJXURX UHDOLGDGHKLVWyULFD QRVFHQiULRVWRUQDQGR DSHVTXLVDXPDDWLWXGH REULJDWyULDDRVH HQFHQDUXPWH[WR GUDPiWLFR VHUXPPHURHOHPHQWR GHFRUDWLYRGHDSRLRDRV DWRUHVSDUDVHWRUQDU IXQGDPHQWDOQR FRQMXQWRGRHVSHWiFXOR

$QWRQLR%DVROL

23

7HDWURUHDOLVWD RXQDWXUDOLVWD
z 1RVpFXOR;,;EXVFDYDVHFRQVWUXLUQR

SDOFRXPDPELHQWHTXHUHSURGX]LVVH ILHOPHQWHDUHDOLGDGH2IUDQFrV$QGUp $QWRLQH  FULDGRUGR7KpkWUH /LYUH  FKHJRXDXWLOL]DUSHGDoRVGH FDUQHQRFHQiULRGHXPDoRXJXH7DO QDWXUDOLVPRFHQRJUiILFRDLQGDVHREVHUYD HPDOJXPDVPRQWDJHQVFRQWHPSRUkQHDV

&HQiULRVGH$)RUoDGR'HVWLQR

24

&HQiULRVGH&DUPHQ

/$87(16&+/b*(5 GHVHQYROYHXHP 0XQLTXHRFHQiULR 0XQLTXHRFHQiULR JLUDWyULRXPDQWLJR JLUDWyULRXPDQWLJR VRQKRWHDWUDOTXH DFLRQDGRSRU HOHWULFLGDGHDFDERX VHGLVVHPLQDQGRSRU WRGRRPXQGRVHQGR XVDGRDLQGDKRMH

z (P.$5/

25

7HDWURVLPEROLVWD

z $LOXPLQDomR WDPEpPIRLGHWHUPLQDQWHSDUDD $LOXPLQDomR


HYROXomRGRFHQiULRIHLWDSRUYHODVHPWRUQR GHHDJiVSRUYROWDGHFRPD LQWURGXomRGDHQHUJLDHOpWULFDHPFHUFDGH SURGX]LULDXPDYHUGDGHLUDUHYROXomR FHQRJUiILFDWRUQDQGRDOX]HOHPHQWRFrQLFR

z ,OXPLQDGRRSDOFRPRVWUDYDVXDVLPSHUIHLo}HV

RWHOmRSLQWDGRRVURFKHGRVGHSDSHOWRUQDQGR REVROHWDDPDJLDFHQRJUiILFDWUDGLFLRQDO$VVLP KRXYHDQHFHVVLGDGHGHVHFULDUQRYRVUHFXUVRV FHQRWpFQLFRVFULDGRVDSDUWLUGR 6,0%2/,602 6,0%2/,602

(O HVFRQGLGR\HO WDSDGR

26

z $VEDVHVGDFHQRJUDILD $VEDVHVGDFHQRJUDILD

z 3$8/)257   

PRGHUQD QDVFHUDPGD RSRVLomRjULJLGH]GDV UHJUDVFOiVVLFDVHGDV LPSRVLo}HVGRUHDOLVPRD SDUWLUGDVLGpLDV VLPEROLVWDVH H[SUHVVLRQLVWDV FULDGRUGR7KpkWUH GHV FULDGRUGR7KpkWUH $UWV  IRLXPGRV SULPHLURVTXHVRE LQIOXrQFLDGRPRYLPHQWR VLPEROLVWDYROWRXVHSDUD VLPEROLVWDYROWRX FHQiULRVPHUDPHQWH VXJHVWLYRV

$GROSKH$SSLD 
z &HQyJUDIRVXtoRTXH FRQWUiULRjHVWpWLFDUHDOLVWD XWLOL]RXVHGHHOHPHQWRV XWLOL]RX H[SUHVVLYRVHVLPEyOLFRVGR WHDWURWDLVFRPRDP~VLFDD LOXPLQDomRHDDWPRVIHUD

z (VWXGDQGRWRGRVRVHOHPHQWRV

WHDWUDLVYLXDQHFHVVLGDGHGH FRQVLGHUDURHVSDoRFrQLFR FRPRXPHVSDoRYLYRDVHU WUDEDOKDGRVHJXQGRWRGDV VXDVGLPHQV}HV YHUWLFDOLGDGH KRUL]RQWDOLGDGHH SURIXQGLGDGH 

27

5K\WKPLF VSDFHV

z $SSLDHOLPLQRXD

LOXPLQDomRGH SDOFRHDFRUWLQD FRQFHEHQGR FHQiULRVHVWLOL]DGRV DRH[WUHPR HVFDGDVHREMHWRV JHRPpWULFRV 

7ULVWDQ DQG ,VROGD

:DJQHUV3DUVLIDO

7KH 5KLQH *ROG

28

(GZDUG*RUGRQ &UDLJ 


z &HQyJUDIRLQJOrVTXH
GHIHQGLDDLGpLDGHTXH RGLUHWRUGHYHULDVHUXP FULDGRUFRPSOHWR XQLILFDQGRWRGRVRV DVSHFWRVGRHVSHWiFXOR FRQFHEHXFHQiULRVRQGH DQDWXUH]DHDVFRLVDV HUDPDEVWUDWDVH VXJHULGDV

z 2SRQGRVHDRUHDOLVPR 2SRQGR

z 9DORUL]DQGRDXQLGDGHGR
HVSHWiFXOR&UDLJ SURS{V HVSHWiFXOR&UDLJ DDXWRQRPLDGD DDXWRQRPLDGD OLQJXDJHPWHDWUDO OLQJXDJHPWHDWUDO HVWDEHOHFHQGRH WUDEDOKDQGRFRPRV HOHPHQWRVSUySULRV SDODYUDVJHVWRVFRUHVH PRYLPHQWRDOpPGRV PDWHULDLV PDGHLUD WHFLGRILJXULQRVOX] IRJRiJXDHWF 

29

+HQULN ,EVHQV7KH9LNLQJV

6KDNHVSHDUHV+DPOHW

6FHQH 

30

7HDWURH[SUHVVLRQLVWD
z $PDLRUSDUWHGDVLQRYDo}HVPRGHUQDV

UHODFLRQDUDPVHjDFHLWDomRRXQmRGD FKDPDGDVDODjLWDOLDQD DUTXLWHWRVH FHQyJUDIRVH[SORUDUDPHVWHPRGHOR EiVLFRFKHJDQGRDRVOLPLWHVGDLOXVmRRX VXSULPLUDPOKHDPROGXUDGRSDOFR DEROLQGRDUDPSDHFRQVWUXLQGR SURVFrQLRV ODWHUDLVRXSDVVDUHODVTXH SHQHWUDYDPQDSODWpLD

0D[5HLQKDUGW  0D[5HLQKDUGW 

z &HQyJUDIRDXVWUtDFRTXH

PRQWRXQXPHURVRV HVSHWiFXORVGHDXWRUHV H[SUHVVLRQLVWDV DVVLPLODQGRDVSHUVSHFWLYDV DEHUWDVSRUVHXV SUHGHFHVVRUHVH FRQWHPSRUkQHRVH WRUQDQGRVHPXQGLDOPHQWH WRUQDQGR IDPRVRSHODVVXDV HVSHWDFXODUHVSURGXo}HV HPFDWHGUDLVHFLUFRV PRYLPHQWDQGRFHQWHQDVGH DWRUHV

31

z 5HLQKDUGW DSRVWRX
HPXPWHDWUR SROLYDOHQWH WUDQVIRUPiYHOHP FDGDHVSHWiFXOR WHQGRVLGRXPGRV PDLVQRWiYHLV SHVTXLVDGRUHVGR HVSDoRFrQLFRH DSOLFDGRUH[tPLRGR SDOFRJLUDWyULR SDOFRJLUDWyULR

z *XLDGRSHODLGpLDGHUHODFLRQDU

RIDWRWHDWUDOjVSHVVRDV FRQFHEHXGHVGHHVSDoRV JLJDQWHVFRVDWpDPELHQWHVSDUD DHVSHFWDGRUHVGH FLUFRVDWHDWURVDPEXODQWHVGH HVWiGLRVDWpWHDWURVFLUFXODUHV

32

7HDWURPRGHUQR
z (PDIXQGDomRGR7HDWUR (PDIXQGDomRGR7HDWUR
GH$UWHGH0RVFRXQD5~VVLD GH$UWHGH0RVFRXQD5~VVLD SRU.2167$17,1 SRU.2167$17,1 67$1,6/$96.<    H9/$',0,51(0,529,7&+  H9/$',0,51(0,529,7&+ '$17&+(1.2    PDUFRXRLQtFLRGRPRGHUQLVPR SULQFLSDOPHQWHSRUSURSRUXP QRYRPpWRGRGHLQWHUSUHWDomR WHDWUDOHGLUHomRFrQLFD

z 3ULQFLSDLVFDUDFWHUtVWLFDV
GDFHQRJUDILDPRGHUQD

z 5XSWXUDGDSHUVSHFWLYD z &HQDVP~OWLSODVH
VLPXOWkQHDV z (VSDoRVFLUFXODUHVH PyYHLV z 7HDWURWUDQVIRUPiYHO

33

z 'LUHWRUWHDWUDOHFHQyJUDIRUXVVRGHRULJHPDOHPmTXH

9VHYRORG 0H\HUKROG  

SURS{VDHOLPLQDomRGHXPDVpULHGHFRQYHQo}HVFrQLFDV GRWHDWURQDWXUDOLVWDFRPRDTXDUWDSDUHGH LVRODPHQWR GRWHDWURQDWXUDOLVWDFRPRDTXDUWDSDUHGH LVRODPHQWR GRS~EOLFR SUHFRQL]DQGRRXVRGHUDPSDVDSDUHOKRV URODQWHVHSODWDIRUPDVGHPXOWLSOLFDYDPRHVSDoRFrQLFR

7KH'HDWKRI7DUHONLQ 

z 0H\HUKROG UHVWULQJLXR

FHQiULRDRPtQLPR LQGLVSHQViYHO .DPPHUVSLHO HH[LJLD .DPPHUVSLHO HH[LJLD TXHRVDWRUHVWLYHVVHP KDELOLGDGHVGH GDQoDULQRVDWOHWDVH SDOKDoRVDOpPGH UHVSRQGHUHPjV VROLFLWDo}HVGRGLUHWRU FRPDSUHFLVmRGHXPD PiTXLQD

34

7KH0DJQDQLPRXV&XFNROG 

FkPDUDLQVSLUDGRQR .DPPHUVSLHO VLPSOLILFDomR GDFHQRJUDILD DVVRFLRXD DUWHGUDPiWLFDDRXWURV PHLRVGHH[SUHVVmRFRPR DGDQoDRFLQHPDHD P~VLFD 7KDP\ULV .LWKDURGRV 

z )XQGDGRUGRWHDWURGH

$OHNVDQGU 7DLURY  

35

9HOLPLU .KOHEQLNRYV=DQJH]L 

9ODGLPLU7DWOLQ 

7HDWURFRQWHPSRUkQHR SHUPLWLGRDFRQVWUXomRGHWHDWURV IOH[tYHLVFXMDVFHQRJUDILDVSRGHPYDULDU HQRUPHPHQWHDRSRQWRGDVSUySULDV FDUDFWHUtVWLFDVGDVPRQWDJHQVFrQLFDV DFDEDUHPSRUGHWHUPLQDUDFRQVWUXomRGH HGLItFLRVHVSHFtILFRVLQGRGDLQWLPLGDGHj JUDQGLORTrQFLDGRVHVSHWiFXORV


z $WXDOPHQWHQRYDVH[SHULrQFLDVWrP

36

z &RPRDGYHQWRGRFLQHPD
HSRVWHULRUPHQWHD WHOHYLVmRRWHDWURS{GH FDGDYH]PDLVH[SORUDU QRYDVGLPHQV}HV

z $&(12*5$),$ QmRPDLV $&(12*5$),$

VHSUHQGHXDUHFLQWRV IHFKDGRVHRXSULYDGRV DVVLPFRPRSDVVRXDVHU HPSUHJDGDWDPEpPHP RXWURVVHWRUHVGHVGHD UHDOL]DomRGHGHVILOHV GLVFXUVRVHVKRZVPXVLFDLV DWpYLGHRFOLSHV DWpYLGHRFOLSHV

'HVILOHVHHYHQWRVDUWtVWLFRV

37

6KRZVGHGDQoDHP~VLFD

6KRZVHHVW~GLRVGH79

38

z 4XDOTXHUSURSRVWDGH

3URMHWRFHQRJUiILFR

HVSDoRFrQLFRGHYH SDVVDUSHODVPHVPDV HWDSDVGHXPSURMHWR DUTXLWHW{QLFR SDUWLQGRGHXPD DQiOLVHSUpYLDDWpD FRQFHSomRHVWpWLFR FRQFHSomRHVWpWLFR IRUPDOVHPHVTXHFHU RVIDWRUHVWpFQLFR RVIDWRUHVWpFQLFR IXQFLRQDLV

(VERoRVH HVWXGRVSUHOLPLQDUHV

39

0DTXHWHVHPRGHORVSOiVWLFRV

(VWXGRVHPSODQWDHHOHYDomR

40

0DTXHWHVHOHWU{QLFDV

([HFXomR

41

z %(57+2/'0+LVWyULDPXQGLDOGRWHDWUR6mR %(57+2/'0+LVWyULDPXQGLDOGRWHDWUR z z z z z

%LEOLRJUDILD

3DXOR3HUVSHFWLYD &$/0(7+(VFHQRJUDItDHVFHQRWHFQLD \ &$/0(7+(VFHQRJUDItDHVFHQRWHFQLD LOXPLQDFLyQ %XHQRV$LUHV(GLFLRQHV GHOD)ORU LOXPLQDFLyQ %XHQRV$LUHV(GLFLRQHV 6(5521,-&&HQRJUDILDXPQRYRROKDU 6mR 6(5521,-&&HQRJUDILDXPQRYRROKDU 3DXOR&376(6& 3DXOR&37 0$1729$1,$&HQRJUDILD 6mR3DXORWLFD 0$1729$1,$&HQRJUDILD 5$772*$QWLWUDWDGR GHFHQRJUDILDYDULDo}HV 5$772*$QWLWUDWDGR VREUHRPHVPRWHPD 6mR3DXOR6(1$& 7+20$67&UHDWH\RXURZQVWDJH /RQGRQ7KDPHV 7+20$67&UHDWH\RXURZQVWDJH /RQGRQ7KDPHV +HDG +HDG

),0
42

You might also like