criterios venta libre - Productos Farmacéuticos y Afines
Anuncio
0,1,67(5,2'(6$/8'38%/,&$<$6,67(1&,$62&,$/
',5(&&,Ï1*(1(5$/'(5(*8/$&,Ï19,*,/$1&,$<&21752/'(/$6$/8'
'(3$57$0(172'(5(*8/$&,Ï1<&21752/'(352'8&726
)$50$&e87,&26<$),1(6
81,'$''($8725,=$&,21(66$1,7$5,$6
&5,7(5,263$5$/$(9$/8$&,Ï1'(
352'8&7260(',&,1$/(6
3$5$9(17$/,%5(
5(9,6$'2<$&78$/,=$'2325
/,&'$%($75,=%$75(6'(-,0(1(=
/,&'$(/(1$7255(63257$
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&217(1,'2
35(6(17$&,21
/,67$35238(67$'(352'8&7260(',&,1$/(6'(9(17$/,%5(
&5,7(5,263$5$(/0$1(-2'(/(7,48(7$'2(03$48(6(,16(5726
$17,$&,'26
&2$'<89$17(6(1(/75$7$0,(172'(/$',$55($
$17,',$55(,&26
352'8&7263$5$5(6)5,$'2<*5,3(
93UHSDUDGRVTXHFRQWHQJDQDFHWDPLQRIHQ
93UHSDUDGRVTXHFRQWHQJDQLEXSURIHQ
93UHSDUDGRVTXHFRQWHQJDQiFLGRDFHWLOVDOLFtOLFR
93UHSDUDGRVTXHFRQWHQJDQDQWLKLVWDPtQLFRV
93UHSDUDGRVTXHFRQWHQJDQHQVXFRPSRVLFLyQXQGHVFRQJHVWLRQDQWHYtD
RUDO\WySLFD
9'RVLVUHFRPHQGDGDVSDUDGHVFRQJHVWLRQDQWHVQDVDOHVYtDRUDO
9'RVLVUHFRPHQGDGDVSDUDGHVFRQJHVWLRQDQWHVQDVDOHVYLDWySLFD
93UHSDUDGRVTXHFRQWHQJDQHQVXFRPSRVLFLyQXQDQWLWXVLYR
93UHSDUDGRVTXHFRQWHQJDQGH[WURPHWRUIDQR
9$QWLWXVLYRVWySLFRVSDUDQLxRVGHDDxRV
9'RVLVUHFRPHQGDGDVSDUDDQWLWXVLYRVRUDOHVVHJ~QHGDGHV
93UHSDUDGRVTXHFRQWHQJDQHQVXFRPSRVLFLyQXQH[SHFWRUDQWHRXQ
PXFROtWLFR
9$QDOJpVLFRV\DQWLSLUpWLFRVVRORV
9'RVLVGHDFHWDPLQRIHQDVSLULQDHLEXSURIHQSDUDGRORUHLQIODPDFLyQ
9'RVLVSHGLiWULFDVGHDFHWDPLQRIpQ\iFLGRDFHWLOVDOLFtOLFRFRPRDQWLSLUpWLFRV
VHJ~QHGDGHV
9'RVLVGHVDOLFLODWRVSDUDDGXOWRV
9'RVLVUHFRPHQGDGDVGHLEXSURIHQFRPRDQDOJpVLFR\DQWLSLUpWLFR
9VHJ~QHGDGHV
352'8&726(67,08/$17(6
352'8&7263$5$(/&8,'$'2%8&2'(17$/
$17,6(37,&26<'(6,1)(&7$17(6'(862723,&258%()$&,(17(6
35(3$5$'26723,&263$5$(/&8,'$'2'(/$3,(/
9(PROLHQWHV\SURWHFWRUHV
9$VWULQJHQWHV
93URGXFWRVSDUDTXHPDGXUDVPHQRUHV
9&DOOLFLGDV
9$QWLSUXUtWLFRV
93URGXFWRVSDUDHOWUDWDPLHQWRGHODFQH
93URGXFWRVSDUDGHUPDWLWLVVHERUUHLFD\FDVSDVRORVRFRPELQDGRV
9&RQFHQWUDFLRQHVDSUREDGDVGHLQJUHGLHQWHVSDUDWUDWDUODFDVSDVHERUUHD
\SVRULDVLV
$17,0,&27,&263$5$'(50$72),726,63,('($7/(7$
$17,0,&27,&26'(8629$*,1$/
$17,+(02552,'$/(6
75$7$0,(1723$5$/$&$/9,&,(
$17,%,27,&26'(50$72/2*,&26723,&26
3(',&8/,&,'$6<352'8&7263$5$6$5&237,26,6
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
9,7$0,1$6<0,1(5$/(6&202683/(0(1726',(7(7,&26
/$;$17(6
9&ODVLILFDFLyQ\SURSLHGDGHVGHORVOD[DQWHV
352'8&7262)7$/02/Ï*,&26
9'HVFRQJHVWLRQDQWHVRIWDOPROyJLFRV
9$JHQWHVYLVFRVDQWHVSUHVHUYDQWHV\EXIIHUXWLOL]DGRVHQSURGXFWRV
GHVFRQJHVWLRQDQWHVRIWDOPROyJLFRV
9$JHQWHVYLVFRVDQWHV\SUHVHUYDQWHVXWLOL]DGRVSDUDOiJULPDVDUWLILFLDOHV
9$JHQWHVYLVFRVDQWHV\SUHVHUYDQWHVXWLOL]DGRVSDUDOHQWHVGHFRQWDFWRGXURV
9$JHQWHVYLVFRVDQWHV\SUHVHUYDQWHVXWLOL]DGRVHQVROXFLRQHVSDUDOHQWHVGH
&RQWDFWRGXURV
9$JHQWHVEXIIHU\SUHVHUYDQWHVXWLOL]DGRVHQSURGXFWRVRIWDOPROyJLFRV
PLVFHOiQHRV
352'8&726),727(5$3(87,&26
(/$/&2+2/3(50,7,'2&202(;&,3,(17((1352'8&72625$/(6
5()(5(1&,$6%,%/,2*5$),&$6
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
35(6(17$&,21
3DUD GDU FXPSOLPLHQWR DO DUWtFXOR GHO $FXHUGR *XEHUQDWLYR GHO 5HJODPHQWR
3DUD HO &RQWURO 6DQLWDULR GH ORV 0HGLFDPHQWRV \ 3URGXFWRV $ILQHV /D 8QLGDG GH
$XWRUL]DFLRQHV 6DQLWDULDV GHO 'HSDUWDPHQWR GH &RQWURO \ 5HJXODFLyQ GH 3URGXFWRV
)DUPDFpXWLFRV\$ILQHVKDUHYLVDGR\DFWXDOL]DGROD/LVWDGHVXVWDQFLDVPHGLFLQDOHVFRQ
PRGDOLGDG GH YHQWD OLEUH ODV FXDOHV VH FRQVLGHUDQ HILFDFHV \ VHJXUDV SDUD VHU
DXWRPHGLFDGDV HQ HO DOLYLR GH PDOHVWDUHV FRPXQHV R SUREOHPDV PHQRUHV TXH VH
SUHVHQWDQ IUHFXHQWHPHQWH HQ OD YLGD GH OD SREODFLyQ \ FX\D SHUVLVWHQFLD R WLHPSR GH
XWLOL]DFLyQHVQRSURORQJDGR
'LFKD /LVWD HVWi FRQIRUPDGD SRU GLHFLQXHYH JUXSRV IDUPDFROyJLFRV GLIHUHQWHV FRQ
LQIRUPDFLyQ VREUH 3ULQFLSLRV DFWLYRV FRQFHQWUDFLRQHV SHUPLWLGDV IRUPDV IDUPDFpXWLFDV
SHUPLWLGDV SUHFDXFLRQHV DGYHUWHQFLDV FRQWUDLQGLFDFLRQHV \ OH\HQGDV HVSHFLDOHV TXH
GHEH FRQWHQHU HO HWLTXHWDGR SDUD TXH HO SURGXFWR VHD DGHFXDGDPHQWH XWLOL]DGR SRU HO
SDFLHQWH 6H DQH[D ODV UHIHUHQFLDV ELEOLRJUiILFDV TXH VLUYLHURQ GH EDVH SDUD VX
HODERUDFLyQ
(VWD /LVWD VROR HV DSOLFDEOH D 3URGXFWRV )DUPDFpXWLFRV FRQ PRGDOLGDG GH 9HQWD /LEUH
7RGRV ORV FDVRV QR FRQWHPSODGRV HQ HVWD QRUPDWLYD GHEHUiQ VHU DQDOL]DGRV SRU OD
&RPLVLyQ$VHVRUDGH0HGLFDPHQWRV
'HSDUWDPHQWRGH5HJXODFLyQ\&RQWUROGH3URGXFWRV)DUPDFpXWLFRV\DILQHV
8QLGDGGH$XWRUL]DFLRQHV6DQLWDULDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
/,67$35238(67$'(352'8&7260(',&,1$/(6&2102'$/,'$''(9(17$
/,%5(
3DUDHIHFWRVGHODSUHVHQWHOLVWDVHHQWHQGHUiSRU
352'8&72'(9(17$/,%5(
6HJ~Q HO DUWtFXOR LQFLVR GHO 5HJODPHQWR SDUD HO FRQWURO 6DQLWDULR GH ORV
0HGLFDPHQWRV \ 3URGXFWRV $ILQHV VH GHILQH FRPR 352'8&72 '( 9(17$ /,%5( ³/D
HVSHFLDOLGDGIDUPDFpXWLFDDXWRUL]DGDSDUDFRPHUFLDOL]DUVHVLQSUHVFULSFLyQPpGLFD\TXH
SXHGHVHUREMHWRGHSXEOLFLGDGRSURPRFLyQSRUPHGLRVPDVLYRV´
6HJ~Q HO DUWtFXOR GHO 5HJODPHQWR SDUD HO &RQWURO 6DQLWDULR GH ORV 0HGLFDPHQWRV \
3URGXFWRV$ILQHVSXHGHQDXWRUL]DUVHHVSHFLDOLGDGHVIDUPDFpXWLFDVEDMRODPRGDOLGDGGH
YHQWDOLEUHFXDQGR
• 6HDQ HILFDFHV \ VHJXUDV SDUD VHU DXWRPHGLFDGDV HQ HO DOLYLR GH VtQWRPDV GH
SUREOHPDVPHQRUHV\XWLOL]DGRVSRUWLHPSRVFRUWRV
• 6HDQ IRUPDV IDUPDFpXWLFDV GH IiFLO PDQHMR DOPDFHQDPLHQWR \ TXH QR VHDQ
DGPLQLVWUDGDVSRUYtDSDUHQWHUDO
• 6XGRVLILFDFLyQWHUDSpXWLFDVHDGHEDMRULHVJR
• 6HDQ PRQRIiUPDFRV R DVRFLDFLRQHV FRQ tQGLFH ULHVJREHQHILFLR VXVWHQWDGR HQ
ELEOLRJUDItDV
DFHSWDEOHV
• 1R VH GHVWLQHQ D OD SUHYHQFLyQ R FXUDFLyQ GH SDWRORJtDVTXHUHTXLHUDQGLDJQyVWLFRR
SUHVFULSFLyQIDFXOWDWLYDDVtFRPRDTXHOODVRWUDVSDWRORJtDVTXHGHWHUPLQHHO0LQLVWHULR
GH6DOXG
• (VWpQ GHVWLQDGDV D OD SUHYHQFLyQ DOLYLR R WUDWDPLHQWR GH VtQGURPHV R VtQWRPDV
PHQRUHV
• 6H IRUPXOHQ FRQ ODV VXVWDQFLDV PHGLFLQDOHV H[SUHVDPHQWH HVWDEOHFLGDV SRU HO
0LQLVWHULRGH6DOXGHQXQDOLVWDSRVLWLYDODFXDOVHUiDFWXDOL]DGDSHULyGLFDPHQWH
• +D\DQ GHPRVWUDGR VHU VHJXUDV \ HILFDFHV SDUD OD LQGLFDFLyQ WHUDSpXWLFD
FRUUHVSRQGLHQWH
(VWDV VXVWDQFLDV PHGLFLQDOHV SXHGHQ SURPRFLRQDUVH OLEUHPHQWH HQ ORV PHGLRV GH
FRPXQLFDFLyQ VRFLDO FRQ SUHYLD DXWRUL]DFLyQ GHO 'HSDUWDPHQWR GH &RQWURO \ 5HJXODFLyQ
GH3URGXFWRV)DUPDFpXWLFRV\$ILQHVSRUHOORVHOHVFRQRFHWDPELpQFRPRPHGLFDPHQWRV
SXEOLFLWDULRV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&5,7(5,263$5$(/0$1(-2'((7,48(7$'2(,16(57263$5$352'8&726
'(9(17$/,%5(
3DUDHOIiFLOPDQHMRGHHVWDOLVWDORVPHGLFDPHQWRVVHKDQDJUXSDGRVHJ~QVXXWLOL]DFLyQ
\ VH FLWDQ FRQ VX GHQRPLQDFLyQ FRP~Q LQWHUQDFLRQDO '&, 3DUD HVWRV PHGLFDPHQWRV VH
GHEHUiLQIRUPDUFRQFODULGDGODIRUPDGHXWLOL]DUORVDGYHUWHQFLDV\ULHVJRVGHXVR
/DLQIRUPDFLyQVHUiGLULJLGDDOSDFLHQWHFRQOHQJXDMHFODUR\VHQFLOORSDUDTXHpVWHSXHGD
HQWHQGHU\VHOHIDFLOLWHHOXVRDGHFXDGRGHOPHGLFDPHQWR
/DLQIRUPDFLyQTXHOOHYDUiVHUiODVLJXLHQWH
• 1RPEUH&RPHUFLDOGHOSURGXFWR
• 1RPEUHJHQpULFR'&,GHEDMRGHOQRPEUHFRPHUFLDO
• &RQFHQWUDFLyQ
• ,QGLFDFLRQHV
• )RUPD)DUPDFpXWLFD
• &RQWHQLGRGHOHQYDVH
• &RPSRVLFLyQSRUFDGDXQLGDGGHGRVLV
• 9tDGH$GPLQLVWUDFLyQ
• 'RVLV\IRUPDGHSUHSDUDU\DGPLQLVWUDU
• 'XUDFLyQGHOWUDWDPLHQWR
• $GYHUWHQFLDV
• 3UHFDXFLRQHVFRQpQIDVLVHQHPEDUD]DGDVODFWDQWHVQLxRV\DQFLDQRV
• &RQWUDLQGLFDFLRQHV
• (IHFWRV$GYHUVRV
• ,QWHUDFFLRQHV
• &RQGLFLRQHVGHDOPDFHQDPLHQWR
• ,QIRUPDFLyQ\OH\HQGDVUHJODPHQWDULDVHVSHFLDOHV
³352'8&72 0(',&,1$/ 0$17(1*$6( )8(5$ '(/ $/&$1&( '( /26
1,f26´
12'(5(*,67526$1,7$5,2
)(&+$'(9(1&,0,(172
12'(/27(
120%5('(/)$%5,&$17(<3$,6'()$%5,&$&,21
/RV SURGXFWRV GH YHQWD OLEUH GHEHUiQ FRQVLJQDU HQ HO HWLTXHWDGR GHO HQYDVH
SULPDULR VL QR WLHQHQ HQYDVH VHFXQGDULR R HQ HO HQYDVH VHFXQGDULR VL QR WLHQHQ
LQVHUWRVXVLQGLFDFLRQHVSUHFDXFLRQHVFRQWUDLQGLFDFLRQHVGRVLV\DGYHUWHQFLDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&ULWHULRVSDUDHYDOXDFLyQGHSURGXFWRVPHGLFLQDOHVGHYHQWDOLEUH
$17,$&,'26
)RUPDVIDUPDFpXWLFDVVyOLGDV\OtTXLGDV
0HGLFDPHQWRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
35(&$8&,21(6
FRPSRVLFLyQ
9
%LFDUERQDWRGHVRGLR 6LORVVtQWRPDV
,QVXILFLHQFLD
SHUVLVWHQFRQHOXVRGH KHSiWLFDHQ
9
&DUERQDWRGHFDOFLR HVWHPHGLFDPHQWRSRU
WUDWDPLHQWRV
PiVGHVHPDQDV
SURORQJDGRV
9
6DOHVGHDOXPQLR
VXVSpQGDVH\FRQVXOWH
DOPpGLFR
3DFLHQWHVJHULDWULFRV
9
6DOHVGHPDJQHVLR
RGHELOLWDGRV
(QFDVRGH
9
&RPELQDFLRQHVGH
DGPLQLVWUDUVHFRQRWURV DPEDV
VDOHVGHDOXPLQLR\
PHGLFDPHQWRVGHEH
SUHFDXFLRQHVSDUD
PDJQHVLR
FRQVXOWDUDOPpGLFR
SUHSDUDGRVGH
PDJQHVLRKLGUy[LGR
9
&RPELQDFLRQHV
GHPDJQHVLR
GLYHUVDVFRQ
7yPHVHKRUDDQWHVR KLGUy[LGRGH
VLPHWLFRQD
KRUDVGHVSXpVGHODV DOXPLQLR
FRPLGDV
9
6DOHVGHELVPXWR
(QFDVRGHGRORU
9
&RPELQDFLRQHVGH
DEGRPLQDOLQWHQVRQR
FDUERQDWRGHFDOFLRH VLQFRQVXOWDUORDQWHVFRQ
KLGUy[LGRGH
HOPpGLFR
PDJQHVLR
/RVSURGXFWRVTXH
FRQWHQJDQHQVXIyUPXOD
ELFDUERQDWRGHVRGLR
GHEHQFRQVLJQDUOD
VLJXLHQWHOH\HQGD1R
WRPDUHVWHSURGXFWR
FXDQGRHOHVWyPDJR
HVWpGHPDVLDGROOHQRGH
FRPLGDRGHOtTXLGR
/RVSURGXFWRVTXH
FRQWHQJDQVXEVDOLFLODWR
GHELVPXWRHQVX
IySUPXODGHEHQ
FRQVLJQDUODVOH\HQGDV
3RUVXFRQWHQLGRGH
VDOLFLODWRVSXHGH
SURGXFLUUHDFFLRQHV
DOpUJLFDVRDVPD
&2175$,1',&$&,21
(6
1LxRVPHQRUHVGH
DxRV
3DUDSUHSDUDGRVFRQ
VXEVDOLFLODWRGH
ELVPXWR
,QVXILFLHQFLDUHQDO
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&2$'<89$17(6(1(/75$7$0,(172'(/$',$55($
6$/(6'(5(+,'5$7$&,2125$/)2508/$206
)RUPDV)DUPDFpXWLFDVVyOLGDVSROYR\JUDQXODGRHQVREUHVR
)UDVFRVFRQVROXFLRQHVXWLOL]DGDVHQFDVRGHGLDUUHDOHYHPRGHUDGD
652%,&$5%21$72
J/
'HEHUiLQGLFDUHQORVHPSDTXHV
&ORUXURGHVRGLR1D&,
KRUDVGHVSXpVGHSUHSDUDGDOD
PH]FODGHVHFKDUHOVREUDQWH
%LFDUERQDWRVyGLFRFDUERQDWR
PRQRVyGLFR1D+&2
&RQVHUYDUHQOXJDUIUHVFR
&ORUXURGHSRWDVLR.&,
,QVWUXFFLRQHVGHSUHSDUDFLyQ
*OXFRVDDQKLGUD&+2
7RWDO
&2$'<89$17(6(1(/75$7$0,(172'(/$',$55($
6$/(6'(5(+,'5$7$&,2125$/)2508/$206
)RUPDV)DUPDFpXWLFDVVyOLGDVSROYR\JUDQXODGRHQVREUHV
652&,75$72
J/
'HEHUiLQGLFDUHQORVHPSDTXHV
&ORUXURGHVRGLR1D&,
KRUDVGHVSXpVGHSUHSDUDGDOD
PH]FODGHVHFKDUHOVREUDQWH
&LWUDWRWULVyGLFRGLKLGUDWR&+1D2
&RQVHUYDUHQOXJDUIUHVFR
+2
&ORUXURGHSRWDVLR.&,
,QVWUXFFLRQHVGHSUHSDUDFLyQ
*OXFRVDDQKLGUD&+2
7RWDO
/D JOXFRVD DQKLGUD SXHGH VXVWLWXLUVH SRU VDFDURVD J/ R SRU JOXFRVD
PRQRKLGUDWDGDJ/VLODPH]FDOHVWiGHVWLQDGDDOXVRLQPHGLDWRVLHVDVPH]FODVVH
DOPDFHQDQGXUDQWHDOJ~QWLHPSRSXHGHQGHWHULRUDUVHGHELGRDOPD\RUFRQWHQLGRGHDJXD
TXHSXHGHQWHQHUODVDFDURVDRODJOXFRVD
/DPRGDOLGDGGHOSUHSDUDGRGHEHVHUHQORVUDQJRV
*OXFRVD
'HEH VHU LJXDO SRU OR PHQRV D OD GH VRGLR SHUR QR
GHEHVXSHUDUPPRO/
6RGLR
'HEHVHULJXDOHQODJDPDGHDPPRO/
3RWDVLR
'HEHVHULJXDOHQODJDPDGHDPPRO/
'HEHVHULJXDOGHDPPRO/
&LWUDWR
'HEHVHULJXDOGHDPPRO/
%LFDUERQDWR
&ORUXUR
'HEHVHULJXDOHQODJDPDGHDPPRO/
&RQFHQWUDFLyQ
7RWDO
GH ,QFOXLGDODJOXFRVDGHEHVHUHQODJDPDGHD
VXVWDQFLDV
PPRO/
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$17,',$55(,&26
)RUPDIDUPDFpXWLFDVyOLGDV\OtTXLGDV
0HGLFDPHQWRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
&2175$,1',&$&,21(6
FRPSRVLFLyQ
9 /RSHUDPLGD
/DUHKLGUDWDFLyQRUDOHV
1LxRVPHQRUHVGHDxRV
REOLJDWRULDHQWRGRFDVRGH
FRQVXOWDUDOPpGLFR
9 3HFWLQD
GLDUUHD
+LSHUVHQVLELOLGDGDO
1RXVDUSRUPiVGHGtDVD
IiUPDFR
PHQRVTXHVHDLQGLFDGRSRUHO
(VWRVPHGLFDPHQWRVHVWiQ
LQGLFDGRVSDUDHOWUDWDPLHQWR PpGLFR
(PEDUD]R\ODFWDQFLDVyOR
VLQWRPiWLFRGLDUUHDOHYHR
SRULQGLFDFLyQPpGLFD
PRGHUDGD
&RQVXOWDUDOPpGLFRVLVH
SUHVHQWDILHEUH
1RDGPLQLVWUDUDQLxRVPHQRUHV
GHDxRVGHHGDG
,QGLFDUHOQ~PHURPi[LPRGH
FXFKDUDGDVSDUDXQSHUtRGRGH
KRUDV
(QSUHSDUDFLRQHVDEDVHGH
/RSHUDPLGDVHGHEHFRQVLJQDUOD
VLJXLHQWHOH\HQGD³1RH[FHGHU
GHFXFKDUDGLWDVRWDEOHWDVHQ
KRUDVVLQLQGLFDFLyQPpGLFD
'LDUUHDJUDYHFRQVXOWDUDO
PpGLFRLQPHGLDWDPHQWH
352'8&7263$5$$/,9,$5/266,1720$6'(/5(6)5,$'2</$*5,3(
)RUPDVIDUPDFpXWLFDVVyOLGDV\OtTXLGDV
3UHSDUDGRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21
FRPSRVLFLyQ
(6
1RH[FHGHUOD
$OFRKROLVPR
+LSHUVHQVLELOLGDGDORV
$&(7$0,12)(1
9HU'RVLVHQ&XDGUR
GRVLVPi[LPD
$,1(6
1R
UHFRPHQGDGD
(QIHUPHGDG
KHSiWLFD
1LxRVPHQRUHVGH
1RDGPLQLVWUDUSRU DxRVVRORSUHVFULSFLyQ
PiVGHGtDVHQ
,QVXILFLHQFLDUHQDO
PHGLFD
QLxRVRPiVGH HQDGXOWRVSRU
GRORURSRUPiVGH
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
352'8&7263$5$$/,9,$5/266,1720$6'(/5(6)5,$'2</$*5,3(
)RUPDVIDUPDFpXWLFDVVyOLGDV\OtTXLGDV
3UHSDUDGRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21
FRPSRVLFLyQ
(6
GtDVVLSHUVLVWHOD
ILHEUH
/DDGPLQLVWUDFLyQ
GHGRVLV\RSRU
WLHPSRSURORQJDGR
SXHGHRFDVLRQDU
OHVLRQHVKHSiWLFDV
\UHQDOHV
1RDGPLQLVWUDUDQLxRV
1RH[FHGHUOD
$VPD
,%8352)(1
9HU'RVLVHQ&XDGUR
GRVLVPi[LPD
PHQRUHVGHDxRVGH
HGDG
1R
UHFRPHQGDGD
/DFWDQFLD
(QIHUPHGDG
+LSHUVHQVLELOLGDGDORV
1RDGPLQLVWUDUSRU KHSiWLFDH
$,1(6
PiVGHGtDV
LQVXILFLHQFLDUHQDO
*DVWULWLVR~OFHUD
FRQVHFXWLYRVHQ
\RFDUGtDFD
QLxRVRPiVGH SpSWLFD
GHGtDVHQDGXOWRV VLSHUVLVWHHOGRORU 3DFLHQWHVFRQ
7HUFHUWULPHVWUHGHO
RSRUPiVGH
WUDVWRUQRVGH
HPEDUD]R
GtDVVLSHUVLVWHOD
FRDJXODFLyQ
ILHEUH
/DDGPLQLVWUDFLyQ
GHGRVLVDOWDV\R
SRUWLHPSR
SURORQJDGRSXHGH
RFDVLRQDUOHVLRQHV
KHSiWLFDV\
UHQDOHV
1RH[FHGHUOD
(QIHUPHGDG
1RDGPLQLVWUDUDQLxRV
$&,'2
GRVLVPi[LPD
KHSiWLFDH
PHQRUHVGHDxRVGH
$&(7,/6$/,&,/,&2
9HU'RVLVHQ&XDGURV
UHFRPHQGDGD
LQVXILFLHQFLDUHQDO
HGDG
1R\
\RFDUGtDFD
+LSHUVHQVLELOLGDGDORV
$,1(6\DORV
1RDGPLQLVWUDUSRU PiVGHGtDV
3DFLHQWHVFRQ
VDOLFLODWRV
FRQVHFXWLYRVHQ
WUDVWRUQRVGH
QLxRVRPiVGH FRDJXODFLyQ
*DVWULWLVR~OFHUD
GHGtDVHQDGXOWRV SpSWLFD
VLSHUVLVWHHOGRORU
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
352'8&7263$5$$/,9,$5/266,1720$6'(/5(6)5,$'2</$*5,3(
)RUPDVIDUPDFpXWLFDVVyOLGDV\OtTXLGDV
3UHSDUDGRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21
FRPSRVLFLyQ
(6
RSRUPiVGH
7HUFHUWULPHVWUHGHO
GtDVVLSHUVLVWHOD
HPEDUD]R
ILHEUH
+HPRUUDJLD
/DDGPLQLVWUDFLyQ
GHGRVLVDOWDV\R
1RDGPLQLVWUDUHQQLxRV
SRUWLHPSR
PHQRUHVGHDxRV
SURORQJDGRSXHGH
FRQJULSHUHVIULDGRR
RFDVLRQDUOHVLRQHV
YDULFHODSRUVX
KHSiWLFDV\
DVRFLDFLyQFRQHO
6tQGURQPHGH5H\H
UHQDOHV
6XVSpQGDVHVX
XVRGtDVDQWHV
GHFXDOTXLHU
SURFHGLPLHQWR
TXLU~UJLFR
(VWHSURGXFWR
1RDGPLQLVWUDUDQLxRV
1RFRQVXPLU
$17,+,67$0,1,&26
9HUGRVLVHQFXDGUR1R SXHGHSURGXFLU
EHELGDVDOFRKyOLFDV PHQRUHVGHDxRVGH
VRPQROHQFLD
HGDG
QLRWURVSURGXFWRV
VHGDFLyQ
VHGDQWHVGXUDQWHHO FRQIXVLyQPHQWDO
$OFRKROLVPR
WUDWDPLHQWR
GLVPLQXFLyQGHOD
FDSDFLGDGGH
+LSHUVHQVLELOLGDGDO
3HUVRQDVTXH
FRQFHQWUDFLyQ\GH UHDOLFHQWUDEDMRV
PHGLFDPHQWR
ODDFWLYLGDGUHIOHMD TXHLPSOLTXHQ
(PEDUD]R\ODFWDQFLD
FRRUGLQDFLyQ\
HVWDGRVGHDOHUWD
1RH[FHGHUOD
PHQWDOFRPR
GRVLVPi[LPD
PDQHMRGH
UHFRPHQGDG(VWH YHKtFXORV\RWURWLSR
SURGXFWRDXPHQWD GHPDTXLQDULD
ORVHIHFWRVGH
DXWRPRWUL]
DOFRKRO\GHRWUDV
VXVWDQFLDVTXH
DIHFWDQHOVLVWHPD
QHUYLRVRFHQWUDO
6LHVWiEDMR
WUDWDPLHQWR
PpGLFRFRQVXOWH
DQWHVGHWRPDU
HVWHPHGLFDPHQWR
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
352'8&7263$5$$/,9,$5/266,1720$6'(/5(6)5,$'2</$*5,3(
)RUPDVIDUPDFpXWLFDVVyOLGDV\OtTXLGDV
3UHSDUDGRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21
FRPSRVLFLyQ
(6
6LORVVtQWRPDVQR
PHMRUDQHQXQD
VHPDQDR
HPSHRUDQ
FRQVXOWHDOPpGLFR
1RH[FHGHUGHOD
1RDGPLQLVWUDUDQLxRV
'(6&21*(67,21$17 1RH[FHGHUOD
GRVLVGLDULD
PHQRUHVGHDxRVGH
(61$6$/(6
GRVLVPi[LPD
UHFRPHQGDGD
HGDG
UHFRPHQGDGD
8VR2UDO
+LSHUVHQVLELOLGDGDO
9HUGRVLVHQ&XDGUR
&RQVXOWDUDO
PHGLFDPHQWR
1R
PpGLFRVLSDGHFH
HQIHUPHGDGFRURQDULD
GHOFRUD]yQ
KLSHUWHQVLyQVHYHUD
KLSHUWHQVLyQ
DUWHULDOGLDEHWHVR
DJUDQGDPLHQWR
(PEDUD]R\ODFWDQFLD
SURVWiWLFR
6LORVVtQWRPDVQR
PHMRUDQHQGtDV
RHPSHRUDQR
DSDUHFHILHEUH
FRQVXOWDUFRQHO
PpGLFR
1LxRVPHQRUHVGH
'(6&21*(67,21$17 1RXWLOL]DUPiVGH 0XMHUHV
HPEDUD]DGDVRHQ DxRV
(61$6$/(6
GtDVVLQ
FRQVXOWDUFRQHO
SHUtRGRGH
8VR7ySLFR
ODFWDQFLDVDOYR
PpGLFR
9HUGRVLVHQ&XDGUR
SUHVFULSFLyQ
1R
(OXVRIUHFXHQWHR PpGLFD
SURORQJDGRSXHGH
HPSHRUDUOD
FRQJHVWLyQQDVDO
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&XDGUR1R
$1$/*(6,&26<$17,3,5(7,&2662/26
'26,63(',$75,&$65(&20(1'$'$63$5$$&(7$0,12)(1<$63,5,1$&202
$17,3,5(7,&2
3(62&25325$/
('$'$f26
'26,6PJ&$'$ 0$;,02325',$
+25$6
$&(7$0,12)(1
3UHVFULSFLyQPpGLFD
±PJ.J
D
D
D
D
D
$GXOWRV
$63,5,1$
3UHVFULSFLyQPpGLFD
±PJ.J
D
D
D
D
D
$GXOWRV
'RVLVLQGLYLGXDOHVSXHGHQVHUUHSDUWLGDVGHDKRUDVVHJ~QODQHFHVLGDGDUULEDGH
DGRVLVSRUGtD1RH[FHGHUGHGRVLVHQKRUDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&XDGUR1R
$1$/*(6,&26<$17,3,5(7,&2662/26
'26,6'(6$/,&,/$726'(9(17$/,%5(3$5$$'8/726
$*(17(
)250$
'26,6868$/
'26,60$;,0$
)$50$&(87,&$
$'8/726
$63,5,1$
7DEOHWDVWDEOHWDV
DPJWUHV
HIHUYHVFHQWHV
GRVLVGHPJR
PJGtD
WDEOHWDVFRQFXELHUWD PJGRVGRVLV
HQWpULFDWDEOHWDV
GHPJFDGD
KRUDV
EXIHUL]DGDV\
WDEOHWDVPDVWLFDEOHV
1RH[FHGHUGH
6DOLFLODWRGHPHWLOR
6ROXFLyQRUDO
PJFDGDKUV
PJP/
GRVLVGLDULDV
PJFDGDKUVR
6DOLFLODWRGH
7DEOHWDV\
PDJQHVLR
PJ
PJYHFHVDO
GtD
6DOLFLODWRGHVRGLR
7DEOHWDVFRQFXELHUWD PJFDGDKUV
HQWpULFD\
PJ
'RVLVLQGLYLGXDOHVSXHGHQVHUUHSDUWLGDVGHDKRUDVVHJ~QODQHFHVLGDGDUULEDGH
DGRVLVSRUGtD1RH[FHGHUGHGRVLVHQKRUDV
&XDGUR1R
$1$/*(6,&26<$17,3,5(7,&2662/26
'26,65(&20(1'$'$6'(,%8352)(1&202$1$/*(6,&2<$17,3,5(7,&2
6(*Ò1('$'(6
('$'
'26,6
'26,60$;,0$
0(6(6±$f26
PJ.J
PJ.JHQKRUDV
!$f26
DPJFDGDKRUDV
PJHQKRUDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&XDGUR1R
'26,65(&20(1'$'$'($17,+,67$0,1,&26'(9(17$/,%5(6(*Ò1('$'(6
DDxRV
DDxRV
$GXOWRV!DxRV
&ORUKLGUDWRGH
PJFKUV
PJFKUV
PJFKUV
PJGtD
PJGtD
PJGtD
GLIHQKLGUDPLQD
PJFKUV PJFKUV
PJFKUV
&LWUDWRGH
PJGtD
PJGtD
GLIHQKLGUDPLQD
PJGtD
PJF
PJF
PJF
6XFFLQDWRGH
KUVPJGtD
KUVPJGtD
KUVPJGtD
GR[LODPLQD
PJFKUV
PJFKUV
PJFKUV
0DOHDWRGH
PJGtD
&ORUIHQLUDPLQD
PJGtD
PJGtD
PJF PJF
PJFKUV
0DOHDWRGH
PJGtD
IHQLODPLQD
KUVPJGtD
KUVPJGtD
PJFKUV
PJFKUV
PJFKUV
0DOHDWRGH
PJGtD
PJGtD
%URPIHQLUDPLQD
PJGtD
&XDGUR1R
'26,65(&20(1'$'$3$5$'(6&21*(67,21$17(61$6$/(69,$25$/
0HGLFDPHQWR
$GXOWRV!DxRV
1LxRVDDxRV 1LxRVDDxRV
PJFDGDKRUDV
)HQLOHIULQD
PJFDGDKRUDV PJFDGDKRUDV
P/
PJ
PJ
)HQLOSURSDQRODPLQD
PJFDGDKRUDV PJFDGD
PJFDGD
RPJFDGD
KRUDVRPJFDGD KRUDVRPJ
FDGDKRUDV
KRUDV
KRUDVPJ
3UVHXGRHIHGULQD
PJ
PJFDGDKRUDV PJFDGDKRUDV PJ
PJ
PJFDGDKRUDV
PJ
(VWDVGRVLVQRVRQUHFRPHQGDGDVSDUDQLxRVPHQRUHVGHDxRVGHHGDGH[FHSWR\
EDMRHOFRQVHMR\VXSHUYLVLyQGHXQPpGLFR
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&XDGUR1R
'26,65(&20(1'$'$3$5$'(6&21*(67,21$17(61$6$/(69,$723,&$
0HGLFDPHQWRV
$GXOWRV!
1LxRVDDxRV 1LxRVDDxRV
DxRV
(IHGULQD
JRWDVVSUD\V JRWDVVSUD\V
E
QRPiVGHF
QRPiVGHF
KRUDV
KRUDV
1DID]ROLQD
F
JRWDVVSUD\V F
QR
G
PiVGHFKRUDV JRWDVVSUD\V
JRWDVVSUD\V QR
2[LPHWD]ROLQD
QR
PiVGHFKRUDV
H
PiVGHFKRUDV JRWDVVSUD\V JRWDVVSUD\V
JRWDVVSUD\V YHFHVDOGtD$0
YHFHVDOGtD$0
YHFHVDOGtD
30
30
)HQLOHIULQD
$030
JRWDVVSU\DV JRWDVVSUD\V YHFHVDOGtD$0
I
YHFHVDOGtD
30
$030
J
I
JRWDVVSUD\V QR
JRWDVVSUD\V
JRWDVVSUD\V
PiVGHFKRUDV QR
QR
3URSLOKHVHGULQD B
JRWDVVSUD\V PiVGHFKRUDV
PiVGHFKRUDV
QR
PiVGHFKRUDV JRWDVVSUD\V
K
7HWUDKLGUR]ROLQD QR
JRWDVVSUD\V PiVGHFKRUDV
QR
L
PiVGHFKRUDV LQKDODFLRQHVQR PiVGHFKRUDV
JRWDVVSUD\V
;LORPHWD]ROLQD
LQKDODFLRQHV
QR
QR
JRWDVVSUD\V
PiVGHFKRUDV
PiVGHFKRUDV QR
PiVGHFKRUDV
M
JRWDVVSUD\V JRWDVVSUD\V
QR
QR
JRWDVVSUD\V
PiVGHFKRUDV PiVGHFKRUDV
QR
JRWDVVSUD\V PiVGHFKUV
QR
M
PiVGHFKRUDV JRWDVVSUD\V
JRWDVVSUD\V QR
QR
PiVGHFKUV
PiVGHF
KUV
JRWDVVSUD\V
QR
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&XDGUR1R
'26,65(&20(1'$'$3$5$'(6&21*(67,21$17(61$6$/(69,$723,&$
0HGLFDPHQWRV
$GXOWRV!
1LxRVDDxRV 1LxRVDDxRV
DxRV
PiVGHF
KUV
(VWDVGRVLVQRVRQUHFRPHQGDGDVSDUDQLxRVPHQRUHVGHDxRVGHHGDGH[FHSWR
EDMRHOFRQVHMR\VXSHUYLVLyQGHXQPpGLFR
([FHSWREDMRODDGYHUWHQFLD\VXSHUYLVLyQGHXQPpGLFRODVVLJXLHQWHVGURJDV\VXV
FRQFHQWUDFLRQHVQRVRQUHFRPHQGDGDVSDUDORVQLxRVGHODVHGDGHVHVSHFLILFDGDV
E(IHGULQDDxRVJ)HQLOHIULQD
DxRV
F1DID]ROLQDDxRVK3URS\OKH[HGULQD
DxRV
G1DID]ROLQDDxRVL7HWUDKLGUR]ROLQD
DxRV
H2[LPHWD]ROLQDDxRVM;LORPHWD]ROLQD
DxRV
I)HQLOHIULQDDxRV
352'8&7263$5$$/,9,$5/266,1720$6'(/5(6)5,2</$*5,3(
&20%,1$&,21(6
)RUPDVIDUPDFpXWLFDV6yOLGDV\OtTXLGDVRUDOHV
6($&(37$1
126($&(37$1
&RPELQDFLRQHV GH VXVWDQFLDV GHO
&RPELQDFLRQHVTXHFRQWHQJDQ
PLVPRJUXSRIDUPDFROyJLFR
~QLFDPHQWHVXVWDQFLDVGHORVVLJXLHQWHV
JUXSRVIDUPDFROyJLFRV
FRPELQDFLRQHVGHSULQFLSLRVDFWLYRV
D $QWLWXVtJHQRV
FRQ
DFFLRQHV
IDUPDFROyJLFDV
E 'HVFRQJHVWLRQDQWHVQDVDOHV
DQWDJyQLFDV
F ([SHFWRUDQWHV
G 0XFROtWLFRV
H $QDOJpVLFRVGHO$,1(6
VRODPHQWH3DUDFHWDPRO
,EXSURIHQ\$FLGR$FHWLOVDOLFLFR
&RPELQDFLRQHVTXHFRQWHQJDQ
~QLFDPHQWHVXVWDQFLDVGHORVJUXSRV
IDUPDFROyJLFRVDQWHULRUPHQWHGHVFULWRV
FRQXQDQWLKLVWDPtQLFR
6HUHFRPLHQGDQFRPELQDFLRQHVDGRVLV
ILMDVGHQRPiVGHSULQFLSLRVDFWLYRV
GHGHORVJUXSRVIDUPDFROyJLFRV
VHxDODGRV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
352'8&7263$5$(/5(6)5,$'2</$*5,3(
3UHSDUDGRVTXH
FRQWHQJDQHQVX
$'9(57(1&,$6
35(&$8&,21(6
&2175$,1',&$&,21
FRPSRVLFLyQ
(6
1RDGPLQLVWUDUDQLxRV
'(;7520(725)$12 (VWHSURGXFWRSXHGH 1RFRQVXPLU
SURGXFLU
EHELGDVDOFRKyOLFDV PHQRUHVGHDxRVGH
VRPQROHQFLD
HGDG
QLRWURVSURGXFWRV
VHGDFLyQFRQIXVLyQ VHGDQWHVGXUDQWHHO PHQWDOGLVPLQXFLyQ WUDWDPLHQWR
$OFRKROLVPR
GHODFDSDFLGDGGH
FRQFHQWUDFLyQ\GH
3HUVRQDVTXH
+LSHUVHQVLELOLGDGDO
ODDFWLYLGDGUHIOHMD
UHDOLFHQWUDEDMRVTXH PHGLFDPHQWR
LPSOLTXHQ
FRRUGLQDFLyQ\
(PEDUD]R\ODFWDQFLD
1RH[FHGHUODGRVLV HVWDGRVGHDOHUWD
Pi[LPD
PHQWDOFRPR
1RDGPLQLVWUDUHVWH
UHFRPHQGDGD(VWH PDQHMRGHYHKtFXORV SURGXFWRSRUWRV
SURGXFWRDXPHQWR
SHUVLVWHQWHRFUyQLFD
\RWURWLSRGH
ORVHIHFWRVGH
FRPRRFXUUHFRQIXPDU
PDTXLQDULD
DOFRKRO\GHRWUDV
DXWRPRWUL]
DVPDRHQILVHPDRVL
VXVWDQFLDVTXH
ODWRVHVWi
DIHFWDQHOVLVWHPD
DFRPSDxDGDSRUPRFR
QHUYLRVRFHQWUDO
H[FHVLYR
6LHVWiEDMR
WUDWDPLHQWRPpGLFD
FRQVXOWHDQWHVGH
WRPDUHVWH
PHGLFDPHQWR
6LORVVtQWRPDVQR
PHMRUDQHQXQD
VHPDQDR
HPSHRUDQFRQVXOWH
DVXPpGLFR
1RDGPLQLVWUDUPiV 3HUVRQDVFRQ
1RDGPLQLVWUDUDQLxRV
)(1,/3523$12/$0,
GHPJDOGtD\QR DQWHFHGHQWHV
PHQRUHVGHDxRVGH
1$
PiVGHGtDV
IDPLOLDUHVGH
HGDG
REHVLGDG
(QFDVRGHH[LVWLU
KLSHUWHQVLyQR
+LSHUVHQVLELOLGDGDO
GXGDVR
SUREOHPDV
PHGLFDPHQWR
FRPSOLFDFLRQHV
FDUGLRYDVFXODUHV
HQIHUPHGDGFRURQDULD
FRQVXOWDUDVX
DVRFLDGRV
KLSHUWHQVLyQVHYHUD
PpGLFR
/RVSURGXFWRVFRQ
(PEDUD]R\ODFWDQFLD
6LHVWiEDMR
IHQLOSURSDQRODPLQD
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
3UHSDUDGRVTXH
FRQWHQJDQHQVX
FRPSRVLFLyQ
$17,786,92
9HU&XDGUR1R
352'8&7263$5$(/5(6)5,$'2</$*5,3(
$'9(57(1&,$6
35(&$8&,21(6
&2175$,1',&$&,21
(6
WUDWDPLHQWRPpGLFR VRQGHXVRGHOLFDGR
FRQVXOWHDQWHVGH
VREUHWRGRHQ
WRPDUHVWH
SHUtRGRV
PHGLFDPHQWR
SURORQJDGRV
(VWHSURGXFWR
³&RQWLHQH
)HQLOSURSDQRODPLQD´
QRPEUHFRPSOHWR
UHVDOWDGRQRHQ
VLJODV
1RH[FHGHUODGRVLV 1RH[FHGHUODGRVLV 1RDGPLQLVWUDUDQLxRV
Pi[LPD
GLDULDUHFRPHQGDGD PHQRUHVGHDxRVGH
UHFRPHQGDGD
HGDG
+LSHUVHQVLELOLGDGDO
PHGLFDPHQWR
(PEDUD]R
1RDGPLQLVWUDUHVWH
SURGXFWRSRUWRV
SHUVLVWHQWHRFUyQLFD
FRPRRFXUUHFRQIXPDU
DVPDRHQILVHPDRVL
ODWRVHVWi
DFRPSDxDGDSRUPRFR
H[FHVLYRVLQFRQVXOWDU
DOPpGLFR
6LHVWiVRPHWLGRD
WUDWDPLHQWRFRQ
LQKLELGRUHVGHOD0$2
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$17,786,926723,&26'(9(17$/,%5(5(&20(1'$'263$5$1,f26'($
$f26'(('$'
0(',&$0(172
&21&(175$&,21
$'9(57(1&,$6
&2175$,1',&$&,21
(6
8VRH[WHUQR
+LSHUVHQVLELOLGDGDO
3RPDGDGHDOFDQIRU
±
PHGLFDPHQWR
3XHGHFDXVDU
FRQYXOVLRQHVVH
1LxRVPHQRUHVGH
GHEHWHQHUFXLGDGR DxRV
DOWUDWDUDQLxRV
PD\RUHVGHDxRV 3DFLHQWHVFRQ
DQWHFHGHQWHVGH
3RPDGDGHPHQWRO
(YLWHHOFRQWDFWRFRQ FRQYXOVLRQHV
ORVRMRVPXFRVDVR 3UHSDUDGRVTXH
SLHOLUULWDGD
FRQWHQJDQDOFDQIRU
PJ
1RXWLOL]DUSRUPiV
GHGtDVVLQ
LQGLFDFLyQPpGLFDR
VLODVFRQGLFLRQHV
HPSHRUDQ
&XDGUR1R
'26,65(&20(1'$'$3$5$$17,786,92625$/(66(*Ò1('$'(6
1LxRVDDxRV
1LxRVDDxRV
$GXOWRV!DxRV
PJFDGDKRUDV PJFDGD
PJFDGD
'H[WURPHWRUIDQR
RPJFDGD
KRUDVRPJFDGD KRUDVRPJFDGD
KRUDV
KRUDV
KRUDVPJGtD
PJGtD
PJGtD
'LIHQKLGUDPLQD
PJFDGD
PJFDGD
KRUDVPJGtD
PJFDGD
KRUDVPJGtD
KRUDVPJGtD
$1$/*(6,&26<$17,3,5(7,&2662/26
'26,6'($*(17(6$1$/*(6,&26<$17,3,5(7,&26&20810(17(87,/,=$'26
3$5$(/'2/252,1)/$0$&,21
$*(17(
$1$/*(6,&2
'26,6
$17,,1)/$0$725,2 '26,60$;,0$
0$;,0$
$FHWDPLQRIpQ
PJ
PJHQ
BBB
YHFHVDOGtD
KRUDV
$VSLULQD
PJHQ
PJ
FDGDKRUDV
KRUDV
YHFHVDOGtDGXUDQWH
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
,EXSURIpQ
GtDV
PJFDGD PJHQ PJYHFHV
PJHQ
KRUDV
KRUDV
DOGtD
VHPDQDV
352'8&726(67,08/$17(6
)RUPDV IDUPDFpXWLFDV 35(&$8&,21(6 $'9(57(1&,$6 &2175$,1',&$&,21(6
7DEOHWDV
&$)(,1$PJ +LSHUWHQVLyQ
/LPLWDUHO
0HQRUHVGHDxRV
DGXOWRV
FRQVXPRGH
(PEDUD]R
DOLPHQWRVR
+LSHUVHQVLELOLGDGDO
PHGLFDPHQWR
EHELGDVTXH
FRQWHQJDQ
FDIHtQD
1R H[FHGHU OD
GRVLV
UHFRPHQGDGD
352'8&7263$5$(/&8,'$'2%8&2'(17$/
)RUPDVIDUPDFpXWLFDVVROXFLRQHV
3DUDHOXVRWHPSRUDOHQODOLPSLH]DGHKHULGDVOHYHVRLQIODPDFLyQOHYHGHHQFtDV
UHVXOWDQWHVGHSURFHGLPLHQWRVGHQWDOHVVHFXQGDULRVGHQWDGXUDVGLVSRVLWLYRVGH
RUWRGRQFLDKHULGDVDFFLGHQWDOHVXRWUDVLUULWDFLRQHVGHODERFD\HQFtDV
/RVSUHSDUDGRVTXHFRQWHQJDQFXDOTXLHUDGHORVFRPSRQHQWHVGHEHQFRQVLJQDUHQ
HWLTXHWDV\HPSDTXHVODVLJXLHQWHFRQWUDLQGLFDFLyQ
352'8&72
&2175$,1',&$&,21(6
+LSHUVHQVLELOLGDGD
(1-8$*(6%8&$/(6
FXDOTXLHUDGHORV
• %LFDUERQDWRGHVRGLRSROYRSDUDVROXFLyQ8QD
FRPSRQHQWHV
FXFKDUDGLWDGHWpYDVRGHDJXDP/
• ,RGRSRYLGRQD
• $OFRKROHWtOLFRKDVWD
• *OLFHULQD
• &ORUXURGH]LQF
• $FLGREHQ]RLFR
• $FHLWHVDURPiWLFRVWLPROHXFDOLSWRO
PHQWRO\PHWLOVDOLFLODWR
• $JHQWHVGHDPRQLRFXDWHUQDULR
• &ORUXURGHFHWLOSLULGLXP
• &ORUKH[LGLQD
%/$148($'25(6'(',(17(6
• 3HUy[LGRGHKLGUyJHQR
• 3HUy[LGRGHFDUEDPLGD
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$17,6(37,&26<'(6,1)(&7$17(6'(862723,&2
)RUPDVIDUPDFpXWLFDV6ROXFLRQHV
0(',&$0(172
$'9(57(1&,$6
&2175$,1',&$&,21(6
3URGXFWRGHXVR
+LSHUVHQVLELOLGDGD
• 7LPHURVDOD
H[WHUQR
FXDOTXLHUDGHORV
FRPSRQHQWHVGHODIyUPXOD
• $OFRKROHQVROXFLyQ 1RVHLQJLHUD
DFXRVD
(PEDUD]R
1RXWLOL]DUSRUPiVGH
• $OFRKROLVRSURStOLFR
XQDVHPDQDVLQRUGHQ
PpGLFD
• 3HUy[LGRGHKLGUyJHQR 1RXWLOL]DUHQiUHDV
VROXFLyQSXUD
H[WHQVDVGDxDGDVR
KHULGDVSURIXQGDV
• )HQRO
• &ORUXURGHEHQ]DOFRQLR (YLWHHOFRQWDFWRFRQ
ORVRMRVRtGRVERFD\
• &ORUXURGHEHQ]HWRQLRKDVWD RWUDVPXFRVDV
'HVFRQWLQ~HVXXVRVL
VHSUHVHQWDLUULWDFLyQ
• %URPXURGHFHWULPRQLR
HQURMHFLPLHQWRHQHO
FHWULPLGD
iUHD6LODV
FRQGLFLRQHVSHUVLVWHQ
• &ORUKH[LGLQD
SRUPiVGHKRUDV
FRQVXOWHDOPpGLFR
• 7ULFORVDQ
• <RGRSRYLGRQDWLQWXUD 3URGXFWRLQIODPDEOH
\VROXFLyQWySLFDGH\RGR
JXiUGHORDOHMDGRGHO
IXHJRSDUDSURGXFWRV
• $OFRKROHQVROXFLyQ TXHFRQWHQJDQHWDQRO
DFXRVD
• &ORUXURGHPHWLOEHQ]HWRQLR
• +H[LOUHVRUFLQRO
&RPELQDFLyQGHDXFDOLSWRO
PHQWRO
PHWLOVDOLFLODWR\WLPRO
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
58%()$&,(17(6
)RUPDVIDUPDFpXWLFDV6HPLVyOLGDV
0(',&$0(17263$5$
(/$/,9,2'('2/25(6
$'9(57(1&,$6
&2175$,1',&$&,21(6
086&8/$5(6$%$6(
'(
+LSHUVHQVLELOLGDGDFXDOTXLHUD
8VRH[WHUQR
• $OFDQIRUKDVWDHO
GH ORV FRPSRQHQWHV GH OD
(YLWHHOFRQWDFWRFRQORV
IyUPXOD
• 0HQWROKDVWDHO
RMRVPXFRVDVRSLHO
1LxRV PHQRUHV GH DxRV
LUULWDGD
• 6DOLFLODWRGHPHWLORKDVWD
1RXWLOL]DUYHQGDMH
3DFLHQWHVFRQDQWHFHGHQWHV
RFOXVLYR
• 7LPRO
GHFRQYXOVLRQHVSDUD
SUHSDUDGRVTXHFRQWHQJDQ
1RXWLOL]DUSRUPiVGH
• (XFDOLSWRODO
GtDVVLQLQGLFDFLyQPpGLFD
DOFDQIRU
RVLODVFRQGLFLRQHV
• $OFDQIRUKDVWDHO
HPSHRUDQ
3XHGHFDXVDU
FRQYXOVLRQHVVHGHEH
WHQHUFXLGDGRDOWUDWDUD
QLxRVPD\RUHVGHDxRV
SDUDDOFDQIRU
35(3$5$'26723,&263$5$(/&8,'$'2'(/$3,(/
352'8&72
$'9(57(1&,$6
&2175$,1',&$&,21(6
(02/,(17(6<
3527(&725(6
)RUPDVIDUPDFpXWLFDVFUHPDV
SDVWDV\ORFLRQHV
3DUDXVRH[WHUQR
0HGLFDPHQWRVHODERUDGRVDEDVH
GH
+LSHUVHQVLELOLGDGDO
(YLWHHOFRQWDFWRFRQ
• Ï[LGRGH]LQF
IiUPDFR
ORVRMRV
• /DQROLQD
6LODVFRQGLFLRQHV
HPSHRUDQRQR
• 3HWURODWR
PHMRUDQFRQVXOWHFRQ
HOPpGLFR
• $ODQWRtQD
• Ï[LGRGH]LQFFDODPLQD 1RDSOLFDUVREUHSLHO
LQIODPDGDKHULGDV
SURIXQGDVRLQIHFWDGDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
35(3$5$'26723,&263$5$(/&8,'$'2'(/$3,(/
352'8&72
$'9(57(1&,$6
&2175$,1',&$&,21(6
6LORVVtQWRPDV
• &DODPLQD
SHUVLVWHQRHPSHRUDQ
PiVGHGtDV
• $OPLGyQ
GHVFRQWLQ~HVXXVR\
FRQVXOWHFRQHOPpGLFR
• 8UHD
• ÈFLGRODFWLFRiFLGRDOSKD
KLGUR[\
$675,1*(17(6
• 6XOIDWRGHDOXPLQLRDFHWDWRGH
FDOFLR
• $FHWDWRGHDOXPLQLRDO
352'8&7263$5$
48(0$'85$60(125(6
D 0HGLFDPHQWRVFRQDQHVWpVLFRV 8VDUVHVRODPHQWHHQ
ORFDOHV
+LSHUVHQVLELOLGDGDO
TXHPDGXUDVGHSULPHU
JUDGRHQODVTXHQR
PHGLFDPHQWR
• %HQ]RFDtQD
H[LVWHSpUGLGDGHOD
• %HQ]RFDtQD
SLHO
/LGRFDtQD+&/
• /LGRFDtQD
8VRH[WHUQRVRODPHQWH
• /LGRFDtQD+&/
• 'LEXFDtQD
• 'LEXFDtQD+&/ (YLWDUFRQWDFWRFRQORV
• 7HWUDFDtQD
RMRV\PXFRVDV
• 7HWUDFDtQD+&/
• %HQ]\ODOFRKRO
• $OFDQIRU
• 0HQWRO
• )HQFRO
• 5HVROFLQRO
• 3UDPR[LQD+&/
E &RPELQDFLRQHVGHDQHVWpVLFRV
ORFDOHVFRQDQWLPLFURELDQRV
• &ORUXURGHEHQ]HWRQLR
• <RGRSRYLGRQD
• &ORUR[LOHQRO
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
35(3$5$'26723,&263$5$(/&8,'$'2'(/$3,(/
352'8&72
$'9(57(1&,$6
&2175$,1',&$&,21(6
• KLGUR[LTXLQROHtQD
• &ORUXEXWDQRO
&$//,&,'$6
)RUPDVIDUPDFpXWLFDVOtTXLGRV
SDUFKHV\SRPDGDV
3LHOLUULWDGDRLQIHFWDGD
8VRH[WHUQRVRODPHQWH +LSHUVHQVLELOLGDGDO
$FLGRVDOLFtOLFR
PHGLFDPHQWRHQ
SDFLHQWHVGLDEpWLFRVR
• HQHPSODVWR
(YLWDUFRQWDFWRFRQORV FRQSUREOHPDVGH
• HQFRORGLRQ
RMRV\PXFRVDV
FLUFXODFLyQ
• HQYHKtFXORJRPD%DUD\D
SDUFKH
$17,3585,7,&26
)RUPDVIDUPDFpXWLFDVORFLRQHV
(QQLxRVPHQRUHVGH
8VRH[WHUQR
FUHPDVVSUD\\JHO
VRODPHQWH
DxRVVyORSRULQGLFDFLyQ
PpGLFD
• &DODPLQD
(YLWDUFRQWDFWRFRQORV • 2[LGRGH]LQF
+LSHUVHQVLELOLGDGDO
RMRV\PXFRVDV
• *OLFHULQD
PHGLFDPHQWR
• 0HQWRO
• $OFDQIRU
6LODVFRQGLFLRQHVQR
• 'LIHQKLGUDPLQD
PHMRUDQHQGtDVR
• &DODPLQDSUDPR[LQD
HPSHRUDQFRQVXOWH
• %HQ]RFDtQD
FRQHOPpGLFR
• 7ULSHOHQDPLQD
8VRH[WHUQR
3LHOLUULWDGDRLQIHFWDGD
352'8&7263$5$(/
VRODPHQWH
75$7$0,(172'(/$&1(
)RUPDVIDUPDFpXWLFDVOtTXLGRV
$QWHFHGHQWHVGH
VyOLGRV\VHPLVyOLGRV
(YLWDUFRQWDFWRFRQORV KLSHUVHQVLELOLGDGDO
RMRV\PXFRVDV
PHGLFDPHQWR
• $]XIUH
6LVHHVWiQXWLOL]DQGR
• ÈFLGRVDOLFtOLFR
• 5HVRUFLQRORPRQRDFHWDWRGH RWURVFRPSXHVWRV
WySLFRV
UHVRUFLQROHQFRPELQDFLyQ
VLPXOWiQHDPHQWH\VH
FRQD]XIUHDO
REVHUYDUHVHTXHGDGR
• 5HVRUFLQRORUHVRUFLQRO
LUULWDFLyQHQODSLHO
PRQRDFHWDWR
GHVFRQWLQ~HVXXVR\
• 3HUy[LGRGH%HQ]RLOR
FRQVXOWHDOPpGLFR
$SOLFDUHQODViUHDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
35(3$5$'26723,&263$5$(/&8,'$'2'(/$3,(/
352'8&72
$'9(57(1&,$6
&2175$,1',&$&,21(6
DIHFWDGDVVRODPHQWH
QRXVDQHQSLHO
ODVWLPDGDQLHOiUHDV
H[WHQVDV
8VRH[WHUQR
$QWHFHGHQWHVGH
352'8&7263$5$
VRODPHQWH
KLSHUVHQVLELOLGDGDO
'(0$7,7,66(%255(,&$<
PHGLFDPHQWR
&$63$62/262
(YLWDUFRQWDFWRFRQORV &20%,1$'26
6LORVSURGXFWRV
RMRV6LHVWRRFXUUH
)RUPDVIDUPDFpXWLFDV
OiYHVHORVRMRVFRQ
FRQWLHQHQDOTXLWUDQGH
DEXQGDQWHDJXD
KXOODGHEHLQFOXLUVHOD
VXVSHQVLRQHV\VKDPSRRV
OH\HQGD8VHFRQ
SUHFDXFLyQHQSLHOHV
1RVHXVHVREUH
• $OTXLWUDQGHKXOODFRDOWDU
KHULGDVHVFRULDFLyQR H[SXHVWDVDOVROSRUPiV
GHKRUDV
SLHOGDxDGD
• 3LULWLRQDWRGH]LQ
6LHOSUREOHPD
• $FLGRVDOLFtOLFR
HPSHRUDRQRPHMRUD
• 6XOIXURGHVHOHQLR
GHVSXpVGHOXVR
• $]XIUH
UHJXODUFRQVXOWHDO
9HUFRQFHQWUDFLRQHVDSUREDGDVHQ PpGLFR
&XDGUR1R
&XDGUR1R
&21&(175$&,21(6$352%$'$6'(,1*5(',(17(6'(9(17$/,%5(3$5$
75$7$5/$&$63$6(%255($<6325,$6,6
,QJUHGLHQWH
&DVSD
'HUPDWLWLV
3VRULDVLV
6HERUUHLFD
• &RDOWDU
BB
• 3LULWLRQHGH]LQ
H[SRVLFLyQOHYH
BB
• 3HULWLRQHGH]LQF
UHVLGXDO
• ÈFLGRVDOtFLOLFR
BB
• 6XOIXURGHVHOHQLR
BB
BB
• $]XIUH
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$17,0,&27,&263$5$'(50$72),726,63,('($7/(7$
)RUPDVIDUPDFpXWLFDVVROXFLRQHVRVSUD\FUHPD\XQJHQWR
3DUDHOWUDWDPLHQWRGHWtQHDSHGLVWtQHDFUXULV\WtQHDFRUSRULV
352'8&726
$'9(57(1&,$6
&2175$,1',&$&,21(6
6LORVVtQWRPDVSHUVLVWHQ
+LSHUVHQVLELOLGDGDO
• &OLRTXLQRO
PHGLFDPHQWR
FRQHOXVRGHHVWHSURGXFWR
RVLVHSUHVHQWDDOJXQD
• +DORSURJLQD
0HQRUHVGHDxRVVyORFRQ
LUULWDFLyQVXVSpQGDVH\
FRQVXOWHDOPpGLFR
LQGLFDFLyQPpGLFD
• ,RGRSRYLGRQD
$QWHVGHDSOLFDUHVWH
• 7ROQDIWDWR
SURGXFWRODYHODSLHOFRQ
DJXD\MDEyQ\GHVSXpV
• ÈFLGRXQGHFLOpQLFR
VHTXHELHQ
XQGHFLODWRGHFDOFLR
FREUHR]LQFVRORVR
6LRFXUUHLUULWDFLyQRQRKD\
FRPELQDGRVGHEHQ
PHMRUtDGHVSXpVGH
SURYHHUXQD
VHPDQDVFRQVXOWHDO
FRQFHQWUDFLyQWRWDOGH
XQGHFLOLQDWRGH PpGLFR
• &ORWULPD]RO
• 1LWUDWRGH0LFRQD]RO
• KLGUR[LTXLQROLQD
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$17,0,&27,&26'(8629$*,1$/
)RUPDVIDUPDFpXWLFDVFUHPDV\WDEOHWDV
$'9(57(1&,$6
&ORWULPD]ROHQFUHPD (QFDVRGHTXHOD
SDFLHQWHPDQWHQJD
PJHQWDEOHWDV
UHODFLRQHVVH[XDOHV
GXUDQWHHOWUDWDPLHQWR
HVFRQYHQLHQWHHO
HPSOHRGH
SUHVHUYDWLYRV
0LFRQD]ROHQFUHPD
FRQGRQHVSRUSDUWH
PJWDEOHWDV
GHOYDUyQGHHYLWDUXQD
SRVLEOHLUULWDFLyQ
YDJLQDO
35(&$8&,21(6 &2175$,1',&$&,21(6
(VSUHIHULEOHOD
0HQRUHVGHDxRV
DGPLQLVWUDFLyQDOD 0XMHUHVHPEDUD]DGDV
KRUDGHDFRVWDUVHD VROREDMRSUHVFULSFLyQ
ILQGHIDYRUHFHUOD
PpGLFD
DFFLyQORFDO\OD
DEVRUFLyQYDJLQDO
+LSHUVHQVLELOLGDGDO
6HUHFRPLHQGD
SURWHJHUODURSD
PHGLFDPHQWR
tQWLPDGHELGRDOD (PEDUD]R\ODFWDQFLD
SRVLELOLGDGGHTXHVH
SURGX]FDGUHQDMH
YDJLQDO
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$17,+(02552,'$/(6
)RUPDVIDUPDFpXWLFDVFUHPDVJHOHVXQJHQWRV\VXSRVLWRULRV
&21&(175$&,21
$'9(57(1&,$6
&2175$,1',&$&,21(6
6LODVFRQGLFLRQHVQR
$1(67(6,&26/2&$/(6
+LSHUVHQVLELOLGDGD
PHMRUDQRHPSHRUDQHQFXDOTXLHUDGHORV
%HQ]RFDtQD
GtDVFRQVXOWHDOPpGLFR PHGLFDPHQWRV
$OFRKROEHQFtOLFR
'LEXFDtQD
'LFORQLQD
(QFDVRGHVDQJUDGR
/LGRFDtQD
FRQVXOWHDOPpGLFR 3UDPR[LQD
7UHWDFDtQD
9$62&21675,&725(6
6XOIDWRGHHIHGULQD
(IHGULQD
)HQLOHIULQD
3527(&725(6
R[LGRGH]LQF
+DVWDHO
9LWDPLQD$
8,
9LWDPLQD(
8,
*OLFHULQD
0DQWHFDGHFDFDR
&DROLQ
/DQROLQD
$FHLWH0LQHUDO
3HWURODWREODQFR
$OPLGRQ
$675,1*(17(6
&DROtQy[LGRGH]LQF
$JXDGHKDPDPHOLV
|[LGRGH]LQF
±
'LFORQLQD
/LGRFDtQD
3UDPR[LQD
7UHWDFDtQD
$17,6e37,&26
$FLGREyULFR
%RURJOLFHULQD
+\GUDVWLV
)HQRO
&ORUXURGH%HQ]DOFRQLR
&ORUXURGH&HWLOSLULGLXP
&ORUXURGH%HQHWRQLR
5HVRUFLQRO
)HQRODWRVyGLFRGHiFLGR
VDOLFtOLFR
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
75$7$0,(1723$5$&$/9,&,(
)RUPDV)DUPDFpXWLFDV6ROXFLyQWySLFD
(OVLJXLHQWHPHGLFDPHQWRVHVWiLQGLFDGRSDUDHOWUDWDPLHQWRGHODFDOYLFLH
0,12;,',/
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21(6
6XVSHQGHUHOXVR 0HQRUHVGHDxRV
1RXWLOL]DUVt
GHPLQR[LGLOVt
+LSHUVHQVLELOLGDGDO
• (QVXIDPLOLDQRKD\
SUHVHQWD
PHGLFDPHQWR
KLVWRULDGHSpUGLGDGH
(PEDUD]R\ODFWDQFLD
FDEHOOR
6LODSpUGLGDGHO
• /DSpUGLGDGHFDEHOOR • 'RORUGHSHFKR
FDEHOORHVWiDVRFLDGD
HVV~ELWDRHQSDUFKH • 7DTXLFDUGLD
DXQSDUWRUHFLHQWH
• (OFXHURFDEHOOXGR
• &DQVDQFLRR
HVWDHQURMHFLGR
YpUWLJR
LUULWDGRLQIODPDGRR • ,QH[SOLFDEOH
LQIHFWDGR
DXPHQWRV~ELWRGH
• 1RFRQRFHODUD]yQGH
SHVR
ODSpUGLGDGHOFDEHOOR
8VRH[WHUQRVRODPHQWH 1RSRQHUHQ
FRQWDFWRFRQSLHO
HURVLRQDGDPXFRVDV\
RMRV6LKXELHUD
FRQWDFWRDFFLGHQWDO
ODYDUFRQDJXDIUtD
DEXQGDQWH
$17,%,27,&26'(50$72/2*,&26723,&26'(9(17$/,%5(
3$5$352&(626,1)(&&,26260(125(6
)RUPDV)DUPDFpXWLFDVFUHPDVSROYRVDHURVROHVVSUD\VJHOHV\XQJHQWRV
/RV VLJXLHQWHV PHGLFDPHQWRV HVWiQ LQGLFDGRV SDUD OD SUHYHQFLyQ GH LQIHFFLRQHV
HQKHULGDV\TXHPDGXUDVPHQRUHV$SOLFDUHQHOiUHDDIHFWDGDRYHFHVDOGtD
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21(6
%DFLWUDFLQD ([FOXVLYDPHQWHSDUDXVR (PEDUD]R
+LSHUVHQVLELOLGDGD
8J
FXDOTXLHUDGHORV
H[WHUQR
FRPSRQHQWHVGHODIyUPXOD
/DFWDQFLD
1HRPLFLQDPJJ 1RDSOLFDUHQORVRMRVR
iUHDVH[WHQVDVGHOFXHUSR 3ROLPL[LQD%
6LODVFRQGLFLRQHVSHUVLVWHQ
8J
RQRPHMRUDQGHVSXpVGH
XQDVHPDQDFRQVXOWDUDO
PpGLFR
7HWUDFLFOLQD
1RXWLOL]DUHQFDVRVGH
KHULGDVSURIXQGDV
PRUGHGXUDVGHDQLPDOHVR
TXHPDGXUDVVHULDV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
352'8&7263(',&8/,&,'$6<352'8&7263$5$6$5&237,26,6
)RUPDV)DUPDFpXWLFDVDHURVROJHOOtTXLGRVVKDPSRR\FUHPDULQVH
/RV VLJXLHQWHV PHGLFDPHQWRV HVWiQ LQGLFDGRV SDUD OD SUHYHQFLyQ GH LQIHFFLRQHV
HQKHULGDV\TXHPDGXUDVPHQRUHV$SOLFDUHQHOiUHDDIHFWDGDRYHFHVDOGtD
$'9(57(1&,$6 35(&$8&,21(6 &2175$,1',&$&,21(6
([FOXVLYDPHQWHSDUD (PEDUD]R
+LSHUVHQVLELOLGDGDFXDOTXLHUD
XVRH[WHUQR
GHORVFRPSRQHQWHVGHOD
IyUPXOD
3LUHWURLGHV
(YLWDUHOFRQWDFWRFRQ/DFWDQFLD
1LxRVPHQRUHVGHDxRV
ORVRMRV
VyORSRUSUHFULSFLyQPpGLFD
3LSHURQLOEXWy[LGR
(PEDUD]R\ODFWDQFLDSDUD
H[WUDFWRGHSLUHWLXP
OLQGDQR
3LSHURQLOEXWy[LGR /HVLRQHVGpUPLFDV
SLUHWLXP
JHQHUDOL]DGDVIDYRUHFHQOD
DEVRUFLyQGHOSUHSDUDGR
3HUPHWULQD
9,7$0,1$6<0,1(5$/(6&202683/(0(1726',(7(7,&26
6H DFHSWDQ WRGRV DTXHOORV SURGXFWRV UHJLVWUDGRV FRPR VXSOHPHQWRV
DOLPHQWLFLRVRGLHWpWLFRV
6H VFHSWDQ SUHSUDGRV PXOWLYLWDPLQLFRV FRQ R VLQ PLQHUDOHV TXH SHUPLWDQ HO
VXPLQLVWUR GH YLWDPLQDV \ PLQHUDOHV FRPR VXSOHPHQWRV GLHWpWLFRV GHQWUR GH
ORVUDQJRVDFHSWDGRV
6H DFHSWD FRPELQDFLRQHV GH PXOWLYLWDPLQDV FRQ PLQHUDOHV FDOFLR VRGLR
PDJQHVLRSRWDVLR]LQFIO~RU
6HDFHSWDQFRPELQDFLRQHVGHPXOWLYLWDPLQDVPLQHUDOHV\DPLQRiFLGRV
)RUPDVIDUPDFpXWLFDVVyOLGRV
\OtTXLGRVSRUYtDRUDO
9LWDPLQDVKLGURVROXEOHV\
PLQHUDOHV
9LWDPLQDVOLSRVROXEOHV
&21&(175$&,Ï1
'HGHORV
UHTXHULPLHQWRVGLDULRV
DFHSWDGRV
&2175$,1',&$&,21
+LSHUVHQVLELOLGDGDFXDOTXLHUD
GHFRPSRQHQWHVGHODIyUPXOD
(QORVUHTXHULPLHQWRVGLDULRV
DFHSWDGRV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
5DQJR HVWLPDGR \ DGHFXDGR GH OD GLHWD GLDULD VHOHFFLyQ GH YLWDPLQDV \
PLQHUDOHV
9,7$0,1$6
$&,'2
$f26 %,27,1$ 3$1727(
&$7(*25,$
1,&2
<
PFJ
PJ
,QIDQWHV
1LxRV\
$GROHVFHQWHV $GXOWRV
(/(0(172675$=$
&2%5(0$1*$1(62 )/825852 &5202 02/,%'(12
PJ
PJ
PJ
PFJ
PFJ
5HFRPHQGDFLRQHV GLDULDV SHUPLWLGDV SDUD SURSyVLWRV GH HWLTXHWDGR HQ
HVWDGRVXQLGRVXVUGDV
8QLGDGHV ,QIDQWHV 1LxRVGH
$GXOWRV\QLxRV
0XMHUHVHPEDUD]DGDV
DxRV FRQDxRV\PD\RUHV
\HQODFWDQFLD
9LWDPLQD$
8,
9LWDPLQD'
8,
9LWDPLQD(
8,
$FLGR$VFRUELFR
PJ
$FLGR)ROLFR
PJ
7LDPLQD
PJ
5LERIODYLQD
PJ
1LDFLQD
PJ
3LULGR[LQD
PJ
&LDQRFREDODPLQD
PFJ
%LRWLQD
PJ
$FLGR3DQWRWHQLFR
PJ
&DOFLR
J
)RVIRUR
J
<RGR
PFJ
+LHUUR
PJ
0DJQHVLR
PJ
0DQJDQHVR
PJ
&REUH
PJ
=LQF
PJ
3URWHLQD
J
%
%
%
9DORUHVHQSDUpQWHVLVVRQ865',VFXDQGRHOUDQJRGHHILFDFLDGHODSURWHtQD3(5HVPHQRU
TXHHOGHODFDVHLQDORVRWURVYDORUHVVRQXVDGRVFXDQGR3(5HVHTXLYDOHQWHRPD\RUTXHHOGHOD
FDVHLQD1LQJXQDDILUPDFLyQGHEHVHUKHFKDSDUDXQDSURWHtQDFRQXQYDORUGH3(5LJXDORPHQRU
GHXQGHFDVHLQD
(GDGR
/DFWDQFLDURWRPHV
GRWRPHV
$OWXUD
3URWHLQD
.J /E &P 3XOJJ
(PEDUD]
R
,QIDQWHV
3HVR
9LWDPLQD 9LWDPLQD 9LWDPLQD 9LWDPLQD 9LWDPLQD
5LERIOD
$FLGR
6HOHQL
7LDPLQD
1LDFLQD %
% &DOFLR)yVIRUR0DJQHVLR+LHUUR=LQF <RGR
$
'
(
.
&
YLQD
IROLFR
R
PFJ5(
PJ
PJ
PFJ 7( PFJ
PJ
PJ
PJ 1( PJPFJ PFJPJ PJ PJ
PJ PJPFJ PFJ
1LxRV
+RPEUHV 0XMHUHV &DWHJRULD(GDGR
&8$'52
'26,6',(7$5,$65(&20(1'$'$6<3(50,7,'$6325/$$&$'(0,$1$&,21$/'(&,(1&,$6<%8648('$5(9,6$'2(15'$D
0LQHUDOHV
9LWDPLQDV/LSRVROXEOHV
9LWDPLQDV+LGURVROXEOHV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
/$;$17(6
/$;$17(6
&XDGUR/
)RUPDV)DUPDFpXWLFDVVyOLGDV\OtTXLGDV
$'9(57(1&,$6
35(&$8&,21(6 &2175$,1',&$&,21(6
1RVHDGPLQLVWUHGXUDQWHHOHPEDUD]RRFXDQGR1RXWLOL]DUPiVGHOD+LSHUVHQVLELOLGDGDO
VHVRVSHFKHVXH[LVWHQFLDQLGXUDQWHHO
GRVLVUHFRPHQGDGDPHGLFDPHQWR
SHUtRGRGHODFWDQFLDDPHQRVTXHDFULWHULR
PpGLFRHOEDODQFHULHVJREHQHILFLRVHD
IDYRUDEOH
0LHQWUDVXVHHVWHSURGXFWRQRVHDGPLQLVWUH
6tQWRPDVGHDSHQGLFLWLV
RWURVPHGLFDPHQWRVVLQFRQVXOWDUSULPHURDO
PpGLFR
1RXVDUHQFDVRGHGRORUDEGRPLQDOQRXVDU
1LxRV0HQRUHVGHDxRV
SRUPDVGHGtDVVHJXLGRVVLQRUGHQGHO
PpGLFR
7RPDUGHDYDVRVGHDJXDGLDULDPHQWH
SDUDD\XGDUDVXDYL]DUODVKHFHV
&/$6,),&$&,21<3523,('$'(6'(/26/$;$17(6
$*(17(
5$1*2'(/$'26,6',$5,$
)250$
)$50$&(87,&$
)250$'25(6'(92/80(1
0HWKH\OFHOXORVD
6ROLGR
&DUER[\PW\OFHOXORVDVRGLFD 6ROLGR
6RSDGHH[WUDFWRGHPDOWD VROLGROLTXLGR\SROYR
3ROLFDUERILO
6yOLGR
6HPLOODVGHSODQWDJR
6ROLGR
(02/,(17(6
3(',$75,&$
('$'
J!
J!
P/
PHVDxRV
J
J
J
J!
6,7,2'(
$&&,21
'RFXVDWRGHFDOFLR
6ROLGR
J
J!
'RFXVDWRGHVRGLR
6yOLGR
J
RJ!
/tTXLGR
PJ
PJ
PJ
'RFXVDWRGHSRWDVLR
6yOLGR
PJ!DODFRVWDUVH FRORQ
/8%5,&$17(6
$FHLWHPLQHUDO
/LTXLGRRUDO
P/
FRORQ
$GYHUWHQFLDVSUHFDXFLRQHV\FRQWUDLQGLFDFLRQHVYHUFXDGUR/
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$*(17(
&/$6,),&$&,21<3523,('$'(6'(/26/$;$17(6
5$1*2'(/$'26,6',$5,$
)250$
)$50$&(87,&$
6$/(6
&LWUDWRGHPDJQHVLR
/tTXLGR
+LGUy[LGRGHPDJQHVLR
/tTXLGR
6XOIDWRGHPDJQHVLR
6yOLGR
)RVIDWRGLEDVLFRGHVRGLRVyOLGRRUDO
VyOLGRUHFWDO
)RVDIDWRPRQREDVLFRGH VyOLGRRUDO
6RGLR
VyOLGRUHFWDO
%LIRVIDWRGHVRGLR
VyOLGRRUDO
VyOLGRUHFWDO
+,3(526027,&26
*OLFHULQD
VyOLGRUHFWDO
(67,08/$17(6
OtTXLGRUHFWDO
$QWUDTXLQRQDV
$ORH
&DVFDUDVDJUDGD
6yOLGR
H[WUDFWRIOXLGR
DURPiWLFR
6yOLGR
6HQQD
6yOLGR
H[WUDFWRIOXLGR
-DUDEH
6XSRVLWRULR
6DOFiOFLFDGHVHQRVLGRV 6yOLGR
$\%
(VWLPXODQWHV'LIHQLOPHWDQR
3(',$75,&$
('$'
6,7,2'($&&,21
P/
,QWHVWLQRJUXHVR\
GHOJDGR
P/
,QWHVWLQRJUXHVR\
GHOJDGR
J
,QWHVWLQRJUXHVR\
GHOJDGR
J
GRVLVDGXOWR ,QWHVWLQRJUXHVR\
GHOJDGR
J
GRVLVDGXOWR
,QWHVWLQRJUXHVR\
!
GHOJDGR
GRVLVDGXOWR
&RORQ
!
J
GRVLVDGXOWR ,QWHVWLQRJUXHVR\
GHOJDGR
GRVLVDGXOWR
,QWHVWLQRJUXHVR\
!
GHOJDGR
J
GRVLVDGXOWR
&RORQ
!
J
GRVLVDGXOWR ,QWHVWLQRJUXHVR\
GHOJDGR
GRVLVDGXOWR
,QWHVWLQRJUXHVR\
!
GHOJDGR
J
GRVLVDGXOWR
,QWHVWLQRJUXHVR\
!
GHOJDGR
J12
J
&RORQ
JNJR
5(&20(1'$'2JP
$'8/726
J
PJ
!
P/
1RUHFRPHQGDGR
PJ
&RORQ
GRVLVGHDGXOWR
FRQVXOWDUDOPpGLFR
JGLDULRV GRVLVGHDGXOWRV
!
J
P/
P/
GRVLVGHDGXOWR DODFRVWDUVH GRVLVGHDGXOWR PJ
PJ
!
DODFRVWDUVH
&RORQ
&RORQ
&RORQ
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$*(17(
%,6$&2',/2
&/$6,),&$&,21<3523,('$'(6'(/26/$;$17(6
5$1*2'(/$'26,6',$5,$
)250$
)$50$&(87,&$
VyOLGRRUDO
)HQROIWDOHtQD
VyOLGRUHFWDO
6yOLGR
/tTXLGR
$'8/726
PJ
PJ
J
PJDO
DFRVWDUVH
3(',$75,&$
('$'
6,7,2'($&&,21
PJ!
&RORQ
PJ
1RUHFRPHQGDGR
&RORQ
PJ.JRUDO
PJPHWUR
FXDGUDGR
0,6&(/È1(26
$FHLWHGHFDVWRU
/tTXLGR
P/ P/
P/
$GYHUWHQFLDVSUHFDXFLRQHV\FRQWUDLQGLFDFLRQHVYHUFXDGUR/
,QWHVWHVWLQRGHOJDGR
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
352'8&7262)7$/02/2*,&26
'(6&21*(67,21$17(62)7$/02/Ï*,&26
)RUPDVIDUPDFpXWLFDVVSUD\FROLULRV\SRPDGDV
$'9(57(1&,$6
&2175$,1',&$&,21(6
&ORUKLGUDWRGH1DID]ROLQD 6LH[SHULPHQWDGRORUHQHORMR +LSHUVHQVLELOLGDGD
FDPELRGHYLVLyQVLFRQWLQXDOD FXDOTXLHUDGHORV
&ORUKLGUDWRGHIHQLOHIULQD
LUULWDFLyQRHQURMHFLPLHQWRGHO FRPSRQHQWHVGHOD
&ORUKLGUDWRGHWHWUDKLGUR]ROLQD RMRRVLODVFRQGLFLRQHV
IyUPXOD
&ORUKLGUDWRGHR[LPHWD]ROLQD HPSHRUDQRSHUVLVWHQSRUPiV
GHKRUDVFRQVXOWHDOPpGLFR
$*(17(69,6&26$17(687,/,=$'26(1352'8&726'(6&21*(67,21$17(6
2)7$/02/Ï*,&26
$*(17(
*OLFHULQD
3RYLGRQD
'H[WUDQ
$*(17(
SROLYLQLODOFRKRO
+LGUR[LSURSLOPHWLOFHOXORVD
3ROLHWLOHQJOLFRO
$*(17(
KLGUR[LHWLOFHOXORVD
SROLHWLOHQJOLFRO
B
SROLHWLOHQJOLFRO
$*(17(635(6(59$17(687,/,=$'26(1352'8&726
'(6&21*(67,21$17(62)7$/02/2*,&26
$*(17(
&ORUXURGHEHQ]DOFRQLR
$*(17(
(GHWDWRGLVRGLFR
B
$*(17( ('7$
7RGRSURGXFWRRIWDOPRORJLFRTXHFRQWHQJD&ORUXURGH%HQ]DOFRQLRHQHOHWLTXHWDGRVHGHEHUiFRQVLJQDUODVLJXLHQWH
DGYHUWHQFLD&RQWLHQHFORUXURGHEHQ]DOFRQLRFRPRSUHVHUYDQWHSRUORTXHQRGHEHUiXWLOL]DUVHHQSDFLHQWHVFRQOHQWHVGH
FRQWDFWREODQGDV+LGURItOLFDV
$*(17(6%8))(587,/,=$'26(1352'8&726'(6&21*(67,21$17(6
2)7$/02/Ï*,&26
• $FLGREyULFR
• IRVIDWRVRGLFR
• IRVIDWRPREDVLFRGHVRGLR
• %RUDWRVRGLFR
• %LIRVIDWRVRGLFR
• )RVIDWRGLEiVLFRGHVRGLR
• FLWUDWRVRGLFR
• $FLGR&ORUKtGULFRR
• KLGUR[LGRVRGLFR
$*(17(69,6&26$17(687,/,=$'263$5$/$*5,0$6$57,),&,$/(6
$*(17(
$*(17(
*OLFHULQD
SROLYLQLODOFRKRO
3RYLGRQD
+LGUR[LSURSLOPHWLOFHOXORVD
'H[WUDQ
'H[WUDQ
/DQROLQD
B
3HWURODWREODQFR
0HWLOFHOXORVD
$*(17(
&DUER[LPHWLOFHOXORVDVRG
SROLHWLOHQJOLFRO
KLGUR[LHWLOFHOXRVD
$FHLWHPLQHUDO
B
B
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$*(17(635(6(59$17(687,/,=$'263$5$/$*5,0$6$57,),&,$/(6
$*(17(
&ORUXURGHEHQ]DOFRQLR
&ORUREXWDQRO
3ROLTXDG
DFLGREyULFR
B
$*(17(
(GHWDWRGLVRGLFR
3HUERUDWRVRGLFR
PHWLOSDUDEHQ
ERUDWRVRGLFR
B
B
$*(17(
7LPHURVDO
$FLGRVRUELFR
3URSLOSDUDEHQ
7RGRSURGXFWRRIWDOPRORJLFRTXHFRQWHQJD&ORUXURGH%HQ]DOFRQLRHQHOHWLTXHWDGRVHGHEHUiFRQVLJQDUODVLJXLHQWH
DGYHUWHQFLD&RQWLHQHFORUXURGHEHQ]DOFRQLRFRPRSUHVHUYDQWHSRUORTXHQRGHEHUiXWLOL]DUVHHQSDFLHQWHVFRQOHQWHVGH
FRQWDFWREODQGDV+LGURItOLFDV
$*(17(69,6&26$17(687,/,=$'26(162/8&,21(63$5$/(17(6'(&217$&72
'8526
$*(17(
KLGUR[LHWLOFHOXRVD
3RYLGRQD
B
B
$*(17(
SROLYLQLODOFRKRO
+LGUR[LSURSLOPHWLOFHOXORVD
B
$*(17(
&RFRDPSKRFDUER[L
SROLHWLOHQJOLFRO
B
B
$*(17(635(6(59$17(687,/,=$'26(162/8&,21(63$5$/(17(6'(&217$&72'8526
$*(17(
&ORUXURGHEHQ]DOFRQLR
('7$
*OXFRQDWRGHFOUKH[LGLQD
QLWUDWRIHQLOPHUF~ULFR
$*(17(
(GHWDWRVRGLFR
SROLTXUWHQLXP
3ROLDPLQRSURSLO
(GHWDWRGLVRGLFR
B
B
$*(17(
7LPHURVDO
$FLGRVRUELFR
%LJXDQLGD
7RGRSURGXFWRRIWDOPRORJLFRTXHFRQWHQJD&ORUXURGH%HQ]DOFRQLRHQHOHWLTXHWDGRVHGHEHUiFRQVLJQDUODVLJXLHQWH
DGYHUWHQFLD&RQWLHQHFORUXURGHEHQ]DOFRQLRFRPRSUHVHUYDQWHSRUORTXHQRGHEHUiXWLOL]DUVHHQSDFLHQWHVFRQOHQWHVGH
FRQWDFWREODQGDV+LGURItOLFDV
$*(17(69,6&26$17(687,/,=$'26(162/8&,21(63$5$/(17(6'(&217$&72
%/$1'$6
$*(17(
$*(17(
KLGUR[LHWLOFHOXRVD
3RYLGRQD
'H[WUDQ
B
B
B
SROLYLQLODOFRKRO
+LGUR[LSURSLOPHWLOFHOXORVD
'H[WUDQ
B
B
$*(17(
&RFRDPSKRF
DUER[L
3URSLOHQJOLFRO
B
B
$*(17(635(6(59$17(687,/,=$'26(162/8&,21(63$5$/(17(6'(&217$&72
%/$1'$6
$*(17(
$FLGREyULFR
('7$
*OXFRQDWRGHFOUKH[LGLQD
$*(17(
(GHWDWRWULVRGLFR
SROLTXUWHQLXP
3ROLDPLQRSURSLO
(GHWDWRGLVRGLFR
$*(17( 7LPHURVDO
$FLGRVRUELFR B
%LJXDQLGD
B
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
$*(17(6%8))(5<35(6(59$17(687,/,=$'26(1352'8&7262)7È/0,&26
0,6&(/È1(26
%8))(5
35(6(59$17(6
DFHWDWRVRGLFR
(GHWDWRGLVRGLFR
FLWUDWRVRGLFR
6ROXFLRQHV IRVIDWRPRQREDVLFRGH
SDUDLUULJDFLyQ
VRGLR
)RVIDWRVyGLFR
DFLGRERULFR
ERUDWRVRGLFR
IRVIDWRGLEDVLFRGHVRGLR
DFLGRIRVIyULFR
ERUDWRVRGLFR
+LSHURVPRWLFR
)RVIDWRVyGLFR
V
$FLGRFORUKtGULFRR
KLGUy[LGRVyGLFR
(QMXDJXHSDUD IRVIDWRPRQREDVLFRGHVRGLR
SHVWVDxDV IRVIDWRGLEDVLFRGHVRGLR
/XEULFDQWHV\ OLPSLDGRUHV
&ORUXURGH%HQ]DOFRQLR
B $FLGRVyUELFR
B ('7$
B B B B 7LPHURVDO
B PHWLOSDUDEHQ
B
SURSLOSDUDEHQ
B B
%HQFLODOFRKRO
('7$
&ORUXURGH%HQ]DOFRQLR
&8$'52
±
B
B
7RGRSURGXFWRRIWDOPRORJLFRTXHFRQWHQJD&ORUXURGH%HQ]DOFRQLRHQHOHWLTXHWDGRVHGHEHUiFRQVLJQDUODVLJXLHQWH
DGYHUWHQFLD&RQWLHQHFORUXURGHEHQ]DOFRQLRFRPRSUHVHUYDQWHSRUORTXHQRGHEHUiXWLOL]DUVHHQSDFLHQWHVFRQOHQWHV
GHFRQWDFWREODQGDV+LGURItOLFDV
(O$OFRKROFRPRH[FLSLHQWHHQSURGXFWRVRUDOHVVHDFHSWDHQFRQFHQWUDFLRQHVGH
+DVWD
1LxRVPHQRUHVGHDxRV
1LxRVGHDDxRVGHHGDG
1LxRVPD\RUHVGHDxRV\DGXOWRV
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
5()(5(1&,$6%,%/,2*5$),&$6
%DWUHV % HW DOO /LVWD SURSXHVWD SDUD YHQWD GH 3URGXFWRV 0GLFLQDOHV HQ 7LHQGDV \
6XSHUPHUFDGRV<VXVUHYHVLRQHVGH
%ROHWLQGHODRUJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXG:DVKLQJWRQ'&9RO1R
$EULOSS
+DQGERRN RI 1RQ 3UHVFULSWLRQ 'UXJV $PHULFDQ 3KDUPDFHXWLFDO $VRFLDWLRQ 7KH
1DWLRQDO3URIHVLRQDO6RFLHW\RI3KDUPDFLVW:DVKLQJWRQ'&
'UXJ ,QIRUPDWLRQ IRU WKH KHDOWK FDUH 3URIHVVLRQDO 863 ', 7KH 8QLWHG 6WDWHV
3KDUPDFRSHLDO&RQYHQWLRQ,1&((88HG
%ROHWLQ GH 2ILFLQD 3DPDQHULFDQD :DVKLQJWRQ '& 9RO 1R $EULO 3
1RWDVVREUHODFRPSRVLFLyQ\ODSUHVHQWDFLyQGHORVSURGXFWRVGH5HKLGUDWDFLyQ2UDO
2063URJUDPDGHOXFKDFRQWUDODVHQIHUPHGDGHVGLDUUHLFDV0DU]R
/LWWHU0DQXHO)DUPDFRORJtDPDHG(GLWRULDO(O$WHQHR%XHQRV$LUHV
3K\VLFLDQ¶V'HVN5HIHUHQFHIRU1RQSUHVFULSWLRQ'UXJ3'5HG
'UXJ ,QIRUPDWLRQ IRU WKH +HDOW &DUH 3URIHVVLRQDO 863 ', 7KH 8QLWHG 6WDWHV
3KDUPDFRSHLDO&RQYHQWLRQ,1&YROHG
%ROHWtQ GH OD 2ILFLQD 3DQDPHULFDQD GH OD 6DOXG :DVKLQJWRQ '& YRO 1R (QHUR
:KR3KDUPDFHXWLFDO1HZV/HWWHU1RV'LY2I'UXJ0DQDJHPHQWDQG3ROLFLHV'UXJ
6DIHW\ XQLW :RUG +HDOWK 2UJDQL]DWLRQ *HQRYD 6ZLW]HUODQG 1RV 1RYLHPEUH'LFLHPEUH
0DUWLQGDOH7KH([WUD3KDUPDFRSHRHLD-DPHV()5H\QROGVHG,QJODWHUUD
:KR3KDUPDFHXWLFDOV1HZVOHWWHU'LY2I'UXJ0DQDJHPHQWDQG3ROLFLHV'UXJ6DIHW\
XQLW:RUOG+HDOWK2UJDQL]DWLRQ*HQRYD6ZLW]HUODQG1R2FWXEUH3
:KR 3KDUPDFHXWLFDOV 1HZV /HWWHU 'LY 2I 'UXJ PDQDJHPHQW DQG 3ROLFLHV 'UXJ
6DIHW\8QLW:RUOG+HDOWK2UJDQL]DWLRQ*HQRYD6ZLW]HUODQG1RFWXEUH
:KR 3KDUPDFHXWLFDOV 1HZV /HWWHU 'LY 2I 'UXJ PDQDJHPHQW DQG 3ROLFLHV 'UXJ
6DIHW\8QLW:RUG+HDOWK2UJDQL]DWLRQ*HQRYD6ZLW]HUODQG1R$JRVWR
%ROHWLQ GH OD 2ILFLQD 6DQLWDULD 3DQDPHULFDQD :DVKLQJWRQ '& FRO 1R $EULO
3DJ
:KR 3KDUPDFHXWLFDOV 1HZV /HWWHU 'LY 2I 'UXJ PDQDJHPHQW DQG 3ROLFLHV 'UXJ
6DIHW\8QLW
&ULWHULRVSDUDOD(YDOXDFLyQGH3URGXFWRV0HGLFLQDOHVGH9HQWD/LEUH
:RUG+HDOWK2UJDQL]DWLRQ*HQRYD6ZLW]HUODQG1R0DU]R
:KR 3KDUPDFHXWLFDOV 1HZV /HWWHU 'LY 2I 'UXJ PDQDJHPHQW DQG 3ROLFLHV 'UXJ
6DIHW\8QLW
:RUG+HDOWK2UJDQL]DWLRQ*HQRYD6ZLW]HUODQG1R6HSWLHPEUH
&RQVROLGDWHG/LVWRI3URGXFWV:KRVHFRPVXPSWLRQDQWSUVDOHKDYHEHHQEDPHG:KLW
GUDXQ VHYHUO\ UHVWULFWHG RU QRW DUSURYHG E\ JREHUPHQWV HG 8QLWHG 1DWLRQV
3XEOLFDWLRQ8VD
3K\VLFLDQ¶V 'HVN 5HIHUHQFH IRU 1RQSUHVFULSWLRQ 'UXJ $QG 'LHWDU\ VXSOHPHQWV 3'5
HG
5HJODPHQWR SDUD (O &RQWURO 6DQLWDULR GH ORV 0HGLFDPHQWRV \ 3URGXFWRV $ILQHV
$FXHUGR*XEHUQDWLYR*XDWHPDOD
1RUPDV )DUPDFRORJLFDV GH &HQWURDPHULFD \ 5HS~EOLFD 'RPLQLFDQD 1)&$5'
'LYLVLyQGH'HVDUUROORGH6LVWHPDV\6HUYLFLRVGH6DOXG2362066HULH$JRVWR
&ULWHULRV SDUD OD (YDOXDFLyQ GH 3URGXFWRV 0HGLFLQDOHV SDUD 9HQWD /LEUH HQ
6XSHUPHUFDGRV0LQLVWHULR GH 6DOXG 3~EOLFD \ $VLVWHQFLD 6RFLDO '*66'5&$0
'HSDUWDPHQWRGH&RQWUROGH0HGLFDPHQWRV*XDWHPDOD5HYLVLRQMXOLR
3K\VLFLDQV'HVN5HIHUHQFH)RU1RQSUHVFULSWLRQ'UXJV$QG'LHWDU\6XSOHPHQWV3'5
(GLWLRQ
1RQSUHVFULSWLRQ 3URGXFWV )RUPXODWLRQ \ )HDWXUHV $PHULFDQ 3KDUPDFHXWLFDO
$VVRFLDWLRQ7KH1DWLRQDO3URIHVLRQDO6RFLHW\RI3KDUPDFLVWV(GLWLRQ
+DQGERRN RI 1RQSUHVFULSWLRQ 'UXJV $PHULFDQ 3KDUPDFHXWLFDOV $VVRFLDWLRQ 7KH
1DWLRQDO3URIHVLRQDO6RFLHW\3KDUPDFLVWV:DVKLQJWRQ'&(GLWLRQ
&DWiORJRGH(VSHFLDOLGDGHV)DUPDFpXWLFDV&RQVHMR*HQHUDOGH&ROHJLRV2ILFLDOHVGH
)DUPDFpXWLFRV(GLFLRQHV,QIRUPDWLYDV6$0DGULG
