

(1(5*Ë$(VWLPDUHOFRQWHQLGRGHD]XIUHGHFDGDFRPEXVWLEOH H[SUHVDGRFRPR
SRUFHQWDMH GH WRGRV ORV FRPEXVWLEOHV H[FHSWR HO JDV QDWXUDO  HQ OD&ROXPQD%(OFRQWHQLGRGHD]XIUHGHOJDVQDWXUDOGHEHUiH[SUHVDUVH
HQJP\QRFRPRSRUFHQWDMH(VWLPDUODUHWHQFLyQGHD]XIUHHQODFHQL]D HQ HQOD&ROXPQD&

(VWLPDUODHILFLHQFLDGHODVPHGLGDVGHUHGXFFLyQGHODVHPLVLRQHV HQ
 HQOD&ROXPQD'(VWLPDU HO YDORU FDORUtFR QHWR H[SUHVDGR HQ 7-NW SDUD WRGRV ORV
FRPEXVWLEOHVH[FHSWRHOJDVQDWXUDO HQOD&ROXPQD((OYDORUFDORUtFR
QHWRGHOJDVQDWXUDOGHEHH[SUHVDUVHHQN-P



3DUD WRGRV ORV FRPEXVWLEOHV H[FHSWR HO JDV QDWXUDO FDOFXODU HO IDFWRU
GH HPLVLyQ GH 62 GH OD PDQHUD VLJXLHQWH  PXOWLSOLFDGR SRU >
FRQWHQLGR GH D]XIUH &ROXPQD %   @ PXOWLSOLFDGR SRU >YDORU
FDORUtFR QHWR &ROXPQD ( @ PXOWLSOLFDGR SRU  PXOWLSOLFDGR SRU>>UHWHQFLyQ GH D]XIUH HQ OD FHQL]D &ROXPQD & @  @PXOWLSOLFDGRSRU>>HILFLHQFLDGHODVPHGLGDVGHUHGXFFLyQGHODVHPLVLRQHV &ROXPQD' @@,QGLFDUORVUHVXOWDGRVHQOD&ROXPQD)&RPRHOFRQWHQLGRGHD]XIUHGHOJDVQDWXUDOVHH[SUHVDHQJP\QR
FRPRSRUFHQWDMHGHEHUiFDOFXODUVHHOIDFWRUGHHPLVLyQGH62FRPR
VLJXH  PXOWLSOLFDGR SRU HO GHO FRQWHQLGR GH D]XIUH &ROXPQD %PXOWLSOLFDGRSRU>YDORUFDORUtFRQHWR &ROXPQD( @PXOWLSOLFDGRSRU PXOWLSOLFDGR SRU >>   UHWHQFLyQ GH D]XIUH HQ OD FHQL]D&ROXPQD & @  @ PXOWLSOLFDGR SRU >>   HILFLHQFLD GH ODV
PHGLGDVGHUHGXFFLyQGHODVHPLVLRQHV &ROXPQD' @@

3$62 (67,0$&,Ï1'(/$6(0,6,21(6

3DUD FDGD FRPEXVWLEOH PXOWLSOLFDU HO FRQVXPR GH FRPEXVWLEOH&ROXPQD$ SRUHOIDFWRUGHHPLVLyQFDOFXODGRSDUDHO62 &ROXPQD) ,QGLFDUORVUHVXOWDGRVHQOD&ROXPQD*

&DOFXODU HO WRWDO GH ODV HPLVLRQHV VXPDQGR ORV WLSRV GH FRPEXVWLEOHV
HQ OD &ROXPQD *  /DV HPLVLRQHV GH ORV EXQNHUV LQWHUQDFLRQDOHV QR
GHEHUiQLQFOXLUVHHQORVWRWDOHV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$48(0$'(&20%867,%/(61,9(/(PLVLRQHVSURFHGHQWHVGHO
WUDQVSRUWHDpUHR,QWURGXFFLyQ/DVHPLVLRQHVSURFHGHQWHVGHOWUDQVSRUWHDpUHRREHGHFHQDODXWLOL]DFLyQGH
TXHURVHQR SDUD DYLRQHV GH UHDFFLyQ \ GH JDVROLQD GH DYLDFLyQ SDUD RWURVWLSRV GH DYLRQHV  /DV HPLVLRQHV GH JDVHV GLVWLQWRV GHO &2 YDUtDQFRQVLGHUDEOHPHQWHGHSHQGLHQGRGHOPRGRGHRSHUDFLyQ\GHOGLVHxRGHORVPRWRUHV/DVHVWLPDFLRQHVILDEOHVGHORVJDVHVGLVWLQWRVGHO&2SURFHGHQWHV
GHOWUDQVSRUWHDpUHRUHTXLHUHQXQDQiOLVLVGHWDOODGRGHODVFDUDFWHUtVWLFDVGH
ODIORWDHOWLSR\FDQWLGDGGHFRPEXVWLEOHFRQVXPLGR\HO7LHPSRHQHOPRGR
7,0 GHODVIORWDVGHDYLRQHVTXHXWLOLFHQORVDHURSXHUWRVQDFLRQDOHV(VWD PHWRGRORJtD GH 1LYHO  VH DSOLFD VyOR DO FRPEXVWLEOH SDUD UHDFWRUHVFRQVXPLGR SRU ORV PRWRUHV D UHDFFLyQ  /D JDVROLQD GH DYLDFLyQ VH XWLOL]DVRODPHQWHSRUORVDYLRQHVPX\SHTXHxRV\SRUORJHQHUDOUHSUHVHQWDPHQRV
GHOGHOFRQVXPRGHFRPEXVWLEOHGHODDYLDFLyQ
3DUDORVILQHVGHOLQYHQWDULRGHHPLVLRQHVVHHVWDEOHFHXQDGLVWLQFLyQ HQWUH
ORVYXHORVQDFLRQDOHV\ORVLQWHUQDFLRQDOHV• /D$YLDFLyQ QDFLRQDO  $  D LL  LQFOX\H WRGR HO WUiILFR QDFLRQDO FLYLO GH
SDVDMHURV \ FDUJD HQ XQ SDtV  7RGDV ODV HWDSDV GH YXHOR HQWUH GRV
DHURSXHUWRV GHQWUR GH XQ SDtV VH FRQVLGHUDQ LQWHULRUHVLQGHSHQGLHQWHPHQWH GH OD QDFLRQDOLGDG GHO WUDQVSRUWLVWD R HO GHVWLQR
SRVWHULRUGHODYLyQ• $YLDFLyQLQWHUQDFLRQDO $DL LQFOX\HWRGRHOWUiILFRDpUHRTXHHQWUD
R VDOH GH XQ SDtV  6H GD SRU VXSXHVWR TXH HO Q~PHUR GH VDOLGDV HV
LGpQWLFRDOGHOOHJDGDV• /RV FLFORV GH DWHUUL]DMH \ GHVSHJXH /72  VH FODVLILFDQ LQWHULRU R
LQWHUQDFLRQDO DWHQGLHQGRDODHWDSDGHYXHORDODTXHSHUWHQHFHQ&RPR
OD PD\RUtD GH ORV YXHORV VH FRQVLGHUDQ YXHORV GH LGD \ YXHOWD HO
6LXQDYLyQYLDMDGHXQDHURSXHUWRGHXQSDtVDRWURHQHOPLVPRSDtV\
PiV WDUGH GHVSHJD FRQ UXPER D XQ WHUFHU DHURSXHUWR HQ RWUR SDtV OD
SULPHUDHWDSDGHYXHORVHFRQVLGHUDXQYLDMHQDFLRQDO\ODVHJXQGDXQYXHOR
LQWHUQDFLRQDO  3RU RWUD SDUWH HO WLSR GH DFWLYLGDG /72 FUXFHUR QDFLRQDO
LQWHUQDFLRQDO  HV LQGHSHQGLHQWH GH OD QDFLRQDOLGDG GHO WUDQVSRUWLVWD (VH
WUDWDPLHQWR GH ORV YXHORV QDFLRQDOHV H LQWHUQDFLRQDOHV GLILHUH GHO
UHFRPHQGDGR D ORV (VWDGRV SRU OD 2UJDQL]DFLyQ GH OD $YLDFLyQ &LYLO,QWHUQDFLRQDO 2$&,    /D 2$&, GHILQH FRPR LQWHULRUHV WRGDV ODV
HWDSDVGHOYXHORHQWUHSXQWRVQDFLRQDOHVSRUXQDDHUROtQHDUHJLVWUDGDHQHVH(VWDGR\SRUORWDQWRH[FOX\HORVYXHORVHQWUHSXQWRVQDFLRQDOHVUHDOL]DGRVSRUDHUROtQHDVH[WUDQMHUDV    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$FRPEXVWLEOH XWLOL]DGR GXUDQWH HO DWHUUL]DMH \ HO GHVSHJXH VH FRQVLGHUDUiHTXLYDOHQWHDXQGHVSHJXH\XQDWHUUL]DMH
/DVRSHUDFLRQHVGHODVDHURQDYHVVHGLYLGHQHQGRVSDUWHV•&LFORGHDWHUUL]DMHGHVSHJXH /72 TXHLQFOX\HWRGDVODVDFWLYLGDGHVHQODV SUR[LPLGDGHV GHO DHURSXHUWR TXH RFXUUHQ D XQD DOWLWXG LQIHULRU D
PHWURV SLHV eVWDVLQFOX\HQHOURGDMHDVFHQVR\GHVFHQVR•&UXFHUR TXH LQFOX\H WRGDV ODV DFWLYLGDGHV TXH WLHQHQ OXJDU D DOWLWXGHVVXSHULRUHVDORVPHWURV SLHV 1RVHILMDXQOtPLWHVXSHULRU)XHQWHVGHORVGDWRV
6LHPSUH TXH VHD SRVLEOH GHEHUiQ HPSOHDUVH ORV GDWRV GLVSRQLEOHV D QLYHOORFDO  (O FRQVXPR GH FRPEXVWLEOH \ OD LQIRUPDFLyQ VREUH ORV /72 SXHGHQ
REWHQHUVHGHORVDHURSXHUWRVQDFLRQDOHV/DVDHUROtQHDVSXHGHQVXPLQLVWUDU
LQIRUPDFLyQ VREUH HO Q~PHUR WRWDO GH DHURQDYHV SRU WLSR \ FODVH GH
PRWRUHV(QODV7DEODVGHO0DQXDOGH5HIHUHQFLDVHLQGLFDQDOJXQRVIDFWRUHV
GH HPLVLyQ (Q OD PHWRGRORJtD GH 1LYHO  ORV IDFWRUHV GH HPLVLyQ HVWiQEDVDGRVHQODIORWDDpUHDQDFLRQDOHVSHFtILFD\HQHO7,0GHODHURSXHUWRWtSLFR,&$2(QJLQH([KDXVW(PLVVLRQV'DWDEDQN2UJDQL]DFLyQGHOD$YLDFLyQ&LYLO,QWHUQDFLRQDO   3XHGHQ FRQVXOWDUVH WDPELpQ RWUDV IXHQWHV FRPR 86 (3$  &RPSLODWLRQRIDLUSROOXWDQWHPLVVLRQIDFWRUV9RO,,0RELOHVRXUFHVD HGLFLyQ \ 86 2IILFH RI (QYLURQPHQW DQG (QHUJ\   )$$ $LUFUDIW(PLVVLRQ'DWDEDVH8VHU¶V0DQXDO

0HWRGRORJtD
3DUD HPSOHDU HO PpWRGR GHO 1LYHO  HV QHFHVDULR FRQRFHU ORV WLSRV GH
DYLRQHV XWLOL]DGRV HQ ORV YXHORV QDFLRQDOHV H LQWHUQDFLRQDOHV DVt FRPR HO
Q~PHURGHFLFORVGHDWHUUL]DMH\GHVSHJXHSDUDFDGDWLSRGHDHURQDYH6LQR
HVWXYLHUHGLVSRQLEOHHVDLQIRUPDFLyQSDUDFDGDWLSRGHDYLyQVHUHFRPLHQGD
XWLOL]DUHOPpWRGRGHO1LYHO(Q HO 0pWRGR GHO 1LYHO  HO FiOFXOR GH ODV HPLVLRQHV SURFHGHQWHV GHO
WUDQVSRUWHDpUHRVHGLYLGHHQ3DVRV
3DVR (VWLPDFLyQ GHO FRQVXPR WRWDO GH FRPEXVWLEOH SRU OD DYLDFLyQQDFLRQDOHLQWHUQDFLRQDO
3DVR (VWLPDFLyQ GHO FRQVXPR GH FRPEXVWLEOH SDUD ORV FLFORV /72 SDUD
FDGDWLSRGHDYLyQ
3DVR (VWLPDFLyQ GHO FRQVXPR GH FRPEXVWLEOH SDUD ODV DFWLYLGDGHV GH
FUXFHURSDUDFDGDWLSRGHDYLyQ
3DVR (VWLPDFLyQGHODVHPLVLRQHVSDUDFDGDJDV
 $OJXQDV HVWDGtVWLFDV FRQWDELOL]DQ HO DWHUUL]DMH R HO GHVSHJXH FRPR XQD
RSHUDFLyQ 6LQ HPEDUJR OD GHILQLFLyQ GH OD RSHUDFLyQ GH /72
LQFOX\H WDQWR HO GHVSHJXH FRPR HO DWHUUL]DMH WRPDGRV HQ VX
FRQMXQWR'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFH OD +2-$ '( 75$%$-2   (0,6,21(6 352&('(17(6 '(/ 75$163257($e5(2 1,9(/ SDUDDQRWDUORVGDWRVFRUUHVSRQGLHQWHVDHVWHVXEPyGXOR

3$62 (67,0$&,Ï1'(/&216802'(&20%867,%/((198(/26
1$&,21$/(6(,17(51$&,21$/(6$QRWDU HQ OD FROXPQD $ OD &DQWLGDG 7RWDO GH &RPEXVWLEOH 9HQGLGRSDUDWRGRVORVYXHORV HQNW ,QGLFDU HQ OD FROXPQD % OD &DQWLGDG 7RWDO GH &RPEXVWLEOH 9HQGLGRSDUDORVYXHORVQDFLRQDOHV HQNW &DOFXODU OD &DQWLGDG 7RWDO GH &RPEXVWLEOH YHQGLGR SDUD ORV YXHORVLQWHUQDFLRQDOHV UHVWDQGR HO WRWDO GHO FRPEXVWLEOH YHQGLGR SDUD ORVYXHORV QDFLRQDOHV &ROXPQD %  GHO WRWDO GHO FRPEXVWLEOH YHQGLGR&ROXPQD$ DQRWDUHOUHVXOWDGRHQOD&ROXPQD&

3$62 (67,0$&,Ï1'(/&216802'(&20%867,%/((1/26&,&/26'($7(55,=$-(<'(63(*8(3$5$&$'$7,32'($9,Ï1/RV VLJXLHQWHV FiOFXORV SDUD OD DYLDFLyQ QDFLRQDO \ OD LQWHUQDFLRQDO GHEHUiQUHDOL]DUVHSRUVHSDUDGR$QRWDU HQ OD &ROXPQD ' HO WRWDO GH /72 SDUD FDGD WLSR GH DYLyQ
DDQ \ EEQ 

,QGLFDU HQ OD &ROXPQD ( HO FRQVXPR GH FRPEXVWLEOH SRU /72 HQ
W/72  ORVYDORUHVSRUGHIHFWRVHLQGLFDQHQHO0DQXDOGH5HIHUHQFLD
6HFFLyQ &DOFXODUHOFRQVXPRGHFRPEXVWLEOHHQDFWLYLGDGHVGH/72SDUDFDGD
WLSR GH DYLyQ DDQ  \ EEQ  HQ WRQHODGDV PXOWLSOLFDQGR HO
FRPEXVWLEOHXWLOL]DGRHQFDGDFLFORGHDWHUUL]DMH\GHVSHJXH &ROXPQD(  SRU HO Q~PHUR GH /72 SDUD HVH WLSR HVSHFtILFR GH DYLyQ&ROXPQD' LQGLFDUORVUHVXOWDGRVHQOD&ROXPQD)



&DOFXODUHOWRWDOGHOFRPEXVWLEOHXWLOL]DGRHQDFWLYLGDGHVGHDWHUUL]DMH\GHVSHJXH VXPDQGR ORV UHVXOWDGRV FRUUHVSRQGLHQWHV D FDGD WLSR GH
DYLyQ HQ OD &ROXPQD ) DQRWDU ORV UHVXOWDGRV HQ ODV FDVLOODVFRUUHVSRQGLHQWHVD7RWDOD\7RWDOEGHOD&ROXPQD)

    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$3$62 (67,0$&,Ï1'(/&216802'(&20%867,%/((1$&7,9,'$'(6'(&58&(523$5$&$'$7,32'($(521$9('HEHUiQ UHDOL]DUVH ORV VLJXLHQWHV FiOFXORV SRU VHSDUDGR SDUD OD DYLDFLyQQDFLRQDO\ODLQWHUQDFLRQDO$QRWDUHQOD&ROXPQD*ODFDQWLGDGWRWDOHQWRQHODGDVGHOFRPEXVWLEOH
YHQGLGRSDUDYXHORVQDFLRQDOHV &ROXPQD%PXOWLSOLFDGDSRU \OD
FDQWLGDG WRWDO HQ WRQHODGDV GHO FRPEXVWLEOH YHQGLGR SDUD OD DYLDFLyQLQWHUQDFLRQDO &ROXPQD&PXOWLSOLFDGDSRU &DOFXODU HO FRQVXPR WRWDO GH FRPEXVWLEOH SDUD ODV DFWLYLGDGHV GH
FUXFHUR UHVWDQGR GHO WRWDO GH FRPEXVWLEOH YHQGLGR &ROXPQD *  OD
FDQWLGDG WRWDO GH FRPEXVWLEOH XWLOL]DGR HQ DFWLYLGDGHV GH DWHUUL]DMH \GHVSHJXH WRWDO GH OD &ROXPQD )  LQGLFDU ORV UHVXOWDGRV HQ OD&ROXPQD+

&DOFXODUHOFRQVXPRGHFRPEXVWLEOHFRUUHVSRQGLHQWHDODVDFWLYLGDGHVGHFUXFHURSDUDFDGDWLSRGHDYLyQFRPRVLJXHWRWDOGHOFRPEXVWLEOHXWLOL]DGRHQDFWLYLGDGHVGHFUXFHUR WRWDOGHOD&ROXPQD+ [ Q~PHUR
GHFLFORVGHDWHUUL]DMH\GHVSHJXHSDUDFDGDWLSRGHDYLyQ &ROXPQD'Q~PHURWRWDOGHFLFORVGHDWHUUL]DMH\GHVSHJXH WRWDOHQOD&ROXPQD' LQGLFDUHOUHVXOWDGRHQOD&ROXPQD,

3$62 (67,0$&,Ï1'(/$6(0,6,21(6'(&$'$7,32'(*$6
6DFDUVLHWHIRWRFRSLDVGHOD+RMD\UHDOL]DUORVVLJXLHQWHVFiOFXORVSDUDFDGD
WLSR GH JDV &2 &+ 12 12; &2 &29'0 \ 62   /RV FiOFXORVFRUUHVSRQGLHQWHVDODDYLDFLyQQDFLRQDOHLQWHUQDFLRQDOGHEHUiQKDFHUVHSRU
VHSDUDGR,QGLFDUHQOD&ROXPQD-ORVIDFWRUHVGHHPLVLyQSRUFLFORGHDWHUUL]DMH\GHVSHJXHSDUDFDGDWLSRGHDYLyQ HQNJ/72 (QOD6HFFLyQ
GHO 0DQXDO GH 5HIHUHQFLD VH SUHVHQWDQ ORV IDFWRUHV GH HPLVLyQ SRU
GHIHFWR&DOFXODU ODV HPLVLRQHV SURFHGHQWHV GH ORV FLFORV GH DWHUUL]DMH \GHVSHJXH SDUD FDGD WLSR GH DYLyQ HQ WRQHODGDV  PXOWLSOLFDQGR HO
Q~PHUR WRWDO GH FLFORV /72 SRU WLSR GH DYLyQ &ROXPQD '  SRU HO
IDFWRUGHHPLVLyQSRU/72 &ROXPQD- \GLYLGLHQGRVHJXLGDPHQWHSRU$QRWDUORVUHVXOWDGRVHQOD&ROXPQD.

,QGLFDU HQ OD &ROXPQD / ORV IDFWRUHV GH HPLVLyQ SRU FRPEXVWLEOH
FRQVXPLGR HQ ODV DFWLYLGDGHV GH FUXFHUR SDUD ORV GLIHUHQWHV WLSRV GH
(VWHPpWRGRSDUWHGHOVXSXHVWRGHTXHODSURSRUFLyQGHOFRPEXVWLEOH
FRQVXPLGR HQ PRGR FUXFHUR SRU XQ WLSR GH DYLyQ VHUi HQ JUDQ PHGLGDSURSRUFLRQDO DO Q~PHUR GH FLFORV /72 GH HVH WLSR GH DYLyQ  6H UHFRQRFH
TXH HO HPSOHR GH HVWH PpWRGR SRGUtD QR GDU FXHQWD FDEDOPHQWH GH OD
FRQWULEXFLyQGHORVDYLRQHVGHPD\RUWDPDxR6LQHPEDUJRVHKDDGRSWDGR
HVWH VXSXHVWR VLPSOLILFDGR SDUD UHGXFLU DO PtQLPR OD FDQWLGDG GH GDWRVHVSHFtILFRV VREUH ORV DYLRQHV QHFHVDULRV SDUD ORV FiOFXORV GHO PpWRGR GHO
1LYHO

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

(1(5*Ë$DYLRQHV HQ NJW   (Q OD 6HFFLyQ  GHO 0DQXDO GH 5HIHUHQFLD
DSDUHFHQORVIDFWRUHVGHHPLVLyQSRUGHIHFWR&DOFXODUODVHPLVLRQHVSURFHGHQWHVGHODVDFWLYLGDGHVGHFUXFHURSDUD
FDGDWLSRGHDYLyQ HQWRQHODGDV PXOWLSOLFDQGRHOFRPEXVWLEOHXWLOL]DGR
HQODVDFWLYLGDGHVGHFUXFHUR &ROXPQD, SRUHOIDFWRUGHHPLVLyQSRUFRPEXVWLEOH FRQVXPLGR HQ DFWLYLGDGHV GH FUXFHUR &ROXPQD/  \GLYLGLHQGR D FRQWLQXDFLyQ SRU  $QRWDU ORV UHVXOWDGRV HQ OD&ROXPQD0&DOFXODU HO WRWDO GH ODV HPLVLRQHV SDUD FDGD WLSR GH DYLyQ HQ*LJDJUDPRV  VXPDQGR ODV HPLVLRQHV GH ODV DFWLYLGDGHV GH DWHUUL]DMH \GHVSHJXH &ROXPQD.  \ ODV HPLVLRQHV GH ODV DFWLYLGDGHV GH FUXFHUR&ROXPQD0  \ GLYLGLHQGR SRU   ,QGLFDU ORV UHVXOWDGRV HQ OD&ROXPQD1&DOFXODU HO WRWDO GH ODV HPLVLRQHV SURFHGHQWHV GHO WUDQVSRUWH DpUHR
VXPDQGR ORV UHVXOWDGRV SDUD FDGD WLSR GH DYLyQ HQ OD &ROXPQD 1
LQGLFDUORVUHVXOWDGRVHQODVILODVFRUUHVSRQGLHQWHVD7RWDOD\7RWDOEGH
OD&ROXPQD1)8(17(6)8*,7,9$6


(PLVLRQHVGHPHWDQRSURFHGHQWHVGHODVDFWLYLGDGHVGHH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ,QWURGXFFLyQ(O SURFHVR GH OD IRUPDFLyQ GHO FDUEyQ FRQRFLGR QRUPDOPHQWH FRPR
FDUERQLILFDFLyQ JHQHUD GH IRUPD LQKHUHQWH PHWDQR \ RWURV SURGXFWRV  (OJUDGRGHFDUERQLILFDFLyQ GHILQLGRSRUHOJUDGRGHKXOOLILFDFLyQ GHWHUPLQDOD
FDQWLGDG GH PHWDQR TXH VH SURGXFH XQD YH] JHQHUDGR OD FDQWLGDG GH
PHWDQRDOPDFHQDGRHQHOFDUEyQGHSHQGHGHODSUHVLyQ\ODWHPSHUDWXUDGH
ODYHWDFDUERQtIHUD\GHRWUDVFDUDFWHUtVWLFDVPHQRVFRQRFLGDVGHOFDUEyQ(OPHWDQRSHUPDQHFHDOPDFHQDGRHQHOFDUEyQKDVWDTXHVHUHGXFHODSUHVLyQD
TXH HVWi VRPHWLGR HO FDUEyQ OR TXH SXHGH REHGHFHU D OD HURVLyQ GH ORV
HVWUDWRVVXSHULRUHVRDOWUDEDMRGHH[WUDFFLyQGHOFDUEyQ8QDYH]OLEHUDGRHOPHWDQRIOX\HDWUDYpVGHOFDUEyQKDFLDXQDUHJLyQGHPHQRUSUHVLyQ SRU
HMHPSORXQDPLQDGHFDUEyQ \HVFDSDDODDWPyVIHUD
/D FDQWLGDG GH &+ JHQHUDGR GXUDQWH HO WUDEDMR GH H[WUDFFLyQ GHSHQGH
SULQFLSDOPHQWHGHOJUDGRGHKXOOLILFDFLyQGHOFDUEyQ\GHODSURIXQGLGDGDTXH
VHHQFXHQWUHDVtFRPRGHRWURVIDFWRUHVFRPRODKXPHGDG6LGRVYHWDVGH
FDUEyQ WLHQHQ HO PLVPR JUDGR GH KXOOLILFDFLyQ OD PiV SURIXQGD FRQWHQGUi
PiV&+SRUTXHHQLJXDOGDGGHFRQGLFLRQHVODSUHVLyQHVVXSHULRUDPD\RUSURIXQGLGDG  3RU FRQVLJXLHQWH OD PD\RU SDUWH GHO PHWDQR TXH HVFDSD D OD
DWPyVIHUD SURYLHQH GH ODV PLQDV VXEWHUUiQHDV \ QR GH ODV PLQDV D FLHORDELHUWR'HELGRDHVWRVHGDSRUVXSXHVWRTXHORVIDFWRUHVGHHPLVLyQGH
PHWDQR SDUD HO FDUEyQ H[WUDtGR D FLHOR DELHUWR VRQ LQIHULRUHV D ORV GH ODV
PLQDVVXEWHUUiQHDV    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$/DVHPLVLRQHVGHPHWDQRSXHGHQREHGHFHUWDPELpQDDFWLYLGDGHVSRVWHULRUHV
D OD H[WUDFFLyQ GHO PLQHUDO FRPR VRQ HO SURFHVDPLHQWR HO WUDQVSRUWH \ OD
XWLOL]DFLyQ GHO FDUEyQ  /D OLEHUDFLyQ GHO PHWDQR REHGHFH SULQFLSDOPHQWH DO
DXPHQWRGHOD VXSHUILFLH GH FRQWDFWR OR TXH SHUPLWH XQD PD\RU OLEHUDFLyQ
GH&+GHOFDUEyQ(OWUDQVSRUWHGHOFDUEyQFRQWULEX\HDODVHPLVLRQHVGH&+ SRUTXH pVWH VH OLEHUD GHO FDUEyQ \ VH HVFDSD GLUHFWDPHQWH D OD
DWPyVIHUDGXUDQWHVXWUDQVSRUWH SRUHMHPSORHQYDJRQHVGHIHUURFDUULO (O
FDUEyQ SXHGH OLEHUDU WDPELpQ PHWDQR GXUDQWH OD SUHSDUDFLyQ SDUD VX XVR
ILQDO3RUHMHPSORHQODSURGXFFLyQGHDFHURHOFDUEyQVHWULWXUDKDVWDTXH
ODV SDUWtFXODV VH UHGXFHQ D XQ WDPDxR LQIHULRU D  PP OR TXH DXPHQWD
FRQVLGHUDEOHPHQWH OD VXSHUILFLH GH FRQWDFWR GHO FDUEyQ SHUPLWLHQGR XQD
PD\RUGHVDEVRUFLyQGH&+

)XHQWHVGHORVGDWRV/RV GDWRV EiVLFRV QHFHVDULRV SDUD OOHYDU D FDER HVWRV FiOFXORV VRQ FRPR
PtQLPR OD FDQWLGDG GH FDUEyQ H[WUDtGR SRU WLSR GH PLQD VXEWHUUiQHD R D
FLHOR DELHUWR   6H GHEHUiQ HPSOHDU ORV GDWRV ORFDOHV VL HVWiQ GLVSRQLEOHV \VRQILDEOHV/DVFLIUDVGHODSURGXFFLyQGHFDUEyQHQPLQDVVXEWHUUiQHDV\DFLHORDELHUWR
VH SXHGHQ REWHQHU GH OD 2&'($,( SDUD DOJXQRV SDtVHV PLHPEURV GH OD
2&'( 7DPELpQHVWiQGLVSRQLEOHVODVFLIUDVGHODSURGXFFLyQGHFDUEyQSRUWLSRV FDUEyQGHOODPDFRUWD\OLJQLWR SDUDODPD\RUtDGHORVSDtVHV

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

(1(5*Ë$1,9(/(6$/7(51$7,926'('(7$//(/D LQIRUPDFLyQ SUHVHQWDGD HQ HVWH
/LEUR GH 7UDEDMR LQFOXLGRV ORV
IDFWRUHV GH HPLVLyQ JOREDOHV SRU
GHIHFWR SHUPLWHQ UHDOL]DU HO FiOFXORFRUUHVSRQGLHQWH DO QLYHO GHO 1LYHO /RV FiOFXORV GH 1LYHO WLHQHQ OD
PLVPD HVWUXFWXUD SHUR KDEUtD TXH
XVDU IDFWRUHV GH HPLVLyQ HVSHFtILFRVGHO SDtV R GH ODV FXHQFDV VL HVWiQGLVSRQLEOHVORFDOPHQWH6LXQSDtVHV
FDSD] GH UHDOL]DU HVWLPDFLRQHV DO
QLYHO GHO 1LYHO  HVWR LQGLFD TXH \D
HVWiQGLVSRQLEOHVODVHVWLPDFLRQHVGHODV HPLVLRQHV SURFHGHQWHV GH PHGLFLRQHVGLUHFWDV \TXHQRVHQHFHVLWD
OD PHWRGRORJtD GHO /LEUR GH 7UDEDMR
SDUD FDOFXODU ODV HPLVLRQHV /RV
SDtVHVTXHFXHQWHQFRQHVWLPDFLRQHV
GHO 1LYHO  SXHGHQ SDVDU
GLUHFWDPHQWHDO
YROXPHQ,QVWUXFFLRQHVSDUDUHDOL]DUHO,QIRUPH
GH HVWDV 'LUHFWULFHV HQ TXH VH
DERUGD HO WHPD GH OD JHQHUDFLyQ GHO
LQIRUPH \ OD GRFXPHQWDFLyQ GH ODV
HVWLPDFLRQHVGHODVHPLVLRQHV
3DUDFDGDFRPSRQHQWHGHODDFWLYLGDG
PLQHUD VH GHEH XWLOL]DU HO QLYHO PiV
HOHYDGRSRVLEOHGHODPHWRGRORJtDGH
HVWLPDFLyQ  6H DFHSWD OD
SUHVHQWDFLyQGH
HVWLPDFLRQHVXWLOL]DQGR GLVWLQWDV JUDGDV SDUDGLIHUHQWHV FRPSRQHQWHV VLHPSUH \FXDQGR HO QLYHO GH FiOFXOR HVWp
FODUDPHQWH LGHQWLILFDGR SDUD FDGDFRPSRQHQWH3RUHMHPSORLQFOXVRVL
VH XWLOL]D HO 1LYHO  SDUD HVWLPDU ODV
HPLVLRQHV VXEWHUUiQHDV SXHGHQ
HPSOHDUVHORVPpWRGRV GH 1LYHO ySDUDHVWLPDUODVHPLVLRQHVGHRWURVFRPSRQHQWHVGHODDFWLYLGDGPLQHUD0HWRGRORJtD
3RU UHFRPHQGDFLyQ GH XQ JUXSR GH H[SHUWRV YpDVH OD 6HFFLyQ  GHO
0DQXDO GH 5HIHUHQFLD  ORV FiOFXORV VH KDQ RUJDQL]DGR DOUHGHGRU GH XQD
IyUPXODVHQFLOODTXHUHODFLRQDODVWRQHODGDVGHODSURGXFFLyQGHFDUEyQFRQODVHPLVLRQHVWRWDOHVGH&+SURFHGHQWHVGHODVDFWLYLGDGHVGHH[WUDFFLyQ\
SRVWHULRUHVDODH[WUDFFLyQ(O/LEURGH7UDEDMRSHUPLWHDOXVXDULRWUDEDMDUDGLIHUHQWHVQLYHOHVGHGHWDOOH
WHPDTXHVHDERUGDHQPiVGHWDOOHHQHO0DQXDOGH5HIHUHQFLD (O1LYHOHVHOPHQRVSUHFLVR\VHEDVDHQORVIDFWRUHVPXQGLDOHVPHGLRVGHHPLVLyQ
(O PpWRGR GHO 1LYHO  VH SXHGH HPSOHDU VL HO SDtV SRVHH VXILFLHQWH
LQIRUPDFLyQ SDUD FDOFXODU IDFWRUHV PHGLRV GH HPLVLyQ SURSLRV  6H SXHGHQOOHYDUDFDERFiOFXORVPiVGHWDOODGRVSUHSDUDQGRHMHPSODUHVDGLFLRQDOHVGHOD
KRMDGHWUDEDMR\GLYLGLHQGRORVFiOFXORVHQFRPSRQHQWHVVXEQDFLRQDOHVSDUD
ORVFXDOHVH[LVWDQIDFWRUHVGHHPLVLyQPiVHVSHFtILFRV
(OPpWRGRGHO1LYHOVHEDVDHQPHGLFLRQHVGHODVHPLVLRQHVGHYHQWLODFLyQ\GHVJDVLILFDFLyQHQPLQDVHVSHFtILFDV6HUHFRPLHQGDXWLOL]DUHVHPpWRGRVL
VH FXHQWD FRQ ORV GDWRV SHUWLQHQWHV \D TXH SHUPLWH ORJUDU HVWLPDFLRQHVPXFKRPiVSUHFLVDVSDUDFDGDSDtV/DHFXDFLyQSDUDFDOFXODUODVHPLVLRQHVGH&+HQODVDFWLYLGDGHVPLQHUDVHV(PLVLRQHVGH&+

3URGXFFLyQ [GHFDUEyQ)DFWRUGHHPLVLyQ*J

W

P&+ 
WRQHODGDGH
FDUEyQ•

1R HVFULED HQ HO RULJLQDO GH OD
KRMD GH WUDEDMR SDUD TXH SXHGDKDFHUFRSLDVDGLFLRQDOHVHQFDVR
QHFHVDULR)DFWRUGH
FRQYHUVLyQ*J&+ 
P&+

&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFH OD +2-$ '( 75$%$-2   (0,6,21(6 '( 0(7$12 352&('(17(6 '( /$(;75$&&,Ï1 < 0$1,38/$&,Ï1 '(/ &$5%Ï1 SDUD DQRWDU ODV FLIUDV GH HVWH
VXEPyGXOR

3$62 (67,0$&,Ï1'(/$6(0,6,21(6'(
0(7$12352&('(17(6'(/$(;75$&&,Ï1<0$1,38/$&,Ï1'(/&$5%Ï1


862'(/$+2-$'(75$%$-2• +DFHU XQD FRSLD GH OD KRMD GH
WUDEDMR TXH DSDUHFH DO ILQDO GH
HVWD VHFFLyQ SDUD FRPSOHWDU HO
LQYHQWDULR

[$QRWDUHQODFROXPQD$ODFDQWLGDGGHFDUEyQSURGXFLGRSDUDFDGDWLSR
GHDFWLYLGDGPLQHUDHQPLOORQHVGHWRQHODGDV/DFDQWLGDGWRWDOGHFDUEyQGHEHUiFRQFRUGDUFRQODTXHDSDUHFHHQHO
VXEPyGXORFRUUHVSRQGLHQWHDO&2SURFHGHQWHGHOD(QHUJtD +2-$ '(75$%$-2+RMD&ROXPQD$ 



6HOHFFLRQDUXQ)DFWRUGH(PLVLyQGHOD7DEODTXHDSDUHFHPiVDEDMR
5HSHWLU HO FiOFXOR SDUD FDGD WLSR GH DFWLYLGDG PLQHUD LQFOXLGD HQ HO
LQYHQWDULR 6HOHFFLRQDU XQD FLIUD GHQWUR GH OD JDPD GH SRVLEOHV YDORUHV
TXH VHD DSURSLDGD SDUD HO SDtV REMHWR GH HVWXGLR 6L QR VH GLVSRQH GH
LQIRUPDFLyQ SDUD VHOHFFLRQDU XQD FLIUD GHEHUi HPSOHDUVH XQ YDORUPHGLR,QGLFDUHOYDORUHQOD&ROXPQD%

    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$7$%/$
)$&725(6'((0,6,Ï1$/726<%$-263$5$/$6$&7,9,'$'(6
0,1(5$6 0 721(/$'$
7LSRGHPLQDDFWLYLGDG)DFWRUGHHPLVLyQ

6XEWHUUiQHD&LHORDELHUWR

0LQHUtD



3RVWPLQHUtD



)XHQWH&RPSLODGDDSDUWLUGHYDULRVHVWXGLRVGHSDtVHVTXHVHUHVXPHQHQHO0DQXDO
GH5HIHUHQFLD

0XOWLSOLFDUOD&DQWLGDGGH&DUEyQ3URGXFLGD &ROXPQD$ SRUHO)DFWRU
GH (PLVLyQ &ROXPQD %  SDUD REWHQHU ODV (PLVLRQHV GH 0HWDQR HQ
PLOORQHVGHPHWURVF~ELFRV SDUDFDGDWLSRGHDFWLYLGDGPLQHUD$QRWDUHOUHVXOWDGRHQOD&ROXPQD&

3$62 &219(56,Ï1'(/$6(0,6,21(6'(
0(7$12(10$(0,6,21(6'(
0(7$12(1*,*$*5$026

,QGLFDUXQ)DFWRUGH&RQYHUVLyQHQOD&ROXPQD'(O IDFWRU GH FRQYHUVLyQ SHUPLWH FRQYHUWLU ORV YRO~PHQHV GH &+ D XQD
R
PHGLGDSRUSHVR JLJDJUDPRV DWHQGLHQGRDODGHQVLGDGGHOPHWDQRD &\D OD SUHVLyQ GH DWPyVIHUD  (VH IDFWRU GH FRQYHUVLyQ H[SUHVDGR HQ XQD
 
IRUPDPiVDGHFXDGDSDUDHVWH/LEURGH7UDEDMRHV*J P 







0XOWLSOLFDU ODV (PLVLRQHV GH 0HWDQR HQ PLOORQHV GH P  SRU HO )DFWRU GH&RQYHUVLyQSDUDREWHQHUODV(PLVLRQHVGH0HWDQRHQJLJDJUDPRV$QRWDUHOUHVXOWDGR HQ OD &ROXPQD ( 6XPDU ODV FLIUDV H LQGLFDU HO WRWDO HQ OD FDVLOOD
FRUUHVSRQGLHQWHHQODSDUWHLQIHULRUGHODFROXPQD

(PLVLRQHVGHPHWDQRGHODVDFWLYLGDGHVGHSHWUyOHR\JDVQDWXUDO,QWURGXFFLyQ/DVHPLVLRQHVIXJLWLYDVGHPHWDQRSURFHGHQWHVGHODVDFWLYLGDGHVGHSHWUyOHR\ JDV UHSUHVHQWDQ DSUR[LPDGDPHQWH HQWUH  \  WHUDJUDPRV GH ODV
HPLVLRQHVDQXDOHVGHPHWDQRHQWRGRHOPXQGR(VWDFDWHJRUtDLQFOX\HWRGDVODV HPLVLRQHV SURFHGHQWHV GH OD SURGXFFLyQ SURFHVDPLHQWR WUDQVSRUWH \XVRGHSHWUyOHR\JDVQDWXUDO\GHODFRPEXVWLyQQRSURGXFWLYD([FOX\HHO
XVRGHOSHWUyOHR\HOJDVRGHORVSURGXFWRVGHULYDGRVGHORVFRPEXVWLEOHV
SDUD SURSRUFLRQDU HQHUJtD SDUD XVR LQWHUQR HQ HO SURFHVDPLHQWR \WUDQVSRUWHGHODSURGXFFLyQGHHQHUJtD(VWDV~OWLPDVVHFRQVLGHUDQTXHPD
GHFRPEXVWLEOHV\VHDERUGDQHQXQDVHFFLyQDQWHULRUGHHVWHFDStWXOR6LQ
HPEDUJR  ODV HPLVLRQHV IXJLWLYDV LQFOX\HQ ODV HPLVLRQHV UHVXOWDQWHV GH OD
FRPEXVWLyQGHOJDVQDWXUDOGXUDQWHODVRSHUDFLRQHVGHTXHPDHQPHFKXUULRV/DVIXHQWHVGHHPLVLRQHVHQORVVLVWHPDVGHSHWUyOHR\JDVLQFOX\HQ•ODVHPLVLRQHVGXUDQWHHOIXQFLRQDPLHQWRQRUPDOFRPRVRQODVHPLVLRQHVUHODFLRQDGDV FRQ OD YHQWLODFLyQ \ TXHPD HQ PHFKXUULRV GXUDQWH OD'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$••SURGXFFLyQ GH SHWUyOHR \ JDV ODV IXJDV FUyQLFDV R ODV GHVFDUJDV GH ODV
FKLPHQHDVGHSURFHVRODVHPLVLRQHVGXUDQWHODVUHSDUDFLRQHV\HOPDQWHQLPLHQWR\ODVHPLVLRQHVGHELGDVDSUREOHPDV\DFFLGHQWHVHQORVVLVWHPDV

3DUDFDOFXODUODVHPLVLRQHVGHPHWDQRSURFHGHQWHVGHODVDFWLYLGDGHVGHSHWUyOHR\JDVHQHOSDtVSDUDHOTXHVHSUHSDUDHOLQYHQWDULRVHUiQQHFHVDULRVORVVLJXLHQWHVGDWRVHQHUJpWLFRV
3HWUyOHR*DV

1~PHURGHSR]RVSHUIRUDGRV&DQWLGDGGHJDVSURGXFLGR&DQWLGDGGHSHWUyOHRSURGXFLGR&DQWLGDGGHJDVFRQVXPLGR&DQWLGDGGHSHWUyOHRUHILQDGR
6HUiQQHFHVDULRVDGHPiVIDFWRUHVGHHPLVLyQFRPRVHH[DPLQDDFRQWLQXDFLyQ)XHQWHVGHORVGDWRV
6LHPSUH TXH VHD SRVLEOH GHEHUiQ HPSOHDUVH ORV GDWRV GLVSRQLEOHV D QLYHOORFDO/D$JHQFLD,QWHUQDFLRQDOGHOD(QHUJtD\OD'LYLVLyQGH(VWDGtVWLFDVGHODV1DFLRQHV8QLGDVSXEOLFDQWDPELpQGDWRVHQHUJpWLFRVSDUDXQJUDQQ~PHUR
GHSDtVHV9pDVHHO0DQXDOGH5HIHUHQFLD6HFFLRQHV\
$GHPiVGHORVGDWRVHQHUJpWLFRVHQODPHWRGRORJtDGHO/LEURGH7UDEDMRVH
SUHVHQWDQ FXDQGRHVWiQGLVSRQLEOHV ORVIDFWRUHV GH HPLVLyQ SRU GHIHFWR \RWURV VXSXHVWRV GH SDUWLGD  3DUD UHDOL]DU HO FiOFXOR GH ODV HPLVLRQHVQDFLRQDOHV ORV XVXDULRV GH HVWH PpWRGR WLHQHQ OD OLEHUWDG GH VXVWLWXLU
FXDOTXLHUD GH HVRV VXSXHVWRV R UHFRPHQGDFLRQHV VL GLVSRQHQ GH RWUDLQIRUPDFLyQPiVSUHFLVD6LHPSUHTXHVHXWLOLFHRWUDLQIRUPDFLyQGLVWLQWDGHORVYDORUHVUHFRPHQGDGRVHQHO/LEURGH7UDEDMRGHEHUiLQFOXLUVHXQDQRWD\DGMXQWDUVHGRFXPHQWDFLyQVREUHODVIXHQWHVGHODLQIRUPDFLyQ/RVXVXDULRVGHEHQYHULILFDUTXHORVGDWRVXWLOL]DGRVHQHVWDVHFFLyQFRQFXHUGDQFRQ ORV DQRWDGRV HQ ORV FiOFXORV FRUUHVSRQGLHQWHV D OD SURGXFFLyQ GH &2
SURFHGHQWH GH OD HQHUJtD  /RV SDtVHV HQ TXH RFXUUHQ HPLVLRQHV VLJQLILFDWLYDVSURFHGHQWHVGHOSHWUyOHR\HOJDVQDWXUDOGHEHQFRQVXOWDUHO0DQXDOGH5HIHUHQFLD
GRQGHVHDERUGDHQGHWDOOHHVWHWHPD\EXVFDUORVGDWRVGLVSRQLEOHVORFDOPHQWH
TXHSHUPLWHQHODERUDUIDFWRUHVPiVDGHFXDGRVSDUDHOSDtV0HWRGRORJtD(Q HO 0DQXDO GH 5HIHUHQFLD VH SUHVHQWDQ WUHV GLIHUHQWHV QLYHOHV GH GHWDOOH
SDUDHOFiOFXORGHHVWDVHPLVLRQHV•

1LYHO 0pWRGR GH ORV )DFWRUHV 0HGLRV GH (PLVLyQ EDVDGRV HQ OD
3URGXFFLyQ•

1LYHO 0pWRGRGHO%DODQFHGH0DVDV•1LYHO 0pWRGRGH(YDOXDFLRQHV5LJXURVDVGH)XHQWHV(VSHFtILFDV(QHVWH/LEURGH7UDEDMRVyORVHSUHVHQWDHOPpWRGRGHO1LYHO
3DUDHOORHVQHFHVDULRUHXQLUORVGDWRVGHODDFWLYLGDG SURGXFFLyQHWF SDUD
HOSDtV VHOHFFLRQDQGR ORV IDFWRUHV GH HPLVLyQ D SDUWLU GH OD LQIRUPDFLyQ GH
ODVWDEODVGHYDORUHVUHJLRQDOHVWtSLFRV RGHGDWRVGLVSRQLEOHVORFDOPHQWH \
PXOWLSOLFDQGR DPERV SDUD REWHQHU HVWLPDFLRQHV GH ODV HPLVLRQHV GH ODVSULQFLSDOHVVXEFDWHJRUtDV$FRQWLQXDFLyQVHGHVFULEHQODVUHJLRQHVXWLOL]DGDV    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$'HILQLFLRQHVUHJLRQDOHV
6HKDQGHILQLGRODVUHJLRQHVUHFRQRFLHQGRODVOLPLWDFLRQHVGHORVGDWRVVREUH
ORVIDFWRUHVGHHPLVLyQ\ORVQLYHOHVGHDFWLYLGDGDVtFRPRODVGLIHUHQFLDVHQODV DFWLYLGDGHV GH SHWUyOHR \ JDV HQ WRGR HO PXQGR  6H UHFRPLHQGDQ ODVVLJXLHQWHVFLQFRUHJLRQHV•((88\&DQDGi•$QWLJXD 8566 \ (XURSD 2ULHQWDO  (VWD UHJLyQ LQFOX\H ORV SDtVHV
TXH LQWHJUDEDQ OD DQWLJXD 8566 TXH HV VLQ OXJDU D GXGDV HO PD\RUSURGXFWRU GH SHWUyOHR \ JDV GH OD UHJLyQ  $OEDQLD %XOJDULD 5HS~EOLFDV&KHFD\(VORYDFD+XQJUtD3RORQLD5XPDQLD\ODVUHS~EOLFDVGHODDQWLJXD<XJRVODYLD•(XURSD 2FFLGHQWDO  (VWD UHJLyQ LQFOX\H $OHPDQLD $XVWULD %pOJLFD
'LQDPDUFD(VSDxD)LQODQGLD)UDQFLD*LEUDOWDU*UHFLD+RODQGD,UODQGD
,VODQGLD ,VODV )DURH ,WDOLD /X[HPEXUJR 0DOWD 1RUXHJD 3DtVHV %DMRV3RUWXJDO5HLQR8QLGR6XHFLD\6XL]D•2WURV SDtVHV H[SRUWDGRUHV GH SHWUyOHR  (VWD UHJLyQ LQFOX\H ORV
SULQFLSDOHVSDtVHVSURGXFWRUHVGHSHWUyOHRORVPLHPEURVGHOD23(3$UDELD 6DXGLWD $UJHOLD (PLUDWRV ÈUDEHV 8QLGRV ,QGRQHVLD ,UiQ ,UDT.XZDLW/LELD1LJHULD4DWDU\9HQH]XHOD \(FXDGRU*DEyQ\0p[LFR

•5HVWR GHO 0XQGR (VWD UHJLyQ LQFOX\H ORV UHVWDQWHV SDtVHV GH $VLDÈIULFD2ULHQWH0HGLR2FHDQtD\/DWLQRDPpULFD&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFHOD+2-$ '( 75$%$-2 (0,6,21(6 '( 0(7$12 352&('(17(6 '( /$6$&7,9,'$'(6 '( 3(75Ï/(2 < *$6
1,9(/   SDUD DQRWDU ORV GDWRVFRUUHVSRQGLHQWHVDHVWHVXEPyGXOR

(67,0$&,Ï1'(/$&$17,'$''(0(7$12(0,7,'$325/$6$&7,9,'$'(6'(
3(75Ï/(2<*$6



$QRWDU HQ OD &ROXPQD $ ODV FLIUDV SDUD FDGD WLSR GH DFWLYLGDG GH
SURGXFFLyQGHSHWUyOHR\JDV/DVIXHQWHVGHORVGDWRVVHKDQWUDWDGRPiVDUULED9HULILFDUTXHORV
GDWRV TXH VH YDQ D XVDU FRQFXHUGDQ FRQ ORV GDWRV GH OD DFWLYLGDGXWLOL]DGRVSDUDFDOFXODU ODV HPLVLRQHV GH &2 SURFHGHQWHV GH IXHQWHV
HQHUJpWLFDVHQHOSULPHUVXEPyGXORGHHVWHPyGXOR

3DUDFDGDWLSRGHDFWLYLGDGLQGLFDUHOIDFWRUGHHPLVLyQHQOD&ROXPQD%8WLOL]DUORVGDWRVORFDOHVGLVSRQLEOHVRORVGHOD7DEODTXHDSDUHFH
D FRQWLQXDFLyQ 6H GHEH VHxDODU TXH HQ HVDV WDEODV VH SUHVHQWD XQD
JDPDGHYDORUHVSDUDGDU FXHQWD GH OD LQFHUWLGXPEUH LPSOtFLWD HQ HVH
PpWRGR'HEHUiXWLOL]DUVXMXLFLRSDUDVHOHFFLRQDUXQ~QLFRYDORUGHOD
JDPD TXH VH SUHVHQWD  7DPELpQ VH UHFRPLHQGD SUHVHQWDU MXQWR FRQ
ODVFLIUDVXQDHVWLPDFLyQGHODLQFHUWLGXPEUH YpDQVHODV,QVWUXFFLRQHV
SDUD UHDOL]DU HO LQIRUPH GHO ,QYHQWDULR GH ORV JDVHV GH HIHFWR
LQYHUQDGHUR (;3/25$&,Ï1<3(5)25$&,Ï1(Q OD KRMD GH WUDEDMR VH LQFOX\H XQD
FDWHJRUtD SDUD OD H[SORUDFLyQ \ OD
SHUIRUDFLyQ  6LQ HPEDUJR QR VH
SURSRUFLRQDQGDWRVGHODDFWLYLGDGQL
HPLVLRQHVSRUGHIHFWR6LGLVSRQHGHGDWRV ORFDOHV SDUD HVRV YDORUHV
GHEHUiQ LQGLFDUVH 6L VH WUDEDMD FRQ
ODV IXHQWHV SRU GHIHFWR HVWD FDWH
JRUtDGHEHUiLJQRUDUVH\D TXH VH GD
SRUVXSXHVWR TXH HO FRPSRQHQWH GH
HPLVLRQHVHVEDMR'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$

0XOWLSOLFDU ODV FDQWLGDGHV GH SHWUyOHR \ JDV FRUUHVSRQGLHQWHV D FDGDDFWLYLGDG &ROXPQD $  SRU HO )DFWRU GH (PLVLyQ &ROXPQD %  SDUDREWHQHUODV(PLVLRQHVGH&+HQNJGH&+$QRWDUORVUHVXOWDGRVHQNLORJUDPRVHQOD&ROXPQD&

'LYLGLUODVHPLVLRQHVGH&+HQNLORJUDPRV &ROXPQD& SRU SDUD
UHDOL]DU OD FRQYHUVLyQ D JLJDJUDPRV $QRWDU ORV UHVXOWDGRV HQ OD
FROXPQD'HQJLJDJUDPRVGH&+\OOHQDUODVFDVLOODVFRUUHVSRQGLHQWHV
DORV³WRWDOHV´    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$7$%/$
)$&725(65(*,21$/(65(9,6$'26'((0,6,Ï1'(0(7$12352&('(17(6'(/266,67(0$6&21$&7,9,'$'(6'(3(75Ï/(2<*$6 NJ37LSRGHIXHQWH%DVH$QWLJXD2WURVSDtVHV(XURSD((88\8566(XURSD

H[SRUWDGRUHV

5HVWRGHO

2FFLGHQWDO&DQDGi&HQWUDO\GHSHWUyOHR

0XQGR

2ULHQWDO
352'8&&,Ï1'(3(75Ï/(2<*$6(PLVLRQHVIXJLWLYDV\

3HWUyOHRSURGXFLGR



















































RWUDVHPLVLRQHVGXUDQWHHOPDQWHQLPLHQWRGHODSURGXFFLyQGHSHWUyOHR(PLVLRQHVIXJLWLYDV\*DVSURGXFLGRRWUDVHPLVLRQHVGXUDQWHHOPDQWHQLPLHQWRGHOD
SURGXFFLyQGHJDV
9HQWHR\TXHPDHQPHFKXUULRVGHOD

3HWUyOHR\JDVDSURGXFLGRSURGXFFLyQGH

3HWUyOHRSURGXFLGRSHWUyOHR\JDV*DVSURGXFLGR

75$163257($/0$&(1$0,(172<5(),1$&,Ï1'(/3(75Ï/(2&58'2
7UDQVSRUWH

3HWUyOHRWUDQVSHQ











EXTXHVWDQTXH
5HILQDFLyQ

3HWUyOHRUHILQDGR









7DQTXHVGH

3HWUyOHRUHILQDGR











 HOHYDGRDOPDFHQDPLHQWR

352&(6275$163257(<',675,%8&,Ï1'(/*$61$785$/(PLVLRQHV*DVSURGXFLGR

SURFHGHQWHVGHO
SURFHVRWUDQVSRUWH\
*DV&RQVXPLGR

GLVWULEXFLyQ)XJDVHQSODQWDVLQGXVWULDOHV\*DVQRUHVLGHQFLDOGFRQVXPLGR

FHQWUDOHVHOpFWULFDV)XJDVHQORVVHFWRUHVUHVLGHQFLDOHV\FRPHUFLDOHV









HOHYDGRE EDMR

E
 EDMR FF










*DVUHVLGHQFLDOH
FRQVXPLGR


D (QORV(VWDGRV8QLGRV\&DQDGiODVHPLVLRQHVHVWiQEDVDGDVHQODSURGXFFLyQWRWDOGHSHWUyOHR\JDVE (O)DFWRUGHHPLVLyQGHNJ3-GHJDVSURGXFLGRVHHPSOHDVRODPHQWHSDUDODHVWLPDFLyQGHODVHPLVLRQHVHOHYDGDVF (O)DFWRUGHHPLVLyQGHNJ3-GHJDVFRQVXPLGRVHHPSOHDVRODPHQWHSDUDODHVWLPDFLyQGHODVHPLVLRQHVEDMDVG &RQVXPRGHJDVSRUODVHPSUHVDVGHVHUYLFLRVS~EOLFRV\ODVLQGXVWULDV
H &RQVXPRGHJDVSRUORVVHFWRUHVUHVLGHQFLDO\FRPHUFLDO)XHQWH3UHSDUDGRHQEDVHDODOLWHUDWXUDWpFQLFDTXHVHUHVXPHHQHO0DQXDOGH5HIHUHQFLD'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$(PLVLRQHVGHSUHFXUVRUHVGHOR]RQR\GH62SURFHGHQWHVGHOD
UHILQDFLyQGHOSHWUyOHR,QWURGXFFLyQ(Q XQD UHILQHUtD EiVLFD HO SHWUyOHR FUXGR VH FRQYLHUWH HQ JUDQ Q~PHUR GH
VXESURGXFWRV  /RV SURGXFWRV SULQFLSDOHV GH XQD UHILQHUtD SXHGHQ LQFOXLU
FRPEXVWLEOHV OtTXLGRV FRTXH PDWHULDV SULPDV \ SURGXFWRV SHWURTXtPLFRV
SULPDULRV FRPR HO HWLOHQR   (Q HVWD VHFFLyQ VH FRQWHPSODQ ODV UHILQHUtDVEiVLFDV QR OD VtQWHVLV GH SURGXFWRV SHWURTXtPLFRV  /D IDEULFDFLyQ GH
SURGXFWRVTXtPLFRVIRUPDSDUWHGHO&DStWXOR3URFHVRV,QGXVWULDOHVWDQWR
VLODSURGXFFLyQUHDORFXUUHHQODUHILQHUtDRHQXQDLQVWDODFLyQVHSDUDGD

)XHQWHVGHORVGDWRV/RVGDWRVVREUHHO YROXPHQ GH SHWUyOHR FUXGR QHFHVDULRV SDUD HPSOHDU HO
PpWRGRVLPSOLILFDGRGHO1LYHOSRUORJHQHUDOSXHGHQREWHQHUVHGHIXHQWHVQDFLRQDOHV R FRQVXOWDQGR FRPSHQGLRV LQWHUQDFLRQDOHV GH HVWDGtVWLFDV GH
HQHUJtD  /RV PpWRGRV GHO 1LYHO UHTXLHUHQ GDWRV VREUH ODV RSHUDFLRQHV
LQWHUQDV GH ODV UHILQHUtDV TXH SXHGHQ VHU REWHQLGRV VRODPHQWH D QLYHO ORFDO
SRU FRQGXFWR GH XQD DVRFLDFLyQ QDFLRQDO GH OD LQGXVWULD TXH LQFOX\D D ODVUHILQHUtDV R GLULJLpQGRVH GLUHFWDPHQWH D ODV UHILQHUtDV  (VRV FRQWDFWRVSURSRUFLRQDQ WDPELpQ OD RSRUWXQLGDG GH REWHQHU ORV IDFWRUHV GH HPLVLyQ
ORFDOHVTXHGHEHUiQ HPSOHDUVH HQ OXJDU GH ORV IDFWRUHV SRU GHIHFWR TXH VH
SUHVHQWDQDFRQWLQXDFLyQ&yPROOHQDUOD+RMDGHWUDEDMR
8WLOLFHOD+2-$ '( 75$%$-2 (0,6,21(6 '( 35(&85625(6 '(/ 2=212 < '(62 352&('(17(6 '( /$ 5(),1$&,Ï1 '(/ 3(75Ï/(2SDUDDQRWDUORVGDWRVGH
HVWHVXEPyGXOR

(67,0$&,Ï1'(/$6(0,6,21(6'(&2
12 &29'0<62
;

1LYHO0pWRGREDVDGRHQHOYROXPHQGHSHWUyOHRFUXGR
8Q VHQFLOOR PpWRGR GH FiOFXOR HPSOHD ORV IDFWRUHV GH HPLVLyQ SRU GHIHFWRSDUDHVWDVFXDWURFDWHJRUtDVGHHPLVLRQHVDWHQGLHQGRDOYROXPHQGHSHWUyOHRFUXGR HODERUDGR SRU ODV UHILQHUtDV  'HEHUiQ HPSOHDUVH ORV IDFWRUHV GH
HPLVLyQORFDOHVVLHPSUHTXHVHDSRVLEOH\DTXHORVYDORUHVVREUHWRGRORV
GHORV&29'0SXHGHQRVFLODUFRQVLGHUDEOHPHQWH
8VRGHOD+2-$'(75$%$-2+RMD$QRWDUHQOD&ROXPQD$HOYROXPHQGHSHWUyOHRFUXGRHODERUDGRSRU
ODVUHILQHUtDVH[SUHVDGRHQPLOHVGHWRQHODGDV(Q OD &ROXPQD & VXVWLWXLU ORV IDFWRUHV GH HPLVLyQ SRU GHIHFWRHPSOHDQGRORVYDORUHVORFDOHVVLHVWXYLHUHQGLVSRQLEOHV    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$

0XOWLSOLFDUFDGDXQDGHODVFLIUDVGHOD&ROXPQD$SRUORVIDFWRUHV GH
HPLVLyQLQGLFDGRVHQOD&ROXPQD&\DQRWDUORVUHVXOWDGRVHQODVILODVFRUUHVSRQGLHQWHVGHOD&ROXPQD''LYLGLUODVFLIUDVGHOD&ROXPQD'SRUSDUDUHDOL]DUODFRQYHUVLyQHQJLJDJUDPRVHLQGLFDUORVUHVXOWDGRVHQOD&ROXPQD(0pWRGRVGH1LYHO$ FRQWLQXDFLyQ VH SUHVHQWDQ PpWRGRV GLIHUHQWHV SDUD OD HVWLPDFLyQ GH ODV
HPLVLRQHVGHORVFXDWURJDVHVSURFHGHQWHVGHODGHVLQWHJUDFLyQFDWDOtWLFDHO
62 SURFHGHQWH GH OD GHVXOIXUL]DFLyQ \ ORV &29'0 SURFHGHQWHV GHO
DOPDFHQDPLHQWRGHOSHWUyOHR(QHODQiOLVLVSUHVHQWDGRHQOD6HFFLyQGHO0DQXDOGH5HIHUHQFLDTXHGDFODUR TXH ORV YDORUHV SRU GHIHFWR GH ORV IDFWRUHV GH HPLVLyQFRUUHVSRQGLHQWHV D 62 \ 12[ SXHGHQ YDULDU FRQVLGHUDEOHPHQWH 'HEHUi
WUDWDUVH GH HPSOHDUVH YDORUHV ORFDOHV SDUD HVDV HPLVLRQHV \ SDUD ORV&29'0

(67,0$&,Ï1'(/$6(0,6,21(6'(
35(&85625(6'(/2=212<'(62352&('(17(6'(/$'(6,17(*5$&,Ï1&$7$/Ë7,&$

8VRGHOD+2-$'(75$%$-2+RMD,QGLFDU HQ OD FROXPQD $ HO YROXPHQ GH SHWUyOHR SURFHVDGR HQ ODVXQLGDGHVGHGHVLQWHJUDFLyQFDWDOtWLFDH[SUHVDGRHQPLOHVGHWRQHODGDV(QOD&ROXPQD&UHHPSOD]DUORVIDFWRUHVGHHPLVLyQSRUGHIHFWRSRU
ORVYDORUHVORFDOHVVLHVWXYLHUDQGLVSRQLEOHV

0XOWLSOLFDUFDGDXQDGHODVFLIUDVGHOD&ROXPQD$SRUORVIDFWRUHV GH
HPLVLyQ LQGLFDGRV HQ OD &ROXPQD & DQRWDU ORV UHVXOWDGRV HQ ODV ILODVFRUUHVSRQGLHQWHVGHOD&ROXPQD''LYLGLUODVFLIUDVGHOD&ROXPQD'SRUSDUDUHDOL]DUODFRQYHUVLyQD
JLJDJUDPRVHLQGLFDUORVUHVXOWDGRVHQOD&ROXPQD((67,0$&,Ï1'(/$6(0,6,21(6'(62352&('(17(6'(/$5(&83(5$&,Ï1'($=8)5(

8VRGHOD+2-$'(75$%$-2+RMD$QRWDUHQOD&ROXPQD$ODFDQWLGDGGHD]XIUHUHFXSHUDGRHQWRQHODGDV0XOWLSOLFDUHVDFLIUDSRU HOIDFWRUGHHPLVLyQSRUGHIHFWRHQNJW 
LQGLFDUHOUHVXOWDGRHQOD&ROXPQD&

'LYLGLUODFLIUDHQNJTXHDSDUHFHHQOD&ROXPQD&SRUSDUDUHDOL]DUODFRQYHUVLyQDJLJDJUDPRVLQGLFDUHOUHVXOWDGRHQOD&ROXPQD''LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$(67,0$&,Ï1'(/$6(0,6,21(6'(&29'0
352&('(17(6'(/$/0$&(1$0,(172'(/
3(75Ï/(28VRGHOD+2-$'(75$%$-2+RMD

3DUD FDGD UHILQHUtD GHO SDtV LGHQWLILFDU HO SULQFLSDO WLSR GH
DOPDFHQDPLHQWR6XPDUHOYROXPHQGHSHWUyOHR FUXGR SDUD FDGD WLSR
GHDOPDFHQDPLHQWRHLQGLFDUHOUHVXOWDGRHQOD&ROXPQD$H[SUHVDGR
HQPLOHVGHWRQHODGDV0XOWLSOLFDUHOIDFWRUGHHPLVLyQSRUHOYROXPHQGHSHWUyOHRFUXGRHQOD&ROXPQD $ H LQGLFDU HO UHVXOWDGR HQ OD ILOD FRUUHVSRQGLHQWH GH OD&ROXPQD''LYLGLU OD FLIUD GH OD &ROXPQD ' SRU  H LQGLFDU HO UHVXOWDGR HQ
JLJDJUDPRVHQOD&ROXPQD(    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$0Ï'8/268%0Ï'8/2+2-$'(75$%$-2+2-$(1(5*Ë$&2352&('(17('()8(17(6(1(5*e7,&$6 0e72'2'(5()(5(1&,$'(
3$62
$

%

&

'

(

)

3URGXFFLyQ,PSRUWDFLRQHV([SRUWDFLRQHV%XQNHUV&DPELRVHQODV&RQVXPRDSDUHQWH

LQWHUQDFLRQDOHV

H[LVWHQFLDV

7,326'(&20%867,%/(6)yVLOHV&RPEXVWLEOHV

3HWUyOHRFUXGROtTXLGRVSULPDULRV2ULPXOVLyQ)$%&'(/tTXLGRVGHJDVQDWXUDO&RPEXVWLEOHV*DVROLQD

VHFXQGDULRV

4XHURVHQRSDUDDYLRQHV
GHUHDFFLyQ
2WURVWLSRVGHTXHURVHQR
3HWUyOHRGHHVTXLVWRELWXPLQRVR*DVyOHRIXHOyOHR)XHOyOHRUHVLGXDO
*3/
(WDQR
1DIWD
$VIDOWR/XEULFDQWHV&RTXHGHSHWUyOHR
0DWHULDVSULPDVGH
UHILQHUtD
2WURVSUGHOSHWUyOHR

7RWDOHVGHIyVLOHVOtTXLGRVD)yVLOHV&RPEXVWLEOHV$QWUDFLWD

VyOLGRVSULPDULRV&DUEyQGHFRTXH
2WURFDUEyQELWXPLQRVR&DUEyQVXEELWXPLQRVR/LJQLWR(VTXLVWRELWXPLQRVR
7XUED&RPEXVWLEOHV%ULTXHWDVGHOLJQLWR\VHFXQGDULRV

SUHQVDGDV*DVGHKRUQRGHFRTXH

7RWDOHVGHIyVLOHVVyOLGRV)yVLOHVJDVHRVRV*DVQDWXUDO VHFR

7RWDO
7RWDOGH%LRPDVD%LRPDVDVyOLGD%LRPDVDOtTXLGD*DVGHELRPDVD
D 6LODDQWUDFLWDQRHVWiGLVSRQLEOHSRUVHSDUDGRGHEHUiLQFOXtUVHODFRQ2WURFDUEyQELWXPLQRVR'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$0Ï'8/268%0Ï'8/2+2-$'(75$%$-2+2-$(1(5*Ë$&2352&('(17('()8(17(6(1(5*e7,&$6 0e72'2'(5()(5(1&,$'(
3$62

7,326'(&20%867,%/(6)yVLOHV&RPEXVWLEOHV

3HWUyOHRFUXGROtTXLGRVSULPDULRV2ULPXOVLyQ

3$62

* D

+

,

-

.

)DFWRUGH&RQVXPR)DFWRUGHHPLVLyQ&RQWHQLGRGH&RQWHQLGRGH

FRQYHUVLyQDSDUHQWH

GHFDUERQR

FDUERQRFDUERQR

7-8QLGDG

7-

W&7-

W&

*J&

+

)[*

-

+[,

.

-[

/tTXLGRVGHJDVQDWXUDO&RPEXVWLEOHVVHFXQGDULRV*DVROLQD
4XHURVHQRSDUDDYLRQHV
GHUHDFFLyQ
2WURVWLSRVGHTXHURVHQR
3HWUyOHRGHHVTXLVWRELWXPLQRVR*DVyOHRIXHOyOHR)XHOyOHRUHVLGXDO
*3/
(WDQR
1DIWD
$VIDOWR/XEULFDQWHV&RTXHGHSHWUyOHR
0DWHULDVSULPDVGHUHILQHUtD
2WURVSURGXFWRVGHO
SHWUyOHR

7RWDOHVGHIyVLOHVOtTXLGRV)yVLOHV&RPEXVWLEOHV

VyOLGRVSULPDULRV$QWUDFLWD&DUEyQGHFRTXH
2WURFDUEyQELWXPLQRVR
E&DUEyQVXEELWXPLQRVR/LJQLWR(VTXLVWRELWXPLQRVR
7XUED&RPEXVWLEOHV%ULTXHWDVGHOLJQLWR\VHFXQGDULRV

SUHQVDGDV*DVGHKRUQRGHFRTXH

7RWDOHVGH)yVLOHVVyOLGRV)yVLOHVJDVHRVRV*DVQDWXUDO VHFR

7RWDO
7RWDOGHELRPDVD%LRPDVDVyOLGD%LRPDVDOtTXLGD*DVGHELRPDVD
D (VSHFLILFDUXQLGDGHV
E 6LODDQWUDFLWDQRHVWiGLVSRQLEOHSRUVHSDUDGRGHEHUiLQFOXtUVHODFRQORV2WURVFDUERQHVELWXPLQRVRV    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR

(1(5*Ë$0Ï'8/268%0Ï'8/2+2-$'(75$%$-2+2-$(1(5*Ë$&2352&('(17('()8(17(6(1(5*e7,&$6 0e72'2'(5()(5(1&,$'(
3$62

3$62
0

1

2&DUERQR(PLVLRQHVQHWDV)UDFFLyQ(PLVLRQHVUHDOHV(PLVLRQHVDOPDFHQDGR

GHFDUERQR

GHO

GHFDUERQR

UHDOHVGH&2 *J&

FDUERQR

*J&

*J&

7,326'(&20%867,%/(6)yVLOHV&RPEXVWLEOHV

3HWUyOHRFUXGROtTXLGRVSULPDULRV2ULPXOVLyQ

3$62

/3

R[LGDGR
0

./

*J&2



2

0[1

3

2[>@/tTXLGRVGHJDVQDWXUDO&RPEXVWLEOHVVHFXQGDULRV*DVROLQD
4XHURVHQRSDUDDYLRQHVGH
UHDFFLyQ
2WURVWLSRVGHTXHURVHQR
3HWUyOHRGHHVTXLVWRELWXPLQRVR*DVyOHRIXHOyOHR)XHOyOHRUHVLGXDO
*3/
(WDQR
1DIWD
$VIDOWR/XEULFDQWHV&RTXHGHSHWUyOHR
0DWHULDVSULPDVGHUHILQHUtD
2WURVSURGXFWRVGHOSHWUyOHR

7RWDOGHIyVLOHV/tTXLGRV)yVLOHV&RPEXVWLEOHV$QWUDFLWD

VyOLGRVSULPDULRV&DUEyQGHFRTXH
2WURFDUEyQELWXPLQRVR

D&DUEyQVXEELWXPLQRVR/LJQLWR(VTXLVWRELWXPLQRVR
7XUED&RPEXVWLEOHV%ULTXHWDVGHOLJQLWR\VHFXQGDULRV

SUHQVDGDV*DVGHKRUQRGHFRTXH

7RWDOGHIyVLOHVVyOLGRV)yVLOHVJDVHRVRV*DVQDWXUDO VHFR

7RWDO
7RWDOGHELRPDVD%LRPDVDVyOLGD%LRPDVDOtTXLGD*DVGHELRPDVD
D 6LODVFLIUDVSDUDODDQWUDFLWDQRHVWXYLHUDQGLVSRQLEOHSRUVHSDUDGRGHEHUiLQFOXLUVHFRQORV2WURVFDUERQHVELWXPLQRVRV'LUHFWULFHVGHO,3&&SDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHURYHUVLyQUHYLVDGD  
HQ/LEURGH7UDEDMR

(1(5*Ë$0Ï'8/268%0Ï'8/2+2-$'(75$%$-2+2-$(1(5*Ë$&2 352&('(17('()8(17(6(1(5*e7,&$6 0e72'2'(5()(5(1&,$'((0,6,21(6'(%81.(56,17(51$&,21$/(6 75$163257(0$5Ë7,02<$e5(2,17(51$&,21$/

3$62

3$62

3$62

$

%

&

'

(

)

&DQWLGDGHV)DFWRUGH&DQWLGDGHV)DFWRUGH&RQWHQLGR&RQWHQLGRGH

HQWUHJDGDV&RQYHUVLyQHQWUHJDGDVHPLVLyQGH

GHFDUERQR

FDUERQRW&*J&FDUERQR
 D

7-XQLGDG

7,326'(&20%867,%/(6&)yVLOHV

2WURFDUEyQELWXPLQRVR

VyOLGRV&DUEyQVXEELWXPLQRVR)yVLOHV*DVROLQD

OtTXLGRV

7-

W&7-

$[%

(

&['

([

)4XHURVHQRSDUDDYLRQHV
GHUHDFFLyQ*DVyOHRIXHOyOHR)XHOyOHRUHVLGXDO/XEULFDQWHV
7RWDO

D ,QGLFDUODVFDQWLGDGHVGHOD7DEOD+RMD&ROXPQD'³%XQNHUVLQWHUQDFLRQDOHV´0Ï'8/268%0Ï'8/2+2-$'(75$%$-2+2-$(1(5*Ë$&2352&('(17('()8(17(6(1(5*e7,&$6 0e72'2'(5()(5(1&,$'((0,6,21(6'(%81.(56,17(51$&,21$/(6 75$163257(0$5Ë7,02<$e5(2,17(51$&,21$/

3$62

3$62

*

+

,

-

.

/

)UDFFLyQGHO&DUERQR(PLVLRQHV)UDFFLyQGHO(PLVLRQHV(PLVLRQHV

FDUERQRDOPDFHQDGRQHWDVGH

FDUERQRUHDOHVGHUHDOHVGH&2

DOPDFHQDGR*J&FDUERQR

R[LGDGRFDUERQR*J&2

*J&7,326'(&20%867,%/(6)yVLOHV

2WURFDUEyQELWXPLQRVR

+


)[*

,

)+

*J&
.

,[-

/

.[

VyOLGRV&DUEyQVXEELWXPLQRVR)yVLOHV*DVROLQD



4XHURVHQRSDUDDYLRQHVGH*DVyOHRIXHOyOHR)XHOyOHRUHVLGXDO/XEULFDQWHVOtTXLGRV

3$62

UHDFFLyQ

7RWDO D
D /DVHPLVLRQHVSURFHGHQWHVGHORVEXQNHUVLQWHUQDFLRQDOHVQRVHGHEHQDxDGLUDORVWRWDOHVQDFLRQDOHV    ' L U H F W U L F H V  G H O  , 3 & &  S D U D  O R V  L Q Y H Q W D U L R V  G H  J D V H V  G H  H I H F W R  L Q Y H U Q D G H U R   Y H U V L y Q  U H Y L V D G D  H Q
/LEURGH7UDEDMR