Ds-N158-2007-Ef-Tasas Arancelarias

(O3HUXDQR
355288 NORMAS LEGALES Lima, sábado 13 de octubre de 2007
FX\RVQRPEUHVVHLQGLFDQHQHODQH[RTXHIRUPDSDUWHGH 0RGL¿FDU ODV WDVDV GH ORV GHUHFKRV DUDQFHODULRV

ODSUHVHQWH5HVROXFLyQSDUDSDUWLFLSDUHQOD;,5HXQLyQ DG YDORUHP &,) HVWDEOHFLGDV HQ HO 'HFUHWR 6XSUHPR
%LODWHUDOGH,QWHOLJHQFLDHQWUHODV)XHU]DV$pUHDVGH3HU~ 1()PRGL¿FDGDVSRUORV'HFUHWRV6XSUHPRV
\$UJHQWLQDGHODOGHRFWXEUHGH 1()\1()SDUDODVVXESDUWLGDV
$UWtFXOR 3RQHU HQ FRQRFLPLHQWR GHO 3UHVLGHQWH QDFLRQDOHV FRPSUHQGLGDV HQ HO $QH[R , HO FXDO IRUPD
GHO&RQVHMRGH0LQLVWURVODSUHVHQWHUHVROXFLyQD¿QTXH SDUWHGHOSUHVHQWH'HFUHWR6XSUHPR
GHFXHQWDDO&RQJUHVRGHOD5HS~EOLFDHQHOSOD]RDTXH /D WDVD GHO GHUHFKR DUDQFHODULR DG YDORUHP &,)
VHFRQWUDHHODUWtFXORGHOD/H\1PRGL¿FDGR DSOLFDEOHDHVWDVVXESDUWLGDVQDFLRQDOHVVHUiGH
SRU/H\1
$UWtFXOR 7DVD GH GHUHFKRV DUDQFHODULRV DG
5HJtVWUHVHFRPXQtTXHVH\SXEOtTXHVH YDORUHP&,)GH
0RGL¿FDU ODV WDVDV GH ORV GHUHFKRV DUDQFHODULRV
$//$1:$*1(57,=Ï1 DG YDORUHP &,) HVWDEOHFLGDV HQ HO 'HFUHWR 6XSUHPR
0LQLVWURGH'HIHQVD 1()PRGL¿FDGDVSRUORV'HFUHWRV6XSUHPRV
1()\1()SDUDODVVXESDUWLGDV
QDFLRQDOHV FRPSUHQGLGDV HQ HO $QH[R ,, HO FXDO IRUPD
SDUWHGHOSUHVHQWH'HFUHWR6XSUHPR
/D WDVD GHO GHUHFKR DUDQFHODULR DG YDORUHP &,)
DSOLFDEOHDHVWDVVXESDUWLGDVQDFLRQDOHVVHUiGH
ECONOMIA Y FINANZAS
$UWtFXOR 7DVD GH GHUHFKRV DUDQFHODULRV DG
0RGLILFDFLyQ GH WDVDV GH GHUHFKRV YDORUHP&,)GH
0RGL¿FDU ODV WDVDV GH ORV GHUHFKRV DUDQFHODULRV DG
DUDQFHODULRV DG YDORUHP &,) SDUD XQ YDORUHP&,)HVWDEOHFLGDVHQHO'HFUHWR6XSUHPR1
JUXSRGHVXESDUWLGDVQDFLRQDOHV () SDUD ODV VXESDUWLGDV QDFLRQDOHV FRPSUHQGLGDV
HQHO$QH[R,,,HOFXDOIRUPDSDUWHGHOSUHVHQWH'HFUHWR
'(&5(726835(02 6XSUHPR
1() /D WDVD GHO GHUHFKR DUDQFHODULR DG YDORUHP &,)
DSOLFDEOHDHVWDVVXESDUWLGDVQDFLRQDOHVVHUiGH
(/35(6,'(17('(/$5(3Ò%/,&$
$UWtFXOR5HIUHQGR
&216,'(5$1'2 (OSUHVHQWH'HFUHWR6XSUHPRVHUiUHIUHQGDGRSRUHO
0LQLVWURGH(FRQRPtD\)LQDQ]DV
4XH SRU 'HFUHWR 6XSUHPR 1 () VH
DSUREyHO$UDQFHOGH$GXDQDV\VH¿MDURQODVWDVDV 'DGR HQ OD &DVD GH *RELHUQR HQ /LPD D ORV GRFH
GHGHUHFKRVDUDQFHODULRVDGYDORUHP&,)HQ\ GtDVGHOPHVGHRFWXEUHGHODxRGRVPLOVLHWH

4XHSRU'HFUHWR6XSUHPR1()HO$UDQFHO $/$1*$5&Ë$3e5(=
GH$GXDQDVHQWUyHQYLJHQFLDDSDUWLUGHOGHDEULO 3UHVLGHQWH&RQVWLWXFLRQDOGHOD5HS~EOLFD
GH
4XH HO DUWtFXOR GHO 'HFUHWR 6XSUHPR 1 /8,6&$55$1=$8*$57(
() \ PRGL¿FDWRULDV HVWDEOHFLy FRQ FDUiFWHU WHPSRUDO 0LQLVWURGH(FRQRPtD\)LQDQ]DV
XQ GHUHFKR DUDQFHODULR DGLFLRQDO DG YDORUHP &,) GH
SDUD ODV SDUWLGDV GHO 6LVWHPD $UPRQL]DGR \ SDUWLGDV
DUDQFHODULDV FRPSUHQGLGDV GHQWUR GHO UHIHULGR 'HFUHWR
6XSUHPR $1(;2,
4XHSRU'HFUHWR6XSUHPR1()VHGHURJy
HO GHUHFKR DUDQFHODULR DGLFLRQDO DG YDORUHP &,) GH 1
68%3$57,'$
'(6&5,3&,Ð1
HVWDEOHFLGRHQHODUWtFXORGHO'HFUHWR6XSUHPR1 1$&,21$/
() \ PRGL¿FDWRULDV SDUD ODV VXESDUWLGDV QDFLRQDOHV *DOORV\JDOOLQDV
\\VHHVWDEOHFLyODWDVDGHO 3DYRVJDOOLSDYRV
GHUHFKRDUDQFHODULRDGYDORUHP&,)HQSDUDGLFKDV /RVGHPiV
VXESDUWLGDV\ODVXESDUWLGDQDFLRQDO 3DUDLQFXEDU
4XH SRU 'HFUHWR 6XSUHPR 1 () VH +XHYDV\OHFKDVGHSHVFDGR
GHURJy HO GHUHFKR DUDQFHODULR DGLFLRQDO DG YDORUHP &,) 3DUDVLHPEUD
GHHVWDEOHFLGRHQHODUWtFXORGHO'HFUHWR6XSUHPR /RVGHPiV
1 () \ PRGL¿FDWRULDV SDUD XQ FRQMXQWR GH /DVGHPiV
VXESDUWLGDV QDFLRQDOHV \ VH HVWDEOHFLy OD WDVD GHO +DULQD\©SHOOHWVªGHDOIDOID
GHUHFKR DUDQFHODULR DG YDORUHP &,) HQ SDUD ODV /RVGHPiV
VXESDUWLGDV QDFLRQDOHV \ &iVFDUDSHOtFXODV\GHPiVUHVLGXRVGHFDFDR
&KLFKDUURQHV
4XH HQ FRQFRUGDQFLD FRQ OD SROtWLFD HFRQyPLFD /RVGHPiV
DGRSWDGD SRU HO *RELHUQR HV FRQYHQLHQWH PRGL¿FDU &RQXQFRQWHQLGRGHJUDVDVXSHULRUDHQSHVR
ODV WDVDV GH GHUHFKRV DUDQFHODULRV DG YDORUHP &,) &RQXQFRQWHQLGRGHJUDVDLQIHULRURLJXDODHQSHVR
FRUUHVSRQGLHQWHV D XQ JUXSR GH VXESDUWLGDV QDFLRQDOHV /RVGHPiV
FRQ HO REMHWR GH SURPRYHU OD H¿FLHQFLD \ FRPSHWLWLYLGDG 'HPDt]
GHODHFRQRPtD
'HWULJR
4XH HVWD PRGL¿FDFLyQ HV FRQVLVWHQWH FRQ ORV
'HDUUR]
FRPSURPLVRV DGTXLULGRV SRU HO 3HU~ HQ HO PDUFR GH OD
/RVGHPiV
2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR
'HOHJXPLQRVDV
'H FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO DUWtFXOR
\HOLQFLVRGHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFD 5HVLGXRVGHODLQGXVWULDGHODOPLGyQ\UHVLGXRVVLPLODUHV
GHO3HU~ 3XOSDGHUHPRODFKDEDJD]RGHFDxDGHD]~FDU\GHPiV
GHVSHUGLFLRVGHODLQGXVWULDD]XFDUHUD
+HFHV\GHVSHUGLFLRVGHFHUYHFHUtDRGHGHVWLOHUtD
'(&5(7$
'HVHPLOODVGHDOJRGyQ
'HVHPLOODVGHJLUDVRO
$UWtFXOR'HUHFKRDUDQFHODULRDGLFLRQDO
&RQEDMRFRQWHQLGRGHiFLGRHU~FLFR
'HURJDU HO GHUHFKR DUDQFHODULR DGLFLRQDO DG YDORUHP
/RVGHPiV
&,) HTXLYDOHQWH DO HVWDEOHFLGR HQ HO DUWtFXOR GHO
'HFUHWR6XSUHPR1()\PRGL¿FDWRULDV 'HFRFRRGHFRSUD
'HQXH]RGHDOPHQGUDGHSDOPD
$UWtFXOR 7DVD GH GHUHFKRV DUDQFHODULRV DG /RVGHPiV
YDORUHP&,)GH /tDVRKHFHVGHYLQRWiUWDUREUXWR
(O3HUXDQR
Lima, sábado 13 de octubre de 2007 NORMAS LEGALES 355289
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
+DULQDGHÀRUHVGHPDULJROG $UWtFXORVGHWDODEDUWHUtDRJXDUQLFLRQHUtDSDUDWRGRVORVDQLPDOHV
/DVGHPiV LQFOXLGRVORVWLURVWUDtOODVURGLOOHUDVER]DOHVVXGDGHURVDOIRUMDV
3UHVHQWDGRVHQODWDVKHUPpWLFDV DEULJRVSDUDSHUURV\DUWtFXORVVLPLODUHVGHFXDOTXLHUPDWHULD
'HEDPE~
/RVGHPiV
/RVGHPiV
3UHSDUDFLRQHVIRUUDMHUDVFRQDGLFLyQGHPHOD]DVRGHD]~FDU
6LQLPSUHJQDU
3UHPH]FODV
/DVGHPiV
/DVGHPiV
7DEOLOODV\IULVRVSDUDSDUTXpVVLQHQVDPEODU
(QEUXWRRGHVEDVWDGRV
0DGHUDPROGXUDGD
6LPSOHPHQWHWURFHDGRVSRUDVHUUDGRRGHRWURPRGRHQ
EORTXHVRHQSODFDVFXDGUDGDVRUHFWDQJXODUHV 'HEDPE~
<HVRQDWXUDODQKLGULWD 7DEOLOODV\IULVRVSDUDSDUTXpVVLQHQVDPEODU
<HVRIUDJXDEOH 0DGHUDPROGXUDGD
&HPHQWRVVLQSXOYHUL]DU©FOLQNHUª /RVGHPiV
&HPHQWREODQFRLQFOXVRFRORUHDGRDUWL¿FLDOPHQWH 9HQWDQDVSXHUWDVYLGULHUD\VXVPDUFRV\FRQWUDPDUFRV
/RVGHPiV 3XHUWDV\VXVPDUFRVFRQWUDPDUFRV\XPEUDOHV
/RVGHPiVFHPHQWRVKLGUiXOLFRV (QFRIUDGRVSDUDKRUPLJyQ
0DWDVGHJDOYDQL]DFLyQ 3DUDVXHORVHQPRVDLFR
/RVGHPiV /RVGHPiVPXOWLFDSDV
4XHFRQWHQJDQSULQFLSDOPHQWHFREUH /RVGHPiV
$QWUDFLWDV /DVGHPiV
+XOODELWXPLQRVD 3DSHOSDUDGHFRUDU\UHYHVWLPLHQWRVVLPLODUHVGHSDUHGHV
/DVGHPiVKXOODV FRQVWLWXLGRVSRUSDSHOUHYHVWLGRHQODFDUDYLVWDFRQPDWHULD
WUHQ]DEOHLQFOXVRWHMLGDHQIRUPDSODQDRSDUDOHOL]DGD
%ULTXHWDVRYRLGHV\FRPEXVWLEOHVVyOLGRVVLPLODUHVREWHQLGRV
+RUyVFRSRVIRWRQRYHODVWLUDVFyPLFDVRKLVWRULHWDV
GHODKXOOD
/LJQLWRVLQFOXVRSXOYHUL]DGRVSHURVLQDJORPHUDU /RVGHPiV
/LJQLWRVDJORPHUDGRV 'LFFLRQDULRV\HQFLFORSHGLDVLQFOXVRHQIDVFtFXORV
7XUEDFRPSUHQGLGDODXWLOL]DGDSDUDFDPDGHDQLPDOHVLQFOXVR +RUyVFRSRVIRWRQRYHODVWLUDVFyPLFDVRKLVWRULHWDV
DJORPHUDGD /RVGHPiV
&RTXHV\VHPLFRTXHVGHKXOOD 4XHVHSXEOLTXHQFXDWURYHFHVSRUVHPDQDFRPRPtQLPR
&RTXHV\VHPLFRTXHVGHOLJQLWRRWXUED +RUyVFRSRVIRWRQRYHODVWLUDVFyPLFDVRKLVWRULHWDV
*DVGHKXOODJDVGHDJXDJDVSREUH\JDVHVVLPLODUHVH[FHSWRHO /RVGHPiV
JDVGHSHWUyOHR\GHPiVKLGURFDUEXURVJDVHRVRV $OEXPHVROLEURVGHHVWDPSDV\FXDGHUQRVSDUDGLEXMDURFRORUHDU
*DVROLQDVFRQWHWUDHWLORGHSORPR SDUDQLxRV
*UDVDVOXEULFDQWHV 0~VLFDPDQXVFULWDRLPSUHVDLQFOXVRFRQLOXVWUDFLRQHVR
$FHLWHVSDUDWUDQVPLVLRQHVKLGUiXOLFDV HQFXDGHUQDGD
$FHLWHVEODQFRVGHYDVHOLQDRGHSDUD¿QD 5HGHVFRQIHFFLRQDGDVSDUDODSHVFD
*DVQDWXUDO 0XHODVSDUDPROHURGHV¿EUDU
/RVGHPiV 'HGLDPDQWHQDWXUDORVLQWpWLFRDJORPHUDGR
(QHUJtDHOpFWULFD 'HORVGHPiVDEUDVLYRVDJORPHUDGRVRGHFHUiPLFD
2[LGRGHFLQFEODQFRRÀRUGHFLQF 'HSLHGUDVQDWXUDOHV
3UHSDUDFLRQHVSDUDHOWUDWDPLHQWRGHPDWHULDVWH[WLOHVFXHURV\ 3LHGUDVGHD¿ODURSXOLUDPDQR
SLHOHVSHOHWHUtDXRWUDVPDWHULDV /RVGHPiV
/DVGHPiV (QUROORV
3UHSDUDFLRQHVSDUDHOWUDWDPLHQWRGHPDWHULDVWH[WLOHVFXHURV\ /DVGHPiVPDQXIDFWXUDV
SLHOHVSHOHWHUtDXRWUDVPDWHULDV 7XERVIXQGDV\DFFHVRULRVGHWXEHUtD
/DVGHPiV /DVGHPiVPDQXIDFWXUDV
&HPHQWRVPRUWHURVKRUPLJRQHV\SUHSDUDFLRQHVVLPLODUHV &RQXQFRQWHQLGRGHORVHOHPHQWRV0JPDJQHVLR&DFDOFLRR
UHIUDFWDULRVH[FHSWRORVSURGXFWRVGHODSDUWLGD &UFURPRFRQVLGHUDGRVDLVODGDRFRQMXQWDPHQWHVXSHULRUDO
/RVGHPiV HQSHVRH[SUHVDGRVHQ0J2y[LGRGHPDJQHVLR&D2y[LGRGH
'HSROtPHURVGHSURSLOHQR FDOFLRX&U2y[LGRFUyPLFR
/RVGHPiV &RQXQFRQWHQLGRGHVtOLFH6L2VXSHULRUDOHQSHVR
/RVGHPiV /RVGHPiV
7XERVÀH[LEOHVSDUDXQDSUHVLyQVXSHULRURLJXDOD03D /RVGHPiV
/RVGHPiV /RVGHPiV
/RVGHPiV 'HSRUFHODQD
$FFHVRULRV /RVGHPiV
5HYHVWLPLHQWRVSDUDVXHORV 7RUQHDGXUDVYLUXWDVHVTXLUODVOLPDGXUDVGHDPRODGR
/RVGHPiV DVHUUDGROLPDGR\UHFRUWHVGHHVWDPSDGRRGHFRUWHLQFOXVRHQ
5HYHVWLPLHQWRVSDUDVXHORV SDTXHWHV
/RVGHPiV
/RVGHPiV
&RQXQFRQWHQLGRGHFDUERQRVXSHULRURLJXDODHQSHVR
/RVGHPiV
/RVGHPiV
$VLHQWRV\WDSDVGHLQRGRURV
/RVGHPiV
/RVGHPiV
'HSyVLWRVFLVWHUQDVFXEDV\UHFLSLHQWHVDQiORJRVGHFDSDFLGDG
VXSHULRUDO &RQXQFRQWHQLGRGHFDUERQRVXSHULRURLJXDODHQSHVR
3XHUWDVYHQWDQDV\VXVPDUFRVFRQWUDPDUFRV\XPEUDOHV 'HHVSHVRULQIHULRURLJXDODPP
&RQWUDYHQWDQDVSHUVLDQDVLQFOXLGDVODVYHQHFLDQDV\DUWtFXORV /RVGHPiV
VLPLODUHV\VXVSDUWHV 'HHVSHVRUVXSHULRUDPP
5DGLDOHV 'HHVSHVRUVXSHULRUDPPSHURLQIHULRURLJXDODPP
/RVGHPiV &RQXQFRQWHQLGRGHFDUERQRVXSHULRURLJXDODHQSHVR
5DGLDOHV /RVGHPiV
/RVGHPiV 'HHVSHVRUVXSHULRURLJXDODPPSHURLQIHULRUDPP
'HORVWLSRVXWLOL]DGRVHQDXWRPyYLOHVGHWXULVPRLQFOXLGRVORV 'HHVSHVRULQIHULRUDPP
GHOWLSRIDPLOLDU>©EUHDNªR©VWDWLRQZDJRQª@\ORVGHFDUUHUDV /RVGHPiV
'HORVWLSRVXWLOL]DGRVHQDXWREXVHVRFDPLRQHV
3URWHFWRUHV©ÀDSVª
/RVGHPiV
%DQGDMHVOODQWDVPDFL]RV
&RQXQFRQWHQLGRGHFURPRQtTXHOFREUH\PROLEGHQRLQIHULRU
%DQGDMHVOODQWDVKXHFRV DHQWRWDO
3DUDUHFDXFKXWDU /RVGHPiV
/DVGHPiV &RQPXHVFDVFRUGRQHVVXUFRVRUHOLHYHVSURGXFLGRVHQHO
ODPLQDGRRVRPHWLGDVDWRUVLyQGHVSXpVGHOODPLQDGR
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'HVHFFLyQFLUFXODUGHGLiPHWURLQIHULRURLJXDODPP /DVGHPiV
/DVGHPiV &DQGDGRV
,QIHULRURLJXDODPP &HUUDGXUDVGHORVWLSRVXWLOL]DGRVHQPXHEOHV
/DVGHPiV 3DUDFDMDVGHFDXGDOHV
'HVHFFLyQFLUFXODUGHGLiPHWURLQIHULRURLJXDODPP /DVGHPiV
/DVGHPiV &LHUUHV\PRQWXUDVFLHUUHFRQFHUUDGXUDLQFRUSRUDGD
'HVHFFLyQFLUFXODUGHGLiPHWURLQIHULRURLJXDODPP /ODYHVSUHVHQWDGDVDLVODGDPHQWH
/RVGHPiV /DVGHPiV
'HVHFFLyQFLUFXODUGHGLiPHWURLQIHULRURLJXDODPP 3DUDHGL¿FLRV
/DVGHPiV /RVGHPiVSDUDPXHEOHV
3HU¿OHVHQ8HQ,RHQ+VLPSOHPHQWHODPLQDGRVRH[WUXGLGRV /RVGHPiV
HQFDOLHQWHGHDOWXUDLQIHULRUDPP &ROJDGRUHVSHUFKDVVRSRUWHV\DUWtFXORVVLPLODUHV
3HU¿OHVHQ/ &DMDVGHFDXGDOHV
3HU¿OHVHQ7 3XHUWDVEOLQGDGDV\FRPSDUWLPLHQWRVSDUDFiPDUDVDFRUD]DGDV
3HU¿OHVHQ8 3DUWHVLQFOXLGRVORVUHJXODGRUHV
3HU¿OHVHQ, /DVGHPiVERPEDVYROXPpWULFDVDOWHUQDWLYDV
3HU¿OHVHQ+ &RQGLiPHWURGHVDOLGDLQIHULRURLJXDODPP
3HU¿OHVHQ/RHQ7VLPSOHPHQWHODPLQDGRVRH[WUXGLGRVHQ /DVGHPiV
FDOLHQWHGHDOWXUDVXSHULRURLJXDODPP
&RQGLiPHWURGHVDOLGDLQIHULRURLJXDODPP
/RVGHPiVSHU¿OHVVLPSOHPHQWHODPLQDGRVRH[WUXGLGRVHQ
FDOLHQWH /DVGHPiV
2EWHQLGRVDSDUWLUGHSURGXFWRVODPLQDGRVSODQRV 'HLQ\HFFLyQ
/RVGHPiV /DVGHPiV
2EWHQLGRVRDFDEDGRVHQIUtRDSDUWLUGHSURGXFWRVODPLQDGRV /DVGHPiV
SODQRV 'HHOHYDGRUHVGHOtTXLGRV
/RVGHPiV /RVGHPiV
&RQXQFRQWHQLGRGHFDUERQRHQSHVRVXSHULRURLJXDOD +RUQRVGHW~QHO
7XERVGHDFHURGHGLiPHWURH[WHUQRKDVWDPPGHGREOH /RVGHPiV
SDUHG
+RUQRVGHODERUDWRULR
7XERVGHDFHURGHGLiPHWURLQIHULRURLJXDODPPGHSDUHG
VHQFLOOD /RVGHPiV
/RVGHPiV 3DUWHV
/RVGHPiVVROGDGRVGHVHFFLyQFLUFXODUGHORVGHPiVDFHURV /RVGHPiVPXHEOHVDUPDULRVDUFRQHVFRIUHVYLWULQDV
DOHDGRV PRVWUDGRUHV\VLPLODUHVSDUDODFRQVHUYDFLyQ\H[SRVLFLyQGHORV
'HVHFFLyQFXDGUDGDRUHFWDQJXODU SURGXFWRVTXHLQFRUSRUHQXQHTXLSRSDUDUHIULJHUDURFRQJHODU
/RVGHPiV &iPDUDVRW~QHOHVGHVDUPDEOHVRGHSDQHOHVFRQHTXLSR
SDUDODSURGXFFLyQGHIUtR
/RVGHPiV
8QLGDGHVGHUHIULJHUDFLyQSDUDYHKtFXORVGHWUDQVSRUWHGH
'HIXQGLFLyQQRPDOHDEOH PHUFDQFtDV
$FFHVRULRVSDUDVROGDUDWRSH /RVGHPiV
3XHQWHV\VXVSDUWHV 0XHEOHVFRQFHELGRVSDUDLQFRUSRUDUOHVXQHTXLSRGHSURGXFFLyQ
7RUUHV\FDVWLOOHWHV GHIUtR
3XHUWDVYHQWDQDV\VXVPDUFRVFRQWUDPDUFRV\XPEUDOHV 3DUDPLQHUDOHV
0DWHULDOGHDQGDPLDMHHQFRIUDGRDSHRRDSXQWDODPLHQWR /RVGHPiV
&KDSDVEDUUDVSHU¿OHVWXERV\VLPLODUHVSUHSDUDGRVSDUDOD /RVGHPiV
FRQVWUXFFLyQ 3DUDODSUHSDUDFLyQGHEHELGDVFDOLHQWHVRODFRFFLyQR
/RVGHPiV FDOHQWDPLHQWRGHDOLPHQWRV
$ODPEUHGHS~DV 3DUD¿OWUDUOXEULFDQWHVRFDUEXUDQWHVHQORVPRWRUHVGH
HQFHQGLGRSRUFKLVSDRFRPSUHVLyQ
/RVGHPiV
)LOWURVGHHQWUDGDGHDLUHSDUDPRWRUHVGHHQFHQGLGRSRUFKLVSD
/DVGHPiV RFRPSUHVLyQ
$QFODVUH]RQHV\VXVSDUWHVGHIXQGLFLyQKLHUURRDFHUR /RVGHPiV
)UHJDGHURVSLOHWDVGHODYDU\ODYDERVGHDFHURLQR[LGDEOH (OHPHQWRV¿OWUDQWHVSDUD¿OWURVGHPRWRUHV
'HIXQGLFLyQLQFOXVRHVPDOWDGDV ([WLQWRUHVLQFOXVRFDUJDGRV
/DVGHPiV /RVGHPiV
/RVGHPiVLQFOXLGDVODVSDUWHV /RVGHPiV
'HIXQGLFLyQQRPDOHDEOH 3XHQWHVLQFOXLGDVODVYLJDVURGDQWHVVREUHVRSRUWH¿MR
%RODV\DUWtFXORVVLPLODUHVSDUDPROLQRV /RVGHPiV
%DUUDVGHVHFFLyQYDULDEOH *U~DVGHSyUWLFR
/DVGHPiV $SDUDWRVHOHYDGRUHVRWUDQVSRUWDGRUHVQHXPiWLFRV
&REUHGHFHPHQWDFLyQFREUHSUHFLSLWDGR (VSHFLDOPHQWHFRQFHELGRVSDUDHOLQWHULRUGHPLQDVXRWURV
'HVSHUGLFLRV\GHVHFKRVGHFREUH WUDEDMRVVXEWHUUiQHRV
&RQGLiPHWURH[WHULRULQIHULRURLJXDODPP\HVSHVRUGH /RVGHPiVGHFDQJLORQHV
SDUHGLQIHULRUDPP /RVGHPiVGHEDQGDRFRUUHD
/RVGHPiV /RVGHPiV
3XHUWDVYHQWDQDV\VXVPDUFRVFRQWUDPDUFRV\XPEUDOHV 'HPiTXLQDVRDSDUDWRVGHODSDUWLGD
/RVGHPiV /DVGHPiV
%DUUDVSHU¿OHV\DODPEUH &DQJLORQHVFXFKDUDVFXFKDUDVGHDOPHMDSDODV\JDUUDVR
3ROYRGHFRQGHQVDFLyQ SLQ]DV
/RVGHPiV 3DUDSDQDGHUtDSDVWHOHUtDRJDOOHWHUtD
$ODPEUH 0XHEOHVEDVDPHQWRV\WDSDVRFXELHUWDVSDUDPiTXLQDVGH
/RVGHPiV FRVHU\VXVSDUWHV
/RVGHPiV
(QDJXMDV
&RQFDSDFLGDGPi[LPDGHP
/RVGHPiV
/RVGHPiV
/RVGHPiV
/RVGHPiV
/RVGHPiV
3DUWHV
/D\DV\SDODV
3DUDPH]FODUDPDVDURVREDUTXHEUDQWDUWULWXUDUSXOYHUL]DU
+RUFDVGHODEUDQ]D
FULEDUWDPL]DUKRPRJHQHL]DUHPXOVLRQDURDJLWDU
$]DGDVSLFRVELQDGHUDVUDVWULOORV\UDHGHUDV &DQLOODVRJULIRVSDUDXVRGRPpVWLFR
0DFKHWHV (PEUDJXHV
/DVGHPiV /RVGHPiV
+RFHV\JXDGDxDVFXFKLOORVSDUDKHQRRSDUDSDMD +pOLFHVSDUDEDUFRV\VXVSDOHWDV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
(QJUDVDGRUHVQRDXWRPiWLFRV /DVGHPiV
$URVGHREWXUDFLyQUHWHQHVRUHWHQHGRUHV ,QVHFWRV
/RVGHPiV /RVGHPiV
'HFRUULHQWHDOWHUQD &DUQHGHDQLPDOHVGHODVHVSHFLHVFDEDOODUDVQDORPXODUIUHVFD
'HFRUULHQWHDOWHUQD UHIULJHUDGDRFRQJHODGD
'HSRWHQFLDLQIHULRURLJXDODN9$ 'HODHVSHFLHERYLQDIUHVFRVRUHIULJHUDGRV
/RVGHPiV /HQJXDV
/RVGHPiV +tJDGRV
'HSRWHQFLDVXSHULRUDN9$SHURLQIHULRURLJXDOD /RVGHPiV
N9$ 'HODHVSHFLHSRUFLQDIUHVFRVRUHIULJHUDGRV
/RVGHPiV +tJDGRV
'HSRWHQFLDVXSHULRUDN9$ /RVGHPiV
7RWDORSDUFLDOPHQWHDXWRPiWLFRV /RVGHPiVIUHVFRVRUHIULJHUDGRV
/RVGHPiV /RVGHPiVFRQJHODGRV
3RUXOWUDVRQLGR 3HFHVRUQDPHQWDOHV
/RVGHPiV 3DUDUHSURGXFFLyQRFUtDLQGXVWULDO
3DUWHV /DVGHPiV
3RUWDOiPSDUDV $QJXLODV$QJXLOODVSS
&RQWURODGRUHVOyJLFRVSURJUDPDEOHV3/& &DUSDV
/RVGHPiV $WXQHVFRPXQHVRGHDOHWDD]XO7KXQQXVWK\QQXV
3DUDXQDWHQVLyQVXSHULRUD9 $WXQHVGHOVXU7KXQQXVPDFFR\LL
&XDGURVSDQHOHVFRQVRODVDUPDULRV\GHPiVVRSRUWHVGHOD 3DUDUHSURGXFFLyQRFUtDLQGXVWULDO
SDUWLGDVLQVXVDSDUDWRV /RVGHPiV
9DJRQHVGHGHVFDUJDDXWRPiWLFDH[FHSWRORVGHODVXESDUWLGD 7UXFKDV 6DOPR WUXWWD 2QFRUK\QFKXV P\NLVV 2QFRUK\QFKXV
FODUNL 2QFRUK\QFKXV DJXDERQLWD 2QFRUK\QFKXV JLODH
/RVGHPiV 2QFRUK\QFKXVDSDFKH\2QFRUK\QFKXVFKU\VRJDVWHU
/DVGHPiV 6DOPRQHV GHO 3DFt¿FR 2QFRUK\QFKXV QHUND 2QFRUK\QFKXV
'HYHKtFXORVGHODSDUWLGD JRUEXVFKD 2QFRUK\QFKXV NHWD 2QFRUK\QFKXV WVFKDZ\WVFKD
'HYHKtFXORVGHODSDUWLGD 2QFRUK\QFKXV NLVXWFK 2QFRUK\QFKXV PDVRX \ 2QFRUK\QFKXV
/DVGHPiV UKRGXUXV VDOPRQHV GHO $WOiQWLFR 6DOPR VDODU \ VDOPRQHV GHO
'DQXELR+XFKRKXFKR
/RVGHPiV
/RVGHPiV
*XDUQLFLRQHVGHIUHQRVPRQWDGDV
+DOLEXW ÀHWiQ 5HLQKDUGWLXV KLSSRJORVVRLGHV +LSSRJORVVXV
5DGLDGRUHV\VXVSDUWHV KLSSRJORVVXV+LSSRJORVVXVVWHQROHSLV
6LOHQFLDGRUHV\WXERVFDxRVGHHVFDSHVXVSDUWHV 6ROODV3OHXURQHFWHVSODWHVVD
&LVWHUQDV /HQJXDGRV6ROHDVSS
/RVGHPiV /RVGHPiV
/RVGHPiVUHPROTXHV\VHPLUUHPROTXHV $OEDFRUDVRDWXQHVEODQFRV7KXQQXVDODOXQJD
&DUUHWLOODVGHPDQR $WXQHVGHDOHWDDPDULOODUDELOHV7KXQQXVDOEDFDUHV
,QIHULRURLJXDODW /LVWDGRVRERQLWRVGHYLHQWUHUD\DGR
/RVGHPiV 3DWXGRVRDWXQHVRMRJUDQGH7KXQQXVREHVXV
&RQWDGRUHVGHDJXD $WXQHVFRPXQHVRGHDOHWDD]XO7KXQQXVWK\QQXV
0RQRIiVLFRV $WXQHVGHOVXU7KXQQXVPDFFR\LL
$VLHQWRVGHOWLSRGHORVXWLOL]DGRVHQYHKtFXORVDXWRPyYLOHV /RVGHPiV
(VSHFLDOHVSDUDVDODVGHFLUXJtDXRGRQWRORJtDGHOX]VLQ $UHQTXHV&OXSHDKDUHQJXV&OXSHDSDOODVLLH[FHSWRORVKtJDGRV
VRPEUDR©HVFLDOtWLFDVª KXHYDV\OHFKDV
3DUDDOXPEUDGRS~EOLFR %DFDODRV *DGXV PRUKXD *DGXV RJDF *DGXV PDFURFHSKDOXV
/RVGHPiV H[FHSWRORVKtJDGRVKXHYDV\OHFKDV
$QXQFLRVOHWUHURV\SODFDVLQGLFDGRUDVOXPLQRVRV\DUWtFXORV 6DUGLQDV 6DUGLQD SLOFKDUGXV 6DUGLQRSV VSS VDUGLQHODV
VLPLODUHV 6DUGLQHOODVSS\HVSDGLQHV6SUDWWXVVSUDWWXV
&RQVWUXFFLRQHVSUHIDEULFDGDV (JOH¿QRV0HODQRJUDPPXVDHJOH¿QXV
%RWRQHVGHSUHVLyQ\VXVSDUWHV &DUERQHURV3ROODFKLXVYLUHQV
'HSOiVWLFRVLQIRUUDUFRQPDWHULDWH[WLO &DEDOODV6FRPEHUVFRPEUXV6FRPEHUDXVWUDODVLFXV6FRPEHU
MDSRQLFXV
'HPHWDOFRP~QVLQIRUUDUFRQPDWHULDWH[WLO
(VFXDORV
'HWDJXDPDU¿OYHJHWDO
$QJXLODV$QJXLOODVSS
/RVGHPiV
3HFHVHVSDGD;LSKLDVJODGLXV
'HSOiVWLFRRGHWDJXDPDU¿OYHJHWDO
$XVWURPHUOX]DDQWiUWLFD\DXVWURPHUOX]DQHJUDPHUOX]DQHJUD
/RVGHPiV EDFDODRGHSURIXQGLGDGQRWRWHQLDQHJUD'LVVRVWLFKXVVSS
&RQGLHQWHVGHPHWDOFRP~Q /RVGHPiV
/RVGHPiV +tJDGRVKXHYDV\OHFKDV
3DUWHV 6DOPRQHVURMRV2QFRUK\QFKXVQHUND
/RVGHPiV
$1(;2,, 7UXFKDV 6DOPR WUXWWD 2QFRUK\QFKXV P\NLVV 2QFRUK\QFKXV
FODUNL 2QFRUK\QFKXV DJXDERQLWD 2QFRUK\QFKXV JLODH
68%3$57,'$ 2QFRUK\QFKXVDSDFKH\2QFRUK\QFKXVFKU\VRJDVWHU
1 '(6&5,3&,Ð1
1$&,21$/ 6DOPRQHV GHO$WOiQWLFR 6DOPR VDODU \ VDOPRQHV GHO 'DQXELR
3DUDFDUUHUD +XFKRKXFKR
/RVGHPiV /RVGHPiV
3DUDOLGLD +DOLEXW ÀHWiQ 5HLQKDUGWLXV KLSSRJORVVRLGHV +LSSRJORVVXV
KLSSRJORVVXV+LSSRJORVVXVVWHQROHSLV
/RVGHPiV
6ROODV3OHXURQHFWHVSODWHVVD
3ULPDWHV
/HQJXDGRV6ROHDVSS
%DOOHQDVGHO¿QHV\PDUVRSDVPDPtIHURVGHORUGHQ&HWiFHRV
/RVGHPiV
PDQDWtHV\GXJRQHVRGXJRQJRVPDPtIHURVGHORUGHQ6LUHQLRV
/ODPDV/DPDJODPDLQFOXLGRVORVJXDQDFRV $OEDFRWDVRDWXQHVEODQFRV7KXQQXVDODOXQJD
$OSDFDV/DPDSDFXV $WXQHVGHDOHWDDPDULOODUDELOHV7KXQQXVDOEDFDUHV
/RVGHPiV /LVWDGRVRERQLWRVGHYLHQWUHUD\DGR
/RVGHPiV 3DWXGRVRDWXQHVRMRJUDQGH7KXQQXVREHVXV
5HSWLOHVLQFOXLGDVODVVHUSLHQWHV\WRUWXJDVGHPDU $WXQHVFRPXQHVRGHDOHWDD]XO7KXQQXVWK\QQXV
$YHVGHUDSLxD $WXQHVGHOVXU7KXQQXVPDFFR\LL
3VLWDFLIRUPHV LQFOXLGRV ORV ORURV JXDFDPD\RV FDFDW~DV \ /RVGHPiV
GHPiVSDSDJD\RV $UHQTXHV&OXSHDKDUHQJXV&OXSHDSDOODVLL
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
%DFDODRV*DGXVPRUKXD*DGXVRJDF*DGXVPDFURFHSKDOXV /RVGHPiV
3HFHVHVSDGD;LSKLDVJODGLXV 9HQHUDVYLHLUDVFRQFKDGHDEDQLFR
$XVWURPHUOX]DDQWiUWLFD\DXVWURPHUOX]DQHJUDPHUOX]DQHJUD /RVGHPiV
EDFDODRGHSURIXQGLGDGQRWRWHQLDQHJUD'LVVRVWLFKXVVSS 9LYRVIUHVFRVRUHIULJHUDGRV
6LQFDEH]DVLQYtVFHUDV /RVGHPiV
/RVGHPiV 9LYRVIUHVFRVRUHIULJHUDGRV
(JOH¿QRV0HODQRJUDPPXVDHJOH¿QXV /RVGHPiV
&DUERQHURV3ROODFKLXVYLUHQV 9LYRVIUHVFRVRUHIULJHUDGRV
&DEDOODV6FRPEHUVFRPEUXV6FRPEHUDXVWUDODVLFXV6FRPEHU /RVGHPiV
MDSRQLFXV
&DUDFROHVH[FHSWRORVGHPDU
(VFXDORV
(UL]RVGHPDU
$QJXLODV$QJXLOODVSS
/RVGHPiV
5yEDORV'LFHQWUDUFKXVODEUD['LFHQWUDUFKXVSXQFWDWXV
/RFRV&RQFKROHSDVFRQFKROHSDV
0HUOX]DV0HUOXFFLXVVSS8URSK\FLVVSS
3HSLQRGHPDU,VRVWLFKRSXVIXVFXV
/RVGHPiV
&DUDFROHVGHPDU
+tJDGRVKXHYDV\OHFKDV
/DSDV
0DFKDV
EDFDODRGHSURIXQGLGDGQRWRWHQLDQHJUD'LVVRVWLFKXVVSS /RVGHPiV
/RVGHPiV &RQ XQ FRQWHQLGR GH PDWHULDV JUDVDV LQIHULRU R LJXDO DO HQ
3HFHVHVSDGD;LSKLDVJODGLXV SHVR
&RQXQFRQWHQLGRGHPDWHULDVJUDVDVVXSHULRUDOSHURLQIHULRU
RLJXDODOHQSHVR
EDFDODRGHSURIXQGLGDGQRWRWHQLDQHJUD'LVVRVWLFKXVVSS
(QHQYDVHVGHFRQWHQLGRQHWRLQIHULRURLJXDODNJ
(QEORTXHVVLQSLHOFRQHVSLQDV
/RVGHPiV
(QEORTXHVVLQSLHOVLQHVSLQDV
(QEORTXHVSLFDGR
/DVGHPiV
3RUFLRQHV³WDEOHWD´VLQSLHOFRQHVSLQDV
,QWHUIROLDGRVVLQSLHOFRQHVSLQDV
/DVGHPiV
,QWHUIROLDGRVVLQSLHOVLQHVSLQDV
/RVGHPiV
/DVGHPiV
/RVGHPiV
/DVGHPDV
EDFDODRGHSURIXQGLGDGQRWRWHQLDQHJUD'LVVRVWLFKXVVSS /HFKHFRQGHQVDGD
/RVGHPiV /RVGHPiV
+DULQDSROYR\©SHOOHWVªGHSHVFDGRDSWRVSDUDODDOLPHQWDFLyQ 0DQWHTXLOODPDQWHFD
KXPDQD *UDVDOiFWHDDQKLGUD©EXWWHURLOª
+tJDGRVKXHYDV\OHFKDVGHSHVFDGRVHFRVDKXPDGRVVDODGRV /DVGHPiV
RHQVDOPXHUD
4XHVRIXQGLGRH[FHSWRHOUDOODGRRHQSROYR
'H EDFDODR *DGXV PRUKXD *DGXV RJDF *DGXV
PDFURFHSKDOXV &RQXQFRQWHQLGRGHKXPHGDGLQIHULRUDOHQSHVRFDOFXODGR
/RVGHPiV VREUHXQDEDVHWRWDOPHQWHGHVJUDVDGD
&RQ XQ FRQWHQLGR GH KXPHGDG VXSHULRU R LJXDO DO SHUR
6DOPRQHV GHO 3DFt¿FR 2QFRUK\QFKXV QHUND 2QFRUK\QFKXV
LQIHULRU DO HQ SHVR FDOFXODGR VREUH XQD EDVH WRWDOPHQWH
JRUEXVFKD 2QFRUK\QFKXV NHWD 2QFRUK\QFKXV WVFKDZ\WVFKD
GHVJUDVDGD
2QFRUK\QFKXV NLVXWFK 2QFRUK\QFKXV PDVRX \ 2QFRUK\QFKXV
&RQ XQ FRQWHQLGR GH KXPHGDG VXSHULRU R LJXDO DO SHUR
UKRGXUXV VDOPRQHV GHO $WOiQWLFR 6DOPR VDODU \ VDOPRQHV GHO
LQIHULRU DO HQ SHVR FDOFXODGR VREUH XQD EDVH WRWDOPHQWH
'DQXELR+XFKRKXFKR
GHVJUDVDGD
$UHQTXHV&OXSHDKDUHQJXV&OXSHDSDOODVLL
/RVGHPiV
/RVGHPiV
3DUDSURGXFFLyQGHYDFXQDVOLEUHVGHSDWyJHQRVHVSHFt¿FRV
%DFDODRV*DGXVPRUKXD*DGXVRJDF*DGXVPDFURFHSKDOXV
/RVGHPiV
$OHWDVGHWLEXUyQ\GHPiVHVFXDORV
6HFDV
0HUOX]DV0HUOXFFLXVVSS8URSK\FLVVSS
/DVGHPiV
/RVGHPiV
6HFRV
$UHQTXHV&OXSHDKDUHQJXV&OXSHDSDOODVLL
/RVGHPiV
%DFDODRV*DGXVPRUKXD*DGXVRJDF*DGXVPDFURFHSKDOXV
&DEHOOR HQ EUXWR LQFOXVR ODYDGR R GHVJUDVDGR GHVSHUGLFLRV GH
$QFKRDV(QJUDXOLVVSS FDEHOOR
/RVGHPiV &HUGDVGHFHUGRRGHMDEDOt\VXVGHVSHUGLFLRV
/DQJRVWDV3DOLQXUXVVSS3DQXOLUXVVSS-DVXVVSS (VWyPDJRVPRQGRQJRV
%RJDYDQWHV+RPDUXVVSS 7ULSDV
(QWHURV 9HMLJDV
&RODVVLQFDSDUD]yQ /RVGHPiV
&RODVFRQFDSDUD]yQVLQFRFHUHQDJXDRYDSRU 2VHtQD\KXHVRVDFLGXODGRV
&RODVFRQFDSDUD]yQFRFLGRVHQDJXDRYDSRU /RVGHPiV
/RVGHPiV /RVGHPiV
&DPDURQHV &RUDO\PDWHULDVVLPLODUHVHQEUXWRRVLPSOHPHQWHSUHSDUDGRVSHUR
/RVGHPiV VLQRWURWUDEDMRYDOYDV\FDSDUD]RQHVGHPROXVFRVFUXVWiFHRVR
&DQJUHMRVH[FHSWRPDFUXURV HTXLQRGHUPRV\MLELRQHVHQEUXWRRVLPSOHPHQWHSUHSDUDGRVSHUR
VLQFRUWDUHQIRUPDGHWHUPLQDGDLQFOXVRHQSROYR\GHVSHUGLFLRV
/RVGHPiVLQFOXLGRVODKDULQDSROYR\©SHOOHWVªGHFUXVWiFHRV
%LOLVLQFOXVRGHVHFDGDJOiQGXODV\GHPiVVXVWDQFLDVGHRULJHQ
DSWRVSDUDODDOLPHQWDFLyQKXPDQD
DQLPDOXWLOL]DGDVSDUDODSUHSDUDFLyQGHSURGXFWRVIDUPDFpXWLFRV
/DQJRVWDV3DOLQXUXVVSS3DQXOLUXVVSS-DVXVVSS
/RVGHPiV
%RJDYDQWHV+RPDUXVVSS
'HVSHUGLFLRVGHSHVFDGR
3DUDUHSURGXFFLyQRFUtDLQGXVWULDO
/RVGHPiV
)UHVFRVRUHIULJHUDGRV
&RFKLQLOODHLQVHFWRVVLPLODUHV
/RVGHPiV
/RVGHPiV
3DUDUHSURGXFFLyQRFUtDLQGXVWULDO
5RVDV
/RVGHPiV
0LQLDWXUD
&DQJUHMRVH[FHSWRPDFUXURV
/RVGHPiV
+DULQDSROYR\©SHOOHWVª
2UTXtGHDV
/RVGHPiV
3RPSRQHV
2VWUDV
/RVGHPiV
9HQHUDVYLHLUDVFRQFKDGHDEDQLFR
*\SVRSKLOD/OXYLDLOXVLyQ*\SVRSKLOLDSDQLFXODWD/
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
$VWHU /RVGHPiV
$OVWURHPHULD 3DUDVLHPEUD
*HUEHUD .LZLFKD$PDUDQWKXVFDXGDWXVH[FHSWRSDUDVLHPEUD
/RVGHPiV /RVGHPiV
/RVGHPiV +DULQDGHFHQWHQR
0XVJRV\OtTXHQHV +DULQDGHPDt]
)UHVFRV /DVGHPiV
/RVGHPiV 'HWULJR
7RPDWHVIUHVFRVRUHIULJHUDGRV 'HPDt]
&ROLÀRUHV\EUpFROHV©EUyFROLª 'HORVGHPiVFHUHDOHV
&ROHVUHSROOLWRVGH%UXVHODV ©3HOOHWVª
/RVGHPiV +DULQDVpPROD\SROYR
5HSROODGDV &RSRVJUiQXORV\©SHOOHWVª
/DVGHPiV 'HODVKRUWDOL]DVGHODSDUWLGD
(QGLELD©ZLWORRIª&LFKRULXPLQW\EXVYDUIROLRVXP 0DFD/HSLGLXPPH\HQLL
/DVGHPiV /RVGHPiV
=DQDKRULDV\QDERV 'HEDQDQDVRSOiWDQRV
/RVGHPiV 'HO~FXPD/~FXPD2ERYDWD
3HSLQRV\SHSLQLOORVIUHVFRVRUHIULJHUDGRV /RVGHPiV
(VSiUUDJRV 6LQWRVWDU
%HUHQMHQDV 7RVWDGD
$SLRH[FHSWRHODSLRQDER $OPLGyQGHWULJR
+RQJRVGHOJpQHUR$JDULFXV $OPLGyQGHPDt]
/RVGHPiV )pFXODGHSDSDSDWDWD
)UXWRVGHORVJpQHURV&DSVLFXPR3LPHQWD )pFXODGH\XFDPDQGLRFD
(VSLQDFDVLQFOXLGDODGH1XHYD=HODQGD\DUPXHOOHV /RVGHPiVDOPLGRQHV\IpFXODV
0Dt]GXOFH=HDPD\VYDU6DFFKDUDWD ,QXOLQD
$FHLWXQDV *OXWHQGHWULJRLQFOXVRVHFR
$OFDFKRIDVDOFDXFLOHV /RVGHPiV
/DVGHPiV 6LQFiVFDUDLQFOXVRTXHEUDQWDGRV
0Dt]GXOFH &RSUD
5DtFHVGH\XFDPDQGLRFD /DVGHPiV
3DUDVLHPEUD /DVGHPiV
/RVGHPiV /DVGHPiV
0DFD/HSLGLXPPH\HQLL /DVGHPiV
/RVGHPiV 6HPLOODGHDPDSRODDGRUPLGHUD
6LQWULWXUDUQLSXOYHUL]DU 6HPLOODGH.DULWp
7ULWXUDGDRSXOYHUL]DGD /RVGHPiV
(QWHUD 'HKDEDVSRURWRVIULMROHVIUpMROHVGHVRMDVR\D
(QWUR]RVRURGDMDV /DVGHPiV
7ULWXUDGRVRSXOYHUL]DGRV 5DtFHVGH©JLQVHQJª
/RVGHPiV +RMDVGHFRFD
9DLQLOOD 3DMDGHDGRUPLGHUD
&DQHOD&LQQDPRPXP]H\ODQLFXP%OXPH 2UpJDQR2ULJDQXPYXOJDUH
/DVGHPiV 8xDGHJDWR8QFDULDWRPHQWRVD
7ULWXUDGDVRSXOYHUL]DGDV +LHUEDOXLVD&\PERSRJRQFLWUDWXV
&ODYRIUXWRVFODYLOORV\SHG~QFXORV 3LUHWURSHOLWUH
1XH]PRVFDGD /RVGHPiV
0DFLV $OJDV
$PRPRV\FDUGDPRPRV 5HPRODFKDD]XFDUHUD
6HPLOODVGHDQtVRGHEDGLDQD &DxDGHD]~FDU
3DUDVLHPEUD $OJDUUREDV\VXVVHPLOODV
/RVGHPiV /RVGHPiV
6HPLOODVGHFRPLQR 3DMD \ FDVFDELOOR GH FHUHDOHV HQ EUXWR LQFOXVR SLFDGRV PROLGRV
6HPLOODVGHDOFDUDYHD SUHQVDGRVRHQ©SHOOHWVª
6HPLOODVGHKLQRMRED\DVGHHQHEUR /RVGHPiV
-HQJLEUH &RQFHQWUDGRGHSDMDGHDGRUPLGHUD
$]DIUiQ /RVGHPiV
&~UFXPD 'HUHJDOL]
0H]FODVSUHYLVWDVHQOD1RWDEGHHVWH&DStWXOR 3UHVHQWDGRRDFRQGLFLRQDGRSDUDODYHQWDDOSRUPHQRU
+RMDVGHODXUHO /RVGHPiV
/DVGHPiV ([WUDFWR GH KDEDV SRURWRV IULMROHV IUpMROHV GH VRMD VR\D
LQFOXVRHQSROYR
0RUFDMRWUDQTXLOOyQ
3UHVHQWDGRVRDFRQGLFLRQDGRVSDUDODYHQWDDOSRUPHQRU
/DVGHPiV
/RVGHPiV
$PDULOOR
0XFtODJRVGHVHPLOODGHWDUD&DHVDOSLQHDVSLQRVD
%ODQFR
/RVGHPiV
0Dt]UHYHQWyQ=HDPD\VFRQYDUPLFURVSHUPDR=HDPD\VYDU
%DPE~
HYHUWD
%ODQFRJLJDQWH=HDPD\VDPLODFHDFYJLJDQWH 5RWHQUDWiQ
0RUDGR=HDPD\VDPLODFHDFYPRUDGR /DVGHPiV
/RVGHPiV /tQWHUHVGHDOJRGyQ
/RVGHPiV $FKLRWHHQSROYRRQRWRELMD
$UUR]GHVFDVFDULOODGRDUUR]FDUJRRDUUR]SDUGR 7DUDHQSROYR&DHVDOSLQHDVSLQRVD
$UUR]VHPLEODQTXHDGRREODQTXHDGRLQFOXVRSXOLGRRJODVHDGR /RVGHPiV
$UUR]SDUWLGR *UDVDGHFHUGRLQFOXLGDODPDQWHFDGHFHUGR
/RVGHPiV *UDVDGHDYH
/RVGHPiV 'HVQDWXUDOL]DGRV
3DUDVLHPEUD /RVGHPiV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
(QEUXWR $]~FDUHVFRQDGLFLyQGHDURPDWL]DQWHRFRORUDQWH
/RVGHPiV /RVGHPiVMDUDEHV
(QEUXWR 0HOD]DGHFDxD
/RVGHPiV /DVGHPiV
*UDVDV\DFHLWHVGHPDPtIHURVPDULQRV\VXVIUDFFLRQHV 3DUDVLHPEUD
&RQDGLFLyQGHVXVWDQFLDVGHVQDWXUDOL]DQWHVHQXQDSURSRUFLyQ /RVGHPiV
LQIHULRURLJXDODO 7RVWDGR
/RVGHPiV 6LQGHVJUDVDU
/RVGHPiV 'HVJUDVDGDWRWDORSDUFLDOPHQWH
9LUJHQ &RQ XQ tQGLFH GH DFLGH] H[SUHVDGR HQ iFLGR ROHLFR LQIHULRU R
/RVGHPiV LJXDOD
/RVGHPiVDFHLWHV\VXVIUDFFLRQHVREWHQLGRVH[FOXVLYDPHQWHGH &RQXQtQGLFHGHDFLGH]H[SUHVDGRHQiFLGRROHLFRVXSHULRUD
DFHLWXQD LQFOXVR UH¿QDGRV SHUR VLQ PRGL¿FDU TXtPLFDPHQWH \ SHURLQIHULRURLJXDOD
PH]FODVGHHVWRVDFHLWHVRIUDFFLRQHVFRQORVDFHLWHVRIUDFFLRQHV &RQXQtQGLFHGHDFLGH]H[SUHVDGRHQiFLGRROHLFRVXSHULRUD
GHODSDUWLGD
$FHLWHHQEUXWR *UDVD\DFHLWHGHFDFDR
/RVGHPiV &DFDRHQSROYRVLQDGLFLyQGHD]~FDUQLRWURHGXOFRUDQWH
'HJLUDVRO )yUPXODVOiFWHDVSDUDQLxRVGHKDVWDPHVHVGHHGDG
'HFiUWDPR $EDVHGHKDULQDVVpPRODVDOPLGRQHVIpFXODVRH[WUDFWRVGH
$FHLWHHQEUXWRLQFOXVRVLQJRVLSRO PDOWD
/RVGHPiV /RVGHPiV
'HDOPHQGUDGHSDOPD 0H]FODV\SDVWDVSDUDODSUHSDUDFLyQGHSURGXFWRVGHSDQDGHUtD
SDVWHOHUtDRJDOOHWHUtDGHODSDUWLGD
'HDOPHQGUDGHSDOPD
([WUDFWRGHPDOWD
'HEDEDV~
0DQMDUEODQFRRGXOFHGHOHFKH
/RVGHPiV
/RVGHPiV
/RVGHPiV
4XHFRQWHQJDQKXHYR
/RVGHPiV
/DVGHPiV
$FHLWHHQEUXWR
3DVWDVDOLPHQWLFLDVUHOOHQDVLQFOXVRFRFLGDVRSUHSDUDGDVGHRWUD
/RVGHPiV IRUPD
$FHLWHGHVpVDPRDMRQMROt\VXVIUDFFLRQHV /DVGHPiVSDVWDVDOLPHQWLFLDV
/RVGHPiV &XVF~V
*UDVDV\DFHLWHVDQLPDOHV\VXVIUDFFLRQHV 7DSLRFD \ VXV VXFHGiQHRV SUHSDUDGRV FRQ IpFXOD HQ FRSRV
*UDVDV\DFHLWHVYHJHWDOHV\VXVIUDFFLRQHV JUXPRVJUDQRVSHUODGRVFHUQLGXUDVRIRUPDVVLPLODUHV
0DUJDULQDH[FHSWRODPDUJDULQDOtTXLGD 7ULJR©EXOJXUª
/DVGHPiV 3DQFUXMLHQWHOODPDGR©.QlFNHEURWª
/LQR[LQD 3DQGHHVSHFLDV
*OLFHUROHQEUXWRDJXDV\OHMtDVJOLFHULQRVDV *DOOHWDVGXOFHVFRQDGLFLyQGHHGXOFRUDQWH
&HUDGHDEHMDVRGHRWURVLQVHFWRV %DUTXLOORV\REOHDVLQFOXVRUHOOHQRV©JDXIUHWWHVª©ZDIHUVª\
©ZDIÀHVª©JDXIUHVª
(VSHUPDGHEDOOHQDRGHRWURVFHWiFHRVHVSHUPDFHWL
3DQWRVWDGR\SURGXFWRVVLPLODUHVWRVWDGRV
([WUDFWRV\MXJRVGHFDUQHSHVFDGRRGHFUXVWiFHRVPROXVFRVR
*DOOHWDVVDODGDVRDURPDWL]DGDV
GHPiVLQYHUWHEUDGRVDFXiWLFRV
6DOPRQHV /RVGHPiV
$UHQTXHV ([WUDFWRVHVHQFLDV\FRQFHQWUDGRV
(QHQYDVHWLSR³RYDO´ 3UHSDUDFLRQHVDEDVHGHH[WUDFWRVHVHQFLDVRFRQFHQWUDGRVR
DEDVHGHFDIp
(QHQYDVHWLSR³WDOO´
([WUDFWRV HVHQFLDV \ FRQFHQWUDGRV GH Wp R GH \HUED PDWH \
/DVGHPiV SUHSDUDFLRQHVDEDVHGHHVWRVH[WUDFWRVHVHQFLDVRFRQFHQWUDGRV
(QDFHLWH RDEDVHGHWpRGH\HUEDPDWH
(QDJXD\VDO $FKLFRULD WRVWDGD \ GHPiV VXFHGiQHRV GHO FDIp WRVWDGRV \ VXV
/DVGHPiV H[WUDFWRVHVHQFLDV\FRQFHQWUDGRV
$WXQHV /HYDGXUDGHFXOWLYR
/LVWDGRV\ERQLWRV /DVGHPiV
&DEDOODV /HYDGXUDV PXHUWDV ORV GHPiV PLFURRUJDQLVPRV PRQRFHOXODUHV
PXHUWRV
$QFKRDV
3UHSDUDFLRQHVHQSROYRSDUDKRUQHDU
/RVGHPiV
6DOVDGHVRMDVR\D
/DVGHPiVSUHSDUDFLRQHV\FRQVHUYDVGHSHVFDGR
©.HWFKXSª\GHPiVVDOVDVGHWRPDWH
&DYLDU\VXVVXFHGiQHRV
+DULQDGHPRVWD]D
&DQJUHMRVH[FHSWRPDFUXURV
0RVWD]DSUHSDUDGD
&DPDURQHVODQJRVWLQRV\GHPiV'HFiSRGRVQDWDQWLD
6DOVDPD\RQHVD
%RJDYDQWHV
&RQGLPHQWRV\VD]RQDGRUHVFRPSXHVWRV
/RVGHPiVFUXVWiFHRV
/DVGHPiV
$OPHMDVORFRV\PDFKDV
3UHSDUDFLRQHVSDUDVRSDVSRWDMHVRFDOGRV
/RVGHPiV
6RSDVSRWDMHVRFDOGRVSUHSDUDGRV
&KDQFDFDSDQHODUDVSDGXUD
3UHSDUDFLRQHVDOLPHQWLFLDVFRPSXHVWDVKRPRJHQHL]DGDV
/RVGHPiV
+HODGRVTXHQRFRQWHQJDQOHFKHQLSURGXFWRVOiFWHRV
'HUHPRODFKD
'H VR\D FRQ XQ FRQWHQLGR GH SURWHtQD HQ EDVH VHFD HQWUH
&RQDGLFLyQGHDURPDWL]DQWHRFRORUDQWH \
6DFDURVDTXtPLFDPHQWHSXUD /RVGHPiV
/RVGHPiV 6XVWDQFLDVSURWHLFDVWH[WXUDGDV
-DUDEHGHODFWRVD 3ROYRVSDUDODSUHSDUDFLyQGHEXGLQHVFUHPDVKHODGRVSRVWUHV
$]~FDU\MDUDEHGHDUFH©PDSOHª JHODWLQDV\VLPLODUHV
-DUDEHGHJOXFRVD 3UHVHQWDGDVHQHQYDVHVDFRQGLFLRQDGRVSDUDODYHQWDDOSRU
PHQRU
/DVGHPiV
+LGUROL]DGRVGHSURWHtQDV
*OXFRVD
0HMRUDGRUHVGHSDQL¿FDFLyQ
-DUDEHGHJOXFRVD
0H]FODVGHHGXOFRUDQWHVDUWL¿FLDOHVFRQVXVWDQFLDVDOLPHQWLFLDV
/DV GHPiV IUXFWRVDV \ MDUDEH GH IUXFWRVD FRQ XQ FRQWHQLGR GH
4XHFRQWHQJDQH[FOXVLYDPHQWHPH]FODVRH[WUDFWRVGHSODQWDV
IUXFWRVDVREUHSURGXFWRVHFRVXSHULRUDOHQSHVRH[FHSWRHO
SDUWHVGHSODQWDVVHPLOODVRIUXWRV
D]~FDULQYHUWLGR
4XHFRQWHQJDQH[FOXVLYDPHQWHPH]FODVRH[WUDFWRVGHSODQWDV
6XFHGiQHRVGHODPLHOLQFOXVRPH]FODGRVFRQPLHOQDWXUDO
SDUWHVGHSODQWDVVHPLOODVRIUXWRVFRQYLWDPLQDVPLQHUDOHVXRWUDV
$]~FDU\PHOD]DFDUDPHOL]DGRV VXVWDQFLDV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
4XH FRQWHQJDQ H[FOXVLYDPHQWH PH]FODV GH YLWDPLQDV \ (QEUXWRRHQWUR]RVLUUHJXODUHVLQFOXLGDODTXHEUDQWDGDJUDYD
PLQHUDOHV GHSHGUDSyPH]R³ELPVNLHV´
4XHFRQWHQJDQH[FOXVLYDPHQWHPH]FODVGHYLWDPLQDV 3L]DUUDLQFOXVRGHVEDVWDGDRVLPSOHPHQWHWURFHDGDSRUDVHUUDGRR
/DVGHPiV GHRWURPRGRHQEORTXHVRHQSODFDVFXDGUDGDVRUHFWDQJXODUHV
)yUPXODVQROiFWHDVSDUDQLxRVGHKDVWDPHVHVGHHGDG 'RORPLWDVLQFDOFLQDUQLVLQWHUL]DUOODPDGD©FUXGDª
/DVGHPiV 'RORPLWDFDOFLQDGDRVLQWHUL]DGD
1DWXUDOLQFOXVRJDVHDGD &DVWLQDVSLHGUDVSDUDODIDEULFDFLyQGHFDORGHFHPHQWR
$UWL¿FLDOLQFOXVRJDVHDGD 0LFD HQ EUXWR R H[IROLDGD HQ KRMDV R HQ ODPLQLOODV LUUHJXODUHV
©VSOLWWLQJVª
$JXDJDVHDGD
0LFDHQSROYR
$JXDVLQJDVHDU
'HVSHUGLFLRVGHPLFD
+LHOR
6LQWULWXUDUQLSXOYHUL]DU
/DVGHPiV
7ULWXUDGRVRSXOYHUL]DGRV
$JXD LQFOXLGDV HO DJXD PLQHUDO \ OD JDVHDGD FRQ DGLFLyQ GH
%RUDWRV GH VRGLR QDWXUDOHV \ VXV FRQFHQWUDGRV LQFOXVR
D]~FDUXRWURHGXOFRUDQWHRDURPDWL]DGD
FDOFLQDGRV
/DVGHPiV
/RVGHPiV
&HUYH]DGHPDOWD
)HOGHVSDWR
9LQRHVSXPRVR
&RQXQFRQWHQLGRGHÀXRUXURGHFDOFLRVXSHULRUDOHQSHVR
(QUHFLSLHQWHVFRQFDSDFLGDGLQIHULRURLJXDODO
/RVGHPiV
/RVGHPiV
6LQDJORPHUDU
/RVGHPiVPRVWRVGHXYD
$JORPHUDGRV
(QUHFLSLHQWHVFRQFDSDFLGDGLQIHULRURLJXDODO
3LULWDVGHKLHUURWRVWDGDVFHQL]DVGHSLULWDV
/RVGHPiV
0LQHUDOHVGHFREUH\VXVFRQFHQWUDGRV
/DV GHPiV EHELGDV IHUPHQWDGDV SRU HMHPSOR VLGUD SHUDGD
0LQHUDOHVGHQtTXHO\VXVFRQFHQWUDGRV
DJXDPLHO PH]FODV GH EHELGDV IHUPHQWDGDV \ PH]FODV GH
EHELGDV IHUPHQWDGDV \ EHELGDV QR DOFRKyOLFDV QR H[SUHVDGDV QL 0LQHUDOHVGHFREDOWR\VXVFRQFHQWUDGRV
FRPSUHQGLGDVHQRWUDSDUWH 0LQHUDOHVGHSORPR\VXVFRQFHQWUDGRV
$OFRKROHWtOLFRVLQGHVQDWXUDOL]DUFRQJUDGRDOFRKyOLFRYROXPpWULFR 0LQHUDOHVGHFLQF\VXVFRQFHQWUDGRV
VXSHULRURLJXDODOYRO 0LQHUDOHVGHHVWDxR\VXVFRQFHQWUDGRV
$OFRKRO HWtOLFR \ DJXDUGLHQWH GHVQDWXUDOL]DGRV GH FXDOTXLHU 0LQHUDOHVGHYROIUDPLRWXQJVWHQR\VXVFRQFHQWUDGRV
JUDGXDFLyQ
0LQHUDOHVGHXUDQLR\VXVFRQFHQWUDGRV
3LVFR
0LQHUDOHVGHWRULR\VXVFRQFHQWUDGRV
6LQJDQL
7RVWDGRV
/RVGHPiV
/RVGHPiV
'HRUXMRGHXYDV©JUDSSDª\VLPLODUHV
/RVGHPiV
:KLVN\
0LQHUDOHVGHSODWD\VXVFRQFHQWUDGRV
5RQ\GHPiVDJXDUGLHQWHVSURFHGHQWHVGHODGHVWLODFLyQSUHYLD
IHUPHQWDFLyQGHSURGXFWRVGHODFDxDGHD]~FDU 0LQHUDOHVGHRUR\VXVFRQFHQWUDGRV
*LQ\JLQHEUD 0LQHUDOHVGHDQWLPRQLR\VXVFRQFHQWUDGRV
9RGND /RVGHPiV
'HDQtV (VFRULDVJUDQXODGDVDUHQDGHHVFRULDVGHODVLGHUXUJLD
&UHPDV (VFRULDVH[FHSWRODVJUDQXODGDVEDWLGXUDV\GHPiVGHVSHUGLFLRV
/RVGHPiV GHODVLGHUXUJLD
/RGRV GH JDVROLQD FRQ SORPR \ ORGRV GH FRPSXHVWRV
$OFRKROHWtOLFRVLQGHVQDWXUDOL]DUFRQJUDGRDOFRKyOLFRYROXPpWULFR
DQWLGHWRQDQWHVFRQSORPR
LQIHULRUDOYRO
/RVGHPiV
$JXDUGLHQWHVGHiJDYHVWHTXLOD\VLPLODUHV
4XHFRQWHQJDQSULQFLSDOPHQWHDOXPLQLR
'HDQtV
4XH FRQWHQJDQ DUVpQLFR PHUFXULR WDOLR R VXV PH]FODV GH ORV
/RVGHPiV
WLSRVXWLOL]DGRVSDUDODH[WUDFFLyQGHDUVpQLFRRGHHVWRVPHWDOHVR
/RVGHPiV SDUDODHODERUDFLyQGHVXVFRPSXHVWRVTXtPLFRV
9LQDJUH \ VXFHGiQHRV GHO YLQDJUH REWHQLGRV D SDUWLU GHO iFLGR 4XHFRQWHQJDQDQWLPRQLREHULOLRFDGPLRFURPRRVXVPH]FODV
DFpWLFR /RVGHPiV
7DEDFRQHJUR
&HQL]DV\UHVLGXRVSURFHGHQWHVGHODLQFLQHUDFLyQGHGHVHFKRV\
7DEDFRUXELR GHVSHUGLFLRVPXQLFLSDOHV
7DEDFRQHJUR /DVGHPiV
7DEDFRUXELR $FHLWHVGHFUHRVRWD
'HVSHUGLFLRVGHWDEDFR %UHD
&LJDUURVSXURVLQFOXVRGHVSXQWDGRV\FLJDUULWRVSXULWRVTXH 6LQFDOFLQDU
FRQWHQJDQWDEDFR %HW~QGHSHWUyOHR
'HWDEDFRQHJUR
/RV GHPiV UHVLGXRV GH ORV DFHLWHV GH SHWUyOHR R GH PLQHUDO
'HWDEDFRUXELR ELWXPLQRVR
/RVGHPiV 0iVWLTXHVELWXPLQRVRV
7DEDFRSDUDIXPDULQFOXVRFRQVXFHGiQHRVGHWDEDFRHQFXDOTXLHU /RVGHPiV
SURSRUFLyQ &ORUR
7DEDFR©KRPRJHQHL]DGRªR©UHFRQVWLWXLGRª
$]XIUHVXEOLPDGRRSUHFLSLWDGRD]XIUHFRORLGDO
/RVGHPiV
+LGUyJHQR
6DOGHPHVD
$UJyQ
'HVQDWXUDOL]DGD
/RVGHPiV
3DUDDOLPHQWRGHJDQDGR
1LWUyJHQR
/RVGHPiV
2[tJHQR
3LULWDVGHKLHUURVLQWRVWDU
%RUR
(QSROYRRHQHVFDPDV
7HOXULR
/RVGHPiV
(QSROYR
$UHQDVVLOtFHDV\DUHQDVFXDU]RVDV
/RVGHPiV
/DVGHPiV
0HUFXULR
&XDU]R
&ORUXURGHKLGUyJHQRiFLGRFORUKtGULFR
&XDUFLWD
$FLGRVXOI~ULFR
&DROtQLQFOXVRFDOFLQDGR
2OHXPiFLGRVXOI~ULFRIXPDQWH
%HQWRQLWD
$FLGRRUWREyULFR
$UFLOODVUHIUDFWDULDV
/RVGHPiV
/DVGHPiVDUFLOODV
&LDQXURGHKLGUyJHQR
&UHWD
/RVGHPiV
6XOIDWRGHEDULRQDWXUDOEDULWLQD
'Ly[LGRGHFDUERQR
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
+HPLy[LGRGHQLWUyJHQRy[LGRQLWURVRSURWy[LGRGHQLWUyJHQR &LFORKH[DQR
7ULy[LGR GH GLDUVpQLFR VHVTXLy[LGR GH DUVpQLFR DQKtGULGR %HQFHQR
DUVHQLRVRDUVpQLFREODQFR R;LOHQR
7ULFORUXURGHDUVpQLFR &XPHQR
'LFORUXURGHFDUERQLORIRVJHQR 7HWUDFORUXURGHFDUERQR
2[LFORUXURGHIyVIRUR 'LFORUXURGHHWLOHQR,62GLFORURHWDQR
7ULFORUXURGHIyVIRUR 7ULFORURHWDQRPHWLOFORURIRUPR
3HQWDFORUXURGHIyVIRUR &ORUXURGHYLQLORFORURHWLOHQR
/RVGHPiV 3HQWDÀXRURWULÀXRURPHWLOSURSHQR
0RQRFORUXURGHD]XIUH 7ULFORURÀXRURPHWDQR
'LFORUXURGHD]XIUH 'LFORURGLÀXRURPHWDQR
/RVGHPiV 7ULFORURWULÀXRURHWDQRV
&ORUXURGHWLRQLOR 'LFORURWHWUDÀXRURHWDQRV\FORURSHQWDÀXRURHWDQR
/RVGHPiV &ORURWULÀXRURPHWDQR
$PRQtDFRHQGLVROXFLyQDFXRVD 3HQWDFORURÀXRURHWDQR
6yOLGR 7HWUDFORURGLÀXRURHWDQRV
(QGLVROXFLyQDFXRVDOHMtDGHVRVDRVRGDFiXVWLFD +HSWDFORURÀXRURSURSDQRV
7ULy[LGRGHGLFURPRVHVTXLy[LGRGHFURPRX©y[LGRYHUGHª +H[DFORURGLÀXRURSURSDQRV
0RQy[LGRGHSORPROLWDUJLULRPDVLFRWH 3HQWDFORURWULÀXRURSURSDQRV
/RVGHPiV 7HWUDFORURWHWUDÀXRURSURSDQRV
2[LGRVHKLGUy[LGRVGHFREUH 7ULFORURSHQWDÀXRURSURSDQRV
2[LGRVHKLGUy[LGRVGHHVWDxR 'LFORURKH[DÀXRURSURSDQRV
2[LGRHKLGUy[LGRGHFDOFLR &ORURKHSWDÀXRURSURSDQRV
/RVGHPiV /RVGHPiV
&ORUXURGHDPRQLR %URPRFORURGLÀXRURPHWDQR EURPRWULÀXRURPHWDQR \
&ORUXURGHFDOFLR GLEURPRWHWUDÀXRURHWDQRV
'HHVWDxR 7ULFORURÀXRURHWDQRV
'HKLHUUR 'HULYDGRVGHOPHWDQRGHOHWDQRRGHOSURSDQRKDORJHQDGRV
'HFLQF VRODPHQWHFRQÀ~RU\EURPR
'HFREDOWR /LQGDQR,62LVyPHURJDPPD
'HFREUH ,VyPHURVDOIDEHWDGHOWD
+LSRFORULWRGHFDOFLRFRPHUFLDO\GHPiVKLSRFORULWRVGHFDOFLR $OGULQD,62
'HVRGLR &ORUGDQR,62
6XOIXURGHVRGLR +HSWDFORUR,62
+LGURJHQRVXOIXURVXOIKLGUDWRGHVRGLR &DQIHFORURWR[DIHQR
'HDPRQLR +H[DFORUREHQFHQR,62
'HVRGLR ''7 ,62 FORIHQRWDQR '&, WULFORUR
ELVSFORURIHQLOHWDQR
/RVGHPiV
$FLGRVQDIWDOHQRVXOIyQLFRV
'HDOXPLQLR
/RVGHPiV
'HQtTXHO
'LQLWURWROXHQR
'HKLHUUR
7ULFORURQLWURPHWDQRFORURSLFULQD
'HSORPR
GLPHWLOEXWDQRODOFRKROSLQDFROtOLFR
'HFURPR
*OLFHURO
/RVGHPiV
0HWLOWHUFEXWLOpWHU
/RVGHPiV
7ULHWLOHQJOLFRO
+LGURJHQRFDUERQDWRELFDUERQDWRGHVRGLR
3HUy[LGRGHPHWLOHWLOFHWRQD
&DUERQDWRGHFDOFLR
'LHOGULQD,62'&,
0HWDVLOLFDWRV
(QGUtQ,62
/RVGHPiV
0HWDQDOIRUPDOGHKtGR
'HPDJQHVLR
*OXWDUDOGHKtGR
'HSRWDVLR
$FHWDWRGHFREDOWR
/RVGHPiV
$FLGRSDOPtWLFRVXVVDOHV\VXVpVWHUHV
/RVGHPiVERUDWRV
6DOHV
&URPDWRVGHFLQFRGHSORPR
(VWHUHV
3HUPDQJDQDWRGHSRWDVLR
2FWDQRDWRGHHVWDxR
0ROLEGDWRV
$OHWULQD,62
$UVHQLWRV\DUVHQLDWRV
3HUy[LGRGHEHQ]RLOR
'HDPRQLR\FLQF
$FLGRR[iOLFR
1LWUDWRGHSODWD
6DOHVpVWHUHV\GHPiVGHULYDGRVGHOiFLGRPDOHLFR
&RPSXHVWRVGHRUR
2UWRIWDODWRVGHGLRFWLOR
/RVGHPiVFRPSXHVWRVDPDOJDPDV
2UWRIWDODWRVGHGLQRQLORRGHGLGHFLOR
'HFDOFLR
2UWRIWDODWRVGHGLPHWLORRGHGLHWLOR
6DOHV\pVWHUHVGHOiFLGROiFWLFR
2UWRIWDODWRVGHGLEXWLOR
$UVHQLWRV\DUVHQLDWRV
$FLGRRUWRIWiOLFR\VXVVDOHV
%DVHVLQRUJiQLFDVy[LGRVKLGUy[LGRV\SHUy[LGRV
/RVGHPiV
&RPSXHVWRVLQRUJiQLFRVXRUJiQLFRVGHPHWDOSUHFLRVR
$FLGRGLIHQLOKLGUR[LDFpWLFRiFLGREHQFtOLFR
/RVGHPiVFRPSXHVWRVLQRUJiQLFRV
/RVGHPiV
([WUDFWRV FXUWLHQWHV GH RULJHQ YHJHWDO WDQLQRV \ VXV VDOHV
7,62iFLGRWULFORURIHQR[LDFpWLFRVXVVDOHV\VXV
pWHUHVpVWHUHV\GHPiVGHULYDGRV
pVWHUHV
3UHSDUDFLRQHV TXtPLFDV SDUD XVR IRWRJUi¿FR H[FHSWR ORV
*OLFHURIRVIDWRGHVRGLR
EDUQLFHVFRODVDGKHVLYRV\SUHSDUDFLRQHVVLPLODUHVSURGXFWRVVLQ
PH]FODUSDUDXVRIRWRJUi¿FRRDFRQGLFLRQDGRVSDUDODYHQWDDOSRU 3DUDWLyQPHWLOR,62PHWLOSDUDWLyQ
PHQRUOLVWRVSDUDVXHPSOHR 3DUDWLyQHWtOLFR
&ORUXURGHFLDQyJHQR 1LWURJOLFHULQD1LWURJOLFHURO
$JXDGHVWLODGDGHFRQGXFWLELOLGDGRGHOPLVPRJUDGRGHSXUH]D 'HGLPHWLOR\WULPHWLOR
DLUHOtTXLGR\DLUHSXUL¿FDGR 'HGLHWLOR\WULHWLOR
/RVGHPiV %LVFORURHWLOHWLODPLQD
(WLOHQR &ORUPHWLQD'&,ELVFORURHWLOPHWLODPLQD
3URSHQRSURSLOHQR 7ULFORUPHWLQD'&,WULVFORURHWLODPLQD
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
11GLDOTXLOPHWLOHWLOQSURSLORLVRSURSLOFORURHWLODPLQDV\ &RFDtQDVXVVDOHVpVWHUHV\GHPiVGHULYDGRV
VXVVDOHVSURWRQDGDV (FJRQLQDVXVVDOHVpVWHUHV\GHPiVGHULYDGRV
'H[WURSURSR[LIHQR'&, 0HWDQIHWDPLQD'&,
6DOHV 5DFHPDWRGHPHWDQIHWDPLQD
11GLPHWLODPLQRHWDQRO\VXVVDOHVSURWRQDGDV /HYRPHWDQIHWDPLQD
11GLHWLODPLQRHWDQRO\VXVVDOHVSURWRQDGDV 'HKtJDGR
(WLOGLHWDQRODPLQD 'HELOLV
0HWLOGLHWDQRODPLQD /RVGHPiV
*OXWDPDWRPRQRVyGLFR +HSDULQD\VXVVDOHV
'LXURQ,62 /DVGHPiV
(WLQDPDWR'&, $QWLRItGLFR
)HQSURSRUH['&,\VXVVDOHV $QWLGLIWpULFR
,QWHUPHGLDULRGHODPHWDGRQD'&,FLDQRGLPHWLODPLQR $QWLWHWiQLFR
GLIHQLOEXWDQR
/RVGHPiV
)R[LPD,62'&,
3ODVPDKXPDQR\GHPiVIUDFFLRQHVGHODVDQJUHKXPDQD
'LKDORJHQXURV GH 11GLDTXLO PHWLO HWLO QSURSLO R LVRSURSLO
IRVIRUDPLGDWRV 3DUDWUDWDPLHQWRRQFROyJLFRR9,+
11GLDOTXLO PHWLO HWLO QSURSLO R LVRSURSLO IRVIRUDPLGDWRV GH 5HDFWLYRVGHODERUDWRULRRGHGLDJQyVWLFRTXHQRVHHPSOHHQ
GLDOTXLORPHWLORHWLORQSURSLORRLVRSURSLOR HQHOSDFLHQWH
,VRSURSLO[DQWDWRGHVRGLR,62 /RVGHPiV
/RVGHPiV 9DFXQDDQWLSROLRPLHOtWLFD
7LRGLJOLFRO'&,>VXOIXURGHELVKLGUR[LHWLOR@ 9DFXQDDQWLUUiELFD
)RVIRURWLRDWRGH22GLHWLOR\GH6>GLHWLODPLQRHWLOR@\VXV 9DFXQDDQWLVDUDPSLRQRVD
VDOHVDOTXLODGDVRSURWRQDGDV /DVGHPiV
(WLOGLWLRIRVIRQDWRGH2HWLOR\GH6IHQLORIRQRIyV $QWLDIWRVD
)HQWKLyQ,62 /DVGHPiV
+LGURJHQRDOTXLOPHWLOHWLOQSURSLORLVRSURSLOIRVIRQRWLRDWRVGH &XOWLYRVGHPLFURRUJDQLVPRV
>6GLDOTXLOPHWLOHWLOQSURSLORLVRSURSLODPLQRHWLOR@VXVpVWHUHV
5HDFWLYRV GH ODERUDWRULR R GH GLDJQyVWLFR TXH QR VH HPSOHHQ
GH2DOTXLORKDVWDFDUERQRVLQFOX\HQGRFLFORDOTXLORVVXVVDOHV
HQHOSDFLHQWH
DOTXLODGDVRSURWRQDGDV
6DQJUHKXPDQD
6XOIXUR GH FORURHWLOR \ GH FORURPHWLOR VXOIXUR GH ELV
FORURHWLOR 6D[LWR[LQD
%LVFORURHWLOWLRPHWDQRELVFORURHWLOWLRHWDQRELV 5LFLQD
FORURHWLOWLRQSURSDQR ELVFORURHWLOWLRQEXWDQR ELV /RVGHPiV
FORURHWLOWLRQSHQWDQR 4XH FRQWHQJDQ SHQLFLOLQDV R GHULYDGRV GH HVWRV SURGXFWRV FRQ
2[LGR GH ELVFORURHWLOWLRPHWLOR R[LGR GH ELV ODHVWUXFWXUDGHOiFLGRSHQLFLOiQLFRRHVWUHSWRPLFLQDVRGHULYDGRV
FORURHWLOWLRHWLOR GHHVWRVSURGXFWRV
$OTXLO PHWLO HWLO QSURSLO R LVRSURSLO IRVIRQRÀXRULGDWRV GH 2 4XHFRQWHQJDQRWURVDQWLELyWLFRV
DOTXLORKDVWDFDUERQRVLQFOX\HQGRFLFORDOTXLORV 4XHFRQWHQJDQLQVXOLQD
4XH FRQWHQJDQ XQ iWRPR GH IyVIRUR XQLGR D XQ JUXSR PHWLOR
/RVGHPiV
HWLOR
11GLDOTXLOPHWLOHWLOQSURSLORLVRSURSLOIRVIRURDPLGRFLDQLGDWRV 4XHFRQWHQJDQDOFDORLGHVRVXVGHULYDGRVVLQKRUPRQDVQLRWURV
GH2DOTXLORKDVWDFDUERQRVLQFOX\HQGRFLFORDOTXLORV SURGXFWRVGHODSDUWLGDQLDQWLELyWLFRV
FORURYLQLOGLFORURDUVLQD ELVFORURYLQLOFORURDUVLQD WULV 3DUDXVRKXPDQR
FORURYLQLODUVLQD 3DUDXVRYHWHULQDULR
'LÀXRUXURVGHDOTXLOPHWLOHWLOQSURSLORLVRSURSLOIRVIRQLOR 3DUDXVRKXPDQR
+LGURJHQRDOTXLOPHWLOHWLOQSURSLORLVRSURSLOIRVIRQLWRVGH>2 3DUDXVRYHWHULQDULR
GLDOTXLOPHWLOHWLOQSURSLORLVRSURSLODPLQRHWLOR@VXVpVWHUHVGH 3DUDWUDWDPLHQWRRQFROyJLFRR9,+
2DOTXLOR KDVWD FDUERQRV LQFOX\HQGR FLFORDOTXLORV VXV VDOHV
/RVGHPiV
DOTXLODGDVRSURWRQDGDV
0HWLOIRVIRQRFORULGDWR GH 2LVRSURSLOR PHWLOIRVIRQRFORULGDWR GH 3DUDXVRYHWHULQDULR
2SLQDFROLOR 4XHFRQWHQJDQLQVXOLQD
7HWUDKLGURFDQQDELQROHVWRGRVORVLVRPHURV 3DUDWUDWDPLHQWRRQFROyJLFRR9,+
3HWLGLQD'&, /RVGHPiV
,QWHUPHGLDULR $ GH OD SHWLGLQD '&, FLDQRPHWLOIHQLO 3DUDXVRYHWHULQDULR
SLSHULGLQDyPHWLOIHQLOFLDQRSLSHULGLQD 3DUDWUDWDPLHQWRRQFROyJLFRR9,+
$OIHQWDQLOR '&, DQLOHULGLQD '&, EH]LWUDPLGD '&, /RVGHPiV
GLIHQR[LODWR '&, GLIHQR[LQD '&, GLSLSDQRQD '&, IHQFLFOLGLQD
3DUDXVRYHWHULQDULR
'&,3&3IHQRSHULGLQD'&,NHWREHPLGRQD'&,PHWLOIHQLGDWR
'&,SHQWD]RFLQD'&,SLSUDGURO'&,SLULWUDPLGD'&,SURSLUDP $QHVWpVLFRV
'&,\WULPHSHULGLQD'&, 3DUDWUDWDPLHQWRRQFROyJLFRR9,+
%HQ]LODWRGHTXLQXFOLGLQLOR /RVGHPiV
4XLQXFOLGLQRO 3DUDXVRYHWHULQDULR
/RSUD]RODP'&, 3DUDXVRKXPDQR
0HFORFXDORQD'&, 3DUDXVRYHWHULQDULR
0HWDFXDORQD'&, 6XVWLWXWRVVLQWpWLFRVGHOSODVPDKXPDQR
=LSHSURO'&, $QHVWpVLFRV
+H[DQRODFWDPDpSVLORQFDSURODFWDPD 3DUFKHVLPSUHJQDGRVFRQQLWURJOLFHULQD
/RUD]HSDP'&, 3DUDODDOLPHQWDFLyQYtDSDUHQWHUDO
7ULD]RODP'&, 3DUDWUDWDPLHQWRRQFROyJLFRR9,+
1LWUD]HSDP '&, QRUGD]HSDP '&, R[D]HSDP '&, /RVGHPiV
SLQD]HSDP'&,SUD]HSDP'&,SLURYDOHURQD'&,WHPD]HSDP /RVGHPiVPHGLFDPHQWRVSDUDXVRYHWHULQDULR
'&,\WHWUD]HSDP'&,
(VSDUDGUDSRV\YHQGLWDV
7ULDGLPHIyQ
/RVGHPiV
)HQRWLD]LQD
$OJRGyQKLGUy¿OR
$PLQRUH['&,EURWL]RODP'&,FORWLD]HSDP'&,FOR[D]RODP
'&,\GH[WURPRUDPLGD'&, 9HQGDV
+DOR[D]RODP '&, NHWD]RODP '&, PHVRFDUER '&, ,PSUHJQDGDV GH \HVR X RWUDV VXEVWDQFLDV SURSLDV SDUD HO
R[D]RODP'&,\SHPROLQD'&, WUDWDPLHQWRGHIUDFWXUDV
)HQPHWUD]LQD'&,IHQGLPHWUD]LQD'&,\VXIHQWDQLO'&, /DVGHPiV
(VWULROKLGUDWRGHIROLFXOLQD /RVGHPiV
$FHWDWR GH GHVR[LFRUWLFRVWHURQD '&,0 DFHWDWR GH &DWJXWV HVWpULOHV \ OLJDGXUDV HVWpULOHV VLPLODUHV SDUD VXWXUDV
FORURSUHGQLVRQD'&,0 TXLU~UJLFDV
+HURtQD\VXVVDOHV $GKHVLYRVHVWpULOHVSDUDWHMLGRVRUJiQLFRV
$FLGROLVpUJLFR\VXVVDOHV /RVGHPiV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
5HDFWLYRVSDUDODGHWHUPLQDFLyQGHORVJUXSRVRGHORVIDFWRUHV /RVGHPiV
VDQJXtQHRV 'HWRFDGRULQFOXVRORVPHGLFLQDOHV
3UHSDUDFLRQHVRSDFL¿FDQWHVDEDVHGHVXOIDWRGHEDULR (QEDUUDVSDQHVWUR]RVRSLH]DVWURTXHODGDVRPROGHDGDV
/DVGHPiVSUHSDUDFLRQHVRSDFL¿FDQWHV /RVGHPiV
5HDFWLYRVGHGLDJQyVWLFR -DEyQHQRWUDVIRUPDV
&HPHQWRV\GHPiVSURGXFWRVGHREWXUDFLyQGHQWDO 3URGXFWRV\SUHSDUDFLRQHVRUJiQLFRVWHQVRDFWLYRVSDUDHOODYDGR
&HPHQWRVSDUDODUHIHFFLyQGHKXHVRV GHODSLHOOtTXLGRVRHQFUHPDDFRQGLFLRQDGRVSDUDODYHQWDDOSRU
%RWLTXLQHVHTXLSDGRVSDUDSULPHURVDX[LOLRV PHQRUDXQTXHFRQWHQJDQMDEyQ
3UHSDUDFLRQHVTXtPLFDVDQWLFRQFHSWLYDVDEDVHGHKRUPRQDVGH 6XOIDWRVRVXOIRQDWRVGHDOFRKROHVJUDVRV
RWURVSURGXFWRVGHODSDUWLGDRGHHVSHUPLFLGDV /RVGHPiV
3UHSDUDFLRQHV HQ IRUPD GH JHO FRQFHELGDV SDUD VHU XWLOL]DGDV 6DOHVGHDPLQDVJUDVDV
HQ PHGLFLQD R YHWHULQDULD FRPR OXEULFDQWH SDUD FLHUWDV SDUWHV GHO /RVGHPiV
FXHUSR HQ RSHUDFLRQHV TXLU~UJLFDV R H[iPHQHV PpGLFRV R FRPR
2EWHQLGRVSRUFRQGHQVDFLyQGHOy[LGRGHHWLOHQRFRQPH]FODV
QH[RHQWUHHOFXHUSR\ORVLQVWUXPHQWRVPpGLFRV
GHDOFRKROHVOLQHDOHVGHRQFHFDUERQHVRPiV
'LVSRVLWLYRVLGHQWL¿FDEOHVSDUDXVRHQHVWRPtD
/RVGHPiVQRLyQLFRV
'HVHFKRVIDUPDFpXWLFRV
3URWHtQDVDOTXLOEHWDtQLFDVRVXOIREHWDtQLFDV
/RVGHPiV
/RVGHPiV
3URGXFWRVFXUWLHQWHVRUJiQLFRVVLQWpWLFRV
3UHSDUDFLRQHVDFRQGLFLRQDGDVSDUDODYHQWDDOSRUPHQRU
3UHSDUDFLRQHVHQ]LPiWLFDVSDUDSUHFXUWLGR
'HWHUJHQWHVSDUDODLQGXVWULDWH[WLO
/RVGHPiV
3UHSDUDFLRQHV WHQVRDFWLYDV D EDVH GH QRQ\O R[LEHQFHQR
'HDFKLRWHRQRWRELMD VXOIRQDWRGHVRGLR
'HPDULJROG[DQWy¿OD /RVGHPiV
'HPDt]PRUDGRDQWRFLDQLQD 3UHSDUDGDV
'HF~UFXPDFXUFXPLQD 3UHSDUDGDV
/DVGHPiV %HWXQHVFUHPDV\SUHSDUDFLRQHVVLPLODUHVSDUDHOFDO]DGRRSDUD
'HFRFKLQLOOD FXHURV\SLHOHV
/DFDVFRORUDQWHVSUHSDUDFLRQHVDTXHVHUH¿HUHOD1RWDGHHVWH (QFiXVWLFRV \ SUHSDUDFLRQHV VLPLODUHV SDUD OD FRQVHUYDFLyQ GH
&DStWXORDEDVHGHODFDVFRORUDQWHV PXHEOHVGHPDGHUDSDUTXpVXRWUDVPDQXIDFWXUDVGHPDGHUD
3LJPHQWRV\SUHSDUDFLRQHVDEDVHGHFRPSXHVWRVGHFURPR $EULOODQWDGRUHVOXVWUHV\SUHSDUDFLRQHVVLPLODUHVSDUDFDUURFHUtDV
'LVSHUVLRQHV FRQFHQWUDGDV GH ORV GHPiV SLJPHQWRV HQ H[FHSWRODVSUHSDUDFLRQHVSDUDOXVWUDUPHWDO
SOiVWLFRFDXFKRXRWURVPHGLRV 3DVWDVSROYRV\GHPiVSUHSDUDFLRQHVSDUDIUHJDU
3LJPHQWRV \ SUHSDUDFLRQHV D EDVH GH KH[DFLDQRIHUUDWRV /DVGHPiV
IHUURFLDQXURVRIHUULFLDQXURV 9HODVFLULRV\DUWtFXORVVLPLODUHV
$EULOODQWDGRUHVOXVWUHVOtTXLGRV\SUHSDUDFLRQHVVLPLODUHV 3DVWDVSDUDPRGHODU
$EDVHGHSROLpVWHUHV ©&HUDVSDUDRGRQWRORJtDªR©FRPSXHVWRVSDUDLPSUHVLyQGHQWDOª
$EDVHGHSROtPHURVDFUtOLFRVRYLQtOLFRV /DV GHPiV SUHSDUDFLRQHV SDUD RGRQWRORJtD D EDVH GH \HVR
/RVGHPiV IUDJXDEOH
$EDVHGHSROtPHURVDFUtOLFRVRYLQtOLFRV &RODVGHFDVHtQD
/RVGHPiV 6HFD
3LQWXUDVPDULQDVDQWLFRUURVLYDV\DQWLLQFUXVWDQWHV /DVGHPiV
/RVGHPiV /DFWRDOE~PLQDLQFOXLGRVORVFRQFHQWUDGRVGHGRVRPiVSURWHtQDV
6HFDWLYRVSUHSDUDGRV GHOODFWRVXHUR
$OE~PLQDV
7LQWHV\GHPiVPDWHULDVFRORUDQWHVSUHVHQWDGRVHQIRUPDVRHQ
HQYDVHVSDUDODYHQWDDOSRUPHQRU *HODWLQDV\VXVGHULYDGRV
3LQWXUDVDODJXDWpPSHUDDFXDUHOD 'H[WULQD\GHPiVDOPLGRQHV\IpFXODVPRGL¿FDGRV
/RVGHPiV &RODV
/RVGHPiV 3URGXFWRVGHFXDOTXLHUFODVHXWLOL]DGRVFRPRFRODVRDGKHVLYRV
0DVLOODFHPHQWRVGHUHVLQD\GHPiVPiVWLTXHV DFRQGLFLRQDGRVSDUDODYHQWDDOSRUPHQRUFRPRFRODVRDGKHVLYRV
GHSHVRQHWRLQIHULRURLJXDODNJ
3ODVWHVHQGXLGRVXWLOL]DGRVHQSLQWXUD
$GKHVLYRV D EDVH GH SROtPHURV GH ODV SDUWLGDV D
/RVGHPiV RGHFDXFKR
1HJUDV /RVGHPiV
/DVGHPiV 3UHSDUDFLRQHVHQ]LPiWLFDVSDUDDEODQGDUODFDUQH
3DUDFRSLDGRUDVKHFWRJUi¿FDV\PLPHyJUDIRV 3yOYRUD
/DVGHPiV 'LQDPLWDV
'HOLPyQ /RVGHPiV
2OHRUUHVLQDVGHH[WUDFFLyQ $EDVHGHQLWUDWRGHDPRQLR
&X\RJUDGRDOFRKyOLFRYROXPpWULFRVHDVXSHULRUDOYRO /RVGHPiV
/DVGHPiV 0HFKDVGHVHJXULGDG
/DVGHPiV &RUGRQHVGHWRQDQWHV
3HUIXPHV\DJXDVGHWRFDGRU &HERV
3UHSDUDFLRQHVSDUDHOPDTXLOODMHGHORVODELRV &iSVXODVIXOPLQDQWHV
3UHSDUDFLRQHVSDUDHOPDTXLOODMHGHORVRMRV ,QÀDPDGRUHV
3UHSDUDFLRQHVSDUDPDQLFXUDVRSHGLFXURV 'HWRQDGRUHVHOpFWULFRV
3ROYRVLQFOXLGRVORVFRPSDFWRV $UWtFXORVSDUDIXHJRVDUWL¿FLDOHV
/DVGHPiV /RVGHPiV
&KDPS~HV )yVIRURVFHULOODVH[FHSWRORVDUWtFXORVGHSLURWHFQLDGHODSDUWLGD
3UHSDUDFLRQHVSDUDRQGXODFLyQRGHVUL]DGRSHUPDQHQWHV
/DFDVSDUDHOFDEHOOR &RPEXVWLEOHVOtTXLGRV\JDVHVFRPEXVWLEOHVOLFXDGRVHQUHFLSLHQWHV
GH ORV WLSRV XWLOL]DGRV SDUD FDUJDU R UHFDUJDU HQFHQGHGRUHV R
/DVGHPiV
PHFKHURVGHFDSDFLGDGLQIHULRURLJXDODFP
'HQWtIULFRV /RVGHPiV
+LOR XWLOL]DGR SDUD OLPSLH]D GH ORV HVSDFLRV LQWHUGHQWDOHV KLOR 3DUDUD\RV;
GHQWDO
3HOtFXODVDXWRUUHYHODEOHV
/RVGHPiV
3DUDUD\RV;
3UHSDUDFLRQHVSDUDDIHLWDURSDUDDQWHVRGHVSXpVGHODIHLWDGR
3DUDIRWRJUDItDHQFRORUHVSROLFURPD
'HVRGRUDQWHVFRUSRUDOHV\DQWLWUDVSLUDQWHV
/DVGHPiVFRQHPXOVLyQGHKDORJHQXURVGHSODWD
6DOHVSHUIXPDGDV\GHPiVSUHSDUDFLRQHVSDUDHOEDxR
/DVGHPiV
©$JDUEDWWLª \ GHPiV SUHSDUDFLRQHV RGRUtIHUDV TXH DFW~DQ SRU
'HDQFKXUDVXSHULRUDPP\ORQJLWXGVXSHULRUDPSDUD
FRPEXVWLyQ
IRWRJUDItDHQFRORUHVSROLFURPD
/DVGHPiV
'H DQFKXUD VXSHULRU D PP \ ORQJLWXG VXSHULRU D P
3UHSDUDFLRQHVSDUDOHQWHVGHFRQWDFWRRSDUDRMRVDUWL¿FLDOHV H[FHSWRSDUDIRWRJUDItDHQFRORUHV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'HDQFKXUDVXSHULRUDPP\GHORQJLWXGLQIHULRURLJXDOD 0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGHKLGURJHQRDOTXLOPHWLO
P HWLO QSURSLO R LVRSURSLO IRVIRQLWRV GH >2GLDOTXLO PHWLO HWLO Q
'HDQFKXUDVXSHULRUDPPSHURLQIHULRURLJXDODPP SURSLORLVRSURSLODPLQRHWLOR@\VXVpVWHUHVGH2DOTXLOR&¶
'HDQFKXUDLQIHULRURLJXDODPP\ORQJLWXGLQIHULRURLJXDO LQFOX\HQGR FLFORDOTXLORV PH]FODV FRQVWLWXLGDV HVHQFLDOPHQWH GH
DP VXVVDOHVDOTXLODGDVRSURWRQDGDV
'HDQFKXUDLQIHULRURLJXDODPP\ORQJLWXGVXSHULRUDP 0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGHDPLQDV11GLDOTXLO
'HDQFKXUDVXSHULRUDPPSHURLQIHULRURLJXDODPP\ PHWLOHWLOQSURSLORLVRSURSLOFORURHWLORRVXVVDOHVSURWRQDGDV
ORQJLWXGLQIHULRURLJXDODPSDUDGLDSRVLWLYDV 0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGH11GLDOTXLOPHWLO
'HDQFKXUDVXSHULRUDPPSHURLQIHULRURLJXDODPP\ HWLOQSURSLORLVRSURSLODPLQRHWDQRWLROHVRVXVVDOHVSURWRQDGDV
ORQJLWXGLQIHULRURLJXDODPH[FHSWRSDUDGLDSRVLWLYDV 0H]FODV FRQVWLWXLGDV HVHQFLDOPHQWH GH 11GLPHWLO
'HDQFKXUDVXSHULRUDPPSHURLQIHULRURLJXDODPP\ DPLQRHWDQROHV R GH 11GLHWLO DPLQRHWDQRO R VXV VDOHV
ORQJLWXGVXSHULRUDP SURWRQDGDV
'HDQFKXUDVXSHULRUDPP 4XH FRQWHQJDQ KLGURFDUEXURV DFtFOLFRV SHUKDORJHQDGRV
~QLFDPHQWHFRQÀ~RU\FORUR
'HDQFKXUDLQIHULRURLJXDODPP
/DVGHPiV
'HDQFKXUDVXSHULRUDPPSHURLQIHULRURLJXDODPP\
'HVHFKRV\GHVSHUGLFLRVPXQLFLSDOHV
ORQJLWXGLQIHULRURLJXDODP
'HDQFKXUDVXSHULRUDPPSHURLQIHULRURLJXDODPP\ /RGRVGHGHSXUDFLyQ
ORQJLWXGVXSHULRUDP 'HVHFKRVFOtQLFRV
'HDQFKXUDVXSHULRUDPP +DORJHQDGRV
(QUROORVGHDQFKXUDVXSHULRUDPP /RVGHPiV
/RVGHPiVSDUDIRWRJUDItDHQFRORUHVSROLFURPD 'HVHFKRVGHVROXFLRQHVGHFDSDQWHVÀXLGRVKLGUiXOLFRVOtTXLGRV
/RVGHPiV SDUDIUHQRV\OtTXLGRVDQWLFRQJHODQWHV
3ODFDVSHOtFXODVSDSHOFDUWyQ\WH[WLOHVIRWRJUi¿FRVLPSUHVLRQDGRV 4XHFRQWHQJDQSULQFLSDOPHQWHFRPSRQHQWHVRUJiQLFRV
SHURVLQUHYHODU /RVGHPiV
/DVGHPiV /RVGHPiV
'HDQFKXUDVXSHULRURLJXDODPP 6LQSODVWL¿FDU
/DVGHPiV 3ODVWL¿FDGRV
(PXOVLRQHVSDUDVHQVLELOL]DUVXSHU¿FLHV (QGLVSHUVLyQDFXRVD
/RVGHPiV (QGLVSHUVLyQDFXRVD
/RVGHPiV /RVGHPiV
/RVGHPiV 3ROLDFULODWR GH VRGLR FX\D FDSDFLGDG GH DEVRUFLyQ GH XQD
6DOHV GH FRORIRQLDV GH iFLGRV UHVtQLFRV R GH GHULYDGRV GH VROXFLyQDFXRVDGHFORUXURGHVRGLRDOVHDVXSHULRURLJXDOD
FRORIRQLDVRGHiFLGRVUHVtQLFRVH[FHSWRODVVDOHVGHDGXFWRVGH YHFHVVXSURSLRSHVR
FRORIRQLDV /RVGHPiV
*RPDVIXQGLGDV /RVGHPiV
$EDVHGHPDWHULDVDPLOiFHDV 5HVLQDVDOFtGLFDV
'HORVWLSRVXWLOL]DGRVHQODLQGXVWULDWH[WLORLQGXVWULDVVLPLODUHV /DVGHPiV
'H ORV WLSRV XWLOL]DGRV HQ OD LQGXVWULD GHO SDSHO R LQGXVWULDV /DVGHPiVUHVLQDVDPtQLFDV
VLPLODUHV 3ROLXUHWDQRV
'H ORV WLSRV XWLOL]DGRV HQ OD LQGXVWULD GHO FXHUR R LQGXVWULDV 'HSROtPHURVGHHWLOHQR
VLPLODUHV
'HSROtPHURVGHHVWLUHQR
/RVGHPiV
'HSROtPHURVGHFORUXURGHYLQLOR
/RVGHPiV
'HORVGHPiVSOiVWLFRV
/RVGHPiV
'HSROtPHURVGHHWLOHQR
$EDVHGHGHULYDGRVKDORJHQDGRVGHORVKLGURFDUEXURVDFtFOLFRV
FRQGRVRPiVKDOyJHQRVGLIHUHQWHVRSRUPH]FODVTXHFRQWHQJDQ 'HSROtPHURVGHFORUXURGHYLQLOR
HVWRVSURGXFWRV 'HORVGHPiVSOiVWLFRV
/RVGHPiV 'H¿EUDYXOFDQL]DGD
*UDQDGDV\ERPEDVH[WLQWRUDV /RVGHPiV
'LVROYHQWHV\GLOX\HQWHVRUJiQLFRVFRPSXHVWRVQRH[SUHVDGRVQL (QUROORVGHDQFKXUDLQIHULRURLJXDODFP
FRPSUHQGLGRV HQ RWUD SDUWH SUHSDUDFLRQHV SDUD TXLWDU SLQWXUDV R (QUROORVGHDQFKXUDLQIHULRURLJXDODP
EDUQLFHV
/RVGHPiV
7ULGHFLOEHQFHQR
/DVGHPiV
/tTXLGRV SDUD IUHQRV KLGUiXOLFRV \ GHPiV OtTXLGRV SUHSDUDGRV SDUD
WUDQVPLVLRQHVKLGUiXOLFDVVLQDFHLWHVGHSHWUyOHRQLGHPLQHUDOELWXPLQRVR 'HSROtPHURVGHHWLOHQR
RFRQXQFRQWHQLGRLQIHULRUDOHQSHVRGHGLFKRVDFHLWHV 'HSROLSURSLOHQRPHWDOL]DGDKDVWDGHPLFURQHVGHHVSHVRU
$FLGRHVWHiULFR /DVGHPiV
$FLGRROHLFR 'HHVSHVRULQIHULRURLJXDODPP
$FLGRVJUDVRVGHO©WDOORLOª /DVGHPiV
$GLWLYRVSUHSDUDGRVSDUDFHPHQWRVPRUWHURVXKRUPLJRQHV &RQ XQ FRQWHQLGR GH SODVWL¿FDQWHV VXSHULRU R LJXDO DO HQ
0RUWHURV\KRUPLJRQHVQRUHIUDFWDULRV SHVR
4XHFRQWHQJDQSHUFORURÀXRURFDUEXURV /DVGHPiV
4XHFRQWHQJDQEURPRFORURGLÀXRURPHWDQREURPRWULÀXRURPHWDQR 'HSROLPHWDFULODWRGHPHWLOR
RGLEURPRWHWUDÀXRURHWDQRV /DVGHPiV
4XH FRQWHQJDQ KLGURFDUEXURV DFtFOLFRV SHUKDORJHQDGRV 'HSROLpVWHUHVQRVDWXUDGRV
~QLFDPHQWHFRQÀ~RU\FORUR 3DUDODIDEULFDFLyQGHYLGULRVGHVHJXULGDG
/DV GHPiV TXH FRQWHQJDQ GHULYDGRV SHUKDORJHQDGRV GH /DVGHPiV
KLGURFDUEXURVDFtFOLFRVFRQGRVKDOyJHQRVGLIHUHQWHVSURORPHQRV
'HSROtPHURVGHHVWLUHQR
$FLGRVQDIWpQLFRVVXVVDOHVLQVROXEOHVHQDJXD\VXVpVWHUHV
'HSROtPHURVGHFORUXURGHYLQLOR
&RUUHFWRUHVOtTXLGRVDFRQGLFLRQDGRVHQHQYDVHVSDUDODYHQWD
DOSRUPHQRU 'HSROLXUHWDQRV
0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGH11GLDOTXLOPHWLO /iPLQDFRQVWLWXLGDSRUXQDPH]FODGHSROLHWLOHQR\SROLSURSLOHQR
HWLOQSURSLORLVRSURSLOIRVIRURDPLGRFLDQLGDWRVGH2DOTXLOR&¶ FRQVLPSOHVRSRUWHGHWHODVLQWHMHUGHSROLSURSLOHQR
LQFOX\HQGRFLFORDOTXLORV /RVGHPiV
0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGHGLÀXRUXURVGHDOTXLO 2EWHQLGDVSRUHVWUDWL¿FDFLyQ\ODPLQDFLyQGHSDSHOHV
PHWLOHWLOQSURSLORLVRSURSLOIRVIRQLOR /DVGHPiV
0H]FODV FRQVWLWXLGDV HVHQFLDOPHQWH GH GLKDORJHQXURV GH
%DxHUDVGHSOiVWLFRUHIRU]DGRFRQ¿EUDGHYLGULR
11GLDOTXLOPHWLOHWLOQSURSLORLVRSURSLOIRVIRURDPtGLFRV
0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGH11GLDOTXLOPHWLO 3DUDFDVHWHV&''9'\VLPLODUHV
HWLOQSURSLORLVRSURSLOIRVIRURDPLGDWRVGHGLDOTXLORPHWLORHWLOR /RVGHPiV
QSURSLORRLVRSURSLOR 'HSROtPHURVGHHWLOHQR
0H]FODVFRQVWLWXLGDVHVHQFLDOPHQWHGHKLGURJHQRDOTXLOPHWLO %ROVDVFROHFWRUDVGHVDQJUH
HWLOQSURSLORLVRSURSLOIRVIRQRWLRDWRVGH>6GLDOTXLOPHWLOHWLO %ROVDVSDUDHOHQYDVDGRGHVROXFLRQHVSDUHQWHUDOHV
QSURSLORLVRSURSLODPLQRHWLOR@\VXVpVWHUHVGH2DOTXLOR&¶
/RVGHPiV
LQFOX\HQGR FLFORDOTXLORV PH]FODV FRQVWLWXLGDV HVHQFLDOPHQWH GH
VXVVDOHVDOTXLODGDVRSURWRQDGDV 'HFDSDFLGDGVXSHULRURLJXDODOLWURVJDO
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
3UHIRUPDV /RVGHPiVLQFOXLGRVORVFUXSRQHVPHGLRVFUXSRQHV\IDOGDV
/RVGHPiV &RQODQD
&DVHWHVVLQFLQWD 'HUHSWLO
/RVGHPiV 'HSRUFLQR
7DSRQHVGHVLOLFRQD /RVGHPiV
/RVGHPiV 3OHQDÀRUVLQGLYLGLUGLYLGLGRVFRQODÀRU
/RVGHPiV /RVGHPiV
%LEHURQHV 3OHQDÀRUVLQGLYLGLUGLYLGLGRVFRQODÀRU
/RVGHPiV /RVGHPiV
/RVGHPiV (QHVWDGRK~PHGRLQFOXLGRHO©ZHWEOXHª
/RVGHPiV (QHVWDGRVHFR©FUXVWª
$UWtFXORVGHR¿FLQD\DUWtFXORVHVFRODUHV (QHVWDGRK~PHGRLQFOXLGRHO©ZHWEOXHª
3UHQGDV \ FRPSOHPHQWRV DFFHVRULRV GH YHVWLU LQFOXLGRV ORV (QHVWDGRVHFR©FUXVWª
JXDQWHVPLWRQHV\PDQRSODV 'HUHSWLO
*XDUQLFLRQHVSDUDPXHEOHVFDUURFHUtDVRVLPLODUHV 3OHQDÀRUVLQGLYLGLU
(VWDWXLOODV\GHPiVDUWtFXORVGHDGRUQR 'LYLGLGRVFRQODÀRU
%R\DV\ÀRWDGRUHVSDUDUHGHVGHSHVFD /RVGHPiV
%DOOHQDV \ VXV DQiORJRV SDUD FRUVpV SUHQGDV GH YHVWLU \ VXV 3OHQDÀRUVLQGLYLGLU
FRPSOHPHQWRV
'LYLGLGRVFRQODÀRU
7RUQLOORV SHUQRV DUDQGHODV \ DFFHVRULRV DQiORJRV GH XVR
JHQHUDO /RVGHPiV
-XQWDVRHPSDTXHWDGXUDV &XHURV SUHSDUDGRV GHVSXpV GHO FXUWLGR R GHO VHFDGR \ FXHURV \
3URWHFWRUHVDQWLUUXLGRV SLHOHV DSHUJDPLQDGRV GH RYLQR GHSLODGRV LQFOXVR GLYLGLGRV
H[FHSWRORVGHODSDUWLGD
0iVFDUDVHVSHFLDOHVSDUDODSURWHFFLyQGHWUDEDMDGRUHV
'HFDSULQR
)LEUD YXOFDQL]DGD HQ IRUPDV GLVWLQWDV D OD FXDGUDGD R
'HSRUFLQR
UHFWDQJXODU
/RVGHPiV 'HUHSWLO
'HVHFKRVGHVSHUGLFLRV\UHFRUWHVGHFDXFKRVLQHQGXUHFHULQFOXVR /RVGHPiV
HQSROYRRJUiQXORV &XHURV\SLHOHVDJDPX]DGRVLQFOXLGRHODJDPX]DGRFRPELQDGR
$PRQLDFDOHVSDUDVHOODUHQYDVHV DODFHLWH
/RVGHPiV &XHURV\SLHOHVFKDURODGRV\VXVLPLWDFLRQHVGHFXHURVRSLHOHV
FKDSDGRVFXHURV\SLHOHVPHWDOL]DGRV
/DVGHPiV
&XHURUHJHQHUDGRDEDVHGHFXHURR¿EUDVGHFXHURHQSODFDV
%DVHVSDUDJRPDVGHPDVFDU KRMDVRWLUDVLQFOXVRHQUROODGDV
/RVGHPiV 5HFRUWHV\GHPiVGHVSHUGLFLRVGHFXHURRSLHOSUHSDUDGRVRGH
3HU¿OHVSDUDUHFDXFKXWDU FXHURUHJHQHUDGRQRXWLOL]DEOHVSDUDODIDEULFDFLyQGHPDQXIDFWXUDV
/RVGHPiV GHFXHURDVHUUtQSROYR\KDULQDGHFXHUR
6LQFRPELQDUFRQRWUDVPDWHULDV %D~OHVPDOHWDVYDOLMDV\PDOHWLQHVLQFOXLGRVORVGHDVHR
&RPELQDGDVFRQRWUDVPDWHULDV /RVGHPiV
/RVGHPiV %D~OHVPDOHWDVYDOLMDV\PDOHWLQHVLQFOXLGRVORVGHDVHR
6LQFRPELQDUFRQRWUDVPDWHULDV /RVGHPiV
/DVGHPiV /RVGHPiV
/RVGHPiV &RQODVXSHU¿FLHH[WHULRUGHFXHURQDWXUDOFXHURUHJHQHUDGRR
FXHURFKDURODGR
6LQDFFHVRULRV
&RQODVXSHU¿FLHH[WHULRUGHKRMDVGHSOiVWLFRRPDWHULDWH[WLO
&RQDFFHVRULRV
/RVGHPiV
6LQDFFHVRULRV
&RQODVXSHU¿FLHH[WHULRUGHFXHURQDWXUDOFXHURUHJHQHUDGRR
&RQDFFHVRULRV FXHURFKDURODGR
6LQDFFHVRULRV &RQODVXSHU¿FLHH[WHULRUGHKRMDVGHSOiVWLFRRPDWHULDWH[WLO
&RQDFFHVRULRV /RVGHPiV
6LQDFFHVRULRV 6DFRVGHYLDMH\PRFKLODV
&RQDFFHVRULRV /RVGHPiV
3UHVHUYDWLYRV &RQODVXSHU¿FLHH[WHULRUGHKRMDVGHSOiVWLFRRPDWHULDWH[WLO
/RVGHPiV 6DFRVGHYLDMH\PRFKLODV
3DUDFLUXJtD /RVGHPiV
$QWLUUDGLDFLRQHV 3UHQGDVGHYHVWLU
/RVGHPiV 'LVHxDGRVHVSHFLDOPHQWHSDUDODSUiFWLFDGHOGHSRUWH
$QWLUUDGLDFLRQHV /RVGHPiV
7UDMHVSDUDEX]RV &LQWRVFLQWXURQHV\EDQGROHUDV
/RVGHPiV /RVGHPiVFRPSOHPHQWRVDFFHVRULRVGHYHVWLU
'HFDXFKRFHOXODU /RVGHPiV
5HYHVWLPLHQWRVSDUDHOVXHOR\DOIRPEUDV &XHUGDVGHWULSD
*RPDVGHERUUDU 7ULSDVSDUDHPEXWLGRV
-XQWDVRHPSDTXHWDGXUDV /DVGHPiV
'HIHQVDVLQFOXVRLQÀDEOHVSDUDHODWUDTXHGHORVEDUFRV 'HYLVyQHQWHUDVLQFOXVRVLQODFDEH]DFRODRSDWDV
7DQTXHV\UHFLSLHQWHVSOHJDEOHVFRQWHQHGRUHV 'H FRUGHUR OODPDGDV ©DVWUDFiQª ©%UHLWVFKZDQ]ª ©FDUDFXOª
%ROVDVSDUDPiTXLQDVYXOFDQL]DGRUDV\UHHQFDXFKDGRUDVGH ©SHUVDªRVLPLODUHVGHFRUGHURGH,QGLDVGH&KLQDGH0RQJROLDR
QHXPiWLFRVOODQWDVQHXPiWLFDV GHO7tEHWHQWHUDVLQFOXVRVLQODFDEH]DFRODRSDWDV
/RVGHPiV 'H]RUURHQWHUDVLQFOXVRVLQODFDEH]DFRODRSDWDV
2WURVDUWtFXORVSDUDXVRVWpFQLFRV /DVGHPiVSLHOHVHQWHUDVLQFOXVRVLQODFDEH]DFRODRSDWDV
7DSRQHV &DEH]DVFRODVSDWDV\GHPiVWUR]RVXWLOL]DEOHVHQSHOHWHUtD
3DUFKHV SDUD UHSDUDU FiPDUDV GH DLUH \ QHXPiWLFRV OODQWDV 'HYLVyQ
QHXPiWLFDV /DVGHPiV
0DQWLOODVSDUDDUWHVJUi¿FDV &DEH]DVFRODVSDWDV\GHPiVWUR]RVGHVHFKRV\UHFRUWHVVLQ
/DVGHPiV HQVDPEODU
&DXFKR HQGXUHFLGR SRU HMHPSOR HERQLWD HQ FXDOTXLHU IRUPD 3LHOHVHQWHUDV\WUR]RV\UHFRUWHVGHSLHOHVHQVDPEODGRV
LQFOXLGRV ORV GHVHFKRV \ GHVSHUGLFLRV PDQXIDFWXUDV GH FDXFKR 'HDOSDFD
HQGXUHFLGR /DVGHPiV
&XHURV\SLHOHVHQWHURVGHSHVRXQLWDULRLQIHULRURLJXDODNJSDUD
'HDOSDFD
ORVVHFRVDNJSDUDORVVDODGRVVHFRV\DNJSDUDORVIUHVFRV
VDODGRVYHUGHVK~PHGRVRFRQVHUYDGRVGHRWURPRGR /DVGHPiV
3HOHWHUtD IDFWLFLD R DUWL¿FLDO \ DUWtFXORV GH SHOHWHUtD IDFWLFLD R
&XHURV\SLHOHVHQWHURVGHSHVRXQLWDULRVXSHULRUDNJ
DUWL¿FLDO
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
/HxD -XQWDVRHPSDTXHWDGXUDV\DUDQGHODV
'HFRQtIHUDV /DVGHPiV
'LVWLQWDGHODGHFRQtIHUDV 'HEDPE~
$VHUUtQGHVSHUGLFLRV\GHVHFKRVGHPDGHUDLQFOXVRDJORPHUDGRV 'HURWHQUDWiQ
HQOHxRVEULTXHWDVEROLWDVRIRUPDVVLPLODUHV /RVGHPiV
7UDWDGDFRQSLQWXUDFUHRVRWDXRWURVDJHQWHVGHFRQVHUYDFLyQ 'HEDPE~
/DVGHPiVGHFRQtIHUDV 'HURWHQUDWiQ
'DUN5HG0HUDQWL/LJKW5HG0HUDQWL\0HUDQWL%DNDX 'HODVGHPiVPDWHULDVYHJHWDOHV
/DVGHPiV /RVGHPiV
'HHQFLQDUREOHDOFRUQRTXH\GHPiVEHOORWHURV4XHUFXVVSS 'HEDPE~
'HKD\D)DJXVVSS 'HURWHQUDWiQ
/DVGHPiV /RVGHPiV
'HFRQtIHUDV /RVGHPiV
'LVWLQWDGHODGHFRQtIHUDV 3DVWDPHFiQLFDGHPDGHUD
/DQDGHPDGHUDKDULQDGHPDGHUD 'HFRQtIHUDV
/DVGHPiV 'LVWLQWDGHODGHFRQtIHUDV
0DKRJDQ\6ZLHWHQLDVSS 3DVWD GH PDGHUD REWHQLGD SRU OD FRPELQDFLyQ GH WUDWDPLHQWRV
9LUROD,PEXLD\%DOVD PHFiQLFR\TXtPLFR
'DUN5HG0HUDQWL/LJKW5HG0HUDQWL\0HUDQWL%DNDX 3DVWDGH¿EUDVREWHQLGDVGHSDSHORFDUWyQUHFLFODGRGHVSHUGLFLRV
:KLWH /DXDQ :KLWH 0HUDQWL :KLWH 6HUD\D <HOORZ 0HUDQWL \ \GHVHFKRV
$ODQ 4XtPLFDV
6DSHOOL 4XtPLFDV
,URNR 3DSHO\FDUWyQKHFKRVDPDQRKRMDDKRMD
/DVGHPiV /RVGHPiV
'HHQFLQDUREOHDOFRUQRTXH\GHPiVEHOORWHURV4XHUFXVVSS 3DSHOVRSRUWHSDUDSDSHOHVGHGHFRUDUSDUHGHV
'HKD\D)DJXVVSS /RVGHPiV
'HDUFH$FHUVSS /RVGHPiV
'HFHUH]R3UXQXVVSS 2WURVSDSHOHVGHVHJXULGDG
'HIUHVQR)UD[LQXVVSS /RVGHPiV
/DVGHPiV /RVGHPiV
/DVGHPiV 2WURVSDSHOHVGHVHJXULGDG
'DUN5HG0HUDQWL/LJKW5HG0HUDQWL\0HUDQWL%DNDX /RVGHPiV
/DVGHPiV /RVGHSDVWDREWHQLGRSRUSURFHGLPLHQWRTXtPLFRPHFiQLFR
/DVGHPiV 2WURVSDSHOHVGHVHJXULGDG
/DVGHPiV /RVGHPiV
/DVGHPiV /RVGHPiV
7DEOHURVGHSDUWtFXODV /RVGHPiV
7DEOHURVOODPDGRV©RULHQWHGVWUDQGERDUGª26% 'H SHVR LQIHULRU D JP TXH FXPSOD FRQ ODV GHPiV
/RVGHPiV HVSHFL¿FDFLRQHVGHOD1RWDGHO&DStWXOR
/RVGHPiV /RVGHPiV
'HHVSHVRULQIHULRURLJXDODPP /RVGHPiV
'HHVSHVRUVXSHULRUDPPSHURLQIHULRURLJXDODPP 'H SHVR LQIHULRU D JP TXH FXPSOD FRQ ODV GHPiV
HVSHFL¿FDFLRQHVGHOD1RWDGHO&DStWXOR
'HHVSHVRUVXSHULRUDPP
/RVGHPiVSDSHOHVVRSRUWHSDUDSDSHOFDUEyQ
'HGHQVLGDGVXSHULRUDJFPñ
/RVGHPiV
'HGHQVLGDGVXSHULRUDJFPñSHURLQIHULRURLJXDODJ
*XDWDGHFHOXORVD\QDSDGH¿EUDVGHFHOXORVD
FPñ
'HGHQVLGDGLQIHULRURLJXDODJFPñ /RVGHPiV
'HEDPE~ &UXGRV
4XH WHQJDQ SRU OR PHQRV XQD KRMD H[WHUQD GH ODV PDGHUDV /RVGHPiV
WURSLFDOHVFLWDGDVHQOD1RWDGHVXESDUWLGDGHHVWH&DStWXOR &UXGR
/DV GHPiV TXH WHQJDQ SRU OR PHQRV XQD KRMD H[WHUQD GH /RVGHPiV
PDGHUDGLVWLQWDGHODGHFRQtIHUDV 3DUDODIDEULFDFLyQGHOLMDV
/DVGHPiV /RVGHPiV
'HDOPDFRQVWLWXLGDSRUSODQFKDVOLVWRQHVRWDEOLOODV /RVGHPiV
/DVGHPiV 3DUDODIDEULFDFLyQGHOLMDV
0DGHUDGHQVL¿FDGDHQEORTXHVWDEODVWLUDVRSHU¿OHV /RVGHPiV
0DUFRV GH PDGHUD SDUD FXDGURV IRWRJUDItDV HVSHMRV X REMHWRV %ODQTXHDGRVXQLIRUPHPHQWHHQODPDVD\FRQXQFRQWHQLGRGH
VLPLODUHV ¿EUDVGHPDGHUDREWHQLGDVSRUSURFHGLPLHQWRTXtPLFRVXSHULRUDO
&DMRQHV FDMDV MDXODV WDPERUHV \ HQYDVHV VLPLODUHV FDUUHWHV HQSHVRGHOFRQWHQLGRWRWDOGH¿EUD
SDUDFDEOHV /RVGHPiV
3DOHWDVSDOHWDVFDMD\GHPiVSODWDIRUPDVSDUDFDUJDFROODULQHV
3DUDODIDEULFDFLyQGHOLMDV
SDUDSDOHWDV
%DUULOHV FXEDV WLQDV \ GHPiV PDQXIDFWXUDV GH WRQHOHUtD \ VXV /RVGHPiV
SDUWHVGHPDGHUDLQFOXLGDVODVGXHODV %ODQTXHDGRVXQLIRUPHPHQWHHQODPDVD\FRQXQFRQWHQLGRGH
7DEOLOODV SDUD FXELHUWD GH WHMDGRV R IDFKDGDV ©VKLQJOHVª \ ¿EUDVGHPDGHUDREWHQLGDVSRUSURFHGLPLHQWRTXtPLFRVXSHULRUDO
©VKDNHVª HQSHVRGHOFRQWHQLGRWRWDOGH¿EUD
3RVWHV\YLJDV /RVGHPiV
7DEOHURVFHOXODUHV 3DSHOVHPLTXtPLFRSDUDDFDQDODU
$UWtFXORVGHPHVDRGHFRFLQDGHPDGHUD /RVGHPiV
(VWDWXLOODV\GHPiVREMHWRVGHDGRUQRGHPDGHUD /RVGHPiV
/RVGHPiV 'HSHVRLQIHULRURLJXDODJP
3HUFKDVSDUDSUHQGDVGHYHVWLU /RVGHPiV
&DQLOODVFDUUHWHVERELQDVSDUDODKLODWXUDRHOWHMLGR\SDUDKLOR 3DSHOVXO¿WRSDUDHQYROYHU
GHFRVHU\DUWtFXORVVLPLODUHVGHPDGHUDWRUQHDGD 3DSHO\FDUWyQ¿HOWURSDSHO\FDUWyQODQD
3DOLOORVGHGLHQWHV 3DSHO \ FDUWyQ PXOWLFDSDV H[FHSWR ORV GH ODV VXESDUWLGDV
/DVGHPiV y
/DVGHPiV 3DUDODIDEULFDFLyQGHOLMDV
%ORTXHVSODFDVKRMDV\WLUDVEDOGRVDV\UHYHVWLPLHQWRVVLPLODUHV /RVGHPiV
GH SDUHG GH FXDOTXLHU IRUPD FLOLQGURV PDFL]RV LQFOXLGRV ORV 3DSHO \ FDUWyQ PXOWLFDSDV H[FHSWR ORV GH ODV VXESDUWLGDV
GLVFRV y
7DSRQHV /RVGHPiV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
&DUWRQHVUtJLGRVFRQSHVRHVSHFt¿FRVXSHULRUD &DMDVGHSDSHORFDUWyQFRUUXJDGR
3DSHOUHVLVWHQWHDODVJUDVDV©JUHDVHSURRIª &DMDV\FDUWRQDMHVSOHJDEOHVGHSDSHORFDUWyQVLQFRUUXJDU
3DSHO\FDUWyQREWHQLGRVSRUSHJDGRGHKRMDVSODQDVVLQHVWXFDU 0XOWLSOLHJRV
QL UHFXEULU HQ OD VXSHU¿FLH \ VLQ LPSUHJQDU LQFOXVR UHIRU]DGRV /RVGHPiV
LQWHULRUPHQWHHQERELQDVUROORVRHQKRMDV /RVGHPiVVDFRVEROVDVEROVLWDV\FXFXUXFKRV
3DSHO\FDUWyQFRUUXJDGRVLQFOXVRSHUIRUDGRV
/RVGHPiVHQYDVHVLQFOXLGDVODVIXQGDVSDUDGLVFRV
3DSHO.UDIWSDUDVDFRVEROVDVUL]DGR©FUHSpªRSOLVDGRLQFOXVR
&DUWRQDMHVGHR¿FLQDWLHQGDRVLPLODUHV
JRIUDGRHVWDPSDGRRSHUIRUDGR
/RVGHPiVSDSHOHV.UDIWUL]DGRV©FUHSpVªRSOLVDGRVLQFOXVR /LEURVUHJLVWUROLEURVGHFRQWDELOLGDGWDORQDULRVGHQRWDVSHGLGRV
JRIUDGRVHVWDPSDGRVRSHUIRUDGRV R UHFLERV EORTXHV PHPRUDQGRV EORTXHV GH SDSHO GH FDUWDV
/RVGHPiV DJHQGDV\DUWtFXORVVLPLODUHV
&XDGHUQRV
3DSHODXWRFRSLD
&ODVL¿FDGRUHV HQFXDGHUQDFLRQHV H[FHSWR ODV FXELHUWDV SDUD
3DUDFOLVpVGHPLPHRJUDIR
OLEURVFDUSHWDV\FXELHUWDVSDUDGRFXPHQWRV
/RVGHPiV )RUPXODULRVOODPDGRV©FRQWLQXRVª
'HSHVRLQIHULRURLJXDODJP /RVGHPiV
/RVGHPiV $OEXPHVSDUDPXHVWUDVRSDUDFROHFFLRQHV
'HSHVRVXSHULRUDJP )RUPDWRVOODPDGRV©FRQWLQXRVªVLQLPSUHVLyQ
(QODVTXHXQODGRVHDVXSHULRUDPP\HORWURVHDVXSHULRU /RVGHPiV
D
,PSUHVDV
/RVGHPiV
/DVGHPiV
/RVGHPiV
'HORVWLSRVXWLOL]DGRVSDUDHOERELQDGRGHKLODGRVWH[WLOHV
3DSHOHVWXFDGRRFXFKpOLJHUROLYLDQR©/:&ª
/RVGHPiV
/RVGHPiV
3DSHOGLDJUDPDSDUDDSDUDWRVUHJLVWUDGRUHVHQERELQDVUROORV
%ODQTXHDGRVXQLIRUPHPHQWHHQODPDVD\FRQXQFRQWHQLGRGH
KRMDVRGLVFRV
¿EUDVGHPDGHUDREWHQLGDVSRUSURFHGLPLHQWRTXtPLFRVXSHULRUDO
'HEDPE~
HQSHVRGHOFRQWHQLGRWRWDOGH¿EUDGHSHVRLQIHULRURLJXDO
DJP /RVGHPiV
%ODQTXHDGRVXQLIRUPHPHQWHHQODPDVD\FRQXQFRQWHQLGRGH $UWtFXORVPROGHDGRVRSUHQVDGRVGHSDVWDGHSDSHO
¿EUDVGHPDGHUDREWHQLGDVSRUSURFHGLPLHQWRTXtPLFRVXSHULRUDO 3DWURQHVPRGHORV\SODQWLOODV
HQSHVRGHOFRQWHQLGRWRWDOGH¿EUDGHSHVRVXSHULRUD /RVGHPiV
JP
(VIHUDV
/RVGHPiV
(QIRUPDGHOLEURVRIROOHWRV
0XOWLFDSDV
/RVGHPiV
/RVGHPiV
3ODQRV \ GLEXMRV RULJLQDOHV KHFKRV D PDQR GH DUTXLWHFWXUD
/RVGHPiV
LQJHQLHUtDLQGXVWULDOHVFRPHUFLDOHVWRSRJUi¿FRVRVLPLODUHVWH[WRV
/RVGHPiV PDQXVFULWRVUHSURGXFFLRQHVIRWRJUi¿FDVVREUHSDSHOVHQVLELOL]DGR
(QERELQDVUROORVGHDQFKXUDVXSHULRUDFPRHQKRMDV \ FRSLDV FRQ SDSHO FDUEyQ FDUEyQLFR GH ORV SODQRV GLEXMRV R
HQODVTXHXQODGRVHDVXSHULRUDFP\HORWURVHDVXSHULRUD WH[WRVDQWHVPHQFLRQDGRV
FPVLQSOHJDU 6HOORV HVWDPSLOODV GH FRUUHRV WLPEUHV ¿VFDOHV \ DQiORJRV VLQ
/RVGHPiV REOLWHUDUTXHWHQJDQRHVWpQGHVWLQDGRVDWHQHUFXUVROHJDOHQHO
(QERELQDVUROORVGHDQFKXUDVXSHULRUDFPRHQKRMDV SDtVHQHOTXHVXYDORUIDFLDOVHDUHFRQRFLGRSDSHOWLPEUDGR
HQODVTXHXQODGRVHDVXSHULRUDFP\HORWURVHDVXSHULRUD %LOOHWHVGHEDQFR
FPVLQSOHJDU 7DORQDULRVGHFKHTXHVGHYLDMHURGHHVWDEOHFLPLHQWRVGHFUpGLWR
/RVGHPiV H[WUDQMHURV
/RVGHPiV /RVGHPiV
/RVGHPiV &DOFRPDQtDVYLWUL¿FDEOHV
&RQOiPLQDLQWHUPHGLDGHDOXPLQLRGHORVWLSRVXWLOL]DGRVSDUD /DVGHPiV
HQYDVDUSURGXFWRVHQODLQGXVWULDDOLPHQWDULDLQFOXVRLPSUHVRV 7DUMHWDV SRVWDOHV LPSUHVDV R LOXVWUDGDV WDUMHWDV LPSUHVDV
3DSHOLPSUHJQDGRFRQUHVLQDVPHODPtQLFDVLQFOXVRGHFRUDGR FRQ IHOLFLWDFLRQHV R FRPXQLFDFLRQHV SHUVRQDOHV LQFOXVR FRQ
RLPSUHVR LOXVWUDFLRQHVDGRUQRVRDSOLFDFLRQHVRFRQVREUHV
/RVGHPiV &DOHQGDULRV GH FXDOTXLHU FODVH LPSUHVRV LQFOXLGRV ORV WDFRV GH
5HFXELHUWRRUHYHVWLGRSRUDPEDVFDUDVGHSOiVWLFRGHORVWLSRV FDOHQGDULR
XWLOL]DGRVHQODLQGXVWULDDOLPHQWDULDLQFOXVRLPSUHVRV ,PSUHVRVSXEOLFLWDULRVFDWiORJRVFRPHUFLDOHV\VLPLODUHV
3DSHOHV¿OWUR (VWDPSDVJUDEDGRV\IRWRJUDItDV
/RVGHPiV /RVGHPiV
/RVGHPiV +LODGRVGHGHVSHUGLFLRVGHVHGDVLQDFRQGLFLRQDUSDUDODYHQWDDO
/RVGHPiV SRUPHQRU
%DUQL]DGRVFRQSHVRHVSHFt¿FRVXSHULRUDLQFOXVRJRIUDGRV +LODGRVGHVHGDRGHGHVSHUGLFLRVGHVHGDDFRQGLFLRQDGRVSDUDOD
YHQWDDOSRUPHQRU©SHORGH0HVLQDª©FULQGH)ORUHQFLDª
/RVGHPiV
/DQDHVTXLODGD
3DXWDGRVUD\DGRVRFXDGULFXODGRV
/DVGHPiV
/RVGHPiV
/DQDHVTXLODGD
/RVGHPiV
/DVGHPiV
(QOLEULOORVRHQWXERV
'HFDEUDGH&DFKHPLUD
/RVGHPiV
'HDOSDFDRGHOODPD
3DSHO SDUD GHFRUDU \ UHYHVWLPLHQWRV VLPLODUHV GH SDUHGHV
/RVGHPiV
FRQVWLWXLGRVSRUSDSHOUHFXELHUWRRUHYHVWLGRHQODFDUDYLVWDFRQ
XQD FDSD GH SOiVWLFR JUDQHDGD JRIUDGD FRORUHDGD LPSUHVD FRQ 3HORRUGLQDULR
PRWLYRVRGHFRUDGDGHRWURPRGR %RUUDVGHOSHLQDGRGHODQDRSHOR¿QR
3DSHODXWRFRSLD /RVGHPiVGHVSHUGLFLRVGHODQDRSHOR¿QR
/RVGHPiV 'HVSHUGLFLRVGHSHORRUGLQDULR
6REUHV +LODFKDVGHODQDRGHSHOR¿QRXRUGLQDULR
6REUHV FDUWD WDUMHWDV SRVWDOHV VLQ LOXVWUDU \ WDUMHWDV SDUD /DQDFDUGDGD
FRUUHVSRQGHQFLD (QUROODGRVHQERODV©WRSVª
&DMDVEROVDV\SUHVHQWDFLRQHVVLPLODUHVGHSDSHORFDUWyQFRQXQ
/DVGHPiV
VXUWLGRGHDUWtFXORVGHFRUUHVSRQGHQFLD
3DSHOKLJLpQLFR 'HFDEUDGH&DFKHPLUD
3DxXHORVWRDOOLWDVGHGHVPDTXLOODU\WRDOODV 'HDOSDFDRGHOODPD
0DQWHOHV\VHUYLOOHWDV 'HYLFXxD
3DxDOHVSDUDEHEpV /RVGHPiV
&RPSUHVDV\WDPSRQHVKLJLpQLFRV 3HORRUGLQDULRFDUGDGRRSHLQDGR
/RVGHPiV &RQXQFRQWHQLGRGHODQDVXSHULRURLJXDODOHQSHVR
3UHQGDV\FRPSOHPHQWRVDFFHVRULRVGHYHVWLU &RQXQFRQWHQLGRGHODQDLQIHULRUDOHQSHVR
/RVGHPiV &RQXQFRQWHQLGRGHODQDVXSHULRURLJXDODOHQSHVR
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
&RQXQFRQWHQLGRGHODQDLQIHULRUDOHQSHVR 'HWtWXORLQIHULRUDGHFLWH[VXSHULRUDOQ~PHURPpWULFR
&DUGDGR 'H WtWXOR VXSHULRU R LJXDO D GHFLWH[ LQIHULRU R LJXDO DO
3HLQDGR Q~PHURPpWULFR
6LQDFRQGLFLRQDUSDUDODYHQWDDOSRUPHQRU 'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO
'HORQJLWXGGH¿EUDVXSHULRUDPPSXOJDGD
Q~PHURPpWULFR
'H ORQJLWXG GH ¿EUD VXSHULRU D PP SXOJDGD SHUR 'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
LQIHULRURLJXDODPPSXOJDGD GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO
'HORQJLWXGGH¿EUDVXSHULRUDPPSXOJDGDSHURLQIHULRU Q~PHURPpWULFR
RLJXDODPPSXOJDGD 'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D
'HORQJLWXGGH¿EUDLQIHULRURLJXDODPPSXOJDGD GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO
'HVSHUGLFLRVGHKLODGRV Q~PHURPpWULFR
+LODFKDV 'HWtWXORLQIHULRUDGHFLWH[VXSHULRUDOQ~PHURPpWULFR
/RVGHPiV 'HWtWXORVXSHULRURLJXDODGHFLWH[SRUKLORVHQFLOORLQIHULRU
$OJRGyQFDUGDGRRSHLQDGR RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR
&RQXQFRQWHQLGRGHDOJRGyQVXSHULRURLJXDODOHQSHVR 'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
/RVGHPiV
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR
'H WtWXOR VXSHULRU R LJXDO D GHFLWH[ LQIHULRU R LJXDO DO 'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
Q~PHURPpWULFR GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO 'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D
Q~PHURPpWULFR GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO 'HWtWXORLQIHULRUDGHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHUR
Q~PHURPpWULFR PpWULFRSRUKLORVHQFLOOR
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D 'HWtWXORVXSHULRURLJXDODGHFLWH[SRUKLORVHQFLOORLQIHULRU
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR
Q~PHURPpWULFR 'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
'HWtWXORLQIHULRUDGHFLWH[VXSHULRUDOQ~PHURPpWULFR GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
'H WtWXOR VXSHULRU R LJXDO D GHFLWH[ LQIHULRU R LJXDO DO RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR
Q~PHURPpWULFR 'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
Q~PHURPpWULFR 'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
Q~PHURPpWULFR 'HWtWXORLQIHULRUDGHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHUR
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D PpWULFRSRUKLORVHQFLOOR
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO <XWH\GHPiV¿EUDVWH[WLOHVGHOOtEHUHQEUXWRRHQULDGRV
Q~PHURPpWULFR <XWH
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D
/DVGHPiV
Q~PHURPpWULFR (QEUXWR
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD /RVGHPiV
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO 'HFRFR
Q~PHURPpWULFR 'HVLVDO\GHPiV¿EUDVWH[WLOHVGHOJpQHUR$JDYH
'H WtWXOR LQIHULRU D GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR
6HQFLOORV

'HWtWXORVXSHULRURLJXDODGHFLWH[SRUKLORVHQFLOORLQIHULRU /RVGHPiV
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR 6HQFLOORV
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD 5HWRUFLGRVRFDEOHDGRV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU +LODGRVGHFRFR
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR +LODGRVGHFixDPR
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD
/RVGHPiV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR /RVGHPiV
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D /RVGHPiV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU 'H QDLORQ R GHPiV SROLDPLGDV GH WtWXOR VXSHULRU D WH[ SRU
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR KLORVHQFLOOR
'HWtWXORLQIHULRUDGHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHUR 'HSROLpVWHUHV
PpWULFRSRUKLORVHQFLOOR 'HSROLSURSLOHQR
'HWtWXORVXSHULRURLJXDODGHFLWH[SRUKLORVHQFLOORLQIHULRU
/RVGHPiV
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD /RVGHPiV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU /RVGHPiVGHQDLORQRGHPiVSROLDPLGDV
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR /RVGHPiVGHSROLpVWHUHVSDUFLDOPHQWHRULHQWDGRV
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD /RVGHPiVGHSROLpVWHUHV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU /RVGHPiVGHSROLSURSLOHQR
/RVGHPiV
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU 'HQDLORQRGHPiVSROLDPLGDV
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR 'HSROLpVWHUHV
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D /RVGHPiV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU 'HQDLORQRGHPiVSROLDPLGDV
'HSROLpVWHUHV
GHFLWH[SRUKLORVHQFLOORVXSHULRUDOQ~PHURPpWULFRSHURLQIHULRU /RVGHPiV
RLJXDODOQ~PHURPpWULFRSRUKLORVHQFLOOR +LODGRVGHDOWDWHQDFLGDGGHUD\yQYLVFRVD
'H WtWXOR LQIHULRU D GHFLWH[ SRU KLOR VHQFLOOR VXSHULRU DO 'HUD\yQYLVFRVDVLQWRUVLyQRFRQXQDWRUVLyQLQIHULRURLJXDOD
Q~PHURPpWULFRSRUKLORVHQFLOOR YXHOWDVSRUPHWUR
'H WtWXOR VXSHULRU R LJXDO D GHFLWH[ LQIHULRU R LJXDO DO 'H UD\yQ YLVFRVD FRQ XQD WRUVLyQ VXSHULRU D YXHOWDV SRU
Q~PHURPpWULFR PHWUR
'HWtWXORLQIHULRUDGHFLWH[SHURVXSHULRURLJXDOD 'HDFHWDWRGHFHOXORVD
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO /RVGHPiV
Q~PHURPpWULFR 'HUD\yQYLVFRVD
'HDFHWDWRGHFHOXORVD
Q~PHURPpWULFR /RVGHPiV
'H WtWXOR LQIHULRU D GHFLWH[ SHUR VXSHULRU R LJXDO D /DVGHPiV
GHFLWH[ VXSHULRU DO Q~PHUR PpWULFR SHUR LQIHULRU R LJXDO DO 3DUDODIDEULFDFLyQGHQHXPiWLFRV
Q~PHURPpWULFR
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
3DUDODIDEULFDFLyQGHQHXPiWLFRV 'HODQDRSHOR¿QR
'HQDLORQRGHPiVSROLDPLGDV 'HODVGHPiVPDWHULDVWH[WLOHV
2EWHQLGRVSRUH[WUXVLyQK~PHGD $OIRPEUDVOODPDGDV©.HOLPªR©.LOLPª©6FKXPDFNVªR©6RXPDNª
/RVGHPiV ©.DUDPDQLHª\DOIRPEUDVVLPLODUHVWHMLGDVDPDQR
'HDUDPLGDV 5HYHVWLPLHQWRVSDUDHOVXHORGH¿EUDVGHFRFR
/DVGHPiV 'HODQDRSHOR¿QR
2EWHQLGRVSRUH[WUXVLyQK~PHGD 'HPDWHULDWH[WLOVLQWpWLFDRDUWL¿FLDO
/RVGHPiV 'HODVGHPiVPDWHULDVWH[WLOHV
'HSROLSURSLOHQR 'HODQDRSHOR¿QR
'H¿EUDVVLQWpWLFDV 'HPDWHULDWH[WLOVLQWpWLFDRDUWL¿FLDO
'H¿EUDVDUWL¿FLDOHV 'HODVGHPiVPDWHULDVWH[WLOHV
'HQDLORQRGHPiVSROLDPLGDV /RVGHPiVVLQDWHUFLRSHODUQLFRQIHFFLRQDU
$FUtOLFDVRPRGDFUtOLFDV 'HODQDRSHOR¿QR
/DVGHPiV 'HPDWHULDWH[WLOVLQWpWLFDRDUWL¿FLDO
)LEUDVDUWL¿FLDOHVGLVFRQWLQXDVFDUGDGDVSHLQDGDVRWUDQVIRUPDGDV 'HODVGHPiVPDWHULDVWH[WLOHV
GHRWURPRGRSDUDODKLODWXUD 'HODQDRSHOR¿QR
/RVGHPiV 'HQDLORQRGHPiVSROLDPLGDV
/RVGHPiV 'H ODV GHPiV PDWHULDV WH[WLOHV VLQWpWLFDV R GH PDWHULD WH[WLO
6HQFLOORV DUWL¿FLDO
5HWRUFLGRVRFDEOHDGRV 'HODVGHPiVPDWHULDVWH[WLOHV
6HQFLOORV 'HVXSHU¿FLHLQIHULRURLJXDODP
5HWRUFLGRVRFDEOHDGRV /RVGHPiV
6HQFLOORV /DV GHPiV DOIRPEUDV \ UHYHVWLPLHQWRV SDUD HO VXHOR GH PDWHULD
WH[WLOLQFOXVRFRQIHFFLRQDGRV
5HWRUFLGRVRFDEOHDGRV
7HMLGRVGHKLORVGHPHWDO\WHMLGRVGHKLODGRVPHWiOLFRVRGHKLODGRV
6HQFLOORV WH[WLOHVPHWDOL]DGRVGHODSDUWLGDGHORVWLSRVXWLOL]DGRVHQ
5HWRUFLGRVRFDEOHDGRV SUHQGDV GH YHVWLU WDSLFHUtD R XVRV VLPLODUHV QR H[SUHVDGRV QL
0H]FODGRV H[FOXVLYD R SULQFLSDOPHQWH FRQ ¿EUDV DUWL¿FLDOHV FRPSUHQGLGRVHQRWUDSDUWH
GLVFRQWLQXDV /DVGHPiV
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQODQDRSHOR¿QR (VSHFLDOHVSDUDODIDEULFDFLyQGHDUWtFXORVGHFDXFKR
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQDOJRGyQ 0HFKDVGHPDWHULDWH[WLOWHMLGDWUHQ]DGDRGHSXQWRSDUDOiPSDUDV
/RVGHPiV KRUQLOORVPHFKHURVYHODVRVLPLODUHVPDQJXLWRVGHLQFDQGHVFHQFLD
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQODQDRSHOR¿QR \WHMLGRVGHSXQWRWXEXODUHVXWLOL]DGRVSDUDVXIDEULFDFLyQLQFOXVR
LPSUHJQDGRV
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQDOJRGyQ
0DQJXHUDVSDUDERPEDV\WXERVVLPLODUHVGHPDWHULDWH[WLOLQFOXVR
/RVGHPiV FRQDUPDGXUDRDFFHVRULRVGHRWUDVPDWHULDV
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQODQDRSHOR¿QR (VSHFLDOHVSDUDODSURWHFFLyQGHWUDEDMDGRUHV
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQDOJRGyQ &LQWXURQHV\FKDOHFRVVDOYDYLGDV
/RVGHPiV &DVFRVVLQDKRUPDGRQLSHU¿ODGRGHODODSODWRVGLVFRV\FLOLQGURV
6HQFLOORV DXQTXH HVWpQ FRUWDGRV HQ HO VHQWLGR GH OD DOWXUD GH ¿HOWUR SDUD
5HWRUFLGRVRFDEOHDGRV VRPEUHURV
/RVGHPiVKLODGRVPH]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQODQD 'HSDMDWRTXLOODRGHSDMDPRFRUD
RSHOR¿QR /RVGHPiV
/RV GHPiV KLODGRV PH]FODGRV H[FOXVLYD R SULQFLSDOPHQWH FRQ 6RPEUHURV\GHPiVWRFDGRVWUHQ]DGRVRIDEULFDGRVSRUXQLyQGH
DOJRGyQ WLUDVGHFXDOTXLHUPDWHULDLQFOXVRJXDUQHFLGRV
/RVGHPiVKLODGRV 5HGHFLOODVSDUDHOFDEHOOR
&RPSUHVDV\WDPSRQHVKLJLpQLFRVSDxDOHVSDUDEHEpV\DUWtFXORV 6RPEUHURV\GHPiVWRFDGRVGH¿HOWURIDEULFDGRVFRQFDVFRVR
KLJLpQLFRVVLPLODUHVGHJXDWD SODWRVGHODSDUWLGDLQFOXVRJXDUQHFLGRV
'HDOJRGyQ /RVGHPiV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &DVFRVGHVHJXULGDG
/RVGHPiV 'HFDXFKRRSOiVWLFR
7XQGL]QRQXGRV\PRWDVGHPDWHULDWH[WLO 'HODVGHPiVPDWHULDV
)LHOWUR SXQ]RQDGR \ SURGXFWRV REWHQLGRV PHGLDQWH FRVWXUD SRU 'HVXGDGRUHV IRUURV IXQGDV DUPDGXUDV YLVHUDV \ EDUERTXHMRV
FDGHQHWD EDUELMRVSDUDVRPEUHURV\GHPiVWRFDGRV
'HODQDRSHOR¿QR 4XLWDVROHVWROGR\DUWtFXORVVLPLODUHV
'HODVGHPiVPDWHULDVWH[WLOHV &RQDVWLORPDQJRWHOHVFySLFR
/RVGHPiV /RVGHPiV
'H SROLpVWHU LPSUHJQDGD FRQ FDXFKR HVWLUHQREXWDGLHQR GH %DVWRQHVEDVWRQHVDVLHQWROiWLJRVIXVWDV\DUWtFXORVVLPLODUHV
SHVRVXSHULRURLJXDODJPSUHFRUWDGRVFRQDQFKRLQIHULRUR 0RQWXUDV HQVDPEODGDV LQFOXVR FRQ HO DVWLO R PDQJR SDUD
LJXDOD SDUDJXDVVRPEULOODVRTXLWDVROHV
/RVGHPiV /RVGHPiV
'HSHVRVXSHULRUDJPSHURLQIHULRURLJXDODJP 3LHOHV\GHPiVSDUWHVGHDYHVFRQVXVSOXPDVRSOXPyQSOXPDV
'HSHVRVXSHULRUDJP SDUWHV GH SOXPDV SOXPyQ \ DUWtFXORV GH HVWDV PDWHULDV H[FHSWR
'HSHVRVXSHULRUDJPSHURLQIHULRURLJXDODJP ORVSURGXFWRVGHODSDUWLGD\ORVFDxRQHV\DVWLOHVGHSOXPDV
'HSHVRVXSHULRUDJPSHURLQIHULRURLJXDODJP WUDEDMDGRV
'HSOiVWLFR
'HSHVRVXSHULRUDJP
'HODVGHPiVPDWHULDV
+LORV\FXHUGDVGHFDXFKRUHYHVWLGRVGHWH[WLOHV
&DEHOORSHLQDGRD¿QDGREODQTXHDGRRSUHSDUDGRGHRWUDIRUPD
+LODGRVGHDOWDWHQDFLGDGLPSUHJQDGRVRUHFXELHUWRVFRQFDXFKR
ODQD SHOR X RWUD PDWHULD WH[WLO SUHSDUDGRV SDUD OD IDEULFDFLyQ GH
VLQYXOFDQL]DUSDUDODIDEULFDFLyQGHQHXPiWLFRV
SHOXFDVRDUWtFXORVVLPLODUHV
/RVGHPiV
3HOXFDVTXHFXEUDQWRGDODFDEH]D
+LODGRVHQWRUFKDGRVWLUDV\IRUPDVVLPLODUHVGHODVSDUWLGDVy
/RVGHPiV
HQWRUFKDGDVH[FHSWRORVGHODSDUWLGD\ORVKLODGRVGH
FULQHQWRUFKDGRVKLODGRVGHFKHQLOODKLODGRV©GHFDGHQHWDª 'HFDEHOOR
&RUGHOHVSDUDDWDURHQJDYLOODU 'HODVGHPiVPDWHULDV
/RVGHPiV &RQVRSRUWHFRQVWLWXLGRVRODPHQWHSRUWHMLGRGHPDWHULDWH[WLO
&RUGHOHVSDUDDWDURHQJDYLOODU &RQVRSRUWHFRQVWLWXLGRVRODPHQWHSRUSDSHORFDUWyQ
/RVGHPiV &RQVRSRUWHGHRWUDVPDWHULDV
'HODVGHPiV¿EUDVVLQWpWLFDV /RVGHPiV
/RVGHPiV /DVGHPiVPDQXIDFWXUDV
/DVGHPiV /DVGHPiV
$UWtFXORVGHKLODGRVWLUDVRIRUPDVVLPLODUHVGHODVSDUWLGDVy 3UHQGDV \ FRPSOHPHQWRV DFFHVRULRV GH YHVWLU FDO]DGR
FRUGHOHVFXHUGDVRFRUGDMHVQRH[SUHVDGRVQLFRPSUHQGLGRV VRPEUHURV\GHPiVWRFDGRV
HQRWUDSDUWH +LODGRV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
&XHUGDV\FRUGRQHVLQFOXVRWUHQ]DGRV (VPHUDOGDV
7HMLGRVLQFOXVRGHSXQWR /DVGHPiV
-XQWDVRHPSDTXHWDGXUDV /DVGHPiVHQEUXWRRVLPSOHPHQWHDVHUUDGDVRGHVEDVWDGDV
/DVGHPiV /DVGHPiV
4XHFRQWHQJDQDPLDQWRDVEHVWR /RVGHPiV
*XDUQLFLRQHVSDUDIUHQRV 3ROYR
/DVGHPiV 6LQDOHDU
0DQXIDFWXUDVGHWXUED $OHDGD
4XHFRQWHQJDQPDJQHVLWDGRORPLWDRFURPLWD 6HPLODEUDGD
/DVGHPiV &KDSDGR SODTXp GH SODWD VREUH PHWDO FRP~Q HQ EUXWR R
'HSRUFHODQD VHPLODEUDGR
$UWtFXORVFRQXQDGXUH]DHTXLYDOHQWHDRVXSHULRUHQODHVFDOD 3ROYR
GH0RKV /DVGHPiVIRUPDVHQEUXWR
/RVGHPiV /DVGHPiVIRUPDVVHPLODEUDGDV
/RVGHPiV 3DUDXVRPRQHWDULR
$UWtFXORVSDUDHOVHUYLFLRGHPHVDRFRFLQD &KDSDGRSODTXpGHRURVREUHPHWDOFRP~QRVREUHSODWDHQEUXWR
/RVGHPiV RVHPLODEUDGR
9DMLOOD \ GHPiV DUWtFXORV GH XVR GRPpVWLFR KLJLHQH R WRFDGRU GH &KDSDGR SODTXp GH SODWLQR VREUH PHWDO FRP~Q SODWD X RUR HQ
FHUiPLFDH[FHSWRSRUFHODQD EUXWRRVHPLODEUDGR
'HSRUFHODQD &HQL]DV TXH FRQWHQJDQ PHWDO SUHFLRVR R FRPSXHVWRV GH PHWDO
SUHFLRVR
/RVGHPiV
'HRURRGHFKDSDGRSODTXpGHRURH[FHSWRODVEDUUHGXUDVTXH
'HSRUFHODQD FRQWHQJDQRWURPHWDOSUHFLRVR
/DVGHPiV 'H SODWLQR R GH FKDSDGR SODTXp GH SODWLQR H[FHSWR ODV
'HVSHUGLFLRV\GHVHFKRV EDUUHGXUDVTXHFRQWHQJDQRWURPHWDOSUHFLRVR
9LGULRHQPDVD /RVGHPiV
9LGULR VLQ DUPDU FRQ FDSD DEVRUEHQWH UHÀHFWDQWH R 'H SODWD LQFOXVR UHYHVWLGD R FKDSDGD GH RWUR PHWDO SUHFLRVR
DQWLUUHÀHFWDQWH SODTXp
'H GLPHQVLRQHV \ IRUPDWRV TXH SHUPLWDQ VX HPSOHR HQ 'HORVGHPiVPHWDOHVSUHFLRVRVLQFOXVRUHYHVWLGRVRFKDSDGRV
DXWRPyYLOHVDHURQDYHVEDUFRVXRWURVYHKtFXORV GHPHWDOSUHFLRVRSODTXp
/RVGHPiV 'HFKDSDGRGHPHWDOSUHFLRVRSODTXpVREUHPHWDOFRP~Q
'H GLPHQVLRQHV \ IRUPDWRV TXH SHUPLWDQ VX HPSOHR HQ 'HOH\
DXWRPyYLOHVDHURQDYHVEDUFRVXRWURVYHKtFXORV /RVGHPiV
/RVGHPiV 'HORVGHPiVPHWDOHVSUHFLRVRVLQFOXVRUHYHVWLGRVRFKDSDGRV
6LQHQPDUFDU GHPHWDOSUHFLRVRSODTXp
(QPDUFDGRV 'HFKDSDGRGHPHWDOSUHFLRVRSODTXpVREUHPHWDOFRP~Q
$PSROODV 'HSHUODV¿QDVQDWXUDOHVRFXOWLYDGDV
7DSRQHVWDSDV\GHPiVGLVSRVLWLYRVGHFLHUUH 'H SLHGUDV SUHFLRVDV R VHPLSUHFLRVDV QDWXUDOHV VLQWpWLFDV R
UHFRQVWLWXLGDV
'HFDSDFLGDGVXSHULRUDO
*HPHORV\SDVDGRUHVVLPLODUHV
'HFDSDFLGDGVXSHULRUDOSHURLQIHULRURLJXDODO
/DVGHPiV
'HFDSDFLGDGVXSHULRUDOSHURLQIHULRURLJXDODO
/DVGHPiV
'HFDSDFLGDGLQIHULRURLJXDODO
0RQHGDVVLQFXUVROHJDOH[FHSWRODVGHRUR
3DUDDOXPEUDGRHOpFWULFR
/DVGHPiV
/DVGHPiV
)XQGLFLyQHQEUXWRVLQDOHDUFRQXQFRQWHQLGRGHIyVIRURLQIHULRUR
$UWtFXORVGHYLWURFHUiPLFD LJXDODOHQSHVR
'HFULVWDODOSORPR )XQGLFLyQHQEUXWRDOHDGDIXQGLFLyQHVSHFXODU
/RVGHPiV )HUURQtTXHO
'HFULVWDODOSORPR /LQJRWHVGHFKDWDUUD
/RVGHPiV *UDQDOODV
'HFULVWDODOSORPR /LQJRWHV
'HYLGULRFRQXQFRH¿FLHQWHGHGLODWDFLyQOLQHDOLQIHULRURLJXDOD /DVGHPiV
[SRU.HOYLQHQWUH&\& 'HVHFFLyQWUDQVYHUVDOFXDGUDGDRUHFWDQJXODUFX\DDQFKXUDVHD
/RVGHPiV LQIHULRUDOGREOHGHOHVSHVRU
'HFULVWDODOSORPR /RVGHPiVGHVHFFLyQWUDQVYHUVDOUHFWDQJXODU
/RVGHPiV /RVGHPiV
9LGULRSDUDVHxDOL]DFLyQ\HOHPHQWRVGHySWLFDGHYLGULRH[FHSWRORV &RQXQFRQWHQLGRGHFDUERQRVXSHULRURLJXDODOHQSHVR
GHODSDUWLGDVLQWUDEDMDUySWLFDPHQWH 'HHVSHVRUVXSHULRUDPP
&ULVWDOHVFRUUHFWRUHVSDUDJDIDVDQWHRMRV
'H HVSHVRU VXSHULRU R LJXDO D PP SHUR LQIHULRU R LJXDO D
/RVGHPiV PP
'HRWURYLGULRFRQXQFRH¿FLHQWHGHGLODWDFLyQOLQHDOLQIHULRURLJXDO 'HHVSHVRUVXSHULRURLJXDODPPSHURLQIHULRUDPP
D[SRU.HOYLQHQWUH&\& 'HHVSHVRULQIHULRUDPP
&XHQWDVGHYLGULRLPLWDFLRQHVGHSHUODVGHSLHGUDVSUHFLRVDVR
VHPLSUHFLRVDV\DUWtFXORVVLPLODUHVGHDEDORULR
0LFURHVIHUDVGHYLGULRFRQXQGLiPHWURLQIHULRURLJXDODPP 'H HVSHVRU VXSHULRU R LJXDO D PP SHUR LQIHULRU R LJXDO
DPP
2MRVGHYLGULRH[FHSWRORVGHSUyWHVLV
'HHVSHVRUVXSHULRURLJXDODPPSHURLQIHULRUDPP
/RVGHPiV
'HHVSHVRULQIHULRUDPP
'HDQFKXUDLQIHULRURLJXDODFP
'H DQFKXUD VXSHULRU D FP GH OLJDPHQWR WDIHWiQ FRQ SHVR
LQIHULRU D JP GH ¿ODPHQWRV GH WtWXOR LQIHULRU R LJXDO D
WH[SRUKLORVHQFLOOR 'H HVSHVRU VXSHULRU R LJXDO D PP SHUR LQIHULRU R LJXDO D
/DVGHPiV PP
'HHVSHVRUVXSHULRURLJXDODPPSHURLQIHULRUDPP
/DVGHPiV
'HHVSHVRULQIHULRUDPP
3HUODV¿QDVQDWXUDOHV
'HHVSHVRUVXSHULRURLJXDODPP
(QEUXWR
'HHVSHVRUVXSHULRUDPPSHURLQIHULRUDPP
7UDEDMDGDV
'HHVSHVRUVXSHULRURLJXDODPPSHURLQIHULRURLJXDOD
6LQFODVL¿FDU
PP
(QEUXWRRVLPSOHPHQWHDVHUUDGRVH[IROLDGRVRGHVEDVWDGRV 'HHVSHVRULQIHULRUDPPSHURVXSHULRURLJXDODPP
/RVGHPiV 'HHVSHVRUVXSHULRURLJXDODPP
(VPHUDOGDV 'HHVSHVRUVXSHULRUDPPSHURLQIHULRUDPP
/DVGHPiV 'HHVSHVRUVXSHULRURLJXDODPPSHURLQIHULRURLJXDOD
5XEtHV\]D¿URV PP
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'HHVSHVRULQIHULRUDPP $UWtFXORV
/RVGHPiV 3DUWHV
(PSORPDGRVLQFOXLGRVORVUHYHVWLGRVFRQXQDDOHDFLyQGHSORPR $UWtFXORV
\HVWDxR 3DUWHV
2QGXODGRV $UWtFXORV
/RVGHPiV 3DUWHV
5HYHVWLGRVSUHYLDPHQWHGHDOHDFLRQHVGHDOXPLQLRFLQF $UWtFXORV
/RVGHPiV 3DUWHV
/RVGHPiV $UWtFXORV
/DPLQDGRVHQODVFXDWURFDUDVRHQDFDQDODGXUDVFHUUDGDVGH 3DUWHV
DQFKXUDVXSHULRUDPP\HVSHVRUVXSHULRURLJXDODPPVLQ
%RODV\DUWtFXORVVLPLODUHVSDUDPROLQRV
HQUROODU\VLQPRWLYRVHQUHOLHYH
/RVGHPiVGHHVSHVRUVXSHULRURLJXDODPP /DVGHPiV
&RQXQFRQWHQLGRGHFDUERQRLQIHULRUDOHQSHVR 0DQXIDFWXUDVGHDODPEUHGHKLHUURRDFHUR
/RVGHPiV &REUH©EOLVWHUªVLQUH¿QDU
/RVGHPiV /RVGHPiVVLQUH¿QDU
&LQFDGRVHOHFWUROtWLFDPHQWH ÈQRGRVGHFREUHSDUDUH¿QDGRHOHFWUROtWLFR
&LQFDGRVGHRWURPRGR &iWRGRV\VHFFLRQHVGHFiWRGRV
3LQWDGRVEDUQL]DGRVRUHYHVWLGRVGHSOiVWLFR %DUUDVSDUDDODPEUyQ©ZLUHEDUVª
5HYHVWLGRVGHRWURPRGR 7RFKRV
&KDSDGRV /RVGHPiV
&RQ PXHVFDV FRUGRQHV VXUFRV R UHOLHYHV SURGXFLGRV HQ HO $EDVHGHFREUHFLQFODWyQ
ODPLQDGR $EDVHGHFREUHHVWDxREURQFH
/RVGHPiVGHDFHURGHIiFLOPHFDQL]DFLyQ $ EDVH GH FREUHQtTXHO FXSURQtTXHO R GH FREUHQtTXHOFLQF
6LQUHYHVWLULQFOXVRSXOLGR DOSDFD
&LQFDGR 'HFREUHUH¿QDGR
/RVGHPiV $EDVHGHFREUHFLQFODWyQ
&RPSXHUWDVGHHVFOXVDV /RVGHPiV
'HFDSDFLGDGVXSHULRURLJXDODO &RQODPD\RUGLPHQVLyQGHODVHFFLyQWUDQVYHUVDOVXSHULRUD
PP
/DWDVRERWHVSDUDVHUFHUUDGRVSRUVROGDGXUDRUHERUGHDGR
/RVGHPiV
/RVGHPiV
$EDVHGHFREUHFLQFODWyQ
/RVGHPiV
$ EDVH GH FREUHQtTXHO FXSURQtTXHO R GH FREUHQtTXHOFLQF
5HGHV\UHMDVVROGDGDVHQORVSXQWRVGHFUXFHGHDODPEUHFX\D DOSDFD
PD\RUGLPHQVLyQGHODVHFFLyQWUDQVYHUVDOVHDVXSHULRURLJXDOD /RVGHPiV
PP\FRQPDOODGHVXSHU¿FLHVXSHULRURLJXDODFP
(QUROODGDV
&LQFDGDV
/DVGHPiV
/DVGHPiV
(QUROODGDV
&LQFDGDV
(QUROODGDV
5HYHVWLGDVGHSOiVWLFR
/DVGHPiV
/DVGHPiV
'HDOHDFLRQHVDEDVHGHFREUHQtTXHOFXSURQtTXHORGHFREUH
3DUWHV
QtTXHOFLQFDOSDFD
&DGHQDVDQWLGHVOL]DQWHV 'HFREUHUH¿QDGR
&DGHQDVGHHVODERQHVFRQFRQWUHWHWUDYHVDxR 'HDOHDFLRQHVGHFREUH
/DVGHPiVSDUWHV 'HFREUHUH¿QDGR
3XQWDV FODYRV FKLQFKHWDV FKLQFKHV JUDSDV DSXQWDGDV 'HDOHDFLRQHVGHFREUH
RQGXODGDVRELVHODGDV\DUWtFXORVVLPLODUHVGHIXQGLFLyQKLHUURR
$EDVHGHFREUHFLQFODWyQ
DFHUR LQFOXVR FRQ FDEH]D GH RWUDV PDWHULDV H[FHSWR GH FDEH]D
GHFREUH $ EDVH GH FREUHQtTXHO FXSURQtTXHO R GH FREUHQtTXHOFLQF
7LUDIRQGRV DOSDFD
/RVGHPiV
/RVGHPiVWRUQLOORVSDUDPDGHUD
'HFREUHUH¿QDGR
(VFDUSLDV\DUPHOODVURVFDGDV
'HDOHDFLRQHVGHFREUH
7RUQLOORVWDODGUDGRUHV
&DEOHV WUHQ]DV \ DUWtFXORV VLPLODUHV GH FREUH VLQ DLVODU SDUD
/RVGHPiV
HOHFWULFLGDG
7XHUFDV 3XQWDV \ FODYRV FKLQFKHWDV FKLQFKHV JUDSDV DSXQWDGDV \
/RVGHPiV DUWtFXORVVLPLODUHV
$UDQGHODVGHPXHOOHUHVRUWH\ODVGHPiVGHVHJXULGDG $UDQGHODVLQFOXLGDVODVDUDQGHODVGHPXHOOH>UHVRUWH@
/DVGHPiVDUDQGHODV /RVGHPiV
5HPDFKHV 7RUQLOORVSHUQRV\WXHUFDV
3DVDGRUHVFODYLMDV\FKDYHWDV /RVGHPiV
/RVGHPiV (VSRQMDVHVWURSDMRVJXDQWHV\DUWtFXORVVLPLODUHVSDUDIUHJDU
$O¿OHUHVGHJDQFKRLPSHUGLEOHV OXVWUDURXVRVDQiORJRV
/RVGHPiVDO¿OHUHV $SDUDWRVQRHOpFWULFRVGHFRFFLyQRGHFDOHIDFFLyQ\VXVSDUWHV
$JXMDVGHFRVHU]XUFLURERUGDU /RVGHPiV
/RVGHPiV $UWtFXORVGHKLJLHQHRWRFDGRU\VXVSDUWHV
%DOOHVWDV\VXVKRMDV &DGHQDV\VXVSDUWHV
3DUDVLVWHPDVGHVXVSHQVLyQGHYHKtFXORV &RODGDV PROGHDGDV HVWDPSDGDV R IRUMDGDV SHUR VLQ WUDEDMDU
/RVGHPiV GHRWURPRGR
/RVGHPiV /DVGHPiV
(PSRWUDEOHV 'HVSHUGLFLRV\GHVHFKRVGHDOXPLQLR
'HPHVD %DUUDV
/DVGHPiV 3HU¿OHVLQFOXVRKXHFRV
/RVGHPiV 3HU¿OHVKXHFRV
'HFRPEXVWLEOHVOtTXLGRV %DUUDV
'HFRPEXVWLEOHVVyOLGRV /RVGHPiVSHU¿OHV
/RVGHPiV 'LVFRVSDUDODIDEULFDFLyQGHHQYDVHVWXEXODUHV
'HFRPEXVWLEOHVJDVHRVRVRGHJDV\RWURVFRPEXVWLEOHV 'HDOHDFLRQHVGHDOXPLQLR
'HFRPEXVWLEOHVOtTXLGRV $FFHVRULRV GH WXEHUtD SRU HMHPSOR HPSDOPHV >UDFRUHV@ FRGRV
PDQJXLWRVGHDOXPLQLR
'HFRPEXVWLEOHVVyOLGRV
(QYDVHVWXEXODUHVÀH[LEOHV
/RVGHPiV
(QYDVHVSDUDHOWUDQVSRUWHGHOHFKH
/DQDGHKLHUURRDFHURHVSRQMDVHVWURSDMRVJXDQWHV\DUWtFXORV
VLPLODUHVSDUDIUHJDUOXVWUDURXVRVDQiORJRV %DUULOHVWDPERUHV\ELGRQHV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
/RVGHPiV 0HFDQLVPRVSDUDHQFXDGHUQDFLyQGHKRMDVLQWHUFDPELDEOHVRSDUD
&RQDOPDGHDFHUR FODVL¿FDGRUHV
/RVGHPiV *UDSDVHQWLUDV
(VSRQMDVHVWURSDMRVJXDQWHV\DUWtFXORVVLPLODUHVSDUDIUHJDU /RVGHPiVLQFOXLGDVODVSDUWHV
OXVWUDURXVRVDQiORJRV &DPSDQDVFDPSDQLOODVJRQJRV\DUWtFXORVVLPLODUHV
2OODVGHSUHVLyQ 3ODWHDGRVGRUDGRVRSODWLQDGRV
/RVGHPiV /RVGHPiV
3DUWHVGHDUWtFXORVGHXVRGRPpVWLFR 0DUFRVSDUDIRWRJUDItDVJUDEDGRVRVLPLODUHVHVSHMRV
$UWtFXORVGHKLJLHQHRWRFDGRU\VXVSDUWHV 'HORVGHPiVPHWDOHVFRPXQHV
3XQWDV FODYRV JUDSDV DSXQWDGDV WRUQLOORV SHUQRV WXHUFDV 'HKLHUURRDFHUR
HVFDUSLDV URVFDGDV UHPDFKHV SDVDGRUHV FODYLMDV FKDYHWDV 'HDOXPLQLR
DUDQGHODV\DUWtFXORVVLPLODUHV /RVGHPiV
3ORPRUH¿QDGR
/RVGHPiV
&RQDQWLPRQLRFRPRHORWURHOHPHQWRSUHGRPLQDQWHHQSHVR
5HPDFKHVWXEXODUHVRFRQHVSLJDKHQGLGD
/RVGHPiV
/RVGHPiVLQFOXLGDVODVSDUWHV
'HVSHUGLFLRV\GHVHFKRVGHSORPR
7DSDVFRURQD
+RMDV \ WLUDV GH HVSHVRU LQIHULRU R LJXDO D PP VLQ LQFOXLU
/RVGHPiV
HOVRSRUWH
/DVGHPiV 3ODFDV LQGLFDGRUDV SODFDV UyWXOR SODFDV GH GLUHFFLRQHV \ SODFDV
VLPLODUHVFLIUDVOHWUDV\VLJQRVGLYHUVRVGHPHWDOFRP~QH[FHSWR
3ROYR\HVFDPLOODV
ORVGHODSDUWLGD
/DVGHPiV (OHFWURGRVUHFXELHUWRVSDUDVROGDGXUDGHDUFRGHPHWDOFRP~Q
&RQXQFRQWHQLGRGHFLQFVXSHULRURLJXDODOHQSHVR $ODPEUH©UHOOHQRªSDUDVROGDGXUDGHDUFRGHPHWDOFRP~Q
&RQXQFRQWHQLGRGHFLQFLQIHULRUDOHQSHVR 9DULOODVUHFXELHUWDV\DODPEUH©UHOOHQRªSDUDVROGDUDOVRSOHWHGH
$OHDFLRQHVGHFLQF PHWDOFRP~Q
'HVSHUGLFLRV\GHVHFKRVGHFLQF /RVGHPiV
'HHVSHVRULQIHULRURLJXDODPP &RQFDSDFLGDGLQIHULRURLJXDODO
'HHVSHVRUVXSHULRUDPP /RVGHPiV
'LVFRVKH[iJRQRVFX\DPD\RUGLPHQVLyQQRH[FHGDGHPP 'RPpVWLFRV
/RVGHPiV 'HFRUWDGRUDVGHFpVSHG
/DVGHPiV &ULEDVYLEUDWRULDV
(VWDxRVLQDOHDU 9iOYXODVOODPDGDV©iUEROHVGH1DYLGDGª
$OHDFLRQHVGHHVWDxR 9iOYXODVHVIpULFDV
'HVSHUGLFLRV\GHVHFKRVGHHVWDxR /DVGHPiVYiOYXODVVROHQRLGHV
%DUUDV\DODPEUHVGHHVWDxRDOHDGRSDUDVROGDGXUD 'HPRWRUHVGHDYLDFLyQ
/RVGHPiV &LJHxDOHV
'HVSHUGLFLRV\GHVHFKRV ÈUEROHVGHOHYDV
'HVSHUGLFLRV\GHVHFKRV ÈUEROHVÀH[LEOHV
'HVSHUGLFLRV\GHVHFKRV 'HPRWRUHVGHDYLDFLyQ
'HVSHUGLFLRV\GHVHFKRV /RVGHPiV
(QERODV 'HPRWRUHVGHDYLDFLyQ
/RVGHPiV 5HGXFWRUHVPXOWLSOLFDGRUHV\YDULDGRUHVGHYHORFLGDG
'HVSHUGLFLRV\GHVHFKRV (QJUDQDMHV\UXHGDVGHIULFFLyQH[FHSWRODVUXHGDVGHQWDGDV
'HVSHUGLFLRV\GHVHFKRV \ GHPiV yUJDQRV HOHPHQWDOHV GH WUDQVPLVLyQ SUHVHQWDGRV
'HVSHUGLFLRV\GHVHFKRV DLVODGDPHQWH
/RVGHPiV
$QWLPRQLRHQEUXWRSROYR
9RODQWHV\SROHDVLQFOXLGRVORVPRWRQHV
'HVSHUGLFLRV\GHVHFKRV
5XHGDVGHQWDGDV\GHPiVyUJDQRVHOHPHQWDOHVGHWUDQVPLVLyQ
'HVSHUGLFLRV\GHVHFKRV
SUHVHQWDGRVDLVODGDPHQWH
'HVSHUGLFLRV\GHVHFKRV 3DUWHV
(QEUXWRSROYR -XQWDVPHWDORSOiVWLFDV
'HVSHUGLFLRV\GHVHFKRV -XQWDVPHFiQLFDVGHHVWDQTXHLGDG
'HXVRGRPpVWLFR /RVGHPiV
0ROLQLOORV 0RWRUHVSDUDMXJXHWHV
/RVGHPiV &LOtQGULFDV
6XUWLGRV 'H©ERWyQª
&XFKLOORVGHPHVDGHKRMD¿MD /DVGHPiV
'HSRGDU\GHLQMHUWDU &LOtQGULFDV
/RVGHPiV 'H©ERWyQª
3DUDFXFKLOORVGHPHVD /DVGHPiV
/DVGHPiV &LOtQGULFDV
1DYDMDVGHDIHLWDU 'H©ERWyQª
0iTXLQDVGHDIHLWDU /DVGHPiV
+RMDVSDUDPDTXLQLOODVGHDIHLWDULQFOXLGRVORVHVER]RVHQÀHMH &LOtQGULFDV
/DVGHPiVSDUWHV
'H©ERWyQª
7LMHUDV\VXVKRMDV
/DVGHPiV
+HUUDPLHQWDV\MXHJRVGHKHUUDPLHQWDVGHPDQLFXUDRGHSHGLFXUR
&LOtQGULFDV
LQFOXLGDVODVOLPDVSDUDXxDV
/RVGHPiV 'H©ERWyQª
6XUWLGRVTXHFRQWHQJDQSRUORPHQRVXQREMHWRSODWHDGRGRUDGR /DVGHPiV
RSODWLQDGR &LOtQGULFDV
/RVGHPiVVXUWLGRV 'H©ERWyQª
3ODWHDGRVGRUDGRVRSODWLQDGRV /DVGHPiV
/RVGHPiV &LOtQGULFDV
&HUUDGXUDVGHORVWLSRVXWLOL]DGRVHQYHKtFXORVDXWRPyYLOHV 'H©ERWyQª
3DUWHV /DVGHPiV
3DUDYHKtFXORVDXWRPyYLOHV 3DUWHV
/DV GHPiV JXDUQLFLRQHV KHUUDMHV \ DUWtFXORV VLPLODUHV SDUD 'H SORPR GH ORV WLSRV XWLOL]DGRV SDUD DUUDQTXH GH PRWRUHV GH
YHKtFXORVDXWRPyYLOHV pPERORSLVWyQ
&ODVL¿FDGRUHV ¿FKHURV FDMDV GH FODVL¿FDFLyQ EDQGHMDV GH /RVGHPiVDFXPXODGRUHVGHSORPR
FRUUHVSRQGHQFLDSOXPHURVYDVRVRFDMDVSDUDSOXPDVGHHVFULELU
'HQtTXHOFDGPLR
SRUWDVHOORV\PDWHULDOVLPLODUGHR¿FLQDGHPHWDOFRP~QH[FHSWRORV
PXHEOHVGHR¿FLQDGHODSDUWLGD 'HQtTXHOKLHUUR
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
/RVGHPiVDFXPXODGRUHV /RVGHPiV
&DMDV\WDSDV *UDEDGRV
6HSDUDGRUHV *UDEDGRV
3ODFDV 5DGLRFDVHWHVGHEROVLOOR
/DVGHPiV /RVGHPiVDSDUDWRVFRPELQDGRVFRQJUDEDGRURUHSURGXFWRUGH
'HSRWHQFLDLQIHULRURLJXDOD:\GHFDSDFLGDGGHOGHSyVLWR VRQLGR
REROVDSDUDHOSROYRLQIHULRURLJXDODO /RVGHPiV
/DVGHPiV &RPELQDGRVFRQJUDEDGRURUHSURGXFWRUGHVRQLGR
/DVGHPiVDVSLUDGRUDV /RVGHPiV
3DUWHV &RPELQDGRVFRQJUDEDGRURUHSURGXFWRUGHVRQLGR
/LFXDGRUDV 6LQ FRPELQDU FRQ JUDEDGRU R UHSURGXFWRU GH VRQLGR SHUR
/RVGHPiV FRPELQDGRVFRQUHORM
(QFHUDGRUDVOXVWUDGRUDVGHSLVRV /RVGHPiV
7ULWXUDGRUDVGHGHVSHUGLFLRVGHFRFLQD /RVGHPiV
/RVGHPiV /RVGHPiV
3DUWHV /RVGHPiV
$IHLWDGRUDV 1R FRQFHELGRV SDUD LQFRUSRUDU XQ GLVSRVLWLYR GH YLVXDOL]DFLyQ
GLVSOD\RSDQWDOODGHYtGHR
'HFRUWDUHOSHOR
/RVGHPiVHQFRORUHV
$SDUDWRVGHGHSLODU
/RVGHPiVHQEODQFR\QHJURRGHPiVPRQRFURPRV
&DEH]DV SHLQHV FRQWUDSHLQHV KRMDV \ FXFKLOODV SDUD HVWDV
&RQHFWRUHVGH¿EUDVySWLFDVKDFHVRFDEOHVGH¿EUDVySWLFDV
PiTXLQDV
/DVGHPiV +DOyJHQRVGHYROIUDPLRWXQJVWHQR
'HPRWRUHVGHDYLDFLyQ 7LSRPLQLDWXUD
/DVGHPiV /RVGHPiV
'HPRWRUHVGHDYLDFLyQ 3DUDDSDUDWRVGHDOXPEUDGRGHFDUUHWHUDRVHxDOL]DFLyQYLVXDO
GHODSDUWLGDH[FHSWRODVGHLQWHULRU
/RVGHPiV
7LSRPLQLDWXUD
'HPRWRUHVGHDYLDFLyQ
/RVGHPiV
'LVWULEXLGRUHV
7XEXODUHVUHFWRV
%RELQDVGHHQFHQGLGR
7XEXODUHVFLUFXODUHV
'HPRWRUHVGHDYLDFLyQ
&RPSDFWRVLQWHJUDGRV\QRLQWHJUDGRV
/RVGHPiV
/RVGHPiV
'HPRWRUHVGHDYLDFLyQ
/iPSDUDVGHYDSRUGHPHUFXULRRVRGLROiPSDUDVGHKDORJHQXUR
/RVGHPiV PHWiOLFR
'HPRWRUHVGHDYLDFLyQ 3DUDODSURGXFFLyQGHOX]UHOiPSDJR
/RVGHPiV /RVGHPiV
'HDSDUDWRV\GLVSRVLWLYRVGHPRWRUHVGHDYLDFLyQ &DVTXLOORVGHURVFD
3ODWLQRV /DVGHPiV
/DVGHPiV (QFRORUHV
'HEXMtDVH[FHSWRSDUDPRWRUHVGHDYLDFLyQ (QEODQFR\QHJURRGHPiVPRQRFURPRV
/DVGHPiV 7XERV SDUD FiPDUDV GH WHOHYLVLyQ WXERV FRQYHUWLGRUHV R
/DVGHPiV LQWHQVL¿FDGRUHVGHLPDJHQORVGHPiVWXERVGHIRWRFiWRGR
3DUWHV 7XERV SDUD YLVXDOL]DU GDWRV JUi¿FRV HQ FRORUHV FRQ SDQWDOOD
IRVIyULFDGHVHSDUDFLyQGHSXQWRVLQIHULRUDPP
&DOHQWDGRUHVHOpFWULFRVGHDJXDGHFDOHQWDPLHQWRLQVWDQWiQHRR
7XERVSDUDYLVXDOL]DUGDWRVJUi¿FRVHQEODQFR\QHJURRGHPiV
DFXPXODFLyQ\FDOHQWDGRUHVHOpFWULFRVGHLQPHUVLyQ
PRQRFURPRV
5DGLDGRUHVGHDFXPXODFLyQ
/RVGHPiVWXERVFDWyGLFRV
(VWXIDV
0DJQHWURQHV
/RVGHPiV
.OLVWURQHV
6HFDGRUHVSDUDHOFDEHOOR
/RVGHPiV
/RVGHPiVDSDUDWRVSDUDHOFXLGDGRGHOFDEHOOR
7XERVUHFHSWRUHVRDPSOL¿FDGRUHV
$SDUDWRVSDUDVHFDUODVPDQRV
/RVGHPiV
3ODQFKDVHOpFWULFDV
'HWXERVFDWyGLFRV
+RUQRVGHPLFURRQGDV
/DVGHPiV
+RUQRV
'HFREUH
&RFLQDV
/RVGHPiV
+RUQLOORVSDUULOODV\DVDGRUHV
&DEOHV\GHPiVFRQGXFWRUHVHOpFWULFRVFRD[LDOHV
$SDUDWRVSDUDODSUHSDUDFLyQGHFDIpRWp
-XHJRV GH FDEOHV SDUD EXMtDV GH HQFHQGLGR \ GHPiV MXHJRV GH
7RVWDGRUDVGHSDQ FDEOHVGHORVWLSRVXWLOL]DGRVHQORVPHGLRVGHWUDQVSRUWH
/RVGHPiV /RVGHPiV
3DUWHV /RVGHPiV
&RQRVGLDIUDJPDV\XJRV 'HFREUH
/DVGHPiV /RVGHPiV
$SDUDWRV DFWLYDGRV FRQ PRQHGDV ELOOHWHV WDUMHWDV ¿FKDV R /RVGHPiV
FXDOTXLHURWURPHGLRGHSDJR (VFRELOODV
&RQFDPELDGRUDXWRPiWLFRGHGLVFRV
/RVGHPiV
/RVGHPiV
'HVLOLFRQD
&RQWHVWDGRUHVWHOHIyQLFRV
/RVGHPiV
5HSURGXFWRUHVGHFDVHWHVWRFDFDVHWHV
&XHUSRVGHEXMtDV
5HSURGXFWRUHVSRUVLVWHPDGHOHFWXUDySWLFD
/DVGHPiV
/RVGHPiV
3LH]DVDLVODQWHVGHSOiVWLFR
7RFDGLVFRV
7XERV \ VXV SLH]DV GH XQLyQ GH PHWDOHV FRPXQHV DLVODGRV
/RVGHPiV LQWHULRUPHQWH
'HFLQWDPDJQpWLFD /RVGHPiV
'HOWLSRGHODVXWLOL]DGDVSDUDJUDEDFLyQHQGLVFRVFRPSDFWRV 'HVSHUGLFLRV \ GHVHFKRV GH SLODV EDWHUtDV GH SLODV R
/RVGHPiV DFXPXODGRUHVHOpFWULFRVSLODVEDWHUtDVGHSLODV\DFXPXODGRUHV
&iSVXODVIRQRFDSWRUDV HOpFWULFRVLQVHUYLEOHV
0XHEOHVRFDMDV /RVGHPiV
3XQWDVGH]D¿URRGHGLDPDQWHVLQPRQWDU 9HKtFXORV HVSHFLDOPHQWH FRQFHELGRV SDUD GHVSOD]DUVH VREUH
QLHYHYHKtFXORVHVSHFLDOHVSDUDWUDQVSRUWHGHSHUVRQDVHQFDPSRV
/RVGHPiV
GHJROI\YHKtFXORVVLPLODUHV
/RVGHPiV (QVDPEODGRV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
/RVGHPiV 'HFiPDUDVIRWRJUi¿FDV
&DPSHURV[ /RVGHPiV
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV 3DUDSHOtFXODFLQHPDWRJUi¿FD¿OPHGHDQFKXUDLQIHULRUDPP
/RVGHPiVHQVDPEODGRV RSDUDODGREOHPP
/RVGHPiV 'HSOiVWLFR
&DPSHURV[ $JXMDVWXEXODUHVGHPHWDO\DJXMDVGHVXWXUD
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV 'HRUWRSHGLD
/RVGHPiVHQVDPEODGRV 3DUDIUDFWXUDV
/RVGHPiV 'LHQWHVDUWL¿FLDOHV
&DPSHURV[ /RVGHPiV
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV 3UyWHVLVDUWLFXODUHV
/RVGHPiVHQVDPEODGRV 9iOYXODVFDUGtDFDV
/RVGHPiV /RVGHPiV
&DPSHURV[ $XGtIRQRVH[FHSWRVXVSDUWHV\DFFHVRULRV
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV (VWLPXODGRUHVFDUGtDFRVH[FHSWRVXVSDUWHV\DFFHVRULRV
/RVGHPiVHQVDPEODGRV /RVGHPiV
/RVGHPiV 'HXVRFOtQLFR
&DPSHURV[ /RVGHPiV
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV 'HYHORFtPHWURV
/RVGHPiV &RQLQGLFDGRUPHFiQLFRVRODPHQWH
&DPSHURV[ /RVGHPiV
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV $XWRPiWLFRV
/RVGHPiV (OpFWULFRV
&RFKHVDPEXODQFLDVFHOXODUHV\PRUWXRULRV /RVGHPiV
/RVGHPiVHQVDPEODGRV &RQLQGLFDGRUPHFiQLFRVRODPHQWH
/RVGHPiV &RQLQGLFDGRURSWRHOHFWUyQLFRVRODPHQWH
7DQTXHV \ GHPiV YHKtFXORV DXWRPyYLOHV EOLQGDGRV GH FRPEDWH /RVGHPiV
LQFOXVRFRQVXDUPDPHQWRVXVSDUWHV $XWRPiWLFRV
&RQPRWRUGHpPERORSLVWyQDOWHUQDWLYRGHFLOLQGUDGDLQIHULRUR /RVGHPiV
LJXDOD (OpFWULFRV
&RQPRWRUGHpPERORSLVWyQDOWHUQDWLYRGHFLOLQGUDGDVXSHULRUD /RVGHPiV
FPSHURLQIHULRURLJXDODFP
(OpFWULFRV
&RQPRWRUGHpPERORSLVWyQDOWHUQDWLYRGHFLOLQGUDGDVXSHULRUD
FPSHURLQIHULRURLJXDODFP /RVGHPiV
&RQPRWRUGHpPERORSLVWyQDOWHUQDWLYRGHFLOLQGUDGDVXSHULRUD 3DUDYHKtFXORVGHO&DStWXOR
FPSHURLQIHULRURLJXDODFP /RVGHPiV
&RQ PRWRU GH pPEROR SLVWyQ DOWHUQDWLYR GH FLOLQGUDGD VXSHULRU (OpFWULFRV
DFP
/RVGHPiV
/RVGHPiV
(OpFWULFRV
%LFLFOHWDV\GHPiVYHORFtSHGRVLQFOXLGRVORVWULFLFORVGHUHSDUWR
VLQPRWRU /RVGHPiV
6LQPHFDQLVPRGHSURSXOVLyQ &RQLQGLFDGRUPHFiQLFRVRODPHQWHRFRQGLVSRVLWLYRTXHSHUPLWD
/RVGHPiV LQFRUSRUDUOR
&RQLQGLFDGRURSWRHOHFWUyQLFRVRODPHQWH
'HVLOORQHVGHUXHGDV\GHPiVYHKtFXORVSDUDLQYiOLGRV
/RVGHPiV
&RFKHVVLOODV\YHKtFXORVVLPLODUHV
$XWRPiWLFRV
3DUWHV
/RVGHPiV
3ODQHDGRUHV\DODVSODQHDGRUDV
'HGHVSHUWDGRUHV
3DUDFDtGDVLQFOXLGRVORVGLULJLEOHVSODQHDGRUHVSDUDSHQWHVRGH
DVSDVJLUDWRULDVVXVSDUWHV\DFFHVRULRV /RVGHPiV
+RMDV\SODFDVGHPDWHULDSRODUL]DQWH /RVGHPiV
/HQWHVGHFRQWDFWR 0HFDQLVPRV FRPSOHWRV VLQ PRQWDU R SDUFLDOPHQWH PRQWDGRV
/HQWHVGHYLGULRSDUDJDIDVDQWHRMRV ©FKDEORQVª
0HFDQLVPRVLQFRPSOHWRVPRQWDGRV
/HQWHVGHRWUDVPDWHULDVSDUDJDIDVDQWHRMRV
0HFDQLVPRV©HQEODQFRª©pEDXFKHVª
/RVGHPiV
/RVGHPiV
3DUD FiPDUDV SUR\HFWRUHV R DSDUDWRV IRWRJUi¿FRV R
FLQHPDWRJUi¿FRVGHDPSOLDFLyQRUHGXFFLyQ &DMDVGHPHWDOSUHFLRVRRFKDSDGRGHPHWDOSUHFLRVRSODTXp
/RVGHPiV &DMDVGHPHWDOFRP~QLQFOXVRGRUDGRRSODWHDGR
)LOWURV /DVGHPiVFDMDV
/RVGHPiV 3DUWHV
'HSOiVWLFR &DMDV\HQYROWXUDVVLPLODUHV
'HPHWDOSUHFLRVRRGHPHWDOFRP~QFKDSDGRSODTXp 3DUWHV
/DVGHPiV 'HPHWDOSUHFLRVRRFKDSDGRGHPHWDOSUHFLRVRSODTXp
3DUWHV 'HPHWDOFRP~QLQFOXVRGRUDGRRSODWHDGR
*DIDVDQWHRMRVGHVRO 'HSOiVWLFR
*DIDVSURWHFWRUDVSDUDHOWUDEDMR 'HFXHUR
/DVGHPiV /DVGHPiV
%LQRFXODUHVLQFOXLGRVORVSULVPiWLFRV 0XHOOHVUHVRUWHVLQFOXLGDVODVHVSLUDOHV
&iPDUDVIRWRJUi¿FDVGHDXWRUUHYHODGR 3LHGUDV
&RQYLVRUGHUHÀH[LyQDWUDYpVGHOREMHWLYRSDUDSHOtFXODVHQUROOR (VIHUDVRFXDGUDQWHV
GHDQFKXUDLQIHULRURLJXDODPP 3ODWLQDV\SXHQWHV
/RVGHPiV /DVGHPiV
/RVGHPiV 3LDQRVYHUWLFDOHV
/RVGHPiV 3LDQRVGHFROD
/RVGHPiV /RVGHPiV
/RVGHPiV 'HDUFR
/RVGHPiV /RVGHPiV
$SDUDWRVGHWXERGHGHVFDUJDSDUDSURGXFLUGHVWHOORVÀDVKHV ,QVWUXPHQWRVOODPDGRV©PHWDOHVª
HOHFWUyQLFRV ÏUJDQRVGHWXERV\WHFODGRDUPRQLRVHLQVWUXPHQWRVVLPLODUHV
/RVGHPiV GHWHFODGR\OHQJHWDVPHWiOLFDVOLEUHV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
$FRUGHRQHVHLQVWUXPHQWRVVLPLODUHV &DUWXFKRV
$UPyQLFDV %DOLQHV
/RVGHPiV 3DUWHV
,QVWUXPHQWRVPXVLFDOHVGHSHUFXVLyQSRUHMHPSORWDPERUHVFDMDV &DUWXFKRVSDUD©SLVWRODVªGHUHPDFKDURXVRVVLPLODUHVSDUD
[LOyIRQRVSODWLOORVFDVWDxXHODVPDUDFDV SLVWRODVGHPDWDULIH
,QVWUXPHQWRVGHWHFODGRH[FHSWRORVDFRUGHRQHV /RVGHPiVFDUWXFKRV
/RVGHPiV 3DUWHV
&DMDVGHP~VLFD 3DUDDUPDVGHJXHUUD
/RVGHPiV $USRQHVSDUDODQ]DDUSRQHV
&XHUGDVDUPyQLFDV /RVGHPiV
3DUWHV\DFFHVRULRVGHSLDQRV 3DUWHV
3DUWHV \ DFFHVRULRV GH LQVWUXPHQWRV PXVLFDOHV GH OD SDUWLGD 6DEOHVHVSDGDVED\RQHWDVODQ]DV\GHPiVDUPDVEODQFDVVXV
SDUWHV\IXQGDV
3DUWHV \ DFFHVRULRV GH LQVWUXPHQWRV PXVLFDOHV GH OD SDUWLGD $VLHQWRVJLUDWRULRVGHDOWXUDDMXVWDEOH
$VLHQWRVWUDQVIRUPDEOHVHQFDPDH[FHSWRHOPDWHULDOGHDFDPSDU
/RVGHPiV RGHMDUGtQ
$XWRSURSXOVDGDV 'HEDPE~RURWHQUDWiQ
/DVGHPiV /RVGHPiV
/DQ]DFRKHWHV ODQ]DOODPDV ODQ]DJUDQDGDV ODQ]DWRUSHGRV \ &RQUHOOHQR
ODQ]DGRUHVVLPLODUHV /RVGHPiV
$UPDV ODUJDV FRQ FDxyQ GH iQLPD OLVD FRPSOHWDPHQWH &RQUHOOHQR
DXWRPiWLFDV
/RVGHPiV
'HFHUURMR
/RVGHPiVDVLHQWRV
6HPLDXWRPiWLFDV
'LVSRVLWLYRVSDUDDVLHQWRVUHFOLQDEOHV
&RPSOHWDPHQWHDXWRPiWLFDV
/DVGHPiV
/DVGHPiV
0XHEOHVGHPHWDOGHORVWLSRVXWLOL]DGRVHQR¿FLQDV
$PHWUDOODGRUDV
/RVGHPiVPXHEOHVGHPHWDO
3LVWRODVFRPSOHWDPHQWHDXWRPiWLFDV
0XHEOHVGHPDGHUDGHORVWLSRVXWLOL]DGRVHQR¿FLQDV
/DVGHPiV
0XHEOHVGHPDGHUDGHORVWLSRVXWLOL]DGRVHQFRFLQDV
/DVGHPiV
0XHEOHVGHPDGHUDGHORVWLSRVXWLOL]DGRVHQGRUPLWRULRV
5HYyOYHUHV
/RVGHPiVPXHEOHVGHPDGHUD
6HPLDXWRPiWLFDV
0XHEOHVGHSOiVWLFR
/DVGHPiV
'HEDPE~RURWHQUDWiQ
3LVWRODVFRQFDxyQP~OWLSOH
/RVGHPiV
$UPDVGHDYDQFDUJD
3DUWHV
'HFRUUHGHUD
6RPLHUHV
6HPLDXWRPiWLFDV
'HFDXFKRRSOiVWLFRFHOXODUHVUHFXELHUWRVRQR
/DVGHPiV
'HRWUDVPDWHULDV
$UPDV ODUJDV FRQ FDxyQ P~OWLSOH GH iQLPD OLVD LQFOXVR ODV
FRPELQDGDV 6DFRVEROVDVGHGRUPLU
/DVGHPiV /RVGHPiV
'HGLVSDUR~QLFR /RVGHPiV
6HPLDXWRPiWLFDV /iPSDUDVHOpFWULFDVGHFDEHFHUDPHVDR¿FLQDRGHSLH
/DVGHPiV *XLUQDOGDV HOpFWULFDV GH ORV WLSRV XWLOL]DGRV HQ iUEROHV GH
/DVGHPiV 1DYLGDG
'HFRPEXVWLEOHOtTXLGRDSUHVLyQ
'HDLUHFRPSULPLGR
/RVGHPiV
/RVGHPiV
'HYLGULR
0HFDQLVPRVGHGLVSDUR
'HSOiVWLFR
$UPD]RQHV\SODQWLOODV
/DVGHPiV
&DxRQHV
7ULFLFORV SDWLQHWHV FRFKHV GH SHGDO \ MXJXHWHV VLPLODUHV FRQ
3LVWRQHVSDVDGRUHV\DPRUWLJXDGRUHVGHUHWURFHVRIUHQRVGH
UXHGDVFRFKHV\VLOODVGHUXHGDVSDUDPXxHFDVRPXxHFRV
ERFD
3UHQGDV\VXVFRPSOHPHQWRVDFFHVRULRVGHYHVWLUFDO]DGR\
&DUJDGRUHV\VXVSDUWHV
VRPEUHURV\GHPiVWRFDGRV
6LOHQFLDGRUHV\VXVSDUWHV /RVGHPiV
&XODWDVHPSXxDGXUDV\SODWLQDV 0RGHORV UHGXFLGRV \ PRGHORV VLPLODUHV SDUD HQWUHWHQLPLHQWR
&RUUHGHUDVSDUDSLVWRODV\WDPERUHVSDUDUHYyOYHUHV LQFOXVRDQLPDGRV
/DVGHPiV 5RPSHFDEH]DVGHFXDOTXLHUFODVH
&DxRQHVGHiQLPDOLVD 7UHQHVHOpFWULFRVLQFOXLGRVORVFDUULOHVULHOHVVHxDOHV\GHPiV
0HFDQLVPRVGHGLVSDUR DFFHVRULRV
$UPD]RQHV\SODQWLOODV 'HFRQVWUXFFLyQ
&DxRQHVGHiQLPDUD\DGD 4XHUHSUHVHQWHQDQLPDOHVRVHUHVQRKXPDQRV
3LVWRQHVSDVDGRUHV\DPRUWLJXDGRUHVGHUHWURFHVRIUHQRVGH ,QVWUXPHQWRV\DSDUDWRVGHP~VLFD
ERFD 3UHVHQWDGRVHQMXHJRVRVXUWLGRVRHQSDQRSOLDV
&DUJDGRUHV\VXVSDUWHV /RVGHPiVFRQPRWRU
6LOHQFLDGRUHV\VXVSDUWHV /RVGHPiV
&XEUHOODPDV\VXVSDUWHV 9LGHRMXHJRVGHORVWLSRVXWLOL]DGRVFRQUHFHSWRUGHWHOHYLVLyQ
5HFiPDUDVFHUURMRV\SRUWDFHUURMRV %LOODUHVGHFXDOTXLHUFODVH\VXVDFFHVRULRV
/DVGHPiV 'HVXHUWHHQYLWH\D]DU
0HFDQLVPRVGHGLVSDUR /DVGHPiV
$UPD]RQHV\SODQWLOODV 1DLSHV
&DxRQHV -XHJRVGHDMHGUH]\GHGDPDV
3LVWRQHVSDVDGRUHV\DPRUWLJXDGRUHVGHUHWURFHVRIUHQRV -XHJRVGHERORVRERODVLQFOXVRDXWRPiWLFRV
GHERFD 'HVXHUWHHQYLWH\D]DU
&DUJDGRUHV\VXVSDUWHV /DVGHPiV
6LOHQFLDGRUHV\VXVSDUWHV $UWtFXORVSDUD¿HVWDVGH1DYLGDG
&XEUHOODPDV\VXVSDUWHV /RVGHPiV
5HFiPDUDVFHUURMRV\SRUWDFHUURMRV (VTXtV
/DVGHPiV )LMDGRUHVGHHVTXt
/DVGHPiV /RVGHPiV
/RVGHPiV 'HVOL]DGRUHVGHYHOD
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
/RVGHPiV $QWLJHGDGHVGHPiVGHFLHQDxRV
3DORVGHJROI©FOXEVªFRPSOHWRV
3HORWDV $1(;2,,,
/RVGHPiV
$UWtFXORV\PDWHULDOSDUDWHQLVGHPHVD 68%3$57,'$
1 '(6&5,3&,Ð1
5DTXHWDVGHWHQLVLQFOXVRVLQFRUGDMH 1$&,21$/
/DVGHPiV (QFDQDOHVRPHGLDVFDQDOHV
3HORWDVGHWHQLV 3LHUQDVSDOHWDV\VXVWUR]RVVLQGHVKXHVDU
,QÀDEOHV /DVGHPiV
/RVGHPiV (QFDQDOHVRPHGLDVFDQDOHV
3DWLQHV SDUD KLHOR \ SDWLQHV GH UXHGDV LQFOXLGR HO FDO]DGR FRQ 3LHUQDVSDOHWDV\VXVWUR]RVVLQGHVKXHVDU
SDWLQHV¿MRV /DVGHPiV
$UWtFXORV\PDWHULDOSDUDFXOWXUDItVLFDJLPQDVLDRDWOHWLVPR &DQDOHVRPHGLDVFDQDOHVGHFRUGHURIUHVFDVRUHIULJHUDGDV
$UWtFXORV \ PDWHULDOHV SDUD EpLVERO \ VyIWERO H[FHSWR ODV (QFDQDOHVRPHGLDVFDQDOHV
SHORWDV
/RVGHPiVFRUWHVWUR]RVVLQGHVKXHVDU
/RVGHPiV
'HVKXHVDGDV
&DxDVGHSHVFDU
&DQDOHVRPHGLDVFDQDOHVGHFRUGHURFRQJHODGDV
$Q]XHORVLQFOXVRPRQWDGRVHQVHGDOWDQ]D
(QFDQDOHVRPHGLDVFDQDOHV
&DUUHWHVGHSHVFD
/RVGHPiVFRUWHVWUR]RVVLQGHVKXHVDU
3DUDODSHVFDFRQFDxD
'HVKXHVDGDV
/RVGHPiV
&DUQHGHDQLPDOHVGHODHVSHFLHFDSULQD
0DU¿OWUDEDMDGR\VXVPDQXIDFWXUDV
6LQWURFHDUIUHVFRVRUHIULJHUDGRV
/RVGHPiV
6LQWURFHDUFRQJHODGRV
/DVGHPiV
©0HGLRV\FXDUWRVWUDVHURVLQFOXLGRVVXVWUR]RVª
(VFREDV\HVFRELOODVGHUDPLWDVXRWUDPDWHULDYHJHWDODWDGDHQ
KDFHVLQFOXVRFRQPDQJR /RVGHPiV
&HSLOORV GH GLHQWHV LQFOXLGRV ORV FHSLOORV SDUD GHQWDGXUDV ©0HGLRV\FXDUWRVWUDVHURVLQFOXLGRVVXVWUR]RVª
SRVWL]DV /RVGHPiV
/RVGHPiV 6LQWURFHDUIUHVFRVRUHIULJHUDGRV
3DUDODSLQWXUDDUWtVWLFD 6LQWURFHDUFRQJHODGRV
/RVGHPiV 7UR]RV\GHVSRMRVIUHVFRVRUHIULJHUDGRV
3LQFHOHV \ EURFKDV SDUD SLQWDU HQOXFLU EDUQL]DU R VLPLODUHV 7UR]RV\GHVSRMRVFRQJHODGRV
H[FHSWRORVGHODVXESDUWLGDDOPRKDGLOODVRPXxHTXLOODV 6LQWURFHDUIUHVFRVRUHIULJHUDGRV
\URGLOORVSDUDSLQWDU
6LQWURFHDUFRQJHODGRV
/RVGHPiVFHSLOORVTXHFRQVWLWX\DQSDUWHVGHPiTXLQDVDSDUDWRV
RYHKtFXORV +tJDGRVJUDVRVIUHVFRVRUHIULJHUDGRV
&DEH]DVSUHSDUDGDVSDUDDUWtFXORVGHFHSLOOHUtD /RVGHPiVIUHVFRVRUHIULJHUDGRV
/RVGHPiV /RVGHPiVFRQJHODGRV
-XHJRVRVXUWLGRVGHYLDMHSDUDDVHRSHUVRQDOFRVWXUDROLPSLH]D 'HFRQHMRROLHEUH
GHOFDO]DGRRGHSUHQGDVGHYHVWLU 'HSULPDWHV
%ROtJUDIRV 'HEDOOHQDVGHO¿QHV\PDUVRSDVPDPtIHURVGHORUGHQ
5RWXODGRUHV\PDUFDGRUHV &HWiFHRVGHPDQDWtHV\GXJRQHVRGXJRQJRVPDPtIHURVGHO
3DUDGLEXMDUFRQWLQWDFKLQD RUGHQ6LUHQLRV
/DVGHPiV 'HUHSWLOHVLQFOXLGDVODVVHUSLHQWHV\WRUWXJDVGHPDU
3RUWDPLQDV /DVGHPiV
-XHJRV GH DUWtFXORV SHUWHQHFLHQWHV SRU OR PHQRV D GRV GH ODV 7RFLQR
VXESDUWLGDVDQWHULRUHV /DVGHPiV
&DUWXFKRVGHUHSXHVWRFRQVXSXQWDSDUDEROtJUDIR -DPRQHVSDOHWDV\VXVWUR]RVVLQGHVKXHVDU
3OXPLOODV\SXQWRVSDUDSOXPLOODV 7RFLQRHQWUHYHUDGRGHSDQ]DSDQFHWD\VXVWUR]RV
/RVGHPiV /DVGHPiV
/iSLFHV 'HSULPDWHV
0LQDVSDUDOiSLFHVRSRUWDPLQDV 'HEDOOHQDVGHO¿QHV\PDUVRSDVPDPtIHURVGHORUGHQ
/RVGHPiV &HWiFHRVGHPDQDWtHV\GXJRQHVRGXJRQJRVPDPtIHURVGHO
3L]DUUDV\WDEOHURVSDUDHVFULELURGLEXMDULQFOXVRHQPDUFDGRV RUGHQ6LUHQLRV
'HUHSWLOHVLQFOXLGDVODVVHUSLHQWHV\WRUWXJDVGHPDU
)HFKDGRUHV VHOORV QXPHUDGRUHV WLPEUDGRUHV \ DUWtFXORV
VLPLODUHVLQFOXLGRVORVDSDUDWRVSDUDLPSULPLUHWLTXHWDVGHPDQR &RQXQFRQWHQLGRGHPDWHULDVJUDVDVVXSHULRUDOHQSHVR
FRPSRQHGRUHVHLPSUHQWLOODVFRQFRPSRQHGRUGHPDQR /HFKHHYDSRUDGD
&LQWDV /DVGHPiV
7DPSRQHV /DVGHPiV
(QFHQGHGRUHVGHJDVQRUHFDUJDEOHVGHEROVLOOR $URPDWL]DGRVRFRQIUXWDVXRWURVIUXWRVRFDFDRLQFOXVRFRQ
(QFHQGHGRUHVGHJDVUHFDUJDEOHVGHEROVLOOR DGLFLyQGHD]~FDUXRWURHGXOFRUDQWH
/RVGHPiVHQFHQGHGRUHV\PHFKHURV /RVGHPiV
3DUWHV 6XHURGHPDQWHTXLOOD
3LSDV LQFOXLGDV ODV FD]ROHWDV ERTXLOODV SDUD FLJDUURV SXURV R $URPDWL]DGRVRFRQIUXWDVXRWURVIUXWRVRFDFDRLQFOXVRFRQ
FLJDUULOORV\VXVSDUWHV DGLFLyQGHD]~FDUXRWURHGXOFRUDQWH
'HFDXFKRHQGXUHFLGRRSOiVWLFR /RVGHPiV
/RVGHPiV /DFWRVXHURSDUFLDORWRWDOPHQWHGHVPLQHUDOL]DGR
/RVGHPiV /RVGHPiV
3XOYHUL]DGRUHVGHWRFDGRUVXVPRQWXUDV\FDEH]DVGHPRQWXUDV 3DVWDVOiFWHDVSDUDXQWDU
%RUODV\VLPLODUHVSDUDDSOLFDFLyQGHSROYRVRWURVFRVPpWLFRVR 4XHVRIUHVFRVLQPDGXUDULQFOXLGRHOGHOODFWRVXHUR\UHTXHVyQ
SURGXFWRVGHWRFDGRU 4XHVRGHFXDOTXLHUWLSRUDOODGRRHQSROYR
3LQWXUDV\GLEXMRV 4XHVRGHSDVWDD]XO\GHPiVTXHVRVTXHSUHVHQWHQYHWDV
/RVGHPiV SURGXFLGDVSRU3HQLFLOOLXPURTXHIRUWL
*UDEDGRVHVWDPSDV\OLWRJUDItDVRULJLQDOHV (QUHFLSLHQWHVFRQFDSDFLGDGVXSHULRURLJXDODNJ
2EUDVRULJLQDOHVGHHVWDWXDULDRHVFXOWXUDGHFXDOTXLHUPDWHULD /RVGHPiV
6HOORV HVWDPSLOODV GH FRUUHR WLPEUHV ¿VFDOHV PDUFDV SRVWDOHV 3URGXFWRVFRPHVWLEOHVGHRULJHQDQLPDOQRH[SUHVDGRVQL
VREUHVSULPHUGtDHQWHURVSRVWDOHVGHPiVDUWtFXORVIUDQTXHDGRV FRPSUHQGLGRVHQRWUDSDUWH
\DQiORJRVLQFOXVRREOLWHUDGRVH[FHSWRORVDUWtFXORVGHODSDUWLGD /DVGHPiV

&ROHFFLRQHV\HVSHFtPHQHVSDUDFROHFFLRQHVGH]RRORJtDERWiQLFD &HEROODV\FKDORWHV
PLQHUDORJtDRDQDWRPtDRTXHWHQJDQLQWHUpVKLVWyULFRDUTXHROyJLFR 3DUDVLHPEUD
SDOHRQWROyJLFRHWQRJUi¿FRRQXPLVPiWLFR /RVGHPiV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
3XHUURV\GHPiVKRUWDOL]DVDOLiFHDV /LPD7DKLWtOLPyQ7DKLWt&LWUXVODWLIROLD
$UYHMDVJXLVDQWHVFKtFKDURV3LVXPVDWLYXP /RVGHPiV
)ULMROHVIUpMROHVSRURWRVDOXELDVMXGtDV9LJQDVSS3KDVHROXV )UHVFDV
VSS 6HFDVLQFOXLGDVODVSDVDV
/DVGHPiV 6DQGtDV
3DSDVSDWDWDV /RVGHPiV
$UYHMDVJXLVDQWHVFKtFKDURV3LVXPVDWLYXP 3DSD\DV
)ULMROHVIUpMROHVSRURWRVDOXELDVMXGtDV9LJQDVSS 0DQ]DQDV
3KDVHROXVVSS
3HUDV
/DVGHPiV
0HPEULOORV
(VSLQDFDVLQFOXLGDODGH1XHYD=HODQGD\DUPXHOOHV
'DPDVFRVDOEDULFRTXHVFKDEDFDQRV
(VSiUUDJRV
&HUH]DV
/DVGHPiV
'XUD]QRVPHORFRWRQHVLQFOXLGRVORVJULxRQHV\QHFWDULQDV
0H]FODVGHKRUWDOL]DV
&LUXHODV\HQGULQDV
$FHLWXQDV
)UHVDVIUXWLOODV
3HSLQRV\SHSLQLOORV
)UDPEXHVDV]DU]DPRUDVPRUDV\PRUDVIUDPEXHVD
+RQJRVGHOJpQHUR$JDULFXV
$UiQGDQRVURMRVPLUWLORV\GHPiVIUXWRVGHOJpQHUR9DFFLQLXP
/RVGHPiV
.LYLV
/DVGHPiVKRUWDOL]DVPH]FODVGHKRUWDOL]DV
'XULRQHV
&HEROODV
*UDQDGLOOD©PDUDFX\iªSDUFKLWD\GHPiVIUXWDVGHODSDVLyQ
+RQJRVGHOJpQHUR$JDULFXV
3DVVLÀRUDVSS
2UHMDVGH-XGDV$XULFXODULDVSS &KLULPR\DJXDQiEDQD\GHPiVDQRQDV$QQRQDVSS
+RQJRVJHODWLQRVRV7UHPHOODVSS 7RPDWHGHiUEROOLPDWRPDWHWDPDULOOR&\SKRPDQGUDEHWDFHD
/RVGHPiV 3LWDKD\DV&HUHXVVSS
$MRV 8FKXYDVXYLOODV3K\VDOLVSHUXYLDQD
0Dt]GXOFHSDUDODVLHPEUD /RVGHPiV
/DVGHPiV &RQDGLFLyQGHD]~FDUXRWURHGXOFRUDQWH
(QWHUDV /DVGHPiV
3DUWLGDV )UDPEXHVDV]DU]DPRUDVPRUDVPRUDVIUDPEXHVD\JURVHOODV
/RVGHPiV &RQDGLFLyQGHD]~FDUXRWURHGXOFRUDQWH
/RVGHPiV 0DQJR0DQJLIHUDLQGLFD/
/RVGHPiV &DPX&DPX0\UFLDULDGXELD
1HJUR /~FXPD/~FXPDRERYDWD
&DQDULR ©0DUDFX\iªSDUFKLWD3DVVLÀRUDHGXOLV
/RVGHPiV *XDQiEDQD$QQRQDPXULFDWD
3DOODUHV3KDVHROXVOXQDWXV 3DSD\D
&DVWLOODIULMRORMRQHJUR9LJQDXQJXLFXODWD /RVGHPiV
/RVGHPiV &HUH]DV
/DVGHPiV 'XUD]QRVPHORFRWRQHVLQFOXLGRVORVJULxRQHV\QHFWDULQDV
/DVGHPiV /RVGHPiV
/DVGHPiV 'DPDVFRVDOEDULFRTXHVFKDEDFDQRV
3DUDVLHPEUD &LUXHODV
/RVGHPiV 0DQ]DQDV
/RVGHPiV /DVGHPiVIUXWDVXRWURVIUXWRV
&RQFiVFDUD 0H]FODVGHIUXWDVXRWURVIUXWRVVHFRVRGHIUXWRVGHFiVFDUD
6LQFiVFDUD GHHVWH&DStWXOR
&RQFiVFDUD 'HOLPyQOLPyQVXWLOOLPyQFRP~QOLPyQFULROOR&LWUXV
6LQFiVFDUD DXUDQWLIROLD
&RQFiVFDUD /DVGHPiV
3DUDVLHPEUD 3DUDVLHPEUD
/RVGHPiV /RVGHPiV
&RQFiVFDUD 'HVFDIHLQDGR
6LQFiVFDUD (QJUDQR
&RQFiVFDUD 0ROLGR
6LQFiVFDUD 'HVFDIHLQDGR
&DVWDxDV&DVWDQHDVSS /RVGHPiV
3LVWDFKRV 7pYHUGHVLQIHUPHQWDUSUHVHQWDGRHQHQYDVHVLQPHGLDWRVFRQ
XQFRQWHQLGRLQIHULRURLJXDODNJ
1XHFHVGHPDFDGDPLD
7pYHUGHVLQIHUPHQWDUSUHVHQWDGRGHRWUDIRUPD
/RVGHPiV
7pQHJURIHUPHQWDGR\WpSDUFLDOPHQWHIHUPHQWDGRSUHVHQWDGRV
7LSR©SODQWDLQªSOiWDQRSDUDFRFFLyQ HQHQYDVHVLQPHGLDWRVFRQXQFRQWHQLGRLQIHULRURLJXDODNJ
7LSR©FDYHQGLVKYDOHU\ª 7pQHJURIHUPHQWDGR\WpSDUFLDOPHQWHIHUPHQWDGRSUHVHQWDGRV
%RFDGLOORPDQ]DQLWRRULWR0XVDDFXPLQDWD GHRWUDIRUPD
/RVGHPiV <HUEDPDWH
6HFRV /RVGHPiV
'iWLOHV /DVGHPiV
+LJRV 'HDYHQD
3LxDVDQDQiV 'HORVGHPiVFHUHDOHV
$JXDFDWHVSDOWDV 'HDYHQD
*XD\DEDV 'HPDt]
0DQJRV\PDQJRVWDQHV 'HFHEDGD
1DUDQMDV /RVGHPiV
0DQGDULQDVLQFOXLGDVODVWDQJHULQDV\VDWVXPDV *HUPHQGHFHUHDOHVHQWHURDSODVWDGRHQFRSRVRPROLGR
7DQJHOR&LWUXVUHWLFXODWD[&LWUXVSDUDGLVLV (PEXWLGRV\SURGXFWRVVLPLODUHVGHFDUQHGHVSRMRVRVDQJUH
SUHSDUDFLRQHVDOLPHQWLFLDVDEDVHGHHVWRVSURGXFWRV
/RVGHPiV
7RURQMDVRSRPHORV 3UHSDUDFLRQHVKRPRJHQHL]DGDV
/LPRQHV&LWUXVOLPRQ&LWUXVOLPRQXP 'HKtJDGRGHFXDOTXLHUDQLPDO
/LPyQOLPyQVXWLOOLPyQFRP~QOLPyQFULROOR&LWUXV (QWUR]RVVD]RQDGRV\FRQJHODGRV
DXUDQWLIROLD /RVGHPiV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
0HGLRV\FXDUWRVWUDVHURVLQFOXLGRVVXVWUR]RV &RQJHODGR
/RVGHPiV 6LQFRQJHODUGHYDORU%UL[LQIHULRURLJXDOD
/RVGHPiV /RVGHPiV
(QWUR]RVVD]RQDGRV\FRQJHODGRV 'HYDORU%UL[LQIHULRURLJXDOD
/RVGHPiV /RVGHPiV
-DPRQHV\WUR]RVGHMDPyQ 'HYDORU%UL[LQIHULRURLJXDOD
3DOHWDV\WUR]RVGHSDOHWD 'HOLPyQGHODVXESDUWLGD
/DVGHPiVLQFOXLGDVODVPH]FODV /RVGHPiV
5HFXELHUWRVGHD]~FDU 'HYDORU%UL[LQIHULRURLJXDOD
/RVGHPiV /RVGHPiV
%RPERQHVFDUDPHORVFRQ¿WHV\SDVWLOODV -XJRGHWRPDWH
/RVGHPiV 'HYDORU%UL[LQIHULRURLJXDOD
&DFDRHQSROYRFRQDGLFLyQGHD]~FDUXRWURHGXOFRUDQWH /RVGHPiV
6LQDGLFLyQGHD]XFDUQLRWURVHGXOFRUDQWHV 'HYDORU%UL[LQIHULRURLJXDOD
/RVGHPiV /RVGHPiV
6LQDGLFLyQGHD]XFDUQLRWURVHGXOFRUDQWHV 'HSDSD\D
/RVGHPiV 'H³PDUDFX\D´SDUFKLWD3DVVLÀRUDHGXOLV
6LQUHOOHQDU 'HJXDQiEDQD$QQRQDPXULFDWD
/RVGHPiV 'HPDQJR
3URGXFWRVDEDVHGHFHUHDOHVREWHQLGRVSRULQÀDGRRWRVWDGR 'HFDPXFDPX0\UFLDULDGXELD
3UHSDUDFLRQHVDOLPHQWLFLDVREWHQLGDVFRQFRSRVGHFHUHDOHVVLQ /RVGHPiV
WRVWDURFRQPH]FODVGHFRSRVGHFHUHDOHVVLQWRVWDU\FRSRVGH -XJRGHXQDKRUWDOL]D
FHUHDOHVWRVWDGRVRFHUHDOHVLQÀDGRV 0H]FODVGHMXJRV
/RVGHPiV
/RVGHPiV
3HSLQRV\SHSLQLOORV
7HMLGRVGHERUULOOD
$FHLWXQDV
/RVGHPiVWHMLGRVFRQXQFRQWHQLGRGHVHGDRGHGHVSHUGLFLRVGH
/RVGHPiV VHGDGLVWLQWRVGHODERUULOODVXSHULRURLJXDODOHQSHVR
7RPDWHVHQWHURVRHQWUR]RV /RVGHPiVWHMLGRV
/RVGHPiV &RQXQFRQWHQLGRGHODQDRSHOR¿QRVXSHULRURLJXDODO
+RQJRVGHOJpQHUR$JDULFXV HQSHVR
7UXIDV /RVGHPiV
/RVGHPiV /RVGHPiV
3DSDVSDWDWDV 'HODQD
/DVGHPiVKRUWDOL]DV\ODVPH]FODVGHKRUWDOL]DV 'HYLFXxD
+RUWDOL]DVKRPRJHQHL]DGDV 'HDOSDFDRGHOODPD
3DSDVSDWDWDV /RVGHPiV
$UYHMDVJXLVDQWHVFKtFKDURV3LVXPVDWLYXP 'HODQD
'HVYDLQDGRV 'HYLFXxD
/RVGHPiV 'HDOSDFDRGHOODPD
(VSiUUDJRV /RVGHPiV
$FHLWXQDV 'HODQD
0Dt]GXOFH=HDPD\VYDUVDFFKDUDWD 'HYLFXxD
%URWHVGHEDPE~ 'HDOSDFDRGHOODPD
$OFDFKRIDVDOFDXFLOHV /RVGHPiV
3LPLHQWRSLTXLOOR&DSVLFXPDQQXXP 'HODQD
/DVGHPiV 'HYLFXxD
+RUWDOL]DVIUXWDVXRWURVIUXWRVRVXVFRUWH]DV\GHPiVSDUWHV 'HDOSDFDRGHOODPD
GHSODQWDVFRQ¿WDGRVFRQD]~FDUDOPLEDUDGRVJODVHDGRVR /RVGHPiV
HVFDUFKDGRV 'HODQD
3UHSDUDFLRQHVKRPRJHQHL]DGDV 'HYLFXxD
&RQ¿WXUDVMDOHDV\PHUPHODGDV 'HDOSDFDRGHOODPD
3XUpV\SDVWDV /RVGHPiV
&RQ¿WXUDVMDOHDV\PHUPHODGDV 'HODQD
3XUpV\SDVWDV 'HYLFXxD
&RQ¿WXUDVMDOHDV\PHUPHODGDV 'HDOSDFDRGHOODPD
3XUpV\SDVWDV /RVGHPiV
0DQWHFD 'HODQD
/RVGHPiV 'HYLFXxD
1XHFHVGHPDUDxyQPHUH\FDMXLODQDFDUGR©FDM~ª 'HDOSDFDRGHOODPD
3LVWDFKRV /RVGHPiV
/RVGHPiVLQFOXLGDVODVPH]FODV 'HODQD
(QDJXDFRQDGLFLyQGHD]~FDUXRWURHGXOFRUDQWHLQFOXLGRHO 'HYLFXxD
MDUDEH
'HDOSDFDRGHOODPD
/DVGHPiV
/RVGHPiV
$JULRVFtWULFRV
'HODQD
3HUDV
'HYLFXxD
'DPDVFRVDOEDULFRTXHVFKDEDFDQRV
'HDOSDFDRGHOODPD
(QDJXDFRQDGLFLyQGHD]~FDUXRWURHGXOFRUDQWHLQFOXLGRHO
MDUDEH /RVGHPiV
/DVGHPiV 'HODQD
(QDJXDFRQDGLFLyQGHD]~FDUXRWURHGXOFRUDQWHLQFOXLGRHO 'HYLFXxD
MDUDEH 'HDOSDFDRGHOODPD
/RVGHPiV /RVGHPiV
)UHVDVIUXWLOODV 7HMLGRVGHSHORRUGLQDULRRGHFULQ
3DOPLWRV $FRQGLFLRQDGRSDUDODYHQWDDOSRUPHQRU
0H]FODV &RQXQFRQWHQLGRGHDOJRGyQVXSHULRURLJXDODOHQSHVR
3DSD\DV /RVGHPiV
0DQJRV 'HOLJDPHQWRWDIHWiQGHSHVRLQIHULRURLJXDODJP
/RVGHPiV 'HOLJDPHQWRWDIHWiQGHSHVRVXSHULRUDJP
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR 7HxLGRV
LJXDOD &RQKLODGRVGHGLVWLQWRVFRORUHV
/RVGHPiVWHMLGRV (VWDPSDGRV
'HSHVRLQIHULRURLJXDODJP $FRQGLFLRQDGRVSDUDODYHQWDDOSRUPHQRU
/RVGHPiV &UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQGHSHVRVXSHULRUDJP /RVGHPiV
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR &UXGRVREODQTXHDGRV
LJXDOD
/RVGHPiV
/RVGHPiVWHMLGRV
/RVGHPiV
'HOLJDPHQWRWDIHWiQGHSHVRLQIHULRURLJXDODJP
7HMLGRVGHODVGHPiV¿EUDVWH[WLOHVYHJHWDOHVWHMLGRVGHKLODGRV
'HOLJDPHQWRWDIHWiQGHSHVRVXSHULRUDJP
GHSDSHO
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR $FRQGLFLRQDGRSDUDODYHQWDDOSRUPHQRU
LJXDOD
$FRQGLFLRQDGRSDUDODYHQWDDOSRUPHQRU
/RVGHPiVWHMLGRV
+LODGRVGH¿ODPHQWRVVLQWpWLFRV
'HOLJDPHQWRWDIHWiQGHSHVRLQIHULRURLJXDODJP
+LODGRVGH¿ODPHQWRVDUWL¿FLDOHV
'HOLJDPHQWRWDIHWiQGHSHVRVXSHULRUDJP
/RVGHPiV
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR
LJXDOD 7HMLGRVIDEULFDGRVFRQWLUDVRIRUPDVVLPLODUHV
/RVGHPiVWHMLGRV 3URGXFWRVFLWDGRVHQOD1RWDGHOD6HFFLyQ;,
'HOLJDPHQWRWDIHWiQGHSHVRLQIHULRURLJXDODJP &UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQGHSHVRVXSHULRUDJP 7HxLGRV
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR &RQKLODGRVGHGLVWLQWRVFRORUHV
LJXDOD (VWDPSDGRV
/RVGHPiV &UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQ 7HxLGRV
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR &RQKLODGRVGHGLVWLQWRVFRORUHV
LJXDOD
(VWDPSDGRV
/RVGHPiVWHMLGRV
&RQXQFRQWHQLGRGH¿ODPHQWRVGHSROLpVWHUVLQWH[WXUDUVXSHULRU
'HOLJDPHQWRWDIHWiQ
RLJXDODOHQSHVR
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR /RVGHPiV
LJXDOD
/RVGHPiV
/RVGHPiVWHMLGRV
7HxLGRV
'HOLJDPHQWRWDIHWiQ
&RQKLODGRVGHGLVWLQWRVFRORUHV
LJXDOD (VWDPSDGRV
/RVGHPiVWHMLGRV &UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQ 7HxLGRV
7HMLGRVGHPH]FOLOOD©GHQLPª &RQKLODGRVGHGLVWLQWRVFRORUHV
/RVGHPiVWHMLGRVGHOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGH (VWDPSDGRV
FXUVRLQIHULRURLJXDOD &UXGRVREODQTXHDGRV
/RVGHPiVWHMLGRV 7HxLGRV
'HOLJDPHQWRWDIHWiQ &RQKLODGRVGHGLVWLQWRVFRORUHV
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR (VWDPSDGRV
LJXDOD /RVGHPiV
/RVGHPiVWHMLGRV
&UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQ
7HxLGRV
/RVGHPiVWHMLGRV
'HOLJDPHQWRWDIHWiQ
(VWDPSDGRV
/RVGHPiVWHMLGRV
&UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQ
7HxLGRV
LJXDOD
/RVGHPiVWHMLGRV (VWDPSDGRV
'HOLJDPHQWRWDIHWiQ $FRQGLFLRQDGRVSDUDODYHQWDDOSRUPHQRU
/RVGHPiVWHMLGRV $FRQGLFLRQDGRVSDUDODYHQWDDOSRUPHQRU
'HOLJDPHQWRWDIHWiQ 'H¿EUDVVLQWpWLFDVGLVFRQWLQXDVFRQXQFRQWHQLGRGHHVWDV¿EUDV
VXSHULRURLJXDODOHQSHVR
/RVGHPiVWHMLGRV
'H¿EUDVVLQWpWLFDVGLVFRQWLQXDVFRQXQFRQWHQLGRGHHVWDV¿EUDV
'HOLJDPHQWRWDIHWiQ LQIHULRUDOHQSHVR
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR 'H¿EUDVDUWL¿FLDOHVGLVFRQWLQXDV
LJXDOD &UXGRVREODQTXHDGRV
/RVGHPiVWHMLGRV
/RVGHPiV
%ODQTXHDGRV
&UXGRVREODQTXHDGRV
'HOLJDPHQWRWDIHWiQ
/RVGHPiV
&UXGRVREODQTXHDGRV
LJXDOD
/RVGHPiVWHMLGRV /RVGHPiV
'HOLJDPHQWRWDIHWiQ 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ
7HMLGRVGHPH]FOLOOD©GHQLPª 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJDLQFOXLGR
HOFUX]DGRGHFXUVRLQIHULRURLJXDOD
/RVGHPiVWHMLGRVGHOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGH
/RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU
FXUVRLQIHULRURLJXDOD
/RVGHPiVWHMLGRV /RVGHPiVWHMLGRV
'HOLJDPHQWRWDIHWiQ 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ
'HOLJDPHQWRVDUJDLQFOXLGRHOFUX]DGRGHFXUVRLQIHULRUR 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJD
LJXDOD LQFOXLGRHOFUX]DGRGHFXUVRLQIHULRURLJXDOD
/RVGHPiVWHMLGRV /RVGHPiV
&UXGRV /RVGHPiVWHMLGRV
%ODQTXHDGRV 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ
7HxLGRV 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJD
LQFOXLGRHOFUX]DGRGHFXUVRLQIHULRURLJXDOD
(VWDPSDGRV /RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU
&UXGRV /RVGHPiV
%ODQTXHDGRV 'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJD 'HODVGHPiVPDWHULDVWH[WLOHV
LQFOXLGRHOFUX]DGRGHFXUVRLQIHULRURLJXDOD (QFDMHVKHFKRVDPDQR
/RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU 7DSLFHUtDWHMLGDDPDQRJREHOLQRV)ODQGHV$XEXVVRQ%HDXYDLV
/RVGHPiV \VLPLODUHV\WDSLFHUtDGHDJXMDSRUHMHPSORGH©SHWLWSRLQWªGH
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ SXQWRGHFUX]LQFOXVRFRQIHFFLRQDGDV
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJDLQFOXLGR &LQWDVGHWHUFLRSHORGHIHOSDGHWHMLGRVGHFKHQLOODRGHWHMLGRV
HOFUX]DGRGHFXUVRLQIHULRURLJXDOD FRQEXFOHVGHOWLSRWRDOOD
/RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU /DVGHPiVFLQWDVFRQXQFRQWHQLGRGHKLORVGHHODVWyPHURVRGH
/RVGHPiV KLORVGHFDXFKRVXSHULRURLJXDODOHQSHVR
'HDOJRGyQ
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ
'HDQFKRLQIHULRURLJXDODFP
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJDLQFOXLGR
HOFUX]DGRGHFXUVRLQIHULRURLJXDOD /DVGHPiV
/RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU 'HODVGHPiVPDWHULDVWH[WLOHV
/RVGHPiVWHMLGRV &LQWDVVLQWUDPDGHKLODGRVR¿EUDVSDUDOHOL]DGRV\DJOXWLQDGRV
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ 7HMLGRV
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJDLQFOXLGR /RVGHPiV
HOFUX]DGRGHFXUVRLQIHULRURLJXDOD 7UHQ]DVHQSLH]D
/RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU /RVGHPiV
/RVGHPiVWHMLGRV %RUGDGRVTXtPLFRVRDpUHRV\ERUGDGRVFRQIRQGRUHFRUWDGR
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRWDIHWiQ 'HDOJRGyQ
'H¿EUDVGLVFRQWLQXDVGHSROLpVWHUGHOLJDPHQWRVDUJDLQFOXLGR 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
HOFUX]DGRGHFXUVRLQIHULRURLJXDOD 'HODVGHPiVPDWHULDVWH[WLOHV
/RVGHPiVWHMLGRVGH¿EUDVGLVFRQWLQXDVGHSROLpVWHU
3URGXFWRVWH[WLOHVDFROFKDGRVHQSLH]DFRQVWLWXLGRVSRUXQDR
/RVGHPiVWHMLGRV YDULDVFDSDVGHPDWHULDWH[WLOFRPELQDGDVFRQXQDPDWHULDGH
0H]FODGDVH[FOXVLYDRSULQFLSDOPHQWHFRQ¿EUDVGLVFRQWLQXDV UHOOHQR\PDQWHQLGDVPHGLDQWHSXQWDGDVXRWURPRGRGHVXMHFLyQ
GHUD\yQYLVFRVD H[FHSWRORVERUGDGRVGHODSDUWLGD
0H]FODGDVH[FOXVLYDRSULQFLSDOPHQWHFRQ¿ODPHQWRVVLQWpWLFRV 7HODVUHFXELHUWDVGHFRODRPDWHULDVDPLOiFHDVGHORVWLSRV
RDUWL¿FLDOHV XWLOL]DGRVSDUDHQFXDGHUQDFLyQFDUWRQDMHHVWXFKHUtDRXVRV
0H]FODGDVH[FOXVLYDRSULQFLSDOPHQWHFRQODQDRSHOR¿QR VLPLODUHV
/RVGHPiV /RVGHPiV
0H]FODGDVH[FOXVLYDRSULQFLSDOPHQWHFRQ¿ODPHQWRVVLQWpWLFRV &RQSROLFORUXURGHYLQLOR
RDUWL¿FLDOHV &RQSROLXUHWDQR
0H]FODGDVH[FOXVLYDRSULQFLSDOPHQWHFRQODQDRSHOR¿QR /DVGHPiV
/RVGHPiV /LQyOHR
0H]FODGRVH[FOXVLYDRSULQFLSDOPHQWHFRQ¿ODPHQWRVVLQWpWLFRV /RVGHPiV
RDUWL¿FLDOHV
5HYHVWLPLHQWRVGHPDWHULDWH[WLOSDUDSDUHGHV
/RVGHPiV
&LQWDVDGKHVLYDVGHDQFKXUDLQIHULRURLJXDODFP
&UXGRVREODQTXHDGRV
'HSXQWR
7HxLGRV
7HMLGRVIDEULFDGRVFRQKLODGRVGHDOWDWHQDFLGDGGHQDLORQRGH
RWUDVSROLDPLGDVRGHSROLpVWHUHV
(VWDPSDGRV /RVGHPiV
&UXGRVREODQTXHDGRV /DVGHPiVWHODVLPSUHJQDGDVUHFXELHUWDVRUHYHVWLGDVOLHQ]RV
7HxLGRV SLQWDGRVSDUDGHFRUDFLRQHVGHWHDWURIRQGRVGHHVWXGLRRXVRV
&RQKLODGRVGHGLVWLQWRVFRORUHV DQiORJRV
(VWDPSDGRV 7HMLGRV©GHSHORODUJRª
&UXGRVREODQTXHDGRV 'HDOJRGyQ
7HxLGRV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
&RQKLODGRVGHGLVWLQWRVFRORUHV 'HODVGHPiVPDWHULDVWH[WLOHV
(VWDPSDGRV 'HDOJRGyQ
&UXGRVREODQTXHDGRV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
7HxLGRV 'HODVGHPiVPDWHULDVWH[WLOHV
&RQKLODGRVGHGLVWLQWRVFRORUHV &RQXQFRQWHQLGRGHKLODGRVGHHODVWyPHURVVXSHULRURLJXDODO
(VWDPSDGRV HQSHVRVLQKLORVGHFDXFKR
/RVGHPiV
&UXGRVREODQTXHDGRV
'HODQDRSHOR¿QR
7HxLGRV
'HDOJRGyQ
'H¿EUDVVLQWpWLFDV
(VWDPSDGRV
'H¿EUDVDUWL¿FLDOHV
'HODQDRSHOR¿QR
/RVGHPiV
7HUFLRSHOR\IHOSDSRUWUDPDVLQFRUWDU
&RQXQFRQWHQLGRGHKLODGRVGHHODVWyPHURVVXSHULRURLJXDODO
7HUFLRSHOR\IHOSDSRUWUDPDFRUWDGRVUD\DGRVSDQDUD\DGD
HQSHVRVLQKLORVGHFDXFKR
©FRUGXUR\ª
/RVGHPiV
/RVGHPiVWHUFLRSHORV\IHOSDVSRUWUDPD
&UXGRVREODQTXHDGRV
7HUFLRSHOR\IHOSDSRUXUGLPEUHVLQFRUWDUUL]DGRV
7HxLGRV
7HUFLRSHOR\IHOSDSRUXUGLPEUHFRUWDGRV
7HMLGRVGHFKHQLOOD
(VWDPSDGRV
7HUFLRSHOR\IHOSDSRUWUDPDVLQFRUWDU
&UXGRVREODQTXHDGRV
7HUFLRSHOR\IHOSDSRUWUDPDFRUWDGRVUD\DGRVSDQDUD\DGD
©FRUGXUR\ª 7HxLGRV
/RVGHPiVWHUFLRSHORV\IHOSDVSRUWUDPD &RQKLODGRVGHGLVWLQWRVFRORUHV
7HUFLRSHOR\IHOSDSRUXUGLPEUHVLQFRUWDUUL]DGRV (VWDPSDGRV
7HUFLRSHOR\IHOSDSRUXUGLPEUHFRUWDGRV &UXGRVREODQTXHDGRV
7HMLGRVGHFKHQLOOD 7HxLGRV
'HODVGHPiVPDWHULDVWH[WLOHV &RQKLODGRVGHGLVWLQWRVFRORUHV
&UXGRV (VWDPSDGRV
/RVGHPiV /RVGHPiV
7HMLGRVFRQEXFOHVGHOWLSRWRDOODGHODVGHPiVPDWHULDVWH[WLOHV 'HODQDRSHOR¿QR
6XSHU¿FLHVWH[WLOHVFRQPHFKyQLQVHUWDGR &UXGRVREODQTXHDGRV
'HDOJRGyQ 7HxLGRV
'HODVGHPiVPDWHULDVWH[WLOHV &RQKLODGRVGHGLVWLQWRVFRORUHV
7XOWXOERELQRW\WHMLGRVGHPDOODVDQXGDGDV (VWDPSDGRV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &UXGRVREODQTXHDGRV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
7HxLGRV /DVGHPiV
&RQKLODGRVGHGLVWLQWRVFRORUHV /DVGHPiV
(VWDPSDGRV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
&UXGRVREODQTXHDGRV 'HODVGHPiVPDWHULDVWH[WLOHV
7HxLGRV 'HDOJRGyQ
&RQKLODGRVGHGLVWLQWRVFRORUHV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
(VWDPSDGRV 'HODVGHPiVPDWHULDVWH[WLOHV
/RVGHPiV 'HDOJRGyQ
'HDOJRGyQ 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV 'HODVGHPiVPDWHULDVWH[WLOHV
'HODQDRSHOR¿QR 'HDOJRGyQ
/RVGHPiV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
'HODQDRSHOR¿QR /RVGHPiV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV 'HODVGHPiVPDWHULDVWH[WLOHV
'HODVGHPiVPDWHULDVWH[WLOHV 'HDOJRGyQ
'HODQDRSHOR¿QR 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
'H¿EUDVVLQWpWLFDV 'HODVGHPiVPDWHULDVWH[WLOHV
/RVGHPiV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
'HODQDRSHOR¿QR 'HODVGHPiVPDWHULDVWH[WLOHV
'HDOJRGyQ 'HWHMLGRWHxLGRGHXQVRORFRORUXQLIRUPHLQFOXLGRVORV
'H¿EUDVVLQWpWLFDV EODQTXHDGRV
'HODVGHPiVPDWHULDVWH[WLOHV 'HWHMLGRFRQKLODGRVGHGLVWLQWRVFRORUHVFRQPRWLYRVGHUD\DV
'HODQDRSHOR¿QR /RVGHPiV
'HDOJRGyQ 'HWHMLGRWHxLGRGHXQVRORFRORUXQLIRUPHLQFOXLGRVORV
EODQTXHDGRV
'H¿EUDVVLQWpWLFDV
'HWHMLGRFRQKLODGRVGHGLVWLQWRVFRORUHVFRQPRWLYRVGHUD\DV
'HODVGHPiVPDWHULDVWH[WLOHV
/RVGHPiV
'H¿EUDVVLQWpWLFDV
&DPLVHWDVLQWHULRUHV
'HODQDRSHOR¿QR
'H¿EUDVDFUtOLFDVRPRGDFUtOLFDV
'HDOJRGyQ
/DVGHPiV
/RVGHPiV
&RQFXHOORGHFLVQH³6RXVSXOO´´WXUWOHQHFN´
'HDOJRGyQ
/RVGHPiV
'H¿EUDVVLQWpWLFDV
&KDOHFRV
'HODQDRSHOR¿QR
&DUGLJDQHV
/RVGHPiV
'HODQDRSHOR¿QR
/RVGHPiV
'HDOJRGyQ
'HFDEUDGH&DFKHPLUD
'H¿EUDVVLQWpWLFDV
/RVGHPiV
'HODQDRSHOR¿QR
&KDOHFRV
'HDOJRGyQ
&DUGLJDQHV
'H¿EUDVVLQWpWLFDV
'H¿EUDVDUWL¿FLDOHV
/RVGHPiV
'HODQDRSHOR¿QR
/RVGHPiV
'HDOJRGyQ
&KDOHFRV
'H¿EUDVVLQWpWLFDV
&DUGLJDQHV
'HODQDRSHOR¿QR
/RVGHPiV
'HDOJRGyQ
'H¿EUDVDFUtOLFDVRPRGDFUtOLFDV
'H¿EUDVVLQWpWLFDV
/DVGHPiV
'HWHMLGRWHxLGRGHXQVRORFRORUXQLIRUPHLQFOXLGRORV
'HDOJRGyQ
EODQTXHDGRV
'HWHMLGRFRQKLODGRVGHGLVWLQWRVFRORUHVFRQPRWLYRVGHUD\DV 'H¿EUDVVLQWpWLFDV
/DVGHPiV 'HODQDRSHOR¿QR
'HWHMLGRWHxLGRGHXQVRORFRORUXQLIRUPHLQFOXLGRORV /DVGHPiV
EODQTXHDGRV 'HDOJRGyQ
'HWHMLGRFRQKLODGRVGHGLVWLQWRVFRORUHVFRQPRWLYRVGHUD\DV 'H¿EUDVVLQWpWLFDV
/DVGHPiV 'HODVGHPiVPDWHULDVWH[WLOHV
/DVGHPiVSDUDKRPEUHV 0RQRVRYHUROHV\FRQMXQWRVGHHVTXt
&RQDEHUWXUDGHODQWHUDSDUFLDOFRQFXHOOR\SXxRGHWHMLGR 'H¿EUDVVLQWpWLFDV
DFDQDODGRHOiVWLFR 'HODVGHPiVPDWHULDVWH[WLOHV
&RQFXHOOR\DEHUWXUDGHODQWHUDSDUFLDO 'H¿EUDVVLQWpWLFDV
/DVGHPiV 'HODVGHPiVPDWHULDVWH[WLOHV
'H¿EUDVDFUtOLFDVRPRGDFUtOLFDV 3UHQGDVGHYHVWLUFRQIHFFLRQDGDVFRQWHMLGRVGHSXQWRGHODV
'HODVGHPiV¿EUDVVLQWpWLFDVRDUWL¿FLDOHV SDUWLGDVy
'HWHMLGRWHxLGRGHXQVRORFRORUXQLIRUPHLQFOXLGRVORV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
EODQTXHDGRV 'HODQDRSHOR¿QR
'HWHMLGRFRQKLODGRVGHGLVWLQWRVFRORUHVFRQPRWLYRVGHUD\DV /DVGHPiV
/DVGHPiV 0HGLDVGHFRPSUHVLyQSURJUHVLYD
'HWHMLGRWHxLGRGHXQVRORFRORUXQLIRUPHLQFOXLGRVORV /RVGHPiV
EODQTXHDGRV
'H¿EUDVVLQWpWLFDVGHWtWXORLQIHULRUDGHFLWH[SRUKLORVHQFLOOR
'HWHMLGRFRQKLODGRVGHGLVWLQWRVFRORUHVFRQPRWLYRVGHUD\DV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'H¿EUDVVLQWpWLFDVGHWtWXORVXSHULRURLJXDODGHFLWH[SRU 'HODQDRSHOR¿QR
KLORVHQFLOOR 'HDOJRGyQ
'HODVGHPiVPDWHULDVWH[WLO 'H¿EUDVVLQWpWLFDV
/DVGHPiV 'HDOJRGyQ
'HDOJRGyQ 'HODQDRSHOR¿QR
'H¿EUDVVLQWpWLFDV /RVGHPiV
'HODVGHPiVPDWHULDVWH[WLOHV 'HVHGDRGHVSHUGLFLRVGHVHGD
,PSUHJQDGRVUHFXELHUWRVRUHYHVWLGRVFRQSOiVWLFRRFDXFKR 'HODQDRSHOR¿QR
&KDOHVSDxXHORVGHFXHOOREXIDQGDVPDQWLOODVYHORV\DUWtFXORV 'HODVGHPiVPDWHULDVWH[WLOHV
VLPLODUHV
'HDOJRGyQ
5RGLOOHUDV\WRELOOHUDV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
&RUEDWDV\OD]RVVLPLODUHV
/RVGHPiV
'HDOJRGyQ
/DVGHPiV
/RVGHPiV
'HODQDRSHOR¿QR
'HDOJRGyQ
'HDOJRGyQ
'HODQDRSHOR¿QR
'HDOJRGyQ
'HDOJRGyQ
'HODQDRSHOR¿QR
'HDOJRGyQ
'HDOJRGyQ
'H¿EUDVVLQWpWLFDV
'HODQDRSHOR¿QR
/DVGHPiV
'HODQDRSHOR¿QR
&RQSURGXFWRVGHODVSDUWLGDVy
'HDOJRGyQ
/DVGHPiVSUHQGDVGHYHVWLUGHOWLSRGHODVFLWDGDVHQODV
VXESDUWLGDVD
'HODVGHPiVPDWHULDVWH[WLOHV /DVGHPiVSUHQGDVGHYHVWLUGHOWLSRGHODVFLWDGDVHQODV
'HODQDRSHOR¿QR VXESDUWLGDVD
'H¿EUDVVLQWpWLFDV /DVGHPiVSUHQGDVGHYHVWLUSDUDKRPEUHVRQLxRV
'HODVGHPiVPDWHULDVWH[WLOHV /DVGHPiVSUHQGDVGHYHVWLUSDUDPXMHUHVRQLxDV
'HDOJRGyQ 3DUDKRPEUHVRQLxRV
'H¿EUDVVLQWpWLFDV 3DUDPXMHUHVRQLxDV
'HODQDRSHOR¿QR 0RQRVRYHUROHV\FRQMXQWRVGHHVTXt
/RVGHPiV 'HDOJRGyQ
'HDOJRGyQ 'HODQDRSHOR¿QR
'H¿EUDVVLQWpWLFDV /DVGHPiV
'HODVGHPiVPDWHULDVWH[WLOHV 'HODQDRSHOR¿QR
3DQWDORQHVODUJRV\SDQWDORQHVFRQSHWR 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
3DQWDORQHVFRUWRVFDO]RQHV\VKRUWV 'HODVGHPiVPDWHULDVWH[WLOHV
3DQWDORQHVODUJRV\SDQWDORQHVFRQSHWR 6RVWHQHVFRUSLxRV
3DQWDORQHVFRUWRVFDO]RQHV\VKRUWV )DMDV\IDMDVEUDJDIDMDVERPEDFKD
3DQWDORQHVODUJRV\SDQWDORQHVFRQSHWR )DMDVVRVWpQIDMDVFRUSLxR
3DQWDORQHVFRUWRVFDO]RQHV\VKRUWV /RVGHPiV
'H¿EUDVVLQWpWLFDV 'HDOJRGyQ
'HODVGHPiVPDWHULDVWH[WLOHV 'HVHGDRGHVSHUGLFLRVGHVHGD
'HODQDRSHOR¿QR /DVGHPiV
'HDOJRGyQ 'HVHGDRGHVSHUGLFLRVGHVHGD
'H¿EUDVVLQWpWLFDV 'HODQDRSHOR¿QR
'HODVGHPiVPDWHULDVWH[WLOHV 'H¿EUDVVLQWpWLFDV
'HODQDRSHOR¿QR 'H¿EUDVDUWL¿FLDOHV
'HDOJRGyQ 'HODVGHPiVPDWHULDVWH[WLOHV
'H¿EUDVVLQWpWLFDV 'HVHGDRGHVSHUGLFLRVGHVHGD
'HODVGHPiVPDWHULDVWH[WLOHV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
'HODQDRSHOR¿QR 'HODVGHPiVPDWHULDVWH[WLOHV
'HDOJRGyQ /RVGHPiV
'H¿EUDVVLQWpWLFDV &RPSOHPHQWRVDFFHVRULRVGHYHVWLU
'HODVGHPiVPDWHULDVWH[WLOHV 3DUWHV
'HODQDRSHOR¿QR 0DQWDVHOpFWULFDV
'HDOJRGyQ 'HODQD
'H¿EUDVVLQWpWLFDV 'HSHORGHYLFXxD
'H¿EUDVDUWL¿FLDOHV /DVGHPiV
'HODVGHPiVPDWHULDVWH[WLOHV 0DQWDVGHDOJRGyQH[FHSWRODVHOpFWULFDV
'HODQDRSHOR¿QR 0DQWDVGH¿EUDVVLQWpWLFDVH[FHSWRODVHOpFWULFDV
'HDOJRGyQ /DVGHPiVPDQWDV
'H¿EUDVVLQWpWLFDV 'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV
'HODVGHPiVPDWHULDVWH[WLOHV /DVGHPiV
(O3HUXDQR
68%3$57,'$ 68%3$57,'$
1 '(6&5,3&,Ð1 1 '(6&5,3&,Ð1
1$&,21$/ 1$&,21$/
'HDOJRGyQ /RVGHPiV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &DO]DGRFRQODSDUWHVXSHULRUGHWLUDVREULGDV¿MDVDODVXHODSRU
'HODVGHPiVPDWHULDVWH[WLOHV WHWRQHVHVSLJDV
'HDOJRGyQ 4XHFXEUDQHOWRELOOR
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &RQSXQWHUDPHWiOLFDGHSURWHFFLyQ
'HODVGHPiVPDWHULDVWH[WLOHV /RVGHPiV
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &DO]DGRGHHVTXt\FDO]DGRSDUDODSUiFWLFDGH©VQRZERDUGª

WDEODSDUDQLHYH
/DVGHPiV
/RVGHPiV
'HDOJRGyQ
&DO]DGRFRQVXHODGHFXHURQDWXUDO\SDUWHVXSHULRUGHWLUDVGH
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV FXHURQDWXUDOTXHSDVDQSRUHOHPSHLQH\URGHDQHOGHGRJRUGR
'HOLQR /RVGHPiVFDO]DGRVFRQSXQWHUDPHWiOLFDGHSURWHFFLyQ
/DVGHPiV 4XHFXEUDQHOWRELOOR
5RSDGHWRFDGRURFRFLQDGHWHMLGRFRQEXFOHVGHOWLSRWRDOOD /RVGHPiV
GHDOJRGyQ
&DO]DGRFRQSDOPLOODRSODWDIRUPDGHPDGHUDVLQSODQWLOODVQL
'HDOJRGyQ SXQWHUDPHWiOLFDGHSURWHFFLyQ
'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV /RVGHPiV
'HOLQR &DO]DGRFRQSDOPLOODRSODWDIRUPDGHPDGHUDVLQSODQWLOODVQL
/DVGHPiV SXQWHUDPHWiOLFDGHSURWHFFLyQ
'H¿EUDVVLQWpWLFDV /RVGHPiV
'HDOJRGyQ &DO]DGRGHGHSRUWH
/DVGHPiV &DO]DGRGHWHQLVEDORQFHVWRJLPQDVLDHQWUHQDPLHQWR\
FDO]DGRVVLPLODUHV
'HDOJRGyQ
/RVGHPiV
'H¿EUDVVLQWpWLFDV
&DO]DGRFRQVXHODGHFXHURQDWXUDORUHJHQHUDGR
&RQODSDUWHVXSHULRUGHFXHURQDWXUDORUHJHQHUDGR
'HSXQWR
&RQODSDUWHVXSHULRUGHPDWHULDWH[WLO
/DVGHPiV
/RVGHPiV
'HSXQWR
3DUWHVVXSHULRUHVGHFDO]DGR\VXVSDUWHVH[FHSWRORV
'HDOJRGyQH[FHSWRGHSXQWR
FRQWUDIXHUWHV\SXQWHUDVGXUDV
'H¿EUDVVLQWpWLFDVH[FHSWRGHSXQWR
6XHODV\WDFRQHVWDFRVGHFDXFKRRSOiVWLFR
'HODVGHPiVPDWHULDVWH[WLOHVH[FHSWRGHSXQWR
'HPDGHUD
'H\XWH
3ODQWLOODV
/RVGHPiV
/RVGHPiV
'HDOJRGyQ
9HQWLODGRUHVGHPHVDSLHSDUHGFLHORUDVRWHFKRRYHQWDQD
&RQWLQHQWHVLQWHUPHGLRVÀH[LEOHVSDUDSURGXFWRVDJUDQHO FRQPRWRUHOpFWULFRLQFRUSRUDGRGHSRWHQFLDLQIHULRURLJXDOD
'HSROLHWLOHQR :
'HSROLSURSLOHQR &DPSDQDVDVSLUDQWHVHQODVTXHHOPD\RUODGRKRUL]RQWDOVHD

/RVGHPiV LQIHULRURLJXDODFP
'HSLWDFDEX\D¿TXH 'HYROXPHQLQIHULRUDO
/DVGHPiV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO
'H¿EUDVVLQWpWLFDV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO
'HDOJRGyQ /RVGHPiV
/DVGHPiV 'HYROXPHQLQIHULRUDO
'H¿EUDVVLQWpWLFDV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO
'HODVGHPiVPDWHULDVWH[WLOHV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO
9HODV /RVGHPiV
&ROFKRQHVQHXPiWLFRV 'HDEVRUFLyQHOpFWULFRV
'HDOJRGyQ /RVGHPiV
'HODVGHPiVPDWHULDVWH[WLOHV &RQJHODGRUHVKRUL]RQWDOHVGHOWLSRDUFyQFRIUHGHFDSDFLGDG

LQIHULRURLJXDODO
3DxRVSDUDIUHJDURODYDUED\HWDVSDxRVUHMLOODIUDQHODV\
DUWtFXORVVLPLODUHVSDUDOLPSLH]D &RQJHODGRUHVYHUWLFDOHVGHOWLSRDUPDULRGHFDSDFLGDGLQIHULRU
RLJXDODO
3DWURQHVGHSUHQGDVGHYHVWLU
3DUWHVGHPXHEOHVGHODVXESDUWLGDQDFLRQDO
&LQWXURQHVGHVHJXULGDG
'HFDOHQWDPLHQWRLQVWDQWiQHRGHJDV
0DVFDULOODVGHSURWHFFLyQ
'HWLSRGRPpVWLFR
/RVGHPiV
$XWRSURSXOVDGDV
-XHJRVFRQVWLWXLGRVSRUSLH]DVGHWHMLGRHKLODGRVLQFOXVRFRQ
DFFHVRULRVSDUDODFRQIHFFLyQGHDOIRPEUDVWDSLFHUtDPDQWHOHV /DVGHPiV
RVHUYLOOHWDVERUGDGRVRGHDUWtFXORVWH[WLOHVVLPLODUHVHQHQYDVHV 0iTXLQDVUHFWLOtQHDVGHWULFRWDUGHXVRGRPpVWLFR
SDUDODYHQWDDOSRUPHQRU
0iTXLQDVWRWDOPHQWHDXWRPiWLFDV
$UWtFXORVGHSUHQGHUtD
/DVGHPiVPiTXLQDVFRQVHFDGRUDFHQWUtIXJDLQFRUSRUDGD
5HFRUWHVGHODLQGXVWULDGHODFRQIHFFLyQ
/DVGHPiV
/RVGHPiV
&DEH]DVGHPiTXLQDV
/RVGHPiV
0iTXLQDV
&DO]DGRFRQSXQWHUDPHWiOLFDGHSURWHFFLyQ
/RVGHPiV
4XHFXEUDQHOWRELOORVLQFXEULUODURGLOOD
/RVGHPiV
/RVGHPiV
&DO]DGRGHHVTXt\FDO]DGRSDUDODSUiFWLFDGH©VQRZERDUGª
WDEODSDUDQLHYH

Ds-N158-2007-Ef-Tasas Arancelarias

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Ds-N158-2007-Ef-Tasas Arancelarias

Hochgeladen von

Copyright:

Verfügbare Formate

(O3HUXDQR

355288 NORMAS LEGALES Lima, sábado 13 de octubre de 2007

FX\RVQRPEUHVVHLQGLFDQHQHODQH[RTXHIRUPDSDUWHGH 0RGL¿FDU ODV WDVDV GH ORV GHUHFKRV DUDQFHODULRV

'HDOJRGyQ 4XHFXEUDQHOWRELOOR

'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &RQSXQWHUDPHWiOLFDGHSURWHFFLyQ

'HODVGHPiVPDWHULDVWH[WLOHV /RVGHPiV

'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &DO]DGRGHHVTXt\FDO]DGRSDUDODSUiFWLFDGH©VQRZERDUGª

'HSROLSURSLOHQR &DPSDQDVDVSLUDQWHVHQODVTXHHOPD\RUODGRKRUL]RQWDOVHD

'HSLWDFDEX\D¿TXH 'HYROXPHQLQIHULRUDO

/DVGHPiV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

'H¿EUDVVLQWpWLFDV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

'HDOJRGyQ /RVGHPiV

/DVGHPiV 'HYROXPHQLQIHULRUDO

'H¿EUDVVLQWpWLFDV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

'HODVGHPiVPDWHULDVWH[WLOHV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

9HODV /RVGHPiV

&ROFKRQHVQHXPiWLFRV 'HDEVRUFLyQHOpFWULFRV

'HDOJRGyQ /RVGHPiV

'HODVGHPiVPDWHULDVWH[WLOHV &RQJHODGRUHVKRUL]RQWDOHVGHOWLSRDUFyQFRIUHGHFDSDFLGDG

Das könnte Ihnen auch gefallen

Ds-N158-2007-Ef-Tasas Arancelarias

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Ds-N158-2007-Ef-Tasas Arancelarias

Hochgeladen von

Copyright:

Verfügbare Formate

(O3HUXDQR

355288 NORMAS LEGALES Lima, sábado 13 de octubre de 2007

FX\RVQRPEUHVVHLQGLFDQHQHODQH[RTXHIRUPDSDUWHGH 0RGL¿FDU ODV WDVDV GH ORV GHUHFKRV DUDQFHODULRV

  'HDOJRGyQ   4XHFXEUDQHOWRELOOR

  'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV   &RQSXQWHUDPHWiOLFDGHSURWHFFLyQ

  'HODVGHPiVPDWHULDVWH[WLOHV   /RVGHPiV

  'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV   &DO]DGRGHHVTXt\FDO]DGRSDUDODSUiFWLFDGH©VQRZERDUGª

  'HSROLSURSLOHQR   &DPSDQDVDVSLUDQWHVHQODVTXHHOPD\RUODGRKRUL]RQWDOVHD

  'HSLWD FDEX\D¿TXH   'HYROXPHQLQIHULRUDO

  /DVGHPiV   'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

  'H¿EUDVVLQWpWLFDV   'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

  'HDOJRGyQ   /RVGHPiV

  /DVGHPiV   'HYROXPHQLQIHULRUDO

  'H¿EUDVVLQWpWLFDV   'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

  'HODVGHPiVPDWHULDVWH[WLOHV   'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

  9HODV   /RVGHPiV

  &ROFKRQHVQHXPiWLFRV   'HDEVRUFLyQHOpFWULFRV

  'HDOJRGyQ   /RVGHPiV

  'HODVGHPiVPDWHULDVWH[WLOHV   &RQJHODGRUHVKRUL]RQWDOHVGHOWLSRDUFyQ FRIUH GHFDSDFLGDG

Das könnte Ihnen auch gefallen

'HDOJRGyQ 4XHFXEUDQHOWRELOOR

'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &RQSXQWHUDPHWiOLFDGHSURWHFFLyQ

'HODVGHPiVPDWHULDVWH[WLOHV /RVGHPiV

'H¿EUDVVLQWpWLFDVRDUWL¿FLDOHV &DO]DGRGHHVTXt\FDO]DGRSDUDODSUiFWLFDGH©VQRZERDUGª

'HSROLSURSLOHQR &DPSDQDVDVSLUDQWHVHQODVTXHHOPD\RUODGRKRUL]RQWDOVHD

'HSLWDFDEX\D¿TXH 'HYROXPHQLQIHULRUDO

/DVGHPiV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

'H¿EUDVVLQWpWLFDV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

'HDOJRGyQ /RVGHPiV

/DVGHPiV 'HYROXPHQLQIHULRUDO

'H¿EUDVVLQWpWLFDV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

'HODVGHPiVPDWHULDVWH[WLOHV 'HYROXPHQVXSHULRURLJXDODOSHURLQIHULRUDO

9HODV /RVGHPiV

&ROFKRQHVQHXPiWLFRV 'HDEVRUFLyQHOpFWULFRV

'HDOJRGyQ /RVGHPiV

'HODVGHPiVPDWHULDVWH[WLOHV &RQJHODGRUHVKRUL]RQWDOHVGHOWLSRDUFyQFRIUHGHFDSDFLGDG