978 620 2 13766 9

! ""
# $ %&'% %('% )%!#* '(&% +
(

, #,
% - .+(

, #,

% /0&%1 +# 2
(

, #,

% /#(#%1 333 0(* )45605 !4%&* +
(

, #,
% 7- '
(

,
#,
%
2 /1 -
.+
#8
/(&1 #
2
(

, #,
% /#(#%1 333 7%)(
&4&'5 ** & !, !
/!!1 +(

,#,
%
# 2
& , /#&1 333 09:& #05 %&.*7%
+(

, #,
% """
'
(

,#,
%

2 /1
# # + (

/(!!1

(

,#,
% '

(

,#,
%
2 /1
# 2

(

/#(1

!"#$%$"&$'(

!" #$%&% #
'%()
%

*
%
+

! "

#
$ %
&

'

( &
)
*+%
&
$
$+*,-.%

/ 0

1
%

2
3
4
5
/ 6-*7 #
$ %
&

'

( & )

$
$6-*7
AAVM ©
$/(5*,$
3(5,23(5$725,$
ϭ
52'5,*2&2//$'2&+$*2<$
0(',&2(63(&,$/,67$,17(51,67$,167,78720(;,&$126(*85262&,$/,066
0(',&2 (63(&,$/,67$ ,10812/2*,$ &/,1,&$ < $/(5*,$ '(3$57$0(172 ,10812/2*,$ &/,1,&$ <
$/(5*,$+263,7$/*(1(5$/'(0(;,&2+*0
0,(0%52&2/(*,20(;,&$120(',&,1$,17(51$&(57,),&$'2&216(-20(',&,1$,17(51$&0,0
$1'5($9(/$6&20(',1$
0(',&2 (63(&,$/,67$ ,10812/2*,$ &/,1,&$ < $/(5*,$ '(3$57$0(172 ,10812/2*,$ &/,1,&$ <
$/(5*,$+263,7$/*(1(5$/'(0(;,&2+*0
352)(625$7,78/$5,10812/2*,$&/,1,&$<$/(5*,$81,9(56,'$'$872120$'(0(;,&281$0
0,(0%52&2/(*,20(;,&$12'(,10812/2*,$&/,1,&$<$/(5*,$&0,&$
*8,//(5029(/$=48(=6$0$12
0(',&2 (63(&,$/,67$ ,10812/2*,$ &/,1,&$ < $/(5*,$ -()( '(/ '(3$57$0(172 ,10812/2*,$
&/,1,&$<$/(5*,$+263,7$/*(1(5$/'(0(;,&2+*0
352)(625 7,78/$5 /,&(1&,$785$ 0(',&2 &,58-$12 < 3$57(52 (6&8(/$ 683(5,25 0(',&,1$
,167,787232/,7(&1,&21$&,21$/,31
0,(0%52&2/(*,20(;,&$12'(,10812/2*,$&/,1,&$<$/(5*,$&0,&$
-$9,(5+(51$1'(=520(52
0(',&2(63(&,$/,67$1(802/2*,$6(&5(7$5,$6$/8'(67$'2'(+,'$/*2
0(',&2 (63(&,$/,67$ ,10812/2*,$ &/,1,&$ < $/(5*,$ '(3$57$0(172 ,10812/2*,$ &/,1,&$ <
$/(5*,$+263,7$/*(1(5$/'(0(;,&2+*0
0,(0%52&2/(*,20(;,&$121(802/2*,$&(57,),&$'2&216(-21$&,21$/1(802/2*,$&11
58%(1&58=3$172-$
0(',&2 (63(&,$/,67$ ,10812/2*,$ &/,1,&$ < $/(5*,$ '(3$57$0(172 ,10812/2*,$ &/,1,&$ <
$/(5*,$+263,7$/*(1(5$/'(0(;,&2+*0
Ϯ

$*5$'(&,0,(172
/DUHDOL]DFL³QGHXQOLEURSRUVPLVPRHVHVSHFLDOSHURDYHFHVHOSRGHUFRPSDUWLUORFRQORV
TXHORKLFLHURQSRVLEOHHVODVDWLVIDFFL³QP¡VJUDQGHSDUDXQHVFULWRU
(Q SULPHU JUDGR HVWH OLEUR WLHQH XQD GHGLFDWRULD HVSHFLDO DO 'RFWRU *XLOOHUPR 9HO¡]TXH]
6¡PDQR-HIHGHO6HUYLFLRGH$OHUJLD\0LHPEUR)XQGDGRUGHO6HUYLFLRGH,QPXQRORJD&OQLFD
\$OHUJLDGHO+RVSLWDO*HQHUDOGH0©[LFRHOFXDOFRQP¡VGHD±RVGHYRFDFL³Q\HQWUHJDKD
FRQVROLGDGR DO 6HUYLFLR FRPR XQ /XJDU GH 5HIHUHQFLD 1DFLRQDO \ VX JUDQ KXPDQLVPR \
UHVSRQVDELOLGDG QRV KD PDUFDGR D FDGD XQR GH QRVRWURV HQ QXHVWUR FDPLQR SURIHVLRQDO \
QXHVWURFDPLQRGHYLGD
(Q VHJXQGR OXJDU TXHUHPRV DJUDGHFHU D FDGD XQR GH QXHVWURV VHUHV TXHULGRV TXH QRV
DFRPSD±DQ GD D GD GH QXHVWUDV MRUQDGDV \ QRV LPSXOVDQ D GDU OR PHMRU GH FDGD XQR GH
QRVRWURV ORV FXDOHV VRQ QXHVWURV F³PSOLFHV HQ ODV YLFWRULDV \ QXHVWURV FRPSD±HURV HQ ODV
GHUURWDV \D TXH VLQ HOORV QLQJºQ SDVR VHUD SRVLEOH \ QR H[LVWLUD QLQJºQ FDPLQR HO FXDO
DWUDYHVDU
(Q WHUFHU OXJDU TXHUHPRV DJUDGHFHU D OD (GLWRULDO $FDG©PLFD (VSD±ROD \ HQ HVSHFLDO D
+XPEHUWR5HQG³QSRUODJUDQRSRUWXQLGDGHGLWRULDOSUHVHQWDGD\SRUDSR\DUQRVSDVRDSDVR
GHVGHODSURSXHVWDLQLFLDOKDVWDODILQDOL]DFL³QGHOOLEURVLHPSUHGHVWDFDQGRSRUVXJUDQHQWUHJD
\SURIHVLRQDOLVPR
Ȓ7RGRHOPXQGRWUDWDGHUHDOL]DUDOJRJUDQGHVLQGDUVHFXHQWDGHTXHODYLGDVHFRPSRQHGH
FRVDVSHTXH±DVȓ)UDQN&ODUN
ϯ

,1',&(%,%/,2*5$),&2
,1752'8&&,21
5($&&,21(6$'9(56$6$0(',&$0(172ȘȘȘȘȘȘ
),6,23$72/2*,$
%/248($'25(61(852086&8/$5(6
/$7(;
68*$00$'(;
35232)2/
$0,12$0,'$6
23,2'(6
%(1=2',$=(3,1$6
$17,6(37,&26ȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘȘ
&8$'52&/,1,&2$/(5*,$3(5,23(5$725,$ȘȘȘȘȘ
',$*1267,&2$/(5*,$3(5,23(5$725,$
3/$1'($&&,21$1$),/$;,$3(5,23(5$725,$ȘȘȘȘ
75$7$0,(172$/(5*,$3(5,23(5$725,$
%,%/,2*5$),$
ϰ

,1752'8&&,1$/(5*,$3(5,23(5$725,$
/DV5HDFFLRQHVGH+LSHUVHQVLELOLGDG3HULRSHUDWRULDVFRQVWLWX\HQXQSUREOHPDGHVDOXGPXQGLDO
GHELGRVXDOWDPRUELPRUWDOLGDGVXLQFLGHQFLDVXEHVWLPDGDHOULHVJRGHVHQVLELOL]DFL³QSUHYLD
LQFOXVRHQXQDSULPHUDH[SRVLFL³QDORVI¡UPDFRV\VREUHWRGRDOGLIFLOGLDJQRVWLFRSUHFR]HQ
TXLU³IDQR SRU DXVHQFLD GH VQWRPDV SURGU³PLFRV DO HIHFWR IDUPDFRGLQ¡PLFR GH ORV PLVPRV
I¡UPDFRV\DODDXVHQFLDGHFRQVHQVRVGHGLDJQ³VWLFR\WUDWDPLHQWRGH$OHUJLD3HULRSHUDWRULD
'XUDQWHHOSHULRGRSHULRSHUDWRULRORVSDFLHQWHVHVW¡QH[SXHVWRVDXQVLQQºPHURGHI¡UPDFRV
TXHSXHGHQLQGXFLUXQD5HDFFL³QGH+LSHUVHQVLELOLGDGFRQXQDLQFLGHQFLDHVWLPDGDGHHQ
FDGDSURFHGLPLHQWRV
$XQTXHODWDVDGH,QFLGHQFLDGHDQDILOD[LDGXUDQWHDQHVWHVLDYDULDGHHVWXGLRVKHFKRVHQFDGD
SREODFL³Q\SDVHQFRQWUDQGRGHDGHSUHYDOHQFLDHQ&DQDG¡
HQ1RUXHJDHQ$XVWUDOLDHQ(VWDGRV8QLGRVVLHQGRHQ
(VSD±DHQ0©[LFRQRH[LVWHQLQJºQUHJLVWURELEOLRJU¡ILFRVREUHLQFLGHQFLDRSUHYDOHQFLDGH
5HDFFLRQHVGH+LSHUVHQVLELOLGDG3HULRSHUDWRULDVWDPEL©QHQFRQWUDQGRXQDWDVDGHPRUWDOLGDG
YDULDEOHHQWUHGLVWLQWRVSDVHVGHXQUDQJRGHODO
'HQWURGHORVGLVWLQWRVUHSRUWHV\HVWXGLRVDQLYHOJOREDOVREUHORVI¡UPDFRVP¡VDVRFLDGRVD
QLYHOJOREDOH[LVWHXQDJUDQYDULDELOLGDGGHODOLWHUDWXUDVLQHPEDUJRGHIRUPDJHQHUDOVHSXGH
FRQVLGHUDUTXHP¡VGHOGHFXDGURVGH$OHUJLD3HULRSHUDWRULDVRQVHFXQGDULRDOXVRGHWUHV
I¡UPDFRVRDJHQWHV%ORTXHDGRUHV1HXURPXVFXODUHV/¡WH[\$QWLEL³WLFRV
(QHVWXGLRVDPD\RUHVFDODHOHVWXGLRIUDQF©VUHSRUWDODPD\RUFDXVDGH$OHUJLD3HULRSHUDWRULD
VHFXQGDULD DO XVR GH %ORTXHDGRUHV 1HXURPXVFXODUHV VHJXLGR GH /¡WH[ \
DQWLEL³WLFRVHQWHUFHUOXJDUFRQWDQGRFRQKLSQ³WLFRVFRORLGHVDPLQRDPLGDV\
DQWLV©SWLFRVFRPRHOUHVWRGHFDVRVUHSRUWDGRV0LHQWUDVTXHHQ(VWDGRV8QLGRVVHUHSRUWDD
ORVDQWLEL³WLFRVFRPRODSULPHUDFDXVDGH$OHUJLD3HULRSHUDWRULDFRQVLGHUDQGRTXHHO
XVRGHSURILOD[LVDQWLEL³WLFDVXHOHVHUFRQFHIDORVSRULQDGHSULPHUDJHQHUDFL³QTXHFDXVDXQD
PD\RU H[SRVLFL³Q D I¡UPDFRV FRQ DOWD UHDFWLYLGDG FUX]DGD D $OHUJLD D 3HQLFLOLQDV ([LVWHQ
UHSRUWHVHVSHFLDOHVGHPD\RULQFLGHQFLDGH$OHUJLD3HULRSHUDWRULDD$QWLV©SWLFRVHQ1RUXHJD\
6XHFLD1RH[LVWHQUHSRUWHVELEOLRJU¡ILFRVVREUHORVI¡UPDFRVP¡VIUHFXHQWHPHQWHDVRFLDGRV
D$OHUJLD3HULRSHUDWRULDHQ0©[LFR
/D LPSRUWDQFLD GH $OHUJLD 3HULRSHUDWRULD UDGLFD HQ VX GLDJQ³VWLFR SUHFR] \ VX WUDWDPLHQWR
DGHFXDGRFRQVLGHUDQGRHVWHGLDJQ³VWLFRLQLFLDO\WUDWDPLHQWRLQLFLDOVHU¡SULQFLSDOPHQWHSRUHO
6HUYLFLR GH $QHVWHVLRORJD \ SRVWHULRU DO GLDJQ³VWLFR GH $OHUJLD 3HULRSHUDWRULD HVWDEOHFLGR
GHEHU¡ VHU WUDWDGR GH IRUPD PXOWLGLVFLSOLQDULD 0HGLFLQD ,QWHUQD $QHVWHVLRORJD 7HUDSLD
,QWHQVLYD,QPXQRORJD\$OHUJLD'HUPDWRORJD\SRVWHULRUDODUHPLVL³QGHOFXDGUR\HJUHVRVX
VHJXLPLHQWRGLDJQ³VWLFR\GHWUDWDPLHQWRVHU¡DFDUJRGHO$OHUJ³ORJR
ϱ

$OQRH[LVWLUFRQVHQVRVGHGLDJQ³VWLFRV\WUDWDPLHQWRHVWHOLEURSUHWHQGHUHFRJHUGHIRUPDFODUD
ORVPHFDQLVPRVILVLRSDWRO³JLFRVDVRFLDGRVD$OHUJLD3HULRSHUDWRULDORVP©WRGRVGLDJQ³VWLFRV
DFWXDOHVHOWUDWDPLHQWRLQLFLDOHQTXLU³IDQR\HOWUDWDPLHQWRVXEVHFXHQWHSDUDSUHYHQLUXQD
IXWXUD5HDFFL³Q$O©UJLFD
0(&$1,6026'($&&,21
/D2UJDQL]DFL³Q0XQGLDOGHOD6DOXG206GHILQHTXHXQD5HDFFL³Q$GYHUVDD0HGLFDPHQWRV

5$0HVFXDOTXLHUHIHFWRSHUMXGLFLDOTXHRFXUUHWUDVODDGPLQLVWUDFL³QGHXQI¡UPDFRDODVGRVLV
QRUPDOHVXWLOL]DGDVHQODHVSHFLHKXPDQDSDUDODSURILOD[LVHOGLDJQ³VWLFRRHOWUDWDPLHQWRGH
XQDHQIHUPHGDGRSDUDODPRGLILFDFL³QGHDOJXQDIXQFL³QILVLRO³JLFD/DV5$0VRQXQSUREOHPD
GHVDOXGPXQGLDOSXHVWRTXHUHSUHVHQWDQXQDFDXVDPX\LPSRUWDQWHGHPRUELPRUWDOLGDGGLUHFWD
\XQDGHODVSULQFLSDOHVFDXVDVGHDEDQGRQRDWUDWDPLHQWR
/DFODVLILFDFL³QP¡VDFHSWDGDGH5$0HVODFODVLILFDFL³QGH5DZOLQV\7KRPSVRQGLYLGLHQGR
ODV5$0HQGRVSULQFLSDOHVWLSRV
5$0WLSR$'RVLVGHSHQGLHQWHR3UHGHFLEOHV6RQDTXHOODVUHDFFLRQHVHVSHUDGDVDOHIHFWR

SURSLRIDUPDFRO³JLFRGHXQPHGLFDPHQWR6RQHOWLSRP¡VIUHFXHQWHGH5$0RFXSDQGRFHUFD
GHO GHO WRWDO GH 5$0 \ VRQ UHVXOWDGR GH XQ HIHFWR FRODWHUDO XQD LQWHUDFFL³Q
IDUPDFRO³JLFD XQD H[WHQVL³Q IDUPDFRO³JLFD SRU DOWHUDFLRQHV GH VX IDUPDFRFLQ©WLFD R
IDUPDFRGLQDPLD6XVJUDYHGDGHVQRUPDOPHQWHVRQSURSRUFLRQDOHVDODGRVLVGHOPHGLFDPHQWR
HQFXHVWL³Q\SXHGHQVHUSUHYHQLGDVRWUDWDGDVPHGLDQWHODPRGLILFDFL³QGLUHFWDGHODGRVLVGHO
PHGLFDPHQWRGHDFXHUGRDODWROHUDQFLDGHOSDFLHQWH
(MHPSORV FODURV GH HVWH WLSR GH 5$0 VRQ +LSRJOLFHPLD VHFXQGDULR DO XVR GH LQVXOLQD
EUDGLFDUGLDVHFXQGDULDDOXVRGHEHWDEORTXHDGRUHVGHVHTXLOLEULRKLGURHOHFWUROWLFRVHFXQGDULR
DOXVRGHGLXU©WLFRVKLSRWHQVL³QDUWHULDOVHFXQGDULRDOXVRGHDQWLKLSHUWHQVLYRV
5$0WLSR%'RVLVLQGHSHQGLHQWHVR,PSUHGHFLEOHV6RQDTXHOODVUHDFFLRQHVQRHVSHUDGDVDO

HIHFWRIDUPDFRO³JLFRSURSLRGHOSDFLHQWHGRQGHLQWHUYLHQHGLUHFWDPHQWHODVXVFHSWLELOLGDGGHO
PLVPRKDFLDHOPHGLFDPHQWRHQFXHVWL³Q5HSUHVHQWDQFHUFDGHOGHOWRWDOGH5$0\
VXLPSRUWDQFLDUDGLFDHQTXHQRKD\IRUPDGHSRGHUVHUSUHGLFKDV\VRQHIHFWRVLQGHSHQGLHQWHV
GHODGRVLVFRPRODLGLRVLQFUDVLDODLQWROHUDQFLDRODDOHUJLD'HQWURGHHVWHWLSRGH5$0H[LVWHQ
VXEWLSRV 5$0 WLSR % LGLRVLQFU¡WLFDV R GH FDXVD GHVFRQRFLGD \ ODV 5$0 WLSR %
LQPXQRDO©UJLFDV
/DV5$0WLSR%LGLRVLQFU¡WLFDVVRQUHDFFLRQHVGHWHUPLQDGDVSRUODFDUJDJHQ©WLFDGHODSHUVRQD
TXH VH FDUDFWHUL]DQ SRU XQD UHVSXHVWD ȒDQRUPDOȓ TXH FLHUWRV LQGLYLGXRV WLHQHQ IUHQWH D XQ
GHWHUPLQDGRI¡UPDFR(MHPSORGHHVWHWLSRGHUHDFFLRQHVVRQ)RWRVHQVLELOLGDGLQGXFLGDSRU
ϲ

VXOIRQDPLGDV \ WHWUDFLFOLQDV OD SXUSXUD WURPERFLWRS©QLFD LQGXFLGD SRU TXLQLQDV OD
DJUDQXORFLWRVLV LQGXFLGD SRU DQWLSVLF³WLFRV FOR]DSLQD R OD KHSDWRWR[LFLGDG LQGXFLGD SRU
DQWLHSLO©SWLFRV&DUEDPD]HSLQD
/DV 5$0 WLSR % LQPXQRDO©UJLFDV VRQ UHDFFLRQHV LQPXQRO³JLFDPHQWH PHGLDGDV GRQGH HO
I¡UPDFRHVUHFRQRFLGRFRPRXQSRWHQFLDODQWJHQRGHULYDQGRHQXQDUHDFFL³QLQPXQRO³JLFD
H[DJHUDGDRXQD5HDFFL³QGH+LSHUVHQVLELOLGDGDGLFKRI¡UPDFR/DV5$0LQPXQRDO©UJLFDV
VRQ PHGLDGDV SRU HO VLVWHPD LQPXQRO³JLFR UHVXOWDQGR GH OD VHQVLELOL]DFL³Q SUHYLD D XQD
VXVWDQFLDRPHGLFDPHQWRGHWHUPLQDGRRDRWUDVXVWDQFLDGHHVWUXFWXUDVHPHMDQWH5HDFWLYLGDG
FUX]DGD (VWH WLSR GH UHDFFLRQHV VH FDUDFWHUL]DQ SRU VHU SRWHQFLDOPHQWH JUDYHV VHU
LQGHSHQGLHQWHVGHODGRVLVGHOI¡UPDFR\VHUWRWDOPHQWHLPSUHGHFLEOHV(MHPSORVGHHVWHWLSR
GH5$0VRQ$QDILOD[LDVHFXQGDULDDFXDOTXLHUI¡UPDFRDQWLEL³WLFRVDQWLQIODPDWRULRVHWFȘ
6QGURPHVGH+LSHUVHQVLELOLGDGUHWDUGDGDDI¡UPDFRV6QGURPH6WHYHQV-RKQVRQ6QGURPH
'5(66HWFRODVYDVFXOLWLVVHFXQGDULDVDI¡UPDFRV
7,326'(5($&&,21(6$'9(56$6$)$50$&265$0
7,32$ 7,32%
,',26,1&5$7,&$6 ,10812$/(5*,&$6
35('(&,%/(6 6, 12 12
'(3(1',(17(6 6, 12 12

'26,6
$/7$ %$-$ %$-$
,1&,'(1&,$
%$-$ ,17(50(',$ $/7$
0257$/,'$'
12 6, 6,
35(',6326,&,21
*(1(7,&$
0(&$1,602 &212&,'2 '(6&212&,'2 3$5&,$/0(17(

&212&,'2
75$7$0,(172 $-867('26,6 6863(1'(5
)$50$&2 6863(1'(5)$50$&2
$*5$18/2&,726,6 $1$),/$;,$
(-(03/2 +,32*/,&(0,$ $17,36,&27,&2
,168/,1$
/DVUHDFFLRQHVGH+LSHUVHQVLELOLGDGDI¡UPDFRSXHGHQGLYLGLUVHHQFXDWURWLSRVGHDFXHUGRFRQ
ODFODVLILFDFL³QRULJLQDOGH*HOO\&RRPEVGHQRPLQDGDV5+7LSR5HDFFLRQHVPHGLDGDV,J(
ϳ

5+ 7LSR 5HDFFLRQHV &LWRW³[LFDV PHGLDGDV SRU DQWLFXHUSRV 5+ 7LSR 5HDFFLRQHV
PHGLDGDVSRU,QPXQRFRPSOHMRV\5+7LSR5HDFFLRQHV+LSHUVHQVLELOLGDGUHWDUGDGD
(QHOFRQWH[WRRULJLQDOODV5+7LSRSRVWHULRUDXQPHFDQLVPRGHVHQVLELOL]DFL³QSUHYLDH[LVWD
XQDLQWHUDFFL³QHQWUHHOSRWHQFLDOI¡UPDFRDFWXDQGRFRPRLQPXQRDO©UJHQR\ORVDQWLFXHUSRV
,J( ORFDOL]DGRV HQ OD VXSHUILFLH FHOXODU GH PDVWRFLWRV EDV³ILORV \ HRVLQ³ILORV FDXVDQGR VX
GHJUDQXODFL³Q \ OD SRVWHULRU OLEHUDFL³Q GH PHGLDGRUHV TXPLFRV WDOHV FRPR OD KLVWDPLQD OD
VXVWDQFLD GH UHDFFL³Q OHQWD GH DQDILOD[LD OHXFRWULHQRV ODV FLQLQDV \ ODV SURVWDJODQGLQDV
SURGXFLHQGR YDVRGLODWDFL³Q FDSLODU FRQWUDFFL³Q GHO PºVFXOR OLVR \ HGHPD WUDGXFL©QGRVH
FOQLFDPHQWH HQ XUWLFDULD EURQFRHVSDVPR \ ILQDOPHQWH DQDILOD[LD VLHQGR OD P¡V FRPºQ \
FRQRFLGDGHWRGDVODV5$0LQPXQRDO©UJLFDV\5HDFFLRQHVGH+LSHUVHQVLELOLGDG
(QODV5+7LSRVRQPHGLDGDVSRUODILMDFL³QGHOFRPSOHPHQWRHQWUHHODQWJHQRI¡UPDFR\

XQDQWLFXHUSRSUHVHQWHHQODVXSHUILFLHGHDOJXQDVF©OXODVGHVDUUROODQGRXQDUHDFFL³QDQWJHQR
DQWLFXHUSR\DODOLVLVGHODF©OXODLQYROXFUDGDWHQLHQGRFRPRHMHPSORODWUDGXFFL³QFOQLFDOD
DQHPLDKHPROWLFDVHFXQGDULDFORUSURPDFLQD
(QODV5+7LSRRFXUUHQIRUPDFL³QGHFRPSOHMRVDQWJHQRȊDQWLFXHUSRV,QPXQRFRPSOHMRV
PHGLDGRSRU,J*TXHVHGHSRVLWDQHQ³UJDQRVGHWHMLGRVEODQFRGHULYDQGRHQDFWLYDFL³QGHO
FRPSOHPHQWR \ JHQHUDQGR GD±R WLVXODU PHGLDQWH OD OLEHUDFL³Q GH HQ]LPDV OLVRVRPDOHV
(MHPSORV GH HVWH WLSR GH 5+ VRQ OD YDVFXOLWLV VHFXQGDULD D I¡UPDFRV OD JORPHUXORQHIULWLV
VHFXQGDULDDI¡UPDFRV
(QODV5+WLSRR5HDFFLRQHVUHWDUGDGDVVRQUHDFFLRQHVPHGLDGDVFHOXODUPHQWHOLQIRFLWRV
GRQGH H[LVWH XQD LQWHUDFFL³Q GLUHFWD HQWUH XQ DO©UJHQR HO PHGLFDPHQWR \ OLQIRFLWRV
VHQVLELOL]DGRVSURGXFL©QGRVHODOLEHUDFL³QGHOLQIRFLQDVSHUIRULQDVJUDQ]LPDVJUDQXOLVLQDV
TXHHIHFWºDQXQGD±RWLVXODUGLUHFWR(MHPSORGHHVWHWLSRGH5+VRQHO6QGURPHGH6WHYHQV
-RKQVRQ OD 1HFUR OLVLV (SLG©UPLFD 7R[LFD 1(7 OD GHUPDWLWLV GH FRQWDFWR \ HO 6QGURPH
(RVLQRIOLFRDVRFLDGRDI¡UPDFRV'5(66
6LQHPEDUJRDODYDQ]DUODGHWHFFL³QGHORVPHFDQLVPRVILVLRSDWRO³JLFRVHVWDFODVLILFDFL³QKD
SHUGLGR FLHUWR JUDGR GH HVSHFLILFLGDG \ ORV WHUPLQR GH IHQRWLSRV \ HQGRWLSRV GH $OHUJLD D
0HGLFDPHQWRVKDQJDQDGRYDOLGH]\UHFRQRFLPLHQWRHQPLOHVGHHVWXGLRVDQLYHOPXQGLDOSRU
ORTXHSDUDW©UPLQRVGHHVWHOLEUR\VLJXLHQGRORVºOWLPRVFRQVHQVRVGHOD2UJDQL]DFL³Q0XQGLDO
GH$OHUJLDV:$2\GHORVRUJDQLVPRVLQWHUQDFLRQDOHV(XURSHRV($&,\$PHULFDQR$$$,
FODVLILFDUHPRVODV5HDFFLRQHV$GYHUVDVD)¡UPDFRVHQUHDFFLRQHVLQPXQRO³JLFDVPHGLDGDV
SRU,J(UHDFFLRQHVLQPXQRO³JLFDVQRPHGLDGDVSRU,J(\UHDFFLRQHVQRLQPXQRO³JLFDV
),6,23$72/2*,$
3UHVHQWDFL³Q\3URFHVDPLHQWR$QWLJ©QLFR
ϴ

/RVI¡UPDFRVVRQFRQVLGHUDGRVDQWJHQRVH[WUD±RV\VRQUHFRQRFLGRV\SUHVHQWDGRVSRUOD
XQL³Q GHO +/$S©SWLGR5&7 SDUD GLVSDUDU ORV PHFDQLVPRV LQPXQRO³JLFRV SDUD VX
SURFHVDPLHQWRDQWLJ©QLFR([LVWHQSULQFLSDOHVWHRUDVVREUHORVPHFDQLVPRVGHSUHVHQWDFL³Q
GH XQ I¡UPDFR SDUD H[SOLFDU FRPR XQ DQWJHQR SHTXH±R I¡UPDFR SXHGH GHVDUUROODU XQD
UHDFFL³QGHKLSHUVHQVLELOLGDG
/DWHRUDGHOKDSWHQR$XQTXHODGURJDFXOSDEOHRVXPHWDEROLWRUHDFWLYRVHDPX\SHTXH±RSDUD
VHUSRWHQFLDOPHQWHLQPXQRJ©QLFRSRUVXFXHQWDVXXQL³QSRUPHGLRGHHQODFHVFRYDOHQWHVD
S©SWLGRV HQG³JHQRV SDUD IRUPDU XQ FRPSOHMR KDSWHQRSRUWDGRU SHUPLWH VX SRVWHULRU
UHFRQRFLPLHQWRSRUUHFHSWRUHVGH F©OXODV75&7UHVXOWDQGRHQODLQGXFFL³QGHUHVSXHVWDV
LQPXQHVKXPRUDOHVSDUDHOI¡UPDFR
/DLQWHUDFFL³QIDUPDFRO³JLFDFRQHOUHFHSWRULQPXQH(QHVWDWHRUDVHSRVWXODTXHHOI¡UPDFR
\VXPHWDEROLWRUHDFWLYRSXHGHXQLUVHGHIRUPDGLUHFWDUHYHUVLEOH\SRUPHGLRGHHQODFHVQR
FRYDOHQWHVDODSURWHQDGHO5HFHSWRUGH&©OXODV75&7\RDO$QWJHQR/HXFRFLWDULR+XPDQR
+/$ \ HOXGLU OD YD FO¡VLFD GH SURFHVDPLHQWR DQWLJ©QLFR HQ ODV F©OXODV SUHVHQWDGRUDV GH
DQWJHQRV(VWDWHRUDKDVLGRFRPSUREDGDHQHOFDVRGHI¡UPDFRVFRPROD&DUEDPD]HSLQD
TXH SXHGH LQWHUDFWXDU GLUHFWDPHQWH FRQ HO +/$% VLQ HO SURFHVDPLHQWR DQWLJ©QLFR
LQWUDFHOXODURWURHMHPSORGHHVWDWHRUDHVODLQWHUDFFL³QGLUHFWDHQWUHHOR[\SXULQROPHWDEROLWR
GLUHFWRDORSXULQRO\HO+/$% HYDGLHQGRODYDGHSURFHVDPLHQWRDQWLJ©QLFRLQWUDFHOXODU
(OPRGHORGHUHSHUWRULRGHS©SWLGRDOWHUDGR3RVWXODTXHHOI¡UPDFRFXOSDEOHRFXSDODSRVLFL³Q
HQODXQL³QSHSWGLFDGHODSURWHQD+/$FDPELDQGRODKHQGLGXUDGHODXQL³Q\ODHVSHFLILFLGDG
GHOS©SWLGRGHODXQL³QD+/$8QHMHPSORGHHVWDWHRUDHVFRPRHO$EDFDYLUIRUPDFRPSOHMRV
FRQODHVWUXFWXUDFULVWDOLQDGH+/$% \RWURVS©SWLGRVDOWHUDQGRODIRUPDTXPLFDGHOD
KHQGLGXUDGHXQL³QDODQWJHQRDOWHUDQGRHOUHSHUWRULRGHUHSHWLGRVHQG³JHQRV\UHVXOWDQGRHQ
OD DFWLYDFL³Q GH F©OXODV 7 3ROLFORQDOHV \ HQ XQ IHQ³PHQR GH DXWRLQPXQLGDG 5HDFFL³Q GH
+LSHUVHQVLELOLGDG
(O PRGHOR GH UHSHUWRULR GH 5HFHSWRU GH &©OXODV 7 5&7 6XJLHUH TXH DOJXQRV I¡UPDFRV
LQWHUDFWºDQGLUHFWDPHQWHFRQHO5HFHSWRUGH&©OXODV7SHURVLQLQWHUDFWXDUFRQRWURVS©SWLGRV
R FRQ ODV PRO©FXODV GHO +/$ HQ HVWH PRGHOR ORV DQWJHQRV GHO I¡UPDFR VH XQHQ D 5&7
HVSHFILFRV DOWHUDQGR VX FRQIRUPDFL³Q HVWUXFWXUDO \ G¡QGROHV OD SRVLELOLGDG GH XQLUVH D
FRPSOHMRVSURSLRV+/$S©SWLGRVSXGLHQGRGHVDUUROODUXQDIXWXUDUHDFFL³QGHKLSHUVHQVLELOLGDG
(VWDWHRUDVHKDSRVWXODGRHQHOPHFDQLVPRGHOVXOIDPHWR[D]RO
ϵ

0HFDQLVPRV,QPXQRO³JLFRVHQ+LSHUVHQVLELOLGDGD)¡UPDFRV
/DV5HDFFL³QGH+LSHUVHQVLELOLGDGFRPRVHFRPHQW³P¡VDWU¡VSXHGHQGLYLGLUVHHQUHDFFLRQHV
LQPXQRO³JLFDV PHGLDGDV SRU ,J( UHDFFLRQHV LQPXQRO³JLFDV QR PHGLDGDV SRU ,J( \
PHFDQLVPRVQRLQPXQRO³JLFRV
(Q ODV 5HDFFLRQHV ,QPXQRO³JLFDV PHGLDGDV SRU ,J( H[LVWH XQD VHQVLELOL]DFL³Q SULPDULD DO
I¡UPDFRRDVXVWDQFLDVGHVLPLODUHVWUXFWXUDPROHFXODUUHDFWLYLGDGFUX]DGDFRQODSRVWHULRU
IRUPDFL³QGH,J(I¡UPDFRHVSHFLILFDOLEHUDGDSRUF©OXODV%SODVP¡WLFDV'HVDUUROODQGRHQXQD
VXEVHFXHQWHH[SRVLFL³QDOI¡UPDFRODXQL³QGHODO©UJHQRHVSHFLILFRDORVUHFHSWRUHVGHDOWD
DILQLGDGGH,J(HQODVXSHUILFLHGHPDVWRFLWRVEDV³ILORV\HRVLQ³ILORVFDXVDQGRODGHJUDQXODFL³Q
GH ORV PLVPRV \ OD VXEVHFXHQWH OLEHUDFL³Q GH PHGLDGRUHV SUHIRUPDGRV FRPR KLVWDPLQD
7ULSWDVD FDUER[LSHSWLGDVD PHGLDGRUHV GH PHPEUDQD IRVIROLSGLFD FRPR SURVWDJODQGLQDV \
OHXFRWULHQRV\OLEHUDFL³QGHFLWRFLQDVGHQRYR
$FWXDOPHQWH VH KDQ HQFRQWUDGR H[LVWHQ GRV IRUPDV GLIHUHQWHV GH GHJUDQXODFL³Q FDGD XQD
UHODFLRQDGDFRQODVHYHULGDGGHODUHDFFL³QODGHJUDQXODFL³QDQDILO¡FWLFD\ODGHJUDQXODFL³Q
HVFDORQDGD R JUDGXDO /D GHJUDQXODFL³Q JUDGXDO HV UHJXODGD SRU PHGLR GH OD DFWLYDFL³Q GH
&'F HQ ORV EDV³ILORV FRQ OD IRUPDFL³Q GH SHTXH±DV YHVFXODV SRWDGRUDV GH JU¡QXORV
UHSOHWRV GH KLVWDPLQD FDXVDQWHV GH UHDFFLRQHV P¡V U¡SLGDV \ VHYHUDV 0LHQWUDV TXH HQ OD
GHJUDQXODFL³QDQDILO¡FWLFDRFXUUHSUHYLDPHQWHODIXVL³QGHORVJU¡QXORVSULQFLSDOHVGHKLVWDPLQD
\OLEHUDQGRWRGRHOFRQWHQLGRGHJU¡QXORVDOHVSDFLRH[WUDFHOXODU\RFDVLRQDQGRODH[SRVLFL³Q
GH&'HQODVXSHUILFLHGHEDV³ILORVVLHQGRFDUDFWHUVWLFDGHUHDFFLRQHVP¡VOHQWDV
(Q ODV UHDFFLRQHV LQPXQRO³JLFDV QR PHGLDGDV SRU ,J( ORV PHFDQLVPRV VRQ UHJXODGRV SRU
DFWLYDFL³QGHOFRPSOHPHQWRRSRUPHGLRGHOD,QPXQRJOREXOLQD*/DDQDILOD[LVPHGLDGDSRU
,J*\SUREDGDHQHVWXGLRVHQDQLPDOHVVHKDHVWDEOHFLGRPHGLDQWHODFDSDFLGDGGHXQI¡UPDFR
GH SRGHU OLJDU D 5HFHSWRUHV GH $OWD $ILQLGDG GH ,J* HVWLPXODQGR OD OLEHUDFL³Q GH )DFWRU GH
$JUHJDFL³Q 3ODTXHWDULR 3$) SRU ORV EDV³ILORV PDFU³IDJRV R QHXWU³ILORV < DXQTXH HVWH
PRGHORQRKDVLGRGHPRVWUDGRSOHQDPHQWHHQKXPDQRVVLVHKDGHPRVWUDGRHQWUDWDPLHQWR
FRQWHUDSLDVELRO³JLFDVFRQ,J$H,QIOL[LPDEXQWLSRGH$QDILOD[LVQRPHGLDGDSRU,J(PVVLQ
HPEDUJRFRQQLYHOHVHOHYDGRVGH,J*
/DDFWLYDFL³QILQDOGHOFRPSOHPHQWRVHKDGHPRVWUDGRSRVLEOHSRUYD,J(SRUYD,J*\SRU
ºOWLPR HQ DXVHQFLD GH ,J( R ,J* )¡UPDFRV VROXELOL]DGRV \ EDVDGRV HQ OSLGRV H[FLSLHQWHV
&UHPRSKRU(/XWLOL]DGRFRPRGLOX\HQWHHQHOSURSRIRORSDFOLWD[HOSXHGHQIRUPDUPLFHODVFRQ
OSLGRVV©ULFRV\FROHVWHUROTXHSXHGHQHVWLPXODUGHIRUPDGLUHFWDHOFRPSOHPHQWRFDXVDQGROD
OLEHUDFL³QGHDQDILORWR[LQDV&D\&D\HVWLPXODUODDFWLYDFL³QGHPDVWRFLWRVEDV³ILORVGDQGR
VXSRVWHULRUJUDQXODFL³Q\OLEHUDFL³QGHPHGLDGRUHVLQIODPDWRULRV
ϭϬ

3RUXOWLPRGHQWURGHODVUHDFFLRQHVQRLQPXQRO³JLFDVTXHSXHGHQJHQHUDUXQDUHDFFL³QGH
KLSHUVHQVLELOLGDGVHHQFXHQWUDODLQKLELFL³QHQODVQWHVLVGHSURVWDJODQGLQDV\HODXPHQWRGH
VQWHVLVGHOHXFRWULHQRVHQORV$QWLQIODPDWRULRV1R(VWHURLGHRV$,1(6PHGLDQWHODLQKLELFL³Q
GH OD &LFOR[LJHQDVD /D DFWLYDFL³Q GLUHFWD GH F©OXODV PDVFWRFLWDULDV \R EDV³ILORV GH OD
9DQFRPLFLQDSRUPHGLRGHXQDDFWLYDFL³QGHIRVIROLSDVD&\IRVIROLSDVD$SRUXQPHFDQLVPR
FDOFLRGHSHQGLHQWH 2WUR HMHPSOR HV OD GHJUDQXODFL³Q PDVWRFLWDULD GLUHFWD SRU PHGLR GH ORV
RSL¡FHRVFRGHQDPRUILQD\PHSHULGLQD
5HFLHQWHPHQWHVHKDSURSXHVWRXQPHFDQLVPRDOWHUQRHQODVUHDFFLRQHVGHKLSHUVHQVLELOLGDG
QR LQPXQRO³JLFR PHGLDGR SRU 5HFHSWRU ; DFRSODGR D SURWHQD * UHODFLRQDGR FRQ $6
05*35; HQ HO FDVR GH DOJXQRV I¡UPDFRV HVSHFILFRV KLGUROL]DQGR *73 PRGXODQGR
SRVLWLYDPHQWH FDQDOHV GH FDOFLR \ FDXVDQGR GHJUDQXODFL³Q PDVWRFLWDULD \ OD FRQVHFXHQWH
OLEHUDFL³QGH71)$\3URVWDJODQGLQD'OOHYDQGRDXQDUHDFFL³QDQDILO¡FWLFDQRLQPXQRO³JLFD
(MHPSORV GH HVWH WLSR GH UHDFFL³Q VRQ HQ HO FDVR GH ,FDWLEDQW ORV EORTXHDGRUHV
1HXURPXVFXODUHV\ORVDQWLEL³WLFRVGHOWLSR4XLQRORQDV
(Q FDPELR HQ ODV UHDFFLRQHV GH KLSHUVHQVLELOLGDG UHWDUGDGD HO PHFDQLVPR LQPXQRO³JLFR
SULPDULRHVPHGLDGRFHOXODUPHQWHPHGLDQWHODDFWLYDFL³QGHOLQIRFLWRV7\OLQIRFLWRV1.PHGLDQWH
HOUHFRQRFLPLHQWRDQWLJ©QLFRRPHGLDQWHODLQWHUDFFL³Q)DV)DV/LJDQGRFDXVDQGRODOLEHUDFL³Q
GH SURWHQDV FLWRW³[LFDV LQFOX\HQGR SHUIRULQDVJUDQ]LPD % JUDQXOLVLQDV \ FLWRFLQDV
LQIODPDWRULDV 71)D ,)1< ,/ TXH FDXVDQ OLVLV FHOXODU GLUHFWDPHQWH HQ TXHUDWLQRFLWRV \
RWURV VLWLRV WLVXODUHV FDXVDQGR ODV OHVLRQHV FXW¡QHDV WSLFDV \ YLVFHUDOHV GH HVWH WLSR GH
UHDFFLRQHV
)(127,326<(1'27,3265($&&,21(6$/(5*,&$6$'52*$6
6HGHILQHIHQRWLSRFRPRHOFRQMXQWRGHFDUDFWHUVWLFDVFOQLFDVTXHGHILQHQXQDHQIHUPHGDG\
HOHQGRWLSRORVPHFDQLVPRVILVLRSDWRO³JLFRV\ODVYDVELRO³JLFDVTXHFRQOOHYDQDOIHQRWLSRGH
ODHQIHUPHGDG'HILQLHQGRFRPRODVUHDFFLRQHVTXHRFXUUHQGHQWURGHODVSULPHUDVKRUDV
SRVWHULRUDODH[SRVLFL³QGHXQI¡UPDFRFRPR5HDFFLRQHV,QPHGLDWDV\DTXHOODVTXHRFXUUHQ
SRVWHULRUDKRUDVGHH[SRVLFL³QDOI¡UPDFRFDXVDOFRPR5HDFFLRQHVUHWDUGDGDVRWDUGDV
'HQWUR GHO IHQRWLSR GH UDFLRQHV LQPHGLDWDV VH LQFOX\HQ ORV HQGRWLSRV GH UHDFFLRQHV
LQPXQRO³JLFDVPHGLDGDVSRU,J(\UHDFFLRQHVLQPXQRO³JLFDVQRPHGLDGDVSRU,J(FRPRSRU
DFWLYDFL³QGHOFRPSOHPHQWRSRUYDGLUHFWDRSRUYD,J*DVFRPRUHDFFLRQHVQRLQPXQRO³JLFDV
PHGLDGDVSRUUHFHSWRUDFRSODGRDSURWHQD*0LHQWUDVTXHHQODVUHDFFLRQHVUHWDUGDGDVVRQ
SULQFLSDOPHQWHHOHQGRWLSRPHGLDGRFHOXODUPHQWHOLQIRFLWRV7\1.HLQFOX\HIHQ³PHQRVORFDOHV
FRPR GHUPDWLWLV GH FRQWDFWR \ UDVK PDFXORSDSXODU \ ORV VQGURPHV GH KLSHUVHQVLELOLGDG
UHWDUGDGD HVSHFILFRV FRPR HO 6QGURPH GH 6WHYHQV -RKQVRQ HO VQGURPH GH 'UHVV OD
1HFU³OLVLV(SLG©UPLFD7R[LFD\OD3XVWXORVLV$JXGD*HQHUDOL]DGD
ϭϭ

(VWRVIHQRWLSRV\HQGRWLSRVSXHGHQVHUFODVLILFDGRV\DSR\DGRVSRUFLHUWRVELRPDUFDGRUHVSDUD
VXFRUUHFWRGLDJQ³VWLFR6HFRQVLGHUDHOXVRGH7HVW,QYLWURFRQEºVTXHGDGH,J()¡UPDFR
(VSHFLILFDSDUDODVUHDFFLRQHV,QPXQRO³JLFDVPHGLDGDVSRU,J(\SDUDHOUHVWRGHUHDFFLRQHV
LQPHGLDWDVVLHQGRODVSUXHEDVFXW¡QHDVHOP©WRGRGLDJQ³VWLFRGHPD\RUXWLOLGDGSXGLHQGRHQ
ORV FDVRV GH DQDILOD[LV XWLOL]DU KLVWDPLQD 7ULSWDVD \ FDUER[LSHSWLGDVD FRPR ELRPDUFDGRUHV
GLDJQ³VWLFRV \ FRQ IXWXUR SRWHQFLDO SURQRVWLFR 0LHQWUDV TXH HQ HO FDVR GH UHDFFLRQHV
UHWDUGDGDVQRHVW¡DSUREDGRQLUHFRPHQGDGRHOXVRGH7HVW,Q9LWURGLDJQ³VWLFR\VXP©WRGR
GLDJQ³VWLFRGHDSR\RGHEHU¡VHUHOUHWRRUDOFRQWURODGRHQFDVRGHUHDFFLRQHVOHYHV\SUXHEDV
SDUFKHRHSLFXW¡QHDVHQFDVRGHUHDFFLRQHVVHYHUDVSXGLHQGRFRPSUREDUHOHQGRWLSRFHOXODU
PHGLDQWHHO7HVWGH7UDQVIRUPDFL³Q/LQIRFLWDULD\ODPHGLFL³QGHSURWHQDVOLQIRFLWDULDVGHMDQGR
DOJXQRVHVWXGLRVHVSHFILFRVSDUDDOJXQDVHQWLGDGHVHVSHFILFDVFRPRODGHWHFFL³QGH9LUXV
+HUSHVHQHOFDVRGH6QGURPHGH'UHVV\ORVPDUFDGRUHVIDUPDFRJHQ³PLFRVHQHOFDVRGH
DQWLHSLO©SWLFRV
ϭϮ

)(127,326 5($&&,21(6,10(',$7$6 5($&&,21(65(7$5'$'$6
(1'27,32 5($&&,21(6 ,10812/2*,&$6 5($&&,21(6,10812/2*,&$612,*( 5($&&,21(6 ,10812/2*,&$6

,*( 0(',$'$6&(/8/$5/,1)2&,726
7<1.
k(;326,&,21 (;326,&,21 0(',$'2 $&7,9$&,21 5(&(3725 $)(&&,21 81 $)(&&,21

68%6(&8(17(6 325,** &203/(0(172 $&23/$'2 25*$12
3527(,1$ 08/7,25*$12
*
05*35;
5($&7,9,'$' $17,%,27,&26 ,1)/,;,0$% 0(',2 %/24 5$6+ 6,1'520(

&58=$'$ &2175$67( 1(8520 0$&8/23$38/$5 '5(66
/$7(;
7$;$126 '(;75$1 48,2/21$6 6,1'520(
32/(1 67(9(16
+(3$5,1$ ,&$7,9$17 -2+1621
*$/$
&()$/26325,1$ 9$1&20,&,1$ 1(&52/,6,6
(3,'(50,&$
23,$&(26 72;,&$
38678/26,6
$*8'$
*(1(5$/,=$'$
35(6(17$&,21 5$6+857,$&5,)250( 5$6+ 0$&8/2 $)(&&,21

3$38/$5 08/7,25*$1,&$
&/,1,&$ %521&2(63$602 <&87$1($
$1$),/$;,$
%,20$5&$'25(6 ,*( ,*( )$50$&2 (63(&,),&$ 358(%$6 &87$1($6 7(67 $&7,9$&,21 358(%$6 (3,&87$1($6 7(67
%$62),/26 %$7 0(',$'25(6 $1$),/$;,$ +,67$0,1$ 75,37$6$ 75$16)250$&,21 /,1)2&,7$5,$
&$5%2;,3(37,'$6$ 7/7 (678',26
)$50$&2*(120,&26
0$5&$'25(6 9,5$/(6 9+
3(5)25,1$<*5$18/,6,1$6
%$77(67$&7,9$&,1%$62),/267/77(67$&7,9$&,21/,1)2&,7$5,$&+9,586+(53(66,03/(
ϭϯ

%/248($'25(61(852086&8/$5(6
+,6725,$
$SDUWLUGHORVH[SHULPHQWRVFO¡VLFRVGH&ODXGH%HUQDUGHQTXHOOHYDURQDOGHVFXEULPLHQWR
GHODEUHFKDDQDW³PLFDHQWUHHOQHUYLRPRWRU\HOPºVFXOR\VXSRVLEOHEORTXHRDQLYHOGHOD
SODFDWHUPLQDOPRWRUDDWUDY©VGHODLQ\HFFL³QGH7XERFXUDULQDHQHOVDFROLQI¡WLFRGHXQDUDQD
REVHUYDQGR XQ HIHFWR SDUDOL]DQWH HQ HO PºVFXOR TXH EULQGDUDQ HO PDUFR FLHQWILFR SDUD HO
GHVFXEULPLHQWRGHOJUXSRIDUPDFRO³JLFRGHEORTXHDGRUHVQHXURPXVFXODUHV
(O QHXURPXVFXODU SURWRWLSR IXH OD 7XERFXUDULQD XQ DOFDORLGH EHQFLOLVRTXLQROLFR W³[LFR
SURYHQLHQWH GH OD SODQWD &KRQGRGHQGURQ 7RPHQWRVXP FXUDUH ORFDOL]DGD HQ OD VHOYD GHO
$PD]RQDV\XWLOL]DGDSRUWULEXVLQGJHQDVVXGDPHULFDQDVFRPRYHQHQRGHIOHFKDWUDQVSRUWDGD
HQWXERVGHEDPEºDGRSWDQGRGHDKVXQRPEUHȒ7XERFXUDULQDȓ
6LHQGRSRVWHULRUPHQWHSRVLEOHHODLVODPLHQWRGHODFXUDULQD\VXXVRFRPRDQHVW©VLFRHQHOD±R
GH SRU HO FLUXMDQR $UWKXU /¤ZHQ SDUD XQD FLUXJD DEGRPLQDO XWLOL]DQGR YHQWLODFL³Q
PHF¡QLFD
6HQWDQGR ODV EDVHV SDUD VX SRVWHULRU HVWXGLR OOHYDQGR D OD VQWHVLVGH GHULYDGRV VLQW©WLFRV
FRPRODJDOODPLQDHOGHFDPHWRQLRODVXFFLQLOFROLQDHODOFXURQLR
HOSDQFXURQLRHOYHFXURQLRHODWUDFXULR\HOURFXURQLR
3523,('$'(648,0,&$6
(Q W©UPLQRV JHQHUDOHV ORV %ORTXHDGRUHV 1HXURPXVFXODUHV %10 GHULYDQ GH ODV
EHQFLOLVRTXLQROLQDV\GHORVHVWHURLGHV
%HQFLOLVRTXLQROLQDV'HHVWHJUXSRSHUWHQHFHQHO%10SURWRWLSROD7XERFXUDULQDHODWUDFXULR
HO PLYDFXULR \ HO FLVDWUDFXULR 6X FDUDFWHUVWLFD TXPLFD UHVLGH HQ OD SUHVHQFLD GH R
QLWU³JHQRV FXDWHUQDULRV \ XQ QLWU³JHQR WHUFLDULR EULQGDQGR VX HVWUXFWXUD DOFDORLGH PRQR 1
0HWLODGR
6XELRVQWHVLVLQLFLDDSDUWLUGHOD/7LURVLQDVXSUHFXUVRUE¡VLFRFRQWUHVSURFHVRVE¡VLFRVSDUD
VXIRUPDFL³QD/DSURGXFFL³QGH61RUFRFODXULQDDSDUWLUGH/7LURVLQDE/$WUDQVIRUPDFL³Q
GH 61RUFRFODXULQD D 65HWLFXOLQD F /DV UXWDV GH GLYHUVLILFDFL³Q GHVGH 65HWLFXOLQD D ORV
GLVWLQWRV WLSRV GH $OFDORLGHV %HQFLOLVRTXLQROLQD &RGHQD 0RUILQD 3DSDYHULQD &ROFKLFLQD
7XERFXUDULQD HWF VLHQGR HQ HVWH FDVR GDQGR XQ DFRSODPLHQWR UDGLFDO GH ORV GRV
HQDQWL³PHURVGH1PHWLOFRFODXULQD5\61PHWLOFRFODXULQD
(VWHURLGHV 'H HVWH JUXSR SHUWHQHFHQ HO SDQFXURQLR HO YHFXURQLR HO SLSHFXURQLR \ HO
URFXURQLR%DMRHOFRQFHSWRGHD±DGLUIUDJPHQWRVVHPHMDQWHVDODDFHWLOFROLQDDXQHVTXHOHWR
ϭϰ

HVWHURLGDOIXHURQFUHDGRVVLQW©WLFDPHQWHORV%10HVWHURLGHRVFRPSDUWLHQGRHVWUXFWXUDOPHQWH
DO LJXDO TXH ODV EHQFLOLVRTXLQROLQDV R QLWU³JHQRV ELFXDWHUQDULRV (VWD PRGLILFDFL³Q
HVWUXFWXUDOGHJUXSRVWHUFLDULRVDFXDWHUQDULRVOHVEULQGDXQDPHQRUOLEHUDFL³QGHKLVWDPLQD
(VWDFDSDFLGDGGHPRGLILFDFL³QHVWUXFWXUDOGHORVJUXSRVPHWLORV\GHOJUXSRDFHWDWRYHFXURQLR
\SDQFXURQLRDXQJUXSRKLGUR[LOURFXURQLR KDEULQGDGRODGLVPLQXFL³QGHOD SRWHQFLD\OD
GLVPLQXFL³QGHVXWLHPSRGHDFFL³Q
0(&$1,602'($&&,1
(QQRUPDOLGDGORVLPSXOVRVQHUYLRVRVTXHDOFDQ]DQODWHUPLQDOQHUYLRVDSURYRFDQODOLEHUDFL³Q
GHODDFHWLOFROLQDPHGLDQWHODDSHUWXUDGHFDQDOHVGHFDOFLRTXHXQL©QGRVHDVXVUHFHSWRUHV
QLFRWQLFRVHQODSODFDPRWRUDFDXVDXQIOXMRGHVRGLRSRWDVLRRGHVSRODUL]DFL³QWUDGXFL©QGRVH
HQ FRQWUDFFL³Q PXVFXODU 6LHQGR OD UHSRODUL]DFL³Q FDXVDGD D WUDY©V GH OD UHFHSWDFL³Q GH OD
DFHWLOFROLQD\VXIXWXUDGHJUDGDFL³QSRUODDFHWLOFROLQHVWHUDVD(/PHFDQLVPRIXQGDPHQWDOGH
ORV%ORTXHDGRUHV1HXURPXVFXODUHVUDGLFDHQHOEORTXHRGHORVUHFHSWRUHVGHDFHWLOFROLQDGHOD
XQL³QQHXURPXVFXODUGHIRUPDDFWLYDGHVSRODUL]DQWHVRHQVXEORTXHRSDVLYRVLQDFWLYDUORV
QRGHVSRODUL]DQWHV
%ORTXHRGHVSRODUL]DQWH
(O %10 SHUWHQHFLHQWH D HVWH JUXSR HV OD VXFFLQLOFROLQD OD FXDO FRQ HVWUXFWXUD VLPLODU D OD
DFHWLOFROLQDDFWºDLPLWDQGRVXDFFL³QGHVSRODUL]DQWHFDXVDQGRXQSHULRGRUHIUDFWDULRDEVROXWR
SRVWHULRUXQL©QGRVHDORVUHFHSWRUHVQLFRWQLFRVSRVWVLQ¡SWLFRVGHODPHPEUDQDFROLQ©UJLFD\
EULQGDQGRXQDGHVSRODUL]DFL³QSURORQJDGDWUDGXFL©QGRVHHQUHODMDFL³QPXVFXODU
ϭϱ

6X HIHFWR HV LQHVSHFILFR SRU OR FXDO SXHGH HVWLPXODU GH OD PLVPD PDQHUD UHFHSWRUHV
PXVFDUQLFRVFDXVDQWHVGHVXVSULQFLSDOHVHIHFWRVDGYHUVRV
%ORTXHR1RGHVSRODUL]DQWH
(VWHWLSRGH%10EORTXHDQORVUHFHSWRUHVGHDFHWLOFROLQDVLQFDXVDUXQDGHVSRODUL]DFL³QGHOD
SODFDPRWRUDFDXVDQGRXQWLSRGHSDU¡OLVLVIO¡FLGDFRPSLWLHQGRSRUORVVLWLRVGHXQL³Q$OIDGH
ORVUHFHSWRUHVQLFRWQLFRVFROLQ©UJLFRVUHGXFLHQGRODDSHUWXUDGHORVFDQDOHV\GDQGRDOILQDO
XQDGHJUDGDFL³QGHOUHFHSWRU6XXQL³QDORVUHFHSWRUHVSUHVLQ¡SWLFRVEULQGDQXQDGLVPLQXFL³Q
HQ OD OLEHUDFL³Q GH DFHWLOFROLQD \ VX XQL³Q HQ ORV UHFHSWRUHV SRVW VLQ¡SWLFRV SUHYLHQHQ OD
GHVSRODUL]DFL³QGHODPHPEUDQDSRVWVLQ¡SWLFD
&/$6,),&$&,21%/248($'25(61(852086&8/$5(6
48,0,&$ 0(&$1,602$&&,1
%(1&,/,6248,12/,1$6 '(5,9$'26'( '(632/$5,=$17( 12'(632/$5,=$17(

(67(52,'(6
7XERFXUDULQD 3DQFXURQLR 6XFFLQLOFROLQD 3DQFXURQLR 9HFXURQLR

3LSHFXURQLR 5RFXURQLR
$WUDFXULR 9HFXURQLR 'H[DPHWRQLRGHVXVR 5DSDFXURQLR
'R[DFXULR 3LSHFXURQLR $WUDFXULR
0LYDFXULR 5RFXURQLR 'R[DFXULR
&LVDWUDFXULR 5DSDFXURQLR 0LYDFXULR&LVDWUDFXULR
*DODPLQD
)$50$&2&,1(7,&$
/DIDUPDFRFLQ©WLFDFRPSUHQGHȒORTXHHORUJDQLVPRHIHFWºDDXQDGURJDȓFRPSUHQGLHQGRVX
OLEHUDFL³QVXPHWDEROLVPRVXGLVWULEXFL³Q\VXHOLPLQDFL³Q/DYHORFLGDGGHGHVDSDULFL³QGH
ORV%10VHFDUDFWHUL]DSRUXQDIDVHLQLFLDOU¡SLGD\XQDIDVHWDUGDOHQWD/DIDVHU¡SLGDHV
FDUDFWHUL]DGDSRUODGLVWULEXFL³QGHODGURJDGHVGHHOFRPSDUWLPLHQWRFHQWUDODORVSHULI©ULFRV\
ODIDVHWDUGDDVXPHWDEROL]DFL³Q\HOLPLQDFL³Q
ϭϲ

$OVHUPRO©FXODVPX\SRODUL]DGDVODGLIXVL³QGHORV%10HVEDMD\VXGLVWULEXFL³QVHOLPLWDD
XQYROXPHQDSUR[LPDGDPHQWHHTXLYDOHQWHDOOTXLGRH[WUDFHOXODUD/NJGHELGRDVX
FRPSRQHQWH DPRQLR FXDWHUQDULR ORV %10 DWUDYLHVDQ PHPEUDQDV OLSRSURWHFDV FRQ JUDQ
GLILFXOWDG \ SRU VX WDPD±R \ VX LRQL]DFL³Q DO S+ ILVLRO³JLFR SU¡FWLFDPHQWH QR DWUDYLHVDQ OD
EDUUHUDKHPDWRHQFHI¡OLFDDXQTXHVXFRPSRUWDPLHQWRHVOLJHUDPHQWHGLIHUHQWHDWUDY©VGHOD
EDUUHDSODFHQWDULDGRQGHKD\HYLGHQFLDGHTXHSHTXH±DVFDQWLGDGHVSXHGHQVHUGHWHFWDGDV
HQODFLUFXODFL³QIHWDO/DUHODFL³QHQWUHODVFRQFHQWUDFLRQHVGH%10HQODYHQDXPELOLFDOGHO
IHWR\XQDYHQDPDWHUQD8909LQGLFDODIUDFFL³QGHXQDGRVLVTXHSDVDGHODFLUFXODFL³Q
PDWHUQDDODIHWDO
/D PHWDEROL]DFL³Q GHSHQGH SULQFLSDOPHQWH GH VX HVWUXFWXUD TXPLFD PLHQWUDV TXH OD
VXFFLQLOFROLQDHVPHWDEROL]DGDSULQFLSDOPHQWHDWUDY©VGHODFROLQHVWHUDVDSODVP¡WLFD/RV%10
GHOJUXSRHVWHURLGHVHGHJUDGDQSRUPHGLRGHP©WRGR+RIIPDQ\SRUHOLPLQDFL³QGHKLGU³OLVLV
HVW©UWHQLHQGRVXPHWDEROLVPRSULQFLSDODQLYHOKHS¡WLFRSRUGHVFDUER[LODFL³QGHORV¡WRPRVGH
FDUERQR\GHOQºFOHRHVWHURLGH
/DHOLPLQDFL³QGHORV%10HVYDUHQDORKHS¡WLFDGHSHQGLHQGRHOI¡UPDFROOHJDQGRDVHUGHO
GH HOLPLQDFL³Q YD ELOLDU HQ HO FDVR GH YHFXURQLR URFXURQLR FLVDWUDFXULR \ DWUDFXULR
PRWLYRSRUHOFXDOSXHGHQVHUXWLOL]DGRVHQFDVRGHLQVXILFLHQFLDUHQDOPLHQWUDVTXHHQHOFDVR
OD 7XERFXUDULQD OD JDOODPLQD HO SDQFXURQLR HO SLSHFXURQLR \ HO GR[DFXULR GHSHQGHQ GH XQ
PD\RUJUDGRGHHOLPLQDFL³QUHQDO
(OLQLFLRGHDFFL³QGHORV%10EORTXHRPD\RUGHHVWHURLGDOHV\EHQFLOLVRTXLQROHQLFRV

HVSURSRUFLRQDODVXSRWHQFLDDPHQRUSRWHQFLDPHQRUWLHPSRGHLQLFLRGHDFFL³Q\DPD\RU
SRWHQFLDPD\RUWLHPSRGHLQLFLRGHDFFL³Q
ϭϳ

)$50&2&,1(7,&$'(%/248($'25(61(852086&8/$5(6
120%5( 0(7$%2/,602 (/,0,1$&,21 &21&(175$&,21 '85$&,1 '26,6 5(/$&,21 ,1,&,2

3/$60$7,&$ $&&,1 ()(&7,9$ 327(1&,$ '(
&31*0/ $&&,21
PLQ '(
PLQ
68&&,1,/&2/,1$ &ROLQHVWHUDVD 5 + & PJNJ &

3ODVP¡WLFD

0,9$&85,2 &ROLQHVWHUDVD 5 + & PJNJ ,

3ODVP¡WLFD

$75$&85,2 (OLPLQDFL³Q GH 5 + , PJNJ ,

+RIIPDQ
+LGU³OLVLV (VWHU

&,6$75$&85,2 (OLPLQDFL³Q GH 5 + , PJNJ /

+RIIPDQ
9(&8521,2 +JDGR 5 + , PJNJ ,
52&8521,2 +JDGR 5 + , PJNJ &
3$1&8521,2 +JDGR 5 + / PJNJ /
'2;$&85,2 1LQJXQR 5 + / PJNJ /
78%2&85$5,1$ 1LQJXQR 5 + / PJNJ /
55,21++,*$'2&&2572,,17(50(',2//$5*2'26,6,178%$&,219(&(6'26,6()(&7,9$
()(&726&2/$7(5$/(6
(IHFWRV&DUGLRYDVFXODUHV/RVHIHFWRVFRODWHUDOHVGHORV%10GHULYDQGHVXSRFDHVSHFLILFLGDG
SDUDHOEORTXHRGHUHFHSWRUHVGHULYDQGRHQEORTXHRGHUHFHSWRUHV0XVFDUQLFRVEORTXHRGH
ORVUHFHSWRUHV1LFRWQLFRVFROLQ©UJLFRVHQHOJDQJOLR$XW³QRPRDXPHQWRGHODOLEHUDFL³QGH
DGUHQDOLQDFRQGLVPLQXFL³QHQVXUHFDSWXUD\SRUºOWLPRDXPHQWRGHOLEHUDFL³QGH+LVWDPLQD
ϭϴ

%ORTXHR 5HFHSWRUHV 0XVFDUQLFRV (IHFWR 9DJROWLFR (O EORTXHR GH ORV UHFHSWRUHV
PXVFDUQLFRV0XELFDGRVHQDXUFXOD\SXOP³QSXHGHLQGXFLUWDTXLFDUGLD\EURQFRHVSDVPR
PLHQWUDVTXHHOEORTXHRGH5HFHSWRUHV0SXHGHSUHYHQLUHVWHHIHFWRSRUORFXDOPLHQWUDV
PD\RUVHDHOHIHFWRVREUH5HFHSWRUHV0PD\RUVHU¡HOULHVJRGHWDTXLFDUGLD\EURQFRHVSDVPR
VLHQGR PD\RU HVWH HIHFWR SDUD HO SDQFXURQLR \ HQ RUGHQ GHFUHFLHQWH SDUD HO URFXURQLR HO
DWUDFXULRHOSLSHFXURQLRHOGR[DFXULRHOPLYDFXULR\ODVXFFLQLOFROLQD
%ORTXHR 5HFHSWRUHV 1LFRWQLFRV (IHFWR *DQJOLRSO©MLFR (O EORTXHR VREUH ORV UHFHSWRUHV
1LFRWQLFRVHQHOJDQJOLRDXW³QRPRSXHGHGDUXQDGLVIXQFL³QDXW³QRPDWHPSRUDOWUDGXFLGDHQ
KLSRWHQVL³Q VLHQGR PD\RU HQ I¡UPDFRV SULPDULRV DFWXDOPHQWH SRFR XWLOL]DGRV FRPR
7XERFXUDULQD\DOFXURQLR
$XPHQWROLEHUDFL³QFDWHFRODPLQDV\GLVPLQXFL³QGHVXUHFDSWXUD(IHFWR6LPSDWLFRPLP©WLFR
LQWUQVHFR 3URYRFDQGR DXPHQWR 7HQVL³Q $UWHULDO 0HGLD )UHFXHQFLD &DUGLDFD VLQ
PRGLILFDFLRQHVHQYROXPHQVLVW³OLFRQLHQUHVLVWHQFLDVYDVFXODUHVVLVW©PLFDVDFWXDOPHQWHHVWH
HIHFWR ºQLFDPHQWH HV DVRFLDGR DO XVR GH 3DQFXURQLR \ HQ PHQRU JUDGR DO YHFXURQLR \ D OD
6XFFLQLOFROLQD
/LEHUDFL³Q+LVWDPLQD(IHFWR9DVRGLODWDGRU(VWDOLEHUDFL³QQRHVPHGLDGDLQPXQRO³JLFDPHQWH

SRU,J(\SDUHFHVHUUHVXOWDGRGHHVWLPXODFL³QGLUHFWDVREUHPDVWRFLWRV\EDV³ILORVQRPHGLDGR
SRUDQWLFXHUSRV\SURGXFHFOQLFDPHQWHDXPHQWRGHODIUHFXHQFLDFDUGLDFD\GLVPLQXFL³QGHOD
SUHVL³Q DUWHULDO PHGLD HVWH HIHFWR HV HVSHFLDOPHQWH GH ORV %10 WLSR EHQFLOLVRTXLQROLQDV D
GLIHUHQFLD GH ORV %10 WLSR HVWHURLGH TXH D H[FHSFL³Q GHO UDSDFXURQLR QR SURGXFHQ XQD
OLEHUDFL³QVLJQLILFDWLYDGHKLVWDPLQD
(IHFWRV VREUH 3UHVL³Q ,QWUDFUDQHDQD /RV %10 WLSR %HQFLOLVRTXLQROLQDV SXHGHQ JHQHUDU
DXPHQWRGHOD3UHVL³Q,QWUDFUDQHDQDXQHIHFWRGLUHFWDPHQWHUHODFLRQDGRFRQHODXPHQWRGH
OLEHUDFL³QGHODKLVWDPLQD\ODGLVPLQXFL³QGH7HQVL³Q$UWHULDO0HGLDSRUORFXDOVHDFRQVHMDHO
XVR GH %10 GHULYDGRV GH (VWHURLGHV FRPR HO 9HFXURQLR R HO GR[DFXULR SDUD SDFLHQWH
1HXURTXLUºUJLFRV
ϭϵ

(IHFWRV VREUH 3UHVL³Q ,QWUDRFXODU /RV %10 1R 'HVSRODUL]DQWHV GLVPLQX\HQ OD 3UHVL³Q
,QWUDRFXODUGLVPLQX\HQGRODSUHVL³QGHORVPºVFXORVH[WUDRFXODUHVVREUHHOJORERRFXODUVLHQGR
XQHIHFWRFRQRFLGRSHURG©ELO\GHSRFDUHSHUFXVL³QFOQLFDSDUDODSU¡FWLFDFOQLFD
()(&726&2/$7(5$/(6%/248($'25(61(852086&8/$5(6
120%5( ()(&7250 ()(&7251 ()(&7260 /,%(5$&,21 ()(&723,& ()(&723,2

+,67$0,1$
68&&,1,/&2/,1$

0,9$&85,2
$75$&85,2
&,6$75$&85,2
9(&8521,2
52&8521,2
3$1&8521,2
'2;$&85,2
78%2&85$5,1$
()(&72505(&(3725(6086&$5,1,&269$*2/,7,&2
()(&72515(&(3725(61,&27,1,&26()(&72*$1*/,23/(-,&2
()(&7260()(&726,03$7,&20,0(7,&2&$7(&2/$0,1$6
()(&723,&35(6,21,175$&5($1($1$
()(&723,235(6,21,175$2&8/$5
ϮϬ

5($&&,21(6 +,3(56(16,%,/,'$' $ %/248($'25(6
1(852086&8/$5(6
(OVLWLRDOHUJ©QLFRGHORV%10HVHODPRQLRFXDWHUQDULRSRUORTXHWH³ULFDPHQWHQRGHEHUD
WHQHUSUHGLOHFFL³QVREUHDOJºQJUXSRTXPLFRHQSDUWLFXODU&RPRWRGRVORV%10SRVHHQXQ
QLWU³JHQR FXDWHUQDULR ODV UHDFFLRQHV FUX]DGDV VRQ IUHFXHQWHV HO GH SDFLHQWHV FRQ
KLSHUVHQVLELOLGDGDXQUHODMDQWHVRQLJXDOPHQWHDO©UJLFRVD XQRRGRV%10TXHQXQFDKDQ
UHFLELGR\HOVRQDO©UJLFRVDWRGRV$OJXQRVHVWXGLRVUHSRUWDQDOD6XFFLQLOFROLQDFRPRHO
%10FRPRHOTXHPD\RUSXHGHVXIULUUHDFWLYLGDGFUX]DGD\PD\RU5LHVJRGH5HDFFLRQHVGH
+LSHUVHQVLELOLGDGKDGHPRVWUDGRVHJXLGRGH5RFXURQLRPLHQWUDVTXHSDQFXURQLR\$WUDFXULR
SUHVHQWDQXQPHQRUJUDGRGHUHDFWLYLGDGFUX]DGDHQFRQWUDQGRDO&LVDWUDFXULRFRPRHO%10
FRQ PHQRU JUDGR GH UHDFWLYLGDG &UX]DGD \ HO TXH PHQRU ULHVJR GH 5HDFFLRQHV GH
+LSHUVHQVLELOLGDGKDGHPRVWUDGR
'HOPLVPRPRGRDOJXQRVUHSRUWHVKDQPHQFLRQDGRTXHKDVWDHQXQGHODV5HDFFLRQHV
GH+LSHUVHQVLELOLGDGRFXUUHQHQSDFLHQWHVVLQXQDSUHYLDH[SRVLFL³QDORV%10ORTXHVXJLHUH
TXH OD VHQVLELOL]DFL³Q RFXUUH GH IRUPD SDUDG³MLFD DQWH OD H[SRVLFL³Q GH VXVWDQFLDV TXH
FRPSDUWHQHOPLVPRJUXSRDPLQRFXDWHUQDULRFRPRORVFRVP©WLFRVHOMDE³QDUWFXORVGHXVR
HQ HO ED±R GHWHUJHQWHV \ MR\HUD QTXHO TXH SXGLHUD H[SOLFDU OD IXWXUD 5HDFFL³Q GH
+LSHUVHQVLELOLGDGVLQXQDQWHFHGHQWHTXLUºUJLFRSUHYLR\HQXQDSULPHUDH[SRVLFL³QDOI¡UPDFR
'HQWURGHOSURWRFRORGLDJQRVWLFRHOI¡UPDFRTXHDFWXDOPHQWHFXHQWDFRQXQPD\RUJUDGRGH
HVWDQGDUL]DFL³QHQVXGLDJQ³VWLFRVRQORV%ORTXHDGRUHV1HXURPXVFXODUHVHQFRQWUDQGRXQDOWD
VHQVLELOLGDGDQWHODUHDOL]DFL³QGHSUXHEDVFXW¡QHDVLQFOXVRPD\RUTXHORVHVWXGLRVLQ
YLWURFRQ,J((VSHFILFD),*85$
([LVWHQ UHSRUWHV GH XVR GH 6XJDPPDGH[ D DOWDV GRVLV DQWH DQDILOD[LD SRU %ORTXHDGRUHV
1HXURPXVFXODUHVVREUHWRGRHQFDVRVGH$QDILOD[LVQR0HGLDGRSRU,J(DXQTXHHVWRQRHV
GHWHUPLQDQWHSDUDGHVFRQWLQXDUHOUHVWRGHPHGLGDVWHUDS©XWLFDVGHDQDILOD[LD
Ϯϭ

WZh^hdE^;DdKKWZ/<Ϳ
н,/^dD/E;KEdZK>WK^/d/s/KͿ
Ͳ^K>h/KE^>/E;KEdZK>E'd/sKͿ
W͗WZKWK&K>
D͗D/K>D
ZK͗ZKhZKE/K
Z͗ZhW/s/E
ϮϮ

/$7(;
(OO¡WH[HVXQOTXLGREODQTXHFLQROHFKRVRSURGXFLGRSRUODVF©OXODVODFWIHUDVGHO¡UERO+HYHD
EUDVLOLHQVLVHQP¡VGHOHOUHVWRVHREWLHQHGHGLIHUHQWHVDUEROHVGHSHQGLHQGRGHOOXJDU
GRQGHVHHQFXHQWUDHQ&RORPELD&DXFKRWHURGH3DU¡HQ$UJHQWLQD6LULQJDHQ%UDVLO¡UERO
GHOFDXFKRHQ0©[LFR¡UEROGHOKXOHVHFRVHFKDHQ2D[DFD9HUDFUX]\&KLDSDV
(OO¡WH[HVW¡FRPSXHVWRGHPDWHULDOVROXEOHHQDFHWRQDUHVLQDV¡FLGRJUDVRHWFSURWHQDV

FHQL]DDJXD\HOFLWRSODVPDFRQWLHQHXQDYDULHGDGGHHQ]LPDV\SURWHQDVHVWUXFWXUDOHVTXH
SDUWLFLSDQ HQ OD ELRVQWHVLV GH SROLLVRSUHQR R SHTXH±RV JO³EXORV GH JRPD 9DULDV GH HVWDV
SURWHQDV VRQ SRWHQWHV DO©UJHQRV 6H KDQ LGHQWLILFDGR DSUR[LPDGDPHQWH GLIHUHQWHV
SROLS©SWLGRVGHO¡WH[VRORGHHOORVVRQGHLPSRUWDQFLDUHODFLRQDGRVFRQSUREOHPDVGHOD
VDOXG/RVSULQFLSDOHVDO©UJHQRVGHO¡WH[GHLPSRUWDQFLDFOQLFDVRQ+HYE
\LQFOX\HQGRDORVJHQXLQRVVHQVLELOL]DGRUHVFRPR+HYE+HYE+HYE\WDPEL©QD
SURWHQDVUHODFLRQDGDVFRQUHDFWLYLGDGFUX]DGDFRPR+HYESURILOLQDR+HYESURWHQDGH
WUDQVIHUHQFLDGHOSLGRV7DEOD(ODO©UJHQR+HYE,IDFWRUGHHORQJDFL³QGHOFDXFKR\HO
DO©UJHQR +HY E IHQLOWUDQVIHUDVD UHTXLHUH FRQWDFWR GLUHFWR GH OD PXFRVD SDUD OD
VHQVLELOL]DFL³QPLHQWUDVHODO©UJHQR+HYESURWHQD¡FLGD\HODO©UJHQR+HYEVH
OLEHUDQGHSURGXFWRVVXPHUJLGRVSULQFLSDOPHQWHJXDQWHVGHO¡WH[TXHKDQVLGRUHFXELHUWRVFRQ
SROYR DHURVROL]DQGR \ DGKLUL©QGRVH DO PHGLR DPELHQWH VLHQGR ORV DO©UJHQRV SULQFLSDOHV
LPSOLFDGRV HQ OD VHQVLELOL]DFL³Q GH ORV WUDEDMDGRUHV GH OD VDOXG 3XGLHQGR JHQHUDUVH
VHQVLELOL]DFL³QDOO¡WH[SRUHQGHSRUFRQWDFWRRSRULQKDODFL³Q
$/5*(126'(//7(;
'HQRPLQDFL³Q 'HVFULSFL³Q )XQFL³Q
+HYE$O©UJHQR0D\RU )DFWRUGHHORQJDFL³QGHJRPD %LRVQWHVLV GH FDXFKR 6HQVLELOL]DFL³Q HQ SDFLHQWHV
VRPHWLGRVDFLUXJD
+HYE (QGRȕJOXFRVLGDVD $FFL³QDQWLIºQJLFD
+HYE$O©UJHQR0D\RU 3URWHQDGH3DUWFXODSHTXH±DGH*RPD %LRVQWHVLV GH FDXFKR 6HQVLELOL]DFL³Q HQ SDFLHQWHV
VRPHWLGRVDFLUXJD
+HYE +RP³ORJRGHOHFLWLQDVD *OXF³VLGRV &LDQRJHQLFRV 0HFDQLVPR GHIHQVD FRQWUD
LQVHFWRV
+HYE$O©UJHQR0D\RU 3URWHQD¡FLGDGHO¡WH[ 3URWHQDHVWUXFWXUDO
6HQVLELOL]DFL³QHQSHUVRQDOGHVDOXG\WUDEDMDGRUHVGHOD
JRPD
+HYE 3URKHYHQD 6HQVLELOL]DFL³QHQSHUVRQDOGHVDOXG\WUDEDMDGRUHVGHOD
JRPD
+HYE +HYHQD 6HQVLELOL]DFL³QHQSHUVRQDOGHVDOXG\WUDEDMDGRUHVGHOD
$O©UJHQR0D\RU JRPD
+HYE )UDJPHQWR7HUPLQDO& 6HQVLELOL]DFL³QHQSHUVRQDOGHVDOXG\WUDEDMDGRUHVGHOD
JRPD
+HYE +RP³ORJRGHSDWDWLQDGH 0HWDEROLVPR0HFDQLVPR'HIHQVD
6XHUR%
+HYE +RP³ORJRGHSDWDWLQDGH 0HWDEROLVPR0HFDQLVPR'HIHQVD
6XHUR&
+HYE 3URILOLQD 0DUFDGRU GH VHQVLELOL]DFL³Q DVLQWRP¡WLFD DO O¡WH[
5HDFWLYLGDGFUX]DGD6QGURPH$OHUJLD2UDO
+HYE (QRODVD $QWJHQRPHQRU
+HYE 6XSHUR[LGR'LVPXWDVD $QWJHQRPHQRU
Ϯϯ

+HYE 4XLWLQDVDV $FFL³QDQWLIºQJLFD0HFDQLVPRGHIHQVDFRQWUDLQVHFWRV
+HYE 3URWHQDGHWUDQVIHUHQFLDGHOSLGRVQR 5HDFWLYLGDG&UX]DGD6QGURPH$OHUJLD2UDO
HVSHFILFDWLSR
+HYE (VWHUDVD 0HWDEROLVPR0HFDQLVPR'HIHQVD
+HYE +HYDPLQDOLVR]LPDTXLWLQDVD 5HOHYDQFLDFOQLFDGHVFRQRFLGD
+HYE 3URWHDVDGHVHULQDLQKLELGRUDGHO¡WH[ 5HOHYDQFLDFOQLFDGHVFRQRFLGD
0RGLILFDGRGH0DULH1R«OOH&5(3<5XEEHUQHZDOOHUJHQVDQGSUHYHQWLYHPHDVXUHV
+,6725,$
/DKLVWRULDGHOXVRGHOO¡WH[VHUHPRQWDKDFLDODG©FDGDGHD&HQ0HVRDP©ULFDORV
SULPHURVDUWFXORVHQFRQWUDGRVIXHURQDJDUUDGHUDVSDUDKHUUDPLHQWDVPROGHV\ERODVGHKXOH
HQFDQFKDVSDUDHOMXHJRGHSHORWD0D\DORTXHLQGLF³ODKDELOLGDGGHSURFHVDUHOO¡WH[VLQ
HPEDUJRHOSULPHUPDWHULDOXWLOL]DGRHVHOREWHQLGRGHO¡UERO&DVWLOODHO¡VWLFD(QFRQOD
FRQTXLVWDGHHXURSHRVHQ$P©ULFDVHGRFXPHQWDTXH0RFWH]XPDHQVH±³D+HUQ¡Q&RUW©VHO
DUWHGHFRQIHFFLRQDUSHORWDVGHJRPD
/DFRPHUFLDOL]DFL³QGHOO¡WH[LQLFLDHQFXDQGR&KDUOHV*RRG\HDU\1DWKDQLHO+D\ZDUG
GHVFXEULHURQ HO IHQ³PHQR GH YXOFDQL]DFL³Q \ 7KRPDV +DQFRFN DSRUW³ D OD I³UPXOD VX
HVWDELOLGDG\DVSRGHUUHDOL]DUODSURGXFFL³QGHJXDQWHV\PºOWLSOHVDUWFXORV
(Q*RRG\HDU5XEEHU&RPSDQ\IDEULF³\SDWHQWRHOSULPHUSDUGHJXDQWHVGHO¡WH[SDUD
XVRTXLUºUJLFRDSDUWLUGHOSHGLGRGHOIDPRVRP©GLFR+DOVWHGGHOKRVSLWDO-RKQ+RSNLQVTXLHQ
HQHVHPRPHQWRMHIHGHO6HUYLFLRGHFLUXJDGHOKRVSLWDO-RKQ+RSNLQVVHHQFRQWUDEDHQXQD
UHODFL³QFRQODHQIHUPHUD&DUROLQH+DPSWRQODFXDOVXIUL³XQDDOHUJLDDDQWLV©SWLFRV\RGDGRV
ORV FXDOHV HUDQ XWLOL]DGRV GH IRUPD SXOYHUL]DGRV OOHJDQGR LQFOXVR D SUHVHQWDU GHUPDWLWLV GH
FRQWDFWRVHYHUDTXHODREOLJDEDDODUJRVSHULRGRVGHDXVHQFLDHLQFOXVRODKL]RSHQVDUHQVX
DEDQGRQR SURIHVLRQDO P¡V VLQ HPEDUJR HO 'U +DOVWHG HQFRQWU³ OD FXUD D GLFKD DOHUJLD D
LQWURGXFLU HO XVR GH JXDQWHV HQ VX FRPSD±HUD \ SDUD HO 'U -RVHSK %ORRGJRRG HQ HO
+RVSLWDO-RKQV+RSNLQVLQGLF³TXHVHXVDU¡QJXDQWHVSDUDWRGDVODVDFWLYLGDGHVP©GLFDVDV
SXHVSDUD\FRQOD6HJXQGD*XHUUD0XQGLDOVHLQFUHPHQW³HOXVR\SURGXFFL³QGHHVWH
PDWHULDOP©GLFRVLHQGRHOSULPHUFDVRUHSRUWDGRGHXUWLFDULDGHFRQWDFWRDORVJXDQWHVGHXVR
GRP©VWLFRIXHGHVFULWRHQ8QD±RGHVSX©V)RUVWURPUHSRUW³XUWLFDULDGHFRQWDFWRFDXVDGD
SRU HO XVR GH JXDQWHV TXLUºUJLFRV 3HUR QR IXH VLQR KDVWD TXH VH GHWHUPLQ³ TXH ODV
UHDFFLRQHVDORVSURGXFWRVGHO¡WH[HUDQPHGLDGDVSRU,J(\TXHORVDO©UJHQRVHUDQSURWHQDV
GHO¡WH[FRQWHQLGDVHQHVWRVSURGXFWRV
Ϯϰ

(3,'(0,2/2*,$
/DSUHYDOHQFLDDDOHUJLDDOO¡WH[HQODSREODFL³QJHQHUDOHVW¡HVWLPDGDHQWUH\VLHQGR
ODH[SRVLFL³QUHSHWLGDDHVWHPDWHULDOHOSULQFLSDOIDFWRUGHULHVJRSDUDHOGHVDUUROORGHODPLVPD
'HQWUR GH ORV SULQFLSDOHV JUXSRV GH ULHVJR D GHVDUUROODU DOHUJLD DO O¡WH[ VH HQFXHQWUDQ ODV
SHUVRQDVFRQHVSLQDEILGD/DVSHUVRQDVVRPHWLGDVDPºOWLSOHVFLUXJDV
ORVWUDEDMDGRUHVDOFXLGDGRGHODVDOXGORVWUDEDMDGRUHVGHODLQGXVWULDGHOFDXFKR
SHUVRQDVFRQDQWHFHGHQWHVSHUVRQDOHVGHDWRSLD
$ QLYHO PXQGLDO VH HVWLPD TXH XQD GH FDGD D FLUXJDV RFXUUH XQD UHDFFL³Q
DQDILO¡FWLFDUHSUHVHQWDQGRFHUFDGHOGHWRGDVODVFRPSOLFDFLRQHVTXLUºUJLFDVFRQXQD
PRUWDOLGDG HVWLPDGD HQWUH &HUFD GHO GH DUWFXORV P©GLFRV GH XVR HQ TXLU³IDQR
FRQWLHQHQ O¡WH[ 7$%/$ SRU OR FXDO QR HV XQD VRUSUHVD TXH VHD OD VHJXQGD FDXVD GH
DQDILOD[LDSHULRSHUDWRULDVLHQGRUHVSRQVDEOHGHODOGHORVFDVRV
7$%/$2%-(72648(38('(1&217(1(5/7(;
8VR&RWLGLDQR 8VR0©GLFR
3UHVHUYDWLYRV (TXLSRHVFRODU *XDQWHV4XLUºUJLFRV 'UHQDMHV
$GKHVLYRV 0DQJXHUDV 6RQGDVWLSR)ROH\ &DW©WHUHVYDVFXODUHV
6XHODVGHFDO]DGR &ROFKRQHV 0DVFDUDODUQJHD 2[PHWUR
1HXP¡WLFRV $OPRKDGDV %ROVDVGH2[LJHQR (OHFWURFDUGLRJUDPD
$OIRPEUDV -XJXHWHV 7XER(QGRWUDTXHDO &ROFKRQHWDV
(TXLSRQDWDFL³Q *ORERV &LUFXLWRVDQHVWHVLD 0DVFDULOODV$0%8
(TXLSR GHSRUWLYR 'LVSRVLWLYRV HOHFWU³QLFRV -HULQJDV 6RQGDVGH$VSLUDFL³Q
EDORQHVUDTXHWDVHWF WHFODGRVFRQWUROHVHWF
),6,23$72/2*$
/DVHQVLELOL]DFL³QGHSHQGHGHIDFWRUHVFRPRODUXWDGHH[SRVLFL³QODIUHFXHQFLDGHH[SRVLFL³Q
ODGRVLVGHH[SRVLFL³Q\ODVXVFHSWLELOLGDGLQGLYLGXDO/DH[SRVLFL³QSXHGHRFXUULUFRPRUHVXOWDGR
GHFRQWDFWRGLUHFWRFRQODSLHO\PXFRVDVSRULQKDODFL³Q\SRULQJHVWL³QGHOO¡WH[
6LHQGRSRVLEOHGHVFULELUWUHVWLSRVGHUHDFFLRQHVDO©UJLFDVDOO¡WH[
'HUPDWLWLV GH FRQWDFWR LUULWDWLYD (V OD IRUPD P¡V FRPºQ GH UHDFFL³Q DO©UJLFD 3XHGH
GHVDUUROODUVHHQPLQXWRVDKRUDVSRVWHULRUHVDODH[SRVLFL³Q&DUDFWHUL]¡QGRVHFOQLFDPHQWH
SRUODSUHVHQFLDGHSUXULWRUDVKVHQVDFL³QGHTXHPD]³QLQIODPDFL³Q\SUHVHQFLDGHDPSROODV
1RHVQHFHVDULDODSUHVHQFLDGHXQDH[SRVLFL³QSUHYLDHVFDUDFWHUL]DGDSRUODDSDULFL³QGHXQD
UHDFFL³Q PLQXWRV X KRUDV GHVSX©V GH OD H[SRVLFL³Q \ XVXDOPHQWH HVW¡ DVRFLDGD D DGLWLYRV
Ϯϱ

TXPLFRV GXUDQWH HO SURFHVDPLHQWR GHO O¡WH[ FDUEDPDWRV EHQ]RWKLD]ROHV DQWLR[LGDQWHV \
WLXUDPV
'HUPDWLWLV GH FRQWDFWR DO©UJLFR R UHDFFL³Q KLSHUVHQVLELOLGDG WLSR ,9 5HDFFL³Q PHGLDGD SRU
LQPXQLGDG FHOXODU RFXUUH GHQWUR GH D KRUDV SRVWHULRU D OD H[SRVLFL³Q DO O¡WH[ SHUR
JHQHUDOPHQWH HV SURGXFLGD SRU DQWLR[LGDQWHV \ DFHOHUDGRUHV GH OD JRPD FRPR WLXUDPV
FDUEDPDWRV\FDUEDPDWRVGXUDQWHODSURGXFFL³QGHOO¡WH[/RVOLQIRFLWRV7VRQVHQVLELOL]DGRVH
LQILOWUDQODSLHOHQVX]RQDGHFRQWDFWR/RVVQWRPDVVRQVLPLODUHVDODVGHODGHUPDWLWLVSRU
FRQWDFWRLUULWDWLYDHULWHPDYHVFXODVGHVFDPDFL³Q
5HDFFL³Q GH KLSHUVHQVLELOLGDG WLSR , 2FXUUH GH IRUPD LQPHGLDWD HQ ORV SULPHURV PLQXWRV
SRVWHULRUHVDODH[SRVLFL³QUHTXLHUHVHQVLELOL]DFL³QSUHYLD\HVPHGLDGDPHGLDQWHODSURGXFFL³Q
GH,J(HVSHFILFDFRQWUDODVSURWHQDVGHOO¡WH[&OQLFDPHQWHSXHGHSUHVHQWDUVHFRQVQWRPDV
FXW¡QHRV HQ IRUPD GHXUWLFDULD VQWRPDV UHVSLUDWRULRV ULQRFRQMXQWLYLWLV R HQ IRUPD JUDYH HQ
IRUPDGHDQDILOD[LD
&HUFDGHOGHODVUHDFFLRQHVDOO¡WH[FRUUHVSRQGHDGHUPDWLWLVGHFRQWDFWRDO©UJLFD\RFXUUH
SULQFLSDOPHQWHHQUHVSXHVWDGHTXPLFRVXWLOL]DGRVGXUDQWHODIDEULFDFL³QGHSURGXFWRVGHO¡WH[
',$*1267,&2
(OGLDJQ³VWLFRGHDOHUJLDDOO¡WH[UHTXLHUHGHODKLVWRULDFOQLFD\H[SORUDFL³QIVLFDDSR\DGRFRQ
ODV SUXHEDV FXW¡QHDV \R HVWXGLRV VHURO³JLFRV (O XVR GH SUXHEDV FXW¡QHDV FRQ PºOWLSOHV
H[WUDFWRV GH SURWHQDV GH O¡WH[ HMHPSOR O¡WH[ QR DPRQLDGR \ H[WUDFWR GH JXDQWH GH O¡WH[
SURYHHXQDPD\RUVHQVLELOLGDGSDUDHOGLDJQ³VWLFRGHDOHUJLDDOO¡WH[VHQVLELOLGDGGH
\HVSHFLILFLGDGGHHQFRPSDUDFL³QFRQXQDVHQVLELOLGDGRIUHFLGDSRUWHVWLQYLWURSRU
,QPXQR&DSFHUFDGHO),*85$(OXVRGHSUXHEDVGHSDUFKHHVW¡LQGLFDGRSDUDDTXHOORV
SDFLHQWHVFRQGHUPDWLWLVGHFRQWDFWRDO¡WH[ RUHDFFLRQHVGHDSDULFL³QUHWDUGDGD(OXVRGH
ELRPDUFDGRUHVWULSWDVDSXHGHVHUGHXWLOLGDGHQUHDFFLRQHVDQDILO¡FWLFDV
Ϯϲ

>Ă͗>ĄƚĞǆ
Z͗ZƵƉŝǀĂĐĂşŶĂ
ZŽ͗ZŽĐƵƌŽŶŝŽ
D͗DŝĚĂǌŽůĂŵ
&͗&ĞŶƚĂŶŝůŽ

$SUR[LPDGDPHQWHGHODOGHSDFLHQWHVFRQDOHUJLDDOO¡WH[SUHVHQWDQUHDFWLYLGDGFUX]DGD
D IUXWDV \ YHJHWDOHV GHQRPLQ¡QGRVH VQGURPH GH DOHUJLD RUDO /RV SULQFLSDOHV DOLPHQWRV GH
FRQWLHQHQHVWDUHDFWLYLGDGFUX]DGDVRQHOSO¡WDQRHONLZLHODJXDFDWHHOWRPDWH\ODSDSD(O
PD\RUSDQDOHUJHQRLQYROXFUDGRHQHVWDUHDFWLYLGDGFUX]DGDHVXQDTXLWLQDVDFODVH,SRUORFXDO
OD VLPSOH DVRFLDFL³Q GH HVWRV DOLPHQWRV SXHGH VXJHULU OD SUHVHQFLD GH DOHUJLD DO O¡WH[ /RV
SULQFLSDOHVDO©UJHQRVDVRFLDGRVDHVWDUHDFWLYLGDGFUX]DGDVRQHO+HYEKHYHLQDHQHOFDVR
GHSO¡WDQRDJXDFDWHNLZLHO+HYEHQHOFDVRGHSDSD\WRPDWH\HO+HYEHQHOFDVRGH
DJXDFDWH\SO¡WDQR
Ϯϳ

75$7$0,(172
(OWUDWDPLHQWRP¡VHILFD]HVODHYLWDFL³QGHODH[SRVLFL³QDOO¡WH['DGRGHHQODPD\RUDGHORV
FDVRV QR HV SRVLEOH XQD HYLWDFL³Q DO VH FRQVLGHUD HV HVHQFLDO DO PHQRV JHQHUDU XQ
DPELHQWHVHJXURSDUDORVSDFLHQWHVFRQDQWHFHGHQWHVGHDOHUJLDDOO¡WH[RFRQVHQVLELOL]DFL³Q
DOO¡WH[/RVSURGXFWRVKHFKRVFRQXQSURFHVRGHLQPHUVL³QHMHPSORJXDQWHV\SUHVHUYDWLYRV
SUHVHQWDQ XQRV QLYHOHV P¡V DOWRV GH DO©UJHQRV TXH ORV SURGXFWRV VHFRV HMHPSOR OODQWDV
FDXFKR(QODDFWXDOLGDGORVGRVP©WRGRVSULQFLSDOHVGHSUHYHQFL³QHQORVWUDEDMDGRUHVGH
VDOXGVRQ
(OXVRGHJXDQWHVOLEUHVGHO¡WH[KHFKRVGHQLWULORRGHFORUXURGHSROLYLQLORRIUHFHXQDDOWHUQDWLYD
VHJXUDVLQHPEDUJRFRVWRVDDOXVRREOLJDGRGHJXDQWHVHQPHGLRVSURIHVLRQDOHV
/DUHDOL]DFL³QGHPHGLGDVSDUDHOPDQWHQLPLHQWRGHTXLU³IDQROLEUHGHO¡WH[GHQWURGHODVFXDOHV
GHVWDFDHOUHWLURGHSURGXFWRVGHO¡WH[ODOLPSLH]DGHOTXLU³IDQRFRQPDWHULDOHVOLEUHVGHO¡WH[
HOFRUUHFWRHTXLSDPLHQWRGHOTXLU³IDQRFRQPHGLFDPHQWRVGHXVRHQ FDVRGHOGHVDUUROORGH
DQDILOD[LDHSLQHIULQDFRUWLFRLGHVDQWLKLVWDPQLFRVHWFȘ
(O XVR GH LQPXQRWHUDSLD DFWXDOPHQWH QR VH HQFXHQWUD LQGLFDGR HQ ODV JXDV RILFLDOHV VLQ
HPEDUJRXQDUHYLVL³QVREUHLQPXQRWHUDSLDLGHQWLILF³HQVD\RVFOQLFRVGHORVFXDOHVHQVH
HPSOH³ODIRUPDVXEFXW¡QHD\HQODIRUPDVXEOLQJXDO6/,7HOXVRGHLQPXQRWHUDSLD6&\,6/
SXHGHUHSUHVHQWDUXQDRSFL³QHQFLHUWRVSDFLHQWHVFRQVQWRPDVVHYHURVTXLHQHVQRSXHGHQ
HYLWDUODH[SRVLFL³QDOO¡WH[
(O XVR GH WHUDSLD ELRO³JLFD DFWXDOPHQWH VH HQFXHQWUD HQ HVWXGLR \ QR HVW¡ UHFRPHQGDGR
DXQTXH XQ HQVD\R FRQ RPDOL]XPDE DQWLFXHUSR PRQRFORQDO DQWL,J( TXH LQFOX\³
WUDEDMDGRUHV GH OD VDOXG WUDWDGRV GXUDQWH VHPDQDV FRQFOX\³ TXH HO WUDWDPLHQWR WHQD
HIHFWLYLGDGFOQLFDUHOHYDQWHWDQWRHQVQWRPDVRFXODUHVFRPRHQSLHOHQWUDEDMDGRUHVGHO¡UHD
GHODVDOXGFRQGLILFXOWDGHVSDUDHYLWDUODH[SRVLFL³QDXQTXHVHQHFHVLWDQHVWXGLRVGHWLHPSR
P¡VSURORQJDGRSDUDSRGHUEULQGDUPD\RUVHJXULGDG\XQJUDGRPD\RUGHUHFRPHQGDFL³QHQ
VXXVR
Ϯϴ

68*$00$'(;
(OVXJDPPDGH[HVXQDPRO©FXODROLJRV¡FDULGDGHODIDPLOLDGHODVFLFORGH[WULQDVJDPDXVDGD
FRPRDJHQWHUHYHUVRUGHSULPHUDOQHDGHEORTXHDGRUHVQHXURPXVFXODUHV6LHQGRDXWRUL]DGR
HQHOHQ(XURSD\HQHQ(VWDGRV8QLGRVSRUWDQGRDILQLGDGH[FOXVLYDFRQWUD%10
HVWHURLGHRVFRPRYHFXURQLR\URFXURQLR
(6758&785$48,0,&$
6XQRPEUHSURYLHQHGHȒVXJDUȓD]ºFDUȒJDPDȓ\ȒGH[ȓGHGH[WULQDVKDFLHQGRKLQFDSL©DVX
RULJHQHVWUXFWXUDOGHFLFORGH[WULQDVJDPDGH[WURVD/DVWUHVFLFORGH[WULQDVFRQVWDQGHVHLV
VLHWH \ RFKR ROLJRVDF¡ULGRV PRO©FXODV GH[WURVD XQLGDV SRU HQODFHV JOXFRVLOR VLHQGR OR
FDUDFWHUVWLFR H VX HVWUXFWXUD TXPLFD VXV HQODFHV LQWHUQRV PRGLILFDGRV TXH SHUPLWHQ HO
DFRSODPLHQWR \ HO SRVWHULRU HQFDSVXODPLHQWR GH ORV FXDWUR DQLOORV HVWHURLGHV GH URFXURQLR
OLEHUDQGRORVUHFHSWRUHVGHODDFHWLOFROLQDGHOHIHFWRGHORV%10

Ϯϵ

(3,'(0,2/2*,$
$SHVDUGHVXUHFLHQWHDSUREDFL³QSRUOD)'$HQ(VWDGRV8QLGRVHQ\HQHQ(XURSD
H[LVWHQPºOWLSOHVUHSRUWHVGH5HDFFLRQHVGH+LSHUVHQVLELOLGDGKDFLDHOPLVPR\DFWXDOPHQWH
H[LVWHXQDLQFLGHQFLDGHGHDQDILOD[LDKDFLDVXJDPPDGH[VLHQGRSULQFLSDOPHQWH
HQHOSRVRSHUDWRULRWHPSUDQRFRQVLGHUDQGRVXXVRILQDOFRPRUHYHUVRUGHOHIHFWRGHORV%10
)$50$&2&,1(7,&$
(OVXJDPPDGH[GLVPLQX\HU¡SLGDPHQWHODFRQFHQWUDFL³QGHUHODMDQWHPXVFXODUHQHOSODVPD
QRXQLGRDOUHFHSWRUQHXURPXVFXODU\HVWRSHUPLWHHVWDEOHFHUXQJUDGLHQWH\IOXMRGHUHODMDQWH
KDFLD HO WRUUHQWH VDQJXQHR GRQGH HV U¡SLGDPHQWH HQFDSVXODGR /DV PRO©FXODV GH
VXJDPPDGH[WLHQHQODFDSDFLGDGGHSHQHWUDUDOWHMLGR\IRUPDUFRPSOHMRVFRQHOURFXURQLR(O
FRPSOHMRIRUPDGRHVGHDOWDDILQLGDGWLHQHXQDPX\EDMDWDVDGHGLVRFLDFL³Q\QRLQWHUDFWºD
FRQHOUHFHSWRUGHDFHWLOFROLQDQLFRQODDFHWLOFROLQHVWHUDVD
/DLQWHUDFFL³QGHOVXJDPPDGH[FRQRWURVUHODMDQWHVQHXURPXVFXODUHVFRPRODVXFFLQLOFROLQD\
ORV GHULYDGRV EHQFLOTXLQROQLFRV DWUDFXULR FLVDWUDFXULR \ PLYDFXURQLR \ DQHVW©VLFRV FRPR
SURSRIRO\VHYRIOXUDQRHVPXFKRP¡VEDMDRLQH[LVWHQWHUHVSHFWRDORVUHODMDQWHVPXVFXODUHV
QRGHVSRODUL]DQWHVDPLQRHVWHURLGHRV/DH[FUHFL³QGHODVFLFORGH[WULQDVHVSRUYDUHQDOHQODV
SULPHUDVKRUDVGHDGPLQLVWUDGR\YDHQSDUDOHORDODHOLPLQDFL³QUHQDOGHOURFXURQLR
/DIDUPDFRFLQ©WLFDGHO6XJDPPDGH[HVOLQHDOHQXQUDQJRGHGRVLVGHPJNJKDVWDPJNJ
'HOPLVPRPRGRVHKDHVWLPDGRXQYROXPHQGHGLVWULEXFL³QWRWDOGHOLWURVXQDYLGDPHGLD
GHPLQXWRV\XQDGHSXUDFL³QGHPOPLQXWRV(O6XJDPPDGH[QRHVPHWDEROL]DGR\HV
H[FUHWDGRH[FOXVLYDPHQWHVLQFDPELRVDQLYHOUHQDOHQP¡VGHOGHQWURGHODVSULPHUDV
KRUDV
0(&$1,602$&&,21
$FWºDFRPRXQ$JHQWH6HOHFWLYRGH8QL³QD%ORTXHDQWHV6HOHFWLYH5HOD[DQW%LQGLQJ$JHQW
)RUPDXQFRPSOHMRFRQORVEORTXHDQWHVQHXURPXVFXODUHVURFXURQLRRYHFXURQLRHQSODVPD\
SRU WDQWR UHGXFH OD FDQWLGDG GH EORTXHDQWH QHXURPXVFXODU GLVSRQLEOH SDUD XQLUVH D ORV
UHFHSWRUHV QLFRWQLFRV HQ OD XQL³Q QHXURPXVFXODU (VWR SURGXFH XQD UHYHUVL³Q GHO EORTXHR
QHXURPXVFXODULQGXFLGRSRUHOURFXURQLRRHOYHFXURQLR
ϯϬ

)$50&2&,1(7,&$'(68*$00$'(;
120%5( 0(7$%2/,602 (/,0,1$&,21 9G66 '85$&,1 '26,6 ,1,&,2 '(

$&&,1 ()(&7,9$ $&&,21
<9F
PLQ '( PLQ
68*$00$'(; 1R HV 5 9G66 9LGD PHGLD 9DULDEOH'HVGH /DWHQFLD

PHWDEROL]DGR GH PJNJKDVWD LQLFLR
PLQXWRV PJNJ DFFL³Q
OLWURV VHJXQGRV D
PLQXWR
9G669ROXPHQ'LVWULEXFL³QDSDUHQWHRDHVWDGRFRQVWDQWH
9F9ROXPHQFRQVWDQWH
55(1$/
5($&&,21(6+,3(56(16,%,/,'$'68*$00$'(;
'HELGR D VX UHFLHQWH LQFRUSRUDFL³Q FRPR FDXVD GH DOHUJLD SHULRSHUDWRULD H[LVWH SRFD
LQIRUPDFL³Q VREUH HO HSLWRSR DOHUJ©QLFR GHO 6XJDPPDGH[ 7HVW LQ YLYR 3UXHEDV FXW¡QHDV
,QWUDGHUPRUUHDFFL³QUHDOL]DGDVDSDFLHQWHVFRQDQDILOD[LDVHFXQGDULDD6XJDPPDGH[FRQ$
&LFORGH[WULQD %&LFORGH[WULQD *&LFORGH[WULQD 0HWLOPHUFDSWRSURSLRQDWR (WLO
0HUFDSWRSURSLRQDWR GHPRVWUDURQ ºQLFDPHQWH SUXHEDV SRVLWLYDV KDFLD *&LFORGH[WULQD
VXSRQLHQGRHVWHFRPRSULQFLSDOHSLWRSRDOHUJ©QLFR
'HPRPHQWRORVHIHFWRVDGYHUVRVP¡VIUHFXHQWHVDVRFLDGRVDOXVRGH6XJDPPDGH[KDQVLGR
KLSRWHQVL³Q QDXVHDV WRV Y³PLWRV ERFD VHFD \ OD SUHVHQFLD GH QLYHOHV DQRUPDOHV GH 1
DFHW\OJOXFRVDPLQLGDVDHQRULQD
6H FRQVLGHUD TXH VXV HIHFWR SXHGHQ HVWDU UHODFLRQDGRV D XQD VHQVLELOL]DFL³Q SUHYLD SRU
UHDFWLYLGDG FUX]DGD FRQ RWUDV FLFORGH[WULQDV SULQFLSDOPHQWH GH OD LQGXVWULD DOLPHQWDULD
UHFRUGDQGR ODV FLFORGH[WULQDV VRQ XVDGDV SDUD PHMRUDU OD VROXELOLGDG HQ DJXD \ OD
ELRGLVSRQLELOLGDGGHVXVWDQFLDVRPHGLFDPHQWRV%&LFORGH[WULQDHQODVWDEOHWDVGH
&HWLUL]LQD 9RULFRQD]RO R 0LQR[LGLO R FRPR FRORUDQWHV %&LFORGH[WULQDV HQ FDURWHQRLGHV R
DXPHQWDGRUHVGHVDERU$&LFORGH[WULQDVVLHQGRHQSURPHGLRVXFRQVXPRFHUFDGHJUGH
&LFORGH[WULQDSRUGDHQFDGDLQGLYLGXR
'HO PLVPR PRGR ODV 5HDFFLRQHV GH +LSHUVHQVLELOLGDG DVRFLDGDV DO XVR GH 6XJDPPDGH[
LQFOX\HQ HQURMHFLPLHQWR UDVK XUWLFDULIRUPH WDTXLFDUGLD ORV FXDOHV SDUHFHQ VHU HIHFWRV
LQPXQRO³JLFRVQRDVRFLDGRVD,J(\HVW¡QDVRFLDGRVDGRVLVPVDOWDVPJNJPLHQWUDV
TXHEURQFRHVSDVPR\DQDILOD[LDVHKDQSURSXHVWRFRPRODVUHDFFLRQHVGH+LSHUVHQVLELOLGDG
ϯϭ

LQPHGLDWDLQPXQRO³JLFDPHQWHPHGLDGDVSRU,J(\VHKDQDVRFLDGRLQFOXVRDGRVLVEDMDVGHO
PHGLFDPHQWRPJNJ
'HPRPHQWRHOGLDJQ³VWLFRGH5HDFFLRQHVGH+LSHUVHQVLELOLGDGDO6XJDPPDGH[HVOLPLWDGR
SXHVWRTXHORVHVWXGLRVHQYLWURDXQQRHVW¡QYDOLGDGRVSRUORFXDOVXGLDJQ³VWLFRGHSHQGH
SULQFLSDOPHQWH GH ORV WHVW LQ YLWUR ORV FXDOHVEDVDGRV HQ UHFRPHQGDFLRQHV ($&, \ $$$,QR
SXHGHQUHDOL]DUVHHQODVSULPHUDVKRUDV\GDVSRVWHULRUDUHDFFLRQHVVHYHUDVDQDILOD[LDSRU
HOULHVJRGHIDOVRVSRVLWLYRV'HOPLVPRPRGRODGLOXFL³QSDUDODUHDOL]DFL³QGHODVSUXHEDV
FXW¡QHDVQRVHHQFXHQWUDDFWXDOPHQWHHVWDQGDUL]DGD\VHUHFRPLHQGDODDSOLFDFL³QVLQGLOXLUR
DXQDGLOXFL³QGHHQHOFDVRGH3UXHEDVFXW¡QHDV\GHDHQHOFDVRGH
3UXHEDV,QWUDG©UPLFDVSXGLHQGRDSR\DUHOGLDJQRVWLFRFRQELRPDUFDGRUHVGHDQDILOD[LDFRPR
WULSWDVDRFDUER[LSHSWLGDVD
'H PRPHQWR QR H[LVWH QLQJºQ WLSR GH WUDWDPLHQWR HVSHFILFR SDUD ODV 5HDFFLRQHV GH
+LSHUVHQVLELOLGDGD6XJDPPDGH[SRUORFXDOVXPDQHMRGHEHU¡VHUHQIRFDGRFRPRHQFXDOTXLHU
FDVRGHDQDILOD[LDPHGLDQWHODHVWDELOL]DFL³QKHPRGLQ¡PLFDHOXVRSUHFR]GHDGUHQDOLQDHO
GLDJQ³VWLFR RSRUWXQR \ WHPSUDQR GH DQDILOD[LD \ HOUHWLUR WHPSUDQRGH ORV SRVLEOHV DJHQWHV
FDXVDQWHVGHODDQDILOD[LD(QHOFDVRGH6XJDPPDGH[VLHPSUHWHQGU¡TXHVHUXQGLDJQ³VWLFR
GLIHUHQFLDOD$OHUJLD3HULRSHUDWRULDD%ORTXHDGRUHV1HXURPXVFXODUHV
ϯϮ

35232)2/
(O3URSRIROHVXQDJHQWHLQWUDYHQRVRXVDGRSDUDODLQGXFFL³QGHODDQHVWHVLDKLSQ³WLFRHIHFWR
DQWLFRQYXOVLYDQWH GLVPLQXFL³Q GH WDVD PHWDE³OLFD FHUHEUDO GLVPLQXFL³Q GH SUHVL³Q
LQWUDFHUHEUDO3,&VLHQGRXQDOTXLOIHQROGHVFXELHUWRHQ
+,6725,$
-DPHV*OHQGHOODERUDWRULR,&,,PSHULDO&KHPLFDO,QGXVWULHVHQ&KHVKLUH,QJODWHUUDUHSRUW³
HOGHVFXEULPLHQWRGHODVSURSLHGDGHVDQHVW©VLFDVGHOGLLVRSURSLOIHQROHQHQHURGH
/RV SULPHURV HQVD\RV FOQLFRV HQ KXPDQRV VH UHDOL]DURQ HQ (XURSD HQ
XVDQGRSURSRIRODO\&UHPRSKRUDOVHHVWXGLDURQP¡VGHPLOSDFLHQWHVSHURHVWD
IRUPXODFL³QQRIXHFOQLFDPHQWHSUREDGDHQ((88(QUHDOLGDGHQORVSULPHURVHQVD\RVHQ
KXPDQRVVHXWLOL]³XQDIRUPXODFL³QGHSURSRIRODO&UHPRSKRUDO\HWDQRODOOD
FRQFHQWUDFL³QGHVHGHEL³DODVXEHVWLPDFL³QLQLFLDOGHOSURSRIRO\HOHWDQROVHLQFOX\³HQ
ODI³UPXODSDUDHOLPLQDUODFRORUDFL³QRVFXUDGHODIRUPXODFL³Q
3RVWHULRUPHQWHVHGHWHUPLQ³TXHXQDFRQFHQWUDFL³QGHHUDDGHFXDGDSDUDODDQHVWHVLD\
TXHHOHWDQROQRHUDQHFHVDULRSDUDODFODULILFDFL³QODLQ\HFFL³QGHODIRUPXODFL³QDO\VLQ
HWDQROHUDDGHP¡VPHQRVGRORURVD
(6758&785$48,0,&$
(VXQDOTXLOIHQROGLVRSURSLOIHQROFRQXQ3HVR0ROHFXODUGH.GDDOWDPHQWHKLGURI³ELFRSRU
OR FXDO HV SUHSDUDGR HQ XQD VROXFL³Q HPXOVL³Q GH DFHLWH HQ DJXD GHO PLVPR PRGR OD
IRUPXODFL³QGHO3URSRIRODO\FRQDFHLWHGHVR\DDO\GHJOLFHURO6XFRHILFLHQWH
GHSDUWLFL³QRFWDQRODJXDGHDXQS+GH\XQSNGH
ϯϯ

)$50$&2&,1(7,&$
6H XQH LQ YLYR D ODV SURWHQDV SODVP¡WLFDV Ȋ \ HV PHWDEROL]DGR HQ HO KJDGR
SULQFLSDOPHQWHSRUFRQMXJDFL³QKHS¡WLFDHQ3URSRIROJOXFRU³QLGR6LHQGRHOLPLQDGR\H[FUHWDGR
IXQGDPHQWDOPHQWHSRUYDUHQDOGHO\IHFDOGHODXQTXHFXHQWDFRQXQDSDUWLFLSDFL³Q
SXOPRQDUHQVXHOLPLQDFL³QWUDQVIRUPDQGRGHSURSRIRODGLLVRSURSLOTXLQR
6XYLGDPHGLDHVFRUWDVHGHVLQWHJUDSDVDGRVHQWUHXQRVPLQXWRV\XQDKRUD\VXDFFL³Q

U¡SLGDFRQXQWLHPSRGHODWHQFLDGHVHJXQGRVFRQXQFRPSRUWDPLHQWRWULPRGDOXQDSULPHUD
IDVHGHGLVWULEXFL³Q9LGD0HGLDGLVWULEXFL³QPLQXWRVXQDVHJXQGDIDVHGHHOLPLQDFL³Q
PHWDE³OLFD9LGD0HGLD(OLPLQDFL³QGHPLQXWRV\XQDWHUFHUDIDVHGHUHGLVWULEXFL³QOHQWD
9LGD0HGLDGH5HGLVWULEXFL³QGHDKRUDV&RQVLGHUDQGROD9LGDPHGLDWRWDOGHO3URSRIRO
GHVSX©VGHGDVGHLQIXVL³QHVXQWLHPSRHQWUH\GDV
/DGRVLVGH3URSRIROUHTXHULGDSDUDLQGXFLUDQHVWHVLDHQDGXOWRVHVQRUPDOPHQWHHQWUH
PJNJ,9\HOHIHFWRGHPDQWHQLPLHQWRGHVHGDFL³QSXHGHPDQWHQHUVHFRQLQIXVL³QFRQWLQXD
DSUR[LPDGDPHQWHGHPJNJKRUDRFRQERORVLQWHUPLWHQWHVPJ(O3URSRIROHV
OLSRIOLFRDWUDYLHVDI¡FLOPHQWHEDUUHUDKHPDWRHQFHI¡OLFD
0(&$1,602'($&&,1
(O3URSRIRODFWLYDGHIRUPDGLUHFWDORVUHFHSWRUHV*$%$WLSR$GLVPLQX\HQGRODWDVDPHWDE³OLFD
FHUHEUDO GH IRUPD GRVLVGHSHQGLHQWH UHGXFLU HO IOXMR VDQJXQHR FHUHEUDO DXPHQWDQGR OD
FRQGXFWDQFLDGHOLRQFORURGHOPLVPRPRGRLQKLEHHOIOXMRGHFDOFLRHQPXVFXOROLVRYDVFXODU
SRWHQFLDOL]DQGRODYDVRGLODWDFL³QLQGXFLGDSRU$73\SRWDVLRLQKLELHQGRORVHIHFWRVHQGRWHOLDOHV
SRU VXVWDQFLDV YDVRGLODWDGRUDV IDFWRU KLSHUSRODUL]DQWHGHULYDGR GH HQGRWHOLR ³[LGR QWULFR
SURVWDFLFOLQDV \ GH PDQHUD VHFXQGDULD FRQWDQGR FRQ XQ HIHFWR DQWLR[LGDQWH PHGLDQWH OD
HOLPLQDFL³QGHUDGLFDOHVOLEUHVLQKLELHQGRHOGD±RR[LGDWLYRFHOXODU\DXPHQWDQGRORVQLYHOHV
GH JOXWDWL³Q HQ ORV WHMLGRV 'HO PLVPR PRGR HO 3URSRIRO FXHQWD FRQ SURSLHGDGHV
LQPXQRPRGXODGRUDVFRQVLGHUDQGRHODFHLWHGHVR\DHVDFLGRGHODUJDVFDGHQDVUDPLILFDGDV\
SXHGHDIHFWDUODVQWHVLVGHFLWRVLQDVUDGLFDOHVOLEUHV\RWURVPHGLDGRUHVLQIODPDWRULRV
&RPR PHFDQLVPRV GH DFFL³Q DOWHUQRV HO 3URSRIRO RIUHFH HIHFWR DQDOJ©VLFR PHGLDQWH
PRGXODFL³QGHOVLVWHPDRSLRLGHWHQLHQGRXQWLHPSRGHLQLFLRGHDFFL³QHQWUHPLQXWRVVLQ
HPEDUJRHVWHHIHFWRHVSREUH\QRUPDOPHQWHQRHVVXILFLHQWHFRPRPRQRWHUDSLDSDUDFRQWURO
GHGRORU'HOPLVPRPRGRDODXPHQWDUPHFDQLVPRLQKLELWRULRFHQWUDOYD*$%$\GLVPLQXFL³Q
PHWDEROLVPR *$%$ HV ELHQ FRQRFLGR HO HIHFWR DQWLFRQYXOVLYDQWH DXQTXH VX XVR VH UHVHUYD
SULQFLSDOPHQWH SDUD FDVRV GH VWDWXV HSLO©SWLFR 3RU XOWLPR FRQVLGHUDQGR FRPR HO 3URSRIRO
ϯϰ

GLVPLQX\HODWDVDPHWDE³OLFDFHUHEUDO\GLVPLQX\HHOIOXMRVDQJXQHRFHUHEUDOSRUORFXDORIUHFH
HIHFWRQHXURSURWHFWRUHQLVTXHPLDFHUHEUDO
3XGLHQGRUHVXPLUSRUHQGHORVSULQFLSDOHVPHFDQLVPRVGHDFFL³QGHOSURSRIROFRPR
Ɣ 3RWHQFLDGRUGHDFFL³QGH*$%$DXPHQWDQGRODFRQGXFWDQFLDGHFORUR
Ɣ $QWDJRQLVWDGHO*OXWDPDWRDODDOWXUDGHOUHFHSWRU10'$
Ɣ $QWDJRQLVWDGHOD*OLFLQDDQLYHOHVSLQDO(VSDVPRV\PLRFORQLDV
Ɣ $QWLR[LGDQWH\QHXURSURWHFWRU
Ɣ $QWLFRQYXOVLYDQWH
Ɣ (IHFWRKLSQ³WLFR
)$50&2&,1(7,&$'(35232)2/
120%5( 0(7$%2/,602 (/,0,1$&,21 9G66 '85$&,1 '26,6 ,1,&,2'(

$&&,1 ()(&7,9$ $&&,21
<9F
PLQ '( PLQ
35232)2/ +HS¡WLFD 5 ) 9G66 (IHFWR %ROR PJ /DWHQFLD

P¡[LPR PJNJ LQLFLR
3URSRIRO PLQXWRV DFFL³Q
*OXFRU³QLGR 0DQWHQLPLHQWR
ONJ W } Į PJNJK VHJXQGRV
8QL³Q 3URWHQDV PLQXWRV
9F
W } ȕ
PLQXWRV
ONJ
W } Ȗ
KRUDV
9G669ROXPHQ'LVWULEXFL³QDSDUHQWHRDHVWDGRFRQVWDQWH
9F9ROXPHQFRQVWDQWH
W}ĮYLGDPHGLDU¡SLGDGHGLVWULEXFL³Q
W}ȕYLGDPHGLDOHQWDGHGLVWULEXFL³Q
W}ȖYLGDPHGLDGHHOLPLQDFL³QRYLGDPHGLDWHUPLQDO
ϯϱ

()(&726$'9(5626
/RV HIHFWRV DGYHUVRV P¡V FRPºQPHQWH UHSRUWDGRV DO XVR GH 3URSRIRO VRQ GRORU HQ VLWLR
DGPLQLVWUDFL³QEUDGLFDUGLDKLSRWHQVL³QDUWHULDOFDPELRVHQOSLGRVV©ULFRVSDQFUHDWLWLVDJXGD
H[FLWDFL³QGHO6LVWHPD1HUYLRVR&HQWUDOFRQYXOVLRQHV(OGRORUHQHOVLWLRDGPLQLVWUDFL³QHVHO
HIHFWRDGYHUVRP¡VFRPºQPHQWHUHSRUWDGRDOXVRGH3URSRIROHQSHTXH±RVYDVRV\
HQJUDQGHVYDVRVDXQTXHODLQFLGHQFLDGHWURPERIOHELWLVHVPX\EDMD&RPRHIHFWRV
DOWHUQRVDOXVRGHOSURSRIROVHKDUHSRUWDGRSXHGHGLVPLQXLUODSUHVL³QLQWUDRFXODUHQWUH\
$QLYHOFDUGLRYDVFXODUHO3URSRIROSURGXFHUHGXFFL³QGHDFWLYLGDGVLPS¡WLFDDQLYHOFHQWUDO
HIHFWR YDVRGLODWDGRU DUWHULDO GHSUHVL³Q FRQWUDFWLELOLGDG PLRF¡UGLFD \ GH PDQHUD VHFXQGDULD
UHGXFFL³QGHOFRQVXPRPLRF¡UGLFRGHR[JHQR\UHGXFFL³QGHOIOXMRFRURQDULR
(OVQGURPHGH,QIXVL³QGH3URSRIROHVXQ6QGURPH5DURP¡VDVRFLDGRFRQDOWDVGRVLVGH
3URSRIROFDUDFWHUL]DGRSRUDFLGRVLVPHWDE³OLFDDFLGRVLVO¡FWLFDLQHVWDELOLGDGKHPRGLQ¡PLFD
UDEGRPLROLVLV \ GLVIXQFL³Q PXOWLRUJ¡QLFD (Q OD SDWRILVLRORJD GHO VQGURPH GH LQIXVL³Q GH
SURSRIROKDEUDTXHFRQVLGHUDUORVHIHFWRVDGYHUVRVFDUGLRYDVFXODUHVGHOI¡UPDFRTXHLQFOX\HQ
ODKLSRWHQVL³Q\ODEUDGLFDUGLDTXHSRGUDQFRQWULEXLUDOGHWHULRURFDUGDFRTXHVHSURGXFHHQ
HVWHVQGURPH\DOSUHSDUDUVHFRPRXQDHPXOVL³QGHDFHLWHGHVRMD\WULJOLF©ULGRVGHFDGHQD
ODUJD\HVWDSUHSDUDFL³QSRGUDDIHFWDUHOHTXLOLEULRHQWUHHOPHWDEROLVPRJUDVR\HOPHWDEROLVPR
GHFDUERKLGUDWRVHOHY¡QGRVHODSURGXFFL³QGH¡FLGRVJUDVRVOLEUHVTXHVRQSURDUULWP³JHQRV
DGHP¡V GH WHQHU XQ HIHFWR GLUHFWR HQ QLYHO PLWRFRQGULDO LQKLELHQGR OD UHVSLUDFL³Q +DVWD HO
PRPHQWRQRH[LVWHXQWUDWDPLHQWRHVSHFILFRVLQHPEDUJRDQWHODVRVSHFKDGH6,3GHEHUD
GLVFRQWLQXDUVHODLQIXVL³QGHSURSRIRO\HVWDELOL]DUODIXQFL³QFDUGDFDFRPRREMHWLYRSULQFLSDO\
SDUD VXSULPLU HO PHWDEROLVPR OLSGLFR TXH FRQWULEX\H D OD LQHVWDELOLGDG FDUGLRYDVFXODU VH
DFRQVHMDVXPLQLVWUDUXQDLQIXVL³QGHGH[WURVDDPJNJPLQ
5($&&,21(6'(+,3(56(16,%,/,'$'$/35232)2/
5HDFFLRQHVDO©UJLFDVDO3URSRIROVRQPX\UDUDV\ºQLFDPHQWHUHSUHVHQWDQFHUFDGHOGH
WRGDVODVUHDFFLRQHVDO©UJLFDVDDQHVW©VLFRV'HQWURGHODVUHDFFLRQHVSRUKLSHUVHQVLELOLGDG
GHVFULWDV SRU HO 3URSRIRO VRQ P¡V FRPXQHV ODV WLSR DQDILODFWRLGHV HV GHFLU ODV UHDFFLRQHV
LQPXQRO³JLFDPHQWH QR PHGLDGDV SRU ,J( \ SRU DFWLYDFL³Q GLUHFWD GHO FRPSOHPHQWR SRU HO
3URSRIROGHOPLVPRPRGRVHKDUHSRUWDGRHQSDFLHQWHVFRQDOHUJLDDOLPHQWDULDDOKXHYRRDOD
VR\DVHKDUHSRUWDGRXQPD\RUULHVJRGH5HDFFL³QSRU+LSHUVHQVLELOLGDGPHGLDGDSRU,J(7LSR
, DO 3URSRIRO GHELGR D OD SUHVHQFLD GH DFHLWH GH VR\D \ OHFLWLQD GH KXHYR GHQWUR GH ORV
FRPSRQHQWHVGHDOJXQDVSUHSDUDFLRQHVFRPHUFLDOHVGHO3URSRIROFRQVLGHUDQGRORVP¡[LPRV
HSWRSRVDOHUJ©QLFRVORVJUXSRVLVRSURSLOR\ORVJUXSRVIHQRO
ϯϲ

/DV UHDFFLRQHV DO©UJLFDV DO 3URSRIRO SXHGHQ RFXUULU HQ XQD SULPHUD H[SRVLFL³Q GHELGR D OD
UHDFWLYLGDG FUX]DGD HQWUH ORV JUXSRV GH LVRSURSLOR SUHVHQWHV HQ HO 3URSRIRO \ ORV JUXSRV GH
LVRSURSLOR GH FRVP©WLFRV \ HQ RWURV PHGLFDPHQWRV $QWDJRQLVWDV 0XVFDULQLFRV
$QWLSDUDVLWDULRVTXHSXHGHQFDXVDUXQDVHQVLELOL]DFL³QSULPDULDDO3URSRIRO
/DVPDQLIHVWDFLRQHVFOQLFDVGHODVUHDFFLRQHVDO©UJLFDVDOSURSRIROSXHGHQYHUVHPRGLILFDGDV
SRU OD PLVPD IDUPDFRGLQDPLD GHO PHGLFDPHQWR SUHVHQW¡QGRVH FRQ EUDGLFDUGLD HQ YH] GH
WDTXLFDUGLD KLSRWHQVL³Q EURQFRHVSDVPR UDVK XUWLFDULIRUPH VLQ HPEDUJR PXFKDV GH HVWDV
PDQLIHVWDFLRQHV SXHGHQ VHU UHDFFLRQHV QR DO©UJLFDV DO PHGLFDPHQWR SRU OR FXDO HO HVWXGLR
GLDJQRVWLFRGHEHUDDSR\DUVHHQRWURVHVWXGLRVFRQILUPDWRULRVFRPRQLYHOHVWULSWDVDWHVWLQYLWUR
FRQQLYHOHVGH,J((VSHFLILFR,VRSURSLORKXHYRIHQROHWF\VREUHWRGRODVSUXHEDVFXW¡QHDV
VLHQGR QXHYDPHQWH HO HVWXGLR Ȓ*ROG (VW¡QGDUȓ SDUD HO GLDJQ³VWLFR GH $OHUJLD SHULRSHUDWRULD
WHQLHQGRTXHVHUUHDOL]DGRVHPDQDVGHVSX©VGHOHYHQWRSDUDHYLWDUODSUHVHQFLDGHIDOVRV
SRVLWLYRV),*85$
ϯϳ

<͗<dD/E
D͗D/K>D
&͗&EdE/>K
W͗WZKWK&K>
(OWUDWDPLHQWRLQPHGLDWRGHOD$OHUJLD3HULRSHUDWRULDDO3URSRIROQRVHPRGLILFDGHOUHVWRGH
I¡UPDFRV\VHEDVDHQODHVWDELOL]DFL³QKHPRGLQ¡PLFDHOXVRSUHFR]GHDGUHQDOLQD\HQFDVRV
UHIUDFWDULDVHOXVRHQLQIXVL³QGHDJRQLVWDV$OID*OXFDJ³QFRPRVHFRPHQWDUDHQHOFDSWXOR
GHWUDWDPLHQWRDJXGR$OHUJLD3HULRSHUDWRULD

ϯϴ

$1(67(6,&26/2&$/(6$0,12$0,'$6
/RV DQHVW©VLFRV ORFDOHV VRQ VXVWDQFLDV TXPLFDV TXH EORTXHDQ OD FRQGXFFL³Q GHO LPSXOVR
QHUYLRVRSURGXFLHQGRLQVHQVLELOLGDGUHYHUVLEOH\SUHGHFLEOHHQXQ¡UHDGHOFXHUSRVLQDOWHUDU
ODFRQFLHQFLD
6XDFFL³QVHEDVDHQODPRGLILFDFL³QGHODSHUPHDELOLGDGGHORVFDQDOHVGHVRGLRORTXHEORTXHD
HOSRWHQFLDOGHDFFL³QHQVXLQLFLR
+,6725,$
+DVWDHOSULQFLSLRGHOVLJOR;;ODFRFDQDFRQDGUHQDOLQDHUDHOI¡UPDFRGHHOHFFL³QSDUDHO
FRQWUROGHOGRORUTXLUºUJLFR\GHQWDO/DFRFDQDIXHDLVODGDSRU1LHPDQQHQ(Q.DUO
.¶OOHULQGXFLGRSRU6LJPXQG)UHXGODHPSOH³FRPRDQHVW©VLFRW³SLFR\HQ+DOVWHDG\
VXVGLVFSXORV+DOO\+DUWOH\ODLQ\HFWDURQDOSDUDXQEORTXHRQHUYLRVR6LQHPEDUJRHVWH
DQHVW©VLFRWLHQHGLYHUVDVOLPLWDFLRQHV(OQGLFHWHUDS©XWLFRGHODFRFDQDHVPX\EDMR\WLHQH
ULHVJRGHDGLFFL³Q'HELGRDVXDFFL³QHVWLPXODGRUDGHOVLVWHPDFDUGLRYDVFXODUSXHGHSURYRFDU
DUULWPLDVSRWHQFLDOPHQWHOHWDOHV$GHP¡VGHELGRDVXSRGHUYDVRFRQVWULFWRUWUDVODLQ\HFFL³Q
VHSURGXFDHVIDFHODFL³QGHORVWHMLGRV
(QHQ6XHFLD1LOV/¶IJUHQVLQWHWL]³ODOLGRFDQDHOSULPHUDQHVW©VLFRGHWLSRDPLGD6H
FRPHUFLDOL]³HQFRQYLUWL©QGRVHU¡SLGDPHQWHHQHOHVW¡QGDUGHRUR6XWLHPSRGHODWHQFLD
HUD P¡V FRUWR \ OD DQHVWHVLD ORJUDGD HUD P¡V SURIXQGD \ GH PD\RU GXUDFL³Q TXH OD GH ORV
DQHVW©VLFRVORFDOHVXWLOL]DGRVDQWHULRUPHQWH$SDUWLUGHHQWRQFHVHOXVRGHDQHVW©VLFRVORFDOHV
KDVLGRJOREDOL]DGR\QXHYDVDOWHUQDWLYDVGHWUDWDPLHQWRVHKDQDFWXDOL]DGRSDUDGLVPLQXLUOD
FDQWLGDGGHHIHFWRVDGYHUVRV\RSWLPL]DUODIDUPDFRFLQ©WLFDGHHVWRVI¡UPDFRV
0(&$1,602'($&&,21
3URGXFHQ XQ EORTXHR UHYHUVLEOH GH OD FRQGXFFL³Q GH ORV LPSXOVRV HQ ODV ILEUDV QHUYLRVDV
PHGLDQWHODHVWDELOL]DFL³QGHODPHPEUDQDGHELGRDORVFDPELRVRFDVLRQDGRVHQHVWDTXH
LPSLGHQODGHVSRODUL]DFL³Q(VWHHIHFWRVHDOFDQ]DLPSLGLHQGRTXHVHDEUDQORVFDQDOHVGH1D
HVGHFLUPDQWHQLHQGRXQHVWDGRGHSRODUL]DFL³QFRPSOHWD(VGHFLUHOSULQFLSDOPHFDQLVPRGH
DFFL³QGHORVDQHVW©VLFRVORFDOHVHVPHGLDQWHHOEORTXHRGHODFRQGXFWDQFLDDO1DHVGHFLU
EORTXHDQGRHOFDQDOL³QLFRGH1DHLPSLGLHQGRODGHVSRODUL]DFL³Q\SURSDJDFL³QGHOLPSXOVR
QHUYLRVR(VWHEORTXHRL³QLFRGHPHPEUDQDHVHOTXHH[SOLFDHOEORTXHRGHFRQGXFFL³QDQLYHO
GHQHUYLRSHULI©ULFRPLHQWUDVTXHDQLYHOGHOQHXURHMHORV$QHVW©VLFRV/RFDOHVEORTXHDQORV
FDQDOHVL³QLFRVGH1D.\&DHQHODVWDSRVWHULRUPHGXODU
ϯϵ

(6758&785$48,0,&$
6RQ EDVHV G©ELOHV \ HVW¡Q IRUPDGRV SRU XQ DQLOOR DURP¡WLFR JHQHUDOPHQWH EHQF©QLFR TXH
FRQGLFLRQDODVSURSLHGDGHVOLSRIOLFDVXQDDPLQDWHUFLDULDSURSRUFLRQDVXFDU¡FWHUKLGURIOLFR
\XQDFDGHQDLQWHUPHGLDXQHODDPLQDE¡VLFDFRQHODQLOORDURP¡WLFR\SUHVHQWDXQHQODFHGH
WLSR(VWHURDPLGDFODVLILFDQGRORVDQHVW©VLFRVORFDOHVHQDPLQR©VWHUHV\DPLQRDPLGDV
$ (VWHUHV FRFDQD SURFDQD FORUSURFDQD WHWUDFDQD EHQ]RFDQD (VWH HQODFH HV SRFR
HVWDEOH \ ORV DQHVW©VLFRV GH HVWH WLSR VRQ KLGUROL]DGRV HQ HO SODVPD SRU HIHFWR GH ODV
SVHXGRFROLQHVWHUDVD3RUHVRWLHQHQXQDYLGDPHGLDFRUWDQRVHSXHGHQHVWHULOL]DUFRQHOFDORU
\ VRQ UHODWLYDPHQWH DW³[LFRV H[FHSWR OD WHWUDFDQD TXH SRVHH XQ HIHFWR SURORQJDGR \ HV
EDVWDQWHW³[LFD(OSURGXFWRGHGHJUDGDFL³QGHORV©VWHUHVHVHO¡FLGRSDPLQREHQ]RLFR
1&/(2$5207,&281,1(67(5&22&$'(1$$/48/,&$&+Q155
%$PLGDVGLEXFDQDSULORFDQDOLGRFDQDPHSLYDFDQDEXSLYDFDQDHWLGRFDQDURSLYDFDQD
OHYREXSLYDFDLQD(OHQODFHDPGLFRHVP¡VHVWDEOHTXHHOHVW©ULFR\UHVLVWHQDODHVWHULOL]DFL³Q
SRUHOFDORU\DORVFDPELRVGHS+6RQFDWDEROL]DGRVSRUORVPLFURVRPDVKHS¡WLFRVPHGLDQWH
XQD1GHVDOTXLODFL³QVHJXLGDGHKLGU³OLVLVORVPHWDEROLWRV\HOI¡UPDFRQRPHWDEROL]DGRVRQ
HOLPLQDGRVSRURULQDIDYRUHFLGDSRUXQS+XULQDULR¡FLGR\XQDSHTXH±DFDQWLGDGSRUKHFHV
1&/(2$5207,&281,1$0,'$10&2&$'(1$$/48/,&$&+Q155
/DSRWHQFLDYLHQHGHWHUPLQDGDSRUODOLSRVROXELOLGDGFXDQWRPD\RUHVHOFRHILFLHQWHGHSDUWLFL³Q
OSLGRVDJXDP¡VSRWHQWHHVHOI¡UPDFR(OPD\RUJUDGRGHXQL³QDSURWHQDVGDOXJDUDXQD
PD\RUGXUDFL³QGHORVHIHFWRVSUREDEOHPHQWHHQUHODFL³QDOPD\RUWLHPSRGHXQL³QFRQODV
ϰϬ

OLSRSURWHQDVGHODPHPEUDQDQHUYLRVD(OS.DLQGLFDTXHFDQWLGDGVHLRQL]D\TXHFDQWLGDGQR
VHLRQL]DFRQGLFLRQDODODWHQFLDDVFXDQWRPHQRUHV\SRUWDQWRP¡VFHUFDQRDOS+ILVLRO³JLFR
PHQRUVHU¡ODODWHQFLD

E^d^/K d/WK WKdE/ >/WK&/>/ W< >dE/ hZ/KE s/ KEE K^/^
Z>d/s Z>d/s D/EhdK^ ;,KZ^Ϳ D/ Dy/D
>K> dZ/KE
hW/s/E ϭϮ Ϯϴ ϴ͘ϭ ϱ ϲͲϴ >͗ ϮͲϯ͘ϱ Ϭ͘ϮϱͲ͘ϱ ϵϬ

,Z^
Zd//E ϭϮ ϯϴ͘ϲ ϳ͘ϴ ϱ ϯͲϰ D͗ Ϯ ϭͲϭ͘ϱ ϱϬϬ

,Z^
ZhW/s/E ϭϬ Ϯ͘ϴ ϴ ϰ ϰͲϲ >͗Ϯ͘ϱ Ϭ͘ϱͲϭ ϰϬϬ

,Z^
DW/s/E Ϯ Ϭ͘ϴ ϳ͘ϲ ϰ ϮͲϯ D͗Ϭ͘ϱͲ Ϭ͘ϱͲϮ ϯϬϬ

Ϯ,Z^
>/K/E Ϯ Ϯ͘ϵ ϳ͘ϵ ϯ ϭͲϮ D͗ϬϱͲϮ Ϭ͘ϱͲϮ ϯϬϬ

,Z^
d//E ϭϰ ϭϰϬ ϳ͘ϳ ϱ Ϯ >͗ϭ͘ϱͲϮ ϱͲϳ͘ϱ ϭϱϬ
>KZWZK/E ϭ Ϭ͘ϲ ϵ͘ϭ ϵ Ϭ͘ϱͲϭ ͗Ϭ͘ϭ ϭͲϯ ϴϬϬ

,Z^
WZK/E ϭ Ϭ͘ϲ ϴ͘ϵ ϭϬ Ϭ͘ϳͲϭ ͗Ϭ͘ϭ ϭͲϮ ϳϱϬ

,Z^
ddZ/E ϭϮ ϴϬ ϴ͘ϱ ϭϱ ϯͲϱ >͗ Ϯ͘ϱ Ϭ͘ϮϱͲϭ ϯϬϬ
,Z^
͗D/͕͗^dZ͘
ϰϭ

0(7$%2/,602
(VPX\GLIHUHQWHVHJºQHOWLSRGHIDPLOLDGHDQHVW©VLFRORFDOGHTXHVHWUDWHORV$QHVW©VLFRV
ORFDOHVWLSR©VWHUSRUODVSVHXGRFROLQHVWHUDVDVSODVP¡WLFDVTXHSURGXFHQKLGU³OLVLVGHOHQODFH
©VWHU GDQGR OXJDU D PHWDEROLWRV LQDFWLYRV I¡FLOPHQWH HOLPLQDGRV YD UHQDO 8Q PHWDEROLWR
SULQFLSDO HV HO ¡FLGR SDUDDPLQREHQ]³LFR 3$%$ SRWHQWH DOHUJ©QLFR UHVSRQVDEOH GH
UHDFFLRQHVDQDILO¡FWLFDV
$QHVW©VLFRV ORFDOHV WLSR DPLGD SRVHHQ FLQ©WLFD ELFRPSDUWLPHQWDO R WULFRPSDUWLPHQWDO \ VX

PHWDEROLVPRHVDQLYHOPLFURVRPDOKHS¡WLFRFRQGLYHUVDVUHDFFLRQHVTXHFRQGXFHQDGLVWLQWRV
PHWDEROLWRVDOJXQRVSRWHQFLDOPHQWHW³[LFRVFRPRODRUWRWROXLGLQDGHODSULORFDQDFDSD]GH
SURGXFLUPHWDKHPRJORELQHPLD
(;&5(&,21
6H SURGXFH SRU YD UHQDO HQ VX JUDQ PD\RUD HQ IRUPD GH PHWDEROLWRV LQDFWLYRV P¡V
KLGURVROXEOHV DXQTXH XQ SHTXH±R SRUFHQWDMH SXHGH KDFHUOR HQ IRUPD LQDOWHUDGD (O
DFODUDPLHQWRUHQDOGHSHQGHGHODFDSDFLGDGGHODQHVW©VLFRORFDOGHXQLUVHDSURWHQD\GHOS+
XULQDULR
()((&726$'9(5626
/RVHIHFWRVDGYHUVRVDDQHVW©VLFRVORFDOHVVRQIUHFXHQWHVDXQTXHVLQHPEDUJRODVUHDFFLRQHV
DO©UJLFDV VRQ ODV PHQRV IUHFXHQWHV /RV HIHFWRV DGYHUVRV W³[LFRV GHSHQGHQ GHO DJHQWH
DQHVW©VLFR GH VX SRWHQFLD GH OD SUHVHQFLD R QR GH YDVRFRQVWULFWRU \ ODV SURSLHGDGHV
IDUPDFRFLQ©WLFDVSURSLDVGHFDGDLQGLYLGXR(VWHWLSRGHHIHFWRVDGYHUVRVSXHGHQFODVLILFDUVH
FRPRHIHFWRVDGYHUVRVORFDOHV\HIHFWRVDGYHUVRVVLVW©PLFRV
/RFDOHV6HSXHGHPDQLIHVWDUFRPRHGHPDLQIODPDFL³Q\GD±RHQQHUYLRVSHULI©ULFRV
6LVW©PLFRV 7RGRV ORV HIHFWRV DGYHUVRV VLVW©PLFRV VRQ UHVXOWDGR GH OD JUDQ YDVRGLODWDFL³Q
SURGXFLGD SRU ORV DQHVW©VLFRV ORFDOHV TXH HQ 61& FDXVDQ WLQQLWXV PDUHRV FHIDOHD
DOWHUDFLRQHVGHOHVWDGRGHDOHUWDIDVFLFXODFLRQHVFRQYXOVLRQHVFRPD7HQLHQGRXQDUHODFL³Q
GH WR[LFLGDG GH %XSLYDFDQD! 5RSLYDFDQD! /LGRFDQD (Q VLVWHPD FDUGLRYDVFXODU FDXVDU
EUDGLFDUGLDKLSRWHQVL³Q\DUULWPLDVFDUGLDFDV7HQLHQGRXQDUHODFL³QGHWR[LFLGDGFDUGLDFDGH
%XSLYDFDQD!5RSLYDFDQD!/LGRFDQD
ϰϮ

5($&&,21(6'(+,3(56(16,%,/,'$'
(VWH WLSR GH UHDFFL³Q DO©UJLFDV VRQ P¡V FRPXQHV HQ SURFHGLPLHQWRV GH DQHVWHVLD ORFDO
VHJXLGRV GH DQHVWHVLD UHJLRQDO VLHQGR SRU RUGHQ GH IUHFXHQFLD P¡V IUHFXHQWHV HQ
SURFHGLPLHQWRVGHQWDOHVVHJXLGRVGHFLUXJDVPHQRUHVDQHVWHVLDHVSLQDO\EORTXHRQHUYLRVR
UHJLRQDODXQTXHWHQLHQGRXQDLQFLGHQFLDJHQHUDOPHQRUDO
/DV UHDFFLRQHV GH DOHUJLD SHULRSHUDWRULD SXHGHQ LU GHVGH UHDFFLRQHV OHYHV FRPR XUWLFDULD
SUXULWRDUHDFFLRQHVVHYHUDVFRPRDQJLRHGHPDEURQFRHVSDVPRHLQFOXVRDQDILOD[LD
/RVDQHVW©VLFRVORFDOHVP¡VDVRFLDGRVFRQODVUHDFFLRQHVGHKLSHUVHQVLELOLGDGVRQORVWLSRV
(VWHUVLHQGRHOPHWDEROLWRDFWLYR\SRWHQFLDOHSLWRSRDOHUJ©QLFRHO¡FLGR3DUDPLQR%HQ]RLFR(O
¡FLGR 3DUD $PLQR %HQ]RLFR FXHQWD HQ VX HVWUXFWXUD TXPLFD HVWUXFWXUDV VLPLODUHV D ORV
SDUDEHQRVFRPRPHWLOSDUDEHQRV\SURSLOSDUDEHQRSRUORFXDOH[LVWHHOULHVJRGHVHQVLELOL]DFL³Q
SULPDULDPHGLDQWHUHDFWLYLGDGFUX]DGDDHVWDVVXVWDQFLDVFUHPDVPDTXLOODMHVFRQVHUYDGRUHV
\GHIRUPDRUJ¡QLFDHQORVDU¡QGDQRV
(OHQODFH(67(5HVHOUHVSRQVDEOHGHODPD\RUDGHFDVRVGHDOHUJLDVDDQHVW©VLFRVORFDOHV
GHLQFLGHQFLDGHDOHUJLDVFRQHOXVRGH$/WLSR©VWHU
(O P©WRGR GLDJQ³VWLFR GH DOHUJLD D DQHVW©VLFRV ORFDOHV HV PHGLDQWH ORV HVWXGLRV LQ YLYR
PHGLDQWH SUXHEDV FXW¡QHDV SUXHEDV LQWUDG©UPLFDV \ HO *ROG (VW¡QGDU PHGLDQWH 5HWR
)DUPDFRO³JLFR 6XEFXW¡QHR UHSRUWDQGR XQ YDORU SUHGLFWLYR QHJDWLYR GH HQ HO FDVR GH
3UXHEDVFXW¡QHDV6LQHPEDUJRODFDQWLGDGGHIDOVRVQHJDWLYRVDQWHDQHVW©VLFRVORFDOHVGHO
WLSR(VWHU\SUXHEDVVLQGLOXLUHVPX\HOHYDGD
(QWHRUDH[LVWHXQULHVJRGHUHDFWLYLGDGFUX]DGDPHQRUGHOHQWUHGLIHUHQWHVDQHVW©VLFRV
ORFDOHVLQFOXLGRVDPLQRDPLGDV\GHOJUXSR(VWHUSRUORFXDOHQFDVRGHXQDUHDFFL³QDO©UJLFD
D DQHVW©VLFR ORFDO GHEHU¡ UHDOL]DUVH GLIHUHQWHV SUXHEDV LQ YLYR GH DOHUJLD SDUD RIUHFHU XQD
DOWHUQDWLYDWHUDS©XWLFDSDUDIXWXURVSURFHGLPLHQWRV
ϰϯ

D͗D/K>D
<͗<dD/E
ZK͗ZKhZKE/K
&͗&EdE/>K
>͗>/K1E

ϰϰ

23,$&(26
+,6725,$
,QWHQWDUPLWLJDUHOGRORUKDVLGRXQDGHORVREMHWLYRVGHODSU¡FWLFDP©GLFDDORODUJRGHODKLVWRULD
/RVSURGXFWRVGHULYDGRVGHODDPDSRODSDSDYHUVRPQLIHUXPVLHQGRHOP¡VFRQRFLGRHORSLR
DOTXHWDPEL©QVHOHGHQRPLQDPHFRQLXPVHKDHPSOHDGRGHVGHWLHPSRUHPRWRV/RVRSL¡FHRV
VHHODERUDQFRQRSLRRFRQWLHQHQRSLR/RVRSL¡FHRVVHXQHQFRQORVUHFHSWRUHVGHRSLRLGHV
GHOVLVWHPDQHUYLRVRFHQWUDO/DFRGHQDODKHURQD\ODPRUILQDVRQHMHPSORVGHRSL¡FHRV8Q
RSL¡FHRHVXQWLSRGHDQDOJ©VLFR
/RV RSL¡FHRV VRQ FRQRFLGRV GHVGH KDFH PXFKR WLHPSR FRPR VXVWDQFLDV QDWXUDOHV TXH VH
HQFXHQWUDQHQHO]XPRGHODVVHPLOODVGHODDGRUPLGHUDRSDSDYHUVRPQLIHUXP(O]XPRVHFR
\IHUPHQWDGRVHGHQRPLQDRSLR\FRQWLHQHXQDPH]FODGHDOFDORLGHVRSL¡FHRV(QHO
TXPLFRDOHP¡Q)LHGULFK6HUWXUQHUFRQVLJXL³DLVODUHOSULQFLSDOHOHPHQWRGHORSLRHQVXIRUPD
SXUD\TXHOODP³PRUILQDHQKRQRUD0RUIHRGLRVJULHJRGHOVXH±R
/D PRUILQD UHSUHVHQWDDSUR[LPDGDPHQWH HO GHO SHVR WRWDO GHO RSLR (O RSLR DGHP¡V GH
PRUILQDFRQWLHQHKDVWDXQGHVXSHVRHQDOFDORLGHV&RQHOWLHPSRVHOOHJDURQDDLVODU
RWURVFRPSRQHQWHVGHORSLRFRPRODFRGHQDRPHWLOPRUILQDGHOSHVRGHORSLRLPSRUWDQWH
VXVWDQFLDFRQSURSLHGDGHVDQWLWXVJHQDV\OLJHUDPHQWHDGLFWLYDV7UDVPQLPDVDOWHUDFLRQHV
TXPLFDVVHSXGLHURQREWHQHURSL¡FHRVVHPLVLQW©WLFRV'HVGHKDFHD±RVHVSRVLEOHREWHQHU
VXEVWDQFLDV FRPSOHWDPHQWH VLQW©WLFDV FDVL VLQ UHODFL³Q TXPLFD FRQ OD PRUILQD SHUR FRQ HO
PLVPRHIHFWR
$PHQXGRVHXWLOL]DHOW©UPLQRRSL¡FHRHQYH]GHRSLRLGH1RREVWDQWHHOW©UPLQRRSL¡FHRVH
UHILHUHDORULJHQGHODVXVWDQFLDFRQUHVSHFWRDORSLRHVGHFLUVRQVXVWDQFLDVTXHVHH[WUDHQ
GHODF¡SVXODGHODSODQWDGHORSLR3RUH[WHQVL³QVHGHQRPLQDQWDPEL©QDVORVSURGXFWRV
TXPLFRV GHULYDGRV GH OD PRUILQD (O W©UPLQR RSLRLGH VH XWLOL]D SDUD GHVLJQDU DTXHOODV
VXVWDQFLDV HQG³JHQDV R H[³JHQDV TXH WLHQH XQ HIHFWR DQ¡ORJR DO GH OD PRUILQD \ SRVHHQ
DFWLYLGDGLQWUQVHFD1RWRGRVORVRSLRLGHVVRQRSL¡FHRVQLWRGRVORVRSL¡FHRVVRQRSLRLGHV
(3,'(0,2/2*,$
6HHVWLPDTXHHOGHODVUHDFFLRQHVJUDYHVSRUKLSHUVHQVLELOLGDGGXUDQWHODDQHVWHVLDVH
GHEHQDEORTXHDQWHVQHXURPXVFXODUHV\ODHVWUXFWXUDGHODPRUILQDHVVLPLODUDODGHORVLRQHV
DPRQLRGHHVWRVEORTXHDQWHV(QJHQHUDOSDUDORVRSL¡FHRVVHHVWLPDTXHVHSUHVHQWDHQHO
GHORVFDVRV/DVUHDFFLRQHVDO©UJLFDVDODPRUILQDFRGHQDIHQWDQLORUHPLIHQWDQLOR\
GHULYDGRV RSLRLGHV VRQ H[FHSFLRQDOHV VRQ KLVWDPLQROLEHUDGRUHV SRU DFFL³Q GLUHFWD \ VX
ϰϱ

PHFDQLVPRLQPXQRO³JLFRHVPHGLDGDSRUPHFDQLVPRQRGHSHQGLHQWHVGH,J(DQWHULRUPHQWH
FRQRFLGDVFRPRȒDQDILODFWRLGHȓ
(6758&785$480,&$
/DPD\RUSDUWHGHORVS©SWLGRVRSLRLGHVDLVODGRVKDVWDHOPRPHQWRVDOYRODVHQGRUILQDV\
SUHVHQWDQXQDFDUDFWHUVWLFDHQFRPºQODSUHVHQFLDGHORVPLVPRFXDWURUHVLGXRVHQHOH[WUHPR
1WHUPLQDO(VWRVFXDWURUHVLGXRVVRQXQUHVLGXRGHWLURVLQDVHJXLGRGHGRVUHVLGXRVGHJOLFLQD
\XQUHVLGXRGHIHQLODODQLQD/DFRPSDUDFL³QGHODHVWUXFWXUDTXHIRUPDQHVWRVS©SWLGRVHQVX
SDUWHDPLQRWHUPLQDOFRQODHVWUXFWXUDGHODPRUILQDPXHVWUDODJUDQVLPLOLWXGTXHSUHVHQWDQ
DPEDVXQDQLOORDURP¡WLFRKLGUR[LODGRFRQXQJUXSRDOTXLORGHGRV¡WRPRVGHFDUERQRTXH
SRVHHHQSRVLFL³QXQJUXSRDPLQRWHUFLDULRHQSRVLFL³QSDUD(VWDFRQYHUJHQFLDHVWUXFWXUDO
HQWUHORVS©SWLGRV\ODPRUILQDH[SOLFDSRUTX©ODPRUILQDSXHGHDFWLYDUORVUHFHSWRUHVRSLRLGHV
FRPRVLVHWUDWDVHGHXQOLJDQGRHQG³JHQR7DQWRORVRSLRLGHVFRPRODPRUILQDVHXQHQGH
IRUPDVLPLODUDOUHFHSWRUSURGXFLHQGRXQFDPELRGHFRQIRUPDFL³QSDUHFLGR\GHVHQFDGHQDQGR
XQDUHVSXHVWDFHOXODU
&RQ H[FHSFL³Q GH ODV HQGRPRUILQDV ORV S©SWLGRV RSLRLGHV FO¡VLFRV LGHQWLILFDGRV KDVWD HO
PRPHQWR HQ ORV PDPIHURV SURFHGHQ GH WUHV SUHFXUVRUHV SROLSHSWGLFRV PD\RUHV OD SUR
HQFHIDOLQDGHODTXHGHULYDQOD/HXHQFHIDOLQDOD0HWHQFHIDOLQD\GRVIRUPDVDGLFLRQDOHVGH
HVWD ºOWLPD TXH SRVHHQ GRV R WUHV DPLQR¡FLGRV P¡V UHVSHFWLYDPHQWH OD SURGLQRUILQD TXH
RULJLQDODQHRHQGRUILQD\ODVGLQRUILQDV$\%\ODSURRSLRPHODQRFRUWLQDGHODTXHVXUJHODE
HQGRUILQD
ϰϲ

&ODVLILFDFL³QGHORVDQDOJ©VLFRVRSL¡FHRV
([LVWHQGLIHUHQWHVIRUPDVGHFODVLILFDUDORVI¡UPDFRVRSLRLGHVGHVGHXQSXQWRGHYLVWDSDFWLFR
\FRQHOREMHWLYRGHIDFLOLWDUVXXVRFOQLFRORVSRGHPRVGLIHUHQFLDUGHODVLJXLHQWHIRUPD
$JRQLVWDV3XURV(IHFWRSXURVREUH5HFHSWRUHV0X$JRQLVWDV$JRQLVWDVVREUH5HFHSWRUHV
.\DJRQLVWDVRDQWDJRQLVWDGHORV5HFHSWRUHV0X$JRQLVWDV3DUFLDOHV$JRQLVWDVGHPHQRU
SRWHQFLDTXHORVDJRQLVWDVSXURV$QWDJRQLVWDV3XURV6LQSUHVHQWDUDFWLYLGDGLQWUQVHFDSHUR
FRQDILQLGDGDUHFHSWRUHVRSLRLGHV
$*21,67$638526 $*21,67$6 $*21,67$6 $17$*21,67$6

$17$*21,67$6 3$5&,$/(6 38526
025),1$ 1$/%8),1$ %835(125),1$ 1$/2;21$
+(52,1$ '(=2&,1$ 1$/75(;21$
)(17$1,/2
2;,&2'21$
75$0$'2/
&2'(,1$
'(;75235232;,)(12
&/$6,),&$&,1'(/26$1$/*(6,&2623$&(26
)$50$&2&,1(7,&$
/RVRSLRLGHVVHXQHQDUHFHSWRUHVRSLRLGHVHVSHFILFRVHQHOVLVWHPDQHUYLRVR\RWURVWHMLGRV
([LVWHQWUHVFODVHVSULQFLSDOHVGHUHFHSWRUHVRSLRLGHVȝ ț\įPXNDSSD\GHOWDDXQTXHVH
KDQGHVFULWRP¡VGHGLHFLVLHWHLQFOX\HQGRORVUHFHSWRUHV İ Ț Ȝ\ȗ©SVLORQLRWDODPEGD\
]HWD 3RU HO FRQWUDULR ORV UHFHSWRUHV ı 6LJPD DFWXDOPHQWH QR VRQ FRQVLGHUDGRV FRPR
RSLRLGHVGHELGRDTXHVXDFWLYDFL³QQRHVW¡UHVHUYDGDDODJRQLVWDLQYHUVRGHORSLRLGHQDOR[RQD
QRPXHVWUDQDOWDDILQLGDGSRUORVRSLRLGHVFO¡VLFRV\VRQHVWHUHRVHOHFWLYRVSDUDORVLV³PHURV
GH[WURURWDWRULRV PLHQWUDV TXH ORV RWURV UHFHSWRUHV RSLRLGHV VRQ HVWHUHRVHOHFWLYRV SDUD
LV³PHURVOHYRUURWDWRULRV
$GHP¡VKD\WUHVVXEWLSRVGHUHFHSWRUHVȝ ȝ\ȝ\HOUHFLHQWHPHQWHGHVFXELHUWRȝ2WUR
UHFHSWRUGHLPSRUWDQFLDFOQLFDHVHOUHFHSWRUVLPLODUDUHFHSWRUHVRSLRLGHV25/HOFXDO
ϰϳ

HVW¡ UHODFLRQDGR FRQ ODV UHVSXHVWDV GHO GRORU \ HO GHVDUUROOR GH WROHUDQFLD D ORV DJRQLVWDV
RSLRLGHV ȝXVDGRVFRPRDQDOJ©VLFRV6RQWRGRVHOORVUHFHSWRUHVOLJDGRVDSURWHQD*LRORV
FXDOHVLQKLEHQODDGHQLODWRFLFODVD\GLVPLQX\HQODSURGXFFL³QGH$03FDGHP¡VSURPXHYHQOD
DSHUWXUD GH FDQDOHV GH 3RWDVLR \ HO FLHUUH GH FDQDOHV GH FDOFLR SUHVLQDSWLFRV WRGDV HVWDV
DFFLRQHVHQFRQMXQWRGLVPLQX\HQODH[FLWDELOLGDGQHXURQDO
0(&$1,602$&&,21
/DDFWLYDFL³QGHODVSURWHQDV*DL*DRSURYRFDLQKLELFL³QGHODDGHQLOLOFLFODVDFRQUHGXFFL³QGHO
$03FDSHUWXUDGHFDQDOHVGH.\FLHUUHGHFDQDOHVGH&D(ODXPHQWRGHODFRQGXFWDQFLD
GHO . SURGXFH KLSHUSRODUL]DFL³Q GH PHPEUDQD UHGXFFL³Q GH OD GXUDFL³Q GHO SRWHQFLDO GH
DFFL³QHLQKLELFL³QGHODDFWLYLGDGGHGHVFDUJDGHSRWHQFLDOHVGHDFFL³QSRUSDUWHGHODQHXURQD
/D FRQVHFXHQFLD HV XQD FODUD LQKLELFL³Q GH OD DFWLYLGDG ELRHO©FWULFD GH OD QHXURQD \ HQ OD
WHUPLQDFL³Q QHUYLRVD XQD UHGXFFL³Q GH OD FDSDFLGDG GH OLEHUDU HO QHXURWUDQVPLVRU 6H KD
FRPSUREDGR HVWH WLSR GH UHVSXHVWD HQ PºOWLSOHV VLWLRV GHO 61& \ HO 613 ORFXV FHUXOHXV
KLSRW¡ODPRP©GXODHVSLQDOQºFOHRSDUDEUDTXLDOJDQJOLRVUDTXGHRV\SOH[RVXEPXFRVRGHOD
SDUHGLQWHVWLQDO
(IHFWRVFHQWUDOHV
6HGDFL³Q(QJHQHUDOORVDJRQLVWDVSXURVSURGXFHQVHGDFL³QTXHVHH[SUHVDU¡P¡VRPHQRV
GHSHQGLHQGRGHOHVWDGRGHOSDFLHQWHJUDGRGHGRORUHLQVRPQLR
(XIRULD3URGXFHQHXIRULDSODFHU\VHQVDFL³QGHELHQHVWDUFRQUHGXFFL³QGHODDQVLHGDG
$QDOJHVLD(OGRORUSRVHHFRPSRQHQWHVVHQVRULDOHV\DIHFWLYRVHPRFLRQDOHV/RVRSLRLGHV
UHGXFHQDPERVFRPSRQHQWHV/DDQDOJHVLDHVODSURSLHGDGWHUDS©XWLFDP¡VLPSRUWDQWHGHORV
RSLRLGHVVLHQGRGRVLVGHSHQGLHQWH
'HSUHVL³Q UHVSLUDWRULD 'HSULPHQ OD DFWLYLGDG GHO FHQWUR UHVSLUDWRULR EXOERSURWXEHUDQFLDO
5HGXFHQ OD VHQVLELOLGDG DO &2\ D OD KLSR[LD 'LVPLQX\HQ HO YROXPHQ PLQXWR UHVSLUDWRULR
DIHFWDQGRVREUHWRGRODIUHFXHQFLDP¡VTXHODDPSOLWXG
6XSUHVL³Q GH OD WRV 6XSULPHQ HO UHIOHMR GH OD WRV SRVLEOHPHQWH DO DIHFWDU DO FRQMXQWR GH
QHXURQDVUHVSLUDWRULDVTXHLQWHJUDQ\GLULJHQORVPRYLPLHQWRVFRQYXOVLYRVGHODWRV
1¡XVHDV\Y³PLWRV3RUDFWLYDFL³QGHOD]RQDTXLPLRUUHFHSWRUDGHO¡UHDSRVWUHPD
$FFLRQHV 1HXURHQGRFULQDV (VWLPXOD OD VHFUHFL³Q GH $&7+ VRPDWRWURSLQD SURODFWLQD E
06+\KRUPRQDDQWLGLXU©WLFDHLQKLEHODVHFUHFL³QGH76+/+\)6+
ϰϴ

(IHFWRVSHULI©ULFRV
*DVWURLQWHVWLQDOHV/RVDJRQLVWDVRSLRLGHVSURYRFDQXQDXPHQWRGHOWRQRPL³JHQRHQHOWUDFWR
JDVWURLQWHVWLQDO LQFOXLGRV ORV HVIQWHUHV \ XQD LQKLELFL³Q GH OD DFWLYLGDG QHXU³JHQD FRQ
UHGXFFL³QGHODPRWLOLGDG
&DUGLRYDVFXODUHV 3XHGHQ SURYRFDU KLSRWHQVL³Q SRU DFFL³Q VREUH HO FHQWUR YDVRPRWRU DV
FRPRSRUYDVRGLODWDFL³QDUWHULDO\YHQRVDFRQUHGXFFL³QGHODSRVWFDUJD\SUHFDUJD
5HQDOHV\XULQDULRV,QFUHPHQWDQHOWRQRGHOPºVFXORGHWUXVRUGHODYHMLJDFRQVHQVDFL³QGH
XUJHQFLDPLFFLRQDO\DXPHQWDQHOWRQRGHOHVIQWHUSRUORTXHGLILFXOWDQODPLFFL³Q
)$50$&2&,1(7,&$
3RUYDRUDOODP¡VXWLOL]DGDHQHOGRORUFU³QLFRODDEVRUFL³QHVEXHQDSHURODELRGLVSRQLELOLGDG
HVEDMD\YDULDEOHGHELGRDOLQWHQVRIHQ³PHQRGHOSULPHUSDVRHQHOKJDGRIUDFFL³Q
GHH[WUDFFL³QKHS¡WLFDGHOX]\SDUHGGHOWXERGLJHVWLYR3RUORWDQWRODUHODFL³QGRVLV
QLYHOHQWUHGLYHUVRVLQGLYLGXRVHVPX\SREUHDXQTXHEDVWDQWHFRQVWDQWHHQXQPLVPRSDFLHQWH
3RUYDUHFWDOODELRGLVSRQLELOLGDGHVGHO3RUYD,0\6&ODV&P¡[VHDOFDQ]DQDORV
PLQGXUDQGRHOHIHFWRXQDVKRUDVSDUDWUDWDPLHQWRVGHODUJDGXUDFL³QVHUHFRPLHQGD
ODLQIXVL³QVXEFXW¡QHDSRUVXHILFDFLD\FRPRGLGDG3RUYD,9HOHIHFWRDQDOJ©VLFRP¡[LPRVH
DOFDQ]DU¡SLGDPHQWHSHURHVIXJD]KRUDVSRUORTXHVLVHSUHFLVDXQHIHFWRPDQWHQLGR
VHGHEHXWLOL]DULQIXVL³QFRQWLQXDRDQDOJHVLDFRQWURODGDSRUHOSDFLHQWH7$%/$
ϰϵ

KW/K /K͘WKdE/ dͬϮ dͬϮ s͘͘ hE/KEyZ͘ K^/^Dy/D
Z>d/s ZW/ dKd>;>ͬ<'ͿWZKd ZE>
;йͿ ;D/EͿ >Ed ;йͿ ;йͿ
;D/EͿ
DKZ&/E ϭϱͲ ϭ ϭ͘Ϯ ϵ ϯ͘ϰ ϮϬͲϰϬ ϱͲϭϬ D͗ϭϬͲϰϬђŐͬŬŐͬŚ

ϲϰ
&EdE/>K ͲͲ ϳϱͲϭϮϱ ϭ͘ϴ ϭϯ ϰ ϴϰ ϱͲϮϰ D͗ϮͲϰђŐͬŬŐͬŚ
>&EdE/>K ͲͲ ϭϬͲϮϱ ϭ͘ϯ ϭϯ ϭ ϵϮ ŶĞƐƚĠƐŝĐĂ͗
ϭϳϬŵŐ
ŶĂůŐĞƐŝĐĂ͗ϱͲϴŵŐͬŬŐ
^h&EdE/>K ͲͲ ϱϬϬͲϭϬϬϬ ϭ͘ϰ ϭϳ ϭ͘ϴ ϵϯ ŶĂůŐĠƐŝĐĂ /s͗ ϭϱͲϯϬ ŵŐ
ŶĞƐƚĠƐŝĐĂ͗ϱͲϮϬŵŐͬŬŐ͘
ZD/&EdE/>K ͲͲ ϭϬϬͲϮϱϬ ͘ϵ ϲ͘ϯ ͘ϯϰ ϴϬ
dZDK> ϲϴ Ϭ͘ϭ ϭϱͲϯϬ ϰ Ͳ ϲ ϰ ϮϬ ϭͲϮ ŵŐͬŬŐ ͬϲ ŚƌƐ Ž

D/E ,Z^ D͗Ϭ͘ϮͲϬ͘ϰŵŐͬŬŐͬŚ
hWZEKZ&/E ϲϬͲ sK͗ϯϬ ϭͲϮ,Z^ ϲ Ͳ ϵϲ ϳϬ D͗ϰђŐͬŬŐĐϲͲϴŚƌƐ͘

ϳϱй ϴ,Z^ ;,^Ϳ
^͗ϭϮ
K/E ϱϬ Ϭ͘ϭϱ ϯͲϲ ϳ ϭϬ WK͗ ϯϬͲϮϬϬ ŵŐ ĐĂĚĂ ϰ

,Z^ ,Z^
ydZKWZKWKy/&K ϲϬ ͲͲͲ ϯϬͲϱϬ ϲͲϭϮ ϳϴ ͲͲͲ WK͗ϲϱD'ϴ,Z^

D/E ,Z^
E>KyKE ϲϬ ϭ ϯŵŝŶ /s͗ ϰϱ ͲͲͲ Z͗ϭϬͲϮϬђŐͬŬŐ

D
/D͗ Ϯ
,Z^
/K͗ /K/^WKE//>/͕ dͬϮ ZW/͗ ^D/s/ >/D/E/KE ZW/͕ dͬϮ>Ed͗^D/s/
>/D/E/KE>Ed͕s͘͘dKd>͗sK>hDE/^dZ/h/KEdKd>͕hE/KEWZKd/E^͕yZ/KEZE>͕
DdK>DdK>/^DK,Wd/K͗d͗dZE^ZD/͕
ϱϬ

5($&&,21(6+,3(56(16,%,/,'$'$)$50$&26
/RV(IHFWRVDGYHUVRVVRQSUHGHFLEOHV\HQHOFRQWH[WRGH2SLRLGHVUHSUHVHQWDQFHUFDGHO
GHWRWDOGH5HDFFLRQHV$GYHUVDVD0HGLFDPHQWR5$0/RVHIHFWRVDGYHUVRVP¡VFRPXQHV
DVRFLDGRVDOXVRGHRSLRLGHVVRQODVQ¡XVHDVHOY³PLWRHOHVWUH±LPLHQWRODFRQIXVL³QOD
GHILFLHQFLDDQGURJ©QLFD\ODUHWHQFL³QXULQDULD
'HQWURGHODV5HDFFLRQHVGH+LSHUVHQVLELOLGDGDVRFLDGDVDOXVRGH2SLRLGHVVRQPXFKRP¡V
FRPXQHVDTXHOODV,QPXQRO³JLFDPHQWH1R0HGLDGDVSRU,J($QDILODFWRLGHOODPDGDVWDPEL©Q
5HDFFLRQHV3VHXGRDOHUJLFDVODVFXDOHVHQHOFRQWH[WRFOQLFR6RQPX\GLIFLOHVGHGLIHUHQFLDU
GHODV5HDFFLRQHV,QPXQRO³JLFDV0HGLDGDVSRU,J($O©UJLFDV(OPHFDQLVPRHVSRUOLEHUDFL³Q
GHKLVWDPLQDGLUHFWRGHORVRSLRLGHVSRUGHJUDQXODFL³QPDVWRFLWDULDPHGLDQWHODDFWLYDFL³QGHO
UHFHSWRUGHRSLRLGHV5HFHSWRU$FRSODGRDSURWHQD*\VXHVSHFWURFOQLFRSXHGHYDULDUGHVGH
SUXULWRXUWLFDULDVLQDQJLRHGHPDKDVWDUHDFFLRQHVVHYHUDVWLSRDQDILOD[LD
1R WRGRV ORV RSLRLGHV SRVHHQ OD PLVPD FDSDFLGDG SDUD OLEHUDU KLVWDPLQD FRQVLGHUDQGR ORV
P¡[LPRVKLVWDPLQROLEHUDGRUHVDODPRUILQDDODFRGHQD\DODPHSHULGLQD\DORV RSLRLGHV
PHQRV KLVWDPLQROLEHUDGRUHV DO IHQWDQLOR DO VXIHQWDQLOR DO DOIHQWDQLOR DO UHPLIHQWDQLOR \ DO
WUDPDGRO
(QHOFDVRGH5HDFFLRQHVGH+LSHUVHQVLELOLGDGQR,J(HOXVRGH3UXHEDV &XW¡QHDVQRHVW¡
YDOLGDGRORVHVWXGLRVGH7HVW,Q9LWURQRVHHQFXHQWUDQGLVSRQLEOHV\VRORVHFXHQWDFRQORV
QLYHOHVGH7ULSWDVD\ODV3UXHEDVGH$FWLYDFL³QGHO%DV³ILORFRPRHVWXGLRVFRPSOHPHQWDULRV
SDUDDSR\DUHOGLDJQRVWLFRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD2SLRLGHV
(QSDFLHQWHFRQHVWHWLSRGHUHDFFL³QVHVXJLHUHFDPELDUGHRSLRLGHDDOJXQRFRQSURSLHGDGHV
GHPHQRUOLEHUDFL³QGHKLVWDPLQD\GHSUHIHUHQFLDGHGLVWLQWDHVWUXFWXUDTXPLFD
/DV 5HDFFLRQHV GH +LSHUVHQVLELOLGDG PHGLDGDV SRU ,J( $OHUJLD D 2SLRLGHV VRQ
H[WUHPDGDPHQWHUDUDVHQFDVRVGH$OHUJLD3HULRSHUDWRULDORVHVWXGLRVLQYLYRPHGLDQWH
3UXHEDV&XW¡QHDVKDQGHPRVWUDGRXQDEXHQDHVSHFLILFLGDGKDFLDPRUILQDFRGHQD\
\ XQD EDMD VHQVLELOLGDG \ WHQLHQGR TXH UHVHUYDUVH ºQLFDPHQWH SDUD FRQILUPDFL³Q
GLDJQ³VWLFD \ SXGLHQGR XVDU FRPR KHUUDPLHQWD G DSR\R GLDJQRVWLFR MXQWR D ORV QLYHOHV GH
KLVWDPLQDGH7ULSWDVD\DO7HVWGH$FWLYDFL³QGHO%DV³ILOR
/RVIDFWRUHVGHULHVJRDVRFLDGRVDUHDFFLRQHVGH+LSHUVHQVLELOLGDGD2SL¡FHRVVRQHOJ©QHUR
IHPHQLQR HQ HO JUXSR GH HGDG HQWUH D D±RV DWRSLD HVWDGRV GH DQVLHGDG DOJXQRV
SDFLHQWHVSXHGHQSUHVHQWDUUHDFFLRQHVFUX]DGDVFRQRWURVI¡UPDFRVKDEHUSUHVHQWDGRGDWRV
FOQLFRVGHKLSHUVHQVLELOLGDGHQSURFHGLPLHQWRVDQHVW©VLFRVSUHYLRVTXHQRVHHVWXGLDURQ
(QHOFDVRGHFRQILUPDUXQDYHUGDGHUD$OHUJLDD2SLRLGHV5HDFFL³QPHGLDGDSRU,J(VLHPSUH
GHEHU¡YDORUDUVHXQDVHQVLELOL]DFL³QSUHYLD\VREUHWRGRFODVLILFDU DODRSLRLGHFDXVDOHQVX
ϱϭ

JUXSRGHHVWUXFWXUDTXPLFDSDUDSRGHUGHWHUPLQDUHOULHVJRGHUHDFWLYLGDGFUX]DGDDRWURV
RSLRLGHV (Q JHQHUDO GH ORV JUXSRV TXPLFRV GH RSLRLGHV IHQDQWUHQR EHQ]RPRUIDQRV
IHQLOSLSHULGLQDVGLIHQLOKHSWDQR\IHQLOSURSLODPLQDVORVRSLRLGHVGHOJUXSRIHQDQWUHQR VRQORV
TXH PD\RU JUDGR GH 5HDFWLYLGDG &UX]DGD SUHVHQWDQ PLHQWUDV TXH HQ ORV JUXSRV
IHQLOSLSHULGLQDV GLIHQLOKHSWDQRV \ IHQLOSURSLODPLQDV WLHQHQ XQ JUDGR PX\ EDMR GH UHDFWLYLGDG
FUX]DGDHQWUHVXVHOHPHQWRV7$%/$
3RUORFXDOHQFDVRGHWHQHUXQDQHFHVLGDGGHFRQWLQXDUFRQHOWUDWDPLHQWRFRQ RSLRLGHVVH
UHFRPLHQGDHOXVRGHXQRSLRLGHGHGLVWLQWRJUXSRHVWUXFWXUDOTXPLFR\HOXVRGHFRPHGLFDFL³Q
FRQDQWLKLVWDPQLFRV\HVWHURLGHVDGRVLVEDMDVSDUDGLVPLQXLUHOULHVJRGHIXWXUDVUHDFFLRQHV
GHKLSHUVHQVLELOLGDG

ϱϮ

Ͳ^K>h/KE^>/E;KEdZK>
E'd/sKͿ
͗yDdKE//E
Z͗ZKhZKE/K
&͗&EdE/>K
ϱϯ

%(1=2',$&(3,1$6
+,6725,$
/DSULPHUDEHQ]RGLD]HSLQDVLQWHWL]DGD\FRQYDORUFOQLFRIXHHOFORUGLD]HS³[LGRVLQHPEDUJR
GHELGR D OD LQHVWDELOLGDG TXH SUHVHQWDED VH GHVDUUROODURQ RWURV PHGLFDPHQWRV FRPR HO
GLD]HSDP (QWUH ODV EHQ]RGLD]HSLQDV VLQWHWL]DGDV HQWUH \ VH KDQ
FRPHUFLDOL]DGRXQDVSULQFLSDOPHQWHFRPRDQVLROWLFRV7DPEL©QVHKDQVLQWHWL]DGRPXFKRV
GHULYDGRV SHUWHQHFLHQWHV D HVWD IDPLOLD GRWDGRV GH SURSLHGDGHV KLSQRVHGDQWHV R
DQWLFRPLFLDOHV$XQTXHORVEHQ]RGLDFHSLQDVVHXWLOL]DQSULQFLSDOPHQWHHQHOWUDWDPLHQWRGHOD
DQVLHGDG WDPEL©Q VH SURSRQHQ HQ RWUDV LQGLFDFLRQHV GHELGR D VXV HIHFWRV KLSQ³WLFRV R
VHGDQWHV
/DV UHDFFLRQHV DO©UJLFDV D HVWRV PHGLFDPHQWRV VRQ UDUDV \ VH FXHQWD FRQ SRFRV FDVRV
UHJLVWUDGRV HQ OD OLWHUDWXUD VLHQGR HQ OD PD\RUD GH ORV FDVRV GHVFULWRV HO FORURGLD[HSR]LGR
VHJXLGR HQ RUGHQ GHVFHQGHQWH SRU GLDFHSDP IOXUD]HSDP \ PLGD]RODP (O PHFDQLVPR GH
DOHUJLD KD VLGR DWULEXLGR D XQ PHWDEROLWR HQ FRPºQ FRQRFLGR FRPR GHVPHWLOGLD]HSDP HO
DQWJHQRUHVSRQVDEOHGHODDOHUJHQLFLGDGFUX]DGDHQODVEHQ]RGLD]HSLQDV
3523,('$'(648,0,&$6
/RV EHQ]RGLDFHSLQDV VLQWHWL]DGDV SRU SULPHUD RFDVL³Q SDUD XVR FOQLFR IXH HQ FRQ OD
DSDULFL³QGHOFORURGLD]HSR[LGRVRQXQJUXSRGHFRPSXHVWRVKHWHURFFOLFRVGHGRVDQLOORVTXH
FRQVLVWHHQXQDQLOORGHEHQFHQRHOW©UPLQRȒEHQ]RȓVHUHILHUHDODDGLFL³QGHXQDQLOOREHQFHQR
IXVLRQDGR D XQ DQLOOR GH GLD]HSLQD KHSWDPHUR (O SUHILMR ȒGLȓ VLJQLILFD TXH GRV ¡WRPRV GH
QLWU³JHQRVXVWLWX\HURQDGRV¡WRPRVGHFDUERQR 3RUXOWLPRȒD]HSLQDȓVHUHILHUHDFXDOTXLHU
DQLOOR KHWHURFFOLFR GH HQODFHV VLPSOHV FRQVWLWXLGR SRU VLHWH ¡WRPRV VLHQGR XQR GH HOORV XQ
¡WRPR GH QLWU³JHQR (Q DGLFL³Q D HVWRV GRV DQLOORV VH DGLFLRQD RWUR DQLOOR EHQFHQR
VXSOHPHQWDULR FDUDFWHUL]DGR SRU XQ UDGLFDO DULOR DQLOOR& HQ OD SRVLFL³Q SDUD GH HVWD
PDQHUD FRQVWLWXLU OD HVWUXFWXUD E¡VLFD FRPºQ GH HVWH JUXSR IDUPDFRO³JLFR $ SDUWLU GH HVWD
HVWUXFWXUDJHQHUDOH[LVWHQGLIHUHQWHVPRGXODFLRQHVHVWUXFWXUDOHVHQVXVUHVSHFWLYDVFDGHQDV
ODWHUDOHV ODV FXDOHV RWRUJDQ VXV GLIHUHQWHV SURSLHGDGHV FOQLFDV 7RGDV SUHVHQWDQ XQD
VXVWLWXFL³QHQODSRVLFL³QVLHWHGHODQLOOREHQFHQRSULQFLSDORWRUJDQGRXQHIHFWRKLSQ³WLFRDO
VXVWLWXLUFORURSRUFDUERQRXQHIHFWRDQVLROWLFRDOVXVWLWXLUORSRUGL³[LGRGHQLWU³JHQR12\
DQWDJRQLVWDFRPSHWLWLYRDOVXVWLWXLUVHXQDQLOOR&SRUXQJUXSRFHWRHQODSRVLFL³QXQUDGLFDO
PHWLORHQSRVLFL³Q\ODVXVWLWXFL³QGH)OºRUSRUFORURHQODSRVLFL³Q)OXPD]HQLO6HXWLOL]D
HOVXILMRȒSDPȓSDUDGLVWLQJXLUDORVEHQ]RGLDFHSLQDVTXHSUHVHQWDQVXV¡WRPRVGHQLWU³JHQRHQ
ODSRVLFL³Q\FRQVWLWX\HQGRHVWDVHOJUXSRP¡VQXPHURVRPLHQWUDVTXHHOVXILMRȒD]RODPȓ
VH UHVHUYD SDUD ORV GHULYDGRV WULFFOLFRV ORV FXDOHV SUHVHQWDQ OD DGLFL³Q GH XQ WHUFHU DQLOOR
EHQF©QLFRDODHVWUXFWXUDE¡VLFD
ϱϰ

0(&$1,602'($&&,1
/RV EHQ]RGLDFHSLQDV GHEHQ VXV HIHFWRV D OD UHJXODFL³Q GHO VLVWHPD *$%$HUJLFR \D TXH
IDYRUHFHQ OD ILMDFL³Q GHO QHXURWUDQVPLVRU P¡V DEXQGDQWH \ SULQFLSDO LQKLELWRULR GHO VLVWHPD
QHUYLRVR FHQWUDO HO ¡FLGR JDPPDDPLQREXWLULFR &+12 *$%$ FRQ VXV UHVSHFWLYRV
UHFHSWRUHV*$%$$SHUPLWLHQGRPºOWLSOHVHIHFWRVIDUPDFRO³JLFRVFRPRODVHGDFL³QKLSQRVLV
UHODMDFL³QPXVFXODUDQWLFRQYXOVLYRDPQHVLDDQWHU³JUDGD\DGRVLVPD\RUHVYDVRGLODWDFL³Q
FRURQDULDREORTXHRQHXURPXVFXODU(O*$%$&+12VHVLQWHWL]DDSDUWLUGHOJOXWDPDWR
&+12SRUODVLVRIRUPDVGHN'D\N'DGHOJOXWDPDWRGHVFDUER[LODVD*$'R*DG
\*$'R*DGUHVSHFWLYDPHQWHSHUGLHQGRDVXQJUXSRȊ&22+SDUDSRVWHULRUPHQWHVHU
DOPDFHQDGRHQYHVFXODVVLQ¡SWLFDVSRUPHGLRGHOWUDVSRUWDGRUYHVLFXODUGH*$%$9*$7
/RV EHQ]RGLDFHSLQDV SRWHQFLDQ OD DFFL³Q GHO *$%$ HQ OD LQWHUIDVH Ȗ DXPHQWDQGR OD
IUHFXHQFLDGHDEHUWXUDGHOFDQDOGHFORURTXHIRUPDHOUHFHSWRUPLHQWUDVTXHORVEDUELWºULFRV
LQFUHPHQWDQ OD GXUDFL³Q GH OD DSHUWXUD GHO FDQDO \ VXEVHFXHQWHPHQWH DXPHQWDQGR OD
FDSDFLGDGLQKLELWRULDGHO*$%$HQODQHXURQDSRVVLQ¡SWLFD([LVWHQWUHVIDPLOLDVGHUHFHSWRUHV
(OVXEUHFHSWRU*$%$$HVLQRWU³SLFRSDUDHOLQJUHVRGHFORURDODF©OXODGLFKDVHOHFWLYLGDG
SDUDHO&OíSXHGHHVWDUGHWHUPLQDGDSRUDUJLQLQDV\OLVLQDVFDUJDGDVSRVLWLYDPHQWHFHUFDGHOD
ERFD GHO SRUR &RQVWLWX\H HO P¡V FRPºQ GH WRGRV ORV VXE UHFHSWRUHV SUHVHQW¡QGRVH
SULQFLSDOPHQWHDQLYHOSUHVLQ¡SWLFR&XHQWDFRQVLWLRVGHXQL³QSDUD*$%$EHQ]RGLDFHSLQDV
ORVEDUELWºULFRVHVWHURLGHVDQHVW©VLFRVSLFURWR[LQDDQWLFRQYXOVLYRV\PRGXODGRUHVQDWXUDOHV
FRPRGLYHUVRVPHWDEROLWRVGHKRUPRQDVHVWHURLGHDVFRPRODSURJHVWHURQDODFRUWLFRVWHURQD
\ODWHVWRVWHURQD/RVVXEUHFHSWRUHVWLSR%VRQPHWDERWURSLFRVSRUORTXHHVW¡QDVRFLDGRVD
SURWHQDV*LVHHQFXHQWUDQSULQFLSDOPHQWHDQLYHOSUHVLQ¡SWLFR\HVW¡QOLJDGRVDODDSHUWXUD
GHFDQDOHVGH.RDODVXSUHVL³QGHFDQDOHVGH&D/RVVXEUHFHSWRUHV*$%$&VRQFDQDOHV
ϱϱ

GH FORUR ORV FXDOHV VH SUHVHQWDQ HQ XQD SURSRUFL³Q GLH] YHFHV PHQRU TXH ORV GHP¡V VXE
UHFHSWRUHVVLQHPEDUJRSUHVHQWDQGRXQDDILQLGDGGLH]YHFHVVXSHULRUSRU*$%$6HHQFXHQWUD
SULQFLSDOPHQWH HQ QHXURQDV GH OD UHWLQD \ HQ PHQRU SURSRUFL³Q HQ PHGXOD HVSLQDO FROFXOR
VXSHULRUHKLS³ILVLV
(O UHFHSWRU *$%$$ HV XQ FRPSOHMR PDFURPROHFXODU SHQWDP©ULFR FRQVWLWXLGR SRU FLQFR
VXEXQLGDGHVSURWHLFDV\FDGDVXEXQLGDGHVW¡IRUPDGDSRUFXDWURVHJPHQWRVWUDQVPHPEUDQD
FRQRFLGRVFRPRȒ'RPLQLRV0ȓVHFUHHTXHHOGRPLQLR0GHFDGDXQDGHODVFLQFRVXEXQLGDGHV
GHOLPLWDHOSRURFHQWUDOGHOFDQDODOUHGHGRUGHXQFDQDOGHFORUR$VXYH]GLFKDVVXEXQLGDGHV
LQWHJUDQ XQD URVHWD IRUPDGD SRU XQD HVWHTXLRPHWULD SRVLEOH GH GRV VXE XQLGDGHV GRV VXE
XQLGDGHVȕ\XQDVXEXQLGDGȖ6HUHTXLHUHTXHGRVPRO©FXODVGH*$%$VHXQDQDOUHFHSWRU
*$%$$HQXQVLWLRXELFDGRHQWUHXQDXQLGDG\XQDVXEXQLGDGȕ\HQHOFDVRSDUWLFXODUGHODV
EHQ]RGLDFHSLQDVVHILMDUDQHQXQVLWLRHQWUHODVXQLGDGHV\ȖSDUDODDSHUWXUDGHOFDQDOGHFORUR
\ GH HVWD PDQHUD KLSHUSRODUL]DU OD QHXURQD SRV VLQ¡SWLFD JHQHUDQGR LQKLELFL³Q GH OD QHXUR
WUDQVPLVL³Q\ORVHIHFWRVILVLRO³JLFRVRIDUPDFRO³JLFRVGHVHDGRVORVFXDOHVGHSHQGHU¡QGHODV
PºOWLSOHV FRPELQDFLRQHV SRVLEOHV HQWUH VXV VXE XQLGDGHV H[LVWHQ YDULRV WLSRV SDUD VH
SUHVHQWDQYDULDQWHVSDUDȕ\SDUDȖ/DTXHVHREVHUYDFRQPD\RUIUHFXHQFLDHVȕ
Ȗ(IHFWRVWDOHVFRPRODVHGDFL³QDPQHVLDDQWHU³JUDGD\ODVSURSLHGDGHVDQWLFRPLFLDOHVHVW¡Q
PHGLDGDVVREUHWRGRSRUODVVXEXQLGDGHVGHOUHFHSWRU*$%$$/DDQVL³OLVLV\ODUHODMDFL³Q
PXVFXODUHVW¡QPHGLDGDVVREUHWRGRSRUODVVXEXQLGDGHV
([LVWHQUHFHSWRUHVHVSHFILFRVSDUDEHQ]RGLDFHSLQDVFRQRFLGRVFRPRȒ%='ȓ(OUHFHSWRU%='
VHKDFODVLILFDGRHQYDULRVWLSRVGHSHQGLHQGRGHODVGLIHUHQWHVLVRIRUPDV\HIHFWRVFOQLFRV
UHODFLRQDGRV FRQ FDGD WLSR (O UHFHSWRU %= FRQWLHQH OD LVRIRUPD (O UHFHSWRU %= VH
HQFXHQWUDSULQFLSDOPHQWHHQODFRUWH]DW¡ODPR \HOFHUHEHORHVUHVSRQVDEOHGHORVHIHFWRV
VHGDQWHVGHORVEHQ]RGLDFHSLQDVDVFRPRGHODDPQHVLDDQWHU³JUDGD\GHDOJXQRVGHORV
HIHFWRVDQWLFRQYXOVLYRVGHOGLD]HSDP6HVHQWDSRUFLHQWRGHORVUHFHSWRUHV*$%$$FRQWLHQHQ
ODVXEXQLGDG
5($&&,21(6'(+,3(56(16,%,/,'$'
/DVUHDFFLRQHVDO©UJLFDVJUDYHVSRUEHQ]RGLDFHSLQDVVRQEDVWDQWHUDUDVFRQVRORSRFRVFDVRV
GHVFULWRVHQODOLWHUDWXUDGHORVFXDOHVORVP¡VUHOHYDQWHVVRQORVDVRFLDGRVDODDGPLQLVWUDFL³Q
LQWUDYHQRVDGHGLD]HSDP(OPHFDQLVPRGHDOHUJLDKDVLGRDWULEXLGRDXQPHWDEROLWRHQFRPºQ
FRQRFLGRFRPRGHVPHWLOGLD]HSDPHODQWJHQRUHVSRQVDEOHGHODDOHUJHQLFLGDGFUX]DGDHQWUH
ORVEHQ]RGLDFHSLQDV(OPLGD]RODPSRGUDFRQVLGHUDUVHXQPHGLFDPHQWRFRQXQPD\RUSHUILO
GHVHJXULGDGDO©UJLFRGHELGRDTXHQRSURGXFHPHWDEROLWRVDFWLYRVVLQHPEDUJRVHKDQGHVFULWR
FDVRVGHUHDFFLRQHVDO©UJLFDVDHVWHPHGLFDPHQWRHQVHUHSRUWDXQFDVRHQ,WDOLDHQXQ
SDFLHQWHGHD±RVTXLHQVHUDVRPHWLGRDXQDDPLJGDOHFWRPLD\VLQDQWHFHGHQWHGHH[SRVLFL³Q
DEHQ]RGLDFHSLQDVSUHVHQWRDQDILOD[LDVHYHUDLQPHGLDWDPHQWHSRVWHULRUDODDGPLQLVWUDFL³QGHO
ϱϲ

PLVPR \ UHVXOWDQGR SRVLWLYR D SUXHED LQWUDG©UPLFD PHVHV \ XQ D±R SRVWHULRU DO HYHQWR
DQDILO¡FWLFR0ºOWLSOHVI¡UPDFRVSHUWHQHFLHQWHVDOPLVPRJUXSRIDUPDFRO³JLFRVSXHGHQGLIHULU
HQHOJUDGRGHUHDFWLYLGDGLQPXQHºQLFDPHQWHSRUFDUDFWHUVWLFDVHQODVFDGHQDVODWHUDOHVODV
FXDOHVVHXELFDQHQODSRVLFL³QGHORVEHQ]RGLDFHSLQDVJHQHUDQGRUHDFWLYLGDGHVFUX]DGDV
LQHVSHUDGDV 'H LJXDO PDQHUD SXHGHQ SUHVHQWDUVH UHDFFLRQHV D ORV H[FLSLHQWHV TXH D ODV
VXVWDQFLDVDFWLYDVSHUVH(OVROYHQWHȒ&UHPRSKRU(/ȓHVXWLOL]DGRFRPRXQYHKFXORSDUDYDULRV
PHGLFDPHQWRVSRFRKLGURVROXEOHV\KDVLGRUHSRUWDGRFRPRUHVSRQVDEOHGHYDULDVUHDFFLRQHV
DEHQ]RGLDFHSLQDV (QHOFDVRGHOGLD]HSDPVHOHKDDWULEXLGRUHDFFL³QDO©UJLFDDOSURSLOHQJOLFRO
FXDQGRVHXWLOL]DFRPRVROYHQWHHQVXVWLWXFL³QGHOVROYHQWH&UHPRSKRU(/(QORTXHUHVSHFWD
DO FORQD]HSDP VH UHSRUW³ KLSHUVHQVLELOLGDG UHWDUGDGD FRQ HO DURPD GH PHORFRW³Q FRPR
H[FLSLHQWH GH VX SUHVHQWDFL³Q HQ VROXFL³Q HQ XQ SDFLHQWH FRQ KLSHUVHQVLELOLGDG SUHYLD DO
PHORFRW³Q
/RVEHQ]RGLDFHSLQDVWLHQHQXQDFDSDFLGDGEDMDGHOLEHUDFL³QGHKLVWDPLQD(VWDGHVFULWRTXH
ODVQHXURQDVGHOQºFOHRWXEHURPDPLODUVRQODºQLFDIXHQWHGHKLVWDPLQDHQHOVLVWHPDQHUYLRVR
FHQWUDO ODV FXDOHV DGHP¡V SUHVHQWDQ IHQRWLSR *$%$HUJLFR GHELGR D OD SUHVHQFLD GH *$%$
*$'\9*$7VLQHPEDUJRQRVHKDFRPSUREDGRODVHFUHFL³QGH*$%$SRUGLFKDVF©OXODV
QL OD FRHVWLPXODFL³Q GH KLVWDPLQD SRU SDUWH GH HVWH WLSR GH F©OXODV DO H[SRQHUVH D
EHQ]RGLDFHSLQDV
5HVSHFWRDDOWHUQDWLYDVDEHQ]RGLDFHSLQDVVHHQFXHQWUDQUHJLVWURVHQODOLWHUDWXUDHQSDFLHQWHV
SHGL¡WULFRV VREUH RSFLRQHV QR IDUPDFRO³JLFDV FRPR W©FQLFDV GH GLVWUDFFL³Q UHODMDFL³Q R
PXVLFRWHUDSLDVLQHPEDUJRSRUODYDIDUPDFRO³JLFDSXHGHFRQVLGHUDUVH'H[PHGHWRPHGLQD
DJRQLVWDDOIDDGUHQ©UJLFRDGPLQLVWUDGRGHPDQHUDSUHDQHVW©VLFDKDPRVWUDGRQLYHOHVGH
VHGDFL³QVLPLODUHVDORVDSUHFLDGRVFRQPLGD]RODPRWUDVDOWHUQDWLYDVFRQVLVWLUDQHQSURSRIRO
EDUELWºULFRVRFORQLGLQD
ϱϳ

D͗D/K>D
WZ/<d^d͗ϭͬϭϬϬϬ
WZ/<d^dϭͬϭϬϬ
WZh^/EdZZD/^͗ϭͬϭϬ
ϱϴ

$/(5*,$$17,6(37,&26
<2'2329,'21$
/RVDQWLV©SWLFRVGHOJULHJRDQWLFRQWUD\V©SWLFRVSXWUHIDFWLYRVRQVXVWDQFLDVDQWLPLFURELDQDV
TXHVHDSOLFDQDXQWHMLGRYLYRRVREUHODSLHOSDUDUHGXFLUODSRVLELOLGDGGHLQIHFFL³QVHSVLVR
SXWUHIDFFL³Q
+,6725,$
(QWLHPSRVUHPRWRVVHSHQVDEDTXHORVGHPRQLRV\HVSULWXVPDOLJQRVHUDQODFDXVDGHSHVWH
HLQIHFFLRQHV(QODHUDSUHFULVWLDQD+LS³FUDWHVD'H&SUHVDJL³ODDVHSVLDFXDQGR
UHFRPLHQGDHOXVRGHOYLQRRGHODJXDKHUYLGDSDUDODYDUKHULGDV*DOHQRODGH&
TXLHQHMHUFL³ODPHGLFLQDHQ5RPDKDFDKHUYLUORVLQVWUXPHQWRVTXHXVDEDSDUDDWHQGHUODV
KHULGDVGHORVJODGLDGRUHV
6LQHPEDUJRDSDUWLUGHOJUDQGHVFXEULPLHQWRGH/XLV3DVWHXUGHSHTXH±RVRUJDQLVPRVYLYRV
GD±LQRVSDUDODVDOXGGHOKRPEUHEDFWHULDVPXFKRVDYDQFHVVHKDQKHFKRHQHOFDPSRGHOD
PHGLFLQDSHURTXL]¡VSRFRVKDQVDOYDGRODFDQWLGDGGHYLGDVTXHHOGHVFXEULPLHQWRGHORV
DQWLV©SWLFRVKHFKRSRU/LVWHUD±RVP¡VWDUGH/LVWHUFLUXMDQRLQJO©VTXHDPHQXGRQRWDEDHO
IDWDOGHVHQODFHGHPXFKRVSDFLHQWHVHQHOSRVRSHUDWRULRYFWLPDVGHLQIHFFLRQHVDXQGHVSX©V
GHPQLPDVLQWHUYHQFLRQHVSRUORFXDO/LVWHUDWULEX\RHVWDVLQIHFFLRQHVDOHIHFWRGHSXWUHIDFFL³Q
TXHFDXVDEDQODVEDFWHULDVIHQ³PHQRREVHUYDGR\DWULEXLGRDODVEDFWHULDVSRU3DVWHXUHQ
D±RV DQWHULRUHV 3RU OR FXDO /LVWHU PHGLDQWH DVSHUVLRQHV GH ¡FLGR IHQLFR HQ OD VDOD GH
RSHUDFLRQHV ORJUR HOLPLQDU D HVWDV EDFWHULDV \ HO IHQ³PHQR GH SXWUHIDFFL³Q SRVWHULRUPHQWH
LQFRUSRUDQGR HO ODYDGR GH PDQRV OD HVWHULOL]DFL³Q GHO HTXLSR TXLUºUJLFR \ DXQTXH
SRVWHULRUPHQWHHO¡FLGRIHQLFRIXHFDPELDGRSRURWURVPHGLRVPHQRVFRUURVLYRVHVWHSULQFLSLR
IXHHOGHVFXEULPLHQWRGHVHFUHWRGHORVDQWLV©SWLFRV
$ SDUWLU GH HQWRQFHV VH KDQ GHVFXELHUWR PXFKRV RWURV DQWLV©SWLFRV GH XVR FRPºQ FRPR HO
DOFRKROHO\RGRODVVDOHVGHPHUFXULRHOIRUPROHOKLSRFORULWRGHVRGLRHOPHUFXURFURPRTXH
KDQSHUPLWLGRODXQLYHUVDOL]DFL³QGHVXXVRHQODPHGLFLQD
6LQHPEDUJRHOGHVFXEULPLHQWRGHO\RGRFRPRPXFKRVGHORVGHVFXEULPLHQWRVGHODKLVWRULD
GHODPHGLFLQDIXHSRUPHGLRGHXQDVHUHQGLSLDFXDQGR%HUQDUG&RXUWRXLVDOEXVFDUXQDQXHYD
IXHQWHGHVDOLWUHQLWUDWRGHSRWDVLRGHVFXEUHHO\RGRDOUHDFFLRQDUYDUHFFRQJORPHUDGRDOJDV
PDULQDVFRQ¡FLGRVXOIºULFR
/D\RGRSRYLGRQDIXHGHVFXELHUWDHQSRU6KHODQVNLFRPRXQDJHQWHTXHVHDVHPHMDEDD
ODVSURWHQDVSODVP¡WLFDVSHURTXHHUDFDSD]GHIRUPDUFRPSOHMRVFRQ\RGXURFRQVHUYDQGRVX
HIHFWR EDFWHULFLGD (O OODPR D HVWD VXVWDQFLD XQ Ȓ\RGRIRURȓ OR TXH VLJQLILFDED WH[WXDOPHQWH
ȒWUDQVSRUWDGRUGH\RGRȓ/RV\RGRIRURVVHFDUDFWHUL]DQSRUWHQHUODVVLJXLHQWHVSURSLHGDGHV
ϱϵ

Ɣ $XPHQWDQODVROXELOLGDGGHO\RGR
Ɣ 6RQXQDUHVHUYDGH\RGR
Ɣ $XPHQWDQODGLVSHUVL³Q\SHQHWUDFL³QGH\RGR
Ɣ 5HGXFHQODFRQFHQWUDFL³QGHHTXLOLEULRGHO\RGROLEUHPROHFXODU
48,0,&$
(O \RGR FRQ XQD 0DVD $W³PLFD HV XQ HOHPHQWR QR PHW¡OLFR GH OD IDPLOLD GH ORV
KDORJHQDGRV(O\RGRHOHPHQWDOVHGLVXHOYHHQDJXD\RWURVVROYHQWHVSRODUHVIRUPDQGRXQD
VROXFL³QFDI©HQFRQWUDVWHFRQORVVROYHQWHVSRODUHVEHQFHQRKLGURFDUEXURVTXHSUHVHQWDQ
XQFRORUYLROHWD(QHVWDVVROXFLRQHVYLROHWDVHO\RGRHVSUHVHQWHFRPRPRO©FXODVGL\RGDGDV
PLHQWUDVTXHHOFRORUFDI©HVH[SOLFDGRSRUODIRUPDFL³QGHXQFRPSXHVWRHQWUHHO\RGR\OD
PRO©FXODVROYHQWHFRPSOHMRVGHWUDQVIHUHQFLDGHFDUJD6XVROXELOLGDGHQDJXDHVPX\EDMD
SSPHQ&VLHQGRXQPRGRGHDXPHQWDUVXVROXELOLGDGHQDJXDD±DGLHQGRFRPSXHVWRV
SROLP©ULFRV ORV FXDOHV IRUPDQGR FRPSXHVWRV FRQ \RGR VRQ GHQRPLQDGRV \RGRIRURV /RV
GHVLQIHFWDQWHV R DQWLV©SWLFRV FRQ EDVH GH \RGR SXHGHQ GLYLGLUVH GHQWUR GH WUHV JUXSRV
SULQFLSDOHVGHDFXHUGRDOVROYHQWH\DODVVXVWDQFLDVLQWHUILULHQGRFRQODVHVSHFLHVGH\RGR
6ROXFLRQHV DFXRVDV SXUDV 6ROXFLRQHV DFXRVDV 6ROXFLRQHV FRQ EDVH GH DOFRKRO
3UHSDUDFLRQHV\RGRIRULFDV
'HQWURGHHVWDGLYLVL³QOD\RGRSRYLGRQDGHQWURGHODVSUHSDUDFLRQHV\RGRIRULFDVDGTXLHUHXQ
LQWHU©VHVSHFLDOSXHVWRVXPD\RUDVRFLDFL³QFRQUHDFFLRQHVDO©UJLFDV
/D SROLYLQLOSLUUROLGRQD \RGDGD R \RGRSRYLGRQD HV XQ FRPSOHMR GH SROLYLQLOSLUUROLGRQD \

PRO©FXODVGH\RGR/DSROLYLQLOSLUUROLGRQDHVHOSROPHURGHODYLQLOSLUUROLGRQDWDPEL©QFRQRFLGR
FRPRSRYLGRQD(VWHHVHO\RGRIRURRFRPSXHVWRTXPLFRHQHOTXHVHUHWLHQHHO\RGRDFWLYR
/DPD\RUDGHODVPRO©FXODVGH\RGRHVW¡QXQLGDVDODSRYLGRQD\VRORXQDSHTXH±D
FDQWLGDGGH\RGRHVW¡SUHVHQWHHQIRUPDOLEUH
ϲϬ

0(&$1,602'($&&,21
(O\RGRHQVXIRUPDPROHFXODUSXHGHSHQHWUDUODSDUHGFHOXODUGHPºOWLSOHVPLFURUJDQLVPRV
U¡SLGDPHQWH TXH SXHGH FRQVLGHUDUVH VX PHFDQLVPR IXQGDPHQWDO FRPR PLFURELFLGD VLQ
HPEDUJRGHPDQHUDHVSHFILFDSRUORVFXDOHVOOHYDDPXHUWHFHOXODUVRQGHVFRQRFLGRV6LQ
HPEDUJR VH VRVSHFKDVX PHFDQLVPR HIHFWRUGH PXHUWH EDVDGR HQ\RGR HVW¡ EDVDGR HQ OD
2[LGDFL³QGHOJUXSR6+GHORVDPLQR¡FLGRVGH&LVWHQDUHVXOWDQGRHQODSHUGLGDGHKDELOLGDG
SDUDFRQHFWDUFDGHQDVSURWHLFDVGHSXHQWHVGHGLVXOIXURXQIDFWRULPSRUWDQWHSDUDODVQWHVLV
SURWHLFD HQ OD \RGDFL³Q GHORV JUXSRV IHQ³OLFRV H LPLGD]ROLFR GH ORV DPLQR¡FLGRV WLURVLQD H
KLVWLGLQD IRUPDQGR GHULYDGRV PRQR\RGDGRV R GL\RGDGRV \ HQ OD DGLFL³Q GH ¡FLGRV JUDVRV
LQVDWXUDGRV FDXVDQGR FDPELRV HQ ODV SURSLHGDGHV IVLFDV GH ORV OSLGRV \ FDXVDQGR
LQPRYLOL]DFL³Q GH OD PHPEUDQD VLHQGR TXL]¡V HO SULPHU PHFDQLVPR GH R[LGDFL³Q HO P¡V
LPSRUWDQWHSRUTXHHVXQHIHFWRU¡SLGRHLUUHYHUVLEOH
6LHQGR XQ H[FHOHQWH PLFURELFLGD GH DFFL³Q U¡SLGD FRQ XQD DPSOLD FREHUWXUD FRQWUD
HQWHUREDFWHULDVYLUXVHQW©ULFRVSURWR]RDULRVP\FREDFWHULDVEDFWHULDVGHOJHQHURFORVWULGLXP
WULFRPRQDV\HVSHFWURDQWLIºQJLFR
()(&726$'9(5626
/RVHIHFWRVDGYHUVRVDOXVRGH\RGRVHFODVLILFDQHQHIHFWRVSULPDULRVWHQLHQGRFRPRHMHPSORV
FODURVORVHIHFWRVLUULWDWLYRV\ODVPDQFKDV\FRPRHIHFWRVVHFXQGDULRVDTXHOORVTXHVHJHQHUDQ
FRPRFRQVHFXHQFLDELRO³JLFDGHVXLQFRUSRUDFL³Q
ϲϭ

/D LUULWDFL³Q HV HO HIHFWR DGYHUVR SULPDULR P¡V IUHFXHQWH \ HV HO UHVXOWDGR GH OD \RGDFL³Q \
R[LGDFL³Q VLHQGR OD PRO©FXOD GH \RGR HO SULQFLSDO UHVSRQVDEOH FRQVLGHUDQGR TXH DOWDV
FRQFHQWUDFLRQHVGH\RGROLEUHVRQELHQWROHUDGDVPLHQWUDVHO\RGRWRWDOVHDEDMRWUL\RGXUR
/DV PDQFKDV VRQ FDXVDGDV SULQFLSDOPHQWH SRU HO \RGR WRWDOWUL\RGXUR \ VROR HQ SHTXH±DV
PHGLGDVSRUHO\RGROLEUH
/RVHIHFWRVVHFXQGDULRVVRQDTXHOORVGHULYDGRVGHODLQFRUSRUDFL³QGHO\RGRDORUJDQLVPR\D
VHDSRUPHFDQLVPRGHGLIXVL³QGHVGHSUHVHQWDFLRQHVW³SLFDVRGLUHFWDPHQWHGHODJXDEHELGD
\SXHGHQWHQHUPºOWLSOHVPDQLIHVWDFLRQHVHQHVWXGLRVSDUDFOQLFRVFRPRQLYHOHVHOHYDGRVGH
\RGXURHQODRULQDRVXHUR\DOWHUDFLRQHVHQORVQLYHOHVV©ULFRVGHODVKRUPRQDVWLURLGHDV
5($&&,21(6+,3(56(16,%,/,'$'
(OHSLWRSRDOHUJ©QLFRSDUDODVUHDFFLRQHVLQPHGLDWDVFRQ\RGRSRYLGRQDSDUHFHVHUODSRYLGRQD
\ QR HO \RGR HYLGHQFLDGR SRU ODV SUXHEDV FXW¡QHDV HQ ORV WHVW LQ YLYR GHWHFFL³Q GH ,J(
HVSHFLILFD GH SRYLGRQD HQ HVWXGLRV GH (/,6$ /D LQFLGHQFLD DOD <RGRSRYLGRQD HV UDUD HQ
FRPSDUDFL³QFRQRWURVDQWLV©SWLFRVFRPRODFORUKH[LGLQD6LHQGRFDWHJRUL]DGRFRPRXQDJHQWH
GHEDMRSRWHQFLDODOHUJ©QLFR7HQLHQGRFRPRVXVSULQFLSDOHVWLSRVGH5HDFFLRQHVDO©UJLFDVODV
5HDFFLRQHV SRU +LSHUVHQVLELOLGDG 7LSR , 5HDFFLRQHV ,QPHGLDWDV LQYROXFUDQGR HO 5DVK
8UWLFDULIRUPH HO EURQFRHVSDVPR \ OD DQDILOD[LD \ 5HDFFLRQHV GH +LSHUVHQVLELOLGDG 7LSR ,9
5HDFFLRQHV7DUGDVVLHQGRSULQFLSDOPHQWHOD'HUPDWLWLVSRU&RQWDFWR
&OQLFDPHQWH QR VH KD GHPRVWUDGR UHDFWLYLGDG FUX]DGD HQWUH DOLPHQWRV \RGDGRV FRPR ORV
PDULVFRVORVPHGLRVGHFRQWUDVWH\RGDGRV\OD\RGRSRYLGRQD\KDVWDODIHFKDºQLFDPHQWHOD
DOHUJLDSUHYLDDOD\RGRSRYLGRQDHVODºQLFDFRQWUDLQGLFDFL³QSDUDVXXVR
$OHVWXGLDUVHSRUPHGLRVPROHFXODUHVORVHSWRSRVDO©UJLFRVQRVHKDHQFRQWUDGRQLQJºQHSLWRSR
GHQWURGHO\RGR\ODPD\RUDGHUHDFFLRQHVLQPXQRO³JLFDVGHVFULWDVKDQVLGRUHDFFLRQHVQR
PHGLDGDVSRU,J(FDWHJRUL]DGDVSUHYLDPHQWHFRPRDQDILODFWRLGHVSRUGHJUDQXODFL³QGLUHFWD
PDVWRFLWDULDRSRUDFWLYDFL³QPDVWRFLWDULDYDHOFRPSOHPHQWR&RQVLGHUDQGRODVYHUGDGHUDV
UHDFFLRQHVDO©UJLFDVPHGLDGDVSRU,J(VLHQGRSRUORVRWURVFRPSRQHQWHVFRPRODSRYLGRQD\
QRDO\RGR
ϲϮ

&/25+(;,',1$
/D FORUKH[LGLQD HV XQ DQWLV©SWLFR \ GHVLQIHFWDQWH FDWL³QLFR VLQW©WLFR GH ELVELJXDQLGD XVDGD
FRPRXQDVDOGHGLDFHWDWRRXQDVDOGHGLJOXFRQDWR
+,6725,$
(QIXHGHVFXELHUWDOD&ORUKH[LGLQDSRU/DV,QGXVWULDV4XPLFDV,PSHULDOHV/LPLWDGDV,&,
VLHQGRFRPHUFLDOL]DGRLQLFLDOPHQWHFRPRDQWLEL³WLFRW³SLFR\DQWLV©SWLFRVLHQGRKDVWDORVD±RV
XQLYHUVDOL]DGRVVXXVRDOGHVFXEULUJUDQGHVHIHFWRVHQODLQGXVWULDRGRQWRO³JLFD\XURO³JLFD
< HQ D±RV SRVWHULRUHV DFWXDOL]DQGR VX XVR SDUD FDW©WHUHV YHQRVRV FHQWUDOHV \ FRQHFWRUHV
LQWUDYHQRVRVVLHQGRUHFRQRFLGRFRPRHODQWLV©SWLFRP¡VHILFD]\SRUHQGHP¡VXWLOL]DGRGHQWUR
GHOPXQGRP©GLFR
48,0,&$
/DHVWUXFWXUDGHODFORUKH[LGLQDWLHQHGRVHSWRSRVLG©QWLFRV\VLP©WULFRV7LHQHFXDWURDQLOORV
GHFORURIHQLOR\GRVJUXSRVGHELVJXDQXURFRQHFWDGRVSRUXQSXHQWHFHQWUDOGHKH[DPHWLOHQR
0(&$1,602'($&&,21
/D SDUHG FHOXODU EDFWHULDQD HVWD QHJDWLYDPHQWH FDUJDGD \ FRQWLHQH VXOIDWRV \ IRVIDWRV /D
FORUKH[LGLQDTXHHVXQDPRO©FXODFDWL³QLFDSRVLWLYDPHQWHFDUJDGDHVU¡SLGDPHQWHDWUDGDSRU
ϲϯ

ODFDUJDQHJDWLYDGHODSDUHGEDFWHULDQDFRQIXHUWHGLVSRVLFL³QDORVHQODFHVTXHFRQWLHQHQ
IRVIDWRQRSHUPLWLHQGRIXWXURVHQODFHVGHODEDFWHULD3RURWURODGRODFORUKH[LGLQDVHXQHDORV
IRVIROSLGRV HQ OD LQWHULRU PHPEUDQD OR TXH FRQGXFH D XQD PD\RU SHUPHDELOLGDG GH OD
PHPEUDQDLQWHUQD\ODS©UGLGDGHFRPSXHVWRV GHEDMRSHVRPROHFXODUWDOHVFRPRLRQHVGH
SRWDVLR OOHYDQGR D OD LQWHUUXSFL³Q GH OD PHPEUDQD EDFWHULDQD \ OD PXHUWH FHOXODU (VWDV
DFFLRQHV EDFWHULRVW¡WLFDV \ EDFWHULFLGDV GHSHQGHQ GH OD FRQFHQWUDFL³Q GH OD FORUKH[LGLQD
VLHQGR PD\RUHV VXV HIHFWRV DQWH PD\RUHV GRVLV 6X FREHUWXUD LQFOX\H EDFWHULDV *UDPP
1HJDWLYDV*UDPP3RVLWLYDVDQDHURELRV\OHYDGXUDV
()(&726$'9(5626
/RVHIHFWRVDGYHUVRVDODFORUKH[LGLQDVRQUDURVVLQHPEDUJRHQVXPD\RUDVRQGH
LPSRUWDQFLDFOQLFDVLHQGRUHIHULGRVORVP¡VFRPXQHV)RWRVHQVLELOLGDGH[DQWHPD
PDFXORSDSXODUDVPDRFXSDFLRQDOJLQJLYLWLVGHVFDPDWLYDGHVFRORUDFL³QGHQWDO\GHOHQJXD\
GD±RFRQMXQWLYDOGLUHFWR
5($&&,21(6'(+,3(56(16,%,/,'$'
([LVWHQUHSRUWHVGHXQJUDQDXPHQWRGHUHDFFLRQHVDO©UJLFDVDOXVRGHFORUKH[LGLQDVLHQGRHQ
SDUWH SRU VX PD\RU XVR DQWH XQD PD\RU HIHFWLYLGDG SDUD SUHYHQLU LQIHFFLRQHV TXH ORV
DQWLV©SWLFRV\RGDGRVVLHQGRDFWXDOPHQWHPD\RUHVORVUHSRUWHVGHDQDILOD[LDDFORUKH[LGLQDTXH
D \RGRSRYLGRQD HQWUHJDQGR DOJXQRV UHSRUWHV \ HVWXGLRV HQ DOHUJLD SHULRSHUDWRULD HQ
'LQDPDUFDGHO\GHOHQ%©OJLFD\VLHQGRVXEHVWLPDGRHQRWURVJUDQGHVHVWXGLRVGH
DOHUJLDSHULRSHUDWRULD5HDFFLRQHVGHKLSHUVHQVLELOLGDGDODFORUKH[LGLQDKDQLQFOXLGRGHUPDWLWLV
GHFRQWDFWRSUXULWR5DVK8UWLFDULIRUPHGLVQHD\VKRFNDQDILO¡FWLFR(OGLDJQRVWLFRGHDOHUJLD
D OD FORUKH[LGLQD SXHGH VHU DSR\DGR FRQ 7ULSWDVD V©ULFD HVWXGLRV LQ YLWUR ,J( (VSHFLILFD \
SRVWHULRUPHQWHHO*ROG(VW¡QGDULJXDOTXHHQRWURVPHGLFDPHQWRVVRQODVSUXHEDVFXW¡QHDVH
LQWUDG©UPLFDVFRPRWHVWLQYLYRFRQXQDVHQVLELOLGDG\VHQVLELOLGDGUHSRUWDGDSDUDODVSUXHEDV
FXW¡QHDVGHO\\GHO\SDUDODV3UXHEDV,QWUDG©UPLFDVFRQVLGHUDQGRDQWH
ULHVJR GH DQDILOD[LD D PX\ EDMDV GRVLV HQ FDVR GH YHUGDGHUD DOHUJLD D &ORUKH[LGLQD
UHFRPHQGDEOHLQLFLDUODV3UXHEDV&XW¡QHDVDDOWDGLOXFL³QFRQ&ORUKH[LGLQDGLOXLGDHQ
VROXFL³QVDOLQD\DGHGLOXFL³QSDUDODV3UXHEDV,QWUDG©UPLFDV
HQFDVRGH3UXHEDV&XW¡QHDVQHJDWLYDV
6REUH XQD EDVH PROHFXODU GRV PRO©FXODV GH FORUJXDQLGD IRUPDQ OD PRO©FXOD VLP©WULFD GH
FORUKH[LGLQDPLHQWUDVTXHODHVWUXFWXUDLQWHULRUGHDOH[LGLQDHVGHFLUH[FOX\HQGRORVJUXSRV
WHUPLQDOHVHWLOKH[LORHVLG©QWLFRDODPRO©FXODGHODFORUKH[LGLQD3DUHFHTXHWRGDODPRO©FXOD
GHFORUKH[LGLQDHVFRPSOHPHQWDULDDORVVLWLRVGHXQL³QGH,J(\TXHHOFORURIHQROHVWUXFWXUDV
GHELJXDQLGD\KH[DPHWLOHQRMXQWDVFRPSUHQGHQGHWHUPLQDQWHDOHUJ©QLFRHSLWRSRDOHUJ©QLFR
ϲϰ

1RVHKDGHPRVWUDGRXQDYHUGDGHUDVHQVLELOL]DFL³QSULPDULDSRUUHDFWLYLGDGFUX]DGDSHURSRU
HSWRSRV DOHUJ©QLFRV PHQFLRQDGRV VH SXHGH FRQVLGHUDU ODV SULQFLSDOHV IXHQWHV GH
VHQVLELOL]DFL³QORVFRUWLFRLGHVW³SLFRVORVDQWLEL³WLFRVFXW¡QHRVORVSURGXFWRVGHKLJLHQHRUDO
ORV FRVP©WLFRV \ ORV DQWLGLDE©WLFRV RUDOHV \ XQD UHDFWLYLGDG FUX]DGD GHPRVWUDGD D RWURV
DQWLV©SWLFRVFRPRDOH[LGLQD\SROLKH[DGLQD
^hdE^;DdKKWZ/<Ϳ
^dD/E;KEdZK>WK^/d/s/KͿ
Ͳ^K>h/KE^>/E;KEdZK>
d/sKͿ
D/K>D
>KZ,y//E
ZKWK&K>
ϲϱ

&8$'52&/,1,&2$/(5*,$3(5,23(5$725,$
/DSUHVHQWDFL³QFOQLFDGHXQFXDGURGHDOHUJLDSHULRSHUDWRULDHVVLPLODUDFXDOTXLHURWURFXDGUR
GH DOHUJLD VLQ HPEDUJR JR]D GH FLHUWDV FDUDFWHUVWLFDV SDUWLFXODUHV WRPDQGR HQ FXHQWD HO
HVWDGR GH LQFRQFLHQFLD LQGXFLGR HQ SURFHGLPLHQWRV GH DQHVWHVLD JHQHUDO QR H[LVWH OD
SRVLELOLGDGGHUHIHULUODSUHVHQFLDGHVQWRPDVSURGU³PLFRVSUXULWRGLVQHDRSUHVL³QWRU¡FLFD
GLVFRQIRUWIDUQJHRSRUORFXDOODSULPHUDPDQLIHVWDFL³QQRUPDOPHQWHHVXQVLJQRDYDQ]DGRGH
DOHUJLD KLSRWHQVL³Q KLSHUFDSQLD GLVRFLDFL³Q YHQWLODWRULD R DUULWPLDV FDUGLDFDV 'HO PLVPR
PRGR SRU OR DQWHV UHIHULGR ODV UHDFFLRQHV DO©UJLFDV UHSRUWDGDV HQ HO WUDQVRSHUDWRULR
QRUPDOPHQWH VRQ VHYHUDV PLHQWUDV TXH ODV UHDFFLRQHV DO©UJLFDV HQ HO SRVRSHUDWRULR
WLHQGHQDVHUHQVXPD\RUDOHYHV'HQWURGHORUGHQGHIUHFXHQFLDORVVQWRPDV\VLJQRVP¡V
FRPºQPHQWH HQFRQWUDGRV HQ XQ FXDGUR GH DOHUJLD SHULRSHUDWRULD WLHQGHQ D VHU ODV
PDQLIHVWDFLRQHVFXW¡QHDVVLHQGRHOHULWHPDHOUDVK8UWLFDULIRUPH\HODQJLRHGHPD
ORV P¡V DVRFLDGRV VHJXLGR GH ODV PDQLIHVWDFLRQHV UHVSLUDWRULDV FRQVLGHUDQGR OD
KLSR[HPLD \ OD GLVRFLDFL³Q YHQWLODWRULD ORV P¡V IUHFXHQWHV HQ WHUFHU OXJDU ODV DOWHUDFLRQHV
FDUGLRYDVFXODUHVSXGLHQGRVHULQFOXVRFRPRDQWHVUHIHULGRODSULPHUDPDQLIHVWDFL³QFOQLFDGH
DOHUJLDSHULRSHUDWRULD\VLHQGRODVPDQLIHVWDFLRQHVP¡VIUHFXHQWHVEUDGLFDUGLDKLSRWHQVL³QR
DUULWPLDVFDUGLDFDV7$%/$
ϲϲ

&/$6,),&$&,21'(6(9(5,'$''(6,1720$6<6,*126'($/(5*,$3(5,23(5$725,$$'$37$'2%52:1<
5,1*0(660(5
*5$'2 *5$'2 *5$'2 *5$'2
6,1720$6&87$1(26 *5$'2$17(5,250$6$/0(126812 *5$'2 $17(5,25 0$6 $/ *5$'2 $17(5,25 0$6 $/
'(/266,*8,(17(6 0(126 812 '( /26 0(126 812 '( /26
6,*8,(17(6 6,*8,(17(6
(5,7(0$
&$5',29$6&8/$5(6
$1*,2('(0$ &$5',29$6&8/$5(6 &$5',29$6&8/$5(6
+,327(16,21
5$6+857,&$5,)250( +,327(16,21 6(9(5$ 3$52
%5$',&$5',$ &+248( &$5',255(63,5$725,2
3585,72
$55,70,$&$5',$&$ &+248(&$5',2*(1,&2
5(63,5$725,$6 ',6)81&,21 9(175,&8/$5 $55,70,$6 &$5',$&$6
,168),&,(1&,$&$5',$&$ /(7$/(6
',61($
+,3(5&$31,$
5(63,5$725,2
+,32;(0,$
%521&2(63$602
+,32;(0,$
*$6752,17(67,1$/
',62&,$&,219(17,/$725,$
',$55($
920,726
*$6752,17(67,1$/
'2/25$%'20,1$/
,1&21,71(1&,$
1(852/2*,&2
$/7(5$&,21(6 (67$'2 '(

$/(57$
',),&,/',$*1267,&2(1&$626'($1(67(6,$*(1(5$/
&XDQGRORVVQWRPDVGHDOHUJLDSHULRSHUDWRULDVHSUHVHQWDQHQHOSUHRSHUDWRULRGHEHU¡

VRVSHFKDUVHDOHUJLDDDQWLV©SWLFRVRO¡WH[FXDQGRORVVQWRPDVDSDUHFHQHQHOWUDQVRSHUDWRULR
GHEHU¡ VRVSHFKDUVH DOHUJLD DQWLEL³WLFRV EORTXHDGRUHV QHXURPXVFXODUHV O¡WH[ \
DQHVW©VLFRV<FXDQGRORVVQWRPDVDSDUHFHQHQHOSRVRSHUDWRULRGHEHU¡FRUUHODFLRQDUVH
ODVRVSHFKDDDQHVW©VLFRVO¡WH[\PHGLRVFRQWUDVWDGRV
ϲϳ

6LHQGR ORV IDFWRUHV GH ULHVJR \ SURQ³VWLFRV P¡V LPSRUWDQWHV SDUD HO GHVDUUROOR GH DOHUJLD
SHULRSHUDWRULD OD HGDG OD SUHVHQFLD GH DWRSLD HO DQWHFHGHQWH GH DOHUJLD D I¡UPDFRV
WUDWDPLHQWRFRQ,QKLELGRUHVGH(Q]LPD&RQYHUWLGRUD$QJLRWHQVLQD,(&$%HWDEORTXHDGRUHV
%%$QWLGHSUHVLYRVWULFFOLFRV\ORVSULQFLSDOHVIDFWRUHVSURQ³VWLFRVGHVHYHULGDGHQ$OHUJLD
SHULRSHUDWRULDHOUHWUDVRHQHOGLDJQ³VWLFR\HQHOWUDWDPLHQWRFRQDGUHQDOLQD\HODQWHFHGHQWH
GH$OHUJLDD)¡UPDFRVSUHYLD

hZK>/E/K͗hZd/Z/^/EE'/KD;>Z'/WKZ/KWZdKZ/ͿEWZ/KK
WK^KWZdKZ/KEZZhWZ/ME
ϲϴ

',$*1267,&2<75$7$0,(172$/(5*,$3(5,23(5$725,$
(OGLDJQRVWLFRGH$OHUJLD3HULRSHUDWRULDHVSU¡FWLFDPHQWHFOQLFRVLQHPEDUJRHOGLDJQRVWLFR
HWLRO³JLFRGHODJHQWHFDXVDOGHDOHUJLDSHULRSHUDWRULDHVXQWHPDSDUWH\GHVXPDLPSRUWDQWH
TXHGHEHU¡VHUWUDWDGRSRUXQHVSHFLDOLVWDDOHUJ³ORJR/RVHVWXGLRVGHODERUDWRULRSDUDHODSR\R
GLDJQRVWLFR QR HVW¡Q UHFRPHQGDGRV SXHVWR TXH QRUPDOPHQWH OOHYDQ XQ WLHPSR SDUD VX
SURFHVDPLHQWR \ SXHGHQ WHQHU XQD JUDQ FDQWLGDG GH IDOVRV SRVLWLYRV \ IDOVRV QHJDWLYRV /D
HOHYDFL³Q V©ULFD GH 7ULSWDVD HV XQ PDUFDGRU SURSLR GH GHJUDQXODFL³Q PDVWRFLWDULD \ QR GH
UHDFFL³QDQDILO¡FWLFDSRUVPLVPRPRWLYRSRUHOFXDOSXHGHJHQHUDUIDOVRVSRVLWLYRVHQHOFDVR
GH I¡UPDFRV TXH FDXVHQ GHJUDQXODFL³Q PDVWRFLWDULD GHO PLVPR PRGR VXV QLYHOHV SLFRV GH
PHGLFL³QVRQPLQXWRVSRVWHULRUDOLQLFLRGHXQDUHDFFL³QDO©UJLFDSRUORTXHHVLQHILFD]HQHO
GLDJQRVWLFRSUHFR]GHXQDUHDFFL³QDO©UJLFDSHULRSHUDWRULD\VXVQLYHOHVQRUPDOHVQRH[FOX\HQ
HOGLDJQ³VWLFRGHDQDILOD[LDSHULRSHUDWRULD
(OGLDJQRVWLFRGHDOHUJLDSHULRSHUDWRULDGHEHU¡VHUVRVSHFKDGRDQWHFXDOTXLHUVQWRPDRVLJQR
FXW¡QHR GH DSDULFL³Q HQ HO SHULRGR WUDQVRSHUDWRULR R SRVRSHUDWRULR \ PLHQWUDV TXH HO
GLDJQRVWLFR GH DQDILOD[LD GHEHU¡ VHU VRVSHFKDGR DQWH FXDOTXLHU PDQLIHVWDFL³Q VLVW©PLFD
DVRFLDGD KLSRWHQVL³Q UHIUDFWDULD D YDVRSUHVRUHV GLVRFLDFL³Q YHQWLODWRULD KLSR[HPLD
EURQFRHVSDVPREUDGLFDUGLD
$QWHFXDOTXLHUVRVSHFKDGLDJQRVWLFDGHDOHUJLDSHULRSHUDWRULDHOWUDWDPLHQWRQRGHEHKDFHUVH
HVSHUDUEDV¡QGRVHSULQFLSDOPHQWHHQHOUHWLURGHOI¡UPDFRFDXVDOFRQVRVSHFKDWRPDQGRHQ
FXHQWDHQDOHUJLDSHULRSHUDWRULDODPD\RUDGHPHGLFDPHQWRVFDXVDOHVVRQGHDGPLQLVWUDFL³Q
LQWUDYHQRVDHOUHWLURRVXVSHQVL³QLQPHGLDWDGHOI¡UPDFRFDXVDOHVSU¡FWLFDPHQWHLPSRVLEOH
3RU OR FXDO OD DGPLQLVWUDFL³Q LQPHGLDWD GH XQ DGHFXDGR VRSRUWH YLWDO E¡VLFR YD D©UHD
UHVSLUDFL³QFLUFXODFL³Q\ODDGPLQLVWUDFL³QSUHFR]\WHPSUDQDGHDGUHQDOLQDHVODSLHGUDYLWDO
GHOWUDWDPLHQWRGHDOHUJLDSHULRSHUDWRULD
(OVRSRUWHFLUFXODWRULRLQFOX\HIOXLGRWHUDSLDLQWHQVLYDOLWURVGHFULVWDORLGHVSDUDFRQWUDUUHVWDU

OD SHUGLGD GH YROXPHQ H[WUDYDVFXODU GHELGR D IXJD FDSLODU \ SHUGLGDV DO WHUFHU HVSDFLR \
QXHYDPHQWH OD DGPLQLVWUDFL³Q IXQGDPHQWDO GHOD DGUHQDOLQD VLHQGR VX HIHFWR $OID HO TXH
FRQWUDUUHVWDODKLSRWHQVL³QDUWHULDODXPHQWDQGRODFRQWUDFWLELOLGDGFDUGLDFD\DXPHQWDQGRODV
UHVLVWHQFLDVYDVFXODUHVVLVW©PLFDVPLHQWUDVTXHHOHIHFWR%HWDLQGXFHDODEURQFRGLODWDFL³Q
6XEVHFXHQWHPHQWH VH GHEHU¡ FRQWUDUUHVWDU ORV HIHFWRV GH ORV PHGLDGRUHV SUHIRUPDGRV
OLEHUDGRVHQUHVSXHVWDDOI¡UPDFRFDXVDOSRUORFXDOODDGPLQLVWUDFL³QGHDQWLKLVWDPQLFRV+
'LIHQKLGUDPLQD + UDQLWLGLQD \ HO XVR GH &RUWLFRLGHV +LGURFRUWLVRQD HV IXQGDPHQWDO
7$%/$
ϲϵ

ϳϬ

3RUHQGHVHFRQVLGHUDHOWUDWDPLHQWRGHSULPHUDOQHDSDUDFXDOTXLHU5HDFFL³QGH$QDILOD[LD
3HULRSHUDWRULD OD VXVSHQVL³Q GHO I¡UPDFR FRQ VRVSHFKD GH RULJLQDU OD 5HDFFL³Q GH
+LSHUVHQVLELOLGDG3HULRSHUDWRULD\HOXVRSUHFR]\DGHFXDGRGHOD$GUHQDOLQD
$'5(1$/,1$(QEDVHDODVUHFRPHQGDFLRQHVGHODVJXDV:$2\*DOD[LDSDUDHOWUDWDPLHQWR
GH$QDILOD[LDHOPHFDQLVPRILVLRSDWRO³JLFRE¡VLFRHQHOSURFHVRGHODDQDILOD[LDHVHODXPHQWR
GH SHUPHDELOLGDG YDVFXODU LPSOLFDGR KDVWD XQD WUDQVIHUHQFLD GHO GH PLJUDFL³Q GH
OTXLGR D HVSDFLR LQWHUVWLFLDO SURYHQLHQWH GH HVSDFLR YDVFXODU VLHQGR OD $GUHQDOLQD HO
PHGLFDPHQWRP¡VHILFD]HQHOWUDWDPLHQWR\TXHP¡VDXPHQWDODVXSHUYLYHQFLDFRQVLGHUDQGR
VXYDGHDGPLQLVWUDFL³QLGHDO,0FRQVLGHUDQGRVXPD\RUSHUILOGHVHJXULGDGVLYLGDPHGLDP¡V
FRUWD\VXLQLFLRGHDFFL³QP¡VU¡SLGR&RQVLGHUDQGRºQLFDPHQWHHQFDVRGHQRKDEHUUHVSXHVWD
LQLFLDO D OD DGPLQLVWUDFL³Q ,0 GH $GUHQDOLQD YDORUDU HO LQLFLR GH SHUIXVL³Q ,QWUDYHQRVD FRQ
$GUHQDOLQDFRQƵŶĂĚŝůƵĐŝſŶĚĞϭͬϭϬϬ͘ϬϬϬ;ĚŝůƵŝƌƵŶĂĂŵƉŽůůĂĚĞĂĚƌĞŶĂůŝŶĂĚĞϭŵŐͬŵů͕
ƚĂŵďŝĠŶ ĞƚŝƋƵĞƚĂĚĂ ĐŽŵŽ ϭͬϭ͘ϬϬϬ͕ ĞŶ ϭϬϬ ŵů ĚĞ ƐŽůƵĐŝſŶ ƐĂůŝŶĂ ĨŝƐŝŽůſŐŝĐĂͿ Ǉ
ĐŽŵĞŶǌĂŶĚŽĐŽŶϬ͕ϱͲϭŵůͬŬŐͬŚ;ϯϬͲϭϬϬŵůͬŚĞŶĂĚƵůƚŽƐͿĞŶĨƵŶĐŝſŶĚĞůĂŐƌĂǀĞĚĂĚ
ĚĞů ĐƵĂĚƌŽ͘ /D DGUHQDOLQD DXPHQWD ODV 5HVLVWHQFLDV 9DVFXODUHV 6LVW©PLFDV \ OD
YDVRFRQVWULFFL³QEDVDGRHQVX(IHFWR$OIDDXPHQWDHOLQRWURSLVPR\FURQRWURSLVPRFDUGLDFR
EDVDGRHQVXHIHFWR%HWD\DXPHQWDODEURQFRGLODWDFL³QHQEDVHDVXHIHFWR%HWD
&RQVLGHUDUWRGRWUDWDPLHQWRGLIHUHQWHDOGHODDGUHQDOLQDFRPRXQWUDWDPLHQWRVHFXQGDULR\GH
VHJXQGDOQHDGHQWURGHORVFXDOHVVHHQFXHQWUDQHOJOXFDJ³QORVHVWHURLGHVVLVW©PLFRVORV
DQWLKLVWDPQLFRVORVEURQFRGLODWDGRUHV\RWURVYDVRSUHVRUHV
*/8&$*21 6X XVRHVW¡ UHVHUYDGR SULQFLSDOPHQWH HQ DTXHOORV SDFLHQWHV FRQ WUDWDPLHQWR
SUHYLRFRQ%HWDEORTXHDGRUHVFRQVLGHUDQGRVXVDFFLRQHVIDUPDFRO³JLFDVFRPRHOLQRWURSLVPR
\ FURQRWURSLVPR SRVLWLYR QR WLHQH UHODFL³Q FRQ UHFHSWRUHV %HWDDGUHQ©UJLFRV VLQR SRU
HVWLPXODFL³QGLUHFWDGHOD$GHQLOR&LFODVDVXGRVLVUHFRPHQGDGDYDULDGHPJP¡[LPR
PJHQDGXOWRVSXGLHQGRUHSHWLUODGRVLVHQFDVRGHQRKDEHUUHVSXHVWDLQLFLDOKDVWDXWLOL]DU
XQ HVTXHPD GH LQIXVL³Q LQWUDYHQRVD D XQD GRVLV GH JPLQ WHQLHQGR HQ FXHQWD VXV
SULQFLSDOHVHIHFWRVDGYHUVRVTXHVRQQ¡XVHDV\Y³PLWRV
$7523,1$6XXVRHVH[FOXVLYDPHQWHFRPRHVWLPXODGRUFURQRWURSLFRFDUGLDFRHQFDVRVGH
EUDGLFDUGLD SURORQJDGD VLHQGR VX GRVLV GH PJ ,9 HQ EROR TXH SXHGH UHSHWLUVH KDVWD
DOFDQ]DUXQDGRVLVGHPJ
$17,+,67$0,1,&266XXVRVHEDVDSULQFLSDOPHQWHHQUHDFFLRQHVLQPXQRO³JLFDVPHGLDGDV
SRU KLVWDPLQD HQ HO FDVR GH VHU GHSHQGLHQWHV GH ,J( R SRU HVWLPXODFL³Q GLUHFWD GHO
FRPSOHPHQWRVXJUDGRGHHYLGHQFLDHVW¡UHVHUYDGRSDUD5HDFFLRQHV$O©UJLFDVGHSUHGRPLQLR
ϳϭ

FXW¡QHR 8UWLFDULD HURWHPD DQJLRHGHPD VH FRQVLGHUD SUHIHUHQWHPHQWH OD YD GH
DGPLQLVWUDFL³Q LQWUDYHQRVD FRQWDQGR HQ (XURSD FRQ 'H[FORUIHQLUDPLQD FRQ XQD GRVLV
UHFRPHQGDGDGHPJFDGDKRUDVKDVWDXQDGRVLVP¡[LPDGLDULDGHPJ\HQ$P©ULFD
&ORUIHQLUDPLQDGHPJFDGDKRUDV
(67(52,'(6 6,67(0,&26 HO XVR GH HVWHURLGHV VLVW©PLFRV D GRVLV DOWDV VH EDVD HQ OD
HVWLPXODFL³QGHHIHFWRVJHQ³PLFRVDQWLLQIODPDWRULRV\QRJHQ³PLFRVSDUDODSUHYHQFL³QGHO
PHFDQLVPRELI¡VLFRGHODDQDILOD[LVFDVRV\WLHQHQSRFRHIHFWRHQORVVLJQRV\VQWRPDV
LQLFLDOHV HQFRQWUDGR HQ HVWXGLRV D QLYHO LQWHUQDFLRQDO &RQVLGHUDQGR HVWHURLGHV GH FRUWD H
LQWHUPHGLDDFFL³QFRPRORVGHPD\RUHYLGHQFLDHQVXXVR0HWLOSUHGQLVRORQDH+LGURFRUWLVRQD
/DGRVLVXWLOL]DGDSRUYD,9HVGHȊPJFRUUHVSRQGLHQWHDȊPJNJVHJXLGRVGHȊ
PJNJHQKRUDVGLVWULEXLGRVHQWUHVRFXDWURGRVLVGD
%521&2',/$7$'25(6 ,QGLFDGRV SULQFLSDOPHQWH HQ ORV FXDGURV FOQLFRV UHVSLUDWRULRV GH

$OHUJLD 3HULRSHUDWRULD FRQVLGHUDQGR HVW¡Q LQGLFDGRV WDPEL©Q HQ HO WUDWDPLHQWR GHO
EURQFRHVSDVPRUHIUDFWDULRDDGUHQDOLQDWHQLHQGRFRPRPHGLFDPHQWRVGHHOHFFL³Q$JRQLVWDV
%GHDFFL³Q&RUWDHQIRUPDQHEXOL]DGDGHIRUPDSULPDULD\HQSHUIXVL³QLQWUDYHQRVDHQFDVR
GHUHIUDFWDULHGDGGHORVVQWRPDVRDTXHOORVGRQGHQRWHQJDQGLVSRQLEOHVODYDLQKDODGD
ϳϮ

75$7$0,(17268%6(&8(17(
(QYLVWDGHTXHHOGLDJQRVWLFRHVSHFLILFRFDXVDOGHDOHUJLDSHULRSHUDWRULDHVXQGLDJQRVWLFRTXH
GHEHUHDOL]DUVHHQXQHVWXGLRSURWRFROL]DGRHQFRQVXOWDH[WHUQDVHUHFRPLHQGDHOHJUHVRGHO
SDFLHQWHSRVWHULRUDODHVWDELOL]DFL³QGHOFXDGUR\ODUHPLVL³QGHODVLQWRPDWRORJDGHDOHUJLD
SHULRSHUDWRULDHQUHDFFLRQHVOHYHV\SRVWHULRUDKRUDVGHREVHUYDFL³QHQXQDXQLGDGGH
WHUDSLD LQWHQVLYD R HQ XQD ¡UHD GH KRVSLWDOL]DFL³Q FRQ PRQLWRUHR FRQWLQXR SDUD VHU
SRVWHULRUPHQWHUHIHULGRDOHVSHFLDOLVWDHQDOHUJLD
',$*1267,&2$/(5*,$3(5,23(5$725,$(1(/6(59,&,2$/(5*,$
(OGLDJQRVWLFRHVSHFLILFRGHOI¡UPDFRTXHFRQGLFLRQRHOFXDGURGHDOHUJLDSHULRSHUDWRULDVHEDVD
HQODFRPELQDFL³QGHODKLVWRULDFOQLFDGHOSDFLHQWHVREUHWRGRHQHOWLHPSR \VHFXHQFLDGH
H[SRVLFL³QDI¡UPDFRVHQHOSHULRSHUDWRULR\HOFRPLHQ]RGHVQWRPDVHQODGHWHUPLQDFL³QGH
HVWXGLRVLQYLWURGXUDQWHHOHSLVRGLRDJXGRGHOFXDGURGH$OHUJLD3HULRSHUDWRULD\ODVSUXHEDV
FXW¡QHDVSRVWHULRUDODUHPLVL³QGHOFXDGURGHMDQGRºQLFDPHQWHHQUHDFFLRQHVOHYHV\GRQGH
H[LVWD XQD IDOWD GH FHUWH]D GLDJQRVWLFD GHO I¡UPDFR LQYROXFUDGR OD UHDOL]DFL³Q GHO UHWR RUDO
IDUPDFRO³JLFR(QHOFDVRGHUHDFFLRQHVVHYHUDVTXHFRPSURPHWLHURQODYLGDGHOSDFLHQWHQR
VHUHFRPLHQGDODUHDOL]DFL³QGHHVWXGLRV3ULFNR,QWUDG©UPLFRV\ºQLFDPHQWHVHSRGUDYDORUDU
ODUHDOL]DFL³QGHSUXHEDVHSLFXW¡QHDVSDUFKHDQWHHOULHVJRGHJHQHUDUXQQXHYRFXDGURGH
DOHUJLDDOI¡UPDFR
358(%$6&87$1($6
&RPR VH KD H[SXHVWR HQ ORV FDSWXORV LQGLYLGXDOL]DGRV GH FDGD I¡UPDFR VXHOH VHU HO *ROG
(VW¡QGDUGHGLDJQ³VWLFRSDUD$OHUJLD3HULRSHUDWRULDFRQVLGHUDQGRORV7HVWLQ9LWURQRHVW¡Q
FRUUHFWDPHQWH YDOLGDGRV HQ WRGRV ORVI¡UPDFRV \ QR HVW¡Q GLVSRQLEOHV HQ WRGRV ORVFHQWURV
KRVSLWDODULRVVLQHPEDUJRHQVXVGRVPRGDOLGDGHV3UXHEDV&XW¡QHDV3ULFN7HVWR3UXHEDV
,QWUDG©UPLFDVGHEHU¡UHDOL]DUVHHQXQSHULRGRQRPHQRUGHVHPDQDVFRQVLGHUDQGRHVHO
WLHPSR HQ TXH ODV F©OXODV PDVFWRFLWDULDV YXHOYHQ D UHOOHQDU VXV JU¡QXORV GH KLVWDPLQD \ HO
PLVPRSHULRGRGRQGHORVUHFHSWRUHVGH,J(SUHYLDPHQWHH[WHULRUL]DGRVYXHOYHQDVXHVWDGRGH
QRUPDOLGDGHYLWDQGRGHHVWHPRGRIDOVRVQHJDWLYRV\IDOVRVSRVLWLYRVDORVGLIHUHQWHVI¡UPDFRV
'XUDQWHODUHDOL]DFL³QGHODVSUXHEDVFXW¡QHDVXQDJRWDGHOI¡UPDFRVLQGLOXLUHVXWLOL]DGDSDUD
FLHUWRV WLSRV GH I¡UPDFRV PLHQWUDV TXH HQ RWURV HO I¡UPDFR HV GLOXLGR SDUD PLQLPL]DU OD
OLEHUDFL³Q FXW¡QHD GH KLVWDPLQD GLUHFWD \ OD SUHVHQFLD GH IDOVRV SRVLWLYRV /D FDQWLGDG GHO
I¡UPDFRDXWLOL]DUGHEHU¡REWHQHUVHGHODFRQFHQWUDFL³QQRLUULWDWLYDGHOI¡UPDFRPHGLDQWHOD
DGPLQLVWUDFL³QGHGLIHUHQWHVGLOXFLRQHVHQDXPHQWRGHOI¡UPDFRHQXQLQGLYLGXRVDQR7$%/$
ϳϯ

&21&(175$&,21(6 12 ,55,7$7,9$6 3$5$ 358(%$6 &87$1($6 '( )$50$&26 (1 $/(5*,$
3(5,23(5$725,$
)$50$&2 *5832 35(6(17$&,2 358(%$6&87$1($6 358(%$6,175$'(50,&$6

1
',/8&,21&0$;0*0/ ',/8&,21&0$;0*0/
0*0/
$75$&85,2 %/24 0*0/ 0*0/ 0*0/

1(852086
&,6$75$&85,2 %/24 0*0/ 6,1',/8,5 0*0/ 0*0/

1(852086
0,9$&85,2 %/24 0*0/ 0*0/ 0*0/

1(852086
52&8521,2 %/24 0*0/ 6,1',/8,5 0*0/ 0*0/

1(852086
9(&8521,2 %/24 0*0/ 6,1',/8,5 0*0/ 0*0/

1(852086
68&&,1,/&2/,1 %/24 0*0/ 0*0/ 0*0/

$ 1(852086
68*$00$'(; 5(9(5625 0*0/ 0*0/ 0*0/

%10
/$7(;(;7 0,;72 0*0/ 6,1',/8,5 0*0/ 12 12

&20
5(&20(1'$' 5(&20(1'$'
2 2
35232)2/ +,312 0*0/ 2 6,1 0*0/ 0*0/

',/8,5
.(7$0,1$ +,312 0*0/ 2 6,1 0*0/ 0*0/

',/8,5
7,23(17$/ +,312 0*0/ 6,1',/8,5 0*0/ 0*0/
0,'$=2/$0 +,312 0*0/ 2 6,1 0*0/ 0*0/

',/8,5
(720,'$72 +,312 0*0/ 6,1',/8,5 0*0/ 0*0/
)(17$1,/2 23,2,'(6 0*0/ 6,1',/8,5 0*0/ 0*0/
$/)(17$1,/2 23,2,'(6 0*0/ 6,1',/8,5 0*0/ 0*0/
5(0,)(17$1,/ 23,2,'(6 0*0/ 6,1',/8,5 0*0/ 0*0/
025),1$ 23,2,'(6 0*0/ 0*0/ 0*0/
3,5$=2/21$6 $,1(6 0(7$0,=2/ 0*0/ 0*0/

0*0/
ϳϰ

12 $,1(6 12 12 12 12 12
3,5$=2/21$6 5(&20(1'$'2 5(&20(1'$' 5(&20(1'$' 5(&20(1'$' 5(&20(1'$'
2 2 2 2
&/25+(;,',1$ $17,6(3 0*0/ 0*0/
0*0/
<2'2329,'21 $17,6(3 0*0/ 0*0/

$
0*0/
/,'2&$,1$ $0,12 0*0/ 0*0/ 0*0/
%83,9$&$,1$ $0,12 0*0/ 0*0/ 0*0/
0(3,9$&$,1$ $0,12 0*0/ 0*0/ 0*0/

$57,&$,1$ $0,12 0*0/ 0*0/ 0*0/
0(',26 &2175$67 ,2'$'2 6,1',/8,5

&2175$67( (
12,2'$'2
%/248($'25(61(582086&8/$5(6+,3127,&26$,17,1)/$0$725,2612(67(52,'(26$17,6(37,&26
$1(67(6,&26/2&$/(6$0,12$0,'$6
(QEDVHDODVUHFRPHQGDFLRQHVGHDPERVRUJDQLVPRV($&,\$$$,ODSUXHEDFXW¡QHDSXHGH
UHDOL]DUVH SRU W©FQLFD GH SXQFL³Q R W©FQLFD HVFDULILFDFL³Q FRQ XQD ODQFHWD \ OD OHFWXUD VH
UHDOL]DU¡PLQXWRVGHVSX©V6HDJUHJDQXQFRQWUROSRVLWLYRRQKLVWDPLQD\XQFRQWUROQHJDWLYR
FRQVROXFL³QVDOLQD\HQFDVRGHODSUHVHQFLDGHXQDURQFKDGHPPGHOGL¡PHWURPD\RUGHOD
URQFKDTXH HOFRQWUROQHJDWLYRVHFRQVLGHUDHOUHVXOWDGRGHODVSUXHEDVFXW¡QHDVSRVLWLYDV
FRQVLGHUDQGR GHO PLVPR PRGR OD SUHVHQFLD GH HULWHPD R SUXULWR LQWHQVR WDPEL©Q XQ GDWR
VLJQLILFDWLYR/DVSUXHEDVFXW¡QHDVJR]DQGHXQDVHQVLELOLGDGPX\HOHYDGDSDUDDQWLEL³WLFRV
EHWDODFW¡PLFRV EORTXHDGRUHV QHXURPXVFXODUHV PHGLR GH FRQWUDVWH O¡WH[
DQWLV©SWLFRV FORUKH[LGLQD \ JHODWLQDV SHUR XQD VHQVLELOLGDG EDMD SDUD EDUELWºULFRV
DQWLEL³WLFRVQREHWDODFW¡PLFRVEHQ]RGLDFHSLQDV\RSL¡FHRV),*85$
ϳϱ

/DV SUXHEDV ,QWUDG©UPLFDV HVW¡Q LQGLFDGDV FXDQGR H[LVWH VRVSHFKD FOLFD VREUH XQ I¡UPDFR
FDXVDOGHOFXDGURGHDOHUJLDSHULRSHUDWRULDSHURFRQ3UXHEDV&XW¡QHDV3ULFN7HVWQHJDWLYDV
6HUHDOL]DPHGLDQWHODLQWURGXFFL³QGHPOGHOI¡UPDFRHQVXVGLOXFLRQHVDGRVLVQRLUULWDWLYD
EDMRODSLHOUHDOL]DQGRGHOPLVPRPRGRODOHFWXUDGHLQWHUSUHWDFL³QPLQXWRVSRVWHULRUHVDO
HVWXGLRFRQVLGHUDQGRHOHVWXGLRSRVLWLYRVLODURQFKDDXPHQWDP¡VGHPPGHOFRQWUROQHJDWLYR
GHOGL¡PHWURPHGLRGHODURQFKD&RQVLGHUDQGRODVSUXHEDVLQWUDG©UPLFDVHVWXGLRVGHPD\RU
VHQVLELOLGDGSHURPHQRUHVSHFLILFLGDG
D͗DdD/K>;W/ZK>KE^Ϳ
͗&K>/E;Ed//Kd/K^Ϳ
>͗>dy

ϳϲ

(678',26,19,752
(VWHWLSRGHHVWXGLRVSXHGHUHDOL]DUVHGXUDQWHHOHSLVRGLRDJXGRGHDOHUJLDSHULRSHUDWRULDR
SRVWHULRUDODHWDSDGHUHPLVL³Q'HQWURGHORVELRPDUFDGRUHVHQHWDSDDJXGDVHHQFXHQWUDQ
ORVQLYHOHVGHKLVWDPLQDTXHHOHYDQGHPLQXWRVGHVSX©VGHOLQLFLRGHVLQWRPDWRORJD\WLHQH
XQD YLGD PHGLD GH PLQXWRV OR FXDO OLPLWD PXFKR VX SRWHQFLDO FRPR ELRPDUFDGRU 1R
H[LVWHXQDHVWDQGDUL]DFL³QHQVXXVRQLHQVXVQLYHOHVGHQRUPDOLGDG(ORWURELRPDUFDGRUPDV
HVWXGLDGR HQ IDVH DJXGD HV OD 7ULSWDVD V©ULFD OD FXDO PDQWLHQH VX SLFR GHVGH PLQXWRV
SRVWHULRU DO FRPLHQ]R GH OD VLQWRPDWRORJD KDVWD KRUDV SRVWHULRUHV FRQVLGHUDQGR VXV
QLYHOHVGHQRUPDOLGDGGH0FJOLWURVLQHPEDUJRVXPHGLFL³QVRORKDVLGRDVRFLDGDFRQ
QLYHOHVGHVHYHULGDGHQODUHDFFL³QDO©UJLFD \SXHGHSUHVHQWDUPºOWLSOHVIDOVRVQHJDWLYRV\
SRVLWLYRVDQWHRWURVI¡UPDFRVTXHFDXVHQGHJUDQXODFL³QPDVWRFLWDULD
'HQWURGHORVHVWXGLRVSRVWHULRUDODIDVHGHUHPLVL³QVHFRQVLGHUDHOP¡VºWLOODPHGLFL³QGH
QLYHOHVGH,J(HVSHFLILFDKDFLDDOJºQI¡UPDFRFRQVLGHUDQGRGHQWURGHORVP©WRGRVGHPD\RU
GLVSRQLELOLGDGHQFHQWURVHVSHFLDOL]DGRVGHDOHUJLDODPHGLFL³QSRU,QPXQRFDSHQFRQWU¡QGRVH
GLVSRQLEOHDFWXDOPHQWHSDUDODPHGLFL³QGH,J((VSHFLILFDSDUDO¡WH[VXFFLQLOFROLQDPRUILQD
FORUKH[LGLQDWLRSHQWDO\DOJXQRVDQWLEL³WLFRVVLQHPEDUJRVXVHQVLELOLGDG\HVSHFLILFLGDGVXHOH
VHUP¡VEDMDTXHODGHORVHVWXGLRVLQYLWUR\HQXQGHSDFLHQWHVQRDO©UJLFRVSXHGH
RWRUJDUIDOVRVSRVLWLYRVSRUORFXDOVXXVRQRHVW¡HVWDQGDUL]DGRSDUDWRGRVORVI¡UPDFRVQLHQ
WRGRVORVFDVRVGHDOHUJLDSHULRSHUDWRULD
FÁRMACOS CON ESTUDIOS IN VITRO APROBADOS Y EN ESTUDIO

NOMBRE INMUNOCAP TEST ACTIVACION
BASOFILOS
BARBITURICOS TIOPENTAL SI
PROPOFOL SI SI
ANESTESICOS LOCALES MEPIVACAINA SI
OPIODES MORFINA SI
PROTAMINA SI SI
GELATINAS SI SI
AINES PARACETAMOL, SI
DICLOFENACO
ϳϳ

7(67'(35292&$&,1$/)50$&2
(Q HO FDVR GH UHDFFL³Q DGYHUVDV D PHGLFDPHQWRV VH FRQVLGHUD HO HVWXGLR GLDJQ³VWLFR GH
HOHFFL³Q\FRQVLVWHHQODDGPLQLVWUDFL³QGHOI¡UPDFRDGRVLVHQDXPHQWRHQLQWHUYDORVGH
PLQXWRV KDVWD DOFDQ]DU OD GRVLV WHUDS©XWLFD VLQ HPEDUJR VX XVR HQ HO FDVR GH DOHUJLD
SHULRSHUDWRULDHVOLPLWDGR\QRH[LVWHQFRQVHQVRVQLUHFRPHQGDFLRQHVSDUDORVI¡UPDFRVP¡V
FRPºQPHQWHLQYROXFUDGRVHQDOHUJLDSHULRSHUDWRULD
ϳϴ

75$7$0,(17268%6(&8(17($/(5*,$3(5,23(5$725,$
3RVWHULRUDOGLDJQ³VWLFRHVSHFILFRGHDOHUJLDSHULRSHUDWRULDVHGHEHU¡RIUHFHUXQWUDWDPLHQWR
DOWHUQDWLYRDOI¡UPDFRFDXVDO\GHOPLVPRPRGREXVFDUHYLWDUI¡UPDFRVTXHSXHGDQWHQHUDOJºQ
WLSRGHUHDFWLYLGDGFUX]DGD
%ORTXHDGRUHV1HXURPXVFXODUHV(QHOFDVRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD%ORTXHDGRUHV
1HXURPXVFXODUHV VH GHEHU¡ RIUHFHU GH SULPHUD DOWHUQDWLYD GLDJQRVWLFD XQ %10 TXH KD\D
SUHVHQWDGRSUXHEDVFXW¡QHDVQHJDWLYDVFRQVLGHUDQGRHOFLVDWUDFXULRHVHO%10FRQPHQRU
JUDGR GH UHDFWLYLGDG FUX]DGD \ HQ VHJXQGD DOWHUQDWLYD HQ FDVR GH FRQWDU FRQ UHDFWLYLGDG
FUX]DGDDWRGRVORV%10VHFRQVLGHUDRIUHFHULQGXFFL³QDQHVW©VLFDFRQDJHQWHVLQKDODGRVR
FRQFRPELQDFLRQHVGHRSLRLGHV\DJHQWHVKLSQ³WLFRVPLGD]RODPSURSRIROIHQWDQLOR
/¡WH[ (Q HO FDVR GH 5HDFFL³Q GH +LSHUVHQVLELOLGDG D /¡WH[ TXL]¡V VHD HO PD\RU UHWR
WHUDS©XWLFR SXHVWR TXH OD H[SRVLFL³Q D O¡WH[ HV SU¡FWLFDPHQWH LPSRVLEOH GH HYLWDU
FRPSOHWDPHQWHFRQVLGHUDQGRHOO¡WH[VHHQFXHQWUDHQORVHTXLSRVP©GLFRVWDOHVFRPRJXDQWHV
TXLUºUJLFRV MHULQJDV FLUFXLWRV DQHVWHVLD VRQGDV GH DVSLUDFL³Q VRQGDV XULQDULDV FDW©WHUHV
YDVFXODUHVSRUORFXDOODSULPHUDDOWHUQDWLYDWHUDS©XWLFDHVRIUHFHUXQTXLU³IDQROLEUHGHO¡WH[
HOXVRGHJXDQWHVGHQLWULORRSROLYLQLOR\HOXVRHQPDWHULDOHVDOWHUQDWLYRVDOO¡WH[
$QWLEL³WLFRV(QHOFDVRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD$QWLEL³WLFRVVHGHEHU¡FRQVLGHUDU
HOJUDGRGHUHDFWLYLGDGFUX]DGD\ODEºVTXHGDGHHVSHFWURDQWLEL³WLFRDEXVFDUHQHOWUDWDPLHQWR
DVHJXLUFRQVLGHUDQGRGHQWURGH$OHUJLD%HWDODFW¡PLFRVHOJUDGRGHUHDFWLYLGDGFUX]DGDYD
FDPELDQGR GHO HQWUH SHQLFLOLQDV \ &HIDORVSRULQDV GH SULPHUD JHQHUDFL³Q HO HQWUH
3HQLFLOLQDV\&HIDORVSRULQDVGH6HJXQGD*HQHUDFL³QHOHQWUH3HQLFLOLQDV\&HIDORVSRULQDV
GH 7HUFHUD *HQHUDFL³Q \ PHQRV GHO HQWUH 3HQLFLOLQDV \ &HIDORVSRULQDV GH &XDUWD
*HQHUDFL³QR&DUEDSHQHPLFRVSRUORFXDOHQFDVRGHEXVFDUXQDFREHUWXUDGHDPSOLRHVSHFWUR
VHSRGU¡FRQVLGHUDUHOXVRGHXQDFHIDORVSRULQDVGH7HUFHUDJHQHUDFL³Q\ºQLFDPHQWHHQFDVR
GH XQ JHUPHQ PXOWLUUHVLVWHQWH FRQ ºQLFD VHQVLELOLGDG D XQ I¡UPDFR VH GHEHU¡ YDORUDU OD
GHVHQVLELOL]DFL³QFRPRDOWHUQDWLYDGHWUDWDPLHQWR
+LSQ³WLFRV(QHOFDVRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD+LSQ³WLFRVVHFRQVLGHUDQRH[LVWH
XQD YHUGDGHUD UHDFWLYLGDG FUX]DGD HQWUH ORV PLVPRV 0LGD]RODP 3URSRIRO )HQWDQLOR \ HO
DJHQWHDFWXDOPHQWHKLSQ³WLFRP¡VDVRFLDGRFRQUHDFFLRQHVGHKLSHUVHQVLELOLGDGHVSURSRIROSRU
ORTXHODSULPHUDDOWHUQDWLYDWHUDS©XWLFDHVHOXVRGHHWRPLGDWRRNHWDPLQDHQSDFLHQWHVFRQ
ULHVJRFDUGLRYDVFXODURLQHVWDELOLGDGKHPRGLQ¡PLFD
2SL¡FHRV(QHOFDVRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD2SL¡FHRV1RUPDOPHQWHFRPRVHKD
FRPHQWDGRHQHOFDSWXORHVSHFILFRVHFRQVLGHUDODPD\RUDGHUHDFFLRQHVDRSL¡FHRVVRQ
UHDFFLRQHVQRDO©UJLFDV\HQFDPELRUHDFFLRQHVDHIHFWRGLUHFWRQRLQPXQRO³JLFRGHOLEHUDFL³Q
GHKLVWDPLQDSRUGHJUDQXODFL³QPDVWRFLWDULDSRUORFXDOORVPHGLFDPHQWRVP¡VFRPºQPHQWH
ϳϵ

DVRFLDGRVFRQHVWHWLSRGHUHDFFLRQHVVRQODPRUILQDODPHSHULGLQD\ODFRGHQDSRUORTXH
GHEHU¡ VXVSHQGHUVH VX XVR \ FRPR SULPHUD DOWHUQDWLYD WHUDS©XWLFD GHEHU¡ XWLOL]DUVH
IHQLOSLSHULGLQDVIHQWDQLORUHPLIHQWDLORDOIHQWDQLOR\FRPRVHJXQGDDOWHUQDWLYDWHUDS©XWLFDHO
XVR GH RWURV KLSQ³WLFRV (Q ODV SRFDV RFDVLRQHV TXH ODV UHDFFLRQHV D RSL¡FHRV VHDQ
FRQVLGHUDGDVUHDFFLRQHVDO©UJLFDVVHFXQGDULDVD,J(KDVWDHOPRPHQWRQRVHKDGHPRVWUDGR
UHDFWLYLGDGFUX]DGD\SRGU¡RIUHFHUVHXQDDOWHUQDWLYDWHUDS©XWLFDGHQWURGHOPLVPRJUXSRGH
RSL¡FHRVFRQSUXHEDVFXW¡QHDVRSUXHEDVLQYLWURQHJDWLYDV
$QHVW©VLFRV/RFDOHV(QHOFDVRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD$QHVW©VLFR/RFDOHVVREUH
WRGRHQSURFHGLPLHQWRVRGRQWRO³JLFRVRFRQDQHVWHVLDORFDOUHJLRQDOREORTXHRHVSLQDOVLHPSUH
WHQGU¡ TXH WHQHUVH HQ FXHQWD VROR H[LVWH PHQRV GHO GH UHDFWLYLGDG FUX]DGD HQWUH VXV
HOHPHQWRVHOULHVJRHVPD\RUHQORV$QHVW©VLFRV/RFDOHVGHOJUXSR(VWHUSRUORFXDOFRPR
SULPHUDDOWHUQDWLYDWHUDS©XWLFDGHEHU¡XWLOL]DUVHXQDQHVW©VLFRORFDOGHOJUXSR$PLGDV\TXH
KD\DFRQWDGRFRQSUXHEDVFXW¡QHDVQHJDWLYDVRSUXHEDVLQYLWURQHJDWLYDV
$QWLV©SWLFRV(QHOFDVRGH5HDFFL³QGH+LSHUVHQVLELOLGDGD$QWLV©SWLFRVGHEHU¡RIUHFHUVHFRPR
SULPHUDDOWHUQDWLYDXQDQWLV©SWLFRGLIHUHQWHFRQVLGHUDQGRXQPD\RUSRWHQFLDODO©UJLFRHQHOFDVR
GHFORUKH[LGLQD\HQHOFDVRGHUHDFFL³QDO©UJLFDWDQWRD\RGRSRYLGRQD\DFORUKH[LGLQDYDORUDU
HOXVRGH[LGRGH(WLOHQRRVROXFL³QVDOLQDFRPRDOWHUQDWLYDGHWUDWDPLHQWRDQWLV©SWLFR
$QWLQIODPDWRULRV 1R (VWHURLGHV (Q HO FDVR GH 5HDFFL³Q GH +LSHUVHQVLELOLGDG D $,1(6 VH
GHEHU¡ FRQVLGHUDU HQ OD PD\RUD GH ORV FDVRV VHU¡ SRU XQD UHDFFL³Q QR LQPXQRO³JLFD SRU
EORTXHRGH&2;\DXPHQWRGHOHXFRWULHQRVFRPRHVHQHOFDVRGH(QIHUPHGDG5HVSLUDWRULD
([DFHUEDGD SRU $,1(6 \ HQ HO GH (QIHUPHGDG &XW¡QHD ([DFHUEDGD SRU $,1(6 SRU OR FXDO
GHEHU¡RIUHFHUVHFRPRSULPHUDDOWHUQDWLYDWHUDS©XWLFDHOXVRGH$,1(6SDUFLDOPHQWHVHOHFWLYRV
FRPR SDUDFHWDPRO \ PHOR[LFDP R LGHDOPHQWH $,1(6 VHOHFWLYRV &2; FRPR FHOHFR[LE
HWRUL[RFLERSDUHFR[LE(QHOFDVRGHUHDFFL³QLQPXQRO³JLFDPHGLDGDSRU,J(VHGHEHU¡XVDU
XQ$,1(GHGLIHUHQWHJUXSRIDUPDFRO³JLFRRXQDQDOJ©VLFRGHWLSRRSLRLGH
'HQWURGHRWUDVPHGLGDVSUHYHQWLYDVDFRQVLGHUDUVHHQFXHQWUDHOXVRGHSUHPHGLFDFL³QFRQ
HVWHURLGHVVLVW©PLFRVDQWLKLVWDPQLFRVDQWLOHXFRWULHQRVTXHVLELHQQRKDQGHPRVWUDGRHILFDFLD
SDUDGLVPLQXLUUHDFFLRQHVVHYHUDVTXHSXHGDQSRQHUHQSHOLJURODYLGD\TXHVHJºQDOJXQRV
HVWXGLRVSXHGHQHQPDVFDUDUDORVVQWRPDVLQLFLDOHV\SRUHQGHFRPSOLFDUHOGLDJQRVWLFRGHXQD
UHDFFL³Q GH KLSHUVHQVLELOLGDG 3HULRSHUDWRULD VLQ HPEDUJR VX XVR WDPEL©Q KD GLVPLQXLGR
SRWHQFLDOPHQWH ODV 5HDFFLRQHV $O©UJLFDV /HYHV \ EDMDU OD LQFLGHQFLD HQ JHQHUDO GH $OHUJLD
3HULRSHUDWRULDFRPSUHQGLHQGRVXXVR\DVHHQFXHQWUDDSUREDGRHQHOXVRGHSDFLHQWHVGHDOWR
ULHVJRHQRWURVWLSRVGHSURFHGLPLHQWRVFRPRHVWXGLRFRQ0HGLRGH&RQWUDVWHHQHOXVRGH
WUDWDPLHQWRELRO³JLFRVDQWL,J(\HQUHDFFLRQHVOHYHVVHFXQGDULDVDLQPXQRWHUDSLDVXEFXW¡QHR
DO©UJHQRHVSHFLILFD
ϴϬ

$O FRQVLGHUDU HO GLDJQ³VWLFR \ WUDWDPLHQWR LQLFLDO GH $OHUJLD 3HULRSHUDWRULD HQ TXLU³IDQR
FRUUHVSRQGHIXQGDPHQWDOPHQWHDOP©GLFR$QHVWHVL³ORJRGHIRUPDVHFXQGDULDVXWUDWDPLHQWR
GHEHU¡VHUGHIRUPDPXOWLGLVFLSOLQDULD7HUDSLD,QWHQVLYD0HGLFLQD,QWHUQD$QHVWHVLRORJD\HO
GLDJQRVWLFRDO©UJHQRHVSHFLILFRGHOI¡UPDFRSRWHQFLDOPHQWHFDXVDOGH$OHUJLD3HULRSHUDWRULD
FRUUHVSRQGH DO 0HGLFR $OHUJ³ORJR HO WUDWDPLHQWR VXEVHFXHQWH GHEHU¡ VHU XQ HVIXHU]R
FRPELQDGRHQWUHHO6HUYLFLRGH$QHVWHVLD\HO6HUYLFLRGH$OHUJLDHQEºVTXHGDGHRIUHFHUXQD
DGHFXDGDDOWHUQDWLYDWHUDS©XWLFD\GLVPLQXLUSRWHQFLDOPHQWHHOULHVJRGHXQDIXWXUD5HDFFL³Q
$O©UJLFD
ϴϭ

75$7$0,(17268%6(&8(17($/7(51$7,92$/(5*,$3(5,23(5$725,$
*5832 35,0(5$$/7(51$7,9$ 6(*81'$ 5($&7,9,'$'&58=$'$

)$50$&2/2*,&2 $/7(51$7,9$
%/248($'25(6 %10 (67(52,'(2 &21 +,3127,&26 $2752%10

1(852086&8/$5(6 358(%$6 &87$1($6 35232)2/
1(*$7,9$6&,6$75$&85,2 .(7$0,1$ $72'26/26%10
0,'$=2/$0 (3,7232 $/(5*(1,&2 $021,2
23,$&(26 &8$7(51$5,2
/$7(; *8$17(6 1,75,/2 < 75$7$0,(172 3527(,1$$/(5*(1,&$+(9(,1$

32/,9,1,/2 48,52)$12 %,2/2*,&2
/,%5(/$7(; 20$/,=80$% 6$2$*8$&$7(.,:,3/$7$12
$17,%,27,&26 ',)(5(17( *5832 48,12/21$6 $1,//2%(7$/$&7$0,&2

%(7$/$&7$0,&26 )$50$&2/2*,&2
&()$/26325,1$ 7(5&(5$ 3(1,&,/,1$&()*(1
*(1(5$&,21 3(1,&,/,1$&()*(1
3(1,&,/,1$&()*(1
3(1,&,/,1$&()*(1
3(1,&,/,1$&$5%$
23,($&(26 23,$&(26 )(1,/3,3(5,',1$6 +,3127,&26 12(3,7232$/(5*(1,&2

)(17$1,/2$/)(17$1,/2 35232)2/
.(7$0,1$
0,'$=2/$0 125($&7,9,'$'&58=$'$
+,3127,&26 .(7$0,1$ $1(67(6,&26 35232)2/ *5832 ,623523,/2 <

,1+$/$'26 )(12/
(720,'$72
23,$&(26 12,*(&5(023+25(/
,623523,/2 $17,086&$5,1,&26
$17,3$5$6,7$5,26&260(7,&26
$1(67(6,&26/2&$/(6 $0,12 $0,'$6 5($&7,9,'$' &58=$'$ (175(

583,9$&$,1$$57,&$,1$ $/
(3,7232 $/(5*(1,&2 $&,'2 3$5$

$0,12%(1=2,&2
ϴϮ

$17,6(37,&26 ',)(5(17($17,6(37,&2 62/8&,216$/,1$ &/25+(;,',1$ (3,7232
$/(5*(1,&2 +(;$0(7,/(12 <
&/25(+(;,',1$ %,6*8$1852
<2'2329,'21$
125($&7,9,''$&58=$'$
<2'2329,'21$125($&&,21,*(
12(3,7232$/(5*(1,&2
$17,1)/$0$725,26 12 &2; 6(/(&7,926 3$5&,$/0(17( $,1(6(1(5($<(&($

(67(52,'(6 &(/(&2;,%(725,&2;,% 6(/(&7,926
3$5$&(7$02/ 2
0(/2;,&$0 12 (3,7232 $/(5*(1,&2
,1+,%,&,21 &2; 12 6(/(&7,9$
$80(172/(8&275,(126
%10%/248($'25(61(852086&8/$5(6&()&()$/26325,1$&$5%$&$5%$3(1(0,&2$/$1(67(6,&26/2&$/(6
ϴϯ

%,%/,2*5$),$
/D[HQDLUH0&0HUWHV30%HQDEHV%$QDSK\OD[LVGXULQJDQDHVWKHVLDUHVXOWVIURPDWZR\HDUVXUYH\LQ)UDQFH
%U-$QDHVWK
.U¸LJDDUG0*DUYH\/+0HQQHt7+XVXP%$OOHUJLFUHDFWLRQVLQDQDHVWKHVLDDUHVXVSHFWHGFDXVHVFRQIUPHG
RQVXEVHTXHQWWHVWLQJ"%U-$QDHVWK
9ROFKHFN *: 0HUWHV 30 /RFDO DQG *HQHUDO $QHVWKHWLFV ,PPHGLDWH +\SHUVHQVLWLYLW\ 5HDFWLRQV ,PPXQRO
$OOHUJ\&OLQ1RUWK$P
/REHUD7$XGLFDQD073R]R0'%ODVFR$)HUQ¡QGH](&DQDGD3HWDO6WXG\RIK\SHUVHQVLWLYLW\UHDFWLRQV
DQGDQDSK\OD[LVGXULQJDQHVWKHVLDLQ6SDLQ-,QYHVWLJ$OOHUJRO&OLQ,PPXQRO
%HUURD)/DIXHQWH$-DYDOR\HV*&DEUHUD)UHLWDJ3GHOD%RUEROOD-00RQFDGD5HWDO7KH,QFLGHQFHRI
3HULRSHUDWLYH+\SHUVHQVLWLYLW\5HDFWLRQV$6LQJOH&HQWHU3URVSHFWLYH&RKRUW6WXG\$QHVWK$QDOJ

-RKDQVVRQ6*2%LHEHU7'DKO5)ULHGPDQQ36F/DQLHU%4/RFNH\5)HWDO5HYLVHGQRPHQFODWXUHIRU
DOOHUJ\IRUJOREDOXVH5HSRUWRIWKH1RPHQFODWXUH5HYLHZ&RPPLWWHHRIWKH:RUOG$OOHUJ\2UJDQL]DWLRQ2FWREHU
-$OOHUJ\&OLQ,PPXQRO
(GZDUGV ,5 $URQVRQ -. $GYHUVH GUXJ UHDFWLRQV GHILQLWLRQV GLDJQRVLV DQG PDQDJHPHQW /DQFHW

3LFKOHU:-$GDP-:DWNLQV6:XLOOHPLQ1<XQ-<HUO\''UXJK\SHUVHQVLWLYLW\KRZGUXJVVWLPXODWH7FHOOV
YLDSKDUPDFRORJLFDOLQWHUDFWLRQZLWKLPPXQHUHFHSWRUV,QW$UFK$OOHUJ\&OLQ,PPXQROȊ
:DOOHU '* $OOHUJ\ SVHXGRDOOHUJ\ DQG QRQDOOHUJ\ %U - &OLQ 3KDUPDFRO Ȋ >&URVV5HI@
>3XE0HG@
%6FKQ\GHUDQG:-3LFKOHUȒ0HFKDQLVPVRIGUXJLQGXFHGDOOHUJ\ȓ0D\R&OLQLF3URFHHGLQJVYROQR
SSȊ
5 0XQR]&DQR & 3LFDGR $ 9DOHUR DQG - %DUWUD Ȓ0HFKDQLVPV RI DQDSK\OD[LV EH\RQG ,J(ȓ -RXUQDO RI
,QYHVWLJDWLRQDO$OOHUJRORJ\DQG&OLQLFDO,PPXQRORJ\YROQRSSȊ
3HDY\ 5' 0HWFDOIH '' 8QGHUVWDQGLQJ PHFKDQLVPV RI DQDSK\OD[LV &XUU 2SLQ $OOHUJ\ &OLQ ,PPXQRO

-RLQW7DVN)RUFHRQ3UDFWLFH3DUDPHWHUV$PHULFDQ$FDGHP\RI$OOHUJ\$VWKPDDQG,PPXQRORJ\$PHULFDQ
&ROOHJHRI$OOHUJ\$VWKPDDQG,PPXQRORJ\-RLQW&RXQFLORI$OOHUJ\$VWKPDDQG,PPXQRORJ\'UXJDOOHUJ\DQ
XSGDWHGSUDFWLFHSDUDPHWHU$QQ$OOHUJ\$VWKPD,PPXQRO
3KLOOLSV(-&KXQJ:+0RFNHQKDXSW05RXMHDX-&0DOODO6$'UXJK\SHUVHQVLWLYLW\SKDUPDFRJHQHWLFVDQG
FOLQLFDOV\QGURPHV-$OOHUJ\&OLQ,PPXQRO6
0XUDUR$/HPDQVNH5)-U&DVWHOOV07RUUHV0-.KDQ'6LPRQ+8HWDO3UHFLVLRQPHGLFLQHLQDOOHUJLF
GLVHDVHȋIRRGDOOHUJ\GUXJDOOHUJ\DQGDQDSK\OD[LVH35$&7$//GRFXPHQWRIWKH(XURSHDQ$FDGHP\RI$OOHUJ\
DQG&OLQLFDO,PPXQRORJ\DQGWKH$PHULFDQ$FDGHP\RI$OOHUJ\$VWKPD ,PPXQRORJ\>HSXEDKHDGRISULQW@
$OOHUJ\KWWSG[GRLRUJDOO
0DWWKH\3:DQJ3)LQHJDQ%$'RQQHOO\05RFXURQLXPDQDSK\OD[LVDQGPXOWLSOHQHXURPXVFXODUEORFNLQJ
GUXJVHQVLWLYLWLHV&DQ-$QDHVWK
)LVKHU000XQUR,/LIHWKUHDWHQLQJDQDSK\ODFWRLGUHDFWLRQVWRPXVFOHUHOD[DQWV $QHVWK$QDO
Ȋ
&ODXGLXV & *DUYH\ /+ 9LE\0RJHQVHQ - 7KH XQGHVLUDEOH HIIHFWV RI QHXURPXVFXODU EORFNLQJ GUXJV
$QDHVWKHVLD6XSSO6Ȋ
/H\VHQ-8\WWHEURHN$6DEDWR9%ULGWV&+GH&OHUFN/6(ER'*3UHGLFWLYHYDOXHRIDOOHUJ\WHVWVIRU
QHXURPXVFXODUEORFNLQJDJHQWV7DFNOLQJDQXQPHWQHHG&OLQ([S$OOHUJ\Ȋ
.HYLQ.M6XVVPDQ*/DWH[$OOHUJ\:KHUH$UH:H1RZDQG+RZ'LG:H*HW7KHUH"-$OOHUJ\&OLQ,PPXQRO
3UDFW
ϴϰ

1HO$*XMXOXYD&/DWH[DQWLJHQVLGHQWLILFDWLRQDQGXVHLQFOLQLFDODQGH[SHULPHQWDOVWXGLHVLQFOXGLQJFURVV
UHDFWLYLW\ZLWKIRRGDQGSROOHQDOOHUJHQV$QQ$OOHUJ\$VWKPD,PPXQROȊ
0HDGH%-:HLVVPDQ'1%HH]KROG'+/DWH[DOOHUJ\SDVWDQGSUHVHQW,QW,PPXQRSKDUPDFRO

2ZQE\'$KLVWRU\RIODWH[DOOHUJ\-$OOHUJ\&OLQ,PPXQRO66
&DEDOOHUR0/4XLUFH6,GHQWLILFDWLRQDQGSUDFWLFDOPDQDJHPHQWRIODWH[DOOHUJ\LQRFFXSDWLRQDOVHWWLQJV([SHUW
5HY&OLQ,PPXQROȊ
6XOL$3DU]LDOH0HWDO 3UHYDOHQFHDQGULVNIDFWRUVIRUODWH[DOOHUJ\DFURVVVHFWLRQDOVWXG\RQKHDOWKFDUH
ZRUNHUVRIDQ,WDOLDQKRVSLWDO-,QYHVW$OOHUJRO&OLQ,PPXQRO
/LHEHUPDQ3$QDSK\ODFWLFUHDFWLRQVGXULQJVXUJLFDODQGPHGLFDOSURFHGXUHV-$OOHUJ\&OLQ,PPXQRO
6XSSO6
7D\ORU-6(UNHN(/DWH[DOOHUJ\GLDJQRVLVDQGPDQDJHPHQW'HUPDWRO7KHU
.DW] - $PHULFDQ 6RFLHW\ RI $QHVWKHVLRORJLVW &RPPLWWH RQ 2FFXSDWLRQDO +HDOWK RI 2SHUDWLQJ 5RRP
3HUVRQQHO7DVN)RUFHRQ/DWH[6HQVLWLYLW\1DWXUDO5XEEHU/DWH[$OOHUJ\&RQVLGHUDWLRQVIRU$QHVWKHVLRORJLVWV
SS
%LQNOH\ 0 6FKUR\HU 7 &DWDOIDQR - /DWH[ $OOHUJLHV $ 5HYLHZ RI 5HFRJQLWLRQ (YDOXDWLRQ 0DQDJHPHQW
3UHYHQWLRQ(GXFDWLRQDQG$OWHUQDWLYH3URGXFW8VH-$WKO7UDLQ
6ULGKDUDQ.6LYDUDPDNULVKQDQ*6XEOLQJXDOLPPXQRWKHUDS\LQSDWLHQWVZLWKODWH[DOOHUJ\V\VWHPDWLFUHYLHZ
DQG PHWDDQDO\VLV RI UDQGRPL]HG FRQWUROOHG WULDOV -RXUQDO 2I 'HUPDWRORJLFDO 7UHDWPHQW '2,

6¡ $% *DVSDU $ 6RO© ' 0RUDLV$OPHLGD 0 'HVHQVLELOL]DFL³Q H[LWRVD DO O¡WH[ FRQ LQPXQRWHUDSLD VXEOL
VXEOLQJXDOHQXQDWUDEDMDGRUDGHVDOXG5HYLVWD$OHUJLD0©[LFR
/H\QDGLHU)'RXGRX2*DRXDU+HWDO(IIHFWRIRPDOL]XPDELQKHDOWKFDUHZRUNHUVZLWKRFFXSDWLRQDOODWH[
DOOHUJ\-$OOHUJ\&OLQ,PPXQRO
0DF3KHUVRQ5'3KDUPDFHXWLFVIRUWKHDQDHVWKHWLVW$QDHVWKHVLD
%RP $ +RSH ) 5XWKHUIRUG 6 7KRPVRQ . 3UHFOLQLFDO SKDUPDFRORJ\ RI VXJDPPDGH[- &ULW
&DUHȊGRLMMFUF
7VXU $ .DODQVN\ $ +\SHUVHQVLWLYLW\ DVVRFLDWHG ZLWK VXJDPPDGH[ DGPLQLVWUDWLRQ D V\VWHPDWLF
UHYLHZ$QDHVWKHVLDȊGRLDQDH
%DOGR %$ 0F'RQQHOO 1- 6XJDPPDGH[ DQG DQDSK\OD[LV LQ WKH RSHUDWLQJ WKHDWHU5HY (VS $QHVWHVLRO
5HDQLPȊGRLMUHGDU
7DND]DZD7+RULXFKL7<RVKLGD1<RNRKDPD$6DLWR6)ORZF\WRPHWULFLQYHVWLJDWLRQRIVXJDPPDGH[LQGXFHG
DQDSK\OD[LV%U-$QDHVWKȊGRLEMDDHY
*RGDL . +DVHJDZD0RUL\DPD 0 .XQL\RVKL 7 .DNRL 7 ,NRPD . ,VRZDNL 6 7KUHH FDVHV RI VXVSHFWHG
VXJDPPDGH[LQGXFHGK\SHUVHQVLWLYLW\UHDFWLRQV%U-$QDHVWKȊGRLEMDDHV
0HUWHV 30 'HPRO\ 3 0DOLQRYVN\ -0 +\SHUVHQVLWLYLW\ UHDFWLRQV LQ WKH DQHVWKHVLD VHWWLQJDOOHUJLF
UHDFWLRQVWRDQHVWKHWLFV&XUU2SLQ$OOHUJ\&OLQ,PPXQRO
$EVDORP$50DQL9'H6PHW76WUX\V003KDUPDFRNLQHWLFPRGHOVIRUSURSRIROGHILQLQJDQGLOOXPLQDWLQJWKH
GHYLOLQWKHGHWDLO%U-$QDHVWKȊ
/D[HQDLUH0&*XHDQW-/0RQHUWHW9DXWULQ'$0RUWLQ-/DUJHW6/HSRLQWH)HWDO$QDSK\ODFWLFVKRFNWR
SURSRIRODWWKHWLPHRIILUVWH[SRVXUH$QQ)U$QDHVWK5HDQLP5
1LVKL\DPD 7 +DQDRND . 3URSRIRO,QGXFHG %URQFKRFRQVWULFWLRQ 7ZR &DVH 5HSRUWV$QHVWK
$QDOJȊ
'HZDFKWHU 3 0RXWRQ)DLYUH & (PDOD &: $QDSK\OD[LV DQG DQHVWKHVLD FRQWURYHUVLHV DQG QHZ LQVLJKWV
$QHVWKHVLRORJ\
/ȏ+RFLQH/%R\H-,$OOHUJHQLFLW\RIVR\EHDQQHZGHYHORSPHQWVLQLGHQWLILFDWLRQRIDOOHUJHQLFSURWHLQVFURVV
UHDFWLYLWLHVDQGK\SRDOOHUJHQL]DWLRQWHFKQRORJLHV&ULW5HY)RRG6FL1XWU
.RXO$-DLQ56RRG-$FULWLFDOLQFLGHQWUHSRUW3URSRIROWULJJHUHGDQDSK\OD[LV,QGLDQ-RXUQDORI$QDHVWKHVLD
GRL
ϴϱ

7RUVWHQ *RUGK 7RUVWHQ ( *RUGK .MHOO /LQGTYLVW /LGRFDLQH 7KH 2ULJLQ RI D 0RGHUQ /RFDO
$QHVWKHWLF$QHVWKHVLRORJ\GRL$/1EHIFHI
7HW]ODII-7KHSKDUPDFRORJ\RIORFDODQHVWKHWLFV$QHVWKHVLRO&OLQ1RUWK$PȊ
0DODPHG6$OOHUJ\DQGWR[LFUHDFWLRQVWRORFDODQHVWKHWLFV'HQW7RGD\Ȋ
*U]DQND$:DVLOHZVND,6OLZF]\QVND00LVLROHN++\SHUVHQVLWLYLW\ORORFDODQHVWKHWLFV$QDHVWKHVLRO,QWHQVLYH
7KHU
%DWLQDF76RWRVHN7RNPDG]LF93HKDUGD9%UDMDF,$GYHUVHUHDFWLRQVDQGDOOHJHGDOOHUJ\WRORFDODQHVWKHWLFV
$QDO\VLVRISDWLHQWV-'HUPDWRO
*RQ]DOH]'HOJDGR 3 $QWRQ 5 6RULDQR 9 =DSDWHU 3 1LYHLUR ( &URVVUHDFWLYLW\ DPRQJ DPLGHW\SH ORFDO
DQHVWKHWLFVLQDFDVHRIDOOHUJ\WRPHSLYDFDLQH-,QYHVWLJ$OOHUJRO&OLQ,PPXQRO
/L3+8H./:DJQHU$5XWNRZVNL55XWNRZVNL.2SLRLGK\SHUVHQVLWLYLW\SUHGLFWRUVRIDOOHUJ\DQGUROHRIGUXJ
SURYDFDWLRQWHVWLQJ-$OOHUJ\&OLQ,PPXQRO3UDFWGRLMMDLS
*LOEDU3-5LGJH$0+LVWRU\RIRSLRLGDOOHUJ\ZKDWVLJQLILFDQFH"-2QFRO3KDUP3UDFW
%DOGR%$3KDP1+'UXJ$OOHUJ\&OLQLFDO$VSHFWV'LDJQRVLV0HFKDQLVPV6WUXFWXUH$FWLYLW\5HODWLRQVKLSV
1HZ<RUN1<6SULQJHU
=KDQJ % /L 4 6KL & =KDQJ ; 'UXJLQGXFHG SVHXGRDOOHUJ\ D UHYLHZ RI WKH FDXVHV DQG PHFKDQLVPV
3KDUPDFRORJ\GRL
)XGLQ-&KHPLFDO&ODVVHVRI2SLRLGV3DLQ'UKWWSSDLQGUFRPZSFRQWHQWXSORDGV2SLRLG6WUXFWXUDO
&ODVVHV)LJXUHBXSGDWHGSGI8SGDWHG)HEUXDU\$FFHVVHG)HEUXDU\
%RXVVRIDUD0HKGL 5DXFRXOHV0DUF)DUPDFRORJDGHODVEHQ]RGLD]HSLQDVXWLOL]DGDVHQDQHVWHVLD
UHDQLPDFL³Q(0&$QHVWHVLD5HDQLPDFL³Q6
*RRGPDQ /RXLV 6DQIRUG HW DO*RRGPDQ *LOPDQ /DV %DVHV IDUPacolo̧ gicas De La terapȩ utica
0F*UDZ+LOO'HFLPDVHJXQGDHGLFL³Q
7ULWVFK1LFRODV;HWDOȒ0HFKDQLVPVDQG)XQFWLRQVRI*$%$&R5HOHDVHȓ1DWXUH1HZV1DWXUH3XEOLVKLQJ
*URXS)HEZZZQDWXUHFRPDUWLFOHVQUQ
7ULWVFK1LFRODV;HWDOȒ0HFKDQLVPVDQG)XQFWLRQVRI*$%$&R5HOHDVHȓ1DWXUH1HZV1DWXUH3XEOLVKLQJ
*URXS)HEZZZQDWXUHFRPDUWLFOHVQUQ
%RURQ:DOWHU)DQG(PLOH/%RXOSDHS)LVLRORJD0©GLFD(OVHYLHUWHUFHUHGLFL³Q
&KDUOHV(*ULIILQȒ%HQ]RGLD]HSLQH3KDUPDFRORJ\DQG&HQWUDO1HUYRXV6\VWHPȊ0HGLDWHG(IIHFWVȓ7KH2FKVQHU
-RXUQDOYROQRSSȊ
5XGROSK 8ZH DQG )U©G©ULF .QRIODFK Ȓ%H\RQG &ODVVLFDO %HQ]RGLD]HSLQHV 1RYHO 7KHUDSHXWLF 3RWHQWLDO RI
*$%$$5HFHSWRU6XEW\SHVȓ1DWXUH5HYLHZV'UXJ'LVFRYHU\Ȋ
+D\EDUJHU (OOLRW HW DO Ȓ%HQ]RGLD]HSLQH $OOHUJ\ :LWK $QHVWKHVLD $GPLQLVWUDWLRQ $ 5HYLHZ RI &XUUHQW
/LWHUDWXUHȓ$QHVWKHVLD3URJUHVVYROQRSSȊGRL
%HUQDUGLQL5REHUWRHWDOȒ3HULRSHUDWLYH0LGD]RODP+\SHUVHQVLWLYLW\LQD6HYHQ<HDU2OG%R\ȓ3HGLDWULF$OOHUJ\
DQG,PPXQRORJ\YROQRSSȊGRLSDL
+ *HOGHUEORP Ȓ&UHPRSKRU (/ WKH 'UDZEDFNV DQG $GYDQWDJHV RI 9HKLFOH 6HOHFWLRQ IRU 'UXJ
)RUPXODWLRQȓ(XURSHDQ-RXUQDORI&DQFHUYRO0D\SSȊ
'DPDV3DWULFLD5RWKHWDOȒ+LSHUVHQVLELOLGDG$O$URPD'H0HORFRW³Q&RPR([FLSLHQWHȓ$WHQFL³Q3ULPDULDYRO
QRSSȊ
-RKQ'RQRJKXHȒ8VDJHRI%HQ]RGLD]HSLQHV$5HYLHZȓ,QWHUQDWLRQDO-RXUQDORI3V\FKLDWU\LQ&OLQLFDO3UDFWLFH
YROSSȊ
0F'RQQHOO*5XVVHOO$'$QWLVHSWLFVDQG'LVLQIHFWDQWV$FWLYLW\$FWLRQDQG5HVLVWDQFH&OLQLFDO0LFURELRORJ\
5HYLHZV
/DFKDSHOOH-0$QWLVHSWLFVDQG'LVLQIHFWDQWV,Q5XVWHPH\HU7(OVQHU3-RKQ600DLEDFK+,HGV
.DQHUYD
V2FFXSDWLRQDO'HUPDWRORJ\6SULQJHU%HUOLQ+HLGHOEHUJ
/DFKDSHOOH-0$FRPSDULVRQRIWKHLUULWDQWDQGDOOHUJHQLFSURSHUWLHVRIDQWLVHSWLFV(XU-'HUPDWRO-DQ
)HE
ϴϲ

'HZDFKWHU30RXWRQ)DLYUH&5©DFWLRQVV©Y¨UHVDYHFOHVSURGXLWVGHFRQWUDVWHLRG©VOȏDQDSK\OD[LHHVWHOOH
UHVSRQVDEOH"-5DGLROȊ
6KHODQVNL+6KHODQVNL0393LRGLQHKLVWRU\WR[LFLW\DQGWKHUDSHXWLFXVHV-,QW&ROO6XUJȊ
%ODQFR54XLUFH66DQFKH])HUQDQGH]&%D]*'HOD+R]%6HQVLWL]DWLRQWRLRGLQDWHGSRO\YLQ\OS\UUROLGRQH
-$OOHUJ\&OLQ,PPXQRO6>DEVWUDFW
$GDFKL$)XNXQDJD$+D\DVKL..XQLVDGD0+RULNDZD7$QDSK\OD[LVWRSRO\YLQ\OS\UUROLGRQHDIWHUYDJLQDO
DSSOLFDWLRQRISRYLGRQHLRGLQH&RQWDFW'HUPDWLWLVȊ
3HGURVD&&RVWD+2OLYHLUD*5RPDUL]-3UD§D)$QDSK\OD[LVWRSRYLGRQHLQDFKLOG3HGLDWU$OOHUJ\,PPXQRO
-XQ
2GHGUD .0 )DURRTXH 6 &KORUKH[LGLQH DQ XQUHFRJQL]HG FDXVH RI DQDSK\OD[LV 3RVWJUDG 0HG -
'HF
6LOYHVWUL '/ 0F(QHU\6WRQHODNH &KORUKH[LGLQH XVHV DQG DGYHUVH UHDFWLRQV 'HUPDWLWLV
0D\-XQ
3DUNHV$:+DUSHU1+HUZDGNDU$3XPSKUH\5$QDSK\OD[LVWRWKHFKORUKH[LGLQHFRPSRQHQWRI,QVWLOODJHOD
FDVHVHULHV%U-$QDHVWK-DQ
&DORJLXUL*)'L/HR(7UDXWPDQQ$1HWWLV()HUUDQQLQL$HWDO&KORUKH[LGLQH+\SHUVHQVLWLYLW\$&ULWLFDO
DQG8SGDWHG5HYLHZ-$OOHUJ\7KHUGRL
*DUYH\/+3UDFWLFDODVSHFWVRISHULRSHUDWLYHDQDSK\OD[LV7UHQGV$QDHVWK&ULW&DUH
+DUSHU 1- 'L[RQ 7 'XJXH 3 (GJDU '0 )D\ $ *RRL +& +HUULRW 5 +RSNLQV 3 +XQWHU -0 0LUDNLDQ 5
3XPSKUH\566HQHYLUDWQH6/:DOOV$):LOOLDPV3:LOGVPLWK-$:RRG31DVVHU$63RZHOO5.0LUDNKXU
56RDU-6XVSHFWHGDQDSK\ODFWLFUHDFWLRQVDVVRFLDWHGZLWKDQDHVWKHVLD$QDHVWKHVLDȊ
3UDFWLFH3DUDPHWHUVRIWKH-RLQW7DVN)RUFHRQ3UDFWLFH3DUDPHWHUVIRU$OOHUJ\DQG,PPXQRORJ\7KHGLDJQRVLV
DQGPDQDJHPHQWRIDQDSK\OD[LVȋ$QXSGDWHGSUDFWLFHSDUDPHWHU-$OOHUJ\&OLQ,PPXQRO6Ȋ
/HY\-+<HJLQ$$QDSK\OD[LVZKDWLVPRQLWRUHGWRPDNHDGLDJQRVLV"+RZLVWKHUDS\PRQLWRUHG"$QHVWKHVLRO
&OLQ1RUWK$P
(ER'*)LVKHU00+DJHQGRUHQV00%ULGWV&+6WHYHQV:-$QDSK\OD[LVGXULQJDQDHVWKHVLDGLDJQRVWLF
DSSURDFK$OOHUJ\
%URFNRZ.*DUYH\/+$EHUHU:$WDQDVNRYLF0DUNRYLF0%DUEDXG$%LOR0%HWDO6NLQWHVWFRQFHQWUDWLRQV
IRU V\VWHPLFDOO\ DGPLQLVWHUHG GUXJV DQ (1'$($$&, 'UXJ $OOHUJ\ ,QWHUHVW *URXS SRVLWLRQ SDSHU $OOHUJ\

$EHUHU:%LUFKHU$5RPDQR$%ODQFD0&DPSL3)HUQDQGH]-HWDO'UXJSURYRFDWLRQWHVWLQJLQWKHGLDJQRVLV
RIGUXJK\SHUVHQVLWLYLW\UHDFWLRQVJHQHUDOFRQVLGHUDWLRQV$OOHUJ\
%URZQ6*$0XOOLQV5-*ROG06$QDSK\OD[LVGLDJQRVLVDQGPDQDJHPHQW0HG-$XVWȊ
/LQ5<6FKZDUW]/%&XUU\$3HVROD*5.QLJKW5-/HH+6HWDO+LVWDPLQHDQGWU\SWDVHOHYHOVLQSDWLHQWV
ZLWKDFXWHDOOHUJLFUHDFWLRQVDQHPHUJHQF\GHSDUWPHQWEDVHGVWXG\-$OOHUJ\&OLQ,PPXQROȊ
.ULVKQD 07 <RUN 0 &KLQ 7 *QDQDNXPDUDQ * +HVOHJUDYH - 'HUEULGJH & HW DO 0XOWLFHQWUH UHWURVSHFWLYH
DQDO\VLVRIDQDSK\OD[LVGXULQJJHQHUDODQDHVWKHVLDLQWKH8QLWHG.LQJGRPDHWLRORJ\DQGGLDJQRVWLFSHUIRUPDQFH
RIDFXWHVHUXPWU\SWDVH&OLQ([S,PPXQROȊ
6LPRQV )(5 $UGXVVR /5) %LO² 0% 'LPRY 9 (ELVDZD 0 (O*DPDO <0 HW DO :RUOG DOOHUJ\ RUJDQL]DWLRQ
JXLGHOLQHVIRUWKHDVVHVVPHQWDQGPDQDJHPHQWRIDQDSK\OD[LV:RUOG$OOHUJ\2UJDQ-Ȋ
6LPRQV)(5$UGXVVR/5%LO²0%&DUGRQD9(ELVDZD0(O*DPDO<0HWDO,QWHUQDWLRQDOFRQVHQVXVRQ
,&21DQDSK\OD[LV:RUOG$OOHUJ\2UJDQ-
&DPSEHOO5//L-7&&1LFNODV5$6DGRVW\$7(PHUJHQF\GHSDUWPHQWGLDJQRVLVDQGWUHDWPHQWRIDQDSK\OD[LV
DSUDFWLFHSDUDPHWHU$QQ$OOHUJ\$VWKPD,PPXQROȊ
0LUDNLDQ5(ZDQ3:'XUKDP65HWDO%6$&,JXLGHOLQHVIRUWKHPDQDJHPHQWRIGUXJDOOHUJ\&OLQ([S$OOHUJ\
Ȋ
0XUDUR$5REHUWV*:RUP0%LO²0%%URFNRZ.)HUQ¡QGH]5LYDV0HWDO$QDSK\OD[LVJXLGHOLQHVIURPWKH
(XURSHDQ$FDGHP\RI$OOHUJ\DQG&OLQLFDO,PPXQRORJ\$OOHUJ\Ȋ
ϴϳ

6LPRQVHWDOXSGDWHRIWKHHYLGHQFHEDVH:RUOG$OOHUJ\2UJDQL]DWLRQDQDSK\OD[LVJXLGHOLQHV:RUOG$OOHUJ\
2UJDQL]DWLRQ-RXUQDO
.HPS$0.HPS6)3KDUPDFRWKHUDS\LQUHIUDFWRU\DQDSK\OD[LVZKHQLQWUDPXVFXODUHSLQHSKULQHIDLOV &XUU
2SLQ$OOHUJ\&OLQ,PPXQRO
&KRR.-/6LPRQV)(56KHLNK$*OXFRFRUWLFRLGVIRUWKHWUHDWPHQWRIDQDSK\OD[LV&RFKUDQHV\VWHPDWLFUHYLHZ
$OOHUJ\
6KHLNK$7HQ%URHN9%URZQ6*6LPRQV)(5+DQWLKLVWDPLQHVIRUWKHWUHDWPHQWRIDQDSK\OD[LV&RFKUDQH
V\VWHPDWLFUHYLHZ$OOHUJ\
0HUWHV300DOLQRYVN\-0-RXIIUR\/$EHUHU:7HUUHHKRUVW,%URFNRZ.HWDO5HGXFLQJWKHULVNRIDQDSK\OD[LV
GXULQJDQHVWKHVLDXSGDWHGJXLGHOLQHVIRUFOLQLFDOSUDFWLFH-,QYHVWLJ$OOHUJRO&OLQ,PPXQRO

;LDQJ = <DQ/LDQJ 4 ;LDR<DQJ 6 <DQ+XL = 0LQ & *XR6KHQ * HW DO (IIHFWV RI SURPHWKD]LQH RU
GH[DPHWKDVRQHSUHWUHDWPHQWRQPLYDFXULXPLQGXFHGKLVWDPLQHUHOHDVHLQFKLOGUHQ3DHGLDWU$QDHVWK

*UHHQEHUJHU3$3DWWHUVRQ5$GYHUVHUHDFWLRQVWRUDGLRFRQWUDVWPHGLD3URJ&DUGLRYDVF'LV
/DVVHU(&%HUU\&&7DOQHU/%6DQWLQL/&/DQJ/&*HUEHU)+HWDO3UHWUHDWPHQWZLWKFRUWLFRVWHURLGVWR
DOOHYLDWHUHDFWLRQVWRLQWUDYHQRXVFRQWUDVWPDWHULDO1(QJO-0HG
*RXGUD%*6LQJK303URSRIRODOWHUQDWLYHVLQJDVWURLQWHVWLQDOHQGRVFRS\DQHVWKHVLD6DXGL-$QDHVWK

0HQJ-5RWLURWL*%XUGHWW(/XNDZVND--$QDSK\OD[LVGXULQJJHQHUDODQDHVWKHVLDH[SHULHQFHIURPDGUXJ
DOOHUJ\FHQWUHLQWKH8.$FWD$QDHVWKHVLRORJLFD6FDQGLQDYLFD
ϴϴ

978 620 2 13766 9

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

978 620 2 13766 9

Uploaded by

Copyright:

Available Formats



   

  #  # +   (

  / 0      

/D2UJDQL]DFL³Q0XQGLDOGHOD6DOXG 206 GHILQHTXHXQD5HDFFL³Q$GYHUVDD0HGLFDPHQWRV

5$0WLSR$ 'RVLVGHSHQGLHQWHR3UHGHFLEOHV 6RQDTXHOODVUHDFFLRQHVHVSHUDGDVDOHIHFWR

5$0WLSR% 'RVLVLQGHSHQGLHQWHVR,PSUHGHFLEOHV 6RQDTXHOODVUHDFFLRQHVQRHVSHUDGDVDO

35('(&,%/(6 6, 12 12

'(3(1',(17(6 6, 12 12

0(&$1,602 &212&,'2 '(6&212&,'2 3$5&,$/0(17(

(QODV5+7LSRVRQPHGLDGDVSRUODILMDFL³QGHOFRPSOHPHQWRHQWUHHODQW­JHQR I¡UPDFR \

(1'27,32 5($&&,21(6 ,10812/2*,&$6 5($&&,21(6,10812/2*,&$612,*( 5($&&,21(6 ,10812/2*,&$6

k(;326,&,21 (;326,&,21 0(',$'2 $&7,9$&,21 5(&(3725 $)(&&,21 81 $)(&&,21

5($&7,9,'$' $17,%,27,&26 ,1)/,;,0$% 0(',2 %/24 5$6+ 6,1'520(

35(6(17$&,21 5$6+857,$&5,)250( 5$6+ 0$&8/2 $)(&&,21

%(1&,/,6248,12/,1$6 '(5,9$'26'( '(632/$5,=$17( 12'(632/$5,=$17(

7XERFXUDULQD 3DQFXURQLR 6XFFLQLOFROLQD 3DQFXURQLR 9HFXURQLR

(OLQLFLRGHDFFL³QGHORV%10 EORTXHRPD\RUGH HVWHURLGDOHV\EHQFLOLVRTXLQROH­QLFRV

120%5( 0(7$%2/,602 (/,0,1$&,21 &21&(175$&,21 '85$&,1 '26,6 5(/$&,21 ,1,&,2

68&&,1,/&2/,1$ &ROLQHVWHUDVD 5 +  & PJNJ  &

0,9$&85,2 &ROLQHVWHUDVD 5 +  & PJNJ  ,

$75$&85,2 (OLPLQDFL³Q GH 5 +  , PJNJ  ,

&,6$75$&85,2 (OLPLQDFL³Q GH 5 +  , PJNJ  /

9(&8521,2 +­JDGR  5 +  , PJNJ  ,

52&8521,2 +­JDGR  5 +  , PJNJ  &

3$1&8521,2 +­JDGR  5 +  / PJNJ  /

'2;$&85,2 1LQJXQR 5 +  / PJNJ  /

78%2&85$5,1$ 1LQJXQR 5 +  / PJNJ  /

/LEHUDFL³Q+LVWDPLQD (IHFWR9DVRGLODWDGRU (VWDOLEHUDFL³QQRHVPHGLDGDLQPXQRO³JLFDPHQWH

120%5( ()(&7250 ()(&7251 ()(&7260 /,%(5$&,21 ()(&723,& ()(&723,2

68&&,1,/&2/,1$     

(OO¡WH[HVW¡FRPSXHVWRGHPDWHULDOVROXEOHHQDFHWRQD UHVLQDV¡FLGRJUDVRHWF SURWH­QDV

120%5( 0(7$%2/,602 (/,0,1$&,21 9G66 '85$&,1 '26,6 ,1,&,2 '(

68*$00$'(; 1R HV 5 9G66 9LGD PHGLD 9DULDEOH'HVGH /DWHQFLD

6XYLGDPHGLDHVFRUWD VHGHVLQWHJUDSDVDGRVHQWUHXQRVPLQXWRV\XQDKRUD \VXDFFL³Q

120%5( 0(7$%2/,602 (/,0,1$&,21 9G66 '85$&,1 '26,6 ,1,&,2'(

35232)2/ +HS¡WLFD 5 ) 9G66 (IHFWR %ROR  PJ /DWHQFLD

1&/(2$5207,&281,1(67(5 &22 &$'(1$$/48/,&$ &+Q 155

1&/(2$5207,&281,1$0,'$ 10&2 &$'(1$$/48/,&$ &+Q 155

hW/s/E ϭϮ Ϯϴ ϴ͘ϭ ϱ ϲͲϴ >͗ ϮͲϯ͘ϱ Ϭ͘ϮϱͲ͘ϱ ϵϬ

Zd//E ϭϮ ϯϴ͘ϲ ϳ͘ϴ ϱ ϯͲϰ D͗ Ϯ ϭͲϭ͘ϱ ϱϬϬ

ZhW/s/E ϭϬ Ϯ͘ϴ ϴ ϰ ϰͲϲ >͗Ϯ͘ϱ Ϭ͘ϱͲϭ ϰϬϬ

DW/s/E Ϯ Ϭ͘ϴ ϳ͘ϲ ϰ ϮͲϯ D͗Ϭ͘ϱͲ Ϭ͘ϱͲϮ ϯϬϬ

>/K/E Ϯ Ϯ͘ϵ ϳ͘ϵ ϯ ϭͲϮ D͗ϬϱͲϮ Ϭ͘ϱͲϮ ϯϬϬ

d//E ϭϰ ϭϰϬ ϳ͘ϳ ϱ Ϯ >͗ϭ͘ϱͲϮ ϱͲϳ͘ϱ ϭϱϬ

>KZWZK/E  ϭ Ϭ͘ϲ ϵ͘ϭ ϵ Ϭ͘ϱͲϭ ͗Ϭ͘ϭ ϭͲϯ ϴϬϬ

WZK/E  ϭ Ϭ͘ϲ ϴ͘ϵ ϭϬ Ϭ͘ϳͲϭ ͗Ϭ͘ϭ ϭͲϮ ϳϱϬ

$QHVW©VLFRV ORFDOHV WLSR DPLGD SRVHHQ FLQ©WLFD ELFRPSDUWLPHQWDO R WULFRPSDUWLPHQWDO \ VX

$*21,67$638526 $*21,67$6 $*21,67$6 $17$*21,67$6

DKZ&/E ϭϱͲ ϭ ϭ͘Ϯ ϵ ϯ͘ϰ ϮϬͲϰϬ ϱͲϭϬ D͗ϭϬͲϰϬђŐͬŬŐͬŚ

&EdE/>K ͲͲ ϳϱͲϭϮϱ ϭ͘ϴ ϭϯ ϰ ϴϰ ϱͲϮϰ D͗ϮͲϰђŐͬŬŐͬŚ

>&EdE/>K ͲͲ ϭϬͲϮϱ ϭ͘ϯ ϭϯ ϭ ϵϮ ŶĞƐƚĠƐŝĐĂ͗

ZD/&EdE/>K ͲͲ ϭϬϬͲϮϱϬ ͘ϵ ϲ͘ϯ ͘ϯϰ ϴϬ

dZDK> ϲϴ Ϭ͘ϭ ϭϱͲϯϬ ϰ Ͳ ϲ ϰ ϮϬ ϭͲϮ ŵŐͬŬŐ ͬϲ ŚƌƐ Ž

hWZEKZ&/E ϲϬͲ sK͗ϯϬ ϭͲϮ,Z^ ϲ Ͳ ϵϲ ϳϬ D͗ϰђŐͬŬŐĐϲͲϴŚƌƐ͘

K/E ϱϬ Ϭ͘ϭϱ ϯͲϲ ϳ ϭϬ WK͗ ϯϬͲϮϬϬ ŵŐ ĐĂĚĂ ϰ

ydZKWZKWKy/&K ϲϬ ͲͲͲ ϯϬͲϱϬ ϲͲϭϮ ϳϴ ͲͲͲ WK͗ϲϱD'ϴ,Z^

E>KyKE ϲϬ ϭ ϯŵŝŶ /s͗ ϰϱ ͲͲͲ Z͗ϭϬͲϮϬђŐͬŬŐ

/D SROLYLQLOSLUUROLGRQD \RGDGD R \RGRSRYLGRQD HV XQ FRPSOHMR GH SROLYLQLOSLUUROLGRQD \

*5$'2 *5$'2 *5$'2 *5$'2

$/7(5$&,21(6 (67$'2 '(

&XDQGRORVV­QWRPDVGHDOHUJLDSHULRSHUDWRULD  VHSUHVHQWDQHQHOSUHRSHUDWRULRGHEHU¡

(OVRSRUWHFLUFXODWRULRLQFOX\HIOXLGRWHUDSLDLQWHQVLYD OLWURVGHFULVWDORLGHV SDUDFRQWUDUUHVWDU

# # + (

/ 0

/D2UJDQL]DFL³Q0XQGLDOGHOD6DOXG206GHILQHTXHXQD5HDFFL³Q$GYHUVDD0HGLFDPHQWRV

5$0WLSR$'RVLVGHSHQGLHQWHR3UHGHFLEOHV6RQDTXHOODVUHDFFLRQHVHVSHUDGDVDOHIHFWR

5$0WLSR%'RVLVLQGHSHQGLHQWHVR,PSUHGHFLEOHV6RQDTXHOODVUHDFFLRQHVQRHVSHUDGDVDO

(QODV5+7LSRVRQPHGLDGDVSRUODILMDFL³QGHOFRPSOHPHQWRHQWUHHODQWJHQRI¡UPDFR\

(1'27,32 5($&&,21(6 ,10812/2,&$6 5($&&,21(6,10812/2,&$612,( 5($&&,21(6 ,10812/2,&$6

k(;326,&,21 (;326,&,21 0(',$'2 $&7,9$&,21 5(&(3725 $)(&&,21 81 $)(&&,21

5($&7,9,'$' $17,%,27,&26 ,1)/,;,0$% 0(',2 %/24 5$6+ 6,1'520(

35(6(17$&,21 5$6+857,$&5,)250( 5$6+ 0$&8/2 $)(&&,21

(OLQLFLRGHDFFL³QGHORV%10EORTXHRPD\RUGHHVWHURLGDOHV\EHQFLOLVRTXLQROHQLFRV

120%5( 0(7$%2/,602 (/,0,1$&,21 &21&(175$&,21 '85$&,1 '26,6 5(/$&,21 ,1,&,2

68&&,1,/&2/,1$ &ROLQHVWHUDVD 5 + & PJNJ &

0,9$&85,2 &ROLQHVWHUDVD 5 + & PJNJ ,

$75$&85,2 (OLPLQDFL³Q GH 5 + , PJNJ ,

&,6$75$&85,2 (OLPLQDFL³Q GH 5 + , PJNJ /

9(&8521,2 +JDGR 5 + , PJNJ ,

52&8521,2 +JDGR 5 + , PJNJ &

3$1&8521,2 +JDGR 5 + / PJNJ /

'2;$&85,2 1LQJXQR 5 + / PJNJ /

78%2&85$5,1$ 1LQJXQR 5 + / PJNJ /

/LEHUDFL³Q+LVWDPLQD(IHFWR9DVRGLODWDGRU(VWDOLEHUDFL³QQRHVPHGLDGDLQPXQRO³JLFDPHQWH

68&&,1,/&2/,1$

(OO¡WH[HVW¡FRPSXHVWRGHPDWHULDOVROXEOHHQDFHWRQDUHVLQDV¡FLGRJUDVRHWFSURWHQDV

120%5( 0(7$%2/,602 (/,0,1$&,21 9G66 '85$&,1 '26,6 ,1,&,2 '(

68*$00$'(; 1R HV 5 9G66 9LGD PHGLD 9DULDEOH'HVGH /DWHQFLD

6XYLGDPHGLDHVFRUWDVHGHVLQWHJUDSDVDGRVHQWUHXQRVPLQXWRV\XQDKRUD\VXDFFL³Q

120%5( 0(7$%2/,602 (/,0,1$&,21 9G66 '85$&,1 '26,6 ,1,&,2'(

35232)2/ +HS¡WLFD 5 ) 9G66 (IHFWR %ROR PJ /DWHQFLD

1&/(2$5207,&281,1(67(5&22&$'(1$$/48/,&$&+Q155

1&/(2$5207,&281,1$0,'$10&2&$'(1$$/48/,&$&+Q155

hW/s/E ϭϮ Ϯϴ ϴ͘ϭ ϱ ϲͲϴ >͗ ϮͲϯ͘ϱ Ϭ͘ϮϱͲ͘ϱ ϵϬ

Zd//E ϭϮ ϯϴ͘ϲ ϳ͘ϴ ϱ ϯͲϰ D͗ Ϯ ϭͲϭ͘ϱ ϱϬϬ

ZhW/s/E ϭϬ Ϯ͘ϴ ϴ ϰ ϰͲϲ >͗Ϯ͘ϱ Ϭ͘ϱͲϭ ϰϬϬ

DW/s/E Ϯ Ϭ͘ϴ ϳ͘ϲ ϰ ϮͲϯ D͗Ϭ͘ϱͲ Ϭ͘ϱͲϮ ϯϬϬ

>/K/E Ϯ Ϯ͘ϵ ϳ͘ϵ ϯ ϭͲϮ D͗ϬϱͲϮ Ϭ͘ϱͲϮ ϯϬϬ

d//E ϭϰ ϭϰϬ ϳ͘ϳ ϱ Ϯ >͗ϭ͘ϱͲϮ ϱͲϳ͘ϱ ϭϱϬ

>KZWZK/E ϭ Ϭ͘ϲ ϵ͘ϭ ϵ Ϭ͘ϱͲϭ ͗Ϭ͘ϭ ϭͲϯ ϴϬϬ

WZK/E ϭ Ϭ͘ϲ ϴ͘ϵ ϭϬ Ϭ͘ϳͲϭ ͗Ϭ͘ϭ ϭͲϮ ϳϱϬ

$QHVW©VLFRV ORFDOHV WLSR DPLGD SRVHHQ FLQ©WLFD ELFRPSDUWLPHQWDO R WULFRPSDUWLPHQWDO \ VX

$21,67$638526 $21,67$6 $21,67$6 $17$21,67$6

&EdE/>K ͲͲ ϳϱͲϭϮϱ ϭ͘ϴ ϭϯ ϰ ϴϰ ϱͲϮϰ D͗ϮͲϰђŐͬŬŐͬŚ

>&EdE/>K ͲͲ ϭϬͲϮϱ ϭ͘ϯ ϭϯ ϭ ϵϮ ŶĞƐƚĠƐŝĐĂ͗

ZD/&EdE/>K ͲͲ ϭϬϬͲϮϱϬ ͘ϵ ϲ͘ϯ ͘ϯϰ ϴϬ

dZDK> ϲϴ Ϭ͘ϭ ϭϱͲϯϬ ϰ Ͳ ϲ ϰ ϮϬ ϭͲϮ ŵŐͬŬŐ ͬϲ ŚƌƐ Ž

hWZEKZ&/E ϲϬͲ sK͗ϯϬ ϭͲϮ,Z^ ϲ Ͳ ϵϲ ϳϬ D͗ϰђŐͬŬŐĐϲͲϴŚƌƐ͘

K/E ϱϬ Ϭ͘ϭϱ ϯͲϲ ϳ ϭϬ WK͗ ϯϬͲϮϬϬ ŵŐ ĐĂĚĂ ϰ

ydZKWZKWKy/&K ϲϬ ͲͲͲ ϯϬͲϱϬ ϲͲϭϮ ϳϴ ͲͲͲ WK͗ϲϱD'ϴ,Z^

E>KyKE ϲϬ ϭ ϯŵŝŶ /s͗ ϰϱ ͲͲͲ Z͗ϭϬͲϮϬђŐͬŬŐ

/D SROLYLQLOSLUUROLGRQD \RGDGD R \RGRSRYLGRQD HV XQ FRPSOHMR GH SROLYLQLOSLUUROLGRQD \

5$'2 5$'2 5$'2 5$'2

$/7(5$&,21(6 (67$'2 '(

&XDQGRORVVQWRPDVGHDOHUJLDSHULRSHUDWRULDVHSUHVHQWDQHQHOSUHRSHUDWRULRGHEHU¡

(OVRSRUWHFLUFXODWRULRLQFOX\HIOXLGRWHUDSLDLQWHQVLYDOLWURVGHFULVWDORLGHVSDUDFRQWUDUUHVWDU

%521&2',/$7$'25(6 ,QGLFDGRV SULQFLSDOPHQWH HQ ORV FXDGURV FOQLFRV UHVSLUDWRULRV GH

$75$&85,2 %/24 00/ 00/ 0*0/

&,6$75$&85,2 %/24 00/ 6,1',/8,5 00/ 0*0/

0,9$&85,2 %/24 00/ 00/ 0*0/

52&8521,2 %/24 00/ 6,1',/8,5 00/ 0*0/

9(&8521,2 %/24 00/ 6,1',/8,5 00/ 0*0/

68&&,1,/&2/,1 %/24 00/ 00/ 0*0/

68$00$'(; 5(9(5625 00/ 00/ 00/

/$7(;(;7 0,;72 00/ 6,1',/8,5 00/ 12 12

35232)2/ +,312 00/ 2 6,1 00/ 0*0/

.(7$0,1$ +,312 00/ 2 6,1 00/ 0*0/

7,23(17$/ +,312 00/ 6,1',/8,5 00/ 0*0/

0,'$=2/$0 +,312 00/ 2 6,1 00/ 0*0/

(720,'$72 +,312 00/ 6,1',/8,5 00/ 0*0/

)(17$1,/2 23,2,'(6 00/ 6,1',/8,5 00/ 0*0/

$/)(17$1,/2 23,2,'(6 00/ 6,1',/8,5 00/ 0*0/

5(0,)(17$1,/ 23,2,'(6 00/ 6,1',/8,5 00/ 0*0/

025),1$ 23,2,'(6 00/ 00/ 0*0/

3,5$=2/21$6 $,1(6 0(7$0,=2/ 00/ 00/

&/25+(;,',1$ $17,6(3 00/ 00/

<2'2329,'21 $17,6(3 00/ 00/

/,'2&$,1$ $0,12 00/ 00/ 0*0/

%83,9$&$,1$ $0,12 00/ 00/ 0*0/

0(3,9$&$,1$ $0,12 00/ 00/ 0*0/

$57,&$,1$ $0,12 00/ 00/ 0*0/

0(',26 &2175$67 ,2'$'2 6,1',/8,5