Professional Documents
Culture Documents
Residuos en Ing. Industrial PDF
Residuos en Ing. Industrial PDF
/$02/,1$
&LFOR2SWDWLYRGH(VSHFLDOL]DFLyQ\3URIHVLRQDOL]DFLyQ
HQ*HVWLyQGH&DOLGDG\$XGLWRUtD$PELHQWDO
³3/$1'(0$1(-2'(5(6,'8266Ï/,'26'(/$6È5($6'(
&2168/7$(;7(51$(1(/+263,7$/081,&,3$/'(/
',675,72'(9(17$1,//$&$//$2´
3UHVHQWDGRSRU
$/(;$1'(55$0263(5$/7$
7UDEDMR$FDGpPLFRSDUD2SWDUHO7tWXOR3URIHVLRQDOGH
,1*(1,(52$0%,(17$/
/LPD3HU~
'(',&$725,$
(VWDWHVLVVHODGHGLFRDPL'LRVTXLpQVXSRJXLDUPHSRUHOEXHQFDPLQRGiQGRPHIXHU]DV
SDUDVHJXLUDGHODQWH\QRGHVPD\DUHQORVSUREOHPDVTXHVHSUHVHQWDEDQHQVHxiQGRPHD
HQFDUDUODVDGYHUVLGDGHVVLQSHUGHUQXQFDODGLJQLGDGQLGHVIDOOHFHUHQHOLQWHQWR
$PLVSDGUHVSRUVXDSR\RFRQVHMRVFRPSUHQVLyQDPRUD\XGDHQORVPRPHQWRVGLItFLOHV
0HKDQGDGRWRGRORTXHVR\FRPRSHUVRQDYDORUHVSULQFLSLRVFDUiFWHUHPSHxR
SHUVHYHUDQFLD\FRUDMHSDUDFRQVHJXLUPLVREMHWLYRV
Ë1',&(
, ,1752'8&&,Ï1
,, -867,),&$&,21'(/$,19(67,*$&,Ï1
,,, 2%-(7,926'(/$,19(67,*$&,21
2%-(7,9235,1&,3$/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
2%-(7,926(63(&Ë),&26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
,9 5(9,6,21'(/,7(5$785$
(67$%/(&,0,(1726'(6$/8'͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
5(6,'826͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲ
5(6,'82662/,'26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
5(6,'8266Ï/,'26+263,7$/$5,26
&/$6,),&$&,Ï1'(/265(6,'8266Ï/,'26+263,7$/$5,26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
&/$6,),&$&,Ï16(*Ò11731±0,16$',*(6$9
³*(67,Ï1<0$1(-2'(5(6,'8266Ï/,'26(1(67$%/(&,0,(172'(
6$/8'<&(175260e',&26'($32<2´
&/$6,),&$&,21'(5(6,'826+263,7$/$5,266(*Ò1&(3,6$QH[R
*XtDSDUDHOPDQHMRLQWHUQRGHUHVLGXRVVyOLGRVHQFHQWURVGHDWHQFLyQGHVDOXG
5,(6*26'(/265(6,'826+263,7$/$5,26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϴ
(7$3$6'(/0$1(-2'(/265(6,'82662/,'26+263,7$/$5,26͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
&,&/2'(0$1(-2'(5(6,'82662/,'26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
&$5$&7(5,=$&,21'(/265(6,'82662/,'26(1&(17526'(
$7(1&,21'(6$/8'͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ
1250$6<5(*/$0(1726͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
9 0(72'2/2*,$
0$7(5,$/(6͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ
/XJDU
0DWHULDOHVGHHVFULWRULR
0DWHULDOHVSDUDHO(VWXGLRGH&DUDFWHUL]DFLyQ
0e72'26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ
8ELFDFLyQGHiUHDGHHVWXGLR
3ODQHDPLHQWR\FRRUGLQDFLyQ
'LDJQRVWLFRDFWXDOGHOPDQHMRGHORVUHVLGXRVVROLGRV
&DUDFWHUL]DFLyQItVLFDGHORVUHVLGXRVVROLGRV
)RUPXODFLyQGHOSURJUDPDGHPDQHMRGHUHVLGXRVVROLGRV
9, 5(68/7$'26<',6&86,21(6
,'(17,),&$&,Ï1'(/$681,'$'(626(59,&,26*(1(5$'25$6'(
5(6,'82662/,'26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ
',$*1267,&2$&78$/'(/0$1(-2'(5(6,'82662/,'26(1(/
+23,7$/081,&,3$/'(9(17$1,//$͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
9,6,7$'(5(&212&,0,(172
(1&8(67$6'(3(5&(3&,Ï1'(/0$1(-2'(5(6,'8266Ï/,'26(1(/
+263,7$/081,&,3$/'(9(17$1,//$
&$5$&7(5,=$&,21'(),6,&$'(5(6,'82662/,'26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϰ
35238(67$'(3/$1'(0$1(-2'(5(6,'82662/,'26͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ
,1752'8&&,21
),1$/,'$'
$/7(51$7,9$6'(0,1,0,=$&,Ï1
$&21',&,21$0,(172
6(*5(*$&,21
$/$0$&(1$0,(17235,0$5,2
$/0$&(1$0,(172,17(50(',2
5(&2/(&&,21<75$163257(,17(512
$/0$&(1$0,(172&(175$/2),1$/
5(&2/(&&,21275$163257((;7(512'(/265(6,'826
62/,'26
',6326,&,21),1$/'(/265(6,'82662/,'26
&$3$&,7$&,21<6(16,%,/,=$&,Ï1
6$/8'2&83$&,21$/
352*5$0$'(&$3$&,7$&,21(6
35(6838(6723$5$/$,03/(0(17$&,21'(/3/$1'(0$1(-2'(
5(6,'82662/,'26
9,, &21&/86,21(6
9,,, 5(&20(1'$&,21(6
,; 5()(5(1&,$6%,%/,2*5$)Ë$6
; $1(;26
Ë1',&('(),*85$6
)LJXUD)RWRJUDItDGHOiUHDGHHVWXGLR
)LJXUD8ELFDFLyQGLVWULWDOGHOiUHDGHHVWXGLR
)LJXUD8ELFDFLyQGHOiUHDGHHVWXGLR
)LJXUD5HFLSLHQWHSDUDUHVLGXRVELRFRQWDPLQDGRV\SXQ]RFRUWDQWHV
)LJXUDÈUHDGHDOPDFHQDPLHQWR)LQDO
)LJXUD5HFLSLHQWHSDUDUHVLGXRVELRFRQWDPLQDGRV
)LJXUD5HFLSLHQWHSDUDUHVLGXRVFRPXQHV
)LJXUD8ELFDFLyQGHO5HOOHQR6DQLWDULR³(O=DSDOODO±,1129$$0%,(17$/
)LJXUD5HOOHQR6DQLWDULR³(O=DSDOODO±,1129$$0%,(17$/
)LJXUD(VTXHPDGHODVHWDSDVGHOPDQHMRDFWXDOGHORVUHVLGXRVVyOLGRVGHO+RVSLWDOPXQLFLSDO
GH9HQWDQLOOD)XHQWH(ODERUDFLyQSURSLD
)LJXUD&RQRFLPLHQWRGHPHFDQLVPRVGHVHJUHJDFLyQGH5HVLGXRV6ROLGRV
)LJXUD&DOLILFDFLyQGHOPDQHMRGHUHVLGXRVVROLGRV
)LJXUD7LSRGHUHVLGXRV*HQHUDGRHQHO+RVSLWDO
)LJXUD&RQWHQHGRUHVSRUiUHD
)LJXUD)UHFXHQFLDGHUHFRMRGHUHVLGXRV
)LJXUD3UREOHPDVGHWHFWDGRV
)LJXUD&RQRFLPLHQWRGHOOXJDUGHDOPDFHQDPLHQWRGHUHVLGXRV
)LJXUD&DSDFLWDFLyQHQHOPDQHMRGHUHVLGXRV
)LJXUD&RQVHFXHQFLDVGHOPDOPDQHMRGHUHVLGXRV
)LJXUD&RPSRVLFLyQGHUHVLGXRVVROLGRV
)LJXUD&RPSRVLFLyQGHUHVLGXRVFRPXQHV
)LJXUD*HQHUDFLyQ7RWDOGLDULDGHUHVLGXRVVyOLGRV.JGtD
)LJXUD9DULDFLyQGHODGHQVLGDGSRUGtD.JPGtD
)LJXUD*HQHUDFLyQ3HUFiSLWD*3&
)LJXUD*HQHUDFLyQGDUtDGHUHVLGXRVSRUFODVH
)LJXUD9DULDFLyQGHODGHQVLGDGFRQIRUPHDODFODVHGHUHVLGXR
)LJXUD'LDJUDPDGHUXWDGHUHFROHFFLyQ\WUDQVSRUWHLQWHUQRGHUHVLGXRV
Ë1',&('(7$%/$6
7DEOD$WHQFLRQHVGHFRQVXOWDH[WHUQDGHODOGHMXOLRGH
7DEOD&RPSRVLFLyQItVLFDGHUHVLGXRVSRUGtD
7DEOD0DWUL]GHFRUUHODFLRQHVGH3HDUVRQQ±*HQHUDFLyQSHUFiSLWDGHiUHDGHFRQVXOWDH[WHUQD
GHO+RVSLWDO'HSDUWDPHQWDOGH+XDQFDYHOLFD
7DEOD&XDGUR0DWUL]GHFRUUHODFLRQHVGH3HDUVRQQ±*HQHUDFLyQSHUFiSLWDVHJ~QWLSRGH
iUHDGHFRQVXOWDH[WHUQDGHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
7DEOD0DWUL]GHFRUUHODFLRQHVGH3HDUVRQQ±*HQHUDFLyQSHUFiSLWDVHJ~QWLSRGHOiUHDGH
FRQVXOWDH[WHUQDGHO+RVSLWDO$U]RELVSR/RD\]D
7DEOD&RPSDUDFLyQFDUDFWHUtVWLFDVGHODSREODFLyQFRQJHQHUDFLyQGHUHVLGXRV
7DEOD&RPSRVLFLyQItVLFDGHUHVLGXRVSRUFODVH
7DEOD*HQHUDFLyQGLDULDGHUHVLGXRVHQODViUHDVGHJHQHUDFLyQ
7DEOD&yGLJRGHRORUHVSDUDUHFLSLHQWHVGH$OPDFHQDPLHQWR
7DEOD3UHVXSXHVWRSDUDODLPSOHPHQWDFLyQGHPDWHULDOHVSDUDODVHWDSDVGHDFRQGLFLRQDPLHQWR
VHJUHJDFLyQ\DOPDFHQDPLHQWRSULPDULR
7DEOD3UHVXSXHVWRSDUDLPSOHPHQWDFLyQGHPDWHULDOHVSDUDODHWDSDGHWUDQVSRUWHLQWHUQR
7DEOD3UHVXSXHVWRSDUDLPSOHPHQWDFLyQGHDOPDFHQDPLHQWRILQDOGHUHVLGXRVKRVSLWDODULRV
7DEOD3UHVXSXHVWRSDUDLPSOHPHQWDFLyQGHDOPDFHQDPLHQWRGHUHVLGXRVKRVSLWDODULRV
7DEOD3UHSXHVWRSDUDLPSOHPHQWDFLyQGHOSODQGHPDQHMR
,1',&('($1(;26
$QH[R0RGHORGHLGHQWLILFDFLyQGHPXHVWUDV
$QH[R6HUYLFLRVRXQLGDGHVJHQHUDGRUDVGHUHVLGXRVVROLGRV
$QH[R*XLDGHOLPSLH]D\GHVLQIHFFLRQGHUHFLSLHQWHV\DPELHQWHVGHUHVLGXRVVROLGRV
$QH[R(QFXHVWDSDUDHOKRVSLWDOPXQLFLSDOGHYHQWDQLOOD
$QH[R/LVWDGHYHULILFDFLRQSDUDHOPDQHMRGHORVUHVLGXRVVROLGRV
$QH[R0DQLILHVWRGHPDQHMRGHUHVLGXVRVVROLGRV
5(680(1
/RV UHVLGXRV KRVSLWDODULRV VRQ DTXHOORV JHQHUDGRV HQ HVWDEOHFLPLHQWRV GH VDOXG FRPR
KRVSLWDOHVFOtQLFDODERUDWRULRVFRQVXOWRULRV\HQJHQHUDOHQWRGRVORVVHUYLFLRVGHDWHQFLyQ
GHVDOXG'HELGRDOFDUiFWHULQIHFFLRVRTXHHVWRVSUHVHQWDQXQLQDGHFXDGRPDQHMRGHHVWRV
UHVLGXRV UHSUHVHQWD XQ JUDQ ULHVJR SDUD OD VDOXG GH OD FRPXQLGDG KRVSLWDODULD \ HO PHGLR
DPELHQWH (V SRU HOOR TXH HO SUHVHQWH HVWXGLR VH SURSRQH XQ SODQ GH PDQHMR GH UHVLGXRV
VyOLGRV KRVSLWDODULRV HO FXDO IXH DSOLFDGR HQ ODV iUHDV GH FRQVXOWD H[WHUQD GHO +RVSLWDO
0XQLFLSDO GH 9HQWDQLOOD SRU VX JUDQ YDULHGDG GH VHUYLFLRV FRQVWLWX\H XQD PXHVWUD
KHWHURJpQHDGHUHVLGXRVKRVSLWDODULRV
(QXQDSULPHUDHWDSDVHUHDOL]yXQGLDJQRVWLFRDFWXDOGHOPDQHMRGHORVUHVLGXRVVHUHDOL]y
XQDYLVLWDGHUHFRQRFLPLHQWRGHODVGLVWLQWDViUHDVGHFRQVXOWDH[WHUQDGH+RVSLWDO0XQLFLSDO
GH 9HQWDQLOOD 6H UHDOL]y XQD UHYLVLyQ GH OD OHJLVODFLyQ YLJHQWH UHVSHFWR DO WHPD \ D
FRQWLQXDFLyQVHSURFHGLyDUHDOL]DUXQPXHVWUHR\FDUDFWHUL]DFLyQGHORVUHVLGXRVODFXDOHV
QHFHVDULDSDUDFRQRFHUODFRPSRVLFLyQGHORVUHVLGXRV
3RVWHULRUPHQWHVHSURFHGLyDUHDOL]DUXQDGHVFULSFLyQGHFDGDXQDGHODVHWDSDVTXHLPSOLFD
XQPDQHMRGHUHVLGXRVVyOLGRVKRVSLWDODULRV\ODVGHILFLHQFLDVTXHVHSXGLHURQREVHUYDUHQ
FDGDXQDGHHOODV
)LQDOPHQWH GH DFXHUGR D OD LQIRUPDFLyQ JHQHUDGD HQ ODV GLIHUHQWHV HWDSDV GH HVWXGLR VH
SURSRQH XQ SODQ GH PDQHMR GH UHVLGXRV VyOLGRV KRVSLWDODULRV SDUD ODV iUHDV GH FRQVXOWD
H[WHUQDHQHO+RVSLWDO0XQLFLSDOGH9HQWDQLOODGRQGHVHGHWDOODFDGDXQDGHODVHWDSDVGH
PDQHMR\ODVGLVSRVLFLRQHVTXHVHGHEHQFXPSOLUHQHOODV7DPELpQVHKDFHUHIHUHQFLDDOD
LPSOHPHQWDFLyQGHHTXLSDPLHQWRQHFHVDULRSDUDXQDGHFXDGRPDQHMRGHORVUHVLGXRV
$%675$&7
+RVSLWDOZDVWHLVWKRVHJHQHUDWHGLQKHDOWKIDFLOLWLHVVXFKDVKRVSLWDOVFOLQLFVODERUDWRULHVFOLQLFV
DQGLQJHQHUDOLQDOOKHDOWKFDUHVHUYLFHV'XHWRWKHLULQIHFWLRXVQDWXUHDQLQDGHTXDWHPDQDJHPHQW
RIWKHVHZDVWHVSRVHVDJUHDWULVNWRWKHKHDOWKRIWKHKRVSLWDOFRPPXQLW\DQGWKHHQYLURQPHQW7KLV
LVZK\WKHSUHVHQWVWXG\SURSRVHVDKRVSLWDOVROLGZDVWHPDQDJHPHQWSODQZKLFKZDVDSSOLHGLQWKH
RXWSDWLHQWDUHDVRIWKH0XQLFLSDO+RVSLWDORI9HQWDQLOODGXHWRLWVZLGHYDULHW\RIVHUYLFHVFRQVWLWXWHV
DKHWHURJHQHRXVVDPSOHRIKRVSLWDOZDVWH
,QDILUVWVWDJHDFXUUHQWGLDJQRVLVRIZDVWHPDQDJHPHQWZDVFDUULHGRXWDUHFRQQDLVVDQFHYLVLWZDV
PDGHWRWKHGLIIHUHQWRXWSDWLHQWDUHDVRI0XQLFLSDO+RVSLWDORI9HQWDQLOOD$UHYLHZRIWKHOHJLVODWLRQ
LQIRUFHRQWKHVXEMHFWZDVFDUULHGRXWDQGDVDPSOLQJDQGFKDUDFWHUL]DWLRQRIWKHZDVWHZDVFDUULHG
RXWZKLFKLVQHFHVVDU\WRNQRZWKHFRPSRVLWLRQRIWKHZDVWH
6XEVHTXHQWO\DGHVFULSWLRQZDVPDGHRIHDFKRIWKHVWDJHVLQYROYHGLQWKHPDQDJHPHQWRIKRVSLWDO
VROLGZDVWHDQGWKHGHILFLHQFLHVWKDWFRXOGEHREVHUYHGLQHDFKRQHRIWKHP
)LQDOO\DFFRUGLQJWRWKHLQIRUPDWLRQJHQHUDWHGLQWKHGLIIHUHQWVWDJHVRIVWXG\DKRVSLWDOVROLGZDVWH
PDQDJHPHQW SODQ LV SURSRVHG IRU WKH H[WHUQDO FRQVXOWDWLRQ DUHDV DW WKH 9HQWDQLOOD 0XQLFLSDO
+RVSLWDOZKLFKGHWDLOVHDFKRIWKHPDQDJHPHQWVWDJHVDQGSURYLVLRQV:KLFKPXVWEHIXOILOOHGLQ
WKHP 5HIHUHQFH LV DOVR PDGH WR WKH LPSOHPHQWDWLRQ RI HTXLSPHQW QHFHVVDU\ IRU SURSHU ZDVWH
PDQDJHPHQW
, ,1752'8&&,Ï1
/RVUHVLGXRVVyOLGRVJHQHUDGRVHQORVFHQWURVGHVDOXGSUHVHQWDQXQJUDYHSUREOHPDSDUDODV
SHUVRQDVGHELGRIXQGDPHQWDOPHQWHDVXFDUiFWHULQIHFFLRVR\DORVGLIHUHQWHVHOHPHQWRVTXH
ODFRQIRUPDQSXHVSXHGHQFRQWHQHUREMHWRVSXQ]RFRUWDQWHVRVXVWDQFLDVWy[LFDVLQIODPDEOHV
R UDGLRDFWLYDV (V SRU VX SRWHQFLDO SDWRJpQLFR \ GHILFLHQFLDV HQ WRGDV ODV HWDSDV GH VX
PDQHMR LQFOXLGD OD JHQHUDFLyQ PDQLSXODFLyQ LQDGHFXDGD VHJUHJDFLyQ \ OD IDOWD GH
WHFQRORJtDSDUDVXWUDWDPLHQWR\GLVSRVLFLyQILQDOFRQVWLWX\HQXQULHVJRSDUDODVDOXGQRVROR
GHODFRPXQLGDGKRVSLWDODULDVLQRWDPELpQGHODSREODFLyQHQJHQHUDO&HQWUR3DQDPHULFDQR
GH,QJHQLHUtD6DQLWDULD&(3,6
8Q FHQWUR GH DWHQFLyQ GH VDOXG HV XQ KRVSLWDO FHQWUR PpGLFR SROLFOtQLFR FOtQLFD
PDWHUQLGDGVDODGHSULPHURVDX[LOLRV\WRGRHVWDEOHFLPLHQWRGRQGHVHSUDFWLTXHFXDOTXLHUD
GH ORV QLYHOHV GH DWHQFLyQ GH VDOXG KXPDQD FRQ ILQHV GH SUHYHQFLyQ GLDJQyVWLFR
WUDWDPLHQWR\UHKDELOLWDFLyQDVtFRPRGHLQYHVWLJDFLyQ(VWRVWLHQHQHOGHEHUGHUHGXFLU\
SUHYHQLUORVSUREOHPDVGHVDOXGGHODSREODFLyQ/RVHVWDEOHFLPLHQWRVJHQHUDQUHVLGXRVORV
FXDOHVSUHVHQWDQULHVJRVSRWHQFLDOHVGHSHOLJURVLGDG\FX\RLQDGHFXDGRPDQHMRSXHGHWHQHU
VHULDVFRQVHFXHQFLDVSDUDODVDOXGGHODFRPXQLGDGKRVSLWDODULDGHOSHUVRQDOHQFDUJDGRGHO
PDQHMRH[WHUQRGHORVUHVLGXRV\GHODSREODFLyQHQJHQHUDO&(3,6
/RVUHVLGXRVKRVSLWDODULRVSXHGHQVHUGHWUHVWLSRVELRFRQWDPLQDGRVHVSHFLDOHV\FRPXQHV
9LOOHQDLQGLFDTXHORVUHVLGXRVELRFRQWDPLQDGRVUHSUHVHQWDQXQJUDYHSUREOHPDTXHLQFLGH
FRQODDOWDWDVDGHHQIHUPHGDGHVLQIHFFLRVDVTXHUHJLVWUDQORVSDtVHVGH$PpULFD/DWLQD6X
SRWHQFLDOSDWRJpQLFR\ODLQHILFLHQFLDGHVXPDQHMRLQFOXLGDODJHQHUDFLyQPDQLSXODFLyQ
LQDGHFXDGD VHJUHJDFLyQ GLVSRVLFLyQ ILQDO \ OD IDOWD GH WHFQRORJtD SDUD VX WUDWDPLHQWR
FRQVWLWX\HQXQULHVJRSDUDODVDOXGWDQWRGHODFRPXQLGDGKRVSLWDODULDFRPRGHODSREODFLyQ
HQJHQHUDO9LOOHQD
7RGRUHVLGXRVVROLGRJHQHUDGRHQHVWDEOHFLPLHQWRVGHVDOXGGHEHVHJXLUXQDGHFXDGRPDQHMR
GXUDQWHWRGDVODVHWDSDV\FXPSOLUFRQORHVWDEOHFLGRHQODQRUPDWLYLGDGDPELHQWDOYLJHQWH
TXHUHSUHVHQWHDXQDQHFHVLGDGGHPLQLPL]DUORVUHVLGXRVSHOLJURVRV\FRQWURODUORVULHVJRV
TXHVHGHULYDQGHOPDQHMRGHORVUHVLGXRVHQODSREODFLyQKRVSLWDODULD
$VLPLVPR HO LQDGHFXDGR PDQHMR GH ORV UHVLGXRV VyOLGRV KRVSLWDODULRV WUDH FRPR
FRQVHFXHQFLD LPSDFWRV QHJDWLYRV TXH VH HYLGHQFLDQ HQ VXV GLIHUHQWHV HWDSDV GHVGH OD
VHJUHJDFLyQDOPDFHQDPLHQWRWUDWDPLHQWRUHFROHFFLyQWUDQVSRUWHKDVWDVXGLVSRVLFLyQILQDO
/DV FRQVHFXHQFLDV GH HVWRV LPSDFWRV QR VROR DIHFWDQ OD VDOXG KXPDQD VRQ WDPELpQ D OD
DWPRVIHUDHOVXHOR\ODVDJXDVVXSHUILFLDOHV\VXEWHUUiQHDVDORFXDOVHVXPDHOGHWHULRUR
HVWpWLFR GHO SDLVDMH QDWXUDO \ GH ORV FHQWURV XUEDQRV 'HELGR D TXH WUDGLFLRQDOPHQWH OD
SULRULGDGGHXQFHQWURGHVDOXGKDVLGRODDWHQFLyQDOSDFLHQWHVHKDUHVWDGRLPSRUWDQFLDD
ORVSUREOHPDVDPELHQWDOHVTXHSRGUtDFDXVDUFUHiQGRVHHQPXFKRFDVRVXQFtUFXORYLFLRVR
GHHQIHUPHGDGHVGHULYDGDVGHOPDOPDQHMRGHORVUHVLGXRV&(3,6
(OSUHVHQWHHVWXGLRWLHQHSRUREMHWLYRHOGHVDUUROODUXQD3URSXHVWDGH0DQHMRGH5HVLGXRV
6yOLGRV +RVSLWDODULRV HQ HO &HQWUR 0HGLFR 0XQLFLSDO GH 9HQWDQLOOD TXH LQWHJUH WRGDVODV
iUHDVGHOKRVSLWDOHQWRUQRDXQDPHWRGRORJtDGHPDQHMRGHUHVLGXRVGRQGHORVJHQHUDGRUHV
GHHVWRVVHDQORVUHVSRQVDEOHVVROLGDULRVGHOPDQHMR\GLVSRVLFLyQILQDOGHVXVUHVLGXRV\HQ
FRQMXQWRFRQOD'LUHFFLyQGHO+RVSLWDODSR\HQDFWLYLGDGHVGHGLYXOJDFLyQ\FDSDFLWDFLyQ
VREUHSROtWLFDVSUHYHQWLYDVGHVHSDUDFLyQHQODIXHQWH/DLPSOHPHQWDFLyQGHODSURSXHVWD
GHEHFRQWULEXLUDPHMRUDUODVLWXDFLyQDFWXDOGHOPDQHMRGHUHVLGXRVVyOLGRVKRVSLWDODULRV
/DSURSXHVWDTXHVHYDDSODQWHDUVHHQFRQWUDUDtQWLPDPHQWHUHODFLRQDGDDXQGLDJQyVWLFR
UHDOL]DGRVREUHODVLWXDFLyQDFWXDOGHOPDQHMRGHUHVLGXRVVyOLGRVODHVWUXFWXUDVHJXLGDSDUD
HOGHVDUUROORLQFOX\HODGHILQLFLyQGHOPDUFRGHHVWXGLRORVFULWHULRVDWRPDUHQFXHQWD\OD
PHWRGRORJtDHPSOHDGDSDUDUHDOL]DUODFDUDFWHUL]DFLyQ\HODQiOLVLV$FWRVHJXLGRVHUHDOL]D
HO DQiOLVLV GH OD VLWXDFLyQ HYDOXDQGR ODV IDVHV GHO FLFOR GH PDQHMR GH UHVLGXRV GHQWUR GHO
FHQWURPpGLFRORTXHLQFOX\HXQHVWXGLRGHFDUDFWHUL]DFLyQGHORVPLVPRVD\XGiQGRPHHQ
ODPHWRGRORJtDHVWDEOHFLGDHQOD1RUPD7pFQLFD0,16$',*(6$
,, -867,),&$&,21'(/$,19(67,*$&,Ï1
/RVVHUYLFLRVGHVDOXGYDUtDQQRVyORHQWDPDxR\SREODFLyQVHUYLGDVLQRWDPELpQHQVXV
FDSDFLGDGHVHFRQyPLFDVWHFQROyJLFDVGHUHFXUVRVKXPDQRV\HQHOWLSRGHDFWLYLGDGHVTXH
UHDOL]DQODVFXDOHVLQFLGHQHQHOWLSR\YRO~PHQHVGHUHVLGXRVTXHJHQHUDQ
3RUORDQWHULRUQRVHSXHGHSURSRQHUHQIRUPDSHUVSHFWLYDXQDVRODIRUPDGHSODQGHPDQHMR
LQWHJUDO GH ORV UHVLGXRV SDUD WDQ YDULDGD JDPD GH HVWDEOHFLPLHQWRV GH VDOXG VLQR
SURSRUFLRQDUORVHOHPHQWRVGHLQIRUPDFLyQ\ODVRULHQWDFLRQHVSDUDTXHORVUHVSRQVDEOHVGH
VX IRUPXODFLyQ SXHGDQ OOHYDU D FDER VX WDUHD \ DGHFXDU ORV SODQHV D VXV QHFHVLGDGHV \
FLUFXQVWDQFLDVSDUWLFXODUHV
6HJ~Q HO ~OWLPR FHQVR GHO UHDOL]DGR SRU HO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD H
,QIRUPiWLFD ,1(, HQ /LPD VH HQFXHQWUDQ KRVSLWDOHV LQVWLWXWRV GH VDOXG
HVSHFLDOL]DGRFHQWURVGHVDOXGFHQWURVGHVDOXG+D\TXHWHQHUHQFXHQWDTXHOD
QRUPD WpFQLFD SHUXDQD ³*HVWLyQ \ 0DQHMR GH UHVLGXRV HQ HVWDEOHFLPLHQWRV GH 6DOXG \
&HQWURV 0pGLFRV GH $SR\R´ HVWi GLULJLGD D ORV UHVSRQVDEOHV GH OD DGPLQLVWUDFLyQ \ DO
SHUVRQDOGHORVHVWDEOHFLPLHQWRVGHDWHQFLyQGHVDOXGHQJHQHUDOVLQHPEDUJRODVGLIHUHQFLDV
TXHSUHVHQWDQHQWUHHOORVWDOHVFRPRWDPDxRSREODFLyQVHUYLGDFDSDFLGDGHVHFRQyPLFDV
WHFQROyJLFDV \ GH UHFXUVRV KXPDQRV DVt FRPRHO WLSR GH DFWLYLGDGHV TXHUHDOL]DQ KDFHHO
GHVDUUROORGHSODQHVGHJHVWLyQ\PDQHMRDFRUGHVXVFDUDFWHUtVWLFDV
$GHPiV GH ORV FHQWURV PHGLFR UHJLVWUDGRV HQHO 0LQLVWHULR 1DFLRQDO GH6DOXG 0,16$
YLHQHQRSHUDQGRRWURVHVWDEOHFLPLHQWRVGHVDOXGFRPRHO+RVSLWDOGH9HQWDQLOODHOFXDOOHV
EULQGDDWHQFLyQDSDFLHQWHVGHHVFDVRVUHFXUVRV\FX\DVQHFHVLGDGHVQRVRQFXELHUWDVSRUHO
VLVWHPDQDFLRQDOGHVDOXG/DPHQWDEOHPHQWHHOPDQHMRGHUHVLGXRVHQHVWRVHVWDEOHFLPLHQWRV
VHGDGHPDQHUDLQFLSLHQWHHVSRUHOORTXHHOSUHVHQWHWUDEDMRSUHWHQGHDSRUWDUHQODPHMRUD
GHOPDQHMR\ODJHVWLyQGHVXVUHVLGXRVKRVSLWDODULRV
(OSUHVHQWHWLHQHSRUILQSURSRQHUXQSODQGHPDQHMRGHUHVLGXRVSDUDHO+RVSLWDO0XQLFLSDO
GH9HQWDQLOOD\GLVPLQXLUDVtORVULHVJRVDODVDOXGGHODVSHUVRQDVFRPRHOSHUVRQDOPpGLFR
HOSHUVRQDOGHOLPSLH]DGHOKRVSLWDO\SXEOLFDORVUHFROHFWRUHV\ORVXVXDULRVTXHVHDWLHQWHQ
HQ HO FHQWUR PpGLFR (O +RVSLWDO DFWXDOPHQWH VH HQFXHQWUD HQ XQ SURFHVR GH PHMRUD H
LPSOHPHQWDFLyQGHVXVSURFHVRVGHPDQHMRGHUHVLGXRVDFWXDOPHQWHH[LVWHQGHILFLHQFLDVHQ
HVWRVSURFHVRVORVTXHVHGHWDOODQDFRQWLQXDFLyQ
$FRQGLFLRQDPLHQWR 1R VH FXHQWD FRQ OD FDQWLGDG VXILFLHQWH GH UHFLSLHQWHV SDUD
UHVLGXRVVyOLGRVDGHPiVHVWRVUHFLSLHQWHVGHUHVLGXRVVyOLGRVQRWLHQHQHOVtPEROR
TXHLGHQWLILTXHVXSHOLJURVLGDGDVLPLVPRQRWLHQHQWDSDV\QRHVWiQVHxDOL]DGDVHQ
ODVSDUWHVGHVXFDSDFLGDG
6HJUHJDFLyQ+D\XQDLQDGHFXDGDFDSDFLWDFLyQHQWHPDVGHPDQHMRUHFROHFFLyQ\
UHFLFODMHGHUHVLGXRVHQODIXHQWHGHJHQHUDFLyQDWRGRHOSHUVRQDOGHOLPSLH]DTXH
UHDOL]DODVDFWLYLGDGHVGHPDQHMRGHUHVLGXRVVyOLGRV(OSHUVRQDOFXHQWDFRQHTXLSRV
GHSURWHFFLyQSHUVRQDOGHWHULRUDGRV\HQDOJXQRVFDVRVDXVHQFLDWRWDOGHHOORV
$OPDFHQDPLHQWR /RV UHVLGXRV VREUHSDVDQ ODV SDUWHV GH FDSDFLGDG GH
DOPDFHQDPLHQWR\HQDOJXQRVFDVRVVRQFRORFDGRVREUHVXHORGHVFXELHUWR
5HFROHFFLyQ \ WUDQVSRUWH )DOWD GLDJUDPD GH IOXMR \ VHxDOL]DFLRQHV SDUD HO
WUDQVSRUWHGHUHVLGXRV
,,, 2%-(7,926'(/$,19(67,*$&,21
2%-(7,9235,1&,3$/
(ODERUDU XQ SODQ GH PDQHMR GH 5HVLGXRV 6yOLGRV +RVSLWDODULRV GH ODV iUHDV GH FRQVXOWD
H[WHUQDHQHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
2%-(7,926(63(&Ë),&26
x 5HDOL]DU HO GLDJQyVWLFR GHO PDQHMR DFWXDO GH UHVLGXRV VyOLGRV KRVSLWDODULRV HQ ODV
iUHDVGHFRQVXOWDH[WHUQDHQHO+RVSLWDO0XQLFLSDOHQHOGLVWULWRGH9HQWDQLOOD
x 5HDOL]DUXQHVWXGLRGHFDUDFWHUL]DFLyQItVLFDGHORVUHVLGXRVKRVSLWDODULRVJHQHUDGRV
HQODViUHDVGHFRQVXOWDH[WHUQDGHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
x )RUPXODUXQDSURSXHVWDGH3ODQGH0DQHMRGH5HVLGXRV6yOLGRV+RVSLWDODULRVHQODV
iUHDVGHFRQVXOWDH[WHUQDHQHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
,9 5(9,6,21'(/,7(5$785$
(67$%/(&,0,(1726'(6$/8'
6H HQWLHQGH SRU (VWDEOHFLPLHQWRV GH 6DOXG D XQ KRVSLWDO 6DQDWRULR &OtQLFD 3ROLFOtQLFR
&HQWUR0HGLFR0DWHUQLGDG6DODGHSULPHURDX[LOLRV\WRGRDTXHOHVWDEOHFLPLHQWRGRQGHVH
SUDFWLTXHFXDOTXLHUDGHORVQLYHOHVGHDWHQFLyQKXPDQDRDQLPDOFRQILQHVGHSUHYHQFLyQ
GLDJQyVWLFRWUDWDPLHQWR\UHKDELOLWDFLyQ&(3,6
/RVHVWDEOHFLPLHQWRVGHVDOXG\ORVVHUYLFLRVPpGLFRVGHDSR\RFXDOTXLHUDVHDVXQDWXUDOH]D
RVXPRGDOLGDGGHJHVWLyQGHEHQFXPSOLUFRQORVUHTXLVLWRVTXHGLVSRQHQORVUHJODPHQWRV\
1RUPDV7pFQLFDVTXHGLFWDOD$XWRULGDGGHVDOXGDQLYHO1DFLRQDOHQUHODFLyQDSODQWDItVLFD
HTXLSDPLHQWR SHUVRQDO DVLVWHQFLDO VLVWHPDV GH VDQHDPLHQWR \ FRQWURO GH ULHVJRV
UHODFLRQDGRV FRQ ORV DJHQWHV DPELHQWDOHV ItVLFRV TXtPLFRV ELROyJLFRV HUJRQyPLFRV \
GHPiVTXHSURFHGHQDWHQGLHQGRDODQDWXUDOH]D\FRPSOHMLGDGGHORVPLVPRV$UW&DS
,,/H\*HQHUDOGH6DOXGGHO3HU~
6RQDTXHOORVTXHUHDOL]DQDWHQFLyQGHVDOXGHQUpJLPHQDPEXODWRULRRGHLQWHUQDPLHQWRFRQ
ILQHVGHSUHYHQFLyQSURPRFLyQGLDJQyVWLFRWUDWDULLHQWR\UHKDELOLWDFLyQSDUDPDQWHQHUR
UHVWDEOHFHUHOHVWDGRGHVDOXGGHODVSHUVRQDV
(OHVWDEOHFLPLHQWRGHVDOXGFRQVWLWX\HOD8QLGDG2SHUDWLYDGHODRIHUWDGHVHUYLFLRVGHVDOXG
VHJ~Q QLYHO GH DWHQFLyQ \ FODVLILFDGR HQ XQD FDWHJRUtD HVWi LPSOHPHQWDGR FRQ UHFXUVRV
KXPDQRVPDWHULDOHV\HTXLSRVUHDOL]DDFWLYLGDGHVGHSURPRFLyQGHODVDOXGSUHYHQFLyQGH
ULHVJRV\FRQWUROGHGDxRVDODVDOXGDVLVWHQFLDOHV\GHJHVWLyQSDUDEULQGDUDWHQFLRQHVGH
VDOXGDODSHUVRQDIDPLOLD\FRPXQLGDG1RUPD7pFQLFDGH6DOXG0,16$'*69
&$7(*25Ë$6'((67$%/(&,0,(1726'(/6(&7256$/8'
/RVHVWDEOHFLPLHQWRVGHVDOXGVHFODVLILFDQGHDFXHUGRDOWLSRGHSUHVWDFLyQTXHEULQGDQHQ
D(VWDEOHFLPLHQWRVGHVDOXGVLQLQWHUQDPLHQWR
6RQDTXHOORVGRQGHDWLHQGHQXQRRPiVSURIHVLRQDOHVGHODVDOXGTXHGHVDUUROODQDFWLYLGDGHV
TXH VH UHVWULQJHQ D OD DWHQFLyQ FOtQLFD DPEXODWRULD R D OD UHDOL]DFLyQ GH SURFHGLPLHQWRV
GLDJQyVWLFRVWHUDSpXWLFRVRGHUHKDELOLWDFLyQTXHQRUHTXLHUDQGHLQWHUQDPLHQWR
/D DWHQFLyQ FOtQLFD DPEXODWRULD FRPSUHQGH OD DWHQFLyQ LQWHJUDO GH VDOXG GHVDUUROODQGR
DFWLYLGDGHVFRQpQIDVLVGHSURPRFLyQGHODVDOXG\SUHYHQFLyQGHULHVJRV\FRQWUROGHGDxRV
DODVDOXG
E(VWDEOHFLPLHQWRVGHVDOXGFRQLQWHUQDPLHQWR
$TXHOORVTXHEULQGDQDWHQFLyQLQWHJUDOJHQHUDORHVSHFLDOL]DGDDOXVXDULRDJXGRRFUyQLFR
\ TXH SDUD UHDOL]DU DWHQFLRQHV R SURFHGLPLHQWRV FOtQLFRV R TXLU~UJLFRV FRQ ILQHV
GLDJQyVWLFRVWHUDSpXWLFRVRGHUHKDELOLWDFLyQUHTXLHUDQSHUPDQHQFLD\QHFHVLGDGGHVRSRUWH
DVLVWHQFLDOSRUPiVGHGRFHKRUDVSRUVXJUDGRGHGHSHQGHQFLDRULHVJR
8QLGDG3URGXFWRUDGH6HUYLFLRV836
(V OD XQLGDG EiVLFD IXQFLRQDO GHOHVWDEOHFLPLHQWR GH VDOXG FRQVWLWXLGD SRU HOFRQMXQWR GH
UHFXUVRV KXPDQRV \ WHFQROyJLFRV HQ VDOXG LQIUDHVWUXFWXUD HTXLSDPLHQWR PHGLFDPHQWRV
SURFHGLPLHQWRVFOtQLFRVHQWUHRWURVRUJDQL]DGDSDUDGHVDUUROODUIXQFLRQHVKRPRJpQHDV\
SURGXFLUGHWHUPLQDGRVVHUYLFLRVHQUHODFLyQGLUHFWDFRQVXQLYHOGHFRPSOHMLGDG
8QLGDG3URGXFWRUDGH6HUYLFLRVGH6DOXG8366
(V OD 836 RUJDQL]DGD SDUD GHVDUUROODU IXQFLRQHV KRPRJpQHDV \ SURGXFLU GHWHUPLQDGRV
VHUYLFLRVGHVDOXGHQUHODFLyQGLUHFWDFRQVXQLYHOGHFRPSOHMLGDG
/DV8366VHDJUXSDQHQ
8QLGDGHV 3URGXFWRUDV GH 6HUYLFLRV GH 6DOXG GH $WHQFLyQ 'LUHFWD GRQGH VH
UHDOL]DQODVSUHVWDFLRQHVILQDOHVDORVXVXDULRV
8QLGDGHV3URGXFWRUDVGH6HUYLFLRVGH6DOXGGH$WHQFLyQGH6RSRUWHGRQGHVH
UHDOL]DQ ODV SUHVWDFLRQHV TXH FRDG\XYDQ DO GLDJQyVWLFR \ WUDWDPLHQWR GH ORV
SUREOHPDV FOtQLFRV TXLU~UJLFRV GH XVXDULRV TXH DFXGHQ D ODV 8366 GH $WHQFLyQ
'LUHFWD
1LYHOGH$WHQFLyQ
&RQVWLWX\HXQDGHODVIRUPDVGHRUJDQL]DFLyQGHODRIHUWDGHORVVHUYLFLRVGHVDOXGHQODFXDO
VHUHODFLRQDQODPDJQLWXG\VHYHULGDGGHODVQHFHVLGDGHVGHVDOXGGHODSREODFLyQFRQOD
FDSDFLGDGUHVROXWLYD
'HDFXHUGRDOFRPSRUWDPLHQWRGHODGHPDQGDVHUHFRQRFHQWUHVQLYHOHV
D 3ULPHU1LYHOGH$WHQFLyQ
(V OD SXHUWD GH HQWUDGD GH OD SREODFLyQ DO VLVWHPD GH VDOXG HQ GRQGH VH GHVDUUROODQ
SULQFLSDOPHQWH DFWLYLGDGHV GH SURPRFLyQ GH OD VDOXG SUHYHQFLyQ GH ULHVJRV \ FRQWURO GH
GDxRV D OD VDOXG GLDJQyVWLFR SUHFR] \ WUDWDPLHQWR RSRUWXQR WHQLHQGR FRPR HMH GH
LQWHUYHQFLyQODVQHFHVLGDGHVGHVDOXGPiVIUHFXHQWHVGHODSHUVRQDIDPLOLD\FRPXQLGDG(O
JUDGRGHVHYHULGDG\PDJQLWXGGHORVSUREOHPDVGHVDOXGHQHVWHQLYHOSODQWHDODDWHQFLyQ
FRQXQDRIHUWDGHJUDQWDPDxR\GHEDMDFRPSOHMLGDGDGHPiVVHFRQVWLWX\HHQHOIDFLOLWDGRU
\FRRUGLQDGRUGHOIOXMRGHOXVXDULRGHQWURGHOVLVWHPD
E 6HJXQGR1LYHOGH$WHQFLyQ
(QHVWHQLYHOVHFRPSOHPHQWDOD$WHQFLyQ,QWHJUDOLQLFLDGDHQHOQLYHOSUHFHGHQWHDJUHJDQGR
XQJUDGRGHPD\RUHVSHFLDOL]DFLyQWDQWRHQUHFXUVRVKXPDQRVFRPRWHFQROyJLFRVEULQGDQGR
XQ FRQMXQWR GH VHUYLFLRV GH VDOXG GLULJLGRV D VROXFLRQDU ORV SUREOHPDV GH ODV SHUVRQDV
UHIHULGDVGHOSULPHUQLYHOGHDWHQFLyQRDTXHOODVTXHSRUXUJHQFLDRHPHUJHQFLDDFXGDQDORV
HVWDEOHFLPLHQWRV GH VDOXG GH HVWH QLYHO $GHPiV UHDOL]D DFWLYLGDGHV SUHYHQWLYDV
SURPRFLRQDOHV
F 7HUFHU1LYHOGH$WHQFLyQ
(VHOQLYHOGHPD\RUHVSHFLDOL]DFLyQ\FDSDFLGDGUHVROXWLYDHQFXDQWRDUHFXUVRVKXPDQRV\
WHFQROyJLFRV GLULJLGRV D OD VROXFLyQ GH ODV QHFHVLGDGHV GH VDOXG TXH VRQ UHIHULGDV GH ORV
QLYHOHV GH DWHQFLyQ SUHFHGHQWHV DVt FRPR DTXHOODV SHUVRQDV TXH DFXGDQ D ORV
HVWDEOHFLPLHQWRV GH HVWH QLYHO SRU UD]RQHV GH XUJHQFLD R HPHUJHQFLD $GHPiV UHDOL]D
DFWLYLGDGHVSUHYHQWLYDVSURPRFLRQDOHV
35,0(51,9(/'($7(1&,Ï1
&$7(*25,$,
*UXSR GH FODVLILFDFLyQ GH XQ HVWDEOHFLPLHQWR GH VDOXG GHO SULPHU QLYHO GH DWHQFLyQ FRQ
FDSDFLGDGSDUDVDWLVIDFHUODVQHFHVLGDGHVGHVDOXGGHODSHUVRQDIDPLOLD\FRPXQLGDGHQ
UpJLPHQDPEXODWRULRDWUDYpVGHHVWUDWHJLDVGHSURPRFLyQGHODVDOXGSUHYHQFLyQGHULHVJRV
\FRQWUROGHGDxRVDODVDOXGDVtFRPRODVGHUHFXSHUDFLyQ\UHKDELOLWDFLyQGHSUREOHPDVGH
VDOXGGHDFXHUGRDODFRPSHWHQFLDGHOSURIHVLRQDOGHODVDOXGDVXFDUJRSDUDORFXDOFXHQWD
FRPRPtQLPRFRQOD8366&RQVXOWD([WHUQD&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHV
HVWDEOHFLPLHQWRVGHVDOXG
3XHVWR GH 6DOXG GHQRPLQDGR WDPELpQ 3RVWD GH 6DOXG FRQ XQ SURIHVLRQDO GH OD
VDOXG
&RQVXOWRULRGHSURIHVLRQDOGHODVDOXG
&$7(*25,$,±
(QORVHVWDEOHFLPLHQWRVGHVDOXGFRQSREODFLyQDVLJQDGDGHEHGHVDUUROODUVHODDFWLYLGDGGH
6DOXG)DPLOLDU\&RPXQLWDULD
/RVHVWDEOHFLPLHQWRVGHVDOXGGHHVWDFDWHJRUtDGHVDUUROODQODVDFWLYLGDGHVRLQWHUYHQFLRQHV
SULRULWDULDPHQWHODVGH3UHYHQFLyQ\3URPRFLyQDGHPiVGH5HFXSHUDFLyQ\5HKDELOLWDFLyQ
\*HVWLyQ
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
3XHVWRGH6DOXGWDPELpQGHQRPLQDGR3RVWDGH6DOXG&RQ0pGLFR&LUXMDQR
&RQVXOWRULRPpGLFR&RQ0pGLFR&LUXMDQRFRQRVLQHVSHFLDOLGDG
&$7(*25,$,±
&XHQWDFRPRPtQLPRFRQOD8366&RQVXOWD([WHUQD\OD83663DWRORJtD&OtQLFD
/D83663DWRORJtD&OtQLFDSXHGHVHUSURSLDRWHUFHUL]DGD
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
&HQWURGH6DOXG
&HQWUR0pGLFR
&HQWUR0pGLFRHVSHFLDOL]DGR
3ROLFOtQLFR
(Q HVWRV HVWDEOHFLPLHQWRV GH VDOXG GHEH GHVDUUROODUVH OD DFWLYLGDG GH 6DOXG )DPLOLDU \
&RPXQLWDULDDFDUJRGHO(TXLSR%iVLFRGH6DOXG)DPLOLDU\&RPXQLWDULD
&$7(*25,$,±
(VWRVHVWDEOHFLPLHQWRVGHVDOXGRIHUWDQDWHQFLyQGHVDOXGDPEXODWRULDHLQWHUQDPLHQWR
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
&HQWURGH6DOXGFRQFDPDVGHLQWHUQDPLHQWR
&HQWUR0pGLFRFRQFDPDVGHLQWHUQDPLHQWR
/RVHVWDEOHFLPLHQWRVGHVDOXGFRQSREODFLyQDVLJQDGDFXHQWDQFRQ0pGLFRVHVSHFLDOLVWDVHQ
*LQHFRORJtD\2EVWHWULFLDHQ3HGLDWUtD\HQ0HGLFLQD)DPLOLDU
&$7(*25,$,,±
*UXSR GH FODVLILFDFLyQ GH HVWDEOHFLPLHQWRV GH VDOXG GHO 6HJXQGR 1LYHO GH $WHQFLyQ FRQ
FDSDFLGDG UHVROXWLYD SDUDVDWLVIDFHU ODV QHFHVLGDGHV GH6DOXG GH OD SREODFLyQD WUDYpV GH
DWHQFLyQDPEXODWRULDGHHPHUJHQFLD\GHKRVSLWDOL]DFLyQ
(VWRV HVWDEOHFLPLHQWRV GH VDOXG FXHQWDQ FRPR PtQLPR FRQ ODV 8366 &RQVXOWD ([WHUQD
(PHUJHQFLD +RVSLWDOL]DFLyQ &HQWUR 2EVWpWULFR &HQWUR 4XLU~UJLFR 0HGLFLQD GH
5HKDELOLWDFLyQ 'LDJQyVWLFR SRU ,PiJHQHV 3DWRORJtD &OtQLFD )DUPDFLD &HQWUR GH
+HPRWHUDSLD\%DQFRGH6DQJUH1XWULFLyQ\'LHWpWLFD\&HQWUDOGH(VWHULOL]DFLyQ
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
+RVSLWDOHVGHDWHQFLyQJHQHUDO
&OtQLFDVGHDWHQFLyQJHQHUDO
&$7(*25,$,,±
*UXSR GH FODVLILFDFLyQ GH HVWDEOHFLPLHQWRV GH VDOXG GHO VHJXQGR QLYHO GH DWHQFLyQ FRQ
FDSDFLGDG UHVROXWLYD SDUD VDWLVIDFHU ODV QHFHVLGDGHV GH VDOX GH OD SREODFLyQ D WUDYpV GH
DWHQFLyQ DPEXODWRULD HPHUJHQFLD KRVSLWDOL]DFLyQ \ FXLGDGRV LQWHQVLYRV (VWRV
HVWDEOHFLPLHQWRV GH VDOXG FXHQWDQ FRPR PtQLPR FRQ ODV 8366 &RQVXOWD ([WHUQD
(PHUJHQFLD +RVSLWDOL]DFLyQ &HQWUR 2EVWpWULFR &HQWUR 4XLU~UJLFR 8QLGDG GH &XLGDGRV
,QWHQVLYRV 0HGLFLQD GH 5HKDELOLWDFLyQ 'LDJQyVWLFR SRU LPiJHQHV 3DWRORJtD &OtQLFD
$QDWRPtD 3DWROyJLFD )DUPDFLD &HQWUR GH +HPRWHUDSLD \ %DQFR GH 6DQJUH 1XWULFLyQ \
'LHWpWLFD\&HQWUDOGH(VWHULOL]DFLyQ
/DV 8366 GH $WHQFLyQ GH 6RSRUWH SXHGHQ VHU SURSLDV GHO HVWDEOHFLPLHQWR GH VDOXG R
WHUFHUL]DFLyQSDUFLDORWRWDOPHQWH
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
+RVSLWDOHVGHDWHQFLyQJHQHUDO
&OtQLFDVGHDWHQFLyQJHQHUDO
&$7(*25,$,,±(
&RPSUHQGH D ORV HVWDEOHFLPLHQWRV GH VDOXG GH DWHQFLyQ HVSHFLDOL]DGD TXH GHVDUUROODQ
VHUYLFLRV GH VDOXG HQ XQD HVSHFLDOLGDG SULQFLSDO \ RSFLRQDOPHQWH RWUDV HVSHFLDOLGDGHV
DGHPiV SRGUiQ GHVDUUROODU XQR R PiV VHUYLFLRV VXE HVSHFLDOL]DGRV GHULYDGRV GH OD
HVSHFLDOLGDGSULQFLSDO
(VWRV HVWDEOHFLPLHQWRV GH VDOXG TXH EULQGDQ DWHQFLyQ HVSHFLDOL]DGD HQ XQ FDPSR FOtQLFR
FXHQWDQFRQODV8366QHFHVDULDVSDUDJDUDQWL]DUODDWHQFLyQLQWHJUDOGHOSDFLHQWHVLHQGRODV
8366GH$WHQFLyQ'LUHFWD&RQVXOWD([WHUQD\+RVSLWDOL]DFLyQREOLJDWRULDVDVtFRPRODV
8366 GH $WHQFLyQ GH 6RSRUWH 'LDJQyVWLFR SRU ,PiJHQHV 3DWRORJtD &OtQLFD )DUPDFLD
1XWULFLyQ\'LHWpWLFD
6L ODV SDWRORJtDV SURSLDV GHO FDPSR FOtQLFR TXH GHVDUUROOHQ UHTXLHUDQ GH DWHQFLyQ GH
HPHUJHQFLDFXHQWDQHQIRUPDREOLJDWRULDFRQOD8366(PHUJHQFLDRHQFDVRFRQWUDULRGHEHQ
UHDOL]DUREOLJDWRULDPHQWHODDFWLYLGDGGH$WHQFLyQGH8UJHQFLDV\(PHUJHQFLDVGHVXFDPSR
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
+RVSLWDOHVGHDWHQFLyQHVSHFLDOL]DGD
&OtQLFDVGHDWHQFLyQHVSHFLDOL]DGD
&$7(*25,$,,,±
(VWRV HVWDEOHFLPLHQWRV GH VDOXG FXHQWDQ FRPR PtQLPR FRQ ODV 8366 &RQVXOWD ([WHUQD
(PHUJHQFLD +RVSLWDOL]DFLyQ &HQWUR 2EVWpWULFR &HQWUR 4XLU~UJLFR 8QLGDG GH &XLGDGRV
,QWHQVLYRV 0HGLFLQD GH 5HKDELOLWDFLyQ 'LDJQyVWLFR SRU ,PiJHQHV 3DWRORJtD &OtQLFD
$QDWRPtD3DWROyJLFD)DUPDFLD&HQWURGH+HPRWHUDSLD\%DQFRGH6DQJUH+HPRGLiOLVLV
1XWULFLyQ\'LHWpWLFD\&HQWUDOGH(VWHULOL]DFLyQ
/DV 8366 GH DWHQFLyQ GH VRSRUWH SXHGHQ VHU SURSLDV GHO HVWDEOHFLPLHQWR GH VDOXG R
WHUFHUL]DFLyQSDUFLDORWRWDOPHQWH
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
+RVSLWDOHVGHDWHQFLyQJHQHUDO
&OtQLFDVGHDWHQFLyQJHQHUDO
&$7(*25,$,,,±(
(VWRVHVWDEOHFLPLHQWRVGHVDOXGTXHEULQGDQDWHQFLyQHVSHFLDOL]DGDHQXQFDPSRFOtQLFRR
JUXSR HWDULR FXHQWDQ FRQ ODV 8366 QHFHVDULDV SDUD JDUDQWL]DU OD DWHQFLyQ LQWHJUDO GHO
SDFLHQWH HQ HO FDPSR TXH RIHUWDQ VLHQGR ODV 8366 &RQVXOWD ([WHUQD \ +RVSLWDOL]DFLyQ
REOLJDWRULDV DVt FRPR ODV 8366 GH $WHQFLyQ GH 6RSRUWH 'LDJQyVWLFR SRU ,PiJHQHV
3DWRORJtD&OtQLFD)DUPDFLD1XWULFLyQ\'LHWpWLFD
/DV366GH$WHQFLyQGH6RSRUWHVHLPSOHPHQWDUiQREOLJDWRULDPHQWHGHDFXHUGRDOFDPSR
FOtQLFRTXHGHVDUUROOHQODVPLVPDVTXHSXHGHQVHUSURSLDVGHOHVWDEOHFLPLHQWRGHVDOXGRHQ
VXGHIHFWRORVVHUYLFLRVSRGUiQVHUWHUFHUL]DGRV(QORVHVWDEOHFLPLHQWRVGHVDOXGS~EOLFRV
ORVVHUYLFLRVFRUUHVSRQGLHQWHVDODV8366&HQWURGH+HPRWHUDSLD\%DQFRGH6DQJUH\DOD
8366)DUPDFLDQRVHSXHGHQWHUFHUL]DU
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
+RVSLWDOHVGHDWHQFLyQHVSHFLDOL]DGD
&OtQLFDVGHDWHQFLyQHVSHFLDOL]DGD
&$7(*25,$,,,
*UXSR GH FODVLILFDFLyQ GH HVWDEOHFLPLHQWRV GH VDOXG GH DWHQFLyQ HVSHFLDOL]DGD GHO WHUFHU
QLYHO GH DWHQFLyQ TXH UHDOL]D SUHVWDFLyQ GH VHUYLFLRV GH VDOXG GH OD PiV DOWD FDSDFLGDG
UHVROXWLYDHQXQFDPSRFOtQLFRRJUXSRHWDULR$GHPiVSURSRQHQRUPDV\HVWUDWHJLDVDOD
DXWRULGDGQDFLRQDOGHVDOXGGHVDUUROODLQQRYDFLyQWHFQROyJLFDLQYHVWLJDFLyQ\GRFHQFLDHQ
HOFDPSRFOtQLFRRJUXSRHWDULRTXHGHVDUUROOH
/RV HVWDEOHFLPLHQWRV GH VDOXG GH HVWD FDWHJRUtD FXHQWDQ FRQ ODV 8366 QHFHVDULDV SDUD OD
DWHQFLyQ LQWHJUDO GHO SDFLHQWH HQ HO FDPSR GH OD HVSHFLDOLGDG TXH GHVDUUROODQ VLHQGR ODV
8366&RQVXOWD([WHUQD\+RVSLWDOL]DFLyQ\OD836'RFHQFLDH,QYHVWLJDFLyQREOLJDWRULDV
/DV8366GH$WHQFLyQGH6RSRUWHVHLPSOHPHQWDUiQREOLJDWRULDPHQWHGHDFXHUGRDOFDPSR
FOtQLFRTXHGHVDUUROOHQODVPLVPDVTXHSXHGHQVHUSURSLDVGHOHVWDEOHFLPLHQWRGHVDOXGRHQ
VXGHIHFWRORVVHUYLFLRVSRGUiQVHUWHUFHUL]DGRV(QORVHVWDEOHFLPLHQWRVGHVDOXGS~EOLFRV
ORVVHUYLFLRVFRUUHVSRQGLHQWHVDODV8366&HQWURGH+HPRWHUDSLD\%DQFRGH6DQJUH\DOD
8366)DUPDFLDQRVHSXHGHQWHUFHUL]DU
&RUUHVSRQGHQDHVWDFDWHJRUtDORVVLJXLHQWHVHVWDEOHFLPLHQWRVGHVDOXG
,QVWLWXWRVGH6DOXG(VSHFLDOL]DGRV
5(6,'826
6H HQWLHQGH SRU UHVLGXRV VyOLGRV D XQ PDWHULDO TXH QR SUHVHQWD XQD XWLOLGDG R XQ YDORU
HFRQyPLFRSDUDHOGXHxR\HVWHVHFRQYLHUWHHQHOJHQHUDGRUGHUHVLGXRV/RVUHVLGXRVVyOLGRV
VHFODVLILFDQVHJ~QVXRULJHQHQ$UW&DS,,/H\*HQHUDOGH5HVLGXRV6yOLGRV
5HVLGXRGRPLFLOLDULR
5HVLGXRFRPHUFLDO
5HVLGXRGHOLPSLH]DRHVSDFLRVS~EOLFRV
5HVLGXRVGHHVWDEOHFLPLHQWRVGHDWHQFLyQGHVDOXG
5HVLGXRLQGXVWULDO
5HVLGXRVGHODVDFWLYLGDGHVGHFRQVWUXFFLyQ
5HVLGXRVDJURSHFXDULRV
5HVLGXRGHLQVWDODFLRQHVRDFWLYLGDGHVHVSHFLDOHV
5(6,'82662/,'26
3RU UHVLGXR VyOLGR VH HQWLHQGH FRPR ODV VXVWDQFLDV SURGXFWRV R VXESURGXFWRV HQ HVWDGR
VyOLGR R VHPLVyOLGR HQ ORV TXH VX JHQHUDGRU GLVSRQH R HVWi REOLJDGR D GLVSRQHU VHJ~Q
QRUPDWLYLGDGDILQGHHYLWDUORVULHVJRVTXHFDXVHQDODVDOXG\HODPELHQWH/DJHVWLyQGH
ORV UHVLGXRV VyOLGRV WLHQH FRPR ILQDOLGDG VX PDQHMR LQWHJUDO \ VRVWHQLEOH PHGLDQWH OD
DUWLFXODFLyQLQWHJUDFLyQ\FRPSDWLELOL]DFLyQGHODVSROtWLFDVSODQHV\DFFLRQHVUHJLGRSRU
ORVOLQHDPLHQWRVGHSROtWLFDVH[LJLEOHVSURJUDPiWLFDPHQWHHQIXQFLyQGHODVSRVLELOLGDGHV
HFRQyPLFDV\WpFQLFDVSDUDDOFDQ]DUVXFXPSOLPLHQWR/H\/H\*HQHUDOGH5HVLGXRV
6yOLGRV
5(6,'8266Ï/,'26+263,7$/$5,26
/RV5HVLGXRV6yOLGRV+RVSLWDODULRVVRQDTXHOORVUHVLGXRVJHQHUDGRVHQORVSURFHVRV\HQODV
DFWLYLGDGHV GH DWHQFLyQ H LQYHVWLJDFLyQ PpGLFD HQ HVWDEOHFLPLHQWRV FRPR KRVSLWDOHV
FOtQLFDVFHQWURV\SXHVWRVGHVDOXGODERUDWRULRVFOtQLFRVFRQVXOWRULRVHQWUHRWURVDILQHV
6HFRQVLGHUDUHVLGXRFXDOTXLHUPDWHULDODSDUWLUGHOPRPHQWRHQTXHKD\DVLGRGHVFDUWDGR
SRUHOHVWDEOHFLPLHQWRGHVDOXG
(VWRV5HVLGXRVVHFDUDFWHUL]DQSRUHVWDUFRQWDPLQDGRVFRQDJHQWHVLQIHFFLRVRVRTXHSXHGHQ
FRQWHQHUDOWDVFRQFHQWUDFLRQHVGHPLFURRUJDQLVPRVTXHVRQGHSRWHQFLDOSHOLJURWDOHVFRPR
DJXMDV KLSRGpUPLFDV JDVDVDOJRGRQHV PHGLRV GH FXOWLYR yUJDQRV SDWROyJLFRV UHVWRV GH
FRPLGDSDSHOHVHPEDODMHVPDWHULDOGHODERUDWRULRHQWUHRWURV/H\/H\*HQHUDO
GH5HVLGXRV6yOLGRV
&/$6,),&$&,Ï1'(/265(6,'8266Ï/,'26+263,7$/$5,26
/DFODVLILFDFLyQGHORVUHVLGXRVVyOLGRVJHQHUDGRVHQORVHVWDEOHFLPLHQWRVGHVDOXGVHEDVD
SULQFLSDOPHQWH HQ VX QDWXUDOH]D \ HQ VXV ULHVJRV DVRFLDGRV DVt FRPR HQ ORV FULWHULRV
HVWDEOHFLGRVSRUHO0LQLVWHULRGH6DOXG
&XDOTXLHUPDWHULDOGHOHVWDEOHFLPLHQWRGHVDOXGWLHQHQTXHFRQVLGHUDUVHUHVLGXRVGHVGHHO
PRPHQWRHQTXHVHUHFKD]DSRUTXHVXXWLOLGDGRVXPDQHMRFOtQLFRVHFRQVLGHUDQDFDEDGRV
\VRORHQWRQFHVSXHGHHPSH]DUDKDEODUVHGHUHVLGXRTXHWLHQHXQULHVJRDVRFLDGR
/RVUHVLGXRVVyOLGRVKRVSLWDODULRVVHFODVLILFDQHQWUHVFDWHJRUtDV
&ODVH$5HVLGXR%LRFRQWDPLQDGR&ODVH%5HVLGXRV(VSHFLDO\&ODVH&5HVLGXRFRP~Q
(O PDQHMR GH UHVLGXRV VyOLGRV GHEH FRPHQ]DU GHVGH HO SXQWR GH RULJHQ PHGLDQWH OD
FODVLILFDFLyQ GH ORV UHVLGXRV FRPR SDUWH GHO FRQFHSWR GH PLQLPL]DFLyQ GH UHVLGXRV
SHOLJURVRVHVWDSUiFWLFDWUDHFRPREHQHILFLR1731±0,16$',*(6$
x 0LQLPL]DUORVULHVJRVSDUDODVDOXGPHGLDQWHODVHSDUDFLyQGHUHVLGXRVFRQWDPLQDGRV
FRQDJHQWHVSDWyJHQRVRWy[LFRVDILQGHRFRQWDPLQDUHOUHVWRGHUHVLGXRV
x 5HGXFLUFRVWRVRSHUDWLYRVHQHOPDQHMRGHUHVLGXRVSHOLJURVR
x 5HXWLOL]DUUHVLGXRVTXHQRUHTXLHUDQWUDWDPLHQWR
&/$6,),&$&,Ï1 6(*Ò1 173 1 ± 0,16$',*(6$ 9
³*(67,Ï1 < 0$1(-2 '( 5(6,'826 6Ï/,'26 (1
(67$%/(&,0,(172'(6$/8'<&(175260e',&26'($32<2´
x &ODVH$5HVLGXRV%LRFRQWDPLQDGR
6RQDTXHOORVUHVLGXRVJHQHUDGRVHQHOSURFHVRGHODDWHQFLyQHLQYHVWLJDFLyQPpGLFD
TXH HVWiQ FRQWDPLQDGRV FRQ DJHQWHV LQIHFFLRVRV R TXH SXHGHQ FRQWHQHU DOWDV
FRQFHQWUDFLRQHVGHPLFURRUJDQLVPRVTXHVRQGHSRWHQFLDOULHVJRSDUDODSHUVRQDTXH
HQFRQWDFWRFRQGLFKRVUHVLGXRV
7LSR$'HDWHQFLyQDOSDFLHQWH
5HVLGXRV6yOLGRVFRQWDPLQDGRVRHQFRQWDFWRFRQVHFUHFLRQHVH[FUHFLRQHV\GHPiV
OtTXLGRVRUJiQLFRVSURYHQLHQWHVGHODDWHQFLyQGHSDFLHQWHVLQFOX\pQGRVHORVUHVWRV
GHDOLPHQWRV\EHELGDVGHORVPLVPRV,QFOX\HORVUHVLGXRVGHODQXWULFLyQSDUHQWHUDO
\HQWHUDO\ORVLQVWUXPHQWRVPpGLFRVGHVHFKDEOHVXWLOL]DGRV
7LSR$%LROyJLFR
&RPSXHVWRSRUFXOWLYRVLQyFXORVPH]FODGHPLFURRUJDQLVPRV\PHGLRVGHFXOWLYR
LQRFXODGRVSURYHQLHQWHVGHOODERUDWRULRFOtQLFRRGHLQYHVWLJDFLyQYDFXQDVYHQFLGDV
R LQXWLOL]DGDV ILOWUR GH JDVHV DVSLUDGRUHV GH iUHDV FRQWDPLQDGDV SRU DJHQWHV
LQIHFFLRVRV\FXDOTXLHUUHVLGXRFRQWDPLQDGRSRUHVWRVPDWHULDOHV
7LSR$%ROVDVFRQWHQLHQGRVDQJUHKXPDQD\KHPRGHULYDGRV
(VWHJUXSRHVWiFRQVWLWXLGRSRUPDWHULDOHVREROVDVFRQFRQWHQLGRGHVDQJUHKXPDQD
GHSDFLHQWHVFRQSOD]RGHXWLOL]DFLyQYHQFLGDVHURORJtDSRVLWLYDPXHVWUDVGHVDQJUH
SDUDDQiOLVLVVXHURSODVPD\RWURVVXESURGXFWRVXKHPRGHULYDGRV
7LSR$5HVLGXRV4XLU~UJLFRV\$QiWRPR3DWROyJLFRV
&RPSXHVWRSRUWHMLGRVyUJDQRVSLH]DVDQDWyPLFDV\UHVLGXRVyOLGRVFRQWDPLQDGRV
FRQVDQJUHUHVXOWDQWHGHXQDFLUXJtDDXWRSVLDXRWURV
7LSR$3XQ]RFRUWDQWHV
&RPSXHVWRSRUHOHPHQWRVSXQ]RFRUWDQWHVTXHHVWXYLHURQHQFRQWDFWRFRQSDFLHQWHV
R DJHQWHV LQIHFFLRVRV LQFOX\HQ DJXMDV KLSRGpUPLFDV MHULQJDV SLSHWDV ELVWXUtHV
SODFDV GH FXOWLYR DJXMDV GH VXWXUD FDWpWHUHV FRQ DJXMD \ RWURV REMHWRV GH YLGULR
HQWHURVRURWRVREMHWRVFRUWRSXQ]RFRUWDQWHVGHVHFKDGRV
7LSR$$QLPDOHVFRQWDPLQDGRV
6H LQFOX\HQ DTXt ORV FDGiYHUHV R SDUWHV GH DQLPDOHV LQRFXODGRV H[SXHVWRV D
PLFURRUJDQLVPRV SDWyJHQRV R SRUWDGRUHV GH HQIHUPHGDGHV LQIHFWRFRQWDJLRVDV DVt
FRPRVXVOHFKRVRUHVLGXRVTXHKD\DQWHQLGRFRQWDFWRFRQHVWH
x &ODVH%5HVLGXRVHVSHFLDOHV
6RQDTXHOORVUHVLGXRVSHOLJURVRVJHQHUDGRVHQORV(VWDEOHFLPLHQWRVGH6DOXG((66
\ 6HUYLFLRV 0pGLFRV GH $SR\R 60$ FRQ FDUDFWHUtVWLFDV ItVLFDV \ TXtPLFDV GH
SRWHQFLDOSHOLJUR SRU ORFRUURVLYR LQIODPDEOHWy[LFRH[SORVLYR \ UHDFWLYR SDUDOD
SHUVRQDH[SXHVWD
7LSR%5HVLGXRV4XtPLFRV3HOLJURVRV
7LSR%5HVLGXRV)DUPDFpXWLFRV
7LSR%5HVLGXRVUDGLRDFWLYRV
&RPSXHVWR SRU PDWHULDOHV UDGLRDFWLYRV R FRQWDPLQDGRV FRQ UDGLRLVyWRSRV GH EDMD
DFWLYLGDG SURYHQLHQWHV GH ODERUDWRULRV GH LQYHVWLJDFLyQ TXtPLFD \ ELROyJLFD GH
ODERUDWRULRVGHDQiOLVLVFOtQLFRV\VHUYLFLRVGHPHGLFLQDQXFOHDU(VWRVPDWHULDOHVVRQ
QRUPDOPHQWHVyOLGRVRSXHGHQVHUPDWHULDOHVFRQWDPLQDGRVSRUOtTXLGRVUDGLRDFWLYRV
MHULQJDVSDSHODEVRUEHQWHIUDVFRVKHFHVHQWUHRWURV
x &ODVH&5HVLGXRFRP~Q
&RPSXHVWRSRUWRGRVORVUHVLGXRVTXHQRVHHQFXHQWUDQHQQLQJXQDGHODVFDWHJRUtDV
DQWHULRUHV \ TXH SRU VX VHPHMDQ]D FRQ ORV UHVLGXRV GRPpVWLFRV SXHGHQ VHU
FRQVLGHUDGRV FRPR WDOHV (Q HVWD FDWHJRUtD VH LQFOX\HQ SRU HMHPSOR ORV UHVLGXRV
JHQHUDGRVHQDGPLQLVWUDFLyQDTXHOORVSURYHQLHQWHVGHODOLPSLH]DGHMDUGLQHVSDWLRV
iUHDVS~EOLFDVUHVWRVGHODSUHSDUDFLyQGHDOLPHQWRV\HQJHQHUDOWRGRPDWHULDOTXH
QRSXHGHFODVLILFDUHQODVFDWHJRUtDV$\%
7LSR&
3DSHOHVGHODSDUWHDGPLQLVWUDWLYDTXHQRKD\DQHVWDGRHQFRQWDFWRGLUHFWRFRQHO
SDFLHQWH \ TXH QR VH HQFXHQWUHQ FRQWDPLQDGRV FDUWyQ FDMDV LQVXPRV \ RWURV
JHQHUDGRV SRU PDQWHQLPLHQWR TXH QR FXHQWHQ FRQ FRGLILFDFLyQ SDWULPRQLDO \ VRQ
VXVFHSWLEOHVGHUHFLFODMH
7LSR&
9LGULRPDGHUDSOiVWLFRVPHWDOHVRWURVTXHQRKD\DQHVWDGRHQFRQWDFWRGLUHFWRFRQ
HOSDFLHQWH\TXHQRVHHQFXHQWUHQFRQWDPLQDGRV\VRQVXVFHSWLEOHVGHUHFLFODMH
7LSR&
5HVWRVGHSUHSDUDFLyQGHDOLPHQWRVHQHODFRFLQDGHOLPSLH]DGHMDUGLQHVRWURV
x 5HVLGXRVLQIHFFLRVRV
6RQ ORV UHVLGXRV JHQHUDGRV GXUDQWH ODV GLIHUHQWHV HWDSDV GH OD DWHQFLyQ GH VDOXG
GLDJQyVWLFR WUDWDPLHQWR LQPXQL]DFLRQHV LQYHVWLJDFLRQHV HWF TXH FRQWLHQHQ
SDWyJHQRVHQFDQWLGDGRFRQFHQWUDFLyQVXILFLHQWHSDUDFRQWDPLQDUDODSHUVRQDTXHVH
H[SRQJDDHOORV
(VWRVUHVLGXRVSXHGHQVHUHQWUHRWURVPDWHULDOHVSURYHQLHQWHVGHVDODVGHDLVODPLHQWR
GH SDFLHQWHV PDWHULDOHV ELROyJLFRV VDQJUH KXPDQD \ SURGXFWRV GHULYDGRV UHVLGXRV
DQDWyPLFRVSDWROyJLFRV\TXLU~UJLFRVUHVLGXRVSXQ]RFRUWDQWHVUHVLGXRVGHDQLPDOHV
x 5HVLGXRVHVSHFLDOHV
6RQDTXHOORVJHQHUDGRVGXUDQWHODVDFWLYLGDGHVDX[LOLDUHVGHORVFHQWURVGHDWHQFLyQGH
VDOXGTXHQRKD\DQHQWUDGRHQFRQWDFWRFRQORVSDFLHQWHVQLFRQORVDJHQWHVLQIHFFLRVRV
&RQVWLWX\HQ XQ SHOLJUR SDUD OD VDOXG SRU VXV FDUDFWHUtVWLFDV DJUHVLYDV WDOHV FRPR
FRUURVLYLGDG UHDFWLYLGDG H[SORVLYLGDG WR[LFLGDG LQIODPDELOLGDG R UHDFWLYLGDG (VWRV
UHVLGXRV VH JHQHUDQ SULQFLSDOPHQWH HQ ORV VHUYLFLRV DX[LOLDUHV GH GLDJQyVWLFR \
WUDWDPLHQWR GLUHFWRV FRPSOHPHQWDULRV \ JHQHUDOHV 3XHGHQ VHU HQWUH RWURV UHVLGXRV
TXtPLFRV\SHOLJURVRVUHVLGXRVIDUPDFpXWLFRV\UHVLGXRVUDGLDFWLYRV
x 5HVLGXRV&RPXQHV
6RQDTXHOORVJHQHUDGRVSRUODVDFWLYLGDGHVDGPLQLVWUDWLYDVDX[LOLDUHV\JHQHUDOHVTXH
QRFRUUHVSRQGHQDQLQJXQDGHODVFDWHJRUtDVDQWHULRUHVQRUHSUHVHQWDQSHOLJURSDUDOD
VDOXG \ VXV FDUDFWHUtVWLFDV VRQ VLPLODUHV D ODV TXH SUHVHQWDQ ORV UHVLGXRV GRPpVWLFRV
FRPXQHV6HLQFOX\HHVWDFDWHJRUtDDORVSDSHOHVFDUWRQHVFDMDVSOiVWLFRVUHVWRVGHOD
SUHSDUDFLyQGHDOLPHQWRV\PDWHULDOHVGHOLPSLH]DGHSDWLRV\MDUGLQHVHQWUHRWURV
5,(6*26'(/265(6,'826+263,7$/$5,26
D &RQWHQLGRGHDJHQWHVLQIHFFLRVRVLQFOXLGRPDWHULDOODFHUDQWHFRQWDPLQDGR
E &DUiFWHUFLWRWy[LFRRJHQHWy[LFR
F &RQWHQLGRGHSURGXFWRVTXtPLFRVRIDUPDFpXWLFRVWy[LFRVRSHOLJURVRV
G &DUiFWHU5DGLDFWLYR
H &RQWHQLGRGHREMHWRVODFHUDQWHV
(VWR FRQVWLWX\HQ XQ VHULR SHOLJUR SDUD ORV DFWRUHV LQYROXFUDGRV HQ HO PDQHMR GH
UHVLGXRVFRPR
x 3HUVRQDODVLVWHQFLDO
x 3HUVRQDOGHOLPSLH]D
x 3HUVRQDOGHPDQWHQLPLHQWR
x 2SHUDGRUHVGHHTXLSRVGHWUDWDPLHQWR
x 7UDEDMDGRUHVHQORVVLWLRVGHGLVSRVLFLyQILQDO
(7$3$6'(/0$1(-2'(/265(6,'82662/,'26+263,7$/$5,26
(OPDQHMRDSURSLDGRGHORVUHVLGXRVVyOLGRVKRVSLWDODULRVVLJXHXQIOXMRGHRSHUDFLRQHVTXH
WLHQHFRPRSXQWRGHLQLFLRHODFRQGLFLRQDPLHQWRGHORVGLIHUHQWHVVHUYLFLRVFRQORVLQVXPRV
\HTXLSRVQHFHVDULRVSDUDUHDOL]DUVHJXLGDPHQWHODVHJUHJDFLyQGHUHVLGXRVTXHHVXQDHWDSD
IXQGDPHQWDO WRGD YH] TXH UHTXLHUH GHO FRPSURPLVR \ SDUWLFLSDFLyQ DFWLYD GH WRGR HO
SHUVRQDOGHOKRVSLWDO
D $FRQGLFLRQDPLHQWRHODFRQGLFLRQDPLHQWRHVODSUHSDUDFLyQGHORVVHUYLFLRV\iUHDV
KRVSLWDODULDVFRQORVPDWHULDOHVHLQVXPRVQHFHVDULRVSDUDFODVLILFDUORVUHVLGXRVGH
DFXHUGRDORVFULWHULRVHVWDEOHFLGRVHQOD1RUPD7pFQLFD10,16$
3DUD HVWD HWDSD VH GHEH FRQVLGHUDUOD LQIRUPDFLyQ REWHQLGD HQ HO HVWXGLR GH
GLDJQyVWLFRSULQFLSDOPHQWHDODFRQFHUQLHQWHDODFDUDFWHUL]DFLyQGHUHVLGXRVFRPR
UHVXOWDGRV VREUH HO YROXPHQ GH SURGXFFLyQ \ FODVH GH UHVLGXRV TXH JHQHUD FDGD
KRVSLWDO
E 6HJUHJDFLyQ \ $OPDFHQDPLHQWR 3ULPDULR OD VHJUHJDFLyQ HV XQ SURFHGLPLHQWR
IXQGDPHQWDOSDUDHOPDQHMRGHUHVLGXRVHQHOSXQWRGHJHQHUDFLyQHOFXDODVHJXUD
XQ PDQHMR VHOHFWLYR SRVWHULRU SDUD ORV UHVLGXRV ELRFRQWDPLQDGRV (VWD DFFLyQ
FRQVLVWHHQDJUXSDUGHWHUPLQDGRVFRPSRQHQWHVRHOHPHQWRVItVLFRVGHORVUHVLGXRV
VyOLGRVSDUDVHUPDQHMDGRVHQIRUPDHVSHFLDOHQHOPLVPROXJDUGHODJHQHUDFLyQ\
SRVWHULRUDVXUHPRFLyQKDVWDHODOPDFHQDPLHQWRILQDO
/DHILFDFLDGHHVWHSURFHGLPLHQWRPLQLPL]DUDORVULHVJRVDODVDOXGGHOSHUVRQDOGHO
KRVSLWDO\GHWHULRURDPELHQWDODVtPLVPRIDFLOLWDUDORVSURFHGLPLHQWRVGHWUDQVSRUWH
UHFLFODMH\WUDWDPLHQWR(VLPSRUWDQWHVHxDODUTXHODSDUWLFLSDFLyQDFWLYDGHWRGRHO
SHUVRQDOGHVDOXGSHUPLWLUiXQDEXHQDVHJUHJDFLyQGHOUHVLGXR
F $OPDFHQDPLHQWR ,QWHUPHGLR HV HO OXJDU R DPELHQWH GRQGH VH DFRSLDQ
WHPSRUDOPHQWH ORV UHVLGXRV JHQHUDGRV SRU ODV GLIHUHQWHV IXHQWHV GH ORV VHUYLFLRV
FHUFDQRV GLVWULEXLGRV HVWUDWpJLFDPHQWH SRU SLVRV R XQLGDGHV GH VHUYLFLR (VWH
DOPDFHQDPLHQWRVHLPSOHPHQWDUDGHDFXHUGRDOYROXPHQGHUHVLGXRVJHQHUDGRVHQHO
KRVSLWDO
G 5HFROHFFLyQ\7UDQVSRUWH,QWHUQRFRQVLVWHHQFROHFWDU\WUDVODGDUORVUHVLGXRVGHO
OXJDU GH JHQHUDFLyQ DO DOPDFHQDPLHQWR LQWHUPHGLR R ILQDO VHJ~Q HO FDVR
FRQVLGHUDQGRODIUHFXHQFLDGHUHFRMRGHORVUHVLGXRVHVWDEOHFLGRVSDUDFDGDXQLGDGR
VHUYLFLR
H $OPDFHQDPLHQWR )LQDO HQ HVWD HWDSD ORV UHVLGXRV VyOLGRV KRVSLWDODULRV
SURYHQLHQWHVGHODOPDFHQDPLHQWRVHFXQGDULRRGHODIXHQWHGHJHQHUDFLyQVHJ~QVHD
HOFDVRVRQGHSRVLWDGRVWHPSRUDOPHQWHSDUDVXWUDWDPLHQWR\GLVSRVLFLyQILQDOHQHO
UHOOHQRVDQLWDULR
I 7UDWDPLHQWR HO WUDWDPLHQWR GH ORV UHVLGXRV VyOLGRV KRVSLWDODULRV FRQVLVWH HQ
WUDQVIRUPDUODVFDUDFWHUtVWLFDVItVLFDVTXtPLFDV\ELROyJLFDVGHXQUHVLGXRSHOLJURVR
HQXQUHVLGXRQRSHOLJURVRRELHQPHQRVSHOLJURVRDHIHFWRVGHKDFHUPiVVHJXUDVODV
FRQGLFLRQHVGHDOPDFHQDPLHQWRWUDQVSRUWHRGLVSRVLFLyQILQDO
(OPpWRGRGHWUDWDPLHQWRDDSOLFDUGHEHUiVHUVLQSHUMXLFLRDODSREODFLyQKRVSLWDODULD
\DODPELHQWH/RVPpWRGRVGHWUDWDPLHQWRUHFRPHQGDGRVVRQ
J 5HFROHFFLyQ([WHUQDHVWDDFWLYLGDGLPSOLFDHOUHFRMRGHORVUHVLGXRVSRUSDUWHGH
OD (3656 (PSUHVD 3UHVWDGRUD GH 6HUYLFLRV GH 5HVLGXRV 6yOLGRV 'HELGDPHQWH
UHJLVWUDGDHQOD',*(6$'LUHFFLyQ*HQHUDOGH6DOXG$PELHQWDO\DXWRUL]DGDSRU
OD0XQLFLSDOLGDGFRUUHVSRQGLHQWHODUHFROHFFLyQVHUHDOL]DGHVGHHOHVWDEOHFLPLHQWR
GHVDOXGKDVWDXQDLQIUDHVWUXFWXUDGHGLVSRVLFLyQILQDO
K 'LVSRVLFLyQ )LQDO FRQVWLWX\H OD ~OWLPD HWDSD RSHUDFLRQDO GHO PDQHMR GH UHVLGXRV
VyOLGRV \ GHEH UHDOL]DUVH FRQ FRQGLFLRQHV VHJXUDV FRQILDEOHV \ GH ODUJR SOD]R (O
PpWRGR DSOLFDEOH SUiFWLFDPHQWH SDUD WRGR WLSR GH UHVLGXRV HV HO UHOOHQR VDQLWDULR
GHILQLGR FRPR WpFQLFD GH GLVSRVLFLyQ ILQDO GH ORV UHVLGXRV VyOLGRV HQ HO VXHOR HQ
LQVWDODFLRQHVHVSHFLDOPHQWHGHVGHxDGDV\RSHUDGDVFRPRXQDREUDGHVDQHDPLHQWR
EiVLFRTXHFXHQWDFRQHOHPHQWRVGHFRQWUROORVXILFLHQWHPHQWHVHJXURVFRPRSDUD
PLQLPL]DUHIHFWRVDGYHUVRVSDUDHODPELHQWH\ODVDOXGS~EOLFD7DPELpQVHSXHGH
FRQVLGHUDUFRPRXQPpWRGRGHWUDWDPLHQWRHQWDQWRTXHHOUHOOHQRVHFRQYLHUWHHQXQ
GLJHVWRUGRQGHVHGDQSHUPLVRVFDPELRVItVLFRVTXtPLFRV\ELROyJLFRV
/DGLVSRVLFLyQILQDOGHORVUHVLGXRVVyOLGRVGHEHUiUHDOL]DUVHHQXQD,QIUDHVWUXFWXUD
GH'LVSRVLFLyQ)LQDO,')56ODPLVPDTXHGHEHUiFRQWDUFRQFHOGDVGHVHJXULGDG
GHXVRH[FOXVLYRSDUDHOFRQILQDPLHQWRGHGLFKRVUHVLGXRV(OUHVSRQVDEOHGHOPDQHMR
GH UHVLGXRV HQ HO KRVSLWDO GHEH YHULILFDU TXH HO PDQLILHVWR GH PDQHMR GH UHVLGXRV
VyOLGRVHQHOKRVSLWDOGHEHYHULILFDUTXHHOPDQLILHVWRGHPDQHMRGHUHVLGXRVVyOLGRV
SHOLJURVRVFXHQWHFRQVHOORGHUHFHSFLyQFRUUHVSRQGLHQWHGHOD(PSUHVD3UHVWDGRUD
GH6HUYLFLRVGH5HVLGXRV6yOLGRV(3656TXHEULQGRHOVHUYLFLRGHGLVSRQLELOLGDG
ILQDOGHORVUHVLGXRV0,16$
&,&/2'(0$1(-2'(5(6,'82662/,'26
(OPDQHMRWpFQLFRGHORVUHVLGXRVVyOLGRVKRVSLWDODULRVFRPSDUDGHXQDVHULHGHSURFHVRV
TXHVHLQLFLDQFRQODHWDSDGHJHQHUDFLyQGRQGHVHYHGHQUHDOL]DUDFWLYLGDGHVSDUDPLQLPL]DU
ODFDQWLGDGGHUHVLGXRVSHOLJURVRVKDVWDHODOPDFHQDPLHQWRILQDO\UHFROHFFLyQH[WHUQDTXH
VLJQLILFDXQDHYDOXDFLyQGHORVUHVLGXRVDOH[WHULRUSDUDVXGLVSRVLFLyQILQDO
(O ULHVJR DVRFLDGR D ORV GLIHUHQWHV WLSRV GH UHVLGXRV FRQGLFLRQD ODV SUDFWLFDV RSHUDWLYDV
LQWHUQDV \ H[WHUQDV TXH VH GHEHUiQ UHDOL]DU HQ FDGD XQD GH ODV HWDSDV GHO PDQHMR GH ORV
UHVLGXRV0,16$
/D&DUDFWHUL]DFLyQVHEDVDHQDQiOLVLVItVLFRV\TXtPLFRVGHOPDWHULDOTXHVHYDDPDQHMDU
/RVDQiOLVLVWLHQHQILQDOLGDGHVGLVWLQWDV\YDUtDQGHDFXHUGRDORVSURFHVRVDORVTXHVHYDQ
D VRPHWHU HVWRV UHVLGXRV FRPR VRQ DOPDFHQDPLHQWR UHFROHFFLyQ LQWHUQD WUDQVSRUWH \
GLVSRVLFLyQILQDO
3DUD HVWH HVWXGLR GH LQYHVWLJDFLyQ VH UHDOL]y OD FDUDFWHUL]DFLyQ ItVLFD GH ORV UHVLGXRV
KRVSLWDODULRV(VQHFHVDULRFDUDFWHUL]DUDSURSLDGDPHQWHORVUHVLGXRVTXHVHJHQHUDQHQORV
HVWDEOHFLPLHQWRVSDUDSURSRQHUHODGHFXDGRPDQHMRGHORVUHVLGXRVVyOLGRVPHMRUDQGRODV
GHILFLHQFLDVHQHOPDQHMRGHHVWRV&(3,6236
1250$6<5(*/$0(1726
'HOD*HVWLyQ
7RGRHVWDEOHFLPLHQWRGHVDOXGGHEHLPSOHPHQWDUXQ6LVWHPDGH*HVWLyQSDUDHO
0DQHMR GH 5HVLGXRV 6yOLGRV +RVSLWDODULRV RULHQWDGR QR VROR D FRQWURODU ORV
ULHVJRVVRQDORJUDUODPLQLPL]DFLyQGHORVUHVLGXRV6yOLGRVGHVGHHOSXQWRGH
RULJHQ
/D 'LUHFFLyQ GHO HVWDEOHFLPLHQWR GH VDOXG WLHQH OD UHVSRQVDELOLGDG GH OD
LPSOHPHQWDFLyQ GHO 6LVWHPD GH *HVWLyQ SDUD HO 0DQHMR GH 5HVLGXRV 6yOLGRV
TXLHQSRGUiDVXYH]DVLJQDUDOORVFRRUGLQDGRHVGHOVLVWHPD
x '63&05HJODPHQWR'H/D/H\*HQHUDOGH5HVLGXRV6yOLGRV
$UWLFXOR2EOLJDFLyQGHOJHQHUDGRUSUHYLDHQWUHJDGHORVUHVLGXRVDOD(36
56R(PSUHVD&RPHUFLDOL]DGRUDGH5HVLGXRV6yOLGRV(&567RGRJHQHUDGRU
HVWi REOLJDGR D DFRQGLFLRQDU \ DOPDFHQDU HQ IRUPD VHJXUD VDQLWDULD \
DPELHQWDOPHQWHDGHFXDGDORVUHVLGXRVSUHYLRDVXHQWUHJDDOD(3656RDOD
(&56RPXQLFLSDOLGDGSDUDFRQWLQXDUFRQVXPDQHMRKDVWDVXGHVWLQRILQDO
x /H\0DUFRGHO6LVWHPD1DFLRQDOGH*HVWLyQ$PELHQWDO/H\1
7LHQH SRU HIHFWR DVHJXUDU HO PiV HILFD] FXPSOLPLHQWR GH ORV REMHWLYRV
DPELHQWDOHV GH ODV HQWLGDGHV S~EOLFDV IRUWDOHFHU ORV PHFDQLVPRV GH
WUDQVHFWRULDOLGDGHQODJHVWLyQDPELHQWDOHOUROTXHOHFRUUHVSRQGHDO0LQLVWHULRV
1DFLRQDO GHO $PELHQWH 0,1$0 \ D ODV HQWLGDGHV VHFWRULDOHV UHJLRQDOHV \
ORFDOHV HQ HO HMHUFLFLR GH VXV DWULEXFLRQHV DPELHQWDOHV D ILQ GH JDUDQWL]DUTXH
FXPSODQ FRQ VXV IXQFLRQHV \ GH DVHJXUDU TXH VH HYLWH HQ HO HMHUFLFLR GH HOODV
VXSHUSRVLFLRQHVRPLVLRQHVGXSOLFLGDGYDFtRVRFRQIOLFWRV
(OVLVWHPD1DFLRQDOGH*HVWLyQ$PELHQWDOWLHQHSRUILQDOLGDGRULHQWDULQWHJUDU
FRRUGLQDUVXSHUYLVDUHYDOXDU\JDUDQWL]DUODDSOLFDFLyQGHODVSROtWLFDVSODQHV
SURJUDPDV\DFFLRQHVGHVWLQDGRVDODSURWHFFLyQGHODPELHQWH\FRQWULEXLUDOD
FRQVHUYDFLyQ\DSURYHFKDPLHQWRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHV
9 0(72'2/2*,$
0$7(5,$/(6
/RVPDWHULDOHV \HTXLSRV TXH VH XWLOL]DURQ SDUDHO GHVDUUROOR GHO HVWXGLRVH GHWDOODQD
FRQWLQXDFLyQ
/XJDU
(O SUHVHQWHWUDEDMR VH UHDOL]DUDHQ HO +RVSLWDO 0XQLFLSDO &KDODFR ,, XELFDGRHQ HO
GLVWULWRGH9HQWDQLOODGHODSURYLQFLDGHO&DOODR
0DWHULDOHVGHHVFULWRULR
x (TXLSRGH&RPSXWR
x ,PSUHVRUD
x &iPDUD)RWRJUiILFD
x 0DWHULDOGHFRQVXOWD
x /LEUHWDGHDQRWDFLRQHV
x ÒWLOHVGHHVFULWRULR
x &DOFXODGRUD
0DWHULDOHVSDUDHO(VWXGLRGH&DUDFWHUL]DFLyQ
x %ROVDVGHSOiVWLFRURMDVEODQFDV\QHJUDVGHOLWURVGHFDSDFLGDG
x (WLTXHWDVDGKHVLYDV
x &LQWDDGKHVLYDV
x *XDQWHVGHQLWULOR
x %RWDVGHVHJXULGDG
x 7UDMHGHVFDUWDEOH
x %DOGHGH/LWURV
x 0DVFDULOODV1
x %DODQ]D
x )RUPDWRVSDUDHVWXGLR
x &LQWDPpWULFD
x 3URGXFWRVGHVLQIHFWDQWHV$OFRKROMDEyQHWF
0e72'26
3DUDGLVHxDUXQDGHFXDGRSODQGHPDQHMRGHUHVLGXRVGHUHVLGXRVVyOLGRVKRVSLWDODULRV
HVQHFHVDULRUHDOL]DUODVDFWLYLGDGHVGHSODQHDPLHQWRFRRUGLQDFLyQ\GLDJQyVWLFRLQLFLDO
DILQGHFRQRFHUORVDVSHFWRVWpFQLFRV\DGPLQLVWUDWLYRVGHOPDQHMRGHORVUHVLGXRVOD
FDQWLGDGTXHVHJHQHUDHQWRGRHOKRVSLWDO\SRUFDGDVHUYLFLRDVtFRPRODFRPSRVLFLyQ
GHFDGDXQRGHHOORV
6H HPSOHy 1RUPD 7pFQLFD 3HUXDQD ³*HVWLyQ \ 0DQHMR GH 5HVLGXRV 6yOLGRV HQ
HVWDEOHFLPLHQWRGHVDOXG\FHQWURVPpGLFRVGHDSR\R´1731±0,16$',*(6$
9±´\HQOD*XtDSDUDHOPDQHMRLQWHUQRGHORVUHVLGXRVVyOLGRVHQ&HQWURVGH
DWHQFLyQGHVDOXG&(3,6236SDUDHODERUDUODSUHVHQWHPHWRGRORJtD
8ELFDFLyQGHiUHDGHHVWXGLR
/DLQYHVWLJDFLyQVHOOHYyDFDERHQODVLQVWDODFLRQHVGHO+RVSLWDO0XQLFLSDO
GH9HQWDQLOODYHU)LJXUDHOFXDOHVWiXELFDGRHQOD$Y1pVWRU*DPEHWD
.P &DUUHWHUD 9HQWDQLOOD 8UE $QWRQLD 0RUHQR GH &iFHUHV HQ HO
GLVWULWRGH9HQWDQLOODYHU)LJXUD\SURYLQFLDFRQVWLWXFLRQDOGHO&DOODR
'HSDUWDPHQWR GH /LPD (VWH KRVSLWDO HVWi FODVLILFDGR FRPR XQ
HVWDEOHFLPLHQWRGH6DOXGQLYHO,(VWDEOHFLPLHQWRGHVDOXGTXHSHUWHQHFHDO
SULPHUQLYHOGHDWHQFLyQUHVSRQVDEOHGHVDOXGGHODSREODFLyQGHVXiPELWR
UHIHUHQFLDOEULQGDQGRDWHQFLyQLQWHJUDODPEXODWRULD&XHQWDFRQXQiUHDGH
P FRQ FRQVXOWRULRV ODERUDWRULRV \ XQD iUHD GH DGPLVLyQ
DFWXDOPHQWHQRFXHQWDVRQVHUYLFLRGHKRVSLWDOL]DFLyQ
)LJXUD)RWRJUDItDGHOiUHDGHHVWXGLR
)LJXUD8ELFDFLyQGLVWULWDOGHOiUHDGHHVWXGLR
)LJXUD8ELFDFLyQGHOiUHDGHHVWXGLR
(O KRVSLWDO PXQLFLSDO GH 9HQWDQLOOD DWLHQGH D OD SREODFLyQ GH ODV
XUEDQL]DFLRQHVDOHxDGDVTXHVRQ3HGURFXHYD$QWRQLD0RUHQRGH&iFHUHV
0LJXHO*UDX\ORV$VHQWDPLHQWRV+XPDQRV/LFHQFLDGRV\ODHWDSD\GH
$QJDPRV
3ODQHDPLHQWR\FRRUGLQDFLyQ
6H UHDOL]DUD XQD YLVWD GH UHFRQRFLPLHQWR DO iUHD GH HVWXGLR D ILQ GH FRRUGLQDU H
LQIRUPDUDOSHUVRQDOVREUHHOWUDEDMRTXHVHYDDUHDOL]DU3RVWHULRUPHQWHVHHODERUD
HOSODQGHWUDEDMRHOFXDOGHVFULELUiODVDFWLYLGDGHVTXHVHUHDOL]DUDQHQHO+RVSLWDO
SUHYLDPHQWH LGHQWLILFDGR ODV iUHDV GH LQWHUYHQFLyQ )LQDOPHQWH VH DGTXLULUiQ ORV
HTXLSRV\PDWHULDOHVQHFHVDULRV
'LDJQRVWLFRDFWXDOGHOPDQHMRGHORVUHVLGXRVVROLGRV
Ͳ 6HFRRUGLQyFRQHO'LUHFWRU\UHVSRQVDEOHVGHOPDQHMRGHUHVLGXRVVyOLGRVHQHO
HVWDEOHFLPLHQWR GH VDOXG SDUD OD UHVSHFWLYD DXWRUL]DFLyQ /R TXH SHUPLWLy OD
IDFLOLWDFLyQGHODREWHQFLyQGHLQIRUPDFLyQHLQJUHVRDORVDPELHQWHVGHOKRVSLWDO
SDUDGHVDUUROODUHOHVWXGLRGHLQYHVWLJDFLyQ
Ͳ 6HUHFRQRFLyHOPDQHMRGHORVUHVLGXRVHQHOKRVSLWDO\HOUHFRQRFLPLHQWRGHODV
XQLGDGHVJHQHUDGRUDV
Ͳ 6HSUHSDUyHQFXHVWDVGLULJLGDVDXQDPXHVWUDGHWRGRHOSHUVRQDOGHOKRVSLWDOFRQ
HO ILQ GH REWHQHU LQIRUPDFLyQ VREUH QHFHVLGDGHV GH FDSDFLWDFLyQ \R
FRQFLHQWL]DFLyQVREUHHOPDQHMRGHUHVLGXRVVyOLGRV
Ͳ 6HGHVDUUROOyXQDOLVWDGHYHULILFDFLyQODFXDOQRVVHUYLUiFRPRKHUUDPLHQWDGH
YHULILFDFLyQ\HYDOXDFLyQGHOPDQHMRGHUHVLGXRVVyOLGRV
Ͳ 6HUHFRSLORLQIRUPDFLyQGHIOXMRGHORVPDWHULDOHV\HTXLSRV\ODSODQLILFDFLyQ
GHODVDFWLYLGDGHVSDUDODIDVHGHFDUDFWHUL]DFLyQ
Ͳ 6H UHDOL]y OD FRPSUD GH ORV PDWHULDOHV \ HTXLSRV \ OD SODQLILFDFLyQ GH ODV
DFWLYLGDGHVSDUDODIDVHGHFDUDFWHUL]DFLyQ
&DUDFWHUL]DFLyQItVLFDGHORVUHVLGXRVVROLGRV
/DFDUDFWHUL]DFLyQVHUHDOL]yDSR\iQGRQRVHQODPHWRGRORJtDDFRUGHDOD501
0,16$ 1RUPD 7pFQLFD GH 6DOXG 1 0,16$',*(6$9 \ OD
JXtD SDUD HO PDQHMR GH UHVLGXRV VyOLGRV KRVSLWDODULRV &(3,6 UHFROHFWDQGR ORV
UHVLGXRVGXUDQWHRFKRGtDV\GHVFDUWDQGRORVUHVLGXRVGHOSULPHUGtDDILQGHSRGHU
HYDOXDU OD JHQHUDFLyQ GH UHVLGXRV GXUDQWH XQD VHPDQD SHULRGR HQ HO TXH
DSDUHQWHPHQWHVHUHSLWHQORVPLVPRVDFRQWHFLPLHQWRVHQORVFHQWURVGHDWHQFLyQGH
VDOXG
/D FDUDFWHUL]DFLyQ GH UHVLGXRV GHO KRVSLWDO UHTXLULy OD JHVWLyQ GH SHUPLVRV GHO
SHUVRQDORSHUDWLYRUHVSRQVDEOHGHOUHFRMRGHORVUHVLGXRVORFXDOHVLPSRUWDQWHSDUD
SRGHU DVHJXUDU OD FRQWLQXLGDG \ VHULHGDG GHO WUDEDMR $GLFLRQDOPHQWH WDPELpQ VH
VROLFLWyXQHVSDFLR\HTXLSRVSDUDODUHDOL]DFLyQGHODPLVPD
8QDYH]REWHQLGDODDXWRUL]DFLyQVHSURFHGLyDFDSDFLWDUDOHTXLSRGHDSR\RVREUH
ORV SDVRV D VHJXLU GXUDQWH OD FDUDFWHUL]DFLyQ PHGLGDV JHQHUDOHV GH KLJLHQH \
VHJXULGDGSHUVRQDO\SURWRFRORGHFODVLILFDFLyQGHORVUHVLGXRVVyOLGRVKRVSLWDODULRV
GHO0,16$
3DUDHODOPDFHQDMHGHORVUHVLGXRVVyOLGRVVHFRQWyFRQEROVDVSOiVWLFDVYDFtDVSDUD
FDGD XQLGDG R VHUYLFLR GH JHQHUDFLyQ ORV FXDOHV DOPDFHQDUDQ ORV UHVLGXRV VyOLGRV
SURGXFLGRVHQKRUDV
&RQ OD ILQDOLGDG GH IDFLOLWDU OD LGHQWLILFDFLyQ GHO iUHD JHQHUDGRUD GH UHVLGXRV VH
GLVHxy HWLTXHWDV FRPR ODV TXH PXHVWUDQ HQ HO $QH[R GH OD *XtD SDUD OD
&DUDFWHUL]DFLyQ \ $QiOLVLV GH ORV 5HVLGXRV 6yOLGRV *HQHUDGRV HQ &HQWURV GH
$WHQFLyQGHVDOXG&(3,69HU$QH[R
6H LQGLFy D WRGR HO SHUVRQDO HQFDUJDGR GH UHFROHFWDU ODV EROVDV GH UHVLGXRV HQ ODV
GLIHUHQWHViUHDVTXHSRUORVRFKRGtDVTXHGXUDUDODFDUDFWHUL]DFLyQVHFRORFDUDQODV
HWLTXHWDV FDGD YH] TXH VH UHDOLFH HO FDPELR GH EROVD (VWDV HWLTXHWDV IXHURQ
HQWUHJDGDV D OD VXSHUYLVRUD GHO JUXSR GH OLPSLH]D SDUD TXH DO LQLFLDU VX WXUQR OH
HQWUHJDUD D FDGD WUDEDMDGRU XQD GRWDFLyQ GH HWLTXHWDV FRUUHVSRQGLHQWH DO iUHD GH
WUDEDMR
6HDOPDFHQyODVEROVDVUHFROHFWDGDVHQXQOXJDUHVWDEOHFLGRHQGRQGHQRH[LVWDHO
ULHVJR GH PH]FODUVH \ GRQGH VH SXHGD UHYLVDU OD HWLTXHWD GHELGDPHQWH OOHQDGD
,QPHGLDWDPHQWHGHVSXpVVHSURFHGHUiDVHJUHJDUSRUWLSRGHUHVLGXRVGHFDGDXQLGDG
JHQHUDGRUDSDUDVXSRVWHULRUSHVDMH\PHGLFLyQGHOYROXPHQ
(QHO$QH[RVHSUHVHQWDODPHWRGRORJtDSDUDODGHWHUPLQDFLyQGHODPDVDSHVR
YROXPHQ GHQVLGDG JHQHUDFLyQ SHU FiSLWD GH ORV UHVLGXRV D FDUDFWHUL]DU HQ HVWD
LQYHVWLJDFLyQ\ODHVWLPDFLyQGHODVWDVDGHJHQHUDFLyQ
)RUPXODFLyQGHOSURJUDPDGHPDQHMRGHUHVLGXRVVROLGRV
(QHVWDIDVHVHUHDOL]DUDHOSURFHVDPLHQWR\DQiOLVLVGHGDWRVHLQIRUPDFLyQREWHQLGD
HQ ODV GRV IDVHV DQWHULRUHV OR TXH SHUPLWLUi HODERUDU ORV UHVSHFWLYRV UHVXOWDGRV \
GLVFXVLRQHV DVt FRPR HPLWLU ODV UHFRPHQGDFLRQHV SDUD OD PHMRUD HQ HO PDQHMR GH
UHVLGXRV
6HIRUPXODUDXQSURJUDPDGHPDQHMRGHUHVLGXRVSDUDHOHVWDEOHFLPLHQWRGHVDOXG
FRPSUHQGLHQGRGHVGHODIXHQWHGHJHQHUDFLyQKDVWDODGLVSRVLFLyQILQDODQDOL]DQGR
ORVULHVJRVHLPSDFWRVHQODVDOXGS~EOLFD\HODPELHQWH
D $VSHFWRVWpFQLFR±2SHUDWLYRV
&RQODLQIRUPDFLyQTXHREWHQLGDSURGXFWRGHODFDUDFWHUL]DFLyQVHSODQWHDUDQPHMRUDV
SDUDFDGDSXQWR
Ͳ )DVHGHJHQHUDFLyQ
Ͳ )DVHGHDOPDFHQDPLHQWRSULPDULR
Ͳ )DVHGHUHFROHFFLyQ\WUDQVSRUWHILQDO
Ͳ 5HFROHFFLyQ\WUDQVSRUWHH[WHUQR
Ͳ 'LVSRVLFLyQILQDO
Ͳ &RQWURO\VXSHUYLVLyQ
E $VSHFWRV$GPLQLVWUDWLYRV\(FRQyPLFR±)LQDQFLHUR
&RQODLQIRUPDFLyQREWHQLGDGHODFDUDFWHUL]DFLyQVHWUDEDMDUDQORVVLJXLHQWHVSXQWRV
SDUDORJUDUXQDPHMRUDGPLQLVWUDFLyQGHO3ODQGH0DQHMRGHUHVLGXRV6yOLGRV
Ͳ 3HUVRQDORSHUDWLYR
Ͳ 3HUVRQDO$GPLQLVWUDWLYR6XSHUYLVLyQ
Ͳ %HQHILFLRV DPELHQWDOHV VDOXG \ HFRQyPLFR ± ILQDQFLHURV GHO PDQHMR GH
UHVLGXRVVyOLGRVKRVSLWDODULRV
9, 5(68/7$'26<',6&86,21(6
(QODSULPHUDIDVHGHODHWDSDGHFDPSRVHSURFHGLyDLGHQWLILFDUODVXQLGDGHVRVHUYLFLRV
JHQHUDGRUHVGHUHVLGXRVVyOLGRVVHHODERUyXQGLDJUDPDGHSURFHVRVFRPRDSR\RWDOFRPR
VHPXHVWUDHQHO$QH[R\VHVROLFLWyDOiUHDFRUUHVSRQGLHQWHHOQ~PHURGHDWHQFLyQSRU
FRQVXOWRULR SDUD OD IHFKD GH OD FDUDFWHUL]DFLyQ 9HU &XDGUR 8Q IDFWRU LPSRUWDQWH HV
FRQRFHUHVWRVDVSHFWRVSDUDLGHQWLILFDUHOVHUYLFLRTXHJHQHUDODPD\RUFDQWLGDGGHUHVLGXRV
VHJ~QVXWLSR\DVHD%LRFRQWDPLQDGRR&RP~Q
6HGHEHWHQHUHQFXHQWDTXHSDUDUHDOL]DUHOFiOFXORGHtQGLFHV\RWDVDVGHJHQHUDFLyQGH
UHVLGXRVVHFRQVLGHUyHOQ~PHURGHDWHQFLRQHVHQORVGLIHUHQWHVVHUYLFLRVSDUDODIHFKDGH
FDUDFWHUL]DFLyQ 9HU 7DEOD SXHV HVWDV YDQ D JHQHUDU XQ UHVLGXR SRU FDGD FRQVXOWD R
DWHQFLyQ
7DEOD$WHQFLRQHVGHFRQVXOWDH[WHUQDGHODOGHMXOLRGH
&2168/7$6325',$
ÈUHD\R
'tD 'tD 'tD 'tD 'tD 'tD 'tD 'tD
VHUYLFLRV
0HGLFLQDJHQHUDO
3HGLDWUtD
2IWDOPRORJtD
2GRQWRORJtD
*LQHFRORJtD
&LUXJtD*HQHUDO
2WRUULQRODULQJRORJt
D
7UDXPDWRORJtD
7ySLFR
'HUPDWRORJtD
1HXURORJtD
&DUGLRORJtD
3VLFRORJtD
2EVWHWULFLD
*DVWURHQWHURORJtD
0HGLFLQD)tVLFD\
5HKDELOLWDFLyQ
3RGRORJtD
1HXPRORJtD
727$/
)8(17((ODERUDFLyQSURSLD
3DUD OD HODERUDFLyQ GH UHFXDGUR VH VROLFLWy OD LQIRUPDFLyQ D OD RILFLQD GH GLUHFFLyQ GHO
+RVSLWDO0XQLFLSDOGH9HQWDQLOOD\VHFRUURERUyHQFDPSRPHGLDQWHYLVLWDVUHFRQRFLPLHQWR
',$*1267,&2$&78$/'(/0$1(-2'(5(6,'82662/,'26(1(/
+263,7$/081,&,3$/'(9(17$1,//$
9,6,7$'(5(&212&,0,(172
/DV YLVLWDV GH UHFRQRFLPLHQWR UHDOL]DGDV HQ HO KRVSLWDO VH UHDOL]DURQ HQ
RSRUWXQLGDGHVGXUDQWHXQDVHPDQD$ILQGHYHULILFDUHOPDQHMRGHUHVLGXRVHQODV
iUHDVJHQHUDGRUDVSDUDORFXDOVHHODERUDURQOLVWDVGHYHULILFDFLyQSDUDGHOPDQHMR
GH UHVLGXRV VyOLGRV YHU $QH[R (VWR PH SHUPLWLy LGHQWLILFDU \ YHULILFDU HO
FXPSOLPLHQWRGHODOD1730,16$',*(6$
&DGD iUHD JHQHUDGRUD HQ HVWH FDVR ORV FRQVXOWRULRV SRVHHQ UHFLSLHQWHV TXH VH
HQFXHQWUDQFRQVXUHVSHFWLYDEROVDDFRUGHDOPDWHULDODFRQWHQHUWDQWRSDUDUHVLGXRV
ELRFRQWDPLQDGRVFRPRSDUDFRPXQHV\SXQ]RFRQWDQWHV
(QOD)LJXUDSXHGHDSUHFLDUVHTXHORVUHFLSLHQWHVFXHQWDQFRQEROVDVURMDVGDGR
TXHHQHOiUHDVHJHQHUDQUHVLGXRVELRFRQWDPLQDGRV
)LJXUD5HFLSLHQWHSDUDUHVLGXRVELRFRQWDPLQDGRV\SXQ]RFRUWDQWHV
6HHYLGHQFLDQFLHUWDVGHILFLHQFLDVFRPRODVVLJXLHQWHV
D $FRQGLFLRQDPLHQWR
(OKRVSLWDOPXQLFLSDOGHYHQWDQLOODFXHQWDFRQUHFLSLHQWHVSDUDUHVLGXRVFRPXQHV
SDUDELRFRQWDPLQDGRV\SDUDSXQ]RFRUWDQWHVFRQFDSDFLGDGHVGH\OLWURV
6LELHQKD\UHFLSLHQWHVVHHQFXHQWUDQXELFDGRVFHUFDGHODIXHQWHGHJHQHUDFLyQODV
EROVDV TXH FRQWLHQHQ UHVLGXRV ELRFRQWDPLQDGRV QR WLHQH HO HVSHVRU LQGLFDGR SDUD
FRQWHQHUORV PLFUDV (Q iUHDV FRPR ORV FRQVXOWRULRV GH RGRQWRORJtD QR VH
FXHQWDQ FRQ UHFLSLHQWHV FRQ EROVDV GH FRORU DPDULOOR GDGR TXH DTXt VH JHQHUDQ
UHVLGXRVHVSHFLDOHV
(Q DOJXQDV iUHDV VH JHQHUDQ UHVLGXRV SXQ]RFRUWDQWHV SDUD OR FXDO QR FXHQWDQ FRQ
HTXLSRGHGHVWUXFFLyQGHDJXMDVSDUDPLQLPL]DUHOULHVJRGHDFFLGHQWHVSURGXFWRVH
VXPDQLSXODFLyQ(QORVFRQVXOWRULRVGHSRGRORJtD\RGRQWRORJtDVHDSUHFLyTXHORV
UHFLSLHQWHV XVDGRV SDUD HO DOPDFHQDPLHQWR GH HVWRV PDWHULDOHV VRQ JDORQHUDV R
ERWHOODVGHSOiVWLFR
E 6HJUHJDFLyQ\DOPDFHQDPLHQWRSULPDULR
3DUD HVWD HWDSD VH HYLGHQFLDURQ FLHUWDV GHILFLHQFLDV GHELGR D TXH HO SHUVRQDO QR
VHJUHJD DGHFXDGDPHQWH ORV UHVLGXRV VHJ~Q VX WLSR FRP~Q ELRFRQWDPLQDGR \
HVSHFLDOORVWUDEDMDGRUHVWLHQGHQD GHSRVLWDU UHVLGXRVFRPXQHVHQ ORV UHFLSLHQWHV
FRQEROVDURMDFRUUHVSRQGLHQWHDELRFRQWDPLQDGRVPDVQRORFRQWUDULRHVWRGHELGRD
XQDIDOWDGHFDSDFLWDFLyQ6HKDHYLGHQFLDGRTXHQRVHFXHQWDFRQUHFLSLHQWHVGHXVR
H[FOXVLYRSDUDUHFLFODMHDGHPiVGHQRFRQWDUFRQXQiUHDSDUDHODOPDFHQDPLHQWRGH
UHVLGXRVUHFLFODEOHV
(Q HO +RVSLWDO 0XQLFLSDO GH 9HQWDQLOOD VH GLVSRQHQ GH UHFLSLHQWHV SDUD UHVLGXRV
ELRFRQWDPLQDGRVFRPXQHV\SXQ]RFRUWDQWHVHQHVWH~OWLPRORVUHVLGXRVVREUHSDVDQ
ODVSDUWHVGHVXFDSDFLGDGGHDOPDFHQDPLHQWR
6HKDGHWHFWDGRTXHHQHOiUHDGHUD\RV;DSHVDUTXHVHJHQHUDQUHVLGXRVUDGLRDFWLYRV
HVWRVQRVRQGHULYDGRVMXQWRVFRQORVUHVLGXRVGHOKRVSLWDOGDGRTXHSHUWHQHFHQDXQD
FRQFHVLRQDULD TXH EULQGD GLFKR VHUYLFLR \ SRU DFXHUGRV FRQ HO KRVSLWDO VRQ HOORV
PLVPRORTXHVHHQFDUJDQGHGLVSRQHUVXVUHVLGXRV
F $OPDFHQDPLHQWRLQWHUPHGLR
(QHVWHKRVSLWDOQRFXHQWDFRQXQDOPDFHQDPLHQWRLQWHUPHGLRSDUDORVUHVLGXRV\SRU
ODFDQWLGDGGHUHVLGXRVJHQHUDGRVHVWRVVRQWUDVODGDGRVSRUHOSHUVRQDOGHOLPSLH]D
KDVWDGRQGHVHHQFXHQWUDHODOPDFHQDPLHQWRILQDO
G 5HFROHFFLyQ\WUDQVSRUWHLQWHUQR
(OSHUVRQDOGH/LPSLH]DHVFRQWUDWDGRGLUHFWDPHQWHSRUHOKRVSLWDOHOFXDOOHVEULQGD
HOHPHQWRVEiVLFRVSDUDUHDOL]DUVXVODERUHVHOORVVHHQFDUJDQGHUHFRJHUORVUHVLGXRV
JHQHUDGRVDOWpUPLQRGHOGtDRDVROLFLWXGGHOPpGLFRHQFDUJDGRGHOFRQVXOWRULR
$FWXDOPHQWH FXHQWDQ FRQ RSHUDULRV GH OLPSLH]D ORV FXDOHV VH UHSDUWHQ ORV
FRQVXOWRULRVQRFRQWDQGRFRQXQHVTXHPDQLVHxDOL]DFLRQHVLGHQWLILFDQGRODVUXWDV
GH UHFROHFFLyQ SDUD HO WUDQVSRUWH GH ORV UHVLGXRV WDPSRFR FRQ HTXLSRV SDUD VX
WUDQVSRUWHSRUHOORPXFKDVYHFHVKDQHQWUDGRHQFRQWDFWRFRQORVUHVLGXRVHVWRVVRQ
WUDVODGDGRVFRQWHQLGRVGHQWURGHVXEROVDKDVWDHODOPDFHQDPLHQWRILQDO
H $OPDFHQDPLHQWRILQDO
(O +RVSLWDO FXHQWD FRQ XQ SXQWR GH DOPDFHQDPLHQWR ILQDO 5HVLGXRV &RPXQHV \
UHVLGXRV ELRFRQWDPLQDGRV 3DUD HO FDVR GH UHVLGXRV FRPXQHV HO DPELHQWH HV XQ
UHFLQWRTXHSDUDHODxRGHHVWXGLRQRFXPSOtDFRQODVHVSHFLILFDFLRQHVGHODQRUPD
WpFQLFD3URWHFFLyQFRQWUDODVFRQGLFLRQHVPHWHRUROyJLFDVFRPRSUHFLSLWDFLyQUD\RV
VRODUHVVLVWHPDGHGHULYDFLyQGHOL[LYLDGRVHWF$GHPiVVHHQFXHQWUDXELFDGRPX\
FHUFD GH GRQGH VH GLVSRQHQ ORV UHVLGXRV ELRFRQWDPLQDGRV 1R VH FXHQWD FRQ XQ
HVSDFLRGHWHUPLQDGRSDUDODVHJUHJDFLyQGHUHVLGXRVUHDSURYHFKDUOHVYHUILJXUD
)LJXUDÈUHDGHDOPDFHQDPLHQWR)LQDO
3DUDHO&DVRGHORVUHVLGXRVELRFRQWDPLQDGRVHVWRVVRQDOPDFHQDGRVHQXQiUHDQR
DGHFXDGDSDUDHOWLSRGHUHVLGXRVTXHVHPDQHMDLQFXPSOLHQGRORTXHLQGLFDODQRUPD
WpFQLFD YHU )LJXUD (VWD iUHD HV FRQWLJXD D OD GH ORV UHVLGXRV FRPXQHV \ VH
HYLGHQFLDODSUHVHQFLDGHYHFWRUHV3DORPDVPRVFDVHWF
)LJXUD5HFLSLHQWHSDUDUHVLGXRVELRFRQWDPLQDGRV
3DUD HVWD HWDSD VH SRGUtD GHFLU TXH HO DOPDFHQDPLHQWR ILQDO GH ORV UHVLGXRV WDQWR
FRPRELRFRQWDPLQDGRV\FRPXQHVHVGHILFLHQWHGDGRTXHQRFXHQWDQFRQDPELHQWHV
TXHFXPSODQFRQORLQGLFDGRHQODQRUPDWpFQLFD\TXHJDUDQWLFHQHOFXLGDGRWDQWR
GHODPELHQWHFRPRODVDOXGGHODVSHUVRQDV
I 7UDWDPLHQWR
$FWXDOPHQWHHQHOKRVSLWDOQRUHDOL]DQWUDWDPLHQWRDOJXQRDORVUHVLGXRVJHQHUDGRV
J 5HFROHFFLyQ\WUDQVSRUWHH[WHUQR
/DUHFROHFFLyQGHORVUHVLGXRVFRPXQHVWDQWRLQWHUQDFRPRH[WHUQDGHOKRVSLWDOOR
UHDOL]DHOVHUYLFLRGHOLPSLH]DS~EOLFDGHODPXQLFLSDOLGDGGH9HQWDQLOODORVFXDOHV
FDGDGtDUHFRJHQORVUHVLGXRVVyOLGRVFRPXQHVDFXPXODGRVSURYHQLHQWHVGHODViUHDV
DGPLQLVWUDWLYDVVHUYLFLRVJHQHUDOHVPDQWHQLPLHQWR\OLPSLH]DGHiUHDVYHUGHV
(O WUDQVSRUWH ILQDO HV HMHFXWDGR SRU OD 0XQLFLSDOLGDG GH 9HQWDQLOOD HQ FDPLRQHV
FRPSDFWDGRUHVRGHEDUDQGDVLHQGRUHVSRQVDEOHVGHHOORVKDVWDVXGLVSRVLFLyQILQDO
HQFXDOVHGDHQHO³%RWDGHUR0RGHOR&RQWURODGRH[&XFDUDFKD´
6HKDREVHUYDGRGXUDQWHODVYLVLWDVGHUHFRQRFLPLHQWRTXHODIUHFXHQFLDGHUHFRMR
TXH GHEHUtD VHU GLDULD QR VH FXPSOH JHQHUDQGR PXFKDV YHFHV OD DFXPXODFLyQ
H[FHVLYD GH UHVLGXRV HQHO iUHD GH DOPDFHQDPLHQWR RFDVLRQDQGR OD JHQHUDFLyQGH
PDORRORUHV\ODDSDULFLyQGHYHFWRUHVFRPRVHPXHVWUDHQOD)LJXUD
)LJXUD5HFLSLHQWHSDUDUHVLGXRVFRPXQHV
/DUHFROHFFLyQGHUHVLGXRVVyOLGRVELRFRQWDPLQDGRVODUHDOL]DOD(PSUHVDSUHVWDGRUDV
GH VHUYLFLR GH UHVLGXRV VyOLGRV (3656 TXLHQHV VH HQFDUJDQ GH UHFROHFWDU \
WUDQVSRUWDUHVWRVUHVLGXRVDO5HOOHQR6DQLWDULR/D(3656HV'(+$026$&/D
IUHFXHQFLDGHUHFRMRGHUHVLGXRVELRFRQWDPLQDGRVJHQHUDGRVHVVHPDQDOORVFXDOHV
VRQWUDQVSRUWDGRVDXQUHOOHQRVDQLWDULRXELFDGRHQHOGLVWULWRGH&DUDED\OOR6HKD
GHWHFWDGRTXHQRVHUHDOL]DHOSHVDMHGLDULRGHORVUHVLGXRVSRUORFXDOQRVHWLHQHXQ
FRQWUROGHHOOR
6HSXHGHFDOLILFDUDHVWDHWDSDFRPRGHILFLHQWHGHELGRDQRFRQWDUFRQXQDIUHFXHQFLD
HVWDEOHHQHOUHFRMRGHORVUHVLGXRVVyOLGRVFRPXQHV\ELRFRQWDPLQDGRV7DPELpQQR
VHFXPSOHODFRQORHVWDEOHFLGRSRUHQOD',5(&7,9$1*5&',5(6$
&$//$2'*'(6$'6%+$=ORFXDOLQGLFDTXHVHGHEHUHDOL]DUODVHJUHJDFLyQGH
ORV UHVLGXRV FRPXQHV \ VHSDUDUORV VHJ~Q FRUUHVSRQGD 9LGULR 3OiVWLFR \ 3DSHO \
FDUWyQ
K 'LVSRVLFLyQ)LQDO
/DHPSUHVDSUHVWDGRUDGHVHUYLFLRVGHUHVLGXRVVyOLGRVFRQWUDWDGRVSDUDUHFROHFWDU\
WUDQVSRUWDUORVUHVLGXRVJHQHUDGRVHQHOKRVSLWDOPDQWLHQHFRQWUDWRFRQHO5HOOHQR
6DQLWDULRGH(O=DSDOODODGPLQLVWUDGRSRUODHPSUHVD,1129$$0%,(17$/6$
XELFDGR HQ HO GLVWULWR GH &DUDED\OOR YHU ILJXUD \ (O 5HOOHQR 6DQLWDULR HVWi
KDELOLWDGR FRQ FHOGDV GH VHJXULGDG SDUD OD GLVSRVLFLyQ DGHFXDGD GH ORV UHVLGXRV
KRVSLWDODULRVFXHQWDFRQDXWRUL]DFLyQGHOD',*(6$(31$\QXPHURGH
DXWRUL]DFLyQ0XQLFLSDO5HVROXFLyQGH6XEJHUHQFLD100/*6&60$
)LJXUD8ELFDFLyQGHO5HOOHQR6DQLWDULR³(O=DSDOODO±,1129$
$0%,(17$/
)LJXUD5HOOHQR6DQLWDULR³(O=DSDOODO±,1129$$0%,(17$/
L (WDSDVGHOPDQHMRGHORVUHVLGXRVVROLGRV
(QHO)LJXUDVHREVHUYDODVHWDSDVGHOPDQHMRGHUHVLGXRVVyOLGRVLPSOHPHQWDGR
HQ HO DxR GH HVWXGLR $FRQGLFLRQDPLHQWR GH ORV UHVLGXRV VyOLGRV VHJUHJDFLyQ \
DOPDFHQDPLHQWR SULPDULR UHFROHFFLyQ \ WUDQVSRUWH LQWHUQR GH ORV UHVLGXRV
ELRFRQWDPLQDGRV\FRPXQHVDPERVSRUVHSDUDGR/RVUHVLGXRVELRFRQWDPLQDGRVQR
UHFLEHQWUDWDPLHQWR\VRQDOPDFHQDGRVKDVWDVXWUDQVSRUWHH[WHUQRGHOKRVSLWDO
)LJXUD(VTXHPDGHODVHWDSDVGHOPDQHMRDFWXDOGHORVUHVLGXRVVyOLGRVGHO
+RVSLWDOPXQLFLSDOGH9HQWDQLOOD)8(17((ODERUDFLyQSURSLD
(1&8(67$6 '( 3(5&(3&,Ï1 '(/ 0$1(-2 '( 5(6,'826
6Ï/,'26(1(/+263,7$/081,&,3$/'(9(17$1,//$
3DUDODHYDOXDFLyQGHODSHUFHSFLyQGHOPDQHMRDFWXDOGHUHVLGXRVVyOLGRVHQODViUHDV
GH FRQVXOWD H[WHUQD GHO KRVSLWDO PXQLFLSDO GH 9HQWDQLOOD VH HPSOHDURQ HQFXHVWDV
GLULJLGDVDOSHUVRQDO GHOKRVSLWDOFRQXQ WRWDOGH SUHJXQWDV $QH[RDILQGH
FRQRFHUHOJUDGRGHFRQRFLPLHQWRVREUHHOPDQHMRGHUHVLGXRVVyOLGRVORVSHOLJURV
ORVULHVJRVDVRFLDGRVDHOORV
/DVHQFXHVWDVQRVLQGLFDQTXHHOGHOSHUVRQDOHQFXHVWDGRWLHQHXQWLHPSRGH
VHUYLFLRGHDxRVHOXQDxR\HOUHVWRDxRV(VWRQRVLQGLFDTXHHOSHUVRQDO
URWDGHPDQHUDFRQVWDQWHVLQVHJXLUXQDFDUUHUDSURIHVLRQDOODUJDHQHOKRVSLWDOHQHO
KRVSLWDO 3DUD HO JUDGR GH LQVWUXFFLyQ HO GH ORV HQFXHVWDGRV WLHQH HVWXGLRV
VXSHULRUHV\HOWLHQHVRORHGXFDFLyQVHFXQGDULD(OGHORVHQFXHVWDGRVVRQ
YDURQHV\VRQPXMHUHV
(QOD)LJXUDPXHVWUDHOFRQRFLPLHQWRUHVSHFWRDODSUiFWLFDGHVHJUHJDFLyQHQHO
KRVSLWDO GDGR TXH HOORV VLJQLILFDQ XQ FRPSURPLVR SDUD UHDOL]DUOR HQ ODV ODERUHV
FRWLGLDQDVDORVTXHXQUHVSRQGtDTXHVLVHUHDOL]DVHJUHJDFLyQGHUHVLGXRVHQHO
KRVSLWDOPLHQWUDVTXHHOQRUHDOL]DODVHJUHJDFLyQGDGRTXHHQVXiUHDVRORVH
JHQHUDQUHVLGXRVFRPXQHV
)LJXUD&RQRFLPLHQWRGHPHFDQLVPRVGHVHJUHJDFLyQGH5HVLGXRV6ROLGRV
(QFXDQWRDODFDOLILFDFLyQGHOPDQHMRGHORVUHVLGXRVVyOLGRVHQHOKRVSLWDOVHDSUHFLD
HQOD)LJXUDTXHHOORFDOLILFDFRPRUHJXODU\HOORFDOLILFDGHEXHQR
HVWRQRVLQGLFDTXHGHVGHVXSXQWRGHYLVWDQRVHHVWiOOHYDQGRXQDGHFXDGRPDQHMR
GHUHVLGXRVVyOLGRV
)LJXUD&DOLILFDFLyQGHOPDQHMRGHUHVLGXRVVROLGRV
(QOD)LJXUDVHGHWDOODHOWLSRGHUHVLGXRVJHQHUDGRHQHOKRVSLWDO(OUHVLGXRV
PiV TXH VH SURGXFH VHJ~Q ORV HQFXHVWDGR HV HO %LRFRQWDPLQDGR DVt FRPR ORV
FRPXQHVFRQXQGHODPLVPDPDQHUDXQRSLQDTXHVHJHQHUDQWRGRWLSRGH
ORVUHVLGXRVPHQFLRQDGRV
)LJXUD7LSRGHUHVLGXRV*HQHUDGRHQHO+RVSLWDO
(QOD)LJXUDVHGHWDOODHOWLSRGHFRQWHQLGRVTXHVHWLHQHSRUiUHDDHOORXQUHVSRQGLy
TXH SRVHH 5HFLSLHQWHV FRQ EROVDV FRQ FRORUHV UHVSHFWLYRV GH DFXHUGR DO WLSR GH UHVLGXRV
JHQHUDGRHQFDPELRHOVRORWLHQHXQWDFKRGHSOiVWLFRHVWRGHELGRTXHHQODViUHDVHQ
TXHWUDEDMDQVRORVHJHQHUDQUHVLGXRVFRPXQHV
)LJXUD&RQWHQHGRUHVSRUiUHD
(QODILJXUDHOGHORVHQFXHVWDGRVLQGLFDQTXHVHUHFRJHQORVUHVLGXRVXQDYH]SRU
GtDVLHQGRHOORDOILQDOL]DUHOGtDSXGLHQGRVROLFLWDUHOUHFRMRGHORVUHVLGXRVPiVYHFHVHQ
FDVRVHUHTXLHUD7RGRVHOORVLQGLFDURQTXHODIUHFXHQFLDGHUHFRMRHVODDGHFXDGDSDUDOD
FDQWLGDGGHUHVLGXRVTXHVHJHQHUD
)LJXUD)UHFXHQFLDGHUHFRMRGHUHVLGXRV
(O XVR GH EROVDV R UHFLSLHQWH LQDSURSLDGR HV HO SULQFLSDO SUREOHPD TXH GHWHFWDQ ORV
HQFXHVWDGRVHVWRGHELGRDTXHVLELHQVHXVDHOFRORUUHVSHFWLYRHVWDVQRFXHQWDFRQHOJURVRU
HVWDEOHFLGRSRUQRUPDYHUILJXUD
)LJXUD3UREOHPDVGHWHFWDGRV
$ODSUHJXQWDVLHOKRVSLWDOFXHQWDFRQXQOXJDUDGHFXDGRSDUDHODOPDFHQDPLHQWRILQDOGH
UHVLGXRVHOLQGLFRTXHQRVHFXHQWDFRQXQOXJDUDGHFXDGRVLQHPEDUJRHOLQGLFR
TXHVLHUDDGHFXDGRDXQTXHHVWRVQRFRQRFtDQHOOXJDUGHGLVSRVLFLyQILQDOYHUILJXUD
)LJXUD&RQRFLPLHQWRGHOOXJDUGHDOPDFHQDPLHQWRGHUHVLGXRV
(VLPSRUWDQWHTXHODFDSDFLWDFLyQHQHOPDQHMRGHUHVLGXRVHVSUHRFXSDQWHGDGRTXHHO
GHOHQFXHVWDGRQRVPDQLILHVWDTXHQRVHKDUHFLELGRFDSDFLWDFLyQHQHOOR\TXHVRORSRVHHQ
XQFRQRFLPLHQWRJHQHUDOGHHOOR9HUILJXUD
)LJXUD&DSDFLWDFLyQHQHOPDQHMRGHUHVLGXRV
)LQDOPHQWHVHSUHJXQWyDORVHQFXHVWDGRODVFRQVHFXHQWHVTXHWHQGUtDHOPDOPDQHMRGHORV
UHVLGXRVDHOORXQPDQLIHVWyTXHHVWRRFDVLRQDUtDXQDSUROLIHUDFLyQGHYHFWRUHVHQWUH
HOORVGHPRVFDV\URHGRUHVRWURSUREOHPDTXHUHVDOWDHVTXHODVSHUVRQDVTXHORPDQLSXODQ
WUDEDMDGRUHVGHOLPSLH]DVHYHUtDQDIHFWDGRV\H[SXHVWRVDYLUXV\EDFWHULDV9HUILJXUD
)LJXUD&RQVHFXHQFLDVGHOPDOPDQHMRGHUHVLGXRV
&$5$&7(5,=$&,21'(),6,&$'(5(6,'82662/,'26
3DUDHVWDHWDSDVHUHDOL]yXQDFDUDFWHUL]DFLyQGHUHVLGXRVVyOLGRVHOiUHDGHWUDEDMRVHXELFy
FHUFDDOXJDUGHODGLVSRVLFLyQILQDOGHUHVLGXRVDLVODQGRHOVXHOR\ODVSDUHGHVHVWRFRQOD
ILQDOLGDG GH HYLWDU OD FRQWDPLQDFLyQ GH HOORV /RV UHVXOWDGRV GH HVWD FDUDFWHUL]DFLyQ QRV
PXHVWUD OD FRPSDUDFLyQ GH ORV UHVLGXRV JHQHUDGRV HQ ODV GLIHUHQWHV iUHDV GHO +RVSLWDO
0XQLFLSDOGH9HQWDQLOOD
/DFDWHWHUL]DFLyQGHORVUHVLGXRVHQHO+RVSLWDO0XQLFLSDOGH9HQWDQLOODVHGHVDUUROOyGXUDQWH
RFKRGtDVHPSH]DQGRHO'RPLQJRGHMXOLRGH\WHUPLQDQGRHOOXQHVGHMXOLRGH
KD\ TXH WHQHU HQ FXHQWD TXH HO KRVSLWDO 0XQLFLSDO VROR WUDEDMD GH OXQHV D ViEDGR
DGLFLRQDOPHQWH HQ HVH UDQJR GH IHFKDV QR VH UHJLVWUDURQ FDPSDxDV PpGLFDV SRU SDUWH GHO
KRVSLWDOSDUDHIHFWRVGHOHVWXGLRVHGHVFDUWDQORVGDWRVGHOSULPHUGtDGDGRTXHVHWLHQHTXH
WHQHUODFHUWH]DGHTXHORVUHVLGXRVVRQJHQHUDGRVHVHGtD\QRGHDQWHULRUHV
3DUDODGHWHUPLQDFLyQGHOSHVR\YROXPHQGHORVUHVLGXRVVHSURFHGLyVHJ~QORLQGLFDGRHQ
OD PHWRGRORJtD 9HU DQH[R $ SDUWLU GH OD REWHQFLyQ GH HVWRV GDWRV VH UHDOL]DURQ ORV
FiOFXORVGHGHQVLGDGGHORVUHVLGXRV
(QOD)LJXUDVHREVHUYDODFRPSRVLFLyQSURPHGLRSRUSHVRGHORVUHVLGXRVVyOLGRVGHO
HVWDEOHFLPLHQWRGHVDOXGVHJ~QORVGDWRVREWHQLGRVHQODFDUDFWHUL]DFLyQGHUHVLGXRVVyOLGRV
ORVUHVLGXRVTXHPiVVHSURGXFHVRQORVSDSHOHVFRQVHJXLGRGHSOiVWLFRGXURFRQ
PD\RULWDULDPHQWHHVSpFXORV\JXDQWHVFRQ
)LJXUD&RPSRVLFLyQGHUHVLGXRVVROLGRV
(QODILJXUDVHSXHGHREVHUYDUODFRPSRVLFLyQGHORVUHVLGXRVFRPXQHVSDUDODIHFKDGH
HVWXGLRFRQODFXDOQRVHYLGHQFLDTXHKXERXQDPD\RUFDQWLGDGGHSDSDOHVFRQSOiVWLFR
FRQFDUWRQpFRQ\YLGULRVRORFRQ
)LJXUD&RPSRVLFLyQGHUHVLGXRVFRPXQHV
/D JHQHUDFLyQ SHUFiSLWD *3& GHORV UHVLGXRV VH GHWHUPLQyHQIXQFLyQD OD FDQWLGDGGH
SDFLHQWHVTXHLQFOX\HHOQ~PHURSURPHGLRGHDWHQFLRQHVRFRQVXOWDVGLDULDVORFXDOHVXQ
WRWDO GH FRQVXOWDV SURPHGLR SRU GtD WHQLHQGR HQ FXHQWD TXH XQRV GtDV KD\ PD\RU
DIOXHQFLDGHSDFLHQWHVTXHRWURV/DJHQHUDFLyQGHUHVLGXRVHQHOKRVSLWDOVHYDDHQFRQWUDU
HQIXQFLyQDODDWHQFLyQGHSDFLHQWHSRUGtD\SDUDVXDQiOLVLVVHVLJXLyORLQGLFDGRHQHO
$1(;2
7DEOD&RPSRVLFLyQItVLFDGHUHVLGXRVSRUGtD
3HVR 'HQVLGDG 3DFLHQWHVSRU *3&
'tD )HFKD
.JGtD .JPGtD GtD .JSDFLHQWHGtD
)8(17((ODERUDFLyQSURSLD
(QOD7DEOD\)LJXUDVHSXHGHREVHUYDUTXHHOGtDFRQPD\RUJHQHUDFLyQGHUHVLGXRV
IXHHOGtDPDUWHVFRQNJHVWRGDGRDTXHVLELHQQRVHWUDWDGHOSULPHUGtDKiELOGHOD
VHPDQDDWHQGLHURQFRQVXOWRULRVSURGXFLHQGRXQDPD\RUJHQHUDFLyQGHUHVLGXRV&DVR
FRQWUDULR VH UHJLVWUy HO GtD ViEDGR GH MXOLR GH UHVSHFWLYDPHQWH FRQ NJ HVWR
GHELGRSRUVHUILQGHVHPDQDDWLHQGHQXQDPHQRUFDQWLGDGGHFRQVXOWRULRV\TXHODPD\RUtD
GHUHVLGXRVVyOLGRVTXHVHJHQHUDQSRVHHQXQPHQRUSHVR\YROXPHQFRPRORVRQSDSHOHV
JXDQWHV\DOJRGRQHV(OSURPHGLRGHJHQHUDFLyQGLDULDHVGHNJ
)LJXUD*HQHUDFLyQ7RWDOGLDULDGHUHVLGXRVVyOLGRV.JGtD
(QOD)LJXUDODGHQVLGDGPiVDOWDVHGDHOGtDViEDGRGDGRTXHHVHGtDKXERXQDPD\RU
FDQWLGDGGHFRQVXOWDVHQHOiUHDGH7HUDSLD)tVLFD\5HKDELOLWDFLyQDVtFRPRHQ(FRJUDItD
JHQHUiQGRVHXQDJUDQFDQWLGDGGHSDSHOHVJXDQWHV\JDVDVLQFUHPHQWDQGRHOSHVRSHURFRQ
XQPHQRUYROXPHQ
)LJXUD9DULDFLyQGHODGHQVLGDGSRUGtD.JPGtD
(QOD)LJXUDVHSXHGHYHUTXHODJHQHUDFLyQSHUFiSLWDWLHQHXQPD\RUYDORUHOGtDMXHYHV
FRQ.JSDFLHQWHGtDDGLIHUHQFLDGHOGtDYLHUQHVTXHWLHQH.JSDFLHQWHGtD
HVWRGHELGRDSRUVHUILQGHVHPDQDDWLHQGHQXQDPHQRUFDQWLGDGGHFRQVXOWRULRV\FRQHOOR
XQDPHQRUDIOXHQFLDGHS~EOLFRHVHGtDDVtFRPRHOWLSRGHUHVLGXRVTXHVHJHQHUDEDTXHHQ
VXPD\RUtDIXHURQSDSHOHVJXDQWHV\EDMDOHQJXD
)LJXUD*HQHUDFLyQ3HUFiSLWD*3&
6LVHFRPSDUDHVWRVYDORUHVFRQHVWXGLRVUHDOL]DGRVDQWHULRUPHQWHHQRWURVHVWDEOHFLPLHQWRV
GHVDOXGQRVHHQFXHQWUDXQDUHODFLyQFRPRVHLQGLFDDFRQWLQXDFLyQ
+RVSLWDOGHSDUWDPHQWDOGH+XDQFDYHOLFDVHJ~QODFODVLILFDFLyQGHO0,16$VHHQFXHQWUDHQ
OD FDWHJRUtD ,, FRQ XQ SURPHGLR GH DWHQFLRQHV SRU GtD <DQFH (VWH
HVWDEOHFLPLHQWRGHVDOXGWLHQHXQQLYHOGHDWHQFLyQVXSHULRUDOGHHVWXGLRVLQHPEDUJRSRVHH
XQQ~PHURGHDWHQFLRQHVVLPLODUHQHOiUHDGHFRQVXOWDH[WHUQDHVSRUHOORTXHVHHPSOHDURQ
VXV GDWRV GH JHQHUDFLyQ GH UHVLGXRV SRU FRQVXOWD \ VH HYDOXy PHGLDQWH OD FRUUHODFLyQ GH
3HDUVRQQORVUHVXOWDGRVREWHQLGRVVHPXHVWUDQOD7DEOD\
7DEOD0DWUL]GHFRUUHODFLRQHVGH3HDUVRQQ±*HQHUDFLyQSHUFiSLWDGHiUHDGH
FRQVXOWDH[WHUQDGHO+RVSLWDO'HSDUWDPHQWDOGH+XDQFDYHOLFD
7DEOD&XDGUR0DWUL]GHFRUUHODFLRQHVGH3HDUVRQQ±*HQHUDFLyQSHUFiSLWD
VHJ~QWLSRGHiUHDGHFRQVXOWDH[WHUQDGHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
(QOD7DEODPXHVWUDXQDUHODFLyQUHODWLYDPHQWHVLJQLILFDWLYDGHJHQHUDFLyQSHUFiSLWDGH
UHVLGXRVFRPXQHV\HVSHFLDOHVFRQXQFRHILFLHQWHGHHVWDUHODFLyQVHGHEHDOQLYHOGH
DWHQFLyQTXHVHGDHQHOKRVSLWDOGHSDUWDPHQWDOGH+XDQFDYHOLFDRWURIDFWRULPSRUWDQWHHVOD
DSOLFDFLyQJUDWXLWDGHYDFXQDVSDUDGLYHUVDVHQIHUPHGDGHVFRPRWpWDQRVDUDPSLyQYDULFHOD
HWF\TXHSRUODOHMDQtDGHODVHVWDEOHFLPLHQWRGHVDOXGORVSDFLHQWHVLQJLHUHQDOLPHQWRVHQ
VXVLQVWDODFLRQHV\\DQRHQVXVGRPLFLOLRV(QFDPELRHQHO+RVSLWDOPXQLFLSDOGH9HQWDQLOOD
VHHQFXHQWUDFODVLILFDGRHQODFDWHJRUtDGHDFXHUGRDO0,16$\VRORVHHQFDUJDQGHO
SULPHUQLYHOGHDWHQFLyQFRPRGLDJQyVWLFRGHHQIHUPHGDGHVSUHVFULSFLyQGHWUDWDPLHQWRV\
DSOLFDFLyQGHYDFXQDV$GHPiVGHTXHVHHQFXHQWUDHQXQOXJDUFHUFDQRODSREODFLyQTXH
UHFXUUHDOKRVSLWDO
(O+RVSLWDO$U]RELVSR/RD\]DVHJ~QODFODVLILFDFLyQGHO0,16$VHHQFXHQWUDHQODFDWHJRUtD
,,,FRQXQSURPHGLRGHDWHQFLRQHVSRUGtD9DUJDV(VWHHVWDEOHFLPLHQWRGH
VDOXGWLHQHXQQLYHOHVSHFLDOL]DGRGHDWHQFLyQVLQHPEDUJRVLQHPEDUJRGHVRORWRPDUHPRV
ODGDWDGHORVVHUYLFLRVGHFRQVXOWDH[WHUQDKD\TXHWHQHUHQFXHQWDTXHSRVHHXQQ~PHUR
PHQRUGHDWHQFLRQHV\VRORVHWRPDUDQORVGDWRVGHJHQHUDFLyQGHUHVLGXRVSRUFRQVXOWD\VH
HYDOXyPHGLDQWHODFRUUHODFLyQGH3HDUVRQQORVUHVXOWDGRVREWHQLGRVVHPXHVWUDQOD7DEOD
7DEOD0DWUL]GHFRUUHODFLRQHVGH3HDUVRQQ±*HQHUDFLyQSHUFiSLWDVHJ~QWLSR
GHOiUHDGHFRQVXOWDH[WHUQDGHO+RVSLWDO$U]RELVSR/RD\]D
&ODVH %LRFRQWDPLQDGR &RPXQHV
%LRFRQWDPLQDGR
&RPXQHV
)8(17((ODERUDFLyQSURSLD
(QOD7DEODQRVHREVHUYDXQDUHODFLyQVLJQLILFDWLYDHQWUHODVFODVHVGHUHVLGXRVSRUOR
WDQWRODJHQHUDFLyQGHORVUHVLGXRVELRFRQWDPLQDGRVQRYDDGHSHQGHUORVFRPXQHV
(Q OD 7DEOD VH REVHUYDPRV TXH GHSHQGLHQGR ODV FDUDFWHUtVWLFDV VRFLRHFRQyPLFDV GH OD
SREODFLyQDWHQGLGD\HOWLHPSRGHDWHQFLyQTXHWLHQHFDGDHVWDEOHFLPLHQWRGHVDOXGVHYDD
JHQHUDU GLVWLQWDV FDQWLGDGHV GH UHVLGXRV ORV FXDOHV LQIOXHQFLDUDQ GLUHFWDPHQWH HQ OD
JHQHUDFLyQSHUFDSLWDILQDO
7DEOD&RPSDUDFLyQFDUDFWHUtVWLFDVGHODSREODFLyQFRQJHQHUDFLyQGHUHVLGXRV
7LHPSR 5HVLGXRVJHQHUDGRV
(VWDEOHFLPLHQWRVGH 1LYHO 1XPHURDWHQFLRQHV
GH
VDOXG VRFLRHFRQyPLFR SURPHGLR %LRFRQWDPLQDGRV &RPXQHV
HVSHUD
+RVSLWDO5HJLRQDOGH QLYHO
Ϭ͘ϲϮϵ
+XDQFDYHOLFD VRFLHFRQRPLFR( PLQXWRV
+RVSLWDO$U]REL]SR QLYHO
Ϭ͘ϬϯϮ
/RD\]D VRFLHFRQRPLFR& PLQXWRV
+RSLVWDO0XQLFLSDOGH QLYHO
ϯϱϵ Ϭ͘ϬϬϳ
9HQWDQLOOD VRFLHFRQRPLFR& PLQXWRV
)8(17((ODERUDFLyQSURSLD
(Q OD 7DEOD PXHVWUDODJHQHUDFLyQ GHUHVLGXRVSRUFDGDFODVHGRQGHVH REVHUYDTXHVH
SURGXMRXQDPD\RUFDQWLGDGGHUHVLGXRVELRFRQWDPLQDGRVHOGtDPLpUFROHVFRQ.JGtD
(OSURPHGLRGHJHQHUDFLyQHVNJGtDORFXDOUHSUHVHQWDPiVGHOGHORVUHVLGXRV
JHQHUDGRVHQHOHVWDEOHFLPLHQWRGHVDOXG
5HVSHFWRDODJHQHUDFLyQGHUHVLGXRVFRPXQHVVHSXHGHREVHUYDUHQHOFXDGURTXHHOGtD
PDUWHVVHSURGXMRNJGtDFRQXQDGHQVLGDGSURPHGLRGHNJPGtD
(QHVWHHVWDEOHFLPLHQWRGHVDOXGVLELHQVHJHQHUDQUHVLGXRVHVSHFLDOHVHVWRVVRQPDQHMDGRV
SRUORVFRQFHVLRQDULRVTXHDGPLQLVWUDQODVGLIHUHQWHViUHDVHQGRQGHVHSURGXFHQ
7DEOD&RPSRVLFLyQItVLFDGHUHVLGXRVSRUFODVH
5HVLGXRV%LRFRQWDPLQDGRV 5HVLGXRV&RPXQHV
)HFKD 3HVR *3& 'HQVLGDG 3HVR *3& 'HQVLGDG
.JGtD .JSDFLHQWHGtD .JPGtD .JGtD .JSDFLHQWHGtD .JPGtD
(Q OD )LJXUD VH SXHGH YHU TXH OD PD\RU FDQWLGDG GH UHVLGXRV JHQHUDGRV SRU FODVH
FRUUHVSRQGHDORVELRFRQWDPLQDGRVVDOYRHOGtDPDUWHVTXHVHSURGXMRHQPD\RUFDQWLGDG
ORVUHVLGXRVFRPXQHV
)LJXUD*HQHUDFLyQGDUtDGHUHVLGXRVSRUFODVH
(QOD)LJXUDVHREVHUYDQGDWRVGHYDULDFLyQGHODGHQVLGDGGHORVUHVLGXRVGHDFXHUGRD
ODFODVHHQODVHPDQDGHHVWXGLRVHSXHGHYLVXDOL]DUTXHODGHQVLGDGGHORVUHVLGXRVFRPXQHV
HQHOSULPHUGtDHVPD\RUDODGHOUHVWRHVWRGHELGRDTXHHQHOiUHDGHSRGRORJtDJLQHFRORJtD
\JDVWURORJtDSURGXMRXQDJUDQFDQWLGDGGHSDSHOHVRWURIDFWRULPSRUWDQWHHVTXHDWHQGLHURQ
RWUDViUHDVODVFXDOHVQRDWLHQGHQWRGRVORVGtDVFRPRQHXURORJtD\QHXPRORJtD
)LJXUD9DULDFLyQGHODGHQVLGDGFRQIRUPHDODFODVHGHUHVLGXR
(QOD7DEODVHPXHVWUDODLQIRUPDFLyQVREUHODJHQHUDFLyQSURPHGLRGLDULDGHUHVLGXRV
VyOLGRVSRUFDGDiUHD/DVSULQFLSDOHVTXHJHQHUDQFDQWLGDGHVLPSRUWDQWHVGHUHVLGXRVVRQ
ODVVLJXLHQWHV*LQHFRORJtD\7ySLFRFRQ\.JGtDUHVSHFWLYDPHQWH
(VLPSRUWDQWHPHQFLRQDUTXHORVUHVLGXRVFRPXQHVHQFDGDiUHDGHJHQHUDFLyQSURYLHQHQHQ
PD\RU PHGLGD HO SHUVRQDO TXH ODERUD HQ HO KRVSLWDO HVSHFtILFDPHQWH HQ HO iUHD GH
*LQHFRORJtD7HUDSLD)tVLFD\3RGRORJtDHVSUHRFXSDQWHGDGRTXHVHLQJLHUHQDOLPHQWRHQ
XQiUHDTXHHVWiH[SXHVWDDJUDQFDQWLGDGGHSDWyJHQRV
(QHOGHJLQHFRORJtDVHSURGXFHQPD\RUFDQWLGDGGHUHVLGXRVELRFRQWDPLQDGRVGDGRTXH
HPSOHDQ LQVWUXPHQWRV GHVFDUWDEOHV SRUFDGD SDFLHQWHOR FXDO LQFUHPHQWD OD JHQHUDFLyQGH
UHVLGXRV
7DEOD*HQHUDFLyQGLDULDGHUHVLGXRVHQODViUHDVGHJHQHUDFLyQ
35238(67$'(3/$1'(0$1(-2'(5(6,'82662/,'26
(O GLDJQyVWLFR LQLFLDO QRV VLUYH SDUD HODERUDU SURSXHVWDV GH PHMRUD SDUD FDGD HWDSD GHO
PDQHMRGHUHVLGXRVVyOLGRVHQHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
/DSURSXHVWDGHO3ODQGH5HVLGXRV6yOLGRV+RVSLWDODULRVHVXQDKHUUDPLHQWDTXHQRVD\XGDUD
DPHMRUDUODVLWXDFLyQDFWXDOGHOKRVSLWDOPXQLFLSDO\UHVSRQGHDXQPDQGDWRLPSHUDWLYRGH
ODQHFHVLGDGGLDULDGHPLQLPL]DU\FRQWURODUORVULHVJRVTXHVHGHULYDQGHOPDQHMRGHORV
UHVLGXRV VyOLGRV KRVSLWDODULRV SDUD SURWHJHU D OD SREODFLyQ KRVSLWDODULD HV GLQiPLFR
FRQWULEX\HDUHVROYHUSUREOHPDVTXHVRQXQULHVJRSDUDODVDOXGGHODVSHUVRQDVSRUORTXH
HVQHFHVDULRUHDOL]DUXQVHJXLPLHQWRPRQLWRUHRYLJLODQFLD\FRQWURO
,1752'8&&,21
(QHO3ODQ$QXDOGH0DQHMRGH5HVLGXRV6yOLGRVVHGHVFULEHQORVSURFHVRVSURFHGLPLHQWRV
\DFWLYLGDGHVFRPSRQHQWHVGHODJHVWLyQLQWHJUDOGHUHVLGXRVVyOLGRVSDUDVXPDQHMRWpFQLFR
\ HO VHJXLPLHQWR HVWDEOHFLGR GHO SUHVHQWH GRFXPHQWR 6HJ~Q 50 1 0,16$ \
QRUPDWpFQLFD0,16$'*639DO+RVSLWDO0XQLFLSDOGH9HQWDQLOODVHHQFXHQWUD
FODVLILFDGRVHJ~Q0,16$FRPRXQHVWDEOHFLPLHQWRGHVDOXG1LYHO,
/DSHUFHSFLyQHQFXDQWRDOPDQHMRGH5HVLGXRV6yOLGRV+RVSLWDODULRVHVPX\LPSRUWDQWH\
HVXQLQVWUXPHQWRGH*HVWLyQPX\YDOLRVRGHVGHVXJHQHUDFLyQKDVWDODGLVSRVLFLyQILQDOFRQ
ODQHFHVLGDGGLDULDGHPLQLPL]DU\FRQWURODUORVULHVJRVTXHVHGHULYDQGHOPDQHMRGHHVWRV
UHVLGXRVSDUDSURWHJHUDORVWUDEDMDGRUHVSDFLHQWHV\YLVLWDQWHV
(O PDQHMR GH 5HVLGXRV6yOLGRV +RVSLWDODULRV HV XQ VLVWHPD GH VHJXULGDG VDQLWDULDTXH VH
LQLFLD GHVGH VX JHQHUDFLyQ HQ ORV VHUYLFLRV DVLVWHQFLDOHV \ DGPLQLVWUDWLYRV GHO
HVWDEOHFLPLHQWRKRVSLWDODULRKDVWDODGLVSRVLFLyQILQDOHQHO5HOOHQR6DQLWDULR
(VPX\LPSRUWDQWHTXHORVWUDEDMDGRUHVSDFLHQWHV\YLVLWDQWHVWHQJDQFRQRFLPLHQWRV\HVWpQ
FDSDFLWDGRV HQ HO PDQHMR DGHFXDGR GH UHVLGXRV VyOLGRV KRVSLWDODULRV \ WRGRV HVRV
FRQRFLPLHQWRVGHEHQVHUOOHYDGRVDODSUiFWLFDWRPHQFRQFLHQFLD\FDPELHQGHDFWLWXG\D
TXH HO p[LWR GH OD LPSOHPHQWDFLyQ GHO SODQ GHSHQGH GH XQ EXHQ PDQHMR GH UHVLGXRV \ HO
IUDFDVRVLVHWUDEDMDHQGHVRUGHQ
),1$/,'$'
&RQWURODU\UHGXFLUORVULHVJRVUHJXODUODVGLYHUVDVDFFLRQHVSDUDSURWHJHUODVDOXGGHODV
SHUVRQDVIUHQWHDODH[SDQVLyQGHDJHQWHVELROyJLFRVItVLFRVTXtPLFRVHQODVGLIHUHQWHViUHDV
GHWUDEDMR
$/7(51$7,9$6'(0,1,0,=$&,Ï1
([LVWHQGLYHUVDVIRUPDVSDUDODPLQLPL]DFLyQGHUHVLGXRVHQODVGLIHUHQWHViUHDVGHOKRVSLWDO
SDUDHOORVHGHEHQHQSULPHUOXJDUORJUDUXQFRPSURPLVRGHORVWUDEDMDGRUHVHQODVGLIHUHQWHV
iUHDV \ OXHJR LU LPSOHPHQWDQGR FLHUWDV SUiFWLFDV FRPR ODV ³5´ TXH QRV YDQ D IDFLOLWDU
UHGXFLUODJHQHUDUDFLyQGHUHVLGXRV/RVSDVRVDVHJXLUVRQORVVLJXLHQWHV
Ͳ 6HQVLELOL]DFLyQVREUH0DQHMRGH5HVLGXRV6yOLGRV+RVSLWDODULRV0RWLYDGR
DOSHUVRQDOVREUH0DQHMR\5HXWLOL]DFLyQGH5HVLGXRV6yOLGRV+RVSLWDODULRV
FRPXQHV $GHPiV GH FKDUODV VREUH PHGLGDV VDQLWDULDVDWHQHUHQFXHQWDDO
PRPHQWRGHODPDQLSXODFLyQGHORVUHVLGXRV
Ͳ &KDUODVVREUHVHJUHJDFLyQGHUHVLGXRVVyOLGRVSRUWLSRGHFRORUHVGHEROVD
Ͳ 5HXWLOL]DQGRRUHFLFODQGRUHVLGXRVJHQHUDGRHQODViUHDVLPSOHPHQWDQGROD
SUiFWLFD GH ODV ³ 5´ UHXWLOL]DU UHGXFLU UHSDUDU UHFLFODU \ UHJXODU
VHSDUDQGR ORV UHVLGXRV FRPXQHV HQ SDSHOHV YLGULR SOiVWLFR HQWUH RWURV \
GiQGROHVXQDVHJXQGDYLGD~WLO
Ͳ 9LJLODQFLDFRQWURO\PRQLWRUHRVHJ~QWLSRGHUHVLGXRVKRVSLWDODULRV
$&21',&,21$0,(172
(ODFRQGLFLRQDPLHQWRGHODiUHDVGHO+RVSLWDO0XQLFLSDOGHEHHQFRQWUDUVHGHDFXHUGRDOD
1RUPD17610,16$',*(6$SDUDORVUHFLSLHQWHVWDFKRVUHFLSLHQWHVUtJLGRVHWF
HLQVXPRVEROVDVQHFHVDULRV\DGHFXDGRVSDUDODUHFHSFLyQRHOGHSyVLWRGHODVGLYHUVDV
FODVHVGHUHVLGXRVTXHJHQHUHQGLFKDViUHDVORFXDOSHUPLWLUiWHQHUPHMRUHVUHVXOWDGRVHQODV
HWDSDVVLJXLHQWHV
'XUDQWH HO GLDJQyVWLFR \ OD YLVLWD GH UHFRQRFLPLHQWR VH YHULILFR TXH DOJXQRV UHFLSLHQWHV
SRVHHQXQDWDSDFRQODFXDOQRVHSXGLHVHDSUHFLDUDGHFXDGDPHQWHHOFRORUGHODEROVDORFXDO
SRGUtDSURGXFLUFRQIXVLyQ2WURIDFWRULPSRUWDQWHHVLPSOHPHQWDUUHFLSLHQWHGHDFXHUGRDO
FyGLJRGHFRORUHVLQGLFDGDHQOD173&yGLJRGHFRORUHVSDUDORVGLVSRVLWLYRVGH
$OPDFHQDPLHQWRGH5HVLGXRV9HU7DEOD
7DEOD&yGLJRGHRORUHVSDUDUHFLSLHQWHVGH$OPDFHQDPLHQWR
&RORUGHUHFLSLHQWH &ODVHGHUHVLGXR
5RMR 5HVLGXRV%LRFRQWDPLQDGRV
$PDULOOR 5HVLGXRV(VSHFLDOHV
1HJUR 5HVLGXRV&RPXQHV*HQHUDOHVQRUHFLFODEOHV
$]XO 5HVLGXRV&RPXQHV±3DSHO\FDUWyQ
%ODQFR 5HVLGXRV&RPXQHV±3OiVWLFR
0DUUyQ 5HVLGXRV&RPXQHV2UJiQLFRV
9LGULR 5HVLGXRV&RPXQHV9LGULR
5HDOL]DU XQD GLIXVLyQ FRQVWDQWH VREUH HO FyGLJR GH FRORUHV SDUD ORV UHFLSLHQWHV DQWHV
PHQFLRQDGRDWUDYpVGHSHULyGLFRVPXUDOHV\FDSDFLWDFLRQHVDOSHUVRQDOGHOKRVSLWDODILQGH
FRQFLHQWL]DUORVVREUHHOXVRGHHVWRV
(QHOiUHDGHRGRQWRORJtDQRVHFXHQWDFRQUHFLSLHQWHFRQEROVDVGHFRORUDPDULOORSRUORTXH
QRVHHVWDUtDQVHSDUDQGRORVUHVLGXRVHVSHFLDOHV3DUDHOORVHGHEHLPSOHPHQWDUUHFLSLHQWHV
DGLFLRQDOHVFRQVXFRORUUHVSHFWLYRDILQGHHYLWDUODFRPELQDFLyQGHORVUHVLGXRV
6L ELHQ HQ ODV GLIHUHQWHV iUHDV HQ GRQGH VH SURGXFHQ UHVLGXRV SXQ]RFRUWDQWHV H[LVWHQWH
UHFLSLHQWHVUtJLGRVHVWRVVRQOOHQDGRHQVXWRWDOLGDGVXSHUDQGRHOOtPLWHGHOOHQDGR
6(*5(*$&,21
3DUDHVWDHWDSDVHSRGUtDGHFLUTXHVHUHDOL]DXQDDGHFXDGDVHJUHJDFLyQGHUHVLGXRVFRPXQHV
\ ELRFRQWDPLQDGRV /R FXDO VH SXGR FRPSUREDU DO PRPHQWR GH OD UHDOL]DFLyQ GH OD
FDUDFWHUL]DFLyQ
$/$0$&(1$0,(17235,0$5,2
3DUDHVWDHWDSDGHDOPDFHQDPLHQWRGHUHVLGXRVORVFRQWHQHGRUHVGHEHQHVWDUFRUUHFWDPHQWH
VHxDOL]DGRV \ FRQWDU FRQ OD FDQWLGDG VXILFLHQWH GH HVWRV HQ WRGDV ODV iUHDV DFRUGH D ORV
UHVLGXRVJHQHUDGRV
/RV UHFLSLHQWHV SDUD HO DOPDFHQDPLHQWR GHEH WHQHU XQD LQGLFDFLyQ GHO SXQWR Pi[LPR GH
DOPDFHQDPLHQWRSDUWHV
3DUDODPHMRUDGHODFRQGLFLRQDPLHQWRVHJUHJDFLyQ\DOPDFHQDPLHQWRSULPDULRVHUHTXLHUHQ
FLHUWRV PDWHULDOHV ORV FXDOHV VRQ QHFHVDULRV SDUD ODV FDSDFLWDFLRQHV \ HQ PHMRUD GH OD
GLVSRVLFLyQGHORVUHVLGXRVGHQWURGHODViUHDVGHOKRVSLWDOPXQLFLSDO
7DEOD3UHVXSXHVWRSDUDODLPSOHPHQWDFLyQGHPDWHULDOHVSDUDODVHWDSDVGH
DFRQGLFLRQDPLHQWRVHJUHJDFLyQ\DOPDFHQDPLHQWRSULPDULR
ËWHP 'HVFULSFLyQ 0RQWRVROHV 8QLGDG 2EVHUYDFLRQHV
3UR\HFWRU
3UR\HFWRU
PXOWLPHGLD
5HFLSLHQWHVSDUDHO UHFLSLHQWHV 'HDFXHUGRDODV
DFRQGLFLRQDPLHQWR DOLWURV HVSHFLILFDFLRQHV\
\DOPDFHQDPLHQWR FRQWHQHGRUHV HVWiQGDUHVGHOD
SULPDULR OLWURV 1761
0,16$',*(6$
%ROVDVSOiVWLFDV PLOODU
9
$/0$&(1$0,(172,17(50(',2
$FWXDOPHQWHQRVHFXHQWDFRQXQDOPDFHQDPLHQWRLQWHUPHGLRHVWRGHELGRDODVGLPHQVLRQHV
GHOKRVSLWDOSRUHOORORVUHVLGXRVYDQGLUHFWDPHQWHDODOPDFHQDPLHQWRILQDO6LQHPEDUJRHQ
HOWUDVODGDGRGHORVUHVLGXRVHVWRVHQWUDQHQFRQWDFWRFRQHOVXHORDGHPiVTXHHOSHUVRQDO
GH OLPSLH]D HVWi H[SXHVWR D ORV UHVLGXRV 3RU HOOR VH GHEH FRQWDU FRQ XQD XQLGDG SDUD HO
WUDVODGR GH ORV UHVLGXRV D ILQ GH VHU SURWHJLGRV GH FXDOTXLHU HOHPHQWR SDWROyJLFR R
SXQ]RFRUWDQWH$VtPLVPRHVWHUHFLSLHQWHGHEHHVWDUURWXODGRHLQGLFDUXQOtPLWHPi[LPRGH
OOHQDGRSDUWHVGHODFDSDFLGDGWRWDO
5(&2/(&&,21<75$163257(,17(512
/DUHFROHFFLyQ\WUDQVSRUWHLQWHUQRGHORVUHVLGXRVVyOLGRVGHORVGLIHUHQWHVVHUYLFLRVFRQORV
TXHFXHQWDHOKRVSLWDOPXQLFLSDOGHYHQWDQLOODHVUHDOL]DGDSRUSHUVRQDOFRQWUDWDGRSRUHO
KRVSLWDOGHGLFiQGRVHH[FOXVLYDPHQWHDDFWLYLGDGHVGHOLPSLH]D\GHVLQIHFFLyQGHODViUHDV
(OSHUVRQDOTXHUHDOL]DHOSURFHVRGHUHFROHFFLyQGHEHHVWDUFDSDFLWDGR\FRQLQGXPHQWDULD
GH SURWHFFLyQ DFRUGH DO UHVLGXR D VHU WUDQVSRUWDGR 'HEHUi FRQWDU FRQ XQ YHKtFXOR GH
&RQWHQHGRUHVFRQUHVSHFWLYDWDSDDUWLFXODGD\UXHGDVWLSRJLUDWRULRDVLPLVPRGHEHQIDFLOLWDU
HO PDQHMR VHJXUR GH ORV UHVLGXRV &DGD 9HKtFXOR GH WUDQVSRUWH GHEHUi WHQHU XQD
LGHQWLILFDFLyQFODUDGHOUHVLGXRTXHHVWiVLHQGRWUDQVSRUWDGR
/DV UXWDV GH WUDQVSRUWH GH ORV UHVLGXRV GHEHQ HQFRQWUDUVH VHxDOL]DGDV \ HVWDEOHFLGDV GH
DFXHUGRDO PHQRU UHFRUULGR GH XQ DOPDFHQDPLHQWR D RWUR PRYLOL]DVH HQ KRUDULRV GH EDMR
IOXMRGHSHUVRQDVDILQGHHYLWDUFUXFHFRQORVSDFLHQWHV
Ͳ 5HTXHULPLHQWRV
&RFKHV GH WUDQVSRUWH GH XVR H[FOXVLYR \ GH DFXHUGR D HVSHFLILFDFLRQHV
WpFQLFDV
5XWDGHWUDQVSRUWHHVWDEOHFLGDGHPDQHUDTXHWRPHHOPHQRUUHFRUULGRSRVLEOH
KDFLDHODOPDFHQDPLHQWRILQDO
+RUDULRVGHWUDQVSRUWHHVWDEOHFLGRVHQIXQFLyQGHDTXHOODVKRUDVGHPHQRU
DIOXHQFLD GH SHUVRQDV DVLPLVPR HQ KRUDV HQ ODV FXDOHV QR VH WUDQVSRUWHQ
DOLPHQWRV
Ͳ )UHFXHQFLD\KRUDULRGHWUDQVSRUWHLQWHUQR
$OPDFHQDPLHQWR SULPDULR GHEHUi UHDOL]DVH ODV YHFHV TXH VHD QHFHVDULR R
FXDQGRORVUHFLSLHQWHVVHHQFXHQWUHQOOHQRVKDVWDODVWUHVFXDUWDVSDUWHVGHOD
FDSDFLGDGGHOPLVPRHVWDEOHFLGRHQODQRUPDWpFQLFDODVEROVDVFRQWHQHGRUDV
VHUiQDPDUUDGDVWRUFLHQGRHOUHVWRGHODEROVD\KDFLHQGRXQQXGRFRQHOOD
(OKRUDULRHVWDEOHFLGRSDUDHOUHFRMRGHORVUHVLGXRVVHUHDOL]DUiHQKRUDULRV
XQRVDODSP\RWURDODVSPGDGRTXHVRQORVKRUDULRVGHWHUPLQRGHORV
WXUQRVGHDWHQFLyQ
Ͳ 3URFHGLPLHQWRVSDUDODUHFROHFFLyQ\WUDQVSRUWHLQWHUQR
8QD YH] TXH ODV EROVDV VH HQFXHQWUDQ OOHQDV ODV ô SDUWHV GH VX FDSDFLGDG
HVWDVGHEHQVHUDPDUUDGDVSRUHOERUGHVXSHULRUH[WHUQRUHDOL]DQGRXQQXGR
HQHOOD/XHJRGHOUHWLURGHODVEROVDVFRQWHQHGRUDVGHUHVLGXRVHVWDGHEHVHU
UHHPSOD]DGD GH PDQHUD LQPHGLDWD SRU RWUD QXHYD 3RU QLQJ~Q PRWLYR VH
GHEHUi UHDOL]DU HO WUDVSDVR GH ORV UHVLGXRV GH XQD EROVD D RWUD (Q FDVR GH
UXSWXUD GH OD EROVD HVWD GHEHUi VHU LQWURGXFLGD HQ RWUD \ UHDOL]DU HO
SURFHGLPLHQWR GH FHUUDGR /LPSLDU \ GHVLQIHFWDU LQPHGLDWDPHQWH HQ FDVR
RFXUUDXQDFDtGDGHUHVLGXRV(OSHUVRQDOGHOLPSLH]DQRGHEHUiDUUDVWUDUODV
EROVDV HVWDV GHEHQ VHU PRYLOL]DGDV DOHMDGDV GHO FXHUSR VREUH UHFLSLHQWHV
DFRQGLFLRQDGRVSDUDVXWUDQVSRUWH$OILQDOL]DUFDGDMRUQDGDGHUHFROHFFLyQ
GHUHVLGXRVHOSHUVRQDOGHOLPSLH]DGHEHUiUHDOL]DUODOLPSLH]D\GHVLQIHFFLyQ
GHORVFRQWHQHGRUHVXVDGRVSDUDHOWUDQVSRUWHGHORVUHVLGXRV
$FRQWLQXDFLyQVHHVWDEOHFHQODVUXWDVSRUODVFXDOVHGHEHGDUHOWUDQVSRUWH
LQWHUQRGHUHVLGXRV9HU)LJXUD
(QWUDGD
6DOLGD
ÈUHDV9HUGHV
ϭ͘ WŽĚŽůŽŐşĂ
Ϯ͘ KĨƚĂůŵŽůŽŐşĂ
ϯ͘ >ĂďŽƌĂƚŽƌŝŽ
ϰ͘ 7RPRJUDItD
ϱ͘ EĞƵƌŽůŽŐşĂ
ϲ͘ EĞƵŵŽůŽŐşĂ 0HGLFLQD*HQHUDO
ϭϲ͘KƚŽƌƌŝŶŽ ϭϵ͘ŝƌƵŐşĂ
ϳ͘ ĂũĂ *LQHFRORJtD ϭϳ͘WƐŝĐŽůŽŐşĂ
ϮϬ͘KďƐƚĞƚƌŝĐŝĂ
ϴ͘ &ĂƌŵĂĐŝĂ *DVWURHQWHURORJtD ϭϴ͘dƌĂƵŵĂƚŽůŽŐşĂ Ϯϭ͘dſƉŝĐŽ
ϵ͘ ZĂLJŽƐy 'HQWDO
ϭϬ͘ĞƌŵĂƚŽůŽŐşĂ 7HUDSLDItVLFD\UHKDELOLWDFLyQ $OPDFHQDPLHQWR)LQDO
)LJXUD'LDJUDPDGHUXWDGHUHFROHFFLyQ\WUDQVSRUWHLQWHUQRGHUHVLGXRV
/D UXWD D VHJXLU HQ HVWD HWDSD GHEH WHQHU HO PHQRU UHFRUULGR SRVLEOH KDFLD HO iUHD GH
GLVSRVLFLyQILQDOHYLWDQGRHOFRQWDFWRFRQODVSHUVRQDVRSHUQDOGHOKRVSLWDO
7DEOD3UHVXSXHVWRSDUDLPSOHPHQWDFLyQGHPDWHULDOHVSDUDODHWDSDGH
WUDQVSRUWHLQWHUQR
,WHP 'HVFULSFLyQ 0RQWR6ROHV 8QLGDG 2EVHUYDFLRQHV
&RFKHSDUDWUDQVSRUWH 'HDFXHUGRDODV
GHUHVLGXRVFRPXQHV HVSHFLILFDFLRQHV\
5HFLSLHQWHVSDUD HVWiQGDUHVGHOD
UHFLSLHQWHV
WUDQVSRUWHLQWHUQRGH 1761
FRQUXHGDV
UHVLGXRV 0,16$',*(6$
/LWURV
ELRFRQWDPLQDGRV 9
$/0$&(1$0,(172&(175$/2),1$/
(Q HVWD HWDSDORV UHVLGXRV VyOLGRV SURYHQLHQWHV GH ODV iUHDV GH DWHQFLyQ VRQ GHSRVLWDGRV
WHPSRUDOPHQWHSDUDVXWUDWDPLHQWR\GLVSRVLFLyQILQDOHQHOOOHQRVDQLWDULR&RPRHOKRVSLWDO
QRFXHQWDFRQXQDPELHQWHDFRUGHDODVHVSHFLILFDFLRQHVWpFQLFDLQGLFDGDVHQHODQH[RGHOD
50 1 0,16$ VH HVSHFLILFDUD XQ iUHD LGHDO SDUD HO PDQHMR GH ORV UHVLGXRV
JHQHUDGRVHQODLQVWLWXFLyQFXPSOLHQGRRHVSHFLILFDGRHQODQRUPD
Ͳ 8ELFDFLyQ
(OiUHDGHGLFDGDSDUDHODOPDFHQDPLHQWRILQDOGHORVUHVLGXRVKRVSLWDODULRV
VHHQFXHQWUDXELFDGRHQHOiUHDFRQWLJXDDODGHJDVWURHQWHURORJtDFHUFDGHO
FDPSRGHSRUWLYRGHOD8UE$QWRQLDPRUHQRGH&iFHUHV
Ͳ &DUDFWHUtVWLFDV
(VWH DPELHQWH FXHQWD FRQ XQ iUHD GH P HQ GRQGH VH HQFXHQWUDQ GRV
UHFLSLHQWHV GHVWLQDGRV DFRQWHQHU ORV UHVLGXRV DORVFXDOHV GHEHQWHQHU XQD
LGHQWLILFDFLyQ OHJLEOH GDGR TXH DFWXDOPHQWH QR FXHQWDQ FRQ HOOR
DGLFLRQDOPHQWHVHGHEHUHDOL]DXQDVHSDUDFLyQHQWUHDPEDViUHDV6HGHEHUi
KDELOLWDUORVDPELHQWHVUHYLVWLHQGRHOSLVR\ODVSDUHGHVFRQFHPHQWRSXOLGR
DGLFLRQDOPHQWHVHUiUHYHVWLGRFRQPD\yOLFDSDUDIDFLOLWDUVXOLPSLH]DWHFKDU
HO iUHD SDUD HYLWDU TXH ORV UHVLGXRV VH YHDQ DIHFWDGRV SRU ODV YDULDEOHV
PHWHRUROyJLFDV \ ODDSDULFLyQ GH YHFWRUHV 'HEHFRQWDUFRQDJXD DSUHVLyQ
SDUDODOLPSLH]DGHOOXJDUDVtFRPRXQDGHFXDGRVLVWHPDGHGUHQDMH6HGHEHUi
KDELOLWDU HO iUHD FRQWLJXD FRQ OD ILQDOLGDG GH HPSOHDUOR FRPR DOPDFpQ GH
UHVLGXRVUHFLFODEOHV
Ͳ &DSDFLGDG
(OiUHDGHVWLQDGDDDOPDFHQDPLHQWRILQDOGHEHUiWHQHUXQDFDSDFLGDGPtQLPD
SDUD DOPDFHQDU ORV UHVLGXRV JHQHUDGRV GXUDQWH KRUDV WDQWR UHVLGXRV
ELRFRQWDPLQDGRVFRPRFRPXQHV
Ͳ &RQWHQHGRUHV
(O iUHD SDUD HO DOPDFHQDPLHQWR GH UHVLGXRV DFWXDOPHQWH FXHQWD FRQ XQ
FRQWHQHGRU GH FDSDFLGDG GH /LWURV SDUD UHVLGXRV FRPXQHV \ RWUR SDUD
UHVLGXRV %LRFRQWDPLQDGRV HVWRV GHEHUiQ VHU UHHPSOD]DGRV SRU
FRQWHQHGRUHV GH OLWURV GH FDSDFLGDG GDGR TXH PXFKDV YHFHV ORV
UHVLGXRV VREUHSDVDQ OD FDSDFLGDG GH ORV FRQWHQHGRUHV DFWXDOHV \ VHJ~Q OD
FDUDFWHUL]DFLyQHOYROXPHQSURPHGLRHVOLWURV\OLWURVSRUGtDSDUD
UHVLGXRVELRFRQWDPLQDGRV\FRPXQHVUHVSHFWLYDPHQWH\VHJ~QOD176
0,16$ORVUHVLGXRVVRORSXHGHHVWDUDOPDFHQDGRVKRUDVFRPRPi[LPR
Ͳ 3URJUDPDGHOLPSLH]D
$FWXDOPHQWH HO +RVSLWDO QR FXHQWD FRQ XQD *XtD GH DVHR \ OLPSLH]D GH
UHFLSLHQWHV\GHORVDPELHQWHVGHDOPDFHQDPLHQWRGHUHVLGXRVVyOLGRVHVSRU
HOOR TXH HQ HO HODERUy XQR SDUD TXH SXHGD VHU DSOLFDGR SRU HO SHUVRQDO GH
OLPSLH]D9HUDQH[R1
(QOD7DEODVHPXHVWUDHOSUHVXSXHVWRSDUDODLPSOHPHQWDFLyQ\PHMRUD
GHODOPDFpQILQDOILQGHREWHQHUXQDPHMRUGLVSRVLFLyQGHORVUHVLGXRVVyOLGRV
DLVOiQGRORVDILQGHHYLWDUODDSDULFLyQGHYHFWRUHV\PDQWHQHUXQDKLJLHQH
DGHFXDGD
7DEOD3UHVXSXHVWRSDUDLPSOHPHQWDFLyQGHDOPDFHQDPLHQWRILQDOGHUHVLGXRV
KRVSLWDODULRV
ËWHP 'HVFULSFLyQ 0RQWR6ROHV 8QLGDG 2EVHUYDFLRQHV
,PSOHPHQWDFLyQGH
DPELHQWH
LQIUDHVWUXFWXUDGH 'HDFXHUGRDODV
FRQGLYLVLRQHV
DOPDFHQDPLHQWR HVSHFLILFDFLRQHV\
HVWiQGDUHVGHOD
1761
&RQWHQHGRUSDUD 0,16$',*(6$
DOPDFHQDPLHQWRGH OLWURV 9
UHVLGXRV
3DUD OD UHFROHFFLyQ \ WUDQVSRUWH H[WHUQR GH UHVLGXRV SHOLJURVRV HO KRVSLWDO
0XQLFLSDOLGDGGH9HQWDQLOODFRQWUDWDDOD(3656352<(&726(&2/2*,&26(
,1'8675,$/(6 '$+(02 6$& UHJLVWUDGR HQ ',*(6$ FRQ DXWRUL]DFLyQ GH
RSHUDGRU GH UHVLGXRV SHOLJURVRV \ GH UXWD RWRUJDGD SRU OD PXQLFLSDOLGDG
0HWURSROLWDQD GH /LPD \ 0LQLVWHULR GH 7UDQVSRUWHV \ &RPXQLFDFLRQHV GHVGH HO
KRVSLWDO0XQLFLSDOGH9HQWDQLOODKDVWDVXGLVSRVLFLyQILQDOUHOOHQRVDQLWDULRGH(O
=DSDOODO
/RV UHVLGXRV SHOLJURVRV DQWHV GH VHU UHWLUDGRV GHO KRVSLWDO SRU OD (3656 VHUiQ
SUHYLDPHQWHSHVDGRV\GHEHUiOOHQDUHOIRUPDWRGH0DQLILHVWRGH0DQHMRGH5HVLGXRV
6yOLGRV3HOLJURVRVSRUFDGDPRYLPLHQWRTXHHVWDUHDOL]DVH9HU$QH[R
6HYHULILFDUDQTXHHOPDQLILHVWRGHPDQHMRGHUHVLGXRVVyOLGRVSHOLJURVRGHYXHOYR
SRUOD(3656FXHQWHFRQWRGDVODVILUPDV\VHOORVFRUUHVSRQGLHQWHVGHOUHVSRQVDEOH
GHWRGDVODV(3656TXHSDUWLFLSHQHQHOPDQHMRGHORVUHVLGXRVKDVWDVXGLVSRVLFLyQ
ILQDODVtFRPRTXHFXPSODFRQODVQRUPDVVDQLWDULDVYLJHQWHV
$FRQWLQXDFLyQVHGHWDOODQORVGDWRVGHOD(3656
Ͳ 1RPEUH 352<(&726(&2/2*,&26(
,1'8675,$/(6'$+(026$&
Ͳ ',*(6$±1GH5HJLVWUR(3656 (31$
Ͳ 9LJHQWHKDVWD ±
Ͳ $XWRUL]DFLyQ0XQLFLSDO1 00/*$06(&$0
Ͳ 1$SUREDFLyQGH5XWD1 07&
Ͳ )UHFXHQFLDGHUHFRMR LQWHUGLDULR
Ͳ +RUDULRGHOUHFRMR DP
(TXLSR8WLOL]DGR
Ͳ 9HKtFXORGHWUDQVSRUWH
Ͳ %DODQ]D(OHFWUyQLFD
Ͳ 5HJLVWURVGH&DQWLGDGGHUHVLGXRVUHFROHFWDGRV
Ͳ 3HUVRQDOHQWUHQDGRFRQHTXLSRVGHSURWHFFLyQSHUVRQDOUHVSHFWLYR
3DUDODUHFROHFFLyQ\WUDQVSRUWHH[WHUQRGHORVUHVLGXRVFRPXQHVHO+RVSLWDOVROLFLWD
DOiUHDGH/LPSLH]D3~EOLFDGHOD0XQLFLSDOLGDGVHKDJDFDUJRGHHOOR
',6326,&,21),1$/'(/265(6,'82662/,'26
$FWXDOPHQWHODGLVSRVLFLyQILQDOGHORVUHVLGXRVVyOLGRVSHOLJURVRVVHUHDOL]DHQHO
UHOOHQRVDQLWDULRGHVHJXULGDG(O=DSDOODOXELFDGRHQHOGLVWULWRGHSXHQWHSLHGUD(O
UHOOHQR VDQLWDULR FXHQWD FRQ FHOGDV GH VHJXULGDG SDUD OD GLVSRVLFLyQ GH UHVLGXRV
ELRFRQWDPLQDGRVFXHQWDFRQDXWRUL]DFLyQGHOD',(*6$(31$
\QXPHURGHDXWRUL]DFLyQ0XQLFLSDO00/*$06(&$0
&$3$&,7$&,21<6(16,%,/,=$&,Ï1
(OPDQHMR\ODJHVWLyQGHORVUHVLGXRVVyOLGRVHQHO+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
GHSHQGHQ HQ JUDQ PHGLGD GH VX SURSLR SHUVRQDO TXLHQHV VRQ ORV UHVSRQVDEOHV
GLUHFWRVGHOPDQHMRGHORVUHVLGXRVJHQHUDGRV(VSRUHOORTXHHOSHUVRQDOVHGHEH
HQFRQWUDUFDSDFLWDGR\VHQVLELOL]DGRHQWHPDVGHPDQHMRGHUHVLGXRVHQODVGLYHUVDV
HWDSDV(QODVHQFXHVWDVVHHYLGHQFLDTXHHOSHUVRQDOQRUHFLEHFDSDFLWDFLyQFRQWLQXD
VREUH HO PDQHMR GH ORV UHVLGXRV SRU HOOR VH GHEH LPSOHPHQWDU XQ SURJUDPD GH
FDSDFLWDFLyQDQXDOSDUDWRGDVODViUHDVGHOKRVSLWDOWLHQGRXQDIUHFXHQFLDWULPHVWUDO
SXGLHQGRUHGXFLUVHGHDFXHUGRDORVUHVXOWDGRVTXHVHWHQJDQHQHOSURFHVRGHPDQHMR
GHUHVLGXRV
/DVFDSDFLWDFLRQHVGHEHUiQVHUHYDOXDGDVDILQGHPHGLUODHILFDFLDGHODFDSDFLWDFLyQ
\UHIRU]DUORVWHPDVTXHQRVHHVWiQFRPSUHQGLHQGRRTXHUHVXOWHQLQVXILFLHQWHV
6$/8'2&83$&,21$/
(OPDQHMRGHORVUHVLGXRVVyOLGRVHVXQFRQMXQWRGHDFFLRQHVTXHUHSUHVHQWDQXQULHVJR\
HVSHFLDO FXLGDGR SRU HOORV HV LPSRUWDQWH HO FXPSOLPHQWR GH OD QRUPDWLYLGDG YLJHQWH GH
6HJXULGDG \ 6DOXG 2FXSDFLRQDO HQ WUDEDMDGRUHV SRU HOORV VH GHEHUi WHQHU HQ FXHQWD HO
FXPSOLPLHQWRGHOHTXLSRGHSURWHFFLyQSHUVRQDO
(O SHUVRQDO GHVLJQDGR DO VHUYLFLR GH OLPSLH]D VH HQFDUJD GH UHSDUWLU ORV LQVXPRV SDUD
GHVHFKDU ORV UHVLGXRV VyOLGRV OLPSLDU \ WUDQVSRUWDU ORV UHVLGXRV VyOLGRV GHEH YHVWLU HO
XQLIRUPHREOLJDWRULR\HVWHVHGHEHHQFRQWUDUHQEXHQDVFRQGLFLRQHV
(OHTXLSRGHSURWHFFLyQSHUVRQDOSDUDORVRSHUDGRUHVGHUHVLGXRVVyOLGRVHVWDUiFRQIRUPDGR
SRU
Ͳ 0DPHOXFR&RPSOHWR
Ͳ *RUUDSDUDHOFDEHOOR
Ͳ 0DVFDULOOD1
Ͳ *XDQWHVGHQLWULORGHFDxDODUJDUHVLVWHQWHDOFRUWH
Ͳ =DSDWRGHVHJXULGDGFRQSXQWDGHDFHUR
Ͳ /HQWHVGHVHJXULGDG
$FFLRQHVDFXPSOLUFRQODVHJXULGDG\6DOXG2FXSDFLRQDO
Ͳ (OSHUVRQDOHQFDUJDGRGHUHDOL]DUHOPDQHMRGHORVUHVLGXRVGHEHFRQWDUFRQ
XQLIRUPHHTXLSRVGHSURWHFFLyQSHUVRQDOHVSHFtILFRVGHDFXHUGRDOiUHDTXH
OH KD VLGR GHVLJQDGD HO XVR GH PDVFDULOODV 1 GHEH VHU GH FDUiFWHU
REOLJDWRULR\GLVSRQLEOHSDUDHOSHUVRQDOTXHODERUDHQiUHDVGHDOWRULHVJRR
GH H[SRVLFLyQ TXH HYLWDUD ORV ULHVJRV LQQHFHVDULRV SDUD HO SHUVRQDO GH OD
HPSUHVD
Ͳ /RVRSHUDGRUHVGHPDQHMRGHUHVLGXRVVyOLGRVGHEHUiQXWLOL]DUHOXQLIRUPH
LPSHFDEOH\HQEXHQDVFRQGLFLRQHV
Ͳ (OSHUVRQDODVLJQDGRDOPDQHMRGHUHVLGXRVVyOLGRVGHEHUiOOHYDUDODDOWXUD
GHOSHFKRHOFDUQHWGHLGHQWLILFDFLyQSHUVRQDORIRWRFKHFNGHOD(PSUHVD
Ͳ 1R WRFDU FRQ JXDQWHV VXFFLyQ OD VXSHUILFLH GH SDVDPDQRV EDUDQGDV
SLFDSRUWHVHWF
Ͳ /RV RSHUDGRUHV GHO PDQHMR GH UHVLGXRV VyOLGRV KRVSLWDODULRV GHEHUiQ WHQHU
H[iPHQHV PHGLFR RFXSDFLRQDO VHJ~Q OR HVWDEOHFLGR HQ OD QRUPDWLYLGDG
YLJHQWH
Ͳ /RVRSHUDGRUHV GHO PDQHMR GH UHVLGXRV VyOLGRV GHEHUiQ WHQHU VX&DUQHW GH
LQPXQL]DFLyQSDUD+HSDWLWLV%ODVGRVLV\7pWDQRVREOLJDWRULDPHQWH
7DEOD3UHVXSXHVWRSDUDLPSOHPHQWDFLyQGHDOPDFHQDPLHQWRGHUHVLGXRV
KRVSLWDODULRV
352*5$0$'(&$3$&,7$&,21(6
(O SURJUDPD GH FDSDFLWDFLRQHV WLHQH SRU REMHWLYR EULQGDU LQIRUPDFLyQ UHOHYDQWH D WRGR HO
SHUVRQDOTXHWUDEDMDHQHOKRVSLWDOORVWHPDVSURSXHVWRVVRQORVVLJXLHQWHV
Ͳ &DOLILFDFLyQGHUHVLGXRVVyOLGRVKRVSLWDODULRV
Ͳ 0DQHMRGHUHVLGXRVVyOLGRVKRVSLWDODULRV
Ͳ (TXLSRGHSURWHFFLyQSHUVRQDO(33
Ͳ 3HOLJURVLGDGGHORVUHVLGXRVKRVSLWDODULRV
Ͳ 5HFLFODMHGHORVUHVLGXRV+RVSLWDODULRV
Ͳ 8VRGH([WLQWRUHV
Ͳ (PHUJHQFLDV
Ͳ 2UGHQ\OLPSLH]D
$FRQWLQXDFLyQVHSUHVHQWDHOSUHVXSXHVWRDSUR[LPDGRSDUDODLPSOHPHQWDFLyQGHOSODQGH
PDQHMRGHUHVLGXRVVyOLGRVHQHOHVWDEOHFLPLHQWRGHVDOXG
7DEOD3UHSXHVWRSDUDLPSOHPHQWDFLyQGHOSODQGHPDQHMR
(O SUHVXSXHVWR SODQWHDGR GHEHUi VHU ILQDQFLDGR FRQ ORV LQJUHVRV GHO KRVSLWDO SHQVDQGR HO
EHQHILFLR TXH WUDH FRQVLJR HVWDV PHMRUD \D VHD SDUD ORV WUDEDMDGRUHV FRPR DO S~EOLFR
DVLVWHQWHHYLWDUPXOWDVSRUODIDOWDGHURWXODGRHQORVUHFLSLHQWHVGRQHVHDOPDFHQDQUHVLGXRV
SHOLJURVRVDVtFRPRODDXVHQFLDGHVHxDOL]DFLRQHVHODVLQVWDODFLRQHVGHPDQHMRGHUHVLGXRV
ODVFXDOHVDVFHQGHUtDQGHD8,7DVROHV
9,, &21&/86,21(6
(QHOKRVSLWDO0XQLFLSDOGH9HQWDQLOODHOPDQHMRGHUHVLGXRVVHFRQVLGHUDGHILFLHQWHWDQWR
HQODVHWDSDVGHDFRQGLFLRQDPLHQWRVHJUHJDFLyQ\DOPDFHQDPLHQWRSULPDULRGDGRTXHSDUD
HVWDVHWDSDVVLELHQVHHPSOHDQEROVDVFRQVXUHVSHFWLYRFRORUHVWDVQRFXPSOHQFRQHOJURVRU
LQGLFDGRSRUQRUPD1760,16$',*(6$3DUDHOFDVRGHODOPDFHQDPLHQWRILQDOVH
HQFXHQWUD HQ HVWDGR FUtWLFR GHELGR D TXH HO VXHOR \ ODV SDUHGHV QR FXHQWDQ FRQ XQ
UHYHVWLPLHQWRQHFHVDULRSDUDXQDDGHFXDGDOLPSLH]DGHOiUHD\DGLFLRQDOPHQWHODFDSDFLGDG
GH ORV UHFLSLHQWHV FRQWHQHGRUHV HV LQVXILFLHQWH GDGR TXH PXFKDV YHFHV ORV UHVLGXRV VRQ
GLVSXHVWRHQHOVXHORDOVREUHSDVDUVXFDSDFLGDGGHDOPDFHQDPLHQWRFRPRFRQVHFXHQFLDTXH
ORV UHVLGXRV VH HQFXHQWUDQ H[SXHVWRV D OD SUHVHQFLD GH YHFWRUHV \ D ODV YDULDEOHV
PHWHRUROyJLFDV
(OiUHDTXHJHQHUDPD\RUFDQWLGDGGHUHVLGXRVHVHOiUHDGH*LQHFRORJtDFRQ.JGtD
VLHQGRPiVGHO%LRFRQWDPLQDGRGDGRTXHVHHPSOHDQPDWHULDOHVGHVFDUWDEOHVSRUFDGD
SDFLHQWHTXHLQJUHVDDUHDOL]DUVXFRQVXOWD(QHOWySLFRJHQHUD.JGtDGHUHVLGXRVSXQ]R
FRUWDQWHVXQDFDQWLGDGVLJQLILFDWLYDHQUHODFLyQDODVGHPiViUHDVHVWRGHELGRDODDSOLFDFLyQ
GH PHGLFDPHQWRV \ YDFXQDV ODV FXDOHV UHTXLHUHQ GH DJXMDV TXH VRQ GLVSXHVWDV HQ XQ
FRQWHQHGRUOXHJRGHVXVXVR
$QWH ODV GHILFLHQFLDV HQFRQWUDGDV HQ HO PDQHMR DFWXDO GH ORV UHVLGXRV VyOLGRV HQ HO
HVWDEOHFLPLHQWRGHVDOXGVHHODERUyXQSODQGHPDQHMRGHUHVLGXRVVyOLGRVHOFXDOWLHQHSRU
ILQDOLGDGLQFUHPHQWDUORVQLYHOHVGHVHJXULGDGHQODVDOXGGHOSHUVRQDO\S~ELFRDVLVWHQWH
FXPSOLHQGRORVOLQHDPLHQWRVHVWDEOHFLGRVHQODQRUPDWLYDOHJDOPHMRUDQGRODVGHILFLHQFLDV
HQFRQWUDGDVHQHOGLDJQyVWLFRLQLFLDOFRQODILQDOLGDGGHHYLWDUVLWXDFLRQHVDGYHUVDVDODVDOXG
GH ODV SHUVRQDV \ DO PHGLR DPELHQWH PHMRUDQGR HO iUHD GH DOPDFHQDPLHQWR ILQDO
HVWDEOHFLHQGR UXWDV GH UHFROHFFLyQ GH UHVLGXRV SURSRUFLRQDQGR HTXLSR QHFHVDULR SDUD OD
UHFROHFFLyQGHUHVLGXRVFRPR(336\FRFKHVSDUDHOWUDQVSRUWHLQWHUQR
(O +RVSLWDO PXQLFLSDO VH PXHVWUD LQWHUHVDGR HQ SRGHU LPSOHPHQWDU HO SODQ GH PDQHMR GH
UHVLGXRVVyOLGRVDILQGHPHMRUDUODVLWXDFLyQDFWXDOHQODTXHVHHQFXHQWUDQHVSRUHOORTXH
QRVEULQGyWRGDVODVIDFLOLGDGHVDOPRPHQWRGHUHDOL]DUHOHVWXGLR
9,,, 5(&20(1'$&,21(6
6HUHFRPLHQGDUHDOL]DUXQHVWXGLRGHFDUDFWHUL]DFLyQGHWRGRHOKRVSLWDOHQGLIHUHQWHVIHFKDV
GHO DxR SDUD FRQRFHU HO FRPSRUWDPLHQWR TXH WLHQH OD JHQHUDFLyQ GH UHVLGXRV FRPXQHV \
ELRFRQWDPLQDGRV FRQ OD ILQDOLGDG GH KDFHU XQ VHJXLPLHQWR KLVWyULFR GH HOORV HYDOXDU VX
FRPSRUWDPLHQWRDIXWXUR\KDFHUODVFRUUHFFLRQHVSHUWLQHQWHVHQHOSODQGHPDQHMR
5HDOL]DURWURVDQiOLVLVGXUDQWHODFDUDFWHUL]DFLyQGHUHVLGXRVVyOLGRVFRPRHOSRUFHQWDMHGH
KXPHGDGDQiOLVLVPLFURELDQR\SRGHUFDOyULFR
6H GHEH HYDOXDU HO QLYHO GH FRQWDPLQDFLyQ GHO DOPDFHQDPLHQWR ILQDO D ILQ SODQWHDU XQ
UHFXSHUDFLyQGHHVDiUHD\GLVSRQHUDGHFXDGDPHQWHHOVXHORTXHSRVLEOHPHQWHVHHQFXHQWUH
%LRFRQWDPLQDGR
6HUHFRPLHQGDUHDOL]DUHOSHVDGRGHORVUHVLGXRVDQWHVGHVHUWUDVODGDGRVSRUOD(3656DVX
GHVWLQRILQDODILQGHKDFHUVHJXLPLHQWRVQHFHVDULRV\HVWDEOHFHUORVFRQWUROHVQHFHVDULRV
,; 5()(5(1&,$6%,%/,2*5$)Ë$6
&(3,6 &HQWUR 3DQDPHULFDQR GH ,QJHQLHUtD 6DQLWDULD \ &LHQFLDV GHO $PELHQWH 236
2UJDQL]DFLyQ SDQDPHULFDQD GH OD 6DOXG *XtD SDUD HO PDQHMR LQWHUQR GH
UHVLGXRVVyOLGRVHQFHQWURVGHDWHQFLyQGHVDOXG
.LHO\*HUDUG,QJHQLHUtD$PELHQWDOIXQGDPHQWRVHQWRUQRVWHFQRORJtDV\VLVWHPDV
GHJHVWLyQ92/,\,,0DV*UDZ+LOO(VSDxD
0LQLVWHULR GH 6DOXG GHO 3HU~ 7HFQRORJtDV GH 7UDWDPLHQWR GH 5HVLGXRV 6yOLGRV GH
(VWDEOHFLPLHQWRVGH6DOXG
0LQLVWHULR GH 6DOXG GHO 3HU~ 1RUPD 7pFQLFD *HVWLyQ \ PDQHMR GH UHVLGXRV HQ
HVWDEOHFLPLHQWRVGHVDOXG\VHUYLFLRVPpGLFRVGHDSR\R
0LQLVWHULR GH 6DOXG GHO 3HUX 'LDJQRVWLFR VLWXDFLRQDO GHO PDQHMR GH ORV UHVLGXRV
VyOLGRVGHKRVSLWDOHVDGPLQLVWUDGRVSRUHO0LQLVWHULRGH6DOXG/LPD0,16$
$OYDUR&DQWDQKHGH*HVWLyQ\WUDWDPLHQWRGHORVUHVLGXRVJHQHUDGRVHQORVFHQWURVGH
DWHQFLyQGHVDOXG0RQWHYLGHR236206
0LQLVWHULR GH 6DOXG GH &KLOH 'HVHFKRV KRVSLWDODULRV ULHVJRV ELROyJLFRV \
UHFRPHQGDFLRQHVJHQHUDOHVVREUHVXPDQHMR
0LQLVWHULRGH6DOXGGH&KLOH0DQHMRGHUHVLGXRVGHHVWDEOHFLPLHQWRVGHDWHQFLyQGH
VDOXG
)XQGDFLyQ1DWXUD*XtDGHGLDJQyVWLFR\FDUDFWHUL]DFLyQGHGHVHFKRVKRVSLWDODULRV
4XLWR(FXDGRU
%HOOLGR(0LQLVWHULRGH6DOXG,QVWLWXWR1DFLRQDOGH3URWHFFLyQGHO0HGLR$PELHQWHSDUD
OD6DOXG'LUHFFLyQ*HQHUDOGH6DOXG$PELHQWDO'LUHFFLyQGH6DQHDPLHQWR%iVLFR
5XUDO'LDJQyVWLFR6LWXDFLRQDOGHO6DQHDPLHQWR$PELHQWDOHQORV+RVSLWDOHV
$U]RELVSR/RD\]D/LPD'DQLHO$OFLGHV&DUULyQ&DOODR/LPD3HU~
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG'HVHFKRVGHODVDFWLYLGDGHVGHDWHQFLyQVDQLWDULD
&(3,6 &HQWUR 3DQDPHULFDQR GH ,QJHQLHUtD 6DQLWDULD \ &LHQFLDV 'HO $PELHQWH
3URFHGLPLHQWRV (VWDGtVWLFRV SDUD ORV (VWXGLRV GH &DUDFWHUL]DFLyQ GH 5HVLGXRV
6yOLGRV,661
5HJODPHQWRGHOD/H\GH5HVLGXRV6yOLGRV'HFUHWR6XSUHPR13&0
%HFHUUD$PSDUR,QIRUPH6HFWRULDOGH5HVLGXRV6yOLGRVGHOiPELWR1R0XQLFLSDO
3HU~
&KXTXLOODQTXL 0 /XTXH - 3URSXHVWD GH 3ODQ GH 0DQHMR GH 5HVLGXRV 6ROLGRV
+RVSLWDODULRV SDUD GRV FHQWUR GH 6DOXG 1R (VWDWDOHV 81$/0 WUDEDMR GH
LQYHVWLJDFLyQQRH[SHULPHQWDOSDUDRSWDUHOWtWXORGH,QJHQLHUR$PELHQWDO
'HVFD]L 0 /XTXH - 3URSXHVWD GH 3ODQ GH *HVWLyQ GH 5HVLGXRV 6ROLGRV SDUD OD
&OtQLFD 6DQ %HUQDUGR 81$/0 7UDEDMR GH LQYHVWLJDFLyQ QR H[SHULPHQWDO SDUD
REWHQHUHOWtWXORGH,QJHQLHUR$PELHQWDO
&LIXHQWHV & *HVWLyQ $PELHQWDO GH 5HVLGXRV 6yOLGRV +RVSLWDODULRV 'HO +RVSLWDO
&D\HWDQR+HUHGLD5HYLVWDGHO,QVWLWXWRGH,QYHVWLJDFLyQ),*00*9RO1
810607HVLVSDUDRSWDUHOWtWXORGH,QJHQLHUtD*HRJUiILFD
6XDUH] ' 3URSXHVWD GH *HVWLRQ GH 5HVLGXRV 6yOLGRV ,QGXVWULDOHV HQ OD (PSUHVD
0DQXIDFWXUHUD 3DFNDJQJ 3URGXFWV GHO 3HU~ 8QDOP WHVLV SDUD REWDU HO WtWXOR GH
,QJHQLHUR$PELHQWDO
$UDQLEDU 6 *HVWLyQ $PELHQWDO GH ORV 5HVLGXRV +RVSLWDODULRV D 1LYHO GHO $UHD
0HWURSROLWDQDGH/LPD\&DOODR810607HVLVSDUDREWHQHUHOWtWXORGH,QJHQLHUtD
*HRJUiILFD
'LUHFFLyQ GH (SLGHPLRORJtD \ 6DOXG $PELHQWDO GHO 3HUX 3ODQ 'H 0DQHMR 'H
5HVLGXRV6yOLGRV+RVSLWDODULRVHQHO+RVSLWDO+LSyOLWR+XQDQXH
0RQUHDO-&RQVLGHUDFLRQHVVREUHHOPDQHMRGHUHVLGXRVGHKRVSLWDOHVHQ$PpULFD/DWLQD
3URJUDPDGH6DOXG$PELHQWDO:DVKLQJWRQ'&236206
.RQLQJ+GH&DQWDQKHGH$%HQDYLGHV/'HVHFKRVSHOLJURVRV\VDOXGHQ$PpULFD/DWLQD
\HO&DULEH:DVKLQJWRQ'&236206&(3,66HULH$PELHQWDO
,3(6 ,QVWLWXWR 3HUXDQR GH (FRQRPtD 6RFLDO 5HVFDWDQGR YLGD UHFXSHUDFLyQ GH
GHVHFKRVVyOLGRVHQ/LPD/LPD±3HU~
KWWSZZZVDOXGSUHYHQWLYDFRPZHESGI0DVFDULOOD4XLUXJLFDR3URWHFFLRQSGI
=DEDOD0DUtD&RPLWp,QWHULQVWLWXFLRQDOSDUDHO0DQHMRGH'HVHFKRVKRVSLWDODULRV
0DQXDOSDUDHOPDQHMRGH'HVHFKRVHQ(VWDEOHFLPLHQWRVGH6DOXG)XQGDFLyQ1DWXUD
4XLWR
; $1(;26
$1(;202'(/2'(,'(17,),&$&,Ï1'(08(675$6
/D LGHQWLILFDFLyQ GH ODV EROVDV HQ ORV SXQWRV GH JHQHUDFLyQ FRPR HQ ODV PXHVWUDV \D
UHSDUDGDV VH KDUi PHGLDQWH HWLTXHWDV DGKHULGDV D HOODV GH PDQHUD TXH HVWDV QR SXHGDQ
FRQIXQGLUVHXQDVFRQRWUDV
/D HWLTXHWD SDUD OD LGHQWLILFDFLyQ GH ODV PXHVWUDV HQ HO SXQWR GH JHQHUDFLyQ HV FRPR VH
PXHVWUDVDFRQWLQXDFLyQ
,'(17,),&$&,21'(/$08(675$
&yGLJR ÈUHD
$xR 0HV
'tDGHLQLFLR 'tDGH)LQDOL]DFLyQ
+RUDGHLQLFLR +RUDGHILQDOL]DFLyQ
2SHUDGRU
2EVHUYDFLRQHV
$1(;20e72'2'($1È/,6,63$5$/$'(7(50,1$53(52
.*92/80(10'(16,'$''*(1(5$&,Ï13(5&È3,7$
*3&<(67,0$&,Ï1'(/$67$6$6'(*(1(5$&,Ï1
0pWRGRGHDQiOLVLVSDUDGHWHUPLQDUHOSHVRGHORVUHVLGXRVVyOLGRV
6HSUHSDUyXQUHFLSLHQWHGH/\XQDEDODQ]DGHNLORVFRQHVFDODGH.J
6HSHVDUDQORVUHFLSLHQWHV\ODEROVDYDFtD
3DUDOHODPHQWHVHSHVDQODVEROVDVVLQDEULUODVGLUHFWDPHQWHHQODEDODQ]D\VHREWLHQHHOSHVR
SRUFDGDXQLGDGRVHUYLFLR\VHJ~QHOWLSRGHUHVLGXRFRPXQHV\ELRFRQWDPLQDGRV
/XHJR VH SURVLJXH D SHVDU ORV UHVLGXRV FDUDFWHUL]DGRV DFRPRGiQGRORV GHQWUR GH ORV
UHFLSLHQWHV\WUDWDQGRGHQRGHMDUHVSDFLRVGHDLUHHQORSRVLEOHGHQWURGHORVUHFLSLHQWHV\
WUDWDQGRGHQR GHMDUHVSDFLRV GHDLUHHQ ORSRVLEOHFXEULHQGRKRPRJpQHDPHQWHODPD\RU
SDUWH GHO YROXPHQ LQWHULRU GHO UHFLSLHQWH (VWD SUiFWLFD VH UHDOL]D SRU VHSDUDGR VHSDUDQGR
WDQWRUHVLGXRVFRPXQHVELRFRQWDPLQDGRV\HVSHFLDOHV
0pWRGRGHDQiOLVLVSDUDGHWHUPLQDUHOYROXPHQGHORVUHVLGXRVVyOLGRV
$ SDUWLU GH ODV DQRWDFLRQHV UHDOL]DGDV HQ HO PpWRGR DQWHULRU VH SURVLJXH D GHWHUPLQDU HO
YROXPHQTXHRFXSDURQORVUHVLGXRVHQHOUHFLSLHQWH
3DUDGHWHUPLQDUHOYROXPHQVHPLGHODDOWXUDDOFDQ]DGDSRUORVUHVLGXRVHQHOUHFLSLHQWHFRQ
XQDFLQWDPpWULFDZLQFKD3UHYLDPHQWHVHWRPDORVGDWRVGHDOWXUDUDGLRGHOUHFLSLHQWH
SDUDHOHVWXGLRGHFDUDFWHUtVWLFDVVHXWLOL]yXQUHFLSLHQWHGH/
(OYROXPHQGHORVUHVLGXRVVHGHWHUPLQyPHGLDQWHODVLJXLHQWHIRUPXOD
ൌ Ɏሺଶ ሻ
'RQGH
ൌ ሺଷ ሻ
ൌ ሺሻ
ൌ ሺሻ
Ɏ ൌ ͵ǤͳͶͳͷͻʹͷͶͳͲͺ
0pWRGRGHDQiOLVLVSDUDGHWHUPLQDUODGHQVLGDGGHORVUHVLGXRVVyOLGRV
/DGHQVLGDGGHORVUHVLGXRVVHREWXYRDOGLYLGLUVXSHVRHQNLORJUDPRVHQWUHHOYROXPHQGHO
UHFLSLHQWHHQPHWURVF~ELFRV
ൌ Τ
'RQGH
ൌ ሺΤଷ ሻ
ൌ ሺሻ
ൌ ሺଷ ሻ
/DGHQVLGDGGHORVUHVLGXRVVHREWXYRGHGLYLGLUHOYDORUGHODVXPDGHORVSHVRVQHWRVHQWUH
HOYDORUGHODVXPGHORVYRO~PHQHV
0pWRGRGHDQiOLVLVSDUDGHWHUPLQDUODJHQHUDFLyQSHUFiSLWDGHORVUHVLGXRVVyOLGRV
ൌ Τ
'RQGH
ൌ െ ×ሺΤȀሻ
ൌ × ሺΤÀሻ
ൌ ××ሺΤÀሻ
0pWRGR GH HVWLPDFLyQ GH ODV WDVDV GH JHQHUDFLyQ DQXDO GH UHVLGXRV VyOLGRV HQ HO
+RVSLWDO0XQLFLSDOGH9HQWDQLOOD
/DVWDVDVGHJHQHUDFLyQGHUHVLGXRVKDQVLGRFDOFXODGDVSRUODVVLJXLHQWHVHFXDFLRQHV
7DVDGHJHQHUDFLyQGHUHVLGXRVSRUQ~PHURGH$WHQFLRQHV
M 7DVDGH*HQHUDFLyQGHUHVLGXRVFRP~QSRUDWHQFLRQHV
ሺΤሻ
ൌ
ï
N 7DVDGHJHQHUDFLyQGHUHVLGXRV%LRFRQWDPLQDGRSRUWHQFLRQHV
À
ÀሺΤÀሻ
ൌ
ï
O 7DVDGHJHQHUDFLyQGHUHVLGXR3XQ]R&RUWDQWHSRUFRQVXOWD
À
ÀሺΤÀሻ
ൌ
P 7DVDGHJHQHUDFLyQGHUHVLGXRHVSHFLDOSRUFRQVXOWD
ÀሺΤÀሻ
ൌ
ï
$1(;26(59,&,26281,'$'(6*(1(5$'25$6'(5(6,'82662/,'26
0DSDGHSURFHVRVSDUDDODDWHQFLyQGHXQSDFLHQWHHQFRQVXOWDH[WHUQD
,QIRUPHV
&RQVXOWDH[WHUQD
0HGLFLQD*HQHUDO
$GPLVLRQ 3HGLDWUtD
2IWDOPRORJtD
2GRQWRORJtD
*LQHFRORJtD
7ULDMH 2WRUULQRORJLD
7UDXPDWRORJtD ¢5HTXLHUHH[iPHQHV
DGLFLRQDOHV" 6L
7ySLFR
'LVSHQVDFLyQ
'HUPDWRORJtD
(YDOXDFLRQFOLQLFD 'LVJDQRVWLFR $GPLQLVWUDFLyQGH
1HXURORJtD
PHGLFDPHQWRV
&DUGLRORJtD
¢5HTXLHUHFRQWURO"
3VLFRORJtD 6L
2EVWHWULFLD
*DVWURHQWHURORJtD
0HGLFLQD)tVLFD\
5HKDELOLWDFLyQ
,PDJHQRORJLD5D\RV;
3RGRORJtD
(FRJUDILD5HVRQDQFLRQD
1HXPRORJtD /DERUDWRULR
0DJQHWLFD
&LUXJtD*HQHUDO
)XHQWH(ODERUDFLyQ3URSLD
'HOPDSDGHSURFHVRVVHLGHQWLILFDQODViUHDVGHFRQVXOWDH[WHUQDHQODVFXDOHVVH
FHQWUDUDHOSUHVHQWHWUDEDMR
6HUYLFLRV$VLVWHQFLDOHV,GHQWLILFDGRV
&RQVXOWD([WHUQD
R *LQHFRORJtD
R 2EVWHWULFLD
R 3HGLDWUtD
R &LUXJtD*HQHUDO
R &DUGLRORJtD
R 0HGLFLQD*HQHUDO
R 0HGLFLQD)tVLFD\5HKDELOLWDFLyQ
R 1HXURORJtD
R 1HXPRORJtD
R 2IWDOPRORJtD
R 2WRUULQRODULQJRORJtD
R 2GRQWRORJtD
R 7UDXPDWRORJtD
R 3VLFRORJtD
R 3RGRORJtD
R 'HUPDWRORJtD
R *DVWURHQWHURORJtD
R 7ySLFR
7LSRVGHUHVLGXRVJHQHUDGRV
0DQHMRGHUHVLGXRV
R 6H GLVSRQH GH XQ Q~PHUR VXILFLHQWH GH UHFLSLHQWHV FRQ WDSDV \ FRQ VXV
UHVSHFWLYDV EROVDV SDUD HO DFRQGLFLRQDPLHQWR GH ORV UHVLGXRV VHJ~Q VX
FODVLILFDFLyQ
R /RVUHVLGXRVSXQ]RFRUWDQWHVVRQGHVFDUWDGRHQUHFLSLHQWHVUtJLGRVHQHO
iUHDGHJHQHUDFLyQ
6HUYLFLRV*HQHUDOHV\DGPLQLVWUDWLYRV
/DVUHVLGXRVJHQHUDGRVHQODVRILFLQDVVDODVGHHVSHUDSDVLOORVVRQFRQVLGHUDGRV
UHVLGXRV FRPXQHV \ SRU WDQWR VRQ DFRQGLFLRQDGRV HQ UHFLSLHQWHV SDUD UHVLGXRV
FRPXQHVHQEROVDVQHJUDV
$1(;2*8,$'(/,03,(=$<'(6,1)(&&,21'(5(&,3,(17(6
<$0%,(17(6'(5(6,'82662/,'26
,1752'8&&,21
/D SUHVHQWH JXtD VHUYLUiFRPR VH FRQVWLWXLUiHVWDEOHFLHQGR XQ SURWRFRORTXH VH GHEHUi
FXPSOLU SDUD HO FDVR GH OLPSLH]D \ GHVLQIHFFLyQ GH UHFLSLHQWH DVt FRPR ODV iUHDV GH
DOPDFHQDPLHQWRGHUHVLGXRVVyOLGRVKRVSLWDODULRVDILQGHHYLWDUODJHQHUDFLyQGHIRWRVGH
LQIHFFLyQORFXDOVLJQLILFDUtDXQULHVJRSDUDHOSHUVRQDOSDFLHQWH\HOS~EOLFRHQJHQHUDO
'(6&5,3&,21
/LPSLH]D\GHVLQIHFFLyQGHUHFLSLHQWHV
D/LPSLH]DGHUXWLQD
8QDVYHVGHVRFXSDGRVORVUHFLSLHQWHGHUHVLGXRVFRPXQHV\ELRFRQWDPLQDGRVVH
SURFHGHUi LQPHGLDWDPHQWH D OLPSLDUORV FRQ XQ SDxR K~PHGR FRQ GHWHUJHQWH \
GHVLQIHFWDQWH SRVWHULRUPHQWH VHFDUORV OXHJR SURFHGHU D FRORFDU OD EROVD
UHVSHFWLYD7RGRHOSURFHGLPLHQWRVHGHEHUiUHDOL]DUFRQHOHTXLSRGHSURWHFFLyQ
DGHFXDGRSDUDHVWDVODERUHV
E/LPSLH]D6HPDQDO
/RVUHFLSLHQWHVGHUHVLGXRVFRPXQHV\ELRFRQWDPLQDGRVGHEHUiQVHUWUDVODGDGRV
DOiUHDGHVWLQDGDSDUDODOLPSLH]D(VWRVGHEHUiQVHUUHPRMDGRVHQOHMtDDOX
RWURGHVLQIHFWDQWHHVSHUDUGHDPLQXWRVSDUDTXHUHDFFLRQHHOGHVLQIHFWDQWH
OXHJRHQMXDJDUORVHPSOHDQGRXQDHVFRELOOD\SURFHGHUDVHFDUOR)LQDOPHQWHORV
UHFLSLHQWHV GHEHUiQ VHU UHWRUQDGRV D VX OXJDU GH RULJHQ FRQ VX UHVSHFWLYD EROVD
DFRUGHDOWLSRGHUHVLGXRTXHFRQWHQJD7RGRHOSURFHGLPLHQWRVHGHEHUiUHDOL]DU
FRQHOHTXLSRGHSURWHFFLyQDGHFXDGRSDUDHVWDVODERUHV
/LPSLH]DGHORVOXJDUHVGHDOPDFHQDPLHQWR
D/LPSLH]D\GHVLQIHFFLyQGHUHFLSLHQWHV
/DOLPSLH]DVHUHDOL]DUDGHPDQHUDGLDULDGHVSXpVGHFDGDUHFROHFFLyQGHUHVLGXRV
(VWRV GHEHUiQ VHU ODYDGRV FRQXQD HVFRELOOD \ GHVLQIHFWDQWH HVSHUDU XQ WLHPSR
SDUD TXH UHDFFLRQH HO GHVLQIHFWDQWH DGHFXDGDPHQWH OXHJR SURFHGHU D VHFDUOR \
ILQDOPHQWHFRORFDUORVFRQVXEROVDUHVSHFWLYDSDUDUHWRUQDUORVDVXOXJDUGHRULJHQ
7RGRHOSURFHGLPLHQWRVHGHEHUiUHDOL]DUFRQHOHTXLSRGHSURWHFFLyQDGHFXDGR
SDUDHVWDVODERUHV
%/LPSLH]D\GHVLQIHFFLyQGHDPELHQWHV
6H SURFHGH D UHWLUDU ORV UHFLSLHQWHV GHO DUUHD GH DOPDFHQDPLHQWR GHVSXpV GH OD
UHFROHFFLyQGHHVWRV3URFHGHUDODYDUODVSDUHGHVFRQDJXD\GHWHUJHQWHXWLOL]DQGR
XQDHVFRELOODGHDUULEDKDFLDDEDMROXHJRODYDUHOSLVRFRQDJXD\GHWHUJHQWH\
SDUHGHVDVHFDU8QDYH]WHUPLQDGRHOORSURFHGHUDDSOLFDUGHVLQIHFWDQWH\DVHD
OHMtD DO X RWUR )LQDOPHQWH ODYDU \ GHVLQIHFWDU HO HTXLSR TXH HPSOHR HQ OD
OLPSLH]D7RGRHOSURFHGLPLHQWRVHGHEHUiUHDOL]DUFRQHOHTXLSRGHSURWHFFLyQ
DGHFXDGRSDUDHVWDVODERUHV
&RQWUROGHSODJDV
(YDOXDU HO SHUtPHWUR SDUD LGHQWLILFDU IDFWRUHV TXH SXGLHUDQ HVWDU JHQHUDQGR ODV
FRQGLFLRQHVLGHDOHVSDUDODSUHVHQFLDGHODSODJD
,GHQWLILFDUHORORVWLSRVGHSODJDVTXHVHHVWiQSUHVHQWDQGRORFDOL]DUVXKDELWDG\
SURFHGHUDHOLPLQDU
9HULILFDU HO IXQFLRQDPLHQWR GH ODV WUDPSDV R VHOORV KLGUiXOLFRV DO ILQDO GH ORV
FDQDOHV UHFROHFFLyQ GH DJXDV VHUYLGDV DVt FRPR TXH ODV FDMDV GH UHJLVWUR GHO
GHVDJHFXHQWHQFRQVXUHVSHFWLYDUHMLOODGHVHJXULGDG5HYLVDUODVSDUHGHV\SLVRV
GHWHFWDQGRODSUHVHQFLDGHDOJXQDILVXUDRJULHWD
(Q FDVR GH DSOLFDU XQ WUDWDPLHQWR TXtPLFR SDUD FRQWHQHU OD SODJD SULPHUR
GHVDORMDU HO DPELHQWH DSOLFDU OD VROXFLyQ \D VHD SRU DVSHUVLyQ SXOYHUL]DFLyQ R
QHEXOL]DFLyQGHMDUHODPELHQWHFHUUDGRSRUKRUDV\OXHJRUHDOL]DUODYHQWLODFLyQ
GHOXJDU
7HUPLQDGRHOSURFHGLPLHQWRVHGHEHUiHIHFWXDUODOLPSLH]DGHORVDPELHQWHV
7RGRHOSURFHGLPLHQWRVHGHEHUiUHDOL]DUFRQHOHTXLSRGHSURWHFFLyQDGHFXDGR
SDUDHVWDVODERUHV
(OSURFHGLPLHQWRGHFRQWUROGHSODJDVGHEHUiUHDOL]DUVHXQDYH]SRUVHPDQD
$1(;2(1&8(67$3$5$(/+263,7$/081,&,3$/'(
9(17$1,//$
6H[R
2FXSDFLyQ
ÈUHD
7LHPSRODERUDQGR
¢([LVWHDOJ~QPHFDQLVPRGHVHJUHJDFLyQGHORVUHVLGXRVVyOLGRVHQHOKRVSLWDO
0XQLFLSDOLGDGGH9HQWDQLOOD"
6L 1R (VSHFLILTXHBBBBBBBBBBBBBB
¢&yPRFDOLILFDHOPDQHMRGHUHVLGXRVHQHOKRVSLWDO0XQLFLSDOGH9HQWDQLOOD"
%XHQR 5HJXODU 0DOR
¢4XpWLSRGHUHVLGXRVJHQHUDHOKRVSLWDO0XQLFLSDOGH9HQWDQLOOD"
0HGLFDPHQWRV 5HVLGXRV 5HVLGXRV 5HVLGXRV
9HQFLGRV %LRFRQWDPLQDGRV &RPXQHV ,QIHFFLRVRV
5HVLGXRV3XQ]R 5HVLGXRV
2WURV
&RUWDQWHV /tTXLGRV
¢'yQGHGHSRVLWDORVUHVLGXRVSURGXFLGRVHQVXiUHD"
%XHQR 5HJXODU 0DOR 2WURSRUIDYRUHVSHFLILTXH
¢&RQTXHIUHFXHQFLDUHFROHFWDQORVUHVLGXRVHQVXiUHD"
8QDYH]HQHOGtD 'RVYHFHVHQHOGtD
7UHVYHFHVHQHOGtD 0iVGHWUHVYHFHV
¢/DIUHFXHQFLDGHUHFRMRGHORVUHVLGXRVHQiUHDHVODDGHFXDGD"
'HEHVHUFRQPD\RUIUHFXHQFLD 6LHVODDGHFXDGD
¢4XpSUREOHPDVKDQRWDGRHQHOPDQHMRGHUHVLGXRV+RVSLWDODULRV"
'HPRUDHQODUHFROHFFLyQGH 8VRGHEROVDVRUHFLHQWHV
(OSHUVRQDOQRVDEH
UHVLGXRV LQDSURSLDGRV
VHJUHJDUUHVLGXRV
/RVRSHUDULRVVHH[SRQHQ
LQQHFHVDULDPHQWHDOQRXVDUHTXLSRV
GHSURWHFFLyQSHUVRQDO
¢([LVWHDOJ~QOXJDUDSURSLDGRSDUDHODOPDFHQDPLHQWRILQDOGHORVUHVLGXRVHQHO
+RVSLWDO"
6L 1R
¢+DUHFLELGRFDSDFLWDFLyQUHVSHFWRDOPDQHMRGHORVUHVLGXRVVyOLGRV\VXSHOLJURVLGDG"
6L 1R
6LORV5HVLGXRVSURGXFLGRVHQHOKRVSLWDOQRVRQWUDWDGR¢TXHRFDVLRQDUtD"
(QIHUPHGDGHVDODVSHUVRQDVTXH 3UROLIHUDFLyQGHPRVFDV\
3HUGLGDVHFRQyPLFDV
ORVPDQLSXODQ URHGRUHV
6DQFLRQHVSRUSDUWHGHO0LQLVWHULR 7RGDVODVDQWHULRUHV
GH6DOXG
$1(;2/,67$'(9(5,),&$&,213$5$(/0$1(-2'(/26
5(6,'82662/,'26
/,67$1'(9(5,),&$&,213$5$(/0$1(-2'(/265(6,'82662/,'26(1(67$%/(&,0,(1726'(
6$/8'<6(59,&,260(',&26'($32<238%/,&26<35,9$'26
(67$%/(&,0,(172'(6$/8'60$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(3$57$0(172836BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)(&+$
6$/$$5($BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3817$-(BBBBBBBB6L SQWR1R SXQWRV3DUFLDO SXQWR1$[
6,78$&,21
(7$3$6'(0$1(-2'(5(6,'826
6L&XPSOH 1R 3DUFLDOPHQWH 1R$SOLFD
62/,'26
&XPSOH &XPSOH
$FRQGLFLRQDPLHQWR
(O 6HUYLFLR FXHQWD FRQ HO WLSR \ OD FDQWLGDG GH
UHFLSLHQWHV ORV PLVPRV TXH FRQWLHQHQ EROVDV GH FRORUHV
VHJ~Q HO WLSR GH UHVLGXRV D HOLPLQDU UHVLGXR FRP~Q
QHJUR %LRFRQWDPLQDGR URMR UHVLGXRV HVSHFLDO EROVD
DPDULOOD'LFKDEROVDGHEHHVWDUGREODGDKDFLDHOH[WHULRU
UHFXEULHQGRORVERUGHVGHOUHFLSLHQWH
3DUDHOPDWHULDOSXQ]RFRUWDQWHVHFXHQWDFRQUHFLSLHQWH
VUtJLGRVHVSHFLDOHVHOPLVPRTXHHVWiELHQXELFDGR
GHWDOPDQHUDTXHQRVHYROWHHRFDLJD\VHXELFDFHUFDD
ODIXHQWHGHJHQHUDFLyQ
6HJUHJDFLyQ\$OPDFHQDPLHQWR3ULPDULR
(OSHUVRQDODVLVWHQFLDOHOLPLQDORVUHVLGXRVHQHO
UHFLSLHQWHUHVSHFWLYRGHDFXHUGRDVXFODVHFRQXQ
PtQLPRGHPDQLSXODFLyQ\XWLOL]DQHOUHFLSLHQWHKDVWDGRV
WHUFHUDVSDUWHVGHVXFDSDFLGDG
2WURVWLSRVGHUHVLGXRVSXQ]RFRUWDQWHVYLGULRV
5RWRVVHHPSDFDQHQSDSHOHVRFDMDVGHELGDPHQWH
VHOODGRV
/RV UHVLGXRV SURFHGHQWHV GH IXHQWHV UDGLDFWLYDV
HQFDSVXODGDVFRPR&REDOWR&R&HVLR&VRHO
,ULGLR ,U VRQ DOPDFHQDGRV HQ VXV FRQWHQHGRUHV GH
VHJXULGDG DVt FRPR ORV UHVLGXRV SURFHGHQWHV GH IXHQWHV
UDGLRDFWLYDVQRHQFDSVXODGDVWDOHVFRPRDJXMDVDOJRGyQ
YDVRV YLDOHV SDSHO HWF 4XH KD\DQ WHQLGR FRQWDFWR FRQ
DOJ~QUDGLRLVyWRSROtTXLGR
$OPDFHQDPLHQWR,QWHUPHGLR
6H HQFXHQWUD FRP~Q iUHD H[FOXVLYD SDUD HO
DOPDFHQDPLHQWR LQWHUPHGLR \ ORV UHVLGXRV HPEROVDGRV
SURYHQLHQWHV GH ORV GLIHUHQWHV VHUYLFLRV VH GHSRVLWDQ HQ
UHFLSLHQWHVDFRQGLFLRQDGRVSDUDWDOILQORVPLVPRTXHVH
PDQWLHQHQGHELGDPHQWHWDSDGRV\ODSXHUWDFHUUDGD
8QDYH]OOHQRVORVUHFLSLHQWHVQRSHUPDQHFHQHQHVWH
DPELHQWHPiVGHKRUDV\HOiUHDVHPDQWLHQHOLPSLD\
GHVLQIHFWDGD
3XQWDMHSDUFLDO
3XQWDMH6XPD6,3$
(QFDVRGHUHVSRQGHU1RDOtWHPVHFRQVLGHUD &ULWHULRVGH9DORUDFLyQ
FRPRPX\GHILFLHQWHLQGHSHQGLHQWHPHQWHGHO 0X\ 'HILFLHQWH $FHSWDEOH 6DWLVIDFWRULR
SXQWDMHREWHQLGR 'HILFLHQWH
3XQWDMHLJXDO
2EVHUYDFLRQHV 3XQWDMH
3XQWDMH RPD\RUD
HQWUH\ 3XQWDMHGH
PHQRUD KDVWD
PHQRUGH
5HDOL]DGRSRU)LUPD
/,67$1'(9(5,),&$&,213$5$(/0$1(-2'(/265(6,'82662/,'26(1(67$%/(&,0,(1726'(
6$/8'<6(59,&,260(',&26'($32<238%/,&26<35,9$'26
(67$%/(&,0,(172'(6$/8'60$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(3$57$0(172836BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)(&+$
6$/$$5($BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3817$-(BBBBBBBB6L SQWR1R SXQWRV3DUFLDO SXQWR1$[
6,78$&,21
(7$3$6'(0$1(-2'(5(6,'826
6L&XPSOH 1R 3DUFLDOPHQWH 1R$SOLFD
62/,'26
&XPSOH &XPSOH
7UDQVSRUWHR5HFROHFFLyQ,QWHUQD
(OSHUVRQDOGHOLPSLH]DUHFRJHORVUHVLGXRVGHDFXHUGR
D OD IUHFXHQFLD GH JHQHUDFLyQ GHO VHUYLFLR R FXDQGR HO
UHFLSLHQWHHVWiOOHQRKDVWDODVSDUWHVGHVXFDSDFLGDG
HQ FDVR GHO DOPDFHQDPLHQWR SULPDULR \ FXDQGR HVWp
WRWDOPHQWH OOHQR HQ HO FDVR GHO DOPDFHQDPLHQWR
LQWHUPHGLR
(OSHUVRQDOGHOLPSLH]DWLHQH\KDFHXVRGHOHTXLSRGH
SURWHFFLyQSHUVRQDOUHVSHFWLYR5RSDGHWUDEDMRJXDQWHV
PDVFDULOODGHWHOD\FDO]DGR
DQWLGHVOL]DQWH
/DVEROVDVFHUUDGDVVHVXMHWDQSRUODSDUWHVXSHULRU\
VHPDQWLHQHQDOHMDGDVGHOFXHUSRGXUDQWHVXWUDVODGRVLQ
DUUDVWUDUODVSRUHOVXHOR
(OWUDQVSRUWHGHORVUHVLGXRVVHUHDOL]DSRUODVUXWDV\
KRUDULRVHVWDEOHFLGRV
/RVUHVLGXRVGHDOLPHQWRVVHWUDVODGDQGLUHFWDPHQWHDO
DOPDFHQDPLHQWR ILQDO VHJ~Q ODV UXWDV \ HO KRUDULR
HVWDEOHFLGRV6,1'(67,1$5/2SDUDRWURVXVRV
(QFDVRGHFRQWDUFRQDVFHQVRUHVHOXVRGHHVWRVHV
H[FOXVLYRGXUDQWHHOWUDVODGRGHORVUHVLGXRVGHDFXHUGRDO
KRUDULRHVWDEOHFLGR\VRQGHVLQIHFWDGRVGHVSXpVGHVXXVR
(OSHUVRQDOGHOLPSLH]DVHDVHJXUDTXHHOUHFLSLHQWH
VHHQFXHQWUHOLPSLROXHJRGHOWUDVODGR\DFRQGLFLRQDGR
FRQODEROVD18(9$UHVSHFWLYDSDUDVXXVRSRVWHULRU
/RVUHVLGXRVSURFHGHQWHVGHIXHQWHVUDGLRDFWLYDV
HQFDSVXODGDV\QRHQFDSVXODGDVVRQWUDQVSRUWDGRVSRUHO
SHUVRQDOGHO,3(1VHJ~QQRUPD
3XQWDMHSDUFLDO
3XQWDMH6XPD6,3$
&ULWHULRVGH9DORUDFLyQ
0X\ 'HILFLHQWH $FHSWDEOH 6DWLVIDFWRULR
'HILFLHQWH
3XQWDMHLJXDO
2EVHUYDFLRQHV 3XQWDMH
3XQWDMH RPD\RUD
HQWUH\ 3XQWDMHGH
PHQRUD KDVWD
PHQRUGH
5HDOL]DGRSRU)LUPD
/,67$1'(9(5,),&$&,213$5$(/0$1(-2'(/265(6,'82662/,'26(1(67$%/(&,0,(1726'(
6$/8'<6(59,&,260(',&26'($32<238%/,&26<35,9$'26
(67$%/(&,0,(172'(6$/8'60$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'(3$57$0(172836BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)(&+$
6$/$$5($BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3817$-(BBBBBBBB6L SQWR1R SXQWRV3DUFLDO SXQWR1$[
6,78$&,21
(7$3$6'(0$1(-2'(5(6,'826
6L&XPSOH 1R&XPSOH 3DUFLDOPHQWH 1R$SOLFD
62/,'26
&XPSOH
$OPDFHQDPLHQWR)LQDO
(O HVWDEOHFLPLHQWR GH VDOXG FXHQWD FRQ XQ DPELHQWH
H[FOXVLYRSDUDHODOPDFHQDPLHQWRILQDOGHORVUHVLGXRV\
DFRUGHFRQODVHVSHFLILFDFLRQHVWpFQLFDV
(QHODOPDFpQILQDOORVUHVLGXRVVHXELFDQGHDFXHUGR
DVXFODVLILFDFLyQHQHOHVSDFLRGLVSXHVWR\DFRQGLFLRQDGR
SDUDFDGDFODVHELRFRQWDPLQDGRVFRP~Q\HVSHFLDO
/RVUHVLGXRVVyOLGRVSHUPDQHFHQHQHODOPDFpQILQDO
SRUXQSHUtRGRGHWLHPSRQRPD\RUGHKRUDV/XHJRGH
OD HYDFXDFLyQ GH UHVLGXRV VH OLPSLD \ GHVLQIHFWD HO
DOPDFpQ
7UDWDPLHQWRGHORV5HVLGXRV6ROLGRV
/RVSURFHGLPLHQWRVGHWUDWDPLHQWRGHORVUHVLGXRVVH
UHDOL]DQGHDFXHUGRDORHVWDEOHFLGRSRUHOSURYHHGRUGHO
HTXLSRDXWRFODYHKRUQRPLFURRQGDVLQFLQHUDGRU
/RV WUDEDMDGRUHV TXH UHDOL]DQ HO WUDWDPLHQWR GH ORV
UHVLGXRV WLHQHQ ODV FRPSHWHQFLDV WpFQLFDV SDUD UHDOL]DU
HVWH WUDEDMR FXHQWDQ \ XVDQ HO HTXLSR GH SURWHFFLyQ
SHUVRQDO5RSDGHWUDEDMRJXDQWHV]DSDWRVGHVHJXULGDG
UHVSLUDGRUHV
(Q HO iUHD GH WUDWDPLHQWR H[LVWHQ FDUWHO FRQ HO
SURFHGLPLHQWRGHRSHUDFLyQ\VHxDOL]DFLyQGHVHJXULGDG
(O WUDQVSRUWH GH ODV EROVDV GH ORV UHVLGXRV GHO
DOPDFHQDPLHQWRILQDODOiUHDGHWUDWDPLHQWRVHUHDOL]DFRQ
FRFKHV GH WUDQVSRUWH D ILQ GH HYLWDU HO FRQWDFWR FRQ HO
FXHUSR DVt FRPR SDUD QR DUUDVWUDUODV SRU HO SLVR D ODV
EROVDV
/RVRSHUDGRUHVGHORVHTXLSRVGHWUDWDPLHQWRYHULILFDQ
TXH VH PDQWHQJDQ ORV SDUiPHWURV GH WUDWDPLHQWR
WHPSHUDWXUD KXPHGDG YROXPHQ GH OOHQDGR WLHPSR GH
WUDWDPLHQWRHWFHQORVQLYHOHVHVWDEOHFLGRV
5HFROHFFLyQH[WHUQD
/RV UHVLGXRV VH SHVDQ HYLWDQGR GHUUDPHV \
FRQWDPLQDFLyQDVtFRPRHOFRQWDFWRGHODVEROVDVFRQHO
FXHUSRGHORSHUDULR
/DVEROVDVGHUHVLGXRVVHWUDVODGDQDODVXQLGDGHVGH
WUDQVSRUWH D WUDYpV GH UXWDV HVWDEOHFLGDV \ XWLOL]DQGR
HTXLSRV GH SURWHFFLyQ SHUVRQDO JXDQWHV ERWDV GH 39&
UHVSLUDGRU\URSDGHWUDEDMR
3XQWDMHSDUFLDO
3XQWDMH6XPD6,3$
&ULWHULRVGH9DORUDFLyQ
0X\ 'HILFLHQWH $FHSWDEOH 6DWLVIDFWRULR
'HILFLHQWH
3XQWDMHLJXDO
2EVHUYDFLRQHV 3XQWDMH
3XQWDMH RPD\RUD
HQWUH\ 3XQWDMHGH
PHQRUD KDVWD
PHQRUGH
5HDOL]DGRSRU)LUPD
$1(;20$1,),(672'(0$1(-2'(5(6,'862662/,'26
0$1,),(672'(0$1(-2'(5(6,'8266Ï/,'263(/,*52626B
*(1(5$'25'DWRV*HQHUDOHV
5D]yQVRFLDO\VLJODV
158& (0$,/ 7HOpIRQRV
',5(&&,21'(/$3/$17$)XHQWHGH*HQHUDFLyQ
$Y>@-U>@&DOOH>@ 1
8UEDQL]DFLyQ 'LVWULWR
3URYLQFLD 'HSDUWDPHQWR &3RVWDO
5HSUHVHQWDQWH/HJDO '1,/(
,QJHQLHURUHVSRQVDEOH &,3
'DWRVGHO5HVLGXR/OHQDUSDUDFDGDWLSRGH5HVLGXR
120%5('(/5(6,'82
&$5$&7(5,67,&$6
D(VWDGRGHO5HVLGXR 6yOLGR 6HPL6yOLGR E&DQWLGDG7RWDO70
F7LSRGH(QYDVH
5HFLSLHQWH 9ROXPHQ
0DWHULDO 1GH5HFLSLHQWHV
(VSHFLILTXHODIRUPD P
3(/,*526,'$'0DUTXHFRQXQD³;´GRQGHFRUUHVSRQGD
D$XWRFRPEXVWLELOLGDG E5HDFWLYLGDGF3DWRJHQLFLGDG G([SORVLYLGDG
H7R[LFLGDG I&RUURVLYLGDG J5DGLDFWLYLGDG K2WURVBBBBBBBBBB
(VSHFLILTXH
3/$1'(&217,1*(1&,$
D,QGLFDUODDFFLyQDDGRSWDUHQFDVRGHRFXUUHQFLDGHDOJ~QHYHQWRQRSUHYLVWR
'HUUDPH
,QILOWUDFLyQ
,QFHQGLR
([SORVLyQ
2WURVDFFLGHQWHV
E'LUHFWRULR7HOHIyQLFRGHFRQWDFWRGHHPHUJHQFLD
7HOpIRQR
(PSUHVDGHSHQGHQFLDGH6DOXG 3HUVRQDGHFRQWDFWR
,QGLFDUHOFyGLJRGHODFLXGDG
2EVHUYDFLRQHV
(365675$163257,67$
5D]yQVRFLDO\VLJODV 158&
15HJLVWUR(3656\)HFKDGH9FWR 1$XWRUL]DFLyQ0XQLFLSDO 1$SUREDFLyQGH5XWD
'LUHFFLyQ$Y>@-U>@&DOOH>@ 1
8UEDQL]DFLyQ 'LVWULWR 3URYLQFLD
'HSDUWDPHQWR 7HOpIRQRV (0$,/
5HSUHVHQWDQWH/HJDO '1,/(
,QJHQLHUR6DQLWDULR &,3
2EVHUYDFLRQHV
1RPEUHGHOFKRIHUGHOYHKtFXOR 7LSRGHYHKtFXOR 1~PHURGHSODFD &DQWLGDG70
5()5(1'26
*HQHUDGRU±5HVSRQVDEOHGHO$UHD7pFQLFDGHOPDQHMRGH5HVLGXRV
1RPEUH )LUPD
(36567UDQVSRUWH5HVSRQVDEOH
1RPEUH )LUPD
/XJDU )HFKD +RUD
(3656'(/'(67,12),1$/
0DUFDUODRSFLyQTXHFRUUHVSRQGD7UDWDPLHQWR 5HOOHQRGH6HJXULGDG ([SRUWDFLyQ
5D]yQVRFLDO\VLJODV 158&
1$XWRUL]DFLyQ
15HJLVWUR\)HFKDGH9FWR 5'1$XWRUL]DFLyQ6DQLWDULD 1RWLILFDFLyQDO3DtV,PSRUW
0XQLFLSDO
'LUHFFLyQ$Y>@-U>@&DOOH>@ 1
8UEDQL]DFLyQ 'LVWULWR 3URYLQFLD
'HSDUWDPHQWR 7HOpIRQRV (0$,/
5HSUHVHQWDQWH/HJDO '1,/(
,QJHQLHUR6DQLWDULR &,3
&DQWLGDGGHUHVLGXRVVyOLGRVSHOLJURVRVHQWUHJDGRV\UHFHSFLRQDGRV±70
2EVHUYDFLRQHV
5()5(1'26
(36567UDQVSRUWH±5HVSRQVEOH
1RPEUH )LUPD
(36567UDWDPLHQWR'LVSRVLFLyQ)LQDOR(&56GH([SRUWDFLyQR$GXDQD5HVSRQVEOHV
1RPEUH )LUPD
/XJDU )HFKD +RUD
5()5(1'26±'HYROXFLyQGHOPDQLILHVWRDO*HQHUDGRU
*HQHUDGRU±5HVSRQVDEOHGHO$UHD7pFQLFDGHOPDQHMRGH5HVLGXRV
1RPEUH )LUPD
(36567UDQVSRUWH5HVSRQVDEOH
1RPEUH )LUPD
/XJDU )HFKD +RUD