0Ï'8/2

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$ ,QWURGXFFLyQ/RVFiOFXORVSULRULWDULRVGHODVHPLVLRQHVSURFHGHQWHVGHOFDPELRGHOXVRGH
OD WLHUUD \ VLOYLFXOWXUD VH FHQWUDQ HQ WUHV DFWLYLGDGHV TXH VRQ IXHQWHV R
VXPLGHURVGHGLy[LGRGHFDUERQR'HEHVHxDODUVHTXHHVRVFiOFXORVOOHYDQDSDUHMDGRV LQWUtQVHFDPHQWH LQFHUWLGXPEUHV R HUURUHV HOHYDGRV,QYHVWLJDFLRQHV IXWXUDV SHUPLWLUiQ HODERUDU GLUHFWULFHV SDUD HVWLPDU \H[SUHVDU HVRV HUURUHV  8QD GH HVDV DFWLYLGDGHV HV WDPELpQ IXHQWH GH
HPLVLRQHVGHJDVHVGLVWLQWRVGHO&2 &+&212\12[ TXHWDPELpQ
VH FDOFXODQ HQ HVWH PyGXOR  $XQTXH ORV &29'0 QR VH LQFOX\HQ HQ HVWHPyGXORVHUHFRQRFHTXHORVERVTXHVVRQXQDSRVLEOHIXHQWHDQWURSRJpQLFD
SRWHQFLDOGHHVRVJDVHV$HVFDODPXQGLDOORVFDPELRVPiVLPSRUWDQWHVUHVSHFWRGHOXVRGHODWLHUUD\ODVSUiFWLFDVGHPDQHMRTXHUHGXQGDQHQHPLVLyQ\DEVRUFLyQGH&2VRQ
•

ORV FDPELRV GH ELRPDVD HQ ERVTXHV \ HQ RWURV WLSRV GH YHJHWDFLyQOHxRVD•ODFRQYHUVLyQGHERVTXHV\SUDGHUDV•

HODEDQGRQRGHODVWLHUUDVFXOWLYDGDV7DPELpQ VH FDOFXOD OD OLEHUDFLyQ LQPHGLDWD GH JDVHV GLVWLQWRV GHO &2
SURFHGHQWHV GH OD TXHPD YLQFXODGD D OD FRQYHUVLyQ GH ERVTXHV \ SUDGHUDV(VRV FiOFXORV VRQ PX\ SDUHFLGRV D ORV FRUUHVSRQGLHQWHV D ODV HPLVLRQHVSURFHGHQWHV GH OD TXHPD GH VDEDQDV \ UHVLGXRV DJUtFRODV HQ HO PyGXOR$JULFXOWXUD &DStWXOR    (O FiOFXOR GH ODV HPLVLRQHV GH JDVHV GLVWLQWRV GHO&2 SURFHGHQWHV GH OD TXHPD GH ELRPDVD XWLOL]DGD FRPR FRPEXVWLEOH
FRUUHVSRQGH DO PyGXOR (QHUJtD  (Q HO SUHVHQWH PyGXOR VH DERUGDQ ODV
IXHQWHV\VXPLGHURVGHORVJDVHVGHHIHFWRLQYHUQDGHUR'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

',$*5$0$5(/$&,21(6(175(&$7(*25Ë$6

&
$
0
%
,
2
'
(
/
8
6
2
'
(
/
$
7
,
(
5
5
$
<
6
,
/
9
,
&
8
/
7
8
5
$

&RQYHUVLyQGHERVTXHV\SUDGHUDV

7RWDO4XHPDLQVLWX

&/LEHUDFLyQLQPHGLDWDSURFHGHQWHGHOD)XHUDGHOERVTXH(PLVLRQHVGHROLJR(PLVLRQHVGH&+ 

JDVHVGLVWLQWRVGHO&21 2\12

&2GHODTXHPDDO;DLUHOLEUH

FRPEXVWLyQ/LEHUDFLyQGLIHULGDSURFHGHQWHGHOD(PLVLRQHVGH&2


GHVFRPSRVLFLyQ DxRV$EDQGRQRGHODVWLHUUDVFXOWLYDGDV 

5HPRFLRQHVGH&2


DxRV

Cantidad de combustible
de biomasa&DPELRVGHELRPDVDHQERVTXHV\RWURVWLSRVGHYHJHWDFLyQOHxRVD&RVHFKDDQXDOGHODVH[LVWHQFLDVGHPDQGDWRWDOGHOHxD
FDQWLGDGGHOHxDGHORVERVTXHVWDODGRVFRVHFKDFRPHUFLDO\GH
RWURVSURGXFWRVQRFRPEXVWLEOHV(PLVLRQHV\,QFUHPHQWRGHO

UHPRFLRQHVQHWDVFUHFLPLHQWRDQXDO

GH&2


PHQRVODFRVHFKD
GHODVH[LVWHQFLDVIncremento anual(PLVLRQHV\DEVRUFLyQGH&2HQORVVXHORVGHELGRDO
PDQHMR\FDPELRGHXVRGHODWLHUUD
(PLVLRQHV\(PLVLRQHV\UHPRFLRQHVGHORVVXHORV DxRV*DVHVGLVWLQWRVGHO&2 SURFHGHQWHVGHODTXHPDGHFRPEXVWLEOHVGHELRPDVDUHPRFLRQHVGH&2(PLVLRQHVGH&+ &2

;

1 2\12


(OGLDJUDPDTXHDSDUHFHPiVDUULEDPXHVWUDODVUHODFLRQHVHQWUHODVGLVWLQWDVFDWHJRUtDV GH HVWH PyGXOR DVt FRPR FRQ OD TXHPD GH FRPEXVWLEOH GH
ELRPDVDFRUUHVSRQGLHQWHDOPyGXOR(QHUJtD/DVUHODFLRQHVSULQFLSDOHVVRQ/D HVWLPDFLyQ GH ODV HPLVLRQHV GH &2 SURFHGHQWHV GH OD FRPEXVWLyQGXUDQWH OD FRQYHUVLyQ GH ERVTXHV \ SUDGHUDV VyOR UHTXLHUH FRQRFHU OD
FDQWLGDGWRWDOGHELRPDVDTXHPDGDFRPRUHVXOWDGRGHODFRQYHUVLyQGH
WLHUUDVHQHODxRGHLQYHQWDULRHVSHFtILFR(O WRWDO GH ELRPDVD TXHPDGD GHEHUi GLYLGLUVH HQ GRV SDUWHV LQ VLWX \IXHUD GHO ERVTXH OHxD  SRUTXH HO WLSR GH FRPEXVWLyQ DIHFWD ODV
HPLVLRQHV GH JDVHV GLVWLQWRV GHO &2 WDOHV FRPR HO PHWDQR \ SRU OR
WDQWR HV QHFHVDULR DSOLFDU GLVWLQWRV IDFWRUHV GH HPLVLyQ SDUD OD
FRPEXVWLyQ DO DLUH OLEUH LQ VLWX  \ SDUD HO XVR GH OHxD IXHUD GHO
ERVTXH 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$



/RV SDtVHV TXH WLHQHQ HVWDGtVWLFDV ILDEOHV VREUH OD FRVHFKD GLUHFWD GH
WRGRVORVWLSRVGHELRPDVDOHxRVD\VREUHWRGRVORVXVRVGHODELRPDVDFRPRFRPEXVWLEOHGHEHUiQHPSOHDUHVDVFLIUDV(QPXFKRVSDtVHVQRVH
LQFOX\HQ HQ ODV HVWDGtVWLFDV FRPHUFLDOHV GH OD FRVHFKD FDQWLGDGHVVLJQLILFDWLYDV GH PDGHUD UHWLUDGD GH ORV ERVTXHV \ RWUDV H[LVWHQFLDV GH
ELRPDVD SULQFLSDOPHQWH SDUD XVR GRPpVWLFR   (VRV SDtVHV SXHGHQXWLOL]DUODVHVWDGtVWLFDVGHOFRQVXPRGHOHxDSXEOLFDGDVSRUOD)$2(VDV
HVWDGtVWLFDV HVWiQ EDVDGDV HQ HVWXGLRV VREUH HO FRQVXPR GRPpVWLFR GH
FRPEXVWLEOH \ RWURV WLSRV GH FRQVXPR FRQYHUWLGR D HVFDOD GH OD
SREODFLyQSDUDGHWHUPLQDUODGHPDQGDDQXDOGHFRPEXVWLEOHYHJHWDO\GH
RWURVFRPEXVWLEOHVWUDGLFLRQDOHV6HSXHGHXWLOL]DU HVD LQIRUPDFLyQ HQ
OXJDU GH R HQ FRPELQDFLyQ FRQ ODV HVWDGtVWLFDV GH FRVHFKD \FRPHUFLDOL]DFLyQ/DLQIRUPDFLyQVREUHHOFRQVXPRGHOHxDVHHPSOHDSDUDGRVILQHV
•SDUDHVWLPDUODVHPLVLRQHVGHJDVHVGLVWLQWRVGHO&2SURFHGHQWHVGHODTXHPDGHFRPEXVWLEOHVGHELRPDVD•HO FRQVXPR WRWDO GH PDGHUD XQD YH] KHFKD OD FRUUHFFLyQ SDUD
GHGXFLUODPDGHUDTXHFRUUHVSRQGHDODFRQYHUVLyQGHORVERVTXHV\ODV SUDGHUDV &2 \D FRQWDELOL]DGR  HV WDPELpQ XQ HOHPHQWR FODYH
SDUDFDOFXODUODVHPLVLRQHVRUHPRFLRQHVQHWDVGH&2GHELGDVDORV
FDPELRV GH ELRPDVD HQ ERVTXHV \ HQ RWURV WLSRV GH YHJHWDFLyQOHxRVD &DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQOHxRVD ,QWURGXFFLyQ(QHVWHVXEPyGXORVHHVWXGLDQODVHPLVLRQHVRUHPRFLRQHVGHFDUERQR \GH
GLy[LGRGHFDUERQR TXHREHGHFHQDORVFDPELRVHQODELRPDVDGHERVTXHV\GHRWURVWLSRVGHYHJHWDFLyQOHxRVDTXHUHVXOWDQGHODDFWLYLGDGKXPDQD

 )XHQWHVGHORVGDWRV$QXDULRVGH3URGXFWRV)RUHVWDOHVGHOD)$2 SXEOLFDFLyQDQXDO([LVWHQ WDPELpQ YDULDV EDVHV GH GDWRV LQWHUQDFLRQDOHV TXH FXHQWDQ FRQ
HVWDGtVWLFDV SDUD SDtVHV HVSHFtILFRV DVt FRPR HVWXGLRV GH GHWHUPLQDGRVSDtVHV(QWUHHOODVFDEHFLWDU)RUHVW5HVRXUFHV$VVHVVPHQW7URSLFDO&RXQWULHV )$2 7KH)RUHVW5HVRXUFHVRIWKH7HPSHUDWH=RQHV (&()$2*LQHEUD 
(Q HO 0DQXDO GH 5HIHUHQFLD GH ODV 'LUHFWULFHV GHO ,3&& SDUD UHDOL]DU HO
LQYHQWDULR GH ORV JDVHV GH HIHFWR LQYHUQDGHUR VH SUHVHQWD XQD H[WHQVD
ELEOLRJUDItD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$&$7(*25Ë$6'(%,20$6$/(f26$
6HLQFOX\HQORViUEROHVTXHFUHFHQHQSXHEORV JUDQMDV R ]RQDV XUEDQDV DVt
FRPRRWURVSURJUDPDVGHIRUHVWDFLyQ
SDUDSHUPLWLUDORVXVXDULRVWRPDUHQ
FXHQWD OD ELRPDVD FRUUHVSRQGLHQWH D
ORV iUEROHV TXH FUHFHQ IXHUD GH ODV]RQDV IRUHVWDOHV KDELWXDOHV ORV TXH
SRGUtDQ VHU LPSRUWDQWHV SDUD OD
FRQWDELOL]DFLyQ GH OD OHxD HQ DOJXQRVSDtVHV  /RV XVXDULRV GHEHUiQSURSRUFLRQDU WRGRV ORV GDWRV SDUD
HVDVFDWHJRUtDV 0HWRGRORJtD
3DUDFDOFXODUODDEVRUFLyQQHWDGH&2VHHVWLPDHOLQFUHPHQWRDQXDOGHOD
ELRPDVD HQ ODV SODQWDFLRQHV ORV ERVTXHV WDODGRV R DSURYHFKDGRV GH RWUDPDQHUDHOFUHFLPLHQWRGHORViUEROHVHQFLXGDGHVJUDQMDV\]RQDVXUEDQDV
DVtFRPRWRGDVODVGHPiVH[LVWHQFLDVLPSRUWDQWHVGHELRPDVDOHxRVD
6H HVWLPD WDPELpQ OD PDGHUD DSURYHFKDGD SDUD OHxD DVt FRPR OD PDGHUDFRPHUFLDOSDUDODFRQVWUXFFLyQ\SDUDRWURVXVRV\DTXHSRGUtDQUHFROHFWDUVH
LQIRUPDOPHQWHFDQWLGDGHVFRQVLGHUDEOHVSDUDHOFRQVXPRWUDGLFLRQDOGHOHxD
(Q HVH FDVR ODV HVWDGtVWLFDV FRPHUFLDOHV GHEHUiQ FRPSOHPHQWDUVH FRQ OD
LQIRUPDFLyQGHOD)$2VREUHHOFRQVXPRGHOHxD$ FRQWLQXDFLyQ VH FDOFXOD OD DEVRUFLyQ QHWD GH FDUERQR FRUUHVSRQGLHQWH D
HVDV IXHQWHV  6L OD FLIUD HV SRVLWLYD VH FRQVLGHUD UHPRFLyQ GH &2 \ VL OD
FLIUDHVQHJDWLYDVHWRPDFRPRHPLVLyQ3RU~OWLPRODDEVRUFLyQRHPLVLyQ
QHWDGHFDUERQRVHH[SUHVDHQWpUPLQRVGH&2

&yPROOHQDUOD+RMDGHWUDEDMR
862'(/$+2-$'(75$%$-2•&RSLHOD+RMDGHWUDEDMRTXHVH
HQFXHQWUD DO ILQDO GH HVWD
VHFFLyQ SDUD FRPSOHWDU HO
LQYHQWDULR

•1R HVFULED HQ HO RULJLQDO GH OD
KRMD GH WUDEDMR SDUD TXH SXHGDKDFHUFRSLDVDGLFLRQDOHVHQFDVR
QHFHVDULR

3$62 (67,0$&,Ï1'(/&217(1,'2727$/'(&$5%212(1(/&5(&,0,(172$18$/'(/26%2648(6(;3/27$'26<
3/$17$'26

8WLOLFHOD+2-$'(75$%$-2 &$0%,26'(%,20$6$(1%2648(6<(127526
7,326 '( 9(*(7$&,Ï1 /(f26$ TXH DSDUHFH DO ILQDO GH HVWH PyGXOR SDUDDQRWDUORVGDWRVGHOLQYHQWDULR

3DUD FDGD WLSR GH H[LVWHQFLD GH ELRPDVD DQRWDU OD VXSHUILFLH GH ODV([LVWHQFLDVGH%RVTXHV%LRPDVDHQNLORKHFWiUHDV NKD HQODFROXPQD$TXHDSDUHFHHQODSDUWHLQIHULRUGHODSiJLQD



3RUORTXHFRUUHVSRQGHDORViUEROHVGLVSHUVRV HQ]RQDVQRERVFRVDVHVGHFLUHQ]RQDVXUEDQDVHQSXHEORV\HQJUDQMDV DQRWDUHOQ~PHUR
GHiUEROHV HQPLOHVGHiUEROHV HQODFROXPQD$TXHDSDUHFHHQODSDUWH
LQIHULRUGHODSiJLQD



3DUD WRGRV ORV WLSRV GH ERVTXH LQGLFDU HQ OD FROXPQD % OD 7DVD GH&UHFLPLHQWR$QXDO HQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD /RV YDORUHV HVWDGtVWLFRV SRU GHIHFWR SUHVHQWDGRV HQ ODV 7DEODV  y 
SXHGHQHPSOHDUVHFXDQGRQRVHFXHQWHFRQGDWRVQDFLRQDOHV(OHPSOHRGHYDORUHV SRU GHIHFWR VH WUDGXFLUi HQ HVWLPDFLRQHV QDFLRQDOHV VXPDPHQWH
LQFLHUWDV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$
$&808/$&,Ï1$18$/0(',$'(0$7(5,$6(&$&202%,20$6$(1/$63/$17$&,21(67LSRVGHERVTXHV
7URSLFDOHV

7HPSODGRV$FDFLDVSS
(XFDO\SWXVVSS
7HFWRQDJUDQGLV
3LQXVVSS
3LQXVFDULEDHD(VSHFLHVGHPDGHUDVGXUDVGHOHQWR
FUHFLPLHQWR(VSHFLHVGHPDGHUDVGXUDVGHUiSLGRFUHFLPLHQWR(VSHFLHVGHPDGHUDVEODQGDV$EHWR'RXJODV 3VHXGRWVXJDGRXJODVVLL
3LQRGHLQFLHQVR 3LQXVULJLGD,QFUHPHQWRDQXDOGH
ODELRPDVDWRQHODGDVPVKDDxR











1RWD eVWDV VRQ WDVDV GH DFXPXODFLyQ PHGLGDV D OR ODUJR GH ORV FLFORV GH FRUWD HVSHUDGRV GH
XQDSODQWDFLyQODVWDVDVUHDOHVYDULDUiQDWHQGLHQGRDODHGDGGHODSODQWDFLyQ/DV FLIUDV FRUUHVSRQGLHQWHV D ODV HVSHFLHV GH ERVTXHV WHPSODGRV HVWiQ EDVDGDV HQ PHGLFLRQHVOOHYDGDVDFDERHQORV(VWDGRV8QLGRV/RVGDWRVSDUDRWUDVHVSHFLHV\RWUDVUHJLRQHVGHEHUiQ
VHUVXPLQLVWUDGRVSRUFDGDSDtV FXDQGRHVWpQGLVSRQLEOHV (VSRVLEOHGHULYDUHVWLPDFLRQHVDGLFLRQDOHVSDUDORVERVTXHVWHPSODGRVSRUHVSHFLH\SRUSDtV
D SDUWLU GH ODV FLIUDV TXH DSDUHFHQ HQ (&()$2   SDUWLHQGR GHO VXSXHVWR GH TXH ORV
SURPHGLRV QDFLRQDOHV GHO LQFUHPHQWR QHWR DQXDO GH ORV URGDOHV H[SORWDGRV \ QR VRPHWLGRV D
RUGHQDFLyQUHSUHVHQWDQDSUR[LPDFLRQHVUD]RQDEOHVSDUDODVSODQWDFLRQHV

3RUORTXHUHVSHFWDDORViUEROHVHQ]RQDVQRERVFRVDVVHGHEHUiDQRWDUHQ
ODFROXPQD%OD7DVDGH&UHFLPLHQWR$QXDOHQNLORWRQHODGDVGHPDWHULDVHFD
SRU PLOHV GH iUEROHV HV GHFLU OD WDVD PHGLD GH FUHFLPLHQWR SRU iUEROPXOWLSOLFDGDSRU



3DUD FDGD WLSR GH ERVTXH \ SUDGHUD PXOWLSOLFDU OD 6XSHUILFLH GH ODV([LVWHQFLDVGH%RVTXHV%LRPDVDSRUOD7DVDGH&UHFLPLHQWR$QXDODILQ
GH REWHQHU HO ,QFUHPHQWR $QXDO GH OD %LRPDVD HQ NLORWRQHODGDV GH
PDWHULDVHFD,QGLFDUHOUHVXOWDGRHQODFROXPQD&

(QFXDQWRDORViUEROHVHQ]RQDVQRERVFRVDVPXOWLSOLFDUHO1~PHURGHÈUEROHVSRUOD7DVDGH&UHFLPLHQWR$QXDOSDUDREWHQHUHO,QFUHPHQWR$QXDO GH OD %LRPDVD HQ NLORWRQHODGDV GH PDWHULD VHFD ,QGLFDU HO
UHVXOWDGRHQODFROXPQD&

3DUDFDGDWLSRGHH[LVWHQFLDGHELRPDVDLQGLFDUOD)UDFFLyQGH&DUERQR
GHOD0DWHULD6HFD
(OYDORUSRUGHIHFWRHVGHSDUDWRGDODELRPDVDVLQRVHGLVSRQHGHYDORUHVHVSHFtILFRV0XOWLSOLFDU HO ,QFUHPHQWR $QXDO GH OD %LRPDVD SRU OD )UDFFLyQ GH&DUERQR GH OD 0DWHULD 6HFD SDUD REWHQHU HO ,QFUHPHQWR 7RWDO GH OD$EVRUFLyQGH&DUERQR,QGLFDUHOUHVXOWDGRHQODFROXPQD(

6XPDU ODV FLIUDV GH OD FROXPQD ( \ DQRWDU HO UHVXOWDGR HQ OD FDVLOOD
FRUUHVSRQGLHQWHDO7RWDOTXHDSDUHFHHQODSDUWHLQIHULRUGHODFROXPQD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$862'(/$6(67$'Ë67,&$6'(/$6&26(&+$6&20(5&,$/(63$62 (67,0$&,Ï1'(/$&$17,'$''(%,20$6$&26(&+$'$/DV HVWDGtVWLFDV GH ODV FRVHFKDV FRPHUFLDOHVD YHFHV DEDUFDQ VyOR OD SDUWH FRPHUFLDO GH

OD ELRPDVD HQ PHWURV F~ELFRV P  UROOL]R$QRWDUHQODFROXPQD)ODFLIUDFRUUHVSRQGLHQWHDOD&RVHFKD&RPHUFLDO
HQPLOHVGHPHWURVF~ELFRV

(VRV YDORUHV SXHGHQ WRPDUVH GH ODV IXHQWHV ORFDOHV  /RV YDORUHVSXEOLFDGRV SRU OD )$2 SXHGHQ XVDUVH FRPR YDORUHV SRU GHIHFWR&RQVXOWH HO UHFXDGUR 8VR GH ODV (VWDGtVWLFDV GH ODV &RVHFKDV&RPHUFLDOHVSUHVHQWDGRHQHOPDUJHQ,QGLFDU HQ OD FROXPQD * OD 5HODFLyQ GH &RQYHUVLyQ([SDQVLyQ GH OD%LRPDVD HQ WRQHODGDV GH PDWHULD VHFD SRU PHWUR F~ELFR WPVP  HQ
FDVRQHFHVDULR0XOWLSOLFDU ODV FLIUDV GH OD &RVHFKD &RPHUFLDO SRU OD 5HODFLyQ GH&RQYHUVLyQ([SDQVLyQGHOD%LRPDVD HQFDVRQHFHVDULR SDUDREWHQHUHO
7RWDO GH %LRPDVD ([WUDtGD GXUDQWH OD &RVHFKD &RPHUFLDO HQ
NLORWRQHODGDVGHPDWHULDVHFD,QGLFDUHOUHVXOWDGRHQODFROXPQD+

$QRWDU HO &RQVXPR 7RWDO GH /HxD LQFOXLGD OD PDGHUD HPSOHDGD HQ OD
SURGXFFLyQGHOFDUEyQYHJHWDO WRPiQGRORGHODVHVWDGtVWLFDVGHOD)$2
VREUHHOFRQVXPRGHOHxD$QRWDU HQ OD FROXPQD - HO 7RWDO GH ORV 2WURV 8VRV GH OD 0DGHUD HQ
NLORWRQHODGDVGHPDWHULDVHFD

6LVHKDH[WUDtGRPDGHUDSHURQRVHKDFRQWDELOL]DGRHQODVHVWDGtVWLFDVGHODFRVHFKDFRPHUFLDORGHOFRQVXPRGHOHxDVHSXHGHDQRWDUHQHVWH
DSDUWDGR

6XPDU ODV FLIUDV GHO &RQVXPR 7RWDO GH /HxD FROXPQD ,  FRQ ODV GHO
7RWDOGHOD%LRPDVD([WUDtGDGXUDQWHOD&RVHFKD&RPHUFLDO FROXPQD+\GHO7RWDOGHORV2WURV8VRVGHOD0DGHUD FROXPQD- SDUDREWHQHUHO&RQVXPR7RWDOGH%LRPDVD,QGLFDUHOUHVXOWDGRHQODFROXPQD.6XPDU
HVDFROXPQDHLQGLFDUHOUHVXOWDGRHQODFDVLOODFRUUHVSRQGLHQWHD7RWDOHV
TXHDSDUHFHHQODSDUWHLQIHULRUGHODFROXPQD

$QRWDU HQ OD SDUWH LQIHULRU GH OD FROXPQD / OD 0DGHUD ([WUDtGD SRU OD
7DODGHORV%RVTXHV FLIUDWRWDOGHODFROXPQD0+2-$ '( 75$%$-2
KRMD&DQWLGDGGH%LRPDVD4XHPDGD)XHUDGHO%RVTXH 

5HVWDUOD0DGHUD([WUDtGDSRUOD7DODGHORV%RVTXHVGHO&RQVXPR7RWDO
GH %LRPDVD SDUD REWHQHU HO &RQVXPR 7RWDO GH %LRPDVD GH ODV([LVWHQFLDV HQ NLORWRQHODGDV GH PDWHULD VHFD ,QGLFDU HO UHVXOWDGR HQ OD
FDVLOODVLWXDGDHQODSDUWHLQIHULRUGHODFROXPQD0(Q HVH FDVR GHEHUiQ KDFHUVH GRV DMXVWHVSDUD ODV FDQWLGDGHV FRVHFKDGDV D ILQ GH
UHIOHMDU ORV YDORUHV QHFHVDULRV SDUD KDFHU HOFiOFXOR GH ODV HPLVLRQHV UHPRFLRQHV GH
JDVHV(VQHFHVDULR FRQYHUWLU HO YROXPHQ GH

ELRPDVD H[SUHVDGR HQ P D WRQHODGDV GH
PDWHULDVHFD WPV •/DWDVDGHFRQYHUVLyQSRUGHIHFWRHV
WPVP

$GHPiV VH SXHGH DSOLFDU XQD WDVD GH
H[SDQVLyQ SDUD FRQWDELOL]DU OD ELRPDVD QR
FRPHUFLDOUDPDV iUEROHV SHTXHxRV HWFFRVHFKDGDMXQWR

FRPHUFLDOHV

\

FRQ

ORV

DEDQGRQDGDUROOL]RVSDUD

VXGHVFRPSRVLFLyQ  6H SXHGHQ XWLOL]DU ODVVLJXLHQWHVWDVDVSRUGHIHFWR•%RVTXHVYtUJHQHV
%RVTXHVH[SORWDGRV%RVTXHVQRSURGXFWLYRV

6L VH FRQRFH HO WLSR GH ERVTXH GHO TXH VH
KDQFRVHFKDGRORVUROOL]RVVH SXHGH DSOLFDU
OD WDVD DSURSLDGD &RPR YDORU SRU GHIHFWRSXHGH XVDUVH HO YDORU GH ORV ERVTXHVH[SORWDGRV (Q HO 0DQXDO GH 5HIHUHQFLD VH
SUHVHQWDQ IyUPXODV PiV GHWDOODGDV SDUDFDOFXODU ODV WDVDV GH H[SDQVLyQ HQ IXQFLyQ
GH OD GHQVLGDG GH ELRPDVD DQWHV GH OD
FRVHFKD
6L IXHUD QHFHVDULR WRPDU HQ FXHQWD WDQWR OD
FRQYHUVLyQFRPRODH[SDQVLyQVHODVSXHGHFRPELQDU HPSOHDQGR WDVDV TXH VRQHO

SURGXFWRGHDPEDV7LSRVGH

WPVGHELRPDVDWRWDOP

ERVTXH

GHPDGHUDUROOL]DFRPHUFLDO%RVTXHV

YtUJHQHV%RVTXHV

H[SORWDGRV%RVTXHVQRSURGXFWLYRV$OJXQDVHVWDGtVWLFDVGH

FRVHFKDHVWiQEDVDGDVHQ OD ELRPDVD WRWDO \D DSOLFDGDV ODVWDVDVGHH[SDQVLyQ RHQODPDVDGHPDGHUD

3$62 &219(56,Ï1'(/$0$'(5$&26(&+$'$$&$5%212/,%(5$'2

VHFD HQ OXJDU GHO YROXPHQ  (V PX\
LPSRUWDQWH TXH ORV XVXDULRV GHWHUPLQHQ
FRQ VXPR FXLGDGR OD tQGROH GH ORV YDORUHVGH ODV IXHQWHV GH GDWRV GH ODV FRVHFKDVFRPHUFLDOHVDSOLTXHQORVIDFWRUHV$QRWDU HQ OD FROXPQD 1 OD )UDFFLyQ GH &DUERQR HO YDORU JHQHUDO SRU
GHIHFWRSDUDODELRPDVDYLYDHVGH 

0XOWLSOLFDUHO&RQVXPR7RWDOGH%LRPDVDGHODV([LVWHQFLDV FROXPQD0
SRU OD )UDFFLyQ GH &DUERQR FROXPQD 1  SDUD REWHQHU OD /LEHUDFLyQ$QXDOGH&DUERQR HQNLORWRQHODGDVGHFDUERQR ,QGLFDUHOUHVXOWDGRHQ
ODFROXPQD2GH

FRQYHUVLyQ R H[SDQVLyQ DSURSLDGRV SDUDREWHQHU OD ELRPDVD WRWDO FRVHFKDGD  3XHGH
WUDWDUVHGHD

FRQYHUVLyQGHYROXPHQDPDVD
VRODPHQWH

E

DPSOLDFLyQGHGDWRVFRPHUFLDOHVDPDVDWRWDOGHPDWHULDVHFD

F

XQDFRPELQDFLyQGHDPERV D\E'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

3$62 (67,0$&,Ï1'(/$&$17,'$'1(7$$18$/'(&$5%212$%625%,'22(0,7,'2



5HVWDUOD/LEHUDFLyQ$QXDOGH&DUERQR FROXPQD2 GHO,QFUHPHQWR7RWDOGH
OD $EVRUFLyQ GH &DUERQR FROXPQD (  SDUD REWHQHU OD $EVRUFLyQ R/LEHUDFLyQ1HWD$QXDOGH&DUERQR,QGLFDUHOUHVXOWDGRHQODFROXPQD3

0XOWLSOLFDUOD$EVRUFLyQR/LEHUDFLyQ1HWD$QXDOGH&DUERQR FROXPQD
3  SRU  SDUD REWHQHU OD FLIUD FRUUHVSRQGLHQWH D OD $EVRUFLyQ VL
IXHUDSRVLWLYD R/LEHUDFLyQ VLIXHUDQHJDWLYD $QXDOGH&2,QGLFDUHOUHVXOWDGRHQODFROXPQD4

3DUDORVHIHFWRVGHODSUHVHQWDFLyQGHLQIRUPHVUHVXPLGRV\SDUDORJUDU
Pi[LPD XQLIRUPLGDG FRQ RWUDV FDWHJRUtDV GH HPLVLyQUHPRFLyQ HV
QHFHVDULR LQYHUWLU HO VLJQR GH HVRV UHVXOWDGRV D ILQ GH H[SUHVDU ODV
HPLVLRQHVFRPRYDORUSRVLWLYR\ODVUHPRFLRQHVFRPRYDORUQHJDWLYR (PLVLRQHVGH&2SURFHGHQWHVGHOD
FRQYHUVLyQGHERVTXHV\SUDGHUDV ,QWURGXFFLyQ/DFRQYHUVLyQGHERVTXHV\SUDGHUDVDWLHUUDVGHFXOWLYRRSDVWRVSHUPDQHQWHVRFXUUHSULQFLSDOPHQWHHQORVWUySLFRV/DWDODGHORVERVTXHVWURSLFDOHVVXSRQH
JHQHUDOPHQWHHOGHVEURFHGHOVRWRERVTXH\ODWDODGHiUEROHVDFWLYLGDGHVTXHYDQVHJXLGDVGHODTXHPDGHELRPDVDLQVLWXRGHVXDSURYHFKDPLHQWRFRPROHxD(Q
HVWHSURFHVRSDUWHGHODELRPDVDVHTXHPD\RWUDSDUWHSHUPDQHFHHQHOFDPSR
GRQGHVHGHVFRPSRQHOHQWDPHQWH SRUORJHQHUDODOR ODUJR GH XQ SHUtRGR GH
GLH]DxRVHQORVWUySLFRV 8QDSHTXHxDSDUWHGHOPDWHULDOTXHPDGR  VH
FRQYLHUWHHQFDUEyQYHJHWDOTXHUHVLVWHDODGHVFRPSRVLFLyQGXUDQWHPiVGHDxRV\HOUHVWRVHOLEHUDLQVWDQWiQHDPHQWHDODDWPyVIHUDHQIRUPDGH&2
&XDQGRODFRQYHUVLyQGHERVTXHV \ SUDGHUDV HQ WLHUUDV GH FXOWLYR \ SDVWRVSHUPDQHQWHVRFXUUHHQ]RQDVQRWURSLFDOHVGHEHUiQHPSOHDUVHORVPLVPRVFiOFXORVEiVLFRV/RV VXHORV H[SHULPHQWDQ WDPELpQ SpUGLGD GH FDUERQR GHVSXpV GH OD
FRQYHUVLyQ VREUH WRGR FXDQGR OD WLHUUD VH FXOWLYD  /D FRQYHUVLyQ GH
SUDGHUDV HQ WLHUUDV GH ODEUDQ]D GD RULJHQ WDPELpQ D HPLVLRQHV GH &2SULQFLSDOPHQWHGHORVVXHORV(QOD6HFFLyQVHSUHVHQWDQHVWLPDFLRQHVGH
ODVHPLVLRQHVGHFDUERQRSURFHGHQWHVGHHVDVSUiFWLFDV )XHQWHVGHORVGDWRV
3DUDOOHYDUDFDERODODERUGHOLQYHQWDULRHQHVWDVHFFLyQHVQHFHVDULRFRQWDUFRQODVVLJXLHQWHVHVWDGtVWLFDVSDUDODVXSHUILFLHGHERVTXHV\SUDGHUDV/DV VXSHUILFLHV GH ERVTXHV \ SUDGHUDV FRQYHUWLGDV HQ WLHUUDV FXOWLYDGDV \SDVWRVSRUWLSRGXUDQWHGRVSHUtRGRV•HODxRGHOLQYHQWDULR•

ORV~OWLPRVGLH]DxRV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$/DVLPiJHQHVSRUVDWpOLWHODIRWRJUDItDDpUHD\ODVHQFXHVWDVVREUHHOWHUUHQR
VRQWRGDVSRVLEOHVIXHQWHVGHLQIRUPDFLyQ
7DPELpQH[LVWHQYDULDVEDVHVGHGDWRVLQWHUQDFLRQDOHVTXHWLHQHQHVWDGtVWLFDVSDUDSDtVHVHVSHFtILFRVDVtFRPRHVWXGLRVGHGLIHUHQWHVSDtVHV  (QWUH pVWDV
FDEHGHVWDFDU)RUHVW5HVRXUFHV$VVHVVPHQW  7URSLFDO &RXQWULHV )$2   (Q HO/LEURGH7UDEDMRVHLQFOX\HQWDEODVUHVXPLGDVSDUDORVSDtVHVWURSLFDOHV
7KH)RUHVW5HVRXUFHVRIWKH7HPSHUDWH=RQHV (&()$2*LQHEUD 
(QHO0DQXDOGH5HIHUHQFLDDSDUHFHXQDH[WHQVDELEOLRJUDItD

 0HWRGRORJtD
3DUD REWHQHU ODV HVWLPDFLRQHV GH ODV HPLVLRQHV GH &2 SURFHGHQWHV GH OD
FRQYHUVLyQGHERVTXHV\SUDGHUDVVHHPSOHDQWUHVWLSRVGHFiOFXORV•(O GLy[LGR GH FDUERQR HPLWLGR GXUDQWH OD TXHPD GH OD ELRPDVD
DpUHD HPLVLRQHV LQPHGLDWDV TXH RFXUUHQ HQ HO DxR GH OD
FRQYHUVLyQ•(O GLy[LGR GH FDUERQR OLEHUDGR GXUDQWH OD GHVFRPSRVLFLyQ GH OD
ELRPDVD DpUHD HPLVLRQHV GLIHULGDV TXH RFXUUHQ D OR ODUJR GH XQ
SHUtRGRGHGLH]DxRV •(O GLy[LGR GH FDUERQR OLEHUDGR GH ORV VXHORV TXH VH FDOFXOD HQ OD
6HFFLyQ /RV WRWDOHV VH VXPDQ SDUD REWHQHU HO WRWDO GHO FDUERQR OLEHUDGR GH OD
YHJHWDFLyQ(VDFLIUDVHFRQYLHUWHVHJXLGDPHQWHHQHPLVLRQHVGH&2

&yPROOHQDUOD+RMDGHWUDEDMR
862'(/$+2-$'(75$%$-2

3$62(67,0$&,Ï1'(/$%,20$6$•

7$/$'$•&RSLHOD+RMDGHWUDEDMRTXHVH
HQFXHQWUD DO ILQDO GH HVWD
VHFFLyQ SDUD FRPSOHWDU HO
LQYHQWDULR
1R HVFULED HQ HO RULJLQDO GH OD
KRMD GH WUDEDMR SDUD TXH SXHGDKDFHUFRSLDVDGLFLRQDOHVHQFDVR
QHFHVDULR

8WLOLFHOD+2-$ '( 75$%$-2  &219(56,Ï1 '( %2648(6 < 35$'(5$6 TXH
DSDUHFHDOILQDOGHHVWHPyGXORSDUDDQRWDUORVGDWRVGHOLQYHQWDULR6HGHEH
UHDOL]DUHVWDWDUHDSDUDFDGDWLSRGHERVTXH\SUDGHUD,QGLFDU HQ OD FROXPQD $ OD 6XSHUILFLH &RQYHUWLGD $QXDOPHQWH HQ
NLORKHFWiUHDV(QOD7DEODVHSUHVHQWDQORVYDORUHVSRUGHIHFWRSDUDORVERVTXHV WURSLFDOHV GH DFXHUGR D OD )$2 FODVLILFDGRV HQ ODV FDWHJRUtDV GH
ERVTXHV LQGLFDGDV HQ HO 5HFXDGUR  \ HQ OD 7DEOD  GHO 0DQXDO GH
5HIHUHQFLD(QHO$SpQGLFH7pFQLFR&DStWXORGHO0DQXDOGH5HIHUHQFLDVHH[DPLQDQRWUDVIXHQWHVLQWHUQDFLRQDOHVGHGDWRV$QRWDUHQODFROXPQD%ODVFLIUDVFRUUHVSRQGLHQWHVDOD%LRPDVDDQWHV
GHOD&RQYHUVLyQHQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD WPVKD /RVYDORUHVSRUGHIHFWRDSDUHFHQHQODV7DEODV\$QRWDU HQ OD FROXPQD & ODV FLIUDV GH OD %LRPDVD 'HVSXpV GH
OD&RQYHUVLyQHQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD WPVKD 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$(VD FLIUD LQFOX\H WDQWR OD ELRPDVD TXH SHUPDQHFH HQ SLH GHVSXpV GH OD WDODYDORU SRU GHIHFWR    FRPR OD ELRPDVD GHO FXOWLYR HVWDEOHFLGR HQ OH iUHDWDODGD (O YDORU SRU GHIHFWR HQ HVWH XOWLPR FDVR HV GH  WRQHODGDV GH
PDWHULD VHFD SRU KHFWiUHD HQ HO FDVR GH ODV FRVHFKDV DQXDOHV \ SXHGH VHU
FRQVLGHUDEOHPHQWHVXSHULRUHQHOGHODV HVSHFLHV OHxRVDV SHUHQQHV SRUHM
FDIpiUEROHVGHFDXFKR  YpDVHHO0DQXDOGH5HIHUHQFLD 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR

&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$
683(5),&,('(/26%2648(6 0,/(6'(+$ <7$6$6'(&219(56,Ï1 7&+$$f2 3$5$/263$Ë6(67523,&$/(6ÈIULFD
3DtVHV

0X\K~PHGRV$QJROD%RWVZDQD%XUXQGL&DPHU~Q&DER9HUGH
5HS&$IULFDQD
&KDG
&RQJR
%HQLQ
*XLQHD(FXDW(WLRStD'MLERXWL*DEyQ*DPELD*KDQD*XLQHD&RVWDGH0DUILO.HQ\D/LEHULD0DGDJDVFDU
0DODZL
0DOt
0DXULWDQLD
0R]DPELTXH
1DPLELD
1tJHU
1LJHULD*XLQHD%LVVDX=LPEDEZH
5XDQGD
6HQHJDO
6LHUUD/HRQD
6RPDOLD
6XGiQ
7DQ]DQLD
7RJR
8JDQGD%XUNLQD)DVR=DLUH=DPELD

27$/

7



+~PHGRV
FRQHVWDFLyQVHFDFRUWD
7&



+~PHGRV
FRQHVWDFLyQVHFDODUJD





7&



7&
































































































































































































































'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$ &217
683(5),&,('(/26%2648(6 0,/(6'(+$ <7$6$6'(&219(56,Ï1 7&+$$f2 3$5$/263$Ë6(67523,&$/(6ÈIULFD
3DtVHV$QJROD%RWVZDQD%XUXQGL&DPHU~Q&DSH9HUGH
5HS&$IULFDQD
&KDG
&RQJR
%HQLQ
*XLQHD(FXDWRULDO(WLRStD'MLERXWL*DEyQ*DPELD*KDQD*XLQHD&RVWDGH0DUILO.HQ\D/LEHULD0DGDJDVFDU
0DODZL
0DOt
0DXULWDQLD
0R]DPELTXH
1DPLELD
1tJHU
1LJHULD*XLQHD%LVVDX=LPEDEZH
5XDQGD
6HQHJDO
6LHUUD/HRQD
6RPDOLD
6XGDQ
7DQ]DQLD
7RJR
8JDQGD%XUNLQD)DVR=DLUH=DPELD
727$/

6HFRV

+~PHGRVPRQWDQRV

6HFRVPRQWDQRV





7&





7&





























































































































































































7&




































































'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$ &217
683(5),&,('(/26%2648(6 0,/(6'(+$ <7$6$6'(&219(56,Ï1 7&+$$f2 3$5$/263$Ë6(67523,&$/(66XU\6XGHVWH$VLiWLFRFRQWLQHQWDOHLQVXODU
3DtVHV

0X\K~PHGRV+~PHGRV
FRQHVWDFLyQVHFDFRUWD





7&

%DQJODGHVK%XWiQ%UXQHL
0\DQPDU
6UL/DQND,QGLD,QGRQHVLD&DPERGLD/DRV
0DODVLD
1HSDO
3DNLVWiQ
3DSXD1*XLQHD)LOLSLQDV
6LQJDSXU
7DLODQGLD
9LHWQDP
















































727$/







3DtVHV727$/











7&








6HFRV%DQJODGHVK%XWiQ%UXQHL
0\DQPDU
6UL/DQND,QGLD,QGRQHVLD&DPERGLD/DRV
0DODVLD
1HSDO
3DNLVWiQ
3DSXD1*XLQHD)LOLSLQDV
6LQJDSXU
7DLODQGLD
9LHWQDP+~PHGRV
FRQHVWDFLyQVHFDODUJD







7&















































+~PHGRVPRQWDQRV
7&

6HFRVPRQWDQRV





7&




























































































7&

















'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$ &217
683(5),&,('(/26%2648(6 0,/(6'(+$ <7$6$6'(&219(56,Ï1 7&+$$f2 3$5$/263$Ë6(67523,&$/(6&HQWURDPpULFD$PpULFDGHO6XU\&DULEH
3DtVHV

0X\K~PHGRV$QWLJXD\%DUEXGD%DKDPDV%ROLYLD%UDVLO%HOLFH&RORPELD&RVWD5LFD&XED'RPLQLFD
5HS'RPLQLFDQD(FXDGRU(O6DOYDGRU*X\DQDIUDQFHVD*UDQDGD*XDGDOXSH*XDWHPDOD*X\DQD+DLWt+RQGXUDV-DPDLFD0DUWLQLFD
0p[LFR
1LFDUDJXD
3DQDPi
3DUDJXD\
3HU~
3XHUWR5LFR
6W.LWWV\1HYLV
6W/XFLD
6W9LQFHQW
6XULQDP7ULQLGDG\7REDJR
9HQH]XHOD
727$/



+~PHGRV
FRQHVWDFLyQVHFDFRUWD
7&





+~PHGRV
FRQHVWDFLyQVHFDODUJD
7&
































7&



































































































































































































'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$ &217
683(5),&,('(/26%2648(6 0,/(6'(+$ <7$6$6'(&219(56,Ï1 7&+$$f2 3$5$/263$Ë6(67523,&$/(6&HQWURDPpULFD$PpULFDGHO6XU\HO&DULEH
3DtVHV$QWLJXD\%DUEXGD%DKDPDV%ROLYLD%UDVLO%HOLFH&RORPELD&RVWD5LFD&XED'RPLQLFD
5HS'RPLQLFDQD(FXDGRU(O6DOYDGRU*X\DQDIUDQFHVD*UDQDGD*XDGDOXSH*XDWHPDOD*X\DQD+DLWt+RQGXUDV-DPDLFD0DUWLQLFD
0p[LFR
1LFDUDJXD
3DQDPi
3DUDJXD\
3HU~
3XHUWR5LFR
6W.LWWV\1HYLV
6W/XFLD
6W9LQFHQW
6XULQDP7ULQLGDG\7REDJR
9HQH]XHOD
727$/

6HFRV

+~PHGRVPRQWDQRV

6HFRVPRQWDQRV





7&





7&









































































































7&
















































































)XHQWHV/RVGDWRVVHKDQWRPDGRGHOD)$2  \GH0/RUHQ]LQL FRPXQLFDFLyQSHUVRQDO /DVVXSHUILFLHVGHORVERVTXHV\ODVWDVDVGH
FRQYHUVLyQVHGLYLGHQHQODVPLVPDVFDWHJRUtDVLQGLFDGDVHQHO5HFXDGUR\OD7DEODGHO0DQXDOGH5HIHUHQFLD

'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

7$%/$
0$7(5,$6(&$(1/$%,20$6$$e5($(1/26%2648(67523,&$/(6721(/$'$606+$%RVTXHVWURSLFDOHV
0X\
K~PHGRV+~PHGRVFRQ
HVWDFLyQ
VHFDFRUWD

5!

+~PHGRVFRQ
HVWDFLyQ
VHFDODUJD!5!

6HFRV+~PHGRVPRQWDQRV

6HFRVPRQWDQRV

5

5!

5

ÈIULFD













$VLD
FRQWLQHQWDO











QRKD\GDWRVLQVXODU

QRKD\GDWRVHVFDVRVD
LQH[LVWHQWHV



LQH[LVWHQWHV$PpULFD

QRKD\
GDWRV









5

SUHFLSLWDFLRQHVDQXDOHVHQPPDxR

)XHQWHV&RQVXOWDUHO0DQXDOGH5HIHUHQFLD 7DEOD (QOD7DEODGHO0DQXDOGH5HIHUHQFLDVHSUHVHQWDQ
HVWLPDFLRQHVDGLFLRQDOHVGHODELRPDVDSDUDGLIHUHQWHVWLSRVGHERVTXHV\FODVHVGHSHUWXUEDFLyQSRU]RQD
FOLPiWLFD

7$%/$
0$7(5,$6(&$(1/$%,20$6$$e5($(1/26%2648(67(03/$'26<%25($/(6721(/$'$606+$%RVTXHVWHPSODGRV%RVTXHVERUHDOHV&RQtIHUDV/DWLIROLDGDV

0H]FODGHODWLIROLDGDV\FRQtIHUDV&RQtIHUDV

%RVTXHWXQGUD)XHQWHV&RQVXOWDUHO0DQXDOGH5HIHUHQFLD



5HVWDUODVFLIUDVGHODFROXPQD&GHODVGHODFROXPQD%SDUDREWHQHUOD
FRUUHVSRQGLHQWH DO &DPELR 1HWR HQ OD 'HQVLGDG GH OD %LRPDVD HQ
WRQHODGDV GH PDWHULD VHFD SRU KHFWiUHD H LQGLFDU HO UHVXOWDGR HQ OD
FROXPQD'

0XOWLSOLFDUOD6XSHUILFLH&RQYHUWLGD$QXDOPHQWH HQNLORKHFWiUHDV SRU
HO &DPELR 1HWR HQ OD 'HQVLGDG GH OD %LRPDVD HQ WRQHODGDV SRU
KHFWiUHD SDUDFDOFXODUOD3pUGLGD$QXDOGH%LRPDVDSDUDFDGDWLSR GH
ERVTXHSUDGHUD HQ NLORWRQHODGDV GH PDWHULD VHFD NWPV   ,QGLFDU HO
UHVXOWDGRHQODFROXPQD('LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

3$62 (67,0$&,Ï1'(/&$5%212/,%(5$'2325/$48(0$'(%,20$6$$e5($,16,78)5$&&,21(6(Q HO FiOFXOR GH ODV HPLVLRQHVSURFHGHQWHV GH OD FRQYHUVLyQ GH
ERVTXHV\SUDGHUDVVHHPSOHDQYDULDVIUDFFLRQHV
•)UDFFLyQ GH OD ELRPDVD TXHPDGD
LQVLWX\IXHUDGHOERVTXH

•)UDFFLyQ DEDQGRQDGD TXH VH
GHVFRPSRQHHQHOFDPSReVWDHV
OD SDUWH GH OD ELRPDVD TXH TXHGD
HQ HO FDPSR \ VH GHVFRPSRQH
OLEHUDQGRJDVHVPiVOHQWDPHQWH

•)UDFFLyQ R[LGDGD GXUDQWH OD
FRPEXVWLyQ  eVWD HV OD IUDFFLyQ
GH OD ELRPDVD TXHPDGD TXH HQ
UHDOLGDG VH R[LGD HQ OXJDU GH
FRQYHUWLUVHHQFDUEyQYHJHWDO$QRWDUHQODFROXPQD)ODVFLIUDVFRUUHVSRQGLHQWHVDOD)UDFFLyQGHOD%LRPDVD4XHPDGDLQ6LWXSRUWLSRGHERVTXH\GHSUDGHUD YpDVHHO
UHFXDGUR 0XOWLSOLFDUOD3pUGLGD$QXDOGH%LRPDVD HQNLORWRQHODGDV SRUOD)UDFFLyQ
GH OD %LRPDVD 4XHPDGD LQ 6LWX SDUD FDOFXODU OD &DQWLGDG GH %LRPDVD
4XHPDGD LQ 6LWX HQ NLORWRQHODGDV GH PDWHULD VHFD  SDUD FDGD WLSR GH
ERVTXH\GHSUDGHUD,QGLFDUHOUHVXOWDGRHQODFROXPQD*,QGLFDUHQODFROXPQD+OD)UDFFLyQGHOD%LRPDVD2[LGDGDLQ6LWX HO
YDORUSRUGHIHFWRGHHVWDIUDFFLyQHVGH 



0XOWLSOLFDUOD&DQWLGDGGH%LRPDVD4XHPDGDLQ6LWX HQNLORWRQHODGDVGH PDWHULD VHFD  SRU OD )UDFFLyQ GH %LRPDVD 2[LGDGD LQ 6LWX SDUDFDOFXODU OD &DQWLGDG GH %LRPDVD 2[LGDGD LQ 6LWX HQ NLORWRQHODGDV GH
PDWHULDVHFD $QRWDUODVFLIUDVHQODFROXPQD,$QRWDU HQ OD FROXPQD - OD )UDFFLyQ GH &DUERQR GH OD %LRPDVD DpUHD
TXHPDGDLQVLWX  HOYDORUSRUGHIHFWRGHODIUDFFLyQHV 

0XOWLSOLFDUOD&DQWLGDGGH%LRPDVD2[LGDGDLQ6LWX HQNLORWRQHODGDVGHPDWHULD VHFD  SRU OD )UDFFLyQ GH &DUERQR GH OD %LRPDVD $pUHD SDUDFDOFXODU OD &DQWLGDG GH &DUERQR /LEHUDGR HQ NLORWRQHODGDV GH
FDUERQR ,QGLFDUHOUHVXOWDGRHQODFROXPQD.



6XPDU ODV FLIUDV GH OD FROXPQD . \ DQRWDU HO UHVXOWDGR HQ OD FDVLOOD
FRUUHVSRQGLHQWH DO 6XEWRWDO TXH DSDUHFH HQ OD SDUWH LQIHULRU GH HVD
FROXPQDGHOD+RMDGHWUDEDMR(VH 6XEWRWDO VH XWLOL]DUi PiV DGHODQWH SDUD HVWLPDU ODV
HPLVLRQHV GH RWURV JDVHV SURFHGHQWHV GH OD TXHPD LQ VLWX
+2-$'(75$%$-2

3$62 (67,0$&,Ï1'(/&$5%212/,%(5$'2325/$48(0$'(/$%,20$6$$e5($)8(5$'(/%2648(

,QGLFDU HQ OD FROXPQD / OD )UDFFLyQ GH %LRPDVD 4XHPDGD IXHUD GHO%RVTXH

0XOWLSOLFDU OD 3pUGLGD $QXDO GH %LRPDVD HQ NLORWRQHODGDV GH PDWHULD
VHFD UHIOHMDGDHQODFROXPQD(SRUOD)UDFFLyQ GH %LRPDVD 4XHPDGDIXHUD GHO %RVTXH D ILQ GH FDOFXODU OD &DQWLGDG GH %LRPDVD 4XHPDGDIXHUDGHO%RVTXH HQNLORWRQHODGDVGHPDWHULDVHFD SDUDFDGDWLSRGH
ERVTXH\GHSUDGHUD,QGLFDUHOUHVXOWDGRHQODFROXPQD0

6XPDU ODV FLIUDV GH OD FROXPQD 0 \ DQRWDU HO UHVXOWDGR HQ OD FDVLOOD
FRUUHVSRQGLHQWH DO 6XEWRWDO TXH DSDUHFH HQ OD SDUWH LQIHULRU GH OD
FROXPQDGHOD+RMDGHWUDEDMR,QGLFDU HQ OD FROXPQD 1 OD )UDFFLyQ GH OD %LRPDVD 2[LGDGD IXHUD GHO%RVTXHSDUDFDGDWLSRGHERVTXH\GHSUDGHUD HOYDORUSRUGHIHFWRGH
HVWDIUDFFLyQHVGH 'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$



0XOWLSOLFDU OD &DQWLGDG GH %LRPDVD 4XHPDGD IXHUD GHO %RVTXH HQ
NLORWRQHODGDVGHPDWHULDVHFD SRUOD)UDFFLyQ2[LGDGDDILQGHFDOFXODU
OD&DQWLGDGGH%LRPDVD2[LGDGDIXHUDGHO%RVTXH HQNLORWRQHODGDVGHPDWHULDVHFD $QRWDUORVUHVXOWDGRVHQODFROXPQD2$QRWDUHQODFROXPQD3OD)UDFFLyQGH&DUERQRGHOD%LRPDVD$pUHD
TXHPDGDIXHUDGHOERVTXH  HO YDORU SRU GHIHFWR GH HVWD IUDFFLyQ HVGH 

0XOWLSOLFDU OD &DQWLGDG GH %LRPDVD 2[LGDGD IXHUD GHO %RVTXH HQ
NLORWRQHODGDV GH PDWHULD VHFD  SRU OD )UDFFLyQ GH &DUERQR GH OD%LRPDVD $pUHD SDUD FDOFXODU OD &DQWLGDG GH &DUERQR /LEHUDGR HQ
NLORWRQHODGDV ,QGLFDUHOUHVXOWDGRHQODFROXPQD4

6XPDU ODV FLIUDV GH OD FROXPQD 4 \ DQRWDU HO UHVXOWDGR HQ OD FDVLOOD
FRUUHVSRQGLHQWH DO 6XEWRWDO HQ OD SDUWH LQIHULRU GH OD FROXPQD HQ OD+RMDGHWUDEDMR

3$62 (67,0$&,Ï1'(/&$5%212727$//,%(5$'2325/$&20%867,Ï1'(/$%,20$6$$e5($,16,78<)8(5$'(/%2648(



6XPDU HO VXEWRWDO GH OD &DQWLGDG GH &DUERQR OLEHUDGR GH OD %LRPDVD
4XHPDGD ,Q 6LWX TXH DSDUHFH HQ OD FROXPQD . DO VXEWRWDO GH OD&DQWLGDG GH &DUERQR OLEHUDGR GH OD %LRPDVD 4XHPDGD )XHUD GHO%RVTXH UHIOHMDGRHQODFROXPQD4(OUHVXOWDGRHVHO&DUERQR7RWDO/LEHUDGR SURFHGHQWHGHODTXHPDLQVLWX\IXHUDGHOERVTXH ,QGLFDU
HO UHVXOWDGR HQ OD FDVLOOD FRUUHVSRQGLHQWH DO 6XEWRWDO HQ OD SDUWH
LQIHULRUGHODFROXPQD5

3 $ 6 2   ( 6 7 , 0 $ & , Ï 1  ' ( /  & 2  / , % ( 5 $ ' 2
325/$'(6&20326,&,Ï1'(/$%,20$6$$e5($

$QRWDU HQ OD FROXPQD $ ODV FLIUDV FRUUHVSRQGLHQWHV D OD 6XSHUILFLH
0HGLD&RQYHUWLGD SURPHGLRGHGLH]DxRV SDUDFDGDWLSRGHERVTXH\GHSUDGHUD&RPRYDORUHVSRUGHIHFWRVHSXHGHQHPSOHDUODVFLIUDVGHOD7DEOD\DTXHODVWDVDVGHFRQYHUVLyQVRQHOSURPHGLRGHOSHUtRGRGHDxRV
TXHYDGHD$QRWDU HQ OD FROXPQD % HO SURPHGLR GH OD %LRPDVD DQWHV GH OD&RQYHUVLyQHQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD WPVKD /RVYDORUHVSRUGHIHFWRVHLQGLFDQHQODV7DEODV\$QRWDU HQ OD FROXPQD & HO SURPHGLR GH OD %LRPDVD 'HVSXpV GH OD&RQYHUVLyQHQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD WPVKD (VD
FLIUD LQFOX\H WRGD OD ELRPDVD TXH TXHGD HQ SLH GHVSXpV GH OD WDOD HO
YDORUSRUGHIHFWRHV \ODELRPDVDGHOFXOWLYRDJUtFRODHVWDEOHFLGR (OYDORUSRUGHIHFWRHVWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD

5HVWDUODFLIUDGHODFROXPQD&GHOYDORUGHODFROXPQD%SDUDREWHQHU
HO&DPELR1HWRHQOD'HQVLGDGGHOD%LRPDVDHQWRQHODGDVGHPDWHULD
VHFDSRUKHFWiUHD,QGLFDUHOUHVXOWDGRHQODFROXPQD''LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$(67,0$&,Ï1'(/$)5$&&,Ï1



0XOWLSOLFDUOD6XSHUILFLH0HGLD&RQYHUWLGD SURPHGLRGHGLH]DxRV HQNLORKHFWiUHDV FROXPQD $  SRU HO &DPELR 1HWR HQ OD 'HQVLGDG GH OD%LRPDVDHQWRQHODGDVGHPDWHULDVHFDSRUKHFWiUHD FROXPQD' DILQ
GHFDOFXODUOD3pUGLGD0HGLD$QXDOGH%LRPDVD DpUHD SDUD FDGD WLSR
GH ERVTXH \ GH SUDGHUD HQ NLORWRQHODGDV GH PDWHULD VHFD NW PV ,QGLFDUHOUHVXOWDGRHQODFROXPQD($QRWDUHQODFROXPQD)OD)UDFFLyQ$EDQGRQDGDTXHVH'HVFRPSRQH
SURPHGLRGHDxRV  YpDVHHOUHFXDGUR 0XOWLSOLFDUOD3pUGLGD0HGLD$QXDOGH%LRPDVDGHFDGDWLSRGHERVTXH\GHSUDGHUDSRUOD)UDFFLyQ$EDQGRQDGDTXHVH'HVFRPSRQHFRQHO
ILQ GH FDOFXODU OD &DQWLGDG GH %LRPDVD $EDQGRQDGD TXH VH'HVFRPSRQH,QGLFDUHOUHVXOWDGRHQODFROXPQD*$QRWDUHQODFROXPQD+OD)UDFFLyQGH&DUERQRHQOD%LRPDVD$pUHD
HOYDORUSRUGHIHFWRGHODIUDFFLyQHVGH 

0XOWLSOLFDU OD &DQWLGDG GH %LRPDVD $EDQGRQDGD TXH VH 'HVFRPSRQHFROXPQD* SRUOD)UDFFLyQGH&DUERQR FROXPQD+ SDUDFDOFXODUHO&DUERQR/LEHUDGRGHOD'HVFRPSRVLFLyQGHOD%LRPDVD$pUHD$QRWDUODVFLIUDVHQODFROXPQD,

6XPDU ODV FLIUDV GH OD FROXPQD , \ DQRWDU HO UHVXOWDGR HQ OD FDVLOOD
FRUUHVSRQGLHQWHDO6XEWRWDOHQODSDUWHLQIHULRUGHODFROXPQD

$%$1'21$'$48(6('(6&20321((Q HO $PD]RQDV OD )UDFFLyQ$EDQGRQDGD TXH VH 'HVFRPSRQH HV
JHQHUDOPHQWH GHO  SHUR SXHGH
H[SHULPHQWDUFRQVLGHUDEOHVYDULDFLRQHVGHXQDUHJLyQDRWUD/RV
H[SHUWRVORFDOHVGHEHQSURSRUFLRQDU
HVHYDORU([LVWH XQD UHODFLyQ HQWUH OD IUDFFLyQ
DEDQGRQDGD TXH VH GHVFRPSRQH \ OD
IUDFFLyQ TXHPDGD LQ VLWX \ IXHUD GHO
ERVTXH  (Q XQ DxR GHWHUPLQDGR OD
IUDFFLyQTXHPDGDODDEDQGRQDGDTXHVH
GHVFRPSRQH \ SRVLEOHPHQWH OD
IUDFFLyQ FRVHFKDGD FRPR PDGHUDFRPHUFLDO R SDUD XVRV GLVWLQWRV GHO
FRPEXVWLEOH  GHEH VXPDU  GDQGR
FXHQWD GH WRGD OD ELRPDVD HOLPLQDGD&RPR ODV SDUWHV TXHPDGD \GHVFRPSXHVWD VH SURPHGLDQ HQ OD
PHWRGRORJtD D OR ODUJR GH GLVWLQWRVSHUtRGRVGHWLHPSRODUHODFLyQQRWLHQH
TXH VHU QHFHVDULDPHQWH SUHFLVD  6LQ
HPEDUJRORVVXSXHVWRVHQTXHVHEDVDQHVDV GLVWLQWDV IUDFFLRQHV GHEHQ VHU
FRKHUHQWHV
3RU RWUD SDUWH HQ DTXHOORV SDtVHV HQ
TXH OD OHxD HV PX\ HVFDVD SRGUtD QR
DEDQGRQDUVH QLQJXQD PDGHUD LQ VLWXSDUDVXTXHPDRGHVFRPSRVLFLyQ

3$62 (67,0$&,Ï1'(/727$/'(( 0 , 6 , 2 1 ( 6  ' (  & 2  3 5 2 & ( ' ( 1 7 ( 6'(/$&219(56,Ï1'(%2648(6<
35$'(5$6

$QRWDU HQ OD FROXPQD $ HO WRWDO FRUUHVSRQGLHQWH D OD /LEHUDFLyQ,QPHGLDWD SURFHGHQWH GH OD &RPEXVWLyQ WRPDGR GH OD FDVLOOD
FRUUHVSRQGLHQWHDOVXEWRWDOGHODFROXPQD5HQOD+2-$'(75$%$-2
KRMD ,QGLFDUHQODFROXPQD%HOWRWDOFRUUHVSRQGLHQWHD(PLVLRQHV'LIHULGDVSURFHGHQWHV GH OD 'HVFRPSRVLFLyQ WRPDGR GH OD FDVLOOD
FRUUHVSRQGLHQWHDOVXEWRWDOGHODFROXPQD,HQOD+2-$'(75$%$-2
KRMD 

6XPDUODVFLIUDVGHODFROXPQDV$\%SDUDFDOFXODUHO7RWDO$QXDOGH&DUERQR/LEHUDGR HQHO$xRGHO,QYHQWDULRSURFHGHQWHGHODWDODGHERVTXHVGXUDQWHXQSHUtRGRGHGLH]DxRV ,QGLFDUHOUHVXOWDGRHQODFROXPQD&

0XOWLSOLFDU HO 7RWDO $QXDO GH &DUERQR /LEHUDGR SRU  SDUD
FRQYHUWLU HO UHVXOWDGR HQ HO 7RWDO $QXDO GH &2 /LEHUDGR HQ *J 
,QGLFDUHOUHVXOWDGRHQODFROXPQD''LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR



&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$ 4XHPDLQVLWXGHERVTXHV(PLVLRQHVGHJDVHVGLVWLQWRVGHO&2
 ,QWURGXFFLyQ
7RGD TXHPD GH ELRPDVD SRU HM OHxD HVWLpUFRO  SDUD OD REWHQFLyQ GH
HQHUJtDDVtFRPRODTXHPDGHODVVDEDQDV\GHORVUHVLGXRVDJUtFRODVHVXQD
IXHQWHVLJQLILFDWLYDGH&+12&2\12[/DVHPLVLRQHVQHWDVGH&2
SURFHGHQWHVGHODFRQYHUVLyQGHERVTXHV\SUDGHUDVVHKDQFDOFXODGRHQOD
6HFFLyQ VXSUD  (Q HVWD VHFFLyQ VH FDOFXODQ ODV HPLVLRQHV GH JDVHV
GLVWLQWRVGHO&2SURFHGHQWHVGHODTXHPDLQVLWXGHERVTXHV 0HWRGRORJtD(OPpWRGRGHSHQGHGHODHVWLPDFLyQGHOIOXMREUXWRGHFDUERQREDVDGRHQHOWUDEDMRUHDOL]DGRHQOD6HFFLyQGHHVWH/LEURGH7UDEDMR
/DVHPLVLRQHVGH&+\&2VHHVWLPDQFRPRUHODFLRQHVFRQUHVSHFWRDORVIOXMRV GH FDUERQR HPLWLGRV GXUDQWH OD TXHPD  (O FRQWHQLGR WRWDO GH
QLWUyJHQR VH HVWLPD DWHQGLHQGR D OD UHODFLyQ GH QLWUyJHQRFDUERQR  /DV
HVWLPDFLRQHV GH ODV HPLVLRQHV GH 12 \ 12[ VH FDOFXODQ FRPR UHODFLRQHV
FRQUHVSHFWRDOQLWUyJHQRWRWDO&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFHOD+2-$ '( 75$%$-2 48(0$ ,1 6,78 '( %2648(6SDUDDQRWDUODVFLIUDVGHHVWHVXEPyGXOR

862'(/$+2-$'(75$%$-2•&RSLHOD+RMDGHWUDEDMRTXHVH
HQFXHQWUDDOILQDOGHHVWD
VHFFLyQSDUDFRPSOHWDUHO
LQYHQWDULR

•1R HVFULED HQ HO RULJLQDO GH OD
KRMD GH WUDEDMR SDUD TXH SXHGDKDFHUFRSLDVDGLFLRQDOHVHQFDVR
QHFHVDULR

3$62 (67,0$&,Ï1'(/1,75Ï*(12/,%(5$'2

$QRWDU HQ OD FROXPQD $ OD HVWLPDFLyQ GH OD &DQWLGDG GH &DUERQR/LEHUDGR GXUDQWH OD TXHPD LQ VLWX GH ERVTXHV HQ NLORWRQHODGDV GH
FDUERQR 

7RPDU HVD FLIUD GH OD FROXPQD . GH OD +2-$ '( 75$%$-2  KRMD
&RQYHUVLyQGH%RVTXHV\3UDGHUDV,QGLFDU HQ OD FROXPQD % OD 5HODFLyQ GH 1LWUyJHQR&DUERQR
FRUUHVSRQGLHQWHDOD%LRPDVD4XHPDGD(OYDORUJHQHUDOSRUGHIHFWRHV

0XOWLSOLFDU OD &DQWLGDG GH &DUERQR /LEHUDGR SRU OD 5HODFLyQ GH
1LWUyJHQR&DUERQR SDUD REWHQHU HO 7RWDO GHO 1LWUyJHQR /LEHUDGR$QRWDUHVDFLIUDHQNLORWRQHODGDVGHQLWUyJHQRHQODFROXPQD&'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ
/LEURGH7UDEDMR
&$0%,2'(/862'(/$7,(55$<6,/9,&8/785$

3$62 (67,0$&,Ï1'(/$6(0,6,21(6'(*$6(6',67,1726'(/&2
$QRWDUHQODFROXPQD'ODV5HODFLRQHVGH(PLVLyQGHORVJDVHVGLVWLQWRV
GHO&2(QOD7DEODVHLQGLFDQODVUHODFLRQHVGHHPLVLyQGHORVJDVHVGLVWLQWRV
GHO&2
7$%/$
5(/$&,21(6'((0,6,Ï13$5$/$48(0$$/$,5(/,%5('(/26%2648(6&RPSXHVWR

5HODFLyQ&+ 

&2 

12 

12[ 

1RWD/DVUHODFLRQHVSDUDORVFRPSXHVWRVGHOFDUERQRFRUUHVSRQGHQDODPDVDGHFDUERQR
OLEHUDGR FRPR &+ R &2

HQ XQLGDGHV GH &  FRQ UHVSHFWR D OD PDVD WRWDO GHO FDUERQR

OLEHUDGR HQ OD FRPEXVWLyQ HQ XQLGDGHV GH &   /DV GH ORV FRPSXHVWRV GH QLWUyJHQR VH
H[SUHVDQ HQ WpUPLQRV GH ODV UHODFLRQHV GHO QLWUyJHQR OLEHUDGR FRPR 12 \ 12[ FRQ
UHVSHFWR DO QLWUyJHQR FRQWHQLGR HQ HO FRPEXVWLEOH

HQ XQLGDGHV GH 1   3DUD PiV

LQIRUPDFLyQVREUHODVIXHQWHVFRQVXOWDUHO0DQXDOGH5HIHUHQFLD

0XOWLSOLFDUOD&DQWLGDGGH&DUERQR/LEHUDGR FROXPQD$ SRUODUHODFLyQ
GH HPLVLyQ SDUD HO &+ D ILQ GH REWHQHU OD &DQWLGDG GH &+ OLEHUDGR$QRWDUHQODFROXPQD(ODFDQWLGDGHQNLORWRQHODGDVGH&

0XOWLSOLFDUOD&DQWLGDGGH&DUERQR/LEHUDGR FROXPQD$ SRUODUHODFLyQ
GH HPLVLyQ FRUUHVSRQGLHQWH DO &2 SDUD REWHQHU OD &DQWLGDG GH &2
OLEHUDGR$QRWDUHQODFROXPQD(ODFDQWLGDGHQNLORWRQHODGDVGH&

0XOWLSOLFDUHO7RWDOGHO1LWUyJHQR/LEHUDGR FROXPQD& SRUODUHODFLyQ
GH HPLVLyQ FRUUHVSRQGLHQWH DO 12 SDUD REWHQHU OD &DQWLGDG GH 12
OLEHUDGR$QRWDUHQODFROXPQD(ODFDQWLGDGHQNLORWRQHODGDVGH1

0XOWLSOLFDUHO7RWDOGHO1LWUyJHQR/LEHUDGR FROXPQD& SRUODUHODFLyQ
GHHPLVLyQSDUDORV12[DILQGHREWHQHUOD&DQWLGDGGH12[/LEHUDGRV$QRWDUHQODFROXPQD(ODFDQWLGDGHQNLORWRQHODGDVGH1

0XOWLSOLFDU ODV FLIUDV GH OD FROXPQD ( SRU ODV UHODFLRQHV GH FRQYHUVLyQ
TXHDSDUHFHQHQODFROXPQD)SDUDREWHQHUHOWRWDOGHODVHPLVLRQHVGH&+&212\12[,QGLFDUHQODFROXPQD*HOUHVXOWDGRHQ*JTXH
HVORPLVPRTXHVLVHKLFLHUDHQNLORWRQHODGDV
  /DV UHODFLRQHV GH ORV SHVRV PROHFXODUHV LQGLFDGDV SDUD ORV JDVHVHPLWLGRV VRQ SRU UHVSHFWR DO SHVR GHO QLWUyJHQR \ GHO FDUERQR HQ OD
PROpFXOD/DUHODFLyQSDUDHO12HVGH\ODGHORV12[HVGH
(O12VHKDHPSOHDGRFRPRPROpFXODGHUHIHUHQFLDSDUDORV12['LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGDHQ/LEURGH7UDEDMR