You are on page 1of 38

$

&$7/2*2'(352'8726

1',&(

0pWRGRSDUDVHOHomRGHERPEDKLGUiXOLFD



7DEHODGHSHUGDGHFDUJDHPWXEXODo}HVGH39&JDOYDQL]DGRHIHUURIXQGLGR



7DEHODGHSHUGDVGHFDUJDHPWXERVGHSYF D]XO 3DUDLUULJDomRSUHVVmRQRPLQDOPFD

%LWRODVGHILRVRXFDERVGHFREUHSDUDOLJDomRGHPRWRUHVHOpWULFRV0212)6,&26

%LWRODVGHILRVRXFDERVGHFREUHSDUDOLJDomRGHPRWRUHVHOpWULFRV75,)6,&26

&RQYHUVmRGHXQLGDGHVGHPHGLGD

530
%20%$668%0(56$6
 760 

530
%20%$6&(175)8*$6
$872$63,5$17(6
 $33 











5/ %
5/ 5RWRU6HPLDEHUWR
/$1d$0(172
5/ 
5/ $
5/ %
5/ 5RWRU6HPLDEHUWR




530 ,,32/26+]




% 3:3XPS

% 15H%$
% $/5RWRU6HPLDEHUWR

%$ $/5RWRU6HPLDEHUWR
7+ 5RWRU6HPLDEHUWR


7+ $/H7+$

2
7
$0(1

7+ 3:3XPSH7+:3XPS/$1d
7+ 157+3H7+$

7+ 5RWRU6HPLDEHUWR

7+$ 5RWRU6HPLDEHUWR
5& 5RWRU6HPLDEHUWR
%+ 

)5 5RWRU6HPLDEHUWR


7+% 

7+/ H7+/,

7+6 H7+6,


7+% 


7+/ 

7+/ 5RWRU6HPLDEHUWR

5  5 9HUVmR5RVFDH5
5 5RWRU6HPLDEHUWR
5  5 9HUVmR5RVFDH5

5  5 9HUVmR5RVFDH5
5 5RWRU6HPLDEHUWR
5/ 


5/ 5RWRU6HPLDEHUWR

5/ 


5/ 5RWRU6HPLDEHUWR


530
%20%$6&(175)8*$6
,1-(725$6



%20%$6
7+1250%/2&526&$



7$ $/

530
%20%$6&(175)8*$6
0212(67*,26





























7DEHODGHFRPSULPHQWRVHTXLYDOHQWHVHPFRQH[}HVSFiOFXORGHSHUGDVORFDOL]DGDV39&HJDOYDQL]DGDV

7+ 1250%/2&526&$

 7- $/H7-$ 

 7- $/H7-$
172
 7- :3XPS /$1d$0(
 7- 15H7-$ 

 73- 15H73-$

3-H3- 



$(; 5RWRU6HPLDEHUWR
$( 5RWRU6HPLDEHUWR
$( 5RWRU6HPLDEHUWR



530
%20%$6&(175)8*$6
08/7,(67*,26
2









5/ H5/H5/
 70'/ 
 70'/ 
 70'/ 






 763 
 763





3RUWiWHLV

76% 
76% H76%
76% H76%
76% 




%20%$6&(175)8*$6
$&20%8672
0RWRUL]DomR*[H*[
0RWRUL]DomR*[H*[5

530
%20%$6&(175)8*$6
&20,1-(725,17(512
5( $
5( %
5( $H5($
5( %H5(%



%20%$6&(175)8*$6
68%0(569(,6

0(17

/$1d$

5/ H5/$

530
%20%$6&(175)8*$6
08/7,(67*,26

530
%20%$6&(175)8*$6
$872(6&259$17(6

3 
3H3'
3; H3;'
3 
7%2 
5/ 
5/ 
5/ 



530
%20%$6&(175)8*$6
0212(67*,26



530 ,932/26+]
7+ 1250%/2&526&$






ZZZWKHEHFRPEU




0e72'23$5$6(/(d2'(%20%$+,'58/,&$

78%8/$d(6
$6XFomR39&
%5HFDOTXH39&

&21(;(6
9iOYXODGH3p
&XUYDORQJD
5HJLVWURGH*DYHWD
9iOYXODGH5HWHQomR

 1DVHOHomRGHXPDERPEDKLGUiXOLFDGHYHVHOHYDUHPFRQVLGHUDomRTXDWURHOHPHQWRV
LPSRUWDQWHVDVDEHU
'HVQtYHOGHVXFomR K
'HVQtYHOGHUHFDOTXH +
3HUGDVSRUDWULWRQDWXEXODomRGHVXFomRHUHFDOTXH
3HUGDVSRUDWULWRQDVFRQH[}HVKLGUiXOLFDV

(;(03/2
           6HOHFLRQDUXPDERPEDSDUDWUDEDOKDUFRPYD]mRGHPKDXPDHOHYDomR + GH
PHWURVHXPDDOWXUDGHVXFomR K GHPHWURV
&RPSULPHQWRGDWXEXODomRGHVXFomR $  PHWURV
&RPSULPHQWRGDWXEXODomRGHUHFDOTXH %  PHWURV

5(&$/48( 3HUGDVGHFDUJD

68&d2 3HUGDVGHFDUJD
7XEXODomRGHVXFomR
9iOYXODGH3p
&XUYDORQJD

P
P
P

&RPSULPHQWRHTXLYDOHQWH

P

3(5'$QDWXEXODomRVXFomR
&RQIRUPHWDEHOD

7XEXODomRGHUHFDOTXH
9iOYXODGHUHWHQomR
5HJLVWURJDYHWD
&XUYDORQJD

P
P
P
P

&RPSULPHQWRHTXLYDOHQWH

P

3(5'$QDWXEXODomRGHUHFDOTXH
&RQIRUPHWDEHOD
[ P


[ P


$/785$0$120e75,&$727$/
$07 +KSHUGDV  P
 &RQVXOWDQGRDWDEHODGDSiJLQDYHULILFDPRVDERPEDTXHPDLVVHDSUR[LPDGRV
GDGRVFDOFXODGRV YD]mR PKH$07 P pD%RPED7+6FRPXPDSRWrQFLDGH
&9TXHHPPWHPXPDYD]mRGHPK



7$%(/$'(&2035,0(1726(48,9$/(17(6(0&21(;(63$5 $&/&8/2'(3(5'$6/2&$/,=$'$6
39&H*$/9$1,=$'$6 D  (00(7526'(78%8/$d2(48,9$/(17(6

 



 











*DOY  







39&
PP

 



















           















 

 

 

  































9iOYXODGH5HWHQomR





&XUYD







&RWRYHOR



































&RWRYHOR





































&RWRYHOR7HH









 

























9iOYXODGH3p







  



           

2%62FRPSULPHQWRHTXLYDOHQWHSDUDDYiOYXODGHUHWHQomRpSDUDRWLSRSHVDGR

7$%(/$'(3(5'$'(&$5*$(078%8/$d(6'(39&*$/9$1,=$'2()(552)81','2
3$5 $&$'$P'(78%26
0DWHULDO

/WVVHJ















































/WVPLQ






























 
















39& PP *DOY  39& PP *DOY  39& PP *DOY  39& PP *DOY  39& PP *DOY  39& PP *DOY  39& PP *DOY 

'LkPHWUR1RPLQDO





























'LkPHWUR,QWHUQQR PP





























3(5'$'(&$5*$$&$'$P'(78%26(289$/253(5&(178$/ 

4 PK





























































































































































2EV
3DUDWXEXODomRGHVXFomRQmRXWLOL]DURVYDORUHV
DEDL[RGDOLQKDHPQHJULWRSDUDQmRXOWUDSDVVDUD
YHORFLGDGHGHPVSDUDHYLWDUFDYLWDomRH
3DUDWXERVXVDGRVDFUHVFHQWDUjVSHUGDVD
FDGDDQRGHXVR

&iOFXORREWLGRDWUDYpVGDHTXDomRGH+D]HQ:LOOLDPV



- 4 & ' VHQGR
- 3HUGDGH&DUJD8QLWiULD

4 9D]mRHPP V
' 'LkPHWURHP P
& &RHILFLHQWHTXHGHSHQGHGDQDWXUH]D PDWHULDO
LGDGHHHVWDGR GDVSDUHGHVGRWXER
&RQVLGHUDQGR
&S39& 
&S*DOYDQL]DGR ',16HP&RVWXUD  


















































































9/98/$'(3e

5HI*DOYDQL]DGR1% $%17 
5HI39&7LJUH

*DOY  

 

&2729(/27((

39&
PP

*DOY  





39&
PP

 

5HJLVWUR*ORER

*DOY  



39&
PP





*DOY  





39&
PP





*DOY  





39&
PP





*DOY  

*DOY  



5HJLVWUR*DYHWD

39&
PP

39&
PP

',0(752120,1$/

0$7(5,$/

&2729(/2

&2729(/2

&859$

9/98/$'(5(7(1d2

*DOY  

5(*,6752*/2%2

39&
PP

5(*,6752*$9(7$



































































































7$%(/$'(&2035,0(1726(48,9$/(17(6(0&21(;(63$5 $&/&8/2'(3(5'$6/2&$/,=$'$6
*$/9$1,=$'$6 D  (00(7526'(78%8/$d2(48,9$/(17(6

5(*,6752*/2%2

&859$

0$7(5,$/

*DOY  

*DOY  

*DOY  

&2729(/2

*DOY  

9/98/$'(5(7(1d2

*DOY  

5(*,6752*$9(7$

',0(752120,1$/











5HJLVWUR*DYHWD











5HJLVWUR*ORER



9/98/$'(3e

&2729(/27((

5HI*DOYDQL]DGR1% $%17 

   

9iOYXODGH5HWHQomR     


&XUYD











&RWRYHOR











&RWRYHOR7HH







 

 

 



9iOYXODGH3p

7$%(/$'(3(5'$'(&$5*$(078%8/$d(6'(39&*$/9$1,=$'2()(552)81','2
3$5 $&$'$P'(78%26
DdZ/>

39& PP

',0(752120,1$/




',0(752,17(512 PP

/WVVHJ

















































/WVPLQ

















































4 PK















































































*DOY 

39& PP

*DOY 

39& PP *DOY 

39& PP

*DOY 

39& PP *DOY 

39& PP

*DOY 

39& PP














          
3(5'$'(&$5*$$&$'$P'(78%26(289$/253(5&(178$/ 






























*DOY 




2EV
3DUDWXEXODomRGHVXFomRQmRXWLOL]DURVYDORUHV
DEDL[RGDOLQKDHPQHJULWRSDUDQmRXOWUDSDVVDUD
YHORFLGDGHGHPVSDUDHYLWDUFDYLWDomRH
3DUDWXERVXVDGRVDFUHVFHQWDUjVSHUGDVD
FDGDDQRGHXVR
&iOFXORREWLGRDWUDYpVGDHTXDomRGH+D]HQ:LOOLDPV
- 4&'VHQGR





























































- 3HUGDGH&DUJD8QLWiULD

4 9D]mRHPP V
' 'LkPHWURHP P
& &RHILFLHQWHTXHGHSHQGHGDQDWXUH]D PDWHULDO
LGDGHHHVWDGR GDVSDUHGHVGRWXER

































































&RQVLGHUDQGR
&S39& 
&S*DOYDQL]DGR ',16HP&RVWXUD  














































































































































7$%(/$'(3(5'$6'(&$5*$(078%26'(39& $]XO 3$5 $,55,*$d2


35(662120,1$/PFi

9$=2

'1PP31

'LkPHWUR,QWHUQR
PK

/V

PP
Y PV



9$=2

'1PP31

'LkPHWUR,QWHUQR

3F 

PK





PP

/V

Y PV

9$=2

'1PP31

'LkPHWUR,QWHUQR

3F 

PK





PP

/V

Y PV

3F  






































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































7$%(/$'(3(5'$6'(&$5*$(48,9$/(17(6
3$5$78%8/$d(6$=8/86$'$(0,55,*$d2

'LkPHWUR1RPLQDOPP 9DORUHPSROHJDGDVFRPHUFLDO
'LkPHWUR1RPLQDOPP 9DORUHPSROHJDGDVFRPHUFLDO
'LkPHWUR1RPLQDOPP 9DORUHPSROHJDGDVFRPHUFLDO








































































































































































5HI7LJUH

7$%(/$25,(17$7,9$'(6(/(d2'(&$%2681,32/$5(6(08/7,32/$5(6
3$5 $5('(60212)6,&$6

&RQIHFFLRQDGDFRQIRUPHQRUPD$%171%5DGPLWLQGRTXHGDGHWHQVmRPi[LPDGHSDUDHOHWURGXWRVHHOHWURFDOKDV
QmRPDJQpWLFRV DGPLWLQGRVHWHPSHUDWXUDGRFRQGXWRUGHDWp&HWHPSHUDWXUDDPELHQWHPi[LPDGH&

&
//W

KZZEd

WKd

DKEK&^/K
KZZEd


//W

^hDZ^K

WKd /D WKd /D

 

>hD1E/K

KZ

/dK>K&/KKhK

/dK>K&/KKhK

^hDZ^K

/D

WKd /D WKd /D







    

 

/W

/^dE/KDKdKZKYhZK'Z>/^dZ/h/KD


//W

WKd

KZZEd







/W

/W
&
//W

DKEK&^/K

/D

/^dE/KDKdKZKYhZK'Z>/^dZ/h/KD

/W

/W
DKEK&^/K

KZ

>hD1E/K

/dK>K&/KKhK

/dK>K&/KKhK

/^dE/KDKdKZKYhZK'Z>/^dZ/h/KD

/W

&

//W //W
WKd

/D WKd /D



  

/dK>K&/KKhK>hD1E/K

/dK>K&/KKhKKZ

2%6$ QRUPD 1%5  QmR LQGLFD UHIHUrQFLD SDUD FDERV GH $/801,2 GH VHomRELWROD LQIHULRU D PP SRU LVVR QRV FDPSRV LQGLFDGRV FRP

DVWHULVFR VXJHUHVHFDERGH$/801,2GHVHomRELWRODPPRXVHOHFLRQDUXPFDERGH&2%5(
eREULJDWyULRDFRQVXOWDGHXPSURILVVLRQDOHOHWULFLVWDSDUDVHOHomRFRUUHWDGRVFDERVGHDOLPHQWDomR

1RWD1DGHWHUPLQDomRPDWHPiWLFDGRVFiOFXORVGHTXHGDGHWHQVmRUHODFLRQDGRVQDVWDEHODVDFLPDXWLOL]RXVHFRPRUHIHUrQFLDELEOLJUiILFDDDSRVWLOD6(1$,H%5$6),2HDVWDEHODVGHTXHGDGHWHQVmR
GRVIDEULFDQWHVTXHVHJXH!!),26'(&2%5( 35<60,$1H),26'($/801,2 3+(/36'2'*(



7$%(/$25,(17$7,9$'(6(/(d2'(&$%2681,32/$5(6(08/7,32/$5(6
$5('(675,)6,&$6
3$5 $5('(6

&RQIHFFLRQDGDFRQIRUPHQRUPD$%171%5DGPLWLQGRTXHGDGHWHQVmRPi[LPDGHSDUDHOHWURGXWRVHHOHWURFDOKDV
QmRPDJQpWLFRV DGPLWLQGRVHWHPSHUDWXUDGRFRQGXWRUGHDWp&HWHPSHUDWXUDDPELHQWHPi[LPDGH&
/W
&
//W

dZ/&^/K
KZZEd

/D






WKd






/W
&
//W

dZ/&^/K

KZZEd

WKd









/D









/W
dZ/&^/K

^hDZ^K

WKd /D WKd /D


   

 

/^dE/KDKdKZKYhZK'Z>/^dZ/h/KD

/W

//W

>hD1E/K

/dK>K&/KKhK

/^dE/KDKdKZKYhZK'Z>/^dZ/h/KD
^hDZ^K

WKd /D WKd /D


   

KZ

/W

/dK>K&/KKhK


//W

/dK>K&/KKhK

>hD1E/K

/dK>K&/KKhK

KZ

/^dE/KDKdKZKYhZK'Z>/^dZ/h/KD

/W

&

//W
//W

>hD1E/K

KZ

/dK>K&/KKhK

/dK>K&/KKhK

KZZEd

WKd

/D

WKd /D





















 

2%6$QRUPD1%5QmRLQGLFDUHIHUrQFLDSDUDFDERVGH$/801,2GHVHomRELWRODLQIHULRUDPPSRULVVRQRVFDPSRVLQGLFDGRVFRP DVWHULVFR VXJHUHVHFDERGH


$/801,2GHVHomRELWRODPPRXVHOHFLRQDUXPFDERGH&2%5(
eREULJDWyULRDFRQVXOWDGHXPSURILVVLRQDOHOHWULFLVWDSDUDVHOHomRFRUUHWDGRVFDERVGHDOLPHQWDomR
1RWD1DGHWHUPLQDomRPDWHPiWLFDGRVFiOFXORVGHTXHGDGHWHQVmRUHODFLRQDGRVQDVWDEHODVDFLPDXWLOL]RXVHFRPRUHIHUrQFLDELEOLJUiILFDDDSRVWLOD6(1$,H%5$6),2HDVWDEHODVGHTXHGDGHWHQVmR
GRVIDEULFDQWHVTXHVHJXH!!),26'(&2%5( 35<60,$1H),26'($/801,2 3+(/36'2'*(



&219(562'(81,'$'(6'(0(','$6

NP

NP
NP

O
O

O
OK

OV
OPLQ
OK
OV
OPLQ

P K

P K

P K

OK
NJIFP

PFi
PFi

NJIFP
PFi

OESRO SVL


OESRO SVL

NJIFP

NJIFP

PFi

0HJDSDVFDO

EDU
03D

PFi
PFi

0HJDSDVFDO

03D

NJIFP

4XLORSDVFDO

N3D



OE
NJ
PV
PV
PPLQ

PFi
NJ
OE
NPK

NPK
NPK
FY
FY
FY
N:

PV
N:
KS


KS

N:
N:K
*UDXV&HOVLXV

&216,'(5 $d(6,03257$17(6
$7+(%(VHUHVHUYDRGLUHLWRGHDOWHUDUVHPDYLVRSUpYLRDVLQIRUPDo}HVFRQWLGDVQHVWHFDWiORJR
2V GDGRV KLGUiXOLFRV FRQWLGRV QHVWH FDWiORJR DGPLWHP WROHUkQFLD FRQIRUPH 1RUPD 1%5 H RX
,62$QH[R$
 $V%RPEDVVmRLQGLFDGDVSDUDERPEHDPHQWRGHOtTXLGRVTXLPLFDPHQWHQmRDJUHVVLYRVYiOLGRVDR&
PDLRUHVLQIRUPDo}HVWpFQLFDVIDYRUFRQVXOWDUj)iEULFDRX5HSUHVHQWDQWH
7RGD%RPED7+(%(DFRPSDQKD0DQXDOGH,QVWDODomR2SHUDomR0DQXWHQomRH&HUWLILFDGRGH*DUDQWLD
GHRXPHVHVGHDFRUGRFRPDVFRQGLo}HVH[SUHVVDVQR7HUPRGH*DUDQWLD



(67*,26































760  











760 













760 













760 











760 























760 













































02'(/2

&9

760 
760 

3URMHWDGDSDUD3RoRV PP 
3DUDSRoRVDFLPDGHHRX
FLVWHUQDVUHFRPHQGDVHD
XWLOL]DomRGH&DPLVDGH)OX[R
SDUD5HIULJHUDomRGR0RWRU

9$=2 0HWURV&~ELFRVSRU+RUD






















   



760 

























760 

























760 

























760 

























760 

























760 























760 

























760 

























760 



























760 



























760 



























760 



























760 



























760 

























760 

























760 



























760 



























760 





























760 





























760 





























760 





























760 





























760 



























760 



























760 





























760 





























760 





























760 



























760 



























760 





























760 































760 































760 































760 































760 































760 































760 





























760 



























760 



























760 



























760 





























760 





























760 





























02'(/2 &9

( 6 7 * ,2 6

760  













760 



























760 





























760 































760 









































9$=2 0HWURV&~ELFRVSRU+RUD
            

$/785$
0;,0$
0HWURV

$SOLFDo}HV
y 5HFDOTXHGHiJXD
VXEWHUUkQHD SRoRVIUHiWLFRV
DUWHVLDQRVFLVWHUQDV 
y ,UULJDomRGHKRUWLFXOWXUDH
DJULFXOWXUD
y 3UHVVXUL]DomR
y ,QG~VWULDV
y 5HVLGrQFLDV

$/785$
0;,0$
0HWURV

%20%$6&(175)8*$668%0(56$6

760 

































760 

































760 
760 





























































760 

































760 

































760 

































760 



































760 

































760 







































760 







































760 







































760 















































%20%$6$872$63,5$17(6

02725,=$d2



:3XPS

125</



sKDDdZK^j/K^WKZ,KZ

[
[

)$725'(
6(59,d2

52725
PP

WW
WW
WW
WW
WW

$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP

)6

7RWDOPHQWHHPWHUPRSOiVWLFR125</FRPFDUJDGHILEUDGHYLGUR

$/785$0$120e75,&$727$/(00(7526 PFi
                     

9$=2(00(7526&%,&26325+25$ PK

                   

                    




%20%$6&(175)8*$60212(67*,26

3 :3XPS

02725,=$d2

:3XPS

125</

0RWRU(OpWULFR:HJ3DGUmR,3 7RWDOPHQWHHPWHUPRSOiVWLFR125</FRPFDUJDGHILEUDGHYLGUR

&$5&$d$)(55252725125</

WEZ
WEZ
WEZ

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi
)6

 



 

 



 





















sKDDdZK^j/K^WKZ,KZ

02725,=$d2

:3XPS

&$5&$d$)(55252725$/801,26(0,$%(572

>
>
>

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi
)6

 



 

 



 













sKDDdZK^j/K^WKZ,KZ






5RWRU6HPLDEHUWRHP$OXPtQLR 2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

52725
PP

$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H

%%$
%%$
%%$

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[

5HFRPHQGDVHDXWLOL]DomRSDUDERPEHDPHQWRDWp*UDXV
3DUDWHPSHUDWXUDVVXSHULRUHVXWLOL]DUURWRU%URQ]HHRXFRQVXOWDUDIiEULFD




%20%$6&(175)8*$60212(67*,26

5RWRU6HPLDEHUWR

5RWRU6HPLDEHUWR

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[

%$/ %$
%$/ %$
%$/ %$

5RWRU6HPLDEHUWRHP$OXPtQLR

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

7+

[

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

02725,=$d2

:3XPS

d,>
d,>
d,>

)6

52725
PP

&$5&$d$)(55252725$/801,2

$/785$0$120e75,&$727$/(00(7526 PFi


       
  

sKDDdZK^j/K^WKZ,KZ





















$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H
52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[

7+$/7+$
7+$/7+$
7+$/7+$

3:3XPS /$1d$0(172

:3XPS
02725,=$d2

:3XPS





 

  























       


      














































































%20%$6&(175)8*$60212(67*,26

/$1d$0(1

72

 52725(&$5&$d$(0125</

$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[
[
[

7+ 7+$
7+ 7+$
7+ 7+$
7+ 7+$
7+ 7+$
7+ 7+$

2SFLRQDO5RWRU6HPLDEHUWRHP)HUUR)XQGLGRFRQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRVHPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

5RWRU6HPLDEHUWR

52725
PP

5RWRU6HPLDEHUWR

7+ 7+$
7+ 7+$
7+ 7+$
7+$








[
[
[
[



 
 

$/785$0$120e75,&$727$/(00(7526 PFi
  















 







 





































 2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH


5RWRU6HPLDEHUWRHP)HUUR)XQGLGR $SHQDVPRQWDJHP7+$ FRPLQWHUPHGLiULRHHL[RDORQJDPHQWR 1mRPRQWDQDRSomRFRPPRWRUL]DomR0DJQXP

52725
PP

5RWRU6HPLDEHUWR

5&

$/785$0$120e75,&$727$/(00(7526 PFi

[

52725
PP

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[



%20%$6&(175)8*$60212(67*,26

5RWRU6HPLDEHUWR
52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[
[
[

)5
)5
)5
)5
)5
)5

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[
[

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[

































7+6,

7+6

7+6,

$/785$0$120e75,&$727$/(00(7526 PFi
7+6

52725 PP

7+/7+/,
7+/7+/,
7+/7+/,
7+/7+/,

7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,
7+67+6,



7+/ 7+/,






 



    

  


 
  
    
   
 
     
  
    

          

        


'LVSRQtYHODSHQDVPRWRU7ULIiVLFR



























    
    

%20%$6&(175)8*$60212(67*,26

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[
[
[
[
[

)$725'(
6(59,d2

52725
PP

'LVSRQtYHODSHQDVPRWRU7ULIiVLFR



















$/785$0$120e75,&$727$/(00(7526 PFi
9$=2(00(7526&%,&26325+25$ PK



















 
 


  


  
  
  

 
  
  
  

 
    
      
       
      























'LVSRQtYHODSHQDVPRWRU7ULIiVLFR

7+/ 
7+/ 
7+/ 
7+/ 
7+/ 

[
[
[
[
[

)$725'(
6(59,d2

52725
PP

5RWRU6HPLDEHUWR






$/785$0$120e75,&$727$/(00(7526 PFi
   
       







9$=2(00(7526&%,&26325+25$ PK













          
        

        

         

       










52725
PP

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR 'LVSRQtYHODSHQDVPRWRU7ULIiVLFR ) )ODQJHVFRQIRUPHQRUPD',1(1RXRSFLRQDO$16,%))


2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH




















$/785$0$120e75,&$727$/(00(7526 PFi
           











     


  
       
    








)$725'(
6(59,d2

5 
5 
5 

52725
PP

5RWRU6HPLDEHUWR

[
[
[



















$/785$0$120e75,&$727$/(00(7526 PFi
          











   


    
            











 
 

9$=2(00(7526&%,&26325+25$ PK









           

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR 'LVSRQtYHODSHQDVPRWRU7ULIiVLFR
2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH




52725
PP

%20%$6&(175)8*$60212(67*,26






















$/785$0$120e75,&$727$/(00(7526 PFi
           


      

                


















    
    










52725
PP

)$725'(
6(59,d2

'LVSRQtYHODSHQDVPRWRU7ULIiVLFR













$/785$0$120e75,&$727$/(00(7526 PFi
          



      


      
             





[
[
[







9$=2(00(7526&%,&26325+25$ PK







5 
5 

[
[

$/785$0$120e75,&$727$/(00(7526 PFi

)$725'(
6(59,d2

52725
PP

5RWRU6HPLDEHUWR






























 











           
         

52725
PP

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

$/785$0$120e75,&$727$/(00(7526 PFi

[

52725
PP

5RWRU6HPLDEHUWR

5/
5/
5/
5/

 
















 

9$=2(00(7526&%,&26325+25$ PK

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH





)$725'(
6(59,d2

6XFomR

5HFDOTXH

5/

[







5/

[







5/

[









5/




[









[









02'(/2

5/

&9

$/785$0$120e75,&$727$/(00(7526 PFi






























































9$=2(00(7526&%,&26325+25$



$/785$
0;,0$

(VWiJLR

52725
PP

%20%$6&(175)8*$60212(67*,26

5/



[









5/



[









5/



[









5/



[









'LVSRQtYHODSHQDVPRWRU7ULIiVLFR

5RWRU6HPLDEHUWR
52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

5/6
5/6
5/6

[
[
[

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[
[
[
[
[
[
[

5/
5/
5/
5/

)$725'(
6(59,d2

52725
PP

5RWRU6HPLDEHUWR

[ 
[ 
[ 
[ 











$/785$0$120e75,&$727$/(00(7526 PFi
           











9$=2(00(7526&%,&26325+25$ PK

  


   
     
       
















 
    
     
       






 

2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HP


VXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH

5RWRU6HPLDEHUWRHP)HUUR)XQGLGR



%20%$6&(175)8*$60212(67*,26

/$1d$0(



172

5/
5/
5/
5/
5/
5/
5/
5/
5/
5/
5/
5/














 
 
 
 
 
 
 
 
 
 
 
 

$/785$0$120e75,&$727$/(00(7526 PFi


















        


      
   
 



















9$=2(00(7526&%,&26325+25$ PK
  
    
     
       
        
 
       

    



















 



 
 
 
 

   



$/785$
0;,0$














68&d2
%63














5(&$/48(
%63

&9

52725
PP

02'(/2

(67*,2

0$,635(662&200(125&8672












  

    
     

$WDEHODDFLPDFRQVLGHUDXWLOL]DomRGR)DWRUGH6HUYLoR )6 GRPRWRUTXHpGH
127$'LVSRQtYHODSHQDVQDRSomRPRQREORFRERFDLVURVTXHDGRVYHGDomRVHORPHFkQLFR

52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi
9$=2(00(7526&%,&26325+25$ PK

  

5/$



52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP

5RWRU6HPLDEHUWR

 [
5/


 













 

$/785$0$120e75,&$727$/(00(7526 PFi
           












5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
2EV&RQVLGHUDUDWpPPRGLkPHWURGRVVyOLGRV QmRILEURVRV HPVXVSHQVmRQDSURSRUomRPi[LPDGHGRYROXPH



      




02725,3,,3/26+]

3271&,$

68&d2

5(&$/48(

52725
PP

7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+
7+































































































































































































>dhZDEKDdZ/dKd>

02725,3,,32/26+=

sO^D^hK

^,hddK&&
WZ^^K

02'(/2

7+ 1RUP%ORF
5RVFD

$SOLFDo}HV,QG~VWULD$JULFXOWXUD6LVWHPDGH&RQWUROHD,QFrQGLR6DQHDPHQWR%iVLFR



02725,3,93/26+]

02'(/2

3271&,$

68&d2

5(&$/48(

52725
PP

^,hddK&&
WZ^^K

7+ 1RUP%ORF
5RVFD

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,

d,



d,



d,



d,



d,



d,

d,

d,

d,

d,

d,

d,

>dhZDEKDdZ/dKd>

sO^D^hK



%20%$6&(175)8*$6$872(6&259$17(6

$(; 

6e5,(

$(;
$(;
$(;
$(;











)$725'(
6(59,d2

52725
PP

5RWRU6HPLDEHUWR

[ 
[ 
[ 
[ 

$/785$0$120e75,&$727$/(00(7526 PFi











































 

9$=2(00(7526&%,&26325+25$ PK






              

              

           

        








FKRUXPH
5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
5(&20(1'$0262862'(67((48,3$0(172&20$/785$'(68&d2$7ePFi

52725
PP

5RWRU6HPLDEHUWR

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[
[
[
[

FKRUXPH
5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
5(&20(1'$0262862'(67((48,3$0(172&20$/785$'(68&d2$7ePFi

52725
PP

5RWRU6HPLDEHUWR










$/785$0$120e75,&$727$/(00(7526 PFi


[
[
[
[
[
[
[
[

FKRUXPH
'LVSRQtYHODSHQDVPRWRU7ULIiVLFR
5RWRU6HPLDEHUWRHP)HUUR)XQGLGR
5(&20(1'$0262862'(67((48,3$0(172&20$/785$'(68&d2$7ePFi



%20%$6&(175)8*$608/7,(67*,26

1(67*,26

52725
GLDPPP

)$725'(
6(59,d2

68&d2

5(&$/48(

 







3

    





















3



     



























3



    







3























3

    







3































































































1(67*,26

52725
GLDPPP

)$725'(
6(59,d2

68&d2

5(&$/48(

9$=2(00(7526&%,&26325+25$ PK

02725 FY

 



3

   







3

   





3

   







3

 







3

   







3

   







3

 







3

   







3

   







3

 




















































































 

$/785$0$120e75,&$727$/(00(7526 PFi
























































































9$=2(00(7526&%,&26325+25$ PK































































































$SOLFDo}HV
$JULFXOWXUD,QG~VWULDV5HVLGrQFLDV*UDQMDVQHEXOL]DomRGHDYLiULRV&RQVWUXomRFLYLO
&RPpUFLRODYDGRUHV6LVWHPDGH&RQWUROHDLQFrQGLR ERPEDMRFNH\ 6LVWHPDGH5HIULJHUDomR

$/785$0;,0$

 



$/785$0;,0$

02725 FY

3

$/785$0$120e75,&$727$/(00(7526 PFi

02'(/2



02'(/2

155RWRUHP1RU\O%55RWRUHP%URQ]H





















































































 

1RWD3DUDDOLFDo}HVGHWHPSHUDWXUDVHQWUHH&VHPSUHXWLOL]DUURWRUHPEURQ]HHVHORYLWRQHSGP
2SomRFRPPRWRUHVSHFLDO0212)6,&29 QmRSRVVXL)DWRUGH6HUYLoR 
'LVSRQtYHODSHQDVPRWRU7ULIiVLFR






































































































































































72

(1
d$0

/$1

6(/$*(0'83/$3$5$$/7$635(66(6

127$'LVSRQtYHLVWDPEpPQDYHUVmR*D[HWDV
'LVSRQtYHODSHQDVPRWRU7ULIiVLFR







































9$=2(00(7526&%,&26325+25$ PK



02'(/2

'



3'.1
3'1
3')1
3'1
3'1
















&9

















































































































































 1  .
 1
 1  )
 1
 1



















































$/785$0$120e75,&$727$/(00(7526 PFi

































9$=2(00(7526&%,&26325+25$ PK
   




 




     















$/785$
0;,0$


















$/785$
0;,0$



5(&$/48(
%63




























68&d2
%63




























52725
PP

 )
 *
 .
 )
 1
 )
 .
 *  )
 )
 .
 )
 1  .
 1
 *
 *  .
 )
 1
 1  )
 *
 )
 1  .
 1
 .  *
 *

$/785$0$120e75,&$727$/(00(7526 PFi


(67*,2


























5(&$/48(
%63


























68&d2
%63



3)
3*
3.
3)
31
3)
3.
3)*
3)
3.
3)
3.1
31
3*
3*.
3)
31
3)1
3*
3)
3.1
31
3*.
3*

&9

52725
PP

02'(/2

(67*,2

%20%$6&(175)8*$608/7,(67*,26































2
(17

d$0

/$1

6(/$*(0'83/$3$5$$/7$635(66(6

127$'LVSRQtYHLVWDPEpPQDYHUVmR*D[HWDV
'LVSRQtYHODSHQDVPRWRU7ULIiVLFR











































9$=2(00(7526&%,&26325+25$ PK







































































































































02'(/2

'



3;'/
3;'1
3;'./
3;'1



&9










 /
 1
 .  /
 1


































































































































$/785$0$120e75,&$727$/(00(7526 PFi


































9$=2(00(7526&%,&26325+25$ PK































$/785$
0;,0$



















$/785$
0;,0$























5(&$/48(
%63























68&d2
%63

 )
 )  /
 /
 )
 1
 )  1
 )
 1  .
 1
 .
 )
 /  1
 *  1
 )
 1
 /
 *  .
 )  /
 1



52725
PP





















$/785$0$120e75,&$727$/(00(7526 PFi


(67*,2

5(&$/48(
%63





















68&d2
%63



3;)
3;)/
3;/
3;)
3;1
3;)1
3;)
3;.1
3;1
3;.
3;)
3;/1
3;*1
3;)
3;1
3;/
3;*.
3;)/
3;1

&9

52725
PP

02'(/2

(67*,2

%20%$6&(175)8*$608/7,(67*,26






%20%$6&(175)8*$608/7,(67*,26



Q 'LDPHWUR
 

3



   









   



   







$/785$0$120e75,&$727$/(00(7526 PFi
                            

















9D]mRPK

$/785$
0$;,0$

3

5(&$/48(

FY

68&d2

52725(6

02'(/2

(VWiJLR








3



   





3



   





3
3




 
 










3



   





3



   





  

3



   





     

3



 





 

 

3



 





    

 

3



   





3
3




 
 










3



 





3



   





3



 





3



   





      

3



 





          

3



 





3



   





3



 





3



   





3



 





3



 





  

3



 





     

3



   





    

3



   





             

3



 





3



   





3



 





   






     


    




  









      







       


   

         






    

        

$SOLFDo}HV$JULFXOWXUD,QGXVWULDV&RQVWUXomRFLYLO$EDVWHFLPHQWRS~EOLFR&DOGHLUDV

   














       



          

         




          








            





           




              








%20%$6&(175)8*$608/7,(67*,26

%RPED
%RRVWHU

7%2
6pULH

$/785$0$120e75,&$727$/(00(7526 PFi

7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2
7%2













































































































           
























































































































































































































































 $SOLFDo}HV
y $JULFXOWXUDLQMHomRGHLQVXPRVHPSLYRW IHUWLLUULJDomR 
LUULJDomRSRUPLFURJRWHMDPHQWRODYDJHPGHPiTXLQDVHHTXLSDPHQWRV
y 6LVWHPDVGHFRPEDWHDLQFrQGLR ERPED-RFNH\ 
y $EDVWHFLPHQWRSUHGLDO

2EV,QWHUPHGLiULDHP)HUUR)XQGLGR**FRPRSFLRQDOHP$oR,QR[$,6,
2XWUDVPRGDOLGDGHVVREFRQVXOWDLQFOXVLYHPRWRUGHDOWRUHQGLPHQWR
5HFRPHQGDVHDXWLOL]DomRSDUDERPEHDPHQWRDWp&

52725
PP
   

$/785$0$120e75,&$727$/(00(7526 PFi


                 
                
                      

)$725'(
6(59,d2

   
   
   

52725
PP









$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP


































    


    













$/785$0$120e75,&$727$/(00(7526 PFi
 

  
    







  

9$=2(00(7526&%,&26325+25$ PK

                 
                    




 

52725
PP

%20%$6&(175)8*$6,1-(725,17(512

$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP

[
[
[
[
[

$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP

[
[
[
[
[

$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP

[
[
[
[

$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[



%20%$6&(175)8*$6,1-(725$6

02725,=$d2

7-$

:3XPS
,1-(725-

$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H

52725
PP

$/5RWRUHP$OXPtQLR

[
[
[
[



30

3DUDSRoRVGLkPHWURPtQLPR
02725,=$d2

:3XPS
,1-(725-

52725
PP

$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H

[
[
[
[

PHWURV3URIXQGLGDGHGRLQMHWRU3DUDSRoRVGLkPHWURPtQLPR

:3XPS

/$1d$0(

172

:3XPS

&DUFDoDHP)HUURH5RWRU1RU\O

[
[
[

,1-(725-

02725,=$d2






































,1-(725-

52725
PP

5RWRUHP1RU\O

[
[
[
[
[
[
[
[
[
[
[
[

1RWD3DUDSRoRVGLkPHWURPtQLPR 5HFRPHQGDVHXWLOL]DomRSDUDERPEHDPHQWRDWp*UDXV



$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H

%20%$6&(175)8*$6,1-(725$6

,1-(7253-

[ 
52725
PP

5RWRUHP1RU\O

[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[

1RWD3DUDSRoRVGLkPHWURPtQLPR
5HFRPHQGDVHXWLOL]DomRSDUDERPEHDPHQWRDWp*UDXV

%20%$6,1-(725$608/7,(67*,26

,1-(7253-

52725
PP

[ 



























1RWD3DUDSRoRVGLkPHWURPtQLPR



$/5RWRUHP$OXPtQLR
%55RWRUHP%URQ]H

%20%$6&(175)8*$60212(67*,26









5/







5/







5/







5/







5/







5/







52725
PP

68&d2
%63
5(&$/48(
%63

5/$







5/$







5/$







5/$







5/$























        
9$=2(00(7526&%,&26325+25$ PK

















      



F Y FY

FY

F Y

      


FY

FY



F Y

       


FY

FY



F Y FY

       



F Y F Y

FY

       



F Y

FY

        


FY

FY



F Y

         
FY

F Y

FY



FY

         
FY

FY



FY

$/785$0$120e75,&$727$/(00(7526 PFi




















































9$=2(00(7526&%,&26325+25$ PK

     


FY



FY

     



FY

FY

        


FY

$/785$
0;,0$
PFi



$/785$0$120e75,&$727$/(00(7526 PFi


$/785$
0;,0$
PFi

(67*,2



5/

(67*,2

52725
PP

02'(/2
5/

02'(/2

68&d2
%63
5(&$/48(
%63

3URGXWRVSURMHWDGRVSDUDWRPDGD
GHIRUoD WUDWRU  USP

FY



FY

         
FY

FY



FY

            
FY

FY

FY



FY

$VWDEHODVDFLPDFRQVLGHUDXWLOL]DomRGR)DWRUGH6HUYLoR )6 GRPRWRUTXHpGH

%20%$6&(175)8*$608/7,(67*,26

5(&$/48(
%63







5/







5/







5/













5/







5/







02'(/2

(67*,2

52725
PP

5/



5/

5/

5/

68&d2
%63
5(&$/48(
%63

5/


















5/







02'(/2

(67*,2

52725
PP

68&d2
%63
5(&$/48(
%63





5/



5/







5/









5/





5/






















































9$=2(00(7526&%,&26325+25$ PK
           
FY

FY



FY

            
FY

FY



FY

             
FY



FY

             
FY

FY



FY

             
FY

FY





FY

             
FY



FY

            
FY

FY



FY

$/785$0$120e75,&$727$/(00(7526 PFi























9$=2(00(7526&%,&26325+25$ PK
               
FY



















FY

               
FY





FY

                
FY

FY



FY

               
FY



FY

               
FY

FY





FY

$/785$0$120e75,&$727$/(00(7526 PFi




















    
9$=2(00(7526&%,&26325+25$ PK
                 
FY

FY













FY

                 
FY

FY



FY

                  
FY

FY





FY

                  
FY

FY



FY

FY

                   
FY

FY

%63 5RVFDGD&RQWUDIODQJH%63
$VWDEHODVDFLPDFRQVLGHUDXWLOL]DomRGR)DWRUGH6HUYLoR )6 GRPRWRUTXHpGH



$/785$
0;,0$

68&d2
%63

$/785$0$120e75,&$727$/(00(7526 PFi


$/785$
0;,0$

52725
PP

5/

02'(/2

$/785$
0;,0$

(67*,2

3URGXWRVSURMHWDGRVSDUDWRPDGDGHIRUoD WUDWRU  USP

FY

FY




%20%$6&(175)8*$608/7,(67*,26
%20%$6&(175)8*$608/7,(67 ,26
,26
,2
26

$/785$0$120e75,&$727$/(00(7526 PFi


$/785$0$120e75,&$727$/(00(7526 PFi

%63 5RVFDGD&RQWUDIODQJH%63

+]

%20%$6&(175)8*$608/7,(67*,26

$/785$0$120e75,&$727$/(00(7526 PFi


%63 5RVFDGD&RQWUDIODQJH%63

+]

%20%$6&(175)8*$608/7,(67*,26

$/785$0$120e75,&$727$/(00(7526 PFi


$/785$0$120e75,&$727$/(00(7526 PFi

%63 5RVFDGD&RQWUDIODQJH%63

+]

%20%$6&(175)8*$668%0(569(,6

763

3RUWiWHLV

+]:
9$
9$

d>^DWE,K

763

1%5







&$5$&7(567,&$6
 &DUFDoDHPWHUPRSOiVWLFRSHVDDSHQDVNJ
 8VRQD9HUWLFDORX+RUL]RQWDO$ERPEDSRGHVHUXVDGDQDSRVLomRYHUWLFDO
GHSp RXKRUL]RQWDO GHLWDGD GHSHQGHQGRGDQHFHVVLGDGHGHXVR
 %RFDOGHVDtGDDMXVWiYHO%RFDOGHVDtGDFRPURVFDGHFRPDGDSWDGRU
SDUDPDQJXHLUDVGHH)iFLODMXVWHSDUDTXDOTXHUkQJXORGH
ERPEHDPHQWR
 3URWHomRWpUPLFDGHVREUHFDUJD&RQWUDTXHLPDGRPRWRUSRUWUDEDOKRD
VHFR
 3URMHWRFRPYHGDomRGXSOD8PVHORPHFkQLFRXPUHWHQWRUSDUDPDLRU
YLGD~WLO
 ,VHQWRGHyOHR
 3URMHWDGDSDUDUHFLUFXODUiJXDDWp&
 %DL[RQtYHOGHVXFomR6XFomRDWpXPQtYHOUHVLGXDOGHPP
 WHVWDGDVQDIiEULFDDQRGHJDUDQWLD

763

d>^DWE,K

+]:
9$
9$

763


1%5

,167$/$d273,&$
9iOYXODGH5HWHQomR
1mR)RUQHFLGD

7RPDGD
$%171%5
FRPSLQRWHUUD



&$5$&7(567,&$6
 &RQVWUXomRHPWHUPRSOiVWLFRHDoRLQR[LGiYHO
 5RWRUWLSR9RUWH[DSURYDGHHQWXSLPHQWR
 3DVVDJHPGHVyOLGRVDWpPP
 3URWHomRWpUPLFDFRQWUDTXHLPDGHPRWRU
 VHORPHFkQLFRUHWHQWRUSDUDPDLRUYLGD~WLO
 3URMHWDGRSDUDERPEHDPHQWRGHiJXDDWp&
 ,VHQWRGHyOHR
 3OXJXHSDGUmR$%17GHSLQRVDWHUUDGR
 $XWRPDWLFRGHERLDOLJDFRPQtYHOPPHGHVOLJDFRPPP
 WHVWDGRQDIiEULFDDQRGHJDUDQWLD
 %RFDOGHGHVFDUJDURVFDGHFRPDGDSWDGRUSDUDPDQJXHLUDGH

$ERPEDSRGHVHUHQFODXVXUDGDHPSRoRVODFUDGRV
9HGDomR6DQLWiULD



%20%$6&(175)8*$668%0(569(,6


52725
PP

$/785$0$120e75,&$727$/(00(7526 PFi

[
[

$/785$0$120e75,&$727$/(00(7526 PFi

52725
PP

76%
76%

52725
PP

[
[
[
[
[
[
[
[

































































































    


      
         










 



 

$/785$0$120e75,&$727$/(00(7526 PFi

 

)6
  
  

  
  


52725
PP

[ 
[ 
; 
[ 
[ 
; 














































































   


       







   


       







$/785$0$120e75,&$727$/(00(7526 PFi

[
[
[
[

    


      
         

&RPSULPHQWRGRFDERPHWURV





 


 

%20%$6&(175)8*$6$&20%8672

3RVVXtPRVWDPEpPERPEDVSDUDVHUHPDFRSODGDVDRVPRWRUHV%XIIDOR%UDQFR
H7R\DPD3DUDPDLRUHVGHWDOKHVHLQIRUPDo}HVGHSHUIRUPDQFH SUHVVmRHYD]mR 
FRQVXOWDURVLWHGRIDEULFDQWH

$/785$0$120e75,&$727$/(00(7526 PFi

$(;  

73-$/

      


   

73-$/
73-$/

  


   

73-$/

 
        

1RWD7-3DUDSRoRVGLkPHWURPtQLPR73-3DUDSRoRVGLkPHWURPtQLPR 2EV'DGRVGHSUHVVmRHYD]mRYiOLGRVSDUDPRWRUHV+RQGD

$/785$0$120e75,&$727$/(00(7526 PFi

7+6
7+6,



7+/
7+/,

2EV'DGRVGHSUHVVmRHYD]mRYiOLGRVSDUDPRWRUHV+RQGD





















%20%$6&(175)8*$6$&20%8672

3RVVXtPRVWDPEpPERPEDVSDUDVHUHPDFRSODGDVDRVPRWRUHV%XIIDOR%UDQFR
H7R\DPD3DUDPDLRUHVGHWDOKHVHLQIRUPDo}HVGHSHUIRUPDQFH SUHVVmRHYD]mR 
FRQVXOWDURVLWHGRIDEULFDQWH

$/785$0$120e75,&$727$/(00(7526 PFi



5/%



7+%





      

          


       




2EV'DGRVGHSUHVVmRHYD]mRYiOLGRVSDUDPRWRUHV+RQGD

$/785$0$120e75,&$727$/(00(7526 PFi

*;5


      

2EV0RWRUHVWHPSRVFLOLQGUR H[FHWR*;5FRPFLOLQGURV PRYLGRVDJDVROLQDHUHIULJHUDGRVDDU


$RSomR*;5QmRDFRPSDQKDWDQTXHGHFRPEXVWtYHO
'DGRVGHSUHVVmRHYD]mRYiOLGRVSDUDPRWRUHV+RQGD





$

7+(%(%20%$6+,'58/,&$66$
$YHQLGD0DQRHO*RPHV&DVDFD3DUTXHLQGXVWULDO
&(39DUJHP*UDQGHGR6XO63%UDVLO
)RQH  )D[  
WKHEH#WKHEHFRPEU
),/,$/125'(67(
5RGRYLD%56XO.P*DOSmR%ORFR*
&RQGRPtQLR5LDFKR9HUGH
&(3-DERDWmRGRV*XDUDUDSHV3(%UDVLO
)RQH    
ILOLDOQRUGHVWH#WKHEHFRPEU
ZZZWKHEHFRPEU

You might also like