0e72'2 )5$1&e6 '( 3,$12
1LQL &XUVR GH 3LDQR
$XWRU :DOWHU -DYLHU 6HPROLþ
:HE ZZZ 0HWRGRIUDQFHVGHSLDQR FRP &RQWDFWRV ,QIR#PHWRGRIUDQFHVGHSLDQR FRP
ËQGLFH
¾ 3URORJR ¾ &DSLWXOR 1 /D 5HODMDFLyQ \ /D 3RVWXUD ¾ &DSLWXOR 1 (MHUFLFLR GH 3RVLFLyQ ¾ &DSLWXOR 1 (MHUFLFLRV GH 0RYLPLHQWR ¾ &DSLWXOR 1 (MHUFLFLR GH )OXLGH] ¾ &DSLWXOR 1 (MHUFLFLR GH $SHUWXUD SDUD WRGRV ORV 'HGRV &DOHQWDPLHQWR ¾ &DSLWXOR 1 (MHUFLFLR GH 3RVLFLyQ \ 0RYLPLHQWR SDUD 7ULDGDV ¾ &DSLWXOR 1 (MHUFLFLR GH 0RYLPLHQWR \ )OXLGH] SDUD (VFDODV ¾ 'HVSHGLGD
3URORJR
(Q HVWH SHTXHxR 0LQL &XUVR DSUHQGHUi DOJXQRV GH ORV HMHUFLFLRV EiVLFRV GHO 0pWRGR )UDQFpV GH 3LDQR : - 6 (VWH SHTXHxR SHUR HIHFWLYR 0LQL &XUVR FRQVWD VRODPHQWH GH VLHWH FODVHV $ OR ODUJR GH FDGD FDSLWXOR GH HVWH VHQVDFLRQDO 0LQL &XUVR SRGUi DSUHQGHU OD SRVWXUD FRUSRUDO IUHQWH DO 3LDQR OD UHODMDFLyQ FRPR DVt WDPELpQ DOJXQRV GH ORV HMHUFLFLRV PDV EiVLFRV SDUD WHQHU XQ EXHQ PRYLPLHQWR GH GHGRV \ PDQRV (Q FRQFOXVLyQ HVWDV SHTXHxDV SUiFWLFDV OH GDUiQ XQ HPSXMyQ SDUD WHQHU XQD 'LJLWDFLyQ PDV )OXLGD +D FRQWLQXDFLyQ YHUHPRV DOJXQDV 3UDFWLFDV GH 3RVLFLyQ 0RYLPLHQWR \ )OXLGH] TXH QRV EULQGD HVWH &XUVR SDUD WHQHU XQD EXHQD \ PHMRU 'LJLWDFLyQ )OXLGD \D TXH HV ORV PDV LPSRUWDQWH D OD KRUD GH HMHFXWDU FXDOTXLHU LQVWUXPHQWR 0XVLFDO 3ULPHUR \ SULQFLSDO DQWHV FRPHQ]DU FRQ ODV SUDFWLFDV YDPRV D HVWDEOHFHU OD SRVWXUD \ UHODMDFLyQ TXH WHQGUHPRV IUHQWH DO 3LDQR R 7HFODGR SDUD WHQHU XQD PHMRU UHVSXHVWD FRUSRUDO
:DOWHU -DYLHU 6HPROLþ
ZZZ PHWRGRIUDQFHVGHSLDQR FRP
&DSLWXOR 1 /D 5HODMDFLyQ \ /D 3RVWXUD
/D 5HODMDFLyQ /D UHODMDFLyQ HV PX\ LPSRUWDQWH D OD KRUD GH HMHFXWDU XQ ,QVWUXPHQWR 0XVLFDO \D TXH DO HVWDU HO FXHUSR ELHQ UHODMDGR SRGUHPRV WHQHU ORV P~VFXORV ELHQ VXHOWRV HVWR QRV EULQGD XQD PD\RU PRYLOLGDG PRWUL] VROWXUD DJLOLGDG SDUD SRGHU PRYHUQRV 8Q PpWRGR GH UHODMDFLyQ SDUD OD HMHFXFLyQ GHO 3LDQR HV OD VLJXLHQWH 6H FRPSUHQGH GH 6HLV SDVRV PX\ VLPSOHV 'HMH FDHU VXV EUD]RV D ORV ODGRV GH VX &XHUSR 'HMH FDHU ORV KRPEURV $EUD \ FLHUUH ODV PDQRV FRQ ORV GHGRV ELHQ VHSDUDGRV GXUDQWH XQ PLQXWR 5RWH ODV PXxHFDV GH ODV PDQRV HQ DPERV VHQWLGRV GXUDQWH VHJXQGRV /HYDQWH ORV %UD]RV \ UHDOLFH ORV SURFHGLPLHQWRV \ 3RU XOWLPR WUDWH GH PRYHU WRGRV ORV GHGRV GH DPEDV PDQRV GH IRUPD DOWHUDGD \ SHJXH SHTXHxRV VDOWLWRV HQ XQ PLVPR OXJDU (Q FDVR GH 7HQHU ODV 0DQRV PX\ IUtDV VH UHFRPLHQGD SULPHUR FDOHQWDUODV FRQ DJXD FDOLHQWH QXQFD FRQ FDORU VHFR (VWXID &DOHQWDGRU HWF HVWR VROR FDOLHQWD GHO ODGR GH DIXHUD GH OD PDQR /D SLHO \ ORV WHQGRQHV ORV P~VFXORV VLJXHQ WDQ IUtRV FRPR DO SULQFLSLR 6ROR HO DJXD OD KXPHGDG SHQHWUD GHQWUR GH OD SLHO \ GLODWD OD PDQR DIORMiQGROD HQ WRGR VHQWLGR HVWLUDPLHQWR GH OD SLHO PRYLPLHQWR GH ORV WHQGRQHV /D UHODMDFLyQ GHSHQGH WDPELpQ GH OD FRQILDQ]D D KRUD GH WRFDU HQ YLYR ORV QHUYLRV KDFHQ FRQWUDHU ORV P~VFXORV GHO FXHUSR KXPDQR VLHPSUH HVWH VHJXUR GH OR TXH YD D HMHFXWDU ORV QHUYLRV \ OD PDOD UHODMDFLyQ SRGUtDQ WUDHUOH SUREOHPDV
/D 3RVWXUD /D SRVWXUD HV PX\ LPSRUWDQWH SDUD OD HMHFXFLyQ GHO 3LDQR R GH XQ 7HFODGR XQD PDOD SRVWXUD FRUSRUDO QRV SURYRFDUtD IDWLJD FDQVDQFLR GRORU GH HVSDOGD LPSUHFLVLyQ GH HMHFXFLyQ 3DUD HYLWDU WRGRV HVWRV PDOHV WH LQGLFDUH FRPR VHUi WX SRVWXUD IUHQWH DO PLVPR 7UDWH TXH ODV WHFODV GHO 3LDQR HVWpQ D OD DOWXUD GH OD ERFD GH VX HVWRPDJR VLpQWHVH ELHQ GHUHFKR \ HUJXLGR HVWR OR SUHYHQGUi GH GRORUHV GH HVSDOGD 7UDWH TXH ORV EUD]RV OH TXHGHQ HQ SRVLFLyQ GH GHVFDQVR HVWRV GHEHQ IRUPDU XQD OHWUD / ORV FRGRV GHEHQ TXHGDU XQ SRTXLWR FDtGRV \ VXHOWR 3RU XOWLPR ODV PXxHFDV GH ODV PDQRV GHEHQ WHQHU XQD SHTXHxD WRUVLyQ KDFLD DEDMR 5HFXHUGH VLHPSUH WUDWH GH HVWDU OR PDV IORMR SRVLEOH HVWR D\XGDUD D TXH HVWH ELHQ UHODMDGR \ SRGUi WHQHU XQD PHMRU \ PD\RU VROWXUD SDUD OD LQWHUSUHWDFLyQ GH 2EUDV 0XVLFDOHV (MHUFLFLR GH 'LJLWDFLyQ \ &DOHQWDPLHQWR SDUD WRGRV ORV GHGRV GH DPEDV 0DQRV 1RPEUH \ 1~PHURV GH 'HGRV 3XOJDU 1 ËQGLFH 1 0HGLR 1 $QXODU 1 0HxLTXH 1
(VWH HV XQ HMHUFLFLR Ei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pV XQR PDV UiSLGR \ SRU XOWLPR XQR PX\ OHQWR GH PHQRV TXH OD YHORFLGDG QRUPDO 6HFXHQFLD GH 'HGRV 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q GR UH PL ID VRO 1RWDV &LIUDGR ,QWHUQDFLRQDO & ' ( ) * 'HGRV 0DQR ,]TXLHUGD 1RWDV &LIUDGR &RP~Q GR UH PL ID VRO 1RWDV &LIUDGR ,QWHUQDFLRQDO & ' ( ) * 'HGRV (O 3HQWDJUDPD
(Q HO WHFODGR
%LHQ \D SXHGHV FRPHQ]DU D SUDFWLFDU ,03257$17( 6L SRU DOJXQD UD]yQ VLHQWHV XQ GRORU HQ WXV PDQRV FXDQGR HVWpV HMHFXWDQGR HVWH HMHUFLFLR VROR GHWHQWH \ GHVFDQVD XQ SDU GH PLQXWRV \D TXH XQ HVIXHU]R SRGUtD SHUMXGLFDUWH
&DSLWXOR 1 (MHUFLFLR GH 3RVLFLyQ
(MHUFLFLRV GH 3RVLFLyQ SDUD WRGRV ORV 'HGRV GH DPEDV 0DQRV
(VWH HMHUFLFLR GH 3RVLFLyQ HVWD EDVDGR HQ HO HMHUFLFLR GHO &DSLWXOR DQWHULRU GH 'LJLWDFLyQ &DSLWXOR 1 (Q HVWH FDVR LUD YDULDQGR OD SRVLFLyQ GH LQLFLR GHO HMHUFLFLR GH 'LJLWDFLyQ (MHPSOR (Q HO SULPHU FDVR OD SUiFWLFD FRPLHQ]D HQ GR & HQ HO VHJXQGR FDVR HQ VRO * HQ HO WHUFHUR HQ UH ' \ SRU XOWLPR HQ OD QRWD OD $ 6HFXHQFLD GH 'HGRV 3ULPHU &DVR HQ GR & 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q GR UH PL ID VRO 1RWDV &LIUDGR ,QWHUQDFLRQDO & ' ( ) * 'HGRV 0DQR ,]TXLHUGD 1RWDV &LIUDGR &RP~Q GR UH PL ID VRO 1RWDV &LIUDGR ,QWHUQDFLRQDO & ' ( ) * 'HGRV 6HJXQGR &DVR HQ VRO * 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q VRO OD VL GR UH
1RWDV &LIUDGR ,QWHUQDFLRQDO * $ % & ' 'HGRV 0DQR ,]TXLHUGD 1RWDV &LIUDGR &RP~Q VRO OD VL GR UH 1RWDV &LIUDGR ,QWHUQDFLRQDO * $ % & ' 'HGRV 7HUFHU &DVR HQ UH ' 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q UH PL ID VRO OD 1RWDV &LIUDGR ,QWHUQDFLRQDO ' ( ) * $ 'HGRV 0DQR ,]TXLHUGD 1RWDV &LIUDGR &RP~Q UH PL ID VRO OD 1RWDV &LIUDGR ,QWHUQDFLRQDO ' ( ) * $ 'HGRV &XDUWR &DVR HQ OD $ 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q OD VL GR UH ID 1RWDV &LIUDGR ,QWHUQDFLRQDO $ % & ' ) 'HGRV 0DQR ,]TXLHUGD
1RWDV &LIUDGR &RP~Q OD VL GR UH ID 1RWDV &LIUDGR ,QWHUQDFLRQDO $ % & ' ) 'HGRV %LHQ \D SXHGHV FRPHQ]DU D SUDFWLFDU
&DSLWXOR 1 (MHUFLFLRV GH 0RYLPLHQWR
(MHUFLFLRV GH 0RYLPLHQWR SDUD WRGRV ORV 'HGRV GH DPEDV 0DQRV 3DUD HVWD SUiFWLFD YDPRV D XWLOL]DU OD SUiFWLFD GH 'LJLWDFLyQ GHO &DSLWXOR 1 8Q PpWRGR VLPSOH SDUD OD SUiFWLFD GH PRYLPLHQWR HV HO VLJXLHQWH 0pWRGR GH 0RYLPLHQWR SDUD 3RVLFLyQ GH UHSRVR /D HMHFXFLyQ GH HVWH PpWRGR HV PX\ VHQFLOOD VROR GHEH OHYDQWDU ORV GHGRV GH ODV PDQRV ORV PDV DOWR TXH SXHGD DSOLFDQGR IXHU]D \ PDQWHQLHQGR ODV PDQRV ELHQ GHUHFKDV /yJLFDPHQWH HO YROXPHQ GH OD HMHFXFLyQ VHUi PDV IXHUWH WUDWH GH PDQWHQHUOR FRQVWDQWH SRGUi YHU TXH ORV GHGRV $QXODU \ 0HxLTXH HO PRYLPLHQWR VHUi PDV UHGXFLGR 12 VH DVXVWH HV QRUPDO« SRU OR FXDO HVWRV GHGRV QHFHVLWDQ VLHPSUH GH XQD EXHQD HMHUFLWDFLyQ 3DUD VDEHU VL HVWH HMHUFLFLR OR HVWD HMHFXWDQGR GH OD PDQHUD FRUUHFWD VROR GHEH WHQHU HQ FXHQWD HO VLJXLHQWH GHWDOOH (O VRQLGR GHEH VHU SXOVDQWH %LHQ \D SXHGHV FRPHQ]DU D SUDFWLFDU
&DSLWXOR 1 (MHUFLFLR GH )OXLGH]
(MHUFLFLR GH )OXLGH]
8QD WHRUtD GH )OXLGH] TXH SRGHPRV DSOLFDU D OD 3UiFWLFD GH 'LJLWDFLyQ HV OD VLJXLHQWH 8QD YH] TXH ORV HMHUFLFLRV \ SUDFWLFDV DQWHULRUHV VDOJDQ GH XQD PDQHUD UHVSHWDEOH FRPHQ]DUHPRV D DSOLFDU YHORFLGDG SURJUHVLYDPHQWH HV GHFLU TXH YD D LU DFHOHUDQGR HO WLHPSR GH D SRTXLWR ¢&XDQGR VH TXH GHER DFHOHUDU HO WLHPSR" (V PX\ VLPSOH SULPHUR HVWDEOH]FD XQD YHORFLGDG HQ GRQGH HO HMHUFLFLR OH VDOJD IOXLGR HV GHFLU VLQ HUURUHV HQ GRQGH VHD SUHFLVR LQFUHPHQWH XQ UHSLWD HO HMHUFLFLR YHFHV \ GHVFDQVH XQ PLQXWR /XHJR YXHOYD D FRPHQ]DU H LQFUHPHQWH RWUR PiV GH YHORFLGDG \ DVt KDVWD VX SURSLR OtPLWH $ PHGLGD TXH XVWHG SUDFWLTXH HVWH HMHUFLFLR FXDQWR PDV SUDFWLTXH ORV OLPLWHV GH YHORFLGDG VH ,UiQ \HQGR KDVWD OOHJDU D VXV SURSLRV OLPLWHV %LHQ \D SXHGHV FRPHQ]DU D SUDFWLFDU
&DSLWXOR 1 (MHUFLFLR GH $SHUWXUD SDUD WRGRV ORV 'HGRV &DOHQWDPLHQWR (MHUFLFLR GH $SHUWXUD \ &DOHQWDPLHQWR SDUD WRGRV ORV GHGRV GH DPEDV 0DQRV
(VWH HV XQ HMHUFLFLR Ei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pV XQR PDV UiSLGR \ SRU XOWLPR XQR PX\ OHQWR GH PHQRV TXH OD YHORFLGDG QRUPDO 6HFXHQFLD GH 'HGRV 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q GR PL VRO VL UH 1RWDV &LIUDGR ,QWHUQDFLRQDO & ( * % ' 'HGRV 0DQR ,]TXLHUGD 1RWDV &LIUDGR &RP~Q GR PL VRO VL UH 1RWDV &LIUDGR ,QWHUQDFLRQDO & ( * % '
'HGRV (O 3HQWDJUDPD
(Q HO 7HFODGR
%LHQ \D SXHGHV FRPHQ]DU D SUDFWLFDU
&DSLWXOR 1 (MHUFLFLR GH 3RVLFLyQ \ 0RYLPLHQWR SDUD 7ULDGDV
(MHUFLFLR GH 3RVLFLyQ \ 0RYLPLHQWR SDUD 7ULDGDV
(Q HVWH HMHUFLFLR YDPRV D XWLOL]DU OD WULDGD GH GR 0D\RU & TXH HVWD IRUPDGD SRU ODV QRWDV QDWXUDOHV GR PL VRO &DGD UHSHWLFLyQ GH HVWD SUDFWLFD XVWHG FDPELDUD ODV ILJXUD PXVLFDO GH ODV QRWDV TXH IRUPDQ OD WULDGD &RPHQ]DUD SULPHUR SRU OD ILJXUD 5HGRQGD OXHJR SRU OD %ODQFD QHJUD &RUFKHD \ 6HPLFRUFKHD IXVD \ VHPLIXVD 12 +DFH IDOWD (VWD SUDFWLFD VROR GHEH WHQHU HQ FXHQWD HO FRQRFLPLHQWR GH ODV SRVLFLRQHV \ VXV XWLOLGDGHV WRGDV ODV 3RVLFLRQHV \ XWLOLGDGHV VH HQFXHQWUDQ GHQWUR GHO FXUVR : M 6 $TXt YHUHPRV XQ VHJPHQWR GH XQR GH ORV &DStWXORV GHO 0pWRGR )UDQFpV GH 3LDQR : - 6 OODPDGR
)RUPDFLyQ GH $FRUGHV \
7ULDGDV HQ GRQGH DSUHQGHUi OD IRUPDFLyQ GH FDGD $FRUGH \ 7ULDGD
FRPR WDPELpQ D IRUPDU VXV SURSLRV $FRUGHV $OJXQD GH ODV SRVLFLRQHV PiV FRPXQHV D OD KRUD GH OD HMHFXFLyQ GH ODV WULDGDV VRQ 3RVLFLyQ 1 \ 3XOJDU ËQGLFH \ $QXODU 3RVLFLyQ 1 \ 3XOJDU 0HGLR \ 0HxLTXH 3RVLFLyQ 1 \ 3XOJDU ËQGLFH \ 0HxLTXH 7RTXH WRGDV ODV QRWDV MXQWDV DO PLVPR WLHPSR HV GHFLU SUHVLRQH FRQ ORV WUHV GHGRV MXQWRV FDGD GHGR FRQ VX QRWD PXVLFDO FRUUHVSRQGLHQWH (MHPSOR SDUD OD 0DQR 'HUHFKD 6HFXHQFLD GH 'HGRV 0DQR 'HUHFKD
1RWDV &LIUDGR &RP~Q GR PL VRO 1RWDV &LIUDGR ,QWHUQDFLRQDO & ( * 'HGRV 9DOOD FDPELDQGR GH 3RVLFLyQ GH GHGRV XQD WUDV RWUD VLQ SDUDU GXUDQWH XQ PLQXWR OXHJR GHVFDQVH 5HDOLFH HVWH HMHUFLFLR SULPHUR FRQ OD PDQR GHUHFKD OXHJR FRQ OD PDQR L]TXLHUGD \ SRU XOWLPR FRQ ODV GRV PDQRV MXQWDV VHSDUDGDV SRU XQD RFWDYD \ OXHJR SRU GRV RFWDYDV GH VHSDUDFLyQ ,QWHQWH UHDOL]DU HVWH HMHUFLFLR SDUD WRGDV ODV WULDGDV \ DFRUGHV SRVLEOHV %LHQ \D SXHGHV FRPHQ]DU D SUDFWLFDU
&DSLWXOR 1 (MHUFLFLR GH 0RYLPLHQWR \ )OXLGH] SDUD (VFDODV (MHUFLFLR GH 0RYLPLHQWR \ )OXLGH] SDUD (VFDODV 3DUD DPEDV PDQRV SDUD ORV GHGRV \
(VWH HMHUFLFLR HV VLPSOH VROR XWLOL]DUHPRV XQ SDVH GH GHGRV TXH HV OD VLJXLHQWH \ FRPR QRV PXHVWUD OD VHFXHQFLD GH GHGRV (MHPSOR SDUD OD 0DQR 'HUHFKD 6HFXHQFLD GH 'HGRV 0DQR 'HUHFKD 1RWDV &LIUDGR &RP~Q GR UH PL ID VRO OD VL 1RWDV &LIUDGR ,QWHUQDFLRQDO & ' ( ) * $ % 'HGRV (MHPSOR SDUD ODV GRV 0DQRV (O 3HQWDJUDPD
(Q HO 7HFODGR
'HVSHGLGD
%XHQR TXHULGR $PLJR HVSHUR TXH HVWH 0LQL &XUVR WH DOOi VHUYLGR SDUD LQFUHPHQWDU WXV FRQRFLPLHQWRV 0XVLFDOHV VREUH HO 3LDQR R 7HFODGR (VSHUR TXH QRV YROYDPRV D YHU« 7H GHVHR ORV PHMRU HQ OD P~VLFD \ HQ WX YLGD +DVWD OD 3Uy[LPD« e[LWRV«
9LVtWHQRV HQ
ZZZ PHWRGRIUDQFHVGHSLDQR FRP
(O PHMRU VLWLR GH OD ,QWHUQHW HQ GRQGH SRGUi HQFRQWUDU ORV PHMRUHV 0pWRGRV 0XVLFDOHV GHO 0XQGR (VWD SiJLQD :HE IXH FUHDGD FRQ OD LQWHQFLyQ GH H[SDQGLU ORV FRQRFLPLHQWRV GH ORV HVWXGLDQWHV GH P~VLFD FDSDFLWiQGRORV FRQ QXHYRV PHMRUHV \ PiV HIHFWLYRV 0pWRGRV \ 7pFQLFDV PXVLFDOHV ODV PDV PRGHUQDV 1R GHMH GH YHU QXHVWURV H[FHOHQWHV 3URGXFWRV
0pWRGR )UDQFpV GH 3LDQR : - 6
(Q HVWH 0pWRGR DSUHQGHUi D WRFDU HO 3LDQR GHVGH HO SULQFLSLR D WUDYpV GH ODV WpFQLFDV \ VHFUHWRV GH 3RVLFLyQ 0RYLPLHQWR \ )OXLGH] (VWH 0pWRGR -XQWD ODV WpFQLFDV GHO 3LDQR FRQ ODV GHO &ODYLFRUGLR &RQ HVWH 0pWRGR XVWHG WHQGUi XQD 'LJLWDFLyQ PXFKR PDV )OXLGD D FRPSDUDFLyQ GH RWURV FXUVRV
0pWRGR )UDQFpV 9LUWXRVR SDUD 3LDQR
(VWH 0pWRGR VH EDVD HQ OD LQFUHPHQWR GH OD )XHU]D \ OD 9HORFLGDG GH HMHFXFLyQ GH HMHUFLFLRV REUDV PXVLFDOHV VRORV HWF $ WUDYpV GH HMHUFLFLRV \ SUiFWLFDV XVWHG SRGUi LQFUHPHQWDU OD )OXLGH] \ OD )XHU]D GH 'LJLWDFLyQ 'H HVWD PDQHUD VH YROYHUi XQ 3LDQLVWD WRWDOPHQWH 9LUWXRVR \ VLQ UHVWULFFLyQ GH HMHFXFLyQ GH QLQJXQD REUD
0pWRGR GH 3LDQR -D]] \ %OXHV
(VWH H %RRN QRV HQVHxD D LQWHUSUHWDU \ WRFDU HO -D]] \ HO %OXHV GH IRUPD IiFLO \ 5iSLGD (VWH 0pWRGR HVWD OOHQR GH HMHUFLFLRV \ SUDFWLFDV DOWDPHQWH FODVLILFDGRV SRU ORV PHMRUHV PDHVWURV GHO -D]] \ %OXHV HVWH FXUVR QRV EULQGD XQD KHUUDPLHQWD LQGLVSHQVDEOH SDUD HO P~VLFR GH 3LDQR VREUHWRGR HQ HO iUHD GH LQGHSHQGHQFLD GH PDQRV \ FRPSRVLFLyQ GH VRORV LPSURYLVDFLyQ
0pWRGR GH $XGLRSHUFHSWLYD
(O 0pWRGR GH $XGLRSHUFHSWLYD VH FRQFHQWUD HQ HO GHVDUUROOR GHO 2tGR (VWH &XUVR HVWD SODJDGR GH HMHUFLFLRV SDUD HO GHVDUUROOR GHO PLVPR $ WUDYpV GH HVWH 0pWRGR XVWHG DSUHQGHUi D LQWHUSUHWDU WRGRV ORV 6RQLGRV WDQWR HQ 7RQDOLGDG FRPR 8ELFDFLyQ *UDGR $UPRQL]DFLyQ HWF (VWH 0pWRGR OR D\XGDUD D VDFDU WRGRV VXV WHPDV REUDV PXVLFDOHV SUHIHULGRV GH 2tGR FRPR DVt WDPELpQ SRGUi GH IRUPD PiV UiSLGD \ IiFLO ,PSURYLVDU VREUH FXDOTXLHU EDVH PXVLFDO (VWH 0pWRGR HV XQD KHUUDPLHQWD LGHDO H LQGLVSHQVDEOH SDUD FXDOTXLHU P~VLFR \D VH &DQWDQWH 3LDQLVWD *XLWDUULVWD %DMLVWD HWF
0pWRGR \ 7pFQLFDV SDUD %DQGRQHyQ
(O ~QLFR 0pWRGR GH %DQGRQHyQ GH OD :HE XQD VHOHFFLyQ GH ORV PHMRUHV LQWpUSUHWHV GHO PLVPR KLFLHUHQ HVWH FXUVR 3RGUi DSUHQGHU D LQWHUSUHWDU \ HMHFXWDU HVWH LQVWUXPHQWR PXVLFDO GH IRUPD UiSLGD \ IiFLO D WUDYpV GH 3UiFWLFDV \ (MHUFLFLRV %iVLFRV DOWDPHQWH FODVLILFDGRV \ IRUPDGRV /D PHMRU KHUUDPLHQWD SDUD DSUHQGHU D WRFDU HVWH LQVWUXPHQWR PXVLFDO YHUDV TXH IiFLO HV
7RGR VREUH ODV (VFDODV 0XVLFDOHV
(VWH H %RRN FRQWLHQH XQD JUDQ FDQWLGDG GH (VFDODV 0XVLFDOHV (VWH OLEUR FRQWLHQH (VFDODV 0D\RUHV 0HQRUHV $XPHQWDGDV 'LPLQXLGDV $OWHUDGDV ORV 0RGRV *ULHJRV (VFDODV ([yWLFDV (VFDODV GH GLVWLQWDV &XOWXUDV \ PXFKDV PDV« (VWH H %RRN HV LQGLVSHQVDEOH HQ OD ELEOLRWHFD GH WRGR P~VLFR GH FXDOTXLHU tQGROH
0pWRGR $OHPiQ GH &DQWR 0XOWLPHGLD
(O 0HMRU 0pWRGR SDUD HVWXGLDU &DQWR DKRUD W~ SXHGHV FDQWDU HVWH FXUVR HVWD SODJDGR GH HMHUFLFLRV \ SUDFWLFDV TXH WH HQVHxDUDQ \ D\XGDUDQ D UHVSLUDU DILQDU D FRQWURODU \ PDQHMDU WX YR] HQ EDVH D WX UHJLVWUR (O 0pWRGR PiV HIHFWLYR VDELHQGR TXH ORV DOHPDQHV VRQ JUDQGHV PDHVWURV GH HVWD HQVHxDQ]D
ZZZ PHWRGRDOHPDQGHFDQWR FRP &RQWDFWRV ,QIR#PHWRGRDOHPDQGHFDQWR FRP
3DUD PDV LQIRUPDFLyQ GH QXHVWURV SURGXFWRV YLVtWHQRV HQ QXHVWUD :HE
ZZZ PHWRGRIUDQFHVGHSLDQR FRP 3Uy[LPDPHQWH QXHYRV SURGXFWRV«
¾ 7RGRV ORV SURGXFWRV GH ZZZ PHWRGRIUDQFHVGHSLDQR FRP VRQ SUREDGRV SRU ,QWpUSUHWHV PXVLFDOHV DOWDPHQWH FODVLILFDGRV FRPR DVt WDPELpQ VRQ SUREDGRV SRU SHUVRQDV GH GLVWLQWDV HGDGHV \ FRQGLFLRQHV PXVLFDOHV ¾ (VWR KDFH TXH QXHVWURV SURGXFWRV VHDQ GH XQ DOWR QLYHO \ VHDQ LQIDOLEOHV ¾ 7RGRV QXHVWURV SURGXFWRV HVWiQ KHFKRV SDUD TXH FXDOTXLHU SHUVRQD SXHGD LQWHUSUHWDUORV SDUD TXH HO DSUHQGL]DMH VHD PiV IiFLO UiSLGR \ GLQiPLFR ¾ 1R OR SLHQVH PiV \ FDSDFLWDVH PXVLFDOPHQWH PXFKR PDV H[SDQGD VXV FRQRFLPLHQWRV \ HOHYH DO Pi[LPR VX QLYHO GH LQWHUSUHWDFLyQ
¾ (Q ORV 0pWRGRV TXH OH RIUHFHPRV HQFRQWUDUD WRGRV ORV VHFUHWRV GH ORV PiV JUDQGHV LQVWUXFWRUHV H LQWHUSUHWHV PXVLFDOHV ¾ 6L VLHPSUH VRxy FRQ VHU HVH JUDQ LQWpUSUHWH TXH HVFXFKD DKRUD WLHQH HO SRGHU HQ VXV PDQRV VROR DGTXLHUD XQR GH QXHVWURV SURGXFWRV \ YHUD TXH IiFLO \ UiSLGR HV 3DUD PiV LQIRUPDFLyQ 9LVLWH QXHVWUR VLWLR RILFLDO :HE
ZZZ PHWRGRIUDQFHVGHSLDQR FRP
3URPRFLyQ ¾ (Q FDVR TXH OH LQWHUHVDUVH DGTXLULU YDULRV GH QXHVWURV SURGXFWRV HQYLp XQ ( 0DLO FRQ HO DVXQWR 4XLHUR 9DULRV 3URGXFWRV GHVFULED FXDOHV VRQ ORV SURGXFWRV TXH GHVHD \ QRVRWURV OH DUHPRV JUDQGHV '(6&8(1726 \ 5(*$/26 SRU VX FRPSUD (QYtHQRV XQ ( 0DLO D
LQIR#PHWRGRIUDQFHVGHSDLQR FRP
8QD YH] PDV OHV GHVHR PXFKD 6XUWH \ e[LWRV HQ VXV YLGDV XQ DEUD]R« :DOWHU -DYLHU 6HPROLþ $XWRU GHO 0pWRGR )UDQFpV GH 3LDQR : - 6