$548,7(&785$08/7,3/(;$'$

& ;

&(1752,17(51$&,21$/'()250$&,21&,7521

cahier_x7.indd 1 11/02/08 17:54:04

 $
$
'
,P
'
,P
'
,P
'
'
)
'
*

cahier_x7.indd 2 11/02/08 17:54:12

 6XPDULR

$UTXLWHFWXUDPXOWLSOH[DGD 3£JLQD 
$UTXLWHFWXUDJHQHUDOGHODVUHGHV 3£JLQD 
'HWDOOHVGHODUHG&$1+6,6 3£JLQD 
,PSODQWDFLµQ&$1+6,6 3£JLQD 
'HWDOOHVGHODUHG&$1/6&21) 3£JLQD 
,PSODQWDFLµQ&$1/6&21) 3£JLQD 
'HWDOOHVGHODUHG&$1/6&$5 3£JLQD 
,PSODQWDFLµQ&$1/6&$5 3£JLQD 
'HWDOOHVGHODUHG/,1 3£JLQD 
'HWDOOHVGHODUHG'LDJQµVWLFR 3£JLQD 
)DVHVGHYLGDGHODVUHGHVPXOWLSOH[DGDV 3£JLQD 
'LVWULEXFLµQHO«FWULFD 3£JLQD 
*ORVDULR 3£JLQD 

&,7521& ;

3UµORJR
$7(1&,21
7RGDVODVSUHVHQWDFLRQHV\YDORUHVSUHFLVRVHQHVWHGRFXPHQWRVHGDQSDUDLQIRUPDFLµQ
SHURTXHSXHGHQHYROXFLRQDU \QRVHDFWXDOL]DU£Q

3DUDFRQRFHUORVYDORUHVFRUUHVSRQGLHQWHVDOYHK¯FXORUHPLWLUVHREOLJDWRULDPHQWHDOD
GRFXPHQWDFLµQW«FQLFDSRVWYHQWD

cahier_x7.indd 3 11/02/08 17:54:12

 $UTXLWHFWXUDPXOWLSOH[DGD

/DVUHGHV '
(OYHK¯FXORHV)8//&$1'LVSRQHGHXQD&DMDGH6HUYLFLR,QWHOLJHQWH %6, TXH
VLUYHGHHQODFHHQWUHODVUHGHV(VWDFDMDFHQWUDOL]D\WUDWDODVLQIRUPDFLRQHVSURFHGHQWHV
GHODVGLIHUHQWHVUHGHV
/DDUTXLWHFWXUDPXOWLSOH[DGDVHFRPSRQHGH

8QDUHG&$1+6,6&$1GHDOWDYHORFLGDGGH.ELWVVTXHXQHOD%6,\ORVFDOFXODGRUHV
GLQ£PLFRV

/DUHG&$1+6,6QRHV )DXOW7ROHUDQW HVGHFLUTXH\DQRIXQFLRQDHQFDVRGH

FRUWHRFRUWRFLUFXLWRHQXQRGHORVGRVFDEOHV

8QDUHVLVWHQFLDGHWHUPLQDFLµQGHO¯QHDGHRKPLRVHVW£LQWHJUDGDHQOD%6,\HQHOFDOFXODGRU
PRWRUPXOWLIXQFLµQ

8QDUHG&$1/6&$5&$1EDMDYHORFLGDGGH.ELWVVTXHXQHOD%6,\ORVFDOFXODGRUHV
GHODUHGFDUURFHU¯D

8QDUHG&$1/6&21)&$1EDMDYHORFLGDGGH.ELWVVTXHXQHOD%6,\ORVFDOFXODGRUHV
GHODUHGFRQIRUW

/DVUHGHV&$1/6&$5\&21)VRQ )DXOW7ROHUDQW HVGHFLUTXHSXHGHQIXQFLRQDUHQ

PRGRGHJUDGDGRHQORVVLJXLHQWHVFDVRV

&RUWHGHXQFDEOH
&RUWRFLUFXLWRGHXQFDEOHFRQXQDDOLPHQWDFLµQ
&RUWRFLUFXLWRGHXQFDEOHFRQXQDPDVD
&RUWRFLUFXLWRHQWUHORVGRVFDEOHVGHODUHG&$1/6

(QHVWHFDVRODUHGVHKDFHP£VVHQVLEOHDODVSHUWXUEDFLRQHV\SXHGHHQFLHUWDVFRQGLFLRQHV
QRVHUIXQFLRQDO

9DULDVUHGHV/,1/,1YHORFLGDGHVSHF¯ILFDGH.ELWVVTXHXQHQ

/D%6,DOD&DMDGH(VWDGRGH&DUJD%DWHU¯D  DV¯FRPRDODFDMDGHWHVWLJRVGHQR

DEURFKDGR  
(OFDOFXODGRUGHFRUUHFFLµQGHDOWXUD  DORVGRVSUR\HFWRUHV
HOFDOFXODGRUGHVHJXLPLHQWRGHWUD\HFWRULDODWHUDO  DORVVHLVFDSWDGRUHV
(OPµGXORGHFRQPXWDFLµQEDMRYRODQWH &9 DO9RODQWHGH0DQGRV&HQWUDOHV)LMRV
9&&) 
/D3OHWLQDGH6HUYLFLRFDMD)XVLEOHVFRPSDUWLPHQWRPRWRU 36) DORVGRVPRWRUHVGH
OLPSLDSDUDEULVDVGHODQWHURV
/DSOHWLQDGHSXHUWDFRQGXFWRU  DORVFXDWURPRWRUHVGHHOHYDOXQDVDV¯FRPR
DODFDMDGHLOXPLQDFLµQ\PHPRUL]DFLµQGHOUHWURYLVRUSDVDMHUR  

cahier_x7.indd 4 11/02/08 17:54:19

 'LDJQµVWLFR

/DUHG&$1',$*,6 .ELWVV SHUPLWH

7HOHFDUJDU HQXQRVPLQXWRV HOORJLFLDOGHORVFDOFXODGRUHVSUHVHQWHVHQODUHG&$1

V +6,6
7UDQVPLWLUODVLQIRUPDFLRQHVQHFHVDULDVDODQRUPD(2%' (XURSHDQ2Q%RDUG'LDJQRVLV
TXHSHUPLWDQFRQWURODUODVLQIRUPDFLRQHVDQWLFRQWDPLQDFLµQ

/DUHG',$*21&$1 .ELWVV SHUPLWH

'LDJQRVWLFDUORVFDOFXODGRUHVGHODVGLIHUHQWHVUHGHV
7HOHFDUJDUORVORJLFLDOHVGHORVFDOFXODGRUHVSUHVHQWHVHQODUHG&$1&$5\&$1&21)
\WDPEL«Q%6,
7HOHFRGLILFDUORVFDOFXODGRUHV

/DO¯QHDGLDJQµVWLFR. .ELWVV SHUPLWH

HV

'LDJQRVWLFDUORVGHIHFWRVGHORVFDOFXODGRUHVGHODUHG&$1+6,6QRWUDQVPLWLGRVSRUOD
UHG&$1',$*,6 7LSR VFDQWRRO 

cahier_x7.indd 5 11/02/08 17:54:19

 $UTXLWHFWXUDJHQHUDOGHODVUHGHV

    



   

%6,



 

 

   &9 %65

   9&&)

  &$1/6&$5

&$1/6&21)
&$1+6,6
/9'6
/,1


cahier_x7.indd 6 11/02/08 17:54:20

     

  

  

 

 

 
   36)

 

  

5
1)

cahier_x7.indd 7 11/02/08 17:54:21

 'HWDOOHVGHODUHG&$1+6,6

%6,

915
 

&$1+ &$1/
 

9*5 915
         

&$1+ &$1/ &$1+ &$1/

915
     +

 &$1+ &$1/


915





&$1+ &$1/

    +
915



&$1+ &$1/ &$1+ &$1/

       / / 000 0 . $ $
915 915

 

':%7('
 (:$(:$

cahier_x7.indd 8 11/02/08 17:54:22

 


905

9%$

 &$1+ 
 &$1/ 



9%(
 * ) + $ $
 
&$1/ &$1+ &$1/

915 915 915

+ +!% & &      
/
&$1+ &$1/ &$1+ &$1/
/

905
)
&$1+ '
&$1/ (

$
915

0
0
&$1+ &$1/ &$1+ &$1/ /

+!* & $ $ 0 / / % +!+

915 905
905

9*5

0 +

 

'97(' (6
':%7('
&$1/ &$1+ &$1/

$ 00 00 . . $ $
915



'7


cahier_x7.indd 9 11/02/08 17:54:22

 ,PSODQWDFLµQGHODUHG&$1+6,6



 

 

 

%6,


 



cahier_x7.indd 10 11/02/08 17:54:26

 5HG&$1+6,6

%6,

&DMDGHVHUYLFLRLQWHOLJHQWH


&DOFXODGRUPRWRU
PXOWLIXQFLµQ


&DOFXODGRUFDMDGH
FDPELRVDXWRP£WLFD


&DOFXODGRUGHFRUUHFFLµQ
GHDOWXUDGHORVSUR\HFWRUHV


&DOFXODGRUGHIUHQRVGH
HVWDFLRQDPLHQWRHO«FWULFR

 &DOFXODGRUJUXSR
HOHFWURERPEDGHGLUHFFLµQ
DVLVWLGD


&DOFXODGRUGHGHWHFFLµQGH
LQIODGRLQVXILFLHQWH

cahier_x7.indd 11 11/02/08 17:54:28

 ,PSODQWDFLµQGHODUHG&$1+6,6

5HG&$1+6,6


&DOFXODGRUGHVXVSHQVLµQ


&DOFXODGRUGHVXVSHQVLµQ
GHDPRUWLJXDFLµQYDULDEOH


&DOFXODGRUFRQWURO
GLQ£PLFRGHHVWDELOLGDG


&DSWDGRUGH£QJXORYRODQWH(63


7ULFDSWDGRUJLUµPHWUR
DFHOHUµPHWUR(63



cahier_x7.indd 12 11/02/08 17:54:32

 1RWDV



cahier_x7.indd 13 11/02/08 17:54:32

 'HWDOOHVGHODUHG&$1/6&21)





915
 &$1+
 &$1/

%6,


9%$
&$1+ 
9-1

 &$1+
&$1/ 
 &$1/



 &$1+

915

&$1/


915
  &$
  &$





915

 &$1+
 &$1/


9%$

&$1+ 
&$1/ 



% &$1+
$ &$1/
%
905

&
&
&
&
%



cahier_x7.indd 14 11/02/08 17:54:33

 

905

&$1+ 
&$1/ 



915
&$1+ 
&$1/ 





9%$
&$1+ 
&$1/ 
915

 &$1+ 
 &$1/




&$1+
915


&$1/ 


 

' 
915

915

9%(

'  
'  
' 

&$1+
 
&$1/
' 
915

915

9%(

'  
'  
' 

915

905 9%$






cahier_x7.indd 15 11/02/08 17:54:33

 ,PSODQWDFLµQGHODUHG&$1/6&21)

 

 

%6,


 

 

 

 

 



cahier_x7.indd 16 11/02/08 17:54:37

 5HG&$1/6&21)

%6,

&DMDGHVHUYLFLRLQWHOLJHQWH


&XDGURGHLQVWUXPHQWRV


3OHWLQDGHSXHUWDFRQGXFWRU


&DMDPHPRUL]DFLµQGHDVLHQWR


3DQWDOODPXOWLIXQFLµQ
PRQRFURPRRFRORU


&DOFXODGRUGHD\XGDDO
HVWDFLRQDPLHQWR GHODQWHUR\WUDVHUR


&DOFXODGRUGHVHJXLPLHQWRGH
WUD\HFWRULDODWHUDO



cahier_x7.indd 17 11/02/08 17:54:40

 ,PSODQWDFLµQGHODUHG&$1/6&21)

5HG&$1/6&21)

&

&DOFXODGRUGH
FOLPDWL]DFLµQ
IDFKDGDPRQR]RQDREL]RQD


$XWRUUDGLR %


&DUJDGRU&'



$PSOLILFDGRUDXGLR


(PLVRUUHFHSWRU
WHOHP£WLFR 57


&DMDNLWPDQRVOLEUHV
 %OXHWRRWK
3



cahier_x7.indd 18 11/02/08 17:54:43

 'HWDOOHVGHODUHG&$1/6&$5

 %6,

 &$1+
 &$1/

915


9%$
 &$1+ 
&9
 &$1/ 

 &$1+
9*5

 &$1/



%65

915

 &$1+
 &$1/
915



9*5

 &$1+

 &$1/
9%$



9%(

  &$1+ 
 &$1/ 

915


 &$1+
 &$1/



9%(


 &$1+
 &$1/
915

&$1+ 
905


&$1/ 

36)

 &$1+
9*5

 &$1/





cahier_x7.indd 19 11/02/08 17:54:44

 ,PSODQWDFLµQGHODUHG&$1/6&$5

36) &9

 &9

%6,




%65





cahier_x7.indd 20 11/02/08 17:54:48

 5HG&$1/6&$5

%6,

&DMDGHVHUYLFLRLQWHOLJHQWH

%65
&DMDGHVHUYLFLR
UHPROTXH

&9
0µGXORGHFRQPXWDFLµQEDMR
YRODQWH

36)
3OHWLQDVHUYLFLRFDMD
IXVLEOHVFRPSDUWLPHQWR
PRWRU


&DSWDGRUGHOOXYLD\
OXPLQRVLGDG


&DOFXODGRUGHPDOHWHUR
WUDVHURPRWRUL]DGR



&DMDDLUEDJV



&DMDDODUPD



cahier_x7.indd 21 11/02/08 17:54:50

 'HWDOOHVGHODUHG/,1



9%( 915
 
    
 
915

915
 
 

 

 

915
915

 
 

 

 
915

915
 
 

 

 
9-1

9*5

 
 

 

 
915

915

 
 

 

 
915
9*5

 
 



cahier_x7.indd 22 11/02/08 17:54:51

 &9
9&&)
9%(

 

9%(


9*5





36)


9-1
9*5

 
 



9-1
%6, 

9%(

 
915


915

  

 9-1

9*5

 





915

 

( 
(
9%(

)
+

*


915







cahier_x7.indd 23 11/02/08 17:54:51

 ,PSODQWDFLµQGHODUHG/,1

 

 

 



 

 

 

 



cahier_x7.indd 24 11/02/08 17:54:56

 5HG/,1


&DOFXODGRUGHVHJXLPLHQWRGH
WUD\HFWRULDODWHUDO


&DSWDGRUHVL]TXLHUGRVGH
VHJXLPLHQWRGHWUD\HFWRULDODWHUDO


&DSWDGRUHVGHUHFKRVGH
VHJXLPLHQWRGHWUD\HFWRULDODWHUDO


3OHWLQDGHSXHUWDFRQGXFWRU


&DMDLOXPLQDFLµQ\PHPRULD
UHWURYLVRUSDVDMHUR

 &RQMXQWRPRWRU\FDMD
HOHYDOXQDVGHODQWHURGHUHFKR 
\GHODQWHURL]TXLHUGR 

 &RQMXQWRPRWRU\FDMD
HOHYDOXQDVGHODQWHURGHUHFKR 
\GHODQWHURL]TXLHUGR 



cahier_x7.indd 25 11/02/08 17:54:58

 ,PSODQWDFLµQGHODUHG/,1

 



36) 

 

%6,

&9 &9

9&&) 9&&)





cahier_x7.indd 26 11/02/08 17:55:05

 5HG/,1

%6,

&DMDGHVHUYLFLRLQWHOLJHQWH


&DMDHVWDGRGHFDUJD
EDWHU¯D


&DMDWHVWLJRVGHQR
DEURFKDGR

&9
0µGXORGHFRQPXWDFLµQEDMR
YRODQWH

9&&)
9RODQWHFRQPDQGRV
FHQWUDOHVILMRV


&DOFXODGRUGHFRUUHFFLµQ
GHDOWXUDGHORVSUR\HFWRUHV


3UR\HFWRUHVL]TXLHUGR\GHUHFKR

36)
3OHWLQDVHUYLFLRFDMD
IXVLEOHVFRPSDUWLPHQWR
PRWRU


0RWRUHVOLPSLDSDUDEULVDVGHODQWHUR
L]TXLHUGR\GHODQWHURGHUHFKR



cahier_x7.indd 27 11/02/08 17:55:08

 1RWDV



cahier_x7.indd 28 11/02/08 17:55:09

 'HWDOOHVGHODUHGGLDJQµVWLFR

&$1+6,6

    

%6,

915
   
&$1&$5 &$1&21)

       

       

&$1/6&$5 &$1',$*,6
&$1/6&21) ',$*21&$1
&$1+6,6 /,1($.



cahier_x7.indd 29 11/02/08 17:55:09

 )DVHVGHYLGDGHODVUHGHVPXOWLSOH[DGDV

/D%6,SLORWDHOGHVSHUWDU\ODSXHVWDHQSDXVDGHODVGLIHUHQWHVUHGHV

'HVSHUWDUGHODVUHGHV
([LVWHQGRVHVWDGRVGHGHVSHUWDUGHORVFDOFXODGRUHVGHODVUHGHV&$1

(OGHVSHUWDUSULQFLSDO

(QHVWDFRQGLFLµQODVUHGHV&$1HVW£QDFWLYDVHOFRQMXQWRGHORVFDOFXODGRUHV
GLDORJDQHQWUHV¯
5HG&$1+6,6
$OSRQHUHOFRQWDFWRORVFDOFXODGRUHV5&'VRQGHVSHUWDGRVSRUOD%6,TXHHPLWHSHUPD
QHQWHPHQWHXQ9ROWLRVHQODO¯QHD5&'\XQDWUDPDGHGHVSHUWDUSULQFLSDO
3DUDORVGHP£VFDOFXODGRUHV QR5&' OD%6,RHO36)VXPLQLVWUDXQ$3&

5HG&$1/6
$OSRQHUHOFRQWDFWRORVFDOFXODGRUHVVRQGHVSHUWDGRVSRUODDSDULFLµQGHO&$1
SLORWDGRSRUOD%6,(QHVHPLVPRPRPHQWROD%6,HPLWHXQDWUDPDGHGHVSHUWDU
SULQFLSDOHQODVUHGHV&$1&$5\&$1&21)

(OGHVSHUWDUSDUFLDO

(VWHGHVSHUWDUSHUPLWHGLDORJDUFRQDOJXQRVFDOFXODGRUHVGHODUHG&$1
FRQHOILQGHDQWLFLSDUFLHUWDVIDVHVGHIXQFLRQDPLHQWR

5HG&$1+6,6

&RQHOFRQWDFWRTXLWDGROD%6,GHVSLHUWDSDUFLDOPHQWHORVFDOFXODGRUHV5&'
HPLWLHQGRXQDLPSXOVLµQ9ROWLRVHQODO¯QHD5&'\XQDWUDPDGHGHVSHUWDUSDUFLDO

5HG&$1/6

([LVWHQGRVWLSRVGHGHVSHUWDUGHODVUHGHV&$1/6

(OGHVSHUWDUSRUHQWUDGDGLUHFWD%6,
3DUDHVWHGHVSHUWDUOD%6,DFWLYDHO&$1\HPLWHWUDPDVGHGHVSHUWDUHQODV
UHGHV&$1/6
(OGHVSHUWDUSRUHQWUDGDLQGLUHFWD%6,
/RVFDOFXODGRUHVFDSDFHVGHGHVSHUWDUODVUHGHV&$1/6GLVSRQHQGHXQ%$7
(QHVWDFRQGLFLµQHVWRVFDOFXODGRUHVSXHGHQHPLWLUWUDPDVSDUDSHGLUDOD
%6,TXHGHVSLHUWHODVUHGHV&$1/6



cahier_x7.indd 30 11/02/08 17:55:11

 /DSXHVWDHQSDXVD

6LQRVHDFWLYDQLQJXQDSHWLFLµQGHGHVSHUWDU

/D%6,HQY¯DXQPHQVDMHGHSXHVWDHQSDXVDY¯DHOEXVGHODVUHGHV&$1
$OFDERGHXQPLQXWR\VHJXQGRVHOEXVGHODVUHGHV&$1SDVDDOHVWDGRGHSDXVD
/RVFDOFXODGRUHV\DQRWLHQHQFRPXQLFDFLµQ
/D%6,FRUWDODDOLPHQWDFLµQ&$1
8QPLQXWRP£VWDUGHOD%6,SDVDDOHVWDGRGHSDXVD



cahier_x7.indd 31 11/02/08 17:55:12

 )DVHVGHYLGDGHODVUHGHVPXOWLSOH[DGDV

&RQGLFLRQHVGHGHVSHUWDU $

      

 &9

,PSXOVRVREUHHOERWµQ21 $FWLYDFLµQGHODIXQFLµQLOXPLQDFLµQ
GHOWHO«IRQR GHDFRPSD³DPLHQWR
,PSXOVRVREUHXQRGHORVERWRQHV
%6, GHOPDQGRDGLVWDQFLD
$FWLYDFLµQGHODVOXFHVGHSRVLFLµQ
 6ROLFLWXGFOD[µQ

,PSXOVRVREUHHOERWµQ212))
/ODPDGDGHXUJHQFLD
6ROLFLWXGGHOODPDGDWHOHIµQLFD
/ODPDGDWHOHIµQLFDHQWUDQWH

 

,PSXOVRVREUHHOERWµQ212)) $SHUWXUDFDSµPRWRU
&DSWDGRUHVYROXP«WULFRV

3XHVWDGHFRQWDFWR
3UHVLµQVREUHHOPDQGRGHODVOXFHV
&$1/6&$5 GHHPHUJHQFLD &$1+6,6
&DPELRGHHVWDGRGHFHUUDGXUD
&$1/6&21) GHSXHUWD /¯QHD5&'
,PSXOVRVREUHHOERWµQGHEORTXHR

WH


cahier_x7.indd 32 11/02/08 17:55:16

 $FWLYLGDGGHODVUHGHVHQODVGLIHUHQWHVIDVHVGHYLGD YDORUHVPHGLRV9 



&$1/ &$1+ &$1/ &$1+

&$1+6,6

'RUPLGD 'HVSLHUWD
&$1+LJK &$1+LJK
9

9 9
Q
9

9
9
&$1/RZ &$1/RZ
&$1&$5&$1&21)

&$1/ &$1+ &$1/ &$1+

'RUPLGD 'HVSLHUWD
&$1+LJK &$1+LJK
9

9 9
9 9

9
&$1/RZ &$1/RZ

WHQVLµQEDWHU¯D


cahier_x7.indd 33 11/02/08 17:55:20

 'LVWULEXFLµQHO«FWULFD

%DWHU¯D %% 
(VW£LPSODQWDGDHQODSDUWHGHODQWHUDL]TXLHUGDEDMRHOFDSµPRWRUSDUDWRGDVODVPRWRUL]DFLRQHV
([FHSWRSDUDHOPRWRUO+',HQHOTXHODEDWHU¯DVHVLW¼DHQODSDUWHWUDVHUDL]TXLHUGD
GHOYHK¯FXORHQHOPDOHWHURGHWU£VGHOJXDUQHFLGRODWHUDO

'LWULEXFLµQHO«FWULFD
/DGLVWULEXFLµQ\ODSURWHFFLµQHO«FWULFDHVUHDOL]DGDSRUORVHOHPHQWRVVLJXLHQWHV

&DMD)XVLEOHV$UUDQTXH%DWHU¯D %)'%  EDWHU¯DGHODQWHUD

&RORFDGREDMRHOFDSµPRWRUGHWU£VGHODOX]GHODQWHUDL]TXLHUGDGLVWULEX\H\SURWHJHODV
DOLPHQWDFLRQHVGHORVHOHPHQWRVHO«FWULFRVVLJXLHQWHV

*UXSR(OHFWURERPED &DMDGH6HUYLFLR5HPROTXH
%ORTXH+LGU£XOLFR,QWHJUDGR 7RPDGH9PDOHWHUR
&DMDSUHSRVWFDOHQWDPLHQWR /XFHVDQWLQLHEOD
*UXSR0RWRYHQWLODGRUHV 4XHPDGRUFDOHIDFFLµQDGLFLRQDO
&DMDGH&RQPXWDFLµQ\ )UHQRGH(VWDFLRQDPLHQWRFRQ
3URWHFFLµQ UHO«V PDQGR(O«FWULFR

&DMDGH3URWHFFLµQ&DEOHV%DWHU¯D %3&%  EDWHU¯DWUDVHUD

6LWXDGRHQFLPDGHODEDWHU¯DGLVWULEX\H\SURWHJHODVDOLPHQWDFLRQHVGHORVHOHPHQWRVHO«FWULFRV
VLJXLHQWHV
0RWRUGH$UUDQTXH
$OWHUQDGRU
3OHWLQDGH6HUYLFLRFDMD)XVLEOHVFRPSDUWLPHQWRPRWRU
7RPDGH9PDOHWHUR
)UHQRGH(VWDFLRQDPLHQWRFRQPDQGR(O«FWULFR

&DMD0µGXOR)XVLEOHV'HODQWHUR 0)$9  EDWHU¯DWUDVHUD

&RORFDGREDMRHOFDSµPRWRUGHWU£VGHODOX]GHODQWHUDL]TXLHUGDGLVWULEX\H\SURWHJH
ODVDOLPHQWDFLRQHVGHORVHOHPHQWRVHO«FWULFRVVLJXLHQWHV

&DMDGHSUHSRVWFDOHQWDPLHQWR
*UXSR0RWRYHQWLODGRUHV
&RQGHQVDGRUGHILOWUDGR FDSDFLGDG
&DMDGH&RQPXWDFLµQ\3URWHFFLµQ UHO«V



cahier_x7.indd 34 11/02/08 17:55:27

 3OHWLQDGH6HUYLFLRFDMDGH)XVLEOHVFRPSDUWLPHQWRPRWRU 36)

&RORFDGREDMRHOFDSµPRWRUGHWU£VGHODOX]GHODQWHUDL]TXLHUGDGLVWULEX\H\SURWHJHODV
DOLPHQWDFLRQHVGHORVHOHPHQWRVHO«FWULFRVGHOFRPSDUWLPHQWRPRWRU

7DPEL«QVHHQFDUJDGHODDOLPHQWDFLµQGHOD&DMDGH6HUYLFLR,QWHOLJHQWH\ODVGRV&DMDV)XVLEOHV
+DELW£FXORV

&DMDGH6HUYLFLR,QWHOLJHQWH %6,

&RORFDGDGHEDMRGHOVDOSLFDGHURDODL]TXLHUGDGLVWULEX\H\SURWHJHODVDOLPHQWDFLRQHVGH
ORVHOHPHQWRVHO«FWULFRVGHOKDELW£FXOR\GHODFDUURFHU¯D

&DMD)XVLEOHV+DELW£FXOR %)+

6LWXDGRHQHOVRSRUWHGH%6,GLVWULEX\H\SURWHJHODVDOLPHQWDFLRQHVGHORVVLJXLHQWHV
HOHPHQWRVHO«FWULFRV
&DMDGHFDPELRVDXWRP£WLFDWLSR$0
&DMDGHFDPELRVDXWRP£WLFDWLSR$/
/XFHVGLXUQDV
7RPDGLDJQµVWLFR
&DOFXODGRUGHFRQWUROGLQ£PLFRGHHVWDELOLGDG (63
&DOFXODGRUGHVXVSHQVLµQ
&RQWDFWRUELIXQFLµQIUHQRV

&DMDIXVLEOHV+DELW£FXOR %+

6LWXDGRHQHOVRSRUWHGH%6,GLVWULEX\H\SURWHJHODVDOLPHQWDFLRQHVGHORVVLJXLHQWHV
HOHPHQWRVHO«FWULFRV
&DMDGH6HUYLFLR5HPROTXH 7HFKRSUDFWLFDEOH
$PSOLILFDGRU-%/ 7ROGR
&DMDGHLOXPLQDFLµQ\ 5HWURYLVRUHVHOHFWURFURPRV
PHPRUL]DFLµQSDVDMHUR ,QGLFDGRUWHVWLJRVGHQRDEURFKDGR
&DMDGHDVLHQWRVHO«FWULFRV GHFLQWXURQHVGHVHJXULGDG
$VLHQWRVFDOHIDFWDGRV &DSWDGRUGHOOXYLD\OXPLQRVLGDG
3RUWµQPRWRUL]DGR EUHDN 5HWURYLVRUHVW«UPLFRV



cahier_x7.indd 35 11/02/08 17:55:28

 'LVWULEXFLµQHO«FWULFD

%DWHU¯DGHODQWHUD

%% %)'% 36) %6, %)+

%DWHU¯DWUDVHUD

0)$9 36) %6, %)+ %3&% %%



cahier_x7.indd 36 11/02/08 17:55:40

 *ORVDULR

6¯PEROR 'HVLJQDFLµQ 'HILQLFLµQ

%$7 $OLPHQWDFLµQP£VEDWHU¯DSHUPDQHQWH

$3& $OLPHQWDFLµQP£VGHVSX«VGHFRQWDFWR

$OLPHQWDFLµQVLVWHPDGHGHVSHUWDUPDQGDGRDGLVWDQFLD
5&'
GHODUHG&$1+6

&$1 $OLPHQWDFLµQGHODUHG&$1/6

/,1 $OLPHQDFLµQGHODUHG/,1

'D, 'LUHFFLµQDODL]TXLHUGD

'D' 'LUHFFLµQDODGHUHFKD



cahier_x7.indd 37 11/02/08 17:55:42

 1RWDV

cahier_x7.indd 38 11/02/08 17:55:52

 1RWDV

cahier_x7.indd 39 11/02/08 17:55:53

 (QHURGH&,)&

cahier_x7.indd 40 11/02/08 17:55:56