Centro Gastronômico Estação

Page 1


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


$*5$'(&,0(1726

$RV PHXV SDLV TXH YLYHQFLDUDP GH SHUWR D GHGLFDomR H R HVIRUoR GHGLFDGRV D HVWH WUDEDOKR H D WRGD D JUDGXDomR TXH PH HQVLQDUDP R YDORU GR FRQKHFLPHQWR H GD LQWHJULGDGH PRUDO TXH DSRVWDUDP HP PLP H PH GHUDP DV RSRUWXQLGDGHV TXH PH WURX[HUDP DWp DTXL KRMH ­ PLQKD LUPm SRU VHU XP WDQWR PmH PH DMXGDU TXDQGR IRL SUHFLVR PH DSRLDU PH GDU XQV SX[}HV GH RUHOKD TXDQGR HX SUHFLVDYD H DFUHGLWDU HP PLP VHPSUH $RV DPLJRV SHOR DSRLR LQFHQWLYR FXPSOLFLGDGH GHVFRQWUDomR H PRWLYDomR GHPRQVWUDGRV QRV PRPHQWRV ERQV H UXLQV $RV SURIHVVRUHV SHOD DMXGD SHOR GLUHFLRQDPHQWR H SHOD LQVSL UDomR $ WRGRV TXH VH PRVWUDUDP SUHVHQWHV QHVVH SHUFXUVR GLJR GR IXQGR GR PHX FRUDomR 2%5,*$'$


5(6802


´8PD LPDJHP DPELHQWDO SRGH VHU GHFRPSRVWD HP WUrV FRPSRQHQ WHV LGHQWLGDGH HVWUXWXUD H VLJQLILFDGR 8PD LPDJHP YLiYHO UHTXHU SULPHLUR D LGHQWLILFDomR GH XP REMHWR $ LVVR VH Gi R QRPH GH LGHQWLGDGH (P VHJXQGR OXJDU D LPDJHP GHYH LQFOXLU D UHODomR HVSDFLDO RX SDUDGLJPiWLFD GR REMHWR FRP R REVHUYD GRU 3RU ~OWLPR HVVH REMHWR GHYH FRQWHU DOJXP VLJQLILFDGR SDUD R REVHUYDGRU VHMD HOH SUiWLFR RX HPRFLRQDO µ /<1&+ . $ ,PDJHP GD &LGDGH 6mR 3$XOR 0DUWLQV )RQWHV S


680É5,2

2 &21&(,72 2 /8*$5 $ 3523267$ &216,'(5$d¯(6 ),1$,6 5()(5È1&,$6 %,%/,2*5É),&$6


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

2 &21&(,72


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

GD GLYHUVLGDGH SUHVHQWH QR PXQGR (P RXWUDV SDODYUDV EXVFDU R VHQWLGR GH OXJDU H QmR GHVWUXLU HP QRPH GH EDQDLV SUREOHPDV GH FLUFXODomR GH DXWRPyYHLV RV DQWLJRV FHQ WURV WmR ULFRV GH WHQVmR HVSLU LWXDO FLWD DV SUDoDV LWDOLDQDV FRPR PDJQtILFRV H[HPSORV GH ´FRUDo}HVµ UHSOHWRV GH YLGD 6LU -DPHV 0DXGH 5,&+$5'6 UHSUHVHQWDQGR XP QRYR SHQVD PHQWR YDL DOpP GH 52*(56 DR DSRQWDU FRPR UHVSRQViYHO SHOD YLGD GDV FLGDGHV D FRQVHU YDomR GR FDUiWHU GR OXJDU $ SHUVRQDOLGDGH GR ´FRUDomRµ HUD GHFRUUrQFLD SDUD 5,&+ $5'6 GD SUHVHQoD GRV DQWLJRV HGLItFLRV H GDV QHFHVVLGDGHV HV WpWLFDV SVLFROyJLFDV H UHSUH VHQWDWLYDV VLPEyOLFDV GD FR PXQLGDGH 2 DUTXLWHWR HUD FDSD] GH FRQWURODU DOJXPDV PHGLGDV PDV QmR WRGDV SRLV VHX SRGHU HUD OLPLWDGR 3RUWDQ WR D IXQomR GR DUTXLWHWR VHULD LQWHQVLILFDU R FDUiWHU Mi H[LV WHQWH GR FRUDomR DWUDYpV GD DGHTXDGD LQVHUomR GH QRYRV HOHPHQWRV DUTXLWHW{QLFRV (VWHV GHYHULDP WHU D OLQJXDJHP GR WHPSR SUHVHQWH H MDPDLV LPLWDU R SDVVDGR &RQVLGHUDYD RV HGLItFLRV GR SDVVDGR D PDWp ULD SULPD GR WUDEDOKR GR DU TXLWHWR


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

VHQWH (QWHUUDYD VH QDTXHOH PRPHQWR D WUDGLomR IXQGDGD SRU 9,2//(7 /( '8& =(9, FRQWXGR HUD IURQWDO PHQWH FRQWUiULR HP TXDOTXHU KLSyWHVH DR ´DPELHQWDPHQWRµ RX VHMD j LQVHUomR DFRUGDGD H QHXWUD GH HOHPHQWRV QRYRV QRV DPELHQWHV SUp H[LVWHQWHV 1mR DFUHGLWDYD QD SRVVLELOLGDGH GH XPD ERD VROXomR GHVVH WLSR HP XPD KLSyWHVH DOJXPD H UHFRPHQGD YD XQLFDPHQWH D LQVHUomR FRQ WUDVWDGDPHQWH GLDOpWLFD FRPR ~QLFD IRUPD GH GHVWDFDU UHV SHLWRVDPHQWH RV YDORUHV GD OLQ JXtVWLFD DQWLJD H GD PRGHUQD LQFRQFLOLiYHLV SRU SULQFtSLR 5H SXGLDYD DV VROXo}HV FRQFLOLDG RUDV FRPR R ´FOiVVLFR PRGHUQL ]DQWHµ ´XP LPEUyJOLRµ WDQWR TXDQWR DV VROXo}HV FRQ WUDVWDQWHV PRGHUQDV GH Pi TXDOLGDGH DUTXLWHW{QLFD HUJRX QR HQFRQWUR SROrPLFR HQWUH D DUTXLWHWXUD PRGHUQD H R DPELHQWH KLVWyULFR D DWXDomR GH IRUoDV GH GHIHVD GR DPELHQ WH H[LVWHQWH PDV WDPEpP D OXWD SHOD DILUPDomR GD DUTXLWHWXUD FRQWHPSRUkQHD $GPLWLD SRUpP TXH QmR KDYLD FRPR FRQ WURODU D LQVHUomR GH DUTXLWH WXUD FRQWHPSRUkQHD GH Pi TXDOLGDGH QRV FHQWURV KLVWyUL FRV SRLV VHULD QHFHVViULR SDUD LVWR TXH IRVVH SUDWLFiYHO XP

MXt]R VREUH RV SURMHWRV SURSRVWRV SDUD R OXJDU DR LQYpV GH IULDV QRUPDWLYDV =(9, SURSXQKD FRPR SRVVtYHO VROXomR SDUD XP ERP GLiORJR HQWUH R DQWLJR H R QRYR TXH RV DUTXLWHWRV VH WRUQDVVHP SURIXQGRV FRQKHFHGRUHV GR DQWLJR H TXH GHVHQYROYHVVHP D LQ WHOLJrQFLD GH LQYHQWDU R QRYR


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

1R FDVR GH $DOWR )UDPSWRQ DSRQWD R HGLItFLR GD 3UHIHLWXUD GH 6l\QlWVDOR QR TXDO HOH Yr XPD UHVLVWrQFLD j GRPLQD omR GD WHFQRORJLD XQLYHUVDO FRPR WDPEpP SDUD XPD H[SOR UDomR GDV TXDOLGDGHV WiWHLV GRV PDWHULDLV GR HGLItFLR SRU H[HPSOR FRPR D GLIHUHQoD HQWUH R FKmR GH WLMRORV GR H[ WHULRU H R SLVR GD &kPDUD GH &RQVHOKR HP PDGHLUD $DOWR WUDYD XP GHEDWH LQH[ RUiYHO HQWUH R KRPHP D PiTXL QD H D QDWXUH]D (OH WHP D QD WXUH]D FRPR RUJDQLVPR H R KRPHP FRPR KRUL]RQWH $ VXD SUHRFXSDomR FRP R KRPHP H R DPELHQWH LQDXJXURX XPD IOH[L ELOL]DomR GRV VyOLGRV SODW{QLF RV H GDV OLQKDV RUWRJRQDLV UDFLRQDOLVWDV FRP R LQWXLWR SUL PRUGLDO GH DUWLFXOi ORV GH PD QHLUD PDLV SHUWLQHQWH j QDWXUH ]D IXQGDPHQWDOPHQWH LUUHJX (VVD p D H[SOLFDomR SDUD DV IRUPDV SRWHQFLDOPHQWH HV FXOWyULFDV GH $DOWR RQGH VH Yr FRPR UDVJRV FDUDFWHUtVWL FRV DV FREHUWXUDV GH GLYHUVDV LQFOLQDo}HV D HVWUXWXUD GH VX SRUWHV OHYHV H DV VHPSUH LQWHOL JHQWHV DEHUWXUDV DOWDV TXH OHJDP GLYHUVDV VHQVDo}HV OXPtQLFDV DRV LQWHULRUV IHLWR HQWUDQKDV


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

DOYHQDULD GH DGREH RX WLMRORV $ HVSDFLDOLGDGH LQWHUQD HQ WUHWDQWR HP QDGD OHPEUD RV HVSDoRV EHP GHILQLGRV H IHFKD GRV GDV FDVDV VHWHFHQWLVWDV H RLWRFHQWLVWDV $ VXD PDWUL] p R HVSDoR IOXLGR PRGHUQR 9HMD VH D FRPSDUDomR FRP R HVSDoR FRUEXVLDQR $SyV HVVD UHOHLWXUD GR 0RYL PHQWR 0RGHUQR GLYHUVRV DU TXLWHWRV SDVVDUDP D FULDU DWUDYpV GH XP ROKDU YROWDGR SDUD R OXJDU GHL[DQGR GH ODGR D FRUUHQWH XQLYHUVDOL]DQWH (QWUH HOHV D DUTXLWHWXUD GH ÉOYDUR 6L]D FRPHoD FRP XP LQ WHQVR GLiORJR FRP R OXJDU ² FRQILJXUDomR SDOSiYHO GD FXO WXUD QD QDWXUH]D ² QR H D SDUWLU GR TXDO R DUTXLWHWR SURMHWD $ DUTXLWHWXUD QDVFH VRE XP PpWRGR ´GHFLGLGDPHQWH HPStUL FR H DWHQWR DRV GDGRV GR FRQ WH[WRµ GHL[DQGR JUDYDGD QRV VHXV HGLItFLRV D VLQJXODULGDGH GR DUWHIDWR DUTXLWHW{QLFR 6HJXQGR )UDPSWRQ HVVD KLS HUVHQVLELOLGDGH HP UHODomR j WUDQVIRUPDomR GH XPD UHDOL GDGH IOXLGD H FRQWXGR HVSHFt ILFD WRUQD D REUD GH 6L]D PDLV HVWUDWLILFDGD H HQUDL]DGD TXH DV WHQGrQFLDV HVWpWLFDV GD (VFROD GH %DUFHORQD XPD YH] TXH DR WRPDU $DOWR FRPR SRQWR GH SDUWLGD HOH IXQGD


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

PHQWRX VHXV HGLItFLRV QD FRQ ILJXUDomR GH XPD WRSRJUDILD HVSHFtILFD H QD UHILQDGD WH[WX UD GD PDOKD ORFDO &RP HVVD IL QDOLGDGH VHXV IUDJPHQWRV VmR UHVSRVWDV D SDLVDJHP XUEDQD FDPSHVWUH H PDULQKD GD UHJLmR GR 3RUWR 2XWURV IDWRUHV LP SRUWDQWHV FRQVLVWHP HP VXD GH IHUrQFLD SDUD FRP RV PDWHULDLV ORFDLV PDQWLGD VHP FDLU QR VHQ WLPHQWDOLVPR GH H[FOXLU D IRUPD UDFLRQDO H D WpFQLFD PRGHUQD &RPR R /LYUR GR 'HVDV VRVVHJR GH )HUQDQGR 3HVVRD GL] ´YLYHU p QmR FRQVHJXLUµ H HP 6L]D UHDOL]DU D DUTXLWHWXUD FRQRWD UHFKDoDU D WUDQTXLOL GDGH GH IRUPDV UHJXODUHV DE VWUDWDV SHOD DGHVmR j SDLVD JHP (QWUH D UHDOLGDGH H D IRUPD SODW{QLFD GDV LGpLDV VmR FRPR TXH D DEGLFDomR GR VRQKR GD IRUPD LGHDO GR YROXPH DE VWUDtGR UHJXODULGDGH FOiVVL FD HVVD p D VXD GHVLVWrQFLD HP IDYRU GH XPD DUTXLWHWXUD GD FLUFXQVWkQFLD $V IRUPDV GH 6L]D GLDORJDP FRP R OXJDU DFL GHQWDP VH QHOH p XPD DUTXLWH WXUD GH VHQVDo}HV ² REMHFWV j UHDFWLRQ SRpWLTXH (UJXH JHR PHWULDV QDGD HXFOLGLDQDV PRO GDGDV QXPD SODVWLFLGDGH LQWHQ VD FRORULGD GH IRUPDV EUDQ FDV


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

2 /8*$5


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

IURQWHDYD D HVWDomR HP %DXUX HVVH HOHPHQWR YDL VHU VXEVWLWXt GR SHOD JUDQGH DYHQLGD TXH GDYD DFHVVR DR VHX SRUWmR SULQFLSDO &RP D LQDXJXUDomR GRV SUL PHLURV TXLO{PHWURV GD ( ) 12% JUDQGH IRL R FRQWLQJHQWH GH SHVVRDV LQFOXVLYH LPLJUDQWHV TXH VH GLULJLDP SDUD %DXUX DWUDtGRV SHOD SHUVSHFWLYD GH WUDEDOKR QD IHUURYLD H GH ID]HU IRUWXQD FRP SHTXHQRV ID]HU HPSUHHQGLPHQWRV RSRUWXQLV WDV TXH Mi VH ID]LDP QHFHVViUL RV SDUD DWHQGHU HVVD GHPDQGD 6XUJHP HQWmR SHTXHQRV KRWpLV VREUHWXGR QDV LPHGLD o}HV GDV HVWDo}HV IHU URYLiULDV VHUUDULDV IHUUDULDV RODULDV SHTXHQDV LQG~VWULDV DUWHVDQDLV SRLV D FLGDGH DLQGD QmR SRVVXtD HQHUJLD HOpWULFD HQWUH RXWUDV DWLYLGDGHV TXH EXVFDYDP VXSULU DV QHFHVVL GDGHV EiVLFDV GRV TXH FKHJD YDP H SURFXUDYDP VH LQVWDODU QD ORFDOLGDGH (P %DXUX HUD DSHQDV XP SRYRDGR FRP KDELWDQWHV WUrV DQRV DSyV D FRQVWUXomR GDV IHUURYLDV Mi FRQWDYD FRP KDELWDQWHV $WUDYpV GHODV D FLGDGH DGTXLULX EDVHV H DXWRQRPLD SDUD VHX GHVHQ YROYLPHQWR HFRQ{PLFR TXH QR YROYLPHQWR HQWDQWR FRQWLQXDYD IXQGD


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

RHVWH HL[R TXH VHJXLD HP GL UHomR jV HVWDo}HV 6RURFDEDQD H 1RURHVWH DWUDLQGR FRQVLJR R FRPpUFLR TXH DQWHULRUPHQWH VH GDYD DR ORQJR GD DQWLJD HV WUDGD TXH OLJDYD R 6HUWmR D )RUWDOH]D 2 IDWRU TXH GHILQLWLYDPHQWH GHWHUPLQRX R SHUILO IHU URYLiULR GD FLGDGH IRL HP D GHFLVmR GR *RYHUQR )HGHUDO GH HVWDEHOHFHU QHOD D VHGH GD ( ) 12% &RP LVVR LQ~PHURV IXQFLRQiULRV SURYHQLHQWHV GR 5LR GH -DQHLUR 6mR 3DXOR H 7UrV 5LR /DJRDV IRUDP WUDQVIHULGRV SDUD DVVXPLU VHXV FDUJRV HP %DXUX (P IRUDP FRQVWUXt GDV DV RILFLQDV GD ( ) 12% GHV WLQDGDV GHVGH UHSDUR GH HTXL SDPHQWRV DWp PRQWDJHP GH FRPRWLYDV JHUDQGR QRYRV HP SUHJRV H FRQVHTXHQWHPHQWH DWUDLQGR SDUD D FLGDGH QRYR FRQWLQJHQWH GH SHVVRDV H IRU PDQGR PmR GH REUD TXDOLILFD GD H HVSHFLDOL]DGD DWUDYpV GH DSUHQGL]DGR SUiWLFR HP PDTXL QiULR HOHWULFLGDGH FDUSLQWDULD H WXGR R TXH D LVVR VH UHODFLR QDVVH $ FLGDGH H D IHUURYLD SHOD LQ WHQVD UHODomR FULDGD WRU QDUDP VH SUDWLFDPHQWH LQGLVVR FLiYHLV *UDQGH SDUWH GD SRSX ODomR XUEDQD WUDEDOKDYD QD IHUURYLD RX HP DWLYLGDGHV GH


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

ULYDGDV GHVWD H RV UHIOH[RV GD SURVSHULGDGH GHVVH PHLR GH WUDQVSRUWH QR DXJH GH VHX GH VHPSHQKR HUDP SDWHQWHV QD YLGD FLWDGLQD 3DUD %DXUX SRU WDQWR D IHUURYLD IRL IXQGDPHQ WDO H GHWHUPLQDQWH QD FRQVWLWX LomR GH XPD SDLVDJHP XUEDQD GH SDUWLFXODU LGHQWLGDGH ItVLFD KLVWyULFD H VyFLR FXOWXUDO &RP D FKHJDGD GDV IHUURYLDV D FXOWXUD FDIHHLUD GHL[RX GH VHU D SULQFLSDO DWLYLGDGH HFRQ{PLFD GD FLGDGH YLVWR WDPEpP TXH D SURGXomR Mi DSUHVHQWDYD VLQDLV GH GHFOtQLR GHYLGR j Pi TXDOLGDGH GR VROR TXH QmR DSUHVHQWDYD RV UHTXLV TXH LWRV QHFHVViULRV D HVWH WLSR GH FXOWXUD DOLiV j DJULFXOWXUD GH PRGR JHUDO 7DO GHILFLrQFLD SURSLFLRX TXH D FLGDGH GHVHQ YROYHVVH GHVGH FHGR XPD YR FDomR SDUD R FRPpUFLR SUHVWDomR GH VHUYLoRV (P %DXUX SHUGHX ERD SDUWH GR VHWRU DGPLQLVWUDWLYR GD FRPSDQKLD HQWmR WUDQVIHUL GR SDUD 6mR 3DXOR (VVH IDWR VRPDGR j GHVDWLYDomR GH YiULRV VHWRUHV GDV 2ILFLQDV HP YLU WXGH GD VXEVWLWXLomR GDV PiTXL QDV D YDSRU SRU HOHWULFLGDGH UHVXOWRX QXPD UHGXomR VLJQLIL FDWLYD QR Q~PHUR GH HPSUHJRV H SRUWDQWR GH IHUURYLiULRV $ SDUWLU GH D IHUURYLD GL


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

PLQXLX VREUHPDQHLUD VXD LP SRUWkQFLD H LQIOXrQFLD VREUH D FLGDGH DWp TXDQGR HIHWL YDPHQWH LQLFLDUDP VH DV SULYDWL ]Do}HV R TXDGUR GH HVWDJQD omR H IDOWD GH LQYHVWLPHQWR QDV IHUURYLDV SHUPDQHFHX LQDO WHUiYHO 7RGD D YDVWD iUHD GHQWUR GR SHUtPHWUR XUEDQR RFXSDGD SHOD IHUURYLD VHX HQWRUQR SUy[LPR H iUHDV GH LQIOXrQFLD DSUHVHQWDP FDUDFWHUtVWLFDV GH DEDQGRQR H GHWHULRUDomR FRPR TXH WUDGX]LQGR R HVTXHFL PHQWR GHVVH IRUWH WHVWHPXQKR PHQWR KLVWyULFR $ PHVPD IHUURYLD DJHQWH WUDQVIRUPDGRU GH XPD SDLVDJHP EDVLFDPHQWH UXUDO HP FLWDGLQD UHYLGRX DR GHVFDVR H DEDQGRQR GHL[DQGR VXDV FLFD WUL]HV QD SDLVDJHP DJRUD XUEDQD $ DQWLJD (VWDomR )HUURYLiULD IRL XP PDUFR SDUD R GHVHQ YROYLPHQWR GD FLGDGH H R FHQWUR TXH D FLUFXQGD SRGH VHU FRQVLGHUDGR R FRUDomR GH %DXUX $LQGD KRMH R FRPpUFLR GD iUHD p PXLWR LPSRUWDQWH SDUD D VXD HFRQRPLD HVSHFLDO SDUD PHQWH R HL[R JHUDGR SHOR FDOoDGmR GD %DWLVWD GH &DUYDO KR TXH OLJD D SUDoD HP IUHQWH j (VWDomR FRP D SUDoD GD ,JUHMD 0DWUL]

(PERUD KRMH D IHUURYLD QmR DSUHVHQWH JUDQGH UHOHYkQFLD SDUD R GHVHQYROYLPHQWR GD FLGDGH MXOJR LPSRUWDQWH TXH HVVH FHQWUR VHMD UHHVWDEHOHFLGR GH IRUPD D UHDILUPDU D VXD LPSRUWkQFLD KLVWyULFD H UHVWLWXLU XPD PHPyULD TXH FRP R WHPSR HVWi VHQGR SHUGLGD 2 REMHWLYR GD LQWHUYHQomR p R GH SUHVHUYDU XP SDWULP{QLR KLVWyUL FR H DUTXLWHW{QLFR PDV WDPEpP GH UHVJXDUGDU D PHPyULD H R YDORU VLPEyOLFR TXH R HGLItFLR GD (VWDojR )HUURYLiULD SRVVXL FRP D SRSX ODojR EDXUXHQVH


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

$ SURSRVWD FRQVLVWH QD DPSOL DomR GD DWXDO 3UDoD 0DFKDGR GH 0HOR FULDQGR XPD OLJDomR YLVXDO HQWUH D $YHQLGD 5R GULJXHV $OYHV LPSRUWDQWH HL[R DUWHULDO GD FLGDGH FRP R HGLIt FLR GD (VWDomR )HUURYLiULD $ QRYD SUDoD VHULD WDPEpP XPD FRQWLQXDomR GR FDOoDGmR GD %DWLVWD GH &DUYDOKR VHQGR FRQILJXUDGD FRPR XP HVSDoR GH FRPpUFLR GH SHUPDQrQFLD H GH HQFRQWUR

$ 3523267$


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

4XDQWR D PLQKD SRVWXUD FRP UHODomR j SUHH[LVWrQFLD DFUHGLWR TXH D LQWHUYHQomR GHYH VHU EHP PDUFDGD QmR VXWLO VHQGR TXH LVVR HYLGHQFLH R TXH p QRYR H R TXH p DQWLJR H WDPEpP HOHYD D LPSRUWkQFLD GD SUHH[LVWrQFLD Mi TXH VH D FRQ SUHH[LVWrQFLD VWUXojR QRYD IRU PLPpWLFD R FRQMXQWR SDVVD D WHU D PHVPD UHOHYkQFLD


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

&KLF HP 6mR 3DXOR RQGH VXUJLX SHOD SULPHLUD YH] R VDQGXtFKH H RV EDXUXHQVHV 6NLQmR %DU TXH Ki DQRV SUHVHUYD D UHFHLWD H %DU $HURSRUWR Ki DQRV QR $HURFOXEH R VHFUHWiULR PXQLFLSDO GH &XOWXUD DFRPSDQKD RXWUD GRF XPHQWDomR D HQYLDGD DR ,3+$1 FRP R SHGLGR GH UHFRQKHFLPHQ WR GR EDXUX FRPR EHP LPDWHULDO H SDWULP{QLR FXOWXUDO GR SDtV 1R GRFXPHQWR UHFHELGR GR ,3+$1 FRQVWD TXH ´WDO FRPR R FDFKRUUR TXHQWH GH RULJHP DOHPm R KDPE~UJXHU FULDomR DPHULFDQD VLWXD VH R EDXUX ( HP RSRVLomR DRV VDQGXtFKHV H UHIULJHUDQWHV DPHULFDQRV R EDXUX p PXLWDV YH]HV DVVRFLDGR EDXUX DR JXDUDQi QR VHQWLGR GD YDOR UL]DomR GRV SURGXWRV QDFLRQD LV e XPD H[SUHVVmR GR PXOWL FXOWXUDOLVPR QDV PHJDFLG DGHVµ 2 VDQGXtFKH p SRUWDQWR XP IDWRU GH IRUWH LGHQWLGDGH SDUD D FLGDGH H GHVVD IRUPD R &HQWUR *DVWURQ{PLFR VHUi XP ORFDO RQGH RV KDELWDQWHV H WDPEpP RV YLVLWDQWHV SRGHUmR HQFRQWUDU D UHFHLWD GR EDXUX RULJLQDO $ iUHD VHUi SRUWDQWR RULJLQDO XP SROR GH DWUDomR HP XPD HVFDOD LPHGLDWD H WDPEpP HP XPD HVFDOD PDLV DPSOD LQWHUPX QLFLSDO


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

GHVHQKR GD 3UDoD GD 0HPyULD SULYLOHJLRX RV FDPLQ 2

KRV TXH OHYDVVHP GR FDOoDGmR j HQWUDGD SULQFLSDO GD (VWDomR j QRYD SUDoD FULDGD DR ODGR H DR 0XVHX )HUURYLiULR 2 HQFRQ WUR GHVVHV FDPLQKRV p PDUFDGR SRU XP HOHPHQWR YHUWLFDO 2 GHVQtYHO GR WHUUHQR SHUPL WLX TXH XP SODW{ IRVVH FULDGR ORJR QD VDtGD GR FDOoDGmR PHWURV DFLPD GR QtYHO GR HGLIt FLR GD (VWDomR FRPR TXH HP XPD FRQWHPSODomR DR FRQMXQ WR DUTXLWHW{QLFR HP IUHQWH 8PD HVFDGDULD IRL FULDGD VHQGR WDQWR XP ORFDO GH HVWDU TXDQWR GH SDVVDJHP TXDQWR XPD DUTXLEDQFDGD SDUD DOJXP HYHQWR RFRUUHQGR QD SUDoD VHFD j IUHQWH 2V HOHPHQWRV GH iJXD VHUYHP SDUD GHOLPLWDU DPELHQWHV GLIH UHQWHV TXH RFRUUHP GHQWUR GD PHVPD SUDoD 8P GHOLPLWD R HVSDoR ORJR j IUHQWH GD (VWD omR H GR 0XVHX )HUURYLiULR VHQGR TXH DOL VH HQFRQWUD WDPEpP XPD TXHGD G·iJXD 2 RXWUR GHOLPLWD D SUDoD VHFD HP IUHQWH j HVFDGDULD H R ~OWLPR RV SODW{V GHVWLQDGRV DR HVWDU FRP XPD iUHD JUDPDGD DEHUWD H WDPEpP XPD iUHD VRPEUHDGD SRU iUYRUHV TXH PDUFDP WDPEpP XP ROKDU SDUD R HGLItFLR WDPEpP HP IUHQWH


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

,03/$17$d®2 (0 (6&$/$


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

(VWDFLRQDPHQWR 6XEWHUUkQHR 5HVWDXUDQWHV (VFROD GH *DVWURQRPLD (PSyULR


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

$V SDVVDUHODV VmR XP HOHPHQ WR PXLWR IRUWH GR SURMHWR $OpP GH VHU XP HOHPHQWR SOiVWL FR IHLWDV GH YLGUR SURSRUFLR QDP QR SHUFXUVR XP PRPHQWR GH FRQWHPSODomR GD SDLVDJHP RUD YROWDGD SDUD D FREHUWXUD GD JDUH RUD YROWDGD SDUD D IHUURYLD $OpP GLVVR HOD HPROGXUD D SDLVDJHP SDUD RV SHGHVWUHV OHYDQGR R VHX ROKDU SDUD D IHU URYLD


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

7e55(2 '2 (',)Ì&,2 '$ (67$d®2 (0 (6&$/$


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

2 VHJXQGR SDYLPHQWR GR HGLIt FLR GD (VWDomR DEULJD R DSRLR DRV UHVWDXUDQWHV VHQGR DFHV VDGR DSHQDV SRU VHXV IXQ FLRQiULRV &DGD UHVWDXUDQWH FRQWD FRP FR]LQKD iUHD GH KL JLHQL]DomR FkPHUD IULD GHSyVL WR HVWDU H YHVWLiULRV SDUD RV IXQFLRQiULRV 3DUD IDFLOLWDU R WUDQVSRUWH GH FRPLGD Ki XP HO HYDGRU SUySULR TXH GHVFH GD FR]LQKD DWp R VDOmR QR WpUUHR H RXWUR TXH VREH LQGR GLUHWD PHQWH DWp D iUHD GH KLJLHQL]D omR 1R WHUFHLUR SDYLPHQWR HQ FRQWUD VH D (6&2/$ '( *$6 752120,$ VHQGR TXH Dt QmR VH HQFRQWUDP ODERUDWyULRV TXH H[LJLULDP XPD LQIUD HVWUXWXUD PDLV HODERUDGD H QmR HQFRQ WUDGD QR HGLItFLR SUHH[LVWHQWH (QFRQWUDP VH Dt RV ODERUDWyUL RV GH HQRORJLD H UHVWDXUDQWH EDU DOpP GH VDOD GH SURIHVVRUHV VDODV GH DXOD WHyULFDV GLUHWRULD DGPLQLVWUD omR ELEOLRWHFD H VDOD GH HVWX GRV


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

3/$17$6 '2 (',)Ì&,2 '$ (67$d®2 (0 (6&$/$


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

&257(6 (0 (6&$/$


&(1752 *$67521Ñ0,&2 (67$d®2

3LVR 7iWLO

7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

2 VHJXQGR SDYLPHQWR GR HGLIt FLR GR (PSyULR ORFD R VHX HV WRTXH DFHVVDGR DSHQDV SRU IXQFLRQiULRV 2 HGLItFLR GD (VFROD GH *DV WURQRPLD ORFD Dt GXDV VDODV GH &RQIHUrQFLD VHQGR TXH VHX XVR SRGH VHU VLPXOWkQHR RX XPD VHUYLU GH DSRLR SDUD D RXWUD SDUD D UHDOL]DomR GH FRIIHH EUHDNV


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

2 WHUFHLUR SDYLPHQWR p R SDYL PHQWR GD OLJDomR GR FRQMXQWR DWUDYpV GDV SDVVDUHODV 1R HGLItFLR RQGH VH ORFDOL]D R (PSyULR VH HQFRQWUDP D &R] LQKD 3HGDJyJLFD H R /DER UDWyULR GH 3DGDULD &RQIHLWDULD FRP VHXV UHVSHFWLYRV DSRLRV 1R HGLItFLR VHJXLQWH VH HQFRQ WUD XP /DERUDWyULR &R]LQKD FRP VHXV DSRLRV H XPD iUHD GH FRQYLYrQFLD TXH ID] XP LQWHU PHLR HQWUH DV SDVVDUHODV


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

2 TXDUWR SDYLPHQWR GR HGLIt FLR ORFD RXWUR /DERUDWyULR &R ]LQKD DOpP GRV YHVWLiULRV GRV DOXQRV (VVH ODERUDWyULR VHUYH WDPEpP GH &R]LQKD SDUD R 5HV WDXUDQWH (VFROD ORFDOL]DGR QR SDYLPHQWR VXSHULRU VHQGR Dt ORFDGR XP HOHYDGRU SDUD R WUDQVSRUWH IDFLOLWDGR GH FRPLGD XP TXH VREH FRP HOD SURQWD H XP TXH GHVFH FRP D SURQWD ORXoD SDUD D KLJLHQL]DomR


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(


&(1752 *$67521Ñ0,&2 (67$d®2 7+$,6 0$57,16 9$/(17(

$ SHOH XWLOL]DGD HP YROWD GR HGLItFLR GD (VFROD GH *DVWURQR PLD DOpP GH FRQIHULU SODVWLFLG DGH H XP FDUiWHU FRQWHPSRUk QHR SDUD D LQWHUYHQomR IXQFLR QD FRPR XP TXHEUD VRO DX[LOLD QGR QR FRQIRUWR WpUPLFR YLVXDO GD HGLILFDomR


&216,'(5$d¯(6 ),1$,6

2 LQWXLWR GR WUDEDOKR IRL R GH H[SHULPHQWDU R TXH HX FKDPHL GH ´3(57(1&,0(172µ QD DUTXLWHWXUD $ EXVFD SRU XPD DUTXL WHWXUD FRQVFLHQWH FRP VHX FRQWH[WR H[LVWLX GHVGH R LQtFLR GD JUDGXDomR H FRP FHUWH]D SHUPDQHFHUi GDTXL SDUD IUHQWH 2 UHVSHLWR SDUD FRP D PHPyULD XUEDQD SDUD FRP D KLVWyULD D FXOWXUD D WRSRJUDILD R FOLPD WXGR LVVR p PXLWR LPSRUWDQWH QD FRPSRVLomR GH XPD ERD DUTXLWHWXUD VHQGR TXH D &21 7(0325$1(,'$'( GDTXLOR TXH p FRQVWUXtGR KRMH QmR SRGH QXQFD VHU SHUGLGD (VVH SURMHWR GHYLGR DR ORQJR FDPLQKR SHUFRUULGR IRL PXLWR LPSRUWDQWH SDUD R GHVFREULPHQWR H D FODUH]D GH LQWHQ o}HV SURMHWXDLV H GH YDORUHV DUTXLWHW{QLFRV (VVH DSUHQGL ]DGR H HVVH FUHVFLPHQWR HP VL Mi IRUDP PXLWR YiOLGRV H PH VLQWR VDWLVIHLWD GHSRLV GH PXLWR HVIRUoR H GHGLFDomR GH XP DQR GH WUDEDOKR


5()(5È1&,$6 %,%/,2*5É),&$6 $$/72 $OYDU $UFKLWHFWXUH DQG 8UEDQLVP ([WUD (GLWLRQ -DSDQ 0D\

)5$03721 .HQQHWK +LVWyULD &UtWLFD GD $UTXLWHWXUD 0RGHUQD 6mR 3DXOR (GLWRUD 0DUWLQV )RQWHV

*+,5$5'(//2

1LOVRQ H )217(6 0DULD 6RODQJH *XUJHO GH &DVWUR 2OKDUHV VREUH %DXUX %DXUX 6mR 3DXOR

*,(',21 6LHJIULHG $UTXLWHFWXUD H &RPXQLGDGH /LVERD /LYURV GR

%UDVLO V G 7UDGXomR GR RULJLQDO $UFKLWHNWXU XQG *HPHLQVFKDIW +DPEXUJR

0(&$ 0DULD 7HUHVD 0 'H 3LQKR $V iUHDV UHVLGXDLV GDV IHUURYLDV 2 FDVR GH %DXUX (VWXGR GH DSURYHLWDPHQWR SDUD XP VLVWHPD GH iUHDV YHUGHV 'LVVHUWDomR 0HVWUDGR (VFROD GH (QJHQKDULD GH 6mR &DUORV ² 8QLYHUVLGDGH GH 6mR 3DXOR 6mR &DUORV

020%(,* 3 3LRQHLURV H ID]HQGHLURV GH 6mR 3DXOR 6mR 3DXOR +XFLWHF 3ROLV

5,&+$5'6 - 0 (OHPHQWRV YHOKRV H QRYRV QR FRUDomR GD FLGDGH ,Q 52*(56 ( 1 6(57 - / 7<5:+,77 - SS

52*(56 ( 1 ´2 FRUDomR SUREOHPD KXPDQR GDV FLGDGHVµ ,Q 52*(56 ( 1 6(57 - / 7<5:+,77 - (O FRUD]yQ GH OD FLXGDG SRU XQD YLGD PiV KXPDQD GH OD FRPXQLGDG %DUFHORQD (GLWRULDO &LHQWt ILFR 0pGLFD SS

6(57 - / ´&HQWURV SDUD OD YLGD GH OD FRPXQLGDG µ ,Q 52*(56 ( 1 6(57 - / 7<5:+,77 - (O FRUD]yQ GH OD FLXGDG SRU XQD YLGD PiV KXPDQD GH OD FRPXQLGDG %DUFHORQD (GLWRULDO &LHQWtILFR 0p GLFD S

=(9, %UXQR ´$UTXLWHFWXUD H +LVWRULD GH OD DUTXLWHFWXUDµ ,Q $U TXLWHFWXUD LQ 1XFH 8QD GHILQLFLyQ GH DUTXLWHFWXUD 0DGULG $JXL ODU SS 2ULJLQDO GH 5RPD



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.