Page 1 6WDUW UHVHW VHF 5HSRQHU VDO

,QVWUXFFLRQHVEUHYHV/DYDYDMLOODV
9000 737 861 (9112) 640B EA-
%UHYH\VLHPSUHDPDQR
7RGRORTXHQHFHVLWD
VXODYDYDMLOODVâ
1RREVWDQWHGHEHUiQOHHUVH
DWHQWDPHQWHODVLQVWUXFFLRQHV
GHXVR\PRQWDMHGHODSDUDWR
DQWHVGHSRQHUORHQPDUFKD
HV
&RQVXOWDUDODHPSUHVD
ORFDOGHDEDVWHFLPLHQWR
GHDJXDHOJUDGRGH
GXUH]DGHODJXDORFDO
$QRWDUODHQHOHVSDFLR
SUHYLVWR
5HSRQHUVDOGHVFDOFLILFDGRUD
2SHUDFLyQUiSLGD\IiFLO
$FFLRQDUHOLQWHUUXSWRUSULQFLSDOSDUDFRQH[LyQ\GHVFRQH[LyQ
ƒG+
*UDGRV
GHGXUH]D
EODQGD
PHGLD
GXUD
GXUD
PPROO
3RVLFLyQ
3XOVDUODWHFOD,1,&,2\PDQWHQHUODSXOVDGD
*LUDUHOVHOHFWRUGHSURJUDPDVHQXQSXQWRGHHQFODYDPLHQWRKDFLD
ODGHUHFKDRL]TXLHUGD
6ROWDUODWHFOD
(OSLORWRâSDUSDGHD\ODODPSDULOODâVHLOXPLQD SRVLFLyQ
0RGLILFDUHODMXVWHGHOPRGRVLJXLHQWH
*LUDUHOVHOHFWRUGHSURJUDPDVKDVWDDMXVWDUODSRVLFLyQGHGHVHDGD
$FFLRQDUODWHFOD,1,&,2
(OSLORWRVHDSDJD/DSRVLFLyQDMXVWDGDHVPHPRUL]DGD
'LVXHOYHODFDOQRHVQHFHVDULRFRQXQYDORUGHDMXVWHâ
'HVHQURVFDU
ODWDSD
/OHQDUHOGHSyVLWR
GHDJXDVyOR
DOSRQHUHODSDUDWR
SRUYH]SULPHUD
HQIXQFLRQDPLHQWR
/OHQDUOD
VDOHVSHFLDO
£QXQFD
GHWHUJHQWH
&HUUDU
ODWDSD
,QLFLDU
LQPHGLDWDPHQWH
HOFLFORGHODYDGR
5HOOHQDU
HODEULOODQWDGRU
&HUUDUODWDSD
£&/,&.
3RQHUHOGHWHUJHQWH
VyORHQXQD
FiPDUDâVHFD
&HUUDUODWDSD
\SUHVLRQDUOD
£3/23
5HOOHQDUHODEULOODQWDGRU
'HMDODYDMLOODUDGLDQWH
3XOVDUODPDUFD
\DO]DUODWDSD
&DUJDUHOGHWHUJHQWH
)XHUWHJUDGRGHVXFLHGDGPiVFDQWLGDGGHGHWHUJHQWH
$EULUODWDSD
HQFDVRQHFHVDULR
SXOVDUODWHFOD
&RQHFWDUHODSDUDWR
\DVtVHDMXVWDQORVYDORUHV
/HHUHOYDORUDDMXVWDU
VyORDQWHV
GHODSULPHUDSXHVWD
HQPDUFKDGHODSDUDWR
RDOSURGXFLUVHXQD
DOWHUDFLyQGHOJUDGR
GHGXUH]DGHODJXD
6HOHFFLRQDUHOSURJUDPDGHODYDGR
6WDUW
$UUDQFDUHOSURJUDPDVHOHFFLRQDGR
<DHVWi
'HVFRQHFWDUHODSDUDWR7RGROLVWRâ
PO
PO
PO
£$WHQFLyQ
/RVSURGXFWRV
FRPELQDGRVQRVRQ
QHFHVDULDPHQWH
DGHFXDGRVSDUDWRGRV
ORVSURJUDPDV
GHODYDGR2EVpUYHQVH
DOUHVSHFWRODV
LQGLFDFLRQHV
GHOIDEULFDQWH
5iSLGRHFRQyPLFRLQWHQVLYR
&XDGURGHSURJUDPDV
UHVHWVHF
$MXVWDUHOGHVFDOFLILFDGRU
,QWHQVLYR
ƒ
(OFXDGURVLQySWLFRTXHILJXUDPiVDEDMR
SUHVHQWDHOPi[LPRQ~PHURGHSURJUDPDVSRVLEOHV
/RVSURJUDPDVFRQFUHWRVTXHLQFRUSRUDVXDSDUDWR
ILJXUDQHQHOFXDGURGHPDQGRVGHOPLVPR
/RVGDWRVGHORVSURJUDPDVVRQYDORUHVREWHQLGRV
HQODERUDWRULRVHJ~QODQRUPDHXURSHD(1â
(QODSUiFWLFDGLDULDSXHGHQSURGXFLUVHGLYHUJHQFLDV
UHVSHFWRDHVWRVYDORUHV
PHGLDFDUJD
‘ Õ Ä Â
'XUDFLyQHQKRUDVPLQXWRV
&RQVXPRGHFRUULHQWHHQN:K
&RQVXPRGHDJXDHQOLWURV
)XQFLRQHVDGLFLRQDOHV
­
2SFLyQ©0HQRVWLHPSRª
9DULR6SHHG
âVHORJUDFRQVHUYDQGR
HOUHQGLPLHQWRPHGLDQWH
XQFRQVXPRGHâHQHUJtD
PiVHOHYDGR
1RUPDO
ƒ
(FR
ƒ
'HOLFDGR
ƒ
i j p r
3:15 - 1:10
1,70 - 0,90
17 - 16
5iSLGR
ƒ
x Í
0:29 *
0,80
11
3UHODYDGR

—
0:15
0,05
4
3URSRUFLRQDQPiVIOH[LELOLGDGâ
†
0HGLDFDUJD
HQFDVRGHWHQHU
TXHODYDUSRFDYDMLOOD
(VWDRSFLyQUHGXFH
HOFRQVXPRGHDJXD
\HQHUJtD
½
VHJ~QHOPRGHORFRQFUHWR
=RQDGHODYDGRLQWHQVLYR
RSFLyQSHUIHFWDSDUD
HOODYDGRGHYDMLOODPL[WD
/DSUHVLyQ\OD
WHPSHUDWXUDGHODYDGR
VHHOHYDQOLJHUDPHQWH
²
+LJLHQH
/DWHPSHUDWXUDGHO
DJXDVHHOHYDGXUDQWH
ODHMHFXFLyQGHOFLFOR
GHODYDGRORJUiQGRVH
XQPD\RUQLYHOGHKLJLHQH
'HHVWDPDQHUDVH
DOFDQ]DXQPD\RU
QLYHOGHKLJLHQH
˜
6HFDGRH[WUD
PHMRUDHOUHVXOWDGR
GHOVHFDGRGHODYDMLOOD
PHGLDQWHODHOHYDFLyQ
GHODWHPSHUDWXUD
GXUDQWHHOFLFOR
GHDEULOODQWDGR
3UHVWDUDWHQFLyQ
DODYDMLOODGHOLFDGD
3DUDXQODYDGRSHUIHFWR
/LPSLH]D\FXLGDGRVGHODSDUDWR
'HVREVWUXLU\OLPSLDUODERPEDGHHYDFXDFLyQ
)LOWURV
FRQWURODUORV
HQFDVRQHFHVDULR
OLPSLDUORV
*LUDUHOILOWURFLOtQGULFR
\H[WUDHUHOJUXSR
GHILOWURV
ODYDUORVEDMRHOJULIR
GHDJXD
FRORFDUORHQVXVLWLRâ
/RVEUD]RVGHDVSHUVLyQ
HOLPLQDUODV
REVWUXFFLRQHV
,QFUXVWDFLRQHV
H[WUDHUHOEUD]R
LQIHULRUKDFLDDUULEDâ
GHVHQURVFDU
HOEUD]RVXSHULRU
OLPSLDUORVLQ\HFWRUHV
EDMRHOJULIRGHDJXD
GHVREVWUX\pQGRORV
FRQXQPRQGDGLHQWHV
(QURVFDU
HOJUXSRGHILOWURV
£35(67$5
$7(1&,Ð1
$/$0$5&$
FRORFDUHOEUD]R
LQIHULRUHQVXVLWLR
([WUDHUHOHQFKXIHGHODSDUDWRGHODWRPD
GHFRUULHQWH
5HWLUDUORVILOWURV\HOLPLQDUHODJXD
'HVPRQWDUODWDSDKDFLHQGRSDODQFD$
9HULILFDUVLHQODUXHGDGHDOHWDV
KD\DWUDSDGRVFXHUSRVH[WUDxRV
(QFDMDUODWDSDGHPRGRDXGLEOH%
0RQWDUORVILOWURV
$
%
HQURVFDU
HOEUD]RVXSHULRU
6ROXFLRQDUSHTXHxDVDYHUtDVSRUVtPLVPR
$YHUtD
,QGLFDFLyQ©ªVHLOXPLQD
3RVLEOHFDXVD
(OJULIRGHâDJXDHVWiDJDUURWDGR
RFDOFLILFDGR
âYDOHODSHQD
)RUPDGHâVXEVDQDUOD
$EULUHOJULIRGHâDJXD
'HVHQURVFDUODWRPDGHâDJXDGHODSDUDWR
/LPSLDUHOILOWURGHâDJXDGHâODHQWUDGDGHODSDUDWR
(OFDXGDOGHâDJXDGHEHUiDOFDQ]DUFRPRPtQLPR
HVWDQGRHOJULIRDELHUWRâOPLQ
'HQRDOFDQ]DUVHHVWHYDORUKDEUiTXHVXVWLWXLU
HOJULIR
,QGLFDFLyQ©ªGHVWHOOD
,QVWDODUHOWXERGHâGHVDJHGHâPRGRTXHQRIRUPH
SOLHJXHVQLGREOHFHV
/DWDSDGHâODERPEDGHâGHVDJH
QRHVWiPRQWDGD
0RQWDUODWDSDYpDVHPiVDUULED
/DERPEDGHâHYDFXDFLyQHVWiEORTXHDGD
'HVREVWUXLU\OLPSLDUODERPEDGHâHYDFXDFLyQ
YpDVHPiVDUULED
'HIHFWRWpFQLFRGHODSDUDWR
$YLVDUDO6HUYLFLRGHâ$VLVWHQFLD7pFQLFD2ILFLDO
GHODPDUFDLQGLFDUHOFyGLJRGHâDYHUtDPRVWUDGR
'HVFRQHFWDUHODSDUDWRGHâODUHGHOpFWULFD
(QODFXEDGHODSDUDWR
TXHGDDJXDUHVLGXDO
(OSURJUDPDGHâODYDGRQRKDFRQFOXLGR
6HREVHUYDQPDQFKDV
GHây[LGRHQORVFXELHUWRV
/RVâFXELHUWRVQRWLHQHQVXILFLHQWH
UHVLVWHQFLDFRQWUDHOy[LGR
/RVâFXFKLOORVGHâKRMDVGXUDVVRQâPiV
SURSHQVRVDODDFXPXODFLyQGHây[LGR
8WLOL]DUFXELHUWRVDSURSLDGRV
SDUDODYDGRHQODYDYDMLOODV
0DQFKDVGHây[LGRGHâRULJHQDMHQR
1RODYDUQXQFDHQHOODYDYDMLOODVSLH]DVQLFXELHUWRV
FRQPDQFKDVGHây[LGR
&HUUDUODSXHUWDGHODSDUDWR\FRQHFWDUOR
RLQWHUUXPSLUHOSURJUDPDGHâODYDGRHQFXUVR
YpDVH©&DQFHODUSURJUDPDª
3RQHUILQDXQSURJUDPDHQFXUVR
3XOVDUGXUDQWHâVHJXQGRVODâWHFOD,1,&,25HVHW
GXUDQWHODHMHFXFLyQGHOSURJUDPDKDVWDTXHVHDSDJXHQ
WRGRVORVSLORWRVHâLQGLFDGRUHV
&/,&.
0iVGHWDOOHVILJXUDQHQODVLQVWUXFFLRQHVGHâXVRGHODSDUDWR
$YHUtD
3RVLEOHFDXVD
)RUPDGHâVXEVDQDUOD
/DYDMLOODQRKDTXHGDGR
OLPSLD
(QODYDMLOODKDQTXHGDGR
DGKHULGRVUHVWRVHQIRUPD
GHâDUHQLOOD
/DVSLH]DVGHâYDMLOODKDQHVWDGR
HQFRQWDFWRXQDVFRQRWUDV
6HKDSXHVWRXQDLQVXILFLHQWHFDQWLGDG
GHâGHWHUJHQWH
(OSURJUDPDVHOHFFLRQDGRQRWHQtD
VXILFLHQWHLQWHQVLGDG
/RVâLQ\HFWRUHVRULILFLRVGHOEUD]R
GHâDVSHUVLyQHVWiQREVWUXLGRVSRUUHVWRV
GHâDOLPHQWR
/RVâILOWURVHVWiQVXFLRVRQRHVWiQ
FRUUHFWDPHQWHDVHQWDGRV
(OPRYLPLHQWROLEUHGHâORVEUD]RV
GHâDVSHUVLyQKDVLGRREVWDFXOL]DGR
SRUXQDSLH]DGHâYDMLOOD
&DUJDUODYDMLOODGHâPRGRPiVLQGLYLGXDO
HYLWDQGRSXQWRVGHâFRQWDFWR
3UHVWDUDWHQFLyQDODVLQGLFDFLRQHVGHOIDEULFDQWH
GHOGHWHUJHQWH
6HOHFFLRQDUXQSURJUDPDGHâODYDGRGHâPD\RU
LQWHQVLGDG
/LPSLDUORVEUD]RVDVSHUVRUHVYpDVHPiVDUULED
6HREVHUYDQPDQFKDV
\YHORVHQODYDMLOOD
'RVLILFDFLyQH[FHVLYD
LQVXILFLHQWHGHODEULOODQWDGRU
(QFDVRGHâYHORV5HGXFLUODGRVLILFDFLyQ
GHODEULOODQWDGRU
(QFDVRGHâPDQFKDVGHâDJXDRFDO
$XPHQWDUODGRVLILFDFLyQGHODEULOODQWDGRU
/DYDMLOODQRVDOHVHFD
$EULOODQWDGRU
$XPHQWHODGRVLILFDFLyQ
&DPELHGHSURGXFWR
(OGHWHUJHQWHFRPELQDGRHPSOHDGR
WLHQHXQGHILFLHQWHHIHFWRGHVHFDGR
$MXVWHVGHODSDUDWR
(PSOHHXQDEULOODQWDGRU
$FWLYDUODIXQFLyQ©6HFDGRLQWHQVLYRªVHJ~QPRGHOR
,QVWDODUODPDQJXHUDGHâDOLPHQWDFLyQGHâDJXD
GHâPRGRTXHQRIRUPHSOLHJXHVQLGREOHFHV
(OWXERGHâGHVDJHHVWiREVWUXLGR
RGREODGR
6HREVHUYDQPDQFKDV
EODQFDVGHFDOHQODYDMLOOD
SXHGHQHOLPLQDUVH
6REUHORVYDVRVDSDUHFH
XQYHORWXUELR
QRSXHGHHOLPLQDUVH
/LPSLDUORVILOWURVYpDVHPiVDUULED
&RORFDUODYDMLOOD\GHPiVSLH]DVGHPDQHUD
TXHQRREVWDFXOLFHQHOOLEUHPRYLPLHQWR
GHâORVEUD]RVDVSHUVRUHV
$MXVWHLQFRUUHFWRGHâODGXUH]DGHODJXD
$MXVWDUFRUUHFWDPHQWHHOGHVFDOFLILFDGRUGHODSDUDWR
)DOWDVDOGHVFDOFLILFDGRUD
5HSRQHUVDOGHVFDOFLILFDGRUD
/RVâYDVRVQRVRQâDSURSLDGRV
SDUDHOODYDGRHQODYDYDMLOODV
8WLOL]DUYDVRVDSURSLDGRVSDUDHOODYDGRHQODYDYDMLOODV
(QORVHOHPHQWRVGHâSOiVWLFR 6HKDSXHVWRXQDLQVXILFLHQWHFDQWLGDG
VHSURGXFHQGHFRORUDFLRQHV GHâGHWHUJHQWH
'HFRORUDFLRQHVGHELGDVDDOLPHQWRV
SRUHMHPSORVDOVDGHâWRPDWH
(PSOHDUXQGHWHUJHQWHVXDYHDGHFXDGRSDUDODYDU
YDVRV
3UHVWDUDWHQFLyQDODVLQGLFDFLRQHVGHOIDEULFDQWH
GHOGHWHUJHQWH
/DVGHFRORUDFLRQHVQRWLHQHQPD\RUHVFRQVHFXHQFLDV
GHVDSDUHFHQFRQVXFHVLYRVFLFORVGHâODYDGR
&DUJDUFRUUHFWDPHQWHODYDMLOODHQHODSDUDWR
/DâGXUDFLyQGHOSURJUDPDSDUDHYDFXDU
HOâDJXDUHVLGXDOHVâGHâDSUR[XQâPLQXWR
&DUJDUVyORYDMLOODDSURSLDGDSDUDHOâODYDGRHQâODYDYDMLOODVSUHVWDQGRDWHQFLyQDâTXHQRFRQWHQJD
UHVWRVGHâFHQL]DFHUDJUDVDWLQWDRâHWLTXHWDVDGKHVLYDVHOLPLQDUUHVWRVJUDQGHVGHâFRPLGD
PHUPHODGDRâSURGXFWRVOiFWHRVDQWHVGHâLQWURGXFLUODâYDMLOODHQâHOâODYDYDMLOODV
&RORFDUODVSLH]DVGHâODâYDMLOODVLJXLHQGRODVLQVWUXFFLRQHVGHâXVRGHODSDUDWRFRPSUREDQGR
TXHORVEUD]RVDVSHUVRUHVSXHGDQJLUDUVLQREVWiFXORV