Balotario de Ejercicios

 

VOKUFT SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MAO MAOZGMG‐ ZGMG‐ VOKUFTSKH EGCVLXGH EGCVL XGH HF KOMFOKFTÀG KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  F`gkl: bg`kltao.wklsaoNuokcg.f bg`kltao. wklsaoNuokcg.fhu.pf hu.pf  

HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

VOKUFTSKHGH OGCKAOGL SG O LVKS MAOZGMG HF KCG VOKUFTSKHGH EGCVLXGH HF KOMFOKFTÀG CKUKL 6XA. XTGDGJA HF MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS

Efcbg: KCG, 7; ACXVDTF HFL 4>4>

XF@G: KOHKCGHATFS FCAOÓ@KCAS FCAOÓ@KCAS ^GTG GLXFTO GL XFTOGXKUGS GXKUGS HF KOUFTSKÓO KOUFTSKÓO G^LKCGCKÓO G^L KCGCKÓO HF @KCTASAEX @KCTASAEX FRCFL Las glu`oas hfdfrço prfsfotgr fl Xrgdgja Mrupgl hf gcufrha g la sf÷glgha fo fl “XF@GTKA‐, sfmúo fl Dglatgrka hf pradlf`gs ghjuota, cao lgs skmukfotfs kohkcgckaofs: 7. 7.   Fl trgdgja sfrç rfglkzgha mrupgl`fotf (*), `çxk`a 5 glu`oas fo lg cgrçtulg hfl trgdgja sf koclukrç la skmukfotf: VOKUFTSKHGH SGO LVKS MAOZGMG HF KCG EGCVLXG H HF FO KOMFOKFT KOMFOKFTÀG ÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG FCAOA@KCG [ EKOGOCKFTG EKOG OCKFTG ^GTG KOMFOKF KOMFOKFTAS TAS 6XA. XTGDGJA MTV^GL MTV^A Oº

4. 4.   3. 3.   8. 8.  

6. 6.   5. 5.  

=. =.   2. 2.   ;. ;.  

Oa`drf hfl Fqukpa hf Xrgdgja: Ckcla y Mrupa: Kotfmrgotfs:  Gp  Gpfllllkh kha as y Oa`drf Carrf rrfa f`gkl: kl: Fl trgdgja @aoamrçekca sf prfsfotgrç fo Hkmktgl fo ear`gta G8, hfdfrç sfr fscrkta cao lftrg hf eufotf tkpa “Grkgl‐, fstkla oar`gl, tg`g÷a “77‐, kotfrlkofgha sfocklla y prfsfotgha fo ]arh. Las `çrmfofs hfdfrço sfr: kzqukfrha, 3 c`9 rfsta 4,6 c`. Fl trgdgja @aoamrçekca caostgrg fo 3 pgrtfs9 7FTG. ^GTXF fl ^GTXF fl hfsgrralla hfl @grca Xfórkca hf lg gplkcgckóo hf las Kohkcgharfs /C),  Fcaoó`kcas pgrg lg flfcckóo hf Gltfrogtkvgs hf Kovfrskóo (X@GT, U^O, XKT, CGVF, TC, US, GK, H, D /C),  4HG. ^GTXF carrfspaohf ^GTXF carrfspaohf gl Dglatgrka hf pradlf`gs ghjuotas kohkcgha (7>6 ^radlf`gs) (X@GT, U^O, XKT, CGVF, ^T) y ^T) y ghf`çs D/C, (prfsfotgckóo 4 g lkdrf flfcckóo par fl mrupa lg prfsfotgckóo hf pradlf`gs ghkckaoglfs gl tf`g hfl CGVF, TC, US, GK, H, D/C, (prfsfotgckóo pradlf`gs par tf`g), tatgl hf pradlf`gs Mrupglfs sfrç hf 76 pradlf`gs hfl Dglatgrka y 74 g lkdrf flfcckóo, tatgl 4= pradlf`gs. Fs k`partgotf fefctugr lg utklkzgckóo y gplkcgckóo pgrg lg vfrkekcgckóo hf lg saluckóo hf las pradlf`gs cao lg gplkcgckóo hf @kcrasaet Fxcfl fo lg saluckóo hf las pradlf`gs. (ghjuotgr lg `ftahalamàg utklkzghg hf Fxcfl) 3FTG. ^GTXF carrfspaohf ^GTXF carrfspaohf prfsfotgr fl tf`g pgrg Fxpaskckóo hfl @grca Xfórkca y lg prfsfotgckóo hfl hfsgrralla hfl Dglatgrka hf las pradlf`gs cao lg gplkcgckóo hf @kcrasaet Fxcfl (X@GT, U^O, XKT, CGVF, TC, US, GK, H, D/C), fo ^A]FT ^AKOX. ^AKOX. Sf prfsfotg fo grcbkva gl gulg Ukrtugl quf kocluyf fl hfsgrralla hfl trgdgja y lgs Fxpaskckaofs, hfdkëohasf Mugrhgr y fovkgr las ]ATH9   y Fxpaskckaofs fo ^A]FT ^AKOX  ^AKOX  cao fl ear`gta skmukfotf grcbkvas, hf lg skmukfotf `gofrg9 Fl grcbkva hf ]ATH9 ^pt ‐, hfdkhg`fotf zkpfgha (ca`prk`kha fo ]KOZK^) “XrgdgjaQMrupaQGpfllkhaQOa`drf. Hac a ^pt‐, (Fjf`pla9  Grcbkva 7: Xrgdgja>7QMrupa>7Q^frfzQJugo.Hac9 (Fjf`pla9 7:  Xrgdgja>7QMrupa>7Q^frfzQJugo.Hac9 Grcbkva 4: 4: Xrgdgja>7QMrup Xrgdgja>7QMrupa>7Q^ a>7Q^frfzQJu frfzQJugo.ppt, go.ppt, ftc.). Lg efcbg y barg là`ktf pgrg FOXTFMGT FOXTFMGT fo  fo lg ^róxk`g Clgsf `çxk`a sfmúo sf kohkcg fo fl gulg Ukrtugl Sf hfdfrç tfofr fspfckgl cukhgha fo lg rfhgcckóo y lg artamrgeàg, gsà ca`a fo lg sfcufockg lómkcg hfl hfsgrralla hf cghg grtàcula. Sf ghjuotg Lkoi hf Ukhfas hf gyuhg pgrg fl hfsgrralla hfl tf`g, sk hfsfg fl glu`oa pufhf ghjuotgr las vkhfas hf gpaya ta`gha pgrg su trgdgja.

TFEFTFOCKG:  

XGSG @ÀOK@G GXTGCXKUG HF TFOHK@KFOXA: X@GT

 

UGLAT ^TFSFOXF OFXA: U^O

   

XGSG KOXFTOG HF TFXATOA: XKT CASXA GOVGL VOKEAT@F FWVKUGLFOXF: CGVF

 

TFCV^FTGCKÓO HF CG^KXGL: TC,

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•

•

•

•

7

 

VOKUFT SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MAO MAOZGMG‐ ZGMG‐ VOKUFTSKH EGCVLXGH EGCVL XGH HF KOMFOKFTÀG KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao.wklsaoNuokcg.f bg`kltao. wklsaoNuokcg.fhu.pf hu.pf  

UGLAT HF SGLUG@FOXA: US

•

 

•

   GO  GOÇLKSKS KSKS KOC KOCTF@FOXGL: GK

•

 

•

   GO  GOÇLKSKS KSKS HF DFOFEKCKA KCKA – CASXA: D/C

HF^TFCKGCKÓO: H

UKHFAS HF G[VHG HF CÇLCVLA HF KOHKCGHATFS: 7.  4.  3.  8.  6.  5.  =. 

CGLCVLA HFL U^O:  U^O: bttp://www.yautudf.ca`/wgtcb1v0KGGS^BxftgW bttp://www.yautudf.ca`/wgtcb1v0KGGS^BxftgW   CGLCVLA HFL XKT FO FRCFL: bttp://www.yautudf.ca`/wgtcb1v0mudrV685ujV  bttp://www.yautudf.ca`/wgtcb1v0mudrV685ujV  CGLCVLA HFL XKT FO FRCFL (Xgsg Kotfrog hf Tftaroa): bttp://www.yautudf.ca`/wgtcb1v05UsDlyMpM`K  bttp://www.yautudf.ca`/wgtcb1v05UsDlyMpM`K  XKT US U^O ±CVGL FLFMKT1 bttp://www.yautudf.ca`/wgtcb1v0ja;=J]FJgA[  bttp://www.yautudf.ca`/wgtcb1v0ja;=J]FJgA[  bttp://www.yautudf.ca`/wgtcb1v0LXA[UOuIzm8   KOHKCF HFL CGVF:  CGVF: bttp://www.yautudf.ca`/wgtcb1v0LXA[UOuIzm8 KOHKCGHATFS HFL U^O, CGVF [ ^G[DGCI:  ^G[DGCI: bttp://www.yautudf.ca`/wgtcb1v0HM@4e-CgLs>  bttp://www.yautudf.ca`/wgtcb1v0HM@4e-CgLs>  CGLCVLA HF ^FTKAHA HF TFCV^FTGCKAO TFCV^FTGCKAO HF CG^KXGL: bttp://www.yautudf.ca`/wgtcb1v0dLQeR^U]DRK   bttp://www.yautudf.ca`/wgtcb1v0dLQeR^U]DRK 2.  CGLCVLA HF LG HF^TFCKGCKAO:  HF^TFCKGCKAO: bttp://www.yautudf.ca`/wgtcb1v08t-K[8Q4hg[  bttp://www.yautudf.ca`/wgtcb1v08t-K[8Q4hg[   ;.   GO  GOGLKSKS KSKS HF CASXA DFOFEKCKA KCKA:: bttp://www.yautudf.ca`/wgtcb1v0U[Dy4U]@Kz2 bttp://www.yautudf.ca`/wgtcb1v0U[Dy4U]@Kz2  

XF@G:    

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•

KOHKCGHATFS FCAOÓ@KCAS ^GTG GLXFTOGXKUGS HF KOUFTSKÓO G^LKCGCKÓO HF @KCTASAEX FRCFL FO FL CGLCVLA HF LAS KOHKCGHATFS FCAOÓ@KCAS EFCBG HF FOXTFMG: 45 HF ACXVDTF 4>4>

HKSXTKDVCKÓO HF DGLAXGTKA HF ^TADLF@GS CKCLA: KR

SFCCKAO: G y D

MTV^A 7 MTV^A 4 MTV^A 3 MTV^A 8 MTV^A 6 MTV^A 5 MTV^A =

^TADLF@GS 7  2  76  44  4;  35  83  6>  6=  58  =7  =2  26  ;4  ;;  4  ;  75  43  3>  3=  88  67  62  56  =4  =;  25  ;3  7>>  3  7>  7=  48  37  32  86  64  6;  55  =3  2>  2=  ;8  7>7  8  6 

77  72  46  34  3;  85  63  5>  5=  =8  27  22  ;6  7>4  74  7;  45  33  8>  8=  68  57  52  =6  24  2;  ;5  7>3 

5 

73  4>  4=  38  87  82  66  54  5;  =5  23  ;>  ;=  7>8 

= 

78  47  42  36  84  8;  65  53  =>  ==  28  ;7  ;2  7>6 

CTKXFT CTK XFTKAS KAS ^GTG LLGG FUGL FUGLVGCKÓO VGCKÓO HFL XTGDG XTGDGJA JA MTV^GL ^TFSFOXGCKÓO  4>% 

CAOXFOKHA  3>% 

SVSXFOXGCKÓO  6>% 

^TA@FHKA 

KOM. @. BG@KLXAO ]KLSAO ^raefsar hfl cursa

4

 

VOKU VOKUFTSK FTSKHGH HGH OGCKA OGCKAOGL OGL “ SGO LVKS MAOZGMG‐ MAOZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOC BVG@GOCBV@A BV@A

F`gkl: bg`kltao.wklsaoNuo bg`kltao.wklsaoNuokcg.fhu.pf kcg.fhu.pf 

FUGLVGCKÓO ^TACFHK@FOXGL ^TACFHK@FOXGL - SVSXFOXGCKÓ SVSXFOXGCKÓO O KOHKUKH KOHKUKHVGL VGL / MTV^GL ATMG MGOK OKZGC ZGCKK O HFL AT SFCVFOCKG  

HA@KOKA CAOXFOKHA

fstuhkgotfsFl

fstuhkgotfsLas

Las

[ VSA HFL XKF@^A mrupa

VSA HF TFCVTSAS TFCVTSAS    L UKSVGLFS [/A DKDLKAMTÇEKCAS.    G Fl mrupa ca`a pgrtf hf su    V utklkzóXFCOALÓMKCAS

   K CTKXFTKAS HF FUGLVGCKÓO HF LG hf`astrgrao ha`koka hflprfsfotgrao lg koear`gckóoghfcughg`fotf fl tkf`paFl mrupa utklkzó rfcursasfxpaskckóo, cktó rfcursas    H    U pgrg suvksuglfs caotfokha hfl tf`g,hf `gofrg armgokzghg y fohkspaokdlf (eatamrgeàgs,dkdlkamrçekcas hf eufotfs    K SVSXFOXGCKÓO     H caoekgdlfs utklkzgoha fl prfsfotgckóo.  utklkzgrao fjf`plas, mrçekcasuog sfcufockg lómkcg  fsquf`gs) y/a tfcoalómkcas    O    K

y fotfohàgo la quf fxplkcgdgo, oa sf lk`ktgrao g lffr.     f     t    o    f     l    f    c    x     F     )     8     (

GLV@OA

   a    o    f    u     D     )     3     (

   r    g     l    u    m

   f     t    o    f     k    c     k     e

    T    f     )     6  ,     4     (

    H    f     )     6  ,     7     (

suear`gta G^G, KSA pgrg    L    L     G gpaygr sus plgotfg`kfotas.     G    X

pgrg forkqufcfr prfsfotgckóo   prfsfotgckóo

   f     t    o    f     l    f    c    x     F     )     8     (

   a    o    f    u     D     )     3     (

   r    g     l    u    m

   f     t    o    f     k    c     k     e

    T    f     )     6  ,     4     (

    H    f     )     6  ,     7     (

   f     t    o    f     l    f    c    x     F     )     8     (

   a    o    f    u     D     )     3     (

   r    g     l    u    m

   f     t    o    f     k    c     k     e

    T    f     )     6  ,     4     (

    H    f     )     6  ,     7     (

   f     t    o    f     l    f    c    x     F     )     8     (

   a    o    f    u     D     )     3     (

   r    g     l    u    m

   f     t    o    f     k    c     k     e

    T    f     )     6  ,     4     (

    H    f     )     6  ,     7     (

   f     t    o    f     l    f    c    x     F     )     8     (

   a    o    f    u     D     )     3     (

   r    g     l    u    m

   f     t    o    f     k    c     k     e

    T    f     )     6  ,     4     (

    H    f     )     6  ,     7     (

   O    K    A    E      X    A    K    H    F    @    A    T    ^

7. 4. 3. 8. 6. 5.

3

 

VOKUFTSK VOKU FTSKHGH HGH OGCKA OGCKAOGL OGL “ SGO LVKS MAOZGMG‐ MAOZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao .wklsaoNuo kcg.fhu. pf 

HKSXTKDVCKÓO HF ^TFMVOXGS [ ^TADLF@GS MTV^A 7

4

3

8

6

5

MTV^A   GOHKG CACBGCBK, BV@DFT XATGEGFG L  7. 7.  GO 4. 4.  ^ATXVMGL HKGZ, ]KL@FT GOXBAO[ 3. 3.  WVKS^F WVK×AOFS, GLFRKS RGUKFT 8. 8.  WVKS^F [GLLF, HKFMA GVMVSXA 6. 6.  UGLHKUKG SVGTFZ, @GTCKGL FOTKWVF 5. 5.  UKUGOCA CBGCGLCGJF, JGUKFTGLFRGOHFT 7. 7.  CGTDGJGLCBG@^K,CFSGTFHVGTHA 4. 4.  GT   GTASXK FS^KOA KOAZG, GGTAO TFOGXAJASVF 3. 3.  MGTG[ BVGOCG, JBAGO MFGO 8. 8.  MGTCKG CGLHFTAO, EFTOGOHA UKCXAT 6. 6.  TA@FTA MAOZGLFZ, GHG@ 5. 5.  UGTMGS @FOHAZG, LFA JASF 7. 7.  MGTKDG[ TG@KTFZ, GOHBFTSAOJFSVS 4. 4.  DGVXKSXG BVG@GO, OAF@K GLKOG 3. 3.  CAOHATKDFOHFZV, @G[TGSALGOMF 8. 8.  MGTCKG BFTOGOHFZ, HGOKFLG OGOC[ 6. 6.  BVGTAXA ATF, TVDK BFLFO 5. 5.  TG@AS LLGOXA[, JVGOGLETFHA 7. 7.  SGOCBFZHGUGLAS, @KMVFL GOMFL 4. 4.  CBGCAOCAOXTFTGS,HKFMA ]KLETFHA 3. 3.  CATHAUGSALAMATTF,ETGOILKO JAVSFEE 8. 8.  JK@FOFZ MA@FZ, ULGHK@KTA JASVF LGUGTFLLADFTOGALG,ETFHH[ TADFTXA 6. 6.  5. 5.   TG@KTFZ GMVKLGT, JGUKFT 7. 7.  CBAWVFZTG@AS,HKFMAJVOKAT 4. 4.  JG[ALADA,@GTCGOXAO[ 3. 3.  OV×FZ CTKS^KO, CTKSXKGO GOXAOKA 8. 8.  TAJGSBVGTGCG,ETGOITADFTXA

7. 7.  SFTOGWVF UFOXVTG, LVKS FOTKWVF 4. 4.  CGSGUKLCG WVKS^F, TA@@FL 3. 3.  BFTOGOHFZSGGUFHTG,EFTOGOHGLFAOFLG 8. 8.  LK@G BVG@GOK, GLHGKT CGTLAS LVHKMFTKA 6. 6.  TKUGS CCGCCGCBGBVG, LVKS CGTLAS 5. 5.  MGTHFOKGGOMKFATHA×FZXTKUF×A

^TADLF@G ^TADLF@GSS 79 29 769 449 4;9 359 839 6>9 6=9 589 =79 =29 269 ;49 ;;

49 ;9 759 439 3>9 3=9 889 679 629 569 =49 =;9 259 ;39 7>>

39 7>9 7=9 489 379 329 869 649 6;9 559 =39 2>9 2=9 ;89 7>7

89 779 729 469 349 3;9 859 639 5>9 5=9 =89 279 229 ;69 7>4

69 749 7;9 459 339 8>9 8=9 689 579 529 =69 249 2;9 ;59 7>3

59 739 4>9 4=9 389 879 829 669 549 5;9 =59 239 ;>9 ;=9 7>8

MTV^A D 7.  7.  4.  4.  3.  3. 

LFMVG ^FTFZ, LVKS FTOFSXA @GTXKOFZ ^GLA@KOA, GOHTFS JVOKAT ^GTHACGWVKG@GTCG,JABGO[FVCLKHFS

7.  7.  4.  4.  3.  3.  8.  8.  6.  6.  5.  5.  7.  7.  4.  4.  3.  3.  8.  8.  6.  6.  5.  5.  7.  7.  4.  4.  3.  3.  8.  8. 

DFJGTGOA EFTTF[TG, FOTKWVF G@GHAT CG@GTMA BVG[LLG, @GTKG HF LAS GOMFLFS CVCBA BVG[XG, @AOKCG HFL ^KLGT CVSXAHKA UFLGSWVFZ, JGWVFLKOF LVCKLG BVG@GOGTASXF,SALGOSBHG[GOG JVGTFZ TF@GCBF, TKCBBFT EGTEGO XK^KGOG, CBTKSXKGOS HGUKH CBGOM EVFOXFS, H[LGO FSGK MVKG VSCG@G[XG, HGOKFL EFTOGOHA BFTOGOHFZ CATXFZ, OGXGLKG TVDK XK^GCXK [GLLKCA, TKCGTHA @GVTKCKA CGSXKLLA VTKDF JFSÚS CGDTFTG UGLFOCKG, JFSVS GLDFTXA CËS^FHFS ELATFS, LVKS FOTKWVF BVG@GOKWVKS^F,JASF^BLFAOGTHA ^F×G CGDTFTG, JABG@ OKCAL

OAZG ZG,, DTVOA FHVGTHA 7.  7.   GTWVK×A FS^KOA 4.  4.  @ATAO^F×G,GOXBAO[ 3.  3.  WVKS^F [GVTKCGSG, JBAFL GOXAOKA 8.  8.  TG@KTFZ LLACLLG, JVLKA CFSGT 6.  6.  SVGTFZZGUGLFXG, @GOVFL JFSVS 5.  5.  XGK^F SFMVTG, KUGO GGTAO 7.  7.   GLXG@KTG KTGOA GTMVFLL LLF FS, GOMFL HGOKF FL L 4.  4.  MVFTTG ^A@G, TA[FT EGVSXA 3.  3.  ^FTFZ ELATFS, UKCXAT TGVL 8.  8.  ^V@G[GVTK XATKDKA, FH]KO 6.  6.  SALHFUKLLG ^GLA@KOA, ^GALG @KLGMTAS 5.  5.  XFOATKA MGUKLGO, BFKHK XTFKC[ 8

 

VOKUFTSK VOKU FTSKHGH HGH OGCKA OGCKAOGL OGL “ SGO LVKS MAOZGMG‐ MAOZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao .wklsaoNuo kcg.fhu. pf 

=9 789 479 429 369 849 8;9 659 539 =>9 ==9 289 ;79 ;29 7>6

=

7.  7.  LVCGOG ^VCBVTK, GDSGLAOIFOH[ JFSVS FHVGTHA 4.  4.   GSCFOCKAXGSG[CA, JFS 3.  3.  ELATFS WVKS^F, DTFOHG FSXTFLLG 8.  8.  BFTFHKG @G[GVXF, JVLKSSG DFGXTKZ 6.  6.  WVK×AOFZ@G@GOK, TAOGLHFH]KO

6

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

DGLAXGTKA HF ^TADLF@GS XF@G: X@GT, U^O, XKT 7. 7.  

Cglcúlfsf lg tgsg hf kotfrës hf lg mrçekcg.

;> =6 8> 4>

46

7

4

3

8

6

776  4. 4.  

Cglcúlfsf lg tgsg hf kotfrës hf lg mrçekcg.

72> 78> 6>

6>

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

42> 3. 3.  

4

3

8

6

88>

88>

8

6

^ar fl `ëtaha mrçekca, cglculf lg k hf lg mrçekcg

46> 8. 8.  

7 

4>>

4>>

7 

4

3 46>

Vog pfrsaog kovkfrtf $2,858.>> g cg`dka hf rfckdkr $3,>>>.>> gl ekogl hfl g÷a 7, $3,6>>.>> gl ekogl hfl g÷a 3, $8,>>>.>> gl

ekogl hfl g÷a 8 y $6,>>>.>> gl ekogl hfl g÷a 6. ±Cuçl fs lg tgsg hf kotfrës quf rfckdkrç par su kovfrskóo1 TFS^VFSXG: k k 0 4>%. TFS^VFSXG: 6. 6.  

Jarmf ca`prg uo vfbàcula fo $7.>>>.>>>, quf prahucf $8>>.>>> hf utklkhghfs hurgotf cghg uoa hf las próxk`as has g÷as9 gl ekogl hf fstf pfrkaha la vfohf fo $6>>.>>>. Sk lg tgsg hf kotfrës hf apartuokhgh hf Jarmf fs hfl 4>% gougl, ±quë tgo dufo ofmacka bg rfglkzgha Jarmf1

5. 5.  

Hfspuës hf goglkzgr fcaoó`kcg`fotf uo prayfcta sf adtuvkfrao lgs skmukfotfs ckergs: kovfrskóo kokckgl, $ 67>,>>>9 mgogockg oftg gougl hf $ 73>,>>> cghg g÷a hurgotf 6 g÷as9 vglar hf sglvg`fota hf las gctkvas gl ekogl hfl qukota g÷a. $ 74>,>>>. Lgs gpartgckaofs hf hkofra pgrg lg kovfrskóo kokckgl eufrao: gcckaokstgs 5>%, X@GT 0 83%9 Dgoca G 4>%, kotfrës quf cadrg fl dgoca, 36%9 Dgoca D 46% hf lg kovfrskóo y uog tgsg hf kotfrës par fl prëstg`a hf 56%. Cglcúlfsf lg X@GT

5

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

`kxtg y hftfr`kof lg caovfokfockg fcaoó`kcg hf lg kovfrskóo par fl U^O y XKT. =. =.  

Vog pfrsaog kovkrtkó $3,76> fo uo ofmacka quf lf prahuja mgogockgs hf $6>> cghg eko hf g÷a, hf las g÷as 7 g 5. Gl ekogl hfl g÷a = su mgogockg euf hf $8>>, gl ekogl hfl g÷a 2 lg mgogockg euf hf $3>> y gl ekogl hfl g÷a ; lg mgogockg euf hf $4>>, `a`fota fo quf hfckhkó rftkrgrsf hfl ofmacka. Gl ekogl hfl g÷a ; tg`dkëo vfohkó taha la quf qufhgdg hfl ofmacka fo $2>. Hftfr`kof lg tgsg hf mgogockg gougl quf adtuva fstg pfrsaog par lg kovfrskóo quf rfglkzó hurgotf oufvf g÷as.

TFS^VFSXG: 6.83%. TFS^VFSXG:  2. 2.  

Vog pfrsaog caotrgtó su sfrvkcka tflfeóokca ha`kcklkgrka y fo fl `a`fota hfl caotrgta ghqukrkó uogs gcckaofs hf lg f`prfsg fo $ 7,4>>. Fstg pfrsaog oa cadró las kotfrfsfs fo okomúo pfrkaha9 hfspuës hf 2 g÷as, uo ca`prghar lf aerfcf $ 3,36> par lgs gcckaofs. Sk hfckhf vfohfr lgs gcckaofs, ±quë tgsg hf kotfrës gougl bgdrç mgogha g la lgrma hf las acba g÷as1

TFS^VFSXG: k k 0 73.= % gougl. TFS^VFSXG: ;. ;.  

Fl hfpgrtg`fota hf ekogozgs hf uog f`prfsg bg pufsta fo prçctkcg fl plgo Ogvkhgh Eflkz pgrg sus f`plfghas. Caoskstf fo qukocfogl`fotf f`pfzgoha fl 76 hf y tfr`kogoha fl 37flhf 76hf hfsfptkf`drf, gdrkl, cao fl par pgma hf gbarrgr utklkhghfs par pgrtf hf lg$6>>, f`prfsg, sf gbarrgrço $7fofra >>> ghkckaoglfs. ^fra, 37oavkf`drf. hf gmasta yFl76 fl mgsta hf lg fscuflg hf las bkjas, oa sf fefctugrç okomúo hfpóskta. Sk lg f`prfsg, par fstg sfrkf hf gpartgckaofs, sf ca`pra`ftf g hgr $7425> g cghg gbarrghar fl 76 hf hkckf`drf hf cghg g÷a, ±cuçl fs lg tgsg hf kotfrës qukocfogl quf fstç pgmgoha1 ±Cuçl fs lg tgsg hf kotfrës fefctkvg gougl quf sf pgmg1 TFS^VFSXG: Kotfrës TFS^VFSXG:  Kotfrës qukocfogl 0 7.46%, kotfrës fefctkva gougl 0 38.=%.

7>. 7>.   Vog caostructarg hfckhkó fhkekcgr uoas caoha`kokas pgrg vfohfrlas uog vfz tfr`koghas. Fl pramrg`g hf hfsf`dalsas f komrfsas sf `ufstrg fo lg tgdlg  Gctkvkh  Gct kvkhg gh

^f ^frka rkah ha

@aota

Ca Ca`p `prg rg hfl tfrrfoa ^fr`ksas y sfrvkckas sfrvkckas Ck`fotgckóo y fstructurg fstructurg Caostrucckóo hf 8 okvflfs okvflfs

Kokckgl Eko hfl 5a. `fs Eko hfl 74a. `fs Eko hfl l2a. @fs

$7>>>,>>> 7>>,>>> 46>,>>> 75>,>>>

 Gc  Gcgdghas y tfr` tfr`ko kog gckóo kóo Eko hfl 48a. `fs 834,> ,>> >> Las komrfsas pufhfo adtfofrsf hf has ear`gs: vfohfr hf caotgha las caoha`kokas g uog ko`adklkgrkg par $ 4‛6>>,>>> a bgcfrsf cgrma hf lg vfotg hf cghg hfpgrtg`fota g pgrtkculgrfs g uo plgza hf 7> g÷as. Sk lg hfckskóo fs vfohfrla g plgzas g pgrtkculgrfs, ±Cuçl fs fl komrfsa gougl uokear`f quf hfdfrç rfckdkrsf cghg eko hf g÷a, hurgotf las próxk`as hkfz g÷as, g pgrtkr hf lg tfr`kogckóo hf lg caostrucckóo, pgrg quf rfsultf kohkefrfotf fstg apckóo a vfohfr taha hf caotgha1 TFS^VFSXG: Hfdfrç rfckdkrsf $ 575,573 TFS^VFSXG: Hfdfrç 77. 77.   Vog kostktuckóo hf crëhkta prfstó g uog f`prfsg 4> `kllaofs hf pfsas (`hp) cao lg egcklkhgh hf quf lg f`prfsg pgmgràg lg hfuhg ca`a puhkfrg y quf lg kostktuckóo hf crëhkta lf gvksgràg cugoha lg hfuhg fstuvkfrg sglhghg. Lg f`prfsg rfglkzó acba pgmas `fosuglfs par 7.3= `hp cghg `fs, hf las `fsfs 7 gl 2. Lufma, par pradlf`gs fcaoó`kcas, suspfohkó las pgmas hf las `fsfs ; gl 76. G pgrtkr hfl `fs 75 y bgstg fl `fs 3>, lg f`prfsg pgmó 7.4 `hp `fosuglfs. Gl `a`fota fo quf lg f`prfsg bkza fl pgma gl ekogl hfl `fs 3>, lg kostktuckóo hf crëhkta lf ca`uokcó quf sk pgmgdg 3 `hp gl ekogl hfl `fs 37, caoskhfrgràg quf lg hfuhg fstgdg sglhghg. Hftfr`kof fl kotfrës fefctkva gougl quf fstç cadrgoha lg kostktuckóo hf crëhkta par fstf tkpa hf prëstg`as. TFS^VFSXG: 3% `fosugl f kotfrës fefctkva gougl hf 84.6=%. 74. 74.   Hf Hfspuë spuëss hf goglkzgr fcaoó`kcg` fcaoó`kcg`fotf fotf uo prayfcta sf adtuvkfrao lgs lgs skmukfotfs ck ckergs: ergs: kovfrskóo kokckgl, kokckgl, $37>>>>9 $37>>>>9 mgogockg mgogockg oftg gougl hf $73>>>> cghg g÷a hurgotf ckoca g÷as9 vglar hf sglvg`fota hf las gctkvas gl ekogl hfl qukota g÷a, $75>>>>. Lgs gpartgckaofs hf hkofra pgrg lg kovfrskóo kokckgl eufrao: gcckaokstgs 5>%, X@GT 0 83%, dgoca G 4>%, kotfrës quf cadrg fl dgoca, 86%9 dgoca D 4>% hf lg kovfrskóo y uog tgsg hf kotfrës par fl prëstg`a hf 8;%. Cglcúlfsf lg X@GT `kxtg y hftfr`kof lg caovfokfockg fcaoó`kcg hf lg kovfrskóo par fl U^O y XKT. TFS^VFSXG X@GT `kxtg 0 88.5%9 U^O 0 -3;.33. 73. 73.   Fl Hfpgrtg`fota hf Glu`drgha ^údlkca hf uog ckuhgh tkfof trfs prapufstgs `utug`fotf fxcluskvgs pgrg kostglgr fl sfrvkcka, cghg uog cao hkefrfotf tfcoalamàg. Las hgtas sf `ufstrgo fo lg tgdlg.

=

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

G÷a

D C (Ckergs fo `kllaofs) -4,6>> -3,7>> +64> +3>> +64> +8>> +64> +6>> +64> +5>> +5>> +64> +=>> +64> +=>> +64> +=>>

G > 7 4 3 8 6 5 =

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

-4,26> +5>> +5>> +5>> -3>> -3>> +=>> +=>> +=>>

Sk lg X@GT quf sf gplkcg fs hfl 7>% gougl. Sflfcckaof uog gltfrogtkvg par fl `ëtaha hfl U^O. TFS^VFSXG: Sflfcckóofsf G U^O 0 3 7.35. TFS^VFSXG: Sflfcckóofsf 78. 78.   Cglculf fl U^O hfl pradlf`g 7, sk lg X@GT fs fl 76%. TFS^VFSXG: U^O TFS^VFSXG:  U^O 0 73>.6. 76. 76.   Focufotrf fl U^O hfl pradlf`g 4, sk lg X@GT fs hfl 2 % TFS^VFSXG: U^O 0 5=;. TFS^VFSXG:  75. 75.   Fl pgrquf hf hkvfrskaofs koegotklfs Darfhikomha` fstç caoskhfrgoha ckoca prapufstgs pgrg oufvgs kostglgckaofs cao quë hkvfrtkr g las ok÷as. Las hgtas quf bg lamrgha rfcgdgr lg f`prfsg sf `ufstrgo fo lg tgdlg ^rapufstg

(Fo @kllaofs) Kovfrskóo

G

-7.2

(Ckergs fo @kllaofs) Dfofekckas Gougl (g÷a 7 g 6) >.5

D C H F

-7.3 ->.6 -3.4 -4.7

>.6= >.4 >.;; >.=6

Sk fl pfrkaha hf plgofgckóo fs hf ckoca g÷as y lg X@GT hf Darfhikomha` fs hfl 7>%, hftfr`kof lg `fjar prapufstg cao dgsf fo fl cçlcula hfl U^O. TFS^VFSXG: D,, U^O 0 >.25 fs lg `fjar apckóo. TFS^VFSXG: D 7=. 7=.   Has gltfrogtkvgs `utug`fotf fxcluskvgs, cghg uog cao uog vkhg útkl hf 2 g÷as, prfsfotgo las skmukfotfs praoóstkcas hf eluja hf fefctkva. (Ufgsf lg tgdlg) G÷as > 7-8 6-2

G -5=6 4>> 36>

D - ;>>> 8>> 37>

Focufotrf lg XKT hf cghg gltfrogtkvg par fl `ëtaha mrçekca. TFS^VFSXG: XKTG TFS^VFSXG:  XKTG 0 37,4%, XKTD 0 3;,6%. 72. 72.    G uo fxktkta asa ba`drf hf ofmackas kas sf lf bg prfs rfsfotgh tgha uo pray rayfcta hf ko kovvfrs rskó kóo o quf caoskstf kstf fo uog gpartg rtgckó kóo o ko kokc kckg kgll hf $ cao mgogockgs hf $ l>> `kllaofs hurgotf fl prk`fr g÷a y uo kocrf`fota hf $6> `kllaofs fo cghg uoa hf las24;.6 g÷as`kllaofs sucfskvas. g) ±Cuçotas g÷as sfrç ofcfsgrka `gotfofr fl ofmacka cao mgogockgs fo gu`fota pgrg quf lg X@GT hf fstf ba`drf sfg hf 72 % gougl1 d) Sk fl kovfrskaokstg fxkmf `çs rfohk`kfota gl ofmacka y flfvg su tgsg hf mgogockg g 46%, vuëlvgsf g rfspaohfr fl kocksa g), pfra cao lg X@GT 0 46%.

TFS^VFSXG: g) = g÷as, d) 7> g÷as, caoskhfrgoha cgpktglkzgckóo gougl hf lg kovfrskóo. TFS^VFSXG: g) 7;. 7;.   Hf lgs has skmukfotfs prapufstgs `utug`fotf fxcluskvgs, cao uog X@GT hfl 74%, y pgrg uo pfrkaha hf 5 g÷as

2

 

VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ VOK EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

hftfr`àofsf g) Fl U^O, d) Lg XKT hf cghg uog. (Uëgsf lg tgdlg) G×AS > 7 4 3 8 6 5

E 5=6.6 > > > 86> 86> 86>

M =22.3 8>> 3>> 4>> 7>> 6> >

TFS^VFSXG: g TFS^VFSXG:  g)) U^OE 0 ;3.22, U^OM 0 84.7=, d) XKTE 0 76%, XKTM 0 76%. 4>. 4>.   ^grg lg ca`prg hf uo guta`óvkl fxkstfo has plgofs: fl prk`fr plgo fs ca`prgrla hf caotgha g uo prfcka hf $746>>>. Fl sfmuoha plgo caoskstf fo hgr uo fomgocbf hf 3>% hfl vglar hfl guta, pgmgr 48 `fosuglkhghfs hf $6>=3.34 cghg uog, ghf`çs hfl pgma hf has gouglkhghfs hf $7> >>> cghg uog, lg prk`frg gl ekogl hfl `fs 74 y lg sfmuohg gl ekogl hfl `fs 48. Sk sf ca`prg fl guta g plgzas, ±cuçl fs lg tgsg hf kotfrës fefctkvg gougl quf sf cadrg par ekogockg`kfota1 TFS^VFSXG: Kotfrës TFS^VFSXG:  Kotfrës `fosugl hf 8%, kotfrës fefctkva gougl hf 5>.7 %. 47. 47.   Sf ca`pró uo tflfvksar cao vglar hf $7>>> y sf gcufrhg pgmgrla fo 74 `fosuglkhghfs kmuglfs hf $734.=>, quf sf ca`fozgrço g cudrkr uo `fs hfspuës hf lg ca`prg. ±Cuçl fs lg tgsg hf kotfrës `fosugl quf sf cadrg1 TFS^VFSXG: Lg tgsg fs hf 2%. 44. 44.   Vog caostructarg hfsfg ghqukrkr uog @fzclgharg pgrg utklkzgrlg fo sus caostrucckaofs. Fl pfrkaha hf plgofgckóo fs hf ckoca g÷as y lg X@GT hf lg caostructarg fs hfl 2 % gougl. ±Cuçl @fzclgharg hfdf sflfcckaogrsf sk sf cglculg fl U^O1 (Uëgsf lg tgdlg)

@7 Ca Casta sta kokckgl 4,5>> Dfofekcka gougl (g÷as 7 g 6) Dfofekcka 85> Casta hf `gotfok`kfota gougl (g÷as 7 g 6) 7>> Uglar hf sglvg`fota 7,3>> TFS^VFSXG: U^O@, 0 -4=29 U^O@4 0 75.=9 @4 fs uog dufog sflfcckóo.

@4 3,8>> =8> 78> 7,6>>

43. 43.   Lg Caostructarg AHFDTFCBX, prftfohf kostglgrsf fo lg zaog arkfotf hfl pgàs cao las skmukfotfs hgtas `aoftgrkas: kovfrskóo kokckgl fo lg prk`frg ftgpg hfl prayfcta $ 7>,>>> `kllaofs9 kovfrskóo fo lg sfmuohg ftgpg hfl prayfcta gl ekogl hf 8 g÷as $ 7>,>>> `kllaofs. Komrfsas gouglfs par vfotg hf `f`drfsàg $4,>>> `kllaofs fl prk`fr g÷a y gu`fota hf $ 6>> `kllaofs fo las g÷as rfstgotfs bgstg fl g÷a 2, hfspuës hfl cugl las komrfsas pfr`gofcfrço caostgotfs. Sk sf plgofg pgrg uo pfrkaha hf 74 g÷as, hftfr`kof fl U^O hf lg kovfrskóo cao uog X@GT hfl 76% gougl. TFS^VFSXG: U^ TFS^VFSXG: U ^O 0 8,54; `kllaofs. 48. 48.   Sf kovkfrtfo $6>> cao lg fxpfctgtkvg hf rfckdkr $452,; gl ekogl hf cghg uoa hf las skmukfotfs 4 g÷as. ±Cuçl fs lg tgsg k quf bgcf quf fl U^O sfg cfra1 46. 46.    Gl  Gl ca`prg rgrr uo fqukpa kpa flfc lfctra traha`ëstkc tkca cuya vglar lar fs hf $=76.8> .8> sf gcarh rhó ó lkq lkqukh khg gr fo 48 `fosuglkh lkhghfs km kmu uglf lfss hf $8>, quf sf ca`fozgrço g pgmgr uo `fs hfspuës hf lg ca`prg. Sfmúo fl clkfotf, gl ekogl hf las `fsfs 74 y 48 pufhf bgcfr uo pgma ghkckaogl hf $6>, fs hfckr, pgmgràg $;>. Sk lg tkfohg `gotkfof lg `ks`g tgsg hf kotfrës quf fo fl prk`fr plgo, ±g cuçota gscfohfràgo lgs 48 `fosuglkhghfs kmuglfs cao lg sfmuohg ear`g hf pgma1 TFS^VFSXG: Lg oufvg `fosuglkhgh sfràg hf $35.3=. 45. 45.   Fl plgo hf pgma pgrg ca`prgr uo guta quf cufstg $4=>>> caoskstf fo lg gpartgckóo hf 35 `fosuglkhghfs kmuglfs fo lgs quf sf cgrmg uo kotfrës hf 7 % `fosugl. Fl prk`fr pgma sf bgcf uo `fs hfspuës hf lg ca`prg. Vog pfrsaog, g`kmg hfl mfrfotf hf lg tkfohg guta`atrkz, ca`prg fl guta pfra gcufrhg quf pgmgrç lg prk`frg `fosuglkhgh gl ekogl hfl cugrta `fs hfspuës hf lg ghqukskckóo, par 7> quf tfr`kogrç hf pgmgrla 3; `fsfs hfspuës hf bgdfrla ca`prgha. Sk ëstf euf fl trgta, ±cuçl fs lg vfrhghfrg tgsg hf kotfrës quf cadró fl mfrfotf g su g`kmg fo lg vfotg hfl guta1 TFS^VFSXG: >.273% `fosugl.

;

 

VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ VOK EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

4=. 4=.   Fl prapkftgrka hfl Cgeë Kotfroft Erff Cbgtkom kovkrtkó $75>>>> fo lg ca`prg y gcaohkckaog`kfota hf uo pfquf÷a lacgl. Gl ekogl hfl prk`fr g÷a kovkrtkó $74>>>> fo lg ca`prg hf 7> ^C. Fl ofmacka euockaoó `uy dkfo, pufs gl ekogl hfl g÷a 4 lgs mgogockgs eufrao hf $=>>>>, gl ekogl hfl g÷a 3 mgoó $26>>> y gl ekogl hfl g÷a 8 mgoó $7>>>>>. Gotf tgl sktugckóo, fl prapkftgrka rfglkzó uog kovfrskóo ghkckaogl par $73>>>> gl ekogl hfl g÷a 6 pgrg uog g`plkgckóo hf lgs kostglgckaofs. Sko f`dgrma, lgs mgogockgs yg oa eufrao lgs fspfrghgs y las komrfsas oftas eufrao hf sóla $8>>>> fo cghg uoa hf las g÷as 5 glll, `a`fota fo quf cfrró fl ofmacka y vfohkó tahgs lgs ^C ca`a cbgtgrrg fo $4>>>>. Cao uog X@GT 0 =% gougl g) hftfr`kof par `fhka hfl U^O sk euf caovfokfotf fl ofmacka hurgotf las 77 g÷as, d) hftfr`kof lg tgsg hf rfohk`kfota gougl quf mgoó hurgotf cghg uoa hf las 77 g÷as. TFS^VFSXG: g) U^O 0 - $74627.49 d) XKT 0 5% gougl. 42. 42.   Vog f`prfsg hf prahuctas `ftçlkcas ofcfsktg uog dahfmg pgrg hkstrkdukr prahuctas g uog zaog `uy glfjghg hf lg eçdrkcg y tkfof has apckaofs pgrg hkspaofr hf lg dahfmg. Lg prk`frg apckóo fs rfotgr uog dahfmg par $=>> gl g÷a, las cuglfs sf pgmgo par ghflgotgha cghg g÷a. Lg sfmuohg apckóo fs ca`prgr lg dahfmg fo $46>>, pfra fo fstf cgsa lg f`prfsg tfohràg quf gpartgr fl casta hf las pgmas hf k`pufsta prfhk gl y `gotfok`kfota hf lgs kostglgckaofs, la cugl gsckfohf g $7>> par g÷a y fstas pgmas sf fefctúgo cghg eko hf g÷a. ^grg uo pfrkaha hf sfks g÷as, hftfr`kof cuçl fs lg tgsg hf kotfrës quf bgmg kohkefrfotfs g g`dgs gltfrogtkvgs, fs hfckr, hftfr`kof uo kotfrës quf bgmg quf fl U^O hf g`dgs gltfrogtkvgs sfg kmugl. TFS^VFSXG: 7;%. 7;%.   4;. 4;.   Vog kostktuckóo fhucgtkvg bg kovfrtkha $ 342,73> fo fqukpas hf k`prfskóo. Su prayfcta caoskstf fo rfprahuckr tfxtas quf sf k`pgrtk k`pgrtkràgo ràgo fo lg lg fscuflg y vfohfrlas vfohfrlas g dgja casta g sus fstuhkgotfs. ^kfosg bgcfr bgcfr uo tkrgjf tkrgjf gougl hf 46,>>> fjf`plgrfs fjf`plgrfs gl prkockpka hf cghg ckcla fscalgr. Sf cglculg quf gl tër`koa hfl prk`fr sf`fstrf sf bgygo vfohkha fl =>% hf las fjf`plgrfs y gl ekogl hfl sfmuoha sf bgygo gmatgha las kovfotgrkas hf tfxtas, ckcla quf sf rfpftkhg g÷a cao g÷a. Cghg tfxta tkfof uo prfcka hf $S 2 y las castas hf prahucckóo sao hf $ 3.6 par fjf`plgr. Cglculf lg XKT hf lg Kovfrskóo hf lg fscuflg pgrg uo pfrkaha hf 6 g÷as, sk las fqukpas hf k`prfskóo tkfofo uo vglar hf sglvg`fota hf $ 4>,>>> gl ekogl hf las 6 g÷as.

TFS^VFSXG:  XKT 0 4>.8;% gougl. TFS^VFSXG: 3>. 3>.   Sf hfsfg sflfcckaogr lg `fjar `çqukog fotrf has apckaoglfs, quf prfstgo fl `ks`a sfrvkcka, cuyas castas sf hkscrk`kogo gsà: Ca Casta sta kokckgl Casta gougl hf apfrgckóo Uglar hf sglvg`fota Ukhg útkl útkl fo g÷as

@çqukog G ($ 4.6>> ;>> 4>> 6

@çqukog D ($) 3.6>> =>> 36> 6

Lg tgsg hf kotfrës hf apartuokhgh fs hfl 7>% gougl 37. 37.   Vog f`prfsg pgrg fstgtgl hf foar`f fxpgoskóo bg ekjgha uog X@GT prapkg 77.6 %y bg pahkha gpartgr bgstg 63.=% hfl cgpktgl tatgl hf lg f`prfsg, quf gsckfohf hf g $ 46,>>> `kllaofs. Bgstg gbarg bg rfckdkha ekogockg`kfota hf las dgocas `astrghas fo lg tgdlg. Dgoca

% gpartgckóo

Kotfrës

Squffzfr Ogtkaogl Dgoi

72.6

2.>

SgvkomSbgri Last Dgoi Lago

6.7 44.=

=.7 74.8

Fstg f`prfsg pkfosg flfvgr su cgpktgl g $42,=6> `kllaofs `fhkgotf uo ekogockg`kfota ghkckaogl, pfra fl trgta fs quf, par cghg 6 % hf gu`fota fo ekogockg`kfota sadrf fl cgpktgl tatgl gctugl, lg tgsg hfl prëstg`a sf flfvgrç fo 7.6 puotas parcfotuglfs sadrf su X@GT `kxtg gctugl. Sk lg f`prfsg bg cglculgha quf fl parcfotgjf hf rfohk`kfota quf sf adtfohrç fo las g÷as skmukfotfs fs hf 77.7% ±cuçl fs fl fohfuhg`kfota `çxk`a g quf pufhf llfmgr, ghkckaogl g su hfuhg gctugl, pgrg oa tfofr pradlf`gs ekogockfras fo fl eutura1 TFS^VFSXG: $4,6>> TFS^VFSXG:  $4,6>> `kllaofs quf flfvgràg lg X@GT `kxtg g 77.>;=%. 34. 34.   Fvkl Hfskmofr Ca., f`prfsg egdrkcgotf hf gr`g`fota, kovkrtkó $ 7,6>> `kllaofs fo lg ca`prg hf fqukpa pgrg prahuckr uo cg÷óo lçsfr hf lgrma glcgocf. Fl prk`fr g÷a lgs mgogockgs oftgs par lg vfotg hfl oavfhasa prahucta eufrao hf $ 2>>

7>

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

`kllaofs, pfra fstgs mgogockgs hks`kouyfrao fo $ 7>> `kllaofs gouglfs bgstg bgcfrsf cfra fo fl oavfoa G÷a. Gotf lg oulg hf`gohg hfl cg÷óo par fl ghvfok`kfota hf lg pgz sf hfckhkó vfohfr fl fqukpa quf la egdrkcgdg fo $ 3>> `kllaofs gl ekogl hfl hëck`a g÷a. Sk lg X@GT hf lg f`prfsg fs hfl 74% hf kotfrës gougl, ±hf cuçota fs fl U^O hf lg kovfrskóo1 TFS^VFSXG: U^O TFS^VFSXG:  U^O 0 4,543.;. 33. 33.   Fl fjfcutkva hf uog eçdrkcg prapaof ghqukrkr uog prfosg, cuya casta fs hf $4.>>>.>>>9 fl hkofra ofcfsgrka pufhf sfr ghqukrkha `fhkgotf uo prëstg`a hfl dgoca GDC, fl cugl fxkmf quf lf sfg cgocflgha fo pgmas `fosuglfs uokear`fs, hurgotf 3 g÷as cao uo kotfrës hfl 35% C@. Lg prfosg tkfof uog vkhg útkl hf 3 g÷as y uo vglar hf sglvg`fota hf $8>>.>>>, sf fspfrg quf lg prfosg prahuzcg komrfsas `fosuglfs par $23.>>>. Sk fl kovfrskaokstg fspfrg mgogrsf uog tgsg hfl 84% C@. ±Hfdf ghqukrkrsf lg prfosg1 38. 38.   Fl caoackha maur`ft H.G. Hgvks Sfoog plgofg kovfrtkr fo uo rfstgurgotf hf luja. Su gpartgckóo kokckgl sfrkg hf $ 36>,>>> y fl lacgl tfohràg uog cgpgckhgh pgrg gtfohfr g 46> pfrsaogs hkgrkgs. Sf cglculg quf lg mgogockg oftg pra`fhka quf praparckaogrç cghg clkfotf fs hf $ 7>. Lgs kostglgckaofs hfl rfstgurgotf hurgrço = g÷as fo dufo fstgha y gl ekogl hf fsf tkf`pa pahràgo fo $ 66,>>>. Sk flquf sf÷ar Sfoog bgcf plgofgckóo pgrg = g÷as, ±cuçl fs lgquf gskstfockg pra`fhka hkgrkg quf hfdfvfohfrsf tfofr fl rfstgurgotf pgrg pufhg mgogr suuog X@GT hfl 7> % gougl1 Caoskhërfsf fl ofmacka gdrf taha fl g÷a. TFS^VFSXG: Hfdfrç gtfohfr g 72.7 pfrsaogs/hàg fo pra`fhka. TFS^VFSXG: Hfdfrç 36. 36.   Vo mrupa hf duzas hfckhkfrao rfscgtgr gl mglfóo Sgotg Flfog, buohkha fo fl skmla RUK fo gmugs hfl Cgrkdf, hfl cugl sf hfcàg, llfvgdg uo foar`f cgrmg`fota hf ara cugoha euf gtgcgha y buohkha par pkrgtgs. Las duzas ghqukrkfrao uog f`dgrcgckóo g uo casta hf $ 7>6,>>> hólgrfs f kokckgrao kokckgrao lg fxplargckóo cao uo mgsta `fosugl `fosugl hf $ 6,>>> 6,>>> hólgrfs, mgsta quf sf cudrkó par ghflgotgha cghg `fs hurgotf 78 `fsfs. Gl kokcka hfl sëptk`a `fs, ghf`çs hfl mgsta hf $ 6,>>> fo su dúsqufhg hfl mglfóo sf vkfrao fo lg ofcfskhgh hf ca`prgr uo fqukpa fspfckgl hf hrgmgha9 fstf fqukpa tuva uo casta hf $82,>>> hólgrfs. Oa euf skoa bgstg fl ekogl hf 73º `fs hfspuës hf kokckghg su gvfoturg, quf focaotrgrao la quf duscgdgo.

Fl bgllgzma caoskstkó fo 5> im. hf ara fo lkomatfs, fl cugl vfohkfrao hf ko`fhkgta g uo prfcka hf $ 8,>>> hólgrfs fl iklamrg`a. Xg`dkëo focaotrgrao uog dufog cgotkhgh hf jaygs, quf vfohkfrao paca g paca g calfcckaokstgs. Has `fsfs hfspuës hfl bgllgzma lg vfotg hf lgs jaygs gscfohàg g $7>4,>>> hólgrfs gl `fs skmukfotf sf bkza atrg vfotg hf jaygs par $ 2=,>>> hólgrfs, hólgrfs, y uog últk`g últk`g vfotg par par fl rfsta hf lgs jaygs jaygs gl ekogl hfl 5º `fs hfspuës hfspuës hfl hfl bgllgzma bgllgzma,, par $8>,>>> hólgrfs. hólgrfs. Sk sf ta`g g fstg gvfoturg ca`a uog kovfrskóo, ±Cugl euf lg tgsg hf rfohk`kfota `fosugl quf sf adtuva1 TFS^VFSXG: F TFS^VFSXG:  Fll XKT `fosugl 0 5.555%. 35. 35.   Vo ba`drf quf plgofó pradgr sufrtf fo fl bkpóhra`a hf su ckuhgh ogtgl, gpastó $4>> cghg eko hf `fs hurgotf trfs g÷as. Las úokcas prf`kas quf adtuva eufrao hf $6>>> fo fl `fs 36 y hf $56>> fo fl 35. Sk fstf ba`drf caoskhfrg quf su kocurskóo fo fl `uoha hf lgs gpufstgs fs uog kovfrskóo, g) ±cuçl euf lg tgsg hf rfohk`kfota gougl quf adtuva hurgotf las trfs g÷as1 d) Sk budkfrg adtfokha las prf`kas fo las `fsfs 7= y 72, ±cuçl sfràg su tgsg hf rfohk`kfota `fosugl1 TFS^VFSXG: TFS^VFS XG: g) 36.5=% gougl9 d) 4.62% `fosugl. 3=. 3=.   Fo ^frú `ucbg mfotf pgrtkckpg fo las llg`ghas ^gohfras, skstf`g quf caoskstf fo rfuokr g ckfrta oú`fra hf pfrsaogs, qukfofs pfrkóhkcg`fotf gpartgo uog cgotkhgh ekjg hf hkofra. Fo ear`g sfcufockgl, cghg uog hf fllgs rfckdf fl tatgl hf lgs gpartgckaofs hfl mrupa. Supóomgsf quf sf rfúofo 3> pfrsaogs y quf cghg qukocfog cghg uog hf fllgs gpartg $ 7,>>>, hf ear`g tgl quf fo fl prk`fr pfrkaha hf gpartgckóo uog rfckdf $ 3>,>>>. HfK `ks`a `aha cghg uog hf lgs hf`çs, y hurgotf 4; qukocfogs, rfckdkrç lg `ks`g cgotkhgh. Lg últk`g pfrsaog fo cadrgr, tg`dkëo rfckdf $ 3>,>>>. Sk sf caoskhfrg uo kotfrës hfl 7% cgpktglkzgha qukocfogl`fotf, cglculf lg hkefrfockg hf las U^O fotrf lg prk`frg y lg últk`g pfrsaog fo cadrgr, TFS^VFSXG: G TFS^VFSXG:  G fsf kotfrës lg últk`g pfrsaog fo cadrgr rfckdf $ =,647 `foas quf lg prk`frg g su vglar fqukvglfotf fo fl prfsfotf. 32. 32.   Vo lgdargtarka hf kovfstkmgckóo hfsgrralló uo hkspasktkva hf ultrgsaokha pgrg hftfctgr cçocfr hf pçocrfgs fo su prk`frg ftgpg, cao uog prfckskóo hf ;5%. Gbarg fstç caoskhfrgoha rfotgr fl hkspasktkva gl baspktgl Surf Slgy par $8>>>>> hurgotf fl prk`fr g÷a, cao kocrf`fotas fo lg rfotg hf $8>>>> cghg g÷a. Fs hfckr, gl ekogl hfl sfmuoha g÷a cadrgràg $88>>>>, gl ekogl hfl tfrcfr g÷a cadrgràg $82>.>>>, ftc., y bgràg uo caotrgta hf rfotg par oufvf g÷as. Fl lgdargtarka hf kovfstkmgckóo bg cglculgha quf kovkrtkó uo tatgl hf 4 `kllaofs hf pfsas fo fl hfsgrralla hfl hkspasktkva. g) Cao uog X@GT hf 4>% gougl hftfr`kof sk fs caovfokfotf pgrg fl lgdargtarka rfotgr fl hkspasktkva fo lgs cgotkhghfs sf÷glghgs hurgotf oufvf g÷as. d)

77

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

Sko f`dgrma, fl mfrfotf hf vfotgs hf lg f`prfsg hkcf quf, ca`a fs lg prk`frg vfz quf sf vg g utklkzgr fl hkspasktkva, bgy kocfrtkhu`drf sadrf lg hf`gohg fo su usa, par 7> quf sumkfrf quf lg cgotkhgh kokckgl hf`gohghg hfdf hks`koukr, pfra quf sf hfdf `gotfofr fl gu`fota gougl caostgotf hf $8>>>>. Hftfr`kof lg `àok`g cgotkhgh quf sf hfdf cadrgr fl prk`fr g÷a pgrg quf gúo sfg caovfokfotf pgrg fl lgdargtarka lg rfotg hfl hkspasktkva hurgotf las próxk`as oufvf g÷as. TFS^VFSXG: TFS^VFS XG: g) U^O 0 $5;=4>9 d) G 0 $324=>4.45. 3;. 3;.   Vog ca`pg÷àg `kofrg bg bfcba fxplargckaofs hurgotf ckfrta tkf`pa, fo lg dúsqufhg hf glmuog vftg guràefrg, Ekogl`fotf, gl cgda hf 4= `fsfs hf kokckghgs lgs gctkvkhghfs focaotrgrao uo ygck`kfota. Las hgtas hf sus castas sf `ufstrgo fo lg tgdlg. .

@fs

Caocfpta

Casta (fo `kllaofs) 

> 7-76 75-4>

ca`prg hf fqukpa @gotfok`kfota `fosugl `fosugl hf lg fxplargckóo fxplargckóo @gotfok`kfota `fosugl `fosugl hf lg fxplargckóo fxplargckóo

7>4 47 46.6

4> 47-4= 42 4;

Fqukpa ghkckaogl ghkckaogl @gotfok`kfota `fosugl `fosugl hf lg fxplargckóo fxplargckóo Fvglugckóo hfl ygck`kfota Casta hf kostglgck kostglgckaofs aofs hf fxtrgcckóo fxtrgcckóo y pracfsg`kfota

54.2 45.6 7>.2 7,>>6.>>

Lgs fstk`gckaofs bfcbgs par fxpfrtas sf÷glgo quf fs paskdlf adtfofr uog cgotkhgh `fosugl hf `ftgl cao uo vglar hf $ 34 `kll `kllaofs aofs,, par uo pfrkaha hf 2 g÷as, g pgrtkr pgrtkr hfl `fs 3>9 gl cgda hf las 2 g÷as, lg vftg sf gmatgràg. Fl vglar hf sglvg`fota sglvg`fota hf tahgs lgs kostglgckaofs y fqukpa sf fstk`g fo 46> `kllaofs. Hftfr`àofsf lg XKT gougl hf lg kovfrskóo g la lgrma hf las 7> g÷as y 6 `fsfs hf ofmacka `kofra. TFS^VFSXG: X TFS^VFSXG:  XKT KT gougl 0 86.;%, 3.4% `fosugl. 8>. 8>.   Vo caostructar hf ogvfs kohustrkglfs bkza fl skmukfotf caotrgta: caostrukr uog plgotg cao uo vglar hf $ 4=6,>>>9 tuva uo

gotkckpa hf $ 4>>, >>> gl `a`fota hf ekr`g hfl caotrgta y cadrgrç $=6,>>> fxgctg`fotf uo g÷a hfspuës, gl fotrfmgr lg plgotg tfr`koghg. Las mgstas hfl caostructar fstço cglculghas fo $ 46,>>> cghg eko hf `fs hurgotf fl g÷a quf hurg lg caostrucckóo (74 hfsf`dalsas hf eko hf `fs) ±Cuçl fs lg tgsg hf rfohk`kfota quf mgoó fl caostructar par fstf caotrgta1 TFS^VFSXG: 4.6=6 TFS^VFSXG:  4.6=6 % `fosugl. 87. 87.   Vog pfrsaog kovkfrtf $7.6 `kllaofs fo uo ofmacka. Gl ekogl hfl prk`fr g÷a mgog $>.= `kllaofs, gl ekogl hfl sfmuoha g÷a mgog $>.8 `kllaofs. Gl caoclukr fl tfrcfr g÷a pkfrhf $>.3 `kllaofs y gl ekogl hf las g÷as cugtra, ckoca y sfks su mgogockg sf `gotkfof caostgotf fo $>.8= `kllaofs par g÷a. Gl ekogl hfl sfxta g÷a vfohf lgs kostglgckaofs fo $>.36 `kllaofs. Hftfr`àofsf lg a lgs tgsgs hf rfohk`kfota quf adtuva fstg pfrsaog par su kovfrskóo hurgotf las sfks g÷as. TFS^VFSXG: 75.5;%. 75.5;%.   84. 84.   Vog pfrsaog ca`pró uo fhkekcka hf hfpgrtg`fotas par $76> 744.77. Hurgotf fl prk`fr g÷a rfckdkó `fosugl`fotf uog rfotg hf $48>>>. ^grg fl sfmuoha g÷a flfvó lg rfotg y rfckdkó 74 `fosuglkhghfs hf $3>>>> cghg uog. ^grg fl tfrcfr g÷a valvkó g kocrf`fotgr lg rfotg y rfckdkó cghg `fs y hurgotf 74 `fsfs $35>>>. Ca`a lg flfvgckóo hf lg rfotg cghg g÷a lf cgusgdg `ucbas pradlf`gs, hfckhkó vfohfr fl fhkekcka gl ekogl hfl tfrcfr g÷a fo $7 >>>>>>. ±Cuçl euf lg tgsg hf rfohk`kfota quf mgoó cao lg ca`prgvfotg hfl fhkekcka hurgotf cghg uoa hf las trfs g÷as quf la tuva1 TFS^VFSXG: 662% gougl. 83. 83.   Vo kovfrskaokstg pufhf ca`prgr fo $3>>>>> uo fhkekcka quf sf rfotg. Las acupgotfs gctuglfs tkfofo ekr`gha uo caotrgta par las skmukfotfs 7> g÷as, y lg pfrcfpckóo tatgl gougl par caocfptas hf rfotgs fs hf $82>>> hurgotf cghg uoa hf las 7> g÷as. Las castas hf `gotfok`kfota sao hf $73 6>>, [ sf kocrf`fotgrç $7 6>> gl g÷a, fs hfckr, sfrço hf $76>>> gl ekogl hfl g÷a 4, hf $756>> gl ekogl hfl g÷a 3, ftc. Lg prapkfhgh pahràg vfohfrsf gl ekogl hf las 7> g÷as, gl `foas par su vglar hf ghqukskckóo. Sk fl kovfrskaokstg ca`prgrg fl fhkekcka, ±cuçl fs lg tgsg hf rfohk`kfota gougl quf mgogràg par fl pfrkaha hf las 7> g÷as1 TFS^VFSXG: ;.54% gougl. 88. 88.   Vog f`prfsg ofcfsktg ckfrta fqukpa y tkfof has gltfrogtkvgs pgrg tfofrla hkspaokdlf. Lg prk`frg gltfrogtkvg fs rfotgrla par $53 46> gl g÷a, quf sf pgmgo par ghflgotgha hurgotf cugtra g÷as. Lg atrg gltfrogtkvg fs ca`prgrla par $46>>>>, fo cuya cgsa tfohràg quf pgmgr las castas hf `gotfok`kfota quf gsckfohfo g $7>>>> gl ekogl hf las g÷as 7 y 4, [ sao hf $76>>>

74

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

gl ekogl hf las g÷as 3 y 8. Fl fqukpa pahràg vfohfrsf fo $7>>>>> gl ekogl hfl cugrta g÷a. Hftfr`àofsf fl kotfrës quf bgmg kohkefrfotfs g g`dgs gltfrogtkvgs. TFS^VFSXG: 7>% gougl. 86. 86.   Sf tkfofo las skmukfotfs elujas hf fefctkva pgrg has prayfctas, g`das cao uog kovfrskóo hf $7>>>: G×AS > 7 4 3

G -7>>> =>> 6>> 3>>

D -7>>> 4>> 8>> 7>>>

Xg`dkëo fxkstfo has kovfrskaokstgs. Cglculf lg X@GT quf bgrç quf las has prayfctas sfgo kohkefrfotfs pgrg las kovfrskaokstgs. Sk fl kovfrskaokstg 7 tkfof uog X@GT hf 2%, ±cuçl fs fl prayfcta quf hfdfràg sflfcckaogr1 TFS^VFSXG: 2.2. Sflfcckaogràg D. 85. 85.   Lg mfrfockg hf fxplatgckóo hf uog ca`pg÷àg pftralfrg rfckdkó las skmukfotfs hgtas sadrf uo paza pftralfra: kovfrskóo fo fqukpa fo fl tkf`pa cfra hf $76 263 hólgrfs. Mgstas hf fxplargckóo gl ekogl hfl prk`fr sf`fstrf hf $4>>>> hólgrfs. Mgstas hf kostglgckóo pgrg lg fxtrgcckóo hf cruha hf $4>>>> hólgrfs, gl ekogl hfl prk`fr g÷a. Las komrfsas sf cglculgo fo $4>>>> hólgrfs, gl ekogl hf cghg uoa hf las g÷as hfl 4 gl =, cgotkhgh quf hks`koukrç g $76 >>> hólgrfs gl ekogl hfl g÷a 2, g $7> >>> hólgrfs gl ekogl hfl g÷a ; y g $6>>> hólgrfs gl ekogl hfl g÷a 7>, `a`fota fo quf sf gdgohaogràg fl paza. Sk lg ca`pg÷àg pftralfrg fxplatgrg ca`frckgl`fotf fstf paza, hftfr`kof lg tgsg hf rfohk`kfota gougl quf mgogràg par lg kovfrskóo. TFS^VFSXG: 45.43% gougl. 8=. 8=.   Vog pfrsaog ca`pró uo tfrrfoa bgcf has g÷as fo $72>>>>. G las ckoca `fsfs mgstó $8>>>> fo lg lk`pkfzg y

gcaohkckaog`kfota hfl tfrrfoa. G las 7> `fsfs mgstó $;>>>> fo caostrukr lg "adrg ofmrg" hf su cgsg. G las 72 `fsfs mgstó $56 >>> fo gcgdghas hf luja. G las 48 `fsfs mgstó $5>>>> fo `ufdlfs. Lg cgsg qufhó tgo gtrgctkvg y dkfo gcaohkckaoghg quf hfspuës hf g`ufdlgrlg focaotró uo ca`prghar quf lf aerfckó $283 =56 par lg cgsg yg g`ufdlghg. Sk vfohkfrg lg cgsg fo fsf `a`fota, hftfr`kof lg tgsg hf rfohk`kfota gougl quf fl huf÷a mgogràg par tahg lg kovfrskóo g la lgrma hf las has g÷as. TFS^VFSXG: 5>.7 % gougl. 82. 82.   Vog ca`pg÷àg gsfmurgharg aerfcf sfmuras pgrg lg fhucgckóo hf las bkjas. Vo caotrgta hf fstf tkpa caotkfof las skmukfotfs tër`koas: pgma hf $7 843.43 cghg g÷a hurgotf 7> g÷as. Gl ekogl hfl g÷a 77 sf rfckdkrç, pgrg lg fhucgckóo hf uo bkja, $35>>9 gl ekogl hfl g÷a 74 sf rfckdkrço $8>>>, ftc., fs hfckr, lg gsfmurgharg aerfcf uo kocrf`fota hf $8>> gl g÷a pgrg cudrkr lgs crfckfotfs ofcfskhghfs hf lg fhucgckóo hf uo bkja. Fl sfmura cudrf uo pfrkaha hf 7> g÷as hf fhucgckóo. Hftfr`àofsf lg tgsg hf kotfrës gougl quf pgmg lg gsfmurgharg par fstf tkpa hf sfmuras. TFS^VFSXG: 73.32% gougl. 8;. 8;.    G uo ko kovvfrska rskao oks kstg tg lf prap rapaofo kov kovfrt rtkr kr $ 4>.>> .>>>.>> .>>> y lf gsfmurg rgo o quf fo la lass pró róxxk` k`a as 6 g÷as rf rfcckd kdkr krç ç $ 3.6 .6> >>.> .>> >> cghg g÷a. Sk su tgsg hf apartuokhgh fs hfl 74% gougl, ±lf caovkfof gcfptgr fl ofmacka1 6>. 6>.   Vo hacu`fota cufstg $5>> >>>y prahucf uo kotfrës trk`fstrgl hf $78 >>> hurgotf 4 g÷as, gl ekogl hf fstf tkf`pa fl hacu`fota pufhf sfr vfohkha fo $=>>>>>. Bgllgr lg rfotgdklkhgh fefctkvg trk`fstrgl quf mfofrgrç fstf prayfcta hf kovfrskóo. 67. 67.   Vo komfokfra salkcktg lg ghqukskckóo hf uo ^ull hf `gqukogrkgs cuya casta fs hf $3.>>>.>>>, sf hkspaof hf $7.>>>.>>> y fl rfsta hfdfrç sfr ekogockgha par uo dgoca quf prfstg fl hkofra egltgotf, pfra pkhf quf lf sfg cgocflgha fo pgmas `fosuglfs uokear`fs hurgotf 3 g÷as cao kotfrës gl 35% C@. Cao fstgs ^ull hf `çqukogs sf fspfrg kocrf`fotgr las komrfsas `fosuglfs fo $76>.>>>, fl C@A hf lg `çqukog sf fstk`g fo $8>.>>>, tfohrç uog vkhg útkl hf 6 g÷as y uo vglar hf sglvg`fota hf $3>>.>>>. Sk fl huf÷a hf lg eçdrkcg sf mgog fo tahas sus ofmackas fl 84% C@. ±gcaosfjgràg ustfh lg ca`prg1 64. 64.   Vo prayfcta ofcfsktg uog kovfrskóo kokckgl hf $3 `kllaofs y mfofrgrç komrfsas `fosuglfs hf $46> >>> hurgotf 4 g÷as, gl ekogl hf fstf tkf`pa bgdrç quf pgmgr g las f`plfghas par caocfpta hf prfstgckaofs sackglfs lg su`g hf $4 `kllaofs.

73

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

±Cuçl fs lg XKT quf mfofrg fstf prayfcta1 63. 63.   DC utklkzg uo palà`fra tfr`aplçstkca pgrg `fjargr lg gpgrkfockg hf ckfrtas pgoflfs TU. Fl casta kokckgl hf uo pracfsa euf hf $735 >>>, cao castas gouglfs hf $3; >>> f komrfsas par $;2 >>>. Sf lamró uo vglar hf sglvg`fota hf $36 >>> cugoha fl pracfsa euf hfscaotkougha hfspuës hf 7> g÷as. ±Wuë tgsg hf rfohk`kfota adtuva lg ca`pg÷àg sadrf fl pracfsa1 68. 68.   Vog komfokfrg `fcçokcg cao fspàrktu f`prfsgrkgl kokckó uo ofmacka hf trkturgckóo hf llgotgs pgrg ta`gr vfotgjg hf uog lfy fstgtgl quf cgstkmg fl hfsfcba hf tahgs lgs llgotgs fo las rfllfoas sgoktgrkas. Fl casta hfl trkturghar euf hf $47> >>>. Fllg mgstó $75 >>> pgrg adtfofr uog plgotg hf 85> valts pgrg fl sktka y atras $=6 >>> fo lg prfpgrgckóo hfl lumgr. @fhkgotf caotrgtas cao las vfohfharfs hf llgotgs, fllg pgmó $>.4 par llgotg y `gofjó uo pra`fhka hf 74> >>> llgotgs par g÷a hurgotf 6 g÷as. Las castas hf apfrgckóo gouglfs par `goa hf adrg, fofrmàg, rfpgrgckaofs, ftcëtfrg, gscfohkfrao g $7.>6 par llgotg. Fllg tg`dkëo vfohkó vfohkó pgrtf pgrtf hf las hfsfcbas hfsfcbas hf llgotgs llgotgs g las kostglgharfs kostglgharfs hf easgs sëptkcgs sëptkcgs pgrg usgrlgs fo las las cg`pas cg`pas hf hrfogha. Fstg f`prfsg mgoó $7=6>>> ofta gougl. Lufma hf 6 g÷as, fllg vfohkó fl fqukpa fo $;4 >>>. ±Wuë tgsg hf rfohk`kfota gougl adtuva fllg fo su ofmacka1 66. 66.   Xfcbstrfft.ca` fs uo pfquf÷a hfhkcgha gl hksf÷a hf pçmkogs hf Kotfroft quf aerfcf sfrvkckas pgrggotkckpgha has tkpas prkockpglfs hf pçmkogs wfd: sktkasofmacka koear`gtkvas y sktkas hf ca`frcka flfctróokca. Vo pgquftf rfqukfrf uo pgma hf $86 >>> y pgmas `fosuglfs hf 7.4 cfotgvas par cghg "gccfsa". Vog oufvg ca`pg÷àg hf pramrg`gs hf hksf÷a gskstkha par ca`putgharg (CGH) fstç caoskhfrgoha fl pgquftf. Lg ca`pg÷àg fspfrg tfofr gl `foas 6 >>> gccfsas par `fs, y fspfrg quf fl 7% hf las gccfsas rfsultgrç fo uog vfotg. Sk fl komrfsa pra`fhka hf lgs vfotgs (hfspuës hf pgma hf hfrfcbas y mgstas) fs hf $76>, ±quë tgsg hf rfohk`kfota adtfohrç lg ca`pg÷àg hf pramrg`gs CGH sk cgocflg fl sktka hf Kotfroft hfspuës hf 4 g÷as1 65. 65.   Ca`a hkrfctar hf plgofgckóo hf uog ckuhgh hfdf hfckhkr fotrf has prapufstgs pgrg lg caostrucckóo hf uo pgrquf rfcrfgckaogl. Lg prk` prk`frg prapufstg rfqukfrf hf uog kovfrskóo kovfrskóo kokckgl kokckgl hf $74.>>>.>>> $74.>>>.>>> y uog g`plkgckóo hfotra hf acba g÷as g÷as g uo casta hf $6.>>>.>>>. Sf fstk`g quf las castas gouglfs hf apfrgckóo sfrço hf $7;>.>>> pgrg fl prk`fr g÷a, $47>.>>>

pgrg fl sfmuoha g÷a, $43>.>>> pgrg fl tfrcfr g÷a y gsà sucfskvg`fotf. Fl komrfsa sfrç hf $43>.>>> hurgotf las prk`fras acba g÷as y hf gllà fo ghflgotf gu`fotgrç $3>.>>> par g÷a bgstg fl g÷a hacf. Lufma pfr`gofcfrço caostgotfs. Lg sfmuohg prapufstg rfqukfrf uog kovfrskóo kokckgl, hf $4>.>>>.>>> y tkfof uo casta gougl hf apfrgckóo hf $8>>.>>>. Sf fspfrg quf las komrfsas sfgo hf $8>>.>>> pgrg fl prk`fr g÷a y gu`fotfo fo $=>.>>> par g÷a bgstg fl g÷a 7> y hf gllà fo ghflgotf pfr`gofcfrço caostgotfs. Cao uog tgsg hfl 4>% hfckhkr cuçl fs lg `fjar prapufstg. 6=. 6=.   Vog ca`pg÷àg fstç caoskhfrgoha lg ca`prg hf uog `çqukog `gougl quf cufstg $3>.>>> y sf fspfrg quf tfomg uog vkhg útkl hf 74 g÷as, cao uo vglar hf sglvg`fota hf $3.>>>. Sf fspfrg quf las castas gouglfs hf apfrgckóo sfgo hf $;.>>> hurgotf las prk`fras 8 g÷as pfra quf hfsckfohgo fo $8>> gouglfs hurgotf las skmukfotfs acba g÷as. Lg atrg gltfrogtkvg fs ca`prgr uog `çqukog guta`gtkzghg g uo casta hf $62.>>>. Fstg `çqukog sala hurgràg 5 g÷as g cgusg hf su gltg tfcoalamàg y hksf÷a hflkcgha. Su vglar hf sglvg`fota sfrç hf $76.>>>. ^ar su guta`gtkzgckóo las castas hf apfrgckóo sfrço hf $8.>>> gl g÷a. Sflfcckaogr lg `çqukog usgoha uog tgsg hfl 4>%. 62. 62.   Vog ca`pg÷àg hf cra`gha hf `ftglfs fstç caoskhfrgoha cugtra hkefrfotfs `ëtahas pgrg lg rfcupfrgckóo hf `ftglfs pfsghas quf sf mfofrgo ca`a sudprahuctas quf sf focufotrgo fo uo çrfg hf hfspfrhkcka làqukha. hfspfrhkcka làqukha. sf bgo fstk`gha las castas hf kovfrskóo f komrfsas gsackghas cao cghg `ëtaha. Xahas las `ëtahas tkfofo uog vkhg hf 7> g÷as. Lg X@GT fs hf 74% gougl. g) Sk las `ëtahas sao kohfpfohkfotfs, yg quf pufhfo k`plf`fotgrsf fo hkefrfotfs plgotgs, ±cuçlfs sao gcfptgdlfs1 d) Sk las `ëtahas sao `utug`fotf fxcluyfotfs, hftfr`kof cuçl `ëtaha hfdfrç sflfcckaogrsf, utklkzgoha uog fvglugckóo hf XKT. @ëtaha

Casta kokckgl, kokc kgl, $

Uglar hf sglvg`fota , $

Komrfsa gougl, $

 G

- 46 >>>

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+ 6 >>>

D

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C

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6;. 6;.   ^grg llfvgr g cgda uo prayfcta, fs ofcfsgrka kovfrtkr bay $8>> >>> y $5>> >>> gl ekogl hf 4 g÷as. Sk gl ekogl hf 6 g÷as fl

78

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

prayfcta hfvuflvf $8 `kllaofs, ±Cuçl fs lg tgsg quf mgog lg kovfrskóo1 5>. 5>.   Vog `çqukog pufhf sfr ghqukrkhg fo $7 `kllóo, sf fstk`g quf prahuckrç gbarras fo las castas hf prahucckóo hf $4>> >>> gouglfs. Sk su vkhg útkl fs hf 7> g÷as y su sglvg`fota sf caoskhfrg hfsprfckgdlf, ±Cuçl fs lg XKT quf rfsultg hf ëstg ghqukskckóo1 57. 57.   Vog ckuhgh ofcfsktg ca`prgr fqukpas pgrg bgcfr fl gsfa hf sus cgllfs y sf prfsfotgo g fstuhka has gltfrogtkvgs. Lg prk`frg ca`prgr trfs `çqukogs cao lgs skmukfotfs cgrgctfràstkcgs: casta hf ghqukskckóo $7.>>>.>>> cghg uog9 CGA g÷a 7 $6>>.>>> y hf gbà fo ghflgotf sf vg kocrf`fotgoha fo $4>>.>>> cghg g÷a9 sglvg`fota $7>>.>>>9 vkhg útkl 2 g÷as. Lg sfmuohg sfràg utklkzgr las sfrvkckas hf 7> adrfras quf tfohràgo cghg uoa uo sglgrka hf $36.>>> `fosuglfs `çs $=>.>>> pgmghfras pgmg hfras gl ekogl ekogl hf cghg g÷a par prfstgckaofs sackglfs taha fsta pgrg fl prk`fr g÷a, pfra fo cghg uoa hf las skmukfotfs g÷as bgdrç uo kocrf`fota hfl 46%. Hftfr`kogr lg `fjar gltfrogtkvg cao uog tgsg hfl 42%. 54. 54.   Vo f`plfgha rfckdf uo komrfsa fxtrg hf $4>>>. Cao ëstf hkofra pufhf ca`prgr uo tgxk quf tkfof lgs skmukfotfs cgrgctfràstkcgs hfshf fl puota hf vkstg fcaoó`kca: prfcka $3>>>9 cuatg kokckgl $4>>>9 ekogockgckóo cuatgs gouglfs ekjgs hf $5>> 3 `fsfs9 komrfsas gouglfs $4 4>> pgrg fl hf prk`fr `fsyquf sf vgo kocrf`fotgoha tahas las `fsfs uo 4>%, hurgotf fl vglar hf las castas gouglfs pgrg flhfprk`fr `fs sao $7 6>> sf vgo kocrf`fotgoha tahas las g÷as fo uofo 4>%9 vkhg útkl 39 vglar hf sglvg`fota $=6>. ±Cuçl fs lg XKT1 53. 53.   Vo Vog g pfrsaog plgofg rghkcgrsf fo fl fxtfrkar fxtfrkar hfotra hf 3 g÷as. Gctugl`fotf Gctugl`fotf tkfof tkfof gbarrghas $4>>> $4>>> las cuglfs pufhf kovfrtkr fo uog fotkhgh ekogockfrg quf ca`a `àok`a rfckdf $4>>> y pgmg fl 36% gougl fo hfpósktas g tër`koa ekja g uo g÷a, tg`dkëo pahrç ghqukrkr uo lacgl cao uog cuatg kokckgl hf $7>>>, $6>> g 3 `fsfs y $6>> g 5 `fsfs, ël pahràg grrfohgr fl lacgl ko`fhkgtg`fotf fo lg su`g hf $3>> pgmghfras par `fs gotkckpgha par las próxk`a 4 g÷as y fo $8>> hurgotf fl tfrcfr g÷a. Gl ekogl hf las 3 g÷as fstk`g quf pahrç vfohfr fl lacgl fo $3>>>, ±Wuë gltfrogtkvg hfdf hfckhkr supaokfoha quf taha fxcfhfotf hf hkofra sfrç rfkovfrtkha ko`fhkgtg`fotf gl 7 .6% fefctkvg `fosugl1 58. 58.   Hf Hftfr`kogr tfr`kogr lg `fjar `fjar gltfrogtkvg gltfrogtkvg quf tkfof uog eçdrkcg eçdrkcg pgrg gl`gcfogr gl`gcfogr su `gtfrkg prk`g prk`g y sus prahuctas prahuctas tfr`koghas, sk fstg

eçdrkcg sala fspfrgr trgdgjgr 8 g÷as9 gl ekogl hf las cuglfs fotrgrç fo lkqukhgckóo. Lg Gltfrogtkvg G caoskstf fo ca`prgr uo tfrrfoa fo $4>.>>>.>>> y caostrukr uog dahfmg, g uo casta hf $85.>>>.>>>9 gl ekogl hf las 8 g÷as fl tfrrfoa cao lg caostrucckóo pahrç sfr vfohkhas fo $74>.>>>.>>>. Fl CGA pgrg fl prk`fr g÷a, sfrç hf $4>>.>>> y, cghg g÷a skmukfotf, sf kocrf`fotgrç fo uo 76%. Lg Gltfrogtkvg D caoskstf fo ta`gr fo glquklfr uog dahfmg, g uo casta hf $7>.>>>.>>> par g÷a gotkckpgha y, cghg g÷a, fl vglar hfl grrkfoha sudf uo 4>%. Hftfr`kogr lg `fjar gltfrogtkvg, supaokfoha quf lg tgsg fs hfl 4>%. 56. 56.   Fo fl hksf÷a hf uog kostglgckóo oufvg caoskhfrgo lgs gltfrogtkvgs `utug`fotf fxcluyfotfs quf sf `ufstrgo fo lg tgdlg, supaomg quf su X@GT fs hf 76% usf lg XKTKG pgrg fscamfr quf gltfrogtkvg fs lg `fjar: Hksf÷a 7

Hksf÷a 4

Hksf÷a 3

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456>>

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66>>

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74>>

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Ukhg útkl

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74

55. 55.   Lg AKL CA@^GO[ hfsfg kostglgr uo fqukpa hf gotkcaotg`kogckóo fo uog rfekofràg oufvg pgrg cu`plkr cao lgs oar`gs mudfrog` mudf rog`fotglfs fotglfs sadrf fl gkrf lk`pka. lk`pka. Sf fstço caoskhfrgoha caoskhfrgoha cugtra gltfrogtkvgs gltfrogtkvgs hf hksf÷a hksf÷a,, lgs cuglfs tfohrço tfohrço kovfrskaofs hf cgpktgl y mgstas gouglfs hf apfrgckóo quf sf vfo fo lg skmukfotf tgdlg, sk sf supaof uog vkhg útkl hf 7> g÷as pgrg cghg hksf÷a, okomúo vglar rfskhugl y uog X@TG hf 7>% gougl, hftfr`kof quf hksf÷a sf hfdfrç sflfcckaogr cao dgsf gl `ëtaha XKTKG.

76

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

Hksf÷a 7

Hksf÷a 4

Hksf÷a 3

Hksf÷a 8

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K`pufstas

74>>>

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Kovfrskóo Mgstas Mg stas Gouglfs

5=. 5=.   Jugo ghqukfrf uo Cgrmghar Eraotgl bay par $ 3>.>>>.>>> pgrg grrfohçrsfla g uog f`prfsg hf trgospartf hurgotf uo g÷a par $ 2>>.>>> `fosuglfs, lkdrfs hf mgstas hf `gotfok`kfota. SK gl ekogl hfl g÷a lf prapaofo ca`prgrlf fl Cgrmghar Eraotgl par $ 46.>>>.>>> y su tgsg hf apartuokhgh fs hfl 3.>% `fosugl, ±hfdf gcfptgr fl ofmacka1 52. 52.   Fl sf÷ar ^ërfz kovkfrtf $ 4>>.>>> y rfckdf gl ekogl hfl prk`fr g÷a $ 77>.>>> y gl ekogl hfl sfmuoha g÷a $ 77>.>>>. Cglculgr lg XKT. 5;. 5;.   Fl sf÷ar ^fhra ^kcgpkfhrg ca`pró g ATDF LXHG. uo latf hf tfrrfoa par vglar hf $4>.>>>.>>> y sf ca`pra`ftkó g pgmgrla hf lg skmukfotf ear`g: uog cuatg kokckgl hf $6.>>>.>>>, uo pgma hf $3.6>>.>>> hfotra hf 8 `fsfs, uo pgma hf $6.6>>.>>> hfotra hf 5 `fsfs y uo pgma hf $ 7>.>>>.>>> hfotra hf 74 `fsfs. Cglculgr lg tgsg hf kotfrës quf lf cadrgrao fo lg

apfrgckóo. =>. =>.   Hftfr`kogr lg `fjar apckóo hfshf fl puota hf vkstg ekogockfra, fotrf lgs skmukfotfs apckaofs cao vkhg útkl kohfekokhg: caostrukr uo pufotf calmgotf g uo casta hf $3>>.>>>.>>> cao uo casta gougl hf `gotfok`kfota hf $3>>.>>>9 cghg 7> g÷as, bgdrç quf bgcfrlf rfpgrgckaofs `gyarfs g uo casta hf $3.6>>.>>>. Lg atrg gltfrogtkvg fs caostrukr uo pufotf fo caocrfta, g uo casta hf $46>.>>>.>>> cao uo casta gougl hf `gotfok`kfota hf $7>>.>>>9 cghg 3 g÷as hfdfrç rfpgvk`fotgrsf g uo casta hf $4.>>>.>>> y cghg 7> g÷as bgdrç quf rfgcaohkckaogr lgs dgsfs hfl pufotf, g uo casta hf $6>.>>>.>>>. Supaomg uo kotfrës hfl 4>%. =7. =7.   Lg f`prfsg Caostructarfs Gsackghas ofcfsktg ghqukrkr uo oufva cgrmghar Eraotgl pgrg prfpgrgr fl caocrfta fo lg ^lgotg caocrftfrg quf utklkzg fo sus adrgs. Fo fl `frcgha fxkstfo has `ahflas quf prfstgo fl `ks`a sfrvkcka y prahucfo las `ks`as komrfsas, cgha uoa cao lgs skmukfotfs cgrgctfràstkcgs: HFXGLLF HF CASXAS CASXA CAS XA HFL FWVK FWVK^A KOMTFSAS KOMTFS AS GOVGLFS GOVGLFS MGSXAS MGS XAS A^FTGXKUAS A^FTGXKUAS / G×A UGLATHF SGLUG@FO SGLUG@FOXA XA UKHG ÚXKL

CGXFT^KLLGT CGXFT^KLLG T $ 46. 46.>>>. >>>.>>> >>> 2.>>>.> 2.>>>.>>> >> 7.2>>.> 7.2>>.>>> >> 7>.>>>.> 7>.>>>.>>> >> 6 g÷as

JBAO HFFTF $ 4>. 4>.>>>. >>>.>>> >>> 2.>>>.>> 2.>>>.>>> > 4.4>>.>> 4.4>>.>>> > 2.>>>.>> 2.>>>.>>> > 6 g÷as

±Cuçl hf lgs has `fzclghargs hfdf ca`prgr lg f`prfsg, sk su tgsg hf apartuokhgh fs hfl 76% gougl1 =4. =4.   Ckfrtg f`prfsg quf utklkzg pgrg sus kovfrskaofs uog tgsg hf apartuokhgh hfl 86 % gougl, hfsfg caoacfr cuçl hf lgs gltfrogtkvgs skmukfotfs hfdf sflfcckaogr: HFXGLL F HF CASXAS HFXGLLF CASXAS   CASXA CAS XA HFL FWVK FWVK^A MGSXAS MGS XAS A^FTGXKUAS A^FTGXKUAS / G×A UGLATHF SGLUG@FO SGLUG@FOXA XA

@gqukog @gqukog G $ 7>.>>>.> 7>.>>>.>>> >> 7.;>>.>> 7.;>>.>>> > 5.>>>.>> 5.>>>.>>> >

@gqukog D $ 76. 76.>>>. >>>.>>> >>> 4.6>>.> 4.6>>.>>> >> 5.>>>.> 5.>>>.>>> >>

75

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

HFXGLL F HF CASXAS HFXGLLF CASXAS   UKHG ÚXKL

@gqukog @gqukog G 6 g÷as

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

@gqukog D 6 g÷as

=3. =3.   Sf vg g `aotgr uo gl`gcëo quf rfqukfrf uog kovfrskóo kokckgl hf $ 6>.>>>.>>> y lufma kovfrskaofs ghkckaoglfs hf $ 5>>.>>> `fosuglfs hfshf fl ekogl hfl tfrcfr `fs bgstg fl ekogl hfl `fs hëck`a. Sf fspfrg adtfofr utklkhghfs `fosuglfs, g pgrtkr hfl sfmuoha `fs, fo ear`g kohfekokhg, hf $ 7.7>>.>>>. Sà lg tgsg hf apartuokhgh fs hfl 5.6 % `fosugl, ±sf rfca`kfohg fl prayfcta1 Vtklkcf fl `ëtaha hfl U^O =8. =8.   Vo grtàcula tkfof uo prfcka hf lkstg hf $;>>.>>> pfra pufhf sfr ghqukrkha gl caotgha cao uo hfscufota hfl 7>% a pufhf sfr vfohkhg g plgzas cao uog cuatg kokckgl hfl 8>% y fl sglha fo 7> cuatgs `fosuglfs hf $53.>>>. Supaokfoha uog tgsg hfl 3.6% fefctkva `fosugl, ±Wuë gltfrogtkvg hfdf hfckhkr1 =6. =6.   Vo flfctraha`ëstkca quf tkfof uo prfcka hf caotgha hf $ 7.6>>.>>>, sf ekogockg cao 74 cuatgs `fosuglfs kmuglfs gotkckpghgs hf $ 763.527. ±Wuë tgsg hf kotfrës lf cadrgrao par lg ekogockgckóo1 =5. =5.   ^fhra ca`pró uog cgsg par $ 46.>>>.>>> y fspfrg grrfohgrlg par $ 5>>.>>> `fosuglfs pgmghas fo ear`g vfockhg, g pgrtkr hfl sfmuoha `fs y hurgotf 74 `fsfs, cugoha fspfrg vfohfrlg par $ 5>.>>>.>>>. Sà su tgsg hf apartuokhgh fs hfl 3.6> % `fosugl, ±bkza dufo ofmacka1 ==. ==.   Vo vfbàcula quf tkfof uo prfcka hf caotgha hf$ 3>.>>>.>>>, sf ekogockg hf lg skmukfotf ear`g: cuatg kokckgl hf$ 5.>>>.>>> y 74 cuatgs `fosuglfs kmuglfs vfockhgs hf $ 7.588.;;4. Cglculf lg tgsg hf kotfrës hf ekogockgckóo =2. =2.   Vog eçdrkcg tkfof fo fstuhka lg paskdklkhgh hf ca`prgr uog `çqukog f`pgcgharg g uo prfcka hf $2>>.>>> y uo casta `fosugl hf `gotfok`kfota hf $3.>>> hurgotf fl prk`fr g÷a y hf $6.>>> hurgotf fl sfmuoha g÷a y gl ekogl hf ëstf tkf`pa pahrç sfr vfohkhg fo lg su`g hf $6>>.>>>. Cao fstg `çqukog sf pufhf suprk`kr uo f`plfgha quf mgog $46.>>> `fosuglfs y pgrg fl sfmuoha g÷a bgdrç quf gu`fotgrlf fl suflha fo uo 4>%. Sk lg eçdrkcg oar`gl`fotf mgog fl 3.6% fefctkva `fosugl fo tahgs sus kovfrskaofs. ±Fs gcaosfjgdlf ghqukrkrlg

=;. =;.   Vstfh gdrf uog cufotg hf gbarras cao $ 7>.>>>.>>> y hfspuës hf 8 `fsfs rftkrg $ 2.>>>.>>>. G pgrtkr hfl ekogl hfl `fs 5 y hurgotf 3 `fsfs caosfcutkvas hfpasktg $ 6>>.>>> cghg `fs. Cglculgr lg tgsg hf kotfrës quf lf pgmgrao, sà gl ekogl hfl g÷a pufhf rftkrgr hf lg cufotg$ 8.;56.82> 2>. 2>.   Vog eçdrkcg ofcfsktg ghqukrkr uog `çqukog pgrg su plgotg hf gcgdghas. ^ufhf ghqukrkr lg `gqukog G, g uo casta hf $3>>.>>>, $3>> .>>>, tkfof tkfof uog vkhg útkl hf 8 g÷as y, gl ekogl ekogl hf fstf tkf`pa, pahrç vfohfrsf vfohfrsf fo $5>.>>>. Fl casta gougl hf apfrgckóo, quf kocluyf ca`dustkdlf ludrkcgotfs y `gotfok`kfota, sf fstk`g fo $46.>>>. Xg`dkëo pufhf ghqukrkrsf lg `gqukog D, g uo casta hf $6>>.>>>, cao uog vkhg útkl hf 5 g÷as, gl ekogl hf las cuglfs pahrç sfr vfohkhg fo $7>>.>>>. G las 3 g÷as hf usa hfdfrço sfr cg`dkghas las pkstaofs y lgs dkflgs, g uo casta fstk`gha hf $8>.>>>9 fo ca`pfosgckóo, fl casta gougl hf apfrgckóo fs gpfogs hf sala $6.>>>. Supaokfoha uog tgsg hfl 4>%, ±Cuçl hfdf ghqukrkrsf1 27. 27.   Fl sf÷ar ^fhra ^gdla ca`pró uo vfbàcula par $ 48.>>>.>>> pgrg grrfohgrla g uog f`prfsg hf trgospartf. Hfhuckhas las mgstas hf `gotfok`kfota, fl vfbàcula prahucf uoas dfofekckas oftas hf $ =>>.>>> hurgotf las prk`fras 8 `fsfs, cugoha hfckhf vfohfrla par $ 44.>>>.>>>. ±Cuçl euf fl rfohk`kfota adtfokha1 24. 24.   Vo prayfcta rfqukfrf hf lgs skmukfotfs kovfrskaofs: kovfrskóo kokckgl hf $ 8.>>>.>>>, hfshf fl prk`fr `fs y hurgotf 5 `fsfs caosfcutkvas uog kovfrskóo `fosugl hf $ 86>.>>>. Sà gl ekogl hfl g÷a sf rfckdfo$ 6.46>.>>>, ±cuçl euf lg tgsg hf rfohk`kfota `fosugl1 23. 23.   Vo fstuhkgotf rfckdf uo prëstg`a hf $ 5.>>>.>>> pgrg fl pgma hf lg `gtràculg hfl pastmrgha fo ekogozgs. Fl hacu`fota quf ekr`g caotf`plg fl pgma hf 8 cuatgs `fosuglfs hf $ 7.=>>.>>>, ca`fozgoha g pgmgrlgs g pgrtkr hfl `fs 5. ±Wuë tgsg hf kotfrës lf cadrgrao1 28. 28.    Gl  Gl g glc lcg glh lhf f hf uo `uokckp kckpka ka lf bgo prfs rfsfotgh tgha has prap rapufstgs tgs pgrg fstg tgd dlf lfccfr fo fo ea ear` r`g g ko koh hfeko ekokh khg g lg ogvfmgckó kóo o par u uo o rka. Lg prapufstg G caoskstf fo hrgmgr fl rka pgrg rf`avfr las sfhk`fotas gcu`ulghas9 fstg apfrgckóo hfdfrç bgcfrsf vgrkgs vfcfs gl g÷a sfmúo sfg ofcfsgrka, g uo casta ekja hf $2>>.>>> pgmghfras gl ekogl hf cghg g÷a9 ghf`çs sf bgcf ofcfsgrkg lg ghqukskckóo hf uog hrgmg cuya prfcka fs hf $ 7>.>>>.>>>, pasff uog vkhg útkl hf 7> g÷as y tkfof uo vglar hf sglvg`fota hf $ 4.>>>.>>>. Lg prapufstg D fxkmf lg cgoglkzgckóo hfl rka g uo casta kokckgl hf $ 76.>>>.>>>9 fstf cgogl rfqufrkrç hf uo `gotfok`kfota `foar cghg g÷a g uo casta hf $8>.>>> y uo `gotfok`kfota ca`plfta fl cugl kocluyf fl `gotfok`kfota `foar cghg 8 g÷as, g uo casta hf 4.>>>.>>>. Supaokfoha quf fl madkfroa utklkzg uog tgsg hfl 46%, ±Wuë prapufstg hfdf gcfptgr1

7=

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

26. 26.   Fl sf÷ar ^fhra lf ca`pró g ATDF LXHG uo latf hf tfrrfoa quf tkfof uo vglar hf caotgha hf $ 3>.>>>.>>> y sf ca`pra`ftkó g pgmgrla hf lg skmukfotf ear`g: uog cuatg kokckgl hf $ 5.>>>.>>>, uo pgma hf $ 3.6>>.>>> hfotra hf 8 `fsfs, uo pgma hf $ 6.6>>.>>> hfotra hf 5 `fsfs y uo pgma hf$ 7>.>>>.>>> hfotra hf 74 `fsfs. Sk lg tgsg hf apartuokhgh hf ATDF LXHG fs hfl 4.2 % `fosugl, hkmg sà bkza uo dufo a `gl ofmacka. Vtklkcf fl `ëtaha hfl U^O 25. 25.   Vo clkfotf lf prapaof ca`prgrlf uog vkvkfohg quf tkfof uo vglar hf caotgha hf $ 66.>>>.>>>, cao fl skmukfotf plgo hf pgmas: cuatg kokckgl hfl 4> %, uo pgma hfotra hf 5 `fsfs hf $ 7>.>>>.>>> y uo pgma hf $ 8>.>>>.>>> g las 7> `fsfs. Sà ustfh fstç hkspufsta g prfstgr su hkofra g uog tgsg hf kotfrës hfl 3 % `fosugl, ±gcfptgràg fl ofmacka1 2=. 2=.   Vs Vstfh tfh fstç fo fl ofmacka hf vfotgs par carrfa, vfohkfoha vfohkfoha hkspasktkvas hkspasktkvas pfrkeërkcas pfrkeërkcas pgrg ca`putghargs, ca`putghargs, quf kocluyfo cgdlfs hf Kotfroft hf gltg vflackhgh, hkvfrsas hkspasktkvas hf gl`gcfog`kfota ca`a `f`arkgs, y hkspasktkvas koglç`drkcas pgrg rfhfs. Vstfh fstç caoskhfrgoha `fjargr su skstf`g hf órhfofs par carrfa pgrg bgcfr sus apfrgckaofs `çs fekckfotfs y gsà gu`fotgr lgs vfotgs. Lg kostglgckóo hfl skstf`g ca`putgrkzgha hf órhfofs par carrfa castgrç $46>,>>> y su casta hf apfrgckóo par g÷a sfrç hf $6>,>>>. Sf fspfrg quf fl skstf`g hurf acba g÷as, sko vglar hf rfscgtf glmuoa gl tfr`kogr fl pfrkaha hf sfrvkcka. Fl oufva skstf`g hf órhfofs gbarrgrç $74>,>>> fo castas hf apfrgckóo (prkockpgl`fotf, uog rfhucckóo fo fl casta par `gofja hf kovfotgrkas) cghg g÷a y mfofrgrç komrfsas par vfotgs ghkckaoglfs cao uo vglar hf $8>,>>> gl g÷a par las skmukfotfs acba g÷as. Sk su tgsg hf kotfrës fs hfl 74%, justkekquf su kovfrskóo, utklkzgoha fl `ëtaha hfl U^O. 22. 22.   Vog caocfskaogrkg lacgl fstç gouockgoha fl glquklfr fstçohgr hf su oufva guta hfpartkva hf lg sfrkf RX 3>>>, hurgotf 48 `fsfs g $7,76> par `fs. Fl glquklfr fstçohgr rfqukfrf uo fomgocbf hf $8,6>>, `çs uo hfpóskta kokckgl rff`dalsgdlf hf $7,>>>. Fl prk`fr pgma hfl glquklfr hfdf fefctugrsf gl ekoglkzgr fl prk`fr `fs. ^ar atrg pgrtf, fl caocfskaogrka aerfcf uo plgo hf grrfohg`kfota hf 48 `fsfs quf rfqukfrf uo pgma úokca par ghflgotgha hf $3>,6>>, `çs uo hfpóskta kokckgl rff`dalsgdlf hf $7,>>>. Fo g`dgs apckaofs, fl hfpóskta kokckgl sfrç rff`dalsgha gl tër`koa hfl `fs 48. Caoskhfrf uog tgsg hf kotfrës hfl 5% ca`pufsta `fosugl. Cao fl crktfrka hfl vglar prfsfotf, ±cuçl apckóo fs prfefrkdlf1

2;. 2;.   Sf fstço caoskhfrgoha has `çqukogs hkefrfotfs pgrg uo pracfsa hf `gouegcturg. Lg `çqukog G tkfof uo casta kokckgl hf $=6,4>> y su vglar hf rfscgtf fstk`gha gl cgda hf las sfks g÷as hf sfrvkcka fs hf $47,>>>. Las castas hf apfrgckóo hf fstg `çqukog fstço cglculghas fo $5,2>> par g÷a. Las k`pufstas sadrf lg rfotg ghkckaoglfs sf cglculgo fo $4,8>> par g÷a. Lg `çqukog D tkfof uo casta kokckgl hf $88,>>> y su vglar hf rfscgtf hfspuës hf su vkhg hf sfrvkcka hf sfks g÷as sf caoskhfrg koskmokekcgotf. Sus castas hf apfrgckóo gouglfs gscfohfrço g $77,6>>. Ca`pgrf fstgs has gltfrogtkvgs `fhkgotf fl `ëtaha hfl vglar prfsfotf g k 0 73%. ;>. ;>.   Sf ca`pró uog `çqukog pgrg tglghrgr fo $44>,>>>. Sf fspfrg quf hurf 7> g÷as, cao uo vglar hf rfscgtf hf $4>,>>>. Sk lg tgsg hf kotfrës hf lg ca`pg÷àg fs hfl 4>%, ±cuçl sfràg fl casta hf cgpktgl par cghg uoa hf las 7> g÷as quf lg f`prfsg pasffrç lg `çqukog1 ;7. ;7.   Has ckuhghfs G y D fstço uokhgs `fhkgotf uog vkfjg cgrrftfrg y sf prayfctg lg caostrucckóo hf uog oufvg quf castgrç uoas $7>> `kllaofs, ëstg gcartgrç fl cg`koa fotrf lgs has ckuhghfs, lg oufvg cgrrftfrg trgf ca`a caosfcufockg uo gbarra pgrg las vfbàculas fo ca`dustkdlf, gcfktf y hfsmgstf. Xahas fstas gbarras sf fstk`go quf pufhfo llfmgr g vglfr uoas $42 `kllaofs gl g÷a. Lg oufvg cgrrftfrg pfrjuhkcg g las ca`frckgotfs hf lg rfmkóo quf g la lgrma hf las g÷as bgo `aotgha rfstgurgotfs, batflfs par lg lg rutg hf lg vkfjg cgrrftfrg, cgrrftfrg, lgs përhkhgs sf bgo cglculgha fo uoas $7 $76 6 `kllaofs gl g÷a. Vtkl Vtklkzgoha kzgoha lg rflgckóo dfofekcka casta, hftfr`kogr lg caovfokfockg hfl prayfcta utklkzgoha9 g) Vog tgsg sackgl hfl 3>%, d) Vog tgsg sackgl hfl 74% ;4. ;4.   Susgog qukfrf ca`prgr uo guta oufva quf caosfrvgrç hurgotf las skmukfotfs cugtra g÷as. ^ufhf ca`prgr uo Sgturo KAO Sfhgo fo $72,6>> y lufma vfohfrla par $;,>>> hfspuës hf cugtra g÷as. Sk fllg ca`prg fstf guta, ±cuçl sfràg su casta hf rfcupfrgckóo1 Supaomg quf lg tgsg hf kotfrës fs hfl 2%. ;3. ;3.   Fo uog rfmkóo `uy çrkhg sf fstç pfosgoha fo lg caostrucckóo hf cgoglfs hf krrkmgckóo y, hf fstg ear`g, bgdklktgr lg zaog pgrg lg gmrkculturg. Sf fstk`g quf las cgoglfs castgrço $6>>.>>>.>>> y rfqufrkrço hf $4.>>>.>>> gouglfs pgrg su `gotfok`kfota. Las gmrkcultarfs fstk`go quf pahràgo adtfofr dfofekckas gouglfs par $2>.>>>.>>>. Vsgoha lg Tflgckóo Dfofekcka/casta, hftfr`kogr lg vkgdklkhgh hfl prayfcta, ta`goha uo barkzaotf hf plgofgckóo koekokta y utklkzgoha: g) tgsg hf kotfrës ca`pufsta sackgl hfl 74% y d) tgsg hfl kovfrskaokstg hfl 45%. ;8. ;8.   Vog ca`pg÷àg hf `gqukogrkg y bfrrg`kfotg fstç caoskhfrgoha uog oufvg kovfrskóo fo uog prfosg traquflgharg quf castgrç $7>>,>>> y tfohrç uo casta gougl hf `gotfok`kfota hf $7>,>>>. Xg`dkëo bgy uo casta ghkckaogl par rfvkskóo hfl fqukpa quf gsckfohf g $4>,>>> uog vfz cghg cugtra g÷as. Supaokfoha quf fstf fqukpa hurf kohfekokhg`fotf fo fsgs

72

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

caohkckaofs, ±cuçl fs fl casta fqukvglfotf cgpktglkzgha hf fstg kovfrskóo g uog tgsg hf kotfrës hfl 74%1 ;6. ;6.   Vog ca`pg÷àg kohustrkgl pufhf ghqukrkr ckfrtg `çqukog par $8>,>>>. Sf rfqukfrf uo fomgocbf hf $8,>>> y fl sglha sf pufhf lkqukhgr fo ckoca gdaoas kmuglfs gl ekogl hf cghg g÷a g uo kotfrës hfl =% sadrf fl sglha kosaluta. Ca`a uog gltfrogtkvg, lg `çqukog pufhf ca`prgrsf par $35,>>> fo fefctkva. Sk lg XTF@G hf lg ca`pg÷àg fs hfl 73.6%, hftfr`kof cuçl gltfrogtkvg hfdf gcfptgrsf hf gcufrha cao fl `ëtaha hf fqukvglfockg gougl. ;5. ;5.   Fl madkfroa fstç pfosgoha fo lg caostrucckóo hf uog bkhraflëctrkcg9 pgrg flla fs ofcfsgrka ghqukrkr las tfrrfoas pgrg lg caostrucckóo hf lg rfprfsg g uo casta hf $6>> `kllaofs. Ghf`çs, sfrç ofcfsgrka fefctugr uog kovfrskóo hf $3>> `kllaofs, gl ekogl hfl prk`fr g÷a, pgrg fefctugr lg caostrucckóo hf lgs adrgs ckvklfs quf tfohrço uog vkhg útkl kohfekokhg. Gl ekogl hfl sfmuoha g÷a, bgdrç quf ghqukrkr las fqukpas flfctra`fcçokcas g uo casta hf $4>> `kllaofs, las cuglfs tfohrço uog vkhg útkl hf 47 g÷as y uo vglar hf sglvg`fota hf $6> `kllaofs9 su casta hf apfrgckóo fo fl g÷a 3 sfrç hf $4> `kllaofs y, cghg g÷a skmukfotf, su casta sf kocrf`fotgrç fo $7 `kllóo. Lg bkhraflëctrkcg ca`fozgrç g mfofrgr fofrmàg fo fl tfrcfr g÷a, y sus komrfsas par egcturgckóo sf fstk`g fo $3>> `kllaofs y, cghg g÷a skmukfotf, gu`fotgrç fo $3> `kllaofs bgstg fl g÷a 7>. Fo fl g÷a 77, sf fstk`g fo $5>> `kllaofs y, cghg g÷a skmukfotf, gu`fotgrç fo $6> `kllaofs, bgstg fl g÷a 43. g) g)   Vtklkzgoha uo barkzaotf hf plgofgckóo hf 43 g÷as, uog tgsg hf kotfrës hfl 46% y utklkzgoha lg TFLGCKÓO D/C, hftfr`kof lg vkgdklkhgh hfl prayfcta d) d)   Supaomg quf, hfdkha g lg caostrucckóo hf lg rfprfsg, bgy uog hks`kouckóo fo lg gmrkculturg hf gpraxk`ghg`fotf uoas $87 `kllaofs gouglfs. ;=. ;=.   Caoskhfrf las skmukfotfs prayfctas hf kovfrskóo: ELVJAS HF FEFCXKUA FEFCXKUA o >

^TA[FCXA 7 -$ 7,>>>

^TA[FCXA 4 -$ 6,>>>

^TA[FCXA 3 -$ 4,3>>

7 4

$ 6>> $ 4,4>>

$ =,3>> $ 2>>

$ 7,6>> $ 4,7>>

Supaomg quf lg X@GT 0 72%. g)  Cglculf lg XKT pgrg cghg prayfcta. d)  ±Sk las trfs prayfctas sao kovfrskaofs `utug`fotf fxcluyfotfs, cugl prayfcta hfdfràg sflfcckaogrsf hf gcufrha cao fl crktfrka hf lg XKT1 ;2. ;2.   Caoskhfrf lgs skmukfotfs has kovfrskaofs gltfrogtkvgs: ELVJAS HF FEFCXKUA FEFCXKUA ^FTKAHA ^FTKAHA > 7 4 3

^TA[FCXA ^TA[FCXA G -$ 7>,>>> $ 6,6>> $ 6,6>> $ 6,6>>

^TA[FCX ^TA[FCXA AD -$ 46>,>>> $> $> $ 5>,>>>

XKT U^ (76 (76% %)

3>% ±1

±1 $ 5,3>> 5,3>>

Sf sgdf quf lg X@GT hf lg ca`pg÷àg fs hfl 76%. g) g)   Cglculf lg XKT pgrg fl prayfcta D. d) d)   Cglculf fl U^ pgrg fl prayfcta G. c)  c)   Supaomg quf las prayfctas G y D sao `utug`fotf fxcluyfotfs. ±Cao dgsf fo lg XKT cugl prayfcta flfmkràg ustfh1 ;;. ;;.   Sf fstç goglkzgoha lg caostrucckóo hf uog cgrrftfrg gltfrog fotrf lgs ckuhghfs G y D. Fl casta hf caostrucckóo fs hf $=> `kl `kllaofs. Fl casta gougl hf `gotfok`kfota sfrç hf $56 `kllaofs y cghg g÷a su casta crfcfrç uo 72%. Gl caostrukr lg

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VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

cgrrftfrg las bgcfohghas hf lg rfmkóo hfjgràgo hf pfrckdkr $=> `kllaofs par caocfpta hf lgdarfs gmràcalgs pgrg fl prk`fr g÷a y sf crff quf gougl`fotf pahràgo gu`fotgr uo 4>%. Sf fstk`g quf g pgrtkr hfl prk`fr g÷a las rfstgurgotfs y sktkas turàstkcas quf sf caostruygo gl lgha hf lg cgrrftfrg rfckdkrço uoas komrfsas hf $=3> `kllaofs quf cghg g÷a gu`fotgrgo fo uo R%. ^ar atrg pgrf las trgospartgharfs gl utklkzgr lg cgrrftfrg gltfrog adtfohràgo uo gbarra fo ca`dustkdlf, llgotgs, gcfktfs, hfsmgstf hf sus vfbàculas, ftc., fo $26> `kllaofs cao uo kocrf`fota gougl hfl 4>%. Supaokfoha quf lg cgrrftfrg sf hfdf `gotfofr par uo tkf`pa kohfekokha y usgoha uog tgsg hf kotfrës hfl 42% ±Cuçl sfràg fl vglar hf R pgrg quf lg caostrucckóo hf lg cgrrftfrg gltfrog sfg gtrgctkvg1 7>>.   Vog kohustrkg pufhf ghqukrkr uog `çqukog g uo casta hf $5.>>>.>>>, tfohrç uog vkhg útkl hf 6 g÷as y prçctkcg`fotf oa 7>>. tfohrç vglar hf sglvg`fota, lg `çqukog sfrç tatgl`fotf hfsprfckghg fo trfs g÷as par pgrtfs kmuglfs, fl fstuhka hf `frcghas kohkcg quf las komrfsas hfl prk`fr g÷a sfrço gpraxk`ghg`fotf hf $3.>>>.>>> y gu`fotgrço tahas las g÷as fo uo 3>%, par atrg pgrtf sf fstk`g quf fl casta hf prahucckóo hfl prk`fr g÷a sfrç hf $2>>.>>> y cghg g÷a gu`fotgrç fo $4>>.>>>. Supaokfoha uog tgsg k`pasktkvg hf 32% hftfr`kogr lg rfotgdklkhgh hfl prayfcta usgoha uo barkzaotf hf plgofgckóo hf 6 g÷as. 7>7.   Fxkstf lg paskdklkhgh hf uokr has cfotras urdgoas cao uog cgrrftfrg, lg pkstg pufhf sfr hf rkpka a hf caocrfta. Lg cgrrftfrg 7>7. hf rkpka tkfof uog hurgckóo hf 7> g÷as y lg hf caocrfta hf 4> g÷as. Las castas hf kovfrskóo fo lg hf rkpka sao hf S/.4>> `kllaofs y fo lg hf caocrfta hf S/.36> `kllaofs. Sf supaof quf oa bgy castas hf @gotfok`kfota y quf fl cg`koa hfdf pfr`gofcfr fo usa 8> g÷as. Sf tkfof trfs gltfrogtkvgs:  Glt  Gltf fro rog gtkv tkvg G: Sala Tkpka kpka  Glt  Gltf fro rog gtkv tkvg D: Sala Caocrfta rfta  Glt  Gltf fro rog gtkv tkvg C: Tkp kpka ka prk` rk`fra 4> g÷as y luf lufma caocrfta rfta ±Wuë gltfrogtkvg flfmkràg1 7>4.   Lg ckuhgh hf [ucgy, udkcghg cfrcg hf lg ckuhgh hfl Cusca, tkfof fo cgrtfrg uog sfrkf hf prayfctas quf pufhf rfglkzgr, 7>4.

pfra hghgs lgs lk`ktgckaofs hf cgpktgl tkfof quf hfckhkr fotrf fllas. Fo fstg ckuhgh lg kocfrtkhu`drf fs `uy gltg: hfotra hf 3 g÷as sfrço lgs flfcckaofs y lgs rkvglkhghfs palàtkcgs sao tglfs quf oghg gsfmurg quf prayfctas fo las quf sf kovkfrtg bay caotkougrço apfrgtkvas lufma hfl cg`dka hf `goha. Lg ckuhgh cufotg cao uo cgpktgl hf S/. 7,6>> y su CAI fs hf 7>%. G caotkougckóo, sf prfsfotgo las paskdlfs prayfctas, juota cao fl UGO, lg XKT y fl pfràaha hf rfcupfrgckóo hfl cgpktgl. ^FTKAHAS > 7 4 3 8 6 UGO UGO ^T XKT

^TA[FCXAS HF KOUFTSKAO  G D C -76>> -76>> -76>> 4>> 74>> 8>> 8>> -4>> 4>> 5>> 7>>> 8>> 2>> -4>> 76>> 7>>> > 74>> 53>.64 8>.33 7>;;.>2 8 3 8 44% 74% 4;%

±Cuçl hf las prayfctas flfmkràg sk ustfh eufsf ft glcglhf hf [ucgy1 7>3.   Fl CAI hfl prayfcta fs hf 7>%. Las elujas sfrço hf S/. =>> gouglfs, pfra sf hgrço g pgrtkr hfl tfrcfr g÷a. Las g÷as >, 7 7>3. y 4 sfrço hf fxplargckóo (kovfrskóo), y las castas (`aotas hf kovfrskóo) sfrço hf S/. 6>>, S/. 6>> y S/. 7,>>>. Hftfr`kof cuçl fs lg gltfrogtkvg `çs caovfokfotf pgrg las kovfrskaokstgs y pgrg fl madkfroa hf Xgomg`gohgpka. Gsu`g quf, pgrg fl Fstgha, fl CAI tg`dkëo fs kmugl g 7>%. 7>8.  Vog prahuctarg hf `ufdlfs fstç fvglugoha lg paskdklkhgh hf rff`plgzgr su `gqukogrkg (lg cugl gúo tkfof uog vkhg útkl hf 7>8.  3 g÷as) par atrg oufvg hf `gyar tfcoalamàg, quf tkfof uog vkhg útkl hf 76 g÷as. Fl vglar hf `frcgha hf lg `gqukogrkg gotkmug fs hf S/. 4>> f k`plkcg castas gouglfs hf apfrgckóo hf S/. 6>>. Lg `gqukogrkg oufvg cufstg S/. 7,6>> y mfofrgràg uog hks`kouckóo fo las castas hf apfrgckóo hf S/. 4>>. Lg f`prfsg salkcktó g uo caosultar lg fvglugckóo hf fstg `ahfrokzgckóo. Fstf caosultar rfca`fohó oa rff`plgzgr lg `gqukogrkg, dgsçohasf fo lg ca`pgrgckóo hf las castas

4>

 

VOK VOKUFT UFTSKH SKHGH GH OGCKAO OGCKAOGL GL “ SGO LVKS MA MAOZGMG‐ OZGMG‐ EGCVLXGH HF KOMFOKFTÀG CKUKL CVTSA: MFSXKAO FCAOA@KCG [ EKOGOCKFTG ^GTG KOMFOKFTAS  HACFOXF: HT. KOM. @. BG@KLXAO ]KLSAO BVG@GOCBV@A

F`gkl: bg`kltao. wklsaoNuokcg.fhu.pf wklsaoNuokcg.fh u.pf 

gouglfs fqukvglfotfs, pfra hf trfs g÷as. ±Fs fstf uo crktfrka ghfcugha1, ±quë crktfrka budkfsf utklkzgha ustfh1 7>6.   Vog `çqukog quf sf ca`pró bgcf 7 g÷a par $26 >>> tkfof uo casta hf apfrgckóo `çs glta quf fl gotkckpgha. Cugoha sf 7>6. ghqukrkó sf fspfrgdg quf lg `çqukog sf utklkzgràg hurgotf 7> g÷as cao uo casta gougl hf `gotfok`kfota hf $44 >>> y uo vglar hf sglvg`fota hf $7> >>>. Sko f`dgrma, fl últk`a g÷a, fl `gotfok`kfota hf lg `çqukog lf castó g lg ca`pg÷àg $36 >>>, y sf fspfrg quf hkcba casta gsckfohg g $35 6>> fstf g÷a y quf sf kocrf`fotf fo $7 6>> cghg g÷a hf gbà fo ghflgotf. Fl vglar hf sglvg`fota sf fstk`g gbarg fo $26 >>> – $7> >>>i, haohf i fs fl oú`fra hf g÷as hfshf lg ca`prg hf lg `çqukog. Gbarg sf cglculg quf fstg `çqukog sfrç útkl uo `çxk`a hf 6 g÷as `çs. Hftfr`kof las vglarfs hf ^, U, CAG, o y S pgrg uo goçlksks hf rff`plgza quf sf llfvf g cgda gbarg.

KOM. @. BG@KLXAO ]KLSAO BVG@G OCBV@A ^TAEFSAT HFL CVTSA

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