3DSHODOXPLQLR
1RXVHSDSHOGHDOXPLQLRSDUDFXEULUHOIRQGRGHO
KRUQR(ODOXPLQLRDWUDSDUiHOFDORUHQODSDUWH
LQIHULRU\DOWHUDUiHOIXQFLRQDPLHQWRGHOKRUQR
(ODOXPLQLRVHSXHGHGHUUHWLU\GDxDUGHIRUPD
SHUPDQHQWHHOIRQGRGHOKRUQR&XDOTXLHUGDxRSRU
XVRLQDGHFXDGRGHODOXPLQLRQRHVWDUiFXELHUWRSRU
ODJDUDQWtDGHOSURGXFWR
(ODOXPLQLRVHSXHGHXVDUSDUDUHWHQHUGHUUDPHV
FRORFDQGRXQDKRMDHQHOHVWDQWHLQIHULRUYDULDV
SXOJDGDVSRUGHEDMRGHODFRPLGD1RXVHPiV
DOXPLQLRTXHHOQHFHVDULR\QXQFDFXEUDWRWDOPHQWH
XQHVWDQWHGHOKRUQRFRQSDSHOGHDOXPLQLR
0DQWHQJDHODOXPLQLRSRUORPHQRVDXQDSXOJDGD
\PHGLDGHODVSDUHGHVGHOKRUQRSDUDHYLWDUXQD
PDODFLUFXODFLyQGHOFDORU
&yPRFRQILJXUDUHOKRUQRSDUDDVDUDODSDUULOOD
&LHUUHODSXHUWD6LHPSUHDVHDODSDUULOODFRQOD
SXHUWDFHUUDGD
&RORTXHODFDUQHRHOSHVFDGRVREUHXQD
UHMLOODSDUDDVDUHQXQDEDQGHMDSDUDDVDU
6LJDODVSRVLFLRQHVHQODSDUULOODVXJHULGDVHQOD
*XtDSDUDDVDUDODSDUULOOD
3UHVLRQHHOERWyQ
%URLO+L/R
XQDYH]SDUDDVDU
DODSDUULOOD
+,$OWR
3DUDFDPELDUD
$VDUDODSDUULOOD/2%DMR
SUHVLRQHHOERWyQ
%URLO+L/R
QXHYDPHQWH
3UHVLRQHHOERWyQ
6WDUW
&XDQGRHODVDGRDODSDUULOODHVWpWHUPLQDGR
SUHVLRQHHOERWyQ
&OHDU2II
*($SSOLDQFHVFRP
&LHUUHODSXHUWD6LHPSUHDVHD
ODSDUULOODFRQODSXHUWDFHUUDGD
6LVXKRUQRHVWiFRQHFWDGRDYROWLRV
ORVILOHWHVSRFRFRFLGRVSXHGHQDVDUVH
DODSDUULOODSUHFDOHQWDQGRODSDUULOOD\
SRVLFLRQDQGRODSDUULOODGHOKRUQR
HQXQDSRVLFLyQPiVDOWD
*XtDSDUDDVDUDODSDUULOOD
(OWDPDxRSHVRJURVRUWHPSHUDWXUD
LQLFLDO\VXSUHIHUHQFLDVREUHHOSXQWR
GHFRFFLyQGHORVDOLPHQWRVDIHFWDUiQ
ORVWLHPSRVGHFRFFLyQ(VWDJXtDHVWi
EDVDGDHQFDUQHVDWHPSHUDWXUDGH
UHIULJHUDGRU
(O'HSDUWDPHQWRGH$JULFXOWXUDGH
((88LQGLFDTXH´ODFDUQHDSRFR
FRFLGDHVSRSXODUSHURXVWHGGHEH
VDEHUTXHFRFLQDUODDVRODPHQWH
)VLJQLILFDTXHDOJXQRVRUJDQLVPRV
YHQHQRVRVSRGUtDQVREUHYLYLUµ
)XHQWH6DIH)RRG%RRN<RXU.LWFKHQ
*XLGH86'$5HY-XQLR
3UHFDOLHQWHODDVDGHUDGXUDQWHPLQXWRVSDUDPHMRUDUHOGHVHPSHxR
$OLPHQWR
1LYHOGH
FRFFLyQ
7LSRR
JURVRU
%URLO
6HWWLQJ
3RVLFLyQGH
ODEDQGHMD
GHKRUQR
µ
3RVLFLyQ
GHOD
EDQGHMD
GHKRUQR
&RPHQWDULRV
&DUQHGH
UHV
-XJRVD
)
)LOHWHV²
s
GH
JURVRU
+,DOWD
'
(
(VGLItFLOTXHILOHWHVGH
PHQRVGH
s
GHJURVRU
TXHGHQMXJRVRV6H
FRFLQDQSRUFRPSOHWR
DQWHVGHGRUDUVH3DUD
HYLWDUTXHODFDUQHVH
HQURVTXHFRUWHODJUDVDD
LQWHUYDORVGH
s
(VSDFLHORVSDWWLHV
XQLIRUDVWD
SDWWLHVWDUGDQFHUFDGHO
PLVPRWLHPSR
$SXQWR
)
)LOHWHV²
s
D
s
GHJURVRU
+,DOWD
'
(
%LHQFRFLGD
)
)LOHWHV²
s
D
s
GHJURVRU
3DWWLHVGH
FDUQHSLFDGD
µDµGH
JURVRU
+,DOWD
'
(
3ROOR
3HFKXJDVLQ
KXHVR
+,DOWD
$
&
3HFKXJDFRQ
KXHVR
+,DOWD
$
&
$VDUVREUHHOODGRGHOD
SLHOSULPHUR
)LOHWHVGH
SHVFDGR
*URVRUGH
s
D
s
+,DOWD
&
'
0DQLSXOH\JLUHFRQPXFKR
FXLGDGR
/2
EDMD
&
'
&KXOHWDV
GHFHUGR
%LHQFRFLGD
)
*URVRUGH
s
+,DOWD
&
'
3DUDHYLWDUTXHODFDUQHVH
HQURVTXHFRUWHODJUDVD
