$MXVWHGHOWHUPRVWDWRGHOKRUQRLQIHULRU
£+iJDORXVWHGPLVPR
*($SSOLDQFHVFRP
8VWHGVHSXHGHSHUFDWDUTXHVXKRUQRQXHYRFRFLQDGLVWLQWRDOTXHUHHPSOD]y8VHVXKRUQRQXHYRSRUYDULDVVHPDQDVSDUDIDPLOLDUL]DUVH
FRQpO6LD~QSLHQVDTXHVXKRUQRQXHYRHVGHPDVLDGRFDOLHQWHRGHPDVLDGRIUtRXVWHGSXHGHDMXVWDUHOWHUPRVWDWRXVWHGPLVPR
1RXVHWHUPyPHWURVFRPRORVTXHVHYHQGHQHQWLHQGDVGHDSURYLVLRQDPLHQWRSDUDLQVSHFFLRQDUODWHPSHUDWXUDGHVXKRUQR(VWRVWHUPyPHWURV
SRGUtDQYDULDUGHDJUDGRV
127$
(VWHDMXVWHVyORDIHFWDUiODWHPSHUDWXUDGHKRUQHDGR\DVDGRQRDIHFWDODVWHPSHUDWXUDVGHDVDGRDODSDUULOODFRQYHFFLyQRDXWROLPSLH]D(O
DMXVWHVHDOPDFHQDUiHQODPHPRULDGHVSXpVGHXQDIDOODHOpFWULFD
3DUDDMXVWDUHOWHUPRVWDWRGHOKRUQR
HQDOJXQRVPRGHORV
$SULHWHORVERWRQHV
%DNH
\
%URLO+L/R
HQORV
PRGHORVGHKRUQRGREOHXVHORVFRQWUROHVGHO
KRUQR
VXSHULRU
DOPLVPRWLHPSRGXUDQWH
VHJXQGRVKDVWDTXHODSDQWDOODPXHVWUH
6)
/XHJRSURFHGDFRQORVSDVRVDXVDQGRORV
ERWRQHVSDUDHOKRUQRVXSHULRURLQIHULRU
3UHVLRQHHOERWyQ
%DNH
(QODSDQWDOODVH
PXHVWUDXQQ~PHURGHGRVGtJLWRV
(QORVPRGHORVFRQERWRQHVQXPpULFRVYXHOYD
DDSUHWDU%DNHSDUDDOWHUQDUHQWUHDXPHQWDU\
GLVPLQXLUODWHPSHUDWXUDGHOKRUQR
/DWHPSHUDWXUDGHOKRUQRSXHGHDMXVWDUVH
KDVWD)PiVFDOLHQWHR)PiVIUtD
(QORVPRGHORVFRQERWRQHVQXPpULFRV
DSULpWHODVGHOPLVPRPRGRHQTXHODVOHH3RU
HMHPSORSDUDFDPELDUODWHPSHUDWXUDGHO
KRUQR)DSULHWH
\
(QORVPRGHORVFRQERWRQHV
\
²
GH
7HPS
7HPSDSULpWHORVSDUDDXPHQWDURGLVPLQXLU
ODWHPSHUDWXUDHQLQFUHPHQWRVGHJUDGR
&XDQGRKD\DUHDOL]DGRHODMXVWHSUHVLRQHHO
ERWyQ6WDUWSDUDYROYHU
DODSDQWDOODGHODKRUDGHOGtD8WLOLFH
VXKRUQRFRPRORKDUtDQRUPDOPHQWH
3DUDDMXVWDUHOWHUPRVWDWRGHOKRUQR
HQDOJXQRVPRGHORV
4XLWHODSHULOOD
29(1
GHOHMHPLUHODSDUWHSRVWHULRU
GHODSHULOOD\UHFXHUGHODFRQILJXUDFLyQDFWXDO
DQWHVGHUHDOL]DUFXDOTXLHUDMXVWH/DSHULOODYLHQHGH
IiEULFDFRQHOWRUQLOORVXSHULRUGLUHFWDPHQWHGHEDMR
GHOLQGLFDGRU
4XLWHODSHULOOD
29(1
$IORMHDPERVWRUQLOORVGHODSDUWHSRVWHULRUGH
ODSHULOOD
6RVWHQJDDPEDVSDUWHVGHODSHULOODFRPR
VHPXHVWUDHQODLOXVWUDFLyQGHODSDUWH
SRVWHULRUGHODSHULOOD
29(1
\JtUHODGHPRGR
TXHHOWRUQLOORLQIHULRUVHPXHYDHQODGLUHFFLyQ
GHVHDGD
$PHGLGDTXHJLUHODSHULOODHVFXFKDUi\VHQWLUi
ODVPXHVFDV&DGDPXHVFDFDPELDODWHPSHUDWXUD
DOUHGHGRUGH)DKUHQKHLW
$SULHWHORVWRUQLOORV
9XHOYDDFRORFDUODSHULOOD
29(1
HQHOKRUQR
9XHOYDDYHULILFDUHOGHVHPSHxRGHOKRUQRDQWHVGH
UHDOL]DUFXDOTXLHUDMXVWHDGLFLRQDO
£(OWLSRGHPDUJDULQDDIHFWDUiHOGHVHPSHxRGHOKRUQHDGR
/DPD\RUtDGHODVUHFHWDVSDUDKRUQHDUVHKDQGHVDUUROODGRXVDQGRSURGXFWRVGHDOWRFRQWHQLGRHQJUDVDFRPRPDQWHTXLOODRPDUJDULQDGH
JUDVD6LGLVPLQX\HODJUDVDHVSRVLEOHTXHODUHFHWDQRWHQJDORVPLVPRVUHVXOWDGRVTXHFRQXQSURGXFWRGHPD\RUFRQWHQLGRGHJUDVD
/DVUHFHWDVSXHGHQIDOODUVLODVWRUWDVSDVWHOHVJDOOHWDVRGXOFHVVHSUHSDUDQFRQSURGXFWRVEDMRVHQJUDVD0LHQWUDVPHQRVVHDHOFRQWHQLGRGH
JUDVDGHXQSURGXFWRWLSRPDQWHTXLOODPiVVHQRWDUiQHVWDVGLIHUHQFLDV
/RVHVWiQGDUHVIHGHUDOHVH[LJHQTXHORVSURGXFWRVPDUFDGRVFRPRPDUJDULQDVFRQWHQJDQSRUORPHQRVXQGHJUDVDSRUSHVR3RURWUD
SDUWHORVSURGXFWRVWLSRPDQWHTXLOODEDMRVHQJUDVDFRQWLHQHQPHQRVJUDVD\PiVDJXD(ODOWRFRQWHQLGRGHKXPHGDGGHHVWRVSURGXFWRVDIHFWD
ODWH[WXUD\HOVDERUGHORVDOLPHQWRVKRUQHDGRV3DUDPHMRUHVUHVXOWDGRVFRQVXVYLHMDVUHFHWDVIDYRULWDVXVHPDUJDULQDPDQWHTXLOODXRWURV
SURGXFWRVTXHFRQWHQJDQSRUORPHQRVXQGHDFHLWHYHJHWDO
*LUHHOGLVFRHQVHQWLGRDQWLKRUDULRSDUD
DXPHQWDUODWHPSHUDWXUDGHOKRUQR
*LUHHOGLVFRHQVHQWLGRKRUDULRSDUD
GLVPLQXLUODWHPSHUDWXUDGHOKRUQR
R
GHSHQGLHQGRHQPRGHOR
