/XQHV_$FWXDOL]DGRDODVK 1HZVOHWWHU  566  :LGJHWV 

,QLFLR (PSUHVDV 0HUFDGRV (FRQRPtD 3URIHVLRQDOHV (PSOHR 7HFQRORJtD )LQDQ]DVSHUVRQDOHV 7HQGHQFLDV 2SLQLyQ *XtDV 9LVRUHQ3')
+HPHURWHFD 

(GLWRULDOHV  7ULEXQDV &ROXPQLVWDV 

7ULEXQD'$1,(/=$0,7 /2Ò/7,02 /20È6/(,'2 /20È6927$'2

/DSUHFDULDVLWXDFLyQGHOFRQWURO  (O*RELHUQRFRQILUPDTXHORVHVSD xROHV

TXHLEDQHQODIORWLOODDWDFDGDSRU,VUDHOHVWiQ

DpUHRHQ(VSDxD
ELHQ

 (OGHORVDVHVRUHVILQDQFLHURVYH
LQVXILFLHQWHVODVPHGLGDVFRQWUDHOGpILFLW

 %%.UHFKD]DLQLFLDUFXDOTXLHUWLSRGH
IXVLyQFRQHOUHVWRGHFDMDVYDVFDV 
¢7HLQWHUHVD"6L &RPSDUWLU      PiVRSFLRQHV   
 (O*UXSR(URVNLDFXHUGDXQDVXELGD
'DQLHO=DPLW  VDODULDOGHOSDUD
/DHQWUDGDHQYLJRUGHO5HDO'HFUHWR\OD/H\
SURGXFHQXQDPHUPDGHVHJXULGDGLPSRUWDQWH YHUP iV

HQODVRSHUDFLRQHVGHOFRQWURODpUHR(OORREHGHFHDODVVLJXLHQWHVPHGLGDVLPSODQWDGDVSRUODOH\
SURPXOJDGD 

O5HWLURIRU]RVRGHORVFRQWURODGRUHVGHPiVGHDxRV$XQDSODQWLOODHVFDVDGHVGHKDFHDxRV
VHDxDGHHOUHWLURGHHVWRVFRQWURODGRUHVTXHHQODDSUR[LPDFLyQD%DUDMDVVXSRQHQFDVLXQ
GHOSHUVRQDO6XWUDEDMRFRQVLVWHHQDSUR[LPDUORVDYLRQHVDODHURSXHUWRSDUDTXHDWHUULFHQHO
PD\RUQ~PHURGHDYLRQHVHQHOPHQRUWLHPSRSRVLEOH0HGLDQWHyUGHQHVFRQVWDQWHVGHUXPER
YHORFLGDG\DOWLWXGVRQDFHUFDGRVHQWUHVtSDUDGHMDUORVPX\MXQWRVHQGRVILODVDSUREDGDVFRQODV
SLVWDVGHODHURSXHUWR/DVFRQWLQJHQFLDVVRQQXPHURVDVWRUPHQWDVYLHQWRVIXHUWHVHPHUJHQFLDV
*XtDSDUDSUHSDUDUOD5HQWD
PpGLFDVFRPEXVWLEOHHWF3RUHOORORVFRQWURODGRUHVPiVH[SHULPHQWDGRVVRQXQFDSLWDO
&RQRFHODVQRYHGDGHV\ODVSULQFLSDOHV
LPSUHVFLQGLEOH GHGXFFLRQHVSDUDODGHFODUDFL yQGHO,53)
$GHPiV&LQFR'tDVRIUHFHHO0DQXDOGHOD5HQWD\
O5HFRUWHVGHSHUVRQDO'HVGH$(1$YLHQHQRPEUDQGRPHQRVFRQWURODGRUHVSDUDSUHVWDUHO HO3URJUDPD3DGUH
VHUYLFLRGHFRQWUROSDUDUHFRUWDUJDVWRV(VWRVUHFRUWHVREOLJDQDTXHSDVHQPHQRVDYLRQHVSRUHO
PLVPRHVSDFLRDpUHR&XDQWRVPHQRVFDUULOHVKD\HQXQDDXWRSLVWDPHQRVFRFKHVSDVDQ\VH $FFHGHDOHVSHFLDO 
SURGXFHQDWDVFRV(VWRFDXVDXQDVGHPRUDVLPSRUWDQWHVSXHVWRTXH$(1$HVWiREOLJDGDD
HVWDEOHFHUUHJXODFLRQHVSRQHUXQILOWURHQHOQ~PHURGHDYLRQHVTXHPDQHMDXQFRQWURODGRUTXH 
OOHYDHOWUDEDMRGHGRV(OORSURYRFDFRQJHVWLRQHVGHWUiILFRREOLJDQGRDORVDYLRQHVDDVXPLUODV
GHPRUDVHQHODLUHHQYH]GHKDFHUORHQWLHUUDFRQHOULHVJRTXHHVWRFRQOOHYD(QWRGDVODV (VWDPRVHQ)DFHERRN
GHSHQGHQFLDVGHFRQWUROVHHVWiWUDEDMDQGRSRUHQFLPDGHODVFDSDFLGDGHVSXEOLFDGDVSRUOD &RQRFHQXHVWUDSiJLQDGH
SURSLD$(1$KDVWDHQXQGHOYROXPHQGHDYLRQHVHVWDEOHFLGR(VGLItFLOUHFRUWDU\QRSURGXFLU )DFHERRN\KD]WHIDQSDUDWHQHU
GHPRUDV\HQQLQJ~QFDVRHVLPSXWDEOHDOVHUYLFLRGHFRQWURO ODVQRWLFLDVHQWXPXUR

O&LUFXODUHVRSHUDWLYDV3DUDMXVWLILFDUODVVREUHFDUJDVTXHDGLDULRVHSURGXFHQ$(1$SXEOLFDXQD
FRQRFHQXHVWUDS iJLQD 
FLUFXODULPSXWDQGRGLFKDVVREUHFDUJDVDOWUDEDMRGHORVFRQWURODGRUHVSXHVWRTXHUHFRUWDPRVODV
UXWDVGHORVDYLRQHV\ORVVXELPRVSRUHQFLPDGHORVQLYHOHVGHYXHORTXHSLGHQ(QGLFKDFLUFXODU
REOLJDQDORVWUDEDMDGRUHVDTXHORVDYLRQHVQRVHVDOJDQGHODUXWDGHVXSODQGHYXHORVLQ
DWDMRV\DQRVXELUORVSRUHQFLPDGHOQLYHOGHYXHORUHTXHULGRFRQHOFRQVLJXLHQWHJDVWRH[WUDGH
FRPEXVWLEOH

(QODDSUR[LPDFLyQD%DUDMDVGXUDQWHPXFKRVDxRVKHPRVIOH[LELOL]DGRHOXVRGHODVGRVSLVWDVGH
OOHJDGDVSHUPLWLHQGRTXHORVDYLRQHVDWHUUL]DUDQLQGLVWLQWDPHQWHSRUFDGDXQD\HQIXQFLyQGHO 6tJXHQRVHQWXL3KRQH
URGDMHSDUDVXDSDUFDPLHQWR$KRUDWDPELpQORWHQHPRVSURKLELGR (QWUDHQODDSOLFDFLyQGH&LQFR'tDVFRP\DFFHGH
DWRGDODLQIRUPDFLyQILQDQFLHUD
O&RPLVDULRVSROtWLFRV$GHPiVGHODVLWXDFLyQGHLQFHUWLGXPEUH\DFRVRHQODTXHVHHVWi
SUHVWDQGRHOVHUYLFLRODOH\SHUPLWHDORVJHVWRUHVGH$(1$ILVFDOL]DUODODERUGHORVFRQWURODGRUHV YHUP iV 
\VXVSHQGHUORVGHHPSOHR\VXHOGRFRPRSDVRSUHYLRDXQGHVSLGRGLVFLSOLQDULR

(OGHPD\RDOSURGXFLUVHXQDVREUHFDUJDHQHO&HQWURGH&RQWUROGH0DGULGHOGLUHFWRU 9LVLWDQXHVWUR7ZLWWHU
UHJLRQDO\HOMHIHGH2SHUDFLRQHVKDQHVWDGRHQODVDODGHFRQWUROPLGLHQGRODGLVWDQFLDHQWUHORV &RQRFHQXHVWUDSiJLQDGH7ZLWWHU
DYLRQHVSRUTXHODVHVSHUDVOOHJDQKDVWDORVSLHV(OLPSHFDEOHWUDEDMRGHORVSURIHVLRQDOHV \VtJXHQRVSDUDWHQHUODVQRWLFLDV
PiVLPSRUWDQWHV
TXHHVWDEDQVROXFLRQDQGRHVDFRQJHVWLyQKDHYLWDGRUHSUHVDOLDVGLVFLSOLQDULDV1RVHHVWDED
GHVDSURYHFKDQGRQLXQDVRODPLOODQiXWLFDHQODVHSDUDFLyQHQWUHDYLRQHV/DVUHJXODFLRQHVKDQ
FRQRFHQXHVWUDS iJLQD 
YXHOWRDIDOODU1XHVWURWUDEDMRLPSHFDEOH

O6DOXGODERUDO'HVGHODHQWUDGDHQYLJRUGHOD/H\VHKDQSURGXFLGRHYDFXDFLRQHVHQ
DPEXODQFLDGHFRQWURODGRUHVHQGLYHUVDVGHSHQGHQFLDV&XDGURVGHHVWUpVVXELGDVGHWHQVLyQ /D%ROVDDIRQGR
DUULWPLDVFDUGLDFDVVXELGDVGHDGUHQDOLQDHWFHVWiQHPSH]DQGRDJHQHUDUEDMDVFHUWLILFDGDVSRU /RVtQGLFHVHO,EH[JUiILFRV
DQiOLVLVWpFQLFRFRPHQWDULRVGH
OD6HJXULGDG6RFLDO(OUHVXOWDGRGHPHVHVGHGHVSUHVWLJLRS~EOLFRGHGHFLVLRQHVDUELWUDULDVGH ODVHVLyQUHFRPHQGDFLRQHV\
UHGXFFLyQGHGHVFDQVRVGHLQFUHPHQWRREOLJDWRULRGHKRUDVGHWUDEDMRGHLQFHUWLGXPEUHHQ PXFKRP iV
PXFKRVDVSHFWRVGHODSURIHVLyQHVWiQHPSH]DQGRDSDVDUIDFWXUD
WRGRVREUHORVPHUFDGRV 
O6HJXULGDG/RVLQFLGHQWHVFRPR$(1$UHFRQRFHHQGRFXPHQWRVSURSLRVKDQDXPHQWDGR
HVSHFWDFXODUPHQWHHQWRGD(VSDxD(OFROHFWLYRGHPDQGDGHO0LQLVWHULRGH)RPHQWR\GH$(1$HO
UHSODQWHDPLHQWRGHODVLWXDFLyQDODTXHQRVKDOOHYDGROD/H\(VWDPRVDWLHPSRGHSDUDU %ORJV~OWLPRVFRPHQWDULRV
ODGLQiPLFDHQODTXHVHKDHQWUDGR\TXHQRKDPHMRUDGRHQQDGDODFDOLGDGGHOVHUYLFLRGH
FRQWUROHQ(VSDxD1RUHFODPDPRVGLQHURUHFODPDPRVTXHODVFRQGLFLRQHVGHVHJXULGDGHQODV 
TXHVHSUHVWDEDHOVHUYLFLRYXHOYDQDVHUHOREMHWLYRSULRULWDULRGHQXHVWUDHPSUHVDTXHDG tDGH -RVp&DUORV'tH]_(OHFRQRPLVWD
REVHUYDGRU
KR\WLHQHFRPRPi[LPDSUHRFXSDFLyQVHJXLUDKRUUDQGRFRVWHVTXHQRLQYHUVLyQ\HVRVyORVH <HQHVROOHJy)LWFK
WUDGXFHHQLPSRUWDQWHVIDOODVGHODVHJXULGDGGHODVRSHUDFLRQHV

'DQLHO=DPLW&RQWURODGRUDpUHR

 O6HJXULGDG/RVLQFLGHQWHVFRPR$(1$UHFRQRFHHQGRFXPHQWRVSURSLRVKDQDXPHQWDGR
HVSHFWDFXODUPHQWHHQWRGD(VSDxD(OFROHFWLYRGHPDQGDGHO0LQLVWHULRGH)RPHQWR\GH$(1$HO
UHSODQWHDPLHQWRGHODVLWXDFLyQDODTXHQRVKDOOHYDGROD/H\(VWDPRVDWLHPSRGHSDUDU %ORJV~OWLPRVFRPHQWDULRV
ODGLQiPLFDHQODTXHVHKDHQWUDGR\TXHQRKDPHMRUDGRHQQDGDODFDOLGDGGHOVHUYLFLRGH
FRQWUROHQ(VSDxD1RUHFODPDPRVGLQHURUHFODPDPRVTXHODVFRQGLFLRQHVGHVHJXULGDGHQODV 
TXHVHSUHVWDEDHOVHUYLFLRYXHOYDQDVHUHOREMHWLYRSULRULWDULRGHQXHVWUDHPSUHVDTXHDG tDGH -RVp&DUORV'tH]_(OHFRQRPLVWD
REVHUYDGRU
KR\WLHQHFRPRPi[LPDSUHRFXSDFLyQVHJXLUDKRUUDQGRFRVWHVTXHQRLQYHUVLyQ\HVRVyORVH <HQHVROOHJy)LWFK
WUDGXFHHQLPSRUWDQWHVIDOODVGHODVHJXULGDGGHODVRSHUDFLRQHV

'DQLHO=DPLW&RQWURODGRUDpUHR

$),_,QYHUWLUFRQp[LWR
¢7HLQWHUHVD"6L &RPSDUWLU      PiVRSFLRQHV    6HPDQDGHFDOPD"WHQVD
FDOPD

0iVQRWLFLDVHQ2SLQLyQ
YHUP iV 
9pUWLJRHOHFWRUDO 
8QYRWRGHFRQILDQ]DSDUDODVUHIRUPDVVHULDV 
,QVWDODODEDUUDGH&LQFR
&DSLWDOILQDQFLHUR\FDSLWDOVRFLDOGH.XW[D  'tDVHQWXQDYHJDGRU
<DHVWiELHQGHLUGHFKLFREXHQR  'LVIUXWDGHQXHVWURZHEHQWX
QDYHJDGRU([SORUHUR)LUHIR[FRQ
6XELGDGHLPSXHVWRVWRU\  ODEDUUDGH&RQGXLW

LQVWDODODEDUUD 


&RQWDFWR $YLVR/HJDO 3ROtWLFDGHSULYDFLGDG ¢4XLpQHVVRPRV" :LGJHWV 566GHFLQFRGtDVFRP 6(&&,21(6

‹(6758&785$*5832'((678',26(&21Ï0,&266$0LJXHO<XVWH0DGULG>(VSDxD@7HO
$62&,$'26 275260(',26