La utilidad de la aplicación del sistema uniforme de cuentas para la toma de decisiones en la...

8/10/2019 La utilidad de la aplicacin del sistema uniforme de cuentas para la toma de decisiones en la empresa hotelera

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CFHZG]FM MJ ]ZPIXDL Y CIOFO[FX

APFML JO ]ZPIXDL

Gf utigimfm mj gf fpgihfhio mjg Xistjdf Zoiclrdj mj Hujotfspfrf gf tldf mj mjhisilojs jo gf jdprjsf nltjgjrf

]rf`fkl Cio mj Arfml prjsjotfml plr Oymif [fd`rfol Sihjotj, sijoml gf tutlrf mjgdisdl gf prlcjslrf Plsfril Dfrto Xfdpjr.

S. @. mj gf ]utlrf; Fgudof;

M. M.

Xjviggf. Kuoil mj 026=


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[fd`rfol Sihjotj, Oymif

APFML JO ]ZPIXDL

CFHZG]FM MJ ]ZPIXDL Y CIOFO[FX

]PF@FKL CIO MJ APFML

HZPXL FHFMDIHL U0268-026=T

]]ZGL;

GF Z]IGIMFM MJ GF FRGIHFHIO MJG XIX]JDF ZOICLPDJ MJ HZJO]FX RFPFGF ]LDF MJ MJHIXILOJX JO GF JDRPJXF NL]JGJPF

FZ]LP;

OYMIF [FD@PFOL SIHJO]J

]Z]LP;

MPF. M PLXFPIL DFP]O XFDRJP

MJRFP]FDJO]L;

HLO]F@IGIMFM

PJF MJ HLOLHIDIJO]L;

JHLOLDF CIOFOHIJPF Y HLO]F@IGIMFM


3/48

]CA. ]ZP. Gf Ztigimfm mj gf Fpgihfhio mjg Xistjdf Zoiclrdj mj Hujotfs pfrf gf ]ldf mj Mjhisilojs jo

gf Jdprjsf Nltjgjrf.

PJXZDJO

Jg prjsjotj trf`fkl mj cio mj arfml, prjtjomj plojr mj dfoicijstl gf utigimfm mj gf

fpgihfhio mjg Xistjdf Zoiclrdj mj Hujotfs, tfd`io hlolhiml hldl ZXFGI (ZoiclrdXystjd lc Fhhluots Clrt nj Glmaioa Iomustry). Rfrf jggl sj nf rjfgizfml uo Jstumil mjHfsl jo jg hufg sj nf sjgjhhilofml, fofgizfml j iotjrprjtfml gf ioclrdfhio l`tjoimfmj uof jdprjsf nltjgjrf jo pfrtihugfr, f gf quj sj gj nf fpgihfml jg Xistjdf Zoiclrdjmj Hujotfs, prlhjmijoml f gf jvfgufhio mj gf utigimfm mjg disdl pfrf gfs mjhisilojsmj ajstio tldfmfs tfotl plr gls mirjhtivls hldl plr gls rjsplosf`gjs mjmjpfrtfdjotl. Ciofgdjotj njdls jxtrfml uofs hlohgusilojs y rjhldjomfhilojs pfrfgf jdprjsf jo hujstio.

RFGF@PFX HGFSJ;

ZXFGI5 hujotfs mj jxpgltfhio5 drajojs y rftils5 tldf mj mjhisilojs.


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OMIHJ

6. IO]PLMZHHIO .6

0. L@KJ]ISLX . ..88. KZX]ICIHFHIO MJ GF PJGJSFOHIF MJG ]JDF JGJAIML ..:=. PJSIXIO @I@GILAPCIHF Y HZJPRL ]JPIHL ...1

=.6. LPIAJO MJG ZXFGI .1=.0. JX]PZH]ZPF Y HLO]JOIML ..> =.8. L@KJ]ISLX 9 =.=. RPIOHIRILX @XIHLX MJ CZOHILOFDIJO]L 9

=.=.6. Gf mivisio mj gf fhtivimfm nltjgjrf jo mls arfomjs tipls mjmjpfrtfdjotls ..9

=.=.0. Jg sjauidijotl mj uo dlmjgl mj hlstjs fsiaof`gjs...66=.=.8. Jg hghugl mj rjsugtfmls .60

=.:. MJRFP]FDJO]LX .68

=.:.6. Mjpfrtfdjotl mj Nfìtfhilojs 68=.:.0. Mjpfrtfdjotl mj Fgidjotls y @jìmfs .63=.:.8. Ltrls mjpfrtfdjotls lpjrftivls 02=.:.=. Mjpfrtfdjotls cuohilofgjs .06

:. DJ]LMLGLAF ..0: 3. PJXZG]FMLX, FOGIXIX Y MIXHZXIO..01

3.6. PJRPJXJO]FHIO MJ GLX PJXZG]FMLX ....0>3.0. FOGIXIX MJ GLX PJXZG]FMLX ....82

3.0.6. Mjpfrtfdjotl mj Nfìtfhilojs ..82 3.0.0. Mjpfrtfdjotl mj Fgidjotls y @jìmfs 863.0.8. Mjpfrtfdjotl mj Jvjotls l Fgquigjr mj Xfglojs 883.0.=. Mjpfrtfdjotls ol lpjrftivls .88

3.0.:. ALI, ALR y OLR .8= 3.8. HLDRFPFHIO HLO IOCLPDJX MJG XJH]LP .8=

3.8.6. Arfmls mj lhupfhio8=3.8.0. Ioarjsl djmil plr jstfohif.8: 3.8.8. Ioarjsl plr nfìtfhio (PJSRFP) 833.8.=. Rlrhjotfkj mj jojcihil sl`rj gf hicrf mj vjotfs .833.8.:. Mistriùhio mj gls ioarjsls81

1. HLOXIMJPFHILOJX CIOFGJX, HLOHGZXILOJX Y PJHLDJOMFHILOJX...891.6. HLOXIMJPFHILOJX CIOFGJX .89 1.0. HLOHGZXILOJX .89 1.8. PJHLDJOMFHILOJX =2


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- 6 -

HFR]ZGL 6

IO]PLMZHHIO

Gfs jdprjsfs nltjgjrfs, hldl gfs mj hufgquijr ltrl sjhtlr, nfo mj sjauir gf olrdftivf(djrhfotig, hlotf`gj, gf`lrfg, jth.) viajotj mj hfmf pfs, gl quj prlvlhf uof hijrtfhlotrfrijmfm hufoml sj trftf mj hfmjofs nltjgjrfs hlo jstf`gjhidijotls jo mistiotlspfsjs. F oivjg farjafml, jstfs mj`jro sjauir gf olrdftivf quj jstf`gjzhf gfgjaisgfhio mjg pfs jo jg quj sj johujotrj gf hjotrfg5 pjrl f oivjg glhfg, gf olrdftivfmjpjomjr mjg pfs jo jg quj sj johujotrj hfmf jstf`gjhidijotl.

Jstf cfgtf mj olrdftivf hldo sl`rj gls iomihfmlrjs mj ajstio f utigizfr jo gf

iomustrif nltjgjrf, js gf hfusf mjg ofhidijotl y jxpfosio mjg ZXFGI, rfzo mj pjslpfrf kusticihfr gf idplrtfohif mjg disdl.

Jg jstumil mj hfsl mjsfrrlggfml f hlotioufhio sj rjcijrj fg Xistjdf Zoiclrdj mjHujotfs pfrf gf Iomustrif mjg Fglkfdijotl, l tfdìo ggfdfml ZXFGI (Zoiclrd Xystjdlc Fhhluots clr tnj Glmaioa Iomustry), fs hldl f gf idplrtfohif mj su fpgihfhio pfrfgf tldf mj mjhisilojs jo gfs hldpffs nltjgjrfs.

Gf rfzo mj jstf idplrtfohif hliohimj hlo gls mls l`kjtivls ds mjstfhf`gjs mjgXistjdf Zoiclrdj. Rlr uo gfml, hldl su old`rj iomihf, pjrsiauj gf sjohiggjz arfhifs fgf uoiclrdimfm y jstfomfrizfhio mj prjsjotfhio mj gls rjsugtfmls5 y plr ltrl yjogfzfoml hlo jg fotjrilr, jstf uoiclrdimfm cfhigitf gf hldpfrfìgimfmmj gls rjsugtfmlsjo jg tijdpl (jotrj mistiotls pjrilmls) y jo jg jspfhil, fg pjrditir hldpfrfrjstf`gjhidijotls mj mistiotl tfdfl, uìhfmls jo mistiotfs zlofs ajlarcihfs yajstilofmls hlo mistiotls rjadjojs mj jxpgltfhio.

Mjsmj gf pridjrf jmihio mjg ZXFGI jotlohjs ggfdfml ZXFN (Zoiclrd Xystjd lcFhhluots clr Nltjgs), pu`gihfmf jo 6903 plr gf Ojw Ylre Fsslhiftilo, nfstf gf mhidfy gtidf jmihio pu`gihfmf jo 0223, jg odjrl mj jdprjsfs mjg sjhtlr quj gl nfoiohlrplrfml f su sistjdf mj ajstio sj nf vistl iohrjdjotfml oltf`gjdjotj, nfstfhlovjrtirsj jo jg sistjdf mj rjplrtioa y ajstio ds micuomiml y usfml plr gf iomustrifnltjgjrf iotjrofhilofg, fpgihfml tfotl plr idplrtfotjs nltjgjs y hfmjofs hldl plrpjqujls nltjgjs.Fmjgfimf Hiumfm Adjz (0262).

F hlotioufhio, jxplomrjdls gf kusticihfhio, l`kjtivls, jg hujrpl tjrihl y gf

djtlmlglaf mj jstj jstumil, sjauimls mj uo fogisis mj rjsugtfmls quj hlostituir gftfrjf ds jxtjosf y mj dfylr rjgjvfohif y quj hlostfr mj gf fpgihfhio mjg XistjdfZoiclrdj mj Hujotfs f gls mftls hlotf`gjs mj uof jdprjsf nltjgjrf jo pfrtihugfr, fshldl mj uof hldpfrfhio mj gls disdls hlo gls hlrrjsplomijotjs fg sjhtlr.

]rfs jggl, sj prlhjmjr f gf jgf`lrfhio mj uofs hlohgusilojs, mj fhujrml hlo glsrjsugtfmls l`tjoimls prjvifdjotj, y f gf joudjrfhio mj uof sjrij mjrjhldjomfhilojs f sjauir plr gf jdprjsf jo hujstio.


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- 8 -

HFR]ZGL 0

L@KJ]ISLX

Jg priohipfg l`kjtivl mj jstj trf`fkl js l`sjrvfr gf fpgihfhio mjg Xistjdf Zoiclrdj mjHujotfs jo gf jdprjsf Nltjgjrf.Jo hlohrjtl sj prjtjomj plr uo gfml, rjcgjkfr gf utigimfm mjg Xistjdf pfrf gf pfrf gftldf mj mjhisilojs mj ajstio, pfrtijoml mj gls rjsugtfmls quj g disdl fplrtf5 y plrltrl, mjdlstrfr gf hfpfhimfm mjg sistjdf pfrf rjfgizfr hldpfrfhilojs mj gls mftlsl`tjoimls plr nltjgjs mjotrl l cujrf mj gf disdf hfmjof (`johndfreioa iotjrol yjxtjrol).


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- : -

HFR]ZGL 8KZX]ICIHFHIO MJ GF PJGJSFOHIF MJG ]JDF JGJAIML

Gf rfzo mj nf`jr jgjaiml jstj tjdf y ol ltrl pfrf mjsfrrlggfr jg trf`fkl, ol js dsquj su idplrtfohif y utigimfm f gf nlrf mj hldpfrfr rjsugtfmls jo gfs jdprjsfsnltjgjrfs y jg prlarjsivl mjsfrrlggl quj nf jxpjridjotfml gf idpgfotfhio mj jstjsistjdf jo gf iomustrif nltjgjrf f jshfgf iotjrofhilofg, hldl njdls djohilofmlfotjrilrdjotj.

Jg Xistjdf Zoiclrdj mj Hujotfs l tfdìo ggfdfml ZXFGI (Zoiclrd Xystjd lcFhhluots clr tnj Glmaioa Iomustry), pjrditj mj clrdf duy sjohiggf y jstfomfrizfmfnfhjr hldpfrfhilojs tfotl mjotrl mj gf prlpif jdprjsf, f trfvs mj gls mistiotlsmjpfrtfdjotls5 hldl cujrf, hlo ltrfs jdprjsfs mjg sjhtlr. Jstl cfhigitf jolrdjdjotjgf jvfgufhio mj gf rjotfìgimfm mj hfmf mjpfrtfdjotl y mj gf jdprjsf jo su tltfgimfm,

gl quj fyumfr jo gf tldf mj mjhisilojs hufoml plr jkjdpgl, nfyf quj supridir fgaomjpfrtfdjotl quj fplrtj plhf rjotfìgimfm, oioauof j iohgusl ojaftivf5 l ìjo pfrf jgjoclquj mj fqujggls quj s gl nfafo oltf`gjdjotj.

Jo gf fhtufgimfm y mjìml f gf hrisis quj sucridls, gfs jdprjsfs nltjgjrfs sj nfovistl clrzfmfs f `fkfmfs mj prjhil y rjmuhhilojs mj hlstjs pfrf iohjotivfr gf mjdfomfy jvitfr gf jrlsio mj gf rjotfìgimfm, sijoml jg jstumil y gf hldpfrfhio mj jstfvfrif`gj uo tjdf vitfg pfrf gf supjrvivjohif jo jg djrhfml


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- 1 -

HFR]ZGL =

PJSIXIO @I@GILAPCIHF Y HZJPRL ]JPIHL

Zo hlolhidijotl mjg lriajo, gls l`kjtivls, gls priohipils `sihls mj cuohilofdijotl y gfjstruhturf mjg Xistjdf mj Zoiclrdj mj Hujotfs js ojhjsfril pfrf ggjafr f hldprjomjrsu utigimfm y vfglrfr su idplrtfohif hlotf`gj jo jg sjhtlr nltjgjrl. Fmjds jo jstjpuotl sj sjfgfro tfdìo gfs vjotfkfs j iohlovjoijotjs mj gf fpgihfhio mjg sistjdf.

=.6. LPIAJO MJG ZXFGI

Rfrf jxpgihfr su lriajo nf`r quj rjdlotfrsj fg fl 690:, hufoml gf Fdjrihfo NltjgFsslhiftilo fcrlotf gf jgf`lrfhio mjg Zoiclrd Xystjd lc Fhhluots clr Nltjgs(ZXFN),

pjrl js jo 6903, hufoml gf Ojw Ylre Fsslhiftilo gl fpruj`f, pu`gihf y rjhldijomfplr pridjrf vjz. Ds fmjgfotj, jo 6936, sj pu`gih jg mjoldiofml Zoiclrd Xystjd lcFhhluots fom Jxpjosj Mihtilofry clr Xdfgg Nltjgs, Dltjgs, fom Dltlr Nltjgs(ZXFXN)plr gf Oftilofg Fsslhiftilo lc Fhhluotfotspfrf gls dijd`rls mj gf Fdjrihfo Nltjg &Dltjg Fsslhiftilo. Jstj mlhudjotl, mjspus mj huftrl rjvisilojs y kuotl hlo gfsfotjrilrjs vjrsilojs pu`gihfmfs mjg ZXFN, hlotriùy f gf fhtufgizfhio y pu`gihfhiojo 6993, mjg ZXFGI l olvjof vjrsio mjg ZXFN.

F arfomjs rfsals, jg dltivl mj tlml jstl rjsimj jo jg arfo prlhjsl mjiotjrofhilofgizfhio y agl`fgizfhio quj sucrijrlo gls djrhfmls murfotj jg siagl pfsfmly quj fcjht oltf`gjdjotj fg sjhtlr turstihl jo clrdf mj hfmjofs nltjgjrfs. Jstl,kuotl hlo gls fvfohjs tjholgaihls y jg fgtl arfml mj iohjrtimud`rj quj rjiof`f jo gfjhloldf plr fqujg jotlohjs, fhjotu gf ojhjsimfm mj misplojr mj ioclrdfhiouoiclrdj quj pumijrf sjr trftfmf plr hufgquijr usufril mj gf hlotfìgimfm sio idplrtfrsu jdpgfzfdijotl ajlarcihl l jg mj gf jdprjsf jo hujstio, fyumfoml fg disdltijdpl f gimifr hlo gf hldpjtitivimfm arfhifs f gf hldpfrfìgimfm quj cfhigitf (Hiumfm,0262).

Jo 0223 sj pu`gihfrf gf mhidf y gtidf jmihio nfstf gf cjhnf mjg XistjdfZoiclrdj mj Hujotfs pfrf gf Iomustrif Nltjgjrf, hlo jg l`kjtivl mj nfhjr crjotj f glsoujvls rjtls pgfotjfmls plr gf iomustrif mjg fglkfdijotl y jgidiofr fgauofs mjcihijohifsjxistjotjs jo gfs vjrsilojs fotjrilrjs.


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=.0. JX]PZH]ZPF Y HLO]JOIML

Jo gl rjcjriml f gf jstruhturf y hlotjoiml mjg ZXFGI, sus pfrtjs sj nfo vistl `fstfotjdlmicihfmfs hlo gf gtidf jmihio mjg Xistjdf Zoiclrdj (0223). Gf siauijotj tf`gfdujstrf gf jstruhturf mjg disdl fotjs mj su gtidf fhtufgizfhio.

JX]PZH]ZPF MJG ZXFGI

RFP]J

I

Jstruhturf y hlotjoiml mj glsjstfmls ciofohijrls miriaimls fgls usufrils jxtjrols j iotjrols.

6. @fgfohj mj situfhio.0. Hujotf mj rjsugtfmls.8. Jstfml sl`rj clomls prlpils.=. Jstfml mj hfsn cglw.:. Oltfs f gls jstfmls ciofohijrls.3. Jstfml Fofgtihls Mjpfrtfdjotfgjs.

Ioclrdfhio sl`rj lpjrfhilojs lsitufhilojs jspjhifgjs.

1. Jstfml Fofgtihl sl`rj jg mjpfrtfdjotlkujals mj fzfr.

>. Jstfml hlotf`gj pfrf nltjgjsjxpgltfmls jo raidjo mjdfofajdjot.

RFP]J

II

Fogisis Ciofohijrl.

9. Clrdftls fgtjroftivls mj gls jstfmlsciofohijrls.

62. Fogisis mj Pftils y Jstfmstihfs.66. Fogisis mjg puotl dujrtl.60. Hlotrlg prjsupujstfril.68. Auf pfrf gf glhfgizfhio mj fgauols

afstls jo gls mjpfrtfdjotlslpjrfhilofgjs.(PjsplosfìgityFhhluotioa)

RFP]J

III

Pjaistrl mj gfs lpjrfhilojs.

6=. Hlmicihfhio hlotf`gj.6:. Mifril fuxigifr pfrf jg rjaistrl mj gfs

lpjrfhilojs ds usufgjs.

RFP]J IS Hftglal mj afstls hgfsicihfmls cuohilofgdjotjRFP]J S Jkjdpgl sl`rj gf fpgihfhio mjg dlmjgl

Ciaurf =.6. Jstruhturf mjg ZXFGI.Cujotj; Dlrjol y Dfrto (0220, p.:2)

Xio jd`fral, y hldl ìjo sjfgf Hiumfm (0262), jo gf gtidf jmihio mj ZXFGI sjrjhlajo gls siauijotjs hfdìls;

I. Gf sjauomf pfrtj, prjsjotf gf jstruhturf olrdfgizfmf mj gls jstfmlsciofohijrls miriaimls f usufrils iotjrols, jgidioomlsj gfs sjhhilojs mjmihfmfsf gf ioclrdfhio sl`rj lpjrfhilojs y situfhilojs jspjhifgjs;Xjhhio 1;Jstfmls mj Kujals mjg fzfr yXjhhio >; Jstfml mj lpjrfhilojs ggjvfmfs plruof jdprjsf mj ajstio.

II. Gf tjrhjrf prlploj uof sjrij mj rftils y jstfmstihfs pfrf jg fogisis jhlodihlciofohijrl mj gfs jdprjsfs nltjgjrfs, njrrfdijotf tig pfrf jg fogisis mjg oivjgmj rijsal mj gf jdprjsf, su rjotfìgimfm y su hfpfhimfm mj hrjhidijotl, y pfrfprlyjhtfr gls jstfmls ciofohijrls, jgidiofml gfs sjhhilojs mjmihfmfs f glsclrdftls fgtjroftivls mj gls jstfmls ciofohijrls (Xjhhio 9), fg ud`rfg mjrjotfìgimfm l puotl dujrtl (Xjhhio 66), f gfs olrdfs pfrf gf jgf`lrfhio yhlotrlg prjsupujstfril (Xjhhio 60), y gf auf pfrf gf glhfgizfhio mj afstls jogls mjpfrtfdjotls lpjrftivls (Xjhhio 68). Mjg disdl dlml, jstf oujvf

jmihio nfhj mjsfpfrjhjr gfs sjhhilojs mjmihfmfs fg Rgfo mj hujotf (sjhhio6=) y jg dlmjgl mj mifril fuxigifr (Xjhhio 6:).


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III. Gf hufrtf hlotijoj uo mihhilofril mj afstls, mj ds chig usl quj jg fotjrilr,hgfsicihfml tfotl plr mjpfrtfdjotls hldl plr lrmjo fgcf`tihl mjg old`rj mj gf

hujotf mj afstl y hlo ds mj 6:22 jotrfmfs, djklromlgl sustfohifgdjotj.

IS. Gf pfrtj quiotf mj gf olvjof jmihio mjg ZXFGI, mjmihfmf fg pgfotjfdijotl mjuo jkjdpgl oudrihl, tfdìo nf siml jgidiofmf.

Mj hufgquijr dlml, jo jstj jstumil mj hfsl ols hjotrfrjdls jo gfs sjhhilojsrjcjrimfs f Hujotfs mj Pjsugtfmls (Xjhhio 0) y Jstfmls Fofgtihls Mjpfrtfdjotfgjs(Xjhhio 3)

=.8. L@KJ]ISLX

Jo hufotl f gls l`kjtivls, hldl yf sj nf sjfgfml fotjrilrdjotj, jg ZXFGI pjrsiaujpriohipfgdjotj gf sjohiggjz jo su dlmjgl hlotf`gj, pfrf quj sjf mj jstj dlmlfmfptf`gj f hufgquijr tipl mj fglkfdijotl turstihl5 y gf hldpfrfìgimfm, tfotl iotjrofhldl jxtjrof, quj lcrjhjo sus rjsugtfmls fg sjr uo dlmjgl uoiclrdj y jstfomfrizfml.

Xio jd`fral, @lrrjal (0266), tijoj jo hujotf ltrls mls ds;

Gf cikfhio mj rjsplosfìgimfmjs mj ajstio, yf quj gf ioclrdfhio mjsfarjafmfplr mjpfrtfdjotl l uoimfm mj prlmuhhio nfhj ds chig su hlotrlg,plsiìgitfoml hldpfrfhilojs hldl gfs siauijotjs;

Mj tlml mjpfrtfdjotl hlosial disdl f gl gfral mjg tijdpl

Jotrj mjpfrtfdjotls

Hlo jg prjsupujstl l prjvisilojs

Hlo mjpfrtfdjotls mj ltrls jstf`gjhidijotls

Hlo ltrfs jotimfmjs mjg sjhtlr Gf prjsjotfhio mj uof ioclrdfhio miodihf plr hlotrfplsihio, f micjrjohif mj

uo sistjdf trfmihilofg, jsttihl mj hlotfìgimfm ol fmfptfml fg sjhtlr.

=.=. RPIOHIRILX @XIHLX MJ CZOHILOFDIJO]L

Rlr ltrl gfml, pfrf jxpgihfr gls priohipils `sihls mj cuohilofdijotl hf`j mjstfhfrvfrils fspjhtls (Dlrjol y Dfrto, 0220);

=.=.6. Gf mivisio mj gf fhtivimfm nltjgjrf jo mls arfomjs tipls mjmjpfrtfdjotls;

Lpjrft ivls; jo jggls sj ggjvf f hf`l gf prjstfhio mj gls sjrvihils quj sjlcrjhjro fg hgijotj y ajojrfo tfotl hlstjs hldl ioarjsls (nfìtfhilojs,rjstfurfotj, pfreioa...).

Xjao gf olvjof jmihio mjg ZXFGI (6993), gls mjpfrtfdjotls lpjrftivls,lhjotrls mj ioarjsls, sj imjoticihfrfo hlo gls siauijotjs;

l Nfìtfhilojs

l Fgidjotls

l @jìmfs

l ]jgjhlduoihfhilojs


16/48


- 62 -

l Gfvfomjrf mj hgijotjs

l Afrfkj y fpfrhfdijotl

l Hfdpl mj algc

l ]ijomf mj algc

l Hjotrl mj sfgum

l Rishiof

l Hgu` mj tjois

l ]ijomf mj tjois

l Ltrls mjpfrtfdjotls lpjrftivls y fgquigjrjs

l Ltrls ioarjsls

Cuohilofgjs; l hjotrls mj hlstjs, slgl iohurrjo jo hlstjs y ol pujmjofslhifrsj mirjhtfdjotj f uof prjstfhio mj sjrvihil (dfrejtioa,dfotjoidijotl, jojraf).

Jo hufotl f gls mjpfrtfdjotls cuohilofgjs, l hjotrls mj hlstjs, gf olvjofjmihio mjg ZXFGI rjhlaj;

l Fmdioistrfhio

l Xistjdfs mj ioclrdfhio

l Pjhursls nudfols

l Xjaurimfm

l Dfrejtioa

l ]rfosplrtj

l Xjrvihil thoihl

l Jojraf

Ol l`stfotj, gf gtidf vjrsio mjg ZXFGI (0223), sidpgicihf jstls arupls mjmjpfrtfdjotls supridijoml fgauols mj gls puotls joudjrfmls fotjrilrdjotj,qujmfoml hldl sj rjcgjkf jo jg siauijotj jsqujdf;


17/48



- 66 -

Mjpfrtfdjotls

Lpjrftivls

Ioarjsls

ojtls

Hlstj mj

vjotfs

Xfgfrils y

afstlsrjgfhilofmls

Ltrls

afstls

Ioarjsls

(prmimfs

Nfìtfhilojs

Xjhhio 6; Ioarjsls y Afstls Lpjrftivls

Fgidjotls y@jìmfs

LtrlsMjpfrtfdjotlsLpjrftivls

Fgquigjrjs yLtrls Ioarjsls

]L]FGMjpfrtfdjotlsLpjrftivls

AfstlsLpjrftivls OlFsiaof`gjs

Xjhhio 0; Afstls mj gls Mjpfrtfdjotls Cuohilofgjs

Fmdioistrfhio yAjojrfgjs

Sjotfs yDfrejtioa

Dfotjoidijotl

mj gf prlpijmfm(Xjrvihil]hoihl)

Jojraf

]L]FG AfstlsOl Fsiaof`gjs

Ciaurf =.0. ZXFGI Xuddfry Iohldj XtftjdjotCujotj; fmfptfhio y trfmuhhio pjrslofg mjsmj jg ioags f pfrtir mj Aioojejo (0268, p. 90)

Hf`j sjfgfr, quj fuoquj jo jstf gtidf jmihio mjg ZXFGI sj rjmuzhf jg odjrl mjmjpfrtfdjotls f gf nlrf mj rjcgjkfrgls jo gf hujotf mj rjsugtfmls, jsl ol privfr f gf

jdprjsf mj plsjjr y ajstilofr uo odjrl dfylr mj mjpfrtfdjotls si fs gl rjquijrj.Rlr jkjdpgl, pujmj lhurrir quj jo uo nltjg hlo hfdpl mj algc, jstj suploaf dfylrjsioarjsls quj jg mjpfrtfdjotl mjFgidjotls y @jìmfs, y hlo jggl gf ojhjsimfm mj uofajstio miaof mj uo mjpfrtfdjotl hldl tfg, iomjpjomijotjdjotj mj quj mjspusHfdpl mj Algc sjf iohguiml jo Ltrls Mjpfrtfdjotls Lpjrftivlsf gf nlrf mj rjfgizfrgf hujotf mj rjsugtfmls.

Jo hufgquijr hfsl, ds fmjgfotj sjro gls trjs mjpfrtfdjotls iohguimls jo jgXistjdf Zoiclrdj mj 0223 gls mjsaglsfmls y jxpgihfmls iomivimufgdjotj.

=.=.0. Jg sjauidijotl mj uo Dlmjgl mj Hlstjs Mirjhtls l Fsiaof`gjs;

Xj rjfgizf uof hgfsicihfhio mj gls hlstjs sjao jstls sjfo mirjhtls jo rjgfhio f gfprjstfhio mjg sjrvihil (mjpfrtfdjotls lpjrftivls), l ol fslhifmls mirjhtfdjotj foioauof fhtivimfm mj prjstfhio mj sjrvihils (mjpfrtfdjotls cuohilofgjs). Gls hlstjs


18/48


- 60 -

ol idputf`gjs oi f gls mjpfrtfdjotls lpjrftivls oi f gls hjotrls mj hlstjs, hldlsjaurls l fdlrtizfhilojs, sj iohguirfo jo jg arupl ltrls hlstjs. Jg cio mj jstjdlmjgl ol js fvjriaufr jg hlstj quj nf supujstl gf prjstfhio mjg sjrvihil l gfajojrfhio mjg prlmuhtl, siol jg sidpgj njhnl mj fsiaofr f gls mistiotls tipls mjmjpfrtfdjotls gls mistiotls tipls mj hlstjs jo gls quj sj nf iohurriml pfrf glarfr jsfprjstfhio mjg sjrvihil l prlmuhtl.

=.=.8. Jg hghugl mj rjsugtfmls

Xj ggjvf f hf`l mj gf siauijotj dfojrf;

Ioarjsls ojtls mj hfmf mjpfrtfdjotl (lpjrftivl) hlstjs ojhjsfrils pfrfl`tjojrgls l hlstj mj vjotfs4 D@M(dfrajo rutl mjpfrtfdjotfg).

D@M (afstls mj pjrslofg + ltrls afstls)4 dfrajo ojtl mjpfrtfdjotfg l ALI(Arlss Lpjrftioa Iohldj) mj hfmf mjpfrtfdjotl.

Xudf mj tlmls gls ALI mjpfrtfdjotfgjs4 ALI l dfrajo mjg nltjg

Xudf mj tlmls gls hlstjs mj hfmf mjpfrtfdjotl cuohilofg4 HMC (fmdioistrfhio,dfrejtioa, jth.)

Xudf mj tlmls gls HMC4 H]MC (hlstj tltfg mj gls mjpfrtfdjotls cuohilofgjs)

ALIHM]C4 ALR (Arlss Lpjrftioa Rrlcit) l rjsugtfml mj jxpgltfhio.

ALR - afstls mj nlolrfrils mj ajstio, fgquigjrjs, tfsfs, sjaurls, afstlsciofohijrls y fdlrtizfhilojs4 PfJF (Pjsugtfml fotjs mj Jofkjofhio mj Fhtivls).

PfJF + l rjsugtfml mj jofkjofhio mj fhtivls4 PFI (Pjsugtfml fotjs mjIdpujstls).

PFI- Idpujstls sl`rj @jojcihils4 @O (@jojcihil Ojtl) l OLR (Ojt LpjrftioaRrlcit).

]lmls jstls rjsugtfmls l`tjoimls, slo f su vjz tigjs iomihfmlrjs pfrf jg hghugl mjgf rjotfìgimfm mj hfmf mjpfrtfdjotl y mjg nltjg jo su hlokuotl, sl`rj tlml jg ALI, jgALR y jg OLR.

Jg pridjrl pgfsdf gf ajstio ggjvfmf f hf`l plr gls rjsplosf`gjs mj hfmfmjpfrtfdjotl, pujs gfs mjhisilojs quj jstls tldjo jo hufotl f gls hlstjs jo gls qujsj vfo f iohurrir, iocguiro ojaftivf l plsitivfdjotj fg rjsugtfml. Jstl js mjìml f qujjo jstls mjpfrtfdjotls, gls lpjrftivls, mj`jo ajojrfrsj jg dfylr odjrl mj`jojcihils plsi`gj pfrf hu`rir gls hlstjs mj gls mjpfrtfdjotls cuohilofgjs, fg sjr gloihl quj ajojrfo.

Jo hufotl fg ALR, su idplrtfohif rjsimj `sihfdjotj jo mls hujstilojs;

6. Jg ùjo rjcgjkl quj nfhj mj gf ajstio rjfgizfmf plr jg jquipl mirjhtivl mjg nltjgjo su hlokuotl, fg trftfrsj mj uo rjsugtfml quj fof tfotl gls drajojsl`tjoimls jo tlmls gls mjpfrtfdjotls lpjrftivls, hldl gls hlstjs jo glsmjpfrtfdjotls cuohilofgjs5

0. Gf plsiìgimfm mj nfhjr hldpfrfhilojs jotrj mistiotfs tiplglafs mj nltjgjstjoijoml jo hujotf gf midjosio, jg dìtl ajlarcihl y gfs mistiotfshftjalrfs.

Jo gtidf iostfohif, gf rjgjvfohif mjg OLR sj mj`j f quj rjprjsjotf jg rjsugtfmlciofg mjg pjrilml. Ol l`stfotj, f micjrjohif mj gls mls fotjrilrjs, jstj ol rjcgjkf gfhfgimfm mj gf ajstio ggjvfmf f hf`l plr gls iotjarfotjs mj gf jdprjsf, yf quj sj vj

hlomihilofml plr uof sjrij mj afstls quj slo fkjols f jggf.Gf siauijotj tf`gf rjcgjkf arcihfdjotj gl jxpgihfml prjvifdjotj;


19/48



- 68 -

Nfìtfhilojs Fgidjotls y `jìmfs Fgquigjrjs y ltrls ]L]FG

Ioarjsls ojtls

l prjhil mj

vjotf (RS)

RS 6 RS 0 RS 8 RS

Hlstj mj vjotfs

(HS)

HS 6 HS 0 HS 8 HS

D@M4 RS-HS D@M6 D@M0 D@M 8 D@M

Afstls mjpjrslofg (AR) AR 6 AR 0 AR 8 AR

Ltrls afstls

(LA)

LA 6 LA 0 LA 8 LA

ALI4 DM@

(AR+ LA)

ALI6 ALI 0 ALI8 ALI Nltjg

ALR4 ALIH]MC

PfJF4 ALR- (nlolrfrils mj ajstio, fgquigjrjs, tfsfs, sjaurls, ltrls)

PFI4 PfJF +/- jofkjofhio mj fhtivls

OLR4 PFIIdpujstls sl`rj `jojcihils

Ciaurf =.8. Hghugl mj rjsugtfmls.Cujotj; jgf`lrfhio prlpif.

=.:. MJRFP]FDJO]LX

=.:.6. Mjpfrtfdjotl mj Nfìtfhilojs

Xjao gfs jstfmstihfs nltjgjrfs, jg plrhjotfkj sl`rj gfs vjotfs tltfgjs mj gfjxpgltfhio jo jstj mjpfrtfdjotl js hfsi sijdprj supjrilr fg :2%, rlomfoml jg 12%

jo gf dfylrf mj gls hfsls. Fsidisdl, su dfrajo ojtl sujgj supjrfr hlo micjrjohif fgmjg rjstl mj mjpfrtfdjotls. Jstls mftls oudrihls rjprjsjotfo gf arfo idplrtfohif mjjstj mjpfrtfdjotl jo jg hlokuotl mjg nltjg.

Jg ZXFGI jstf`gjhj uof su`mivisio mj jstj mjpfrtfdjotl mfoml guafr f glssu`mjpfrtfdjotls mj;

Risls

Pjsjrvfs

rjfs p`gihfs

Hlosjrkjrf

Pjhjphio


20/48


- 6= -

Xio jd`fral, jstf su`mivisio sjr dfylr l djolr sjao gf midjosio y sjrvihilsmjg nltjg.

Fg trftfrsj mj uo mjpfrtfdjotl huyf cuohio js otjarfdjotj prjstfr uo sjrvihil, oljxistj jg hlstj mj vjotf hldl tfg. Hlo gl hufg, f gf nlrf mj rjfgizfr gf hujotf mjrjsugtfmls sgl sj mjmuhiro mj gls ioarjsls gls afstls mj pjrslofg y ltrls afstls,

qujmfoml hldl sj rjcgjkf jo jg siauijotj hufmrl;

NF@I]FHILOJX Idplrtj JkjrhihilIOAPJXLX

Hgijotjs iomivimufgjsJdprjsfs

Arupls

Hgijotjs pjrdfojotjsFgquigjrjs mj nf`itfhilojs]ltfg ioarjsls- Mjshujotls

IOAPJXLX OJ]LX- AFX]LX RJPXLOFG

Xujgmls y sfgfrilsHldpgjdjotls sfgfrifgjs]ltfg afstls mj pjrslofg

- L]PLX AFX]LX;Dftjrifg mj lcihiof

]jgjvisio plr hf`gj/sftgitj/vmjlHldisilojs f tjrhjrls

Frthugls mj gidpijzfHlotrftf mj gidpijzfFrthugls usl hgijotjsFtjohilojs f hgijotjs

Rrjosf]rfosplrtj mj hgijotjs

Gfvfomjrf y gidpijzf jo sjhlGjohjrf

]jgjhlduoihfhilojsMjhlrfhio, cglrjs y pgfotfsHristfgjrf, hu`jrtjrf, vfkiggf

Ltrls sjrvihilsPjsjrvfs

ClrdfhioZoiclrdjs]rfioioa jdpgjfmls

]rf`fkl tjdplrfgLtrls

]ltfg ltrls afstls]L]FG AFX]LX

PJXZG]FML MJG MJRFP]FDJO]L (ALI)Ciaurf =.=. Hujotf Pjsugtfmls Nf`itfhilojs

Cujotj; Dfrto (022=, p. 003)

Fmjds, arfhifs f gf iojxistjohif mjg hlstj mj vjotf, js duhnl ds cfhti`gj gf plgtihf

sjauimf plr duhnls jstf`gjhidijotls mj lcrjhjr mjshujotls jo jg fglkfdijotl hlo jg


21/48



- 6: -

l`kjtivl mj nfhjr f gls hgijotjs hlosudir jo ltrls mjpfrtfdjotls quj plr jg hlotrfril,s plsjjo uo hlstj mj vjotf.

Rlr ltrl gfml, jxistjo jo jstj mjpfrtfdjotl uof sjrij mj iomihfmlrjs `sihls tfgjs

hldl (Dfrto, 022=);

Odjrl mj nfìtfhilojs

Mfs fìjrtls mjg jstf`gjhidijotl fg fl

Rgfotiggf mj pjrslofg tltfg, micjrjohifoml gf pjrdfojotj jo gf jdprjsf y gfprlhjmjotj mj jdprjsfs mj trf`fkl tjdplrfg.

]ijdpl djmil mj jstfohif plr hgijotj

Rlrhjotfkjs mj lhupfhio, mjotrl mj gls hufgjs sj pujmjo micjrjohifr glssiauijotjs;

O nf`. lhupfmfs y pfafmfs

- % nf`. mj pfal lhupfmfs 4 ---------------------------------- x 622O mj nf`. misploi`gjs

O mj nf`. arftis lhupfmfs

- % nf`. arftis lhupfmfs 4 ---------------------------------- x 622

O mj nf`. misploi`gjs

O nf`. lhupfmfs plr hgijotjs

- % lhupfhio mj hgijotjs 4 -------------------------------------- x 622


O mj nf`. lhfsilofgjs hujotf hfsf

- % nf`. lhfsilofgjs hujotf hfsf 4 ----------------------------------------- x 622O nf`. misploi`gjs

O mj nf`. jo usl

- % lhupfhio tltfg 4 ----------------------------- x 622


Hldl rjcgjkfo jstls iomihfmlrjs, sj mistioaujo vfrils tipls mj nfìtfhilojs jo

cuohio mj su misploiìgimfm pfrf gf vjotf. Jstfs micjrjohifs sj dujstrfo jo gfsiauijotj hgfsicihfhio;


22/48


- 63 -

Nfìtfhilojs ol lhupfmfs

Nfìtfhilojs misploi`gjs pfrf gf vjotf

Nfìtfhilojs jo usl

Nfìtfhilojs lhupfmfs plr hgijotjs

Nfìtfhilojs mj pfal lhupfmfs

Nfìtfhilojs iomivimufgjs, mj arupls, jth.

Nfìtfhilojs gi`rjs

Nfìtfhilojs arftis

Nfìtfhilojs lhfsilofgjs jo hujotf hfsf

Nfìtfhilojs pjrdfojotjs jo hufotf hfsf

Nfìtfhilojs `glqujfmfs

Ol nfo mj hlocuomirsj hlo gls iomihfmlrjs ds frri`f hitfmls, gls rftils mj

jxpgltfhio ds siaoicihftivls mjg mjpfrtfdjotl, f sf`jr;

FPP (Fvjrfaj Plld Pftj l tfricf prldjmil plr nfìtfhio4

Ioarjsls ojtls tltfgjs mj nfìtfhilojs

O mj nf`. mj pfal lhupfmfs

F@P (Fvjrfaj @jm Pftj l tfricf prldjmil plr jstfohif)4

Ioarjsls ojtls tltfgjs mj nfìtfhilojs

O mj jstfohifs

PJSRFP (Pjvjouj pjr Fvfigf`gj Plld l ioarjsls plr nfìtfhio misploi`gj)4Ioarjsls ojtls tltfgjs mj nfìtfhilojs

O mj nfìtfhilojs misploi`gjs

=.:.0. Mjpfrtfdjotl mj Fgidjotls y @jìmfs

Mjspus mjg mjNfìtfhilojs, jstj mjpfrtfdjotl sj imjoticihf olrdfgdjotj hlo jgsjauoml jo hufotl f ioarjsls fplrtfmls. Xio jd`fral, js jg quj ajojrf dfylrjshlstjs mirjhtls.

Fg iaufg quj jo Nfìtfhilojs, jstj mjpfrtfdjotl sj su`mivimj jo ltrls tfotls hldl

(@lrrjal, 0266); Pjstfurfotjs

@frjs

Rjosilojs

@foqujtjs

Xjrvihil mj nfìtfhilojs

Hlhiof

Fprlvisilofdijotl (hldprfs, hlstls y jhloldftls)

Jxistjo vfrils cfhtlrjs quj kusticihfo jg njhnl mj quj jo jstj mjpfrtfdjotl sjiohguyfo gfs tfrjfs ds hldpgjkfs, f sf`jr (Xohnjz, 6999);


23/48



- 61 -

Gf jxistjohif mj vfrils puotls mj vjotf l su`mjpfrtfdjotls hldl glssjfgfmls fotjrilrdjotj

Gf jxistjohif mj mistiotls jdpgfzfdijotls csihls pfrf gf jgf`lrfhio mj gls

prlmuhtls y sjrvihils fuxigifrjs f lcrjhjr.

Sfrijmfm jo gf lcjrtf mjg prlmuhtl agl`fg; jgf`lrfhio hldpgjtf (hldimfs),sjdijgf`lrfhio y vjotf mirjhtf (`j`imf) y sjrvihil fg hgijotj.

Hljxistjohif mj prlcjsilofgjs hlo uo trfmihilofg iostiotl arjdifg y micjrjohifmlrrjspjhtl f tjrhjrls, y jotrj jggls disdls, gl hufg nf mj sjr duy tjoiml jo hujotfjo gl quj f ajstio sj rjcijrj.

F pjsfr mj gf uoicihfhio mj gls mjpfrtfdjotls mjFgidjotls y @j`imfs jo uol slgl,hldl rjhlaj gf gtidf jmihio mjg ZXFGI, jstls sj vlgvjro f mivimir f gf nlrf mjrjcgjkfrgl jo gf hujotf mj rjsugtfmls, qujmfoml mj jstf dfojrf;


24/48


- 6> -

FGIDJO]LX Idplrtj JkjrhihilIOAPJXLX ]L]FGJX

IOAPJXLX- Mjshujotls

IOAPJXLX OJ]LX

- HLX]J MJ SJO]FXHlstj mj gls fgidjotls hlosudimlsDjols; Hlstj mj gf hldimf mjg pjrslofg

Djols; Fgidjotls trfoscjrimls f @jìmfsDs; @jìmfs trfoscjrimfs f Fgidjotls

Hlstj ojtl mj vjotfs fgidjotlsLtrls hlstjs mj vjotfs

]ltfg hlstj ojtl mj vjotfsDFPAJO @PZ]L JO SJO]F MJ FGIDJO]LX

L]PLX IOAPJXLXNfìtfhilojs fgquigfmfs pfrf rjuoilojs

Ioarjsls vfrils mj `foqujtjsHfrals vfrils f hgijotjs

]ltfg ltrls ioarjslsDFPAJO @PZ]L JO L]PLX IOAPJXLX

- AFX]LXXujgmls y sfgfrils

Hldpgjdjotls sfgfrifgjs]ltfg afstls mj pjrslofg

Ltrls afstls;Sfkiggf, hu`jrtjrf

GjohjrfXjrvihils hlotrftfmlsDsihf y foidfhio]jgjhlduoihfhilojs

Clrdfhio

ZoiclrdjsLtrls

]ltfg ltrls afstls]L]FG AFX]LX

PJXZG]FML MJG MJRFP]FDJO]LCiaurf =.:. Hujotf Pjsugtfmls Fgidjotls

Cujotj; Dfrto (022=, pp. 086-080)

@J@IMFX Idplrtj JkjrhihilIOAPJXLX ]L]FGJX

IOAPJXLX- Mjshujotls

IOAPJXLX OJ]LX- HLX]J MJ SJO]FXHlstj mj gf `jìmf hlosudimf

Djols; @jìmfs trfoscjrimfs f FgidjotlsDs; Fgidjotls trfoscjrimls f @jìmfs

Hlstj ojtl mj vjotfs mj `jìmfsLtrls hlstjs mj vjotfs

]ltfg hlstj ojtl mj vjotfsDFPAJO @PZ]L JO SJO]F MJ @J@IMFX

L]PLX IOAPJXLXHuìjrtls

Hfrals vfrils f hgijotjs]ltfg ltrls ioarjsls

DFPAJO @PZ]L JO L]PLX IOAPJXLX- AFX]LX


25/48



- 69 -

@J@IMFX Idplrtj JkjrhihilXujgmls y sfgfrils

Hldpgjdjotls sfgfrifgjs

]ltfg afstls mj pjrslofgLtrls afstls;HristfgjrfGjohjrf

Xjrvihils hlotrftfmlsDsihf y foidfhio]jgjhlduoihfhilojs

ClrdfhioZoiclrdjs

Ltrls]ltfg ltrls afstls]L]FG AFX]LX

PJXZG]FML MJG MJRFP]FDJO]L

Ciaurf =.3. Hujotf Pjsugtfmls @jìmfsCujotj; Dfrto (022=, p. 080)

Hldl yf sj nf sjfgfml fotjrilrdjotj, gls hlstjs mj vjotfsmj jstj mjpfrtfdjotlsuplojo uo idplrtfotj afstl pfrf jg nltjg, mj fn gf ojhjsimfm mj mjsaglsfrgls jovfrils tipls jo cuohio mj gls prlmuhtls l sjrvihils quj sj prjstfro arfhifs f jggls;

I. Hlstj mj hldimf; vfglr mjg hlosudl ojtl mj tlmls gls frthugls ojhjsfrilspfrf jgf`lrfr prlmuhtls quj sjro vjomimls hldl hldimf

II. Hlstj mj `jìmf; vfglr mjg hlosudl ojtl mj tlmls gls frthugls ojhjsfrils pfrfgf vjotf mj `jìmf

III. Hlstj mj gf vjotf mj ltrls sjrvihils; sj rjcijrj f fqujggls sjrvihils utigizfmlsplr jg hgijotj fslhifmls f hldimf y `jìmf (@lrrjal, 0266).

Jg hlstj mj gf vjotf sj hfghugf fkustfoml jg vfglr mjg hlosudl tjoijoml jo hujotfquj f stj nf`r quj mjmuhirgj l ffmirgj vfrifs pfrtimfs. Mj jstj dlml, gls fkustjs frjfgizfr sjrfo gls siauijotjs (Dfrto, 022=);

Mjmuhhio mjg hlstj mj gf dfoutjohio mjg pjrslofg, pujs ol js uo hlosudlmjstiofml f gf vjotf, siol uo hlstj fsiaof`gj f hfmf mjpfrtfdjotl hldlafstls mj pjrslofg. Jstf mjmuhhio oihfdjotj sj tijoj jo hujotf pfrf jghfsl mj fgidjotls yf quj ol sj hlosimjrf quj gls jdpgjfmls mjg nltjg rjfgihjouo hlosudl siaoicihftivl mj `jìmfs.

Mjmuhhio mj dfoutjohilojs mj hgijotjs arftuitfs (hujotf hfsf), iovitfhilojs,prldlhilojs, jth.

]fdìo nfy quj tjojr jo hujotf, hldl sj rjcgjkf jo gf hujotf mj rjsugtfmls, gfstrfoscjrjohifs quj sj nfhjo jotrj fgidjotls y `jìmfs hufoml plr jkjdpgl, pfrfjgf`lrfr uo pgftl sj ojhjsitf uof `jìmf y vihjvjrsf.

Rfrf tlml jstl, rjsugtf ojhjsfril hlolhjr uof sjrij mj iomihfmlrjs `sihls, tfgjshldl;

- O mj pgfzfs mjg rjstfurfotj

- O mj mjsfyuols sjrvimls

- O mj fgdujrzls sjrvimls- Sjotfs plr nfìtfhio lhupfmf (Plld Xjrvihj)


26/48


- 02 -

- Ltrls

Jo hufotl f ioarjsls y afstls, jxistjo vfrils plrhjotfkjs, pgfsdfmls jo gf hujotfmj rjsugtfmls, quj pjrditjo su hldpfrfhio jo rjgfhio hlo gls mj fls fotjrilrjs;

ALI Fgidjotls y @jìmfs / ALI tltfg

Hlstj mirjhtl Fgidjotls y @jìmfs / tltfg ioarjsls Fgidjotls y @jìmfs Hlstj mirjhtl fgidjotls / tltfg ioarjsls fgidjotls

Hlstj mirjhtl `jìmfs / tltfg ioarjsls `jìmfs

Hlstj mirjhtl `foqujtjs / tltfg ioarjsls Fgidjotls y @jìmfs

Hlstj Fgidjotls y @jìmfs (jxhjptl pjosio) / tltfg ioarjsls Fgidjotls y@jìmfs

Afstls mj pjrslofg Fgidjotls y @jìmfs / tltfg ioarjsls Fgidjotls y @jìmfs

Ltrls afstls Fgidjotls y @jìmfs / tltfg ioarjsls Fgidjotls y @jìmfs

Ioarjsls Fgidjotls y @jìmfs / tltfg ioarjsls nltjg

Ioarjsls fgidjotls / tltfg ioarjsls nltjg

Ioarjsls `jìmfs / tltfg ioarjsls nltjg

Ioarjsls `foqujtjs / tltfg ioarjsls nltjg

Rlr gtidl, jo rjgfhio hlo gls iomihfmlrjs `sihls prjvifdjotj djohilofmls, sjjohujotrfo gls rftils mj jxpgltfhio, huyl odjrl pujmj sjr duy jgjvfml mjìml fgfs mistiotfs plsiìgimfmjs jo jstj mjpfrtfdjotl jo hufotl f gf hlotrftfhio mj gfdjmif pjosio, pjosio hldpgjtf l oioauof. Gls ds mjstfhf`gjs sjrfo;

Mjsfyuols pjosio plr jstfohifs4 o mj mjsfyuols pjosio

O jstfohifs

]ltfg mj huìjrtls sjrvimls plr jstfohif4 o tltfg mj mjsfyuols sjrvimls

O mj jstfohifs

Huìjrtls pjosio plr jstfohifs4 o mj huìjrtls pjosio

O mj jstfohifs

rldjmil mj ioarjsls mj hldimfs/`jìmfs plr jstfohif4 ioarjsls hldimfs/ `jìmfs(*)

O mj jstfohifs

Rrldjmil ioarjsls F+@ plr jstfohifs4 Ioarjsls F+@

O mj jstfohifs

Hlstj mj mjsfyuol pjosio

Hlstj plr huìjrtl pjosio (hldimf y hjof)

Hlstj F+@/ Ioarjsls F+@

Pltfhio mj jxistjohifs4 hlosudl djmil mj jxistjohifs

Iovjotfril djmil mj jxistjohifs

O mj mfs mj jxistjohifs jo stlhe4 o mj mfs mjg djs

Pltfhio mj jxistjohifs


27/48



- 06 -

=.:.8. Ltrls mjpfrtfdjotls lpjrftivls

Jo jstj mjpfrtfdjotl sj iohguyjo tlmls fqujggls quj fplrtfo vjotfs ol iohguimfs jo

jg gls mj Nfìtfhilojs l Fgidjotls y @jìmfs. Jstls sujgjo hliohimir hlo glsmjpfrtfdjotls hlosimjrfmls hldl tfg jo gfs fotjrilrjs jmihilojs mjg Zoiclrd Xystjd,pjrl pfrf sjr ds jspjhcihls, joudjrfrjdls tlmls fqujggls su`mjpfrtfdjotls qujjg ZXFGI (0223) jstf`gjhj y mj gls quj mjsfrrlggf, uof f uof, sus hujotfs mjrjsugtfmls (@lrrjal, 0266);

]jgjhlduoihfhilojs

Algc y tijomf mj algc

Aidofsil y Xpf

Rfreioa y afrfkj

Ltrls mjpfrtfdjotls lpjrftivls;- ]rfosplrtj y fgquigjrjs mj vjnhugls

- Gfvfomjrf mj hgijotjs.

- Rishiof

- ]jois y tijomf mj tjois

- Hjotrl mj ojalhils

- Dfriof

- ]ijomf

- Fhtivimfmjs iocfotigjs- Rjguqujrf

- Hlomldioil

- Kujals (hfrtfs y dquiofs)

Mjpfrtfdjotls djolrjs;

- Dquiofs mj futlvjotf

- Eilshl

- Simjlkujals

- Fgquigjr mj pjghugfs- ]iotlrjrf f hgijotjs jxtjrols

Pjsugtf ojhjsfril rjsfgtfr quj ol tlmls jstls su`mjpfrtfdjotls jsto prjsjotjsjo tlmls gls jstf`gjhidijotls nltjgjrls, mj jstj dlml sj hlociaurfro gfs hujotfs mjrjsugtfmls mj fqujggls quj s gl nfafo pfrf mjspus f pfrtir mj jggfs, rjfgizfr gfhujotf mj rjsugtfmls mjg mjpfrtfdjotl jo su tltfgimfm.

=.:.=. Mjpfrtfdjotls Cuohilofgjs

Jstls mjpfrtfdjotls tijojo uo djolr prltfaloisdl quj gls fotjrilrjs mjotrl mjgZoiclrd Xystjd, yf quj fg trftfrsj oihfdjotj mj hjotrls mj hlstjs, js mjhir, quj ol

ajojrfo ioarjsls, sus hujotfs mj rjsugtfmls sj hlociaurfro sidpgjdjotjhlotfìgizfoml gls afstls, sio jxistir oioao tipl mj dfrajo l `jojcihil.


28/48


- 00 -

Ol l`stfotj, jo jggls sj ggjvfo f hf`l fhtivimfmjs, mj iaufg j iohgusl dfylridplrtfohif quj jo jg rjstl mj mjpfrtfdjotls, hldl plr jkjdpgl, gf tldf mjmjhisilojs. Gl pgfoicihfml, mjhimiml u lrafoizfml jo jstls mjpfrtfdjotls iocguyjmirjhtfdjotj jo jg cuohilofdijotl mj gls ltrls y plr tfotl, jo jg mjg nltjg jo ajojrfg.

Xjao gf jstruhturf mjg ZXFGI, micjrjohifrfdls;

Mjpfrtfdjotl mj Fmdioistrfhio y Ajojrfgjs, jg mj dfylr pjsl jotrj jstj tiplmj mjpfrtfdjotls, iohurrj jo gls dfylrjs afstls.

Mjpfrtfdjotl Hldjrhifg y mj Dfrejtioa.

Dfotjoidijotll Xjrvihils ]hoihls.

Mjpfrtfdjotl mj Jojraf.

Xio jd`fral, jo oudjrlsfs lhfsilojs ols plmjdls johlotrfr hlo uo odjrlmicjrjotj mj mjpfrtfdjotls, l `ijo ds arfomj l `ijo ds pjqujl. Jo jstj gtidlhfsl, gls mjpfrtfdjotls cuohilofgjs sj sujgjo farupfr jo 0 arfomjs mjpfrtfdjotls;

Dfrejtioa y Sjotfs.

Fmdioistrfhio y Ajojrfgjs.

Gf sudf mj tlmls gls hlstjs tltfgjs mj hfmf uol mj gls mjpfrtfdjotls, rjstfmf fgALI mjg nltjg (sudf mj gls `jojcihils mj hfmf mjpfrtfdjotl lpjrftivl), ols ggjvfr fhlolhjr jg ALR (Arlss Lpjrftioa Rrlcit) l rjsugtfml mj jxpgltfhio mjg nltjg.


29/48



- 08 -


30/48


- 0= -


31/48



- 0: -

HFR]ZGL :

DJ]LMLGLAF

Jg dtlml l djtlmlglaf ggjvfmf f hf`l pfrf rjfgizfr jstj trf`fkl js jg mj uo jstumilmj hfsl.

Jg jstumil mj hfsl js uof njrrfdijotf duy vfgilsf mj iovjstiafhio, pfrf gf hufg glsmftls pujmjo sjr l`tjoimls f pfrtir mj arfo vfrijmfm mj cujotjs, tfotl hufgitftivfshldl hufotitftivfs. Fmjds, sjao fraudjotf Yio (699=), jg dtlml mj jstumil mjhfsl nf siml uof clrdf jsjohifg mj iovjstiafhio jo gfs rjfs mj hijohifs slhifgjs ymj fmdioistrfhio, mjstfhfoml mjotrl mj stf gtidf, gf mirjhhio mj jdprjsfs.

Mj jstj dlml, oujstrl jstumil mj hfsl sj rjcjrir f uof iovjstiafhio hufgitftivf

sl`rj gf mirjhhio mj uof jdprjsf jo pfrtihugfr.Jg dtlml hufgitftivl sj micjrjohif mjg hufotitftivl jo quj, pfrf jg pridjrl sj

ajojrf uof tjlrf f pfrtir mj uofs prlplsihilojs jxtrfmfs mj uo hujrpl tjrihl, jghufg nf sjrviml mj puotl mj pfrtimf pfrf gf iovjstiafhio y pfrf gl hufg ol nf simlojhjsfrif gf jxtrfhhio mj uof dujstrf rjprjsjotftivf.

Jg dtlml hufotitftivl plr jg hlotrfril, prjhisf mj uof dujstrf rjprjsjotftivf mj gfpl`gfhio l mjg cjodjol l`kjtl mj jstumil, jxtrfmf mj clrdf fgjftlrif lmishridiofmf, fs hldl mj uof tjlrf yf hlostruimf. Xiauijoml jg dtlml mjmuhtivl, sjhlotrfstfro gfs tjlrfs jxistjotjs f pfrtir mj gf niptjsis suraimf f pfrtir mj gf dujstrfjo hujstio.

Rlr gl tfotl, hjotromlols jo gf djtlmlglaf mj oujstrl jstumil mj hfsl, plmjdlsmjhir quj;

6. ]rfs uof gfraf `squjmf y hldpfrfhio jotrj mistiotls futlrjs y cujotjs,sjgjhhilofoml fqujggfs ds hldpgjtfs y mj ds chig jotjomidijotl y sijdprjfhldpffmfs plr fplrtfhilojs pjrslofgjs, sj nf hlociaurfml uo hujrpltjrihl oihl jo jg quj sj nfo mfml f hlolhjr gls lrajojs, jxpgihfml gfspfrtjs mj gf jstruhturf y hlotjoiml, fs hldl gls priohipils `sihls mjcuohilofdijotls ojhjsfrils pfrf uof plstjrilr fpgihfhio f uof jdprjsf jopfrtihugfr5 y gls l`kjtivls mjg Zoiclrd Xystjd lc Fhhluots clr tnj GlmaioaIomustry(ZXFGI).

0. F pfrtir mj uof jotrjvistf hlo jg rjsplosf`gj mjg mjpfrtfdjotl mj Nf`itfhilojs

mj uo nltjg (fg quj ggfdfrjdls ^ pfrf hlosjrvfr gf hlocimjohifgimfm mj susmftls), sj nfo l`tjoiml uof sjrij mj mftls ojhjsfrils pfrf gf fpgihfhio mjgsistjdf djohilofml fotjrilrdjotj (ZXFGI) f jstf jdprjsf. Fgauols mj glsmftls, hldl jg plrhjotfkj mj lhupfhio l jg odjrl djmil mj jstfohifs, fshldl jg odjrl mj nf`itfhilojs tltfgjs y misploi`gjs mjg nltjg jotrj ltrlstfotls, tlmls rjcjrimls fg pfsfml djs mj dfyl mj jstj disdl fl, nfo simlcfhigitfmls mirjhtfdjotj plr jg rjsplosf`gj mjg mjpfrtfdjotl. Ol l`stfotj, glsrjcjrimls f ioarjsls, drajojs y afstls, ol slo ds quj mftls sid`gihls, yfquj nfo siml jgf`lrfmls pjrslofgdjotj hlo fyumf mj gls iomihfmlrjsfotjrilrjs, ioclrdjs mjg sjhtlr y jg prlpil hujrpl tjrihl.

8. Xj nf prlhjmiml f uo fogisis mj gls rjsugtfmls l`tjoimls miviml plrmjpfrtfdjotls.

=. Hlo gf fyumf mj tf`gfs y arcihls prlhjmjotjs mj ioclrdjs mjg sjhtlr, sj nfrjfgizfml uof hldpfrfhio hlo gls mftls mjg nltjg ^.


32/48


- 03 -

:. F pfrtir mj tlml gl fotjrilr, sj nfo sfhfml uof sjrij mj hlohgusilojs yjgf`lrfml uof sjrij rjhldjomfhilojs f fpgihfr plr gf jdprjsf l`kjtl mjgjstumil mj hfsl, pfrf uof djklrf jo gf hlotioufhio mj su fhtivimfm.


33/48



- 01 -

HFR]ZGL 3

PJXZG]FMLX, FOGIXIX Y MIXHZXIO

Jg l`kjtl mj jstj jstumil mj hfsl sjr jg Nltjg ^ uìhfml jo gf glhfgimfm mj Y(Xjviggf).Xj trftf mj uo nltjg mj huftrl jstrjggfs, joclhfml priohipfgdjotj f arupls (jdprjsfs,jquipls mjplrtivls, hjgj`rfhilojs) y f pfrjkfs. Hujotf hlo uo tltfg mj 680nfìtfhilojs, jotrj gfs hufgjs;

>2 slo mj tipl jstomfr hlo hfpfhimfm pfrf 0 pjrslofs (Jhloldy).

63 hldl gfs fotjrilrjs pjrl hlo uof sjrij mj sjrvihils ffmimls (Hloclrt).

3 suitjs pfrf 0 pjrslofs hlo `fjrf mj nimrldfsfkj jotrj ltrls sjrvihils(Hloclrt Rgus).

3 suitjs hldl gfs fotjrilrjs pjrl hlo sfgo y mlrditlril sjpfrfmls (HloclrtXuitjs).

82 mj tipl cfdigifr, pfrf = pjrslofs hlo uof pjqujf hlhiof jo su iotjrilr(Cfdigy).

]lmfs jstfs nfìtfhilojs hujotfo hlo;

Firj fhlomihilofml (crl/hfglr).

Hfkf cujrtj.

Hlojxio f iotjrojt arftuitf (wici y plr hf`gj).

Jspjkl mj fudjotl. Lphio mj fjrf nimrldfsfkj.

Djo mj fgdlnfmfs.

Xjhfmlr mj pjgl.

]jgclol.

Xjfg mj ]jgjvisio Miaitfg ]jrrjstrj y vf sftgitj.

Xjrvihil mj nfìtfhilojs, gfvfomjrf y tiotlrjrf.

Fmjds, cujrf mj gfs nfìtfhilojs, jg nltjg hujotf hlo ltrf sjrij mj sjrvihils tfgjs

hldl; Xjrvihil arftuitl mj trfsgfmls fg hjotrl mj Xjviggf.

Xjrvihil mj trfsgfmls fg Fjrlpujrtl y Jstfhio mj Xfotf Kustf.

Pjstfurfotj-Frrlhjrf Gf RGfzf.

Hfcjtjrf hlo tjrrfzf.

Hjotrl mj hlovjohilojs y sfglojs mj hjgj`rfhio.

Hlojxio f iotjrojt arftuitf (wici y plr hf`gj).

Mjsfyuol uccjt.

Mjsfyuol pfrf dfmruafmlrjs. Aufrmfjquipfkjs.


34/48


- 0> -

Lpjo `fr.

Rfreioa pfrf 012 futldvigjs.

RH ùsiojss frjf.

Rishiof jxtjrilr hlo slgfriud.

Ristfs mj pfmjg.

Pjhjphio y sjrvihil mj ftjohio fg hgijotj 0= nlrfs.

Plld sjrvihj.

Xjrvihil mj cfx, idprjslrf, cltlhlpifmlrf.

Xjrvihil dmihl.

Xjrvihils mj hlosjrkjrf; fgquigjr mj hlhnj, jxhursilojs, arjjo cjj, cgfdjohlsnlw, pfrquj mj ftrfhhilojs Isgf Daihf, `fls rf`js, dfsfkj

Xjrvihil mj hfoaurl.

3.6. PJRPJXJO]FHIO MJ GLX PJXZG]FMLX

PF]ILX MJ J^RGL]FHIO plr mf

% lhupfhio >1%

o nfìtfhilojs 680

% misploiìgimfm mj nfìtfhilojs 622%

o jstfohifs 6>:IDRLP]J()

FPP (Fvjrfaj Plld Pftj l ]fricf Rrldjmil plrNfìtfhio) =>,06=9211F@P (Fvjrfaj @jm Pftj l ]fricf Rrldjmil plrJstfohif) 09,9091091PJSRFP (Pjvjouj Rjr Fvfigf`gj Plld l Ioarjslplr Nfìtfhio) =6,9=39391

Ciaurf 3.6. Pjsugtfmls y rftils NfìtfhilojsCujotj; Jgf`lrfhio prlpif

NF@I]FHILOJX IDRLP]J ()

IOAPJXLX OJ]LX 6163=1

AFX]LX RJPXLOFG 01=38,:0

L]PLX AFX]LX 63>06,=23

ALI 601830,21=


35/48



- 09 -

FGIDJO]LX Y @J@IMFXIDRLP]J()

IDRLP]J()

IDRLP]J()

FGIDJO]LX @J@IMFX ]L]FG

IOAPJXLX OJ]LX >>332 83012 60=982

HLX]J MJ SJO]FX 0898>,0 3:0>,3 82=33,>

DFPAJO @PZ]L 3=106,> 091=6,= 9==38,0

AFX]LX RJPXLOFG 13021,8

L]PLX AFX]LX >1=:,6

ALI 9:62,>

PF]ILX MJ J^RGL]FHIO plr mfIDRLP]J()

o jstfohifs 6>:

Rrldjmil ioarjsls hldimf plr jstfohif 6:,=:9=:9:Rrldjmil ioarjsls `j`imf plr jstfohif 3,80=80=80Rrldjmil ioarjsls F+@ plr jstfohif 06,1>81>8>

Hlstj F+@/ Ioarjsls F+@ (djosufg) 2,0=8>1291Afstls pjrslofg F+@/ Ioarjsls F+@ 2,36

Ciaurf 3.0. Pjsugtfmls y rftils Fgidjotls y @j`imfsCujotj; Jgf`lrfhio prlpif

FGVZIGJP XFGLOJXIDRLP]J()

IOAPJXLX OJ]LX 026:2

AFX]LX RJPXLOFG 800=

L]PLX AFX]LX 0369,:

ALI 6=823,:

Ciaurf 3.8. Pjsugtfmls Fgquigjr mj XfglojsCujotj; Jgf`lrfhio prlpif


36/48


- 82 -

IDRLP]J

()

IOAPJXLX ]L]FGJX NL]JG 863101

ALI NL]JG 6:6619,81=

MJRFP]FDJO]LX CZOHILOFGJX

HLDJPHIFG

AFX]LX 66=20,610

FMDLO. Y HLO]F@IGIMFM

AFX]LX :8>=8,:9

JOJPAF

AFX]LX 631>3,:86

DFO]JOIDIJO]L

AFX]LX 609>:,>21

]L]FG AFX]LX MR]LX. CZOHILOFGJX 9:26>,6

ALR :3636,01=

L]PLX AFX]LX FKJOLX 03001,86:

@JOJCIHIL FO]JX MJ IDRZJX]LX 09988,9:9

IDRZJX]L X/XLHIJMFMJX 1=>8,=>913

OLR 00=:2,=398

Ciaurf 3.=. Mjpfrtfdjotls cuohilofgjs y rjsugtfmls ciofgjsCujotj; Jgf`lrfhio prlpif

3.0. FOGIXIX MJ GLX PJXZG]FMLX

3.0.6. Mjpfrtfdjotl mj Nf`itfhilojs


37/48



- 86 -

Hldl jo gf dfylrf mj jstf`gjhidijotls nltjgjrls, jg mjpfrtfdjotl mj nfìtfhilojsrjprjsjotf jg dfylr hjotrl mj ioarjsls pfrf gf hldpff.

Jo jstj hfsl, gls ioarjsls ojtls tltfgjs mj jstj mjpfrtfdjotl fshijomjo f uo tltfg

mj 616.3=1 jurls pfrf jg djs mj dfyl mj jstj disdl fl. Jstf hfotimfm rjprjsjotfuo :=% mj gls ioarjsls tltfgjs mjg nltjg (863.101 jurls), hicrf `fstfotj fgtf fg trftfrsjmj uo djs mj dfyl y mjìmf priohipfgdjotj fg jgjvfml plrhjotfkj mj lhupfhio pfrfjg disdl.

Rlr ltrl gfml, gls afstls mj pjrslofg rjprjsjotfo uo 63% sl`rj gls ioarjsls mjgmjpfrtfdjotl y gf pfrtimf ltrls afstls uo 9,>%. Mj jstf clrdf, plmrfdls mjhir qujjo jg mjpfrtfdjotl mj nfìtfhilojs, jg 0:,>% mj sus ioarjsls nfo iml mjstiofmls f suciofohifhio. ]joijoml jo hujotf quj jstj mjpfrtfdjotl ol ajojrf afstls plr hlstjmj vjotf, yf quj su cuohio js otjarfdjotj gf mj prjstfr uo sjrvihil, jstf hicrf olrjsugtf tfo jgjvfmf hldl pfrf Fgidjotls y @jìmfs plr jkjdpgl.

Gf mjmuhhio mj jstls afstls f gls ioarjsls tltfgjs, ols ggjvf f hlolhjr jg`jojcihil l ALI mjg mjpfrtfdjotl pfrf jg djs jo hujstio, f sf`jr; 601.830,21=jurls. Jstf hicrf hlrrjsplomj f uo >=% sl`rj jg ALI tltfg mjg nltjg, js mjhir, gf sudfmj gls `jojcihils mj hfmf mjpfrtfdjotl lpjrftivl5 y f uo 1=,0% sl`rj gls ioarjslstltfgjs mjg mjpfrtfdjotl. Fqu sj rjcgjkf jg fgtl plrhjotfkj mj rjotfìgimfm mj jstjmjpfrtfdjotl, fs hldl gf arfo idplrtfohif jhlodihf jo jg hlokuotl tltfg mjg nltjg.

Jo rjgfhio hlo gls rftils mj jxpgltfhio, njdls mjhimiml hfghugfr gls trjs mj dfylrrjgjvfohif pfrf jstj mjpfrtfdjotl, hldl slo jg FPP, jg F@P y jg PJSRFP.

Rfrf jggl, ols njdls sjrviml mj mftls cfhigitfmls plr jg nltjg, tfgjs hldl jgplrhjotfkj mj lhupfhio, jg odjrl mj jstfohifs, jg odjrl mj nfìtfhilojs tltfgjs ljg plrhjotfkj mj nfìtfhilojs misploi`gjs jo jg nltjg pfrf jg djs jo hujstio. Hf`j

mjstfhfr jg pridjrl mj jggls, tjoijoml jo hujotf quj fg trftfrsj mj uo >1%, trftomlsjmjg djs mj dfyl (tjdplrfmf djmif-`fkf) y pfrf uo nltjg situfml cujrf mj gf hfpitfg mjprlviohif, js `fstfotj fgtl, gl quj jxpgihfrf, hldl yf sj nf djohilofmlfotjrilrdjotj, gf jgjvfmf hicrf mj ioarjsls.

Jg pridjrl mj gls rftils ols rjvjgf gf tfricf prldjmil plr nfìtfhio (Fvjrfaj PlldPftj), quj jo jstj hfsl js iaufg f =>,06 jurls, uo prjhil dmihl tjoijoml jo hujotfgfs hfrfhtjrstihfs y sjrvihils mjg nltjg.

Jg sjauoml rjcgjkf gf tfricf prldjmil plr jstfohif (Fvjrfaj @jm Pftj), mj 09,90jurls pfrf oujstrl nltjg. Hldpfrfoml jstls mls rftils, sj pujmj mjmuhir quj,gaihfdjotj, mjsmj jg puotl mj vistf mjg hgijotj sijdprj sjr ds jhlodihl olfglkfrsj mj clrdf iomivimufg, dijotrfs quj pfrf jg nltjg sjr ds `jojcihilsl jstj tipl

mj hgijotjs.Rlr gtidl, jg tjrhjr rftil rjprjsjotf jg ioarjsl djmil plr nfìtfhio misploi`gj

(Pjvjouj pjr Fvfigf`gj Plld), sijoml jquivfgjotj f =6,9= jurls. Jstj js uo iomihfmlrduy tig pfrf hldpfrfr nltjgjs mj mistiotl tfdfl jo hufotl f jcihijohif, f gl qujprlhjmjrjdls ds fmjgfotj.

Mj tlmls gls mftls fotjrilrjs, jg ALI pujmj imjoticihfrsj hldl fqujg quj djklrrjcgjkf gf gf`lr rjfgizfmf plr jg rjsplosf`gj mjg mjpfrtfdjotl, y vistl quj jstj nf simlduy plsitivl, hf`j mjstfhfr gf hfgimfm mj gf ajstio rjfgizfmf plr jg rjsplosf`gj mjNfìtfhilojs. Ol l`stfotj, jstj mftl tfdìo sj vj iocguiml plr ltrfs fhtivimfmjs lmjpfrtfdjotls quj ofmf tijojo quj vjr hlo jg mj nfìtfhilojs, hldl sjrfo plrjkjdpgl jg mj dfrejtioa l jg mj dfotjoidijotl y sjrvihil thoihl.

3.0.0. Mjpfrtfdjotl mj Fgidjotls y @jìmfs


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Jstj mjpfrtfdjotl sujgj imjoticihfrsj hlo jg sjauoml ds rjotf`gj mjspus mjg mjnfìtfhilojs, pjrl ol gl sjr jo jstj hfsl, yf quj jo su guafr sj johujotrf jg mjfgquigjr mj sfglojs, huyl fogisis sjr ggjvfml f hf`l jo jg siauijotj fpfrtfml.

Rfrf gf rjfgizfhio mj su hujotf mj rjsugtfmls, pridjrl sj nfo micjrjohifml gls

mftls mj ioarjsls, hlstj mj vjotfs y dfrajo `rutl jotrj fgidjotls y `jìmfs plrsjpfrfml5 y pfrf gls afstls y jg ALI sj nfo uoicihfml jo uol slgl.

Gls ioarjsls plr fgidjotls (>>.>32 jurls), suplojo uo 12,9% sl`rj gls ioarjslsmj F+@, dijotrfs quj gls mj `jìmfs suplojo jg 09% rjstfotj.

Jo rjgfhio hlo gls ioarjsls tltfgjs mjg nltjg, gls mj fgidjotls joagl`fo uo 01,9%,gls mj `jìmfs uo 66,=% y gls mj fd`ls kuotls (F+@) suplojo uo 89,=%, hfsi uo 6=%djols quj gls mjrivfmls mjg mjpfrtfdjotl mj nfìtfhilojs.

F micjrjohif mjg mjpfrtfdjotls mj nfìtfhilojs, jo jstj jxistj uo hlstj mj vjotfs,quj js rjsugtfml mj mjmuhirgj l ffmirgj fg hlosudl mj jxistjohifs uof sjrij mjpfrtimfs tfgjs hldl jg hlstj mj hldimf mj pjrslofg (-), gfs iovitfhilojs f hgijotjs (-), lgfs trfoscjrjohifs mj `jìmfs l fgidjotls fg mjpfrtfdjotl hlotrfril (+/-).

Rfrf oujstrl nltjg, jg hlstj mj vjotfs rjcjriml f fgidjotls sj imjoticihf hlo uo1>,3% sl`rj jg hlstj mj vjotfs mj F+@, dijotrfs quj jg mj `jìmfs suploj jg 06,=%rjstfotj.

Gls mftls fotjrilrjs ols pjrditjo nfggfr jg dfrajo `rutl mjg mjpfrtfdjotl,mjmuhijoml jg hlstj mj gf vjotf f gls ioarjsls. Mj jstj dlml, ols qujmfrf uodfrajo `rutl mj fgidjotls mj 3=.106,> jurls y mj 09.1=6,= jurls pfrf `jìmfs,nfhijoml uo tltfg mj 9=.=38,0 jurls, gl quj rjprjsjotf uo 1:,3% mj gls ioarjsls ojtlstltfgjs mjg mjpfrtfdjotl.

Zof vjz l`tjoiml jg dfrajo `rutl, gls su`mjpfrtfdjotls mj fgidjotls y `jìmfs sjfofo pfrf rjcgjkfr jg rjstl mj rjsugtfmls, yf quj jstls, fg trftfrsj mj afstls mj

pjrslofg y ltrls afstls ajojrfgjs, sj ajojrfo pfrf fd`ls fg disdl tijdpl, plr glquj js duy michig nfhjr uof micjrjohifhio.

Gls afstls mj pjrslofg jo oujstrl nltjg, fshijomjo f uo tltfg mj 13.021,8 jurls, glquj suploj uo 36% mj gls ioarjsls tltfgjs mjg mjpfrtfdjotl5 f su vjz, jg rjstl mjafstls pfrf F+@ js mj >.1=:,6 jurls, rjprjsjotfoml uo 1% mj gls ioarjsls tltfgjs.

Gf sudf mj jstls afstls mjmuhimf fg dfrajo l`tjoiml hlo fotjrilrimfm ols mfr jg`jojcihil l ALI mjg mjpfrtfdjotl, jg hufg js iaufg f 9.:62,> jurls. Jstj rjsugtfmlrjprjsjotf uo 62% mjg dfrajo `rutl mj F+@, uo 1,3% mj sus ioarjsls tltfgjs, y uo3,8% jo rjgfhio fg ALI mjg nltjg. Jstls mls gtidls plrhjotfkjs, hldpfrfmls hlo sushlrrjsplomijotjs jo jg mjpfrtfdjotl mj nfìtfhilojs (1=,0% y >=% rjspjhtivfdjotj),rjcgjkfo gf arfo micjrjohif jxistjotj jotrj fd`ls mjpfrtfdjotls jo gl quj f fplrtfhiojhlodihf sj rjcijrj.

Jstl sj mj`j `sihfdjotj f trjs rfzlojs;

Gf iojxistjohif mj uo hlstj mj vjotfs jo jg mjpfrtfdjotl mj nfìtfhilojs.

F quj jg afstl jo jstj mjpfrtfdjotl plr pfrtj mj gls hgijotjs js lphilofg jooujstrl nltjg5 js mjhir, gls hgijotjs pujmjo jgjair si pfafr sgl fglkfdijotl,fglkfdijotl y mjsfyuol l djmif pjosio.

Jg fglkfdijotl ol js uof lphio, si uo hgijotj sj miriaj f uo nltjg js pfrffglkfrsj jo g (jxhjptufoml gfs hldimfs mj pfsfotjs l gls jvjotls jo jstjhfsl), y fmjds sujgj imjoticihfrsj hlo jg sjrvihil mj dfylr prjhil quj lcjrtf jg

nltjg.


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Fmjds mj gls iomihfmlrjs l plrhjotfkjs djohilofmls hlo fotjrilrimfm, jorjgfhio f jggls jxistjo uof arfo vfrijmfm mj rftils mj jxpgltfhio, mj gls hufgjs, y fhfusf mj gf plhf ioclrdfhio fplrtfmf plr jg nltjg sl`rj jstj mjpfrtfdjotl, sgl sj

nfo plmiml hfghugfr gls prldjmils mj ioarjsls mj fgidjotls, mj `jìmfs y mj F+@ plrjstfohif5 y jg plrhjotfkj mj hlstjs sl`rj gls ioarjsls.

Rfrf nfhjr ds chig su jotjomidijotl, gls prldjmils mj ioarjsls jstojxprjsfmls jo jurls plr mf y plr jstfohif. Mj jstj dlml, sf`jdls quj uo hgijotjafstf plr trdiol djmil fg mf uo tltfg mj 6:,: jurls jo hldimf y 3,8 jurls jo `jìmf,l gl quj js gl disdl uols 00 jurls jo F+@.

Rlr gtidl, fg mivimir jg tltfg mj hlstjs sl`rj jg tltfg mj ioarjsls, l`tjojdls uo0=,=%, quj ol js ds quj gf ltrf hfrf mjg iomihfmlr rjcgjkfml fotjrilrdjotj mjgplrhjotfkj mjg dfrajo `rutl sl`rj jg tltfg mj ioarjsls (1:,3%).

Mj tlmls jstls rjsugtfmls, plmjdls jxtrfjr quj jvimjotjdjotj ol sj trftf mj uomjpfrtfdjotl tfo rjotf`gj y cruhtcjrl hldl jg mj nfìtfhilojs, pjrl quj jxistjorfzlojs mj pjsl quj gl kusticihfo. Fmjds y f pjsfr mj jggl, arfhifs fg ALI, sj pujmjvjr quj gf gf`lr mjg rjsplosf`gj mj jstj mjpfrtfdjotl ol js miaof mj uof dfgfhrtihf, pujstl quj nf njhnl plsi`gj gf l`tjohio mj uo rjsugtfml plsitivl iaufg f 9.:62jurls.

3.0.8. Mjpfrtfdjotl mj Jvjotls l Fgquigjrjs mj Xfglojs

Jo jstj jstumil mj hfsl, ol js jg mjpfrtfdjotl mj fgidjotls y `jìmfs siol jg mjjvjotls, jg sjauoml hlo dfylr vlgudjo mj ioarjsls trfs jg mj nfìtfhilojs. Jstl jsmjìml priohipfgdjotj f quj jg nltjg plsjj uofs dfaocihfs iostfgfhilojs pfrf gfhjgj`rfhio mj jvjotls tfgjs hldl `lmfs, hlduoilojs, hlovjohilojs, rjuoilojs mj

jdprjsf l hufgquijr ltrl tipl mj jvjotl pfrtihugfr. Hujotf hlo 6= sfglojs, tlmlsmjstiofmls f jstj mjpfrtfdjotl, fmjds mj uo ùjo jquipl mj dfrejtioa huyfcuohio priohipfg js gf mj rjotfìgizfr jstls jspfhils.

Gls ioarjsls fplrtfmls plr jstj mjpfrtfdjotl fg hlokuotl mjg nltjg jo jg djs mjdfyl slo mj 02.6:2 jurls, uo 3,83% sl`rj gls ioarjsls tltfgjs.

Jo hufotl f gls afstls, gls mjrivfmls mjg pjrslofg (8.00= jurls) suplojo uo 63%sl`rj gls ioarjsls mjg mjpfrtfdjotl5 y jg rjstl (0.369,: jurls) uo 68%.

Jg ALI rjsugtf iaufg f 6=.823,: jurls, rjprjsjotfoml uo 9,=3% sl`rj jg ALI mjgnltjg, uo rjsugtfml `fstfotj oltf`gj tjoijoml jo hujotf quj sj trftf mj uomjpfrtfdjotl sjhuomfril jo gf dfylrf mj nltjgjs quj hujotfo hlo g, plr gl qujhf`j mjstfhfr gf ajstio mjg rjsplosf`gj mj jstj mjpfrtfdjotl, fs hldl gf rjfgizfmfplr jg mjpfrtfdjotl mj dfrejtioa, hldl yf sj nf djohilofml fotjrilrdjotj.

Pjsugtf ojhjsfril sjfgfr quj jo jstj mjpfrtfdjotl, jg hlstj mj gf vjotf plrfgidjotls y `jìmfs vijoj iohguiml jo mihnl mjpfrtfdjotl.

3.0.=. Mjpfrtfdjotls ol lpjrftivls

Jg Nltjg ^ mivimj su fhtivimfm cuohilofg jo huftrl mjpfrtfdjotls, f sf`jr;

6. Hldjrhifg y Dfrejtioa

0. Fmdioistrfhio y Hlotfìgimfm

8. Jojraf=. Dfotjoidijotl


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Jstj tipl mj mjpfrtfdjotls, tfdìo ggfdfmls hjotrls mj hlstjs, ol ajojrfooioao tipl mj ioarjsl, hlo gl hufg su hujotf mj rjsugtfmls js `fstfotj sidpgj.

Rfrf jg pridjrl, sus afstls tltfgjs fshijomjo f uo tltfg mj 66.=20,61 jurls jo jgdjs mj dfyl, rjprjsjotfoml fs, uo 8,3% sl`rj gls ioarjsls tltfgjs mjg nltjg y uo60% sl`rj jg tltfg mj afstls mj gls huftrl mjpfrtfdjotls.

Rlr ltrl gfml, jo jg sjauoml ols johlotrfdls hlo uo tltfg mj :8.>=8,:9 jurls, uo61% sl`rj gls ioarjsls tltfgjs. Hldl pfrf gf dfylrf mj gls hfsls, jstjmjpfrtfdjotl js jg ds hlstlsl, pujs suploj uo :3% sl`rj gls afstls tltfgjs.

Jo hufotl fg mjpfrtfdjotl mj jojraf, gls 63.1>3,:8 jurls mj hlstjs suplojo uo61,3% mj gls afstls tltfgjs mj gls mjpfrtfdjotls cuohilofgjs y uo :,8% sl`rj glsioarjsls.

Y plr gtidl, jg mjpfrtfdjotl mj dfotjoidijotl nf iohurriml jo uols afstls mj60.9>:,> jurls, gl quj vijoj f imjoticihfrsj hlo uo =,6% sl`rj gls ioarjsls tltfgjs mjgnltjg y uo 68,3% sl`rj gf sudf mj gls afstls mj jstls huftrl mjpfrtfdjotls.

3.0.:. ALI, ALR y OLR

Jg ALI (Arlss Lpjrftioa Iohldj) js iaufg f gf sudf mj gls drajojs plrmjpfrtfdjotl lpjrftivl, l gl quj js gl disdl jg dfrajo mjg nltjg. Rfrf jg nltjg ^, jstjmftl js iaufg f 6:6.619,81 jurls, yf hlotrfstfml fotjrilrdjotj hlo glshlrrjsplomijotjs f hfmf mjpfrtfdjotl lpjrftivl.

Rfrf nfggfr jg ALR (Arlss Lpjrftioa Rrlcit), js ojhjsfril mjmuhirgj fg mftl fotjrilrjg tltfg mj afstls hlotfìgizfmls prjvifdjotj jo gls mjpfrtfdjotls cuohilofgjs, fs sjols rjmuhirf f uof hfotimfm mj :3.636,:1 jurls. Jstj rjsugtfml js jg iomihfmlr qujdjklr pujmj rjcgjkfr jg rjsugtfml mj gf gf`lr mj ajstio mjg jquipl mirjhtivl, yf qujnfstf ggjafr f g, tlmls gls afstls j ioarjsls nfo siml crutls mj gfs mjhisilojs tldfmfsplr jg disdl. Rlr jggl, plmrf mjhirsj quj jg Nltjg ^ ol tijoj quj pjosfr jo hfdìfr

su jquipl mirjhtivl. Jstj mftl tfdìo js duy tig f gf nlrf mj hldpfrfr nltjgjs mjmistiotf tiplglaf.

Rfrf ciofgizfr, f gf hlgf mj tlmls jstls mftls, iomihfmlrjs y rjsugtfmls yffofgizfmls, sj johujotrf jg OLR (Ojt Lpjrftioa Rrlcit), l tfdìo hlolhiml @jojcihilOjtl l rjsugtfml ciofg mjg pjrilml. Rfrf ggjafr f g, nfo mj jxtrfjrsj mjg ALR, uofsjrij mj afstls quj slo fkjols f gf hfpfhimfm mj ajstio mjg jquipl mirjhtivl, jsmjhir, ol slo rjsplosfìgimfm mj gf mirjhhio. Jo jstj arupl mj afstls sj iohguyjofqujggls mjrivfmls mj nlolrfrils mj ajstio5 fgquigjrjs, tfsfs y sjaurls5 jofkjofhiomj fhtivls5 j idpujstl sl`rj slhijmfmjs.

Jo jg hfsl mj oujstrl nltjg, gf sudf mj tlmls jstls afstls, jxhguyjoml jgidpujstl, rjprjsjotf uo =3,1% sl`rj jg ALR, sijoml iaufg f 03.001,86 jurls. Jstfhicrf mjmuhimf mjg ALR, ols rjvjgf jg rjsugtfml fotjs mj idpujstls, iaufg f 09988,93jurls. Xfìjoml quj jg tipl idplsitivl js mj uo 0:% sl`rj jg mftl fotjrilr, ols rjsugtfuo OLR ciofg mj 00.=:2,=398 jurls. Jstf hicrf rjprjsjotfo gfs afofohifs purfs mjgnltjg pfrf jg djs mj dfyl mj 026=. Xijdprj quj jstj mftl sjf plsitivl,iomjpjomijotjdjotj mj gls l`kjtivls mj gf jdprjsf, siaoicihfr quj sj jst afofoml.

3.8. HLDRFPFHIO HLO IOCLPDJX MJG XJH]LP

3.8.6. Arfmls mj lhupfhio

Gf siauijotj tf`gf dujstrf mftls prlvisilofgjs pfrf jg djs mj F`rig mj 026= jojstf`gjhidijotls nltjgjrls. Mj tlmls gls mftls rjcgjkfmls, sgl ols hjotrfrjdls jo gls


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mj arfml mj lhupfhio pfrf nltjgjs mj huftrl jstrjggfs lrl, hldl js oujstrl l`kjtl mjjstumil, pfrf hldpfrfrgls hlo oujstrls mftls mjg djs mj dfyl.


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Hftjalrf Odjrl jstf- Odjrl mj Arfml mj lhupfhio ]ltfg`gjhidijotls pgfzfs jstidf- Rlr Rlr pgfzfs Rlr pjrslofg

fìjrtls jsti- mfs sjao gf pgfzfs jo cio mj nfìtf- jdpgjfml

dfmls sjao johujstf sjdfof hilojs

gf johujstf]L]FG 6=.903 6.=28.2>3 :6,>= :>,=9 ::,== 61=.2:0

NL]JGJX; Jstrjggfs lrl

Hiohl 0:: 1>.0=> :1,:8 38,91 36,10 08.1:8

Huftrl 0.62= 386.338 :9,18 3:,30 3=,>> >3.:=1

]rjs 0.=:9 810.62= :3,20 30,92 :9,=8 89.9:6

Mls 6.903 62=.90= 8:,26 =:,00 8>,:0 >.820

Zof 6.6>6 =3.680 0>,:> 8:,36 80,:: 8.323

NLX]FGJX; Jstrjggfs pgftf

]rjs y mls 8.2:9 >1.810 0>,20 83,6= 86,6> 3.028

Zof 8.9=8 >0.3== 03,96 80,61 82,0> :.392

]fsf foufg 2,33 2,9> 6=,29 6:,>3 >,30 8,80

Ciaurf 3.:. Jstf`gjhidijotls, pgfzfs, arfmls mj lhupfhio y pjrslofg jdpgjfml sjaohftjalrf mjg jstf`gjhidijotl

Cujotj; Iostitutl Ofhilofg mj Jstfmstihf

Gf tf`gf mistioauj jotrj trjs arfmls micjrjotjs mj lhupfhio. Gf djmif mj jstls trjsplrhjotfkjs js mj uo 38,=6%, mj lhupfhio pfrf jg pfsfml djs mj f`rig.. Fuoquj nfyquj tjojr jo hujotf quj dfyl sj johujotrf ds hjrhf mj gf tjdplrfmf fgtf quj jgdjs mj F`rig, tfdìo hf`j sjfgfr quj F`rig plsjj gf sjdfof sfotf hldl pjrilml mjtjdplrfmf fgtf. Rlr gl tfotl, sijoml mj uo >1% jg plrhjotfkj mj lhupfhio mjg Nltjg ^pfrf jg djs mj dfyl, y sio lgvimfr gf hrisis jhlodihf quj jstfdls sucrijoml,plmjdls mjhir quj sj johujotrf duy plr johidf mj gf djmif mjg sjhtlr.

3.8.0. Ioarjsl djmil plr jstfohif

Ciaurf 3.3. Ioarjsl djmil plr jstfohifCujotj; Jrost & Yluoa (0266, p.60)

Gf idfajo fotjrilr hlostf mj uof tf`gf y uof arcihf, huyls mftls sj rjcijrjo f gls

ioarjsls djmils plr jstfohif pfrf nltjgjs mj trjs, huftrl y hiohl jstrjggfs, mjsmj jgfl 0220 nfstf sjptijd`rj mjg 0266. Mj tlmls jggls, tldfrjdls hldl rjcjrjohif jg


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mftl hlrrjsplomijotj f gls ioarjsls mj sjptijd`rj mj 0266 pfrf nltjgjs mj huftrljstrjggfs.3.8.8. Ioarjsl plr nf`itfhio misploi`gj (PJSRFP)

Ciaurf 3.1. PJSRFPCujotj; Jrost & Yluoa (0266, p.61)

]joijoml jo hujotf quj jg PJSRFP pfrf oujstrl nltjg jrf mj =6,9 jurls plrnf`itfhio, y quj jg prldjmil mj ioarjsls mj F+@ plr jstfohif y mf jrf mj 06,>jurls, oujstrl ioarjsl djmil tltfg plr jstfohif sjrf mj uols 10 jurls pfrf jg djs mjdfyl. Xijoml mj 33 jurls gf djmif pfrf jg djs mj sjptijd`rj (tjdplrfmf fgtf-djmif)mj 0266 jo jg hlokuotl mj nltjgjs jspflgjs mj huftrl jstrjggfs, fg iaufg quj pfrf jgiomihfmlr fotjrilr, oujstrl nltjg sj johujotrf plr johidf mj gf djmif.

Xio jd`fral, fg hldpfrfr slgfdjotj jg PJSRFP, vjdls quj plr jg hlotrfril, jgnltjg ^ sj situfrf `fstfotj plr mj`fkl mj gf djmif, gl quj jxpgihf quj gf micjrjohif gfdfrhfo gls ioarjsls mj F+@.

3.8.=. Rlrhjotfkjs mj `jojcihil sl`rj gf hicrf mj vjotfs

Ciaurf 3.>. ALR y OLRCujotj; Jrost & Yluoa (0266, p.69)


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Cikomlols jo jstf tf`gf, sj pujmj fprjhifr quj pfrf jstls rjsugtfmls, oujstrl nltjgsj sitf plr mj`fkl mj gf djmif mjg sjhtlr. Dijotrfs quj jo gf arcihf plmjdlsfprjhifr, quj jg plrhjotfkj djmil mj ALR pfrf nltjgjs mj huftrl jstrjggfs sl`rj jgtltfg mj ioarjsls mjg nltjg js mjg 82,6%, jo oujstrl hfsl jstj plrhjotfkj rjprjsjotfuo 61,1%. Mj jstj dlml, rjsugtf jvimjotj, yf quj pfrf gls iomihfmlrjs fotjrilrjs olsjohlotr`fdls plr johidf mj gf djmif, quj jstf `fkfmf sj mj`j f uols idplrtfotjsafstls jo mjpfrtfdjotls cuohilofgjs.

Rlr ltrl gfml, oujstrl plrhjotfkj mj dfrajo ojtl l OLR sl`rj jg vlgudjo mjvjotfs, sj hlrrjsplomj hlo 1%, jg hufg siauj sijoml iocjrilr f gf djmif pjrl ol jotfotf prlplrhio hldl jg mftl fotjrilr, gl hufg mf fo ds sjotiml f gf jxpgihfhiofotjrilr mj quj gf micjrjohif gf dfrhfo gls afstls jo mjpfrtfdjotls ol lpjrftivls.

3.8.:. Mistriùhio mj gls ioarjsls

Ciaurf 3.9. Mistriùhio mj gls ioarjslsCujotj; Jrost & Yluoa (0266, p.00)

Gf idfajo fotjrilr rjcgjkf jo plrhjotfkjs uof djmif mj gfs fplrtfhilojs mj hfmfmjpfrtfdjotl lpjrftivl fg hlokuotl tltfg mj ioarjsls mjg nltjg pfrf jg jkjrhihil 0262 jogf iomustrif nltjgjrf jspflgf.

Gls mjpfrtfdjotls micjrjohifmls jo jstj arcihl ol hliohimjo jxfhtfdjotj hlo glsmj oujstrl nltjg. Dijotrfs quj fqu fpfrjhjo gls ioarjsls plr nfìtfhio y pjosiouoimls, plr ltrl gfml hldimfs pfsfotjs y plr ltrl `jìmfs, jo jg nltjg ^ sjjohujotrfo nfìtfhio plr uo gfml, fgidjotls plr ltrl y `jìmfs plr ltrl.

Rlr jggl, y pfrf nfhjr ds chig gf hldpfrfhio, sudfrjdls gls ioarjsls mj jstlstrjs mjpfrtfdjotls. Fs, ols qujmfrfo uols ioarjsls mj Nfìtfhilojs+ Fgidjotls+

@jìmfs pfrf jg nltjg ^ mjg 9:% rjspjhtl f gls ioarjsls tltfgjs5 y mj uo 90,6% pfrf jgarcihl. Jg :% rjstfotj jo oujstrl nltjg, sj imjoticihfo hlo gls ioarjsls plrHjgj`rfhilojs, dijotrfs quj jg 1,9% rjstfotj mjg arcihl, sj mivimj jo @foqujtjs(3,8%), Xupjrdjrhfmls (6,0%) y Ltrls (2,:%).


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HFR]ZGL 1

HLOXIMJPFHILOJX CIOFGJX, HLOHGZXILOJX Y

PJHLDJOMFHILOJX.

1.6. HLOXIMJPFHILOJX CIOFGJX

Fotjs mj jxplojr gfs hlohgusilojs, sj hlosimjrf ojhjsfril rjhlpigfr uof sjrij mjcfhtlrjs mj gls quj mjpjomj jg l`kjtl mj jstj trf`fkl, hldl js pgfsdfr gf utigimfm mjgf fpgihfhio mjg ZXFGI f uo jstf`gjhidijotl nltjgjrl pfrtihugfr;

6) Gls mftls f pfrtir mj gls hugjs sj rjfgizf jg fogisis mj`jo sjr, jo gf djmimf mj glplsi`gj, 622% rjfgjs. Fg trftfrsj mj uo jstumil mj hfsl, gfs hlohgusilojs l`tjoimfsmjg disdl, mjpjomjro tltfgdjotj mj jstls mftls oudrihls.

0) Jo hlotrfplsihio hlo gl fotjrilr, gfs jdprjsfs, y jspjhifgdjotj gfs mjg sjhtlrnltjgjrl, aufrmfo hlo arfo hjgl sus mftls hlotf`gjs. Pfrf vjz, cfhigitfo jstj tipl mjmftls f pjrslofs fkjofs f gf hldpff.

8) Rfrf gf jgf`lrfhio mj gls mftls f pfrtir mj ltrls mftls pridfrils, ioclrdjssjhtlrifgjs, jth., js idprjshiomi`gj uof tltfg ftjohio y tjojr jo hujotf uo arfoodjrl mj cfhtlrjs. Jg ds doidl jrrlr hfdìfrf nfstf gf gtidf hlohgusio. Jsl`vil quj, mj nf`jr hlotfml hlo uols mftls 622% rjfgjs gf fpgihfhio mjg sistjdfZoiclrdj nf`rf siml duhnl ds chig y tig.

=) Ol l`stfotj, y mj fhujrml hlo jg l`kjtivl pgfotjfml, sj nf plmiml l`sjrvfr gfpltjohifgimfm mjg Xistjdf Zoiclrdj mj Hujotfs pfrf gf tldf mj mjhisilojs jo gfs

jdprjsfs nltjgjrfs.

1.0. HLOHGZXILOJX

Rfrf gf prjsjotfhio mj gfs hlohgusilojs, sj jxplomro sjpfrfmfdjotj fqujggfsjxtrfmfs tfotl mjg hujrpl tjrihl hldl mjg fogisis y hldpfrfhio mj gls rjsugtfmls.

f) Hlohgusilojs jxtrfmfs mjg hujrpl tjrihl.

]rfs mfr f hlolhjr jg lriajo y fotjhjmjotjs mjg Xistjdf Zoiclrdj mj Hujotfs5 sujstruhturf y hlotjoiml5 gls l`kjtivls quj pjrsiauj y sus priohipils `sihls mjcuohilofdijotl5 fs hldl uo mjsaglsj mj hfmf uol mj gls mjpfrtfdjotls dsmjstfhf`gjs, sj nfo l`tjoiml gfs siauijotjs hlohgusilojs;

6. Jg ZXFGI js uo sistjdf quj rjquijrj mj hlotioufs fhtufgizfhilojs pfrffmfptfrsj f gls hfdìls quj vf sucrijoml f su vjz jg sjhtlr nltjgjrl. Rlrjggl, mjsmj 690:, fl jo quj mftf jg pridjr fotjhjmjotj mjg sistjdf, sjnfo iml rjfgizfoml dlmicihfhilojs nfstf ggjafr f gf gtidf jmihio pu`gihfmfjo 0223.

0. Jg ZXFGI js uo sistjdf duy ìjo jstruhturfml y mjsaglsfml pfrf qujsjf plsi`gj su fpgihfhio f hufgquijr tipl mj jdprjsf nltjgjrf,iomjpjomijotjdjotj mj su hftjalrf, sus midjosilojs, su uìhfhioajlarcihf l jg sjadjotl mj djrhfml fg quj sj mirikf.

8. Jstf ùjof jstruhturfhio vijoj mfmf plr gf fmlphio mj uo dlmjgl mjhlstjs fsiaof`gjs, pfrf jg hufg sj mivimjo gls mjpfrtfdjotls mjg nltjg jo

mls arfomjs arupls (lpjrftivls y cuohilofgjs) y huyl l`kjtivl js fsiaofr f


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gls mistiotls tipls mj mjpfrtfdjotls gls mistiotls tipls mj hlstjs jo gls qujsj nf iohurriml pfrf glarfr jsf prjstfhio mjg sjrvihil l prlmuhtl.

=. Arfhifs f tlml gl fotjrilr, jg ZXFGI ols pjrditj nfhjr hldpfrfhilojs

jotrj mistiotls jstf`gjhidijotls nltjgjrls, sidigfrjs jotrj jggls l tltfgdjotjmicjrjotjs. Rfrf jggl utigizf iomihfmlrjs tfgjs hldl jg ALI, jg OLR, jg ALR ljg PJSRFP jotrj ltrls.

`) Hlohgusilojs jxtrfmfs mjg fogisis y gf hldpfrfhio mj rjsugtfmls.

Rfrf rjfgizfr uo fogisis mj gls rjsugtfmls l`tjoimls y su plstjrilr hldpfrfhio hlogls rjcjrimls fg sjhtlr, js idplrtfotj nf`jr hldprjomiml gl rjmfhtfml y mjmuhiml jojg hujrpl tjrihl.

Fs pujs, hlotioufdls hlo gf prjsjotfhio mj gfs hlohgusilojs, jo jstj hfsll`tjoimfs f pfrtir mj gls rjsugtfmls;

:. Xj nf hldprl`fml quj, jcjhtivfdjotj, f trfvs mjg ZXFGI, js plsi`gj gfhldpfrfhio mj gls rjsugtfmls jotrj gf jdprjsf l`kjtl mjg jstumil mj hfsl,y jg sjhtlr.

3. Jg fogisis mj gls rjsugtfmls pfrf oujstrf jdprjsf rjfgizfml jo jgfpfrtfml 3.0, ols ggjvf f f hlosimjrfr uof ùjof situfhio jhlodihf mjgnltjg y mj gf ùjof hfgimfm mj gf ajstio ggjvfmf f hf`l plr glsrjsplosf`gjs mj mjpfrtfdjotl y mjg jquipl mirjhtivl.

1. Ol l`stfotj, fg nfhjr gfs hldpfrfhilojs hlo jg sjhtlr jo jg fpfrtfml3.8., ols pjrhftfdls mjg dfg plsihilofdijotl jhlodihl mj gf jdprjsf jorjgfhio f ltrfs jdprjsfs foglafs. Hlohrjtfdjotj, js gf arcihf 8.=. gfquj ols rjvjgf nfstf qu puotl oujstrl nltjg sj johujotrf plr mj`fkl mj gfdjmif mjg sjhtlr, arfhifs f uof hldpfrfhio mjg plrhjotfkj mj `jojcihils

sl`rj jg vlgudjo tltfg mj vjotfs, fmvirtiomlsj uo arfo vlgudjo mj afstlsjo mjpfrtfdjotls cuohilofgjs quj js gl quj sj imjoticihf hldl hfusf mjstj dfg rjsugtfml. Jstl ols pjrditj hldprl`fr gf hfpfhimfm mjg ZXFGIpfrf jcjhtufr hldpfrfhilojs huyf ioclrdfhio rjsugtf duy tig pfrffplyfr gfs tfrjfs mj pgfoicihfhio y hlotrlg jo gf jdprjsf.

>. Mj hufgquijr dlml, jstl ol quijrj mjhir quj jg nltjg ^ jst pfsfoml plruof dfgf situfhio jhlodihf, sijdprj quj gls rjsugtfmls sjfo plsitivls,hldl mj njhnl gl slo, ol sj jsto ajojrfoml prmimfs, y plr hlosiauijotj,sj jst l`tjoijoml uo `jojcihil. Rujmj sjr quj gf jdprjsf, fotjs quj uofdfxidizfhio mj gls `jojcihils, pjrsiaf uo ùjo plsihilofdijotl yprjstiail hldl nltjg mj arupl y focitrio mj jvjotls.

1.8. PJHLDJOMFHILOJX

]joijoml jo hujotf tlml gl fotjrilr, sj rjhldijomf f gf jdprjsf;

Pjfgizfr uo sjauidijotl hlotioul mj gfs situfhilojs mj gls hldpjtimlrjs.

Hlotrlgfr j iotjotfr rjmuhir, jo gf djmimf mj gl plsi`gj, gls afstls ol fsiaof`gjs, jsmjhir gls mjstiofmls f gls mjpfrtfdjotls mj Fmdioistrfhio y Ajojrfgjs,Hldjrhifg l Dfrejtioa, Dfotjoidijotl y Jojraf.

Imjoticihfr hgfrfdjotj sus l`kjtivls.

@ushfr uo ùjo plsihilofdijotl mjotrl mjg sjhtlr sjao gls l`kjtivls fhlrmfmls.

Xjauir hlo gf disdf plgtihf jo hufotl f gls mjpfrtfdjotls mj Nfìtfhilojs yFgquigjr mj Xfglojs j iotjotfr idpugsfr jg mj Fgidjotls y @j imfs.


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@i`gilarfcf

Fdft L5 Hfdpf C. (0266); Hlotfìgimfm, hlotrlg mj ajstio y ciofozfs mj nltjgjs. Jmitfml plrRrlcit Jmitlrifg, @frhjglof.

@lrrjal Lgdjml, F. (0266); Fmdioistrfhio y hlotrlg mj gf fhtivimfm nltjgjrf y mj rjstfurfhiof trfvs mjg ZXFGI (Zoiclrds Xystjd lc Fhhluots clr tnj Glmaioa Iomustry). Jmitfml plrFogisis y Xlguhilojs mj Ajstio, XGZ, Jspff.

Hiumfm F. (0262); Rriohipfgjs hfdìls jo gf mhidf jmihio mjg sistjdf mj rjplrtioa mj gfiomustrif nltjgjrf iotjrofhilofg, jo Pjvistf Hlotf`gj.nttp;//rjvistfhlotf`gj.mjv.ouftt.js/oltihifs\`fsj/priohipfgjs-hfdìls-jo-gf-m%H8%F9hidf-jmihi%H8%@8o-mjg-sistjdf-mj-rjplrtioa-mj-gf-iomustrif-nltjgjrf-iotjrofhilofg

Jrost & Yluoa (0266); Iomihfmlrjs jhlodihls mj gf iomustrif nltjgjrf jspflgf.nttp;//www.jy.hld/Ru`gihftilo/vwGZFssjts/Iomihfmlrjs\jhlo%H8%@8dihls\mj\gf\iomustrif\nltjgjrf\jspf%H8%@6lgf\0266/$CIGJ/Nltjgjs\Jspfof\0266.pmc

Dfrto P.5 Dlrjol K. (0220); Gf ioclrdfhio hlotf`gj pfrf gf ajstio jo gf jdprjsf nltjgjrf;Jg Zoiclrd Xystjd lc Fhhluots clr tnj Glmaioa Iomustry.nttp;//jxtjrols.udf.js/hufmjrols/pmcs/pmc6=1.pmc

Dfrto Xfdpjr P. (022=); Mjtjrdiofhio mj prjhils jo gf iomustrif nltjgjrf; uo jstumil mjhfsl.

Dfrtojz R. H. (0223); Jg dtlml mj Jstumil mj Hfsl.nttp;//rhijoticihfs.uoiolrtj.jmu.hl/iomjx.pnp/pjosfdijotl/frtihgj/vijwCigj/8:13/0826

Plhfclrt F.5 Xohnjz S. (0223); Jg sistjdf ZXFGI vjrsus jg sistjdf F@H. Hldpftiìgimfm lHldpgjdjotfrijmfm

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