Page 646 - HUBER - LISTINO 2024-25
P. 646

ConGiciones GeneraOes Ge Venta




        &XDOTXLHU FRQWUDWR HVWLSXODGR HQWUH +8%(5 \ HO &OLHQWH  OD WUDQVPLVLyQ GH FXDOTXLHU  * * (YHQWXDOHV IDOWDV HQ OD HQWUHJD QR OHJLWLPDQ HO UHFKD]R GH ORV RWURV
        SHGLGR GH FRPSUD \ HO FRQVHFXHQWH SHUIHFFLRQDPHQWR LPSOtFLWR R H[SOtFLWR GHO UHODWL  SURGXFWRV HQWUHJDGRV
        YR FRQWUDWR  SUHVXSRQH \ FRQOOHYD HO FRQRFLPLHQWR \ OD DFHSWDFLyQ LQWHJUDO GH SDUWH
        GHO &OLHQWH GH ODV SUHVHQWHV &RQGLFLRQHV *HQHUDOHV GH 9HQWD  &*9    6. 5HFODPDFLRQHV H ,PSXJQDFLRQHV
                                                              6.1 (YHQWXDOHV UHFODPDFLRQHV DFHUFD GH SUHVXQWRV GHIHFWRV GH FDOLGDG GHO
           'RFXPHQWDFLRQHV &RPHUFLDOHV \ (VSHFtILFDV GHO 3URGXFWR  SURGXFWR  GHEHQ VHU QRWLILFDGRV \ GHWDOODGRV SRU HVFULWR SRU HO &OLHQWH GHQWUR GH
            7RGD OD GRFXPHQWDFLyQ FRPHUFLDO HV YiOLGD D WtWXOR LQGLFDWLYR  IRWRJUDItDV  FRO   WUHV GtDV GHVGH HO UHFLELPLHQWR GHO SURGXFWR  EDMR SHQD GH VX LQDGPLVLELOLGDG
        RUHV  GLEXMRV  PHGLGDV  GHVFULSFLRQHV \ HVSHFLILFDFLRQHV HQ JHQHUDO QR WLHQHQ   6.2 (YHQWXDOHV LPSXJQDFLRQHV VREUH SUHVXQWDV IDOWDV R HUURUHV GH HQWUHJD R GH
        FDUiFWHU YLQFXODQWH                                   IDFWXUDFLyQ  GHEHQ VHU QRWLILFDGDV \ GHWDOODGDV SRU HVFULWR D +8%(5 GHQWUR GH
        1.2 3RU VX SROtWLFD GH FRQWLQXR GHVDUUROOR  +8%(5 VH UHVHUYD HO GHUHFKR GH   WUHV GtDV GHVGH HO UHFLELPLHQWR GHO HQYtR R GH OD IDFWXUD  EDMR SHQD GH VX LQDG
        PRGLILFDU ODV FDUDFWHUtVWLFDV GH ORV SURGXFWRV HQ FXDOTXLHU PRPHQWR   PLVLELOLGDG
                                                              6.3 (YHQWXDOHV UHFODPDFLRQHV \ R LPSXJQDFLRQHV GH FXDOTXLHU QDWX UDOH]D QR
           3UHFLRV                                            OHJLWLPDQ OD VXVSHQVLyQ R GLODFLyQ  LQFOXVR SDUFLDO  GHO SDJR TXH GHEH GH WRGRV
            /RV SUHFLRV LQGLFDGRV HQ OD  /LVWD GH 3UHFLRV  VRQ SUHFLRV DO S~EOLFR   PRGRV HIHFWXDUVH tQWHJUDPHQWH HQ ORV WpUPLQRV SUHYLVWRV
        LQGLFDWLYRV H[SUHVDGRV HQ (XURV  VH HQWLHQGHQ )5$1&2 )$%5,&$ \ DO QHWR
        GHO ,9$ \ GH FXDOTXLHU RWUR LPSXHVWR R WDVD LPSOtFLWD D OD FRPSUDYHQWD      3DJR
        2.2 /RV SUHFLRV  LQFOXVR QHWRV  FRWL]DGRV SRU +8%(5 GH FXDOTXLHU IRUPD VRQ   7.1 6DOYR GLYHUVR DFXHUGR HVFULWR  HO SDJR GHEH VHU HIHFWXDGR SRU FRPSOHWR
        DTXHOORV HQ YLJRU HQ OD IHFKD GH FRWL]DFLyQ           GHQWUR GHO YHQFLPLHQWR  HQ OD GLYLVD HQ OD TXH OD IDFWXUD HVWp GHQRPLQDGD  HQ
        ([FHSWR GLYHUVR DFXHUGR H[SUHVR HVFULWR pVWRV WLHQHQ XQD YDOLGH] SDUD HQYLRV   QXHVWUD VHGH GH 6DQ 0DXUL]LR G 2SDJOLR
        GH ORV UHODWLYRV SURGXFWRV KDVWD WUHLQWD GtDV GHVGH OD IHFKD GH FRWL]DFLyQ   7.2  6DOYR GLYHUVR DFXHUGR HVFULWR  HO SDJR GHEH VHU HIHFWXDGR D OD HQWUHJD GHO
        2.3 7RGRV ORV SUHFLRV FRPXQLFDGRV  LQGLFDGRV R FRWL]DGRV QR YLQFXODQ D   SURGXFWR  (Q FDVR GH GHURJDFLyQ \ GH GHILQLFLRQHV GH XQD GLODFLyQ HQ HO SDJR
        +8%(5 \ HVWiQ VXMHWRV D SRVLEOHV YDULDFLRQHV HQ IXQFLyQ GH ODV FRQGLFLRQHV   pVWH GHEH VHU HIHFWXDGR GHQWUR \ QR PiV DOOi GHO YHQFLPLHQWR HVWLSXODGR
        GH PHUFDGR \ GH OD DXWyQRPD YDORUDFLyQ GH +8%(5  VHUiQ HQ FXDOTXLHU FDVR   7.3 (Q FDVR GH SDJR D SOD]RV  OD IDOWD GH SDJR HQ XQ YHQFLPLHQWR FRQOOHYD
        YiOLGRV \ GHILQLWLYRV DTXHOORV LQGLFDGRV HQ OD FRQILUPDFLyQ GHO SHGLGR   ODLQPHGLDWD H[LJLELOLGDG GHO GHELGR LPSRUWH FRPSOHWR
                                                              7.4 7UDQVFXUULGR HO WpUPLQR SDUD HO SDJR  VLQ QHFHVLGDG GH SUHDYLVR R SXHVWD HQ
           3HGLGRV                                            PRUD  GHYHQJDUi DXWRPiWLFDPHQWH HO FiOFXOR GH ORV LQWHUHVHV GH PRUD HQ OD
        3.1 (O SHGLGR HVWi VXMHWR D DFHSWDFLyQ \ FRQILUPDFLyQ SRU SDUWH GH +8%(5    PHGLGD HVWDEOHFLGD SRU OD OH\ GH ODV WUDQVDFFLRQHV FRPHUFLDOHV  (O SDJR GH ORV
        TXH VH UHVHUYD OD IDFXOWDG GH DFHSWDUOR R UHFKD]DUOR  HO VLPSOH UHFLELPLHQWR   LQWHUHVHV GHELGRV GHEHUi WHQHU OXJDU HQ HO PLVPR FRQWH[WR GHO VDOGR GH OD
        GHO SHGLGR QR HPSHxD D +8%(5 HQ VX HMHFXFLyQ          GHXGD SULQFLSDO
        3.2  3HGLGRV R HPSHxRV WRPDGRV SRU DJHQWHV  UHSUHVHQWDQWHV R   7.5 (O UHWUDVR  LQFOXVR SDUFLDO  HQ HO SDJR GH XQD VXPD GHELGD  OHJLWLPD OD
        SURPRWRUHV QR VRQ YiOLGRV \ QR FRPSURPHWHQ D +8%(5 HQ QLQJXQD   VXVSHQVLyQ GH OD HMHFXFLyQ GH FXDOTXLHU FRQWUDWR R SHGLGR HQ FXUVR HQWUH HO
        PDQHUD  VL QR WUDV VX DSUREDFLyQ \ FRQILUPDFLyQ       &OLHQWH \ +8%(5  LQFOXVR VL \D FRQILUPDGR R \D GHELGR
        % % +8%(5 VH UHVHUYD HO GHUHFKR GH DSRUWDU DO SHGLGR UD]RQDEOHV
        PRGLILFDFLRQHV GH FDQWLGDG \ R FDOLGDG TXH IXHVH QHFHVDULR DSRUWDU FRQ HO ILQ GH      5LHVJRV \ 5HVHUYDV GH 3URSLHGDG
        OD PHMRU HMH FXFLyQ EDMR HO DVSHFWR FXDOLWDWLYR  SURGXFWLYR  ORJtVWLFR \   8.1 /RV ULHVJRV VREUH HO SURGXFWR SDVDQ D FDUJR GHO &OLHQWH HQ HO DFWR GHO HQYtR
        DGPLQLVWUDWLYR                                        FRPR SUHYLVWR HQ HO SXQWR    (O &OLHQWH HV HO ~QLFR UHVSRQVDEOH GH DVHJXUDU ORV
        3.4 (Q HO FDVR GH TXH QR VH KXELHVH KHFKR DQWHV  HO SHGLGR VH HQWLHQGH   SURGXFWRV GHVGH DTXHO PRPHQWR
        FRQILUPDGR FRQ HO KHFKR GHO HQYtR GHO SURGXFWR SHGLGR  D SUHFLRV \ FRQGLFLRQHV  8.2 /D +8%(5 PDQWLHQH OD SOHQD SURSLHGDG GH ORV SURGXFWRV HQUHJDGRV DO
        WRGDV HQ YLJRU HQ DTXHO PRPHQWR                       &OLHQWH KDVWD HO FRPSOHWR SDJR GH VX SUHFLRV VREUH OD EDVH GH OD UHODWLYD
                                                              IDFWXUD
        4. 7pUPLQRV                                           8.3 /D SUHVHQWH FOiXVXOD GH UHVHUYD GH SURSLHGDG SXHGH YiOLGDPHQWH VHU
        4.1 /RV WpUPLQRV JHQHUDOHV \ SDUWLFXODUHV GH HMHFXFLyQ GHO SHGLGR LQGLFDGRV HQ FR   RSXHVWD D WHUFHURV  /DV FHVLRQHV GH SURGXFWRV +8%(5 FX\R SUHFLR QR KD\D
        UHVSRQGHQFLD  RIHUWDV \ FRQILUPDFLRQHV GH SHGLGR  VRQ LQGLFDWLYRV GH EXHQD IH \ QR   VLGR FRP SOHWDPHQWH SDJDGR QR VRQ YiOLGDV \ HVWDUiQ VXMHWDV D SHWLFLyQ
        YLQFXODQWHV  pVWR FRPR PRWLYR GH LPSUHYLVWRV GH FXDOTXLHU QDWXUDOH]D TXH SXHGDQ   UHYRFDWRULD
        SHUWXUEDU OD QRUPDO R SUHYLVWD DFWLYLGDG
        4.2 (O HYHQWXDO UHWUDVR HQ OD HMHFXFLyQ GHO SHGLGR QR OHJLWLPD VX DQXODFLyQ  QL OD     *DUDQWtD
        DSOLFDFLyQ GH SHQDOLGDGHV R DGHXGRV GH FXDOTXLHU QDWXUDOH]D   9.1 /RV SURGXFWRV UHODFLRQDGRV HQ OD  /LVWD GH 3UHFLRV  HQ YLJRU  HVWiQ
        4.3 ,QFHQGLRV  LQXQGDFLRQHV  KXHOJDV  FLHUUHV \ RWUDV FDXVDV PD\RUHV  DVt   JDUDQWL]D GRV SRU GRV DxRV FRQWUD HYHQWXDOHV GHIHFWRV GH IDEULFDFLyQ
        FRPR OD IDOWD GH PDWHULDOHV  PDQR GH REUD R HQHUJLD \ FXDOTXLHU RWUD FDXVD R   9.2 6RQ DSOLFDEOHV ODV &RQGLFLRQHV *HQHUDOHV GH *DUDQWtD TXH HVWDUiQ HQ YLJRU
        FDXVD DFFLGHQWDO LQGHSHQGLHQWH GH OD YROXQWDG GH +8%(5  VXVSHQGHQ GH   HQ OD IHFKD GH FRQILUPDFLyQ GHO SHGLGR
        SOHQR GHUH FKR ORV WpUPLQRV GH HQWUHJD  VLQ DOJXQD SHQDOLGDG  DGHXGR R
        LQGHPQL]DFLyQ SXHGD VHU DSOLFDGR R UHFODPDGR D FRQWLQXDFLyQ GH FXDOTXLHU       'HUHFKR
        SpUGLGD R GDxR GHULYDGR                               10.1 /DV SUHVHQWHV &RQGLFLRQHV SUHYDOHFHQ  VDOYR GLYHUVR DFXHUGR HVFULWR  VREUH
                                                              FXDOTXLHU RWUDV HYHQWXDOPHQWH SUHYLVWDV SRU HO &OLHQWH
           (QYtRV                                              = > &XDOTXLHU GHURJD R PRGLILFDFLyQ D ODV SUHVHQWHV &RQGLFLRQHV WLHQH YDORU
        5.1 /RV SURGXFWRV YLDMDQ EDMR OD UHVSRQVDELOLGDG \ ULHVJR GHO &OLHQWH  H[FHSWR   ~QLFDPHQWH VL KHFKD SRU HVFULWR \ ILUPDGD SRU XQR GH ORV DGPLQLVWUDGRUHV GH
        GLYHUVRV DFXHUGRV HVFULWRV                            +8%(5
        5.2 (Q ORV HQYtRV LQWHUQDFLRQDOHV  HO UHSDUWR GH ORV FRVWHV \ ORV ULHVJRV GHO        3DUD FXDOTXLHU FRQWURYHUVLD LQKHUHQWH D ODV DSOLFDFLRQHV GH HVWDV
        WUDQVSRUWH HVWiQ KHFKD FRQ UHIHUHQFLD D ODV FRQGLFLRQHV ,1&27(506   &RQGLFLRQHV \ FRPR TXLHUD TXH FDGD UHODFLyQ MXUtGLFD D pVWDV YLQFXODGR  OD
        DSOLFDEOHV FRPR IXHU]D GH ORV DFXHUGRV LQWHUYHQLGRV \ FRQIRUPH D OD   OH\ DSOLFDEOH D FXDOTXLHU WtWXOR HV OD LWDOLDQD \ HO 7ULEXQDO FRPSHWHQWH HV HO GH
        FRQILUPDFLyQ GHO SHGLGR                               1RYDUD  ,WDOLD
        5.3 +8%(5 QR UHVSRQGH DQWH HYHQWXDOHV UHWUDVRV  GHVIDOFRV R GDxRV
        YHULILFDGRV GXUDQWH HO WUDQVSRUWH
        5.4 (Q FDVR GH VLQLHVWUR  HO &OLHQWH HVWi REOLJDGR D  KDFHU ODV UHVHUYDV GH
        XVR HQ HO DFWR GHO UHFLELPLHQWR  \ D HQYLDU VLQ WDUGDQ]D OD UHFODPDFLyQ DO
        WUDQVSRUWLVWD
   641   642   643   644   645   646   647   648