Professional Documents
Culture Documents
1
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 3
3
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 4
4
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 5
<DHVOD;;;,9HGLFLyQGHHVWHWUDEDMRTXHDxRWUDVDxRHODERUDHO5($)DWUDYpVGH
VX VHUYLFLR GH HVWXGLRV 6H LQFRUSRUD DO GRFXPHQWR HO QXHYR ,PSXHVWR 7HPSRUDO GH
6ROLGDULGDGGHODV*UDQGHV)RUWXQDVTXHFRPRHQWUyHQYLJRU\DSDUDDIHFWDDWRGRV
DTXHOORVTXHHVWiQREOLJDGRVDSDJDUORDWUDYpVGHOPRGHOR\GHEHUiQGHSUHVHQWDUOR
HQWUHHO\HOGHMXOLRGHHVWHDxR
(OLQIRUPHFRQWLHQHFXDGURVHVWDGtVWLFRVDQiOLVLVGHODQRUPDWLYDFRQFRPHQWDULRVDOD
MXULVSUXGHQFLD\DODGRFWULQDDGPLQLVWUDWLYDODVQRYHGDGHVSDUDHVWDFDPSDxDDVt
FRPR ODV DSUREDGDVSDUDHO&RPRQRYHGDGVH LQFOX\HQHMHPSORVSUiFWLFRVSDUD
XQD PD\RU FRPSUHQVLyQ GH OD QRUPD 6H GHGLFD XQ FDStWXOR D OD JHVWLyQ GHO ,PSXHVWR
VREUHOD5HQWDGHO,PSXHVWRVREUHHO3DWULPRQLR\HOGHODV*UDQGHV)RUWXQDVWDPELpQ
VHUHFRSLODODQRUPDWLYDYLJHQWHGHODV&RPXQLGDGHV$XWyQRPDVSDUD
3RFDVVRQODVQRYHGDGHVSDUDHVWDFDPSDxDGHVWDFDPRVORVQXHYRVOtPLWHVGHUHGXFFLyQ
UHVSHFWRGHODVDSRUWDFLRQHVGH ORVSDUWtFLSHVDSODQHVGHSHQVLRQHVGRQGHVHUHEDMDHO
OtPLWHDEVROXWRGHD¼GHDSRUWDFLyQPi[LPD\SRUHOFRQWUDULRVHLQFUHPHQWD
GHD¼ODUHGXFFLyQPi[LPDGHODVDSRUWDFLRQHVHPSUHVDULDOHVDORVVLVWHPDV
GH SUHYLVLyQ VRFLDO OD SUyUURJD XQ DxR PiV GH ORV OtPLWHV HVWDEOHFLGRV HQ SDUD
DSOLFDUHOUpJLPHQGHHVWLPDFLyQREMHWLYDVHLJXDODHOWUDWDPLHQWRGHODVLQYHUVLRQHVHQ
IRQGRV\VRFLHGDGHVGHLQYHUVLyQTXHFRWL]DQHQEROVDVH[WUDQMHUDVFRQORVTXHFRWL]DQHQ
ODEROVDHVSDxROD ILQDOPHQWH ODDSOLFDFLyQGHOUpJLPHQGHGLIHULPLHQWRDGHWHUPLQDGDV
SDUWLFLSDFLRQHV R DFFLRQHV HQ LQVWLWXFLRQHV GH LQYHUVLyQ FROHFWLYDV DGTXLULGDV FRQ
DQWHULRULGDGDGHHQHURGH
5HFLHQWHPHQWHOD/H\GHGHPDU]RGHKDPRGLILFDGRODOH\GHO,PSXHVWR
VREUH OD 5HQWD HQ OR TXH VH UHILHUH D OD GHGXFFLyQ SRU PDWHUQLGDG SDUD SURWHJHU D ODV
PXMHUHVTXHHQDHVWXYLHURQHQVLWXDFLyQGHGHVHPSOHR
&RQILDPRVHQTXHHVWHLQIRUPHUHVXOWH~WLOWDQWRSDUDORVSURIHVLRQDOHVGHODVHVRUDPLHQWR
ILVFDOFRPRSDUDFXDOTXLHUSHUVRQDLQWHUHVDGDHQFRQRFHUODVQRYHGDGHV\ODQRUPDWLYD
WULEXWDULD\HVSHUDPRVTXHVHDXQDEXHQDKHUUDPLHQWDGHFDUDDRSWLPL]DUODSODQLILFDFLyQ
HQODVRSHUDFLRQHVTXHDIHFWDDHVWRVLPSXHVWRV
9DOHQWt3LFK5RVHOO
Presidente del Consejo General de Economistas de España
$JXVWtQ)HUQiQGH]3pUH]
Presidente del REAF
5
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 6
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 7
&XDGUR15HFDXGDFLyQWRWDOGHO(VWDGR PLOORQHVGH¼
ǻ ǻ
,PSXHVWRVREUHOD5HQWD
,PSXHVWRVREUH6RFLHGDGHV
,PSXHVWRQR5HVLGHQWHV
2WURV
7RWDO,'LUHFWRV
,PSXHVWRVREUHHO9DORU$xDGLGR
,PSXHVWRV(VSHFLDOHV
2WURV
7RWDO,,QGLUHFWRV
2WURV
7RWDOLQJUHVRVWULEXWDULRV
)XHQWH$($7
8QLGDG0LOORQHVGHHXURV
&XDGUR11~PHURGHOLTXLGDFLRQHV
&21&(372
727$/
,QGLYLGXDO
&RQMXQWD
&215(1',0,(1726
'HOWUDEDMR
'HOFDSLWDOPRELOLDULR
'HOFDSLWDOLQPRELOLDULR
5HQGLPLHQWRVGHDFWLYLGDGHVHFRQyPLFDV
&215('8&&,21(6(1/$%$6(
,0321,%/(
3RUDSRUWDFLRQHVDSODQHVGHSHQVLRQHV
&21'('8&&,21(6(1/$&827$
Ë17(*5$
$GTXLVLFLyQRUHKDELOLWDFLyQGHYLYLHQGDKDELWXDO
)XHQWH$($7
8QLGDGXQLGDGHV
7
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 8
'$726*(1(5$/(6 &827$5(68/7$17('(/$$872/,48,'$&,Ï1
7UDPRVGH5HQG /,48,'$&,21(6
,03257(3$57,'$
H,PSXWDF PLOHV 3$57,'$
GHHXURV /LTXLGDFLRQ
'LVWULEXFLyQ
HV1~PHUR
1~PHUR 'LVWULEXFLyQ
WRWDO 1~PHUR ,PSRUWH 'LVWULEXFLyQ 0HGLD
1~PHUR
7UDPRVGH /,48,'$&,21(6
5HQGH ,03257(3$57,'$
3$57,'$
,PSXWDF PLOHV
GHHXURV /LTXLGDFLRQHV 'LVWULEXFLyQ
1~PHURWRWDO 1~PHUR 'LVWULEXFLyQ
1~PHUR ,PSRUWH 'LVWULEXFLyQ 0HGLD
1~PHUR
1HJDWLYR\
&HUR
@
@
@
@
@
@
@
@
0D\RUGH
7RWDO
)XHQWH$($7
8QLGDG,PSRUWHHQHXURV
8
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 9
1
1
/,48,'$&,21(6
/,48,'$&,21(6
&21
&21 ,03257(1(725('8&,'2727$/
1 5(1',0,(172
5(1',0,(172
(67,0$&,Ï1 /,48,'$&,21(6 1(72
1(72
'((035(6$5,26 5('8&,'2
5('8&,'2
727$/
727$/
',67,172'(
,*8$/$&(52
&(52
,03257(
,03257( (' ,03257( 2$
21$
(67
',5(&7$
('
2%-12
$*5$ 21$
2%-
$*5$5,$
2$
(' < 2$
21$ < 2$
(' < 21$
(' < 21$
< 2$
7RWDO
)XHQWH$($7
(QHOQ~PHURGHOLTXLGDFLRQHVVHLQFOX\HQDTXHOODVHQODVTXHHOUHQGLPLHQWRQHWRUHGXFLGRWRWDOHVFHURSRUHOLPSDFWRGHODV
UHGXFFLRQHV
8QLGDG,PSRUWHHQHXURV
9
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 10
1HJDWLYR\
&HUR
@
@
@
@
@
@
@
@
0D\RUGH
7RWDO
)XHQWH$($7
8QLGDG,PSRUWHHQHXURV
10
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 11
'$726*(1(5$/(6 727$/'('8&&,21(6$8721Ï0,&$6
7UDPRVGH
5HQGH
,PSXWDF PLOHV /,48,'$&,21(63$57,'$ ,03257(3$57,'$
GHHXURV
/LTXLGDFLRQHV 'LVWULEXFLyQ
1~PHUR7RWDO 1~PHUR
'LVWULEXFLyQ
1~PHUR ,PSRUWH 'LVWULEXFLyQ 0HGLD
1~PHUR
1HJDWLYR \
&HUR
@
@
@
@
@
@
@
@
0D\RUGH
7RWDO
)XHQWH$($7
8QLGDG,PSRUWHHQHXURV
&XDGUR17LSRVGHJUDYDPHQGHORV,PSXHVWRVSHUVRQDOHVHQOD8(
3$Ë6 3$Ë6 3$Ë6
$OHPDQLD (VWRQLD /X[HPEXUJR
$XVWULD )LQODQGLD 0DOWD
%pOJLFD )UDQFLD 1RUXHJD
%XOJDULD *UHFLD 3DLVHV%DMRV
&KLSUH +XQJUtD 3RORQLD
&URDFLD ,UODQGD 3RUWXJDO
'LQDPDUFD ,VODQGLD 5HLQR8QLGR
(VORYDTXLD ,WDOLD 5HS~EOLFD&KHFD
(VORYHQLD /HWRQLD 5XPDQLD
(VSDxD /LWXDQLD 6XHFLD
)XHQWH(XURVWDW
11
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 12
12
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 13
(QHOFXDGUR1SRGHPRVYHUHOQ~PHURGHGHFODUDFLRQHVSUHVHQWDGDV\FyPRVHQXWUH
ODFXRWDUHVXOWDQWHGHODDXWROLTXLGDFLyQHQHOHMHUFLFLRSRUWUDPRVGHUHQGLPLHQWRV
$VtFRQVWDWDPRVTXHHOQ~PHURGHGHFODUDFLRQHVSUHVHQWDGDVFRQUHQGLPLHQWRVVXSHULRUHV
D HXURV HV GH SRFR PiV GH XQ SRU GH ORV GH
GHFODUDFLRQHV UHFDXGiQGRVH SRU ODV PLVPDV XQ SRU GHO WRWDO 7DPELpQ
REVHUYDPRVTXHHOSRUGHODUHFDXGDFLyQUHFDHHQODVUHQWDVPHGLDV\PHGLDV
DOWDVFRQUHQGLPLHQWRVHQWUH\HXURVVLHQGRHOWUDPRGHUHQGLPLHQWRV
HQWUH\HXURVHOTXHPiVDSRUWDDOWRWDOUHFDXGDGRHOSRU
(O&XDGUR1VHUHILHUHDORVUHQGLPLHQWRVQHWRVUHGXFLGRVGHOWUDEDMR\HQHOPLVPR
YHPRV TXH HO JUXHVR GH HVWRVUHQGLPLHQWRVWDPELpQ VH FRQFHQWUD HQ WUDPRV SHUR DO
FRQWUDULRGHORTXHRFXUUtDFRQHOFXDGURGHFXRWDDQWHULRUFRPLHQ]DQHQHOTXHYDGH
KDVWDHXURVUHFRJLpQGRVHHQWUHHOORVWUHVFXDUWDVSDUWHVGHORVUHQGLPLHQWRV
QHWRV UHGXFLGRV (O WRWDO GH UHQGLPLHQWRV QHWRV GHO WUDEDMR VXPD DOJR PiV GH
PLOORQHVGHHXURV
(QHO&XDGUR1KHPRVUHSURGXFLGRHOGHORVUHQGLPLHQWRVGHDFWLYLGDGHVHFRQyPLFDV
\ YHPRV TXH HO Q~PHUR GH GHFODUDFLRQHV TXH LQFRUSRUDQ UHQGLPLHQWRV FDOFXODGRV VROR
FRQ PyGXORV QR DJUDULRV HV GH 6HLV GH FDGD GLH] DXWROLTXLGDFLRQHV FRQ
UHQGLPLHQWRV GH DFWLYLGDGHV HFRQyPLFDV VH FDOFXODQ SRU HVWLPDFLyQ GLUHFWD /D PD\RU
SDUWHGHORVUHQGLPLHQWRVQHWRVVHFDOFXODQSRUHVWLPDFLyQGLUHFWDPLOORQHVGH
HXURV
(QHO&XDGUR1UHFRJHPRVORVGDWRVVREUHDSRUWDFLRQHVDVLVWHPDVGHSUHYLVLyQVRFLDO
\HQHOORVYHPRVTXHHVWDUHGXFFLyQVHDSOLFDHQGHFODUDFLRQHVUHGXFLpQGRVH
XQLPSRUWHJOREDOGHPLOORQHVGHHXURVVLHQGRXWLOL]DGRFRQPD\RULQWHQVLGDGHVWH
LQFHQWLYRILVFDOHQHOWUDPRGHUHQGLPLHQWRVHQWUH\HXURVTXHDSOLFDQHO
SRU GHO WRWDO /D UHGXFFLyQ PHGLD GH ORV TXH DSRUWDQ D HVWRV VLVWHPDV GH
SUHYLVLyQHVGHHXURVDQXDOHVHQ
(QHO&XDGUR1VHUHIOHMDORUHODWLYRDODVGHGXFFLRQHVDXWRQyPLFDVXQWRWDOGH
PLOORQHVGHHXURV/DGHGXFFLyQPHGLDGHORVTXHDSOLFDQHVWDVGHGXFFLRQHVHVGH
HXURV
(O&XDGURQFRQWLHQHORVWLSRVPDUJLQDOHVPi[LPRVGHORVSDtVHVGHOD8(HQHOTXH
REVHUYDPRV TXH VL FRQVLGHUDPRV XQ PDUJLQDO Pi[LPR GH QXHVWUR ,PSXHVWR VREUH OD
5HQWDGHOSRUHVWHVHHQFXDGUDHQOD]RQDPHGLDGHORVTXHWLHQHQHOUHVWRGHORV
VRFLRVGHOD8(VLELHQ\DKD\YDULDV&RPXQLGDGHVFRQXQPDUJLQDODJUHJDGRGHOSRU
RVXSHULRU3RUHMHPSORHQ/D5LRMDVHDSOLFDSRUHQ1DYDUUDHOSRU
\OD&RPXQLGDG9DOHQFLDQDOOHJDDOSRUWLSRVTXH\DHVWDUtDQHQWUHORVPDUJLQDOHV
PiVHOHYDGRVGHOD8(
(O&XDGUR1VHUHILHUHDO,PSXHVWRVREUHHO3DWULPRQLRGHOTXHVHSUHVHQWDURQ
GHFODUDFLRQHV HQ FRQ XQD UHFDXGDFLyQ SRU HQFLPD GH PLOORQHV GH HXURV
REWHQLpQGRVHPiVGHODPLWDGGHODPLVPDGHORVFRQWULEX\HQWHVTXHVHHQFXHQWUDQHQHO
WUDPRGHEDVHHQWUH\ PLOORQHVGHHXURVFRQXQ LQJUHVR PHGLRGHHXURV
PLHQWUDVTXHORVFRQWULEX\HQWHVFRQEDVHGHPiVGHPLOORQHVGHHXURVLQJUHVDURQ
XQD PHGLDGHHXURVIUHQWHDOD PHGLDGHWRGRVORVFRQWULEX\HQWHVTXHIXHGH
HXURV
13
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 14
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 15
(VWDWDOHV
5HGXFFLRQHVGHODEDVHLPSRQLEOHSRUDSRUWDFLRQHVDVLVWHPDVGHSUHYLVLyQVRFLDO
/D UHGXFFLyQ GH OD EDVH LPSRQLEOH GH ODV DSRUWDFLRQHV GH ORV SDUWtFLSHV D SODQHV GH
SHQVLRQHV D PXWXDOLGDGHV GH SUHYLVLyQ VRFLDO ODV SULPDV D ORV SODQHV GH SUHYLVLyQ
DVHJXUDGRVODVDSRUWDFLRQHVGHOWUDEDMDGRUDORVSODQHVGHSUHYLVLyQVRFLDOHPSUHVDULDO\
ODVSULPDVVDWLVIHFKDVDGHWHUPLQDGRVVHJXURVSULYDGRVFRPRHVVDELGRQRSXHGHVXSHUDU
ODPHQRUGHGRVFDQWLGDGHVHOSRUGHODVXPDGHUHQGLPLHQWRVQHWRVGHOWUDEDMR\
GHDFWLYLGDGHVHFRQyPLFDVSHUFLELGDVHQHOHMHUFLFLRRXQOtPLWHDEVROXWR/DQRYHGDG
FRQVLVWHHQTXHVHUHEDMDHVWHOtPLWHDEVROXWRGHD¼GHDSRUWDFLyQPi[LPD
6LQHPEDUJRVHLQFUHPHQWDGHD¼ODUHGXFFLyQPi[LPDGHODVDSRUWDFLRQHV
HPSUHVDULDOHVDHVWRVVLVWHPDVGHSUHYLVLyQVRFLDOQRVHDSOLFDFXDQGRODVDSRUWDFLRQHV
GHOHPSUHVDULRVHUHDOL]DQSRUDFXHUGRFRQHOWUDEDMDGRU(QFDVRGHTXHH[LVWDQHVWDV
DSRUWDFLRQHV HPSUHVDULDOHV \ QR OOHJXHQ D GLFKR OtPLWH HO WUDEDMDGRU SRGUi DSRUWDU
WDPELpQ DO SODQ GH HPSOHR KDVWD FRPSOHWDU ORV ¼ VLHPSUH TXH VX DSRUWDFLyQ QR
VXSHUHDODGHOHPSOHDGRU
5pJLPHQGHHVWLPDFLyQREMHWLYD
6HSURUURJDQLQGHILQLGDPHQWHORVOtPLWHVHVWDEOHFLGRVHQSDUDDSOLFDUHVWHUpJLPHQ
HVSHFLDO3RUWDQWRODVPDJQLWXGHVH[FOX\HQWHVGHFDUiFWHUJHQHUDOVHUiQSDUDHOHMHUFLFLR
ODVVLJXLHQWHV
9ROXPHQGHLQJUHVRVHQHODxRLQPHGLDWRDQWHULRUVXSHULRUD¼SDUDHOFRQMXQWR
GHDFWLYLGDGHVHFRQyPLFDVH[FHSWRODVDJUtFRODVJDQDGHUDV\IRUHVWDOHV6HFRPSXWDUiQ
ODWRWDOLGDGGHODVRSHUDFLRQHVH[LVWDRQRREOLJDFLyQGHH[SHGLUIDFWXUD/DVRSHUDFLRQHV
HQODVTXHH[LVWDREOLJDFLyQGHH[SHGLUIDFWXUDFXDQGRHOGHVWLQDWDULRVHDHPSUHVDULRQR
SRGUiQVXSHUDU¼
9ROXPHQGHLQJUHVRVSDUDHOFRQMXQWRGHDFWLYLGDGHVDJUtFRODVIRUHVWDOHV\JDQDGHUDV
VXSHULRUD¼
9ROXPHQGHFRPSUDVHQELHQHV\VHUYLFLRVHQHODxRLQPHGLDWRDQWHULRUH[FOXLGDVODV
DGTXLVLFLRQHVGHOLQPRYLOL]DGRVXSHULRUD¼
7ULEXWDFLyQGHORVVRFLRVRSDUWtFLSHVGHODVLQVWLWXFLRQHVGHLQYHUVLyQFROHFWLYD
6H SURFHGH D KRPRJHQHL]DU HO WUDWDPLHQWR ILVFDO GH ODV LQYHUVLRQHV HQ GHWHUPLQDGDV
LQVWLWXFLRQHV GH LQYHUVLyQ FROHFWLYD FRQRFLGDV FRPR IRQGRV \ VRFLHGDGHV GH LQYHUVLyQ
FRWL]DGRV (7) FRQLQGHSHQGHQFLDGHOPHUFDGRQDFLRQDORH[WUDQMHURHQHOTXHFRWLFHQ
15
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 16
3DUD XQD LQIRUPDFLyQ FRPSOHWD GH ODV GHGXFFLRQHVDXWRQyPLFDV FRQVXOWDU ³3DQRUDPD GHOD )LVFDOLGDG
$XWRQyPLFD\)RUDO´5($)
16
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 17
17
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 18
18
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 19
19
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 20
20
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 21
21
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 22
¼VLVHWUDWDGHOSULPHUKLMR
¼VLVHWUDWDGHOVHJXQGRKLMR
¼VLVHWUDWDGHOWHUFHUKLMRRVXFHVLYRV
x &DVWLOOD/D0DQFKD
o 6HGXSOLFDQODVFXDQWtDVDEVROXWDVGHGHGXFFLyQSRUDGTXLVLFLyQGHOLEURVGH
WH[WRTXHGHSHQGHQGHIDFWRUHVFRPRHOLPSRUWHGHODVEDVHVLPSRQLEOHVR
HOKHFKRGHTXHHOFRQWULEX\HQWHVHDPLHPEURGHXQDIDPLOLDQXPHURVD
o 6H H[WLHQGH HO iPELWR GH DSOLFDFLyQ GH OD GHGXFFLyQ GHO SRU SRU
JDVWRVGHFODVHVH[WUDHVFRODUHVGH LGLRPDVDRWUDVFXHVWLRQHVUHODFLRQDGDV
FRQODHQVHxDQ]DFRPRORVJDVWRVGHDFFHVRDQXHYDVWHFQRORJtDVDFFHVRD
,QWHUQHWRORVJDVWRVGHUHVLGHQFLDHQTXHLQFXUUHQORVKLMRVTXHHVWXGLDQ
HQPXQLFLSLRGLVWLQWRGHOGHUHVLGHQFLDGHOFRQWULEX\HQWH
o 'HGXFFLyQSRUJDVWRVGHJXDUGHUtDHOSRUFHQWDMHVHHOHYDGHODOSRU
/RVOtPLWHVDEVROXWRVGHHVWDGHGXFFLyQVHGXSOLFDQ
o 6HGHURJDODGHGXFFLyQSRULQYHUVLyQHQ ODDGTXLVLFLyQGHSDUWLFLSDFLRQHV
VRFLDOHVHQVRFLHGDGHVFRRSHUDWLYDVGH&DVWLOOD/D0DQFKD
22
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 23
23
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 24
24
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 25
25
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 26
26
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 27
(VWDWDOHV
([HQFLRQHV
6H LQWURGXFHXQD QXHYDH[HQFLyQGHULYDGDGH OD SROtWLFDGH OD3ROtWLFD $JUDULD&RP~Q
SDUDODVD\XGDVDORVUHJtPHQHVHQIDYRUGHOFOLPD\GHOPHGLRDPELHQWH HFRUHJtPHQHV
7DPELpQHVWDUiQH[HQWDVODVD\XGDVSUHYLVWDVHQOD/H\GHGHMXOLRGHO6LVWHPD
1DFLRQDOGH3URWHFFLyQ&LYLOSRUGDxRVSHUVRQDOHVRFDVLRQDGRVSRUORVLQFHQGLRVTXHVH
UHODFLRQDQHQHO$QH[RGHO$FXHUGRGHO&RQVHMRGH0LQLVWURVGHGHDJRVWRGH
SRUHOTXHVHGHFODUD©]RQDDIHFWDGDJUDYHPHQWHSRUXQDHPHUJHQFLDGHSURWHFFLyQFLYLOª
5HWULEXFLRQHVGHOWUDEDMRHQHVSHFLH
6HPHMRUDODH[HQFLyQGHODVHQWUHJDVJUDWXLWDVRDSUHFLRLQIHULRUDPHUFDGRGHDFFLRQHV
RSDUWLFLSDFLRQHVHQHPSUHVDVHPHUJHQWHV
$XQTXH OD H[HQFLyQ GH HVWD UHWULEXFLyQ HQ HVSHFLH FRQ FDUiFWHU JHQHUDO VH VHJXLUi
UHJXODQGR LJXDO TXH DKRUD HQ OXJDU GH TXH HO LPSRUWH H[HQWR VHD GH ¼ VHUi GH
¼FXDQGRVHWUDWHGHDFFLRQHVGHHPSUHVDVHPHUJHQWHVUHODMDQGRHOUHTXLVLWRGH
TXHODRIHUWDVHUHDOLFHHQODVPLVPDVFRQGLFLRQHVSDUDWRGRVORVWUDEDMDGRUHVGHWDOIRUPD
TXH EDVWDUi FRQ TXH OD HQWUHJD VH UHDOLFH GHQWUR GH OD SROtWLFD UHWULEXWLYD JHQHUDO GH OD
HPSUHVD\FRQWULEX\DDODSDUWLFLSDFLyQGHORVWUDEDMDGRUHVHQHVWD~OWLPD
(QFXDQWRDOLPSRUWHTXHVXSHUHHOOtPLWHDQWHULRU\SRUWDQWRQRJRFHGHH[HQFLyQVH
LPSXWDUiFXDQGRVHSURGX]FDDOJXQDGHODVVLJXLHQWHVFLUFXQVWDQFLDVTXHHOFDSLWDOGHOD
HQWLGDG SDVH D QHJRFLDUVH HQ %ROVD GH YDORUHV RVLPLODU TXH OD DFFLyQ R SDUWLFLSDFLyQ
VDOJDGHOSDWULPRQLRGHOFRQWULEX\HQWHRHQWRGRFDVRVLWUDQVFXUUHQDxRVVLQTXHVH
SURGX]FDQODVFLUFXQVWDQFLDVDQWHULRUHV
(Q FXDQWR D OD YDORUDFLyQ GH ODV DFFLRQHV HQWUHJDGDV D ORV WUDEDMDGRUHV GH HPSUHVDV
HPHUJHQWHV VH FXDQWLILFDUiQ SRU HO YDORU GH ODV DFFLRQHV R SDUWLFLSDFLRQHV VRFLDOHV
VXVFULWDVSRUXQWHUFHURLQGHSHQGLHQWHHQOD~OWLPDDPSOLDFLyQGHFDSLWDOUHDOL]DGDHQHO
DxRDQWHULRUDDTXHOHQTXHVHHQWUHJXHQODVDFFLRQHVRSDUWLFLSDFLRQHVVRFLDOHV'HQR
KDEHUVH SURGXFLGR OD UHIHULGD DPSOLDFLyQ VH YDORUDUiQ SRU HO YDORU GH PHUFDGR TXH
WXYLHUDQODVDFFLRQHVHQHOPRPHQWRGHODHQWUHJDDOWUDEDMDGRU
5HGXFFLyQSRUREWHQFLyQGHUHQGLPLHQWRVGHOWUDEDMR
6HHOHYD ODFXDQWtDGH ODUHGXFFLyQSRUREWHQFLyQGHUHQGLPLHQWRVGHOWUDEDMR \GH ORV
XPEUDOHVGHUHQWDGHVGH\KDVWDGRQGHUHVXOWDDSOLFDEOH(QFRQFUHWRORVFRQWULEX\HQWHV
FRQUHQGLPLHQWRVQHWRVGHOWUDEDMRLQIHULRUHVD¼ DQWHV¼ VLHPSUHTXHQR
WHQJDQ UHQWDV H[FOXLGDV ODV H[HQWDV GLVWLQWDV GH ODV GHO WUDEDMR VXSHULRUHV D ¼
PLQRUDUiQHOUHQGLPLHQWRQHWRGHOWUDEDMRHQODVVLJXLHQWHVFXDQWtDV
27
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 28
28
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 29
29
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 30
30
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 31
31
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 32
32
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 33
33
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 34
34
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 35
3DUDXQDLQIRUPDFLyQFRPSOHWDGHODVGHGXFFLRQHVDXWRQyPLFDVFRQVXOWDU³3DQRUDPDGHOD)LVFDOLGDG
$XWRQyPLFD\)RUDO´5($)
35
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 36
36
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 37
37
Declaracion_NEW_Maquetación 1 07/04/2023 9:06 Página 38
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 39
+HFKRLPSRQLEOHGHO,PSXHVWRVREUHOD5HQWD
(OKHFKRLPSRQLEOHGHO,PSXHVWRVREUHOD5HQWD ,53) HVODREWHQFLyQGHUHQWDSRUSDUWH
GHODVSHUVRQDVItVLFDVUHVLGHQWHVHQWHUULWRULRHVSDxRO
/D UHQWD VH HQWLHQGH FRPR HO FRQMXQWR GH UHQGLPLHQWRV JDQDQFLDV \ SpUGLGDV TXH VH
REWLHQHQ GXUDQWH HO SHUtRGR LPSRVLWLYR TXH FRQFDUiFWHU JHQHUDO FRLQFLGH FRQ HO DxR
QDWXUDOGHGHHQHURDGHGLFLHPEUH
(QFRQFUHWRVHFRQVLGHUDUHQWDODSURFHGHQWHGHODVVLJXLHQWHVIXHQWHV
x (O WUDEDMR VDODULRV VXHOGRV SHQVLRQHV SUHVWDFLRQHV SRU GHVHPSOHR
LQGHPQL]DFLRQHVSRUGHVSLGRHWF
x (O FDSLWDO PRELOLDULR LQWHUHVHV GH FXHQWDV EDQFDULDV GLYLGHQGRV
VXEDUUHQGDPLHQWRGHELHQHVLQPXHEOHVHWF
x (O FDSLWDO LQPRELOLDULR DOTXLOHUHV XRWURV UHQGLPLHQWRV TXH SURFHGDQ GH ELHQHV
LQPXHEOHV
x /DV DFWLYLGDGHV HFRQyPLFDV EHQHILFLRV REWHQLGRV SRU HPSUHVDULRV \
SURIHVLRQDOHV
x /DV JDQDQFLDV SDWULPRQLDOHV UHQWDV REWHQLGDV SRU OD YHQWD GH HOHPHQWRV
SDWULPRQLDOHV LQPXHEOHV R DFFLRQHV HQWUH RWURV D\XGDV DERQDGDV SRU
$GPLQLVWUDFLRQHV3~EOLFDVFRVWDVSURFHVDOHVLQWHUHVHVLQGHPQL]DWRULRVHWF
(Q JHQHUDO FXDOTXLHU LQJUHVR TXH QR HVWp H[SUHVDPHQWH H[HQWR HQ OD /H\ GHO ,53) VH
FRQVLGHUDUHQWD\SRUWDQWRHVWiVXMHWRDO,PSXHVWR
5HVLGHQFLDILVFDO
8Q FRQWULEX\HQWH WLHQH VX UHVLGHQFLD KDELWXDO HQ WHUULWRULR HVSDxRO FXDQGR FRQFXUUD
FXDOTXLHUDGHODVVLJXLHQWHVFLUFXQVWDQFLDV
x 4XHSHUPDQH]FDPiVGHGtDVGXUDQWHHODxRQDWXUDOHQGLFKRWHUULWRULRR
x 4XHUDGLTXHHQ(VSDxDHOQ~FOHRSULQFLSDORODEDVHGHVXVDFWLYLGDGHVRLQWHUHVHV
HFRQyPLFRVGHIRUPDGLUHFWDRLQGLUHFWD
/D QRUPD QR GHILQH TXp VH HQWLHQGH SRU Q~FOHR SULQFLSDO R EDVH GH ODV DFWLYLGDGHV R
LQWHUHVHVHFRQyPLFRV'HDFXHUGRFRQODLQWHUSUHWDFLyQGHO7($&DWHQGHU~QLFDPHQWHD
$HIHFWRVGHOFiOFXORGHORVGtDVVHFRPSXWDQODVDXVHQFLDVHVSRUiGLFDVFRPRORVGtDVGHYDFDFLRQHV
HQHOH[WUDQMHURRORVWUDVODGRVWHPSRUDOHVDOH[WUDQMHURVDOYRTXHHOFRQWULEX\HQWHDFUHGLWHVXUHVLGHQFLD
ILVFDOHQRWURSDtV
(QUHODFLyQFRQHOFRQFHSWRGHDXVHQFLDVHVSRUiGLFDVVHJ~QFULWHULRGHO7ULEXQDO6XSUHPRODSHUPDQHQFLD
IXHUDGHOWHUULWRULRQDFLRQDOGXUDQWHPiVGHGtDVDORODUJRGHXQDxRQDWXUDOQRSXHGHVHUFRQVLGHUDGD
FRPRWDO VHQWHQFLDGHO7ULEXQDO6XSUHPRGHGHQRYLHPEUHGH5HFXUVRQ
39
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 40
40
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 41
5HQGLPLHQWRVGHOWUDEDMR
/RV UHQGLPLHQWRV GHO WUDEDMR VRQ XQD GH ODV SULQFLSDOHV IXHQWHV GH UHQWD GHO ,53) 6H
FRQVLGHUDQUHQGLPLHQWRVGHOWUDEDMRWRGDVODVFRQWUDSUHVWDFLRQHVRXWLOLGDGHVFXDOTXLHUD
TXH VHD VX GHQRPLQDFLyQ R QDWXUDOH]D GLQHUDULDV R HQ HVSHFLH TXH GHULYHQ GLUHFWD R
LQGLUHFWDPHQWHGHOWUDEDMRSHUVRQDORGHODUHODFLyQODERUDORHVWDWXWDULD\QRWHQJDQHO
FDUiFWHUGHUHQGLPLHQWRVGHDFWLYLGDGHVHFRQyPLFDV
$GLFLRQDOPHQWH OD /H\ GHO ,PSXHVWRWLSLILFD XQD VHULH GH UHQWDV TXH HQ WRGR FDVR VH
FDOLILFDUiQFRPRUHQGLPLHQWRVGHOWUDEDMRSRUPDQGDWRH[SUHVRGHODQRUPDFRPRSRU
HMHPSOR ORV LQJUHVRV GHULYDGRV GH LPSDUWLU FXUVRV \ FRQIHUHQFLDV ODV EHFDV R ODV
UHWULEXFLRQHVGHORVDGPLQLVWUDGRUHV\PLHPEURVGHORV&RQVHMRVGH$GPLQLVWUDFLyQ
(QFRQFUHWRORVUHQGLPLHQWRVGHOWUDEDMRPiVFRPXQHVVRQ
x 6DODULRV VXHOGRV \ SUHVWDFLRQHV VRFLDOHV FRPR ODV UHFLELGDV SRU GHVHPSOHR R
HQIHUPHGDG
x 3HQVLRQHV\SUHVWDFLRQHVGHULYDGDVGHOUHVFDWHGHSODQHVGHSHQVLRQHV
x ,QGHPQL]DFLRQHV\FRPSHQVDFLRQHVSRUGHVSLGRRFHVHHQHOWUDEDMR
x ,QFHQWLYRVJUDWLILFDFLRQHVFRPLVLRQHV\RWURVFRPSOHPHQWRVVDODULDOHV
x 5HWULEXFLRQHVHQHVSHFLHFRPRODFHVLyQGHOXVRGHYHKtFXORVYLYLHQGDVVHJXURV
GHVDOXGRWLFNHWVUHVWDXUDQWH
$WHQHUHQFXHQWD
3HQVLRQHVSURFHGHQWHVGHOH[WUDQMHUR
0HGLDQWHORVLQWHUFDPELRVGHLQIRUPDFLyQFRQRWURVSDtVHVOD$GPLQLVWUDFLyQFRQRFHOD
H[LVWHQFLDGHFRQWULEX\HQWHVMXELODGRVH[WUDQMHURVUHVLGHQWHVHQ(VSDxDTXHSHUFLEHQXQD
SHQVLyQH[WUDQMHUDDVtFRPRODH[LVWHQFLDGHMXELODGRVUHWRUQDGRVTXHWDPELpQSHUFLEHQ
XQDSHQVLyQGHXQSDtVH[WUDQMHUR3RUHOORHVLPSRUWDQWHDQDOL]DUODWULEXWDFLyQGHHVWH
WLSRGHUHQWDVHQEDVHDO&RQYHQLRSDUDHYLWDUODGREOHLPSRVLFLyQFRQHOSDtVGHTXHVH
WUDWH6LHO&RQYHQLRKDELOLWDD(VSDxDDJUDYDUHVDSHQVLyQGHEHUiLQWHJUDUVHHQODEDVH
LPSRQLEOHFRPRUHQGLPLHQWRVGHOWUDEDMR
9 /RVFRQWULEX\HQWHVTXHUHFLEHQXQDSHQVLyQGH$OHPDQLDSRUSULPHUDYH]DSDUWLUGH
\VRQUHVLGHQWHVHQ(VSDxDWULEXWDQHQ$OHPDQLDXQSRUGHOLPSRUWHGHOD
SHQVLyQ\DGHPiVGHEHQGHLPSXWDUODSHQVLyQHQVXGHFODUDFLyQGHO,53)(QHVWH
FDVRSRGUiQGHGXFLUODPHQRUGHGRVFXDQWtDVHOLPSRUWHHIHFWLYRGHORVDWLVIHFKRHQ
HOH[WUDQMHURRHOUHVXOWDGRGHDSOLFDUHOWLSRPHGLRHIHFWLYRGHJUDYDPHQDODSDUWHGH
EDVHOLTXLGDEOHJUDYDGDHQHOH[WUDQMHUR
%2(GHGHPDU]RGH
41
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 42
42
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 43
5HQGLPLHQWRVGHOWUDEDMRH[HQWRV
([LVWHQ DOJXQRV UHQGLPLHQWRV GHO WUDEDMR TXH HVWiQ H[HQWRV GHWULEXWDFLyQ HQ HO ,53)
(VWDV H[HQFLRQHV HVWiQ UHJXODGDV SRU OH\ \ VRQ HVWDEOHFLGDV HQ IXQFLyQ GH GLYHUVRV
FULWHULRV(QJHQHUDOVHFRQVLGHUDTXHDOJXQRVUHQGLPLHQWRVGHOWUDEDMRQRGHEHQWULEXWDU
HQHO,53)SRUTXHWLHQHQXQDILQDOLGDGVRFLDOFRPSHQVDWRULDRSURWHFWRUDRELHQSRUTXH
VHWUDWDGHFDQWLGDGHVGHVWLQDGDVDFXEULUQHFHVLGDGHVEiVLFDVGHORVWUDEDMDGRUHVRGHVX
IDPLOLD
3RU HMHPSOR HQ HO FDVR GH ODV LQGHPQL]DFLRQHV SRU GHVSLGR R FHVH GHO WUDEDMDGRU VH
FRQVLGHUD TXH XQD SDUWH GH OD FDQWLGDG SHUFLELGD HVWi GHVWLQDGD D FXEULU OD SpUGLGD GH
HPSOHR\ODQHFHVLGDGGHEXVFDURWURWUDEDMRSRUORTXHVHHVWDEOHFHQOtPLWHVGHH[HQFLyQ
TXHYDUtDQVHJ~QODDQWLJHGDGGHOFRQWUDWRFRQXQPi[LPRGH¼
(Q RWURV FDVRV FRPR HQ ODV EHFDV S~EOLFDV VH FRQVLGHUD TXH QR WLHQHQ XQD ILQDOLGDG
OXFUDWLYDQLUHWULEXWLYDVLQRTXHHVWiQGHVWLQDGDVDFXEULUODVQHFHVLGDGHVEiVLFDVGHORV
HVWXGLDQWHV 3RU HVWH PRWLYR \ FRQ HO REMHWLYR GH DSR\DU \ IRPHQWDU HO DFFHVR D OD
HGXFDFLyQ GH ORV HVWXGLDQWHV HVSHFLDOPHQWH DTXHOORV TXH VH HQFXHQWUDQ HQ VLWXDFLRQHV
HFRQyPLFDVGHVIDYRUDEOHVVHHVWDEOHFHODH[HQFLyQGHGHWHUPLQDGDVEHFDV
(QWUHORVUHQGLPLHQWRVGHOWUDEDMRH[HQWRVVHSXHGHQGHVWDFDU
x /DVLQGHPQL]DFLRQHVSRUGHVSLGRRFHVHGHOWUDEDMDGRUTXHQRVXSHUHQORVOtPLWHV
HVWDEOHFLGRVSRUODOHJLVODFLyQODERUDO GtDVGHVDODULRSRUDxRWUDEDMDGRKDVWD
XQ Pi[LPR GH PHQVXDOLGDGHV SDUD FRQWUDWRV DQWHULRUHV DO GH IHEUHUR GH
\GtDVGHVDODULRSRUDxRWUDEDMDGRKDVWDXQPi[LPRGHPHQVXDOLGDGHV
SDUDFRQWUDWRVSRVWHULRUHVDHVDIHFKD FRQXQPi[LPRGH¼
x /DVSUHVWDFLRQHVGHODEDMDSRUPDWHUQLGDGRSDWHUQLGDG
x /DVEHFDVS~EOLFDVSDUDFXUVDUHVWXGLRV
43
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 44
6LDXQFRQWULEX\HQWHVHOHFRQFHGHXQDSUHVWDFLyQGHLQYDOLGH]SURFHGHQWHGH6XL]DFRQXQJUDGRGH
GLVFDSDFLGDG GHO SRU JR]DUi GH H[HQFLyQ VL HO JUDGR GH LQFDSDFLGDG SXHGH HTXLSDUDUVH D OD
LQFDSDFLGDGDEVROXWDRJUDQLQYDOLGH]\ODHQWLGDGH[WUDQMHUDTXHODVDWLVIDFHHVVXVWLWXWRULDGHOD6HJXULGDG
6RFLDO '*7 9 /D DSOLFDFLyQ GH OD H[HQFLyQ GH OD SHQVLyQ GH MXELODFLyQ SRU LQFDSDFLGDG
SHUPDQHQWHDEVROXWDRJUDQLQYDOLGH]DXQDSHQVLyQH[WUDQMHUDH[LJHXQDHTXLSDUDFLyQSRUSDUWHGHO,QVWLWXWR
1DFLRQDO GH 6HJXULGDG 6RFLDO VHQWHQFLD GHO 7ULEXQDO 6XSUHPR GH GH PDU]R GH 5HFXUVR Q
$XQTXHODUHGXFFLyQSRUREWHQFLyQGHUHQGLPLHQWRVGHOWUDEDMRFRQXQSHUtRGRGHJHQHUDFLyQVXSHULRUD
DxRVTXHGDFRQGLFLRQDGDDODQRREWHQFLyQGHRWURVUHQGLPLHQWRVGHOWUDEDMRFRQSHUtRGRGHJHQHUDFLyQ
VXSHULRUDDxRVDORVTXHVHKXELHUDDSOLFDGRODUHGXFFLyQHQORVSHUtRGRVLPSRVLWLYRVDQWHULRUHVHVWD
QRUPDQRVHDSOLFDDORVUHQGLPLHQWRVGHULYDGRVGHODH[WLQFLyQGHODUHODFLyQODERUDO
ϳ
3DUDTXHVHSUHVXPDTXHQRVHKDSURGXFLGRODHIHFWLYDGHVYLQFXODFLyQEDVWDFRQTXHHOWUDEDMDGRUYXHOYD
DSUHVWDUVHUYLFLRVHQODHPSUHVD\QRHVQHFHVDULRTXHVHDSUHFLHXQDILQDOLGDGGHIUDXGDWRULD 5HVROXFLyQ
GHO7($&GHGHDEULOGHQ
44
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 45
45
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 46
46
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 47
(VWHUpJLPHQSHUPLWHQRWULEXWDUSRUHOH[FHVRTXHSHUFLEDQORVHPSOHDGRVGHHPSUHVDVFRQGHVWLQRHQHO
H[WUDQMHUR VREUH ODV UHWULEXFLRQHV WRWDOHV TXH REWHQGUtDQ SRU VXHOGRV MRUQDOHV DQWLJHGDG SDJDV
H[WUDRUGLQDULDV LQFOXVR OD GH EHQHILFLRV D\XGD IDPLOLDU R FXDOTXLHU RWUR FRQFHSWR SRU UD]yQ GH FDUJR
HPSOHRFDWHJRUtDRSURIHVLyQHQHOVXSXHVWRGHKDOODUVHGHVWLQDGRVHQ(VSDxD
47
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 48
48
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 49
49
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 50
$WHQHUHQFXHQWD
9 6L GXUDQWH KD UHFLELGR FDQWLGDGHV SRU JDVWRV GH ORFRPRFLyQ PDQXWHQFLyQ
WUDQVSRUWHGHPRELOLDULR\HQVHUHVFRQPRWLYRGHOWUDVODGRGHSXHVWRGHWUDEDMRDXQ
PXQLFLSLRGLVWLQWRQRWULEXWDUiSRUHOODVVLHPSUHTXHHOWUDVODGRH[LMDHOFDPELRGH
UHVLGHQFLD
9 /D$GPLQLVWUDFLyQHQWLHQGHTXHQRHVDSOLFDEOHHOUpJLPHQGHGLHWDVSRUORVJDVWRV
GHORVGHVSOD]DPLHQWRVGHORVVRFLRVTXHWLHQHQHOFRQWUROGHODHQWLGDGSDJDGRUDR
FXDQGR QR ORWLHQHQ VL QR VH GDQ ODV QRWDV GH GHSHQGHQFLD \ DMHQLGDG \WDPSRFR
FXDQGRVHWUDWDGHORVDGPLQLVWUDGRUHV(QHVWRVFDVRVVRORFDEHODFRPSHQVDFLyQGH
JDVWRVSRUFXHQWDGHXQWHUFHUR\SDUDQRWULEXWDUHVQHFHVDULRTXHGLFKRVJDVWRV
WHQJDQ SRU REMHWR SRQHU D GLVSRVLFLyQ GHO VRFLR ORV PHGLRV SDUD TXH pVWH SXHGD
UHDOL]DU VXV IXQFLRQHV HQWUH ORV TXH VH HQFXHQWUDQ ORV QHFHVDULRV SDUD VX
GHVSOD]DPLHQWR (Q VHQWLGR FRQWUDULR HO 7($5 GH OD &RPXQLGDG 9DOHQFLDQD HQ
5HVROXFLyQ Q GH GH PD\R GH R HO 7ULEXQDO 6XSHULRU GH
-XVWLFLDGH([WUHPDGXUDHQVHQWHQFLDGHGHIHEUHURGH5HFXUVRQ
LQWHUSUHWDQTXHXQDGPLQLVWUDGRU\VRFLRWUDEDMDGRUSXHGHDSOLFDUHOUpJLPHQGHGLHWDV
H[RQHUDGDVGHJUDYDPHQ
9 6LODHPSUHVDVHOLPLWDUDDUHHPEROVDUORVJDVWRVHQTXHHOVRFLRKDLQFXUULGRVLQTXH
SXHGDDFUHGLWDUVHTXHHVWULFWDPHQWHYLHQHQDFRPSHQVDUORVJDVWRVSRUHOQHFHVDULR
GHVSOD]DPLHQWRSDUDHOHMHUFLFLRGHVXVIXQFLRQHVSRGUtDPRVHVWDUHQSUHVHQFLDGH
XQDYHUGDGHUDUHWULEXFLyQHQFX\RFDVRODVFXDQWtDVSHUFLELGDVHVWDUtDQSOHQDPHQWH
VRPHWLGDVDO,PSXHVWR\DVXVLVWHPDGHUHWHQFLRQHV '*79
9 6REUHODFXHVWLyQGHTXLpQWLHQHTXHDSRUWDUODVSUXHEDVGHODVGLHWDV\GHORVJDVWRV
GHPDQXWHQFLyQ\HVWDQFLDHO7($&HQ5HVROXFLyQGHGHQRYLHPEUHGHQ
KD LQWHUSUHWDGR TXH FRUUHVSRQGH DO WUDEDMDGRU MXVWLILFDU ORV JDVWRV GH
(VWRV VRFLRV GHEHQ FDOLILFDU ODV SUHVWDFLRQHV GH VHUYLFLRV TXH UHDOL]DQ D VX VRFLHGDG FRPR UHQWDV GHO
WUDEDMRSXHVGHORFRQWUDULRQXQFDSRGUtDQDSOLFDUHQQLQJ~QFDVRHVWHUpJLPHQGHGLHWDVH[FHSWXDGDVGH
JUDYDPHQ
50
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 51
51
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 52
52
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 53
5HJODVGHLPSXWDFLyQWHPSRUDOGHORVUHQGLPLHQWRVGHOWUDEDMR
&RQ FDUiFWHU JHQHUDO ORV UHQGLPLHQWRV GHO WUDEDMR VH LPSXWDQ DO SHUtRGR HQ TXH VHDQ
H[LJLEOHVSRUVXSHUFHSWRU1RREVWDQWHFXDQGRVHSHUFLEDQUHQWDVGHOWUDEDMRHQSHUtRGRV
LPSRVLWLYRVGLVWLQWRVDOPRPHQWRHQTXHIXHURQH[LJLEOHVSRUHMHPSORFXDQGRVHUHFLEHQ
LQGHPQL]DFLRQHV DWUDVRV VDODULRV GH WUDPLWDFLyQ HWF KD\ TXH WHQHU FXLGDGR FRQ HO
HMHUFLFLRDOTXHSURFHGHLPSXWDUORV(QHVWHVHQWLGRFXDQGRODGHWHUPLQDFLyQGHOGHUHFKR
DODSHUFHSFLyQGHODUHQWDRVXFXDQWtDVHHQFXHQWUHQSHQGLHQWHVGHUHVROXFLyQMXGLFLDO
ORV LPSRUWHV QR VDWLVIHFKRV VH LPSXWDUiQ DO SHUtRGR LPSRVLWLYR HQ TXH OD VHQWHQFLD
DGTXLHUDILUPH]D
$GHPiVFXDQGRVHSHUFLEDQDWUDVRVHVWRVVHLPSXWDUiQDOSHUtRGRHQTXHIXHURQH[LJLEOHV
PHGLDQWHODSUHVHQWDFLyQGHXQDDXWROLTXLGDFLyQFRPSOHPHQWDULDWHQLHQGRGHSOD]RSDUD
VXSUHVHQWDFLyQGHVGHHOPRPHQWRGHOFREURKDVWDHOILQDOGHOLQPHGLDWRVLJXLHQWHSOD]R
GHGHFODUDFLyQSRUHO,PSXHVWRVLQVDQFLyQQLLQWHUHVHVGHGHPRUDQLUHFDUJRDOJXQR6L
HVWRVDWUDVRVVHHQFXHQWUDQSHQGLHQWHVGHUHVROXFLyQMXGLFLDO\VHFREUDQHQXQHMHUFLFLR
SRVWHULRUDOGHILUPH]DGHODVHQWHQFLDVHLPSXWDUiQDHVWH~OWLPRSHUtRGRDWUDYpVGHXQD
DXWROLTXLGDFLyQ FRPSOHPHQWDULD HQWUH HO PRPHQWR GHO FREUR \ HO ILQDO GHO LQPHGLDWR
VLJXLHQWHSOD]RGHGHFODUDFLyQ
$WHQHUHQFXHQWD
9 6LHQKDSHUFLELGRDWUDVRVUHQGLPLHQWRVGHXQSHUtRGRLPSRVLWLYRDQWHULRUSRU
FDXVDV MXVWLILFDGDV QR LPSXWDEOHV D XVWHG GHEHUi SUHVHQWDU GHFODUDFLyQ
FRPSOHPHQWDULDGHODxRHQHOTXHIXHURQH[LJLEOHVGLFKRVDWUDVRV'LFKDGHFODUDFLyQ
VH WLHQH TXH SUHVHQWDU HQ HO SOD]R TXH YD GHVGH OD IHFKD GH SHUFHSFLyQ GH HVRV
UHQGLPLHQWRV \ HO ILQ GHO SOD]R GH GHFODUDFLyQ GH 5HQWD VLQ VDQFLRQHV QL
UHFDUJRV
6HDSOLFDODUHJODGHLPSXWDFLyQWHPSRUDOHVSHFLDOGHODVVHQWHQFLDVHQFDVRGHODXGRVDUELWUDOHVWDPELpQ
FXDQGRDGTXLHUDQILUPH]D '*79
53
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 54
54
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 55
9 6L VH SURGXFH HO UHFRQRFLPLHQWR GH SHQVLyQ SRU GHFLVLyQ MXGLFLDO D XQ WUDEDMDGRU
IDOOHFLGR ORV KHUHGHURV WHQGUiQ TXH SUHVHQWDU GHFODUDFLyQ FRPSOHPHQWDULD GHO
SHUtRGRLPSRVLWLYRHQHOTXHVHSURGXMRHOIDOOHFLPLHQWRGHOFDXVDQWHLQFRUSRUDQGR
HVRVUHQGLPLHQWRVUHDOL]iQGRVHVXSUHVHQWDFLyQHQHOSOD]RH[LVWHQWHHQWUHODIHFKD
GHVXSHUFHSFLyQ\HOILQDOGHOLQPHGLDWRVLJXLHQWHSOD]RGHGHFODUDFLRQHVSRUHVWH
LPSXHVWR '*79
*DVWRVGHGXFLEOHV
/RVJDVWRVGHGXFLEOHVGHORVUHQGLPLHQWRVGHOWUDEDMRVRQH[FOXVLYDPHQWHORVVLJXLHQWHV
x /DVFRWL]DFLRQHVDOD6HJXULGDG6RFLDORDPXWXDOLGDGHVJHQHUDOHVREOLJDWRULDVGH
IXQFLRQDULRV
x /DVGHWUDFFLRQHVSRUGHUHFKRVSDVLYRV
x /DVFRWL]DFLRQHVDFROHJLRVGHKXpUIDQRVRHQWLGDGHVVLPLODUHV
x /DVFXRWDVVDWLVIHFKDVDVLQGLFDWRV\FROHJLRVSURIHVLRQDOHVFXDQGRODFROHJLDFLyQ
WHQJDFDUiFWHUREOLJDWRULRHQ ODSDUWHTXHFRUUHVSRQGDDORVILQHVHVHQFLDOHVGH
HVWDVLQVWLWXFLRQHV\FRQHOOtPLWHGH¼DQXDOHV
x /RVJDVWRVGHGHIHQVDMXUtGLFDGHULYDGRVGLUHFWDPHQWHGHOLWLJLRVVXVFLWDGRVHQOD
UHODFLyQGHOFRQWULEX\HQWHFRQODSHUVRQDGHODTXHSHUFLEHORVUHQGLPLHQWRVFRQ
HOOtPLWHGH¼DQXDOHV
x ¼HQFRQFHSWRGHRWURVJDVWRV(VWH~OWLPRJDVWRVHLQFUHPHQWDUiHQ¼
DGLFLRQDOHV HQ FDVR GH FRQWULEX\HQWHV GHVHPSOHDGRV LQVFULWRV HQ OD RILFLQD GH
HPSOHR TXH DFHSWHQ XQ SXHVWR GHWUDEDMR TXH H[LMD HO WUDVODGR GH VXUHVLGHQFLD
KDELWXDODXQQXHYRPXQLFLSLR
x 7UDWiQGRVHGHSHUVRQDVFRQGLVFDSDFLGDGTXHREWHQJDQUHQGLPLHQWRVGHOWUDEDMR
FRPR WUDEDMDGRUHV DFWLYRV VH LQFUHPHQWDUi OD FXDQWtD GHO SXQWR DQWHULRU HQ
¼'LFKRLQFUHPHQWRVHUiGH¼SDUDODVSHUVRQDVFRQGLVFDSDFLGDGTXH
DFUHGLWHQQHFHVLWDUD\XGDGHWHUFHUDVSHUVRQDVRPRYLOLGDGUHGXFLGDRXQJUDGR
GHGLVFDSDFLGDGLJXDORVXSHULRUDOSRU
$WHQHUHQFXHQWD
9 /RVJDVWRVVDWLVIHFKRVDOD6HJXULGDG6RFLDOGHRWURSDtVSXHGHQFRQVLGHUDUVHJDVWRV
GHGXFLEOHVDORVHIHFWRVGHFDOFXODUHOUHQGLPLHQWRQHWRGHOWUDEDMR '*79
9 6LXQDVRFLHGDGSDJDODVFXRWDVGHOVHJXURGHDXWyQRPRV 5(7$ GHODGPLQLVWUDGRU
GH OD PLVPD GHFODUDQGR OD VRFLHGDG HQ HO PRGHOR HO LPSRUWH GHO SDJR GH ODV
FXRWDV GHO 5(7$ FRPR UHWULEXFLyQ HQ HVSHFLH GHO DGPLQLVWUDGRU GLFKDV FXRWDV
WHQGUiQODFRQVLGHUDFLyQGHJDVWRGHGXFLEOHSDUDODGHWHUPLQDFLyQGHORVUHQGLPLHQWRV
QHWRVGHOWUDEDMR '*79 6LODVFXRWDVFRUUHQDFDUJRGHODGPLQLVWUDGRU\
HOFDUJRHVJUDWXLWRHO7ULEXQDO6XSHULRUGH-XVWLFLDGH0DGULGHQVHQWHQFLDGHGH
55
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 56
56
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 57
5HGXFFLRQHV
/DQRUPDWLYDHVWDEOHFHODDSOLFDFLyQGHUHGXFFLRQHVHQGLVWLQWRVVXSXHVWRV
x /DUHGXFFLyQSRUUHQGLPLHQWRVJHQHUDGRVHQPiVGHDxRVXREWHQLGRVGHIRUPD
QRWRULDPHQWHLUUHJXODUHQHOWLHPSR
x (OUpJLPHQWUDQVLWRULRGHODUHGXFFLyQDSOLFDEOHDODVSUHVWDFLRQHVGHVLVWHPDVGH
SUHYLVLyQVRFLDO
x /DUHGXFFLyQSRUREWHQFLyQGHUHQGLPLHQWRVGHOWUDEDMRSDUDORVFRQWULEX\HQWHV
FRQUHQWDVPiVEDMDV
5HQGLPLHQWRVFRQSHUtRGRGHJHQHUDFLyQVXSHULRUDDxRV
/RVUHQGLPLHQWRVFX\RSHUtRGRGHJHQHUDFLyQHVVXSHULRUDDxRVSODQWHDQHOSUREOHPD
GHTXHDOVHUSURJUHVLYDODWDULIDGHO,PSXHVWRUHVXOWDUtDQSHRUWUDWDGRVTXHDTXHOORVRWURV
TXHDXQVLHQGRGHODPLVPDFXDQWtDVHSHUFLEHQGHPDQHUDUHJXODUDxRDDxR3RUHVWH
PRWLYROHVUHVXOWDGHDSOLFDFLyQXQDUHGXFFLyQGHOSRUFRQFDUiFWHUJHQHUDOVLVH
SHUFLEHQHQXQ~QLFRSHUtRGRLPSRVLWLYR/DFXDQWtDGHOUHQGLPLHQWRtQWHJURVREUHODTXH
VHDSOLFDGLFKDUHGXFFLyQQRSRGUiVXSHUDUHOLPSRUWHGH¼DQXDOHV
(VWDUHGXFFLyQQRUHVXOWDUiGHDSOLFDFLyQD ORVUHQGLPLHQWRVTXHWHQJDQXQSHUtRGRGH
JHQHUDFLyQVXSHULRUDDxRVFXDQGRHQHOSOD]RGHORVSHUtRGRVLPSRVLWLYRVDQWHULRUHV
DDTXpOHQHOTXHUHVXOWHQH[LJLEOHVHOFRQWULEX\HQWHKXELHUDREWHQLGRRWURVUHQGLPLHQWRV
FRQ SHUtRGR GH JHQHUDFLyQ VXSHULRU D DxRV D ORV TXH KXELHUD DSOLFDGR OD UHGXFFLyQ
VDOYR DTXHOORV GHULYDGRV GH OD H[WLQFLyQ GH OD UHODFLyQ ODERUDO 'H HVWH PRGR UHVXOWD
QHFHVDULR DQDOL]DU OD FRQYHQLHQFLD GH DSOLFDU R QR OD UHGXFFLyQ HQ IXQFLyQ GH ORV
UHQGLPLHQWRVLUUHJXODUHVIXWXURVTXHVHHVSHUHSHUFLELU
7UDWiQGRVHGHUHQGLPLHQWRVSURFHGHQWHVGHLQGHPQL]DFLRQHVSRUH[WLQFLyQGHODUHODFLyQ
ODERUDO FRQ XQ SHUtRGR GH JHQHUDFLyQ VXSHULRU D DxRV TXH VH SHUFLEDQ GH IRUPD
IUDFFLRQDGD VyOR VHUi DSOLFDEOH OD UHGXFFLyQ HQ FDVR GH TXH HO FRFLHQWH UHVXOWDQWH GH
GLYLGLUHOQ~PHURGHDxRVGHJHQHUDFLyQFRPSXWDGRVGHIHFKDDIHFKDHQWUHHOQ~PHUR
GHSHUtRGRVLPSRVLWLYRVGHIUDFFLRQDPLHQWRVHDVXSHULRUD
$WHQHUHQFXHQWD
9 (VSRVLEOHDSOLFDUODUHGXFFLyQGHOSRUSRULUUHJXODULGDGDORVUHQGLPLHQWRVGHO
WUDEDMR HQ HO FDVR GH SHUFHSFLyQ GH XQD FDQWLGDG WDQWR DO]DGR SRU ³MXELODFLyQ
GHPRUDGD´ FRPSOHPHQWRHFRQyPLFRSHUFLELGRGHXQDVRODYH]SRUVHJXLUWUDEDMDQGR
GHVSXpVGHOOHJDUDODHGDGGHMXELODFLyQ '*79
9 6LKDSHUFLELGRXQERQXVHQ\GHVHDUHGXFLUODWULEXWDFLyQDSOLFDQGRODUHGXFFLyQ
GHOSRUSRUUHQGLPLHQWRVJHQHUDGRVHQPiVGHDxRVWHQJDHQFXHQWDTXHQR
SRGUi DSOLFDUOD VL HQ ORV HMHUFLFLRV DQWHULRUHV \D DSOLFy HVD UHGXFFLyQ SRU RWUR
UHQGLPLHQWRGHVLPLODUHVFDUDFWHUtVWLFDV1RREVWDQWHVLSRUODFXDQWtDGHOUHQGLPLHQWR
SUHILHUHDSOLFDUODUHGXFFLyQHQ\GHVHDHOLPLQDUOD\DDSOLFDGDHQXQHMHUFLFLR
57
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 58
(-(03/2
0DUWDHFRQRPLVWD HVSHFLDOLVWDHQ GHUHFKRWULEXWDULR FREUDHQXQERQXV GH¼SRU
REMHWLYRVFRQVHJXLGRVHQPiVGHDxRV6LQHPEDUJRHQHOHMHUFLFLRSHUFLELyRWURERQXV
SRUHOFXDO\DDSOLFyODUHGXFFLyQGHOSRUUHQGLPLHQWRVJHQHUDGRVHQPiVGHGRVDxRV OD
FXDQWtDGHHVWHERQXVIXHURQ¼
/D /H\ GHO ,PSXHVWR QR SHUPLWH DSOLFDU OD UHGXFFLyQ GRV YHFHV HQ XQ SHUtRGR GH DxRV6LQ
HPEDUJRKD\TXHWHQHUHQFXHQWDHOFULWHULRGHOD'*7TXHSHUPLWHD0DUWDRSWDUSRUDSOLFDUOD
UHGXFFLyQHQHOHMHUFLFLRRHQHOHMHUFLFLR(VGHFLUVL0DUWDKDFHQ~PHURV\OHUHVXOWD
PiV IDYRUDEOH DSOLFDU OD UHGXFFLyQ HQ HO DxR SXHGH KDFHUOR SUHVHQWDQGR XQD
FRPSOHPHQWDULDGHOHMHUFLFLRVXSULPLHQGRODUHGXFFLyQDSOLFDGDHQVXGtD
9 1RUHVXOWDGHDSOLFDFLyQODUHGXFFLyQSRULUUHJXODULGDGDODLQGHPQL]DFLyQSRUFHVH
GHXQPLHPEURGHO&RQVHMRGH$GPLQLVWUDFLyQFXDQGRODLQGHPQL]DFLyQQDFHex novo
5HVROXFLyQGHO7($&GHGHIHEUHURGHQ
9 6L VX HPSUHVD LQFHQWLYD OD MXELODFLyQ GH ORV WUDEDMDGRUHV DERQiQGROHV XQD
FRPSHQVDFLyQ SRU OD H[WLQFLyQ DQWLFLSDGD GH OD UHODFLyQ ODERUDO \ XVWHG WLHQH OD
SRVLELOLGDGGHDFRJHUVHDHVWDPHGLGDTXHVXHPSUHVDOHRIUHFHWHQJDHQFXHQWDTXH
QRSRGUiUHGXFLUHVRVUHQGLPLHQWRVSXHVQRWLHQHQXQSHUtRGRGHJHQHUDFLyQVXSHULRU
DDxRVDXQTXHODHPSUHVDH[LMDSDUDDFRJHUVHDOSURJUDPDXQGHWHUPLQDGRQ~PHUR
GHDxRVGHVHUYLFLR VHQWHQFLDGHO7ULEXQDO6XSUHPRGHGHPD\RGH5HFXUVR
Q
9 (VDSOLFDEOHODUHGXFFLyQDORVUHQGLPLHQWRVGHULYDGRVGHOHMHUFLFLRGHRSFLRQHVVREUH
DFFLRQHV FRQFHGLGDV D ORV HPSOHDGRV VLHPSUH TXH HO GHUHFKR VH HMHUFLWH XQD YH]
WUDQVFXUULGRVDxRVGHVGHODFRQFHVLyQ '*79
58
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 59
59
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 60
60
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 61
61
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 62
5HQGLPLHQWRVGHOWUDEDMRHQHVSHFLH
&RPR DOJXQDV UHWULEXFLRQHV GHO WUDEDMR HQ HVSHFLH QR WULEXWDQ R VH YDORUDQ GH XQD
GHWHUPLQDGDIRUPDHVSUHFLVRGLVWLQJXLUODVGHODVUHWULEXFLRQHVGLQHUDULDV\DTXHHVWDVVt
VHJUDYDQ\QRWLHQHQSUREOHPDGHYDORUDFLyQ
3DUDTXHODVUHQWDVVHDQFRQVLGHUDGDVHQHVSHFLHGHEHQHVWDUSDFWDGDVHQWUHHOHPSUHVDULR
\HOWUDEDMDGRU\DVHDHQHOFRQYHQLRFROHFWLYRRHQHOSURSLRFRQWUDWRGHWUDEDMRHVGHFLU
TXHODHPSUHVDYHQJDREOLJDGD HQIXQFLyQGHOFRQYHQLRRFRQWUDWR DVXPLQLVWUDUHOELHQ
GHUHFKRRVHUYLFLR
(Q FDVR FRQWUDULR FXDQGR VyOR H[LVWH XQD PHGLDFLyQ HQ HO SDJR SRU OD HPSUHVD GH XQ
VHUYLFLRFRQWUDWDGRSRUHOWUDEDMDGRUQRHVWDUHPRVDQWHXQDUHWULEXFLyQHQHVSHFLH\QR
¼DSDUWLUGH
¼DSDUWLUGH
¼DSDUWLUGH
DSDUWLUGH
62
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 63
63
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 64
64
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 65
65
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 66
66
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 67
9 /RVFRQVXPRVJUDWXLWRVGHDJXDOX]\FDOHIDFFLyQDVRFLDGRVDODFHVLyQGHOXVRGH
XQD YLYLHQGDSRUHO HPSOHDGRUDO HPSOHDGRWDPELpQFRQVWLWX\HQUHWULEXFLRQHV HQ
HVSHFLHTXHVHYDORUDUiQSRUVXYDORUQRUPDOGHPHUFDGR '*79
9 /DUHWULEXFLyQHQHVSHFLHGHULYDGDGHODXWLOL]DFLyQGHYLYLHQGDVLHVSURSLHGDGGHO
SDJDGRUODYDORUDFLyQVHHIHFWXDUiSRUHOLPSRUWHTXHUHVXOWHGHDSOLFDUHOSRUFHQWDMH
GHOSRUVREUHHOYDORUFDWDVWUDOGHODYLYLHQGD\QRSRGUiH[FHGHUGHOSRU
GH ODV UHVWDQWHV FRQWUDSUHVWDFLRQHV GHO WUDEDMR 6L OD YLYLHQGD XWLOL]DGD QR HV
SURSLHGDG GHO SDJDGRU OD UHWULEXFLyQ YLHQH GHWHUPLQDGD SRU HOFRVWH SDUD HO
SDJDGRUGHODYLYLHQGDLQFOXLGRVORVWULEXWRVTXHJUDYHQODRSHUDFLyQVLQTXHHVWD
YDORUDFLyQSXHGDVHULQIHULRUDODTXHKXELHUDFRUUHVSRQGLGRGHKDEHUVHDSOLFDGROD
UHJODSDUDODVYLYLHQGDVSURSLHGDGGHOSDJDGRU
67
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 68
(OFDVRHVSHFLDOGHOWHOHWUDEDMR
(OWHOHWUDEDMRLPSOLFDODHQWUHJDDORVWUDEDMDGRUHVGHRUGHQDGRUHVPyYLOHVWDEOHWDVVLOODV
HUJRQyPLFDVRHOSDJRGHFDQWLGDGHVSDUDODFRPSHQVDFLyQGHORVJDVWRVGHVXPLQLVWURV
(Q SULQFLSLR HQ OD PHGLGD HQ TXH HVWRV ELHQHV VH XWLOLFHQ SDUD ILQHV SDUWLFXODUHV GHO
WUDEDMDGRUWHQGUiQODFRQVLGHUDFLyQGHUHWULEXFLRQHVHQHVSHFLH/DFRPSHQVDFLyQSRUORV
JDVWRV GH LQWHUQHW OX] \ DJXD HQ ORV TXH LQFXUUH HO WUDEDMDGRU GXUDQWH HO WHOHWUDEDMR
FRQVWLWXLUiQXQUHQGLPLHQWRGHOWUDEDMRVDOYRTXHVHSDFWHFRQODHPSUHVDH[SUHVDPHQWH
TXHHVDVFDQWLGDGHVYLHQHQDUHPXQHUDUGLFKRVJDVWRV
(O5HDOGHFUHWROH\GHWUDEDMRDGLVWDQFLDHVWDEOHFHFRPRFRQWHQLGRREOLJDWRULR
GHODFXHUGRGHWHOHWUDEDMRHOLQYHQWDULRGHPHGLRVHTXLSRV\KHUUDPLHQWDVTXHH[LJHHO
GHVDUUROOR GHO SXHVWR ODERUDO LQFOXLGRV ORV FRQVXPLEOHV \ ORV HOHPHQWRV PXHEOHV DVt
FRPR GH OD YLGD ~WLO R XQ SHUtRGR Pi[LPR SDUD OD UHQRYDFLyQ GH HVWRV $VLPLVPR
FRQVLGHUDREOLJDWRULRHQXPHUDUORVJDVWRVTXHSXGLHUDWHQHUODSHUVRQDWUDEDMDGRUDSRUHO
KHFKR GH SUHVWDU VHUYLFLRV D GLVWDQFLD \ OD FRPSHQVDFLyQ TXH REOLJDWRULDPHQWH GHEH
DERQDUODHPSUHVD
/RFLHUWRHVTXHWRGDYtDQRVHFRQRFHQLQJXQDPRGLILFDFLyQQRUPDWLYDDHVWHUHVSHFWRQL
FULWHULRGHOD'LUHFFLyQ*HQHUDOGH7ULEXWRVSRUORTXHH[LVWHFLHUWDLQVHJXULGDG
/RUD]RQDEOHVHUtDGHVGHOXHJRFRQVLGHUDUTXHQRH[LVWHUHWULEXFLyQHQHVSHFLHFXDQGR
OD HPSUHVD SURKtEH HO XVR GH RUGHQDGRUHV WDEOHWDV R PyYLOHV SDUD ILQHV SDUWLFXODUHV
WDPELpQ FXDQGR HO XVR SDUD ILQHV DFFHVRULRV HV LUUHOHYDQWH R FXDQGR VH FRPSHQVD
HVWULFWDPHQWHDOHPSOHDGRSRUHOJDVWRTXHVHOHKDSURGXFLGRDOXVDUVXVVXPLQLVWURVSDUD
HOWUDEDMR
$WHQHUHQFXHQWD
9 /RVHPSOHDGRVTXHFRPRFRQVHFXHQFLDGHODFULVLVVDQLWDULDKDQUHDOL]DGRHOWUDEDMR
HQVXFDVDDVXPLHQGRGHWHUPLQDGRVJDVWRVFRUUHVSRQGLHQWHVDVXPLQLVWURV,%,\OD
68
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 69
5HQGLPLHQWRVGHOFDSLWDOLQPRELOLDULR
6L WLHQH LQPXHEOHV FHGLGRV HQ DUUHQGDPLHQWR GHEHUi LQFOXLU FRPR LQJUHVRV tQWHJURV HO
LPSRUWH H[FOXLGR HO ,9$ TXH SRUWRGRV ORV FRQFHSWRV GHED VDWLVIDFHU HO DUUHQGDWDULR
DGTXLUHQWHRFHVLRQDULRHQORVVXSXHVWRVGHFRQVWLWXFLyQRFHVLyQGHGHUHFKRVRIDFXOWDGHV
GHXVRRGLVIUXWHVREUHLQPXHEOHVU~VWLFRV\XUEDQRV
$HVWRVHIHFWRVHOLPSRUWHGHODILDQ]DQRFRQVWLWX\HUHQWDSDUDHOFRQWULEX\HQWHVDOYR
TXHVHOHUHWHQJDDODUUHQGDWDULRSRUHMHPSORDFDXVDGHORVGHVSHUIHFWRVFDXVDGRVHQOD
YLYLHQGD '*79
$WHQHUHQFXHQWD
9 &XDQGR XQ LQPXHEOH VHD REMHWR HQ HO PLVPR SHUtRGR LPSRVLWLYR GH XWLOL]DFLRQHV
VXFHVLYDV\GLIHUHQWHVHVGHFLUHVWpDUUHQGDGRGXUDQWHSDUWHGHODxR\DGLVSRVLFLyQ
GHVXWLWXODUHOUHVWRODUHQWDGHULYDGDGHODUUHQGDPLHQWRFRQVWLWX\HUHQGLPLHQWRGHO
FDSLWDO LQPRELOLDULR \ OD FRUUHVSRQGLHQWH DO SHUtRGR QR DUUHQGDGR WHQGUi OD
FRQVLGHUDFLyQGHUHQWDLPSXWDGD
9 (Q ORV VXSXHVWRV GH GHVPHPEUDFLyQ GHO GRPLQLR DO FRUUHVSRQGHU DO XVXIUXFWXDULR
WRGRV ORV IUXWRV TXH SURGX]FDQ ORV ELHQHV XVXIUXFWXDGRV VHUi D pO D TXLHQ VH OH
DWULEX\DQORVUHQGLPLHQWRVGHOFDSLWDOGHULYDGRVGHODUUHQGDPLHQWR\QRDORVQXGRV
SURSLHWDULRV '*79
9 (QHOFDVRGHXQLQPXHEOHDGTXLULGRSRUXQPDWULPRQLRFRQGLQHURJDQDQFLDOSHUR
HVFULWXUDGR VROR D QRPEUH GH XQR GH ORV FyQ\XJHV ORV UHQGLPLHQWRV GHO DOTXLOHU
KDEUiQGHLPSXWDUVHSRUPLWDGHV '*79
69
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 70
5HJODVGHLPSXWDFLyQWHPSRUDOGHORVUHQGLPLHQWRVGHOFDSLWDOLQPRELOLDULR
/RVUHQGLPLHQWRVGHOFDSLWDOVHLPSXWDQDOSHUtRGRLPSRVLWLYRHQTXHVHDQH[LJLEOHVSRU
VXSHUFHSWRU
$WHQHUHQFXHQWD
9 /DVFDQWLGDGHVTXHHODUUHQGDGRUWLHQHGHUHFKRDSHUFLELUWUDVODLQWHUSRVLFLyQGHXQD
GHPDQGD GH GHVDKXFLR SRU IDOWD GH SDJR GH OD UHQWD R GH FDQWLGDGHV DVLPLODGDV
FXDQGRDODGHPDQGDGHGHVDKXFLRVHDFXPXODODUHFODPDFLyQGHODVFDQWLGDGHVTXH
VHGHYHQJXHQFRQSRVWHULRULGDGDODSUHVHQWDFLyQGHODGHPDQGD\KDVWDODHQWUHJDGH
OD SRVHVLyQ HIHFWLYD GH OD ILQFD WLHQHQ OD FDOLILFDFLyQ GH UHQGLPLHQWR GH FDSLWDO
LQPRELOLDULRDLPSXWDUDOSHUtRGRLPSRVLWLYRHQTXHVHDQH[LJLEOHVSRUVXSHUFHSWRU
(QHVWHFDVRQRHVGHDSOLFDFLyQODUHJODHVSHFLDOGHLPSXWDFLyQWHPSRUDOFXDQGRVHD
ILUPHODUHVROXFLyQMXGLFLDOTXHVHDSOLFDVRORFXDQGRSRUYtDMXGLFLDOKXELHVHVLGR
QHFHVDULDODGHWHUPLQDFLyQGHOGHUHFKRDVXSHUFHSFLyQRVXFXDQWtD(QHVWHFDVROD
UHQWD QR HV FDOLILFDEOH GH ³UHQWD OLWLJLRVD´ HQWHQGLGD FRPR UHQWD QR SHUFLELGD SRU
HVWDUSHQGLHQWHXQSURFHGLPLHQWRMXGLFLDOSDUDGHWHUPLQDUHOGHUHFKRDSHUFLELUODR
VX FXDQWtD VHQWHQFLD GHO 7ULEXQDO 6XSUHPR GH GH GLFLHPEUH GH Q
70
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 71
*DVWRVGHGXFLEOHV
3DUD HO FiOFXOR GHO UHQGLPLHQWR QHWR VH SRGUiQ GHGXFLU WRGRV ORV JDVWRV TXH VHDQ
QHFHVDULRV SDUD OD REWHQFLyQ GH ORV LQJUHVRV WDOHV FRPR ORV LQWHUHVHV GH ORV FDSLWDOHV
DMHQRVLQYHUWLGRVHQODDGTXLVLFLyQRPHMRUDGHOELHQORVWULEXWRV\UHFDUJRVQRHVWDWDOHV
GHDGPLQLVWUDFLyQYLJLODQFLDSRUWHUtDRVLPLODUHVORVRFDVLRQDGRVSRUODIRUPDOL]DFLyQ
GHO DUUHQGDPLHQWR ORV VDOGRV GH GXGRVR FREUR VLHPSUH TXH KXELHUDQ WUDQVFXUULGR DO
PHQRVPHVHVGHVGHHOPRPHQWRGHODSULPHUDJHVWLyQGHFREURUHDOL]DGDHOLPSRUWHGH
ODVSULPDVGHFRQWUDWRVGHVHJXURODVFDQWLGDGHVGHVWLQDGDVDVHUYLFLRVRVXPLQLVWURVR
ODVFDQWLGDGHVGHVWLQDGDVDODDPRUWL]DFLyQGHOLQPXHEOH/RVJDVWRVILQDQFLHURVPiVORV
GHUHSDUDFLRQHV\FRQVHUYDFLyQHVWiQOLPLWDGRVDXQPi[LPRGHORVLQJUHVRVGHOHMHUFLFLR
$WHQHUHQFXHQWD
9 (Q UHODFLyQ FRQ ORV JDVWRV GH UHSDUDFLyQ \ FRQVHUYDFLyQ FXDQGR QR VH REWLHQHQ
UHQGLPLHQWRV SRU DOTXLOHU HQ HO DxR HQ TXH VH UHDOL]DQ REUDV GH UHSDUDFLyQ \
FRQVHUYDFLyQHQHOLQPXHEOHRORVREWHQLGRVIXHUDQLQIHULRUHVDOLPSRUWHGHGLFKRV
JDVWRV OR QR GHGXFLGR VH SRGUi WUDVODGDU D ORV DxRV VLJXLHQWHV VLQ TXH SXHGDQ
H[FHGHUFRQMXQWDPHQWHFRQORVJDVWRVGHOHMHUFLFLRSRUHVWRVPLVPRVFRQFHSWRVGH
ORV LQJUHVRV GH FDGD XQR GH HVRV DxRV '*7 9 $ HVWRV HIHFWRV KD\ TXH
WHQHUHQFXHQWDTXHHOOtPLWHGHORVLQJUHVRVHQFDVRGHYDULRVLQPXHEOHVDOTXLODGRV
RSHUDHQFDGDXQRGHORVLQPXHEOHV
9 2WURVJDVWRVGLVWLQWRVGHORVGHUHSDUDFLyQ\FRQVHUYDFLyQWDOHVFRPRFRPXQLGDG
,PSXHVWR VREUH %LHQHV ,QPXHEOHV VHJXUR VXPLQLVWURV DPRUWL]DFLRQHV HWF VROR
VHUiQGHGXFLEOHVHQORVSHUtRGRVHQTXHHOLQPXHEOHJHQHUHUHQGLPLHQWRVGHOFDSLWDO
LQPRELOLDULR '*79
9 &XDQGRVHUHDOL]DQREUDVHQXQDILQFD\ODFRPXQLGDGJLUDGHUUDPDVDORVSURSLHWDULRV
GXUDQWHYDULRVHMHUFLFLRVSDUDODLPSXWDFLyQGHOJDVWRHQHOLPSXHVWRGHHVWRVKDEUi
TXHVDEHUSULPHURVLVHWUDWDGHUHSDUDFLRQHV\FRQVHUYDFLyQRGHXQDPHMRUDORTXH
RFXUULUiFXDQGRHVWHPRVDQWHREUDVTXHLQFUHPHQWDQHOYDORUGHOLQPXHEOHRVXYLGD
6LHPSUHTXHODVUHSDUDFLRQHV\DFWXDFLRQHVGHFRQVHUYDFLyQHIHFWXDGDVYD\DQGLULJLGDVH[FOXVLYDPHQWH
D OD IXWXUD REWHQFLyQ GH UHQGLPLHQWRV GHO FDSLWDO LQPRELOLDULR D WUDYpV GHO DUUHQGDPLHQWR R GH OD
FRQVWLWXFLyQRFHVLyQGHGHUHFKRVGHXVR\GLVIUXWH\QRDOGLVIUXWHQLVLTXLHUDWHPSRUDOGHOLQPXHEOHSRU
HOWLWXODU
71
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 72
/RVFRHILFLHQWHVGHDPRUWL]DFLyQVHFDOFXODQVHJ~QODWDEODSUHYLVWDSDUDHOUpJLPHQGHHVWLPDFLyQGLUHFWD
VLPSOLILFDGD 2UGHQGHGHPDU]RGH
72
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 73
5HGXFFLRQHV
3RU XQ ODGR HQ ORV VXSXHVWRV GH DUUHQGDPLHQWR GH ELHQHV LQPXHEOHV GHVWLQDGRV D
YLYLHQGDHOUHQGLPLHQWRQHWRSRVLWLYRVHUHGXFLUiHQXQSRU(VWDUHGXFFLyQVROR
VHUi DSOLFDEOH FXDQGR ORV DOTXLOHUHV KD\DQ VLGR GHFODUDGRV SRU HO FRQWULEX\HQWH HQ OD
DXWROLTXLGDFLyQSUHVHQWDGDDQWHVGHOLQLFLRGHXQSURFHGLPLHQWRGHFRPSUREDFLyQ
3RURWUR ODGR ORV UHQGLPLHQWRV FRQ XQ SHUtRGR GH JHQHUDFLyQ VXSHULRU D DxRV \ ORV
REWHQLGRVGHIRUPDQRWRULDPHQWHLUUHJXODUHQHOWLHPSRSRGUiQUHGXFLUVHHQXQSRU
FRQXQOtPLWHGH¼
7LHQHQ ODFRQVLGHUDFLyQGHREWHQLGRVGHIRUPDQRWRULDPHQWHLUUHJXODUHQHOWLHPSRORV
LPSRUWHVREWHQLGRVSRUHOWUDVSDVRRODFHVLyQGHOFRQWUDWRGHDUUHQGDPLHQWRGHORFDOHV
GH QHJRFLR ODV LQGHPQL]DFLRQHV SHUFLELGDV GHO DUUHQGDWDULR R FHVLRQDULR SRU GDxRV R
GHVSHUIHFWRV HQ HO LQPXHEOH \ ORV LPSRUWHV REWHQLGRV SRU OD FRQVWLWXFLyQ R FHVLyQ GH
GHUHFKRVGHXVRRGLVIUXWHGHFDUiFWHUYLWDOLFLR
$WHQHUHQFXHQWD
9 6HDFHSWDODUHGXFFLyQFXDQGRHODUUHQGDWDULRHVSHUVRQDMXUtGLFDVLHQHOFRQWUDWRGH
DUUHQGDPLHQWR TXHGD DFUHGLWDGR TXH HO LQPXHEOH VH GHVWLQD D OD YLYLHQGD GH XQ
HPSOHDGR HQ FRQFUHWR 5HVROXFLyQ GHO 7($& GH GH VHSWLHPEUH GH Q
\'*79
9 1RUHVXOWDGHDSOLFDFLyQ ODUHGXFFLyQSRUDOTXLOHUGHYLYLHQGDHQHOFDVRGHTXHVH
DUULHQGHSRUWHPSRUDGDVDOWUDWDUVHGHODUUHQGDPLHQWRGHXQLQPXHEOHFX\RGHVWLQR
SULPRUGLDOQRHVVDWLVIDFHUODQHFHVLGDGSHUPDQHQWHGHYLYLHQGDGHORVDUUHQGDWDULRV
(VWRRFXUUHHQHODUUHQGDPLHQWRGHYLYLHQGDGRQGHUHVLGLUiQORVLQTXLOLQRVPHVHV
'*79 (QVHQWLGRFRQWUDULRHO7($5GH&DWDOXxDLQWHUSUHWDTXHSURFHGH
OD UHGXFFLyQ SRU XQ DUUHQGDPLHQWR GH PHVHV UHQRYDGR SRU RWURV FRQ XQ
FRQWUDWRGH³XVRGLVWLQWRGHYLYLHQGD´\DTXHOD/H\GHO,PSXHVWR~QLFDPHQWHLQGLFD
³GHVWLQR YLYLHQGD´ \ QR KDFH UHIHUHQFLD D OD /H\ GH $UUHQGDPLHQWRV 8UEDQRV
5HVROXFLyQGHGHDJRVWRGHQ
9 (QHOFDVRGHTXHHQWUHHODUUHQGDGRU\HODUUHQGDWDULRKD\DXQDUHODFLyQGHSDUHQWHVFR
FyQ\XJH R SDULHQWH SRU FRQVDQJXLQLGDG R DILQLGDG KDVWD HO WHUFHU JUDGR HO
UHQGLPLHQWR QHWR WRWDO QR SRGUi VHU LQIHULRU DO TXH UHVXOWH GH DSOLFDU ODV UHJODV GH
LPSXWDFLyQGHUHQWDVLQPRELOLDULDV3RUHOORVLXQDYH]DSOLFDGDODUHGXFFLyQGHO
SRU HO UHQGLPLHQWRUHVXOWDQWH IXHVH LQIHULRU DO PtQLPR REOLJDWRULR SUHYDOHFHUi
HVWH~OWLPR '*79 \ '*79
73
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 74
,PSXWDFLyQGHUHQWDVLQPRELOLDULDV
(QHOVXSXHVWRGHELHQHVLQPXHEOHVXUEDQRVRU~VWLFRVFRQFRQVWUXFFLRQHVTXHQRUHVXOWHQ
LQGLVSHQVDEOHVSDUDHOGHVDUUROORGHH[SORWDFLRQHVDJUtFRODVJDQDGHUDVRIRUHVWDOHVQR
DIHFWRVDDFWLYLGDGHVHFRQyPLFDVQLJHQHUDGRUHVGHUHQGLPLHQWRVGHOFDSLWDOH[FOXLGDOD
YLYLHQGD KDELWXDO \ HO VXHOR QR HGLILFDGR KDEUi TXH LPSXWDU UHQWD SRU OD FDQWLGDG TXH
UHVXOWHGHDSOLFDUHOSRUDOYDORUFDWDVWUDORHOSRUVLpVWHKDVLGRUHYLVDGR
DSDUWLUGHOGHHQHURGH
6LHOLQPXHEOHD~QQRWLHQHYDORUFDWDVWUDOVHLPSXWDUiHOSRUGHOSRUGHO
YDORUSRUHOTXHKXELHUDGHFRPSXWDUVHHQHO,PSXHVWRVREUHHO3DWULPRQLRHQHVWHFDVR
HOPD\RUGHHOYDORUGHDGTXLVLFLyQRHOFRPSUREDGRSRUOD$GPLQLVWUDFLyQ
6LHVWLWXODUGHXQGHUHFKRGHDSURYHFKDPLHQWRSRUWXUQRVGHXQLQPXHEOHGHEHUiLPSXWDU
UHQWDV LQPRELOLDULDV SRU OD SDUWH GHO YDORU FDWDVWUDO FRUUHVSRQGLHQWH DO SHUtRGR GH
DSURYHFKDPLHQWRH[FHSWRTXHpVWHQRH[FHGDGHVHPDQDV6LQRVHFRQRFLHUDHOYDORU
FDWDVWUDOVHKDUiODLPSXWDFLyQFDOFXOiQGRODFRQUHIHUHQFLDDOSUHFLRGHDGTXLVLFLyQGHO
GHUHFKR
$WHQHUHQFXHQWD
9 6LHQORVGDWRVILVFDOHVVXPLQLVWUDGRVSRUOD$($7SDUDHOSHUtRGRVHHVWDEOHFH
XQ YDORU FDWDVWUDO GLVWLQWR GHO DVLJQDGR SRU OD *HUHQFLD 7HUULWRULDO GHO &DWDVWUR
FRQVHFXHQFLDGHXQSURFHGLPLHQWRGHUHJXODUL]DFLyQFDWDVWUDOFRQHIHFWRVDQWHULRUHV
D HV HVWH ~OWLPR YDORU HO TXH VH KD GH FRQVLGHUDU D HIHFWRV GH UHDOL]DU OD
LPSXWDFLyQGHUHQWDVLQPRELOLDULDV '*79
9 $HIHFWRVGHGHWHUPLQDUHOSRUFHQWDMHDSOLFDEOHDOYDORUFDWDVWUDOHQFDVRGHDOWDSRU
QXHYD FRQVWUXFFLyQ pVWH GHSHQGHUi GH OD IHFKD GH UHYLVLyQ JHQHUDO PHGLDQWH XQ
SURFHGLPLHQWR GH YDORUDFLyQ FROHFWLYD HQ HO PXQLFLSLR 3RU OR WDQWR VL OD UHYLVLyQ
JHQHUDOHQHOPXQLFLSLRVHKXELHUDKHFKRDSDUWLUGHGHHQHURGHHOSRUFHQWDMH
DSOLFDEOHVHUtDHOSRU\VLVHKXELHUDKHFKRDQWHVGHGLFKRSOD]RVHDSOLFDUi
HOSRUVREUHHOYDORUFDWDVWUDODVLJQDGR '*79
9 6L GLVSRQH GH XQ LQPXHEOH YDFtR TXH KD VLGR RFXSDGR LOHJDOPHQWH SRUWHUFHURV HQ
FRQWUDGHVXYROXQWDGKDELpQGRVHLQLFLDGRXQSURFHGLPLHQWRGHGHVDKXFLR\VLHPSUH
TXHHVWRTXHGHGHELGDPHQWHDFUHGLWDGRKDGHFRQVLGHUDUVHTXHRSHUDUtDODH[FOXVLyQ
GHOUpJLPHQGHLPSXWDFLyQGHUHQWDVLQPRELOLDULDVGHVGHHOPRPHQWRHQTXHVHLQLFLy
GLFKRSURFHGLPLHQWR\VLQQHFHVLGDGGHHVSHUDUDVXUHVROXFLyQ '*79
74
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 75
5HQGLPLHQWRVGHOFDSLWDOPRELOLDULR
/RVUHQGLPLHQWRVGHOFDSLWDOPRELOLDULRVRQDTXHOODVUHQWDVTXHVHREWLHQHQGHODLQYHUVLyQ
HQSURGXFWRVILQDQFLHURVFRPRGHSyVLWRVFXHQWDVEDQFDULDVERQRVDFFLRQHVIRQGRVGH
LQYHUVLyQRVHJXURVGHDKRUURHQWUHRWURV
(QWUHORVWLSRVGHUHQGLPLHQWRVGHOFDSLWDOPRELOLDULRTXHH[LVWHQVHSXHGHQGHVWDFDU
x ,QWHUHVHVORVLQJUHVRVTXHVHREWLHQHQSRUODLQYHUVLyQHQSURGXFWRVILQDQFLHURV
FRPRGHSyVLWRVEDQFDULRVFXHQWDVGHDKRUURRERQRV
x 'LYLGHQGRVODVJDQDQFLDVTXHVHUHFLEHQSRUODSDUWLFLSDFLyQHQHOFDSLWDOGHXQD
VRFLHGDG
x 5HQGLPLHQWRVGHVHJXURVGHDKRUURORVEHQHILFLRVTXHVHSHUFLEHQSRUODLQYHUVLyQ
HQVHJXURVGHDKRUURRUHQWDVYLWDOLFLDV
x 5HQWDVGHULYDGDVGHODFHVLyQGHELHQHVPXHEOHVFDSLWDOHV\GHUHFKRVODVUHQWDV
REWHQLGDV SRU OD FHVLyQ WHPSRUDO GH ELHQHV FRPR REUDV GH DUWH PDTXLQDULD R
YHKtFXORVRGHGHUHFKRVFRPRSDWHQWHVRPDUFDVFRPHUFLDOHV
x 5HQWDVSURFHGHQWHVGHOVXEDUUHQGDPLHQWRGHELHQHVLQPXHEOHV
75
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 76
76
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 77
77
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 78
5HQGLPLHQWRVGHOFDSLWDOPRELOLDULRH[HQWRV
3ODQHVGH$KRUURD/DUJR3OD]R
([LVWHQ SURGXFWRV ILQDQFLHURV SURWHJLGRV ILVFDOPHQWH SRU OR TXH SXHGH VHU LQWHUHVDQWH
FDQDOL]DUHODKRUURDWUDYpVGHHOORV3RUHMHPSOR ORV3ODQHVGH $KRUURD /DUJR3OD]R
3$/3 PDWHULDOL]DGRVHQVHJXURVGHYLGDRHQGHSyVLWRVFX\DUHQWDELOLGDGQRWULEXWDUi
VLVHFXPSOHQFLHUWRVUHTXLVLWRV
78
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 79
79
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 80
&RQFDUiFWHUJHQHUDOORVUHQGLPLHQWRVGHOFDSLWDOPRELOLDULRVHLPSXWDQHQHOHMHUFLFLR
HQTXHUHVXOWDQH[LJLEOHVFRQLQGHSHQGHQFLDGHOPRPHQWRGHOFREUR
$WHQHUHQFXHQWD
9 &XDQGR VH DGTXLHUHQ YDORUHV HPLWLGRV SRU XQ EDQFR FRQVLVWHQWHV HQ REOLJDFLRQHV
QHFHVDULDPHQWH FRQYHUWLEOHV HQ DFFLRQHV OD FRQYHUVLyQ GH ORV YDORUHV JHQHUD XQ
UHQGLPLHQWRGHOFDSLWDOPRELOLDULRSRUODGLIHUHQFLDHQWUHHOYDORUGHFRQYHUVLyQTXH
HVHOYDORUGHFRWL]DFLyQGHODVDFFLRQHVHQHOPRPHQWRGHODFRQYHUVLyQ\HOYDORU
GH DGTXLVLFLyQ GH ORV YDORUHV (O UHQGLPLHQWR GHO FDSLWDO PRELOLDULR REWHQLGR VH
LPSXWDDOSHUtRGRLPSRVLWLYRHQTXHVHDH[LJLEOHSDUDHOSHUFHSWRUH[LJLELOLGDGTXH
VHSURGXFHHQHOPRPHQWRGHODFRQYHUVLyQ '*79
*DVWRVGHGXFLEOHV
(Q FXDQWR D ORV JDVWRV GHGXFLEOHV VROR OR VHUiQ ORV GH DGPLQLVWUDFLyQ \ GHSyVLWR GH
YDORUHV QHJRFLDEOHV \FXDQGRVHWUDWHGHUHQGLPLHQWRVTXHKHPRVOODPDGRDWtSLFRVVH
GHGXFLUiQGHORVUHQGLPLHQWRVtQWHJURVORVJDVWRVQHFHVDULRVSDUDVXREWHQFLyQ\HQVX
FDVRHOLPSRUWHGHOGHWHULRURVXIULGRSRUORVELHQHVRGHUHFKRVGHORVTXHSURFHGDQORV
LQJUHVRVHVGHFLUORVPLVPRVTXHHQHODUUHQGDPLHQWRGHLQPXHEOHVSHURVLQTXHVHDGH
DSOLFDFLyQQLQJ~QOtPLWH
$WHQHUHQFXHQWD
9 $HVWRVHIHFWRVVHFRQVLGHUDUiQFRPRJDVWRVGHDGPLQLVWUDFLyQ\GHSyVLWRDTXHOORV
LPSRUWHVTXHUHSHUFXWDQODVHPSUHVDVGHVHUYLFLRVGHLQYHUVLyQHQWLGDGHVGHFUpGLWR
XRWUDVHQWLGDGHVILQDQFLHUDVTXHGHDFXHUGRFRQORGLVSXHVWRHQOD/H\GHO0HUFDGR
GH9DORUHVWHQJDQSRUILQDOLGDGUHWULEXLUODSUHVWDFLyQGHULYDGDGHODUHDOL]DFLyQSRU
FXHQWDGHVXVWLWXODUHVGHOVHUYLFLRGHGHSyVLWRGHYDORUHVUHSUHVHQWDGRVHQIRUPDGH
WtWXORVRGHODDGPLQLVWUDFLyQGHYDORUHVUHSUHVHQWDGRVHQDQRWDFLRQHVHQFXHQWD(VWH
HVHOFDVRGHORVJDVWRVGHDGPLQLVWUDFLyQ\FXVWRGLD GHSyVLWR GHSDUWLFLSDFLRQHV\
DFFLRQHV GH LQVWLWXFLRQHV GH LQYHUVLyQ FROHFWLYD FDUJDGRV DO FOLHQWH SRU OD HQWLGDG
FRPHUFLDOL]DGRUD VLHPSUH TXH VH DMXVWHQ D ORV FULWHULRV HVWDEOHFLGRV SDUD VX
H[LJLELOLGDGSRUOD&RPLVLyQ1DFLRQDOGHO0HUFDGRGH9DORUHV '*79
9 /RV JDVWRV R LQWHUHVHV GH GHVFXELHUWR TXH SXGLHUDQ JHQHUDUVH D WUDYpV GH FXHQWDV
EDQFDULDV QR WHQGUiQ OD FRQVLGHUDFLyQ GH UHQGLPLHQWRV QHJDWLYRV GHO FDSLWDO
PRELOLDULRQLVHUiQGHGXFLEOHVVDOYRHQHOFDVRGHTXHODFXHQWDVHHQFXHQWUHDIHFWD
DDFWLYLGDGHVHFRQyPLFDV
9 1R VRQ JDVWRV GHGXFLEOHV ODV FRPLVLRQHV VDWLVIHFKDV D XQD HQWLGDG EDQFDULD SRU OD
SUHVWDFLyQGHXQVHUYLFLRGHJHVWLyQGHFDUWHUDVGHLQYHUVLyQ '*79
80
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 81
/RVUHQGLPLHQWRVQHWRVGHOFDSLWDOPRELOLDULRVHUHGXFLUiQHQXQSRUFRQXQOtPLWH
GH¼GHVXLPSRUWHFXDQGRWHQJDQXQSHUtRGRGHJHQHUDFLyQVXSHULRUDDxRV
DVt FRPR FXDQGR VH FDOLILTXHQ UHJODPHQWDULDPHQWH FRPR REWHQLGRV GH IRUPD
QRWRULDPHQWHLUUHJXODUHQHOWLHPSR LQGHPQL]DFLRQHVFRQVWLWXFLyQGHGHUHFKRVGHXVR
YLWDOLFLRV HWF (VWD UHGXFFLyQ ~QLFDPHQWH UHVXOWDUi GH DSOLFDFLyQ D DTXHOORV
UHQGLPLHQWRVTXHKHPRVGHQRPLQDGRDWtSLFRV
$WHQHUHQFXHQWD
9 6LHQWUHODILUPDGHXQFRQWUDWRGHDUUHQGDPLHQWRGHXQELHQPXHEOH\ODH[LJLELOLGDG
GH ORV UHQGLPLHQWRV JHQHUDGRV GXUDQWH VX YLJHQFLD WUDQVFXUUHQ PiV GH DxRV
UHVXOWDUiDSOLFDEOHODUHGXFFLyQ '*79
9 6HDSOLFD ODUHGXFFLyQSRULUUHJXODULGDGD ODVUHQWDVVDWLVIHFKDVSRU XQDHQWLGDGGH
JHVWLyQGHGHUHFKRVGHSURSLHGDGLQWHOHFWXDODORVKHUHGHURVGHORVDUWLVWDVFXDQGR
VHWUDWHGHUHPXQHUDFLRQHVTXHDFXPXOHQUHQGLPLHQWRVFRUUHVSRQGLHQWHVDSHUtRGRV
WHPSRUDOHVVXSHULRUHVDDxRV '*79
5HQGLPLHQWRVGHOFDSLWDOPRELOLDULRHQHVSHFLH
(Q ORV FDVRV HQ TXH OD FRQWUDSUHVWDFLyQ QR VHD GLQHUDULD VLQR HQ HVSHFLH HO SHUFHSWRU
GHEHUiGHFODUDUFRPRLQJUHVRHOYDORUGHPHUFDGRGHODPLVPDPiVHOLQJUHVRDFXHQWD
VDOYRTXHHVWHOHKXELHUDVLGRUHSHUFXWLGR$HIHFWRVGHOFiOFXORGHOLQJUHVRDFXHQWDOD
EDVHGHOPLVPRVHUiHOUHVXOWDGRGHLQFUHPHQWDUHQXQSRUHOYDORUGHDGTXLVLFLyQ
RHOFRVWHGHSURGXFFLyQSDUDHOSDJDGRU
$WHQHUHQFXHQWD
9 6L HQ VX EDQFR OH KD UHJDODGR XQ WHOHYLVRU HVWD FDQWLGDG WULEXWD FRPR XQ
UHQGLPLHQWRGHOFDSLWDOPRELOLDULRHQHVSHFLH '*79
5HQGLPLHQWRVGHDFWLYLGDGHVHFRQyPLFDV
6RQDTXHOORVTXHSURFHGLHQGRGHOWUDEDMRSHUVRQDO\GHOFDSLWDOFRQMXQWDPHQWHRGHXQR
VROR GH HVWRV IDFWRUHV VXSRQJDQ SRU SDUWH GHO VXMHWR SDVLYR OD RUGHQDFLyQ SRU FXHQWD
SURSLD GH PHGLRV GH SURGXFFLyQ \ GH UHFXUVRV KXPDQRV R GH XQR GH DPERV FRQ OD
ILQDOLGDGGHLQWHUYHQLUHQODSURGXFFLyQRGLVWULEXFLyQGHELHQHVRVHUYLFLRV
$SDUWH GH HVWD QRUPD JHQHUDO VH FRQWHPSODQ GRV HVSHFLDOLGDGHV ORV UHQGLPLHQWRV
REWHQLGRV SRU VRFLRV SURIHVLRQDOHV GH VXV VRFLHGDGHV FRQ DFWLYLGDG SURIHVLRQDO \ HO
DUUHQGDPLHQWRGHLQPXHEOHV
81
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 82
82
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 83
5HJODVGHLPSXWDFLyQWHPSRUDOGHORVUHQGLPLHQWRVGHDFWLYLGDGHVHFRQyPLFDV
$XQTXH OD UHJOD JHQHUDO HV LPSXWDU ORV LQJUHVRV \ JDVWRV VHJ~Q GHYHQJR SRU ORV
FRQWULEX\HQWHV TXH GHVDUUROOHQ DFWLYLGDGHV HFRQyPLFDV VL QR HVWiQ REOLJDGRV D OOHYDU
FRQWDELOLGDG OOHYDUiQ OLEURV GH YHQWDV H LQJUHVRV GH FRPSUDV \ JDVWRV GH ELHQHV GH
83
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 84
84
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 85
0pWRGRGHHVWLPDFLyQGLUHFWD
([LVWHQ GRV PpWRGRV GH GHWHUPLQDFLyQ GHO UHQGLPLHQWR QHWR GH ODV DFWLYLGDGHV
HFRQyPLFDVODHVWLPDFLyQGLUHFWD\ODHVWLPDFLyQREMHWLYD(QODHVWLPDFLyQGLUHFWDVRQ
GHDSOLFDFLyQSOHQDODVQRUPDVGHGHWHUPLQDFLyQGHODEDVHLPSRQLEOHGHO,PSXHVWRVREUH
6RFLHGDGHVFRQDOJXQDVDOYHGDG3RUVXSDUWHHQODHVWLPDFLyQREMHWLYDQRVHQFRQWUDPRV
FRQ XQ VLVWHPD GH ILMDFLyQ GH OD UHQWD HPSUHVDULDO EDVDGD HQ VLJQRV R SDUiPHWURV
LQGLFLDULRVGHODDFWLYLGDG
(OPpWRGRGHHVWLPDFLyQGLUHFWDFRQVLVWHHQFDOFXODUHOUHQGLPLHQWRQHWRSRUODGLIHUHQFLD
HQWUH ORV LQJUHVRV tQWHJURV GHO FRQWULEX\HQWH PHQRV ORV JDVWRV QHFHVDULRV SDUD OD
REWHQFLyQGHHVWRVLQJUHVRV(OUHQGLPLHQWRQHWRVHGHWHUPLQDFRQIRUPHDODVUHJODVGHO
,PSXHVWR VREUH 6RFLHGDGHV SRU OR TXH HQ JHQHUDO VHUi LJXDO DO UHVXOWDGR FRQWDEOH
GHWHUPLQDGRFRQIRUPHDODVUHJODVGHO&yGLJRGH&RPHUFLR\GHPiVQRUPDWLYDPHUFDQWLO
\FRQWDEOHDSOLFDEOHFRUUHJLGRHQ ORVWpUPLQRVSUHYLVWRVHQ OD QRUPDWLYDGHO,PSXHVWR
VREUH6RFLHGDGHV
$GLFLRQDOPHQWHOD/H\GHO,PSXHVWRWLSLILFDXQDVHULHGHUHJODVHVSHFtILFDVDSOLFDEOHV
SDUDORVHPSUHVDULRV \SURIHVLRQDOHVSHUVRQDV ItVLFDVTXHFDOFXODQVXUHQGLPLHQWRQHWR
PHGLDQWHHVWHPpWRGRFRPRODFRQVLGHUDFLyQGHJDVWRGHGXFLEOHGHODVSULPDVVDWLVIHFKDV
SRUHOVHJXURGHHQIHUPHGDGGHOHPSUHVDULR \VXVIDPLOLDUHVRODGHGXFLELOLGDGGH ORV
JDVWRV GH VXPLQLVWURV FXDQGR HO HPSUHVDULR GHVDUUROOD OD DFWLYLGDG HQ VX YLYLHQGD
KDELWXDO
/RV JDVWRV GHGXFLEOHV GHEHQ MXVWLILFDUVH GH IRUPD SULRULWDULD PHGLDQWH OD IDFWXUD
HQWUHJDGD SRU HO HPSUHVDULR R SURIHVLRQDO TXH KD\D UHDOL]DGR OD FRUUHVSRQGLHQWH
RSHUDFLyQ1RREVWDQWHVLODIDFWXUDQRFXPSOHFRQWRGDVODVFRQGLFLRQHVIRUPDOHVSDUD
FRQVLGHUDUVHFRPSOHWDODLQWHUSUHWDFLyQTXHKDSUHYDOHFLGRHVTXHHOJDVWRHVGHGXFLEOH
VLVHMXVWLILFDVXUHDOLGDGSRUFXDOTXLHURWURPHGLRGHSUXHEDDGPLWLGRHQ'HUHFKRGDGR
TXHODIDFWXUDHVXQPHGLRGHSUXHEDSHURQRHO~QLFR '*79
85
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 86
86
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 87
87
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 88
9 (ODERQRGHODSULPDGHOVHJXURGHUHVSRQVDELOLGDGFLYLOSURIHVLRQDOTXHWHQJDQTXH
UHDOL]DU ORV KHUHGHURV GHVSXpV GHO IDOOHFLPLHQWR GH XQ DUTXLWHFWR WpFQLFR SXHGH
GHFODUDUVHFRPRJDVWRHQGLFKDDFWLYLGDG&DGDYH]TXHODSULPDVHGHYHQJXHRVH
SDJXHVHJ~QHOFULWHULRGHLPSXWDFLyQTXHWXYLHUDHOSURIHVLRQDOVHSRGUiVROLFLWDU
ODUHFWLILFDFLyQGHODDXWROLTXLGDFLyQGHOHMHUFLFLRGHOIDOOHFLPLHQWRSDUDGHGXFLUHO
JDVWRHQODPLVPD '*79
9 6LHMHUFHXQDDFWLYLGDGHFRQyPLFD\HVEHQHILFLDULRGHXQVHJXURGHHQIHUPHGDGFX\R
WRPDGRUHVVXFyQ\XJHSDJDQGRHOVHJXURFRQXQDFXHQWDGHWLWXODULGDGFRP~QQR
SRGUi GHGXFLU HO LPSRUWH GH ODV FXRWDV R SULPDV VDWLVIHFKDV SXHV UHVXOWD
LPSUHVFLQGLEOHTXHHOWRPDGRUGHOVHJXURVHDHOSURSLRHPSUHVDULR '*79
9 /RVJDVWRVFRUUHVSRQGLHQWHVDFRPLGDVFRQFOLHQWHVHQUHVWDXUDQWHVPRWLYDGRVSRUHO
GHVDUUROOR GH OD DFWLYLGDG VH FRQVLGHUDQ ILVFDOPHQWH GHGXFLEOHV FXDQGR YHQJDQ
H[LJLGRVSRUHOGHVDUUROORGHODDFWLYLGDGFRQHOOtPLWHGHOSRUGHOLPSRUWHQHWR
GH OD FLIUD GH QHJRFLRV GHO SHUtRGR LPSRVLWLYR MXQWR FRQ HO UHVWR GH ORV JDVWRV GH
DWHQFLRQHVDFOLHQWHV\SURYHHGRUHV
9 8Q FRQWULEX\HQWH TXH WLHQH XQ FDQDO GH <RXWXEH GRQGH VXEH YtGHRV REWHQLHQGR
LQJUHVRVSRUSXEOLFLGDGQRSXHGHGHGXFLUHOJDVWRSRUODFRPSUDGHURSDTXHDGTXLHUH
SDUDUHDOL]DUVXVYtGHRV(OJDVWRVRORVHUiGHGXFLEOHVLODURSDVHSRQHDSUXHEDHQ
FXDQWRDVXUHVLVWHQFLD\FDOLGDG\WHUPLQDUHVXOWDQGRLQVHUYLEOHSDUDXVRVSULYDGRV
'*79
9 /RVFRQWULEX\HQWHVHQHVWLPDFLyQGLUHFWDVLPSOLILFDGDSXHGHQGHGXFLUHQFRQFHSWR
GHSURYLVLRQHVGHGXFLEOHV\JDVWRVGHGLItFLOMXVWLILFDFLyQHOSRU SRUD
SDUWLU GH GHO UHQGLPLHQWR QHWR H[FOXLGR HVWH FRQFHSWR FRQ XQ Pi[LPR GH
¼(QODVFRPXQLGDGHVGHELHQHVHOOtPLWHGH¼VHDSOLFDLQGLYLGXDOPHQWH
SRU FDGD FRPXQHUR VREUH HO UHQGLPLHQWR QHWR GH OD DFWLYLGDG HFRQyPLFD TXH OH
FRUUHVSRQGHHQIXQFLyQGHVXSRUFHQWDMHGHSDUWLFLSDFLyQ '*79 $GHPiV
ODVSpUGLGDVSRUGHWHULRURGHORVFUpGLWRVGHULYDGDVGHODVSRVLEOHV LQVROYHQFLDVGH
ORVGHXGRUHVVHGHGXFHQVHJ~Q ORHVWDEOHFLGRHQHO,PSXHVWRVREUH6RFLHGDGHVHV
GHFLUQRVHHQWLHQGHQLQFOXLGDVHQHOSRUGHOUHQGLPLHQWRQHWR '*79
9 (O JDVWR DQXDO GH XQ ORFDO DOTXLODGR SDUD UHDOL]DU XQD DFWLYLGDG GH WHPSRUDGD HV
GHGXFLEOHHQVXWRWDOLGDG(VWiFRUUHODFLRQDGRFRQORVLQJUHVRVSRUTXHVHVDWLVIDFH
WDPELpQFXDQGRQRVHXWLOL]DSDUDYROYHUDUHDOL]DUODDFWLYLGDG '*79
*DVWRVQRGHGXFLEOHV
3DUDTXHXQJDVWRVHDGHGXFLEOHHVQHFHVDULRTXHHVWpFRUUHODFLRQDGRFRQORV LQJUHVRV
FRQWDELOL]DGRRLQFOXLGRHQORVOLEURVUHJLVWURVGHODDFWLYLGDGFRUUHFWDPHQWHLPSXWDGR
88
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 89
0pWRGRGHHVWLPDFLyQREMHWLYD
(OPpWRGRGHHVWLPDFLyQREMHWLYDVHDSOLFDDODVDFWLYLGDGHVHFRQyPLFDVTXHHVWDEOH]FD
HO0LQLVWHULRGH+DFLHQGDVDOYRTXHORVFRQWULEX\HQWHVUHQXQFLHQDpORHVWpQH[FOXLGRV
GHVXDSOLFDFLyQ
(QORVOtPLWHVGHH[FOXVLyQGHODDSOLFDFLyQGHOUpJLPHQGHHVWLPDFLyQREMHWLYDVRQ
ORVVLJXLHQWHV
x (O OtPLWH Pi[LPR GHO YROXPHQ GH UHQGLPLHQWRV tQWHJURV GHO DxR DQWHULRU HV GH
¼
x (O OtPLWH Pi[LPR GHO YROXPHQ GH UHQGLPLHQWRV tQWHJURV GHO DxR DQWHULRU
FRUUHVSRQGLHQWHDRSHUDFLRQHVSRUODVTXHHVWpQREOLJDGRVDH[SHGLU IDFWXUDORV
HPSUHVDULRVHQPyGXORVHVGH¼
x $VLPLVPRHOOtPLWHPi[LPRHQHOYROXPHQGHFRPSUDV\VHUYLFLRVHQHOHMHUFLFLR
DQWHULRUHVGH¼
x /D DFWLYLGDG GHVDUUROODGD D WUDYpV GHO YHKtFXOR FRQ OLFHQFLD 97& QR SXHGH
GHWHUPLQDUVXUHQGLPLHQWRQHWRSRUHOPpWRGRGHHVWLPDFLyQREMHWLYDDOWUDWDUVH
GHXQVHUYLFLRGHDUUHQGDPLHQWRGHYHKtFXORFRQFRQGXFWRU '*79
89
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 90
5HGXFFLRQHV
/RV UHQGLPLHQWRV QHWRV GH DFWLYLGDGHV HFRQyPLFDV REWHQLGRV GH IRUPD QRWRULDPHQWH
LUUHJXODUHQHOWLHPSRDOLJXDOTXHORVJHQHUDGRVHQXQSOD]RVXSHULRUDDxRVSXHGHQ
UHGXFLUVHHQXQSRUVLHPSUHTXHHQDPERVFDVRVVHLPSXWHQDXQ~QLFRSHUtRGR
LPSRVLWLYR
$WHQHUHQFXHQWD
9 1R SURFHGH OD UHGXFFLyQ GHO SRU GHO UHQGLPLHQWR QHWR REWHQLGR SRU XQ
SURIHVLRQDOTXHJHQHUDGHPDQHUDUHJXODURKDELWXDOHVWHWLSRGHUHQGLPLHQWRV6REUH
HVWHDVXQWRVHKDSURQXQFLDGRHO7ULEXQDO6XSUHPRHQVHQWHQFLDGHGHPDU]RGH
5HFXUVR Q \ HQ VHQWHQFLD GH GH HQHUR GH 5HFXUVR Q
LQWHUSUHWDQGR TXH KDEUi TXH DQDOL]DU HO FDVR GH FDGD FRQWULEX\HQWH HQ
SDUWLFXODU \ QR OD DFWLYLGDG TXH GHVDUUROOD HO SURIHVLRQDO GH PDQHUD JOREDO R
DEVWUDFWDPHQWHFRQVLGHUDGD
9 6L HQ LQLFLy XQD DFWLYLGDG HFRQyPLFD GHWHUPLQDQGR HO UHQGLPLHQWR QHWR HQ
HVWLPDFLyQGLUHFWDSRGUiUHGXFLUHOUHQGLPLHQWRSRVLWLYRHQXQSRUDSOLFDQGR
HVWHSRUFHQWDMHVREUHXQDEDVHPi[LPDGH¼(VLPSRUWDQWHWHQHUHQFXHQWD
TXH SDUD DSOLFDU HVWD UHGXFFLyQ HV QHFHVDULR TXH QR VH KXELHUD HMHUFLGR DFWLYLGDG
HFRQyPLFDDOJXQDHQHODxRDQWHULRU7DPSRFRVHDSOLFDUiFXDQGR PiVGHOSRU
GH ORV LQJUHVRV GH OD PLVPD SURFHGDQ GH XQD SHUVRQD R HQWLGDG GH OD TXH HO
FRQWULEX\HQWHKXELHUDREWHQLGRUHQGLPLHQWRVGHOWUDEDMRHQHODxRDQWHULRUDODIHFKD
GHLQLFLRGHODDFWLYLGDG '*79
90
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 91
6RQELHQHV\GHUHFKRVDIHFWRVDXQDDFWLYLGDGHFRQyPLFDORVQHFHVDULRVSDUDODREWHQFLyQ
GH ORVUHQGLPLHQWRVHPSUHVDULDOHVRSURIHVLRQDOHVFRQFUHWDPHQWH ORV LQPXHEOHVHQ ORV
TXH VH GHVDUUROOD OD DFWLYLGDG ORV ELHQHV GHVWLQDGRV D ORV VHUYLFLRV HFRQyPLFRV \
VRFLRFXOWXUDOHV GHO SHUVRQDO DO VHUYLFLR GH OD DFWLYLGDG \ FXDOHVTXLHUD RWURV HOHPHQWRV
SDWULPRQLDOHVQHFHVDULRVSDUDODREWHQFLyQGHORVUHQGLPLHQWRV
1R SXHGHQ FRQVLGHUDUVH DIHFWRV DTXHOORV ELHQHV \ GHUHFKRV TXH VH XWLOLFHQ
VLPXOWiQHDPHQWHSDUDDFWLYLGDGHVHFRQyPLFDV\SDUDQHFHVLGDGHVSULYDGDVVDOYRTXHOD
XWLOL]DFLyQSDUDHVWDV~OWLPDVVHDDFFHVRULD\QRWRULDPHQWHLUUHOHYDQWH1RREVWDQWHHVWR
QRUHVXOWDDSOLFDEOHDORVDXWRPyYLOHVWXULVPRTXHWHQGUiQODFRQVLGHUDFLyQGHHOHPHQWRV
DIHFWRVDODDFWLYLGDGVRORFXDQGRVHXWLOLFHQH[FOXVLYDPHQWHSDUDORVILQHVGHODPLVPD
$WHQHUHQFXHQWD
9 (O 7ULEXQDO 6XSHULRU GH -XVWLFLD GH &DWDOXxD HQ VHQWHQFLD GH GH VHSWLHPEUH GH
5HFXUVRQDGPLWHFRPRHOHPHQWRVSUREDWRULRVGHODDIHFWDFLyQGHO
YHKtFXORDODDFWLYLGDGODFRQWDELOLGDG\ODVGHFODUDFLRQHVWULEXWDULDVSUHVHQWDGDV
9 6HJ~Q HO 7ULEXQDO 6XSHULRU GH -XVWLFLD GH 0XUFLD HQ VHQWHQFLD GH GH IHEUHUR GH
5HFXUVRQODFRQWULEX\HQWHGHGLFDGDDODGHSLODFLyQOiVHUDFUHGLWD
VXILFLHQWHPHQWH TXH HO YHKtFXOR HVWi DIHFWR D OD DFWLYLGDG PHGLDQWH ORV VLJXLHQWHV
PHGLRVGHSUXHEDDSRUWDXQEORTXHGRFXPHQWDOILUPDGRSRUODVFOLHQWDVTXHDFUHGLWDQ
ORV VHUYLFLRV SUHVWDGRV HQ GLIHUHQWHV FHQWURV GH EHOOH]D GRQGH GHEH GHVSOD]DUVH
DFUHGLWD FRQ OD GRFXPHQWDFLyQ GHO YHKtFXOR \ HO OLEUR GH UHYLVLRQHV ORV NLOyPHWURV
UHFRUULGRV XQDPHGLDGHNPDxR \DSRUWDUHJLVWURGHIDFWXUDVHPLWLGDVHQODV
TXHVHGHWDOODQODVORFDOLGDGHV\ORVFHQWURVGHEHOOH]D\VHFRPSUXHEDODPHGLDGH
NPDxR
9 3RVHHU RWUR YHKtFXOR WXULVPR QR FRQVWLWX\H SUXHED GH DIHFWDFLyQ H[FOXVLYD '*7
9
9 8Q YHKtFXOR PL[WR SDUD HO WUDQVSRUWH GH PHUFDQFtDV VH HQWHQGHUi DIHFWDGR D OD
DFWLYLGDG HFRQyPLFD GHVDUUROODGD SRU HO FRQWULEX\HQWH FXDQGR VH XWLOLFH
H[FOXVLYDPHQWH HQ OD PLVPD VLQ SHUMXLFLR GH OD SRVLELOLGDG GH XWLOL]DFLyQ SDUD
QHFHVLGDGHVSULYDGDVFXDQGROD PLVPDVHDDFFHVRULD \QRWRULDPHQWH LUUHOHYDQWH(V
GHFLUHVWRVYHKtFXORVQRHVWiQVXMHWRVDODDIHFWDFLyQH[FOXVLYD6HJ~QHOFULWHULRGH
OD'LUHFFLyQ*HQHUDOGH7ULEXWRVSRU³WUDQVSRUWHGHPHUFDQFtDV´GHEHHQWHQGHUVHHO
WUDQVSRUWHGHELHQHVREMHWRGHFRPHUFLR ³JpQHURYHQGLEOH´³FXDOTXLHUFRVDPXHEOH
TXHVHKDFHREMHWRGHWUDWRRYHQWD´R³FRVDVDGTXLULGDVSRUODHPSUHVD\GHVWLQDGDV
DODYHQWDVLQWUDQVIRUPDFLyQ´ '*79
9 /DIXUJRQHWDGHXQIRQWDQHURHVXQYHKtFXORPL[WRTXHQRVHGHVWLQDDOWUDQVSRUWHGH
PHUFDQFtDVVLQRDOWUDQVSRUWHGHKHUUDPLHQWDV\SHUVRQDO(QFRQVHFXHQFLDUHTXLHUH
GHDIHFWDFLyQHQH[FOXVLYDDODDFWLYLGDG '*79
91
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 92
*DQDQFLDV\SpUGLGDVSDWULPRQLDOHV
6RQ JDQDQFLDV \ SpUGLGDV SDWULPRQLDOHV ODV YDULDFLRQHV HQ HO YDORU GHO SDWULPRQLR GHO
FRQWULEX\HQWH TXH VH SRQJDQ GH PDQLILHVWR FRQ RFDVLyQ GH FXDOTXLHU DOWHUDFLyQ HQ OD
FRPSRVLFLyQGHDTXpOVDOYRTXHSRUOD/H\VHFDOLILTXHQFRPRUHQGLPLHQWRV
$WHQHUHQFXHQWD
9 6L WLHQH GHUHFKR D SHUFLELU LQWHUHVHV LQGHPQL]DWRULRV GHEHUi LPSXWDUORV FRPR
JDQDQFLD SDWULPRQLDO HQ OD EDVH GHO DKRUUR 7HQJD HQ FXHQWD TXH HVWD JDQDQFLD QR
SXHGHPLQRUDUVHSRUORVLPSRUWHVGHORVKRQRUDULRVGHORVDERJDGRVLQWHUYLQLHQWHVHQ
HOSURFHGLPLHQWRMXGLFLDO '*79
9 (ODUUHQGDWDULRWLHQHTXHLQWHJUDUHQODUHQWDJHQHUDOFRPRJDQDQFLDSDWULPRQLDOOD
VXEYHQFLyQSHUFLELGDGHXQD&RPXQLGDG$XWyQRPDSDUDHOSDJRGHODOTXLOHUDOQR
HVWDUDPSDUDGDHQQLQJXQRGHORVVXSXHVWRVGHH[HQFLyQ '*79
9 8QDD\XGDSHUFLELGDGHOD&RPXQLGDG$XWyQRPDSDUDHOWUDWDPLHQWRGHDOXPLQRVLV
HQ XQ HGLILFLR GH ORFDOHV \ YLYLHQGDV TXH VH HQFXHQWUDQ DUUHQGDGDV SURSLHGDG GHO
FRQWULEX\HQWHWLHQHODFRQVLGHUDFLyQGHJDQDQFLDSDWULPRQLDO '*79
9 (QHOFDVRGHD\XGDVDOFRQVXPRHQIRUPDGHWDUMHWDVRERQRV GH$\XQWDPLHQWRVR
&RPXQLGDGHVKDEUiTXHDQDOL]DUVLVHFDOLILFDQFRPRJDQDQFLDVSDWULPRQLDOHVORPiV
SUREDEOHRUHQGLPLHQWRVGHOWUDEDMR
9 6L KD ILUPDGR XQ FRQWUDWR GH FRPSUDYHQWD GH XQ LQPXHEOH \ VH KD HQWUHJDGR XQD
FDQWLGDGGHGLQHURHQFRQFHSWRGHDUUDV\FRQSRVWHULRULGDGVHLQFXPSOHHOFRQWUDWR
HO YHQGHGRU TXH GHYROYHUi OD VHxDO \ RWURWDQWRWHQGUi XQD SpUGLGD SDWULPRQLDO D
LQWHJUDUHQODSDUWHJHQHUDOGHODEDVHLPSRQLEOH\HOFRPSUDGRUWHQGUiXQDJDQDQFLD
SDWULPRQLDODLPSXWDUHQODSDUWHJHQHUDOGHODEDVHLPSRQLEOH
9 /DGHYROXFLyQGH ORV LQWHUHVHVGHXQSUpVWDPRPXOWLGLYLVDFRQVWLWX\HXQDJDQDQFLD
SDWULPRQLDODLQWHJUDUHQODEDVHGHODKRUUR/DSHUFHSFLyQGHHVWRVLQWHUHVHVWULEXWD
GHPDQHUDGLIHUHQWHDODGHYROXFLyQGHORVLQWHUHVHVGHODVFOiXVXODVVXHORSDUDORTXH
H[LVWH XQD QRUPD HVSHFLDO (Q HVWH ~OWLPR FDVR HO FRQWULEX\HQWH QRWULEXWD SRU ORV
LQWHUHVHVLQGHPQL]DWRULRVTXHSHUFLED '*79
92
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 93
93
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 94
94
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 95
9 (OSDJRGHODVFRVWDVSURFHVDOHVDODSDUWHYHQFHGRUDHQXQSURFHGLPLHQWRMXGLFLDO
FRQVWLWX\H XQD SpUGLGD SDWULPRQLDO SDUD TXLHQ ODV SDJD D LPSXWDU HQ HO SHUtRGR
LPSRVLWLYRHQTXHKD\DDGTXLULGRILUPH]DODVHQWHQFLDFRQGHQDWRULD '*79
9 $ODSDUWHSHUGHGRUDODFRQGHQDHQFRVWDVOHJHQHUDXQDSpUGLGDSDWULPRQLDODLPSXWDU
HQHOSHUtRGRLPSRVLWLYRHQHOTXHKD\DDGTXLULGRILUPH]DODVHQWHQFLDFRQGHQDWRULD
'*79 \ '*79
9 (QORVVXSXHVWRVGHFRQGHQDHQFRVWDVODSDUWHFRQGHQDGDQRVDWLVIDFHORVKRQRUDULRV
SURIHVLRQDOHVDORVDERJDGRVGHODSDUWHYHQFHGRUDVLQRTXHLQGHPQL]DDHVWD\SRU
HOORHOSDJDGRUQRHVWiREOLJDGRDUHWHQHU '*79
5HQWDVGHULYDGDVGHFULSWRPRQHGDV
$SHVDUGHORVYDLYHQHVGHOPHUFDGRODVFULSWRPRQHGDVORVWRNHQVQRIXQJLEOHV±1)7¶V
HQVXVVLJODVHQLQJOpV±\ORVFULSWRDFWLYRVHQJHQHUDOFRQWLQ~DQSRSXODUL]iQGRVHFRPR
SURGXFWRGHLQYHUVLyQ$OUHGHGRUGHPLOORQHVGHHVSDxROHV±SRUGHOWRWDO±
KD LQYHUWLGR R LQYLHUWH HQ FULSWRPRQHGDV SHVH DO GHVFRQRFLPLHQWR JHQHUDO VREUH ORV
ULHVJRVTXHFRQOOHYDQ\ODILVFDOLGDGDODTXHHVWiQVRPHWLGDV'HOWRWDOGHHVSDxROHVTXH
LQYLHUWHQ HQ FULSWRPRQHGDV HO SRU KD LQYHUWLGR PiV GH ¼ \ PiV GH XQD
FXDUWDSDUWHGHORVTXHLQYLHUWHQKDQVXSHUDGRORV¼GHLQYHUVLyQSHVHDTXHWDQVROR
HO SRU GH ORV LQYHUVRUHV VRQ FRQVFLHQWHV GH TXH VH WUDWD GH XQD LQYHUVLyQ GH
ULHVJR
7DPELpQ H[LVWH XQ GHVFRQRFLPLHQWR LPSRUWDQWH VREUH ODV LPSOLFDFLRQHV ILVFDOHV GH ODV
FULSWRPRQHGDV SXHV XQ SRU SLHQVD TXH QR WHQGUi TXH SDJDU QLQJ~Q WLSR GH
95
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 96
'DWRVGHO,,,,QIRUPHVREUHFRQRFLPLHQWR\KiELWRVGHILQWHFKGH$VXILQ
96
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 97
*DQDQFLDVSDWULPRQLDOHVH[HQWDV
/DV JDQDQFLDV SDWULPRQLDOHV H[HQWDV VRQ DTXHOODV TXH DXQTXH KD\DQ JHQHUDGR XQ
LQFUHPHQWR HQ HO SDWULPRQLR GHO FRQWULEX\HQWH QR HVWiQ VXMHWDV D WULEXWDFLyQ (VWDV
JDQDQFLDVSXHGHQSURYHQLUGHGLVWLQWDVIXHQWHVFRPRODYHQWDGHODYLYLHQGDKDELWXDOOD
SHUFHSFLyQGHGHWHUPLQDGDVD\XGDVRGHWHUPLQDGRVSUHPLRVGHORWHUtDHQWUHRWUDV
([HQFLyQD\XGDVDFFLGHQWH*HUPDQZLQJV
6LXVWHGHVIDPLOLDUGHXQDYtFWLPDGHODFFLGHQWHGHOYXHOR*:,DFDHFLGRHOGH
PDU]RGH\DFWXDOPHQWHSHUFLEHFDQWLGDGHVHQFRQFHSWRGHUHVSRQVDELOLGDGFLYLO
UHFXHUGHTXHFRPRQRYHGDGHQVHGHFODUDQH[HQWDVHVWDVFDQWLGDGHVDVtFRPRODV
D\XGDVYROXQWDULDVVDWLVIHFKDVDORVIDPLOLDUHVSRUODFRPSDxtDDpUHDDIHFWDGDRSRUXQD
HQWLGDGYLQFXODGDDHVWD~OWLPD
97
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 98
98
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 99
99
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 100
100
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 101
101
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 102
102
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 103
103
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 104
104
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 105
105
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 106
9 /RVFDVRVHQTXHH[LVWDXQ~QLFRELHQLQGLYLVLEOHVLHPSUHGDUiQOXJDUDXQDJDQDQFLD
RSpUGLGDSDWULPRQLDO 5HVROXFLyQGHO7($&GHGHMXQLRGHQ
9 6HJ~Q FULWHULR DGPLQLVWUDWLYR VL ORV H[FHVRV GH DGMXGLFDFLyQ VH FRPSHQVDQ FRQ
GHXGDH[LVWLUiDOWHUDFLyQSDWULPRQLDODXQTXHHOLPSRUWHQHWRGHORVORWHVVHDLJXDO
SDUD FDGD XQR GH ORV SDUWtFLSHV 6RODPHQWH FXDQGR VH WUDWH GH OD GLVROXFLyQ GH OD
VRFLHGDGGHJDQDQFLDOHVKDEUiTXHDWHQGHUDOLPSRUWHQHWR '*79
9 6LVHJHQHUDXQH[FHVRGHDGMXGLFDFLyQVHDFWXDOL]DUiSDUWHGHOYDORUGHDGTXLVLFLyQ
GHOHOHPHQWRSDWULPRQLDOTXHJHQHUHHVHH[FHVRGHDGMXGLFDFLyQ '*79
106
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 107
107
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 108
108
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 109
(-(03/2
3HGUR HV WLWXODU GH XQ QHJRFLR GH YHQWD GH HTXLSRV HOHFWUyQLFRV $SRUWD HO ORFDO \ ODV
H[LVWHQFLDV D XQD VRFLHGDG GH QXHYD FUHDFLyQ /DV DFFLRQHV TXH UHFLEH WLHQHQ XQ YDORU
QRPLQDOGH¼
91& 9DORUGHPHUFDGR 'LIHUHQFLD
/RFDO 91&
([LVWHQFLDV
7RWDO
6HJ~Q '*7 9 OD WUDQVPLVLyQ GH H[LVWHQFLDV FRQVWLWX\H 5$( ¼ D OD EDVH
JHQHUDO \ODWUDQVPLVLyQGHLQPRYLOL]DGRJHQHUDXQD*3 ¼DODEDVHGHODKRUUR
6HJ~Q5HVROXFLyQGHO7($&GHGHRFWXEUHGHODSOXVYDOtDWRWDOFRQVWLWX\HXQD*3
¼DODEDVHGHODKRUUR
9 (QHVWDVDSRUWDFLRQHVQRGLQHUDULDVGHSDUWLFLSDFLRQHVTXHKDQDSOLFDGRHOUpJLPHQ
GH UHHVWUXFWXUDFLyQ HPSUHVDULDO VH GHEH GH WHQHU HQ FXHQWD TXH VL OD HQWLGDG
DGTXLUHQWH WUDQVPLWH ODV SDUWLFLSDFLRQHV DQWHV GH TXH WUDQVFXUUDQ DxRV GHVGH OD
DGTXLVLFLyQQRSRGUiDSOLFDUODH[HQFLyQGHODSOXVYDOtDVDOYRTXHGHPXHVWUHTXHOD
SHUVRQDItVLFDWUDQVPLWLyFRQDQWHULRULGDGODVSDUWLFLSDFLRQHVTXHUHFLELyDFDPELR
9 (Q FDVR GH PDWULPRQLR FDVDGR EDMR HO UpJLPHQ GH VRFLHGDG GH JDQDQFLDOHV ORV
HOHPHQWRV SDWULPRQLDOHV FRPXQHV VH FRQVLGHUDQ DIHFWRV SDUD DPERV FyQ\XJHV
DXQTXHDOJXQRGHHOORVQRGHVDUUROOHODDFWLYLGDG
9 /DVSDUWLFLSDFLRQHVUHFLELGDVFRQVHUYDUiQDHIHFWRVILVFDOHVHOYDORU\DQWLJHGDGTXH
WHQtDQORVHOHPHQWRVSDWULPRQLDOHVDSRUWDGRV '*79
9 6LODSHUVRQDItVLFDDSRUWDQWHSLHUGHODFXDOLGDGGHUHVLGHQWHHQ(VSDxDLQWHJUDUiOD
SOXVYDOtD TXH GLILULy DO DSOLFDU HO UpJLPHQ GH UHHVWUXFWXUDFLRQHV HPSUHVDULDO '*7
9
7UDVSDVRVHQWUHIRQGRVGHLQYHUVLyQ
6LHVVRFLRRSDUWtFLSHGHDOJXQDLQVWLWXFLyQGHLQYHUVLyQFROHFWLYDGHODVUHJXODGDVHQOD
/H\ \ TXLHUH GHVKDFHU SRVLFLRQHV SXHGH QR FRPSXWDU OD JDQDQFLD R SpUGLGD
SDWULPRQLDOFXDQGRHOLPSRUWHREWHQLGRFRPRFRQVHFXHQFLDGHOUHHPEROVRRWUDQVPLVLyQ
GHSDUWLFLSDFLRQHVRDFFLRQHVORGHVWLQHDODDGTXLVLFLyQRVXVFULSFLyQGHRWUDVDFFLRQHV
RSDUWLFLSDFLRQHVHQLQVWLWXFLRQHVGHLQYHUVLyQFROHFWLYDFRQVHUYDQGRODVQXHYDVDFFLRQHV
R SDUWLFLSDFLRQHV VXVFULWDV HO YDORU \ OD IHFKD GH DGTXLVLFLyQ GH ODV DFFLRQHV R
SDUWLFLSDFLRQHVWUDQVPLWLGDVRUHHPEROVDGDV
109
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 110
5HJODVGHLPSXWDFLyQWHPSRUDOGHODVJDQDQFLDV\SpUGLGDVSDWULPRQLDOHV
&RQFDUiFWHUJHQHUDOODVJDQDQFLDV\SpUGLGDVSDWULPRQLDOHVVHLPSXWDQHQHOHMHUFLFLRHQ
TXH VH SURGXFH OD DOWHUDFLyQ HQ OD FRPSRVLFLyQ GHO SDWULPRQLR TXH ODV RULJLQD 1R
REVWDQWH H[LVWHQ FDVRV HVSHFLDOHV GH LPSXWDFLyQ FXDQGR VH SHUFLEHQ FDQWLGDGHV SRU
VHQWHQFLDMXGLFLDOD\XGDVS~EOLFDVRSHUDFLRQHVDSOD]RHWF
$WHQHUHQFXHQWD
9 /DJDQDQFLDSDWULPRQLDOREWHQLGDSRUODFRQFHVLyQGHXQDRSFLyQGHFRPSUDVREUH
XQ LQPXHEOH WULEXWD HQ OD EDVH GHO DKRUUR (O 7ULEXQDO 6XSUHPR HQ DQWHULRUHV
VHQWHQFLDVFRPRODGHGHPD\RGH5HFXUVRQLQWHUSUHWDEDTXH
ODJDQDQFLDSDWULPRQLDOJHQHUDGDSRUODFRQFHVLyQGHXQDRSFLyQGHFRPSUDGHEtDGH
LQWHJUDUVH HQ OD EDVH JHQHUDO /D MXVWLILFDFLyQ DSOLFDQGR OD QRUPDWLYD DQWHULRU GHO
,PSXHVWRHUDTXHODJDQDQFLDREWHQLGDSRUODSHUFHSFLyQGHXQDSULPDDFDPELRGHO
HMHUFLFLR GH OD RSFLyQ GH FRPSUD QR HUD VXVFHSWLEOH GH LQWHJUDUVH HQ OD HQWRQFHV
OODPDGDSDUWHHVSHFLDOGHODUHQWDGHOSHUtRGRLPSRVLWLYRSXHVWRTXHQRVHWUDWDEDGH
HOHPHQWRVSDWULPRQLDOHVDGTXLULGRVRGHPHMRUDV UHDOL]DGDVFRQ PiVGHXQDxRGH
DQWHODFLyQDODIHFKDGHWUDQVPLVLyQ
$KRUD FRQ OD QRUPDWLYD DFWXDOPHQWH HQ YLJRU HO 7ULEXQDO DFWXDOL]D VX FULWHULR \
GHWHUPLQD TXH OD JDQDQFLD SDWULPRQLDO SXHVWD GH PDQLILHVWR FRQ RFDVLyQ GH OD
SHUFHSFLyQGHODSULPDVDWLVIHFKDSRUHORWRUJDPLHQWRGHXQFRQWUDWRGHRSFLyQGH
110
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 111
9 6LKDVLGRYtFWLPDGHXQDFFLGHQWHGHWUiILFR\ODFRPSDxtDGHOYHKtFXORFRQWUDULROH
SDJD SRU VHQWHQFLD DERQiQGROH LQWHUHVHV SRU PRUD GHEHUi GHFODUDUORV FXDQGR ORV
PLVPRVVHUHFRQR]FDQHVGHFLUFXDQGRVHFXDQWLILTXHQ\VHDFXHUGHVXDERQR '*7
9
9 6LKDUHFLELGRXQDD\XGDS~EOLFDGHEHUiGHLPSXWDUODHQHOSHUtRGRGHOFREUR\QR
FXDQGRVHFRQFHGH '*79
9 /DV SpUGLGDV SDWULPRQLDOHV GHULYDGDV GH FUpGLWRV YHQFLGRV \ QR FREUDGRV SXHGHQ
LPSXWDUVH DO SHUtRGR LPSRVLWLYR HQ TXH FRQFXUUD DOJXQD GH ODV VLJXLHQWHV
FLUFXQVWDQFLDV FXDQGR DGTXLHUD HILFDFLD XQD TXLWD HVWDEOHFLGD HQ XQ DFXHUGR GH
UHILQDQFLDFLyQFXDQGRDGTXLHUDHILFDFLDHOFRQYHQLRHQHOTXHVHDFXHUGHXQDTXLWD
GHQWURGHXQFRQFXUVRVLFRQFOX\HUDHOSURFHGLPLHQWRFRQFXUVDOVLQTXHVHKXELHUD
VDWLVIHFKR HO FUpGLWR R FXDQGR VH FXPSOD HO SOD]R GH XQ DxR GHVGH HO LQLFLR GHO
SURFHGLPLHQWRMXGLFLDOTXHWHQJDSRUREMHWRODHMHFXFLyQGHOFUpGLWRVLQTXHVHKD\D
VDWLVIHFKR
9 (Q HO FDVR GH XQ FRQWUDWR GH DUUDV SDUD OD YHQWD GH XQ LQPXHEOH VXVFULWR HQ XQ
HMHUFLFLR UHDOL]iQGRVH OD YHQWD HQ HO HMHUFLFLR VLJXLHQWH HO LPSRUWH GH ODV DUUDV VH
LPSXWDUiHQHOSHUtRGRLPSRVLWLYRHQTXHVHUHDOL]DODYHQWDGHOLQPXHEOHFRPRSDUWH
GHOSUHFLR '*79
111
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 112
112
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 113
113
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 114
&iOFXORGHODVJDQDQFLDV\SpUGLGDVSDWULPRQLDOHV
6LKDWUDQVPLWLGRXQHOHPHQWRSDWULPRQLDOHQODJDQDQFLDRSpUGLGDSDWULPRQLDOVH
GHWHUPLQDUi SRU OD GLIHUHQFLD HQWUH HO YDORU GH WUDQVPLVLyQ \ HO GH DGTXLVLFLyQ GHO
HOHPHQWR(O YDORU GH WUDQVPLVLyQ FRPSUHQGHUi HO HIHFWLYDPHQWH VDWLVIHFKR \ VL IXHUD
LQIHULRUDOGHPHUFDGRSUHYDOHFHUiHVWH~OWLPRPHQRVORVJDVWRV\WULEXWRVDFFHVRULRVD
ODWUDQVPLVLyQFRPRSXHGHQVHUORVGHOPHGLDGRUDWUDYpVGHOTXHVHUHDOL]DODYHQWDRHO
,PSXHVWR VREUH HO ,QFUHPHQWR GH 9DORU GH ORV 7HUUHQRV GH 1DWXUDOH]D 8UEDQD 6L OD
WUDQVPLVLyQVHUHDOL]DDWtWXOR JUDWXLWRHOYDORUGHWUDQVPLVLyQVHUiHOYDORUDVLJQDGRD
HIHFWRVGHO,PSXHVWRVREUH6XFHVLRQHV\'RQDFLRQHV
(OYDORUGHDGTXLVLFLyQHVWDUiIRUPDGRSRUHOLPSRUWHUHDOSRUHOTXHGLFKDDGTXLVLFLyQVH
KXELHVHHIHFWXDGRRFXDQGRODPLVPDKXELHUHVLGRDWtWXORJUDWXLWRKHUHQFLDOHJDGRR
GRQDFLyQ SRU HO GHFODUDGR D HIHFWRV GHO ,PSXHVWR VREUH 6XFHVLRQHV \ 'RQDFLRQHV
$VLPLVPRIRUPDUiQSDUWHGHOYDORUGHDGTXLVLFLyQODVLQYHUVLRQHV\PHMRUDVHIHFWXDGDV
HQ ORV ELHQHVDGTXLULGRV VLQWHQHUHQFXHQWDORVJDVWRVGHFRQVHUYDFLyQ \UHSDUDFLyQ
WDPELpQORVJDVWRVFRPLVLRQHVIHGDWDULRS~EOLFRUHJLVWURHWF\WULEXWRVLQKHUHQWHVDOD
DGTXLVLFLyQ ,73\$-' ,9$ R ,6' H[FOXLGRV ORV LQWHUHVHV \ JDVWRV GH ILQDQFLDFLyQ
VDWLVIHFKRV SRU HO DGTXLUHQWH \ ILQDOPHQWH GH OD VXPD GH ODV DQWHULRUHV FDQWLGDGHV VH
UHVWDUiHOLPSRUWHGHODVDPRUWL]DFLRQHVILVFDOPHQWHGHGXFLEOHV '*79
(QUHODFLyQFRQODVDPRUWL]DFLRQHVILVFDOPHQWHGHGXFLEOHVGHEHPRVWHQHUHQFXHQWDTXHVHDSOLFDUiHQ
WRGRFDVRODDPRUWL]DFLyQPtQLPDFRQLQGHSHQGHQFLDGHTXHVHKD\DFRQVLGHUDGRJDVWRGHPDQHUDHIHFWLYD
DSOLFDEOH D LQPXHEOHV DUUHQGDGRV \ HQ VX FDVR D ORV ELHQHV PXHEOHV FHGLGRV FRQ ORV PLVPRV
FRQMXQWDPHQWH
114
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 115
115
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 116
9 6L VH SURGXFH XQD SpUGLGD SDWULPRQLDO FRPR FRQVHFXHQFLD GH OD GRQDFLyQ GH
HOHPHQWRVSDWULPRQLDOHVHVWDQRVHFRPSXWDILVFDOPHQWH 5HVROXFLyQGHO7($&GH
GH PD\R GH Q 1R REVWDQWH HO 7ULEXQDO GH -XVWLFLD GH OD
&RPXQLGDG 9DOHQFLDQD GH GH VHSWLHPEUH GH FRQVLGHUD TXH VH GHEHUtD
SHUPLWLU FRPSHQVDU ODV SpUGLGDV JHQHUDGDV SRU OD GRQDFLyQ GH LQPXHEOHV /D 6DOD
VHQWHQFLDGRUDGHFODUDFRQWUDULRDORVSULQFLSLRVGHHTXLGDG\FDSDFLGDGFRQWULEXWLYD
KDFHUWULEXWDUSRUODVJDQDQFLDVSXHVWDVGHPDQLILHVWRHQXQDWUDQVPLVLyQOXFUDWLYD\
HQ FDPELR QR SHUPLWLU ODV SpUGLGDV TXH VH SXHGDQ JHQHUDU SRU HVWH WLSR GH
WUDQVPLVLRQHV
&RHILFLHQWHV GH DEDWLPLHQWR SDUD UHGXFLU ODV JDQDQFLDV GH SDWULPRQLR SXHVWDV GH
PDQLILHVWRHQODWUDQVPLVLyQGHHOHPHQWRVDGTXLULGRVDQWHVGH
6LDGTXLULyDOJ~QELHQDQWHVGH\ORKDWUDQVPLWLGROHFRQYLHQHKDFHUQ~PHURVSDUD
RSWLPL]DUODIDFWXUDILVFDO/DFXDQWtDPi[LPDGHOYDORUGHWUDQVPLVLyQGHORVHOHPHQWRV
116
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 117
$ ORV H[FOXVLYRV HIHFWRV GH HVWH ,PSXHVWR VH FRQVLGHUDUiQ YDORUHV R SDUWLFLSDFLRQHV KRPRJpQHRV
SURFHGHQWHVGHXQPLVPRHPLVRUDTXpOORVTXHIRUPHQSDUWHGHXQDPLVPDRSHUDFLyQILQDQFLHUDRUHVSRQGDQ
D XQD XQLGDG GHSURSyVLWR LQFOXLGD OD REWHQFLyQ VLVWHPiWLFD GH ILQDQFLDFLyQ VHDQ GHLJXDOQDWXUDOH]D \
UpJLPHQ GH WUDQVPLVLyQ \ DWULEX\DQ D VXV WLWXODUHV XQ FRQWHQLGR VXVWDQFLDOPHQWH VLPLODU GH GHUHFKRV \
REOLJDFLRQHV '*79
117
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 118
118
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 119
(-(03/2
0DLWH DGTXLULy HQ HQHUR GH HO XVXIUXFWR YLWDOLFLR VREUH XQ LQPXHEOH XUEDQR SDJDQGR
¼(OLQPXHEOHHVWXYRDUUHQGDGRGHVGHDSRUXQRVLPSRUWHVGH¼FDGD
DxR(OGHHQHURGHWUDQVPLWHVXGHUHFKRSRU¼
9DORUGHDGTXLVLFLyQ
[
0LQRUDFLRQHVGHXVR [
[
,PSRUWHGHDGTXLVLFLyQPLQRUDGR
[
$PRUWL]DFLRQHVILVFDOHV [
[
7RWDODPRUWL]DFLyQ
9DORUGHDGTXLVLFLyQDFWXDOL]DGR
9DORUGHWUDQVPLVLyQ
*DQDQFLDSDWULPRQLDO
$UWN /,53)³FXDQGRHOWLWXODUGHXQGHUHFKRUHDOGHJRFHRGLVIUXWHVREUHLQPXHEOHVHIHFW~HVXWUDQVPLVLyQRFXDQGRVH
SURGX]FDVXH[WLQFLyQSDUDHOFiOFXORGHODJDQDQFLDRSpUGLGDSDWULPRQLDOHOLPSRUWHUHDODTXHVHUHILHUHHODUWtFXORD GHHVWD
OH\VHPLQRUDUiGHIRUPDSURSRUFLRQDODOWLHPSRGXUDQWHHOFXDOHOWLWXODUQRKXELHVHSHUFLELGRUHQGLPLHQWRVGHOFDSLWDOLQPRELOLDULR´
7UDQVPLVLyQGHSDUWLFLSDFLRQHVHQHPSUHVDVTXHQRFRWL]DQ
6L KD WUDQVPLWLGR D WtWXOR RQHURVR HQ SDUWLFLSDFLRQHV GH YDORUHV QR DGPLWLGRV D
QHJRFLDFLyQ GHEH WHQHU HQ FXHQWD TXH HO SUHFLR ILMDGR HQ OD YHQWD VDOYR SUXHED HQ
FRQWUDULRQRSXHGHVHULQIHULRUDOPD\RUGHORVVLJXLHQWHVHOYDORUGHOSDWULPRQLRQHWR
TXH FRUUHVSRQGD D ORV YDORUHV WUDQVPLWLGRV UHVXOWDQWH GHO EDODQFH VHJ~Q HO ~OWLPR
HMHUFLFLRFHUUDGRFRQDQWHULRULGDGDODIHFKDGHOGHYHQJRGHO,PSXHVWRRHOLPSRUWHTXH
UHVXOWH GH FDSLWDOL]DU DO WLSR GHO SRU HO SURPHGLR GH ORV UHVXOWDGRV GH ORV
HMHUFLFLRVVRFLDOHVFHUUDGRVFRQDQWHULRULGDGDODIHFKDGHOGHYHQJRGHO,PSXHVWR
$WHQHUHQFXHQWD
9 6L OD VRFLHGDG WLHQH XQ DxR GH YLGD VyOR VH WRPDUi HO UHVXOWDGR GH GLFKR DxR (Q
FDPELRVtVHWHQGUiQHQFXHQWD ORV~OWLPRVDxRVFXDQGROD VRFLHGDGSDUWLFLSDGD
KXELHUDHVWDGRLQDFWLYDQRREWHQLHQGRSpUGLGDREHQHILFLRDOJXQRGHELpQGRVHWRPDU
FRPRUHVXOWDGRQXORHOGHOHMHUFLFLRRHMHUFLFLRVHQTXHKXELHUDHVWDGRLQDFWLYD\D
FRQWLQXDFLyQ SURPHGLDU SRU 5HVROXFLyQ GHO 7($& GH GH DEULO GH Q
119
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 120
120
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 121
121
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 122
9 1RVHFRPSXWDUiQFRPRSpUGLGDVSDWULPRQLDOHVODVGHULYDGDVGHODVWUDQVPLVLRQHVGH
HOHPHQWRVSDWULPRQLDOHVFXDQGRHOWUDQVPLWHQWHYXHOYDDDGTXLULUORVGHQWURGHODxR
VLJXLHQWH D OD IHFKD GH GLFKD WUDQVPLVLyQ (VWD SpUGLGD SDWULPRQLDO VH LQWHJUDUi
FXDQGRVHSURGX]FDODSRVWHULRUWUDQVPLVLyQGHOHOHPHQWRSDWULPRQLDO
9 7DPSRFR VH FRPSXWDUiQ FRPR SpUGLGDV SDWULPRQLDOHV ODV GHULYDGDV GH ODV
WUDQVPLVLRQHVGHYDORUHVRSDUWLFLSDFLRQHVFRWL]DGDVFXDQGRHOFRQWULEX\HQWHKXELHUD
DGTXLULGR YDORUHV KRPRJpQHRV GHQWUR GH ORV GRV PHVHV DQWHULRUHV R SRVWHULRUHV D
GLFKDV WUDQVPLVLRQHV \ HQ HO FDVR GH QR FRWL]DGDV HQ HO SOD]R GHO DxR DQWHULRU R
SRVWHULRUDGLFKDVWUDQVPLVLRQHV
5HGXFFLRQHVGHODEDVHLPSRQLEOH
3RU XQ ODGR VH SXHGH UHGXFLU OD EDVH LPSRQLEOH FRQ ODV DSRUWDFLRQHV D VLVWHPDV GH
SUHYLVLyQVRFLDOODVUHDOL]DGDVDVLVWHPDVGHSUHYLVLyQGHSHUVRQDVFRQGLVFDSDFLGDGRODV
DSRUWDFLRQHV D SDWULPRQLRV SURWHJLGRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ HVWRV GRV
~OWLPRVFDVRVFXDQGRH[LVWDSDUHQWHVFRFRQODSHUVRQDDIDYRUGHODTXHVHUHDOL]DQODV
DSRUWDFLRQHV
$WHQHUHQFXHQWD
$SRUWDFLRQHVDVLVWHPDVGHSUHYLVLyQVRFLDO
5HFXHUGHTXHHOLPSRUWHPi[LPRGHODVDSRUWDFLRQHVDORVVLVWHPDVGHSUHYLVLyQVRFLDO
GHOSURSLRFRQWULEX\HQWHQRSXHGHVXSHUDUHOPHQRUGHORVVLJXLHQWHVOtPLWHVHO SRU
GHODVXPDGHUHQGLPLHQWRVQHWRVGHOWUDEDMR\GHDFWLYLGDGHVHFRQyPLFDVR¼
(VWH ~OWLPR OtPLWH VH LQFUHPHQWDUi HQ ¼ VLHPSUH TXH WDO LQFUHPHQWR SURYHQJD GH
FRQWULEXFLRQHVHPSUHVDULDOHV6LQRVHSXGLHUDQUHGXFLUODVDSRUWDFLRQHVGHOFRQWULEX\HQWH
RGHODHPSUHVDHQVXWRWDOLGDGSRULQVXILFLHQFLD GHEDVHRSRUHO OtPLWHSRUFHQWXDOHO
LPSRUWHUHVWDQWHSRGUiDSOLFDUVHDUHGXFLUODEDVHLPSRQLEOHGHORVHMHUFLFLRVVLJXLHQWHV
(QHVWHFDVRHVLPSRUWDQWHVROLFLWDUORHQODGHFODUDFLyQHQODTXHVHSURGXFHHOH[FHVR
/RVH[FHVRVGH\HMHUFLFLRVDQWHULRUHVTXHVHKD\DSURGXFLGRSRULQVXILFLHQFLDGH
EDVHLPSRQLEOHRSRUH[FHGHUGHOOtPLWHSRUFHQWXDOGHOSRUFXDOTXLHUDTXHVHDVX
SURFHGHQFLD DSRUWDFLyQ LQGLYLGXDO R GHO HPSOHDGRU SRGUiQ UHGXFLUVH KDVWD HO OtPLWH
Pi[LPR LQFUHPHQWDGR GH ¼ HQWHQGLHQGR TXH HQ HO DxR HQ TXH VH
DERQDURQVHKDEUiQUHVSHWDGRORVOtPLWHV
122
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 123
123
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 124
124
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 125
125
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 126
,QWHJUDFLyQ\FRPSHQVDFLyQGHUHQWDV
5HQWDGHODKRUUR
/DFRPSRQHQ ORVUHQGLPLHQWRVGHOFDSLWDO PRELOLDULRFRQH[FHSFLyQGHORVTXHKHPRV
GHQRPLQDGR DWtSLFRV \ ODV JDQDQFLDV \ SpUGLGDV SDWULPRQLDOHV SURFHGHQWHV GH
WUDQVPLVLRQHV )RUPDQ FRPSDUWLPHQWRV FRQ OLPLWDFLRQHV SDUD OD FRPSHQVDFLyQ HQWUH
HOORV
$WHQHUHQFXHQWD
9 6LHOVDOGRGH ORVUHQGLPLHQWRVSRVLWLYRV \ QHJDWLYRVGHOFDSLWDO PRELOLDULRTXHVH
LQWHJUDQHQODEDVHLPSRQLEOHGHODKRUURHVQHJDWLYRVXLPSRUWHVHFRPSHQVDUiFRQ
HO VDOGR SRVLWLYR GH ODV JDQDQFLDV \ SpUGLGDV SDWULPRQLDOHV TXH FRQIRUPDQ HO RWUR
FRPSRQHQWHGHODEDVHLPSRQLEOHGHODKRUURFRQHOOtPLWHGHOSRUGHGLFKR
VDOGRSRVLWLYR6LWUDVGLFKDVFRPSHQVDFLRQHVTXHGDVHVDOGRQHJDWLYRVXLPSRUWHVH
FRPSHQVDUiHQORVDxRVVLJXLHQWHV
9 6L HO VDOGR GH OD LQWHJUDFLyQ \ FRPSHQVDFLyQ GH ODV JDQDQFLDV \ SpUGLGDV
SDWULPRQLDOHV TXH IRUPDQ SDUWH GH OD EDVH LPSRQLEOH GHO DKRUUR HV QHJDWLYR VX
LPSRUWH VH SRGUi FRPSHQVDU FRQ HO VDOGR SRVLWLYR GHO RWUR FRPSRQHQWH GH OD EDVH
LPSRQLEOHGHODKRUURORVUHQGLPLHQWRVGHFDSLWDOPRELOLDULRFRQHOOtPLWHGHOSRU
GHGLFKRVDOGRSRVLWLYR6LWUDVGLFKDVFRPSHQVDFLRQHVTXHGDVHVDOGRQHJDWLYR
VXLPSRUWHVHFRPSHQVDUiHQORVDxRVVLJXLHQWHV
9 6L HQ OD GHFODUDFLyQ LQGLYLGXDO GH XQ DxR VH KD GHWHUPLQDGR XQ VDOGR QHJDWLYR GH
JDQDQFLDV\SpUGLGDVSDWULPRQLDOHVTXHSXHGHVHUFRPSHQVDGRHQORVDxRVVLJXLHQWHV
SXHGHHIHFWXDUVHODFRPSHQVDFLyQHQXQDGHFODUDFLyQFRQMXQWDGHHVRVHMHUFLFLRV6L
VH UHDOL]D HQ XQD GHFODUDFLyQ FRQMXQWD VH HIHFWXDUi FRQ ORVVDOGRV
SRVLWLYRVUHVXOWDQWHV GHHVH WLSR GH GHFODUDFLyQ FRQ LQGHSHQGHQFLD GHTXLpQ VHD
HOFRQWULEX\HQWHTXHORVRULJLQy ,QIRUPD$($7
126
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 127
127
Declaracion_NEW_Maquetación 1 07/04/2023 9:07 Página 128
128
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 129
7DULIDV
(VFDODJHQHUDOGHOLPSXHVWRSDUDGHWHUPLQDUODFXRWDtQWHJUDHVWDWDO ODFXRWDtQWHJUDWRWDO
VHFRQIRUPDUiDGHPiVFRQODFXRWDtQWHJUDDXWRQyPLFDHQIXQFLyQGHODWDULIDDSOLFDGD
SRUFDGDXQDGHODV&RPXQLGDGHVGHUpJLPHQFRP~Q
%DVH &XRWD 5HVWREDVH 7LSR
OLTXLGDEOH OLTXLGDEOH DSOLFDEOH
(XURV
+DVWDHXURV +DVWDHXURV 3RUFHQWDMH
(QDGHODQWH
129
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 130
'HGXFFLRQHV
3RUHILFLHQFLDHQHUJpWLFD
(O 5HDO 'HFUHWROH\ GH GH RFWXEUH GH PHGLGDV XUJHQWHV SDUD LPSXOVDU OD
DFWLYLGDG GH UHKDELOLWDFLyQ HGLILFDWRULD HQ HO FRQWH[WR GHO 3ODQ GH 5HFXSHUDFLyQ
7UDQVIRUPDFLyQ\5HVLOLHQFLDKDLQWURGXFLGRQXHYDVGHGXFFLRQHVWHPSRUDOHVDSOLFDEOHV
VREUH ODV FDQWLGDGHV LQYHUWLGDV HQ REUDV GH UHKDELOLWDFLyQ TXH FRQWULEX\DQ D DOFDQ]DU
GHWHUPLQDGDVPHMRUDVGHODHILFLHQFLDHQHUJpWLFDGHODVYLYLHQGDV
6HHVWDEOHFHXQDSULPHUDGHGXFFLyQSRUREUDVTXHFRQWULEX\DQDODPHMRUDGHODHILFLHQFLD
HQHUJpWLFDGHODYLYLHQGDKDELWXDORDUUHQGDGDSDUDVXXVRFRPRYLYLHQGDGHKDVWDXQ
SRU GH ODV FDQWLGDGHV VDWLVIHFKDV SRU ODV REUDV UHDOL]DGDV D SDUWLU GH OD HQWUDGD HQ
YLJRUGHOFLWDGR5HDO'HFUHWROH\ GHRFWXEUHGH \KDVWDHOGHGLFLHPEUHGH
FRQ XQD EDVH Pi[LPD GH GHGXFFLyQ GH ¼ DQXDOHV VLHPSUH TXH ODV REUDV
UHDOL]DGDV FRQWULEX\DQ D XQD UHGXFFLyQ GH DO PHQRV XQ SRU HQ OD GHPDQGD GH
FDOHIDFFLyQ \ UHIULJHUDFLyQ DFUHGLWDEOH D WUDYpV GH OD UHGXFFLyQ GH ORV LQGLFDGRUHV GH
GHPDQGD GH FDOHIDFFLyQ \ UHIULJHUDFLyQ GHO FHUWLILFDGR GH HILFLHQFLD HQHUJpWLFD GH OD
YLYLHQGD
/DVHJXQGDGHGXFFLyQSRUREUDVTXHFRQWULEX\DQDODPHMRUDGHODHILFLHQFLDHQHUJpWLFD
GHODYLYLHQGDKDELWXDORDUUHQGDGDSDUDVXXVRFRPRYLYLHQGDSHUPLWHXQDGHGXFFLyQGH
KDVWDXQSRUGHODVFDQWLGDGHVVDWLVIHFKDV SRUODVREUDVUHDOL]DGDVHQHO PLVPR
SOD]RWHPSRUDOTXHODGHGXFFLyQDQWHULRUKDVWDXQPi[LPRGH¼DQXDOHVVLHPSUH
TXHODVREUDVFRQWULEX\DQDXQDUHGXFFLyQGHDOPHQRVXQSRUGHOFRQVXPRGH
HQHUJtDSULPDULDQRUHQRYDEOHDFUHGLWDEOHDWUDYpVGHODUHGXFFLyQGHOUHIHULGRLQGLFDGRU
GHFRQVXPRGHHQHUJtDSULPDULDQRUHQRYDEOHGHOFHUWLILFDGRGHHILFLHQFLDHQHUJpWLFDGH
OD YLYLHQGD R PHMRUHQ OD FDOLILFDFLyQ HQHUJpWLFD GH OD YLYLHQGD SDUDREWHQHU XQD FODVH
HQHUJpWLFD©$ªR©%ªHQODPLVPDHVFDODGHFDOLILFDFLyQ
130
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 131
131
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 132
3RULQYHUVLyQHQYLYLHQGDKDELWXDO
6L GXUDQWH KD VDWLVIHFKR FDQWLGDGHV SRU XQD YLYLHQGD TXH DGTXLULy DQWHV GH GH
HQHURGHSRGUiGHGXFLUHQJHQHUDOHOSRUGHODVFDQWLGDGHVVDWLVIHFKDVFRQ
XQD EDVH Pi[LPD GH GHGXFFLyQ GH ¼ OtPLWH Pi[LPR SRU FRQWULEX\HQWH \
GHFODUDFLyQ VLHQGRODFXDQWtDGHODGHGXFFLyQHVWDWDOHOUHVXOWDGRGHDSOLFDUDODEDVHHO
SRUFHQWDMHGHOSRU ODSDUWHDXWRQyPLFDGHODGHGXFFLyQVDOYRTXHOD&RPXQLGDG
KD\DHVWDEOHFLGRRWURSRUFHQWDMHVHUiWDPELpQGHOSRU
/D QRUPDWLYD GHO ,PSXHVWR GHILQH HO FRQFHSWR GH YLYLHQGD KDELWXDO D HIHFWRV GH OD
DSOLFDFLyQGHHVWDGHGXFFLyQH[LJLHQGRSDUDTXHODYLYLHQGDWHQJDODFRQVLGHUDFLyQGH
KDELWXDOTXHVHDKDELWDGDGHPDQHUDHIHFWLYD\FRQFDUiFWHUSHUPDQHQWHHQXQSOD]RGH
PHVHVFRQWDGRVDSDUWLUGHODIHFKDGHDGTXLVLFLyQ(O7ULEXQDO6XSHULRUGH-XVWLFLDGH
0DGULGEDViQGRVHHQXQDFRQVXOWDGHOD'LUHFFLyQ*HQHUDOGH7ULEXWRVLQWHUSUHWDTXH
DXQTXH HO FRQWULEX\HQWH QR SXHGD GHPRVWUDU TXH KDELWD OD YLYLHQGD HQ ORV PHVHV
SRVWHULRUHVDVXDGTXLVLFLyQQDGDLPSLGHTXHSXHGDDSOLFDUODGHGXFFLyQHQHOHMHUFLFLR
HQ HO TXH HIHFWLYDPHQWH KD\D RFXSDGR OD YLYLHQGD Q GH 5HFXUVR GH GH
GLFLHPEUHGH
$WHQHUHQFXHQWD
9 6LWLHQHGHUHFKRDODDSOLFDFLyQGHODGHGXFFLyQSHURHQQRKDSHUFLELGRUHQWDV
TXHOHREOLJXHQDSUHVHQWDUODGHFODUDFLyQQRWHQGUiTXHSUHVHQWDUODPDQWHQLHQGRVX
GHUHFKRDGHGXFLUHQORVHMHUFLFLRVVLJXLHQWHVHQORVTXHQXHYDPHQWHHVWpREOLJDGR
DSUHVHQWDUGHFODUDFLyQSRUHO,PSXHVWR '*79
9 &XDQGRVHFDQFHODHOSUpVWDPRKLSRWHFDULRWUDVODHQDMHQDFLyQGHODYLYLHQGDKDELWXDO
HVDVFDQWLGDGHVQRVHFRQVLGHUDQFRPRSDJRGHVWLQDGRDODDGTXLVLFLyQGHODYLYLHQGD
HQODPHGLGDHQTXH\DVHKDYHQGLGR(QHVWRVFDVRVDHIHFWRVGHODGHWHUPLQDFLyQ
GHODEDVHGHODGHGXFFLyQVRORVHKDQGHWHQHUHQFXHQWDODVFDQWLGDGHVVDWLVIHFKDV
FRQDQWHULRULGDGDOGtDGHODYHQWD '*79
132
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 133
133
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 134
134
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 135
135
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 136
136
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 137
137
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 138
)XQGDFLRQHVTXHULQGDQFXHQWDVDOyUJDQRGHOSURWHFWRUDGRFRUUHVSRQGLHQWH SRU
$VRFLDFLRQHVGHFODUDGDVGHXWLOLGDGS~EOLFDQRLQFOXLGDVHQHOiPELWRGHOD/H\ SRU
3ULPHURV¼ SRU
(QWLGDGHVHLQVWLWXFLRQHVSUHYLVWDVHQOD/H\
/tPLWHSRU%/ SRU SRU
VDOYRSURJUDPDVSULRULWDULRV
5HVWR HQFDVRGHGRQDFLyQ
KDELWXDO
(QWLGDGHVHLQVWLWXFLRQHVSUHYLVWDVHQOD/H\ 3ULPHURV¼ SRU
TXHGHVWLQHQODVFDQWLGDGHVDOD
/tPLWHSRU%/ SRU SRU
UHDOL]DFLyQ\GHVDUUROORGHDFWLYLGDGHV\
5HVWR HQFDVRGHGRQDFLyQ
SURJUDPDVSULRULWDULRVGHPHFHQD]JR
KDELWXDO
3RUODVFXRWDVGHDILOLDFLyQDSDUWLGRVSROtWLFRV
/tPLWHEDVHGHGXFFLyQ
)HGHUDFLRQHV&RDOLFLRQHVR$JUXSDFLRQHVGH SRU
¼
(OHFWRUHV
9 6L XQ PDWULPRQLR HVWi FDVDGR HQ UpJLPHQ GH JDQDQFLDOHV DXQTXH ORV GRQDWLYRV
UHDOL]DGRVVHKD\DQLPSXWDGRSRUODVHQWLGDGHVEHQHILFLDULDVDOSRUDXQRVROR
GHORVFyQ\XJHVFRUUHVSRQGHUiDSOLFDUODGHGXFFLyQDOSRUSRUFDGDXQR '*7
9
3RUDFWXDFLRQHVSDUDODSURWHFFLyQ\GLIXVLyQGHO3DWULPRQLR+LVWyULFR(VSDxRO\GHODV
FLXGDGHVFRQMXQWRV\ELHQHVGHFODUDGRV3DWULPRQLR0XQGLDO
/RVFRQWULEX\HQWHVWLHQHQGHUHFKRDXQDGHGXFFLyQHQODFXRWDGHOSRUGHOLPSRUWH
GHODVLQYHUVLRQHVRJDVWRVTXHUHDOLFHQSRUORVVLJXLHQWHVFRQFHSWRV
9 /DDGTXLVLFLyQGHELHQHVGHO3DWULPRQLR+LVWyULFR(VSDxROUHDOL]DGDHQHOH[WUDQMHUR
SDUDVXLQWURGXFFLyQHQQXHVWURSDtVVLHPSUHTXHORVELHQHVVHDQGHFODUDGRVELHQHV
GHLQWHUpVFXOWXUDORLQFOXLGRVHQHO,QYHQWDULRJHQHUDOGHELHQHVPXHEOHVHQHOSOD]R
GH XQ DxR GHVGH VX LQWURGXFFLyQ \ SHUPDQH]FDQ HQ WHUULWRULR HVSDxRO \ GHQWUR GHO
SDWULPRQLRGHOWLWXODUGXUDQWHDOPHQRVDxRV
9 /DFRQVHUYDFLyQUHSDUDFLyQUHVWDXUDFLyQGLIXVLyQ\H[SRVLFLyQGHORVELHQHVGHVX
SURSLHGDG TXH HVWpQ GHFODUDGRV GH LQWHUpV FXOWXUDO FRQIRUPH D OD QRUPDWLYD GHO
3DWULPRQLR+LVWyULFRGHO(VWDGR\GHODV&RPXQLGDGHV$XWyQRPDVVLHPSUH\FXDQGR
VHFXPSODQODVH[LJHQFLDVHVWDEOHFLGDVHQGLFKDQRUPDWLYDHQSDUWLFXODUUHVSHFWRGH
ORVGHEHUHVGHYLVLWD\H[SRVLFLyQS~EOLFDGHGLFKRVELHQHV
9 /DUHKDELOLWDFLyQGHHGLILFLRVHOPDQWHQLPLHQWR\UHSDUDFLyQGHWHMDGRV\IDFKDGDV
DVtFRPRODPHMRUDGHLQIUDHVWUXFWXUDVGHVXSURSLHGDGVLWXDGRVHQHOHQWRUQRTXHVHD
6H DSOLFD HO SRUFHQWDMH LQFUHPHQWDGR FXDQGR HQ ORV SHUtRGRV LPSRVLWLYRV LQPHGLDWRV DQWHULRUHV VH
KXELHUDQUHDOL]DGRGRQDWLYRVGRQDFLRQHVRDSRUWDFLRQHVFRQGHUHFKRDGHGXFFLyQDIDYRUGHXQDPLVPD
HQWLGDGSRULPSRUWHLJXDORVXSHULRUHQFDGDXQRGHHOORVDOGHOHMHUFLFLRDQWHULRU
138
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 139
7ULEXWDFLyQFRQMXQWD
&RQFDUiFWHUJHQHUDOODGHFODUDFLyQGHO,PSXHVWRVREUHOD5HQWDGHODV3HUVRQDV)tVLFDV
VH SUHVHQWD GH IRUPD LQGLYLGXDO 1R REVWDQWH ODV SHUVRQDV LQWHJUDGDV HQ XQD XQLGDG
IDPLOLDUSXHGHQRSWDUSRUGHFODUDUGHIRUPDFRQMXQWDVLHPSUHTXHWRGRVVXVPLHPEURV
VHDQ FRQWULEX\HQWHV SRU HVWH LPSXHVWR(Q HVWD PRGDOLGDG GHWULEXWDFLyQ ODV UHQWDV GH
FXDOTXLHUWLSRREWHQLGDVSRUWRGRV\FDGDXQRGHORVPLHPEURVGHODXQLGDGIDPLOLDUVH
VRPHWHUiQ D JUDYDPHQ DFXPXODGDPHQWH \ WRGRV TXHGDUiQ VRPHWLGRV DO LPSXHVWR
FRQMXQWD\VROLGDULDPHQWHGHIRUPDTXHODGHXGDWULEXWDULDUHVXOWDQWHGHODGHFODUDFLyQ
RODGHVFXELHUWDSRUOD$GPLQLVWUDFLyQSRGUiVHUH[LJLGDHQVXWRWDOLGDGDFXDOTXLHUDGH
HOORV
2SFLyQSRUWULEXWDUGHPDQHUDFRQMXQWD
3XHGHQ RSWDU SRU OD WULEXWDFLyQ FRQMXQWD ODV IDPLOLDV LQWHJUDGDV SRU ORV FyQ\XJHV QR
VHSDUDGRVOHJDOPHQWH\VLORVKXELHUDORVKLMRVPHQRUHVFRQH[FHSFLyQGHORVTXHFRQ
HO FRQVHQWLPLHQWR GH ORV SDGUHV YLYDQ LQGHSHQGLHQWHV GH pVWRV 7DPELpQ ORV KLMRV
PD\RUHV GH HGDG LQFDSDFLWDGRV MXGLFLDOPHQWH VXMHWRV D SDWULD SRWHVWDG SURUURJDGD R
UHKDELOLWDGD
$WHQHUHQFXHQWD
9 /DRSFLyQSRUODWULEXWDFLyQFRQMXQWDGHEHUiDEDUFDUDODWRWDOLGDGGHORVPLHPEURV
GHODXQLGDGIDPLOLDU6LXQRGHHOORVSUHVHQWDGHFODUDFLyQLQGLYLGXDOORVUHVWDQWHV
GHEHUiQXWLOL]DUHOPLVPRUpJLPHQ
9 7HQJDHQFXHQWDTXHODRSFLyQHMHUFLWDGDSDUDXQ SHUtRGRLPSRVLWLYRQRSRGUiVHU
PRGLILFDGDFRQSRVWHULRULGDGXQDYH]ILQDOL]DGRHOSOD]RGHGHFODUDFLyQ3RUWDQWR
VLVHSUHVHQWyGHFODUDFLyQFRQMXQWD\VHROYLGyLQFOXLUXQDUHQWDVHGHEHSUHVHQWDU
(QORVFDVRVGHVHSDUDFLyQOHJDORFXDQGRQRH[LVWLHUDYtQFXORPDWULPRQLDOIRUPDUiQXQLGDGIDPLOLDUD
HVWRVHIHFWRVHOSDGUHRODPDGUH\WRGRVORVKLMRVTXHFRQYLYDQFRQXQRXRWUR
139
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 140
140
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 141
,PSXHVWRVQHJDWLYRV
'HGXFFLyQSRUPDWHUQLGDG
/DV PXMHUHV FRQ KLMRV PHQRUHV GH DxRV FRQ GHUHFKR D OD DSOLFDFLyQ GHO PtQLPR SRU
GHVFHQGLHQWHVTXHUHDOLFHQXQDDFWLYLGDGSRUFXHQWDSURSLDRDMHQDSRUODFXDOHVWpQGDGDV
GH DOWD HQ HO UpJLPHQ FRUUHVSRQGLHQWH GH OD 6HJXULGDG 6RFLDO R PXWXDOLGDG SXHGHQ
PLQRUDUODFXRWDGHO,PSXHVWRKDVWDHQ¼DQXDOHVSRUFDGDKLMRPHQRUGHDxRVFRQ
HOOtPLWHWDPELpQSRUFDGDKLMRGHODVFRWL]DFLRQHV\FXRWDVWRWDOHV VLQWHQHUHQFXHQWD
ERQLILFDFLRQHV DOD6HJXULGDG6RFLDOGHYHQJDGDVHQHOSHUtRGRLPSRVLWLYRGHVSXpVGHO
QDFLPLHQWR
/DV PDGUHV FRQ GHUHFKR D OD DSOLFDFLyQ GH HVWD GHGXFFLyQ SXHGHQ GHGXFLU ¼
DGLFLRQDOHV ¼PHVFRPSOHWRGHJXDUGHUtD FXDQGRKXELHUDQVDWLVIHFKRHQHOSHUtRGR
LPSRVLWLYR JDVWRV GH FXVWRGLD GHO KLMR PHQRU GH DxRV HQ JXDUGHUtDV R FHQWURV GH
HGXFDFLyQ LQIDQWLO DXWRUL]DGRV DFWXDQGR FRPR OtPLWH OD PHQRU GH FDQWLGDGHV OD
FRWL]DFLyQ D OD 6HJXULGDG 6RFLDO R HO LPSRUWH DQXDO GHO JDVWR HQ JXDUGHUtD QR
VXEYHQFLRQDGR 'LFKD GHGXFFLyQ DXQTXH VH WUDWD GH XQ LPSXHVWR QHJDWLYR VH SDJD DO
141
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 142
142
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 143
143
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 144
144
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 145
145
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 146
5HJtPHQHVHVSHFLDOHV
5pJLPHQGHDWULEXFLyQGHUHQWDV
7LHQHQ OD FRQVLGHUDFLyQ GH HQWLGDGHV VRPHWLGDV DO UpJLPHQ HVSHFLDO GH DWULEXFLyQ GH
UHQWDV ODV VRFLHGDGHV FLYLOHV QR VXMHWDV DO ,PSXHVWR VREUH 6RFLHGDGHV ODV KHUHQFLDV
\DFHQWHVODVFRPXQLGDGHVGHELHQHVLQFOXLGDVODVFRPXQLGDGHVGHSURSLHWDULRV\GHPiV
HQWLGDGHVFDUHQWHVGHSHUVRQDOLGDGMXUtGLFDTXHFRQVWLWX\DQXQDXQLGDGHFRQyPLFDRXQ
SDWULPRQLRVHSDUDGRVXVFHSWLEOHGHLPSRVLFLyQ
$WHQHUHQFXHQWD
9 &XDQGRXQDFRPXQLGDGGHYHFLQRVUHFLEHXQDVXEYHQFLyQHVWDD\XGDVHDWULEX\HD
TXLHQRVWHQWHODFRQGLFLyQGHSURSLHWDULRGHFDGDSLVRRORFDOHQHOPRPHQWRGHFREUR
GH OD PLVPD HQ IXQFLyQ GH VX FRHILFLHQWH GH SDUWLFLSDFLyQ HQ HO HGLILFLR '*7
9
9 (V FRPSDWLEOH OD UHDOL]DFLyQ GH XQD DFWLYLGDG SURIHVLRQDO SRU SDUWH GH XQR GH ORV
FRPXQHURVFRQHOFiOFXORGHOUHQGLPLHQWRDWUDYpVGHOPpWRGRGHHVWLPDFLyQREMHWLYD
GHODFRPXQLGDGGHELHQHV/DDSOLFDFLyQGHOPpWRGRGHHVWLPDFLyQREMHWLYDHQVHGH
GH OD FRPXQLGDG GHEHUi HIHFWXDUVH FRQ LQGHSHQGHQFLD GH ODV FLUFXQVWDQFLDV TXH
FRQFXUUDQ LQGLYLGXDOPHQWH HQ ORV VRFLRV KHUHGHURV FRPXQHURV R SDUWtFLSHV '*7
9
9 8QDFRPXQLGDGGHJDVWRVQRHVWiREOLJDGDDSUHVHQWDUOD'HFODUDFLyQ,QIRUPDWLYDGH
ODV(QWLGDGHVHQ$WULEXFLyQGH5HQWDVPRGHOR '*79
9 (QFDVRGHXQDFRPXQLGDGGHELHQHVTXHUHDOL]DODDFWLYLGDGHFRQyPLFDGHIDUPDFLD
HQ OD TXH XQRV FRPXQHURV WUDEDMDQ \ RWURV QR ORV FRPXQHURV TXH WUDEDMDQ HQ OD
DFWLYLGDGSHUFLELUiQXQDUHWULEXFLyQGHWHUPLQDGDFRQWUDFWXDOPHQWHSRUODDSRUWDFLyQ
GH VX WUDEDMR $GHPiV VH DWULEXLUiQ HO SRUFHQWDMH TXH OHV FRUUHVSRQGD VHJ~Q ORV
SDFWRVHVWDEOHFLGRVGHOUHQGLPLHQWRQHWRUHVWDQWHHVGHFLUXQDYH]PLQRUDGDGLFKD
UHWULEXFLyQ '*79
,PSXWDFLyQGHGHUHFKRVGHLPDJHQ
/RVFRQWULEX\HQWHVGHEHQLPSXWDUXQLPSRUWHSRUGHUHFKRVGHLPDJHQFXDQGRFRQFXUUDQ
ODV FLUFXQVWDQFLDV VLJXLHQWHV TXH KXELHUDQ FHGLGR HO GHUHFKR D OD H[SORWDFLyQ GH VX
LPDJHQRKXELHVHQFRQVHQWLGRRDXWRUL]DGRVXXWLOL]DFLyQDRWUDSHUVRQDRHQWLGDGTXH
SUHVWHQVXVVHUYLFLRVDXQDSHUVRQDRHQWLGDGHQHOiPELWRGHXQDUHODFLyQODERUDO\TXH
7ULEXWDQ HQ HO ,PSXHVWR VREUH 6RFLHGDGHV ODV VRFLHGDGHV FLYLOHV FRQ SHUVRQDOLGDG MXUtGLFD \ REMHWR
PHUFDQWLO 6H H[FOX\HQ GHO iPELWR PHUFDQWLO \ SRU WDQWR QR VRQ FRQWULEX\HQWHV GHO ,PSXHVWR VREUH
6RFLHGDGHV ODV VRFLHGDGHV FLYLOHV FRQVWLWXLGDV EDMR HO SDUDJXDV GH OD /H\ GH PDU]R GH
6RFLHGDGHV3URIHVLRQDOHV %2(GHGHPDU]R
146
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 147
147
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 148
148
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 149
149
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 150
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 151
2EOLJDFLyQGHGHFODUDU
&RQFDUiFWHUJHQHUDOHVWiQREOLJDGRVDSUHVHQWDUODGHFODUDFLyQWRGRVORVFRQWULEX\HQWHV
TXHKD\DQREWHQLGRHQUHQWDVVXMHWDVDO,PSXHVWR
151
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 152
x /tPLWH GH ¼ FXDQGR OD UHQWD VH SHUFLED GH XQ VROR SDJDGRU R VH
SHUFLEDQUHQGLPLHQWRVGHPiVGHXQSDJDGRU\FRQFXUUDFXDOTXLHUDGHODV
VLWXDFLRQHVVLJXLHQWHV
o 4XHODVXPDGHODVUHQWDVREWHQLGDVSRUHOVHJXQGRSDJDGRU\UHVWDQWHV
SRURUGHQGHFXDQWtDQRVXSHUHQHQFRQMXQWR¼
o &XDQGRORTXHVHSHUFLEDVHDQSHQVLRQHVGHFODVHVSDVLYDV\HOWLSRGH
UHWHQFLyQVHGHWHUPLQHSRUHOSURFHGLPLHQWRHVSHFLDOSUHYLVWRDOHIHFWR
x (OOtPLWHVHUiGH¼FXDQGRVHGpFXDOTXLHUDGHODVVLJXLHQWHVVLWXDFLRQHV
o 4XHHOUHQGLPLHQWRSURFHGDGHPiVGHXQSDJDGRU\ODVXPDGHODVUHQWDV
REWHQLGDVSRUHOVHJXQGR\UHVWDQWHVSDJDGRUHVVXSHUHQ¼
o 4XHHOUHQGLPLHQWRFRUUHVSRQGDDSHQVLRQHVFRPSHQVDWRULDV
o 4XHHOSDJDGRUQRWHQJDREOLJDFLyQGHUHWHQHU
o 4XHVHSHUFLEDQUHQGLPLHQWRVGHOWUDEDMRVXMHWRVDWLSRILMRGHUHWHQFLyQ
9 5HQGLPLHQWRVGHFDSLWDOPRELOLDULR\JDQDQFLDVSDWULPRQLDOHVVXMHWDVDUHWHQFLyQR
LQJUHVRDFXHQWDFXDQGRODVSHUFHSFLRQHVQRVXSHUHQ¼
9 5HQWDV LQPRELOLDULDV LPSXWDGDV UHQGLPLHQWRV tQWHJURV GHO FDSLWDO PRELOLDULR QR
VXMHWRVDUHWHQFLyQGHULYDGRVGH/HWUDVGHO7HVRURVXEYHQFLRQHVSDUDODDGTXLVLFLyQ
GH YLYLHQGDV GH SURWHFFLyQ RILFLDO R GH SUHFLR WDVDGR \ GHPiV JDQDQFLDV
SDWULPRQLDOHVGHULYDGDVGHD\XGDVS~EOLFDVFRQHOOtPLWHFRQMXQWRGH¼
6HJXQGRFDVR
9 &XDQGR VyOR VH REWHQJDQ UHQGLPLHQWRV tQWHJURV GHO WUDEDMR GHO FDSLWDO R GH
DFWLYLGDGHVHFRQyPLFDVDVtFRPRJDQDQFLDVSDWULPRQLDOHVFRQHOOtPLWHFRQMXQWR
GH¼\SpUGLGDVSDWULPRQLDOHVGHFXDQWtDLQIHULRUD¼ '*79
$HIHFWRVGHODGHWHUPLQDFLyQGHODREOLJDFLyQGHGHFODUDUQRVHWHQGUiQHQFXHQWDODVUHQWDVH[HQWDVQL
ODVVXMHWDVDO*UDYDPHQHVSHFLDOVREUHGHWHUPLQDGDVORWHUtDV\DSXHVWDV
(QORVVXSXHVWRVGHVXEURJDFLyQHPSUHVDULDO GHXQFHQWURGHWUDEDMRHQHVWHFDVR ODHPSUHVDFHVLRQDULD
HVWiREOLJDGDDVXEURJDUVHHQORVFRQWUDWRVGHORVWUDEDMDGRUHVDGVFULWRVDGLFKRFHQWUR3RUWDQWRQRVH
SURGXFLUtDSDUDHVWRV~OWLPRVODH[LVWHQFLDGHPiVGHXQSDJDGRU '*79 6LXQFRQWULEX\HQWH
SULPHURWUDEDMySDUDVXHPSOHDGRUFRPREHFDULR\GHVSXpVSDUDHOPLVPRSHURFRQWUDWDGRSRUXQD$77
VHFRQVLGHUDTXHH[LVWHQGRVSDJDGRUHV '*79
(VWRQRHVDSOLFDEOHFXDQGRVHUHFLEDQJDQDQFLDVSDWULPRQLDOHVGHDFFLRQHVRSDUWLFLSDFLRQHVHQ,,&TXH
QRVHKD\DQUHWHQLGRSURSRUFLRQDOPHQWHDOLPSRUWHTXHVHGHEDLQWHJUDUHQODEDVHLPSRQLEOHORTXHVXFHGH
VL SRU HMHPSOR ODV SDUWLFLSDFLRQHV HQ XQ IRQGR GHWHUPLQDGR VH KDQ DGTXLULGR D OD JHVWRUD \ D XQD
FRPHUFLDOL]DGRUD\VHWUDQVPLWHVRORSDUWHGHODVPLVPDV
152
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 153
6LHPSUHHVWiQREOLJDGRVDGHFODUDU
9 /RV FRQWULEX\HQWHV TXH WHQJDQ GHUHFKR D DOJXQD GH ODV VLJXLHQWHV GHGXFFLRQHV R
UHGXFFLRQHV\GHVHHQHMHUFLWDUWDOGHUHFKR
x /D GHGXFFLyQ SRU DGTXLVLFLyQ GH YLYLHQGD SRU TXLHQHV DSOLFDQ HO UpJLPHQ
WUDQVLWRULR
x 'HGXFFLyQSRUGREOHLPSRVLFLyQLQWHUQDFLRQDO
x 4XLHQHVUHDOLFHQDSRUWDFLRQHVDOSDWULPRQLRSURWHJLGRGHGLVFDSDFLWDGRVRD
VLVWHPDVGHSUHYLVLyQVRFLDOVLGHVHDQHMHUFLWDUHOGHUHFKRDODUHGXFFLyQGHOD
EDVHGHO,PSXHVWR
9 /RVFRQWULEX\HQWHVTXHGHVHDQREWHQHUGHYROXFLRQHVSRU
x 5HWHQFLRQHVLQJUHVRVDFXHQWDRSDJRVIUDFFLRQDGRV
x /DVUHWHQFLRQHVSRU,515FXDQGRVHKD\DDGTXLULGRODUHVLGHQFLDHQ
x 'HGXFFLyQSRUPDWHUQLGDG
x 'HGXFFLRQHV SRU GHVFHQGLHQWHV R DVFHQGLHQWHV GLVFDSDFLWDGRV R SRU IDPLOLD
QXPHURVD
9 /DV SHUVRQDV WLWXODUHV GHO LQJUHVR PtQLPR YLWDO \ ODV SHUVRQDV LQWHJUDQWHV GH OD
XQLGDGGHFRQYLYHQFLD
(O%RUUDGRU
3DUD OD DXWROLTXLGDFLyQ FRUUHVSRQGLHQWH D WRGRV ORV FRQWULEX\HQWHV FRQ
LQGHSHQGHQFLD GH OD QDWXUDOH]D GH VXV UHQWDV SXHGHQ VROLFLWDU HO ERUUDGRU GH OD
GHFODUDFLyQ
9 (Q SULPHU OXJDU KD\ TXH DGYHUWLU TXH HO ERUUDGRU VH SRQH D GLVSRVLFLyQ GH ORV
FRQWULEX\HQWHV D HIHFWRV PHUDPHQWH LQIRUPDWLYRV \ TXH SXHGH FRQWHQHU GDWRV
HUUyQHRVRQRFRQWHPSODUGHWHUPLQDGDVUHQWDV(QSULQFLSLRODRPLVLyQGHUHQWDV
QRUHFRJLGDVHQHOERUUDGRUQRH[LPHDOFRQWULEX\HQWHGHUHVSRQVDELOLGDGDXQTXH
HQDOJ~QFDVRFRQFUHWRSRGUtDHVJULPLUVHHVWHDUJXPHQWRHQXQSURFHGLPLHQWRGH
UHYLVLyQ
9 3OD]RGHGLVSRVLFLyQHOERUUDGRUHVWDUiDGLVSRVLFLyQGHORVFRQWULEX\HQWHVDSDUWLU
GHOGHDEULODWUDYpVGHO6HUYLFLRGHWUDPLWDFLyQGHOERUUDGRUGHFODUDFLyQHQOD
GLUHFFLyQHOHFWUyQLFDGHOD$($7
/DXQLGDGGHFRQYLYHQFLDHVWiIRUPDGDSRUWRGDVODVSHUVRQDVTXHUHVLGDQHQXQPLVPRGRPLFLOLRXQLGDV
HQWUH Vt SRU YtQFXOR PDWULPRQLDO FRPR SDUHMD GH KHFKR R SRU YtQFXOR KDVWD HO VHJXQGR JUDGR GH
FRQVDQJXLQLGDGRDILQLGDGDGRSFLyQ\RWUDVSHUVRQDVFRQODVTXHFRQYLYDHQYLUWXGGHJXDUGDFRQILQHV
GHDGRSFLyQRDFRJLPLHQWRIDPLOLDUSHUPDQHQWH
153
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 154
154
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 155
/DGHFODUDFLyQ
9 3OD]RGHVGHHOGHDEULOKDVWDHOGHMXQLRGHDPERVLQFOXVLYH
6LVHGRPLFLOLDHOSDJRHOSOD]RILQDOL]DUiHOGHMXQLRDXQTXHHOFDUJRHQFXHQWD
VHUHDOL]DUiHOGHMXQLR1RREVWDQWHVLVHRSWDSRUGRPLFLOLDU~QLFDPHQWHHO
VHJXQGRSOD]RHO~OWLPRGtDGHSUHVHQWDFLyQVHUiHOGHMXQLRHIHFWXiQGRVHHO
FDUJRGHOVHJXQGRSOD]RHOGHQRYLHPEUHGH
9 )RUPDVGHSUHVHQWDFLyQ
x 3RU PHGLRV HOHFWUyQLFRV D WUDYpV GH ,QWHUQHW HQ OD VHGH HOHFWUyQLFD GH OD
$JHQFLD7ULEXWDULDXWLOL]DQGRFHUWLILFDGRUHFRQRFLGR&O#YH3,1RQ~PHUR
GHUHIHUHQFLD
x 3RUPHGLRVHOHFWUyQLFRVDWUDYpVGHOWHOpIRQRSUHYLDVROLFLWXGGHFLWD
x $ WUDYpV GH ORV VHUYLFLRV GH D\XGD HQ ODV RILFLQDV GH OD $($7 R HQ ODV
KDELOLWDGDV SRU ODV &&$$ \ ((// SUHYLD VROLFLWXG GH FLWD /DV FLWDV
SUHVHQFLDOHVVHSXHGHQSHGLUGHVGHHOGHPD\R\VHGDUiQGHVGHHODO
GHMXQLR
$VLJQDFLyQWULEXWDULD
([LVWHQODVVLJXLHQWHVSRVLELOLGDGHV
155
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 156
9 0DUFDUVRORODFDVLOODDVLJQDFLyQWULEXWDULDDOD,JOHVLD&DWyOLFD(QHVWHFDVR
HOGHODFXRWDtQWHJUDGHO,53)VHGHVWLQDUiDOVRVWHQLPLHQWRGHOD,JOHVLD
&DWyOLFD 2WUR VH LPSXWDUi D ORV 3UHVXSXHVWRV *HQHUDOHV GHO (VWDGR FRQ
GHVWLQRDILQHVVRFLDOHV
9 0DUFDUVRORODFDVLOODDVLJQDFLyQGHFDQWLGDGHVDILQHVVRFLDOHV(QHVWHFDVR
HOGHODFXRWDtQWHJUDGHO,53)VHGHVWLQDUiDODV21*GH$FFLyQ6RFLDO\
GH&RRSHUDFLyQDO'HVDUUROORSDUDODUHDOL]DFLyQGHSURJUDPDVVRFLDOHV2WUR
VHLPSXWDUiDORV3UHVXSXHVWRV*HQHUDOHVGHO(VWDGRFRQGHVWLQRDILQHVVRFLDOHV
9 0DUFDU DPEDV FDVLOODV \ XQ GH OD FXRWD tQWHJUD VH GHVWLQDUi DO
VRVWHQLPLHQWRGHOD,JOHVLD&DWyOLFD\RWURWDQWRDILQHVVRFLDOHVJHVWLRQDGRSRUODV
21*
9 1R PDUFDU QLQJXQD GH ODV GRV FDVLOODV HO GH OD FXRWD tQWHJUD GHO
FRQWULEX\HQWH HQ OXJDU GH FRODERUDU DO VRVWHQLPLHQWR GH OD ,JOHVLD &DWyOLFD R D
ILQHVVRFLDOHVJHVWLRQDGRSRUODV21*VHLPSXWDUiDORV3UHVXSXHVWRV*HQHUDOHV
GHO(VWDGRFRQGHVWLQRDILQHVVRFLDOHV\VHJHVWLRQDUiSRUHO(VWDGR
(V LPSRUWDQWH UHVDOWDU TXH FXDOTXLHUD GH ODV DQWHULRUHV RSFLRQHV QR WHQGUi FRVWH
HFRQyPLFR SDUD HO FRQWULEX\HQWH VLQ TXH HO LPSRUWH D LQJUHVDU R D GHYROYHU VH YHD
PRGLILFDGRSRUHVWDGHFLVLyQ
156
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 157
$VSHFWRVJHQHUDOHV
/D/H\GHGHGLFLHPEUHVXSULPLyHOJUDYDPHQSRUHVWH,PSXHVWRDOHVWDEOHFHU
XQDERQLILFDFLyQGHOSRU\HOORFRQHIHFWRVGHHQHURGH
(O 5HDO 'HFUHWROH\ GH GH VHSWLHPEUH UHVWDEOHFLy HO ,PSXHVWR VREUH HO
3DWULPRQLR FRQ FDUiFWHU WHPSRUDO SDUD \ SHUR OD /H\ GH
3UHVXSXHVWRV*HQHUDOHVGHO(VWDGRSDUDDPSOtD ODVXSUHVLyQGH ODERQLILFDFLyQD
HVWHHMHUFLFLR\ORPLVPRHVWDEOHFHQODVOH\HVGH3UHVXSXHVWRV*HQHUDOHVGHO(VWDGRSDUD
\(O5HDO'HFUHWROH\GHGHGLFLHPEUHYXHOYH
DSURUURJDUODVXSUHVLyQGHODERQLILFDFLyQD\HO5HDO'HFUHWROH\GH
GH GLFLHPEUH OR KDFH SDUD &RQ HIHFWRV GH HQHUR GH VH GHURJD
GHILQLWLYDPHQWHHVWDERQLILFDFLyQDWUDYpVGHORV3UHVXSXHVWRV*HQHUDOHVGHO(VWDGRSDUD
9 6H HVWDEOHFH SDUD FDGD FRQWULEX\HQWH XQD H[HQFLyQ GH ¼ HQ OD YLYLHQGD
KDELWXDO 3DUD TXH VH DSOLTXH OD H[HQFLyQ VH GHEH GH WUDWDU GH OD YLYLHQGD TXH
FRQVWLWX\DODUHVLGHQFLDKDELWXDOGXUDQWHXQSOD]RPtQLPRGHDxRV3RUORWDQWR
QR HVWDUi H[HQWD XQD YLYLHQGD HQ FRQVWUXFFLyQ ,1)250$ 3RU RWUD
SDUWHVLODYLYLHQGDHVGHSURSLHGDGJDQDQFLDOFDGDFyQ\XJHGHXQPDWULPRQLR
GHMDUi H[HQWD VX SDUWH DOtFXRWD HQ ¼ '*7 FRPSUHQGLHQGR
WDPELpQODVSOD]DVGHJDUDMHFRQXQPi[LPRGHDGTXLULGDVMXQWRFRQODYLYLHQGD
,1)250$
9 (O PtQLPR H[HQWR VH ILMD HQ ¼ WDQWR SDUD ORV FRQWULEX\HQWHV UHVLGHQWHV
FRPR QR UHVLGHQWHV VDOYR HQ $UDJyQ ¼ &DWDOXxD ([WUHPDGXUD \
&RPXQLGDG9DOHQFLDQD ¼ 2WUDV&RPXQLGDGHVLQFUHPHQWDQORVPtQLPRV
SDUD FRQWULEX\HQWHV FRQ GLVFDSDFLGDG $QGDOXFtD ¼
([WUHPDGXUD ¼ \ OD &RPXQLGDG 9DOHQFLDQD
¼
9 (VWiQREOLJDGRVDSUHVHQWDUODGHFODUDFLyQORVVXMHWRVSDVLYRVFX\DFXRWDWULEXWDULD
UHVXOWH D LQJUHVDU R QR VDOLHQGR D LQJUHVDU FXDQGR HO YDORU GH ORV ELHQHV \
GHUHFKRVVXSHUDORV¼
9 (VWiQVRPHWLGRVSRUREOLJDFLyQUHDO ODVSHUVRQDV ItVLFDV QRUHVLGHQWHVTXHVHDQ
WLWXODUHV GH ELHQHV UDGLFDGRV R GH GHUHFKRV TXH SXHGDQ HMHUFLWDUVH HQ WHUULWRULR
HVSDxRO6HJ~Q'*79XQUHVLGHQWHHQ((88TXHGHSRVLWDDFFLRQHVGH
XQD HPSUHVD DOHPDQD HQ XQD HQWLGDG EDQFDULD HVSDxROD WULEXWD SRU REOLJDFLyQ
UHDO7DPELpQTXHGDQVXMHWDVSRUREOLJDFLyQUHDOODVSHUVRQDVDFRJLGDVHQHO,53)
DO UpJLPHQ HVSHFLDO GH LPSDWULDGRV /RV UHVLGHQWHV VXMHWRV SRU REOLJDFLyQ
SHUVRQDOWULEXWDQSRUWRGRVORVELHQHVRGHUHFKRVLQGHSHQGLHQWHPHQWHGHOOXJDU
HQHOTXHHVWpQVLWXDGRV
157
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 158
158
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 159
159
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 160
9 0DGULG\$QGDOXFtDHVWDEOHFHQHQXQDERQLILFDFLyQGHOSRUSRUOR
TXH VXV UHVLGHQWHV QR WHQGUiQ TXH SDJDU HO LPSXHVWR FXDOTXLHUD TXH VHD VX
SDWULPRQLR6LQHPEDUJRSXHGHKDEHUFRQWULEX\HQWHVGHHVWDV&RPXQLGDGHVTXH
DXQTXHQRWHQJDQTXHSDJDUSRUHOLPSXHVWRGHEDQSUHVHQWDUODGHFODUDFLyQVLHO
YDORU GH VXV ELHQHV \ GHUHFKRV VXSHUD ¼ *DOLFLD HVWDEOHFH XQD
ERQLILFDFLyQGHOSRUHQTXHVHDXPHQWDDOSRUSDUD
9 /DVXPDGH ODFXRWDtQWHJUDGHO,PSXHVWRVREUHHO3DWULPRQLR \ ODGHO,53)QR
SXHGHVXSHUDUHOSRUGHODVXPDGHODVEDVHVLPSRQLEOHVGHO,PSXHVWRVREUH
OD 5HQWD VLQ WHQHU HQ FXHQWD D HVWRV HIHFWRV OD SDUWH GH OD EDVH GHO DKRUUR GH
JDQDQFLDV\SpUGLGDVSDWULPRQLDOHVGHULYDGDVGHWUDQVPLVLRQHVGHHOHPHQWRVFRQ
DQWLJHGDGVXSHULRUDXQDxRQLODSDUWHGHFXRWDGHO,53)FRUUHVSRQGLHQWHDGLFKD
EDVH7DPSRFRVHWHQGUiHQFXHQWDODSDUWHGHO,PSXHVWRVREUHHO3DWULPRQLRTXH
FRUUHVSRQGD D HOHPHQWRV SDWULPRQLDOHV TXH QR VHDQ VXVFHSWLEOHV GH SURGXFLU
UHQGLPLHQWRVHQHO,PSXHVWRVREUHOD5HQWD6LODVXPDGHODVFXRWDVVXSHUDHO
SRUGHODEDVHGHO,53)VHUHGXFLUiODFXRWDGHO,PSXHVWRVREUHHO3DWULPRQLR
KDVWDGLFKROtPLWHVLQTXHODUHGXFFLyQHQHVWH~OWLPR,PSXHVWRSXHGDH[FHGHUGHO
SRUGHVXFXRWD(QRWUDVSDODEUDVVHDFXDOVHDODEDVHGHO,53)VHSDJDUi
FRPRPtQLPRHOSRUGHODFXRWDGHOLPSXHVWRSDWULPRQLDO
9 &RPRQRYHGDGSDUDUHVSHFWRDODREOLJDFLyQUHDOGHFRQWULEXLUVHFRQVLGHUDQ
VLWXDGRV HQ WHUULWRULR HVSDxRO ORV YDORUHV UHSUHVHQWDWLYRV GH OD SDUWLFLSDFLyQ HQ
IRQGRV SURSLRV GH FXDOTXLHU WLSR GH HQWLGDG QR QHJRFLDGRV HQ PHUFDGRV
RUJDQL]DGRV FX\R DFWLYR HVWp FRQVWLWXLGR HQ DO PHQRV HO SRU GH IRUPD
GLUHFWD R LQGLUHFWD SRU ELHQHV LQPXHEOHV VLWXDGRV HQ WHUULWRULR HVSDxRO 3DUD
UHDOL]DU HO FyPSXWR GHO DFWLYR ORV YDORUHV QHWRV FRQWDEOHV GH WRGRV ORV ELHQHV
FRQWDELOL]DGRVVHVXVWLWXLUiQSRUVXVUHVSHFWLYRVYDORUHVGHPHUFDGRGHWHUPLQDGRV
DODIHFKDGHGHYHQJRGHOLPSXHVWR(QHOFDVRGHELHQHVLQPXHEOHVORVYDORUHV
QHWRV FRQWDEOHV VH VXVWLWXLUiQ SRU ORV YDORUHV TXH GHEDQ RSHUDU FRPR EDVH
LPSRQLEOHGHOLPSXHVWRHQFDGDFDVR
160
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 161
161
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 162
o /RV TXH UHSUHVHQWDQ OD FHVLyQ D WHUFHURV GH FDSLWDOHV SURSLRV SRU HO
QRPLQDOPiVODVSULPDVGHDPRUWL]DFLyQRUHHPEROVR
o /RVTXHUHSUHVHQWDQSDUWLFLSDFLRQHVHQIRQGRVSURSLRVHOYDORUWHyULFR
UHVXOWDQWHGHO~OWLPREDODQFHVLKXELHUDVLGRDXGLWDGR(QFDVRFRQWUDULR
VHYDORUDUiQSRUHOPD\RUGHHOQRPLQDOHOWHyULFRGHO~OWLPREDODQFH
DSUREDGRRHOUHVXOWDGRGHFDSLWDOL]DUDOSRUHOSURPHGLRGHORV
EHQHILFLRVGHORV~OWLPRVHMHUFLFLRVVRFLDOHVFHUUDGRVDQWHVGHO
$OFRQWUDULRGHORTXHVXFHGtDFRQHOYDORUGHWUDQVPLVLyQGHHVWRV
YDORUHVDHIHFWRVGHOFiOFXORGHODVJDQDQFLDVSDWULPRQLDOHVHQHO,53)
HO FULWHULR GH OD '*7 HV TXH QR VH WHQJDQ HQ FXHQWD ORV UHVXOWDGRV
QHJDWLYRV +D\ TXH VDEHU TXH HO ~OWLPR EDODQFH FHUUDGR VL OD HQWLGDG
WLHQHHMHUFLFLRVRFLDOFRLQFLGHQWHFRQHODxRQDWXUDOVHUiHOFHUUDGRD
6LQ HPEDUJR VH SRGUi XWLOL]DU HO FHUUDGR D VHJ~Q
VHQWHQFLDGHO7ULEXQDO6XSUHPRGHGHIHEUHURGH5HFXUVRQ
VLVHUHSDUWLHURQGLYLGHQGRVHQRVLVHUHGXMRFDSLWDODO
REMHWRGHTXHQRVHSURGX]FDGREOHLPSRVLFLyQ
o 6LDGHMXQLR\DVHKXELHUDDSUREDGRHOEDODQFHGHODxRDQWHULRUVH
WRPDUi HVWH D ORV HIHFWRV GH YDORUDU ODV SDUWLFLSDFLRQHV '*7 9
x 6HJXURVGHYLGDSRUHOYDORUGHUHVFDWHD(QORVVXSXHVWRVHQORV
TXHHOWRPDGRUQRWHQJDODIDFXOWDGGHHMHUFHUHOGHUHFKRGHUHVFDWHWRWDOHQ
ODIHFKDGHGHYHQJRGHO,PSXHVWRHOVHJXURVHFRPSXWDUiSRUHOYDORUGHOD
SURYLVLyQPDWHPiWLFDHQODFLWDGDIHFKDHQODEDVHLPSRQLEOHGHOWRPDGRU
x 8QGHUHFKRGHFUpGLWRFRQVLVWHQWHHQHOGHUHFKRDSHUFLELUGLYLGHQGRVGHXQD
VRFLHGDGDXQFXDQGRUHFRQRFLGRHOGHUHFKRQRVHKDDFRUGDGRODIRUPDGH
SDJRKDEUiTXHLQWHJUDUORHQWUHORVELHQHV\GHUHFKRVHQODDXWROLTXLGDFLyQ
GHO ,PSXHVWR VREUH HO 3DWULPRQLR VHQWHQFLD GHO 7ULEXQDO 6XSHULRU GH
-XVWLFLDGH*DOLFLDGHGHVHSWLHPEUHGHQ
x 'HUHFKRV UHDOHV VH YDORUDQ FRQIRUPH D ODV QRUPDV GHO ,PSXHVWR VREUH
7UDQVPLVLRQHV 3DWULPRQLDOHV \ $FWRV -XUtGLFRV 'RFXPHQWDGRV (O
SURSLHWDULRGHHVHELHQWDPELpQORGHFODUDUiSHURVXYDORUHVWDUiGLVPLQXLGR
SRUHOGHOGHUHFKRUHDOTXHVXSRQHXQDFDUJD
x $MXDUGRPpVWLFRHVWiH[HQWRH[FHSWRMR\DVSLHOHVDXWRPyYLOHVEDUFRVR
DYLRQHVTXHVHFRPSXWDQSRUHOYDORUGHPHUFDGR
x 2EUDVGHDUWH\DQWLJHGDGHVPXFKRVGHHVWRVELHQHVHVWDUiQH[HQWRVSRU
LQWHJUDUHOSDWULPRQLRKLVWyULFRHVSDxRO WDPELpQGHORVTXHLQWHJUHQHOGH
ODV&&$$ RSRUVHUELHQHVGHLQWHUpVFXOWXUDODVtFRPRORVTXHWHQJDQXQ
YDORU LQIHULRUDO ILMDGRSRUOD/H\ ORVTXHKD\DQVLGRFHGLGRVHQ
162
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 163
x &DUJDV\GHXGDV
o &DUJDVVHUHVWDQGLUHFWDPHQWHGHOYDORUGHORVELHQHV
o 'HXGDVVHYDORUDQSRUHOQRPLQDO\VHGHVFXHQWDQGHODVXPDGHYDORUHV
GH ORV ELHQHV \ GHUHFKRV 1R VH GHGXFHQ ODV GHXGDV FRQWUDtGDV SDUD
DGTXLULUELHQHV\GHUHFKRVH[HQWRV(QWUHODVPLVPDVVHSXHGHQGHGXFLU
ODVGHXGDVSRUHO,53)GHWDPELpQGHEHUtDLQWHJUDUVHHQODEDVH
LPSRQLEOHHOLPSRUWHDGHYROYHUSRUHVWHLPSXHVWRRVLHQHO,PSXHVWR
VH LQFOX\HQ ELHQHV R GHUHFKRV DGTXLULGRV D WtWXOR OXFUDWLYR OD
FRUUHVSRQGLHQWHDO,PSXHVWRVREUH6XFHVLRQHV\'RQDFLRQHVQRSDJDGR
DSURSRUFLRQDODGLFKRVHOHPHQWRV
o (O7ULEXQDO6XSUHPRKDHVWDEOHFLGRTXHDTXHOORVTXHSDJDQHO,PSXHVWR
SRUREOLJDFLyQUHDOSRGUiQUHGXFLUODVFDUJDV\JUDYiPHQHVTXHUHFDHQ
VREUH VXV SURSLHGDGHV \ ODV GHXGDV TXH WLHQHQ UHODFLRQDGDV FRQ HVWRV
ELHQHV 6LQ HPEDUJR ODV GHXGDV TXH QR HVWpQ UHODFLRQDGDV FRQ OD
DGTXLVLFLyQ R LQYHUVLyQ HQ HO ELHQ TXH VH LQWHJUD HQ HO LPSXHVWR QR
SRGUiQVHUGHGXFLGDV VHQWHQFLDGHO7ULEXQDO6XSUHPRGHGHIHEUHUR
GH5HFXUVRQ
o 6HJ~Q OD VHQWHQFLD GHO 7ULEXQDO 6XSUHPR GH GH IHEUHUR GH
UHFXUVR Q VRQ GHGXFLEOHV ODV GHXGDV GHO ,53) VyOR VL VRQ
H[LJLEOHVD OD IHFKDGHGHYHQJRGHO,PSXHVWRSHURQRODVQDFLGDVFRQ
SRVWHULRULGDG
'HFODUDFLyQ
9 (VWiQREOLJDGRVDSUHVHQWDUGHFODUDFLyQ\DORVHDQSRUREOLJDFLyQSHUVRQDORUHDO
ORV VXMHWRV SDVLYRV FX\D FXRWD WULEXWDULD XQD YH] DSOLFDGDV ODV GHGXFFLRQHV R
ERQLILFDFLRQHVTXHSURFHGDQUHVXOWHDLQJUHVDURFXDQGRQRGiQGRVHODDQWHULRU
FLUFXQVWDQFLDHOYDORUGHVXVELHQHV\GHUHFKRVUHVXOWHVXSHULRUD¼
9 (OSOD]RGHSUHVHQWDFLyQVHUiHOFRPSUHQGLGRHQWUHORVGtDV GHDEULO \GH
MXQLRGHDPERVLQFOXVLYHVDOYRTXHVHRSWHSRUGRPLFLOLDUHOSDJRHQFX\R
FDVRHO~OWLPRGtDGHSUHVHQWDFLyQVHUiHOGHMXQLRGH
163
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 164
5HJXODFLyQGHODV&RPXQLGDGHV$XWyQRPDVHQ
9 0tQLPRV
x $QGDOXFtDFXDQGRHOFRQWULEX\HQWHWHQJDODFRQVLGHUDFLyQGHSHUVRQDFRQ
GLVFDSDFLGDG HO PtQLPR H[HQWR VH ILMD HQ ¼ VL HO JUDGR GH
GLVFDSDFLGDGIXHUDLJXDORVXSHULRUDOSRUHLQIHULRUDOSRU
¼VLHOJUDGRGHGLVFDSDFLGDGIXHUDLJXDORVXSHULRUDOSRU
x $UDJyQ¼
x ([WUHPDGXUD ¼ 6H UHJXODQ PtQLPRV H[HQWRV SDUD SHUVRQDV
GLVFDSDFLWDGDV¼VLHOJUDGRGHGLVFDSDFLGDGHVWiHQWUHHO\HO
SRU¼VLHVWiHQWUH\SRU\¼VLODGLVFDSDFLGDG
VXSHUDHOSRU
x &DWDOXxD¼
x &RPXQLGDG9DOHQFLDQD¼6HUiGH¼SDUDFRQWULEX\HQWHV
FRQGLVFDSDFLGDGSVtTXLFDFRQXQJUDGRGHPLQXVYDOtDLJXDORVXSHULRUDO
SRU \ SDUD FRQWULEX\HQWHV FRQ GLVFDSDFLGDG ItVLFD R VHQVRULDO FRQ XQ
JUDGRGHPLQXVYDOtDLJXDORVXSHULRUDOSRU
9 7DULIDVSURSLDV
x $QGDOXFtD
%DVHOLTXLGDEOH &XRWDtQWHJUD 5HVWREDVHOLTXLGDEOH 7LSR
DSOLFDEOH
+DVWD¼ ¼ +DVWD¼
(QDGHODQWH
164
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 165
HQDGHODQWH
x ,VODV%DOHDUHV
5HVWR%DVH 7LSR
%DVH/LTXLGDEOH &XRWDtQWHJUD
/LTXLGDEOH $SOLFDEOH
+DVWD¼ ¼
+DVWD¼
HQDGHODQWH
x &DQWDEULD
5HVWR%DVH
%DVH/LTXLGDEOH &XRWDtQWHJUD 7LSR$SOLFDEOH
/LTXLGDEOH
+DVWD¼ ¼
+DVWD¼
HQDGHODQWH
165
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 166
HQDGHODQWH
x 5HJLyQGH0XUFLD
5HVWR%DVH 7LSR
%DVH/LTXLGDEOH &XRWDtQWHJUD
/LTXLGDEOH $SOLFDEOH
+DVWD¼ ¼
+DVWD¼
HQDGHODQWH
166
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 167
167
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 168
168
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 169
1RYHGDGHV
9 $XWRQyPLFDV*DOLFLDDXPHQWDODERQLILFDFLyQDOSRUOD5HJLyQGH0XUFLD
HOHYD HO PtQLPR SHUVRQDO D ¼ \ OD &RPXQLGDG 9DOHQFLDQD DSUXHED XQD
QXHYDWDULIDFRQXQWLSRPi[LPRGHOSRU
,PSXHVWR7HPSRUDOGH6ROLGDULGDGGHODV*UDQGHV)RUWXQDV
(V XQ WULEXWR GH FDUiFWHU GLUHFWR QDWXUDOH]D SHUVRQDO \ FRPSOHPHQWDULR GHO ,PSXHVWR
VREUHHO3DWULPRQLR ,3 TXHJUDYDHOSDWULPRQLRQHWRGHODVSHUVRQDVItVLFDVVXSHULRUD
¼ \ VH DSOLFDUi HQ WRGR HO WHUULWRULR HVSDxRO VLQ SHUMXLFLR GH ORV UHJtPHQHV
WULEXWDULRVIRUDOHVGHO3DtV9DVFR\GHOD&RPXQLGDG)RUDOGH1DYDUUD (OLPSXHVWRQR
SRGUiVHUREMHWRGHFHVLyQDODV&RPXQLGDGHV$XWyQRPDV
$VSHFWRVJHQHUDOHV
6RQVXMHWRVSDVLYRVODVPLVPDVSHUVRQDVItVLFDVTXHODVTXHVRQHQHO,PSXHVWRVREUHHO
3DWULPRQLR ,3
9 (VWiQ H[HQWRV ORV ELHQHV \ GHUHFKRV TXHWDPELpQ OR HVWiQ HQ HO ,PSXHVWR VREUH HO
3DWULPRQLR ,3 UHJXODGRHQODOH\
9 /RV VXMHWRV SDVLYRV OR VHUiQ SRU REOLJDFLyQ SHUVRQDO íUHVLGHQWHV HQ WHUULWRULR
HVSDxROí\SRUREOLJDFLyQUHDOíQRUHVLGHQWHVWLWXODUHVGHELHQHVRGHUHFKRVVLWXDGRV
TXHSXHGDQHMHUFLWDUVHRKXELHUDQGHFXPSOLUVHHQWHUULWRULRHVSDxROí
9 /RV VXMHWRV SDVLYRV TXH QR VHDQ UHVLGHQWHV HQ RWUR (VWDGR PLHPEUR GH OD 8QLyQ
(XURSHD HVWDUiQ REOLJDGRV D QRPEUDU DQWHV GHO ILQ GHO SOD]R GH GHFODUDFLyQ GHO
LPSXHVWR XQD SHUVRQD ItVLFD R MXUtGLFD FRQ UHVLGHQFLD HQ (VSDxD SDUD TXH OHV
UHSUHVHQWHDQWHOD$GPLQLVWUDFLyQ7ULEXWDULDHQUHODFLyQFRQVXVREOLJDFLRQHVSRUHVWH
LPSXHVWR
9 /RV ELHQHV \ GHUHFKRV VH DWULEXLUiQ D ORV VXMHWRV SDVLYRV VHJ~Q ODV QRUPDV VREUH
WLWXODULGDGMXUtGLFDDSOLFDEOHVHQFDGDFDVR\HQIXQFLyQGHODVSUXHEDVDSRUWDGDVSRU
DTXpOORVRGHODVGHVFXELHUWDVSRUOD$GPLQLVWUDFLyQ$HVWHUHVSHFWRUHVXOWDUiQGH
DSOLFDFLyQODVUHJODVVREUHWLWXODULGDGGHORVHOHPHQWRVSDWULPRQLDOHV\VREUHELHQHV
$ORVHIHFWRVGHHVWHLPSXHVWRFRQVWLWXLUiHOSDWULPRQLRQHWRGHODSHUVRQDItVLFDHOFRQMXQWRGHELHQHV\
GHUHFKRV GH FRQWHQLGR HFRQyPLFR GH TXH VHD WLWXODU FRQ GHGXFFLyQ GH ODV FDUJDV \ JUDYiPHQHV TXH
GLVPLQX\DQVXYDORUDVtFRPRGHODVGHXGDV\REOLJDFLRQHVSHUVRQDOHVGHODVTXHGHEDUHVSRQGHU
(QHOFDVRGH(VWDGRVTXHIRUPHQSDUWHGHO(VSDFLR(FRQyPLFR(XURSHRTXHQRVHDQ(VWDGRPLHPEUR
GH OD 8QLyQ(XURSHDQR VH WHQGUi TXHQRPEUDUUHSUHVHQWDQWH FXDQGR H[LVWDQRUPDWLYD VREUH DVLVWHQFLD
PXWXDHQPDWHULDGHLQWHUFDPELRGHLQIRUPDFLyQWULEXWDULD\GHUHFDXGDFLyQHQORVWpUPLQRVSUHYLVWRVHQOD
/H\GHGHGLFLHPEUH*HQHUDO7ULEXWDULD
169
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 170
9 (OSDWULPRQLRQHWRGHOVXMHWRSDVLYRVHGHWHUPLQDUiSRUGLIHUHQFLDHQWUHHOYDORUGH
ORVELHQHV\GHUHFKRVGHTXHVHDWLWXODUHOVXMHWRSDVLYR\ODVFDUJDV\JUDYiPHQHVGH
QDWXUDOH]DUHDOFXDQGRGLVPLQX\DQHOYDORUGHORVUHVSHFWLYRVELHQHVRGHUHFKRV\
ODVGHXGDVXREOLJDFLRQHVSHUVRQDOHVGHODVTXHGHEDUHVSRQGHUHOVXMHWRSDVLYR3DUD
ODGHWHUPLQDFLyQGHODEDVHLPSRQLEOHUHVXOWDUiQDSOLFDEOHVODVUHJODVFRQWHQLGDVHQ
OD/,3
9 (O LPSXHVWRVHGHYHQJDUiHOGHGLFLHPEUHGHFDGDDxR\DIHFWDUiDOSDWULPRQLR
QHWRGHOFXDOVHDWLWXODUHOVXMHWRSDVLYRHQGLFKDIHFKD
&XRWDtQWHJUD
/DEDVHOLTXLGDEOHGHOLPSXHVWRVHUiJUDYDGDDORVWLSRVGHODVLJXLHQWHHVFDOD
%DVHOLTXLGDEOH &XRWD 5HVWREDVHOLTXLGDEOH 7LSRDSOLFDEOH
+DVWD¼ ¼ +DVWD¼
9 /DFXRWDtQWHJUDGHHVWHLPSXHVWRFRQMXQWDPHQWHFRQODVFXRWDVGHO,53)\GHO,3
QR SRGUi H[FHGHU SDUD ORV VXMHWRV SDVLYRV VRPHWLGRV DO LPSXHVWR SRU REOLJDFLyQ
SHUVRQDO GHO SRU GH OD VXPD GH ODV EDVHV LPSRQLEOHV GHO SULPHUR $ HVWRV
HIHFWRVUHVXOWDUiQDSOLFDEOHVODVUHJODVVREUHHOOtPLWHGHODFXRWDtQWHJUDGHO ,3VL
ELHQHQHOVXSXHVWRGHTXHODVXPDGHODVFXRWDVGHORVWUHVLPSXHVWRVVXSHUHHOOtPLWH
DQWHULRUVHUHGXFLUiODFXRWDGHHVWHLPSXHVWRKDVWDDOFDQ]DUHOOtPLWHLQGLFDGRVLQ
TXHODUHGXFFLyQSXHGDH[FHGHUGHOSRU
9 &XDQGR ORV FRPSRQHQWHV GH XQD XQLGDG IDPLOLDU KD\DQ RSWDGR SRU OD WULEXWDFLyQ
FRQMXQWDHQHO,53)HOOtPLWHGHODVFXRWDVtQWHJUDVFRQMXQWDVGHGLFKRLPSXHVWRGH
OD GHO ,3 \ GH OD GH HVWH LPSXHVWR VH FDOFXODUi DFXPXODQGR ODV FXRWDV tQWHJUDV
GHYHQJDGDVSRUDTXpOORVHQHVWRVGRV~OWLPRVWULEXWRV(QVXFDVRODUHGXFFLyQTXH
SURFHGD SUDFWLFDU VH SURUUDWHDUi HQWUH ORV VXMHWRV SDVLYRV HQ SURSRUFLyQ D VXV
UHVSHFWLYDVFXRWDVtQWHJUDVHQHVWHLPSXHVWR
9 (QHOFDVRGHREOLJDFLyQSHUVRQDOGHFRQWULEXLUUHVXOWDUiDSOLFDEOHHQHVWHLPSXHVWR
ODGHGXFFLyQSRULPSXHVWRVVDWLVIHFKRVHQHOH[WUDQMHURHQORVWpUPLQRVHVWDEOHFLGRV
HQOD/,3
170
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 171
3HUVRQDVREOLJDGDVDSUHVHQWDUGHFODUDFLyQ
/RV VXMHWRV SDVLYRV FX\D FXRWD WULEXWDULD GHWHUPLQDGD GH DFXHUGR FRQ ODV QRUPDV
UHJXODGRUDV GHO LPSXHVWR \ XQD YH] DSOLFDGDV ODV GHGXFFLRQHV R ERQLILFDFLRQHV TXH
SURFHGLHUHQUHVXOWHDLQJUHVDU1RHVWiQREOLJDGRVDSUHVHQWDUODGHFODUDFLyQORVVXMHWRV
SDVLYRV TXH WULEXWHQ GLUHFWDPHQWH DO (VWDGR SRU QR HVWDU FHGLGR HO UHQGLPLHQWR GHO
,PSXHVWR VREUH HO 3DWULPRQLR D QLQJXQD &RPXQLGDG $XWyQRPD VDOYR TXH OD FXRWD
WULEXWDULDGHHVWHLPSXHVWRUHVXOWHDLQJUHVDU
9 /DGHFODUDFLyQVHSUHVHQWDUiHQWUHHO\GHMXOLRGHDWUDYpVGHOPRGHOR
³,PSXHVWR 7HPSRUDO GH 6ROLGDULGDG GH ODV *UDQGHV )RUWXQDV´ \ HVWDUi GLVSRQLEOH
H[FOXVLYDPHQWHHQIRUPDWRHOHFWUyQLFR\VXSUHVHQWDFLyQHLQJUHVRVHUHDOL]DUiQSRU
YtDHOHFWUyQLFD1RREVWDQWHVLVHRSWDSRUGRPLFLOLDUHOSDJRVHSUHVHQWDUiHQWUHHO
\KDVWDHOGHMXOLRGH
9 (O UHQGLPLHQWR GHO ,PSXHVWR VH LQJUHVDUi HQ HO 7HVRUR 3~EOLFR \ VH GHVWLQDUi D
ILQDQFLDUSROtWLFDVGHDSR\RDORVPiVYXOQHUDEOHV
9 (O SULPHU GHYHQJR VH SURGXFLUi HO GH GLFLHPEUH GH HVWDQGR HQ YLJRU HQ
SULQFLSLR SDUD ORV HMHUFLFLRV \ 6X DSOLFDFLyQ HQ ORV DxRV VLJXLHQWHV
GHSHQGHUiGHODHYDOXDFLyQTXHVHUHDOLFHGHVXVUHVXOWDGRV
171
Declaracion_NEW_Maquetación 1 07/04/2023 9:08 Página 172
DECLARACIÓN DE RENTA Y PATRIMONIO 2022