Loading ...
Loading ...
Loading ...
0RQWDMHGHODSDUDWR
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHĂFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
: £3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
: £3HOLJURGHOHVLRQHV
/RVFRPSRQHQWHVTXHHVWpQDFFHVLEOHVGXUDQWHHOPRQWDMH
SXHGHQWHQHUORVERUGHVDILODGRV/OHYDUJXDQWHVSURWHFWRUHV
(QFDVRGHIXQFLRQDPLHQWRFRQHYDFXDFLyQH[WHULRUGHDLUH
FRORFDU OD SODFD GH FRFFLyQ H LQVWDODU HO VLVWHPD GH WXERV )LJ
D
)LMDUODMXQWDHQHOFRQGXFWRGHHVFDSHGHDLUH
1RXWLOL]DUVLOLFRQDSDUDWDSDUODVMXQWDV
$MXVWDU HO DSDUDWR HQ OD SDUWH GHODQWHUD HQ HO KXHFR GH HQFDVWUH
,QWURGXFLUHODSDUDWRFRQFXLGDGRHQHOKXHFRGHOPXHEOH
,QVHUWDUHOFRQGXFWRGHHVFDSHGHDLUHHQODDEHUWXUDGH
YHQWLODFLyQGHODSDUWHSRVWHULRUGHODSDUDWR
(Q FDVR GH IXQFLRQDPLHQWR FRQ UHFLUFXODFLyQ GH DLUH FRORFDU
ODSODFDGHFRFFLyQHLQVWDODUHOVLVWHPDGHWXERVHQWUHHO
DSDUDWR\ODSDUHGSRVWHULRUGHOPXHEOH)LJE
£$WHQFLyQ
1RVHUHFRPLHQGDODLQVWDODFLyQHQSDUHGHVVLQDLVODU
0RQWDU HO DGDSWDGRU HQ OD DEHUWXUD GH VDOLGD GH OD SDUWH WUDVHUD
GHODSODFDGHFRFFLyQ
5HWLUDUODFLQWDDGKHVLYDGHODGDSWDGRU
1RXWLOL]DUVLOLFRQDSDUDWDSDUODVMXQWDV
,QWURGXFLUHODSDUDWRFRQFXLGDGRHQHOKXHFRGHOPXHEOH
$MXVWDU HO DSDUDWR HQ OD SDUWH GHODQWHUD HQ HO KXHFR GH HQFDVWUH
3UHVLRQDUHODGDSWDGRUKDFLDODSDUHGSRVWHULRUGHOPXHEOH\
DGKHULUODDODSDUHGSRVWHULRUGHOPXHEOHRILMDUODFRQWRUQLOORV
(QFDVRGHIXQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUH
FRQGXFLGRFRORFDUODSODFDGHFRFFLyQ\ORVFRQGXFWRVGH
HVFDSHFRQHOGLIXVRU)LJF
1RXWLOL]DUVLOLFRQDSDUDWDSDUODVMXQWDV
,QWURGXFLUHODSDUDWRFRQFXLGDGRHQHOKXHFRGHOPXHEOH
$MXVWDU HO DSDUDWR HQ OD SDUWH GHODQWHUD HQ HO KXHFR GH HQFDVWUH
,QVHUWDUORVFRQGXFWRVGHHVFDSHGHDLUHHQODDEHUWXUDGH
YHQWLODFLyQGHODSDUWHSRVWHULRUGHODSDUDWR
&RORFDUHOGLIXVRU
&RQHFWDUHODSDUDWRDODUHGHOpFWULFD
1RWDV
■ (Q HO FDVR GH IXQFLRQDPLHQWR GH HYDFXDFLyQ H[WHULRU GHO DLUH VH
GHEHPRQWDUXQDYiOYXODGHUHWHQFLyQFRQXQDSUHVLyQPi[LPD
GHDSHUWXUDGH 3D6LQRVHLQFOX\HXQDYiOYXODDQWLUUHWRUQR
HQHODSDUDWRHVWDVHSXHGHDGTXLULUHQXQFRPHUFLR
HVSHFLDOL]DGR
■ 6LODVDOLGDGHDLUHVHHYDFXDDWUDYpVODSDUHGH[WHULRUVH
GHEHUiXWLOL]DUXQSDVDPXURVWHOHVFySLFR
&RQH[LyQGHODVDOLGDGHDLUH
)LMDUHOWXERGHVDOLGDGHDLUHDOFRGRGHOFRQGXFWRSODQR
(VWDEOHFHUODFRQH[LyQFRQODDEHUWXUDGHVDOLGDGHDLUH
2EWXUDUFRQYHQLHQWHPHQWHORVSXQWRVGHXQLyQ
,QWURGXFLUORVILOWURV
,QVHUWDUGRVGHORVILOWURVHQORVODGRVL]TXLHUGR\GHUHFKRGHO
DSDUDWR\HPSXMDUORVKDFLDGHODQWH )LJ D
&RORFDUORVRWURVILOWURVHQORVODGRVL]TXLHUGR\GHUHFKRGHO
DSDUDWR
,QVHUWDUHOILOWURGHPHWDODQWLJUDVD )LJ E
0RQWDUODWRPDGHFRUULHQWH
■ 7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV
■ &RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ
)LJ
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV
■ 6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUORV
FDVTXLOORV GH ORV WHUPLQDOHV VXPLQLVWUDGRV SRU IiEULFD 3DUD HOOR
VHUiQHFHVDULRFRUWDUORVFDEOHV\HOLPLQDUHODLVODQWHQHFHVDULR
SDUDFRORFDUXQFDVTXLOORTXHXQDGRVFDEOHV
6LHQHOGLVSOD\GHODSDUDWRDSDUHFH —…‹‹ “‹†‚„ R “
VLJQLILFDTXHHVWiPDOFRQHFWDGR'HVFRQHFWDUHODSDUDWRGHOD
WRPDGHFRUULHQWH\FRPSUREDUTXHODFRQH[LyQDODSDUDWR
)LJ \ODFRQH[LyQGHOODGRGHOHGLILFLR )LJ VH
FRUUHVSRQGHQFRQHOHVTXHPDGHFRQH[LyQGHHVWDV
LQVWUXFFLRQHVGHPRQWDMH
6LQRDSDUHFHQLQJ~QHUURUHQHOSDQHOLQGLFDGRUGHODSDUDWR
FRPSUREDUHOIXQFLRQDPLHQWRGHODYHQWLODFLyQPHGLDQWHODV
LQVWUXFFLRQHVGHXVR
&DPELRGHOLQGLFDGRUDOIXQFLRQDPLHQWRGH
HYDFXDFLyQH[WHULRUGHODLUHRDOIXQFLRQDPLHQWR
FRQUHFLUFXODFLyQGHDLUH
3DUDHOIXQFLRQDPLHQWRHQHYDFXDFLyQH[WHULRUGHODLUH\HO
IXQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUHFDPELDUHQFDVR
QHFHVDULRHOLQGLFDGRUGHOFRQWUROHOHFWUyQLFRHQORVDMXVWHV
EiVLFRVFRUUHVSRQGLHQWHV
3DUDHOORFRQVXOWDUHOFDStWXOR $MXVWHVEiVLFRVHQHOPDQXDOGH
XVR
'HVPRQWDMHGHODSDUDWR
'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD
5HWLUDUHOFDQDOGHHYDFXDFLyQH[WHULRUGHODLUHRDIORMDUODV
XQLRQHVGHUHFLUFXODFLyQGHDLUH
([WUDHUHODSDUDWRGHVGHDEDMR
£$WHQFLyQ
'DxRVHQHODSDUDWR 1RKDFHUSDODQFDFRQHODSDUDWRGHVGH
DUULEDKDFLDIXHUD
de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQĂFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
'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
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
)UGLH,QVWDOODWLRQPVVHQGLHDNWXHOOJOWLJHQ%DXYRUVFKULIWHQ
XQGGLH9RUVFKULIWHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHU
EHDFKWHWZHUGHQ
%HLGHU$EOHLWXQJYRQ$EOXIWVLQGGLHEHK|UGOLFKHQXQGJHVHW]OL
FKHQ9RUVFKULIWHQ]%/DQGHVEDXRUGQXQJHQ]XEHDFKWHQ
Loading ...
Loading ...
Loading ...