6RSRUWHDOFRQVXPLGRU
3iJLQD:HEGH*($SSOLDQFHV*($SSOLDQFHVFRP
¢7LHQHDOJXQDSUHJXQWDVREUHVXHOHFWURGRPpVWLFR"£3UXHEHODSiJLQD:HEGH*($SSOLDQFHVFXDOTXLHUGtD GHODxR3DUDPD\RUFRQYHQLHQFLD\VHUYLFLRPiVUiSLGR\DSXHGHGHVFDUJDUORV0DQXDOHVGHORV3URSLHWDULRV SHGLUSLH]DVRLQFOXVRKDFHUXQDFLWDHQOtQHDSDUDTXHYHQJDQDUHDOL]DUXQDUHSDUDFLyQ
6ROLFLWHXQDUHSDUDFLyQ*($SSOLDQFHVFRP
(OVHUYLFLRGHH[SHUWRV*(HVWiDWDQVyORXQSDVRGHVXSXHUWD£(QWUHHQOtQHD\VROLFLWHVXUHSDUDFLyQFXDQGR OHYHQJDFXDOTXLHUGtDGHODxR2OODPHDO*(&$5(6 GXUDQWHKRUDVQRUPDOHVGHRILFLQD
5HDO/LIH'HVLJQ6WXGLR (VWXGLRGHGLVHxRSDUDODYLGDUHDO *($SSOLDQFHVFRP
*(DSR\DHOFRQFHSWRGH'LVHxR8QLYHUVDO³SURGXFWRVVHUYLFLRV\DPELHQWHVTXHSXHGHQXVDUJHQWHGH WRGDVODVHGDGHVWDPDxRV\FDSDFLGDGHV5HFRQRFHPRVODQHFHVLGDGGHGLVHxDUSDUDXQDJUDQJDPDGH KDELOLGDGHV\GLILFXOWDGHVItVLFDV\PHQWDOHV3DUDPiVGHWDOOHVFREUHODVDSOLFDFLRQHVGH*('LVHxR8QLYHUVDO LQFOX\HQGRLGHDVGHGLVHxRSDUDODFRFLQDSDUDSHUVRQDVFRQGLVFDSDFLGDGHVPLUHQXHVWUDSiJLQD:HEKR\ PLVPR 3DUDSHUVRQDVFRQGLILFXOWDGHVDXGLWLYDVIDYRUGHOODPDUDO7''*($&
*DUDQWtDVDPSOLDGDV*($SSOLDQFHVFRP
&RPSUHXQDJDUDQWtDDPSOLDGD\REWHQJDGHWDOOHVVREUHGHVFXHQWRVHVSHFLDOHVGLVSRQLEOHVPLHQWUDV VXJDUDQWtDHVWiD~QDFWLYD3XHGHFRPSUDUODHQOtQHDHQFXDOTXLHUPRPHQWRROODPDUDO GXUDQWHKRUDVQRUPDOHVGHRILFLQD*(&RQVXPHU+RPH6HUYLFHVHVWDUiD~QDKtFXDQGRVXJDUDQWtDWHUPLQH
3LH]DV\DFFHVRULRV | *($SSOLDQFHVFRP |
$TXHOORVLQGLYLGXRVFRQODFDOLILFDFLyQQHFHVDULDSDUDUHSDUDUVXVSURSLRVHOHFWURGRPpVWLFRVSXHGHQ SHGLUTXHVHOHVPDQGHQODVSLH]DVRDFFHVRULRVGLUHFWDPHQWHDVXVKRJDUHV DFHSWDPRVODVWDUMHWDV9,6$ 0DVWHU&DUG\'LVFRYHU +DJDVXSHGLGRHQOtQHDKR\KRUDVFDGDGtDROODPDUSRUWHOpIRQRDO
GXUDQWHKRUDVQRUPDOHVGHRILFLQD
/DVLQVWUXFFLRQHVGHVFULWDVHQHVWHPDQXDOFXEUHQORVSURFHGLPLHQWRVDVHJXLUSRUFXDOTXLHUXVXDULR&XDOTXLHU RWUDUHSDUDFLyQGHEHUtDSRUUHJODJHQHUDOUHIHULUVHDSHUVRQDOFDOLILFDGRDXWRUL]DGR'HEHHMHUFHUVHSUHFDXFLyQ\D
TXHODVUHSDUDFLRQHVLQFRUUHFWDVSXHGHQFDXVDUFRQGLFLRQHVGHIXQFLRQDPLHQWRLQVHJXUDV
3yQJDVHHQFRQWDFWRFRQQRVRWURV*($SSOLDQFHVFRP
6LQRHVWiVDWLVIHFKRFRQHOVHUYLFLRTXHUHFLEHGH*(SyQJDVHHQFRQWDFWRFRQQRVRWURVHQQXHVWUDSiJLQD:HE LQGLFDQGRWRGRVORVGHWDOOHVDVtFRPRVXQ~PHURGHWHOpIRQRRHVFUtEDQRVD
*HQHUDO0DQDJHU&XVWRPHU5HODWLRQV *($SSOLDQFHV$SSOLDQFH3DUN /RXLVYLOOH.<
5HJLVWUHVXHOHFWURGRPpVWLFR*($SSOLDQFHVFRP
£5HJLVWUHVXQXHYRHOHFWURGRPpVWLFRHQOtQHD³FXDQGR XVWHGSUHILHUD(OUHJLVWUDUVXSURGXFWRDWLHPSR
OHSURSRUFLRQDUiVLVXUJLHUDODQHFHVLGDGXQDPHMRUFRPXQLFDFLyQ\XQVHUYLFLRPiVUiSLGREDMRORVWpUPLQRV
GHVXJDUDQWtD7DPELpQSXHGHHQYLDUVXWDUMHWDGHUHJLVWURSUHLPSUHVDTXHVHLQFOX\HHQHOPDWHULDO
GHHPEDODMH
,PSUHVRHQ0H[LFR
