1
1 8 ( 9 $
¼8526
( / ( & 7 5 2 1 , & $
&219(56,21GHORV8/75$621,'26 HQ621,'26$8',%/(6 8Q$/,0(17$'25 SDUDHO75$&.(5 *36
8Q%86&$0(7$/(6 GH,038/626
',5(&&,21 &$UEROHGD 2¿FLQD 0$'5,' 7HOpI )D[
'LUHFWRU(GLWRULDO (XJHQLR3iH]0DUWtQ
'LUHFWRU7pFQLFR )HOLSH6DDYHGUD
'LVHxR*Ui¿FR 0,VDEHO&DPDFKR)HUUR
:HEPDVWHU 1DWDOLD*DUFtD%HQDYHQW
6XVFULSFLRQHV\3HGLGRV 1RHPL6DOJXHUR)HUQiQGH]
686&5,3&,21(6 &RUUHR(OHFWUyQLFR UHYLVWD#QXHYDHOHFWURQLFDFRP
3(','26 &RUUHR(OHFWUyQLFR SHGLGRV#QXHYDHOHFWURQL SHGLGRV#Q XHYDHOHFWURQLFDFRP FDFRP
6(59,&,27(&1,&2 &RUUHR(OHFWUyQLFR WHFQLFR#QXHYDHOHFWURQLFDFRP
680$5,2 R U H P ~ Q H W V H Q (
&219 &2 19(5 (56, 6,21 21G GH HOR ORV V8/ 8/7 75$ 5$62 621, 1,'2 '26 6HQ HQ6 621 21,' ,'26 26$8 $8', ',%/ %/( (6 ([LVWHWRGRXQPXQGRGHVRQLGRVDOQXHVWURDOUHGHGRUTXHVHQRVHVFDSDQGHELGRVDORV OtPLWHVGHQXHVWURVRtGRV (VWHDSDUDWR TXHFRQYLHUWH ORVXOWUDVRQLGR ORVXOWUDVRQLGRV V HQVRQLGRVDXGLEOHVQRV SHUPLW SHUPLWH H UHDOL]D UHDOL]DU U LQWHUHVDQWHVFDSWDFLRQHVGHOULFR\YDULDGRPXQGRVGHORVVRQLGRVQRSHUFHSWLEOHV /;
8Q %86&$0(7$/(6 GH ,038/626 3UREDEOHPHQWH1XHYD(OHFWUyQLFDHVODUHYLVWDTXHKDGHGLFDGRPiVHVSDFLRDHVWRV FLUFXLWRV\GHVSXpVGHWDQWRVDxRV\WDQWRVSUR\HFWRVGLIHUHQWHVDKRUDRVSURSRQHPRV XQDQXHYDYHUVLyQGHOEXVFDPHWDOHVEDVDGRHQXQQXHYRSULQFLSLRGHIXQFLRQDPLHQWR SRULPSXOV RV /;
8Q $/,0(17$'25 SDUD HO 75$&.(5 *36 &RQ HO DOLP DOLPHQW HQWDGR DGRU U TXH RV SUH SUHVHQ VHQWDP WDPRV RV SRG SRGpLV pLV WUD WUDQVI QVIRUP RUPDU DU HO UDV UDVWUH WUHDGR DGRU U R WUD WUDFNH FNHU U SDUDEyOLFR TXH SXEOLFDPRV HQ OD UHYLVWD HQ XQD ySWLPD DODUPD DQWLUURER SDUD HO FRFKHRODPRWR .0$
3$f26 &RQpVWHSDxRGLIXVRUTXHRVPRVWUDPRVHQHVWHDUWtFXORODSHUVRQDTXHKD\DDGTXLULGR ODPDJQHWRWHUD ODPDJQHW RWHUDSLDGHEDMDIUHFXH SLDGHEDMDIUHFXHQFLD/; QFLD/;WLHQHODSRVLEL WLHQHODSRVLELOLGDGGHDSOLFD OLGDGGHDSOLFDUORDSDUWHV UORDSDUWHV GHOFXHUSRPiVDPSOLDVFRPRHOFXHOORODHVSDOGDHOGRUVRRDUWLFXODFLRQHVFRPRHO FRGRRODURGLOOD 3DxRV
7HOpI )D[
3$*,1$:(% ZZZQXHYDHOHFWURQLFDFRP
,035(6,21 (852*5$),&$66/ &%X]DQFD1DYH 9DOGHPRUR0$'5,' 7HO ',675,%8,'25 &2(',66$ 7HO 0ROLQVGH5HL %$5&(/21$ 7UDGXFFLyQHQOHQJXD (VSDxRODGHODUHYLVWD ³1XRYD(OHWWURQLFD´,WDOLD
'(326,72/(*$/ 0 (GLFLyQ,PSUHVD 6XVFULSFLyQDQXDO¼XURV 6XVFFHUWL¿FDGD¼XURV
35y;,0$0(17( UHFHSWRU'50UDGLRGLJLWDOPXQGLDOXQDQXHYDIURQWHUDSDUDHVFXFKDUODUDGLR
(GLFLyQGLJLWDO 6XVFULSFLyQDQXDO¼XURV
1 ¼XURV,QFOXLGR,9$ &DQDULDV&HXWD\0HOLOOD ¼XURV,QFOXLGRVSRUWHV
1 1 8( 9$( /( &7 52 1, &$
&219(57,5ORV8/75$621,'26 ([LVWHWRGRXQPXQGRGHVRQLGRVDOQXHVWURDOUHG ([LVWHWRGRXQPXQGRGHVRQLGR VDOQXHVWURDOUHGHGRUTXHVHQRVHVFD HGRUTXHVHQRVHVFDSDQGHELG SDQGHELGRVDORV RVDORV OtPLWHVGHQXHVWURVRtGRV (VWH (VW H DSD DSDUDW UDWR R TXH FRQ FRQYLH YLHUWH UWH ORV XOW XOWUDV UDVRQL RQLGRV GRV HQ VRQ VRQLGR LGRV V DXG DXGLEO LEOHV HV QRV SHU SHUPLW PLWH H UHD UHDOL] OL]DU DU LQWHUHVDQWHVFDSWDFLRQHVGHOULFR\YDULDGRPXQGRVGHORVVR LQWHUHVDQWHVFDSWDFLRQHV GHOULFR\YDULDGRPXQGRVGHORVVRQLGRVQRSHUFHSWLEOHV QLGRVQRSHUFHSWLEOHV (QODVQRFKHVGHLQYLHUQRSRGHPRVYHUHQRFDVLRQHV /HV OOD OODPDP PDPRV RV ³DP ³DPLJR LJRV´ V´ SRU SRUTXH TXH VHJ VHJXUDP XUDPHQW HQWH H WRGR YRODUDEDMRDOWXUDDQXHVWURV³TXHULGRVDPLJRV´ORV DTXHOORTXHVHKDGLFKRGHQHJDWLYRVREUHHOORVHV PXUFLpODJRV GHELGR GHE LGRD D OD LPD LPDJLQ JLQDFL DFLyQ yQ GH DOJ DOJXQRV XQRV HVF HVFULW ULWRUHV RUHV TXH SUREDEOHPHQWHQLFRQRFHQQLTXLHUHQFRQRFHUQDGD ([LVWHWRGRXQPXQGRGHVRQLGRVDOQXHVWURDOUHGHGRU VREUHHVWRVIDQWiVWLFRVDQLPDOHV TXHVHQRVHVFDSDQGHELGRVD TXHVHQRV HVFDSDQGHELGRVDORVOtPLWHV ORVOtPLWHVGHQXHVWURV GHQXHVWURV RtGRV (OPXUFLpODJRWLHQHXQDYLVWDPX\UHGXFLGDSHURXQ JUDQRtGR\XQVLVWHPDGHQDYHJDFLyQEDVDGRHQORV (VWH (V WH DS DSDU DUDW DWR R TX TXH H FR FRQY QYLH LHUW UWH H OR ORV V XO XOWU WUDV DVRQ RQLG LGRV RV HQ XOWUDVRQLGRVTXHHPLWHQGXUDQWHHOYXHOR\DTXHDO VRQLGRV VRQ LGRV DXGL DXGLEOH EOHV V QRV SHU SHUPLW PLWH H UHD UHDOL] OL]DU DU LQW LQWHUHV HUHVDQW DQWHV HV FKRFDU FKRFDUHVWRVFRQWUDORVGLI HVWRVFRQWUDORVGLIHUHQWHV HUHQWHVREMHWRVVHJHQHUD REMHWRVVHJHQHUD FDSWDFLRQHVGHOULFR\YDULDGRPXQGRVGHORVVRQLGRV XQHFRTXHOHVSHUPLWHLGHQWL¿FDUORVREVWiFXORV QRSHUFHSWLEOHV 6H HWWUD UDWWD GH VRQL QLGR GRVV QRD DXXGLEOHVS SRRU UQQXHV HVWU WURRV (QODVQRFKHVGHLQYLHUQRSRGHPRVYHUHQRFDVLRQHV RtGRVGHELGRDTXHVHHPLWHDXQDIUHFXHQFLDPX\ YRODUDEDMRDOWXUDDQXHVWURV³TXHULGRVDPLJRV´ORV VXSHUL VXSHULRUDOGHOOtPLWHKXP RUDOGHOOtPLWHKXPDQRTXHHVGHXQRV DQRTXHHVGHXQRV PXUFLpODJRV 0K]
18 (9$ (/ (& 75 21 ,& $ 1
/RV PXU PXUFLp FLpODJ ODJRV RV FRQ ORV XOW XOWUDVR UDVRQLG QLGRV RV VRQ FDS FDSDFH DFHV V GHUHFRQRFHUHQHOHVSDFLRGLPLQXWRVLQVHFWRVFRPR ORVPRVTXLWRVTXHDOVHUVXSODWRSUHIHULGRVHODQ]DQ VREUHHOORVHQXQDIUDFFLyQGHVHJXQGR
*UDFLD *UDF LDV V D HV HVWH WH GL GLVS VSRV RVLWLWLY LYR R HV SR SRVL VLEO EOH H FR FRPS PSUR URED EDU U OD FR FRQW QWDP DPLQ LQDF DFLy LyQ Q DF DF~V ~VWLWLFD FD GH QXH QXHVW VWUD UDV V FD FDVD VDV V TXH SURGXFH SURG XFHQ Q ORV HOH HOHFWU FWURGRP RGRPpVW pVWLFR LFRV V OD TXH SUR SURGXF GXFHQ HQ ORVRUGHQDGRUHV\ODVPiTXLQDVHQQXHVWUROXJDUGH WUDEDMRRODSURGXFLGDSRUORVFRFKHVHQODFDOOH
'H HV HVWH WH PR PRGR GR GX GXUDQ UDQWH WH XQD QR QRFK FKH H SXH SXHGH GHQ Q OOOOHJ HJDU DU D FRPH FR PHU U KD KDVW VWD D D PR PRVT VTXL XLWR WRV V FR FRQW QWUL ULEX EX\H \HQG QGR R D 3RU 3RU RWU RWUR R OD ODGR GR WDP WDPEL ELpQ pQ SRG SRGHP HPRV RV H[ H[SH SHUL ULPH PHQWD QWDU U FR FRQ Q OLPSLDUHODPELHQWHGHHVWRVIDVWLGLRVRVLQVHFWRV OD FDSD FDSDFL FLGD GDG G DX DXGL GLWL WLYD YD GH QX QXHV HVWU WUDV DV PDV DVFR FRWD WDVV \ HQWHQGHUSRUTXHHQRFDVLRQHVUHDFFLRQDQGHIRUPD 3DUDHQWHQGHUPHMRUFRPRORVTXLUySWHURVXVDQHVWH TXH QRFRPSU QRFRPSUHQG HQGHPR HPRV\D V\DTXH TXH WLH WLHQHQ QHQ XQRtGRPiV ³UDGDU´SDUDODFD]DSRGHPRVUHDOL]DUXQGLYHUWLGR GHVDUUROODGRTXHHOQXHVWUR H[SHULPHQWRVLFXDQGRYHPRVXQPXUFLpODJRYRODU VREU VR EUH H QX QXHV HVWU WUD D FD FDEH EH]D ]D WL WLUD UDPR PRV V XQ XQD D SL SLHG HGUH UHFL FLWD WD (/0,&5Ï)212 SRGUHPRVYHUFRPRHODQLPDOVHODQ]DKDFLDDUULEDHQ EXVFDGHODSLHGUD(VWRVHGHEHDTXHHOPXUFLpODJR /DUHDOL]DFLyQGHHVWHSUR\HFWRKDVLGRSRVLEOHJUDFLDV KD FR FRQI QIXQ XQGL GLGR GR OD SL SLHG HGUD UD FR FRQ Q XQ XQD D SU SUHV HVD D \H \HQG QGR R D DO VHQ VHQVRU VRU XOW XOWUDV UDVyQLF yQLFR R PL PLFUyI FUyIRQR RQR 630 630 8' 8' SRUHOO SRU HOOD D 8QD GH ODV HVS HVSHFL HFLHV HV PiV FRP FRPXQH XQHV V HPL HPLWH WH SURG SURGXFL XFLGR GR SRU OD HPS HPSUHV UHVD D .QR .QRZOH ZOHV V $FR $FRXVW XVWLFV LFV FRQ VRQLGRVGHORV+]DORV+]/RVSHUURV XQDWHFQRORJtDPX\DYDQ]DGD \JDWRVSXHGHQOOHJDUDSHUFLELUVRQLGRVTXHDOFDQFHQ ORV+] 6HWUDWDGHXQFRPSRQHQWHUHDOL 6HWUDWDGHXQFRPSR QHQWHUHDOL]DGRFRQWHFQR ]DGRFRQWHFQRORJtD ORJtD 0(060LFUR(OHFWUR0HFKDQLFDO6\VWHPGLVSRVLWLYRV /RTXHDTXtRVRIUHFHPRVHVXQFRQYHUWLGRUGHDXGLR TXHVHEDVDQHQODPHFiQLFDODHOHFWUyQLFD\RWUDV FDSD]GHFRQYHUWLUODVIUHFXHQFLDVXOWUDVyQLFDVGHVGH LQWHJUDGRVHQXQ LQWHJUDGRVHQXQPLQ~VFXORGLVSRVLWLYR PLQ~VFXORGLVSRVLWLYRGHVXVWUDWR GHVXVWUDWRGH GH ORV+]KDVWDORV+]DORtGRKXPDQR VLOLFLR
HQ621,'26$8',%/(6
)LJHQHVWDIRWRVHSXHG )LJHQHVWD IRWRVHSXHGHYHUFRPR HYHUFRPRVHSUHVHQWDHO VHSUHVHQWDHOSUR\HFWRGHO SUR\HFWRGHOFRQYHUWLGRU/; FRQYHUWLGRU/;FRQHOTXH FRQHOTXHSRGpLVHVFXFKDU SRGpLVHVFXFKDU ORVXOWUDVRQLGRV
1 1 8( 9$( /( &7 52 1, &$
)LJ(VTXHPDGHOFLUFXLWRHQEORTXHV (O LQWHJUDGR ,& JHQHUD GRV RQGDV FXDGUDGDV GH IUHFXHQFLD YDULDEOHV JUDFLDV DO SRWHQFLyPHWUR 5 (VWDV IUHFXHQFLDVVHUYLUiQSDUDFRQGXFLUHOHVWDGLRPL[HU,&$%H,&&'VXPLQLVWUDQGRHQVDOLGDXQDVHxDOLJXDO DODGLIHUHQFLDHQWUHODIUHFXHQFLDJHQHUDGDSRUHOLQWHJUDGR,&\ODFDSWDGDSRUHOPLFUyIRQR
&RPRWLHQHXQDVGLPHQVLRQHVWDQSHTXHxDVRVOR (648(0$(/e&75,&2 RIHUWDPRV\DVROGDGRHQXQSHTXHxRFLUFXLWRLPSUHVR &RPHQ]DPRV OD GHVFULSFLyQ GHO HVTXHPD HOpFWULFR GHPRGRTXHORSRGiLVFDEOHDUVLQSUREOHPDV UHSURGXFLGRHQOD¿JFRQHOGLRGROHGYHUGH'/ TXHLQGLFDHOHQFHQGLGR\WHQVLyQHVWDELOL]DGD (VWHPLFUyIRQRWLHQHXQDFDSDFLGDGRPQLGLUHFFLRQDO \XQDUHVSXHVWDGHIUHFXHQFLDGH .K]KDVWD ORV &XDQGR XQ GLRGR OHG YHUGH VH SRODUL]D .K]3RURWURODGRODVHQVLELOLGDGDMXVWDDG% GLUHFWDPHQWH GHVDUUROOD XQD WHQVLyQ FRQVWDQWH GH WRPDQGRFRPRUHIHUHQFLDHOG%FRPR93T3T XQRVYROWLRVTXHHQ QXHVWURFLUFXLWRGHVSXpVGH 3DVFDO KDEHU VLGR ³WDSRQDGD´ SRU HO RSHUDFLRQDO ,&$ \ ¿OWUDGD SRU HO FRQGHQVDGRU & HV XWLOL]DGR SDUD 7UDWiQGRVHGHXQGLVSRVLWLYR³DFWLYR´GHEHDOLPHQWDUVH DOLPHQWDUHOVHQVRUXOWUDVyQLFR³0,&´ FRQXQDWHQVLyQFRQWLQXDFRQXQYDORUHQWUHORV YROWLRV \ ORV YROWLRV OD FRUULHQWH DEVRUELGD QR (OVHQVRU0,&GLVSRQHGHSLQGHVDOLGDORVSLQ VHHQFXHQWUDQDODFDEH]DGHODPDVDFRQHFWDGDD VXSHUDORVPLFURDPSHULRV QXHVWURFLUFXLWRLPSUHVRFRQXQVRORFRQWDFWRHOSLQ HVHOGHDOLPHQWDFLyQ\HOSLQHVGHVDOLGDGHVHxDO /DLPSHGDQFLDGHVDOLGDWLHQHXQYDORUGHXQRV YHU¿J RKP (VWH ~OWLPR D WUDYpV GHO FRQGHQVDGRU & GH &RPR HV XQ FRPSRQHQWH PX\ VHQVLEOH HV EXHQR GHVDFRSODPLHQWR GH OD WHQVLyQ FRQWLQXD VH DSOLFD TXHGXUDQWHVXXVRVHHYLWHWRFDUFRQORVGHGRVVX DXQHVWDGLRDPSOL¿FDGRULQYHUVRU,&%FRQWHQLGR YHQWDQD\DTXHWDQWRODVXFLHGDGFRPRODSUHVLyQ HQHOGREOHRSHUDFLRQDO1(TXHWLHQHySWLPDV FDUDFWHUtVWLFDVUHVSHFWRDOUXLGR\DODQFKRGHEDQGD SRGUtDQGDxDUHOPLFUyIRQR
18 (9$ (/ (& 75 21 ,& $ 1
)LJHVTXHPDHOpFWULFRGHOSUR\HFWR/;\GHEDMRHOOLVWDGRFRPSOHWRGHORVFRPSRQHQWHVQHFHVDULRVSDUD VXUHDOL]DFLyQ
/,67$'2'(/26&20321(17(6/; 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5RKPSRWOLQ 5RKP 5RKP 5RKP 5RKP 5RKP 5RKPSRWORJ 5RKP 5RKP &S)PXOWLHVWUDWR &PLFUR)PXOWLHVWUDWR
&PLFUR)HOHFWUROtWLFR &PLFUR)PXOWLHVWUDWR &S)PXOWLHVWUDWR &PLFUR)HOHFWUROtWLFR &S)PXOWLHVWUDWR &S)FHUiPLFR &S)PXOWLHVWUDWR &SROLpVWHUH &S)SROLpVWHUH &S)SROLpVWHUH &S)SROLpVWHUH &&PLFUR)HOHFWUROtWLFR '/GLRGROHGYHUGH ,&LQWHJUDGRWLSR1( ,&&0RVWLSR ,&&0RVWLSR ,&LQWHJUDGRWLSR1( ,&LQWHJUDGRWLSR7'$ 0,&PLFURIXOWUDVRQLGRV.0 6LQWHUUXSWRUVX5 1 1 8( 9$( /( &7 52 1, &$
/DJDQDQFLDHQWHQVLyQGHHVWHHVWDGLRHVLJXDODOD UHODFLyQ55SRUORWDQWRHVLJXDODYHFHVVLHQGR HO5GHRKP\OD5LJXDODRKP /DUHVLVWHQFLD5VLUYHSDUD¿MDUODWHQVLyQHQUHSRVR GHODVDOLGDGHORSHUDFLRQDODXQRVYROWLRVFRQWLQXRV GHPRGRTXHVHSXHGDREWHQHUODPD\RUDPSOLWXGGH VHxDOHVVLQGLVWRUVLRQHV
VXPD GH ODV IUHFXHQFLDV GH ODV VHxDOHV DSOLFDGDV DODVGRVHQWUDGDV\XQDVHxDOLJXDODODGLIHUHQFLD HQ IUHFXHQFLD GH ODV VHxDOHV DSOLFDGDV D ODV GRV HQWUDGDV
(Q QXHVWUR FDVR YLVWR TXH GHEHPRV ³EDMDU´ OD IUHFXHQFLD GH ORV XOWUDVRQLGRV QR VH XWLOL]DUi OD ³VXPD´VLQRODSURSLHGDGGHJHQHUDUXQDVHxDOLJXDO (O ³VHFUHWR´ SDUD ORJUDU HVFXFKDU ORV XOWUDVRQLGRV DODGLIHUHQFLDHQIUHFXHQFLDGHODVGRVVHxDOHV HVHOGH³WUDVODGDUORV´DXQDIUHFXHQFLDLQIHULRUHQOD JDPDGHIUHFXHQFLDDXGLEOHVSRUHOVHUKXPDQR (Q HO FLUFXLWR HO LQWHJUDGR ,& &' IRUPD HO RVFLODGRU\HQFRQFUHWRXQ9&2HVGHFLUXQRVFLODGRU (O PLVPR VLVWHPD VH XVD HQ ORV UDGLRV UHFHSWRUHV FX\DIUHFXHQFLDHVSURSRUFLRQDODODWHQVLyQFRQWLQ~D VXSHUKHWHURGLQRVODVHxDOGHDOWDIUHFXHQFLDFDSWDGD DSOLFDGDDOSLQDWUDYpVGHOSRWHQFLyPHWURGHO781( SRUODDQWHQDGHYDULDVGHFHQDVRFHQWHQDVGH0K] 5 VH³EDMD´DXQYDORUGHPHGLDIUHFXHQFLDHQRUPHPHQWH PiV³EDMR´UHVSHFWRDODIUHFXHQFLDHQWUDGD *LUDQGR HO SRWHQFLyPHWUR DSOLFDUHPRV XQD WHQVLyQ YDULDEOHHQWUH\YROWLRV (Q OD SUiFWLFD HVWH VLVWHPD LPSOLFD HO XVR GH XQ RVFLODGRUGHIUHFXHQFLDYDULDEOH\GHXQHVWDGLRPL[HU 3DUDHYLWDUYDULDFLRQHVLQGHVHDGDVGHODIUHFXHQFLD JHQHUDGDODWHQVLyQGHSRODUL]DFLyQGHOSRWHQFLyPHWUR (O HVWDGLR PL[HU WLHQH OD SDUWLFXODULGDG GH SURGXFLU 5VHHVWDELOL]DSRUXQGLRGR]HQHUFRQWHQLGRHQHO HQ VX VDOLGD XQD VHxDO GH IUHFXHQFLD LJXDO D OD LQWHJUDGR,&
)LJ HQ OD SDUWH VXSHULRUL]TXLHUGDVH HQFXHQWUDQ ODVFRQH[LRQHV GHO LQWHJUDGR1(VHJXLGRGHORV&0RV\FRQODVPXHVFD GHUHIHUHQFLDRULHQWDGDDODL]TXLHUGDYLVWRGHVGHDUULEDHQHOHVTXHPD HQEORTXHV\ODVFRQH[LRQHVGHOLQWHJUDGR7'$TXHIXQFLRQDFRPR DPSOL¿FDGRUGHSRWHQFLDSDUDFRQGXFLUORVDXULFXODUHV\ODVFRQH[LRQHV GHOGLRGROHG
18 (9$ (/ (& 75 21 ,& $ 1
&XULRVLGDGHVVREUHORVXOWUDVRQLGRV
&DPSRGHODVIUHFXHQFLDVDXGLEOHVGHDOJXQDVGHODVHVSHFLHVGHDQLPDOHV
0XFKRVGLVSRVLWLYRV\DOJXQRVDQLPDOHVXWLOL]DQHOIHQyPHQRGHODUHÀH[LyQGHXQDRQGDVRQRUDSDUDFDSWDU ODSUHVHQFLDGHXQREVWiFXORUHFRUGDGQXHVWURSUR\HFWRGHXOWUDVRQLGRV/;\HO/;HQHOTXH KHPRVXWLOL]DGRORVVHQVRUHVGHGLVWDQFLD 1XHVWURRtGRWLHQHODFDSDFLGDGSRUUD]RQHV¿VLROyJLFDVGHGLVFULPLQDUGRVVRQLGRVUHFLELGRVDODYH]VLHO WLHPSRGHVHSDUDFLyQHVLJXDORVXSHULRUDXQGpFLPRGHVHJXQGR 5HFRUGDQGRTXHODYHORFLGDGGHSURSDJDFLyQGHOVRQLGRHQDLUHGHXQRVPVXQUiSLGRFiOFXORPXHVWUD TXHHQ HOFDVRGHORVVHUHVKXPDQRVHOPpWRGRSXHGHVHUH¿FD]VRORSDUDOD ORFDOL]DFLyQGHREMHWRVGH JUDQGHVGLPHQVLRQHV\TXHHVWpQVLWXDGRVDPiVGHPHWURV (OSULQFLSLRGHODORFDOL]DFLyQHVPX\VLPSOH ' 9 [ 7 GRQGH ' GLVWDQFLD HQ PHWURV 9 YHORFLGDG GHO VRQLGR HQ PV 7HOWLHPSRHQVHJXQGRVTXHWUDQVFXUUHHQWUHODIHFKDGHODVHxDO\HOUHWRUQR &RQ7GpFLPDGHVHJXQGRODGLVWDQFLDGHOREVWiFXORHVGHPHWURV [ PHWURV 6LVHHQYtDXQDRQGDDXQREVWiFXORVHJHQHUDXQDRQGDUHÀHMDGD0LGLHQGRHOWLHPSRGHUHWUDVRHQWUHHO LQVWDQWHGHJHQHUDFLyQGHODRQGD\HOLQVWDQWHGHOOHJDGDGHODRQGDUHÀHMDGDHVSRVLEOHYROYHUDODGLVWDQFLD GHOREVWiFXOR 6LSRUHOFRQWUDULRFRQRFHPRVODGLVWDQFLD'GHOREVWiFXOR\GHODYHORFLGDG9GHORQGDHQHOPHGLRHV QDWXUDOTXHHOLQWHUYDORGHWLHPSRWUDQVFXUULGRSXHGHVHUIiFLOPHQWHGHWHUPLQDGRPHGLDQWHODIyUPXOD 7 [ ' 9 SRU HMHPSOR [ VHF (VLPSRUWDQWHVXEUD\DUTXHHVWHPpWRGRSXHGHIXQFLRQDUVLODORQJLWXGGHRQGDLQFLGHQWHHVPXFKRPHQRU GHODVGLPHQVLRQHVWUDVYHUVDOHVGHOREVWiFXOR (OREVWiFXORGHEHVHUGHJUDQGHVGLPHQVLRQHVSRUHMHPSORODVSDUHGHVGHXQHGL¿FLR\VLWXDGRDDOPHQRV PHWURVGHQXHVWURVRtGRV 1 1 8( 9$( /( &7 52 1, &$
)LJ HVTXHPD SUiFWLFR GHO PRQWDMH GHO /; &RPR SRGpLV REVHUYDU DUULED KDQ VLGR DSOLFDGDV ODV GRV WRPDV GHVWLQDGDV D OD HQWUDGDGHOPLFUyIRQRGHXOWUDVRQLGRV\DOD VDOLGDGHORVDXULFXODUHV
)LJ IRWR GHO FRQYHUWLGRU GH XOWUDVRQLGRV /; XQD YH] FRPSOHWDGR HO PRQWDMH GH WRGRV ORV FRPSRQHQWHV HQ HO FLUFXLWR LPSUHVR
18 (9$ (/ (& 75 21 ,& $ 1
)LJ KH DTXt FyPR VH SUHVHQWD HO FLUFXLWR PRQWDGRVREUHHOPXHEOHGHSOiVWLFR &RPR SRGpLV REVHUYDU HQ VX LQWHULRU KHPRV FUHDGRXQOXJDUSDUDDORMDUODSLODGHYROWLRV 3DUD QR FRQIXQGLU ODV GRV WRPDV ³HQWUDGD PLFUyIRQR´\³VDOLGDDXULFXODU´&RQHOPXHEOH FHUUDGR RV DFRQVHMDPRV PDUFDUOHV FRQ XQ URWXODGRUFRQXQD0\XQD&UHVSHFWLYDPHQWH
$FFLRQDQGRHOSRWHQFLyPHWUR5FRQVHJXLPRVHQOD 5($/,=$&,Ï135È&7,&$ VDOLGDGHO9&2YHUSLQ\GRVVHxDOHVGHRQGD FXDGUDGDFRQ XQGHVIDVHGH \ XQD IUHFXHQFLD (QOD¿JSRGpLVYHUUHSURGXFLGRHOHVTXHPDSUiFWLFR GH PRQWDMH GH QXHVWUR FRQYHUWLGRU XOWUDVyQLFR YDULDEOHHQWUH.K]\.K] /; (VWDVGRVVHxDOHVFRQGXFLUiQORVVZLWFKHOHFWUyQLFRV FRQWHQLGRV HQ HO LQWHJUDGR ,& XQ &' TXH $XQTXH VL QR HV LQGLVSHQVDEOH QR HVWi GH PiV VREUH WRGR SDUD DTXHOORV TXH QR WLHQHQ XQD JUDQ GHVDUUROODODIXQFLyQGHOPL[HU H[SHULHQFLDHQHOPRQWDMHOOHYDUDFDERXQDVHFXHQFLD GHPi[LPDVHQVXUHDOL]DFLyQ (O RSHUDFLRQDO ,&$ WLHQH HO GHEHU GH LQYHUWLU GH IDVHGHODVHxDOUHFLELGRSRUHOVHQVRUXOWUDVyQLFRHQ &RPHQ]DGLQWURGXFLHQGRHQHOLPSUHVRORV]yFDORV FXDQWRTXHHOHVWDGLRPL[HUVROLFLWDODSUHVHQFLDGH SDUDORVLQWHJUDGRVGHO,&DO,&RULHQWiQGRORV DPEDVVHxDOHV GH PRGR TXH OD PXHVFD GH UHIHUHQFLD TXHGH WDO \ FRPRVHLQGLFDHQOD¿JXUDVROGDQGRORVSLQHVVX (Q OD VDOLGD GH OD HWDSD PL[HU VH FRQHFWD XQ ¿OWUR UHVSHFWLYRVWHUPLQDOHV SDVD EDMR GHO VHJXQGR RUGHQ FRQ XQD IUHFXHQFLD GHFRUWHGHXQRV.K]HOLPLQDGRXQDVHxDOFRQXQ &RQWLQXDG VROGDQGR VREUH HO LPSUHVR WRGDV ODV UHVLVWHQFLDV GH î YDWLRV GHVSXpV GH KDEHU IUHFXHQFLDVXSHULRUDHVWHYDORU LGHQWL¿FDGRFDGDXQDJUDFLDVDODVEDQGDVGHFRORUHV /DVHxDOOLPSLDSRGUiVHUFRQHFWDGDDODHQWUDGD GHVXVFXHUSRV GHODPSOL¿FDGRUDXGLRSDUDFRQGXFLUORVDXULFXODUHV &RPSOHWDGDHVWDRSHUDFLyQLQVHUWDGWDPELpQWRGRV DWUDYpVGHOSRWHQFLyPHWURGHOYROXPHQ5 ORV FRQGHQVDGRUHV GH SROLpVWHU HO FRQGHQVDGRU 7RGRHOFLUFXLWRVHDOLPHQWDSRUXQDSLODGHYROWLRV FHUiPLFR\ORVHOHFWUROtWLFRVVLJXLHQGRODGLVSRVLFLyQ LQGLFDGDHQHOHVTXHPDSUiFWLFRGHOD¿J \ FRPR QR DEVRUEH WRGD OD FRUULHQWH WHQGUi XQD $ SURSyVLWR GH HVWRV ~OWLPRV GHEHQ VHU PRQWDGRV SHTXHxDDXWRQRPtD UHVSHWDQGRODSRODULGDGGHORVWHUPLQDOHV 1 1 8( 9$( /( &7 52 1, &$
$KRUDSRGpLVRFXSDURVGHORVGRVSRWHQFLyPHWURV 3UHVWDG DWHQFLyQ FXDQGR PRQWpLV HO SRWHQFLyPHWUR 5MXQWRFRQHOPDQGRGHGLVFRSDUDODUHJXODFLyQ GHODVLQWRQtDGHOLPSUHVRVROGDQGRFRQFXLGDGRORV SLQHV /XHJR SURFHGHG DO PRQWDMH GHO SRWHQFLyPHWUR 5 GHVWLQDGR D OD UHJXODFLyQ GHO YROXPHQ FRQ HO LQWHUUXSWRUGHHQFHQGLGR6DODGHUHFKDGHOLPSUHVR HLQWURGXFLGHQVXFXHUSRVXUHVSHFWLYRPDQGR
3DVDQGRDOSRWHQFLyPHWURGHVLQWRQtD7XQHGHEHUpLV ORJUDU ³DLVODU´ R ³VLQWRQL]DU´ OD IXHQWH XOWUDVyQLFD FRPRVHKDFHJHQHUDOPHQWHFRQODVLQWRQtDGHXQD HVWDFLyQGHUDGLR 3DUDHOORXWLOL]DUHPRVXQDSDUiERODYHU¿JJ TXHOOHYHORVVRQLGRVDXQPLFUyIRQRHVSHFLDO /DSDUiERODWLHQHXQGLiPHWURGHXQRVPPPiV TXHVX¿FLHQWHSDUDFDSWDUVRQLGRVPiVDOOiGHORV OtPLWHKXPDQRV
3RGpLVDKRUDVROGDUHQODSDUWHVXSHULRUGHOFLUFXLWR LPSUHVR ODV GRV ERUQDV GHVWLQDGDV D OD HQWUDGD ¢3RU TXp XQD SDUiEROD" 3DUD UHFRJHU PHMRU ORV GHO PLFUyIRQR GH XOWUDVRQLGRV \ D OD VDOLGD GH ORV XOWUDVRQLGRV &RQ HVWH VLVWHPD VHJXUDPHQWH VH REWHQGUi XQ DXULFXODUHV FRPSRQHQWHGHPD\RUHQHUJtDDOIRFRGHODSDUiEROD (QWUHXQD\RWUDPRQWDGWDO\FRPRVHLQGLFDHQOD¿J HOGLRGROHGTXHVHxDODHOHQFHQGLGRGHOFLUFXLWRXQD 3DUDOOHYDUDFDERH[SHULPHQWRVFRQHVWHGLVSRVLWLYR YH]GREODGRFXLGDGRVDPHQWHHQ/ORVGRVWHUPLQDOHV GHEpLVVLWXDURVHQOXJDUHVGRQGHKD\DPiTXLQDVR DQLPDOHVFDSDFHVGHHPLWLUXOWUDVRQLGRV $. 3RGpLVSRU HMHPSORLU DOFDPSR SDUDHVFXFKDUORV /OHJDGRVDHVWHSXQWRSRGpLVVROGDUVREUHHOLPSUHVR WRFWRF GH ORV PXUFLpODJRV FRQ VX ³WUHQ GH RQGDV´ ORV GRV FDEOHV GH FRQH[LyQ D OD WRPD GH OD SLOD ORV PXUFLpODJRV HPLWHQ VRQLGRV VLPLODUHV D XQ UHVSHWDQGRODSRODULGDG ³FKDVTXLGR´WDPELpQHOUHFODPRGHORVJDWLWRVKDFLD VX PDGUH R YHU FRPR YXHVWUR YHFLQR DWRUPHQWD DO 7HUPLQDG HO PRQWDMH LQVHUWDQGR HQ VXV UHVSHFWLYRV SHUURFRQVLOELGRGHXOWUDVRQLGRV ]yFDORV ORV LQWHJUDGRV RULHQWDQGR OD PXHVFD GH UHIHUHQFLDHQ8TXHKD\HQVXFXHUSRWDO\FRPRVH (QWUDG HQ XQD HPSUHVD GRQGH VH WUDEDMH FRQ LQGLFDHQOD¿J GLIHUHQWHV WLSRV GH PiTXLQDV \ YHUpLV FRPR KD\ XQDVSHUIHFWDPHQWHDXGLEOHV\PXFKDVRWUDVTXHQR /OHJDGRV D HVWH SXQWR QR GHEpLV KDFHU RWUD FRVD SHUFLEtVDQLYHOVHQVRULDO TXHPHWHUHOLPSUHVRGHQWURGHOPXHEOHSUHYLVWRGH DJXMHURV SDUD TXHSXHGDQ VREUHVDOLU ODV WRPDVGHO 3DUDGDURVFXHQWDGHODORQJLWXGGHRQGDGHHVWRV PLFUyIRQRGHORVDXULFXODUHVGHODSLOD\ORVRUL¿FLRV VRQLGRVRVSURSRQHPRVXQHMHPSORELHQVHQFLOOR ODWHUDOHVSDUDTXHSXHGDQVREUHVDOLUORVPDQGRVSDUD ODUHJXODFLyQGHODVLQWRQtDGHOYROXPHQLQWHUUXSWRU /D YHORFLGDG GHO VRQLGR HQ DLUH VH FDOFXOD GHO VLJXLHQWHPRGR &202VH86$ 9VRQLGR¥<[5[70 (OXVRSUiFWLFRGHQXHVWURFRQYHUWLGRUHVPX\VHQFLOOR \FRPSDUDEOHDOGHXQUDGLRUHFHSWRU GRQGH <±57VRQWUHVFRQVWDQWHVGHOJDV³DLUH´ 6HJXUDPHQWHRVTXHGDUpLVSHUSOHMRVGHODFDQWLGDG GHVHxDOHVTXHVHFRQVLJXHQHVFXFKDU\TXHDQWHV <FRQVWDQWHSUHVLyQGHORVJDVHV 5[FRQVWDQWHXQLYHUVDOJDV SRGtDLVRtU 'HKHFKRPXFKRVDSDUDWRVGHXVRFRP~QVRQXQD 0SHVRPROHFXODUPHGLRGHODLUH IXHQWHGHLQVRVSHFKDEOHGHXOWUDVRQLGRVSRUHMHPSOR XQOLJHURVXVXUURGHOYHQWLODGRUGHUHIULJHUDFLyQGHXQ 7&WHPSHUDWXUDDEVROXWD 3&SXHGHWUDQVIRUPDUVHHQXQVRQLGRHQVRUGHFHGRU VL&JUDGRV DOSDVDUSRUQXHVWURFRQYHUWLGRU 7 6XJHULPRVUHJXODUSULPHURHOYROXPHQGHVDOLGDHQ XQQLYHOQRPX\DOWR\DFHUFDUSRFRDSRFRHOVHQVRU 9VRQLGR ¥[[[ DODIXHQWHGHXOWUDVRQLGRV 18 (9$ (/ (& 75 21 ,& $ 1
)LJ
SDUD
IDFLOLWDU
GH
PRQWDMH RV VXPLQLVWUDPRV HO
PLFUyIRQR
GH
XOWUDVRQLGRV HQ 60' \D PRQWDGR HQ HO LPSUHVR 9XHVWUR GH
GHEHU
UHDOL]DU
HO
VHUi
HO
FDEOHDGR
HQ OD HQWUDGD TXH YD HQ OD
WRPD
\
¿MDG
VX
OXJDU
GHO OD
PLFUyIRQR
SDUiEROD
HQ
UHVSHFWLYR
GHO
LPSUHVR ¿MDQGR HO FDEOH SRU PHGLR GH XQ WUR]R GH FHOR 1DWXUDOPHQWH HO PLFUyIRQR GHEHUi TXHGDU GLUHFFLRQDGR KDFLDHO IRFR GHHVWD~OWLPD
)LJIRWRGHODSDUiERODTXH KHPRVXWLOL]DGDSDUDUHDOL]DU ODVSUXHEDVGHOODERUDWRULR
8QDQRWDGH+]QRWDEDMDFRUUHVSRQGHD
PHWURV 3UREDPRVXQDQRWDGH+]
PHWURVFP
35(&,2'(5($/,=$&,Ï1 /; 7RGRVORVFRPSRQHQWHVQHFHVDULRVSDUD UHDOL]DUHO FRQYHUWLGRU GH XOWUDVRQLGRVYHU¿J MXQWRDOFLUFXLWR LPSUHVR\ HOPLFUyIRQRHQ 60'TXH RV RIHUWDPRV \D PRQWDGR VREUH HO LPSUHVR FRG .0HOPXHEOHSOiVWLFR02¼
$17/DSDUiEROD¼ /OHJDGRVDHVWHSXQWRSHQVDPRVTXHTXHUUpLVSUREDU &8)(ODXULFXODUHVWpUHR2+0¼ SHUVRQDOPHQWHHVWHFRQYHUWLGRUGHXOWUDVRQLGRVSDUD &6&LUFXLWRLPSUHVRSDUD/;¼ FDSWDU QXHYDV LQIRUPDFLRQHV TXH VHJXUDPHQWH QR RVHVSHUDUpLVHQYXHVWURHQWRUQR (672635(&,2612,1&/8<(1,9$ 1 1 8( 9$( /( &7 52 1, &$
&yPRIXQFLRQDQORVOHGGHSRWHQFLD
(VVDELGRTXHORVOHGVHXWLOL]DQSDUDODLOXPLQDFLyQ\ORVOHGGHSRWHQFLDVHXWLOL]DQFXDQGRQHFHVLWDPRV XQDOX]SRWHQWH 6LQHPEDUJRHOSURFHVRWHFQROyJLFRSDUDSURGXFLUXQRVOHGGHSRWHQFLDHVFRPSOHWDPHQWHGLIHUHQWHDO GHORVOHGFRPXQHVSXHVHVWRVVRQPXFKRPiVVR¿VWLFDGRV3RUHVWDUD]yQORVOHGGHSRWHQFLDQRVH KDEtDQFUHDGRKDVWDWLHPSRVUHFLHQWHV\HVJUDFLDVDHOORVTXHKHPRVSRGLGRFRQVHJXLUOHGFDSDFHV GHSURGXFLUOX]D]XO 3DUD H[SOLFDURV FXDOHV VRQODV GLIHUHQFLDVH[LVWHQWHV HQWUH ORV GH SRWHQFLD \ ORVFRPXQHV KHPRV UHSURGXFLGR DOJXQDV FDUDFWHUtVWLFDV UHODWLYDV D ORV OHG GH YDWLRV GH OX] EODQFD WRPDQGR FRPR UHIHUHQFLDODGRFXPHQWDFLyQGHXQDGHODVFDVDVFRQVWUXFWRUDVPiVLPSRUWDQWHV 7HQHGHQFXHQWDTXHORVJUi¿FRVTXHRVPRVWUDPRVFRPRHMHPSORVWLHQHQXQYDORUSXUDPHQWHLQGLFDWLYR \TXHSDUDFRQVLGHUDFLRQHVPiVFRQFUHWDVHVQHFHVDULRGLVSRQHUGHODGRFXPHQWDFLyQUHODWLYDDFDGD GLVSRVLWLYR3RURWURODGRYLVWRTXHVHWUDWDGHXQDWHFQRORJtDHQFRQVWDQWHHYROXFLyQHVPX\SUREDEOH TXHODVSUHVWDFLRQHVLQGLFDGDVTXHGHQGHVIDVDGDVHQPX\SRFRWLHPSR (QORVGLRGRVOHGODHPLVLyQGHOX]VHREWLHQHDSOLFDQGRDODFRQH[LyQGHOGLRGRXQDWHQVLyQOLJHUDPHQWH VXSHULRUDVXYDORUGHXPEUDOTXHSXHGHYDULDUVHJ~QHOGLRGRXWLOL]DGRFRPRYHUHPRVDFRQWLQXDFLyQ /D FRUULHQWH GLUHFWD TXH DWUDYLHVD HO GLRGR SURYRFD HQ OD FRQH[LyQ XQD UHFRPELQDFLyQ GH FDUJDV HOpFWULFDVGHELGRDODSUHVHQFLDHQODSODFDGHVLOLFLRGHPROpFXODVGHVXVWDQFLDFRQFUHWDVFRQRFLGDV FRPRLPSXUH]DV(VMXVWRHVWDUHFRPELQDFLyQODTXHGDOXJDUDODHPLVLyQGHOX]FX\DFRPSRVLFLyQ GHSHQGHHVWUHFKDPHQWHGHOWLSRGHLPSXUH]DXWLOL]DGRSDUDUHDOL]DUHOGRSDMHGHOPDWHULDOVHPLFRQGXFWRU TXHFRQVWLWX\HODFRQH[LyQ (QODWDEODVLJXLHQWHRVGDPRVXQDLQGLFDFLyQGHDOJXQRVFRPSXHVWRVXWLOL]DGRVSDUDHOGRSDMHGHOFKLS HQUHODFLyQDODORQJLWXGGHRQGDGHODOX]HPLWLGD\SRUWDQWRDOFRORUTXHVHREWLHQH
,Q*DQ 6L& *DS $O*D3 $O$V $O*DOQ3 $O *D$V *D$V ,Q3 ,Q*D$V3
1LWULWR GH $PDULOOR,QGLR &DUEXUR GH 6LOLFLR )RUIXUR GH $PDULOOR )RUIXUR GH $OXPLQLR$PDULOOR $UVHQLXUR GH $OXPLQLR )RUIXUR GH $OXPLQLR$PDULOOR,QGLR $UVHQLXUR GH $OXPLQLR$PDULOOR $UVHQLXUR GH $OXPLQLR )RUIXUR GH ,QGLR )RUIXUR$UVHQLXUR GH $PDULOOR,QGLR
18 (9$ (/ (& 75 21 ,& $ 1
QP QP QP QP QP QP QP QP QP QP
89 $]XO 9HUGH $]XO 9HUGH $PDULOOR 9HUGH $PDULOOR 9HUGH 1DUDQMD URMR 5RMR H LQIUDUURMR ,QIUDUURMR ,QIUDUURMR ,QIUDUURMR
$GLIHUHQFLDGHODOX]SURGXFLGDSRUODVWUDGLFLRQDOHVIXHQWHVOXPLQRVDVTXHHVGLVWULEXLGDSRUXQDPSOLR HVSHFWURGHORQJLWXGGHRQGDVODOX]TXHVHREWLHQHGHHVWHPRGRSRVHHXQDEDQGDHVSHFWUDOPXFKR PiVHVWUHFKD 3DUDFRQVHJXLUOX]EODQFDDORODUJRGHOHVSHFWURTXHEiVLFDPHQWHVLUYHSDUDUHDOL]DUGLVSRVLWLYRVGH LOXPLQDFLyQVHQHFHVLWDUHFXUULUDDOJXQRVDUWL¿FLRVXQRGHORVPiVFRPXQHVHVHOGHODVtQWHVLVDGLWLYD \RWURHOGHODHVWLPXODFLyQGHVXVWDQFLDVÀXRUHVFHQWHV &RQHVWHWLSRGHGRSDMHVHREWLHQHXQDOX]GHLQWHQVRFRORUD]XO /DSODFDVHFRORFDVREUHXQSHTXHxRVRSRUWHFyQFDYRUHÀHFWDQWHSDUHFLGRSDUDTXHRVKDJiLVXQD LGHDDODSDUiERODGHXQDOiPSDUDKDOyJHQD(OVRSRUWHWLHQHHOGHEHUGHUHÀHFWDUODOX]SURGXFLGDSRU HOODGRLQIHULRUGHODSODFDRULHQWiQGRODKDFLDDUULED (QODSDUWHVXSHULRUGHODSODFDVHFRORFDXQHVWUDWRVHPLWUDQVSDUHQWHGHQWURGHOFXDOKD\GHSRVLWDGDV GRV VXVWDQFLDV TXH WLHQHQ HO GHEHU GH DEVRUEHU SDUWH GH OD OX] D]XO JHQHUDGD SRU OD SODFD \ GH WUDQVIRUPDUODHQXQDUDGLDFLyQGHORQJLWXGGHRQGDPD\RUFRUUHVSRQGLHQWHDOFRORUDPDULOOR (VWDFRPELQDFLyQQRVGDXQDOX]TXHFXEUHWRGDVODVUDGLDFLRQHVFRPSUHQGLGDVHQWUHORV\ QDQyPHWURV\TXHFRQWLHQHGRVSLFRVXQRFRUUHVSRQGLHQWHDOD]XOGHSDUWLGD\RWURFRQHOYHUGHTXH HVHOUHVXOWDGRGHODFRPELQDFLyQGHOFRORUD]XO\HOFRORUDPDULOOR /DHVWLPXODFLyQGHVXVWDQFLDVÀXRUHVFHQWHVQR HVPX\ GLIHUHQWH GHOD VtQWHVLVDGLWLYD\XWLOL]DXQD WHFQRORJtDODUJDPHQWHFRQVROLGDGDODVOiPSDUDVÀXRUHVFHQWHV /D~QLFDGLIHUHQFLDHVTXHHQHVWHFDVRVHXWLOL]DXQDFRQH[LyQFDSD]GHHPLWLUUD\RVXOWUDYLROHWDVTXH YLHQHQHQXQHVWUDWRGHIyVIRURVORVFXDOHVDOHVWLPXODUVHHPLWHQDVXYH]OX]EODQFD 3RURWURODGRWDPELpQH[LVWHQRWURVVLVWHPDVTXHSHUPLWHQDORMDUHQHOPLVPRVRSRUWHGLIHUHQWHVFKLSV HQHOTXHFDGDXQRHPLWHXQFRORUGLYHUVR 6LFRPELQDPRVORVGLIHUHQWHVFRORUHVHVSRVLEOHREWHQHUODOX]EODQFD(VHOFDVRSRUHMHPSORGHORV GLRGRV5*%5HG*UHHQ%OXHTXHHPLWHQWUHVFRORUHVGLIHUHQWHV5RMR9HUGH\$]XO 6LPH]FODPRVHQODPHGLGDMXVWDHVWRVWUHVFRORUHVHVSRVLEOHREWHQHUODOX]EODQFDSHURWDPELpQ FRORUHVLQWHUPHGLRVGHODHVFDODFURPiWLFD (QODJUi¿FDUHSURGXFLGDSRGpLVREVHUYDUODHPLVLyQHVSHFWUDOGHXQGLRGROHGGHOX]EODQFDGHYDWLR (QHOHMHKRUL]RQWDOVHUHSUHVHQWDQODVGLIHUHQWHVORQJLWXGHVGHRQGDGHODUDGLDFLyQOXPLQRVDHPLWLGD H[SUHVDGDVHQQDQyPHWURVQP7HQHGHQFXHQWDTXHQDQyPHWURVHFRUUHVSRQGHFRQXQDORQJLWXG GHRQGDLJXDOD HVGHFLUXQDPLOpVLPDGHPHWUR (QHOHMHYHUWLFDOGHODJUi¿FDVHUHSUHVHQWDHOÀXMROXPLQRVRTXHGDODPHGLGDGHODLQWHQVLGDGGHOD OX]HPLWLGD&RPRVHSXHGHYHUHOSLFRPi[LPRGHHPLVLyQGHOGLRGROHGHVGHXQRVQDQyPHWURV HVGHFLUHQXQDORQJLWXGGHRQGDFRUUHVSRQGLHQWHDOFRORUD]XO 2WURSLFRPHQRVSURQXQFLDGRVHHQFXHQWUDHQWRUQRDORVQDQyPHWURVFRUUHVSRQGLHQWHVFRQHO FRORUYHUGHOXHJRFDHSURJUHVLYDPHQWHKDVWDORVQDQyPHWURVFRUUHVSRQGLHQWHVDOFRORUURMR &RPRFXULRVLGDGKHPRVUHSURGXFLGRHQHOJUi¿FRODFXUYDWUD]DGDTXHUHSUHVHQWDSRUHOFRQWUDULROD VHQVLELOLGDGGHORMRKXPDQRHQODVGLIHUHQWHVORQJLWXGHVGHRQGDTXHFRPSRQHQODOX](QHVWDVHSXHGH YHUTXHODPi[LPDVHQVLELOLGDGGHORMRHVGHXQRVQDQyPHWURVFRUUHVSRQGLHQWHVDOFRORUYHUGH
1 1 8( 9$( /( &7 52 1, &$
8QDFDUDFWHUtVWLFDWtSLFDGHORVGLRGRVOHGHVODGHSURGXFLUXQDOX]PX\GLUHFFLRQDO\VLHPSUHFHUUDGD GHQWURGHXQiQJXORSODQRHVGHFLUGH 3DUDPHMRUDUODGLIXVLyQODWHUDOGHODOX]DOJXQRVOHGHPSOHDQXQDOHQWHGHSOiVWLFRFX\DIXQFLyQHVOD GHGLVWULEXLUODOX]GHIRUPDODWHUDO (QODVWLHQGDVVRORKD\GLRGRVVLQOHQWHHQORVTXHODHPLVLyQOXPLQRVDHVWiIXHUWHPHQWHFRQFHQWUDGD HQWRUQRDOHMHSULQFLSDOGHOOHG\GLRGRVFRQOHQWHTXHVRQFDSDFHVGHRSHUDUDXQDPHMRUGLIXVLyQGH ODOX] 7HQHGHQFXHQWDTXHVLREVHUYiLVGHIUHQWHGRVOHGGHLJXDOSRWHQFLDXQRFRQOHQWH\RWUDVLQHOODYHUpLV UiSLGDPHQWHODGLIHUHQFLD (OOHGTXHQRWLHQHOHQWHGDODLPSUHVLyQGHVHUPXFKRPiVOXPLQRVR\DTXHODOX]VHFRQFHQWUDHQ XQDIUDQMDFHQWUDOPX\HVWUHFKDDGLIHUHQFLDGHOOHGFRQOHQWHHOFXDOGLVWULEX\HODPLVPDOX]HQXQD iQJXORPD\RU 3RURWURODGRVLREVHUYiLVODWHUDOPHQWHHOOHGVLQOHQWHQRYHUpLVOX]PLHQWUDVTXHHOOHGFRQOHQWHHV FDSD]GHVXPLQLVWUDUDXQTXHVHDXQDSHTXHxDOX] (VREYLRTXHODHOHFFLyQGHSHQGHUiGHOWLSRGHLUUDGLDFLyQTXHTXHUiLVREWHQHU(QHOJUi¿FRVLJXLHQWH WHQGUpLVXQDLGHDGHFyPRVHLUUDGLDXQDOX]HQWRUQRDXQOHGFRQOHQWH
18 (9$ (/ (& 75 21 ,& $ 1
/DLQWHQVLGDGOXPLQRVDGHOFRUUHVSRQGLHQWHFRQODFXUYDVHREVHUYDVLPLUDPRVHOGLRGRGH IUHQWHHVGHFLUDUHVSHFWRDVXHMHYHUWLFDO0LHQWUDVQRVGHVSOD]DPRVSRFRDSRFRKDFLDXQODGR ODLQWHQVLGDGGHOX]GLVPLQX\HGHVFHQGLHQGRDHVGHFLUDOHQODSRVLFLyQTXHFRUUHVSRQGHD XQiQJXORODWHUDOGHO6HPDQWLHQHHQXQDYDORUGHXQRVFRUUHVSRQGLHQWHDOHQXQiQJXOR GHSDUDGHVSXpVDQXODUVHD 3RURWURODGRWDPELpQHVLQWHUHVDQWHYHUFyPRFDPELD ODOX]GHOGLRGROHGDOYDULDUODLQWHQVLGDGGHODFRUULHQWH TXHORDWUDYLHVD (QHO JUi¿FRTXHUHSURGXFLPRV DO ODGR VH PXHVWUDHO YDORU GHOÀXMR OXPLQRVR VREUH HO HMHYHUWLFDO PLHQWUDV TXH VREUH HO HMH KRUL]RQWDO VH UHSUHVHQWD HO YDORU HQ PLOLDPSHULRVGHODFRUULHQWHGLUHFWD,I,IRUZDUGTXH DWUDYLHVDODFRQH[LyQ 3DUDUHSUHVHQWDUODYDULDFLyQGHOÀXMROXPLQRVRVHFRJH FRPRYDORUGHUHIHUHQFLDLJXDODOH\HV³HOHYDGR D OD ´ HV GHFLU D R VL TXHUpLV DO HO ÀXMR OXPLQRVRTXHHOOHGHPLWHFXDQGRHVDWUDYHVDGRSRUXQD FRUULHQWHGHPLOLDPSHULRV &RPRSRGpLVYHUVLODFRUULHQWHEDMDWDPELpQHOYDORUGH OXPLQRVLGDGVHUHGXFH$PLOLDPSHULRVSRUHMHPSOR ODOXPLQRVLGDGVHUHGXFHDXQYDORUGHHVGHFLUDO PLHQWUDVTXHDPLOLDPSHULRVVHUHGXFHDO HVGHFLUDOGHODOXPLQRVLGDGGHUHIHUHQFLD
1 1 8( 9$( /( &7 52 1, &$
7HQHGHQFXHQWDTXHHOYDORUPi[LPRGHFRUULHQWHFRQWLQXDHVWi¿MDGRSRUODFDVDFRQVWUXFWRUD\QR SXHGHVHUVREUHSDVDGRVDOYRHQSHULRGRVPX\FRUWRVSXHVHOGLVSRVLWLYRVHGHVWUXLUtD $ PHQXGR FXDQGR VH KDEOD GH GLRGRV OHG VH XQD OD GH¿QLFLyQ GH ³OX] IUtD OR TXH SXHGH WUDHU D HQJDxRVKDFLHQGRSHQVDUTXHHVWRVGLVSRVLWLYRVQRGLVLSDQHOFDORU (VWR QR HV GHO WRGR DVt \ D~Q PHQRV HQHO FDVR GH ORV OHG GH SRWHQFLD GRQGH ODGLVLSDFLyQ GHO FDORU GHEH SURGXFLUVHGHXQPRGR DGHFXDGR VL QRVH TXLHUDGHVWUXLU UiSLGDPHQWH HO OHGR UHGXFLU QRWDEOHPHQWHODGXUDFLyQ &HQWUiQGRQRVHQORVGLVSRVLWLYRVTXHRVSURSRQHPRVHQHVWHDUWtFXORKHPRVGHGHFLUTXHORVGLRGRV QRSXHGHQPRQWDUVHHQXQFLUFXLWRLPSUHVRFRP~Q\DTXHHOFXDOVLQXQDDGHFXDGDUHIULJHUDFLyQQR VHUtDFDSD]SRUVtVRORGH³GLJHULU´HOFDORUSURGXFLGRSRUODFRQH[LyQ )LJ (O JUi¿FR TXH UHSURGXFLPRV DO ODGR QRV D\XGDDFRPSUHQGHUFRPRYDUtDODOXPLQRVLGDGGH XQOHGDOFDPELDUODWHPSHUDWXUDGHFRQH[LyQ &RPR SRGpLV YHU VL FRQVLGHUDPRV LJXDO D R DO OD OXPLQRVLGDG GHO GLRGR FXDQGR OD WHPSHUDWXUDGHFRQH[LyQHVLJXDODVLOOHYDPRV ODFRQH[LyQDXQDWHPSHUDWXUDGHODOXPLQRVLGDG VHUHGXFLUiHQXQDYDORUGHHVGHFLUDOGH ODSDUWLGD 3RUHVWDUD]yQSDUDREWHQHUXQHOHYDGRUHQGLPLHQWR OXPLQRVR HV DEVROXWDPHQWH LQGLVSHQVDEOH WHQHU XQDDGHFXDGDGLVLSDFLyQGHFDORU 6LVHTXLHUHHYLWDUGHVDJUDGDEOHVVRUSUHVDVFXDQGR KDEODPRVGHGLRGRVOHGHVPX\LPSRUWDQWHVDEHU VXSULQFLSLRGH IXQFLRQDPLHQWRTXH HVWRWDOPHQWH GLIHUHQWHDOGHORVOHGWUDGLFLRQDOHV (VWRV~OWLPRVWLHQHQXQDWHQVLyQGHXPEUDOPX\EDMDDFWXDQGRHQXQDIUDQMDFRPSUHQGLGDHQWUHORV YROWLRV\ORVYROWLRVGHSHQGLHQGRGHOWLSRGHGLRGRH[DPLQDGR $GHPiVVHFRQGXFHQHQWHQVLyQSRQLHQGRXQDUHVLVWHQFLDHQVHULHDO GLRGRTXHWLHQHODIXQFLyQGH SURWHJHUORGHXQDFRUULHQWHH[FHVLYD 3RUFRQWUDHQHOFDVRGHORVOHGGHSRWHQFLDODFRQGXFFLyQGHEHHVWDUKHFKDVLHPSUHHQFRUULHQWH\ HQVHULHDOGLRGRQRKDEUiQLQJXQDUHVLVWHQFLDGHSURWHFFLyQTXHUHVWpSRWHQFLD 2EVHUYDQGROD¿JXUDVLJXLHQWHFRPSUHQGHUpLVPHMRUORTXHHVWDPRVSRUGHFLURV
18 (9$ (/ (& 75 21 ,& $ 1
)LJ(OJUi¿FRGHODGHUHFKDPXHVWUDODIXQFLyQGHOD FRUULHQWHGLUHFWD,I TXH DWUDYLHVD HOGLRGR HQIXQFLyQ GHODWHQVLyQGHXPEUDO(QHOHMHPSORLQGLFDGRSDUD FRQVHJXLUXQDFRUULHQWHGHPLOLDPSHULRVHQWRUQR DOGHODOXPLQRVLGDGPi[LPDHVQHFHVDULRDSOLFDU DODFRQH[LyQXQDWHQVLyQGHYROWLRV 2EVHUYDQGRHO JUi¿FRYHPRVFRPR FRQXQDWHQVLyQ XQSRFRLQIHULRUHVGHFLUGHOYROWLRVSDUDTXHOD FRUULHQWHTXHDWUDYLHVDHOGLRGRHVWpDPLOLDPSHULRV VHFRUUHVSRQGDDXQUHQGLPLHQWROXPLQRVRGHO\ SRUWDQWRPXFKRPiVEDMR 3RUHOFRQWUDULRHV VX¿FLHQWHFRQXQDWHQVLyQ GH YROWLRVSDUDSURGXFLUXQDFRUULHQWHGHPLOLDPSHULRV SXGLpQGRVHGHVWUXLUHOGLRGRHQSRFRVVHJXQGRV &RPR RV KHPRV H[SOLFDGR HV LPSRVLEOH FRQGXFLU HVWRV GLVSRVLWLYRV HQ WHQVLyQ SRU OR TXH GHEHQ VHU FRQGXFLGRVHQFRUULHQWHXWLOL]DQGRXQDOLPHQWDGRUFDSD]GHFRQWURODUFRQVWDQWHPHQWHpVWHYDORU 3RUODPLVPDUD]yQORVOHGVHFRQHFWDQHQVHULHHQWUHVtSDUDTXHGHHVWHPRGRWHQJDPRVODFHUWH]D GHTXHODFRUULHQWHTXHOHVDWUDYLHVDHVODPLVPD 6LSRQHPRVPiVGLRGRVHQVHULHFUHDPRVXQRVPyGXORVTXHWDPELpQSXHGHQFRORFDUVHHQSDUDOHOR 6L PHGLPRV OD WHQVLyQ GH XPEUDO GH XQ OHG GH SRWHQFLDFRQGXFLpQGROR FRQXQD FRUULHQWHGH PLOLDPSHULRV\PDQWHQLHQGRODWHPSHUDWXUDGHVX FRQH[LyQD&FRQVHJXLPRVXQYDORUHQYROWLRV TXHOODPDUHPRVYDORU9 6LDKRUDFDOHQWDPRVSURJUHVLYDPHQWHODFRQH[LyQ REVHUYDUHPRV
TXH
OD
WHQVLyQ
GH
FRQH[LyQ
GLVPLQX\H 3RUHMHPSORDXQDWHPSHUDWXUDGH&ODWHQVLyQ GH XPEUDO VH UHGXFH D YROWLRV UHVSHFWR D VXYDORU 9 6L HQ FDPELR HQIULDPRV OD FRQH[LyQ FRQVHJXLUHPRVXQDXPHQWRGHODWHQVLyQGHXPEUDO $&ODWHQVLyQDXPHQWDUiHQYROWLRV (OJUi¿FRGHDOODGRPXHVWUDFyPRFDPELDODWHQVLyQ GHXPEUDODOYDULDUODWHPSHUDWXUDGHODFRQH[LyQ
1 1 8( 9$( /( &7 52 1, &$
8QDGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVGHORVGLRGRVOHG\TXHOHVKDFHHVSHFLDOPHQWHLQWHUHVDQWHV UHVSHFWRDODVIXHQWHVOXPLQRVDVWUDGLFLRQDOHVHVVXGXUDFLyQ (Q HO JUi¿FRGH DEDMR KHPRV UHSURGXFLGR OD FXUYD TXHUHSUHVHQWDOD YLGD PHGLD GHXQ GLRGR OHG FRPSDUDGDFRQODGHXQDOiPSDUDGHOX]LQFDQGHVFHQWH /DYLGDGHXQGLRGRVHHQWLHQGHHQIXQFLyQGHODUHGXFFLyQGHOXPLQRVLGDGTXHLQWHUYLHQHHQHOWLHPSR 3RUHOORVHFRQVLGHUDTXHXQOHGGHEHVXVWLWXLUVHFXDQGRVXOXPLQRVLGDGVHUHGXFHDO(OJUi¿FR UHSUHVHQWDODGXUDFLyQGHXQOHGFRQWHPSHUDWXUDGHFRQH[LyQLJXDODODGHODDPELHQWH\XQDFRUULHQWH GHFRQGXFFLyQGHPLOLDPSHULRV 7HQHGSUHVHQWHTXHDODXPHQWDUODWHPSHUDWXUDGHODFRQH[LyQODGXUDFLyQGHOFRPSRQHQWHWDPELpQ SXHGHUHGXFLUVHDO
&RPRWRGRVORVVHPLFRQGXFWRUHVORVOHGWLHQHQXQDYLGDPX\ODUJDDXQTXHVLHQHOWLHPSRLQWHUYLHQHQ DOJXQRVIDFWRUHVTXHFRQWULEX\HQDHOOR 8QR GH ORV FRPSRQHQWHV TXH FRQWULEX\HQ D VX HQYHMHFLPLHQWR HVWi FRQVWLWXLGR SRU OD JHODWLQD GH VLOLFRQDTXHVHXWLOL]DSDUDUHOOHQDUHOHVSDFLRDOUHGHGRUGHOFKLS &RQHOWLHPSRHVWDJHODWLQDVHYXHOYHRSDFDUHGXFLHQGRSRUWDQWRVXOXPLQRVLGDG 7DPELpQODOHQWHGHSOiVWLFRVHYXHOYHDPDULOOHQWD\VHPRGL¿FDTXtPLFDPHQWHDOWHUDQGRODQDWXUDOH]D GHODOX]HPLWLGDTXHVHWRUQDDPDULOOD (VWRVIHQyPHQRVVHDFHOHUDQSRUORVUHFDOHQWDPLHQWRVTXHSURGXFHQODVDOWDVFRUULHQWHVGHWUDEDMRR ORVFRQWLQXRVFLFORVGHHQFHQGLGRDSDJDGR 'HWRGDV PDQHUDV HVWRV VRQ SURFHVRVPX\ OHQWRV TXH QRLPSLGHQD ORV GLRGRV OHG DOFDQ]DU HQ EXHQDVFRQGLFLRQHVXQDYLGDPHGLDGHXQDVKRUDVPXFKRPiVWLHPSRGHODVKRUDVTXH RIUHFHXQOiPSDUDGHOX]LQFDQGHVFHQWH
18 (9$ (/ (& 75 21 ,& $ 1
1 1 8( 9$( /( &7 52 1, &$
8Q%86&$0(7$/(6 3UREDEOHPHQWH1XHYD(OHFWUyQLFDHVODUHYLVWDTXHKDGHGLFDGRPiVHVSDFLRDHVWRV FLUFXLWRV\GHVSXpVGHWDQWRVDxRV\WDQWRVSUR\HFWRVGLIHUHQWHVDKRUDRVSURSRQHPRV XQDQXHYDYHUVLyQGHOEXVFDPHWDOHVEDVDGRHQXQQXHYRSULQFLSLRGHIXQFLRQDPLHQWRSRU LPSXOVRV
³HQ HO HO HQWRQFHV SUHVLGHQWH GH ORV (VWDGRV SHUVRQDTXHKDVWDKDFH SRFRHUDFRQRFLGDFRPR HO 8QLGRV -DPHV *DU¿HOG GXUDQWH XQ DWHQWDGR IXH LQYHQWRU GHO WHOpIRQR HQ OXJDU GH $QWRQLR 0HXFFL JROSHDGR SRU GRV SUR\HFWLOHV XQR GH ORV FXDOHV OH TXHXWLOL]yXQDQWLJXRPHWDOLGHDGR\FRQVWUXLGRSRU TXHGDFODYDGRHQODLQJOH pOPLVPR /DJUDYHGDGVHHYLGHQFLyFXDQGRORVPpGLFRVXQR WUDVRWURIDOODURQHQWRGRVORVLQWHQWRVSDUDORFDOL]DU (O PHWDO GHWHFWRU VHxDOy HO SXQWR GH XQ REMHWR PHWiOLFR3HURHQUHDOLGDGQRVHWUDWDEDGHOSUR\HFWLO \H[WUDHUHOSUR\HFWLO VLQR GHXQ PXHOOH GHO VRPLHU GH ODFDPD GRQGH HO 3DUDHVWHREMHWLYRVHOODPyD*UDKDP%HOOODPLVPD SUHVLGHQWHHVWDEDDFRVWDGR´
18 (9$ (/ (& 75 21 ,& $ 1
$O¿QDO OD KLVWRULD GHO EXVFDPHWDOHV WHUPLQDGH XQD LQWURGXFHQWUDQVLVWRUHVTXHUHGXFHQHQJUDQSDUWHHO PDQHUDGUDPiWLFDSXHVWRTXHSRUIDOWDGHWLHPSR\ SHVRGHOLQVWUXPHQWRFRPHQ]DGRHOUiSLGRGHVDUUROOR GHH[SHULHQFLDHOSUHVLGHQWH*DU¿HOGPXULyGHVSXpV GHHVWHWLSRGHDSDUDWRV GHGRVPHVHVGHDJRQtD 'H VHJXLGR VH LQWURGXFH WDPELpQ XQ VLVWHPD GH 6HUiVLQHPEDUJRHQXQDVHJXQGDRFDVLyQFXDQGR GLVFULPLQDFLyQSHURVHUiQHFHVDULRHVSHUDUDODHUDGH SRU PRWLYRV PLOLWDUHV VH GHVDUUROOHQ SURWRWLSRV GH ORVPLFURSURFHVDGRUHVSDUDFRQVHJXLULQVWUXPHQWRV GHWHFWRUHVGHPHWDOHVSDUHFLGRVDORVTXHVHXVDQ PiVGHVDUUROODGRV\VHQVLEOHV KR\GtD
/RVGLIHUHQWHVWLSRVGHEXVFDPHWDOHV $QWHVGHOD6HJXQGD*XHUUD0XQGLDODFDEDOORHQWUH ORV DxRV \ HQ ORV ODERUDWRULRV GHO HMpUFLWR /D IRUPD PiV VHQFLOOD GH XQ GHWHFWRU GH PHWDOHV DPHULFDQRVHFRQVLJXLyFUHDUXQGLVSRVLWLYRFDSD] GHGHWHUPLQDU\ORFDOL]DUFRQDOWRJUDGRGHSUHFLVLyQ FRQVLVWH HQ XQ RVFLODGRU GH PHWDOHV TXH SURGX]FD XQ FRUULHQWH DOWHUQD TXH SDVDQGR D WUDYpV GH XQD PDVDVPHWiOLFDVHQWHUUDGDV ERELQD GD RULJHQ DO PLVPR WLHPSR D XQ FDPSR (O LQVWUXPHQWR FUHDGR IXH OODPDGR GHWHFWRU XQD PDJQpWLFRDOWHUQR SDODEUDSURFHGHQWHGHOODWtQ 2WUDERELQDDVRFLDGDIXQFLRQDUiGHPDJQHWyPHWUR 0LHQWUDV ORV SULPHURV GHWHFWRUHV IXQFLRQDEDQ SRU \ DO FDPELDU HO FDPSR PDJQpWLFR SULQFLSDO VH QRV PHGLRGHYiOYXODVWHUPRLyQLFDVHQORVDxRVVH UHYHODUiODH[LVWHQFLDGHXQREMHWRPHWiOLFR
GH,038/626 )LJ FXDQGR OD ERELQD FDSWDGRUDGHXQEXVFDPHWDOHVGH YHQFLPLHQWRQRHVWiLQÀXHQFLDGD SRUXQEXVFDPHWDOHVQRRLUHPRV QLQJXQD VHxDO DF~VWLFD \D TXH ODVIUHFXHQFLDVVRQLJXDOHV) )
)LJSRUHOFRQWUDULRFXDQGRD OD ERELQD FDSWDGRUD DFHUFDPRV XQ REMHWR PHWiOLFR HO DOWDYR] SURGXFLUi XQD QRWD DF~VWLFD D XQDIUHFXHQFLDLJXDODGLIHUHQFLD HQWUH)\)
1 1 8( 9$( /( &7 52 1, &$
%XVFDPHWDOHVGHYHQFLPLHQWR
%XVFDPHWDOHVGHLQGXFFLyQGHLPSXOVR
(VWH EXVFDPHWDOHV VH EDVD HQ OD PH]FOD GH GRV (VWRV DSDUDWRV WLHQHQ XQ ERELQD TXH HPLWH XQ IUHFXHQFLDVPX\SUy[LPDVOODPDGDYHQFLPLHQWR LPSXOVR VL KD\ SUHVHQWH XQ REMHWR PHWiOLFR HVH LPSXOVRVH³UHÀHMD´\HVFDSWXUDGRSRUXQDERELQD &RPRUHVXOWDGRGHODPH]FODGHDPEDVIUHFXHQFLDV UHFHSWRUD VHREWLHQHXQDVHxDOVLQXVRLGDOFX\DIUHFXHQFLDHV LJXDODODVXPD\DODGLIHUHQFLDGHODVGRVIUHFXHQFLDV /DVHxDOUHÀHMDGD HVDQDOL]DGD \GLVFULPLQD HQWUH LQtFLDOHV YDULRVWLSRVGHPHWDOHV\IRUPDV (OOLGHUD]JRGHODRSHUDFLyQOROOHYDXQRGHORVGRV RVFLODGRUHVTXHSRUORJHQHUDORVFLODDXQDIUHFXHQFLD $FRQWLQXDFLyQPRVWUDUHPRVHOHVTXHPDHOpFWULFRGHO WLSRGHEXVFDPHWDOHVTXHTXHUHPRVSURSRQHURV HQWRUQRD0K]
1XHVWUREXVFDPHWDOHV &XDQGRQRVDSUR[LPDPRV D XQ REMHWR PHWiOLFR OD LQGXFWDQFLD GH OD ERELQD FDSWDGRUD FDPELD \ SRU WDQWRWDPELpQFDPELDODIUHFXHQFLDGHRVFLODFLyQGHO (OIXQFLRQDPLHQWRGHQXHVWUREXVFDPHWDOHVVHEDVD HQODHPLVLyQ\UHFHSFLyQGHXQDVHULHGHLPSXOVRV FLUFXLWR $VX YH] VH UHDOL]D XQD RVFLODFLyQ ¿MD D OD PLVPD &XDQGRHVWRVLPSXOVRVHQFXHQWUDQPDVDVGHKLHUUR IUHFXHQFLD UHJUHVDQPRGL¿FDGRVSRUHVDPLVPDPDVDGHKLHUUR 6LODVGRV IUHFXHQFLDVVRQ LJXDOHVHQDXVHQFLD GH (ODQiOLVLVGHODPRGL¿FDFLyQGHOLPSXOVRGHUHJUHVR PHWDOHOUHVXOWDGRHVXQDFRPSRQHQWHFRQWLQXD\ QRVLQGLFDVLKD\PHWDORQR XQDFRPSRQHQWHGH0K]HOGREOHGHODIUHFXHQFLD GHEDVH (O DVSHFWR PiV LQWHUHVDQWH VREUH HO TXH KHPRV WUDEDMDGRSDUDFRQVHJXLUXQSURGXFWRHFRQyPLFR\ $OHOLPLQDUFRQXQ¿OWURODRVFLODFLyQGH0K]HODOWDYR] YHUViWLOFRQFLHUQHDODERELQD TXH UHSURGX]FD OD VHxDO PH]FODGD SHUPDQHFHUi PXGR 8QD PDGHMD GH FDEOH XWLOL]DGR SDUD LQVWDODFLRQHV 6L OD ERELQD VH DFHUFD D XQ REMHWR PHWiOLFR OD HOpFWULFDVVHDGDSWDSDUDHVWDQXHYDERELQD IUHFXHQFLD GH VX FLUFXLWR YDUtD REWHQLpQGRVH WDPELpQXQFRPSRQHQWHODGLIHUHQFLDHQWUHODVGRV 'H KHFKR ERELQDV GH JUDQGHV GLPHQVLRQHV VH IUHFXHQFLDVGHEDMDIUHFXHQFLDTXHVHSXHGHRtUFRQ DGDSWDQSDUDODE~VTXHGDGHJUDQGHVPDVDVIHUURVDV GH HQRUPH SURIXQGLGDG SRU FRQWUD ODV ERELQDV XQDOWDYR]RPHGLUOR SHTXHxDVVHXVDQSDUDREMHWRVSHTXHxRV &RPR HO RtGR KXPDQR HV SRFR VHQVLEOH D ODV IUHFXHQFLDVEDMDVHQFLUFXLWRVPX\VLPSOHVORVGRV 6LSRUHMHPSORTXHUpLVEXVFDUREMHWRVPHWiOLFRVGH FLUFXLWRVRVFLODGRUHVVHVHSDUDQDNLORKHUW]SDUD JUDQSURIXQGLGDGSRGpLVXWLOL]DUXQFDEOHPXOWL¿ODUGH TXH GH HVWH PRGR HO DOWDYR] SURGX]FD XQD VHxDO PHWURVGHORQJLWXGHOFXDOFRQWLHQHFRQGXFWRUHV FRQVWDQWH GH +] \ HO RtGR SXHGD LGHQWL¿FDU PiVXQFDEOHDLVODQWH\FDEOHDGRVGHWDOPRGRTXH FDGDYDULDFLyQGHIUHFXHQFLD IRUPDXQDERELQDFRPSXHVWDSRUPiVSHTXHxDV YHU¿J %XVFDPHWDOHVGHEDODQFHDPLHQWRGHLQGXFFLyQ 6LHQFDPELRTXHUpLVEXVFDUREMHWRVGHSHTXHxDV (VWH WLSR GH EXVFDPHWDOHV VH EDVD HQ XQ FLUFXLWR GLPHQVLRQHV QR WHQpLV TXH KDFHU RWUD FRVD TXH RVFLODQWH TXH PLGH HO GHVHTXLOLEULR GH LQGXFFLyQ SURYRFDGRSRUXQREMHWRPHWiOLFRHQODVERELQDV\ HQUROODUXQFDEOHHQXQDPDGHMDPiVSHTXHxDKDVWD DOFDQ]DUHOGLiPHWURTXHGHVHpLVYHU¿J FDSWXUDGRSRUXQVLVWHPDTXHDFWLYDHO]XPEDGRU 1R RV KDFH IDOWD FRPSUDUERELQDV HVSHFLDOHV $ HVWRV GHWHFWRUHV PHWiOLFRV WDPELpQ VH OHVGH¿QHFRPR³GHPRYLPLHQWR´GHELGRDTXHVLOR \ TXH VRQ PX\ FRVWRVDV VLQR TXH QRV ODV SRGpLV GHMiLVTXLHWRVREUHXQHOHPHQWRPHWiOLFRVHYROYHUi SHGLUDQRVRWURVRSRGpLVXVDUDOJXQDVVREUDQWHVGH WUDEDMRVDQWHULRUHV DOUHSRVR\SDUDUiGHVHxDODUHOREMHWR 18 (9$ (/ (& 75 21 ,& $ 1
&RPR SRGpLV REVHUYDU HQ ODV ¿J KHPRV XWLOL]DGR FRPR HMHPSOR OD LQVHUFLyQ GH XQ FDEOH GHQWUR GH XQ WXER GH HOHFWULFLVWD SDUD WHQHU XQ VLVWHPD UtJLGR TXH VH SXHGH OOHYDU \ VH SXHGH GHVPRQWDUFXDQGRVHTXLHUD (Q HVWH FDVR QXHVWUR PRQWDMH HV ~QLFDPHQWH XQD VXJHUHQFLD \ HVWDPRV VHJXURV GH TXH YRVRWURV HQFRQWUDUpLVVROXFLRQHVD~QPHMRUHV (QHVHFDVRQRVJXVWDUtDTXHODVSXGLHUDLVGLYXOJDU SDUD TXH WRGRV QXHVWURV OHFWRUHV ODV SXGLHUDQ FRQRFHU
(648(0$(/e&75,&2 /D GHWHFFLyQ GHO PHWDO VH SURGXFH HQ PRPHQWRV GH SDXVD GHVSXpV GH KDEHU DSOLFDGR D OD ERELQD E~VTXHGDORVSHTXHxRVLPSXOVRVGHWHQVLyQ /D PD\RU R PHQRU SUHVHQFLD GH PHWDO PRGL¿FD HO WLHPSRGHEDMDGDGHOLPSXOVRDODUJDQGRODGXUDFLyQ (O WLPHU 1( YHU ,& HQ ¿J FRQHFWDGR FRPR XQ VLPSOH PXOWLYLEUDGRU JHQHUD HVWH LPSXOVR 3RU VX SDUWH ORV YDORUHV GH 55& GHWHUPLQDQ OD GXUDFLyQ\ODIUHFXHQFLDGH HVWRVLPSXOVRV HQ PLOLVHJXQGRVSDUDHO7RQ\HQPLFURVHJXQGRV SDUDHO7RII (O SXHUWR 1DQG ,&% FRQHFWDGR FRPR LQYHUVRU ³LQYLHUWH´ORVWLHPSR SRUORTXHHQVXVDOLGD REWHQHPRV XQ LPSXOVR GH QLYHO OyJLFR FRUUHVSRQGLHQWH D YROWLRV3RUVXSDUWHHOHVWDGLRVHDOLPHQWDFRQXQD WHQVLyQQHJDWLYDGHYROWLRVUHVSHFWRDODPDVD FRQ XQD GXUDFLyQ GH PLFURVHJXQGRV \ FRQ XQD SDXVD GH QLYHO OyJLFR GH PLOLVHJXQGRV FRUUHVSRQGLHQWHD±YROWLRV /D IUHFXHQFLD GH ORV LPSXOVRV VHUi LJXDO D 7RQ7RII HV GHFLU GH XQRV +] (VWRV LPSXOVRV FRQGXFLUiQDOJDWHGHO0RVIHW0)7TXHVHXWLOL]D FRPRXQLQWHUUXSWRUHOHFWUyQLFRFDSD]GH³VRVWHQHU´ DODFRUULHQWHHQXQYDORUPHGLREDMR\DODWHQVLyQ LQYHUWLGDJHQHUDGDSRUODFDUJDLQGXFWLYDGHODERELQD GHE~VTXHGD /DUHVLVWHQFLD5WLHQHHOGHEHUGHOLPLWDUODFRUULHQWH GHFDUJDTXHDEVRUEHQORVGRVFRQGHQVDGRUHV& &XQD YH] TXHHO LPSXOVROHV KDEUiGHVFDUJDGR SDUFLDOPHQWH
)LJ $TXt YHPRV ODV VHxDOHV HQ GLIHUHQWHV SXQWRV GHO FLUFXLWR DUULED HO LPSXOVR GH FRQGXFFLyQ TXH DSOLFDUHPRVDO JDWH GHO 0)7HQ ORV H[WUHPRVGH OD ERELQDVLHQGRXQDFDUJDLQGXFWLYDQRVHQFRQWUDUHPRV XQDVHxDOTXHSRGUiDOFDQ]DUORVYROWLRV (QHO WHUFHU GLEXMR VH SXHGHREVHUYDUFRPRXQ LPSXOVRGHE~VTXHGDVHPRGL¿FDFRQODSUHVHQFLDGH XQPHWDOFHUFDQRDODERELQDPLHQWUDVTXHHQHOFXDUWR
/DERELQDVHFRQHFWDHQWUHHOWHUPLQDO'UDLQ\ODPDVD SRUVXSDUWHHOWHUPLQDO6RXUFHWLHQHXQSRWHQFLDOGH YROWLRV
VHYHHOLPSXOVRGHODGLVFULPLQDFLyQFX\DSRVLFLyQ UHVSHFWRDOLPSXOVRGHE~VTXHGDVHSXHGHPRGL¿FDU DFWXDQGRVREUHHOSRWHQFLyPHWUR',6&5
1 1 8( 9$( /( &7 52 1, &$
)LJ
(VTXHPD
HOpFWULFR
GHO
EXVFDPHWDOHV /; $UULED ODV FRQH[LRQHVGHOPRVIHW,5)=YLVWDV GH IUHQWH HO 1 YLVWDV GHVGH DEDMR \ GHO LQWHJUDGR 7'$% YLVWDVGHVGHDUULED
18 (9$ (/ (& 75 21 ,& $ 1
(ODPSOL¿FDGRU RSHUDFLRQDO ,&$ WLHQHHO GHEHU GH DPSOL¿FDUODVSHTXHxDVYDULDFLRQHVGHWHQVLyQTXH REWHQHPRVVREUHHOIUHQWHGHEDMDGDGHOLPSXOVRSRU VXSDUWHORVGRVGLRGRV'6'6OLPLWDQODWHQVLyQHQ ODHQWUDGDQRLQYHUVRUDHQXQYDORUGH³VHJXULGDG´HQ FXDQWRTXHWHQLHQGRXQYDORULQGXFWLYRVHJHQHUDQ WHQVLRQHVGHDPSOLWXGPXFKRPD\RUHVUHVSHFWRDOD GHODDOLPHQWDFLyQ
VLQWRQtDGHQRPLQDGRV5\5YHU¿J (OVLJXLHQWHHVWDGLRWDPELpQRSHUDFLRQDOHVXQ¿OWUR SDVDEDMR FRQ XQD IUHFXHQFLD GH FRUWH PX\ EDMD VLHQGRFDSD]GH³OLPSLDU´ODWHQVLyQFRQVHJXLGDSRU FXDOTXLHUYDULDFLyQGHDPSOLWXG
(O~OWLPRHVWDGLRHVHOTXHJHQHUDODQRWDDF~VWLFDGH DPSOLWXGFUHFLHQWHGHSHQGLHQGRGHODFHUFDQtDGHOD /DJDQDQFLD GHODWHQVLyQGHOHVWDGLRHVLJXDO DXQ ERELQDDOPHWDO PLOODU GH YHFHV 55 VHJXLGR GH RWUR HVWDGLRDPSOL¿FDGRU,&%FRQJDQDQFLDFDSD]GH /RVSXHUWRV1DQG,&%\,&&JHQHUDQXQDRQGD PDQWHQHUHQVDOLGDXQDWHQVLyQFRQWLQXDLJXDODOYDORU FXDGUDGDTXHVHDSOLFDHQODHQWUDGDGHODPSOL¿FDGRU PHGLRGHODWHQVLyQGHHQWUDGDJUDFLDVDODH[LVWHQFLD GHEDMDIUHFXHQFLD,&TXHFRQGXFHDODOWDYR] GHOFRQGHQVDGRU&\DODUHVLVWHQFLD5 *UDFLDVDODFRQH[LyQGHODWHQVLyQGHVDOGDGHO¿OWUR 3DUDREWHQHUXQDGLVFULPLQDFLyQH¿FD]HVQHFHVDULR ,&%DODHQWUDGDGHYDULDFLyQGHODJDQDQFLDGHO UHDOL]DU XQD OHFWXUD GH OD WHQVLyQ JHQHUDGD HQ HO DPSOL¿FDGRU,&REWHQHPRVTXHODLQWHQVLGDGGHOD PRPHQWRTXHKDWHUPLQDGRHOLPSXOVRGHHVWLPXODFLyQ QRWDDF~VWLFDGHSHQGHUiGHODH[LVWHQFLDGHOPHWDOD GHODERELQD ODTXHHVWiVRPHWLGDODERELQD 3DUDWDOREMHWLYRVHKDGHVWLQDGRHOHVWDGLRUHODWLYR DO,&\DORVSXHUWRV,&$H,&$GHKHFKRD $OLPHQWDGRUVZLWFKLQJ SDUWLU GHO LPSXOVR GH HVWLPXODFLyQ REWHQHPRV XQ EUHYHLPSXOVRGHXQRVPLFURVHJXQGRVVLWXDGRHQ (QORTXHFRQFLHUQHDODOLPHQWDGRUKDVLGRQHFHVDULR PHGLRGHOIUHQWHGHEDMDGDGHOLPSXOVRDWUDYpVGHO GRWDU DO EXVFDPHWDOHV GH XQ DOLPHQWDGRU VZLFKLQJ SRWHQFLyPHWUR5',6&5 YHU ¿JJ (VWR VH GHEH D TXH QHFHVLWD XQD DOLPHQWDFLyQGXDOGHXQYDORULJXDODYROWLRV 3DUDFRQVHJXLUOD³GLVFULPLQDFLyQ´HVSRVLEOHHQIDVH GHXVRSRVLFLRQDUOD³YHQWDQD´GHOHFWXUDVREUHHO 3RU RWUR ODGR XWLOL]DQGR OD DOLPHQWDFLyQ VZLWFKLQJ SXQWRPiVRSRUWXQRSDUDODREWHQFLyQGHODVPHMRUHV REWHQHPRV WHQVLRQHV GH VDOLGD ³HVWDELOL]DGDV´ FRQGLFLRQHVGXUDQWHODODERUGHOEXVFDPHWDOHV DXQTXHODWHQVLyQGHHQWUDGDHVWiEDMDFRPRFXDQGR VHGHVFDUJDQODVSLODV /D WHQVLyQ GH VDOLGD VREUH HO ,&% VH ³PXHVWUD´ JUDFLDV DOIHW)7YHU¿JTXHHVXWLOL]DGRFRPR (O DOLPHQWDGRU DFHSWD HQ HQWUDGD WHQVLRQHV XQ VLPSOH LQWHUUXSWRU HOHFWUyQLFR FRQGXFLGR SRU HO FRPSUHQGLGDV HQWUH ORV YROWLRV \ ORV YROWLRV LPSXOVRGHGLVFULPLQDFLyQ JHQHUDQGRHQVDOLGDODVGRVWHQVLRQHVQHFHVDULDV (VWHIHWSRUWDQWRVHVLWXDUiHQLQWHUGLFFLyQFLUFXLWR 3DUD VX UHDOL]DFLyQ KHPRV XWLOL]DGR HO LQWHJUDGR DELHUWRDOHOHJLUOD³YHQWDQD´ 0&$ 'HHVWHPRGRODVHxDOSRGUiSURVHJXLUHQHOWLHPSR GHOD³YHQWDQD´KDFLDHOVLJXLHQWHHVWDGLRVLQQLQJXQD DWHQXDFLyQPLHQWUDVTXHVHLQWHUUXPSLUiGXUDQWHHO WLHPSRUHVWDQWHTXHGDQGRHQFRQGXFFLyQ
1DWXUDOPHQWHHVSRVLEOHXWLOL]DUHVWHDOLPHQWDGRUSDUD DOLPHQWDU RWURV WLSRV GH FLUFXLWR TXH QHFHVLWH XQD WHQVLyQGHDOLPHQWDFLyQGHYROWLRVWHQLHQGRD GLVSRVLFLyQXQDDOLPHQWDFLyQGHYROWLRV
(VWD WHQVLyQ FDUJDUi HO FRQGHQVDGRU & D WUDYpV /D Pi[LPD FRUULHQWH H[WUDtEOH HV GH XQRV GHOGLRGR'6FHUUDQGRHOLQWHUUXSWRU6HVSRVLEOH PLOLDPSHULRVSRUFREUH DXPHQWDU HO YDORU GH HVWD FDSDFLGDG PX\ ~WLO FXDQGR VH XVDQ ERELQDV GH E~VTXHGD GH JUDQGHV 5($/,=$&,Ï135È&7,&$ GLPHQVLRQHV (VWH SUR\HFWR HVWi FRPSXHVWR SRU GRV FLUFXLWRV /D WHQVLyQ HV DPSOLDGD SRU HO RSHUDFLRQDO ,&$ LPSUHVRV OD WDUMHWD EDVH /; YHU ¿J \ OD OOHJDQGR D ORV SRWHQFLyPHWURV GH VHQVLELOLGDG\ GH WDUMHWDGHODOLPHQWDGRU/;YHU¿J
1 1 8( 9$( /( &7 52 1, &$
/,67$'2'(/26&20321(17(6/; 5PHJDRKP 5RKP 5RKP 5RKP 5RKPSRWOLQ 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP 5PHJDRKP 5RKP 5RKP 5PHJDRKP 5RKP 5RKP 5RKP 5RKP 5RKPSRWOLQ 5RKP 5RKPSRWOLQ 5RKP 5PHJDRKP 5RKP 5PHJDRKP 5PHJDRKP 5RKP 5RKP 5RKP 5PHJDRKP 5RKP 5RKP &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU
&S)SROLpVWHU &S)FHUiPLFR &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &PLFUR)HOHFWUROtWLFR &S)SROLpVWHU &PLFUR)HOHFWUROtWLFR &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &PLFUR)HOHFWUROtWLFR &PLFUR)HOHFWUROtWLFR &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &PLFUR)HOHFWUROtWLFR &PLFUR)HOHFWUROtWLFR '6GLRGRWLSR1 '6GLRGRWLSR1 '6GLRGRWLSR1 '6GLRGRWLSR1 )7IHWWLSR1 0)7PRVIHWWLSR,5)= ,&LQWHJUDGRWLSR1( ,&&0RVWLSR ,&LQWHJUDGRWLSR1( ,&&0RVWLSR ,&LQWHJUDGRWLSR/0 ,&LQWHJUDGRWLSR7/ ,&LQWHJUDGRWLSR7'$% 6LQWHUUXSWRU $3DOWDYR]RKP
)LJ DUULED SRGpLV FRQVXOWDUHO OLVWDGR FRPSOHWRGH ORVFRPSRQHQWHVXWLOL]DGRV SDUDOD UHDOL]DFLyQ GHO HVWDGLR EDVHGHO EXVFDPHWDOHV /; 'HEDMR GHL]TXLHUGDD GHUHFKDODV FRQH[LRQHV GHOLQWHJUDGR 1( ORV &0RV \ HO /0 \ GHO 7/ WRGDV YLVWDV GHVGHDUULED \ FRQ ODPXHVFD GH UHIHUHQFLDHQ8RULHQWDGDKDFLDODL]TXLHUGD
18 (9$ (/ (& 75 21 ,& $ 1
)LJ(VTXHPDHOpFWULFRGHODHWDSDGHDOLPHQWDFLyQ/;(VWHFLUFXLWRSXHGHXWLOL]DUVHSDUDRWURVWLSRV GHFLUFXLWRTXHQHFHVLWHQGHXQDWHQVLyQGHDOLPHQWDFLyQGXDOYROWLRVWHQLHQGRDGLVSRVLFLyQXQDGH YROWLRV
/,67$'2'(&20321(17(6/; 5RKP 5RKP 5RKP 5RKP 5RKP 5RKP '6GLRGRWLSR1 '6GLRGRWLSR%<: '6GLRGRWLSR%<: '6GLRGRWLSR%<: '6GLRGRWLSR%<: &PLFUR)HOHFWUROtWLFR &S)SROLpVWHU &S)SROLpVWHU &S)SROLpVWHU &PLFUR)HOHFWUROtWLFR &PLFUR)HOHFWUROtWLFR &S)SROLpVWHU &S)SROLpVWHU ,&LQWHJUDGRWLSR0&$ 7WUDVIRUWLSR70 6LQWHUUXSWRU )LJ(VTXHPDSUiFWLFRGHOPRQWDMHGHODOLPHQWDGRU GXDO
/;
\
HO
OLVWDGR
FRPSOHWR
GH
ORV
FRPSRQHQWHVQHFHVDULRVSDUDVXUHDOL]DFLyQ
1 1 8( 9$( /( &7 52 1, &$
)LJ FRQH[LRQHV GHO LQWHJUDGR 0&$ YLVWDV GHVGH DUULED \ FRQ ODV PXHVFD GH UHIHUHQFLD KDFLD DUULED $ OD L]TXLHUGDHVTXHPDGHEORTXHVGHQWURGHOLQWHJUDGR
&RPHQ]DGHOPRQWDMHSRUHOFLUFXLWR/;\DTXH &RPSOHWDGRHOPRQWDMHGHHVWHFLUFXLWREDVHSRGpLV HVDTXHOVREUHHOTXHYDQ¿MDGRVODPD\RUSDUWHGH SDVDUDOGHODOLPHQWDGRU/;FRPRSRGpLVYHU ORVFRPSRQHQWHV UHSURGXFLGRHQOD¿J 6LDSULPHUDYLVWDVXUHDOL]DFLyQRVSXHGHSDUHFHU 3DUD FRPHQ]DU LQWURGXFLG DUULED HO ]yFDOR SDUD HO PX\ FRPSOHMD FRQODD\XGD GHQXHVWURGLEXMR\ XQ LQWHJUDGR,&VROGDQGRORVSLQHQHOLPSUHVR SRFRGHSDFLHQFLDHVWDPRVVHJXURVTXHOROOHYDUpLVD EXHQWpUPLQRVLQPiVSUREOHPDV /XHJRFRQWLQXDGFRQODVROGDGXUDGHODVUHVLVWHQFLDV WRGDVGHîYDWLRVGHVSXpVGHLGHQWL¿FDUODVFRQOD 8QD YH] HQ SRVHVLyQ GHO FLUFXLWR LPSUHVR PRQWDG WDEODGHFRORUHV ORV ]yFDORV SDUD ORV LQWHJUDGRV GHO ,& DO ,& GHVSXpV VROGDGWRGRV ORV SLQ \ OXHJR LQVHUWDG ODV 0RQWDGHOGLRGRGHVLOLFLRRULHQWDQGRODEDQGDEODQFD UHVLVWHQFLDVLGHQWL¿FDQGRFDGDXQDSRUODVEDQGDV LPSUHVDHQVXFXHUSRWDO\FRPRVHH[SRQHHQOD¿J TXHKD\HQVXFXHUSR /OHJDGRV D HVWH SXQWR SRGpLV PRQWDU HQ VXV 'HVSXpVGHODVUHVLVWHQFLDVSRGpLVPRQWDUORVGLRGRV UHVSHFWLYDV SRVLFLRQHV ORV FRQGHQVDGRUHV GH VLOLFLR '6'6'6'6 RULHQWDQGR OD EDQGD HOHFWUROtWLFRV RULHQWDQGR HO ODGR FRQ HO VtPEROR QHJUD GH UHIHUHQFLD TXH KD\ HQ VX FXHUSR FRPR FRPRVHLQGLFDHQOD¿J\ORVFRQGHQVDGRUHVGH PXHVWUDHOGLEXMRYHU¿J SROLpVWHU &RQWLQXDG FRQ ORV FRQGHQVDGRUHV GH SROLpVWHU \ FHUiPLFRV \ WHUPLQDG HVWD IDVH PRQWDQGR ORV HOHFWUROtWLFRV LQVHUWDQGR HO WHUPLQDO SRVLWLYR HQ ORV RUL¿FLRVGLVWLQJXLGRVFRQHOVtPEROR
/RV WHUPLQDOHV GHO WUDQVIRUPDGRU 70 VH VROGDUiQ HQ HO FHQWUR PLHQWUDV TXH DUULED D OD GHUHFKDVLWXDUiODWRPDGHODSLODSDUDODFRQH[LyQ FRQHOFDUJDGRUH[WHUQR
$KRUDSRGpLVVROGDUORVWHUPLQDOHVGHOPRVIHW0)7 GHVSXpVGHKDEHURULHQWDGRODSDUWHPHWiOLFDGHVX FXHUSRKDFLDDUULED\ODSDUWHSODQDGHORVWHUPLQDOHV GHOIHW)7KDFLDODL]TXLHUGDYHU¿J
$KRUD TXH KDEpLV WHUPLQDGR FRQ HO PRQWDMH GH ORV GRV FLUFXLWRV LPSUHVRV /; \ SRGpLV SURFHGHUDOFDEOHDGRGHDPERVHQWUHHOORV\FRQVXV UHVSHFWLYRVFRPSRQHQWHVH[WHUQRV
7HUPLQDGHVWDIDVHGHOPRQWDMHLQWURGXFLHQGRHQORV &RPHQ]DGSRUHOFLUFXLWRGHOHVWDGLREDVHFRQHFWDQGR ]yFDORV ORV LQWHJUDGRV RULHQWDQGR OD PXHVFD GH ORVFDEOHVURMR\QHJURDVXVUHVSHFWLYRVWHUPLQDOHV UHIHUHQFLDHQ8GHVXFXHUSRKDFLDODL]TXLHUGD \DODOWDYR]
18 (9$ (/ (& 75 21 ,& $ 1
'HEDMR GHEpLV VROGDU ORV WHUPLQDOHV GH ORV SRORVGHPHWURVGHORQJLWXGHQXQDWLHQGDGH SRWHQFLyPHWURV HQ VXV UHVSHFWLYRV WHUPLQDOHV TXH PDWHULDOHOpFWULFRRELHQVROLFLWiQGRQRVOR SRGpLVEORTXHDUSRUPHGLRGHORVWHUPLQDOHVPHWiOLFRV TXHRVVXPLQLVWUDUHPRVHQHONLW $GTXLULUWDPELpQXQWXERGHSOiVWLFRGHHOHFWULFLVWDGH FPGHGLiPHWURFXUYDVGHSDUDORVHPSDOPHV &RPRVHH[SRQHHQOD¿JFRORFDGHOSLQGHHVWRV \XQHPSDOPHHQ³7´ FRPSRQHQWHV D XQRV PP VLHQGR XQDGLVWDQFLD VX¿FLHQWHSDUDTXHVREUHVDOJDQGHORVRUL¿FLRVTXH &RUWDGHOWXERHQSDUWHVHQXQDORQJLWXGGHFP\ KD\HQHOSDQHOGHOPXHEOH XQLGODVFRQODVFXUYDVGHGHPRGRTXHVHIRUPH XQFXDGUDGRLJXDODOGHOD¿J 7HUPLQDGDWDPELpQHVWDRSHUDFLyQSDVDGDOFDEOHDGR GH OD WDUMHWD GHO DOLPHQWDGRU /; YHU ¿J $FRQWLQXDFLyQLQVHUWDGHOFDEOHGHSRORVGHQWURGHO FRQHFWDGDUULEDDODGHUHFKDGHOLPSUHVRORVFDEOHV WXER\SHODGXQH[WUHPRSDUDSRGHUH[WUDHUORVXQRD GHFRQH[LyQDODWRPDGHODSLODWHQLHQGRHQFXHQWD XQR ODSRODULGDGTXHYLHQHHQODVHULJUDItD &RQWLQXDG HQWRQFHV FRQ HO FDEOHDGR GHO ORV GRV &RJHGORVFDEOHV\VROGDGORVDODWDUMHWD/;% FLUFXLWR LPSUHVRV XWLOL]DQGR SHTXHxRV WUR]RV GH FRPRVHLQGLFDHQOD¿J FDEOHUHVSHWDQGRODFRUUHVSRQGHQFLDHQWUHHOFRORU GHORVFDEOHV\ORVVtPERORV0YHU¿J 1RWD ORV FRORUHV GH ORV FDEOHV GH FRQH[LyQ VRQ SXUDPHQWHLQGLFDWLYRV/R LPSRUWDQWH HVREVHUYDUOD (QHVWHSXQWRSRGpLVFRORFDUORVGRVFLUFXLWRVGHQWUR FRUUHVSRQGHQFLD GHORV FDEOHVFRQ ORVQ~PHURVGHO DO TXH KD\ HQ ODVHULJUDItD 2VUHFRPHQGDPRV GHOPXHEOHGHSOiVWLFRXWLOL]DGRSDUDHVWHSUR\HFWR PXFKDDWHQFLyQGXUDQWHODFRQH[LyQSDUDQRLQYHUWLU 8QDYH]¿MDGRORVFLUFXLWRVVREUHODEDVHGHOPXHEOH ORVFDEOHV
PHGLDQWHORVWRUQLOORV\HOVHSDUDGRUGHONLWWHUPLQDG HOFDEOHDGRGHORVFRPSRQHQWHVTXHGHEHQVDOLUSRU &RPR SRGpLV REVHUYDU HQ OD ¿J OD PHGLD VH ORVRUL¿FLRVTXHKD\WDQWRHQODSDUWHIURQWDOFRPRHQ FRQHFWD DO LPSUHVR HQ FRUUHVSRQGHQFLD FRQ OD ODSRVWHULRU OHWUD0SHURVRORSRUXQODGR\DTXHSRUHORWURVH LQWHUUXPSHFRUWiQGROD $WRUQLOODG ORV PDQGRV VREUH ORV SLQ GH ORV SRWHQFLyPHWURV 'LVFU 6HQV 7XQH LQWURGXFLG ORV ,QVHUWDGODWDUMHWD/;%GHQWURGHOHPSDOPHHQ GRVLQWHUUXSWRUHVGHOHQFHQGLGR2Q2II\VHOHFFLRQDG ³7´\FRQWLQXDGODFRQH[LyQFRQHOFRQHFWRUKHPEUD HOWLSRGHERELQDTXHTXHUpLVXWLOL]DU/DUJH6PDOO YRODQWHFRPRVHYHHQOD¿J 7HUPLQDGLQVHUWDQGRHOFRQHFWRUPDFKRGHFRQH[LyQ DODERELQD\HOGHFRQH[LyQDOFDUJDGRUHQHOSDQHO SRVWHULRUGHOPXHEOHYHU¿J &HUUDGHOPXHEOHFRQVXWDSD\SDVDGDODUHDOL]DFLyQ GHODERELQD 6HWUDWDGHXQDRSHUDFLyQGHUHDOL]DUFRQHOPi[LPR FXLGDGRSHURFRQODD\XGDTXHRVRIUHFHPRVHQOD ¿JFRQVHJXLUpLVOOHYDUORDEXHQWpUPLQR Y)LJHQHVWHGLEXMRKHPRVLOXVWUDGRODVPRGDOLGDGHV
/DSULPHUDFRVDTXHGHEpLVUHDOL]DUHVODFRQH[LyQ HQWUHODWDUMHWD/;\ODWDUMHWD/;%
GHPRQWDMHGHORVSRWHQFLyPHWURVGHHVWHSUR\HFWR 3DUD ¿MDUORV HQ HO LPSUHVR XVDG ORV WHUPLQDOHV PHWiOLFRVTXHHQFRQWUDUpLVHQHONLW\GHMDGHOSLQGH
3DUD OOHYDUOR D FDER GHEpLV DGTXLULU XQ FDEOH GH
PPGHODUJR
1 1 8( 9$( /( &7 52 1, &$
)LJ (VTXHPD SUiFWLFR GHO PRQWDMH GHO FLUFXLWR GHO EXVFDPHWDOHV /;\GHODOLPHQWDGRU/;\VXFDEOHDGR
18 (9$ (/ (& 75 21 ,& $ 1
)LJ(QHVWHGLEXMRVHLQGLFDQODVGLPHQVLRQHVGHORVFRPSRQHQWHVXWLOL]DGRVSDUDODUHDOL]DFLyQGH QXHVWURSURWRWLSRGHERELQDFDSWDGRUDGHIRUPDFXDGUDGD
)LJIRWRGHOPXHEOHGHSOiVWLFR02TXHKHPRVXWLOL]DGRSDUDDFRJHUHOFLUFXLWRGHOEXVFDPHWDOHV /;\GHODOLPHQWDGRU/;
1 1 8( 9$( /( &7 52 1, &$
)LJHQHVWHGLEXMRKHPRVLOXVWUDGRODVHFXHQFLDGHFDEOHDGRGHORVWHUPLQDOHVGHOFDEOHGHSRORV XWLOL]DGR SDUD OD UHDOL]DFLyQ GH OD ERELQD FDSWDGRUD HQ HO SHTXHxR FLUFXLWRLPSUHVR /;% 6L VHJXtVDWHQWDPHQWHODVLQGLFDFLRQHVGHODUWtFXORQRWHQGUpLVQLQJXQDGL¿FXOWDGSDUDOOHYDUDEXHQ WpUPLQRHVWDRSHUDFLyQ
18 (9$ (/ (& 75 21 ,& $ 1
)LJKHDTXtFyPRVHSUHVHQWDHOFLUFXLWRLPSUHVREDVHGHOEXVFDPHWDOHV/;XQDYH] WHUPLQDGRHOPRQWDMHFRQWRGRVORVFRPSRQHQWHV
)LJHQHVWDIRWRVHUHSURGXFH HO
HVTXHPD
SUiFWLFR
GH
OD
HWDSDGHDOLPHQWDFLyQ/; XWLOL]DGRSDUDQXHVWURSUR\HFWR
1 1 8( 9$( /( &7 52 1, &$
)LJVLRVLQWHUHVDEXVFDUREMHWRV PHWiOLFRVGHSHTXHxDVGLPHQVLRQHV FRQVWUXLU
XQD
ERELQD
FDSWDGRUD
HQUROODQGRXQFDEOHPXOWL¿ODU $UULED OD IRWR PXHVWUD HO SXQWR GH FDEOHDGRGHODERELQD
)LJIRWRGHODERELQDFXDGUDGDTXHKHPRVXWLOL]DGRSDUDUHDOL]DUORVWHVWGHO FLUFXLWR\ODVSUXHEDVSUiFWLFDV
18 (9$ (/ (& 75 21 ,& $ 1
)LJHOFLUFXLWRGHOEXVFDPHWDOHV\HODOLPHQWDGRUFRORFDGRVHQHOPXHEOHGHSOiVWLFRYLVWRGHVGHHO IURQWDO$UULEDDODL]TXLHUGDSRGpLVYHUFRPRKHPRVUHVXHOWRHOSUREOHPDGHOD¿MDFLyQGHODOWDYR]VREUH HOFLUFXLWRLPSUHVRSDUDHOORKHPRVXWLOL]DGRXQFDEOHGHFREUHTXHKHPRVJLUDGRHQWRUQRDVXFXHUSR\ ¿MDGRFRQGRVWRUQLOORVDORVSLQGHSOiVWLFRTXHKD\HQODEDVHGHOPXHEOH
1 1 8( 9$( /( &7 52 1, &$
)LJHOFLUFXLWRGHOEXVFDPHWDOHV\HODOLPHQWDGRUFRORFDGRVHQHOPXHEOHGHSOiVWLFRYLVWRGHVGHDWUiV *UDFLDV D ORV SHTXHxRV WHUPLQDOHV PHWiOLFRV KHPRV UHVXHOWR HO SUREOHPD GH OD ¿MDFLyQ GH ORV WUHV SRWHQFLyPHWURVVREUHHOLPSUHVR\FRPRGHEHQ¿MDUVHGHQWURGHOPXHEOHORVGRVLQWHUUXSWRUHVGHHQFHQGLGR \GHDOLPHQWDFLyQ &RQQXHVWUREXVFDPHWDOHVSRGpLVGLYHUWLURVEXVFDQGRGLIHUHQWHVWLSRVGHREMHWRVPHWiOLFRVWDQWRJUDQGHV FRPRSHTXHxRVVLHQGRHVWHHOFDVRGHODVPRQHGDVDQWLJXDV 'H KHFKR GHVSXpV GHOSHULRGR HVWLYR OXJDUHV GH YHUDQHR FRPRODV SOD\DV SXHGHQ HVFRQGHUYHUGDGHURV ³WHVRURV´
18 (9$ (/ (& 75 21 ,& $ 1
3RUWDQWRSHODGODIXQGDGHOFDEOHGHHVWHODGRGH &RPRXVDUPHMRUHO%86&$0(7$/(6 PRGRTXHVHSXHGDPHWHUHOFDEOH³GHVQXGR´\OD /D FDUDFWHUtVWLFD TXH GLIHUHQFLD D XQ EXHQ PHGLDTXHORFRPSRQHQ EXVFDPHWDOHVHVHOGLiPHWURGHODERELQDGHKHFKR GHSHQGLHQGRGHDTXHOORTXHTXHUiLVEXVFDUGHEHUpLV $KRUDSRGpLVVROGDUHOFDEOHVREUHHOFLUFXLWRLPSUHVR HOHJLUXQWLSRGHERELQDXRWURSRUWDQWRVLXViLVXQD /;%FRUUHVSRQGLHQWHDODOHWUD66HxDO\0 ERELQDGHXQGLiPHWURLQIHULRUDORVPPWHQpLV TXHOOHYDUHOGHVYLDGRU6D6PDOOVLHVPiVD/DUJH 0DVD 2EYLDPHQWHGHVSXpVGHHQFHQGHUHOEXVFDPHWDOHV \DQWHV GHLUD EXVFDU HO³WHVRUR´GHEpLV UHDOL]DUOD ,QVHUWDG HO FDEOH HQ OD DEUD]DGHUD PHWiOLFD \ HO SXHVWDDFHURGHOLQVWUXPHQWRJLUDQGRHO781(KDVWD SHTXHxRFLOLQGURGHPDWHULDODLVODQWHFRPRVHYHHQ OOHYDUHODXGLRDFHUR OD¿J 3DUD ODV SULPHUDV SUXHEDV HV PHMRU TXH HO +HFKRHVWRSRGpLVSHODUODFDEH]DGHORWURFDEOH\ SRWHQFLyPHWUR WHQJD UHJXODGD VX VHQVLELOLGDG D OD UHDOL]DGODVROGDGXUDGHO¿OR\GHOFDEOHDLVODQWHDO PLWDG FRQHFWRUKHPEUDYRODQWH 6L WHQpLV OD ERELQD FRORFDGD FHUFD GHO VXHOR 7HUPLQDGODVVROGDGXUDV\FRORFDGHOFLOLQGURDLVODQWH DGDSWDUpLVHOEXVFDPHWDOHVDODVLWXDFLyQGHOWHUUHQR GHPRGRTXHVHVLW~HVREUHODVVROGDGXUDV TXHKD\EDMRYRVRWURVSDUDTXHFXDOTXLHUFRVDTXH VHDGLIHUHQWHVLHVGHKLHUURVHDVHxDODGD /XHJRFHUUDGHOFRQHFWRUDWRUQLOODQGRODDEUD]DGHUD 6L UHJXODPRV HO SRWHQFLyPHWUR 5 VH WLHQH XQD PHWiOLFD YDULDFLyQWHPSRUDOGHODYHQWDQDGHQXHVWURLPSXOVR \HQWHRUtDSRGUHPRVGLVFULPLQDUGLIHUHQWHVREMHWRV $KRUD\DHVWiLVOLVWRVSDUDUHDOL]DUFXDOTXLHUSUXHED PHWiOLFRV
1 1 8( 9$( /( &7 52 1, &$
3RU RWUR ODGR WDPELpQ GHEHPRV GHFLU TXH ODV 02 (O PXHEOH GH SOiVWLFR FRQ IURQWDO YDULDFLRQHV LQGXFLGDV SRU ORV GLIHUHQWHV WLSRV GH VHULJUD¿DGRYHU¿J¼ PHWDOHVWiQOOHQDVGHYDULDEOHV 3RU WDQWR OD LQÀXHQFLD GHO WHUUHQR TXH FDPELD /;/RVFRPSRQHQWHVQHFHVDULRVSDUDUHDOL]DU FHQWtPHWUR D FHQWtPHWUR QRV KDFH GXGDU VREUH ODHWDSDGHDOLPHQWDFLyQYHU¿JMXQWRDOFLUFXLWR OD FDSDFLGDG GH GLVFULPLQDFLyQ GH DOJXQRV LPSUHVR¼ EXVFDPHWDOHV $VROLFLWDU 0LHQWUDV EXVFiLV REMHWRV SRGpLV DFWXDU VREUH HO SRWHQFLyPHWUR5GHOD6HQVLELOLGDGSDUDOOHYDUORD )6 PHWURVGH FDEOHGH SRORV QHFHVDULR SDUDODUHDOL]DFLyQGHODERELQDGHE~VTXHGD¼ YDORUHVDOWRV /OHJDGRV D HVWH SXQWR QR QRV TXHGD PiV TXH 1RWD SDUD UHDOL]DU OD ERELQD GH E~VTXHGD GHEpLV DGTXLULU DTXHOORV TXH QR OR WHQJDQ XQ WXER GH GHVHDURVEXHQDVXHUWH
35(&,2GH5($/,=$&,Ï1 /; /RV FRPSRQHQWHV QHFHVDULRV SDUD OD UHDOL]DFLyQGHODWDUMHWDEDVHGHOEXVFDPHWDOHVYHU ¿JMXQWRDOFLUFXLWRLPSUHVRORQHFHVDULRSDUDOD UHDOL]DFLyQGHOD ERELQDGHE~VTXHGDHVGHFLUOD SHTXHxD WDUMHWD /;% HO FRQHFWRU ',1)\HO FDEOHDLVODQWH5*YHU¿JDH[FHSFLyQGHOFDEOH GH SRORV\HOWXERGHSOiVWLFR¼
18 (9$ (/ (& 75 21 ,& $ 1
HOHFWULFLVWDGHFPGHGLiPHWUR\GHPGHORQJLWXG HPSDOPHVGH\HPSDOPHGH³7´YHU¿J &66RORHOFLUFXLWRLPSUHVRSDUD/;
¼ &6%6RORHOFLUFXLWRLPSUHVRSDUD/;% ¼ &66RORHOFLUFXLWRLPSUHVRSDUD/; ¼
(672635(&,2612,1&/8<(1,9$
1 1 8( 9$( /( &7 52 1, &$
81$/,0(17$'25SDUD &RQHODOLPHQWDGRUTXHRVSUHVHQWDPRVSRGpLVWUDQVIRUPDUHOUDVWUHDGRURWUDFNHU SDUDEyOLFRTXHSXEOLFDPRVHQODUHYLVWDHQXQDySWLPDDODUPDDQWLUURERSDUDHO FRFKHRODPRWR (OWUDFNHU.0TXH\DRVKHPRVSUHVHQWDGRHVWi DSHWLFLyQYXHVWUD SUR\HFWDGRSDUDUHYHODUODVFRRUGHQDGDVJHRJUi¿FDV GHO SXQWR HQ HO TXH VH HQFXHQWUD \ WUDQVPLWLUODV − DLQWHUYDORVGHWLHPSR FXDQGRYRVRWURVORTXHUiLVRDLQWHUYDORVGHWLHPSR DWUDYpVGHXQPHQVDMH606TXHUHFLEHYXHVWURPyYLO − VL TXLHQ OOHYD HO WUDFNHU VDOH GH XQ SHUtPHWUR SUHGHWHUPLQDGRRVHPXHYHDXQDYHORFLGDGPD\RU HQFXDOTXLHUOXJDUTXHHVWpLV GHODSUH¿MDGD (VWR QRV SHUPLWH VDEHU VLHPSUH FRQ DEVROXWD SUHFLVLyQ GRQGH VH HQFXHQWUD XQD SHUVRQD SRU HMHPSORVLXQIDPLOLDUYXHVWURKDUHDOL]DGRXQYLDMHR XQDQFLDQRFRQSUREOHPDVGHRULHQWDFLyQRXQQLxRR LQFOXVRYXHVWUDPDVFRWD
(Q HVWDV FLUFXQVWDQFLDV VH DJUHJD DGHPiV OD SRVLELOLGDGGHSRGHUHQYLDUHQFXDOTXLHUPRPHQWRXQ PHQVDMH626FRPRPHGLGDGHVRFRUUR (Q HO DUWtFXOR KHPRV HVSHFL¿FDGR TXH FRQ ODV EDWHUtDV FDUJDGDV OD FDSDFLGDG GH LQGHSHQGHQFLD GHO GLVSRVLWLYR HV GH KRUDV (VWH LQWHUYDOR GH &RPRRVKHPRVH[SOLFDGRHOPHQVDMH606SXHGH WLHPSRHVPiVTXHVX¿FLHQWHFXDQGRHOWUDFNHUVH VHUHQYLDGRSRUHOWUDFNHUGHGLIHUHQWHVIRUPDV XWLOL]DSDUDXVRSHUVRQDO\DTXHSXHGHVHUUHFDUJDGR 18 (9$ (/ (& 75 21 ,& $ 1
GHODPLVPDPDQHUDTXHXQWHOpIRQRPyYLO 3HURHOFDVRFDPELDVLVHTXLHUHXWLOL]DUFRPRDODUPD DQWLUURERVLWXiQGRORSRUHMHPSORGHQWURGHOFRFKH SDUDFRQRFHUSHUPDQHQWHPHQWHVXSRVLFLyQ (Q HVWH FDVR SXHGH VHU TXH OD FDSDFLGDG GH ODV EDWHUtDVGHQWURGHOWUDFNHUQRVHDVX¿FLHQWH 3RU HVWH PRWLYR KHPRV GHFLGLGR GRWDUOR FRQ XQ DOLPHQWDGRUTXHFRQHFWDGRDODEDWHUtDGHYXHVWUR FRFKHRVSHUPLWHWUDQVIRUPDUORHQySWLPRDQWLUURER \D TXH HO WUDFNHU VHUi FDSD] GH GHFLURV VLHPSUH GRQGHVHHQFXHQWUDHODXWRPyYLO (O DOLPHQWDGRU SXHGH FRQHFWDUVH WDQWR D ORV YROWLRV H[WUDtGRV GHO JUXSR GH OODYH GH HQFHQGLGR FRPRDODWRPDGHOPHFKHUR 2V KHPRV PRVWUDGR HO HMHPSOR GHO FRFKH SHUR WDPELpQ SXHGH XWLOL]DUVH SDUD SURWHJHU FXDOTXLHU YHKtFXORXQDPRWRFLFOHWDXQDVFRRWHUXQDFDUDYDQD RXQDHPEDUFDFLyQ 3DUD HOOR KHPRV TXHULGR FRPSOHWDUOR FRQ XQ
DFFHVRULRTXHFRQVLGHUDPRVUHDOPHQWH~WLOHVGHFLU XQ FRQWHQHGRU GH SOiVWLFR LPSHUPHDEOH TXH RV SHUPLWLUiFRORFDUORVLQSUREOHPDVHQFXDOTXLHUOXJDU \SURWHJLpQGRORGHODKXPHGDG (VWH DFFHVRULR VHUi PX\ DSUHFLDGR SRU WRGRV DTXHOORVTXHUHDOL]DQGHSRUWHDODLUHOLEUH\FRQWDFWR FRQ OD QDWXUDOH]D GHO SLUDJLVPR DO ZLQGVXUI GHO DOSLQLVPRDOWUHNNLQJGHODODGHOWDDOHVTXtIXHUDGH SLVWDHWF\DTXHVRQGHSRUWHVTXHWLHQHQVXULHVJR VLORSUiFWLFDVVRORSHURTXHSXHGHVHVWDUWUDQTXLOR OOHYiQGRORHQODFLQWXUD
35(&,2'(5($/,=$&,Ï1 .07UDFNHUFRPSOHWR¼ .0$$OLPHQWDGRUSDUDHOWUDFNHU¼ 02;&RQWHQHGRULPSHUPHDEOH¼ (672635(&,2612,1&/8<(1,9$
HO75$&.(5*36
)LJ HQ OD IRWR VH SXHGHQ YHU MXQWR DO WUDFNHU SDUDEyOLFR .0 HO DOLPHQWDGRU .0$ \ HO FRQWHQHGRU LPSHUPHDEOH02;&RQHVWRVGRVDFFHVRULRVSRGpLVLQVWDODUHOWUDFNHUVREUHXQYHKtFXOR\SURWHJHUORGHOD KXPHGDG
1 1 8( 9$( /( &7 52 1, &$
3$f25$',$17(SDUD &RQ pVWH SDxR GLIXVRU TXH RV PRVWUDPRV HQ HVWH DUWtFXOR OD SHUVRQD TXH KD\D DGTXLULGR OD PDJQHWRWHUDSLD GH EDMD IUHFXHQFLD /; WLHQH OD SRVLELOLGDG GH DSOLFDUORDSDUWHVGHOFXHUSRPiVDPSOLDVFRPRHOFXHOORODHVSDOGDHOGRUVRR DUWLFXODFLRQHVFRPRHOFRGRRODURGLOOD (QODPDJQHWRWHUDSLDGHEDMDIUHFXHQFLD/;TXH SUHVHQWDPRVHQODUHYLVWD1HOHIHFWRWHUDSpXWLFR VHGHEHJUDFLDVDODFUHDFLyQGHXQFDPSRPDJQpWLFR IXHUWHPHQWH FRQFHQWUDGR \ FRQ SRODULGDG QRUWHVXU HQHOTXHVHDOFDQ]DXQDLQWHQVLGDGGHKDVWD JDXVV
/DPD\RUFRQFHQWUDFLyQGHODVOtQHDVGHIXHU]D\SRU WDQWRODPD\RULQWHQVLGDGGHOFDPSRPDJQpWLFRVH PDQL¿HVWD DO FHQWUR GH OD VROHQRLGHVXPLQLVWUDQGR ODVPHMRUHVSUHVWDFLRQHVDOHIHFWXDUVHHOWUDWDPLHQWR GHXQiUHDFRQFUHWDGHOFXHUSR
6LQHPEDUJRHVPHQRVSUiFWLFDFXDQGRODSDWRORJtD (O FDPSR PDJQpWLFR YLHQH JHQHUDGR SRU XQD TXHVHGHEHFXUDUDEDUFDXQD]RQDGHOFXHUSRPiV VROHQRLGHFRPSXHVWRSRUXQDVHVSLUDVGHKLOR DPSOLDFRPRXQDH[WUHPLGDGODHVSDOGDHOGRUVRR GHFREUH GHPPHQYXHOWDVVREUH XQQ~FOHRGH DUWLFXODFLRQHVFRPRHOFRGRRODURGLOOD PDWHULDOQRIHUURPDJQpWLFR
18 (9$ (/ (& 75 21 ,& $ 1
3RU HVWD UD]yQ KHPRV SHQVDGR HQ FUHDU XQ DFFHVRULR DQiORJR D DTXHO TXH UHDOL]DPRV SDUD OD PDJQHWRWHUDSLD GH DOWD IUHFXHQFLD HV GHFLU XQ SDxR GLIXVRU TXH SXHGH H[WHQGHUVH VREUH OD ]RQD LQWHUHVDGD \D VHD XQ H[WUHPLGDG XQD DUWLFXODFLyQ FRQJUDQGHVUHVXOWDGRVLQFOXVRDEDMDIUHFXHQFLD
&RPRSRGpLVREVHUYDUORV VROHQRLGHVVHFRORFDQ VREUHXQDVXSHU¿FLHVLPLODUDODGHXQIROLRGHSDSHO /RV VROHQRLGHV HVWiQFRQHFWDGRV HQWUH VtHQ VHULH GHPRGRTXHGHVGHHOFLUFXLWRVHYHFRPRVLIXHVHXQ ~QLFRVROHQRLGH 'HHVWHPRGRVHWLHQHODFHUWH]DGHTXHHOFDPSR &RQODGLIHUHQFLDGHTXHHOSDxRSDUDODDOWDIUHFXHQFLD PDJQpWLFRVHDSOLFDGHIRUPDLJXDOHQWRGRORVSXQWRV HVUHODWLYDPHQWHVLPSOHGHUHDOL]DUDOHVWDUFRQVWLWXLGR GHODVXSHU¿FLHGHOSDxR SRUXQD~QLFDERELQDGHPHWDOPLHQWUDVTXHSDUDOD /DLQWHQVLGDGGHOÀXMRPDJQpWLFRTXHHQHOFDVRGHO EDMDIUHFXHQFLDQRHVWDQVHQFLOOD VROHQRLGH~QLFRVHOOHJDKDVWDORVJDXVVDOFHQWUR /DVROXFLyQVHKDOOHYDGRDFDERLQWURGXFLHQGRGHQWUR GHODVROHQRLGHHQHOFDVRGHOSDxRVHDOFDQ]DQXQ GHOSDxRGHFP[FPVHLVVROHQRLGHVGHFREUH YDORUPi[LPRJDXVVVLHQGRSHUIHFWRSDUDHVWH\D FDGDXQRGHFPGHGLiPHWURSXGLHQGRREWHQHUVH TXHVHUHDOL]DSRUXQiUHDPXFKRPD\RU ODGLVWULEXFLyQGHOFDPSRPDJQpWLFRHQVXVXSHU¿FLH 'HHVWHPRGRHOFDPSRPDJQpWLFRVHDSOLFDDOD 4XLHQ KD\D DGTXLULGR OD PDJQHWRWHUDSLD FXDQGR YH]SRUWRGDOD]RQDWUDWDGDFRQVLJXLpQGRVHDVtXQ TXLHUD XWLOL]DU HO SDxR GHEHUi UHDOL]DU XQD VHQFLOOD PD\RUHIHFWR DFWXDOL]DFLyQGHOVRIWZDUHGHODSDUDWR /D¿JPXHVWUDFRPRVHFRQVWLWX\HHOSDxRSDUDOD 3DUDKDFHUHVWRGHEHUpLVSHGLUMXQWRDOSDxRHOFLUFXLWR FRG(3'TXHFRQWLHQHODDFWXDOL]DFLyQ PDJQHWRWHUDSLDGHEDMDIUHFXHQFLD
0$*1(727(5$3,$%) 3DUDUHDOL]DUODDFWXDOL]DFLyQGHEHUpLVSURFHGHUGHO VLJXLHQWHPRGR GHVFRQHFWDUHOFDEOHGHDOLPHQWDFLyQGHUHG − DEULG OD PDJQHWRWHUDSLD GHVDWRUQLOODQGR ORV WRUQLOORVVLWXDGRVHQODSDUWHLQIHULRUGHOFRQWHQHGRU\ OHYDQWDUHOSDQHOFHQWUDO − TXLWDG HO FLUFXLWR LQWHJUDGR (3 XWLOL]DQGR XQ GHVWRUQLOODGRUHLQVHUWDGHQVXOXJDUHOQXHYRFRPR VHLQGLFDHQOD¿J −
7HQHGHQFXHQWDTXHHVWDRSHUDFLyQSXHGHUHDOL]DUVH HQ QXHVWUR ODERUDWRULR D XQ SUHFLR YHUGDGHUDPHQWH HFRQyPLFR 4XLHQSRUFRQWUDDGTXLHUDKR\ODPDJQHWRWHUDSLDOD HQFRQWUDUiLQVWDODGDFRQODYHUVLyQGHOVRIWZDUHTXH SHUPLWHHOXVRGHOSDxR
)LJ HO QXHYR SDxR GLIXVRU SDUD OD PDJQHWRWHUDSLD GH EDMD IUHFXHQFLD VH FRPSRQH GH VROHQRLGHV SHUPLWLHQGR GLVWULEXLU XQLIRUPHPHQWH HO FDPSR PDJQpWLFRHQXQD]RQDPiVDPSOLD HVWHDUWtFXORHV XQDYHUVLyQ PiV SRWHQWH UHVSHFWR DO FLUFXLWRDQWHULRU/;SXGLHQGRSURWHJHUXQWHUUHQR GHPD\RUHVGLPHQVLRQHV
1 1 8( 9$( /( &7 52 1, &$
8QD YH] TXH HO VRIWZDUH KD VLGR DFWXDOL]DGR GHVSXpVGHKDEHUFHUUDGR\FRQHFWDGRGHQXHYR D OD UHG HO DSDUDWR GHEHUpLV UHDOL]DU XQD IiFLO RSHUDFLyQGHSURJUDPDFLyQGHOVLJXLHQWHPRGR DQWHVGHHQFHQGHUHODSDUDWRDSUHWDGODWHFOD 02'( −
&RUUHVSRQGLHQWHDOSDxR − −
HQWRQFHVPDQWHQLpQGRORDSUHWDGRSUHVLRQDG HOERWyQGHHQFHQGLGR VROWDGODWHFOD02'(
1RWDODLQVFULSFLyQTXHDSDUHFHVREUHHOGLVSOD\ VH FRUUHVSRQGH FRQ HO GLIXVRU HO FXDO KD VLGR SURJUDPDGRHQHODSDUDWRFRQDQWHULRULGDG
3DUDXWLOL]DUHOSDxRGHEHUpLVDFXGLUDODWHFOD 02'(
6REUH HO GLVSOD\ YHUpLV DSDUHFHU XQ GH ODV VLJXLHQWHVLQGLFDFLRQHV
(QWRQFHV GHEHUpLV YROYHU D SUHVLRQDU OD WHFOD 02'(KDVWDTXHVREUHHOGLVSOD\QRDSDUH]FD ODHVFULWXUD
&RUUHVSRQGLHQWH DO SDxR &RUUHVSRQGLHQWHDODVROHQRLGHFLUFXODU
&RUUHVSRQGLHQWHDOGLIXVRUUHFWDQJXODU
18 (9$ (/ (& 75 21 ,& $ 1
$FRQWLQXDFLyQ DSDJDG ODPDJQHWRWHUDSLD \UH HQFHQGHUOD9HUpLVFRPRDSDUHFHHQHOGLVSOD\ XQDLQVFULSFLyQFRPRODTXHDSDUHFHGHEDMR
)LJSDUDUHDOL]DUODDFWXDOL]DFLyQGHOVRIWZDUHGHEHUpLVHQSULPHUOXJDUTXLWDUORVWRUQLOORVDOIRQGRGHODSDUDWR \XQD YH] DELHUWR YROFDG KDFLD DGHODQWH HO SDQHO IURQWDO([WUDHGHQWRQFHVHO FLUFXLWR LQWHJUDGRGHO ]yFDOR D\XGiQGRRVFRQXQGHVWRUQLOODGRULQVHUWDQGRHQVXOXJDUHOQXHYRUHVSHWDQGRODSRVLFLyQLQLFLDO
/RV GRV UHFWiQJXORV VLWXDGRV D OD GHUHFKD LQGLFDQ SURFHGHUDODDFWXDOL]DFLyQGHO¿UPZDUH TXHHOSDxRKDVLGRVHOHFFLRQDGR $KRUDODPDJQHWRWHUDSLDHVWiOLVWDSDUDVHUXWLOL]DGD 3DUD HOOR GHEHUiQ SHGLU MXQWR DO SDxR OD QXHYD 3'\SURFHGHUDODDFWXDOL]DFLyQWDO\FRPRVH (Q HO SDxR KD\ FXDWUR OD]RV SDUD SRGHU DWDUOR HQ KDLQGLFDGRDQWHULRUPHQWH7DPELpQSRGpLVHQYLDUQRV WRUQROD]RQDLQWHUHVDGD HODSDUDWR\ORDFWXDOL]DUHPRVHQQXHVWURODERUDWRULR (QHOFDVRGHTXHODPDJQHWRWHUDSLDVHDXWLOL]DGD SRUPiVSHUVRQDVVHSXHGHODYDUHOWHMLGRTXHHVWi HQWUHHOSDxR\ODSLHOSDUDJDUDQWL]DUXQPtQLPRGH KLJLHQH VLQ TXH HO DSDUDWR SXHGD HVWURSHDUVH 'H HVWHPRGRHOWHMLGRGHOSDxRSRGUiOLPSLDUVHFDGD YH]TXHVHXWLOLFH
35(&,2'(5($/,=$&,Ï1 7RGRVDTXHOORVTXHWHQJDQODPDJQHWRWHUDSLDGHEDMD IUHFXHQFLD\TXLHUDQHOQXHYRSDxRGLIXVRUGHEHUiQ
3&3DxRUDGLDQWH (3'DFWXDOL]DFLyQ 6L \D WHQpLV OD 0DJQHWRWHUDSLD %) HQ OD YHUVLyQ PRQWDGD.0RHQODYHUVLyQGHONLW/; SDUDXWLOL]DUHVWHQXHYRSDxRGHEHUpLVHQYLDUQRVHO DSDUDWRRDGTXLULUHOFLUFXLWR(3'
(672635(&2612,1&/8<(1,9$ 1 1 8( 9$( /( &7 52 1, &$
18 (9$ (/ (& 75 21 ,& $ 1
1 1 8( 9$( /( &7 52 1, &$