Navegantes en la Red 2012. AIMC

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NAVEGANTES EN LA RED &2035$ $ 75$9e6 ( /$ :(% 3URGXFWR R VHUYLFLR %LOOHWHV DYLyQ WUHQ EDUFR DXWRFDU $ORMDPLHQWR KRWHO FDVD UXUDO (OHFWUyQLFD DSDUDWRV HOHFWUyQLFRV 2FLR 7LHPSR OLEUH (QWUDGDV HVSHFWiFXORV 2UGHQDGRUHV FRPSRQHQWHV SHULIpULFRV 5RSD FRPSOHPHQWRV /LEURV 5HYLVWDV 7HOHIRQtD 6HUYLFLRV WHOHIyQLFRV 6RIWZDUH 3DTXHWHV YDFDFLRQDOHV $OLPHQWDFLyQ URJXHUtD 3HUIXPHUtD $OTXLOHU GH FRFKHV 0~VLFD 6HUYLFLRV GH ,QWHUQHW UHVHUYD GRPLQLRV 3URGXFWRV VHUYLFLRV ILQDQFLHURV 6HJXURV 9LGHRV SHOtFXODV 9 V )ORUHV HQYtR GH IORUHV 2WURV PRINCIPALES RESULTADOS 107

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NAVEGANTES EN LA RED &217$&72 &21 27526 0(,26 3 379 3 ¢8WLOL]D 9G SURJUDPDV GH 3 379 =DWWRR 6RSFDVW 3SOLYH TXH SHUPLWHQ YHU D WUDYpV GH ,QWHUQHW GLIHUHQWHV FDQDOHV GH WHOHYLVLyQ QDFLRQDOHV H[WUDQMHURV FRQ XQD FDOLGDG DFHSWDEOH" $EVROXWRV %$6( 6t IUHFXHQWHPHQWH 6t RFDVLRQDOPHQWH 1R DXQTXH FRQR]FR VX H[LVWHQFLD 1R GHVFRQRFtD VX H[LVWHQFLD 16 1& 1R GHVFRQRFtD VX H[LVWHQFLD 16 1& 6t IUHFXHQWHPHQWH 6t RFDVLRQDOPHQWH 1R DXQTXH FRQR]FR VX H[LVWHQFLD PRINCIPALES RESULTADOS130

NAVEGANTES EN LA RED 5$,2 $ /$ &$57$ 3 ¢8WLOL]D 9G SURJUDPDV GH UDGLR D OD FDUWD /DVW )0 6SRWLI TXH WLHQHQ HQ FXHQWD ODV SUHIHUHQFLDV PXVLFDOHV GHO XVXDULR SDUD RIUHFHUOH HVFXFKDU D WUDYpV GH ,QWHUQHW FDQFLRQHV TXH HQFDMHQ FRQ VXV JXVWRV PXVLFDOHV D PRGR GH HPLVRUD GH UDGLR PXVLFDO" $EVROXWRV %$6( 6t IUHFXHQWHPHQWH 6t RFDVLRQDOPHQWH 1R DXQTXH FRQR]FR VX H[LVWHQFLD 1R GHVFRQRFtD VX H[LVWHQFLD 16 1& 1R GHVFRQRFtD VX H[LVWHQFLD 16 1& 6t IUHFXHQWHPHQWH 1R DXQTXH FRQR]FR VX H[LVWHQFLD 6t RFDVLRQDOPHQWH PRINCIPALES RESULTADOS 131

NAVEGANTES EN LA RED 0$1(5$ ( /((5 (/ 3(5,Ï,&2 3 ¢&XiO HV OD PDQHUD KDELWXDO HQ TXH OHH HO SHULyGLFR" $EVROXWRV %$6( $PEDV HGLFLRQHV LPSUHVD HOHFWUyQLFD 6yOR OD HGLFLyQ HOHFWUyQLFD GH ,QWHUQHW 6yOR OD HGLFLyQ LPSUHVD 1R VXHOR OHHU HO SHULyGLFR 16 1& 1R VXHOR OHHU HO SHULyGLFR 6yOR OD HGLFLyQ LPSUHVD 16 1& 6yOR OD HGLFLyQ HOHFWUyQLFD GH ,QWHUQHW $PEDV HGLFLRQHV LPSUHVD HOHFWUyQLFD PRINCIPALES RESULTADOS132

NAVEGANTES EN LA RED (48,32 $ 75$9e6 (/ 48( /(( ,$5,26 < 5(9,67$6 (/(&75Ï1,&$6 3 (Q ORV ~OWLPRV GtDV ¢D WUDYpV GH TXH HTXLSRV KD UHDOL]DGR OD OHFWXUD GH« $EVROXWRV « 3HULyGLFRV GLDULRV HOHFWUyQLFRV ,QWHUQHW " %$6( OHy ~OW GtDV 2UGHQDGRU VREUHPHVD 3RUWiWLO 1HWERRN 2UGHQDGRU WDEOHW WLSR L3DG 7HOpIRQR PyYLO /HFWRU GH OLEURV HOHFWUyQLFRV 2WUR HTXLSR 16 1& « 5HYLVWDV HOHFWUyQLFDV ,QWHUQHW " %$6( OHy ~OW GtDV 2UGHQDGRU VREUHPHVD 3RUWiWLO 1HWERRN 2UGHQDGRU WDEOHW WLSR L3DG 7HOpIRQR PyYLO /HFWRU GH OLEURV HOHFWUyQLFRV 2WUR HTXLSR 16 1& 2UGHQDGRU VREUHPHVD 3RUWiWLO 1HWERRN 2UGHQDGRU WDEOHW WLSR L3DG 7HOpIRQR PyYLO /HFWRU GH OLEURV HOHFWUyQLFRV 2WUR HTXLSR 16 1& LDULRV HOHFWUyQLFRV 5HYLVWDV HOHFWUyQLFDV PRINCIPALES RESULTADOS 133

NAVEGANTES EN LA RED ,17(51(7 &202 )8(17( ( $&78$/,$ 3 (Q VX FDVR SDUD HVWDU LQIRUPDGR GH OD DFWXDOLGDG ¢FyPR FRQVLGHUD ,QWHUQHW" $EVROXWRV %$6( (V PL IXHQWH IXQGDPHQWDO )XHQWH VHFXQGDULD SHUR LPSRUWDQWH )XHQWH VHFXQGDULD QR LPSRUWDQWH 1R XVR ,QWHUQHW FRPR IXHQWH GH LQIRUPDFLyQ 16 1& (V PL IXHQWH IXQGDPHQWDO )XHQWH VHFXQGDULD SHUR LPSRUWDQWH )XHQWH VHFXQGDULD QR LPSRUWDQWH 1R XVR ,QWHUQHW FRPR IXHQWH GH LQIRUPDFLyQ 16 1& PRINCIPALES RESULTADOS134

NAVEGANTES EN LA RED 7(/(9,6,Ï1 ( 3$*2 /D VXPD GH ORV SRUFHQWDMHV HV VXSHULRU D FLHQ D TXH DOJXQRV QDYHJDQWHV GHFODUDQ HVWDU DERQDGRV D PiV GH XQD WHOHYLVLyQ GH SDJR 3 ¢(VWi DERQDGR D DOJXQD WHOHYLVLyQ GH SDJR" $EVROXWRV %$6( 6t D LJLWDO 6t D XQD WHOHYLVLyQ SRU FDEOH 6t D XQD WHOHYLVLyQ SRU $6/ 6t D OD 77 GH SDJR 6t D XQD WHOHYLVLyQ SRU WHOpIRQR PyYLO 1R D QLQJXQD 16 1& 6t D LJLWDO 6t D XQD WHOHYLVLyQ SRU FDEOH 6t D XQD WHOHYLVLyQ SRU $6/ 6t D OD 77 GH SDJR 6t D XQD WHOHYLVLyQ SRU WHOpIRQR PyYLO 1R D QLQJXQD 16 1& PRINCIPALES RESULTADOS 135

NAVEGANTES EN LA RED (48,3$0,(172 3 ¢H FXiOHV GH ORV VLJXLHQWHV DSDUDWRV GLVSRQH 9G " $EVROXWRV %$6( 2UGHQDGRU SRUWiWLO 6t 1R 16 1& 1HWERRN 6t 1R 16 1& 2UGHQDGRU WDEOHW WLSR L3DG « 6t 1R 16 1& 7HOpIRQR PyYLO LQWHOLJHQWH 6PDUWSKRQH 6t 1R 16 1& :HE &DP 6t 1R 16 1& 5HSURGXFWRU GH DXGLR YtGHR SRUWiWLO 03 03 L3RG 6t 1R 16 1& /LEUR HOHFWUyQLFR H%RRN 6t 1R 16 1& /HFWRU 1, HOHFWUyQLFR 6t 1R 16 1& 79 FRQQHFWHG WHOHYLVRU FRQ DFFHVR D ,QWHUQHW 6t 1R 16 1& PRINCIPALES RESULTADOS136

NAVEGANTES EN LA RED (48,3$0,(172 2UGHQDGRU SRUWiWLO 1HWERRN 2UGHQDGRU WDEOHW WLSR L3DG « 7HOpIRQR PyYLO LQWHOLJHQWH 6PDUWSKRQH :HE &DP 5HSURGXFWRU GH DXGLR YtGHR SRUWiWLO 03 03 L3RG /LEUR HOHFWUyQLFR H%RRN /HFWRU 1, HOHFWUyQLFR 79 FRQQHFWHG WHOHYLVRU FRQ DFFHVR D ,QWHUQHW 6t 1R 16 1& PRINCIPALES RESULTADOS 137

NAVEGANTES EN LA RED *5$2 ( 6(*85,$ ( 75$16$&&,21(6 3 ¢4Xp JUDGR GH VHJXULGDG OH PHUHFH FDGD XQD GH HVWDV WUDQVDFFLRQHV" 3RUFHQWDMHV KRUL]RQWDOHV 1R WHQJR 0XFKD %DVWDQWH 3RFD 1LQJXQD RSLQLyQ 16 1& 3DJDU HQ UHVWDXUDQWH FRQ WDUMHWD GH FUpGLWR 3DJDU D WUDYpV GHO WHOpIRQR PyYLO 7UDQVDFFLRQHV EDQFDULDV SRU RUGHQDGRU 3DJDU GDQGR HO Q GH WDUMHWD SRU WHOpIRQR 3DJDU GDQGR HO Q GH WDUMHWD SRU ,QWHUQHW VHUYLGRU VHJXUR $OWD VHJXULGDG %DMD VHJXULGDG 1R RSLQD 16 1& 3DJDU HQ UHVWDXUDQWH FRQ WDUMHWD GH FUpGLWR 3DJDU D WUDYpV GHO PyYLO 7UDQVDFFLRQHV EDQFDULDV SRU RUGHQDGRU 3DJDU GDQGR HO Q GH WDUMHWD SRU WHOpIRQR 3DJDU GDQGR HO Q GH WDUMHWD SRU ,QWHUQHW PRINCIPALES RESULTADOS138

NAVEGANTES EN LA RED &217(1,26 3527(*,26 325 &23<5,*+7 2SLQLyQ VREUH HO FDQRQ 3 ¢4Xp RSLQLyQ WLHQH GHO ³FDQRQ SRU FRSLD SULYDGD´ WDVD DSOLFDGD D GLYHUVRV PHGLRV GH JUDEDFLyQ &¶V 9¶V YtUJHQHV JUDEDGRUHV GH & 9 GLVFRV GXURV « FXD UHFDXGDFLyQ UHFLEHQ ORV DXWRUHV HGLWRUHV SURGXFWRUHV DUWLVWDV GH P~VLFD SHOtFXODV « HQ FRPSHQVDFLyQ SRU ODV FRSLDV TXH VH KDFHQ GH VX WUDEDMR " $EVROXWRV %$6( 0X IDYRUDEOH )DYRUDEOH HVIDYRUDEOH 0X GHVIDYRUDEOH 1R WHQJR RSLQLyQ DO UHVSHFWR 16 1& 0X IDYRUDEOH )DYRUDEOH HVIDYRUDEOH 0X GHVIDYRUDEOH 1R WHQJR RSLQLyQ DO UHVSHFWR 16 1& PRINCIPALES RESULTADOS 139

NAVEGANTES EN LA RED &217(1,26 3527(*,26 325 &23<5,*+7 0RGHOR HQ ,QWHUQHW 3 (Q FXDQWR D ORV FRQWHQLGRV HQ ,QWHUQHW SURWHJLGRV SRU FRSULJKW P~VLFD SHOtFXODV VRIWZDUH ¢FRQ FXiO GH ORV VLJXLHQWHV PRGHORV HVWi PiV GH DFXHUGR" $EVROXWRV %$6( $FFHVR JUDWXLWR LQWHUFDODQGR SXEOLFLGDG &RPR H[LVWH ³FDQRQ DFFHVR JUDWXLWR VLQ ³FRUWHV´ SXEOLFLWDULRV $FFHVR JUDWXLWR VLQ ³FRUWHV´ SXEOLFLWDULRV HOLPLQDFLyQ GHO ³FDQRQ´ $FFHVR GH SDJR D SUHFLRV UD]RQDEOHV 16 1& $FFHVR JUDWXLWR LQWHUFDODQGR SXEOLFLGDG &RPR H[LVWH ³FDQRQ DFFHVR JUDWXLWR VLQ ³FRUWHV´ SXEOLFLWDULRV $FFHVR JUDWXLWR VLQ ³FRUWHV´ SXEOLFLWDULRV HOLPLQDFLyQ GHO ³FDQRQ´ $FFHVR GH SDJR D SUHFLRV UD]RQDEOHV 16 1& PRINCIPALES RESULTADOS140

NAVEGANTES EN LA RED &217(1,26 3527(*,26 325 &23<5,*+7 9DORUDFLyQ VREUH HO FRUWH GHO DFFHVR D ,QWHUQHW 3 (Q RWURV SDtVHV VH SODQWHD FRUWDU HO DFFHVR D ,QWHUQHW D DTXHOODV SHUVRQDV TXH GHVFDUJXHQ JUDWXLWDPHQWH FRQWHQLGRV SURWHJLGRV SRU FRSULJKW ¢FyPR YDORUD OD LPSODQWDFLyQ GH HVWD PHGLGD" 0X HQ GHVDFXHUGR 0X GH DFXHUGR $EVROXWRV %$6( 0X HQ GHVDFXHUGR 0X GH DFXHUGR 16 1& 9DORUDFLyQ PHGLD 0X HQ GHVDFXHUGR 0X GH DFXHUGR 16 1& PRINCIPALES RESULTADOS 141

NAVEGANTES EN LA RED 23,1,21(6 62%5( ,17(51(7 3 ¢+DVWD TXp SXQWR HVWi GH DFXHUGR FRQ ODV VLJXLHQWHV RSLQLRQHV DFHUFD GH ,QWHUQHW" 0X HQ GHVDFXHUGR 0X GH DFXHUGR $EVROXWRV %$6( 0H SUHRFXSD OD SULYDFLGDG HQ ODV UHGHV VRFLDOHV 16 1& 9DORUDFLyQ PHGLD ,QWHUQHW WLHQH JUDQ FDSDFLGDG GH PRYLOL]DU D OD JHQWH 16 1& 9DORUDFLyQ PHGLD /DV WDULIDV SODQDV QR VRQ MXVWDV SXHV QR GLVWLQJXHQ HQWUH TXLHQHV FRQVXPHQ SRFR TXLHQHV FRQVXPHQ PXFKR 16 1& 9DORUDFLyQ PHGLD /DV LQIUDHVWUXFWXUDV GH ,QWHUQHW QR HVWiQ SUHSDUDGDV SDUD ORV XVRV QHFHVLGDGHV DFWXDOHV 16 1& 9DORUDFLyQ PHGLD PRINCIPALES RESULTADOS142

NAVEGANTES EN LA RED 23,1,21(6 62%5( ,17(51(7 0H SUHRFXSD OD SULYDFLGDG HQ ODV UHGHV VRFLDOHV ,QWHUQHW WLHQH JUDQ FDSDFLGDG GH PRYLOL]DU D OD JHQWH /DV WDULIDV SODQDV QR VRQ MXVWDV SXHV QR GLVWLQJXHQ HQWUH TXLHQHV FRQVXPHQ SRFR TXLHQHV FRQVXPHQ PXFKR /DV LQIUDHVWUXFWXUDV GH ,QWHUQHW QR HVWiQ SUHSDUDGDV SDUD ORV XVRV QHFHVLGDGHV DFWXDOHV 16 1& 9$/25$&,Ï1 0(,$ 0H SUHRFXSD OD SULYDFLGDG ,QWHUQHW WLHQH JUDQ FDSDFLGDG /DV WDULIDV SODQDV QR VRQ /DV LQIUDHVWUXFWXUDV GH HQ ODV UHGHV VRFLDOHV GH PRYLOL]DU D OD JHQWH MXVWDV SXHV QR GLVWLQJXHQ ,QWHUQHW QR HVWiQ SUHSDUDGDV HQWUH TXLHQHV FRQVXPHQ SDUD ORV XVRV QHFHVLGDGHV SRFR TXLHQHV FRQVXPHQ DFWXDOHV PXFKR PRINCIPALES RESULTADOS 143

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 6H[R 3 6H[R $EVROXWRV %$6( +RPEUH 0XMHU 1R FRQWHVWD 0XMHU 1R FRQWHVWD +RPEUH PRINCIPALES RESULTADOS144

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 (GDG 3 (GDG $EVROXWRV %$6( 0HQRUHV GH DxRV DxRV DxRV DxRV DxRV DxRV y PDV DxRV 16 1& 0HQRUHV GH DxRV DxRV DxRV DxRV DxRV DxRV y PDV DxRV 16 1& PRINCIPALES RESULTADOS 145

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 (VWDGR FLYLO 3 (VWDGR FLYLO $EVROXWRV %$6( 6ROWHUR D &DVDGR D 9LXGR D LYRUFLDGR D VHSDUDGR D 9LYH HQ SDUHMD VLQ FDVDUVH 16 1& 6ROWHUR D &DVDGR D 9LXGR D LYRUFLDGR D VHSDUDGR D 9LYH HQ SDUHMD VLQ FDVDUVH 16 1& PRINCIPALES RESULTADOS146

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 /XJDU GH UHVLGHQFLD 3 /XJDU GH UHVLGHQFLD $EVROXWRV %$6( (VSDxD 5HVWR GH (XURSD /DWLQRDPpULFD (VWDGRV 8QLGRV &DQDGi 5HVWR GHO PXQGR 16 1& (VSDxD 5HVWR GH (XURSD /DWLQRDPpULFD (VWDGRV 8QLGRV &DQDGi 5HVWR GHO PXQGR 16 1& PRINCIPALES RESULTADOS 147

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 &RPXQLGDG $XWyQRPD 3 ,QGLTXH HQ TXp &RPXQLGDG $XWyQRPD UHVLGH $EVROXWRV %$6( UHVLGHQWHV HQ (VSDxD $QGDOXFtD $UDJyQ $VWXULDV %DOHDUHV &DQDULDV &DQWDEULD &DVWLOOD /HyQ &DVWLOOD /D 0DQFKD &DWDOXxD &RPXQLGDG 9DOHQFLDQD ([WUHPDGXUD *DOLFLD 0DGULG 0XUFLD 1DYDUUD 3DtV 9DVFR /D 5LRMD &HXWD 0HOLOOD 16 1& $QGDOXFtD $UDJyQ $VWXULDV %DOHDUHV &DQDULDV &DQWDEULD &DVWLOOD /HyQ &DVWLOOD /D 0DQFKD &DWDOXxD &RPXQLGDG 9DOHQFLDQD ([WUHPDGXUD *DOLFLD 0DGULG 0XUFLD 1DYDUUD 3DtV 9DVFR /D 5LRMD &HXWD 0HOLOOD 16 1& PRINCIPALES RESULTADOS148

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 0XQLFLSLR GH UHVLGHQFLD 3 ¢(V VX PXQLFLSLR GH UHVLGHQFLD FDSLWDO GH OD SURYLQFLD R WLHQH PiV GH KDELWDQWHV" $EVROXWRV %$6( UHVLGHQWHV HQ (VSDxD 6t 1R 16 1& 1R 16 1& 6t PRINCIPALES RESULTADOS 149

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 /XJDU GH QDFLPLHQWR 3 /XJDU GH QDFLPLHQWR $EVROXWRV %$6( (VSDxD 5HVWR GH (XURSD /DWLQRDPpULFD (VWDGRV 8QLGRV &DQDGi 5HVWR GHO PXQGR 16 1& (VSDxD 5HVWR GH (XURSD /DWLQRDPpULFD (VWDGRV 8QLGRV &DQDGi 5HVWR GHO PXQGR 16 1& PRINCIPALES RESULTADOS150

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 7DPDxR GHO KRJDU 3 ¢&XiQWDV SHUVRQDV YLYHQ HQ VX KRJDU LQFOXtGR 9G " $EVROXWRV %$6( 8QD RV 7UHV &XDWUR &LQFR 6HLV R PiV 16 1& 8QD RV 7UHV &XDWUR &LQFR 6HLV R PiV 16 1& PRINCIPALES RESULTADOS 151

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 1LxRV HQ HO KRJDU 3 1~PHUR GH KLMRV PHQRUHV GH DxRV HQ VX KRJDU $EVROXWRV %$6( 1LQJXQR 8QR RV 7UHV &XDWUR R PiV 16 1& 1LQJXQR 8QR RV 7UHV &XDWUR R PiV 16 1& PRINCIPALES RESULTADOS152

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 2FXSDFLyQ SULQFLSDO 3 2FXSDFLyQ SULQFLSDO $EVROXWRV %$6( 7UDEDMD SRU FXHQWD SURSLD 7UDEDMD SRU FXHQWD DMHQD (VWXGLDQWH /DERUHV GH FDVD 1R WUDEDMD UHWLUDGR SDUDGR HWF 16 1& 7UDEDMD SRU FXHQWD SURSLD 7UDEDMD SRU FXHQWD DMHQD (VWXGLDQWH /DERUHV GH FDVD 1R WUDEDMD UHWLUDGR SDUDGR HWF 16 1& PRINCIPALES RESULTADOS 153

NAVEGANTES EN LA RED &$5$&7(5Ë67,&$6 62&,2 (02*5È),&$6 (VWXGLRV 3 1LYHO GH HVWXGLRV ILQDOL]DGRV $EVROXWRV %$6( 6LQ HVWXGLRV (QVHxDQ]D SULPDULD (*% (62 (QVHxDQ]D PHGLD %83 %DFKLOOHUDWR )3 (VWXGLRV XQLYHUVLWDULRV 16 1& 6LQ HVWXGLRV (QVHxDQ]D SULPDULD (QVHxDQ]D PHGLD (VWXGLRV XQLYHUVLWDULRV 16 1& PRINCIPALES RESULTADOS154

NAVEGANTES EN LA RED $&&(62 $ /$ (1&8(67$ $FFHVR D OD HQFXHVWD $EVROXWRV %$6( $ WUDYpV GH EDQQHU HQODFH HQ ZHE $ WUDYpV GH EDQQHU HQ EROHWtQ HOHFWUyQLFR $YLVR GH $,0& SRU H PDLO 5HFRPHQGDFLyQ D XQ FRQRFLGR $ WUDYpV GHO ,5& +LVSDQR $YLVR GH $,0& SRU 5HFRPHQGDFLyQ D H PDLO XQ FRQRFLGR $ WUDYpV GH EDQQHU HQ EROHWtQ $ WUDYpV GHO ,5& HOHFWUyQLFR +LVSDQR $ WUDYpV GH EDQQHU HQODFH HQ ZHE PRINCIPALES RESULTADOS 155

NAVEGANTES EN LA RED ,,20$ (/ &8(67,21$5,2 ,GLRPD $EVROXWRV %$6( &DVWHOODQR &DWDOiQ *DOOHJR (XVNHUD &DVWHOODQR &DWDOiQ *DOOHJR (XVNHUD PRINCIPALES RESULTADOS156

NAVEGANTES EN LA RED 1$9(*$25 1DYHJDGRU XWLOL]DGR SDUD FRQWHVWDU OD HQFXHVWD $EVROXWRV %$6( 02=,//$ ),5()2; ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā 2WUDV 0,&5262)7 ,17(51(7 (;3/25(5 ā ā ā ā ā 2WUDV *22*/( &+520( ā ā ā 2WUDV 6$)$5, ā ā ā 6DIDUL 0RELOH ā 2WUDV 23(5$ 27526 (6&212&,2 PRINCIPALES RESULTADOS 157

NAVEGANTES EN LA RED 1$9(*$25 02=,//$ ),5()2; ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā )LUHIR[ ā 2WUDV 0,&5262)7 ,17(51(7 (;3/25(5 ā ā ā ā ā 2WUDV *22*/( &+520( ā ā ā 2WUDV 6$)$5, ā ā ā 6DIDUL 0RELOH ā 2WUDV 23(5$ 27526 (6&212&,2 PRINCIPALES RESULTADOS158

NAVEGANTES EN LA RED 6,67(0$ 23(5$7,92 6LVWHPD RSHUDWLYR FRQ HO TXH VH KD UHDOL]DGR OD HQFXHVWD $EVROXWRV %$6( :,12:6 :,12:6 ;3 :,12:6 9,67$ 0$&,1726+ L26 /,18; $152, 27526 (6&212&,2 :,12:6 :,12:6 ;3 :,12:6 9,67$ 0$&,1726+ L26 /,18; $152, 27526 (6&212&,2 PRINCIPALES RESULTADOS 159

NAVEGANTES EN LA RED 5(62/8&,Ï1 ( 3$17$//$ 5HVROXFLyQ GH OD SDQWDOOD HQ OD TXH VH KD UHDOL]DGR OD HQFXHVWD $EVROXWRV %$6( [ [ [ [ [ [ [ [ [ [ [ [ [ [ 2WUD UHVROXFLyQ HVFRQRFLGD PRINCIPALES RESULTADOS160

NAVEGANTES EN LA RED 5(62/8&,Ï1 ( 3$17$//$ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 2WUD UHVROXFLyQ HVFRQRFLGD PRINCIPALES RESULTADOS 161

NAVEGANTES EN LA RED (175(9,67$6 5(&,%,$6 325 Ë$ HQWUHYLVWDV Ë$ (QWUHYLVWDV Ë$ (QWUHYLVWDV Ë$ (QWUHYLVWDV 2FWXEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 2FWXEUH 1RYLHPEUH LFLHPEUH 1RYLHPEUH 1RYLHPEUH LFLHPEUH 1RYLHPEUH 1RYLHPEUH LFLHPEUH 1RYLHPEUH 1RYLHPEUH LFLHPEUH 1RYLHPEUH 1RYLHPEUH LFLHPEUH 1RYLHPEUH 1RYLHPEUH 2FWXEUH 2FWXEUH 2FWXEUH 2FWXEUH 2FWXEUH LFLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH 1RYLHPEUH LFLHPEUH LFLHPEUH LFLHPEUH PRINCIPALES RESULTADOS162

NAVEGANTES EN LA RED (175(9,67$6 5(&,%,$6 325 +25$ 727$/ HQWUHYLVWDV,17(59$/2 (QWUHYLVWDV ,17(59$/2 (QWUHYLVWDV K K K K K K K K K K K K K K K K K K K K K K K K HVFRQRFLGR K K K K K K K K K K K K K K K K K K K K K K K K PRINCIPALES RESULTADOS 163

Navegantes en la Red 2012. AIMC

by Araceli Castelló

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Navegantes en la Red 2012. AIMC Document Transcript