'$7265(/$7,926$/$0%,(17(
(PEDODMHGHVHFKRV
1RWLUHDODEDVXUDHOHPEDODMHGHVXDSDUDWRVLQRVHOHFFLRQH
ORVGLVWLQWRVPDWHULDOHVSRUHMFDUWyQSROLHVWLUHQRVHJ~QODV
SUHVFULSFLRQHVORFDOHVUHODWLYDVDORVGHVHFKRV
$WHQFLyQ
(ODSDUDWRHVWiGHVWLQDGRDHQWUDUHQFRQWDFWRFRQORV
SURGXFWRVDOLPHQWDULRV\HVFRQIRUPHDODGLUHFWLYDHXURSHD
&((\FRUUHVSRQGLHQWHVQRUPDVLWDOLDQDVGHFUHWROH\
GHO
,QIRUPDFLyQ
(VWHDSDUDWRQRFRQWLHQH&)&HOFLUFXLWRUHIULJHUDQWH
FRQWLHQH5DRQRFRQWLHQH+)&HOFLUFXLWRUHIULJHUDQWH
FRQWLHQH5D,VREXWDQR3DUDPiVGHWDOOHVFRQVXOWDUOD
SODFDGHFDUDFWHULVWLFDVGHODSDUDWR
3DUDDSDUDWRVFRQ,VREXWDQR5D
(OLVREXWDQRHVXQJDVQDWXUDOVLQHIHFWRVHQHOPHGLR
DPELHQWHSHURLQIODPDEOH3RUWDQWRKD\TXHDVHJXUDUVHGH
TXHORVWXERVGHOFLUFXLWRUHIULJHUDQWHQRHVWiQGDxDGRV
&212=&$(/$3$5$72
(ODSDUDWRTXHKDFRPSUDGRVHxDOL]DGRFRQHOVtPEROR
SHUPLWHODFRQJHODFLyQSHUIHFWDGHDOLPHQWRVIUHVFRV
\FRFLGRVODSURGXFFLyQGHFXELWRVGHKLHOR\ ODFRQVHUYDFLyQ
GHDOLPHQWRVHQIULDGRV\FRQJHODGRV
/HDDWHQWDPHQWHHVWHIROOHWRHQGRQGHHQFRQWUDUiOD
GHVFULSFLyQGHODSDUDWR\FRQVHMRV~WLOHVQRVyORSDUDREWHQHU
ODVPHMRUHVSUHVWDFLyQHVVLQRWDPELpQSDUDODFRQJHODFLyQ\OD
FRQVHUYDFLyQGHORVDOLPHQWRV
'(6&5,3&,21'(/$3$5$72
)LJ
$
3DQHOGHPDQGRV
7HVWLJRGHIXQFLRQDPLHQWRGHODSDUDWROX]YHUGH
7HVWLJRDODUPDGHWHPSHUDWXUDVOX]URMDFRQVHxDOL]DGRU
DF~VWLFR
7HVWLJRGHVHxDOL]DFLRQFRQJHODFLyQUiSLGDOX]DPDULOOD
,QWHUUXSWRUGHFRQJHODFLyQUiSLGD
%RWyQSDUDODUHJXODFLyQGHODWHPSHUDWXUDLQWHUQD
WHUPRVWDWR
,QWHUUXSWRUSDUDDODUPDDF~VWLFDSXHUWDDELHUWD
% &HVWDV SDUD FRQJHODFLyQ\FRQVHUYDFLyQ GH DOLPHQWRVHQIULDGRV
&&HVWDVyORSDUDFRQVHUYDU
$OJXQRVPRGHORVHVWiQSURYLVWRVGHUHFLSLHQWHVFRQOtTXLGR
UHIULJHUDQWHHXWpFWLFRVUHWLUDUORVGHODSDUWHSRVWHULRUGHOD
FHVWD&\FRORFDUORVXQRMXQWRDRWURHQHOLQWHULRUGHOD
SURSLDFHVWD
,167$/$&,21
)LJ
$VHJ~UHVHGHTXHHODSDUDWRQRHVWpGDxDGR/RVGDxRV
SURGXFLGRVGXUDQWHHOWUDVSRUWHVHGHEHQLQGLFDUDO
UHYHQGHGRUGHQWURGHODVKRUDVGHODHQWUHJDGHOSURGXFWR
,QVWDOHHODSDUDWRHQXQOXJDUVHFR\ELHQYHQWLODGROHMRVGH
IXHQWHVGHFDORUFRPRHVWXIDVFRFLQDVUDMRVGHOVROHWF(QHO
FDVRGHTXHHVWHWLSRGHLQVWDODFLyQQRVHSXHGDHYLWDUUHVSHWH
ODVVLJXLHQWHVGLVWDQFLDVODWHUDOHV
D HQWUHHODSDUDWR\ODHVWXIDGHFDUEyQRGHDFHLWHPtQLPR
FP
E HQWUHHODSDUDWR\FRFLQDVGHJDVRHOpFWULFDVPtQLPR FP
2WUDSRVLELOLGDGFRQVLVWHHQFRORFDUHQWUHHODSDUDWR\OD
FRFLQDSODFDVDLVODQWHVTXHVHYHQGHQHQHOFRPHUFLR
HVSHFLDOL]DGR,QVWDOHHODSDUDWRHQXQDVXSHUILFLHHVWDEOH\
SODQDUHVSHWDQGRODVLQVWUXFFLRQHVTXHVHLQGLFDQHQHOGRUVR
GHODSODQWLOODTXHHQFRQWUDUiGHQWURGHODSDUDWR
'HMHSDUDGRHOFRQJHODWRUGXUDQWHXQDVGRVKRUDVDQWHVGH
SRQHUORHQIXQFLRQDPLHQWRHQHOtQWHULQOtPSLHORSRUGHQWUR
FRQXQDHVSRQMDKXPHGHFLGDHQXQDVROXFLyQGHDJXD\YLQDJUH
\FRORTXHORVDFFHVRULRVHQGRWDFLyQ
)LJ
$WHQFLyQ
HVQHFHVDULRDVHJXUDUHODFFHVRDODWRPDGH
FRQH[LyQGHODSDUDWRLQFOXVRGHVSXpVGHODLQVWDODFLyQSDUD
SRGHUGHVHQFKXIDUORHQFDVRGHQHFHVLGDG6LHVWRQRIXHUD
SRVLEOHFRQHFWHHODSDUDWRDODUHGPHGLDQWHXQLQWHUUXSWRU
ELSRODUFRQGLVWDQFLDGHDSHUWXUDGHORVFRQWDFWRVGHSRUOR
PHQRVPP\TXHHVWpFRORFDGRHQOXJDUDFFHVLEOH
&21(;,Ð1(/e&75,&$<38(67$(10$5&+$
&RQWUROHTXHHOYROWDMHLQGLFDGRHQODSODFDGHFDUDFWHUtVWLFDV
FRORFDGDGHQWURGHODFiPD UD
)LJ
FRUUHVSRQGDDOD
WHQVLyQGHUHG
/DSXHVWDDWLHUUDGHODSDUDWRHVREOLJDWRULD
SRUQRUPDGHOH\(OIDEULFDQWHQRVHUHVSRQVDELOL]DSRU
ORVGDQ}VTXHVHSXGLHUDQRFDVLRQDUDSHUVRQDVRFRVDV
SRUHOLQFXPSOLPLHQWRGHGLFKDQRUPD
&XDQGRHODSDUDWRHVWiFRQHFWDGRVLHOERWyQGHOWHUPRVWDWR
QRHVWiSRVLFLRQDGRHQHOVtPEROR
●
VHHQFLHQGHQORVWHVWLJRV
YHUGH\URMR\
)LJ
\VHSRQHHQIXQFLRQDPLHQWROD
DODUPDDF~VWLFDGHWHPSHUDWXUD
/DOiPSDUDWHVWLJRYHUGHSHUPDQHFHVLHPSUHHQFHQGLGDH
LQGLFDTXHHODSDUDWRHVWiHQPDUFKD
/DOiPSDUDWHVWLJRURMDGHDODUPDSHUPDQHFHHQFHGLGDKDVWD
TXHVHDOFDQFHODWHPSHUDWXUDDGHFXDGDGHIXQFLRQDPLHQWR6H
YXHOYHDHQFHQGHUFXDQGRODWHPSHUDWXUDGHQWURGHO
FRQJHODGRUDXPHQWDRSRUTXHVHKDDELHUWRODSXHUWD
IUHFXHQWHPHQWHRELHQSRUTXHVHKDGHMDGRPXFKRWLHPSR
DELHUWD\FXDQGRHODSDUDWRKDVLGRFDUJDGRFRQRWURV
DOLPHQWRVIUHVFRVDFRQJHODU(QHVWHFDVRFRQHFWHHO
LQWHUUXSWRUGHFRQJHODFLyQUiSLGDKDVWDTXHVHDSDJXHHO
WHVWLJRURMR/DVHxDODF~VWLFDLQGLFDHOHQFHQGLGRGHOWHVWLJR
URMRGHDODUPD6HLQWHUUXPSHFXDQGRVHDSDJDHOWHVWLJRURMR
RDOFRQHFWDUODFRQJHODFLyQUiSLGDWHVWLJRDPDULOOR
HQFHQGLGR
5(*8/$&,Ð1'(/$7(03(5$785$
(OWHUPRVWDWRYpDVH
)LJ
SHUPLWHUHJXODUJUDGXDOPHQWHOD
WHPSHUDWXUD
/DSRVLFLyQ
●
VLJQLILFDIXQFLRQDPLHQWRPRPHQWiQHDPHQWH
LQWHUUXPSLGR
/DWHPSHUDWXUDLGHDOSDUDODFRQVHUYDFLyQGXUDQWHPXFKR
WLHPSRGHORVDOLPHQWRVHQIULDGRVRFRQJHODGRVHVGH&
(QFRQGLFLRQHVQRUPDOHVWHPSHUDWXUDDPELHQWHFRPSUHGLGD
HQWUH&\&VHDFRQVHMDOOHYDUHOLQGLFDWRUGHO
ERWyQGHOWHUPRVWDWRDXQDSRVLFLyQLQWHUPHGLD6LGHVHDTXH
ODWHPSHUDWXUDGHODFiPDUDVHDPiVIUtDRPHQRVIUtDTXH
&JLUHHOERWyQGHOWHUPRVWDWRUHVSHFWLYDPHQWHKDFLDOD
SRVLFLyQPiVDOWDRKDFLDODSRVLFLyQ´
●
µ
/HUHFRUGDPRVTXHODVUHJXODFLRQHVGHOWHUPRVWDWRVRQ
VXVFHSWLEOHGHYDULDFLRQHVHQUHODFLyQFRQODWHPSHUDWXUD
DPELHQWHOD FDQGLGDGGH DOLPHQWRV HQ FRQVHUYDFLyQ ODXELFDFLyQ
GHO DSDUDWR\ ODIUHFXHQFLDGHDSHUWXUDGHOD SXHUWDODH[SHULHQFLD
OHHQVHxDUiFXiOHVODUHJXODFLyQPiVDGHFXDGDDVXVH[LJHQFLDV
3DUD FRQWURODUODWHPSHUDWXUDGHORVSURGXFWRVFRQJHODGRV PHWD
HOWHUPyPHWURVLKD\HQGRWDFLyQHQPHGLRGHORVDOLPHQ WRV
DSR\iQGRORVREUHORVSURGXFWRVOHLQGLFDUiVyORODWHPSHUDWXUD
GHODLUHTXHQRFRUUHVSRQGHDODWHPSHUDWXUDGHOSURGXFWR
87,/,=$&,Ð1'(/&203$57,0(172
&21*(/$'25
(VWHSURGXFWRHVWiGRWDGRGHXQDDODUPDDF~VWLFDTXHHQWUDHQ
IXQFLRQDPLHQWRFXDQGRODSXHUWDVHGHMDDELHUWDSRUGLVWUDFFLyQ
(QHOFDVRGHXQDSURORQJDGDDSHUWXUDGHODSXHUWDSDUD
H[FOXLUODDODUPDVHGHEHWLUDUGHOLQWHUUXSWRUGH
)LJ
&21*(/$&,21)LJ
/DFDQWLGDGPi[LPDHQNJGHDOLPHQWRVTXHVHSXHGHQ
FRQJHODUHQKRUDVFRQXQDWHPSHUDWXUDDPELHQWHGH&
HVWiLQGLFDGDHQODSODFDGHFDUDFWHUtVWLFDV
)LJ
6LVHGHVHDFRQJHODUODFDQGLGDGPi[LPDSRVLEOHGH
DOLPHQWRVVHDFRQVHMDXWLOL]DUHOLQWHUUXSWRUGHFRQJHODFLyQ
UiSLGDWHVWLJRDPDULOORHQFHQGLGRKRUDVDQWHVGH
LQWURGXFLUORVDOLPHQWRVSRVLFLRQiQGRORVGLUHFWDPHQWHHQODV
UHMLOODVVLQXWLOL]DUODVFHVWDV
8QDYH]DFDEDGDODFRQJHODFLyQSDUDUHVWDEOHFHUODV
FRQGLFLRQHVQRUPDOHVGHIXQFLRQDPLHQWRGHODSDUDWRVHGHEH
GHVFRQHFWDUODFRQJHODFLyQUiSLGDWHVWLJRDPDULOORDSDJDGR
(
501960833032E.fm Page 10 Monday, August 2, 2004 12:40 PM