Dinner - Estela
&$5%2)85$1
9(/)85$1 *
+2-$ '( ,1)250$&,Ï1 '( 6(*85,'$' '(/ 352'8&72
)(&+$ '( (/$%25$&,Ï1 2&78%5( '( (/$%25$' 325 0& 0$5Ë$ 0$57+$ 6272 0(1'2=$
&RPSDxtD
)(&+$ '( Ò/7,0$ $&78$/,=$&,Ï1 6(37,(0%5( '( 6(&&,Ï1 , ,'(17,),&$&,Ï1 '( /$ &203$fË$
9(/6,0(; 6$ '( & 9
$Y &HQWUDO HU 3LVR
&RO 6DQ 3HGUR GH ORV 3LQRV
&3 0p[LFR ')
7HO )D[ 1Ò0(526 7(/()Ï1,&26 '( (0(5*(1&,$
6(7,4 DFFLGHQWHV HQ WUDQVSRUWDFLyQ $YLVDU DO VLVWHPD 1DFLRQDO GH (PHUJHQFLDV \ D ODV DXWRULGDGHV ORFDOHV HVSHFtILFDV HQ HO ' ) \ iUHD PHWURSROLWDQD HQ HO LQWHULRU GHO SDtV
6(&&,Ï1 '$726 *(1(5$/(6 '( /$ 6867$1&,$ 48Ë0,&$
9(/)85$1 *
0$5&$ &20(5&,$/
&$5%2)85$1
120%5( 48Ì0,&2 &20Ó1
&DUDELQD * )XWXUDQ *
6,1Ð1,026 &+12
)Ð508/$ 02/(&8/$5
&$5%$0$726
)$0,/,$ 48Ì0,&$
,16(&7,&,'$ 1(0$7,&,'$ $*5Ì&2/$
862
6(&&,Ï1 ,'(17,),&$&,Ï1 '( /$ 6867$1&,$ 48Ë0,&$
3RUFHQWDMH GH FRPSRQHQWHV
1R &$6
1R 18
/tPLWHV Pi[LPRV SHUPLVLEOHV GH H[SRVLFLyQ
&DQFHULJpQLFR R WHUDWRJpQLFR
,396
&ODVLILFDFLyQ GH ORV JUDGRV GH ULHVJR +0,6
&DUERIXUDQ PJP
12
1R GHVFULWR
6$/8'
,1)/$0$%,/,'$'
5($&7,9,'$'
5,(6*26 (63(&,$/(6
GHO ,$
)
6(&&,Ï1 3523,('$'(6 )Ë6,&$6 < 48Ë0,&$6
7HPSHUDWXUD GH LQIODPDFLyQ
7HPSHUDWXUD GH DXWR LJQLFLyQ
7HPSHUDWXUD GH GHVFRPSRVLFLyQ
&RHILFLHQWH GH SDUWLFLSDFLyQ
3UHVLyQ GH YDSRU
'HQVLGDG
6ROXELOLGDG
3+
3XQWR GH HEXOOLFLyQ
/tPLWHV GH LQIODPDELOLGDG R H[SORVLYLGDG
3XQWR GH IXVLyQ
2ORU
&RORU
(VWDGR )tVLFR
3HVR PROHFXODU
3RUFHQWDMH GH YRODWLOLGDG
9HORFLGDG GH HYDSRUDFLyQ
(VWDELOLGDG
12 (6 ,1)/$0$%/(
12 (6 ,1)/$0$%/(
! &
2FWDQRO DJXD ORJ 3 [ PP+J ȝ3D
PJO
12 ',6321,%/(
1R GHWHUPLQDGD
0D\RU D q&
2ORU OLJHUDPHQWH SLFDQWH
D]XO
*UiQXORV JUDQGHV HO YHKtFXOR HV ROLYLQR EDVDOWLWR
1R GHWHUPLQDGD
/D HYDSRUDFLyQ D & HV GHVSUHFLDEOH
(VWDEOH DxRV HQ FRQGLFLRQHV ySWLPDV GH DOPDFHQDPLHQWR
9(/6,0(; 6$ '( &9 $Y &HQWUDO HU 3LVR 6DQ 3HGUR GH ORV 3LQRV &3 0p[LFR ')
&$5%2)85$1
6(&&,Ï1 5,(6*26 '( )8(*2 2 (;3/26,Ï1
$JHQWHV H[WLQJXLGRUHV
(Q FDVR GH LQFHQGLR HQ HO HQWRUQR HVWiQ SHUPLWLGRV WRGRV ORV DJHQWHV
H[WLQWRUHV
(TXLSR GH SURWHFFLyQ SHUVRQDO
(YDFXDU HO iUHD FRQWUD HO YLHQWR 8VDU URSDV SURWHFWRUDV FRPSOHWDV \
DSDUDWRV GH UHVSLUDFLyQ DXWyQRPDV
3URFHGLPLHQWR
\
SUHFDXFLRQHV $LVODU HO iUHD GH IXHJR
HVSHFLDOHV HQ HO FRPEDWH GH 1R UHVSLUDU KXPR JDVHV R HO YDSRU JHQHUDGR
LQFHQGLRV
&RQGLFLRQHV TXH FRQGXFHQ D RWUR 1LQJXQR
ULHVJR HVSHFLDO
3URGXFWRV GH OD FRPEXVWLyQ 1R FRPEXVWLEOH /DV IRUPXODFLRQHV OtTXLGDV FRQWLHQHQ GLVROYHQWHV
QRFLYRV SDUD OD VDOXG
RUJiQLFRV TXH SXHGHQ VHU LQIODPDEOHV (Q FDVR GH LQFHQGLR VH
GHVSUHQGHQ KXPRV R JDVHV Wy[LFRV H LUULWDQWHV
6XVWDQFLD 4XtPLFD
6(&&,Ï1 '$726 '( 5($&7,9,'$'
,QFRPSDWLELOLGDG
5LHVJRV GH GHVFRPSRVLFLyQ
5LHVJR GH SROLPHUL]DFLyQ
&RQGLFLRQHV D HYLWDU
(VWDEOH HV XQ SURGXFWR TXH VH KD REVHUYDGR HV UHWHQLGR SRU HO
SDSHO PDGHUD \ VXSHUILFLHV SLQWDGDV SHUR VH SLHUGH HQ VXSHUILFLHV
PHWiOLFDV \ HQ FULVWDO
,QFRPSDWLEOH FRQ SURGXFWRV DOFDOLQRV
(Q OD GHVFRPSRVLFLyQ WpUPLFD SXHGH SURGXFLUVH FDORU \ IXHJR \
SXHGH OLEHUDUVH PRQy[LGR GH FDUERQR GLy[LGR GH FDUERQR FLDQXUR
GH KLGUyJHQR FORUR \ FORUXUR GH KLGUyJHQR
1R RFXUULUi
([FHVLYR FDORU R IXHJR
6(&&,Ï1 5,(6*26 $ /$ 6$/8' < 35,0(526 $8;,/,26
(0(5*(1&,$ < 35,0(526 $8;,/,26
()(&726 '( /$ 6$/8'
&RQWDFWR FRQ ORV RMRV /DYDU FRQ DEXQGDQWH DJXD
([SRVLFLyQ DJXGD
,QJHVWLyQ $FFLGHQWDO &DODPEUHV DEGRPLQDOHV OLPSLD SRU DO PHQRV PLQXWRV 6L KD\ LUULWDFLyQ \
GLDUUHD GRORU GH FDEH]D QiXVHDV YyPLWRV SHUVLVWH OODPDU DO PpGLFR
&RQWDFWR FRQ OD SLHO /DYDU FRQ DEXQGDQWH DJXD \
GHELOLGDG
MDEyQ 6L KD\ LUULWDFLyQ \ SHUVLVWH OODPDU DO PpGLFD
,QKDODFLyQ 9pUWLJR GLILFXOWDG UHVSLUDWRULD ,QJHVWLyQ 'DU D EHEHU XQD SDSLOOD GH FDUEyQ DFWLYR
FRQWUDFFLyQ GH ODV SXSLODV FDODPEUHV \ DJXD SURYRFDU HO YyPLWR £81,&$0(17( (1
PXVFXODUHV
YyPLWRV
SpUGLGD
GHO 3(5621$6 &216&,(17(6 JXDUGDU UHSRVR \
FRQRFLPLHQWR
SURSRUFLRQDU DVLVWHQFLD PpGLFD
3LHO FRQWDFWR \ DEVRUFLy ,UULWDFLyQ
$QWtGRWR
2MRV ,UULWDFLyQ
6XPLQLVWUDU FRPSULPLGRV GH DWURSLQD GH PJ FDGD
6867$1&,$ 48Ë0,&$ &216,'(5$'$ &202
&$1&(5,*(1$ B12BBB
087$*(1,&$
7(5$72*(1,&$
B12BBB
B12BBB
,QIRUPDFLyQ FRPSOHPHQWDULD
'/ '(50$/ PJNJ
'/ RUDO HQ UDWDV KHPEUDV PJ.J \ SDUD
UDWDV PDFKR PJ.J /D WR[LFLGDG RUDO HV
PRGHUDGD
&/ LQKDODWRULD HQ UDWDV HV PJ/ KRUDV
XQR UHSLWLHQGR OD GRVLV FDGD PLQXWRV D KRUDV VL
HV QHFHVDULR /D WHUDSLD HQ QLxRV GHEH VXSHUYLVDUOD XQ
PpGLFR &XDQGR ORV VtQWRPDV \ VLJQRV GH LQWR[LFDFLyQ
VHDQ VHYHURV DGPLQLVWUDU GH D PJ GH VXOIDWR GH
DWURSLQD SRU YtD LQWUDYHQRVD OHQWDPHQWH KDVWD FRPSOHWDU
OD DWURSLQL]DFLyQ
5HFRPHQGDFLRQHV (O LQWR[LFDGR GHEH PDQWHQHUVH EDMR
YLJLODQFLD PpGLFD SRU OR PHQRV GXUDQWH KRUDV
HYLWDQGR OD H[SRVLFLyQ SRVWHULRU D FXDOTXLHU LQVHFWLFLGD
KDVWD TXH KD\D QRUPDOL]DGR OD FROLQHVWHUDVD VDQJXtQHD
(O XVR GH PRUILQD HSLQHIULQD R QRUDGUHQDOLQD HVWi
FRQWUDLQGLFDGR
1R DGPLQLVWUH DWURSLQD D XQD SHUVRQD FLDQyWLFD
UXERUL]DFLyQ ERFD VHFD \ SXSLOD GLODWDGD
2WURV ULHVJRV R HIHFWRV SDUD OD VDOXG
$9,62 3$5$ (/ 0e',&2 /D VXVWDQFLD SXHGH FDXVDU HIHFWRV HQ HO VLVWHPD QHUYLRVR GDQGR OXJDU D FRQYXOVLRQHV \
IDOOR UHVSLUDWRULR ,QKLELGRU GH OD FROLQHVWHUDVD /D H[SRVLFLyQ SXHGH FDXVDU OD PXHUWH /RV HIHFWRV SXHGHQ
DSDUHFHU GH IRUPD QR LQPHGLDWD 6H UHFRPLHQGD YLJLODQFLD PpGLFD /D VXVWDQFLD SXHGH DIHFWDU DO VLVWHPD
LQPXQROyJLFR ,QKLELGRU GH OD FROLQHVWHUDVD (IHFWRV DFXPXODWLYRV VRQ SRVLEOHV
&DWHJRUtD 7R[LFROyJLFD ,,, 0RGHUDGDPHQWH 7y[LFR«««««««««««««««««««««
9(/6,0(; 6$ '( &9 $Y &HQWUDO HU 3LVR 6DQ 3HGUR GH ORV 3LQRV &3 0p[LFR ')
&$5%2)85$1
6(&&,Ï1 ,1',&$&,21(6 (1 &$62 '( )8*$ < '(55$0(
$&&,21(6 $17( '(55$0(6 )8*$6 SRU VXV FDUDFWHUtVWLFDV HO SURGXFWR VH SXHGH EDUUHU IiFLOPHQWH \ FRORFDUOR HQ
UHFLSLHQWHV SDUD VX HOLPLQDFLyQ OD PHMRU IRUPD GH HOLPLQDUOR HV XWLOL]DU HO SURGXFWR GHUUDPDGR HQ XQ FXOWLYR DJUtFROD
35(&$8&,21(6 '( 3527(&&,21 3(5621$/ 8WLOLFH HTXLSR GH VHJXULGDG DSURSLDGR 3DUD PD\RU LQIRUPDFLyQ
FRQVXOWH OD VHFFLyQ VREUH HTXLSR GH SURWHFFLyQ SHUVRQDO GH HVWD +6
35(&$8&,21(6 '( 3527(&&,21 $/ $0%,(17( 1R FRQWDPLQDU FRPLGD PHGLFDPHQWRV R DJXD SRU OD GLVSRVLFLyQ R
DOPDFHQDPLHQWR /RV UHVLGXRV GH SODJXLFLGDV VRQ Wy[LFRV (O PDQHMR LQDSURSLDGR GH ORV GHVHFKRV HV XQD YLRODFLyQ D OD
/H\ VL ORV GHVHFKRV QR SXHGHQ VHU WUDWDGRV GH DFXHUGR D ODV LQVWUXFFLRQHV GH OD HWLTXHWD FRQWDFWDU D OD $JHQFLD ORFDO GH
3URWHFFLyQ DO 0HGLR $PELHQWH
6(&&,Ï1 3527(&&,Ï1 (63(&,$/ (63(&Ë),&$ 3$5$ 6,78$&,21(6 '( (0(5*(1&,$
(48,32 '( 3527(&&,Ï1 3(5621$/
6HJ~Q ODV FRQFHQWUDFLRQHV GDGDV XVDU RYHURO R XQLIRUPH GH PDQJDV ODUJDV
5RSD GH WUDEDMR
3URWHFFLyQ RFXODU
3URWHFFLyQ UHVSLUDWRULD
*XDQWHV
+LJLHQH 3HUVRQDO
\ FDEH]D FXELHUWD 3DUD H[SRVLFLRQHV ODUJDV FRPR HQ HO FDVR GH
GHUUDPDPLHQWR XVDU WUDMHV TXH FXEUDQ WRGR HO FXHUSR WRWDOPHQWH FHUUDGRV
FRPR WUDMHV GH JRPD FRQWUD OOXYLD /RV HOHPHQWRV GH FXHUR WDOHV FRPR
]DSDWRV FLQWXURQHV \ PDOODV GH UHORM TXH VH KD\DQ FRQWDPLQDGR GHEHQ VHU
VDFDGRV \ GHVWUXLGRV /DYDU WRGD OD URSD GH WUDEDMR DQWHV GH UHXVDU
VHSDUDGDPHQWH GH OD GHO KRJDU
3RU VDOSLFDGXUDV QLHEODV R H[SRVLFLyQ DO YDSRU XVDU DQWHRMRV SURWHFWRUHV R
SURWHFWRU IDFLDO
'H DFXHUGR DO WLSR GH IRUPXODFLyQ QR JHQHUD SROYRV QRV REVWDQWH HO RORU D
VROYHQWH HV IXHUWH SRU OR TXH VH UHFRPLHQGD XWLOL]DU PDVFDUD FRQ ILOWUR
9HQWLODFLyQ 8VDU H[WUDFWRUHV ORFDOHV HQ ORV VLWLRV GH SURFHVDPLHQWR GRQGH
SXHGH VHU HPLWLGR YDSRU R QLHEOD 9HQWLODU ELHQ ORV YHKtFXORV GH WUDQVSRUWH
DQWHV GH GHVFDUJDU
8VDU JXDQWHV SURWHFWRUHV GH QHRSUHQR /DYDU ELHQ ORV JXDQWHV FRQ DJXD \
MDEyQ DQWHV GH VDFiUVHORV 5HYLVH UHJXODUPHQWH SRU SHTXHxDV ILVXUDV
'HEH KDEHU DJXD GLVSRQLEOH HQ FDVR GH FRQWDPLQDFLyQ GH SLHO X RMRV /DYDU
OD SLHO DQWHV GH FRPHU EHEHU R IXPDU 'XFKDUVH DO ILQDOL]DU HO WUDEDMR
(YLWH HO FRQWDFWR FRQ OD SLHO \ RMRV 1R LQKDOH QLHEOD R YDSRUHV GHO SURGXFWR
8VH PDVFDULOOD DSURSLDGD WHQJD URSD ]DSDWRV \ JXDQWHV TXH VH XVHQ
VRODPHQWH SDUD HO WUDEDMR \ QR VH OOHYHQ SXHVWRV GHVSXpV GH pVWH 7UDEDMH
D IDYRU GHO YLHQWR \ XVH HTXLSR HQ EXHQ HVWDGR
1R FRPHU EHEHU QL IXPDU DO PDQHMDU HO SURGXFWR
6(&&,Ï1 ,1)250$&,Ï1 62%5( 75$63257$&,Ï1
5(*/$0(172 3$5$ (/ 75$163257( 7(55(675( '( 0$7(5,$/(6 < 5(6,'826 3(/,*52626
$UWtFXOR 3DUD WUDQVSRUWDU PDWHULDOHV \ UHVLGXRV SHOLJURVRV SRU ODV YtDV JHQHUDOHV GH FRPXQLFDFLyQ WHUUHVWUH HV
QHFHVDULR TXH OD 6HFUHWDUtD DVt OR HVWDEOH]FD HQ HO SHUPLVR RWRUJDGR D ORV WUDQVSRUWLVWDV VLQ SHUMXLFLR GH ODV
DXWRUL]DFLRQHV TXH RWRUJXHQ RWUDV GHSHQGHQFLDV GHO (MHFXWLYR )HGHUDO GH FRQIRUPLGDG FRQ ODV GLVSRVLFLRQHV OHJDOHV
DSOLFDEOHV
$UWtFXOR 4XHGD SURKLELGR WUDQVSRUWDU HQ XQLGDGHV TXH KD\DQ VLGR DXWRUL]DGDV SDUD WUDQVSRUWDU PDWHULDOHV \ UHVLGXRV
SHOLJURVRV
, 3HUVRQDV R DQLPDOHV
,, 3URGXFWRV DOLPHQWLFLRV GH FRQVXPR KXPDQR R DQLPDO R DUWtFXORV GH XVR SHUVRQDO \
,,, 5HVLGXRV VyOLGRV PXQLFLSDOHV
$UWtFXOR &ODVH Wy[LFRV DJXGRV YHQHQRV \ DJHQWHV LQIHFFLRVRV VRQ VXEVWDQFLDV TXH VH GHILQHQ \ GLYLGHQ WRPDQGR
HQ FRQVLGHUDFLyQ VX ULHVJR HQ
7y[LFRV DJXGRV YHQHQRV 6RQ DTXHOODV VXEVWDQFLDV TXH SXHGHQ FDXVDU OD PXHUWH OHVLRQHV JUDYHV R VHU QRFLYDV
SDUD OD VDOXG KXPDQD VL VH LQJLHUHQ LQKDODQ R HQWUDQ HQ FRQWDFWR FRQ OD SLHO
1R 81 1206&7 /LVWDGR GH ODV VXEVWDQFLDV \ PDWHULDOHV PiV SHOLJURVRV
1206&7 6LVWHPD GH LGHQWLILFDFLyQ GH XQLGDGHV GHVWLQDGDV DO WUDQVSRUWH GH VXEVWDQFLDV PDWHULDOHV \ UHVLGXRV
SHOLJURVRV
1206&7 'LVSRVLFLRQHV JHQHUDOHV SDUD OD OLPSLH]D \ FRQWURO GH UHPDQHQWHV GH VXEVWDQFLDV \ UHVLGXRV SHOLJURVRV
9(/6,0(; 6$ '( &9 $Y &HQWUDO HU 3LVR 6DQ 3HGUR GH ORV 3LQRV &3 0p[LFR ')
HQ ODV XQLGDGHV TXH WUDQVSRUWDQ PDWHULDOHV \ UHVLGXRV SHOLJURVRV
&$5%2)85$1
6(&&,Ï1 ,1)250$&,Ï1 (&2/Ï*,&$
1R FRQWDPLQH HO DJXD GH DUUR\RV ODJXQDV SUHVDV ODJRV UtRV FDQDOHV GH ULHJR \ DJXD GH PDU ODYDQGR R YHUWLHQGR SODJXLFLGDV HQ
HOORV (YtWHVH OD FRQWDPLQDFLyQ GHO DJXD GH EHEHU GH ORV DOLPHQWRV \ IRUUDMHV 1R XWLOLFH ORV HQYDVHV YDFtRV '(6758<$/26
3DUD OD GHVWUXFFLyQ GH ORV HQYDVHV YDFtRV pVWRV VH GHEHQ SHUIRUDU JXDUGDU HQ XQ OXJDU GH DOPDFHQDPLHQWR VHJXUR \ GDU DYLVR D OD
DXWRULGDG FRPSHWHQWH SDUD VX GLVSRVLFLyQ ILQDO
029,0,(172 < 3$57,&,Ð1 %DVDGR OD PD\RU SDUWH R FRPSOHWDPHQWH VREUH LQIRUPDFLyQ GHO FDUERIXUDQ /D ELRFRQFHQWUDFLyQ
SRWHQFLDO HV PRGHUDGD %&) HQWUH \ R /RJ 3RZ HQWUH \ 6H HVSHUD TXH VHD UHODWLYDPHQWH LQPyYLO HQ HO VXHOR .RF
!
3(56,67(1&,$ < '(*5$'$&,Ð1 %DVDGR OD PD\RU SDUWH R FRPSOHWDPHQWH VREUH LQIRUPDFLyQ GHO &$5%2)85$1 /D YLGD PHGLD HQ
DJXD HV GH $ VHPDQD VHPDQDV (Q HO DPELHQWH HO PDWHULDO HV HVWLPDGR TXH WLHQH XQD YLGD PHGLD GH GtDV KRUDV /D
GHJUDGDFLyQ TXH VH HVSHUD HQ HO VXHOR YD GH GtDV D VHPDQDV %DMR FRQGLFLRQHV DHUyELFDV HQ VXHOR OD YLGD PHGLD HVWD JHQHUDOPHQWH
HQWUH GtDV
(&272;,&2/2*Ì$
(VWD VXVWDQFLD SXHGH VHU SHOLJURVD SDUD HO DPELHQWH GHEHUtD SUHVWDUVH DWHQFLyQ HVSHFLDO D ORV RUJDQLVPRV DFXiWLFRV \ WHUUHVWUHV
DEHMDV \ DYHV (V Wy[LFR SDUD ORV SHFHV \ RUJDQLVPRV DFXiWLFRV
6(&&,Ï1 35(&$8&,21(6 (63(&,$/(6
,1)250$&,Ï1 $',&,21$/ 3$5$ 68 0$1(-2 75$163257( < $/0$&(1$0,(172
0DQLSXODFLyQ (O SHUVRQDO LQYROXFUDGR HQ HO PDQHMR GHO SURGXFWR GHEH XWLOL]DU WRGRV ORV HOHPHQWRV GH SURWHFFLyQ SHUVRQDO
UHFRPHQGDGRV (YLWH IXPDU XVR GH FHOXODUHV OiPSDUDV \ HQFKXIHV TXH QR VHDQ DSUXHED GH H[SORVLRQHV R HO XVR GH FXDOTXLHU HOHPHQWR
TXH SXGLHVH JHQHUDU FKLVSDV
3UHFDXFLRQHV SDUD PDQLSXODFLyQ
¾ 9HQWLODFLyQ JHQHUDO \ ORFDO 'HEH SRVHHU XQ VLVWHPD GH YHQWLODFLyQ GH DFXHUGR DO '6 0DQWHQJD HO SURGXFWR DOHMDGR GH ORV QLxRV \ DQLPDOHV
1R XVH HVWH SURGXFWR HQ LQWHULRUHV
/iYHVH ELHQ GHVSXpV GH PDQHMDU HO SURGXFWR DQWHV GH FRPHU EHEHU R IXPDU
$OPDFHQDPLHQWR
¾ $VSHFWRV WpFQLFRV (Q ERGHJD DXWRUL]DGD \ HQYDVHV FODUDPHQWH LGHQWLILFDGRV GH VHU SRVLEOH HQ ORV RULJLQDOHV
¾ &RQGLFLRQHV GH DOPDFHQDPLHQWR /XJDU IUHVFR \ VHFR FRQ EXHQD YHQWLODFLyQ ORV SURGXFWRV GHEHQ VHU DOPDFHQDGRV HQ HVWDQWHUtDV
VHSDUDGRV GHO SLVR
1R UHFRPHQGDGRV $OPDFHQDU MXQWR D DOLPHQWRV \ PHGLFLQDV GH XVR DQLPDO R KXPDQR VHPLOODV \ FXDOTXLHU RWURV TXH HQWUH HQ
FRQWDFWR GLUHFWR FRQ KRPEUHV \ DQLPDOHV PXHEOHV
(PEDODMHV
¾ 5HFRPHQGDGRV HQYDVHV VHOODGRV FRQ HWLTXHWD YLVLEOH
1R UHFRPHQGDGRV DTXHOORV TXH SUHVHQWHV ILVXUDV X IXJDV FRQ HWLTXHWDV HQ PDO HVWDGR R VLQ HOODV
/D GLVSRVLFLyQ ILQDO QR DGHFXDGD GHO H[FHVR GH SURGXFWR OD PH]FOD GH URFLDGR R GHO HQMXJXH HV XQD YLRODFLyQ GH ODV OH\HV IHGHUDOHV 6L
HVWRV GHVSHUGLFLRV QR SXHGHQ HOLPLQDUVH GH DFXHUGR FRQ ODV LQVWUXFFLRQHV GH OD HWLTXHWD SyQJDVH HQ FRQWDFWR FRQ VX 6HFUHWDUtD HVWDWDO
SDUD HO FRQWURO DPELHQWDO R GH SHVWLFLGDV
'LVSyQJDVH ORV HQYDVHV YDFtRV GH DFXHUGR DO 5HJODPHQWR GH OD /H\ GH (TXLOLEULR (FROyJLFR \ 3URWHFFLyQ DO $PELHQWH HQ PDWHULDO GH
UHVLGXRV SHOLJURVRV 1R FRQWDPLQH HO DJXD ORV DOLPHQWRV QL ODV VHPLOODV DO DOPDFHQDU R GHVHFKDU HVWH SURGXFWR (VWH SURGXFWR HV Wy[LFR
SDUD ORV SHFHV \ ODV DEHMDV 1R VH GHVHFKH GH PDQHUD TXH GDxH D OD IDXQD \ IORUD VLOYHVWUH
7UDQVSRUWH
'HEH FRPSUREDUVH HO HVWDGR GHO YHKtFXOR DQWHV GH VHU GHSRVLWDGD OD FDUJD HQ pO 'HEHQ VHU HYLWDGRV SLVRV HQ PDO HVWDGR R FRQ
DVWLOODV FODYRV VDOLGRV HWF 4XH SXHGDQ FDXVDU GDxR D ORV HPSDTXHV /D FDUJD GHEH TXHGDU ILUPH \ VHJXUD 7RGRV ORV UHFLSLHQWHV R
HQYDVHV GHEHQ VHU PDQLSXODGRV FRQ FXLGDGR GHEHQ VHU VXMHWDGRV \ SURWHJLGRV SDUD SUHYHQLU SRVLEOHV GDxRV 6H UHFRPLHQGD OOHYDU HO
HTXLSR GH SURWHFFLyQ \ GH OLPSLH]D QHFHVDULR SDUD FRPEDWLU FXDOTXLHU SHUFDQFH
6H UHTXLHUHQ ORV FyGLJRV \ FODVLILFDFLRQHV GH DFXHUGR FRQ UHJXODFLRQHV \ QRUPDV QDFLRQDOHV SDUD HO WUDQVSRUWH VHJXUR GH VXVWDQFLDV
SHOLJURVDV
9HOIXUDQ *
/$ ,1)250$&,Ï1 &217(1,'$ (1 (67$ +2-$ '( 6(*85,'$' 6( 5(),(5( $/ 0$7(5,$/
(63(&Ë),&2 /$ 48( 38('( 12 6(5 9È/,'$ 6, (/ 0$7(5,$/ 6( 86$ (1 &20%,1$&,Ï1
&21 27526 0$7(5,$/(6 2 352&(626 (6 5(63216$%,/,'$' '(/ 868$5,2 (/
0$1(-2 48( 6( /( '( $ (67$ ,1)250$&,Ï1 $6Ë &202 /$ 6$7,6)$&&,Ï1
$'(&8$&,Ï1 ( ,17(*5,'$' '( /$ 0,60$
9(/6,0(; 6$ '( &9 $Y &HQWUDO HU 3LVR 6DQ 3HGUR GH ORV 3LQRV &3 0p[LFR ')
© Copyright 2024