SlideShare une entreprise Scribd logo
1  sur  18
Télécharger pour lire hors ligne
4 5HVXOWV
3UHVHQWDWLRQ




                                                 6mR 3DXOR 1RYHPEHU WK 


          ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
$JHQGD




                    4 +LJKOLJKWV

                    5DWLILQJ 5HVROXWLRQ 

                    4 5HVXOWV

                    DSLWDO 0DUNHW 3HUIRUPDQFH




4 5HVXOWV 3UHVHQWDWLRQ       ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
4 +LJKOLJKWV


ƒ   5DWLILQJ 5HVROXWLRQ  HVWDEOLVKLQJ WKH QHZ $QQXDO $OORZHG 5HYHQXH  5$3 IRU
    WKH QH[W PRQWK FFOH FRYHULQJ WKH SHULRG IURP -XO   WR -XQH   DQG
    DPRXQWLQJ WR 5  PLOOLRQ



ƒ   ([HUFLVLQJ RI SUHHPSWLYH ULJKWV WR ,(0* $W D PHHWLQJ KHOG RQ 6HSWHPEHU  
    7((3¶V %RDUG RI 'LUHFWRUV DSSURYHG WKH H[HUFLVLQJ RI SUHHPSWLYH ULJKWV WR WKH
    DFTXLVLWLRQ RI  RI WKH VKDUHV RI WKH VXEVLGLDU¶V FDSLWDO VWRFN



ƒ   5HYHQXH JURZWK RI 5     PLOOLRQ DV D UHVXOW RI DGGLWLRQV WR HQHUJL]HG WUDQVPLVVLRQ
    DVVHWV LQ 4



ƒ   ,Q 4 D UHVROXWLRQ ZDV DSSURYHG IRU WKH SDRXW WR VKDUHKROGHUV LQ GLYLGHQGV DQG
    LQWHUHVW RQ VKDUHKROGHUV HTXLW DPRXQWLQJ WR 5  PLOOLRQ FRUUHVSRQGLQJ WR
    5  SHU VKDUH



ƒ   ([SRPRQH  7((3 WRRN SDUW LQ WKH WK ([SRPRQH (YHQW RQ 6HSWHPEHU 
     DQG  UHFHLYLQJ WKH ³5HVSHFW IRU WKH ,QGLYLGXDO ,QYHVWRU´ DZDUG

                              ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
$JHQGD




                    4 +LJKOLJKWV

                    5DWLILQJ 5HVROXWLRQ 

                   4 5HVXOWV

                    DSLWDO 0DUNHW 3HUIRUPDQFH




4 5HVXOWV 3UHVHQWDWLRQ       ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
5DWLILQJ 5HVROXWLRQ 


                                                                                        Z d/z/E' Z^Khd/KE

 Z D                                                                                                           , E'
 dKd  Z W KE^^/KE KEdZ d

 dKd  Z W KE^^/KE KEdZ d
dKd  Z W dW

                                                                                        Z d/z/E' Z^Khd/KE

 Z D                                                                                                           , E'
            /                         E
                             E


            /                         E
dKd    :h^dDEd /E^d DEd dW


Z W dW
Z           Z       Z               D




 4 5HVXOWV 3UHVHQWDWLRQ                  ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
$JHQGD




                    4 +LJKOLJKWV

                   5DWLILQJ 5HVROXWLRQ 

                    4 5HVXOWV

                    DSLWDO 0DUNHW 3HUIRUPDQFH




4 5HVXOWV 3UHVHQWDWLRQ      ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
1HW 5HYHQXHV


                  5    PLOOLRQ
Y                    Y                            Y




ƒ 'HVSLWH WKH ž WDULII UHYLVLRQ 1HW 5HYHQXHV NHHS VWDEOH LQ UHODWLRQ WR WKH VDPH SHULRGR RI ODVW HDU DQG KDV
LQFUHDVHG E  FRPSDUHG WR 4

ƒ 6XFK LQFUHDVH LV GXH WR WKH ,*30 HYROXWLRQ DQG UHLQIRUFHPHQWV DXWKRUL]HG E $1((/ GXULQJ WKH SHULRG



4 5HVXOWV 3UHVHQWDWLRQ                ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
RVW RI 2SHUDWLQJ ([SHQVHV
   0DLQ FKDQJHV

   ƒ 7KH UHGXFWLRQ RI     LQ WKH DFWXDULDO JDLQ LQ WKH SHQVLRQ DQG KHDOWKFDUH SODQV LV GXH WR WKH
   RPSDQ¶V SUDFWLFH RI UHFRUGLQJ DQ DFWXDULDO JDLQ XS WR WKH DFWXDULDO OLDELOLW OLPLW DQG QRW UHFRJQL]LQJ
   HYHQWXDO DFWXDULDO DVVHWV

   ƒ 7KH PRVW VLJQLILFDQW LPSDFW RQ SDUROO H[SHQVHV ZDV DQ DYHUDJH  LQFUHDVH LQ VDODULHV LQ $XJXVW
    IROORZLQJ D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW WRJHWKHU ZLWK D VDODU UHFODVVLILFDWLRQ

                                                                                             KDQJH      KDQJH
     RVW RI 6HUYLFHV 5
4           4           4
                                                                                            44   44

     3HUVRQQHO
0DWHULDO
6HUYLFHV
'HSUHFLDWLRQ
/HDVHV DQG UHQWDO
2WKHU
7RWDO
*HQHUDO DQG $GPLQLVWUDWLYH ([SHQVHV                                                     KDQJH      KDQJH
                                                4           4           4
     5
44   44

     3HUVRQQHO

Contenu connexe

Tendances

Informe conciliación1
Informe conciliación1Informe conciliación1
Informe conciliación1Heidy Balanta
 
Estudio hidrologico - ALLPE
Estudio hidrologico - ALLPEEstudio hidrologico - ALLPE
Estudio hidrologico - ALLPEALLPE
 
Poweer de vinooo
Poweer de vinoooPoweer de vinooo
Poweer de vinooolilirios5
 
Fisiopatologia del transporte sanitario
Fisiopatologia del transporte sanitarioFisiopatologia del transporte sanitario
Fisiopatologia del transporte sanitarioVictoriano Mendez
 
Pleural and pericardial mesothelioma
Pleural and pericardial mesotheliomaPleural and pericardial mesothelioma
Pleural and pericardial mesotheliomaAbdulsalam Taha
 
Watershapes Toulouse France
Watershapes Toulouse FranceWatershapes Toulouse France
Watershapes Toulouse Francewatershapes eu
 
SEO - Optimizacion en buscadores
SEO - Optimizacion en buscadoresSEO - Optimizacion en buscadores
SEO - Optimizacion en buscadoresKanvasMedia
 
Capítulo 6. Diseño y Estructura de una Central de Esterilización
Capítulo 6.  Diseño y Estructura de una Central de EsterilizaciónCapítulo 6.  Diseño y Estructura de una Central de Esterilización
Capítulo 6. Diseño y Estructura de una Central de EsterilizaciónRigoberto José Meléndez Cuauro
 
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo   sistema de partidos 1958  - 1973 - avd version lite 1Articulo   sistema de partidos 1958  - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1Cristian Adrian Villegas Dianta
 
Guia profesoradoeso
Guia profesoradoesoGuia profesoradoeso
Guia profesoradoesoAlicia Fdz
 
Presentacion empaques y_embalajes
Presentacion empaques y_embalajesPresentacion empaques y_embalajes
Presentacion empaques y_embalajescandiazr
 
Implantacion, Control y Cuidados de los Accesos Vasculares
Implantacion, Control y Cuidados de los Accesos VascularesImplantacion, Control y Cuidados de los Accesos Vasculares
Implantacion, Control y Cuidados de los Accesos VascularesClinica de imagenes
 
Contenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluaciónContenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluaciónboscosrioja
 
168 02, delito informatico
168 02, delito informatico168 02, delito informatico
168 02, delito informaticopaolaconde
 

Tendances (19)

Informe conciliación1
Informe conciliación1Informe conciliación1
Informe conciliación1
 
Estudio hidrologico - ALLPE
Estudio hidrologico - ALLPEEstudio hidrologico - ALLPE
Estudio hidrologico - ALLPE
 
Poweer de vinooo
Poweer de vinoooPoweer de vinooo
Poweer de vinooo
 
PDQ-AT_Users_Guide
PDQ-AT_Users_GuidePDQ-AT_Users_Guide
PDQ-AT_Users_Guide
 
Fisiopatologia del transporte sanitario
Fisiopatologia del transporte sanitarioFisiopatologia del transporte sanitario
Fisiopatologia del transporte sanitario
 
402 1173-1-pb
402 1173-1-pb402 1173-1-pb
402 1173-1-pb
 
Pleural and pericardial mesothelioma
Pleural and pericardial mesotheliomaPleural and pericardial mesothelioma
Pleural and pericardial mesothelioma
 
Watershapes Toulouse France
Watershapes Toulouse FranceWatershapes Toulouse France
Watershapes Toulouse France
 
SEO - Optimizacion en buscadores
SEO - Optimizacion en buscadoresSEO - Optimizacion en buscadores
SEO - Optimizacion en buscadores
 
Capítulo 6. Diseño y Estructura de una Central de Esterilización
Capítulo 6.  Diseño y Estructura de una Central de EsterilizaciónCapítulo 6.  Diseño y Estructura de una Central de Esterilización
Capítulo 6. Diseño y Estructura de una Central de Esterilización
 
Sesion biodiversidad-05
Sesion biodiversidad-05Sesion biodiversidad-05
Sesion biodiversidad-05
 
Aire
AireAire
Aire
 
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo   sistema de partidos 1958  - 1973 - avd version lite 1Articulo   sistema de partidos 1958  - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
 
Guia profesoradoeso
Guia profesoradoesoGuia profesoradoeso
Guia profesoradoeso
 
Presentacion empaques y_embalajes
Presentacion empaques y_embalajesPresentacion empaques y_embalajes
Presentacion empaques y_embalajes
 
Implantacion, Control y Cuidados de los Accesos Vasculares
Implantacion, Control y Cuidados de los Accesos VascularesImplantacion, Control y Cuidados de los Accesos Vasculares
Implantacion, Control y Cuidados de los Accesos Vasculares
 
Torta de soya
Torta de soyaTorta de soya
Torta de soya
 
Contenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluaciónContenidosy criteriosdeevaluación
Contenidosy criteriosdeevaluación
 
168 02, delito informatico
168 02, delito informatico168 02, delito informatico
168 02, delito informatico
 

En vedette

CONTROL FACTOR UNIVERSUM
CONTROL FACTOR UNIVERSUMCONTROL FACTOR UNIVERSUM
CONTROL FACTOR UNIVERSUMGerold Szonn
 
Verkündigung 2.0
Verkündigung 2.0Verkündigung 2.0
Verkündigung 2.0Kirche 2.0
 
Social Media Einblicke
Social Media Einblicke Social Media Einblicke
Social Media Einblicke Kirche 2.0
 
Academy 4.0 Education of craftsmen in times of digital Transformation
Academy 4.0 Education of craftsmen in times of digital Transformation Academy 4.0 Education of craftsmen in times of digital Transformation
Academy 4.0 Education of craftsmen in times of digital Transformation Thomas Jenewein
 
Facebbook für Einsteiger, Tipps und Infos
Facebbook für Einsteiger, Tipps und InfosFacebbook für Einsteiger, Tipps und Infos
Facebbook für Einsteiger, Tipps und InfosDidi Klement
 
Proyecto desarrollo de competencias comunicativas en los docentes
Proyecto desarrollo de competencias comunicativas en los docentesProyecto desarrollo de competencias comunicativas en los docentes
Proyecto desarrollo de competencias comunicativas en los docenteslaura elena aragon hope
 
Honey PC05A (Deutsche Version)
Honey PC05A (Deutsche Version)Honey PC05A (Deutsche Version)
Honey PC05A (Deutsche Version)Trina Solar Ltd
 
Präsentation Umlaufsperren
Präsentation UmlaufsperrenPräsentation Umlaufsperren
Präsentation UmlaufsperrenWolfgang Gross
 
AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?
AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?
AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?panagenda
 
Juliane Henze: Heimat to go
Juliane Henze: Heimat to goJuliane Henze: Heimat to go
Juliane Henze: Heimat to goRadiocamp 2011
 
Prezentacja huberta
Prezentacja hubertaPrezentacja huberta
Prezentacja hubertakaelbo
 
Mamilade Partydreams Fallstudie
Mamilade Partydreams FallstudieMamilade Partydreams Fallstudie
Mamilade Partydreams FallstudiePurpurMedia
 
Präsentation die reform des türkischen strommarkts
Präsentation die reform des türkischen strommarktsPräsentation die reform des türkischen strommarkts
Präsentation die reform des türkischen strommarktsPilarhan
 
Sandoz gmb h ai schaftenau biochemiestrabe - langkampfen- austria
Sandoz gmb h   ai schaftenau biochemiestrabe - langkampfen- austriaSandoz gmb h   ai schaftenau biochemiestrabe - langkampfen- austria
Sandoz gmb h ai schaftenau biochemiestrabe - langkampfen- austriaLeonard Veras
 

En vedette (20)

CONTROL FACTOR UNIVERSUM
CONTROL FACTOR UNIVERSUMCONTROL FACTOR UNIVERSUM
CONTROL FACTOR UNIVERSUM
 
Verkündigung 2.0
Verkündigung 2.0Verkündigung 2.0
Verkündigung 2.0
 
Dampfreiniger
DampfreinigerDampfreiniger
Dampfreiniger
 
Social Media Einblicke
Social Media Einblicke Social Media Einblicke
Social Media Einblicke
 
Untermalung
UntermalungUntermalung
Untermalung
 
Academy 4.0 Education of craftsmen in times of digital Transformation
Academy 4.0 Education of craftsmen in times of digital Transformation Academy 4.0 Education of craftsmen in times of digital Transformation
Academy 4.0 Education of craftsmen in times of digital Transformation
 
Facebbook für Einsteiger, Tipps und Infos
Facebbook für Einsteiger, Tipps und InfosFacebbook für Einsteiger, Tipps und Infos
Facebbook für Einsteiger, Tipps und Infos
 
Proyecto desarrollo de competencias comunicativas en los docentes
Proyecto desarrollo de competencias comunicativas en los docentesProyecto desarrollo de competencias comunicativas en los docentes
Proyecto desarrollo de competencias comunicativas en los docentes
 
Standard
StandardStandard
Standard
 
Honey PC05A (Deutsche Version)
Honey PC05A (Deutsche Version)Honey PC05A (Deutsche Version)
Honey PC05A (Deutsche Version)
 
Präsentation Umlaufsperren
Präsentation UmlaufsperrenPräsentation Umlaufsperren
Präsentation Umlaufsperren
 
Die gute fee
Die gute feeDie gute fee
Die gute fee
 
AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?
AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?
AdminCamp 2014: Quo Vadis – Wohin mit IBM Notes/Domino?
 
Juliane Henze: Heimat to go
Juliane Henze: Heimat to goJuliane Henze: Heimat to go
Juliane Henze: Heimat to go
 
Prezentacja huberta
Prezentacja hubertaPrezentacja huberta
Prezentacja huberta
 
A1 03
A1 03A1 03
A1 03
 
Mamilade Partydreams Fallstudie
Mamilade Partydreams FallstudieMamilade Partydreams Fallstudie
Mamilade Partydreams Fallstudie
 
Präsentation die reform des türkischen strommarkts
Präsentation die reform des türkischen strommarktsPräsentation die reform des türkischen strommarkts
Präsentation die reform des türkischen strommarkts
 
TV2.0 Summit 2014
TV2.0 Summit 2014TV2.0 Summit 2014
TV2.0 Summit 2014
 
Sandoz gmb h ai schaftenau biochemiestrabe - langkampfen- austria
Sandoz gmb h   ai schaftenau biochemiestrabe - langkampfen- austriaSandoz gmb h   ai schaftenau biochemiestrabe - langkampfen- austria
Sandoz gmb h ai schaftenau biochemiestrabe - langkampfen- austria
 

Similaire à Pres 3 q10

Apre 3t10
Apre 3t10Apre 3t10
Apre 3t10Cteep
 
Qabalah: The mystical heritage of the children of Abraham
Qabalah: The mystical heritage of the children of AbrahamQabalah: The mystical heritage of the children of Abraham
Qabalah: The mystical heritage of the children of AbrahamCarlos Campani
 
New Holland Td3.50 Tractor Operator & Maintenance Manual.pdf
New Holland Td3.50 Tractor Operator & Maintenance Manual.pdfNew Holland Td3.50 Tractor Operator & Maintenance Manual.pdf
New Holland Td3.50 Tractor Operator & Maintenance Manual.pdfFernelis Garcia
 
Espanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdf
Espanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdfEspanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdf
Espanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdfmiguelangelpuertogua1
 
DavyMarkham Brochure
DavyMarkham BrochureDavyMarkham Brochure
DavyMarkham BrochureKevin Parkin
 
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012Julián Marquina
 
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day  19.5.2010. introduction to the web logic diagnostics f...Oracle technology day  19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...Oracle Hrvatska
 
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012Julián Marquina
 
Aprilia+125+,Rotax+122+Manual+Reparatie
Aprilia+125+,Rotax+122+Manual+ReparatieAprilia+125+,Rotax+122+Manual+Reparatie
Aprilia+125+,Rotax+122+Manual+Reparatieguestf5591a
 
Manual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosféricaManual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosféricachalghaf_ilyes
 
Manualformulacionmagistral
ManualformulacionmagistralManualformulacionmagistral
ManualformulacionmagistralGema Maillo
 
Presentacion de soluciones profucom
Presentacion de soluciones profucomPresentacion de soluciones profucom
Presentacion de soluciones profucomrosslili
 

Similaire à Pres 3 q10 (20)

Apre 3t10
Apre 3t10Apre 3t10
Apre 3t10
 
Transmission Operations
Transmission OperationsTransmission Operations
Transmission Operations
 
Qabalah: The mystical heritage of the children of Abraham
Qabalah: The mystical heritage of the children of AbrahamQabalah: The mystical heritage of the children of Abraham
Qabalah: The mystical heritage of the children of Abraham
 
01 trigg
01 trigg01 trigg
01 trigg
 
New Holland Td3.50 Tractor Operator & Maintenance Manual.pdf
New Holland Td3.50 Tractor Operator & Maintenance Manual.pdfNew Holland Td3.50 Tractor Operator & Maintenance Manual.pdf
New Holland Td3.50 Tractor Operator & Maintenance Manual.pdf
 
Practical Wudu, Ghusal, Salaah
Practical Wudu, Ghusal, Salaah   Practical Wudu, Ghusal, Salaah
Practical Wudu, Ghusal, Salaah
 
Espanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdf
Espanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdfEspanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdf
Espanol_Diseno_Y_mantenimiento(SIS-S800-32-2) (2).pdf
 
DavyMarkham Brochure
DavyMarkham BrochureDavyMarkham Brochure
DavyMarkham Brochure
 
Insustry
InsustryInsustry
Insustry
 
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Agosto 2012
 
P C M
P C MP C M
P C M
 
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day  19.5.2010. introduction to the web logic diagnostics f...Oracle technology day  19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
 
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012
Mercado de trabajo: Bibliotecarios, documentalistas y afines - Junio 2012
 
Kevin's Packet
Kevin's PacketKevin's Packet
Kevin's Packet
 
Aprilia+125+,Rotax+122+Manual+Reparatie
Aprilia+125+,Rotax+122+Manual+ReparatieAprilia+125+,Rotax+122+Manual+Reparatie
Aprilia+125+,Rotax+122+Manual+Reparatie
 
Manual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosféricaManual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosférica
 
Manualformulacionmagistral
ManualformulacionmagistralManualformulacionmagistral
Manualformulacionmagistral
 
Atencion temprana
Atencion tempranaAtencion temprana
Atencion temprana
 
Presentacion de soluciones profucom
Presentacion de soluciones profucomPresentacion de soluciones profucom
Presentacion de soluciones profucom
 
Ficha hit re500-1
Ficha hit re500-1Ficha hit re500-1
Ficha hit re500-1
 

Plus de Cteep

Composição acionária 3t14 en
Composição acionária 3t14 enComposição acionária 3t14 en
Composição acionária 3t14 enCteep
 
Apimec 2014 ing
Apimec 2014 ingApimec 2014 ing
Apimec 2014 ingCteep
 
Cteep presentation 1_q14.
Cteep presentation 1_q14.Cteep presentation 1_q14.
Cteep presentation 1_q14.Cteep
 
Cteep apresentação 1_t14
Cteep apresentação 1_t14Cteep apresentação 1_t14
Cteep apresentação 1_t14Cteep
 
Apimec ing
Apimec ingApimec ing
Apimec ingCteep
 
Apimec 2013 final
Apimec 2013 finalApimec 2013 final
Apimec 2013 finalCteep
 
Apresentação 4T12
Apresentação 4T12 Apresentação 4T12
Apresentação 4T12 Cteep
 
Presentation 4Q12
Presentation 4Q12Presentation 4Q12
Presentation 4Q12Cteep
 
Teleconferência 4 t12
Teleconferência 4 t12 Teleconferência 4 t12
Teleconferência 4 t12 Cteep
 
Teleconferência 4 t12
Teleconferência 4 t12 Teleconferência 4 t12
Teleconferência 4 t12 Cteep
 
APIMEC 2012
APIMEC 2012APIMEC 2012
APIMEC 2012Cteep
 
Presentation 3Q12
Presentation 3Q12Presentation 3Q12
Presentation 3Q12Cteep
 
Apresentação 3T12
Apresentação 3T12Apresentação 3T12
Apresentação 3T12Cteep
 
Apresentação 3T12
Apresentação 3T12Apresentação 3T12
Apresentação 3T12Cteep
 
Presentation 3Q12
Presentation 3Q12Presentation 3Q12
Presentation 3Q12Cteep
 
Presentation 2Q12
Presentation 2Q12Presentation 2Q12
Presentation 2Q12Cteep
 
Apresentação 2T12
Apresentação 2T12Apresentação 2T12
Apresentação 2T12Cteep
 
Apresentação 1T12
Apresentação 1T12Apresentação 1T12
Apresentação 1T12Cteep
 
Presentation 1Q12
Presentation 1Q12Presentation 1Q12
Presentation 1Q12Cteep
 
Apresentacao 4 t11_ingl
Apresentacao 4 t11_inglApresentacao 4 t11_ingl
Apresentacao 4 t11_inglCteep
 

Plus de Cteep (20)

Composição acionária 3t14 en
Composição acionária 3t14 enComposição acionária 3t14 en
Composição acionária 3t14 en
 
Apimec 2014 ing
Apimec 2014 ingApimec 2014 ing
Apimec 2014 ing
 
Cteep presentation 1_q14.
Cteep presentation 1_q14.Cteep presentation 1_q14.
Cteep presentation 1_q14.
 
Cteep apresentação 1_t14
Cteep apresentação 1_t14Cteep apresentação 1_t14
Cteep apresentação 1_t14
 
Apimec ing
Apimec ingApimec ing
Apimec ing
 
Apimec 2013 final
Apimec 2013 finalApimec 2013 final
Apimec 2013 final
 
Apresentação 4T12
Apresentação 4T12 Apresentação 4T12
Apresentação 4T12
 
Presentation 4Q12
Presentation 4Q12Presentation 4Q12
Presentation 4Q12
 
Teleconferência 4 t12
Teleconferência 4 t12 Teleconferência 4 t12
Teleconferência 4 t12
 
Teleconferência 4 t12
Teleconferência 4 t12 Teleconferência 4 t12
Teleconferência 4 t12
 
APIMEC 2012
APIMEC 2012APIMEC 2012
APIMEC 2012
 
Presentation 3Q12
Presentation 3Q12Presentation 3Q12
Presentation 3Q12
 
Apresentação 3T12
Apresentação 3T12Apresentação 3T12
Apresentação 3T12
 
Apresentação 3T12
Apresentação 3T12Apresentação 3T12
Apresentação 3T12
 
Presentation 3Q12
Presentation 3Q12Presentation 3Q12
Presentation 3Q12
 
Presentation 2Q12
Presentation 2Q12Presentation 2Q12
Presentation 2Q12
 
Apresentação 2T12
Apresentação 2T12Apresentação 2T12
Apresentação 2T12
 
Apresentação 1T12
Apresentação 1T12Apresentação 1T12
Apresentação 1T12
 
Presentation 1Q12
Presentation 1Q12Presentation 1Q12
Presentation 1Q12
 
Apresentacao 4 t11_ingl
Apresentacao 4 t11_inglApresentacao 4 t11_ingl
Apresentacao 4 t11_ingl
 

Dernier

Grant Readiness 101 TechSoup and Remy Consulting
Grant Readiness 101 TechSoup and Remy ConsultingGrant Readiness 101 TechSoup and Remy Consulting
Grant Readiness 101 TechSoup and Remy ConsultingTechSoup
 
Call Girls in Dwarka Mor Delhi Contact Us 9654467111
Call Girls in Dwarka Mor Delhi Contact Us 9654467111Call Girls in Dwarka Mor Delhi Contact Us 9654467111
Call Girls in Dwarka Mor Delhi Contact Us 9654467111Sapana Sha
 
Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...
Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...
Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...christianmathematics
 
Accessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactAccessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactdawncurless
 
fourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writingfourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writingTeacherCyreneCayanan
 
Class 11th Physics NEET formula sheet pdf
Class 11th Physics NEET formula sheet pdfClass 11th Physics NEET formula sheet pdf
Class 11th Physics NEET formula sheet pdfAyushMahapatra5
 
9548086042 for call girls in Indira Nagar with room service
9548086042  for call girls in Indira Nagar  with room service9548086042  for call girls in Indira Nagar  with room service
9548086042 for call girls in Indira Nagar with room servicediscovermytutordmt
 
The basics of sentences session 2pptx copy.pptx
The basics of sentences session 2pptx copy.pptxThe basics of sentences session 2pptx copy.pptx
The basics of sentences session 2pptx copy.pptxheathfieldcps1
 
microwave assisted reaction. General introduction
microwave assisted reaction. General introductionmicrowave assisted reaction. General introduction
microwave assisted reaction. General introductionMaksud Ahmed
 
Interactive Powerpoint_How to Master effective communication
Interactive Powerpoint_How to Master effective communicationInteractive Powerpoint_How to Master effective communication
Interactive Powerpoint_How to Master effective communicationnomboosow
 
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptxSOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptxiammrhaywood
 
General AI for Medical Educators April 2024
General AI for Medical Educators April 2024General AI for Medical Educators April 2024
General AI for Medical Educators April 2024Janet Corral
 
A Critique of the Proposed National Education Policy Reform
A Critique of the Proposed National Education Policy ReformA Critique of the Proposed National Education Policy Reform
A Critique of the Proposed National Education Policy ReformChameera Dedduwage
 
Introduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The BasicsIntroduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The BasicsTechSoup
 
BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...
BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...
BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...Sapna Thakur
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 -  Danh muc Sach Giao Khoa 10 . pdf1029 -  Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdfQucHHunhnh
 
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDMeasures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDThiyagu K
 

Dernier (20)

Grant Readiness 101 TechSoup and Remy Consulting
Grant Readiness 101 TechSoup and Remy ConsultingGrant Readiness 101 TechSoup and Remy Consulting
Grant Readiness 101 TechSoup and Remy Consulting
 
Call Girls in Dwarka Mor Delhi Contact Us 9654467111
Call Girls in Dwarka Mor Delhi Contact Us 9654467111Call Girls in Dwarka Mor Delhi Contact Us 9654467111
Call Girls in Dwarka Mor Delhi Contact Us 9654467111
 
Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...
Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...
Explore beautiful and ugly buildings. Mathematics helps us create beautiful d...
 
Accessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impactAccessible design: Minimum effort, maximum impact
Accessible design: Minimum effort, maximum impact
 
fourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writingfourth grading exam for kindergarten in writing
fourth grading exam for kindergarten in writing
 
Class 11th Physics NEET formula sheet pdf
Class 11th Physics NEET formula sheet pdfClass 11th Physics NEET formula sheet pdf
Class 11th Physics NEET formula sheet pdf
 
9548086042 for call girls in Indira Nagar with room service
9548086042  for call girls in Indira Nagar  with room service9548086042  for call girls in Indira Nagar  with room service
9548086042 for call girls in Indira Nagar with room service
 
The basics of sentences session 2pptx copy.pptx
The basics of sentences session 2pptx copy.pptxThe basics of sentences session 2pptx copy.pptx
The basics of sentences session 2pptx copy.pptx
 
microwave assisted reaction. General introduction
microwave assisted reaction. General introductionmicrowave assisted reaction. General introduction
microwave assisted reaction. General introduction
 
Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Mattingly "AI & Prompt Design: The Basics of Prompt Design"Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Mattingly "AI & Prompt Design: The Basics of Prompt Design"
 
Interactive Powerpoint_How to Master effective communication
Interactive Powerpoint_How to Master effective communicationInteractive Powerpoint_How to Master effective communication
Interactive Powerpoint_How to Master effective communication
 
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptxSOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
SOCIAL AND HISTORICAL CONTEXT - LFTVD.pptx
 
General AI for Medical Educators April 2024
General AI for Medical Educators April 2024General AI for Medical Educators April 2024
General AI for Medical Educators April 2024
 
A Critique of the Proposed National Education Policy Reform
A Critique of the Proposed National Education Policy ReformA Critique of the Proposed National Education Policy Reform
A Critique of the Proposed National Education Policy Reform
 
Introduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The BasicsIntroduction to Nonprofit Accounting: The Basics
Introduction to Nonprofit Accounting: The Basics
 
Advance Mobile Application Development class 07
Advance Mobile Application Development class 07Advance Mobile Application Development class 07
Advance Mobile Application Development class 07
 
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptxINDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
INDIA QUIZ 2024 RLAC DELHI UNIVERSITY.pptx
 
BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...
BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...
BAG TECHNIQUE Bag technique-a tool making use of public health bag through wh...
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 -  Danh muc Sach Giao Khoa 10 . pdf1029 -  Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
 
Measures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SDMeasures of Dispersion and Variability: Range, QD, AD and SD
Measures of Dispersion and Variability: Range, QD, AD and SD
 

Pres 3 q10

  • 1. 4 5HVXOWV 3UHVHQWDWLRQ 6mR 3DXOR 1RYHPEHU WK ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 2. $JHQGD 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 3. 4 +LJKOLJKWV ƒ 5DWLILQJ 5HVROXWLRQ HVWDEOLVKLQJ WKH QHZ $QQXDO $OORZHG 5HYHQXH 5$3 IRU WKH QH[W PRQWK FFOH FRYHULQJ WKH SHULRG IURP -XO WR -XQH DQG DPRXQWLQJ WR 5 PLOOLRQ ƒ ([HUFLVLQJ RI SUHHPSWLYH ULJKWV WR ,(0* $W D PHHWLQJ KHOG RQ 6HSWHPEHU 7((3¶V %RDUG RI 'LUHFWRUV DSSURYHG WKH H[HUFLVLQJ RI SUHHPSWLYH ULJKWV WR WKH DFTXLVLWLRQ RI RI WKH VKDUHV RI WKH VXEVLGLDU¶V FDSLWDO VWRFN ƒ 5HYHQXH JURZWK RI 5 PLOOLRQ DV D UHVXOW RI DGGLWLRQV WR HQHUJL]HG WUDQVPLVVLRQ DVVHWV LQ 4 ƒ ,Q 4 D UHVROXWLRQ ZDV DSSURYHG IRU WKH SDRXW WR VKDUHKROGHUV LQ GLYLGHQGV DQG LQWHUHVW RQ VKDUHKROGHUV HTXLW DPRXQWLQJ WR 5 PLOOLRQ FRUUHVSRQGLQJ WR 5 SHU VKDUH ƒ ([SRPRQH 7((3 WRRN SDUW LQ WKH WK ([SRPRQH (YHQW RQ 6HSWHPEHU DQG UHFHLYLQJ WKH ³5HVSHFW IRU WKH ,QGLYLGXDO ,QYHVWRU´ DZDUG ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 4. $JHQGD 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 5. 5DWLILQJ 5HVROXWLRQ Z d/z/E' Z^Khd/KE Z D , E' dKd Z W KE^^/KE KEdZ d dKd Z W KE^^/KE KEdZ d dKd Z W dW Z d/z/E' Z^Khd/KE Z D , E' / E E / E dKd :h^dDEd /E^d DEd dW Z W dW Z Z Z D 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 6. $JHQGD 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 7. 1HW 5HYHQXHV 5 PLOOLRQ
  • 8. Y Y Y ƒ 'HVSLWH WKH ž WDULII UHYLVLRQ 1HW 5HYHQXHV NHHS VWDEOH LQ UHODWLRQ WR WKH VDPH SHULRGR RI ODVW HDU DQG KDV LQFUHDVHG E FRPSDUHG WR 4 ƒ 6XFK LQFUHDVH LV GXH WR WKH ,*30 HYROXWLRQ DQG UHLQIRUFHPHQWV DXWKRUL]HG E $1((/ GXULQJ WKH SHULRG 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 9. RVW RI 2SHUDWLQJ ([SHQVHV 0DLQ FKDQJHV ƒ 7KH UHGXFWLRQ RI LQ WKH DFWXDULDO JDLQ LQ WKH SHQVLRQ DQG KHDOWKFDUH SODQV LV GXH WR WKH RPSDQ¶V SUDFWLFH RI UHFRUGLQJ DQ DFWXDULDO JDLQ XS WR WKH DFWXDULDO OLDELOLW OLPLW DQG QRW UHFRJQL]LQJ HYHQWXDO DFWXDULDO DVVHWV ƒ 7KH PRVW VLJQLILFDQW LPSDFW RQ SDUROO H[SHQVHV ZDV DQ DYHUDJH LQFUHDVH LQ VDODULHV LQ $XJXVW IROORZLQJ D FROOHFWLYH EDUJDLQLQJ DJUHHPHQW WRJHWKHU ZLWK D VDODU UHFODVVLILFDWLRQ KDQJH KDQJH RVW RI 6HUYLFHV 5
  • 10. 4 4 4 44 44 3HUVRQQHO
  • 15. 2WKHU
  • 16. 7RWDO
  • 17. *HQHUDO DQG $GPLQLVWUDWLYH ([SHQVHV KDQJH KDQJH 4 4 4 5
  • 18. 44 44 3HUVRQQHO
  • 24. 2WKHU
  • 25. 7RWDO
  • 26. 7RWDO RVWV DQG $GPLQLVWUDWLYH ([SH
  • 27. 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 28. (ELWGD DQG (ELWGD 0DUJLQ 5 PLOOLRQ
  • 29. 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 30. )LQDQFLDO 5HVXOWV ƒ 7KH ILQDQFLDO UHVXOW ZDV QHJDWLYH DW 5 PLOOLRQ LQ 4 DQ LQFUHDVH RI LQ UHODWLRQ WR WKH VDPH SHULRG LQ ƒ 7KH PDLQ LPSDFW ZDV WKH FKDUJHV RQ GHEHQWXUHV KDQJH KDQJH )LQDQFLDO ,QFRPH 5
  • 31. 4 4 4 44 44 ,QFRPH IURP ILQDQFLDO LQYHVWPHQWV ,QWHUHVW RQ DVVHWV 1HW PRQHWDU YDULDWLRQ 2WKHU 7RWDO )LQDQFLDO ,QFRPH KDQJH KDQJH )LQDQFLDO ([SHQVHV 5
  • 32. 4 4 4 44 44 ,QWHUHVW RQ RZQ FDSLWDO
  • 36. 1$ 2WKHU
  • 39. ƒ ([FOXGLQJ WKH HIIHFW RI LQWHUHVW RQ VKDUHKROGHUV¶ HTXLW RQ ILQDQFLDO H[SHQVHV WKH ILQDQFLDO UHVXOW IRU 4 ZRXOG KDYH EHHQ D ILQDQFLDO H[SHQVH RI 5 PLOOLRQ 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 40. 1HW ,QFRPH 5 PLOOLRQ
  • 41. Y Y Y (DUQLQJV SHU VKDUH RI 5 LQ WKH 4 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 42. %UHDNGRZQ RI 'HEW LQ 4 )XGLQJ KDUJHV 0DWXULW 4 4 %1'(6 5 PLOOLRQV
  • 43. 7-/3 HDU 7((3 7-/3 HDU ,(0* 7-/3 HDU ,(0$'(,5$ 7-/3 HDU ', 'HEHQWXUHV 7-/3 VW ,VVXH ', HDU VG ,VVXH ,3$ HDU %DQNV ', HDU ,(11( HDU ,(68/ ', HDU 2XWURV ,3$ (OHWUREUDV SHU HDU /HDVLQJ 7RWDO $W WKH HQG RI 4 QHW GHEW ZDV 5 PLOOLRQ 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 44. 4 +LJKOLJKWV 5DWLILQJ 5HVROXWLRQ 4 5HVXOWV DSLWDO 0DUNHW 3HUIRUPDQFH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 45. DSLWDO 0DUNHW 3HUIRUPDQFH 7UDGLQJ )LQDQFLDO 4 5 PLOOLRQ
  • 46. 7RWDO 5 PLOOLRQ 'DLO $YDUHJH 5 PLOOLRQ -XO $XJXVW 6HSWHPEHU ƒ WKRXVDQG WUDGLQJ WUDQVDFWLRQV LQ 4 GDLO DYHUDJH WUDGHG
  • 47. ƒ 3UHVHQW RQ DOO WUDGH GDV dZW dZW E ƒ RPSRQHQW RI /Ks^W ,ERYHVSD dZW /Ks / : ^ / ƒ 5 ELOOLRQ PDUNHW FDSLWDOL]DWLRQ : : ^ 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 48. DSLWDO 0DUNHW 3HUIRUPDQFH $PHULFDQ 'HSRVLWDU 5HFHLSWV VHW RXW QRY GH] MDQ IHY PDU DEU PDL MXQ MXO DJR VHW '5 V 0DUNHW DSLWDOL]DWLRQ 86 PLOOLRQV
  • 49. '5 V 0RQWK HQG 3ULFH 86
  • 50. ,QFUHDVH RI LQ WKH SULFH RI $'5V DJDLQVW WKH 4 )LQDQFLDO 9ROXPH RI $'5V LQFUHDVH FRPSDUHG ZLWK 4 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 51. 6KDUHKROGHU 5HPXQHUDWLRQ hd,KZ/ DKhEd Z d K dzW /^ z Z sEd d dKd W ^, Z W zDEd Z Z :W dKd K W zDEd Y ,Q 4 WKH RPSDQ DSSURYHG WKH SDRXW RI 5 PLOOLRQ LQ LQWHUHVW RQ VKDUHKROGHUV¶ HTXLW FRUUHVSRQGLQJ WR 5 SHU VKDUH DQG 5 PLOOLRQ LQ GLYLGHQGV HTXLYDOHQW WR 5 SHU VKDUH 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 52. 'LVFODLPHU $OO VWDWHPHQWV FRQWDLQHG KHUHLQ ZLWK UHJDUG WR WKH RPSDQ¶V EXVLQHVV SURVSHFWV SURMHFWHG UHVXOWV DQG WKH SRWHQWLDO JURZWK RI LWV EXVLQHVV DUHPHUH IRUHFDVWV EDVHG RQ ORFDO PDQDJHPHQW H[SHFWDWLRQVLQ UHODWLRQ WR WKH RPSDQ¶V IXWXUH SHUIRUPDQFH 'HSHQGHQW DV WKH DUH RQ PDUNHW VKLIWV DQG RQ WKH RYHUDOO SHUIRUPDQFH RI WKH %UD]LOLDQ HFRQRP DQG WKH VHFWRU DQG LQWHUQDWLRQDO PDUNHWV VXFK HVWLPDWHV DUH VXEMHFW WR FKDQJHV 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3
  • 53. ,QYHVWRU 5HODWLRQV 3KRQH HPDLO UL#FWHHSFRPEU ZZZFWHHSFRPEULU 4 5HVXOWV 3UHVHQWDWLRQ ‹ 7RGRV RV GLUHLWRV UHVHUYDGRV SDUD 7((3