)$&8/7$''(&,(1&,$6(&21Ï0,&$6<$'0,1,675$7,9$6 3/$1'(,03257$&,Ï1'(3$57(6<3,(=$6'(6863(16,Ï13$5$ 75$,/(5'(6'(&+,1$%$-2(/5e*,0(1'($'0,6,Ï17(0325$/ 3$5$3(5)(&&,21$0,(172$&7,92<5((;3257$&,Ï1+$&,$ &2/20%,$(1(/3(5,2'2 7UDEDMRGH7LWXODFLyQSUHVHQWDGRHQFRQIRUPLGDGDORVUHTXLVLWRV HVWDEOHFLGRVSDUDRSWDUSRUHOWtWXORGH 7HFQyORJRHQ([SRUWDFLRQHVH,PSRUWDFLRQHV 3URIHVRUD*XtD ,QJ.DURO,YRQQH5XL]*XHUUD $XWRU 5LFDUGR*DEULHO)UHLUH2xDWH $xR LL '(&/$5$&,Ï1'(/352)(625*8Ë$ ³'HFODUR KDEHU GLULJLGR HVWH WUDEDMR D WUDYpV GH UHXQLRQHV SHULyGLFDV FRQ HO HVWXGLDQWH RULHQWDQGR VXV FRQRFLPLHQWRV SDUD XQ DGHFXDGR GHVDUUROOR GHO WHPD HVFRJLGR \ GDQGR FXPSOLPLHQWR D WRGDV ODV GLVSRVLFLRQHV YLJHQWHV TXH UHJXODQORV7UDEDMRVGH7LWXODFLyQ´ BBBBBBBBBBBBBBBBBBBBB .DURO,YRQQH5XL]*XHUUD ,QJHQLHUD&RPHUFLDO && LLL '(&/$5$&,Ï1'($8725Ë$'(/(678',$17( ³'HFODUR TXH HVWH WUDEDMR HV RULJLQDO GH PL DXWRUtD TXH VH KDQ FLWDGR ODV IXHQWHVFRUUHVSRQGLHQWHV\TXHHQVXHMHFXFLyQVHUHVSHWDURQODVGLVSRVLFLRQHV OHJDOHVTXHSURWHJHQORVGHUHFKRVGHDXWRUYLJHQWHV´ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5LFDUGR*DEULHO)UHLUH2xDWH && LY $*5$'(&,0,(172 0L WRWDO DJUDGHFLPLHQWR KDFLD ',26 TXH HVODSDUWHIXQGDPHQWDOGHPLYLGDODFXDO PH OOHQD GH OX] \ IXHU]D SDUD OD UHDOL]DFLyQ GH WRGRV PLV SUR\HFWRV \ DVSLUDFLRQHV 0LV JUDFLDV LQILQLWDV KDFLD PLV 3DGUHV \ +HUPDQDORVFXDOHVKDQHVWDGRSUHVHQWHV FRQ VXV FRQVHMRV \ D\XGD HQ WRGDV ODV HWDSDV GH PL YLGD \ KDQ VLGR LQFRQGLFLRQDOHVHQWRGRPRPHQWR 0L PiV VLQFHUR DJUDGHFLPLHQWR D PLV PDHVWURV ORV FXDOHV KDQ VLGR HO SLODU IXQGDPHQWDO HQ FRQRFLPLHQWR SDUD SRGHU KDFHUUHDOLGDGHVWHSUR\HFWR Y '(',&$725,$ (VWH WUDEDMR VH OR GHGLFR D PLV 3$'5(6 ORV FXDOHV VRQ XQD SDUWH IXQGDPHQWDO GH LQVSLUDFLyQ \ JXtD HQ PL YLGD VREUH WRGR HQHVRVPRPHQWRVGLItFLOHVHQPLYLGD YL 5(680(1 (O SUHVHQWH SODQ VH EDVD HQ OD QHFHVLGDG GH HVWDEOHFHU XQ SURFHVR SDUD OD LPSRUWDFLyQ GH SDUWHV \ SLH]DV GH VXVSHQVLyQ SDUD WUiLOHU EDMR HO UpJLPHQ GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR \ UHH[SRUWDFLyQ KDFLD &RORPELD VLJXLHQGR XQD FDGHQD ORJtVWLFD EDViQGRVH HQ SURFHGLPLHQWRV \ SURFHVRVDGHFXDGRVSDUDPLQLPL]DUORVFRVWRV\WLHPSRVHPSOHDGRV 6H DQDOL]DUDQ ODV FDUDFWHUtVWLFDV XVRV \ EHQHILFLRV GH ODV SDUWHV \ SLH]DV GH VXVSHQVLyQSDUDWUDLOHUDVtJDUDQWL]DUHPRVTXHVHDHOSURGXFWR UHTXHULGR SRU HOPHUFDGRFRORPELDQR )LQDOPHQWH VH GDUiQ ODV UHFRPHQGDFLRQHV \ FRQFOXVLRQHV SDUD OD LPSOHPHQWDFLyQ GHO SURFHVR GH LPSRUWDFLyQ \ UHH[SRUWDFLy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Ë1',&( ,1752'8&&,Ï1 3/$17($0,(172'(/352%/(0$ 35(*817$6'(,19(67,*$&,Ï1 )2508/$&,Ï1'(+,3Ï7(6,6 2%-(7,926 2EMHWLYR*HQHUDO 2EMHWLYRV(VSHFtILFRV -867,),&$&,Ï1 0(72'2/2*Ë$ 0$5&27(Ï5,&2 (/352'8&72(1(/0(5&$'2'(25,*(1 &$5$&7(5Ë67,&$6 < 862 '( 3$57(6 < 3,(=$6 '( 6863(16,Ï13$5$75$,/(5(1&+,1$ &DUDFWHUtVWLFDVGHO3URGXFWR &DUDFWHUtVWLFDVGH6XVSHQVLyQSDUD7UiLOHU )LFKD7pFQLFD /D6XVSHQVLyQ /RV(MHV /RVSDTXHWHVGH5HVRUWH 8VRVGHO3URGXFWR &Ï',*2$5$1&(/$5,2 %DVH/HJDOGHOD3DUWLGD 'HWHUPLQDFLyQGHODSDUWLGDDUDQFHODULD 352'8&&,Ï1<2)(57$(1(/0(5&$'2'(25,*(1 /XJDUHV GRQGH VH IDEULFD \ VH SURGXFH ODV SDUWHV \ SLH]DVGHVXVSHQVLyQ &DQWLGDGTXHVHSURGXFH (;3257$&,21(6 '(/ 352'8&72 6(/(&&,21$'2 '(/3$Ë6'(25,*(1$/081'2 ([SRUWDFLRQHVHQ9DORU $1È/,6,6 '(/ 0(5&$'2 (&8$725,$12 < &2/20%,$12 352'8&&,Ï1/2&$/ ,03257$&,21(6'(/352'8&72'(6'((&8$'25 ,PSRUWDFLRQHVUHDOL]DGDVSRU(&8$'25GHODSDUWLGD DUDQFHODULD $PRUWLJXDGRUHV GH 6XVSHQVLyQGH9HKtFXORV$XWRPyYLOHV ,03257$&,21(6'(/352'8&72352&(6$'2'(6'( &2/20%,$ ,PSRUWDFLRQHV UHDOL]DGDV SRU &RORPELD GH OD SDUWLGD DUDQFHODULD ORV GHPiV UHPROTXHV \ VHPLUHPROTXHV ,PSRUWDFLRQHVGHUHPROTXHV\VHPLUHPROTXHVGHVGH HOUHVWRGHOPXQGRKDFLD&RORPELDHQWRQHODGDV $&8(5'2635()(5(1&,$/(63$57,'$$5$1&(/$5,$ '(&+,1$&21(&8$'25 (O&HUWLILFDGRGH2ULJHQ %$55(5$6'((175$'$ %DUUHUDV$UDQFHODULDV 'HUHFKRV$UDQFHODULRV 'HUHFKRV$GYDORUHP 'HUHFKRVDQWLGXPSLQJ %DUUHUDVQR$UDQFHODULDV 5(48,6,726'((03$48(<(0%$/$-( 0$5&$'2<5278/$'2 3LFWRJUDPDV 352&(62 '( ,03257$&,Ï1 '( 3$57(6 < 3,(=$6 '( 6863(16,Ï1 3$5$ 75È,/(5 %$-2 (/ 5e*,0(1 '( $'0,6,Ï1 7(0325$/ 3$5$ 3(5)(&&,21$0,(172$&7,92 )/8-2 '(/ 352&(62 '( ,03257$&,Ï1 35,0(5$ )$6( 5(48,6,726 < 75È0,7(6 3$5$ /$ ,03257$&,Ï1 '( 3$57(6<3,(=$6'(6863(16,Ï1'(6'(&+,1$ %$6(/(*$/ 75$0,7('('(6$'8$1,=$&,Ï1 ,1&27(50 '( /$ ,03257$&,Ï1 '( /$6 3$57(6 < 3,(=$6'(6863(16,Ï13$5$75È,/(5 /2*Ë67,&$'(,03257$&,Ï1 (QYDVH (PSDTXH (PEDODMH &217(1('25'(3,(6 'HWHUPLQDFLyQ GH OD FDQWLGDG GH SDUWHV \ SLH]DV GH VXVSHQVLyQDLPSRUWDU 3URFHGLPLHQWRSDUDFXELFDU &iOFXOR GH FDMD PDVWHU VREUH XQ SDOOHW DPHULFDQR &26726'(,03257$&,Ï1 &RWL]DFLRQHVGHIOHWHPDUtWLPR &DOFXORGHOVHJXURGHODFDUJD &iOFXOR GH OLTXLGDFLyQ GH OD LPSRUWDFLyQ GH SDUWHV \ SLH]DVGHVXVSHQVLyQ &iOFXORGHSUHFLRGHYHQWDDOS~EOLFR393 )OXMRGHUHH[SRUWDFLyQ ,1752'8&&,Ï1 5HTXLVLWRVSDUDREWHQHUHOFHUWLILFDGRGHRULJHQ 'HFODUDFLyQMXUDGDGHOSURGXFWRURH[SRUWDGRU 7UDPLWH &21&/86,21(6<5(&20(1'$&,21(6 $1È/,6,6 '(/ &803/,0,(172 '( /26 2%-(7,926 3/$17($'263$5$(/75$%$-2'(7,78/$&,Ï1 &RQFOXVLRQHV 5HFRPHQGDFLRQHV &20352%$&,Ï1'(/$+,3Ï7(6,63/$17($'$ 275$6&21&/86,21(65(/(9$17(6 5()(5(1&,$6 $1(;26 &$3,78/2,,1752'8&&,Ï1 3/$17($0,(172'(/352%/(0$ /D LPSRUWDFLyQ GH OD VXVSHQVLyQ FRPSOHWD DUPDGD SDUD WUDLOHU LQJUHVD DO PHUFDGRHFXDWRULDQRDXQSUHFLRPX\HOHYDGRSRUFXHVWLyQGHWULEXWRV\IOHWH SRU HVWD UD]yQ PXFKRV WUDQVSRUWLVWDV RSWDQ SRU DGTXLULU SDUWHV \ SLH]DV GH VXVSHQVLRQHVXVDGDVDXQPHQRUSUHFLRSHURVLQQLQJXQDJDUDQWtD 35(*817$6'(,19(67,*$&,Ï1 x ¢&XDOHVVRQODVPHWDV\REMHWLYRVTXHVHTXLHUHDOFDQ]DUFRQODSUHVHQWH LQYHVWLJDFLyQGHQWURGHXQPDUFRWHyULFR" x ¢4XH FHUWLILFD TXH HO SURGXFWR VHD GH XQD PHMRU FDOLGDG DO SURGXFWR \D H[LVWHQWH HQ HO PHUFDGR FRORPELDQR \ TXH JDUDQWL]D VX DFRJLGD HQ HO PLVPR" x ¢&XDOHVHOSURFHVRSDUDLPSRUWDUODVSDUWHV\SLH]DVGHVXVSHQVLyQSDUD WUDLOHU GHVGH &KLQD \ FXDOHV VRQ ORV DFXHUGRV SUHIHUHQFLDOHV FRQ HVH SDtV" x ¢&XiOHV VRQ ORV UHTXLVLWRV \ WUiPLWHV GH H[SRUWDFLyQ TXH VH GHEH WRPDU HQFXHQWDSDUDH[SRUWDUORVSURGXFWRVDOPHUFDGRFRORPELDQR\DWUDYpV GHTXpPHGLRGHWUDQVSRUWHVHORYDKDFHU" x ¢6HFXPSOLUiORVREMHWLYRVSODQWHDGRVHQHVWHSUR\HFWRGHLPSRUWDFLyQ\ H[SRUWDFLyQGHSDUWHV\SLH]DVSDUDWUDLOHUGHVGH&KLQDKDFLD&RORPELD" )2508/$&,Ï1'(+,3Ï7(6,6 /D LPSRUWDFLyQ GH SDUWHV \ SLH]DV GH VXVSHQVLRQHV SDUD WUDLOHU LQJUHVDUD D (FXDGRUFRQODVXVSHQVLyQGHWULEXWRVDUDQFHODULRVSRUORFXDOVHUHGXFLUiQORV FRVWRVGHLPSRUWDFLyQGHHVWDPDQHUDVHSURFHGHUiDHQVDPEODUODVSDUWHV\ SLH]DV EDMR HO UpJLPHQ GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR FRQWLQXDQGR FRQ OD UHH[SRUWDFLyQ GHO SURGXFWR DUPDGR KDFLD HO PHUFDGR FRORPELDQR 2%-(7,926 2EMHWLYR*HQHUDO x 5HDOL]DU OD LPSRUWDFLyQ EDMR HO UpJLPHQ GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR GH SDUWHV \ SLH]DV GH VXVSHQVLyQ SDUD VX HQVDPEODMH HQ 4XLWR \ 5HH[SRUWDFLyQ GH HTXLSRV DUPDGRV SDUD HO PHUFDGRFRORPELDQR 2EMHWLYRV(VSHFtILFRV x ,GHQWLILFDU GHO SODQ GH OD LQYHVWLJDFLyQ SDUD OD LPSRUWDFLyQ GH SDUWHV \ SLH]DVGHVXVSHQVLRQHVSDUDWUiLOHUKDFLD(FXDGRU\FRQUHH[SRUWDFLyQD &RORPELD x ,QYHVWLJDU ODV FDUDFWHUtVWLFDV IRUPDV GH SURGXFFLyQ \ OD PDQHUD GH H[SRUWDFLyQGHODVSDUWHV\SLH]DVGHVXVSHQVLyQSDUDWUiLOHUGHVGH&KLQD KDFLD(FXDGRU x $QDOL]DU ODV LPSRUWDFLRQHV GHO SURGXFWR HQ &RORPELD GH ORV ~OWLPRV DxRVDOLJXDOTXHODFRPSHWHQFLDHLGHQWLILFDUFXiOHVVRQODVEDUUHUDVGH HQWUDGDSDUDGLFKRSURGXFWR x 'HWHUPLQDU ORV UHTXLVLWRV \ WUiPLWHV GH LPSRUWDFLyQ KDFLD (FXDGRU \ GH UHH[SRUWDFLyQ KDFLD &RORPELD GHSHQGLHQGR GHO PHGLR GH WUDQVSRUWH H LQFRWHUPPiVDGHFXDGRSDUDHVWHSUR\HFWR x &RPSUREDUHOFXPSOLPLHQWRGHREMHWLYRV\GHKLSyWHVLVSODQWHDGDVHQHVWH SUR\HFWR GH LPSRUWDFLyQ GH SDUWHV \ SLH]DV GH VXVSHQVLyQ SDUD WUiLOHU GHVGH&KLQDKDFLD(FXDGRU\UHH[SRUWDFLyQD&RORPELD -867,),&$&,Ï1 6DELHQGRTXHHOPHUFDGRGHQXHVWURSDtVHVWiHQXQFRQVWDQWHFUHFLPLHQWR\ GHVDUUROORHOFXDOHVWiFRQHFWDGRFRQHOWUDQVSRUWHSHVDGRSDUDODPRYLOL]DFLyQ GHPDWHULDOHVSURGXFWRVRLQVXPRV(OWUDEDMRGHLQYHVWLJDFLyQVHKDHQIRFDGR HQODLPSRUWDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQSDUDWUiLOHU\VXHQVDPEODMH HQ4XLWRSDUDUHH[SRUWDFLyQDOPHUFDGRFRORPELDQR /D LPSRUWDFLyQ VH YD D UHDOL]DU EDMR HO UpJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR (V HO UpJLPHQ DGXDQHUR TXH SHUPLWH HO LQJUHVR DO WHUULWRULR DGXDQHUR HFXDWRULDQR FRQ VXVSHQVLyQ GHO SDJR GH ORV GHUHFKRV H LPSXHVWRVDODLPSRUWDFLyQ\UHFDUJRVDSOLFDEOHVGHPHUFDQFtDVGHVWLQDGDVD VHU H[SRUWDGDV OXHJR GH KDEHU VLGR VRPHWLGDV D XQD RSHUDFLyQ GH SHUIHFFLRQDPLHQWREDMRODIRUPDGHSURGXFWRVFRPSHQVDGRUHVVHSURFHGHUiD ODUHH[SRUWDFLyQGHORVHTXLSRVDUPDGRVDOPHUFDGRFRORPELDQRVDWLVIDFLHQGR ODV QHFHVLGDGHV GHO FOLHQWH GH HVWH SDtV DO WHQHU DFFHVR D XQ SURGXFWR JDUDQWL]DGR\DXQPHQRUSUHFLRGHHVWDPDQHUDVHDSRUWDUDFRQHOGHVDUUROOR GHODLQGXVWULDHFXDWRULDQD\VHJHQHUDUDQIXHQWHVGHHPSOHRHQHOSDtV 0(72'2/2*Ë$ (QHOSULPHUFDStWXORHVWDUtDPRVDSOLFDQGRHOPpWRGRGHGXFWLYRDOHVWXGLDUORV SRVLEOHV SURYHHGRUHV GH HVWH SURGXFWR \ WRPDU XQD GHFLVLyQ GHO PiV FRQYHQLHQWH SDUD WHQHU XQD YHQWDMD FRPSHWLWLYD GHQWUR GHO PHUFDGR &RORPELDQR (O VHJXQGR FDStWXOR VH EDVDUD HQ HO PpWRGR KLVWyULFR OyJLFR \ DQDOtWLFR GH PDQHUD TXH DVt VH EXVFDUD UHFRSLODU GDWRV HVWDGtVWLFRV GH OD SURGXFFLyQ \ RIHUWD GHO SURGXFWR HQ HO PHUFDGR GH RULJHQ GH DFXHUGR D ODV IXHQWHV GH LQYHVWLJDFLyQXWLOL]DGDV (QHOWHUFHUFDStWXORVHXWLOL]DUDHOPpWRGRKLVWyULFROyJLFR\DQDOtWLFRPHGLDQWH HO FXDO VH HVWXGLDUD ODV LPSRUWDFLRQHV UHDOL]DGDV GHO SURGXFWR GHVGH (FXDGRU KDFLD &RORPELD HQ EDVH D UHFRSLODFLyQ GH LQIRUPDFLyQ SRU ODV IXHQWHV GH LQYHVWLJDFLyQDSOLFDGDV (Q HO FXDUWR FDStWXOR VH DSOLFDUD HO PpWRGR DQDOtWLFR FRQ HO GHGXFWLYR GH PDQHUD TXH VH SXHGD HVWDEOHFHU ORV SURFHVRV FRUUHVSRQGLHQWHV SDUD OD LPSRUWDFLyQGHSDUWHV\SLH]DV GHVXVSHQVLyQ SDUDWUiLOHUEDMR HO 5pJLPHQGH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR \ VX UHH[SRUWDFLyQ DO PHUFDGR FRORPELDQR GH DFXHUGR D ODV OH\HV \ QRUPDWLYDV HVWDEOHFLGDV HQ HO SDtV $O UHDOL]DU HO SODQ JHQHUDO GH LPSRUWDFLyQ VH GHEH FRQVLGHUDU WRGR HO HVWXGLR UHDOL]DGRWHQLHQGRHQFXHQWDORVSXQWRVIXQGDPHQWDOHVORVFXDOHVYDQKDFHUGH HVWDLPSRUWDFLyQXQp[LWR(OUHVXOWDGRGHQXHVWUDLQYHVWLJDFLyQQRVPRVWUDUD ODV UHVSXHVWDV FRUUHFWDV SDUD VXVWHQWDU ODV KLSyWHVLV SODQWHDGDV REMHWLYRV \ UHVXOWDGRV'HHVWDPDQHUDVHDSOLFDUtDHOPpWRGRVLQWpWLFRHQQXHVWUR~OWLPR FDStWXOR 0$5&27(Ï5,&2 (O SURGXFWR D LPSRUWDU FXHQWD FRQ FDUDFWHUtVWLFDV SDUD VX XWLOL]DFLyQ FRPR VXVSHQVLyQHVWDPSDGDGHRHMHVWLSR³WiQGHP´FRQEDODQFHURVKDFLHQGROD IXQFLyQGHWUDVIHULGRUGHFDUJDVHQWUHORVHMHV/DVVXVSHQVLRQHVHVWDPSDGDV SRVHHQ ORV VRSRUWHV FHQWUDOHV \ EDODQFHURV PRGHORV /XY)UHH (VWH FRPSRQHQWH WLHQH FRPR YHQWDMDV SULQFLSDOHV OD H[HQFLyQ GH OD OXEULFDFLyQ PD\RU GXUDELOLGDG SRFR tQGLFH GH UXLGRV \ XQD PD\RU IDFLOLGDG GH PDQWHQLPLHQWR &DUDFWHUtVWLFD GHO VRSRUWH FHQWUDO /XY)UHH HO VRSRUWH HVWDPSDGR FRQ HO EXMH GH DSR\R SDUD ILMDFLyQ GHO EDODQFHUR WRUQLOOR \ WXHUFD SDUD ILMDFLyQ GHO EDODQFHUR DO VRSRUWH EDODQFHUR GHO FXHUSR HVWDPSDGR \ ORV VRSRUWHV GH UHVRUWHV VROGDGRV HO SURGXFWR WLHQH H[SHULHQFLD HQ PHUFDGRV FRPR &RORPELD \ 3HU~ ORV FXDOHV FRPHQWDQ TXH HO SURGXFWR EUDVLOHUR \ DPHULFDQRVHHQFXHQWUDQDSUHFLRPX\HOHYDGR 7RPDQGRHQFXHQWDODSURGXFFLyQ\GHVDUUROORDFWXDOGHOSDtVGH&RORPELDFRQ ODFRQVWUXFFLyQGHFDUUHWHUDVYLYLHQGDVHGLILFLRVUHSUHVDVHWF6HKDYLVWROD QHFHVLGDG GH RIUHFHU SURGXFWRV TXH FXPSODQ FRQ OD GHPDQGD JHQHUDGD \ VH DMXVWHQDORVHVWiQGDUHVGHFDOLGDGWDQWRHQWHFQRORJtDFRPRHQFRVWRV 6H UHDOL]DUD OD LPSRUWDFLyQ GHVGH &KLQD SRUTXH GH DFXHUGR D ORV HVWXGLRV UHDOL]DGRV OD HVWUXFWXUD PDWHULDOHV \ ORV WUDEDMRV HQ KLHUUR VRQ GH EXHQD FDOLGDG \ D XQ SUHFLR PiV EDMR TXH ORV RWURV SDtVHV \D TXH FXHQWDQ FRQ XQD PDQRGHREUDPiVEDUDWD 6HSRGUtDOOHJDUDODFRQFOXVLyQEDViQGRQRVHQODWHRUtDFOiVLFDGH$GDP6PLWK VREUHHOFRPHUFLRLQWHUQDFLRQDOORFXDOSODQWHDODLQWHUDFFLyQ HQWUHFRPHUFLR\ FUHFLPLHQWR HFRQyPLFR 3RU OR WDQWR GHILQH OD GHQRPLQDGD YHQWDMD DEVROXWD FRPR OD TXH WLHQH DTXHO SDtV TXH HV FDSD] GH SURGXFLU XQ ELHQ XWLOL]DQGR PHQRV IDFWRUHV SURGXFWLYRV TXH RWURV HV GHFLU FRQ XQ FRVWH GH SURGXFFLyQ PHQRU6LHQGRHQWRQFHV&KLQDXQRGHORVSDtVHVFRQORVFRVWRVGHSURGXFFLyQ PiV EDMRV TXH HVWiQ HQ OD SRVLELOLGDG GH RIUHFHU D (FXDGRU XQ SURGXFWR JDUDQWL]DGRDXQSUHFLRPXFKRPiVDFFHVLEOHVXWLOL]DQGRYHQWDMDVFRPHUFLDOHV FRPR HO UpJLPHQ GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR \ VX UHH[SRUWDFLyQDOPHUFDGRFRORPELDQR /DORJtVWLFDHVXQDSDUWHLPSRUWDQWHHQODFRPHUFLDOL]DFLyQGHOSURGXFWRXQRGH ORV REMHWLYRV TXH VH EXVFD FRQ OD LQWURGXFFLyQ GHO SURGXFWR HQ HO PHUFDGR FRORPELDQR HV HO GH IDFLOLWDU D ODV HPSUHVDV GH WUDQVSRUWH SHVDGR OD PRYLOL]DFLyQ GH VXV PDWHULDOHV VLHQGR OD FRQVWUXFFLyQ GH YLYLHQGDV HGLILFLRV FDUUHWHUDVVXSULQFLSDOSUHRFXSDFLyQ\DTXHHVDTXtGRQGHVHUHIOHMDODULTXH]D GHXQSDtV 'HHVWDPDQHUDVHHVSHUDREWHQHUUHVXOWDGRVSRVLWLYRVFRQODLPSRUWDFLyQEDMR HO UpJLPHQ GH DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR \ VX UHH[SRUWDFLyQDOPHUFDGRFRORPELDQRHQORLQGLYLGXDO\FROHFWLYRFXPSOLPLHQWR FRQ ODV QHFHVLGDGHV GHO PHUFDGR \ DSRUWDQGR GH XQD PDQHUD HILFD] DO GHVDUUROORGHOSDtV &$3,78/2,,(/352'8&72(1(/0(5&$'2'(25,*(1 &$5$&7(5Ë67,&$6 <862 '(3$57(6 <3,(=$6 '(6863(16,Ï1 3$5$75$,/(5(1&+,1$ &DUDFWHUtVWLFDVGHO3URGXFWR &DUDFWHUtVWLFDVGH6XVSHQVLyQSDUD7UiLOHU /DVXVSHQVLyQPHFiQLFDRGHUHVRUWHHVXQDSDUWHPX\LPSRUWDQWHGHOWUiLOHU HVWH WLSR GH VXVSHQVLyQ IXH FUHDGD SDUD WUDEDMRV SHVDGRV \ SDUD FDPLQRV GLItFLOHVSRUHVWDUD]yQWLHQHXQDPX\EXHQDDFRJLGDHQQXHVWURSDtVGHELGRD TXH D~Q QR WHQHPRV XQD UHJXODFLyQ GH SHVRV \ PHGLGDV HVWi IRUPDGD GH YDULDVSLH]DVODVFXDOHVDOXQLUODVIRUPDQXQDVRODSDUWH\WUDEDMDQHQFRQMXQWR /DVXVSHQVLyQVHHQFXHQWUDXELFDGDHQXQDSDUWHSRVWHULRUGHOWUiLOHU\HVWiHV ODTXHVRVWLHQHORVHMHV\ODVOODQWDVGHOWUiLOHU (VWi IDEULFDGD HQ SODQFKD GH DFHUR HVWDPSDGD HVWR TXLHUH GHFLU TXH IXH FRQIRUPDGD HQ XQD VROD ODPLQD SDUD JDUDQWL]DU PHQRU SHVR \ PD\RU UHVLVWHQFLDHVWiPRQWDGDFRQXQVLVWHPD GHEDODQFtQ\OXEULFDFLyQHQSXQWRV GHGHVJDVWHVRSRUWDGDWDPELpQHQSDTXHWHVGHUHVRUWHGHDFHURHVWUXFWXUDO TXHSHUPLWHTXHODFDSDFLGDGGHFDUJDVHDPD\RU )LFKD7pFQLFD )LJXUD)LFKD7pFQLFD 7RPDGR GH =XUOR KWWSZZZ]XUORFRPEUSURGXWRBLQIRSKS"LG JUXSR 6XVSHQV& %HV6XVSHQVLRQHV )LJXUD6XVSHQVLyQ 7RPDGR GH $OLEDED KWWSZZKWWSZZZDOLEDEDFRPSURGXFWGHWDLO+RWVDOHVHPLWUDLOHU OHDIVSULQJBKWPO"V SZDOLEDEDFRPSURGXFWGHWDLO+RWVDOHVHPLWUDLOHUOHDI VSULQJBKWPO"V S /D6XVSHQVLyQ (O VLVWHPD HV HO HQFDUJDGR GH PDQWHQHU ODV UXHGDV HQ FRQWDFWR FRQ HO VXHOR DEVRUELHQGR ODV YLEUDFLRQHV \ PRYLPLHQWR SURYRFDGR SRU HO GLVFR HQ HO GHVSOD]DPLHQWR SDUD TXH HVWRV JROSHV QR VHDQ WUDQVPLWLGRV DO FKDVLV \ OD FDUJDQRVHYHDDIHFWDGD,PDJHQGHVXVSHQVLyQDUPDGD )LJXUD6XVSHQVLyQ 7RPDGR GH 5DQGRQ %UDVLO KWWSZZZUDQGRQLPSOHPHQWRVFRPEUHVSURGXFWVGHWDLOSLH]DV \QHXPDWLFRVSLH]DV\QHXPDWLFRVUHSXHVWRVRULJLQDOHV /RV(MHV 8QHMHHVWiGHVWLQDGRDJXLDUHOPRYLPLHQWRGHURWDFLyQGHODVOODQWDV$GHPiV GHEH GLULJLU DO GLVFR R WDPERU SDUD TXH QR VH GHVSODFH D[LDOPHQWH DVt FRPR TXHQRFDPELHVXGLUHFFLyQLQYROXQWDULDPHQWHUHVSHFWRDXQHMHSHUSHQGLFXODU /RVSDTXHWHVGH5HVRUWH /DV EDOOHVWDV HVWiQ FRQVWLWXLGDV ILJ LQIHULRU SRU XQ FRQMXQWR GH KRMDV R OiPLQDVGHDFHURHVSHFLDOSDUDPXHOOHVXQLGDVPHGLDQWHXQDVDEUD]DGHUDV TXHSHUPLWHQHOGHVOL]DPLHQWRHQWUHODVKRMDVFXDQGRpVWDVVHGHIRUPDQSRUHO SHVRTXHVRSRUWDQ/DKRMDVXSHULRUOODPDGDKRMDPDHVWUDYDFXUYDGDHQ VXV H[WUHPRV IRUPDQGR XQRV RMRV HQ ORV TXH VH PRQWDQ XQRV FDVTXLOORV GH EURQFH SDUD VX DFRSODPLHQWR DO VRSRUWH GHO EDVWLGRU SRU PHGLR GH XQRV SHUQRV )LJXUD3DTXHWHVGH5HVRUWH 7RPDGR $OLEDED KWWSZZKWWSZZZDOLEDEDFRPSURGXFWGHWDLO+RWVDOHVHPLWUDLOHUOHDI VSULQJBKWPO"V SZDOLEDEDFRPSURGXFWGHWDLO+RWVDOHVHPLWUDLOHUOHDI VSULQJBKWPO"V S 8VRVGHO3URGXFWR /D VXVSHQVLyQ HVWi GLVHxDGD SDUD DEVRUEHU ODV LUUHJXODULGDGHV GHO WHUUHQR GH HVWDPDQHUDQRVGDHVWDELOLGDGHQWUiLOHURHTXLSRGHFDUJDHQVLWLRVGRQGHHO FDPLQRQRVHDGHOWRGRUHJXODU /D VXVSHQVLyQ VH OD XVD HQ GLYHUVRV WLSRV GH WUDLOHUV HV PX\ ~WLO HQ FDPLQRV URFRVRVHLUUHJXODUHV &Ï',*2$5$1&(/$5,2 %DVH/HJDOGHOD3DUWLGD /D20$PDQWLHQHOD1RPHQFODWXUDGHO6LVWHPD$UPRQL]DGRSDUDPHUFDQFtDV \DGPLQLVWUDORVDVSHFWRVWpFQLFRVGHORVDFXHUGRVGHOD2UJDQL]DFLyQ0XQGLDO GHO&RPHUFLR20&VREUH9DORUDFLyQ$GXDQHUD\5HJODVGH2ULJHQ 'HWHUPLQDFLyQGHODSDUWLGDDUDQFHODULD ,GHQWLILFDU D XQD PHUFDQFtD GHQWUR GH XQD SDUWLGD DUDQFHODULD VH GHQRPLQD FODVLILFDFLyQ DUDQFHODULD HVWD LQGLFD ODV WDULIDV TXH SRU OH\ FRUUHVSRQGH FDQFHODU HQ EDVH D ORV LPSXHVWRV JHQHUDOHV GH LPSRUWDFLyQ \ H[SRUWDFLyQ GH DFXHUGRDODVHFFLyQFDStWXOR\VXEFDSLWXORGHLJXDOPDQHUDVHGHEHWRPDUHQ FXHQWDDORTXHLQGLFDQODV5HJODV*HQHUDOHV\FRPSOHPHQWDULDVDVtFRPRODV 1RWDVH[SOLFDWLYDV (O FyGLJR DUDQFHODULR XWLOL]DGR SDUD ODV SDUWHV \ SLH]DV GH VXVSHQVLyQ SDUD WUiLOHU HV GHELGR D OD QDWXUDOH]D XVR \ FDUDFWHUtVWLFDV GHO SURGXFWRDLPSRUWDU3DUWHV\SLH]DVGHVXVSHQVLyQ 3RU OR TXH VH FODVLILFD HQ OD SDUWLGD VXESDUWLGD QDFLRQDO FRPRGHWDOODODWDEOD 7DEOD3DUWLGD$UDQFHODULD '(6*/26($5$1&(/ 180(52 6(&&,Ï1 ;,, &$3,78/2 3$6,67(0$$5021,=$'2 68%3$57,'$5(*,21$/ 68%3$57,'$(&8$'25 '(6&5,3&,Ï1 0$7(5,$/'(75$163257( 9(+Ë&8/26 $8720Ï9,/(6 75$&725(6 9(/2&,3('26<'(0È6 3$57(6 < $&&(625,26 '( 9(+Ë&8/26 $8720Ï9,/(6'(/$63$57,'$6$ 6,67(0$6 '( 6863(16,Ï1 < 686 3$57(6 ,1&/8,'26/26$0257,*8$'25(6 /26'(0È6 7RPDGRGH$GXDQDGHO(FXDGRUKWWSVLFHDGXDQDJREHFLHGDUDQFHO /D SDUWLGD RWURV VLVWHPDV GH VXVSHQVLyQ \ SDUWHV SDJD ORV VLJXLHQWHVWULEXWRV$GYDORUHP)RGLQIDH,9$HOVXXQLGDGHV ItVLFD\QRWLHQHQLQJ~QWLSRGHVDOYDJXDUGLDFRPRFRQVWDHQODWDEOD 7DEOD7ULEXWRVSDUWLGDVRWURVVLVWHPDVGHVXVSHQVLyQ\SDUWHV 7RPDGRGH$GXDQDGHO(FXDGRUKWWSVLFHDGXDQDJREHFLHGDUDQFHO 'DGD OD VLWXDFLyQ TXH OD PHUFDQFtD LQJUHVDUi EDMR XQ UpJLPHQ HVSHFLDO VH VXVSHQGHUiHOSDJRGHWULEXWRVSDUDFXPSOLUFRQODWUDQVIRUPDFLyQ\SXHGDVHU UHH[SRUWDGD FRPR SURGXFWR WHUPLQDGR D &RORPELD 'DGD OD VLWXDFLyQ VH OH SXHGHGDURWURGHVWLQRDGXDQHURDODPHUFDQFtD 3DUDPD\RULQIRUPDFLyQYHUDQH[R 352'8&&,Ï1<2)(57$(1(/0(5&$'2'(25,*(1 /XJDUHV GRQGH VH IDEULFD \ VH SURGXFH ODV SDUWHV \ SLH]DV GH VXVSHQVLyQ 7DEOD3ULQFLSDOHVSURGXFWRUHVGHODSDUWLGDGHOPXQGR YDORU ([SRUWDGRUHV H[SRUWDGD HQ YDORU YDORU YDORU YDORU H[SRUWDGD H[SRUWDGD H[SRUWDGD H[SRUWDGD HQ HQ HQ HQ 0XQGR $OHPDQLD &KLQD -DSyQ 0p[LFR &DQDGi (VSDxD %pOJLFD 3RORQLD (VWDGRV 8QLGRV 7RPDGRGH7UDGHPDSKWWSZZZWUDGHPDSRUJ,QGH[DVS[ D/LVWDGHORVH[SRUWDGRUHVSDUDHOSURGXFWRVHOHFFLRQDGR 3URGXFWRDPRUWLJXDGRUHVGHVXVSHQVLyQGHYHKtFXORVDXWRPyYLOHV 8QLGDG'yODU(8$PLOHV &RPR VH SXHGH REVHUYDU HQ OD 7DEOD &KLQD VH HQFXHQWUD FRPR WHUFHU SURGXFWRU PiV LPSRUWDQWH GH OD SDUWLGD DPRUWLJXDGRUHV \ SDUWHV VXVSHQVLyQOOHJDQGRDDOFDQ]DUHQHODxRXQDYHQWDDQXDOH[SRUWDGDGH PLOHVGHGyODUHV (OPHUFDGRFKLQRKDLGRJDQDQGRHVSDFLR\GHVSOD]DQGRDRWURVSXHVWRTXHDO WHQHUPDQRGHREUDEDUDWDORVFRVWRVEDMDQFRQVLGHUDEOHPHQWH (Q HO VHFWRU DXWRPRWUL] HQ &KLQD H[LVWHQ YDULDV HPSUHVDV HQFDUJDGDV HQ OD HODERUDFLyQGHSDUWHV\SLH]DVVHDHVWDVGHDXWRPyYLOHVEXVHVFDPLRQHV /D HPSUHVD FKLQD %HLTXL )RWRQ 0RWRUV HV XQD GH ODV SULQFLSDOHV HPSUHVDV TXHH[SRUWDQDOPHUFDGRPXQGLDO /DVJUDQGHVFLXGDGHV\SDtVHVPDQXIDFWXUHURVVRQ x &KLQD±+RQJ±.RQJ x %UDVLO x 0p[LFR x 7DLZiQ &DQWLGDGTXHVHSURGXFH /D HPSUHVD FKLQD %HLTXL )RWRQ 0RWRU HQ ORV ~OWLPRV DxRV KD WHQLGR XQ FUHFLPLHQWR PX\ LPSRUWDQWH QR REVWDQWH H[LVWHQ HPSUHVDV GH PHQRU WDPDxR SHURFRQPXFKDSUR\HFFLyQ\H[SHFWDWLYDVGHFUHFLPLHQWR 4LQJGDR /HMDQR 2ULHQWH 0HWDO)DE &R /WG (V XQD HPSUHVD PHGLDQD HTXLSDGDFRQHTXLSRVGHSURGXFFLyQHLQVSHFFLyQDYDQ]DGDHVXQIDEULFDQWH FRQVHGHHQ&KLQD\FRQVXVWDOOHUHVXELFDGRVHQOD]RQDGHODVDIXHUDVGHOD FLXGDGGH4LQJGDR(VSHFLDOL]DGRVHQHVWDPSDFLyQPHFDQL]DGRFRUWHOiVHU IXQGLFLyQ IRUMD \ ODPLQDFLyQ HQ IUtR HWF 7UDEDMDQ HQ XQD QRUPD ,62 HVWiQGDUVXPHUFDGRVHKDH[WHQGLGRGHVGH1RUWH$PpULFDD(XURSDHQ ORV~OWLPRVDxRV $OFDQ]DQGRFRQJUDQIXHU]DHOPHUFDGRVXGDPHULFDQRODHPSUHVDGH4LQJGDR /HMDQR 2ULHQWH 0HWDO)DE &R /WG KD LQFUHPHQWDGR VXV YHQWDV VXVWDQFLDOPHQWH FRQ UHODFLyQ D ORV DxRV DQWHULRUHV \ KD OOHJDGR D WHQHU XQD JUDQ DFRJLGD HQ HO PHUFDGR HFXDWRULDQR FRQ UHODFLyQ D ODV YHQWDV GH VXVSHQVLRQHVSDUDWUiLOHU 6X FDSDFLGDG GH SURGXFFLyQ GLDULD GH VXVSHQVLRQHV SDUD WUiLOHU HV GH OR FXDO FXPSOH FRQ ODV H[SHFWDWLYDV GH GHPDQGD SDUD OD LPSRUWDFLyQ GH ODV PLVPDV 8QD GH ODV YHQWDMDV GH WUDEDMDU FRQ HPSUHVDV PHGLDQDV HV TXH VLHPSUHEXVFDQPHMRUDUSUHFLRV\FDOLGDGSDUDSRGHUFRPSHWLUHQVXPHUFDGR \DTXHFRPRHOORVH[LVWHQPXFKDPiVFDQWLGDGGHSURGXFWRUHVGHHVWHWLSR (;3257$&,21(6 '(/ 352'8&72 6(/(&&,21$'2 '(/ 3$Ë6 '( 25,*(1$/081'2 ([SRUWDFLRQHVHQ9DORU 7DEOD([SRUWDFLRQHVHQ9DORUHVGHVGH&KLQD 1R ,PSRUWDGRUHV 9DORU 9DORU 9DORU H[SRUWDG H[SRUWDG H[SRUWDG 9DORU H[SRUWDG H[SRUWDGD 727$/(6 DHQ DHQ DHQ DHQ 0XQGR 9DORU HQ 0DODVLD &RUHD ,QGRQHVLD ,WDOLD (VWDGRV8QLGRV (PLUDWRV ÈUDEHV 8 $OHPDQLD $UDELD6DXGLWD (FXDGRU 7RPDGRGH7UDGHPDSKWWSZZZWUDGHPDSRUJ,QGH[DVS[ D/LVWDGHORVPHUFDGRVLPSRUWDGRUHVSDUDXQSURGXFWRH[SRUWDGRSRU&KLQD 3URGXFWRRWUDVVXVSHQVLRQHV\VXVSDUWHV 8QLGDG0LOGHGyODUHV (QORV~OWLPRVDxRV&KLQD+DH[SRUWDGRODSDUWLGDDPiVGH SDtVHV DOUHGHGRU GHO PXQGR 6H DQDOL]DURQ ORV SULQFLSDOHV SDtVHV LPSRUWDGRUHV GRQGH (FXDGRU RFXSD HO SXHVWR 1 FRQ XQ SRUFHQWDMH GHO LPSRUWDQGR PLO 'yODUHV HQ HVWRV ~OWLPRV DxRV VH WRPy ORV SULQFLSDOHVSDtVHVFRPRSRGHPRVREVHUYDUHQODWDEOD &$3,78/2,,,$1È/,6,6'(/0(5&$'2(&8$725,$12< &2/20%,$12 352'8&&,Ï1/2&$/ /D LQGXVWULD PHWDOPHFiQLFD FRQVWLWX\H XQ SLODU IXQGDPHQWDO HQ OD FDGHQD SURGXFWLYDGHOSDtVSRUVXDOWRYDORUDJUHJDGRFRPSRQHQWHVWHFQROyJLFRV\VX DUWLFXODFLyQFRQGLYHUVRVVHFWRUHVLQGXVWULDOHV'HHVWDPDQHUDVHMXVWLILFDVX WUDQVYHUVDOLGDGFRQORVVHFWRUHVGHODFRQVWUXFFLyQPDGHUHURV\GHWUDQVSRUWH (VWHVHFWRUHVXQSLODUIXQGDPHQWDOHQHOGHVDUUROORGHSUR\HFWRVHVWUDWpJLFRV\ JUDQJHQHUDGRUGHHPSOHR\DTXHQHFHVLWDGHRSHUDULRVPHFiQLFRVWpFQLFRV KHUUHURV VROGDGRUHV HOHFWULFLVWDV WRUQHURV H LQJHQLHURV HQ VX FDGHQD SURGXFWLYD /DLQGXVWULDGHOPHWDOFRQVWLWX\HXQDGHODVLQGXVWULDVEiVLFDVPiVLPSRUWDQWHV GH ORV SDtVHV LQGXVWULDOL]DGRV (Q HO (FXDGRU ORV SURGXFWRV TXH DJUXSDQ OD PD\RU FDQWLGDG GH ODV H[SRUWDFLRQHV HQWUH HO DxR \ VRQ 0DQXIDFWXUDV GH IXQGLFLyQ KLHUUR R DFHUR FRQ XQ OH VLJXH UHDFWRUHV QXFOHDUHVFDOGHUDVPiTXLQDVDSDUDWRV\DUWHIDFWRVPHFiQLFRVFRQXQ\ PiTXLQDVDSDUDWRVPDWHULDOHOpFWULFR\VXVSDUWHVFRQXQ 6LQHPEDUJRODIDEULFDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQSDUDWUiLOHUQRVH KDGHVDUUROODGRGHXQDPDQHUDIDYRUDEOHHQHO(FXDGRU\DTXHSDUDKDFHUORVH QHFHVLWDXQDJUDQLQYHUVLyQHQHTXLSRVGREODGRUHVFRUWDGRUHV\VROGDGRUHVGH DOWD WHFQRORJtD ORV FXDOHV IXQFLRQDQ UREyWLFDPHQWH \ VX SURGXFFLyQ GLDULD VREUHSDVDUtD Oi GHPDQGD SURSLD GHO SDtV \D TXH HVWD FODVH GH HTXLSRV WLHQH XQDSURGXFFLyQGLDULDPX\DOWD (V SRU HVWH PRWLYR TXH ORV IDEULFDQWHV GH UHPROTXHV \ VHPLUHPROTXHV FRPSUDQODVSDUWHVGHVXVSHQVLyQORFDOPHQWHDSUHFLRVHOHYDGRV\DTXHHVWDV SDUWHVLQJUHVDQDQXHVWURSDtVEDMRXQUpJLPHQGHFRQVXPRSDJDQGRWRGRVORV WULEXWRVKHLPSXHVWRVREOLJDWRULRV /D WDEOD QRV LQGLFD ODV H[SRUWDFLRQHV GHO (FXDGRU DO PXQGR GH OD SDUWLGD DPRUWLJXDGRUHV GH VXVSHQVLyQ GH YHKtFXORV DXWRPyYLOHV REVHUYDQGR TXH (FXDGRU WLHQH XQD SURGXFFLyQ FDVL QXOD GH OD SDUWLGD VHOHFFLRQDGD 7DEOD([SRUWDFLRQHVGHO(FXDGRUDO0XQGR 68%3$57,'$ '(6&5,3&,Ï1 1$1',1$ 1$1',1$ /26'(0È6 727$/ 68%3$57,'$ 727$/*(1(5$/ 3$Ë6 %e/*,&$ (67$'26 81,'26 GH3DtVHV 721(/$'$6 )2% 'Ï/$5 727$/ )2% 'Ï/$5 7RPDGRGH%&(KWWSZZZSRUWDOEFHILQHFYWRBEXHQR&RPHUFLR([WHULRUMVS ,03257$&,21(6'(/352'8&72'(6'((&8$'25 ,PSRUWDFLRQHV UHDOL]DGDV SRU (&8$'25 GH OD SDUWLGD DUDQFHODULD $PRUWLJXDGRUHV GH 6XVSHQVLyQ GH 9HKtFXORV $XWRPyYLOHV (OSULPHUSDtVSURYHHGRUGH(FXDGRUGHODSDUWLGDDPRUWLJXDGRUHVGH VXVSHQVLyQ GH YHKtFXORV DXWRPyYLOHV HV -DSyQ &KLQD VH HQFXHQWUD HQ OD SRVLFLyQ1&RQXQDLPSRUWDFLyQWRWDOGHVGH-DSyQGHPLOGyODUHV\ GHVGH&KLQDFRQXQDLPSRUWDFLyQWRWDOGHPLOGyODUHVHQHO~OWLPRDxR ODV LPSRUWDFLRQHV GHVGH &KLQD KDQ LQFUHPHQWDGR FRPR SRGHPRV QRWDU HQ OD WDEOD (FXDGRU WLHQH XQD LPSRUWDFLyQ GH WRGR HO PXQGR GH PLOHV GyODUHV 7DEOD,PSRUWDFLRQHVGH(FXDGRUHQPLOHVGHGyODUHV 9DORU 9DORU 9DORU 9DORU 9DORU ([SRUWDGRUHV LPSRUWDGD LPSRUWDGD LPSRUWDGD LPSRUWDGD LPSRUWDGD 7RWDO HQ HQ HQ HQ HQ 0XQGR -DSyQ &KLQD &RORPELD (VWDGRV8QLGRV &RUHD 7DLODQGLD $OHPDQLD %UDVLO 0p[LFR (VSDxD 7RPDGRGH7UDGHPDSKWWSZZZWUDGHPDSRUJ,QGH[DVS[ D/LVWDGHORVPHUFDGRVSURYHHGRUHVSDUDXQSURGXFWRLPSRUWDGRSRU(FXDGRU 3URGXFWRDPRUWLJXDGRUHVGHVXVSHQVLyQGHYHKtFXORVDXWRPyYLOHV 8QLGDGPLOHV'yODU(8$ 7DEOD 3ULQFLSDOHV (PSUHVDV ,PSRUWDGRUDV HQ (FXDGRU GH OD SDUWLGD $PRUWLJXDGRUHVGHVXVSHQVLyQGHYHKtFXORV$XWRPyYLOHV &2168/7$'(,03257$'25(63251$1',1$ 7LSR ,PSRUWDGRUHV 6XESDUWLGD 'HVGH +DVWD 1DQGLQD DDDDPP DDDDPP 7RPDGRGH%&(KWWSZZZSRUWDOEFHILQHFYWRBEXHQR&RPHUFLR([WHULRUMVS &RQVXOWDU 6H KD KHFKR XQ DQiOLVLV GH ODV SULQFLSDOHV HPSUHVDV LPSRUWDGRUDV GH OD SDUWLGD SDUD DPRUWLJXDGRUHV GH VXVSHQVLyQ GH YHKtFXORV DXWRPyYLOHVGHVGHHODxRGHOPHVGH(QHURKDVWDHODxRGHOPHVGH -XQLR VH SXHGH REVHUYDU HO WDEOD TXH OD SULQFLSDO HPSUHVD LPSRUWDGRUD GH HVWHSURGXFWRHV$EFDU5HSXHVWRV2ULJLQDOHV ,03257$&,21(6'(/352'8&72352&(6$'2'(6'(&2/20%,$ 7HQLHQGR HQ FXHQWD OD UHH[SRUWDFLyQ TXH VH YD D UHDOL]DU DO PHUFDGR FRORPELDQRVREUHHOSURGXFWRWHUPLQDGRTXHIXHHQVDPEODGRHQ(FXDGRUFRQ OD VLJXLHQWH SDUWLGD DUDQFHODULD ORV GHPiV UHPROTXHV \ VHPL UHPROTXHVSRUHVWDUD]yQVHKDKHFKRXQDQiOLVLVGHOSDtVGHVWLQRWHQLHQGRHQ FXHQWDHOSURGXFWRDQWHVPHQFLRQDGR ,PSRUWDFLRQHV UHDOL]DGDV SRU &RORPELD GH OD SDUWLGD DUDQFHODULD ORVGHPiVUHPROTXHV\VHPLUHPROTXHV (O SULPHU SDtV SURYHHGRU GH &RORPELD GH OD SDUWLGD UHPROTXHV R VHPL UHPROTXHV HV (VWDGRV 8QLGRV FRQ XQD LPSRUWDFLyQ WRWDO GH PLO GyODUHV(FXDGRUVHHQFXHQWUDHQODSRVLFLyQ1FRQXQDLPSRUWDFLyQWRWDO GHPLOGyODUHVVRORHQHODxRVHUHIOHMDODVLPSRUWDFLRQHVGH(FXDGRU FRPR SRGHPRV REVHUYDU HQ WDEOD 7HQLHQGR XQD LPSRUWDFLyQ PXQGLDO GH PLOHVGHGyODUHV 7DEOD,PSRUWDFLRQHVGH&RORPELDHQPLOHVGHGyODUHV 9DORU 9DORU 9DORU 9DORU 9DORU ([SRUWDGRUHV LPSRUWDGD LPSRUWDGD LPSRUWDGD LPSRUWDGD LPSRUWDGD 727$/(6 HQ HQ HQ HQ HQ 0XQGR (VWDGRV8QLGRV ,VODQGLD 0p[LFR 9HQH]XHOD 7DLSHL&KLQR $OHPDQLD (VSDxD &KLQD %UDVLO &DQDGi (FXDGRU 7RPDGRGH7UDGHPDSKWWSZZZWUDGHPDSRUJ,QGH[DVS[ D/LVWDGHORVPHUFDGRVSURYHHGRUHVSDUDXQSURGXFWRLPSRUWDGRSRU&RORPELD 3URGXFWRORVGHPiVUHPROTXHVRVHPLUHPROTXHV 8QLGDG0LOHVGHGyODUHV ,PSRUWDFLRQHV GH UHPROTXHV \ VHPL UHPROTXHV GHVGH HO UHVWR GHO PXQGRKDFLD&RORPELDHQWRQHODGDV 7DEOD 3ULQFLSDOHV (PSUHVDV ,PSRUWDGRUDV HQ &RORPELD GH OD SDUWLGD ORV GHPiVUHPROTXHV\VHPLUHPROTXHV 7RPDGRGH7UDGHPDSKWWSZZZWUDGHPDSRUJ,QGH[DVS[ &RPR SRGHPRV REVHUYDU HQ OD WDEOD VH KD WRPDGR FRPR UHIHUHQFLD ODV HPSUHVDV SULQFLSDOHV TXH KDQ UHDOL]DGR OD LPSRUWDFLyQ GH UHPROTXHV \ VHPL UHPROTXHVDLQLFLRVGHODxR\HQORV~OWLPRVPHVHVVLHQGR7LJHU5HQWDOV &RORPELD6$ODSULPHUDFRQXQLPSRUWDFLyQHQPLOORQHVGHSHVRVGH YDORU &,) OR TXH HTXLYDOH HQ 86' GyODUHV DPHULFDQRV XQ DSUR[LPDGR GH HQYDORU&,) ([LVWHQ HPSUHVDV HQ HO PHUFDGR FRORPELDQR GHGLFDGDV D OD IDEULFDFLyQ GH UHPROTXHV \ VHPL UHPROTXHV FRQ XQD PX\ EXHQD LQGXVWULD PHWDOPHFiQLFD FRPRHVODHPSUHVD',7(6$FRQPiVGHDxRVHQHOPHUFDGRFRORPELDQR GHGLFDGDDOWUDQVSRUWHGHPDWHULDOHVRSURGXFWRVGHYDULRVWLSRV 7DEOD 3ULQFLSDOHV (PSUHVDV 3URYHHGRUDV GHO 0XQGR SDUD OD SDUWLGD ORV GHPiVUHPROTXHV\VHPLUHPROTXHVKDFLD&RORPELD 3ULQFLSDOHV(PSUHVDV3URYHHGRUDVGH &RORPELDGHOD3DUWLGD (PSUHVD 3DtV 8WLOLW\ (VWDGRV8QLGRV 2ULQRFR 9HQH]XHOD )UXHKDXI 0p[LFR NRJHO $OHPDQLD 5DQGRQ %UDVLO 0HWRQJ &DQDGi WRQJ\D &KLQD /D WDEOD QRV UHIOHMD ODV SULQFLSDOHV HPSUHVDV SURYHHGRUDV GHO SURGXFWR VHOHFFLRQDGRGHYDULRVSDtVGHOPXQGR $&8(5'26 35()(5(1&,$/(6 3$57,'$ $5$1&(/$5,$ '(&+,1$&21(&8$'25 $FWXDOPHQWH(FXDGRU\&KLQDQRWLHQHQQLQJ~QDFXHUGRFRPHUFLDOQLQLQJXQD SUHIHUHQFLD DUDQFHODULD TXH EHQHILFLH D OD LPSRUWDFLyQ HQ HVWXGLR HVWR TXLHUH GHFLU TXH WRGDV ODV LPSRUWDFLRQHV R H[SRUWDFLRQHV HQWUH HVWRV SDtVHV VH UHDOL]DUiQGHPDQHUDQRUPDOFRQFXDOTXLHUWLSRGHSURGXFWRGHHVWDPDQHUDVH DFRJHUiDOSDJRGHORVDUDQFHOHVTXHVHGHWHUPLQHODFODVLILFDFLyQDUDQFHODULD HVSHFLILFD &DEHPHQFLRQDUTXHODLPSRUWDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQVHODYD D UHDOL]DU EDMR HO UpJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYRSRUHVWDUD]yQORVSURGXFWRVLQJUHVDUDQDOSDtVGHPDQHUDVXVSHQVLYD GHOSDJRGHWULEXWRVVRSRUWDGDVSRUXQDJDUDQWtDHVSHFtILFD (O&HUWLILFDGRGH2ULJHQ (V XQ GRFXPHQWR GH VRSRUWH TXH DFUHGLWD OD SURFHGHQFLD GHO SURGXFWR GHEH VHU HQWUHJDGR SRU SDUWH GHO H[SRUWDGRU \ SUHVHQWDGR HO PRPHQWR GH OD QDFLRQDOL]DFLyQ GHO SURGXFWR GH HVWD PDQHUD VH SRGUi EHQHILFLDU GH ODV SUHIHUHQFLDVDUDQFHODULDVSDFWDGDVHQWUHODVSDUWHV 6H REWHQGUi XQ FHUWLILFDGR GH RULJHQ SDUD HO SURGXFWR WHUPLQDGR \D TXH ODV SDUWHV\SLH]DVGHVXVSHQVLyQFXPSOHQFRQHOUHTXHULPLHQWRGHWUDQVIRUPDFLyQ FRPRORLQGLFDODUHVROXFLyQGHOD&$1 %$55(5$6'((175$'$ %DUUHUDV$UDQFHODULDV (VWDVEDUUHUDVWLHQHQFRPRILQLPSHGLURGHVDOHQWDUHOLQJUHVRGHGHWHUPLQDGDV PHUFDQFtDV\RVHUYLFLRVDXQSDtV 'HUHFKRV$UDQFHODULRV 6RQ GH GRV WLSRV ORV DGYDORUHP \ ORV HVSHFtILFRV GH HOORV VH GHVSUHQGHQ RWUDVFRPELQDFLRQHV 'HUHFKRV$GYDORUHP (VHOYDORUTXHVHFDOFXODVREUHXQSRUFHQWDMHGHOYDORU(1$'8$1$TXHSDUD HOFDVRGHODVSDUWHV\SLH]DVGHVXVSHQVLyQHVGHO\SDUDHOFDVRGHORV UHPROTXHV\VHPLUHPROTXHVHVGHO 'HUHFKRVDQWLGXPSLQJ (V XQ WULEXWR TXH VH DSOLFD D OD LPSRUWDFLyQ GH SURGXFWRV TXH UHFLEHQ VXEYHQFLRQHVGHORVSDtVHVGRQGHVHSURGXFHQ %DUUHUDVQR$UDQFHODULDV ³6RQEDUUHUDVJXEHUQDPHQWDOHVTXHREVWUX\HQHOLQJUHVROLEUHGHPHUFDQFtDVD XQ SDtV GHWHUPLQDGR SRQLHQGR UHTXLVLWRV GH LQJUHVR D ORV SURGXFWRV R VHUYLFLRVHVWDVSXHGHQVHUUHJODVRFLHUWDVFDUDFWHUtVWLFDV´7RGR&RPHUFLR 7DEOD&RQVXOWDGHWULEXWRV\UHVWULFFLRQHV 7RPDGRGH$GXDQDGHO(FXDGRUKWWSVLFHDGXDQDJREHFLHGDUDQFHO D1RH[LVWHQUHVWULFFLRQHVSDUDODSDUWLGD 5(48,6,726'((03$48(<(0%$/$-( /D HWDSD PiV GLItFLO HQ HO SURFHVR GH LPSRUWDFLyQ HV OD GHO WUDVODGR GH ORV SURGXFWRVGHOPHUFDGRH[WHUQR([LVWHXQDVHULHGHUHTXLVLWRVGHHPSDTXH\ HPEDODMH TXH JDUDQWLFHQ TXH HO SURGXFWR OOHJXH HQ EXHQ HVWDGR D VX GHVWLQR ILQDO 8QDGHODVSULQFLSDOHVIXQFLRQHVGHOHPSDTXHHVODGHFRQVHUYDUHOSURGXFWR (QHVWHVHQWLGRODVFDUDFWHUtVWLFDVGHXQEXHQHPSDTXHVRQODVVLJXLHQWHV x 3URWHJHU\FRQWHQHUHOSURGXFWR x +DFHUORLGHQWLILFDEOH x $MXVWDUDODVQHFHVLGDGHVGHOFRQVXPLGRU\IDFLOLWDUVXGLVWULEXFLyQ x )iFLODGDSWDFLyQDODVOtQHDVGHIDEULFDFLyQ (PSDTXHORVPDWHULDOHVGHHPSDTXHVHGHEHQVHOHFFLRQDUGHSHQGLHQGR GHO SURGXFWR\GHODVFRQGLFLRQHVDPELHQWDOHV3URHFXDGRU 0$5&$'2<5278/$'2 (OPDUFDGR\HWLTXHWDGRD\XGDDLGHQWLILFDUORVSURGXFWRVIDFLOLWDQGRVXPDQHMR \ XELFDFLyQ HQ HO PRPHQWR GH VHU PRQLWRUHDGRV 6H UHDOL]D PHGLDQWH LPSUHVLyQ GLUHFWD UyWXORV DGKHVLYRV VWLFNHUV R FDOLJUDItD PDQXDO HQ XQ FRVWDGRYLVLEOHGHOHPSDTXH 3LFWRJUDPDV ³$FRUGHDODQRUPDLQWHUQDFLRQDO,62VHXWLOL]DQVtPERORVJUiILFRVHQOXJDU GH IUDVHV HVFULWDV /DV PDUFDV GH PDQLSXODFLyQ GHEHQ HVWDU LPSUHVDV HQ OD SDUWH VXSHULRU L]TXLHUGD \ VX WDPDxR GHEH VXSHUDU ORV FHQWtPHWURV HQ FRORUHVRVFXURV´6OLGHVKDUHQHW (Q OD VLJXLHQWH ILJXUD VH SXHGHQ REVHUYDU ORV SLFWRJUDPDV XWLOL]DGRV SDUD OD PHUFDQFtDTXHVHYDDLPSRUWDU )LJXUD3LFWRJUDPDVXWLOL]DGRV 7RPDGRGH5HYLVWDGH/RJtVWLFDVIZZZUHYLVWDGHORJLVWLFDFRPPDUFDV\SLFWRJUDPDV &$3,78/2,9352&(62'(,03257$&,Ï1'(3$57(6< 3,(=$6'(6863(16,Ï13$5$75È,/(5%$-2(/5e*,0(1 '($'0,6,Ï17(0325$/3$5$3(5)(&&,21$0,(172 $&7,92 )/8-2'(/352&(62'(,03257$&,Ï135,0(5$)$6( IdentificacióndeNecesidad BuscarProveedores Cotizaciones )RUPDVGHSDJR ,QFRWHUPV Negociación 6HUYLFLRSRVWYHQWD )HFKDGHHPEDUTXH DespachodeMercancías )DFWXUD&RPHUFLDO yDocumentos /LVWDGH(PSDTXH 'RFXPHQWRVGH(PSDTXH 7UDQVSRUWH,QWHUQR LogísticaenOrigen 0DQHMRGHFDUJD (PEDUTXH ,QJUHVRD3XHUWR &RQRFLPLHQWR )LJXUD)OXMRGHLPSRUWDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQSDUD7UiLOHU )LJXUD)OXMRGHLPSRUWDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQSDUD7UiLOHU 5(48,6,726 < 75È0,7(6 3$5$ /$ ,03257$&,Ï1 '( 3$57(6 < 3,(=$6'(6863(16,Ï1'(6'(&+,1$ /RVUHTXLVLWRVSDUDUHDOL]DUXQDLPSRUWDFLyQVRQORVVLJXLHQWHV 2EWHQHUHO5XFHQHO6HUYLFLRGH5HQWDV,QWHUQDV (O5HJLVWURÒQLFRGH&RQWULEX\HQWHV58&HVHOQ~PHURGHLGHQWLILFDFLyQSDUD SHUVRQDV QDWXUDOHV \ VRFLHGDGHV TXH UHDOLFHQ DFWLYLGDGHV HFRQyPLFDV HQ IRUPD SHUPDQHQWH X RFDVLRQDO SRU ORV FXDOHV GHEDQ SDJDU LPSXHVWRV HVWi FRPSXHVWRSRUWUHFHQ~PHURV /D HQWLGDG HPLVRUD GHO 58& HV HO 6HUYLFLR GH 5HQWDV ,QWHUQDV QR WLHQHQ QLQJ~Q FRVWR \ HO WLHPSR SDUD OD REWHQFLyQ HV GH XQD KRUD \ WUHLQWD PLQXWRV DSUR[LPDGDPHQWH $FRQWLQXDFLyQORVUHTXLVLWRVSDUDODREWHQFLyQGHO58& 3DUD3HUVRQDV1DWXUDOHV x 2ULJLQDO\FRSLDGHODFpGXODGHLGHQWLGDG x &HUWLILFDGRGHYRWDFLyQGHO~OWLPRSURFHVRHOHFWRUDO x &RSLDGHXQGRFXPHQWRTXHFHUWLILTXHODGLUHFFLyQGHOGRPLFLOLR x 3DWHQWH0XQLFLSDO 3DUD3HUVRQDV-XUtGLFDV x )RUPXODULR $ \ % 'HVFDUJD ORV IRUPXODULRV GLUHFWDPHQWH HQ OD SiJLQDGHO65,KWWSZZZVULJREHFZHE x (VFULWXUDVGHO1RPEUDPLHQWRGHO5HSUHVHQWDQWH/HJDOGHODHPSUHVD x 3UHVHQWDUHORULJLQDO\XQDFRSLDGHODFpGXODGHO5HSUHVHQWDQWH/HJDO x 3UHVHQWDUHOFHUWLILFDGRGHYRWDFLyQGHO5HSUHVHQWDQWH/HJDO\ x (QWUHJDUXQDFRSLDGHDOJ~QVHUYLFLREiVLFRTXHFHUWLILTXHODGLUHFFLyQGHO GRPLFLOLRDQRPEUHGHO5HSUHVHQWDQWH/HJDO65, 2EWHQHUODILUPDHOHFWUyQLFDPHGLDQWHHO72.(1 /D )LUPD (OHFWUyQLFD VXUJH GH OD QHFHVLGDG GH ODV RUJDQL]DFLRQHV GH UHGXFLU VXV FRVWRV H LQFUHPHQWDU OD VHJXULGDG GH VXV SURFHVRV LQWHUQRV D WUDYpV GHO XVR GH PHGLRV HOHFWUyQLFRV TXH SHUPLWD DJLOL]DU ORV SURFHVRV UHGXFLU ORV WLHPSRV\HYLWDUHOXVRGHSDSHO (OFHUWLILFDGRGLJLWDOSDUDODILUPDHOHFWUyQLFD\DXWHQWLFDFLyQHVRWRUJDGDSRUODV VLJXLHQWHVHQWLGDGHV x %DQFR&HQWUDOKWWSZZZHFLEFHHFZHEJXHVW x 6HFXULW\'DWDKWWSZZZVHFXULW\GDWDQHWHF 5HTXLVLWRVSDUDUHSUHVHQWDQWHOHJDO x 2ULJLQDOGHODFpGXODGHFLXGDGDQtDRSDVDSRUWHHQFDVRVGHH[WUDQMHURV x 2ULJLQDOGHODSDSHOHWDGHYRWDFLyQDFWXDOL]DGD x 2ULJLQDO R FRSLD FHUWLILFDGD QRWDULDGD GHO 5HJLVWUR ÒQLFR GH &RQWULEX\HQWHV58&GHODHPSUHVD x 2ULJLQDO R FRSLD FHUWLILFDGD QRWDULDGD GHO 5HJLVWUR ÒQLFR GH &RQWULEX\HQWHV58&HQFDVRGHGLVSRQHUOR x 2ULJLQDO R FRSLD FHUWLILFDGD \ OHJLEOH GHO QRPEUDPLHQWR GHO UHSUHVHQWDQWH OHJDO x 2ULJLQDO GHO &HUWLILFDGR GH &XPSOLPLHQWR GH 2EOLJDFLRQHV HPLWLGR SRU OD 6XSHULQWHQGHQFLD GH &RPSDxtDV GHEH WHQHU DO PHQRV XQ PHV GH YLJHQFLD x )RUPXODULRGHVROLFLWXGOOHQR\ILUPDGRFRPRVLJXHHQHO$QH[R1 3UHVHQWDUVH HQ (QWLGDG TXH OH SURSRUFLRQy OD FLWD ItVLFDPHQWH SDUD ILUPDU HO FRQWUDWR 8QDYH]HQYLDGRVORVUHTXLVLWRVSRUFRUUHRHOHFWUyQLFRRSRUODSiJLQDZHEHO WLHPSR HVWLPDGR HQ OD UHYLVLyQ GH GRFXPHQWRV HV GH KRUDV PiV HO WLHPSR WRPDGRSDUDDVLJQDUOHXQDFLWDHQIXQFLyQGHODGLVSRQLELOLGDGSXHGHWRPDUGH DGtDVODERUDEOHV 'HVSXpV HO XVXDULR UHFLEH XQ FRUUHR HOHFWUyQLFR FRQ LQVWUXFFLRQHV GHO DVHVRU VREUHHOHVWDGRGHOWUiPLWH\SDVRVDVHJXLUSDUDSURFHGHUFRQHOSDJR 7DULIDV9LJHQWHV /DVWDULIDVGHORVFHUWLILFDGRVGHILUPDHOHFWUyQLFDGHDFXHUGRDOD5HVROXFLyQ 1R %&( VRQ ODV VLJXLHQWHV (O 72.(1 (V XQ GLVSRVLWLYR FULSWRJUiILFR86%GRQGHVHDOPDFHQDVXFHUWLILFDGRGLJLWDOGHIRUPDVHJXUD YLJHQFLDDxRV 7DEOD7DULIDV (PLVLyQGHO&HUWLILFDGRGH)LUPD(OHFWUyQLFDWRNHQ LYD 'LVSRVLWLYR3RUWDEOH6HJXUR±7RNHQ LYD 727$/ LYD 5HQRYDFLyQGHO&HUWLILFDGRYiOLGRSRUDxRV LYD 7RPDGRGH%&(KWWSZZZEFHHF 5HJLVWUDUORVGDWRVGHOLPSRUWDGRULQJUHVDQGRHQHOSRUWDOGHODDGXDQD ³7RGDV ODV SHUVRQDV QDWXUDOHV \ MXUtGLFDV TXH GHVHHQ GHGLFDUVH DO &RPHUFLR ([WHULRUGHEHUiQFXPSOLUFRQORVUHTXLVLWRVH[LJLGRVSRUHO6HUYLFLR1DFLRQDOGH $GXDQD GHO (FXDGRU 6(1$( SDUD SRGHU UHDOL]DU LPSRUWDFLRQHV SRU SULPHUD YH]FRPR2SHUDGRUGH&RPHUFLR([WHULRU2&(6´&iPDUDGH&RPHUFLRGH *XD\DTXLO ³8QD YH] UHFLELGD OD VROLFLWXG GH XVR HQ (&8$3$66 VH FRQYDOLGDQ FRQ ORVGDWRVHQYLDGRVHQHOIRUPXODULRHOHFWUyQLFRGHQRH[LVWLUQRYHGDGHVVH DFHSWD HO UHJLVWUR LQPHGLDWDPHQWH &XPSOLGRV HVWRV SDVRV VH SRGUi UHDOL]DU OD LPSRUWDFLyQ GH PHUFDQFtDV UHYLVDQGR SUHYLDPHQWH ODV 5(675,&&,21(6 TXH WXYLHUHQ (MHPSOR ,1(1 0,352 &216(3 RWURV´$GXDQDVGHO(FXDGRU 3DUD HVWD LPSRUWDFLyQ /D SDUWLGD DUDQFHODULD DPRUWLJXDGRUHV GH VXVSHQVLyQGHYHKtFXORVDXWRPyYLOHVQRWLHQHUHVWULFFLRQHV %$6(/(*$/ ,PSRUWDFLyQ EDMR HO UpJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR$UW&23&,$UWDO5HJODPHQWR ³&yGLJR2UJiQLFRGHOD3URGXFFLyQ&RPHUFLRH,QYHUVLRQHV5HJLVWUR2ILFLDO1R GHO GH GLFLHPEUH ´ ³5HJODPHQWR DO WtWXOR GH OD )DFLOLWDFLyQ DGXDQHUDSDUDHO&RPHUFLRGHOOLEUR9GHO&23&,5HJLVWUR2ILFLDO1RGHO GHPD\RGH5HVROXFLRQHVGHO&RPLWpGH&RPHUFLR([WHULRU´ *DUDQWtD (VSHFtILFD 6H SUHVHQWDUD XQD JDUDQWtD HVSHFtILFD D IDYRU GHO 6HUYLFLR 1DFLRQDO GH $GXDQD GHO (FXDGRU H[SUHVDGD HQ GyODUHV GH ORV (VWDGRV8QLGRVGH$PpULFDGHSRVLWRHQHIHFWLYRJDUDQWtDEDQFDULDSyOL]DGH VHJXUR QRWD GH FUpGLWR GHO 6HUYLFLR 1DFLRQDO GH $GXDQD GHO (FXDGRU SDUD HO 5pJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR FX\R PRQWR VHUtDLJXDODOGHORVWULEXWRVVXVSHQGLGRVGHODPHUFDQFtDLPSRUWDGD5 &RSFL$UW\OLWHUDOD\&RSFL$UW9HU$QH[R $UW&23&, $GPLVLyQWHPSRUDOSDUDSHUIHFFLRQDPLHQWRDFWLYRHO5pJLPHQGH$GPLVLyQ 7HPSRUDOSDUD3HUIHFFLRQDPLHQWR$FWLYRHVXQUpJLPHQHVSHFLDODGXDQHURSRU PHGLRGHOFXDOVHSXHGHLQJUHVDUPHUFDQFtDVDOWHUULWRULRHFXDWRULDQRVLHPSUH TXH FXPSOD FRQ DOJXQRV ILQHV GHWHUPLQDGRV ODV PHUFDQFtDV SRGUiQ VHU VRPHWLGDVDXQSURFHVRGHSHUIHFFLRQDPLHQWR7UDQVIRUPDFLyQ D(ODERUDFLyQ GH QXHYDV PHUFDQFtDV DXQ LQFOXVLYH HQ FDVR GH PRQWDMH LQFRUSRUDFLyQHQVDPEODMH\DGDSWDFLyQDRWUDVPHUFDQFtDV E5HSDUDFLyQUHVWDXUDFLyQRDFRQGLFLRQDPLHQWR F&XPSOLPLHQWR GH SURJUDPD GH PDTXLOD DXWRUL]DGRV SRU OD DXWRULGDG FRPSHWHQWH 75$0,7('('(6$'8$1,=$&,Ï1 ³(O$JHQWHGH$GXDQDGHEHWUDQVPLWLUHOHFWUyQLFDPHQWHPHGLDQWH(&8$3$66 OD'HFODUDFLyQ$GXDQHUDGH,PSRUWDFLyQ'$,HQHO'LVWULWRGHOOHJDGDGHODV PHUFDQFtDV GLJLWDOL]DQGR \ DGMXQWDQGR ORV GRFXPHQWRV TXH DFRPSDxDQ D OD PLVPDORVFXDOHVVRQ 'RFXPHQWRV GH DFRPSDxDPLHQWR 6RQ ORV GRFXPHQWRV GHQRPLQDGRV GH FRQWURO SUHYLR GHEHQ WUDPLWDUVH \ DSUREDUVH DQWHV GHO HPEDUTXH GH OD PHUFDQFtD GHEHQ SUHVHQWDUVH GLJLWDOL]DGRV \ HQYLDUVH HOHFWUyQLFDPHQWH HQ FRQMXQWRFRQOD'HFODUDFLyQ$GXDQHUDGH,PSRUWDFLyQ'$,FXDQGRHVWRVVHDQ H[LJLGRV$UW5HJ&23&,´ ³'RFXPHQWRV GH VRSRUWH &RQVWLWXLUiQ OD EDVH GH OD LQIRUPDFLyQ GH OD 'HFODUDFLyQ$GXDQHUDDFXDOTXLHUUpJLPHQ(VWRVGRFXPHQWRVRULJLQDOHV \D VHD HQ ItVLFR R HOHFWUyQLFR GHEHUiQ UHSRVDU HQ HO DUFKLYR GHO GHFODUDQWH R VX $JHQWH GH $GXDQDV DO PRPHQWR GH OD SUHVHQWDFLyQ R WUDQVPLVLyQ GH OD 'HFODUDFLyQ $GXDQHUD \ HVWDUiQ EDMR VX UHVSRQVDELOLGDGFRQIRUPHDORGHWHUPLQDGRHQOD/H\(VWRVGRFXPHQWRV VRQGRFXPHQWRVGHWUDQVSRUWH%/)DFWXUD&RPHUFLDO3ROL]DGH6HJXUR\ *DUDQWtD (VSHFLILFD $UW 5HJ &23&, 7RGR FRPHUFLR H[WHULRU 7DPELpQHVGHRUGHQREOLJDWRULRSUHVHQWDUD/D$GXDQDGHO(FXDGRUXQDFDUWD PHQFLRQDQGRHOWLSRGHPRGDOLGDGEDMRUpJLPHQLQGLYLGXDOTXHVHYDDUHDOL]DU \EDMRHO5pJLPHQGH$GPLVLyQ7HPSRUDOSDUD3HUIHFFLRQDPLHQWR$FWLYRGRQGH VHGHEHLQGLFDUHOQRPEUHGHODHPSUHVD5XF7HOpIRQRV'LUHFFLyQ\GHWDOOHV GHSURGXFWRDLPSRUWDU&RPRVHSXHGHREVHUYDUHQHODQH[R 7DEOD0DWUL],QVXPR3URGXFWR 3$UDQFHODULD 9DORU)RE ,QWHUQDFLyQHQ &DQWLGDGHV VXVSHQVLRQHV 5HH[SRUWDFLyQ ; 8WLOL]DFLyQ VXVSHQVLRQHV 'HVSHUGLFLRV 0HUPDV 6DOGR *DUDQWtD (VSHFtILFD 6H SUHVHQWDUD XQD JDUDQWtD HVSHFtILFD D IDYRU GHO 6HUYLFLR 1DFLRQDO GH $GXDQD GHO (FXDGRU H[SUHVDGD HQ GyODUHV GH ORV (VWDGRV8QLGRVGH$PpULFDGHSRVLWRHQHIHFWLYRJDUDQWtDEDQFDULDSyOL]DGH VHJXUR QRWD GH FUpGLWR GHO 6HUYLFLR 1DFLRQDO GH $GXDQD GHO (FXDGRU SDUD HO 5pJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR FX\R PRQWR VHUD LJXDO DO GH ORV WULEXWRV VXVSHQGLGRV GH OD PHUFDQFtD LPSRUWDGD 5 &RSFL$UW\OLWHUDOD9HU$QH[R 3DUDOD,PSRUWDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQVHUHDOL]DUDXQSDJRHQ HIHFWLYRSDUDODFXEULUODJDUDQWtDHVSHFtILFDGHOGHORVSRVLEOHVWULEXWRV 7DEOD/LTXLGDFLyQGHWULEXWRV\YDORUGHJDUDQWtDDSDJDU /LTXLGDFLyQ$GXDQHUD )2% )/(7( 6(*852 9$/25(1$'8$1$ )2',1)$ $'9$/25(0 ,9$ 7RWDO7ULEXWRV*DUDQWL]DGRV D0RQWRGHWULEXWRVJDUDQWL]DGRV /DIDFWXUDFRPHUFLDOHOGRFXPHQWRGHWUDQVSRUWHVHHQFXHQWUDQHQORV$QH[RV 1$GLFLRQDOKHPRVLQFOXLGRHO3DNLQJ/LVWGHODFDUJDHQHO$QH[R1 7UDQVPLWLGD OD 'HFODUDFLyQ $GXDQHUD FRQ VROLFLWXG GH DFRJLPLHQWR DO UpJLPHQ HVSHFLDODGXDQHURFyGLJR\WUDVPLVLyQGHVROLFLWXGGHJDUDQWtDHVSHFtILFDHO VLVWHPD OH RWRUJDUi XQ Q~PHUR GH YDOLGDFLyQ 5HIUHQGR \ HO &$1$/ '( $)252 TXH FRUUHVSRQGD (Q HO $QH[R 1 VH PXHVWUD XQD GHFODUDFLyQ DGXDQHUDGHLPSRUWDFLyQ 8QDYH]LQJUHVDGD\GHWDOODGDODLQIRUPDFLyQVHSURFHGHUiFRQHOSDJRGHORV WULEXWRVFRPRREVHUYDPRVHQHO$QH[R1 (QHOFDVRGHODVLPSRUWDFLRQHVSRUSULPHUDYH]HOFDQDOGHDIRURHVHOItVLFR 5HDOL]DGRHODIRURDVLJQDGR\GHQRH[LVWLUQRYHGDGHVODDGXDQDGLVSRQGUiHO OHYDQWHRUHWLURGHODVPHUFDQFtDVGHODOPDFpQWHPSRUDOSUHYLRDOSDJRGHORV WULEXWRVWDVDVRGHH[LVWLUDOJXQDPXOWD7RGRFRPHUFLRH[WHULRU ,1&27(50 '( /$ ,03257$&,Ï1 '( /$6 3$57(6 < 3,(=$6 '( 6863(16,Ï13$5$75È,/(5 6H GHWDOOD HO HVTXHPD GH ORV ,1&27(506 XWLOL]DGRV DFWXDOPHQWH (V LPSRUWDQWH TXH HQ XQD QHJRFLDFLyQ LQWHUQDFLRQDO SRGDPRV SUHFLVDU GHVGH XQ LQLFLR HO WpUPLQR FRQ HO FXDO VH WUDEDMDUi SDUD GHWHUPLQDU OD WUDQVPLVLyQ GH ULHVJRV GHO ,PSRUWDGRU \ GHO SURYHHGRU HV LQGLVSHQVDEOH GHILQLU HO WLSR GH QHJRFLDFLyQSDUDQRWHQHUFRPSOLFDFLRQHVOHJDOHVQLGHQLQJ~QWLSRHQODILJXUD VHGHWDOODFDGDXQRGHORVWpUPLQRVTXHVHXWLOL]DQHQODDFWXDOLGDG4XHVRQ ORV,1&27(506 )LJXUD,1&27(506 7RPDGR GH %DUQD 0DUNHWLQJ KWWSZZZEDUQDPDUNHWLQJFRPHVSDQROFRQVXOWRULD ,QFRWHUPVDVS (OLQFRWHUPTXHHOHJLPRVSDUDODLPSRUWDFLyQGHSDUWHV\SLH]DVGHVXVSHQVLyQ SDUD WUiLOHU KDVWD (FXDGRU HV )2% \ OD YtD GH WUDQVSRUWH HV 0DUtWLPD HV OD PDQHUD PiV UiSLGD \ VHJXUD GH WUDQVSRUWDUOD HO WLHPSR GH WUiQVLWR GHVGH HO SXHUWRGH;LQJDQJ&KLQDKDVWDHOSXHUWRGH*XD\DTXLOHVGHDGtDVTXH HVWiGHQWURGHOSHULRGRUHTXHULGRSDUDHODEDVWHFLPLHQWRGHHVWHSURGXFWR\ODV VDOLGDVGHVGHHVWHSXHUWRVRQVHPDQDOHVHVWRKDFHTXHVHDHOWUDQVSRUWHTXH PiVFRQYHQJDHQHVWHWLSRGHQHJRFLDFLyQDVtWDPELpQJDUDQWL]DUHPRVTXHHO FRQVROLGDGRUQRVPDQWHQJDLQIRUPDGRVHOPRPHQWRGHOHPEDUTXHHQ&KLQD\ OD OOHJDGD DO SXHUWR GH *XD\DTXLO 7DPELpQ VH SRGUi QHJRFLDU HO FUpGLWR GHO SDJRGHIOHWH\SDJRGHJDUDQWtDHWF (O LQFRWHUP )2% KD VLGR WUDGXFLGR FRPR ³Free on Bord´ 1RV LQGLFD TXH (O YHQGHGRUGHEHUHDOL]DUHOWUiPLWHSDUDODH[SRUWDFLyQGHODPHUFDQFtDDVtFRPR DVXPLUORVFRVWRVGHODPLVPD (O YHQGHGRU QR WLHQH QLQJXQD REOLJDFLyQ FRQ HO FRPSUDGRU GH IRUPDOL]DU HO FRQWUDWRGHWUDQVSRUWHVLQHPEUDJRVLDVtORVROLFLWDHOFRPSUDGRUHOYHQGHGRU GHEHUi FRQWUDWDU HO WUDQVSRUWH SHUR D ULHVJRV \ H[SHQVDV GHO FRPSUDGRU 6H FRQVLGHUDUi OD PHUFDQFtD HQWUHJDGD FXDQGR HO YHQGHGRU FRORFD OD PLVPD D ERUGR GHO EXTXH GHVLJQDGR SRU HO FRPSUDGRU HQ HO SXQWR GH FDUJD VL OR KD\ LQGLFDGR SRU HO FRPSUDGRU HQ HO SXHUWR GH HPEDUTXH GHVLJQDGR R SURSRUFLRQDQGRODPHUFDQFtDDVtHQWUHJDGD(QFXDOTXLHUDGHORVGRVFDVRVHO YHQGHGRU GHEHUi HQWUHJDU OD PHUFDQFtD GHQWUR GHO SOD]R DFRUGDGR 6L HO FRPSUDGRU QR KD LQGLFDGR XQ SXQWR GH FDUJD HVSHFtILFR HO YHQGHGRU SRGUi HOHJLU HO SXQWR GH FDUJD TXH PHMRU OH FRQYHQJD HQ HO SXHUWR GH HPEDUTXH GHVLJQDGR )LJXUD3XQWRGHFDUJD 7RPDGRGH%DUPDGH&RPHUFLRKWWSZZZEDUQDPDUNHWLQJFRPHVSDQROFRQVXOWRULD ,QFRWHUPVDVS /2*Ë67,&$'(,03257$&,Ï1 (QYDVH /DV SDUWHV \ SLH]DV GH VXVSHQVLyQ HVWiQ HQYDVDGDV HQ FDMDV GH PDGHUD \ HQYXHOWDV HQ SOiVWLFR OD FDMD GH PDGHUD VLUYH SDUD SURWHJHU DO SURGXFWR GH FDtGDVRPRYLPLHQWRVTXHSXHGHQHVWURSHDUODPHUFDQFtD 7DEOD(QYDVH (192/785$3/È67,&2'( $352;,0$'$0(17(; (YLWDODFRQWDPLQDFLyQ\ODKXPHGDG (PSDTXH /DV SDUWHV \ SLH]DV GH VXVSHQVLyQ VRQ FRORFDGDV HQ FDMDV GH PDGHUD HVWR D\XGD D OD PDQLSXODFLyQ \ WUDQVSRUWH GHO SURGXFWR (Q OD WDEOD SRGHPRV REVHUYDU ODV PHGLGDV GH ODV FDMDV GH PDGHUD SDUD OD WUDQVSRUWDFLyQ GH ODV SDUWHV\SLH]DVGHVXVSHQVLyQ 7DEOD&DMDGHPDGHUDLQGLYLGXDO (0%$/$-(&$-$'(0$'(5$,1',9,'8$/ /$5*2 $1&+2 $/72 3(62 P P P (PEDODMH /DV SDUWHV \ SLH]DV GH VXVSHQVLyQ VH FRORFDQ HQ XQD FDMD PDVWHU SDUD VHU WUDQVSRUWDGRVHQSDOOHWVGHPDGHUD /D FDMD PDVWHU QR HV WUDVSDUHQWH SRU OR FXDO QR HV UHFRPHQGDGR WUDVSRUWDU REMHWRVGHJUDQYDORUSHURHVDGHFXDGRSDUDSURGXFWRVVHQVLEOHVDODOX]\DO R[tJHQR SHUR QR UHVLVWH OD FDUERQDWDFLyQ (VWH WLSR GH FDMD HV XWLOL]DGD QRUPDOPHQWH SDUD LPSRUWDFLRQHV R H[SRUWDFLRQHV GH SURGXFWRV SHVDGRV \ GH PHGLDQRWDPDxR 6XVPHGLGDVVRQ )LJXUD&DMDGH0DGHUD0DVWHU 'LPHQVLRQHV x /DUJRP x $QFKRP x $OWRPWV x 3HVRNJDSUR[NJ 7DEOD3HVRHQPHWURVF~ELFRVP 0HGLGDVGHODFDMD 7RWDOHQPHWURVF~ELFRV 7RWDOHQPHWURVF~ELFRVP PDVWHUGHPDGHUDFP P FDMDVPDVWHU P[P[P 3RU OR WDQWR OD FDMD PDVWHU HQWUDUD HQ XQ SDOOHW DPHULFDQR R XQLYHUVDO \ VH FRORFDUDQFDMDVPiVHQFLPD\OXHJRRWURSDOOHWHQFLPDFRQRWUDVXVSHQVLyQ SRUFXHVWLyQGHSHVR\IDFLOLGDGGHGHVFDUJXHHQGHVWLQR )LJXUD&DUWyQPDVWHUHQXQSDOOHW (OSDOOHWXWLOL]DGRSDUDHOWUDQVSRUWHGHODFDMDPDVWHUTXHWUDVODGDODVSDUWHV\ SLH]DV GH VXVSHQVLyQ HV HO SDOOHW XQLYHUVDO R DPHULFDQR PLGH [ PHWURVODUJR[DQFKR/DDOWXUDPi[LPDGHORVSDOOHWVHVGHDSUR[FP /RVSDOOHWTXHVHGHVWLQDQDODVH[SRUWDFLRQHVRODVLPSRUWDFLRQHVVRQWUDWDGRV VHJ~Q OD QRUPDWLYD LQWHUQDFLRQDO SDUD OR FXDO HO H[SRUWDGRU HQWUHJDUi HO FHUWLILFDGRGHIXPLJDFLyQUHDOL]DGRPHGLDQWHEURPXURPHWLORDFRQWLQXDFLyQOD WDEODFRQODPHGLGDGHORVSDOOHWV 7DEOD3DOOHWV EMBALAJEͲPALLETS LARGO ANCHO ALTO PESO 1,2M 1,00M 0.15 M 25KG &217(1('25'(3,(6 6HFR´(OFRQWHQHGRUVHFRHVHOPHGLRGHWUDQVSRUWHHVWiQGDUGHFRQVWUXFFLyQ EiVLFD KHFKR GH DFHUR VLQ VLVWHPD GH UHIULJHUDFLyQ R YHQWLODFLyQ eVWH FRQWHQHGRU HV HO PiV XVDGR GH WRGRV ORV FRQWHQHGRUHV HQ HO PHUFDGR PXQGLDO´3URHFXDGRU 7DEOD&RQWHQHGRUGHSLHV &217(1('253,(6 /$5*2 $1&+2 $/72 0 0 0 &$3$&,'$' 3(62%5872&$3$&,'$' 0$;,0$ .* .* 0 7RPDGRGH&RQWDLQHUV5tRGHOD3ODWDKWWSZZZFRQWDLQHUVULRGHODSODWDFRP 'HWHUPLQDFLyQ GH OD FDQWLGDG GH SDUWHV \ SLH]DV GH VXVSHQVLyQ D LPSRUWDU 3URFHGLPLHQWRSDUDFXELFDU 3DUDSUHFLVDUHOWLSRGHWUDQVSRUWHTXHVHUHTXLHUHSDUDHOWUDVODGRGHSDUWHV\ SLH]DV GH VXVSHQVLyQ HV LPSRUWDQWH FRQRFHU ORV UHTXLVLWRV \ FDUDFWHUtVWLFDV SDUDODPDQLSXODFLyQGHOPLVPRHVSRUHVWHPRWLYRTXHVHHOHJLUiYtDPDUtWLPD \DTXHQXHVWUDPHUFDGHUtDHVSHVDGD\FRQXQYROXPHQFRQVLGHUDEOH 7RPDPRVODVPHGLGDV\GHHVWDPDQHUDSURFHGHPRVDFXELFDUODFDUJD &iOFXORGHFDMDPDVWHUVREUHXQSDOOHWDPHULFDQR 'HDFXHUGRDXQDGLIHUHQFLDGHiUHDVVHLGHQWLILFDUiHOQ~PHURGHFDMDVPDVWHU TXHDOFDQ]DGHQWURGHXQSDOOHW È5($'(/3$//(7 $QFKRP[/DUJRP $5($ P [ P )LJXUD&iOFXORGHFDMDPiVWHU 3DUDFDOFXODUHOQ~PHURGHFDUWyQPDVWHUTXHFDEHQVREUHXQSDOOHWVHGLYLGHHO iUHDWRWDOGHOSDOOHWSDUDHOiUHDGHOFDUWyQPDVWHU 180(52'(&$57Ï10$67(5 È5($'(3$//(7 È5($'(&$-$0$67(5 180(52'(&$-$0$67(5 P P P 180(52'(&$-$60$67(5 XQLGDGHVVREUHHOSDOOHWHQODSDUWH LQIHULRU\XQLGDGVREUHSDOOHWHQSDUWHVXSHULRU (FXDFLyQ /D DOWXUD QR UHSUHVHQWD QLQJXQD UHVWULFFLyQ HQ FXDQWR DO UHTXHULPLHQWR GH FDMDVPDVWHUSRUWDOUD]yQVHFRORFDUiXQDVREUHRWUDDOFDQ]DQGRXQDDOWXUDGH PDOWXUDTXHVHHQFXHQWUDSRUGHEDMRGHODDOWXUDPi[LPDSHUPLVLYDSDUD XQFRQWHQHGRUGHSLHV /D FDMD PDVWHU WLHQH P \ XQ SHVR GH NJ \ FRPR YLHQHQ HQ WRWDO FDMDVPDVWHUFRQVXVSHQVLyQFRPSOHWDHQSDUWHV\SLH]DVODFDUJDWLHQHXQ SHVRWRWDOGHNJHOYROXPHQWRWDOHQPHVGHP (QODWDEODSRGHPRVREVHUYDUFRPRWHQHPRVHVWRVYDORUHV 7DEOD3HVR1HWR\3HVR%UXWR 3HVR1HWR&DMD0DVWHU 3HVR1HWR&DMD0DVWHUFRQ 3HVR%UXWR VXVSHQVLyQ FDMDVPDVWHU\SDOOHW NJ NJ P &26726'(,03257$&,Ï1 &RWL]DFLRQHVGHIOHWHPDUtWLPR 6H WRPy XQ DJHQWH GH FDUJD SDUD VROLFLWDU FRWL]DFLRQHV OD PHMRU PDQHUD GH HOHJLUDODJHQWHGHFDUJDHVHOFRVWR\WLSRGHFUpGLWRHOWLHPSRGHWUiQVLWRORV GtDV OLEUHV TXH WHQGUHPRV XQD YH] DUULEDGD OD FDUJD H[RQHUDFLRQHV GH JDUDQWtDVSUHFLRV\VREUHWRGRODFDOLGDGGHVHUYLFLR'LFKRVYDORUHVVHSXHGH DSUHFLDUHQODWDEOD 7DEOD&RWL]DFLyQGHIOHWHPDUtWLPR$VLD6KLSSLQJ )/(7(0$5Ë7,02$6,$6+,33,1* SRUFRQWHQHGRU PiV,9$\SRUFRQWHQHGRU 7RWDO)OHWH\*DVWRV2ULJHQ$ *$6726'(67,12 PiV,9$SRU%/ 3RUWHR PiV,9$SRUFRQWHQHGRU *DVWRVSRUWXDULRV PiV,9$SRUFRQWHQHGRU 7UDVPLVLyQGHGDWRV PiV,9$SRUFRQWHQHGRU *DVWRV$GPLQLVWUDWLYRV PiV,9$SRUFRQWHQHGRU PiV,9$SRU%/ GH,6'VREUHSDJRVGHIOHWHFROOHFW GtDV/LEUHVHQGHVWLQR 727$/$% )OHWH0DUtWLPR7LDQMLQ*XD\DTXLO 7+& 9LVWREXHQR 0DQHMR/RFDO 7DEOD&RWL]DFLRQHVGH)OHWH0DUtWLPR/RJLV6ROXWLRQV )/(7(0$5Ë7,02/2*,662/87,216 )OHWH0DUtWLPR4XLQGDR*XD\DTXLO SRUFRQWHQHGRU PiV,9$\SRUFRQWHQHGRU 7RWDO)OHWH\*DVWRV2ULJHQ$ *$6726'(67,12 9LVWREXHQR PiV,9$SRU%/ $GPLQLVWUDFLyQGHGRFXPHQWDFLyQ PiV,9$SRU%/ &RQWUROGHFRQWHQHGRUHV PiV,9$SRUFQWU &RRUGLQDFLyQGHGHVSDFKRGHSRWJDWH PiV,9$SRUFQWU +DQGOLJRXW PiV,9$SRUFQWU (PLVLyQGHRULJLQDOHV PiV,9$SRU%/ &RQWDLQHUFRQWUROIHH PiV,9$SRUFQWU GH,6'VREUHSDJRVGHIOHWHFROOHFW GtDV/LEUHVHQGHVWLQR 727$/$% 7+& /D FRWL]DFLyQ HOHJLGD HV GH $6,$ 6+,33,1* TXLHQHV QRV RWRUJDQ GtDV GH FUpGLWR\HOFRVWRGHOIOHWHLQWHUQDFLRQDOHVGHPiVJDVWRVORFDOHV &DOFXORGHOVHJXURGHODFDUJD /DSyOL]DGHVHJXURQRHVXQGRFXPHQWRREOLJDWRULRGHVRSRUWHDOPRPHQWRGH OD QDFLRQDOL]DFLyQ FRPR OR LQGLFD HO $UW GHO &23&, VLQ HPEDUJR OD LPSRUWDFLyQ HVWi H[SXHVWD D DFFLGHQWHV SRU OR WDQWR HV QHFHVDULR DVHJXUDUOD FRQWUDWRGRULHVJRHVWRKDUiTXHHODVHJXUDGRUVHDUHVSRQVDEOHSRUSpUGLGDVR GDxRV (OYDORUGHODSULPDHVGHOGHOYDORU&)5GHODLPSRUWDFLyQHVWHVHUiHO YDORUTXHVHWRPDUiSDUDODOLTXLGDFLyQGHODLPSRUWDFLyQVREUHHVWHVHFDOFXOD HOGHOD6XSHULQWHQGHQFLDGH&RPSDxtDV6HJXUR&DPSHVLQRORV GHUHFKRVGHHPLVLyQPiVHO,9$6LQRVHFXHQWDFRQODSyOL]DGH VHJXUR VH WRPDUi HO GHO YDORU &)5 SDUD OD OLTXLGDFLyQ FRPR VHJXUR SUHVXQWLYRFRPRFRQVWDHQHO$UWGHO5HJODPHQWR(OFiOFXORGHOVHJXUROR SRGHPRVDQDOL]DUHQODWDEOD 7DEOD&iOFXORGHOVHJXUR &DOFXORGHO6HJXURGHOD&DUJD '(7$//( 325&(17$-( 9$/25 )&$ )OHWH &)5 9DORU3ULPD 6~SHUGH%DQFRV 6~SHUGH&DPSHVLQR 'HUHFKRGH(PLVLyQ 6XEWRWDO ,9$ 7RWDO6HJXUR &iOFXOR GH OLTXLGDFLyQ GH OD LPSRUWDFLyQ GH SDUWHV \ SLH]DV GH VXVSHQVLyQ /DOLTXLGDFLyQHVODRSHUDFLyQDULWPpWLFDSDUDHOFiOFXORGHORVWULEXWRVDSOLFDGD D OD GHFODUDFLyQ DGXDQHUD TXH YD D VHU REMHWR GHO DIRUR SDUD GHWHUPLQDU HO PRQWR GH OD OLTXLGDFLyQ TXH HYHQWXDOPHQWH VH HVWDEOHFHUtD FRPR REOLJDFLyQ WULEXWDULD $ FRQWLQXDFLyQ VH UHDOL]D OD OLTXLGDFLyQ GH WULEXWRV WRPDQGR HQ FXHQWD OD LPSRUWDFLyQ VH OD UHDOL]DUD EDMR XQ 5pJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR SRU OR TXH QR VH SDJDUD ORV WULEXWRV HQ UD]yQ TXHHVWDUiQJDUDQWL]DGRVSRUXQDJDUDQWtDHVSHFtILFDHQHIHFWLYR 7DEOD0DWUL],QVXPR3URGXFWR 3$UDQFHODULD 9DORU)RE ,QWHUQDFLyQHQ &DQWLGDGHV VXVSHQVLRQHV 5HH[SRUWDFLyQ ; 8WLOL]DFLyQ VXVSHQVLRQHV 'HVSHUGLFLRV 0HUPDV 6DOGR (Q OD WDEOD LQGLFDGD VH PXHVWUD HO WRWDO GH VXVSHQVLRQHV D LPSRUWDU DVt FRPR QXHVWURSURFHVRHOFXDOPXHVWUDTXHQRVHWHQGUiQLGHVSHUGLFLRVQLPHUPDV 7DPELpQHVGHRUGHQREOLJDWRULRSUHVHQWDUD/D$GXDQDGHO(FXDGRUXQDFDUWD PHQFLRQDQGRHOWLSRGHPRGDOLGDGEDMRUpJLPHQLQGLYLGXDOTXHVHYDDUHDOL]DU \EDMRHO5pJLPHQGH$GPLVLyQ7HPSRUDOSDUD3HUIHFFLRQDPLHQWR$FWLYRGRQGH VHGHEHLQGLFDUHOQRPEUHGHODHPSUHVD5XF7HOpIRQRV'LUHFFLyQ\GHWDOOHV GHSURGXFWRDLPSRUWDU&RPRVHSXHGHREVHUYDUHQHODQH[R 7DEOD/LTXLGDFLyQ$GXDQHUD /LTXLGDFLyQ$GXDQHUD )2% )/(7( 6(*852 9$/25(1$'8$1$ )2',1)$ $'9$/25(0 ,9$ 7RWDO7ULEXWRVD*DUDQWL]DU (VLPSRUWDQWHPHQFLRQDUTXHHOYDORUTXHVLGHEHUiSDJDUHVHOSDJRGHODWDVD GHFRQWUROTXHHVSRUXQYDORUGHGyODUHVTXHVHGHWHUPLQDUDDOILQDOGH ODOLTXLGDFLyQ &iOFXORGHSUHFLRGHYHQWDDOS~EOLFR393 (OSUHFLRGHYHQWDDOS~EOLFRVHGHILQHFRPRHOSUHFLRTXHVHOHRWRUJDDOELHQR VHUYLFLRHQEDVHDXQDHVWUXFWXUDGHFRVWRFRQVLGHUDQGRXQDXWLOLGDGSRUFDGD XQLGDGGHSURGXFWRHOFXDOHOFRQVXPLGRUHVWiGLVSXHVWRDSDJDUSDUDKDFHUVH DFUHHGRUGHOELHQ 3DUD FDOFXODU HO SUHFLR GHEHPRV FRQRFHU WRGRV ORV JDVWRV UHDOL]DGRV GHVGH &KLQD KDVWD OD OOHJDGD D QXHVWUD SODQWD GH HQVDPEODMH 7RGRV ORV JDVWRV SURGXFWRV\VHUYLFLRVHPSOHDGRVSDUDODFRQVWUXFFLyQGHOUHPROTXHHQQXHVWUD SODQWD GH SURGXFFLyQ (V LPSRUWDQWH WHQHU HQ FXHQWD ORV JDVWRV GH UHH[SRUWDFLyQ\ODGHYROXFLyQGHODJDUDQWtDSDUDREWHQHUHOSUHFLRGHYHQWDDO S~EOLFR HQ PHUFDGR FRORPELDQR 8QD YH] REWHQLGR HO FRVWR GH LPSRUWDFLyQ SURGXFFLyQ \ UHH[SRUWDFLyQ PXOWLSOLFDPRV HO SUHFLR GH FDGD SURGXFWR \ FRORFDPRVHOSRUFHQWDMHGHPDUJHQTXHGHVHDREWHQHU 7DEOD&iOFXORGHSUHFLRGHYHQWDDOS~EOLFRSYS &26726,03257$&,Ï1 )2% )/(7( 6(*852 $5$1&(/$'9$/25(0 ,9$ )2',1)$ 75$0,7('(,03257$&,Ï1 &26726/2&$/(6 %2'(*$-( 75$163257(,17(512 ,6''(/$)$&785$3529(('25 7$6$'(&21752/ 727$/75,%8726*$5$17,=$'26 727$/&26726,03257$&,Ï1 &2672'(6863(16,Ï1,1',9,'8$/,03257$'$ &26726,1',9,'8$/75$16)250$&,Ï1'(5(02/48( 0$12'(2%5$ &2672'(/2&$/2/8*$5'(75$%$-2 9$/25'((6758&785$'((48,32 ,03/(0(1726 //$17$6 727$/&2672'(352'8&&,21 &26726'(5((;3257$&,Ï1 75$163257(+$&,$&2/20%,$ &26726'(5((;3257$&,Ï1 727$/&2672'(5((;3257$&,21 35(&,2'(&2672'((48,32$50$'2 0$5*(1'(87,/,'$''( 35(&,2'(9(17$$/38%/,&2'(/5(02/48( )OXMRGHUHH[SRUWDFLyQ )LJXUD)OXMRGHUHH[SRUWDFLyQ ,1752'8&&,Ï1 (VLPSRUWDQWHPHQFLRQDUTXHODPHUFDQFtDTXHLQJUHVRDWHUULWRULRHFXDWRULDQR FRQODSDUWLGDSDUWHV\SLH]DVGHVXVSHQVLyQVDOGUiGHOWHUULWRULRFRQ GLIHUHQWHSDUWLGD\D4XHH[LVWLyXQDWUDQVIRUPDFLyQ\HOSURGXFWRWHUPLQDGRHV RWUR (O SURGXFWR WHUPLQDGR LQJUHVDUD D WHUULWRULR FRORPELDQR FRQ OD SDUWLGD ORV GHPiV UHPROTXHV \ VHPLUHPROTXHV HQIRFDGR SDUD HO WUDQVSRUWHGHHVHSDtV 5HTXLVLWRVSDUDREWHQHUHOFHUWLILFDGRGHRULJHQ 'HFODUDFLyQMXUDGDGHOSURGXFWRURH[SRUWDGRU ³$QWHV GH VROLFLWDU XQ &HUWLILFDGR GH 2ULJHQ VH GHEHUi OOHQDU XQD 'HFODUDFLyQ -XUDGD SRU FDGD SURGXFWR D H[SRUWDU \ TXH WLHQH XQD GXUDFLyQ GH GRV DxRV FRQWHQLHQGRLQIRUPDFLyQEiVLFDPHQWHGH x 1RPEUHR5D]yQ6RFLDOGHO([SRUWDGRU x 58&GLUHFFLyQWHOpIRQRFRUUHRHWF x 'DWRVGHOSURGXFWRDH[SRUWDUFRQWHQLGRQDFLRQDORFRQWHQLGRLPSRUWDGR x )OXMRGHHODERUDFLyQGHOSURGXFWR x 3DtVHVDGRQGHVHYDDH[SRUWDU x 2WURV (O )RUPDWR GH 'HFODUDFLyQ -XUDGD GHO 3URGXFWRU R ([SRUWDGRU HV SURSRUFLRQDGRSRUOD&iPDUDGH&RPHUFLRRODHQWLGDGKDELOLWDGD 7UDPLWH ³(O ([SRUWDGRU R 3URGXFWRU LQWHUHVDGR HQ REWHQHU XQ &HUWLILFDGR GH 2ULJHQ GHEHUiSUHVHQWDUDOD8QLGDG&HUWLILFDGRUD´ x 6ROLFLWXG GH &HUWLILFDFLyQ GH 2ULJHQ HQ HO )RUPDWR ~QLFR GH VROLFLWXG GH WUiPLWH3URSRUFLRQDGRJUDWXLWDPHQWHSRUOD&iPDUD x &HUWLILFDGR GH 2ULJHQ GHELGDPHQWH GLOLJHQFLDGR ILUPDGR \ VHOODGR SRU HO ([SRUWDGRU VHJ~Q OR HVWDEOHFLGR HQ HO $FXHUGR &RPHUFLDO R 5pJLPHQ 3UHIHUHQFLDOEDMRHOFXDOVHVROLFLWDHO&HUWLILFDGRGH2ULJHQ x &RSLDOHJLEOHGHOD)DFWXUDGH([SRUWDFLyQFRUUHFWDPHQWHGLOLJHQFLDGD x 3UHVHQWDU XQD 'HFODUDFLyQ -XUDGD VLPSOH HQ OD TXH VH PDQLILHVWD TXH OD LQIRUPDFLyQ GH OD 'HFODUDFLyQ -XUDGD GHO 3URGXFWRU 5HJLVWUDGD VH PDQWLHQH LQDOWHUDGD GHELHQGR LQGLFDUVH HO Q~PHUR GH UHJLVWUR GH OD 'HFODUDFLyQ-XUDGDGHO3URGXFWRU´/D&iPDUD (O SURGXFWR FXHQWD FRQ HO UHTXHULPLHQWR QHFHVDULR SDUD SRGHU HPLWLU HO FHUWLILFDGRGHRULJHQ\SRGHUREWHQHUODVUHVSHFWLYDVSUHIHUHQFLDVDUDQFHODULDV SRUORVDFXHUGRVFRPHUFLDOHVHQWUHORVSDtVHVGH(FXDGRU\&RORPELD /D UHVROXFLyQ GH OD &$1 $UW QRV LQGLFD GH XQD PDQHUD PX\ FODUD FXDOHV VRQ ODV RSHUDFLRQHV HQ ODV FXDOHV QR FDOLILFD XQD PHUFDQFtD FRPR WUDQVIRUPDFLyQ9HUDQH[R &$3,78/29&21&/86,21(6<5(&20(1'$&,21(6 $1È/,6,6 '(/ &803/,0,(172 '( /26 2%-(7,926 3/$17($'26 3$5$(/75$%$-2'(7,78/$&,Ï1 &RQFOXVLRQHV x 6H KDQ GHWHUPLQDGR ORV UHTXLVLWRV \ SDUiPHWURV LQLFLDOHV SDUD OD LPSRUWDFLyQ GHVGH &KLQD KDFLD 4XLWR(FXDGRU GH SDUWHV \ SLH]DV GH VXVSHQVLyQ EDMR HO 5pJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR \ VX UHH[SRUWDFLyQ D &RORPELD FRQ HO ILQ GH HVWDEOHFHU XQ SURFHVR GH LPSRUWDFLyQ TXH VH DGDSWH D ODV QHFHVLGDGHV H[LVWHQWHV x 6H LQYHVWLJDURQ ODV FDUDFWHUtVWLFDV \ XVRV GH ODV SDUWHV \ SLH]DV GH VXVSHQVLyQ UHTXHULGDV SRU HO PHUFDGR FRORPELDQR VLHQGR ODV SDUWHV \ SLH]DV GH VXVSHQVLyQ SURFHGHQWHV GH &KLQD \ REWHQLHQGR XQD JUDQ YHQWDMDDOLQJUHVDUEDMRXQ5pJLPHQ(VSHFLDOSRUVXVSUHFLRV\FXDOLGDGHV QHFHVDULDV SDUD DEDVWHFHU DO PHUFDGR QDFLRQDO \ D ORV WUDQVSRUWLVWDV GHQWURGHOPHUFDGRFRORPELDQR x 6HHVWDEOHFHXQIOXMRGHLPSRUWDFLyQEDMRXQ5pJLPHQ(VSHFLDOHQHOFXDO VH VLJXHQ XQD VHULH GH SURFHVRV \ SURFHGLPLHQWRV SDUD REWHQHU ORV REMHWLYRV ILQDOHV \ KDFHU DOLDQ]DV HVWUDWpJLFDV FRQ ODV HPSUHVDV FRORPELDQDV SDUD OD FRPHUFLDOL]DFLyQ GH ORV HTXLSRV (VWD SDUWLGD QR FXHQWD &HUWLILFDGR GH 2ULJHQ 6H FRQFOX\H TXH ORV UHPROTXHV \ VHPL UHPROTXHV FODVLILFDGRV HQ OD SDUWLGD DUDQFHODULD SXHGHQ VHU LPSRUWDGRVVLQQLQJ~QWLSRGHUHVWULFFLyQ x (QHVWDLQYHVWLJDFLyQVHFRQFOX\yTXHVHJXLUXQIOXMRGHLPSRUWDFLyQEDMR HO 5pJLPHQ GH $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR GLVPLQX\HORVFRVWRV\WLHPSRVHPSOHDGRVDFWXDOPHQWHHQHOSURFHVRGH LPSRUWDFLyQ GH ODV SDUWHV \ SLH]DV GH VXVSHQVLyQ SDUD GH HVWD PDQHUD FRQWLQXDUFRQODUHH[SRUWDFLyQGHOSURGXFWRHQVDPEODGRHQ(FXDGRU\GH HVWDPDQHUDFXPSOLUFRQORVREMHWLYRVSODQWHDGRV 5(&20(1'$&,21(6 x /DHPSUHVDRSHUVRQDTXHLPSOHPHQWHHVWHSODQGHLPSRUWDFLyQGHSDUWHV \SLH]DVGHVXVSHQVLyQGHEHVRPHWHUVHDXQDHYDOXDFLyQSDUDYDORUDUVL ORVREMHWLYRVKDQVLGRFXPSOLGRV x ,QLFLDUODSDUWLFLSDFLyQGHFDGDXQDGHODVSHUVRQDVTXHLQWHUYLHQHQHQHO IOXMR GH LPSRUWDFLyQ \ UHH[SRUWDFLyQ SDUD TXH VH LGHQWLILTXHQ ORV SUREOHPDV \ HYLWDU XQ UHWURFHVR HQ OD ORJtVWLFD GH OD LPSRUWDFLyQ \ UHH[SRUWDFLyQDVHJXLU x $VHJXUDU WRGD OD FDUJD FRQWUD WRGR ULHVJR SDUD HYLWDU SpUGLGDV HV XQ JDVWR TXH D IXWXUR SXHGH VHU LQGLVSHQVDEOH VL H[LVWH DOJ~Q WLSR GH DFFLGHQWH x 6H UHFRPLHQGD DO LPSRUWDGRU FRQRFHU ORV UHTXLVLWRV SUHYLRV SDUD ODV LPSRUWDFLRQHVGHLJXDOIRUPDPDQWHQHUVHLQIRUPDGRVREUHORVEROHWLQHVH LQIRUPDFLRQHVHQYLDGDVSRUHO6(1$(SDUDHYLWDUSUREOHPDV\UHWUDVRVHQ ODVLPSRUWDFLRQHV x (V LPSRUWDQWH ILUPDU XQ FRQWUDWR FRQ HO SURYHHGRU HQ GRQGH FRQVWHQ ORV WpUPLQRV GH QHJRFLDFLyQ ,QFRWHUPV OD IRUPD GH SDJR \ VREUH WRGR OD H[FOXVLYLGDGGHODPDUFDSDUDHYLWDUFRPSHWHQFLD x 6ROLFLWDU DO SURYHHGRU OD HQWUHJD D WLHPSR GH WRGD OD GRFXPHQWDFLyQ QHFHVDULDSDUDODOLEHUDFLyQGHODFDUJDHQ$GXDQDGH(FXDGRU &20352%$&,Ï1'(/$+,3Ï7(6,63/$17($'$ $O UHFRSLODU ORV GDWRV GHO PHUFDGR FRORPELDQR KHPRV DQDOL]DGR TXH DO PRPHQWR HO FDPSR GH WUDQVSRUWLVWDV &RORPELDQRV VH HQFXHQWUD LQVDWLVIHFKR GHELGR D TXH ORV UHPROTXHV \ VHPL UHPROTXHV TXH H[LVWHQ DFWXDOPHQWH HQ &RORPELDQRFXPSOHQFRQODGHPDQGDGHORVWUDQVSRUWLVWDV(VSRUHVRTXHDO LQYHVWLJDU ORV EHQHILFLRV GH ORV UHPROTXHV \ VHPL UHPROTXHV SURYHQLHQWHV GH (FXDGRU HVWDPRV VHJXURV TXH HVWD LPSRUWDFLyQ VHUi IDYRUDEOH SDUD ORV WUDQVSRUWLVWDVSDUDPHMRUDUVXGHVHPSHxRHQHOFDPSR\FXEULUVXQHFHVLGDG $OWUDEDMDUHQFRQMXQWRFRQHOSURYHHGRUHOFRQVROLGDGRUHODJHQWHGHDGXDQD \ FDGD XQD GH ODV SHUVRQDV TXH LQWHUYLHQHQ HQ HO SURFHVR GH LPSRUWDFLyQ \ UHH[SRUWDFLyQ VH HYLWD SpUGLGDV GH GLQHUR \ WLHPSR GH HVWD PDQHUD JDUDQWL]DUHPRVTXHQRKDEUiLPSUHYLVWRVTXHSXHGDQDIHFWDUHQHOSUHFLRILQDO GHO SURGXFWR DVt VHUHPRV XQ GLVWULEXLGRU FRPSHWLWLYR TXH FXPSODQ FRQ ORV HVWiQGDUHV GH FDOLGDG SUHFLR \ VHUYLFLR TXH FDGD XQR GH ORV WUDQVSRUWLVWDV HVSHUD\QHFHVLWD 275$6&21&/86,21(65(/(9$17(6 /RV FRQRFLPLHQWRV ORJUDGRV D OR ODUJR GH HVWRV DxRV GH FDUUHUD KDQ VLGR XQ DSR\R\XQDKHUUDPLHQWDGHJUDQXWLOLGDGJUDFLDVDHOORVVHUHDOL]yXQDQiOLVLV HTXLWDWLYR FRQ HO ILQ GH HVWDEOHFHU SDUiPHWURV FODURV \ VHQFLOORV GH LPSOHPHQWDU SDUD DOFDQ]DU ORV REMHWLYRV SODQWHDGRV DO LQLFLR GH HVWD LQYHVWLJDFLyQ (VWHHVWXGLRVHUiPX\LPSRUWDQWHSDUDDEULUPHUFDGRHQ&RORPELDDWHQGLHQGR ODVQHFHVLGDGHVGHWRGRVORVWUDQVSRUWLVWDV 5()(5(1&,$6 $GXDQD GHO (FXDGRU 5HFXSHUDGR HO GH MXQLR GHO GH ZZZDGXDQDJREHFILOHVSUROHJ $N]R1REHOVI5HFXSHUDGRHOGHPD\RGHOGHZZZDN]RQREHOFRP HVILFKDVWpFQLFDV $OLEDEDFRPVIMercados de China y empresas conocidas5HFXSHUDGRHO GH MXOLR GHO GH KWWSVSDQLVKDOLEDEDFRPSURGXFWJVUH\FR PHFKDQLFDOVXVSHQVLRQKWPO %DQFR&HQWUDOGHO(FXDGRUEstadísticas de Importación5HFXSHUDGR HOGHMXOLRGHOGHZZZEFHILQHF %DUUD 1DFLRQDO GH &RPHUFLR ([WHULRU 5HFXSHUDGR HO GH MXOLR GHO GHZZZEDUUDGHFRPHUFLRRUJQRWLFRPH[WLQFRWHUPVKWPO &KDEHUW-Manual de Comercio Exterior.%DUFHORQD(GLWRULDO*HVWLyQ &yGLJR 2UJiQLFR GH OD 3URGXFFLyQ VI Resolución Nº 468 del Consejo de Comercio Exterior e Inversiones.5HFXSHUDGRHO GHMXOLRGHO GH KWWSFRPHUFLRH[WHULRUFRPHFTVFRQWHQWFRGLJRRUJDQLFRGHOD SURGXFFLyQ &20(;VI5HVROXFLyQ1GHO&RPH[5HFXSHUDGRHOGHMXOLRGHO GHZZZSURGXFFLRQJREHF 'HFUHWR (MHFXWLYR SXEOLFDGR HQ HO 5HJLVWUR 2ILFLDO GHO GH DJRVWR (PSUHVDV5DQGRQCaracterísticas de suspensión.5HFXSHUDGRHO GHMXOLRGHOGHKWWSZZZUDQGRQFRPEU(6 )LVKHU / Introducción de la Investigación de Mercados. UD (G 0p[LFR(GLWRULDO0F*UDZ+LOO 0HVWDQ]D0Diccionario de términos usuales en el comercio exterior ecuatoriano. 5HVROXFLyQ 1 GHO GH QRYLHPEUH 5HJLVWUR 2ILFLDO GH GH IHEUHURGH 5HVROXFLyQ1GHGHMXQLRUHJLVWUR2ILFLDO 7RGR &RPHUFLR ([WHULRU 5HFXSHUDGR HO GH MXQLR GHO GH KWWSZZZWRGRFRPHUFLRH[WHULRUFRPHFHVJX&$'DSDUDLPSRUWDU 7UDGHPDSEstadísticas de Comercio al Desarrollo Internacional 5HFXSHUDGRHOGHMXOLRGHOGHKWWSZZZWUDGHPDSRUJ,QGH[DVS[ =XUORCaracterísticas de partes de suspensión5HFXSHUDGRHOGH MXOLRGHOGHZZZ]XUORFRPEU $1(;26 $1(;2 $UW5pJLPHQGHDGPLVLyQWHPSRUDOSDUDSHUIHFFLRQDPLHQWRDFWLYR (V HO UpJLPHQ DGXDQHUR TXH SHUPLWH HO LQJUHVR DO WHUULWRULR DGXDQHUR HFXDWRULDQR FRQ VXVSHQVLyQ GHO SDJR GH ORV GHUHFKRV H LPSXHVWRV D OD LPSRUWDFLyQ\UHFDUJRVDSOLFDEOHVGHPHUFDQFtDVGHVWLQDGDVDVHUH[SRUWDGDV OXHJRGHKDEHUVLGRVRPHWLGDVDXQDRSHUDFLyQGHSHUIHFFLRQDPLHQWREDMROD IRUPDGHSURGXFWRVFRPSHQVDGRUHV 3RGUiQ DXWRUL]DUVH LQVWDODFLRQHV LQGXVWULDOHV TXH DO DPSDUR GH XQD JDUDQWtD JHQHUDO RSHUHQ KDELWXDOPHQWH EDMR HVWH UpJLPHQ FXPSOLHQGR FRQ ORV UHTXLVLWRVSUHYLVWRVHQHOUHJODPHQWRDOSUHVHQWH&yGLJR $UW5HJODPHQWRDO&RSFL /DVJDUDQWtDVHVSHFtILFDVSRGUiQFRQVWLWXLUVHHQGLQHURHQHIHFWLYRGHSRVLWDGR HQFXHQWDFKHTXHFHUWLILFDGRQRWDGHFUpGLWRGHO6HUYLFLR1DFLRQDOGH$GXDQD GHO(FXDGRUXRWUDDGPLQLVWUDFLyQWULEXWDULDFHQWUDOJDUDQWtDEDQFDULDRSyOL]D GH VHJXUR (Q ORV FDVRV TXH FRUUHVSRQGD OD JDUDQWtD HVSHFtILFD SRGUi FRQVWLWXLUVH HQ FDUWD GH JDUDQWtD HPLWLGD SRU ODV Pi[LPDV DXWRULGDGHV GH ODV LQVWLWXFLRQHVGHOVHFWRUS~EOLFRH[FHSWRHPSUHVDVS~EOLFDV\FDUWDGHJDUDQWtD HPLWLGDVSRUODVPLVLRQHVGLSORPiWLFDV\RILFLQDVFRQVXODUHVDFUHGLWDGDVHQHO SDtV 6H GHEHUi SUHVHQWDU XQD JDUDQWtD HVSHFtILFD D IDYRU GHO 6HUYLFLR 1DFLRQDOGH$GXDQDGHO(FXDGRUH[SUHVDGDHQGyODUHVGHORV(VWDGRV8QLGRV GH$PpULFDHQORVVLJXLHQWHVFDVRV D3DUD OD DGPLVLyQ WHPSRUDO FRQ UHH[SRUWDFLyQ HQ HO PLVPR HVWDGR R OD DGPLVLyQ WHPSRUDO SDUD SHUIHFFLRQDPLHQWR DFWLYR HO GHFODUDQWH GH ODV PHUFDQFtDVGHEHUiSUHVHQWDUXQDJDUDQWtDFX\RPRQWRVHUiLJXDODOFLHQ SRU FLHQWR GH ORV HYHQWXDOHV WULEXWRV VXVSHQGLGRV GH ODV PHUFDQFtDV REMHWRGHLPSRUWDFLyQ3DUDWRGRVORVILQHVDGPLVLEOHVODYLJHQFLDGHOD JDUDQWtD VHUi SRU HO SHULRGR DXWRUL]DGR PiV ORV GtDV FRQ TXH FXHQWH HO RSHUDGRU GH FRPHUFLR H[WHULRU SDUD FXPSOLU FRQ ODV IRUPDOLGDGHV GH FXOPLQDFLyQGHOUpJLPHQ $1(;2 ),&+$7e&1,&$ 7RPDGRGH]XUORFRPEU /D6XVSHQVLyQ (O VLVWHPD HV HO HQFDUJDGR GH PDQWHQHU ODV UXHGDV HQ FRQWDFWR FRQ HO VXHOR DEVRUELHQGR ODV YLEUDFLRQHV \ PRYLPLHQWR SURYRFDGR SRU ODV UXHGDV HQ HO GHVSOD]DPLHQWR SDUD TXH HVWRV JROSHV QR VHDQ WUDQVPLWLGRV DO FKDVLV \ OD FDUJDQRVHYHDDIHFWDGD,PDJHQGHVXVSHQVLyQDUPDGD 3DUDTXHORVJROSHVQRVHDQWUDVPLWLGRVDOFKDVLV\ODFDUJDQRVHYHDDIHFWDGD VHFUHyHOVLVWHPDGHODVXVSHQVLyQHOFXDOVHHQFDUJDGHPDQWHQHUODVUXHGDV HQFRQWDFWRFRQHOVXHORDEVRUELHQGRODVYLEUDFLRQHV\PRYLPLHQWRJHQHUDGR SRUODVUXHGDVHQHOGHVSOD]DPLHQWR,PDJHQGHVXVSHQVLyQDUPDGD /RV(MHV 8Q HMH HV HVWD GHVWLQDGR D JXLDU HO PRYLPLHQWR GH URWDFLyQ GH ODV OODQWDV (O HMH GH XQD UXHGD GHEH DGHPiV JXLDU OD UXHGD SDUD TXH QR VH GHVSODFH D[LDOPHQWH DVt FRPR TXH QR JLUH LQYROXQWDULDPHQWH UHVSHFWR D XQ HMH SHUSHQGLFXODUDOHMHGHJLUR /RV3DTXHWHVGH5HVRUWH /DV EDOOHVWDV HVWiQ FRQVWLWXLGDV SRU XQ FRQMXQWR GH KRMDV R OiPLQDV GH DFHUR HVSHFLDOSDUDPXHOOHVXQLGDVPHGLDQWHXQDVDEUD]DGHUDVTXHSHUPLWHQHO GHVOL]DPLHQWR HQWUH ODV KRMDV FXDQGR pVWDV VH GHIRUPDQ SRU HO SHVR TXH VRSRUWDQ /D KRMD VXSHULRU OODPDGD KRMD PDHVWUD YD FXUYDGD HQ VXV H[WUHPRVIRUPDQGRXQRVRMRVHQORVTXHVHPRQWDQXQRVFDVTXLOORVGHEURQFH SDUDVXDFRSODPLHQWRDOVRSRUWHGHOEDVWLGRUSRUPHGLRGHXQRVSHUQRV $1(;2 &27,=$&,Ï1$6,$6+,33,1* Asia Shipping S.A. OHWH0DUtWLPR 7LDQMLQ*XD\DTXLO 86'SRUFRQWHQHGRU 7+& XVG LYDSRUFRQWHQHGRU *DVWRVORFDOHV 9LVWR%XHQR XVG LYDSRUEO 3RUWHR XVG LYDSRUFRQWHQHGRU *DVWRVDGPLQLVWUDWLYRV XVG LYDSRUFRQWHQHGRU 7UDQVPLVLRQGH'DWRV XVG LYDSRUFRQWHQHGRU 0DQHMR/RFDO XVG LYDSRUFRQWHQHGRU *DVWRV3RUWXDULRV XVG LYDSRUEO ,6'VREUHSDJRVGHIOHWH&ROOHFW GLDV/LEUHVHQGHVWLQR (QHVSHUDGHVXYDOLRVDFRQILUPDFLyQGHHPEDUTXH 6DOXGRVFRUGLDOHV Melissa Chamorro Meza. Asia Shipping S.A. Av. 9 de Octubre 1911 Edf. Finansur Piso 10 Tel.: 593-4-2392308 593-4-2294869 Guayaquil-Ecuador $1(;2 )$&785$&20(5&,$/ $1(;2 3$&.,1/,67 $1(;2 %/%,//2)/$',1* $1(;2 &2168/7$'('(7$//('('(&/$5$&,Ï1$'8$1(5$'( ,03257$&,21 $1(;2 )/(7(,17(51$&,21$/ $1(;2 &26726/2&$/(6 $1(;2 75$0,7(6'(,03257$&,Ï1 $1(;2 75$163257(,17(512 $1(;2 &$57$'(62/,&,78''($&2*,0,(172$/5e*,0(1 4XLWRGHVHSWLHPEUHGH 6HxRUHV 'LUHFWRUGH$GXDQDV4XLWR $WHQFLyQ-HIHVGH3URFHVRV$GXDQHURV*DUDQWtDV 6HUYLFLR1DFLRQDOGH$GXDQDGHO(FXDGRU 3UHVHQWH 'HPLVFRQVLGHUDFLRQHV 3RU HO SUHVHQWH VROLFLWR D XVWHG GLVSRQHU D TXLHQ FRUUHVSRQGD VH SURFHGD FRQ OD $352%$&,Ï1 GH OD JDUDQWtD DGXDQHUD HQ HO FXPSOLPLHQWR GH OR VHxDODGR HQ HO $UW OLWHUDODGHO5HJODPHQWRDOWLWXORGH)DFLOLWDFLyQ$GXDQHUDSDUDHOFRPHUFLRGHO OLEUR9GHO&yGLJR2UJiQLFRGHOD3URGXFFLyQ&RPHUFLRH,QYHUVLRQHV&23&, ,03257$'255,&$5'2*$%5,(/)5(,5(2f$7( 02172'(*$5$17Ë$ 7,32'(*$5$17Ë$(IHFWLYR 027,92'(*$5$17Ë$$UW5HJODPHQWR&23&,/LWHUDOD\GHFRQIRUPLGDG DO$UWGHO&23&,\OLWHUDODGHO5HJODPHQWR 3RU OD IDYRUDEOH DWHQFLyQ TXH VH GLJQH GDU D OD SUHVHQWH TXHGR FRQ XVWHG PX\ $JUDGHFLGR $WHQWDPHQWH 5LFDUGR)UHLUH2xDWH 4XLWRGHVHSWLHPEUHGH 6HxRU 'LUHFWRUGH$GXDQDV4XLWR $WHQFLyQ3URFHVRV$GXDQHURV5HJtPHQHV(VSHFLDOHV 6HUYLFLR1DFLRQDOGH$GXDQDGHO(FXDGRU 3UHVHQWH 'HPLVFRQVLGHUDFLRQHV &RQIRUPH D OD UHTXLVLFLyQ UHDOL]DGD HQ UHODFLyQ D QXHVWUD $GPLVLyQ 7HPSRUDO SDUD 3HUIHFFLRQDPLHQWR $FWLYR PRGDOLGDG ,03257$&,Ï1 ,1',9,'8$/ SRQJR HQ VX FRQRFLPLHQWR HO GHWDOOH GHO SURFHVR SURGXFWLYR TXH QXHVWUD HPSUHVD HPSOHDUD SDUD HQVDPEODU ODV VXVSHQVLRQHV LPSRUWDGDV EDMR UpJLPHQ HO PLVPR TXH VH GHWDOOD D FRQWLQXDFLyQ &8$'52,16802352'8&72 3$UDQFHODULD 9DORU)2% ,QWHUQDFLyQHQ &DQWLGDGHV VXVSHQVLRQHV 5HH[SRUWDFLyQ 8WLOL]DFLyQ VXVSHQVLRQHV 352&(62 3UHSDUDFLyQGHSLH]DV (QVDPEODMH 8QLyQGHHVWUXFWXUDV $FRSODPLHQWRVH[WUDV 6ROGDGXUDGHSDUWHV 3LQWXUDH[WHUQD 7,(032(67,0$'2 0(6(6FRQWDGRVDSDUWLUGHOOHYDQWHGHODVPHUFDQFtDV 'HVSHUGLFLRV 0HUPDV 6DOGR 352'8&72),1$/5(02/48(626(0,5(02/48(6 &DGDUHPROTXHRVHPLUHPROTXHHVWiFRQIRUPDGDSRUXQDVXVSHQVLyQ (48,32$87,/,=$56( x 62/'$'25$ x 3/$60$ x 02/$'25$ x &257$'25$ x 35(16$ x 7$/$'5261(80È7,&26 x 5(0$&+$'25$$35(6,Ï1 x %52&$6 x //$9(6'($-867( x %$55$6'(*2/3( x 5$&+$6&23$6 x *8$17(6 x &2035(1625 x 0$1*8(5$6'(35(6,Ï1 ',5(&&,Ï1$/0$&(1$0,(172<(16$0%/$-( $Y(OR\$OIDUR1\$ODPRVGLDJRQDODJDVROLQHUD3ULPD[3$5$&$0,21(6 &,$/7'$ 7(/) 1RWD(VWHGRFXPHQWRWLHQHTXHVHUDUFKLYDGRHQDUFKLYR3')\FRQWDUFRQILUPD HOHFWUyQLFDSDUDVXYDOLGH] $1(;2 7,(0326(03/($'263$5$/$,03257$&,Ï1'(3$57(6<3,(=$6 '(6863(16,Ï1 $'8$1$(1 &+,1$ 'Ë$6 $*(17( '(&$5*$ 'Ë$6 (0%$548( 38(572'( 25,*(1 38(572'( '(67,12 'Ë$6 ',$ 75$0,7('( '(6$'8$1,=$&,21 %2'(*$ $'8$1$ %2'(*$ ,03257$'25 727$/'Ë$6 $1(;2 /,48,'$&,Ï1$'8$1(5$ $1(;2 5HVROXFLyQ&$1 $UWtFXOR3DUDORVHIHFWRVGHODSUHVHQWH'HFLVLyQQRVHFRQVLGHUDQSURFHVRVGH SURGXFFLyQRWUDQVIRUPDFLyQODVVLJXLHQWHVRSHUDFLRQHVRSURFHVRV D 0DQLSXODFLRQHV VLPSOHV GHVWLQDGDV D DVHJXUDU OD FRQVHUYDFLyQ GH ODV PHUFDQFtDV GXUDQWH VX WUDQVSRUWH R DOPDFHQDPLHQWR WDOHV FRPR OD DHUDFLyQ UHIULJHUDFLyQ DGLFLyQ GH VXVWDQFLDV VDOD]yQ H[WUDFFLyQ GH SDUWHV DYHULDGDV \ RSHUDFLRQHVVLPLODUHV E 2SHUDFLRQHV WDOHV FRPR HO GHVHPSROYDPLHQWR ODYDGR R OLPSLH]D ]DUDQGHR SHODGR GHVFDVFDUDPLHQWR GHVJUDQH PDFHUDFLyQ VHFDGR HQWUHVDTXH FODVLILFDFLyQ VHOHFFLyQ IUDFFLRQDPLHQWR FULEDGR WDPL]DGR ILOWUDGR GLOXFLyQ HQ DJXDSLQWDGR\UHFRUWDGR F /DIRUPDFLyQGHMXHJRVGHPHUFDQFtDV G (OHPEDODMHHQYDVHRUHHQYDVH H /DUHXQLyQRGLYLVLyQGHEXOWRV I /DDSOLFDFLyQGHPDUFDVHWLTXHWDVRVLJQRVGLVWLQWLYRVVLPLODUHV J 0H]FODVGHSURGXFWRVHQWDQWRTXHODVFDUDFWHUtVWLFDVGHOSURGXFWRREWHQLGRQR VHDQ HVHQFLDOPHQWH GLIHUHQWHV GH ODV FDUDFWHUtVWLFDV GH ORV SURGXFWRV TXH KDQ VLGRPH]FODGRV K (OVDFULILFLRGHDQLPDOHV L $SOLFDFLyQGHDFHLWH\ M /DDFXPXODFLyQGHGRVRPiVGHHVWDVRSHUDFLRQHV