)$&8/7$''(&,(1&,$6(&21Ï0,&$6<$'0,1,675$7,9$6 3/$1'(1(*2&,263$5$'(7(50,1$5/$)$&7,%,/,'$' '(,03/(0(17$&,Ï1'(81%$57(0È7,&2'(/%$5&(/21$ 63257,1*&/8%(1/$&,8'$''(48,72 7UDEDMRGH7LWXODFLyQSUHVHQWDGRHQFRQIRUPLGDGDORVUHTXLVLWRV HVWDEOHFLGRVSDUDRSWDUSRUHOWtWXORGH ,QJHQLHURHQ0DUNHWLQJ'HSRUWLYR\1HJRFLRV 3URIHVRUD*XtD /FGD7DPDUD(UD]R0%$ $XWRU $QGUpV6DQWLDJR6iHQ]*ULMDOYD $xR LL '(&/$5$&,Ï1'(/352)(625*8Ë$ ³'HFODUR KDEHU GLULJLGR HVWH WUDEDMR D WUDYpV GH UHXQLRQHV SHULyGLFDV FRQ HO HVWXGLDQWH RULHQWDQGR VXV FRQRFLPLHQWRV SDUD XQ DGHFXDGR GHVDUUROOR GHO WHPD HVFRJLGR \ GDQGR FXPSOLPLHQWR D WRGDV ODV GLVSRVLFLRQHV YLJHQWHV TXH UHJXODQORV7UDEDMRVGH7LWXODFLyQ´ BBBBBBBBBBBBBBBBBBBBB 7DPDUD(UD]R /LFHQFLDGD0%$ && LLL '(&/$5$&,Ï1'($8725Ë$'(/(678',$17( ³'HFODUR TXH HVWH WUDEDMR HV RULJLQDO GH PL DXWRUtD TXH VH KDQ FLWDGR ODV IXHQWHVFRUUHVSRQGLHQWHV\TXHHQVXHMHFXFLyQVHUHVSHWDURQODVGLVSRVLFLRQHV OHJDOHVTXHSURWHJHQORVGHUHFKRVGHDXWRUYLJHQWHV´ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $QGUpV6DQWLDJR6iHQ]*ULMDOYD && LY $*5$'(&,0,(172 4XLHUR DJUDGHFHU HVSHFLDOPHQWH D PL IDPLOLDHOORVPHDSR\DURQFRQPLGHFLVLyQ GHHVWXGLDUXQDFDUUHUDQXHYD$OFXPSOLU XQRGHPLVREMHWLYRVPHVLHQWRPX\IHOL]\ RUJXOORVR SRU KDEHU WHUPLQDGR XQD HWDSD PX\ LPSRUWDQWH HQ PL YLGD *UDFLDV D WRGRV XVWHGHV TXH VLHPSUH HVWXYLHURQ \ FRPSDUWLPRVJUDQGHVPRPHQWRVMXQWRV Y 5(680(1 %DUFHORQD 6SRUWLQJ &OXE WDPELHQ FRQRFLGR FRPR ³ËGROR 'HO $VWLOOHUR´ HV XQ HTXLSRSURYHQLHQWHGH*XD\DTXLO)XHIXQGDGRHOGH0D\RGHSRUXQ JUXSR GH DPLJRV LQFOX\HQGR HFXDWRULDQRV \ HVSDxROHV (O %DU 7HPiWLFR ³%$5&(/21$´ FRPSDxtD OLPLWDGD HV XQ QHJRFLR FRQ XQ VHUYLFLR GH SULPHUD FDOLGDGFRQODPHMRUDWHQFLyQDOFOLHQWHHQXQOXJDUDJUDGDEOH\DPHQRSDUDORV DPDQWHV GHO I~WERO (VWDUi GHGLFDGR DO HTXLSR PiV JUDQGH GHO SDtV &RQWDUi FRQ OD OLFHQFLD RULJLQDO SRU SDUWH GHO FOXE (O OXJDU YD D VHU SHUVRQDOL]DGR FRQ KLVWRULDGHOËGROR (QHOEDUVHFRQWDUiFRQXQDYDULHGDGGHSODWRVFRQQRPEUHVGHH[ILJXUDVGHO HTXLSRFRPRWDPELpQEHELGDVFUHDGDVFRQQRPEUHVFUHDWLYRV\GLYHUWLGRVSRU ORV KLQFKDV (O OXJDU YD D WHQHU UHFXHUGRV \ merchandising(VRQ ORV SURGXFWRV RULJLQDOHVGHOHTXLSR/DYHQWDMDFRPSHWLWLYDUDGLFDHQHOWLSRGHEDUWHPiWLFR SHUVRQDOL]DGRGHIRUPDGHSRUWLYD(OPHUFDGRREMHWLYRHVKRPEUHV\PXMHUHV GH ± DxRV KLQFKDV GH %DUFHORQD 6& 6H YD FDSWDU SRU PHGLR GH SURJUDPDVGHILGHOL]DFLyQ\FDSWDFLyQSDUDDQWLJXRV\QXHYRVVRFLRVTXHYLYDQ HQ OD FLXGDG GH 4XLWR OD FRQVWUXFFLyQ GH XQD EDVH GH GDWRV GH VRFLRV GHO %DUFHORQD6& /DGHPDQGDSRWHQFLDOFDOFXODGDHQEDVHDLQYHVWLJDFLyQHVGHSHUVRQDV PHQVXDOHVHQFRQGLFLRQHVQRUPDOHVSDUDSRGHUVDWLVIDFHUODVQHFHVLGDGHVGH XQ JUXSR HVSHFtILFR GH VHJXLGRUHV GH I~WERO TXH OHV JXVWD HO %DUFHORQD 6SRUWLQJ&OXE8QRGHORVDVSHFWRVIXQGDPHQWDOHVSDUDHOp[LWRGHHVWDLGHDGH QHJRFLRIXHHQFRQWUDUXQDXELFDFLyQHVWUDWpJLFDHQXQD]RQDFpQWULFD /D LQYHUVLyQ QHFHVDULD SDUD FXEULU OD FRQVWLWXFLyQ GH OD HPSUHVD DVt FRPR SHUPLVRVHLQIUDHVWUXFWXUDSXEOLFLGDG\HOFDSLWDOGHWUDEDMRHVGH HOYDORUHVDOWR\DTXHVHWLHQHTXHFDQFHODUXQDOLFHQFLDRILFLDOGHDxRVSDUD OD XWLOL]DFLyQ GH OD PDUFD 7DPELpQ WLHQH TXH FXEULU ORV IOXMRV GH HIHFWLYR QHJDWLYRVGHORVSULPHURVPHVHV YL 'HVSXpVGHHYDOXDUGLIHUHQWHVHVFHQDULRVULHVJRVFRVWRVLQJUHVRV\HVWDGRV ILQDQFLHURV \ OR PiV LPSRUWDQWH IOXMRV VH OOHJD D OD FRQFOXVLyQ GH TXH HO SODQWHDPLHQWR GHO QHJRFLR HV IDFWLEOH \ JHQHUDUi UHQWDELOLGDG SDUD ORV LQYHUVLRQLVWDV\DTXHHOYDORUDFWXDOQHWRGHOEDUWHPiWLFRGHO%DUFHORQDHVGH FRQXQDWDVDGHUHWRUQRGHO YLL $%675$&7 %DUFHORQD6SRUWLQJ&OXELVWKHPRVWLPSRUWDQWWHDPIURP*XD\DTXLO(FXDGRU ,WZDVIRXQGHGRQ0D\E\DJURXSRIIULHQGVIURP(FXDGRUDQG6SDLQ 7KLV WKHPH %DU %$5&(/21$ OLPLWHG FRPSDQ\ LV D EXVLQHVV ZLWK D XQLTXH SHUVRQDOL]HGFXVWRPHUVHUYLFHIRUSOHDVDQWVRFFHUDGGLFWV7KLVEDULVFUHDWHG MXVW IRU %DUFHORQD¶V IDQV ,W ZLOO IHDWXUH WKH RULJLQDO OLFHQVH E\ WKH FOXE 7KH SODFH ZLOO SHUVRQDOL]H RI DOO WKH KLVWRU\ RI %6& %DUFHORQD 6SRUWLQJ &OXE FUHDWLQJWKHSHUIHFWHQYLURQPHQWIRUDOOWKHLUIDQV ,Q WKH EDU WKHUH ZLOO EH D YDULHW\ RI GLVKHV QDPHG E\ WKH LPSRUWDQW SOD\HUV RI WKH WHDP DOVR D VHOHFWLRQ RI EHYHUDJH FUHDWH DQG QDPHG GLUHFWO\ IURP DOO WKH IDQV 7KH SODFH ZLOO KDYH DOO WKH PHPRULHV DQG RULJLQDO PHUFKDQGLVLQJ 7KH FRPSHWLWLYH DGYDQWDJH LV WKDW LQ (FXDGRU GRHVQ¶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Ë1',&( ,1752'8&&,Ï1 $63(&726*(1(5$/(6 $QWHFHGHQWHV 2%-(7,926 2EMHWLYRV*HQHUDOHV 2EMHWLYRV(VSHFtILFRV +,3Ï7(6,6 /$ ,1'8675,$ /$ &203$fË$ < /26 352'8&72626(59,&,26 /$,1'8675,$ 7HQGHQFLDV &DGHQDGHYDORU )DFWRUHVHFRQyPLFRV\UHJXODWRULRV $QiOLVLVVLWXDFLRQDO3(67 /DV)XHU]DVGH3RUWHU &203$fË$<&21&(372'(/1(*2&,2 /DLGHD\HOPRGHORGHQHJRFLR (VWUXFWXUDOHJDOGHODHPSUHVD 0LVLyQ9LVLyQ\2EMHWLYRV 9LVLyQ 0LVLyQ 2EMHWLYR(FRQyPLFR 2EMHWLYRV(VWUDWpJLFRV (/352'8&72<26(59,&,2 (OVHUYLFLRDQLYHOPXQGLDO (OVHUYLFLR (675$7(*,$ '( ,1*5(62 $/ 0(5&$'2 < &5(&,0,(172 (VWUDWHJLDGHLQJUHVRDOPHUFDGR (VWUDWHJLDGHFUHFLPLHQWR 3ODQHVGHH[SDQVLyQ $1È/,6,6)2'$ 0DWUL])2'$ 0DWUL]()(\(), ,19(67,*$&,Ï1'(0(5&$'26<68$1È/,6,6 352%/(0$$'0,1,675$7,92 352%/(0$'(,19(67,*$&,Ï1 2%-(7,926'(/$,19(67,*$&,Ï1 2EMHWLYRJHQHUDOGHODLQYHVWLJDFLyQ 2EMHWLYRVHVSHFtILFRV 2%-(7,92635(*817$6(+,3Ï7(6,6 ',6(f2'(,19(67,*$&,Ï1 1(&(6,'$'(6<)8(17(6'(,1)250$&,Ï1 ,QYHVWLJDFLyQFXDOLWDWLYD±H[SORUDWRULD +LSyWHVLV (QWUHYLVWDFRQH[SHUWRV &RQFOXVLRQHVGHODHQWUHYLVWD *UXSRVIRFDOHV &RQFOXVLyQJUXSRVIRFDOHV 0XHVWUD 5(68/7$'26'(/$6(1&8(67$6 &RQFOXVLRQHVGHODVHQFXHVWDV 0(5&$'25(/(9$17(<&/,(17(327(1&,$/ 0HUFDGR2EMHWLYR 6HJPHQWDFLyQGHPHUFDGR 6HJPHQWDFLyQ*HRJUiILFD 6HJPHQWDFLyQ'HPRJUiILFD 6HJPHQWDFLyQSVLFRJUiILFD &RQGXFWXDOHV 7$0$f2'(0(5&$'2 'HPDQGD ,GHQWLILFDFLyQGH1LFKRGH0HUFDGR /$&203(7(1&,$<6869(17$-$6 &RPSHWHQFLD /DFRPSHWHQFLDGLUHFWD &RPSHWHQFLD,QGLUHFWD 6XVWLWXWRV &RPSOHPHQWDULRV 3$57,&,3$&,Ï1 '( 0(5&$'26 < 9(17$6 '( /$ ,1'8675,$ (9$/8$&,Ï1 '(/ 0(5&$'2 '85$17( /$ ,03/(0(17$&,Ï1 3/$1'(0$5.(7,1* (675$7(*,$*(1(5$/'(0$5.(7,1* (VWUDWHJLDGHFUHFLPLHQWR $OLDQ]DHVWUDWpJLFD 3RVLFLRQDPLHQWR 3URGXFWRHOSURGXFWR\VHUYLFLR 1LYHOGHOSURGXFWR 7LSRGHSURGXFWRRVHUYLFLRGHFRPSDUDFLyQ '(&,6,21(6$75,%8726%5$1',1*6(59,&,26'( 623257( 'HFLVLRQHV GH PDUFD GH SURGXFWR $QFKR /RQJLWXG 3URIXQGLGDG $QFKR /RQJLWXG 3URIXQGLGDG 32/Ë7,&$'(35(&,26 3UHIHUHQFLDGHSUHFLRV &RVWRV 7È&7,&$6'(9(17$6 3OD]D'LVWULEXFLyQ 32/Ë7,&$'(6(59,&,2$/&/,(17(<*$5$17Ë$6 35202&,Ï1<38%/,&,'$' 3XEOLFLGDG 3DJLQD:HEGHO%DUWHPiWLFR 6RFLDO0HGLD0DQDJPHQW 02'(/2'(*(67,Ï1&50 5(/$&,21(63Ò%/,&$6 35202&,Ï1'(9(17$6 3/$1'(23(5$&,21(6<352'8&&,Ï1 (675$7(*,$'(23(5$&,21(6 &,&/2'(23(5$&,21(6 5(48(5,0,(172'((48,32<+(55$0,(17$6 (48,32*(1(5$/ 25*$1,*5$0$ 3(5621$/ $'0,1,675$7,92 &/$9( < 686 5(63216$%,/,'$'(6 &203(16$&,Ï1 $ $'0,1,675$'25(6 < 3523,(7$5,26 32/Ë7,&$'((03/(2<%(1(),&,26 3ROtWLFD6DODULDO %HQHILFLRV 3ROtWLFDGH-RUQDGD/DERUDO 3ROtWLFDGH7HUPLQDFLyQGH5HODFLyQ/DERUDO '(5(&+26 < 5(675,&&,21(6 '( $&&,21,67$6 ( ,19(5625(6 (48,326'($6(625(6<6(59,&,26 &5212*5$0$*(1(5$/ $&7,9,'$'(6 1(&(6$5,$6 3$5$ 321(5 (/ 1(*2&,2(10$5&+$ 5,(6*26(,035(9,6726 5,(6*26 &5Ë7,&26 352%/(0$6 < 6838(6726 6867,78726<&5,7(5,2687,/,=$'26 5,(6*26<352%/(0$635,1&,3$/(6 3/$1),1$1&,(52 ,19(56,Ï1,1,&,$/ )8(17(6'(,1*5(626 &26726),-26<9$5,$%/(6 &RVWRV)LMRV &RVWRV9DULDEOHV 0$5*(1%5872<0$5*(123(5$7,92 (67$'2'(5(68/7$'26$&78$/<352<(&7$'2 %$/$1&(*(1(5$/$&78$/<352<(&7$'2 (67$'2 '( )/8-2 '( ()(&7,92 $&78$/ < 352<(&7$'2 38172'((48,/,%5,2 $1È/,6,6 '( 6(16,%,/,'$' &21752/ '( &26726 ,03257$17(6 ,1',&$'25(6),1$1&,(526 /LTXLGH] 5HQWDELOLGDG 'HVHPSHxR 9$/8$&,Ï1'(/352<(&72 35238(67$'(1(*2&,2 ),1$1&,$0,(172'(6($'2 (6758&785$'(&$3,7$/<'(8'$%86&$'$ 862'()21'26 5(725123$5$(/,19(56,21,67$ &21&/86,21(6<5(&20(1'$&,21(6 &21&/86,21(6 5(&20(1'$&,21(6 5()(5(1&,$6 $1(;26 ,1752'8&&,Ï1 $63(&726*(1(5$/(6 $QWHFHGHQWHV (OJXVWRSRUHOI~WEROKDLQFUHPHWDGRHQORV~OWLPRVDxRVHQ(FXDGRUDO GH OD SREODFLyQ OH DJUDGD HO I~WERO %UDQGLP 'HELGR D TXH HO I~WERO HFXDWRULDQRVHKDYXHOWRPiVFRPSHWLWLYRODVSHUVRQDVVLHQWHQSDVLyQSRUHO HTXLSR TXH VRQ KLQFKDV DGHPiV HO SDtV KD UHDOL]DGR EXHQDV FDPSDxDV LQWHUQDFLRQDOHVFRQPXQGLDOHVHQODVXOWLPDVHGLFLRQHV ([LVWHQ HTXLSRV HQ OD VHULH $ GHO I~WERO HFXDWRULDQR 'H ORV FXDOHV VRODPHQWH HTXLSRV WLHQHQ XQD KLVWRULD GH FDPSHRQDWRV TXH OHV KDFH ORV HTXLSRVFRQPiVKLQFKDVDQLYHOSDtV x %$5&(/21$63257,1*&/8% x &/8%63257(0(/(& x /,*$'(3257,9$81,9(56,7$5,$'(48,72 %DUFHORQD 6SRUWLQJ &OXE WDPELHQ FRQRFLGR FRPR ³ËGROR GHO $VWLOOHUR´ HV XQ HTXLSRSURYHQLHQWHGH*XD\DTXLO)XHIXQGDGRHOGH0D\RGHSRUXQ JUXSRGHDPLJRVLQFOX\HQGRHFXDWRULDQRV\HVSDxROHV(OFRORUSULQFLSDOHVHO DPDULOOR \ ORV VHFXQGDULRV HO QHJUR \ URMR 6X HVWDGLR WLHQH FDSDFLGDG SDUD HVSHFWDGRUHV\HVFRQRFLGRFRPRXQRGHORVHVWDGLRVPiVJUDQGHVGHO I~WERO VXGDPHULFDQR HO 0RQXPHQWDO %DQFR 3LFKLQFKD $SDUWH WLHQH FRSDV HVWUHOODVHVHOHTXLSRFRQPiVFDPSHRQDWRVHFXDWRULDQRV\PiVKLQFKDGDHQ WRGRHO(FXDGRU(VWXGLRVGHOD),)$GHPXHVWUDQTXHHVHOFOXE³0iV3RSXODU GH (FXDGRU´ FRQ XQ WRWDO GH FDVL HO GH KLQFKDV GHO I~WERO GH (FXDGRU 3LQWR (Q HVWDV FLUFXQVWDQFLDV VH KD YLVWR LPSRUWDQWH FRQWDU FRQ XQ OXJDU GRQGH ORV KLQFKDV SXHGDQ UHXQLUVH \ FRPSDUWLU JXVWRV \ HPRFLRQHV (O EDU WHPiWLFR VH HQIRFDUi D KLQFKDV GHO %DUFHORQD 6& DGHPiV VHUi XQ OXJDU TXH SHUPLWLUi FDSWDU QXHYRV VRFLRV HQ OD FLXGDG FDSLWDO 6H SURSRUFLRQDUi XQD H[SHULHQFLD ~QLFD D ORV KLQFKDV TXH YHQJDQ DO EDU \D TXH HO GLVHxR GH VH DGDSWDUi SDUD TXHHOFOLHQWHVLHQWDDILQLGDGHQWUHHOEDU\HOHTXLSR 2%-(7,926 2EMHWLYRV*HQHUDOHV 'HWHUPLQDUODYLDELOLGDGGHFUHDUXQEDUWHPiWLFRGHO%$5&(/21$63257,1* &/8%HQODFLXGDGGH4XLWR 2EMHWLYRV(VSHFtILFRV x $QDOL]DUODLQGXVWULDHQODTXHVHGHVDUUROODUtDHOQHJRFLR x 5HDOL]DUXQDLQYHVWLJDFLyQGHPHUFDGRV x (ODERUDUODSURSXHVWDGHQHJRFLR x $QDOL]DUODYLDELOLGDGILQDQFLHUDGHOQHJRFLR x 'HWHUPLQDUHOFURQRJUDPD x ,GHQWLILFDUSRVLEOHVULHVJRV x (ODERUDUXQSODQGHPDUNHWLQJ +,3Ï7(6,6 /D LGHD GH FUHDU XQ EDU WHPiWLFR GHO %$5&(/21$ 63257,1* &/8% WHQGUi DFRJLGDHQODFLXGDGGH4XLWR /$,1'8675,$/$&203$fË$</26352'8&7262 6(59,&,26 /$,1'8675,$ (O SODQ GH QHJRFLRV FRPLHQ]D LGHQWLILFDQGR OD LQGXVWULD HQ OD TXH HO QHJRFLR HVWiORFDOL]DGR3DUDHOHIHFWRHVQHFHVDULRLGHQWLILFDUOD&ODVLILFDFLyQ&HQWUDO GH3URGXFWRV&3&\OD&ODVLILFDFLyQ,QGXVWULDO,QWHUQDFLRQDO8QLIRUPH&,,8 D ODV TXH HO SUR\HFWR SHUWHQHFH (O QHJRFLR TXH VH SURSHQGH GHVDUUROODU VH HQFXHQWUD XELFDGR HQ OD FODVLILFDFLyQ &,,8 FRQ HO FyGLJR , DFWLYLGDGHV GH UHVWDXUDQWHV\VHUYLFLRVPyYLOHVGHFRPLGDV,1(&$GHPiVHOVHFWRU FRQVWLWX\HXQDGHODVLQGXVWULDVPiVLPSRUWDQWHVGHODHFRQRPtDQDFLRQDO (OWDPDxRGHOPHUFDGRVHPXHVWUDHQODVLJXLHQWHWDEOD 7DEOD&ODVLILFDFLyQ,QGXVWULDO8QLIRUPH ,$FWLYLGDGHVGHUHVWDXUDQWHV\VHUYLFLRVPyYLOHVGHFRPLGDV &RPSHWLGRUHV$FWXDOHV 7DPDxRGH0HUFDGR ¶ $GDSWDGRGH,1(& 7DEOD&ODVLILFDFLyQFHQWUDOGHSURGXFWRV&3& 6HUYLFLRV FRPHUFLDOHV GH GLVWULEXFLyQ DORMDPLHQWR VHUYLFLRV GH VXPLQLVWUR GH FRPLGDV \ EHELGDV VHUYLFLRV GH WUDQVSRUWH \ VHUYLFLRV GH GLVWULEXFLyQ GH HOHFWULFLGDGJDV\DJXD $ORMDPLHQWRVHUYLFLRVGHVXPLQLVWURVGHFRPLGDV\EHELGDV 6HUYLFLRVGHVXPLQLVWURGHFRPLGD $GDSWDGRGH,1(& 7DEOD&ODVLILFDFLyQFHQWUDOGHSURGXFWRV&3& 6HUYLFLRVFRPHUFLDOHVGHGLVWULEXFLyQDORMDPLHQWRVHUYLFLRVGHVXPLQLVWURGH FRPLGDV \ EHELGDV VHUYLFLRV GH WUDQVSRUWH \ VHUYLFLRV GH GLVWULEXFLyQ GH HOHFWULFLGDGJDV\DJXD $ORMDPLHQWRVHUYLFLRVGHVXPLQLVWURVGHFRPLGDV\EHELGDV 6HUYLFLRVGHVXPLQLVWURGHEHELGDV $GDSWDGRGH,1(& 7HQGHQFLDV Figura 1.3,%$ORMDPLHQWR\VHUYLFLRVGHFRPLGD $GDSWDGRGHO%DQFR&HQWUDOVI (QODILJXUDHODORMDPLHQWR\VHUYLFLRVGHFRPLGDHQHO4XLWRHQHODxR IXH HO PiV DOWR GH ORV ~OWLPRV (Q ORV ~OWLPRV DxRV VH YH TXH KD WHQLGR XQ LQFUHPHQWRFRQVWDQWH 7DEOD7RWDOGHLQJUHVRVDQXDOHVSHUFLELGRVSRUYHQWDVRSUHVWDFLRQHVGHVHUYLFLR $FWLYLGDG3ULQFLSDO 7RWDO3DtV 7RWDOGHLQJUHVRV DQXDOHV 680$ 3LFKLQFKD 680$ $JULFXOWXUDJDQDGHUtDVLOYLFXOWXUD\SHVFD ([SORWDFLyQGHPLQDV\FDQWHUDV ,QGXVWULDVPDQXIDFWXUHUDV 6XPLQLVWURGHHOHFWULFLGDGJDVYDSRU\DLUH DFRQGLFLRQDGR 'LVWULEXFLyQGHDJXDDOFDQWDULOODGRJHVWLyQ GHGHVHFKRV\DFWLYLGDGHVGHVDQHDPLHQWR &RQVWUXFFLyQ &RPHUFLR DO SRU PD\RU \ DO SRU PHQRU UHSDUDFLyQ GH YHKtFXORV DXWRPRWRUHV \ PRWRFLFOHWDV 7UDQVSRUWH\DOPDFHQDPLHQWR ,QIRUPDFLyQ\FRPXQLFDFLyQ $FWLYLGDGHVILQDQFLHUDV\GHVHJXURV $FWLYLGDGHV GH DORMDPLHQWR \ GH VHUYLFLR GHFRPLGDV $FWLYLGDGHVLQPRELOLDULDV $FWLYLGDGHV SURIHVLRQDOHV FLHQWtILFDV \ WpFQLFDV $FWLYLGDGHV GH VHUYLFLRV DGPLQLVWUDWLYRV \ GHDSR\R $GPLQLVWUDFLyQS~EOLFD\GHIHQVDSODQHVGH VHJXULGDGVRFLDOGHDILOLDFLyQREOLJDWRULD (QVHxDQ]D $FWLYLGDGHVGHDWHQFLyQGHODVDOXGKXPDQD \GHDVLVWHQFLDVRFLDO $UWHVHQWUHWHQLPLHQWR\UHFUHDFLyQ 2WUDVDFWLYLGDGHVGHVHUYLFLRV $FWLYLGDGHV GH RUJDQL]DFLRQHV \ yUJDQRV H[WUDWHUULWRULDOHV 7RPDGRGH4XLWRWXULVPRS (O WDPDxR GH PHUFDGR HQ 3LFKLQFKD HV GHO OR TXH TXLHUH GHFLU TXH JHQHUDXQDVXPDLPSRUWDQWHGHLQJUHVRVSDUDHOVHFWRUFRPHUFLDO0LQLVWHULR GH7XULVPR 7DEOD(PSUHVDVGHGLFDGDVDOVHUYLFLRGHDOLPHQWDFLyQ\EHELGDVHQ4XLWR &,,8, , $FWLYLGDGHV GH UHVWDXUDQWHV \ GH VHUYLFLR PyYLO GH FRPLGD &RPSDxtDVDFWLYDV 7RPDGRGH6XSHULQWHQGHQFLDGHFRPSDxtDV (VWUXFWXUDGHODLQGXVWULD (O VHUYLFLR GH DOLPHQWDFLyQ \ EHELGDV HQ OD FLXGDG GH 4XLWR VH HQFXHQWUD FRQ XQDOWRQ~PHURGHSDUWLFLSDQWHV'HDFXHUGRDORVGDWRVPRVWUDGRVHQODWDEOD HQ OD FLXGDG GH 4XLWR H[LVWHQ FRPSDxtDV DFWLYDV HQ OD LQGXVWULD &,,8 ,/RFXDO,QGLFDTXHODLQGXVWULDHVIUDJPHQWDGD\DTXHH[LVWHQFLHQWRVGH FRPSHWLGRUHVVLPLODUHVHQHOPHUFDGRTXHEULQGDQORVPLVPRVSURGXFWRV $O H[SHULPHQWDU XQ QRWDEOH GHVDUUROOR HQ ORV ~OWLPRV DxRV ORV EDUHVUHVWDXUDQWHVWHPiWLFRVVHKDQSRVLFLRQDGRFRPRXQDGHORVFXDWURWLSRV GHQHJRFLRPiVDWUDFWLYRV\UHQWDEOHVHQODFLXGDGGH4XLWRWHOHJUDIR ([LVWHQ JUDQGHV FDGHQDV FRPR VRQ 6SRUW 3ODQHW 7RQ\ 5RPDQV &KLOLV \ 7*,)ULGD\V(QVXPD\RUtDWRGRVHVWRVEDUHVUHVWDXUDQWHVHVWiQHQIRFDGRV HQEULQGDUXQDH[SHULHQFLD~QLFD\DJUDGDEOH 6SRUW 3ODQHW FRQ OD LQVSLUDFLyQ HQ HO GHSRUWH UH~QH D YDULDV SHUVRQDV D YHU SDUWLGRVGHI~WERO&XHQWDFRQYDULRVORFDOHVDQLYHOQDFLRQDO\FRQXQH[WHQVR PHQ~6XVHUYLFLRHVGHSULPHUDFDOLGDG\UHODFLRQDDVXVSODWRVFRQKHFKRVR QRPEUHVKLVWyULFRVGHOGHSRUWH&RQXQDFWLYRGH¶HQHODxR 6XSHULQWHQGHQFLDGH&RPSDxtDV 7*,)ULGD\VHVODHPSUHVDOtGHUHQHOPHUFDGRVXFRPLGDHVGHDOWDFDOLGDG \FXHQWDFRQXQDYDULHGDGGHSURGXFWRV/DGHFRUDFLyQHVPX\DWUDFWLYD\HO VHUYLFLR HV GH SULPHUD ([LVWHQ PiV GH UHVWDXUDQWHV DOUHGHGRU GHO PXQGR 3RU RWUD SDUWH HVWi &KLOLV VH HQIRFD HQ OD FRPLGD PH[LFDQD FXHQWD FRQ XQD YDULHGDG GH SURGXFWRV FRPR IDMLWDV EXUULWRV HQFKLODGDV HQWUH RWURV \ FRQ VXV H[TXLVLWRVFRFWHOHV7RQ\5RPDQVVXHVSHFLDOLGDGVRQODVFRVWLOOLWDV\EHELGDV LQQRYDGRUDVFXHQWDFRQORFDO (QODFLXGDGGH4XLWRHVWHWLSRGHUHVWDXUDQWHVWHPiWLFRVKDQJDQDGRPHUFDGR RIUHFLHQGRGHOLFLDVSDUDHOSDODGDUGHDGXOWRV\MyYHQHV Figura 2.3URGXFFLyQ7RWDO\(O9DORU$JUHJDGR $GDSWDGRGHO,1(& $ODQDOL]DUODYDULDEOHGH9DORU$JUHJDGRTXHHVHODSRUWHTXHGHFDGDVHFWRU DODHFRQRPtDQDFLRQDO/DDFWLYLGDGHVGHUHVWDXUDQWHV\GHVHUYLFLRVPyYLOHV GHFRPLGDWLHQHXQYDORUDJUHJDGRFRUUHVSRQGHDUHSUHVHQWDQHO VREUHODSURGXFFLyQWRWDOGHOHOHTXLYDOHQWHDOGHOD SURGXFFLyQ QDFLRQDO /R TXH UHDILUPD OD SRVLFLyQ GH TXH HQ 4XLWR KD\ FRPR H[SORWDU\GHVDUUROODUQXHYRVQHJRFLRV &DGHQDGHYDORU 6HJ~Q3RUWHU³HOQHJRFLRGHXQDHPSUHVDHVDTXHOTXHUHVXOWDGHVXFDGHQD GH YDORU´ $WHKRUWXD %XVWDPDQWH 9DOHQFLD -RUJH /D FDGHQD GH YDORU WH SHUPLWH UHDOL]DU XQ DQiOLVLV LQWHUQR GH OD HPSUHVD 6H GLYLGH HQ DFWLYLGDGHVSULPDULDV\DFWLYLGDGHVGHDSR\R Figura 3.&DGHQDGH9DORU $FWLYLGDGHV3ULPDULDV /RJtVWLFD &RPSUHQGHUODGLVWULEXFLyQ\ODVROLFLWXGGHSHUPLVRV\DOPDFHQDPLHQWRGHORV LQVXPRV FRRUGLQDU FRQ ORV SURYHHGRUHV OD HQWUHJD GH SURGXFWR SDUD HO DEDVWHFLPLHQWRFRQVWDQWH$OUHDOL]DUXQDEXHQDORJtVWLFDVHSXHGHQUHGXFLUORV FRVWRV 2SHUDFLRQHV 6RQ WRGRV ORV HOHPHQWRV TXH DVHJXUDQ XQ VHUYLFLR GH FDOLGDG FRPR HO EXHQ WUDWRGHDOLPHQWRVOLPSLH]D\SUHVHQWDFLyQ 0DUNHWLQJ\9HQWDV (VWHSXQWRHVPX\LPSRUWDQWHHQODFDGHQDGHYDORU\DTXHHVWXGLDDOPHUFDGR \ VX SULQFLSDO FDUDFWHUtVWLFD HV EXVFDU OD VDWLVIDFFLyQ GHO FOLHQWH $GHPiV EXVFD HO SRVLFLRQDPLHQWR GHO SURGXFWR SRU WDQWR HO I~WERO FXHQWD FRQ XQ PHUFDGRJUDQGH(VWRIDYRUHFHUiDODKRUDGHYHQGHU\FDSWDUKLQFKDV7HQHU FODURODYHQWDMDFRPSHWLWLYDYDIDFLOLWDUODILGHOLGDGGHOFRQVXPLGRU 6HUYLFLRDOFOLHQWH /R PiV LPSRUWDQWH HV FRQVHJXLU XQD EXHQD UHODFLyQ FRQ HO FOLHQWH (O EXHQ WUDWRVHEDVDHQVDWLVIDFHUVXVQHFHVLGDGHV\FUHDUXQDH[SHULHQFLD~QLFD\D TXHHOFRQVXPLGRUHVORPiVLPSRUWDQWHHQHOQHJRFLRGHORVEDUHVWHPiWLFRV $FWLYLGDGHVGHDSR\R ,QIUDHVWUXFWXUD (O OXJDU \ OD FUHDFLyQ GH OD HPSUHVD VRQ PX\ LPSRUWDQWHV 3RU HOOR KD\ TXH ORJUDUXQDEXHQDHVWUDWHJLDXQDQiOLVLVGHPHUFDGR\UHDOL]DUFRQWDELOLGDGGH IRUPDFRWLGLDQD *HVWLyQGH5HFXUVRV+XPDQRV 6HGHGLFDUiDODE~VTXHGDFRQWUDWDFLyQIRUPDFLyQGHOSHUVRQDOVHOHFFLRQDGR 6HUHDOL]DUiDFWLYLGDGHVJUXSDOHVSDUDTXHH[LVWDXQDPELHQWHDJUDGDEOHHQWUH DGPLQLVWUDGRUHV\HOSHUVRQDOGHOEDUWHPiWLFR 'HVDUUROORGH7HFQRORJtD /DV DFWLYLGDGHV UHODFLRQDGDV FRQ OD FRQVWDQWH LQYHVWLJDFLyQ \ GHVDUUROOR GH OD WHFQRORJtD QHFHVDULD SDUD GDU XQ VHUYLFLR GH SULPHUD FDOLGDG \ GHVDUUROODU YDULDVDFWLYLGDGHV&RQVWDQWHHVWXGLRHLQQRYDFLyQFRQODPHMRUWHFQRORJtD\D TXHFDGDGtDFUHDQQXHYRVSURGXFWRV $EDVWHFLPLHQWR 6DEHU FXiQWR SURGXFWR VH WLHQH HQ OD ERGHJD GHO EDU \D TXH FRPR VRQ SURGXFWRVSHUHFLEOHVHVPHMRUHVWDUDGTXLULUORVHPDQDOPHQWHSDUDTXHHVWHHQ EXHQDV FRQGLFLRQHV (V LPSRUWDQWH RSWLPL]DU OD JHVWLyQ GH DEDVWHFLPLHQWR SDUD ORJUDU LQFUHPHQWDU ODV YHQWDV \ HVWDU HQ FRQGLFLRQHV GH DEDVWHFHU XQD JUDQFDQWLGDGGHFOLHQWHV )DFWRUHVHFRQyPLFRV\UHJXODWRULRV $QiOLVLVVLWXDFLRQDO3(67 (QWRUQR3ROtWLFR &RQ SHULRGRV SUHVLGHQFLDOHV FRUWRV VH YLYtD HQ PXFKD LQFHUWLGXPEUH HQ HO (FXDGRU OR TXH FDPELR D SDUWLU GHO FXDQGR DVXPH HO SRGHU HMHFXWLYR HO (FR5DIDHO&RUUHD'HOJDGRVHGDFRQWLQXLGDGORTXHEHQHILFLDDOLQYHUVLRQLVWD \DTXHH[LVWHHVWDELOLGDGHQHOJRELHUQR (QWRUQR(FRQyPLFR 3URGXFWR,QWHUQR%UXWR Figura 4.3,% 7RPDGRGH%&( 7RPDQGR HQ FXHQWD HO 3,% GH ORV GRV ~OWLPRV DxRV GHVGH RFWXEUH GHO KDVWD MXQLR GHO VH KD WHQLGR XQ FUHFLPLHQWR QRWDEOH GHO PDQWHQLpQGRVH FRQVWDQWH HO UHVWR GHO OR FXDO HV IDYRUDEOH SDUD OD LQGXVWULD\SDUDHOSUR\HFWRTXHSURSRQHFUHDUFRPRHVHOEDUWHPiWLFR3RUTXH HVDHVWDELOLGDGVLJXHIDYRUHFLHQGRDORVQHJRFLRV ,QIODFLyQ (V HO FUHFLPLHQWR FRQWLQXR GH ORV SUHFLRV R OD GHSUHFLDFLyQ GH OD PRQHGD $IHFWD GH PDQHUD GLUHFWD D FXDOTXLHU QHJRFLR GHELGR TXH GHSHQGH GH YDULRV FRVWRV GH SULPHU RUGHQ FRPR VRQ ODV EHELGDV DOFRKyOLFDV LQVXPRV SDUD UHDOL]DU GLIHUHQWHV SODWRV HQWUH RWURV SDUD SRGHU GDU XQ VHUYLFLR GH SULPHUD FDOLGDG (Q FXDQWR D OD LQIODFLyQ SRGHPRV GHFLU TXH D SDUWLU GHO DxR EDMD D XQ FRQXQDXPHQWRSURJUHVLYRKDVWDHODxR(VWHDxRVHHVWLPDXQ SURPHGLRGHYDULDFLyQSUR\HFWDGDGHOSRUFLHQWR Figura 5.,QIODFLyQ $GDSWDGRGH%&( (O WHQHU XQD LQIODFLyQ FRQVWDQWH FRPR VH KD YLVWR HQ ORV ~OWLPRV DxRV HV EHQHILFLRVR SDUD PDQWHQHU XQD SUR\HFFLyQ VREUH ORV SUHFLRV TXH PLHQWUDV VH PDQWHQJD FRQVWDQWH OD LQIODFLyQ QR DIHFWD D OD HPSUHVD < SHUPLWH PDQWHQHU ORV SUHFLRV GH ORV GLIHUHQWHV SURGXFWRV DXQ FXDQGR QR VH HQFXHQWUH SRVLFLRQDGRHQHOPHUFDGR%&( 7DVDGH,QWHUpV Figura 6.7DVDGH,QWHUpV $GDSWDGRGHO%DQFR&HQWUDO /DWDVDGHLQWHUpVDFWLYDHVHOSUHFLRTXHFREUDXQDLQVWLWXFLyQSRUHOGLQHURTXH SUHVWD'HDFXHUGRDODILJXUDDQWHULRUHQHQHURGHOODWDVDGHLQWHUpVHV GHXQSRUFLHQWR\PD\RGHOHVGHXQSRUFLHQWRORTXHUHVXOWD FRQYHQLHQWHSDUDODHPSUHVDSXHVSDUDSRGHUHVWDEOHFHUODGHEHUiFRQWDUFRQ XQSUpVWDPRDYDULRVDxRVSOD]R\HVLPSRUWDQWHTXHODVWDVDVGHLQWHUpVVHDQ EDMDV%&( 9DULDEOH6RFLDO 'HOLQFXHQFLD /DGHOLQFXHQFLDDOLJXDOTXHRWURVIDFWRUHVLQIOX\HPXFKRDODKRUDGHVDOLUGH FDVD HQ OD FLXGDG GH 4XLWR SRUTXH SHUPLWH GHWHUPLQDU \ DQDOL]DU HO WHPD GH VHJXULGDGSDUDLPSOHPHQWDUHQHOEDUWHPiWLFR(VWRDIHFWDHQODWUDQTXLOLGDG GH ODV SHUVRQDV SDUD TXH SXHGDQ VDOLU GH VXV FDVDV SRU HVSDUFLPLHQWR FRQ IUHFXHQFLD\WUDQTXLOLGDG (V IXQGDPHQWDO TXH VH FRQVLGHUH pVWH IDFWRU GH JUDQ LPSRUWDQFLD \ WRPDU PHGLGDVSDUDTXHODGHOLQFXHQFLDGLVPLQX\D'04 7DEOD'LVPLQXFLyQGHODGHOLQFXHQFLDHQHO'LVWULWR0HWURSROLWDQRGH4XLWR $GDSWDGRGH2EVHUYDWRULR0HWURSROLWDQRGH6HJXULGDG&LXGDGDQDGHO'04 'H DFXHUGR DO REVHUYDWRULR 0HWURSROLWDQR GH 4XLWR ORV URERV \ KRPLFLGLRV HQ JHQHUDO KDQ GHVFHQGLGR GHO DO SRU OR TXH VH SXHGH FRQVLGHUDU D 4XLWRFRPRXQDFLXGDGUHODWLYDPHQWHVHJXUD 9DULDEOHV7HFQROyJLFDV (VWDYDULDEOHD\XGDUiGLUHFWDPHQWHDOFDQDOGHFRPXQLFDFLyQFRQORVFOLHQWHV /DWHFQRORJtDHVWiFDPELDQGRDFDGDYH]PiVSHUVRQDVSRUVXLQWHUDFFLyQFRQ HO LQWHUQHW /D YDULDFLyQ GH SURGXFWRV DSR\D OD PHMRUD GHO VHUYLFLR WDQWR HQ HTXLSRVFRPRWHOHYLVRUHVGH~OWLPDJHQHUDFLyQFRPRHQWHFQRORJtDGHHTXLSRV GHFRFLQD (VWDWHFQRORJtDVHSXHGHDGTXLULUHQHOSDtVIiFLOPHQWHVLHQGRDVtDFWLYRVGHOD HPSUHVD \ XQD KHUUDPLHQWD SDUD EULQGDU YDORU DJUHJDGR \ VHUYLFLR ~QLFR D QXHVWURVFOLHQWHV,1(& /DV)XHU]DVGH3RUWHU Figura 7. /DV)XHU]DVGH3RUWHU 7DEOD7HODUDxDIXHU]DVGH3RUWHU IXHU]DVGH3RUWHU &DOLILFDFLyQ $PHQD]DGH1XHYRV&RPSHWLGRUHV 3RGHUGH1HJRFLDFLyQGHORV&OLHQWHV $PHQD]DGHSURGXFWRV6XVWLWXWRV 3RGHUGH1HJRFLDFLyQGHORVSURYHHGRUHV &RPSHWHQFLD$FWXDO $PHQD]DGHQXHYRV &RPSHWLGRUHV 3RGHUGH QHJRFLDFLyQGHORV SURYHHGRUHV &RPSHWHQFLD$FWXDO 3RGHUGHQHJRFLDFLyQ GHORVFOLHQWHV $PHQD]DGHSURGXFWRV VXVWLWXWRV Figura 8./DWHODUDxDGH3RUWHU $PHQD]DGHQXHYRVFRPSHWLGRUHV 6RQ REVWiFXORV ODV EDUUHUDV GH HQWUDGDV SDUD YDULDV HPSUHVDV ODV HPSUHVDV WLHQHQ TXH VDEHU FyPR DFWXDU SDUD VRSRUWDU \ FRPSHWLU $ FRQWLQXDFLyQ VH QRPEUDUiQDOJXQDVEDUUHUDVGHHQWUDGD (O LQJUHVR GH QXHYRV FRPSHWLGRUHV HV $/72 (O HVFHQDULR PiV SUREDEOH SUHVHQWDFRPRFRPSHWLGRUHVSRWHQFLDOHVHQODFLXGDGGH4XLWRORVTXHEULQGHQ VHUYLFLRV VLPLODUHV GH DOLPHQWDFLyQ \ EHELGDV 1R H[LVWH XQD HFRQRPtD GH HVFDOD\WDPSRFRDOWDVEDUUHUDVGHLQJUHVRSRUORWDQWRHOLQJUHVRGHQXHYRV FRPSHWLGRUHVDOVHFWRUHVSRVLEOH $O PRPHQWR GH KDEODU GH ILQDQFLDPLHQWR WDPELpQ UHSUHVHQWD XQ DVSHFWR PX\ LPSRUWDQWH\DTXHHOFDSLWDOQHFHVDULRSDUDIRUPDUODHPSUHVDHVJUDQGH3RU HOORVVHWUDEDMDUiFRQXQDPDUFDWDQJUDQGHFRPRHVODGHO%DUFHORQD6& $PHQD]DGHORVSURGXFWRVVXVWLWXWRV (OVHUYLFLRTXHVHODQ]DUiDOPHUFDGRHV~QLFR\QRVHFRQRFHQLQJ~QEDUGH RWUR HTXLSR HQ HO (FXDGRU /RV KLQFKDV GHO I~WERO EXVFDQ XQ OXJDU DJUDGDEOH SDUDYHUORVSDUWLGRVGHI~WERO &RPR VH KD PHQFLRQDGR DQWHULRUPHQWH KD\ YDULRV HTXLSRV \ OD DPHQD]D HV $/72SRUTXHVHWUDWDGHXQOXJDUTXHSUHWHQGHVDWLVIDFHUODVQHFHVLGDGHVGH HVSDUFLPLHQWR \ DOLPHQWDFLyQ SRU OR WDQWR VROR ORV FRPSHWLGRUHV DFWXDOHV \ SRWHQFLDOHV R HPSUHVDV TXH SUHWHQGDQ VDWLVIDFHU XQR X RWUR VHUYLFLR SRGUtD VXVWLWXLUHOEDUWHPiWLFR([LVWHQYDULDVRSFLRQHVTXHHOFOLHQWHSRGUtDHVFRJHU HQYH]GHDFXGLUDOEDUODLGHDHVTXHVROREDVWHODSULPHUDYH]SDUDPDUFDUDO FOLHQWH\TXHTXLHUDYROYHU (V SULPRUGLDO HQWHQGHU SRU TXp HO FRQVXPLGRU SUHILHUH R GHFLGH RSWDU SRU XQ VXVWLWXWRFRPRLUDOHVWDGLRRTXHGDUVHHQFDVDTXHYHQLUDO%$5 3RGHUGH1HJRFLDFLyQGHORV&RPSUDGRUHV (O QLYHO GH QHJRFLDFLyQ GH ORV FOLHQWHV HV %$-2 $O QR H[LVWLU XQ VHUYLFLR SDUHFLGR HQ HO PHUFDGR HO FOLHQWH QR YD D WHQHU PXFKDV RSFLRQHV HQWUH ODV FXDOHV HOHJLU SDUD VDWLVIDFHU VXV QHFHVLGDGHV GH UHFUHDFLyQ RFLR \ DOLPHQWDFLyQ D OD KRUD GH SRQHU ORV JXVWRV \ VHQWLPLHQWRV OD JHQWH SDJD FXDOTXLHUSUHFLR (OEDUWHPiWLFREXVFDGLYHUVDVIRUPDVGHOOHJDUDOFOLHQWHEXVFDQGRTXHpVWH WHQJDSUHIHUHQFLDKDFLDHOVHUYLFLRRIUHFLGR~QLFR\PiVOODPDWLYR 3RGHUGHQHJRFLDFLyQGHORVSURYHHGRUHV (VWD VHFFLyQ WUDWD GH GHWHUPLQDU TXp SRGHU GH QHJRFLDFLyQ ORV SURYHHGRUHV IUHQWH DO EDU WHPiWLFR (QWUH ORV SULQFLSDOHV VH HQFXHQWUDQ GLVWULEXLGRUHV GH DOLPHQWRVEHELGDVPDWHULDOHVGHRILFLQDFRFLQDVLQGXVWULDOHV\WHFQRORJtD(V QHFHVDULRFRQWDUFRQXQSURYHHGRUTXHJDUDQWLFHVXVSURGXFWRVVHDQGHODPiV DOWDFDOLGDG\TXHODHQWUHJDVHUHDOL]DUiHQHOWLHPSRHVWDEOHFLGR (OQLYHOGHQHJRFLDFLyQGHORVSURYHHGRUHVHV%$-2'HELGRDODJUDQFDQWLGDG GH SURYHHGRUHV GH ORV LQVXPRV XWLOL]DGRV \ FRPR HQ VX PD\RUtD VRQ PDUFDV OtGHUHV HOORV HVWDEOHFHQ ORV SUHFLRV \ TXLHQHV GHVHHQ DGTXLULU VXV SURGXFWRV GHEHQSDJDUORV &RPSHWHQFLDDFWXDO /D ULYDOLGDG HQWUH FRPSHWLGRUHV HV FRQVLGHUDGD 0(',2 <D TXH H[LVWH FRPSHWHQFLDLQGLUHFWDHQHOiPELWRGHEDUHV\UHVWDXUDQWHV(QODFRPSHWHQFLD GLUHFWDHQEDUHVWHPiWLFRVGHSRUWLYRVHOPHUFDGRHVXQVXSXHVWRDPSOLRHQOD FLXGDGGH4XLWR (V PX\ LPSRUWDQWH VDEHU TXH KD\ PDUFDV JUDQGHV FRQ XQ PHUFDGR \D HVWDEOHFLGRHQ(FXDGRUORFXDOYDKDFHUGLItFLOHQWUDUDFRPSHWLUGLUHFWDPHQWH &203$fË$<&21&(372'(/1(*2&,2 /DLGHD\HOPRGHORGHQHJRFLR (O %DU 7HPiWLFR ³%$5&(/21$´ HVWDUi GHGLFDGR DO HTXLSR \ FRQWDUi FRQ OD OLFHQFLDRULJLQDOSRUSDUWHGHOFOXE(OOXJDUYDDVHUSHUVRQDOL]DGRFRQKLVWRULD GHO ËGROR FRQ XQ iUHD GH HVWLOR PXVHR \ DVLPLVPR VH LQFHQWLYDUp D TXH ORV KLQFKDVDSRUWHQDOFOXESRUPHGLRGHXQDDOLDQ]DHVWUDWpJLFDSDUDFRQYHUWLUVH HQVRFLRVGHO%6&HQODFLXGDGGH4XLWR (QHOPHUFDGRVHHQFXHQWUDQOXJDUHVGRQGHODJHQWHVHUH~QHFRQDPLJRVSDUD YHUI~WERORDOJ~QGHSRUWHHVSHFLILFRWRPDQGREHELGDVDOFRKyOLFDVSLFDGLWDV\ DOLPHQWRVHQJHQHUDO(QVXPD\RUtDORVEDUHVQRWLHQHQWHPDVHVSHFtILFRV\DO YHUXQVHJPHQWRWDQJUDQGHHQHOPHUFDGRVHFUHDUiHVWDRSRUWXQLGDG 3RURWURODGR%DUFHORQD6SRUWLQJ&OXETXLHUHFDSWDUPiVVRFLRV\DXPHQWDUVX Q~PHURGHKLQFKDV\TXHPHMRUPDQHUDTXHSRUPHGLRGHHVWHSUR\HFWR (VWUXFWXUDOHJDOGHODHPSUHVD (O %DU 7HPiWLFR ³%$5&(/21$ 6&´ HVWi FRQVWLWXLGR \ UHJLVWUDGR FRPR ³&203$fË$'(5(63216$%,/,'$'/,0,7$'$´HQODFLXGDGGH4XLWR /D FRPSDxtD HVWDUi FRQIRUPDGD SRU GRV VRFLRV ORV FXDOHV VHUiQ $QGUpV 6iHQ] FRQ HO \ HO %DUFHORQD 6SRUWLQJ &OXE FRQ /DV GRV SDUWHV WLHQHQ TXH UHVSRQGHU D VXV REOLJDFLRQHV VRFLDOHV TXH VH FRQWUDHQ DO FUHDU GLFKD HPSUHVD FRPR FRUUHVSRQGD HO PRQWR GH VXV DSRUWHV LQGLYLGXDOHV FRPR VRFLRV (OFDSLWDOGHODFRPSDxtDHVWDUiIRUPDGRSRUFDGDXQDGHODVDSRUWDFLRQHVGH ORVVRFLRV\QRVHUiLQIHULRUDOPRQWRTXHHVWiILMDGRHQOD6XSHULQWHQGHQFLDGH &RPSDxtDVDGHPiVGHTXHHVWDUiGLYLGLGRHQSDUWLFLSDFLRQHVH[SUHVDGDVDOD 6XSHULQWHQGHQFLDGH&RPSDxtDV/DVSDUWLFLSDFLRQHVTXHFRPSUHQGHUiQFRPR DSRUWHV GH FDSLWDO GH GLFKD FRPSDxtD VHUiQ LJXDOHV DFXPXODWLYDV p LQGLYLVLEOHVDGHPiVGHQRDGPLWLUODFOiXVXODGHORVLQWHUHVHV 0LVLyQ9LVLyQ\2EMHWLYRV 9LVLyQ (Q ORV SUy[LPRV DxRV VHU HO PHMRU EDU WHPiWLFR GHSRUWLYR HQ OD FLXGDG GH 4XLWR 0LVLyQ %DUWHPiWLFR³%$5&(/21$´HVXQOXJDUFRPSURPHWLGRFRQHOKLQFKD%ULQGD XQ VHUYLFLR GH SULPHUD FDOLGDG FRQ OD PHMRU DWHQFLyQ DO FOLHQWH HQ XQ OXJDU DJUDGDEOH\DPHQRSDUDORVDPDQWHVGHOI~WERO 2EMHWLYR(FRQyPLFR &RUWR3OD]R x $OFDQ]DU HQ HO SULPHU DxR XQ LQJUHVR SRU YDORU GH YHQWDV PtQLPR GH TXHHTXLYDOHDOGHOWRWDOGHYHQWDVGHQXHVWUDFRPSHWHQFLD LQGLUHFWD x $OFDQ]DUHOSXQWRGHHTXLOLEULRDOILQDOGHOSULPHUDxR x %ULQGDUVLHPSUHXQVHUYLFLRSHUVRQDOL]DGR\GHFDOLGDGPHGLDQWHXQEXHQ XVRGHO&50 0HGLDQR3OD]R x ,QFUHPHQWDUORVVRFLRVGH%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR HQ XQ PHGLDQWH WiFWLFDV GH PDUNHWLQJ \ SURPRFLRQHV \D TXH HO SURPHGLR GH DVLVWHQFLD FXDQGR MXHJD GH YLVLWDQWH HV GH )XWEROL]DGRV x /RJUDU XQ PDUJHQ VREUH YHQWDV PtQLPR GHO SDUD HO WHUFHU DxR FRQ FUHFLPLHQWRSURJUHVLYR /DUJR3OD]R x $OFDQ]DU HQ HO TXLQWR DxR XQ LQJUHVR SRU YDORU GH YHQWDV PtQLPR GH TXH HTXLYDOH DO GHO WRWDO GH YHQWDV GH QXHVWUD FRPSHWHQFLDLQGLUHFWD x /RJUDU XQ PDUJHQ VREUH YHQWDV PtQLPR GHO FRQ FUHFLPLHQWR SURJUHVLYR x /RJUDUTXHORVtQGLFHVGHYDORUDFLyQFRPROD7,5VHDPD\RUDOFRVWRGH RSRUWXQLGDG\TXHHO9$1VHDSRVLWLYR 2EMHWLYRV(VWUDWpJLFRV &RUWR3OD]R x 5HDOL]DU XQD LQYHVWLJDFLyQ GH PHUFDGRV TXH SHUPLWD GHWHUPLQDU HO QLYHO GHDFHSWDFLyQGHOEDUWHPiWLFRGHSRUWLYR x $\XGDDO%DUFHORQD6SRUWLQJ&OXEDFDSWDUQXHYRVVRFLRV x 6HUXQDHPSUHVDTXHWUDEDMHHQORViPELWRVDPELHQWDOHV\VRFLDOHV 0HGLDQR3OD]R x $PSOLDUHOSRUWDIROLRGHFOLHQWHV x /RJUDU XQD IRUPXODFLyQ LPSOHPHQWDFLyQ \ HYDOXDFLyQ HILFD] GH ODV HVWUDWpJLFDV /DUJR3OD]R x /RJUDUXQDYHQWDMDFRPSHWLWLYDVRVWHQLGD x /RJUDUXQDOWRSRWHQFLDOGHFUHFLPLHQWR\GLYHUVLILFDFLyQ x 6HUXQDHPSUHVDVRVWHQLEOH\VXVWHQWDEOH (/352'8&72<26(59,&,2 (OVHUYLFLRDQLYHOPXQGLDO (O VHUYLFLR GH EDUHV WHPiWLFRV D QLYHO PXQGLDO YD FUHFLHQGR (Q (VSDxD OD JHQWHKDFUHDGRODFRVWXPEUHGHUHXQLUVHHQEDUHVDYHUI~WERO$FWXDOPHQWH HQ HO (FXDGRU HVSHFLDOPHQWH HQ 4XLWR OD JHQWH EXVFD OXJDUHV FyPRGRV DJUDGDEOHV \ FRQ ORFDFLRQHV HVWUDWpJLFDV FRPR FHQWURV FRPHUFLDOHV SDUD UHXQLUVHDYHUSDUWLGRVRILFLDOHVGHODVHOHFFLyQ (OVHUYLFLR (O VHUYLFLR SULQFLSDO GH OD HPSUHVD VHUi RIUHFHU XQ OXJDU GRQGH ODV SHUVRQDV FRQORVPLVPRVJXVWRVHQHVWHFDVRDKLQFKDVGH%DUFHORQD6&HQODFLXGDG GH 4XLWR 'H QDGD VLUYH VHU VRFLR GHO FOXE VLQ WHQHU QLQJ~Q EHQHILFLR SRU PHGLRGHOEDUWHPiWLFRVHSRGUiDSRUWDUDOFOXE\SDVDUXQPRPHQWRDJUDGDEOH (VWH OXJDU VHUi PHWyGLFDPHQWH GLVHxDGR \ SHUVRQDOL]DGR FRPR XQ PXVHR DGDSWDGR FRQ OD PHMRU WHFQRORJtD TXH H[LVWH HQ HO PHUFDGR 6H MXJDUi FRQ RORUHV FRORUHV WH[WXUD GH PRGR TXH VH ORJUH FDSWDU \ FUHDU XQD H[SHULHQFLD ~QLFDHQODPHQWHGHOFRQVXPLGRU 3RU RWUR ODGR JUDFLDV D OD DOLDQ]D TXH VH UHDOL]DUi FRQ HO %DUFHORQD 6& VH SRGUiDWUDHUDFOLHQWHVPiVIiFLOPHQWHSDUDDVtOOHJDUDFDGDKLQFKDTXHTXLHUD DSRUWDUDOFOXEPiVJUDQGHGHOSDtV (QHOEDUVHFRQWDUiFRQXQDYDULHGDGGHSODWRVFRQQRPEUHVGHH[ILJXUDVGHO ËGRORFRPRWDPELpQEHELGDVFUHDGDVFRQQRPEUHVFUHDWLYRV\GLYHUWLGRVSRUORV KLQFKDV 6HUi XQ OXJDU GRQGH VH UHXQLUi D JHQWH FRQ HO PLVPR JXVWR \ VH SURSRUFLRQDUi OD RSFLyQ GH D\XGDU DO HTXLSR \D TXH SDVD SRU PRPHQWRV GLItFLOHVHFRQyPLFDPHQWHFRPRVHQRWDHQWRGRHOI~WEROHFXDWRULDQR (O VRFLR SRU OR JHQHUDO WLHQH EHQHILFLRV HQ FLHUWRV HVWDEOHFLPLHQWRV DOUHGHGRU GHO SDtV SHUR HV GLItFLO VHU VRFLR GH XQ HTXLSR \ QR SRGHU DVLVWLU WRGRV ORV SDUWLGRV \D TXH HVWi HQ RWUD FLXGDG 3RU PHGLR GHO EDU OD JHQWH WHQGUi XQ FRYHUHQWUDGDDOEDUGHGyODUHV\XQSRUFHQWDMHGHOVHUiGHVWLQDGRDO FOXE SHUR D UHDOL]DU SUR\HFWRV H LQYHUVLRQHV HQ ODV FDWHJRUtDV LQIHULRUHV R IRUPDWLYDV\GHPDQHUDTXHHOFOLHQWHYHDTXHYDOHODSHQDD\XGDU (Q HO PHUFDGR QR H[LVWH DOJR VLPLODU TXH VHD HVSHFtILFR SDUD XQ FOXE GHWHUPLQDGR (O PHUFDGR HV FRPSHWLWLYR SRU RWUD SDUWH H[LVWH XQD FUHFLHQWH GHPDQGD SDUD YHU SDUWLGRV GH I~WERO HQ XQ OXJDU DGDSWDGR \ FRQ DPLJRV (O OXJDU YD D WHQHU UHFXHUGRV \ merchandising RULJLQDO GHO %$5&(/21$ 63257,1* &/8% 6H FRQWDUi FRQ H[FOXVLYLGDG GH PDUFD \D TXH VH WHQGUi OLFHQFLDRULJLQDOGHOFOXEDVtORVKLQFKDVYDQDSDVDUDYLYLUXQPRPHQWR~QLFR 6HFRQWUDWDUiDWUDEDMDGRUHVTXHVHPDQWHQJDQLQIRUPDGRV\TXLHUDQDOFOXE /D LGHD EiVLFD GHO EDU WHPiWLFR %$5&(/21$ HV FRQYHUWLU D HVWH OXJDU HQ XQ SXQWR GH HQFXHQWUR GH PLOHV GH IDQiWLFRV TXH FRPSDUWHQ PLVPDV LOXVLRQHV (QIRFDGRDOKLQFKDGH%DUFHORQD6&TXHYLYHHQODFLXGDGGH4XLWR\SXHGD D\XGDU (675$7(*,$'(,1*5(62$/0(5&$'2<&5(&,0,(172 (VWUDWHJLDGHLQJUHVRDOPHUFDGR /DHVWUDWHJLDTXHVHSUHWHQGHVHJXLUSDUDLQWURGXFLUHOVHUYLFLRDOPHUFDGRHVOD GH GLIHUHQFLDFLyQ \ HQIRTXH (V PX\ LPSRUWDQWH FUHDU HVWUDWHJLDV ODV FXDOHV IRUPDUiQ\OOHYDUDQDODHPSUHVDDFRQVHJXLUORVREMHWLYRVDQWHVSODQWHDGRV (O EDU WHPiWLFR %DUFHORQD 6SRUWLQJ &OXE EXVFDUi FRQVROLGDU XQD LGHQWLGDG FRUSRUDWLYD TXH GHVWDTXH ODV FDUDFWHUtVWLFDV GLIHUHQFLDGRUDV GH VX VHUYLFLR SDUD SRVLFLRQDUVH FRPR XQD HPSUHVD FRPSUHQGLGD FRQ OD UHVSRQVDELOLGDG VRFLDO\DPELHQWDOFRQHOPHMRUVHUYLFLRFRQDOWDFDOLGDGFRQHOILQGHVDWLVIDFHU QHFHVLGDGHVHPRFLRQHV\GHVHRVGHOFOLHQWH /D HVWUDWHJLD GH HQIRTXH VHOHFFLRQD D XQ QLFKR HVSHFtILFR \ DMXVWD VX HVWUDWHJLD D VHUYLUORV FRQ OD H[FOXVLyQ GH RWURV (O EDU WHPiWLFR %DUFHORQD 6SRUWLQJ&OXEHQIRFDUiVXDWHQFLyQKDFLDXQVHJPHQWRGHDDxRV 2IUHFHUXQOXJDUDOWHUQDWLYRQRWUDGLFLRQDOPX\LQQRYDGRUTXHOOHJDGHPDQHUD GLUHFWDDOKLQFKDGH%DUFHORQD6&SHUPLWHREWHQHUXQDYHQWDMDLQLFLDOVREUHOD FRPSHWHQFLDDOPRPHQWRGHOODQ]DPLHQWR 3DUDHYLWDUTXHODFRPSHWHQFLDFRSLHHOPRGHORGHQHJRFLRVHKDHVWDEOHFLGR XQD HVWUDWHJLD GH DOLDQ]D FRQ OD PDUFD %DUFHORQD 6& 6H DSURYHFKDUi OD YHQWDMDGHVHUODSULPHUDHPSUHVDSDUDILUPDUFRQWUDWRGHH[FOXVLYLGDGDQLYHO QDFLRQDOFRPRLQWHUQDFLRQDO (VWUDWHJLDGHFUHFLPLHQWR (OEDUWHPiWLFRLPSODQWDUiODHVWUDWHJLDGHSHQHWUDFLyQGHPHUFDGRVFRQHOILQ GH DXPHQWDU OD SDUWLFLSDFLyQ GH PHUFDGR GHO VHUYLFLR RIUHFLGR PHGLDQWH PD\RUHVHVIXHU]RVGHPDUNHWLQJ (OSULQFLSDOREMHWLYRGHODHPSUHVDHVSODQWHDUXQDEXHQDUHODFLyQFRQHOFOLHQWH EDVDGDHQVDWLVIDFHUVXVQHFHVLGDGHVHPRFLRQHV\H[SHFWDWLYDVSDUDORFXDO VHLPSOHPHQWDUiWpFQLFDVGHYHQWDVSHUVRQDOL]DGDVDORVKLQFKDVGH%DUFHORQD TXH DVLVWHQ DO HVWDGLR SHUR QR VRQ VRFLRV 3URJUDPDV GH ILGHOL]DFLyQ FDSWDFLyQ D DQWLJXRV \ QXHYRV VRFLRV FRQVWUXFFLyQ GH XQD EDVH GH GDWRV GH VRFLRV%DUFHORQD6&HQ4XLWR 3ODQHVGHH[SDQVLyQ ,QLFLDOPHQWH OD HPSUHVD HVWi SUHVHQWH ~QLFDPHQWH HQ OD FLXGDG GH 4XLWR VLQ HPEDUJR VH UHDOL]DUiQ HVWXGLRV GH PHUFDGR SDUD TXH OD HPSUHVD SXHGD H[SDQGLUVHWDQWRQDFLRQDOFRPRDQLYHOLQWHUQDFLRQDOWRPDQGRHQFXHQWDTXHOD PDUFD %DUFHORQD 6& HV XQD PDUFD FRQRFLGD \ VHJXLGD SRU YDULRV PLOHV GH PLJUDQWHVTXHVDOLHURQHQEXVFDGHXQDPHMRUYLGDDRWURVSDtVHV $1È/,6,6)2'$ 7DEOD$QiOLVLV)2'$ 2SRUWXQLGDGHV )RUWDOH]DV 3HUVRQDOGLVSXHVWR\FDSDFLWDGRSDUDOD 1RSUHVHQWDUFRPSHWHQFLDHQHOPHUFDGR GH XQ EDU GHSRUWLYR SHUVRQDOL]DGR GHO DWHQFLyQGHOFOLHQWH %DUFHORQD6& 1RFLyQGHODPDUFD 3ULPHU EDU WHPiWLFR SDUD KRPEUHV \ 0D\RUSRGHUDGTXLVLWLYRSRUORTXHH[LVWH XQDPD\RUGLVSRVLFLyQGHJDVWRSRUSDUWH PXMHUHV TXH VHDQ KLQFKDV GHO GH ORV FRQVXPLGRUHV D OD KRUD GH VDOLU D %DUFHORQD6&HQODFLXGDGGH4XLWR GLYHUWLUVH &XHQWD FRQ XQ VHUYLFLR HVSHFLDOL]DGR \ (O SDtV VH HQFXHQWUD HVWDEOH D QLYHO GHSULPHUDFDOLGDG SROtWLFR &RPSUHQVLyQ VREUH WRGR WLSR GH GHSRUWHV\DQDOL]DUODIRUPDGHH[SORWDU (O JRELHUQR SURSRUFLRQD XQD FDQWLGDG FRQVLGHUDEOH DO GHVDUUROOR GH ODV QXHYDV ODLQGXVWULD HPSUHVDV OR FXDO HV EXHQR \D TXH HVWi (O I~WERO KDFH TXH ODV SHUVRQDV VH IDFLOLWDQGR SUpVWDPRV \ D\XGD DO LQYROXFUHQ VHQWLPHQWDOPHQWH FRQ HO GHVDUUROORGHQXHYRVQLFKRVGHQHJRFLR HTXLSR /D WHFQRORJtD D\XGD D ORV SURFHVRV SDUD HO FRUUHFWR GHVDUUROOR GH ORV SDUWLGRV GH I~WERO \ OD HPSUHVD VH SXHGH EHQHILFLDU GHODPLVPD /RV SUHFLRV GH OD FRPSHWHQFLD VRQ PX\ DOWRV $OFUHDUHOPXVHRORVWXULVWDVYDQDTXHUHU LU\VDEHUPiVVREUHHOHTXLSRtGROR 'HELOLGDGHV $PHQD]DV 1R WHQHU UHJLVWURV KLVWyULFRV SDUD %DUHVVLQOLFHQFLDRILFLDOGHOFOXE UHDOL]DUSUR\HFFLRQHVGHYHQWDV 6HUYLFLRV VXVWLWXWRV \D TXH DOJXQD JHQWH 1RFRQWDUFRQHOFDSLWDOQHFHVDULR SUHILHUH TXHGDUVH HQ VX FDVD 1RSRVHHUXQORFDOSURSLRSDUDHMHFXWDU FyPRGDPHQWH HOSUR\HFWR 'HSHQGHUGHODWDVDGHLQWHUpVGHOEDQFR (PSUHVD QXHYD\ VLQ H[SHULHQFLDHQ HO SDUDSRGHUILQDQFLDUODDFWLYLGDG PHUFDGR (ODOWRQLYHOGHOLFWLYRGHODFLXGDGDIHFWDD OD VRFLHGDG \D TXH OD JHQWH QR VDOH SRU ODVQRFKHV /D FRPSHWHQFLD \D WLHQH VX PHUFDGR HVWDEOHFLGR \ VRQ FRQRFLGRV HQ HO PHUFDGR 0DWUL])2'$ $QH[R 0DWUL]()(\(), $QH[R\ ,19(67,*$&,Ï1'(0(5&$'26<68$1È/,6,6 352%/(0$$'0,1,675$7,92 'HWHUPLQDU OD IDFWLELOLGDG \ YLDELOLGDG GH OD FUHDFLyQ GH XQ EDU WHPiWLFR GHO %DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR 352%/(0$'(,19(67,*$&,Ï1 2EWHQHU LQIRUPDFLyQ UHOHYDQWH GH ODV QHFHVLGDGHV GHO FOLHQWH SRWHQFLDO SDUD GHWHUPLQDUVLHOVHUYLFLRSURSXHVWRVHUiDFHSWDGRRQR 2%-(7,926'(/$,19(67,*$&,Ï1 2EMHWLYRJHQHUDOGHODLQYHVWLJDFLyQ ,GHQWLILFDU ODV QHFHVLGDGHV \ GHVHRV GHO PHUFDGR REMHWLYR SDUD SRGHU HVWDEOHFHU\GHOLQHDUODVFDUDFWHUtVWLFDVGHVHUYLFLR 2EMHWLYRVHVSHFtILFRV x ,GHQWLILFDU ODV SDUWLFXODULGDGHV QHFHVLGDGHV \ GHVHRV GHO VHJPHQWR GH PHUFDGR x ,GHQWLILFDU FXiOHV VRQ ODV FDUDFWHUtVWLFDV GH ORV FRQVXPLGRUHV TXH WRPDQ GHFLVLRQHVUHODFLRQDGDVFRQVHUYLFLRVVLPLODUHVSUHFLRFDOLGDGVHUYLFLRDO FOLHQWH 2%-(7,92635(*817$6(+,3Ï7(6,6 7DEOD3UHJXQWDVREMHWLYRVHKLSyWHVLV 3UHJXQWDVGH +LSyWHVLV ,QYHVWLJDFLyQ 2EMHWLYRV ¢&RQ TXp IUHFXHQFLD LUtD D /RVKLQFKDVGHEHUiQLUSRUOR &RQRFHUODIUHFXHQFLDFRQOD XQ EDU WHPiWLFR GHO PHQRV YH] FDGD TXH DVLVWLUtDQ ORV KLQFKDV R %DUFHORQD 6SRUWLQJ &OXE HQ VHPDQDV SRVLEOHV FRQVXPLGRUHV DO 4XLWR" EDUWHPiWLFR ¢&RQRFH DOJ~Q EDU WHPiWLFR ([LVWH FLHUWR Q~PHUR GH &RQRFHU VL HV YLDEOH WHQHU GH XQ HTXLSR GH I~WERO HQ EDUHV HQ 4XLWR SHUR QR KD\ XQ EDU WHPiWLFR HQ OD SDUWH 4XLWR" ¢$ XQRGHO%DUFHORQD6& TXp 1RUWHGHODFLXGDGGH4XLWR DFXGH /DV SHUVRQDV DFXGHQ DO ,QYHVWLJDU ORV OXJDUHV PiV OXJDU FRQWLQXDPHQWH SDUD SRGHU 6SRUW YHUXQSDUWLGRGHI~WERO" VLHQGR 3ODQHW ORV )ULGD\¶V YLVLWDGRV SRU ORV FOLHQWHV OXJDUHV GH SDUD YHU TXp HV OR PiV SUHIHUHQFLDSDUDHOFOLHQWH FRQVXPLGR ¢$VLVWLUtD D XQ EDU WHPiWLFR /RV EDUHV WHPiWLFRV KR\ HQ &RQRFHU ORV EHQHILFLRV \ GHO %DUFHORQD 6SRUWLQJ &OXE GtD WLHQHQ JUDQ DFHSWDFLyQ VHUYLFLRV TXH WHQGUi HO EDU HQODFLXGDGGH4XLWR" SRU SDUWH GH ORV SDUDHQWUDUVLQGLILFXOWDGHVDO FRQVXPLGRUHV ¢4Xp SUHFLR HVWDUtD /DV SHUVRQDV GLVSXHVWRDSDJDUSRUHQWUDU GLVSXHVWDV DOEDU" PHUFDGRGH4XLWR D HVWiQ &RQRFHU FXiO VHUtD HO SUHFLR SDJDU HQ Pi[LPR DO TXH HVWDUtDQ SURPHGLR SRU LQJUHVDU GLVSXHVWRV D SDJDU ORV FOLHQWHV DOEDUWHPiWLFR ¢4Xp HVWUDWHJLD TXH VH /D HVWUDWHJLD GHSHQGH GHO 6DEHU TXp HVWUDWHJLD HV OD GHEHUtD DSOLFDU SDUD SRGHU VHJPHQWR HQWUDUHQHOPHUFDGR" DO TXH GLULJLGRHOSURGXFWR HVWp DSURSLDGDSDUDORJUDUFDSWDU ODPHQWHGHOFRQVXPLGRU ',6(f2'(,19(67,*$&,Ï1 3DUD UHFDEDU OD LQIRUPDFLyQ SODQWHDGD HQ ORV REMHWLYRV VH XWLOL]DUi LQYHVWLJDFLyQFXDOLWDWLYDH[SORUDWRULD\FXDQWLWDWLYDFRQFOX\HQWH ,QYHVWLJDFLyQ FXDOLWDWLYD H[SORUDWRULD /D LQYHVWLJDFLyQ H[SORUDWRULD HV OD PHMRU RSFLyQ TXH VH SXHGH UHDOL]DU HQ XQD LQYHVWLJDFLyQ DO QR H[LVWLU LQIRUPDFLyQSUHYLD\DTXHHOWHPDGHXQEDUWHPiWLFR%DUFHORQD6SRUWLQJ &OXEHQODFLXGDGGH4XLWRHVQXHYRHQHOSDtV ,QYHVWLJDFLyQ FXDQWLWDWLYD FRQFOX\HQWH ,QYHVWLJDFLyQ GHVFULSWLYD 3HUPLWH GHVFULELU ODV FDUDFWHUtVWLFDV GH JUXSRV SHUWLQHQWHV \ GHWHUPLQDU OD SHUFHSFLyQGHODVFDUDFWHUtVWLFDVGHORVVHUYLFLRV ,QYHVWLJDFLyQ WUDQVYHUVDO 6H XWLOL]DUi ~QLFDPHQWH XQ JUXSR GH PXHVWUD SDUDREWHQHUORVGDWRVUHTXHULGRV ,QYHVWLJDFLyQ WUDQVYHUVDO VLPSOH (Q HO FXDO VH WRPD XQD PXHVWUD GH HQFXHVWDGRV GH OD SREODFLyQ REMHWLYR \ VH REWLHQH LQIRUPDFLyQ GH HVWD PXHVWUDXQDVRODYH]0DOKRWUD (O EDU WHPiWLFR %DUFHORQD 6SRUWLQJ &OXE KD LGHQWLILFDGR FRPR PHUFDGR REMHWLYRDGRVWLSRVGHFOLHQWHVORVVRFLRV\ORVTXHQRVRQVRFLRVSDUD SRGHULQWURGXFLUFRQp[LWRHVWHQXHYRVHUYLFLRHQHOPHUFDGR (QODLQYHVWLJDFLyQVHUHFROHFWDLQIRUPDFLyQGHHVWRVGRVPHUFDGRV 7RPDQGR HQ FXHQWD TXH HO PHUFDGR REMHWLYR GH OD HPSUHVD HV DPSOLR \ GLYHUVR UHDOL]DU XQD LQYHVWLJDFLyQ FXDQWLWDWLYD HQ EDVH D HQFXHVWDV VHUi IiFLO GHWHUPLQDU ORV JXVWRV \ SUHIHUHQFLDV GH ORV KLQFKDV GHO I~WERO 6H UHDOL]DUiXQDLQYHVWLJDFLyQFXDOLWDWLYDPHGLDQWHHQWUHYLVWDVFRQH[SHUWRV\ IRFXVJURXS 3RURWURODGRSDUDFRQRFHUPHMRUHOFRPSRUWDPLHQWR\ODVQHFHVLGDGHVGH ORV KLQFKDV VH UHDOL]DUiQ HQFXHVWDV HQ GLIHUHQWHV VHFWRUHV GH OD FLXGDG GH4XLWR 1(&(6,'$'(6<)8(17(6'(,1)250$&,Ï1 /DV QHFHVLGDGHV GH LQIRUPDFLyQ VH GLYLGHQ SULQFLSDOPHQWH HQ FOLHQWHV SURYHHGRUHVFRPSHWHQFLD\VXVWLWXWRV 7DEOD)XHQWHVGHLQIRUPDFLyQ )DFWRUHV 1HFHVLGDGHV &DUDFWHUtVWLFDV JHRJUiILFDV \ GHPRJUiILFDV )XHQWH 6HFXQGDULDV ([SHUWRV ,1(& )RFXVJURXS &OLHQWH )RFXVJURXS $FHSWDFLyQGHODLGHD )UHFXHQFLD GH DVLVWHQFLD DO HVWDGLR 6XVJXVWRV\SUHIHUHQFLDV &OLHQWHV (QWUHYLVWDV)RFXV JURXS )RFXVJURXS *DVWRSRUSDUWLGR &OLHQWHV ,QIOX\HORVUHVXOWDGRV &OLHQWHV &OLHQWHV &OLHQWHV (QFXHVWD 3ULQFLSDOHVSURYHHGRUHV ([SHUWR (QWUHYLVWD 3UHFLRV\FDOLGDG ([SHUWR (QWUHYLVWD 6HUYLFLRRIHUWDGR &RPSHWHQFLD &RQWDFWRGLUHFWR 3UHFLRV\FDOLGDG ([SHUWR (QWUHYLVWD ¢&XiOHV" ([SHUWR (QWUHYLVWD $SR\DUtD DO HTXLSR TXH HV KLQFKD 6XVWLWXWRV &OLHQWHV 2EVHUYDFLyQ:HE &OLHQWH YLYLHQGRHQ4XLWR &RPSHWHQFLD ([SHUWRV (QWUHYLVWDV &DSDFLGDGGHSDJR ,QWHUHVDGR HQ VHU VRFLR 3URYHHGRUHV 0HWRGRORJtD 3ULPDULDV (QFXHVWD (QFXHVWD )RFXVJURXS (QFXHVWD )RFXVJURXS (QFXHVWD ,QYHVWLJDFLyQFXDOLWDWLYD±H[SORUDWRULD +LSyWHVLV $O PHQRV HO GH ORV DFWXDOHV KLQFKDV GHO %DUFHORQD 6SRUWLQJ &OXE TXH YLYHQHQODFLXGDGGH4XLWRLUiQDOEDUWHPiWLFR (QWUHYLVWDFRQH[SHUWRV /D HQWUHYLVWD FRQ H[SHUWR VLUYHQ WDPELpQ SDUD IRUPXODU HO SUREOHPD GH LQYHVWLJDFLyQGHPHUFDGRV3RUORJHQHUDOVHSUHSDUDXQDOLVWDGHWHPDVTXH TXLHUHVWRSDU\DFODUDU0DOKRWUD (O REMHWLYR HVSHFtILFR GH OD HQWUHYLVWD FRQ H[SHUWRV HV YHU VL HV IDFWLEOH OD LPSOHPHQWDFLyQ GHO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR 3DUD OD HQWUHYLVWD VH VHOHFFLRQDURQ HVWUDWpJLFDPHQWH D H[SHUWRV HQ WHPDV GH DGPLQLVWUDFLyQ GH UHVWDXUDQWHV EDUHV \ HQ I~WERO FRQ H[SHULHQFLD HQ ORV GLIHUHQWHVVHFWRUHV 7RPDQGR HQ FXHQWD TXH HO VHUYLFLR GH EDUHV WHPiWLFR HQ HO SDtV HVWiQ HQ FUHFLPLHQWR 7DEOD'DWRVGHORV([SHUWRV 120%5( ,QJ )UDQFLVFR 3LQWR &$5*2 (;3(5,(1&,$ /8*$5 'XHxRGHODV 0DQHMRGH 2ILFLQD IUDQTXLFLDV UHVWDXUDQWHVPiV 6RGHWRXU 7*, GHDxRV$EULy 6$HQOD '85$&,Ï1 /DHQWUHYLVWD /$ IXHDODV HQWUHYLVWD HOGtD HOSULPHU)ULGD\¶V DYHQLGD GXUR GH 3L]]D+XWHQ HOGHPD\RGH 6K\ULV\ PLQXWRV VHSWLHPEUH )ULGD\V\ HO(FXDGRU 6XHFLD ,QJ)UDQFLVFR3LQWR x ¢3UHVHQWDFLyQGHOHQWUHYLVWDGR" x ¢([SHULHQFLDHQORV~OWLPRVDxRV" x ¢&RPSHWHQFLDGLUHFWD" x ¢/RVSDUWLGRVGHI~WEROLQIOX\HQHQYHQWDV" x ¢'HVSXpVGHXQSDUWLGRLPSRUWDQWHVXEHYHQWDV" x ¢(OPDQHMRGHXQDPDUFDWDQFRQRFLGDDQLYHOLQWHUQDFLRQDO" x ¢0DQHMRGHIUDQTXLFLDV" x ¢/RVFOLHQWHVTXHEXVFDQHQVXUHVWDXUDQWH" +25$ GHO &RQFOXVLRQHVGHODHQWUHYLVWD ,QJ)UDQFLVFR3LQWR )UDQFLVFR PDQHMD GRV PDUFDV PX\ JUDQGHV HQ HO (FXDGRU 7*, )ULGD\V \ 3L]]D+XW(OPDQHMRGHIUDQTXLFLDVHVPX\GLItFLO\DTXHKD\TXHVHJXLUUHJODV \QRUPDVGHOGXHxRGHODPDUFDVLTXLHUHVLPSOHPHQWDUDOJRQRYHGRVRWLHQHV TXHSHGLUDXWRUL]DFLyQ³$OVHUIUDQTXLFLDGHOH[WHULRUH[LVWHSUREOHPDVFRQODV EDUUHUDV GH HQWUDGDV DO SDtV HQ HO PRPHQWR GH LPSRUWDU PDWHULD SULPD WLHQH SUREOHPDV\DTXHH[LVWHVOH\HVHLPSXHVWRV´ /DFRPLGD\ORVGHSRUWHVYDQGHODPDQR³DXPHQWDUODVYHQWDVWDQWRGHSL]]DV FRPRGHJHQWHTXHYLVLWDHOUHVWDXUDQWH7*,)ULGD\VDOPRPHQWRGHWHQHUXQ SDUWLGR LPSRUWDQWH \ DJUDGDEOH´ ³(O %DUFHORQD 6SRUWLQJ &OXE HV HO FOXE TXH PiV SHUVRQDV OOHYD GRQGH MXHJXH HO HTXLSR´ (Q 4XLWR VL MXHJD FRQWUD FXDOTXLHUHTXLSROOHYDJHQWH)UDQFLVFRQRVFXHQWD³TXHFDGDYH]TXHMXHJDHQ HO HVWDGLR 2OtPSLFR $WDKXDOSD HO UHVWDXUDQWH 7*, )ULGD\V GHO 4XLFHQWUR 6KRSSLQJDXPHQWDVXVYHQWDVHQXQ\FXDQGRMXHJD(FXDGRUDXPHQWDHQ XQ´ 6LELHQHVFLHUWRTXHHOI~WEROPXHYHDSHUVRQDV\GHMDXQEXHQLQJUHVRDORV UHVWDXUDQWHV\EDUHVFHUFDGHOD]RQDGHOHVWDGLRKD\TXHVDEHUTXH³HOFOLHQWH VLHPSUHEXVFDXQOXJDUDJUDGDEOH\GLYHUWLGRWRPDQGRHQFXHQWDTXHWLHQHTXH WHQHUVHJXULGDG\EXHQDXELFDFLyQ´ 7DEOD'DWRVGHORV([SHUWRV 120%5( &$5*2 (;3(5,(1&,$ 'XHxR\ 5HSUHVHQWDQWH\ SURPRWRUGHOD DJHQWHGH LQLFLDWLYDWRGRV MXJDGRUHV),)$ -XDQ3DEOR SRUHOI~WERO (VSLQRVD GHVGH 3DUDGDU &UHDGRUGHOSULPHU VROXFLRQHVD UDQNLQJGHJHVWLyQ ODFULVLVGHO \DGPLQLVWUDFLyQGHO I~WERO I~WEROHFXDWRULDQR /8*$5 '85$&,Ï1 +25$ /D (QOD RILFLQDGHO DJHQWHHQ ODDYHQLGD GH 'LFLHPEUH\ HQWUHYLVWD /$ HQWUHYLVWD GXUR IXHDODV HOGtD PLQXWRV 3DWULD GH VHSWLHPEUH GHO -XDQ3DEOR(VSLQRVD x ¢3UHVHQWDFLyQGHOHQWUHYLVWDGR" x ¢([SHULHQFLDHQORV~OWLPRVDxRV" x ¢%DUFHORQDFXDQWDJHQWHPXHYHHQ4XLWR" x ¢1~PHURGH6RFLRVHQ4XLWR" x ¢%6&QRWLHQHXQEDUWHPiWLFRHQ4XLWRFUHHTXHVHDYLDEOH" x ¢(OPDQHMRGHXQDPDUFDWDQJUDQGH" x ¢9HQWDGHOLFHQFLDV" x ¢/RVEHQHILFLRVTXHHOFOXEOHRIUH]FDDOVRFLR" (V DJHQWH GH MXJDGRUHV ),)$ \ FUHDGRU GHO SULPHU UDQNLQJ GH JHVWLyQ \ DGPLQLVWUDFLyQ GHO I~WERO HFXDWRULDQR %DUFHORQD 6SRUWLQJ &OXE FXHQWD FRQ PXFKRV KLQFKDV HQ OD FDSLWDO FUHH -XDQ 3DEOR TXH ³SXHGH VHU HO VHJXQGR HTXLSRFRQPiVKLQFKDVGHVSXpVGH/LJD'HSRUWLYD8QLYHUVLWDULD´$OPRPHQWR GHKDEODUVREUHFRPRFDSWDUDQXHYRVVRFLRVpOQRVGLMRTXH³DORVVRFLRVKD\ TXHRIUHFHUOHVODPD\RUFDQWLGDGGHEHQHILFLRV\SUHPLRV´ $OFRQWDUOHHOWHPDGHLPSOHPHQWDUXQEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE HQODFLXGDGGH4XLWRYLRTXHHVXQWHPDPX\YLDEOHSRUHOQ~PHURGHKLQFKDV TXHH[LVWH$OPRPHQWRGHKDEODUGHODVOLFHQFLDVGHPDUFDGHORVGLIHUHQWHV HTXLSRV QRV FXHQWD TXH ³HQ HO (FXDGRU VH KD YHQLGR PDQHMDQGR GH PDOD PDQHUD \ FRQ Q~PHURV SXHVWRV DO RMR OR PLVPR SDVD FRQ HO SUHFLR GH ORV MXJDGRUHVFDGDSUHVLGHQWHGHFLGHFXiQWRFXHVWDGHSHQGLHQGRGHFXiQWDSODWD QHFHVLWD´ $O XQLU HO I~WERO FRQ EHELGDV \ FRPLGDV VRQ VHUYLFLRV TXH VH FRPSOHPHQWDQ \ TXHVHSRWHQFLDQPXWXDPHQWH 7DEOD'DWRVGHORV([SHUWRV 120%5( &$5*2 (;3(5,(1&,$ /8*$5 'XHxRGH $GPLQLVWUDGRU (QHO XQ 6HEDVWLiQ UHVWDXUDQWH 0LxR GHDOLPHQWRV\ UHVWDXUDQWHHQ EHELGDVFRQ '85$&,Ï1 +25$ /D HQWUHYLVWD /D IXHDODV OD*UDQDGRV\ HQWUHYLVWD GHSDUULOOD H[SHULHQFLDSRU GH'LFLHPEUH OODPDGR PiVGH *UDQDGRV /RPR)HUR] DxRV 3OD]D HO GXUR PLQXWRV GtDGH 6HSWLHPEUH GHO 6HEDVWLiQ0LxR x ¢3UHVHQWDFLyQGHOHQWUHYLVWDGR" x ¢([SHULHQFLDHQORV~OWLPRVDxRV" x ¢&RPSHWHQFLDGLUHFWD" x ¢/RVSDUWLGRVGHI~WEROLQIOX\HQHQYHQWDV" x ¢%6&QRWLHQHXQEDUWHPiWLFRHQ4XLWRFUHHTXHVHDYLDEOH" x ¢(OPDQHMRGHXQUHVWDXUDQWH" x ¢3UHSDUDFLyQGHDOLPHQWRV" x ¢/LPSLH]DHQHOORFDO\FRFLQD" x ¢4XpSXVLHUDVHQXQEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE" x ¢(OVHUYLFLR\ODFDOLGDGLQIOX\HSDUDTXHORVFOLHQWHVUHJUHVHQ" 7LHQH H[SHULHQFLD GH DxRV HQ DOLPHQWRV \ EHELGDV ³([LVWH YDULD FRPSHWHQFLD GLUHFWD HQ HO iPELWR GH OD FRPLGD UiSLGD HQ HO (FXDGRU SHUR VLHPSUHKD\TXHHQIRFDUVHHQODYHQWDMDFRPSHWLWLYD´6HEDVWLiQFRPHQWyTXH ³ORVGHSRUWHVHVSHFLDOPHQWHHOI~WEROFUHDH[SHFWDWLYDDODVSHUVRQDV´3RUOR JHQHUDOVHUH~QHQSHUVRQDVTXHTXLHUHQYHUXQPLVPRSDUWLGRHQUHVWDXUDQWHV \EDUHV $OPRPHQWRGHWRFDUHOWHPDGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQOD FLXGDG GH 4XLWR eO QRV KDEOy ³GH OD OLPSLH]D TXH WLHQH TXH WHQHU HO EDUUHVWDXUDQWHHVPX\LPSRUWDQWHHVWRD\XGDSDUDTXHODJHQWHYXHOYD´/RV SURFHVRV TXH KD\ TXH WHQHU FRQ ORV GLIHUHQWHV DOLPHQWRV WLHQHQ TXH VHU FXLGDGRVD\DTXHKD\TXHWHQHUFRQRFLPLHQWRSDUDSRGHUPDQHMDUVLQGDxDUORV $OPRPHQWRGHSRQHUQRPEUHVDORVSODWRVKD\TXHDQDOL]DUORVLQJUHGLHQWHV\ YHU TXH QRPEUH SXHGH OOHYDU /D FRFLQD HV XQ OXJDU GRQGH H[LVWHQ PXFKRV JpUPHQHVSRUHOORKD\TXHWHQHUXQDOLPSLH]DSHUIHFWD +D\ TXH UHDOL]DU XQ SUR\HFWR PX\ EXHQR D TXH ODV PLVPDV SHUVRQDV GH %DUFHORQD 6& YHDQ TXH WLHQHQ XQ QLFKR GH PHUFDGR TXH QDGLH KD TXHULGR H[SORWDU7RGRVORVKLQFKDVRVHJXLGRUHVTXHYLYHQHQ4XLWRQRDSRUWDQDOFOXE GH QLQJXQD PDQHUD VROR ORV VRFLRV DFWLYRV 3RU HOOR HV XQD LGHD PX\ LQWHUHVDQWH SDUD GHVDUUROODU (Q HO PXQGR WRGRV ORV HTXLSRV PiV JUDQGHV WLHQHQEDUHV\UHVWDXUDQWHVDOUHGHGRUGHOPXQGR\DTXHVRQLQJUHVRVILMRVTXH D OD ODUJD VLUYH WRGR VXPD (Q HFXDGRU HO SURSLHWDULR GHO 6SRUW 3ODQHW HV HO VHxRU(VWHEDQ3D]HOPDQHMDHOHTXLSRGH/LJD'HSRUWLYD8QLYHUVLWDULD *UXSRVIRFDOHV 8QD VHVLyQ GH JUXSR GH HQIRTXH FRQVLVWH HQ XQD HQWUHYLVWD GH IRUPD QR HVWUXFWXUDGD \ QDWXUDO TXH XQ PRGHUDGRU FDSDFLWDGR UHDOL]D D XQ SHTXHxR JUXSRGHHQFXHVWDGRV(OPRGHUDGRUJXtDODGLVFXVLyQ(OSULQFLSDOSURSyVLWR GH OD VHVLRQHV GH JUXSR FRQVLVWH HQ REWHQHU LQIRUPDFLyQ DO HVFXFKDU D XQ JUXSRGHSHUVRQDVGHOPHUFDGRPHWDDSURSLDGDKDEODUVREUHWHPDVGHLQWHUpV SDUDHOLQYHVWLJDGRU0DOKRWUD0DUWLQH]7UHYLxR 3DUDHO)RFXV*URXSVHLQYLWDURQDSHUVRQDVTXHVRQKLQFKDVRVHJXLGRUHV\ TXH VLHQWDQ DOJXQD SDVLyQ SRU HO %DUFHORQD 6SRUWLQJ &OXE )XHURQ KRPEUHV HQWUHDDxRV\VHUHDOL]yHQODFLXGDGGH4XLWRHOGtDGHVHSWLHPEUH GHO HQ OD DYHQLGD *RQ]iOH] 6XiUH] HQ HO HGLILFR ORV 1HYDGRV GXUR PLQXWRVHOJUXSRGHHQIRTXH 7DEOD,QWHJUDQWHV)RFXV*URXS 120%5( &$5*2 (035(6$ 3UHVLGHQWH :H3URGXFH(QWHUWDLQPHQW /RFXWRU 3ODQHWD5DYH (ULN7DSLD 3URGXFWRU (PSUHVD0LQW 6HEDVWLiQ%XVWDPDQWH 6RPPHOLHU /LTXRUV $QGUpV*DUFtD &RRUGLQDGRUGH0DUFD :H3URGXFH(QWHUWDLQPHQW 'LHJR*DYLULD 3UHVLGHQWH %DFNVWDJH(QWHUWDLQPHQW -DYLHU9DOHQ]XHOD &RQWDGRU 7RSVKRZV 5REHUWR&KDFyQ 3URSLHWDULR\$JUyQRPR 6DQWR&DPDUyQ -XDQ-DUDPLOOR -XDQ&DUORV9LWHUL 'HVDUUROORGHO)RFXV*URXS x %LHQYHQLGDPLQXWRV x 3UHVHQWDFLyQGHFDGDXQRGHORVSDUWLFLSDQWHVPLQXWRV x %UHYHUHVXPHQGHOEDUWHPiWLFR%DUFHORQD6&PRWLYRGHO)RFXVJURXS x 3UHJXQWDVDELHUWDV\GLULJLGDV ¢/HJXVWDHO)~WERO" ¢'yQGHYHI~WEROSRUORJHQHUDO" ¢4XpFRQVXPHFXDQGRYHHOI~WEROFRQDPLJRV" ¢(VWDUtDGLVSXHVWRVDDSRUWDUSDUDD\XGDUDVXFOXE" ¢&UHHTXHVHUVRFLRGH%6&\YLYLUHQ4XLWRVLUYHGHDOJR" ¢/HJXVWDUtDXQPXVHRGHOËGRORGHODVWLOOHURHQODFDSLWDO"¢6LQRSRU TXp" ¢/HVSDUHFHLQWHUHVDQWHRQRTXHKD\DXQEDUWHPiWLFRGHO%DUFHORQD 6&HQODFLXGDGGH4XLWR" ¢4XpRSLQDQVREUHHOVHUYLFLRTXHVHYDDRIUHFHU" 6HUYLFLRGH&RPLGD\EHELGDV ÒOWLPD7HFQRORJtDHQWHOHYLVRUHV\HTXLSRGHVRQLGR *HQWHFDSDFLWDGD /XJDUOLPSLR\DJUDGDEOH ¢<DTXH%6&HVHOHTXLSRFRQPiVKLQFKDVHQ(FXDGRUFUHHTXHHVWD LGHDHVYLDEOH" ¢(VWDUtDGLVSXHVWRHQSDJDUSDUDYHUHOI~WEROGHVGHXQEDUWHPiWLFR" ¢4Xp EHQHILFLRV HVSHUD UHFLELU SRU VHU VRFLR GHO FOXE HQ XQ EDU WHPiWLFR" ¢4Xp HVSHUDUtDQ GH XQ EDU WHPiWLFR SDUD TXH ORV %DUFHORQLVWDV YHDQ ORVSDUWLGRV" ¢4XpHVORTXHPiVOHOODPyODDWHQFLyQGHOQHJRFLRPHQFLRQDGR" ¢&RQRFHQGHDOJ~QEDUWHPiWLFRTXHRIUH]FDHOPLVPRVHUYLFLR" ¢4Xp IDFWRU FRQVLGHUDUtDQ LPSRUWDQWH SDUD SRGHU DVLVWLU DO EDU WHPiWLFR" $WUDYpVGHTXpPHGLRGHFRPXQLFDFLyQOHVLQWHUHVDUtDFRQRFHU VREUH HOVHUYLFLR 3RGUtDQGDUDOJXQDVXJHUHQFLDVREUHHOVHUYLFLR x %UHDNPLQXWRV x )LQDOL]DFLyQGHODVHVLyQGHOJUXSRGHHQIRTXH x 9DOLGDFLyQGHODVUHVSXHVWDVSRUSDUWHGHOPRGHUDGRU x 5HSDVRGHORPiVUHOHYDQWHHLQIRUPDFLyQYDOLRVD x $JUDGHFLPLHQWR &RQFOXVLyQJUXSRVIRFDOHV x /RVSDUWLFLSDQWHVQXQFDKDEtDQHVFXFKDGRGHXQVHUYLFLRSDUHFLGR x /HVJXVWyPXFKRODLGHD\DTXHHVXQQLFKRGHPHUFDGRSDUDORVKLQFKD GH%DUFHORQD6SRUWLQJFOXEHQODFLXGDGGH4XLWR x &RQVLGHUDQGR TXH HV XQD IRUPD TXH ORV TXLWHxRV D\XGHQ DO HTXLSR TXH VRQ KLQFKDV R VLJXHQ WRGDV ODV VHPDQDV \ DSRUWDQGR HFRQyPLFDPHQWH FRQXQLQJUHVRILMRTXHVDOGUiGHOEROVLOORGHOKLQFKDGHODFLXGDGGH4XLWR x 6RQVHJXLGRUHVGHI~WEROQROHVJXVWDLUDOHVWDGLRSRUODLQVHJXULGDGTXH HVWH JHQHUD \ HO EDMR UHQGLPLHQWR GH WRGRV ORV HTXLSRV HQ ORV ~OWLPRV DxRV x (QVXPD\RUtDYHQORVSDUWLGRVHQFDVDVRORVRVLHVXQSDUWLGRLPSRUWDQWH VHUH~QHQFRQDPLJRVRIDPLOLDUHVHQYDULRVOXJDUHVVLHVILQGHVHPDQD HQ FDVD SHUR VL HV HQWUH VHPDQD VDOHQ \ YHQ HO SDUWLGR HQ EDUHV R UHVWDXUDQWHV SRU OR JHQHUDO &XDQGR VDOHQ FRQVXPHQ SRU OR JHQHUDO FHUYH]D\RUGHQHVGHSODWRVSDUDFRPSDUWLUSLFDGDV x 7RGRVORVSDUWLFLSDQWHVHVWDUtDQGLVSXHVWRVDDSRUWDUHFRQyPLFDPHQWH\D TXH QLQJXQR HV VRFLR 3RU PHGLR GHO EDU TXLVLHUDQ D\XGDU DO FOXE TXH WDQWDVDOHJUtDVOHVKDGDGR x $O VHU VRFLR \ YLYLU HQ 4XLWR VH SLHUGHQ HO EHQHILFLR PiV LPSRUWDQWH GH DVLVWLUDOHVWDGLRSRUHOORQRHVFRQYHQLHQWHSHURVLVHSXHGHFUHDURWURV WLSRVGHVRFLRVHVWDUtDQGLVSXHVWRVDVHUSDUWHGHOHTXLSRPiVJUDQGHGHO (FXDGRU x (Q OD FLXGDG GH 4XLWR HQ ORV SDUWLGRV TXH HO %DUFHORQD 6SRUWLQJ &OXE MXHJD FRPR YLVLWDQWH DVLVWHQ QR PHQRV GH SHUVRQDV SRU SDUWLGR WRGRV VDEHPRV TXH ORV HTXLSRV VH DSURYHFKDQ FXDQGR VDEHQ TXH HV %DUFHORQD\DTXHHQVXPD\RUtDHVXQRGHORV~QLFRVLQJUHVRVTXHWLHQHQ DODxR\VXEHQORVSUHFLRV(OEDUWHPiWLFR HVXQDLGHDLQQRYDGRUDTXH OODPD OD DWHQFLyQ \ PiV GH XQ QLFKR TXH QR KD VLGR H[SORWDGR $O PRPHQWR GH FUHDUOH WLSR PXVHR YDULRV WXULVWDV TXH YHQJDQ VROR D OD FLXGDG GH TXLWR SXHGDQ DFFHGHU \ GH SDVR VDEHU FXiO HV HO ËGROR GHO (FXDGRU x (V YLDEOH \D TXH HO I~WERO PXHYH PDVDV \ UH~QH D JHQWH $O VHU WDQ SRSXODUWRGRVYDQDTXHUHUDVLVWLU\PiVVLHOVHUYLFLRHVEXHQR\FRQOD PHMRUWHFQRORJtD x /DLGHDHVPX\EXHQDDWRGRVOHVJXVWyPXFKR\HVWiQGLVSXHVWRDVLVWLU SDUD YHU ORV SDUWLGRV GHO %DUFHORQD /RV SDUWLFLSDQWHV YLHURQ HVWD XQD IRUPDGHOOHJDGDDOFOXESDUDSRGHUD\XGDUHFRQyPLFDPHQWH\TXHOOHJXH DO FOXE FRPR HO DSRUWH HFRQyPLFR TXH ORV KLQFKDV WRUHURV GH OD FDSLWDO KDFHQ PHQVXDOPHQWH SDUD TXH HO FOXE WHQJD PiV UHFXUVRV 0XFKRV GLMHURQTXHVLHVXQVLWLRFRQOLFHQFLDRILFLDOSXHGHVHULQWHUHVDQWH\DTXH HVXQDVXFXUVDOGHO%DUFHORQDHQ4XLWR\OXHJRVHSRGUiSRQHUXQSXQWR GH YHQWD SDUD SDUWLGRV LPSRUWDQWHV \ SRVWHULRUPHQWH GHVFXHQWRV HQ FRPERVRPHUFKDQGLVLQJRILFLDOSDUDORVFOLHQWHV x /D]RQDGRQGHTXLVLHUDQHOEDUWHPiWLFRHVSRUHOQRUWHGH4XLWR\DTXH H[LVWH PXFKRV WXULVWDV \ HV XQ SXQWR HVWUDWpJLFR SDUD TXH PXFKD JHQWH OOHJXH ,QYHVWLJDFLyQGHVFULSWLYD /D WpFQLFD GH HQFXHVWD SDUD REWHQHU LQIRUPDFLyQ VH EDVD HQ HO LQWHUURJDWRULR GHORVLQGLYLGXRVDTXLHQHVVHSODQWHDXQDYDULHGDGGHSUHJXQWDVFRQUHVSHFWR D VX FRPSRUWDPLHQWR LQWHQFLRQHV DFWLWXGHV FRQRFLPLHQWR PRWLYDFLRQHV DVt FRPRFDUDFWHUtVWLFDVGHPRJUiILFDV\GHVXHVWLORGHYLGD0DOKRWUD0DUWLQH] 7UHYLxR (QFXHVWD 0XHVWUD x 3REODFLyQ PHWD +RPEUHV \ PXMHUHV TXH VHDQ KLQFKDV R VHJXLGRUHV GHO %DUFHORQD6SRUWLQJ&OXE\TXHYLYDQHQODFLXGDGGH4XLWR x 0DUFR GH PXHVWUHR +LQFKDV GH %DUFHORQD TXH YLYDQ HQ OD FLXGDG GH 4XLWR4XHDVLVWDQDOHVWDGLRDYHUDOËGROR4XHOHVJXVWHHOI~WERO4XH FRPSUHQODFDPLVHWDGHOHTXLSRTXHVRQKLQFKD³5HSUHVHQWDFLyQGHORV HOHPHQWRV GH OD SREODFLyQ PHWD &RQVLVWH HQ XQ OLVWDGR R FRQMXQWR GH LQVWUXFFLRQHVSDUDLGHQWLILFDUDODSREODFLyQPHWD´0DOKRWUD0DUWLQH] 7UHYLxR x 7pFQLFDGHPXHVWUHR6HXWLOL]yODWpFQLFDGHPXHVWUHRQRSUREDELOtVWLFR± GHMXLFLRGHOLQYHVWLJDGRUVHEDVDHQTXHHOLQYHVWLJDGRUVHOHFFLRQDEDMR VX FULWHULR D ODV SHUVRQDV D ODV FXDOHV YD D UHDOL]DU ODV HQFXHVWDV 6H YLVLWy HO HVWDGLR 2OtPSLFR $WDKXDOSD HQ HO SDUWLGR GHO &OXE 'HSRUWLYR (O 1DFLRQDOYV%DUFHORQD6SRUWLQJ&OXE x 7DPDxRGHODPXHVWUD (FXDFLyQ 0DOKRWUD ݊ ݊ /D DVLVWHQFLD D ORV HVWDGLRV GH %DUFHORQD 6SRUWLQJ FOXE FRPR YLVLWDQWH HV GH FRQXQSURPHGLRSRUSDUWLGRGH)XWEROL]DGRV 6H UHDOL]DURQ HQFXHVWDV D KLQFKDV GHO %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG 4XLWR FX\R IRUPDWR VH SUHVHQWD HQ HO $QH[R (O Q~PHUR GH HQFXHVWDVHGHWHUPLQyGHODVLJXLHQWHPDQHUD 'yQGH 1XQLYHUVR SSUREDELOLGDGGHp[LWR TSUREDELOLGDGGHIUDFDVR HHUURUJHQHUDOPHQWHDFHSWDGR QWDPDxRGHODPXHVWUD 5(68/7$'26'(/$6(1&8(67$6 'DWRVGHFODVLILFDFLyQ Figura 9.¢$FWXDOPHQWHHVVRFLRGHO%$5&(/21$" (OGHORVHQFXHVWDGRVQRVRQVRFLRVGHO%DUFHORQD6SRUWLQJ&OXE Figura 10.¢4XHSDTXHWHGHVRFLRWLHQH" 'HORVVRFLRVHQFXHVWDGRVODPD\RUtDWLHQHQHOSDTXHWH68%FRQHOGH ORVVRFLRVHQFXHVWDGRV Figura 11.¢3RUTXHQRHVVRFLR" 'HOGHORVHQFXHVWDGRVTXHQRVRQVRFLRVGHOFOXEFRQHOSRUIDOWDGH LQIRUPDFLyQ SRU SDUWH GHO HTXLSR %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR (Q FDPELR HO SRU OD IDOWD GH GLQHUR \D TXH WLHQHQ TXH PDQWHQHU KRJDUHV\ODHFRQRPtDQROHVSHUPLWHWHQHURWURVJDVWRV Figura 12.¢'HSDUWLGRVHQHODxRTXH%DUFHORQD6&MXHJDHQODFLXGDGGH4XLWRXVWHG FXDQWDVYHFHVDVLVWHDOHVWDGLR" 'H ORV HQFXHVWDGRV HQ OD FLXGDG GH 4XLWR HOORV DSR\DQ D %DUFHORQD FXDQGR MXHJDQ HQ OD FDSLWDO ,QWHQWDQ DVLVWLU D OD PD\RUtD GH SDUWLGRV 'H ORV SDUWLGRV TXH H[LVWHQ HQ HO DxR HQ OD FLXGDG GH 4XLWR HO DVLVWH GH D YHFHV2WURSRUFHQWDMHDOWRHVHOGHDYHFHVFRQHO\DTXHQRLPSRUWD ORVUHVXOWDGRVHOORVLJXDODVLVWHQ Figura 13.¢&XDQGRQRMXHJDHQ4XLWRGRQGHPLUDHOSDUWLGR" (QHVWDSUHJXQWDVHYLRTXHORVSRUFHQWDMHVGHWRGDVODVRSFLRQHVIXHURQDOWRV \ FDPELDQ PX\ SRFR GHO GH ORV HQFXHVWDGRV HO SUHILHUHQ YHU HQ UHVWDXUDQWHFXDQGRHOFOXEMXHJDHQRWUDVSDUWHVTXHQRVHD4XLWRWDPELpQFRQ HOYHUHQFDVD&RQHOHVWDYHUHQFDVDFRQDPLJRVRIDPLOLDUHV Figura 14.¢4XHWDQWROHJXVWyRQRODLGHD" (O GH ORV HQFXHVWDGRV OHV JXVWy PXFKR OD LGHD GH FUHDU XQ EDU WHPiWLFR GHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR\FRQHOSXVLHURQTXH OHVDJUDGRFRQSXQWRVODLGHD 2UGHQHGHODOODVUD]RQHVSRUODVFXDOHVDVLVWLUtDDHVWHEDUGRQGH HOPiVLPSRUWDQWH\HOPHQRVLPSRUWDQWH Figura 15.3UHJXQWD Figura 16.3UHFLR (QODYDULDEOHGHOSUHFLRSRGHPRVYHUTXHHOGHORVHQFXHVWDGRVSLHQVDQ TXHHVORPHQRVLPSRUWDQWHSHURDOPLVPRWLHPSRXQGHORVHQFXHVWDGRV GLFHQTXHHVORPiVLPSRUWDQWH Figura 17.6HJXULGDG (QODYDULDEOHGHVHJXULGDGFRQHOGHORVHQFXHVWDGRVOHSXVLHURQXQ Figura 18.9DULHGDGGHSURGXFWRV (QFDPELRHQODYDULDEOHGHYDULHGDGGHSURGXFWRVFRQHOOHPDUFDURQFRQ XQ Figura 19.$PELHQWH\GHFRUDFLyQ /D YDULDEOH GH DPELHQWH \ GHFRUDFLyQ ORV HQFXHVWDGRV OH PDUFDURQ FRPR HO PHQRV\DTXHFRQHOPDUFDURQ\FRQHOPDUFDURQ Figura 20.6HUYLFLR (Q OD ~OWLPD YDULDEOH VH SXHGH REVHUYDU TXH ORV HQFXHVWDGRV PDUFDURQ FRPR PiVLPSRUWDQWHHOVHUYLFLRFRQHQ Figura 21.¢&XiQWRHVWiGLVSXHVWRDSDJDUHQXQEDUWHPiWLFRGHVXHTXLSRFRPRFRYHUHQ ODHQWUDGD" (O GH ORV HQFXHVWDGRV GLFHQ TXH HVWDUtDQ GLVSXHVWRV D SDJDU HQ OD HQWUDGD FRPR FRYHU DO EDU WHPiWLFR WDPELpQ FRQ HO GLFHQ TXH SDJDUtDQ KDVWDFRPRFRYHU Figura 22.¢(VWDUtDGLVSXHVWRVHUVRFLRGHO%6&VLWXYLHUDXQEHQHILFLRHQXQEDUWHPiWLFR" (O GH ORV HQFXHVWDGRV GLMHURQ TXH HOORV 6, IXHUDQ VRFLRV GHO %DUFHORQD 6SRUWLQJ&OXE Figura 23.¢8VWHGHVWDUtDGLVSXHVWRDDSRUWDUPHQVXDOPHQWHFRQVXHTXLSR" $O PRPHQWR GH SUHJXQWDUOHV VL HOORV HVWDUtDQ GLVSXHVWRV D DSRUWDU PHQVXDOPHQWHHOGHORVHQFXHVWDGRVGLMHURQTXHVt Figura 24.¢6LVXUHVSXHVWDIXH6,FXDQWRHVWDUtDGLVSXHVWRDSRUWDUPHQVXDOPHQWH" 'HORVHQFXHVWDGRVTXHGLMHURQTXHVLHQODDQWHULRUSUHJXQWDHOGHHOORV HVWDUtDQ GLVSXHVWRV D SDJDU GH GyODUHV PHQVXDOHV (O RWUR HVWDUtD GLVSXHVWRDSDJDUGH Figura 25.¢4XpEHQHILFLRVTXLVLHUDWHQHUHQHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXESRU VHUVRFLR" /RV HQFXHVWDGRV DO PRPHQWR GH VHU SUHJXQWDGRV GH ORV EHQHILFLRV TXH HOORV TXLVLHUDQ VL IXHUDQ VRFLRV VRQ ORV VLJXLHQWHV FRQ HO merchandising DXWRJUDILDGR SRU MXJDGRUHV GHO SULPHU HTXLSR < WDPELpQ FRQ HO GHVFXHQWRV HQ VXSHUPHUFDGRV \D TXH HV XQ JDVWR VHPDQDO TXH OD PD\RUtD WLHQH\VHUtDFRQYHQLHQWHTXHHOHTXLSRWHQJDXQFRQYHQLR Figura 26. ¢4Xp SURGXFWRV \ VHUYLFLRV TXLVLHUD WHQHU HQ HO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ&OXE" $O PRPHQWR GH KDEODU GH ORV SURGXFWRV \ VHUYLFLRV ORV HQFXHVWDGRV VHOHFFLRQDURQ FRQ HO TXH DO PRPHQWR GH UHDOL]DU OD FDUWD VH SRQJD QRPEUHV GH H[ MXJDGRUHV TXH KD\DQ PDUFDGR XQD HWDSD \ QRV KD\DQ GDGR PXFKD DOHJUtD < FRQ HO TXH ODV EHELGDV OOHYHQ QRPEUHV GH FDQFLRQHV TXHORVKLQFKDVFRUHDQORVGRPLQJRVHQHOHVWDGLR Figura 27.¢(QTXpVHFWRUGHODFLXGDGGH4XLWROHJXVWDUtDTXHHVWHHOEDU" /RV HQFXHVWDGRV DO PRPHQWR GH SUHJXQWDUOHV HO OXJDU GRQGH TXLVLHUDQ TXH HO EDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEVHHQFXHQWUHFRQHOGLMHURQTXH HQHO1257(GH4XLWR Figura 28.¢3RUTXpPHGLROHJXVWDUtDUHFLELULQIRUPDFLyQDFHUFDGHOEDUWHPiWLFR" /RV HQFXHVWDGRV TXLHUHQ UHFLELU LQIRUPDFLyQ GHO EDU WHPiWLFR D WUDYpV GH LQIRUPDFLyQ TXH GHMHQ HQ HO GRPLFLOLR FRQ HO \ WDPELpQ FRQ HO SRU LQWHUQHWTXHHVPiVIiFLOHLQVWDQWiQHR Figura 29.¢/HJXVWDUtDHVWDULQIRUPDGRDFHUFDGHORVEHQHILFLRV\SURPRFLRQHVGHOEDUHQ FDVRGHDEULUOR" 'H ORV HQFXHVWDGRV FRQ HO 12 TXLHUHQ WHQHU LQIRUPDFLyQ QL HVWDU LQIRUPDGRVGHEHQHILFLRV\SURPRFLRQHVGHOEDUWHPiWLFRHQFDVRGHDEULUOR Figura 30.*HQHUR 'HORVHQFXHVWDGRVHOIXHURQKRPEUHV\DTXHORJHQHUDOVRQPiVKLQFKDV \VHJXLGRUHVGHDOJ~QHTXLSRGHI~WERO &RQFOXVLRQHVGHODVHQFXHVWDV x $XQTXHODDFWXDOWHQGHQFLDHVYHUORVSDUWLGRVHQODFRPRGLGDGGHOKRJDU ODLGHDGHFUHDUHOEDUWHPiWLFRDORV%DUFHORQLVWDVTXHYLYHQHQ4XLWROHV DJUDGyPXFKR\DTXHFRQWDUFRQXQOXJDUSDUDUHXQLUDSHUVRQDVFRQORV PLVPRVJXVWRVFUHDXQDPELHQWH~QLFR x /DJHQWHGH4XLWRTXHHVKLQFKDGH%DUFHORQD6SRUWLQJFOXEORTXHPiVOH LPSRUWDUtDDODKRUDGHKDEODUGHOEDUWHPiWLFRHVHOVHUYLFLRHOSUHFLRTXH VHDFyPRGRHODPELHQWH\ODGHFRUDFLyQ x /D PD\RUtD GH ORV KLQFKDV GHO %DUFHORQD 6SRUWLQJ &OXE DVLVWHQ DO I~WERO PtQLPRGHDYHFHVHQHODxRDYHUDOHTXLSR x (Q4XLWRGHODJHQWHHQFXHVWDGDHOQRHVVRFLRGHOHTXLSRSRUTXH HO GH ORV HQFXHVWDGRV GLFHQ TXH QR VRQ VRFLRV SRU IDOWD GH LQIRUPDFLyQ x /D JHQWH GH 4XLWR HO GH ORV HQFXHVWDGRV HVWDUtDQ GLVSXHVWRV D FRQYHUWLUVH HQ VRFLRV GHO FOXE 7DPELpQ HO GH ORV KLQFKDV GHO %DUFHORQD 6& HVWDUtDQ GLVSXHVWRV DSRUWDU HFRQyPLFDPHQWH FDGD PHV (O DSRUWH TXH HQFRQWUDURQ FRQYHQLHQWH ORV HQFXHVWDGRV FRQ HO GH GyODUHV x (O GH ORV HQFXHVWDGRV GHO %DUFHORQD 6& TXH YLYHQ HQ OD FDSLWDO SUHILHUHQTXHHOEDUWHPiWLFRVHXELTXHHQOD]RQD1RUWHGHODFLXGDGGH 4XLWR 4XH HO TXLHUH TXH ORV SODWRV OOHYHQ HO QRPEUH GH H[ ILJXUDV TXHVHKDQFRQVDJUDGR x /RVKLQFKDVGHO%DUFHORQD6SRUWLQJ&OXETXHYLYHQHQODFLXGDGGH4XLWR DSR\DQ DO HTXLSR HQ FXDOTXLHU HVWDGLR GH OD FDSLWDO VRQ HO HTXLSR TXH PiVKLQFKDVOOHYD\DOGHORVHQFXHVWDGRVOHVJXVWyODLGHDGHWHQHU XQ HVSDFLR GRQGH KLQFKDV GHO %DUFHORQD 6& SXHGHQ UHXQLUVH \ GLVWUDHUVH x 6HGHWHUPLQyTXHODVSHUVRQDVHQWUHDDxRVWLHQHQPiVSDVLyQSRU HOHTXLSR\VRQODVSHUVRQDVTXHPiVDSR\DQHQODFDSLWDO 0(5&$'25(/(9$17(<&/,(17(327(1&,$/ 0HUFDGR2EMHWLYR (O PHUFDGR REMHWLYR FRQIRUPDQ ORV KDELWDQWHV GHO 'LVWULWR 0HWURSROLWDQR GH 4XLWRGHOHVWUDWRHFRQyPLFRPHGLR\PHGLRDOWRDILFLRQDGRVSRUHO%DUFHORQD 6SRUWLQJ &OXE $ JUXSRV GH MyYHQHV TXH VHDQ KLQFKDV GHO PLVPR ËGROR \ EXVTXHQ XQ OXJDU DWUDFWLYR )DPLOLDV EXVFDQGR HVSDFLRV GHVWLQDGRV SDUD KLQFKDVGHO%DUFHORQD 6HJPHQWDFLyQGHPHUFDGR 6H FRQVLGHUD QHFHVDULR LGHQWLILFDU D JUXSRV GH SHUVRQDV ODV FXDOHV WHQJDQ FDUDFWHUtVWLFDVFRPXQHVGHQWURGHOPHUFDGRGHOD&LXGDGGH4XLWRSDUDSRGHU REWHQHU HO Q~PHUR GH FOLHQWHV SRWHQFLDOHV TXH JHQHUDUi JUDQGHV UHVXOWDGRV SDUDODHPSUHVD +RPEUHV\PXMHUHVHQWUHDDxRVTXHYLYHQHQ4XLWR\OHVDJUDGHHOI~WERO TXHVHDQKLQFKDVRVHJXLGRUHVGHO%DUFHORQD6SRUWLQJ&OXE 6HJPHQWDFLyQ*HRJUiILFD /RVFOLHQWHVSRWHQFLDOHVSDUDHOEDUWHPiWLFRVRQORVKDELWDQWHVGHOVHFWRUGHO QRUWHVXUFHQWUR\ORVYDOOHVGHODFLXGDGGH4XLWR 6HJPHQWDFLyQ'HPRJUiILFD 6HJ~QVXGHPRJUDItDODFODVLILFDFLyQGHORVFOLHQWHVHV x *pQHUR)HPHQLQR\0DVFXOLQR x (GDG$SDUWLUGHORVDDxRV x (VWUDWR6RFLDOPHGLREDMRPHGLR 6HJPHQWDFLyQSVLFRJUiILFD 7RGRV ORV KLQFKDV GHO %DUFHORQD 6& TXH VHDQ FUH\HQWHV HQ HO HTXLSR \ EXVTXHQ XQ OXJDU GRQGH SXHGDQ UHXQLUVH FRQ JHQWH TXH WHQJD ORV PLVPRV JXVWRV\OXFKHQSRUXQPLVPRREMHWLYR &RQGXFWXDOHV ,QWHUHVDGRV HQ I~WERO \ TXH VHDQ KLQFKDV R VHJXLGRUHV GHO tGROR GHO (FXDGRU 4XHVLJDQORVSDUWLGRVGHO%DUFHORQD6SRUWLQJ&OXE\TXHYLYDQHQODFLXGDGGH 4XLWR4XHTXLHUDQDSRUWDULQGLUHFWDPHQWHFRQHO%DUFHORQD6SRUWLQJ&OXE 7$0$f2'(0(5&$'2 'HPDQGD (O EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ FOXE KD LGHQWLILFDGR XQ QLFKR GH PHUFDGRLQWHUHVDQWHSDUDHOGHVDUUROORGHOVHUYLFLR ,GHQWLILFDFLyQGH1LFKRGH0HUFDGR (O WRWDO GH OD SREODFLyQ HQ HO FDQWyQ 4XLWR HV GH ¶ KDELWDQWHV GH ORV FXDOHV¶VRQPXMHUHV\¶VRQKRPEUHV,1(& 7DPELHQ VH YD D PHGLU GHVGH ORV D ORV DxRV QRV GD TXH HO VRQ KRPEUHV \ HO VRQ PXMHUHV GH ORV FXDOHV GH KRPEUHV VRQ \HQPXMHUHV\PXMHUHVGHODFLXGDGGH4XLWR (QWRQFHV HO QLFKR GH PHUFDGR QRV GLFH TXH VRQ KRPEUHV GH OD FLXGDG GH 4XLWR HQWUH D DxRV TXH VRQ FRQVLGHUDGRV SREODFLyQ HFRQyPLFDQWH DFWLYD \ HQ PXMHUHV GD (QWRQFHV GHO PHUFDGR REMHWLYR QRV TXHGD GH GH ORV FXDOHV HO YHQ ORV SDUWLGRV GHO %DUFHORQD 6SRUWLQJ &OXE HQ EDUHV \ UHVWDXUDQWHV GH OD FLXGDG GH 4XLWR KDELWDQWHV GH ORV FXDOHV HO TXH UHSUHVHQWD D OH JXVWRODLGHDGHFUHDUHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLGDG GH4XLWR (O PHUFDGR REMHWLYR TXHGy GHILQLGR SRU SHUVRQDV VLQ HPEDUJR HV QHFHVDULR SODQWHDU DOJXQRV FULWHULRV TXH SHUPLWLUiQ REWHQHU HO Q~PHUR GH FOLHQWHVTXHYDQDDVLVWLUDOEDUWHPiWLFRODGHPDQGDHIHFWLYD 7DEOD6HJPHQWDFLyQ4XLWR 48,723(5621$6 08-(5(6 +20%5(6 $$f26 (/ ;TXHYHI~WEROHQEDUHVGH4XLWR ;GHORVHQFXHVWDGRVTXHOHVJXVWyODLGHDGHOEDUWHPiWLFR HOPHUFDGRWRWDO 'DGR TXH HQ HO (FXDGRU QR H[LVWH OD LQIRUPDFLyQ QHFHVDULD GH ORV EDUHV WHPiWLFRV IXH QHFHVDULR LGHDU XQD PHWRGRORJtD TXH SHUPLWD HVWLPDU OD GHPDQGDGHORVFRQVXPLGRUHVKDFLDHOVHUYLFLRRIUHFLGR /$&203(7(1&,$<6869(17$-$6 &RPSHWHQFLD /DFRPSHWHQFLDGLUHFWD (O EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ FOXE HQ OD FLXGDG GH 4XLWR QR WLHQH FRPSHWHQFLD GLUHFWD SXHVWR TXH QR H[LVWH XQD HPSUHVD R EDU TXH EULQGH XQ VHUYLFLRLJXDOHOFXDOFRPELQHODGLQiPLFDGHXQEDUUHVWDXUDQWHFRQXQWHPD HVSHFLILFR\IRUPDUHOEDUWHPiWLFRGHO%DUFHORQD6& &RPSHWHQFLD,QGLUHFWD 7RPDQGR HQ FXHQWD TXH HO EDU WHPi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iWLFR GHO %DUFHORQD 6& VRQ WRGRVORVSURGXFWRVRVHUYLFLRTXHVHSXHGHLPSOHPHQWDUDXQIXWXURFRPRHQ HOFDVRGHXQPXVHRGHOHTXLSRWRXUVDYHUDOLGRORDGRQGHMXHJH\SUR\HFWRV FRQODVGLYLVLRQHVLQIHULRUHVDVLFRPRQXHYRSODWRVWLSLFRV 3$57,&,3$&,Ï1'(0(5&$'26<9(17$6'(/$,1'8675,$ 7RPDQGR HQ FXHQWD TXH QR KD\ XQ GDWR H[DFWR GH ODV YHQWDV GH ORV EDUHV WHPiWLFRVHQODFLXGDGGH4XLWR(OEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE VH HVSHUD TXH OD SDUWLFLSDFLyQ GHO PHUFDGR VHD GHO GHO WRWDOHV GH OD FRPSHWHQFLD HQ HVWH FDVR 7*, )ULGD\V \ 6SRUW 3ODQHW GH ODV YHQWDV GH OD LQGXVWULD TXH HVWR HTXLYDOH D GRODUHV DQXDOHV FRQ FUHFLPLHQWR SURJUHVLYR 7DEOD&RPSHWLGRUHV &203(7,'25 /2*2 ',5(&&,Ï1 4XLFHQWUR 7*,)5,'$<6 6KRSSLQJ 3OD]DGHODV 632573/$1(7 DPHULFDV 7(0$ 'HSRUWLYR 'HSRUWLYR 7,32'( &20,'$ $PHULFDQR PRGHUQR 7H[PH[ 9(17$6 &$/,'$' &$3$&,'$' 3ULPHUD SD[ 3ULPHUD SD[ $18$/(6 (9$/8$&,Ï1'(/0(5&$'2'85$17(/$,03/(0(17$&,Ï1 (Q OD LQYHVWLJDFLyQ GH PHUFDGRV QR VRODPHQWH VH OHYDQWy LQIRUPDFLyQ LPSRUWDQWH SDUD HO ODQ]DPLHQWR GHO VHUYLFLR VLQR TXH WDPELpQ VH REWXYR GDWRV LPSRUWDQWHVSDUDODLPSOHPHQWDFLyQGHQXHYRVSURGXFWRVRVHUYLRV 3DUD ORV SURGXFWRV TXH VH YD D RIUHFHU HQ HO EDU WHPiWLFR KDEUi XQR PX\ OODPDWLYRTXHFRQVLVWHHQSRQHUQRPEUHVDODVHQWUDGDVSODWRVGHH[ILJXUDV GHOSULPHUHTXLSRGHO%DUFHORQD6SRUWLQJ&OXE (VLQGLVSHQVDEOHODUHODFLyQTXHHOEDUWHPiWLFRWHQGUiFRQHOHTXLSR\DTXHVH FUHDUi QXHYRV SUR\HFWRV \ EXVFDUi EHQHILFLRV SDUD FDSWDU PDV VRFLRV HQ OD FDSLWDO 3RURWURODGRHOVRFLRQRSXHGHHVSHUDUTXHHOHTXLSRJDQHSDUDDSR\DU/RV KLQFKDVKD\TXHHVWDUHQODVEXHQDV\HQODVPDODVKD\YHFHVTXHHOHTXLSR QHFHVLWD PDV HQ ODV HSRFDV GLILFLOHV 7DPELpQ VH PDQWHQGi OD OLFHQFLD RILFLDO GHOFOXESDUDTXHVHDHOSULPHUEDURILFLDOGHO%DUFHORQD6SRUWLQJ&OXE 3/$1'(0$5.(7,1* (Q HO SUR\HFWR TXH VH YD D UHDOL]DU GHO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR VH GHILQLy FRPR PHUFDGR PHWD OD VLJXLHQWH VHJPHQWDFLyQ HQ OD FXDO YDPRV D OOHJDU D SHUVRQDV (V SDUD KRPEUHV \ PXMHUHV TXH YLYHQ HQ OD FLXGDG GH 4XLWR GH D DxRV TXH OHV JXVWHHOI~WERO (675$7(*,$*(1(5$/'(0$5.(7,1* /D SDODEUD PDUNHWLQJ KDFH PHQFLyQ D OD FUHDFLyQ GH SURGXFWRV R VHUYLFLRV SDUD TXH VDWLVIDJD ODV QHFHVLGDGHV GHO FOLHQWH 6HJ~Q .RWOHU HO ³PDUNHWLQJ FRQVLVWH HQ LGHQWLILFDU \ VDWLVIDFHU ODV QHFHVLGDGHV GH ODV SHUVRQDV \ GH OD VRFLHGDG 8QD GH ODV GHILQLFLRQHV PiV FRUWDV GH PDUNHWLQJ GLFH TXH HO PDUNHWLQJFRQVLVWHHQVDWLVIDFHUQHFHVLGDGHVGHILUPDUHQWDEOH´.RWOHU /D HVWUDWHJLD HV GH QLFKR GH PHUFDGRV TXH FRQVLVWH HQ VHUYLU D XQR R PiV VHJPHQWRV TXH DXQTXH QR VHDQ ORV PiV JUDQGHV HVWiQ LQWHJUDGRV SRU Q~PHURV FRQVLGHUDEOHV GH FOLHQWHV TXH EXVFDQ ORV EHQHILFLRV XQ WDQWR HVSHFLDOL]DGRVGHXQSURGXFWRRVHUYLFLR(VWDHVWUDWHJLDD\XGDUiSDUDHYLWDU OD FRPSHWHQFLD GLUHFWD \D TXH DO VHU XQ EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE VHUi HO ~QLFR OXJDU FRQ HVDV FDUDFWHUtVWLFDV TXH ORV KLQFKDV GHO HTXLSR SRGUiQ HQFRQWUDU HQ OD FLXGDG GH 4XLWR :DONHU %R\G 0XOOLQV /DUUpFKp (VWUDWHJLDGHFUHFLPLHQWR 3DUDORJUDUHOFUHFLPLHQWRODHVWUDWHJLDDTXHVHDSOLFDUiVHUiODGHGHVDUUROOR GHOPHUFDGRSDUDVXVSURGXFWRVRVHUYLFLRVH[LVWHQWHVXWLOL]DQGRHOVHUYLFLRGHO EDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWRSDUDKLQFKDVR VHJXLGRUHV GHO tGROR GHO (FXDGRU /D H[SDQVLyQ GH QXHYRV PHUFDGRV JHRJUiILFRV HQ GLIHUHQWHV FLXGDGHV SULPHUR HQ (FXDGRU GRQGH H[LVWD XQ DOWR Q~PHUR GH KLQFKDV GHO %DUFHORQD 6SRUWLQJ &OXE FRPR WDPELpQ HQ FLXGDGHV LQWHUQDFLRQDOHVGRQGHH[LVWDXQJUDQQ~PHURGHPLJUDQWHV $OLDQ]DHVWUDWpJLFD (OPHUFDGRPHWDDSXQWDDKRPEUHV\PXMHUHVTXHYLYDQHQODFLXGDGGH4XLWR \D TXH QR H[LVWH XQ VHUYLFLR SDUHFLGR DO EDU WHPiWLFR TXH WHQJDQ GH D DxRVTXHOHVJXVWHYHUI~WEROHQEDUHVRUHVWDXUDQWHV\WHQJDQXQFDULxRSRUHO FOXEPiVJUDQGH 3RVLFLRQDPLHQWR 2IUHFHU DOWD FDOLGDG HQ HO VHUYLFLR SUHPLDQGR D ORV PHMRUHV FOLHQWHV \ RIUHFLHQGR YDULHGDG GH SURGXFWRV HQ HO PHUFDGR /D HVWUDWHJLD TXH VH YD D XWLOL]DUHVPiVSRUPHQRV\DTXHVHRIUHFHPD\RUEHQHILFLRSRUPHQRUSUHFLR TXH OD FRPSHWHQFLD SDUD OOHJDU D SRVLFLRQDUQRV HQ OD PHQWH GHO FRQVXPLGRU /D YHQWDMD FRPSHWLWLYD HV OD OLFHQFLD RILFLDO GHO %DUFHORQD 6SRUWLQJ &OXE 6H SRVLFLRQDUi FRPR HO SULPHUR \ ~QLFR EDU WHPiWLFR HQ OD FLXGDG GH 4XLWR TXH UHSUHVHQWDDXQDLQVWLWXFLyQ\XQDKLQFKDGDWDQJUDQGH 6H UHDOL]DUi XQD DOLDQ]D \ VH ILUPDUi XQ FRQWUDWR GH H[FOXVLYLGDG SRU DxRV FRQHOHTXLSRGHI~WERO%DUFHORQD6SRUWLQJ&OXEGHODFLXGDGGH*XD\DTXLOSDUD XWLOL]DUHOQRPEUHRILFLDO\HOPDQXDOGHPDUFDHQHOEDUWHPiWLFRHQODFLXGDG GH4XLWR 3URGXFWRHOSURGXFWR\VHUYLFLR (O VHUYLFLR SULQFLSDO GH OD HPSUHVD VHUi XQ OXJDU PHWyGLFDPHQWH GLVHxDGR \ SHUVRQDOL]DGRSDUDHOKLQFKDGHOHTXLSRDGDSWDGRFRQODPHMRUWHFQRORJtDTXH H[LVWHHQHOPHUFDGR$GHPiVVHMXJDUiFRQRORUHVFRORUHVWH[WXUDGHPRGR TXHVHORJUHFDSWDU\FUHDUXQDH[SHULHQFLD~QLFDHQODPHQWHGHOFRQVXPLGRU (QHOEDUVHFRQWDUiFRQXQDYDULHGDGGHSODWRVFRQQRPEUHVGHH[ILJXUDVGHO HTXLSR DVt FRPR EHELGDV FUHDGDV FRQ QRPEUHV FUHDWLYRV \ GLYHUWLGRV SRU ORV KLQFKDV7HQGUiH[FOXVLYLGDGGHPDUFD\DTXHVHREWHQGUiODOLFHQFLDRULJLQDO GHOFOXE (V GLItFLO VHU VRFLR GH XQ HTXLSR \ QR SRGHU DVLVWLU WRGRV ORV SDUWLGRV \D TXH HVWi HQ RWUD FLXGDG 3RU PHGLR GHO EDU XQ SRUFHQWDMH GH OD HQWUDGD TXH VH FREUDUiDODHQWUDGDVHUiGHVWLQDGDDIRUPDWLYDVGLYLVLRQHVLQIHULRUHV (Q HO PHUFDGR QR H[LVWH DOJR VLPLODU TXH VHD HVSHFtILFR SDUD XQ FOXE GHWHUPLQDGR (O PHUFDGR HV FRPSHWLWLYR SRU RWUD SDUWH H[LVWH XQD FUHFLHQWH GHPDQGD SDUD YHU SDUWLGRV GH I~WERO IXHUD GH FDVD FRQ DPLJRV (Q OD LQYHVWLJDFLyQ UHDOL]DGD DQWHULRUPHQWH SRGHPRV YHU TXH HO GH ORV HQFXHVWDGRV PLUDQ ORV SDUWLGRV GHO %DUFHORQD 6& HQ EDUHV \ HO HQ UHVWDXUDQWHV /DLGHDEiVLFDGHOEDUWHPiWLFR%$5&(/21$6&HVFRQYHUWLUDHVWHOXJDUHQ XQSXQWRGHHQFXHQWURGHPLOHVGHIDQiWLFRVTXHFRPSDUWHQPLVPDVLOXVLRQHV (QIRFDGRDOKLQFKDGH%6&TXHYLYHHQODFLXGDGGH4XLWR 1LYHOGHOSURGXFWR /RV QLYHOHV GHORV SURGXFWRV WDQJLEOHV D\XGDQ D FDOLILFDU OD RIHUWD TXH VH HQWUHJDHQHOEDU%6& %iVLFR (O EDU WHPiWLFR FXHQWD FRQ GLIHUHQWH JDPD GH SURGXFWRV SDUD TXH HO KLQFKDGHO%DUFHORQD6SRUWLQJ&OXESXHGDVHQWLUVHFRPRHQHOHVWDGLR 5HDO(OVLVWHPDTXHHVWHEDUWHPiWLFRWHQGUiHVPX\FyPRGR\UiSLGRDVtHO FOLHQWH SRGUi FRPSUDU OR TXH TXLHUH 3RGUi HQFRQWUDU OD PDUFD RILFLDO %DUFHORQD6&HQYDULRVSURGXFWRVGHmerchandising. 6HWRPDUiHQFXHQWDHO PDQXDOGHPDUFDSDUDWHQHUHOPLVPRFRQFHSWR $XPHQWDGR VH HQWUHJDUi HO SHGLGR FRPSOHWR DO FOLHQWH HQ XQ Pi[LPR GH ³ PLQXWRV´ GDGR HO SLORWDMH GHO VHUYLFLR GHVGH OD FDQFHODFLyQ /RV SURGXFWRV \ VHUYLFLRVWHQGUiQODVJDUDQWtDVUHVSHFWLYDVSDUDTXHHOFOLHQWHHVWHVDWLVIHFKR 0XFKDVHPSUHVDVRIUHFHQJDUDQWtDVJHQHUDOHV3RUHOORHQHOEDUWHPiWLFRGHO %DUFHORQD 6SRUWLQJ &OXE ORV KLQFKDV VLHPSUH WLHQHQ OD UD]yQ \ VL QR HVWi VDWLVIHFKRFRQVXSHGLGRRVHUYLFLRVHOHFDPELDUiRGHYROYHUiHOGLQHUR 7LSRGHSURGXFWRRVHUYLFLRGHFRPSDUDFLyQ (OWLSRGHSURGXFWRRVHUYLFLRTXHVHXWLOL]DUiHQHOEDUWHPiWLFRGHO%DUFHORQD 6& HV HO GH SURGXFWRV GH FRPSDUDFLyQ R ELHQHV GH FRPSUD FRPSDUDGD HO FXDO FRQVLVWH FXDQGR HO FOLHQWH YD D XQ OXJDU VLPLODU \ FRQVXPH WDQWR XQ SURGXFWRFRPRXQVHUYLFLRSDUHFLGRDOTXHRIUHFHPRV(QHVWHFDVRVDEHPRV TXH %DUFHORQD 6& KD LGR PXFKDV YHFHV D MXJDU &RSD /LEHUWDGRUHV GH $PpULFD SRU OR JHQHUDO HVRV SDUWLGRV ORV KLQFKDV TXH YLYHQ HQ OD FLXGDG GH 4XLWR WLHQHQ TXH YHUORV SRU 79 (V DVt TXH SXHGHQ FRPSDUDU DQWLJXDV H[SHULHQFLDV\EULQGDUVXVRSLQLRQHVSDUDPHMRUDUHOVHUYLFLRRORVSURGXFWRV '(&,6,21(6$75,%8726%5$1',1*6(59,&,26'(623257( (ODWULEXWRGHOEDUWHPiWLFRHVSULQFLSDOPHQWHHOQRPEUH\DTXHDOVHUHOHTXLSR FRQ PiV ORJURV QDFLRQDOHV \ HO PiV JUDQGH GHO SDtV VX PDUFD HV FRQRFLGD HVWiSRVLFLRQDGDHQODPHQWHGHOFRQVXPLGRU Figura 31. /RJR%DUWHPiWLFR%DUFHORQD6SRUWLQJ&OXE 6ORJDQ £0iV&HUFDGHOË'2/2 $OVHUXQDPDUFD\DFRQRFLGDSRUORVFOLHQWHVVHYDDXWLOL]DUODPLVPDOtQHDGH LPDJHQTXHXWLOL]DHOHTXLSRGHO%DUFHORQD6SRUWLQJFOXEQRVHWHQGUiHQYDVH SURSLR\HOHWLTXHWDGRGHORVSURGXFWRVGHmerchandisingVHUiRILFLDOGHOFOXE /DJDUDQWtDTXHVHYDDPDQHMDUHQHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJFOXE HVODVLJXLHQWHWRGDVODVSHUVRQDVRHPSUHVDVTXHYHQGDQXQSURGXFWRRXQD H[SHULHQFLD WLHQHQ XQD UHVSRQVDELOLGDG OHJDO GH FXPSOLU FLHUWDV QRUPDV SDUD TXHHOFOLHQWHVHVLHQWDVHJXURGHFRPSUDUXQSURGXFWRRVHUYLFLR3DUDPHGLU HO JUDGR GH VDWLVIDFFLyQ GH ORV FOLHQWHV VH YDQ D UHDOL]DU HQFXHVWDV GH VXJHUHQFLDV SRU PHGLR GH UHGHV VRFLDOHV 7RGRV ORV PHQVDMHV TXH ODV SHUVRQDVHQYtHQSRUUHGHVVRFLDOHVVHUiQUHVSRQGLGRVORPiVUiSLGRSDUDTXH ORVFOLHQWHVVHVLHQWDQVDWLVIHFKRV 'HFLVLRQHVGHPDUFDGHSURGXFWR$QFKR/RQJLWXG3URIXQGLGDG (Q HO EDU WHPiWLFR GHO %DUFHORQD 6& VH YDQ D WUDEDMDU FRQ WUHV OtQHDV GH SURGXFWRVTXHVHGHWDOODQDFRQWLQXDFLyQ $QFKR x $OLPHQWRV\%HELGDV x $PELHQWH x 0HUFKDQGLVLQJ /RQJLWXG x (O EDU WHQGUi ORV VLJXLHQWHV SURGXFWRV HQ DOLPHQWRV FXHQWD FRQ XQD YDULHGDGGHHQWUDGDV(QEHELGDVVHGLYLGHHQODVSDUWHVODVEHELGDV UHIUHVFDQWH TXH HQ HO EDU VH YDQ D YHQGHU VRQ < HQ ODV EHELGDV $OFRKyOLFDVH[LVWHQ x (QDPELHQWHWHQGUiSDQWDOODV)XOO+'SDUDYHUORVSDUWLGRVFRQXQVLVWHPD GHVRQLGRFHUUDGR6HMXJDUiFRQORVFRORUHV\RORUHV\VRQLGRSDUDTXH ORVFOLHQWHVWHQJDQXQPRPHQWRDJUDGDEOH x 6HYHQGHUiQGHVGHFDPLVHWDVRILFLDOHVJRUUDVOODYHURVWDVDVHQWUDGDV FXDOTXLHU SURGXFWR RILFLDO GHO FOXE /D GHFRUDFLyQ YD KDFHU VHQFLOOD FRQ JLJDQWRJUDILDV GH LPiJHQHV GH PRPHQWRV GH JORULD GHO FOXE \ HO ORFDO HVWDUiOOHQRGHGDWRV\IUDVHVFXULRVDVGHODLQVWLWXFLyQDPDULOOD 3URIXQGLGDG x (O WDPDxR GH ODV HQWUDGDV VRQ SODWRV JUDQGHV HQ EHELGDV VRQ MDUUDV GH FHUYH]DODFHUYH]DVLQDOFRKROHVHQERWHOODSHUVRQDOLJXDOGHODVEHELGDV UHIUHVFDQWHV 32/Ë7,&$'(35(&,26 /D HVWUDWHJLD TXH VH YD D XWLOL]DU SDUD OD SROtWLFD GH SUHFLRV HV OD ILMDFLyQ GH SUHFLR EDVDGD HQ HO YDORU FRQVLVWH TXH D ORV FOLHQWHV VH FREUH XQ SUHFLR UHODWLYDPHQWH EDMR SRU XQ SURGXFWR GH JUDQ FDOLGDG < OD ILMDFLyQ GH SUHFLRV EDVDGD HQ OD FRPSHWHQFLD FRQVLVWH HQ TXH ODV HPSUHVDV R HQ HVWH FDVR ORV UHVWDXUDQWHV HVWDEOHFHQ VXV SUHFLRV GH DFXHUGR D ORV LQJUHGLHQWHV R JDVWRV ILMRV TXH WLHQHQ PHQVXDOPHQWH 3RU HOOR HO EDU WHPiWLFR SRGUi ILMDU XQ SUHFLR VLPLODUPD\RURPHQRUTXHHOTXHQXHVWURVFRPSHWLGRUHV(OSUHFLRVHFRQRFH FRPRHOFRVWRGHDGTXLVLFLyQGHXQELHQRXQVHUYLFLRSDUDHOVHUYLFLRTXHVH SODQWHD HQ HVWH SUR\HFWR WDPELpQ VH GHEH FRQVLGHUDU XQ YDORU PRQHWDULR TXH PRWLYH DO VRFLR KLQFKD R VHJXLGRU GHO %DUFHORQD 6SRUWLQJ &OXE 3DUD OD DVLJQDFLyQ GH SUHFLRV VH XWLOL]D ODV UHFHWDV HVWiQGDUHV GH FDGD XQR GH ORV DOLPHQWRV\EHELGDVGHOEDUWHPiWLFRHQFDGDXQRGHHVWRVVHWRPyHQFXHQWD ORVVLJXLHQWHVUXEURV x 0DQRGHREUD x 3RUFHQWDMHGHFRVWRVLQGLUHFWRV x 3RUFHQWDMHGHJDQDQFLD /DPDQRGHREUDGHORVSODWRVVHFDOFXODHQEDVHDOVXHOGRGHORVFRFLQHURV\ HQODVEHELGDVHQEDVHGHOVXHOGRGHOEDUPDQ (OSRUFHQWDMHGHORVFRVWRVLQGLUHFWRVUHSUHVHQWDQXQDSDUWHDORVFRVWRVTXH H[LVWHQPHQVXDOPHQWHHQHOEDUWHPiWLFRHVWRVHQVXPD\RUtDVRQDJXDOX] WHOpIRQRLQWHUQHWFDEOHHWF(VWHUXEURUHSUHVHQWDXQSRUFHQWDMHGHOWRWDOGHOD IDFWXUDFLyQGHOEDUWHPiWLFR (QHOFDVRGHOSRUFHQWDMHGHJDQDQFLDHVXQYDORUEDVDGRHQHOYDORUWRWDOGHO FRVWR GHO SODWR R GH OD EHELGD GHVSXpV GH VXPDU OD PDQR GH REUD \ HO SRUFHQWDMHGHOFRVWRLQGLUHFWRHVWHSRUFHQWDMHUHSUHVHQWDDOLQJUHVRSRUSODWRR EHELGD (Q HO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HVWH SRUFHQWDMH GH JDQDQFLD GHSHQGH GHODFDWHJRUtDGH DOLPHQWRV\EHELGDVDODTXHFDGDtWHP SHUWHQHFH 7DEOD3RUFHQWDMHGH*DQDQFLDVGH$OLPHQWRV 325&(17$-('(*$1$1&,$'($/,0(1726 &$7(*25Ë$ *$1$1&,$ (QWUDGDV %HELGDV5HIUHVFDQWHV %HELGDV$OFRKyOLFDV $FRQWLQXDFLyQVHPXHVWUDQORVVLJXLHQWHVSUHFLRVGHFDGDXQRGHORVSODWRV\ GHODVEHELGDVGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE (QWUDGDV x 7DEOLWD%HQLWR)ORUR7DEODGH-DPyQ6HUUDQR x /DHVWUHOOD/iJULPDVGHSROOR x /DV0DQRVGH%DQJXHUD3XOSRDODJDOOHJD x 0RQXPHQWDO&DODPDUHVDSDQDGRV x 6XU2VFXUD3DSDVEUDYDV x $VWLOOHUR0HMLOORQHVDODPDULQHUD x ,VLGUR5RPHUR7RUWLOODHVSDxROD x (O&KRFOR4XLQWHURV&KRFORFRQTXHVR x (O4XHVR$PEURVL7DEODGHTXHVRV x /RV1DFKRVGH*RUGR/XFKR1DFKRV0H[LFDQRVRFRQTXHVR x /DV3DSDVGHO&KXFKR3DSDVPH[LFDQDVRFRQTXHVR x /RV+XHYRVGHO.LWX'tD]+XHYRV5RWRV x /DV$OLWDVGHO3LSDGHÈYLOD$OLWDV $QH[R5HFHWDVHVWiQGDUHVGHODVHQWUDGDV %HELGDV5HIUHVFDQWHV x /DÒQLFD*DVHRVDGHYLGULR x &ROD$]XO*DVHRVDGHGLHWD x 1DWXUDOPHQWH%DUFHORQLVWD$JXDVLQJDV x 0LODJURGH*XD\DTXLO$JXDFRQJDV x ËGROR7pKHODGR x -XJRV%DUFHORQD-XJRVGHERWHOOD $QH[R5HFHWDVHVWiQGDUHVGHEHELGDVUHIUHVFDQWHV %HELGDV$OFRKyOLFDV x 8QVRORËGROR&HUYH]DGHEDUULO x &HUYH]D$]XO&HUYH]DVLQDOFRKRO x &HUYH]D%DUFHORQD&HUYH]DDUWHVDQDO x 7LQWLFR$PDULOOR7LQWRGHYHUDQR x 6DQJUtD'LDEOR(FKHYHUUL6DQJUtD $QH[RUHFHWDVHVWiQGDUHVGHEHELGDVDOFRKyOLFDV 3UHIHUHQFLDGHSUHFLRV (Q EDVH D OD LQYHVWLJDFLyQ UHDOL]DGD DQWHULRUPHQWH VH REWXYR GH UHVXOWDGR FXDQWR HVWi GLVSXHVWR D SDJDU FRPR cover HQWUDGD DO EDU WHPiWLFR HV GH FLQFR GyODUHV DPHULFDQRV \ FRQVXPLU DGHQWUR GHO EDU WHPiWLFR HQ SURPHGLRGHDGyODUHVDPHULFDQRVSRUSHUVRQD &RVWRV 3DUD HVWDEOHFHU HOSUHFLR EDMR XQ HQIRTXHGH FRVWRVHKDLQYHVWLJDGR HOYDORU PRQHWDULRGHORVFRPSRQHQWHVGHOSUR\HFWRFRPRVRQ$FWLYRVILMRV&DSLWDOGH WUDEDMR*DVWRVHWF(VWRFRQHOILQGHFDOFXODUHOFRVWRXQLWDULRGHORVSODWRV EHELGDV HO VHUYLFLR GH ORV WUDEDMDGRUHV D ORV FOLHQWHV GXUDQWH OD HVWDGtD HQ HO EDU WHPiWLFR DGLFLRQDO KD\ TXH DXPHQWDU HO PDUJHQ GH XWLOLGDG GH FDGD SURGXFWRTXHVHYDDYHQGHUHQHOEDUWHPiWLFRHO%DUFHORQD6SRUWLQJ&OXED FRQWLQXDFLyQ 7DEOD&RVWR8QLWDULRSRU(QWUDGD &2672325(175$'$ ,1)5$(6758&785$ 68(/'26 08(%/(6<(16(5(6 (48,32'(9,'(2 $55,(1'2 727$/ &RQHOILQGHVHUFRQJUXHQWHVFRQODLQYHVWLJDFLyQGHPHUFDGRVHOYDORUTXHORV HQFXHVWDGRVGHOPHUFDGRREMHWLYRHVWiQGLVSXHVWRVDSDJDUGyODUHVSRU SHUVRQDHQODHQWUDGDGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE (O GyODU UHVWDQWH HTXLYDOH DO GH OD HQWUDGD DO EDU HVWH LQJUHVR VHUi GHVWLQDGR D ODV GLYLVLRQHV LQIHULRUHV GH IRUPDFLyQ SDUD YLWDPLQDV \ RWURV JDVWRV 7È&7,&$6'(9(17$6 $OVHUXQVHUYLFLRHOTXHRIUHFHODWiFWLFDGHYHQWDVFRQVLVWHHQXQHQIRTXHGH VHUYLFLRHODPELHQWHHOFDULVPDGHORVWUDEDMDGRUHVODVDWLVIDFFLyQGHOFOLHQWH ODLQQRYDFLyQGHWHFQRORJtDORVUHVXOWDGRVySWLPRV\JHQHUDUYDORUVRQXQDGH ODV DFFLRQHV D WUDYpV GH ODV FXDOHV HO KLQFKD GH %DUFHORQD 6SRUWLQJ &OXE VH LGHQWLILFDUi FRQ QXHVWUR EDU WHPiWLFR \ DVt WUDHUi PiV VHJXLGRUHV GHO HTXLSR TXHYLYDQHQODFLXGDGGH4XLWRDWUDYpVGHOERFDDERFD (O PHQ~ YD D HVWDU HQ OD SDUWH SRVWHULRU GH OD FDMD SDUD TXH HO FOLHQWH DO PRPHQWRTXHHQWUHDOORFDOUHDOLFHVXSHGLGR\OXHJRWRPDDVLHQWR 3OD]D'LVWULEXFLyQ (O FDQDO GH GLVWULEXFLyQ HV HO FDQDO GH GLVWULEXFLyQ HV XQ &DQDO 'LUHFWR 3URGXFWRU&RQVXPLGRUSXHVWRTXHVHFRQVLGHUDODHQWUDGDGHPDWHULDSULPD H LQVXPRV SDUD OD SUHSDUDFLyQ GH EHELGDV \ DOLPHQWRV TXH SRVWHULRUPHQWH VHUiQ FRPHUFLDOL]DGRV GLUHFWDPHQWH FRQ HO FOLHQWH HQ HO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE (V XQR GH ORV FDQDOHV GH GLVWULEXFLyQ TXH PiV IDYRUHFH HQ XQ EDU WHPiWLFR \D TXH HO SURFHVR GH UHWURDOLPHQWDFLyQ \ FUHDU QXHYDVHVWUDWHJLDVGHELGRTXHVHHVWDUiHQFRQVWDQWHWUDWRFRQHOFOLHQWHILQDO (V PXFKR PiV VHQFLOOR VDEHU VL ORV REMHWLYRV VH HVWiQ FXPSOLHQGR \D TXH SXHGHQDQDOL]DUUiSLGRODVDWLVIDFFLyQ\DFHSWDFLyQGHOFOLHQWH1RKD\VHUYLFLR DGRPLFLOLRSRUORTXHVHUHGXFHQORVLQWHUPHGLDULRVHOFRQWUROHVGLUHFWRGHOEDU DOFRQVXPLGRU /DVLQVWDODFLRQHVGHOORFDOGHOEDUWHPiWLFRVHFRQYLHUWHQHQODSOD]DGHYHQWD GH ORV VHUYLFLRV \ SURGXFWRV RIUHFLGRV DQWHULRUPHQWH (Q HO &DStWXOR GH 2SHUDFLRQHVVHGHWDOODUiODViUHDVGHOORFDOFRPRHOGLVHxRGHOPLVPR 32/Ë7,&$'(6(59,&,2$/&/,(17(<*$5$17Ë$6 6HSODQLILFDUiODVJDUDQWtDVTXHVHYDRIUHFHUFRPRODFDSDFLWDFLyQDTXLHQHV YDQDDWHQGHUDORVVHJXLGRUHVGHO%DUFHORQD6SRUWLQJ&OXEHQHOEDUWHPiWLFR ORFXDOWLHQHQTXHVHUKLQFKDVGHOHTXLSRDQWHVPHQFLRQDGR (O FOLHQWH VLHPSUH WLHQH OD UD]yQ \ VL HQFXHQWUD DOJ~Q GLVJXVWR FRQ VX SHGLGR VHUi FDPELDGR /D RSLQLyQ VHUi UHFLELGD SRU PHGLR GH UHGHV VRFLDOHV SDUD EULQGDUXQPHMRUVHUYLFLR\UHDOL]DUPHMRUtDVHQHOEDU 7RGRV ORV HPSOHDGRV OXFLUiQ FDPLVHWDV RULJLQDOHV GHO FOXE \ HQ OD SDUWH GH DWUiVWHQGUiQHOQRPEUHGHOPHVHUR 35202&,Ï1<38%/,&,'$' 6H UHDOL]DUi XQD DOLDQ]D HVWUDWpJLFD FRQ HO HTXLSR GH I~WERO GHO %DUFHORQD 6SRUWLQJ&OXE\DTXHHVWHQHFHVLWDDXPHQWDUVXVVRFLRVDQLYHOQDFLRQDO\DO UHDOL]DUGLFKDDOLDQ]DODVSHUVRQDVTXHGHVHDQRSWDUSRUVHUVRFLRVGHOHTXLSR SXHGHQKDFHUORHQHOEDUWHPiWLFRFRPRSXQWRGHDILOLDFLyQ /RV HOHPHQWRV GH SURPRFLyQ \ SXEOLFLGDG VRQ PX\ LPSRUWDQWHV SDUD HO EDU WHPiWLFR\SDUDHOp[LWRGHFXDOTXLHUUHVWDXUDQWHREDU1RLPSRUWDODDFWLYLGDG HV LPSRUWDQWH GHVDUUROODU XQ SODQ GH SURPRFLyQ \ SXEOLFLGDG \D TXH GH RWUR PRGRHOFOLHQWHQXQFDFRQRFHUiORVVHUYLFLRV 3XEOLFLGDG /D SXEOLFLGDG WUDQVPLWH HO PHQVDMH TXH OD HPSUHVD TXLHUH GDU D VXV SRVLEOHV FOLHQWHVSDUDUHDOL]DUXQDFDPSDxDSXEOLFLWDULDDGHFXDGDPHQWH HVLPSRUWDQWH SDUWLUGHODEDVHGHSUHIHUHQFLDVGHPHGLRVSRUSDUWHGHOPHUFDGRREMHWLYR6H XWLOL]DUD OD HVWUDWHJLD %7/ ³%HORZ 7KH /LQH´ FRQVLVWH SRU HO HPSOHR GH IRUPDV GHFRPXQLFDFLyQDVHJPHQWRVGHPHUFDGRVHVSHFtILFRV 0DUNHWLQJGLJLWDO 'HQWURGHSURSXHVWD%7/VHXWLOL]DUiFDPSDxDVGHPDUNHWLQJGLJLWDODWDFDQGR SULQFLSDOPHQWHUHGHVVRFLDOHVHQ)DFHERRNFRQODVIDQSDJHV\FRQXQDFXHQWD 7ZLWWHU FRPR OD SiJLQD ZHE (Q HO FXDO VH YD D VXELU YLGHRV LQIRUPDFLyQ HYHQWRVVKRZVVRUSUHVDV 3DJLQD:HEGHO%DUWHPiWLFR 6H GHVDUUROODUi XQD SiJLQD ZHE GHO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HQODFLXGDGGH4XLWR(VWDSiJLQDYDD\XGDUDTXHORVFOLHQWHVFRQR]FDQODV SURPRFLRQHVFRPRSUy[LPRVHYHQWRV\TXHVHUYLFLRVRIUHFHPRV(OPDQHMRGH OD PLVPD GHEH VHU UHVSRQVDEOH \ FXPSOLHQGR VLHPSUH FRQ OD DFWXDOL]DFLyQ GH ORVGDWRVGHODPLVPD/DSiJLQDVHUYLUiFRPRFDQDOGLUHFWRFRQHOFOLHQWHFRQ HO FXDO VH SRGUi LQWHUDFWXDU SDUD UHDOL]DU PHMRUtDV FRPR SDUD LQIRUPDUOHV GH FRQFXUVRV\HYHQWRV $ WUDYpV GH OD SiJLQD ZHE VH VXELUiQ iOEXP GH IRWRV \ QRWDV FXULRVDV GH ORV FOLHQWHVTXHDVLVWDQFDGDGtDDOEDUWHPiWLFR Figura 32.'LVHxDGRU3iJLQD:HE 6RFLDO0HGLD0DQDJPHQW )DQSDJHGH)DFHERRN (Q OD UHG VRFLDO PiV JUDQGH GHO PXQGR )DFHERRNFRP ORV XVXDULRV WLHQHQ OD RSFLyQGHFUHDUSiJLQDVSDUDGDUDFRQRFHUVXQHJRFLRHQHVWHFDVRYDPRVD FUHDUODIDQSDJHGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH 4XLWR HQ OD PLVPD SRGUiV HQFRQWUDU LQIRUPDFLyQ GHO OXJDU FRQFXUVRV UHDOL]DGRVFRQODKHUUDPLHQWDGHVRFLDOWRROTXHHQFXHQWUDVHQ)DFHERRN\FRQ OD PLVPD SXHGHV UHDOL]DU FRQFXUVRV SDUD TXH OD JHQWH JDQH SUHPLRV \ FUHDV EDVHV GH GDWRV FRQ ORV SDUWLFLSDQWHV (Q HVWD SiJLQD YDPRV D WHQHU ORV UHVXOWDGRVGHOHTXLSRFDGDVHPDQDFRPRQRWLFLDVLPSRUWDQWHV Figura 33.)DQSDJHGH)DFHERRN 7ZLWWHU /D UHG VRFLDO 7ZLWWHU D\XGDUi D HVWDU PiV FHUFD GH WXV FOLHQWHV \D TXH HQ OD PLVPDLQIRUPDVGHQRWLFLDVGH~OWLPDKRUDQRYHGDGHVGHOEDU\HYHQWRVTXHVH YD\DQ D UHDOL]DU HQ OD VHPDQD FRPR EULQGDU LQIRUPDFLyQ D ORV FOLHQWHV TXH SLGDQ6HYDDLQYHUWLUPHQVXDOHVFRQHVWDLQYHUVLyQSHULRGLVWDVYDQD UHFRPHQGDUQXHVWUDSDJLQD\WDPELpQVHUHDOL]DUDSXEOLFLGDGXQDRGRVYHFHV DOPHV Figura 34.,QYHUVLyQLQLFLDOHQ0DUNHWLQJ'LJLWDO 7DEOD,QYHUVLyQ0DUNHWLQJ'LJLWDO *$67238%/,&,'$' 'HVFULSFLyQ &DQWLGDG 9$/2581,7$5,2 9$/25$18$/ )$13$*()$&(%22. 62&,$/722/)$&(%22. 7:,77(5 )<(56 727$/ 6H GHEH FRQWDU FRQ XQD SiJLQD TXH HO FOLHQWH SXHGD LQWHUDFWXDU VLUYH FRPR QH[RHQWUHORVFOLHQWHV\HOEDU(QODPLVPDTXHSXHGDQHQFRQWUDUJDOHUtDGH IRWRV QRWLFLDV GHO EDU WHPiWLFR QRWLFLDV GHO HTXLSR GHVFXHQWRV HYHQWRV HWF 3DUD EULQGDU PD\RU YLVLWDV GH FOLHQWHV VH WLHQH TXH FRQWUDWDU SRVLFLRQDPLHQWR HQ EXVFDGRUHV GH WDO PDQHUD FDGD YH] TXH ODV SHUVRQDV EXVTXHQ %DUFHORQD 6SRUWLQJ &OXE HQ *RRJOH VDOJD HQ XQD SRVLFLyQ SULQFLSDO OD SiJLQD GHO %DU %DUFHORQD6& 0HUFKDQGLVLQJ (V QHFHVDULR LPSXOVDU ODV YHQWDV GHQWUR GHO ORFDO FUHDQGR XQ DPELHQWH DWUDFWLYRSDUDORVFOLHQWHV'RQGHSRGUiQHQFRQWUDUUHFXHUGRVGHOHTXLSR /RVGtDVGHSDUWLGRVHUHDOL]DUiQFRQFXUVRVSDUDTXHSXHGDQJDQDUSUHPLRV 6HYDDFUHDUDOLDQ]DVHVWUDWpJLFDVFRQORVSURYHHGRUHVGHEHELGDVDOFRKyOLFDV SDUDTXHHOORVUHDOLFHQDFWLYDFLRQHVGHPDUFDHQORVGtDVGHSDUWLGR 6HUHDOL]DUiQIO\HUVFRQHOVLJXLHQWHDUWH Figura 35.$UWHIO\HUV 6H YDQ D UHSDUWLU HQ GLIHUHQWHV SXQWRV GH OD FLXGDG FRPR VH PHQFLRQD HQ OD )LJXUD Figura 36./XJDUHV\0DWHULDOHVGH&DPSDxD /RV IO\HUV VH UHSDUWLUDQ HQ ODV FHUFDQLDV GH ORV FHQWURV GHSRUWLYRV DQWHV PHQFLRQDGRV 6L VH FRQVLJXH DXWRUL]DFLRQ SRU SDUWH GH ORV GXHxRV GH ORV HTXLSRVVHSRGUDUHSDUWLUHQODVHQWUDGDVSULQFLSDOHV Figura 37. /XJDUHV\0DWHULDOHVGH&DPSDxD 6HUHDOL]DUiGRVYHFHVDODxRHQHOSDUWLGRIUHQWHD/LJD'HSRUWLYD8QLYHUVLWDULD \FRQWUDHO&OXE6SRUW(PHOHF/DFDPSDxDGXUDVHPDQDDQWHVGHOSDUWLGRHO FXDOVHYDDUHSDUWLUIO\HUVLQYLWDQGRDOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE DTXHYHDQMXQWRDKLQFKDVGHOtGROR 7DEOD,QYHUVLyQ3XEOLFLGDG 38%/,&,'$' 81,'$'(6 9$/2581,7$5,2 9$/25$18$/ ,1$8*85$&,Ï1 0(5&+$1'$6,1* ',6(f23$*,1$:(% 0$17(1,0,(1723$*,1$ 727$/ 6H YD D UHDOL]DU XQD LQDXJXUDFLyQ SDUD TXH WRGRV ORV EDUFHORQLVWDV TXH YLYDQ HQODFLXGDGGH4XLWRSXHGDQDVLVWLU 02'(/2'(*(67,Ï1&50 $O VHU HO FOLHQWH OD SULQFLSDO \ ~QLFD IXHQWH GH LQJUHVRV HFRQyPLFRV GHO EDU WHPiWLFR VH HVWDEOHFLy FRPR PRGHOR GH JHVWLyQ OD DGPLQLVWUDFLyQ EDVDGD HQ UHODFLRQHVFRQORVFOLHQWHVDWUDYpVGHXQPDQHMRVHQFLOORGH&50Customer Relationship Managment D WUDYpV GH H[FHO FRQ HVWD LQLFLDWLYD VH EXVFD HVWUHFKDU OD UHODFLyQ HQWUH HO EDU \ ORV KLQFKDV R FOLHQWHV FRQ OD LQWHQFLyQ GH FRQVHJXLU XQ GHWHUPLQDGR JUDGR GH ILGHOLGDG GHO FOLHQWH KDFLD HO EDU WHPiWLFR GHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR (OPHFDQLVPRFRQHOFXDOVHEXVFDUiHVWHREMHWLYRHVDWUDYpVGHOFRQRFLPLHQWR H LQWHUDFFLyQ FRQ HO FOLHQWH SDUD HVWR VH FUHDUi XQD EDVH GH GDWRV GH ORV KLQFKDV GHO %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR VH XWLOL]DUi OD KHUUDPLHQWD GH H[FHO \ SRVWHULRUPHQWH VH FRPSUDUD XQ VRIWZDUH (O SHUVRQDO GH DWHQFLyQ DO FOLHQWH VHUi HO HQFDUJDGR GH GDU OD ELHQYHQLGD D ORV FOLHQWHV VHQWDUORV\DUPDUXQDFRQYHUVDFLyQDPHQDDVtHOSRGUiUHJLVWUDUORVGDWRVGH ODV SHUVRQDV &RQ XQD ILQDOLGDG GH VDEHU FXiQWRV KLQFKDV GHO %DUFHORQD 6SRUWLQJ &OXE H[LVWHQ VROR HQ OD FLXGDG GH 4XLWR VDEHU HO UDQJR GH HGDG VHFWRUGRQGHYLYH\JpQHUR 8QR GH ORV SULQFLSDOHV DSRUWHV TXH VH EXVFD HQFRQWUDU FRQ HVWD FODVH GH HVWXGLRV HV YHU OD HODVWLFLGDG GHO FOLHQWH FRQ HO SUHFLR WDPELpQ SDUD SHUVRQDOL]DUHOVHUYLFLRGHWDOPDQHUDTXHODFOLHQWHODVHVLHQWDFRPRHQFDVD\ HQWUHDXQQLYHOGHIDPLOLDULGDGQRVRORFRQHOSHUVRQDOVLQRWDPELpQFRQHOEDU WHPiWLFR (VWR UHVXOWDUtD HQ XQ FRPSRUWDPLHQWR GH FRQVXPR SRVLWLYR GH SUR\HFFLyQFUHFLHQWHHQHOODUJRSOD]R /RV PpWRGRV D LPSOHPHQWDU SDUD DOFDQ]DU OR GHVFULWR DQWHULRUPHQWH VRQ ORV VLJXLHQWHV (O EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HQYLDUi QRWLFLDV GHO HTXLSR DVt FRPRSUy[LPRVHYHQWRVDFDGDKLQFKDVRFLRRVHJXLGRUHQODFLXGDGGH4XLWR TXHKD\DYLVLWDGRHOEDUWHPiWLFR\VHKD\DUHJLVWUDGR 6H UHJLVWUDUiQ ODV YLVLWDV SRU XVXDULR DVt YDQ JDQDQGR SXQWRV \ FDGD FLHUWR WLHPSRSXHGHQFDQMHDUSRUSURGXFWRVRILFLDOHVGHOHTXLSRDVtFRPRHQWUDGDV\ DFRPSDxDU DO HTXLSR DIXHUD GH OD FLXGDG GH FLXGDG GH 4XLWR VL HO FOLHQWH VH DILOLD HQ HO EDU WHPiWLFR HQ HTXLSR VRUWHDUD HQWUDGDV ORV GtDV TXH %DUFHORQD 6&MXHJXHHQODFDSLWDO 6HDFWXDOL]DUiQORVGDWRVGHOFOLHQWHSHUPDQHQWHPHQWHSRUPHGLRGHXQOLQNHQ ODIDQSDJH)DFHERRNSDUDDOLPHQWDUGLUHFWDPHQWHDO&50 6HDGDSWDUiHOVHUYLFLRDORTXHSLGHHOFOLHQWHSDUDORJUDUHVWHREMHWLYRKDEUi XQD HVWUHFKD UHODFLyQ HQWUH HO EDU WHPiWLFR \ HO FRQVXPLGRU HO SURFHGLPLHQWR TXH VH LPSOHPHQWDUi SDUD ORJUDU HVWH REMHWLYR HV HO VLJXLHQWH UHDOL]DU XQD DSHUWXUDWRWDODODFUtWLFDFRQVWUXFWLYDSDUDTXHHOFOLHQWHGHVXRSLQLyQSDUDGDU XQPHMRUVHUYLFLRDVtWDPELpQWRGDVODVLGHDVVHUiQELHQYHQLGDV\QRVVHUYLUiQ SDUDPHMRUDUODFDOLGDGGHOVHUYLFLRWRGDODLQIRUPDFLyQREWHQLGDSRUFXDOTXLHU PHGLR VHUi UHJLVWUDGD SDUD VX SRVWHULRU DQiOLVLV \ HQ WRGRV ORV FDVRV VHUi UHVSRQGLGD 5(/$&,21(63Ò%/,&$6 &RQ HO ILQ GH UHDILUPDU HO FRPSURPLVR TXH VH WLHQH FRQ HO HTXLSR %DUFHORQD 6SRUWLQJ &OXE GH OD FLXGDG GH *XD\DTXLO PDQWHQHU XQD LPDJHQ SRVLWLYD SURPRYLHQGRHODSR\RDODVGLYLVLRQHVLQIHULRUHVGHOFOXE6HGRQDUiHOGHO YDORU GH OD HQWUDGD DO EDU HTXLYDOH D FHQWDYRV GH GyODU GH FDGD SHUVRQD TXH DVLVWD DO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR SDUDUHDOL]DUSUR\HFWRVH[FOXVLYDPHQWHFRQODVGLYLVLRQHVLQIHULRUHV (OHQFDUJDGRGHODVUHODFLRQHVS~EOLFDVGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ &OXEVHUiHODGPLQLVWUDGRUGHOHVWDEOHFLPLHQWR 3DUDODRUJDQL]DFLyQGHHYHQWRVVRFLDOHV\GHHQWUHWHQLPLHQWRVHUiXQDSDUWH IXQGDPHQWDO SDUD OD SXEOLFLGDG GHO EDU WHPiWLFR VLHPSUH VH YD LQYLWDU D H[ ILJXUDVSDUDTXHFXDQGRMXHJXHHOHTXLSRSXHGDQDLUDSDVDUXQWLHPSRFRQORV FOLHQWHV7DPELpQVLHPSUHVHYDDLQYLWDUDORVPHGLRVWDQWRDUDGLRVSDUDTXH KDJDQFREHUWXUDVGHORVSDUWLGRVGHVGHHVWHSXQWRFRPRODWHOHYLVLyQSDUDTXH YHDQODDVLVWHQFLD\DSR\RGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQOD FLXGDGGH4XLWR 3DUDODLQDXJXUDFLyQGHOEDUWHPiWLFR%DUFHORQD6&VHLQYLWDUiDORVPHGLRV GHFRPXQLFDFLyQDVtFRPRDILJXUDVRSHUVRQDMHVGHODFWXDOHTXLSR\H[ILJXUDV TXHVHKDQFRQVDJUDGRFRQHOHTXLSR7DPELpQDFXDOTXLHUSHUVRQDSXEOLFDR GH EHOOH]D TXH VHD KLQFKD GHO HTXLSR 6H XWLOL]DUi ODV FXHQWDV RILFLDOHV GHO %DUFHORQD6SRUWLQJ&OXESDUDUHDOL]DUSXEOLFLGDGWDQWRGHOEDUFRPRGHHYHQWRV HVSHFtILFRV&XHQWDQFRQODSODWDIRUPDGH&/$52/,1.GHVPVTXHHQYtDXQ PHQVDMH FRQ HO QRPEUH GHO HTXLSR TXH HUHV KLQFKD \ SXHGHQ VHJPHQWDU D EDUFHORQLVWDV TXH YLYDQ HQ 4XLWR \D TXH HV XQ DOLDGR GHO HTXLSR \ HQ HO FRQWUDWR GH OLFHQFLD RILFLDO FRQVWD TXH HO FOXE UHDOL]DUi SXEOLFLGDG JUDWXLWD PHQVXDOPHQWH 35202&,Ï1'(9(17$6 3DUD HVWD LGHD GH QHJRFLR OD JHVWLyQ GH YHQWDV HVWi UHODFLRQDGD FRQ OD SURPRFLyQ GDGR TXH QR HV IDFWLEOH WHQHU XQD IXHU]D GH YHQWDV VH SXHGH FRQVLGHUDUGHVGHFLHUWRJHVWLyQFRPHUFLDODODDFWLYLGDGGHFRQVHJXLUSXEOLFLGDG H[WHUQD SDUD TXH OD JHQWH VHSD TXH H[LVWH XQ OXJDU GRQGH ORV KLQFKDV GHO HTXLSRtGRORGHODVWLOOHURSXHGDQUHXQLUVHDYHUORVSDUWLGRV7DPELpQDVtWLHQH FRQWDFWR FRQ HO FRQVXPLGRU REWHQLHQGR DVt IOXMRV GH HIHFWLYR DGLFLRQDOHV TXH PHMRUDQ HO UHQGLPLHQWR ILQDQFLHUR 6H WRPDUi HO GHO WRWDO GH ODV YHQWDV UHDOL]DGDVGHFDGDXQDGHODVFDWHJRUtDVREWHQLGDV (QHOEDUWHPiWLFRH[LVWLUiQSURPRFLRQHVWRGDVODVVHPDQDV 'RPLQJR MDUUDVGHFHUYH]D\HQWUDGDDWXHOHFFLyQSRUGyODUHVDPHULFDQRV 0DUWHV [HQEHELGDVDOFRKyOLFDVGHSPDSP -XHYHV 'RVHQWUDGDVDWXHOHFFLyQVRORSRUGyODUHVDPHULFDQRV 7DEOD,QYHUVLyQ$QXDOHQ3XEOLFLGDG0DUNHWLQJ *$67238%/,&,'$' 'HVFULSFLyQ 727$/ 38%/,&,'$' 727$/ 81,'$'(6 727$/38%/,&,'$'<0$5.(7,1* &DQWLGDG 9$/25 81,7$5,2 9$/25 81,7$5,2 9$/25 $18$/ 9$/25 $18$/ 3/$1'(23(5$&,21(6<352'8&&,Ï1 (675$7(*,$'(23(5$&,21(6 /D HVWUDWHJLD GH RSHUDFLRQHV HV XQ FRQMXQWR GH DFFLRQHV RUJDQL]DGDV SODQLILFDGDV GLULJLGDV \ FRQWURODGDV TXH VH OOHYDQ D FDER GHQWUR GH XQD RUJDQL]DFLyQ\HVWiQGHWHUPLQDGDVDODSURGXFFLyQGHXQGHWHUPLQDGRVHUYLFLR FRQODILQDOLGDGGHFXPSOLUREMHWLYRVTXHORVGXHxRVRVRFLRVGHODHPSUHVDVH KDQWUD]DGR:DONHU%R\G0XOOLQV/DUUpFKp (V QHFHVDULR GHILQLU ORV KRUDULRV HQ ORV TXH VH YDQ D GDU VHUYLFLR HQ HO EDU WHPiWLFR \D TXH HQ VX PD\RUtD ORV SDUWLGRV GHO %DUFHORQD 6SRUWLQJ &OXE VRQ ORVGtDV'RPLQJRRHQWUHVHPDQDORVGtDVPLpUFROHVVHOOHJyDXQDFRQFOXVLyQ GHDEULUWRGRVORVGtDV 7DEOD+RUDULRVGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE $ FRQWLQXDFLyQ VH SUHVHQWD ORV KRUDULRV \ SHUVRQDO QHFHVDULR SDUD HO IXQFLRQDPLHQWRGHOQHJRFLRDVtFRPRODVKRUDVTXHFDGDWUDEDMDGRUWLHQHTXH FXPSOLU6HQHFHVLWDGHXQWRWDOGHHPSOHDGRVSDUDHOIXQFLRQDPLHQWRGHOEDU WHPiWLFR(OSHUVRQDOUHTXHULGRVHHQFXHQWUDUHVXPLGRHQODVLJXLHQWHWDEOD 7DEOD3HUVRQDOGH1yPLQD 120,1$ (03/($'267,(032&203/(72 '((03/($'26 $GPLQLVWUDGRU &DMHUR 0HVHUR &KHIMHIHFRFLQD $\XGDQWHFRFLQD 727$/ $FRUGHDORVKRUDULRVVRQORVVLJXLHQWHVOXQHV\PDUWHVGHSPDSP PLpUFROHV GH SP D SP MXHYHV YLHUQHV \ ViEDGR GH SP D DP\ORVGtDVGRPLQJRGHSPDSP /DV DFWLYLGDGHV VHPDQDOHV HPSH]DUiQ GHVGH ORV GtDV OXQHV KDVWD HO GtD GRPLQJR GtDV ODERUDEOHV 7RGR HO SHUVRQDO LQJUHVD WRGRV ORV GtDV D ODV SP WHQLHQGR XQD KRUD DQWHV GH OD DSHUWXUD GH ODV SXHUWDV GHO ORFDO DO S~EOLFR ORV GtDV TXH H[LVWDQ SDUWLGRV HQ OD PDxDQD VH DGHODQWD OD KRUD GH DSHUWXUD 7DEOD(PSOHDGRVD-RUQDGD&RPSOHWD 'LDJUDPDGHIOXMRV (VQHFHVDULRLPSOHPHQWDUXQFRUUHFWRIOXMRGHSURFHVRTXHJDUDQWLFHXQySWLPR IXQFLRQDPLHQWR GHO ORFDO \ OOHYH D XQD Pi[LPD SURGXFFLyQ GH ODV DFWLYLGDGHV GLDULDVGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR 3URFHVRGHOVHUYLFLRGHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE Figura 38. 3URFHVRVHUYLFLREDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE &RPR SDUWH GH ODV FDUDFWHUtVWLFDV GHO VHUYLFLR TXH YD D EULQGDU HQ HO EDU WHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWRHOFOLHQWHFDQFHODUi HQFDMDVXFRYHUHQWUDGD\UHDOL]DUiVXSHGLGRHQFDMDDVXYH]GDVXQRPEUH \UHFLELUiVXIDFWXUDILQDOPHQWHVHOHHQWUHJDUiODVEHELGDV\VHXELFDUiHQVX PHVDHQXQPi[LPRGHPLQXWRVGDGRHOSLORWRGHOVHUYLFLR 3URYHHGRUHV 3DUD HVFRJHU DO SURYHHGRU LQGLFDGR VH DQDOL]DUD HO PHMRU SURGXFWR \D TXH OD FDOLGDG HV LPSRUWDQWH SDUD HO FOLHQWHV WHQHPRV TXH VHU H[LJHQWH FRQ ORV SURYHHGRUHV \ WHQHU D ORV PHMRU 3RU HOOR VH YD D UHDOL]DU FODVLILFDFLyQ GH FDOLGDGSDUDGDUXQPHMRUVHUYLFLRVHDQDOL]DURQORVGLIHUHQWHVOXJDUHVGRQGHOD JHQWH FRPSUD ORV SURGXFWRV \D TXH VRQ SURGXFWRV SHUHFLEOHV OD PD\RUtD KD\ TXHWHQHUPiVFXLGDGR/RVSDUiPHWURVSDUDODVHOHFFLyQGHORVSURYHHGRUHV VRQ ORV VLJXLHQWHV &DOLGDG SUHFLR HQYROWXUD IRUPDV GH WUDQVSRUWDU HO SURGXFWR SURFHVDPLHQWR WLHPSR GH GXUDFLyQ WLHPSR GH HQWUHJD SOD]R GH FREURPtQLPRGtDVPDQHMRGHOSURGXFWR /XHJR GH HVWH SURIXQGR DQiOLVLV VH HVFRJLHURQ D ORV VLJXLHQWHV SURYHHGRUHV SDUDHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR 7DEOD/LVWD3URYHHGRUHV 3529(('25 &217$&72 352'8&72648('$1 $JLSJDV 6XPLQLVWURGHJDV $]~FDU9DOGH] $]~FDU &HUYHFHUtD1DFLRQDO 3HSVLFR 3LOVHQHUGHEDUULO3LOVHQHUOLJKW&OXEYHUGH&OXE URMD%XGZHLVHU 3HSVL OLJKW XS 0DQ]DQD *DWRUDGH 7HVDOLD *XLWLJ 'DQHF $FHLWH 'LUHFWY 6HUYLFLRSDUDYHUORVSDUWLGRV /LTXRUV &HUYH]DVLQDOFRKRO7LQWRGHYHUDQRVDQJUtD 3URQDFD 3HFKXJDGHSROORDOLWDVHPEXWLGRV 0HJDPD[L 'LFLHPEUH GH $GHUH]RV 0DULVFRV 3DSDV &HEROODV SHUHMLO HPEXWLGRVKXHYRVOLPSLH]DHWF &,&/2'(23(5$&,21(6 $ FRQWLQXDFLyQ VH GHVFULEHQ ODV SULQFLSDOHV DFWLYLGDGHV UHVSHFWR DO FLFOR GH RSHUDFLRQHVGHOVHUYLFLRGHOEDUWHPiWLFRGHO%DUFHORQD6& )OXMRJUDPDGHVHUYLFLRHQHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE Figura 39.)OXMRJUDPDGH6HUYLFLR )OXMRJUDPDGHUHFHSFLyQGHDOLPHQWRV\EHELGDV Figura 40.)OXMRJUDPD5HFHSFLyQGH$OLPHQWRV\%HELGDV )OXMRJUDPDGHSURGXFFLyQGHDOLPHQWRV Figura 41.)OXMRJUDPDGH3URGXFFLyQGH$OLPHQWRV )OXMRJUDPDGHSURGXFFLyQGHEHELGDV Figura 42.)OXMRJUDPDGH3URGXFFLyQGH%HELGDV )OXMRJUDPDGHRSHUDFLRQHVGHFRPSUDVSDUDHOEDUWHPiWLFR Figura 43.)OXMRJUDPDGH$FWLYLGDGHV5HODFLRQDGDVFRQHO3URGXFWR&RPSUDGR 2SHUDFLRQHVUHODFLRQDGDVFRQODVYHQWDV Figura 44.)OXMRJUDPDGH2SHUDFLRQHV5HODFLRQDVFRQODV9HQWDV 2SHUDFLRQHVUHODFLRQDVFRQPRYLPLHQWRVGHIRQGRV Figura 45. )OXMRJUDPDGH2SHUDFLRQHV5HODFLRQDGDVFRQHO0RYLPLHQWRGH)RQGRV 2SHUDFLRQHVUHODFLRQDGDVFRQHOSHUVRQDO Figura 46.)OXMRJUDPDGH2SHUDFLRQHVUHODFLRQDGDFRQHO3HUVRQDO 5(48(5,0,(172'((48,32<+(55$0,(17$6 7RGDV ODV KHUUDPLHQWDV H LQVXPRV TXH VH XWLOL]DUiQ SDUD UHDOL]DU GH ORV GLIHUHQWHVSURGXFWRVTXHYDDGDUHOEDUWHPiWLFRGHO%DUFHORQD6& (QFXDQWRD(TXLSRV\KHUUDPLHQWDVUHTXHULGRVSDUDOD]RQDGHFRFLQDHVWDV VRQODVKHUUDPLHQWDV 7DEOD(TXLSDPLHQWRGH&RFLQD (48,3$0,(172&2&,1$ Ë7(0 &21&(372 &$17,'$' &RFLQD,QGXVWULDOKRUQLOODV +RUQR 5HIULJHUDGRUD &RQJHODGRUD )UHLGRUD 0HVD$FHURLQR[LGDEOH ([WUDFWRU 7LQD/DYDGR /LFXDGRUDV 3HODGRUSDSDV\YHJHWDOHV -XHJRROODVSLH]DV 6DUWpQ 3LQ]DV 3\UH[ (VSiWXOD -XHJRGHFXFKLOORV 0iTXLQDGH+LHOR 5DOODGRU $EUHODWDV ([WLQWRUSHTXHxR $ILODGRU $GLFLRQDOPHQWHGHOHTXLSR\KHUUDPLHQWDVQHFHVDULDVHQOD]RQDGHFRFLQDVH QHFHVLWDUi HO HTXLSDPLHQWR GHO FRPHGRU HVWD ]RQD YD D GDU DPELHQWH DO EDU WHPiWLFR \ GRQGH HO FOLHQWH YD D SHUPDQHFHU HQ OD HVWDGtD GHO ORFDO (O HTXLSDPLHQWRHVHOVLJXLHQWH 7DEOD(TXLSDPLHQWRGHOFRPHGRU (48,3$0,(172'(/&20('25 Ë7(0 08(%/(6<(16(5(6 &$17,'$' 6LOODVSDUDPHVDV %DUUDSDUDEDU 7DEXUHWHVGHODEDUUD 6DODORXQJH 3DQWDOODV/(' 0HVDVPDGHUD -XHJRGHFXELHUWRVSHUVRQDV 7HOpIRQR 6LVWHPDVRQLGR &DMD 6LOODVSDUDFDMD 3UR\HFWRU *UDQSDUWHGHODLQYHUVLyQLQLFLDOVHHQFXHQWUDHQODGHFRUDFLyQ\HOVLVWHPDGH YLGHR ,QVWDODFLRQHV\GLVWULEXFLRQHVGHODViUHDV /DVLQVWDODFLRQHVGHOORFDOVRQEDVDGDVHQXQORFDOGHP 'LVHxRGHSODQWD 3ULPHUR VH SUHVHQWDUD HO GLVHxR \ GLVWULEXFLyQ GHO EDU WHPiWLFR HQ HO FXDO VH HQFRQWUDUiQ ODV VLJXLHQWHV iUHDV FRFLQD FRPHGRU EDU EDWHUtDV VDQLWDULDV VDODlounge 3ODQRGH&LUFXODFLyQ\&RQWUDLQFHQGLRV (O SODQR GH FLUFXODFLyQ \ FRQWUD LQFHQGLRV SHUPLWH YLVXDOL]DU OD FRUUHFWD GLVWULEXFLyQ GHO ORFDO (VWR D\XGD D TXH ORV WUDEDMDGRUHV VHSDQ HYDFXDU FRUUHFWDPHQWHHOORFDO\D\XGDUDORVFOLHQWHVHQHOPLVPR%ULQGDXQDPD\RU IOXLGH]\VHJXULGDG 'LVHxRGHSODQWD Figura 47. 'LVHxRGH3ODQWDGHO%DU7HPiWLFR /RFDOL]DFLyQ\UHTXHULPLHQWRVGHHVSDFLRItVLFR 3RUHOJUDQYROXPHQGHSHUVRQDVTXHFLUFXODQHQOD$Y*DVSDUGH9LOODUURHO\ GH'LFLHPEUHHQHOVHFWRU1RUWHGHODFLXGDGGH4XLWRH[LVWHQYDULDVHPSUHVDV \ FHQWURV FRPHUFLDOHV SRU OD ]RQD WDPELpQ HVWi HO 0LQLVWHULR GH 'HSRUWH \ OD 8QLYHUVLGDGGH/DV$PpULFDV Figura 48. 8ELFDFLyQJHRJUiILFDGHO%DU7HPiWLFRGHO%DUFHORQD6SRUWLQJ&OXE 6H SUHWHQGH DOTXLODU XQ ORFDO GH P FRQ XQD FDSDFLGDG Pi[LPD GH FRPHQVDOHVHQHOiUHDGHOFRPHGRU\EDU $VSHFWRV5HJXODWRULRV\OHJDOHV /RV SHUPLVRV QHFHVDULRV SDUD HO IXQFLRQDPLHQWR GH XQ EDU UHVWDXUDQWH HQ HO GLVWULWRPHWURSROLWDQRGH4XLWRVRQORVVLJXLHQWHV x 3DWHQWH0XQLFLSDO x 58&5HJLVWUR~QLFRGHOFRQWULEX\HQWH x &HUWLILFDGRGHOPHGLRDPELHQWH x ,50,QIRUPHGHUHJXODFLyQPHWURSROLWDQD x 8VRGHO6XHOR x /LFHQFLD0HWURSROLWDQD x 7XULVPR x 0LQLVWHULRGH6DOXGFDUQHWGHYDFXQDVGHORVHPSOHDGRVFHUWLILFDGRVGH PDQLSXODFLyQGHDOLPHQWRV\SHUPLVRGHIXQFLRQDPLHQWRGHVDOXG /DJXtDGHWDOODGDGHORVSDVRVDVHJXLUFRQVXVUHVSHFWLYRVFRVWRVGHWUiPLWH VHHQFXHQWUDHQORVDQH[RV (48,32*(1(5$/ 25*$1,*5$0$ Figura 49. 2UJDQLJUDPDGHO%DU7HPiWLFR 3(5621$/$'0,1,675$7,92&/$9(<6865(63216$%,/,'$'(6 *HUHQWH*HQHUDO 6XSHUYLVD \ DGPLQLVWUD HO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HVWi SHQGLHQWHGHOSHUVRQDOLQVXPRVTXHQRIDOWHQDGDHOFLHUUHGHFDMDTXHFXDGUH ODV YHQWDV \ GHVSLGRV \ FRQWUDWDFLRQHV GHO HTXLSR GH WUDEDMR 7DPELpQ WLHQH TXH UHDOL]DU ORV SHUPLVRV SDUD OD YHQWD GH DOFRKRO 3DJR GH SURYHHGRUHV UHDOL]DUSHGLGRV(VODSHUVRQDTXHVHILMDHQORVFOLHQWHV\TXHHVWHWRGRELHQ 7DEOD3HUILO*HUHQWH*HQHUDO &$5*2 3(5),/ ('$' *(1(52 )250$&,Ï1$&$'e0,&$ (;3(5,(1&,$ +$%,/,'$'(6 *HUHQWH*HQHUDO 0tQLPR +RPEUHKLQFKDGH%DUFHORQD $GPLQLVWUDFLyQGHHPSUHVDV 0tQLPRDxRV 5HODFLyQFRQORVFOLHQWHV7pFQLFDVGH&RPXQLFDFLyQ /LGHUD]JR 7UDEDMR HQ HTXLSR &UHDWLYLGDG &DULVPD %XHQDSUHVHQFLD9LVLyQGHQHJRFLRV3ODQLILFDFLyQ &DMHUR $WLHQGHDOFOLHQWH\WRPDVXSHGLGR5HDOL]DHOFREUR\HQWUHJDODVEHELGDVGHO FOLHQWH(VODSHUVRQDTXHPDQHMDODFDMD\WLHQHTXHFXDGUDG 7DEOD3HUILO&DMHUR &$5*2 3(5),/ ('$' *(1(52 )250$&,Ï1$&$'e0,&$ (;3(5,(1&,$ +$%,/,'$'(6 &DMHUR 0tQLPR +RPEUHR0XMHUHVKLQFKDGH%DUFHORQD %DFKLOOHUDWR0tQLPR 0tQLPRDxRV 5HODFLyQ FRQ ORV FOLHQWHV 7UDEDMR HQ HTXLSR &UHDWLYLGDG &DULVPD %XHQD SUHVHQFLD $GPLQLVWUDU HIHFWLYR0DWHPiWLFDV3ODQLILFDFLyQ &RFLQHUR (VHOHQFDUJDGRGHOiUHDGHODFRFLQDWLHQHTXHWHQHUHQRUGHQODGHVSHQVDR ERGHJD SDUD TXH ORV DOLPHQWRV QR VH GDxHQ R H[SLUHQ (V OD SHUVRQD TXH GLVHxDODVUHFHWDV\SRUFLRQHVSDUDUHDOL]DUODVHQWUDGDVTXHVHYDQDRIUHFHU HQHOEDUWHPiWLFR&RQGXFH\HQVHxDDORVD\XGDQWHVGHFRFLQDSDUDIRUPDU XQ HTXLSR SHUIHFWR 9HULILFD TXH ORV SODWRV HVWpQ ELHQ \ WLHQH TXH PDQWHQHU OLPSLR\GHVLQIHFWDGR 7DEOD3HUILO&RFLQHUR &$5*2 3(5),/ ('$' *(1(52 )250$&,Ï1$&$'e0,&$ (;3(5,(1&,$ +$%,/,'$'(6 &RFLQHUR 0tQLPR +RPEUHKLQFKDGH%DUFHORQD *DVWURQRPtD 0tQLPRDxRV 7UDEDMR HQ HTXLSR &UHDWLYLGDG 3ODQLILFDFLyQ /LPSLH]D0DQWHQLPLHQWR0DQHMRGHSURGXFWRV $\XGDQWH&RFLQHUR 6RQ ORV HQFDUJDGRV HQ UHDOL]DU ORV SODWRV \ HQ OD SUHSDUDFLyQ (MHFXWDQ HO PDQWHQLPLHQWROLPSLH]DGHODPELHQWHKHUUDPLHQWDV\PDWHULDOHVDXWLOL]DUVHHQ ODSUHSDUDFLyQGHORVDOLPHQWRV&RODERUDQFRQODOLPSLH]D$\XGDDOPHVHUR FXDQGR KD\ PXFKDV PHVDV SRU UHFRJHU \ PDQWHQHU HQ RUGHQ WRGR HVSHFLDOPHQWHOLPSLDUORVSODWRV\MDUUDV 7DEOD3HUILO$\XGDQWH&RFLQHUR &$5*2 3(5),/ ('$' *(1(52 )250$&,Ï1$&$'e0,&$ (;3(5,(1&,$ +$%,/,'$'(6 $\XGDQWH&RFLQHUR 0tQLPR +RPEUHR0XMHUHVKLQFKDGH%DUFHORQD %DFKLOOHUDWRPtQLPR 0tQLPRDxRV 7UDEDMRHQHTXLSR/LPSLH]D0DQWHQLPLHQWR0DQHMRGH SURGXFWRV 0HVHUR 5HWLUD\OLPSLDODVPHVDVSDUDTXHHVWpQOLVWDVSDUDSUy[LPDVSHUVRQDV7LHQH TXH WHQHU OLVWD ODV PHVDV 0DQWLHQH HO SLVR \ iUHDV GH FLUFXODFLyQ OLPSLDV $\XGDHQWRGDVODViUHDVHVXQDSHUVRQDGHDSR\R 7DEOD3HUILO0HVHUR &$5*2 3(5),/ ('$' *(1(52 )250$&,Ï1$&$'e0,&$ (;3(5,(1&,$ +$%,/,'$'(6 0HVHUR 0tQLPR 0XMHUHVKLQFKDGH%DUFHORQD %DFKLOOHUDWRPtQLPR 0tQLPRDxRV 7UDEDMR HQ HTXLSR /LPSLH]D &DULVPD 0DQHMR GH SURGXFWRV%XHQDSUHVHQFLD 3HUVRQDOGH6HJXULGDG (VDJHQFLDFRQWUDWDGDODFXDOQRVYDDSURYHHUGHJXDUGLDVORVFXDOHVVHYDQ DGLYLGLUKRUDVFDGDXQR (TXLSRGHWUDEDMR 6HEXVFDUiSHUVRQDVTXHKD\DQWHUPLQDGRHOEDFKLOOHUDWR\TXHVHDQKLQFKDV GHO%DUFHORQD6SRUWLQJ&OXEWDQWRKRPEUHVFRPRPXMHUHVHQWUHDDxRV SDUDGDUXQDPELHQWHMRYHQ\GLYHUWLGRDOOXJDU &203(16$&,Ï1$$'0,1,675$'25(6<3523,(7$5,26 /DFRPSHQVDFLyQTXHVHPDQHMDUiVHUHJLUiDODQyPLQDGHHPSOHDGRV/RV DGPLQLVWUDGRUHV \ SURSLHWDULRV UHFLELUiQ GLYLGHQGR SRU DFFLRQHV VHJ~Q HO SRUFHQWDMHGHSDUWLFLSDFLyQGHOPRQWRGHFDSLWDOVXVFULWR'DGRTXHXQRGHORV SURSLHWDULRVDGPLQLVWUDUiODHPSUHVDEDMRHOFDUJRGH*HUHQWH*HQHUDOUHFLELUi DGLFLRQDOPHQWHHOVXHOGR 32/Ë7,&$'((03/(2<%(1(),&,26 /D SHUVRQD HQFDUJDGD GHO SURFHVR GH VHOHFFLyQ FDSDFLWDFLyQ PRWLYDFLyQ GHO SHUVRQDOVHUiHO*HUHQWH*HQHUDODVtFRPRGHGHVSHGLUDODJHQWH $ FRQWLQXDFLyQ VH SRGUi REVHUYDU HO SURFHVR TXH HO EDU WHPiWLFR WHQGUi SDUD VHOHFFLRQDUDOSHUVRQDO Figura 50.3URFHVRGHVHOHFFLyQGHOSHUVRQDO 8QDYH]TXHVHKD\DLGHQWLILFDGRODQHFHVLGDGHQHOiUHDGHOSHUVRQDOVHGDUi LQLFLRDODEXVFDGHSURVSHFWRVHQGLIHUHQWHVPHGLRVGHFRPXQLFDFLyQFRPRHQ UHGHV VRFLDOHV /XHJR VH DQDOL]DUiQ ODV KRMDV GH YLGD GH ODV SHUVRQDV LQWHUHVDGDV 'HVSXpV GHO DQiOLVLV VH VHOHFFLRQDUiQ D ODV SHUVRQDV PiV LQGLFDGDV SDUD OXHJR FRQWDFWDUVH \ UHDOL]DU XQD HQWUHYLVWD HQ OD FXDO VH UHDOL]DUiXQDHYDOXDFLyQSVLFROyJLFD\GHFRQRFLPLHQWRGHOiUHDUHVSHFWLYD $OPRPHQWRGHWHQHUDODSHUVRQDLQGLFDGDHQWUDDWUDEDMDUPHVHVDSUXHED SDUDSRVWHULRUPHQWHILUPDUXQFRQWUDWRFRQXQDGXUDFLyQPtQLPDGHXQDxR(O FRQWUDWRVHUiSDUDWLHPSRFRPSOHWR\VHPDQHMDUiQHQEDVHDORVSDUiPHWURV HVWDEOHFLGRVHQHO&yGLJRGHO7UDEDMDGRU 3ROtWLFD6DODULDO 6HPDQHMDUiXQDSROtWLFDVDODULDOHQODFXDOVHHVWDEOHFHUiXQDUHPXQHUDFLyQ EDVDGD HQ HO PRQWR GH VDODULR PtQLPR YLJHQWH HQ HO SDtV TXH WUDWD GH GyODUHVDPHULFDQRV $ FRQWLQXDFLyQ VH HQFRQWUDUiQ ORV QLYHOHV VDODULDUHV GH ODV SHUVRQDV TXH FRQVWLWXLUiQHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR FDOFXODGRVSRUXQDxR 7DEOD5ROGH3DJR &DUJR 6XHOGRPHQVXDO &RQWUDWDFLyQ$xRV &ODVLILFDFLyQ *HUHQWH*HQHUDO *$672 'RV&DMHURV *$672 *$672 'RV$\XGDQWHFRFLQD *$672 'RV0HVHURV *$672 &RFLQHUR %HQHILFLRV (O%DU%DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWREULQGDUiDVXVHPSOHDGRV WRGRVORVEHQHILFLRVGH/H\ /D SROtWLFD GH HPSOHR GH OD HPSUHVD HV PX\ IOH[LEOH VH DSR\DUi D ORV WUDEDMDGRUHV TXH VLJDQ HVWXGLDQGR FXDOTXLHU FDUUHUD XQLYHUVLWDULD FRQ KRUDULRV IOH[LEOHVVHEXVFDUiTXHWHQJDQODRSRUWXQLGDGGHFUHFHUGHQWURGHODHPSUHVD \VHIRUPHQSURIHVLRQDOPHQWH (O %DU %DUFHORQD 6& HV XQD HPSUHVD TXH HVWi FRPSURPHWLGD FRQ HO FUHFLPLHQWR \ IRUPDFLyQ GH VXV HPSOHDGRV /D JHUHQFLD JHQHUDO \ HO FOXE GH I~WERO VRQ ODV HQFDUJDGDV HQ FDSDFLWDU GRV YHFHV SRU DxR SDUD ORJUDU LQQRYDFLyQ\H[FHOHQFLDHQHOVHUYLFLRDOFOLHQWHSDUDTXHVHDWRGRGHSULPHUD FDOLGDG 3ROtWLFDGH-RUQDGD/DERUDO (OKRUDULRODERUDOGHORVWUDEDMDGRUHVHVGHKRUDVGHGRPLQJRDPLpUFROHV\ GHMXHYHVDViEDGRKRUDVGLDULDVLQLFLDQGRWRGRVORVGtDVDODVSPGH OXQHVDGRPLQJR 3ROtWLFDGH7HUPLQDFLyQGH5HODFLyQ/DERUDO /D SROtWLFD GH WHUPLQDFLyQ GH FRQWUDWR ODERUDO VH EDVDUi HQ ODV FDXVDV HVWDEOHFLGDVHQHOFyGLJRGHWUDEDMRFRPRVHGHVFULEHHQHODUWtFXORTXH HVWiQSXQWXDOL]DQGRHQHO$QH[R&yGLJRGH7UDEDMR 'H VHU HO FDVR GH TXH VHD SRU GHFLVLyQ GHO WUDEDMDGRU WLHQH TXH DQXQFLDU DO JHUHQWHODVDOLGDGHODHPSUHVDFRQODVUD]RQHVFRQTXLQFHGtDVGHDQWLFLSR &RQHVWHWLHPSRSXHGHGHMDUWHUPLQDGRWRGR<SDUDUHFLELUODOLTXLGDFLyQWRPD DOUHGHGRUGHGtDVGHVGHODVDOLGDGHODHPSUHVD '(5(&+26<5(675,&&,21(6'($&&,21,67$6(,19(5625(6 (O%DU%DUFHORQD6SRUWLQJ&OXEHVXQDFRPSDxtDOLPLWDGD\FXPSOLUiFRQWRGRV ORV GHUHFKRV \ UHVWULFFLRQHV HVWDEOHFLGRV HQ OD /H\ GH &RPSDxtDV FRPR VH GHVFULEHHQORVDUWtFXORV\TXHGHWDOODORVGHUHFKRVUHVSRQVDELOLGDGHV \REOLJDFLRQHVGHORVVRFLRVHQXQD&RPSDxtD/LPLWDGD6XSHULQWHQGHQFLDGH &RPSDxtDV9HU$QH[R (48,326'($6(625(6<6(59,&,26 7RPDQGR HQ FXHQWD HO WDPDxR LQLFLDO GHO EDU WHPiWLFR GHO %DUFHORQD 6& VH VXEFRQWUDWDUi HO VHUYLFLR GH XQD SHUVRQD TXH UHDOLFH OD FRQWDELOLGDG HO VHxRU -DYLHU 9DOHQ]XHOD \D TXH QR VH HQFXHQWUD HQ OD QHFHVLGDG GH FRQWUDWDU XQ FRQWDGRUGHSODQWDSRUHOPRPHQWR(OVHxRUDVHVRUOOHYDDxRVWUDEDMDQGRHQ HO PXQGR GHO HVSHFWiFXOR HVSHFLDOPHQWH HQ HYHQWRV PXVLFDOHV WDOHV FRPR FRQFLHUWRV\WLHQHXQFRQRFLPLHQWRHQEDUHV\UHVWDXUDQWHV 0HWRGRORJtDGHWUDEDMR x /D LQIRUPDFLyQ FRQWDEOH VHUi HQWUHJDGD ORV GtDV YLHUQHV DO VHxRU &RQWDGRUTXHLUDDODVSPDOEDUUHVWDXUDQWH x (O FRQWDGRU UHYLVDUD OD LQIRUPDFLyQ LQJUHVDGD \ UHDOL]DUi FRUUHFWLYRV \ RUGHQDUi x /RVEDODQFHVVHUiQSUHVHQWDGRVODVHJXQGDVHPDQDGHFDGDPHV x $VtPLVPRODVIDFWXUDVUHFLELUiQKDVWDHOGtDPLpUFROHVGHFDGDVHPDQD\ ORVFKHTXHVVDOHQORVGtDVYLHUQHVDSDUWLUGHODVSP x (OFRQWDGRUHVUHVSRQVDEOHGHODSUHVHQWDFLyQGHORV(VWDGRV)LQDQFLHURV \ FXDOTXLHU RWUD LQIRUPDFLyQ TXH VH UHTXLHUD OD 6XSHULQWHQGHQFLD GH FRPSDxtDVDVtFRPRHO,(66H65, &5212*5$0$*(1(5$/ $&7,9,'$'(6 1(&(6$5,$6 3$5$ 321(5 (/ 1(*2&,2 (1 0$5&+$ x 'HVDUUROORGHOSODQGHQHJRFLR x )LUPDFRQWUDWRGHOLFHQFLDFRQHOFOXE%DUFHORQD6SRUWLQJ&OXE x &RQVWLWXFLyQGHODHPSUHVD x $GTXLVLFLyQ GH OD PDTXLQDULD DGHFXDGD SDUD OD HODERUDFLyQ GH ORV DOLPHQWRV\EHELGDV x &RPSUD GH PXHEOHV GH FRFLQD VXPLQLVWURV HTXLSRV GH FRPSXWDFLyQ PHVDVVLOODV x &RPSUD GH ORV WHOHYLVRUHV HTXLSR GH VRQLGR SUR\HFWRU FDPLVHWDV \ GHFRUDFLyQSDUDHODPELHQWHGHOORFDO x $GHFXDFLyQGHODGHFRUDFLyQGHOEDUWHPiWLFRFRPRGHORVFRORUHVTXHVH YDDXVDUHQHOORFDO x &UHDFLyQ3DJLQD:HE x &RQWUDWDFLyQGHOSHUVRQDOLGyQHRSDUDHOFDUJRDGHVHPSHxDU x &DSDFLWDFLyQDORVWUDEDMDGRUHV x &DPSDxDSXEOLFLWDULD\ODQ]DPLHQWRGHOOXJDU x %~VTXHGD\QHJRFLDFLyQFRQSURYHHGRUHV x $GTXLVLFLyQGHODPDWHULDSULPD x ,QYLWDUDOSUHVLGHQWHGHOHTXLSR%DUFHORQD6& x 3XHVWDHQPDUFKDGHOQHJRFLR x 3ULPHUDVYHQWDV 7DEOD0DWUL]GH*DQWW 5,(6*26(,035(9,6726 /DVDFWLYLGDGHVTXHSXHGHQWRPDUPiVWLHPSRGHOLQGLFDGRVRQODVVLJXLHQWHV 3URFHVRGHFRQVWLWXFLyQGHODHPSUHVD (Q HVWH SURFHVR VRQ YDULDV DFWLYLGDGHV TXH KD\ TXH UHDOL]DU HQ ODV FXDOHV H[LVWHQ IDFWRUHV H[WHUQRV \ HQ OD PD\RUtD KD\ TXH UHDOL]DU SDSHOHR HQ HQWLGDGHVS~EOLFDV\WRPDQVXWLHPSR 3ODQGHFRQWLQJHQFLD &RQWUDWDU D XQ EXIIHW GH DERJDGRV FRQ H[SHULHQFLD \ FRQRFLPLHQWR HQ HO iUHD GHFUHDUQXHYDVHPSUHVDVTXHWHQJDQFODURVORVWUiPLWHV\SDSHOHVQHFHVDULRV SDUDDJLOLWDUHOSURFHVR %~VTXHGDGHOILQDQFLDPLHQWR 8QD SDUWH GHO ILQDQFLDPLHQWR KD\ TXH EXVFDU HQ SUpVWDPRV EDQFDULRV ORV FXDOHVWLHQHQTXHDQDOL]DU\YHUVLHVIDFWLEOHRUHQWDEOHHOSUR\HFWRSDUDSUHVWDU HOSUpVWDPR 3ODQGHFRQWLQJHQFLD &RQ HO DSR\R GH OD PDUFD %DUFHORQD 6& \ VXV DOLDGRV HVWUDWpJLFRV HQ HVWH FDVRHO%DQFRGHO3LFKLQFKDQHJRFLDUXQSUpVWDPREDQFDULRYLDEOHSDUDODVGRV HPSUHVDV $GTXLVLFLyQGHODPDTXLQDULDSDUDHOEDUWHPiWLFR (Q HVWH SURFHVR LQIOX\H YDULRV DVSHFWRV \D TXH OD WHFQRORJtD QXQFD GHMD GH DFWXDOL]DUVHKD\TXHDQDOL]DUORPiVIDFWLEOHGHOPHUFDGRTXHSHUPLWDWUDEDMDU FRQORPHMRUGHOPHUFDGRDFWXDO 3ODQGHFRQWLQJHQFLD 7UDEDMDUFRQORVDFWXDOHVDXVSLFLDQWHVGHOFOXESDUDWHFQRORJtDHQWHOHYLVLRQHV FRQ621<\SDUDHOHFWURGRPpVWLFRVFRQDOPDFHQHV/$*$1*$ &RQWUDWDFLyQDOSHUVRQDOTXHVHDKLQFKDGHO%DUFHORQD6& (QHVWHSURFHVRKD\TXHDQDOL]DUGHWDOODGDPHQWHDFDGDLQWHUHVDGRWLHQHQTXH FXPSOLUFLHUWDVQRUPDV 3ODQGHFRQWLQJHQFLD 6HOHFFLRQDU DO SHUVRQDO LQGLFDGR HV FRPSOLFDGR SDUD HOOR VROR VH SXHGH FRQWUDWDU D KLQFKDV R IDQiWLFRV GHO %DUFHORQD 6SRUWLQJ &OXE VH UHDOL]DUDQ SUHJXQWDVSXQWXDOHV\HVSHFLDOPHQWHDFWXDOHVHQODVHQWUHYLVWDVSDUDPHGLUHO FRQRFLPLHQWRGHOLQWHUHVDGR 3RVLEOHV FRQWDFWRV FRQ SHUVRQDV TXH VLJXHQ DO %DUFHORQD 6& HQ ODV GLIHUHQWHVSiJLQDV (Q HVWH SURFHVR VH LQYHVWLJDUiQ WRGDV ODV SiJLQDV RILFLDOHV \ QR RILFLDOHV GHO FOXE SDUD DQDOL]DU HQ FXDOHV GH HOODV YDQ D UHDOL]DU OD SXEOLFLGDG GHO EDU WHPiWLFR 3ODQGHFRQWLQJHQFLD 3DUD FDSWDU OD DWHQFLyQ GH ORV EDUFHORQLVWDV TXH HVWpQ LQWHUHVDGRV GH YHU HO I~WERO GH VX tGROR HQ HO EDU WHPiWLFR WHQGUiQ RSFLRQHV GH JDQDU SUHPLRV DVt FRPRYDULRVVRUWHRVWRGDVODVVHPDQDV 5,(6*26&5Ë7,&26352%/(0$6<6838(6726 6867,78726<&5,7(5,2687,/,=$'26 6HWRPDFRPRSULQFLSDOFULWHULRTXHHOSUR\HFWRVHUiODQ]DGRHQHODxRHQ HO PLVPR TXH H[LVWHQ YDULRV LPSXHVWRV D SDJDU XQR GH ORV SULQFLSDOHV \ PiV HOHYDGRVHOGHOLPSXHVWRDODUHQWDGHOGHODVXWLOLGDGHVGHVSXpVGHO GHSDUWLFLSDFLyQGHORVWUDEDMDGRUHV 5,(6*26<352%/(0$635,1&,3$/(6 (O SULQFLSDO SUREOHPD HV HO FRVWR GH OD LQYHUVLyQ HV PX\ HOHYDGR DO VHU XQ FRVWRWDQHOHYDGRVHLQFUHPHQWDHOULHVJRSHURHVWRSXHGHVHUIDYRUDEOHSDUDOD PDUFD \D TXH DO VDWLVIDFHU ODV QHFHVLGDGHV GH XQ QLFKR \D LGHQWLILFDGR \ DSR\DUVH GH XQD PDUFD WDQ JUDQGH HQ HVWH SDtV FRPR HV %DUFHORQD 6SRUWLQJ &OXE HVWR D\XGDUi DO SRVLFLRQDPLHQWR GHO EDU WHPiWLFR FRPR XQ EDU UHVWDXUDQWH WHPiWLFR GH VHJXQGD FODVH UHTXLVLWR LQGLVSHQVDEOH SDUD TXH OD &RUSRUDFLyQ)LQDQFLHUD1DFLRQDO&)1FRQFHGDILQDQFLDPLHQWR\DSR\RDHVWH WLSRGHSUR\HFWRV 2WUR GH ORV SULQFLSDOHV SUREOHPDV HV TXH ORV GtDV GH SDUWLGR GHO %DUFHORQD 6SRUWLQJ&OXEHQODFLXGDGGH4XLWRORVKLQFKDVYDQDSUHIHULUDOHVWDGLR $ HVWRV SRVLEOHV SUREOHPDV VH OH GHEH VXPDU OD DXWRUL]DFLyQ GH SDUWH GHO 0LQLVWHULRGHWUDEDMRTXHVLVHWUDEDMDPiVGHGtDVODERUDEOHVKD\TXHWRPDU HQFXHQWDODVKRUDVH[WUDV\GREOHMRUQDGDGHORVWUDEDMDGRUHV 8Q ULHVJR PX\ LPSRUWDQWH VRQ ORV UHVXOWDGRV GHO HTXLSR \D TXH HVWR LQIOX\H GLUHFWDPHQWHFRQHODSR\RGHORVKLQFKDV6LHOFOXEGHVFLHQGHGHFDWHJRUtDHO EDUQRYDDWHQHUFOLHQWHV 4XHQRDVLVWDQKLQFKDVGHO%DUFHORQDSRUHOSUHFLRGHOFRYHUHQWUDGD\HOEDU WHQJDTXHFHUUDUSRUQRWHQHULQJUHVRV 8QULHVJRPX\LPSRUWDQWHHVODUHGXFFLyQGHOSUHFLRGHOEDUULO\DTXHHOSDtVVH TXHGyVLQXQLQJUHVRHVWRLQIOX\HGLUHFWDPHQWH\DTXHHOSDtVQRWLHQHOLTXLGH] 3XHGH VXFHGHU TXH OD GHPDQGD GHO VHUYLFLR GLVPLQX\D R QR VHD OD HVSHUDGD 8QDGHODVUD]RQHVHVTXHDEUDQRWURVEDUHVWHPiWLFRVHQODFLXGDGGH4XLWR VLQOLFHQFLDVRILFLDOHV 3/$1),1$1&,(52 ,19(56,Ï1,1,&,$/ /D LQYHUVLyQ LQLFLDO LPSOLFD WRGRV ORV JDVWRV \ FRVWRV TXH VH UHTXLHUHQ SDUD SRGHU SRQHU HQ PDUFKD HO QHJRFLR $ FRQWLQXDFLyQ VH PXHVWUD XQD PLUDGD JHQHUDO D OD LQYHUVLyQ LQLFLDO GH HVWH SODQ GH WHVLV HQ OD FXDO VH LQFOX\HQ ORV DFWLYRVWDQJLEOHVHLQWDQJLEOHVTXHVHQHFHVLWDQSDUDLQLFLDUODVRSHUDFLRQHVGHO SUR\HFWR 7DEOD,QYHUVLyQ,QLFLDO ,QYHUVLRQHV ,QYHUVLRQHV,QWDQJLEOHV *DVWRVHIHFWLYRV 727$/,19(56,Ï1,1,&,$/ $3$/$1&$0,(172 &$3,7$/3523,2 ,QYHQWDULRV ,19(56,Ï1 (QHO$QH[RVHSXHGHHQFRQWUDUHOGHVJORVHGHORVUXEURVGHODLQYHUVLyQ LQLFLDO 3RU PHGLGDV GH SUHFDXFLyQ \ SDUD WHQHU XQ PHMRU PDQHMR GH OLTXLGH] OD LQYHUVLyQ WRWDO FDOFXODGD HV GH GH OD FXDO YLHQHGHXQSUpVWDPRFRQXQDHQWLGDGSULYDGD\HOUHVWDQWH GHODSRUWHGHFDSLWDOGHORVVRFLRV )8(17(6'(,1*5(626 /DVIXHQWHVGHLQJUHVRVSDUDHVWHSODQGHQHJRFLRVVHYHQUHODFLRQDGDVDODV PHPEUHVtDV YHQGLGDV ODV PHPEUHVtDV FRDFK R GH HQWUHQDPLHQWR \ ORV FRQVXPLGRUHV SDUWLFXODUHV 3DUD FDOFXODU ORV LQJUHVRV VH UHDOL]y XQD SUR\HFFLyQ D FLQFR DxRV HQ XQ HVFHQDULR HVSHUDGR /D WDEOD D FRQWLQXDFLyQ PXHVWUD ORV LQJUHVRV SRU PHPEUHVtDV FRDFK \ SDUWLFXODUHV FRQ HO SUHFLR HVSHFtILFR GH FDGD UXEUR \ OD FDQWLGDG GH SHUVRQDV TXH DGTXLHUHQ FDGD VHUYLFLR 7DEOD,QJUHVRV AÑO Incremento Entradas 2016 2017 2018 2019 2020 10.125 14.680 11.611 11.965 13.357 BebidasAlcoholicas 13.889 15.104 13.941 13.978 16.996 BebidasRefrescantes 8.817 16.247 49.079 9.269 23.662 62.715 8.847 26.568 60.967 9.019 29.367 64.329 9.902 32.785 73.041 2016 2017 2018 2019 2020 8,63 9,35 10,23 11,30 12,62 BebidasAlcoholicas 3,46 3,75 4,10 4,53 5,06 BebidasRefrescantes TOTAL 2,30 5,05 19 2,49 5,47 21 2,73 5,98 23 3,01 6,61 25 3,37 7,38 28 TOTAL 237.737,70 346.346,90 358.925,45 419.928,39 529.861,79 Covers TOTAL AÑO Incremento Entradas Covers (QODVXQLGDGHVGHFDGDFDWHJRUtDVHUHDOL]yXQSURPHGLR\DTXHHVWiGLYLGLGR HQ PHVHV VH OOHJy D XQ Q~PHUR FHUFDQR DO LQGLFDGR WLHQH XQ FUHFLPLHQWR SURJUHVDGR GHO KDVWD HO HQ HO SUHFLR HQ ORV DxRV DO VHU YDULRV SURGXFWRVWDPELpQVHUHDOL]yXQSURPHGLRGHSUHFLRSRUFDWHJRUtD (Q HO $QH[R VH SXHGH HQFRQWUDU HO GHWDOOH GH ORV LQJUHVRV DVt FRPR HO HVFHQDULRRSWLPLVWD\SHVLPLVWD &26726),-26<9$5,$%/(6 &RVWRV)LMRV /RV FRVWRV ILMRV VRQ DTXpOORV TXH VH PDQWLHQHQ FRQVWDQWHV HQ HO WLHPSR VLQ GHSHQGHU OD FDQWLGDG GH JHQWH TXH DVLVWD DO FHQWUR GH GHSRUWHV H[WUHPRV DOWHUQDWLYRV 7DEOD&RVWRV)LMRV AÑO Incremento GastosSuministrosdeOficina Segurosdemaquinaria Mantenimientoyreparaciones Serviciosbásicos Gastoarriendo Publicidad 10%delCoveralB.S.C Guardiania 20%Promocion GastosdeConstitución 2016 2017 2018 2019 2020 120 3.852 600 5.280 21.600 17.160 8.218 14.400 31.175 2.500 124 3.852 622 5.474 22.393 10.960 12.949 14.400 43.438 Ͳ 129 3.852 645 5.675 23.215 10.960 15.902 14.400 40.112 Ͳ 134 3.852 669 5.883 24.067 10.960 19.433 14.400 45.230 Ͳ 139 3.852 693 6.099 24.950 10.960 24.227 14.400 57.663 Ͳ TOTAL $104.905,07 $114.212,52 $114.888,60 $124.626,63 $142.982,88 &RVWRV9DULDEOHV /RVFRVWRVYDULDEOHVVRQDTXpOORVTXHYDUtDQGHDFXHUGRDOJLURGHOQHJRFLRHQ HVWHFDVRWRGDODPDWHULDSULPDTXHVHQHFHVLWDSDUDUHDOL]DUHOSURGXFWRILQDO $OWHQHUYDULRSURGXFWRVVHVDFyHOSURPHGLRSRUFDWHJRUtD 7DEOD&RVWRV9DULDEOHV ProduccióndelBartemáticodelBarcelonaSportingClub Materiaprimaporcategoria Entradas BebidasAlcoholicas BebidasRefrescantes Costopromediopor Cant.unidades categoria 2,48 1,07 0,51 TOTAL 1029 1232 764 Costototalde insumo $2.551,8602 $1.318,0359 $389,7653 3025 DATOS Tasadeinflaciónanual Inventarioproductosterminados Inventarioproductosenproceso Inventariomateriaprima $4.259,6614 COSTODEMATERIAPRIMA $1,4081 COSTOVARIABLEUBITARIO 3,67% 0,00% 0,00% 50,00% ventasdepróximomes produccióndepróximomes (QHO$QH[RVHHQFXHQWUDHOGHWDOOHGHORVFRVWRVILMRV\YDULDEOHV 0$5*(1%5872<0$5*(123(5$7,92 (O PDUJHQ EUXWR FRUUHVSRQGH D OD GLIHUHQFLD HQWUH ORV LQJUHVRV \ HO FRVWR GH YHQWDVGHODHPSUHVD$HVWHUHVXOWDGRVHOHUHVWDORVJDVWRVRSHUDWLYRVSDUD SRGHUREWHQHUHOPDUJHQRSHUDWLYR$FRQWLQXDFLyQHOGHWDOOHGHDPERV 7DEOD0DUJHQ%UXWR\RSHUDWLYR MARGENBRUTO MARGENOPERACIONAL MARGENNETO 62,45% Ͳ1,56% Ͳ6,02% 64,55% 14,98% 8,14% 68,76% 20,35% 12,18% 70,01% 23,79% 15,05% 70,16% 27,97% 18,33% 7DQWR HO PDUJHQ EUXWR FRPR HO PDUJHQ RSHUDWLYR UHSUHVHQWDQ HO YDORU UHDO GH ODV RSHUDFLRQHV GH OD HPSUHVD DQWHV GH WRPDU HQ FXHQWD OD SDUWLFLSDFLyQ GH WUDEDMDGRUHV\SDJRGHLPSXHVWRV &RPR VH REVHUYD HQ OD WDEOD HO PDUJHQ EUXWR HQ HO SULPHU DxR HV GHO \ XQ PDUJHQ RSHUDWLYR GHO GH ORV FRVWRV \ JDVWRV GHO DxR HO DXPHQWRHQORVVLJXLHQWHVDxRVSHUPLWHTXHVLJDVLHQGRYLDEOHHOSUR\HFWR (67$'2'(5(68/7$'26$&78$/<352<(&7$'2 <DTXHVHKDUHYLVDGR\HVWDEOHFLGRORVLQJUHVRVFRVWRV\JDVWRVUHODFLRQDGRV VHSXHGHSDVDUDUHDOL]DUODSUR\HFFLyQGHOHVWDGRGHUHVXOWDGRV $ FRQWLQXDFLyQ VH PXHVWUD OD SUR\HFFLyQ GHO HVWDGR GH UHVXOWDGRV SDUD ORV SUy[LPRVDxRVDSDUWLUGHOSULPHUDxRGHRSHUDFLRQHV 7DEOD(VWDGRVGH5HVXOWDGRV ESTADODERESULTADOSPROYECTADOͲANUAL (Ͳ) (=) (Ͳ) (Ͳ) (Ͳ) (Ͳ) (=) (Ͳ) (=) (Ͳ) (=) (Ͳ) (=) Ventas Costodelosproductosvendidos UTILIDADBRUTA Gastossueldos Gastosgenerales Gastosdedepreciación Gastosdeamortización UTILIDADANTESDEINTERESESEIMPUESTOSYPARTICIP. Gastosdeintereses UTILIDADANTESDEIMPUESTOSYPARTICIPACIÓN 15%PARTICIPACIÓNTRABAJADORES UTILIDADANTESDEIMPUESTOS 22%IMPUESTOALARENTA UTILIDADNETA MARGENBRUTO MARGENOPERACIONAL MARGENNETO 1 238.057,89 89.382,66 148.675,23 31.069,80 100.453,07 858,00 20.000,00 (3.705,63) 8.394,40 (12.100,03) 996,06 (13.096,09) 1.241,76 (14.337,85) 2 346.684,02 122.908,32 223.775,70 39.662,16 109.738,50 2.442,00 20.000,00 51.933,04 9.394,46 42.538,57 6.380,79 36.157,79 7.954,71 28.203,07 3 359.577,13 112.331,89 247.245,24 39.651,47 110.391,75 4.026,00 20.000,00 73.176,02 7.111,65 66.064,37 9.909,66 56.154,71 12.354,04 43.800,68 4 420.482,03 126.112,55 294.369,48 48.640,17 120.106,11 5.610,00 20.000,00 100.013,21 4.552,02 95.461,18 14.319,18 81.142,01 17.851,24 63.290,76 62,45% Ͳ1,56% Ͳ6,02% 64,55% 14,98% 8,14% 68,76% 20,35% 12,18% 70,01% 23,79% 15,05% 5 530.589,66 158.341,73 372.247,93 58.226,60 138.437,83 7.194,00 20.000,00 148.389,50 1.682,02 146.707,48 22.006,12 124.701,36 27.434,30 97.267,06 70,16% 27,97% 18,33% (QHO$QH[RVHHQFXHQWUDDGHWDOOHODSUR\HFFLyQGHOHVWDGRGHUHVXOWDGRV SDUDORVHVFHQDULRVRSWLPLVWD\SHVLPLVWD %$/$1&(*(1(5$/$&78$/<352<(&7$'2 (Q OD VLJXLHQWH WDEOD VH GHWDOODQ ORV YDORUHV GH ORV SULQFLSDOHV IDFWRUHV TXH DIHFWDQ HO UHQGLPLHQWR GH OD HPSUHVD OD VLWXDFLyQ HQ XQD IHFKD GH FRUWH HVSHFtILFD FRPR VL VH UHDOL]DUi XQ DQiOLVLV GH OD HPSUHVD HQ XQ PRPHQWR H[DFWR $ FRQWLQXDFLyQ VH PXHVWUD HO EDODQFH JHQHUDO DFWXDO \ SUR\HFWDGR SDUD ORV SUy[LPRVDxRV 7DEOD%DODQFH*HQHUDO ESTADODESITUACIÓNFINANCIERAPROYECTADO ACTIVOS Corrientes Efectivo CuentasporCobrar InventariosProd.Terminados InventariosMateriaPrima InventariosSum.Fabricación 0 179.097,28 16.757,28 13.242,72 Ͳ Ͳ 1.757,28 1.757,28 1 151.148,86 9.666,86 (3.040,68) Ͳ 4.471,47 2.282,65 5.953,43 NoCorrientes Propiedad,PlantayEquipo Depreciaciónacumulada 162.340,00 141.482,00 119.040,00 95.014,00 69.404,00 42.210,00 62.340,00 62.340,00 62.340,00 62.340,00 62.340,00 62.340,00 Ͳ 858,00 3.300,00 7.326,00 12.936,00 20.130,00 Intangibles Amortizaciónacumulada 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 Ͳ 20.000,00 40.000,00 60.000,00 80.000,00 100.000,00 PASIVOS Corrientes Cuentasporpagarproveedores Sueldosporpagar Impuestosporpagar 107.809,82 878,64 878,64 Ͳ Ͳ NoCorrientes Deudaalargoplazo 106.931,18 90.141,24 71.315,35 50.206,65 26.538,33 Ͳ 106.931,18 90.141,24 71.315,35 50.206,65 26.538,33 Ͳ PATRIMONIO Capital Utilidadesretenidas 71.287,46 56.949,60 85.152,68 128.953,35 192.244,12 289.511,18 71.287,46 71.287,46 71.287,46 71.287,46 71.287,46 71.287,46 Ͳ (14.337,85) 13.865,22 57.665,90 120.956,66 218.223,72 Comprobación Ͳ ValoraciónEmpresa 179.097,28 151.148,86 161.411,15 185.371,03 226.345,75 294.160,08 94.199,26 4.058,02 1.954,14 590,00 1.513,88 2 161.411,15 42.371,15 29.075,00 Ͳ 4.255,84 1.837,88 7.202,44 76.258,47 4.943,12 2.281,87 590,00 2.071,26 Ͳ Ͳ 3 185.371,03 90.357,03 76.833,23 Ͳ 4.636,10 1.957,35 6.930,35 56.417,67 6.211,02 2.234,77 590,00 3.386,25 Ͳ 4 226.345,75 156.941,75 142.420,10 Ͳ 5.468,10 2.307,01 6.746,54 34.101,63 7.563,30 2.219,77 590,00 4.753,53 Ͳ 5 294.160,08 251.950,08 246.957,60 Ͳ Ͳ Ͳ 4.992,48 4.648,90 4.648,90 1.199,07 590,00 2.859,83 Ͳ EstructuradeCapital Años EstructuradeCapital Deuda Capital 0 1 2 3 4 5 60,20% 39,80% 62,32% 37,68% 47,24% 52,76% 30,44% 69,56% 15,07% 84,93% 1,58% 98,42% (QHO$QH[RVHGHWDOODHOEDODQFHJHQHUDO (67$'2'()/8-2'(()(&7,92$&78$/<352<(&7$'2 (O HVWDGR GH IOXMR GH HIHFWLYR UHJLVWUD ORV PRYLPLHQWRV GH HIHFWLYR UHDOL]DGRV SRUODHPSUHVDHQXQSHUtRGRGHWLHPSRGHWHUPLQDGR 7DEOD)OXMRGHHIHFWLYR AÑO Incremento ActividadesOperacionales UtilidadNeta Depreciacionesyamortizacion +Depreciación +Amortización ͲѐCxC ͲѐInventarioPT ͲѐInventarioMP ͲѐInventarioSF +ѐCxPPROVEEDORES +ѐSueldosporpagar +ѐImpuestos Ͳ ActividadesdeInversión ͲAdquisiciónPPEyintangibles Ͳ ActividadesdeFinanciamiento +ѐDeudaLargoPlazo ͲPagodedividendos +ѐCapital Ͳ 2016 2017 2018 2019 2020 507 (14.338) Ͳ 858 20.000 Ͳ (4.471) (525) (4.196) 1.076 590 1.514 Ͳ Ͳ Ͳ Ͳ (16.790) (16.790) Ͳ Ͳ Ͳ 50.942 28.203 Ͳ 2.442 20.000 Ͳ 216 445 (1.249) 328 Ͳ 557 Ͳ Ͳ Ͳ Ͳ (18.826) (18.826) Ͳ Ͳ Ͳ 68.867 43.801 Ͳ 4.026 20.000 Ͳ (380) (119) 272 (47) Ͳ 1.315 Ͳ Ͳ Ͳ Ͳ (21.109) (21.109) Ͳ Ͳ Ͳ 89.255 63.291 Ͳ 5.610 20.000 Ͳ (832) (350) 184 (15) 0 1.367 Ͳ Ͳ Ͳ Ͳ (23.668) (23.668) Ͳ Ͳ Ͳ 131.076 97.267 Ͳ 7.194 20.000 Ͳ 5.468 2.307 1.754 (1.021) Ͳ (1.894) Ͳ Ͳ Ͳ Ͳ (26.538) (26.538) Ͳ Ͳ Ͳ $95.516,48 $131.173,74 $209.074,99 INCREMENTONETOENEFECTIVO $(32.566,81) $64.231,36 /XHJR GH UHDOL]DU HO FRUUHVSRQGLHQWH IOXMR GH HIHFWLYR DO ILQDO GHO IOXMR VH HQFXHQWUDXQVDOGRHQODFDMDILQDOHOFXDOUHIOHMDODOLTXLGH]GHODHPSUHVDHV GHFLU OD FDSDFLGDG GHO QHJRFLR SDUD FXEULU VXV FRPSURPLVRV GH SDJR D FRUWR SOD]R (QHO$QH[RVHHQFXHQWUDHOGHWDOOHGHOIOXMRGHHIHFWLYR 38172'((48,/,%5,2 (OSXQWRGHHTXLOLEULRVHUHILHUHDODFDQWLGDGPtQLPDUHTXHULGDGHYHQWDVSRUOD HPSUHVDSDUDSRGHUFXEULUORVFRVWRVILMRV\YDULDEOHV(OSXQWRGHHTXLOLEULRVH DOFDQ]DFXDQGRORVLQJUHVRVWRWDOHVVHLJXDODQDORVFRVWRVWRWDOHVHVGHFLUQR H[LVWHQLSpUGLGDQLJDQDQFLD6HORSXHGHHQFRQWUDUDOSXQWRGHHTXLOLEULRHQ FDQWLGDGGHGLQHURRHQFDQWLGDGGHXQLGDGHVTXHVHQHFHVLWDQYHQGHU $FRQWLQXDFLyQVHGHWDOODHOSXQWRGHHTXLOLEULRGHHVWHSUR\HFWR 7DEOD3XQWRGH(TXLOLEULR UNIDADES VENTAS COSTOSVARIABLES COSTOSFIJOS COSTOTOTAL 0 Ͳ Ͳ 15.788,53 15.788,53 700 10.500,00 9.581,74 15.788,53 15.788,53 850 12.750,00 5.026,11 15.788,53 20.814,64 1098 16.470,00 6.492,56 15.788,53 22.281,08 1243 18.645,00 7.349,95 15.788,53 23.138,48 1398 20.970,00 8.266,48 15.788,53 24.055,00 1478 22.170,00 8.739,52 15.788,53 24.528,05 1498 22.470,00 8.857,79 15.788,53 24.646,31 1508 22.620,00 8.916,92 15.788,53 24.705,44 1508 22.620,00 8.916,92 15.788,53 24.705,44 1596 23.940,00 9.437,27 15.788,53 25.225,79 1644 24.658,20 9.720,38 15.788,53 25.508,91 1726 25.891,11 10.206,40 15.788,53 25.994,93 1785 26.775,00 10.554,84 15.788,53 26.343,36 1789 26.835,00 10.578,49 15.788,53 26.367,02 1806 27.090,00 10.679,01 15.788,53 26.467,54 2002 30.030,00 11.837,97 15.788,53 27.626,50 2002 30.030,00 11.837,97 15.788,53 27.626,50 2002 30.030,00 11.837,97 15.788,53 27.626,50 2002 30.030,00 11.837,97 15.788,53 27.626,50 2002 30.030,00 11.837,97 15.788,53 27.626,50 Figura 51.3XQWRGH(TXLOLEULR &RPRVHSXHGHYHUHQODWDEODVHUHTXLHUHTXHYD\DQDOEDUWHPiWLFR FOLHQWHV7RGRVORVPHVHVSRUXQDxRSDUDDOFDQ]DUHOSXQWRGHHTXLOLEULR(O WLHPSRTXHHOSUR\HFWRVHGHPRUDHQDOFDQ]DUHOSXQWRGHHTXLOLEULRHVGH PHVHV $1È/,6,6 '( 6(16,%,/,'$' &21752/ '( &26726 ,03257$17(6 (O DQiOLVLV GH VHQVLELOLGDG HV XQD KHUUDPLHQWD TXH PLGH OD YDULDFLyQ TXH VH JHQHUDHQHOUHQGLPLHQWRGHOSUR\HFWRFRPRFRQVHFXHQFLDGHPRGLILFDUXQDR PiV YDULDEOHV TXH D\XGDQ D GHWHUPLQDU OD UHQWDELOLGDG FRQVLGHUDQGR TXH HO UHVWRQRFDPELD (Q HO FDVR GH HVWH SODQ GH QHJRFLRV ODV YDULDEOHV TXH PiV DIHFWDQ D OD UHQWDELOLGDGGHODHPSUHVDVRQORVJDVWRVRSHUDWLYRVORVFXDOHVSRUGLIHUHQFLD VRQORTXHPiVSHVDQ(QVHJXQGROXJDUORVJDVWRVGHYHQWDVWDPELpQWLHQHQ XQDLQIOXHQFLDLPSRUWDQWH ,1',&$'25(6),1$1&,(526 /RVtQGLFHVILQDQFLHURVQRVLQGLFDQHOGHVHPSHxRGHODFRPSDxtDHQHOWLHPSR $FRQWLQXDFLyQVHPXHVWUDQORVLQGLFDGRUHVILQDQFLHURVUHDOL]DGRV /LTXLGH] /RV tQGLFHV GH OLTXLGH] D\XGDQ D PHGLU OD FDSDFLGDG GH OD HPSUHVD SDUD HQIUHQWDUVXVREOLJDFLRQHVILQDQFLHUDVDFRUWRSOD]R 5D]yQ&RUULHQWH $FWLYR&RUULHQWH3DVLYRV&RUULHQWH 7DEOD/LTXLGH] RazónCorriente 2,38 /D UD]yQ FRUULHQWH QRV HQVHxD ODV SRVLELOLGDGHV TXH WLHQH OD HPSUHVD SDUD FXPSOLUVXVREOLJDFLRQHVILQDQFLHUDVHQHOFRUWRSOD]R(VGHFLUSRUFDGDGyODU LQYHUWLGRVHWLHQHGHUHVSDOGR 3UXHEDÈFLGD PruebaAcida: 1,94 6LUYHSDUDPHGLUODOLTXLGH]GHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXESDUD PHGLUVXFDSDFLGDGGHSDJR 5HQWDELOLGDG 52, 7DEOD52, Ͳ8,05% ROI 15,82% (O52,QRVLQGLFDHOUHQGLPLHQWRVREUHODLQYHUVLyQPLGLHQGRODVJDQDQFLDVR SpUGLGDVFRPRSRUFHQWDMHGHOYDORULQYHUWLGReVWDUD]yQHV~WLOSDUDWRPDUOD GHFLVLyQGHLQYHUVLyQRQRHQXQSUR\HFWR(QHOSULPHUDxRHO52,HVGH OR TXH LQGLFD TXH SRU FDGD GyODU LQYHUWLGR VH SLHUGH FHQWDYRV SHURHQHOVHJXQGRDxRSRUFDGDGyODULQYHUWLGRVHJDQDFHQWDYRV 52( 7DEOD52( ROE (0,25) (O52(QRVLQGLFDHOUHQGLPLHQWRVREUHHOSDWULPRQLRGHODHPSUHVD/DUD]yQ GH OD XWLOLGDG QHWD VREUH HO SDWULPRQLR HV GH HQ HO SULPHU DxR GH IXQFLRQDPLHQWR/XHJRHQHODxRSRVWHULRUVHYXHOYHSRVLWLYR 52$ 7DEOD52$ Ͳ2,45% ROA (O 52$ LQGLFD OD HILFLHQFLD GH XWLOL]DU ORV DFWLYRV GH OD HPSUHVD SDUD OD JHQHUDFLyQGHJDQDQFLDV(QHVWHFDVRHO52$HVGH (QHO$QH[RVHHQFXHQWUDHOGHWDOOHGHORVtQGLFHVGHOLTXLGH]\UHQWDELOLGDG 'HVHPSHxR /RV tQGLFHV GH GHVHPSHxR LQGLFDQ OD HIHFWLYLGDG \ HILFLHQFLD FRQ TXH OD HPSUHVDXWLOL]DVXVUHFXUVRVSDUDJHQHUDUJDQDQFLD 5RWDFLyQGH,QYHQWDULRV RotaciónInventario 42 Rotacióninventarioeldías 8,67 Rotacióndelascuentasporcobrar 6,89 RotacióndeCxCendías 53 /DURWDFLyQGHLQYHQWDULRVPLGHODUDSLGH]FRQTXHVHUHQXHYDQORVSURGXFWRV TXHODFRPSDxtDPDQWLHQHHQVXVERGHJDV 7DEOD,QYHQWDULR RESUMENDECOSTOSEINVENTARIO Inicial 0 Suministros Año1 Año2 1 12 13 Año3 24 25 Año4 36 37 Año5 48 49 60 InventarioInicialM.P.I $Ͳ ComprasM.P.I $1.757,28 $3.420,91 $3.908,29 $5.120,62 $4.563,73 $3.820,04 $4.469,54 $4.160,97 $4.439,54 $4.602,47 $2.398,13 $1.757,28 $2.045,15 $2.366,42 $2.638,71 $1.905,33 $2.460,81 $2.029,18 $2.307,01 $2.391,67 $2.594,34 InventarioFinalM.P.I $1.757,28 $1.784,03 $2.282,65 $2.394,15 $1.837,88 $1.933,06 $1.957,35 $2.056,91 $2.307,01 $2.391,67 $Ͳ CostodeProducciónM.P.I $Ͳ TOTALCOSTOM.P.I $1.757,28 $5.178,19 $5.953,43 $7.487,05 $7.202,44 $5.725,37 $6.930,35 $6.190,15 $6.746,54 $6.994,14 $4.992,48 $3.394,16 $3.670,78 $5.092,89 $5.364,56 $3.792,31 $4.973,00 $4.133,24 $4.439,54 $4.602,47 $4.992,48 5RWDFLyQGHFXHQWDVSRUFREUDU /D URWDFLyQ GH FXHQWDV SRU FREUDU VH UHILHUH D ODV YHFHV TXH VH UHQXHYDQ ODV FXHQWDVSRUFREUDUGXUDQWHXQDxRHVWRHVODPHGLGDHQTXHVHFDQFHODQ\VH YXHOYHQ D HPLWLU GXUDQWH XQ DxR (Q HVWH FDVR OD HPSUHVD WLHQH SROtWLFDV GH FXHQWDVSRUFREUDUGHGtDVHOSURYHHGRUFREUDDOFRQWDGRHO\DORV GtDVFREUDORUHVWDQWH 7DEOD&XHQWDVSRUFREUDU ANEXOCUENTASPORPAGARͲPROVEEDORES Políticadecuentasporpagar Contado 30días 50% 50% Año1 Inicial 0 0 1 Año2 12 13 Año3 24 25 Año4 36 37 Año5 48 49 60 Cuentasporpagariniciales Ͳ (+)CuentasporpagardelperíodoMP 1.757,28 3.420,91 3.908,29 5.120,62 4.563,73 3.820,04 4.469,54 4.160,97 4.439,54 4.602,47 2.398,13 878,64 1.796,69 1.954,14 2.617,38 2.281,87 2.426,69 2.234,77 2.168,99 2.219,77 2.439,14 (Ͳ)Pagos 878,64 2.589,10 3.750,83 4.514,45 4.899,24 4.191,89 4.661,46 4.315,25 4.388,76 4.521,00 3.638,21 (=)Cuentasporpagarfinales 878,64 1.710,46 1.954,14 2.560,31 2.281,87 1.910,02 2.234,77 2.080,49 2.219,77 2.301,23 1.199,07 9$/8$&,Ï1'(/352<(&72 6H KD GHWHUPLQDGR HO 9DORU $FWXDO 1HWR 9$1 \ OD 7DVD ,QWHUQD GH 5HWRUQR 7,5FRPRORVSDUiPHWURVSDUDGHWHUPLQDUODYDORUDFLyQGHOSUR\HFWR 7DEOD9$1\7,5 FlujodeCajadelProyectoAnual 0 1 2 3 4 5 $(165.854,56) $10.840,67 $64.452,21 $78.106,48 $95.935,12 $132.593,40 $10.840,67 $75.292,87 $153.399,36 $249.334,47 $381.927,88 Tasalibrederiesgo RendimientodelMercado Beta RiesgoPaís TasadeImpuestos CAPM WACC Año1 Año2 Año3 Año4 Año5 2,54% 12,00% 0,69 15% 33,70% 24,07% 13,82% 16,30% 34,06% 21,59% 23,81% CriteriosdeInversiónconModeloWACC CriteriosdeInversiónProyecto CriteriosdeInversiónInversionista $11.250,00 $47.776,15 VAN VAN $1,07 $1,81 IR IR 26,49% TIR TIR 44,79% 3,16 3,37 PeriodoRec. PeriodoRec. (O 9$1 GHO IOXMR GH FDMD GH FDSLWDO SDUD ORV SUy[LPRV DxRV VHUi GH GDGRTXHHVWHYDORUHVPD\RUDFHURVHFRQFOX\HTXHHOSUR\HFWR HVYLDEOH 3RURWURODGRHO7,5GHOSUR\HFWRHVGHODFXDOHVPD\RUTXHHOFRVWR GH RSRUWXQLGDG SRU OR TXH VH FRQFOX\H TXH VH SXHGH DFHSWDU HO HPSUHQGHU HVWHQHJRFLR (QHO$QH[RVHHQFXHQWUDHOGHWDOOHGHODYDOXDFLyQGHOSUR\HFWR 35238(67$'(1(*2&,2 ),1$1&,$0,(172'(6($'2 (OILQDQFLDPLHQWRSDUDHOSUR\HFWRGHVHDGRVHFRPSRQHGHIXHQWHVLQWHUQDV\ H[WHUQDV3DUDLQLFLDUODVRSHUDFLRQHVGHODHPSUHVDVHWLHQHSUHYLVWRUHDOL]DU XQ SUpVWDPR RWRUJDGR SRU XQD ,QVWLWXFLyQ )LQDQFLHUD R SULYDGD (O YDORU GHO SUpVWDPRHVGHTXHFRUUHVSRQGHDOGHODLQYHUVLyQWRWDO/D WDVDGHLQWHUpVDQXDOSDUDHOSUpVWDPRVROLFLWDGRHVGH (6758&785$'(&$3,7$/<'(8'$%86&$'$ Figura 52.(VWUXFWXUDGHFDSLWDO\GHXGD (O FDSLWDO QHFHVDULR SDUD SRQHU HQ PDUFKD HO QHJRFLR HVWi ILQDQFLDGR HQ XQ SRU XQ SUpVWDPR GH HPSUHVD SULYDGD \ XQ TXH SURYLHQH GHO FDSLWDO DSRUWDGRSRUORVVRFLRV\TXHIRUPDSDUWHGHOSDWULPRQLRGHODHPSUHVD /D HVWUXFWXUD GHO SUpVWDPR HVWi DSDODQFDGR HQ XQ SOD]R GH GHXGD GH PHVHVHVGHFLUTXHHQDxRVVHFDQFHODUiHOYDORUWRWDOGHOSUpVWDPRPiVORV LQWHUHVHV 862'()21'26 /RV IRQGRV VHUiQ XWLOL]DGRV SDUD HO ILQDQFLDPLHQWR GH ORV DFWLYRV ILMRV DFWLYRV LQWDQJLEOHV\FDSLWDOQHWRGHWUDEDMRHVGHFLUODLQYHUVLyQLQLFLDOODPLVPDTXH HVQHFHVDULDSDUDSRQHUHQPDUFKDHOQHJRFLR 5(725123$5$(/,19(56,21,67$ (QHOFDVRGHHVWHSUR\HFWRHQORVSULPHURVDxRVHOFRPSURPLVRUHDOL]DGR SRU ORV VRFLRV HV GH UHLQYHUWLU ORV GLYLGHQGRV TXH HO QHJRFLR RIUH]FD SDUD OD PLVPDHPSUHVD'HHVWDPDQHUDODGHXGDVHUiFXELHUWDGHXQDPDQHUDPiV HILFLHQWH 6LVHDQDOL]DHQSUR\HFWRGHVGHXQHVFHQDULRQRUPDO\FRQXQ7,5GH YDORUTXHLQGLFDUHQWDELOLGDGHQHOQHJRFLRDLPSOHPHQWDU\JHQHUDLQWHUpVSRU SDUWHGHORVLQYHUVLRQLVWDV (QHO$QH[RVHHQFXHQWUDHOGHWDOOHGHOUHWRUQRSDUDHOLQYHUVLRQLVWD &21&/86,21(6<5(&20(1'$&,21(6 &21&/86,21(6 x 'HDFXHUGRDOHVWXGLRGHPHUFDGRVHGHWHUPLQyTXHHOHQWRUQRGHOVHFWRU HQ GRQGH VH SURSRQH SRQHU HQ PDUFKD HO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HV XQ HQWRUQR ~QLFR \D TXH QR H[LVWH VHUYLFLRV VLPLODUHV 6HHQFXHQWUDXQFHQWURFRPHUFLDOFHUFD\HOHVWDGLRROtPSLFR$WDKXDOSD TXHHVHMHGHORVSRWHQFLDOHVFOLHQWHVGHDFXHUGRDOSHUILOGHOFRQVXPLGRU TXHVHGHILQLyFRQDQWHULRULGDG\TXHVRQSHUVRQDVHQWUHORVDDxRV KLQFKDVGHHVWHHTXLSRGHIXWERO x 3DUDSRGHUFXPSOLUORVREMHWLYRVDODUJR\PHGLDQRSOD]RTXHVHSURSXVR OD HPSUHVD WLHQH TXH FDSDFLWDU D VX SHUVRQDO SDUD TXH HQ FRQMXQWR FXPSODQ FRQ OD PLVLyQ YLVLyQ REMHWLYRV \ YDORUHV (O HTXLSR DGPLQLVWUDWLYR \ GH RSHUDFLRQHV WLHQH TXH WHQHU FODUR ORV SURSyVLWRV EiVLFRV x ([LVWHIDFWLELOLGDGGHHPSUHQGHUFRQHOEDUWHPiWLFR\DTXHVHSUHVWDQODV FRQGLFLRQHV GH OD LQYHUVLyQ SRU SDUWH GHO FOXE \ OD OLFHQFLD RILFLDO OR TXH SHUPLWLUiVXIXQFLRQDPLHQWR3DUDFUHDUXQOXJDU~QLFRGRQGHKLQFKDVFRQ PLVPRVJXVWRVSXHGHQUHXQLUVHDSDVDUXQPRPHQWRDJUDGDEOH x 6H DQDOL]y HO SUR\HFWR HQ GLIHUHQWHV HVFHQDULRV QRUPDO SHVLPLVWD \ RSWLPLVWD6HSXGRFRQFOXLUTXHHQHOHVFHQDULRQRUPDOSUHVHQWDXQ9$1 SRVLWLYR \ XQD 7,5 GHO OR FXDO GHPXHVWUD VHU UHQWDEOHSDUDLQYHUWLUHQHOSUR\HFWR x $SHVDUGHTXHHOPHUFDGRGHEDUHVVHDPX\FRPSHWLWLYRQRH[LVWHXQEDU WHPiWLFRTXHWHQJDHOPLVPRFRQFHSWRGHQHJRFLRORTXHUHSUHVHQWDXQD JUDQ RSRUWXQLGDG SDUD TXH HO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE SXHGDLQJUHVDUFRQp[LWRDOPHUFDGRTXLWHxR 5(&20(1'$&,21(6 x 6H UHFRPLHQGD VHOHFFLRQDU D FDGD XQR GH ORV SURYHHGRUHV GH IRUPD HVSHFtILFD\DTXHDOWUDEDMDUFRQSURGXFWRVSHUHFLEOHVKD\TXHDVHJXUDU OD FDOLGDG D ILQ GH PDQWHQHU D ORV FOLHQWHV VDWLVIHFKRV WDPELpQ KD\ TXH DQDOL]DU OD IOH[LELOLGDG HQ OD IRUPD GH SDJR SDUD ORJUDU WHQHU XQ VWRFN YDULDGR\DFWXDOL]DGR x (OSHUVRQDOHVXQDGHODVSDUWHVPiVLPSRUWDQWHVGHOSUR\HFWRSRUHOORHO UHFOXWDPLHQWR WLHQH TXH VHU YHULILFDGR <D TXH HQ HO iPELWR GH UHVWDXUDQWHV HO FOLHQWH YDORUD PXFKR HO VHUYLFLR GH ORV WUDEDMDGRUHV HVR PDUFD\FUHDXQDILGHOLGDGGHORVFOLHQWHV x 6H VXJLHUH UHDOL]DU FRQVWDQWHV LQYHVWLJDFLRQHV GH PHUFDGR SDUD EULQGDU XQ PHMRU VHUYLFLR \ FRQRFHU D QXHVWUR FOLHQWH IXHUD GH DPSOLDU SRVLEOHV KLQFKDV QXHYRV TXH VH DJUHJXHQ D ODV YHQWDMDV TXH RIUHFH HO EDU WHPiWLFR x (VQHFHVDULRTXHHOEDUWHPiWLFRGHO%DUFHORQD6SRUWLQJ&OXEHQODFLXGDG GH4XLWRFXHQWHFRQLQVWDODFLRQHVGHSULPHUDTXHLPSOLFDWHQHUHVSDFLRV DGHFXDGRV \ FUHDV XQD LQHUFLD HQWUH ORV WUDEDMDGRUHV OR TXH GDUi XQ PHMRUUHVXOWDGRPiVSURGXFFLyQ\PHQRVGHVSHUGLFLRV x &RPXQLFDU WRGRV ORV EHQHILFLRV H LQIRUPDFLyQ LPSRUWDQWH GHO VHUYLFLR GHO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ FOXE SDUD EULQGDU FRQRFLPLHQWR DO FOLHQWH \ D WRGRV ORV KLQFKDV GHO %DUFHORQD 6& TXH YLYHQ HQ 4XLWR SXHGDQDVLVWLUFRQVWDQWH x (VIXQGDPHQWDOUHDOL]DUXQVHJXLPLHQWRFRQVWDQWHGHO9$1\OD 7,5FRQ XQ VROR REMHWLYR GH LQFUHPHQWDU HO YDORU GH OD HPSUHVD SDUD VXV DFFLRQLVWDV 5()(5(1&,$6 $OERUDGD 0 Tipos de Muestreos 5HFXSHUDGR HO GH VHSWLHPEUH GH GHKWWSPDUDOERUDQRUJZLNLSHGLDLQGH[SKS7LSRVBGHBPXHVWUHRV $WHKRUWXD ) %XVWDPDQWH 5 9DOHQFLD -RUJH Sistema de gestión integral. Una sola gestión, un solo equipo. $QWLRTXLD 8QLYHUVLGDG GH $QWLRTXLD %DQFR &HQWUDO GHO (FXDGRU 5HFXSHUDGR HO GH PD\R GH GH KWWSFRQWHQLGREFHILQHFUHVXPHQBWLFNHUSKS"WLFNHUBYDOXH GHXGDBSLE %DQFR&HQWUDOGHO(FXDGRURiesgo Pais5HFXSHUDGRHOGHPD\RGH GH KWWSFRQWHQLGREFHILQHFUHVXPHQBWLFNHUSKS"WLFNHUBYDOXH ULHVJRBSDLV %DQFR &HQWUDO GHO (FXDGRU Inflacion 5HFXSHUDGR HO GH MXOLR GH GH KWWSFRQWHQLGREFHILQHFUHVXPHQBWLFNHUSKS"WLFNHUBYDOXH LQIODFLRQ %DQFR &HQWUDO GHO (FXDGRU Interes 5HFXSHUDGR HO GH DJRVWR GH GH KWWSFRQWHQLGREFHILQHFUHVXPHQBWLFNHUSKS"WLFNHUBYDOXH DFWLYD %UDQGLP Fútbol Afición y Preferencias. 5HFXSHUDGR HO GH MXOLR GH GHKWWSZZZEUDQGLPFRPIRWRV)XWERO(&&'SGI &yGLJRGH7UDEDMRCodigo De Trabajo5HFXSHUDGRHOGHVHSWLHPEUH GH GH KWWSZZZSLFKLQFKDJREHFSKRFDGRZQORDGOH\ WUDQVSDUHQFLDOLWHUDOBDQRUPDVGHUHJXODFLRQFRGLJRBWUDEDMRSGI &UHFH 1HJRFLRV 5HFXSHUDGR HO GH DEULO GH GH /D FDGHQD GH YDORU GH 3RUWHU KWWSZZZFUHFHQHJRFLRVFRPODFDGHQDGHYDORUGH SRUWHU 'DYLG)Administración Estratégica.0p[LFR')0p[LFR3HDUVRQ 'DYLG ) &RQFHSWRV GH $GPLQLVWUDFLyQ (VWUDWpJLFD (Q ) 'DYLV Conceptos de Administración EstratégicaSiJ0p[LFR')0p[LFR 3HDUVRQ 'LDULR (O 7HOpJUDIR Cuaro tipo de negocio resultan muy rentables 5HFXSHUDGR HO GH MXQLR GH GH KWWSZZZWHOHJUDIRFRPHF QRWLFLDVJXD\DTXLOLWHPFXDWURWLSRVGHQHJRFLRVUHVXOWDQPX\ UHQWDEOHVKWPO 'LVWULWR0HWURSROLWDQRGH4XLWRCenso Económico.4XLWR 'LVWULWR 0HWURSROLWDQR GH 4XLWR Indice delincuencial tiende a la baja 5HFXSHUDGR HO GH PD\R GH GH KWWSZZZFLXGDGDQLDLQIRUPDGDFRPQRWLFLDVFLXGDGDQLD HFXDGRUQRWLFLDVFLXGDGDQLDHFXDGRULUBDOLVWDTXLWRDUWLFOHLQGLFH GHOLQFXHQFLDOWLHQGHDODEDMDKWPO (FXDGRUHQ&LIUDVEcuador en cifras5HFXSHUDGRHOGHGH GHKWWSZZZHFXDGRUHQFLIUDVFRPVLHPSUHQGH3UH&HQHFKWPO (GLWRULDO(Pasos para crear una empresa en Ecuador5HFXSHUDGRHO GH PD\R GH GH KWWSFXLGDWXIXWXURFRPSDVRVSDUD FUHDUXQDHPSUHVDHQHFXDGRU )XWEROL]DGRV 5HFXSHUDGR HO GH VHSWLHPEUH GH GH KWWSZZZIXWEROL]DGRVFRPHQSURPHGLRGHDVLWHQFLDVHPHOHFIXH HOPHMRUORFDOEDUFHORQDHOPHMRUYLVLWDQWH *HU]D gerza 5HFXSHUDGR HO GH VHSWLHPEUH GH GH KWWSZZZJHU]DFRPWHFQLFDVBJUXSRWRGDVBWHFQLFDVJUXSRVBIRFDOHVKWPO *RQ]iOH] - El Universo 5HFXSHUDGR HO GH MXQLR GH GH KWWSZZZHOXQLYHUVRFRPPLOORQHVWXULVWDVUHFLEH TXLWRFDGDDQRKWPO ,(3, Concepto 5HFXSHUDGR HO GH PD\R GH GH KWWSZZZSURSLHGDGLQWHOHFWXDOJREHFVLJQRVGLVWLQWLYRV ,1(& Clasificación Nacional de Actividades Económicas 5HFXSHUDGR HO GH MXOLR GH GH KWWSZZZLQHFJREHFHVWDGLVWLFDV6,1 PHWRGRORJLDV&,,8SGI ,QVWLWXWR1DFLRQDO'H(VWDtVWLFDV\&HQVRV,1(&5HFXSHUDGRHOGH VHSWLHPEUH GH GH KWWSZZZHFXDGRUHQFLIUDVJREHFFHQVRGH SREODFLRQ\YLYLHQGD .RWOHU3Dirección de Marketing0p[LFR3HDUVRQ(GXFDFLyQ .RWOHU 3 \ /DQH . Dirección de Marketing. 0p[LFR ') 0p[LFR 3HDUVRQ(GXFLDFLyQ /H\ GH &RPSDxLDV 5HFXSHUDGR HO GH QRYLHQEUH GH GH KWWSZZZRDVRUJMXULGLFR3')VPHVLFLFBHFXBFRPSSGI /LDWH Slideshare 5HFXSHUDGR HO GH IHEUHUR GH GH KWWSHVVOLGHVKDUHQHWZVDQDYULDODFDGHQDGHYDORUGHPLFKDHOSRUWHU /LWXPD 9 Gualaquiza 5HFXSHUDGR HO GH QRYLHPEUH GH GH KWWSZZZJXDODTXL]DFRPQRWLFLDVGHSRUWHVFXDQGRVHMRGLRHOIXWERO HFXDWRULDQR 0LQLVWHULR GH 7XULVPR Quito censo económico 5HFXSHUDGR HO GH MXQLR GH GH KWWSZZZTXLWRWXULVPRJREHFLQGH[SKSHVWDGLVWLFDV GDWRVWXULVWLFRVDGLFLRQDOHVFDWHJRU\GDWRVFHQVRHFRQRPLFR 1DUHVK . 0DOKRWUD - ) ,QYHVWLJDFLRQ GH 0HUFDGRV (Q 0DOKRWUD 0p[LFR')0p[LFR3HUVRQ 1DUHVK . 0DOKRWUD -RVp )UDQFLVFR MDYLHU GiYLOD 0DUWLQH] PDJGD (OL]DEHWK 7UHYLxR5RVDOHVInvestigación de Mercado.0p[LFR')0p[LFR 3HDUVRQ(GXFDFLRQ 3LQWR&Los Clubes más grandes de América5HFXSHUDGRHOGHMXOLR GHGHKWWSZZZSDVLRQOLEHUWDGRUHVFRPIDQDWLFRV/RV&OXEHVPDV JUDQGHVGH$PHULFDKWPO 6(5&23 Contratacion publica 5HFXSHUDGR HO GH PD\R GH GH KWWSVZZZFRPSUDVSXEOLFDVJREHF3URFHVR&RQWUDWDFLRQFRPSUDV &3&LQGH[FSH 6XSHULQWHQGHQFLD GH &RPSDxtDV 5HFXSHUDGR HO GH IHEUHUR GH GH KWWSDSSVFYVVXSHUFLDVJREHFSRUWDOGHLQIRUPDFLRQFRQVXOWDB FLDBPHQX]XO 8VR GH WHFQRORJLD HQ (FXDGRU Uso de tecnologia en Ecuador 5HFXSHUDGR HO GH PD\R GH GH ILOH&8VHUV$QGUHV6DHQ]'RZQORDGVXVRBWHFQRORJLDSGI :DONHU%R\G0XOOLQV/DUUpFKpMarketing Estratégico.0p[LFR') 0p[LFR0F*UDZ+LOO $1(;26 $1(;2 0$75,=)2'$ )RUWDOH]DV 3HUVRQDO GLVSXHVWR \ FDSDFLWDGR SDUD OD DWHQFLyQGHOFOLHQWH 1RFLyQGHPDUFD 3ULPHU EDU WHPiWLFR SDUD KRPEUHV \ PXMHUHV KLQFKDV GH %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR &XHQWD FRQ XQ VHUYLFLR HVSHFLDOL]DGR \GHSULPHUDFDOLGDG &RPSUHQVLyQ VREUH WRGRWLSRGHGHSRUWHV \DQDOL]DUODIRUPDGH H[SORWDUODLQGXVWULD (O I~WERO KDFH TXH ODV 2SRUWXQLGDGHV 1RSUHVHQWDUFRPSHWHQFLDHQ HO PHUFDGR GH XQ EDU GHSRUWLYRSHUVRQDOL]DGR 0D\RU SRGHU DGTXLVLWLYR SRU OR TXH H[LVWH XQD PD\RU GLVSRVLFLyQ GH JDVWR SRU SDUWH GH ORV FRQVXPLGRUHV D ODKRUDGHVDOLUDGLYHUWLUVH (O SDtV VH HQFXHQWUD HVWDEOH DQLYHOSROtWLFR (O JRELHUQR SURSRUFLRQD XQD FDQWLGDG FRQVLGHUDEOH DO GHVDUUROOR GH ODV QXHYDV HPSUHVDV OR FXDO HV EXHQR \D TXH HVWi IDFLOLWDQGR SUpVWDPRV \ D\XGD DO GHVDUUROOR GH QXHYRV QLFKRV GHQHJRFLR /D WHFQRORJtD D\XGD D ORV SURFHVRV SDUD HO FRUUHFWR GHVDUUROOR GH ORV SDUWLGRV GH I~WERO\ODHPSUHVDVHSXHGH EHQHILFLDUGHODPLVPD /RV SUHFLRV GH OD FRPSHWHQFLDVRQPX\DOWRV $OFUHDUHOPXVHRORVWXULVWDV SHUVRQDV VH LQYROXFUHQ VHQWLPHQWDOPHQWH FRQ HOHTXLSR (675$7(*,$6)2 ) ± 2 &UHDU XQ EDU WHPiWLFR FRQ OD PDUFD PiV JUDQGHGHO(FXDGRU ) ± 2 0HUFDGR SRFR H[SORWDGR KD\ JUDQ FDPSR \ DSURYHFKDU HO GHSRUWH SDUD VDWLVIDFHU ODV QHFHVLGDGHV GH XQ JUXSR HVSHFtILFR ) ± 2 &DSWDFLyQ DO SHUVRQDO SDUD TXH XWLOLFH OD WHFQRORJtD HQ OD FUHDFLyQ GHSURFHVRV )±2 'HVDUUROODU XQ OXJDU ~QLFR FRQ OD PHMRU WHFQRORJtDHQHOPHUFDGR\ DGDSWDGR SDUD OD KLQFKDGD PiVJUDQGHGHOSDtV 'HELOLGDGHV 1R WHQHU UHJLVWURV KLVWyULFRV SDUD UHDOL]DU SUR\HFFLRQHV GH YHQWDV 1RFRQWDUFRQHOFDSLWDO QHFHVDULR 1R SRVHHU XQ ORFDO SURSLR SDUD HMHFXWDU HO SUR\HFWR (PSUHVD QXHYD \ VLQ H[SHULHQFLD HQ HO PHUFDGR (675$7(*,$6'2 ' ± 2 &RQWUDWDU D JHQWH FRQ H[SHULHQFLD SDUD FUHDU HO ~QLFR EDU WHPiWLFR GHO %DUFHORQD 6& ' ± 2 3HGLU DO JRELHUQR ORV FUpGLWRV TXH RIUHFH SDUD FUHDU XQQHJRFLRQXHYR ' ± 2$SOLFDU 3RU PHGLR GH HQFXHVWDV HO PHMRU OXJDU SDUD FUHDU HO EDU WHPiWLFR HQ OD FLXGDG GH 4XLWR ODV SHUVRQDV WLHQHQ PiV LQJUHVRV \ WLHQGHQ D JDVWDU HQ GLYHUVLyQ FRQ DPLJRV ' ± 2 /HYDQWDU LQIRUPDFLyQ GH ODV HPSUHVDVGHWHFQRORJtD SDUD WHQHU OD PHMRU GHO PHUFDGR \D TXH QR WHQHPRVH[SHULHQFLD YDQ D TXHUHU LU \ VDEHU PiV VREUHHOHTXLSRtGROR $PHQD]DV %DUHV VLQ OLFHQFLD RILFLDO GHO FOXE 6HUYLFLRV VXVWLWXWRV \D TXH DOJXQD JHQWH SUHILHUH TXHGDUVH HQ VX FDVD FyPRGDPHQWH 'HSHQGHU GH OD WDVD GH LQWHUpVGHOEDQFRSDUDSRGHU ILQDQFLDUODDFWLYLGDG (O DOWR QLYHO GHOLFWLYR GH OD FLXGDG DIHFWD D OD VRFLHGDG \D TXH OD JHQWH QR VDOH SRU ODVQRFKHV /D FRPSHWHQFLD \D WLHQH VX PHUFDGR HVWDEOHFLGR \ VRQ FRQRFLGRVHQHOPHUFDGR (VWUDWHJLDV'$ (VWUDWHJLDV)$ ) ± $ &RQVWDQWH ' ± $ (MHFXWDU XQ IRUPDFLyQ HQ HO iPELWR DQiOLVLV GH ]RQDV FRQ SHUVRQDO GH ORV PHQRV GHOLQFXHQFLD WUDEDMDGRUHV GH OD SDUD EXVFDU XQ OXJDU HPSUHVD D\XGDUOHV HQ OD DSWR \ FyPRGR SDUD HO YLGDSHUVRQDO FOLHQWH ) $ (VWDEOHFHU ' ± $ 1HJRFLDU XQ FRQYHQLR FRQ HO FOXE SODQ GH SDJR SDUD TXH MXJDGRUHV SHULRGLVWDV \ ODV HQWLGDGHV FRPLVLyQ GH I~WERO SDUD DVt ILQDQFLHUDV QRV GHQ OD QR SHUPLWLU TXH SHUVRQDV PHMRUWD]DGHLQWHUpV\D VLQ OD OLFHQFLD RILFLDO TXH HV XQD LQYHUVLyQ SXHGDQ FUHDU EDUHV DOWD SDUD FUHDU HO EDU VLPLODUHV WHPiWLFR GH %DUFHORQD ) ± $ $O FRQRFHU HO 6& HQ OD FLXGDG GH 4XLWR QHJRFLR GHSRUWLYR DQDOL]DU ODPHMRUWD]DGHLQWHUpVTXH VH SRGUtD FRQVHJXLU HQ HO SDtV )±$)LUPDUXQFRQWUDWR GH H[FOXVLYLGDG GH VHJPHQWR FRQ HO FOXE SDUD GLILFXOWDU D ORV QXHYRV FRPSHWLGRUHV $1(;2 0DWUL]()( )DFWRUHV 3HVR &DOLILFDFLyQ 2SRUWXQLGDGHV 9DORU 3RQGHUDGR PD\RU GLVSRVLFLyQ GH JDVWR SRU SDUWH GH ORV HPSUHVDV OR FXDO HV EXHQR \D TXH HVWi 1R SUHVHQWDU FRPSHWHQFLD HQ HO PHUFDGR GH EDUSHUVRQDOL]DGRGHSRUWLYR 0D\RUSRGHUDGTXLVLWLYRSRUORTXHH[LVWHXQD FRQVXPLGRUHVDODKRUDGHVDOLUDGLYHUWLUVH (OSDtVVHHQFXHQWUDHVWDEOHDQLYHOSROtWLFR (O JRELHUQR HVWi DSR\DQGR D ORV SUR\HFWRV SDUDFUHDUWXSURSLDHPSUHVD (O JRELHUQR SURSRUFLRQD XQD FDQWLGDG FRQVLGHUDEOH DO GHVDUUROOR GH ODV QXHYDV IDFLOLWDQGR SUpVWDPRV \ D\XGD DO GHVDUUROOR GH QXHYRVQLFKRVGHQHJRFLR /D WHFQRORJtD D\XGD D ORV SURFHVRV SDUD HO FRUUHFWRGHVDUUROORGHORVSDUWLGRVGHI~WERO\OD HPSUHVDVHSXHGHEHQHILFLDUGHODPLVPD 6XEWRWDO $PHQD]DV 3UREOHPiWLFDV VRFLDOHV TXH DIHFWDQ GLUHFWDPHQWHDODHPSUHVD %DUHVVLQOLFHQFLDRILFLDOGHOFOXE 'HSHQGHU GH OD WDVD GH LQWHUpV GHO EDQFR SDUDSRGHUILQDQFLDUODDFWLYLGDG (ODOWRQLYHOGHOLFWLYRGHODFLXGDGDIHFWDDOD VRFLHGDG \D TXH OD JHQWH QR VDOH SRU ODV QRFKHV 6XEWRWDO 7RWDO ³/D SXQWDFLyQ SRQGHUDGD WRWDO SURPHGLR HV GH 8QD SXQWXDFLyQ SRQGHUDGD GH LQGLFD TXH XQD RUJDQL]DFLyQ UHVSRQGH GH PDQHUD H[WUDRUGLQDULDDODVRSRUWXQLGDGHV\DPHQD]DVH[LVWHQWHVHQVXLQGXVWULD 4XHODHVWUDWHJLDGHODHPSUHVDDSURYHFKDHILFD]PHQWHODVRSRUWXQLGDGHV H[LVWHQWHV \ PLQLPL]DQ ORV SRVLEOHV HIHFWRV DGYHUVRV GH ODV DPHQD]DV H[WHUQDV8QDSXQWXDFLyQGHLQGLFDTXHODVHVWUDWHJLDVGHODHPSUHVD QR HVWiQ DSURYHFKDQGR ODV RSRUWXQLGDGHV QL HYLWDQGR ODV DPHQD]DV H[WHUQDV´'DYLG $1(;2 0DWUL](), )DFWRUHV )RUWDOH]DV 3HVR &DOLILFDFLyQ 9DORU 3RQGHUDGR 'HELOLGDGHV 3HUVRQDO GLVSXHVWR \ FDSDFLWDGR SDUD OD DWHQFLyQGHOFOLHQWH 1RFLyQGHPDUFD 3ULPHUEDUWHPiWLFRSDUDKRPEUHV\PXMHUHV KLQFKDVGH%DUFHORQD6SRUWLQJ&OXEHQODFLXGDG GH4XLWR &XHQWD FRQ XQ VHUYLFLR HVSHFLDOL]DGR \ GH SULPHUDFDOLGDG &RPSUHQVLyQ VREUH WRGR WLSR GH GHSRUWHV \ DQDOL]DUODIRUPDGHH[SORWDUODLQGXVWULD 6XEWRWDO 1R WHQHU UHJLVWURV KLVWyULFRV SDUD UHDOL]DU SUR\HFFLRQHVGHYHQWDV 1RFRQWDUFRQHOFDSLWDOQHFHVDULR 1R SRVHHU XQ ORFDO SURSLR SDUD HMHFXWDU HO SUR\HFWR (PSUHVD QXHYD \ VLQ H[SHULHQFLD HQ HO PHUFDGR 6XEWRWDO 7RWDO ³/RV SXQWDMHV SRQGHUDGRV WRWDOHV PX\ SRU GHEDMR GH FDUDFWHUL]DQ D ODV RUJDQL]DFLRQHV TXH VRQ GpELOHV LQWHUQDPHQWH PLHQWUDV TXH ORV SXQWDMHV VXSHULRUHVDLQGLFDQXQDSRVLFLyQLQWHUQDIXHUWH´'DYLG $1(;2 (QFXHVWD (1&8(67$66(*8,'25(6'()Ò7%2/ (1&8(67$ 3$5$ 6(*8,'25(6 '(/ )Ò7%2/ (&8$725,$12 < 0(',5 '($&(37$&,Ï1'(81%$57(0È7,&2(148,72 %XHQRVGtDVVR\$QGUpV6iHQ]HVWXGLDQWHGHOD8QLYHUVLGDGGHODV$PpULFDV\ HVWR\OHYDQWDQGRLQIRUPDFLyQSDUDPHGLUODDFHSWDFLyQGHXQEDUWHPiWLFRGHO %DUFHORQD6SRUWLQJ&OXEHQODFLXGDGGH4XLWR (VWDHQFXHVWDWRPDUiPHQRVGHPLQXWRVGHVXWLHPSRVXFRODERUDFLyQVHUi LQGLVSHQVDEOH\VXLGHQWLGDGVHUiPDQWHQLGDHQDQRQLPDWR *UDFLDVSRUVXWLHPSR ¢$FWXDOPHQWHHVVRFLRGHO%$5&(/21$6&" 6LBBB 1RBBB 6LVXUHVSXHVWDHV6,TXHSDTXHWHGHVRFLRWLHQH 68%BBB 68%BBB 68%BBB 6LVXUHVSXHVWDIXH12SRUTXpQRHVVRFLR )DOWDGHGLQHUR BBB 1RKD\LQWHUpV BBB )DOWDGHLQIRUPDFLyQ BBB 0DORVSDTXHWHV BBB 2WURV BBB 6(1,25BBB ¢'H SDUWLGRV TXH DSUR[LPDGDPHQWH KD\ HQ HO DxR HQ 4XLWR GHO %DUFHORQD6&XVWHGFXDQWDVYHFHVDVLVWHDOHVWDGLR" 'HYHFHV BBB 'HYHFHV BBB 'HYHFHV BBB 0HQRVGHYHFHV BBB &XDQGR QR MXHJD HQ 4XLWR GRQGH PLUD HO SDUWLGR 0DUTXH VyOR XQR UHVSXHVWD &DVD BBB %DU BBB 3RU,QWHUQHW BBB &DVDDPLJRVIDPLOLDUHV BBB 5HVWDXUDQWH BBB $ FRQWLQXDFLyQ OH YR\ D GHVFULELU OD LGHD GHO EDU WHPiWLFR GHO %DUFHORQD 6SRUWLQJ &OXE HQ OD FLXGDG GH 4XLWR (V XQ EDU GRQGH VH YDQ D UHXQLU KLQFKDVVRFLRVIDPLOLDUHVSHUVRQDVTXHWHQJDQXQDJUDGRSRUHOFOXE\FRQ XQPLVPRILQGHDSRUWDUDOFOXEGHDOJXQDIRUPD7HQHUXQOXJDUSURSLRHQ XQD]RQD~QLFDHQODFLXGDGGH4XLWRTXHFXHQWHFRQ~OWLPDWHFQRORJtD\XQ DPELHQWHDJUDGDEOHHVWLORPXVHRGRQGHSXHGDQYHUUHFXHUGRVGHOËGROR 4XH WDQWR OH JXVWy R QR OD LGHD 0DUTXH GHO DO VLHQGR PXFKR \ QDGD 0XFKRB B B B B B 1DGDB 2UGHQHGHODOODVUD]RQHVSRUODVFXDOHVDVLVWLUtDDHVWHEDUGRQGH HOPiVLPSRUWDQWH\HOPHQRVLPSRUWDQWH $PELHQWH\GHFRUDFLyQ BBB 6HJXULGDG BBB 9DULHGDGGHSURGXFWRV BBB 3UHFLRV BBB 6HUYLFLR BBB ¢&XiQWR HVWDUtD GLVSXHVWR D SDJDU HQ XQ EDU WHPiWLFR GH VX HTXLSR FRPRFRYHUSDJRDOHQWUDUHQHOEDUHQODHQWUDGD" BBBB BBBB BBB BBB 2WURVBBB ¢(VWDUtDGLVSXHVWRVHUVRFLRGHO%6&VLWXYLHUDXQEHQHILFLRHQXQEDU WHPiWLFR" 6LBBB 1RBBB ¢8VWHGHVWDUtDGLVSXHVWRDDSRUWDUPHQVXDOPHQWHFRQVXHTXLSR" 6LBBB 1RBBB ¢6L VX UHVSXHVWD IXH 6, FXDQWR HVWDUtD GLVSXHVWR DSRUWDU PHQVXDOPHQWH" BBBB BBBB BBB BBB BBB ¢4XpEHQHILFLRVOHJXVWDUtDHQFRQWUDUHQHOEDUWHPiWLFRGHO%DUFHORQD 6SRUWLQJ &OXE SRU VHU VRFLR" VHOHFFLyQ KDVWD GRV UHVSXHVWDV ODV SULQFLSDOHVSDUDXVWHG 'HVFXHQWRVHQSURGXFWRVGHOEDU BBB 0HUFKDQGLVLQJDXWRJUDILDGR BBB 'HVFXHQWRVHQHOFRYHUGHOEDU BBB 9LDMHVDYHUDOtGRORGRQGHMXHJXH BBB 'HVFXHQWRHQVXSHUPHUFDGRV BBB 'HVFXHQWRHQKRVSLWDOHV BBB ¢4XpSURGXFWRV\VHUYLFLRVTXLVLHUDTXHHOEDUWHPiWLFRGHO%DUFHORQD 6SRUWLQJ&OXEOHEULQGDUD"VHOHFFLyQGRVUHVSXHVWDVODVSULQFLSDOHVSDUD XVWHG 0XVHRGHOHTXLSR BBB 3ODWRVFRQQRPEUHVGHH[ILJXUDVBBB ,QYLWDUDH[MXJDGRUHV BBB 7HFQRORJtDGH~OWLPDJHQHUDFLyQ BBB %HELGDVFRQOHWUDVGHEDUUDV BBB 9DULHGDGGHFHUYH]DDUWHVDQDO BBB ¢(QTXpVHFWRUGHODFLXGDGGH4XLWROHJXVWDUtDTXHVHHQFXHQWUHHO EDUWHPiWLFRGHO%6&" 1RUWH BBB &KLOORV &HQWUR BBB &XPED\i BBB 6XU BBB BBB ¢3RU TXp PHGLR OH JXVWDUtD UHFLELU LQIRUPDFLyQ DFHUFD GHO EDU WHPiWLFR" ,QWHUQHWBBB 'RPLFLOLRBBB 7HOpIRQRFHOXODU BBB 3UHQVDBBB ¢/HJXVWDUtDHVWDULQIRUPDGRDFHUFDGHORVEHQHILFLRV\SURPRFLRQHV GHOEDUHQFDVRGHDEULUOR" 6LBBB 1RBBB /RV VLJXLHQWHV VRQ GDWRV GH LGHQWLILFDFLyQ \ VHUiQ FRQILGHQFLDOHV FRQ HVWRWHUPLQDPRVODHQFXHVWD (GDGBBBBBBBBBBBBBBB *pQHUR 0R) (PDLOBBBBBBBBBBBBBBBB 7HOpIRQR BBBBBBBBBBBBBBBB 1RPEUHBBBBBBBBBBBBBBB 6HFWRUGRQGH9LYHBBBBBBBBBBBBBBBB 0XFKDVJUDFLDVSRUVXSDUWLFLSDFLyQ $1(;2 5HFHWDVHVWiQGDUHV /$*5,0$6'(32//2 &2672 ,1*5(',(17(6 &$17,'$' 81,'$' 0$7(5,$ 35,0$ 3ROOR JU +XHYR XQLGDG 3DQUDOODGR JU 6DO RQ]D 3LPLHQWD RQ]D +RQJRV JU 0RVWD]D JU 0LHO JU 68%727$/ 7DEOD-DPyQ6HUUDQR ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 -DPyQ6HUUDQR JU 68%727$/ &RVWR7RWDO 3XOSRDOD*DOOHJD ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 3XOSR NJ 3DSDVPHGLDQD XQLGDG &HEROOD JU +RMDGHODXUHO XQLGDG 6DO RQ]D 6DOHQHVFDPDV RQ]D 3LPHQWyQGXOFH RQ]D DFHLWHGHROLYD FF 68%727$/ &DODPDUHV$SDQDGRV ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 &DODPDUHVFRUWDGRVHQDQLOORV JU +DULQDGHWULJR JU +XHYRV XQLGDG 3DQUDOODGR JU 6DO RQ]D 3LPLHQWD RQ]D $FHLWH FF 68%727$/ 3DSDV%UDYDV ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 3DSDV)ULWDV JU 'LHQWHVGH$MR JU $FHLWHGHROLYD FF 6DOVDGHWRPDWH JU 3LPLHQWD&D\HQD RQ]D &RxDF FF 3HUHMLO JU 3LPHQWyQSLFDQWH RQ]D 68%727$/ 0HMLOORQHVDOD0DULQHUD ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 0HMLOORQHV JU &HEROOD XQLGDG 'LHQWHVGHDMR XQLGDGHV 7RPDWH XQLGDG 6DOVDGHWRPDWH FXFKDUDGDV 3HUHMLOSLFDGR JU 9LQR%ODQFR WD]D 3LPHQWyQ'XOFH RQ]D 68%727$/ 7RUWLOOD(VSDxROD ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 3DSD XQLGDGHV +XHYR XQLGDGHV &HEROOD XQLGDG $FHLWHGHROLYD FF 3LPLHQWD RQ]D 6DO RQ]D 68%727$/ &KRFORFRQ4XHVR ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 &KRFORVWLHUQRV XQLGDGHV 4XHVRWLHUQR JU +DEDV7LHUQDV XQLGDGHV 68%727$/ 7DEODGH4XHVRV\-DPRQHV ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 -DPyQGHSROOR JU -DPyQGHSLHUQD JU 4XHVRPR]]DUHOOD JU 4XHVRPDGXUR JU 68%727$/ 1DFKR0H[LFDQR ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 1DFKR JU &DUQHPROLGD JU 7RPDWH JU $JXDFDWH JU &HEROOD JU /HFKXJD JU )UpMRO JU 68%727$/ 3DSDV0H[LFDQDV ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 3DSDV)ULWDV XQLGDGHV &DUQHPROLGD JU 7RPDWH JU $JXDFDWH JU &HEROOD JU /HFKXJD JU )UHMRO JU 68%727$/ +XHYRV5RWRV ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 3DSDV)ULWDV XQLGDGHV +XHYRV)ULWRV XQLGDGHV -DPy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yOLFDV &HUYH]D%DUULO ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 &HUYH]D%DUULO OLWUR 68%727$/ &RVWR7RWDO &HUYH]D6LQ$OFRKRO ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 %RWHOOD&HUYH]D PO 68%727$/ &RVWR7RWDO &HUYH]D$UWHVDQDO ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 9DVRGHFHUYH]D PO 68%727$/ &RVWR7RWDO 7LQWRGH9HUDQR ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 *DVHRVD PO 9LQR PO 5RGDMD1DUDQMDROLPyQ XQLGDG +LHORV XQLGDG 68%727$/ &RVWR7RWDO 6DQJUtD ,1*5(',(17(6 &$17,'$' 81,'$' &26720$35 $JXD7yQLFD PO 9LQR PO )UXWDV XQLGDG &DQHOD SDOR +LHORV XQLGDG 68%727$/ &RVWR7RWDO $1(;2 3ROtWLFDGHWHUPLQDFLyQGHOFRQWUDWRODERUDO &DStWXOR,; 'HODWHUPLQDFLyQGHOFRQWUDWRGHWUDEDMR $UW &DXVDV SDUD OD WHUPLQDFLyQ GHO FRQWUDWR LQGLYLGXDO (O FRQWUDWR LQGLYLGXDOGHWUDEDMRWHUPLQD 3RUODVFDXVDVOHJDOPHQWHSUHYLVWDVHQHOFRQWUDWR 3RUDFXHUGRGHODVSDUWHV 3RU OD FRQFOXVLyQ GH OD REUD SHUtRGR GH ODERU R VHUYLFLRV REMHWR GHO FRQWUDWR 3RUPXHUWHRLQFDSDFLGDGGHOHPSOHDGRURH[WLQFLyQGHODSHUVRQDMXUtGLFD FRQWUDWDQWH VL QR KXELHUH UHSUHVHQWDQWH OHJDO R VXFHVRU TXH FRQWLQ~H OD HPSUHVDRQHJRFLR 3RU PXHUWH GHO WUDEDMDGRU R LQFDSDFLGDG SHUPDQHQWH \ WRWDO SDUD HO WUDEDMR 3RU FDVR IRUWXLWR R IXHU]D PD\RU TXH LPSRVLELOLWHQ HO WUDEDMR FRPR LQFHQGLRWHUUHPRWRWHPSHVWDGH[SORVLyQSODJDVGHOFDPSRJXHUUD\HQ JHQHUDOFXDOTXLHURWURDFRQWHFLPLHQWRH[WUDRUGLQDULRTXHORVFRQWUDWDQWHV QRSXGLHURQSUHYHURTXHSUHYLVWRQRORSXGLHURQHYLWDU 3RUYROXQWDGGHOHPSOHDGRUHQORVFDVRVGHODUWtFXORGHHVWH&yGLJR 3RUYROXQWDGGHOWUDEDMDGRUVHJ~QHODUWtFXORGHHVWH&yGLJR\ 3RUGHVDKXFLR $1(;2 'HUHFKRV\UHVWULFFLRQHVGHDFFLRQLVWDVHLQYHUVRUHV '(5(&+26 2%/,*$&,21(6 < 5(63216$%,/,'$'(6 '( /26 62&,26 $UW (O FRQWUDWR VRFLDO HVWDEOHFHUi ORV GHUHFKRV GH ORV VRFLRV HQ ORV DFWRV GH OD FRPSDxtD HVSHFLDOPHQWH HQ FXDQWR D OD DGPLQLVWUDFLyQ FRPR WDPELpQ D OD IRUPD GH HMHUFHUORV VLHPSUH TXH QR VH RSRQJDQ D ODV GLVSRVLFLRQHV UHJDOHV 1RREVWDQWHFXDOTXLHUHVWLSXODFLyQFRQWUDFWXDOORVVRFLRVWHQGUiQORVVLJXLHQWHV GHUHFKRV D$ LQWHUYHQLU D WUDYpV GH DVDPEOHDV HQ WRGDV ODV GHFLVLRQHV \ GHOLEHUDFLRQHV GH OD FRPSDxtD SHUVRQDOPHQWH R SRU PHGLR GH UHSUHVHQWDQWH R PDQGDWDULR FRQVWLWXLGR HQ OD IRUPD TXH VH GHWHUPLQH HQ HOFRQWUDWR3DUDHIHFWRVGHODYRWDFLyQFDGDSDUWLFLSDFLyQGDUiDOVRFLR HOGHUHFKRDXQYRWR E$ SHUFLELU ORV EHQHILFLRV TXH OH FRUUHVSRQGDQ D SURUUDWD GH OD SDUWLFLSDFLyQ VRFLDO SDJDGD VLHPSUH TXH HQ HO FRQWUDWR VRFLDO QR VH KXELHUHGLVSXHVWRRWUDFRVDHQFXDQWRDODGLVWULEXFLyQGHODVJDQDQFLDV F$ TXH VH OLPLWH VX UHVSRQVDELOLGDG DO PRQWR GH VXV SDUWLFLSDFLRQHV VRFLDOHVVDOYRODVH[FHSFLRQHVTXHHQHVWD/H\VHH[SUHVDQ G$ QR GHYROYHU ORV LPSRUWHV TXH HQ FRQFHSWR GH JDQDQFLDV KXELHUHQ SHUFLELGRGHEXHQDIHSHURVLODVFDQWLGDGHVSHUFLELGDVHQHVWHFRQFHSWR QRFRUUHVSRQGLHUHQDEHQHILFLRVUHDOPHQWHREWHQLGRVHVWDUiQREOLJDGRVD UHLQWHJUDUODVDODFRPSDxtD H$QRVHUREOLJDGRVDODXPHQWRGHVXSDUWLFLSDFLyQVRFLDO 6LODFRPSDxtDDFRUGDUHHODXPHQWRGHFDSLWDOHOVRFLRWHQGUiGHUHFKRGH SUHIHUHQFLDHQHVHDXPHQWRHQSURSRUFLyQDVXVSDUWLFLSDFLRQHVVRFLDOHV VL HV TXH HQ HO FRQWUDWR FRQVWLWXWLYR R HQ ODV UHVROXFLRQHV GH OD MXQWD JHQHUDOGHVRFLRVQRVHFRQYLQLHUHRWUDFRVD I $VHUSUHIHULGRSDUDODDGTXLVLFLyQGHODVSDUWLFLSDFLRQHVFRUUHVSRQGLHQWHV DRWURVVRFLRVFXDQGRHOFRQWUDWRVRFLDORODMXQWDJHQHUDOSUHVFULEDQHVWH GHUHFKRHOFXDOVHHMHUFLWDUDSURUUDWDGHODVSDUWLFLSDFLRQHVTXHWXYLHUH J$ VROLFLWDU D OD MXQWD JHQHUDO OD UHYRFDFLyQ GH OD GHVLJQDFLyQ GH DGPLQLVWUDGRUHV R JHUHQWHV (VWH GHUHFKR VH HMHUFLWDUi VyOR FXDQGR FDXVDV JUDYHV OR KDJDQ LQGLVSHQVDEOH 6H FRQVLGHUDUiQ FRPR WDOHV HO IDOWDU JUDYHPHQWH D VX GHEHU UHDOL]DU D VDELHQGDV DFWRV LOHJDOHV QR FXPSOLUODVREOLJDFLRQHVHVWDEOHFLGDVSRUHO$UWRODLQFDSDFLGDGGH DGPLQLVWUDUHQGHELGDIRUPD K$ UHFXUULU D OD &RUWH 6XSHULRU GHO GLVWULWR LPSXJQDQGR ORV DFXHUGRV VRFLDOHVVLHPSUHTXHIXHUHQFRQWUDULDVDOD/H\RDORVHVWDWXWRV (QHVWHFDVRVHHVWDUiDORGLVSXHVWRHQORV$UWV\HQORTXH IXHUHQDSOLFDEOHV L $ SHGLU FRQYRFDWRULD D MXQWD JHQHUDO HQ ORV FDVRV GHWHUPLQDGRV SRU OD SUHVHQWH/H\(VWHGHUHFKRORHMHUFLWDUiQFXDQGRODVDSRUWDFLRQHVGHORV VROLFLWDQWHVUHSUHVHQWHQQRPHQRVGHODGpFLPDSDUWHGHOFDSLWDOVRFLDO\ M $HMHUFHUHQFRQWUDGHJHUHQWHVRDGPLQLVWUDGRUHVODDFFLyQGHUHLQWHJUR GHOSDWULPRQLRVRFLDO(VWDDFFLyQQRSRGUiHMHUFLWDUODVLODMXQWDJHQHUDO DSUREyODVFXHQWDVGHORVJHUHQWHVRDGPLQLVWUDGRUHV $UW 6RQREOLJDFLRQHVGHORVVRFLRV D3DJDUDODFRPSDxtDODSDUWLFLSDFLyQVXVFULWD6LQRORKLFLHUHQGHQWURGHO SOD]RHVWLSXODGRHQHOFRQWUDWRRHQVXGHIHFWRGHOSUHYLVWRHQOD/H\OD FRPSDxtD SRGUi VHJ~Q ORV FDVHV \ DWHQGLGD OD QDWXUDOH]D GH OD DSRUWDFLyQQRHIHFWXDGDGHGXFLUODVDFFLRQHVHVWDEOHFLGDVHQHO$UW GHHVWD/H\ E&XPSOLUORVGHEHUHVTXHDORVVRFLRVLPSXVLHUHHOFRQWUDWRVRFLDO F$EVWHQHUVH GH OD UHDOL]DFLyQ GH WRGR DFWR TXH LPSOLTXH LQMHUHQFLD HQ OD DGPLQLVWUDFLyQ G5HVSRQGHUVROLGDULDPHQWHGHODH[DFWLWXGGHODVGHFODUDFLRQHVFRQWHQLGDV HQHOFRQWUDWRGHFRQVWLWXFLyQGHODFRPSDxtD\GHPRGRHVSHFLDOGHODV GHFODUDFLRQHV UHODWLYDV DO SDJR GH ODV DSRUWDFLRQHV \ DO YDORU GH ORV ELHQHVDSRUWDGRV H&XPSOLU ODV SUHVWDFLRQHV DFFHVRULDV \ ODV DSRUWDFLRQHV VXSOHPHQWDULDV SUHYLVWDV HQ HO FRQWUDWR VRFLDO 4XHGD SURKLELGR SDFWDU SUHVWDFLRQHV DFFHVRULDVFRQVLVWHQWHVHQWUDEDMRRHQVHUYLFLRSHUVRQDOGHORVVRFLRV I 5HVSRQGHU VROLGDULD H LOLPLWDGDPHQWH DQWH WHUFHURV SRU OD IDOWD GH SXEOLFDFLyQHLQVFULSFLyQGHOFRQWUDWRVRFLDO\ J5HVSRQGHU DQWH OD FRPSDxtD \ WHUFHURV VL IXHUHQ H[FOXLGRV SRU ODV SpUGLGDVTXHVXIULHUHQSRUODIDOWDGHFDSLWDOVXVFULWR\QRSDJDGRRSRUOD VXPD GH DSRUWHV UHFODPDGRV FRQ SRVWHULRULGDG VREUH OD SDUWLFLSDFLyQ VRFLDO /D UHVSRQVDELOLGDG GH ORV VRFLRV VH OLPLWDUi DO YDORU GH VXV SDUWLFLSDFLRQHV VRFLDOHV DO GH ODV SUHVWDFLRQHV DFFHVRULDV \ DSRUWDFLRQHV VXSOHPHQWDULDV HQ OD SURSRUFLyQ TXH VH KXELHUH HVWDEOHFLGR HQ HO FRQWUDWR VRFLDO /DV DSRUWDFLRQHVVXSOHPHQWDULDVQRDIHFWDQDODUHVSRQVDELOLGDGGHORVVRFLRVDQWH WHUFHURVVLQRGHVGHHOPRPHQWRHQTXHODFRPSDxtDSRUUHVROXFLyQLQVFULWD\ SXEOLFDGD KD\D GHFLGLGR VX SDJR 1R FXPSOLGRV HVWRV UHTXLVLWRV HOOD QR HV H[LJLEOHQLD~QHQHOFDVRGHOLTXLGDFLyQRTXLHEUDGHODFRPSDxtD $1(;2 )LQDQFLHUR ,QYHUVLyQ,QLFLDO MAQUINARIA Ítem Cantidad (unidades) Costo Unitario CocinaIndustrial(4hornilla Horno Refrigeradora Congeladora Freidora MesaAceroinoxidable Extractor TinasdeLavado Licuadoras Peladorpapasyvegetales Juegoollas28(piezas) Sartén Pinzas Pyrex Espátula Juegodecuchillos MáquinadeHielo Rallador Abrelatas Extintorpequeño Afilador 1 1 1 1 1 2 1 2 2 1 1 4 2 2 2 1 1 1 1 2 1 $2.500,00 $2.500,00 $2.000,00 $1.000,00 $1.300,00 $500,00 $650,00 $30,00 $120,00 $610,00 $650,00 $40,00 $10,00 $20,00 $10,00 $70,00 $400,00 $20,00 $20,00 $100,00 $15,00 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 250,00 250,00 200,00 100,00 130,00 50,00 65,00 3,00 12,00 61,00 65,00 4,00 1,00 2,00 1,00 7,00 40,00 2,00 2,00 10,00 1,50 Valorde mercadoal findel proyecto 250,00 250,00 200,00 100,00 130,00 100,00 65,00 6,00 24,00 30,50 32,50 8,00 1,00 Ͳ Ͳ 3,50 80,00 Ͳ Ͳ 10,00 Ͳ Valorde rescate unitario Valorde mercado unitario VidaÚtil CostoTotal (años) 2.500,00 2.500,00 2.000,00 1.000,00 1.300,00 1.000,00 650,00 60,00 240,00 610,00 650,00 160,00 20,00 40,00 20,00 70,00 400,00 20,00 20,00 200,00 15,00 Valorde rescate unitario MUEBLESYENSERES Equipo Cantidad (unidades) Costo Unitario CostoTotal VidaÚtil (años) Sillasparamesas Barraparabar Taburetesdelabarra Salalounge PantallasLED52" Mesasmadera uegodecubiertos12persona Teléfono Sistemasonido Caja Sillasparacaja Proyector 92 1 21 1 6 28 4 1 1 2 2 1 $30,00 $1.500,00 $65,00 $400,00 $1.200,00 $80,00 $200,00 $60,00 $1.200,00 $800,00 $120,00 $500,00 2.760,00 1.500,00 1.365,00 400,00 7.200,00 2.240,00 800,00 60,00 1.200,00 1.600,00 240,00 500,00 5 5 5 5 5 5 5 5 5 5 5 5 250,00 15,00 250,00 300,00 20,00 35,00 100,00 150,00 130,00 400,00 50,00 45,00 65,00 80,00 3,00 6,00 12,00 120,00 61,00 160,00 65,00 24,00 4,00 280,00 ADECUACIONES Equipo Cantidad (unidades) Costo Unitario CostoTotal VidaÚtil (años) CONSTRUCCIONYDECORACION 1 20.000,00 20.000,00 5 ACTIVOSINTANGIBLES Equipo Cantidad (unidades) Costo Unitario CostoTotal VidaÚtil (años) FacturaciónYCrm 1 9.000,00 9.000,00 5 Valorde rescate unitario 2.000,00 $1(;2 ,QJUHVRV (VFHQDULR1RUPDO AÑO Incremento Entradas Bebidas Alcoholicas Bebidas Refrescantes Covers TOTAL AÑO Incremento Entradas Bebidas Alcoholicas Bebidas Refrescantes 2016 2017 2018 2019 2020 10.125 14.680 11.611 11.965 13.357 13.889 15.104 13.941 13.978 16.996 8.817 9.269 8.847 9.019 9.902 16.247 23.662 26.568 29.367 32.785 49.079 62.715 60.967 64.329 73.041 2016 2017 2018 2019 2020 8,63 9,35 10,23 11,30 12,62 3,46 3,75 4,10 4,53 5,06 TOTAL 2,30 2,49 2,73 3,01 3,37 5,05 5,47 5,98 6,61 7,38 19 21 23 25 28 TOTAL 237.737,70 Covers 346.346,90 358.925,45 419.928,39 529.861,79 (VFHQDULR2SWLPLVWD AÑO Incremento Entradas BebidasAlcoholicas BebidasRefrescantes Covers TOTAL 2016 2017 2018 2019 2020 10.695 16.460 10.260 16.428 53.844 16.273 16.656 10.275 24.869 68.073 13.335 17.691 11.385 39.650 82.060 13.054 15.150 10.240 53.899 92.343 14.319 17.901 10.203 59.124 101.547 AÑO Incremento Entradas BebidasAlcoholicas BebidasRefrescantes Covers TOTAL 2016 2017 2018 2019 2020 8,63 3,46 2,30 5,05 19 9,51 3,82 2,54 5,56 21 11,62 4,66 3,10 6,80 26 13,43 5,39 3,58 7,85 30 13,72 5,51 3,66 8,02 31 TOTAL 255.779,17 382.800,91 542.147,09 716.980,22 806.836,81 (VFHQDULR3HVLPLVWD AÑO Incremento Entradas Bebidas Alcoholica s Bebidas Refrescant es Covers TOTAL 2016 2017 2018 2020 7.603 9.659 10.973 11.092 11.485 9.094 11.554 13.126 13.268 13.737 6.621 8.411 9.556 9.659 10.001 6.366 8.088 9.188 9.288 9.616 29.684 37.713 42.843 43.307 44.839 AÑO Incremento Entradas Bebidas Alcoholica s Bebidas Refrescant es Covers TOTAL 2016 2017 2018 2019 2020 2,30 2,54 3,10 3,58 3,66 5,05 5,56 6,80 7,85 8,02 19 21 26 30 31 TOTAL 144.445,73 8,63 9,51 11,62 13,43 13,72 3,46 3,82 4,66 5,39 5,51 202.324,71 280.748,74 2019 328.013,77 346.987,53 $1(;2 &RVWRV)LMRV DATOS Suministros Seguromaquinaria Mantenimientoyreparaciones Serviciosbásicos Gastoarriendo GastoPublicidad Promocion 10%delCoveralB.S.C Gastosdeconstitución $10,00 $321,00 $50,00 $440,00 $1.800,00 $543,33 20%ventas 10%cover $2.500,00 mensuales mensuales mensuales mensuales mensuales mensuales mensuales mensuales unsolopago AÑO Incremento GastosSuministrosdeOficina Segurosdemaquinaria Mantenimientoyreparaciones Serviciosbásicos Gastoarriendo Publicidad 10%delCoveralB.S.C Guardiania 20%Promocion GastosdeConstitución 2016 2017 2018 2019 2020 120 3.852 600 5.280 21.600 17.160 8.218 14.400 31.175 2.500 124 3.852 622 5.474 22.393 10.960 12.949 14.400 43.438 Ͳ 129 3.852 645 5.675 23.215 10.960 15.902 14.400 40.112 Ͳ 134 3.852 669 5.883 24.067 10.960 19.433 14.400 45.230 Ͳ 139 3.852 693 6.099 24.950 10.960 24.227 14.400 57.663 Ͳ TOTAL $104.905,07 $114.212,52 $114.888,60 $124.626,63 $142.982,88 Publicidad Fiesta Facebook Socialtool DiseñoPaginaweb Mantenimientopágina Merchandising Flyers Twitter total $5.000,00 $3.600,00 $720,00 $1.200,00 $2.640,00 $1.800,00 $1.000,00 $1.200,00 $17.160,00 unavez mensuales mensuales unavez mensuales 6vecezalaño unavez mansual Serviciosbásicos Teléfono $50,00 Gas $60,00 Internet $70,00 Directv $90,00 Electricidad $90,00 Agua $80,00 total $440,00 mensuales mensuales mensuales mensuales mensuales mensuales mensual $1(;2 'HSUHFLDFLyQ PERIODO Inicial 0 CocinaIndustrial(4hornillas) Costodecompra 2.500,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 2.500,00 Inicial PERIODO 0 Horno Costodecompra 2.500,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 2.500,00 Inicial PERIODO 0 Refrigeradora Costodecompra 2.000,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 2.000,00 Inicial PERIODO 0 Congeladora Costodecompra 1.000,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 1.000,00 Inicial PERIODO 0 Freidora Costodecompra 1.300,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 1.300,00 Inicial PERIODO 0 MesaAceroinoxidable Costodecompra 500,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 500,00 Inicial PERIODO 0 Extractor Costodecompra 650,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 650,00 Inicial PERIODO 0 TinasdeLavado Costodecompra 30,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 30,00 Inicial PERIODO 0 Licuadoras Costodecompra 120,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 120,00 Inicial PERIODO 0 Peladorpapasyvegetales Costodecompra 610,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 610,00 Año2 Año1 1 12 13 Año3 24 25 Año4 36 37 Año5 48 49 60 2.500,00 2.500,00 37,50 37,50 37,50 450,00 2.462,50 2.050,00 Año1 1 12 2.500,00 2.500,00 37,50 37,50 487,50 900,00 2.012,50 1.600,00 Año2 13 24 2.500,00 2.500,00 37,50 37,50 937,50 1.350,00 1.562,50 1.150,00 Año3 25 36 2.500,00 2.500,00 37,50 37,50 1.387,50 1.800,00 1.112,50 700,00 Año4 37 48 2.500,00 2.500,00 37,50 37,50 1.837,50 2.250,00 662,50 250,00 Año5 49 60 2.500,00 2.500,00 37,50 37,50 37,50 450,00 2.462,50 2.050,00 Año1 1 12 2.500,00 2.500,00 37,50 37,50 487,50 900,00 2.012,50 1.600,00 Año2 13 24 2.500,00 2.500,00 37,50 37,50 937,50 1.350,00 1.562,50 1.150,00 Año3 25 36 2.500,00 2.500,00 37,50 37,50 1.387,50 1.800,00 1.112,50 700,00 Año4 37 48 2.500,00 2.500,00 37,50 37,50 1.837,50 2.250,00 662,50 250,00 Año5 49 60 2.000,00 2.000,00 30,00 30,00 30,00 360,00 1.970,00 1.640,00 Año1 1 12 2.000,00 2.000,00 30,00 30,00 390,00 720,00 1.610,00 1.280,00 Año2 13 24 2.000,00 2.000,00 30,00 30,00 750,00 1.080,00 1.250,00 920,00 Año3 25 36 2.000,00 2.000,00 30,00 30,00 1.110,00 1.440,00 890,00 560,00 Año4 37 48 2.000,00 2.000,00 30,00 30,00 1.470,00 1.800,00 530,00 200,00 Año5 49 60 1.000,00 1.000,00 15,00 15,00 15,00 180,00 985,00 820,00 Año1 1 12 1.000,00 1.000,00 15,00 15,00 195,00 360,00 805,00 640,00 Año2 13 24 1.000,00 1.000,00 15,00 15,00 375,00 540,00 625,00 460,00 Año3 25 36 1.000,00 1.000,00 15,00 15,00 555,00 720,00 445,00 280,00 Año4 37 48 1.000,00 1.000,00 15,00 15,00 735,00 900,00 265,00 100,00 Año5 49 60 1.300,00 1.300,00 19,50 19,50 19,50 234,00 1.280,50 1.066,00 Año1 1 12 1.300,00 1.300,00 19,50 19,50 253,50 468,00 1.046,50 832,00 Año2 13 24 1.300,00 1.300,00 19,50 19,50 487,50 702,00 812,50 598,00 Año3 25 36 1.300,00 1.300,00 19,50 19,50 721,50 936,00 578,50 364,00 Año4 37 48 1.300,00 1.300,00 19,50 19,50 955,50 1.170,00 344,50 130,00 Año5 49 60 500,00 500,00 7,50 7,50 7,50 90,00 492,50 410,00 Año1 1 12 500,00 500,00 7,50 7,50 97,50 180,00 402,50 320,00 Año2 13 24 500,00 500,00 7,50 7,50 187,50 270,00 312,50 230,00 Año3 25 36 500,00 500,00 7,50 7,50 277,50 360,00 222,50 140,00 Año4 37 48 500,00 500,00 7,50 7,50 367,50 450,00 132,50 50,00 Año5 49 60 650,00 650,00 9,75 9,75 9,75 117,00 640,25 533,00 Año1 1 12 650,00 650,00 9,75 9,75 126,75 234,00 523,25 416,00 Año2 13 24 650,00 650,00 9,75 9,75 243,75 351,00 406,25 299,00 Año3 25 36 650,00 650,00 9,75 9,75 360,75 468,00 289,25 182,00 Año4 37 48 650,00 650,00 9,75 9,75 477,75 585,00 172,25 65,00 Año5 49 60 30,00 30,00 0,45 0,30 0,45 3,75 29,55 26,25 Año1 1 12 30,00 30,00 0,30 0,30 4,05 7,35 25,95 22,65 Año2 13 24 30,00 30,00 0,30 0,30 7,65 10,95 22,35 19,05 Año3 25 36 30,00 30,00 0,30 0,30 11,25 14,55 18,75 15,45 Año4 37 48 30,00 30,00 0,30 0,30 14,85 18,15 15,15 11,85 Año5 49 60 120,00 120,00 1,80 1,80 1,80 21,60 118,20 98,40 Año1 1 12 120,00 120,00 1,80 1,80 23,40 43,20 96,60 76,80 Año2 13 24 120,00 120,00 1,80 1,80 45,00 64,80 75,00 55,20 Año3 25 36 120,00 120,00 1,80 1,80 66,60 86,40 53,40 33,60 Año4 37 48 120,00 120,00 1,80 1,80 88,20 108,00 31,80 12,00 Año5 49 60 610,00 9,15 9,15 600,85 610,00 9,15 118,95 491,05 610,00 9,15 228,75 381,25 610,00 9,15 338,55 271,45 610,00 9,15 448,35 161,65 610,00 9,15 109,80 500,20 610,00 9,15 219,60 390,40 610,00 9,15 329,40 280,60 610,00 9,15 439,20 170,80 610,00 9,15 549,00 61,00 PERIODO Juegoollas28(piezas) Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Sartén Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Pinzas Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Pyrex Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Espátula Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Juegodecuchillos Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO MáquinadeHielo Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Rallador Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Abrelatas Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Extintorpequeño Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Afilador Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros Inicial 0 Año1 1 Año2 12 13 Año3 24 25 Año4 36 37 Año5 48 49 60 650,00 650,00 650,00 9,75 9,75 Ͳ 9,75 117,00 650,00 640,25 533,00 Inicial Año1 0 1 12 650,00 650,00 9,75 9,75 126,75 234,00 523,25 416,00 Año2 13 24 650,00 650,00 9,75 9,75 243,75 351,00 406,25 299,00 Año3 25 36 650,00 650,00 9,75 9,75 360,75 468,00 289,25 182,00 Año4 37 48 650,00 650,00 9,75 9,75 477,75 585,00 172,25 65,00 Año5 49 60 40,00 40,00 40,00 0,60 0,60 Ͳ 0,60 7,20 40,00 39,40 32,80 Inicial Año1 0 1 12 40,00 40,00 0,60 0,60 7,80 14,40 32,20 25,60 Año2 13 24 40,00 40,00 0,60 0,60 15,00 21,60 25,00 18,40 Año3 25 36 40,00 40,00 0,60 0,60 22,20 28,80 17,80 11,20 Año4 37 48 40,00 40,00 0,60 0,60 29,40 36,00 10,60 4,00 Año5 49 60 10,00 10,00 10,00 0,15 0,15 Ͳ 0,15 1,80 10,00 9,85 8,20 Inicial Año1 0 1 12 10,00 10,00 0,15 0,15 1,95 3,60 8,05 6,40 Año2 13 24 10,00 10,00 0,15 0,15 3,75 5,40 6,25 4,60 Año3 25 36 10,00 10,00 0,15 0,15 5,55 7,20 4,45 2,80 Año4 37 48 10,00 10,00 0,15 0,15 7,35 9,00 2,65 1,00 Año5 49 60 20,00 20,00 20,00 0,30 0,30 Ͳ 0,30 3,60 20,00 19,70 16,40 Año1 Inicial 0 1 12 20,00 20,00 0,30 0,30 3,90 7,20 16,10 12,80 Año2 13 24 20,00 20,00 0,30 0,30 7,50 10,80 12,50 9,20 Año3 25 36 20,00 20,00 0,30 0,30 11,10 14,40 8,90 5,60 Año4 37 48 20,00 20,00 0,30 0,30 14,70 18,00 5,30 2,00 Año5 49 60 10,00 10,00 10,00 0,15 0,15 Ͳ 0,15 1,80 10,00 9,85 8,20 Inicial Año1 0 1 12 10,00 10,00 0,15 0,15 1,95 3,60 8,05 6,40 Año2 13 24 10,00 10,00 0,15 0,15 3,75 5,40 6,25 4,60 Año3 25 36 10,00 10,00 0,15 0,15 5,55 7,20 4,45 2,80 Año4 37 48 10,00 10,00 0,15 0,15 7,35 9,00 2,65 1,00 Año5 49 60 70,00 70,00 70,00 1,05 1,05 Ͳ 1,05 12,60 70,00 68,95 57,40 Inicial Año1 0 1 12 70,00 70,00 1,05 1,05 13,65 25,20 56,35 44,80 Año2 13 24 70,00 70,00 1,05 1,05 26,25 37,80 43,75 32,20 Año3 25 36 70,00 70,00 1,05 1,05 38,85 50,40 31,15 19,60 Año4 37 48 70,00 70,00 1,05 1,05 51,45 63,00 18,55 7,00 Año5 49 60 400,00 400,00 400,00 6,00 6,00 Ͳ 6,00 72,00 400,00 394,00 328,00 Inicial Año1 0 1 12 400,00 400,00 6,00 6,00 78,00 144,00 322,00 256,00 Año2 13 24 400,00 400,00 6,00 6,00 150,00 216,00 250,00 184,00 Año3 25 36 400,00 400,00 6,00 6,00 222,00 288,00 178,00 112,00 Año4 37 48 400,00 400,00 6,00 6,00 294,00 360,00 106,00 40,00 Año5 49 60 20,00 20,00 20,00 0,30 0,30 Ͳ 0,30 3,60 20,00 19,70 16,40 Año1 Inicial 0 1 12 20,00 20,00 0,30 0,30 3,90 7,20 16,10 12,80 Año2 13 24 20,00 20,00 0,30 0,30 7,50 10,80 12,50 9,20 Año3 25 36 20,00 20,00 0,30 0,30 11,10 14,40 8,90 5,60 Año4 37 48 20,00 20,00 0,30 0,30 14,70 18,00 5,30 2,00 Año5 49 60 20,00 20,00 20,00 0,30 0,30 Ͳ 0,30 3,60 20,00 19,70 16,40 Año1 Inicial 0 1 12 20,00 20,00 0,30 0,30 3,90 7,20 16,10 12,80 Año2 13 24 20,00 20,00 0,30 0,30 7,50 10,80 12,50 9,20 Año3 25 36 20,00 20,00 0,30 0,30 11,10 14,40 8,90 5,60 Año4 37 48 20,00 20,00 0,30 0,30 14,70 18,00 5,30 2,00 Año5 49 60 100,00 100,00 100,00 1,50 1,50 Ͳ 1,50 18,00 100,00 98,50 82,00 Año1 Inicial 0 1 12 100,00 100,00 1,50 1,50 19,50 36,00 80,50 64,00 Año2 13 24 100,00 100,00 1,50 1,50 37,50 54,00 62,50 46,00 Año3 25 36 100,00 100,00 1,50 1,50 55,50 72,00 44,50 28,00 Año4 37 48 100,00 100,00 1,50 1,50 73,50 90,00 26,50 10,00 Año5 49 60 15,00 15,00 0,23 Ͳ 0,23 15,00 14,78 15,00 0,23 2,93 12,08 15,00 0,23 5,63 9,38 15,00 0,23 8,32 6,68 15,00 0,23 11,03 3,98 15,00 0,23 2,70 12,30 15,00 0,23 5,40 9,60 15,00 0,23 8,10 6,90 15,00 0,23 10,80 4,20 15,00 0,23 13,50 1,50 PERIODO Sillasparamesas Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros Año1 1 Año3 Año2 12 13 24 25 Año5 Año4 36 37 48 49 60 30,00 30,00 30,00 (337,33) (337,33) Ͳ (337,33) (4.048,00) 30,00 367,33 4.078,00 Año1 Inicial 0 1 12 30,00 30,00 (337,33) (337,33) (4.385,33) (8.096,00) 4.415,33 8.126,00 Año2 13 24 30,00 30,00 (337,33) (337,33) (8.433,33) (12.144,00) 8.463,33 12.174,00 Año3 25 36 $30,00 $30,00 (337,33) (337,33) (12.481,33) (16.192,00) 12.511,33 16.222,00 Año4 37 48 $30,00 $30,00 (337,33) (337,33) (16.529,33) (20.240,00) 16.559,33 20.270,00 Año5 49 60 1.500,00 1.500,00 1.500,00 20,83 20,83 Ͳ 20,83 250,00 1.500,00 1.479,17 1.250,00 Año1 Inicial 0 1 12 1.500,00 1.500,00 20,83 20,83 270,83 500,00 1.229,17 1.000,00 Año2 13 24 1.500,00 1.500,00 20,83 20,83 520,83 750,00 979,17 750,00 Año3 25 36 $1.500,00 $1.500,00 20,83 20,83 770,83 1.000,00 729,17 500,00 Año4 37 48 $1.500,00 $1.500,00 20,83 20,83 1.020,83 1.250,00 479,17 250,00 Año5 49 60 65,00 65,00 65,00 15,75 15,75 Ͳ 15,75 189,00 65,00 49,25 (124,00) Año1 Inicial 0 1 12 65,00 65,00 15,75 15,75 204,75 378,00 (139,75) (313,00) Año2 13 24 65,00 65,00 15,75 15,75 393,75 567,00 (328,75) (502,00) Año3 25 36 $65,00 $65,00 15,75 15,75 582,75 756,00 (517,75) (691,00) Año4 37 48 $65,00 $65,00 15,75 15,75 771,75 945,00 (706,75) (880,00) Año5 49 60 400,00 400,00 400,00 5,00 5,00 Ͳ 5,00 60,00 400,00 395,00 340,00 Inicial Año1 0 1 12 400,00 400,00 5,00 5,00 65,00 120,00 335,00 280,00 Año2 13 24 400,00 400,00 5,00 5,00 125,00 180,00 275,00 220,00 Año3 25 36 $400,00 $400,00 5,00 5,00 185,00 240,00 215,00 160,00 Año4 37 48 $400,00 $400,00 5,00 5,00 245,00 300,00 155,00 100,00 Año5 49 60 1.200,00 1.200,00 1.200,00 107,00 107,00 Ͳ 107,00 1.284,00 1.200,00 1.093,00 (84,00) Año1 Inicial 0 1 12 1.200,00 1.200,00 107,00 107,00 1.391,00 2.568,00 (191,00) (1.368,00) Año2 13 24 1.200,00 1.200,00 107,00 107,00 2.675,00 3.852,00 (1.475,00) (2.652,00) Año3 25 36 $1.200,00 $1.200,00 107,00 107,00 3.959,00 5.136,00 (2.759,00) (3.936,00) Año4 37 48 $1.200,00 $1.200,00 107,00 107,00 5.243,00 6.420,00 (4.043,00) (5.220,00) Año5 49 60 80,00 80,00 80,00 14,00 14,00 Ͳ 14,00 168,00 80,00 66,00 (88,00) Inicial Año1 PERIODO 0 1 12 Juegodecubiertos12personas Costodecompra 200,00 200,00 200,00 Gastodedepreciación 9,00 9,00 DepreciaciónAcum Ͳ 9,00 108,00 Valorenlibros 200,00 191,00 92,00 Inicial Año1 PERIODO 0 1 12 Teléfono Costodecompra 60,00 60,00 60,00 Gastodedepreciación 0,95 0,95 DepreciaciónAcum Ͳ 0,95 11,40 Valorenlibros 60,00 59,05 48,60 Año1 Inicial PERIODO 0 1 12 Sistemasonido Costodecompra 1.200,00 1.200,00 1.200,00 Gastodedepreciación 19,80 19,80 DepreciaciónAcum Ͳ 19,80 237,60 Valorenlibros 1.200,00 1.180,20 962,40 Año1 Inicial PERIODO 0 1 12 Caja Costodecompra 800,00 800,00 800,00 Gastodedepreciación 24,63 24,63 DepreciaciónAcum Ͳ 24,63 295,60 Valorenlibros 800,00 775,37 504,40 Inicial Año1 PERIODO 0 1 12 Sillasparacaja Costodecompra 120,00 120,00 120,00 Gastodedepreciación 1,83 1,83 DepreciaciónAcum Ͳ 1,83 22,00 Valorenlibros 120,00 118,17 98,00 Inicial Año1 PERIODO 0 1 12 Proyector Costodecompra 500,00 500,00 500,00 Gastodedepreciación 8,27 8,27 DepreciaciónAcum Ͳ 8,27 99,20 Valorenlibros 500,00 491,73 400,80 80,00 80,00 14,00 14,00 182,00 336,00 (102,00) (256,00) Año2 13 24 80,00 80,00 14,00 14,00 350,00 504,00 (270,00) (424,00) Año3 25 36 $80,00 $80,00 14,00 14,00 518,00 672,00 (438,00) (592,00) Año4 37 48 $80,00 $80,00 14,00 14,00 686,00 840,00 (606,00) (760,00) Año5 49 60 200,00 200,00 9,00 9,00 117,00 216,00 83,00 (16,00) Año2 13 24 200,00 200,00 9,00 9,00 225,00 324,00 (25,00) (124,00) Año3 25 36 $200,00 $200,00 9,00 9,00 333,00 432,00 (133,00) (232,00) Año4 37 48 $200,00 $200,00 9,00 9,00 441,00 540,00 (241,00) (340,00) Año5 49 60 60,00 60,00 0,95 0,95 12,35 22,80 47,65 37,20 Año2 13 24 60,00 60,00 0,95 0,95 23,75 34,20 36,25 25,80 Año3 25 36 $60,00 $60,00 0,95 0,95 35,15 45,60 24,85 14,40 Año4 37 48 $60,00 $60,00 0,95 0,95 46,55 57,00 13,45 3,00 Año5 49 60 1.200,00 1.200,00 19,80 19,80 257,40 475,20 942,60 724,80 Año2 13 24 1.200,00 1.200,00 19,80 19,80 495,00 712,80 705,00 487,20 Año3 25 36 $1.200,00 $1.200,00 19,80 19,80 732,60 950,40 467,40 249,60 Año4 37 48 $1.200,00 $1.200,00 19,80 19,80 970,20 1.188,00 229,80 12,00 Año5 49 60 800,00 800,00 24,63 24,63 320,23 591,20 479,77 208,80 Año2 13 24 800,00 800,00 24,63 24,63 615,83 886,80 184,17 (86,80) Año3 25 36 $800,00 $800,00 24,63 24,63 911,43 1.182,40 (111,43) (382,40) Año4 37 48 $800,00 $800,00 24,63 24,63 1.207,03 1.478,00 (407,03) (678,00) Año5 49 60 120,00 120,00 1,83 1,83 23,83 44,00 96,17 76,00 Año2 13 24 120,00 120,00 1,83 1,83 45,83 66,00 74,17 54,00 Año3 25 36 $120,00 $120,00 1,83 1,83 67,83 88,00 52,17 32,00 Año4 37 48 $120,00 $120,00 1,83 1,83 89,83 110,00 30,17 10,00 Año5 49 60 500,00 8,27 107,47 392,53 500,00 8,27 206,67 293,33 $500,00 8,27 305,87 194,13 $500,00 8,27 405,07 94,93 PERIODO Barraparabar Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Taburetesdelabarra Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Salalounge Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO PantallasLED52" Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros PERIODO Mesasmadera Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros Inicial 0 500,00 8,27 198,40 301,60 500,00 8,27 297,60 202,40 $500,00 8,27 396,80 103,20 $500,00 8,27 496,00 4,00 Equipo Cantidad (unidades) Costo Unitario CONSTRUCCIONYDECORACION 1 20.000,00 PERIODO Inicial 0 1 12 13 24 25 36 37 48 49 60 20.000,00 333,33 333,33 19.666,67 20.000,00 333,33 4.000,00 16.000,00 20.000,00 333,33 4.333,33 15.666,67 20.000,00 333,33 8.000,00 12.000,00 20.000,00 333,33 8.333,33 11.666,67 20.000,00 333,33 12.000,00 8.000,00 $20.000,00 333,33 12.333,33 7.666,67 $20.000,00 333,33 16.000,00 4.000,00 $20.000,00 333,33 16.333,33 3.666,67 $20.000,00 333,33 20.000,00 Ͳ Año1 CONSTRUCCIONYDECORACION Costodecompra 20.000,00 Gastodedepreciación DepreciaciónAcum Ͳ Valorenlibros 20.000,00 Año2 Año3 Año4 Año5 ACTIVOSINTANGIBLES Equipo Cantidad (unidades) Costo Unitario FacturaciónYCrm 1 9.000,00 PERIODO Inicial 0 1 FacturaciónYCrm Costodecompra Gastodedepreciación DepreciaciónAcum Valorenlibros Año1 9.000,00 9.000,00 116,67 Ͳ 116,67 9.000,00 8.883,33 Año2 Año3 Año4 Año5 12 13 24 25 36 37 48 49 60 9.000,00 116,67 1.400,00 7.600,00 9.000,00 116,67 1.516,67 7.483,33 9.000,00 116,67 2.800,00 6.200,00 9.000,00 116,67 2.916,67 6.083,33 9.000,00 116,67 4.200,00 4.800,00 $9.000,00 116,67 4.316,67 4.683,33 $9.000,00 116,67 5.600,00 3.400,00 $9.000,00 116,67 5.716,67 3.283,33 $9.000,00 116,67 7.000,00 2.000,00 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 RESUMENPROPIEDAD,PLANTAYEQUIPO TOTALESACTIVOSNOCORRIENTES Maquinaria 13.475,00 MueblesyEnseres 19.865,00 ConstrucciónyAdecuación 20.000,00 ActivosTangibles 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 CostodeDepreciación(C.I.F) Ͳ GastodeDepreciación Ͳ 188,48 188,33 188,33 188,33 188,33 188,33 188,33 188,33 188,33 188,33 11,00 132,00 143,00 264,00 275,00 396,00 407,00 528,00 539,00 660,00 Depreciaciónmensualtotal $Ͳ $199,48 $320,33 $331,33 $452,33 $463,33 $584,33 $595,33 $716,33 $727,33 $848,33 Depreciaciónacumuladatota $Ͳ $194,88 $2.336,85 $2.531,58 $4.673,55 $4.868,28 $7.010,25 $7.204,97 $9.346,95 $9.541,67 $11.683,65 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 13.475,00 19.865,00 20.000,00 9.000,00 $1(;2 3UR\HFFLyQGHO(VWDGRGH5HVXOWDGRV (VWDGRGH5HVXOWDGRV2SWLPLVWD ESTADODERESULTADOSPROYECTADOͲANUAL (Ͳ) (=) (Ͳ) (Ͳ) (Ͳ) (Ͳ) (=) (Ͳ) (=) (Ͳ) (=) (Ͳ) (=) Ventas Costodelosproductosvendidos UTILIDADBRUTA Gastossueldos Gastosgenerales Gastosdedepreciación Gastosdeamortización UTILIDADANTESDEINTERESESEIMPUESTOSYPARTICIP. Gastosdeintereses UTILIDADANTESDEIMPUESTOSYPARTICIPACIÓN 15%PARTICIPACIÓNTRABAJADORES UTILIDADANTESDEIMPUESTOS 22%IMPUESTOALARENTA UTILIDADNETA MARGENBRUTO MARGENOPERACIONAL MARGENNETO 1 256.081,05 94.330,53 161.750,52 31.069,80 102.770,51 858,00 10.000,00 17.052,21 6.041,16 11.011,05 3.273,73 7.737,32 4.081,26 3.656,06 2 383.794,41 132.183,37 251.611,04 39.662,16 116.236,04 2.442,00 10.000,00 83.270,85 6.760,87 76.509,98 11.476,50 65.033,48 14.307,37 50.726,11 3 548.937,59 122.331,13 426.606,46 39.651,47 136.850,85 4.026,00 10.000,00 236.078,13 5.118,01 230.960,12 34.644,02 196.316,10 43.189,54 153.126,56 4 716.980,22 132.603,88 584.376,33 48.640,17 156.504,33 5.610,00 10.000,00 363.621,84 3.275,93 360.345,91 54.051,89 306.294,02 67.384,68 238.909,34 63,16% 6,66% 1,43% 65,56% 21,70% 13,22% 77,71% 43,01% 27,90% 81,51% 50,72% 33,32% 5 806.881,75 165.136,10 641.745,65 58.226,60 170.474,70 7.194,00 10.000,00 395.850,34 1.210,49 394.639,86 59.195,98 335.443,88 73.797,65 261.646,22 79,53% 49,06% 32,43% (VWDGRGH5HVXOWDGRV3HVLPLVWD ESTADODERESULTADOSPROYECTADOͲANUAL (Ͳ) (=) (Ͳ) (Ͳ) (Ͳ) (Ͳ) (=) (Ͳ) (=) (Ͳ) (=) (Ͳ) (=) Ventas Costodelosproductosvendidos UTILIDADBRUTA Gastossueldos Gastosgenerales Gastosdedepreciación Gastosdeamortización UTILIDADANTESDEINTERESESEIMPUESTOSYPARTICIP. Gastosdeintereses UTILIDADANTESDEIMPUESTOSYPARTICIPACIÓN 15%PARTICIPACIÓNTRABAJADORES UTILIDADANTESDEIMPUESTOS 22%IMPUESTOALARENTA UTILIDADNETA MARGENBRUTO MARGENOPERACIONAL MARGENNETO 1 144.550,29 81.603,59 62.946,70 31.069,80 85.555,27 858,00 10.000,00 (64.536,37) 6.026,90 (70.563,27) Ͳ (70.563,27) Ͳ (70.563,27) 2 202.741,71 102.047,89 100.693,82 39.662,16 89.390,29 2.442,00 10.000,00 (40.800,63) 6.744,91 (47.545,54) Ͳ (47.545,54) Ͳ (47.545,54) 3 280.785,16 112.436,72 168.348,44 39.651,47 104.290,59 4.026,00 10.000,00 10.380,38 5.105,93 5.274,46 1.880,22 3.394,24 746,73 2.647,50 4 328.013,77 125.452,32 202.561,45 48.640,17 113.750,93 5.610,00 10.000,00 24.560,36 3.268,20 21.292,16 3.193,82 18.098,34 3.981,63 14.116,70 43,55% Ͳ44,65% Ͳ48,82% 49,67% Ͳ20,12% Ͳ23,45% 59,96% 3,70% 0,94% 61,75% 7,49% 4,30% 5 347.006,85 152.573,26 194.433,59 58.226,60 118.231,19 7.194,00 10.000,00 781,80 1.207,63 (425,84) Ͳ (425,84) Ͳ (425,84) 56,03% 0,23% Ͳ0,12% $1(;2 %DODQFH*HQHUDO ESTADODESITUACIÓNFINANCIERAPROYECTADO ACTIVOS Corrientes Efectivo CuentasporCobrar InventariosProd.Terminados InventariosMateriaPrima InventariosSum.Fabricación 0 179.097,28 16.757,28 13.242,72 Ͳ Ͳ 1.757,28 1.757,28 1 151.148,86 9.666,86 (3.040,68) Ͳ 4.471,47 2.282,65 5.953,43 NoCorrientes Propiedad,PlantayEquipo Depreciaciónacumulada 162.340,00 141.482,00 119.040,00 95.014,00 69.404,00 42.210,00 62.340,00 62.340,00 62.340,00 62.340,00 62.340,00 62.340,00 Ͳ 858,00 3.300,00 7.326,00 12.936,00 20.130,00 Intangibles Amortizaciónacumulada 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 100.000,00 Ͳ 20.000,00 40.000,00 60.000,00 80.000,00 100.000,00 PASIVOS Corrientes Cuentasporpagarproveedores Sueldosporpagar Impuestosporpagar 107.809,82 878,64 878,64 Ͳ Ͳ NoCorrientes Deudaalargoplazo 106.931,18 90.141,24 71.315,35 50.206,65 26.538,33 Ͳ 106.931,18 90.141,24 71.315,35 50.206,65 26.538,33 Ͳ PATRIMONIO Capital Utilidadesretenidas 71.287,46 56.949,60 85.152,68 128.953,35 192.244,12 289.511,18 71.287,46 71.287,46 71.287,46 71.287,46 71.287,46 71.287,46 Ͳ (14.337,85) 13.865,22 57.665,90 120.956,66 218.223,72 Comprobación Ͳ ValoraciónEmpresa 179.097,28 151.148,86 161.411,15 185.371,03 226.345,75 294.160,08 94.199,26 4.058,02 1.954,14 590,00 1.513,88 2 161.411,15 42.371,15 29.075,00 Ͳ 4.255,84 1.837,88 7.202,44 76.258,47 4.943,12 2.281,87 590,00 2.071,26 Ͳ Ͳ 3 185.371,03 90.357,03 76.833,23 Ͳ 4.636,10 1.957,35 6.930,35 56.417,67 6.211,02 2.234,77 590,00 3.386,25 Ͳ 4 226.345,75 156.941,75 142.420,10 Ͳ 5.468,10 2.307,01 6.746,54 34.101,63 7.563,30 2.219,77 590,00 4.753,53 Ͳ 5 294.160,08 251.950,08 246.957,60 Ͳ Ͳ Ͳ 4.992,48 4.648,90 4.648,90 1.199,07 590,00 2.859,83 Ͳ EstructuradeCapital Años EstructuradeCapital Deuda Capital 0 1 2 3 4 5 60,20% 39,80% 62,32% 37,68% 47,24% 52,76% 30,44% 69,56% 15,07% 84,93% 1,58% 98,42% $1(;2 )OXMRGH(IHFWLYR AÑO Incremento ActividadesOperacionales UtilidadNeta Depreciacionesyamortizacion +Depreciación +Amortización ͲѐCxC ͲѐInventarioPT ͲѐInventarioMP ͲѐInventarioSF +ѐCxPPROVEEDORES +ѐSueldosporpagar +ѐImpuestos Ͳ ActividadesdeInversión ͲAdquisiciónPPEyintangibles Ͳ ActividadesdeFinanciamiento +ѐDeudaLargoPlazo ͲPagodedividendos +ѐCapital Ͳ 2016 2017 2018 2019 2020 507 (14.338) Ͳ 858 20.000 Ͳ (4.471) (525) (4.196) 1.076 590 1.514 Ͳ Ͳ Ͳ Ͳ (16.790) (16.790) Ͳ Ͳ Ͳ 50.942 28.203 Ͳ 2.442 20.000 Ͳ 216 445 (1.249) 328 Ͳ 557 Ͳ Ͳ Ͳ Ͳ (18.826) (18.826) Ͳ Ͳ Ͳ 68.867 43.801 Ͳ 4.026 20.000 Ͳ (380) (119) 272 (47) Ͳ 1.315 Ͳ Ͳ Ͳ Ͳ (21.109) (21.109) Ͳ Ͳ Ͳ 89.255 63.291 Ͳ 5.610 20.000 Ͳ (832) (350) 184 (15) 0 1.367 Ͳ Ͳ Ͳ Ͳ (23.668) (23.668) Ͳ Ͳ Ͳ 131.076 97.267 Ͳ 7.194 20.000 Ͳ 5.468 2.307 1.754 (1.021) Ͳ (1.894) Ͳ Ͳ Ͳ Ͳ (26.538) (26.538) Ͳ Ͳ Ͳ $95.516,48 $131.173,74 $209.074,99 INCREMENTONETOENEFECTIVO $(32.566,81) $64.231,36 $1(;2 1RPLQD Sueldo (mensual) GerenteGeneral 1.100,00 DosCajeros 1.000,00 Cocinero 900,00 DosAyudantecocina 1.000,00 DosMeseros 1.000,00 Cargo Contratación (Años) 5 5 5 5 5 Clasificación GASTO GASTO GASTO GASTO GASTO *HUHQWH PERIODO $1.100,00 $354,00 8,33% 12,15% 9,45% 8,33% $29,50 IncrementoSueldo GerenteGeneral Sueldo DécimoTercero DécimoCuarto FondosdeReserva AportesalIESSPatronal AportesalIESSPersonal ProvisiónDecTer ProvisiónDecCuar GastosSueldos PagoEmpleado PagoIESS CxPEmpleadosPeríodo CxPAcumuladas Inicial 0 Año1 1 Año2 12 13 20,00% Año3 24 25 20,00% Año4 36 37 20,00% Año5 48 49 20,00% 60 $1.100,00 $1.100,00 $1.320,00 $1.320,00 $1.584,00 $1.584,00 $1.900,80 $1.900,80 $2.280,96 $2.280,96 $1.100,00 $1.320,00 $1.584,00 $1.900,80 $2.280,96 $133,65 $103,95 $91,67 $29,50 $1.354,82 $996,05 $237,60 $121,17 $121,17 $133,65 $103,95 $91,67 $29,50 $1.354,82 $2.096,05 $237,60 $(978,83) $118,00 $110,00 $160,38 $124,74 $110,00 $29,50 $1.729,88 $1.195,26 $395,12 $139,50 $257,50 $110,00 $160,38 $124,74 $110,00 $29,50 $1.729,88 $2.515,26 $395,12 $(1.180,50) $118,00 $132,00 $192,46 $149,69 $132,00 $29,50 $2.069,96 $1.434,31 $474,14 $161,50 $279,50 $132,00 $192,46 $149,69 $132,00 $29,50 $2.069,96 $3.018,31 $474,14 $(1.422,50) $118,00 $158,40 $230,95 $179,63 $158,40 $29,50 $2.478,05 $1.721,17 $568,97 $187,90 $305,90 $158,40 $230,95 $179,63 $158,40 $29,50 $2.478,05 $3.621,97 $568,97 $(1.712,90) $118,00 $190,08 $277,14 $215,55 $190,08 $29,50 $2.967,76 $2.065,41 $682,77 $219,58 $337,58 $190,08 $277,14 $215,55 $190,08 $29,50 $2.967,76 $4.346,37 $682,77 $(2.061,38) $118,00 'RV&DMHURV PERIODO $1.000,00 $354,00 8,33% 12,15% 9,45% 8,33% $29,50 IncrementoSueldo DosCajeros Sueldo DécimoTercero DécimoCuarto FondosdeReserva AportesalIESSPatronal AportesalIESSPersonal ProvisiónDecTer ProvisiónDecCuar GastosSueldos PagoEmpleado PagoIESS CxPEmpleadosPeríodo CxPAcumuladas Inicial 0 Año1 1 Año2 12 1 10,00% Año3 12 1 10,00% Año4 12 1 10,00% Año5 12 1 10,00% 12 $1.000,00 $1.000,00 $1.200,00 $1.200,00 $1.000,00 $1.000,00 $1.200,00 $1.200,00 $1.440,00 $1.440,00 $1.000,00 $1.200,00 $1.000,00 $1.200,00 $1.440,00 $121,50 $94,50 $83,33 $29,50 $1.234,33 $905,50 $216,00 $112,83 $112,83 $121,50 $94,50 $83,33 $29,50 $1.234,33 $1.905,50 $216,00 $(887,17) $118,00 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $1.086,60 $359,20 $129,50 $247,50 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $2.286,60 $359,20 $(1.070,50) $118,00 $121,50 $94,50 $83,33 $29,50 $1.234,33 $905,50 $216,00 $112,83 $230,83 $121,50 $94,50 $83,33 $29,50 $1.234,33 $1.905,50 $216,00 $(887,17) $118,00 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $1.086,60 $359,20 $129,50 $247,50 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $2.286,60 $359,20 $(1.070,50) $118,00 $120,00 $174,96 $136,08 $120,00 $29,50 $1.884,46 $1.303,92 $431,04 $149,50 $267,50 $120,00 $174,96 $136,08 $120,00 $29,50 $1.884,46 $2.743,92 $431,04 $(1.290,50) $118,00 &RFLQHUR PERIODO $900,00 $354,00 8,33% 12,15% 9,45% 8,33% $29,50 IncrementoSueldo Cocinero Sueldo DécimoTercero DécimoCuarto FondosdeReserva AportesalIESSPatronal AportesalIESSPersonal ProvisiónDecTer ProvisiónDecCuar GastosSueldos PagoEmpleado PagoIESS CxPEmpleadosPeríodo CxPAcumuladas Inicial 0 Año1 1 Año2 12 1 10,00% Año3 12 1 10,00% Año4 12 1 10,00% Año5 12 1 10,00% 12 $900,00 $900,00 $1.080,00 $1.080,00 $900,00 $900,00 $1.080,00 $1.080,00 $1.296,00 $1.296,00 $900,00 $1.080,00 $900,00 $1.080,00 $1.296,00 $109,35 $85,05 $75,00 $29,50 $1.113,85 $814,95 $194,40 $104,50 $104,50 $109,35 $85,05 $75,00 $29,50 $1.113,85 $1.714,95 $194,40 $(795,50) $118,00 $90,00 $131,22 $102,06 $90,00 $29,50 $1.420,72 $977,94 $323,28 $119,50 $237,50 $90,00 $131,22 $102,06 $90,00 $29,50 $1.420,72 $2.057,94 $323,28 $(960,50) $118,00 $109,35 $85,05 $75,00 $29,50 $1.113,85 $814,95 $194,40 $104,50 $222,50 $109,35 $85,05 $75,00 $29,50 $1.113,85 $1.714,95 $194,40 $(795,50) $118,00 $90,00 $131,22 $102,06 $90,00 $29,50 $1.420,72 $977,94 $323,28 $119,50 $237,50 $90,00 $131,22 $102,06 $90,00 $29,50 $1.420,72 $2.057,94 $323,28 $(960,50) $118,00 $108,00 $157,46 $122,47 $108,00 $29,50 $1.698,96 $1.173,53 $387,94 $137,50 $255,50 $108,00 $157,46 $122,47 $108,00 $29,50 $1.698,96 $2.469,53 $387,94 $(1.158,50) $118,00 'RV$\XGDQWHFRFLQD PERIODO $1.000,00 $354,00 8,33% 12,15% 9,45% 8,33% $29,50 Inicial 0 IncrementoSueldo DosAyudantecocina Sueldo 1.000,00 DécimoTercero DécimoCuarto FondosdeReserva AportesalIESSPatronal AportesalIESSPersonal ProvisiónDecTer ProvisiónDecCuar GastosSueldos PagoEmpleado PagoIESS CxPEmpleadosPeríodo CxPAcumuladas Año1 1 Año2 12 1 10,00% Año4 Año3 12 1 10,00% 12 1 10,00% Año5 12 1 10,00% 12 $1.000,00 $1.000,00 $1.200,00 $1.200,00 $1.440,00 $1.440,00 $1.728,00 $1.728,00 $2.073,60 $2.073,60 $1.000,00 $1.200,00 $1.440,00 $1.728,00 $2.073,60 $121,50 $94,50 $83,33 $29,50 $1.234,33 $905,50 $216,00 $112,83 $112,83 $121,50 $94,50 $83,33 $29,50 $1.234,33 $1.905,50 $216,00 $(887,17) $118,00 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $1.086,60 $359,20 $129,50 $247,50 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $2.286,60 $359,20 $(1.070,50) $118,00 $120,00 $174,96 $136,08 $120,00 $29,50 $1.884,46 $1.303,92 $431,04 $149,50 $267,50 $120,00 $174,96 $136,08 $120,00 $29,50 $1.884,46 $2.743,92 $431,04 $(1.290,50) $118,00 $144,00 $209,95 $163,30 $144,00 $29,50 $2.255,45 $1.564,70 $517,25 $173,50 $291,50 $144,00 $209,95 $163,30 $144,00 $29,50 $2.255,45 $3.292,70 $517,25 $(1.554,50) $118,00 $172,80 $251,94 $195,96 $172,80 $29,50 $2.700,64 $1.877,64 $620,70 $202,30 $320,30 $172,80 $251,94 $195,96 $172,80 $29,50 $2.700,64 $3.951,24 $620,70 $(1.871,30) $118,00 'RV0HVHURV PERIODO $1.000,00 $354,00 8,33% 12,15% 9,45% 8,33% $29,50 IncrementoSueldo DosMeseros Sueldo DécimoTercero DécimoCuarto FondosdeReserva AportesalIESSPatronal AportesalIESSPersonal ProvisiónDecTer ProvisiónDecCuar GastosSueldos PagoEmpleado PagoIESS CxPEmpleadosPeríodo CxPAcumuladas Inicial 0 Año1 1 Año2 12 1 10,00% Año3 12 1 10,00% Año4 12 1 10,00% Año5 12 1 10,00% 12 $1.000,00 $1.000,00 $1.200,00 $1.200,00 $1.440,00 $1.440,00 $1.728,00 $1.728,00 $2.073,60 $2.073,60 $1.000,00 $1.200,00 $1.440,00 $1.728,00 $2.073,60 $121,50 $94,50 $83,33 $29,50 $1.234,33 $905,50 $216,00 $112,83 $112,83 $121,50 $94,50 $83,33 $29,50 $1.234,33 $1.905,50 $216,00 $(887,17) $118,00 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $1.086,60 $359,20 $129,50 $247,50 $100,00 $145,80 $113,40 $100,00 $29,50 $1.575,30 $2.286,60 $359,20 $(1.070,50) $118,00 $120,00 $174,96 $136,08 $120,00 $29,50 $1.884,46 $1.303,92 $431,04 $149,50 $267,50 $120,00 $174,96 $136,08 $120,00 $29,50 $1.884,46 $2.743,92 $431,04 $(1.290,50) $118,00 $144,00 $209,95 $163,30 $144,00 $29,50 $2.255,45 $1.564,70 $517,25 $173,50 $291,50 $144,00 $209,95 $163,30 $144,00 $29,50 $2.255,45 $3.292,70 $517,25 $(1.554,50) $118,00 $172,80 $251,94 $195,96 $172,80 $29,50 $2.700,64 $1.877,64 $620,70 $202,30 $320,30 $172,80 $251,94 $195,96 $172,80 $29,50 $2.700,64 $3.951,24 $620,70 $(1.871,30) $118,00 $1(;2 5RWDFLyQGHLQYHQWDULR (QWUDGDV INVENTARIOPRODUCTOTERMINADOͲENTRADAS UNIDADES InventarioInicial +'Unidadesproducidas +Importaciones ͲUnidadesproyectadasventa =InventarioFinal DÓLARES Inventarioinicial Compras InventarioFinalefectivo CostodePreparación TOTALCOSTOENTRADAS 0 Ͳ 418 Ͳ Ͳ 418 Año1 1 12 418 452 836 1.057 Ͳ Ͳ 836 904 418 605 Año2 13 24 605 661 1.210 1.111 Ͳ Ͳ 1.210 1.321 605 451 Año3 25 36 451 612 901 1.103 Ͳ Ͳ 901 1.225 451 491 Año4 37 48 491 547 982 1.093 Ͳ Ͳ 982 1.093 491 547 Año5 49 60 547 615 1.093 615 Ͳ Ͳ 1.093 1.230 547 Ͳ $Ͳ $1.036,64 $1.036,64 $Ͳ $1.036,64 $1.036,64 $2.073,28 $1.036,64 $2.073,28 $3.109,92 3,67% $1.555,46 $3.110,93 $1.555,46 $3.110,93 $4.666,39 3,67% $1.158,24 $2.316,49 $1.158,24 $2.316,49 $3.474,73 3,67% $1.262,37 $2.524,74 $1.262,37 $2.524,74 $3.787,11 3,67% $1.405,68 $2.811,36 $1.405,68 $2.811,36 $4.217,04 $1.121,13 $2.621,53 $1.500,40 $2.242,25 $3.742,65 $1.638,44 $2.755,68 $1.117,24 $3.276,87 $4.394,11 $1.518,85 $2.736,53 $1.217,68 $3.037,70 $4.255,38 $1.355,92 $2.711,83 $1.355,92 $2.711,83 $4.067,75 $1.524,80 $1.524,80 $Ͳ $3.049,59 $3.049,59 %HELGDV$OFRKyOLFDV INVENTARIOMATERIAPRIMAͲBEBIDASALCOHOLICAS UNIDADES InventarioInicial +'Unidadesproducidas +Importaciones ͲUnidadesproyectadasventa =InventarioFinal DÓLARES Inventarioinicial Compras InventarioFinalefectivo CostodePreparación TOTALCOSTOBEBIDAS 0 Ͳ 500 Ͳ Ͳ 500 1 500 861 Ͳ 836 525 12 676 777 Ͳ 904 549 13 549 1.235 Ͳ 1.210 574 24 736 1.085 Ͳ 1.321 500 25 500 926 Ͳ 901 525 36 689 1.036 Ͳ 1.225 500 37 500 1.007 Ͳ 982 525 48 696 1.093 Ͳ 1.093 696 49 696 1.093 Ͳ 1.093 696 60 782 447 Ͳ 1.230 Ͳ $Ͳ $535,00 $535,00 $Ͳ $535,00 $535,00 $921,27 $561,75 $894,52 $1.456,27 $723,25 $831,60 $587,43 $967,42 $1.554,85 3,67% $608,99 $1.369,95 $636,72 $1.342,22 $1.978,94 $787,53 $1.161,28 $535,00 $1.413,81 $1.948,81 3,67% $554,63 $1.027,18 $582,37 $999,45 $1.581,82 $737,30 $1.108,32 $535,00 $1.310,62 $1.845,62 3,67% $554,63 $1.117,03 $582,37 $1.089,30 $1.671,67 $744,37 $1.170,03 $744,37 $1.170,03 $1.914,40 3,67% $771,69 $1.212,97 $771,69 $1.212,97 $1.984,66 $837,09 $478,67 $Ͳ $1.315,75 $1.315,75 %HELGDV5HIUHVFDQWHV INVENTARIOSUMINISTROSDEFABRICACIÓNͲBEBIDASREFRESCANTES UNIDADES InventarioInicial +'Unidadesproducidas +Importaciones ͲUnidadesproyectadasventa =InventarioFinal DÓLARES Inventarioinicial Compras InventarioFinalefectivo CostodePreparación TOTALCOSTOB.REFRESCANTES 0 Ͳ 364 Ͳ Ͳ 364 $Ͳ $185,64 $185,64 $Ͳ $185,64 1 364 836 Ͳ 836 364 $185,64 $426,36 $185,64 $426,36 $612,00 12 394 892 Ͳ 904 382 13 382 1.210 Ͳ 1.210 382 $200,77 $455,16 $194,82 $461,11 $655,93 3,67% $201,97 $639,75 $201,97 $639,75 $841,72 24 417 1.268 Ͳ 1.321 364 25 364 901 Ͳ 901 364 $212,74 $646,77 $185,64 $673,87 $859,51 3,67% $192,45 $476,37 $192,45 $476,37 $668,83 36 401 1.225 Ͳ 1.225 401 37 401 982 Ͳ 982 401 $204,67 $624,69 $204,67 $624,69 $829,36 3,67% $212,18 $519,20 $212,18 $519,20 $731,38 48 405 1.093 Ͳ 1.093 405 49 405 1.093 Ͳ 1.093 405 60 456 774 Ͳ 1.230 Ͳ $206,71 $557,68 $206,71 $557,68 $764,39 3,67% $214,30 $578,14 $214,30 $578,14 $792,44 $232,46 $394,67 $Ͳ $627,13 $627,13 $1(;2 9DOXDFLyQGHO3UR\HFWR Tasalibrederiesgo RendimientodelMercado Beta RiesgoPaís TasadeImpuestos CAPM WACC Año1 Año2 Año3 Año4 Año5 2,54% 12,00% 0,69 15% 33,70% 24,07% 13,82% 16,30% 34,06% 21,59% 23,81% CriteriosdeInversiónconModeloWACC CriteriosdeInversiónProyecto CriteriosdeInversiónInversionista $11.250,00 VAN $47.776,15 VAN $1,07 $1,81 IR IR 44,79% 26,49% TIR TIR 3,37 3,16 PeriodoRec. PeriodoRec. DescuentoCAPMconBetaapal Tasalibrederiesgo RendimientodelMercado Beta RiesgoPaís TasadeImpuestos CAPM 2,54% 12,00% 1,44 0% 33,70% 16,13% Paso1:DesapalancarelBetadelaIndustria BetaApalancadaIndustria: 0,85 BetaDesapalancada: 0,717233 BetaApalancadaEmpresa: 1,44 RDeuda/CapitalIndustria: RDeuda/CapitalEmpresa: 27,92% 151,23% CriteriosdeInversiónConModeloCAPM CriteriosdeInversiónProyecto CriteriosdeInversiónInversionista $11.250,00 $79.791,71 VAN VAN $1,07 $2,35 IR IR 26,49% 44,79% TIR TIR 3,16 3,37 PeriodoRec. PeriodoRec. $1(;2 $PRUWL]DFLyQGHOSUpVWDPR AÑO1 MES AÑO2 AÑO3 AÑO4 AÑO5 1 12 13 24 25 36 37 48 49 60 Saldoinicial $76.931,18 $65.911,99 $64.851,73 $52.496,35 $51.307,53 $37.453,95 $36.120,96 $20.587,51 $19.092,89 $1.675,86 Pagomensual(cuota) $1.691,92 $1.691,92 $1.691,92 $1.691,92 $1.691,92 $1.691,92 $1.691,92 $1.691,92 $1.691,92 $1.691,92 GastoInterés $737,26 $631,66 $621,50 $503,09 $491,70 $358,93 $346,16 $197,30 $182,97 $16,06 Amortizaciónalcapital $954,66 $1.060,26 $1.070,42 $1.188,83 $1.200,22 $1.332,98 $1.345,76 $1.494,62 $1.508,94 $1.675,86 Saldofinal $75.976,52 $64.851,73 $63.781,31 $51.307,53 $50.107,31 $36.120,96 $34.775,21 $19.092,89 $17.583,94 $0,00 $1(;2 $PRUWL]DFLyQGHOD/LFHQFLDGHO%DUFHORQD6SRUWLQJ&OXE LicenciaOficialB.S.C Ítem Licencia PERIODO Cantidad (unidades) 1 0 LicenciaOficialB.S.C Costodecompra 100.000,00 Gastodeamortización AmortizaciónAcum Ͳ Valorenlibros 100.000,00 VidaÚtil Costo CostoTotal (años) Unitario 100.000,00 100.000,00 5 1 2 3 Año1 9 10 11 12 13 Año2 24 25 Año3 36 37 Año4 48 49 Año5 60 100.000,00 1.666,67 1.666,67 98.333,33 100.000,00 1.666,67 3.333,33 96.666,67 100.000,00 1.666,67 5.000,00 95.000,00 100.000,00 1.666,67 15.000,00 85.000,00 100.000,00 1.666,67 16.666,67 83.333,33 100.000,00 1.666,67 18.333,33 81.666,67 100.000,00 1.666,67 20.000,00 80.000,00 100.000,00 1.666,67 21.666,67 78.333,33 100.000,00 1.666,67 40.000,00 60.000,00 100.000,00 1.666,67 41.666,67 58.333,33 100.000,00 1.666,67 60.000,00 40.000,00 100.000,00 1.666,67 61.666,67 38.333,33 100.000,00 1.666,67 80.000,00 20.000,00 100.000,00 1.666,67 81.666,67 18.333,33 100.000,00 1.666,67 100.000,00 Ͳ $1(;2 5HWRUQRGHO,QYHUVLRQLVWD FlujodeCajadelInversionistaAnual 0 1 2 3 4 5 $(58.923,38) $(13.527,63) $39.397,79 $52.282,76 $69.248,80 $104.939,90 $(13.527,63) $25.870,16 $78.152,92 $147.401,72 $252.341,62 Tasalibrederiesgo RendimientodelMercado Beta RiesgoPaís TasadeImpuestos CAPM WACC Año1 Año2 Año3 Año4 Año5 2,54% 12,00% 0,69 15% 33,70% 24,07% 13,82% 16,30% 34,06% 21,59% 23,81% CriteriosdeInversiónconModeloWACC CriteriosdeInversiónInversionista CriteriosdeInversiónProyecto $11.250,00 VAN VAN $47.776,15 $1,07 $1,81 IR IR 44,79% 26,49% TIR TIR 3,37 3,16 PeriodoRec. PeriodoRec.