0RQWDMHVREUHKRUQRILJXUDE
(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP
/DGLVWDQFLDHQWUHODSDUWHVXSHULRUGHODHQFLPHUD\ODSDUWH
VXSHULRUGHOIURQWDOGHOKRUQRGHEHVHUGH PP
1RWD &RQVXOWH ODV LQGLFDFLRQHV GH PRQWDMH GHO KRUQR SRU VL IXHUD
QHFHVDULRDXPHQWDUODGLVWDQFLDHQWUHODSODFDGHFRFFLyQ\HO
KRUQR
9HQWLODFLyQODGLVWDQFLDPtQLPDHQWUHHOKRUQR\ODSODFDGH
FRFFLyQGHEHGHVHUGH PP
1RWD 6RORHQHOFDVRGHLQVWDODUODSODFDGHFRFFLyQVREUHXQ
KRUQRGHGLVWLQWRIDEULFDQWHXWLOL]DUXQVRSRUWHLQWHUPHGLRGH
PDGHUD ILJXUD
9HQWLODFLyQILJXUD
3DUDDVHJXUDUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRVHGHEH
WHQHUHQFXHQWDXQDDGHFXDGDYHQWLODFLyQGHODSODFDGHFRFFLyQ
(OYHQWLODGRUVLWXDGRHQODSDUWHLQIHULRUGHODSDUDWRGHEHDVSLUDU
VXILFLHQWHFDXGDOGHDLUHIUHVFRSRUORTXHORVPXHEOHVGHEHQGH
HVWDUDGDSWDGRVSDUDWDOSURSyVLWR3DUDHOORHVQHFHVDULR
■XQDVHSDUDFLyQPtQLPDHQWUHODSDUWHWUDVHUDGHOPXHEOH\OD
SDUHGGHODFRFLQD\HQWUHODSDUWHVXSHULRUGHODHQFLPHUD\OD
SDUWHVXSHULRUGHOFDMyQ ILJXUD D
■XQD DEHUWXUD HQ OD SDUWH VXSHULRU GH OD SDUHG WUDVHUD GHO PXHEOH
ILJXUD E
■HQHOFDVRGHQRWHQHUXQDVHSDUDFLyQPtQLPDGH PPHQOD
SDUWHWUDVHUDGHOPXHEOHVHGHEHUiUHDOL]DUXQDDEHUWXUDHQOD
SDUWHLQIHULRUGHOPLVPR ILJXUD F
■VLODDQFKXUDLQWHULRUGHOPXHEOHHVPHQRUGH PPVHGHEH
KDFHUXQFRUWHHQODVSDUHGHVODWHUDOHV ILJXUD G
1RWDV
■6LHODSDUDWRVHLQVWDODHQLVODXRWURWLSRGHLQVWDODFLyQQR
GHVFULWD HV LPSUHVFLQGLEOH DVHJXUDU OD FRUUHFWD YHQWLODFLyQ GH OD
SODFDGHFRFFLyQ
■1RFHUUDUHO]yFDORLQIHULRUKHUPpWLFDPHQWH
,QVWDODUHODSDUDWRILJXUDV
1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD/DV
VXSHUILFLHVQRYLVLEOHVSXHGHQWHQHUDULVWDVFRUWDQWHV
(QDSDUDWRVVLQFDEOHSUHPRQWDGRFRORFDUHOFDEOHGH
DOLPHQWDFLyQHQODFDMDGHFRQH[LyQ
'DUODYXHOWDDODSODFDGHFRFFLyQ\FRORFDUODVREUHODPLVPD
EDVHGHOHPEDODMHVREUHXQSDxRRVXSHUILFLHDSWDSDUDHYLWDU
UD\DGXUDV
/HYDQWDUODWDSDGHODFDMDGHFRQH[LyQFRQD\XGDGHXQ
GHVWRUQLOODGRU ILJXUD
4XLWDU HO WRUQLOOR GH VXMHFLyQ \ OHYDQWDU OD DEUD]DGHUD FRQ D\XGD
GHXQGHVWRUQLOODGRU ILJXUD
&RQHFWDU H[FOXVLYDPHQWH VHJ~Q HO HVTXHPD GH FRQH[LRQDGR GH
ODFDMDGHFRQH[LyQ ILJXUD
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV
1RWDV
■6LVHUHDOL]DODFRQH[LyQGHDFXHUGRDOHVTXHPD/1aVH
GHEHUiPRGLILFDUODGLVSRVLFLyQGHORVSXHQWHVVLJXLHQGRHO
HVTXHPDGHFRQH[LyQ
■$VHJXUHVH GH TXH ORV WRUQLOORV GH OD FDMD GH FRQH[LyQ TXHGHQ
DSUHWDGRVGHVSXpVGHUHDOL]DUODFRQH[LyQGHORVFDEOHV
)LMDUHOFDEOHGHDOLPHQWDFLyQFRQODDEUD]DGHUD\FRORFDUHO
WRUQLOORGHVXMHFLyQ ILJXUD D
&HUUDUODWDSDGHODFDMDGHFRQH[LyQ
1RWD $ORMDU DGHFXDGDPHQWH ORV FDEOHV HQ OD ]RQD FHQWUDO GH OD
FDMDGHFRQH[LyQSDUDIDFLOLWDUHOFLHUUH
(Q HO FDVR GH TXH HO FDEOH GH DOLPHQWDFLyQ LQWHUILHUD FRQ HO FDMyQ
ILMDU HO FDEOH FRQ OD EULGD DGMXQWD D OD EDVH GH OD SODFD GH FRFFLyQ
ILJXUD E
1RWD (QFDVRGHQHFHVLWDUXQFDEOHGHPD\RUORQJLWXGFRQWDFWH
FRQHO6HUYLFLRGH$VLVWHQFLD7pFQLFD'LVSRQLEOHKDVWD P
&RORFDUODSODFDGHFRFFLyQILJXUDV
,QVWDODUODVJXtDVGHVXMHFLyQ ILJXUD
² 6L\DKD\LQVWDODGDVXQDVJXtDVGHVXMHFLyQTXLWDUODVH
LQVWDODUODVJXtDVQXHYDV
² (Q HQFLPHUDV DOLFDWDGDV XVDU ORV DJXMHURV GH URVFD LQIHULRUHV
² (QHQFLPHUDVGHSLHGUDSHJDUODVJXtDVXWLOL]DUFROD
DGKHVLYDWHUPRHVWDEOHTXHVHDDSURSLDGDSDUDXQLUPHWDO\
SLHGUD
,QWURGXFLUHODSDUDWRHQHOKXHFRGHHQFDVWUH
&RPSUREDUTXHODSODFDGHFRFFLyQTXHGHDQLYHOFRQOD
HQFLPHUD(QHOFDVRGHTXHODSODFDQRTXHGHDQLYHOLQVWDODU
ORV DQFODMHV VXPLQLVWUDGRV TXH VHDQ QHFHVDULRV \ DMXVWDUORV FRQ
FXLGDGR ILJXUD
1RWD 1RXWLOL]DUGHVWRUQLOODGRUHVHOpFWULFRV
■1RDSULVLRQDUHOFDEOHGHDOLPHQWDFLyQQLSDVDUORSRUERUGHV
DILODGRV 6L KD\ XQ KRUQR PRQWDGR GHEDMR SDVDU HO FDEOH SRU ODV
HVTXLQDV WUDVHUDV GHO KRUQR 'HEH FRORFDUVH GH PDQHUD TXH QR
WRTXHSDUWHVFDOLHQWHVGHODSODFDGHFRFFLyQRGHOKRUQR
■(Q HQFLPHUDV DOLFDWDGDV VHOODU ODV MXQWDV HQWUH ORV D]XOHMRV FRQ
FDXFKRGHVLOLFRQD
&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD
■7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV
■&RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV
■6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUOD
GLVSRVLFLyQGHORVWHUPLQDOHVVXPLQLVWUDGRVSRUIiEULFD3DUD
HOORVHUiQHFHVDULRFRUWDUORVWHUPLQDOHV\HOLPLQDUHODLVODQWH
QHFHVDULRSDUDFRORFDUXQWHUPLQDOTXHXQDGRVFDEOHV
1RWD &RPSUREDUHOIXQFLRQDPLHQWRVLHQHOSDQHOLQGLFDGRUGHO
DSDUDWRDSDUHFH —…‹‹ “‹†‚„ y“ VLJQLILFDTXHHVWiPDO
FRQHFWDGR'HVFRQHFWDUHODSDUDWRGHODUHG\FRPSUREDUOD
LQVWDODFLyQGHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQ\HQ
ODUHGHOpFWULFD
'HVPRQWDUHODSDUDWR
'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD
([WUDHUODSODFDGHFRFFLyQHMHUFLHQGRSUHVLyQGHVGHDEDMR
£$WHQFLyQ
£'DxRVHQHODSDUDWR1RLQWHQWHH[WUDHUHODSDUDWRKDFLHQGR
SDODQFDGHVGHDUULED
de
Ø0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV
LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG
JHPlGLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl
GHQGLHGXUFKHLQHQXQVDFKJHPlHQ(LQEDXHQWVWHKHQKDIWHW
GHU0RQWHXU
1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ
=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW
'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X
0HWHUQ]XJHODVVHQ
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ
)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ
JHQGHU|UWOLFKHQ6WURPYHUVRUJHU
'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ
XQGJHPlGHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH
7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ
$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI
QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW
ZHUGHQ
'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ
JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH
,QVWDOODWLRQ]XUFN]XIKUHQVLQG
1HW]NDEHO(VLVWP|JOLFKHUZHLVHEHUHLWVDQGHU$QVFKOXVV
ER[GHV.RFKIHOGVDQJHVFKORVVHQRGHUZLUGPLWGHP*HUlW
JHOLHIHUW XQG GDUI QXU YRQ HLQHU ]XJHODVVHQHQ )DFKNUDIW E]Z TXD
OLIL]LHUWHP.XQGHQGLHQVW3HUVRQDOLQVWDOOLHUWZHUGHQ'LHHUIRUGHUOL
FKHQ$QVFKOXVVGDWHQVLQGDXIGHP7\SHQVFKLOGXQGLP
$QVFKOXVVELOGDQJHJHEHQ
1XUGDVPLWGHP*HUlWPLWJHOLHIHUWHRGHUYRPWHFKQLVFKHQ.XQ
GHQGLHQVWJHOLHIHUWH.DEHOYHUZHQGHQ
0RQWDJHXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQVNRFKIHOGNDQQ
QXUEHU6FKXEODGHQRGHU%DFN|IHQPLW*HEOlVHOIWXQJLQVWDOOLHUW
ZHUGHQ 8QWHU GHP .RFKIHOG N|QQHQ NHLQH .KOVFKUlQNH 6SOPD
VFKLQHQ %DFN|IHQ RKQH /IWXQJ RGHU :DVFKPDVFKLQHQ HLQJHEDXW
ZHUGHQ
