+2-$'('$726'(6(*85,'$'

0,/7(03
,GHQWLILFDFLyQGHO3URGXFWR\GHOD&RPSDxtD

1RPEUHGHOPDWHULDO

0,/7(03

8VRGHOSURGXFWR

'HIORFXODQWH

)HFKDGHUHYLVLyQ



'HVFULSFLyQ4XtPLFD
3URYHHGRU

1XPHURGH7HOpIRQRGH
(PHUJHQFLD

&RSROLPHURGH(VWLUHQR6XOIRQDGR$QKLGURPDOHLFR
%DNHU+XJKHV'ULOOLQJ)OXLGV
5DQNLQ5G
+RXVWRQ7;
&+(075(&

,GHQWLILFDFLyQGHORV3HOLJURV

'HVFULSFLyQJHQHUDOSDUD
HPHUJHQFLDV

(OSROYRGHOSURGXFWRSXHGHVHULUULWDQWHSDUDORVRMRVODSLHO\HOVLVWHPDUHVSLUDWRULR/RVSROYRV
RJDVHVSXHGHQIRUPDUPH]FODVH[SORVLYDVHQHODLUH

(IHFWRVSRWHQFLDOHVVREUHODVDOXG
,QKDODFLyQ&RQWDFWRFRQODSLHO&RQWDFWRFRQORVRMRV
9tDVGHH[SRVLFLyQ
2MRV

(OSROYRRWDOFRSXHGHLUULWDUHOWHMLGRGHORVRMRV

,QKDODFLyQ

/DLQKDODFLyQGHOSROYRSXHGHSURYRFDULUULWDFLyQUHVSLUDWRULD

3LHO

,QJHVWLyQ

(OFRQWDFWRFXWiQHRSURORQJDGRRUHLWHUDGRSXHGHSURYRFDUXQDOHYHLUULWDFLyQRHQURMHFLPLHQWR
/DLQJHVWLyQSXHGHRFDVLRQDULUULWDFLyQJDVWURLQWHVWLQDOQiXVHDYyPLWR\GLDUUHD

&RPSRVLFLyQ,QIRUPDFLyQVREUHORV,QJUHGLHQWHV

(OIDEULFDQWHQRLQGLFDODSUHVHQFLDGHVXVWDQFLDVGHULHVJRGHDFXHUGRFRQ&)5GH26+$$GPLQLVWUDFLyQGH6DOXG\
6HJXULGDG2FXSDFLRQDO

0HGLGDVGH3ULPHURV$X[LOLRV

3URFHGLPLHQWRVGHSULPHURVDX[LOLRV
0DQWHQJDORVSiUSDGRVVHSDUDGRV\ODYHORVRMRVFRQDEXQGDQWHDJXDGXUDQWHDOPHQRV
&RQWDFWRFRQORVRMRV
PLQXWRV&RQVLJDDWHQFLyQPpGLFDVLODLUULWDFLyQDXPHQWDRSHUVLVWH
&RQWDFWRFRQODSLHO

/DYHFRQDJXD\MDEyQ&RQVLJDDWHQFLyQPpGLFDVLODLUULWDFLyQDXPHQWDRSHUVLVWH

,QJHVWLyQ

+DJDTXHODYtFWLPDVHHQMXDJXHPX\ELHQODERFDFRQDJXD6LVHLQJLHUHQJUDQGHVFDQWLGDGHV
EXVTXHDWHQFLyQPpGLFD

,QKDODFLyQ

&RQVHMRJHQHUDO

6DTXHDODLUHOLEUH6XPLQLVWUHR[tJHQRFXDQGRKD\DGLILFXOWDGHVSDUDUHVSLUDU/ODPHDOPpGLFRVL
ORVVtQWRPDVDSDUHFHQRSHUVLVWHQ
(QFDVRGHPDOHVWDUDFXGDDOPpGLFRVLHVSRVLEOHPXpVWUHOHODHWLTXHWD

0HGLGDVSDUD&RPEDWLU,QFHQGLRV

3URSLHGDGHVLQIODPDEOHV
0HGLRVGHH[WLQFLyQ
0HGLRVGHH[WLQFLyQ
DGHFXDGRV

3URWHFFLyQSDUDERPEHURV
(TXLSRGHSURWHFFLyQ\
SUHFDXFLRQHVSDUD
ERPEHURV

(OSROYRHQFRQFHQWUDFLRQHVVXILFLHQWHVSXHGHIRUPDUPH]FODVH[SORVLYDVFRQHODLUH
3URGXFWRVTXtPLFRVVHFRV&2RDJXDSXOYHUL]DGD1LHEODGHDJXD
5HWLUHORVUHFLSLHQWHVGHOiUHDGHOLQFHQGLRVLKDFHUHVWRQRHQWUDxDULHVJRV1RGLVSHUVHHO
PDWHULDOGHUUDPDGRFRQFKRUURVGHDJXDDDOWDSUHVLyQ8VHURSDGHSURWHFFLyQFRPSOHWD
LQFOX\HQGRFDVFRDSDUDWRGHUHVSLUDFLyQFRQGHPDQGDGHSUHVLyQRGHSUHVLyQSRVLWLYD
DXWyQRPRURSDGHSURWHFFLyQ\PDVFDULOODIDFLDO

0HGLGDVGH/LEHUDFLyQ$FFLGHQWDO

3UHFDXFLRQHVLQGLYLGXDOHV
0pWRGRVGHFRQWHQFLyQ

1RPEUHGHOPDWHULDO0,/7(03

0DQWHQJDDOHMDGRDOSHUVRQDOTXHQRVHDQHFHVDULR1RWRTXHHOPDWHULDOGHUUDPDGRQLFDPLQH
VREUHpO9HQWLOHORVHVSDFLRVFHUUDGRVDQWHVGHHQWUDUHQHOORV

'HWHQJDHOIOXMRGHPDWHULDOVLHVWRQRHQWUDxDULHVJRV(OLPLQDUWRGDVODVIXHQWHVGHLJQLFLyQQR
IXPDUWHDVFKLVSDVQLOODPDVHQORVDOUHGHGRUHV(YLWHVXHQWUDGDHQYtDVIOXYLDOHVVLVWHPDVGH
GUHQDMHVyWDQRVRiUHDVFHUUDGDV

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2



0pWRGRVGHOLPSLH]D

/DSDUWtFXODVPX\ILQDVSXHGHQSURYRFDUXQLQFHQGLRRXQDH[SORVLyQHOLPLQHODVIXHQWHVGH
LJQLFLyQ$VSLUHREDUUDHOPDWHULDO\FROyTXHORHQXQUHFLSLHQWHSDUDVXHOLPLQDFLyQ

0DQHMR\$OPDFHQDPLHQWR

0DQLSXODFLyQ

$OPDFHQDPLHQWR

0LQLPLFHODJHQHUDFLyQ\DFXPXODFLyQGHSROYR$GRSWHODVDFFLRQHVQHFHVDULDVSDUDHYLWDU
GHVFDUJDVGHHOHFWULFLGDGHVWiWLFDTXHSRGUtDQRFDVLRQDUODLQIODPDFLyQGHORVYDSRUHV
RUJiQLFRV1RUHVSLUHHOSROYRGHHVWHPDWHULDO1RPDQLSXOHQLJXDUGHFHUFDGHOIXHJRFDORUX
RWUDVIXHQWHVGHLJQLFLyQ(YLWHTXHHOPDWHULDOHQWUHHQFRQWDFWRFRQODSLHOORVRMRV\ODURSD
0DQWHQJDDOHMDGRGHFDORUFKLVSDV\OODPDV&LHUUHORVUHFLSLHQWHVKHUPpWLFDPHQWH\
PDQWpQJDORVHQOXJDUVHFRIUHVFR\ELHQYHQWLODGR

&RQWUROHVGH([SRVLFLyQ\3URWHFFLyQ3HUVRQDO

'DWRVGH([SRVLFLyQ
$GLFLRQDOHV

&RQWUROHVGHLQJHQLHUtD
3URWHFFLyQSHUVRQDO
3URWHFFLyQSDUDRMRV\
URVWUR
3URWHFFLyQFXWiQHD

3URWHFFLyQUHVSLUDWRULD
3URWHFFLyQGHODVPDQRV

3DUWLFXODVPROHVWDV
26+$3(/
PJP3ROYR7RWDOKU7:$
PJP3ROYRUHVSLUDEOHKU7:$
$&*,+7/9
PJPLQKDODEOHKU7:$
PJPUHVSLUDEOHKU7:$

$tVOHHOSURFHVRXVHYHQWLODFLyQPHFiQLFDORFDORFXDOTXLHUPpWRGRGHLQJHQLHUtDGHFRQWUROSDUD
PDQWHQHUORVQLYHOHVHQHODLUHSRUGHEDMRGHORVOtPLWHVGHH[SRVLFLyQUHFRPHQGDGRV
8VHDQWHRMRVGHSURWHFFLyQSDUDSROYR
6HUHFRPLHQGDHOXVRGHWUDMHGHWUDEDMRGHSURWHFFLyQ\PDQJDVODUJDV6HUHFRPLHQGDHOXVRGH
ERWDVLPSHUPHDEOHV
6HUHFRPLHQGDQPiVFDUDVGHVHJXULGDGSDUDSROYRHQORVOXJDUHVGHWUDEDMRGRQGHOD
FRQFHQWUDFLyQGHSROYRVHDVXSHULRUDPJP
*XDQWHVSURWHFWRUHV

&RQVLGHUDFLRQHVJHQHUDOHV 0DQLS~OHORFRQODVSUHFDXFLRQHVGHKLJLHQHLQGXVWULDODGHFXDGDV\UHVSHWHODVSUiFWLFDVGH
VHJXULGDG/iYHVHODVPDQRVDQWHVGHORVGHVFDQVRVHLQPHGLDWDPHQWHGHVSXpVGHPDQLSXODUOD
GHKLJLHQH
VXEVWDQFLD

3URSLHGDGHV)tVLFDV\4XtPLFDV

$SDULHQFLD&RORU)RUPD

3ROYR7RVWDGR6yOLGR

(VWDGRGHODPDWHULD

6yOLGR

2ORU

(VWDGRItVLFR
S+

3XQWRGHIXVLyQ

3XQWRGHFRQJHODFLyQ
3XQWRGHHEXOOLFLyQ

3XQWRGHLQIODPDFLyQ

QGLFHGHHYDSRUDFLyQ

/tPLWHVGHLQIODPDELOLGDGHQ
DLUH6XSHULRUSRUYROXPHQ

1LQJXQR
6yOLGR

LQ6ROQ

1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH

/tPLWHVGHLQIODPDELOLGDGHQ
DLUH,QIHULRUSRUYROXPHQ

1RGLVSRQLEOH

'HQVLGDGGHYDSRU

1RGLVSRQLEOH

3UHVLyQGHYDSRU

1RGLVSRQLEOH

3HVRHVSHFtILFR



'HQVLGDGUHODWLYD
6ROXELOLGDG

6ROXELOLGDG$JXD

&RHILFLHQWHGHUHSDUWR
QRFWDQRODJXD

7HPSHUDWXUDGHDXWRLJQLFLyQ
7HPSHUDWXUDGH
GHVFRPSRVLFLyQ

1RPEUHGHOPDWHULDO0,/7(03

1RGLVSRQLEOH

6ROXEOHHQHODJXD
1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH
1RGLVSRQLEOH

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2



,QIRUPDFLyQVREUH(VWDELOLGDG4XtPLFD\5HDFWLYLGDG

(VWDELOLGDGTXtPLFD

(VWDEOHHQFRQGLFLRQHVQRUPDOHV

3URGXFWRVGHGHVFRPSRVLFLyQ
SHOLJURVRV

'HODGHVFRPSRVLFLyQHVWHSURGXFWRHPLWHy[LGRVGHD]XIUHPRQy[LGRGHFDUERQRELy[LGRGH
FDUERQRRKLGURFDUEXURVGHEDMRSHVRPROHFXODU

0DWHULDOHVLQFRPSDWLEOHV

3RVLELOLGDGGHUHDFFLRQHV
SHOLJURVDV

1RFRQRFLGRV
1RRFXUUH

,QIRUPDFLyQ7R[LFROyJLFD

(IHFWRVDJXGRV
(IHFWRVORFDOHV

,QIRUPDFLyQ(FROyJLFD

/DLQJHVWLyQSXHGHRFDVLRQDULUULWDFLyQJDVWURLQWHVWLQDOQiXVHDYyPLWR\GLDUUHD
,UULWDORVRMRV\ODVYtDVUHVSLUDWRULDV

(FRWR[LFLGDG

1RVHHVSHUDTXHHVWHPDWHULDOVHDGDxLQRSDUDODYLGDDFXiWLFD

,QVWUXFFLRQHVSDUDOD
HOLPLQDFLyQ

(OLPLQHGHDFXHUGRFRQWRGDVODVUHJXODFLRQHVDSOLFDEOHV

&RQVLGHUDFLRQHVGH(OLPLQDFLyQ

,QIRUPDFLyQ5HODWLYDDO7UDQVSRUWH

,$7$
1RHVWiFODVLILFDGRFRPRSURGXFWRSHOLJURVR
,0'*
1RHVWiFODVLILFDGRFRPRSURGXFWRSHOLJURVR

,QIRUPDFLyQ5HJXODGRUD

5HJODPHQWRVIHGHUDOHVGH
((88

(VWHSURGXFWRQRVHFRQVLGHUDSHOLJURVRVHJ~QOD1RUPDGH&RPXQLFDFLyQGH3HOLJURV(VWiQGDU
GH&RPXQLFDFLyQGH5LHVJRVGH26+$&)5

$GPLQLVWUDFLyQGH6DOXG\6HJXULGDG2FXSDFLRQDOHQLQJOpV26+$
1R
&)5
SURGXFWRTXtPLFR
SHOLJURVR

/H\GH(QPLHQGDV\5HDXWRUL]DFLRQHV6XSHULRUHV6XSHUIRQGRGHHQLQJOpV6$5$

3HOLJUR,QPHGLDWR6t
&DWHJRUtDVGHSHOLJUR
3HOLJUR5HWUDVDGR1R
3HOLJURGH,QFHQGLR1R
3HOLJURGH3UHVLyQ1R
3HOLJURGH5HDFWLYLGDG1R
6HFFLyQVXVWDQFLD
VXPDPHQWHSHOLJURVD

1R

6HFFLyQSURGXFWR
TXtPLFRSHOLJURVR

6t

3DtVHVRUHJLyQ
$XVWUDOLD

1RPEUHGHLQYHQWDULR
,QYHQWDULR$XVWUDOLDQRGH6XVWDQFLDV4XtPLFDVHQLQJOpV$,&6

(VWDGRGH,QYHQWDULR

&DQDGi

/LVWDGRGH6XVWDQFLDV'RPpVWLFDVHQLQJOpV'6/

&KLQD

,QYHQWDULRGHVXVWDQFLDVTXtPLFDVQXHYDVHQ&KLQD,(&6&

&DQDGi
(XURSD
(XURSD
-DSyQ
&RUHD

1XHYD=HODQGD
)LOLSLQDV

1RPEUHGHOPDWHULDO0,/7(03

(QH[LVWHQFLDVtQR
6t
6t

/LVWDGH6XVWDQFLDV1R'RPpVWLFDVHQLQJOpV1'6/

1R

,QYHQWDULR(XURSHRGH4XtPLFRV1XHYRV\4XtPLFRV([LVWHQWHV
HQLQJOpV(,1(&6

1R

,QYHQWDULRGHODVVXVWDQFLDVTXtPLFDVH[LVWHQWHV\QXHYDV
(1&6

1R

6t

/LVWDHXURSHDGHVXVWDQFLDVTXtPLFDVQRWLILFDGDV(/,1&6

1R

/LVWDGHVXVWDQFLDVTXtPLFDVH[LVWHQWHV(&/

6t

,QYHQWDULR)LOLSLQRGH4XtPLFRV\6XVWDQFLDV4XtPLFDVHQ
LQJOpV3,&&6

6t

,QYHQWDULRGH1XHYD=HODQGD

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

6t

06'60(;,&2



3DtVHVRUHJLyQ
1RPEUHGHLQYHQWDULR
(VWDGRV8QLGRV\3XHUWR5LFR /H\GH&RQWUROGH6XVWDQFLDV7y[LFDVHQLQJOpV76&$
,QYHQWDULR

(QH[LVWHQFLDVtQR
6t

8QDUHVSXHVWD6tLQGLFDTXHWRGRVORVFRPSRQHQWHVGHHVWHSURGXFWRFXPSOHQFRQORVUHTXLVLWRVGHORVLQYHQWDULRVDGPLQLVWUDGRVSRUHOORV
SDtVHVJREHUQDQWHV

2WUD,QIRUPDFLyQ

FDWHJRUtD+0,6

&ODVLILFDFLyQVHJ~Q1)3$
5HQXQFLD

865HYLVDGR

)HFKDGHODYHUVLyQ
)HFKDGH5HYLVLyQ

(VWDILFKDGHGDWRVFRQWLHQH
FDPELRVFRQUHVSHFWRDOD
YHUVLyQDQWHULRUHQODV
VHFFLyQHV

1RPEUHGHOPDWHULDO0,/7(03

6DOXG
,QIODPDELOLGDG
)DFWRUGHULHVJRItVLFR
3URWHFFLyQSHUVRQDO&
6DOXG
,QIODPDELOLGDG
,QHVWDELOLGDG

/DLQIRUPDFLyQSURSRUFLRQDGDHQHVWD)LFKDGH'DWRVGH6HJXULGDGHVODPiVFRUUHFWDGHTXH
GLVSRQHPRVDODIHFKDGHVXSXEOLFDFLyQ/DLQIRUPDFLyQVXPLQLVWUDGDHVWiFRQFHELGDVRODPHQWH
FRPRXQDJXtDSDUDODVHJXULGDGHQHOPDQHMRXVRSURFHVDGRDOPDFHQDPLHQWRWUDQVSRUWH
HOLPLQDFLyQ\GHVFDUJD\QRGHEHVHUFRQVLGHUDGDFRPRXQDJDUDQWtDRHVSHFLILFDFLyQGHFDOLGDG
/DLQIRUPDFLyQVHUHILHUH~QLFDPHQWHDOPDWHULDOHVSHFLILFDGR\QRSXHGHVHUYiOLGDSDUDGLFKR
PDWHULDOXVDGRHQFRPELQDFLyQFRQRWURVPDWHULDOHVRHQFXDOTXLHUSURFHVRDPHQRVTXHVHD
LQGLFDGRHQHOWH[WR
&KHU\O+RRG7HO




,GHQWLILFDFLRQGHOSURGXFWR\GHODFRPSDxLD(VWDGRV)LVLFRV
&20326,&,21,1)250$&,21'(/26&20321(17(6,QJUHGLHQWHV
0HGLGDVFRQWUDLQFHQGLRV,QFHQGLR\3URSLHGDGHVGH([SORVLyQ
0DQHMR\$OPDFHQDPLHQWR0DQLSXODFLyQ
,QIRUPDFLyQ5HJXODWRULD(VWDGRV8QLGRV

YHUVLyQ)HFKDGHUHYLVLyQ)HFKDGHLPSUHVLyQ

06'60(;,&2