Descarga PDF

3RWHQWHGLVSRVLWLYRDWRGRFRORUSDUDJUDQGHVYRO~PHQHVGHWUDEDMR
6RILVWLFDFLyQHQODSURGXFFLyQGHGRFXPHQWRV
/DVQXHYDVSRVLELOLGDGHVGHODLPSUHVLyQGLJLWDOKDQDXPHQWDGRODVGHPDQGDVGHORVFOLHQWHVGHXQDDOWD
FDOLGDGDJUDQYHORFLGDG1RVRWURVSRGHPRVD\XGDUOHDGDUUHVSXHVWDDORVUHWRVTXHSODQWHDHOPXQGR
GHODLPSUHVLyQPRGHUQR/DLPSUHVRUDDFRORU3URŒ&HVODPiVUiSLGDGHVXFODVH(TXLSDGDFRQXQD
PXOWLWXGGHRSFLRQHVGHDFDEDGRSURFHVDWUDEDMRVGHLPSUHVLyQFRPSOHMRVGHVGHHOSULQFLSLRKDVWDHO
ILQDO'LVHxDGDSDUDOLGLDUGHPRGRHILFLHQWHFRQXQDOWRYROXPHQOD3URŒ&HVHOVRFLRILDEOHTXH
QHFHVLWDSDUDPHMRUDUODSURGXFWLYLGDGHQVXHPSUHVD
3URGXFWLYLGDGH[FHSFLRQDO
0DQHMRYHUViWLOGHOSDSHO
)XQFLRQDPLHQWRIiFLO
2SFLRQHVGHDFDEDGRH[FOXVLYDV
&RQWURODGRU(),GHVHJPHQWRDOWRLQWHJUDGRH[WHUQR (E-80)
,PSUHVLyQSURIHVLRQDOGHJUDQYROXPHQ
$38(67(325352
3URGXFWLYLGDG3URIHVLRQDOLGDG3URJUHVR5LFRKSRQHDOVHUYLFLRGHOPHUFDGRSURIHVLRQDOVXDPSOLD
H[SHULHQFLDHQHOVHFWRUGHODJDPDDOWD/DOtQHD3URŒVDWLVIDFHODVQHFHVLGDGHVGHFDOLGDGYHORFLGDG
ILDELOLGDGGXUDELOLGDG\DFDEDGRGHORVSURIHVLRQDOHVGHODLPSUHVLyQ5REXVWD\GHIXQFLRQDPLHQWR
VHQFLOORODOtQHD3URŒKDVLGRFRQFHELGDSDUDVHUHODOPDGHVXHPSUHVD
$/&$1&(9(/2&,'$'(60É;,0$6
/DYHORFLGDGPiVDOWDGHVXFODVHGHSiJLQDVSRUPLQXWRHQFRORURHQEODQFR\QHJUR
/DPLVPDYHORFLGDGGHLPSUHVLyQSDUDSDSHOGHDOWRJUDPDMHKDVWDJPò
6HUYLGRU)LHU\LQFRUSRUDGRSDUDXQUiSLGRSURFHVDPLHQWR
$&$%$'2$8720$7,=$'2
(ODFDEDGRVROtDVHUODSDUWHPiVODERULRVDGHOSURFHVRGHSURGXFFLyQGHGRFXPHQWRV<DQRWLHQHTXH
VHUDVt/D3URŒ&GH5LFRKHOLPLQDHOWUDEDMRDGLFLRQDOFRQXQDJDPD~QLFDGHRSFLRQHVGHDFDEDGR
6RQVROXFLRQHVTXHGHMDQKXHOOD\TXHOHSHUPLWLUiQFUHDUMXHJRVGHLPSUHVLyQWRWDOPHQWHDFDEDGRVH
LPSUHVLRQDUDOFOLHQWHPiVH[LJHQWH
)É&,/'(87,/,=$5
/D3URŒ&RIUHFHODJUDQSDQWDOODDFRORUGH5LFRKFRQRFLGDSRUVHUPX\DPHQDSDUDHOXVXDULR/D
SDQWDOODWiFWLOFRQLQWHUID]LQWXLWLYRSHUPLWHDFXDOTXLHUXVXDULRFRQILJXUDUWUDEDMRVGHLPSUHVLyQ
FRPSOHMRV(OWyQHU\HOSDSHOVHSXHGHQFDPELDUIiFLOPHQWHHLQFOXVRODUHVROXFLyQGHSUREOHPDVUHVXOWD
VHQFLOODFXDQGRDSDUHFHQDQLPDFLRQHVTXHOHJXtDQSDVRDSDVR
9(56É7,/623257('(3$3(/(6
,PSUHVLyQDVDQJUHGHGRFXPHQWRV$ORVVLVWHPDVJHVWLRQDQSDSHO65$
$SLOHSDSHOGHKDVWDJPòFRQHOILQLVKHUHOSOHJDGRUGHIROOHWRV\ORVDSLODGRUHV
,PSULPDHQXQDDPSOLDYDULHGDGGHWLSRVGHSDSHOFRPRKRMDVFRQSHVWDxDSDSHOFXFKp\FDUWXOLQD
0,1,0,&(/$65(326,&,21(6'(3$3(/
(OHYDGDFDSDFLGDGGHSDSHOKRMDV$yKRMDV$
EDQGHMDVGLIHUHQWHVGHSDSHO\FDPELRDXWRPiWLFRGHEDQGHMD
5HSRVLFLyQGHWyQHU\SDSHOIiFLOHQIXQFLRQDPLHQWR
$80(17(686%(1(),&,261(726
&RQVLJDPiVEHQHILFLRVSDUDVXQHJRFLR5LFRKOHRIUHFHXQHOHYDGRUHQGLPLHQWRGHSURGXFFLyQDXQ
SUHFLRGHKDUGZDUHDVHTXLEOH/DFRUWDFXUYDGHDSUHQGL]DMHGHORVXVXDULRV\ODDPSOLDDXWRPDWL]DFLyQ
OHDKRUUDQWLHPSR\GLQHUR8QDJUDQYDULHGDGGHRSFLRQHVGHDFDEDGROHSHUPLWHQRIUHFHUQXHYRV
VHUYLFLRVDVXVFOLHQWHV
9D\DSRUODYtDUiSLGD
(OSURFHVDPLHQWRGHVXVGRFXPHQWRVGHEHVHJXLUHOULWPRGHXQPXQGRPX\FDPELDQWH3DUDXQ
SURFHVDPLHQWRPiVUiSLGROD3URŒ&RIUHFHXQDYHORFLGDGGHLPSUHVLyQDFRORUH[FHSFLRQDO/H
SHUPLWLUiFXPSOLUFRQVXVSOD]RVVLQUHGXFLUODYHORFLGDGFRQSDSHOGHJUDPDMHDOWRRFXDQGRVHUHHPSODFH
HOWyQHU/DRSHUDELOLGDGGLUHFWDSHUPLWHDOXVXDULRFUHDUGRFXPHQWRVSHUIHFWDPHQWHDFDEDGRVVLQ
QHFHVLGDGGHXQDIRUPDFLyQHVSHFLDO
3URGXFWLYLGDGLQLQWHUUXPSLGD
52%867(=72'2(1812
/D3URŒ&WUDEDMDFRQODWHFQRORJtDGHVHUYLGRUGH(),SDUDXQUHQGLPLHQWRySWLPR(O)LHU\6\VWHP
LQWHJUDGRWLHQHXQ,QWHO&RUH'XR*+]&38PHPRULDGH*%\XQGLVFRGXURGH*%[
3DUDJDUDQWL]DUXQDJHVWLyQHILFLHQWHGHORVUHFXUVRVODSODWDIRUPDVHKDGLVHxDGRHVSHFtILFDPHQWH
MXQWRFRQHOFRQWURODGRUGHOD3URŒ&3DUDXQDSRWHQFLDGHSURGXFFLyQLQFOXVRPD\RUHVFRMDHO
FRQWURODGRUH[WHUQR(
352'8&&,Ð1&217,18$
'~SOH[DODYHORFLGDGPi[LPDGHOPRWRU
(OVLVWHPDGHDOLPHQWDFLyQGHSDSHODVLVWLGDSRUDLUHHYLWDTXHVHDOLPHQWHQYDULDVKRMDVGHSDSHODO
PLVPRWLHPSR
/DEDQGHMDGHH[SXOVLyQUHFXSHUDDXWRPiWLFDPHQWHHOSDSHOHQFDVRGHSURGXFLUVHDOJXQDLUUHJXODULGDG
)OXMRGHWUDEDMRLQWHJUDGRTXHDEDUFDWRGRVORVSDVRVGHSULQFLSLRDILQ
*5$19$5,('$''($&$%$'26(1/Ì1($
*UDSDGRSHUIRUDGRHLQVHUFLyQGHSRUWDGDVGREOH
(QFXDGHUQDFLyQFRQDQLOODVWRWDOPHQWHDXWRPDWL]DGD
(QFXDGHUQDFLyQFRQpegamento\FUHDFLyQGHIROOHWRVDJUDQYHORFLGDG
&DSDFLGDGGHDSLODGRGHKRMDVFRQDSLODGRUHVWiQGHP
)iFLOGHXVDU
/D3URŒ&RIUHFHXQJUDQSDQHOGHPDQGRVDFRORUPX\DPHQRSDUDHOXVXDULR6XLQWHUIDFHLQWXLWLYR
SHUPLWHDOXVXDULRDSUHQGHUUiSLGDPHQWHHOIXQFLRQDPLHQWRGHOGLVSRVLWLYR(QODSDQWDOODVHPXHVWUDQ
JXtDVDQLPDGDVTXHD\XGDUiQDOXVXDULRHQFDVRGHTXHVHSURGX]FDDOJXQDDQRPDOtD*UDFLDVDTXHHO
SDQHOGHPDQGRVVHSXHGHLQFOLQDUHOXVXDULRREWLHQHXQDEXHQDYLVLyQGHOPLVPRGHVGHFXDOTXLHU
SRVLFLyQ(VWDIOH[LELOLGDGIDFLOLWDGHIRUPDFRQVLGHUDEOHHOPDQWHQLPLHQWR6LHVQHFHVDULRXQWpFQLFRGH
FDPSRSXHGHLQFOXVRH[WHQGHUHOEUD]RGHODSDQWDOOD
3URGXFFLyQIiFLO
)É&,/352&(6$0,(172<$/,0(17$&,Ð1'(3$3(/
(OFRQWURODGRU(),)LHU\GHOD3URŒ&KDFHIiFLOHVORVWUDEDMRVGHLPSUHVLyQPiVFRPSOHMRV
2SHUDELOLGDGH[FHSFLRQDOFRQXQDLQWHUID]GHXVXDULRLQWXLWLYD
1DYHJDGRU/&'SDUDXQDIiFLOUHLPSUHVLyQ
)iFLOSUHSDUDFLyQGHWUDEDMRVFRPSOHMRVSHUVRQDOL]DGRVFRQ(),,PSRVH&RPSRVH
0$17(1,0,(1726(1&,//2
'LVIUXWHGHOPi[LPRWLHPSRGHIXQFLRQDPLHQWR\HOHYHVXSURGXFWLYLGDG1XHVWURSURJUDPDGHVHUYLFLRVSURIHVLRQDOHVSHUPLWHQDORVXVXDULRV
IRUPDGRVUHDOL]DUHOPDQWHQLPLHQWRHOORVPLVPRV/DVXQLGDGHVUHHPSOD]DEOHVSRUORVXVXDULRVVRQXQOLPSLDGRUGHEDQGDVXQOLPSLDGRUGH
WDPERUHOUHYHODGRUODXQLGDGGHFDUJDHOWDPERU23&\ODXQLGDGGHWUDQVIHUHQFLDGHLPDJHQ/RVXVXDULRVWDPELpQSXHGHUHHPSOD]DUODERWHOOD
GHWyQHUUHVLGXDO
)É&,/23(5$&,Ð15(027$
1XHVWUDIXQFLyQ)$&,SHUPLWHHOXVRGH&RPPDQG:RUNVWDWLRQHQOD3URŒ&6LPSOHPHQWHGHEHFRQHFWDUXQPRQLWRUXQWHFODGR\XQUDWyQ
DOFRQWURODGRULQWHJUDGR3DUDHOFRQWURODGRUH[WHUQR(HVWiGLVSRQLEOHRSFLRQDOPHQWHXQNLWGHPRELOLDULR
$xDGDYDORUFRQHODFDEDGRDXWRPDWL]DGR
/D3URŒ&SUHVHQWDODPiVFRPSOHWDJDPDGHRSFLRQHVGHDFDEDGRTXHVHSXHGHQFRPELQDUHQXQ
GLVSRVLWLYR2IUH]FDYDULRVWLSRVGHDFDEDGRVLQQLQJXQDLQYHUVLyQDGLFLRQDO¢6XVFOLHQWHVQHFHVLWDQFUHDU
IROOHWRVEiVLFRVROLEURVSHUIHFWRVFRQHQFRODGR"/RVSXHGHLPSULPLUEDMRGHPDQGD\VDWLVIDFHUWRGDVODV
GHPDQGDV
/DVROXFLyQGHDFDEDGRHQOtQHDPiVYHUViWLO
'2&80(1726'(35,0(5$&/$6(
/RVFOLHQWHVHVSHUDQPDWHULDOHVFRQXQDSUHVHQWDFLyQGHOXMRLPSUHVLRQHVSURIHVLRQDOHVDFRORU\ERQLWRV
IROOHWRVHQFXDGHUQDGRV&UHHODDSOLFDFLyQTXHQHFHVLWDFRQHOUREXVWRILQLVKHUGHKRMDVGHOD
3URŒ&FRQJUDSDGRUDGHKRMDV/DXQLGDGGHSHUIRUDFLyQRSFLRQDODKRUUDWLHPSR\HOLPLQDHO
SDSHOSUHSHUIRUDGRTXHUHVXOWDPX\FDUR$VXYH]ODXQLGDGGHFRVLGRDFDEDOOHWHSHUPLWHFRQVHJXLU
XQDFDEDGRHFRQyPLFRSDUDGRFXPHQWRVLQWHUQRV
&5($&,Ð1$8720É7,&$'()2//(726
,PSUHVLRQHDVXVFOLHQWHVFRQIROOHWRVSURIHVLRQDOHV(OSOHJDGRUGHIROOHWRVGHOD3URŒ&FUHDMXHJRV
SOHJDGRVFRQSUHFLVLyQHQ$\$3OLHJD\HQFXDGHUQDDXWRPiWLFDPHQWHIROOHWRVGHKDVWDSDJHV
/DRSFLyQGHSOHJDGRFRQORPRFXDGUDGRGDDORVIROOHWRVODDSDULHQFLDGHOLEURSHUIHFWDPHQWH
HQFXDGHUQDGR8QDguillotinaRSFLRQDOOHGDXQDFDEDGRUHDOPHQWHSURIHVLRQDO
3/(*$'2(1=$9$1=$'2
3XHGHLQFOXLUGLUHFWDPHQWHJUiILFRV\WDEODV$HQSUHVHQWDFLRQHV$/DFyPRGDSOHJDGRUDHQ=SOLHJD
DXWRPiWLFDPHQWHKRMDV$HQ$RGRFXPHQWRV$HQ$/DVKRMDVJUDQGHVVHFRQYLHUWHQDKRUDHQ
XQDSDUWHQDWXUDOGHFRQMXQWRVGHPHQRUWDPDxR6HWUDWDGHGDUUHVSXHVWDVVLPSOHVDWUDEDMRVFRPSOHMRV
,16(5&,Ð1352)(6,21$/'(3257$'$6
3DUDSRQHUODJXLQGDGHODSHUIHFFLyQDGRFXPHQWRVGHDOWRYDORULQVHUWHSRUWDGDVHQFRORURSUHLPSUHVDV
XWLOL]DQGRHOLQWHUFDODGRUGHSRUWDGDVGREOH(VODRSFLyQLGyQHDSDUDFRQIHFFLRQDUFDWiORJRVGH
SURGXFWRVPDQXDOHVGHXVXDULR\IROOHWRVFRQXQDVSHFWRGXUDGHUR
/,67$3$5$(1&8$'(51$5'2&80(1726
<DQRHVQHFHVDULRSHUIRUDUPDQXDOPHQWHORVGRFXPHQWRVIXHUDGHOtQHD\FDUJDUPDQXDOPHQWHFDGD
MXHJRHQODPHVDGHSHUIRUDFLyQ*%&6WUHDP3XQFKŒ,,,SURGXFHGRFXPHQWRVSHUIHFWDPHQWHSHUIRUDGRV
\OLVWRVSDUDVHUHQFXDGHUQDGRVFRQVyORWRFDUXQERWyQ(OXVRGHHVWDXQLGDGQRDIHFWDODYHORFLGDGGH
SURGXFFLyQGHOD3URŒ&
(1&8$'(51$&,Ð1&21$1,//$6727$/0(17($8720É7,&$
/DSULPHUDHQFXDGHUQDGRUDGHDQLOODVWRWDOPHQWHDXWRPDWL]DGDTXHUHGXFHHVSHFWDFXODUPHQWHVX
YROXPHQGHWUDEDMR
3HUIRUDFLyQ\HQFXDGHUQDFLyQDXWRPiWLFDV
&DSDFLGDGGHHQFXDGHUQDFLyQKDVWDySiJLQDVIROOHWRVHQ$
/,%5263(5)(&7$0(17((1&2/$'26
/DHQFXDGHUQDGRUDSHUIHFWDSURGXFHOLEURVFRQXQDFDOLGDGSURIHVLRQDOFRQORPRVHQFRODGRVPX\
UHVLVWHQWHV
([FHSFLRQDODFHSWDSDSHOGHWDPDxRVXSHULRUSDUDODVSiJLQDVGHFXHUSRGHOGRFXPHQWR
&DSDFLGDGGHHQFXDGHUQDFLyQKDVWDSiJLQDVOLEURVHQ$$
5HFRUWHDXWRPiWLFRGHXQRWUHVcortesHVWiQGDUHLQVHUFLyQGHKRMDGHSRUWDGD
$3,/$'2'(/$6,035(6,21(6
(ODSLODGRUGHOD3URŒ&SUHSDUDWUDEDMRVGHLPSUHVLyQGHJUDQYROXPHQSDUDVXSRVWHULRUDFDEDGR
IXHUDGHOtQHDRFDVLHQOtQHD8QDXQLGDGDSLODKRMDV\VHSXHGHQFRPELQDUGRVXQLGDGHV&RQHO
ILQLVKHUGHKRMDVODFDSDFLGDGGHVDOLGDPi[LPDGHSDSHOHVGHKRMDV/RVFDUURVFRQ
UXHGDVIDFLOLWDQHODFDEDGRIXHUDGHOtQHD\HODOPDFHQDMH
&RORUHVH[FHSFLRQDOHVJUDFLDVDODWHFQRORJtD
(),
/RVSURIHVLRQDOHVGHODLPSUHVLyQHQFRORUUHFRQRFHQXQFRORUGHFDOLGDGFXDQGRORYHQ6DEHPRVTXHOD
FDOLGDGHVSULPRUGLDOSDUDXVWHGOD3URŒ&RIUHFHODWHFQRORJtDGH(),PiVDFWXDO6XSRWHQWH
SURGXFWLYLGDG\VROXFLRQHVIOH[LEOHVGHIOXMRVGHWUDEDMRVHLQFOX\HQSDUDFXPSOLUORVHVWiQGDUHVPiV
H[LJHQWHVGHVXVFOLHQWHV(OFRQWURODGRU(),LQWHJUDGRRIUHFHWRGDVODVIXQFLRQDOLGDGHVGH)LHU\3DUDTXH
WUDEDMRVFRQPXFKRVJUiILFRVWHQJDQPiVIXHU]DHVFRMDODRSFLyQGHFRQWURODGRUH[WHUQR(9LHQHGH
VHULHFRQ(),&RPSRVH\)LHU\*UDSKLF$UWV3DFNDJH3UHPLXP
3RWHQWHVKHUUDPLHQWDVSDUDXQDFDOLGDGSURIHVLRQDO
*(67,Ð1$8720É7,&$'(&2/25
&DOLEUHODLPSUHVRUDRFUHH\JHVWLRQHSHUILOHVGHFRORU
([DFWLWXGySWLPDFRQSHUILOHV,&&LQFOXVRDSDUWLUGHDSOLFDFLRQHV5*%
(TXLOLEULRDXWRPiWLFRGHGLIHUHQWHVVLVWHPDVGHJHVWLyQGHOFRORU
&RPSUXHEHORVUHVXOWDGRVFRQVLPXODFLRQHV\SUXHEDVGHLPSUHVLyQ
&803/,0,(172'(/26(67É1'$5(6'($57(6*5É),&$6
$KRUURGHWLHPSRFRPSUXHEHODVLPSUHVLRQHV\FRUULMDORVHUURUHVJUDFLDVDYLVWDVSUHYLDVDSDQWDOOD
FRPSOHWD
6LPXODFLyQGHPHGLRVWRQRVSDUDXQDLQWHJUDFLyQSHUIHFWDHQXQIOXMRGHWUDEDMRPL[WRRIIVHWGLJLWDO
$JLOL]DFLyQGHOIOXMRGHWUDEDMRFRQHOFRQYHUVRU7,)),7+RW)ROGHU)LOWHU
&RQWUROGHGRFXPHQWRV\YLVRUGHLPiJHQHVRSFLRQDOSDUDHOFRQWURODGRULQWHJUDGR
(;&(/(1&,$352)(6,21$/(;75$
$XPHQWHHOQLYHOGHFDOLGDGGHOSURFHVDPLHQWRGHLPiJHQHVFRQHOVLVWHPDRSFLRQDO)LHU\*UDSKLF$UWV
3DFNDJH3UHPLXP6XVKHUUDPLHQWDVGHFRPSUREDFLyQHGLFLyQ\JHVWLyQGHOFRORUVHKDQFRQIHFFLRQDGR
DPHGLGDSDUDHQWRUQRVJUiILFRVLQWHQVRV/RVSURIHVLRQDOHVGHODVDUWHVJUiILFDVYHUiQHQODVROXFLyQ
(),&RORU3URILOHU6XLWHXQDKHUUDPLHQWDIiFLOGHXWLOL]DU
*HVWLyQGHIOXMRVGHWUDEDMRHILFLHQWHV
6HQFLOORUiSLGR\SUHFLVRVRQODVSDODEUDVFODYHTXHGHILQHQODSURJUDPDFLyQGHQXHYRVWUDEDMRV/RV
FRQWURODGRUHVLQWHJUDGRV\H[WHUQRVWLHQHQODLQWHUID]GH(),FRPSDFWD\FRQSHVWDxDV3HUPLWHDFXDOTXLHU
XVXDULRUHDOL]DUFRPSOHMRVWUDEDMRVHQXQRVSRFRVFOLFkV/DJHVWLyQDYDQ]DGDGHGRFXPHQWRV\ODV
IXQFLRQHVGHLPSRVLFLyQFRPSOHWDQHVWDIRWRJUDItDGHIDFLOLGDGGHXVR3DUDXQDJHVWLyQPiVVHQFLOODGH
ODLPSUHVLyQDWUDYpVGH&RPPDQG:RUN6WDWLRQFRQHFWHXQPRQLWRU)$&,DVXFRQWURODGRU
([FHOHQFLDDODOFDQFHGHODPDQR
6,03/,),&$&,Ð1'(75$%$-26&203/,&$'26
)OXMRGHWUDEDMRGHJUiILFRVPHMRUDGRSDUDFRQIHFFLRQDUIROOHWRVGHPDQHUDLQWXLWLYD
*HVWLyQDXWRPiWLFDGHGLVWLQWRVIRUPDWRVGHSDSHO
/DIXQFLyQGHLPSRVLFLyQGLVSRQHODVSiJLQDVGHORVWUDEDMRVGHLPSUHVLyQSDUDVXSOHJDGRRFRUWH
)XQFLyQGHSUHVHQWDFLyQSDUDDOLQHDFLyQGHSiJLQD\DMXVWHGHOGHVSOD]DPLHQWRGHOPDUJHQ
,1752'8&&,Ð1'(/$,035(6,Ð1'('$7269$5,$%/(6
/DVVROXFLRQHVTXHDGPLWHQGDWRVYDULDEOHVHVWiQHQDXJH3RUHOOROD3URŒ&LQFRUSRUDFRPRHVWiQGDUHO)LHU\)UHH)RUPŒ(VWDKHUUDPLHQWD
EiVLFDSHUPLWHFUHDUGRFXPHQWRVGHPDUNHWLQJXQRDXQR)UHH)RUPŒFUHD\DOPDFHQDSODQWLOODVPDHVWUDVDODVTXHVHSXHGHQDxDGLUYDULDEOHV
IiFLOPHQWH6RSRUWD330/\&UHR936
0É;,0$(),&,(1&,$
$UUDVWUH\VXHOWHWUDEDMRVHQODV+RW)ROGHUVFDUSHWDVFDOLHQWHVSDUDUHDOL]DUWDUHDVDXWRPDWL]DGDVUHSHWLWLYDV
,QWHUFDOHXQWUDEDMRXUJHQWHFRQVHUYDQGRODSURGXFWLYLGDG
&RPELQHYDULRVGRFXPHQWRVHQXQVRORWUDEDMRPHGLDQWH4XLFN'RF0HUJH
9XHOYDDVROLFLWDUWUDEDMRVRSURJUiPHORVSDUDTXHVHLPSULPDQSRUODQRFKH\HYLWDUODDFXPXODFLyQGHWUDEDMRVHQHVSHUD
)81&,21(6)/(;,%/(6'(,0326,&,Ð1
/D3URŒ&GH5LFRKLQFOX\H(),,PSRVHXQDKHUUDPLHQWD3')IOH[LEOHTXHIDFLOLWDORVDFDEDGRVFRPSOHMRV/DFRQIHFFLyQGHOLEURVPDQXDOHV
WDUMHWDVGHYLVLWD\DSOLFDFLRQHVFRQGDWRVYDULDEOHVQXQFDKDVLGRWDQIiFLO/RVXVXDULRVTXHQHFHVLWHQPiVIXQFLRQHVGHFRQILJXUDFLyQSXHGHQ
HOHJLU(),&RPSRVH
6DWLVIDFHPRVVXVQHFHVLGDGHVSURIHVLRQDOHV
/D3URŒ&HVXQGLVSRVLWLYRGLJLWDOYHUViWLO\GHLPSUHVLyQDFRORUSDUDSURIHVLRQDOHVGHOVHFWRUGHOD
LPSUHVLyQFRPHUFLDO\GHODVDUWHVJUiILFDV6XH[FOXVLYRGLVHxRLQWHJUDGRSDUDODSURGXFFLyQLQWHQVLYDGH
JUiILFRVHQFRORUSHUPLWHVLQFURQL]DUWRGRVORVSURFHVRVSDUDXQIXQFLRQDPLHQWRVHQFLOOR
3RWHQFLHVXIOXMRGHWUDEDMRGHSURGXFFLyQHQFRORU
,035(6,Ð15(081(5$'$
0DQWpQJDVHHQORPiVDOWR\PHMRUHVXVEHQHILFLRV/D3URŒ&OHRIUHFH
LPSUHVLyQDFRORUGLUHFWD\DFFHVLEOH
FRPSDWLELOLGDGFRQODLPSUHVLyQGHGDWRVYDULDEOHV
XQFRVWHWRWDOGHSURSLHGDGUHGXFLGR
'(3$57$0(172&(175$/'(5(352*5$)Ì$(),&$=
+DJDTXHVXHPSUHVDGHVWDTXHHQWUHODVGHPiV&RQOD3URŒ&REWHQGUi
FRPSDWLELOLGDGFRQODLPSUHVLyQGHGDWRVYDULDEOHV
XQHTXLSRUiSLGR\ILDEOHSDUDTXHSXHGDVHJXLUWUDEDMDQGRDJUDQYHORFLGDG
FRVWHVGHIXQFLRQDPLHQWRUHGXFLGRV
327(17(,035(17$&20(5&,$/
$XPHQWHODVDWLVIDFFLyQGHOFOLHQWH/RVSXQWRVIXHUWHVGHOD3URŒ&VRQ
IXQFLRQDPLHQWRVLQLQWHUUXSFLyQDSSPWDPELpQFRQJUDPDMHVHOHYDGRV
LQWHUYHQFLyQPtQLPDGHORSHUDULRJUDFLDVDODVVROXFLRQHV)LHU\
KHUUDPLHQWDVGHDFDEDGRHQOtQHDSURIHVLRQDO
&RQWUROH\SURWHMDVXIOXMRGRFXPHQWDO
&RMDODVULHQGDVGHVXIOXMRGRFXPHQWDO&RQOD3URŒ&SXHGHVXSHUYLVDUWRGRVORVWUDEDMRVGHLPSUHVLyQ
HQFDGDIDVHGHSURGXFFLyQ(QFDVRQHFHVDULRSXHGHLQWHUYHQLULQPHGLDWDPHQWHORTXHOHDKRUUDUiWLHPSR
\GLQHUR/RVLQIRUPHV\UHJLVWURVOHSHUPLWHQUHDOL]DUXQVHJXLPLHQWRGHODVGLVWLQWDVFXHQWDV\IDFWXUDU
FRQH[DFWLWXG3DUDXQFRQWUROySWLPRGHVXSDUTXHGHLPSUHVRUDVDKRUDSXHGHJHQHUDULQIRUPHVGHHVWDGR
FRQHOVHUYLFLR#5HPRWH
+iJDVHFDUJRGHWRGRVORVVLVWHPDV
*(67,Ð1&21752/
2SWLPLFHVXIOXMRGRFXPHQWDOSDUDGLYHUVRVXVXDULRVFRQ&RPPDQG:RUN6WDWLRQ
6XSHUYLVHHOHVWDGRGHWUDEDMRVLQSHUGHUXQVHJXQGRFRQODLQWHUID]GHQDYHJDGRUGH)LHU\:HE7RRO
5HDOLFHXQVHJXLPLHQWRGHOHVWDGRGHOWUDEDMR\UHFLEDDOHUWDVDWUDYpVGH(),-RE0RQLWRU
#5(027(
(OVHUYLFLRRSFLRQDO#5HPRWHGH5LFRKPHMRUDVXIOXMRGRFXPHQWDO\UHGXFHHOWLHPSRGHLQDFWLYLGDGGHO
VLVWHPD6HKDUiFDUJRDXWRPiWLFDPHQWHGHODVOHFWXUDVGHFRQWDGRUHVUHSRVLFLRQHVGHWyQHUROODPDGDV
GHVHUYLFLR6XSURSLRFRQWUROVREUHORVSURFHVRVVHDXPHQWDFRQLQIRUPHVDXWRPiWLFRVGHODIORWD\
DQiOLVLVGHOXVRGHOVLVWHPD3XHGHUHFRJHULQIRUPDFLyQVREUHWRGRVORVGLVSRVLWLYRV5LFRKGHVXIORWD
'$726&21),'(1&,$/(66(*8526
2EWHQJDXQDDOWDVHJXULGDGGHVXVGRFXPHQWRVFRQ6HFXUH-RE(UDVH
/LPLWHHODFFHVRDVXVVLVWHPDVDWUDYpVGHODDXWHQWLFDFLyQGHXVXDULR
)LOWUHGLUHFFLRQHV,3\EORTXHHGHWHUPLQDGRVSXHUWRV,3
3URWHMDODVFRQWUDVHxDV\ODLQIRUPDFLyQGHFRQILJXUDFLyQDWUDYpVGHOFLIUDGR
*(1(5$/
7HFQRORJtD
9HORFLGDGGHLPSUHVLyQ
5HVROXFLyQ
7LHPSRGHFDOHQWDPLHQWR
'LPHQVLRQHV$Q[/D[$O
3HVR
)XHQWHGHHQHUJtD
&RQVXPRGHHQHUJtD
'XW\
&21752/$'25((),(;7(512
6LVWHPDGHWUDQVIHUHQFLDHOHFWURVWiWLFDHQ
VHFRGHWDPERUHVFRQEDQGDGH
WUDQVIHUHQFLDLQWHUQD
$WRGRFRORULPSUHVLRQHVSRUPLQXWR$
%1LPSUHVLRQHVSRUPLQXWR$
[GSL
,QIHULRUDVHJXQGRV
[[PP
,QIHULRUDNJ
9+]
0i[LPR,QIHULRUDN:
0RGRGHDKRUURGHHQHUJtD,QIHULRUDN:
SiJLQDVDOPHV
&21752/$'25(),,17(*5$'2
&38
0HPRULD
5HG
&RQWURODGRU
)RUPDWR9'3
)XHQWHV
,QWHUIDFH
)XQFLyQ)$&,
)XQFLRQHV)LHU\
,QWHO&RUH'XR*+]
(VWiQGDU*%8QLGDGGHGLVFRGXUR*%
7&3,3,3Y,3Y$SSOH7DON60%
3RVW6FULSWŠŒ3&/F3&/
330/)LHU\)UHH)RUP&UHR936
3&/IXHQWHV3RVW6FULSWŠŒ
IXHQWHVIXHQWHV0XOWLSOH0DVWHU00
(WKHUQHWEDVH7
(VWiQGDU
'ULYHU(),(),&RPPDQG:RUNVWDWLRQ(),
&RPPDQG:RUNVWDWLRQSDUD0DF(),:HE
7RROV(),+RW)ROGHU062IILFH)LOWHUSDUD
+RW)ROGHU(),9LUWXDO3ULQWHUV3OXJLQVGH
0DFLQWRVK3ULQW&HQWHU5XVK3ULQWLQJ3ULQW
3URFHVV1H[W$GYDQFHG-RE5H2UGHU
6XVSHQGRQ0LVPDWFK4XLFN'RF0HUJH
6FKHGXOH3ULQW(),)LHU\&RORU:LVH0L[HG
0HGLD)LHU\*UDSKLF$UWV3DFNDJH3DSHU
&DWDORJXH7DE6KLIW,QVHUW7DE%RRNOHW
0DNHU(),,PSRVH)LHU\(GLWLRQ(),)LHU\
)UHH)RUP)LHU\9'35HVRXUFH0DQDJHU)LHU\
*UDSKLF$UWV3DFNDJH3UHPLXP(GLWLRQ
RSFLRQDO(),&RORU3URILOHU6XLWHRSFLRQDO
(),&RPSRVH)LHU\(GLWLRQRSFLRQDO
&38
0HPRULD
&RQWURODGRU
)RUPDWR9'3
)XHQWHV
,QWHUIDFH
)XQFLRQHV)LHU\
,QWHO4XDG&RUH;HRQ([*+]
(VWiQGDU[*%
8QLGDGGHGLVFRGXUR[*%SDUD
GDWRV[*%SDUD26
3RVW6FULSWŠŒ
330/)LHU\)UHH)RUP&UHR936FDOFXODGR
VyORSRU(),
3RVW6FULSWŠŒIXHQWHVIXHQWHV
0XOWLSOH0DVWHU00
(WKHUQHWEDVH7[
/DVPLVPDVTXHHOFRQWURODGRULQFRUSRUDGR
)LHU\*UDSKLF$UWV3DFNDJH3UHPLXP
HVWiQGDU(),&RPSRVH)LHU\(GLWLRQ(),&RORU
3URILOHU6XLWHRSFLRQDO
0$1(-2'(3$3(/
&DSDFLGDGGHDOLPHQWDFLyQGH
SDSHO
7DPDxRGHOSDSHO
*UDPDMHGHSDSHO
(VWiQGDUEDQGHMDVGHSDSHOGHKRMDV
EDQGHMDGHSDSHOGHKRMDV
0i[LPRKRMDV
0i[LPRPP
%DQGHMDVHVWiQGDUHVJPò
65$/&757JPò
%DQGHMDG~SOH[JPò
&21680,%/(6
7yQHU
1HJUR&0<KRMDV
23&,21(6
EDQGHMDVGHJUDQFDSDFLGDG65$GHKRMDVñ%DQGHMDE\SDVVGHKRMD
%DQGHMD$GHJUDQFDSDFLGDGGHKRMDV,QWHUFDODGRUGHSRUWDGDVGHHVWDFLyQ
GREOH)LQLVKHUGHKRMDVFRQJUDSDGRUDGHKRMDV\HPSDUHMDGRU8QLGDG
SHUIRUDGRUDGHDJXMHURVLQWHUFDPELDEOHVDJXMHURVHVFDQGLQDYRV8QLGDG
GHJUDSDGRUDDFDEDOOHWH3OHJDGRUSURIHVLRQDOGHIROOHWRV3OHJDGRUHQ=*%&
6WUHDP3XQFKŒ,,,(QFXDGHUQDGRUDGHDQLOODV5LQJ%LQGHU(QFXDGHUQDGRUD
SHUIHFWD3HUIHFW%LQGHU$SLODGRUD&DUURPyYLO8QLGDGGHKRMDVFRQSHVWDxD.LW
GHEDQGHMDVSDUD$(6SDUDHVSHFWyPHWUR8QLGDGGHYHQWLODGRUGH
UHIULJHUDFLyQ%XIIHUSDVVGHUHIULJHUDFLyQ(),6HUYHU+''6HFXULW\SDUD(
(),6HUYHU)$&,0XHEOHEXQGOHSDUD(
6HSXHGHQLQVWDODUKDVWDXQLGDGHV
3DUDPiVLQIRUPDFLyQVREUHGLVSRQLELOLGDGGHPRGHORVRSFLRQHV\VRIWZDUH
FRQVXOWHDVXGLVWULEXLGRUORFDOGH5LFRK
&HUWLILFDFLyQ,62&HUWLILFDFLyQ,62
7RGDVODVPDUFDV\RQRPEUHVGHSURGXFWRVRQPDUFDVFRPHUFLDOHVGHVXVUHVSHFWLYRV
GXHxRV/DVHVSHFLILFDFLRQHV\ODDSDULHQFLDH[WHUQDGHOSURGXFWRHVWiQVXMHWDVDFDPELRV
VLQSUHYLRDYLVR(OFRORUUHDOGHOSURGXFWRSXHGHGLIHULUGHOTXHDSDUHFHHQHVWHFDWiORJR
/DVLPiJHQHVTXHDSDUHFHQHQHVWHIROOHWRQRVRQIRWRJUDItDVUHDOHVSRUORTXHSRGUtDQ
DSDUHFHUOLJHUDVGLIHUHQFLDVGHGHWDOOH
&RS\ULJKW‹5LFRKLatin America, Inc.7RGRVORVGHUHFKRVUHVHUYDGRV(VWHIROOHWR
su FRQWHQLGR\RGLVHxRQRSXHGHQVHUPRGLILFDGRV\RDGDSWDGRVFRSLDGRVHQSDUWHR
en VXWRWDOLGDG\RXWLOL]DGRVHQRWURVWUDEDMRVVLQODDSUREDFLyQSUHYLDSRUHVFULWRGH
5LFRK Latin America, Inc.
ZZZULFRKlatinamericaFRP