Publicidad
%&
1.8
%Ã5HVWZlUPHDQ]HLJH
'HUÃ %HQXW]HUÃ VROOÃ DXIÃ DXIÃ HLQH
JHIlKUOLFKHÃ %HUKUWHPSHUDWXUÃ DXI
GHUÃ *ODVNHUDPLNÃ LPÃ %HUHLFKÃ HLQHU
.RFKVWHOOHÃKLQJHZLHVHQÃZHUGHQÃ'LH
7HPSHUWXUÃ ZLUGÃ EHUÃ HLQ
PDWKHPDWLVFKHVÃ 0RGHOOÃ EHUHFKQHW
XQGÃYHUEOLHEHQHÃ5HVWZlUPHÃPLWWHOV
HLQHVÃÅ+´ÃDXIÃGHPÃHQWVSUHFKHQGHQ
&6HJPHQW'LVSOD\ÃDQJH]HLJW
'DVÃ$XIKHL]HQÃXQGÃ$ENKOHQÃZLUG
LQÃ$EKlQJLJNHLWÃGHU
ÃÃJHZlKOWHUÃ/HLVWXQJVVWXIHÃÅ´ÃELV
Å(´
ÃÃ (LQ$XV=HLWÃ GHVÃ 5HODLV
UHFKQHULVFKÃHUPLWWHOW
1DFKÃ$XVVFKDOWHQÃ GHUÃ .RFKVWHOOH
]HLJWÃ GLHÃ ]XJHK|ULJHÃ$Q]HLJHÃ VR
ODQJHÃHLQÃÅ+´ÃELVÃGLHÃ]XJHRUGQHWH
.RFKVWHOOHQWHPSHUDWXUÃ UHFKQHULVFK
XQWHUÃHLQHPÃXQJHIlKUOLFKHQÃ1LYHDX
OLHJWÃ c Ã%p&
&4
1.8
%Ã,QGLFDGRUÃGHÃFDORUÃUHVLGXDO
,QGLFDÃ DOÃ XVXDULRÃ TXHÃ HOÃ YLGULRÃ VH
HQFXHQWUDÃ DÃ XQDÃ WHPSHUDWXUD
SHOLJURVDÃHQÃFDVRÃGHÃFRQWDFWRÃFRQÃHO
iUHDÃ VLWXDGDÃ VREUHÃ ODÃ ]RQDÃ GH
FRFFLyQÃ /DÃ WHPSHUDWXUDÃ HV
GHWHUPLQDGDÃ VHJ~QÃ XQÃ PRGHOR
PDWHPiWLFRÃ\ÃHQÃFDVRÃGHÃSUHVHQFLD
GHÃ FDORUÃ UHVLGXDOÃ HOORÃ HVÃ LQGLFDGR
FRQÃXQDô+μÃSRUÃHOÃFRUUHVSRQGLHQWH
GLVSOD\ÃGHÃVLHWHÃVHJPHQWRV
(OÃFDOHQWDPLHQWRÃ\ÃHOÃHQIULDPLHQWRÃVH
FDOFXODQÃVREUHÃODÃEDVHÃGH)
ÃÃ(OÃQLYHOÃGHÃSRWHQFLDÃVHOHFFLRQDGR
HQWUHô´Ã\ô(´
ÃÃ (OÃ SHUtRGRÃ GHÃ DFWLYDFLyQÃ GHÃ ORV
UHOpV
'HVSXpVÃGHÃKDEHUÃDSDJDGRÃODÃ]RQD
GHÃ FRFFLyQÃ HOÃ FRUUHVSRQGLHQWH
GLVSOD\ÃPRVWUDUiô+μÃKDVWDÃTXHÃOD
WHPSHUDWXUDÃ GHÃ ODÃ ]RQDÃ KD\D
GHVFHQGLGRÃ SRUÃ GHEDMRÃ GHOÃ QLYHO
FUtWLFRà c à à %ž&à VHJ~Qà HOà PRGHOR
PDWHPiWLFR
/-
1.8
%Ã5HVWZDUPWHLQGLFDWRU
:DDUVFKXZWÃ GHÃ JHEUXLNHUÃ GDWÃ KHW
JODVÃ HHQÃ JHYDDUOLMNHÃ WHPSHUDWXXU
KHHIWÃ ELMÃ DDQUDNLQJÃ YDQÃ KHWÃ KHOH
JHELHGÃ ERYHQÃ GHÃ NRRN]RQHÃ 'H
WHPSHUDWXXUÃZRUGWÃEHSDDOGÃYROJHQV
HHQÃZLVNXQGLJÃPRGHOÃHQÃHYHQWXHOH
UHVWZDUPWHÃ ZRUGWÃ PHWÃ HHQÃ ´+μ
DDQJHGXLGÃGRRUÃKHWÃGHVEHWUHIIHQGH
]HYHQVHJPHQWÃGLVSOD\
'HÃ YHUZDUPLQJÃ HQÃ GHÃ DINRHOLQJ
ZRUGHQÃ EHUHNHQGÃ PHWÃ EHWUHNNLQJ
WRW)
ÃÃ
KHWÃ
JHVHOHFWHHUGH
YHUPRJHQVQLYHDXÃYDQô´ÃWRWô(´
ÃÃGHÃDFWLYHULQJVSHULRGHÃYDQÃGHÃUHODLV
1DGDWÃ
GHÃ
NRRN]RQHÃ
XLWJHVFKDNHOGÃ
WRRQWÃ
GHVEHWUHIIHQGHÃ GLVSOD\Ã HHQÃ ´+μ
WRWGDWÃGHÃWHPSHUDWXXUÃYDQÃGHÃ]RQH
YROJHQVÃ KHWÃ ZLVNXQGLJÃ PRGHOÃ WRW
RQGHUÃKHWÃNULWLHNHÃQLYHDXÃGDDOWÃc
%p&
22
15
%Ã,QGLFDGRUÃGHÃFDORUÃUHVLGXDO
1.8
6HUYHÃ SDUDÃ LQGLFDUÃ DRÃ XWLOL]DGRU
TXHÃRÃYLGURÃHVWiÃDÃXPDÃWHPSHUDWXUD
SHULJRVDÃHPÃFDVRÃGHÃFRQWDFWRÃFRP
WRGDÃ DÃ iUHDÃ SUy[LPRÃ GDÃ ]RQDÃ GH
FR]HGXUDÃ $Ã WHPSHUDWXUDÃ p
GHWHUPLQDGDÃVHJXLQGRÃXPÃPRGHOR
PDWHPiWLFRÃ HÃ XPÃ HYHQWXDOÃ FDORU
UHVLGXDOÃpÃLQGLFDGRÃFRPÃXPô+μ
QRÃ YLVRUÃ GHÃ VHWHÃ VHJPHQWRV
FRUUHVSRQGHQWH
2ÃDTXHFLPHQWRÃHÃRÃDUUHIHFLPHQWR
VmRÃFDOFXODGRVÃHPÃUHODomRÃD)
ÃÃ 1tYHOÃ GHÃ SRWrQFLDÃ VHOHFFLRQDGR
GHô´ÃDô(´
ÃÃ3HUtRGRÃGHÃDFWLYDomRÃGRVÃUHOpV
LV
'HSRLVÃ GHÃ GHVOLJDUÃ DÃ ]RQDÃ GH
KHW
FR]HGXUDÃRÃYLVRUÃFRUUHVSRQGHQWH
PRVWUDô+μÃDWpÃTXHÃDÃWHPSHUDWXUD
GDÃ ]RQDÃ GHVoDÃ DEDL[RÃ GRÃ QtYHO
FUtWLFRÃ c ÃÃ% p &ÃVHJXQGRÃRÃPRGHOR
PDWHPiWLFR
Publicidad
