YCK LHBAC\ C\] ]HL \

@ A À K H \ H \ D @ L Y B Y C F HÜ
HÜ A L CA ] Y @K - _ C Y ×

Ca k`s ÷kthd`s mèl`m`s sc j` tbd`mb lbalhcalh` mc quc kbs prbikcd`s `dihcat`kcs ab sba sbkb mc k` a`tur`kcz` shab sbirc tbmb mc kbs scrcs jud`abs. Cstb
HA]YBMSLLHÜA supbac k` prbdblhüa mc k` scashihkhz`lhüa ca tcd`s `dihcat`kcs quc l`p`lhtc ` k`s pcrsba`s p`r` `ibrm`r kbs prbikcd`s sbirc ck dcmhb `dihcatc y pbacr ca
pràlthl` sbkulhbacs t`atb mc nbrd` lbkclthv` lbdb hamhvhmu`k.

@AÀKH\H\
Ck _cr÷ sc uihl` ca ck pucstb 99 ` ahvck
duamh`k, lbdb ck p`äs lba d`ybr fr`mb
mc lbat`dha`lhüa `dihcat`k A@LHBA@K
L@G@D@YL@ C k p `ä
`ä s t hc a
acc < c gc s k b
ba
a fh
fh ttuu mc
mc s y 9 ? c gc s MCA\HM@M_BIK@LHBA@K
tr`asvcr
svcrs`,`ltu`k
s`,`ltu`kdcatc
d catc sclucat`lba ck6>%
pbrlhcatbmc k`svä`s p`vhdcat`m`s
@ ahvck a`lhba`k ca
hanr`cstrultur`
hanr`cstrultur` mc scrvhlhbs
p÷ikhlbs, GSAHA sc NSCA]C7 (BHD ) @L]S@KC\ -9?03
caluca
calucatr`ca ck puc
pucst
stb
b 00 K ` mcmcas
ashh m
m`m
`m pbik
pbik``lh lh b
ba`
a`kk mc ` Y cfh cfhü
üa a
lbaua=.0 G uuaä
aäa ca9 ? ?6 cr cr`` mc9 6,6 j` j`i
i pbr
pbr Ed 9,
9,
s hcamb
c amb k ` ab abvcvca`a` r ccfh fhüüa a mc
mcas
as`d
`dca
catt c
Cs ck l`l`b brfàahlb quc vhcac ca p bi
bi k` m
m`` m cckk p `ä
`ä s,s, m ccss pu
pu èèss m c K hd ` ,
lrclhdhcatb lba dhr`s mc cxpbrt`lhüa ` K`di`ycq
K`di`ycquc, uc, K`Khicrt`m,
K`Khicrt`m, _hur _hur`,
`, ]ud
]udics
ics
C.C.S.S X CSYB_@ YCM ^H@K
,L`g`d`rl`,
,L`g`d`r l`, Hl`y@al`sj .

@L]H^HM@MC\MCK\SCKB HANY@C\]YSL]SY@MC MHA@DHL@

\H\]CD
\H\]CD@@DIHCA]@K HANY@C\]YSL]SY@^H@K
@^H@K Ck _cr÷ sc uihl` ca ck pucstb 99 ` ahvck duamh`k,
 ]C
 ]CYYH]BYH@K \CY^HLHB\_SIK
HLHB\_SIKHLB\
MCDBFY@NHL@ lbdb ck p`äs lba d`ybr fr`mb mc lbat`dha`lhüa
`dihcat`k
KHD@
Kbs prhal
prhalhp`kc
hp`kcs lbat`dha`atcs K@DI@XCPSC MC_@Y]@DCA]@K GSAHA
c a k ` lh um` m m c K d
h ` cs ck \cf÷ackthpbmcsupcrnhlhcmc rbm`mur`ca`k`ðb 9?03scthcac _BIK@LHBA 9?06
tràash
tràashtb
t b mc vcjälukbsquc ` su 3<.<%mc vä`s`sn`kt`m`s,0>%cacst`mbmcd`atcahdhcatbyck
p`sbv` sbkt`amb f`scstüxhlbs <?.<%absc calucatr``sn`kt`m`.
`k `dihcatc.

_@\LB
@ltu`k
@ltu`kdca d catc, k` pbik`pbik`lhü
lhüa a mc k` lbslbst`
t`
@ ahvck `kl
`kl`az
`az`` ck3:%,cs mcl mclhr06
hr06 dhkkba k bacs ?<6
?<6
L@G@D@YL@ a`lhba`k dhk986j`iht`atcs,cal`dihbca k`shcrr`
GSAHA, sc k kc f`
f` s bkbk b ` : d hk kb ac ac s 9 >>:: d hk 0 :<:<
d `a
`a ttuu vb
vb c a j `i
`i ht `a
`a ttcc s y c a k ` s ck
ck vv`` c s m c 8 %,
%, c s
JS@AL@^CKHL@ hanr`cstrultur` mclhrr,=,= dhkkbacs?6>dhk=?=.
k bacs?6>dhk=?=.
mc `llcsb `
K`di`ycquc lbalcatr` ck d`ybr ahvck mc ckcltrhlhm`m,
lbdcrlhb, scrvhlhbs y nha`az`s ca `llcsb ` Cack pcräb
bmbhatcrcs`k9?06-9
mbhatcrcs`k9?06-9??6k`
??6k` lbst
lbst``
j` tca
tcahmb
hmb d`ybr
d`ybr hal
halrcd
rcdcat
catb
b `au
`au`k
`k mc
LBALKS\HÜA7
K ` d ha cr
cr ä`ä` c s u a` a` m c k `s
`s ` ltlt hv hm ``m
m cs
cs q uc
uc hatcract.
bl`shba` d`ybrcd`ybrcs hdp`lt hdp`ltbsca
b sca ckd`acgb mc GSAHA YCFHBA@K 0,<%.
k bs
bs r cl
cl uurr sb
sb s j äm rhrh lb
lb s m c k ``ss z ba
ba `s
`s m ba ba mc
mc
hatcrvhcac M ca tr b m c k `s v ä` s KHD@ Ca ck `aàkhshs mc k` cstàthl` ca ck àdihtb d`lrb
GSAHA YCM ^H@K (GSAHA) p`vhdcat`m`ssc thcac Ca pbsthavcrshüa, abs
YC 0?609ed ( :8% ) y k`s m``lbablcrquc GSAHA
rcfhba`k , thcac dulj` hdpbrt`alh` y` quc k` rcfhüa
MC_@Y]@ vä`sab p`vhd dcat
cat`m`s
` m`s C\\]
]@ H A^
A^ HY ]H
]H CA
CA M
MB
B Guaäa thcac mhsthat`s rck`lhbacs ` ahvck a`lhba`k , lba
DCA]@K5 sba093:ed (00%) D@\ CA
00<350?%
HANY@C\]YSL]SY@
k`s btr`s rcfhbacs t`atb ca ck àdihtb shstcd`
PSC K@\ MCD@\ `dihcat`k , `lthvhm`mcs mck suckb tcrrhtbrh`k , y k`
YCFHBAC\
YCM hanr`cstrultur` vh`k y mcdbfrànhlb pbr m`tbs ,ca kbs
HANY@C\]YSL]SY@ MC\CY^HLHB\ _SIKHLB\
^CLHA@K5
80=356>%
lu`kcs pbmcdbs `a`khz`r mc `lucrmb ` mhsthat`s
YCM >?
nucatcs . y ck àdihtb rcfhba`k Guaäa qucm` lbdb
A@LHBA@K
@DCA@W@7 50>:>50=%
3?

=? ahvck hatcrdcmhb ` lbdp`r`lhüa lba k`s btr`s

K` `lthvhm`m `frbpclu`rhb y shkvhluktur` cs
rcfhbacs .
<?

MCNBYC\]@LHBA YCM ^CLHA@K 9?

uab mc kbs prhalhp`kcs, pbr hasudhr fr`a

• L`dihbmc
b mc usbmc suckb(30%a`lhb
b (30%a`lhba`k) 0?

• @lthvhm`mcxtr`lthv`s hkcf`kcsc hanbrd`kcs

d`ab mc bir`, pbr kb quc kkcfü ` p`rthlhp`r YCMA@LHBA@K ?

NSCA]C7 HACH
• Cxp`ashüaab pk`ahnhl`m` lba ck 0<,8 pbr lhcatb. YCMC_@Y]@DCA]@K
_ @\ LB G SA HA J S@ AL @^ CK HL @ K HD @

H A ] C F Y @ A ] C \ 7

SAH^CY\HM M _CYS A KB\ AMC\ •

•
•
@ ] C A L H B
I @ Y Y C ] B
I B Y G @
X @ L J @ \
_ H W @ Y Y B
P S H _ C
V H M D @ A
X C K \ H A
G J B \ C K X A
•
Csluck` _rbncshba`k Mc @rquhtcltur`
_ B Y Y @ \ D @ Y L C K B Y B Z @ A @
• Y C X C \ L J H J S @ A G J B D H K @
• P S H \ _ C Y B G @ \ K H \ \ C ] ]
 

YCK LHBAC\ MHAÀDHL \

@AÀKH\H\ D@LYBYYCFHÜA LCA]Y@K -_CY×
Icrmcfuè, G. y btrbs (9?00) ca ck mbludcatb mc tr`i`gb7 Mctcrdha`atcs mc k`s Mhaàdhl`s mc Mcs`rrbkkb ]crrhtbrh`k Yur`k ca @dèrhl` K`tha`, k` mcnhaca lbdb
‛prblcsbs mc l`dihb ca k`s cstrultur`s clbaüdhl`s, sblh`kcs y `dihcat`kcs mc kbs tcrrhtbrhbs, y ca kbs d`rlbs hasthtulhba`kcs quc kc m`a sustcatb, `sä lbdb kbs
HA]YBMSLLHÜA l`dihbs lbalbdht`atcs ca hamhl`mbrcs mc mcs`rrbkkb (lrclhdhcatb, halkushüa sblh`k y sbstcahihkhm`m `dihcat`k)—.
Cstc `aàkhshs lbdprcamc kbs mcp`rt`dcatbs mc k` D`lrbrrcfhüa lcatr`k mck _cr÷ tcahcamb ca lucat` k`s shfuhcatcs mhdcashbacs7 lbamhlhbacs clbaüdhl`s ,
scrvhlhbs Mbt`lhba`kcs, Dbvhkhm`m, Lbdpcththvhm`m, D`ahncst`lhbacs luktur`kcs y Mhaàdhl` pbik`lhba`k .
Ck Äamhlc A`lhba`k mck Nku gb gb
^cj
^cjhluk`r
hluk`r,, quc rcfhstr`
rcfhstr` ck tràashtb tb
@AÀKH\H\ mc vcjälu
vcjälukbskhfcr
kbskhfcrbs
bs y pcs`mb
pcs`mbss ca
k`s f`rht`s mc pc`gc, sc Luslb, _uab, @rcquhp`, Hl` y Khd` sba
_ YB
YB XC
XC LL
LL HB A M C K @ halr
halrcdcdcacatütü ca >.=%
>.=% ca ncir ncircrcrbb k`s rcfhbacs dàs vhsht`m`s pbr kbs
_BIK@LHB
_BIK@LHBA A SYI@
SYI@A@X
A@X
YS@K
YS@K @K9?<?
mck 9?0:, lbdp`r`mb lba ck vh`gcrbs cxtr`agcrbs hatcrcs`mbs ca ck
\CF×ANYCMX@Y@A@(9?03) d hhss db
db d ccss m ck ck 9 ??00 66,, h an
an brd
brdü ü turhsdb luktur`k, scf÷a ck ‛_crnhk mck
\@KMB DHFY@]BYHB MC K@ _BIK@LHBA
ck Hasthtutb A`lhba`k mc <? 93
Cst`mästhl`c
sthl`c Hanbrdàthl`(HACH).
Hanbrdàthl`(HACH). 08 ]urhst` Cxtr`agcrb— puikhl`mb pbr
9? 0= 03
_rbd_cr÷.
NKSGB ^CJHLSK@Y 0? 3
0
? ca 9?06 kbs v`l`lhbahst`s quc NSCA]C 7 (BHD ) @L]S@KC\ - 9?03
<:% MC K@
_BIK@LHBA ^CJHLSKB rc`khz`rba `lthvhm`mcs luktur`kcs ca ck HADHFY@LHBA
YC@KHW@A =.8% _C\@MB _cr÷ supcr`rba ck dhkküa mc kkcf`m`s.
@L]H^HM@MC\ CJHLSKBKHFCYB Cstc nkugb j` lrclhmb 6% pbr `ðb Mcspuè
Mcsp uèss mcKhd
mcKhd`` , kb
kbss ha
hadh
dhfr
fr`a
`atc
tcss scj`a mh mhst
strh
rhiuhm
i uhmbb pr
prha
halh
lhp`kd
p `kdca
catc
tc
@ FY
FY ÄL
ÄL B
BK@
K@\
\ X 6.>% mcsmc ck 9?03 ca k` rc
rcfh
fhba
bacs
cs mc @r @rcq
cquh
uhp`
p ` (3
(3,3
,3%)
%),K
,K`` Kh
Khic
icrt
rt`m
`m (=(=,3
,3%)
%),G
,Gua
uaha
ha (=
(=,?
,?%)
%),,
SA 0=% @ K`di`ycquc(<,6%
K`di` ycquc(<,6%),), \`aD`rtha(<,6%).
@L]H^HM@C\
LBDCYLH@KC\
LBAMHLHBAC\ _YC\]@LHBAMC\CY^HLHB\ HAMHLCMCLBD_C]H]H^HM@M  ]
 ]S
SYH\DBXD@AHNC\]@LHBAC\ MHA@DHL@
 ]Y
 ]Y@A\H]BXDB^HKHM@M
CLBAÜDHL@\ MB]@LHBA@KC\ LSK]Y@KC\ _BIK@LHBA@K
MC_@Y]@DCA]@K
KHD@LBALCA]Y@ DHFY@LHBA
CK D@XBY ]r`mhlhbacs mc k` Lbst`
_B YLCA
YLCA]@G
]@GC MC
_C@BLS_@M@MC Kbs l`ra`v`kcs, k` d`rhacr`,
d`rhacr`, ck
_ C@
C@ L B A S A = 8
8%
% scðbr mc kbs dhk`frbs,
dhk`fr bs, • ABBY
Y] ]C
C M CK
CK _@ H\ 7 K ` k h ic
ic rtrt `m
`m , K ``d
d i`
i` yc
yc qu
qu c y _ hu r`
r` d `r
`r l`
l` a k ` p `u
`u tt`
` m ck
ck
MC\
MC\_C\KC
_C\KC \HFSC lbstudirccs ck ncsthv`k
ncsthv`k mc k` lrcl
lrclhd
hdhc
hcat
atb
b clba
clbaüd
üdhlhlb
b rcfh
rcfhba`k
b a`k j`lhj`lh`` ck\SY7 Hl` Hl` , @rcq
@rcquh
uhp`,
p`, Dbqu
Dbqucf cfu`u` y
HL@ LSWLB X ]`la`
`la` , j`lh
j`lh` ckbrhcatc
c atc camhrcl
camhrcllh lhüa
üa mc \`aD`rt
\`aD`rtha,Kbrc
h a,Kbrctb
tb y SlSl`y
`y`k
`kh.
h.
GS AHA L BABA SA KHD@ C HL@ ]HCACA ^camhdh`, scðbr mc Kurca
mc Kurca
_k`tbs täphlbs7 lcvhljc,
lcvhljc, `rrbz • \HCY
\HCYY@Y@ LCLCA]A]Y@
Y@K,
K, Guaä
Guaäa
a , Ju
Ju`a `al`
l`vc
vckhkhl`,
l`, _`sl
_`slbb y Juàa
Juàaul
ulb
b j`lh
j`lh`` k` l`ph
l`pht`t`kk
=9%(HACH) _BIK
_BIK@L@LHBHBAC
AC\\ LB
LBAA % I@I@GB
GB\
\ mc k` Ycpui
Ycpuikhl`Khd`.
khl`Khd`.
LBA @K DCAB\ SA @ lba pbkkb, Ihstcl ` kb pbirc
]r`mhlhbacs mc k` \hcrr` • \SY
\SY MC MCK K _@H\
@H\ , @rcq
@rcquh
uhp`
p ` , Dbqu Dbqucf
cfu`u` y ]`la`,
`la`, pbtcpbtcal
alh`
h`kd
kdca
catc
tc `tr`
`tr`yc
ycatatcs
cs
ACLC\HM@M IÀ\HL@ YCFHBA@K mc pbik`mbrc
pbik`mbrcss prblcmcat
prblcmcatcscs , prha
prhalhp`kd
lhp`kdcatc
catc mc _uaby Luslb. Luslb.
K` m`az` mc thgcr`s,
H A\
A\@]H \
\NNC L
LJ
J@ DH CA
CA] Y
Y@
@\ C K NKS
NKS GB
GB ^C
^CJ
J HHL
L SK
SK @
@Y
Y , K B\
B\ ^C
^CJJ ÄÄL
L SK
SK B\
B\ ncsthvhm`mcs mck scðbr L`thvb
L` thvb
]@A]B
]@A]B K@\ _BIK@LHBAC\LBA
_BIK@LHBAC\LBA _ C\ @M B\
B\ LB AN
AN BYBYD @A
@A CK < 88%
% X CA mc@i`l`y, l`ra`v`k, vhrfca mc LBALKS\HÜA7
D@\ MC 3 ACLC\HM@MC\ ^CJÄL
LSKB\KH^H
SKB\KH^H@AB\\C]HCACCK>0%
@ AB\\C]HCACCK>0% k` l`amck`rh`, Hath Y`ydh, vhrfca
vhrfca
HA\@]H\NCLJ@\
HA\@]H\NCLJ@ \ \C CALSCA]Y@ mc lblj`rl`s, K`s mhaàdhl`s tcrrhtbrh`kcs abs
_@\LBX JS@ASLB. Lbdhm`s7 p`lj`d`al`, ducstr`a, catrc btr`s lbs`s, k`
p`t`sl`,judht`s
`lthvhm`m clbaüdhl` quc k` pbik`lhüa
]r`mhlhbacs mc k` \ckv`
C K D @X
_CCY
Y \B
@X B
\B A@
BYY _ BY
A@ \ _ B
BY L
BIIY
LC
YC
C A]
A] @G
@G C M C
C\ CA K@ Abljc mc s`a gu`a, `pul`sh, cgcrlc sbirc ua ca mctcrdha`mb
D @L
@L Y
YB
B YC
CALSCA]Y@
YC F
FHH B
BA
A L CACA ]
]Y
YB \C
CA
phst`, tualjcd`khfab, k` csp`lhb y ca k`s pbik`lhbacs vclha`s.
vclha`s.
yulura`
JS@AL@^CK
AL@^CKHL@
MC \S _BIK@LHÜA
HL@ LBA SA <:%
X Lbdhm`s7 gu`ac, t`l`lb lba Cstc prblcsb fcacr` ` su vcz, ua` scrhc
@X@LSLJBLBA<=%(HACH)
@X@LSLJBLBA<=%(HACH) lclha`, phl`atc mc l`r`lbk, mc rck`lhbacs sblhb-luktur`kcs,
p`t`r`sjl`,
`dihcat`kcs y pbkäthl`s, catrc btr`s, k`s
dhsd`s quc prbyclt`a su hankucalh` `
Nucatc s ihikhbfrànhl`s 7 @r`a` N.(9?03) lrclhdhcatb uri`ab ca k` d`lrbrrcfhüa lcatr`k-_
lcatr`k-_cr÷,
cr÷, Fcb _cr÷ H.A.C.H.(9?0: ua ahvck mc mcs`rrbkkb kbl`k, rcfhba`k y
Nucatc7 HALBYC) a`lhba`k.
H A ] C F Y @ A ] C \ 7

SAH^CY\HM M _CYS A KB\ AMC\ •

•
•
@ ] C A L H B
I @ Y Y C ] B
I B Y G @
X @ L J @ \
_ H W @ Y Y B
P S H _ C
V H M D @ A
X C K \ H A
G J B \ C K X A
•
Csluck` _rbncshba`k Mc @rquhtcltur`
_ B Y Y @ \ D @ Y L C K B Y B Z @ A @
• Y C X C \ L J H J S @ A G J B D H K @
• P S H \ _ C Y B G @ \ K H \ \ C ] ]
 

YCK LHBAC\ C\] ]HL \

@ A ÀK H \H \ Y CF H B
BAA @ K - G S AÄ A

HA]YBMSLLHÜA

@AÀKH\H\

YCM ^H@K (GSAHA)

YCFHBA GSAHA
Y.
MC_@Y]@DC
A]@K5 00<35
0?%

Y.A@LHBA@K5 Y.^CLHA@K5
• =6.=8% mc k` rcfhüa sc 0>:>5 0=% 80=35 6>% Ck mc p` p` rtrt `d
`d ca
ca tb
tb mc
calucatr` ca zba` mc
prbtcllhüa y Guaäa,
Guaäa, luy`l`pht`kcs k`
lbascrv`lhüaclbküfhl` Y. ^C
^CLHA
LHA@K
@K Y. A@LHB
A@LHBA@K Y. MC
MC_
_ @Y]@DCA]@K lhum
lhum`m
`m mc Ju Ju`a`al`
l`yb
yb,,
• 98.3>% ca zba`s mc cstà
cstà lbanbr
lbanbrd`m d`mb b pbr 8
rclupcr`lhüa pbr ua d`k
d`acgb mc k`s thcrr`s prbvhalh`s y 09=
usb mck suckb mhstrhtbs.
• 90.><% sba zba`s
prbmulthv`s HANY@C\]YSL]SY@ HANY@C\]YSL]SY@MC
@L]H^HM@
HM@MC\MCK\SCKB MHA@DHL@
\H\]CD@@DIHCA]@K ^H@K \CY^HLHB\
^HLHB\_S
_SIKHLB\
 ]C
 ]CYYH]BYH@K MCDBFY@NHL@
^@KBYIHBCLBKBFHLB
JS@AL@XB _YB^HALH@\MC JS@AL@XB

@sä dhsdb ca k` _rbvhalh` mc Ju`al`yb sc

calbatrü 36 vä`s vclha`kcs rcfhstr`m`s mc k`s ]@\@ MC
lu`kcs 98.0 ed. sc calucatr`a `sn`kt`m`s, LYCLHDHCA]B
89.<?6 ed. sc calucatr`a `nhrd`m`s, 83.><0 ed.
sha `nhrd`r y 033.6<3 ed. su supcrnhlhc mc
rbm`dhcatb cs trblj`5 tbm`s cst`s vä`s vclha`kcs
rcfhstr`m`s j`lca ua tbt`k <69.6 ed mc kbafhtum.
Ca kbs `ðbs 9??6-9?06, sc
biscrv` quc k` t`s` mc
lrclhdhcatb prbdcmhb `au`k cs
• v`kbr ihbclbküfhlb p`r` ck mcp`rt`dcatb _BIK@LHBA d`ybr ca k` prbvhalh`
ck pbtcalh`k duy `ktb blup` ua 9?.==% Ju`al`yb, lba ua `udcatb ca
mc k` supcrnhlhc mc Guaäa
Mc `lucrm
`lucrmb b lbakbs rcsukt
rcsukt`mb `mbss mck ck vbkudca mc k` pbik`lhüa mc
• Ck pbtcalh`k `ktb `i`rl` 8.9:% k`
prbvhalh` mc \`thpb y Lj`alj`d`yb. l ca
cas b 9? 06 06 , k ` p rb rb vhvh al
alh ` q uucc 06,?%, lrclhcamb ` ua rhtdb LBALKS\HÜA7
K` prbvhalh` mc Ju`al`yb, lucat` lba mbs l ba
ba lc
lc at
at r`
r` c k d `y `y br
br a ÷d ÷d crcr b m c prbdcmhb `au`k mc 0,>%. _br
LBANKHL]B\MC S\BMC ]HCYY@\ v`rh`atcs ca k` l`rrctcr` a`lhba`k _C -<\, mbamc j`iht`
j`iht`atc
atcss cs Ju`al`
Ju`al`yb, yb, lba 3=3 ck lbatr`rhb, k`s prbvhalh`s quc
ck tr`db <\I (d`rfca mcrclj` y k` <\L (Ljhkl`, prcscat`a d`ybr mhsdhaulhüa
s`p`kk`af` y _ul`r`). ]`dihèa k` vh`a`lhba`k dhk >03 pcrsba`s,`frup`a
pcrsba`s,`frup`amb mb pblb Guaha lucat` lba ck :8% mc sus vä`s p`vhdcat`m`s, mc
• Ssb rcshmcalh`k 9,??3.03j` _C9=(Lbaclt` Ck ]`dib, _hklbd`yb.
HANY@C\]YSL]SY@MC\CY^HLHB\ _SIKHLB\
dcabs
dcabs mc k` dht`m dht`m mc k` pbik` pbik`lhü
lhüa
a ca k` t`s` mc lrclhdhcatb k`s lu`kcs k` d`ybrä` mc k`s vä`s sba `rthluk`m`s lba k`
• Ssb lbdcrlh`k 93=.<8 j` m ck
ck m cpcp `r
`r t`
t` dc
dc at
at b ( =<
=< ,> ,> %)
%) . K c prbdcmhb `au`k mc su lhum`m mc Ju`al`yb, ca su t`s` mc lrclhdhcatb
• Cquhp`dhcatbs cxhstcatcs =33.93 =?
shfu
shfucc k` prbv
prbvhahalh
lh`
` mc \`th
\`thpb, p b, qu
qucc pbik`lhüa sba Guaäa (-9,>%), ju`al`ybsc calucatr` lba 0.> % `au`k, ck pbtcalh`k
j`
<? `kic
`kicrf
rf`` 9?<
9?< dhk 8:3 8:3 j`ih j`iht` t`at
atcs
cs ]`rd` (-9,9%) y X`ukh (-9,0%). ca ck shstcd` `dihcat`k ck 8.9:% sc calucatr` ca
• Àrc` rcscrv`m`s p`r` (0>,=%),
(0>,=%), dhcatr`s
dhcatr`s quc k` prbvhalh`prbvhalh` s`thpb y lj`alj`d`yb
lj`alj`d`yb
9?
cquhp`dhcatbs <=:.03
• Ssb mc vä`s 0,386.66 j` 0? mcGuaäacs k`dcab k`dcabss pbik`m
pbik`m`,lba `,lba
• Kb lu`k rcprcscat`a 3<.=?% ? 9< dhk0<< j`iht`atcs(0,8%
j`iht`atcs(0,8%). ).
• Àrc` `frälbk`s y nbrcst`kcs quc cs
=>.>·%
Lbkuda`0

H A ] C F Y @ A ] C \ 7

SAH^CY\HM M _CYS A KB\ AMC\ •

•
•
@ ] C A L H B
I @ Y Y C ] B
I B Y G @
X @ L J @ \
_ H W @ Y Y B
P S H _ C
V H M D @ A
X C K \ H A
G J B \ C K X A
•
Csluck` _rbncshba`k Mc @rquhtcltur`
_ B Y Y @ \ D @ Y L C K B Y B Z @ A @
• Y C X C \ L J H J S @ A G J B D H K @
• P S H \ _ C Y B G @ \ K H \ \ C ] ]
 

YCK LHBAC\ MHAÀDHL \

@ A À K H \ H \ Y C F HHB
B A @ K - G S AÄ
AÄ A

HA]YBMSLLHÜA

@AÀKH\H\
Lrclhdhcatb `au`k cack 9?0:
CA]Y@M@
KHFCYB\MC ^CJHLSKB\
X _C\@MB\

M@AW@\7
• CK JS@XK@Y\J
=?% ^.KHFCYB\ Mur`atc ck 9?0:, scf÷a k` Calucst` V@AE@
>?% ^._C\@MB\ ]rhdcstr`k mc ]urhsdb Hatcrab, sc csthd` • M@AW@ MC KB\ DHFY@LHBA
quc sc rc`khz`rba dàs mc 9,> dhkkbacs mc @^CKHAB\
vh`gcs pbr turhsdb hatcrab lba mcsthab • M@AW@ KB\
` k` rcfhüa Guaäa, kb quc rcprcscat` ck G@A@LJB\
• @A]H
3,:% mck tbt`k mc vh`gcs ` ahvck a`lhba`k.
3 `lthvhm`mcslba d`ybr v`kbr irutb C a c k 9? 0< 0< s c rc f
fhh st
st r`
r` rb
rb a 3 = d hk NHC\]@\YCKHFHB\@\7
d`ybr lrclhdhcatbca `frcf`mbcs k` vcjälukbs
vcjälukbs , scf÷a   ‛\HAH@— C A C K @ Ð B • NHC\]@ MC K@ ^HYFCA • D`äzljblkb
kbs÷kthdbs
kbs÷kthdbs `ðbsca cxtr`llhüa mcpctrükcb, 9?0
9?0>j`iä`uaaudcr
>j`iä`uaaudcrb b mc=8.9
mc=8.9:uahm.Z
:uahm.Z MC LBLJ@YL@\ Ycs`kt`a catrckb s • D`am`rha`
K` dh fr fr ``ll hü a c a c k ` ðbðb 9? 06 , d uc st st r`
r` a qu c c a c k
tbmbGuaäa f`sy dhacr`kcs. • \CÐBY MC DSYSJS@X prhalhp`kcs lukthvbs t`afcrha`
0???j`iht`atcs,prcsca
0???j`iht` atcs,prcscatàambs
tàambscua cua nkugb mcp`rt
mcp`rt`dc
`dcatbmcatbmc Guaäa,ck
Guaäa,ck 8=,0%
8=,0% (0 dhkküa>6
k üa>6 dhk38) mc
7@frhluktur`, • ^HYFCA MC K@ ca cst` `lthvhm`m • A`r`agb
lbastrullhüa, vcjhluk
l uk`r
` r mc 0=:=0>0=:=0> vcjälluk ukb
bs,
s, tbmtbmbb p cr
cr sba
sba`` s mc 3 y d às às ` ðbs
ðbs mc cm`
cm` m q uucc vhvc
vhvcaa ca G ua
ua äa
äa , prhd`rh` mbamck` _`p`
L@AMCK@YH@ •
cxtr`llhüa mcpctrükcb, Guaäa `ltu`kdcatcsc cstb
cstb l bbaa kkkk ccv`
v` ` q uc
uc ca J uu`` al al ``yy b k ` d`athccacasurcshmcalh`mcsmcj`lclhalb`ðbs(9?09-9
acasurcshmcalh`mcsmcj`lclhalb`ðbs(9?09-9?06)5 pbik`lhüa mck _`stbckcn`atc
• ^HYFCA MC LJ@_H •
f`sy dhacr`kcs, uihl` ca ckpucstb:
ckpucstb: hanr`cstrultur`vcjhluk`r lbk`psc • NHC\]@ MC K@\ dhcatr`squck`
dhcatr`squck` pbik`lhüaqucl`dihümc rcshmcalh`mur`at
rcshmcalh`mur`atcc mcp`rt`dcatb mc • _hð`
lbdcrlhb,`kbg`dhcatb ca `pbrtcmck_IH lba LYSLC\ ck pcrhbm
pcrhbmb b 9?09
9?09  “ 9?06,
9?06, lbr
lbrrcs
rcspba
pbamc
mc ` 3,8%
3,8% (>>dhk ::9 Guaäa sc calucatr` • _kàt`ab
y rcst`ur`atcs, sha ua 9.8% pcrsba`s). blup`m` catrckbs • Yycfr`ss
cdi`rfbck quc thcac prhalhp`kcssba7 • ]rèibk

LBAMHLHBAC\ _YC\]@LHBAMC\CY^HLHB\ D@AHNC\]@LHBAC\ MHA@DHL@ • @kn`kn`

 ]Y
 ]Y@A\H]BXDB^HKHM@M  ]S
 ]SYH\DB
• @vca` nbrr`gcr`

MB]@LHBA@KC\
• Ircquc`rä`

CLBAÜDHL@\ LSK]SY@KC\ _BIK@LHBA@K • L`nè

• Lci`m` fr`ab
LK@\C MC ^CJHLSKB • Lbkbrcpbkkb
• M`lthkys
_K@]B\ ]H_HLB\ 7 _BIK@LHÜA HADHFY@A]C MC K@\ _YHALH_@KC\ _YB^HALH@\ D`aun`ltur`7
• _@LJ@D@AL@ Ckscltbr cvhmcalhü k` d`ybr l`äm` ca su
>939 K`s prbvhalh`s quc `lckcr`a dàs k` hadhfr`lhüa catrc
K` p bi k` lh üa
• ]YSLJ@ NYH]@ `pbrtc`k ^@I d`aun`lturcrba`lhba`k, `k
`dibs pcräbmbs sba7 \`a D`rtäa (80%), Ju`al`yb(:9%),
clbaüdhl`dcatc • \B_@ MC p`s`r mcua` lbatrhiulhüa mc<,6 pbr lhcatb
]rughkkb (6:%), D`ya`s (6=%), \`a Ybdàa (6?%),
`lthv` sc ]YHFB ca 9??6 ` 0,< pbr lhcatbca 9? 065 dhcatr`s
cal
cal uca tr`
tr` d`s Ljhlk`yb(>:%), Khd` Dctrbpbkht`a` (>3%), Hl` (>3%) y
• LSX quc ca Guaäa, su `pbrtcl`yümc 90,? %9??6
ca k` `frhluktur` Lbrback _brthkkb (>0%). K`s prbvhalh`s lba dcabr ` 3,8%ca 9?06
yck lbdcrlhb 0:38 0>8? • _@_@ @ K@
hatcashm`m sba7 \`at` (0=%) X _hur` (90%). @rcquhp` y ]`la`
396 39: 9== <3
Ck 98,>% mc JS@AL@HA@
sc halrcdcat`a rcfuk`rdcatc ca =:%.
kbs turhst`s
sc `kbg`rba KSF@YC\ _BIK@LHÜA CDHFY@A]C MC K@\ _YHALH_@KC\ _YB^HALH@\
ca ua
jbspcm`gc ]SYH\]HLB\7 K` hatcashm`m mck lrclhdhcatb mc k` cdhfr`lhüa ,Ca _hur` y
p`f`mb X ua • _@YPSC MC K@ Luslb `udcat`a ca 3= y 30 pbr lhcatb. Ca ua scfuamb brmca,
6?,=% ca ua HMCA]HM@M
NSCA]C7D_J-9?03 `kbg`dhcatb • K@FSA@ MC _@L@ Ju`al`yb
hatcashm`m yi`g`
@rcquhp` kb j`lca ca
sc calucatr`a <: y (90%),
\`at` <? pbr lhcatb. Lba ua`
]`la` (90%),
ab p`f`mb • AC^@MB Ljhlk`yb (06%) y Khd` Dctrbpbkht`a` (0=%). ]rughkkb cs k` ÷ahl`
JS@X]@_@KK@A@ prbvhalh` luy` cdhfr`lhüa mhsdhauyc.
• L@
@]
] @Y
@Y @
@]
]@@—— ^
^C
CKKB
B
>3 y 63% m ck ck n kug b t bbtt ``kk . Ku cf
cf b,b, s c Mur`atc ck MC AB^H@—
calucatr`ak`sl`dhba
calucatr`ak`sl`dhbact`srur`k ct`srur`kccs,lbaua
s,lbaua 9?0:, mck
p br
br lc
lc at
at ``gg c c at
at rcrc c k 3 y 9? % %.. C k 9 ?% ?% tbt`k mc
Guaäacack `ðb9?03thcac pbircz`tbt`kmc=9%(Hach)
rcst`atc kb lbasthtuyca k`s7 k`s turhst`s LBALKS\HÜA7
dbtbl
dbtblhlkchlkct`st`s (<%)5
(<%)5 l`dhb bact`s
act`s _hle Sp, cxtr`agcrbs @L]H^HM@MC\7 K`s rck`lhbacs mhaàdhl`s j` pcrdhthmb
\^Y b sh dh dhk` rrcc s ( 3%
3%) 5 kb s i us us ccss m c quc • ISYHK@Y D@]C\
tr`aspbrtcp÷ikh
tr`aspbrtcp÷ikhllb(= b(= `3%) ykbs vcjällukbs ukbs vhsht`rba ck • ]CGHMB\ MC N@G@\ lbablcr lbdb sc calucatr`a k`s prbvhalh`s
_cr÷, ck • @FYHLSK]SY@
mc l`rf`y iuscshatcrp
iuscshatcrprbvh rbvhalh`k
alh`kcs cs (mc= ` • F@A@MCYH@ mc Guaäa sus lbamhlhbacs clbaüdhl`s, ca
?,3% vhshtü
>%). dbvhkhm`m uri`a`, turhsdb y d`ahncst`lhbacs
k` rcfhüa
Guaäa. NSCA]C 7HACH
luktur`kcs t`dihèa k` mhaàdhl` pbik`lhba`k.
Ihikhbkbfä`7 DCDBYH@ MC\LYH_]H^
MC\LYH_]H^@ @ MCK C\]SMHB CLBAÙDHLB MCK MC_@Y]@DCA]B
MC_@Y]@DCA]B MC GSAËA-9?03 `fbstb, H.A.C.H 9?03
9?03 y 9?0:, _k`a mc Mcs`rrbkkb Ycfhba`k
Ycfhba`k Lbalcrt`mbGuaäa 9??:-9?03
NSCA]C7 pcrnhk mc turhst` cxtr`agcrb _YBD _CY×

) H A ] C F Y @ A ] C \ 7

SAH^CY\HM M _CYS A KB\ AMC\ •

•
•
@ ] C A L H B
I @ Y Y C ] B
I B Y G @
X @ L J @ \
_ H W @ Y Y B
P S H _ C
V H M D @ A
X C K \ H A
G J B \ C K X A
•
Csluck` _rbncshba`k Mc @rquhtcltur`
_ B Y Y @ \ D @ Y L C K B Y B Z @ A @
• Y C X C \ L J H J S @ A G J B D H K @
• P S H \ _ C Y B G @ \ K H \ \ C ] ]