Professional Documents
Culture Documents
$1(;21
9LJHQFLD'HVGH KDVWD
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&2%(5785$2%/,*$725,$&$3$6,03/(
&RPSUHQGH OD DWHQFLyQ GH FRQWLQJHQFLDV FRUUHVSRQGLHQWHV D OD FDSD VLPSOH PHGLDQWH ODV SUHVWDFLRQHV SUHYHQWLYDV
SURPRFLyQDOHVGHUHFXSHUDFLyQGHODVDOXG\HPHUJHQFLDVLQFOXLGDVHQHO$QH[RGHO'HFUHWR6XSUHPR6$DVt
FRPRORVDFFLGHQWHVGHWUDEDMR\ODVHQIHUPHGDGHVSURIHVLRQDOHVQRFXELHUWRVSRUHO6HJXUR&RPSOHPHQWDULRGH7UDEDMRGH
5LHVJR'LFKDFREHUWXUDQRH[FOX\HHOWUDWDPLHQWRGHGROHQFLDVSUHH[LVWHQWHV\VHRWRUJDVLQOtPLWHGHVXPDDVHJXUDGD(O
/LVWDGRGHFDSD6LPSOHHVWiGLVSRQLEOHHQODZHEGH5LPDF(36ZZZULPDFFRPSH
&2%(5785$&203/(0(17$5,$&$3$&203/(-$
&RPSUHQGHODDWHQFLyQGHFRQWLQJHQFLDVFRUUHVSRQGLHQWHVDODFDSDFRPSOHMDHVGHFLUWRGDVDTXHOODVSUHVWDFLRQHVQR
FRPSUHQGLGDVHQOD&REHUWXUD2EOLJDWRULDTXHSHUPLWHQGDULQWHJULGDGRSRUWXQLGDG\FRQWLQXLGDGDODVSUHVWDFLRQHVGHVDOXG
6HHQFXHQWUDVXMHWDDORVOtPLWHVSUHVWDFLRQHV\FRQGLFLRQHVHVWLSXODGRVOLEUHPHQWHSRUODVSDUWHVVLQTXHHOORLPSOLTXHOD
SpUGLGDGHOGHUHFKRGHOWUDEDMDGRUGHPDQWHQHUODVPLVPDVHQ(VVDOXG
680$6$6(*85$'$6 &2%(5785$2%/,*$725,$ ,/,0,7$'$
&2%(5785$&203/(0(17$5,$$18$/
'(6&5,3&,21'(%(1(),&,26 ,/,0,7$'2
3253(5621$
$7(1&,Ï1$0%8/$725,$ &RSDJR &XELHUWRDO
$WHQFLRQHVDPEXODWRULDVUHODWLYDVDSUHVWDFLRQHVGHFDSDVLPSOH\RGHFDSDFRPSOHMD
&UpGLWR
&OLQLFD,QWHUQDFLRQDO0HGLFHQWUR6DQWD
&OLQLFD6DQ-XDQ%DXWLVWD
$QLWD
&OLQLFD9HVDOLR &OLQLFD6DQWD0DULD'HO6XU
&HQWUR0HGLFR'H/D&OLQLFD5LFDUGR
&OLQLFD3URYLGHQFLD
3DOPD6HGH&RPDV
5(' &HQWUR0HGLFR6XL]D/DE &OLQLFD0XQGR6DOXG 6
&OLQLFD0HGLFD&D\HWDQR+HUHGLD6HGH
&OLQLFD6DQ0LJXHO$UFDQJHO
6DQ0DUWLQ'H3RUUHV
&OLQLFD0RQWHILRUL )HVDOXG6DQ-XDQ'H/XULJDQFKR
)HVDOXG/RV2OLYRV &OLQLFD9HUVDOOHV
&OLQLFD'H(VSHFLDOLGDGHV0HGLFDV &P5LFDUGR3DOPD3OD]D/LPD6XU
&OLQLFD0DLVRQ'H6DQWH6HGH/LPD &OLQLFD6WHOOD0DULV
&OLQLFD*RRG+RSH &OLQLFD6DQ-XGDV7DGHR
5(' &OLQLFD/LPDWDPER6HGH6DQ-XDQ 0HGDYDQ 6
&OLQLFD0DLVRQ'H6DQWH6HGH &OLQLFD,QWHUQDFLRQDO&HQWUR0HGLFR
&KRUULOORV 6DQ,VLGUR
&HQWUR0HGLFR0HGH[ &OLQLFD-DYLHU3UDGR
,QWHJUDPHGLFD,QGHSHQGHQFLD &P-RFNH\6DOXG
&O&HQWHQDULR3HUXDQR-DSRQHVD &OLQLFD,QWHUQDFLRQDO6HGH/LPD
&OLQLFD3DGUH/XLV7H]]D &OLQLFD,QWHUQDFLRQDO6HGH6XUFR
5(' 6
&OLQLFD-HVXV'HO1RUWH &OLQLFD6DQ*DEULHO
&OLQLFD0DLVRQ'H6DQWH6HGH6XUFR &OLQLFD/LPDWDPER6DQ,VLGUR
5(' &OLQLFD,QWHUQDFLRQDO6HGH6DQ%RUMD 6
&OLQLFD6DQWD,VDEHO +RJDU&OLQLFD6DQ-XDQ'H'LRV
5(' 6
6DQQD&OLQLFD(O*ROI 6DQQD&HQWUR&OLQLFR/D0ROLQD
&HQWUR0pGLFR%HOHQ(O$OWR 7DODUD &OtQLFD&DULWD)HOL] 3LXUD
&OLQLFD0DWHUQR,QIDQWLO'HO1RUWH
&OLQLFD/RV)UHVQRV &DMDPDUFD
7UXMLOOR
5('3529 &OtQLFD&DPLQR5HDO 7UXMLOOR &OLQLFD5REOHV &KLPERWH 6
&OLQLFD6DQ$QWRQLR 7UXMLOOR &OLQLFD6DQ3HGUR &KLPERWH
&OLQLFD7RUUHV 7DODUD )DPLGHQW &KLFOD\R
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
$7(1&,Ï1$0%8/$725,$ &RSDJR &XELHUWRDO
$WHQFLRQHVDPEXODWRULDVUHODWLYDVDSUHVWDFLRQHVGHFDSDVLPSOH\RGHFDSDFRPSOHMD
+RVSLWDO9LFWRU5DPRV*XDUGLD
+RVSLWDO3ULYDGR'HO3HU~ 3LXUD
+XDUD]
3ROLFOLQLFR*DUFtD%UDJDJQLQL
5('3529 6DQQD&HQWUR&OLQLFR1HJULWRV 7DODUD 6
$UHTXLSD
6DQQD&HQWUR&OLQLFR7DODUD 7DODUD 8QLYHUVLGDG'H3LXUD 3LXUD
2WUDV&OtQLFDV(Q3URYLQFLDV
&OLQLFD0LUDIORUHV 3LXUD &OtQLFD6DQFKH])HUUHU 7UXMLOOR
+RJDU&OLQLFD6DQ-XDQ'H'LRV
&OLQLFD$GYHQWLVWD$QD6WKDO ,TXLWRV
$UHTXLSD
&OLQLFD6DQ3DEOR 7UXMLOOR &OLQLFD6DQ3DEOR +XDUD]
5('3529 &OtQLFD9DOOHVXU $UHTXLSD +RVSLWDO0HWURSROLWDQR &KLFOD\R 6
&HQWUR0HGLFR0DULD%HOHQ
6DQQD&OLQLFD%HOpQ 3LXUD
&DMDPDUFD
0DF6DOXG &XVFR &OtQLFD7UHVD 7DODUD
6HUYLPHGLFRV &KLFOD\R
&OtQLFD3HUXDQR$PHULFDQD 7UXMLOOR &OtQLFD$UHTXLSD $UHTXLSD
5('3529 &OLQLFD'HO3DFtILFR &KLFOD\R 6DQQD&OLQLFD'HO6XU $UHTXLSD 6
&OtQLFD/DV&RQGHV ,FD
&HQWUR0pGLFR0RQWHFDUPHOR
5('3529 6
$UHTXLSD
/DDWHQFLyQPpGLFDDFUpGLWRLQFOX\HORVKRQRUDULRVGHORVPpGLFRVWUDWDQWHV&XDOTXLHUKRQRUDULRDGLFLRQDOTXHIXHVHFRQFHUWDGR
GLUHFWDPHQWHSRUHODVHJXUDGR\VXPpGLFRWUDWDQWHFRQVWLWX\HXQDFWRSULYDGRVREUHHOFXDO5tPDFQRWLHQHQLQJXQD
UHVSRQVDELOLGDGSRUORTXHGLFKRKRQRUDULRDGLFLRQDOQRHVWiFXELHUWRSRUHOSODQGHVDOXG
6XMHWRDGLVSRQLELOLGDGGHSURYHHGRU6HFXEUHQDWHQFLRQHVDPEXODWRULDVDJXGDVGHEDMDFRPSOHMLGDG QRHPHUJHQFLDV
3HGLDWUtD
&UpGLWR
6XMHWRDGLVSRQLELOLGDGGHSURYHHGRU6HFXEUHQDWHQFLRQHVDPEXODWRULDVDJXGDVGHEDMDFRPSOHMLGDG QRHPHUJHQFLDV
&DUGLRORJtD*HULDWUtD'HUPDWRORJtD*DVWURHQWHURORJtD
&UpGLWR
/LPD 6
&DUGLRORJtD*HULDWUtD'HUPDWRORJtD*DVWURHQWHURORJtD
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
/LPD
3RUHO1RUWH,QGHSHQGHQFLD/RV2OLYRV&RPDVKDVWDODDOWXUD.P3DQDPHULFDQD1RUWH
3RUHO6XU9LOOD(O6DOYDGRU
3RUHO(VWH&KDFODFD\R
3RUHO2HVWH/D3XQWD&DOODR
6XMHWRDGLVSRQLELOLGDGGHSURYHHGRU6HFXEUHQDWHQFLRQHVDPEXODWRULDVDJXGDVGHEDMDFRPSOHMLGDG QRHPHUJHQFLDV
0HGLFLQD*HQHUDO\3HGLDWUtD
&UpGLWR
3URYLQFLDV 6
7UXMLOOR
3RUHO1RUWH/D(VSHUDQ]D\)ORUHQFLDGH0RUD
3RUHO6XU0RFKH
3RUHO(VWH(O3RUYHQLU\/DUHGR
3RUHO2HVWH9LFWRU/DUFR
$UHTXLSD
3RUHO1RUWH=RQD&RQR1RUWH
3RUHO6XU=RQD6RFDED\D/DUD
3RUHO(VWH+DVWDHOGLVWULWRGH3DXFDUSDWD8UE0LJXHO*UDX
3RUHO2HVWH'LVWULWRGH6DFKDFD
3LXUD
3RUHO1RUWH8UEDQL]DFLyQ6DQWD0DUtDGHO3LQDU
3RUHO6XU$$++6DQ3HGUR\$Y&LUFXQYDODFLyQ
3RUHO(VWH8UE0LUDIORUHV\$Y3URJUHVRGH&DVWLOOD
3RUHO2HVWH$Y3URORQJDFLyQ*UDXFGUD
&XVFR
3RUHO1RUWH$UFR7LFD7LFD
3RUHO6XU6DQ-pURQLPR
3RUHO(VWH$Y&LUFXQYDODFLyQ
3RUHO2HVWH+XDQFDUR
&DMDPDUFD
3RUHO1RUWH+XDPERFDQFKD
3RUHO2HVWH3DFKDFXWHF
3RUHO(VWH/DJXQD6HFD
3RUHO6XU&UX]%ODQFD
3RUHO6XU(VWH/RV(XFDOLSWRV
3RUHO6XURHVWH/DSODQWDHOpFWULFD
3RUHO1RU(VWH$HURSXHUWR &DUUHWHUDDODV9HQWDQLOODVGH2WX]FR
6XMHWRDGLVSRQLELOLGDGGHSURYHHGRU6HFXEUHQDWHQFLRQHVDPEXODWRULDVDJXGDVGHEDMDFRPSOHMLGDG QRHPHUJHQFLDV
&,QWHUQDFLRQDO6HGH6XUFR_&,QWHUQDFLRQDO0HGLFHQWUR&ROPHQD_&,QWHUQDFLRQDO/LPD_&,QWHUQDFLRQDO6DQ%RUMD
&,QWHUQDFLRQDO&HQWUR0pGLFR6DQ,VLGUR_&,QWHUQDFLRQDO0HGLFHQWUR6DQWD$QLWD_&,QWHUQDFLRQDO0HGLFHQWUR%HOODYLVWD
&OtQLFD0LUDIORUHV3LXUD_&OtQLFD*DUFLD%UDJDJQLQL$UHTXLSDï
1RFXEUH$VPD
&UpGLWR
+RUDULRGHDWHQFLyQ'tDVODERUDEOHVGH/XQHVD9LHUQHVGHKRUDVDKRUDVLQFOX\HH[iPHQHVGHODERUDWRULR \
HQWUHJDGHPHGLFLQDVYtD'HOLYHU\SDUDWRGRVORVGLVWULWRVGH/LPDVDOYRDTXHOORVFRQUHVWULFFLRQHV
3DUDKDFHUXVRGHHVWHEHQHILFLRHODVHJXUDGRGHEHGHVFDUJDUHO$33&OtQLFD,QWHUQDFLRQDO GLVSRQLEOHHQL26\$QGURLG \
FUHDUXQXVXDULR(ODVHJXUDGRVROLFLWDHOVHUYLFLRHQOtQHD\VHDWLHQGHSRURUGHQGHVROLFLWXGHOFXDOHVWiGLVSRQLEOHGHVGHHO
PRPHQWRHQTXHVHHIHFW~DHOSDJRHQOtQHDHQHOPLVPRDSOLFDWLYRFRQWDUMHWDGHGpELWRRFUpGLWR9,6$$PHULFDQ([SUHVVR
0DVWHUFDUG
3DUDFRQVXOWDVRGXGDVVREUHHOVHUYLFLRHODVHJXUDGRSXHGHHVFULELUDOVLJXLHQWHFRUUHRHOHFWUyQLFR
PHGLFRYLUWXDO#FLQWHUQDFLRQDOFRPSH
(VWiQOLPLWDGRVGHDFXHUGRDOFULWHULRGHOPpGLFRWUDWDQWH
3DUDORVGLVWULWRVGH$QFyQ&DUDED\OOR&KDFODFD\R&LHQHJXLOOD/XULJDQFKR &KRVLFD /XUtQ3DFKDFDPDF3XHQWH3LHGUD
3XQWD+HUPRVD3XQWD1HJUD6DQ%DUWROR6DQWD0DUtD6DQWD5RVD9HQWDQLOOD9LOOD(O6DOYDGRU\9LOOD0DUtDGHO7ULXQIRVH
HQFXHQWUDQUHVWULQJLGRVORVVHUYLFLRVGHH[iPHQHVGHODERUDWRULR\HQWUHJDGHPHGLFLQDVYtDGHOLYHU\ORVFXDOHVVHEULQGDUiQGH
PDQHUDSUHVHQFLDO/D&OtQLFD,QWHUQDFLRQDOVHSRQGUiHQFRQWDFWRFRQHODVHJXUDGRDILQGHLQGLFDUOHGRQGHDSHUVRQDUVHSDUD
KDFHUVHORVH[iPHQHVGHODERUDWRULR\RUHFRJHUODVPHGLFLQDV
$WHQFLRQHVDPEXODWRULDVUHODWLYDVDSUHVWDFLRQHVGHFDSDVLPSOH\RGHFDSDFRPSOHMD
&UpGLWR
6RQULVD7RWDO&,QWHUQDFLRQDO 6RQULVD7RWDO&,QWHUQDFLRQDO
0HGLFHQWUR6DQWD$QLWD 0HGLFHQWUR&ROPHQD
6RQULVD7RWDO&,QWHUQDFLRQDO6HGH
6RQULVD7RWDO&,QWHUQDFLRQDO/LPD
6DQ%RUMD7RUUH$PEXODWRULD
&HUGHQW &HQWUR'HQWDO&URH
5('2'2172 &P-RFNH\6DOXG 6RQULVD7RWDO&,QWHUQDFLRQDO&HQWUR 6
0pGLFR6DQ,VLGUR
6RQULVD7RWDO&,QWHUQDFLRQDO6HGH
&OLQLFD6DQ3DEOR6HGH6XUFR
6XUFR
-DUD<*UDGRV,QYHUVLRQHV
&OLQLFD6WHOOD0DULV
2GRQWRORJLFDV
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&UpGLWR
$UEUD\VV/DVHU ,QVWLWXWR2IWDOPROyJLFR:RQJ
2FXODVHU&HQWUR'H0LFURFLUXJLD 2IWDOPLF6HUYLFH
5('2)7$/0 2IWDOPLFD 2PQLD9LVLRQ 6LQFRSDJR
,QVWLWXWR2IWDOPRORJLFR&RQILD 7*/DVHU2IWDOPLFD
0DFXOD' 7 2SHOXFH
5('2)7$/0 &HQWURV2IWDOPROyJLFRV(Q3URYLQFLDV
6LQFRSDJR
3529
$WHQFLyQRIWDOPROyJLFD
&UpGLWR
5HGDPEXODWRULD 5HG'H&OtQLFDV$ILOLDGDV$O3ODQ%DVH FRPRDPE FRPRDPE
,QVWLWXWR2IWDOPROyJLFR:RQJ6HGH
,QVWLWXWR2IWDOPRORJLFR:RQJ
5('2)7$/0 /RV2OLYRV
0DFXOD' 7 7*/DVHU2IWDOPLFD 6
/,0$
)XWXUR9LVLRQ
5('2)7$/0 2SHOXFH 2IWDOPLF6HUYLFH
6
/,0$ ,QVWLWXWR2IWDOPRORJLFR&RQILD $UEUD\VV/DVHU
5('2)7$/0 2PQLD9LVLRQ 2FXODVHU&HQWUR'H0LFURFLUXJLD
6
/,0$ 2SWLPD9LVLRQ
5('2)7$/0 2IWDOPRVDOXG6DQ,VLGUR 2IWDOPRVDOXG(O3ROR
6
/,0$ 2IWDOPLFD 2IWDOPRVDOXG6HGH/RV2OLYRV
5('2)7$/0 &HQWURV2IWDOPROyJLFRV(Q3URYLQFLDV
6
3529
&UpGLWR
&OLQLFD0XQGR6DOXG &OLQLFD6DQ0LJXHO$UFDQJHO
&OLQLFD0RQWHILRUL &OLQLFD6DQ-XDQ%DXWLVWD
5(' 6LQFRSDJR
&OLQLFD0HGLFD&D\HWDQR+HUHGLD6HGH
&OLQLFD3URYLGHQFLD
6DQ0DUWLQ'H3RUUHV
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
3DUWRQDWXUDO\RP~OWLSOHFRQWUROSUHQDWDO\SRVWQDWDO
&UpGLWR
&,QWHUQDFLRQDO0HGLFHQWUR6DQWD
&OLQLFD9HVDOLR
$QLWD $
&OLQLFD6DQWD0DULD'HO6XU &OLQLFD3URYLGHQFLD
5LFDUGR3DOPD&QRUWH $ 6XL]D/DE $
5(' 6LQFRSDJR
&OLQLFD0XQGR6DOXG &OLQLFD6DQ-XDQ%DXWLVWD
&OLQLFD&D\HWDQR+HUHGLD6HGH6DQ
&OLQLFD6DQ0LJXHO$UFDQJHO
0DUWLQ'H3RUUHV
&OLQLFD0RQWHILRUL &OLQLFD9HUVDOOHV
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&RQWUROGHQLxRVDQR
&UpGLWR
&,QWHUQDFLRQDO0HGLFHQWUR6DQWD
&OLQLFD3URYLGHQFLD
$QLWD $
5(' &OLQLFD9HVDOLR &OLQLFD6DQWD0DULD'HO6XU 6LQFRSDJR
5LFDUGR3DOPD&QRUWH $ 6XL]D/DE $
&OLQLFD&D\HWDQR+HUHGLD6HGH6DQ &OLQLFD0XQGR6DOXG
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&UpGLWR
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
1R,QFOX\HH[iPHQHVDX[LOLDUHV\IDUPDFLDGHQWURGHOEHQHILFLR
&RQVXOWDQXWULFLRQDOGHFRQWURO\VHJXLPLHQWR 6
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
$PEXODQFLDV
&UpGLWR
/LPD 6LQFRSDJR
6HUYLFLRGH$PEXODQFLDHQ$UHTXLSDð
3RUHO1RUWH=RQD&RQR1RUWH
3RUHO6XU=RQD6RFDED\D/DUD
3RUHO(VWH+DVWDHOGLVWULWRGH3DXFDUSDWD8UE0LJXHO*UDX
3RUHO2HVWH'LVWULWRGH6DFKDFD
6HUYLFLRGH$PEXODQFLDHQ7UXMLOORð
7UDVODGR'LVWULWDOHLQWHUGLVWULWDOGH7UXMLOOR
3RUHO1RUWH/D(VSHUDQ]D
3RUHO1RU(VWH)ORUHQFLDGH0RUD
3RUHO1RU2HVWH+XDQFKDFR+XDQFKDTXLWR
3RUHO6XU6DODYHUU\0RFKH
3RUHO6XU2HVWH/DV'HOLFLDV
3RUHO(VWH/DUHGR
6XMHWRDGLVSRQLELOLGDGGHSURYHHGRU
&RQWLQXLGDGGHODHPHUJHQFLDDFFLGHQWDODPEXODWRULD
&UpGLWR
/LPD 6LQFRSDJR
3URYLQFLDV 6LQFRSDJR
5LPDFFXEUHODFRQWLQXLGDGGHODHPHUJHQFLDDFFLGHQWDODPEXODWRULDKDVWDPi[LPRGtDVGHQWURGHOPLVPRHVWDEOHFLPLHQWR
GHVDOXGHQTXHVHSURGXMRODDWHQFLyQLQLFLDO\VRORDSOLFDDDTXHOODVDWHQFLRQHVTXHXWLOL]DURQH[FOXVLYDPHQWHHO6HUYLFLRGH
(PHUJHQFLD1RDSOLFDD+RVSLWDOL]DFLRQHVR&LUXJtD$PEXODWRULDVGHULYDGDVGHODFFLGHQWHTXHSURYRFyOD(PHUJHQFLD
&XEUHFRQWUROHVDPEXODWRULRVH[iPHQHVGHODERUDWRULRGHFRQWUROH[iPHQHVUDGLROyJLFRVGHFRQWUROVHVLyQGHWHUDSLDItVLFD
UHWLURGHSXQWRV\UHWLURGH\HVR
&UpGLWR
&OLQLFD,QWHUQDFLRQDO6HGH0HGLFHQWUR &OLQLFD,QWHUQDFLRQDO0HGLFHQWUR6DQWD
&ROPHQD $QLWD
&OLQLFD,QWHUQDFLRQDO6HGH/LPD &OLQLFD,QWHUQDFLRQDO6HGH6XUFR
&OLQLFD6DQ-XGDV7DGHR &OLQLFD3URYLGHQFLD
&HQWUR0HGLFR6XL]D/DE &P-RFNH\6DOXG
&OLQLFD,QWHUQDFLRQDO&HQWUR0HGLFR
&O&HQWHQDULR3HUXDQR-DSRQHVD
6DQ,VLGUR
5(' 6LQFRSDJR
,QWHJUDPHGLFD,QGHSHQGHQFLD &OLQLFD6DQ3DEOR6HGH6XUFR
&OLQLFD9HVDOLR &OLQLFD/LPDWDPER6DQ,VLGUR
&HQWUR0HGLFR0HGH[ &OLQLFD6DQ*DEULHO
&OLQLFD-HVXV'HO1RUWH 6XL]D/DE6HGH/D(QFDODGD
5HG$ILOLDGD'H3UHYHQFLRQ 'H
$FXHUGR$/D'LVSRQLELOLGDG'HO
3URYHHGRU
0HGLFLyQGHODYLVWDFRQHQWUHJDGHPHGLGD
&UpGLWR
&OLQLFD,QWHUQDFLRQDO6HGH/LPD &OLQLFD,QWHUQDFLRQDO6HGH6XUFR
5(' 6LQFRSDJR
&OLQLFD6DQ-XGDV7DGHR &HQWUR0HGLFR6XL]D/DE
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&UpGLWR
/LPD 6LQFRSDJR
3URYLQFLDV 6LQFRSDJR
9tD7HUUHVWUH
7UDQVSRUWHHQ$PEXODQFLD
9tD$pUHD
7UDQVSRUWHHQ$YLyQ1DFLRQDO 9XHOR&RPHUFLDO
(OEHQHILFLRVRORDSOLFDFXDQGRHOSURYHHGRUGRQGHVHHQFXHQWUDHOSDFLHQWHKRVSLWDOL]DGRQRFXHQWDFRQODFDSDFLGDGUHVROXWLYD
QHFHVDULDSDUDVXDWHQFLyQ/DUHIHUHQFLDVHUHDOL]DUiHQDPEXODQFLD\RDYLyQFRPHUFLDODOHVWDEOHFLPLHQWRGHVDOXGFRQ
FDSDFLGDGUHVROXWLYDPiVFHUFDQR(VLQGLVSHQVDEOHSDUDHORWRUJDPLHQWRGHOEHQHILFLRODDXWRUL]DFLyQGHOPpGLFRWUDWDQWH\GHO
PpGLFRGHOD&HQWUDOGH(PHUJHQFLDVGH5tPDF
(OEHQHILFLRYtDDpUHDFXEUHHOWUDVODGRFRQXQPpGLFRRHQIHUPHUDFRPRPi[LPRHQFDVRHOSDFLHQWHVHDPHQRUGHHGDG
SRGUiLQFOXLUDXQDFRPSDxDQWHFRPRPi[LPR
(OSUHVHQWHEHQHILFLRVRORFRQVLGHUDHOWUDQVSRUWHGHLGD UHIHUHQFLD
6XMHWRDGLVSRQLELOLGDGGHSURYHHGRU
6RORFRQILQHVWHUDSpXWLFRV
(VWHEHQHILFLRHVH[FOXVLYRSDUDORVVLJXLHQWHVGLiJQyVWLFRV'LVWRQtD&HUYLFDO(VSDVPRPLRIDFLDO(VWUDELVPR%OHIDURHVSDVPR
\(VSDVWLFLGDGSRUSDUDOLVLVFHUHEUDO
&UpGLWR
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&UpGLWR
FRPR FRPR
/LPD
DPEKRVS DPEKRVS
FRPR FRPR
3URYLQFLDV
DPEKRVS DPEKRVS
0HGLFDPHQWRVSDUDGLDJQyVWLFRVQRRQFROyJLFRV0RGLILFDGRUHVGHODUHVSXHVWDELROyJLFDLQWHUIHURQHVDQWLFXHUSRV
PRQRFORQDOHVLQKLELGRUHVGHWLURVLQNLQDVD\DQWLDQJLRJpQLFRV
/RVWUDWDPLHQWRVWLHQHQTXHFRQWDUFRQODDSUREDFLyQGHOD)'$ï(0$ðR&$'7+ñ\FXPSOLUODVFRQGLFLRQHVGHVHYHULGDG
HVWDEOHFLGDVSRUXQDGHHVWDVHQWLGDGHV(VWHEHQHILFLRDSOLFDH[FOXVLYDPHQWHDORVGLDJQyVWLFRVFLWDGRVDFRQWLQXDFLyQ
6HUiQFDQGLGDWRVDUHFLELU2PDOL]XPDEDTXHOORVSDFLHQWHVTXHFXPSODQFRQORVVLJXLHQWHVUHTXLVLWRV
6HUPLHPEURVGHOSURJUDPD&8,'$7($VPDFRQXQDSHUPDQHQFLDPtQLPDGHDxR\FRQFXPSOLPLHQWRPD\RUDOGHORV
FRQWUROHVFHUWLILFDGRSRUVXPpGLFRGHOSURJUDPD
3DFLHQWHVGHDxRVRPiVHQTXLHQHVORVVtQWRPDVUHVSLUDWRULRVQRKDQVLGRFRQWURODGRVDGHFXDGDPHQWHFRQFRUWLFRLGHV
LQKDODGRV
7HQHUXQVNLQWHVWSRVLWLYRRUHDFWLYLGDGLQYLWURDDHURDOHUJHQRV
&RQWDUFRQXQDPHGLFLyQEDVDOGH,J(VpULFDSDUDGHILQLUODGRVLVDDGPLQLVWUDU
$GPLQLVWUDFLyQGHOIiUPDFRHQFHQWURLQGLFDGRSRU5LPDF
6HUiQFDQGLGDWRVDUHFLELU2PDOL]XPDEDTXHOORVSDFLHQWHVTXHFXPSODQFRQORVVLJXLHQWHVFULWHULRV
0D\RUHVGHDxRV
TXHSHUPDQHFHQVLQWRPiWLFRVDSHVDUGHOWUDWDPLHQWRDQWLKLVWDPtQLFR+
6yORSDUDPXMHUHVSRVWPHQRSiXVLFDVFRQ2VWHRSRURVLVGRFXPHQWDGDSRU'HQVLWRPHWUtDÏVHD\TXHOXHJRGHDxRGH
WUDWDPLHQWRFRQELIRVIRQDWRVQRKDWHQLGRHYROXFLyQIDYRUDEOH6HGHEHSUHFLVDUTXHDOLQLFLDUVHHOWUDWDPLHQWRFRQGHQRVXPDE
\DQRVHFXEULUiQELIRVIRQDWRVGHPDQHUDSDUDOHOD
%HQO\VWDHVWiLQGLFDGRFRPRWUDWDPLHQWRDG\XYDQWHHQSDFLHQWHVDGXOWRVFRQOXSXVHULWHPDWRVRVLWpPLFRDFWLYRFRQ
DQWLFXHUSRVSRVLWLYRVFRQXQDOWRJUDGRGHDFWLYLGDGGHODHQIHUPHGDGDSHVDUGHOWUDWDPLHQWRHVWiQGDU
6HUiQFDQGLGDWRVDUHFLELU3DOLYL]XPDEDTXHOORVSDFLHQWHVTXHFXPSODQFRQXQRGHORVVLJXLHQWHVFULWHULRV
3DFLHQWHVPHQRUHVGHPHVHVFRQHQIHUPHGDGSXOPRQDUFUyQLFD
1LxRVFRQKLVWRULDGHSUHPDWXULGDG PHQRULJXDODVHPDQDV
1LxRVFRQHQIHUPHGDGFDUGLDFDFRQJpQLWDKHPRGLQiPLFDPHQWHFRPSURPHWLGD
ïZZZIGDJRYðZZZHPDHXURSDHXñZZZFDGWKFD
&UpGLWR
&OLQLFD0HGLFD&D\HWDQR+HUHGLD6HGH
5(' GtDGHKDE
6DQ0DUWLQ'H3RUUHV
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV GtDGHKDE
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
/RVPHGLFDPHQWRVVHUiQUHHPEROVDGRVVRORVLVRQDGTXLULGRVHQODVVLJXLHQWHVIDUPDFLDV,QNDIDUPD\0LIDUPD(OUHHPEROVR
VHGDUiDWDULIDVGH5LPDF(36
(YDOXDFLyQ3VLTXLiWULFD6HVLyQGHPLQXWRV
3DUDILQHVGHYHQWD\FRPSUDGHSURSLHGDGHV LQFOX\HFHUWLILFDGRPpGLFR
ÈUHD1HXURVLFRORJtFD6HVLRQHVGH0LQXWRV
&RQVXOWD3VLTXLDWULFD6HVLyQGHPLQXWRV
$QVLHGDGGHSUHVLyQ7UDVWRUQRVVRPDWRPRUIRVKLSRFRQGULDFRV7UDVWRUQRELSRODUHVTXL]RIUHQLD7UDVWRUQRGHSHUVRQDOLGDG
7UDVWRUQRGHSiQLFR7'$+ 7UDVWRUQRSRUGpILFLWGHDWHQFLyQHKLSHUDFWLYLGDGGHOQLxR\GHODGXOWR 'HSHQGHQFLDDODOFRKRO
WDEDFREHQ]RGLDFHSLQDVOXGRSDWtDDOLQWHUQHWDYLGHRMXHJRVFRPSUDFRPSXOVLYDDGLFFLyQDRWUDVDGLFFLRQHVTXtPLFDV\
FRQGXFWXDOHV
ÈUHDGH3HUVRQDOLGDG6HVLRQHV
(YDOXDFLyQGH2ULHQWDFLyQ9RFDFLRQDO6HVLRQHV
7HVWGH$QVLHGDGPLQXWRV
7HVWGH'HSUHVLyQPLQXWRV
&RQVXOWD3VLFRWHUDSH~WLFD,QGLYLGXDO PLQXWRVSRUVHVLyQ
$GXOWRV3UREOHPDVGHDQVLHGDGGHSUHVLyQEDMDDXWRHVWLPDHVWUpVYLROHQFLDIDPLOLDU7UDWDPLHQWRGHDGLFFLRQHVGHDOFRKRO
WDEDFRFLEHUDGLFFLyQOXGRSDWtD\RWUDVVXVWDQFLDV
$GROHVFHQWHV$JUHVLYLGDGDQVLHGDGGHSUHVLyQHVWUpVWLPLGH]DQRUH[LDGURJDGLFFLyQDFRVRHVFRODUEXOO\LQJEDMD
DXWRHVWLPDVH[XDOLGDGUHVSRQVDEOHHWF
1LxRV7UDWDPLHQWRGH3UREOHPDVGHDSUHQGL]DMH\DWHQFLyQHQQLxRV+LSHUDFWLYLGDGSUREOHPDVGHFRQGXFWDDFRVRHVFRODU
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
7HVWGH$IURQWDPLHQWRDOHVWUpVPLQXWRV
,QWHOLJHQFLD(PRFLRQDO+DELOLGDGHVVRFLDOHV(YDOXDFLyQGHDXWRHVWLPD6HVLyQ
3VLFRWHUDSLDGH3DUHMDPLQXWRV
3VLFRWHUDSLD)DPLOLDUPLQXWRV2ULHQWDGDDWUDWDUSUREOHPDVGHDXWRULGDGGHODFULDQ]DGLILFXOWDGHVHQODUHODFLyQGHSDGUHV
HKLMRVHQWUHKHUPDQRVGLVIXQFLyQIDPLOLDUHWF
1R,QFOX\H0HGLFDPHQWRVQLKRVSLWDOL]DFLyQQLDWHQFLyQGHHPHUJHQFLD
/DV7DULIDVVHUiQPRGLILFDGDVSHULyGLFDPHQWHHLQIRUPDGDVSUHYLDPHQWH
7HVWFDOLIRUQLD VHVLRQ 6
&RQVXOWD3VLTXLiWULFD
1LxRV\$GROHVFHQWHV
$GXOWRV\$GXOWRV0D\RUHV
7DOOHUGH$GLFFLRQHV
$OFRKROLVPR)DUPDFRGHSHQGHQFLD-XJDGRUHVSDWROyJLFRV
7DOOHUGH(VFXHODSDUD3DGUHV
5HQGLPLHQWRHVFRODU3UREOHPDVGHSDUHMD2ULHQWDFLyQHQVH[XDOLGDG(O3DGUHR0DGUHVROWHUD3HOLJURVLQIDQWLOHV
7DOOHU0DQHMRGHO6WUHVV
0DQHMRHPRFLRQDO6ROXFLyQGHSUREOHPDV0DQHMRGHODHQIHUPHGDG*UXSRVGHUHODMDFLyQ*UXSRVGHFUHDWLYLGDG7UDVWRUQRV
SVLFRVRPiWLFRV )LEURPLDOJLDFRORQLUULWDEOHJDVWULWLVPLJUDxDHQWUHRWURV
7DOOHUGH0DQHMRGHOD3VLFRVLV
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
7DOOHUGH*UXSRVGHDSR\R\SUHYHQFLyQ
*UXSRVGHYLGHRGHEDWH*UXSRV\QDUUDWLYD*UXSRVGHUHIOH[LyQ*UXSRVGHDFWLYLGDG
7DOOHUGH7UDVWRUQRVDOLPHQWLFLRV
7UDQVWRUQRVGHDOLPHQWDFLyQ %XOLPLD$QRUH[LD
7DOOHUGH&RPXQLFDFLyQ,QWHUSHUVRQDO
&RPXQLFDFLyQ,QWHUSHUVRQDO*UXSRVGHH[SUHVLyQSOiVWLFD\FRUSRUDO
7UDWDPLHQWR3VLFRWHUDSHXWLFR*UXSDO
3VLFRWHUDSLD)DPLOLDU
3VLFRWHUDSLDGH3DUHMD
3VLFRWHUDSLD0XOWLIDPLOLDU
(YDOXDFLyQ3VLFROyJLFDHQ$GXOWRV\$GXOWRV0D\RUHV
'HVFDUWHRUJiQLFRFHUHEUDO
(YDOXDFLyQGHLQWHOLJHQFLD
(YDOXDFLyQGH3HUVRQDOLGDG
2ULHQWDFLyQYRFDFLRQDO
(YDOXDFLyQ3VLFROyJLFDHQ1LxRV\$GROHVFHQWHV
'HVFDUWH'pILFLWGH$WHQFLyQ
(YDOXDFLyQGHODVIXQFLRQHVLQWHOHFWXDOHV
'HVDUUROORSVLFRPRWRU
'HVDUUROORVRFLDO
2ULHQWDFLyQYRFDFLRQDO
3UXHEDGH3HUVRQDOLGDG
7UDWDPLHQWR3VLFRWHUDSHXWLFR,QGLYLGXDO
'HSUHVLyQVWUHVV\ODIDPLOLD
$OFRKROLVPRGURJDGLFFLyQWDEDTXLVPRDQVLHGDG
7UDVWRUQRVGHDOLPHQWDFLyQEXOLPLD\DQRUH[LD
3UREOHPDVGHDSUHQGL]DMH\DWHQFLyQHQQLxRV
+LSHUDFWLYLGDGSUREOHPDVGHFRQGXFWDHQQLxRV
1R,QFOX\H0HGLFDPHQWRVQLKRVSLWDOL]DFLyQQLDWHQFLyQGHHPHUJHQFLD
/RVFRVWRVVRQSRUVHVLyQ\SRUSDUWLFLSDQWH
3ULPHUDFRQVXOWDSVLTXLDWULFD 6
7DOOHUFRPXQLFDFLyQLQWHUSHUVRQDO 6
&UpGLWR
5HGDPEXODWRULD 5HG'H&HQWURV$ILOLDGRV$O3ODQ%DVH 6LQFRSDJR
&REHUWXUDSRUSUyWHVLVTXLU~UJLFDVLQWHUQDVH[FOX\HSUyWHVLVGHQWDOHV
&UpGLWR
5(' &OLQLFD6WHOOD0DULV 6
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
/RVPHGLFDPHQWRVUHODFLRQDGRVHVSHFtILFDPHQWHDOWUDWDPLHQWRGHO9,+6,'$VHUiQSURSRUFLRQDGRVSRUODVFOtQLFDVUHVSHFWLYDV
$WHQFLyQ+RVSLWDODULD
&UpGLWR
5(' &OLQLFD6WHOOD0DULV GtDGHKDE
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV GtDGHKDE
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
/RVPHGLFDPHQWRVUHODFLRQDGRVHVSHFtILFDPHQWHDOWUDWDPLHQWRGHO9,+6,'$VHUiQSURSRUFLRQDGRVSRUODVFOtQLFDVUHVSHFWLYDV
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&UpGLWR
&OtQLFDV$ILOLDGDV$O3ODQ%DVH(Q
5(' 6LQFRSDJR
&REHUWXUDV$PEXODWRULD<+RVSLWDODULD
&UpGLWR
/LPD 6LQFRSDJR
6RODPHQWHSDUDORVWLSRVGHFiQFHU\HVWDGLRFOtQLFRDSUREDGRVSRUOD)RRGDQG'UXJ$GPLQLVWDWLRQ )'$ï (XURSHDQ0HGLFLQH
$JHQF\ (0$ð R&DQDGLDQ$JHQF\IRU'UXJVDQG7HFKQRORJLHVLQ+HDOWK &$'7+ñ RGHDFXHUGRDODV*XtDVGH0DQHMR
2QFROyJLFRGHO1&&1KDVWDODFDWHJRUtDGHHYLGHQFLD\FRQVHQVR$YLJHQWHVDOPRPHQWRGHODDWHQFLyQ,QFOX\H
)DFWRUHV(VWLPXODQWHVGH&RORQLDV$QWLFXHUSRV0RQRFORQDOHV,QKLELGRUHVGHOD7LURVLQ.LQDVD,QKLELGRUHVGHO3URWHRVRPD
$QWLDQJLRJpQLFRV
ïZZZIGDJRYðZZZHPDHXURSDHXñZZZFDGWKFDZZZQFFQRUJ
3/$1,),&$&,Ï1)$0,/,$5 &216(-(5Ë$,16(5&,Ï1<5(7,52'(/',89$6(&720Ë$
&RSDJR &XELHUWRDO
/,*$'85$'(75203$6
&UpGLWR
3/$1'(6$/8'%$6(
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
3/$1,),&$&,Ï1)$0,/,$5 &216(-(5Ë$,16(5&,Ï1<5(7,52'(/',89$6(&720Ë$
&RSDJR &XELHUWRDO
/,*$'85$'(75203$6
FRPR FRPR
/LPD
DPEKRVS DPEKRVS
FRPR FRPR
3URYLQFLDV
DPEKRVS DPEKRVS
(QFOtQLFDVDILOLDGDVDOSODQ6ROR9tDFUpGLWR
6HFXEUHODLQVHUFLyQ\UHWLURGHOGLVSRVLWLYRLQWUDXWHULQR ',8 DVtFRPRHOPLVPRGLVSRVLWLYR
7HQHUSUHVHQWHTXHHOFRQVHMR\DVHVRUDPLHQWRVREUHODDQWLFRQFHSFLyQVHUiEULQGDGRSRUHOPpGLFRWUDWDQWHEDMRODV
FRQGLFLRQHVDPEXODWRULDVGHOSUHVHQWHSODQGHVDOXG
6HFXEUHODWHUDSLDKRUPRQDOEDVDGDHQORVWUDWDPLHQWRVDSUREDGRVSRUOD)'$ï(0$ðR&$'7+ñ
&UpGLWR
5HG'H&OtQLFDV$ILOLDGDV$O3ODQ%DVH FRPR FRPR
5('
DPEKRVS DPEKRVS
ïZZZIGDJRYðZZZHPDHXURSDHXñZZZFDGWKFD
&UpGLWR
5(' 2SHOXFH 6
5(' 7*/DVHU2IWDOPLFD 0DFXOD' 7 6
5(' 2PQLD9LVLRQ 2IWDOPLF6HUYLFH 6
(OLPSRUWHGHO&RSDJRHVSRURMR
&RQGLFLRQHV7HFQRORJtD/DVLN,QFOX\HORVVLJXLHQWHVSURFHGLPLHQWRV7RSRJUDItDFRUQHDO VHJ~QLQGLFDFLyQPpGLFD \
3DTXLPHWUtD8OWUDVyQLFD2FXODU VHJ~QLQGLFDFLyQPpGLFD
(OVHUYLFLRQRLQFOX\H:DYH)URQW
&UpGLWR
FRPR FRPR
/LPD
DPEKRVS DPEKRVS
FRPR FRPR
3URYLQFLDV
DPEKRVS DPEKRVS
&XEUHJDVWRVPpGLFRVGHFXUDFLyQ\RWUDWDPLHQWRPpGLFRSRUOHVLRQHVVXIULGDVDFRQVHFXHQFLDGHDFFLGHQWHVSRUGHVDVWUHV
QDWXUDOHVLQFOXLGRVSHURQROLPLWDGRVDWHUUHPRWRVWVXQDPLVWRUPHQWDVHLQXQGDFLRQHVKDVWDXQSOD]RPi[LPRGHPHVHV
FRQWDGRVGHVGHODIHFKDGHOHYHQWRRKDVWDODUHFXSHUDFLyQWRWDOGHOPLVPRHOTXHRFXUUDSULPHUR(VWHEHQHILFLRVHGDUi
PLHQWUDVVHPDQWHQJDODFDOLGDGGHDILOLDGRHQHOSODQGHVDOXG/DFREHUWXUDDSOLFDSDUDDWHQFLRQHVGHQWURGHOWHUULWRULR
QDFLRQDO5HGGH&HQWURVDILOLDGRVDO3ODQ%DVH
1RSRGUiQKDFHUXVRGHORVVLJXLHQWHVEHQHILFLRVDFRQVHFXHQFLDGHXQGHVDVWUHQDWXUDO*DVWRGHOVHSHOLR&REHUWXUDGH
$VLVWHQFLDHQ9LDMH/LEHUDFLyQGHOSDJRGHSULPDVSRUPXHUWHGHOWLWXODU\7UDQVSRUWHSRUHYDFXDFLyQ
&UpGLWR
FRPR FRPR
/LPD
DPEKRVS DPEKRVS
FRPR FRPR
3URYLQFLDV
DPEKRVS DPEKRVS
(QIHUPHGDGHVGHFODUDGDVHSLGpPLFDVSRUHO0LQLVWHULRGH6DOXG
0e72'2'(5($-867(
5DQJRVGH &REHUWXUD+RVSLWDODULD
&RSDJR 9DULDFLyQGH$SRUWHV 2EVHUYDFLRQHV
6LQLHVWUDOLGDG $PEXODWRULD
6!\6 &RSDJR 12 6
6!\6 &RSDJR &REHUWXUD 6
&21',&,21(6
/D$SOLFDFLyQGHOUHDMXVWHHVSURFHGHQWHVLHPSUHTXHOD(36FXPSODFRQEULQGDUODLQIRUPDFLyQFRQWHPSODGDHQHOSiUUDIR
FXDUWRGHODFOiXVXOD'pFLPR6pSWLPDGHOSUHVHQWHFRQWUDWR
3UHYLDPHQWHDODDSOLFDFLyQGHOUHDMXVWHGHORVDSRUWHV\GHQWURGHORVSOD]RVDFRUGDGRVHQWUHODVSDUWHV/$(36GHEHUi
KDEHUFXPSOLGRFRQSUHVHQWDUDOD(17,'$'(03/($'25$XQUHSRUWHGHODVLQLHVWUDOLGDGGHELGDPHQWHVXVWHQWDGR\
DQDOL]DGRVHxDODQGRODVPHGLGDVRULHQWDGDVDODUDFLRQDOL]DFLyQGHOJDVWR(OUHDMXVWHGHFRSDJRVRDSRUWHV VLORVKXELHUD
VHUiQDSOLFDGRVVHPHVWUDOPHQWHDSDUWLUGHOSULPHUGtDGHOVpSWLPRPHVGHYLJHQFLDGHOSODQ
/RVGDWRVXWLOL]DGRVSDUDHOFiOFXORGHUHDMXVWH ,QFOX\HQWULEXWRVGHOH\\JDVWRV
2ULHQWDFLyQ0HGLFD7HOHIyQLFD KRUDV
(PHUJHQFLDV\$VLVWHQFLDVHVXQDH[FOXVLYDFHQWUDOGH$VLVWHQFLD7HOHIyQLFDGLVHxDGDHVSHFLDOPHQWHSDUDDWHQGHUDORV
DVHJXUDGRVGH5LPDFODVKRUDVGHOGtDORVGtDVGHODxR3DUDFRPXQLFDUVHVRORWLHQHTXHOODPDUDORVWHOpIRQRV
DGMXQWRV\QXHVWURSHUVRQDOORDWHQGHUiSDUDVROXFLRQDURDOLYLDUVXHPHUJHQFLD
(Q/LPD
(Q3URYLQFLDV VyORGHVGHWHOpIRQRILMR
FXDOTXLHUWLSRGHWHOpIRQR
&HQWUDOGH&RQVXOWDV
/D&HQWUDOGH&RQVXOWDVYtDRSFLyQ\HOFRUUHRDWHQFLRQDOFOLHQWH#ULPDFFRPSHEULQGDQVROXFLyQDODVFRQVXOWDVSRU
ORVVLJXLHQWHVPRWLYRV,QIRUPDFLyQHQFREHUWXUDV\YLJHQFLDVSURFHGLPLHQWRV6WDWXVGHHPLVLyQ6WDWXVGHO5HHPEROVRV
6WDWXVGH&DUWDVGHJDUDQWtD\5HJLVWURGH5HFODPRV
,1)250$&,Ï15(*/$0(17$5,$
$ILOLDGRV5HJXODUHV6RQDTXHOORVWUDEDMDGRUHVDFWLYRVGHXQDHPSUHVDTXHODERUDQFRPRGHSHQGLHQWHVDGHPiVGHVXV
GHUHFKRKDELHQWHVRGHSHQGLHQWHVOHJDOHV FyQ\XJHRFRQFXELQD R KLMRVPHQRUHVGHHGDGRPD\RUHVLQFDSDFLWDGRVHQ
IRUPDWRWDORSHUPDQHQWH
6LVWHPDGH4XHMDV\5HFODPRV(O7UDEDMDGRUWLHQHHOGHUHFKRDDFFHGHUDOVLVWHPDGHTXHMDV\UHFODPRV\DOWUDPLWH
FRUUHVSRQGLHQWH D WUDYpV GH OD &HQWUDO GH &RQVXOWDV 2SFLyQ SDUD /LPD \ 2SFLyQ SDUD
3URYLQFLDV7DPELpQSXHGHHVFULELUQRVDO&RUUHR(OHFWUyQLFRDWHQFLRQDOFOLHQWH#ULPDFFRPSHRDFHUFDUVHDFXDOTXLHUDGH
QXHVWUDVRILFLQDV
,QLFLRGHOD&REHUWXUD2EOLJDWRULD(OWUDEDMDGRUSRGUiJR]DUGHVXFREHUWXUDVLHPSUHTXHKD\DFRPSOHWDGRWUHVPHVHV
FRQVHFXWLYRVGHDSRUWDFLRQHVRFXDQGRKD\DQFRPSOHWDGRFXDWURPHVHVGHDSRUWDFLRQHVQRFRQVHFXWLYDVGHQWURGHORVVHLV
PHVHVDQWHULRUHVDOPHVHQTXHVHLQLFLyODUHODFLyQODERUDO\DVHDHQ(VVDOXGRXQD(36
*58326$/)$(36
$1(;21
3/$1'(6$/8'$',&,21$/
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&2%(5785$
6RQORVSODQHVTXHVHRIHUWDQDOWUDEDMDGRUVXVGHUHFKRKDELHQWHVOHJDOHV\DRWURVEHQHILFLDULRVGHOWUDEDMDGRUFX\DV
FREHUWXUDVVXPDVDVHJXUDGDVEHQHILFLRVUHGHV\DSRUWHVGHVFULWRVVHDGLFLRQDQDO3ODQ%DVH'HLJXDOIRUPDHQORVFDVRV
TXHVHRIHUWHXQVHJXQGR3ODQ$GLFLRQDOHVWHVHUiHQDGLFLyQDO3ODQ%DVH\DO3ODQ$GLFLRQDO(QHOFDVRTXHVHRIHUWHXQ
3ODQ$GLFLRQDODOWUDEDMDGRU\VXVGHUHFKRKDELHQWHVpVWHQRSRGUiLQFOXLUORVEHQHILFLRVFRPSUHQGLGRVHQHO3ODQ%DVH6H
HQFXHQWUDQVXMHWRVDORVOLPLWHVSUHVWDFLRQHV\FRQGLFLRQHVHVWLSXODGRVOLEUHPHQWHSRUODVSDUWHV\VHILQDQFLDQFRQDSRUWHV
DGLFLRQDOHV/RVUHVXOWDGRVGHODVLQLHVWUDOLGDG\VXDSOLFDFLyQVRQLQGHSHQGLHQWHVGHO3ODQ%DVH
&2%(5785$&203/(0(17$5,$$18$/
680$6$6(*85$'$6 ,/,0,7$'2
3253(5621$
'(6&5,3&,21'(%(1(),&,26 3/$1%$6($',&,21$/ 727$/ ,/,0,7$'2
$7(1&,Ï1$0%8/$725,$ &RSDJR &XELHUWRDO
$WHQFLRQHVDPEXODWRULDVUHODWLYDVDSUHVWDFLRQHVGHFDSDVLPSOH\RGHFDSDFRPSOHMD
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6
5('=21$6 =RQDV$OHMDGDV'H3URYLQFLD
6
$/(-$'$6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
5HHPEROVRKDVWD6
5('3529,1&,$ 3URYLQFLDV 6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
1RWD/RVFRSDJRVVRQSRUFDGDSLH]DWUDWDGD\WHUPLQDGD6HJ~QWDULIDULRGH5LPDF(36
1RVHFXEUHFRQVXOWD2GRQWROyJLFD
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6
5('=21$6 =RQDV$OHMDGDV'H3URYLQFLDV
6
$/(-$'$6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6LQFRSDJR
5('=21$6 =RQDV$OHMDGDV'H3URYLQFLD
6LQFRSDJR
$/(-$'$6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
3/$1'(6$/8'$',&,21$/
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6LQFRSDJR
5('=21$6 =RQDV$OHMDGDV'H3URYLQFLD
6LQFRSDJR
$/(-$'$6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
&HViUHDDERUWRQRSURYRFDGR\FRPSOLFDFLRQHV
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6LQFRSDJR
5('=21$6 =RQDV$OHMDGDV'H3URYLQFLD
6LQFRSDJR
$/(-$'$6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
5HHPEROVR
5('3529,1&,$ 3URYLQFLD FRPRDPE FRPRDPE
5('=21$6 =RQDV$OHMDGDV'H3URYLQFLDV
FRPRDPE FRPRDPE
$/(-$'$6
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
5HHPEROVR
3/$1'(6$/8'$',&,21$/
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6LQFRSDJR
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV FRPRDPE FRPRDPE
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
2QFRORJtDDPEXODWRULDKRVSLWDODULD\GHHPHUJHQFLD5DGLRWHUDSLD&LUXJtD2QFROyJLFD,PDJHQRORJtD
5HHPEROVR
5('3529,1&,$ 3URYLQFLDV 6LQFRSDJR
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
&RQVXOWDPpGLFDKDVWD6
(OH[FHVR SDFWDGRSRUHOSDFLHQWH GHWDULIDVFXELHUWDVDFUpGLWRQRHVWiQVXMHWDVDUHHPEROVR
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
3/$1,),&$&,Ï1)$0,/,$5 &216(-(5Ë$,16(5&,Ï1<5(7,52'(/',89$6(&720Ë$
&RSDJR &XELHUWRDO
/,*$'85$'(75203$6
5HHPEROVR
6HFXEUHODWHUDSLDKRUPRQDOEDVDGDHQORVWUDWDPLHQWRVDSUREDGRVSRUOD)'$ï(0$ðR&$'7+ñ
5HHPEROVR
FRPR FRPR
5('3529,1&,$ 3URYLQFLDV
DPEKRVS DPEKRVS
7DULID$GHOWDULIDULR5LPDF 'LVSRQLEOHHQOD:HEGH5LPDFZZZULPDFFRPSH
(OEHQHILFLRGHUHHPEROVRHVWDVXMHWRDODVPLVPDVSROtWLFDV\H[FOXVLRQHVTXHODVDWHQFLRQHVSRUFUpGLWR
ïZZZIGDJRYðZZZHPDHXURSDHXñZZZFDGWKFD
%(1(),&,26$',&,21$/(6
6RQVHUYLFLRVGLVWLQWRVDORVEHQHILFLRVFRPSUHQGLGRVHQODFREHUWXUDREOLJDWRULD\FRPSOHPHQWDULD\HVWDUiQVXMHWRVDORV
OtPLWHVSUHVWDFLRQHV\FRQGLFLRQHVHVWLSXODGDVOLEUHPHQWHSRUODVSDUWHVVHILQDQFLDUiQQHFHVDULDPHQWHPHGLDQWHDSRUWHV
DGLFLRQDOHVGLIHUHQFLiQGRORVGHORVDSRUWHVSRUHO3ODQGH6DOXG%DVH
&REHUWXUD
/LPD 6LQFRSDJR
3/$1'(6$/8'$',&,21$/
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
&UpGLWR
/LPD 6LQFRSDJR
3URYLQFLDV 6LQFRSDJR
6HUYLFLRGHDOLPHQWDFLyQJUDWXLWDSDUDXQDFRPSDxDQWH(OVHUYLFLRRIUHFHGHPDQHUDJUDWXLWDGHVD\XQRDOPXHU]R\FHQD
DOGtDVHUYLGDSRUODFOtQLFDGXUDQWHHOWLHPSRTXHGXUHHOLQWHUQDPLHQWR3DUDLQWHUQDPLHQWRVSRUWUDWDPLHQWRRQFROyJLFRHO
VHUYLFLRVHUiEULQGDGRVLQLPSRUWDUODHGDGGHOSDFLHQWH(QFDVRVHWUDWHGHXQDKRVSLWDOL]DFLyQQRRQFROyJLFDHOVHUYLFLRVH
EULQGDUiSDUDSDFLHQWHVPHQRUHVGHDxRV\PD\RUHVGHDxRV1RDSOLFDSDUDODFREHUWXUDGHPDWHUQLGDG
(OEHQHILFLRVHDSOLFDHQ/LPDSDUDODV&OtQLFDVDH[FHSFLyQGH&OLQLFD$QJORDPHULFDQD\OD&OtQLFD7H]]D
(OEHQHILFLRVHDSOLFDHQ3URYLQFLDVSDUDODV&OLQLFDV6DQFKH])HUUHU 7UXMLOOR 6RFLHGDG9LUJHQGHOD3XHUWD 7UXMLOOR &DULWD
)HOL] 3LXUD $UHTXLSD $UHTXLSD +RJDU&OtQLFD6DQ-XDQGH'LRV $UHTXLSD 6DQ-yVH &XVFR &HQWUR0HGLFR3DUGR
&XVFR 'HO3DFtILFR &KLFOD\R $QD6WDKO ,TXLWRV
&UpGLWR
5(' 2UJ6DOXG,QWHUFRQWLQHQWDO2VL 6
&RQVXOWDPHGLFD QRFXEUHPHGLFDFLyQ
&UpGLWR
)XQHUDULD/D0ROLQD )XQHUDULD-DUGLQHV'H/D3D]
5(' 6LQFRSDJR
)XQHUDULD6DQ,VLGUR
/LPD3ODQ)XQHUDULR35(0,80
3/$1'(6$/8'$',&,21$/
75$%$-$'25(6&Ï1<8*((+,-26 +$67$$f26
'HDFXHUGRDORVWRSHVGHOSODQIXQHUDULR(OIDOOHFLPLHQWRGHEHUiVHUDFRQVHFXHQFLDGHXQDFFLGHQWHRHQIHUPHGDGFXELHUWR
SRUHVWDSyOL]D
7UDVODGRGHUHVWRVDQLYHOQDFLRQDO
5HHPEROVR
=RQDV$OHMDGDVGH3URYLQFLD 6LQFRSDJR
/LPD 6LQFRSDJR
&UpGLWR
&O,QWHUQDFLRQDO6HGH0LUDIORUHV ([
5(' &OLQLFD,QWHUQDFLRQDO6HGH6DQ%RUMD FRPRKRVS FRPRKRVS
,20
&XEUHHOWUDWDPLHQWRTXLU~UJLFRSDUDODSUHYHQFLyQGHOFiQFHUGHPDPD\GHRYDULRVHQODVDILOLDGDVFRQPXWDFLRQHVHQORVJHQHV
%5&$\R%5&$(OWUDWDPLHQWRTXLU~UJLFRLQFOX\HODPDVWHFWRPtDELODWHUDO\RODVDOSLQJRRRIRUHFWRPtDELODWHUDO H[WLUSDFLyQ
GHORVRYDULRV\WURPSDV
1RFXEUHHOFRVWRGHODVSUXHEDVJHQpWLFDV %5&$R%5&$
(OSUHVHQWHEHQHILFLRVRORRSHUDHQ/LPD\HQORVVLJXLHQWHVSURYHHGRUHV
&OLQLFD,QWHUQDFLRQDO,QVWLWXWR2QFROyJLFR0LUDIORUHV\&OLQLFD,QWHUQDFLRQDO6DQ%RUMD
1RVHFXEUHUHHPEROVR,QFOX\HODUHFRQVWUXFFLyQPDPDULD6HFXEUHODSUyWHVLVLQWHUQDKDVWD6SRUFDGDXQD
5HHPEROVR
/LPD 6LQFRSDJR
3URYLQFLDV 6LQFRSDJR
6HFXEUHHOFRVWRGH]DSDWRVFRUUHFWLYRVRSODQWLOODV
&REHUWXUDVRORYtDUHHPEROVR/LPD\3URYLQFLDVXQDYH]GXUDQWHODYLJHQFLDGHODSROL]DVLHPSUH\FXDQGRH[LVWDXQLQFUHPHQWR
HQODWDOODGHOSLH
1RHVWiSHUPLWLGRVROLFLWDUPiVGHXQDYH]FDGDXQRGHORVLWHPVSDUDDFXPXODUHOWRSHGHFREHUWXUD
6HFXEUHWUDWDPLHQWRGHHVWHULOL]DFLyQHQDPERVVH[RV VRORSDUDWLWXODUHV\RFyQ\XJHV
&UpGLWR
/LPD 6LQFRSDJR
0e72'2'(5($-867(
5DQJRVGH &REHUWXUD+RVSLWDODULD
&RSDJR 9DULDFLyQGH$SRUWHV 2EVHUYDFLRQHV
6LQLHVWUDOLGDG $PEXODWRULD
6!\6 &RSDJR 12 6
&21',&,21(6
/D$SOLFDFLyQGHOUHDMXVWHHVSURFHGHQWHVLHPSUHTXHOD(36FXPSODFRQEULQGDUODLQIRUPDFLyQFRQWHPSODGDHQHOSiUUDIR
FXDUWRGHODFOiXVXOD'pFLPR6pSWLPDGHOSUHVHQWHFRQWUDWR
3UHYLDPHQWHDODDSOLFDFLyQGHOUHDMXVWHGHORVDSRUWHV\GHQWURGHORVSOD]RVDFRUGDGRVHQWUHODVSDUWHV/$(36GHEHUi
KDEHUFXPSOLGRFRQSUHVHQWDUDOD(17,'$'(03/($'25$XQUHSRUWHGHODVLQLHVWUDOLGDGGHELGDPHQWHVXVWHQWDGR\
DQDOL]DGRVHxDODQGRODVPHGLGDVRULHQWDGDVDODUDFLRQDOL]DFLyQGHOJDVWR(OUHDMXVWHGHFRSDJRVRDSRUWHV VLORVKXELHUD
VHUiQDSOLFDGRVVHPHVWUDOPHQWHDSDUWLUGHOSULPHUGtDGHOVpSWLPRPHVGHYLJHQFLDGHOSODQ
/RVGDWRVXWLOL]DGRVSDUDHOFiOFXORGHUHDMXVWH ,QFOX\HQWULEXWRVGHOH\\JDVWRV
2ULHQWDFLyQ0HGLFD7HOHIyQLFD KRUDV
&RPXQtTXHVHFRQOD&HQWUDOGH(PHUJHQFLDV\$VLVWHQFLDVSDUD/LPD\(PHUJHQFLDV\$VLVWHQFLDV
SDUD3URYLQFLDV
&HQWUDOGH&RQVXOWDV
/D&HQWUDOGH&RQVXOWDVYtDRSFLyQ\HOFRUUHRDWHQFLRQDOFOLHQWH#ULPDFFRPSHEULQGDQVROXFLyQDODVFRQVXOWDVSRU
ORVVLJXLHQWHVPRWLYRV,QIRUPDFLyQHQFREHUWXUDV\YLJHQFLDVSURFHGLPLHQWRV6WDWXVGHHPLVLyQ6WDWXVGHO5HHPEROVRV
6WDWXVGH&DUWDVGHJDUDQWtD\5HJLVWURGH5HFODPRV
,1)250$&,Ï15(*/$0(17$5,$
$ILOLDGRV5HJXODUHV6RQDTXHOORVWUDEDMDGRUHVDFWLYRVGHXQDHPSUHVDTXHODERUDQFRPRGHSHQGLHQWHVDGHPiVGHVXV
GHUHFKRKDELHQWHVRGHSHQGLHQWHVOHJDOHV FyQ\XJHRFRQFXELQD R KLMRVPHQRUHVGHHGDGRPD\RUHVLQFDSDFLWDGRVHQ
IRUPDWRWDORSHUPDQHQWH
6LVWHPDGH4XHMDV\5HFODPRV(O7UDEDMDGRUWLHQHHOGHUHFKRDDFFHGHUDOVLVWHPDGHTXHMDV\UHFODPRV\DOWUDPLWH
FRUUHVSRQGLHQWH D WUDYpV GH OD &HQWUDO GH &RQVXOWDV 2SFLyQ SDUD /LPD \ 2SFLyQ SDUD
3URYLQFLDV7DPELpQSXHGHHVFULELUQRVDO&RUUHR(OHFWUyQLFRDWHQFLRQDOFOLHQWH#ULPDFFRPSHRDFHUFDUVHDFXDOTXLHUDGH
QXHVWUDVRILFLQDV
,QLFLRGHOD&REHUWXUD2EOLJDWRULD(OWUDEDMDGRUSRGUiJR]DUGHVXFREHUWXUDVLHPSUHTXHKD\DFRPSOHWDGRWUHVPHVHV
FRQVHFXWLYRVGHDSRUWDFLRQHVRFXDQGRKD\DQFRPSOHWDGRFXDWURPHVHVGHDSRUWDFLRQHVQRFRQVHFXWLYDVGHQWURGHORVVHLV
PHVHVDQWHULRUHVDOPHVHQTXHVHLQLFLyODUHODFLyQODERUDO\DVHDHQ(VVDOXGRXQD(36