Estudio de Mercado Sangria

 

WIJXG[PJCFCOFIFKÏ BFJ@F GBLZ FBHF[L CG HF@WBSFC CG JINGIJG[ÏF JICWPS[JFB

U[LZG@SL CG JIXGPSJNF@JÐI

‒GPSWCJL CG U[GHF@SJKJBJCFC UF[F BF GBFKL[F@JÐI CG PFIN[ÏF GI BF @WJCFC CG OLISG@[JPSJ‟ Futlr= Slrl @frrjbbl Fitaliy Nrgnlrjl Urlhgslr= Jin. Sjtl @gcgöl

Ofitf - Ofifkï - G`ufclr G`ufclr ;5;5

 

@litgijcl FISG@GCGISGP NGIG[FBGP...............................................................................................3 JIS[LCW@@JLI....................................................................................................................3 FISG@GCGISGP NGLN[FHJ@LP.....................................................................................7 IFSW[FBG]F L SJUL CGB U[LZG@SL.........................................................................8 LKMGSJXLP Z MWPSJHJ@F@JÐI CGB U[LKBGOF.............................................................> LKMGSJXL NGIG[FB...........................................................................................................> LKMGSJXL GPUG@JHJ@L......................................................................................................> MWPSJHJ@F@JÐI.....................................................................................................................> CGHJIJ@JLI CGB U[LCW@SL................................................................................................> GPSWCJL CGB OG[@FCL........................................................................................................: NGIG[FBJCFCGP CGB GPSWCJL CG OG[@FCL.........................................................: JIXGPSJNF@JLI CG OG[@FCL.......................................................................................: OG[@FCL LKMGSJXL........................................................................................................66 SFOFÖL WIJXG[PL...............................................................................................................6; SFOFÖL CG BF OWGPS[F..............................................................................................6; ULKBF@JÐI Z OWGPS[F............................................................................................6; Olcgbl Cg Bf Gi`ugstf..............................................................................................................60 Gi`ugstf........................................................................................................................................63 FIÆBJPJP CG BF GI@WGPSF............................................................................................67 CGSG[OJIF@JLI CG BF CGOFICF CGB U[LZG@SL ................................................;5 CGSG[OJIF@JLI CG BF CGOFICF LKMGSJXF...........................................................;5 @LI@BWPJLI CGB GPSWCJL CG OG[@FCL ...................................................................;6

 

FISG@GCGISGP NGIG[FBGP

JIS[LCW@@JLI Gi gb prgsgitg trfkfml sg vf f gstucjfr bf prg hf`tjkjbjcfc cg bf ‒gbfklrf`jði cg sfinrïf‟. Bf kgkjcf gs qujzæ f olcl cg rgojijs`gi`jf qug gs ouy hrg`ugitg gi gi`ugitrls sl`jfbgs y `gbgkrf`jði. Slcf kgkjcf qug `litginf fbnuif `fitjcfc cg gtfilb gs `lisjcgrfcf kgkjcf fb`laðbj`f. Bfs kgkjcfs qug fkfr`f gstg nrupl sli ou`afs, g jitgitficl fnrupfrbfs, fbnuifs cg gbbfs sli= bls vjils, `grvgzfs, bj`lrgs, fnufrcjgitgs,, wajsdjgs, gt`. fnufrcjgitgs Pgnýi bf Lrnfijzf`jði Ouicjfb cgb Surjsol, gb turjsol `loprgicg bfs f`tjvjcfcgs qug rgfbjzfi bfs pgrslifs curfitg sus vjfmgs y gstfi`jfs gi bunfrgs cjstjitls fb cg su gitlril afkjtufb, plr ui pgrïlcl `lisg`utjvl jihgrjlr f ui föl y ofylr f ui cïf, `li hjigs cg l`jl, plr ignl`jls l plr ltrls oltjvls qug pugcgi sgr gb cg `lil`gr iugvls bunfrgs y fokjgitgs cjhgrgitgs fb rgnubfr, su ngitg sus `lstuokrgs sus fbjogitls y kgkjcfs, plr gbbl sg af cg`jcjcl af`gr gstg gstucjl cg ogr`fcl yf qug Olitg`rjstj gs uif `jucfc turïstj`f y gs vjsjtfcf plr pgrslifs cg cjhgrgitgs pfrtgs cgb ouicl plr cjhgrgitgs rfzligs tfitl cg pbf`gr `lol ignl`jls.

 

FISG@GCGISGP NGLN[FHJ@LP

@llrcgifcfs

 

6µ5;※55‰P 15µ0:※55‰L@llrcgifcfs @llrcgifcfs==

6µ5;※55‰P 15µ0:※55‰L  15µ0:※55‰L  (ofpf ofpf)) @fkg`grf

Olitg`rjstj

`fitlifb  Jcjlof lhj`jfb    Gspfölb Gitjcfc 

 

@fitði  

  • Ufïs

G`ufclr 

  • Urlvji`jf

 

Ofifkï

  • @fkg`grf

 

Olitg`rjstj

 Fb`fbcg

 

^fsajintli Frtgfnf Gvgitls ajstðrj`ls

 • Huicf`jði   ;7 cg muijl cg 61;3 (6:7 f föls) öls) Pupgrhj`jg  • Sltfb 

 

>03 do»  Fbtjtuc  

• Ogcjf

 

;;; o s. i. o.

 • Oæxjof

 

330 o s. i. o.

 • Oïijof

 

5 o s. i. o.

@bjof

 

cg ;5 f 35µ @ Ulkbf`jði   (;565) Ulkbf`jði

 

 • Sltfb 

 

>5 ;:3 afk.

Ngitjbj`jl

 

Olitg`rjstgisg.

  • Oligcf

 

Cðbfr gstfcluijcgisg

Ausl alrfrjl   WS@ WS@-7 -7 @ðcjnl

G@605:5;

 plstfb 

IFSW[FBG]F L SJUL CGB U[LZG@SL @li gb pfsfr cg bls föls y bls tjgopls tfi `fokjfitgs g jigstfkbgs gi bls qug vjvjols, gi `uæitl f fptjtuc sg rghjgrg, bfs goprgsfs cg aly gi cïf fpuitfi f ogmlrfr tlcf su gstru`turf fcojijstrftjvf, prlcu`tjvf y `logr`jfb, il slbl cgpgicjgicl cg bf tg`ilblnïf qug fvfizf `li pfsls njnfitgs`ls, njnfitgs`ls, sjil cg ui `lil`jojgitl sðbjcl cgb ogr`fcl cg `lkgrturf qug `rg`g `fcf cïf, gb ojsol qug sg gi`ugitrf ftgicjcl plr bf lhgrtf cg ou`afs goprgsfs cjstrjkujclrfs, sgfi êstfs nrficgs l pgqugöfs.

Bl qug sg pbfitgf prji`jpfbogitg `li gstg prlyg`tl gs gstfkbg`gr ui ‒Ubfi cg ignl`jls pfrf bf `rgf`jði cg uif goprgsf cgcj`fcf f bf vgitf l `logr`jfbjzf`jði cg sfinrïfs gbfklrfcfs gi bf `ujcfc cg Olitg`rjstj pfrf pfrtj`jpfr gi gb ogr`fcl bl`fb cg  kgkjcfs fb`laðbj`fs, fb`laðbj`fs, kus`f kus`ficl icl tgigr ui jop jopf`tl f`tl jnufb l `gr` `gr`fil fil f bfs kgkjcfs kgkjcfs fb`laðbj`fs qug sg cjstrjkuygi cgitrl cg bf `ujcfc, sji cgs`ujcfr gb ofrdgtjin y bf ig`gsjcfc cg bls `lisuojclrgs y uif kugif `fbjcfc cgb prlcu`tl. Gstg gstucjl kus`f cgtgrojifr bfs ig`gsjcfcgs cgb `lisuojclr, y blnrfr su oæxjof sftjshf``jði f bf alrf cg fcqujrjr gb prlcu`tl, fcgoæs cg cgtgrojifr qujêigs sli bfs `lopgtgi`jfs y `uæbgs sli bls prg`jls oæs f``gsjkbgs qug blnrgi kgighj`jfr fb `lisuojclr y fb hfkrj`fitg.

 

LKMGSJXLP Z MWPSJHJ@F@JÐI CGB U[LKBGOF LKMGSJXL NGIG[FB 

Cgtgrojifr bf vjfkjbjcfc `logr`jfb f trfvês cg ui gstucjl cg ogr`fcl

LKMGSJXL GPUG@JHJ@L 

[gfbjzfr ui gstucjl cg ogr`fcl pfrf fifbjzfr bf lhgrtf y bf cgoficf qug tgicrïf prlcu`tl.



@lil`gr gb ijvgb cg f`gptf`jði cg bf sfinrïf.



Cgtgrojifr bfs gstrftgnjfs cg `logr`jfbjzf`jði y prg`jls cgb prlcu`tl.



[gfbjzfr gi`ugstfs f uif ougstrf cg bf plkbf`jði cg bf `jucfc cg Olitg`rjstj

MWPSJHJ@F@JÐI Gb prlyg`tl sg gi`fojifræ gi gb prl`gsl cg ngigrfr vfblr fnrgnfcl fb  prlcu`tl, gs cg`jr cg`jr krjicfr `fbjcfc `fbjcfc,, `fitjcfc y prg`jl mustl y f``gs f``gsjkbg jkbg fb `lisuojclr, `lisuojclr, bl `ufb `lrrlklrf bf prlpugstf g`liðoj`f g`liðoj`f cgb hlrtfbg`jojgitl y `lihjfizf qug tjgigi bls `bjgitgs af`jf su prlvggclr, sjgicl bf ofigrf oæs hrg`ugitg qug uif lrnfijzf`jði  pgrofigitg gi gi gb ogr`fcl.

CGHJIJ@JLI CGB U[LCW@SL Gb prlcu`tl qug sg vf f lhrg`gr gs uif sfinrïf yf prgpfrfcf, utjbjzficl vjil `lol oftgrjf prjof y hrutfs h rutfs cg cjhgrgitgs tjpls `lol4 hrgzfs, hr gzfs, curfzil l ogbl`ltði, bjoði y ifrfimf gi rlcfmfs, r lcfmfs, ofizfif. Bfs `fitjcfcgs sg prgsgitfrfi cgtfbbfc cgtfbbfcfs fs f `litjiuf`jði.

Urgsgitf`jði= Pgræi ; prgsgitf`jligs uif cg >75 ob y 6B fokfs gi  prgsgitf`jligs  prgsgitf`jli gs gokf`gs cg vjcrjl, gstfs tgi tgicræi cræi gb `litgijcl bjqujcl y gb `litgijcl `litgijcl gi hrutfs rgspg`tjvfogitg. Pgræi ogcjf tfzf gqujvfbgitg f 655nr cg hrutfs h rutfs gi bf

 

 prgsgitf`jði cg cg >75ob y ¹ cg tfzf pfrf bf pprgsgitf`jði rgsgitf`jði cg 66B B qug gqujvfbcrïfi gqujvfbcrïfi f 675nr cg hrutf pj`fcf.

Urg`jls= gb prg`jl gstjofcl cgb prlcu`tl cg f`ugrcl f bf `fitjcfc sgrjf cg= Givfsg cg >75ob f $1 Givfsg cg 6B f $65 @li gstl sg pbfitgf tgigr uif lhgrtf cg 0 kltgbbfs cg >75 ob f $;5 y bf cg 6B f $;7 bfs 0 kltgbbfs rgspg`tjvfogitg, `li gb fhæi cg qug gb `bjgitg sg oltjvg f `lisuojr  oæs, sj gb prlcu`tl gs cg su tltfb fnrfcl y `lopbf`g sus gxpg`tftjvfs.

UF[F U[GUF[F[ PFIN[ÏF PÐBL IG@GPJSFP FBNWILP JIPWOLP OWZ HÆ@JBGP CG LKSGIG[. Jinrgcjgitgs pfrf sfinrïf=     

6 Kltgbbf cg vjil tjitl (cg prghgrgi`jf @fkgrigt Pfuvjnili) gb vjil sgræ cgpgicjgicll cg bf gxjngi`jf cgb `lisuojclr, tjitl, kbfi`l l rlsfcl. cgpgicjgic 6 rghrgs`l cg bjoði l slcf) 6 vfsl cg fbnýi ltrl bj`lr (krficy, `löf`, wajsdgy, tgqujbf) Hrutfs pj`fcfs gsl cgpgicg cgb nustl qug sg bg qujgrf cfr. Fzý`fr (3 `u`afrfcfs) `u`afrfcfs)

Urgpfrf`jði 6. Pgrv Pgrvjr jr gb vjil vjil,, gb bj`lr y gb rg rghrgs` hrgs`ll gi uif mf mfrrf rrf l ui klwb klwb pfrf pli`a pli`ag, g,  pfrf ofitgigr ofitgigr gb nfs cgb rghrgs`l qqug ug gstæs utjbjzficl, utjbjzficl, sg `lbl`f `lbl`f prjogrl gi bf mfrrf y cgspuês fnrgnf bgitfogitg bls bj`lrgs. ;. Cgsp Cgspuês uês fn fnrgnf rgnf ui pl`l pl`l cg ffzý`f zý`frr sg rg`lo rg`lojgic jgicff 3 `u`afrfs `u`afrfs plr `fcf `fcf bjtrl cg vjil tjitl. 0. Fb ýbtjo ýbtjoll sðbl cgk cgkgs gs fnrg fnrgnfr nfr bfs hr hrutfs utfs hrg hrgs`fs s`fs y sj sj fsï bl cg cgsgfs sgfs l gs gs ig`gsfrjl y cgspuês sg prl`gcg f vgrtgr gi gb givfsg qug sg vf f usfr.

 

GPSWCJL CGB OG[@FCL NGIG[FBJCFCGP CGB GPSWCJL CG OG[@FCL Ufrf cghjijr bf vjfkjbjcfc cgb prlyg`tl ‒Gbfklrf`jði Cg Pfinrïf Gi Bf @ujcfc Cg Olitg`rjstj‟ sg cgkg tgigr `lil`jojgitl cgb ogr`fcl y gb fokjgitg gi gb qug sg vf f cgsgivlbvgr l cjstrjkujr gb prlcu`tl. Gs ouy joplrtfitg gb gstucjl cg ogr`fcl yf qug gstg ils jicj`fræ sj gb prlcu`tl tgicræ bf f`gptf`jði gspgrfcf gi gb ogr`fcl4 fifbjzfr bf `lopgtgi`jf, gspg`jhj`fr gb prg`jl y `lopfrfrbl, gstfkbg`gr bf lhgrtf y cgoficf.

JIXGPSJNF@JLI CG OG[@FCL Gb gstucjl qug sg vf f rgfbjzfr cgtgrojifrf gb ogr`fcl pfrf bf `logr`jfbjzf`jði cg gstf kgkjcf, `li bf hjifbjcfc cg gstfkbg`gr gb ij`al cgb ogr`fcl fb `ufb gstæ cjrjnjcl gb prlcu`tl, fpbj`ficl tê`ij`fs qug sg jræi cghjijgicl pl`l f  pl`l. 

Pg cghjijræ y fifbjzfrf fifbjzfrf bf cgoficf cg kgkjcfs fb` fb`laðbj`fs. laðbj`fs.



Gstjofr uif prlyg``jði cg lhgrtf y cgoficf.



[gfbjzfr gi`ugstfs cjrjnjcfs f bls `loprfcls cgb prlcu`tl.



Pg cghjijræ bf oftgrjf prjof f usfr pfrf bf gbfklrf`jði cgb prlcu`tl.



Fifbjzfr bf `lopgtgi`jf cgb ogr`fcl (sus prg`jls)



Pg cghjijræ bf pukbj`jcfc fcg`ufcf pfrf bfs gstrftgnjfs cg vgitfs. Bf sfinrïf gs ui prlcu`tl qug, cgitrl cg bls ýbtjols föls gi bf `jucfc cg

Olitg`rjstj, su `lisuol af fuogitfcl iltfkbgogitg, gi kfrjls gstfkbg`jojgitls cg bf `jucfc yf sg gi`ugitrf `lol pfrtg cgb ogiý, gi rguijligs hfojbjfrgs gs jihfbtfkbg, gi hjgstfs y gi `ufbqujgr `gbgkrf`jði qug sg prgsgitg bf sfinrïf gs uif cg bfs kgkjcfs  prjolrcjfbgs f `lisjcgrfr, sg af `rgfcl ui `lisuol `listfitg gitrg bls mðvgigs y fcubtl fcu btls. s. Gs uif nrf nrfii lpl lplrtu rtuijc ijcfc fc pfrf pfrf `li `lisg sgnuj nujrr gb prltfn prltfnlij lijsol sol qug ig`gsj ig`gsjtf tf f`tufbogitg gstg prlcu`tl.

 

Fb sgr uif kgkjcf rghrgs`fitg bf `ufb gs `lisuojcf gi l`fsjligs `lol rguijligs gitrg hfojbjfrgs y fojnls, fsfcls, hjgstf y cgoæs sg af pgisfcl `rgfr trgs cjhgrgitgs tjpls cg sfinrïf pfrf sftjshf`gr f bls `lisuojclrgs   

Pfinrïf vjil tjitl Pfinrïf vjil kbfi`l Pfinrïf vjil rlsfcl

Gbgnjr gstls trgs tjpls cg vjil hug `li gb prlpðsjtl cg `ukrjr bls cjhgrgitgs nustls y prghgrgi`jfs cgb ogr`fcl, plr gsl sg gbjnjð ui vjil hugrtg, ui vjil ogcjl y uil qug `litjgig kfml nrfcl cg fb`lalb. Gstl ils fyucf f `ukrjr oæs bfs ig`gsjcfcgs cg bls `lisuojclrgs y gstfr plr cgbfitg cg bl qug pugcf rgfbjzfr bf `lopgtgi`jf Ou`afs vg`gs ils pfsf qug f bf alrf cg gbgnjr ui vjil il sfkgols jcgitjhj`fr  `uæb gs bf cjhgrgi`jf gitrg bls vjils tjitl, kbfi`l y rlsfcl, ils cgmfols bbgvfr plr bf jofngi y plr bfs gxpgrjgi`jfs cg fojnls qug `listfitgogitg `lisuogi `jgrtl vjil. Ugrl gi l`fsjligs `lisuojols vjils qug il sli f`lrcg f iugstrl pfbfcfr, plr gsl tg olstrfols bf cjhgrgi`jf cg sfklr y prl`gsl cg prlcu``jði cg gstls trgs tjpls cg vjils. Gb vjil tjitl gs uil cg bls oæs plpubfrgs, su prl`gsl cg prlcu``jði vfrïf cgscg gb olstl (munl gxprjojcl cg bf uvf) qug gs tjitl (cg `lblr rlmjzl afstf  purpurf), su hgrogitf`jði gstæ gi `litf`tl `li bls gbgogitls sðbjcls cg bfs pgpjtfs, albbgmls (pjgb). Wif cg bfs cjhgrgi`jfs cg gstg vjil, gs qug sugbg hgrogitfrsg f uif tgopgrfturf cg ;7½@, cgkjcl f qug sg bg gxtrfg gb oæxjol `lblr plsjkbg f bf uvf. Bfs hfsgs cg prlcu``jði cg gstg vjil gs gb cgspfbjbbfcl cg bf uvf (f``jði qug `lisjstg gi sgpfrfr gb rf`jol cg bls nrfils cg bf uvf), hgrogitf`jði fb`laðbj`f y ofblbæ`tj`f (prl`gsl clicg pgrojtg cgtgrojifr gb frlof y gvlbu`jði cgb kluqugt).

 

Gb prl`gsl qug `libbgvf rgfbjzfr gb vjil kbfi`l gs `fsj sjojbfr cgb vjil tjitl, bf cjhgrgi`jf gs cgscg bf uvf- gs `lblr kbfi`f- sg sgpfrf bf pjgb y sg hgrogitf ýij`fogitg gb olstl. Bf tgopgrfturf cg hgrogitf`jði vfrïf gitrg bls 60½@ f 67½@. Pu `ugrpl l vlbuogi vf cgpgicgr cg bf kfrrj`f cg rlkbg, gstf bg pgrojtg tgigr sgclsjcfc, frlof y sgisf`jligs qug bg prlplr`jlif bf ofcgrf. Gb vjil rlsfcl sg gbfklrf `li cjstjitls tjitls, cgkjcl f qug curfitg gb prl`gsl cg of`grf`jði cgb munl sg ofitjgig ofylr `litf`tl `li bf pjgb y sg cgmf ofylr  tjgopl, pfrf qug bf tlifbjcfc sg `livjgrtf gi rlsfcl. Gstfs uvfs sg `lsg`afi `li ui nrfcl cg ofcurgz ogilr, `lopfrfcfs `li bfs cgb vjil tjitl.

OG[@FCL LKMGSJXL Cg f`ugrcl f bf ifturfbgzf cgb prlcu`tl, sg gihl`fræ gi bfs hfojbjfs y mðvgigs qug nustgi cg kgkjcfs fb`laðbj`fs pfrf pfsfr gb ologitl l gi cjhgrgitgs tjpls cg rguijligs y gvgitls. @uficl sg rgfbjzfr uif rguijði hfojbjfr, hjgstfs, fsfcls l ologitls `fsufbgs iui`f pugcgi hfbtfr uif kgkjcf fb`laðbj`f, gstl cgpgicg cgb nrupl hfojbjfr l cg fojnls, pugcg pfsfr cgscg uif `grvgzf l kgkjcfs frtgsfifbgs, bf sfinrïf plr ltrf  pfrtgs gs uif kgkjcf qug ssgg pugcg f` f`lopföfr lopföfr gi olog ologitls itls fogil, gstl gstl cgpgicgræ tfokjêi cgb pfbfcfr cg bfs pgrslifs. Bfs `frf`tgrïstj`fs `ubturfbgs, sl`jfbgs, pgrslifbgs y psj`lbðnj`fs jihbuygi ou`al gi bfs fcqujsj`jligs cgb `lisuojclr. Gi kfsg fb `li`gptl fitgrjlr sg pugcg ogi`jlifr bfs sjnujgitgs `frf`tgrïstj`fs qug jihbuygi gi bf fcqujsj`jði cgb `lisuojclr= Fspg`tls `ubturfbgs4 fspg`tls sl`jfbgs4 fspg`tls pgrslifbgs.

 

Bls fspg`tls `ubturfbgs sli bfs `frf`tgrïstj`fs qug gmgr`gi bf jihbugi`jf oæs fopbjf y prlhuicf slkrg gb `loplrtfojgitl cgb `bjgitg. Êstfs sli= 

@ubturf



@bfsg sl`jfb



@rggi`jfs



@lstuokrg

Bls fspg`tls sl`jfbgs gi gb `loplrtfojgitl cgb `lisuojclr rgpgr`utgi fsjojsol hf`tlrgs qug tjgigi qug vgr `li bls nrupls sl`jfbgs cg qug sg rlcgf, gitrg gbbls= 

Nrupls cg rghgrgi`jf



Hfojbjf



Gstftus

Bls fspg`tls pgrslifbgs gi bfs cg`jsjligs cg ui `loprfclr jihbuygi bfs `frf`tgrïstj`fs gxtgrifs, slkrg tlcl= 

Gcfc y gtfpf cgb `j`bl cg vjcf



L`upf`jði



@jr`uistfi`jfs g`liðoj`fs



Gsbl cg vjcf



Ugrslifbjcfc

SFOFÖL WIJXG[PL SFOFÖL CG BF OWGPS[F ULKBF@JÐI Z OWGPS[F   Ufrf rgfbjzfr bf ji jivgstjnf`jði vgstjnf`jði cg ogr`fcl, `lol yf sg ogi`jlið sg af tlofcl `lol kfsg bf `jucfc cg Olitg`rjstj. Cg f`ugrcl f bfs prlyg``jligs qug gxjstgi pfrf gb föl ;5;5 sg tgicrïf uif  plkbf`jði ofylr ofylr cg gcfc cg 771.>77 1.>77 afkjtfi afkjtfitgs tgs gi bf `ujcf `ujcfcc cg Olitg`rjstj, gi gstg `fsl sj af tlofcl ui ijvgb cg `lihjfizf cgb :7% `li ui ofrngi cg grrlr cgb 7%, gstfs gitrgvjstfs slbl aj`jgrli f pgrslifs ofylrgs cg gcfc (961 föls) plr gicg bf ougstrf gs bjojtfcf.

 

Ufrf cgtgrojifr bf ougstrf sg cgkg fpbj`fr bf sjnujgitg hlroubf= ‒gstf hlroubf sg `lisjcgrf yf qug iugstrf plkbf`jði gs 2655555‟ i?

 z

;

 p∞q∞ I 

∞

;

g ( I ∛6 ) + z

;

 p∞q

∞

Slofols gi `ugitf bfs sjnujgitgs `lisjcgrf`jligs=  I? plkbf`jði (71>77 afkjtfitgs) afkjtfitgs)  I?ougstrf U? ijvgb ijvgb cg `lihjfizf (:7%) q? ofrngi cg grrlr (7%) ]?ijvgb cg `lihjfizf qug gstg vfblr sg gi`ugitrf gi tfkbf ( 6.:8) g? ofrngi cg grrlr

i?

;

6.:8 ∞5.7∞5.7∞71>77

 

;

(

)

;

?016.8> ? ¼ 9 01;

5.57 71>77 ∛6 + 6.:8 ∞5.7∞5.7

@li gstg `fb`ubl plcgols cfrils `ugitfs qug sg tjgigi qug af`gr 01; gi`ugstfs pfrf  plcgr lktgigr lktgigr `rjtgrjls cg `li`bu `li`busjði sjði `li rgspg`tl rgspg`tl f bfs prgnuitf prgnuitfss qug sg vfi f  pbfitgfr.

Olcgbl Cg Bf Gi`ugstf Bls lkmgtjvls prlpugstls fb rgfbjzfr bf gi`ugstf sli= 

Ugrslif qug rgfbjzf bf `loprf cg prlcu`tls.



Hf`tlr cg cg`jsjði cg `loprf.



Urghgrgi`jf cg sfklrgs.

 

Gi`ugstf GPSWCJL CG U[G HF@SJKJBJCFC UF[F BF GBFKL[F@JÐI CG PFIN[ÏF GI BF @WJCFC CG OLISG@[JPSJ ¼Wstgc af `lisuojcl fbnuif vgz sfinrïf< l l

Pj Il

¼Gstfrïf jitgrgsfcl gi `lisuojr sfinrïf< l l l

Pj Il Sfbvgz

¼Vuê gcfc tjgig< l l l l

61-;5 ;6-;7 ;8-05 Ofylr cg 07

@ufb sgrjf su prghgrgi`jf gi `ufitl f sfklrgs gi bf sfinrïf l l l l

Hugrtg F`jcl Cub`g Ogcjl ( gitrg cub`g y f`jcl )

¼Gi quê gvgitls usufbogitg `lisuojrïf l `lisuog sfinrïf< l l l l

[guijligs hfojbjfrgs Hjgstfs Fsfcls Ologitl `fsufb

Sgijgicl gi `ugitf qug bf sfinrïf bbgvf hrutfs pj`fcfs4 ¼Vuê `lokjif`jði bg pfrg`g ofs ftrf`tjvf< l l l

Hrgsf, Ofizfif y @figbf Hrgsf, `grgzf y Curfzil Hrgsf, Ifrfimf y Ofizfif

 

¼quê prgsgitf`jði bg pfrg`g oæs ftrf`tjvf< l l

>75 ob y 6 B gi vjcrjl >75 ob y 6 B gi pbæs`l

@ufitl gstfrïf cjspugstl f pfnfr plr gstg prlcu`tl l l

Gitrg $1 y $65 Gitrg $6; y $67

FIÆBJPJP CG BF GI@WGPSF U[GNWISF 6

Cgb tltfb cg gi`ugstfcls, gi`ugstfcls, gb >8.7% (0;1 ougstrfs) fhjrol qug sj af tlofcl sfinrïf, ojgitrfs ojgitrfs qug gb ;0.7% ( 656 ougstrfs ) ignfrli aafkgr fkgr tlofcl sfinrïf, bl qug ils af`g gitgicgr qug gxjstg uif f`gptf`jði cg gstf kgkjcf.

 

U[GNWISF ;

Bf prgnuitf cls gstf bjnfcf `li bfs pgrslifs qug cjmgrli qug il afkïfi tlofcf sfinrïf, sg pugcg pugcg lksgrvfr qug gb 88.0 88.0% % sj f`gptfrïf `lisuojr fui fuiqug qug su rgspugstf hugrf ignftjvf muitl fb ;>.>% qug cjml qug tfb vgz, plr ltrf pfrtg gb 7.:% qug slbl rgprgsgitfi 8 gi`ugstfi cjmgrli qug il kgkgrïfi ‒ gstf plkbf`jði gstf  kfsfcf gi 656 ougstrfs bls `ufbgs cjmgrli qug qug IL afkïfi ``lisuojcl lisuojcl sfinrïf‟ sfinrïf‟

U[GNWISF 0

Gi gstf prgnuitf plcgols fifbjzfr qug gi gb rfinl cg gcfc cg ;8-05 föls tgigols gb 35.;% y gb ofylr `lol plcgols fprg`jfr, gb 06.;% gi gcfc cg ;6-;7 föls ,6>.>% bls ofylrgs f 07 y plr ubtjol gb pukbj`l mlvgi cg 61 f ;5 föls `li ui 65.:%. plcgols hjmfrils qug tjgig kugif f`gptf`jði gi gcfcgs mðvgigs gi ui rfinl cg ;6 f 05 föls.

 

U[GNWISF 3

Gi gstg puitl plcgols hjmfrils qug bfs 0 lp`jligs tjgigi ui ijvgb `fsj sjojbfr   pgrl bf cg ofylr ofylr f`gptf`jði l prghgrgi`jf gitrg bf ougstrf gi`ugstfcf gi`ugstfcf hug ui sfklr sfklr cub`g `li ui 08.;% ojgitrfs qug gb sfklr f`jcl tuvl ui 00.8% y plr ýbtjol ui sfklr  ogcjl `li 05.0%. Pg plcrïf cghjijr qug gb pukbj`l gi ngigrfb prghjgrg ui sfklr cub`g.

U[GNWISF 7

Gi gstf prgnuitf sg plcïfi gs`lngr kfrjfs lp`jligs, `lol plcgols iltfr gi bfs rguijligs hfojbjfrgs sg lktuvl ui 18.7%, hjgstf h jgstf ui 30.>%, fsfcls 88.>% y ologitls `fsufbgs ui 37.;%. Gi gstg nrfhj`l sg pugcg iltfr qug cgstf`f bfs rguijligs hfojbjfrgs y fsfcls, plcrïfols `lisjcgrfr qug gi gstfs cls f`tjvjcfcgs gxjstg uif nrfi plsjkjbjcfc cg qug sg `lisuof sfinrïf, sji cgmfr fui bfcl bfs hjgstfs y

 

ologitls `fsufbgs qug tfokjêi prgsgitfi uif nrfi f`gptf`jði y plsjkjbjcfc cg `lisuojr.

U[GNWISF 8

 Gi gstf prgnuitf sg plcïfi gs`lngr kfrjfs lp`jligs, `lol iltfols bf  prghgrgi`jf cg `lokjif`jði `lokjif`jði cg hrutfs hrutfs rg`fg gi Hrgsfs, Hrgsfs, Ifrfimf Z Ofizfif `li ;75  puitls, Hgsfs, Hgsfs, @grgzf Z Cu Curfzil rfzil gi sgn sgnuicl uicl bunfr f su sungrjr ngrjr `li 6:: pui puitls tls y plr ubtjol sg tjgig Hrgsf, Ofizfif y @figbf `li 6>; puitls. Ulcgols iltfr qug bf 0 lp`jði gs bf ofs prghgrjcf gi gb pukbj`f gi`ugstfcl.

 

U[GNWISF >

Gstf prgnuitf gs hæ`jb cg fifbjzfr tgigols ui :1.0% cg f`gptf`jði gi bls givfsgs cg vjcrjl gi ogcjcfs cg >75 ob y 6 B, gi tlcl `fsl bfs kgkjcfs fb`laðbj`fs sg sugbgi prgsgrvfr cg ogmlr ofigrf gi givfsgs cg vjcrjl.

U[GNWISF 1

Gb pukbj`l f`gptf pfnfr ui vfblr cg $1 y $65, iltfols qug tjgig uif nrfi f`gptf`jði

 

CGSG[OJIF@JLI CG BF CGOFICF CGB U[LZG@SL Uf Ufrf rf `fb` `fb`ub ubfr fr bf cgof cgofic icff qug qug prgt prgtgi gicg cg `ukr `ukrjr jr gb pr prly lyg` g`tl tl sg af tl tlof ofcl cl gi `lisjcgrf`jðii bls sjnujgitgs gbgogitls pfrf gb gstucjl. `lisjcgrf`jð -

Urg`jl= Gs cg huicfogitfb jitgrês gb fiæbjsjs cgb kjgi qug sg vf f ji`bujr fb

ogr`fcl, tgijgicl gi `lisjcgrf`jði gb prg`jl gi gb qug sgræ vgicjcl, bf `lopgtgi`jf y bls prlcu`tls cg sjojbfrgs `frf`tgrïstj`fs. -

Pfbfrjl= Gi bl qug `li`jgrig f bls cftls lktgijcls gi bf pænjif cgb Ojijstgrjl

cg Srfkfml, gb PKW $   355 cðbfrgs. Bl qug sjnijhj`f qug bfs hfojbjfs sj plcræi fcqujrjr gb prlcu`tl sji ijinýi ji`livgijgitg.

CGSG[OJIF@JLI CG BF CGOFICF LKMGSJXF Bf hrfnogitf`jði cg bf cgoficf qug sg tloð gi `ugitf bf prlyg``jði cg bf  plkbf`jði cg bf `jucfc cg Olitg`rjstj , sgnýi gb Jistjtutl If`jlifb cg Gstfcïstj`f y @gisls pfrf gb föl ;5;5 gs cg 71>77 pgrslifs ofylrgs cg gcfc qug sli bfs `ufbgs bgnfbogitg plcrïfi `loprfr gb prlcu`tl. Gi `li`busjði, `li bls cftls lktgijcls sg pugcg cgtgrojifr bf cgoficf  pltgi`jfb cg bf suoftlrjf cg bfs pgrslifs qug gstfrïfi jitgrgsfcfs gi `lisuojr  sfinrïf gi bf @ujcfc cg Olitg`rjstj Sloficl gi `ugitf qug bf ougstrf gs cg 71>77 `li uif `fitjcfc cg 3;: gi`ugstfs  pfrf plcgr tgigr tgigr jcgf cg `lol sgrjf gb ogr`fcl ogr`fcl,, 3;0 pgrslifs gi`ugstfcfs gi`ugstfcfs f`gptfrli gb prlcu`tlr gsl ils cf ui :1.85% cg f`gptf`jði gi gi`ugstfs sg plcrïf cg`jr qug gs ui % qug ils `livjgig yf qug sg gstæ f`gptficl `fsj su tltfbjcfc gi `ugitl f

 

`lisuol, qug gb rgstfitg qug gqujvfbg fb 6,35% sg plcrïf cg`jr qug sli pgrslifs qug il `lisuogi kgkjcfs fb`laðbj`fs.

@LI@BWPJLI CGB GPSWCJL CG OG[@FCL Cg f`ugrcl f bls cftls lktgijcls gi bf gi`ugstf sg lksgrvf qug sj tgicræ  plsj`jði gi gb ogr`fcl, gb `ufb gstfrïf cjspugstl f `loprfr bf sfinrïf, plr bl tfitl sg  pugcg tgigr tgigr bf jij`jftjvf hfvlrfkbg ppfrf frf bf `rgf`jði cg bf ojsof. Gi bl qug `lrrgsplicg f bf `li`busjði cg bf gi`ugstf gi ngigrfb, jicj`f qug sj gxjstg ogr`fcl pfrf gstg iugvl prlcu`tl yf qug bfs gi`ugstfs cjgrli ui iuogrl hfvlrfkbg pfrf tgigr uif jij`jftjvf l plcgr af`grbf y frrjgsnfrsg fb ogr`fcl.