([WUD

/RVPpWRGRVGHFRFFLyQGHORVDOLPHQWRV
$WUDYpVGHXQDFXLGDGRVDFRFFLyQVHSXHGHUHDO]DUHOFRQWHQLGRQXWULWLYRGHORVDOPHQWRV
SHUPLWLHQGRXQDySW PDG JHVWLyQ&DGDPpWRGRGHFRFFLyQGHDOPHQWRVSRVHHGHWHUPQDGDV
YHQWDMDV\GHVYHQWDMDVVyORVHGHEHFRQRFHUSDUDTXpHVWiLQG FDGRFDGDXQR$XQTXHVLVH
GHVHDREWHQHUXQDQXWU FyQVDQDKD\PpWRGRVTXHGHEHQXWLOL]DUVHGHPDQHUDPX\OLPLWDGD
\DTXHSXHGHQFRQYHUWLUXQDOLPHQWRVDOXGDEOHHQXQDOLPHQWRWy[LFRRGDxLQRHMIULWDGR
DKXPDGR3RUHVRHV PSRUWDQWHFRQRFHUDFHUFDGHH ORVVQOOHJDUDVHUXQH[SHUWRHQOD
FRFLQD
/DJDVWURQRPtDDFWXDOGLYLGHDORVPpWRGRVGHFRFFLyQHQGRVJUXSRVVHFRV\K~PHGRV
$XQTXHGHVGHHOSXQWRGHYLVWDQXWULWLYRSXHGHQFODVILFDUVHHQ PiVVDOXGDEOHV \HQ PHQRV
VDOXGDEOHV 1RHVQHFHVDULRFRQGHQDUHOXVRGHDOJXQRGHHOORVSHURVtVDEHUTXHKD\
PpWRGRVTXHQRFRQWULEX\HQDOELHQHVWDUGHOFXHUSR\DTXHODHODERUDFLyQGHXQDOLPHQWR
SXHGHDOHQWDUXQDVHULHGHWUDVWRUQRVGHVDOXGQRVRORGLJHVWLYRV3RUHVRORVPpWRGRVTXH
DJUHJDQJUDVDVDODFRFFLyQFRQYHUWHQDPXFKRVDOLPHQWRVHQYHUGDGHUDV ERPEDV SDUDHO
HVWyPDJR\HOKtJDGR\SUHGLVSRQHQDORUJDQLVPRDOSDGHFPLHQWRGHSUREOHPDVFRURQDULRV
7DPELpQODFRFFLyQHQDJXDSXHGHUHVX WDUXQDRSFyQQRFLYDHQHOFDVRGHODVFDUQHV\DTXH
FRQFHQWUDODVJUDVDVTXHHOODVPLVPDVFRQW HQHQ+D\PpWRGRVTXHDOSDUHFHUKDFHQORV
DOPHQWRVPHQRVGLJHULEOHVFXDQGRGHEHUtDVHUORFRQWUDULR'HDOOtTXHODVHOHFFLyQGHOPpWRGR
GHFRFFLyQDGHFXDGRHVXQDYDULDEOHTXHQRSXHGHGHMDUVHGHODGRHQODQXWULFLyQVREUH
WRGRVLLQWHQWDPRVTXHpVWDQRVHYXHOYDWy[FD
$FRQWLQXDFLyQH[SRQJRXQDOLVWDGHORVPpWRGRVGHFRFFLyQFRQXQHQIRTXHQXWULFLRQDOQR
JDVWURQyPLFRDJUXSiQGRORVHQGRVFDWHJRUtDVTXHQRQHFHVDU DPHQWHUHIOHMDQODUHDOLGDGHQ
WRGRVORVFDVRV3HURVUYHFRPRJXtDSDUDWHQHURSFLRQHVFODUDVDODKRUDGHSUHSDUDUORV
DOPHQWRV

0e72'26'(&2&&,1066$/8'$%/(65HFRPHQGDGRV
&UXGR$XQTXHHQVtQRHVXQDWpFQ FDGHFRFFLyQVHORFRQVGHUDXQDPDQHUDGHSUHSDUDU
ORVDOLPHQWRV&RQVHUYDDOPi[LPRORVQXWULHQWHVH[FHSWRHQODV]DQDKRULDV3HURQRHV
DSURSLDGRSDUDXQDJUDQFDQWLGDGGHDOLPHQWRVSRUTXHSXHGHFDXVDULQGLJHVWLyQVREUHWRGR
ORVGHRULJHQDQ PDO/DVSDUWHVTXHVHFRUWDQSLHUGHQUiS GDPHQWHODYWDPQD&TXH
FRQW HQHQSRUHVRVHGHEHQSUHSDUDUDOPRPHQWRGHFRQVXPLUODV(VWHPpWRGRHVLGHDOSDUD
IUXWDVYHUGXUDV\DOJXQDVOHJXPEUHVODVTXHVHFRQVLJXHQDEODQGDUDWUDYpVGHXQUHPRMDGR
RKLGUDWDFLyQ6LXQDOLPHQWRSXHGHFRQVXPLUVH FUXGR VLQSUREOHPDVSXHGHVHUODPDQHUD
PiVVDOXGDEOHGHREWHQHUWRGRVORVEHQHILFLRVTXHVHGHULYDQGHVXLQJHVWD
7DPELpQH[LVWHQWpFQLFDVGHFRFFLyQDSDUWLUGHXQDOLPHQWRFUXGRFRPRHOFDVRGHOVDODGR
XWLOL]DGRSDUDODSUHSDUDFLyQ\FRQVHUYDFLyQGHFDUQHV\ILDPEUHV6LQHPEDUJRDJUHJDXQD
HQRUPHFDQWLGDGGHVRGLRDODOPHQWRORTXHORFRQYLHUWHHQSRWHQFDOPHQWHSHOJURVRSDUDOD
VDOXGSUREOHPDVFDUGtDFRV\WHQVLyQDUWHULDO(OVDODGRGHILQLWLYDPHQWHQRHVWiFRQVLGHUDGR
XQDIRUPDSDUDSUHSDUDUDOLPHQWRV\FRPLGDVVDOXGDEOHV
+HUYLGRRFRFLGR(VXQSURFHVRGHFRFFLyQDSXQWRGHHEXOOFyQGRQGHORVDOLPHQWRV
KLHUYHQHQDJXD1RVHQHFHVLWDJUDVD\VHXWLOL]DODROODFRPRHOHPHQWRGHFRFLQD/DV
YHUGXUDVKHUYGDVSLHUGHQKDVWDHO GHORVQXWULHQWHVVROXEOHVHQDJXD6HSXHGHQ
FRQVHUYDUODVYLWDPLQDVVLVHXWLOL]DPX\SRFDDJXDSDUDFRFLQDUODV\VyORKDVWDTXHODVYHUGXUDV
HVWpQW HUQDV(OKHUYLGRGHFDUQHVQRHVPX\UHFRPHQGDGR\DTXHFRQFHQWUDODVJUDVDV\
KDFHPiVSHVDGRHODOLPHQWRDXQTXHVXHOHXWLOL]DUVHSDUDFDUQHVURMDVW SRRVREXFR\DYHV
SROORRJDOOLQD(ODJXDGHOKHUYLGRSXHGHHPSOHDUVHFRPRFDOGR&RQYLHQHVLHPSUHKHUYLUVLQ
FRORFDUVDODODJXDDXQTXHDYHFHVVHXWLOL]DSDUDUHDO]DUHOVDERUGHORVYHJHWDOHVDSRUWDQGR
DVtXQDPD\RUFDQWLGDGGH6RGLR7DPELpQHVHOPpWRGRLGHDOSDUDHOFRFLGRGHIUXWDVVHFDVR
GHVKLGUDWDGDVGHODVTXHVHREWLHQHQFRPSRWDVFRQRVLQDJUHJDGRGHD]~FDU
&RFLGRDOSRFKp(VXQDWpFQ FDGHULYDGDGHOKHUYLGR\FRQVLVWHHQXQSURFHVRGHFRFFLyQ
TXHVHOOHYDDFDERFRQSRFRDJXD\DWHPSHUDWXUDVGH&D&SDUDSURWHJHUHO

SURGXFWR/RVDOPHQWRVSLHUGHQPHQRVYLWDPLQDV\FRQVHUYDQVXFRQVLVWHQFLDDXQTXHHV GHDO
VyORSDUDFHUWRVSURGXFWRVFRPRHOFDVRGHORVKXHYRV5HVSHFWRDOFRFLGRGHFDUQHVHV
UHFRPHQGDEOHSDUDHOKHUYGRGHORVSHVFDGRV6LVHHPSOHDXQFRFGRDEDxRPDUtDXQ
UHFSLHQWHFRQORVDOLPHQWRVIORWDQGRVREUHRWURUHFSLHQWHFRQDJXDKLUYLHQGRUHVX WDSHUIHFWR
SDUDHOSUHSDUDGRGHFLHUWRVSRVWUHVFRQOHFKH/DFRFFLyQOHQWDHVODFODYHGHOFRFLGRDO
SRFKp
&RFLGRDOYDSRU(VXQDWpFQLFDGHFRFFyQTXHXWLOL]DHOYDSRUWDQWRFRQRVLQSUHVLyQ6H
HPSOHDXQDYDSRUHUDRXQDROODDSUHVLyQ7DPELpQXQDROODH[SUpVRXQDFDFHURODFRQWDSD\
YiOYXODGHYDSRU&RQVHUYDPiVORVQXWULHQWHVSHURORVDOLPHQWRVSLHUGHQKDVWDXQ GHODV
YLWDPLQDVVROXEOHV(ODJXDUHVXOWDQWHGHOKHUYLGRVHSXHGHXWLOL]DUSDUDRWUDVFRVDVFRPRVDOVDV
SDUDQRSHUGHUODVYWDPQDV6RODPHQWHVHSXHGHQFRFHUDOYDSRUDOLPHQWRVGHODPLVPD
HVWUXFWXUDFHOXODU\GHOPLVPRWDPDxRHVGHFLUQRGHEHQFRPELQDUVHGLIHUHQWHVDOLPHQWRVSDUD
REWHQHUXQFRFLGRXQ IRUPH(VLGHDOSDUDODVYHUGXUDVFDUQHVSHVFDGRVPDULVFRV\
OHJXPEUHV6LVHHPSOHDXQDR ODDSUHVLyQVHUHGXFHHOWLHPSRGHFRFFLyQQRWDEOHPHQWH
PHQRVGHODPLWDGTXHXQKHUYLGRQRUPDO(VXQRGHORVPpWRGRVPiVVDOXGDEOHV\DTXHHO
SURGXFWRVHPDQW HQHVHFRQRVHPXHYH\SRUWDOUD]yQQRSLHUGHVXIRUPD\FRQVLVWHQFLD\VH
SXHGHXWLOL]DUSDUDVXWHUPLQDFLyQLQPHG DWDPHQWH
&RFLGRHQPLFURRQGDV0DQW HQHODPD\RUFDQWLGDGGHQXWU HQWHVVROXEOHVHQDJXDVLVH
XWLOL]DPX\SRFDFDQWLGDGGHHOOD&RQYHQHXWLOL]DUUHFSLHQWHVGHYLGULRUHVLVWHQWHVDOKRUQR
PFURRQGDV6XHOHVHUFRP~QVREUHSDVDUVHHQODFRFFLyQ([LVWHXQPLWRLQIXQGDGRGHTXHOD
FRFFyQHQPLFURRQGDVTXLWDWRGDVODVYLWDPLQDV\PLQHUDOHVDORVDOPHQWRVSXHVSHUPWH
FRQVHUYDUVXVSURS HGDGHVVLODWHPSHUDWXUDQRHVWDQHOHYDGD7DPELpQVHORHPSOHDSDUDHO
FDOHQWDGRGHDOLPHQWRVFRFLGRVRSUHFRFLGRV\WDPELpQSDUDGHVFRQJHODUDOPHQWRVTXHVH
FRQVHUYDQHQHOIUHH]HU&RPRDOWHUQDWLYDDODFRFLQDFRQYHQFLRQDOHOFRFGRHQPLFURRQGDV
UHVX WDXQDRSFLyQYDEOH
+RUQHDGR(VXQPpWRGRGHFRFFLyQTXHQRQHFHVLWD QFRUSRUDUJUDVDVDGLFLRQDOHVDODV
FDUQHVQLOtTXLGRVDODVYHUGXUDV6HGLIHUHQFLDGHOJULOODGR\DTXHHVPiVVHFR6HQHFHVLWDXQ
KRUQRFRQYHQFRQDO\JHQHUDOPHQWHORVDOPHQWRVFDUQHVURMDVDYHVSHVFDGRVYHUGXUDV\
IUXWDVVHGLVSRQHQHQXQDDVDGHUDPHWiOLFDRXQDSODFDSDUDKRUQR$OQRUHTXHULUGHJUDVD
SDUDODFRFFLyQVHORFRQVLGHUDXQPpWRGRVDOXGDEOHHLGHDOSDUDFRQYHUWLUORVDOLPHQWRVHQ
DOWDPHQWHGLJHULEOHV,GHDOSDUDSURGXFWRVGHSDQDGHUtDSDVWHOHUtDVHFDWRUWDVWDUWDVFRQ
PDVDKRMDOGUHSDWDWDVERQ DWRVSL]]DV\SXGLQHV(OPpWRGRHVUHFRPHQGDGRDXQTXHHO
DVSHFWRQXWULWLYRGHORVDOLPHQWRVKRUQHDGRVGHSHQGHGHVXVPDWHU DVSU PDV
*ULOODGRJULOOpDODSODQFKDRDOKRUQR(VXQPpWRGRGHFRFFyQVHFRTXHHPSOHDPX\
SRFDJUDVD\XWLOL]DHOSURSLRMXJRGHODVFDUQHV$WUDYpVGHOJULODGRHOFDORUGHVWUX\HODYWDPQD
&TXHSRVHDQORVDOPHQWRVHQHOFDVRGHODVDYHVVHGHEHQFRFLQDUPX\E HQ\HOMXJRGHODV
FDUQHVVHSXHGHXWLOL]DUHQVDOVDVSRUTXHSRVHHYLWDPLQD%,GHDOSDUDODFRFFLyQGHFDUQHVSRU
ODSRFDJUDVDDGLFLRQDOTXHVHREWLHQHGHORVDOLPHQWRVJULOODGRV\DGHPiVODVFRQYHUWHHQ
IiFOPHQWHGLJHULEOH7DPE pQSXHGHQJULODUVHYHUGXUDVWDQWRHQXQDSODQFKDGHWHIOyQFRPRHQ
XQDSODFDFRQUHMLODSDUDHOKRUQR/RVDOLPHQWRVQRUHVXOWDQDKXPDGRVFRPRVXFHGHFRQHO
FRFLGRDODSDUULOOD
%ODQTXHDGR(VXQSURFHVRGHSUHFRFFLyQSDUDYHUGXUDVGHKRMDSDWDWDV\FDUQHVVREUH
WRGRSROOR\PDULVFRVDWUDYpVGHOHPSOHRGHDJXDK UYLHQGRDSXQWRGHHEXOOLFLyQRDFH WH
KLUYLHQGR6LELHQFRQHOEODQTXHDGRORVDOLPHQWRVTXHGDQOLVWRVSDUDSRVWHU RUHV
SUHSDUDFLRQHVHQVtHVPX\~W OSDUDTXHORVDOLPHQWRVSLHUGDQPHQRVQXWULHQWHV\OXHJR
SXHGDQFRFLQDUVHFRQUDSLGH](QJHQHUDOODVHVSLQDFDVVHEODQTXHDQSDUDHOSUHSDUDGRGH
WDUWDVODVSDWDWDVSDUDKRUQHDGRRIULWDGRORVPDULVFRVSDUDSDHOODV\HOSR ORVyORSHFKXJD\
VLQKXHVRVSDUDXQSRVWHU RUJULODGR&RPRWpFQLFDHVVDOXGDEOH\XQDJUDQDOLDGDSDUDRWURV
PpWRGRVGHFRFFLyQ1RVHGHEHQEODQTXHDUODVFDUQHVURMDV$YHFHVWDPE pQVHSXHGHXWLOL]DU
SDUDHODEODQGDGRGHOHJXPEUHV
6DOWHDGRVRIULWR(VXQSURFHVRGHFRFFLyQVHFRTXHHPSOHDJUDVDDQ PDORYHJHWDO

FDOLHQWHFRQPRYLPLHQWRRYROWHDQGRHOSURGXFWRVLQOtTXLGRHOOtTXLGRVHDJUHJDGHVSXpVGH
KDEHUTXLWDGRHOSURGXFWR6HXW OL]DXQVDUWpQSDUDHOVDOWHDGRGHFDUQHVSHVFDGRVPDULVFRV
YHUGXUDV\KRQJRV3DUDODVSDWDWDV\ODVIUXWDVVDOWHDGDVVHHPSOHDXQVDUWpQGHWHIOyQR
SODQFKD&RQVHUYDODVYLWDPLQDVVROXEOHVHQDJXD\QRUHTX HUHXQDJUDQFDQW GDGGHJUDVD
JHQHUDOPHQWHSURYHQLHQWHGHDFH WHVYHJHWDOHV/DVVXSHUILFLHVGHORVDOLPHQWRVFRUWDGRV
SLHUGHQYLWDPLQD&DO QVWDQWHSRUHVRVHGHEHQSUHSDUDUDOPRPHQWRGHFRQVXPLUODV(V
XWLOL]DGRSDUDUHDO]DUHOVDERUGHODVYHUGXUDVSHURDYHFHVDJUHJDFDORUtDVLQQHFHVDULDVSRU
ODJUDVDXWLOL]DGD7DPELpQHVODDOWHUQDWLYDSDUDHOFRQVXPRGHXQDPD\RUYDU HGDGGH
YHJHWDOHVFRPRODEHUHQMHQDHOSLPLHQWRPRUUyQODFHEROOD\HOFDODEDFtQUHGRQGR]DSD OLWR
YHUGH&RQVHUYDODFRQVLVWHQFLD\HOFRORUGHODVYHUGXUDV\HVXQDD WHUQDWLYDSDUDHOFRQVXPR
GHFDUQHV\SHVFDGRVJHQHUDOPHQWHFRUWDGRVHQSHTXHxRVWUR]RV
7RVWDGROLJHUR8QPpWRGRPX\VHQFLOORTXHVHHPSOHDSDUDKDFHUPiVGLJHULEOHVORVSDQHV
EODQFRVHLQWHJUDOHV&RQXQDWRVWDGRUDFRQYHQFRQDORXQDHOpFWU FDVHVXHOHFRORFDUHOSDQ
HQUHEDQDGDVRURGDMDVKDVWDREWHQHUXQWRVWDGROLJHUR1RHVUHFRPHQGDEOHTXHHOSURGXFWR
VHTXHPHRFDUERQLFH\DTXHSXHGHUHVX WDUWy[FR7DPE pQVLUYHSDUDDEODQGDUORVSDQHV\
RWURVSURGXFWRVGHSDQDGHUtDV6HXWLOL]DWDPE pQSDUDHOFDOHQWDGRGHSL]]DV\HPSDQDGDV\D
FRFLGDV

0e72'26'(&2&&,10(1266$/8'$%/(63RFR
UHFRPHQGDGRV
(VWRIDGR(VWRIDUHVXQSURFHVRGHFRFFLyQFRQSRFROtTXLGRRJUDVDDxDGLGDDOSURGXFWR
1RUPDOPHQWHVHOOHYDDFDERHQVDUWHQHVKRQGDVFRQWDSD6HHPSOHDSDUDODFRFFLyQ
FRPELQDGDGHYHUGXUDVIUXWDV\FDUQHVH[FOXVLYDPHQWH&RQFHQWUDODJUDVDGHULYDGDGHOD
FDUQH\GHDOJ~QPRGRODDxDGHDODVYHUGXUDVSRUORTXHHOVDERUGHORVDOLPHQWRVHV
EDVWDQWH QWHQVR7DPELpQVHHPSOHDFRQGLPHQWRV\VDOHQODSUHSDUDFLyQORTXHSRWHQFLDHO
VDERU\FRQYLHUWHDOHVWRIDGRHQXQSUHSDUDGRSHVDGRPiVGLItFLOGHGLJHU UTXHORVDOLPHQWRV
JULOODGRV
%UDVHDGRHQFDFHURODVRHQJXLVR$EODQGDODVFDUQHVGHVHJXQGDFDOGDG\ODVYLWDPLQDV
VHFRQVHUYDQHQHOSODWR3HURSXHGHFRQWHQHUPXFKDVJUDVDVVLQRVHHQIUtDQORVSODWRV\VH
ORVGHVJUDVDDXQTXHHVWHPpWRGRHV GHDOSDUDOHJXPEUHV\YHUGXUDVGHUDt]6HHPSOHDQ
FDFHURODVFRQWDSD\PX\SRFROtTXLGR6LUYHSDUDHOVH ODGRGRUDGRGHODVFDUQHV\SRVWHULRU
JXLVDGR7DPELpQVHFRQVLJXHQVXFXOHQWRVSODWRVFRPELQDQGROHJXPEUHVFRQYHUGXUDV\
FDUQHV(OEUDVHDGRSXHGHOOHYDUVHDOKRUQRHQEDQGHMDVKRQGDVFRQWDSD/RVDOLPHQWRVTXH
VHEUDVHDQUHVX WDQSHVDGRV\GHOHQWDGLJHVWLyQ\DTXHODFRFFLyQVHDFRPSDxDPXFKDV
YHFHVFRQVDOVDVYQRVRFDOGRVFRQJUDVD
$VDGRDODSDUULOODRDODEDUEDFRD(VXQPpWRGRSRFRJUDVRSRUTXHQRVHDxDGHQ
JUDVDV\DTXHpVWDVVHGHVSUHQGHQGHODFDUQH(VXQSURFHVRGHFRFFyQTXHVHOOHYDDFDER
VREUHXQDSDUU OODFDOHQWDGDSRUFDUEyQHOHFWULFLGDGJDVRHQXQVDUWpQSDUULOD3HVHDHOLPLQDU
ODVJUDVDVGHODVFDUQHVFXDQGRpVWDVVHTXHPDQRDVDQHQH[FHVRSXHGHQOOHJDUDWHQHU
DOJXQDLQFLGHQFLDHQGLVWLQWRVWLSRVGHFiQFHU3RUHVRQRVHGHEHQFRPHUDOLPHQWRVTXHPDGRV
7DPELpQHVWHPpWRGRVHXWLOL]DFRPRSDUWHGHODKXPDGR1XQFDVHGHEHFRFHUODFDUQHVREUH
IXHJRGLUHFWR\DTXHODJUDVDVHTXHPD\SURGXFHKXPR\WL]QHWy[LFRVSDUDHOFRQVXPR(VWH
PpWRGRVHHPSOHDSDUDFDUQHVURMDV\EODQFDVSHVFDGRV\YHUGXUDV(QPXFKRVFDVRVVHDVD
HODOLPHQWRHQYXH WRHQSDSHODOXPQLR\GHQWURGHXQDPDULQDGDDEDVHGHKLHUEDVDURPiW FDV
\MXJRV/DRSFLyQPiVVDOXGDEOHDODEDUEDFRDHVHOJULODGR
5RVWL]DGR(VSURFHVRGHFRFFLyQFRQFDORUPHGLRURFDQGRORVSURGXFWRVFRQWLQXDPHQWHFRQ
JUDVD\FRFLGRVVQOtTXLGR\VLQWDSD6HHPSOHDXQKRUQRJLUDWRULRRSDUDURVWL]DUDEDMD
WHPSHUDWXUD3RUWUDWDUVHGHXQPpWRGRGHFRFFLyQPiVELHQOHQWRVXHOHFRQFHQWUDUODVJUDVDV
VREUHWRGRSRUHODGRERFRQJUDVDDFH WHTXHUHFLEHQODVFDUQHVPLHQWUDVVHFXHFHQ\
SRUTXHHODOLPHQWRQRSLHUGHOtTXLGRVQLSHVR6yORVHHPSOHDSDUDFDUQHV\DXQTXHHOVDERU
HVPX\JXVWRVR\ODWH[WXUDVXDYHHVSRFRVDOXGDEOH/DRSFLyQUHFRPHQGDGDIUHQWHDO
URVWL]DGRHVHOJULOODGR

)ULWRSRULQPHUVLyQRHQODVDUWpQ(VWHPpWRGRFRQVLVWHHQXWLOL]DUJUDVDOtTX GDDDOWD
WHPSHUDWXUDDFHLWHSDUDODFRFFLyQGHODOLPHQWR6HHPSOHDVDUWHQHVKRQGDVRIUHLGRUDV/RV
DOPHQWRVIULWDGRVSULQFLSDOPHQWHFDUQHVSHVFDGRVSDWDWDV\DOJXQDVYHUGXUDVSRVHHQXQ
DOWRSRUFHQWDMHHQJUDVDVSRUTXHODVDEVRUEHQFRQODFRFFyQQRHVDFRQVHMDEOHSDUDTXLHQHV
GHVHDQDGHOJD]DU&RQVHUYDODVYLWDPLQDVVROXEOHVHQDJXD1RVHGHEHUtDUHXWLOL]DUHODFHLWH
FRFLQDGRSRUTXHVHR[GD\SXHGHVHUFDUFLQyJHQR$GHPiVORVDOLPHQWRVIU WRVVRQPiV
SHVDGRVTXHORVFRFLGRVRJULODGRV(VWHPpWRGRGHEHHPSOHDUVHFRQPXFKDGLVFUHFyQVLVH
GHVHDFRQVHUYDUHOSHVR\ODVDOXG(OFRQVXPRH[FHVLYRGHJUDVDVSXHGHDFDUUHDUSUREOHPDV
FRURQDULRV
*UDWLQDGR(VXQPpWRGRTXHVHXW OL]DFRPRDFDEDGRGHXQSODWRSDUDREWHQHUXQDFRVWUD
FiVFDUDRXQGRUDGRVXJHUHQWH6HHPSOHDXQKRUQRFRQKRUQDOODVXSHULRURXQFDOHQWDGRU
SDUDIODPEHDGR3DUDSRGHUJUDWLQDUVLHPSUHVHQHFHVLWDXQRGHORVVJXLHQWHVSURGXFWRV\D
VHDFRPRLQJUHGLHQWHRSRUVLVRORTXHVRFUHPDKXHYRVSDQPROLGRPDQWHTXLOODRJUDVD
PDVDDEDVHGHKXHYRVRVDOVDVEODQFDVHQJHQHUDO(VWRDYHFHVVXPDPiVVDERUSHUR
WDPELpQPiVFDORUtDVDORVSODWRV\ORVFRQYLHUWHHQDOLPHQWRVSHVDGRVVREUHWRGRSRUORV
LQJUHGLHQWHVSDUDHOJUDWLQDGR7DPE pQVHVXHOHQTXHPDUODVFRVWUDVFRQHOULHVJRGHTXHHO
SUHSDUDGRVHFRQYHUWDHQWy[LFR(QHOFDVRGHOIODPEHDGRSURSLDPHQWHG FKRFRQVLVWHHQ
GRUDUXQSURGXFWRFRQODDSOLFDFyQGLUHFWDGHOODPDVLQDJUHJDUQLQJ~QSURGXFWRDOSUHSDUDGR
RULJLQDO$XQTXHSDUHFHPiVXQDFXHVWLyQGHJDVWURQRPtDTXHGHQXWULFLyQHOJUDWLQDGRQRHV
UHFRPHQGDGRSDUDFXLGDUODVLOXHWD\ODVDOXG
*ODVHDGR(VXQPpWRGRGHFRFFLyQVLPLODUDOEUDVHDGRTXHVHHPSOHDVyORSDUDFDUQHV
EODQFDVDVtFRPRSDUDYHUGXUDVODVFXDOHVVHDEULOODQWDQFRQXQOtTXLGRUHGXFLGRGHODFRFFyQ
MDUDEH3DUDHOJODVHDGRVHXWLOL]DXQDPH]FODGHPDQWHTXLODFRQD]~FDUGHPDQHUDGHORJUDU
XQUHFXEU PLHQWRGHORVDOPHQWRVFRQHOMDUDEHUHVXOWDQWH2WRUJDVDERUDORVSUHSDUDGRVSHUR
DJUHJDLQQHFHVDU DPHQWHPiVFDORUtDV\JUDVDVORTXHKDFHTXHORVDOLPHQWRVJODVHDGRVVHDQ
PiVSHVDGRV&RQYLHQHXW OL]DUORVyORFRQUHFHWDVTXHUHDOPHQWHQHFHVLWHQGHHVWHPpWRGR
$XQTXHHOJODVHDGRVLHPSUHHVXQSURFHVRSRVWHULRUDODFRFFLyQGHFDUQHV\YHUGXUDVKHUYGDV
RDVDGDV

&ODVLILFDFLyQRULHQWDWLYD
GHORVSULQFLSDOHVDOLPHQWRV
)UXWDV
$OEDULFRTXH'DPDVFR
$QDQi3LxD
$UiQGDQRV
%DQDQD
&HUH]D
& UXHOD
&RFR
'iWLO
)UDPEXHVD
)UHVDIUXWLOOD
)UXWRVGHOERVTXHIUXWRVURMRVFRPELQDGRV
*URVHOOD
+ JR
.LZL
/LPyQ
0DQGDULQD
0DQJR
0HORFRWyQ'XUD]QR
1tVSHUR
0DQ]DQD
0HOyQ
0HPEULOR
0RUD
1DUDQMD
3DSD\D
3OiWDQRYDULHGDGVLPLODUDODEDQDQD
3RPHOR
3HUD
6DQGtD
8YD

+RUWDOL]DVYHJHWDOHVYHUGXUDV
$JXDFDWHSD WD
$Mt
$MR
$OFDFKRID$OFDXFL
$SLR
%HUHQMHQD
%RQLDWR%DWDWD
%URWHVGH6RMD
%URWHVGH$OIDOID
%UyFROL%UpFRO
&DODEDFtQ
&DODED]D
&HER OD
& ODQWUR
&ROLIORU
&KDPSLxyQ
&KDXFKD
&KRFOR