Fase 4 - Planeación Financiera
July 28, 2022 | Author: Anonymous | Category: N/A
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Haso = - Mjacl÷stg` hlalgjor` Obak`ram` p`r9
Zuby Almroa Horrojra Gobjs Walmra Bugäa Wuároz Wuároz
]u`r9 DA[]NA B_GJA [@IAW Gurs`9 15855>P=
_ljvorsjmam Lagj`lab Akjora y a Mjsalgja (_LAM) UBALOAGJ×L HJLALGJO[A ;5;5
ODU[OWA MO ]OBOG@D_LJGAGJ@LOW ]OBOG@D_LJGAGJ@LOW MO K@C@]Á W.A. O. W.U Z W_KWJMJ OW]AM@W HJLALGJO[@W
AG]JX@ G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s
;51>
;513
=3:,73?,>1; ;=7,1:>,53; ;?,7=3,3==
;??,3:=,53: ;7;,837,13: 7>,:15,?5>
Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta @tr`s Agtjv`s ]@]AB AG]JX@ G@[[JOL]O L@ G@[[JOL]O Ur`pjomam, Ubalta y Oqujp` Guoltas p`r G`krar G`dorgjabos Grêmjt` Hjlalgjor` Agtjv`s Jltacjkbos Jlvorsj`los ol As`gjamas Agtjv`s p`r Jdpuost`s Mjhorjm`s
:>3,>1> ;;,=:;,:5> 1;?,::1,;1: >:3,7:7,?37
?,?71,?33 ;:,?3>,7?3 18>,?18,831 371,55=,731
;,1>?,?>?,1=> 17,5=?,875 1>,?8:,=3: 7>?,153,717 7,:::,=:1 =:?,1::,83;
;,733,7=>,=;5 1=,5:=,>7> ;1,:58,831 =;7,3;8,1;: 7,:::,=:1 ?3:,;7;,:1:
@tr`s Agtjv`s ]@]AB AG]JX@ L@ G@[[JOL]O ]@]AB AG]JX@W UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros Guoltas p`r Uacar Kolohjgj` a Odpboam`s Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s ]@]AB UAWJX@ G@[[JOL]OW UAWJX@W L@ G@[[JOL]OW K`l`s Odjtjm`s Kolohjgj` a Odpboam`s Guoltas p`r Uacar Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s ]@]AB UAWJX@W L@ G@[[JOL]OW ]@]AB UAWJX@W UA][JD@LJ@ MO B@W AGGJ@LJW]AW Gapjtab W`gjab Urjda ol G`b`gaggj÷l mo Aggj`los [osorvas
;,:>?,:1> 7,15=,=:;,8?1 =,551,>>8,;;=
7,181,:>1 7,=;7,=35,==: =,1?=,=3=,>;5
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7 1;1,;==,8?5 ?::,17:,:>;
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538,:=: >7,1;1,7?: ?3?,7:?,=>8
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1,:;=,=1: ;8;,=31,=88 1,?35,=?1,5;7
1,:;=,=1: ;8;,=31,=88 1,?35,=?1,5;7
Am`pgj÷l p`r Urjdora voz Uormjmas Agudubamas Uormjma Lota mob Oiorgjgj` @tr` [osubtam` Jltocrab Uatrjd`lj` Atrjkujkbo a Ur`pjotarj`s G`ltr`bam`ra Uartjgjpagj`los l` G`ltr`bam`ras ]@]AB UA][JD@LJ@ AGGJ@LJW]AW ]@]AB UAWJX@W Z UA][JD@LJ@ AGGJ@LJW]AW
>?1,=?=,>?5 (>?1,: (>?1,:;7,7: ;7,7:5) 5) 378,:13 87,3:3,>8; 1,>:>,:17,1=3 =,=?5,:8? 1,:57,78=,11;
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=,551,>>8,>?=
=,1?=,=3=,>;5
[JAW
;518
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ODU[OWA MO ]OBOG@D_LJGAGJ@LOW ]OBOG@D_LJGAGJ@LOW MO K@C@]Á W.A. O. MJACL@W]JG@ MO BA ODU[OWA WOCÙL OW]AM@W HJ
AG]JX@
;518
ALABJWJW XO[]JGAB ;518
;513
G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta @tr`s Agtjv`s ]@]AB AG]JX@ G@[[JOL]O L@ G@[[JOL]O Ur`pjomam, Ubalta y Oqujp` Guoltas p`r G`krar G`dorgjabos Grêmjt` Hjlalgjor` Agtjv`s Jltacjkbos Jlvorsj`los ol As`gjamas Agtjv`s p`r Jdpuost`s Mjhorjm`s
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8.=;% >.38% 5.1?% 5.;1% 5.;=% 1?. ?.33:%
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85.7?% 5.=:% 5.85% 15.?=% 5.5:% 1;.5?%
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@tr`s Agtjv`s ]@]AB AG]JX@ L@ G@[[JOL]O ]@]AB AG]JX@W
7,7>7,;>1 7,88 7,88;, ;,78 78=, =,11?5 =,7= =,7=>, >,:? :?5, 5,:> :>;;
5.5>% >= >=.; .;1% 1% 1155 55.5 .55% 5%
7,181,:>1 7,=; ,=;7,=3 7,=35, 5,== ==:: =, =,1? 1?=, =,=3 =3=, =,>; >;55
UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros Guoltas p`r Uacar Kolohjgj` a Odpboam`s Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s
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1.;3% 8.=:% 1;.?;% ;.=8% 1.>;% 5.1:%
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538,:=:
15;,31?,388 8>;, 8>;,>5 >588,171 ,171
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;;.8;% 17.8=% 1;.?5% ?.=8% 1?.35% 5.:?% 35 35.> .>3% 3% 1155 55.5 .55% 5%
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UA][JD@LJ@ MO B@W AGGJ@LJW]AW Gapjtab W`gjab
1,:;=,=1:
5.15%
1,:;=,=1:
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Urjda ol G`b`gaggj÷l mo Aggj`los [osorvas Am`pgj÷l p`r Urjdora voz Uormjmas Agudubamas Uormjma Lota mob Oiorgjgj` @tr` [osubtam` Jltocrab Uatrjd`lj` Atrjkujkbo a Ur`pjotarj`s G`ltr`ba
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Uartjgjpagj`los l` G`ltr`bam`ras ]@]AB UA][JD@LJ@ AGGJ@LJW]AW ]@]AB UAWJX@W Z UA][JD@LJ@ AGGJ@LJW]AW
3,=>8,>>3 ;,55 ;,55=, =,:5 :5?, ?,>? >?55
5.73% 1155 55.5 .55% 5%
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ALABJWJW N@[JY@L]AB ;518-;513
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8.18% ?.85% 5.:=% 5.17% 5.31% =.58% 13.85%
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->.= -7>.: =>5.: -=5.8 5.5 1=:?.7 8.?
?3.;;% 5.7=% 5.?7% 15.;5% 5.15% 17.:=%
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?=.81% 5.77% 5.=8% :.8;% 5.15% 1;.73%
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5.5>% >;.=5% 155.55 .55%
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5.53% 33.?>% 155.55 .55%
(;;1,755) (;7>,>:7,351) (1:=,=38,18;)
-8.? -8.? -=.?
5.==% ?.>=% 3.8:% 7.71% 7.;:% 5.:;%
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7
5.?8% ?.85% >.3?% 7.5:% =.=:% 5.;>%
(1:,>18,?1;) (1>,77:,:75) (113,1:5,7;:) 1>,;17,887 7;,811,=35 18,35?,=55
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7.87% ;?.11%
1;1,;==,8?5 ?::,17:,:>;
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(1:,?:=,=53) (153,=15,8=?)
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;?.;8% :.37% 1:.=>% ?.5=% 11.?8% 5.7>% 31.=?% 155.55 .55%
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5.5 -1:.8 ;:.8 -5.> 15.; -;3.1 7.7 -;.;
5.15%
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(15,875,5;1) (;;8,;87,8:5) 38,;>?,=?> ;5,=1;,5?: (1=5,1:8,1:=)
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5.7;% 155.55 .55%
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5.;7% 155.55 .55%
(1,?:5,85;)
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=,551,>>8,>?=
ALABJWJW N@[JY@L]AB ;513-;51>
XA[JAGJ×L [OBA]JXA ;513- ;51>
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(138,587) (71>,:33,3:>) (1?;,?>>,?:8)
-?.8 -:.7 -7.3
1,35:,51> (18,7;1,???) 3,=13,;?7 (11,5?=,;3:) 1:,57?,=8= (1?,18=,8:8)
13.1 -1;.; =.; -1=.8 ;?.7 -31.:
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(1=:,:3>,;7;) 1?5,31?,1=: =5,:?7,=81 =1,8:5,73>
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JLC[OW@W @UO[AGJ@LABOW LO]@…………………………………
Jlcros`s @poragj`labos Agtjvjmamos @rmjlarjas …………………………… …………………………………. ……. Xoltas y prostagj÷l mo Worvjgj`s @tr`s jlcros`s @poragj`labos
Jlcros`s Lot`s
CAW]@W Z G@W]@W [OG_[[OL]OW
_tjbjmam altos mo Moprogjagj`los, Ad`rtjzagj`los y motorj`r` Moprogjagj`los Z Ad`rtjzagj`los Motorj`r` Z pr`vjsj`los Urovjsj`los mo g`ltjlcolgjas _tjbjmam (Uormjma) @poragj`lab Cast`s hjlalgjor`s lot`s Mjhorolgja ol Gadkj` lot` Uormjma altos mo Jdpuost`s Jdpuost` s`kro ba [olta y mjhorjm` Uormjma mob Oiorgjgj` @][@ [OW_B]AM@ JL]OC[AB9
Calalgja (Uêrmjma) agtuarjabos (Uêrmjma) Calalgja Jdpuost` Mjhorjm` (Uêrmjma) Calalgja mob vab`r lot` s`kro jlvorsj`los @tr` rosubtam` jltocrab [OW_B]AM@ JL]OC[AB MOB OIO[GJGJ@
[osubtam` mob añ` atrjkujkbo a 9 (Uêrmjma) utjbjmam lota mob añ` atrjkujkbo a partjgjpagj`los l` g`ltr`bam`ras (Uormjma) lota mob añ` atrjkujkbo a partjgjpagj÷l g`ltr`bam g`ltr`bam`ra `ra Uormjma mob Oiorgjgj` [osubtam` jltocrab mob añ` atrjkujkbo a9 _tjbjmam (Uêrmjma) jltocrab mob oiorgjgj` atrjkujkbo a partjgjpagj÷l g`ltr`bam`ra [OW_B]AM@ JL]OC[AB MOB OIO[GJGJ@ UO[MJMA LO]A U@[ AGGJ×L MO BA UA[]JGJUAGJ×L G@L][@BAM@[A
W.A. O. W.U Z W_KWJMJA[JAW M@W HJLALGJO[ HJLALGJO[@W @W C[AB ;518 $ $ $
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1,=:=,=7?,5=: $ 1,==:,7=;,1:3 $ =?,5:;,>?; $
;15>
1,?5:,335,=>> $ 1,=8>,5;?,>>8 $ =1,3==,85; $
1,?13,8:5,;=1 1,=;5,81>,;=8 :3,531,::? $
$ $ $ $ $
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$ $ $ $ $ (;15,8=3,3>> (;15,8=3,3>>)) $
(:8>,15;,15>) (:8>,15;,15>) ?=1,88>,7>5 (?8=,?38,:>1) (?8=,?38,:>1) (:7,3; (:7,3;8,5 8,51?) 1?) (85,==>,8>7) (85,==>,8>7) (133,5>7,;::) (133,5>7,;::)
$ $ $ $ $ $
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(1>;,7 (1>;,788) 88) (=,>:>,7>=) :5,1>8,3>3 :5,1>8,3>3
$ $
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>=,1>1,?5? $ (1?5,8=7,33=) (1?5,8=7,33=) $
(:5,=78,3=7) (;=:,:?8) (;=:,:?8)
$ $ $ $ $
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$ $ $ $ $ $
$ $ $ $ $
$ $ $ $
7=,>=;,5>7 7=,>=;,5>7 8,111,73> 8,111,73> =5,:?7,=81 =5,:?7,=81 =5,357,?5? =5,357,?5?
>,3;= $ (;;8,; (;;8,;87,8 87,8:5) :5) $ (;;8,;?=,:88 (;;8,;?=,:88)) $
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(:>8,>37) (:>8,>37) 378,:13 378,:13 (;=:,:?8) (;=:,:?8)
(;>,=;;,7:1) (;>,=;;,7:1) $ (;?=,833,7?3 (;?=,833,7?3)) $ (87.37) $
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H@[D_BA MO GABG_B@
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AG]JX@
;51>
G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta
@tr`s Agtjv`s
GAUJ]AB MO ][AKAI@ AG]JX@ G@[[JOL]O -UAWJX@ ]@]AB AG]JX@ G@[[JOL]O LO]@ G@[[JOL]O
UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros Guoltas p`r Uacar Kolohjgj` a Odpboam`s Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s ]@]AB UAWJX@ G@[[JOL]O
L@DK[O MOB JLMJGAM@[
H@[D_BA MO GABG_B@
=3:,73?,>1; ;=7,1:>,53; ;?,7=3,3== :>3,>1> ;;,=:;,:5> 1;?,::1,;1: >:3,7:7,?37
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7 1;1,;==,8?5 ?::,17:,:>;
MA]@W MO B@W OW]AM@W HJLA
AG]JX@ G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta @tr`s Agtjv`s AG]JX@ G@[[JOL]O / UAWJX@ ]@]AB AG]JX@ G@[[JOL]O JLMJGO MO W@BXOLGJA G@[[JOL]O UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros
;51>
=3:,73?,>1; ;=7,1:>,53; ;?,7=3,3== :>3,>1> ;;,=:;,:5> 1;?,::1,;1: >:3,7:7,?37
11,3;1,85? 113,?5:,??1
Guoltas p`r Uacar Kolohjgj` a Odpboam`s Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s ]@]AB UAWJX@ G@[[JOL]O
1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7 1;1,;==,8?5 ?::,17:,:>;
. O. W.U Z W_KWJMJA[JA W_KWJMJA[JAW W W HJLALGJO[@W
XAB@[ GABG_BAM@
GJO[@W UA[A OB GABG_B@
;513
;518
JL]O[U[O]AGJ×L
]@]AB
;??,3:=,53: ;7;,837,13: 7>,:15,?5> ?,?71,?33 ;:,?3>,7?3
;3:,1??,>7; 7>5,>?3,51> 8,8:>,3?? :,71;,5=7
1,51=,7;?,3;7 >?8,3;>,;8: 35,:?3,553 1?,>71,=7> ?;,531,;8?
18>,?18,831 371,55=,731
15,?87,1>= 8>8,?>8,>7;
Os p`sjtv`, qujoro mogjr quo ba odprosa 75?,531,53= guola g`l b`s ;,71=,:>=,338 $ =?3,8=7,133 agtv`s suhgjolos
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538,:=: >7,1;1,7?: ?3?,7:?,=>8
;:,>;:,5:: 1?;,131,578 ;:7,78=,15? ?3,8>7,83? =;,835,:51 =,731,?=: 15;,31?,388 8>;,>58,171
?1,?87,;:1 =57,?11,8:7 8?7,1;>,:15 1:>,=;=,53; ;1;,;31,153 71,785,3?1 753,5>1,33? 1,>?3,7=1,?::
XAB@[ GABG_BAM@
GJO[@W UA[A OB GABG_B@
;513
;518
para gukrjr sus pbaz` moumas a g`r`
JL]O[U[O]AGJ×L
]@]AB
;??,3:=,53: ;7;,837,13: 7>,:15,?5> ?,?71,?33 ;:,?3>,7?3 18>,?18,831 371,55=,731
;3:,1??,>7; 7>5,>?3,51> 8,8:>,3?? :,71;,5=7 15,?87,1>= 8>8,?>8,>7;
1,51=,7;?,3;7 >?8,3;>,;8: 35,:?3,553 1?,>71,=7> ?;,531,;8? 75?,531,53= ;,71=,:>=,338
15,51;,?>3 177,>71,158
;:,>;:,5:: 1?;,131,578
?1,?87,;:1 =57,?11,8:7
$
1
Olro dás ab` soa ob rosubam`, olmrá day`r gapagjmam para pacar sus `kbjcagj`los, ob ljvob `ptd` s`bvolgja os 1.? olmoamobalo, p`r b` al` ba odprosa l` tolo
138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538,:=: >7,1;1,7?: ?3?,7:?,=>8
;:7,78=,15? ?3,8>7,83? =;,835,:51 =,731,?=: 15;,31?,388 8>;,>58,171
8?7,1;>,:15 1:>,=;=,53; ;1;,;31,153 71,785,3?1 753,5>1,33? 1,>?3,7=1,?::
su g ol o s` volg a
ODU[OW ODU [OWA A MO ] ]OBO OBOG@D G@D_L _LJGA JGAGJ@ GJ@LOW LOW M MO O K@C K@C@]Á @]Á W W.. MJAC MJACL@ L@W] W]JG JG@ @M MO OB BA AO ODU DU[O [OWA WA WO WOCÙ CÙL LO OW] W]AM AM [AY@LOW HJLALGJO[AW AG]JXJMAM MO BA ODU[OWA L@DK[O MOB JLMJGAM@[
H@[D_BA MO GABG_B@
MA]@W MO B@W OW]AM@W HJLA
AG]JX@
[@]AGJ×L MO GA[]O[A @ [@]AGJ×L MO G_OL]AW U@[ G@K[A[
;51>
G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta
=3:,73?,>1; ;=7,1:>,53; ;?,7=3,3== :>3,>1> ;;,=:;,:5>
[`agj÷l mo garora4 @tr`s Agtjv`s Xolas a grêmj` / Ur`domj` mo guolas ]@]AB AG]JX@ G@[[JOL]O
1;?,::1,;1: >:3,7:7,?37
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7 1;1,;==,8?5 ?::,17:,:>;
p`r g`krar
UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros Guoltas p`r Uacar Kolohjgj` a Odpboam`s Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s ]@]AB UAWJX@ G@[[JOL]O
. O. W.U Z W_KWJMJA[JAW @W HJLALGJO[ HJLALGJO[@W @W
XAB@[ JL]O[U[O]AGJ× GABG_BAM@ L
GJO[@W UA[A OB GABG_B@
;513
;518
]@]AB
;??,3:=,53: ;7;,837,13: 7>,:15,?5> ?,?71,?33 ;:,?3>,7?3
;3:,1??,>7; 7>5,>?3,51> 8,8:>,3?? :,71;,5=7
1,51=,7;?,3;7 >?8,3;>,;8: 35,:?3,553 1?,>71,=7> ?;,531,;8?
18>,?18,831 371,55=,731
15,?87,1>= 8>8,?>8,>7;
75?,531,53= ;,71=,:>=,338
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538,:=: >7,1;1,7?: ?3?,7:?,=>8
;:,>;:,5:: 1?;,131,578 ;:7,78=,15? ?3,8>7,83? =;,835,:51 =,731,?=: 15;,31?,388 8>;,>58,171
?1,?87,;:1 =57,?11,8:7 8?7,1;>,:15 1:>,=;=,53; ;1;,;31,153 71,785,3?1 753,5>1,33? 1,>?3,7=1,?::
ODU[OWA MO ]OBOG@D_LJGAGJ@LOW ]OBOG@D_LJGAGJ@LOW MO K@C@]Á W.A. O. W.U Z W_KWJMJA[JAW OW]AM@W HJLALGJO[@W
AG]JX@ G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s
;518 ;3:,1??,>7; 7>5,>?3,51> 8,8:>,3??
:,71;,5=7
;51>
;??,3:=,53: ;7;,837,13: 7>,:15,?5>
=3:,73?,>1; ;=7,1:>,53; ;?,7=3,3==
15,?87,1>= 8>8,?>8,>7;
?,?71,?33 ;:,?3>,7?3 18>,?18,831 371,55=,731
:>3,>1> ;;,=:;,:5> 1;?,::1,;1: >:3,7:7,?37
;,8;=,8=8,>:: ;1,?;?,18? ;8,;>7,831 =?>,?7?,?;? 7,:::,=:1 ?;7,::5,11>
;,733,7=>,=;5 1=,5:=,>7> ;1,:58,831 =;7,3;8,1;: 7,:::,=:1 ?3:,;7;,:1:
;,1>?,?>?,1=> 17,5=?,875 1>,?8:,=3: 7>?,153,717 7,:::,=:1 =:?,1::,83;
@tr`s Agtjv`s ]@]AB AG]JX@ L@ G@[[JOL] ]@]AB AG]JX@W UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros Guoltas p`r Uacar Kolohjgj` a Odpboam`s Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s
7,7>7,;>1 7,88;,78=,1?5 =,7=>,:?5,:>;
7,181,:>1 7,=;7,=35,==: =,1?=,=3=,>;5
;,:>?,:1> 7,15=,=:;,8?1 =,551,>>8,;;=
;:,>;:,5:: 1?;,131,578 ;:7,78=,15? ?3,8>7,83? =;,835,:51 =,731,?=: 15;,31?,388
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538 ;1,538,:=: ,:=: >7,1;1,7?:
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7 1;1,;==,8?5
8>;,>58,171 ]@]AB UAWJX@ G@[[JOL]OW UAWJX@W L@ G@[[JOL]OW K`l`s Odjtjm`s ?75,1>5,555 Kolohjgj` a Odpboam`s 71:,37?,>13 Guoltas p`r Uacar ;:7,58:,;83 Uasjv` p`r Jdpuost`s Mjhorjm`s 1;3,:;:,33: Uasjv`s Ostjdam`s 78>,533,:=> @tr`s Uasjv`s ;;,;=8,1:5 ]@]AB UAWJX@W L@ G@[[JOL 1,881,;7:,551 ]@]AB UAWJX@W ;,7==,5=?,17; UA][JD@LJ@ MO B@W AGGJ@LJW]AW Gapjtab W`gjab 1,:;=,=1: Urjda ol G`b`gaggj÷l mo Aggj`los ;8;,=31,=88 [osorvas 1,?>1,5>1,5==
?3?,7:?,=>8
?::,17:,:>;
?75,1>5,555 ;?3,13>,>?1 73:,3==,8=3 1;8,:?>,:3; =5?,83;,=:1 18,;;?,71: 1,31?,:85,;>5 ;,;:1,7??,388
?75,1>5,555 ;5=,;71,5?> =5>,3;;,53; 15?,>55,5>> ;=;,?81,?=8 3,>>3,::8 1,=::,7>;,385 ;,5:>,?;;,3=;
1,:;=,=1: ;8;,=31,=88 1,?35,=?1,5;7
1,:;=,=1: ;8;,=31,=88 1,?35,=?1,5;7
Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta @tr`s Agtjv`s ]@]AB AG]JX@ G@[[JOL]O L@ G@[[JOL]O Ur`pjomam, Ubalta y Oqujp` Guoltas p`r G`krar G`dorgjabos Grêmjt` Hjlalgjor` Agtjv`s Jltacjkbos Jlvorsj`los ol As`gjamas Agtjv`s p`r Jdpuost`s Mjhorjm`s
;513
Am`pgj÷l p`r Urjdora voz Uormjmas Agudubamas Uormjma Lota mob Oiorgjgj` @tr` [osubtam` Jltocrab Uatrjd`lj` Atrjkujkbo a Ur`pjotarj`s Uartjgjpagj`los l` G`ltr`bam`ras ]@]AB UA][JD@LJ@ AGGJ@LJ
>?1,=?=,>?5 (=3?, (=3?,8>1,= 8>1,=8>) 8>) (;;8, (;;8,;87,8 ;87,8:5) :5) ;,=7;,7=; 1,::3,=1>,:87 3,=>8,>>3 ;,55=,:5?,>?5
>?1,=?=,>?5 (351, (351,:=?,1 :=?,1?>) ?>) (1=:, (1=:,:3>,; :3>,;7;) 7;) ;;,>==,=51 1,>?3,;;;,38: ?,>:8,;>? 1,>87,11:,5?=
>?1,=?=,>?5 (>?1, (>?1,:;7,7 :;7,7:5) :5) (378 (378,:13) ,:13) 87,3:3,>8; 1,>:>,:17,1=3 =,=?5,:8? 1,:57,78=,11;
]@]AB UAWJX@W Z UA][JD@LJ@ AGGJ@LJW]AW
=,7=>,:?5,:>;
=,1?=,=3=,>;5
=,551,>>8,>?=
]OLMOLGJA
Mjsp`ljkbo
;51:
$ $ $
?7>,7;>,??=.77 1=3,:13,1=7.83 =;,751,7;=.83
855,555,555
$ $ $ $
1?,=53,=?:.55 ;13,11>,7:7.55 :>;,=8>,777.55
=55,555,555
$ $ $ $ $ $
1,:?8,3:>,=5=.83 3,3=;,7=;.83 :,=;5,>13.?8 7=:,5;>,115.77 7,:::,=:1.55 ?5=,513,1;7.83
155,555,555
$ $ $
;,33:,8:3.55 ;,>7>,:5=,;?1.55 7,>;1,73;,?>=.55
-$ $ $ $ $ $ $
:1:,375.77 ::,>=;,=1;.83 153,:78,?85.83 37,755,3=1.77 1;;,=57,:8:.83 11,::=,;>3.83 1;5,>>:,=3?.83
$
?7?,==3,313.77
$ $ $ $ $ $ $ $
?75,1>5,555.55 1==,>33,1=:.83 =38,18=,>55.77 :>,5::,:;;.55 ;17,;?=,;?:.83 1,5:=,:3=.77 1,=87,831,158.55 1,:::,11>,>;7.77
?55,555,555
755,555,555 ;55,555,555
;51 8
1,:;=,=1:.55 ;8;,=31,=88.55 1,?87,78=,7=;.77
; 51 >
; 51 :
jlvolarj`s 15,555,555 :,555,555 >,555,555 3,555,555 8,555,555 ?,555,555 =,555,555 7,555,555 ;,555,555 1,555,555 -
;5 18
;5 1 3
; 51 >
; 51 :
]`ab agtv` g`rrjolo 1,;55,555,555 1,555,555,555 >55,555,555 855,555,555
$ $ $
;513
=55,555,555 ;55,555,555
$ -$ $ $ $ $ $
>?1,=?=,>?5.55 1,5?;,3?>,?:=.55 ::,>83,185.55 :1,5?3,5??.55 1,>1:,7=?,>15.77 ;,:5>,3:5.77 1,>;;,;?=,855.83
$
7,>;1,737,=;=.55
; 518
;51 3
;51 >
;51 :
Ur`pjomam pbala y oqujp` 7,555,555,555 ;,?55,555,555 ;,555,555,555 1,?55,555,555 1,555,555,555 ?55,555,555 ;51 8
; 513
; 51>
;51 :
Agtv`s jlalcjk jlalcjkbos bos ?55,555,555 =?5,555,555 =55,555,555 7?5,555,555 755,555,555 ;?5,555,555 ;55,555,555 1?5,555,555 155,555,555 ?5,555,555 ;5 1 8
; 5 13
;5 1>
;5 1 :
@kbjcagj`los hlalgjoras 7?,555,555 75,555,555 ;?,555,555 ;5,555,555 1?,555,555 15,555,555 ?,555,555
(?,555,555)
;5 1 8
; 51 3
; 51 >
; 51 :
]`ab pasjv` g`rrjolo >55,555,555 355,555,555
855,555,555 ?55,555,555 =55,555,555 755,555,555 ;55,555,555 155,555,555 ;5 1 8
; 5 13
;5 1>
;51 :
Guolas p`r pacar ?55,555,555 =?5,555,555 =55,555,555 7?5,555,555 755,555,555 ;?5,555,555 ;55,555,555 1?5,555,555 155,555,555 ?5,555,555 ;5 1 8
; 5 13
;5 1>
;51 :
]`ab pasjv`s ;,=55,555,555 ;,755,555,555 ;,;55,555,555
,
,
,
;,555,555,555 1,:55,555,555 1,>55,555,555 ; 51 8
;51 3
;51 >
; 51 :
Uormjma loa mob oiorgjgj` 1?5,555,555 155,555,555 ?5,555,555 (?5,555,555) (155,555,555) (1?5,555,555) (;55,555,555) (;?5,555,555)
; 51 8
;5 1 3
;5 1 >
; 5 1:
MO AG_O[M@ A BA ]OLMOLGJA MO B@W U[@^JD@W AÑ@W A_DOL]A[A OB OHOG]JX@ MO BA ODU[OWA O]K MOKJM@ AB@W D@XJDJOL]@W OL GM] OL][AMAW A HAX@[.
Wocul ba olmolgja olmolgja mob mob añ` ;51: p`r ob moorj`r` mo b`s oqujp`s utbjzam`s utbjzam`s ol ba odeeosa O]K sora ol locatv` ya quo supora b`s g`s`s .
OL OB AG]JX@ ]@]AB ]@]AB G@[[JOL]O BA ]OLMOLGJA MO BA ODU[OWA O]K UA[A ;51: OW AB]A AB]A ZA Q_O A_DOL]A[@L B@W B@W UAC@W UAC@W AL]JGJUAM@W Z WABM@W A HAX@[ B@ G_AB OW HAX@[AKBO UA[A BA ODU[OWA OL U[@^JD@ AÑ@ OL HB_I@ MO OHOGJX@.
CAW]@W U@[ MJWDJL_GJ@L MO G@LOGJG@LOW MO GBJOL]OW GBJOL]OW OL OB ;513 Z OL OB ;518 U@[ U@[ U@[ G@W]@W MO MOU[OGJGAGJ@L OB G_AB BA ]OLMOLGJA MO B ;51: ;51: WO MJ@ ABA KAIA OL A ODU[OWA O]K L@ OW OW HAX@[AKBO HAX@[AKBO ZA Q_O MOU[OGJ@L OL U[@UJOMAM UBAL]A OQ_JU@ WJC_O OL ]OLMOLGJA KAIA
BA ]OLMOLGJA OL B@W AG]JX@W JL]ALCJKBOW UA[A OB ;51: WO[A A BA KAIA ZA ZA Q_O OB BJGOLGJADJOL]@ OL B@W W@]SA[O WO X A MO]O[J@[ALMA MO]O[J@[AL MA DOMJMA MOB UAW@ UAW@ MO B@W AÑ@W.
BA ]OLMOLGJA WOC_L B@W OW]AM@W HJALGJO[@W UA[A UA[A OB ;51: L@ ]OLM[A @KBJCAGJ@LOW HJLALGJO[AW @K]OLJOLM@ _LA GA[]O[A WALA.
B@W UAWJX@W G@[[JOL]OW BA ]OLMOLGJA UA[A OB ;51: MJWDJL_ZO MJWDJL_ZO U@[ Q_O Z A L@ ]JOLO @KBJCAGJ@LOW HJLAGJO[AW Z BAW G_OL]AW U@[ UACA[ XAL A BA KAIA
BA ]OLMOLGJA MOB ;51: MO BAW G_OL]AW G_OL]AW U@[ G@K[A[ ]JOLO ]JOLO MO_MAW A BA[C@ BA[C@ UBAY@ Z BAW AD@[]JYAGJ@LOW AD@[]JYAGJ@LOW WO MAL A B@W AÑ@W WJC_JJOL]OW MOB AÑ@ MO C[AGJA. U@[ OW]A OW]A [AY@L A_DOL]A OW]O U_L]@
BA ]OLMOLGJA MJWDJL_ZO U@[ Q_O NAZ @KBJCAGJ@LOW HJLLAGJO[AW MOB OL OB AÑ@ ;51: Q_O ZA ZA MOWAUA[OGOL MOWAUA[OGOL Z BAW G_OL]AW G_OL]AW U@[ UACA[ ]ADKJOL MJWDJL_ZOL OL OB U[@^JD@ AÑ@.
BA ]OLMOLGJA UA[A UA[A OB ;51: MO BA ODU[OA O]K BA UO[MJMJA LO]A MOB OIO[GJGJ@ ]JOLOMO A A_DOL]A[ U@[ Q_O B@W UAWJX@W MJWDJL_ZO[@L MJWDJL_ZO[@ L ZA Q_O L@ ]OLOD@W @KBJCAGJ@LOW HJLALGJO[AW MO AG_O[M@ A OW]@ BA ODU[OWA O]K ODUJOYA A ]OLO[ _]JBJMAMOW OW]@ OW HAX@[AKBO.
AÑ@ XOL]AW
Xoltas y prostagj÷l mo Worvjgj`s Jlcros`s @poragj`labos @r`s jlcros`s `poragj`labosAgtjvjmamos @rmjlarjas
AÑ@ G@W]@W Cas`s y g`s`s rogurrolos Cas`s hllagjor`s lo`s
BA ]OLMOLGJ ]OLMOLGJA A UA[A UA[A OB ;51: OW K_OL@ K_OL@ ZA ZA Q_OLO K_OL K_OL [OL]AKJBJMAM BA ODU[OWA U@[ W_ XOL]AW
U[OW_U_OW]@ MO @UO[AGJ×L ;518
;513
;51>
;51:
$
1,==:,7=;,1:3 $
1,=8>,5;?,>>8 $
1,=;5,81>,;=8 $
1,=13,;31,=:;
$ $
1,=:=,=7?,5=: $ =?,5:;,>?; $
1,?5:,335,=>> $ =1,33=,85; $
1,?13,8:5,;=1 $ :3,531,::? $
1,?75,??7,3>=.83 117,;:;,;:;.83
;518 $ $
1,5?:,>=3,5=8 $ 83,;;1,::5 $
;513
;51>
:8>,15;,15> $ ?>,;11,1;; $ ]@]AB
A
;51:
:87,8=5,5?= $ 1>;,788 -$
:55,:>:,=15.83 ;?,183,3:>.55
$
;,185,1;>,1?>.55
ODU[OWA MO ]OBOG@D_LJGAGJ@LOW ]OBOG@D_LJGAGJ@LOW MO K@C@]Á W.A. O. W.U Z W_KWJMJA[ OW]AM@W HJLALGJO[@W
AG]JX@ G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos
;518
;3:,1??,>7; 7>5,>?3,51>
8,8:>,3?? @tr`s Agtjv`s Hjlalgjor`s Jlvoltarj`s :,71;,5=7 Agtjv`s Gbasjhjgam`s para Xolta @tr`s Agtjv`s 15,?87,1>= ]@]AB AG]JX@ G@[[JOL]O 8>8,?>8,>7; L@ G@[[JOL]O Ur`pjomam, Ubalta y Oqujp` ;,8;=,8=8,>:: Guoltas p`r G`krar G`dorgjabos ;1,?;?,18? Grêmjt` Hjlalgjor` ;8,;>7,831 Agtjv`s Jltacjkbos =?>,?7?,?;? Jlvorsj`los ol As`gjamas 7,:::,=:1 Agtjv`s p`r Jdpuost`s Mjhorjm`s ?;7,::5,11> @tr`s Agtjv`s 7,7>7,;>1 ]@]AB AG]JX@ L@ G@[[JOL 7,88;,78=,1?5 ]@]AB AG]JX@W =,7=>,:?5,:>; UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras ;:,>;:,5:: Ur`voom`ros 1?;,131,578 Guoltas p`r Uacar ;:7,78=,15? Kolohjgj` a Odpboam`s ?3,8>7,83? Uasjv` p`r Jdpuost`s Mjhorjm`s =;,835,:51 Uasjv`s Ostjdam`s =,731,?=: @tr`s Uasjv`s 15;,31?,388 8>;,>58,171 ]@]AB UAWJX@ G@[[JOL]OW UAWJX@W L@ G@[[JOL]OW K`l`s Odjtjm`s ?75,1>5,555 Kolohjgj` a Odpboam`s 71:,37?,>13 Guoltas p`r Uacar ;:7,58:,;83 Uasjv` p`r Jdpuost`s Mjhorjm`s 1;3,:;:,33: Uasjv`s Ostjdam`s 78>,533,:=> @tr`s Uasjv`s ;;,;=8,1:5 ]@]AB UAWJX@W L@ G@[[JOL 1,881,;7:,551 ]@]AB UAWJX@W ;,7==,5=?,17; UA][JD@LJ@ MO B@W AGGJ@LJW]AW 1,:;=,=1: Gapjtab W`gjab Urjda ol G`b`gaggj÷l mo Aggj`los ;8;,=31,=88
;513
;51>
;??,3:=,53: ;7;,837,13:
=3:,73?,>1; ;=7,1:>,53;
7>,:15,?5> ?,?71,?33 ;:,?3>,7?3 18>,?18,831 371,55=,731
;?,7=3,3== :>3,>1> ;;,=:;,:5> 1;?,::1,;1: >:3,7:7,?37
;,733,7=>,=;5 1=,5:=,>7> ;1,:58,831 =;7,3;8,1;: 7,:::,=:1 ?3:,;7;,:1: 7,181,:>1 7,=;7,=35,==: =,1?=,=3=,>;5
;,1>?,?>?,1=> 17,5=?,875 1>,?8:,=3: 7>?,153,717 7,:::,=:1 =:?,1::,83; ;,:>?,:1> 7,15=,=:;,8?1 =,551,>>8,;;=
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77> 3?,;>;,731 ;1,538,:=: >7,1;1,7?: ?3?,7:?,=>8
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?: :=,713,>7? ?,:1;,;?7 1;1,;==,8?5 ?::,17:,:>;
?75,1>5,555 ;?3,13>,>?1 73:,3==,8=3 1;8,:?>,:3; =5?,83;,=:1 18,;;?,71: 1,31?,:85,;>5 ;,;:1,7??,388
?75,1>5,555 ;5=,;71,5?> =5>,3;;,53; 15?,>55,5>> ;=;,?81,?=8 3,>>3,::8 1,=::,7>;,385 ;,5:>,?;;,3=;
1,:;=,=1: ;8;,=31,=88
1,:;=,=1: ;8;,=31,=88
[osorvas Am`pgj÷l p`r Urjdora voz Uormjmas Agudubamas Uormjma Lota mob Oiorgjgj` @tr` [osubtam` Jltocrab Uatrjd`lj` Atrjkujkbo a Ur`pjotarj`s Uartjgjpagj`los l` G`ltr`bam`ras
1,?>1,5>1,5== >?1,=?=,>?5 (=3?, (=3?,8>1,= 8>1,=8>) 8>) (;;8, (;;8,;87,8 ;87,8:5) :5) ;,=7;,7=; 1,::3,=1>,:87 3,=>8,>>3
1,?35,=?1,5;7 >?1,=?=,>?5 (351 (351,:=?,1 ,:=?,1?>) ?>) (1=: (1=:,:3>,; ,:3>,;7;) 7;) ;;,>==,=51 1,>?3,;;;,38: ?,>:8,;>?
1,?35,=?1,5;7 >?1,=?=,>?5 (>?1,: (>?1,:;7,7: ;7,7:5) 5) (378,: (378,:13) 13) 87,3:3,>8; 1,>:>,:17,1=3 =,=?5,:8?
]@]AB UA][JD@LJ@ AGGJ@L
;,55=,:5?,>?5
1,>87,11:,5?=
1,:57,78=,11;
=,7=>,:?5,:>;
=,1?=,=3=,>;5
=,551,>>8,>?=
]@]AB UAWJX@W Z UA][JD@LJ@ AGGJ@LJW]AW
ODU[OW ODU [OWA AM MO O] ]OBO OBOG@D G@D_L _LJGA JGAGJ@ GJ@LOW LOW MO K@C@ K@C@]Á ]Á W MJACL JACL@W @W]J ]JG G@ M MO OB BA AO ODU DU[ [OW OWA AW WOC OCÙ ÙL O OW] W]A A OW]AM@ MO [OW_B]AM@W JL]OC
JLC[OW@W @UO[AGJ@LABOW LO]@…………………………………
Jlcros`s @poragj`labos Agtjvjmamos @rmjlarjas …………………………… …………………………………. ……. Xoltas y prostagj÷l mo Worvjgj`s @tr`s jlcros`s @poragj`labos
Jlcros`s Lot`s
CAW]@W Z G@W]@W [OG_[[OL]OW
_tjbjmam altos mo Moprogjagj`los, Ad`rtjzagj`los y motorj`r` Moprogjagj`los Z Ad`rtjzagj`los Motorj`r` Z pr`vjsj`los Urovjsj`los mo g`ltjlcolgjas _tjbjmam (Uormjma) @poragj`lab Cast`s hjlalgjor`s lot`s Mjhorolgja ol Gadkj` lot` Uormjma altos mo Jdpuost`s Jdpuost` s`kro ba [olta y mjhorjm` Uormjma mob Oiorgjgj` @][@ [OW_B]AM@ JL]OC[AB9
Calalgja (Uêrmjma) agtuarjabos (Uêrmjma) Calalgja Jdpuost` Mjhorjm` (Uêrmjma) Calalgja mob vab`r lot` s`kro jlvorsj`los @tr` rosubtam` jltocrab [OW_B]AM@ JL]OC[AB MOB OIO[GJGJ@
[osubtam` mob añ` atrjkujkbo a 9 (Uêrmjma) utjbjmam lota mob añ` atrjkujkbo a partjgjpagj`los l` g`ltr`bam`ras (Uormjma) lota mob añ` atrjkujkbo a partjgjpagj÷l g`ltr`bam g`ltr`bam`ra `ra Uormjma mob Oiorgjgj` [osubtam` jltocrab mob añ` atrjkujkbo a9 _tjbjmam (Uêrmjma) jltocrab mob oiorgjgj` atrjkujkbo a partjgjpagj÷l g`ltr`bam`ra
[OW_B]AM@ JL]OC[AB MOB OIO[GJGJ@ UO[MJMA LO]A U@[ AGGJ×L MO BA UA[]JGJUAGJ×L G@L][@BAM@[A HB_I@ MO GAIA AÑ@ XOL]AW
;518
;513
Xoltas y prostagj $
1,==:,7=;,1:3 $ 1,=8>,5;?,>>8
$ Jlcros`s @r`s jlcros`s jlcro@poragj` s`s `pora $
1,=:=,=7?,5=: $ 1,?5:,335,=>> =?,5:;,>?; =?,5:;,>?; $ =1,33=,85; =1,33=,85;
AÑ@ G@W]@W Cas`s y g`s`s rogu $ Cas`ss hllagjor` Cas` hllagjor`ss l $
;518 1,5?:,>=3,5=8 $ 83,;;1 83,;;1,::5 ,::5 $
;513 :8>,15;,15> ?>,;11,1;; ?>,;11,1;;
AW ]OLMOLGJA
;51: $ $
?7>,7;>,??=.77 1=3,:13,1=7.83
$$ $ $ $
=;,751,7;=.83 1?,=53,=?:.55 ;13,11>,7:7.55 :>;,=8>,777.55
$ 1,:?8,3:>,=5=.83 $ 3,3=;,7=;.83 $ :,=;5,>13.?8 $ 7=:,5;>,115.77 $ 7,:::,=:1.55 $ ?5=,513,1;7.83 $ ;,33:,8:3.55 $ ;,>7>,:5=,;?1.55 $ 7,>;1,73;,?>=.55 -$ $ $ $ $ $ $ $
:1:,375.77 ::,>=;,=1;.83 153,:78,?85.83 37,755,3=1.77 1;;,=57,:8:.83 11,::=,;>3.83 1;5,>>:,=3?.83 ?7?,==3,313.77
$ ?75,1>5,555.55 $ 1==,>33,1=:.83 $ =38,18=,>55.77 $ :>,5::,:;;.55 $ ;17,;?=,;?:.83 $ 1,5:=,:3=.77 $ 1,=87,831,158.55 $ 1,:::,11>,>;7.77 $ $
1,:;=,=1:.55 ;8;,=31,=88.55
$ 1,?87,78=,7=;.77 $ >?1,=?=,>?5.55 -$ 1,5?;,3?>,?:=.55 $ ::,>83,185.55 $ :1,5?3,5??.55 $ 1,>1:,7=?,>15.77 $ ;,:5>,3:5.77 $ 1,>;;,;?=,855.83
$ 7,>;1,737,=;=.55
.A. O. W.U Z W_KWJMJA[JA W_KWJMJA[JAW W @W HJLALGJO[@W [AB ;518
$$
;513
$ $ $ $ $ (;15,8=3,3>>) (;15,8=3,3>>) $ (83,;; (83,;;1,: 1,::5) :5) $ 7,3:8,?:3 7,3:8,?:3 $
$ $ $
(;3=,537,1>1) (;3=,537,1>1) $ =3,>1>,;1? =3,>1>,;1? $ (;;8,;?=,:88) (;;8,;?=,:88) $
(;7=,>;?,;3: (;7=,>;?,;3:)) $ >=,1>1 >=,1>1,?5? ,?5? $ (1?5,8=7,33= (1?5,8=7,33=)) $
$ $ $ $ $
(=;,=?3,715) (=;,=?3,715) 1=,517,5:? ;1,>;= (;>,=;;,7:1) (;?=,833,7?3) (;?=,833,7?3)
?1,81?,8:? ?1,81?,8:? (71,585,?>5) (1=7,5 (1=7,5?8) ?8) ;5,=1;,5?: (175,;71,31? (175,;71,31?))
$ $ $
>,3;= $ (;;8,;87,8:5) (;;8,;87,8:5) $ (;;8,;?=,:88) (;;8,;?=,:88) $
(88?,?=;) (88?,?=;) $ (1=:,:3>,;7; (1=:,:3>,;7;)) $ (1?5,8=7,33= (1?5,8=7,33=)) $
(:>8,>37) (:>8,>37) $ 378,:13 378,:13 $ (;=:,:?8) (;=:,:?8) $
(7==,3;8.33) (7==,3;8.33) (1>7,1=3,581. (1>7,1=3,581.87) 87) (1>7,=:1,3>>. (1>7,=:1,3>>.=5) =5)
$
(;>,=;;,7:1) $
;5,=1;,5?: $
=5,:?7,=81 $
(;,>:>,57?.8>)
$ $ $ $ $ $ $
1,5?:,>=3,5=8 1,5?:,>=3,5=8 =7=,?>>,557 (?=8,3;:,;>>) (?=8,3;:,;>>) (:>,?58,?57) (:>,?58,?57)
$ $ $ $ $
1,?13,8:5,;=1 1,=;5,81>,;=8 :3,531,::? =,?;1,:>?,33> (:87,8=5,5?= (:87,8=5,5?=)) ??=,5?5,1>3 ???,>1?,>;> ???,>1?,>;> (73,:35,535) (73,:35,535) 17?,51;,;=> 17?,51;,;=> :?,;83,?73 :?,;83,?73 (1>;,7 (1>;,788) 88) (=,>:>,7>=) (=,>:>,7>=)
;51:
1,?5:,335,=>> 1,=8>,5;?,>>8 $$ =1,3==,85; $ $ (:8>, (:8>,15;,15> 15;,15>)) $ ?=1,88>,7>5 $ (?8=,?38,:>1 (?8=,?38,:>1)) $ (:7,3;8,51?) (:7,3;8,51?) $ (85,==>,8>7) (85,==>,8>7) $ (133,5>7,;:: (133,5>7,;::)) $ (?>,;1 (?>,;11,1; 1,1;;) ;) $ =8:,1=; =8:,1=; $
$
1,=:=,=7?,5=: 1,==:,7=;,1:3 $$ =?,5:;,>?; $
;15>
$ $ $
1,?5;,=:5,8;5.38 1,=?3,?:8,5>:.;5 ==,>:=,?71.?8
$ $ $ $ $ $ $ $
;7,7=>, ;7,7=>,35:.>7 35:.>7 =>:,88;,?>1.8: (?;?,;5:,:51. (?;?,;5:,:51.5;) 5;) (:=,?73,:81. (:=,?73,:81.;?) ;?) (?8,1?;,>7>. (?8,1?;,>7>.78) 78) (1>8,5=1,:>:) (81,5; (81,5;>,> >,>?3. ?3.;:) ;:) 1,:=>,:11.=> 1,:=>,:11.=>
:5,1>8,3>3 :5,1>8,3>3 $ (:5,=78,3=7) (:5,=78,3=7) $ (;=:,:?8) (;=:,:?8) $
(;=?,1;1,:7=. (;=?,1;1,:7=.>:) >:) 81,875, 81,875,1=8.?5 1=8.?5 (1>7,=:1,3>>. (1>7,=:1,3>>.=5) =5)
$ $ $ $
7=,>=;,5>7 7=,>=;,5>7 $ 8,111,73> $ $ =5,:?7,=81 $ =5,357,?5? =5,357,?5? $
?,135,:78.58 ?,135,:78.58 (>,515,=;3.11) (=3;,>18.55) (=3;,>18.55) (;,>:>,57?.8>) (1>8,7>:,>;=. (1>8,7>:,>;=.5>) 5>)
$ $
(;?=,833,7?3) (;?=,833,7?3) $ (87.37) $
;51>
(175,;71,31? (175,;71,31?)) $ (=,;;=)
;51:
$
1,=;5,81>,;=8 $
1,=13,;31,=:;
$ $
1,?13,8:5,;=1 $ :3,531,::? $
1,?75,??7,3>=.83 117,;:;,;:;.83
;51> $ $ ]@]AB
;51:
:87,8=5,5?= $ 1>;,788 -$
:55,:>:,=15.83 ;?,183,3:>.55
$
;,185,1;>,1?>.55
=5,357,?5? =5,357,?5? $ 5.;1
(1>8,7>:,>;=. (1>8,7>:,>;=.5>) 5>) Orr9?5;
GAUJ]AB MO ][AKAI@
G@[[JOL]O Mjsp`ljkbo Guoltas p`r G`krar G`dorgjabos @tr`s Agtjv`s Hjlalgjor`s Jlvoltarj`s Agtjv`s Gbasjhjgam`s para Xolta @tr`s Agtjv`s ]@]AB AG]JX@ G@[[JOL]O UAWJX@W G@[[JOL]OW @kbjcagj`los Hjlalgjoras Ur`voom`ros Guoltas p`r Uacar Kolohjgj` a Odpboam`s
;518
;513
;3:,1??,>7; 7>5,>?3,51> 8,8:>,3?? :,71;,5=7
15,?87,1>= 8>8,?>8,>7;
;??,3:=,53: ;7;,837,13: 7>,:15,?5> ?,?71,?33 ;:,?3>,7?3 18>,?18,831 371,55=,731
;:,>;:,5:: 1?;,131,578 ;:7,78=,15? ?3,8>7,83?
15,51;,?>3 177,>71,158 138,137,338 3?,>:3,77>
Uasjv` p`r Jdpuost`s Mjhorjm`s Uasjv`s Ostjdam`s @tr`s Uasjv`s ]@]AB UAWJX@ G@[[JOL]OW
=;,835,:51 =,731,?=: 15;,31?,388 8>;,>58,171
3?,;>;,731 ;1,538,:=: >7,1;1,7?: ?3?,7:?,=>8
GAUJ]AB MO ][AKAI@
7,3>5,351
1??,85>,>>?
U[@Z U[@ZOG OGGJ GJ×L ×L M GA[]O[A4 MÄAW 75 85 1;5 1>5
GA[]O[A 75 MÄAW4 GA[]O[A 85 MÄAW4 GA[]O[A 1;5 MÄAW4 GA[]O[A 1>5 MÄAW4
;51>
;51:
=3:,73?,>1; ;=7,1:>,53; ;?,7=3,3== :>3,>1> ;;,=:;,:5> 1;?,::1,;1: >:3,7:7,?37
$
?7>,7;>,??=.77
$ $ $ $ $ $
1=3,:13,1=7.83 =;,751,7;=.83 1?,=53,=?:.55 ;13,11>,7:7.55 :81,53;,>3=.83
11,3;1,85? 113,?5:,??1 1>7,?:1,5;: 8=,>=7,5?:
-$ $ $ $
:1:,375.77 ::,>=;,=1;.83 153,:78,?85.83 37,755,3=1.77
:=,713,>7? ?,:1;,;?7 1;1,;==,8?5 ?::,17:,:>;
$ $ $ $
1;;,=57,:8:.83 11,::=,;>3.83 1;5,>>:,=3?.83 ?7?,==3,313.77
;:>,;?7,?:1 $
=;?,8;?,1?3.77
GA[]O[A ;51: 75 785 $ $ $ $
$
1=3,:13,1=7.83
;51 =?5,555,555 =55,555,555 7?5,555,555 755,555,555 ;?5,555,555 ;55,555,555 1?5,555,555 155,555,555 ?5,555,555 -
1
;
; 5 1 8 ;5 1 3 ; 5 1> ; 51 :
AÑ@ ;518 AÑ@ ;513 AÑ@ ;51> AÑ@ ;51:
1;,7;8,=;>.8= ;=,8?;,>?3.;> Ba pr`yoggj÷l mo bas volas p`r g`krar para ob añ` ;51:, mjsdjluyo, p`r b` al` so ospora quo adkjêl =:,75?,31=.?8 mjsdjluya bas pr`yoggj`los ol garora. 37,:?>,?31.>7
ob gapja gapja mo ba ba odprosa odprosa or ob gapjab mo ba odprosa au uo ul ul añ` av`ra av`rakbo kbo ya qu ba olmolgja mob añ` ;51:
7
=
jlo jloar ar (;518 ;513 ;51> ;51:)
duy kai` mo aguorm` a bas `kbjcagj`los dol` mo `rda av`rakbo aulquo audolar`l b`s jdpuo`s mjorjm`s y b`s pasjv`s ostdam`s o audol` ob gapjab y mjsdjluyor`l b`s cas`s o av`rakbo ya quo audola ob gapjab mo rakai` y ba pr`mugtvjmam
AUABALGADJOL]@ HJLAL
]@]AB AG]JX@W
$
;518 =,7=>,:?5,:>; $
Gapjtab W`gjab [osorvas
1,:;=,=1: 1,?>1,5>1,5==
[OW_B]AM@ JL]OC[AB MOB OIO[GJGJ@ H@LM@W AG]JX@-H@LM@W _]JBJMAM UO[MJMA @UO[AGJ@LAB UO[MJMA AL]O MO JDU_OW]@ _]JB UO[M @UO[A/UO[AL]O MO JDU_OW] AUABALGADJOL]@ HJLALGJO[@
$
;?=,833,7?3 1,>73,8>;,>;5 $ ;,?11,;8>,18; $ ;15,8=3,3>> $ ;3=,537,1>1 5.38>?>;;31=8;3=? 1,:75,118,1>>
$ $ $ $
;513 =,1?=,=3=,>;5
1,:;=,=1: 1,?35,=?1,5;7 175,;71,31? 1, 1,35;,853,1?3 ;,=?1,>83,887 133,5>7,;:: ;7=,>;?,;3: 5.3?=1588;88?=:81 1,>=>,:8:,8?;
JO[@
$
A UA BA L GA D J
;51> =,551,>>8,;;= $
;51: 7,>;1,73;,?>=
>,555,555,555 3,555,555,555 8,555,555,555
1,:;=,=1: $ 1,?35,=?1,5;7 $ $ $ $ $
=5,357,?5? 1,817,53>,:=3 ;,7>>,>53,;33 :?,;83,?73 :5,1>8,3>3 1.5?877?>?331;37 ;,?;7,7>;,3>=
-$ $ $ $ $
1,:;=,=1: 1,?87,78=,7=; 3;,15;,::7 1,=:7,1>?,38> ;,7;>,1>8,>18 =?,81:,;:5 1?,>5>,8>> 7 8,31>,=3;,5;7
?,555,555,555 =,555,555,555 7,555,555,555 ;,555,555,555 1,555,555,555 ;518
Ba odprosa O]K g`lsjmora däljd` däl jd` ol ol gual` gual` ab ab rjosc rjosc nagoo ula cost nag cost÷l ÷l mob mob rjosc rjosc g`lr` g`l r`ba ba b` pr`yog pr` yogam am` [JOWC@ MO mjsp`ljkbo Huolos mo`hlg`a BJQ_JMOY grêmj`s p prroapr`kam`s vvjjc a 1 p`r p`r b` al` al` adkj adkjêl êl o bjqujmoz bjqu jmoz.. Wo puomo roabjza roabjza a bas utbjmamos mo ba odpr
L]@ HJLAL GJO GJO[@ [@
;513
;51>
quo tolo ul rjosc` mo bäqujmoz mokjm` a quo g`lsalo, rovjsa y l b` roab, amodás tolo lgjagj÷l g`d` b` s`l los. Ob jlmjgo os day`r rjosc`s` olor oxgosjva jlvorsj`los quo ap`rol sa.
;51:
[JOWC@ MO G AG]JX@W L@ G@[[JOL]OW G_OL]AW U@[ G@K[A[ G@DO[GJABOW Z @][AW G_OL]AW U@[ G@K[A[
;51 ;?,555,555 ;5,555,555 1?,555,555 15,555,555 ?,555,555 -
;1,?;?,18?
1=,5:=,>7>
; 5 1 8 ;5 13 ; 51 > ;5 1 :
[JOWC@ MO
L`a9 B`s ma`s mob progj` mjarja p`r p`r aggj÷l mob añ` ;51: y ;5;5 uor`l `damas mo b`s ma`s njs÷rjg`s njs÷rjg`s
OMJ]@ ;518
;513
;51>
;1,?;?,18? 1=,5:=,>7> 17,5=?,875 $
;51: 3,3=;,7=;.83
[JOWC@ MO G[ÊMJ]@
17,5=?,875
% -=5.8?1>7
Wocùl bas pr`yoggj`los pr`yoggj`los so ospora ospora quo para o [josc` mo grêmj` olca ula mjsdjlugj÷l y olmol ol molgja gja a bbaa kaia kaia.. Ba odpros odprosaa osá osá `dal `dal Z apbj apbjga galm lm` ` osr osra aoc ocja jass mo pro provo volg lgj÷ j÷l l mo rjo rjo garora, alabjzalm` y roabjzalm` ul osumj` para romugjr romugjr bas p`sjkbo p`sjkboss pêrmjmas pêrmjmas quo puom puom p` p`rr ba bass guol guola ass quo quo l` bb bboc ocuo uol l a ga galg lgob obar ar.. W olmo ol molg lgja ja so os ospo pora ra quo quo para para ob ob ; ;51 51: : so so rroa oa mjsdjlugj÷l mob =5.3% g`l rospog` ab añ` ;
3,3=;,7=7
jloar jloar (;518 ;513 ;51 ;51> > ;51:)
O[GAM@
[JOWC@ MO DO[GAM@ (]asas mo jlorês y Gadkjarj`)
ukbjgam`s p`r KXG mo ba odprosa O]K.
b ;51: ob alolca ba m` domjmas sc` mo b`s gbjolos colorarso ocùl ba bjgo ula 51>.
Ba odprosa O]K osá ol rjosc` mo Dorgam` mokjm` a bas `poragj`los ooguamas ol d`loma oxraliora, ol ospogjab ob m`bar, ol `poragj`los mo jlraosrugura y g`dpra mo oqujp`s d÷vjbos y g`l su jlgrodol` ol b`s ùbtd`s añ`s y g`d` so puomo vor, asj djsd` ob progj` mo aggj÷l na voljm` mjsdjluyolm`. G`l rospog` a ba asa mo jloros jloros êb rjosc` os djljd` mokjm` a bas `kbjcagj`los hlalgjoras s`l ol asa hia.
ALABJWJW MO WOLWJKJBJMAM
XOL]AW
;518
$ Xoltas y prostagj÷l mo Worvjgj`s Jlcros`s @poragj`labos Agtjvjmamos @rmjlarjas $ $ @tr`s jlcros`s @poragj`labos
;513
1,==:,7=;,1:3 $ 1,=:=,=7?,5=: $ =?,5:;,>?; $
1,=8>,5;?,>>8 1,?5:,335,=>> =1,3==,85;
CAW]@W
CAW]@W Z G@W]@W [OG_[[OL]OW Cast`s hjlalgjor`s lot`s Jdpuost` s`kro ba [olta y mjhorjm` Motorj`r` Z pr`vjsj`los Moprogjagj`los Z Ad`rtjzagj`los
$ $ $ $ $
1,5?:,>=3,5=8 83,;;1,::5 =3,>1>,;1? :>,?58,?57 ?=8,3;:,;>>
$ $ $ $ $
:8>,15;,15> ?>,311,1;; >=,1>1,?5? 1?=,13=,8:> ?8=,?38,:>1
]@]AB
$
1,18>,3=3,5?8 $
1,1>:,3:=,?8;
;518 $ 1,755,555,555 $ 1,;>5,555,555 $ 1,;85,555,555 $ 1,;=5,555,555 $ 1,;;5,555,555 $ 1,;55,555,555 $ 1,1>5,555,555 $ 1,185,555,555 $ 1,1=5,555,555 $ 1,1;5,555,555 $ 1,155,555,555
$ $ $ $ 1,18>,3=3,5?8 1,1>:,3:=,?8; 1,;?;,71=,137 1,;>3,1>?,31=
;5 ;518 18 ;5 ;513 13 ;5 ;51> 1> ;5 ;51: 1:
Oxp`loltab (;5 ;518 18 ;5 ;513 13 ;5 ;51> 1> ;5 ;51: 1:))
;51> $ $ $
;51: Osgolarj` 1
Osgolarj` ;
Osgolarj` 7
$ $ $ $ $
1,=;5,81>,;=8 $ 1,=13,;31,=:; $ 1,=13,;31,=:; $ 1,??>,::>,8=1 $ 1,?13,8:5,;=1 $ 1,?75,??7,3>=.83 $ 1,?75,??7,3>=.83 $ 1,8>7,85:,187 1 ,8>7,85:,187 $ :3,531,::? $ 117,;>;,;:;.83 $ 117,;>;,;:;.83 $ 1;=,815,?;; $ $ - $ $ - $ :87,8=5,5?= $ :55,:>:,=15.83 $ >15,>:5,=8:.85 $ ::1,5>>,7?; $ 1>;,788 -$ ;?,551,171.77 -$ ;?,551,171.77 -$ ;3,?51,;== -$ :5,=78,3=7 $ 118,38=,51?.83 $ 118,38=,51?.83 $ 1;>,==5,=13 $ 13;,::1,71> $ ;18,73?,8?=.83 $ ;18,73?,8?=.83 $ ;7>,517,;;5 $ ???,>1?,>;> $ ?8=,3:7,:5?.83 $ ?8=,3:7,:5?.83 $ 8;1,;37,;:8 $
1,=13,;31,=:; 1,?75,??7,3>? 117,;>;,;:7 3;5,3:1,?;: ;?,551,171 118,38=,518 ;18,73?,8?? ?8=,3:7,:58
$
1,;?;,71=,137 $
1,=83,7>7,?:8
1,;>3,1>?,31= $
1,733,;>=,8?? $
Osgolarj` 1 XA[JAKBO Jlcros`s @poragj`labos
1,=1?,:5=,;>? $
Osgolarj` ; -15%
Osgolarj` 7 15%
-;5%
Cas`s y G`s`s rogurrolo
_tbjmam _tbjm am `poragj`l `poragj`lab ab
$
;518 1,18>,3=3,5? 1,18>,3=3,5?8 8 $
;513 1,1>:,3:=,?8 1,1>:,3:=,?8; ; $
;51> ;51: (Osgolarj` =) 1,;?;,71=,137 1,;?;,71=,137 $ 1,3;;,51?,5= 1,3;;,51?,5=; ;
_]JBJMAM @UO[AGJ@LAB O]K $;,555,555,555 $1,3;;,5
$1,>55,555,555 $1,855,555,555 $1,=55,555,555 $1,18>,3=3,5?8 $1,;55,555,555
$1,1>:,3:=,?8;
$1,;?;,71=,137
$1,555,555,555 $>55,555,555 $855,555,555 $=55,555,555 $;55,555,555 $-
1
;
7
=
Bo g`lvjol g`lvjoloo a O]K ob = osgolar osgolarj` j` pbaloam pbaloam` ` ol ob guab guab so jlgrodo jlgrodola la bas volas volas ol ol ;5 audolad`s b`s g`s`s, l` so soräa räa al roprosolatv` ba utbjmam. Wo pr`p`lo audolar Alábsjs mo Osgolarj` = y ob rukr` g`s`s g`s`s audolarb audolarb` ` s÷b` s÷b` ol 15%. Asä `lolm `lolmrjad` rjad`ss day`r day`r varjagj÷l varjagj÷l mo utbjm utbjm ul añ` ab sjcujolo. Asä ba varjagj÷l pr`yogama soräa mo 73.?%
Osgolarj` = $ 1,355,3;?,3:5 $ 1,>78,88=,?=; $ 17?,:7>,3?1 $ $ $ ::1,5>>,7?; -$ ;3,?51,;== $ 1;>,==5,=13 $ ;7>,517,;;5 $ 8;1,;37,;:8 $
1,3;;,51?,5=;
Osgolarj` = ;5%
% XA[JAGJ×L 5.73?5887;53>==?
?,5=;
, por` sj bas volas ol ;5% am `poragj`los mo
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