&21),'(1&,$/


%LOOHWHUDV PyYLOHV
3DUWLFXODULGDGHV GH
/DWLQRDPpULFD



%XHQRV $LUHV  GH -XOLR GH 


)HGHULFR 1DJHU
0HGLRV GH SDJR H[LVWHQWHV
3RWHQFLDO GH VHUYLFLRV ILQDQFLHURV PyYLOHV HQ HO PXQGR




                                                         



                           
  3RWHQFLDO GH
  SHQHWUDFLyQ
  GH VHUYLFLRV
  ILQDQFLHURV                                                                           
    PyYLOHV                                                                                               



                        RQ DFFH      6LQ WHOpIR   3REODFLyQ    1R EDQ    RQ FXHQWD   6LQ WDUMHWD       RQ
                         VR PyYLO       QR PyYLO                 FDUL]DGRV    EDQFDULD     EDQFDULD       VHUYLFLRV
                                                                                                        ILQDQFLHURV
                                                                                                         FRPSOHWRV




)XHQWH *DUWQHU 3DPHQW 0HGLD *$3
9DULDFLyQ SHQHWUDFLyQ HQWUH JHRJUDItDV
                                                                                                                               ,QWHUQHW
                                                                                                                               7HOHIRQtD PyYLO
                                                                                                                               3HQHWUDFLyQ UHODWLYD
                                                                                                                               ,QWHUQHWWHOHIRQtD PyYLO

                                                                                                                  

                                                                                                
   3HQHWUDFLyQ GH                                                              
                                           
   WHFQRORJtDV
    VREUH KDE
!
   3URSRUFLyQ GH                                                                          
   KRJDUHV FRQ XQD                                                                                                           
   FXHQWD HQ XQD                                                                                             
   LQVWLWXFLyQ
   ILQDQFLHUD
     HU  HU FXDUWLO
$PpULFD GHO             /DWDP            (XURSD  0             ÈIULFD            $VLD 
                                             1RUWH                  DULEH             2ULHQWH                                3DFtILFR


                                          ‡ %DQFD PyYLO SDUD XVXDULRV EDQFDUL]DGRV                     ‡ 0LFURSDJRV  WUDQVIHUHQFLDV
   7DUJHW  RSHUDGRUHV                                                                                   PyYLOHV SDUD QR EDQFDUL]DGRV
                                          ‡ /LGHUDGR SRU EDQFRV
                                                                                                       ‡ /LGHUDGR SRU RSHUDGRUDV PyYLOHV

)XHQWH :RUOG %DQN )LQDQFH IRU $OO +RQRKDQ
DVRV GH p[LWR HQ HO PXQGR

                             6PDUW 0RQH                 *DVK                     071 0RELOH0RQH             03HVD
                             )LOLSLQDV                   )LOLSLQDV                  8JDQGD                      .HQD

 /DQ]DPLHQWR                ‡                       ‡                      ‡                       ‡ 
 8VXDULRV                    ‡ !  PLOORQHV            ‡ !  PLOORQHV           ‡ !  PLOORQHV            ‡ !  PLOORQHV

                             ‡ 6PDUW 012
‡ *;, ILOLDO GHO 012      ‡ 071 012
‡ 6DIDULFRP 012
2SHUDGRU                                                  *OREH 7HOHFRP
‡ %DQFR GH 2UR                                         ‡ 6WDQGDUG %DQN

                             ‡ 5HFDUJD PyYLO             ‡ 5HFDUJD PyYLO            ‡ 5HFDUJD PyYLO             ‡ 5HFDUJD PyYLO
                             ‡ 7UDQVIHUHQFLDV            ‡ 7UDQVIHUHQFLDV           ‡ 7UDQVIHUHQFLDV            ‡ 7UDQVIHUHQFLDV
 6HUYLFLRV
                             ‡ 5HFHSFLyQ UHPHVDV         ‡ 5HFHSFLyQ UHPHVDV        ‡ 3DJR GH IDFWXUDV          ‡ 5HFHSFLyQ UHPHVDV
                             ‡ 3DJR GH IDFWXUDV          ‡ 3DJR GH IDFWXUDV         ‡ RPSUDV FRPHUFLRV         ‡ 3DJR GH IDFWXUDV

 7HFQRORJtD  FXHQWD         ‡ 67.                       ‡ 67.                      ‡ 67.                       ‡ 67.
 GH DKRUUR                   ‡ 0RELOH ZDOOHW             ‡ 0RELOH ZDOOHW            ‡ XHQWD EDQFDULD           ‡ 0RELOH ZDOOHW

                             ‡ $SHUWXUD HQ SXQWRV        ‡ $SHUWXUD  FDVKLQRXW   ‡ $SHUWXUD RQOLQH IXQ     ‡ $SHUWXUD  FDVKLQRXW
                               6PDUW                       HQ  DJHQWHV           FLRQDOLGDG UHVWULQJLGD      HQ !  PLO DJHQWHV 
 'LVWULEXFLyQ               ‡ DVKLQRXW HQ !  PLO     DVRFLDGRV                  VLQ IRUPXODULR .
HQ     FHQWURV 6DIDULFRP
 DSHUWXUD GH FXHQWDV           FRPHUFLRV $70V X                                      ORFDOHV 071 R VX
                               RILFLQDV EDQFDULDV                                     FXUVDOHV 6WG %DQN
                                                                                    ‡ DVKLQRXW HQ UHG GH
                                                                                      FRPHUFLRV

                             ‡ %DQFDULD                  ‡ $GKRF %DQFR HQWUDO     ‡ %DQFDULD                  ‡ 1R EDQFDULD GHO %DQFR
 6XSHUYLVLyQ
                                                                                                                  HQWUDO

)XHQWH (ODERUDFLyQ SURSLD
3RWHQFLDOLGDG GH FUHFLPLHQWR

       0RELOH 7UDQVDFWLRQ 9ROXPH :RUOGZLGH 86 %LOOLRQV
%DVLV )RU *URZWK LQ /DWLQ $PHULFD
                                                                                    ‡+LJK 0RELOH 3HQHWUDWLRQ  /DUJH ´8QEDQNHGµ 3RSXODWLRQ
       *DUWQHU                                                                      ‡/LPLWHG $FFHVV WR %DVLF )LQDQFLDO 6HULYFLHV
       -XQLSHU 5HVHDUFK                                                             ‡/DUJH ,QIRUPDO 0DUNHW
                                              /$7$0      DULEEHDQ
       DQNHH *URXS                                                                 ‡+L OHYHOV RI (PLTUDWLRQ DQG 5HPLWWDQFHV
                                                                               ‡6LJQLILFDQW /HYHOV RI ,QVHFXULW
       *HQHUDWRU 5HVHDUFK
                                                                              
       ,( 0DUNHW 5HVHDUFK
                                                                                                   352-(7('
                                                                                       /$7$0 02%,/( 3$0(17 86(56 % 
                                                
                                                                                                     DQNHH *URXS  0
                                                                                                     *DUWQHU ² 0
                                 
                                                                                                     0RELOH 3DPHQW 8VHUV :RUOGZLGH
                                                                                                          PLOOLRQV
[ JURZWK LQ  HDUV                                                        
*DUWQHU SURMHFWV SDPHQW YROXPH ZLOO UHDFK 86  ELOOLRQ LQ
             /DWDP DQG WKH DULEEHDQ E
)DFWRUHV GHWHUPLQDQWHV /DWLQRDPpULFD




                                0HUFDGR
                                SRWHQFLDO

      3RUWDELOLGDG                               %HQHILFLRV
                           )DFWRUHV FUtWLFRV


                6HJXULGDG                   )OH[LELOLGDG
RUWH SRU WLSR GH XVXDULRV




          %DQFDUL]DGRV                          6HPL EDQFDUL]DGRV




                             7LSR GH XVXDULRV




                              1R EDQFDUL]DGRV
,QGLYLGXRV FRQ DFFHVR D FHOXODU QR EDQFDUL]DGRV HQ /DWDP


                0LOOLRQ 5HVLGHQWV RI /DWLQ $PHULFD
                         :KR 2ZQ 0RELOH 3KRQHV
                       'R 1RW +DYH $ %DQN $FFRXQW
                                                                                                           352),/(

                                                                                                           ‡ RXQJ  PRVWO XQGHU 

                                                                                                           ‡ 0LGGOH DQG ORZHUPLGGOH LQFRPH
                                                         
                                                                                                           ‡ /LYLQJ RQ WKH RXWVNLUWV RI WKH FLWLHV DQG LQ
                                                                               
                                                                                                             UXUDO DUHDV

                                                                                                           ‡ ,QIRUPDO ZRUNHUV

                                                                                                           ‡ 2IWHQ UHFLSLHQWV RI UHJXODU LQWHUQDWLRQDO
                                                                                
                                                                                                             UHPLWWDQFHV PRUH WKDQ  RI WKH
                                                                                                          SRSXODWLRQ RI (FXDGRU RORPELD 0H[LFR
                                                                                                             DQG 3HUX
:LWK %DQN           :LWKRXW       3RSXODWLRQ         :LWKRXW           :LWK
         $FFRXQWV             %DQN                            0RELOH           0RELOH
                            $FFRXQWV                          3KRQHV           3KRQHV
  6RXUFH 11 RQVXOWDWLYH *URXS WR $VVLVW WKH 3RRU *$3
,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQ 8QLRQ ,78
3RWHQFLDO GH VHUYLFLRV ILQDQFLHURV PyYLOHV HQ ODWLQRDPpULFD



                                            $UJHQWLQD     0p[LFR        KLOH      %UDVLO       3HUX      RORPELD
7RWDO 3RSXODWLRQ                             ϰϬ͘ϬϬϬ͘ϬϬϬ ϭϭϮ͘ϬϬϬ͘ϬϬϬ   ϭϳ͘ϮϱϬ͘ϬϬϬ ϭϵϮ͘ϬϬϬ͘ϬϬϬ Ϯϵ͘ϱϬϬ͘ϬϬϬ ϰϲ͘ϬϬϬ͘ϬϬϬ
,QGLJHQFH UDWLR                                    ϱ͕Ϭй       ϭϴ͕Ϭй         ϯ͕ϳй        ϴ͕ϱй      ϭϳ͕Ϭй      ϭϳ͕Ϭй
0RELOH 3HQHWUDWLRQ
ϵϱ͕Ϭй       ϴϱ͕Ϭй       ϭϬϬ͕Ϭй      ϭϬϬ͕Ϭй      ϵϳ͕Ϭй     ϭϬϬ͕Ϭй
$JH 'LVWULEXWLRQ EWZ  DQG  HDUV              ϲϬ͕Ϯй       ϲϭ͕ϭй        ϲϴ͕ϳй       ϲϰ͕Ϯй      ϲϯ͕ϭй      ϲϰ͕ϱй
%DQNLQJ SHQHWUDWLRQ                               ϰϬ͕Ϭй       ϯϴ͕Ϭй        ϲϯ͕Ϭй       ϯϬ͕Ϭй      Ϯϴ͕Ϭй      ϲϮ͕Ϭй
8QEDQNHG SRWHQWLDO PDUNHW                         ϯϬ͕Ϭй       ϯϬ͕Ϭй        ϯϬ͕Ϭй       ϯϬ͕Ϭй      ϯϬ͕Ϭй      ϯϬ͕Ϭй
0RELOH 3DPHQW 7HFKQRORJLHV 3RWHQWLDO 0DUNHW             
  012
V SRWHQWLDO PDUNHW
ϲ͘ϯϬϬ͘ϬϬϬ ϭϯ͘ϱϬϬ͘ϬϬϬ     ϰ͘ϮϯϬ͘ϬϬϬ Ϯϴ͘ϳϲϬ͘ϬϬϬ ϯ͘ϳϭϱ͘ϬϬϬ ϵ͘ϬϰϬ͘ϬϬϬ
  2WKHUV 5HWDLOV  ILQDQFLDO LQVWLWXWLRQV
ϲ͘ϯϬϬ͘ϬϬϬ ϭϯ͘ϱϬϬ͘ϬϬϬ     ϰ͘ϮϯϬ͘ϬϬϬ Ϯϴ͘ϳϲϬ͘ϬϬϬ ϯ͘ϳϭϱ͘ϬϬϬ ϵ͘ϬϰϬ͘ϬϬϬ
3RWHQWLDO  7RWDO 3RSXODWLRQ                     ϯϭ͕ϱϬй      Ϯϰ͕ϭϭй       ϰϵ͕Ϭϰй     Ϯϵ͕ϵϲй    Ϯϱ͕ϭϵй    ϯϵ͕ϯϬй

Billeterasweb

  • 1.
  • 2.
    0HGLRV GH SDJRH[LVWHQWHV
  • 3.
    3RWHQFLDO GH VHUYLFLRVILQDQFLHURV PyYLOHV HQ HO PXQGR 3RWHQFLDO GH SHQHWUDFLyQ GH VHUYLFLRV ILQDQFLHURV PyYLOHV RQ DFFH 6LQ WHOpIR 3REODFLyQ 1R EDQ RQ FXHQWD 6LQ WDUMHWD RQ VR PyYLO QR PyYLO FDUL]DGRV EDQFDULD EDQFDULD VHUYLFLRV ILQDQFLHURV FRPSOHWRV )XHQWH *DUWQHU 3DPHQW 0HGLD *$3
  • 4.
    9DULDFLyQ SHQHWUDFLyQ HQWUHJHRJUDItDV ,QWHUQHW 7HOHIRQtD PyYLO 3HQHWUDFLyQ UHODWLYD ,QWHUQHWWHOHIRQtD PyYLO 3HQHWUDFLyQ GH WHFQRORJtDV VREUH KDE
  • 5.
    ! 3URSRUFLyQ GH KRJDUHV FRQ XQD FXHQWD HQ XQD LQVWLWXFLyQ ILQDQFLHUD HU HU FXDUWLO
  • 6.
    $PpULFD GHO /DWDP (XURSD 0 ÈIULFD $VLD 1RUWH DULEH 2ULHQWH 3DFtILFR ‡ %DQFD PyYLO SDUD XVXDULRV EDQFDUL]DGRV ‡ 0LFURSDJRV WUDQVIHUHQFLDV 7DUJHW RSHUDGRUHV PyYLOHV SDUD QR EDQFDUL]DGRV ‡ /LGHUDGR SRU EDQFRV ‡ /LGHUDGR SRU RSHUDGRUDV PyYLOHV )XHQWH :RUOG %DQN )LQDQFH IRU $OO +RQRKDQ
  • 7.
    DVRV GH p[LWRHQ HO PXQGR 6PDUW 0RQH *DVK 071 0RELOH0RQH 03HVD )LOLSLQDV )LOLSLQDV 8JDQGD .HQD /DQ]DPLHQWR ‡ ‡ ‡ ‡ 8VXDULRV ‡ ! PLOORQHV ‡ ! PLOORQHV ‡ ! PLOORQHV ‡ ! PLOORQHV ‡ 6PDUW 012
  • 8.
    ‡ *;, ILOLDOGHO 012 ‡ 071 012
  • 9.
  • 10.
    2SHUDGRU *OREH 7HOHFRP
  • 11.
    ‡ %DQFR GH2UR ‡ 6WDQGDUG %DQN ‡ 5HFDUJD PyYLO ‡ 5HFDUJD PyYLO ‡ 5HFDUJD PyYLO ‡ 5HFDUJD PyYLO ‡ 7UDQVIHUHQFLDV ‡ 7UDQVIHUHQFLDV ‡ 7UDQVIHUHQFLDV ‡ 7UDQVIHUHQFLDV 6HUYLFLRV ‡ 5HFHSFLyQ UHPHVDV ‡ 5HFHSFLyQ UHPHVDV ‡ 3DJR GH IDFWXUDV ‡ 5HFHSFLyQ UHPHVDV ‡ 3DJR GH IDFWXUDV ‡ 3DJR GH IDFWXUDV ‡ RPSUDV FRPHUFLRV ‡ 3DJR GH IDFWXUDV 7HFQRORJtD FXHQWD ‡ 67. ‡ 67. ‡ 67. ‡ 67. GH DKRUUR ‡ 0RELOH ZDOOHW ‡ 0RELOH ZDOOHW ‡ XHQWD EDQFDULD ‡ 0RELOH ZDOOHW ‡ $SHUWXUD HQ SXQWRV ‡ $SHUWXUD FDVKLQRXW ‡ $SHUWXUD RQOLQH IXQ ‡ $SHUWXUD FDVKLQRXW 6PDUW HQ DJHQWHV FLRQDOLGDG UHVWULQJLGD HQ ! PLO DJHQWHV 'LVWULEXFLyQ ‡ DVKLQRXW HQ ! PLO DVRFLDGRV VLQ IRUPXODULR .
  • 12.
    HQ FHQWURV 6DIDULFRP DSHUWXUD GH FXHQWDV FRPHUFLRV $70V X ORFDOHV 071 R VX RILFLQDV EDQFDULDV FXUVDOHV 6WG %DQN ‡ DVKLQRXW HQ UHG GH FRPHUFLRV ‡ %DQFDULD ‡ $GKRF %DQFR HQWUDO ‡ %DQFDULD ‡ 1R EDQFDULD GHO %DQFR 6XSHUYLVLyQ HQWUDO )XHQWH (ODERUDFLyQ SURSLD
  • 13.
    3RWHQFLDOLGDG GH FUHFLPLHQWR 0RELOH 7UDQVDFWLRQ 9ROXPH :RUOGZLGH 86 %LOOLRQV
  • 14.
    %DVLV )RU *URZWKLQ /DWLQ $PHULFD ‡+LJK 0RELOH 3HQHWUDWLRQ /DUJH ´8QEDQNHGµ 3RSXODWLRQ *DUWQHU ‡/LPLWHG $FFHVV WR %DVLF )LQDQFLDO 6HULYFLHV -XQLSHU 5HVHDUFK ‡/DUJH ,QIRUPDO 0DUNHW /$7$0 DULEEHDQ DQNHH *URXS ‡+L OHYHOV RI (PLTUDWLRQ DQG 5HPLWWDQFHV ‡6LJQLILFDQW /HYHOV RI ,QVHFXULW *HQHUDWRU 5HVHDUFK ,( 0DUNHW 5HVHDUFK 352-(7(' /$7$0 02%,/( 3$0(17 86(56 % DQNHH *URXS 0 *DUWQHU ² 0 0RELOH 3DPHQW 8VHUV :RUOGZLGH PLOOLRQV
  • 15.
    [ JURZWK LQ HDUV *DUWQHU SURMHFWV SDPHQW YROXPH ZLOO UHDFK 86 ELOOLRQ LQ /DWDP DQG WKH DULEEHDQ E
  • 16.
    )DFWRUHV GHWHUPLQDQWHV /DWLQRDPpULFD 0HUFDGR SRWHQFLDO 3RUWDELOLGDG %HQHILFLRV )DFWRUHV FUtWLFRV 6HJXULGDG )OH[LELOLGDG
  • 17.
    RUWH SRU WLSRGH XVXDULRV %DQFDUL]DGRV 6HPL EDQFDUL]DGRV 7LSR GH XVXDULRV 1R EDQFDUL]DGRV
  • 18.
    ,QGLYLGXRV FRQ DFFHVRD FHOXODU QR EDQFDUL]DGRV HQ /DWDP 0LOOLRQ 5HVLGHQWV RI /DWLQ $PHULFD :KR 2ZQ 0RELOH 3KRQHV 'R 1RW +DYH $ %DQN $FFRXQW 352),/( ‡ RXQJ PRVWO XQGHU ‡ 0LGGOH DQG ORZHUPLGGOH LQFRPH ‡ /LYLQJ RQ WKH RXWVNLUWV RI WKH FLWLHV DQG LQ UXUDO DUHDV ‡ ,QIRUPDO ZRUNHUV ‡ 2IWHQ UHFLSLHQWV RI UHJXODU LQWHUQDWLRQDO UHPLWWDQFHV PRUH WKDQ RI WKH SRSXODWLRQ RI (FXDGRU RORPELD 0H[LFR DQG 3HUX
  • 19.
    :LWK %DQN :LWKRXW 3RSXODWLRQ :LWKRXW :LWK $FFRXQWV %DQN 0RELOH 0RELOH $FFRXQWV 3KRQHV 3KRQHV 6RXUFH 11 RQVXOWDWLYH *URXS WR $VVLVW WKH 3RRU *$3
  • 20.
  • 21.
    3RWHQFLDO GH VHUYLFLRVILQDQFLHURV PyYLOHV HQ ODWLQRDPpULFD $UJHQWLQD 0p[LFR KLOH %UDVLO 3HUX RORPELD 7RWDO 3RSXODWLRQ ϰϬ͘ϬϬϬ͘ϬϬϬ ϭϭϮ͘ϬϬϬ͘ϬϬϬ ϭϳ͘ϮϱϬ͘ϬϬϬ ϭϵϮ͘ϬϬϬ͘ϬϬϬ Ϯϵ͘ϱϬϬ͘ϬϬϬ ϰϲ͘ϬϬϬ͘ϬϬϬ ,QGLJHQFH UDWLR ϱ͕Ϭй ϭϴ͕Ϭй ϯ͕ϳй ϴ͕ϱй ϭϳ͕Ϭй ϭϳ͕Ϭй 0RELOH 3HQHWUDWLRQ
  • 22.
    ϵϱ͕Ϭй ϴϱ͕Ϭй ϭϬϬ͕Ϭй ϭϬϬ͕Ϭй ϵϳ͕Ϭй ϭϬϬ͕Ϭй $JH 'LVWULEXWLRQ EWZ DQG HDUV ϲϬ͕Ϯй ϲϭ͕ϭй ϲϴ͕ϳй ϲϰ͕Ϯй ϲϯ͕ϭй ϲϰ͕ϱй %DQNLQJ SHQHWUDWLRQ ϰϬ͕Ϭй ϯϴ͕Ϭй ϲϯ͕Ϭй ϯϬ͕Ϭй Ϯϴ͕Ϭй ϲϮ͕Ϭй 8QEDQNHG SRWHQWLDO PDUNHW ϯϬ͕Ϭй ϯϬ͕Ϭй ϯϬ͕Ϭй ϯϬ͕Ϭй ϯϬ͕Ϭй ϯϬ͕Ϭй 0RELOH 3DPHQW 7HFKQRORJLHV 3RWHQWLDO 0DUNHW 012 V SRWHQWLDO PDUNHW
  • 23.
    ϲ͘ϯϬϬ͘ϬϬϬ ϭϯ͘ϱϬϬ͘ϬϬϬ ϰ͘ϮϯϬ͘ϬϬϬ Ϯϴ͘ϳϲϬ͘ϬϬϬ ϯ͘ϳϭϱ͘ϬϬϬ ϵ͘ϬϰϬ͘ϬϬϬ 2WKHUV 5HWDLOV ILQDQFLDO LQVWLWXWLRQV
  • 24.
    ϲ͘ϯϬϬ͘ϬϬϬ ϭϯ͘ϱϬϬ͘ϬϬϬ ϰ͘ϮϯϬ͘ϬϬϬ Ϯϴ͘ϳϲϬ͘ϬϬϬ ϯ͘ϳϭϱ͘ϬϬϬ ϵ͘ϬϰϬ͘ϬϬϬ 3RWHQWLDO 7RWDO 3RSXODWLRQ ϯϭ͕ϱϬй Ϯϰ͕ϭϭй ϰϵ͕Ϭϰй Ϯϵ͕ϵϲй Ϯϱ͕ϭϵй ϯϵ͕ϯϬй