cv½nqiq )gpgtcn

%CV½NQIQ)GPGTCN
./#%¤0 $[)ORZ'&%9
#
%'064#. /DVHUSRRUWZHJ
#:(.19 1./HO\VWDG
7KH1HWKHUODQGV
7HO
%$5&(/21$
0$'5,'
6(9,//$
2GTƁNFGNCGORTGUC
'HVGHVXIXQGDFLyQHQ(O*UXSR$[)ORZUHSUHVHQWDDORVIDEULFDQWHVOtGHUHVPXQGLDOHVGHERPEDV
LQGXVWULDOHVHVSHFLDOHV\XQDDPSOLDJDPDGHDFFHVRULRVHQHOPHUFDGRHXURSHR(ÀFLHQFLD6XHFD&DOLGDG\
6HUYLFLR(XURSHRV&UHDWLYLGDG\)OH[LELOLGDG(VSDxRODV
#Z(NQY5#GP'URCÍC3UHVHQWHVHQ(VSDxD
GHVGHRIUHFHPRVVROXFLRQHVDOERPEHR
GRVLÀFDFLyQPH]FOD\DQiOLVLVGHORVPiVYDULDGRV
ÁXLGRVFXDOHVTXLHUDTXHVHDQVXVFDUDFWHUtVWLFDV
ItVLFRTXtPLFDV\SDUDFXDOTXLHUUHTXHULPLHQWRGHOD
DSOLFDFLyQRH[LJHQFLDHQODLQVWDODFLyQ
)TWRQ#Z(NQYGP'WTQRC
‡ *DPDFRPSOHWDGHERPEDVGHGHVSOD]DPLHQWR
SRVLWLYR\FHQWUtIXJDVHVSHFLDOHV
‡ (TXLSRVGHGRVLÀFDFLyQDJLWDFLyQ\PH]FOD
‡ $QDOL]DGRUHVHQOtQHDGHÁXMRFRQWLQXRGH
LQIUDUURMRFHUFDQR\GLVFUHWRV
‡ 6HUYLFLRVLQWHJUDOHVGHLQJHQLHUtD\SXHVWDHQ
PDUFKD
‡ $VHVRUtDLQJHQLHUtD\IRUPDFLyQ
‡ 6HUYLFLRORFDO\GLVSRQLELOLGDGLQPHGLDWD
‡ 6HUYLFLRUiSLGR
‡ ,QIRUPDFLyQDFWXDOL]DGDVREUHQXHVWURVSURGXFWRV\
VHUYLFLRVHQZZZD[ÁRZHV
‡ SURIHVLRQDOHVHVSHFLDOL]DGRVHQGLQiPLFDGH
ÁXLGRV\VLVWHPDVGHERPEHR
‡ 5HSUHVHQWDFLyQHQSDtVHVHXURSHRV
‡ $OPDFpQFHQWUDOL]DGRGHGLVWULEXFLyQFRQXQSOD]R
GHHQWUHJDGHKRUDV
‡ 'LVHxRHLQVWDODFLyQGHVLVWHPDVGHERPEHR\
GRVLÀFDFLyQ$[)ORZ6\VWHPV
‡ *UDQHVWDELOLGDGGHOJUXSRIDPLOLDU$[HO-RKQVRQ
FX\RQHJRFLRVHUHPRQWDD
.CDQODCGUGNEQTC\ÏPFG
NCUCEVKXKFCFGURTQFWEVKXCU
ERPEDVDXWRDVSLUDQWHV"
¢(VIiFLOGHVPRQWDUODOtQHDGHSURGXFFLyQSDUD
UHWLUDUORVYDOLRVRVUHVLGXRVGHOSURGXFWR"¢&yPRVH
SXHGHHYLWDUODFRQWDPLQDFLyQFUX]DGD"
1RKD\XQDUHVSXHVWD~QLFDSDUDWRGDVHVWDV
SUHJXQWDVSHURVRORKD\XQDERPEDRXQVLVWHPDGH
ERPEHRySWLPRVSDUDVXSURFHVRGHSURGXFFLyQ(Q
$[)ORZVDEHPRVFXiOHV\FDVLVHJXURTXHHVWiHQ
QXHVWUDFRPSOHWDJDPDGHHTXLSRV
/DWHFQRORJtDGHERPEHRGHVHPSHxDXQDIXQFLyQ
SULPRUGLDOHQWRGRSURFHVRGHSURGXFFLyQ(VFRJHU
HOWLSRGHERPEDDGHFXDGRHVGHYLWDOLPSRUWDQFLD
SDUDODSURGXFWLYLGDGODUHQWDELOLGDGODÀDELOLGDG\OD
VHJXULGDGGHWRGRHOSURFHVR
#Z(NQYUKUVGOCUFGDQODGQCNCOGFKFC
/OHYDPRVPiVGHDxRVVXPLQLVWUDQGRVLVWHPDV
LQWHJUDOHVGHERPEHR\GRVLÀFDFLyQDOPHUFDGR
HXURSHR'HVGHVLVWHPDVFRPSDFWRVLQVWDODGRVHQ
VNLGTXHPHMRUDQHOUHQGLPLHQWRGHODGRVLÀFDFLyQHQ
SURFHVRVGHSURGXFFLyQGHJUDQHQYHUJDGXUDKDVWD
VLVWHPDVSXQWHURVGHPH]FOD\GRVLÀFDFLyQGHFRORUHV
XWLOL]DGRVSRUORVOtGHUHVIDUPDFpXWLFRVHXURSHRV
SDVDQGRSRUVLVWHPDVPyYLOHVGHPH]FOD\VXPLQLVWUR
GHKRUPLJyQPRQWDGRVVREUHFDPLyQ
6HOHFFLRQDUXQDERPEDSDUHFHVHQFLOORDSULPHUDYLVWD
XQDYH]TXHFRQRFHPRVHOFDXGDO\SUHVLyQQHFHVDULRV
HOSURGXFWRTXHVHYDDERPEHDU\ODQRUPDWLYDVREUH
VHJXULGDG6LQHPEDUJRHOHJLUODWHFQRORJtDGHERPEHR
DGHFXDGDHVPiVFRPSOLFDGRTXHWRGRHVWR
3DUDHPSH]DUGHEHPRVSUHJXQWDUQRVTXpWLSRGH
ÁXLGRVHYDDERPEHDU¢(VVHQVLEOHDOFL]DOODPLHQWR"
¢&XiOHVVXYLVFRVLGDG"¢7LHQHHIHFWRVDEUDVLYRV"¢(V
H[SORVLYR"¢(ViFLGR"
¢1HFHVLWDPRVERPEDVSHULVWiOWLFDVGHHQJUDQDMHV
GHPHPEUDQDRGHKXVLOOR"¢2LQVWDODFLRQHV
DXWRPDWL]DGDV\ERPEDVFRQHOPtQLPRQ~PHURGH
FRPSRQHQWHVSDUDOLPLWDUHOGHVJDVWH\UHGXFLUHO
PDQWHQLPLHQWR"¢6HUtDSRVLEOHHYLWDUIXJDVXWLOL]DQGR
XQDWHFQRORJtDVLQFLHUUHV\UHGXFLUHOFRQVXPR
HQHUJpWLFRPHGLDQWHFRMLQHWHVGHURGLOORV"¢<TXp
KD\GHODLQFRUSRUDFLyQGHFiPDUDVGHFDOHIDFFLyQ
\UHIULJHUDFLyQTXHSHUPLWDQXQFRQWUROWRWDOGHOD
WHPSHUDWXUDGHOOtTXLGRERPEHDGR"¢1HFHVLWDPRV
r %QPQEKOKGPVQFGNCUCRNKECEKQPGUFG
PWGUVTQUGSWKRQU[FGUWURTQEGUQU
r )GUVKÏPFGNRTQ[GEVQGPOCPQUFGWPCUQNC
GORTGUCTGURQPUCDNG
r 4GURQPUCDKNKFCFVQVCNFGFQEWOGPVCEKÏP[
EGTVKƁECEKÏP
r $QODCUOG\ENCFQTGUKPVGTECODKCFQTGUFG
ECNQTX½NXWNCUJQOQIGPGK\CFQTGUUGPUQTGU
[GNGOGPVQUFGEQPVTQNFGCNVCECNKFCF
r (CDTKECEKÏP[UGTXKEKQVÅEPKEQRTQRKQU
r 'PXÉQFGRKG\CUFGTGRWGUVQGPJQTCU
r +PUVCNCEKQPGUFGTGHGTGPEKCGPVQFC'WTQRC
6ROXFLRQHVD]XFDUDGDVUHOOHQRGHJDOOHWDV
FKRFRODWHDOPLGyQPHUPHODGDDOPHQGUDV
\RJXUOHFKHFRQGHQVDGDTXHVRFUHPRVR
UHTXHVyQOHYDGXUDNHWFKXSPD\RQHVDDFHLWH
DOLPHQWRVSUHFRFLQDGRVFRQFHQWUDGRVIHUPHQWRV
FDUQHSLFDGDWUR]RVGHIUXWDHVSHFLDVVHER
GHYDFXQRSUHSDUDGRVDOLPHQWDULRVSDVWDGH
GLHQWHVSURGXFWRVIDUPDFpXWLFRVVROXFLRQHVGH
UHYHVWLPLHQWRH[WUDFWRVGHSODQWDVGLVROYHQWHV
+PFWUVTKCHCTOCEÅWVKEC[
CNKOGPVCTKC
DJXDHVWpULOSRPDGDVYLVFRVDVUDGLRIiUPDFRV
VROXFLRQHVLQ\HFWDEOHV/FDUQLWLQDRVXSRVLWRULRV
‡ 3URFHVRHFRQyPLFR\ÀDEOHGHERPEHR
GRVLÀFDFLyQ\OOHQDGRGHPDWHULDVSULPDV\
SURGXFWRVÀQDOHV
‡ )HUPHQWDFLyQFLUFXODFLyQ\ERPEHRGHSURGXFWRV
HQUHDFWRUHVVLQULHVJRGHFRQWDPLQDFLyQFUX]DGD
‡ $GLFLyQGHDURPDWL]DQWHVYLWDPLQDVDOPLGRQHV
D]~FDUHVFRQVHUYDQWHVDLUHRHVSHFLDV
‡ $JLWDGR\KRPRJHQHL]DFLyQGHPH]FODV
‡ 5HIULJHUDFLyQGHSURGXFWRVVHPLDFDEDGRV\ÀQDOHV
GLItFLOHVGHERPEHDU
‡ 7ULWXUDFLyQUHGXFFLyQGHOYROXPHQGHORVUHVLGXRV
GHSURGXFFLyQSDUDHOUHFLFODMHRODOLFXHIDFFLyQ
‡ /DYDGRDDOWDSUHVLyQGHPDWHULDOHVGHHQYDVDGR
WUDQVSRUWHGHGHWHUJHQWHV
‡ $QDOL]DGRUHVDXWRPiWLFRVSDUDVXSHUYLVLyQGH
PDWHULDVSULPDVSURGXFWRVHPLHODERUDGR\
DFDEDGR6LVWHPDVGHSURFHVRµDWOLQHµ\GH
ODERUDWRULR7HFQRORJtDV1,5LQIUDUURMRFHUFDQR\
GHÁXMRFRQWLQXR
6LVWHPDSDUDODGRVLÀFDFLyQGHFRORUDQWHV\
DURPDWL]DQWHVXWLOL]DGRHQODHODERUDFLyQGHGXOFHV
'LVHxREDVWLGRUGHDFHURLQR[LGDEOHGRVGHSyVLWRV
GHOLWURVGRVERPEDVGRVLÀFDGRUDV\ODVYiOYXODV
\DFFHVRULRVQHFHVDULRV/RVÁXLGRVFLUFXODQFRQXQ
FDXGDOGHKDVWD/KDEDUHVHOFDXGDOVHFRQWUROD
PHGLDQWHODORQJLWXGGHFDUUHUDGHODVERPEDV
GRVLÀFDGRUDV
(VWHHTXLSRVHKDGLVHxDGRSDUDSHUPLWLUHOODYDGR
GHVGHHOH[WHULRU\XQDOLPSLH]DHÀFD]GXUDQWHHO
FDPELRGHORWHV
81,'$''26,),&$'25$'(&2/25$17(6<$520$7,=$17(63$5$(/
6(&725$/,0(17$5,2
ÉFLGRV\EDVHVVROXFLRQHVGHGHFDSDGR
D]XIUHOtTXLGRVXVSHQVLRQHVFULVWDOLQDV
KLSRFORULWRGHVRGLRXUHDSHVWLFLGDV39&HQ
VXVSHQVLyQUHVLQDGHSROLXUHWDQRDGKHVLYRV
HVWDELOL]DGRUHVXOWUDYLROHWDOiWH[UHVLQD
PHWDQROWLQWHVVLQWpWLFRVHKLGURVROXEOHV
SLJPHQWRVEUHDDVIDOWRSDUDILQDDGLWLYRV
SDVWDGH/$6+/$6SHUIXPHVSRPDGDVR
+PFWUVTKCSWÉOKEC[
RGVTQSWÉOKECHCDTKECEKÏPFG
FGVGTIGPVGU[EQUOÅVKEQU
VXVSHQVLRQHVGHFDOL]DHQSROYR
‡ $JLWDFLyQERPEHR\WUDVYDVHGHPDWHULDVSULPDV\
SURGXFWRVÀQDOHVHQWUHGLVWLQWRVGHSyVLWRV
‡ 'RVLÀFDFLyQSUHFLVDOOHQDGRGHOHQYDVHÀQDOH
LQ\HFFLyQGHSURGXFWRVDDOWDSUHVLyQ
‡ 'UHQDMHGHÁXLGRVSRUYDFtR
‡ 'RVLÀFDFLyQGXUDQWHHOÀOWUDGR\ODVHSDUDFLyQHQ
FHQWULIXJDGRUDVSUHQVDVGHEDQGD\ÀOWURVSUHQVD
‡ 'UHQDMHGHWDQTXHVFROHFWRUHV
‡ 0RQLWRUL]DFLyQGHFDOLGDGGHDJXD\YDSRU
0RQLWRUHV%5$1/8(%%(VtOLFHVRGLRKLGUDFLQD
32KLHUURWRWDO1D2+
6LVWHPDGH'RVLÀFDFLyQGH3URGXFWRV
4XtPLFRV
3ODWDIRUPDGHGRVLÀFDFLyQTXtPLFDIDEULFDGD
FRQXQDUPD]yQFHUUDGRJDOYDQL]DGRTXH
FRQWLHQHGRVGHSyVLWRVGHDOPDFHQDPLHQWR
GHDGLWLYRV\ERPEDVGRVLÀFDGRUDVFRQXQD
FDSDFLGDGGHOKDEDUHVeVWDV
LQFOX\HQFRQWUROGHORQJLWXGGHFDUUHUD
GHDFFLRQDPLHQWRQHXPiWLFR(OVLVWHPD
LQFOX\HXQFROHFWRUGHIXJDVFRQHPSDUULOODGR
LQWHJUDGRWXERVDPRUWLJXDGRUHVGH
SXOVDFLRQHVFDXGDOtPHWURVYiOYXODVGHDOLYLR
\PDQWHQLPLHQWRGHODSUHVLyQYiOYXODVGH
DLVODPLHQWRYiOYXODVGHGHVFDUJD\FRQWUROHV
(OVLVWHPDRIUHFHXQDUHGXQGDQFLDGHO
352'8&&,Ð1'((6380$&3381,'$''26,),&$'25$'($',7,926
3ROLROLVRFLDQDWRSODVWLILFDGRUGLVROYHQWH
HVWDELOL]DGRUXOWUDYLROHWDGLFLFORSHQWDGLHQR
'&3'UHWDUGDQWHGHOODPDOiWH[FDXFKR
VLQWpWLFRUHVLQDGHSROLHWLOHQRSROLpVWHUR
ILEUDVSROLDPtGLFDV
(CDTKECEKÏPFGIQOCUECWEJQU
RN½UVKEQU[RQNKWTGVCPQ
‡ $JLWDFLyQGHODVPDWHULDVSULPDVERPEHRDORV
GHSyVLWRVRSHUDWLYRV\FLUFXODFLyQHQORVVLVWHPDV
‡ 5HOOHQRGHPROGHVPH]FODGHFRPSRQHQWHV
LQ\HFFLyQ
‡ 'RVLÀFDFLyQGHÁXLGRVERPEHR\DJRWDPLHQWRGH
GHSyVLWRVGHUHVHUYD
‡ ([WUXVLyQGHPDVDVIXQGLGDV
‡ $QDOL]DGRUHV1,5SDUDSROtPHURVÀEUDV
GHWHUJHQWHVDGLWLYRV
6,67(0$'26,),&$'25'($',7,9263$5$/$)$%5,&$&,Ð1'($'+(6,926
'LVHxRXQLGDGFRQVWUXLGDVREUHXQEDVWLGRUSDUD
VXWUDQVSRUWHPHGLDQWHFDUUHWLOODHOHYDGRUD,QFOX\H
GHSyVLWRVFDXGDOtPHWURVYiOYXODVDPRUWLJXDGRUHV
XQLGDGGHFRQWURO\ERPEDVGRVLÀFDGRUDVTXHVHDFWLYDQ
HQIXQFLyQGHORVUHTXLVLWRVGHODSURGXFFLyQSDUDREWHQHU
HOWLSR\FDQWLGDGGHSURGXFWRDFDEDGRGHVHDGRV
/RGRVSULPDULRVORGRVVHFXQGDULRVIDQJRV
GHVKLGUDWDGRVORGRVGHDJXDVUHVLGXDOHV
TXtPLFDPHQWHDJUHVLYRVFRQVHGLPHQWRV
VyOLGRV\DEUDVLYRV3URGXFFLyQDXWRPiWLFDGH
ÁRFXODQWHVSROLPpULFRVOHFKDGDGHFDOFORUXUR
IpUULFRDQWLHVSXPDQWH
6TCVCOKGPVQFGCIWCUTGUKFWCNGU
WTDCPCUGKPFWUVTKCNGU[
QDVGPEKÏPFGCIWCRQVCDNG
‡ %RPEHR\WRPDGHPXHVWUDVGHIDQJRVXUEDQRVH
LQGXVWULDOHV
‡ $OLPHQWDFLRQGHFHQWULIXJDVÀOWURVSUHQVDRÀOWURV
EDQGD
‡ /LPSLH]DGHODWHODÀOWUDQWHGHORVÀOWURVSUHQVD
‡ )LOWURVURWDWLYRVSUHYLRVDWUDWDPLHQWRVWHUFLDULRV
1829((1(5*,(
‡ (TXLSRVGHSUHSDUDFLyQGHSROLHOHFWUROLWR
32/<7(&+
‡ 'RVLÀFDFLyQGHSURGXFWRVTXtPLFRV
DQWLHVSXPDQWHVÁRFXODQWHVFRDJXODQWHVR
OHFKDGDGHFDO
‡ %RPEHR\KRPRJHQHL]DFLyQGHORGRVHQ
HVWDFLRQHVGHELRJiV
‡ $QDOL]DGRUHVRQOLQH%5$1/8(%%(\GH
ODERUDWRULR6($/SDUDLQÁXHQWHVRSWLPL]DFLyQ
SURFHVRVELROyJLFRV\VXSHUYLVLyQ\FRQWUROGH
FDOLGDGGHYHUWLGRV
6LVWHPDSDUDODSURGXFFLyQWRWDOPHQWHDXWRPDWL]DGD
GHSROLHOHFWUROLWRFRQXQDFDSDFLGDGGHKDVWD
/K'LVHxRUHDOL]DGRSDUDODLQVWDODFLyQHQOtQHD
HQODVLQVWDODFLRQHVGHOFOLHQWHFRQWUHVGHSyVLWRV
LQWHUFRQHFWDGRVSDUDODVPDWHULDVSULPDV\HO
SROLHOHFWUROLWRÀQDO(OVLVWHPDHVWiIRUPDGRSRUXQ
GHSyVLWRFRQXQDOLPHQWDGRUGHKXVLOORDJLWDGRUHV
ERPEDGRVLÀFDGRUD\XQLGDGGHFRQWURO
81,'$''26,),&$'25$
32/<7(&+3$5$32/,(/(&752/,72
(CDTKECEKÏPFGOCVGTKCNGUFG
EQPUVTWEEKÏPUGEVQTFGNC
EQPUVTWEEKÏPGKPFWUVTKCOKPGTC
+PIGPKGTÉC1'/FKUGÍQ
‡ %RPEDV\FRPSRQHQWHVDPHGLGDSDUDIDEULFDQWHV
GHPDTXLQDULDHVSHFLDOL]DGD
‡ %RPEDV\VLVWHPDVDPHGLGDSDUDIDEULFDQWHVGH
‡ $JLWDFLyQGHPDWHULDVSULPDVGRVLÀFDFLyQGHFRP
XQLGDGHVWHFQROyJLFDV
SRQHQWHVHQUHDFWRUHV\WUDVYDVHHQWUHGHSyVLWRV
‡ 7UDQVSRUWHKLGUiXOLFRGHVyOLGRVHQODPLQHUtD
WUDQVSRUWHGHÁXLGRVHVSHVDGRV\FRQFHQWUDGRV
‡ 0H]FODGHPDWHULDVSULPDV\SXOYHUL]DFLyQGH
FDSDVLQWHUPHGLDV\VXSHUÀFLHVDFDEDGDV
‡ (QYtRDSXQWRVGHOOHQDGR\OOHQDGRGHORVHQYDVHV
GHOFOLHQWHÀQDO
‡ 7UDQVSRUWHGHPDWHULDOHVKDVWDVHFDGRUHVSRU
SXOYHUL]DFLyQÀOWURVSUHQVD\SUHQVDVGHEDQGD
‡ %RPEHRGHUHVHUYDVGHPDWHULDVSULPDV\
SURFHVRVGHWUDVYDVDGR
‡ 'UHQDMHGHSR]RVVpSWLFRV\UHFLFODMHGHPDWHULDV
SULPDV
5HOOHQDGRUHVVLVWHPDVGHGLVSHQVDFLyQ\SH
VDMHPiTXLQDVH[SHQGHGRUDVSURORQJDFLRQHV
GHFDUUHWHUDVFHQWURVGHPHFDQL]DGRH[WUX
VRUDVVLVWHPDVGHÀOWUDFLyQFHQWULIXJDGRUDV
ÀOWURVSUHQVDÀOWURVyVPRVLVLQYHUVDXOWUDÀO
WUDFLyQIHUPHQWDGRUHVPiTXLQDVLPSUHVRUDV
\ODPLQDGRUDVPiTXLQDVDYDSRUPiTXLQDVGH
$UFLOODDEUDVLYDFDROtQDUHQDGLDWRPLWD
PDJQHVLWDVHGLPHQWRV\PDWHULDOHV
FHUiPLFRVGHVHQJUDVDQWHVHVPDOWH
SLJPHQWRVGHFRORUDOXPLQLRHQSROYR
SODVWLÀFDQWHSHUy[LGRGHKLGUyJHQROHFKDGD
SDVWDGHÀEURFHPHQWRDGKHVLYRDJOXWLQDQWH
SDVWDDEUDVLYDSDVWDGHSXOLGRVHOODGRU
DFUtOLFRDGLWLYRVSDUDKRUPLJyQVHOODGRUGH
VLOLFRQDGLVSHUVRUÁRFXODQWHDQWLHVSXPDQWH
SLQWXUDSDUDIDFKDGDVRSLQWXUDSDUD
ODYDGRDDOWDSUHVLyQ\VLVWHPDVGHODYDGRFRQ
FLQWDWUDQVSRUWDGRUDPDTXLQDULDGHFRQVWUXF
FLyQWUDWDPLHQWRVVXSHUÀFLDOHVGHSXUDFLyQ
GHJDVHVGHFRPEXVWLyQLQVWDODFLRQHVGH
WUDQVIRUPDFLyQDOLPHQWDULDSHTXHxDVSODQWDV
GHHODERUDFLyQGHFHUYH]DLQVWDODFLRQHVGH
LQWHULRUHV
SXOYHUL]DFLyQIiEULFDVGHKRUPLJyQRSODQWDV
GHWUDWDPLHQWRGHDJXDVUHVLGXDOHV
fluidityQRQVWRSUHÁHMDQXHVWURDIiQ\
QXHVWUDGHWHUPLQDFLyQGHSURSRUFLRQDUOH
XQQLYHOGHVHUYLFLRySWLPR\XQDV
SUHVWDFLRQHVGHODPHMRUFDOLGDGDOD
PHGLGDGHODVGHPDQGDVGHORVÁXLGRV
TXHPDQHMHQHQVXVSURFHVRVGH
SURGXFFLyQ
$QODCU0GWO½VKECUFG/GODTCPCU
$QODCUFG/GODTCPCUCEEKQPCFCURQTCKTG
EQORTKOKFQ
%CTCEVGTÉUVKECUDXWRDVSLUDQWHUHVLVWHQWHDSURGXFWRV
TXtPLFRVIXQFLRQDPLHQWRHQVHFRDOFRQ
FDSDFLGDGSDUDERPEHDUOtTXLGRVDEUDVLYRV
8GPVCLCU
‡ 0DWHULDOHV3339')66+DVWHOOR\&KLHUUR
IXQGLGRDFHURDOFDUERQR\DOXPLQLR
‡ &RQWUROQHXPiWLFRDXWROXEULFDQWHTXHQRUHTXLHUH
PDQWHQLPLHQWR
‡ 'LVHxRHVSHFLDOERPEDVGHDOWDSUHVLyQYiOYXODVGH
FODSHWDFiPDUDGHYiOYXODVH[WHUQD
‡ 7DPDxRVGHµDµ
%CWFCN
OJ
2TGUKÏP
DCT
6GORGTCVWTC
Q%
6(5,((67$1'$5&219$/98/$6'(%2/$
0D[
1RUP0D[
0D[
%20%$6'(&/$3(7$63$5$75$%$-23(6$'2
&RQVWUXFFLyQSDUDDOWDVFDUJDVYiOYXODVGHFODSHWD
‡ &RQWUROQHXPiWLFRPHMRUDGR
‡ 0X\5REXVWDV²)XQGLFLRQHVGHKDVWDPPGH
HVSHVRU
‡ $GPLWHVyOLGRVGHKDVWDPP
‡ 3DUDÁXLGRVFRQDOWDFRQFHQWUDFLyQGHVyOLGRV
#EEGUQTKQU
75$148,/,=(5²$PRUWLJXDGRUDFWLYRGHSXOVDFLRQHV
$LU9DQWDJH²*HVWLRQQHXPiWLFDTXHSHUPLWHDKRUUDU
KDVWDHOGHODLUH
3XPSHU3$576²SLH]DVGHUHSXHVWRGHDOWDFDOLGDGSDUD
ERPEDV
:,/'(1$52<$0$'$$/0$7(&\7$3)/2
%20%$6'(%2/$63$5$75$%$-23(6$'2
&RQVWUXFFLyQSDUDWUDEDMRSHVDGRFiPDUDGHYiOYXODV
H[WHUQD
‡ &RQWUROQHXPiWLFRPHMRUDGR
‡ 0X\5REXVWDV²)XQGLFLRQHVGHKDVWDPPGH
HVSHVRU
‡ 9iOYXODVGHERODFRQQ~FOHRGHDFHUR
‡ /DVHGLPHQWDFLyQGHSURGXFWRVQRSURYRFDGDxRVHQ
ODPHPEUDQD
‡ 3DUDÁXLGRVDEUDVLYRVGH
DOWDFRQFHQWUDFLyQ
(KNVTQU
(KNVTQUFGFKUEQUTQVCVKXQU
7.64#5%4''0Š
3UH7UDWDPLHQWRV7HUFLDULRVGHDOWDHÀFDFLDEDMR
PDQWHQLPLHQWR\ODUJDYLGDHQVHUYLFLR
)LOWURVGHGLVFRVURWDWLYRVWRWDOPHQWHHQDFHUR
LQR[LGDEOH$,6,R$,6,/
6XVLVWHPDGHÀOWUDFLyQGLQiPLFRWDQJHQFLDORUWRJRQDO
SHUPLWHREWHQHUWDPDxRVGHSDUWtFXOD—\WUDWDU
HÁXHQWHVFRQFRQFHQWUDFLRQHVPJO
6HFXHQFLDVGHODYDGRDXWRPiWLFDV\SURJUDPDEOHV
,PSODQWDFLyQVHQFLOODVLQIRVRV$FFHVRGLUHFWRSDUD
PDQWHQLPLHQWR
'LVSRQHQGHO7,7/(FRQFHGLGRSRUHO(VWDGRGH
&DOLIRUQLD86$
%1015%4''0Š
)LOWURGHGLVFRVURWDWLYRVWRWDOPHQWHHQDFHURLQR[LGDEOH
0DOODVGHD—
3DUDHOLPLQDFLyQGHVyOLGRVHQVXVSHQVLyQPHGLDQWHHO
VLVWHPDGHÀOWUDFLyQGLQiPLFRWDQJHQFLDOGHDOWDHÀFDFLD
6HFXHQFLDVGHODYDGRDXWRPiWLFDV\SURJUDPDEOHV
,PSODQWDFLyQVHQFLOODVLQIRVRV$FFHVRGLUHFWRSDUD
PDQWHQLPLHQWR
8#0)7#4&8
5HMDVYHUWLFDOHVGHFDGHQDÀOWUDQWHPyYLOWRWDOPHQWHHQ
DFHURLQR[LGDEOHSDUDHOWUDWDPLHQWRGHODVDJXDVXUEDQDV
HLQGXVWULDOHVFRQEUHFKDVHVWiQGDUHVGH y PP
'LHQWHVGHODFDGHQDHQUHVLQDFRSROtPHUDGHDOWD
UHVLVWHQFLDPHFiQLFD\WpUPLFD
6XPLQLVWURVHJ~QPHGLGDVGHOFDQDO'LVSRQHQGHPRWRU
FRQOLPLWDGRUGHSDU
$QODCUFQUKHKECFQTCU
$QODCUFQUKƁECFQTCUFGRKUVÏPÏRKUVQP
OGODTCPCFGVTCPUOKUKÏPOGE½PKECQ
JKFTCWNKEC
%CTCEVGTÉUVKECUGRVLÀFDFLyQGHJUDQSUHFLVLyQLQFOXVR
DDOWDSUHVLyQIXQFLRQDPLHQWRHQVHFRSUHFLVLyQ
!OLQHDOLGDG!\UHSHWLELOLGDG!
1VTCUXGPVCLCU
‡ 0DWHULDOHVDFHURLQR[LGDEOH6666/
667L3339&\39')PDWHULDOHVHVSHFLDOHVSRU
HQFDUJR
‡ %RPEDGHPHPEUDQDVLQFLHUUHVGHDOWDHÀFLHQFLD
‡ $FFLRQDGRUKLGUiXOLFRGHPHPEUDQDPD\RUYLGD~WLO
‡ 'RVLÀFDFLyQHQSDUDOHORGHYDULRVSURGXFWRVGHIRUPD
VLPXOWiQHDFRQUHJXODFLyQLQGLYLGXDO
‡ &RQWUROGHFDUUHUDPHFiQLFRHOHFWUyQLFRRQHXPiWLFR
‡ &RQVWUXFFLyQDODPHGLGDGHVLVWHPDVGHFOLHQWH
#EEGUQTKQU
9iOYXODVGHYHQWLODFLyQDOLYLR\VHJXULGDGDPRUWLJXDGRUHV
GHSXOVDFLRQHV\GREOHGLDIUDJPD
352&$0
%20%$'(3,67Ð13,67Ð10(0%5$1$&21',$)5$*0$'(
$&&,21$0,(1720(&É1,&2
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
129$'26
%20%$'(3,67Ð13,67Ð10(0%5$1$&21',$)5$*0$'(
$&&,21$0,(172+,'5É8/,&2
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
129$3/(;
%20%$'(3,67Ð10(0%5$1$'($/725(1',0,(172
&21',$)5$*0$'($&&,21$0,(172+,'5É8/,&2<9(/2&,'$'
9$5,$%/(
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
0i[
0i[
0i[
$QODCURGTKUV½NVKECU
$QODCURGTKUV½NVKECUKPFWUVTKCNGU
%CTCEVGTÉUVKECUIXQFLRQDPLHQWRHQVHFRDO
UHYHUVLEOHVLQQLQJ~QWLSRGHFLHUUHRHPSDTXHWDGXUD
WRWDOPHQWHDXWRDVSLUDQWH\DXWRFHEDQWHUHVLVWHQWHD
ORVSURGXFWRVTXtPLFRV\DODDEUDVLyQ
1VTCUXGPVCLCU
‡ 'LVHxRUREXVWRSDUDXQIXQFLRQDPLHQWRVXDYH\
FRQVWDQWHKDVWDEDUHV
‡ 'HVDUUROODGDSDUDHOERPEHRHFRQyPLFRGHOtTXLGRV
DEUDVLYRVOtTXLGRVSDVWRVRV\FRQDOWRFRQWHQLGRHQ
VyOLGRV\OtTXLGRVTXtPLFDPHQWHDJUHVLYRV
‡ 6XVWLWXFLyQUiSLGDGHODPDQJXHUDVX~QLFRHOHPHQWR
GHGHVJDVWHVLQQHFHVLGDGGHUHWLUDUODERPEDGH
VXHPSOD]DPLHQWR\VLQQHFHVLGDGGHSHUVRQDOGH
PDQWHQLPLHQWRHVSHFLDOL]DGR
‡ ([WUHPDSUHFLVLyQ“HQHOFDXGDOVXPLQLVWUDGR\D
TXHQRH[LVWHUHÁXMRDOVHUKHUPpWLFD
63;
&,3
'8&21,7(
3(7523522)
FRQDFFLRQDPLHQWRGLUHFWRSDUDDSOLFDFLR
QHVLQGXVWULDOHVGHÁXLGRVDEUDVLYRV\
YLVFRVRV
FRQOHYDGHLQFOLQDFLyQDXWRPiWLFDSDUDOD
OLPSLH]DH[WHUQD
FRQDFDEDGRPHMRUDGRGHODVXSHUÀFLH
SDUDHQWRUQRVDJUHVLYRV
FRQPDQJXHUDHVSHFLDOSDUDÁXLGRVTXH
FRQWLHQHQKLGURFDUEXURV
/CPIWGTCU151%5(3'0+\SDORQ0DUSUHQH\
3HWURSURRIWDPDxRVGH'1D'1
#EEGUQTKQU
$PRUWLJXDGRUHVGHSXOVDFLRQHV\VHQVRUHVGHURWXUDGH
PDQJXHUDV
68',6(f2Ó1,&2'($&23/$0,(172',5(&72,1&25325$
&2-,1(7(6'($/725(1',0,(172'(1752'(/52725'(/$
3523,$%20%$3$5$(9,7$562%5(6)8(5=265$',$/(6(1/26
52'$0,(1726'(/5('8&72568527256(38('(*,5$56,1
35(6(1&,$'(810(&$1,602$&&,21$'25<68(-(181&$(67É
620(7,'2$7(16,Ð1325)/(;,Ð1
%5('(/63;
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
&KUGÍQUGPEKNNQ
/DDFFLyQGHERPEHRUHVXOWD
GHFRPSULPLU\UHODMDU
DOWHUQDWLYDPHQWHXQHOHPHQWR
GHERPEHRPHFDQL]DGRHQWUH
DOFDUFDVDGHODERPED\ODV
]DSDWDVGHFRPSUHVLyQ(O
ÁXLGRTXHSUHFHGHDOD]DSDWD
VHHPSXMDKDFLDODGHVFDUJD
PLHQWUDVHOHOHPHQWRGHERPEHR
TXHUHERWDGHWUiVGHOD]DSDWD
KDFHTXHSHQHWUHPiVÁXLGR
'HELGRDODFRPSUHVLyQGHO
HQWRGRPRPHQWRODERPEDQR
SDWLQDRIUHFLHQGRXQDSUHFLVLyQ
GHGRVLÀFDFLyQ\XQUHQGLPLHQWR
GHSUHVLyQPX\HOHYDGRV/D
DXVHQFLDGHREWXUDGRUHV
DVLHQWRVRYiOYXODVVLJQLÀFDTXH
ORVORGRVDEUDVLYRVQRVXSRQHQ
XQSUREOHPD3XHVWRTXHHOÁXLGR
VRORKDFHFRQWDFWRFRQODSDUHG
LQWHULRUGHOHOHPHQWRGHERPEHRODERPEDHVSHUIHFWD
SDUDSURGXFWRVDJUHVLYRV
$QODCUFGRKUVÏPEKTEWPHGTGPEKCN
$QODCUUCPKVCTKCUKPFWUVTKCNGUFGRKUVÏP
EKTEWPHGTGPEKCN
%CTCEVGTÉUVKECUIXQFLRQDPLHQWRVLQSXOVDFLRQHV
ERPEHRHFRQyPLFRDXWRDVSLUDQWHFDSDFLGDGGH
IXQFLRQDPLHQWRHQVHFRDOWDHÀFLHQFLDGHERPEHRVLQ
HVSDFLRVPXHUWRV
1VTCUXGPVCLCU
‡ 0DWHULDOHV66\66/
‡ 'LVHxRUREXVWRSDUDDSOLFDFLRQHVH[LJHQWHV\
IXQFLRQDPLHQWRySWLPR
‡ &LHUUHVPHFiQLFRV\WyULFRV
‡ 7DPDxRVµ²µ
‡ 'HVDUUROODGDVSDUDDSOLFDFLRQHVKLJLpQLFDVHQHO
iPELWRDOLPHQWDULR\IDUPDFpXWLFRDVtFRPRHQORV
VHFWRUHVTXtPLFRFRVPpWLFR\DXWRPRYLOtVWLFRSDUDHO
ERPEHRGHÁXLGRVGHEDMD\DOWDYLVFRVLGDG
#EEGUQTKQU
&iPDUDGHFDOHIDFFLyQYiOYXODGHVHJXULGDGGLYHUVRV
WLSRVGHURWRUHV\FRQH[LyQYHUWLFDOUHFWDXJXODUFXDGUDGDV
81,9(56$/,
%CRCEKFCF
OJ
2TGUKÏP
DCT
0i[
0i[
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
6(5,(0'/
81,9(56$/,,
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
$QODCUJGNKEQKFCNGUFGJWUKNNQGZEÅPVTKEQ
$QODCUJGNKEQKFCNGUFGJWUKNNQGZEÅPVTKEQ
%CTCEVGTÉUVKECUFGNCDQODCUHFRPHQGDGDVSDUD
VOXUULHVOtTXLGRVSDVWRVRVRGHOHQWRÁXLUOtTXLGRV
DEUDVLYRVDJUHVLYRVRTXHFRQWHQJDQÀEUDVRSDUWtFXODV
VyOLGDV3DUDYHKLFXODU\RGRVLÀFDUÁXLGRVGHVGHODV
YLVFRVLGDGHVPiVEDMDVKDVWDODVYLVFRVLGDGHVPiV
HOHYDGDV$OFDQ]DQHOHYDGDVSUHVLRQHVGHVHUYLFLR
\JUDQGHVFDSDFLGDGHV'HXQDRPiVHWDSDV
ÁXMRELGLUHFFLRQDOFDXGDOOLEUHGHSXOVDFLRQHV\GH
IXQFLRQDPLHQWRGHOLFDGRFRQHOÁXLGRPtQLPRQLYHOGH
UXLGR\EDMRFRQVXPRHQHUJpWLFR
6(5,(65'50<5/(67É1'$5
1VTCU8GPVCLCU
‡ $UWLFXODFLRQHVUHIRU]DGDVGHGREOHFDUGDQ
‡ 6HOODGRLQWHOLJHQWHGHOHMHTXHSHUPLWHXQVHQFLOOR
PDQWHQLPLHQWRVLQGHVPRQWDMHGHODERPED
‡ 5RWRUHVHMHVHMHVFDUGDQ\FDUFDVDVFRQVWUXLGRVHQ
IXQGLFLyQDFHURLQR[LGDEOHDFHURDOHDGR\FRQRVLQ
FURPDGRVVXSHUÀFLDOHV
$GLFLRQDOPHQWHSXHGHQVXPLQLVWUDUVHHQRWURV
PDWHULDOHVFRPR$OOR\+DVWHOOR\HWF
‡ (VWDWRUHVGLVSRQLEOHVHQ&DXFKR1DWXUDO1LWULOR
+1%5(3'0ÁXRURHODVWyPHUR+\SDORQ\9LWyQ
‡ 'LVSRQLEOHVHQ$7(;$3,\YHUVLyQ&,3
‡ 'LVSRQLEOHVFRQGHWHFWRUWHUPRVHQVLEOHGH
IXQFLRQDPLHQWRHQVHFR
%CWFCN
OJ
2TGUKÏP
DCT
6GORGTCVWTC
Q%
8KUEQUKFCFGU
E2U
%QPVGPKFQUÏNKFQU
6COCÍQUÏNKFQU
OO
6(5,(:0&2172/9$<7251,//2
6,1),1
6(5,('03$5$9,12%(%,'$6(
,1'8675,$$/,0(17$5,$
+DVWD
+DVWD
+DVWD
+DVWD
0iVGHO
+DVWD
6(5,(5-3$5$'26,),&$&,21(6
35(&,6$6
$QODCUFG'PITCPCLGU
$QODCUKPFWUVTKCNGUEQPGPITCPCLGU
KPVGTPQU[GZVGTPQU
%CTCEVGTÉUVKECUDXWRDVSLUDQWHUREXVWDUHYHUVLEOHVLQ
SXOVDFLRQHVFDSD]GHERPEHDUSURGXFWRVGHVGHJDVHV
OLFXDGRVDÁXLGRVPX\YLVFRVRV\OtTXLGRVFDOLHQWHV\
DEUDVLYRV
8GPVCLCU
‡ 0DWHULDOHVKLHUURIXQGLGRKLHUURG~FWLODFHURDO
FDUERQRLQR[LGDEOH+DVWHOOR\&
‡ (QJUDQDMHVLQWHUQRVPi[LPRGHFDXGDOFRQPtQLPR
Q~PHURGHFRPSRQHQWHVVXMHWRVDGHVJDVWH
‡ 7DPDxRVGHµDµHQFRQÀJXUDFLRQHVHVWiQGDU
81,9(56$/6($/
72'27,32'(&,(55(6
81,9(56$/6($/ ERPEDSDUDWUDEDMRSHVDGRFRQ
GLVHxRGHVHOODGRXQLYHUVDO
80'
ERPEDFRQDFRSODPLHQWRPDJQpWLFR
,QWHUFDPELDEOHGLPHQVLRQDOPHQWH
FRQORVPRGHORVGHOD6HULH8QLYHUVDO
6385*($5
ERPEDFRQHQJUDQDMHVH[WHUQRVSDUD
DOWDVSUHVLRQHV
0272563((' ERPEDRSWLPL]DGDSDUDIXQFLRQDUD
PRWRUGLUHFWR\FDXGDOHVPHGLRV
/93
ERPEDGHSDOHWDVSDUDJUDQGHV
FDXGDOHV\ÁXLGRVGHEDMDYLVFRVLGDG
/93
%20%$'(3$/(7$63$5$)/8,'26'(%$-$9,6&26,'$'
#EEGUQTKQU
5HFXEULPLHQWRVHVSHFLDOHVFRPSRQHQWHVHQGXUHFLGRV
YiOYXODVGHVHJXULGDGLQWHJUDGDVÀOWURVGHFHVWD\FLHUUHV
PHFiQLFRV\GHWLSRFDUWXFKRHVSHFLDOHV
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
6385*($5
6(5,(&21(1*5$1$-(6(;7(51263$5$$/7$635(6,21(6
80'
%20%$6&21$&23/$0,(1720$*1(7,&2
6(5,(*(1(5$/3$5$/,48,'26/,03,26
$QODCUFG'PITCPCLGU
$QODCUFGGPITCPCLGUVQVCNOGPVG
RN½UVKECUEQPCEQRNCOKGPVQOCIPÅVKEQ
8GPVCLCU
‡ 0DWHULDOHV7HI]HO(7)(
‡ 7DPDxRVGHô··Dó··
‡ ([FHOHQWHUHVLVWHQFLDTXtPLFDXQLYHUVDO
‡ (OPDQWHQLPLHQWRGHODVSRFDVSLH]DVTXHOR
UHTXLHUHQSXHGHUHDOL]DUVHGHVGHODSDUWHIURQWDOVLQ
QHFHVLGDGGHUHWLUDUODERPEDGHVXHPSOD]DPLHQWR
‡ 2SFLyQGHIXQFLRQDPLHQWRHQVHFR
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
$QODCUFQUKƁECFQTCUFGGPITCPCLGU
%RPEDVGHHQJUDQDMHVH[WHUQRV\HQJUDQDMHVKHOLFRLGDOHV
&DXGDOFRQWLQXRSUHFLVR\VLQSXOVDFLRQHV&RQVWUXLGDV
FRQWROHUDQFLDV—PSDUDODPi[LPDSUHFLVLyQ0RGHORV
GHDUUDVWUHPDJQpWLFRVLQFLHUUHVQLIXJDVUHJXODFLyQ
\FRQWUROHOHFWUyQLFRP$99DULHGDGGH
PDWHULDOHV\DFFLRQDPLHQWRV,62\$7(;GLVSRQLEOH
%CTCEVGTÉUVKECUSUHFLVLyQFDXGDOHVFPKDVWD
PK\$7(;GLVSRQLEOH
8GPVCLCU
‡ 0DWHULDOHV66WLWDQLR\+DVWHOOR\&
‡ 7DPDxRVGHµDµ
‡ 'LVHxRVLQFLHUUHVIXQFLRQDPLHQWRVLQSXOVDFLRQHV
VRSRUWDQDOWDVSUHVLRQHVGHVLVWHPD
‡ &RQVWUXFFLyQDPHGLGDSDUDIDEULFDQWHVGH
PDTXLQDULD
8KUEQUKFCF
ER
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
$QODCU0GWO½VKECUFG2KUVÏP
$QODCURCTC8CEKCFQFG$KFQPGU[
%QPVGPGFQTGU
%CTCEVGTÉUVKECU%RPEDVGH3LVWyQDFFLRQDGDV
PHGLDQWHPRWRUQHXPiWLFRFRQUHODFLRQHVGHSUHVLyQ
GHVGHKDVWD
#RNKECEKQPGU
‡ 3DUDWUDQVYDVH\DSOLFDFLyQGHOtTXLGRVKDVWDPX\
DOWDVYLVFRVLGDGHV
‡ *UDQYDULHGDGGHDFFHVRULRVGHDSOLFDFLyQ
‡ 0DWHULDOHVDFHURDOFDUERQRLQR[LGDEOH
%CWFCN
OJ
2TGUKÏP
DCT
8KUEQUKFCF
E2
6GORGTCVWTC
Q%
0i[
0i[
0i[
0i[
$UWHV*UiÀFDV3LQWXUDV0DVLOODV$GKHVLYRV/XEULFDFLyQ
(QJUDVH$OLPHQWDFLyQ«
$QODCUFG%CÍC
$PSOLDJDPDGHERPEDVGHFDxD(FRQyPLFDV
UREXVWDVOLJHUDVÀDEOHV\YHUViWLOHV9DULRVVLVWHPDV
GHERPEHRSDUDDGDSWDUVHDORVPiVYDULDGRVÁXLGRV\
WDPDxRVGHELGRQHV0RWRUHVHOpFWULFRV\QHXPiWLFRV
$SOLFDFLyQHQFXDOTXLHUWUDQVYDVHGHÁXLGRVHQWUH
UHFLSLHQWHVTXHGHEDVHUUHDOL]DGRGHPDQHUDFyPRGD
\VHJXUD,62
#RNKECEKQPGU
)OXLGRVGHEDMDPHGLD\DOWDYLVFRVLGDGSDUDODLQGXVWULD
4XtPLFD3HWURTXtPLFD(QHUJtD3DSHOHUD0HGLR
$PELHQWH$OLPHQWDFLyQ
‡
‡
‡
‡
0DWHULDOHV663339&39')\37)(
/RQJLWXGHV\FP
'LiPHWURV\FP
$FFLRQDPLHQWRHOpFWULFRQHXPiWLFRYHORFLGDG
YDULDEOHSDUDHQWRUQRVQRH[SORVLYRV
#EEGUQTKQU
FDXGDOtPHWURVFRQIXQFLyQDFXPXODWLYD\GHOOHQDGR
PDQJXHUDVSLVWRODV\ÀOWURV
%CWFCN
NOKP
2TGUKÏP
DCT
6GORGTCVWTC
Q%
3)
8KUEQUKFCFGU
E2U
&GPUKFCF
VHULHSDUDIXQFLRQDPLHQWRFRQWLQXRDJLWDFLyQ\
OOHQDGR
()
VHULHHFRQyPLFDSDUDFDUJDVPHGLDV
+9'3 VHULHFRQURWRUGHKXVLOORSDUDYLVFRVLGDGHVGH
KDVWD03D\/PLQ
9HUVLyQ+9'3Pi[EDUHV
0i[
+DVWD
+DVWD
+DVWD
+DVWD
$QODCUFG#NVC2TGUKÏP
$QODCUFG#NVC2TGUKÏP
%CTCEVGTÉUVKECU%RPEDVGHWULSOHSLVWyQSDUDDOWDV
SUHVLRQHV\JUDQGHVFDXGDOHV&RPSDFWDVLQFRUSR
UDQGRFDMDUHGXFWRUDHQODSURSLDERPED*UDQJDPD
GHDFFHVRULRV6HQFLOORPDQWHQLPLHQWR5HJXODFLyQGH
SUHVLyQPHFiQLFDQHXPiWLFD\HOHFWUyQLFD3RWHQFLDV
KDVWD.Z,62
#RNKECEKQPGU
/LPSLH]DLQGXVWULDOGHWDQTXHVWXEHUtDVLQWHUFDPELDGR
UHVGHFDORUGHFDSDGRHWF
%CWFCN
OJ
2TGUKÏP
DCT
8KUEQUKFCF
E2
6GORGTCVWTC
Q%
0i[
0i[
0i[
0i[
$QODCUFGFQU*WUKNNQU
%CTCEVGTÉUVKECUDXWRFHEDQWHPX\UREXVWDV
UHYHUVLEOHVVLQSXOVDFLRQHVJUDQGHVFDXGDOHVFRQ
SRVLELOLGDGGHFiPDUDGHFDOHIDFFLyQ
8GPVCLCU
‡ 0DWHULDOHVIXQGLFLyQDFHURDOFDUERQRLQR[LGDEOH
‡ 5RGDPLHQWRVLQWHUQRVSDUDOtTXLGRVOLPSLRV
‡ 5RGDPLHQWRVH[WHUQRVSDUDWRGRWLSRGHOtTXLGRV
‡ $OWRUHQGLPLHQWRYROXPpWULFR
‡ /DUJDYLGD~WLOFRQEDMRFRVWHGHPDQWHQLPLHQWR
‡ 3RVLELOLGDGGHLQVWDODFLyQYHUWLFDO
%CWFCN
OJ
2TGUKÏP
DCT
8KUEQUKFCF
E2
6GORGTCVWTC
Q%
0i[
0i[
0i[
0i[
$SOLFDFLyQHQOD,QGXVWULD3HWURTXtPLFD*HQHUDFLyQ
GH(QHUJtD0DULQD3DSHOHUDV)DEULFDFLyQGH)LEUDV\
$]XFDUHUDV
$QODCUFG8CEÉQFG#PKNNQ.KSWKFQ
5GTKG/':FRQPRWRU%%DFRSODGRGLUHFWDPHQWH
5GTKG.':FRQPRWRU%DFRSODGRDOLQWHUQD
'HDPK
3UHVLyQHQDVSLUDFLyQKDVWDPEDUPEDUFRQ
H\HFWRU
5GTKG(RCTCCNVQUECWFCNGU'HDPK
3UHVLyQHQDVSLUDFLyQKDVWDPEDUDEV
5GTKG&':GHVLPSOHHWDSD
'HDPK
3UHVLyQHQDVSLUDFLyQKDVWDPEDUPEDUFRQ
H\HFWRU
5GTKG%&5s02GHGREOHHWDSD
'HDPK
3UHVLyQHQDVSLUDFLyQKDVWDPEDUPEDUFRQ
H\HFWRU
)TWRQUFGXCEÉQVHJ~QUHTXHULPLHQWRV\HVSHFLÀFDFLRQHV
FRQUHFLUFXODFLyQSDUFLDORWRWDODJXD
&RQUHFLUFXODFLyQWRWDODFHLWH
$QODCU%GPVTÉHWICU
$QODCU%GPVTKHWICURCTCƂWKFQUVÅTOKEQU
UGIÖPPQTOC&+0
6HULH$&'
/CVGTKCNGU
‡ &DUFDVD)XQGLFLyQQRGXODU
‡ (MH\FDPLVDGHOHMH$,6,
‡ &DVTXLOOR*UDÀWRPHWDOL]DGR
#RNKECEKQPGU
$FHLWHVWpUPLFRVKDVWDƒ&$JXDFDOLHQWHKDVWD
ƒ&2(0·V$FHLWHGH3DOPD
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPVTCDCLQ
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
+DVWD
0i[
0i[
0i[
$QODCU%GPVTKHWICUUGIÖPPQTOCU&+0
s'0
6(5,(6$&²$&;
#RNKECEKQPGU
,UULJDFLyQGUHQDMHFLUFXODFLyQDJXDFDOLHQWHDJXD
UHIULJHUDGDUHIULJHUDQWHVJOLFROHVXQLGDGHVGH
SUHVXUL]DFLyQFRQWUDLQFHQGLRVWUDWDPLHQWRGHDJXDV
VHUYLFLRVJHQHUDOHVGHODLQGXVWULDVLVWHPDVGHDJXDV
PXQLFLSDOHV
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPVTCDCLQ
DCT
6GORGTCVWTC
Q%
+DVWD
0i[
0i[
0i[
$QODCU%GPVTÉHWICU
$QODCU%GPVTKHWICUUGIÖPPQTOCU+51
s+51s&+0
6(5,(+&
/CVGTKCNGU
‡ )XQGLFLyQ$FO
‡ )XQGLFLyQQRGXODU$JU
‡ $FHUR$JU:&%
‡ $FHURLQR[LGDEOH$&)$&)P
‡ +DVWHOOR\&
‡ 2WURVPDWHULDOHV\DOHDFLRQHVEDMRSHGLGR
#RNKECEKQPGU
4XtPLFDSHWURTXtPLFDIDUPDFLDDOLPHQWDFLyQ\
EHELGDVSODQWDVGHWUDWDPLHQWRGHDJXDVSODQWDV
GHJHQHUDFLyQHOpFWULFDDSOLFDFLRQHVJHQHUDOHVHQOD
LQGXVWULD
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPPQOKPCN
DCT
6GORGTCVWTC
Q%
+DVWD
0i[
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPPQOKPCN
DCT
6GORGTCVWTC
Q%
+DVWD
+DVWD
0i[
0LQ²
$QODCU%GPVTKHWICUUVCPFCTFUGIÖP
PQTOCU+51s+51s&+0
6(5,(6&+(0²&+(0&
%*'/
‡ &RQFLHUUHPHFiQLFRVHQFLOOR
‡ &DUEXURVLOLFLRFDUERQYLWRQ
‡ 3ODQ
%*'/%
‡ &RQFLHUUHPHFiQLFRWLSRFDUWXFKRVHQFLOORRGREOH
‡ &DUEXURVLOFDUEXURVLOYLWRQR(3'0
‡ 3ODQ
/CVGTKCNGU
‡ $,6,
#RNKECEKQPGU
4XtPLFDIDUPDFLDDOLPHQWDFLyQ\EHELGDV2(0·V
DSOLFDFLRQHVJHQHUDOHVHQODLQGXVWULD
0i[
0LQ²
$QODCU%GPVTÉHWICU
$QODCU%GPVTKHWICU8QTVGZUGIÖPPQTOCU
+51s+51s&+0
6HULH9;
/CVGTKCNGU
‡ )XQGLFLyQ$FO
‡ )XQGLFLyQQRGXODU$JU
‡ $FHUR$JU:&%
‡ $FHURLQR[LGDEOH$&)$&)P
‡ +DVWHOOR\&
‡ 2WURVPDWHULDOHV\DOHDFLRQHVEDMRSHGLGR
#RNKECEKQPGU
7UDWDPLHQWRGHDJXDVWUDWDPLHQWRGHDJXDV
UHVLGXDOHVDJXDVVXFLDVVLQÀOWUDUOtTXLGRVFRQVyOLGRV
HQVXVSHQVLyQRIDQJRVVyOLGRVKDVWDSDSHOHUDV
UHVLGXRVHFRKDVWDD]~FDULQGXVWULDVTXtPLFD\
GHODFHUR
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPVTCDCLQ
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
$QODCU%GPVTKHWICUFG2TQEGUQ
6(5,(68/18+1
/CVGTKCNGU
‡ )XQGLFLyQ
‡ SDUDOtTXLGRVOLPSLRVWUDQVYDVH\GUHQDMHV
‡ $FHURLQR[LGDEOH$,6,$,6,
‡ SDUDiFLGRVKDVWDƒ&OtTXLGRVFRUURVLYRV
‡ \YLVFRVRV
‡ 3XHGHQVXPLQLVWUDUVHODVERPEDVHQYHULVLyQSXOLGD
‡ SDUDDSOLFDFLRQHVHQODLQGXVWULDDOLPHQWDULD
#RNKECEKQPGU
3URFHVDGRGHDOLPHQWRVLQGXVWULDTXtPLFDSDSHOHUDV
DJXDGHUHIULJHUDFLyQ
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPVTCDCLQ
DCT
6GORGTCVWTC
Q%
+DVWD
0i[
0i[
0i[
0LQ²
+DVWD
0i[
0i[
0i[
$QODCU%GPVTÉHWICU
$QODCUFG%½OCTC2CTVKFC
6(5,(6+
/CVGTKCNGU
‡ %ULGDV,62',1R$16,
‡ &XHUSRHQIXQGLFLyQLPSXOVRUHQEURQFHR66
‡ &LHUUHPHFiQLFR$,6,6L&*UDÀWR9LWRQ
#RNKECEKQPGU
%RPEDVFHQWUtIXJDVSDUDWUDWDPLHQWRGHDJXDVHWDSD
VHQFLOODDVSLUDFLyQGREOH
%CRCEKFCF
OJ
2TGUKÏP
O
2TGUKÏP
DCT
6GORGTCVWTC
Q%
+DVWD
+DVWD
0i[
0i[
$QODCU8GTVKECNGU5GIÖPPQTOCU+51
QT&+0
6(5,(6+&9²9;9$&9
/CVGTKCNGU
‡ )XQGLFLyQ$FO
‡ )XQGLFLyQQRGXODU$JU
‡ $FHUR$JUZFE
‡ $FHURLQR[LGDEOH$
‡ +DVWHOOR\&
‡ 2WUDVDOHDFLRQHVEDMRSHGLGR
#RNKECEKQPGU
,UULJDFLRQ\VHUYLFLRVJHQHUDOHV,QGXVWULDTXtPLFD\
SURFHVRVWUDWDPLHQWRGHDJXDVDFHLWHVOXEULFDQWHV
VLVWHPDVGHWUDQVYDVHDOPDFHQDPLHQWR\GLVWULEXFLyQ
8GPVCLCU
/DFDUFDVDGHODERPEDHVWiVLHPSUHLQPHUVDHQHO
OtTXLGRHYLWDQGRODVQHFHVLGDGHVGHFHEDGR0D[LPD
ORQJLWXGGHHMHP
(OPRWRUHOpFWULFRVHLQVWDODH[WHUQDPHQWHSRUORTXH
SXHGHQXWLOL]DUVHPRWRUHV,(&VWDQGDUG*UDFLDVDO
GLVHxRGHLPSXOVRUDELHUWRODVERPEDV9;9SXHGHQ
YHKLFXODUOtTXLGRVVXFLRVFRQVyOLGRVHQVXVSHQVLyQ
%CRCEKFCF
OJ
2TGUKÏP
OEC
2TGUKÏPPQOKPCN
DCT
6GORGTCVWTC
Q%
+DVWD
+DVWD
0i[
0LQ²
$QODCU%GPVTÉHWICU
$QODCU%GPVTÉHWICUFG%CPCN.CVGTCN
FG#PKNNQ.ÉSWKFQ[FG%½OCTC2CTVKFC
%CTCEVGTÉUVKECU3DUDYHKLFXODUÁXLGRVDJUHVLYRV
QHXWURVOLPSLRVRFRQLPSXUH]DVWy[LFRVRSHOLJURVRV
SDUDHOPHGLRDPELHQWHDFHLWHVWpUPLFRV\OXEULFDQWHV
WDODGULQDVSLQWXUDVODFDVHWFHQXQDPSOLRUDQJR
GHWHPSHUDWXUDV%RPEDVSDUDJUDQGHVFDXGDOHVR
JUDQGHVDOWXUDVPDQRPpWULFDVDXWRDVSLUDQWHV\PXO
WLFHOXODUHVFRQJUDQFDPSRGHDSOLFDFLRQHVLQGXVWULD
OHVPHGLRDPELHQWDOHVFOLPDWL]DFLyQ\UHIULJHUDFLyQ
LQGXVWULDQDYDOHWF,62(1(1
',1y$3,
#RNKECEKQPGU
'HÁXLGRVGHEDMDPHGLD\DOWDYLVFRVLGDGSDUDODLQGXV
WULD4XtPLFD3HWURTXtPLFD+LGUiXOLFD(QHUJtD1DYDO
3DSHOHUD0HGLRDPELHQWH$OLPHQWDFLyQ\)DUPDFpXWLFD
%CWFCN
OJ
2TGUKÏP
DCT
6GORGTCVWTC
Q%
+DVWD
+DVWD
+DVWD
$QODCUFGCEGTQKPQZKFCDNGRCTCNQU
UGEVQTGUCNKOGPVCTKQHCTOCEÅWVKEQG
KPFWUVTKCN
%CTCEVGTÉUVKECUERPEDVFHQWUtIXJDVKRUL]RQWDOHV
GHVDUUROODGDVSDUDDSOLFDFLRQHVKLJLpQLFDVQRGHPDVLDGR
H[LJHQWHV
1VTCUXGPVCLCU
‡ 0DWHULDOHV66/5$
‡ $ORMDPLHQWRVHLPSXOVRUHVDELHUWRVGHIXQGLFLyQ
‡ &DSDFLGDGGHVDQHDPLHQWR&,3
‡ 0RGLÀFDFLyQDPHGLGDGHODVFRQH[LRQHVHQWUH'1
\'1
‡ &LHUUHVPHFiQLFRVVLPSOHV\GREOHV
‡ /DERPEDHVWiÀMDGDDXQDGDSWDGRUGHFRUULHQWH
PHGLDQWHDEUD]DGHUDVTXHSHUPLWHQXQGHVPRQWDMH
UiSLGRDÀQGHIDFLOLWDUHOPDQWHQLPLHQWR\ODOLPSLH]D
PDQXDOGHODERPED
6(5,(&
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
$QODCU%GPVTÉHWICU
$QODCU/CIPÅVKECU%GPVTÉHWICU[
#WVQEGDCPVGU
%CRCEKFCFJCUVCOJ
#NVWTCJCUVCO
‡ %RPEDVGHDFRSOHPDJQpWLFRVLQFLHUUHPHFDQLFR
‡ &RQVWUXFFLyQHQ33R39')
‡ ,GHDOSDUDHOERPEHRGHOtTXLGRVDJUHVLYRVFRUURVLYRV
\Wy[LFRV
‡ ,PDQHVHÀFLHQWHVGHDOHDFLyQQHRGLPLRERUR1G)H%
‡ 'LVSRQLEOHFRQPRWRUHV,(&R1(0$
‡ 'LVSRQLEOHFRQFRQH[LyQURVFDGD%63R137EULGDVR
XQLRQHV
‡ *DUDQWtDGHFLQFRDxRV
‡ &LHQWRVGHKRUDVGHSURWHFFLyQFRQWUDIXQFLRQDPLHQWR
HQVHFR
‡ &RMLQHWHVGHFDUERQR
‡ &HUWLÀFDFLyQ$7(;
%CRCEKFCFJCUVCOJ
#NVWTCJCUVCO
‡ %RPEDVFHQWULIXJDVPDJQpWLFDVDXWRFHEDQWHVGH
DFRSOHPDJQpWLFR
‡ 3RUVXGLVHxRGHVHSDUDFLyQJDVOtTXLGRQRXWLOL]D
FiPDUDVRYiOYXODVGHFHEDGR
‡ 3DUWLFXODUPHQWHDGHFXDGDSDUDYDFLDUWDQTXHV
‡ /LPLWHDXWRFHEDQWHGHPHWURV$JXDDƒ&
‡ ([FHOHQWHYHORFLGDGGHDXWRFHEDGRSXGLHQGR
VXFFLRQDUGHVGHPHWURVHQVHJXQGRV
‡ &RQVWUXFFLyQHQ33R39')
‡ ,GHDOSDUDHOERPEHRGHOtTXLGRVDJUHVLYRVFRUURVLYRV
\Wy[LFRV
‡ ,PDQHVHÀFLHQWHVGHDOHDFLyQQHRGLPLRERUR1G)H%
‡ 'LVSRQLEOHFRQFRQH[LyQURVFDGD%63R137EULGDVR
XQLRQHV
‡ 'LVSRQLEOHFRQPRWRUHV,(&R1(0$
‡ *DUDQWtDGHFLQFRDxRV
‡ &RMLQHWHVGHFDUERQR
‡ &HUWLÀFDFLyQ$7(;
#RNKECEKQPGU
'HVWLQDGDVDODLQGXVWULDTXtPLFD\SHWURTXtPLFDHQHO
DOPDFHQDPLHQWRGHSURGXFWRVTXtPLFRV\RWUDVLQGXVWULDV
SDUDHOERPEHRGHiFLGRVDOFDOLQRVGLVROYHQWHV\RWURV
ÁXLGRVGHSURFHVR
0HGLRDPELHQWH4XtPLFD3HWURTXtPLFD$OLPHQWDFLyQ
3DSHOHUD1DYDO$JULFXOWXUD&RQVWUXFFLyQHWF
$QODCU%GPVTÉHWICU
$QODCUEGPVTÉHWICUFGRN½UVKEQ[CEGTQ
KPQZKFCDNGEQPEQPGEVQTOCIPÅVKEQQ
ECTECUCOGE½PKEC[DQODCUFGECÍC[
OG\ENCFQTGURCTCGNUGEVQTSWÉOKEQ
%CTCEVGTÉUVKECUFRQÀJXUDFLyQKRUL]RQWDOYHUWLFDO\
DXWRDVSLUDQWHGHODHVWUXFWXUDFRQFRQHFWRUPDJQpWLFR\
FDUFDVDGHJUDÀWRFRQRSFLyQGHIXQFLRQDPLHQWRHQVHFR
1VTCUXGPVCLCU
‡ 0DWHULDOHV663339')\(7)(
‡ 'LVHxRRSWLPL]DGRFRQFRQHFWRUPDJQpWLFR\XQD
HÀFLHQFLDGHKDVWDHO
‡ (VWUXFWXUDDXWRDVSLUDQWHUREXVWDVLQ
DPRUWLJXDGRUHVFRQDXWRVLIRQDMHDSDUWLUGHP
‡ 'LVHxRPRGXODUGHERPEDVYHUWLFDOHVFRQ
FRQHFWRUPDJQpWLFRORQJLWXGHVGHKDVWDFP
‡ 'H'1D'1
)7,
%20%$6&(175Ì)8*$6
%CRCEKFCF
OJ
2TGUKÏP
DCT
6GORGTCVWTCFGUGTXKEKQ
Q%
0i[
0i[
0i[
'SWKRQUFGRTQEGUQ
+PVGTECODKCFQTFGECNQTFGUWRGTƁEKGTCU
ECFCRCTCNCTGHTKIGTCEKÏPNCECNGHCEEKÏP
NCETKUVCNK\CEKÏPEQPVTQNCFCNCRQNKOGTK\C
EKÏPNCRNCUVKƁECEKÏP[NCGUVGTKNK\CEKÏP
CUÅRVKECGPNÉPGCFGRTQFWEVQUXKUEQUQU[
JGVGTQIÅPGQUFGNUGEVQTCNKOGPVCTKQ
%CTCEVGTÉUVKECULQWHUFDPELDGRUURWDWRULRUHFWLÀFDGRFRQ
JHRPHWUtDFpQWULFDH[FpQWULFDXRYDODGDFRQFDUFDVD
GREOH\SDOHWDVSDUDDOWDVFDUJDV
1VTCUXGPVCLCU
‡ 0DWHULDOHV66GLVHxRVDQLWDULR
‡ 'LVHxRFRPSDFWRSDUDPRQWDMHYHUWLFDOXKRUL]RQ
WDO
‡ &RQYHUVLyQWpUPLFDGHDOWDHÀFLHQFLDHQFRPSDUD
FLyQFRQORVLQWHUFDPELDGRUHVGHFDORUGHSODFDV
‡ &LHUUHVPHFiQLFRVVLPSOHV\GREOHV
‡ 6XSHUÀFLHGHWUDQVIHUHQFLDWpUPLFD²PSRU
FLOLQGURQLYHO
927$725,,
‡ 0i[ƒ&Pi[03D
‡ &DSDFLGDGDSUR[LPDGDPi[PKSRUFLOLQGUR
QLYHOHQIXQFLyQGHODVWHPSHUDWXUDV
#PCNK\CFQTGU
#PCNK\CFQTGUQPNKPGFGRTQEGUQ
%UDQ/XHEEH*PE+IDEULFDDQDOL]DGRUHVRQOLQHSDUD
DJXDVGHVGHKDFHPiVGHDxRV/DLPDJHQGH
PDUFDHVH[FHSFLRQDO\VXVHTXLSRVVRQUHFRQRFLGRV
HQWRGRHOPXQGRSRUVXDOWDFDOLGDGUREXVWH]\
SRUVHUDODODUJDORVPiVUHQWDEOHVGHOPHUFDGR(O
PDQWHQLPLHQWRHVH[WUHPDGDPHQWHEDMRRLQH[LVWHQWH
HQDOJXQRVPRGHORV
#RNKECEKQPGU
0HGLRDPELHQWH('$5(7$3FHQWUDOHVHOpFWULFDV
SHWURTXtPLFDSLVFLIDFWRUtDVLQGXVWULDVGHDOLPHQWDFLyQ
\EHELGDVDJXDVGHFXHQFD,167$/$&,21(6´//$9((1
0$12µ
2CT½OGVTQU
$F%yULFR$F1tWULFR+2$OXPLQLR$PRQLR%RUR
&ORUR/LEUH7RWDO&ORUXUR&LDQXUR&REDOWR&REUH
&2&RORU+D]HQ&URPR9,'XUH]D)OXRUXUR+LHUUR
7RWDO+LGUDFLQD1tTXHO1LWULWR1LWUDWR1LWUyJHQR7RWDO
0DQJDQHVRPYDOXHSYDOXH2UWR)RVIDWR)yVIRUR7RWDO
)HQRO3RWDVLR6LOLFH6RGLR6XOIXUR0DWHULD2UJiQFLD
6$.&2''42'%2&27S+&RQGXFWLYLGDG5HGR[
2[LJ'LVXHOWR7XUELGH]6yOLGRV&DXGDO
2QYGT/QP
0RQLWRUHVPRQRSDUDPpWULFRVFRORULPHWUtDVHOHFWURGR
VHOHFWLYRYDORUDFLRQHV\PXOWLSDUDPpWULFRV+DVWD
FRUULHQWHVGHPXHVWUDSRUHTXLSR&DSD]GHJHVWLRQDU
GLVSRVLWLYRVH[WHUQRV
$NWG$QZ[$NWG5GPUG
6LVWHPDVGHWUDQVPLVLyQPHGLGD\FRQWUROGHVHQVRUHV
VXPHUJLEOHVS+FRQGXFWLYLGDGR[tJHQRGLVXHOWRWXUELGH]
UHGR[FORUROLEUHFRPELQDGRWRWDOR]RQRFDXGDO«
+5+5++
(VSHFWUyPHWUR899LVLEOH²QP3DVRySWLFR
DMXVWDEOH$XWROLPSLH]D1RFRQVXPHUHDFWLYRV/LEUHGH
PDQWHQLPLHQWR,GHDOSDUDPDWHULDRUJiQLFDQLWUDWRV
QLWULWRVWXUELGH]HWF
(KNVTCEKÏP+P.KPG[%GTC%NGCP
6LVWHPDVDFRQGLFLRQDGRUHVGHPXHVWUDTXHJDUDQWL]DQ
PD\RUDXWRQRPtDDORVPRQLWRUHV
#PCNK\CFQTGU
#PCNK\CFQTGUFGNCDQTCVQTKQ
6($/*PE+HVHO~QLFRFRQWLQXDGRURÀFLDOGHORV
$XWR$QDOL]DGRUHVGHÁXMRFRQWLQXRVHJPHQWDGR
FUHDGRVSRU7HFKQLFRQ\GHVSXpVSRU%UDQ/XHEEH
6RQORVPiVFOiVLFRVGHVXFDWHJRUtD\DODYH]ORV
PiVDYDQ]DGRVWHFQROyJLFDPHQWHSRUVXVDOWDV
SUHVWDFLRQHV\QLYHOGHDXWRPDWL]DFLyQ1LQJ~QRWUR
DQDOL]DGRUDXWRPiWLFRSRUYtDK~PHGDUHVXOWDWDQ
UHQWDEOHHQORVODERUDWRULRV
#RNKECEKQPGU
$JXDVUHVLGXDOHVSRWDEOHVHPERWHOODGDPDULQDVVXHORV
\IROLDUFDUQHVYLQRVIHUWLOL]DQWHVUHPRODFKDWDEDFR
2CT½OGVTQU
0iVGHPpWRGRVSUREDGRV$QiOLVLVLyQLFR$QiOLVLV
GHQXWULHQWHV1LWUyJHQR7RWDO)yVIRUR7RWDO'HWHUJHQWHV
)HQROHV&LDQXURV$]~FDUHV)yVIRUR3URWHtQD«
8GPVCLCU
9HUVDWLOLGDG\)OH[LELOLGDGPRGHORVPRGXODUHV\
FRPSDFWRVFRQÀJXUDEOHVKDVWDFDQDOHV)DFLOLGDGGH
PDQHMR\Pi[LPDDXWRPDWL]DFLyQ)LDELOLGDG\VHJXULGDG
PpWRGRVDSUREDGRVRÀFLDOPHQWH$2$&(3$,62',1
&25(67$VRIWZDUHYDOLGDGR5HQWDELOLGDG\HFRQRPtD
OLEUHSUHSDUDFLyQGHUHDFWLYRVPX\EDMRFRQVXPR\EDMR
FRVWHSRUPXHVWUD\SDUiPHWUR
#WVQ#PCNK\CFQT*KIJ4GUQNWVKQP
7RGRXQFOiVLFRGHÁXMRFRQWLQXRVHJPHQWDGR(OPiV
PRGXODU\DGDSWDEOHGHFXDQWRVVLVWHPDVGHÁXMRVH
FRPHUFLDOL]DQHQODDFWXDOLGDG
#WVQ#PCNK\CFQT3W##VTQ
6LVWHPDFRPSDFWRGH)OXMR&RQWLQXR6HJPHQWDGR(O
~QLFRTXHVHDXWRHYDO~D\PRQLWRUL]DPLHQWUDVDQDOL]D
([FOXVLYRVLVWHPDGHDWHPSHUDPLHQWR/RVPiVEDMRV
OtPLWHVGHGHWHFFLyQGHOPHUFDGR
#3
(VSHFWURIRWyPHWUR89YLVLEOHURERWL]DGR\FRPSDFWRTXH
SUHSDUDSDWURQHV\GLOXFLRQHVPLHQWUDVUHDOL]DODUHDFFLyQ
TXtPLFDFRPSOHWDGHYDULRVSDUiPHWURV7HFQRORJtD
GLVFUHWDSRUYtDK~PHGDGHVDUUROODGDSDUDDQiOLVLV
PXOWLWHVWGHVXVWDQFLDVLyQLFDVHQDJXDV/RVFRVWHVSRU
WHVWVRQLQVLJQLÀFDQWHVFRPSDUDGRVFRQHOXVRGHNLWGH
UHDFWLYRV
#PCNK\CFQTGU
#PCNK\CFQTGUFGKPHTCTTQLQ
=(87(&*PE+HVHOIDEULFDQWHDOHPiQGHORV
DQDOL]DGRUHV6SHFWUD$O\]HUGH,QIUDUURMRFHUFDQR1,5
SDUDFRQWUROGHFDOLGDGGHPDWHULDVSULPDVSURGXFWR
VHPLHODERUDGR\SURGXFWRÀQDOÐSWLFDLGpQWLFDDORV
,QIUD$O\]HUGH%UDQ/XHEEH7HFKQLFRQ/RV6SHFWUD$O\]HU
RIUHFHQXQDH[FHOHQWHUHODFLyQFDOLGDGSUHFLR
#RNKECEKQPGU
,QGXVWULDGH$JURDOLPHQWDULDDOPD]DUDVSURGXFWRVOiFWHRV
TXHVRVKHODGRVSRVWUHVEHELGDV\OLFRUHVSURGXFWRV
FiUQLFRVFDIpFKRFRODWHVJRORVLQDVDOPLGRQHVJUDQRV\
VHPLOODVKDULQDVIDEULFDQWHVGHSLHQVRVSROtPHURVHWF
2CT½OGVTQU
+XPHGDG*UDVD3URWHtQD$]~FDU)LEUD(WDQRO$FLGH]
1~PHUR2+%UL[&DIHtQD7HREURPLQD'LJHVWLELOLGDG
1LFRWLQDHQDJXDHWF«
8GPVCLCU
$QiOLVLVFXDQWLWDWLYRPXOWLFRPSRQHQWHKDVWDYDORUHV
SRUSURGXFWRHQFXHVWLyQGHVHJXQGRV6LQSHVDMHQL
DSHQDVSUHSDUDFLyQGHPXHVWUD(FROyJLFRQRFRQVXPH
UHDFWLYRV$GDSWDEOHDWRGRWLSRGHSURGXFWROtTXLGR
VyOLGRSDVWRVRVHPLSDVWRVRSXOYHUXOHQWR7pFQLFD
QRGHVWUXFWLYDQRFRQVXPHPXHVWUD0X\EDMRRQXOR
PDQWHQLPLHQWR5iSLGDDPRUWL]DFLyQFRVWHSRUDQiOLVLV
&(52HXURV
5RGEVTC#N[\GT2TGOKWO
&RQDGDSWDGRXQLYHUVDOSDUDWRGRWLSRGHSURGXFWRTXHVH
SXHGDHQFDSVXODU
5RGEVTC#N[\GT6QR9KPFQY
%DVWDFRQVLWXDUXQDSRUFLyQGHPXHVWUDVREUHHOHTXLSR
VLQHQFDSVXODU
5RGEVTC#N[\GT4GPFKOKGPVQ
'HVDUUROODGRH[FOXVLYDPHQWHSDUD$OPD]DUDV
5RGEVTC#N[\GT(NQWT
,GHDOSDUDKDULQHUDV
5RGEVTC#N[\GT8KPG5RKTKVU
3DUDWRGRWLSRGHEHELGDVDOFRKyOLFDVYLQRVPRVWRV
YLQDJUHVOLFRUHVEUDQG\\ZKLVN\
5RGEVTC#N[\GT3%#ZKQP
/DVPiVDOWDVSUHVWDFLRQHVGHODWpFQLFD1,5$QiOLVLV
FXDQWLWDWLYR\FXDOLWDWLYR
5RGEVTC#N[\GT)TCKP
3DUDWRGRWLSRGHJUDQRV\VHPLOODVVLQQHFHVLGDGGH
PROWXUDFLyQSUHYLD
#IKVCFQTGU
5QNWEKQPGU6QVCNGUCNC#IKVCEKÏP[/G\ENC
/,*+71,1HVHOOtGHUPXQGLDOHQODWHFQRORJtDGH
PH]FODGHÁXLGRV3/(17<HVHOOtGHUGHOPHUFDGR
HQDJLWDGRUHVGHHQWUDGDODWHUDO$PERVRIUHFHQOD
PiVDPSOLDJDPDGHSURGXFWRV\VROXFLRQHVSDUDORV
SURFHVRVGHDJLWDFLyQ\PH]FOD(VWDFRPELQDFLyQ
~QLFDGHH[SHULHQFLDVHUYLFLRFRPHUFLDO\WpFQLFROH
DVHJXUDVROXFLRQHVLGyQHDVSDUDVXVSURFHVRV
%CTCEVGTÉUVKECUGLVHxRUREXVWRPtQLPRGH
0DQWHQLPLHQWRGLVSRVLWLYRGHDFFLyQGLUHFWDSDUDHOFLHUUH
\DLVODPLHQWRGHOGHSyVLWRKpOLFHGHJUDQHÀFLHQFLD
#IKVCFQTGUEQPVTCPUOKUKÏPOGFKCPVGGPITCPCLGUQ
OGFKCPVGEQTTGC&G½PIWNQƁLQQ½PIWNQXCTKCDNG
/G\ENCFQT5GTKG
/RVPH]FODGRUHVHVWiWLFRV6HULHREWLHQHQUHVXOWDGRV
GHSURFHVRSUHFLVRVFRQJUDQHÀFLHQFLDHFRQyPLFD\GH
HVSDFLRHQXQDDPSOLDJDPDGHDSOLFDFLRQHVGHSURFHVR
&GUETKREKÏP
‡ 3URSRUFLRQDWLHPSRVGHPH]FODPiVFRUWRV\XQD
GLVWULEXFLyQGHFL]DOODGXUDVPiVHIHFWLYDTXHHQ
VLVWHPDVGHDJLWDFLyQHQWDQTXHV
‡ 3HUPLWHXQWLHPSRUiSLGRGHUHVSXHVWDHQ
GRVLÀFDFLyQFRQWLQXD\VLVWHPDVGHPXHVWUHR
‡ ([FHOHQWHVSDUDDSOLFDFLRQHVPX\UiSLGDV\SDUD
DSOLFDFLRQHVGHPH]FODGLItFLOHV
'URGEKƁECEKÏP
‡ 7DPDxRVHVWiQGDUGHVGHµDµDPP
‡ 'LVHxRKHOLFRLGDOGHODSODFD
‡ (OHPHQWRVDXWROLPSLDEOHVSDUDXVRHQDSOLFDFLRQHV
&,3
‡ &RQVWUXFFLyQHVWiQGDUHQDFHURLQR[LGDEOH$,6,/
RWUDVDOHDFLRQHVGLVSRQLEOHV
8GPVCLCU
‡ 7DPDxRVHVSHFLDOHVGHPiVGHµPP
‡ 0~OWLSOHVSXQWRVGHLQ\HFFLyQ\GHWRPDGHPXHVWUDV
‡ 'LVHxRVVDQLWDULRV\&,3
#IKVCFQTGU
#IKVCFQTGUFGGPVTCFCNCVGTCN
0iVGHDxRVGHH[SHULHQFLDHQHOGLVHxR\VXPLQLV
WURGHDJLWDGRUHVGHHQWUDGDODWHUDO
'LVHxR~QLFRGHOFLHUUHGHOWDQTXHTXHSHUPLWHOD
VXVWLWXFLyQGHOFLHUUHPHFiQLFR\GHORVURGDPLHQWRV
FRQHOWDQTXHOOHQR'LVSRVLWLYRIRUPDGRSRUFDUDVGH
PHWDOGXURUHVLVWHQWHDOGHVJDVWH\DODFRUURVLyQ(O
GLVSRVLWLYRLQFOX\HXQDYiYXODGHFRQWUROSDUDDVHJXUDU
TXHHOFLHUUHHVSHUIHFWRDQWHVGHSURFHGHUDOGHVPRQ
WDJH
(OHMHGHORVDJLWDGRUHV3OHQW\VHPHFDQL]DHQXQD
~QLFDSLH]D\OD]RQDGHOFLHUUHVHFXEUHFRQXQD
GHSRVLFLyQHOHFWUROtWLFDGH&URPR(OFURPRVHPH]FOD
FRQHOPDWHULDOGHOHMH\HVLPSRVLEOHTXHVHVHSDUH
(VWHSURFHVRKDVLGRSHUIHFFLRQDGRGXUDQWHPDVGH
DxRV\HVUHFRQRFLGRFRPRHOPDVVHJXURHQOD
LQGXVWULD
%CTCEVGTÉUVKECUGLVHxR~QLFRGHKpOLFHTXHHYLWDOD
FDYLWDFLyQGLVHxRGHKpOLFHTXHSURSRUFLRQDDOWRVQLYHOHV
GHERPEHR\PtQLPDSRWHQFLDDEVRUELGDPD[LPL]DFLyQ
GHOÁXMRD[LDOKpOLFHVGHXQDVRODSLH]DIDEULFDGDVHQ
IXQGLFLyQ
$JLWDGRUHVGHiQJXORÀMRSDUDDSOLFDFLRQHVGHKRPRJH
QHLGDGEOHQGLQJ0H]FODGHÁXLGRVRWUDQVIHUHQFLDGH
FDORU
$JLWDGRUHVGHiQJXORYDULDEOHSDUDDSOLFDFLRQHVHQGRQGH
KDFHIDOWDXQFRQWUROGHODVHGLPHQWDFLyQHQHOIRQGRGHO
WDQTXH$SOLFDFLRQHVGHFUXGR
2QVGPEKCU
M9
(QWUH\
8GNQEKFCFFGIKTQ
TRO (QWUH\
*ÅNKEGU
q
(QWUH\
6TCPUOKUÉQP
&RUUHDGHQWDGDRUHGXFWRU
PIWNQ
)LMRR9DULDEOH
#IKVCFQTGU
#IKVCFQTGUFGGPVTCFCXGTVKECN
5GTKG'%.#IKVCFQTGU2QTV½VKNGU
3RWHQFLDVN:²N:USP3DUDWDQTXHV
DELHUWRVRFHUUDGRV*UDQYDULHGDGGHFLHUUHV
GLVSRQLEOHVOHDSVHDOHPSDTXHWDGXUDRFLHUUH
PHFiQLFR
5GTKG
3RWHQFLDVGHVGHKDVWDN:9HORFLGDGHVGHVGH
KDVWDUSP5RGDPLHQWRVFRQYLGD/GHPiV
GHKRUDV*DPDFRPSOHWDGHFLHUUHVSDUDWRGR
WLSRGHDSOLFDFLRQHV0RGHORVSDUDWDQTXHVDELHUWRV\
FHUUDGRV(QJUDQDMHVKHOLFRLGDOHV&iPDUDHVWDQFDORTXH
HYLWDODOtQHDGHOXEULFDQWH
5GTKG'9
3RWHQFLDVGHVGHKDVWDN:9HORFLGDGHVGHVGH
KDVWDUSP*DPDFRPSOHWDGHFLHUUHVSDUDWRGR
WLSRGHDSOLFDFLRQHV0RGHORVSDUDWDQTXHVDELHUWRV\
FHUUDGRV(QJUDQDMHVKHOLFRLGDOHV&iPDUDHVWDQFDORTXH
HYLWDODOtQHDGHOXEULFDQWH
5GTKGU
'REOHUHGXFFLyQ(QJUDQDMHVKHOLFRLGDOHV/XEULFDFLyQ
SRUVDOSLFDGXUD)DFLOLGDGSDUDFDPELDUORVHQJUDQDMHV
3RWHQFLDVGHVGHKDVWDN:9HORFLGDGHVHQWUH
\USP
5GTKGU
5HGXFFLyQGREOH\WULSOH(QJUDQDMHVKHOLFRLGDOHV
/XEULFDFLyQSRUVDOSLFDGXUD\IRU]DGD3RWHQFLDVGHVGH
N:KDVWDN:9HORFLGDGHVGHVGHKDVWDUSP
#UGUQTÉC
2NCPKƁECEKÏPFGUKUVGOCU
.QIÉUVKEC
FGDQODGQ
FGUWOKPKUVTQ
/QPVCLG
5GTXKEKQVÅEPKEQ
FGGOGTIGPEKC
5GTXKEKQ#Z(NQYRCTCSWGUWU
QRGTCEKQPGUPQUGFGVGPICP
2CTCSWGNCUKPUVCNCEKQPGU[NÉPGCUFGRTQFWEEKÏP
HWPEKQPGPEQPGƁECEKC[ƁCDKNKFCFGUKORTGUEKPFKDNG
KPUVCNCTNCUDQODCURNCPKƁECT[OQPVCTNQU
UKUVGOCUFGDQODGQ[NNGXCTCECDQNCUVCTGCUFG
OCPVGPKOKGPVQEQPTCRKFG\RGTKEKC[CNVCECNKFCF
[UKGORTGFGCEWGTFQEQPNCUPGEGUKFCFGU[NQU
TGSWKUKVQUFGNENKGPVG
$[)ORZSUHVWDHVWRVVHUYLFLRVGLUHFWDPHQWHLQVLWXR
HQFHQWURVGHVHUYLFLRDXWRUL]DGRVHQHOPRPHQWR
HQHOTXHHOFOLHQWHORQHFHVLWD\FRQXQDH[SHULHQFLD
DGTXLULGDGXUDQWHPiVGHDxRVGHWUDEDMRHQHO
VHFWRU\DWUDYpVGHXQDHVWUHFKDFRODERUDFLyQFRQ
SUHVWLJLRVRVIDEULFDQWHVGHERPEDVGHWRGRHOPXQGR
FHQWURGHVHUYLFLR\RVXVWDOOHUHVDVRFLDGRVHVWi
HTXLSDGRFRQPDTXLQDULDSDUDHOPRQWDMHPHFDQL]DGR
\WUDWDPLHQWRGHVXSHUÀFLHVGHSURGXFWRVHVSHFtÀFRVR
FRPSRQHQWHV*UDFLDVDHVWRHOFRQWUROGHFDOLGDGHV
H[KDXVWLYRHLQPHGLDWR
7RGRVORVVRFLRV\WpFQLFRVGHVHUYLFLRGH$[)ORZ
UHFLEHQIRUPDFLyQSHULyGLFDDWUDYpVGHVHPLQDULRV
GHSURGXFWRVGHO*UXSR$[)ORZRGLUHFWDPHQWHHQODV
SODQWDVGHSURGXFFLyQGHQXHVWURVSURYHHGRUHV
3RUORWDQWRQXHVWURVFOLHQWHVSXHGHQEHQHÀFLDUVH
GHXQVHUYLFLRHFRQyPLFRSODQLÀFDGR\JDUDQWL]DGR
\HYLWDUTXHVXVHTXLSRVSURGXFWLYRVVXIUDQSDUDGDV
LPSUHYLVWDV
2IUHFHPRVXQDDPSOLDJDPDGHVHUYLFLRV\GLVHxDPRV
SURJUDPDVSHUVRQDOL]DGRVHQIXQFLyQGHORV
UHTXLVLWRVHVSHFtÀFRVGHOFOLHQWHLQFRUSRUDFLyQD
VXVLQVWDODFLRQHVSXHVWDHQVHUYLFLRGHODERPEDR
HOVLVWHPDLQVSHFFLRQHVSUHYHQWLYDVUHSDUDFLRQHV
GXUDQWH\GHVSXpVGHOSHULRGRGHJDUDQWtD
SODQLÀFDFLyQGHFRVWHVRSHUDWLYRVFRQWUDWRVGH
PDQWHQLPLHQWRSUHYHQWLYRHWF
(OFHQWURGHVHUYLFLRGH$[)ORZVHHQFXHQWUDHQ0DGULG
GRQGHSRGHPRVRIUHFHUPRQWDMH\PDQWHQLPLHQWR
GHHTXLSRV\VLVWHPDV1XHVWURSHUVRQDOWpFQLFR
HVWiFRQYHQLHQWHPHQWHSUHSDUDGRSDUDDWHQGHUD
FXDOTXLHUFRQVXOWDWpFQLFDGHQXHVWURVFOLHQWHV(O
*UDFLDVDODWUD\HFWRULD\DORVFRQRFLPLHQWRVWpFQLFRV
GHQXHVWUDHPSUHVDQRVRORSRGHPRVSUHVWDUHVWRV
VHUYLFLRVSDUDORVSURGXFWRVTXHGLVWULEXLPRVVLQR
WDPELpQSDUDRWURVWLSRVGHERPEDVHLQVWDODFLRQHV
WpFQLFDVLQFOX\HQGRODVSLH]DVGHUHSXHVWRRULJLQDOHV
/CPVGPKPKGPVQRTGXGPVKXQ
%CNKFCF
2TQITCOCUFGCJQTTQ
›2KG\CUFGTGRWGUVQCNFÉC
UKIWKGPVG!2QTUWRWGUVQ
%QP#Z(NQY
(QTOCEKÏP
%QPVCOQUEQP
r 1ƁEKPCUFGXGPVC[NÉPGCVGNGHÏPKECFG
6DEHPRVPX\ELHQTXHFXDOTXLHUSHULRGRGH
LQDFWLYLGDGRLQWHUUXSFLyQGHODVRSHUDFLRQHVFXHVWD
PXFKRGLQHUR3RUHVWHPRWLYRRIUHFHPRVDQXHVWURV
FOLHQWHVHOHQYtRGHSLH]DVGHUHSXHVWRHQXQSOD]RGH
RKRUDV
1XHVWURDOPDFpQFHQWUDOVLWXDGRHQ+RODQGDDEDVWHFH
FRQHÀFDFLDDODVVXFXUVDOHVFRPHUFLDOHVGH$[)ORZ
UGTXKEKQVÅEPKEQ
r %GPVTQFGFKUVTKDWEKÏPGWTQRGQ
UWOKPKUVTQFGRKG\CUFGTGRWGUVQ
JCDKVWCNGUGPJQTCU
r 2TQITCOCUFGUGTXKEKQICTCPVK\CFQ
r .ÉPGCVGNGHÏPKECRCTCECUQUFG
GOGTIGPEKC
2TQITCOCUFGUGTXKEKQICTCPVK\CFQ
6CTGCUKPENWKFCU
2TQITCOCFGUGTXKEKQ
5VCPFCTF
0DQWHQLPLHQWRSODQLÀFDGRGHHTXLSRV
5HYLVLyQJHQHUDOGHERPEDVRVXVFRPSRQHQWHV
3UHFLRVDQXDOHVHVWLSXODGRVSDUDHOVHUYLFLRWpFQLFR\HOWUDQVSRUWH
6RFLRGHVHUYLFLRWpFQLFRDXWRUL]DGRHQXQiUHDGHNP
&iOFXORSHUVRQDOL]DGRGHSUHFLRVHQIXQFLyQGHODVWDUHDVHIHFWXDGDV
7LHPSRJDUDQWL]DGRGHSXHVWDHQVHUYLFLRGHODVERPEDV
3LH]DVGHUHSXHVWRHVWLSXODGDVDOPDFHQDGDVLQVLWX
'HVFXHQWRVSDUDSLH]DVGHUHSXHVWR
6XVWLWXFLyQGHERPEDVGXUDQWHODUHSDUDFLyQ
)RUPDFLyQGHOSHUVRQDOGHPDQWHQLPLHQWRGHOVLVWHPDGHERPEHR
,QVSHFFLRQHVSUHYHQWLYDV
&RQWUDWRVGHPDQWHQLPLHQWRLQWHJUDO
7DOOHUHVDXWRUL]DGRVFRQIRUPDFLyQ\FRQWURODFDUJRGH$[)ORZ
6RORDSOLFDEOHDOGHODVSLH]DVGHUHSXHVWRKDELWXDOHV
2NWU
2TGOKWO
#Z(NQY5#
#XFCFGNC+PFWUVTKCs2QN+PF#NEQDGPFCUs#NEQDGPFCU
/CFTKF
7HO
)D[
#XIFC7PKXGTUKVCV#WVÎPQOCs'FKƁEKQ#0%4#s%GTFCP[QNCFGN8CNNÄU
7HO
)D[
%#IWUVÉP2CEJQs–#s#NECN½FG)WCFCKTC
5GXKNNC
7HO)D[
0RY
&RUUHRHOHFWUyQLFRD[ÁRZ#D[ÁRZHV
$(66(6
YYYCZƂQYGU