You are on page 1of 4

+2-$'('$726'(6(*85,'$'

0,/&$5%
,GHQWLILFDFLyQGHO3URGXFWR\GHOD&RPSDxtD

1RPEUHGHOPDWHULDO

0,/&$5%

8VRGHOSURGXFWR

0DWHULDOGH3HUGLGDGH&LUFXODFLRQ

)HFKDGHUHYLVLyQ



1RPEUHTXtPLFR
3URYHHGRU

1XPHURGH7HOpIRQRGH
(PHUJHQFLD

&DUERQDWRGHFDOFLR

%DNHU+XJKHV'ULOOLQJ)OXLGV
5DQNLQ5G
+RXVWRQ7;
&+(075(&

,GHQWLILFDFLyQGHORV3HOLJURV

'HVFULSFLyQJHQHUDOSDUD
HPHUJHQFLDV

(OFRQWDFWRFRQHVWHPDWHULDOSXHGHFDXVDULUULWDFLyQGHODSLHORMRV\PHPEUDQDVPXFRVDV8QD
H[SRVLFLyQSURORQJDGDSXHGHSURGXFLUHIHFWRVFUyQLFRV3XHGHFDXVDUFiQFHUWUDVUHSHWLGDV
LQKDODFLRQHVGHOSXOYHUL]DGRRSROYR

(IHFWRVSRWHQFLDOHVVREUHODVDOXG
(OSROYRRWDOFRSXHGHLUULWDUHOWHMLGRGHORVRMRV
2MRV
3LHO

,QKDODFLyQ
,QJHVWLyQ

UJDQRVHVWDEOHFLGRV
(IHFWRVFUyQLFRV

(OFRQWDFWRSURORQJDGRRUHLWHUDGRSXHGHSURYRFDUHOGHVHQJUDVHRVHFDGRGHODSLHOORTXH
SXHGHGDUOXJDUDLUULWDFLyQFXWiQHD\GHUPDWLWLV HUXSFLRQHV 
/DLQKDODFLyQGHOSROYRSXHGHSURYRFDULUULWDFLyQUHVSLUDWRULD

1RVHFRQRFHQQLVHHVSHUDQGDxRVDODVDOXGHQFRQGLFLRQHVQRUPDOHVGHXVR
2MRV3XOPRQHV6LVWHPDUHVSLUDWRULR3LHO

(OFRQWDFWRSURORQJDGRFRQODSLHOSXHGHGHVJUDVDUOD\SURGXFLUGHUPDWLWLV&RQMXQWLYD(O
SDGHFLPLHQWRFUyQLFRGHORVSXOPRQHV VLOLFRVLV RFiQFHUSXOPRQDUSXHGHRULJLQDUVHSRUOD
UHVSLUDFLyQSURORQJDGDRUHSHWLGDGHOSROYRGHHVWHPDWHULDO

&RPSRVLFLyQ,QIRUPDFLyQVREUHORV,QJUHGLHQWHV

&RPSRQHQWHV

&DUERQDWGHFDOFLR

&$6

3RUFHQWDMH







6LOLFH&ULVWDOLQR&XDU]R

0HGLGDVGH3ULPHURV$X[LOLRV

!

3URFHGLPLHQWRVGHSULPHURVDX[LOLRV
0DQWHQJDORVSiUSDGRVVHSDUDGRV\ODYHORVRMRVFRQDEXQGDQWHDJXDGXUDQWHDOPHQRV
&RQWDFWRFRQORVRMRV
PLQXWRV&RQVLJDDWHQFLyQPpGLFDVLODLUULWDFLyQDXPHQWDRSHUVLVWH
&RQWDFWRFRQODSLHO
,QKDODFLyQ
,QJHVWLyQ
&RQVHMRJHQHUDO

5HWLUH\DtVOHODVURSDV\HOFDO]DGRFRQWDPLQDGRV/DYHFRQDJXDFDOLHQWH\MDEyQ&RQVLJD
DWHQFLyQPpGLFDVLODLUULWDFLyQDXPHQWDRSHUVLVWH/DYHODURSDSRUVHSDUDGRDQWHVGHYROYHUD
XVDUOD

6DOJDDODLUHOLEUH6XPLQLVWUHR[tJHQRFXDQGRKD\DGLILFXOWDGHVSDUDUHVSLUDU/ODPHDOPpGLFRVL
ORVVtQWRPDVDSDUHFHQRSHUVLVWHQ
+DJDTXHODYtFWLPDVHHQMXDJXHPX\ELHQODERFDFRQDJXD6LHOYyPLWRRFXUUHGHPDQHUD
QDWXUDOKDJDTXHODYtFWLPDVHLQFOLQHKDFLDDGHODQWHSDUDUHGXFLUHOULHVJRGHDVSLUDFLyQ6LVH
LQJLHUHQJUDQGHVFDQWLGDGHVEXVTXHDWHQFLyQPpGLFD
0DQWHQJDDODYtFWLPDEDMRREVHUYDFLyQ(QFDVRGHPDOHVWDUDFXGDDOPpGLFR VLHVSRVLEOH
PXpVWUHOHODHWLTXHWD 

0HGLGDVSDUD&RPEDWLU,QFHQGLRV

3URSLHGDGHVLQIODPDEOHV
0HGLRVGHH[WLQFLyQ
0HGLRVGHH[WLQFLyQ
DGHFXDGRV

1RPEUHGHOPDWHULDO0,/&$5%

1RFRQRFLGRV
(PSOHHORVPpWRGRVSDUDFRPEDWLUHOLQFHQGLRFLUFXQGDQWH

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2



3URWHFFLyQSDUDERPEHURV
(TXLSRGHSURWHFFLyQ\
SUHFDXFLRQHVSDUD
ERPEHURV

5HWLUHORVUHFLSLHQWHVGHOiUHDGHOLQFHQGLRVLKDFHUHVWRQRHQWUDxDULHVJRV8VHURSDGH
SURWHFFLyQFRPSOHWDLQFOX\HQGRFDVFRDSDUDWRGHUHVSLUDFLyQFRQGHPDQGDGHSUHVLyQRGH
SUHVLyQSRVLWLYDDXWyQRPRURSDGHSURWHFFLyQ\PDVFDULOODIDFLDO

0HGLGDVGH/LEHUDFLyQ$FFLGHQWDO

3UHFDXFLRQHVLQGLYLGXDOHV
0pWRGRVGHFRQWHQFLyQ
0pWRGRVGHOLPSLH]D

$VHJXUHXQDYHQWLODFLyQDSURSLDGD0DQWHQJDDOHMDGDVDODVSHUVRQDVGHOD]RQDGHODIXJD\HQ
VHQWLGRRSXHVWRDOYLHQWR(YLWHODLQKDODFLyQGHOSROYRGHOPDWHULDOGHUUDPDGR1RWRTXHHO
PDWHULDOGHUUDPDGRQLFDPLQHVREUHpO

'HWHQJDHOIOXMRGHPDWHULDOVLHVWRQRHQWUDxDULHVJRV(YLWHVXHQWUDGDHQYtDVIOXYLDOHVVLVWHPDV
GHGUHQDMHVyWDQRVRiUHDVFHUUDGDV
$VSLUHHOPDWHULDOGHUUDPDGR(YLWHODJHQHUDFLyQGHSROYRGXUDQWHODOLPSLH]D0DQWHQJDDOD
VXVWDQFLDK~PHGDXVDQGRXQSXOYHUL]DGRGHDJXD

0DQHMR\$OPDFHQDPLHQWR

0DQLSXODFLyQ

$OPDFHQDPLHQWR

XVHHTXLSRGHSURWHFFLyQSHUVRQDO1RUHVSLUHHOSROYRGHHVWHPDWHULDO(YLWHHOFRQWDFWRFRQSLHO\
RMRVEUDVH\PDQLS~OHVHHOUHFLSLHQWHFRQFXLGDGR
&LHUUHORVUHFLSLHQWHVKHUPpWLFDPHQWH\PDQWpQJDORVHQOXJDUVHFRIUHVFR\ELHQYHQWLODGR

&RQWUROHVGH([SRVLFLyQ\3URWHFFLyQ3HUVRQDO

/tPLWHVGHH[SRVLFLyQHQHOWUDEDMR 2(/
$&*,+

&RPSRQHQWHV

7LSR
337

PJP

0p[LFR
&RPSRQHQWHV

7LSR

9DORU

6LOLFH&ULVWDOLQR&XDU]R 

&DUERQDWGHFDOFLR 
6LOLFH&ULVWDOLQR&XDU]R 

&RQWUROHVGHLQJHQLHUtD
3URWHFFLyQSHUVRQDO
3URWHFFLyQSDUDRMRV\
URVWUR
3URWHFFLyQFXWiQHD

3URWHFFLyQUHVSLUDWRULD
3URWHFFLyQGHODVPDQRV

/tPLWHGH([SRVLFLyQ
D&RUWR3OD]R /(&3
337
337

9DORU

(VWDGRItVLFR

3HGDFLWRVUHVSLUDEOHV

PJP
PJP
PJP

$tVOHHOSURFHVRXVHYHQWLODFLyQPHFiQLFDORFDORFXDOTXLHUPpWRGRGHLQJHQLHUtDGHFRQWUROSDUD
PDQWHQHUORVQLYHOHVHQHODLUHSRUGHEDMRGHORVOtPLWHVGHH[SRVLFLyQUHFRPHQGDGRV
8VHDQWHRMRVGHSURWHFFLyQSDUDSROYR
6HUHFRPLHQGDHOXVRGHWUDMHGHWUDEDMRGHSURWHFFLyQ\PDQJDVODUJDV6HUHFRPLHQGDHOXVRGH
ERWDVLPSHUPHDEOHV

&XDQGRORVWUDEDMDGRUHVHVWpQH[SXHVWRVDFRQFHQWUDFLRQHVSRUHQFLPDGHORVOtPLWHVGH
H[SRVLFLyQGHEHUiQXVDUPDVFDULOODVDSURSLDGDVFHUWLILFDGDV([WUDFFLyQOOHYHUHVSLUDGRUFRQILOWUR
GHSROYR
*XDQWHVGHJRPDRSOiVWLFR

&RQVLGHUDFLRQHVJHQHUDOHV (YLWHHOFRQWDFWRFRQODSLHO\ORVRMRV0DQLS~OHORFRQODVSUHFDXFLRQHVGHKLJLHQHLQGXVWULDO
DGHFXDGDV\UHVSHWHODVSUiFWLFDVGHVHJXULGDG/iYHVHODVPDQRVDQWHVGHORVGHVFDQVRVH
GHKLJLHQH
LQPHGLDWDPHQWHGHVSXpVGHPDQLSXODUODVXEVWDQFLD

3URSLHGDGHV)tVLFDV\4XtPLFDV

$SDULHQFLD&RORU)RUPD

3ROYR%ODQFR6yOLGR

(VWDGRGHODPDWHULD

6yOLGR

8PEUDOGHRORU
(VWDGRItVLFR
S+

3XQWRGHIXVLyQ

3XQWRGHFRQJHODFLyQ
3XQWRGHHEXOOLFLyQ

3XQWRGHLQIODPDFLyQ

QGLFHGHHYDSRUDFLyQ
,QIODPDELOLGDG

1RPEUHGHOPDWHULDO0,/&$5%

1RGLVSRQLEOH
6yOLGR

VXVSHQVLRQ
& )
1RGLVSRQLEOH

& )
1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2



/tPLWHVGHLQIODPDELOLGDGHQ
DLUH6XSHULRUSRUYROXPHQ

1RGLVSRQLEOH

3UHVLyQGHYDSRU

K3DHVWLPDGR

3HVRHVSHFtILFR

1RGLVSRQLEOH

/tPLWHVGHLQIODPDELOLGDGHQ
DLUH,QIHULRUSRUYROXPHQ

1RGLVSRQLEOH

'HQVLGDGGHYDSRU

1RGLVSRQLEOH

'HQVLGDGUHODWLYD
6ROXELOLGDG

6ROXELOLGDG $JXD

&RHILFLHQWHGHUHSDUWR
QRFWDQRODJXD

JFP

,QVROXEOHHQHODJXD
PJ/


7HPSHUDWXUDGHDXWRLJQLFLyQ

1RGLVSRQLEOH

92&

HVWLPDGR

7HPSHUDWXUDGH
GHVFRPSRVLFLyQ

3RUFHQWDMHYROiWLO

1RGLVSRQLEOH
HVWLPDGR

,QIRUPDFLyQVREUH(VWDELOLGDG4XtPLFD\5HDFWLYLGDG

(VWDELOLGDGTXtPLFD

(VWDEOHHQFRQGLFLRQHVQRUPDOHV

0DWHULDOHVLQFRPSDWLEOHV

(VWHSURGXFWRSXHGHKDFHUUHDFFLyQFRQiFLGRVIXHUWHV)O~RU

&RQGLFLRQHVDHYLWDU

3URGXFWRVGHGHVFRPSRVLFLyQ
SHOLJURVRV

1RFRQRFLGRV
1RFRQRFLGRV

3RVLELOLGDGGHUHDFFLRQHV
SHOLJURVDV

1RRFXUUH

(IHFWRVFUyQLFRV

(OSDGHFLPLHQWRFUyQLFRGHORVSXOPRQHV VLOLFRVLV RFiQFHUSXOPRQDUSXHGHRULJLQDUVHSRUOD


UHVSLUDFLyQSURORQJDGDRUHSHWLGDGHOSROYRGHHVWHPDWHULDO

,QIRUPDFLyQ7R[LFROyJLFD

&DUFLQRJHQLFLGDG

,QIRUPDFLyQ(FROyJLFD

(VWHSURGXFWRFRQWLHQHVtOLFHFULVWDOLQD/D$JHQFLD,QWHUQDFLRQDOSDUDOD,QYHVWLJDFLyQGHO&iQFHU
KDGHVLJQDGRDODVtOLFHFULVWDOLQDHQIRUPDGHFXDU]RRFULVWREDOLWDGHJUXSR FDUFLQyJHQRSDUD
VHUHVKXPDQRV 

(FRWR[LFLGDG

1RVHHVSHUDTXHHVWHPDWHULDOVHDGDxLQRSDUDODYLGDDFXiWLFD

,QVWUXFFLRQHVSDUDOD
HOLPLQDFLyQ

(OLPLQHGHDFXHUGRFRQWRGDVODVUHJXODFLRQHVDSOLFDEOHV

&RQVLGHUDFLRQHVGH(OLPLQDFLyQ

,QIRUPDFLyQ5HODWLYDDO7UDQVSRUWH

,$7$
1RHVWiFODVLILFDGRFRPRSURGXFWRSHOLJURVR
,0'*
1RHVWiFODVLILFDGRFRPRSURGXFWRSHOLJURVR

,QIRUPDFLyQ5HJXODGRUD

5HJODPHQWRVIHGHUDOHVGH
((88

7RGDVORVFRPSXHVWRVHVWiQHQOD/LVWDGHLQYHQWDULRGHOD(3$76&$GHORV((88
6XVWDQFLDV3HOLJURVDV&(5&/$6$5$QRDSOLFDEOH

$GPLQLVWUDFLyQGH6DOXG\6HJXULGDG2FXSDFLRQDO HQLQJOpV26+$
1R
&)5
SURGXFWRTXtPLFR
SHOLJURVR

1RPEUHGHOPDWHULDO0,/&$5%

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2



/H\GH(QPLHQGDV\5HDXWRUL]DFLRQHV6XSHULRUHV 6XSHUIXQG GH HQLQJOpV6$5$


3HOLJUR,QPHGLDWR6t
&DWHJRUtDVGHSHOLJUR
3HOLJUR5HWUDVDGR6t
3HOLJURGH,QFHQGLR1R
3HOLJURGH3UHVLyQ1R
3HOLJURGH5HDFWLYLGDG1R
6HFFLyQVXVWDQFLD
VXPDPHQWHSHOLJURVD

1R

6HFFLyQSURGXFWR
TXtPLFRSHOLJURVR

6t

3DtV HV RUHJLyQ
$XVWUDOLD

1RPEUHGHLQYHQWDULR
,QYHQWDULR$XVWUDOLDQRGH6XVWDQFLDV4XtPLFDV HQLQJOpV$,&6

(VWDGRGH,QYHQWDULR
&DQDGi

/LVWDGRGH6XVWDQFLDV'RPpVWLFDV HQLQJOpV'6/

&KLQD

,QYHQWDULRGHVXVWDQFLDVTXtPLFDVQXHYDVHQ&KLQD ,(&6&

&DQDGi
(XURSD
(XURSD
-DSyQ
&RUHD

1XHYD=HODQGD
)LOLSLQDV

(QH[LVWHQFLD VtQR
6t
1R

/LVWDGH6XVWDQFLDV1R'RPpVWLFDV HQLQJOpV1'6/

6t
6t

,QYHQWDULR(XURSHRGH4XtPLFRV1XHYRV\4XtPLFRV([LVWHQWHV
HQLQJOpV(,1(&6

6t

/LVWDHXURSHDGHVXVWDQFLDVTXtPLFDVQRWLILFDGDV (/,1&6

1R

,QYHQWDULRGHODVVXVWDQFLDVTXtPLFDVH[LVWHQWHV\QXHYDV
(1&6

6t

/LVWDGHVXVWDQFLDVTXtPLFDVH[LVWHQWHV (&/

6t

,QYHQWDULR)LOLSLQRGH4XtPLFRV\6XVWDQFLDV4XtPLFDV HQ
LQJOpV3,&&6

6t

,QYHQWDULRGH1XHYD=HODQGD

6t

(VWDGRV8QLGRV\3XHUWR5LFR /H\GH&RQWUROGH6XVWDQFLDV7y[LFDV HQLQJOpV76&$


,QYHQWDULR

6t

8QDUHVSXHVWD6tLQGLFDTXHWRGRVORVFRPSRQHQWHVGHHVWHSURGXFWRFXPSOHQFRQORVUHTXLVLWRVGHORVLQYHQWDULRVDGPLQLVWUDGRVSRUHOORV
SDtV HV JREHUQDQWHV

1RUPDWLYDVHVWDWDOHV

2WUD,QIRUPDFLyQ

FDWHJRUtD+0,6

&ODVLILFDFLyQVHJ~Q1)3$
5HQXQFLD

865HYLVDGR

)HFKDGHODYHUVLyQ
)HFKDGH5HYLVLyQ

(VWDILFKDGHGDWRVFRQWLHQH
FDPELRVFRQUHVSHFWRDOD
YHUVLyQDQWHULRUHQOD V
VHFFLyQ HV 

1RPEUHGHOPDWHULDO0,/&$5%

$'9(57(1&,$HVWHSURGXFWRFRQWLHQHXQDVXVWDQFLDTXtPLFDTXHHO(VWDGRGH&DOLIRUQLD
GHWHUPLQyTXHSURYRFDFiQFHU
6DOXG
,QIODPDELOLGDG
)DFWRUGHULHVJRItVLFR
3URWHFFLyQSHUVRQDO'
6DOXG
,QIODPDELOLGDG
,QHVWDELOLGDG

/DLQIRUPDFLyQSURSRUFLRQDGDHQHVWD)LFKDGH'DWRVGH6HJXULGDGHVODPiVFRUUHFWDGHTXH
GLVSRQHPRVDODIHFKDGHVXSXEOLFDFLyQ/DLQIRUPDFLyQVXPLQLVWUDGDHVWiFRQFHELGDVRODPHQWH
FRPRXQDJXtDSDUDODVHJXULGDGHQHOPDQHMRXVRSURFHVDGRDOPDFHQDPLHQWRWUDQVSRUWH
HOLPLQDFLyQ\GHVFDUJD\QRGHEHVHUFRQVLGHUDGDFRPRXQDJDUDQWtDRHVSHFLILFDFLyQGHFDOLGDG
/DLQIRUPDFLyQVHUHILHUH~QLFDPHQWHDOPDWHULDOHVSHFLILFDGR\QRSXHGHVHUYiOLGDSDUDGLFKR
PDWHULDOXVDGRHQFRPELQDFLyQFRQRWURVPDWHULDOHVRHQFXDOTXLHUSURFHVRDPHQRVTXHVHD
LQGLFDGRHQHOWH[WR
&KHU\O+RRG7HO



(VWHGRFXPHQWRKDVLGRVRPHWLGRDLPSRUWDQWHVPRGLILFDFLRQHV\GHEHUiVHUUHYLVDGRHQVX
WRWDOLGDG

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2



You might also like