Loading ...
Loading ...
Loading ...

7RHQVXUHWKDW\RXGRQRWVFUDWFKWKHEDNLQJWUD\SODFHWKH
RGRXUILOWHURQDZLUHUDFN
5HJHQHUDWHWKHRGRXUILOWHUDWDPD[LPXPRI &+RW$LU
:'RQRWUHJHQHUDWHWKHRGRXUILOWHUZLWKWKHRYHQFOHDQLQJ
IXQFWLRQS\URO\WLFVHOIFOHDQ
2GRXUV PD\ GHYHORS ZKHQ UHJHQHUDWLQJ WKH RGRXU ILOWHU (QVXUH
WKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
 5HPRYHWKHSDQHORUFRYHU )LJ 
 7KH RGRXU ILOWHU LV KHDY\ VR \RX VKRXOG WDNH KROG RI WKH RGRXU ILOWHU
ZLWKRQHKDQGIURPEHORZDQGUHPRYHLW )LJ 
 3UHKHDWWKHRYHQWRDPD[LPXPRI &+RW$LU :
 5HJHQHUDWHWKHRGRXUILOWHULQWKHRYHQIRU PLQXWHVDWD
PD[LPXPRI &+RW$LU :
 (QVXUHWKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
 $OORZWKHRGRXUILOWHUWRFRROGRZQ
 7KH RGRXU ILOWHU LV KHDY\ VR \RX VKRXOG WDNH KROG RI WKH RGRXU ILOWHU
ZLWK RQH KDQG IURP EHORZ DQG LQVHUW WKH UHJHQHUDWHG RGRXU ILOWHU
 ,QVHUWWKHSDQHORUFRYHU
es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
£3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
£3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
,QVWDODFLyQ
£$WHQFLyQ
$VHJXUDUVHGHTXHQRKD\DFDEOHVHOpFWULFRVRWXEHUtDVGHJDVR
DJXDHQHOiUHDGRQGHVHYDDWDODGUDU
1RWDV
/DSRVLFLyQGHOPyGXORGHUHFLUFXODFLyQGHDLUHGHSHQGH
VLHPSUHGHOERUGHVXSHULRUGHOUHYHVWLPLHQWRGHODFKLPHQHD
(OPyGXORGHUHFLUFXODFLyQGHDLUHVHSXHGHPRQWDUHQOD
FDPSDQDH[WUDFWRUD )LJ DRHQODSDUHG )LJ E
&RPSUREDUODSDUHG
/D SDUHG GHEH VHU SODQD YHUWLFDO \ WHQHU VXILFLHQWH FDSDFLGDG GH
FDUJD
/DSURIXQGLGDGGHORVWDODGURVGHEHVHUHTXLYDOHQWHDOD
ORQJLWXGGHORVWRUQLOORV/RVWDFRVGHEHQTXHGDUELHQVXMHWRV
/RVWRUQLOORV\WDFRVVXPLQLVWUDGRVVRQDSURSLDGRVSDUD
PDPSRVWHUtDVyOLGD3DUDRWURWLSRGHFRQVWUXFFLRQHVSHM
SODFDVGH\HVRKRUPLJyQFHOXODUODGULOORV3RURWRQVHGHEHUiQ
XWLOL]DUPHGLRVGHILMDFLyQDSURSLDGRV
3UHSDUDUHOPyGXORGHUHFLUFXODFLyQGHDLUH
)LMDUHODODPEUHGHVRSRUWHHQHOPyGXORGHUHFLUFXODFLyQGH
DLUH3DUDHOORSUHVLRQDUOLJHUDPHQWHHODODPEUHGHVRSRUWHH
LQWURGXFLUORHQORVRULILFLRVSUHYLVWRVSDUDWDOILQ
)LMDU OD JXtD GH FRQGXFFLyQ GH DLUH HQ HO PyGXOR GH UHFLUFXODFLyQ
GHDLUH )LJ D
0RQWDUHOPyGXORGHUHFLUFXODFLyQGHDLUH
0HGLU\GLEXMDUODSRVLFLyQGHODHVFXDGUDGHVXMHFLyQ7DODGUDU
RULILFLRVFRQXQGLiPHWURGH PP\XQDSURIXQGLGDGGH PP
HLQWURGXFLUORVWDFRVGHPDQHUDTXHTXHGHQHQUDVDGRVFRQOD
SDUHG$SUHWDUORVWRUQLOORVILUPHPHQWH )LJ D
)LMDUHOPyGXORGHUHFLUFXODFLyQGHDLUHHQODFDPSDQD
H[WUDFWRUD )LJ D
,QVHUWDUHOILOWURGHFDUEyQDFWLYR\HQFDMDUHODODPEUHGH
VRSRUWH3UHVLRQDUOLJHUDPHQWHODFXEUHMXQWDKDFLDDGHQWUR
&RPSUREDUTXHHODODPEUHGHVRSRUWHHVWiILUPHPHQWHVXMHWR
)LJ D
(QFDMDUODVGRVSDUWHVGHOUHYHVWLPLHQWRGHODFKLPHQHDXQD
GHQWURGHRWUD/DVUDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGHOD
FKLPHQHDGHEHQFRORFDUVHKDFLDDEDMR&RORFDUODVGRVSDUWHV
GHOUHYHVWLPLHQWRGHODFKLPHQHDVREUHHODSDUDWR\
HQJDQFKDUODVDODL]TXLHUGD\DODGHUHFKDHQODHVFXDGUDGH
VXMHFLyQ $WRUQLOODU ODWHUDOPHQWH HO UHYHVWLPLHQWR GH OD FKLPHQHD
HQODHVFXDGUDGHVXMHFLyQ )LJ D
)LMDU HO UHYHVWLPLHQWR LQWHULRU GH OD FKLPHQHD FRQ GRV WRUQLOORV HQ
ODHVFXDGUDGHVXMHFLyQ
0RQWDUHOPyGXORGHUHFLUFXODFLyQGHDLUHHQODSDUHG
0RQWDU HO PyGXOR GH UHFLUFXODFLyQ GH DLUH HQ OD SDUHG )LJ E
,QVWDODUVLVWHPDGHWXERV0HGLU\GLEXMDUODSRVLFLyQGHOD
HVFXDGUDGHVXMHFLyQ7DODGUDURULILFLRVFRQXQGLiPHWURGH
PP\XQDSURIXQGLGDGGH PPHLQWURGXFLUORVWDFRVGH
PDQHUDTXHTXHGHQHQUDVDGRVFRQODSDUHG$WRUQLOODUOD
HVFXDGUDGHVXMHFLyQ PPHQJDQFKDUHOPyGXORGH
UHFLUFXODFLyQGHDLUH\DSUHWDUILUPHPHQWHORVWRUQLOORV
,QVHUWDUHOILOWURGHFDUEyQDFWLYR\HQFDMDUHODODPEUHGH
VRSRUWH3UHVLRQDUOLJHUDPHQWHODFXEUHMXQWDKDFLDDGHQWUR
&RPSUREDUTXHHODODPEUHGHVRSRUWHHVWpILUPHPHQWHVXMHWR
)LJ E
3DUDPRQWDMHHQODSDUHG
(QFDMDUODVGRVSDUWHVGHOUHYHVWLPLHQWRGHODFKLPHQHDXQD
GHQWURGHRWUD/DVUDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGHOD
FKLPHQHDGHEHQFRORFDUVHKDFLDDEDMR
&RORFDUDPEDVSDUWHVGHOUHYHVWLPLHQWRGHODFKLPHQHDHQHO
DSDUDWR'HVSOD]DUKDFLDDUULEDHOUHYHVWLPLHQWRLQWHULRUGHOD
FKLPHQHD\HQJDQFKDUORDODL]TXLHUGD\DODGHUHFKDHQOD
HVFXDGUDGHVXMHFLyQ
$WRUQLOODUODWHUDOPHQWHHOUHYHVWLPLHQWRGHODFKLPHQHDHQOD
HVFXDGUDGHVXMHFLyQ )LJ E
)LMDU HO UHYHVWLPLHQWR LQWHULRU GH OD FKLPHQHD FRQ GRV WRUQLOORV HQ
ODHVFXDGUDGHVXMHFLyQ
5HJHQHUDUHOILOWURGHVRGRUL]DQWH
3DUDDVHJXUDUODSRWHQFLDGHOILOWURGHVRGRUL]DQWHFRQXQ
IXQFLRQDPLHQWRQRUPDODSUR[ KRUDGLDULDUHJHQHUDUHOILOWUR
FDGD PHVHV
(OILOWURGHVRGRUL]DQWHSXHGHUHJHQHUDUVHHQXQKRUQR
FRQYHQFLRQDO
: £3HOLJURGHTXHPDGXUDV
(OILOWURGHVRGRUL]DQWHSHUPDQHFHFDOLHQWHGXUDQWHXQWLHPSR
SURORQJDGRWUDVVXUHJHQHUDFLyQ1RWRFDUGLUHFWDPHQWHHOILOWUR
GHVRGRUL]DQWHWUDVVXUHJHQHUDFLyQGHMDUTXHVHHQIUtH
&RORFDUHOILOWURGHVRGRUL]DQWHFDOLHQWHVREUHXQDVXSHUILFLH
UHVLVWHQWHDOFDORUSDUDTXHVHHQIUtH
1RWDV
(O ILOWUR GHVRGRUL]DQWH SXHGH UHJHQHUDUVH KDVWD  YHFHV \ FRQ
XQXVRQRUPDOGHDSUR[ KRUDDOGtDGHEHVXVWLWXLUVHDPiV
WDUGDUDOFDERGH DxRV
6LXQILOWURGHVRGRUL]DQWHUHJHQHUDEOHVHFDHSXHGHGDxDUVH
/RVGDxRVQRVLHPSUHVHUiQYLVLEOHVSRUIXHUD'HVHFKDU\
UHHPSOD]DU HO ILOWUR GHVRGRUL]DQWH UHJHQHUDEOH TXH VH KD FDtGR
1ROLPSLDUQXQFDORVILOWURVGHVRGRUL]DQWHVFRQDJXDHQHO
ODYDYDMLOODVRFRQXQWUDSRK~PHGR
3DUDQRUD\DUODEDQGHMDGHKRUQRFRORFDUHOILOWUR
GHVRGRUL]DQWHVREUHXQDSDUULOOD
5HJHQHUDUHOILOWURGHVRGRUL]DQWHD &FRPRPi[LPR
UHFLUFXODFLyQGHDLUH
:1RUHJHQHUDUHOILOWURGHVRGRUL]DQWH
FRQODIXQFLyQGHOLPSLH]DGHOKRUQROLPSLH]DSLUROtWLFD
(V SRVLEOH TXH VH SURGX]FDQ RORUHV GXUDQWH OD UHJHQHUDFLyQ GHO
ILOWURGHVRGRUL]DQWH$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQ
YHQWLODGD$EULUXQDYHQWDQD
 5HWLUDUODPROGXUDRODWDSD )LJ 
 (OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMR\UHWLUDUOR )LJ 
 3UHFDOHQWDUHOKRUQRDXQDWHPSHUDWXUDPi[LPDGH &
FLUFXODFLyQGHDLUH
:
 5HJHQHUDUHOILOWURGHVRGRUL]DQWHHQHOKRUQRD &FRPR
Pi[LPRFLUFXODFLyQGHDLUH
:GXUDQWH PLQXWRV
 $VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQYHQWLODGD$EULUXQD
YHQWDQD
 'HMDUHQIULDUHOILOWURGHVRGRUL]DQWH
 (OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMRHLQVHUWDUXQILOWURUHJHQHUDGR
 9ROYHUDLQVHUWDUODWDSDRODPROGXUD
Loading ...
Loading ...
Loading ...