&?0\'RFXPHQWV?&3'(B&3'(?(V?(VQHZ?(6%$6$(3IP
PDVWHUSDJH7RFPDVWHU
&3'(&3'(
(6
&3'(&3'(
7ULQLWURQ
\)'7ULQLWURQ
VRQPDUFDVFRPHUFLDOHVUHJLVWUDGDVGH6RQ\
&RUSRUDWLRQ
0DFLQWRVKHVXQDPDUFDFRPHUFLDOGH$SSOH&RPSXWHU,QFUHJLVWUDGDHQ
((88\RWURVSDtVHV
:LQGRZV
\06'26VRQPDUFDVFRPHUFLDOHVUHJLVWUDGDVGH0LFURVRIW
&RUSRUDWLRQHQ(VWDGRV8QLGRV\RWURVSDtVHV
,%03&$7\9*$VRQPDUFDVFRPHUFLDOHVUHJLVWUDGDVGH,%0&RUSRUDWLRQ
GH((88
9(6$\''&
VRQPDUFDVFRPHUFLDOHVGH9LGHR(OHFWURQLFV6WDQGDUG
$VVRFLDWLRQ
(1(5*<67$5HVXQDPDUFDUHJLVWUDGDGH((88
(OUHVWRGHORVQRPEUHVGHSURGXFWRVPHQFLRQDGRVHQHVWHPDQXDOSXHGHQVHU
PDUFDVFRPHUFLDOHVRPDUFDVFRPHUFLDOHVUHJLVWUDGDVGHVXVUHVSHFWLYDV
FRPSDxtDV
$GHPiV³´\³´QRVHPHQFLRQDQHQFDGDFDVRHQHVWHPDQXDO
3UHFDXFLRQHV
$GYHUWHQFLDVREUHODVFRQH[LRQHVGHODDOLPHQWDFLyQ
8WLOLFHHOFDEOHGHDOLPHQWDFLyQVXPLQLVWUDGR6LXWLOL]DXQFDEOHGH
DOLPHQWDFLyQGLIHUHQWHDVHJ~UHVHGHTXHHVFRPSDWLEOHFRQHO
VXPLQLVWURHOpFWULFRORFDO
3DUDORVFOLHQWHVHQ((88
6LQRXWLOL]DHOFDEOHDGHFXDGRHVWHPRQLWRUQRFXPSOLUiFRQODV
QRUPDVREOLJDWRULDVGHOD)&&
$QWHVGHGHVFRQHFWDUHOFDEOHGHDOLPHQWDFLyQHVSHUHDOPHQRV
VHJXQGRVWUDVGHVDFWLYDUODDOLPHQWDFLyQSDUDSHUPLWLUTXHVH
GHVFDUJXHODHOHFWULFLGDGHVWiWLFDGHODVXSHUILFLHGHODSDQWDOOD
7UDVDFWLYDUODDOLPHQWDFLyQODSDQWDOODVHGHVPDJQHWL]DGXUDQWH
XQRVVHJXQGRV(VWRJHQHUDXQLQWHQVRFDPSRPDJQpWLFRDOUHGHGRU
GHODSDQWDOODTXHSXHGHDIHFWDUDORVGDWRVDOPDFHQDGRVHQGLVFRV\
FLQWDVPDJQpWLFDVTXHVHHQFXHQWUHQFHUFDGHOPRQLWRU$VHJ~UHVHGH
PDQWHQHUGLVFRVFLQWDV\HTXLSRVGHJUDEDFLyQPDJQpWLFDDOHMDGRV
GHOPRQLWRU
,QVWDODFLyQ
1RLQVWDOHHOPRQLWRUHQORVVLJXLHQWHVOXJDUHV
VREUHVXSHUILFLHVDOIRPEUDVPDQWDVHWFQLFHUFDGHPDWHULDOHV
FRUWLQDVWDSLFHVHWFTXHSXHGDQEORTXHDUORVRULILFLRVGH
YHQWLODFLyQ
FHUFDGHIXHQWHVGHFDORUFRPRUDGLDGRUHVRFRQGXFWRVGHDLUH
FDOLHQWHQLHQOXJDUHVH[SXHVWRVDODOX]VRODUGLUHFWD
HQOXJDUHVH[SXHVWRVDFDPELRVEUXVFRVGHWHPSHUDWXUD
HQOXJDUHVVXMHWRVDYLEUDFLRQHVPHFiQLFDVRJROSHV
VREUHXQDVXSHUILFLHLQHVWDEOH
FHUFDGHHTXLSRVTXHJHQHUHQPDJQHWLVPRFRPRWUDQVIRUPDGRUHVR
OtQHDVHOpFWULFDVGHDOWRYROWDMH
FHUFDRVREUHVXSHUILFLHVPHWiOLFDVFRQFDUJDHOpFWULFD
HQOXJDUHVSROYRULHQWRVRFRQKXPRV
GHQWURGHXQVRSRUWHFHUUDGR
1RWDVVREUHODOLPSLH]DGHODVXSHUILFLHGHODSDQWDOOD
/DVXSHUILFLHGHODSDQWDOODGLVSRQHGHXQDILQDFDSDDQWLUUHIOHMRV
SDUDSRWHQFLDUODVFDUDFWHULVWLFDVGHOPRQLWRU&RQHOILQGHHYLWDU
GDxDUGLFKDFDSDHPSOHHXQSDxRVXDYHSDUDOLPSLDUODVXSHUILFLHGH
ODSDQWDOOD6LHVQHFHVDULRXWLOLFHXQSDxRVXDYHOLJHUDPHQWH
KXPHGHFLGRFRQXQDVROXFLyQGHWHUJHQWHSRFRFRQFHQWUDGDFRPR
MDEyQGHWRFDGRUSDUDOLPSLDUODSDQWDOOD
1RXWLOLFHQLQJ~QWLSRGHHVWURSDMRDEUDVLYRSURGXFWRVGHOLPSLH]D
DOFDOLQRVGHWHUJHQWHHQSROYRQLGLVROYHQWHVFRPRDOFRKROR
EHQFLQD\DTXHODFDSDDQWLUUHIOHMRVSRGULDGDxDUVH
6LXWLOL]DXQSURGXFWROtTXLGRGHOLPSLH]DGHFULVWDOHVQRHPSOHH
QLQJ~QWLSRGHSURGXFWRTXHFRQWHQJDVROXFLRQHVDQWLHVWiWLFDVQL
DGLWLYRVVLPLODUHV\DTXHSXHGHGDxDUHOUHYHVWLPLHQWRGHODSDQWDOOD
1RIURWHWRTXHQLJROSHHODVXSHUILFLHGHODSDQWDOODFRQREMHWRV
DILODGRVRDEUDVLYRVFRPRXQEROtJUDIRRXQGHVWRUQLOODGRU(VWHWLSR
GHFRQWDFWRSXHGHUD\DUHOWXERGHLPDJHQ
1RWDVVREUHODOLPSLH]DGHOJDELQHWH
/LPSLHHOH[WHULRUHOSDQHO\ORVFRQWUROHVFRQXQSDxRVXDYH
OLJHUDPHQWHKXPHGHFLGRFRQXQDVROXFLyQGHWHUJHQWHSRFR
FRQFHQWUDGD
1RXWLOLFHHVWURSDMRVDEUDVLYRVGHWHUJHQWHHQSROYRQLGLVROYHQWHV
FRPRDOFRKROREHQFLQD
7UDQVSRUWH
&XDQGRWUDQVSRUWHHVWHPRQLWRUSDUDVXUHSDUDFLyQRGHVSOD]DPLHQWR
XWLOLFHODFDMDGHFDUWyQ\PDWHULDOHVGHHPEDODMHRULJLQDOHV
6RSRUWHGHSDQWDOOD
1RUHWLUHHVWHVRSRUWHGHOPRQLWRU
8VRGHOVRSRUWH
(VWHPRQLWRUSXHGHDMXVWDUVHVHJ~QHO
iQJXORTXHDSDUHFHDODGHUHFKD3DUD
FRORFDUHOPRQLWRUHQSRVLFLyQ
YHUWLFDOVXMpWHORSRUODSDUWHLQIHULRU
FRQDPEDVPDQRV7HQJDFXLGDGRGH
QRSLOODUVHORVGHGRVFRQODSDUWH
SRVWHULRUGHOPRQLWRUFXDQGRORLQFOLQH
YHUWLFDOPHQWH
3URWHFFLyQ
1RLQWURGX]FDREMHWRVH[WUDxRVHQ
HOPRQLWRU
'HVFRQHFWHHOPRQLWRUVLODWHPSHUDWXUDDPELHQWHVXSHUDORV&
)
$VHJ~UHVHGHTXHHOFDEOHGHDOLPHQWDFLyQGH&$QRTXHGDDWUDSDGR
GHEDMRGHPXHEOHVXQ79HWF
1RVREUHFDUJXHODVWRPDVPXUDOHVORVFDEOHVSURORQJDGRUHVQLORV
UHFHSWiFXORVGHDOLPHQWDFLyQSRUHQFLPDGHVXVFDSDFLGDGHV
1RGHUUDPHQXQFDQLQJ~QWLSRGHOtTXLGRVREUHHOPRQLWRU
ËQGLFH
3UHFDXFLRQHV
&RQILJXUDFLyQ
$MXVWHV
&DUDFWHUtVWLFDVWpFQLFDV
6ROXFLyQGHSUREOHPDV
(VSHFLILFDFLRQHV
$SpQGLFH
L
7DEODGHVLQFURQL]DFLyQGHPRGRSUHGHILQLGRL
7&2µ(FRGRFXPHQW L
(OHTXLSRGHEHLQVWDODUVHFHUFDGHXQDWRPDGHFRUULHQWHGHIiFLO
DFFHVR
SDUDD9&$ SDUDD9&$ SDUD9&$
VRODPHQWH
OtQHDGHFHQWUDGR
(6%$6$(3IP3DJH7XHVGD\0D\30