2MB - Universidad de El Salvador

Anuncio
81,9(56,'$''((/6$/9$'25
)$&8/7$''(&,(1&,$6(&21Ð0,&$6
(6&8(/$'($'0,1,675$&,Ð1'((035(6$6
´35238(67$'(813/$1'(1(*2&,263$5$/$$3(5785$'(81$)$50$&,$(1
(/081,&,3,2'(&,8'$''(/*$'2'(3$57$0(172'(6$16$/9$'25µ
75$%$-2'(,19(67,*$&,Ð135(6(17$'2325
$QLQDGHO&DUPHQ&DVWUR/ySH]
.DUOD0DUJDULWD&HUURV5DXGD
0RLVpV$OHMDQGUR5RPHUR5RGUtJXH]
3$5$237$5$/*5$'2'(
/,&(1&,$'2$(1$'0,1,675$&,Ï1'((035(6$6
2&78%5('(
6$16$/9$'25
(/6$/9$'25
&(1752$0e5,&$
81,9(56,'$''((/6$/9$'25
$8725,'$'(681,9(56,7$5,$6
5HFWRU 0iVWHU5XILQR$QWRQLR4XH]DGD6iQFKH]
/LFHQFLDGR'RXJODV9ODGLPLU$OIDUR&KiYH]
'H&LHQFLDV(FRQyPLFDV
/LFHQFLDGR5RJHU$UPDQGR$ULDV$OYDUDGR
6HFUHWDULR*HQHUDO
'HFDQRGHOD)DFXOWDG
6HFUHWDULRDGHOD
)DFXOWDGGH&LHQFLDV
(FRQyPLFDV
0%$-RVp&LULDFR*XWLpUUH]
'RFHQWH'LUHFWRU
/LFHQFLDGR(GXDUGR$QWRQLR'HOJDGR$\DOD
/LF5DIDHO$UtVWLGHV&DPSRV
0iVWHU)UDQFLVFR$QWRQLR4XLQWDQLOOD
&RRUGLQDGRUGHO6HPLQDULR
'RFHQWH2EVHUYDGRU
2FWXEUH
6DQ6DOYDGRU (O6DOYDGRU
&HQWUR$PpULFD
$*5$'(&,0,(1726
'R\LQILQLWDV JUDFLDVD 'LRVSRUVHUTXLHQ KD HVWDGRDPLODGRHQWRGR PRPHQWR GiQGRPH ODV
IXHU]DV QHFHVDULDV SDUD OXFKDU GtD WUDV GtD \ SHUPLWLUPH OOHJDU KDVWD HVWH PRPHQWR WDQ
LPSRUWDQWHGHPLYLGD*UDFLDVDPLPDPLSRUVXSDFLHQFLD\VXLQFRPSDUDEOHDPRU\DSR\RD
PLSDSLWRHQFLHORSRUVHUPLOX]GHVGHDOOiDPLKHUPDQD*DEULHODSRUVHUPLUHIXJLRPLIXHU]DH
LQVSLUDFLyQDPtKHUPDQR&DUORVSRUVXFRPSUHQVLyQ\DSR\RVLQFRQGLFLRQHVQLPHGLGDJUDFLDV
DO/LF'HOJDGRSRUVHUJXtD\SRUFRPSDUWLUVXYDOLRVRFRQRFLPLHQWR\JUDFLDVD.DUOD\0RLVpV
PLV DPLJRV \ FRPSDxHURV GH WHVLV SRU VX SDFLHQFLD \ FRPSUHVLyQ SDUD SRGHU WHUPLQDU HVWH
WUDEDMR
$QLQDGHO&DUPHQ&DVWUR/ySH]
$JUDGH]FRSULPHUDPHQWHD'LRVSRUKDEHUPHSHUPLWLGRFRQFOXLUPLFDUUHUD*UDFLDVDPLPDGUH
SRUKDEHUHVWDGRFRQPLJRHQHVWHFDPLQRSRUVXDSR\RHFRQyPLFR\PRUDODPLSDGUH\DPLV
KHUPDQRV\GHPiVIDPLOLDDPLVDPLJRVSRUHVWDUSHQGLHQWHGHPtDPLVFRPSDxHURVGHWHVLV
SRUVXD\XGD\SRUKDEHUFRPSDUWLGRHVWD HWDSD GH PLYLGD\ILQDOPHQWHD QXHVWURDVHVRU /LF
'HOJDGRSRUVXSDFLHQFLD\HQWUHJDHQHOGHVDUUROORGHODWHVLV
.DUOD0DUJDULWD&HUURV5DXGD
$JUDGH]FR D'LRV 7RGRSRGHURVR SRU KDEHU SHUPLWLGR FXOPLQDUFRQHVWH REMHWLYR WDQLPSRUWDQWH
GH PL YLGD D PLV SDGUHV SRU EULQGDUPH VX DSR\R WDQWR PRUDO FRPR HFRQyPLFDPHQWH HQ HO
WUDQVFXUVRGHPLFDUUHUD7DPELpQDJUDGH]FRDPLVKHUPDQRV\GHPiVIDPLOLDUHV$PLVDPLJRV
SRUTXH VLHPSUH HVWXYLHURQ SHQGLHQWHV GH Pt \ PH DQLPDURQ D VHJXLU DGHODQWH \ D PLV
FRPSDxHUDV GH WHVLV SRU KDEHU FRPSDUWLGR HVWD HWDSD GH PL YLGD $ PL GRFHQWH GLUHFWRU SRU
LQVWUXLUPH FRUUHFWDPHQWH HQ HVWD SUXHED \ SRU ~OWLPR D WRGDV DTXHOODV SHUVRQDV TXH GLUHFWD R
LQGLUHFWDPHQWHFRQWULEX\HURQDOORJURGHHVWHREMHWLYR
0RLVpV$OHMDQGUR5RPHUR5RGUtJXH]
Ì1',&(
3iJLQD
5HVXPHQ«««««««««««««««««««««««««««««««««««««L
,QWURGXFFLyQ««««««««««««««««««««««««««««««««««« LLL
&$3Ì78/2,
0$5&27(Ð5,&262%5(/$6*(1(5$/,'$'(6'(/081,&,3,2'(&,8'$''(/*$'2
)$50$&,$6(035(1'('85,602<3/$1'(1(*2&,26
,&DUDFWHUL]DFLyQGHOPXQLFLSLRGH&LXGDG'HOJDGR«««««««««««««««««« $'DWRV*HQHUDOHV««««««««««««««««««««««««««««««« %5HVHxD+LVWyULFD««««««««««««««««««««««««««««««« &*RELHUQR/RFDO«««««««««««««««««««««««««««««««« ,,*HQHUDOLGDGHVVREUHODV)DUPDFLDV««««««««««««««««««««««« $'HILQLFLyQ\'HVFULSFLyQ«««««««««««««««««««««««««««« %,PSRUWDQFLD««««««««««««««««««««««««««««««««« &$VSHFWRV/HJDOHV««««««««««««««««««««««««««««««« ,,,0DUFRWHyULFRGHOHPSUHQGHGXULVPR««««««««««««««««««««««« $'HILQLFLRQHV««««««««««««««««««««««««««««««««« %7LSRVGHHPSUHQGHGXULVPR««««««««««««««««««««««««« ,QWUDSUHQHXU««««««««««««««««««««««««««««««« (QWUHSUHQHXU««««««««««««««««««««««««««««««« &&DUDFWHUtVWLFDVGHOHPSUHQGHGRU«««««««««««««««««««««««« ,93ODQGH1HJRFLRV««««««««««««««««««««««««««««««« $&RQFHSWR«««««««««««««««««««««««««««««««««« %,PSRUWDQFLD««««««««««««««««««««««««««««««««« &2EMHWLYR«««««««««««««««««««««««««««««««««««
'&DUDFWHUtVWLFDV««««««««««««««««««««««««««««««««
(9HQWDMDV««««««««««««««««««««««««««««««««««« )&RPSRQHQWHV«««««««««««««««««««««««««««««««« 95HVXPHQ(MHFXWLYR«««««««««««««««««««««««««««««« 9,3ODQ2UJDQL]DFLRQDO«««««««««««««««««««««««««««««« $*HQHUDOLGDGHVGHOD(PSUHVD««««««««««««««««««««««««« 1RPEUHGHOD(PSUHVD««««««««««««««««««««««««««« *LURR$FWLYLGDG(FRQyPLFD«««««««««««««««««««««««««
8ELFDFLyQ\7DPDxR«««««««««««««««««««««««««««« 1DWXUDOH]D««««««««««««««««««««««««««««««««« 0LVLyQ««««««««««««««««««««««««««««««««««« 9LVLyQ«««««««««««««««««««««««««««««««««««
,PSDFWRHQODFRPXQLGDG«««««««««««««««««««««««««« %(VWUXFWXUD2UJDQL]DFLRQDO««««««««««««««««««««««««««« 3ROtWLFDV\9DORUHV««««««««««««««««««««««««««««« 2UJDQLJUDPD«««««««««««««««««««««««««««««««« 2EMHWLYRV2UJDQL]DFLRQDOHV««««««««««««««««««««««««« )XQFLRQHV(VSHFtILFDVSRU3XHVWRV««««««««««««««««««««« D3HUVRQDO«««««««««««««««««««««««««««««««« E&RQGLFLRQHVGH7UDEDMR««««««««««««««««««««««««««
&$VSHFWRV/HJDOHV«««««««««««««««««««««««««««««««
)RUPDMXUtGLFDGHODHPSUHVD«««««««««««««««««««««««« 3DVRVQHFHVDULRVSDUDODDSHUWXUDGHXQDHPSUHVD««««««««««««««« 9,,3ODQGH0HUFDGRWHFQLD«««««««««««««««««««««««««««««
$'HILQLFLyQ«««««««««««««««««««««««««««««««««« %2EMHWLYRV«««««««««««««««««««««««««««««««««« &$QiOLVLVGH0HUFDGR««««««««««««««««««««««««««««««
'HPRJUDItD«««««««««««««««««««««««««««««««« $QiOLVLVGHOD'HPDQGD«««««««««««««««««««««««««««
$QiOLVLVGHOD2IHUWD«««««««««««««««««««««««««««««
$QiOLVLVGH3UHFLRV«««««««««««««««««««««««««««««
$QiOLVLVGHOD&RPSHWHQFLD««««««««««««««««««««««««««
&DUDFWHUtVWLFDVGHO0HUFDGR&RQVXPLGRU«««««««««««««««««««
'$QiOLVLV)2'$««««««««««««««««««««««««««««««««
$QiOLVLV,QWHUQR«««««««««««««««««««««««««««««««
$QiOLVLV([WHUQR«««««««««««««««««««««««««««««««
(0H]FODGH0DUNHWLQJ«««««««««««««««««««««««««««««
3URGXFWR6HUYLFLR«««««««««««««««««««««««««««««
3UHFLR«««««««««««««««««««««««««««««««««««
3OD]D««««««««««««««««««««««««««««««««««« 3URPRFLyQ«««««««««««««««««««««««««««««««««
9,,,3ODQGH3URGXFFLyQ««««««««««««««««««««««««««««««
$'HVFULSFLyQGHO3URGXFWR««««««««««««««««««««««««««« %,QVXPRV\3URYHHGRUHV««««««««««««««««««««««««««««
&,QVWDODFLRQHV)tVLFDV«««««««««««««««««««««««««««««
'0RELOLDULR\R+HUUDPLHQWDV«««««««««««««««««««««««««« ,;3ODQGH)LQDQFLDPLHQWR«««««««««««««««««««««««««««««
$'HILQLFLyQ«««««««««««««««««««««««««««««««««« %,QYHUVLyQ,QLFLDO««««««««««««««««««««««««««««««««
&DSLWDOGH,QYHUVLyQ«««««««««««««««««««««««««««« )XHQWHVGH)LQDQFLDPLHQWR««««««««««««««««««««««««««
&(VWDGRV)LQDQFLHURV««««««««««««««««««««««««««««««
'(VWDGRGH5HVXOWDGR«««««««««««««««««««««««««««««
(%DODQFH*HQHUDO«««««««««««««««««««««««««««««««
))OXMRGH(IHFWLYR«««««««««««««««««««««««««««««««
*(YDOXDFLyQ)LQDQFLHUD«««««««««««««««««««««««««««««
9DORU3UHVHQWH1HWR«««««««««««««««««««««««««««««
7DVD,QWHUQDGH5HWRUQR«««««««««««««««««««««««««««
$QiOLVLV%HQHILFLR&RVWR«««««««««««««««««««««««««««
&$3Ì78/2,,
',$*1Ð67,&2'(/3/$1'(1(*2&,263$5$/$$3(5785$'(81$)$50$&,$(1(/
081,&,3,2'(&,8'$''(/*$'2'(3$57$0(172'(6$16$/9$'25
,0HWRGRORJtD8WLOL]DGD«««««««««««««««««««««««««««««« $ 2EMHWLYRV««««««««««««««««««««««««««««««««« % $OFDQFHV\/LPLWDFLRQHV«««««««««««««««««««««««««« & 0HWRGRORJtDGHOD,QYHVWLJDFLyQ««««««««««««««««««««««« 0pWRGRGH,QYHVWLJDFLyQ«««««««««««««««««««««««« 7LSRGH,QYHVWLJDFLyQ««««««««««««««««««««««««««
+HUUDPLHQWDVGHLQYHVWLJDFLyQ««««««««««««««««««««««
7LSRV\)XHQWHVGH,QIRUPDFLyQ««««««««««««««««««««« 'HWHUPLQDFLyQGHO8QLYHUVR«««««««««««««««««««««««
'HWHUPLQDFLyQGHOD0XHVWUD«««««««««««««««««««««««
7LSRGH0XHVWUHR««««««««««««««««««««««««««««
3URFHVR\3UHVHQWDFLyQGHOD,QIRUPDFLyQ«««««««««««««««««
,,3URFHVDPLHQWRGH'DWRV«««««««««««««««««««««««««««« $ $QiOLVLVGH(QFXHVWDV««««««««««««««««««««««««««« $QiOLVLVGH(QFXHVWDV'LULJLGDVD&RQVXPLGRUHV««««««««««««««
&UXFHGH3UHJXQWDV«««««««««««««««««««««««««« $QiOLVLVGH(QFXHVWDV'LULJLGDVDOD&RPSHWHQFLD««««««««««««« % 'LDJQyVWLFRGHOD,QYHVWLJDFLyQ««««««««««««««««««««««« & 'LDJQyVWLFR)2'$«««««««««««««««««««««««««««« ' &RQFOXVLRQHV««««««««««««««««««««««««««««««« ( 5HFRPHQGDFLRQHV«««««««««««««««««««««««««««« &$3,78/2,,,
35238(67$'(813/$1'(1(*2&,263$5$/$$3(5785$'(81$)$50$&,$(1(/
081,&,3,2'(&,8'$''(/*$'2'(3$57$0(172'(6$16$/9$'25
, 5HVXPHQ(MHFXWLYR«««««««««««««««««««««««««««««
,, ,GHDGHO1HJRFLR«««««««««««««««««««««««««««««« ,,, 3ODQ2UJDQL]DFLyQ««««««««««««««««««««««««««««««
$ *HQHUDOLGDGHVGHODHPSUHVD«««««««««««««««««««««««
1RPEUHGHODHPSUHVD««««««««««««««««««««««««
*LURR$FWLYLGDG(FRQyPLFD««««««««««««««««««««««
8ELFDFLyQ\7DPDxR««««««««««««««««««««««««« 1DWXUDOH]D««««««««««««««««««««««««««««« 0LVLyQ«««««««««««««««««««««««««««««««
9LVLyQ««««««««««««««««««««««««««««««« % (VWUXFWXUD2UJDQL]DFLRQDO«««««««««««««««««««««««« 2EMHWLYRV2UJDQL]DFLRQDOHV««««««««««««««««««««««
3ROtWLFDV\9DORUHV««««««««««««««««««««««««««
2UJDQLJUDPD«««««««««««««««««««««««««««« 5HTXLVLWRV\)XQFLRQHVGHO3XHVWR«««««««««««««««««««
& $VSHFWRV/HJDOHV«««««««««««««««««««««««««««« 7UiPLWHVQHFHVDULRVSDUDHOUHJLVWURSHUVRQDMXUtGLFD««««««««««« 7UiPLWHVSDUD$XWRUL]DFLyQGH$SHUWXUDGH(VWDEOHFLPLHQWRGH6DOXG«««« ,9 3ODQGH0DUNHWLQJ««««««««««««««««««««««««««««««
$ $QiOLVLVHLQYHVWLJDFLyQGHOPHUFDGR««««««««««««««««««««
'HVFULSFLyQGHO0HUFDGR«««««««««««««««««««««««
0HUFDGR0HWD««««««««««««««««««««««««««««
3HUILOGHO&RQVXPLGRU«««««««««««««««««««««««««
'HPDQGD«««««««««««««««««««««««««««««
2IHUWD««««««««««««««««««««««««««««««« $QiOLVLVGHODFRPSHWHQFLD«««««««««««««««««««««« % 0H]FODGH0DUNHWLQJ««««««««««««««««««««««««««« 3URGXFWRR6HUYLFLR««««««««««««««««««««««««««
3UHFLR««««««««««««««««««««««««««««««« 3OD]D««««««««««««««««««««««««««««««« 3URPRFLyQ««««««««««««««««««««««««««««« 9 3ODQGH3URGXFFLyQ««««««««««««««««««««««««««««« $ &DUDFWHUtVWLFDVGHO3URGXFWR««««««««««««««««««««««« % ,QVXPRV\3URYHHGRUHV««««««««««««««««««««««««« & /RFDOL]DFLyQGHODV,QVWDODFLRQHV)tVLFDV«««««««««««««««««
' +HUUDPLHQWDV\0RELOLDULR«««««««««««««««««««««««« ( 5HTXHULPLHQWRGH3HUVRQDO««««««««««««««««««««««««
9, 3ODQ)LQDQFLHUR«««««««««««««««««««««««««««««« $ ,QYHUVLyQ,QLFLDO«««««««««««««««««««««««««««««
% )XHQWHVGH)LQDQFLDPLHQWRV««««««««««««««««««««««« & (VWDGRV)LQDQFLHURV3UR\HFWDGRV«««««««««««««««««««««
(VWDGRGH5HVXOWDGRV«««««««««««««««««««««««« %DODQFH*HQHUDO«««««««««««««««««««««««««« ' )OXMRGH(IHFWLYR«««««««««««««««««««««««««««« ( (YDOXDFLyQ)LQDQFLHUD«««««««««««««««««««««««««« 9DORU3UHVHQWH1HWR««««««««««««««««««««««««« 7DVD,QWHUQDGH5HWRUQR««««««««««««««««««««««« $QiOLVLV&RVWR%HQHILFLR««««««««««««««««««««««« 9,, &URQRJUDPDGH,PSOHPHQWDFLyQ«««««««««««««««««««««««
9,,, &RQFOXVLRQHV««««««««««««««««««««««««««««««« ,; 5HFRPHQGDFLRQHV«««««««««««««««««««««««««««««
;5HIHUHQFLD%LEOLRJUiILFD««««««««««««««««««««««««« $QH[RV«««««««««««««««««««««««««««««««««««««
ŝ
5(680(1
(OSUHVHQWHWUDEDMRPXHVWUDODVJHQHUDOLGDGHVGHXQSODQGHQHJRFLRVHVWHHVXQGRFXPHQWRHQ
GRQGHVHUH~QHWRGDOD LQIRUPDFLyQ QHFHVDULD\ DFW~DFRPRKHUUDPLHQWD SDUDHOHPSUHQGHGRU
SDUD HYDOXDU XQ QHJRFLR \ VHOHFFLRQDU HO FDPLQR PiV DGHFXDGR KDFLD HO ORJUR GH VXV PHWDV \
REMHWLYRV/DSURSXHVWDGHSODQGHQHJRFLRVTXHFRQWLHQHHVWHGRFXPHQWRHVHOSODQWHDPLHQWRGH
ODDSHUWXUDGHXQDQXHYDIDUPDFLDHQHOPXQLFLSLRGH&LXGDG'HOJDGRGHO'HSDUWDPHQWRGH6DQ
6DOYDGRU
(Q HO PDUFR WHyULFR GH OD SURSXHVWD VH GHVFULEHQ ODV JHQHUDOLGDGHV GHO PXQLFLSLR GH &LXGDG
'HOJDGRDVtFRPRODVJHQHUDOLGDGHVGHODVIDUPDFLDV6HKDFHPHQFLyQDODVFDUDFWHUtVWLFDVTXH
GHEH WHQHU WRGR HPSUHQGHGRU \ OD HVWUXFWXUD IRUPDO SDUD XQ SODQ GH QHJRFLRV DGHFXDGR
GHWDOODQGRFDGDXQDGHVXVSDUWHVHVHQFLDOHVSDUDTXHSXHGDIXQFLRQDUFRPRXQDKHUUDPLHQWD
HQHOiPELWRHPSUHVDULDO
3DUD UHDOL]DU HO GLDJQyVWLFR GH OD VLWXDFLyQ DFWXDO GH OD &RORQLD 6DQWD $OHJUtD GHO PXQLFLSLR GH
&LXGDG 'HOJDGR VH XWLOL]y HO PpWRGR FLHQWtILFR GLFKR PpWRGR D\XGy SDUD OOHJDU D ODV
FRQFOXVLRQHVGHODQiOLVLV/DVXQLGDGHVGHDQiOLVLVIXHURQORVKRJDUHVGHODVIDPLOLDVTXHUHVLGHQ
HQ OD &RORQLD 6DQWD $OHJUtD \ VXV DOUHGHGRUHV VLHQGR HO XQLYHUVR KRJDUHV \ D VX YH] VH
LQYHVWLJyODSRVLEOHFRPSHWHQFLDTXHWHQGUiODIDUPDFLDHQOD]RQD
3DUDGHWHUPLQDUODPXHVWUDGHORVFRQVXPLGRUHVSRWHQFLDOHVVHXWLOL]yODIRUPXODHVWDGtVWLFDSDUD
SREODFLRQHV ILQLWDV /DV KHUUDPLHQWDV XWLOL]DGDV SDUD OD LQYHVWLJDFLyQ GH FDPSR IXHURQ ODV
HQFXHVWDVTXHFRQVLVWtDQGHSUHJXQWDVDELHUWDV\FHUUDGDV\XQDVHULHGHHQWUHYLVWDVGLULJLGDVD
ODFRPSHWHQFLD
ŝŝ
(Q OD SURSXHVWD GHO SODQ GH QHJRFLRV SDUD OD DSHUWXUD GH OD IDUPDFLD VH GHWDOODQ ODV
JHQHUDOLGDGHV GH OD HPSUHVD OODPDGD ³)DUPDFLD 6DQWD $OHJUtD´ VLHQGR XQD PLFURHPSUHVD
FRPHUFLDOXELFDGDHQOD&RORQLD6DQWD$OHJUtD3DVDMH%ORFN&6HGHWDOODQVXPLVLyQ
YLVLyQ REMHWLYRV YDORUHV \ SROtWLFDV 6H PXHVWUDQ ORV WUiPLWHV QHFHVDULRV SDUD HO UHJLVWUR GH
SHUVRQD MXUtGLFD \ FRQFHUQLHQWH D ORV SHUPLVRV D REWHQHUVH GHO &RQVHMR 6XSHULRU GH 6DOXG
3~EOLFD&663
(OSODQILQDQFLHURGHWHUPLQDTXHODLQYHUVLyQLQLFLDOGHOSUR\HFWRHVGHGHWDOODQGRFDGD
XQRGHORVPRQWRVTXHVHGHVWLQDUDQDODFRPSUDGHPRELOLDULRPHGLFDPHQWRVSURYLVLRQHVHWF
6HPXHVWUDXQ(VWDGRGH5HVXOWDGRSUR\HFWDGRGHOSULPHUDxRFRQXQDXWLOLGDGQHWDGH
D VX YH] VH SUHVHQWD XQ %DODQFH )LQDO SUR\HFWDGR SDUD HO SULPHU DxR \ XQ )OXMR GH (IHFWLYR
SUR\HFWDGRSDUDDxRVGHRSHUDFLRQHV(ODQWHULRUVLUYLyFRPREDVHSDUDUHDOL]DUODHYDOXDFLyQ
ILQDQFLHUDGHOSUR\HFWRFRQHO9DORU$FWXDO1HWRTXHGLRFRPRUHVXOWDGR\XQD7DVD
,QWHUQDGH5HWRUQRGHTXHPXHVWUDODDSHUWXUDGHODIDUPDFLDHQOD&RORQLD6DQWD$OHJUtD
FRPR XQ QHJRFLR UHQWDEOH )LQDOPHQWH VH PXHVWUD HO FURQRJUDPD GH LPSOHPHQWDFLyQ GHO
SUR\HFWRSURSXHVWRDUHDOL]DUVHHQHOWUDQVFXUVRGHOPHVGH'LFLHPEUHGHO\SULQFLSLRVGHO
PHVGH(QHURGHODxR
ŝŝŝ
,1752'8&&,Ð1
/DSUHVHQWHSURSXHVWDGHXQ3ODQGH1HJRFLRVSDUDODDSHUWXUDGHXQDIDUPDFLDHQHO0XQLFLSLR
GH&LXGDG'HOJDGRSHUPLWLUiDORVHPSUHQGHGRUHVWHQHUXQDKHUUDPLHQWDFRQILDEOHTXHD\XGDUi
DODLPSOHPHQWDFLyQGHGLFKDIDUPDFLDDGHPiVHVWDSURSXHVWDEXVFDXQEHQHILFLRVRFLDOSDUDORV
KRJDUHV GH OD ]RQD \D TXH SRU HVWDU GHQWUR GH OD ]RQD HQ TXH UHVLGHQ OHV SURSRUFLRQDUi XQD
PD\RUFRPRGLGDGDOPRPHQWRGHDGTXLULUSURGXFWRVIDUPDFpXWLFRV
(QHOFDStWXOR,VHPXHVWUDQORVDVSHFWRVJHQHUDOHVGHO0XQLFLSLRGH&LXGDG'HOJDGRDVtFRPR
WDPELpQ ODV JHQHUDOLGDGHV GH ODV IDUPDFLDV \ VX LPSRUWDQFLD 7DPELpQ VH PXHVWUDQ ODV
JHQHUDOLGDGHV GHO HPSUHQGHGXULVPR $GHPiV VH SUHVHQWDQ ORV HOHPHQWRV WHyULFRV TXH
FRQIRUPDQ XQ 3ODQ GH 1HJRFLRV HVWRV VRQ XQ 3ODQ GH 2UJDQL]DFLyQ 3ODQ GH 0HUFDGRWHFQLD
3ODQGH3URGXFFLyQ\3ODQGH)LQDQFLDPLHQWR
(OFDStWXOR,,FRUUHVSRQGHDO'LDJQyVWLFRGHOD6LWXDFLyQ$FWXDOGHOD&RORQLD6DQWD$OHJUtDHQHO
0XQLFLSLR GH &LXGDG 'HOJDGR GLFKR GLDJQyVWLFR VH UHDOL]y D WUDYpV GH XQD VHULH GH HQFXHVWDV
UHDOL]DGDVDORVKRJDUHVGHODV]RQDV\DODSRVLEOHFRPSHWHQFLD TXHWHQGUtDODIDUPDFLD(VWH
GLDJQyVWLFRVHUYLUiGHEDVHSDUDODHODERUDFLyQGHOD3URSXHVWDGHO3ODQGH1HJRFLRV
)LQDOPHQWH HQ HO FDStWXOR ,,, VH GHWDOODQ ORV SDVRV QHFHVDULRV SDUD OD DSHUWXUD GH OD QXHYD
IDUPDFLDORVWUiPLWHVOHJDOHVSDUDODFRQVWLWXFLyQGHODHPSUHVDDVtFRPRDTXHOORVWUiPLWHVTXH
VRQ H[LJLGRV SRU HO &RQVHMR 6XSHULRU GH 6DOXG 3~EOLFD &663 $GHPiV VH H[SOLFD FyPR VHUi
GHVDUUROODGD FDGD XQD GH ODV SDUWHV GHO 3ODQ GH 1HJRFLRV DSOLFDGR D OD DSHUWXUD GH OD QXHYD
IDUPDFLD
&$3Ì78/2,
0$5&2 7(Ð5,&2 62%5( /$6 *(1(5$/,'$'(6 '(/ 081,&,3,2 '( &,8'$'
'(/*$'2)$50$&,$6(035(1'('85,602<3/$1'(1(*2&,26
, &$5$&7(5,=$&,Ð1'(/081,&,3,2'(&,8'$''(/*$'2
$ '$726*(1(5$/(6
(O 0XQLFLSLR GH 'HOJDGR VH HQFXHQWUD DVHQWDGR D .P 5XPER QRUWH GH OD &LXGDG GH 6DQ
6DOYDGRU\IRUPDSDUWHGHOiUHDDGPLQLVWUDWLYD\JHRJUiILFDFRQRFLGDFRPRÈUHD0HWURSROLWDQDGH
6DQ6DOYDGRU
&LXGDG'HOJDGRHVXQ0XQLFLSLRFRQKDELWDQWHVXQDH[WHQVLyQWHUULWRULDOGH.Pð
VHGLYLGHHQFDVHUtRVFDQWRQHV\VXFDEHFHUD0XQLFLSDO&LXGDG'HOJDGR´IRUPDGDSRUORV
%DUULRV +LVWyULFRV $FXOKXDFD $VXQFLyQ 3DOHFD 6DQ 6HEDVWLiQ 7H[LQFDO \ HO %DUULR /DV
9LFWRULDV9HU$QH[R
(O PXQLFLSLR OLPLWD DO 1RUWH FRQ $SRSD \ 7RQDFDWHSHTXH DO (VWH FRQ 7RQDFDWHSHTXH \
6R\DSDQJRDO6XUFRQ6R\DSDQJR\6DQ 6DOYDGRU\DO2HVWHSRU&XVFDWDQFLQJR0HMLFDQRV\
$\XWX[WHSHTXH/RVUtRVSULQFLSDOHVVRQHO$FHOKXDWH\ODV&DxDV
% 5(6(f$+,67Ð5,&$
'XUDQWHOD DGPLQLVWUDFLyQ GHO*HQHUDO0D[LPLOLDQR+HUQiQGH]0DUWtQH]ODV PXQLFLSDOLGDGHV GH
$FXOKXDFD 3DOHFD 6DQ 6HEDVWLDQ 7H[LQFD \ HO %DUULR ODV 9LFWRULDV VH IXVLRQDURQ HO GH
2FWXEUH GH QDFLHQGR DVt OD 9LOOD 'HOJDGR HQ KRQRU GHO SUyFHU FHQWURDPHULFDQR -RVp
ϭ
,9&HQVRGH3REODFLyQ\9LYLHQGD',*(67<&
0DWtDV'HOJDGR/DSULPHUDDXWRULGDGWRPySRVHVLyQHOGHHQHURGH/DFDEHFHUDREWXYR
HOWtWXORGHFLXGDGHOGHVHSWLHPEUHGHϯ
(Q HO FHQWUR GH OD FLXGDG VH SXHGH HQFRQWUDU DEXQGDQWH FRPHUFLR IRUPDO H LQIRUPDO DVt FRPR
DJHQFLDVEDQFDULDVV~SHUPHUFDGRVRILFLQDVGHWHOHIRQtDWDOOHUHVDXWRPRWULFHVIHUUHWHUtDVHWF
(O PXQLFLSLR DOEHUJD LQGXVWULDV PDTXLOHUDV IDEULFDQWHV GH PDWHULDOHV SDUD OD FRQVWUXFFLyQ
IDEULFDV GH OiSLFHV LQGXVWULD SLURWpFQLFD OD FXDO VH KD FRQYHUWLGR HQ XQ SDWULPRQLR GH OD
PXQLFLSDOLGDG (Q FXDQWR DO FRPHUFLR VREUHVDOHQ ODV YHQWDV GH UHSXHVWRV \ DFFHVRULRV SDUD
YHKtFXORVXELFDGRVHQVXPD\RUSDUWHDORODUJRGHODFDUUHWHUD7URQFDOGHO1RUWH7DPELpQHQOD
ORFDOLGDGVHHQFXHQWUDQPRWHOHVUHVWDXUDQWHV\SHTXHxRVQHJRFLRVIDPLOLDUHV
& *2%,(512/2&$/
(O*RELHUQR0XQLFLSDOVHJ~QHO&yGLJR0XQLFLSDOHQHO$UWHVWiLQWHJUDGRSRUXQFRQFHMR
TXHWLHQHFDUiFWHUGHOLEHUDQWH\QRUPDWLYRLQWHJUDGRSRU
•
8QDDOFDOGHVDRDOFDOGH
•
8QDVtQGLFRRVtQGLFR
•
'LH]FRQFHMDOHV
•
6HFUHWDULRD
Ϯ
KWWSHVZLNLSHGLDRUJZLNL&LXGDGB'HOJDGR
ϯ
'HFUHWR/HJLVODWLYRSXEOLFDGRHQHO'LDULR2ILFLDO1ƒ2FWXEUH
ϰ
KWWSHVZLNLSHGLDRUJZLNL&LXGDGB'HOJDGR
,, *(1(5$/,'$'(662%5(/$6)$50$&,$6
$ '(),1,&,Ð1<'(6&5,3&,Ð1
(O WpUPLQR IDUPDFLD WLHQH VX RULJHQ HQ OD SDODEUD JULHJD SKDUPDNRQ TXH VLJQLILFD ³UHPHGLR´ R
³PHGLFDPHQWR´ HV OD FLHQFLD \ SUiFWLFD GH OD SUHSDUDFLyQ \ GLVSHQVDFLyQ GH PHGLFDPHQWRV
WDPELpQ HO OXJDU GRQGH VH SUHSDUDQ ORV SURGXFWRV PHGLFLQDOHV \ HO OXJDU GRQGH VH GLVSHQVDQ
SHUR pVWH HV OODPDGR RILFLQD GH IDUPDFLD DQWLJXDPHQWH OODPDGR ERWLFD SDUD GLVWLQJXLU HO
FRQFHSWRGHFLHQFLDFRQHOFRQFHSWRGHOXJDU/DIDUPDFLDHVXQiUHDGHOD0DWHULD0pGLFDUDPD
GHODVFLHQFLDVGHODVDOXGTXHHVWXGLDODSURFHGHQFLDQDWXUDOH]DSURSLHGDGHV\SUHSDUDFLyQGH
PHGLFDPHQWRV
/RV IDUPDFpXWLFRV FRPSDUWHQ FRQ ORV TXtPLFRV \ ORV PpGLFRV OD UHVSRQVDELOLGDG GH VLQWHWL]DU
FRPSXHVWRV RUJiQLFRV FRQ YDORU WHUDSpXWLFR $GHPiV FDGD YH] FRQ PiV IUHFXHQFLD VH VROLFLWD
FRQVHMR D OD FRPXQLGDG GH IDUPDFpXWLFRV HQ PDWHULD GH VDOXG H KLJLHQH /D )DUPDFLD LQFOX\H
DGHPiVGHORVFRQRFLPLHQWRVVREUHIiUPDFRV\PHGLFDPHQWRVFRQRFLPLHQWRVVREUHORVHIHFWRV
TXHSXHGHQWHQHUpVWRVVREUHHOFXHUSRKXPDQR
% ,03257$1&,$
'HELGR D TXH ODV SHUVRQDV VH HQIHUPDQ IUHFXHQWHPHQWH pVWDV QHFHVLWDQ DVLVWHQFLD PpGLFD \
DGTXLULUPHGLFDPHQWRVUD]yQSRUODFXDOVHFRQYLHUWHQHQXQDQHFHVLGDGEiVLFDSDUDUHFXSHUDU
ODVDOXG. +R\HQGtDODVIDUPDFLDVVHKDQFRQYHUWLGRHQXQDLQGXVWULDHQFUHFLPLHQWRFDSD]GH
KWWSHVZLNLSHGLDRUJZLNL%RWLFD
SURYHHU DO FRQVXPLGRU GH XQD DPSOLD YDULHGDG GH PHGLFDPHQWRV SDUD WUDWDU \ SUHYHQLU
HILFD]PHQWH XQ VLQ Q~PHUR GH SDGHFLPLHQWRV $VLPLVPR KDQ UHVXOWDGR VHU XQD PX\ EXHQD
RSFLyQ GH QHJRFLR D SHVDU GH WHQHU FRPR FRPSHWHQFLD D SRGHURVDV FDGHQDV IDUPDFpXWLFDV
QDFLRQDOHV\H[WUDQMHUDV
& $63(&726/(*$/(6
(Q QXHVWUR SDtV ORV HVWDEOHFLPLHQWRV GH VDOXG \D VHDQ KRVSLWDOHV ODERUDWRULRV FOtQLFRV
FRQVXOWRULRV PpGLFRV IDUPDFLDV HWF VRQ UHJXODGRV SRU HO &RQVHMR 6XSHULRU GH 6DOXG 3~EOLFD
&663 0iV HVSHFtILFDPHQWH ODV )DUPDFLDV WLHQHQ TXH DGRSWDU ORV UHTXHULPLHQWRV WpFQLFRV
DGPLQLVWUDWLYRVTXHOHVH[LJHHO&663SDUDSRGHUUHDOL]DUVXVDFWLYLGDGHVVHJ~QODVFRQGLFLRQHV
HVWDEOHFLGDVDGHPiVODUHJXODFLyQGHORVGHEHUHV\DWULEXFLRQHVGHYLJLODQFLDVREUH'URJXHUtDV
)DUPDFLDV/DERUDWRULRV4XtPLFRVHWFHVWiQFRQVWLWXLGDVHQOD³/H\GH)DUPDFLDV´
,,, 0$5&27(Ð5,&2'(/(035(1'('85,602
$ '(),1,&,21(6
(OWpUPLQRHPSUHQGHGRUGHULYDGHODYR]FDVWHOODQDHPSUHQGHU(VWiHVWUHFKDPHQWHUHODFLRQDGR
FRQ HO YRFDEOR IUDQFpV HQWUHSUHQHXU TXH DSDUHFH D SULQFLSLRV GHO VLJOR ;9, KDFLHQGR UHIHUHQFLD D ORV DYHQWXUHURV TXH YLDMDEDQ DO 1XHYR 0XQGR HQ E~VTXHGD GH
KWWSZZZWUDEDMRFRPP[XQDBIDUPDFLDKWP
'HFUHWR/HJLVODWLYR-XQLRSXEOLFDGR'21ƒ7RPR-XOLR
RSRUWXQLGDGHVGHYLGDVLQVDEHUFRQFHUWH]DTXHHVSHUDURWDPELpQDORVKRPEUHVUHODFLRQDGRV
FRQODVH[SHGLFLRQHVPLOLWDUHV
6HJ~Q.RRQW]HPSUHQGHUHVFXDQGRVHILMDODDWHQFLyQHQODLQYHQFLyQ\ODFUHDWLYLGDG\
WUDQVIRUPD XQ VXHxR R LGHD HQ XQ QHJRFLR UHGLWXDEOH´ $GHPiV 'LDQD 6DOD]DU GLFH DO
UHVSHFWR TXH HO HPSUHQGHGXULVPR HV EXVFDU ODV RSRUWXQLGDGHV \ UHDOL]DU XQ SURFHVR GH
SODQLILFDFLyQ TXH OH D\XGH D WRPDU ODV GHFLVLRQHV PiV DFHUWDGDV TXH JDUDQWLFHQ HO p[LWR GH OD
LGHDGHQHJRFLRV
% 7,326'((035(1'('85,602
,175$35(1(85
(VWHWLSRGHHPSUHQGHGRUHVHOTXHDSOLFDVXWDOHQWRGHQWURGHODRUJDQL]DFLyQ(O,QWUDSUHQHXU
HVDTXHOHMHFXWLYRTXHQRGHVHDVDOLUGHODHPSUHVDHQTXHVHHQFXHQWUDSDUDPRQWDUXQQXHYR
QHJRFLR 2ULHQWDGR D OD DFFLyQ WUDQVIRUPD D WUDYpV GH VX YLVLyQ JOREDO \ GH VX HVStULWX
HPSUHQGHGRU XQ SURGXFWR \R VHUYLFLR HQ XQD QXHYD iUHD GH QHJRFLRV GHQWUR GH VX DFWXDO
RUJDQL]DFLyQ
(175(35(1(85
(VHOTXHFUHDVXSURSLDHPSUHVDRGHVDUUROODVXSURSLRHPSUHQGLPLHQWR1RKD\TXHROYLGDUTXH
GHQWURGHFDGDHPSUHVDTXHDUUDQFDHVWiHOHPSUHQGHGRUTXHORKL]RSRVLEOHSXGLHQGRVHUHVWH
XQHPSUHQGHGRUHFRQyPLFRVRFLDOWHFQROyJLFRDOWUXLVWDSROtWLFR
KWWSHVZLNLSHGLDRUJZLNL(PSUHQGHGRU
,EtG
ϵ
& &$5$&7(5Ì67,&$6'(/(035(1'('25
(QWUHDOJXQRVUDVJRVFRPXQHVTXHPXFKRVHPSUHQGHGRUHVSRVHHQVHSXHGHQPHQFLRQDU
&XDGUR1ƒ
&DUDFWHUtVWLFDVGHO(PSUHQGHGRU
(QHUJtD\HQWXVLDVPR
&RQILDQ]DHQVtPLVPR
3HUVHYHUDQFLD
3DFLHQFLD
&DSDFLGDGGHDGDSWDUVHDORVFDPELRV
7ROHUDQFLDDOULHVJR
&UHDWLYLGDGHLQQRYDFLyQ
9LVLyQGHQHJRFLRV
/LGHUD]JR
&DSDFLGDGSDUDSODQLILFDU
&DSDFLWDFLyQFRQVWDQWH
&DSDFLGDGGHGHFLVLyQ
)XHQWHKWWSZZZFUHFHQHJRFLRVFRPFDUDFWHULVWLFDVGHOHPSUHQGHGRURHPSUHVDULRGHH[LWR
,9 3/$1'(1(*2&,26
$ &21&(372
6HGHILQH3ODQGH1HJRFLRVFRPRXQSURFHGLPLHQWRSDUDHQXQFLDUHQIRUPDFODUD\SUHFLVDORV
SURSyVLWRVODVLGHDVORVFRQFHSWRVODVIRUPDVRSHUDWLYDVORVUHVXOWDGRV\HQUHVXPHQODYLVLyQ
GHOHPSUHVDULRVREUHHOSUR\HFWR
9DUHOD5RGULJR3K',QQRYDFLRQ(PSUHVDULDO$UWH\&LHQFLDHQODFUHDFLyQGHHPSUHVDVGD(GLFLyQ
3HDUVRQ(GXFDFLyQGH&RORPELD/WGD
(O3ODQGHQHJRFLRVHVXQGRFXPHQWRHQGRQGHVHUH~QHWRGDODLQIRUPDFLyQ\HVWDDFW~DFRPR
XQDKHUUDPLHQWDTXHSHUPLWHDOHPSUHQGHGRUUHDOL]DUXQSURFHVRGHSODQHDFLyQSDUDHYDOXDUXQ
SUR\HFWRRQHJRFLR\VHOHFFLRQDUHOFDPLQRDGHFXDGRKDFLDHOORJURGHVXVPHWDV\REMHWLYRV
(QWRQFHVVHSRGUiKDFHUODDILUPDFLyQTXHFXDQGRODVSHUVRQDVTXHWLHQHQODLGHD\GHVHRVGH
IRUPXODUXQSUR\HFWRHVQHFHVDULR\PX\LPSRUWDQWHIRUPXODUHOSODQGHQHJRFLRVSDUDTXHH[LVWD
XQD EDVH HQ OD FXDO VH FXEUDQ WRGDV ODV GXGDV TXH SRGUtDQ WHQHU ORV SRVLEOHV DFFLRQLVWDV R HO
PLVPRHPSUHQGHGRU
% ,03257$1&,$
(Q UHVXPHQ OD LPSRUWDQFLD GHO SODQ GH QHJRFLRV QR HV VROR SDUD ORV HPSUHQGHGRUHV FRQ
SUR\HFWRVSHTXHxRVVLQRWDPELpQSXHGHVHUGHXWLOLGDGSDUDHPSUHVDVHQJHQHUDO\HQHVSHFLDO
SDUDQXHYDVLQLFLDWLYDVHPSUHVDULDOHV\DTXHVLUYHFRPRXQDJXtDRXQPDQXDOGHFyPRPDQHMDU
ORVSUR\HFWRV
& 2%-(7,926
/RVREMHWLYRVTXHMXVWLILFDQODHODERUDFLyQGHOSODQGHQHJRFLRVGLILHUHQDHOWLSRGHSUR\HFWRTXH
VHHVWpSODQLILFDQGREVHJ~QHOPRPHQWRGHODRUJDQL]DFLyQLQWHUHVDGDHQHMHFXWDUOR
3RUFRQVLJXLHQWHHVWRVREMHWLYRVD\XGDQDDOFDQ]DUXQFRQRFLPLHQWRDPSOLRGHODHPSUHVDROD
DFWLYLGDG TXH VH SUHWHQGH SRQHU HQ PDUFKD $O PLVPR WLHPSR HQFRQWUDU R FRQYHQFHU D ORV
*RQ]iOH]6DOD]DU'LDQD03ODQGH1HJRFLRVSDUD(PSUHQGHGRUHVDOe[LWR0p[LFR0F*UDZ
+LOO
VRFLRVTXHHVWpQLQWHUHVDGRVHQUHXQLUORVUHFXUVRVQHFHVDULRVSDUDSRQHUHQPDUFKDHOSUR\HFWR
\GHHVWDPDQHUDREWHQHUHOILQDQFLDPLHQWRSDUDHMHFXWDUHOQHJRFLR
' &$5$&7(5Ì67,&$6
8QSODQGHQHJRFLRVGHEHWHQHUODVVLJXLHQWHVFDUDFWHUtVWLFDV
•
'HILQLUGLYHUVDVHWDSDVTXHIDFLOLWHQODPHGLFLyQGHVXVUHVXOWDGRV
•
(VWDEOHFHUPHWDVDFRUWR\PHGLDQRSOD]RV
•
'HILQLUFRQFODULGDGORVUHVXOWDGRVILQDOHVHVSHUDGRV
•
,GHQWLILFDUSRVLEOHVRSRUWXQLGDGHVSDUDDSURYHFKDUODVHQVXDSOLFDFLyQ
•
3UHYHUODVGLILFXOWDGHVTXHSXHGDQSUHVHQWDUVH\ODVSRVLEOHVPHGLGDVFRUUHFWLYDV
•
7HQHUSURJUDPDVSDUDVXUHDOL]DFLyQ
•
6HUFODURFRQFLVRHLQIRUPDWLYR
( 9(17$-$6
$OJXQDVGHODVYHQWDMDVTXHVHREWLHQHQDOHODERUDUXQ3ODQGH1HJRFLRVVRQ
•
(O SODQ GH QHJRFLRV PXHVWUD HQ XQ GRFXPHQWR HO R ORV HVFHQDULRV IXWXURV \ PiV
SUREDEOHVFRQWRGDVVXVYDULDEOHVFRQHOILQGHIDFLOLWDUXQDQiOLVLVLQWHJUDOTXHSXHGDVHU
SUHVHQWDGR D RWUDV SDUWHV LQYROXFUDGDV HQ HO SUR\HFWR LQYHUVLRQLVWDV VRFLRV EDQFRV
SURYHHGRUHVFOLHQWHV
KWWSZZZJHVWLRSROLVFRPUHFXUVRVH[SHUWRFDWVH[SSDJDQVHPSGHVESODQKWP
•
&RQ XQ SODQ GH QHJRFLRV VH DVHJXUD GH TXH XQ QHJRFLR WHQJD VHQWLGR ILQDQFLHUR \
RSHUDWLYRDQWHVGHVXSXHVWDHQPDUFKD
•
6HFUHDXQDLPDJHQTXHSHUPLWDLGHQWLILFDUQHFHVLGDGHVDVtFRPRSUHYHUSUREOHPDVGH
UHFXUVRV\VXDVLJQDFLyQHQHOWLHPSRWHQLHQGRFRPRFRQVHFXHQFLDXQDKRUUR
•
(VXQDJXtDSDUDLQLFLDUXQHPSUHQGLPLHQWRRQHJRFLR
) &20321(17(6
3DUDSRGHUWHQHUWRGDODLQIRUPDFLyQQHFHVDULDSDUDODFRUUHFWDSXHVWDHQPDUFKDGHXQSUR\HFWR
RQHJRFLRHVQHFHVDULRFRQWDUFRQXQSODQGHQHJRFLRVELHQHVWUXFWXUDGRSRUFRQVLJXLHQWHHVWH
GHEH FRQWHQHU 5HVXPHQ HMHFXWLYR GHVFULSFLyQ GH OD HPSUHVD SODQ RUJDQL]DFLRQDO SODQ GH
PHUFDGRWHFQLD SODQ GH RSHUDFLRQHV SODQ GH ILQDQ]DV DVSHFWRV OHJDOHV FRQFOXVLRQHV \ VXV
UHVSHFWLYRVDQH[RV
9 5(680(1(-(&87,92
(Q HO 5HVXPHQ (MHFXWLYR VH KDFH XQ EUHYH DQiOLVLV GH ORV DVSHFWRV PiV LPSRUWDQWHV GH XQ
SUR\HFWRTXHVHXELFDGHODQWHGHODSUHVHQWDFLyQ(VORSULPHURTXHOHHHOUHFHSWRUGHOSUR\HFWR
\TXL]iVSRUIDOWDGHWLHPSROR~QLFRDVtTXHHVPX\LPSRUWDQWHTXHVHDFODUR\SUHFLVR
6LELHQpVWHVHXELFDDOFRPLHQ]RGHOSODQHVFRQYHQLHQWHUHDOL]DUORDOILQDOGHVSXpVGHKDEHU
DQDOL]DGR WRGRV ORV SXQWRV 6X H[WHQVLyQ HV FODYH QR PiV GH GRV SiJLQDV
(O REMHWLYR GH HVWH UHVXPHQ HV FDSWDU OD DWHQFLyQ GHO OHFWRU \ IDFLOLWDU OD FRPSUHQVLyQ GH OD
KWWSQDNX\UFSQHWSHFDELQDVUHVXPHQKWPO
LQIRUPDFLyQ TXH WRGR HO SODQ FRQWLHQH SRU OR TXH VH GHEH SUHVWDU HVSHFLDO DWHQFLyQ D VX
UHGDFFLyQ\SUHVHQWDFLyQ
9, 3/$125*$1,=$&,21$/
$ *(1(5$/,'$'(6'(/$(035(6$
120%5('(/$(035(6$
6HJ~Q*RQ]iOH]HOQRPEUHGHODHPSUHVDHVORTXHODHPSUHVDYHQGHUiFRPRLPDJHQ
DQWH HO FOLHQWH \ HO VHOOR GLVWLQWLYR HQWUH RWUDV FRVDV XQ QRPEUH GHEH VHU GHVFULSWLYR RULJLQDO
DWUDFWLYRFODUR\VLPSOHVLJQLILFDWLYR\DJUDGDEOH
*,522$&7,9,'$'(&21Ð0,&$
(OJLURGHXQDHPSUHVDHVHOREMHWLYRXRFXSDFLyQSULQFLSDO/DVHPSUHVDVVHSXHGHQFODVLILFDU
HQ WUHVJUDQGHVJLURV3ULPHUR HOJLUR FRPHUFLDOHOFXDOGHPDQHUDIXQGDPHQWDO VHGHGLFD D OD
FRPSUDYHQWD GH XQ SURGXFWR GHWHUPLQDGR OXHJR SRU LQGXVWULDO TXH VH GLVWLQJXH SRU RIUHFHU XQ
SURGXFWR ILQDO R LQWHUPHGLDULR \ SRU XOWLPR WHQHPRV ODV HPSUHVDV TXH RIUHFHQ XQ SURGXFWR
LQWDQJLEOHTXHVHFODVLILFDHQHOJLURGHVHUYLFLRV
8%,&$&,Ð1<7$0$f2
/DXELFDFLyQGHODHPSUHVDSHUPLWHGHWHUPLQDUHODPELHQWHFHUFDQRTXHODURGHD/DGHFLVLyQGHO
OXJDUySWLPRSDUDVLWXDUXQDHPSUHVDHVPX\FRPSOHMD\DTXHPHGLDQWHVXFRUUHFWDXELFDFLyQVH
SRGUtDIDFLOLWDUHODFFHVRDODVLQVWDODFLRQHVFRQHOILQGHDXPHQWDUORVYRO~PHQHVGHXQQHJRFLR
(QFXDQWRDOWDPDxRVHFODVLILFDQHPSUHVDVGHFXDWURWLSRV
•
0LFURHPSUHVD 6RQ ODV HPSUHVDV TXH REWLHQHQ LQJUHVRV EUXWRV DQXDOHV GH KDVWD
\FXHQWDQFRQXQSHUVRQDOUHPXQHUDGRKDVWDHPSOHDGRV
•
3HTXHxD HPSUHVD 6RQ ODV HPSUHVDV TXH REWLHQHQ LQJUHVRV EUXWRV DQXDOHV GH KDVWD
\FXHQWDQFRQXQSHUVRQDOUHPXQHUDGRKDVWDHPSOHDGRV
•
0HGLDQD HPSUHVD 6RQ ODV HPSUHVDV TXH REWLHQHQ LQJUHVRV EUXWRV DQXDOHV GH KDVWD
PLOORQHV\FXHQWDQFRQXQSHUVRQDOUHPXQHUDGRKDVWDHPSOHDGRV
•
*UDQHPSUHVD6RQODVHPSUHVDVTXHREWLHQHQLQJUHVRVEUXWRVDQXDOHVGHPiVGH
PLOORQHV\FXHQWDQFRQXQSHUVRQDOUHPXQHUDGRGHPiVHPSOHDGRV
1$785$/(=$
•
3~EOLFRVHUHILHUHDTXHHOFDSLWDOSURYLHQHGHO(VWDGRR*RELHUQR
•
3ULYDGR6RQDTXHOODVHQTXHHOFDSLWDOSURYLHQHGHSDUWLFXODUHV
•
(FRQRPtDPL[WD8QDSDUWHGHOFDSLWDOSURYLHQHGHO(VWDGR\ODRWUDGH3DUWLFXODUHV
0,6,Ð1
/DPLVLyQGHODHPSUHVDHVVXUD]yQGHVHUHOSURSyVLWRRPRWLYRSRUHOFXDOH[LVWH\SRUORWDQWR
GDVHQWLGR\JXtDDODDFWLYLGDGGHODHPSUHVD
ZZZPLQHFJREVY
3RUORWDQWRHVWDWLHQHTXHVHUXQDGHVFULSFLyQVLPSOLILFDGD\GLUHFWDGHGHOUHIOHMDODH[LVWHQFLD\
OD QDWXUDOH]D FDUDFWHUtVWLFD GH OD HPSUHVD DO PLVPR WLHPSR GHEH GH VHU PRWLYDGRUD \
FRQJUXHQWHUHIOHMDQGRORVYDORUHVGHODHPSUHVD
9,6,Ð1
6HHQWLHQGHSRUYLVLyQODLGHDOL]DFLyQGHOIXWXURGHODHPSUHVD&XDQGRKD\FODULGDGFRQFHSWXDO
DFHUFD GH OR TXH VH TXLHUH FRQVWUXLU D IXWXUR VH SXHGH HQIRFDU OD FDSDFLGDG GH GLUHFFLyQ \
HMHFXFLyQKDFLDVXORJURGHPDQHUDFRQVWDQWH/RVDVSHFWRVHVWUDWpJLFRV SDUDDOFDQ]DUODYLVLyQ
VH GHEH FRQFHQWUDU HQ WUHV OtQHDV IXQGDPHQWDOHV GH UHDFFLyQ FDSDFLWDFLyQ UHLQJHQLHUtD GH
SURFHVRV\FHUWLILFDFLyQGHFDOLGDG
,03$&72(1/$&2081,'$'
(V OD GHILQLFLyQ GH FyPR XQ SUR\HFWR DO SRQHUVH HQ PDUFKD LQIOXLUi HQ GLVWLQWRV IDFWRUHV D OD
FRPXQLGDGTXHHVWiGLUHFWDPHQWHLQYROXFUDGR\DODTXHVHHVWiGLULJLHQGRHQSUR\HFWR
(VWRV IDFWRUHV VRQ 6RFLDO HQ TXH D\XGDUi \ DIHFWDUi D OD FRPXQLGDG HQ VX PRUDO \ YDORUHV
(FROyJLFRUHILULpQGRVHDVLHOSUR\HFWRWHQGUiXQLPSDFWRHQHOPHGLRDPELHQWH\DVHDSRUTXH
XWLOL]DUi UHFXUVRV GH HVWH R SRUTXH ODV RSHUDFLRQHV GHO SUR\HFWR SRGUtD DIHFWDUOR GH DOJXQD
PDQHUD (FRQyPLFR VL HO SUR\HFWR LQIOXLUi HQ HO FRPSRUWDPLHQWR HFRQyPLFR \ ILQDQFLHUR GH OD
]RQDHQODTXHVHHVWDUiGLULJLHQGR
5DIDHO5RGUtJXH](O(PSUHQGHGRUGHe[LWR*XtDGH3ODQHVGH1HJRFLRV0p[LFR(GLWRULDO0F*UDZ
+LOOS
KWWSZZZZLNLSHGLDFRPDGPLQLVWUDFLRQREMHWLYRVKWPO
% (6758&785$25*$1,=$&,21$/
32/Ì7,&$6<9$/25(6
/DVSROtWLFDVVRQJXtDVGHDFFLyQTXHVHHVWDEOHFHQFRQHOSURSyVLWRGHRULHQWDUWDQWRDMHIHV
FRPR DO UHVWR GH SHUVRQDV DO PRPHQWR GH WRPDU XQD GHFLVLyQ \ TXH D\XGDQ DO ORJUR GH ORV
REMHWLYRVSURSXHVWRVHQFDGDXQDGHODViUHDVTXHFRQIRUPDQXQDRUJDQL]DFLyQ/RVYDORUHVVRQ
QRUPDVJXtD\H[SHFWDWLYDVTXHGHWHUPLQDQORVFRPSRUWDPLHQWRVDSURSLDGRVTXHGHEHQGHWHQHU
ORVPLHPEURVGHXQDRUJDQL]DFLyQHQWUHHOORV
25*$1,*5$0$
(O2UJDQLJUDPDVHSXHGHGHILQLUFRPRODIRUPDJUiILFDTXHPXHVWUDODHVWUXFWXUDRUJiQLFDLQWHUQD
GH OD RUJDQL]DFLyQ IRUPDO GH XQD HPSUHVD VXV UHODFLRQHV VXV QLYHOHV GH MHUDUTXtD \ ODV
SULQFLSDOHVIXQFLRQHVTXHVHGHVDUUROODQ
7RGRRUJDQLJUDPDWLHQHTXHFXPSOLUORVVLJXLHQWHVUHTXLVLWRV
•
2EWHQHU WRGRV ORV HOHPHQWRV GH DXWRULGDG ORV GLIHUHQWHV QLYHOHV GH MHUDUTXtD \ OD
UHODFLyQHQWUHHOORV
•
7LHQHTXHVHUIiFLOGHHQWHQGHU\VHQFLOORGHXWLOL]DU
•
'HEHFRQWHQHU~QLFDPHQWHORVHOHPHQWRVLQGLVSHQVDEOHV
KWWSHVZLNLSHGLDRUJZLNL(PSUHVD/DBRUJDQL]DFL&%QBHQBODBHPSUHVD
2%-(7,92625*$1,=$&,21$/(6
(VWRVVRQORVSXQWRVVLJXLHQWHVTXHVHWLHQHQTXHGHWHUPLQDUSDUDVDEHUHOUXPERTXHOOHYDUiOD
HPSUHVD \ DFHUFDU ORV SUR\HFWRV D OD UHDOLGDG (Q ORV REMHWLYRV ORV GHVHRV VH FRQYLHUWHQ HQ
PHWDV\FRPSURPLVRVHVSHFtILFRVXELFDGRVHQHOWLHPSRDVtPLVPRODPLVLyQGHODGHVHUXQD
LQWHQFLyQSDUDFRQYHUWLUVHHQXQDUHDOLGDGFRQFUHWD
&RQEDVHHQHOWLHPSRHQTXHVHSUHWHQGHQFXPSOLUORVREMHWLYRVVHFODVLILFDQHQODVVLJXLHQWHV
FDWHJRUtDV
•
2EMHWLYRVDFRUWRSOD]RPHVHVDXQDxR
•
2EMHWLYRVDPHGLDQRSOD]RDDxRV
•
2EMHWLYRVDODUJRSOD]RDDxRV
)81&,21(6(63(&Ì),&$632538(6726
/DGHILQLFLyQGHORVSXHVWRVGHQWURGHXQDRUJDQL]DFLyQFRQDQWHULRULGDGDVXSXHVWDHQPDUFKD
HVPX\LPSRUWDQWH3DUDHVWRVHFUHDXQ0DQXDOGHSXHVWRVGHODRUJDQL]DFLyQHQGRQGHFDGD
XQR GH ORV SXHVWRV TXH VH HMHUFHUiQ HQ OD HPSUHVD VRQ GHVFULWRV MXQWR FRQ VXV IXQFLRQHV \
UHVSRQVDELOLGDGHVDVtFRPRORVUHTXLVLWRVDFDGpPLFRV\ODERUDOHVTXHODVSHUVRQDVDDSOLFDUD
FDGDXQRGHORVSXHVWRVGHEHGHFXPSOLUSDUDXQDFRUUHFWDUHDOL]DFLyQGHVXVIXQFLRQHV
'LDQD0*RQ]iOH]3ODQGH1HJRFLRVSDUD(PSUHQGHGRUHV0p[LFR0F*UDZ+LOO,QWHUDPHULFDQR
S
D 3(5621$/
(Q HO SODQ GH QHJRFLRV WDPELpQ WLHQHQ TXH GHILQLUVH ORV SDVRV TXH VH VHJXLUiQ SDUD HO
UHFOXWDPLHQWRVHOHFFLyQFRQWUDWDFLyQFRQWUROHLQGXFFLyQSDUDSRGHULQWHJUDUDXQSHUVRQDODSWR
SDUDUHDOL]DUODVDFWLYLGDGHVGHQWURGHXQDHPSUHVDRGHXQSUR\HFWR
E &21',&,21(6'(75$%$-2
6HWLHQHTXHGHILQLUWRGRVORVDVSHFWRVUHODFLRQDGRVGHFyPRIXQFLRQDUiODHPSUHVDGLDULDPHQWH
\ HQ TXH VH YHUiQ DIHFWDGRV ORV HPSOHDGRV VHJ~Q ORV KRUDULRV HQ ORV TXH FDGD XQR GH HOORV
WHQGUi TXH UHDOL]DU VXV IXQFLRQHV ODV SUHVWDFLRQHV TXH VH OH GDUiQ D FDGD XQR GH HOORV ODV
UHJODVDVHJXLUSDUDXQDEXHQDUHDOL]DFLyQGHDFWLYLGDGHVHWF
& $63(&726/(*$/(6
)250$-85Ì',&$'(/$(035(6$
/DVHOHFFLyQGHODIRUPDMXUtGLFDGHWHUPLQDUiFRPRODHPSUHVDIXQFLRQDUiGHVGHHOSXQWRGHYLVWD
OHJDO\VHKDUiGHDFXHUGRDOWLSRGHDFWLYLGDGTXHVHUHTXLHUHGHVDUUROODUDODVH[SHFWDWLYDVGH
FUHFLPLHQWR\DOQ~PHURGHSHUVRQDV&XDQGRVHSUHWHQGHFRQVWLWXLUOHJDOPHQWHXQDHPSUHVDHV
LPSRUWDQWHWRPDUHQFXHQWDHQWUHRWURVORVVLJXLHQWHVDVSHFWRV
•
(OQ~PHURGHVRFLRVTXHGHVHDQLQLFLDUHOQHJRFLR
•
/DFXDQWtDGHOFDSLWDOVRFLDODSRUWDFLRQHVSRUVRFLR
•
/DVUHVSRQVDELOLGDGHVTXHVHDGTXLHUHQIUHQWHDWHUFHURV
$OJXQDVGHODVIRUPDVMXUtGLFDVPiVXVXDOHVVRQ
3HUVRQD1DWXUDO6HUHILHUHDDTXHOODHPSUHVDHQODTXHWRGDVODVGHFLVLRQHVUHODWLYDVDOPDQHMR
RDGPLQLVWUDFLyQGHOQHJRFLRUHFDHQVREUHODSHUVRQDGHOGXHxRHPSUHQGHGRU
6RFLHGDG DQyQLPD 6HJ~Q OR HVWDEOHFLGR HQ HO DUWtFXOR GHO &yGLJR GH &RPHUFLR GH (O
6DOYDGRUHVODVRFLHGDGLGHDOSDUDLQYHUVLRQLVWDVGRQGHORVDSRUWHVGHFDSLWDOVHKDFHQ
PHGLDQWHODVXVFULSFLyQGHDFFLRQHV/DUHVSRQVDELOLGDGGHORVVRFLRVVHOLPLWDDODVDSRUWHVHQ
DFFLRQHVVH UHTXLHUHQ SRUORPHQRV GRVVRFLRV SDUDFRQVWLWXLUOD VRFLHGDG\QRKD\OLPLWHV GH
LQYHUVLyQ
6RFLHGDGGHUHVSRQVDELOLGDGOLPLWDGD2UJDQL]DFLyQHPSUHVDULDOFRQVWLWXLGDHQWUHVRFLRVORV
FXDOHV VRODPHQWH HVWiQ REOLJDGRV DO SDJR GH VXV DSRUWDFLRQHV VLQ TXH ODV SDUWHV VRFLDOHV
SXHGDQHVWDUUHSUHVHQWDGDVSRUWtWXORVQHJRFLDEOHV
&XDOTXLHUD TXH VHD OD IRUPD GH FRQVWLWXFLyQ TXH HO HPSUHQGHGRU GHFLGD SDUD VX HPSUHVD VH
GHEHUi VHJXLU XQD VHULH GH WUiPLWHV GH UHJLVWUR PLVPRV TXH GHEHUiQ VHU FXELHUWRV SRU HO
HPSUHQGHGRUSDUDTXHODHPSUHVDVHDFRQVLGHUDGDOHJDOPHQWHHVWDEOHFLGD
'LDQD0*RQ]iOH]3ODQGH1HJRFLRVSDUD(PSUHQGHGRUHVDOe[LWR0p[LFR0F*UDZ+LOO
,QWHUDPHULFDQRS
,EtG
3$6261(&(6$5,263$5$/$$3(5785$'(81$(035(6$
8QDHPSUHVDSDUDSRGHUOHJDOL]DUVHIRUPDOPHQWHGHEHVHJXLUXQDVHULHGHSDVRVTXHOHSHUPLWH
RSHUDU FRQ WRGDV ODV GHO OD OH\ 8QR GH HVRV WUiPLWHV HV OD PDWUtFXOD GH OD HPSUHVD \ OD VXE
PDWUtFXODGHHVWDEOHFLPLHQWRDPEDVDXWRUL]DFLRQHVGHEHQREWHQHUVHHQODVRILFLQDVGHO5HJLVWUR
GH&RPHUFLR
(O WUiPLWH HV VHQFLOOR HQ HO FDVR GH ODV SHUVRQDV QDWXUDOHV HVWDV GHEHQ DFXGLU DO 5HJLVWUR GH
&RPHUFLR \ OOHQDU XQD VROLFLWXG HQ OD TXH KDFHQ FRQVWDU TXH GHVHDQ VHU PDWULFXODGDV $ GLFKD
VROLFLWXG OD GHEHQ DFRPSDxDU OD FHUWLILFDFLyQ GH OD SDUWLGD GH QDFLPLHQWR \ HO FRPSUREDQWH GH
SDJR GH ORV GHUHFKRV GH UHJLVWUR $VLPLVPR VH WLHQH TXH DQH[DU HO EDODQFH ILQDQFLHUR GH OD
HPSUHVD OD VROYHQFLD GH LQVFULSFLyQ HQ OD 'LUHFFLyQ GH (VWDGtVWLFDV \ &HQVRV \ OD VROYHQFLD
PXQLFLSDO
/DV SHUVRQDV MXUtGLFDV WDPELpQ GHEHQOOHQDUODVROLFLWXG GHLQVFULSFLyQ\SDJDUORVGHUHFKRVGH
UHJLVWUR SHUR DGHPiV GHEHQ OOHYDU OD VROYHQFLD GH LQVFULSFLyQ D OD ',*(67<& \ OD VROYHQFLD
PXQLFLSDOHOEDODQFHFHUWLILFDGRGHODVLWXDFLyQHFRQyPLFDGHODILUPDHPSUHVDULDO\HO1,7GHOD
VRFLHGDG
3DUDIRUPDOL]DUXQDHPSUHVDHVQHFHVDULRREWHQHUUHJLVWURVTXHDWDxHQDOyUJDQRHMHFXWLYRODV
PXQLFLSDOLGDGHV \ HO VLVWHPD GH SHQVLRQHV $ FRQWLQXDFLyQ VH SUHVHQWDQ DOJXQDV GH ODV
SULQFLSDOHVH[LJHQFLDV
ZZZHOVDOYDGRUFRP
•
(O1~PHURGH,GHQWLILFDFLyQ7ULEXWDULD1,7
•
5HJLVWURGH1~PHURGH,GHQWLILFDFLyQ3DWURQDO1,3
•
&HQWURGH7UDEDMR(VREOLJDFLyQLQVFULELUODHPSUHVDHQORVUHJLVWURVTXHVHOOHYDQ
HQ OD 'LUHFFLyQ *HQHUDO GH ,QVSHFFLyQ GHO 7UDEDMR HQ ODV RILFLQDV 5HJLRQDOHV GH
7UDEDMR
•
5HJLVWURGH$OFDOGtD GHO HVWDEOHFLPLHQWR GHQHJRFLRVGRQGHVHHQFXHQWUDOD VHGH
GHODQXHYDHPSUHVD
•
6ROYHQFLD0XQLFLSDO
9,, 3/$1'(0(5&$'27(&1,$
$ '(),1,&,Ð1
(VWH HV XQ GRFXPHQWR SUHYLR D XQD LQYHUVLyQ ODQ]DPLHQWR GH XQ SURGXFWR R FRPLHQ]R GH XQ
QHJRFLRGRQGHHQWUHRWUDVFRVDVVHGHWDOODORTXHVHHVSHUDFRQVHJXLUFRQHVHSUR\HFWRORTXH
FRVWDUiHOWLHPSR\ORVUHFXUVRVDXWLOL]DUSDUDVXFRQVHFXFLyQ\XQDQiOLVLVGHWDOODGRGHWRGRV
ORVSDVRVTXHKDQGHGDUVHSDUDDOFDQ]DUORVILQHVSURSXHVWRV
% 2%-(7,926
/RVREMHWLYRVGHODPHUFDGRWHFQLDVHSXHGHQUHVXPLUHQGRVORVFXDOHVVRQJDQDUPHUFDGR\
JDQDU ULTXH]D 8QD RUJDQL]DFLyQ SXHGH WHQHU PXFKRV REMHWLYRV SHUR VL HVWRV QR VH FXPSOHQ
WDUGHRWHPSUDQRGHVDSDUHFHUiQ
)LVKHU/\&DOODGR-$0HUFDGRWHFQLD0p[LFR0F*UDZ+LOO
'HQWURGHORVREMHWLYRVGHOiUHDGHPHUFDGRWHFQLDHVQHFHVDULRGHILQLUORTXHVHGHVHDORJUDUFRQ
HO SURGXFWR RVHUYLFLR HQWpUPLQRVGHYHQWDV GLVWULEXFLyQ\SRVLFLRQDPLHQWRHQ HOPHUFDGR 6H
GHEHWHQHUHQFXHQWDHOiUHD\VHJPHQWRGHPHUFDGRTXHVHSLHQVDDWDFDUDVtFRPRHOWLHPSR
HQHOFXDOVHSLHQVDORJUDUORVREMHWLYRV
& $1É/,6,6'(0(5&$'2
(O DQiOLVLV GH PHUFDGR HV OD GLVWLQFLyQ \ VHSDUDFLyQ GH ODV SDUWHV GHO PHUFDGR SDUD OOHJDU D
FRQRFHUORVSULQFLSLRVRHOHPHQWRVGHHVWHHVWDVSDUWHVVHPHQFLRQDQDFRQWLQXDFLyQ
'(02*5$)Ì$
/D 'HPRJUDItD VH SXHGH GHILQLU FRPR HO HVWXGLR HVWDGtVWLFR GH OD SREODFLyQ KXPDQD \ VXV
FDUDFWHUtVWLFDV GH GLVWULEXFLyQ /D GHPRJUDItD HV LPSRUWDQWH SDUD ORV HMHFXWLYRV GH
PHUFDGRWHFQLD GHELGR D TXH ODV SHUVRQDV MXQWR FRQ HO GLQHUR SDUD JDVWDU \ OD YROXQWDG SDUD
JDVWDUORVRQORTXHFRQVWLWX\HQORVPHUFDGRV+LHELQJ
$1É/,6,6'(/$'(0$1'$
(QWpUPLQRVJHQHUDOHVODGHPDQGDHVXQDGHODVGRVIXHU]DVTXHHVWiSUHVHQWHHQHOPHUFDGR
OD RWUD HV OD RIHUWD \ UHSUHVHQWD OD FDQWLGDG GH SURGXFWRV R VHUYLFLRV TXH HO S~EOLFR REMHWLYR
TXLHUH\SXHGHDGTXLULUSDUDVDWLVIDFHUVXVQHFHVLGDGHVRGHVHRV6HJ~Q /DXUD)LVKHU\-RUJH
$OFDUD]5DIDHO(O(PSUHQGHGRUGHe[LWR0p[LFR0F*UDZ+LOO
(VSHMR OD GHPDQGD VH UHILHUH D ODV FDQWLGDGHV GH XQ SURGXFWR TXH ORV FRQVXPLGRUHV HVWiQ
GLVSXHVWRVDFRPSUDUDORVSRVLEOHVSUHFLRVGHOPHUFDGR
3DUD HVWLPDU OD GHPDQGD GHO SURGXFWR SULPHUR GHEH GHILQLUVH HO PHUFDGR PHWD D SDUWLU GHO
Q~PHURGHFOLHQWHVHVWDVHKDFHSDUDFDOFXODUODGHPDQGDIXWXUDRSRWHQFLDO/XHJRVHGHILQHHO
WHUULWRULR JHRJUiILFR \ HO Q~PHUR GH FOLHQWHV GHO PHUFDGR PHWD HQ pVWH SDUD GHWHUPLQDU VL KD\
UHVWULFFLRQHVGHFRQVXPRTXHSXHGDQUHGXFLUDORVFOLHQWHVGHOSURGXFWR
$1É/,6,6'(/$2)(57$
(Q XQ VHQWLGR JHQHUDO OD RIHUWD HV XQD IXHU]D GHO PHUFDGR OD RWUD HV OD GHPDQGD TXH
UHSUHVHQWDODFDQWLGDGGHELHQHVRVHUYLFLRVTXHLQGLYLGXRVHPSUHVDVXRUJDQL]DFLRQHVTXLHUHQ\
SXHGHQYHQGHUHQHOPHUFDGRDXQSUHFLRGHWHUPLQDGR
/RVSULQFLSDOHVWLSRVGHRIHUWDVRQRIHUWDFRPSHWLWLYDRGHPHUFDGROLEUHRIHUWDROLJRSyOLFDRIHUWD
PRQRSyOLFD(OSURSyVLWRTXHVHSHUVLJXHPHGLDQWHHODQiOLVLVGHODRIHUWDHVGHWHUPLQDURPHGLU
ODV FDQWLGDGHV \ ODV FRQGLFLRQHV HQ TXH XQD HFRQRPtD SXHGH \ TXLHUH SRQHU D GLVSRVLFLyQ GHO
PHUFDGRXQELHQRXQVHUYLFLR
Ϯϰ
)LVFKHU/DXUD\(VSHMR-RUJH0HUFDGRWHFQLD0p[LFR(GLWRULDO0F*UDZ+LOOS
5RPiQ*+LHELQJ&yPRSUHSDUDUHOH[LWRVRSODQGHPHUFDGRWHFQLD0p[LFR0F*UDZ+LOOS
Ϯϲ
)LVFKHU/DXUD\(VSHMR-RUJH0HUFDGRWHFQLD0p[LFR(GLWRULDO0F*UDZ+LOOS
$1É/,6,6'(35(&,26
3DUD 3KLOLS .RWOHU \ *DU\ $UPVWURQJ HO SUHFLR HV HQ HO VHQWLGR PiV HVWULFWR OD FDQWLGDG GH
GLQHURTXHVHFREUDSRUXQSURGXFWRRVHUYLFLR(QWpUPLQRVPiVDPSOLRVHOSUHFLRHVODVXPDGH
ORVYDORUHVTXHORVFRQVXPLGRUHVGDQDFDPELRGHORVEHQHILFLRVGHWHQHURXVDUHOSURGXFWRR
VHUYLFLR´
8QSUHFLRGHPDVLDGRDOWRSXHGHGHVDOHQWDUODFRPSUDGHOSURGXFWR\HVWLPXODUGHHVHPRGRDOD
FRPSHWHQFLD TXHFRQSUHFLRVEDMRVSXHGHHQWUDUHQODFDWHJRUtDGHOSURGXFWR R VHUYLFLR3RUHO
FRQWUDULRXQSUHFLRGHPDVLDGREDMRSXHGHLPSHGLUTXHVHDOFDQFHQODVPHWDVGHJDQDQFLDV\GH
YHQWDV %XVNLUN 3RU FRQVLJXLHQWH ORV VLVWHPDV SDUD ILMDU SUHFLRV VH DQDOL]DQ GH WUHV
PDQHUDVGLIHUHQWHVODVFXDOHVVRQIDFWRUHVHFRQyPLFRVFRPRFRVWRVGHPDQGD\FRPSHWHQFLDX
RWUDVYDULDEOHVVXEMHWLYDVFRPRHVSHFXODFLyQ
$1É/,6,6'(/$&203(7(1&,$
(Q HFRQRPtD VH GLFH TXH H[LVWH FRPSHWHQFLD FXDQGR GLIHUHQWHV HPSUHVDV FRQFXUUHQ D XQ
PHUFDGR D RIUHFHU VXV SURGXFWRV DQWH XQ FRQMXQWR GH FRQVXPLGRUHV TXH DFW~DQ
LQGHSHQGLHQWHPHQWH\TXHFRQVWLWX\HQODGHPDQGD
/DFRPSHWHQFLDHVHVHQFLDOHQODHFRQRPtDGHXQPHUFDGRWDQWRTXHSXHGHGHFLUVHTXHDPERV
WpUPLQRV VRQ HQ UHDOLGDG LQVHSDUDEOHV QR H[LVWH HFRQRPtD GH PHUFDGR VLQ FRPSHWHQFLD \ OD
H[LVWHQFLDGHFRPSHWHQFLDSURGXFHFRPRUHVXOWDGRXQWLSRGHHFRQRPtDGHPHUFDGR
&$5$&7(5Ì67,&$6'(/0(5&$'2&21680,'25
3ULPHURVH GHILQHFRPR PHUFDGR FRPRHOJUXSR GH SHUVRQDVFRQ QHFHVLGDGHVSRUVDWLVIDFHU
GLQHUR\GLVSRVLFLyQGHJDVWDUOR
6HJXQGRSDUDVHOHFFLRQDUHOPHUFDGRPHWDODJHUHQFLDGHEHDQDOL]DUHVWRVGRVFRPSRQHQWHV
HOSULPHURGHEHHVWXGLDUVHDQDOL]DQGRODGLVWULEXFLyQJHRJUiILFD\ODFRPSRVLFLyQGHPRJUiILFD
(OVHJXQGRVHDQDOL]DPHGLDQWHODGLVWULEXFLyQGHLQJUHVRV\ORVGHJDVWRVSDUDGHWHUPLQDU³OD
EXHQDGLVSRVLFLyQSDUDJDVWDU´GHEHHVWXGLDUVHSDUDGHWHUPLQDUHOFRPSRUWDPLHQWRGHFRPSUD
' $1É/,6,6)2'$
(O DQiOLVLV )2'$ )RUWDOH]DV 2SRUWXQLGDGHV 'HELOLGDGHV \ $PHQD]DV HV XQD KHUUDPLHQWD
HVWUDWpJLFD TXH VH XWLOL]D SDUD FRQRFHU OD VLWXDFLyQ SUHVHQWH GH XQ SUR\HFWR D HPSUHQGHU /D
PDWUL])2'$HV XQD KHUUDPLHQWD TXHVH XWLOL]DSDUD ODHODERUDFLyQ GHHVWUDWHJLDVPHGLDQWH XQ
DQiOLVLVVLVWHPiWLFRTXHIDFLOLWDODDGHFXDFLyQGHODVDPHQD]DV\RSRUWXQLGDGHVH[WHUQDVFRQODV
IRUWDOH]DV\GHELOLGDGHVLQWHUQDVGHXQDRUJDQL]DFLyQ
$1É/,6,6,17(512
6H UHILHUH D OD RUJDQL]DFLyQ ORV SURFHVRV ORV UHFXUVRV GH OD HPSUHVD HO SHUVRQDO HV GHFLU D
DTXHOOR TXHVHGHQRPLQD(O)UHQWH,QWHUQR SURGXFWRGHODQiOLVLVFXDOLWDWLYR GHHVWDVVHGHEH
LGHQWLILFDU ODV 'HELOLGDGHV \ )RUWDOH]DV (O DQiOLVLV LQWHUQR LPSOLFD 3ULPHUR XQ DQiOLVLV GH ORV
%ROHWtQ'H/D$VRFLDFLyQ6DOYDGRUHxD'H3URIHVLRQDOHV(Q$GPLQLVWUDFLyQ'H(PSUHVDV$VSDH0DU]R
'H3iJ
UHFXUVRV ILQDQFLHURV KXPDQRV WHFQROyJLFRV 6HJXQGR XQ DQiOLVLV GH OD HVWUXFWXUD
RUJDQL]DFLRQDO7HUFHURXQDHYDOXDFLyQGHOGHVHPSHxR\ILQDOPHQWHODFXOWXUDRUJDQL]DFLRQDO
$1É/,6,6(;7(512
0LHQWUDVWDQWRHODQiOLVLVH[WHUQRHVWiUHIHULGRDOFRQWH[WRTXHURGHDODHPSUHVDHOPHUFDGRORV
FRPSHWLGRUHV HO DPELHQWH HFRQyPLFR DPELHQWH SROtWLFR DPELHQWH VRFLDO DFFLyQ GHO HVWDGR OD
FRPXQLGDG ORV JUHPLRV HV GHFLU D DTXHOOR GHQRPLQDGR (O IUHQWH H[WHUQR SURGXFWR GH HVWH
DQiOLVLVVH GHEHLGHQWLILFDU ODV2SRUWXQLGDGHV\$PHQD]DV(ODQiOLVLVH[WHUQRLPSOLFDSULPHUR
XQDQiOLVLVGHODFRPSHWHQFLDVHJXQGRXQDQiOLVLVGHIDFWRUHVHFRQyPLFRVVRFLDO\SROtWLFR\
SRU~OWLPRXQDQiOLVLVGHSUHFLRV
( 0(=&/$'(0$5.(7,1*
/DPH]FODGHPDUNHWLQJVHUHILHUHDODVYDULDEOHVGHGHFLVLyQVREUHODVFXDOHVODHPSUHVDWLHQH
PD\RU FRQWURO (VWDV YDULDEOHV VH FRQVWUX\HQ DOUHGHGRU GHO FRQRFLPLHQWR H[KDXVWLYR GH ODV
QHFHVLGDGHVGHOFRQVXPLGRU\HVWDVVRQODVVLJXLHQWHV
352'8&726(59,&,2
7RGDVODVFRPSDxtDVWLHQHQODQHFHVLGDGGHIDEULFDUXQSURGXFWR\GDUORDOPHUFDGRSDUDTXHORV
FOLHQWHVSXHGDQVDWLVIDFHUVXVQHFHVLGDGHV\GHVHRV
:LOOLDP-6WDQWRQ0LFKDHO-(W]HO%UXFH-:RONHU)XQGDPHQWRVGH0DUNHWLQJ0p[LFR(GLWRULDO0F
*UDZ+LOOS
35(&,26
$OJXQDVGLILFXOWDGHVGHODDVLJQDFLyQGHOSUHFLRVXUJHQSRUODFRQIXVLyQVREUHHOVLJQLILFDGRDXQ
FXDQGRHOFRQFHSWRHVIiFLOGHGHILQLUHQWpUPLQRVXVXDOHV6HQFLOODPHQWHHOSUHFLRHVODFDQWLGDG
GHGLQHURXRWURVHOHPHQWRVGHXWLOLGDGTXHVHQHFHVLWDQSDUDDGTXLULUXQSURGXFWR
3/$=$
6H FRQVLGHUD OD GLVWULEXFLyQ FRPR HO PHGLR TXH XWLOL]DQ ODV HPSUHVDV SDUD KDFHU OOHJDU VXV
SURGXFWRVDORVOXJDUHVHQGRQGHORVFRQVXPLGRUHVSXHGHQHQFRQWUDUORVFRQIDFLOLGDG
/D GLVWULEXFLyQ FRQVLVWH HQ KDFHU OOHJDU HO SURGXFWR D VX PHUFDGR PHWD /D DFWLYLGDG PiV
LPSRUWDQWHSDUDEDMDUHVWRHVDUUHJODUVXYHQWDGHOIDEULFDQWHDOFRQVXPLGRU
35202&,Ð1
'HVGH ODV SHUVSHFWLYDV GHO PDUNHWLQJ OD SURPRFLyQ VLUYH SDUD ORJUDU ORV REMHWLYRV GH XQD
RUJDQL]DFLyQ /D SURPRFLyQ VLQ LPSRUWDU D TXLHQ YD\D GLULJLGD HV XQ LQWHQWR GH LQIOXLU 7LHQH
FXDWURIRUPDVODYHQWDSHUVRQDOODSXEOLFLGDGODSURPRFLyQGHYHQWDV\ODVUHODFLRQHVS~EOLFDV
,EtG
,EtG
,EtG
9,,, 3/$1'(352'8&&,Ð1
(O SODQ GH SURGXFFLyQ GHWDOOD FyPR VH YDQ D IDEULFDU R DGTXLULU ORV SURGXFWRV TXH VH KDQ GH
YHQGHU 6H WUDWD GH FRQRFHU ORV UHFXUVRV KXPDQRV \ PDWHULDOHV TXH VRQ QHFHVDULRV HQ OD
HPSUHVDSDUDOOHYDUDGHODQWHVXVDFWLYLGDGHV
$ '(6&5,3&,Ð1'(/352'8&72
&RQ HO REMHWLYR TXH VH GH D FRQRFHU HO SURGXFWR R VHUYLFLR TXH HO QXHYR SUR\HFWR R HPSUHVD
SLHQVDYHQGHUVHWLHQHTXHKDFHUXQDGHVFULSFLyQHVSHFLILFDHQODTXHVHLQFOX\DQORVPRGHORV
FDWHJRUtDVHVSHFLILFDFLRQHVHWF
6HDQ REMHWRV ItVLFRV R VHUYLFLRV OD GHVFULSFLyQ GH HVWRV WLHQHQ TXH WHQHU WUHV DVSHFWRV EiVLFRV
TXH GHEHQ GH WHQHU HQ FXHQWD &DUDFWHUtVWLFD GHO SURGXFWR ¢4Xp HV" )XQFLRQHV ¢4Xp KDFH"
%HQHILFLRV¢4XpQHFHVLGDGHVVDWLVIDFH"
% ,168026<3529(('25(6
(O LQVXPR HV XQ ELHQ FRQVXPLEOH XWLOL]DGR HQ HO SURFHVR SURGXFWLYR GH RWUR ELHQ /RV LQVXPRV
XVXDOPHQWHVRQGHQRPLQDGRVIDFWRUHVGHODSURGXFFLyQRUHFXUVRVSURGXFWLYRV
$OGHILQLUVHTXHSURGXFWRVVHUiQORVSULQFLSDOHVSDUDODYHQWD\GLVWULEXFLyQSRUPHGLRGHODQXHYD
HPSUHVDDFRPHQ]DUVXDFWLYLGDGVHWLHQHTXHHVWXGLDU\GHWHUPLQDUFXDOHVVHUiQODVIXHQWHVGH
ODVTXHVHREWHQGUiHOSURGXFWR$HVWDVHQWLGDGHVTXHVHHQFDUJDUDQGHGDUORVLQVXPRVSDUDOD
SURGXFFLyQVHOHVOODPDSURYHHGRUHV(VQHFHVDULRSUHVWDUHVSHFLDODWHQFLyQHQFRPRODHPSUHVD
YD D SURYHHUVH GH ODV PDWHULDV SULPDV QHFHVDULDV SDUD OD SURGXFFLyQ WUDWDQGR GH UHGXFLU DO
PtQLPRODGHSHQGHQFLDGHDOJ~QSURYHHGRUFRQFUHWRRGHDOJXQDPDWHULDGHWHUPLQDGD
& ,167$/$&,21(6)Ì6,&$6
(Q XQ SODQ GH QHJRFLRV HV GH YLWDO LPSRUWDQFLD GDU D FRQRFHU FRQ H[DFWLWXG FyPR VHUiQ ODV
LQVWDODFLRQHV ItVLFDV \ OD GLVWULEXFLyQ HQ SODQWD GHO ORFDO HQ TXH VH XELFDUi OD HPSUHVD (VWR
LQFOX\H WDQWR ORV HVSDFLRV QHFHVDULRV SDUD HO PRYLPLHQWR GHO PDWHULDO DOPDFHQDPLHQWR
WUDEDMDGRUHVLQGLUHFWRV\WRGDV ODVRWUDVDFWLYLGDGHV RVHUYLFLRVFRPRHO HTXLSRGHWUDEDMR\HO
SHUVRQDOGHWDOOHU7DPELpQHVQHFHVDULRGHILQLUODVPHGLGDVGHVHJXULGDGTXHVHXWLOL]DUiQHQ
ODV LQVWDODFLRQHV DVt FRPR VX H[DFWD ORFDOL]DFLyQ GHILQLHQGR OD UHJLyQ FRPXQLGDG WHUUHQR
FRPSHWHQFLDHWF
&RQ UHVSHFWR D ODV LQVWDODFLRQHV ItVLFDV VH GHEHQ HVWDEOHFHU FXDOHV VRQ ORV HOHPHQWRV
LPSRUWDQWHV TXH VH GHEHQ GH WRPDU HQ FXHQWD ORV UHTXHULPLHQWRV GHO WHUUHQR HVSHFLILFDQGR
DVSHFWRVFRPRYtDVGH DFFHVR ODDGHFXDFLyQQHFHVDULD SDUDHOWLSRGH DFWLYLGDGTXHHQHOVH
UHDOL]DUi LQIRUPDFLyQ VREUH ORV VHUYLFLRV EiVLFRV DJXD OX] WHOpIRQR HWF GHVFULSFLyQ GH OD
LQIUDHVWUXFWXUD\FRQVWUXFFLyQVLVRQQHFHVDULDV
' 02%,/,$5,2<2+(55$0,(17$6
(VLPSRUWDQWHHVSHFLILFDUHOPRELOLDULR\KHUUDPLHQWDVDXWLOL]DUHQODSUHVWDFLyQGHOVHUYLFLR6H
WLHQHQTXHWRPDUHQFXHQWDODVFDUDFWHUtVWLFDVGHOHTXLSRDXWLOL]DUVHDVtFRPRHOPDQWHQLPLHQWR
TXHVHWHQGUiTXHSURYHHUDOPRELOLDULR\DODVKHUUDPLHQWDV
KWWSZZZJHVWLRSROLVFRPUHFXUVRVGRFXPHQWRVIXOOGRFVJHUGLVWULSODQWDFDUKWP
,; 3/$1'(),1$1&,$0,(172
$ '(),1,&,Ð1
(O3ODQGH)LQDQFLDPLHQWRVHSXHGHGHILQLUFRPRDTXHOTXHUHFRJHORVIRQGRVGLVSRQLEOHVSDUD
FXEULU ODV LQYHUVLRQHV LQtFLDOHV H LQGLFD VX SURFHGHQFLD HV GHFLU VL OR DSRUWDURQ ORV VRFLRV FRQ
UHFXUVRVSURSLRVVLVHWUDWDUiGHXQSUpVWDPREDQFDULRRGHRWURWLSRGHFUpGLWRVUHFXUVRVDMHQRV
6HHODERUDFRQMXQWDPHQWHFRQHOSODQGHGHLQYHUVLyQ\DTXHHOWRWDOGHODVLQYHUVLRQHVWLHQHTXH
VHULJXDODOWRWDOGHILQDQFLDPLHQWR
% ,19(56,Ð1,1,&,$/
6HJ~Q 0DQXHO GH -HV~V )RUQRV VRQ ODV RSHUDFLRQHV TXH HIHFW~D XQD HQWLGDG HQ HO
SUHVHQWH VDFULILFDQGR UHFXUVRV FRQ OD HVSHUDQ]D GH REWHQHU DOJ~Q EHQHILFLR HQ HO IXWXUR HV
GHFLUUHQWDELOLGDGPHGLDQWHLQWHUHVHVRGLYLGHQGRVHQLQVWUXPHQWRVGHUHQWDILMDRYDULDEOHGH
DFXHUGRDODVDOWHUQDWLYDVGHLQYHUVLyQGLVSRQLEOHVHQFDGDQDFLyQ
&$3,7$/'(,19(56,Ð1
/D HPSUHVD HQ VX DIiQ GH HQULTXHFHUVH H LQFUHPHQWDU DO Pi[LPR VX SDWULPRQLR YD D FRORFDU
DOJXQRVGHVXVUHFXUVRVHQELHQHV\GHUHFKRVTXHQRHPSOHDHQVXSURFHVRSURGXFWLYRSHURHQ
ORVTXHLQYLHUWHDILQGHFRQWURODURHMHUFHUFLHUWRGRPLQLRVREUHRWUDVHPSUHVDVRSDUDREWHQHU
UHQWDV (VWRV ELHQHV \ GHUHFKRV VH GHQRPLQDQ LQYHUVLRQHV ILQDQFLHUDV \ FRQWDEOHPHQWH VH
UHSUHVHQWDQPHGLDQWHFXHQWDVGHDFWLYR
)8(17(6'(),1$1&,$0,(172
)LQDQFLDUXQDHPSUHVDHVGRWDUODGHGLQHUR\GHFUpGLWRHVGHFLUFRQVHJXLUUHFXUVRV\PHGLRV
GHSDJRSDUDGHVWLQDUORVDODDGTXLVLFLyQGHELHQHV\VHUYLFLRVQHFHVDULRVSDUDHOGHVDUUROORGH
ODVIXQFLRQHVGHODHPSUHVD
([LVWHQ YDULDV IXHQWHV GH ILQDQFLDFLyQ HQ ODV HPSUHVDV 6H SXHGHQ FDWHJRUL]DU GH OD VLJXLHQWH
IRUPD
ϯϯ
KWWSZZZFRQWDELOLGDGWNFRQFHSWR\FODVHVKWP
),*85$1ž
&/$6,),&$&,Ð1'(/$6)8(17(6'(),1$1&,$0,(172
&25723/$=2
6(*Ó1683/$=2
'(9(1&,0,(172
/$5*23/$=2
,17(5126
)8(17(6'(
),1$1&,$0,(172
6(*Ó168
352&('(1&,$
(;7(5126
6(*Ó1/26
3523,(7$5,26
0(',26'(
),1$1&,$&,Ð1
$-(126
0(',26'(
),1$1&,$&,Ð1
3523,26
)XHQWHKWWSHVZLNLSHGLDRUJZLNL)LQDQFLDFL&%Q
& (67$'26),1$1&,(526
(Q HVWD VHFFLyQ GHEHQ HVWDEOHFHUVH FODUDPHQWH WRGRV ORV VXSXHVWRV TXH IXHURQ WRPDGRV HQ
FXHQWD SDUD HODERUDU ORV HVWDGRV ILQDQFLHURV \ GHWHUPLQDU ODV FDQWLGDGHV GH GLQHUR TXH VH
XWLOL]DUDQ HQ LQYHUVLRQHV SDJR GH DGHXGRV \ FXDOTXLHU RWUR UHTXHULPLHQWR GH FDSLWDO DVt FRPR
SDUDFDOFXODUHOQLYHOGHYHQWDVTXHVHSLHQVDDOFDQ]DUHQODHPSUHVD
' (67$'2'(5(68/7$'26
(V XQ GRFXPHQWR GRQGH VH LQIRUPD GHWDOODGD \ RUGHQDGDPHQWH FRPR VH REWXYR OD XWLOLGDG GHO
HMHUFLFLRFRQWDEOH(OHVWDGRGHUHVXOWDGRHVWDFRPSXHVWRSRUODVFXHQWDVQRPLQDOHVWUDQVLWRULDV
RGHUHVXOWDGRVRVHDODVFXHQWDVGHLQJUHVRVJDVWRV\FRVWRV/RVYDORUHVGHEHQFRUUHVSRQGHU
H[DFWDPHQWHDORVYDORUHVTXHDSDUHFHQ HQHOOLEURPD\RU\VXVDX[LOLDUHVRDORVYDORUHVTXH
DSDUHFHQHQODVHFFLyQGHJDQDQFLDV\SpUGLGDVGHODKRMDGHWUDEDMR
( %$/$1&(*(1(5$/
(V HO GRFXPHQWR FRQWDEOH TXH LQIRUPD HQ XQD IHFKD GHWHUPLQDGD OD VLWXDFLyQ ILQDQFLHUD GH OD
HPSUHVDSUHVHQWDQGRHQIRUPDFODUDHOYDORUGHVXVSURSLHGDGHV\GHUHFKRVVXVREOLJDFLRQHV\
VX FDSLWDO YDOXDGRV \ HODERUDGRV GH DFXHUGR FRQ ORV SULQFLSLRV GH FRQWDELOLGDG JHQHUDOPHQWH
DFHSWDGRV
(QHOEDODQFHVRORDSDUHFHQODVFXHQWDVUHDOHV\VXVYDORUHVGHEHQFRUUHVSRQGHUH[DFWDPHQWHD
ORVVDOGRVDMXVWDGRVGHORVOLEURVPD\RUHV\OLEURVDX[LOLDUHV(OEDODQFHJHQHUDOVHGHEHHODERUDU
SRU OR PHQRV XQD YH] DO DxR \ FRQ IHFKD D GH GLFLHPEUH ILUPDGR SRU ORV UHVSRQVDEOHV
FRQWDGRUDXGLWRU
) )/8-2'(()(&7,92
(QILQDQ]DV\HQHFRQRPtDVHHQWLHQGHSRUIOXMRGHFDMDRIOXMRGHIRQGRVHQLQJOpVFDVKIORZORV
IOXMRVGHHQWUDGDV\VDOLGDVGHFDMDRHIHFWLYRHQXQSHUtRGRGDGR
(OHVWXGLRGHORVIOXMRVGHFDMDGHQWURGHXQDHPSUHVDSXHGHVHUXWLOL]DGRSDUDGHWHUPLQDU
•
3UREOHPDVGHOLTXLGH](OVHUUHQWDEOHQRVLJQLILFDQHFHVDULDPHQWHSRVHHUOLTXLGH]8QD
FRPSDxtDSXHGHWHQHUSUREOHPDVGHHIHFWLYRDXQVLHQGRUHQWDEOH3RUORWDQWRSHUPLWH
DQWLFLSDUORVVDOGRVHQGLQHUR
•
3DUDDQDOL]DUODYLDELOLGDGGHSUR\HFWRVGHLQYHUVLyQORVIOXMRVGHIRQGRVVRQODEDVHGH
FiOFXORGHO9DORUDFWXDOQHWR\GHOD7DVDLQWHUQDGHUHWRUQR
•
3DUD PHGLU OD UHQWDELOLGDG R FUHFLPLHQWR GH XQ QHJRFLR FXDQGR VH HQWLHQGD TXH ODV
QRUPDVFRQWDEOHVQRUHSUHVHQWDQDGHFXDGDPHQWHODUHDOLGDGHFRQyPLFD
* (9$/8$&,Ð1),1$1&,(5$
9$/2535(6(17(1(72
(V PX\ LPSRUWDQWH VDEHU HO YDORU SUHVHQWH GH OD LQYHUVLyQ HQ HO WLHPSR SRU WDQWR VH KDFH
QHFHVDULRDX[LOLDUVHGHOSURFHGLPLHQWRTXHSHUPLWHFDOFXODUHOYDORUSUHVHQWHGHXQGHWHUPLQDGR
Q~PHURGHIOXMRVGHFDMDIXWXURV(OPpWRGRDGHPiVGHVFXHQWDXQDGHWHUPLQDGDWDVDRWLSRGH
LQWHUpV LJXDO SDUD WRGR HO SHUtRGR FRQVLGHUDGR /D WDVD GH LQWHUpV XWLOL]DGD VH FRQRFH FRPR
FRVWRGHFDSLWDO\SXHGHVHUHOFRVWRGHSHGLUSUHVWDGRGLQHURRVHUODWDVDGHXWLOLGDGTXHGHVHH
HOLQYHUVLRQLVWD
KWWSHVZLNLSHGLDRUJ
7$6$,17(51$'(5(72512
6HGHILQHFRPRODWDVDGHLQWHUpVFRQODFXDOHOYDORUSUHVHQWHQHWRHVLJXDODFHUR/D7,5HVXQD
KHUUDPLHQWD GH WRPD GH GHFLVLRQHV GH LQYHUVLyQ XWLOL]DGD SDUD FRPSDUDU OD IDFWLELOLGDG GH
GLIHUHQWHVRSFLRQHVGHLQYHUVLyQ
$1É/,6,6%(1(),&,2²&2672
(QODUHODFLyQEHQHILFLRFRVWRVHGHWHUPLQDSRUVHSDUDGRORVYDORUHVDFWXDOHVGHORVLQJUHVRVDVt
FRPRORVYDORUHVDFWXDOHVGHORVHJUHVRVOXHJRVHGLYLGHODVXPDGHORVYDORUHVDFWXDOHVGHORV
FRVWRVHLQJUHVRV
6LODUHODFLyQEHQHILFLRFRVWR!LQGLFDTXHSRUFDGDGyODUGHFRVWRVVHREWLHQHPiVGHXQGyODU
GHEHQHILFLR
6LODUHODFLyQEHQHILFLRFRVWR LQGLFDTXHSRUFDGDGyODUGHFRVWRVVHREWLHQHPHQRVGHXQ
GyODUGHEHQHILFLR
,EtG
&$3Ì78/2,,
',$*1Ð67,&2'(/3/$1'(1(*2&,263$5$/$$3(5785$'(81$)$50$&,$
(1(/081,&,3,2'(&,8'$''(/*$'2'(3$57$0(172'(6$16$/9$'25
, 0(72'2/2*Ì$87,/,=$'$
$ 2%-(7,926
2%-(7,92*(1(5$/
(ODERUDUXQGLDJQyVWLFRGHODVLWXDFLyQDFWXDOGHOD&RORQLD6DQWD$OHJUtDTXHFRQWULEX\DD
REWHQHUHOHPHQWRVLPSRUWDQWHVSDUDODHODERUDFLyQGHO3ODQGH1HJRFLRVSDUDODDSHUWXUDGH
ODQXHYDIDUPDFLD
2%-(7,926(63(&Ì),&26
&DUDFWHUL]DUDODSREODFLyQREMHWRGHHVWXGLRHQFXDQWRDYDULDEOHVGHPRJUiILFDVFRPR
JpQHURHGDGRFXSDFLyQ\QLYHOGHLQJUHVRSDUDHOGLVHxRGHO3ODQGH1HJRFLRV
&RQRFHU FXiOHV VRQ ORV IDFWRUHV PiV LQIOX\HQWHV TXH KDFHQ DWUDFWLYDV D ODV IDUPDFLDV
SDUDFUHDUSUHIHUHQFLDVHQORVFRQVXPLGRUHV
,GHQWLILFDU LQIRUPDFLyQ FODYH TXH SHUPLWD GHWHUPLQDU ORV UHFXUVRV QHFHVDULRV SDUD OD
QXHYDIDUPDFLDORVFXDOHVVHUYLUiQFRPREDVHSDUDODHODERUDFLyQGHO3ODQGH1HJRFLRV
% $/&$1&(6</,0,7$&,21(6
$OFDQFHV
♦ 6HUHFRSLOyLQIRUPDFLyQQHFHVDULDSDUDODHODERUDFLyQGHO3ODQGH1HJRFLRV
♦ 6H ORJUy FRQRFHU OD LPSUHVLyQ GH DOJXQDV SHUVRQDV DFHUFD GH OD DSHUWXUD GH XQD
IDUPDFLD
♦ 6HORJUyFRQRFHUODPDQHUDHQFRPRODVIDUPDFLDVUHDOL]DQVXVRSHUDFLRQHV
/LPLWDFLRQHV
(QWUH ORV LQFRQYHQLHQWHV FRQ ORV TXH FRQWy HO JUXSR GH LQYHVWLJDFLyQ VH HQFXHQWUDQ ORV
VLJXLHQWHV
♦ )DOWD GH FRODERUDFLyQ SRU SDUWH GH DOJXQDV IDUPDFLDV DO PRPHQWR GH VHU
HQFXHVWDGDV
♦ (QFXHVWDVFRQUHVSXHVWDVLQFRPSOHWDV
& 0(72'2/2*Ì$'(/$,19(67,*$&,Ð1
0e72'2'(,19(67,*$&,Ð1
3DUDREWHQHUODLQIRUPDFLyQTXHVHUYLUiSDUDHODERUDUODSURSXHVWDGH3ODQGH1HJRFLRVSDUDOD
DSHUWXUDGHXQDIDUPDFLDVHXWLOL]yHOPpWRGRFLHQWtILFR\DTXHFRQWLHQHXQDVHULHGHSDVRVTXH
VRQORVTXHSHUPLWHQDOFDQ]DUXQREMHWLYR
7,32'(,19(67,*$&,Ð1
/D LQYHVWLJDFLyQ IXH GH WLSR QR H[SHULPHQWDO FRQ XQ HQIRTXH GHVFULSWLYR \D TXH QR H[LVWH
PDQLSXODFLyQGHODVYDULDEOHVGHHVWXGLRSRUSDUWHGHORVLQYHVWLJDGRUHV
+(55$0,(17$6'(,19(67,*$&,Ð1
6H DSOLFy ODWpFQLFDGHOD HQFXHVWDDODPXHVWUD HVWDEOHFLGD HQOD&RORQLD6DQWD$OHJUtD\VXV
DOUHGHGRUHV XWLOL]DQGR FRPR LQVWUXPHQWR HO FXHVWLRQDULR HO FXDO FRQWHQtD SUHJXQWDV DELHUWDV \
FHUUDGDV$GHPiVVHUHDOL]yXQDVHULHGHHQWUHYLVWDVGLULJLGDVDODFRPSHWHQFLDSDUDFRQRFHUHO
HVWDGRDFWXDOGHVXVRSHUDFLRQHV
7,326<)8(17(6'(,1)250$&,Ð1
D)XHQWHV3ULPDULDV
/DV IXHQWHV SULPDULDV TXH VH XWLOL]DURQ HQ HO GHVDUUROOR GH OD LQYHVWLJDFLyQ VRQ ORV VXMHWRV GH
HVWXGLRORVFXDOHVVRQODVIDPLOLDVTXHUHVLGHQHQOD&RORQLD6DQWD$OHJUtD\VXVDOUHGHGRUHV\OD
FRPSHWHQFLD/DLQIRUPDFLyQVHREWXYRDWUDYpVGHHQFXHVWDVTXHVHOHVUHDOL]y
E)XHQWHV6HFXQGDULDV
'HQWURGHODVIXHQWHVVHFXQGDULDVTXHVHXWLOL]DURQHQODLQYHVWLJDFLyQVHHQFXHQWUDQORVOLEURV
GH WH[WRV UHYLVWDV 7UDEDMRV GH *UDGXDFLyQ 'LUHFFLRQHV (OHFWUyQLFDV \ WRGD LQIRUPDFLyQ
UHODFLRQDGD FRQ HO WHPD ,QIRUPHV (FRQyPLFRV /H\HV 5HJODPHQWRV \ 1RUPDV TXH VRQ
LPSRUWDQWHVSDUDSRGHUFXPSOLUORVUHTXLVLWRVSDUDODDSHUWXUDGHIDUPDFLDVHQ(O6DOYDGRU
'(7(50,1$&,Ð1'(/81,9(562
3DUDODUHDOL]DFLyQGHODLQYHVWLJDFLyQVHWRPDURQFRPRXQLGDGHVGHDQiOLVLVORVKRJDUHVGHODV
IDPLOLDVTXHUHVLGHQHQOD&RORQLD6DQWD$OHJUtD\VXVDOUHGHGRUHV\DTXHVHKL]RXQHVWXGLRGH
FRQVXPR SRU IDPLOLD /D RWUD XQLGDG GH DQiOLVLV HV OD FRPSHWHQFLD HV GHFLU WRGDV DTXHOODV
HPSUHVDV TXH VH GHGLTXHQ D SUHVWDU VHUYLFLRV GH OD PLVPD QDWXUDOH]D (VWRV VH GHWDOODQ D
FRQWLQXDFLyQ
D 8QLYHUVR GH ORV FRQVXPLGRUHV <D TXH VH KL]R XQ HVWXGLR GH FRQVXPR SRU IDPLOLD HO
XQLYHUVRIXHGHTXHHVHOQ~PHURGHKRJDUHVGHOD&RORQLD6DQWD$OHJUtD\VXVDOUHGHGRUHV
E8QLYHUVRGHODFRPSHWHQFLD
'H DFXHUGR D OD LQIRUPDFLyQ SURSRUFLRQDGD SRU *HUDUGR *RQ]iOH] PLHPEUR GH OD $OFDOGtD
0XQLFLSDOGH&LXGDG'HOJDGRVHWLHQHFRQRFLPLHQWRTXHH[LVWHQDFWXDOPHQWHIDUPDFLDVHQORV
DOUHGHGRUHVGHOD]RQDDLQYHVWLJDU(VWDVVRQ
&XDGUR1R
35,1&,3$/(6)$50$&,$6'(&,8'$''(/*$'2
)$50$&,$
',5(&&,Ð1
)DUPDFLD%HUWLV
$Y-XDQ%HUWLV&LXGDG'HOJDGR
)DUPDFLDV*pQHVLV
&HQWUR &RPHUFLDO /D &DVLWD /RFDO $ &LXGDG
'HOJDGR
)DUPDFLD0DUtD$X[LOLDGRUD
$Y3DOHFD%&LXGDG'HOJDGR
)DUPDFLD0DUtD-RVp
$Y -XDQ %HUWLV &RORQLD $FROKXDWDQ &DOOH
3ULQFLSDO&LXGDG'HOJDGR
)DUPDFLD0LODJURGHOD)H
$Y3DOHFD$&LXGDG'HOJDGR
)DUPDFLD6DQ$JXVWtQ
%R (O &HQWUR $Y -XDQ %HUWLV &LXGDG
'HOJDGR
)DUPDFLD6DQ$JXVWtQ
$Y3DOHFD&LXGDG'HOJDGR
)DUPDFLD6DQ$JXVWtQ
$Y-XDQ%HUWLV&LXGDG'HOJDGR
)DUPDFLDV(FRQyPLFDV
&DOOH0RUD]iQ/RFDO&LXGDG'HOJDGR
)XHQWH(ODERUDGRSRUHO*UXSRGH,QYHVWLJDFLyQ
'(7(50,1$&,Ð1'(/$08(675$
D0XHVWUDGHORV&RQVXPLGRUHV3DUDGHWHUPLQDUHOQ~PHURH[DFWRGHFDVDVGHHVWXGLRTXH
IXHURQ OD PXHVWUD GH OD LQYHVWLJDFLyQ VH HPSOHy OD VLJXLHQWH IyUPXOD HVWDGtVWLFD \D TXH OD
SREODFLyQDHVWXGLDUHVILQLWDPHQRVGHHOHPHQWRV
n=
N. Z2.P.Q.
1H=34
'RQGH
Q7DPDxRGHODPXHVWUD
18QLYHUVRRFDVDVGHOD&RORQLD6DQWD$OHJUtD\VXVDOHGDxDV
=1LYHOGHFRQILDQ]DGHOFX\RYDORUHQWDEODVHVWDGtVWLFDVHVGH4XHVHREWLHQHGH
GLYLGLU HQWUH \ GD FRPR UHVXOWDGR TXH HV HO YDORU TXH VH EXVFD HQ ODV WDEODV
HVWDGtVWLFDV
33UREDELOLGDGGHp[LWRGHODSURSXHVWDGHXQSODQGHQHJRFLRVTXHYLDELOLFHODDSHUWXUDGHXQD
IDUPDFLD
43UREDELOLGDGGHIUDFDVRHQODSURSXHVWDGHOSODQGHQHJRFLRVGHDSHUWXUDGHXQD)DUPDFLDHQ
ODFRORQLD6DQWD$OHJUtD
((UURUGHSUHFLVLyQ
$SOLFDQGRODIyUPXOD
1 = 3 4 ( SRUTXH] GHp[LWR
Q FDVDV
n=
E 0XHVWUD GH OD &RPSHWHQFLD <D TXH HO Q~PHUR GH FRPSHWLGRUHV HV SHTXHxR WDQWR HO
XQLYHUVR1FRPRODPXHVWUDQVHUiIDUPDFLDV
1 Q IDUPDFLDV
7,32'(08(675(2
(O WLSR GH PXHVWUHR TXH VH XWLOL]y IXH HO SUREDELOtVWLFR DOHDWRULR VLPSOH \D TXH HV XQR GH ORV
XWLOL]DGRV HQ LQYHVWLJDFLRQHV FLHQWtILFDV GH WDO PDQHUD TXH FDGD HOHPHQWR GHO XQLYHUVR WLHQH OD
PLVPDRSRUWXQLGDGGHVHUHOHJLGR
352&(62<35(6(17$&,Ò1'(/$,1)250$&,Ð1
/RVGDWRVSURFHVDGRVSURYLHQHQGHODVHQFXHVWDVUHDOL]DGDVDODVIDPLOLDVTXHUHVLGHQHQOD
&RORQLD6DQWD$OHJUtD\VXVDOUHGHGRUHVGHO0XQLFLSLRGH&LXGDG'HOJDGR'HSDUWDPHQWRGH6DQ
6DOYDGRU DVt FRPR WDPELpQ GH ODV HQFXHVWDV GLULJLGDV D RWUDV IDUPDFLDV FRQVLGHUDGDV FRPR
FRPSHWHQFLD SDUD HO SURFHVDPLHQWR GH GLFKD LQIRUPDFLyQ VH XWLOL]y HO SURJUDPD GH 0LFURVRIW
2IILFH([FHO
/DV HQFXHVWDV SDUD FRQVXPLGRUHV VH FRPSOHWDURQ YLVLWDQGR ORV KRJDUHV GH ODV IDPLOLDV TXH
UHVLGHQ HQ OD FRORQLD DQWHV PHQFLRQDGD 8QD YH] UHVSRQGLGDV ODV HQFXHVWDV pVWDV VH
HQXPHUDURQGHODOSDUDIDFLOLWDUODWDEXODFLyQGHODLQIRUPDFLyQ
3DUDODSUHVHQWDFLyQ\YLVXDOL]DFLyQGHORVGDWRVVHKDQXWLOL]DGRWDEODVGHIUHFXHQFLDVJUiILFRV
GHSDVWHO\JUiILFRVGHEDUUDVDJUXSDGDVSDUDFRPSDUDUORVYDORUHVGHODVGLIHUHQWHVFDWHJRUtDV
GHWDOPDQHUDTXHVHSXHGDYLVXDOL]DUHLQWHUSUHWDUODLQIRUPDFLyQUHFRSLODGD
6H SURFHGLy D HQFXHVWDU D OD FRPSHWHQFLD SHUR GH ODV QXHYH IDUPDFLDV H[LVWHQWHV VRODPHQWH
FLQFRHVWXYLHURQHQODGLVSRQLELOLGDGGHFRRSHUDUSDUDODLQYHVWLJDFLyQ
,,352&(6$0,(172'('$726
$ $1É/,6,6'((1&8(67$6
$1É/,6,6'((1&8(67$6',5,*,'$6$&21680,'25(69(5$1(;2
,
'$726*(1(5$/(6
6H[R
2EMHWLYR&RQRFHUHOJpQHURGHODVSHUVRQDVHQFXHVWDGDVSDUDGHWHUPLQDUTXLpQHVHO
HQFDUJDGRGHODVFRPSUDVIDUPDFpXWLFDVGHODVIDPLOLDV
6H[R
)D
)U
)HPHQLQR
0DVFXOLQR
7RWDO
6(;2
)HPHQLQR
0DVFXOLQR
$1É/,6,6
(QHVWHFDVRODPD\RUtDGHODVSHUVRQDVTXHVHHQFDUJDQGHODVFRPSUDVIDUPDFpXWLFDVVRQ
PXMHUHVFDEHDFODUDUTXHODGLIHUHQFLDTXHH[LVWHFRQHOSRUFHQWDMHGHKRPEUHVHVPtQLPD
SRUORTXHVHSXHGHFRQFOXLUTXHHOJpQHURDOPRPHQWRGHUHDOL]DUODVFRPSUDVIDUPDFpXWLFDV
HVLQGLIHUHQWH
(GDG
2EMHWLYR'HWHUPLQDUHOUDQJRGHHGDGGHODVSHUVRQDVHQFXHVWDGDV
('$'
D
D
D
D
0iVGH
7RWDO
)D
)U
('$'
DDxRV
DDxRV
DDxRV
DDxRV
0iVGHDxRV
$1É/,6,6
(QFXDQWRDORVUDQJRVGHHGDGVHSXHGHREVHUYDUTXHKD\GRVUDQJRVHQTXHODGLIHUHQFLDGH
SRUFHQWDMH HV PtQLPD HVWR TXLHUH GHFLU TXH OD PD\RUtD GH ORV HQFDUJDGRV GH ODV FRPSUDV
IDUPDFpXWLFDVWLHQHQDxRVRPiV
¢6XHVWDGRFLYLODFWXDOHV"
2EMHWLYR,GHQWLILFDUHOHVWDGRFLYLOGHODVSHUVRQDVHQFXHVWDGDV
(VWDGR&LYLO
)D
)U
6ROWHURD
&DVDGRD
'LYRUFLDGRD
9LXGRD
$FRPSDxDGRD
7RWDO
(67$'2&,9,/
6ROWHURD
&DVDGRD
'LYRUFLDGRD
9LXGRD
$FRPSDxDGRD
$1É/,6,6
(O GH ODV SHUVRQDV HQFXHVWDGDV VRQ FDVDGRVDV HVWR TXLHUH GHFLU TXH OD PD\RUtD
DGHPiV GH YHODU SRU VX SURSLD VDOXG OR KDFHQ SRU ORV PLHPEURV GH VX IDPLOLD (VWR QR TXLHUH
GHFLUTXHODVSHUVRQDQFRQRWURHVWDGRFLYLOQRVRQUHVSRQVDEOHVGHDOJXLHQPiV
¢&XiOHVVXRFXSDFLyQDFWXDO"
2EMHWLYR'HWHUPLQDUODRFXSDFLyQDFWXDOGHODVSHUVRQDVHQFXHVWDGDV
2FXSDFLyQ
)D
)U
(PSOHDGR
$PDGHFDVD
-XELODGR
,QGHSHQGLHQWH
(VWXGLDQWH
7RWDO
OCUPACIÓN ACTUAL
Empleado
15.83% 5.04%
10.79%
12.95%
Ama de casa
Jubilado
55.40%
Independiente
Estudiante
$1É/,6,6
6H GHWHUPLQy TXH XQ GH ORV HQFXHVWDGRV SRVHHQ XQ HPSOHR SHUPDQHQWH \D VHD HQ HO
JRELHUQRRHQODHPSUHVDSULYDGDHOPDQLIHVWyWUDEDMDUGHIRUPDLQGHSHQGLHQWHHVGHFLU
SRVHHQXQQHJRFLRSURSLR(VWDVGRVRFXSDFLRQHVVRQODVTXHKDQWHQLGRPD\RUSRUFHQWDMH
¢$FXiQWRDVFLHQGHQORVLQJUHVRVPHQVXDOHVGHVXIDPLOLD"
2EMHWLYR'HWHUPLQDUORVLQJUHVRVIDPLOLDUHVPHQVXDOHVSDUDFRQRFHUHOSRGHUDGTXLVLWLYR
SRUIDPLOLD
,QJUHVRV0HQVXDOHV
)D
)U
'HD
'HD
'HD
'HD
0iVGH
7RWDO
,1*5(6260(168$/(6
'HD
'HD
'HD
'HD
0iVGH
$1É/,6,6
'HO GH SHUVRQDV HQFXHVWDGDV HO PDQLIHVWy SRVHHU LQJUHVRV PHQVXDOHV TXH VH
HQFXHQWUDQHQHOUDQJRGHD$SDUWLUGHHVWRVHSXHGHFRQFOXLUTXHODPD\RUtD
GHORVFOLHQWHVSRWHQFLDOHVGHODIDUPDFLDSHUWHQHFHQDODFODVHPHGLD
¢&XiQWRVPLHPEURVFRQIRUPDQVXJUXSRIDPLOLDULQFO~\DVHXVWHGHQHOWRWDO"
2EMHWLYR&RQRFHUFXiQWRVPLHPEURVFRQIRUPDQHOJUXSRIDPLOLDU
*UXSR)DPLOLDU
)D
)U
'HDPLHPEURV
'HDPLHPEURV
0iVGHPLHPEURV
7RWDO
*5832)$0,/,$5
'HDPLHPEURV
'HDPLHPEURV
0iVGHPLHPEURV
$1É/,6,6
/D PD\RUtD GH ODV SHUVRQDV HQFXHVWDGDV SRVHH XQ JUXSR IDPLOLDU FRQIRUPDGR SRU D PLHPEURVHVWRTXLHUHGHFLUTXHHOORVWLHQHQXQDPD\RUUHVSRQVDELOLGDG\DTXHWLHQHQXQJUXSR
IDPLOLDUPiVDPSOLR
¢&RQTXHIUHFXHQFLDYLVLWDQXQDIDUPDFLD"
2EMHWLYR,GHQWLILFDUODIUHFXHQFLDGHFRQVXPRHQXQDIDUPDFLD
)UHFXHQFLDGHYLVLWD
)D
)U
2FDVLRQDOPHQWH
YH]DOPHV
yYHFHVDOPHV
YH]SRUVHPDQD
7RWDO
)5(&8(1&,$'(9,6,7$
2FDVLRQDOPHQWH
YH]DOPHV
yYHFHVDOPHV
YH]SRUVHPDQD
$1É/,6,6
/DPD\RUtDGHORVHQFXHVWDGRVHVGHFLUXQGHFODUDQTXHYLVLWDQODIDUPDFLDyYHFHV
DOPHVFRQHVWRVHYLVXDOL]DODQHFHVLGDGSHULyGLFDTXHWLHQHQODVIDPLOLDVGHREWHQHUSURGXFWRV
IDUPDFpXWLFRVSDUDHOFXLGDGRGHODVDOXG
¢&XiOHVHOFRQVXPRIDPLOLDUPHQVXDOHQGyODUHVGHVWLQDGRVDSURGXFWRVGHXQD
IDUPDFLD"
2EMHWLYR&RQRFHUODFDQWLGDGPRQHWDULDTXHODVIDPLOLDVGHVWLQDQDSURGXFWRVGHXQD
IDUPDFLD
&RQVXPR
0HQRVGH
D
D
D
D
0iVGH
7RWDO
)D
)U
&216802
0HQRVGH
D
D
D
D
0iVGH
$1É/,6,6
(O GH ODV SHUVRQDV HQFXHVWDGDV GHVWLQDQ XQ UDQJR GH D D OD FRPSUD GH
SURGXFWRV HQ XQD IDUPDFLD 6LQ HPEDUJR DO DQDOL]DU FRQMXQWDPHQWH ORV GHPiV SRUFHQWDMHV VH
SXHGH REVHUYDU TXH XQ GH ORV HQFXHVWDGRV GHVWLQDQ PiV GH D SURGXFWRV GH XQD
IDUPDFLD&RQFOX\HQGRDVtTXHHOFRQVXPRIDPLOLDUHQGyODUHVHVEDVWDQWHDPSOLR
¢4XpWLSRVGHPHGLFDPHQWRVFRPSUDIUHFXHQWHPHQWHHQXQDIDUPDFLD"
2EMHWLYR'HWHUPLQDUORVPHGLFDPHQWRVTXHPiVFRQVXPHQODVSHUVRQDVSDUDFRQRFHUOD
GHPDQGDGHHVWRV
7LSRGH0HGLFDPHQWRV
)D
)U
'H(VSHFLDOLGDG
*HQpULFRV
3RSXODUHV
7RWDO
7,326'(0(',&$0(1726
'H(VSHFLDOLGDG
*HQpULFRV
3RSXODUHV
$1É/,6,6
8Q GH ORV HQFXHVWDGRV PDQLIHVWy TXH ORV PHGLFDPHQWRV TXH FRP~QPHQWH FRQVXPHQ
VRQGHQDWXUDOH]DJHQpULFDPRVWUDQGRDVt TXHODDFWXDOQHFHVLGDGHFRQyPLFDGHODVSHUVRQDV
FUHD XQD PD\RU GHPDQGD KDFLD HVWRV PHGLFDPHQWRV SRU WHQHU XQ PHQRU FRVWR (O PDQLIHVWyFRQVXPLUPHGLFDPHQWRVGHHVSHFLDOLGDGSRUSUHVFULSFLyQGHVXVPpGLFRV\HO
GHFODUy FRQVXPLU PHGLFDPHQWRV SRSXODUHV SRU OD FRQILDQ]D TXH KDQ DGTXLULGR D HVWH WLSR GH
PHGLFDPHQWRVDORODUJRGHVXYLGD
¢&RQVLGHUDTXHODXELFDFLyQGHODVIDUPDFLDVPiVFHUFDQDVRODGHVXSUHIHUHQFLDHVOD
DGHFXDGD"
2EMHWLYR&RQRFHUVLODXELFDFLyQGHODVIDUPDFLDVFRQVWLWX\HXQIDFWRULPSRUWDQWHSDUDOD
SUHIHUHQFLDGHODVSHUVRQDV
&HUFDQtDGH
)DUPDFLD
)D
)U
6L
1R
7RWDO
&(5&$1Ì$'()$50$&,$
6L
1R
$1É/,6,6
(OGHORVHQFXHVWDGRVGHFODUDURQTXHODXELFDFLyQGHODVIDUPDFLDVGHVXSUHIHUHQFLDQR
HV OD DGHFXDGD SRUTXH PDQLIHVWDURQ TXH DO PRPHQWR GH WUDVODGDUVH D ODV IDUPDFLDV GHEtDQ
FDPLQDURPDQHMDUGLVWDQFLDVFRQVLGHUDEOHV\ROD]RQDHQTXHHVWiQXELFDGDVODVIDUPDFLDVOHV
SDUHFtDLQDGHFXDGD(OUHVWDQWHGHODVSHUVRQDVPDQLIHVWyTXHVtOHVSDUHFtDDGHFXDGD
ODV XELFDFLRQHV \D TXH VHJ~Q HOORV WLHQHQ OD FDSDFLGDG GH WUDVODGDUVH D HOODV VLQ PD\RUHV
SUREOHPDVDJUHJDQGRWDPELpQTXHH[LVWHXQDILGHOL]DFLyQKDFLDXQDIDUPDFLDGHWHUPLQDGD
¢&RQVLGHUDXVWHGTXHORVKRUDULRVGHDWHQFLyQGHODVIDUPDFLDVPiVFHUFDQDVVRQ
DGHFXDGRVDVXVQHFHVLGDGHV"
2EMHWLYR&RQRFHUVLORVKRUDULRVGHDWHQFLyQGHODVIDUPDFLDVFRQVWLWX\HQXQIDFWRU
LPSRUWDQWHSDUDODSUHIHUHQFLDGHODVSHUVRQDV
+RUDULRVGH
$WHQFLyQ
)D
)U
6L
1R
7RWDO
+25$5,26'($7(1&,Ð1
6L
1R
$1É/,6,6
6RODPHQWH GH ORV HQFXHVWDGRV DILUPDURQ TXH ORV KRUDULRV GH DWHQFLyQ GH OD IDUPDFLDV
PiVFHUFDQDVDOD]RQDVRQDGHFXDGRVSDUDODVQHFHVLGDGHVGHORVFRQVXPLGRUHVHQFDPELRHO
UHIOHMRXQDQHJDWLYDDQWHHVWRVKRUDULRVFRQODDFODUDFLyQTXHODVIDUPDFLDVQRDEUHQVXV
SXHUWDV D WHPSUDQDV KRUDV GH OD PDxDQD R VX KRUD GH FLHUUH HV GHPDVLDGR WHPSUDQD /D
GLIHUHQFLD HQWUH ODV RSLQLRQHV HV PtQLPD DSRUWDQGR DVt D OD LQYHVWLJDFLyQ OD LGHD GH TXH HV
QHFHVDULDXQDDPSOLDFLyQPtQLPDHQORVKRUDULRVGHDWHQFLyQGHXQDIDUPDFLD
¢(VQHFHVDULRTXHODVIDUPDFLDVSRVHDQVHUYLFLRGHHQWUHJDDGRPLFLOLR"
2EMHWLYR'HWHUPLQDUODLPSRUWDQFLDTXHWLHQHSDUDORVFRQVXPLGRUHVORVVHUYLFLRVH[WUDV
TXHRIUHFHQODVIDUPDFLDV
(QWUHJDD'RPLFLOLR
)D
)U
6L
1R
7RWDO
(175(*$$'20,&,/,2
6L
1R
$1É/,6,6
6HUHIOHMRTXHXQGHORVHQFXHVWDGRVOHVSDUHFHQHFHVDULRTXHODVIDUPDFLDVRIUH]FDQHO
VHUYLFLRH[WUDGHHQWUHJDVDGRPLFLOLR\DTXHSDUDHOORVVHUtDXQDIRUPDPiVFyPRGDGHDGTXLULU
ORV SURGXFWRV \ VHUYLUtD FRPR D\XGD SDUD DTXHOODV SHUVRQDV FRQ GLILFXOWDG GH WUDQVSRUWH
6RODPHQWHXQRSLQyTXHQRHUDQHFHVDULRHOVHUYLFLRGHHQWUHJDDGRPLFLOLRGHELGRDTXH
FRQVLGHUDEDQSUHIHULEOHRPiVDGHFXDGRFRPSUDUORVSURGXFWRVIDUPDFpXWLFRVSHUVRQDOPHQWHR
VLPSOHPHQWHSRUTXHQRXWLOL]DUtDQHOVHUYLFLR
(QXPHUHGHODVLHQGRHOPD\RULPSRUWDQFLD\HOGHPHQRULPSRUWDQFLDORV
IDFWRUHVPiVLQIOX\HQWHVSRUORVTXHXVWHGYLVLWDODIDUPDFLDGHVXSUHIHUHQFLD
2EMHWLYR'HWHUPLQDUORVIDFWRUHVTXHKDFHQDWUDFWLYDVDODVIDUPDFLDVSDUDFUHDU
SUHIHUHQFLDVHQORVFRQVXPLGRUHV
6HJXQGR
/XJDU
7HUFHU
/XJDU
&XDUWR
/XJDU
4XLQWR
/XJDU
)DFWRUHVPiV 3ULPHU
,QIOX\HQWHV /XJDU
2IHUWDV\
3URPRFLyQ
3UHFLRV
8ELFDFLyQ
ItVLFD
9DULHGDGGH
3URGXFWRV
'LVSRQLELOLGDG
GH+RUDULRV
7RWDO
)$&725(6,1)/8<(17(6
3ULPHU/XJDU
6HJXQGR/XJDU
)UHFXHQFLD
7 HUFHU/XJDU
&XDUWR/XJDU
4XLQWR/XJDU
2IHUWDV\
3URPRFLyQ
3UHFLRV
8ELFDFLyQ
ItVLFD
9DULHGDGGH 'LVSRQLELOLGDG
3URGXFWRV
GH+RUDULRV
$1É/,6,6
$O REVHUYDU ORV UHVXOWDGRV REWHQLGRV VH SXHGH DSUHFLDU TXH HO IDFWRU PiV DWUD\HQWH GH XQD
IDUPDFLDSDUDTXHODVSHUVRQDVDFXGDQDHOODVVRQORVSUHFLRVTXHWLHQHQORVPHGLFDPHQWRV(Q
VHJXQGR OXJDU VH PDQLIHVWy TXH LQIOX\HQ PXFKR ODV RIHUWDV \ SURPRFLRQHV TXH UHDOL]DQ ODV
IDUPDFLDV(QWHUFHUOXJDUVHXELFDHOIDFWRUGHODXELFDFLyQItVLFDGHODVIDUPDFLDVHVGHFLUHOIiFLO
DFFHVRTXHWHQJDODVSHUVRQDVDHOOD/DYDULHGDGGHSURGXFWRVVHXELFDHQHOFXDUWROXJDUHVWR
QRV LQGLFD TXH ODV SHUVRQDV QR HQFXHQWUDQ HVWH IDFWRU OR VXILFLHQWHPHQWH DWUDFWLYR SDUD WHQHU
SUHIHUHQFLD SRU XQD IDUPDFLD (O IDFWRU TXH PHQRV LQIOX\H HQ ODV SHUVRQDV SDUD HVFRJHU XQD
IDUPDFLDGHSUHIHUHQFLDHVODGLVSRQLELOLGDGGHKRUDULRVGHDWHQFLyQ
(QXPHUHGHODOVLHQGRHOGHPD\RULPSRUWDQFLD\HOGHPHQRULPSRUWDQFLDRWURV
SURGXFWRVTXHFRQVLGHUDQHFHVDULRTXHFRPHUFLDOLFHQODVIDUPDFLDV
2EMHWLYR&RQRFHUTXHSURGXFWRVQRIDUPDFpXWLFRVVRQQHFHVDULRVFRPHUFLDOL]DUHQXQD
IDUPDFLDSDUDKDFHUODPiVDWUDFWLYDKDFLDORVFRQVXPLGRUHV
3ULPHU
OXJDU
6HJXQGR
/XJDU
7HUFHU
/XJDU
&XDUWR
/XJDU
5HFDUJDVGH
FHOXODUHV
5HYLVWDV
%HELGDVDJXD
VRGDHKLGUDWDQWH
*RORVLQDV
7RWDO
2WURV3URGXFWRV
27526352'8&726
3ULPHU/XJDU
)UHFXHQFLD
6HJXQGR/XJDU
7HUFHU/XJDU
&XDUWR/XJDU
5HFDUJDVGH
FHOXODUHV
5HYLVWDV
%HELGDV
*RORVLQDV
DJXDVRGD
HKLGUDWDQWH
$1É/,6,6
$O YHULILFDU ODV UHVSXHVWDV GH ORV FRQVXPLGRUHV OD PD\RUtD RSLQD TXH HQ SULPHU OXJDU ODV
UHFDUJDV GH FHOXODUHV VRQ HO SURGXFWR QR IDUPDFpXWLFR TXH ODV IDUPDFLDV GHEHQ FRPHUFLDOL]DU
SDUDPHMRUDUHOVHUYLFLR/DVEHELGDVDJXDVRGDHKLGUDWDQWHVVHXELFDQHQHOVHJXQGROXJDU
GH SUHIHUHQFLD SDUD VHU FRPHUFLDOL]DGRV HQ XQD IDUPDFLD HQ WHUFHU OXJDU SHUR FRQ PHQRU
LPSRUWDQFLD OHV SDUHFH DWUDFWLYR D ORV FOLHQWHV TXH ODV IDUPDFLDV RIUH]FDQ XQD YDULHGDG GH
UHYLVWDV ILQDOPHQWH ODV JRORVLQDV VRQ ODV PHQRV DWUDFWLYDV KDFLD ODV SHUVRQDV SDUD VHU
FRPHUFLDOL]DGDVHQODVIDUPDFLDV
3DUDVXFRQYHQLHQFLD\XVR¢(VQHFHVDULRODDSHUWXUDGHXQDIDUPDFLDHQHVWD]RQD
5HVLGHQFLDO6DQWD$OHJUtD"
2EMHWLYR,GHQWLILFDUODQHFHVLGDG\ODGHPDQGDSRWHQFLDOTXHWHQGUiODIDUPDFLD
1HFHVLGDGGHXQD
)DUPDFLD
)D
)U
6L
1R
1R,PSRUWD
7RWDO
1(&(6,'$''(81$)$50$&,$(1/$=21$
12.95%
5.04%
Si
No
No Importa
82.01%
$1É/,6,6
6HJ~Q OD LQYHVWLJDFLyQ HO FRQILUPDURQ OD FRQYHQLHQFLD GH OD DSHUWXUD GH XQD IDUPDFLD
GHQWUR GH OD UHVLGHQFLDO 6DQWD $OHJUtD XQ RSLQDURQ TXH QR LPSRUWDUtD \ VRODPHQWH XQ
GHFODUDURQ TXH QR VHUtD DGHFXDGR XQD DSHUWXUD (O UHVXOWDGR GH HVWDV RSLQLRQHV UHIOHMD
XQD QHFHVLGDG GH WHQHU XQD IDUPDFLD HQ OD ]RQD \ D VX YH] UHIOHMD OD GHPDQGD TXH WHQGUtD D
SHVDUGHODVPtQLPDVQHJDWLYDVHLQGLIHUHQFLDVDQWHGLFKDSURSXHVWD
&58&(6'(35(*817$6
35(*817$1R&2135(*817$1R
7LSRGH0HGLFDPHQWRV
,QJUHVRV0HQVXDOHV
'H
(VSHFLDOLGDG
*HQpULFRV
3RSXODUHV
7RWDO
'HD
'HD
'HD
'HD
0iVGH
7RWDO
$1É/,6,6
6H GHWHUPLQR TXH HQ ODV IDPLOLDV TXH SHUFLEHQ PHQRUHV LQJUHVRV H[LVWH XQD SUHIHUHQFLD D OD
FRPSUDGHPHGLFDPHQWRVSRSXODUHVDOWHQHUXQUDQJRPD\RUGHLQJUHVRGHD
VHVLJXHSHUFLELHQGRXQDWHQGHQFLDDOFRQVXPRPHGLFDPHQWRVSRSXODUHVGHLJXDOPDQHUDH[LVWH
DO]D HQ OD SUHIHUHQFLD GH PHGLFDPHQWRV JHQpULFRV \ GH HVSHFLDOLGDG (Q HO VLJXLHQWH UDQJR GH
LQJUHVRV GH D HYLGHQWHPHQWH H[LVWH XQD SUHIHUHQFLD KDFLD ORV PHGLFDPHQWRV
JHQpULFRV \ GH HVSHFLDOLGDG \ PXHVWUD XQD QRWDEOH EDMD HQ OD RSLQLyQ DFHUFD GHO FRQVXPR GH
PHGLFDPHQWRVSRSXODUHV(QORV~OWLPRVGRVUDQJRVGHLQJUHVRVTXHVRQGHD
\ PiV GH HV HYLGHQWH OD SUHIHUHQFLD HQ HO FRQVXPR GH PHGLFDPHQWRV GH
HVSHFLDOLGDGHV &RQ ORV UHVXOWDGRV REWHQLGRV VH ORJUD REVHUYDU XQD WHQGHQFLD TXH D PD\RU
LQJUHVRIDPLOLDUVHWHQJDLQIOX\HHQHOWLSRGHPHGLFDPHQWRTXHVHFRPSUD
35(*817$1R&2135(*817$1R
&HUFDQtDGH)DUPDFLD
1HFHVLGDGGHXQD
IDUPDFLD
6L
1R
7RWDO
6L
1R
1RLPSRUWD
7RWDO
$1É/,6,6
6HGHWHUPLQyTXHHOGHORVHQFXHVWDGRVTXHRSLQDURQTXHQRKD\IDUPDFLDVFHUFDGHOD
]RQDHVWiQGHDFXHUGRTXHH[LVWHXQDQHFHVLGDGGHXQDIDUPDFLDGHQWURGHODUHVLGHQFLDO6DQWD
$OHJUtDVRODPHQWHXQRSLQyTXHQRHVQHFHVDULDXQIDUPDFLDFHUFD\XQGHFODUy
VX LQGLIHUHQFLD DQWH OD VLWXDFLyQ 3RU RWUD SDUWH GH ORV HQFXHVWDGRV TXH RSLQDURQ TXH VL KD\
IDUPDFLDVFHUFDQDVHQOD]RQDHOVLHQGRHVWRODPD\RUtDHVWDEOHFLHURQTXHVLH[LVWHOD
QHFHVLGDGGHWHQHUXQDIDUPDFLDD~QPiVFHUFDQDXQHVWiQDJXVWRFRQODVGLVWDQFLDV
TXHH[LVWHQSDUDOOHJDUDODVIDUPDFLDV\DXQQROHGDLPSRUWDQFLDDODVLWXDFLyQ
$1É/,6,6'((1&8(67$6',5,*,'$6$/$&203(7(1&,$9(5$1(;2
$OPRPHQWRGHUHDOL]DUODHQFXHVWDDODFRPSHWHQFLDQRVHQFRQWUDPRVFRQODOLPLWDQWHTXHGH
ODVIDUPDFLDVTXHH[LVWHQHQOD]RQDVRODPHQWHDFFHGLHURQDFRQWHVWDU
&8$'521R
35,1&,3$/(6)$50$&,$6'(&,8'$''(/*$'2
)$50$&,$
',5(&&,Ð1
)DUPDFLD%HUWLV
$Y-XDQ%HUWLV&LXGDG'HOJDGR
)DUPDFLDV*pQHVLV
&HQWUR &RPHUFLDO /D &DVLWD /RFDO $ &LXGDG
'HOJDGR
)DUPDFLD0DUtD$X[LOLDGRUD
$Y3DOHFD%&LXGDG'HOJDGR
)DUPDFLD0DUtD-RVp
$Y -XDQ %HUWLV &RORQLD $FROKXDWDQ &DOOH
3ULQFLSDO&LXGDG'HOJDGR
)DUPDFLD0LODJURGHOD)H
$Y3DOHFD$&LXGDG'HOJDGR
)XHQWH(ODERUDGRSRUHO*UXSRGH,QYHVWLJDFLyQ
$FRQWLQXDFLyQVHSUHVHQWDQORVDQiOLVLVGHODVUHVSXHVWDVGHODVIDUPDFLDVHQFXHVWDGDV
3UHJXQWD1R&DQWLGDGGHHPSOHDGRV
2EMHWLYR&RQRFHUODFDQWLGDGGHHPSOHDGRVTXHDWLHQGHQDORVFOLHQWHVGHODIDUPDFLD
$1É/,6,6
$O HQWUHYLVWDU D ODV IDUPDFLDV HVWDV PDQLIHVWDURQ TXH HO SHUVRQDO HQFDUJDGR GH DWHQGHU D ORV
FOLHQWHV VRQ y HPSOHDGRV HVWR GHPXHVWUD TXH QR HV QHFHVDULR FRQWDU FRQ PXFKRV
HPSOHDGRV\DTXHVRQQHJRFLRVSHTXHxRV
3UHJXQWD 1R ¢&XiOHV VRQ ORV PHGLFDPHQWRV TXH PiV EXVFDQ ORV FOLHQWHV HQ VX
IDUPDFLD"
2EMHWLYR &RQRFHU FXDO HV OD QDWXUDOH]D GH ORV PHGLFDPHQWRV GH PD\RU FRQVXPR SDUD
GHWHUPLQDUVXGHPDQGD
1DWXUDOH]DGH
0HGLFDPHQWRV
)D
)U
$QDOJpVLFRV
$QWLELyWLFRV
$QWLLQIODPDWRULRV
2WURV
7RWDO
1$785$/(=$'(0(',&$0(1726
$QDOJpVLFRV
$QWLELyWLFRV
$QWLLQIODPDWRULRV
2WURV
$1É/,6,6
'H ODV FLQFR IDUPDFLDV HQFXHVWDV ODV FLQFR FRLQFLGLHURQ HQ TXH ORV PHGLFDPHQWRV TXH PiV
EXVFDQORVFOLHQWHVVRQORVDQDOJpVLFRVHVWRUHSUHVHQWDHOVRORXQDIDUPDFLDFRQWHVWy
TXHDGHPiVGHORVDQDOJpVLFRVORVFOLHQWHVEXVFDQDQWLLQIODPDWRULRVUHSUHVHQWDQGRDVtHO
UHVWDQWH
3UHJXQWD1R/DPD\RUSDUWHGHODVYHQWDVGHPHGLFDPHQWRVTXHVHUHDOL]DQHVGHELGR
DODYHQWDGH
2EMHWLYR'HWHUPLQDUORVPHGLFDPHQWRVTXHPiVFRQVXPHQODVSHUVRQDVSDUDFRQRFHUOD
GHPDQGDGHHVWRV
7LSRVGH0HGLFDPHQWRV
)D
)U
'H(VSHFLDOLGDG
*HQpULFRV
3RSXODUHV
7RWDO
7,326'(0(',&$0(1726
'H(VSHFLDOLGDG
*HQpULFRV
3RSXODUHV
$1É/,6,6
'HODVFLQFRIDUPDFLDVHQFXHVWDGDVGRVGHHOODVPDQLIHVWDURQTXHODPD\RUSDUWHGHVXVYHQWDV
VH GHEH D OD YHQWD GH PHGLFDPHQWRV GH HVSHFLDOLGDG HVWR UHSUHVHQWD HO HO RWUR OR
FRQIRUPDODYHQWDGHPHGLFDPHQWRVJHQpULFRVHVWDVIDUPDFLDVPDQLIHVWDEDQTXHODPD\RUtDGH
ODVSHUVRQDVFRQVXPHQHVWHWLSRGHPHGLFDPHQWRV\DTXHSRVHHQXQPHQRUFRVWR\HOUHVWDQWH
RSLQDTXHVHGHEHDODYHQWDGHPHGLFDPHQWRVSRSXODUHV
3UHJXQWD1R¢&XiOHVHOSURPHGLRGHSHUVRQDVTXHYLVLWDQODIDUPDFLDHQHOGtD"
2EMHWLYR(VWDEOHFHUODGHPDQGDSURPHGLRGLDULDGHFRQVXPLGRUHVGHODVIDUPDFLDV
3URPHGLRGH9LVLWDV
)DUPDFLD
)DUPDFLD
RPiV
)DUPDFLD
)DUPDFLD
D
)DUPDFLD
$1É/,6,6
$ SDUWLU GHODV UHVSXHVWDV REWHQLGDVVH SXHGHFRQFOXLUTXHOD GHPDQGD SURPHGLR GLDULD HV GH
FRQVXPLGRUHV 6HJ~Q OR PDQLIHVWDGR SRU ODV IDUPDFLDV HQ RFDVLRQHV HVWH YDORU SXHGH
YDULDUHVGHFLUH[LVWHQGtDVHQTXHHOQ~PHURGHFOLHQWHVHVPD\RURPHQRU
3UHJXQWD1R¢&XiOHVHOLQJUHVRSURPHGLRPHQVXDOGHODIDUPDFLD"
2EMHWLYR,GHQWLILFDUHOLQJUHVRPHQVXDOGHODVIDUPDFLDVSDUDSRGHUUHODFLRQDUORFRQOD
GHPDQGDSURPHGLRGLDULD
$1É/,6,6
(QHVWHFDVRVRODPHQWHXQDIDUPDFLD GHODVHQFXHVWDGDV GHFODUy TXHVXVLQJUHVRVSURPHGLRV
PHQVXDOHV VRQ GH HO UHVWR SUHILULy QR FRQWHVWDU SRU PRWLYRV GH FRQILGHQFLDOLGDG 6H
GHEH DFODUDU TXH GH HVWH PRQWR VH GHEHQ GHVFRQWDU ORV FRVWRV GH RSHUDFLyQ \ GH
UHDEDVWHFLPLHQWRVLQHPEDUJRGHVSXpVGHKDEHUKHFKRHVRVGHVFXHQWRVVLHPSUHVHREWLHQHXQD
XWLOLGDGSRUORTXHGHPXHVWUDVHUXQQHJRFLRUHQWDEOH
3UHJXQWD1R¢&RQFXiQWRVSURYHHGRUHVFXHQWDODIDUPDFLD"
2EMHWLYR&RQRFHUHOQ~PHURGHSURYHHGRUHVGHSURGXFWRVIDUPDFpXWLFRVSDUD
GHWHUPLQDUXQPtQLPRHVWLPDGRGHSURYHHGRUHVQHFHVDULRV
&DQWLGDGGH
3URYHHGRUHV
)DUPDFLD
)DUPDFLD
D
)DUPDFLD
0iVGH
)DUPDFLD
D
)DUPDFLD
$1É/,6,6
$OREVHUYDUODVUHVSXHVWDVGHODVIDUPDFLDVVHSXHGHREVHUYDUTXHODFDQWLGDGGHSURYHHGRUHV
HVEDVWDQWHYDULDGRHVWRVHSXHGHGHEHUDIDFWRUHVFRPRHOWLSRGHFRQWUDWRTXHH[LVWHFRQORV
SURYHHGRUHV HQ UHODFLyQ GH ODV RIHUWDV \ SURPRFLRQHV TXH HVWRV OHV RIUHFHQ DO WDPDxR GH OD
IDUPDFLDHQUHODFLyQDODFDQWLGDG\YDULHGDGGHPHGLFDPHQWRVQHFHVDULRV
3UHJXQWD1R¢&DGDFXiQWRVHUHDEDVWHFHODIDUPDFLDGHSURGXFWRVIDUPDFpXWLFRV"
2EMHWLYR'HWHUPLQDUXQWLHPSRSURPHGLRHQTXHODVIDUPDFLDVVHUHDEDVWHFHQGH
SURGXFWRVIDUPDFpXWLFRV
5HDEDVWHFLPLHQWR
)D
)U
&DGDVHPDQD
&DGDGtDV
2WURVHVSHFLILTXH
7RWDO
7,(032'(5($%$67(&,0,(172
&DGDVHPDQD
&DGDGtDV
2WURVHVSHFLILTXH
$1É/,6,6
'H ODV FLQFR IDUPDFLDV HQFXHVWDGDV GRV PDQLIHVWDURQ TXH VH UHDEDVWHFtDQ GH SURGXFWRV
IDUPDFpXWLFRV FDGD VHPDQD HVWR UHSUHVHQWD HO HO RWUR VH UHDEDVWHFH FDGD TXLQFH
GtDVHOUHVWDQWHORKDFHFDGDPHV(VWDVYDULDFLRQHVHQORVWLHPSRVGHUHDEDVWHFLPLHQWRVH
GHEHQDIDFWRUHVFRPRODGHPDQGDGHSURGXFWRVIDUPDFpXWLFRVRSRUSROtWLFDVHPSUHVDULDOHV
3UHJXQWD1R¢%DMRTXpPRGDOLGDGRSHUDODIDUPDFLD"
2EMHWLYR&RQRFHUFXiOHVODPRGDOLGDGGHQHJRFLRPiVFRP~QXWLOL]DGRSRUODV
IDUPDFLDV
)RUPDWRGH1HJRFLR
)D
)U
)UDQTXLFLD
0DUFD&RPHUFLDO
1HJRFLR3URSLR
7RWDO
$1É/,6,6
/DVFLQFRIDUPDFLDVHQFXHVWDGDVGHFODUDURQTXHVXVRSHUDFLRQHVLQLFLDURQFRPRQHJRFLRSURSLR
HVWDUHVSXHVWDQRTXLHUHGHFLUTXHORPiVFRQYHQLHQWHVHDFRPHQ]DUODIDUPDFLDGHVGHFHURVH
GHEHQ HYDOXDU ODV SRVLELOLGDGHV TXH H[LVWHQ HQ OD DFWXDOLGDG GH WUDEDMDU EDMR XQ FRQWUDWR GH
IUDQTXLFLDHVWXGLDQGRODVYHQWDMDV\GHVYHQWDMDVGHFDGDSRVLELOLGDG
3UHJXQWD1R¢(VWDIDUPDFLDFXHQWDFRQRWUDVVXFXUVDOHV"
2EMHWLYR&RQRFHUHOQLYHOGHSHQHWUDFLyQHQHOPHUFDGRGHODIDUPDFLD
6XFXUVDOHV
)D
)U
6L
1R
7RWDO
68&856$/(6
6L
1R
$1É/,6,6
'HODVFLQFRIDUPDFLDVVRODPHQWHGRVSRVHHQRWUDVVXFXUVDOHV6LQHPEDUJRHOQ~PHURGHHVWDV
QRHVWDQDPSOLRORTXHVLJQLILFDTXHKDQORJUDGRWHQHUDFHSWDFLyQHQ]RQDVHVSHFtILFDVSHURQR
KDQ ORJUDGR R QR KDQ TXHULGR H[SDQGLUVH D XQ QLYHO QDFLRQDO $O SUHJXQWDU DO UHVWR GH ODV
IDUPDFLDVSRUTXHQRSRVHHQVXFXUVDOHVHVWDVFRPHQWDEDQTXHSRUHOSRFRWLHPSRTXHWLHQHQGH
HVWDU IXQFLRQDQGR QR FXHQWDQ FRQ OD FDSDFLGDG GH DIURQWDU QXHYRV JDWRV HQ VXV RSHUDFLRQHV
SDUDSRGHUH[SDQGLUVH
3UHJXQWD 1R ¢&XiO HV HO PHGLR GH SXEOLFLGDG QR PDVLYD TXH PiV XWLOL]D SDUD
SURPRFLRQDUVH"
2EMHWLYR,GHQWLILFDUFXDOHVHOPHGLRGHSXEOLFLGDGQRPDVLYDTXH XWLOL]DQODVIDUPDFLDV
SDUDGDUVHDFRQRFHU\SURPRFLRQDUVH
0HGLRVGH3XEOLFLGDG
)D
)U
+RMDV9RODQWHV
$ILFKHV
5yWXORV
9DOODV3XEOLFLWDULDV
7RWDO
0(',26'(38%/,&,'$'120$6,926
+RMDV9RODQWHV
$ILFKHV
5yWXORV
9DOODV3XEOLFLWDULDV
$1É/,6,6
6HJ~Q ODV UHVSXHVWDV DQWHULRUHV VH SXHGH REVHUYDU TXH H[LVWH XQ PD\RU XVR GH ODV KRMDV
YRODQWHVFRPRPHGLRGHFRPXQLFDFLyQQRPDVLYRVLQHPEDUJRWDPELpQVHSXHGHREVHUYDUTXH
HOUHVWRGHIDUPDFLDVSRVHHQVXSURSLRPHGLRGHFRPXQLFDFLyQSUHIHULGRSDUDSURPRFLRQDUVH
3UHJXQWD1R¢5HDOL]DQHQWUHJDVDGRPLFLOLRDVXVFOLHQWHV"
2EMHWLYR&RQRFHUVLODIDUPDFLDSURSRUFLRQDXQYDORUDJUHJDGRDVXVHUYLFLR
6HUYLFLRD'RPLFLOLR
6L
1R
7RWDO
)D
)U
6(59,&,2$'20,&,/,2
6L
1R
$1É/,6,6
6HGHWHUPLQyTXHGRVIDUPDFLDVVLSRVHHQHOVHUYLFLRGHHQWUHJDDGRPLFLOLR\HOUHVWRQRFXHQWDQ
FRQ HVWH VHUYLFLR DFWXDOPHQWH (Q OD DFWXDOLGDG VH HVWD YROYLHQGR QHFHVDULR TXH ODV IDUPDFLDV
SRVHDQHVWHVHUYLFLRH[WUDSDUHWHQHUXQDPHMRUDWHQFLyQDVXVFOLHQWHV
3UHJXQWD 1R (QXPHUH GH D VLHQGR HO PD\RU LPSRUWDQFLD \ HO GH PHQRU
LPSRUWDQFLDORVIDFWRUHVPiVLQIOX\HQWHVSRUORVTXHORVFOLHQWHVYLVLWDVXIDUPDFLD
2EMHWLYR 'HWHUPLQDU ORV IDFWRUHV TXH KDFHQ DWUDFWLYDV D ODV IDUPDFLDV SDUD FUHDU
SUHIHUHQFLDHQORVFRQVXPLGRUHV
2IHUWDV\
3URPRFLyQ
3UHFLRV
8ELFDFLyQ
ItVLFD
9DULHGDGGH
SURGXFWRV
'LVSRQLELOLGDG
GH+RUDULRV
7RWDO
3ULPHU
/XJDU
6HJXQGR
/XJDU
7HUFHU
/XJDU
&XDUWR
/XJDU
4XLQWR
/XJDU
)$&725(6,1)/8<(17(6
3ULPHU/XJDU
6HJXQGR/XJDU
7HUFHU/XJDU
&XDUWR/XJDU
4XLQWR/XJDU
)UHFXHQFLD
2IHUWDV\
3URPRFLRQ
3UHFLRV
8ELFDFLyQ
ILVLFD
9DULHGDGGH 'LVSRQLELOLGDG
SURGXFWRV
GH+RUDULRV
$1É/,6,6
$OREVHUYDUORVUHVXOWDGRVREWHQLGRVVHSXHGHFRQFOXLUTXHODPD\RUtDGHODVIDUPDFLDVHVFRJLy
FRPRIDFWRUPiVLQIOX\HQWHODXELFDFLyQItVLFDVHJXLGRSRUORVSUHFLRVHQWHUFHUOXJDURSLQDURQ
TXH VRQ ODV RIHUWDV \ SURPRFLRQHV OXHJR OD YDULHGDG GH SURGXFWRV \ ILQDOPHQWH RSLQDQ TXH HO
IDFWRUGHGLVSRQLELOLGDGGHKRUDULRVHVHOPHQRVLPSRUWDQWH
%',$*1Ð67,&2'(/$,19(67,*$&,Ð1
$O UHDOL]DU OD LQYHVWLJDFLyQ OD PD\RUtD GH ORV HQFXHVWDGRV IXHURQ GH JpQHUR IHPHQLQR 9HU
3UHJXQWD 1R SiJLQD SHUR SRU OD QDWXUDOH]D GH OD LQYHVWLJDFLyQ QR TXLHUH GHFLU TXH
VRODPHQWHODVPXMHUHVVRQODVTXHUHDOL]DQODVFRPSUDVGHPHGLFDPHQWRVSDUDHOFXLGDGRGHOD
VDOXG GH VXV IDPLOLDV 6HJ~Q OD SUHJXQWD 1R UHIHUHQWH DO UDQJR GH HGDG GH ODV SHUVRQDV
HQFXHVWDGDV OD PD\RUtD VH HQFXHQWUD HQWUH ORV DxRV HQ DGHODQWH HVWD WHQGHQFLD VH GD \D
TXH VH EXVFDED HQWUHYLVWDU D ODV SHUVRQDV HQFDUJDGDV GH ODV FRPSUDV GH PHGLFDPHQWRV OD
PLQRUtDGHORVHQWUHYLVWDGRVHQWUDEDQHQHOUDQJRGHDDxRVSHURVHOHVUHDOL]yODHQFXHVWD
WHQLHQGRHQFXHQWDTXHVtVHFRQVLGHUDEDQUHVSRQVDEOHVGHODVFRPSUDVGHPHGLFDPHQWRV
(Q VX PD\RUtD ORV HQFXHVWDGRV VRQ FDVDGRV 9HU SUHJXQWD 1R SiJLQD HVWR VXVWHQWD OD
LGHD TXH VH HQWUHYLVWR D SHUVRQDV FRQ REOLJDFLyQ GH YHODU SRU HO HVWDGR GH VDOXG GH RWURV
PLHPEURVGHVXIDPLOLD\QRVRODPHQWHSRUODVDOXGSURSLD&RPRPXHVWUDQODVSUHJXQWDV1R\
1RPXFKRVGHORVHQFXHVWDGRVPDQLIHVWDURQTXHHUDQHPSOHDGRVGHOVHFWRUS~EOLFRRSULYDGR
\ TXH VXV LQJUHVRV IDPLOLDUHV HQ VX PD\RUtD HUDQ GH D FRQ HVWR VH SXHGH
FRQFOXLUTXHODPD\RUtDGHFOLHQWHVSRWHQFLDOHVGHODVIDUPDFLDVSHUWHQHFHQDODFODVHPHGLD(Q
FXDQWR DO JUXSR IDPLOLDU OD PD\RUtD GH ODV IDPLOLDV HVWi FRQIRUPDGD SRU D PLHPEURV HVWR
TXLHUH GHFLU TXH HOORV WLHQHQ XQD PD\RU UHVSRQVDELOLGDG \D TXH WLHQHQ XQ JUXSR IDPLOLDU PiV
DPSOLRSRUORTXHSRGUtDVLJQLILFDUXQDPD\RUFRPSUDHQIDUPDFLDV9HUSUHJXQWD1RSiJLQD
2WURGDWRLPSRUWDQWHSDUDODLQYHVWLJDFLyQHVODIUHFXHQFLDGHYLVLWDDODVIDUPDFLDV\VHJ~QODV
UHVSXHVWDVDODSUHJXQWD1RODPD\RUtDH[SUHVyTXHHVGHGRVRWUHVYHFHVDOPHVSRUORTXH
VH YLVXDOL]D OD QHFHVLGDG SHULyGLFD TXH WLHQHQ ODV IDPLOLDV GH REWHQHU SURGXFWRV IDUPDFpXWLFRV
SDUD HO FXLGDGR GH OD VDOXG 3RU RWUD SDUWH HO PD\RU FRQVXPR IDPLOLDU PHQVXDO GH SURGXFWRV
IDUPDFpXWLFRVVHHQFXHQWUDHQXQUDQJRGHDHVWRVHSXHGHGHILQLUFRPRHOFRQVXPR
PtQLPRTXHXQDIDPLOLDWLHQH\DTXHDODQDOL]DUFRQMXQWDPHQWHODVGHPiVIUHFXHQFLDVVHREVHUYD
FODUDPHQWHTXHXQDPD\RUtDGHODVIDPLOLDVFRQVXPHQPiVGHHQSURGXFWRVIDUPDFpXWLFRV
9HUSUHJXQWD1RSiJLQD
$O REVHUYDU ORV UHVXOWDGRV GH OD SUHJXQWD 1R DFHUFD GHO WLSR GH PHGLFDPHQWR TXH PiV
IUHFXHQWHPHQWHFRQVXPHQODVIDPLOLDVH[LVWHXQDSUHIHUHQFLDKDFLDODFRPSUDGHPHGLFDPHQWR
GH WLSR JHQpULFRV DFWXDOPHQWH OD GHPDQGD HVWRV KD DXPHQWDGR \D TXH SRVHHQ ODV PLVPDV
SURSLHGDGHV\DGHPiVWLHQHQORVPLVPRVUHVXOWDGRVGHRWURVSURGXFWRVDXQSUHFLRPiVFyPRGR
7DPELpQ VH DSUHFLD TXH OD SUHIHUHQFLD KDFLD PHGLFDPHQWRV SRSXODUHV \ GH HVSHFLDOLGDG HV
DPSOLD HV GHFLU ORV PHGLFDPHQWRV SRSXODUHV KDQ ORJUDGR SHQHWUDU HQ OD SUHIHUHQFLD GH ODV
SHUVRQDVDOVHUDGTXLULGRVSDUDHQIHUPHGDGHVFRPXQHV\ORVGHHVSHFLDOLGDGDOVHUGHFRQVXPR
GHSHUVRQDVTXHSHULyGLFDPHQWHYLVLWDQDVXPpGLFR\QHFHVLWDQGHPHGLFDPHQWRVHVSHFtILFRV
([LVWHXQDFODUDLQVDWLVIDFFLyQHQFXDQWRDODVXELFDFLRQHVItVLFDVGHODVIDUPDFLDVPiVFHUFDQDV
DOD]RQDDFODUDQGRTXHQRH[LVWHQORVPHGLRVGHWUDQVSRUWHDGHFXDGRV\FRQVLGHUDEDQSHOLJURVR
ORVDOUHGHGRUHVGHODVPLVPDVPX\SRFRVHQFXHVWDGRVH[SUHVDURQTXHODVGLVWDQFLDVDUHFRUUHU
HUDQ ODV DGHFXDGDV \ TXH WDPSRFR OHV LPSRUWDED GRQGH VH HQFRQWUDUDQ ODV IDUPDFLDV \D TXH
FXHQWDQFRQXQDIDUPDFLDGHVXSUHIHUHQFLD9HUSUHJXQWD1RSiJLQD
/D RSLQLyQ HQ FXDQWR D ORV KRUDULRV GH DWHQFLyQ GH ODV IDUPDFLDV HV EDVWDQWH FHUUDGD 9HU
SUHJXQWD1RSiJLQDHVGHFLUODGLIHUHQFLDHQWUHDPERVSRUFHQWDMHVHVPtQLPDSRUORTXH
VXUJHODLGHDGHTXHVHSRGUtDUHDOL]DUXQDSHTXHxDDPSOLDFLyQHQORVKRUDULRV GHDWHQFLyQGH
XQDIDUPDFLDSDUDORJUDUFXEULUDORVFOLHQWHVLQVDWLVIHFKRVFRQORVKRUDULRV2WURSXQWRTXHORV
HQFXHVWDGRV FRQVLGHUDQ LPSRUWDQWH SDUD ORJUDU XQD PD\RU VDWLVIDFFLyQ FRPR FOLHQWHV VHJ~Q OD
SUHJXQWD1RHVTXHODVIDUPDFLDVLPSOHPHQWHQHOVHUYLFLRGHHQWUHJDDGRPLFLOLR\DTXHHVWR
OHVSURSRUFLRQDUtDXQDPD\RUFRPRGLGDGDOPRPHQWRGHQHFHVLWDUPHGLFDPHQWRV
$ SDUWLU GH OD SUHJXQWD 1R VH SXHGHQ GHWHUPLQDU DTXHOORV IDFWRUHV TXH ORV HQFXHVWDGRV
FRQVLGHUDURQLPSRUWDQWHVSDUDFUHDUSUHIHUHQFLDKDFLDODVIDUPDFLDVHOSULQFLSDOIDFWRUIXHHOGH
ORVSUHFLRV GHORVPHGLFDPHQWRVVHJXLGRSRUODV RIHUWDV\ SURPRFLRQHVDPERVVH FRQVLGHUDQ
LPSRUWDQWHV\DTXHGHELGRDODVLWXDFLyQHFRQyPLFDDFWXDOODVIDPLOLDVHVWDVEXVFDQDKRUUDUDO
PRPHQWR GH UHDOL]DU VXV FRPSUDV $GHPiV OD XELFDFLyQ ItVLFD WDPELpQ IXH XQR GH ORV IDFWRUHV
TXHORVHQFXHVWDGRVPDQLIHVWDURQTXH HUD LPSRUWDQWHHV GHFLUGHEHQH[LVWLUIDUPDFLDV FRQXQ
IiFLO DFFHVR < FRQ PHQRV LPSRUWDQFLD VH HQFXHQWUDQ OD YDULHGDG GH SURGXFWRV D RIUHFHU \ OD
GLVSRQLELOLGDG GH KRUDULRV GH DWHQFLyQ HVWR QR VLJQLILFD TXH DPERV IDFWRUHV QR VH GHEDQ
FRQVLGHUDU \D TXH HVWRV WDPELpQ D\XGDQ D FUHDU SUHIHUHQFLDV HQ ORV FRQVXPLGRUHV DO HVFRJHU
XQDIDUPDFLD
6HJ~QODSUHJXQWD1RVHSUHJXQWyDORVFRQVXPLGRUHVTXHRWURVSURGXFWRVQRIDUPDFpXWLFRV
GHEtDQ FRPHUFLDOL]DU ODV IDUPDFLDV HOORV RSLQDURQ TXH SULQFLSDOPHQWH GHEH KDEHU UHFDUJDV GH
FHOXODUHV\D TXH HQODDFWXDOLGDGODPD\RUtD GHODV SHUVRQDV SRVHHQFHOXODUHV XWLOL]DGRVFRPR
SULQFLSDOPHGLRGHFRPXQLFDFLyQ3RURWUDSDUWHODVEHELGDVDJXDVRGDHKLGUDWDQWHVUHYLVWDV
\ JRORVLQDV VRQ FRQVLGHUDGRV PHQRV LPSRUWDQWH HQ FXDQWR SUHIHUHQFLD SRU SDUWH GH ORV
FRQVXPLGRUHVSDUDVHUFRPHUFLDOL]DGRVSRUODVIDUPDFLDV
6HJ~QORPXHVWUDQORVUHVXOWDGRVH[LVWHXQDREYLDFRQYHQLHQFLDGHDSHUWXUDGHXQDIDUPDFLDHQ
OD UHVLGHQFLDO 6DQWD $OHJUtD D SHVDU GH ODV PtQLPDV QHJDWLYDV H LQGLIHUHQFLDV DQWH GLFKD
SURSXHVWD (V GHFLU DO DEULU XQD IDUPDFLD HQ HVWD ]RQD VH ORJUDUtD FXEULU OD QHFHVLGDG TXH VH
ORJUySHUFLELU DQWHODIDOWDGHXQHVWDEOHFLPLHQWRGRQGHSXHGDQDGTXLULUORVPHGLFDPHQWRVTXH
OOHJDVHQDQHFHVLWDU9HUSUHJXQWD1RSiJLQD
$O DQDOL]DU ORV UHVXOWDGRV GH ODV HQFXHVWDV GLULJLGDV D OD SRVLEOH FRPSHWHQFLD GH XQD QXHYD
IDUPDFLD9HUSiJLQDVHREVHUYDTXHSDUDHOIXQFLRQDPLHQWRGHVXVRSHUDFLRQHVDGHPiVGH
FRQWDU FRQ UHVSHFWLYR *HUHQWH *HQHUDO &RQWDGRU \ 5HJHQWH QR HV QHFHVDULR WHQHU PXFKRV
HPSOHDGRV GHGLFDGRV D OD DWHQFLyQ GH ORV FOLHQWHV FDEH PHQFLRQDU TXH HVWRV GHEHQ SRVHHU
FRQRFLPLHQWRVEiVLFRVDFHUFDGHORVPHGLFDPHQWRV
6HJ~QODSUHJXQWD1RDFHUFDGHODQDWXUDOH]DGHORVPHGLFDPHQWRVTXHEXVFDQORVFOLHQWHVOD
PD\RUtD GHFODUy TXH VRQ DQDOJpVLFRV 3RU RWUD SDUWH PDQLIHVWDURQ TXH ORV PHGLFDPHQWRV TXH
PD\RU GHPDQGD SRVHHQ VRQ ORV GH WLSR JHQpULFR \ GH HVSHFLDOLGDGHV VLQ PHQRVSUHFLDU D ORV
PHGLFDPHQWRVSRSXODUHVFRQFOX\HQGRFRQHVWRTXHVHGHEHWHQHUXQDYDULHGDGGHSURGXFWRVGH
IDUPDFpXWLFRVHQH[LVWHQFLDSDUDVDWLVIDFHUODVQHFHVLGDGHVGHORVFOLHQWHV9HUSUHJXQWD1R
SiJLQD
6HJ~Q OD SUHJXQWD 1R HO SURPHGLR GH YLVLWDV GLDULDV TXH WLHQHQ ODV IDUPDFLDV HV GH SHUVRQDVHVWHGDWRQRHVH[DFWR\DTXHSXHGHYDULDUSRUGLYHUVRVIDFWRUHVFRPROD]RQDGHODV
IDUPDFLDVpSRFDVGHODxRHWF2WURSXQWRLPSRUWDQWHHVHOLQJUHVRPHQVXDOTXHHQSURPHGLRHV
GH OXHJR GH KDFHU ORV UHVSHFWLYRV GHVFXHQWRV GH ORV FRVWRV GH RSHUDFLyQ \
UHDEDVWHFLPLHQWRVLHPSUHVHREWLHQHXQDXWLOLGDGSRUORTXHGHPXHVWUDVHUXQQHJRFLRUHQWDEOH
3DUD TXH XQD IDUPDFLD IXQFLRQH DGHFXDGDPHQWH \ HVWD SRVHD ORV PHGLFDPHQWRV PtQLPRV
QHFHVDULRVSDUDVDWLVIDFHUODVQHFHVLGDGHVGHORVFRQVXPLGRUHVODVIDUPDFLDVGHEHQFRQWDUFRQ
YDULRV SURYHHGRUHV \D TXH WRGRV RIUHFHQ WUDWRV GLIHUHQWHV FRPR ODV RIHUWDV \ SURPRFLRQHV HQ
UHODFLyQDODFDQWLGDG\YDULHGDGGHPHGLFDPHQWRVTXHODIDUPDFLDQHFHVLWH9HUSUHJXQWD1R
SiJLQD $ SDUWLU GH OD SUHJXQWD 1R VH REVHUYD TXH HO UHDEDVWHFLPLHQWR GH SURGXFWRV
IDUPDFpXWLFRVSXHGHYDULDUGHSHQGLHQGRGHODGHPDQGDTXHWHQJDQHVWRVORPiVDGHFXDGRHV
UHDOL]DUXQUHDEDVWHFLPLHQWRFDGDVHPDQDRFDGDTXLQFHGtDV
3DUDSURPRFLRQDUODVIDUPDFLDVHQODDFWXDOLGDGVHXWLOL]DQPXFKRORVPHGLRVGHSXEOLFLGDGQR
PDVLYRV FRPR SRU HMHPSOR ORV DILFKHV UyWXORV \ YDOODV SXEOLFLWDULDV SHUR H[LVWH XQD REYLD
SUHIHUHQFLD DQWH HO XVR GH ODV KRMDV YRODQWHV HVWR VH GHEH D TXH HO FRVWR GH HVWRV HV OR
VXILFLHQWHPHQWH DFFHVLEOH SDUD SRGHU UHGXFLU ORV FRVWRV GH SURPRFLyQ 9HU SUHJXQWD 1R SiJLQD
&',$*1Ð67,&2)2'$
(QHOVLJXLHQWHDQiOLVLV)2'$VHSXHGHQREVHUYDUWDQWRORVIDFWRUHVH[WHUQRVFRPRLQWHUQRVTXH
DIHFWDQ R IDYRUHFHQ HO 3ODQ GH 1HJRFLRV GH OD $SHUWXUD GH XQD )DUPDFLD HQ HO 0XQLFLSLR GH
&LXGDG'HOJDGRHQHO'HSDUWDPHQWRGH6DQ6DOYDGRU
$63(&726326,7,926
)257$/(=$6
,QWHUQDV
/DVPHGLFLQDVVRQXQ
ELHQSULPDULRSDUDODV
SHUVRQDV3RUORTXH
VLHPSUHH[LVWHXQD
GHPDQGDGHHVWRV
ELHQHV
$63(&7261(*$7,926
2325781,'$(6
([WHUQDV
'(%,/,'$'(6
,QWHUQDV
$0(1$=$6([WHUQDV
1RH[LVWHRWUDIDUPDFLD
HQOD&RORQLD6DQWD
$OHJUtD
)DOWDGHH[SHULHQFLDHQ
HOPDQHMRGHQHJRFLRV
3RVLEOH&RPSHWHQFLDDO
YHUXQDQXHYDIDUPDFLD
HQOD]RQD
(OPHUFDGRGHODV
PHGLFLQDVHVEDVWDQWH
DPSOLR
3RFRFRQRFLPLHQWR
VREUHSURGXFWRV
IDUPDFpXWLFRV
/DDFWXDOVLWXDFLyQGH
H[WRUVLRQHVTXHH[LVWH
KDFLDORVQHJRFLRV
$SR\RSRUSDUWHGHO
&663SDUDODDSHUWXUD
GHQXHYDVIDUPDFLDV
(OHVWDGRGHOD
HFRQRPtDDFWXDOSRGUtD
DIHFWDUODGHPDQGDGH
PHGLFDPHQWRV
*HQHUDHPSOHRH
LQJUHVRVDORV
HPSUHQGHGRUHV
&RQWDUFRQORVUHFXUVRV
VXILFLHQWHVSDUDXQD
DGHFXDGDDSHUWXUD
'&21&/86,21(6
$SDUWLUGHORVUHVXOWDGRVREWHQLGRVHQODLQYHVWLJDFLyQVHFRQFOX\HGHODVLJXLHQWHPDQHUD
/DPD\RUtDGHODVSHUVRQDVYLVLWDQODVIDUPDFLDVXQSURPHGLRGHyYHFHVDOPHVHV
GHFLU H[LVWH XQ FRQVXPR SHULyGLFR GH PHGLFDPHQWRV TXH HQ VX PD\RUtD VRQ GH WLSR
JHQpULFRV$OREVHUYDUORVUHVXOWDGRVFRQMXQWDPHQWHODPD\RUtDGHODVIDPLOLDVJDVWDQHQ
SURPHGLRPiVGHPHQVXDOPHQWHHQSURGXFWRVGHXQDIDUPDFLD
/D ]RQD HQ OD TXH VH UHDOL]y OD LQYHVWLJDFLyQ QR FXHQWD FRQ XQD IDUPDFLD OR
VXILFLHQWHPHQWHFHUFDSDUDORJUDUFUHDUHQODVSHUVRQDVXQVHQWLPLHQWR GHSUHIHUHQFLD
$GHPiVGHXQDXELFDFLyQ ItVLFDDGHFXDGDOD QHFHVLGDGGHTXH XQD IDUPDFLDSRVHDHO
VHUYLFLRGHUHDOL]DUHQWUHJDVDGRPLFLOLRHVFDVLREOLJDWRULD
/RVKRUDULRVHQORVTXHDFWXDOPHQWHVHDWLHQGHQDORVFOLHQWHVHQODVIDUPDFLDVVRQOR
VXILFLHQWHPHQWHDGHFXDGRVSDUDFXEULUVXVQHFHVLGDGHVQRVHGHVFDUWDODLGHDTXHXQD
DPSOLDFLyQ GHORV KRUDULRV SRGUtDVHU XQ IDFWRUGHWHUPLQDQWHHQODVSUHIHUHQFLDVGH ODV
SHUVRQDV
3DUD TXH XQD IDUPDFLD VHD OR VXILFLHQWHPHQWH DWUDFWLYD GHEH SRVHHU SUHFLRV TXH VHDQ
DFFHVLEOHV DVt FRPR FRQWDU FRQ RIHUWDV \ SURPRFLRQHV TXH DWUDLJDQ D ODV SHUVRQDV
7DPELpQ VH GHEH GH FRQWDU FRQ XQD DPSOLD YDULHGDG GH SURGXFWRV HV GHFLU GLIHUHQWHV
WLSRVGHPHGLFDPHQWRV\GHGLIHUHQWHVPDUFDV
/DV SHUVRQDV RSLQDQ TXH HQ ODV IDUPDFLDV VH GHEHQ GH FRPHUFLDOL]DU RWURV SURGXFWRV
TXHQRVHDQIDUPDFpXWLFRVSULQFLSDOPHQWHODVUHFDUJDVGHFHOXODUHV\DTXHHVWHHVXQR
GH ORVSULQFLSDOHV PHGLRV GHFRPXQLFDFLyQ GHODV SHUVRQDV DFWXDOPHQWH ODVIDUPDFLDV
WDPELpQFRPHUFLDOL]DQEHELGDVDJXDKLGUDWDQWHVVRGDVUHYLVWDVJRORVLQDV
6HORJUySHUFLELUODQHFHVLGDGTXHWLHQHODFRPXQLGDGGHODFRORQLD6DQWD$OHJUtDGHDEULU
XQD IDUPDFLD HQ OD ORFDOLGDG HVWR EHQHILFLDUi D PXFKDV SHUVRQDV HVSHFLDOPHQWH
DTXHOODVTXHRSLQDURQTXHVXIDUPDFLDGHSUHIHUHQFLDRODVIDUPDFLDVGHODV]RQDVQRVH
HQFXHQWUDQELHQXELFDGDV\VXVVHUYLFLRVVRQLQDGHFXDGRV
(5(&20(1'$&,21(6
/DDFWXDOGHPDQGDTXHH[LVWHGHPHGLFDPHQWRVSDUDHOFXLGDGRGHODVDOXGHVJUDQGH
HVSRUHOORTXHODVIDUPDFLDVGHEHQHVWDUSUHSDUDGDVFRQVXILFLHQWHVPHGLFDPHQWRVSDUD
FXEULU OD GHPDQGD (V QHFHVDULR FRQWDU FRQ PHGLFDPHQWRV GH GLVWLQWDV QDWXUDOH]DV
FRPR OR VRQ GH HVSHFLDOLGDGHV JHQpULFRV \ SRSXODUHV SDUD HVWR GHEH WHQHUVH XQ
Q~PHUR DGHFXDGR GH SURYHHGRUHV TXH SXHGD SURSRUFLRQDU OD VXILFLHQWH FDQWLGDG GH
PHGLFDPHQWRVFXDQGRVHDQHFHVDULR
(VQHFHVDULRTXHODXELFDFLyQItVLFDGHODVIDUPDFLDVVHDODPiVVHJXUD\FyPRGDSDUD
ORVFOLHQWHVSRWHQFLDOHVGHXQD]RQD(VYLWDOSDUDHVWHWLSRGHQHJRFLRTXHFXHQWHFRQHO
VHUYLFLRGHHQWUHJDDGRPLFLOLRSDUDSRGHUVHUYLUPHMRUDORVFOLHQWHV
/RVKRUDULRVGHDWHQFLyQGHEHQGHVHUORVXILFLHQWHPHQWHDPSOLRVSDUDSRGHUDWHQGHUD
SHUVRQDV TXH QR GLVSRQJDQ GH PXFKR WLHPSR \D VHD SRU VXV WUDEDMRV R SRU RWUDV
UD]RQHV
6H GHEH GH FRQWDU FRQ XQ EXHQ Q~PHUR GH SURYHHGRUHV SDUD SRGHU REWHQHU
PHGLFDPHQWRV YDULDGRV \ GH GLVWLQWRV FRVWRV 'DU FRQRFLPLHQWR GH ODV RIHUWDV \
SURPRFLRQHVHVQHFHVDULRSDUDFUHDUSUHIHUHQFLDVHQORVFRQVXPLGRUHV
8QDEXHQDIRUPDGHFUHDUPD\RUSUHIHUHQFLDHQWUHODVSHUVRQDVHVFRPHUFLDOL]DURWURV
SURGXFWRVTXHQRVHDQPHGLFDPHQWRVFRPRORVRQODVUHFDUJDVGHFHOXODUHVUHYLVWDV
UHIUHVFRV\JRORVLQDV(VWRVVLUYHQFRPRXQSURGXFWRH[WUDTXHHOFOLHQWHSXHGHDGTXLULU
HQXQDIDUPDFLDGHVSXpVGHUHDOL]DUXQDFRPSUDGHPHGLFDPHQWRVQRVRQYLWDOHVSDUD
HOIXQFLRQDPLHQWRGHXQDIDUPDFLDSHURWLHQGHQDOODPDUODDWHQFLyQGHORVFOLHQWHV
(OHVWXGLRUHDOL]DGRVHUYLUiFRPREDVHSDUDGHWHUPLQDUORVOLQHDPLHQWRVQHFHVDULRVSDUD
FUHDUXQDIDUPDFLDTXHORJUHFXPSOLUFRQODVH[SHFWDWLYDV\ODVQHFHVLGDGHVTXHWLHQHQ
ODV SHUVRQDV TXH UHVLGHQ HQ OD FRORQLD 6DQWD $OHJUtD \ VXV DOUHGHGRUHV 6H GHEH
FRQVLGHUDUWRGDODLQIRUPDFLyQTXHSURSRUFLRQDURQODVIDUPDFLDVHQWUHYLVWDGDVSDUDFUHDU
XQDHPSUHVDTXHVHDDSWDSDUDHOPHUFDGRFRPSHWLWLYRGHPHGLFDPHQWRV/DFUHDFLyQ
GH XQ SODQ GH QHJRFLRV ELHQ HVWUXFWXUDGR SURSRUFLRQDUi ORV OLQHDPLHQWRV QHFHVDULRV
SDUDODFRUUHFWDDGPLQLVWUDFLyQGHUHFXUVRVGHXQDIDUPDFLD
&$3,78/2,,,
35238(67$'(813/$1'(1(*2&,263$5$/$$3(5785$'(81$)$50$&,$(1(/
081,&,3,2'(&,8'$''(/*$'2'(3$57$0(172'(6$16$/9$'25
,5(680(1(-(&87,92
/D DSHUWXUD GH XQD IDUPDFLD HQ OD &RORQLD 6DQWD $OHJUtD GHO 0XQLFLSLR GH &LXGDG 'HOJDGR HV
XQDSURSXHVWDPX\DWUDFWLYD\DTXHHQXQHVWXGLRSUHYLRVHSXGRFRPSUREDUTXHORVUHVLGHQWHV
GH HVWD ]RQD HVWiQ GH DFXHUGR HQ TXH H[LVWH OD QHFHVLGDG GH XQD IDUPDFLD TXH WHQJD XQD
XELFDFLyQItVLFDDFFHVLEOHSDUDSRGHUDVtREWHQHUORVPHGLFDPHQWRVQHFHVDULRVSDUDHOFXLGDGR
GHVXVDOXG\ODGHVXVIDPLOLDV
3DUD XQD FRUUHFWD UHDOL]DFLyQ HO SUR\HFWR HVWi VLHQGR DSR\DGR SRU OD *HUHQFLD GH OD )DUPDFLD
$YHQLGD TXH HVWi SURSRUFLRQDQGR LQIRUPDFLyQ \ DVHVRUtDV QHFHVDULDV SDUD TXH OD QXHYD
IDUPDFLD SXHGD RSHUDU DGHFXDGDPHQWH \ SXHGD WUDEDMDU FRQ ORV HVWiQGDUHV GH FDOLGDG PiV
DSURSLDGRV
/D IDUPDFLD 6DQWD $OHJUtD VH XELFDUi HVSHFtILFDPHQWH HQ HO SDVDMH %ORFN & &RORQLD
6DQWD$OHJUtDGHO0XQLFLSLRGH&LXGDG'HOJDGR(VWDVHUiFRQVLGHUDGDXQDPLFURHPSUHVD\DTXH
ORVLQJUHVRVDQXDOHVHVSHUDGRVVRQGHKDVWD\FRQWDUiFRQPHQRVGHHPSOHDGRV
(/SHUVRQDOQHFHVDULRVHUiHO(QFDUJDGRGH)DUPDFLD5HJHQWH&RQWDGRU\XQ'HSHQGLHQWHGH
IDUPDFLD
(O PHUFDGR PHWD SDUD HO FRQVXPR GH ORV SURGXFWRV RIUHFLGRV SRU OD IDUPDFLD OR FRQIRUPDQ
KRPEUHV \ PXMHUHV GH DxRV HQ DGHODQWH HVWDGR FLYLO FDVDGRV \ OD PD\RUtD HPSOHDGRV GHO
VHFWRUS~EOLFRRSULYDGRFRQLQJUHVRVGHD3DUDODREWHQFLyQGHOLQYHQWDULRGH
PHGLFDPHQWRVVHFRQWDUDLQLFLDOPHQWHFRQSURYHHGRUHVSULQFLSDOHV
/D LQYHUVLyQLQLFLDOFDOFXODGD SDUD HOLQLFLR GHRSHUDFLRQHVHVGH FXEULHQGRFRQHVWR
ORV JDVWRV OHJDOHV PHGLFDPHQWRV PRELOLDULR SXEOLFLGDG LQLFLDO \ SURYLVLRQHV GH JDVWRV
DGPLQLVWUDWLYRVSDUDPHVHV3DUDFXEULUODLQYHUVLyQLQLFLDOVHUHDOL]DUiXQSUpVWDPRIDPLOLDUVLQ
LQWHUHVHVTXHVHUiFDQFHODGRHQXQSOD]RGHDxRV
(OHVWDGRGHUHVXOWDGRSUR\HFWDGRSDUDHOSULPHUDxRGHRSHUDFLRQHVPXHVWUDXQDXWLOLGDGQHWD
GH 6H UHDOL]y HO IOXMR GH HIHFWLYR SUR\HFWDGR SDUD DxRV HVWLPDQGR TXH KDEUi XQ
DXPHQWRGHOHQHOFRQVXPRGHPHGLFDPHQWRVDSDUWLUGHOVHJXQGRDxR\XQDXPHQWRGHO
SDUDODVFRPSUDV/DHYDOXDFLyQILQDQFLHUDGHOSUR\HFWRPRVWUyXQ931GH\XQD7,5
GH ORV UHVXOWDGRV FRQFOX\H TXH OD SURSXHVWD HV UHQWDEOH /D SURSXHVWD GH
LPSOHPHQWDFLyQGHOSUR\HFWRHVWiHVWDEOHFLGDSDUDTXHLQLFLHHQHOPHVGH'LFLHPEUHGHO
,,,'($'(/1(*2&,2
/DVPHGLFLQDVVRQXQELHQSULPDULRSDUDODVSHUVRQDV\DTXHFRQWULEX\HQDPDQWHQHUODVDOXG
3RUHVRVHKDFHQHFHVDULRFRQWDUFRQIDUPDFLDVFHUFDQDVTXHD\XGHQDVROYHQWDUODQHFHVLGDG
GHPHGLFDPHQWRV
/DLGHDSULQFLSDOHVODDSHUWXUDGHXQDIDUPDFLDHQOD&RORQLD6DQWD$OHJUtD0XQLFLSLRGH&LXGDG
'HOJDGR FRQ HVWR VH EXVFD XQ EHQHILFLR VRFLDO SDUD ORV KDELWDQWHV GH OD ]RQD \D TXH
DFWXDOPHQWHQRFXHQWDQFRQIDUPDFLDVFHUFDQDV$GHPiVGHODFHUFDQtDTXHVHSUHWHQGHGDUD
ORV KDELWDQWHV WDPELpQ VH EULQGDUi XQ KRUDULR GH DWHQFLyQ PiV DPSOLR 7DPELpQ VH RIUHFHUiQ
GLYHUVRVPHGLFDPHQWRVHVWRVHORJUDUiDWUDYpVGHDFXHUGRVFRQORVGLVWLQWRVSURYHHGRUHVTXH
H[LVWHQHQHOSDtV
$WUDYpVGHPHGLFDPHQWRVDEXHQSUHFLRRIHUWDVSURPRFLRQHV\ODLPSOHPHQWDFLyQGHOVHUYLFLRD
GRPLFLOLR VH HVSHUD ORJUDU XQD SUHIHUHQFLD SRU SDUWH GH ORV FRQVXPLGRUHV KDFLD OD IDUPDFLD
SHUPLWLpQGRQRVDVtSHUPDQHFHUHQHOPHUFDGR
3DUDODUHDOL]DFLyQGHHVWHSUR\HFWRVHWUDEDMDUiEDMRXQDDOLDQ]DFRQOD)DUPDFLD$YHQLGDTXLHQ
SURSRUFLRQDUiDSR\R\DVHVRUtDHQODHMHFXFLyQGHODVRSHUDFLRQHV
ϯϲ
3URH[SRUW&RORPELD(VWXGLRGH0HUFDGRHQ(O6DOYDGRU±6HFWRU)DUPDFpXWLFR&RQYHQLR
$7107&2
,,,3/$125*$1,=$&,Ð1
$ *(1(5$/,'$'(6'(/$(035(6$
120%5('(/$(035(6$
(OQRPEUHGHODIDUPDFLDVHUi³)DUPDFLD6DQWD$OHJUtD´(VWDGHFLVLyQIXHWRPDGDHQFRQVHQVR
SRUORVPLHPEURVGHOJUXSRGHLQYHVWLJDFLyQSRUODUD]yQTXHFRQHVWHQRPEUHODVSHUVRQDVVH
SRGUiQ LGHQWLILFDU PiV FRQ OD IDUPDFLD \D TXH HO QRPEUH DO VHU HO PLVPR GH OD &RORQLD VH
XELFDUDQ IiFLOPHQWH DGHPiV HO QRPEUH HV RULJLQDO \D TXH QR VH HQFXHQWUD HQ OD EDVH
SURSRUFLRQDGDSRUHO&HQWUR1DFLRQDOGH5HJLVWURV&15QLVHHQFXHQWUDUHJLVWUDGRHQODEDVH
GHHVWDEOHFLPLHQWRVLQVFULWRVHQHO&RQVHMR6XSHULRUGH6DOXG3~EOLFD&663
*,522$&7,9,'$'(&21Ð0,&$
(O JLUR GH OD IDUPDFLD HV FRPHUFLDO \D TXH VH GHGLFDUi D OD FRPSUD \ YHQWD GH SURGXFWRV
IDUPDFpXWLFRV\RWURV
8%,&$&,Ð1<7$0$f2
/DIDUPDFLDVHUiXELFDGDHQODFRORQLD6DQWD$OHJUtDGH&LXGDG'HOJDGRHVSHFtILFDPHQWHHQHO
SDVDMH %ORFN & 6H FRQVLGHUD FRPR XQD PLFURHPSUHVD SRU TXH ORV LQJUHVRV DQXDOHV
HVSHUDGRVVRQGHKDVWD\FRQWDUiFRQPHQRVGHHPSOHDGRV
1$785$/(=$
<DTXHVXFDSLWDOSURYLHQHGHSDUWLFXODUHVVHFRQVLGHUDFRPRXQDRUJDQL]DFLyQSULYDGD
0,6,Ð1
³/RJUDUODVDWLVIDFFLyQGHORVFOLHQWHVHQWpUPLQRVGHFRQILDQ]DSUHFLRMXVWRGHORVPHGLFDPHQWRV
\EULQGDUOHVXQDDWHQFLyQSHUVRQDOL]DGDHQXQDPELHQWHDJUDGDEOH´
9,6,Ð1
³&RQYHUWLUVHHQXQDIDUPDFLDUHFRQRFLGD\DVtOOHJDUDWHQHUXQDHVWDELOLGDGHQHOPHUFDGR\HO
SRWHQFLDOSDUDORJUDUVXH[SDQVLyQDQLYHOQDFLRQDO´
% (6758&785$25*$1,=$&,21$/
2%-(7,92625*$1,=$&,21$/(6
2%-(7,92*(1(5$/
•
%ULQGDU D QXHVWURV FOLHQWHV XQ VHUYLFLR GH DOWD FDOLGDG HQ OD YHQWD GH
PHGLFDPHQWRVSDUDODVDWLVIDFFLyQGHVXVQHFHVLGDGHVIDUPDFpXWLFDV\DVXYH]
ORJUDUXQDSUHIHUHQFLDHQORVFRQVXPLGRUHV
2%-(7,926(63(&Ì),&26
•
2IUHFHUDQXHVWURVFOLHQWHVSUHFLRVMXVWRVTXHVHDQFRPSHWLWLYRVHQHOPHUFDGR
•
0HMRUDU HOWUDWRKDFLDHOFOLHQWHDWUDYpVGHODFDSDFLWDFLyQ GHQXHVWURSHUVRQDO
SDUDPDQWHQHUQRVHQODSUHIHUHQFLDGHHVWRV
•
3URYHHU D ORV FRQVXPLGRUHV XQD DPSOLD YDULHGDG GH SURGXFWRV IDUPDFpXWLFRV
SDUDORJUDUODSUHIHUHQFLDGHHVWRV
32/Ì7,&$6<9$/25(6
32/Ì7,&$6
•
7RGDVODVSHUVRQDVTXHODERUDQHQODIDUPDFLDGHEHUiQDWHQGHUODVPHGLGDVGH
VHJXULGDGLQVWLWXLGDVDQLYHOJHQHUDO
•
6HEULQGDUiWUDWRMXVWRDWRGRVORVFOLHQWHVFRQVLGHUDQGRTXHHOILQGHODHPSUHVD
HVHOVHUYLFLRDODFRPXQLGDG
•
/DVFRPSUDVHQHIHFWLYRGHSURGXFWRVQRVHUiQPD\RUHVDPHQVXDOHV
•
/DFDQWLGDGPtQLPDDSHGLUDXQSURYHHGRUSDUDUHDEDVWHFLPLHQWRGHSURGXFWRV
VHUiGH
•
/RV DFFLRQLVWDV VH UHXQLUiQ FDGD TXLQFH GtDV SDUD UHYLVDU \ HYDOXDU DVSHFWRV
UHODFLRQDGRVFRQODIDUPDFLD
9$/25(6
•
&$/,'$'
&RQWDU FRQ OD FDSDFLGDG GH VDWLVIDFHU ODV QHFHVLGDGHV GH ORV FOLHQWHV
RIUHFLpQGROHVXQVHUYLFLRVXSHULRUDORTXHHVSHUDUHFLELU\DXQSUHFLRDFFHVLEOH
•
&$/,'(=
&RQVWUXLUFRQILDQ]DGHQXHVWURVFOLHQWHVKDFLDODHPSUHVDDWUDYpVGHOEXHQWUDWR
\DPDELOLGDGORJUDQGRDWUDHU\VHUORVSUHIHULGRVHQOD]RQD
•
(),&,(1&,$
+DFLHQGR XVR UDFLRQDO GH ORV UHFXUVRV GH OD HPSUHVD \ FXPSOLHQGR ODV
H[LJHQFLDVGHQXHVWURVFOLHQWHV
•
(48,'$'
7UDWDQGR D QXHVWURV FOLHQWHV GH OD PHMRU PDQHUD VLQ KDFHU GLIHUHQFLDV HQWUH
XQRV\RWURV
•
+215$'(=
6HU VLQFHURV FRQ QRVRWURV PLVPRV \ FRQ ORV GHPiV $FWXDU FRQ WUDQVSDUHQFLD
FRQILDQ]DHLJXDOGDG
25*$1,*5$0$
(ORUJDQLJUDPDSURSXHVWRSDUDODIDUPDFLDVHUiHOVLJXLHQWH
),*85$1R
(QFDUJDGRGH)DUPDFLD
&RQWDGRU
5HJHQWH
'HSHQGLHQWH
(ODERUDGRSRU*UXSRGH,QYHVWLJDFLyQ
)HFKDGH)RUPXODFLyQGH6HSWLHPEUHGH
6LPERORJtD
BBBBBBB$XWRULGDGOLQHDO
$VHVRUtD([WHUQD
5(48,6,726<)81&,21(6'(/38(672
$FRQWLQXDFLyQVHSUHVHQWDXQEUHYHPDQXDOHQGRQGHVHHVSHFLILFDQORVUHTXLVLWRV\IXQFLRQHV
TXHGHEHUiQFXPSOLUODVSHUVRQDVTXHODERUHQHQODIDUPDFLD
(1&$5*$'2'()$50$&,$
5(48,6,726
•
0tQLPRWRDxRHQ$GPLQLVWUDFLyQGHHPSUHVDVRFDUUHUDDItQ
•
6H[RLQGLIHUHQWH
•
(GDGD
•
&DSDFLGDGGHOLGHUD]JR
•
&DSDFLGDGGHWUDEDMRHQHTXLSR
•
0DQHMRGH0LFURVRIW2IILFH
)81&,21(6
•
/OHYDUHOFRQWUROGHLQJUHVRV\JDVWRV
•
5HDOL]DUORVSDJRVGHIDFWXUD\UHFLERV
•
3UHSDUDUGHFODUDFLRQHVGHLPSXHVWRV\UHDOL]DUORVSDJRVGHSODQLOODGHOSHUVRQDO
•
&DOFXODUORVSUHFLRVGHYHQWDGHORVPHGLFDPHQWRVRSURGXFWRVDGTXLULGRV
•
/OHYDU XQ FRQWURO GH ODV IHFKDV GH YHQFLPLHQWR GH ORV PHGLFDPHQWRV TXH VH
YHQGHQHQODIDUPDFLD
•
,QVSHFFLRQDUFRQHOILQGHGHWHUPLQDUVLKD\DOJ~QPHGLFDPHQWRGDxDGRRVtVX
IHFKDGHYHQFLPLHQWRVHHQFXHQWUDPX\SUy[LPD
•
(VWDEOHFHUXQDEDVHGHGDWRVGHORVSURYHHGRUHV\WUDPLWDUODFRPSUDGH
PHGLFDPHQWRV
•
*DUDQWL]DUODH[LVWHQFLDGHPHGLFDPHQWRVHQODFDQWLGDGQHFHVDULDSDUDODEXHQD
RSHUDFLyQGHODIDUPDFLD
'(3(1',(17(
5(48,6,726
•
(VWXGLDQWHHUDxRGHODFDUUHUDGH4XtPLFD)DUPDFLD
•
6H[RLQGLIHUHQWH
•
(GDGD
•
&DSDFLGDGGHFRPXQLFDFLyQ
•
+DELOLGDGHQUHODFLRQHVLQWHUSHUVRQDOHV\GHFRPXQLFDFLyQ
•
([FHOHQWHSUHVHQWDFLyQSHUVRQDO
)81&,21(6
•
%ULQGDUFRQVHMRDORVFOLHQWHVDFHUFDGHOXVRGHPHGLFDPHQWRVIRUPDGH
DSOLFDFLyQXKRUDULRGHLQJHVWD
•
$WHQGHUDORVFOLHQWHVTXHYLVLWHQODIDUPDFLD
•
)DFWXUDFLyQ\HPSDTXHGHORVSURGXFWRVTXHODIDUPDFLDYHQGH
•
$FRPRGRGHORVSHGLGRVRSURGXFWRVDGTXLULGRVSRUHO(QFDUJDGRGHOD)DUPDFLD
•
&RODERUDFLyQHQODUHYLVLyQGHLQYHQWDULR\SURGXFWRVYHQFLGRV
& $63(&726/(*$/(6
75$0,7(61(&(6$5,263$5$(/5(*,67523(5621$
-85Ì',&$
$ FRQWLQXDFLyQ VH SUHVHQWDQ ORV WUiPLWHV QHFHVDULRV SDUD UHDOL]DU HO UHJLVWUR FRPR 3HUVRQD
-XUtGLFD
&8$'521R
75É0,7(61(&(6$5,263$5$(/5(*,6752&2023(5621$-85Ì',&$
75É0,7(
5(48,6,726
,167,78&,Ð1
• (VFULWXUDGH&RQVWLWXFLyQGH6RFLHGDGDQWHQRWDULR
VDOYDGRUHxR
&RQVWLWXFLyQGHOD
6RFLHGDG
• 'RVDFFLRQLVWDVFRPRPtQLPRSHUVRQDVQDWXUDOHV
RMXUtGLFDV
• 7HVWLPRQLRRULJLQDOGHODHVFULWXUDGHFRQVWLWXFLyQ
GHODVRFLHGDG
,QVFULSFLyQGHOD
&RQVWLWXFLyQGH
6RFLHGDG
• 3DJRGHGHUHFKRVGHUHJLVWURSRUFDGD
GHFDSLWDO
• )RWRFRSLDWDPDxRRILFLRUHGXFLGDDOGHOD
HVFULWXUDGHFRQVWLWXFLyQGHODVRFLHGDG
5HJLVWURGH
&RPHUFLR
• %DODQFH,QLFLDORULJLQDODXGLWDGRH[WHUQDPHQWH
,QVFULSFLyQ
%DODQFH,QLFLDO
• )RWRFRSLDGH%DODQFH,QLFLDOWDPDxRRILFLR
UHGXFLGDDO
• 5HFLERGHSDJRGHGHUHFKRVGHUHJLVWUR
5HJLVWURGH
&RPHUFLR
• &RPSOHWDUIRUPXODULR
• 2ULJLQDO\)RWRFRSLDGHHVFULWXUDGH&RQVWLWXFLyQ
GH6RFLHGDG
5HJLVWURGH1,7
• 2ULJLQDO\IRWRFRSLDGH1,7GHOUHSUHVHQWDQWHOHJDO
\DFFLRQLVWDV
0LQLVWHULRGH
+DFLHQGD
• 2ULJLQDO\IRWRFRSLDGH'8,GHOUHSUHVHQWDQWHOHJDO
• 5HFLERGHSDJR
• &RPSOHWDUIRUPXODULR
• 2ULJLQDO\IRWRFRSLDGHHVFULWXUDGH&RQVWLWXFLyQGH
OD6RFLHGDG
,QVFULSFLyQ,9$
• 2ULJLQDO\IRWRFRSLDGH1,7GHOD6RFLHGDG\GHO
UHSUHVHQWDQWHOHJDO
0LQLVWHULRGH
+DFLHQGD
• 2ULJLQDO\IRWRFRSLDGH'8,GHOUHSUHVHQWDQWHOHJDO
• &RPSOHWDUIRUPXODULR9HU$QH[R
• 2ULJLQDO\IRWRFRSLDGH1,7GHOD6RFLHGDG
6ROYHQFLDGH
,QVFULSFLyQ
',*(67<&
• 2ULJLQDO\IRWRFRSLDGHODHVFULWXUDGH&RQVWLWXFLyQ
• 2ULJLQDOGH%DODQFH,QLFLDODXGLWDGRH[WHUQDPHQWH
• 5HFLERGHSDJRVHJ~QDFWLYR
',*(67<&
• &RPSOHWDUIRUPXODULRGHVROLFLWXG9HU$QH[R
• 2ULJLQDOGH%DODQFH,QLFLDO
• &RQVWDQFLDH[WHQGLGDSRUOD',*(67<&
0DWUtFXODGH
(PSUHVD\
(VWDEOHFLPLHQWR
• 2ULJLQDO\IRWRFRSLDGH1,7H,9$GHOD6RFLHGDG
• &RQVWDQFLDGHLQVFULSFLyQGHOD$OFDOGtD0XQLFLSDO
UHVSHFWLYD
5HJLVWURGH
&RPHUFLR
• 5HFLER2ULJLQDOGHGHUHFKRVGHUHJLVWUR
• &RQVWDQFLDGHDXWRUL]DFLyQSDUDHOHMHUFLFLRGHOD
DFWLYLGDGHFRQyPLFDFRUUHVSRQGLHQWH
• 2ULJLQDO\IRWRFRSLDGH'8,GHOUHSUHVHQWDQWHOHJDO
• $YLVRGH,QVFULSFLyQGH3DWURQR6ROLFLWXG
5HJLVWUR1,3
• 2ULJLQDO\IRWRFRSLDGHODHVFULWXUDGH&RQVWLWXFLyQ
GHOD6RFLHGDG
,666
• 2ULJLQDO\IRWRFRSLDGH1,7GHOD6RFLHGDG
• 2ULJLQDO\IRWRFRSLDH'8,GHOUHSUHVHQWDQWHOHJDO
)XHQWH5HJLVWURGH&RPHUFLR0LQLVWHULRGH+DFLHQGD',*(67<&H,666
75$0,7(63$5$/$$8725,=$&,Ð1'($3(5785$'(
(67$%/(&,0,(172'(6$/8'
$OWHQHUHVWDEOHFLGRHOUHJLVWURGHSHUVRQDMXUtGLFDORVLJXLHQWHSDUDODDSHUWXUDGHXQDIDUPDFLD
HV OD SUHVHQWDFLyQ GHO H[SHGLHQWH DO &663 TXH HV UHTXHULGR SDUD REWHQHU OD DXWRUL]DFLyQ GH
DSHUWXUD\IXQFLRQDPLHQWRGHXQHVWDEOHFLPLHQWRGHVDOXG9HU$QH[R
(OH[SHGLHQWHGHXQDIDUPDFLDGHEHGHFRQWDUFRQORVVLJXLHQWHVUHTXLVLWRV
• )RUPXODULRSDUDVROLFLWDUODDXWRUL]DFLyQGHDSHUWXUDGHHVWDEOHFLPLHQWRVGHVDOXG9HU
$QH[R
• 6ROYHQFLDGHSROLFtDGHOSURSLHWDULR
• &RQWUDWRGHUHJHQFLDRULJLQDO\IRWRFRSLD9HUDQH[R
• 'RFXPHQWR FHUWLILFDGR SRU QRWDULR TXH FRPSUXHEH OD H[LVWHQFLD OHJDO GH OD HQWLGDG \
SHUVRQHUtDMXUtGLFDFRQTXHDFW~DHOUHSUHVHQWDQWHOHJDO
$O HQWUHJDU ORV UHTXHULPLHQWRV VH UHTXLHUH XQD FDQFHODFLyQ GH PDQGDPLHQWR GH SDJR TXH VH
UHDOL]DHQODFROHFWXUtDGHO&RQVHMR6XSHULRUGH6DOXG3~EOLFD&663&RQHOFRPSUREDQWHGH
FDQFHODFLyQ VH SLGH OD DVLJQDFLyQ GH XQ Q~PHUR GH VROLFLWXG TXH UHSUHVHQWD TXH WRGRV ORV
GRFXPHQWRVVHHQFXHQWUDQHQRUGHQ\TXHHOWUiPLWHGHQWURGHODLQVWLWXFLyQKDGDGRLQLFLR
3RVWHULRUPHQWHVHGHEHGHFRQVXOWDUSHULyGLFDPHQWHDO&663SDUDFRQRFHUHOVWDWXVGHOWUiPLWH
GHODVROLFLWXG$OVHUDSUREDGROD-XQWDGH9LJLODQFLDFRUUHVSRQGLHQWHUHDOL]DUiODVLQVSHFFLRQHV
QHFHVDULDV HQ GRQGH VH XELFDUD HO HVWDEOHFLPLHQWR SDUD HYDOXDU VL ORV UHTXHULPLHQWRV WpFQLFRV
DGPLQLVWUDWLYRV \ GH LQIUDHVWUXFWXUD 9HU DQH[R KDQ VLGR FXPSOLGRV FRUUHFWDPHQWH 6L HQ XQ
GDGRFDVRODHYDOXDFLyQHVUHSUREDGDH[LVWHODRSRUWXQLGDGGHH[LJLUXQDVHJXQGDHYDOXDFLyQ
6L OD -XQWD GH 9LJLODQFLD DSUXHED OD HYDOXDFLyQ GHO HVWDEOHFLPLHQWR HVWH SXHGH FRPHQ]DU D
IXQFLRQDU
,9
3/$1'(0$5.(7,1*
$ $1É/,6,6(,19(67,*$&,Ð1'(/0(5&$'2
'(6&5,3&,Ð1'(/0(5&$'2
(OPHUFDGRKDFLDHOFXDOYDGLULJLGRODDSHUWXUDGHODIDUPDFLDHVHOPXQLFLSLRGH&LXGDG'HOJDGR
HVSHFtILFDPHQWH ORV KRJDUHV GH OD &RORQLD 6DQWD $OHJUtD \ VXV DOUHGHGRUHV OD FXDO HVWi
FRQIRUPDGDSRUIDPLOLDVDFWXDOPHQWHGLFKD&RORQLDQRSRVHHXQDIDUPDFLDHQOD]RQDSRUOR
TXHH[LVWHXQDGHPDQGDLQVDWLVIHFKDTXHVHFRQYHUWLUiHQORVFRQVXPLGRUHVSRWHQFLDOHV
0(5&$'20(7$
/DLQYHVWLJDFLyQVHUHDOL]yXWLOL]DQGRODWpFQLFDGHODHQFXHVWD\DTXHHVWDHVXQDKHUUDPLHQWD
TXHSHUPLWHREWHQHUORVGDWRVGHIRUPDGLUHFWDDFRQWLQXDFLyQVH SUHVHQWDQ ODV FDUDFWHUtVWLFDV
GHORVSRVLEOHVFRQVXPLGRUHVDORVTXHVHOHVDSOLFyGLFKDKHUUDPLHQWD
6H KDQ XWLOL]DGR GDWRV HVWDGtVWLFRV GH ODV SHUVRQDV TXH YLYHQ HQ OD &RORQLD 6DQWD $OHJUtD
PXQLFLSLRGH&LXGDG'HOJDGRORVUHVXOWDGRVREWHQLGRVPXHVWUDQTXHORVSURGXFWRVRIUHFLGRVHQ
ODIDUPDFLDSXHGHQVHUDGTXLULGRV SRU KRPEUHV\ PXMHUHV GH DxRVHQ DGHODQWHFRQ HVWDGR
FLYLOFDVDGRV\ODPD\RUtDHPSOHDGRVGHOVHFWRUS~EOLFRRSULYDGRFRQXQLQJUHVRGHD
3(5),/'(/&21680,'25
&8$'521R
3(5),/'(/&21680,'25
*e1(52
$0%266(;26
('$'
$f26(1$'(/$17(
(67$'2&,9,/
&$6$'26
2&83$&,Ð1
(03/($'26
,1*5(626
$
7,32'(0(',&$0(17248(&2035$
&210$<25)5(&8(1&,$
*(1e5,&26
)XHQWH(ODERUDGRSRUHO*UXSRGH,QYHVWLJDFLyQ
'(0$1'$
/DGHPDQGDDFXEULUVHUiQORVKRJDUHVGHOD&RORQLD6DQWD$OHJUtD\VXVDOUHGHGRUHV\VHJ~Q
ORVUHVXOWDGRVREWHQLGRVHQODHQFXHVWDDORVFRQVXPLGRUHVHORSLQyTXHVLHUDQHFHVDULR
XQDIDUPDFLDHQHVWD]RQDSRUORTXH VHSXHGH GHFLUTXH GLFKRSRUFHQWDMHUHSUHVHQWDQXHVWUD
GHPDQGDLQVDWLVIHFKD
2)(57$
([LVWHQ QXHYH IDUPDFLDV TXH RIUHFHQ VXV SURGXFWRV HQ HO FHQWUR GHO PXQLFLSLR GH &LXGDG
'HOJDGR 7RGDV ODV IDUPDFLDV RIUHFHQ PHGLFDPHQWRV JHQpULFRV GH HVSHFLDOLGDG \ SRSXODUHV
DOJXQDVGHHOODVWDPELpQRIUHFHQSURGXFWRVQRIDUPDFpXWLFRVFRPRVRGDVUHFDUJDVGHFHOXODUHV
\JRORVLQDV
/R TXH ³)DUPDFLD 6DQWD $OHJUtD´ RIUHFHUi D VXV FOLHQWHV HV YDULHGDG GH PHGLFDPHQWRV HVWR D
WUDYpV GH DFXHUGRV FRQ ORV GLIHUHQWHV SURYHHGRUHV TXH EHQHILFLHQ D ORV FOLHQWHV $GHPiV OD
IDUPDFLD HVWDUi GHQWUR GH OD &RORQLD 6DQWD $OHJUtD SRU OR TXH ORV FRQVXPLGRUHV WHQGUiQ XQ
DFFHVR PiV IiFLO D OD IDUPDFLD \D TXH QR WHQGUiQ TXH FDPLQDU R PDQHMDU KDVWD ODV RWUDV
IDUPDFLDVTXHHVWiQIXHUDGHOD]RQD
$GHPiV OD IDUPDFLD RIUHFHUi WDUMHWDV \ UHFDUJDV SDUD WHOpIRQRV FHOXODUHV GH ODV GLIHUHQWHV
FRPSDxtDVWHOHIyQLFDVH[LVWHQWHVHQHOSDtV&ODUR0RYL6WDU'LJLFHO\7LJR
$1É/,6,6'(&203(7(1&,$
6HJ~Q OD LQYHVWLJDFLyQ KHFKD SRU HO JUXSR VH LGHQWLILFDURQ QXHYH IDUPDFLDV FRPR SRVLEOHV
FRPSHWHQFLD3DUD SRGHU UHDOL]DUHO DQiOLVLVGHORVFRPSHWLGRUHVVHHIHFWXy XQDHQFXHVWDTXH
IXHFRQWHVWDGDVRODPHQWHSRUFLQFRIDUPDFLDV\IXHURQDQDOL]DGDVHQHOFDStWXOR,,DFRQWLQXDFLyQ
VH SUHVHQWDQ HQ UHVXPHQ DTXHOORV DVSHFWRV LPSRUWDQWHV TXH HO JUXSR WRPDUi HQ FXHQWD DO
PRPHQWRGHODDSHUWXUDGHODIDUPDFLD
&8$'521R
$1É/,6,6'(/$&203(7(1&,$
0(',212
326((
0(',&$0(172
0$6,92'(
6(59,&,2$
48(0É6
&2081,&$&,Ð1
'20,&,/,2
9(1'(1
87,/,=$'2
120%5('(
/$)$50$&,$
+25$5,2'(
$7(1&,Ð1
)DUPDFLD%HUWLV
/XQHVD6iEDGRGH
DP±SP
1R
'HHVSHFLDOLGDG
9DOOD3XEOLFLWDULD
)DUPDFLDV
*pQHVLV
/XQHVD6iEDGRGH
DP±SP
6L
*HQpULFRV
$ILFKHV
)DUPDFLD0DUtD
$X[LOLDGRUD
/XQHVD6iEDGRGH
DP±SP
1R
3RSXODUHV
+RMDV9RODQWHV
)DUPDFLD0DUtD
-RVp
/XQHVD6iEDGRGH
DP±SP
6L
'H(VSHFLDOLGDG
5yWXOR
)DUPDFLD
0LODJURGHOD)H
/XQHVD6iEDGRGH
DP±SP
1R
*HQpULFRV
+RMDV9RODQWHV
)XHQWH(ODERUDGRSRUHO*UXSRGH,QYHVWLJDFLyQ
% 0(=&/$'(0$5.(7,1*
352'8&7226(59,&,2
¾
(OQRPEUHGHODIDUPDFLDVHUi³)DUPDFLD6DQWD$OHJUtD´
¾
/DIDUPDFLDRIUHFHUiPHGLFDPHQWRVJHQpULFRVGHHVSHFLDOLGDG\SRSXODUHV
¾
(O+RUDULRGH$WHQFLyQVHUiGH/XQHVD9LHUQHVGHDPDSPORV6iEDGRV\
'RPLQJRVGHDPDSP
35(&,2
¾
(OSUHFLRGHYHQWDGHFDGDPHGLFDPHQWRVHUiFDOFXODGRGHODVLJXLHQWHPDQHUD
3UHFLRGH9HQWD &RVWRGHOPHGLFDPHQWRGH,9$GH0DUJHQGH8WLOLGDG
(VGHDFODUDUTXHHOPDUJHQGHXWLOLGDGHVWiHVWDEOHFLGRSRUORVGLVWULEXLGRUHVFRQORVTXH
VHUHDOL]DQORVDFXHUGRV
¾
/RVSUHFLRV GHODV WDUMHWDV \ UHFDUJDVGHFHOXODUHVYDUtDQ GHVGH DHO PDUJHQ GH
XWLOLGDGDREWHQHUSRUODIDUPDFLDHVGH GHFDGDUHFDUJD(VWRHVHVWDEOHFLGR SRUODV
FRPSDxtDVWHOHIyQLFDVFRQODVTXHVHUHDOL]DUDQORVDFXHUGRV
3/$=$
¾
2IUHFHU ORV PHGLFDPHQWRV HQ HO HVWDEOHFLPLHQWR XELFDGR HQ OD &RORQLD 6DQWD $OHJUtD
3DVDMH%ORFN&
¾
/DVDODGHYHQWDVFRQWDUiFRQPRVWUDGRUHVGHYLGULRTXHSHUPLWLUiODYLVXDOL]DFLyQGHORV
SURGXFWRV
¾
,QWURGXFLUHQHOIXWXURHOVHUYLFLRGHHQWUHJDVDGRPLFLOLR
35202&,Ð1
¾
(ODERUDUSXEOLFLGDGQRPDVLYDPHGLDQWH+RMDV9RODQWHVTXHFRQWHQJDQODLQIRUPDFLyQGH
ORVSURGXFWRVTXHRIUHFHUiODIDUPDFLD9HU$QH[R(VWDVVHSXHGHQUHSDUWLUFHUFDGH
ORVVXSHUPHUFDGRVDOFDOGtDEDQFRV'LFKDVKRMDVWHQGUiQXQFRVWRGHKRMDV[
¾
5HDOL]DUSXEOLFLGDGQRPDVLYDDWUDYpVGH$ILFKHV\WDUMHWDVGHSUHVHQWDFLyQ'LFKRV
DILFKHVWHQGUiQXQFRVWRGH\ODV7DUMHWDVGH3UHVHQWDFLyQ
¾
2IUHFHUSURPRFLRQHVGHYHQWDVFRPRGHVFXHQWRSRUODFRPSUDGHGHWHUPLQDGDFDQWLGDGGH
PHGLFDPHQWRV
¾
'LVHxDUHVWUDWHJLDVDSOLFDQGRGHVFXHQWRVDORVFOLHQWHVIUHFXHQWHV
¾
8WLOL]DUODVUHODFLRQHVS~EOLFDV\DTXHFRQVWLWX\HQXQDKHUUDPLHQWDGHSURPRFLyQPDVLYD\
FRQVLVWHHQIRUMDUEXHQDVUHODFLRQHVFRQORVFOLHQWHVFRQHOREMHWRGHFUHDUXQDH[FHOHQWH
LPDJHQ
9 3/$1'(352'8&&,21
$ &$5$&7(5Ì67,&$6'(/352'8&7226(59,&,2
/D IDUPDFLD 6DQWD $OHJUtD VHUi HO OXJDU HQ GRQGH ORV UHVLGHQWHV GH OD &RORQLD 6DQWD $OHJUtD \
WDPELpQORVUHVLGHQWHVGHODVFRORQLDVDOHGDxDVSRGUiQREWHQHUORVPHGLFDPHQWRVTXHQHFHVLWHQ
SDUDHOFXLGDGRGHODVDOXGSURSLD\GHVXVIDPLOLDV/DIDUPDFLDFRQWDUiFRQXQDDPSOLDYDULHGDG
GH PHGLFDPHQWRV YHU OLWHUDO % DVt FRPR OD YHQWD GH UHFDUJDV SDUD FHOXODUHV (O KRUDULR GH
DWHQFLyQVHUiGH/XQHVD9LHUQHVGHDPDSPORV6iEDGRV\'RPLQJRVGHD
PDSP/DVDODGHYHQWDVFRQWDUDFRQPRVWUDGRUHVGHYLGULRSDUDTXHORVFOLHQWHVSXHGDQ
YHUORVSURGXFWRVGLVSRQLEOHV
% ,168026<3529(('25(6
3DUD SRGHU SRQHU HQ PDUFKD XQD IDUPDFLD HO &663 H[LJH XQ PtQLPR GH SURGXFWRV
PHGLFDPHQWRV PDWHULDOHV GH SULPHURV DX[LOLRV VROYHQWHV SDUD XQD DGHFXDGD DSHUWXUD \
IXQFLRQDPLHQWR9HUDQH[R
/RVSURGXFWRVH[LJLGRVSXHGHQVHUSURSRUFLRQDGRVSRUGLVWLQWRVGLVWULEXLGRUHVDOUHGHGRUGHOSDtV
\HVWRVDFWXDOPHQWHVRQPXFKRV3DUDODSURSXHVWDGHODDSHUWXUDGHXQDIDUPDFLDHQ&LXGDG
'HOJDGRVHWUDEDMDUiFRQWUHVSULQFLSDOHVGLVWULEXLGRUHV6HGHWDOODQDFRQWLQXDFLyQFDGDXQRGH
ORVGLVWULEXLGRUHV\ORVSURGXFWRVTXHSURSRUFLRQDUiQ
&8$'521R
&2',)$50$6$'(&9$9(1,'$6856$16$/9$'257(/
3URGXFWR
$FLFORYLU±&UHPD
$FLFORYLU±3DVWLOODV
$JXDGHVWLODGD±FF
$JXDGHVWLODGD±FF
$JXDGHVWLODGD±FF
$PEUR[RO-DUDEH
'LFORIHQDF±3DVWLOODV
'LFORIHQDF±,Q\HFFLyQ
(QDODSULO±3DVWLOODV
)HQD]RSLULGLQD±&DSVXODV
-HULQJDV+LSRGpUPLFDV±FF
-HULQJDVKLSRGpUPLFDV±FF
-HULQJDV+LSRGpUPLFDV±FF
0HWIRUPLQD±&DSVXOD
1RUWLD]LGD±3DVWLOODV
3LUR[LFDQ±SDVWLOODV
5LxRILQ±SDVWLOODV
6DOEXWDPRO±SDVWLOODV
7UDXPDGHQW±SDVWLOODV
9HQWROLQ±VSUD\
&DQWLGDG
3UHFLR
XQLWDULR
3UHFLR7RWDO
727$/
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
&8$'521R
'52*8(5Ì$ $0(5,&$1$ 6 $ '( & 9 ² &$//( &,5&819$/$&,Ð1 1ž 3/$1 '(
/$*81$ $17,*82 &86&$7/$1 /$ /,%(57$' ² 7(/ ( 0$,/
GURJDPHU#HMMHFRP
3URGXFWR
&DQWLGDG
3UHFLR
XQLWDULR
3UHFLR7RWDO
$ONDJDVWULF±SDVWLOODV
$OFRKROSXURƒ
$OHUILQ±*RWDV
%D\WDOFLG
%UR[RWDQ±SDVWLOODV
&DQHVWHQ±FUHPD
&RDWLFLO±FUHPD
&ORWULPD]RO±FUHPD
'LODQWLQ±3DVWLOODV
(VSDUDGUDSR±´
)XURVHPLGD±WDEOHWDV
*OLEHQFODPLGD±SDVWLOODV
*OXFRVHPD±PO
+LGURFRUWL]RQD±FUHPD
,UULJDGRUHV
0HWRFDUEDPRO±SDVWLOODV
1RPDJHVW±,Q\HFFLyQ
1RYXODU±$PSROODEHELEOH
2LGRO±*RWDV
2UIHQDGULQD±SDVWLOODV
3HGLDO\WH±/LTXLGR
3HUOD±SDVWLOODV
7HUPyPHWUR±2UDO
7HUPyPHWUR±5HFWDO
7ULPHWRVH±-DUDEH
727$/
$355.34
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
&8$'521R
'52*8(5,$$/)$52&$//(*$%5,(/$0,675$/$3'26$16$/9$'25
7(/
3URGXFWR
$FHWRQD±*DOyQOLTXLGR
$FLGR%yULFR±OLEUDV
$JXDR[LJHQDGD±JDORQHV
$OFRKROHWtOLFRƒOLWURV
$OJRGyQ+LGURItOLFROLEUD
$OXPEUHGHWHUUyQ±EROVDV
$]XOGHPHWLOHQR±7LQWXUD
%LFDUERQDWRGHVRGD±OLEUD
%LGRQ±JDORQHV
&DODPLQD±/RFLyQ
)DUGHO±)UDVFRRQ]
0DQWHFDGHFDFDR±ODWD
0HUFXULR±7LQWXUD
0LJDVD
2[LGRGH=LQF±VREUHV
9HQGDVHOiVWLFDV±´
<RGR7LQWXUD
&DQWLGDG
3UHFLR
XQLWDULR
727$/
3UHFLR7RWDO
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
$GHPiV GH ORV SURGXFWRV \ PHGLFDPHQWRV GHWDOODGRV DQWHULRUPHQWH VH FRPSUDUDQ RWURV
SURGXFWRVTXHFRPSOHPHQWDUDQHOLQYHQWDULRGHODIDUPDFLDSDUDTXHHVWDWHQJDPD\RUYDULHGDG
GHPHGLFDPHQWRV\DVtSRGHUVDWLVIDFHUODVQHFHVLGDGHVGHORVFOLHQWHV9HUDQH[RSRUOR
WDQWRHOWRWDODLQYHUWLUHQPHGLFDPHQWRVVHUiGH
& /2&$/,=$&,Ð1'(/$6,167$/$&,21(6)Ì6,&$6
(O LQPXHEOH HQ HO FXDO VH XELFDUi OD QXHYD IDUPDFLD VH ORFDOL]D HQ OD &RORQLD 6DQWD $OHJUtD
SDVDMH %ORFN & GH &LXGDG 'HOJDGR /D UD]yQ GH HVWD GHFLVLyQ HV TXH SHUWHQHFH DO
KHUPDQRGHXQRGHORVHPSUHQGHGRUHVSRUORTXHHOFRVWRGHDOTXLOHUGHOORFDOVHUiGH
/RVGHWDOOHVGHODXELFDFLyQGHOLQPXHEOHVHPXHVWUDQDFRQWLQXDFLyQ
),*85$1R
0$3$7232*5É),&2'(/$/2&$/,=$&,Ð1'(/1(*2&,2
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
'HQWURGHOQHJRFLRVHUiQXWLOL]DGRVHOVDOyQSULQFLSDOHQGRQGHHVWDUiQXELFDGRVORVHVWDQWHVHQ
ORV FXDOHV VH SRQGUiQ ORV PHGLFDPHQWRV \ RWURV SURGXFWRV D YHQGHU ORV FXDOHV IXHURQ
PHQFLRQDGRVDQWHULRUPHQWH7DPELpQVHXWLOL]DUiXQDKDELWDFLyQTXHVHUYLUiFRPRERGHJDSDUD
HODOPDFHQDPLHQWRGHSURGXFWRV\RWUDKDELWDFLyQTXHVHUYLUiFRPRRILFLQDHQGRQGHVHOOHYDUiQ
GLVWLQWRVUHJLVWURVHQXQDFRPSXWDGRUD/RVGHWDOOHVVHPXHVWUDQHQHOVLJXLHQWHFXDGUR
PWV
),*85$1R
',675,%8&,Ð1(13/$17$'(/1(*2&,2
PWV
PWV
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
$GHPiVSDUDTXHHOLQPXHEOHFXHQWHFRQODVFRQGLFLRQHVWpFQLFRDGPLQLVWUDWLYDVGHWHUPLQDGDV
SRU HO &RQVHMR 6XSHULRU GH 6DOXG 3XEOLFD 9HU DQH[R VH OH KDUiQ DOJXQDV UHSDUDFLRQHV \
DGDSWDFLRQHVSDUDDVtFXPSOLUFRQORVUHTXHULPLHQWRVTXHODOH\GLFWDSDUDDSUREDUODDSHUWXUD\
HOIXQFLRQDPLHQWRGHXQHVWDEOHFLPLHQWRGHVDOXGHQHVWHFDVRXQDIDUPDFLD
' +(55$0,(17$6<02%,/,$5,2
$FRQWLQXDFLyQVHPXHVWUDXQOLVWDGRGHODVKHUUDPLHQWDV\PRELOLDULRVFRQORVTXHVHHTXLSDUDOD
)DUPDFLD 6DQWD $OHJUtD SDUD XQ IXQFLRQDPLHQWR ySWLPR LQFOX\HQGR ORV TXH OD OH\ H[LJH ORV
SUHFLRV TXH D FRQWLQXDFLyQ VH GHWDOODQ VRQ SURGXFWR GH XQD VHULH GH FRWL]DFLRQHV TXH VH
UHDOL]DURQ D GLYHUVRV SURYHHGRUHV HVFRJLHQGR DTXHO TXH FXPSOH FRQ ODV FDUDFWHUtVWLFDV PiV
DGHFXDGDV9HU$QH[R
&8$'521R
+(55$0,(17$6<02%,/,$5,2
+(55$0,(17$6<
&$17,'$'(6
02%,/,$5,2
35(&,2
81,7$5,2
35(&,2
727$/
9HQWLODGRU
6LVWHPDGHFRQWUROGH
WHPSHUDWXUD
&HUUDGXUD(OpFWULFD
([WLQWRU
5HIULJHUDGRUD
(VWDQWHVGH9LGULR
[PWV
(VWDQWHVGH9LGULR
[PWV
(VWDQWHGH9LGULR
[PWV
&RPSXWDGRUD
,PSUHVRU
(VFULWRULR
6LOODV
&RQWyPHWUR
727$/
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
( 5(48(5,0,(172'(3(5621$/
(OSHUVRQDOUHTXHULGRSDUDHOIXQFLRQDPLHQWRGHODIDUPDFLDHVWDUiFRQIRUPDGRSRUXQ(QFDUJDGR
GHOD)DUPDFLDTXHWHQGUiXQVDODULRGH(OFDUJRGH'HSHQGLHQWHFRQWDUDFRQHOVDODULR
PtQLPR\ORVFDUJRVGH&RQWDGRU\5HJHQWHSHUFLELUiQXQVDODULRGH\DTXHVXVVHUYLFLRV
VRODPHQWHVHUiQUHTXHULGRVXQDRGRVYHFHVDOPHV$FRQWLQXDFLyQVHSUHVHQWDHOFXDGURFRQ
ORVGHWDOOHVGHORVVDODULRV\VXVUHVSHFWLYRVGHVFXHQWRV
&8$'521R
&267260(168$/(6'(6$/$5,26<35(67$&,21(6/$%25$/(6
$)3
$)3
,666
,666
6$/$5,2 3$75212 3$75212 &2672
(03/($'2
(03/($'2
6$/$5,2
$
0(168$/
0(168$/
5(&,%,5
6$/$5,2
38(672
(QFDUJDGRGH)DUPDFLD
'HSHQGLHQWH
&RQWDGRU
5HJHQWH
7RWDO0HQVXDO
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
&8$'521R
&26726$18$/(6'(6$/$5,26<35(67$&,21(6/$%25$/(6
&RVWR
0HQVXDO
0HVHV
&RVWR$QXDO
$)3(PSOHDGR
,666(PSOHDGR
6DODULRD5HFLELU
$)33DWURQDO
,6663DWURQDO
7RWDO$QXDO
&RQFHSWRV
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
&8$'521R
&26726'(9$&$&,21(6<$*8,1$/'26
6$/$5,2
0(168$/
9$&$&,Ð1
$*8,1$/'2
(QFDUJDGRGH)DUPDFLD
'HSHQGLHQWH
7RWDO0HQVXDO
38(672
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
9, 3/$1),1$1&,(52
$ ,19(56,Ð1,1,&,$/
(QHOVLJXLHQWHGHWDOOHVHPXHVWUDODLQYHUVLyQQHFHVDULDDUHDOL]DUSDUDLQLFLDUHOIXQFLRQDPLHQWR
GHOD)DUPDFLD6DQWD$OHJUtD
&8$'521R
,19(56,Ð1,1,&,$/
&RQFHSWRGHLQYHUVLyQ
&RVWRV
*DVWRVOHJDOHV
5HSDUDFLRQHVGHORFDO
$GTXLVLFLyQGHPHGLFDPHQWRV
$GTXLVLFLyQGHUHFDUJDVSDUDFHOXODUHV
$GTXLVLFLyQGH0RELOLDULR
3URYLVLRQHVVDODULRV\JDVWRV$GPyQ
3XEOLFLGDG,QLFLDO
'HSyVLWR\$OTXLOHUGH/RFDO
7RWDOGH,QYHUVLyQ
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
(OPRQWRPRVWUDGRGHSURYLVLRQHVHVWiFDOFXODGRSDUDPHVHV(OGHWDOOHGH ODDGTXLVLFLyQGH
PHGLFDPHQWRV\GHPRELOLDULRVHPXHVWUDHQHOSODQGHSURGXFFLyQHOFRVWRHQSXEOLFLGDGLQLFLDO
VHHQFXHQWUDHQHOOLWHUDO%GHOSODQGHPDUNHWLQJ
/RVGHWDOOHVGHORVJDVWRVOHJDOHV\JDVWRVGHDGPLQLVWUDFLyQ\YHQWDPHQVXDOHVVHPXHVWUDQD
FRQWLQXDFLyQ
&8$'521R
'(7$//(*$6726/(*$/(6
*DVWRVOHJDOHV
5HJLVWURGH0DWULFXODGHFRPHUFLR
,QVFULSFLyQEDODQFHLQLFLDO
,QVFULSFLyQGHOSDFWRVRFLDO
*DVWRVGHQRWDUtD
$XWHQWLILFDFLyQGHOLEURV
7RWDO
&RVWR
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
&8$'521R
'(7$//(*$6726'($'0,1,675$&,Ð1<9(17$6
&RQFHSWRGH*DVWRV
0HQVXDOHV
0HVHV
*DVWRV$QXDOHV
6XHOGRV\VDODULRV
&RWL]DFLRQHVSDWURQDOHV
9DFDFLRQHV
$JXLQDOGR
6HUYLFLRWHOHIyQLFR
(QHUJtD(OpFWULFD
6HUYLFLRGH$JXD
3DSHOHUtD\~WLOHV
$OTXLOHU
$QWLFLSR$FFLRQLVWDV
7RWDOGHJDVWRVGHDGPLQLVWUDFLyQ
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
% )8(17(6'(),1$1&,$0,(172
&8$'521R
)8(17(6'(),1$1&,$0,(172
)XHQWHVGHILQDQFLDPLHQWR
&RVWR
&DSLWDOSURSLR
3UHVWDPRVIDPLOLDUHV
7RWDOGHILQDQFLDPLHQWR
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
/RVVRFLRVFXHQWDQFRQXQFDSLWDOGHSHURSDUDFXEULUODLQYHUVLyQLQLFLDOGHOSUR\HFWR\D
VXYH]FRQWDUFRQXQDFDQWLGDGGLVSRQLEOHSDUDJDVWRVLPSUHYLVWRVVHKDGHWHUPLQDGRUHDOL]DUXQ
SUpVWDPRDXQIDPLOLDUGHXQRGHORVHPSUHQGHGRUHVSRURWURV$FRQWLQXDFLyQVHPXHVWUD
HOGHVJORVHGHFyPRVHHVSHUDXWLOL]DUGLFKRGLQHUR
&8$'521R
'(7$//('(862'(/',1(52
'LVSRQLEOHSDUDILQDQFLDU
,QYHUVLyQ,QLFLDO
(IHFWLYR'LVSRQLEOH
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
& (67$'26),1$1&,(526352<(&7$'26
(67$'2'(5(68/7$'26
3DUDSRGHUUHDOL]DUHOHVWDGRGHUHVXOWDGRVHVQHFHVDULRFRQWDUFRQHOFRVWRGHYHQWDHQHOTXH
VHLQFXUULUiDFRQWLQXDFLyQVHPXHVWUDGLFKRFiOFXOR
&8$'521R
&É/&8/2&2672'(9(17$
&RVWRGH9HQWD
,QYHQWDULRLQLFLDO
&RPSUDV
7RWDOGHH[LVWHQFLDV
,QYHQWDULR)LQDO
&RVWRGHYHQWDV
&RVWR
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
(QGRQGH
(O LQYHQWDULR LQLFLDO HVWD GDGR SRU ORV PHGLFDPHQWRV TXH VH REWHQGUiQ SDUD HO LQLFLR GH ODV
RSHUDFLRQHV GH OD IDUPDFLD /DV FRPSUDV VH REWLHQHQ D SDUWLU GH OD SROtWLFD HVWDEOHFLGD
DQWHULRUPHQWHTXHVHxDODTXHVHUHDOL]DUiQFRPSUDVPHQVXDOHVDOFRQWDGRVHUiQQRPD\RUHVD
$FRQWLQXDFLyQVHSUHVHQWDHO(VWDGRGH5HVXOWDGRV3UR\HFWDGR
&8$'521R
(67$'2'(5(68/7$'26352<(&7$'2
)$50$&,$6$17$$/(*5Ì$
(67$'2'(5(68/7$'26352<(&7$'2
'(/ƒ'((1(52$/'(',&,(0%5('(
,QJUHVRV
&RVWRGHYHQWDV
8WLOLGDGEUXWD
*DVWRV2SHUDFLRQDOHV
8WLOLGDGGH2SHUDFLyQ
*DVWRVILQDQFLHURV
8WLOLGDGDQWHVGHLPSXHVWRV
,PSXHVWRV
8WLOLGDG1HWD
5HSUHVHQWDQWH/HJDO&RQWDGRU$XGLWRU([WHUQR
/RV LQJUHVRV HVWiQ GHWHUPLQDGRV D SDUWLU GHO GLDJQyVWLFR GH OD LQYHVWLJDFLyQ HQ HO TXH VH
GHWHUPLQyTXHODGHPDQGDSRWHQFLDOHVWiFRQIRUPDGDSRUIDPLOLDVTXHWLHQHQXQSURPHGLRGH
FRQVXPRPHQVXDOGHHQSURGXFWRVGHXQDIDUPDFLD
%$/$1&(*(1(5$/
$FRQWLQXDFLyQVHPXHVWUDHOEDODQFHLQLFLDOGHRSHUDFLRQHVTXHVHUiSUHVHQWDGRHQHO5HJLVWUR
GH&RPHUFLRSDUDORVWUiPLWHVQHFHVDULRVSDUDODFRQVWLWXFLyQGHODHPSUHVD
&8$'521R
%$/$1&(*(1(5$/352<(&7$'2
)$50$&,$6$17$$/(*5Ì$
%$/$1&(*(1(5$/352<(&7$'2
$/'(',&,(0%5('(
$&7,926
$FWLYR&LUFXODQWH
(IHFWLYR\(TXLYDOHQWHV
,QYHQWDULR
2WURV'HXGRUHV
$FWLYR)LMR
0RELOLDULR\(TXLSR
'HSUHFLDFLyQ
3$6,92
'HXGD/DUJR3OD]R
,PSXHVWRSRUSDJDU
3$75,021,2
&DSLWDODFFLRQLVWDV
8WLOLGDGGHOHMHUFLFLR
727$/$&7,926
727$/3$6,926
5HSUHVHQWDQWH/HJDO&RQWDGRU$XGLWRU([WHUQR
' )/8-2'(()(&7,92
$ FRQWLQXDFLyQ VH SUHVHQWD HO IOXMR GH HIHFWLYR SUR\HFWDGR SRU RSHUDFLRQHV GH DxRV /RV
LQJUHVRV PXHVWUDQ XQ DXPHQWR GHO D SDUWLU GHO VHJXQGR DxR \ ODV FRPSUDV PXHVWUDQ XQ
DXPHQWR SDUD WRGRV ORV DxRV FRQ HO REMHWLYR GH WHQHU PD\RU GLVSRQLELOLGDG \ YDULHGDG GH
LQYHQWDULR
&8$'521R
)/8-2'(()(&7,92
&8(17$$f2
6$/'2,1,&,$/
,1*5(626
&DSLWDOGHWUDEDMR
,QJUHVRVSRUYHQWD
727$/,1*5(626
(*5(626
&RPSUDV
*DVWRVGHDGPRQ\YHQWD
6XHOGRV\VDODULRV
&RWL]DFLRQHVSDWURQDOHV
9DFDFLRQHV
$JXLQDOGRV
6HUYLFLRWHOHIyQLFR
(QHUJtD(OpFWULFD
6HUYLFLRGH$JXD
3DSHOHUtD\~WLOHV
$OTXLOHU/RFDO
,QYHUVLyQ,QLFLDO
*DVWRVILQDQFLHURV
3DJRGHSUpVWDPR
$QWLFLSR$FFLRQLVWDV
7RWDO(JUHVRV
6DOGR)LQDO
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
( (9$/8$&,Ð1),1$1&,(5$
9$/2535(6(17(1(72
(OUHVXOWDGRGHOYDORUDFWXDOQHWRGHOSUR\HFWRGHLQGLFDHOYDORUSUHVHQWHGHORVIOXMRV
GHHIHFWLYRQHWRVREWHQLGRVGHOIOXMRGHFDMDSUR\HFWDGRPHQRVODLQYHUVLyQLQLFLDO'HELGRDTXH
HVWH UHVXOWDGR HV SRVLWLYR VH FRQFOX\H HQ TXH OD SURSXHVWD HV UHQWDEOH \D TXH D XQD WDVD GH
LQWHUpVGHOVLVHWUDHQWRGRVORVIOXMRVIXWXURVDQXDOHVDOSUHVHQWHHOUHVXOWDGRHVPD\RUTXH
FHUR
&8$'521R
&É/&8/29$/2535(6(17(1(72
$f26
)/8-26
931
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
7$6$,17(51$'(5(72512
3DUDUHDOL]DUHOFiOFXORGHODWDVDLQWHUQDGHUHWRUQRVHXWLOL]DUiODVLJXLHQWHIyUPXOD
7,5 L93L±L
93±91
(QGRQGH
L 7DVDPtQLPDGHUHQWDELOLGDG
L 7DVDGH5HFKD]R
L 7DVDGH$FHSWDFLyQ
93 9313RVLWLYR
91 9311HJDWLYR
&8$'521R
&É/&8/2931&217$6$'(,17(5e6'(
$f26
)/8-26
931
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
&8$'521R
&É/&8/2931&217$6$'(,17(5e6'(
$f26
)/8-26
931
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
7,5 ±
±
7,5 7,5 7,5 /DWDVDLQWHUQDGHUHWRUQRGHHVODWDVDTXHLJXDODORVIOXMRVGHHIHFWLYRDQXDOHVFRQOD
LQYHUVLyQLQLFLDOHQHOPRPHQWRHVGHFLULJXDODHO9$1DFHUR\GHELGRDTXHHVPD\RUTXHOD
WDVD PtQLPD GH FRQ OD TXH VH KD HYDOXDGR HO SUR\HFWR VH FRQVLGHUD TXH HO QHJRFLR HV
UHQWDEOH
$1É/,6,6&2672%(1(),&,2
&8$'521R
$f26
,1*5(626
L 931
(*5(626
L 931
727$/
727$/
)8(17((/$%25$'2325(/*5832'(,19(67,*$&,Ð1
5$=Ð1&% 931,1*5(626
931(*5(626
5$=Ð1&% 5$=Ð1&% $SDUWLUGHOUHVXOWDGRREWHQLGRVHSXHGHFRQFOXLUTXHSRUFDGDGyODULQYHUWLGRVHREWHQGUiQ
FHQWDYRVGHJDQDQFLDV
9,, &5212*5$0$'(,03/(0(17$&,Ð1
$ FRQWLQXDFLyQ VH PXHVWUD HO FURQRJUDPD WHQWDWLYR SDUD ODV DFWLYLGDGHV FRQFHUQLHQWHV D OD
DSHUWXUDGHODIDUPDFLD
HKϮϬϬϵ
HKϮϬϭϬ
D^
ĐƚŝǀŝĚĂĚ
ϭ
//DZ
EZK
^DE^
^DE
Ϯ
ϯ
ϰ
ϭ
KďƚĞŶĐŝſŶĚĞ&ŽŶĚŽƐ
ZĞŐŝƐƚƌŽĚĞĐŽŶƐƚŝƚƵĐŝſŶĚĞůĂĞŵƉƌĞƐĂ
ŵďŝĞŶƚĂĐŝſŶĚĞůůŽĐĂů
ǀĂůƵĂĐŝſŶĚĞů^^W
ĚƋƵŝƐŝĐŝſŶĚĞDŽďŝůŝĂƌŝŽ
ŽŶƚĂĐƚŽĐŽŶƉƌŽǀĞĞĚŽƌĞƐ
ƷƐƋƵĞĚĂĚĞƉĞƌƐŽŶĂů
ŽŵƉƌĂĚĞŵĂƚĞƌŝĂƉƌŝŵĂ
/ŶŝĐŝŽĚĞŽƉĞƌĂĐŝŽŶĞƐ
9,,, &21&/86,21(6
(OSODQGHQHJRFLRVSDUDODDSHUWXUD\IXQFLRQDPLHQWRGHOD)DUPDFLD6DQWD$OHJUtD
VHUYLUi FRPR XQ LQVWUXPHQWR GH HYDOXDFLyQ GHO SUR\HFWR \ FRPR XQD JXtD SDUD ORV
HPSUHQGHGRUHVTXHD\XGDUiDSODQHDU\UHDOL]DUODVRSHUDFLRQHVYLWDOHVSDUDTXHOD
QXHYDHPSUHVDWHQJDXQEXHQGHVHPSHxRHQHOPHUFDGR
/RV GDWRV TXH VH XWLOL]DURQ SDUD OD UHDOL]DFLyQ GH OD HYDOXDFLyQ ILQDQFLHUD VRQ
SURGXFWRGHOGLDJQyVWLFRUHDOL]DGRHQHOFDStWXORGRVHVWRFRQODLQWHQFLyQGHTXHORV
GDWRV IXHUDQ OR PiV FHUFDQR D OD UHDOLGDG \ PRVWUDU DVt OD SUREDELOLGDG GH p[LWR GHO
SUR\HFWR
3DUD HO p[LWR GHO SUR\HFWR HV QHFHVDULR FRQWDU FRQ DOLDQ]DV FRQ HPSUHVDV TXH VH
GHGLTXHQ D OD PLVPD DFWLYLGDG \D TXH HVWR IDFLOLWD OD SODQHDFLyQ \ HMHFXFLyQ GHO
SUR\HFWR
,; 5(&20(1'$&,21(6
/DFUHDFLyQ\XWLOL]DFLyQGHSODQHVGHQHJRFLRVVHUiQVLHPSUHQHFHVDULRVSDUDIXWXURV
SUR\HFWRVTXHVHWHQJDQHQODHPSUHVDDVtVLHPSUHVHWHQGUiXQDKHUUDPLHQWDTXH
D\XGDUDDWRPDUODVGHFLVLRQHVPiVFRQYHQLHQWHVSDUDHOEXHQIXQFLRQDPLHQWRGHOD
HPSUHVD
/D HPSUHVD GHEH HVWDU HYDOXDQGR SHULyGLFDPHQWH VX HQWRUQR SRU HMHPSOR ORV
DXPHQWRV HQ ORV SUHFLRV GH ORV PHGLFDPHQWRV DXPHQWR GH FRPSHWLGRUHV \D TXH
HVWRSURYRFDUtDXQFDPELRHQVXVLWXDFLyQILQDQFLHUD
5HDOL]DU HQ HO IXWXUR QXHYDV DOLDQ]DV HVWUDWpJLFDV TXH SHUPLWDQ REWHQHU EHQHILFLRV
SDUDDPEDVSDUWHV\ODRSRUWXQLGDGGHXQFUHFLPLHQWRFRPRHPSUHVDORJUDQGRDVtOD
SHUPDQHQFLDHQHOPHUFDGR
;5()(5(1&,$%,%/,2*5É),&$
/,%526
$OFDUD]5DIDHO(O(PSUHQGHGRUGHe[LWR0p[LFR0F*UDZ+LOO
)LVKHU/\&DOODGR-$0HUFDGRWHFQLD0p[LFR0F*UDZ+LOO
*RQ]iOH]6DOD]DU'LDQD03ODQGH1HJRFLRVSDUD(PSUHQGHGRUHVDOe[LWR0p[LFR0F*UDZ+LOO
+LHELQJ5RPiQ*&yPRSUHSDUDUHOH[LWRVRSODQGHPHUFDGRWHFQLD0p[LFR0F*UDZ+LOO
5RGUtJXH]5DIDHO(O(PSUHQGHGRUGHe[LWR*XtDGH3ODQHVGH1HJRFLRV0p[LFR0F*UDZ+LOO
6WDQWRQ:LOOLDP)XQGDPHQWRVGHO0DUNHWLQJ0p[LFR0F*UDZ+LOO
9DUHOD5RGULJR$UWH\&LHQFLDHQODFUHDFLyQGHHPSUHVDV3HDUVRQ(GXFDFLyQGH&RORPELD/WGD
$57Ì&8/26
%ROHWtQ'H/D$VRFLDFLyQ6DOYDGRUHxD'H3URIHVLRQDOHV(Q$GPLQLVWUDFLyQ'H(PSUHVDV$63$(0DU]R
'H3iJ
3URH[SRUW&RORPELD(VWXGLRGH0HUFDGRHQ(O6DOYDGRU±6HFWRU)DUPDFpXWLFR&RQYHQLR$7107
&2
:(%6,7(69,6,7$'$6<$&&(6$'$6
KWWSZZZFLXGDGGHOJDGRJREVYKLVWRULDKWPO
KWWSZZZJHVWLRSROLVFRPUHFXUVRVH[SHUWRFDWVH[SSDJDQVHPSGHVESODQKWP
KWWSZZZPLQHFJREVY
KWWSQDNX\UFSQHWSHFDELQDVUHVXPHQKWPO
KWWSHVZLNLSHGLDRUJ
$1(;2
&,8'$''(/*$'2<686$/5('('25(6
$1(;23iJLQD
81,9(56,'$''((/6$/9$'25
)$&8/7$''(&,(1&,$6(&21Ï0,&$6
(6&8(/$'($'0,1,675$&,Ï1'((035(6$6
(1&8(67$',5,*,'$$&21680,'25(6
6RPRV HVWXGLDQWHV GH OD 8QLYHUVLGDG GH (O 6DOYDGRU HVWDPRV HODERUDQGR XQ HVWXGLR VREUH OD
UHDOL]DFLyQ GH XQSODQ GH QHJRFLRV SDUDOD YLDELOLGDG GH OD DSHUWXUD GH XQDIDUPDFLDHQODFRORQLD
6DQWD $OHJUtD HQ HO 0XQLFLSLR GH &LXGDG 'HOJDGR 3RU HOOR VROLFLWDPRV VX YDOLRVD FRODERUDFLyQ
WRPDQGR HQ FXHQWD TXH OD LQIRUPDFLyQ SURSRUFLRQDGD VHUi FRQILGHQFLDO \ XWLOL]DGD SDUD ILQHV
DFDGpPLFRV
,QGLFDFLyQPDUTXHFRQXQD³;´ODUHVSXHVWDTXHFRQVLGHUHFRQYHQLHQWH
, '$726*(1(5$/(6
6H[R
2EMHWLYR &RQRFHU HO JpQHUR GH ODV SHUVRQDV HQFXHVWDGDV SDUD GHWHUPLQDU TXLHQ HV HO
HQFDUJDGRGHODVFRPSUDVIDUPDFpXWLFDVGHODVIDPLOLDV
)HPHQLQRBBBBBB 0DVFXOLQRBBBBBB (GDG
2EMHWLYR'HWHUPLQDUHOUDQJRGHHGDGGHODVSHUVRQDVHQFXHVWDGDV
'HDDxRV
BBBBBB
'HDDxRV
BBBBBB
'HDDxRV
BBBBBB
0DVGHDxRV
BBBBBB
'HDDxRV
BBBBBB
$1(;23iJLQD
¢6XHVWDGRFLYLODFWXDOHV"
2EMHWLYR,GHQWLILFDUHOHVWDGRFLYLOGHODVSHUVRQDVHQFXHVWDGDV
6ROWHUR D
BBBBBB
&DVDGR D
BBBBBB
'LYRUFLDGRD BBBBBB
9LXGR D
BBBBBB
$FRPSDxDGRDBBBBBB
¢&XDOHVVXRFXSDFLyQDFWXDO"
2EMHWLYR'HWHUPLQDUODRFXSDFLyQDFWXDOGHODVSHUVRQDVHQFXHVWDGDV
(PSOHDGR
BBBBBB
$PDGHFDVD BBBBBB
-XELODGR
,QGHSHQGLHQWH BBBBBB
(VWXGLDQWH
BBBBBB
BBBBBB
¢$FXDQWRDVFLHQGHQORVLQJUHVRVDFWXDOHVGHVXIDPLOLD"
2EMHWLYR'HWHUPLQDUORVLQJUHVRVIDPLOLDUHVPHQVXDOHVSDUDFRQRFHUHOSRGHUDGTXLVLWLYRSRU
IDPLOLD
D 0HQRUHVGH BBBBBB
E 'HD BBBBBB
F 'HD BBBBBB
G 'HD BBBBBB
H 'HD
BBBBBB
I 0iVGH
BBBBBB
$1(;23iJLQD
'$726(63(&,),&26
¢&XiQWRVPLHPEURVFRQIRUPDQVXJUXSRIDPLOLDULQFO~\DVHXVWHGHQHOWRWDO"
2EMHWLYR&RQRFHUFXDQWRVPLHPEURVFRQIRUPDQHOJUXSRIDPLOLDU
'HDPLHPEURV
BBBBBB
'HDPLHPEURV
BBBBBB
0iVGH
BBBBBB
¢&RQTXHIUHFXHQFLDYLVLWDQXQDIDUPDFLD"
2EMHWLYR,GHQWLILFDUODIUHFXHQFLDGHFRQVXPRHQXQDIDUPDFLD
2FDVLRQDOPHQWH
BBBBBB
YH]DOPHV BBBBBB
RYHFHVDOPHV
0iVGHYH]SRUVHPDQD
BBBBBB
YH]SRUVHPDQD
BBBBBB
BBBBBB
¢&XiOHVHOFRQVXPRIDPLOLDUPHQVXDOHQGyODUHVGHVWLQDGRVDSURGXFWRVGHXQDIDUPDFLD"
2EMHWLYR &RQRFHU OD FDQWLGDG PRQHWDULD TXH ODV IDPLOLDV GHVWLQDQ D SURGXFWRV GH XQD
IDUPDFLD
0HQRVGH BBBBBB
'HD BBBBBB
'HD BBBBBB
'HD BBBBBB
'HD BBBBBB
0DVGH BBBBBB
¢4XpWLSRVGHPHGLFDPHQWRVFRPSUDFRP~QPHQWHHQXQDIDUPDFLD"
2EMHWLYR'HWHUPLQDUORVPHGLFDPHQWRVTXHPiVFRQVXPHQODVSHUVRQDVSDUDFRQRFHUOD
GHPDQGDGHHVWRV
0HGLFDPHQWRVGHHVSHFLDOLGDGSUHVFULWRV
BBBBBB
0HGLFDPHQWRVJHQpULFRV
BBBBBB
0HGLFDPHQWRVSRSXODUHV3DQDGRO$ONDVHOW]HUHWF BBBBBB
$1(;23iJLQD
¢&RQVLGHUDTXHODXELFDFLyQItVLFDGHODVIDUPDFLDVPiVFHUFDQDVRODGHVXSUHIHUHQFLDHV
ODDGHFXDGD"
2EMHWLYR &RQRFHU VL OD XELFDFLyQ GH ODV IDUPDFLDV FRQVWLWX\H XQ IDFWRU LPSRUWDQWH SDUD OD
SUHIHUHQFLDGHODVSHUVRQDV
6L
BBBBBB
1R
BBBBBB
¢3RUTXp"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢&RQVLGHUD XVWHG TXH ORV KRUDULRV GH DWHQFLyQ GH ODV IDUPDFLDV PDV FHUFDQDV VRQ
DGHFXDGRVDVXVQHFHVLGDGHV"
2EMHWLYR &RQRFHU VL ORV KRUDULRV GH DWHQFLyQ GH ODV IDUPDFLDV FRQVWLWX\HQ XQ IDFWRU
LPSRUWDQWHSDUDODSUHIHUHQFLDGHODVSHUVRQDV
6L
BBBBBB
1R
BBBBBB
¢(VQHFHVDULRTXHODVIDUPDFLDVSRVHDQVHUYLFLRGHHQWUHJDDGRPLFLOLR"
2EMHWLYR'HWHUPLQDUODLPSRUWDQFLDTXHWLHQHSDUDORVFRQVXPLGRUHVORVVHUYLFLRVH[WUDVTXH
RIUHFHQODVIDUPDFLDV
6L
BBBBBB
1R
BBBBBB
¢3RUTXp"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$1(;23iJLQD
(QXPHUHGHODVLHQGRHOPD\RULPSRUWDQFLD\HOGHPHQRULPSRUWDQFLDORVIDFWRUHV
PiVLQIOX\HQWHVSRUORVTXHXVWHGYLVLWDODIDUPDFLDGHVXSUHIHUHQFLD
2EMHWLYR 'HWHUPLQDU ORV IDFWRUHV TXH KDFHQ DWUDFWLYDV D ODV IDUPDFLDV SDUD FUHDU
SUHIHUHQFLDVHQORVFRQVXPLGRUHV
2IHUWDV\SURPRFLyQ BBBB
3UHFLRV
BBBB 8ELFDFLyQItVLFDFHUFDQtD
BBBB 9DULHGDGGHSURGXFWRV BBBB
'LVSRQLELOLGDGGH+RUDULR
BBBB
(QXPHUHGHODOVLHQGRHOGHPD\RULPSRUWDQFLD\HOGHPHQRULPSRUWDQFLDRWURV
SURGXFWRVTXHFRQVLGHUDQHFHVDULRTXHFRPHUFLDOLFHQODVIDUPDFLDV
2EMHWLYR&RQRFHUTXHSURGXFWRVQRIDUPDFpXWLFRVVRQQHFHVDULRVFRPHUFLDOL]DUHQXQD
IDUPDFLDSDUDKDFHUODPDVDWUDFWLYDKDFLDORVFRQVXPLGRUHV
5HFDUJDVGHFHOXODUHV BBBBB
5HYLVWDV
BBBBB
%HELGDVDJXDVVRGDVHKLGUDWDQWHV BBBBB
*RORVLQDV
BBBBB
3DUD VX FRQYHQLHQFLD \ XVR ¢(V QHFHVDULR OD DSHUWXUD GH XQD IDUPDFLD HQ HVWD ]RQD
5HVLGHQFLDO6DQWD$OHJUtD"
2EMHWLYR,GHQWLILFDUODQHFHVLGDG\ODGHPDQGDSRWHQFLDOTXHWHQGUiODIDUPDFLD
6LBBBBBB 1R
BBBBBB
1RLPSRUWD
BBBBBB
$1(;23iJLQD
81,9(56,'$''((/6$/9$'25
)$&8/7$''(&,(1&,$6(&21Ï0,&$6
(6&8(/$'($'0,1,675$&,Ï1'((035(6$6
(1&8(67$',5,*,'$$&203(7(1&,$
6RPRV HVWXGLDQWHV GH OD 8QLYHUVLGDG GH (O 6DOYDGRU HVWDPRV HODERUDQGR XQ HVWXGLR VREUH OD
UHDOL]DFLyQ GH XQSODQ GH QHJRFLRV SDUDOD YLDELOLGDG GH OD DSHUWXUD GH XQDIDUPDFLDHQODFRORQLD
6DQWD $OHJUtD HQ HO 0XQLFLSLR GH &LXGDG 'HOJDGR 3RU HOOR VROLFLWDPRV VX YDOLRVD FRODERUDFLyQ
WRPDQGRHQFXHQWDTXHODLQIRUPDFLyQSURSRUFLRQDGDVHUiFRQILGHQFLDO\SDUDILQHVDFDGpPLFRV
,QGLFDFLyQPDUTXHFRQXQD³;´ODUHVSXHVWDTXHFRQVLGHUHFRQYHQLHQWH
'$726*(1(5$/(6
1RPEUHGHODIDUPDFLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LUHFFLyQGHODIDUPDFLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB
'$726(63(&Ë),&26
&DQWLGDGGHHPSOHDGRV
2EMHWLYR&RQRFHUODFDQWLGDGGHHPSOHDGRVTXHDWLHQGHQDORVFOLHQWHVGHODIDUPDFLD
BBBBBBB
¢&XiOHVVRQORVPHGLFDPHQWRVTXHPiVEXVFDQORVFOLHQWHVHQVXIDUPDFLD"
2EMHWLYR &RQRFHU FXDOHVVRQODQDWXUDOH]D GH ORVPHGLFDPHQWRVGH PD\RUFRQVXPRSDUD
GHWHUPLQDUVXGHPDQGD
$QDOJpVLFRV
BBBBBB
$QWLELyWLFRV
BBBBBBB
$QWLLQIODPDWRULRVBBBBBB
2WURVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$1(;23iJLQD
/DPD\RUSDUWHGHODVYHQWDVGHPHGLFDPHQWRVTXHVHUHDOL]DQHVGHELGRDODYHQWDGH
2EMHWLYR 'HWHUPLQDU ORV PHGLFDPHQWRV TXH PiV FRQVXPHQ ODV SHUVRQDV SDUD FRQRFHU OD
GHPDQGDGHHVWRV
0HGLFDPHQWRVGHHVSHFLDOLGDGSUHVFULWRV
BBBBBBBB
0HGLFDPHQWRVJHQpULFRV
BBBBBBBB
0HGLFDPHQWRV3RSXODUHV
BBBBBBBB
¢&XiOHVHOSURPHGLRGHSHUVRQDVTXHYLVLWDQODIDUPDFLDHQHOGtD"
2EMHWLYR(VWDEOHFHUODGHPDQGDSURPHGLRGLDULDGHFRQVXPLGRUHVGHODVIDUPDFLDV
BBBBBBBBBB
¢&XiOHVHOLQJUHVRSURPHGLRPHQVXDOGHODIDUPDFLD"
2EMHWLYR,GHQWLILFDUHOLQJUHVRPHQVXDOGHODVIDUPDFLDVSDUDSRGHUUHODFLRQDUORFRQOD
GHPDQGDSURPHGLRGLDULD
BBBBBBBBBB
¢&RQFXiQWRVSURYHHGRUHVFXHQWDODIDUPDFLD"
2EMHWLYR&RQRFHUHOQ~PHURGHSURYHHGRUHVGHSURGXFWRVIDUPDFpXWLFRVSDUDGHWHUPLQDUXQ
PtQLPRHVWLPDGRGHSURYHHGRUHVQHFHVDULRV
BBBBBBBBBB
$1(;23iJLQD
¢&DGDFXDQWRVHUHDEDVWHFHODIDUPDFLDGHSURGXFWRVIDUPDFpXWLFRV"
2EMHWLYR'HWHUPLQDUXQWLHPSRSURPHGLRHQTXHODVIDUPDFLDVVHUHDEDVWHFHQGHSURGXFWRV
IDUPDFpXWLFRV
&DGDVHPDQD
BBBBBB &DGDGtDV
BBBBBB
2WURVHVSHFLILTXH
BBBBBB
¢%DMRTXpPRGDOLGDGRSHUDHVWDIDUPDFLD"
2EMHWLYR&RQRFHUFXiOHVODPRGDOLGDGGHQHJRFLRPiVFRP~QXWLOL]DGRSRUODVIDUPDFLDV
)UDQTXLFLDBBBBBB
0DUFD&RPHUFLDO1HJRFLRSURSLRBBBBBBB
¢(VWDIDUPDFLDSHUWHQHFHDXQDFDGHQDGHVXFXUVDOHV"
2EMHWLYR&RQRFHUHOQLYHOGHSHQHWUDFLyQHQHOPHUFDGRGHODIDUPDFLD
6L
BBBBB 1R
BBBBBB
&XDQWDV
BBBBBBB
¢&XiOHVVRQORVPHGLRVGHSXEOLFLGDGQRPDVLYDTXHXWLOL]DQSDUDSURPRFLRQDUVH"
2EMHWLYR ,GHQWLILFDU FXDOHV VRQ ORV PHGLRV GH SXEOLFLGDG QR PDVLYD TXH XWLOL]DQ ODV
IDUPDFLDVSDUDGDUVHDFRQRFHU\SURPRFLRQDUVH
+RMDVYRODQWHV
BBBBBB
$ILFKHV
BBBBBB
5yWXORV
BBBBBB
9DOODVSXEOLFLWDULDV
BBBBBB
2WURVHVSHFLILTXHBBBBBBBBBBBBBBBBBBB
$1(;23iJLQD
¢5HDOL]DQHQWUHJDVDGRPLFLOLRDVXVFOLHQWHV"
2EMHWLYR&RQRFHUVLODIDUPDFLDSURSRUFLRQDXQYDORUDJUHJDGRDVXVHUYLFLR
6L
BBBBBB
1R
BBBBBBB
(QXPHUHGHDVLHQGRHOPD\RULPSRUWDQFLD\HOGHPHQRULPSRUWDQFLDORVIDFWRUHV
PiVLQIOX\HQWHVSRUORVTXHORVFOLHQWHVYLVLWDVXIDUPDFLD
2EMHWLYR'HWHUPLQDUORVIDFWRUHVTXHKDFHQDWUDFWLYDVDODVIDUPDFLDVSDUDFUHDUSUHIHUHQFLD
HQORVFRQVXPLGRUHV
2IHUWDV\SURPRFLyQ BBBB
3UHFLRV
BBBB 8ELFDFLyQItVLFDFHUFDQtD
BBBB 9DULHGDGGHSURGXFWRV BBBB
'LVSRQLELOLGDGGH+RUDULR
BBBB
República de El Salvador
MINISTERIO DE ECONOMÍA
DIRECCIÓN GENERAL DE ESTADÍSTICAS Y CENSOS
ENCUESTA DE APERTURA
2009
IMPORTANTE
Secreto de la Información
MINEC-DIGESTYC
Según lo establece la Ley del Servicio Estadístico Nacional en su Artículo 18, "Los datos que recopile la Dirección General de Estadística
y Censos son absolutamente reservados. No podrán utilizarse para fines de tributación fiscal o investigaciones judiciales, y solo se
publicarán los resúmenes numéricos que contribuyan de manera absolutamente impersonal, a la mejor información y a la solución de los
distintos problemas de orden económico-social que confronten el Estado y los particulares".
Obligatoriedad
Con base a lo dispuesto en el Art. 14 de la Ley del Servicio Estadístico Nacional, "Todas las oficinas del Estado, inclusive las del servicio
exterior, los organismos autónomos y en general, todas las personas naturales y jurídicas, domiciliadas o residentes en el país, están
obligadas a suministrar a la Dirección General de Estadística y Censos, con la regularidad y término prudencial que ella fije, los datos que
requiera el servicio estadístico nacional, y no podrán excusarse de esta obligación".
Sanciones
La Ley del Servicio Estadístico Nacional establece en su Artículo. 15.- La infracción al artículo anterior hará incurrir a los respectivos jefes
de oficinas, organismos, asociaciones, corporaciones y fundaciones, lo mismo que a las personas naturales en una multa de Diez a Cien
Colones por la primera vez; de Cien a Quinientos por la segunda; de Un Mil por cada una de las siguientes, sin que dicha sanción los
exima de la obligación de suministrar los datos que requiera el servicio estadístico nacional.
En igual pena incurrirán cuando la información que suministren a la Dirección General de Estadística y Censos fuere notoriamente falsa.
El Código de Comercio en su Articulo 449 Establece lo siguiente: "La negativa a facilitar el acceso a la contabilidad a cualquier autoridaD
administrativa que, conforme a este Código u otras leyes , tenga derecho a exigirlo, será penada con la suspensión de la matrícula de
comercio, hasta que la inspección se verifique. Para este efecto, la autoridad a quien le fue negada la presentación de la contabilidad,
librará inmediatamente oficio al Registrador de Comercio para que decrete la suspensón, previa audiencia al interesado."
SECCION I:
CARACTERISTICAS GENERALES
RUE
CIIU Rev. 3
Formulario
Legajo
Región
Depto.
Municipio
Cantón
Nombre comercial
Razón Social/Propietario
Dirección
N.I.T.
Num. Telefónico
Correo Electrónico
Num. Fax.
Actividad Económica Principal:
Actividad Económica Secundaria:
Dirección oficina contable :
DATOS DE INSCRIPCIÓN EN EL REGISTRO DE COMERCIO
1 Número
2 No. De libro del registro de Sociedades
3 Folios
4 al folio
SITIO WEB: WWW.digestyc.gob.sv
Fecha
LINK: Nuevas Boletas para emisión de Solvencias (puede descargar formularios actualizados)
SECCION II:
1-
FORMA DE OPERAR
4-
Este Empresa / establecimiento es:
1 Nuevo
2-
MINEC-DIGESTYC
2 Reapertura
Pase a
3
¿En qué mes iniciará
operaciones?
Si es reapertura
Detalle el monto del capital por origen de procedencia
Origen
Si es Empresa / establecimiento nuevo
Monto
¿En qué año cerró
operaciones?
2 Nacional (311+312)
2.1.1 Pública
2.1.2 Privada
2 Otros países (detallar)
5-
a.
b.
c.
d.
e.
Indique la categoría jurídica
a.
b.
c.
d.
e.
Empresa unipersonal
Sociedad colectiva
Sociedad anónima
S.A. de capital variable
Otro
(especifíque)
3-
Si es Empresa / establecimiento nuevo o reapertura
6-
¿Cuál es el número de personas a ocupar en el inicio de
operaciones?
¿Bajo qué modalidad opera?
Franquicia
Marca comercial
c. Concesión
d. Ninguna
e. Otra
a.
b.
1 Remunerados
Hombres
Mujeres
(especifíque)
2 No remunerados
Hombres
Mujeres
7-
Detalle su capacidad Instalada
2
Mt
Contruidos
3 Total ocupados
(1+2)
Nombre del informante
Cargo
Correo electrónico
Num. Telefónico
Dirección
(Si la oficina que responde se encuentra fuera de la empresa o establecimiento visitado)
Firma del Informante
SELLO
Fecha
dd /
mm /
aa
PARA USO DE OFICINA
Nombre del receptor
Número de solvencia
Firma
---
Cambios de identificación
Estado de la boleta
1-
Completa para digitación
2-
Verificar información en campo
OBSERVACIONES:
Crítica y codificación
Digitación
1-
Sin cambios
4-
Cambio dirección y CIIU
2-
Cambio Dirección
5-
Cambio de nombre o razón social
3-
Cambio código CIIU
6-
Verificar toda la información
ANEXO 5
CENTRO NACIONAL DE REGISTROS
REGISTRO DE COMERCIO
SOLICITUD DE MATRICULA DE EMPRESA Y REGISTRO DE LOCAL(ES),
SUCURSAL(ES) O AGENCIA(S) PERSONA JURÍDICA (1° VEZ)
DE PERSONA JURIDICA
Sr. Director de Registro de Comercio:
Yo, ___________________________________________________________________________________; actuando en mi
calidad de Representante Legal de la sociedad denominada:
____________________________________________________________________________________________________
Que se puede abreviar __________________________________________________________________________________
del domicilio de_______________________________________________________________________________________
(Según Escritura Pública)
La cual fue constituida por Escritura Pública otorgada en la ciudad de ________________, a las________horas y minutos del
día______de_____________de________, ante los oficios del Notario_______________________________________________.
Por este medio vengo a solicitar a favor de mi representada POR PRIMERA VEZ MATRICULA DE EMPRESA Y
REGISTRO DE LOCAL(ES), SUCURSAL(ES) O AGENCIA(S) para el año: _______________________________________
Para lo cual proporciono los siguientes DATOS:
1 Nombre de la Empresa
_______________________________________________________________________________________________________
2 Dirección de la Empresa:
_______________________________________________________________________________________________________
3 Naturaleza: ____________________________________________________________________________________________
4 Actividad Económica que realiza: __________________________________________________________________________
Posee Sucursal(es), Local(es)
SI
o Agencia(s)
NO
EN CASO AFIRMATIVO:
Nombre (s) y Dirección (es) de local(es) Sucursal(es), Local(es) o Agencia(s)
1______________________________________________________________________________________________________
________________________________________fecha de apertura_________________________________
2______________________________________________________________________________________________________
________________________________________ fecha de apertura_________________________________
(Si fueren más de dos sucursal(es) deberá presentar anexo con los mismos requerimientos).
Presento Recibos de pago de los Derechos Regístrales para el año ____________
Señalo para oír Notificaciones Teléfono____________Fax____________Correo electrónico_____________________________
Y comisiono al Sr.(a)_________________________________________________para retirar certificación, constancia y
notificaciones en mi nombre.
(Nombre según documento de identidad)
Declaro bajo juramento que los datos contenidos en la presente solicitud son expresión fiel de la verdad, por lo que asumo las
responsabilidades legales correspondientes.
F.________________________________
Representante legal
(Autenticada sino la presenta el firmante)
(VWHGHVSUHQGLEOHVHUYLUiDORVXVXDULRVFRPRFRPSUREDQWHGHKDEHUSUH
VHQWDGRODGRFXPHQWDFLyQUHTXHULGDSDUDODUHDOL]DFLyQGHOWUiPLWH'HEHUi
&RPSUREDQWHGHOVROLFLWDQWH
(OHQFDUJDGRGHOD9(6VROLFLWDUiDOXVXDULRODILUPDGHHVWDVHFFLyQFRPR
JDUDQWtDGHKDEHUUHFLELGRHOFRPSUREDQWHGHOIRUPXODULRGHVSUHQGLEOH
(VSDFLRGHXVRH[FOXVLYRGHO&663
(VWDVHFFLyQVHUiOOHQDGD81,&$0(17(VLTXLHQVROLFLWDHOWUiPLWHQR HV
TXLHQVHSUHVHQWDDUHDOL]DUOR
3DUDXVRQRWDULDOOHJDOL]DFLyQGHILUPDV
(OUHJHQWHGHOHVWDEOHFLPLHQWRVHKDUiUHVSRQVDEOHGHOEXHQIXQFLRQDPLHQ
WRGHOHVWDEOHFLPLHQWR\GHFXDOTXLHUIDOWDFRQWUDODVDOXGFRPHWLGDPHGLDQ
WHODILUPDGHHVWDVHFFLyQ
'HFODUDFLyQMXUDGD5HJHQWH
(OXVXDULRVHKDUiUHVSRQVDEOHGHODYHUDFLGDGGHODLQIRUPDFLyQSURSRUFLR
QDGDHQHOIRUPXODULRPHGLDQWHODILUPDGHHVWDVHFFLyQ$GHPiVODSHUVR
QDTXHUHDOL]DHOWUiPLWHGHEHUiGHILUPDUHVWDVHFFLyQ
'HFODUDFLyQMXUDGD3URSLHWDULR5HSUHVHQWDQWH/HJDOR$SRGHUDGR
(OXVXDULRGHEHUiVHxDODUOXJDUWHOpIRQRSHUVRQD\FRUUHRHOHFWUyQLFRSDUD
RtUQRWLILFDFLRQHV
1RWLILFDFLRQHV
(OXVXDULRGHEHUiOOHQDUODLQIRUPDFLyQVROLFLWDGDSDUDORVWLSRVHVSHFtILFRV
GHHVWDEOHFLPLHQWRVVHxDODGRVHQHOIRUPXODULR3DUDHOFDPSR(035(6$<2
352&(62 3$5$ 0$1(-2 '( '(6(&+26 6Ï/,'26VHGHEHUiLQGLFDUODHPSUHVD
FRQWUDWDGD\RHOSURFHVRVHJXLGRSDUDVXPDQHMRSDUDODERUDWRULRVFOtQL
FRV HVWDEOHFLPLHQWRV RGRQWROyJLFRV HVWDEOHFLPLHQWRV PpGLFRV FOtQLFDV
YHWHULQDULDV(VWRVHUiYHULILFDGRHQODLQVSHFFLyQFRUUHVSRQGLHQWH
,QIRUPDFLyQDGLFLRQDO
(O XVXDULR GHEHUi LQGLFDU HQ HVWD VHFFLyQ HO WLSR GH HVWDEOHFLPLHQWR
IDUPDFLDKRVSLWDOFOtQLFDHWFHOQRPEUHFRPHUFLDOFRQTXHVHYDDUH
JLVWUDUGDWRVJHQHUDOHVGHOHVWDEOHFLPLHQWRDVtFRPRWDPELpQLQIRUPDFLyQ
LQGLVSHQVDEOH GHO UHJHQWH QRPEUH Q~PHUR GH -XQWD KRUDULR GH VHUYLFLR
WHOpIRQRHWF
'DWRVGHOHVWDEOHFLPLHQWR
(Q HVWD VHFFLyQ HO XVXDULR 3HUVRQD 1DWXUDO R 3HUVRQD -XUtGLFD GHEHUi
LQGLFDUHOWLSRGHILJXUDVVREUHODFXDOVHEULQGDODLQIRUPDFLyQUHTXHULGD(O
XVXDULR3HUVRQD1DWXUDOGHEHUiOOHQDUHVWDVHFFLyQ81,&$0(17(VLFXHQ
WDFRQXQDSRGHUDGRSDUDODUHDOL]DFLyQGHODJHVWLyQ
-XUtGLFD
'DWRV GHO 5HSUHVHQWDQWH /HJDO R $SRGHUDGR SDUD 3HUVRQD 1DWXUDO R
(OXVXDULR3HUVRQD-XUtGLFDGHEHUiSURSRUFLRQDUODLQIRUPDFLyQGHODVRFLH
GDGWDO\FRPRIXHLQVFULWDHQHO5HJLVWURGH&RPHUFLRGHO&HQWUR1DFLRQDO
GH5HJLVWURV&15
'DWRVGHODVRFLHGDGVyOR3HUVRQD-XUtGLFD
7(/
7(/
&XDOTXLHUFRPHQWDULRRVXJHUHQFLDHVFULEDQRVDFVVS#FVVSJREVY
7HOpIRQR&663
9(6
352<(&72'(6$552//$'2&21(/$32<2'(
7(/
7(/
MXQWDSVLFRORJLD#FVVSJREVY
7(/
MXQWDYHWHULQDULD#FVVSJREVY
MXQWDODERUDWRULRFOLQLFR#FVVSJREVY
MXQWDTXLPLFD#FVVSJREVY
7(/
7(/
ZZZMYSRJREVY
MXQWDHQIHUPHULD#FVVSJREVY
MXQWDPHGLFD#FVVSJREVY
(VWHDQH[RGHEHUiVHUOOHQDGRSDUDORVHVWDEOHFLPLHQWRVIDUPDFpXWLFRVPpGLFRV\ODERUDWRULRV
FOtQLFRV6('(%(5È6(f$/$5&21&/$5,'$'/$6',67,17$6È5($6'(//2&$/$6Ë
&2026865(63(&7,9$60(','$6(10(75266HGHEHUiHVSHFLILFDUHOiUHDWRWDOHQ
PHWURVFXDGUDGRV
$1(;2&URTXLVGHGLVWULEXFLyQGHOHVWDEOHFLPLHQWR
(VWHDQH[RGHEHUiVHUOOHQDGRSDUDFXDOTXLHUHVWDEOHFLPLHQWRGHVDOXGHQpOVHSODVPDUiQORV
SXQWRVFDUGLQDOHV\VHLQGLFDUiODXELFDFLyQGHOHVWDEOHFLPLHQWRVHxDODUORVQRPEUHVGHGH
SDUWDPHQWRPXQLFLSLRFDOOHVDYHQLGDVQXPHUDFLyQSXQWRVGHUHIHUHQFLDHWF
$1(;2&URTXLVGH8ELFDFLyQ
7HOpIRQR&663
9(6
ZZZFVVSJREVY
&RQVHMR6XSHULRUGH6DOXG3~EOLFD&663
LQLFLR3DVHR*HQHUDO(VFDOyQ1R6DQ
6DOYDGRU(O6DOYDGRU&$
9HQWDQLOODGH(VWDEOHFLPLHQWRVGH6DOXG
9(6
$8725,=$&,Ð1'($3(5785$
<)81&,21$0,(172'(
(67$%/(&,0,(1726'(
6$/8'
&RQVHMR6XSHULRUGH6DOXG3~EOLFD
5HS~EOLFDGH(O6DOYDGRU&$
&663
*XtDGHO8VXDULR
3DVR1R3UHVHQWDFLyQGHOH[SH
GLHQWH &RQ ORV UHTXLVLWRV HVWULFWD
PHQWHFRPSOHWRVHOXVXDULRGHEHUi
SUHVHQWDUHOH[SHGLHQWHGHOWUiPLWHDO
HQFDUJDGRGHOD9(6(VWHIXQFLRQD
ULR FDOLILFDUi OD GRFXPHQWDFLyQ
HPLWLUi \ HQWUHJDUi HO PDQGDPLHQWR
GH SDJR SRU WUiPLWH GH LQVFULSFLyQ \
HOPDQGDPLHQWRGHSDJRSRUOLFHQFLD
\DQXDOLGDG
3DVR1R2EWHQFLyQGHLQIRUPD
FLyQ (O XVXDULR SRGUi UHFLELU HQ OD
9(6 LQIRUPDFLyQ SDUD HO GHVDUUROOR
GHOWUiPLWHRWDPELpQSRGUiYLVLWDUOD
SiJLQD ZZZFVVSJREVY SDUD REWH
QHUHO)RUPXODULROD*XtDGHOXVXDULR
\ ORV 5HTXHULPLHQWRV 7pFQLFR $GPL
QLVWUDWLYRVSDUDHOWUiPLWH
(/352&(62(1/$9(6(66(1&,//2<)È&,/
SDUDHOGHVDUUROORGHOWUiPLWHDVtFRPRVXWLHPSRGHUH
VROXFLyQ
• 5HGXFH OD FDQWLGDG GH UHTXLVLWRV VROLFLWDGRV DO XVXDULR
SHFFLRQHVRHQWUHYLVWDVDUHJHQWHV
• (OLPLQD SURFHGLPLHQWRV SUHOLPLQDUHV WDOHV FRPR SUHLQV
FHSFLyQ GH H[SHGLHQWHV FRUUHVSRQGLHQWHV D OD VROLFLWXG
GH $XWRUL]DFLyQ GH $SHUWXUD \ )XQFLRQDPLHQWR SDUD
FXDOTXLHUWLSRGHHVWDEOHFLPLHQWRGHVDOXG
• 8QLILFD H LQWHJUD HQ XQ ~QLFR SXQWR GH FRQWDFWR OD UH
/$69(17$-$6'(/$9(6 /D 9(6 HV OD ~QLFD LQVWDQFLD GHQWUR GH OD LQVWLWXFLyQ TXH
WLHQHGHQWURGHVXVFRPSHWHQFLDVEULQGDULQIRUPDFLyQVREUH
HO WUiPLWH HQWUHJDU PDQGDPLHQWRV GH SDJR UHFLELU GRFX
PHQWRVH[SHGLHQWHV\HQWUHJDUUHVROXFLRQHV
/D 9HQWDQLOOD GH (VWDEOHFLPLHQWRV GH 6DOXG 9(6 HV HO HV
SDFLR GHQWUR GH ODV LQVWDODFLRQHV GHO &663 TXH IDFLOLWDUi D
ORVHPSUHVDULRVODREWHQFLyQGHOD$XWRUL]DFLyQGH$SHUWXUD
\ )XQFLRQDPLHQWR GH (VWDEOHFLPLHQWRV GH 6DOXG (VWH HV HO
SXQWR~QLFRGHFRQWDFWRGHOXVXDULRHQODLQVWLWXFLyQSDUDOD
UHDOL]DFLyQGHOWUiPLWH
¢'Ï1'("(1/$9(17$1,//$'((67$%/(&,0,(1726'(6$/8'
9(6 *8Ì$5É3,'$3$5$2%7(1(5/$$8725,=$&,Ð1'(
$ 3 ( 5 7 8 5 $ < ) 8 1 & , 2 1 $ 0 , ( 1 7 2 ' (
(67$%/(&,0,(1726'(6$/8'
3DVR1R5HWLURGHGHVSUHQGLEOHHQOD
9(6 8QDYH]KDELHQGRFDQFHODGR HOPDQ
GDPLHQWRGHSDJRSRUWUiPLWHGHLQVFULSFLyQ
HOHQFDUJDGRGHOD9(6DVLJQDUiXQQ~PH
URGHVROLFLWXG\ORGHYROYHUiDOXVXDULRMXQWR
FRQHOGHVSUHQGLEOHGHOIRUPXODULR
7LHPSR HVWDEOHFLGR SDUD XQ WUiPLWH VLQ REVHUYDFLRQHV \ TXH QR UHTXLHUD OD HMHFXFLyQ GH XQD VHJXQGD
LQVSHFFLyQDOHVWDEOHFLPLHQWR
(OPDQGDPLHQWRGHSDJRSRUOLFHQFLD\DQXDOLGDGGHOHVWDEOHFLPLHQWRVHUiFDQFHODGR$/),1$/,=$5HOWUiPLWH
SDUDSRGHUUHWLUDUODOLFHQFLDGHDSHUWXUD\IXQFLRQDPLHQWRHVGHFLUTXHHOSDJRVHUiH[LJLGRÓ1,&$0(17(
SDUDDTXHOODVVROLFLWXGHVTXHVHDQUHVXHOWDVFRPRIDYRUDEOHVSRUSDUWHGHO&663
)RUPXODULRSDUDVROLFLWDUDXWRUL]DFLyQGHDSHUWXUDGHHVWDEOHFLPLHQWRVGHVDOXG
6ROYHQFLDGHOD3ROLFtDGHO3URSLHWDULRSHUVRQDQDWXUDO
&RQWUDWR GH 3UHVWDFLyQ GHO 6HUYLFLR GH 'LVSRVLFLyQ GH 'HVHFKRV %LRLQIHFFLRVRV (VWR
DSOLFDSDUDHVWDEOHFLPLHQWRVRGRQWROyJLFRVKRVSLWDOHVODERUDWRULRVFOtQLFRV\GHSDWROR
JtDFHQWURVGHFLUXJtDDPEXODWRULD\RIWDOPROyJLFD\FOtQLFDV
&RQWUDWRGHUHJHQFLDRULJLQDO\IRWRFRSLDÒQLFDPHQWHFXDQGRHOSURIHVLRQDOUHVSRQVDEOH
GHOHVWDEOHFLPLHQWRQRVHDSURSLHWDULRGHOPLVPR(OFRQWUDWRGHUHJHQFLDGHEHUiHODER
UDUVH HQ GRFXPHQWR SULYDGR DXWHQWLFDGR R HQ HVFULWXUD S~EOLFD (Q FDVR GH HVWDEOHFL
PLHQWRVIDUPDFpXWLFRVRGHODERUDWRULRFOtQLFRHOFRQWUDWRGHUHJHQFLDGHEHUiVHUOOHYDGR
SUHYLDPHQWHDO'HSDUWDPHQWR-XUtGLFR\SRVWHULRUPHQWHDOD-XQWDGH9LJLODQFLDUHVSHFWL
YDSDUDHOWRPDGRGH5D]yQ
3DUDHVWDEOHFLPLHQWRVPpGLFRV\RGRQWROyJLFRVTXHEULQGDQVHUYLFLRVGHUDGLRORJtDGHEHUi
SUHVHQWDU DXWRUL]DFLyQ GH 2SHUDFLyQ GH 815$ 8QLGDG 5HJXODGRUD GH 5DGLDFLRQHV
,RQL]DQWHV GHO 063$6 SDUD RSHUDFLyQ GH HTXLSRV GH 5D\RV ; \ SDUD ORV HVWDEOHFL
PLHQWRVPpGLFRVIRWRFRSLDVGH$WHVWDGRVGHOORVPpGLFRVUDGLyORJRV
'RFXPHQWR FHUWLILFDGR SRU QRWDULR TXH FRPSUXHEH OD H[LVWHQFLD OHJDO GH OD HQWLGDG \ OD
SHUVRQHUtDMXUtGLFDFRQTXHDFW~DHOUHSUHVHQWDQWHOHJDOÒQLFDPHQWHSDUDODVLQVWLWXFLR
QHVS~EOLFDVIXQGDFLRQHVDVRFLDFLRQHVSDUURTXLDV\VLPLODUHV
3DUDDSHUWXUDVGH/DERUDWRULR&OtQLFRVLHOSURSLHWDULRQRHVSURIHVLRQDOHQHOiUHDGHEHUi
SUHVHQWDUFRQWUDWRHODERUDGRDQWHQRWDULRFRQXQH[SHUWRHQHOODTXLHQUHDOL]DUiODODERU
WpFQLFD'LFKDFRQWUDWDFLyQVHUiSRUXQPtQLPRGHKRUDVGLDULDVFRPRMRUQDGDRUGLQDULD
DSOD]RGHXQDxR$GHPiVGHEHUiQSUHVHQWDUHOOLVWDGR\EROHWDVGHH[iPHQHVDUHDOL]DU
TXHDVXYH]GHEHUiQFRQWHQHUORVGDWRVFRPSOHWRVGHOHVWDEOHFLPLHQWR\KRMDGHDFHSWD
FLyQGHUHIHUHQFLDV
/D GRFXPHQWDFLyQ GHEHUi SUHVHQWDUVH VyOR
VyOR VL \D VH WLHQH FRPSOHWDPHQWH DFRQGLFLRQDGR HO
ORFDOGHDFXHUGRDORVUHTXHULPLHQWRVWpFQLFRVHVWDEOHFLGRV
/DGRFXPHQWDFLyQGHEHUiVHUSUHVHQWDGDHQXQIyOGHUWDPDxRRILFLR\VXIDVWHQHUFRUUHVSRQ
GLHQWH(OIyOGHUGHEHUiURWXODUVHHQODSRUWDGDFRQHOQRPEUH\GLUHFFLyQGHOHVWDEOHFLPLHQWR
\FRQHOQRPEUHGHVXVSURSLHWDULRV
3DUDHOGHVDUUROORGHOWUiPLWHVHUHTXLHUHFDQFHODUHOPDQGDPLHQWRGHSDJRSRUWUiPLWHGH
LQVFULSFLyQ\SDUDHOUHWLURGHODOLFHQFLDHOPDQGDPLHQWRGHSDJRSRUPDWUtFXODFRQDQXDOLGDG
DFRUGH DO '(&5(72 'HUHFKRV SRU 6HUYLFLRV \ /LFHQFLDV GH ORV (VWDEOHFLPLHQWRV GH
5(48,6,726$35(6(17$53$5$(/75È0,7( $SDUWLUGHHVWHPRPHQWRLQLFLDHOWUiPLWHGHQWURGHODLQVWLWXFLyQHOFXDOGXUDUiGLHFLVpLV
GtDVKiELOHV /D-XQWDGH9LJLODQFLDFRUUHVSRQGLHQWHSURFHGHUiDUHDOL]DUODLQVSHFFLyQ
GHOH\~QLFDPHQWHVHKDUiQGRVLQVSHFFLRQHVFRPRPi[LPRHQHOPLVPRORFDO)LQDOL]DGR
HVWHSHUtRGR(/ 868$5,2 '(%(5É //$0$5 2 35(6(17$56( $ /$ ,167,78&,Ð1
3$5$&2168/7$5(/(67$786'(6862/,&,78'
3DVR1R&DQFHODFLyQGHPDQGDPLHQWR
GH SDJR &RQHOPDQGDPLHQWRGHSDJRSRU
WUiPLWH GH LQVFULSFLyQ HO XVXDULR FDQFHODUi
HQ&ROHFWXUtDGHO&663HOYDORUUHVSHFWLYR
REWHQLHQGRDVtHOFRPSUREDQWHGHSDJR HQHVWDJXtD
+RVSLWDO
&RQVXOWDH[WHUQD
1RDSOLFD
+RVSLWDO3VL
TXLiWULFR
&OtQLFDV
&HQWURVGH
&LUXJtD$PEXOD
WRULD
+RVSLWDO3VLTXLiWULFR
&OtQLFDV
&HQWURVGH&LUXJtD
$PEXODWRULD
1RDSOLFD
1RDSOLFD
/DERUDWRULR&OtQLFR
VLHVWDUiGHQWURGHO
HVWDEOHFLPLHQWR
/DERUDWRULR&OtQLFR
-XQWDGH/DERUDWR
ULR&OtQLFR-93/&
(O XVXDULR 3HUVRQD 1DWXUDO GHEHUi SURSRUFLRQDU HQ HVWD VHFFLyQ WRGD OD
LQIRUPDFLyQUHTXHULGDGHOSURSLHWDULRGHOHVWDEOHFLPLHQWR
'DWRVGHOSURSLHWDULRVyOR3HUVRQD1DWXUDO
(O )RUPXODULR SDUD VROLFLWDU OD $SHUWXUD \ )XQFLRQDPLHQWR GH (VWDEOHFLPLHQWRV
GHVDOXGFRQVWDGHRQFHVHFFLRQHV\GRVDQH[RV
%RWLTXtQ
1RDSOLFD
%RWLTXtQ
%RWLTXtQ
-XQWD4XtPLFD
-934)
)2508/$5,2'(/75È0,7(
+RVSLWDO
-XQWDGH(QIHU
PHUtD-93(
+RVSLWDO
-XQWD0pGLFD
-930
(;3(',(17(6<5(48(5,0,(17267e&1,&26$'0,1,675$7,92657$
3257,32'((67$%/(&,0,(172
+RVSLWDO
(67$%/(&,0,(172
DPEXODWRULDGHEHUiVHUSUHVHQWDGRXQH[SHGLHQWHSRU-XQWDGH9LJLODQFLDLQYROXFUDGDHQHO
WUiPLWH DVt FRPR FXPSOLU FRQ ORV 57$ H[LJLGRV SRU FDGD XQD GH HOODV VHJ~Q ODVLJXLHQWH
WDEOD
• 3DUDHOFDVRGHODVVROLFLWXGHVGHLQVFULSFLyQGH+RVSLWDOHV&OtQLFDV\&HQWURVGHFLUXJtD
GH GRV LQVSHFFLRQHV VH GDUi XQ LQIRUPH GHVIDYRUDEOH \ HO XVXDULR WHQGUi TXH LQLFLDU
QXHYDPHQWHHOWUiPLWHSDUDHOORGHEHUiYROYHUDFDQFHODUHOGHUHFKRGHLQVFULSFLyQ\DTXH
HVWHQRHVUHHPEROVDEOH
• (QFDVRGHQRFXPSOLUFRQORVUHTXHULPLHQWRVWpFQLFRDGPLQLVWUDWLYRVHQXQPi[LPR
SURGXFWRV DILQHV UHTXLHUH GH OD FDOLILFDFLyQ SUHOLPLQDU WDQWR GH OD GLVWULEXFLyQ HQ SODQWD
FRPRGHOHVWDEOHFLPLHQWRPLVPR(VWHSURFHGLPLHQWRGHEHUiVHUVROLFLWDGRHQOD-XQWDGH
9LJLODQFLDGHOD3URIHVLyQ4XtPLFR)DUPDFpXWLFD-934)SUHYLRDODVROLFLWXGGHOWUiPLWH
GH$XWRUL]DFLyQGH$SHUWXUD\)XQFLRQDPLHQWRGH(VWDEOHFLPLHQWRV
• /D DXWRUL]DFLyQ GH DSHUWXUD \ IXQFLRQDPLHQWR GH ODERUDWRULRV IDUPDFpXWLFRV \ GH
• 1RVHUHFLELUiGRFXPHQWDFLyQLQFRPSOHWDRTXHQRVHHQFXHQWUHFRQIRUPHDORHVWDEOHFLGR
1RWDV
(OXVXDULRGHEHUiREWHQHUHQODLQVWLWXFLyQRHQODSiJLQD:HEGHODPLVPDORV
5(48(5,0,(1726 7e&1,&2 $'0,1,675$7,926 FRUUHVSRQGLHQWHV DO HVWD
EOHFLPLHQWRGHVXLQWHUpVHVWHGRFXPHQWRGHWDOODWRGRVORVDVSHFWRVFRQVLGHUD
GRVSDUDODDSUREDFLyQGHOWUiPLWH
/D DXWRUL]DFLyQ GH DSHUWXUD \ IXQFLRQDPLHQWR GH HVWDEOHFLPLHQWRV GH VDOXG
UHTXLHUHGHODLQVSHFFLyQGHORVPLVPRV(VWDLQVSHFFLyQVHUiUHDOL]DGDSRUOD
V -XQWD V GH 9LJLODQFLD FRUUHVSRQGLHQWH V \ HYDOXDUi DVSHFWRV WpFQLFRV
DGPLQLVWUDWLYRV\GHLQIUDHVWUXFWXUDVHJ~QHOWLSRGHHVWDEOHFLPLHQWRDLQVFULELU
5(48,6,7267e&1,&2$'0,1,675$7,926
3257,32'((67$%/(&,0,(172 (RTA)
EyKϳ;WĄŐŝŶĂϭĚĞϰͿ
'DWRVGHOSURSLHWDULRVyOR3HUVRQD1DWXUDO
120%5(&203/(72
1Ò0(52'('8,
/8*$5'((;3(',&,Ï1
1Ò0(52'(1,7
352)(6,Ï1
1Ò0(52'(&$51(7'(5(6,'(17(6RORSDUDH[WUDQMHURVY
7(/e)212
&255(2(/(&75Ï1,&2
'20,&,/,2
'DWRVGHODVRFLHGDGVyOR3HUVRQD-XUtGLFD
'(120,1$&,Ï125$=Ï162&,$/
$%5(9,$785$'(/$62&,('$'
1Ò0(52'(1,7
180(52'(,16&5,3&,21
180(52'(/,%52
'DWRVGHO5HSUHVHQWDQWH/HJDOR$SRGHUDGRSDUD3HUVRQD1DWXUDOR3HUVRQD-XUtGLFD
'20,&,/,262&,$/
5(35(6(17$17(
/(*$/
$32'(5$'2
120%5(&203/(72
1Ò0(52'('8,
/8*$5'((;3(',&,Ï1
1Ò0(52'(1,7
352)(6,Ï1
1Ò0(52'(&$51(7'(5(6,'(17(6RORSDUDH[WUDQMHURV
7(/e)212
&255(2(/(&75Ï1,&2
'20,&,/,2
'DWRVGHOHVWDEOHFLPLHQWR
7,32'((67$%/(&,0,(172
120%5('(/(67$%/(&,0,(172
',5(&&,Ï1'(/(67$%/(&,0,(172
'(3$57$0(172<081,&,3,2'21'(6(8%,&$
7(/e)212
120%5('(/5(*(17(
1Ò0(52'(-817$'(9,*,/$1&,$
+25$5,2'(6(59,&,2'(/5(*(17(',$6<+25$6
7(/e)212
&255(2(/(&75Ï1,&2
,QIRUPDFLyQDGLFLRQDO
(035(6$<2352&(623$5$0$1(-2'('(6(&+26%,2,1)(&&,2626
'(7$//('(6(59,&,26$2)5(&(5
1Ò0(52'(&$0$6+RVSLWDOHV\RWURVTXHDSOLTXHQ
'(7$//('((;È0(1(6$5($/,=$5ÒQLFDPHQWH/DERUDWRULRV&OtQLFRV
&8$1'2126($68),&,(17((/(63$&,2(1/$35(6(17(6(&&,Ï1$*5(*$5$1(;2&21/$60,60$6&$5$&7(5Ë67,&$6$/),1$/'(/)2508/$5,2
EyKϳ;WĄŐŝŶĂϮĚĞϰͿ
1RWLILFDFLRQHV
/8*$53$5$2,5127,),&$&,21(6
7(/e)212
3(5621$$8725,=$'$3$5$5(&,%,5'2&80(1726
(0$,/
'HFODUDFLyQMXUDGD3URSLHWDULR5HSUHVHQWDQWH/HJDOR$SRGHUDGR'(&/$5248(/26'$726&217(1,'26(1(/35(6(17()2508/$5,2
<686$1(;266219(5'$'(526<48($'(0È6&803/2&21/265(48,6,7267e&1,&26<$'0,1,675$7,926(67$%/(&,'263$5$/$$8725,=$&,Ï1'(
(67$&/$6('((67$%/(&,0,(1726325/248($6802/$65(63216$%,/,'$'(6$'0,1,675$7,9$6<3(1$/(648(&255(6321'$1
$1(;2648(6(35(6(17$10$548(&2181$³;´
&5248,6'(8%,&$&,Ï1
&5248,6'(/(67$%/(&,0,(172
120%5(<),50$'(/3523,(7$5,25(35(6(17$17(/(*$/2$32'(5$'2
120%5(<),50$'(/$3(5621$48(+$&((/75È0,7(
'HFODUDFLyQ MXUDGD 5HJHQWH '(&/$52 48( /26 '$726 &217(1,'26 (1 (/ 35(6(17( )2508/$5,2 < 686 $1(;26 621 9(5'$'(526
+$&,e1'20( 5(63216$%/( '(/ %8(1 )81&,21$0,(172 '(/ (67$%/(&,0,(172 $680,(1'2 /$6 5(63216$%,/,'$'(6 $'0,1,675$7,9$6 < 3(1$/(6 48(
&255(6321'$1
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
120%5(<),50$'(/5(*(17(
3DUDXVRQRWDULDOOHJDOL]DFLyQGHILUPDV
'2<)(48(/$6),50$648(&$/=$1(/$17(5,25(6&5,7248(6(/((1
(6621$87(17,&$6325+$%(56,'238(67$6'(6838f2</(75$$17(0,35(6(1&,$325(//266(f25(6
>1RPEUHGHOSURSLHWDULRUHSUHVHQWDQWHOHJDORDSRGHUDGR@>1RPEUHGHOUHJHQWH@
'(
>(GDGHQOHWUDV@
$f26'(('$''(/'20,&,/,2'(
$48,(1(6&212=&2325686
>7LSRGHGRFXPHQWR@
1Ò0(526
>1~PHURGHGRFXPHQWR@
5(63(&7,9$0(17(6$16$/9$'25$/26
>)HFKD@
>'RPLFLOLR@
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
),50$<6(//2'(/127$5,2
(VSDFLRGHXVRH[FOXVLYRGHO&663
120%5('(/)81&,21$5,248(5(&,%(/$'2&80(17$&,Ï1
)(&+$'(5(&(3&,Ï1
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5(&,%Ë&20352%$17(±120%5(<),50$
&RPSUREDQWHGHOVROLFLWDQWH
1Ò0(52'(62/,&,78'
)(&+$'(5(&(3&,Ï1
B BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6(//2'(9(17$1,//$'((67$%/(&,0,(1726'(6$/8'
EyKϳ;WĄŐŝŶĂϯĚĞϰͿ
3$5$&2168/7$'(6875È0,7((1/$9(17$1,//$'((67$%/(&,0,(1726'(6$/8''(/&216(-2683(5,25'(6$/8'3Ò%/,&$//$0$5$/7(/e)212
$1(;2&URTXLVGH8ELFDFLyQIDYRUVHxDODUORVSXQWRVFDUGLQDOHV3DUDWRGRVORVHVWDEOHFLPLHQWRV
EyKϳ;WĄŐŝŶĂϰĚĞϰͿ
$1(;2&URTXLVGHGLVWULEXFLyQGHOHVWDEOHFLPLHQWRIDYRUHVSHFLILFDUHOiUHDWRWDOHQPHWURVFXDGUDGRV~QLFDPHQWH
HVWDEOHFLPLHQWRVIDUPDFpXWLFRVPpGLFRV\ODERUDWRULRVFOtQLFRV
02'(/2'(&2175$72'(5(*(1&,$
1~PHURBBBBBBBBBBBB HQ OD FLXGDG GH BBBBBBBBBBBB D ODV BBBBBBBBBBKRUDV \
BBBBBBBBBBBBBBPLQXWRV
GHO
GtD
BBBBBBBBBBBGHBBBBBBBBBBBB
GH
BBBBBBBBBBBBBBBB $QWH Pt BBBBBBBBBBBBBBBBBBBBBBBB1RWDULR GH HVWH
GRPLFLOLR FRPSDUHFHQ ORV VHxRUHV BBBBBBBBQRPEUH GHO SURSLHWDULR GH
BBBBBBBBBBBDxRV GH HGDG BBBBBBBBRFXSDFLyQ GHO SURSLHWDULR GHO GRPLFLOLR
GHBBBBBBBBBBBBBBB \ OD /LFHQFLDGD R BBBBBBBBBBBBBBBB 4XtPLFR
)DUPDFpXWLFR LQVFULWD R HQ OD -817$ '( 9,*,/$1&,$ '( /$ 352)(6,21
48,0,&2)$50$&(87,&$EDMRHOQ~PHURBBBBBB
BBBBBBBBBBBBBBB SHUVRQDV D TXLHQHV QR FRQRFtD SHUR LGHQWLILFR SRU PHGLR GH VXV
FpGXODVGHLGHQWLGDGSHUVRQDOQ~PHURVBBBBBBBBBBBBBBBBBBBBBBBBB
UHVSHFWLYDPHQWH\0(',&(1TXHFHOHEUDQHOSUHVHQWHFRQWUDWRGH35(67$&,21
'( 6(59,&,26 352)(6,21$/(6 GH DFXHUGR FRQ ODV VLJXLHQWHV FOiXVXODV ,
2%-(72(OSULPHURFRPRSURSLHWDULRGHOHVWDEOHFLPLHQWRIDUPDFpXWLFRGHQRPLQDGR
BBBBBBBBBBBBBBBBBVLWXDGDHQGLUHFFLyQUHJLVWUDGDHQHO&RQVHMRLQVFULWDHQHO
&RQVHMR 6XSHULRU GH 6DOXG 3~EOLFD EDMR HO Q~PHUR BBBBBBBBBBBBBBBBBBBBB
FRQWUDWD D OD VHJXQGD FRPR 5(*(17( GHO HVWDEOHFLPLHQWR PHQFLRQDGR \ TXLpQ
WUHQGUiDVXFDUJRODGLUHFFLyQWpFQLFDGHOQHJRFLR\ODVREOLJDFLRQHVSURSLDVGHORV
UHJHQWHV \ WRGDV ODV GLVSRVLFLRQHV OHJDOHV UHODFLRQDGDV FRQ HO IXQFLRQDPLHQWR GHO
HVWDEOHFLPLHQWR GHELHQGR VXMHWDUVH DO HIHFWR D WRGR OR TXH GLVSRQJD HO &RQVHMR
6XSHULRU GH 6DOXG 3~EOLFD OD -XQWD GH 9LJLODQFLD GH OD 3URIHVLyQ 4XtPLFR
)DUPDFpXWLFR \ GHPiV DXWRULGDGHV D TXLHQHV FRPSHWH YHODU SRU HO OHJDO
IXQFLRQDPLHQWRGHORVHVWDEOHFLPLHQWRVBBBBBBBBBBBBBBBB&ODVHGH(VWDEOHFLPLHQWR
GHOD5HS~EOLFD,,3/$=2(OSOD]RGHHVWH&RQWUDWRHVGHBBBBBBBBBBBFRQWDGRD
SDUWLUGHODIHFKDGHDSUREDFLyQGHOPLVPRSRUHO&RQVHMR\QRSURUURJDEOHSRURWUR
SHUtRGRLJXDOHQFDVRGHGDUVHSRUILQDOL]DGRGHO&RQWUDWRXQDGHODVSDUWHVQRWLILFDUi
DO RWUR FRQ BBBBBBBBBBBBBBBB GtDV GH DQWLFLSDFLyQ \ SRU HVFULWR ,,,
+2125$5,26 (O FRQWUDWDQWH SDJDUi D OD 5HJHQWH HQ FRQFHSWR GH KRQRUDULRV OD
FDQWLGDG GH BBBBBBBBBBBBBBBBB TXH VH SDJDUiQ SRU PHGLR GH PHQVXDOLGDGHV
DQWLFLSDGDV \ VXFHVLYDV GRFH FXRWDV PHQVXDOHV YHQFLGDV ILMDV \ VXFHVLYDV GH
BBBBBBBBBBBBBB FRORQHV FDGD XQD HWF D SDUWLU GH HVWH GtD HQ HO HVWDEOHFLPLHQWR
IDUPDFpXWLFR HQ OD GLUHFFLyQ \D PHQFLRQDGD ,9 /D UHJHQFLD OD GHVHPSHxDUi OD
6HxRULWD6HxRUBBBBBBB
BBBBBBBBBBBB WDQWR HO HQ OXJDU GRQGH VH HQFXHQWUDDFWXDOPHQWH OD IDUPDFLD R HQ RWUR GH OD
UHS~EOLFD TXH DXWRULFHQ ODV UHVSHFWLYDV DXWRULGDGHV DGPLQLVWUDWLYDV HQ ODV PLVPDV
FRQGLFLRQHVDTXtFRQWUDWDGDVSDUDORFXDOSUHVWDUiVXGHELGDFRRSHUDFLyQSURIHVLRQDO9(O
6HxRU BBBBBBBBBBBBBBBBBBBBB TXHGD REOLJDGR D SURSRUFLRQDU D OD 6HxRULWD 6HxRU
BBBBBBBBBBBBB OR QHFHVDULR SDUD TXH pVWD GHVHPSHxH HILFLHQWHPHQWH ODV DFWLYLGDGHV
SURIHVLRQDOHVGHTXHVHKDKHFKRUHIHUHQFLD\WHQHUODLQIRUPDGDRSRUWXQDPHQWHHQWRGRORTXH
ODV DXWRULGDGHV UHVSHFWLYDV UHVXHOYDQ VREUH HO IXQFLRQDPLHQWR GH OD PLVPD IDUPDFLD 9, 6H
WHQGUiSRUWHUPLQDGRHVWHFRQWUDWR\SRUYHQFLGRHOSOD]RSRUODVVLJXLHQWHVFLUFXQVWDQFLDV
3RUIDOWDGHSDJRGHXQDPHQVXDOLGDGGHKRQRUDULRVSURIHVLRQDOHV3RUQRFXPSOLUHO6HxRU
BBBBBBBBBBBFXDOTXLHUDGHODVREOLJDFLRQHVDTXtSDFWDGDV$VtVHH[SUHVDURQORVRWRUJDQWHVD
TXLHQHVH[SOLTXpORVHIHFWRVOHJDOHVGHHVWHLQVWUXPHQWR\OHtGRTXHVHORVKXEHtQWHJUDPHQWHOR
HVFULWRHQXQVRORDFWRVLQLQWHUUXSFLyQORUDWLILFDQSRUHVWDUFRQIRUPHV\ILUPDPRV'R\Ip
_________________________________________________________________________
5(48(5,0,(17267e&1,&2$'0,1,675$7,9263257,32'(
(67$%/(&,0,(172
7,32'((67$%/(&,0,(172
-817$&203(7(17(3$5$(-(&8&,Ð1'(
,163(&&,Ð1
)$50$&,$
-817$'(9,*,/$1&,$'(/$352)(6,Ð1
48Ì0,&2)$50$&e87,&$-934)
/RV UHTXHULPLHQWRV WpFQLFR DGPLQLVWUDWLYRV \ TXH VHUiQ YHULILFDGRV HQ OD LQVSHFFLyQ TXH VH UHDOL]DUi D VX
HVWDEOHFLPLHQWRVHGHWDOODQDFRQWLQXDFLyQ(VWRVUHTXHULPLHQWRVVHFODVLILFDQHQORVVLJXLHQWHVGRVJUDQGHV
JUXSRV5HTXHULPLHQWR&UtWLFR\5HTXHULPLHQWR0D\RU
/RV5HTXHULPLHQWRV&UtWLFRVVRQDTXHOORVFX\DDXVHQFLDRLQFXPSOLPLHQWRSXHGHSRQHUHQULHVJRODVDOXG
GHODSREODFLyQRLQFXPSOLUODVGLVSRVLFLRQHVOHJDOHVHVWDEOHFLGDV7RGRVHVWRVUHTXHULPLHQWRVGHEHUiQ VHU
FXPSOLGRV HQ VX WRWDOLGDG SDUD REWHQHU LQIRUPH IDYRUDEOH GH OD LQVSHFFLyQ GH OD -XQWD
FRUUHVSRQGLHQWH
/RV 5HTXHULPLHQWRV 0D\RUHV VRQ DTXHOORV UHTXHULGRV SDUD OD DWHQFLyQ GH OD SREODFLyQ VX DXVHQFLD R
LQFXPSOLPLHQWRQRSRQHHQULHVJRODVDOXGGHODPLVPD(OGHHVWHFRQMXQWRGHUHTXHULPLHQWRVGHEHUi
VHUFXPSOLGRSRUHOHVWDEOHFLPLHQWRSDUDREWHQHUHOLQIRUPHIDYRUDEOHGHODLQVSHFFLyQUHDOL]DGRGHOD-XQWD
FRUUHVSRQGLHQWH
127$,03257$17(
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU FRQ HO /LVWDGR GH PHGLFDPHQWRV VROYHQWHV \
HTXLSRV LQGLVSHQVDEOHV HQ ODV IDUPDFLDV GH QXHYD DSHUWXUD DQH[R D HVWH
GRFXPHQWRDOPRPHQWRHQTXHOD-934)UHDOLFHODLQVSHFFLyQFRUUHVSRQGLHQWH
5(48(5,0,(172*(1(5$/
'(6&5,3&,Ð1
1ž
,1)5$(6758&785$
'HVFULSFLyQGHORTXHVHKDFHUHIHUHQFLDFRQHOFULWHULRPHQFLRQDGR
1250$7,9$48(
5(48(5,0,(1726
)81'$0(17$/$ &/$6,),&$&,Ð1'(/
'(6&5,3&,Ð1
(63(&Ì),&26
62/,&,78''(/
5(48(5,0,(172
5(48(5,0,(172
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU
FRQ XQD VROD iUHD SDUD VDOD GH $FXHUGR*HQHUDOGH
YHQWDV TXH PLGD PHWURV -934)1žVHVLyQ
&5,7,&2
ÈUHDGHVDODGHYHQWDV
FXDGUDGRV FRPR PtQLPR iUHD VLQ GHIHFKD
GLYLVLRQHV
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU
FRQ
ERGHJD
SDUD
HO
$FXHUGR*HQHUDOGH
DOPDFHQDPLHQWR GH SURGXFWRV
-934)1žVHVLyQ
&5,7,&2
%RGHJD
PHGLFDPHQWRVVHUHTXLHUHTXHHO
GHIHFKD
WDPDxR GH HVWD VHD GH PHWURV
FXDGUDGRVFRPRPtQLPR
6HUYLFLR 6DQLWDULR \ 6H UHTXLHUH TXH FXHQWH FRQ DJXD 0LQLVWHULRGHWUDEDMR\
&5,7,&2
$FXHUGRGH-XQWDGH9LJLODQFLDGHOD3URIHVLyQ4XtPLFR)DUPDFpXWLFD1ž6HVLyQGHIHFKD
3iJLQDGH
_________________________________________________________________________
ODYDPDQRV
3DUHGHVH[WHULRUHV
3DUHGHVLQWHULRUHV
3LVRV
SRWDEOH \ GHVDJH IXQFLRQDQGR 6L
HOHVWDEOHFLPLHQWRQRFXHQWDFRQHO
VHUYLFLR GH $1'$ GHEHUi FRQWDU
FRQDJXDSRWDEOHSR]R\FRQIRVD
VpSWLFD
/DV SDUHGHV H[WHULRUHV GHO
HVWDEOHFLPLHQWR DTXHOODV TXH
GHOLPLWDQ HO ORFDO FRQ RWURV
HVWDEOHFLPLHQWRV R LQIUDHVWUXFWXUDV
GHEHUiQ VHU GH FRQFUHWR R DGREH
GHELGDPHQWHSLQWDGDV\OLPSLDV
/DV SDUHGHV LQWHULRUHV GHO
HVWDEOHFLPLHQWR DTXHOODV TXH
GHOLPLWDQ ODV GLYHUVDV iUHDV GHO
ORFDO DO LQWHULRU GHO PLVPR SRGUiQ
VHU GH FRQFUHWR DGREH WDEOD URFD
SO\ZRRG R PDGHUD 'HEHUiQ HVWDU
GHELGDPHQWHSLQWDGDV\OLPSLDV
(O SLVR GHO HVWDEOHFLPLHQWR GHEHUi
VHU GH ODGULOOR GH FHPHQWR R
FHUiPLFD QR VH DGPLWLUi SLVRV GH
WLHUUDODGULOORGHJDOOHWDRODGULOORGH
EDUUR
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
&5,7,&2
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
0$<25
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
0$<25
7HFKR
'HEHUiVHUGHSODIyQRFLHORIDOVR
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
&5,7,&2
$FFHVR
)iFLO DFFHVR SDUD OD SREODFLyQ HQ
FXDQWRDOLQJUHVRDOHVWDEOHFLPLHQWR
(O ORFDO QR GHEH WHQHU DFFHVR D
FOtQLFDV HV GHFLU TXH QR GHEHQ
H[LVWLU SXHUWDV LQWHUQDV TXH
FRPXQLTXHQFRQHOODV
0LQLVWHULRGHWUDEDMR
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
&5,7,&2
9HQWLODFLyQ
,OXPLQDFLyQ
3XHUWDV
0LQLVWHULRGHWUDEDMR\
6LVWHPD GH FRQWURO GH WHPSHUDWXUD
$FXHUGR*HQHUDOGH
TXH JDUDQWLFH WHPSHUDWXUD Pi[LPD
-934)1žVHVLyQ
ž&
GHIHFKD
0LQLVWHULRGHWUDEDMR\
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU
$FXHUGR*HQHUDOGH
FRQ OX] QDWXUDO \ DUWLILFLDO DPDULOOD
-934)1žVHVLyQ
\REODQFD
GHIHFKD
(VWDVGHEHUiQDEULUVHKDFLDDIXHUD 0LQLVWHULRGHWUDEDMR
&5,7,&2
0$<25
0$<25
5(48(5,0,(172*(1(5$/
'(6&5,3&,Ð1
1ž
02%,/,$5,2 (48,32 <
'HVFULSFLyQGHORTXHVHKDFHUHIHUHQFLDFRQHOFULWHULRPHQFLRQDGR
27526
1250$7,9$48(
5(48(5,0,(1726
)81'$0(17$/$ &/$6,),&$&,Ð1'(/
'(6&5,3&,Ð1
(63(&Ì),&26
62/,&,78''(/
5(48(5,0,(172
5(48(5,0,(172
(VWRV GHEHUiQ HVWDU FRORFDGRV GH $FXHUGR*HQHUDOGH
(VWDQWHV\YLWULQDV
IRUPD TXH SHUPLWDQ OD FLUFXODFLyQ -934)1žVHVLyQ
&5,7,&2
GHOSHUVRQDO (OPDWHULDOQRGHEHUi GHIHFKD
$FXHUGRGH-XQWDGH9LJLODQFLDGHOD3URIHVLyQ4XtPLFR)DUPDFpXWLFD1ž6HVLyQGHIHFKD
3iJLQDGH
_________________________________________________________________________
5HFHWDULR SUHSDUDFLRQHV
IDUPDFpXWLFDV SRU UHFHWD
PpGLFD
5HFHWDULR SUHSDUDFLRQHV
IDUPDFpXWLFDV SDUD LQYHQWDULR
GHYHQWDV
/LEURVGH&RQVXOWD
([WLQWRU
%RWLTXtQGHHPHUJHQFLD
5HIULJHUDGRUD
GDxDU ORV SURGXFWRV QR KD\
UHVWULFFLyQ HQ FXDQWR DO WDPDxR
/RVSURGXFWRVVLHPSUHGHEHQHVWDU
HQORVHVWDQWHVSURWHJLGRVGHODOX]
VRODUGLUHFWD
6L
OD
IDUPDFLD
HODERUDUi
SUHSDUDFLRQHV IDUPDFpXWLFDV SRU
UHFHWD PpGLFD GHEHUi FRQWDU FRQ
XQPXHEOHH[FOXVLYRSDUDHVWHILQ
6L
OD
IDUPDFLD
HODERUDUi
SUHSDUDFLRQHV IDUPDFpXWLFDV SDUD
LQYHQWDULRGHYHQWDVGHEHUiFRQWDU
FRQXQiUHDH[FOXVLYDSDUDHVWHILQ
DGHPiV GHEHUi FXPSOLU FRQ ODV
%XHQDV 3UiFWLFDV GH 0DQXIDFWXUD
YLJHQWHV
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU
FRQ 'LFFLRQDULR GH (VSHFLDOLGDGHV
)DUPDFpXWLFDV UHFLHQWH 3/0 $Vt
PLVPR VH UHFRPLHQGD FRQWDU FRQ
)DUPDFRORJtD\0DQXDOGHOHMHUFLFLR
SURIHVLRQDO
6HUHTXHULUiGHXQH[WLQWRUGH.J
GH FDSDFLGDG SRU FDGD PHWURV
FXDGUDGRV $Vt PLVPR VH GHEHUi
FRQWDU FRQ XQ H[WLQWRU H[FOXVLYR
SDUDODERGHJD
6H GHEHUi FRQWDU FRQ XQ ERWLTXtQ
GH HPHUJHQFLD SDUD XVR GHO
SHUVRQDO HVWH GHEHUi FRQWHQHU
PHGLFDPHQWRV GH SULPHURV DX[LOLRV
FRPRPtQLPR
6H UHTXHULUi GH XQD UHIULJHUDGRUD
HQ FDVR TXH OD IDUPDFLD
FRPHUFLDOLFH PHGLFDPHQWRV TXH
WHQJDQ TXH HVWDU UHIULJHUDGRV
YDFXQDV VXSRVLWRULRV ELROyJLFRV
HWF
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
0$<25
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
0$<25
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
0$<25
0LQLVWHULRGH7UDEDMR
\$FXHUGR*HQHUDO
GH-934)1ž
VHVLyQGHIHFKD
0LQLVWHULRGH7UDEDMR
\$FXHUGR*HQHUDO
GH-934)1ž
VHVLyQGHIHFKD
$FXHUGR*HQHUDOGH
-934)1žVHVLyQ
GHIHFKD
0$<25
0$<25
&5,7,&2
5(48(5,0,(172*(1(5$/
'(6&5,3&,Ð1
1ž
3(5621$/
6HGHVFULEHHOSURIHVLRQDOUHTXHULGRSDUDODDSHUWXUD\IXQFLRQDPLHQWR
1250$7,9$48(
5(48(5,0,(1726
)81'$0(17$/$ &/$6,),&$&,Ð1'(/
'(6&5,3&,Ð1
(63(&Ì),&26
62/,&,78''(/
5(48(5,0,(172
5(48(5,0,(172
6H UHTXLHUH GH XQ SURIHVLRQDO
$UW OLWHUDO ³X´ GHO
5HJHQWH
4XtPLFR )DUPDFpXWLFR SDUD OD
&5,7,&2
&yGLJRGH6DOXG
UHJHQFLDGHODIDUPDFLD
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU
$FXHUGR GHO &RQVHMR
FRQ HO QRPEUH GHO UHJHQWH YLVLEOH
,GHQWLILFDFLyQ
6XSHULRU GH 6DOXG
0$<25
SDUD ORV XVXDULRV DVt FRPR VX
3XEOLFD
Q~PHUR GH DXWRUL]DFLyQ GH OD
$FXHUGRGH-XQWDGH9LJLODQFLDGHOD3URIHVLyQ4XtPLFR)DUPDFpXWLFD1ž6HVLyQGHIHFKD
3iJLQDGH
_________________________________________________________________________
/LFHQFLDGHIXQFLRQDPLHQWR
-934) FXDQGR HVWp DXWRUL]DGR HO
HVWDEOHFLPLHQWR
(O HVWDEOHFLPLHQWR GHEHUi FRQWDU
$FXHUGR GHO &RQVHMR
FRQ OD OLFHQFLD GH IXQFLRQDPLHQWR
6XSHULRU 'H 6DOXG
YLVLEOH SDUD ORV XVXDULRV FXDQGR
3XEOLFD
HVWpDXWRUL]DGRHOHVWDEOHFLPLHQWR
0$<25
PARA MAYOR INFORMACION
CONSULTA TELEFONICA:
2121 – 2577
2121 – 2578
Gentilmente atendido por la Sección de Inspectoría de la Junta
de Vigilancia de la Profesión Químico Farmacéutica.
CONSULTA ELECTRONICA: inspectoriajvpqf@cssp.gob.sv
CONSEJO SUPERIOR DE SALUD PUBLICA, TEL: 2121-2525
$FXHUGRGH-XQWDGH9LJLODQFLDGHOD3URIHVLyQ4XtPLFR)DUPDFpXWLFD1ž6HVLyQGHIHFKD
3iJLQDGH
$1(;2+RMD9RODQWH7HQWDWLYD
)$50$&,$6$17$
$/(*5Ì$
7H2IUHFH
7H2IUHFH
$PSOLDYDULHGDGGHPHGLFDPHQWRVJHQpULFRVGH
HVSHFLDOLGDG\SRSXODUHV
HVSHFLDOLGDG\SRSXODUHV
+RUDULRVGHDWHQFLyQ
+RUDULRVGHDWHQFLyQ
'H/XQHVD9LHUQHVGHDPDSP
'H/XQHVD9LHUQHVGHDPDSP
6iEDGR\'RPLQJRGHDPDSP
6iEDGR\'RPLQJRGHDPDSP
(VWDPRVXELFDGRVHQHOSDVDMH
(VWDPRVXELFDGRVHQHOSDVDMH%ORFN&
FRORQLD6DQWD$OHJUtD&LXGDG'HOJDGR
FRORQLD6DQWD$OHJUtD&LXGDG'HOJDGR
$1(;23iJLQD
0(',&$0(17261(&(6$5,26(1/$6)$50$&,$6'(18(9$$3(5785$
0(',&$0(1726
•
$QWLSDUDVLWDULRV
•
$FHLWHGH5LFLQRHQIUDVFRV
•
$QWLELyWLFRV\VXOIRQDPLGDV
•
ÈFLGR$FpWLFRFRPHUFLDO
•
$QWLPLFyWLFRVVLVWpPLFRV\WySLFRV
•
ÈFLGR%yULFRHQSROYRVREUHV
•
$QWLYLUDOHV
•
$JXD2[LJHQDGDGH\YRO~PHQHV
•
$QWLVpSWLFRV\DQDOJpVLFRVXULQDULRV
•
$OXPEUHGHWHUUyQ
•
$QWLKLSHUWHQVLYRV
•
$GUHQDOLQD DPSROODV HQ DJXD 9HQWD
HVWULFWDPHQWHFRQUHFHWDPpGLFD
•
$QWLDQJLQRVRV\YDVRGLODWDGRUHV
•
•
$OFRKROHWtOLFRGHƒ
$QWLFRDJXODQWHV
KHPRVWiWLFRV
•
$]XOGH0HWLOHQRWLQWXUD
•
•
$]XIUHVXEOLPDGRIORU
$QWLDUWUtWLFRV
$QWLUUHXPiWLFRV
$QWLLQIODPDWRULRVQRHVWHURLGHV
•
$OFDQIRUHQSDQHVRSROYR
$QDOJpVLFRV
•
•
$WURSLQD DPSROODV J 9HQWD
HVWULFWDPHQWHFRQUHFHWDPpGLFD
$QWLFROLQpUJLFRV\DQWLHVSDVPyGLFRV
•
•
$QWLDVPiWLFRV\%URQFRGLODWDGRUHV
•
%LFDUERQDWRGHVRGD
•
•
&DODPLQDORFLyQVLPSOH\FRPSXHVWD
$QWLWXVtJHQRV
0XFROtWLFRV
•
•
0DQWHFDGHFDFDR
$QWLiFLGRV\GHPiVDJHQWHVGHXVRD
QLYHO*DVWURLQWHVWLQDO
•
0HUFXUR&URPRWLQWXUD
•
$QWLFRQYXOVLYRV
•
Ï[LGRGH=LQFVREUHV
•
$QWLPLJUDxRVRV
•
7LQWXUDGH<RGRIUDVFRV
•
$QWLFRQFHSWLYRVRUDOHV\SDUHQWDOHV
•
7LQWXUDGH0HUWLRODWRIUDVFRV
•
'HUPDWROyJLFRV
•
9DVHOLQDVyOLGDHQWDUURV
•
'HXVRHQ*LQHFRORJtD
•
9DVHOLQDOtTXLGD
•
'LXUpWLFRV
$QWDJRQLVWDV
([SHFWRUDQWHV
\
\
$1(;23iJLQD
•
(OHFWUROLWRV\VROXFLRQHVSDUHQWDOHV
•
+HPDWtQLFRV
•
$OJRGyQKLGUyILORHVWHULOL]DGR
•
+LSRJOXFHPLDQWHV
•
•
2IWDOPROyJLFRV\2WLFRV
-HULQJDV KLSRGpUPLFDV GH FF FF \
FF
5HODMDQWHVPXVFXODUHV
•
(VSDUDGUDSRGHB[[B[\[
•
6HGDQWHV
•
•
*DVDDEVRUEHQWHHVWHULOL]DGD VREUHV\
UROORV
•
9DFXQDVWR[RLGHVDQWLWR[LQDV
•
9HQGDVHOiVWLFDVGH´´´\´
•
9LWDPLQDV
•
7HUPyPHWURVRUDOHV\UHFWDOHV
•
,UULJDGRUHVFRPSOHWRGHOLWUR
62/9(17(6
•
$FHWRQD
•
$JXDGHVWLODGDFFFF\FF
•
6XHUR ILVLROyJLFR DPSROODV \
FF
•
$OFRKROSXURGHƒ
0$7(5,$/(6
(48,326
•
([WLQWRUGH)XHJR
•
5HIULJHUDGRU
/,%526
•
3URQWXDULRGHO4XtPLFR )DUPDFpXWLFR\
&yGLJRGH6DOXG
$1(;23iJLQD
0(',&$0(1726&203/(0(17$5,26
$
$FHWDPLQRIHQ[0.
$OHUILQWDE
$OND6HOW]HUWDE
$OND$'[
$VSLULQD[
$VSLULQDIRUWH[
$VSLULQLWD[
%
%DFDROLQLWDSHT
%DFDROLQLWDJGH
%D\WDOFLGWDE
%LQRWDOWDE
%URQFRILQMEH
&
&DIL$VSLULQDFDS[
&DPSRORQDPSFF
&DPSRORQYLJRU
&DUGLR$VSLULQD[
&HUHEURIRV&DS
&HWDIUHQWDE
&HWDPROFRPSXHVWRWDE
&HWDPRO7DE
&ROLSD[[
'
'RORILQURMDWDE
'RORILQIOH[
'RORILQ$5WDE
'RORILQ0(6WDE
'RORILQDQWLJULSDOWDE
'RULYDO[WDE
'RULYDOFDS
(
(QWHURJXDQLOWDE
(VSDVPRILQWDE
)
)RUWLSOH[DPSFF
)RUWLSOH[8OWUD[WDE
IRVNURO[
IRVNURO[DPSEHE
IRVNURO[DPSEHE
IRVNUROMEHQLxR
IRVNUROMEHDGXOWR
*
*HULDWULN[
+
+RQJRVDQROVREUHV
,
,QWHVWLQRPLFLQDWDE
0
0HERFDLQDWDE
0XFREUR[ROMEH
1
1HXURIHUULFDO[DPS
1HXURIHUULFDO[DPS
1HXURELRQ[WDE
1HXURELRQDPS
1HXURFDPSRORQDPS
1HXURFDPSRORQ(QHUJ\DPS
1RYDOJLQD[
2
2GRQWDOJLFRVREUHV
2GRQWDOJLFRWDE
2UDOGH[VXHUR
3
3DQDOGRO$QWLJULSDOWDE
3DQDGRO([WUDIXHUWHWDE
3DQDGRO0XOWLVLQWRPDVWDE
3DQDGRO8OWUDWDE
3DQDGROPXMHUWDE
3HQLFLOLQDODWDORSH]
3HQLFLOLQDODWD0RUD]DQ[
3HSWR%LVPROWDE
3LRMLQ
3LUR[LFDPWDE
3RPDGDUD\R[
3XOPR]LQDVREUHV
3XOPRJULSMEH
3XOPRYLGDMEH
6
6DO$QGUHZVWDE
6DO$QGUHZV7$
6DQDSLHVREUHV
6LQVXHxRWDE
$1(;23iJLQD
7
7DEFLQ$GXOWRWDE
7DEFLQ*7()$1WDE
7DEFLQ30\*7FDS[
7DEFLQ,QIDQWLOWDE
7DPWXQWDE
7HWUDFLOLQDPJFDS
7HWUDFLOLQDPJFDS
7LDPLQDWDE
7LDPLQDDPS
8
8OWUD'RFHSOH[DPS
8OWUD'RFHSOH[DPSEHE
8URILQWDE\VREUHV
9
9LWDJULSFDMD
9LWDPLQD&0.
9LWDO[
9LURJULSFDS
9LURJULSDPS
9LURJULSVREUHV[
9LFNODWD
9LFNVREUHV
<
<RGRFORULQDWDE[
=
=RUULWRQHFDUDPHOR
=RUULWRQHMDUDEH
727$/
$1(;23iJLQD
0(',&$0(1726'((63(&,$/,'$'
Cantidad
2
1
1
2
1
1
1
1
1
1
2
1
20
2
2
1
1
3
2
2
3
1
1
1
2
2
1
1
1
1
1
1
1
3
1
1
1
Nombre
Anara Gotas
Topron Jarabe
Tylex 750mg x 20
Dolomenalgil amp.
Fastum Gel
Recto Menaderm Crema
Nor - Clovir x 10 Tab.
Nor - Gerom 25 x 50
Bactrim Forte x 10 Tab.
Sildenafil 100 plus x 2
Prevensil amp.
Fibromucilan DB polvo
Domeboro sobres
Mesigyna amp.
Doloneurobion amp.
Dexaneurobion amp.
Sukrol x 100
Aderogyl adulto amp.
Colubiazol spray
Probanova Forte amp.
Unicil LA 1,200,000 amp.
Principal Forte jarabe
Trigentax 40 gr.
Amecdal x 4
Ceftriaxona amp.
Uvamin retard x 20
Tantum verde spray
Aford x 100
Kamillosan spray
Bilokan Complex x 30
Nimotop x 30
Levitra 20 x 1
Doxium 500 x 30
Benzetazil 1,200,000 amp.
Activarol C 500 x 24 amp.
Triderm crema
Lipitor 10 x 20
TOTAL
Precio Total
$12.21
$12.09
$7.03
$11.71
$12.60
$10.72
$20.72
$11.68
$21.06
$9.52
$8.66
$7.96
$12.64
$12.78
$14.74
$8.62
$8.46
$13.18
$16.72
$8.75
$13.80
$12.95
$15.26
$9.04
$18.80
$19.20
$7.44
$8.80
$10.95
$8.13
$23.86
$11.84
$32.22
$18.14
$17.92
$20.84
$35.25
$526.29
ANEXO 13
(Página 1/6)
SAN SALVADOR, 4 DE SEPTIEMBRE 2009
Sr. Moisés Romero
Presente
Se le saluda cordialmente, en este mensaje se le anexa la información que se nos solicito
sobre nuestros productos de los que usted se encuentra interesado. Esperamos que la
información le sea de ayuda.
Cantidad
Nombre
2
Silla Secret.
Negra
Identificación
Precio
Unitario
Precio Total
$28.90
$57.80
$64.90
$64.90
$459.00
$459.00
Item #: 11101
1
Escritorio para
estudiante
Item #: 13295
1
Computadora
ACER EL600
Item #: 14742
ANEXO 13
(Página 2/6)
$39.90
1
Impresora HP
D1660
$39.90
Total*
$621.60
Todos los pedidos por teléfono e Internet, son entregados en la dirección que nos indique,
sin cargo extra, salvo el caso de ciudades en las que Office Depot® no cuente con tienda.
Teléfono: 800 91 91
E-mail: sclientessv@officedepot.com.sv
*Los precios totales incluyen IVA.
$1(;2
ǤǤ͗ͺ͸ͺǤǤǤ͸ͻͽͻͽͻͽ͸ͼ͹ͺ͸ͷͶ
SAN SALVADOR, 4 DE SEPTIEMBRE 2009
6(f25(6
35(6(17(
$WQ0RLVpV5RPHUR
$35(&,$%/(66(f25(6
/HVVDOXGDPRVFRUGLDOPHQWHGHVHiQGROHVp[LWRVHQVXVDFWLYLGDGHVODERUDOHV\SHUVRQDOHV
4XHUHPRVGDUOHVDFRQRFHUORVSUHFLRVGHH[WLQWRUHVFRQWUDLQFHQGLRV
'HWDOOHHTXLSRQXHYR
81,'$'727$/
([WLQWRUHVGHOLEUDV&R%&
IDEULFDFLyQ86$
(175(*$,10(',$7$
,QVWDODFLyQVLQFRVWRDGLFLRQDO
6(59,35,6$(6)25=$1'26(325686(*85,'$'</$'(68(035(6$
//$0(126<&21),50(1266825'(1'(&2035$6(5È813/$&(5$7(1'(5/(6
$7(17$0(17(
-XDQ*X]PiQ
6(59,35,6$
$1(;2
5(680(1'(&27,=$&,21(6
Proveedor
Nombre
Cantidad
FERRETERÍA
FREUND
Ventilador
2
Identificación
Precio
Unitario
Precio
Total
$35.00
$70.00
$50.00
$50.00
$60.00
$60.00
$225.53
$225.53
$30.00
$30.00
Honeywell Super
Potencia HT-900E
ELECTROLAB
MEDIC
Sistema de
Control de
Temperatura
1
FERRETERÍA
FREUND
Cerradura
Eléctrica
1
Digital con Sensor
Máxima/MínimaAlarma- Luz
Cerradura Eléctrica
2050*30 Scanavini
LA CURACAO Refrigeradora
1
Samsung 4.1” con
congelador.
RG NIETO
Contómetro
1
Canon Modelo
MP41-DHII
Proveedor
Nombre
SERVI
PROINTO
Estantes de
Vidrio 1x1
mts.
SERVI
PROINTO
SERVI
PROINTO
$1(;2
Cantidad
Identificación
Precio
Unitario
Precio
Total
1
$110.00
$110.00
Estantes de
Vidrio 1x2
mts.
2
$170.00
$340.00
Estantes de
Vidrio 2x2
mts.
1
$340.00
$340.00
TOTAL
$1,225.53
Ž
6DQ6DOYDGRUGH2FWXEUHGH
6HxRU
02,6(6520(52
3UHVHQWH
'HQXHVWUDSDUWHUHFLEDXQDIHFWXRVRVDOXGRGHVHiQGROHp[LWRVHQVXVODERUHVFRWLGLDQDV$FRQWLQXDFLyQ
QRVSHUPLWLPRVGHWDOODUOHVOD&RWL]DFLyQVROLFLWDGDSRUXVWHGHVVREUHORVVHUYLFLRVGH,PSUHVLyQ'LJLWDO
•
•
,PSUHVLyQ 'LJLWDO GH $ILFKHV ,PSUHVRV HQ SDSHO )ROGNRWH EULOODQWH XQD FDUD D WRGR FRORU
WDPDxR[
,PSUHVLyQ'LJLWDOGH7DUMHWDVGH3UHVHQWDFLyQ,PSUHVRVHQSDSHO)ROGNRWHEULOODQWHDDPERV
ODGRVDWRGRFRORUWDPDxR[WLUR\UHWLUR
(672635(&,2612,1&/8<(1,9$
)RUPDGH3DJR&RQWUDHQWUHJD
6LQRWURSDUWLFXODU\DODHVSHUDGHSRGHUVHUYLUOHVTXHGDPRVGHXVWHGHVDJUDGHFLGRV
+(&725('8$5'25,9$6
(MHFXWLYRGH9HQWDV
7HO([WHQVLyQ
&HO
Descargar