Contents
DZQGJHU
QU*H6S6Z  35,17,1-$3$1
WURXEOHVGHODUHSURGXFWLRQ
IDWDOHV
VHULDVRIDWDOHV
PDVNLQHQ
QGLTXHODYLWHVVHPDLPDOHGHO¶DUEUH
YHUZHQGHQ
 $QYlQGDOOWLGEUlQVOHROMHEODQGQLQJ
$OZD\VXVHIXHODQGRLOPLWXUH
 7RXMRXUVXWLOLVHUXQPpODQJHFDUEXUDQWHWKXLOH
WHPHQWRXYHUW
LUHDWWHQWLYHPHQWOHPDQXHOG¶XWLOLVDWLRQ
HGLHQXQJVDQOHLWXQJJHQDXGXUFKOHVHQ
$QWHVGHOXVRGHODXQLGDG
HHUFXLGDGRVDPHQWHHOPDQXDOGHORSHUDGRU
LVLJHQRPEUXNVDQYLVQLQJHQQRJJUDQW
243
  $LUFOHDQHU
  &DUU\LQJKDQGOH
#%3 02.#0!,%3
5044%,%
02.#0!,%3 595$$%,!2
8
%49 02%#!54/.3
%25235$7,21
85,1*235$7,21
&20%867,%
352%35$% 3%#524%
 $9$17/21&7,211017
PRWHXUHWSHQGDQWOHIRQFWLRQQHPHQW
9HUZHQGHQ6LH$UEHLWVFKDQGVFKXKH
#%2%43.7%3%  6/2 ,1%75,%1$+0
.5$7672
 *HUlWQLFKWDXIVWHLQLJHP RGHU.LHVERGHQYHUZDQGHQ
HVFDEURVR
$$!3 $% 3%52$!$
 $176/81&,21$0,172
SURWHFWRURSRUWXQR
3Ç+%2%4-/#33+43%
 g5$19b11,1
%5b16
 !.$,%.!33%-,9
33%-, /#%$52%3
$75235$7,21
+/,167$//$7,21
$356/21&7,211017
352&6¶$660%/$
 31$17/21&7,211017
$660%/$**8,216
1DFK%HWLUHEGHV*HUlWHV
%!.,%45
 b+516%75,%6
 -/.4!% $%3 2&&%3
6386/$0$1,2%5$
02/#%$-%.4/3 $% -/.4!*%
 85$17/862
0217$-/0$1,//$5
+$17$*7602175,1
 1b5.$176.b5$51$19b16
75.$176.b51,1*
5$02&+%$.+-8/1602175,1
LJ
,167$//$7,212,56
,167$//$7,2127+$,5&/$15
LJ LJ$
  .34!,,!4/. $%3 &,3
,167$//$7,21/¶385$785¶$,5
 0217$*56
0217$*6/875,1,*56
 ,167$/$&,21&$%/6
,167$/$&,21/385$25$,5
 9$-5$51$602175,1
/8751$51602175,1
 ,!$% .34!,,!4
 .34!,,!4/. /&.5!2$2!$*534.*/,4
4 /#%$52%3
 &5%
02/#%$%3 $%$-!./%562%
,167$//$7,21/$/$0
&20%867,%
0217$*66&+87=,167//%2/=16
75,%6$1/,781
0217$*56&+1,./,1
.5$7672
352&,0,17260$1-2
,167$/$&,21/$&8&+,//$
,167$/$&,21/3512$,867$25/,6326,7,923527&&,21
02175,1*$96.6.c3$16-8675%8/7
+$1+$9$1
./,1*$1602175,1
%5b16
&877,1
%.!.#%%!.$!!$*534-%.4
67$57,1
67233,1
&283$
1757,17$-867$
 0$55$
$557
$86&+6/15./,1
167$1+$/781*81$5781
 67$575
6FKQHLGPHVVHUIHUQKDOWHQ
&257
$171,0,172$-867
 $55$148
3$5$$
.$176.b51,1
815+c//2&+-8675,1
 0272567$57
+8502725167$11$6
63$5.3/8
$,5&/$15
8/,/75
&$5%85725
%28*,¶$//80$
 385$785¶$,5
,/75&20%867,%
&$5%85$785
95*$65
.5$7672,/75
=h1.5=
5*/5
&$5%85$25
,/752&20%867,%
%8/$1&1,2
5*8/$25
7b167,7
 /8751$5
%5b16/,/75
g5*$6$5
6%2./2 !$*534-%.4
$87,21 RQRWDGMXVWWRUXQPRUHWKDWUSP
 9pUL¿HUHWQHWWR\HU
 2%,!% $5 2%5,!4%52
JXODWHXU
 0DQLSXOHUVRLJQHXVHPHQWRXUHPSODFHU
 2%,%2%.34%,,5
 ,QHVWUDELOLGDGGHOUHJXODGRU9DULDFLyQGHYHORFLGDG
 !*534% $%, 2%5,!$/2
UHJXODGRU
LQFRUUHFWDPHQWHDMXVWDQGR
5HJXODWRUQVVYlQJQLQJDUYDUYWDOHWYDULHUDU
 *534%2.%!662%5,!4/2
WRPJlQJVLlJHHOOHUIXOOJDVOlJH
MXVWHUDWVIHODNWLJW  *UNRQWUROORFKUHQJULQJ
7528%/6+227,1
*$5&$6,56$108/5
6725$
$11$
 %2Ì7¶1*51$*6,/676,/1&,8
00$*$6,1$
+%81*92167g581*1
 *75,%*+b866,/816&+$//b035
/$*581
$/0$&1$0,172
1967,*$&,21$95,$6
 &$-$1*5$1$-6$/$0%566,/1&,$25
GHOFRPEXVWLEOH\GHOFDUEXUDGRU
 6PXWVLJWEUlQVOH
 9,1./9b/9$-5$52&+/-8b03$5
/c1*7,6g59$5,1
 2UJUlVSnNOLQJDQ  6PXWVLJWVNDGDWWlQGVWLIW
2SWLRQDODFXOWDWLI6RQGHUXEHKUDFXOWDWLYR7LOOYDO
   63&,,&$7,216
Hqjuhqdjhv
SRXVHVFXEH
¶DFLHU
JDUDQWL
0HPEUDQYHUJDVHU
+1,6&+$71
Hqwvsuhfkhqg
Lohknudiwnxssoxqj
63&,,&$&,216
6.$$7$
0HPEUDQIUJDVDUH
JDUDQWHUDG
DLWj
&&
HVQRUPHVVXLYDQWHVRQWpWpSULVHVHQFRQVLGpUDWLRQ
 6HLML7DQDND
6HULHQ1UDE
UHVNULYQDLEHUUGDGLUHNWLY
LHQDFKIROJHQGHQ6WDQGDUGVZXUGHQLQ%HWUDFKWJHRJHQ
DEULFDGRHQ