Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Inventarios de emisiones
de gases de efecto
invernadero
Un anlisis para Chile,
El Salvador, Mxico
y el Uruguay
Sebastin Vicua
'RFXPHQWRGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHV
GHHIHFWRLQYHUQDGHUR
8QDQiOLVLVSDUD&KLOH(O6DOYDGRU
0p[LFR\HO8UXJXD\
6HEDVWLiQ9LFXxD
&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/
(VWH GRFXPHQWR IXH SUHSDUDGR SRU 6HEDVWLiQ 9LFXxD FRQVXOWRU GH OD 8QLGDG GH &DPELR &OLPiWLFR GH OD 'LYLVLyQ GH
'HVDUUROOR6RVWHQLEOH\$VHQWDPLHQWRV+XPDQRVGHOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/
HQHOPDUFRGHODVDFWLYLGDGHVGHO3URJUDPD(852&/,0$&(&FRQILQDQFLDPLHQWRGHOD&RPLVLyQ(XURSHD
1L OD &RPLVLyQ (XURSHD QL QLQJXQD SHUVRQD TXH DFW~H HQ QRPEUH GH OD &RPLVLyQ HV UHVSRQVDEOH GHO XVR TXH SXHGD
KDFHUVHGHODLQIRUPDFLyQFRQWHQLGDHQHVWDSXEOLFDFLyQ
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD 2UJDQL]DFLyQ7DPSRFRUHIOHMDQQHFHVDULDPHQWHORV
SXQWRVGHYLVWDGHOD&RPLVLyQ(XURSHD
/&:
&RS\ULJKW1DFLRQHV8QLGDVGLFLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
QGLFH
5HVXPHQHMHFXWLYR
,QWURGXFFLyQ
,
$FHUFDGHODHPLVLyQGH*DVHVGH(IHFWR,QYHUQDGHUR\ORVLQYHQWDULRV
TXHUHSRUWDQWDOHVHPLVLRQHV
,, &ULWHULRVXWLOL]DGRVSDUDODVHOHFFLyQGHORVSDtVHVGHHVWXGLR
$ &KLOH
% (O6DOYDGRU
& 0p[LFR
' 8UXJXD\
,,, &DUDFWHUL]DFLyQJHQHUDOGHOFRQWHQLGRGHORVLQYHQWDULRV
$ &RPSDUDFLyQGHPHWRGRORJtDVXVDGDV
% &RPSDUDFLyQGHQLYHOHV,3&&XWLOL]DGRV
& &RPSDUDFLyQGHOFRQWHQLGRGHORVLQYHQWDULRV
,9 5HVXOWDGRVGHODVHPLVLRQHVGH*(,GHORV,QYHQWDULRV1DFLRQDOHV
&RPSDUDFLyQHQWUHSDtVHV
9 5HVXOWDGRVGHODVHPLVLRQHVGH*(,GHORV,QYHQWDULRV1DFLRQDOHV
&RPSDUDFLyQHQWUHVHFWRUHVDOLQWHULRUGHFDGDSDtV
$ &KLOH
% (O6DOYDGRU
& 0p[LFR
' 8UXJXD\
9, $QiOLVLVFUtWLFRGHORVYDORUHVSUHVHQWDGRVHQORVLQYHQWDULRVQDFLRQDOHV
$ 0HWRGRORJtDVGHDQiOLVLV
% &RPSDUDFLyQGHORVLQYHQWDULRVQDFLRQDOHVFRQIXHQWHV
GHLQIRUPDFLyQLQWHUQDFLRQDOHV
& &RPSDUDFLyQGHORVLQYHQWDULRVQDFLRQDOHVFRQORVUHVXOWDGRV
GHODHVWLPDFLyQSURSLD
' &RPSDUDFLyQGHORVLQYHQWDULRVQDFLRQDOHVHQEDVH
DGLVWLQWRVLQGLFDGRUHV
9,,&RQFOXVLRQHV\5HFRPHQGDFLRQHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
%LEOLRJUDItD
$QH[RV
$QH[R5DQNLQJGHHPLVLRQHVSHUFiSLWDSRUVHFWRU
$QH[R$QiOLVLVGHWDOODGRGHOFRQWHQLGRGHORVLQYHQWDULRV
$QH[R&iOFXORGH(PLVLRQHVGHO6HFWRU(QHUJtD
$QH[R&iOFXORGH(PLVLRQHVGHO6HFWRU$JULFXOWXUD
$QH[R&iOFXORGH(PLVLRQHVGHO6HFWRU86&866
&XDGURV
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR
'RFXPHQWRVDQDOL]DGRVSDUDFDGDSDtV
0HWRGRORJtDVXWLOL]DGDVSRUORVSDtVHVSDUDODUHDOL]DFLyQGHORVLQYHQWDULRV
1LYHOPHWRGROyJLFRXWLOL]DGRHQODHVWLPDFLyQGH*(,SRUVHFWRU
\FDWHJRUtDSDUDORVFXDWURSDtVHVDQDOL]DGRV
5HVXPHQGHODVFDWHJRUtDV\JDVHVDQDOL]DGRVHQORVLQYHQWDULRV
GHHPLVLRQHVGH*(,GH&KLOH(O6DOYDGRU0p[LFR\8UXJXD\
5HVXPHQGHODVFDWHJRUtDV\JDVHVGH*(,DQDOL]DGRVGHOVHFWRU
86&866SDUD&KLOH\0p[LFRVHJ~QODVPHWRGRORJtDVGHO,3&&
3REODFLyQ\3,%GHORVSDtVHVGHHVWXGLR
,QWHQVLGDGGHODVHPLVLRQHVHQHOSURGXFWRSRUSDtV
(PLVLRQHVVHFWRULDOHVGH&KLOHVHJ~QLQIRUPDFLyQ
FRQWHQLGDHQORVLQYHQWDULRV
(PLVLRQHVVHFWRULDOHVGH(O6DOYDGRUVHJ~QLQIRUPDFLyQ
FRQWHQLGDHQORVLQYHQWDULRV
(PLVLRQHVVHFWRULDOHVGH0p[LFRVHJ~QLQIRUPDFLyQ
FRQWHQLGDHQORVLQYHQWDULRV
(PLVLRQHVVHFWRULDOHVGH8UXJXD\VHJ~QLQIRUPDFLyQ
FRQWHQLGDHQORVLQYHQWDULRV
)XHQWHVGHLQIRUPDFLyQLQWHUQDFLRQDOFRQVXOWDGDV
,QYHQWDULRV1DFLRQDOHVGHORVSDtVHVEDMRHVWXGLR
)XHQWHVGH,QIRUPDFLyQHQOtQHDGH1LYHOHVGH$FWLYLGDG
SRUSDtVXWLOL]DGDVSDUDHO6HFWRU(QHUJtD
)XHQWHVGHLQIRUPDFLyQHQOtQHDQDFLRQDOHLQWHUQDFLRQDO
GH1LYHOHVGH$FWLYLGDGSRUSDtVXWLOL]DGDVSDUDHO6HFWRU$JULFXOWXUD
)XHQWHVGHLQIRUPDFLyQHQOtQHDQDFLRQDOHLQWHUQDFLRQDO
GH1LYHOHVGH$FWLYLGDGSRUSDtVXWLOL]DGDVSDUDHO6HFWRU86&866
(PLVLRQHVGH*(,UHSRUWDGDVSDUD&KLOHDxRHQ0W&2H
\SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD(O6DOYDGRUDxRHQ0W&2
HSRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD0p[LFRDxRHQ0W&2 H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD8UXJXD\DxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD&KLOHDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD(O6DOYDGRUDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD0p[LFRDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD8UXJXD\DxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
(PLVLRQHVGH*(,UHSRUWDGDVSDUD&KLOHDxRHQ0W&2H
\SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR
(PLVLRQHVGH*(,UHSRUWDGDVSDUD(O6DOYDGRUDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSDUD0p[LFRDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSDUD8UXJXD\DxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSDUD&KLOHDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSDUD(O6DOYDGRUDxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSDUD0p[LFRDxRHQ0W&2
HQSRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSDUD8UXJXD\DxRHQ0W&2H
SRUFHQWDMHGHYDULDFLyQFRQUHVSHFWRDOLQYHQWDULRQDFLRQDO
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRUORVSDtVHV\UHVXOWDGRVREWHQLGRV
GHODHVWLPDFLyQ6HFWRU(QHUJtDHQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRUORVSDtVHV\UHVXOWDGRVREWHQLGRV
GHODHVWLPDFLyQ6HFWRU(QHUJtDHQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRUORVSDtVHV\UHVXOWDGRVREWHQLGRV
GHODHVWLPDFLyQ6HFWRU$JULFXOWXUDHQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRUORVSDtVHV\UHVXOWDGRVREWHQLGRV
GHODHVWLPDFLyQ6HFWRU$JULFXOWXUDHQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRU(O6DOYDGRU\8UXJXD\
\UHVXOWDGRVREWHQLGRVGHODHVWLPDFLyQ6HFWRU86&866
HQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRU(O6DOYDGRU\8UXJXD\\UHVXOWDGRV
REWHQLGRVGHODHVWLPDFLyQ6HFWRU86&866HQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRU&KLOH\0p[LFR\UHVXOWDGRVREWHQLGRV
GHODHVWLPDFLyQ6HFWRU86&866HQNW&2HDxR
&XDGUR (PLVLRQHVGH*(,UHSRUWDGDVSRU&KLOH\0p[LFR\UHVXOWDGRVREWHQLGRV
GHODHVWLPDFLyQ6HFWRU86&866HQNW&2HDxR
&XDGUR 5HVXOWDGRVREWHQLGRVGHODHVWLPDFLyQSDUD&KLOH6HFWRU86&866
HQNW&2HDxRV\
&XDGUR 9DULDEOHVUHSUHVHQWDQWHVGHQLYHOGHDFWLYLGDGVHJ~QSDtVDxR
&XDGUR 9DULDEOHVUHSUHVHQWDQWHVGHQLYHOGHDFWLYLGDGVHJ~QSDtVDxR
&XDGUR ,QGLFDGRUHVGHHPLVLyQVHJ~QSDtVDxR
&XDGUR ,QGLFDGRUHVGHHPLVLyQVHJ~QSDtVDxR
&XDGUR$ 5DQNLQJGHHPLVLRQHVSHUFiSLWDSRU6HFWRU(QHUJtDHQ$PpULFD/DWLQD
\HO&DULEHHODxR
&XDGUR$ 5DQNLQJGHHPLVLRQHVSHUFiSLWDSRU6HFWRU3URFHVRV,QGXVWULDOHV
HQ$PpULFD/DWLQD\HO&DULEHHODxR
&XDGUR$ 5DQNLQJGHHPLVLRQHVSHUFiSLWDSRU6HFWRU$JULFXOWXUDHQ$PpULFD/DWLQD
\HO&DULEHHODxR
&XDGUR$ 5DQNLQJGHHPLVLRQHVSHUFiSLWDSRU6HFWRU86&866HQ$PpULFD/DWLQD
\HO&DULEHHODxR
&XDGUR$ 5DQNLQJGHHPLVLRQHVSHUFiSLWDSRU6HFWRU'HVSHUGLFLRVHQ$PpULFD/DWLQD
\HO&DULEHHODxR
&XDGUR$ 5DQNLQJGHHPLVLRQHVSHUFiSLWDWRWDOHVHQ$PpULFD/DWLQD
\HO&DULEHHODxR
&XDGUR$ 5DQNLQJGHLQWHQVLGDGGHHPLVLRQHVHQODVHFRQRPtDVGHORVSDtVHVHQ$PpULFD
/DWLQD\HO&DULEHHODxRQRLQFOX\HHO6HFWRU86&866
&XDGUR$ *DVHVGHHIHFWRLQYHUQDGHURFRQVLGHUDGRVHQORVLQYHQWDULRV
FODVLILFDGRVSRUVHFWRU\FDWHJRUtD
&XDGUR$ *(,HVWLPDGRVHQHO6HFWRU3URFHVRV,QGXVWULDOHV&KLOH
&XDGUR$ &DWHJRUtDV\VXEFDWHJRUtDVGHOLQYHQWDULRGH*(,GHOVHFWRU8VR
GHVROYHQWHV\RWURVSURGXFWRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$ &DWHJRUtDVVXEFDWHJRUtDV\JDVHVDQDOL]DGRVSDUDHOVHFWRU
86&866&KLOH
&XDGUR$ &DWHJRUtDV\6XEFDWHJRUtDVGHO6HFWRU86&866FRQVLGHUDGDVSRU&KLOH
VHJ~Q,3&&
&XDGUR$ *(,HVWLPDGRVHQHO6HFWRU3URFHVRV,QGXVWULDOHVSRU0p[LFR
&XDGUR$ *DVHVGHHIHFWRLQYHUQDGHURDQDOL]DGRVSRUFDWHJRUtD
HQHOVHFWRU86&8660p[LFR
&XDGUR$ *(,HVWLPDGRVHQHO6HFWRU3URFHVRV,QGXVWULDOHVSRU8UXJXD\
&XDGUR$ )XHQWHVGH,QIRUPDFLyQHQOtQHDGH1LYHOHVGH$FWLYLGDG
SRUSDtVXWLOL]DGDVSDUDHO6HFWRU(QHUJtD
&XDGUR$ )DFWRUHVGH(PLVLyQGH&\)DFWRUHVGH2[LGDFLyQXWLOL]DGRVHQHOFiOFXOR
SDUDGHWHUPLQDUODVHPLVLRQHVGH&2
&XDGUR$ )DFWRUHVGH(PLVLyQGH12SRUFDWHJRUtDVXWLOL]DGRVHQHOFiOFXOR
&XDGUR$ )DFWRUHVGH(PLVLyQGH&+SRUFDWHJRUtDVXWLOL]DGRVHQHOFiOFXOR
HQNJ&+7-
&XDGUR$ )DFWRUHVGHHPLVLyQGH&+HQOD([WUDFFLyQ\0DQLSXODFLyQGHOFDUEyQ
D
HQP&+W
&XDGUR$ )DFWRUHVGHHPLVLyQGH&+HQ$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
HQNJ&+3-SDUD2WURVSURGXFWRUHVGHSHWUyOHR\5HVWRGHOPXQGR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ&KLOHLQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ&KLOHLQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHVHQ&KLOH
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHVHQ&KLOH
HQW&2HDxR
&XDGUR$ 3RUFHQWDMHVGHFRPEXVWLEOHVFRQVXPLGRVHQODFDWHJRUtD5HVLGHQFLDO
GHQWURGH&35
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRU(PLVLRQHV)XJLWLYDVHQ&KLOH
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRU(PLVLRQHV)XJLWLYDVHQ&KLOH
HQW&2HDxR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ(O6DOYDGRULQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ(O6DOYDGRULQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHVHQ(O6DOYDGRU
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHVHQ(O6DOYDGRU
HQW&2HDxR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ0p[LFRLQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ WUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHVHQ0p[LFR
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHVHQ0p[LFR
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRU(PLVLRQHV)XJLWLYDVHQ0p[LFR
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRU(PLVLRQHV)XJLWLYDVHQ0p[LFR
HQW&2HDxR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ8UXJXD\LQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&XDGUR$ &RQVXPRWRWDOGHFRPEXVWLEOHVHQ8UXJXD\LQFOX\HQGRHOFRQVXPR
HQORVFHQWURVGHWUDQVIRUPDFLyQHQ7-\FRPR3&,DxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHV
HQ8UXJXD\HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRUODTXHPDGHFRPEXVWLEOHV
HQ8UXJXD\HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRU(PLVLRQHV)XJLWLYDVHQ8UXJXD\
HQW&2HDxR
&XDGUR$ &iOFXORGHHPLVLRQHVGH*(,SRU(PLVLRQHV)XJLWLYDVHQ8UXJXD\
HQW&2HDxR
&XDGUR$ 1LYHOHVGHDFWLYLGDGHVWDGtVWLFRVUHTXHULGRVSDUDHVWLPDUODVHPLVLRQHV
GH*(,HQHO6HFWRU$JULFXOWXUD
&XDGUR$ 1LYHOHVGHDFWLYLGDGSDUDPpWULFRVUHTXHULGRVSDUDHVWLPDUODVHPLVLRQHV
GH*(,GHO6HFWRU$JULFXOWXUDVHJ~QODV'LUHFWULFHVGHO,3&&
&XDGUR$ )DFWRUHVGH(PLVLyQSRUGHIHFWR,3&&
&XDGUR$ 5HVXPHQGHODSURGXFFLyQDJUtFROD\FRQVXPRGHIHUWLOL]DQWHV
QLWURJHQDGRVSRUSDtV
&XDGUR$ (PLVLRQHVWRWDOHVGHO6HFWRU$JULFXOWXUDHLQFUHPHQWRSRUSDtV
DxRV\
&XDGUR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU$JULFXOWXUD
&KLOH\
&XDGUR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU$JULFXOWXUD
(O6DOYDGRU\
&XDGUR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU$JULFXOWXUD
0p[LFR\
&XDGUR$ )XHQWHVGHLQIRUPDFLyQHQOtQHDGH1LYHOHVGHDFWLYLGDG
(VWDGtVWLFRVSRUSDtV
&XDGUR$ (VWDGtVWLFDVSHFXDULDV&KLOH\
&XDGUR$ (VWDGtVWLFDVSHFXDULDV(O6DOYDGRU\
&XDGUR$ (VWDGtVWLFDVSHFXDULDV0p[LFR\
&XDGUR$ (VWDGtVWLFDVSHFXDULDV8UXJXD\\
&XDGUR$ 6XSHUILFLHGHUHJDGtRP [
&XDGUR$ &RQVXPRGHIHUWLOL]DQWHVQLWURJHQDGRVSRUSDtVSURPHGLRGHWUHVDxRV
&XDGUR$ (VWDGtVWLFDVGHSURGXFFLyQGHFXOWLYRV&KLOH\
&XDGUR$ (VWDGtVWLFDVGHSURGXFFLyQGHFXOWLYRV(O6DOYDGRU\
&XDGUR$ (VWDGtVWLFDVGHSURGXFFLyQGHFXOWLYRV0p[LFR\
&XDGUR$ (VWDGtVWLFDVGHSURGXFFLyQGHFXOWLYRV8UXJXD\\
&XDGUR$ 5HVXPHQGHODLQIRUPDFLyQH[SXHVWDHQODV&RPXQLFDFLRQHV
1DFLRQDOHVVREUHORVQLYHOHVGHDFWLYLGDGUHTXHULGRV
SDUDODUHDOL]DFLyQGHORVLQYHQWDULRV
&XDGUR$ )DFWRUHVGH(PLVLyQXWLOL]DGRVSRUORVSDtVHVGHHVWXGLR
GHDFXHUGRDORH[SXHVWRHQODV~OWLPDV&RPXQLFDFLRQHV1DFLRQDOHV
&XDGUR$ 1LYHOHVGHDFWLYLGDGUHTXHULGRVSRUODV'LUHFWULFHVGHO,3&&SDUDFDGD
FDWHJRUtDGHIXHQWH\VXPLGHURGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$ 3DUiPHWURV\IDFWRUHVGHHPLVLyQUHTXHULGRVSRUODV'LUHFWULFHV
GHO,3&&SDUDHVWLPDUODVHPLVLRQHVGHJDVHVGHHIHFWR
LQYHUQDGHURSRUFDWHJRUtDGHIXHQWH\VXPLGHUR
&XDGUR$ 1LYHOHVGHDFWLYLGDGDVRFLDGRVDODFDWHJRUtD7LHUUDV)RUHVWDOHV
VHJ~QHO,3&&
&XDGUR$ 3DUiPHWURV\)DFWRUHVGHHPLVLyQDVRFLDGRVDODFDWHJRUtD
7LHUUDVIRUHVWDOHVVHJ~QHO,3&&
&XDGUR$ (PLVLRQHVWRWDOHVGH*(,GHO6HFWRU86&866HLQFUHPHQWRSRUSDtV
DxRV\
&XDGUR$ 6XSHUILFLHWRWDOGHERVTXHV\VXSHUILFLHGHSODQWDFLRQHVIRUHVWDOHVDxR
&XDGUR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU86&866&KLOH\
&XDGUR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU86&866
(O6DOYDGRU\
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$ )XHQWHVGHLQIRUPDFLyQXWLOL]DGDVSDUDODUHFRSLODFLyQHQOtQHD
GH1LYHOHVGH$FWLYLGDG(VWDGtVWLFRVSRUSDtV
&XDGUR$ 5HVXPHQGHODLQIRUPDFLyQH[SXHVWDHQODV&RPXQLFDFLRQHV1DFLRQDOHV
GH(O6DOYDGRU\8UXJXD\VREUHORVQLYHOHVGHDFWLYLGDGUHTXHULGRV
SDUDODUHDOL]DFLyQGHORVLQYHQWDULRV
&XDGUR$ 5HVXPHQGHODLQIRUPDFLyQH[SXHVWDHQODV&RPXQLFDFLRQHV1DFLRQDOHV
VREUHORVQLYHOHVGHDFWLYLGDGGH&KLOH\0p[LFRUHTXHULGRV
SDUDODUHDOL]DFLyQGHORVLQYHQWDULRV
&XDGUR$ )DFWRUHVGH(PLVLyQ\SDUiPHWURVXWLOL]DGRVSRU(O6DOYDGRU\8UXJXD\
GHDFXHUGRDORH[SXHVWRHQODV~OWLPDV&RPXQLFDFLRQHV1DFLRQDOHV
&XDGUR$ )DFWRUHVGH(PLVLyQ\SDUiPHWURVXWLOL]DGRVSRU&KLOH\0p[LFR
GHDFXHUGRDORH[SXHVWRHQODV~OWLPDV&RPXQLFDFLRQHV1DFLRQDOHV
*UiILFRV
*UiILFR
(YROXFLyQGHO3,%SHUFiSLWDD33$
*UiILFR
(PLVLRQHVSHUFiSLWDGHO6HFWRU(QHUJtDHQ/DWLQRDPpULFD
\HO&DULEH
*UiILFR
(PLVLRQHVSHUFiSLWDGHO6HFWRU$JULFXOWXUDHQ/DWLQRDPpULFD
\HO&DULEHDxR
*UiILFR
(PLVLRQHVSHUFiSLWDGHO6HFWRU86&866HQ/DWLQRDPpULFD
\HO&DULEHDxR
*UiILFR
(PLVLRQHVSHUFiSLWDWRWDOHVHQ/DWLQRDPpULFD\HO&DULEHDxR
*UiILFR
(PLVLRQHVVHFWRULDOHVSHUFiSLWDGHORVFXDWURSDtVHVGHHVWXGLRVHJ~Q
LQIRUPDFLyQFRQWHQLGDHQORVLQYHQWDULRVDxRHQW&2HKDE
*UiILFR
(PLVLRQHVVHFWRULDOHVSHUFiSLWDGHORVFXDWURSDtVHVGHHVWXGLRVHJ~Q
LQIRUPDFLyQFRQWHQLGDHQORVLQYHQWDULRVDxRHQW&2HKDE
*UiILFR
,QFUHPHQWRGHODVHPLVLRQHVVHFWRULDOHVSHUFiSLWDVHJ~QLQIRUPDFLyQ
FRQWHQLGDHQORVLQYHQWDULRVHQWUHORVDxRV\
*UiILFR
&DPELRGHODVHPLVLRQHVWRWDOHVSRUSDtVHQ0W&2HGHDO
*UiILFR
3DUWLFLSDFLyQSRUFHQWXDOGHORVVHFWRUHVHQODVHPLVLRQHVGH*(,DxR
*UiILFR
(PLVLRQHVQHWDVGH*(,SRUVHFWRUVHJ~Q,QYHQWDULR
GH&KLOHDxRV\
*UiILFR
(PLVLRQHVQHWDVGH*(,SRUVHFWRUVHJ~Q,QYHQWDULRGH(O6DOYDGRU
DxRV\
*UiILFR
(PLVLRQHVQHWDVGH*(,SRUVHFWRUVHJ~Q,QYHQWDULRGH0p[LFR
DxRV\
*UiILFR
(PLVLRQHVQHWDVGH*(,SRUVHFWRUVHJ~Q,QYHQWDULRGH8UXJXD\
DxRV\
*UiILFR
&RPSDUDFLyQGHLQGLFDGRUHVGHVDUUROODGRVSDUDHODxR
*UiILFR$ &RPSDUDFLyQGHODVHPLVLRQHVWRWDOHVGH*(,GHO6HFWRU$JULFXOWXUD
DxRV\
*UiILFR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU$JULFXOWXUD&KLOH\
*UiILFR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU$JULFXOWXUD
(O6DOYDGRU\
*UiILFR$ (PLVLRQHVGH*(,SRUFDWHJRUtDGHO6HFWRU$JULFXOWXUD
0p[LFR\
*UiILFR$ (PLVLRQHVGH*(,UHSRUWDGDVSRU&KLOH\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
*UiILFR$ (PLVLRQHVGH*(,UHSRUWDGDVSRU&KLOH\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
*UiILFR$ (PLVLRQHVGH*(,UHSRUWDGDVSRU(O6DOYDGRU\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
*UiILFR$ (PLVLRQHVGH*(,UHSRUWDGDVSRU(O6DOYDGRU\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
*UiILFR$
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(PLVLRQHVGH*(,UHSRUWDGDVSRU0p[LFR\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU0p[LFR\UHVXOWDGRV
REWHQLGRVHQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU8UXJXD\\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU8UXJXD\\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,SRUFDWHJRUtDGHIXHQWHRVXPLGHURDxRV\
(PLVLRQHVGH*(,SRUFDWHJRUtDGHIXHQWHRVXPLGHUR&KLOH\
(PLVLRQHVGH*(,SRUFDWHJRUtDGHIXHQWHRVXPLGHUR
(O6DOYDGRU\
(PLVLRQHVGH*(,SRUFDWHJRUtDGHIXHQWHRVXPLGHUR
8UXJXD\\
(PLVLRQHVGH*(,UHSRUWDGDVSRU&KLOH\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU&KLOH\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU(O6DOYDGRU\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU8UXJXD\\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
(PLVLRQHVGH*(,UHSRUWDGDVSRU8UXJXD\\UHVXOWDGRVREWHQLGRV
HQODHVWLPDFLyQDxR
'LDJUDPD
'LDJUDPD 3DtVHVGH/DWLQRDPpULFD\HO&DULEHVHOHFFLRQDGRVSDUDHODQiOLVLV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
5HVXPHQHMHFXWLYR
(O FDPELR FOLPiWLFR HV XQR GH ORV UHWRV GH QXHVWUR WLHPSR &RPR WDO 'HVDUUROOR VRVWHQLEOH PHGLR
DPELHQWHFDPELRFOLPiWLFR\HQHUJtDIXHXQRGHORVWHPDVFODYHGHOD&XPEUHGH-HIHVGH(VWDGR\
GH *RELHUQR GH OD 8QLyQ (XURSHD 8( \ $PpULFD /DWLQD \ HO &DULEH $/& FHOHEUDGD HQ PD\R GH
HQ /LPD 3HU~ GRQGH OD 8( \ ORV SDtVHV GH $/& VXVFULELHURQ OD 'HFODUDFLyQ GH /LPD (VWD
GHFODUDFLyQHVXQFRPSURPLVRELUHJLRQDOTXHUHLWHUDORVYtQFXORVHQWUHDPEDVUHJLRQHVSDUDDERUGDUHQ
IRUPDFRQMXQWDODOXFKDFRQWUDHOFDPELRFOLPiWLFRODSREUH]DODGHVLJXDOGDG\HOGHVDUUROORVRVWHQLEOH
(Q HVWH FRQWH[WR VH FUHy (852&/,0$ FRPR XQ FRPSURPLVR FRQMXQWR FRQ HO REMHWLYR GH
DERUGDU ORV SUREOHPDV PXOWLVHFWRULDOHV TXH GHEHQ HQWHQGHUVH GHVGH GLYHUVRV iQJXORV HO GLiORJR
SROtWLFRFLHQWtILFRWHFQROyJLFR\SHUVSHFWLYDVVRFLRHFRQyPLFDVFUHDFLyQGHFDSDFLGDGLQVWLWXFLRQDO
HOLQWHUFDPELRGHH[SHULHQFLDV\GLIXVLyQGHLQIRUPDFLyQ(OFRPSRQHQWHGHOD&(3$/HQHOSUR\HFWR
(852&/,0$ FRQVLGHUD FRPR XQR GH VXV UHVXOWDGRV SULQFLSDOHV DERUGDU OD IDOWD GH FRQRFLPLHQWR
VREUHORVSUREOHPDV\FRQVHFXHQFLDVGHORVDVSHFWRVVRFLRHFRQyPLFRVGHOFDPELRFOLPiWLFR
(O (VWXGLR GH ORV LQYHQWDULRV GH HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR ILQDQFLDGR D
WUDYpVGH(852&/,0$WLHQHFRPRREMHWLYRSULQFLSDODQDOL]DUODFDOLGDGGHORVLQYHQWDULRVQDFLRQDOHV
UHDOL]DGRV HQ $PpULFD /DWLQD GHWHUPLQDQGR ODV SULQFLSDOHV IXHQWHV GH HPLVLRQHV GH ORV JDVHV GH
HIHFWRLQYHUQDGHURHQORVSDtVHVKDFHUXQDQiOLVLVFUtWLFRGHODVPHWRGRORJtDV\GDWRVXWLOL]DGRVSDUD
HVWLPDU ODV HPLVLRQHV \ DQDOL]DU ORV UHSRUWHV UHDOL]DGRV WRPDQGR FRPR UHIHUHQFLD ODV ~OWLPDV
SXEOLFDFLRQHVGLVSRQLEOHV(OOREXVFDQGRPHMRUDUODLQIRUPDFLyQGLVSRQLEOHHQODUHJLyQ
$ WUDYpV GH HVWH HVWXGLR VH SUHWHQGH DYDQ]DU HQ HO FXPSOLPLHQWR GHO REMHWLYR ~OWLPR GH OD
&RQYHQFLyQ0DUFRGHODV1DFLRQHV8QLGDVSDUDHO&DPELR&OLPiWLFR81)&&&HVWRHVORJUDUXQD
HVWDELOL]DFLyQGHODFRQFHQWUDFLyQGHJDVHVGHHIHFWRLQYHUQDGHURHQODDWPRVIHUDDXQQLYHOTXH
SXHGD SUHYHQLU XQD LQWHUIHUHQFLD KXPDQD SHOLJURVD GHO VLVWHPD FOLPiWLFR (VWLPDU ODV HPLVLRQHV \
FDSWXUDVGHJDVHVGHHIHFWRLQYHUQDGHUR*(,HVXQHOHPHQWRLPSRUWDQWHHQORVHVIXHU]RVSDUDORJUDU
HVWHREMHWLYR(OSURJUHVRGHORVHVIXHU]RVGHUHGXFFLyQGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
GHSHQGHHQWUHRWURVIDFWRUHVGHODVSRVLELOLGDGHVTXHH[LVWHQGHFRQWDUFRQPHFDQLVPRVWUDQVSDUHQWHV
GH PRQLWRUHR LQIRUPDFLyQ \ YHULILFDFLyQ 059 SRU VXV VLJODV HQ LQJOHV TXH SHUPLWDQ HVWXGLDU ORV
DYDQFHVORJUDGRVHQHVWDPDWHULD8QDFRUUHFWDPHGLFLyQGHODHPLVLyQGHHVWRVJDVHVHQORVGLIHUHQWHV
SDtVHVJHQHUDFRQILDQ]DHQHOSURFHVRGHQHJRFLDFLyQ\ILQDQFLDPLHQWRGHPHGLGDVGHPLWLJDFLyQ
(ODQiOLVLVGHORVLQYHQWDULRVGHHPLVLyQGH*(,HQHVWHHVWXGLRVHUHDOL]DSDUDFXDWURSDtVHV
GH /DWLQRDPpULFD &KLOH (O 6DOYDGRU 0p[LFR 8UXJXD\ /D VHOHFFLyQ GH HVWRV SDtVHV VH MXVWLILFD
WRPDQGR HQ FXHQWD OD GLYHUVLGDG TXH SRVHHQ HQ FXDQWR D FDUDFWHUtVWLFDV JHRJUiILFDV FUHFLPLHQWR GH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
HPLVLRQHV GH *(, \ OD FRQWULEXFLyQ GH *(, GH ORV GLVWLQWRV VHFWRUHV GHILQLGRV SRU HO ,3&& /DV
HPLVLRQHVGHFDGDSDtVWLHQHQUHODFLyQGLUHFWDFRQODLPSRUWDQFLDUHODWLYDGHODVGLVWLQWDVDFWLYLGDGHV
HFRQyPLFDVGHVDUUROODGDVHQHOORV
3DUD FDGD XQR GH HVWRV SDtVHV VH OOHYy D FDER XQ DQiOLVLV GH OD FDOLGDG \ FRQWHQLGR GH ORV
LQYHQWDULRVUHDOL]DGRV/RVUHVXOWDGRVLQGLFDQTXHSDUDHOSHULRGRIHFKDHQTXHVHFXHQWD
FRQ LQYHQWDULRV SDUD WRGRV ORV SDtVHV ODV HPLVLRQHV SHU FiSLWD WRWDOHV DXPHQWDQ SDUD ORV FDVRV GH
&KLOH \ 0p[LFR PLHQWUDV TXH GLVPLQX\HQ SDUD ORV FDVRV GH (O 6DOYDGRU \ 8UXJXD\ (O SDtV TXH
UHSRUWDXQPD\RUDXPHQWRSRUFHQWXDOHV&KLOHFRQXQ/HVLJXH0p[LFRFRQXQ3RURWUR
ODGR(O6DOYDGRU\8UXJXD\UHSRUWDQGLVPLQXFLRQHVQHWDV(O6DOYDGRUUHSRUWDODPD\RUGLVPLQXFLyQ
FRQXQ(QHOFDVRGH8UXJXD\ODGLVPLQXFLyQHVGHO$WHQGLHQGRDOSHUtRGRGHDQiOLVLV
HVWDLQIRUPDFLyQSXHGHHVWDUGHVDFWXDOL]DGDLQFOXVRHQODVPHWRGRORJtDVGHFiOFXOR
3DUDDQDOL]DUODFDOLGDGGHO FRQWHQLGRGHORVLQYHQWDULRVVHKDQVHJXLGRGRV HVWUDWHJLDV3RU
XQDSDUWHVHDQDOL]DODLQIRUPDFLyQGLVSRQLEOH\ODWUDQVSDUHQFLDHQODTXHHVWDHVHQWUHJDGD3RURWUD
SDUWH D WUDYpV GH GLYHUVRV PpWRGRV FRQWUDVWH FRQ IXHQWHV LQWHUQDFLRQDOHV \ D WUDYpV GH FiOFXORV
GHVDUUROODGRVGHPDQHUDSURSLDVHUHDOL]DXQDQiOLVLVGHORVUHVXOWDGRVQXPpULFRVHQWUHJDGRVSRUORV
LQYHQWDULRVQDFLRQDOHV
(Q HO 6HFWRU (QHUJtD VH REVHUYD TXH D~Q SHUVLVWHQ DOJXQDV LQVXILFLHQFLDV HQ OD FDOLGDG GHO
UHSRUWHGHODVHPLVLRQHVQRWDQWRDVtHQORVFiOFXORVUHDOL]DGRV3RUHMHPSORQRVHUHSRUWDORVQLYHOHV
GH DFWLYLGDG GH ORV FRPEXVWLEOHV XWLOL]DGRV FRQ OD LQIRUPDFLyQ QHFHVDULD SDUD SRGHU UHDOL]DU XQD
UHSURGXFFLyQ GH ORV LQYHQWDULRV SRU Vt VROD VLQ OD QHFHVLGDG GH FRQVXOWDU LQIRUPDFLyQ DGLFLRQDO HQ
RWUDV IXHQWHV (Q ORV FDVRV GH 0p[LFR \ (O 6DOYDGRU DGHPiV VH KDQ HQFRQWUDGR GLILFXOWDGHV SDUD
REWHQHU OD LQIRUPDFLyQ QHFHVDULD HQ PHGLRV H[WHUQRV D ORV LQYHQWDULRV KDELpQGRVH UHDOL]DGR ODV
UHSURGXFFLRQHVGHHVWHVHFWRUDSDUWLUGHEDODQFHVGHHQHUJtDSULPDULD\QRGHFRQVXPRILQDO
(Q FXDQWR D ORVYDORUHV SUHVHQWDGRV SDUD HO VHFWRU HQHUJtD HQ ORVLQYHQWDULRVHVWRV UHVXOWDQ
EDVWDQWHVLPLODUHVDORVGHRWUDVIXHQWHVLQWHUQDFLRQDOHVDVtFRPRDORVREWHQLGRVSRUFiOFXORSURSLR\
HQIXQFLyQWDPELpQGHODVPpWULFDVHVWLPDGDV(QYLVWDGHORVUHVXOWDGRVREWHQLGRVVHFRQFOX\HTXH
HQ HO VHFWRU HQHUJtD H[LVWH XQ PHQRU QLYHO GH LQFHUWLGXPEUH HQ FRPSDUDFLyQ D ORV VHFWRUHV QR
HQHUJpWLFRVGRQGHVHREVHUYDQGLIHUHQFLDVPD\RUHV
(Q HO FDVR GHO VHFWRU QR HQHUJtD YDOH GHFLU VHFWRUHV DJULFXOWXUD \ FDPELR GH XVR GH VXHOR
H[LVWHQGLIHUHQFLDVHQWUHORVUHSRUWHVGHLQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDV3HVHDORHYLGHQWHGH
ODV GLIHUHQFLDV ORV UHVXOWDGRV GHEHQ FRQVLGHUDUVH FRQ FDXWHOD 3RU XQD SDUWH ORV LQYHQWDULRV QR
SURSRUFLRQDQ HQ JHQHUDO OD LQIRUPDFLyQ VXILFLHQWH SDUD UHSOLFDU HQ IRUPD FRQILDEOH ODV FLIUDV
UHSRUWDGDV HQ ORV LQYHQWDULRV $VLPLVPR HO QLYHO GH DJUHJDFLyQ GH OD LQIRUPDFLyQ GH HPLVLRQHV
UHSRUWDGDHQDOJXQRVFDVRVQRSHUPLWHQLQJ~QWLSRGHDQiOLVLV\DTXHVHHQWUHJDXQDFLIUDFHUUDGDVLQ
LQIRUPDFLyQ DGLFLRQDO GH FDGD VXEFDWHJRUtD OR TXH KDFH H[WUHPDGDPHQWH GLItFLO UHSOLFDU ORV
UHVXOWDGRVRELHQYHULILFDUORVFRQHVWDGtVWLFDVLQGHSHQGLHQWHVHLQJHQLHUtDLQYHUVD
8QDUHFRPHQGDFLyQTXHVXUJHHQHVWHFRQWH[WRHVODQHFHVLGDGGHTXHORVLQYHQWDULRVGH*(,
HQHVWHVHFWRU\WDOFRPRVHKDFHHQORVVXEVHFWRUHVGH(QHUJtDGHEHQSUHVHQWDUFLIUDVGHVDJUHJDGDV
GHHPLVLRQHVORVIDFWRUHVGHHPLVLyQ)(XWLOL]DGRV\ORVQLYHOHVGHDFWLYLGDGXVDGRVSDUDHOFiOFXOR
R ELHQ ODV UHIHUHQFLDV GHVGH GRQGH HV SRVLEOH HQFRQWUDU HVWRV Q~PHURV $VLPLVPR UHVXOWD
UHFRPHQGDEOHSRUHOLPSDFWRTXHWLHQHQHQODVHPLVLRQHVGHHVWHVHFWRUTXHVHUHSRUWHQHOWLSRGH
ERVTXHV R ODV HVSHFLHV \ WLSR GH iUEROHV D ORV TXH VH UHILHUHQ ODV FLIUDV XVDQGR SRU HMHPSOR OD
FODVLILFDFLyQ XVDGDSRU HO ,3&&SDUD VXV IDFWRUHV GH HPLVLyQ HQ8VRGHO 6XHOR&DPELR GH8VRGHO
6XHOR\6LOYLFXOWXUD86&866\TXHVHLQGLTXHQFODUDPHQWHORVFRPSRQHQWHVGHFDUERQRUHSRUWDGRV
\DTXHHVSRVLEOHUHSRUWDUORVWRGRVRVyORDOJXQRVORTXHJHQHUDGLIHUHQFLDVGHWHFWDEOHV
$VLPLVPR DO FRPSDUDU ORV UHVXOWDGRV GH ORV GLIHUHQWHV SDtVHV D QLYHO GH VHFWRU GH HPLVLyQ
YXHOYHQDHQFRQWUDUVHGLIHUHQFLDVLPSRUWDQWHVHQODVHVWLPDFLRQHVGHHPLVLRQHV)LQDOPHQWHDVRFLDGR
DORDQWHULRUXQIDFWRUFRP~QHVODGLILFXOWDGSDUDGHWHUPLQDUODPHWRGRORJtDH[DFWDSDUDFDOFXODUODV
HPLVLRQHV &KLOHHQHVWHVHQWLGR HV SDUFLDOPHQWHODH[FHSFLyQ VLQ VHU FRPSOHWDPHQWH WUDQVSDUHQWH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
6H UHFRPLHQGD SRU WDQWR PHMRUDU OD HQWUHJD GH LQIRUPDFLyQ HQ HVWH VHQWLGR WUDQVSDUHQWDQGR ODV
PHWRGRORJtDVXWLOL]DGDV
(VWHFRQMXQWRGHLQIRUPDFLyQVXJLHUHTXHODFRQVWUXFFLyQGHORVLQYHQWDULRVGHHPLVLRQHVHV
XQSURFHVRFRQWLQXRGRQGH$PpULFD/DWLQDKDDYDQ]DGRGHPDQHUDLQWHQVDHQORV~OWLPRVDxRVSHUR
GRQGHHVD~QSRVLEOHPHMRUDUHQHOIXWXUR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
,QWURGXFFLyQ
(O FDPELR FOLPiWLFR HV XQR GH ORV UHWRV GH QXHVWUR WLHPSR &RPR WDO 'HVDUUROOR VRVWHQLEOH PHGLR
DPELHQWHFDPELRFOLPiWLFR\HQHUJtDIXHXQRGHORVWHPDVFODYHGHOD&XPEUHGH-HIHVGH(VWDGR\
GH*RELHUQRGHOD8QLyQ(XURSHD\$PpULFD/DWLQD\HO&DULEH$/&FHOHEUDGDHQPD\RGHHQ
/LPD3HU~GRQGHOD8(\ORVSDtVHVGH$/&VXVFULELHURQOD'HFODUDFLyQGH/LPD(VWDGHFODUDFLyQHV
XQFRPSURPLVRELUHJLRQDOTXHUHLWHUDORVYtQFXORVHQWUHDPEDVUHJLRQHVSDUDDERUGDUHQIRUPDFRQMXQWD
ODOXFKDFRQWUDHOFDPELRFOLPiWLFRODSREUH]DODGHVLJXDOGDG\HOGHVDUUROORVRVWHQLEOH
(Q HVWH FRQWH[WR VH FUHy (852&/,0$ FRPR XQ FRPSURPLVR FRQMXQWR FRQ HO REMHWLYR GH
DERUGDU ORV SUREOHPDV PXOWLVHFWRULDOHV TXH GHEHQ HQWHQGHUVH GHVGH GLYHUVRV iQJXORV HO GLiORJR
SROtWLFRFLHQWtILFRWHFQROyJLFR\SHUVSHFWLYDVVRFLRHFRQyPLFDVFUHDFLyQGHFDSDFLGDGLQVWLWXFLRQDO
HOLQWHUFDPELRGHH[SHULHQFLDV\GLIXVLyQGHLQIRUPDFLyQ
/DV DFWLYLGDGHV GH (852&/,0$ IRPHQWDQ OD FRRSHUDFLyQ ELUHJLRQDO PHGLRDPELHQWDO FRQ
SDUWLFXODU DWHQFLyQ HQ PHMRUDU HO FRQRFLPLHQWR GH ORV WRPDGRUHV GH GHFLVLyQ \ GH OD FRPXQLGDG
FLHQWtILFDVREUHORVSUREOHPDV\FRQVHFXHQFLDVGHOFDPELRFOLPiWLFRSDUWLFXODUPHQWHHQODLQWHJUDFLyQ
GHHVWRVWHPDVHQODVHVWUDWHJLDVGHGHVDUUROORVRVWHQLEOH
(O FRPSRQHQWH GH OD &(3$/ HQ HO SUR\HFWR (852&/,0$ HQIDWL]D HQ ORV DVSHFWRV VRFLR
HFRQyPLFRV SREUH]D YXOQHUDELOLGDGGLVWULEXFLyQ GHO LQJUHVRGHO LPSDFWR GHO FDPELR FOLPiWLFR(O
FRPSRQHQWH GH OD &(3$/ HQ HO SUR\HFWR (852&/,0$ FRQVLGHUD FRPR XQR GH VXV UHVXOWDGRV
SULQFLSDOHV HO IRUWDOHFLPLHQWR GHO FRQRFLPLHQWR \ GH ODV FDSDFLGDGHV WpFQLFDV SDUD DERUGDU ORV
SUREOHPDV\FRQVHFXHQFLDVGHORVDVSHFWRVVRFLRHFRQyPLFRVGHOFDPELRFOLPiWLFR(OSUHVHQWHHVWXGLR
VH GHVDUUROOD EDMR HO 5HVXOWDGR ,QWHUFDPELR GH LQIRUPDFLyQ \ FRQRFLPLHQWR DSDUWDGR $
)RUWDOHFLPLHQWRGHOFRQRFLPLHQWRHQWRUQRDORVLPSDFWRVVRFLRHFRQyPLFRV\ODVSROtWLFDVGHOFDPELR
FOLPiWLFRHVSHFLDOPHQWHGRQGHORVJUXSRVPiVYXOQHUDEOHVHVWiQDIHFWDGRV
(OREMHWLYR~OWLPRGHOD&RQYHQFLyQ0DUFRGHODV1DFLRQHV8QLGDVSDUDHO&DPELR&OLPiWLFR
81)&&&HVORJUDUXQDHVWDELOL]DFLyQGHODFRQFHQWUDFLyQGHJDVHVGHHIHFWRLQYHUQDGHURHQOD
DWPRVIHUD D XQ QLYHO TXH SXHGD SUHYHQLU XQD LQWHUIHUHQFLD KXPDQD SHOLJURVD GHO VLVWHPD FOLPiWLFR
(VWLPDU ODV HPLVLRQHV \ FDSWXUDV GH JDVHV GH HIHFWR LQYHUQDGHUR HV XQ HOHPHQWR LPSRUWDQWH HQ ORV
HVIXHU]RVSDUDORJUDUHVWHREMHWLYR(OSURJUHVRGHORVHVIXHU]RVGHUHGXFFLyQGHHPLVLRQHVGHJDVHVGH
HIHFWR LQYHUQDGHUR GHSHQGH GH PDQHUD LPSRUWDQWH GH ODV SRVLELOLGDGHV TXH H[LVWHQ GH FRQWDU FRQ
PHFDQLVPRVWUDQVSDUHQWHV GHPRQLWRUHRLQIRUPDFLyQ \ YHULILFDFLyQ 059 SRU VXV VLJODV HQ LQJOHV
TXHSHUPLWDQHVWXGLDUORVDYDQFHVORJUDGRVHQHVWDPDWHULD8QDFRUUHFWDPHGLFLyQGHODHPLVLyQGH
HVWRVJDVHVSRUORVGLIHUHQWHVSDtVHVHQWUHJDODVJDUDQWtDVHVHQFLDOHVHQHOSURFHVRGHQHJRFLDFLyQ\
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
ILQDQFLDPLHQWR GH PHGLGDV GH PLWLJDFLyQ (VWR KD VLGR GHVWDFDGR GH PDQHUD FRQVWDQWH GHVGH ORV
DFXHUGRVDVRFLDGRVDOD5XWDGH%DOL\UHYHODGRGHPDQHUDHVSHFLDOHQODV~OWLPDV&23HQHVSHFLDOGH
&RSHQKDJXH\&DQF~Q
/RVSDtVHVGHVDUUROODGRV\HQGHVDUUROOR$QH[R,\QR$QH[R,UHVSHFWLYDPHQWHGHDFXHUGRD
ODVFDWHJRUtDVGHVDUUROODGDVHQHO3URWRFRORGH.\RWRVLJQDWDULDVGHO81)&&&WLHQHQREOLJDFLRQHVGH
HQWUHJDU\SRQHUDGLVSRVLFLyQGHOS~EOLFRGHPDQHUDSHULyGLFDLQYHQWDULRVGHHPLVLyQGH*(,DWUDYpVGH
VXV&RPXQLFDFLRQHV1DFLRQDOHV/DVH[LJHQFLDVDVRFLDGDVDHVWHSURFHVRGHUHSRUWHKDQVLGRUHYLVDGDV
HQOD&23GH&DQF~QDODOX]GHODVFUHFLHQWHVQHFHVLGDGHVGH059TXHVHPHQFLRQyDQWHULRUPHQWH
$O UHVSHFWR VH SXHGH GHVWDFDU TXH SDUD ORV SDtVHV GHVDUUROODGRV VH PDQWLHQH OD H[LJHQFLD GH UHSRUWDU
DQXDOPHQWHLQYHQWDULRVGHHPLVLyQGH*(,HQDGLFLyQDUHSRUWDUFDGDGRVDxRVORVSURJUHVRVHQHOPDUFR
GHUHGXFLUODVHPLVLRQHVGHHVWRVJDVHV(QHOFDVRGHORVSDtVHVHQGHVDUUROORSRURWUDSDUWHVHDXPHQWDQ
ODV H[LJHQFLDV HQ PDWHULD GH HQWUHJD GH LQIRUPDFLyQ H[LJLpQGRVH OD HQWUHJD GH &RPXQLFDFLRQHV
1DFLRQDOHV LQFOX\HQGR LQYHQWDULRV GH HPLVLyQ FDGD FXDWUR DxRV 6H OHV UHFRPLHQGD WDPELpQ D HVWRV
SDtVHVTXHHQIXQFLyQGHVXVFDSDFLGDGHV\QLYHOGHDSR\RILQDQFLHURORJUDGRUHDOLFHQUHYLVLRQHVFDGD
GRV DxRV GH ORV LQYHQWDULRV GH *(, LQFOX\HQGR WDPELpQ LQIRUPDFLyQ FRQ UHVSHFWR D ODV PHGLGDV GH
PLWLJDFLyQDGRSWDGDVQHFHVLGDGHV\DSR\RUHFLELGR
(O(VWXGLRGHORVLQYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURWLHQHFRPRREMHWLYR
SULQFLSDODQDOL]DUODFDOLGDG\QLYHOGHLQFHUWLGXPEUHGHORVLQYHQWDULRVQDFLRQDOHVUHDOL]DGRVHQ$PpULFD
/DWLQD GHWHUPLQDQGR ODV SULQFLSDOHV IXHQWHV GH HPLVLRQHV GH ORV JDVHV GH HIHFWR LQYHUQDGHUR HQ ORV
SDtVHV KDFHU XQ DQiOLVLV FUtWLFR GH ODV PHWRGRORJtDV \ GDWRV XWLOL]DGRV SDUD HVWLPDU ODV HPLVLRQHV \
DQDOL]DUORVUHSRUWHVUHDOL]DGRVWRPDQGRFRPRUHIHUHQFLDODV~OWLPDVSXEOLFDFLRQHVGLVSRQLEOHV
(QODVHFFLyQGRVGHHVWHHVWXGLRVHSUHVHQWDGHPDQHUDEUHYHODPHWRGRORJtDUHFRPHQGDGD
SRU HO ,3&& SDUD OD PHGLFLyQ GH ORV JDVHV GH HIHFWR LQYHUQDGHUR HQ ORV LQYHQWDULRV QDFLRQDOHV GH
HPLVLyQ GH HVWRV JDVHV (Q OD VHFFLyQ WUHV VH SUHVHQWDQ ORV FULWHULRV XWLOL]DGRV SDUD OD VHOHFFLyQ GH
FXDWURSDtVHVGH/DWLQRDPpULFDSDUDOOHYDUDFDERHODQiOLVLVGHORVLQYHQWDULRVGHHPLVLyQGH*(,6H
MXVWLILFDODVHOHFFLyQGHHVWRVSDtVHV&KLOH(O6DOYDGRU0p[LFR8UXJXD\SRUVHUUHSUHVHQWDWLYRVGH
OD GLYHUVLGDG HQ OD UHJLyQ HQ FXDQWR D WDPDxR GH OD SREODFLyQ HFRQRPtD \ HPLVLRQHV WDQWR HQ
FDQWLGDGFRPRHQFDWHJRUtDGHHPLVLRQHV
8QDYH]GHVFULWRVGHPDQHUDEUHYHORVSDtVHVFRQVLGHUDGRVHQHOWUDEDMRVHUHDOL]DXQDQiOLVLV
GH ORV LQYHQWDULRV TXH IXH SRVLEOH REWHQHU SDUD FDGD XQR GH HOORV 6H GHVWDFDQ HQ HVWH DQiOLVLV ORV
LQYHQWDULRV GH ORV DxRV \ TXH VRQ ORV ~QLFRV DxRV GRQGH WRGRV ORV SDtVHV VHOHFFLRQDGRV
FRLQFLGHQHQVXVSXEOLFDFLRQHVGHLQYHQWDULRV(VWRSXHGHLPSOLFDUTXHDOJXQDGHODLQIRUPDFLyQGH
HVWHHVWXGLRHVWpGHVDFWXDOL]DGD
(ODQiOLVLVGHORVLQYHQWDULRVVHGHVDUUROODEDMRFXDWURSHUVSHFWLYDVGLIHUHQWHVTXHVHGHVDUUROODQ
HQVHFFLRQHVVHSDUDGDVGHOLQIRUPH'HHVWDPDQHUDHQODVHFFLyQFXDWURVHSUHVHQWDXQSULPHUDQiOLVLV
TXH FRQVLGHUD XQD GHVFULSFLyQ GH OD FDOLGDG GH ORV LQYHQWDULRV FRQ UHVSHFWR DO WLSR \ FDQWLGDG GH
LQIRUPDFLyQTXHVHSURYHHHQHOORV'LIHUHQWHVHOHPHQWRVGHMXLFLRHQHVWHDQiOLVLVFRUUHVSRQGHQDORV
WLSRVGHJDVHVORVVHFWRUHVRVXEVHFWRUHV\PHWRGRORJtDVGHFiOFXORGHHPLVLyQFRQVLGHUDGDV
6LQWRPDUHQFXHQWDODVSRWHQFLDOHVOLPLWDFLRQHVTXHVXUJHQGHODQiOLVLVDQWHULRUVHDQDOL]DQ
ORVYDORUHVGHHPLVLyQGH*(,TXHVHREWLHQHQGHORVLQYHQWDULRVDVtHQODVHFFLyQFLQFRGHOLQIRUPH
VHUHDOL]DXQDFRPSDUDFLyQHQWUHSDtVHVGHVWDFiQGRVHODVGLIHUHQFLDVHQYDORUHVDEVROXWRVODVWDVDVGH
FDPELRHQWUHORVSHULRGRVDQDOL]DGRV\VHFRPSDUDQILQDOPHQWHLQGLFDGRUHVTXHDJUHJDQODVHPLVLRQHV
D YDORUHV FRPSDUDEOHV HQWUH SDtVHV 6HJXLGDPHQWH HQ OD VHFFLyQ VHLV GHO LQIRUPH VH SUHVHQWD XQD
FRPSDUDFLyQGHORVUHVXOWDGRVGHORVLQYHQWDULRVDQLYHOGHGLIHUHQWHVVHFWRUHVDOLQWHULRUGHFDGDSDtV
)LQDOPHQWH REHGHFLHQGR ORV REMHWLYRV SODQWHDGRV HQ HVWH WUDEDMR VH SUHVHQWD HQ OD 6HFFLyQ
VLHWHGHO,QIRUPHXQDQiOLVLVFUtWLFRGHORVYDORUHVSUHVHQWDGRVHQORVLQYHQWDULRVGHORVFXDWURSDtVHV
VHOHFFLRQDGRV 3DUD HOOR VH XWLOL]D FRPR RULHQWDFLyQ OD LQIRUPDFLyQ FRQWHQLGD HQ ODV ~OWLPDV
FRPXQLFDFLRQHVQDFLRQDOHVGHFDGDSDtV\ODV'LUHFWULFHVGHO,3&&(QHVWHDQiOLVLVFUtWLFRHQSULPHU
OXJDUVHUHDOL]DXQDFRPSDUDFLyQFRQYDORUHVUHSRUWDGRVHQRWUDVIXHQWHVLQWHUQDFLRQDOHV(M:5,
/XHJRVHSUHVHQWDQORVUHVXOWDGRVREWHQLGRVHQORVFiOFXORVSRUHODERUDFLyQSURSLDGHODVHPLVLRQHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
VHFWRULDOHVGHORVSDtVHVEDMRDQiOLVLVGHPDQHUDTXHSXHGDQFRPSDUDUVHORVYDORUHVREWHQLGRVFRQORV
YDORUHV SUHVHQWDGRV HQ ORV LQYHQWDULRV 6H KDFH XQ DQiOLVLV FRPSDUDWLYR GH ORV YDORUHV GH ORV
LQYHQWDULRV \ GH ORV REWHQLGRV SRU HODERUDFLyQ SURSLD )LQDOPHQWH VH FRPSDUDQ XQD VHULH GH
LQGLFDGRUHV R SDUiPHWURV LQGLUHFWRV TXH VH GHVSUHQGHQ GH OD LQIRUPDFLyQ SURSRUFLRQDGD HQ ORV
LQYHQWDULRV'HODQiOLVLVGHHVWRVLQGLFDGRUHVRSDUiPHWURVHVSRVLEOHLGHQWLILFDUGLVFUHSDQFLDVREYLDV
HQWUHORVLQYHQWDULRVHQFDVRGHH[LVWLUHLGHQWLILFDUODVSRVLEOHVFDXVDVGHHVWDVGLVFUHSDQFLDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
,$FHUFDGHODHPLVLyQGHJDVHVGHHIHFWR
LQYHUQDGHUR\ORVLQYHQWDULRV
TXHUHSRUWDQWDOHVHPLVLRQHV
$QWHVGHDQDOL]DUODFDOLGDGGHORVLQYHQWDULRVQDFLRQDOHVUHVXOWDQHFHVDULRWHQHUFODURODPDQHUDFRPR
VH UHDOL]D OD PHGLFLyQ GH ODV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR 'H DFXHUGR FRQ HO ,3&&
ODVHPLVLRQHVGHORV*(,VHFDOFXODQHQFDGDXQDGHODVFDWHJRUtDVGHIXHQWHV\VXPLGHURVGH
PDQHUDVLPSOLILFDGDFRPRHOSURGXFWRHQWUHORVQLYHOHVGHDFWLYLGDG1$GHFDGDSDtVFRQHOIDFWRU
GHHPLVLyQ)(GHO*(,DHVWLPDUDWUDYpVGHODVLJXLHQWHIyUPXODJHQHUDO
GRQGH
(LMN (PLVLyQGHOJDVLGHODFDWHJRUtDMGHOVHFWRUN
1$DMN 1LYHOGHDFWLYLGDGDGHODFDWHJRUtDMGHOVHFWRUNFRQ
)(LDMN )DFWRU GH HPLVLyQ GHO JDV L GH OD DFWLYLGDG D GH OD FDWHJRUtD M GHO VHFWRU N FRQ
/RV QLYHOHV GH DFWLYLGDG LQFRUSRUDQ ODV HVWDGtVWLFDV TXH QRUPDOPHQWH GH PDQHUD RILFLDO
UHSRUWDQORVSDtVHV\ORVSDUiPHWURVRFRHILFLHQWHVGHSDUWLFLyQTXHVRQPHGLEOHVSHURQRUHSRUWDGRV
eVWRV~OWLPRVVRQHQWUHJDGRVHQVXPD\RUtDSRUHO,3&&\DVXPLGRVFRPRYDORUHVSRUGHIHFWR
SDUDHO0pWRGRGH1LYHO
3DUDFDGDGDWRGHDFWLYLGDGHO,3&&GHVDUUROOyIDFWRUHVGHHPLVLyQHVSHFtILFRV(OXVR
GHHVWRVIDFWRUHVTXHVRQYDORUHVSRUGHIHFWRGDFXHQWDGHXQ0pWRGRGH1LYHO
(O,3&&FRQVLGHUDFRPREXHQDSUiFWLFDHQODHODERUDFLyQGHORVLQYHQWDULRV
3UHIHULU HO XVR GH PpWRGRV \ IDFWRUHV GH HPLVLyQ GHO SDtV HVSHFtILFRV SDUD WHQHU XQD
PD\RUUHSUHVHQWDWLYLGDGGHODVFRQGLFLRQHVGHFDGDSDtV
7HQHUIDFWRUHVGHHPLVLyQHVSHFtILFRVSDUDFDGDXQLGDGDPELHQWDO
8WLOL]DUQLYHOHVGHDFWLYLGDGQDFLRQDOHVFROHFWDGRVVLVWHPiWLFDPHQWH\SXEOLFDGRVUHJXODUPHQWH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
8WLOL]DUSDUiPHWURVPHGLGRVH[SHULPHQWDOPHQWH
/RV SXQWRV \ HVWiQ RULHQWDGRV D ODV FDWHJRUtDV SULQFLSDOHV /DV FDWHJRUtDV SULQFLSDOHV
LQFOX\HQ WDQWR ODV FDWHJRUtDV GH IXHQWH FRPR GH VXPLGHUR \ VRQ DTXHOODV TXH SUHVHQWDQ PD\RU
FRQWULEXFLyQ HQ ODV HPLVLRQHV QDFLRQDOHV GH *(, 6H FRQVLGHUD FDWHJRUtD SULQFLSDOHV GH IXHQWHV D
DTXHOODV TXH HQ XQ FRQMXQWR RUGHQDGR GH PDQHUD GHFUHFLHQWH WRWDOL]DQ HO GH ODV HPLVLRQHV
WRWDOHVGHOSDtV(OREMHWLYRGHVXGHWHUPLQDFLyQHVGLVWULEXLUGHPDQHUDHILFLHQWHORVUHFXUVRVKXPDQRV
\ILQDQFLHURVHQFXDQWRDORVHVIXHU]RVSDUDODUHFROHFFLyQGHLQIRUPDFLyQ\HVWLPDFLyQGHHPLVLRQHV
/RVSULQFLSLRVXWLOL]DGRVSRUHO,3&&SDUDGHWHUPLQDUODFRQILDELOLGDGGHORVLQYHQWDULRVGHXQ
SDtVVRQORVVLJXLHQWHV
7UDQVSDUHQFLD /RV VXSXHVWRV \ ODV PHWRGRORJtDV XWLOL]DGDV GHEHQ VHU H[SXHVWDV
FODUDPHQWHFRQHOREMHWLYRGHIDFLOLWDUODUHSURGXFFLyQGHORVLQYHQWDULRV
3UHFLVLyQ6HGHEHUHGXFLUORPi[LPRSRVLEOHORVQLYHOHVGHLQFHUWLGXPEUHGHQWURGHOLQYHQWDULR
([KDXVWLYLGDG6HGHEHQDQDOL]DUWRGDVODVIXHQWHV\JDVHVLQFOXLGRVHQODV'LUHFWULFHVGHO
,3&&LQFOX\HQGRRWUDVIXHQWHVHVSHFtILFDVUHOHYDQWHVSDUDHOSDtV
&RQVLVWHQFLD(OLQYHQWDULRGHEHVHUFRQVLVWHQWHHQWRGRVVXVHOHPHQWRV\SDUDWRGRVORV
DxRVLQYHQWDULDGRV
&RPSDUDELOLGDG/RVHVWLPDWLYRVGHHPLVLRQHV\UHPRFLRQHVGHEHQVHUFRPSDUDEOHVHQWUH
ORVSDtVHV
(QHOVHFWRUHQHUJtDODLQIRUPDFLyQTXHVHUHTXLHUHSDUDHODERUDUORVLQYHQWDULRVGHHPLVLyQVH
HQFXHQWUDSRUORJHQHUDOUHFRSLODGDFRPRSDUWHGHODVHVWDGtVWLFDVEDVHTXHGHVDUUROODQORVSDtVHV(Q
~OWLPRWpUPLQRODHPLVLyQGHHVWHVHFWRUVHSXHGHFDOFXODUWRPDQGRHQFXHQWDORVLQJUHVRV\HJUHVRVGH
FRPEXVWLEOHV IyVLOHV PRYLPLHQWRV TXH SRU PRWLYRV ILVFDOHV JHQHUDOPHQWH HVWiQ FRUUHFWDPHQWH
FRQWDELOL]DGRV (VWR QR LPSOLFD QHFHVDULDPHQWH TXH OD LQIRUPDFLyQ TXH VH HQWUHJD HQ XQ LQYHQWDULR
SRVHDHOQLYHOGHGHWDOOHUHTXHULGRSDUDGHVDUUROODUHVWUDWHJLDVGHPLWLJDFLyQHVSHFtILFDV
3RURWUDSDUWHHQHOVHFWRUQRHQHUJtDDJULFXOWXUDXVRGHOVXHOR\FDPELRGHXVRGHOVXHOR\
VLOYLFXOWXUD \ UHVLGXRV ODV FDWHJRUtDV UHOHYDQWHV UHTXLHUHQ GH LQIRUPDFLyQ TXH HV PX\ YDULDEOH \
GLItFLOGHVLVWHPDWL]DUQLYHOHVGHSURGXFFLyQWLSRGHPDQHMRXVRGHIHUWLOL]DQWHVHVFDVDFDPELRGHO
XVR GH OD WLHUUD R HQ PXFKRV FDVRV QR GLVSRQLEOH /DV HVWDGtVWLFDV QDFLRQDOHV PXFKDV YHFHV GDQ
FXHQWDGHODVFDUDFWHUtVWLFDVGHORVVLVWHPDVGHSURGXFFLyQVLQKDFHUGLIHUHQFLDVHQPDQHMRRWLSRGH
ERVTXHVHQHOFDVRSDUWLFXODUGHOVHFWRUIRUHVWDO$VLPLVPRHQUHODFLyQDODVFLIUDVTXHVHUHSRUWDQHQ
HO VHFWRU XVR GHO VXHOR FDPELR GH XVR GHO VXHOR \ VLOYLFXOWXUD GRQGH HQ JHQHUDO VH UHJLVWUDQ ODV
PD\RUHV FDSWXUDV GH &2 HQ HVSHFLDO HQ ORV FODVHV GH WLHUUD TXH VRQ ERVTXHV R TXH FDPELDQ D
ERVTXHVUHVXOWDHVHQFLDOTXHORVLQYHQWDULRVUHSRUWHQHOWLSRGHERVTXHVLQYROXFUDGRVODVHVSHFLHV
PiV LPSRUWDQWHV TXH FRPSRQHQ HVWRV ERVTXHV \ ORVFRPSRQHQWHV GH ELRPDVD SRUHMHPSOR ELRPDVD
DpUHDUDtFHV\QHFURPDVDDVRFLDGRVDODVFLIUDVUHSRUWDGDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
,,&ULWHULRVXWLOL]DGRVSDUDODVHOHFFLyQ
GHORVSDtVHVGHHVWXGLR
/DUHJLyQGH$PpULFD/DWLQD\HO&DULEHHVWiFRQIRUPDGDSRUHVWDGRVLQGHSHQGLHQWHVGHGLYHUVDV
FDUDFWHUtVWLFDV HQFXiQWR DWDPDxR SREODFLyQ \ GHVDUUROOR HFRQyPLFR7HQLHQGR HVWHWUDEDMR SRU ILQ
UHDOL]DUXQDQiOLVLVFUtWLFRGHODPDQHUDHQFyPRORVSDtVHVGHODUHJLyQVHHQFXHQWUDQGHVDUUROODQGR
VXVLQYHQWDULRVGH*(,HVTXHVHKDQHOHJLGRFXDWURGHHVWRVSDtVHVTXHVHDQUHSUHVHQWDWLYRVGHODV
GLVWLQWDVUHDOLGDGHVTXHVHYLYHQHQHVWDUHJLyQ/DVHOHFFLyQVHKDEDVDGRHQWUHVFULWHULRV
x 5HSUHVHQWDFLyQ JHRJUiILFD &DUDFWHUtVWLFDV HQ UHODFLyQ D VXSHUILFLH \ SREODFLyQ GH ORV
SDtVHV\UHSUHVHQWDWLYLGDGGHODUHJLyQ
x &UHFLPLHQWRHFRQyPLFR\GHHPLVLRQHVGH*(,([LVWHXQDUHODFLyQHQWUHHOFUHFLPLHQWR
HFRQyPLFR GHO SDtV \ HO FUHFLPLHQWR WRWDO QDFLRQDO GH ODV HPLVLRQHV DXQTXH D QLYHO GH
VHFWRUHVHVSHFtILFRVHVWDUHODFLyQQRVHGDQHFHVDULDPHQWH
x 3ULQFLSDOHVVHFWRUHVHPLVRUHV/DVHPLVLRQHVGH*(,GHFDGDSDtVGHSHQGHQGLUHFWDPHQWH
GHODVSULQFLSDOHVDFWLYLGDGHVHFRQyPLFDVGHVDUUROODGDV\GHOWDPDxRGHODHFRQRPtD3RU
HMHPSORHQDTXHOORVSDtVHVGRQGHODDFWLYLGDGDJURSHFXDULDHVLPSRUWDQWHODVHPLVLRQHV
GH &+ \ 12 WLHQHQ XQD DOWD SDUWLFLSDFLyQ HQ ORV *(, HPLWLGRV D QLYHO QDFLRQDO \ HO
WDPDxRDEVROXWRVHUHODFLRQDFRQHOQLYHOGHDFWLYLGDGVHFWRULDO
/RVSDtVHVHOHJLGRVVRQ&KLOH(O6DOYDGRU0p[LFR\8UXJXD\(VWRVSDtVHVVRQGLYHUVRVHQ
FXDQWRDFDUDFWHUtVWLFDVJHRJUiILFDVFUHFLPLHQWRGHHPLVLRQHVGH*(,\ODFRQWULEXFLyQGH*(,GHORV
GLVWLQWRV VHFWRUHV GHILQLGRV SRU HO ,3&& ,3&& /DV HPLVLRQHV GH FDGD SDtV WLHQHQ UHODFLyQ
GLUHFWDFRQODLPSRUWDQFLDUHODWLYDGHODVGLVWLQWDVDFWLYLGDGHVHFRQyPLFDVGHVDUUROODGDVHQHOORV(VWD
VHOHFFLyQEXVFDVHUUHSUHVHQWDWLYDGHODVGLVWLQWDVFRQGLFLRQHVUHJLRQDOHVHQ$PpULFD/DWLQD
(QHOGLDJUDPDVHSXHGHREVHUYDUDORVSDtVHVVHOHFFLRQDGRV\VXVGLIHUHQFLDVHQFXDQWRD
H[WHQVLyQ/RVGDWRVHQFXDQWRDVXSHUILFLH\SREODFLyQVHHVSHFLILFDQHQODVGHVFULSFLRQHVSRUSDtVHV
PiVDGHODQWH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
',$*5$0$
3$6(6'(/$7,12$0e5,&$<(/&$5,%(
6(/(&&,21$'263$5$(/$1/,6,6
)XHQWH(ODERUDFLyQSURSLD
1RWD/RVOtPLWHV\ORVQRPEUHVTXHILJXUDQHQHVWHPDSDQRLPSOLFDQVXDSR\RRDFHSWDFLyQRILFLDOSRUODV1DFLRQHV8QLGDV
/RVSDtVHVVHOHFFLRQDGRVKDQH[SHULPHQWDGRFUHFLPLHQWRHFRQyPLFRGXUDQWHODV~OWLPDVGRV
GpFDGDV SHUR HVWRV FUHFLPLHQWRV VH KDQ GDGR D GLVWLQWDV WDVDV \ FRQ GLVWLQWD UHJXODULGDG FRPR HV
SRVLEOH REVHUYDU HQ HO JUDILFR $VLPLVPR HVWRV SDtVHV KDQ LQFUHPHQWDGR VXV HPLVLRQHV GH *(,
SULQFLSDOPHQWHDVRFLDGRDOFUHFLPLHQWRHFRQyPLFRREVHUYDGRHQFDGDXQRGHHOORV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2
(92/8&,1'(/3,%3(5&3,7$$33$
16000
14000
12000
10000
Chile
8000
Uruguay
2000
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Mxico
6000
4000
El Salvador
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH EDVH GH GDWRV GHO %DQFR 0XQGLDO FRQVXOWDGD HO GH PDU]R GH HQ
KWWSGDWDEDQNZRUOGEDQNRUJGGSKRPHGR3,%HQ86'DSUHFLRVFRQVWDQWHVGHODxR
/RVYDORUHVGHHPLVLRQHVWRWDOHVSRUKDELWDQWH\SRUiUHDGHODHFRQRPtDVRQPX\GLYHUVRVHQ
/DWLQRDPpULFD\HO&DULEH(QODVVLJXLHQWHVILJXUDVVHSXHGHREVHUYDUHVWDVGLIHUHQFLDVORTXHD\XGDD
FRPSUHQGHUODVHOHFFLyQGHSDtVHVFRQVLGHUDGRVHQHVWHWUDEDMRORVFXDOHVVHGHVWDFDQFRQEDUUDVGH
FRORUURMR
*5),&2
(0,6,21(63(5&3,7$'(/6(&725(1(5*$
(1/$7,12$0e5,&$<(/&$5,%(
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH'LVSRQLEOHVHQODIXHQWH
FLWDGDVRODPHQWHORVGDWRVGHORVSDtVHVUHSUHVHQWDGRVGHQWURGHOJUiILFR>@1RLQFRUSRUDHPLVLRQHVGH&+\1 2
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2
(0,6,21(63(5&3,7$'(/6(&725$*5,&8/785$
(1/$7,12$0e5,&$<(/&$5,%($f2
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH'LVSRQLEOHVHQODIXHQWH
FLWDGDVRODPHQWHORVGDWRVGHORVSDtVHVUHSUHVHQWDGRVGHQWURGHOJUiILFR
*5),&2
(0,6,21(63(5&3,7$'(/6(&72586&866
(1/$7,12$0e5,&$<(/&$5,%($f2
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH'LVSRQLEOHVHQODIXHQWH
FLWDGDVRODPHQWHORVGDWRVGHORVSDtVHVUHSUHVHQWDGRVGHQWURGHOJUiILFR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2
(0,6,21(63(5&3,7$727$/(6(1/$7,12$0e5,&$
<(/&$5,%($f2
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV 7RRO &$,7 9HUVLRQ ZZZFDLWZULRUJ FRQVXOWDGR HO GH RFWXEUH GH >@ 1R LQFOX\H ODV
HPLVLRQHVGHO6HFWRU86&866>@1RLQFOX\HODVHPLVLRQHVGH+)&3)&\6)
$FRQWLQXDFLyQVHSUHVHQWDXQDGHVFULSFLyQGHFDGDXQRGHORVFXDWURSDtVHVVHOHFFLRQDGRV
GRQGHVHKDFHUHIHUHQFLDDODVFDUDFWHUtVWLFDVTXHORVKDFHQUHSUHVHQWDWLYRVGHSDUWHGHODUHDOLGDGGH
/DWLQRDPpULFD\HO&DULEH
$&KLOH
&KLOH KD H[SHULPHQWDGR XQ FUHFLPLHQWR VRVWHQLGR GXUDQWH ORV ~OWLPRV DxRV SRVLFLRQiQGROR KR\
FRPRHOTXLQWRSDtVGHODUHJLyQFRQHOPD\RU3,%SHUFiSLWDD33$WUDV%DKDPDV7ULQLGDG\7REDJR
%DUEDGRV\$QWLJXD\%DUEXGD\HOSULPHURH[FOX\HQGRDORVSHTXHxRVHVWDGRVFDULEHxRV&RQXQD
VXSHUILFLHGHNP\XQDSREODFLyQHVWLPDGDHQGHKDELWDQWHVSDUDHOHO
SDtVSRVHHHOVHJXQGRQGLFHGH'HVDUUROOR+XPDQRPiVDOWRGHODUHJLyQWUDV%DUEDGRV
&KLOHSRVHHXQDHFRQRPtDFDUDFWHUL]DGDSRUODH[SRUWDFLyQ\H[SORWDFLyQGHPDWHULDVSULPDV
/DPLQHUtDGHOFREUHFRQVWLWX\HHOSULQFLSDOSURGXFWRGHH[SRUWDFLyQGHOSDtVVDWLVIDFLHQGRPiVGHXQ
WHUFLR GH OD GHPDQGD PXQGLDO GH HVWH PLQHUDO 3RU RWUR ODGR &KLOH GXUDQWH ODV ~OWLPDV GpFDGDV KD
GLYHUVLILFDGRVXVSURGXFWRVGHH[SRUWDFLyQDRWURVGHULYDGRVGHPDWHULDVSULPDVWDOHVFRPRFHOXORVD
SDSHO SURGXFWRV TXtPLFRV IUXWDV YLQRV \ SHVFD FRQWULEX\HQGR D GLVPLQXLU OD SDUWLFLSDFLyQ
SRUFHQWXDOGHOFREUHGHQWURGHODVH[SRUWDFLRQHVGHOSDtV
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGRHOGHRFWXEUHGH
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGRHOGHRFWXEUHGH
318'KWWSKGUXQGSRUJHVHVWDGLVWLFDVFRQVXOWDGRHOGHRFWXEUHGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$ QLYHO UHJLRQDO &KLOH SXHGH VHU FRQVLGHUDGR FRPR XQ SDtV GH VXSHUILFLH \ SREODFLyQ
PHGLDQR(OSDtVGHVWDFDFRPRHOTXLQWRSDtVGHODUHJLyQFRQPD\RUHPLVLyQSHUFiSLWDDVRFLDGDDO
6HFWRU (QHUJtD WUDV 7ULQLGDG \ 7REDJR 9HQH]XHOD 0p[LFR \ $UJHQWLQD YpDVH HO JUiILFR 6LQ
HPEDUJRDQLYHOGHHPLVLRQHVSHUFiSLWDFRQVLGHUDQGRWRGRVORVVHFWRUHVIXHQWHVGHHPLVLRQHV&KLOH
DSDUHFHHQHOSXHVWRMXQWRD3HU~GDGRODPHQRUHPLVLyQSHUFiSLWDGHRWURVVHFWRUHVHQUHODFLyQD
ODGHRWURVSDtVHVYpDVHHOJUiILFR
/DV HPLVLRQHV GH *(, GH &KLOH SURYLHQHQ HQ VX PD\RUtD GHO 6HFWRU (QHUJtD 'DGD OD
LPSRUWDQFLD GHO VHFWRU PLQHUR GHQWUR GHO SDtV \ HO FRQVXPR LQWHQVLYR GH HQHUJtD SRU SDUWH GH HVWD
DFWLYLGDGHODXPHQWRGHODVHPLVLRQHVGHO6HFWRU(QHUJtDGHQWURGH&KLOHJXDUGDLPSRUWDQWHUHODFLyQ
FRQHOFUHFLPLHQWRHFRQyPLFRGHHVWDLQGXVWULD
%(O6DOYDGRU
(O6DOYDGRUHVXQSDtVSHTXHxRTXHKDH[SHULPHQWDQGRXQFUHFLPLHQWRFRQVWDQWHGXUDQWHODV~OWLPDV
GRVGpFDGDVFRPRVHSXHGHREVHUYDUHQHOJUiILFR3RVHHXQDVXSHUILFLHGHNPVLHQGRHO
SDtV PiV SHTXHxR GH $PpULFD /DWLQD H[FOX\HQGR DO &DULEH 3RVHH XQD SREODFLyQ HVWLPDGD HQ
GH KDELWDQWHV SDUD HO (V HO SDtV FRQ PD\RU GHQVLGDG GH SREODFLyQ GH OD UHJLyQ
H[FOX\HQGRDORVHVWDGRVFDULEHxRV
'XUDQWHOD~OWLPDGpFDGDHOSDtVKDOLEHUDOL]DGRVXHFRQRPtDILUPDQGRXQDVHULHGHDFXHUGRV
FRQ RWURV SDtVHV JHQHUDQGR UHVXOWDGRV PDFURHFRQyPLFRV SRVLWLYRV +R\ OD PD\RU SDUWH GH OD
HFRQRPtDVDOYDGRUHxDHVWiRULHQWDGDDODPDQXIDFWXUD\ORVVHUYLFLRVUHOHJDQGRDODDJULFXOWXUDDXQ
VHJXQGR SODQR 6XV SULQFLSDOHV SURGXFWRV VRQ ORV UHILQDGRV GH SHWUyOHR DOLPHQWRV \ EHELGDV
SURGXFWRV TXtPLFRV WH[WLOHV WDEDFR \ FDIp (O 6DOYDGRU VLQ HPEDUJR FRQWLQ~D FRQ XQ LQJUHVR SHU
FiSLWDPHQRUDQLYHOUHJLRQDOFRPRHVSRVLEOHYHUHQHOJUiILFR
(OSDtVVHGHVWDFDSRUVXEDMDHPLVLyQSHUFiSLWDDQLYHOUHJLRQDOILJXUDQGRHQHOSXHVWR
FRQ W&2HKDE YDORU TXH H[FOX\H HO 6HFWRU 86&866 FRPR VH SXHGH YHU HQ HO JUiILFR (O
6HFWRU(QHUJtDHVHOFDXVDQWHGHODPD\RUSDUWHGHODVHPLVLRQHVGH*(,DQLYHOQDFLRQDO
&0p[LFR
0p[LFRHVODVHJXQGDHFRQRPtDHQWDPDxRGH$PpULFD/DWLQDGHVSXpVGH%UDVLOFRQXQ3,%HQHODxR
GH 086' 33$ FRQVWDQWHV GH 3RVHH XQD VXSHUILFLH GH NP
FRQVWLWX\HQGRHOWHUFHUSDtVGHPD\RUH[WHQVLyQHQODUHJLyQWUDV%UDVLO\$UJHQWLQD3RVHHDVXYH]
XQD SREODFLyQ HVWLPDGD HQ SDUD HO TXH OR SRVLFLRQD FRPR HO VHJXQGR SDtV PiV
SREODGRGHODUHJLyQWUDV%UDVLO \HO PiVSREODGRGH+LVSDQRDPpULFD/XHJRGHODFULVLVHFRQyPLFD
LQWHUQDYLYLGDDPHGLDGRVGHORVQRYHQWDHOSDtVKDH[SHULPHQWDGRXQLPSRUWDQWHFUHFLPLHQWRFRPR
VHSXHGHYHUHQHOJUiILFR+R\0p[LFRSRVHHXQRGHORVLQJUHVRVSHUFiSLWDD33$PiVDOWRVGHOD
UHJLyQRFXSDQGRHOWHUFHUOXJDUH[FOX\HQGRDO&DULEHOXHJRGH&KLOH\$UJHQWLQD
/D HFRQRPtD GH 0p[LFR HV DELHUWD \ RULHQWDGD D ODV H[SRUWDFLRQHV 'XUDQWH JUDQ SDUWH GHO
VLJOR;;ODSURGXFFLyQGHOSHWUyOHRHVXQDGHODVSULQFLSDOHVDFWLYLGDGHV$FWXDOPHQWHODLQGXVWULDGHO
SHWUyOHR VLJXH VLHQGR XQD IXHQWH LPSRUWDQWH GH LQJUHVRV SHUR VX FRQWULEXFLyQ SRUFHQWXDO KD
GLVPLQXLGR D FDXVD GHO IXHUWH FUHFLPLHQWR GHO VHFWRU LQGXVWULDO PDQXIDFWXUHUR \ GHO VHFWRU VHUYLFLRV
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGRHOGHRFWXEUHGH
%DVHGHGDWRVGHO%DQFR0XQGLDOKWWSGDWDEDQNZRUOGEDQNRUJGGSKRPHGR"6WHS LG &12
FRQVXOWDGRHOGHRFWXEUHGH
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGRHOGHRFWXEUHGH
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGRHOGHRFWXEUHGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
GXUDQWH ODV ~OWLPDV GpFDGDV FRQ HO DVHQWDPLHQWR GH LPSRUWDQWHV LQGXVWULDV GH FRPSDxtDV
LQWHUQDFLRQDOHV GHQWUR GHO SDtV DVt FRPR FRQ OD FRQVROLGDFLyQ GH JUDQGHV HPSUHVDV QDFLRQDOHV (O
VHFWRUDJURSHFXDULRRFXSDXQSRUFHQWDMHPHQRUGHQWURGHODHFRQRPtDPH[LFDQD
0p[LFR GHVWDFD D QLYHO UHJLRQDO FRQ XQD HPLVLyQ SHU FiSLWD DVRFLDGD DO 6HFWRU (QHUJtD GH
W&2HKDETXHORXELFDHQHOWHUFHUOXJDUWUDV7ULQLGDG\7REDJR\9HQH]XHOD\HVHOSDtVFRQOD
PD\RUHPLVLyQSHUFiSLWDGHHVWHVHFWRUGHQWURGHORVVHOHFFLRQDGRVSDUDHVWHDQiOLVLVYpDVHHOJUiILFR
6LQHPEDUJRDOFRQVLGHUDUWRGRVORVVHFWRUHVIXHQWHVGH*(,HOSDtVILJXUDHQHOOXJDUDQLYHO
UHJLRQDOYpDVHHOJUiILFRGDGRODHPLVLyQSHUFiSLWDPHQRUGHORVRWURVVHFWRUHVHQUHODFLyQDORVGH
RWURVSDtVHVGHODUHJLyQ
(O6HFWRU(QHUJtDFRQVWLWX\HHOPD\RUDSRUWHGHQWURGHODVHPLVLRQHVQDFLRQDOHVGH0p[LFR/D
LPSRUWDQWH SDUWLFLSDFLyQ GHO 6HFWRU (QHUJtD GHQWUR GH ODV HPLVLRQHV WRWDOHV VH UHODFLRQD FRQ OD
SDUWLFLSDFLyQPD\RULWDULDGHODVLQGXVWULDVGHOD(QHUJtD\0DQXIDFWXUHUDGHQWURGHODHFRQRPtDGHOSDtV
'8UXJXD\
8UXJXD\ HV HO VHJXQGR SDtV PiV SHTXHxR GH 6XGDPpULFD OXHJR GH 6XULQDP \ HO WHUFHUR PHQRV
SREODGR GH OD PLVPD ]RQD WUDV 6XULQDP \ *X\DQD 3RVHH XQD VXSHUILFLH GH NP \ XQD
SREODFLyQ HVWLPDGD HQ GH KDELWDQWHV SDUD HO 3RVHH HO WHUFHU QGLFH GH 'HVDUUROOR
+XPDQRPiVDOWRGH$PpULFD/DWLQDH[FOX\HQGRDO&DULEHWUDV&KLOH\$UJHQWLQD+LVWyULFDPHQWHKD
RFXSDGR ORV SULPHURV OXJDUHV D QLYHO UHJLRQDO HQ FXDQWR D LQJUHVR SHU FiSLWD FDOLGDG GH YLGD \
DOIDEHWL]DFLyQ 6LQ HPEDUJR VX HFRQRPtD HV DOWDPHQWH GHSHQGLHQWH GH %UDVLO \ $UJHQWLQD \ SRU OR
PLVPR H[SXHVWR D ODV FULVLV TXH SXHGDQ YLYLU HVWRV SDtVHV WDO FRPR VH YH HQ HO JUiILFR GRQGH VH
REVHUYDXQGHFUHFLPLHQWRWHPSRUDOGHULYDGRGHODFULVLVDUJHQWLQDGHVDWDGDDILQHVGHO
/D HFRQRPtD XUXJXD\D WLHQH XQD RULHQWDFLyQ DJURH[SRUWDGRUD 'HVWDFD OD JDQDGHUtD GH
ERYLQRV \ RYLQRV DVt FRPR OD DJULFXOWXUD GH FHUHDOHV \ ROHDJLQRVDV /D H[SORWDFLyQ IRUHVWDO \ VXV
GHULYDGRVHVXQDDFWLYLGDGHFRQyPLFDGHLPSRUWDQWHFUHFLPLHQWRHQORV~OWLPRVDxRV2WURVSURGXFWRV
GHH[SRUWDFLyQVRQORVDOFRKROHVIHUWLOL]DQWHVFHPHQWR\WHFQRORJtDVGHODLQIRUPDFLyQ
8UXJXD\ VREUHVDOH SRU VX HPLVLyQ SHU FiSLWD DVRFLDGD DO 6HFWRU $JULFXOWXUD &RQ VXV
W&2HKDEQRVRODPHQWHHVHOSDtVFRQODPD\RUHPLVLyQSHUFiSLWDGHHVWHVHFWRUGHQWURGHOD
UHJLyQ YpDVH HO JUiILFR VLQR TXH OR HV D QLYHO PXQGLDO (VWR HV GHELGR D OD LQWHQVD DFWLYLGDG
JDQDGHUD\DJUtFRODH[LVWHQWHHQUHODFLyQDODSREODFLyQ\HFRQRPtDGHOSDtV/DHPLVLyQSHUFiSLWDSRU
HO6HFWRU(QHUJtDVLQHPEDUJRQRHVDOWDFRQW&2HKDEYpDVHHOJUiILFR&RQVLGHUDQGRWRGRV
ORVVHFWRUHVIXHQWHVGH*(,HOSDtVVHXELFDHQHOTXLQWRSXHVWRGHQWURGHODUHJLyQYpDVHHOJUiILFR
HPSXMDGRSRUVXDOWDHPLVLyQGHO6HFWRU$JULFXOWXUD
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGRHOGHRFWXEUHGH
318'KWWSKGUXQGSRUJHVHVWDGLVWLFDVFRQVXOWDGRHOGHRFWXEUHGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
,,,&DUDFWHUL]DFLyQJHQHUDOGHOFRQWHQLGR
GHORVLQYHQWDULRV
6LJXLHQGRORVREMHWLYRVGHHVWHHVWXGLRVHFDUDFWHUL]yHOFRQWHQLGRGHORVLQYHQWDULRVGHHPLVLRQHVGH
JDVHVGHHIHFWRLQYHUQDGHUR*(,LQFOXLGRVHQORV~OWLPRVGRFXPHQWRVRILFLDOHVGHORVFXDWURSDtVHV
GH LQWHUpV SRU VHU HVWRV ORV PiV DFWXDOL]DGRV /RV GRFXPHQWRV DQDOL]DGRV HQ HVWH HVWXGLR VH GDQ D
FRQRFHUHQHOFXDGUR
(QHVWDSULPHUDHWDSDGHFDUDFWHUL]DFLyQVHFRPSDUDQORVLQYHQWDULRVGHHVWRVFXDWURSDtVHVHQ
WUHVFDWHJRUtDVEiVLFDV
x 0HWRGRORJtDXVDGDSDUDHOFiOFXORGHHPLVLRQHVGH*(,GHDFXHUGRDJXtDV,3&&
x 1LYHOHVGHGHVDJUHJDFLyQGHLQIRUPDFLyQHQEDVHWDPELpQDJXtDV,3&&\
x &RQWHQLGRGHLQIRUPDFLyQUHSRUWDGDHQORVLQYHQWDULRV
(ODQiOLVLVFRPSDUDWLYRVHSUHVHQWDHQODVLJXLHQWHVHFFLyQ
&8$'52
'2&80(1726$1$/,=$'263$5$&$'$3$6
3DtV
&KLOH
(O6DOYDGRU
$XWRUDxR\QRPEUHGHOGRFXPHQWR
3HUtRGRHYDOXDGR
&1(,QYHQWDULR1DFLRQDOGH*DVHVGH(IHFWR,QYHUQDGHUR
,1,$&21$0$&RPSOHPHQWRV\DFWXDOL]DFLyQGHO,QYHQWDULRGH*DVHVGH
(IHFWR,QYHUQDGHUR*(,SDUD&KLOHHQORVVHFWRUHVGHDJULFXOWXUDXVRGHOVXHOR\
VLOYLFXOWXUD\UHVLGXRVDQWUySLFRV
0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV,QYHQWDULR1DFLRQDOGH
*DVHVGH(IHFWR,QYHUQDGHUR(O6DOYDGRU$xR3UR\HFWR6HJXQGD
&RPXQLFDFLyQ1DFLRQDOGH&DPELR&OLPiWLFR
0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV3ULPHUD&RPXQLFDFLyQ
1DFLRQDOVREUH&DPELR&OLPiWLFR5HS~EOLFDGH(O6DOYDGRU
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGURFRQFOXVLyQ
3DtV
$XWRUDxR\QRPEUHGHOGRFXPHQWR
3HUtRGRHYDOXDGR
0p[LFR
6HFUHWDUtDGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV,QVWLWXWR1DFLRQDOGH
(FRORJtD&XDUWD&RPXQLFDFLyQ1DFLRQDODQWHOD&RQYHQFLyQ0DUFRGHODV
1DFLRQHV8QLGDVVREUHHO&DPELR&OLPiWLFR
8UXJXD\
0LQLVWHULRGH9LYLHQGD2UGHQDPLHQWR7HUULWRULDO\0HGLR$PELHQWH
5HVXPHQHMHFXWLYR,QYHQWDULR1DFLRQDOGH*(,(YROXFLyQGH*(,
\
)XHQWH(ODERUDFLyQSURSLD
$&RPSDUDFLyQGHPHWRGRORJtDVXVDGDV
(O &XDGUR PXHVWUD ODV PHWRGRORJtDV XWLOL]DGDV SRU ORV SDtVHV GH HVWXGLR SDUD OD UHDOL]DFLyQ GH VXV
LQYHQWDULRVGHHPLVLRQHVGH*(,
&8$'52
0(72'2/2*$687,/,=$'$6325/263$6(6
3$5$/$5($/,=$&,1'(/26,19(17$5,26
6HFWRU
&KLOH
(O6DOYDGRU
0p[LFR
8UXJXD\
(QHUJtD
,3&&
,3&&
,3&&
,3&&
3URFHVRV,QGXVWULDOHV
,3&&
,3&&
,3&&
,3&&
8VRGHVROYHQWHV\RWURVSURGXFWRV
&(10$
D
$JHQFLD
$PELHQWDO
(XURSHDE
$JULFXOWXUD
,3&&
,3&&
,3&&
,3&&
,3&&
,3&&
8VRGHVXHOR&DPELRGHOXVRGHO
VXHOR\6LOYLFXOWXUD
,3&&
,3&&
,3&&
,3&&
,3&&
,3&&
,3&&
'HVSHUGLFLRV
,3&&
,3&&
,3&&
,3&&
,3&&
)XHQWH(ODERUDFLyQSURSLD
D
&(10$$FWXDOL]DFLyQGHOLQYHQWDULRGHHPLVLRQHVGHOD5HJLyQ0HWURSROLWDQD
E
*XtDVGHLQYHQWDULRVGHHPLVLRQHVDWPRVIpULFDVGHOD(0(3&25,1$,5GHOD$JHQFLD$PELHQWDO(XURSHD
/D PHWRGRORJtD XWLOL]DGDSRU &KLOHSDUDHVWLPDU ODV HPLVLRQHV GH *(, HQWRGRV ORVVHFWRUHV
GXUDQWH HO SHUtRGR VH EDVD HQ ODV GLUHFWULFHV GHO ,3&& 3DUD PHGLU ODV HPLVLRQHV
JHQHUDGDV GHQWUR GHO 6HFWRU 8VR GH VROYHQWHV \ RWURV SURGXFWRV VH XWLOL]DURQ ODV PHWRGRORJtDV
SURSXHVWDV HQ HO HVWXGLR $FWXDOL]DFLyQ GHO LQYHQWDULR GH HPLVLRQHV GH OD 5HJLyQ 0HWURSROLWDQD
UHDOL]DGR SRU &(10$ HQ \D TXH HO ,3&& QR GHVDUUROOD PHWRGRORJtDV SDUD HVWH VHFWRU (Q HO
FDVR GHORVVHFWRUHV $JULFXOWXUD \ 'HVSHUGLFLRVVH XWLOL]y ODV PHWRGRORJtDV SURSXHVWDV SRU HO ,3&&
HQFRQMXQWRFRQODRULHQWDFLyQGHEXHQDVSUiFWLFDVGHO,3&&(QHO6HFWRU8VRGH6XHOR
&DPELR GHO 8VR GHO 6XHOR \ 6LOYLFXOWXUD 86&866 VH XWLOL]y ODV PHWRGRORJtDV SURSXHVWDV SRU HO
,3&&TXHDGLIHUHQFLDGHODPHWRGRORJtDGHO,3&&GHVDJUHJDDOVHFWRUSRUFDWHJRUtDVGH
XVRGHVXHOR/DLQIRUPDFLyQGHODVHPLVLRQHVGHORVVHFWRUHV$JULFXOWXUD86&866\'HVSHUGLFLRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
VH SUHVHQWD GHVDJUHJDGD SRU UHJLyQ DGPLQLVWUDWLYD \ DJUXSDGD HQ WUHV PDFURUHJLRQHV DPELHQWDOHV
1RUWH&HQWUR\6XU
(O6DOYDGRUVRODPHQWHSRVHHLQYHQWDULRVGH*(,SDUDORVDxRV\GHQWURGHORVGRV
GRFXPHQWRV DQDOL]DGRV /DV PHWRGRORJtDV XWLOL]DGDV HQ DPERV FDVRV FRUUHVSRQGHQ D ODV SURSXHVWDV
SRUHO,3&&MXQWRFRQODV'LUHFWULFHVGHO,3&&SDUDODVHPLVLRQHVGH*(,GHORVVHFWRUHV
$JULFXOWXUD\86&866GHOLQYHQWDULRGHODxR1RVHHVWLPDQODVHPLVLRQHVGH*(,GHOVHFWRU
8VRGHVROYHQWHV\RWURVSURGXFWRVHQQLQJXQRGHORVGRVDxRVLQYHQWDULDGRV
(O,QYHQWDULRGH(PLVLRQHVGH*(,GH0p[LFRXWLOL]DFRPREDVHODVPHWRGRORJtDV
SURSXHVWDV SRU HO ,3&& SDUD WRGRV ORV VHFWRUHV H LQFRUSRUD OD JXtD GH EXHQDV SUiFWLFDV ,3&&
\HOPyGXOR%GHOVRIWZDUH81)&&&B1$,B,6SDUDHVWLPDUODVHPLVLRQHVGH*(,GHO6HFWRU
86&866(OGRFXPHQWRRILFLDOQRHVSHFLILFDODPHWRGRORJtDXWLOL]DGDHQODHVWLPDFLyQGHODVHPLVLRQHV
GH *(, GHO VHFWRU 8VR GH VROYHQWHV \ RWURV SURGXFWRV VLQ HPEDUJR KDFH UHIHUHQFLD D ODV *XtDV GH
,QYHQWDULRVGH(PLVLRQHV$WPRVIpULFDVGHOD(0(3&25,1$,5GHOD$JHQFLD$PELHQWDO(XURSHD
3RU ~OWLPR 8UXJXD\ UHDOL]D HO LQYHQWDULR GH HPLVLRQHV GH *(, SDUD ORV DxRV
\/DVPHWRGRORJtDVXWLOL]DGDVSRUHOSDtVFRUUHVSRQGHQDODVGHVDUUROODGDVSRU
HO ,3&& (Q HO LQYHQWDULR GHO DxR VH LQFRUSRUy HO PDQXDO GH EXHQDV SUiFWLFDV GHO ,3&&
FRPR PHWRGRORJtD SDUD OD HVWLPDFLyQ GH ODV HPLVLRQHV GH *(, GHO 6HFWRU 86&866 6H
XWLOL]DURQ IDFWRUHV GH HPLVLyQ SRU GHIHFWR UHFRSLODGRV GHO ,3&& SDUD DOJXQDV HVSHFLHV GH
JDQDGR DQDOL]DGRV HQ HO 6HFWRU $JULFXOWXUD 8UXJXD\ QR UHDOL]D LQYHQWDULR GH HPLVLRQHV GHO 6HFWRU
8VRGHVROYHQWHV\RWURVSURGXFWRVHQHOGRFXPHQWRDQDOL]DGR
%&RPSDUDFLyQGHQLYHOHV,3&&XWLOL]DGRV
(O,3&& GHILQH FRPR QLYHO DO JUDGR GH FRPSOHMLGDG PHWRGROyJLFDXWLOL]DGR HQ OD HVWLPDFLyQ GH ORV
*(,6HGHILQHQWUHVQLYHOHVPHWRGROyJLFRVGLIHUHQWHV7LHUVQLYHOQLYHO\QLYHO
x (OQLYHOVHFDUDFWHUL]DSRUVHUEiVLFR/DHVWLPDFLyQGHODVHPLVLRQHVVHEDVDHQYDORUHV
GH SDUiPHWURV SRU GHIHFWR ,3&& FRPR VRQ ORV IDFWRUHV GH HPLVLyQ \ FDPELR HQ ODV
H[LVWHQFLDV6HSXHGHFRQWDUFRQGDWRVGHDFWLYLGDGHVSHFtILFRSRUSDtV
x (OQLYHOSRVHHXQJUDGRGHFRPSOHMLGDGLQWHUPHGLR(VWHQLYHOXWLOL]DHOPLVPRDERUGDMH
PHWRGROyJLFR GHO QLYHO SHUR UHTXLHUH GH IDFWRUHV GH HPLVLyQ \ FDPELR HQ ODV
H[LVWHQFLDVTXHVHEDVDQHQGDWRVHVSHFtILFRVGHOSDtVRGHODUHJLyQHQORUHIHULGRDODV
FDWHJRUtDVPiVLPSRUWDQWHVGHQWURGHORVVHFWRUHV
x (OQLYHOHVHOPiVH[LJHQWHHQFXDQWRDODFRPSOHMLGDG\DORVUHTXLVLWRVGHORVGDWRV(Q
HVWH QLYHO VH XWLOL]DQ PpWRGRV GH RUGHQ VXSHULRU LQFOXLGRV PRGHORV \ VLVWHPDV GH
PHGLFLyQGHLQYHQWDULR/RVGDWRVXWLOL]DGRVGHEHQVHUHVSHFtILFRVSRUSDtV/RVGDWRVGH
DFWLYLGDGGHEHQVHUGHDOWDUHVROXFLyQ\GHVDJUHJDGRVDQLYHOVXEQDFLRQDO
(O &XDGUR HQWUHJD XQ UHVXPHQ GH ORV QLYHOHV PHWRGROyJLFRV XWLOL]DGRV SRU SDtV HQ OD
UHDOL]DFLyQGHVXVLQYHQWDULRV
,3&&2ULHQWDFLyQGHO,3&&VREUHODVEXHQDVSUiFWLFDVSDUD87&876
,3&&2ULHQWDFLyQGHO,3&&VREUHODVEXHQDVSUiFWLFDVSDUD87&876
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
1,9(/0(72'2/*,&287,/,=$'2(1/$(67,0$&,1'(*(,3256(&725
<&$7(*25$3$5$/26&8$7523$6(6$1$/,=$'26
1LYHOGHODVPHWRGRORJtDVXWLOL]DGDVSRUVHFWRU\FDWHJRUtD
6HFWRU
&DWHJRUtD
(QHUJtD
4XHPDGHFRPEXVWLEOHV
(PLVLRQHVIXJLWLYDV
3URGXFWRVPLQHUDOHV
,QGXVWULDTXtPLFD
3URGXFFLyQGHPHWDOHV
2WURVSURFHVRVLQGXVWULDOHV
8VRGHVROYHQWHV\RWURVSURGXFWRV
)HUPHQWDFLyQHQWpULFD
E
0DQHMRGHOHVWLpUFRO
&XOWLYRGHODUUR]
4XHPDSUHVFULWDGHVDEDQDV
4XHPDHQHOFDPSR
GHUHVLGXRVDJUtFRODV
6XHORVDJUtFRODV
3URFHVRV
,QGXVWULDOHV
$JULFXOWXUD
8VRGHVXHOR
&DPELRGHO
XVRGHOVXHOR
\6LOYLFXOWXUD
&KLOH
0p[LFR
E
8UXJXD\
&DPELRVGHELRPDVDHQERVTXHV\HQ
RWURVWLSRVGHYHJHWDFLyQOHxRVD
D
&RQYHUVLyQGHERVTXHV\SUDGHUDV
4XHPDLQVLWXGHERVTXHVHPLVLyQGH
JDVHVGLVWLQWRVGHO&2
$EDQGRQRGHODVWLHUUDVFXOWLYDGDV
(PLVLRQHVRDEVRUFLRQHVGH&2HQORV
VXHORVGHELGRDOPDQHMR\FDPELRGH
XVRGHODWLHUUD
'HVSHUGLFLRV
(O6DOYDGRU
'LVSRVLFLyQGHGHVSHUGLFLRVVyOLGRV
HQWLHUUD
0DQHMR\WUDWDPLHQWRGHDJXDV
UHVLGXDOHV\GHORVORGRVGRPpVWLFRV
\FRPHUFLDOHV
7UDWDPLHQWRGHHIOXHQWHV\ORGRV
LQGXVWULDOHV
(PLVLRQHVLQGLUHFWDVGHy[LGRQLWURVR
SURFHGHQWHVGHOH[FUHPHQWRKXPDQR
,QFLQHUDFLyQGHUHVLGXRV
)XHQWH(ODERUDFLyQSURSLD
D
1RVHHVSHFLILFDHQHOLQIRUPHHOQLYHOGHOPpWRGRXWLOL]DGR3RUGHIHFWRVHSUHVXPHTXHHVGHQLYHO
E
3DUDHO6HFWRU(QHUJtD0p[LFRVHxDODTXHXWLOL]DDOJXQRVIDFWRUHVGHHPLVLyQSURSLRVSHURQRHVSHFLILFDFXiOHVVRQ
3DUDHO6HFWRU$JULFXOWXUD0p[LFRXWLOL]DIDFWRUHVGHHPLVLyQ\GDWRVFHQVDOHVSURSLRVSDUDORVGDWRVGHJDQDGHUtD\
FXOWLYRVSHURQRHVSHFLILFDFODUDPHQWHHQTXpFDWHJRUtDVSRUORTXHQRVHGHVSUHQGHFXiOHVFDWHJRUtDVVRQGHQLYHO\
FXiOHVVRQGHQLYHO
&KLOHDSOLFyXQPpWRGRGHQLYHOSDUDHVWLPDUODVHPLVLRQHVGH*(,GHERYLQRVOHFKHURV\QR
OHFKHURV GH OD FDWHJRUtD )HUPHQWDFLyQ HQWpULFD \ SDUD ORV SRUFLQRV GH OD FDWHJRUtD 0DQHMR GHO
HVWLpUFROWRGRVHOORVGHQWURGHO6HFWRU$JULFXOWXUD7DPELpQXWLOL]yHOPpWRGRGHQLYHOSDUDODVXE
FDWHJRUtD6XHORVIRUHVWDOHVTXHSHUPDQHFHQFRPRVXHORVIRUHVWDOHVGHODFDWHJRUtD6XHORVIRUHVWDOHV
/DVHPLVLRQHVGH*(,GHOUHVWRGHODVFDWHJRUtDVVHHVWLPDURQGHDFXHUGRDOPpWRGRGHQLYHO
/DPHWRGRORJtDXWLOL]DGDSRU(O6DOYDGRUSDUDHVWLPDUODVHPLVLRQHVGH*(,GHODSURGXFFLyQ
GHFHPHQWRGHODFDWHJRUtD3URGXFWRVPLQHUDOHVHVGHQLYHO3DUDHOUHVWRGHODVFDWHJRUtDVVHXWLOL]y
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
XQPpWRGRGHQLYHO6LELHQHQDOJXQRVFDVRVHOLQYHQWDULRSRVHHYDORUHVGHDFWLYLGDGORFDOHVFRPR
HQHO6HFWRU86&866QRSRVHHIDFWRUHVGHHPLVLyQHVSHFtILFRVGHOSDtVSDUDDTXHOORVFDVRV
(O QLYHO GH ODV PHWRGRORJtDV XWLOL]DGDV HQ OD HVWLPDFLyQ GH ODV HPLVLRQHV GH *(, GHO
LQYHQWDULRGH0p[LFRQRVHH[SUHVDQFODUDPHQWH$SHVDUGHTXHVHKDFHPHQFLyQGHOXVRGHIDFWRUHV
GH HPLVLyQ \ GDWRV FHQVDOHV SURSLRV GHO SDtV SDUD ODV DFWLYLGDGHV DJUtFRODV \ SHFXDULDV GHO 6HFWRU
$JULFXOWXUDQRVHHVSHFLILFDQODVDFWLYLGDGHV\QRVHGDFXHQWDGHHVWRVUHVXOWDGRV6LWXDFLyQVLPLODU
RFXUUHHQHO6HFWRU(QHUJtDGRQGHVHVHxDODTXHHQDOJXQRVFDVRVVHKDQXWLOL]DGRIDFWRUHVGHHPLVLyQ
GHQLYHOSHURQRVHHVSHFLILFDDFXiOHVFRUUHVSRQGHQ
)LQDOPHQWHVHJ~QHOGRFXPHQWRRILFLDOTXHGDFXHQWDGHOLQYHQWDULRGHHPLVLRQHVGH*(,GH
8UXJXD\ VH XWLOL]y HO PpWRGR GH QLYHO SDUD OD HVWLPDFLyQ GH ODV HPLVLRQHV HQ ODV FDWHJRUtDV
)HUPHQWDFLyQ HQWpULFD \ 6XHORV DJUtFRODV 3DUD HO UHVWR GH ODV FDWHJRUtDV GHO VHFWRU $JULFXOWXUD VH
XWLOL]yHOPpWRGRGHQLYHO(QORVGHPiVVHFWRUHVDQDOL]DGRVSRUHOLQYHQWDULRQRVHVHxDODHOQLYHO
XWLOL]DGRSRUORTXHVHSUHVXPHTXHVHXWLOL]DQHQHOORVPpWRGRVGHQLYHO
&&RPSDUDFLyQGHOFRQWHQLGRGHORVLQYHQWDULRV
(O&XDGURHQWUHJDLQIRUPDFLyQUHVXPLGDVREUHHOSHUtRGRORVVHFWRUHVFDWHJRUtDV\JDVHVDQDOL]DGRV
HQORVLQYHQWDULRVGH*(,GHORVFXDWURSDtVHVGHHVWXGLR3DUDHVWHDQiOLVLVVHFRQVLGHUyORVVHFWRUHV\
FDWHJRUtDVGHILQLGDVSRUHO,3&&
&KLOHHVWLPDODVHPLVLRQHVGH*(,SDUDHOSHUtRGRGHWLHPSR\0p[LFRORKDFHSDUD
HOSHUtRGR(O6DOYDGRU\8UXJXD\HVWLPDQODVHPLVLRQHVGH*(,SDUDDxRVSXQWXDOHVTXHVH
HVSHFLILFDQHQHO&XDGUR(QHOVHFWRU86&866&KLOH\0p[LFRFRQWDELOL]DQODVHPLVLRQHVGH*(,
GHDFXHUGRDODVFDWHJRUtDVGHILQLGDVSRUHO,3&&TXHODVGHILQHVHJ~QHOWLSRGHXVRGHVXHOR/RV
JDVHV\ODVFDWHJRUtDVGHOVHFWRU86&866SDUD&KLOH\0p[LFRVHPXHVWUDQHQHO&XDGUR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
5(680(1'(/$6&$7(*25$6<*$6(6$1$/,=$'26(1/26,19(17$5,26
'((0,6,21(6'(*(,'(&+,/((/6$/9$'250e;,&2<858*8$<
5HVXPHQGHORVLQYHQWDULRVGHJDVHV
&KLOH
$xRVHYDOXDGRV
6HFWRU
&DWHJRUtD
(O6DOYDGRU
\
0p[LFR
8UXJXD\
\
*DVHVGHHIHFWRLQYHUQDGHURFRQVLGHUDGRHQORVLQYHQWDULRV
(QHUJtD
4XHPDGHFRPEXVWLEOHV
&2&+12
&212[
&29'062
&2&+12
12[&2
&2910
(PLVLRQHVIXJLWLYDV
&+&212[
&291062
&+
&+12[&2
&29'062
3URFHVRV
,QGXVWULDOHV
3URGXFWRVPLQHUDOHV
&26212[
&2&2910
&2
&2
&2&29'0
62
,QGXVWULDTXtPLFD
1212[
&2910&+
62
&2&+
1
3URGXFFLyQGHPHWDOHV
&26212[
&2&2910
&2
2WURVSURFHVRVLQGXVWULDOHV
6212[&2
&2910&2
&+12
+)&D
3)&6)
+)&V6)
12[&2
&29'0
8VRGHVROYHQWHV\RWURVSURGXFWRV
&29'0
&29'0
$JULFXOWXUD
)HUPHQWDFLyQHQWpULFD
&+
&+
&+
&+
0DQHMRGHOHVWLHUFRO
&+12
&+
&+12
&+12
&XOWLYRGHODUUR]
&+
&+
&+
&+
4XHPDSUHVFULWDGHVDEDQDV
&+1212[
&2
&+12
12[&2
4XHPDHQHOFDPSRGHUHVLGXRV
DJUtFRODV
&+&212
12[
&+1212[
&2
&+12
&+12
12[&2
6XHORVDJUtFRODV
12
12
12
12
8VRGH
VXHOR
&DPELRGHO
XVRGHO
VXHOR\
6LOYLFXOWXUD
&2&+
12
&2&+12
12[&2
&29'062
&DPELRVGHELRPDVDHQERVTXHV\
HQRWURVWLSRVGHYHJHWDFLyQOHxRVD
&2
&2
&RQYHUVLyQGHERVTXHV\SUDGHUDV
&2
4XHPDLQVLWXGHERVTXHVHPLVLyQ
GHJDVHVGLVWLQWRVGHO&2
&2&+12
&2\12[
&+&212
12[
&2&+
12
$EDQGRQRGHODVWLHUUDVFXOWLYDGDV
&2
(PLVLRQHVRDEVRUFLRQHVGH&2
HQORVVXHORVGHELGRDOPDQHMR\
FDPELRGHXVRGHODWLHUUD
&2
'HVSHUGLFLRV
'LVSRVLFLyQGHGHVSHUGLFLRVVyOLGRV
HQWLHUUD
&+
&+
&+
&+
0DQHMR\WUDWDPLHQWRGHDJXDV
UHVLGXDOHV\GHORVORGRV
GRPpVWLFRV\FRPHUFLDOHV
&+
&+12
&+
&+
7UDWDPLHQWRGHHIOXHQWHV\ORGRV
LQGXVWULDOHV
&+
&+
&+12
&+
(PLVLRQHVLQGLUHFWDVGHy[LGR
QLWURVRSURFHGHQWHVGHOH[FUHPHQWR
KXPDQR
12
12
12
,QFLQHUDFLyQGHUHVLGXRV
12&212[
&29'0
&212
)XHQWH(ODERUDFLyQSURSLD/RVVHFWRUHV\FDWHJRUtDVHVWiQGHILQLGRVDSDUWLUGHO,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
5(680(1'(/$6&$7(*25$6<*$6(6'(*(,$1$/,=$'26
'(/6(&72586&8663$5$&+,/(<0e;,&2
6(*1/$60(72'2/2*$6'(/,3&&
&DWHJRUtDV
&KLOH
0p[LFR
6XHORVIRUHVWDOHV
&2&+12&2
\12[
&2&+12
3UDGHUDV\PDWRUUDOHV
&2&+12&2
\12[
&2&+12
6XHORVDJUtFRODV
&2&+12&2
\12[
&2
6XHORVXUEDQRV
&2&+12&2
\12[
+XPHGDOHV
&2&+12&2
\12[
6XHORVGHVQXGRV
&2&+12&2
\12[
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH OD LQIRUPDFLyQ FRQWHQLGD HQ ORV GRFXPHQWRV DQDOL]DGRV /DV FDWHJRUtDV HVWiQ
GHILQLGRVDSDUWLUGHO,3&&TXHIXHURQODVTXHXWLOL]DURQHVWRVSDtVHVSDUDHVWHVHFWRU
(Q HO DQH[R VH GD D FRQRFHU XQ GHWDOODGR DQiOLVLV GHO FRQWHQLGR GH ORV LQYHQWDULRV
HVWXGLDGRVLQFOX\HQGRODVVXEFDWHJRUtDV\ORVGDWRVGHDFWLYLGDGSRUSDtV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
,95HVXOWDGRVGHODVHPLVLRQHVGH*(,
GHORVLQYHQWDULRVQDFLRQDOHV
FRPSDUDFLyQHQWUHSDtVHV
$SDUWLUGHODQiOLVLVJHQHUDOGHORVLQYHQWDULRVHVWXGLDGRVVHREVHUYDTXHH[LVWHQVRODPHQWHGRVDxRV
HQFRP~Q SDUD WRGRVORV SDtVHV(VWRVDxRVFRUUHVSRQGHQ D\ 3RUHVWD UD]yQ VH GHFLGLy
WUDEDMDUFRQORVGDWRVSURSRUFLRQDGRVSDUDHVRVDxRV
$FRQWLQXDFLyQVHSUHVHQWDQORVYDORUHVLQGLFDGRVSRUORVLQYHQWDULRVGHFDGDSDtVHQFXDQWRD
HPLVLRQHV VHFWRULDOHV \ WRWDO QDFLRQDO SDUD \ HO 6H PXHVWUDQ ORV YDORUHV XWLOL]DQGR XQ
SRWHQFLDO GH FDOHQWDPLHQWR JOREDO D DxRV SDUD ORV *(, HQ WRGRV ORV FDVRV \ HQ DTXHOORV FDVRV
GRQGHORVLQYHQWDULRVH[SUHVDEDQVXVHPLVLRQHVFRQSRWHQFLDOHVGHFDOHQWDPLHQWRJOREDODDxRVIXH
QHFHVDULRUHFDOFXODUORVYDORUHV$FRQWLQXDFLyQVHH[SRQHQLQGLFDGRUHVGHVDUUROODGRVDSDUWLUGHORV
GDWRVGHHPLVLRQHVVHFWRULDOHVFRQWHQLGRVHQORVLQYHQWDULRV
(QSULPHUOXJDUVHPXHVWUDQODVHPLVLRQHVSHUFiSLWDVHFWRULDOGHFDGDSDtVWDQWRSDUDHODxR
FRPRYpDQVHORVJUiILFRV\\HOLQFUHPHQWRGHODVHPLVLRQHVGH*(,HQWUHORVDxRV
\YpDVHHOJUiILFR3DUDHOORVHKDQGLYLGLGRODVHPLVLRQHVVHFWRULDOHVSRUODSREODFLyQ
GH FDGDSDtV GHO DxR UHVSHFWLYR WHQLHQGR FRPR IXHQWH ORV GDWRV GH SREODFLyQ GHO )RQGR 0RQHWDULR
,QWHUQDFLRQDOYpDVHHOFXDGUR
(QVHJXQGROXJDUVHPXHVWUDODLQWHQVLGDGGHODVHPLVLRQHVGH*(,FRQUHVSHFWRDOSURGXFWRGH
FDGDSDtVWDQWRSDUDHODxRFRPRYpDVHHOFXDGUR3DUDHVWRVHKDGLYLGLGRODVHPLVLRQHV
WRWDOHVGHFDGDSDtV\ODVHPLVLRQHVGHO6HFWRU(QHUJtDGHFDGDSDtVSRUHO3,%UHDOGHFDGDDxRWHQLHQGR
FRPRIXHQWHDO%DQFR0XQGLDOYpDVHHOFXDGUR3DUDHODQiOLVLVGHLQWHQVLGDGSRUVHFWRUVRODPHQWHVH
KD FRQVLGHUDGR DO 6HFWRU (QHUJtD \D TXH ODV HPLVLRQHV GH HVWH WLHQHQ XQD UHODFLyQ GLUHFWD FRQ HO
FUHFLPLHQWRGHO3,%DGLIHUHQFLDGHORVRWURVVHFWRUHVGRQGHHVDUHODFLyQHVPHQRVFODUD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
32%/$&,1<3,%'(/263$6(6'((678',2
&KLOH
(O6DOYDGRU
0p[LFR
8UXJXD\
3REODFLyQ0KDE
3REODFLyQ0KDE
3,%33$086'
3,%33$086'
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH OD LQIRUPDFLyQ FRQWHQLGD HQ OD EDVH GH GDWRV GHO )0,
KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGDHOGHRFWXEUHGH\HO%DQFR0XQGLDOSDUDHO3,%3,%HQ
333 HQ 0LOORQHV GH GyODUHV 086' D SUHFLRV FRQVWDQWHV GH FRQVXOWDGR HO GH RFWXEUH GH HQ
KWWSGDWDEDQNZRUOGEDQNRUJGGSKRPHGR
*5),&2
(0,6,21(66(&725,$/(63(5&3,7$'(/26&8$7523$6(6
'((678',26(*1,1)250$&,1&217(1,'$
(1/26,19(17$5,26$f2
(QW&2HKDE
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHODLQIRUPDFLyQFRQWHQLGDHQORVGRFXPHQWRVDQDOL]DGRVSDUDORVGDWRVUHODWLYRVD
HPLVLRQHV\ODEDVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGDHOGHRFWXEUHGHSDUD
ORVGDWRVUHODWLYRVDSREODFLyQ
*5),&2
(0,6,21(66(&725,$/(63(5&3,7$'(/26&8$7523$6(6
'((678',26(*1,1)250$&,1&217(1,'$
(1/26,19(17$5,26$f2
(QW&2HKDE
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHODLQIRUPDFLyQFRQWHQLGDHQORVGRFXPHQWRVDQDOL]DGRVSDUDORVGDWRVUHODWLYRVD
HPLVLRQHV\ODEDVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGDHOGHRFWXEUHGHSDUD
ORVGDWRVUHODWLYRVDSREODFLyQ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2
,1&5(0(172'(/$6(0,6,21(66(&725,$/(63(5&3,7$
6(*1,1)250$&,1&217(1,'$(1/26,19(17$5,26
(175(/26$f26<
(QSRUFHQWDMH
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHODLQIRUPDFLyQFRQWHQLGDHQORVGRFXPHQWRVDQDOL]DGRVSDUDORVGDWRVUHODWLYRVD
HPLVLRQHV\ODEDVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWPFRQVXOWDGDHOGHRFWXEUHGHSDUD
ORVGDWRVUHODWLYRVDSREODFLyQ
&8$'52
,17(16,'$''(/$6(0,6,21(6(1(/352'8&723253$6
(QW&2H086'
3DtV
$xR
6HFWRU(QHUJtD
&KLOH
,QFUHPHQWR
(O6DOYDGRU
,QFUHPHQWR
0p[LFR
,QFUHPHQWR
8UXJXD\
,QFUHPHQWR
7RWDO6HFWRUHV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHLQIRUPDFLyQFRQWHQLGDHQORVGRFXPHQWRVDQDOL]DGRVSDUDORVGDWRVUHODWLYRVD
HPLVLRQHV\HO%DQFR0XQGLDOSDUDHO3,%3,%HQ333HQ0LOORQHVGHGyODUHV086'DSUHFLRVFRQVWDQWHVGH
FRQVXOWDGRHOGHRFWXEUHGHHQKWWSGDWDEDQNZRUOGEDQNRUJGGSKRPHGR
/RVLQGLFDGRUHVGHVDUUROODGRVPXHVWUDQGHPDQHUDDSUR[LPDGDODHYROXFLyQGHODVHPLVLRQHV
GH*(,VHJ~QODLQIRUPDFLyQFRQWHQLGDHQORVLQYHQWDULRV\DTXHVRODPHQWHVHHVWiQFRPSDUDQGRGRV
DxRV6HREVHUYDQDXPHQWRVGHHPLVLRQHVSHUFiSLWDHQORVVHFWRUHV(QHUJtD\'HVSHUGLFLRVHQWRGRV
ORV SDtVHV 3RU HO FRQWUDULR HO 6HFWRU $JULFXOWXUD GLVPLQX\H VXV HPLVLRQHV SHU FiSLWD HQ WRGRV ORV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
FDVRV 3DUD ORV VHFWRUHV 3URFHVRV ,QGXVWULDOHV \ 86&866 H[LVWHQ DXPHQWRV \ GLVPLQXFLRQHV (Q
FXDQWRDODVHPLVLRQHVSHUFiSLWDWRWDOHVHVWDVDXPHQWDQSDUDORVFDVRVGH&KLOH\0p[LFRPLHQWUDV
TXHGLVPLQX\HQSDUDORVFDVRVGH(O6DOYDGRU\8UXJXD\
/RGHVDUUROODGRKDVWDHVWDSDUWHGHOWUDEDMRHVXQDGHVFULSFLyQGHOFRQWHQLGRGHORVLQYHQWDULRV
QDFLRQDOHVGHHPLVLRQHVDVXPLHQGRGHVGHOXHJRTXHODLQIRUPDFLyQFRQWHQLGDHQORVLQYHQWDULRVGHORV
FXDWUR SDtVHV HV OD FRUUHFWD HQ FXDQWR D OD PHWRGRORJtD \ IXHQWHV GH LQIRUPDFLyQ FRQVLGHUDGDV HQ VX
FRQIHFFLyQ(QORTXHVLJXHGHOWUDEDMRVHSUHWHQGHOHYDQWDUHVWHVXSXHVWRDQDOL]DQGRGHPDQHUDFUtWLFD
ORV FRQWHQLGRV \ ORV YDORUHV H[SXHVWRV SRU HVWRV SDtVHV HQ VXV UHVSHFWLYRV GRFXPHQWRV 3DUD HOOR VH
LQVSHFFLRQDUiQ ODV PHWRGRORJtDV FRQ VXV UHVSHFWLYRV IDFWRUHV GH HPLVLyQ \ QLYHOHV GH DFWLYLGDG
DVRFLDGDVFRQHOILQGHFRUURERUDUORVYDORUHVSUHVHQWDGRV3RURWURODGRVHHYDOXDUiODVHQVLELOLGDGGHOD
DSOLFDFLyQGHORVIDFWRUHVGHHPLVLyQGHQLYHOH[LVWHQWHVHQODVHPLVLRQHVWRWDOHVGH*(,GHORVSDtVHV
FRPSDUDGRFRQODDSOLFDFLyQGHORVIDFWRUHVGHHPLVLyQGHQLYHOGHO,3&&HQGLFKRVFDVRV
(QWUHORVDxRV\VHUHSRUWDQGLVWLQWRVFDPELRVHQODVHPLVLRQHVWRWDOHVVHJ~QHOSDtV
GRQGHFRPRVHSXHGHREVHUYDUHQHOJUiILFR&KLOH\0p[LFRUHSRUWDQDXPHQWRVPLHQWUDV(O6DOYDGRU
\8UXJXD\UHSRUWDQGLVPLQXFLRQHVQHWDVGHVXVHPLVLRQHVWRWDOHV(OSDtVTXHUHSRUWDXQPD\RUDXPHQWR
SRUFHQWXDO HV &KLOH FRQ XQ /H VLJXH 0p[LFR FRQ XQ (O 6DOYDGRU UHSRUWD OD PD\RU
GLVPLQXFLyQFRQXQPLHQWUDVHQHOFDVRGH8UXJXD\ODGLVPLQXFLyQHVGHO
*5),&2
&$0%,2'(/$6(0,6,21(6727$/(63253$6'($/
(Q0W&2H
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGH,QYHQWDULRV1DFLRQDOHV
(QHOJUiILFRVHSXHGHREVHUYDUODLPSRUWDQFLDUHODWLYDGHFDGDVHFWRUGHQWURGHORVSDtVHV
EDMRHVWXGLR(Q&KLOHHOVHFWRUTXHPiVDSRUWHKDFHDODVHPLVLRQHVGH*(,HVHOGH(QHUJtDFRQXQ
(Q HVWHSDtVVH GHVWDFDODFDSWDFLyQ QHWDGHHPLVLRQHV GHO 6HFWRU 86&866 FX\R PyGXOR HV
HTXLYDOHQWH DO GH OD VXPD GH WRGRV ORV VHFWRUHV HPLVRUHV QHWRV GHO SDtV (Q (O 6DOYDGRU QR
H[LVWH XQ VHFWRUTXH WHQJDPiV GHO GH ODV HPLVLRQHV WRWDOHV VLHQGRHO6HFWRU(QHUJtDHO PD\RU
HPLVRUFRQHOGHOWRWDO(Q0p[LFRVHGHVWDFDHO6HFWRU(QHUJtDFRQHOGHODVHPLVLRQHV
WRWDOHV 7DPELpQ VH GHVWDFD HQ 0p[LFR OD DOWD SURSRUFLyQ GH ORV VHFWRUHV 'HVSHUGLFLRV \ 3URFHVRV
,QGXVWULDOHV VHFWRUHV GH PHQRU FRQWULEXFLyQ UHODWLYD D QLYHO PXQGLDO HQ UHODFLyQ D ORV RWURV SDtVHV
EDMRHVWXGLRFRQXQ\UHVSHFWLYDPHQWHGHOWRWDOGHOSDtV)LQDOPHQWH8UXJXD\VREUHVDOH
SRUHOSRUFHQWDMHTXHUHSUHVHQWDHO6HFWRU$JULFXOWXUDFRQXQGHODVHPLVLRQHVWRWDOHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2
3$57,&,3$&,1325&(178$/'(/266(&725(6
(1/$6(0,6,21(6'(*(,$f2
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGH,QYHQWDULRV1DFLRQDOHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
95HVXOWDGRVGHODVHPLVLRQHVGH*(,
GHORVLQYHQWDULRVQDFLRQDOHV
FRPSDUDFLyQHQWUHVHFWRUHV
DOLQWHULRUGHFDGDSDtV
$ SDUWLU GH ORV YDORUHV UHSRUWDGRV HQ ORV ,QYHQWDULRV 1DFLRQDOHV GH ORV FXDWUR SDtVHV DQDOL]DGRV VH
REVHUYDQDXPHQWRVGHHPLVLRQHVHQORVVHFWRUHV(QHUJtD\'HVSHUGLFLRVHQWRGRVORVSDtVHV(O6HFWRU
$JULFXOWXUDUHSRUWDOHYHVDXPHQWRVHQ&KLOH\0p[LFR\XQDGLVPLQXFLyQHQORVRWURVSDtVHV3DUDORV
VHFWRUHV3URFHVRV,QGXVWULDOHV\86&866H[LVWHQDXPHQWRV\GLVPLQXFLRQHV(QFXDQWRDODVHPLVLRQHV
WRWDOHVHVWDVDXPHQWDQSDUDORVFDVRVGH&KLOH\0p[LFRPLHQWUDVTXHGLVPLQX\HQSDUDORVFDVRVGH(O
6DOYDGRU\8UXJXD\$FRQWLQXDFLyQVHPXHVWUDQORVYDORUHVUHSRUWDGRVHQORVLQYHQWDULRVGHFDGDSDtV
HQFXDQWRDHPLVLRQHVVHFWRULDOHV\WRWDOQDFLRQDOSDUDORVDxRV\/RVYDORUHVVHPXHVWUDQHQ
0W&2H FRQVLGHUDQGR ODV HPLVLRQHV GH &2 &+ \ 12 6H XWLOL]y XQ SRWHQFLDO GH FDOHQWDPLHQWR
JOREDODDxRVSDUDORV*(,HQWRGRVORVFDVRVKDELpQGRVHUHFDOFXODGRHQDTXHOORVFDVRVGRQGHORV
LQYHQWDULRVH[SUHVDEDQVXVHPLVLRQHVFRQSRWHQFLDOHVGHFDOHQWDPLHQWRJOREDODDxRV
$&KLOH
3DUDHOFDVRGH&KLOHH[LVWHXQDXPHQWRHQORVVHFWRUHV(QHUJtD$JULFXOWXUD\'HVSHUGLFLRVHQWUHORV
DxRV \ /DV HPLVLRQHV GHO VHFWRU 3URFHVRV ,QGXVWULDOHV GLVPLQX\HQ \ HO 6HFWRU 86&866
DXPHQWDD~QPiVVXVFDSWXUDVDOFRPSDUDUODHYROXFLyQHQWUHHVWRVDxRV/DVHPLVLRQHVDQLYHOQDFLRQDO
DXPHQWDQGH0W&2HD0W&2HLQIOXLGRGHPDQHUDLPSRUWDQWHSRUHODXPHQWRGHO6HFWRU
(QHUJtDTXHHVHOVHFWRUTXHPiVHPLVLRQHVDSRUWDHQHOSDtVYpDVHHOFXDGUR\HOJUiILFR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(66(&725,$/(6'(&+,/(6(*1,1)250$&,1
&217(1,'$(1/26,19(17$5,26
(Q0W&2H
&KLOH
,QFUHPHQWR
HQSRUFHQWDMH
6HFWRU
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD
*5),&2
(0,6,21(61(7$6'(*(,3256(&7256(*1,19(17$5,2
'(&+,/($f26<
(PLVLRQHV\DEVRUFLRQHVGH*(,0W&2H
(QHUJtD
3URFHVRV
,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GH &KLOH ,QYHQWDULR 1DFLRQDO GH *DVHV GH (IHFWR
,QYHUQDGHUR&21$0$\&RPSOHPHQWRV\DFWXDOL]DFLyQGHO,QYHQWDULRGH*DVHVGH(IHFWR,QYHUQDGHUR*(,
SDUD&KLOHHQORVVHFWRUHVGHDJULFXOWXUDXVRGHOVXHOR\VLOYLFXOWXUD\UHVLGXRVDQWUySLFRV,1,$&21$0$
%(O6DOYDGRU
/DV HPLVLRQHV GH (O 6DOYDGRU UHSRUWDQ XQ DXPHQWR HQ ORV VHFWRUHV (QHUJtD \ 'HVSHUGLFLRV /RV
VHFWRUHV 3URFHVRV ,QGXVWULDOHV $JULFXOWXUD \ 86&866 UHSRUWDQ GLVPLQXFLRQHV /RV VHFWRUHV TXH
FRQWULEX\HQFRQPiVHPLVLRQHVVRQ(QHUJtD$JULFXOWXUD\86&866$QLYHOQDFLRQDOODVHPLVLRQHV
GLVPLQX\HQGH0W&2HD0W&2HGXUDQWHHOSHUtRGR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(66(&725,$/(6'((/6$/9$'256(*1
,1)250$&,1&217(1,'$(1/26,19(17$5,26
(Q0W&2H
(O6DOYDGRU
6HFWRU
,QFUHPHQWR
HQSRUFHQWDMH
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD
*5),&2
(0,6,21(61(7$6'(*(,3256(&7256(*1,19(17$5,2
'((/6$/9$'25$f26<
(PLVLRQHV\DEVRUFLRQHVGH*(,0W&2H
(QHUJtD
3URFHVRV
,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GH (O 6DOYDGRU 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO VREUH
&DPELR&OLPiWLFR5HS~EOLFDGH(O6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV(O6DOYDGRU
H,QYHQWDULR1DFLRQDOGH*DVHV GH(IHFWR,QYHUQDGHURGH(O6DOYDGRU3UR\HFWR6HJXQGD&RPXQLFDFLyQ1DFLRQDOGH
&DPELR&OLPiWLFR(O6DOYDGRU
&0p[LFR
(Q 0p[LFR VH UHSRUWDQ DXPHQWRV GH HPLVLRQHV HQ WRGRV ORV VHFWRUHV (O 6HFWRU (QHUJtD FRQWLQ~D
VLHQGR HO PiV LPSRUWDQWH HPLVRU GH *(, HQ HO SDtV WHQLHQGR ORV RWURV VHFWRUHV XQD SDUWLFLSDFLyQ
SRUFHQWXDOPiVSHTXHxDHQFRPSDUDFLyQFRQODGHORVRWURVSDtVHVDQDOL]DGRV/DVHPLVLRQHVWRWDOHV
GHOSDtVUHSRUWDURQXQDXPHQWRGH0W&2HDOSDVDUGH0W&2HD0W&2HHQWUH
ORVDxRV\YpDVHHOFXDGUR\HOJUiILFR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(66(&725,$/(6'(0e;,&26(*1,1)250$&,1
&217(1,'$(1/26,19(17$5,26
(Q0W&2H
0p[LFR
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
,QFUHPHQWR
HQSRUFHQWDMH
6HFWRU
)XHQWH(ODERUDFLyQSURSLD
*5),&2
(0,6,21(61(7$6'(*(,3256(&7256(*1,19(17$5,2
'(0e;,&2$f26<
(PLVLRQHV\DEVRUFLRQHVGH*(,0W&2H
(QHUJtD
3URFHVRV
,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GH 0p[LFR &XDUWD &RPXQLFDFLyQ 1DFLRQDO DQWH OD
&RQYHQFLyQ 0DUFR GH ODV 1DFLRQHV 8QLGDV VREUH HO &DPELR &OLPiWLFR 6HFUHWDUtD GH 0HGLR $PELHQWH \ 5HFXUVRV
1DWXUDOHV,QVWLWXWR1DFLRQDOGH(FRORJtD0p[LFR
'8UXJXD\
(Q ODV HPLVLRQHV GH*(, HQ 8UXJXD\ HO 6HFWRU $JULFXOWXUDSUHVHQWD XQDSDUWLFLSDFLyQ LPSRUWDQWHD
SHVDUGHKDEHUUHGXFLGRVXVHPLVLRQHVHQWUHORVDxRV\([LVWHXQDXPHQWRGHODVHPLVLRQHV
GHORVVHFWRUHV(QHUJtD3URFHVRV,QGXVWULDOHV\'HVSHUGLFLRV3RURWURODGRODVFDSWDFLRQHVQHWDVGHO
6HFWRU 86&866 DXPHQWDQ D~Q PiV HQ HO SDtV $ QLYHO QDFLRQDO VH UHSRUWD HQ HO LQYHQWDULR XQD
GLVPLQXFLyQ GH ODV HPLVLRQHV GH DO SDVDU GH 0W&2H D 0W&2H HQWUH \
YpDVHHOFXDGUR\HOJUiILFR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(66(&725,$/(6'(858*8$<6(*1,1)250$&,1
&217(1,'$(1/26,19(17$5,26
(Q0W&2H
8UXJXD\
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
727$/
,QFUHPHQWR
HQSRUFHQWDMH
6HFWRU
)XHQWH(ODERUDFLyQSURSLD
*5),&2
(0,6,21(61(7$6'(*(,3256(&7256(*1,19(17$5,2
'(858*8$<$f26<
(PLVLRQHV\DEVRUFLRQHVGH*(,0W&2H
35
30
25
20
15
10
5
0
-5
-10
Energa
Procesos
Industriales
Agricultura
USCUSS
1994
2000
Desperdicios
Total
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GH 8UXJXD\ 5HVXPHQ HMHFXWLYR ,QYHQWDULR 1DFLRQDO GH
*(,(YROXFLyQGH*(,8QLGDGGHO&DPELR&OLPiWLFRGHOD'LYLVLyQ1DFLRQDOGHO0HGLR$PELHQWH
GHO0LQLVWHULRGH9LYLHQGD2UGHQDPLHQWR7HUULWRULDO\0HGLR$PELHQWH8UXJXD\
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
9,$QiOLVLVFUtWLFRGHORVYDORUHVSUHVHQWDGRV
HQORVLQYHQWDULRVQDFLRQDOHV
&RQ HO ILQ GH KDFHU XQ DQiOLVLV FUtWLFR GH ORV YDORUHV SUHVHQWDGRV HQ ORV LQYHQWDULRV GH ORV SDtVHV
HVWXGLDGRVVHH[SRQHQHQHVWHFDStWXORORVYDORUHVREWHQLGRVDWUDYpVGHORVFiOFXORVGHVDUUROODGRVGH
PDQHUDSURSLD(OGHVDUUROORGHORVFiOFXORVPHWRGRORJtDVVXSXHVWRVSDUiPHWURV\GDWRVXWLOL]DGRV
VHHQFXHQWUDQGLVSRQLEOHVHQORV$QH[RV
6HJ~QHOSULQFLSLRGHWUDQVSDUHQFLDSUHVHQWHHQODV'LUHFWULFHVGHO,3&&ORVSDtVHVGHEHQ
H[SRQHUFODUDPHQWHHQVXVLQYHQWDULRVODWRWDOLGDGGHORVVXSXHVWRV\ODVPHWRGRORJtDVXWLOL]DGDVHQVX
HODERUDFLyQ(OREMHWLYRSULQFLSDOGHHVWHSULQFLSLRHVIDFLOLWDUVXUHSOLFDFLyQSRUXQWHUFHUR
/RVFULWHULRVXWLOL]DGRVSDUDHODQiOLVLVGHOSULQFLSLRGHWUDQVSDUHQFLDVRQORVVLJXLHQWHV
8VDQGRFRPRUHIHUHQFLDODV~OWLPDV&RPXQLFDFLRQHV1DFLRQDOHV\ORV,QYHQWDULRVGH
*(, SDUD ORV SDtVHV EDMR HVWXGLR VH DQDOL]D OD FODULGDG FRQ OD TXH VH H[SRQHQ ODV
PHWRGRORJtDVXWLOL]DGDVWDQWRSDUDODGHILQLFLyQFRPRSDUDORVFiOFXORVGHORVQLYHOHV
GHDFWLYLGDG\IDFWRUHVGHHPLVLyQXWLOL]DGRVSRUHOSDtVHQFDGDFDWHJRUtD
6HDQDOL]DODGLVSRQLELOLGDGGHIXHQWHVGHLQIRUPDFLyQGHFDUiFWHUS~EOLFR\HQOtQHD
DFFHVLEOHVGHVGHLQWHUQHWTXHGHQDFRQRFHUYDORUHVGHQLYHOHVGHDFWLYLGDGSDUDORV
SDtVHVEDMRHVWXGLR
&RQ OD LQIRUPDFLyQ DQWHULRU VH DQDOL]D OD IDFWLELOLGDG GH UHSURGXFLU ORV GDWRV
SUHVHQWDGRVHQORVLQYHQWDULRVGHFDGDSDtV\VHUHSRUWDQODVSULQFLSDOHVIDOHQFLDV
/D FDOLGDG GH OD LQIRUPDFLyQ UHSRUWDGD HQ ORV LQYHQWDULRV HV GLVtPLO \ SRU OR WDQWR OD
GLILFXOWDGSDUDUHSURGXFLUORVKDVLGRYDULDEOHHQWUHXQSDtV\RWUR6LQHPEDUJRHQQLQJ~QFDVRKDVLGR
VXILFLHQWH FRQ OD LQIRUPDFLyQ TXH DSDUHFH UHSRUWDGD HQ ORV LQYHQWDULRV R ODV &RPXQLFDFLRQHV
1DFLRQDOHV GHELpQGRVH VLHPSUH SHUR FRQ GLVWLQWRV JUDGRV DFFHGHU D LQIRUPDFLyQ GH RWUDV IXHQWHV
SDUDUHDOL]DUODVHVWLPDFLRQHVGHODVHPLVLRQHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$0HWRGRORJtDVGHDQiOLVLV
8QD PDQHUD GH SRGHU GHWHUPLQDU OD FDOLGDG GH ORV UHVXOWDGRV HQWUHJDGRV SRU FDGD XQR GH ORV
LQYHQWDULRVHVFRPSDUDUORVFRQGLIHUHQWHVIXHQWHVGHLQIRUPDFLyQ6LHVWDVIXHQWHVGHLQIRUPDFLyQVRQ
FRLQFLGHQWHVHQWUHVtHQWRQFHVORVQLYHOHVGHDFWLYLGDG\RIDFWRUHVGHHPLVLyQXWLOL]DGRVVRQVLPLODUHV
\SRUHQGHORVYDORUHVHQWUHJDGRVSUREDEOHPHQWHHVWpQFRUUHFWRV\VHUHGXFHODLQFHUWLGXPEUH6LSRU
RWUDSDUWHODVIXHQWHVGHLQIRUPDFLyQGLILHUHQGHPDQHUDVXVWDQFLDOHQWRQFHVSRGHPRVFRQVLGHUDUTXH
\DVHDHOQLYHOGHDFWLYLGDGRORVIDFWRUHVGHHPLVLyQQRVRQORVDGHFXDGRV\SHUVLVWHXQPD\RUQLYHO
GHLQFHUWLGXPEUH
/DPHWRGRORJtDGHDQiOLVLVGHODFDOLGDGGHORVLQYHQWDULRVVHJXLGDHQHVWHWUDEDMRFRQWHPSOD
WUHVHWDSDV
(Q SULPHU OXJDU VH FRPSDUDQ ORV UHVXOWDGRV GH ORV LQYHQWDULRV QDFLRQDOHV GH &KLOH (O
6DOYDGRU 0p[LFR \ 8UXJXD\ SDUD ORV DxRV \ FRQ ORV UHVXOWDGRV UHSRUWDGRV
SRU IXHQWHV GH LQIRUPDFLyQ LQWHUQDFLRQDO 6H FRQVLGHUDQ ORV UHVXOWDGRV WDQWR D QLYHO
VHFWRULDOFRPRDQLYHOQDFLRQDO
(Q VHJXQGR OXJDU VH LQWHQWD UHSURGXFLU ORV LQYHQWDULRV GH HPLVLRQHV GH *(, SDUD ORV
FXDWUR SDtVHV GH HVWXGLR SDUD ORV DxRV \ 3DUD HVWR VyOR VH FRQVLGHUy D ORV
VHFWRUHV PiV UHSUHVHQWDWLYRVGHQWUR GH ODV HPLVLRQHV YDOH GHFLU 6HFWRU (QHUJtD 6HFWRU
$JULFXOWXUD\6HFWRU8VRGH6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUD
(QWHUFHUOXJDUVHGHVDUUROODQXQFRQMXQWRGHPpWULFDVFRQHOREMHWLYRGHGHWHUPLQDUOD
WHQGHQFLDGHODVHPLVLRQHVRDEVRUFLRQHVGHORVWUHVVHFWRUHVGHLQWHUpV6HFWRU(QHUJtD
6HFWRUDJULFXOWXUD<6HFWRU8VRGH6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUDSDUD
ORVFXDWURSDtVHV\GXUDQWHORVGRVDxRVGHLQWHUpV
/DVIXHQWHVGHLQIRUPDFLyQLQWHUQDFLRQDOFRQVLGHUDGDVSDUDODFRPSDUDFLyQGHORVLQYHQWDULRV
QDFLRQDOHVVHUHVXPHQHQHOVLJXLHQWHFXDGUR
&8$'52
)8(17(6'(,1)250$&,1,17(51$&,21$/&2168/7$'$6
/RFDOL]DFLyQ
)HFKDGH
O
)XHQWH
'HVFULSFLyQ
&$,7
ZZZFDLWZULRUJ
('*$5
(XURSHDQ&RPPLVVLRQ-5&-RLQW5HVHDUFK&HQWUH(PLVVLRQV
'DWDEDVHIRU*OREDO$WPRVSKHULF5HVHDUFK
KWWSHGJDUMUFHFHXURSD
HX
%3
%ULWLVK3HWUROHXP
KWWSZZZESFRPSURG
XFWODQGLQJGR"
FDWHJRU\,G FRQWH
QW,G
,($
,($6WDWLVWLFV&2HPLVVLRQVIURPIXHOFRPEXVWLRQHGLWLRQ
ZZZLHDRUJ
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
3DUD OD UHSURGXFFLyQ GH ORV LQYHQWDULRV VH XWLOL]y FRPR UHIHUHQFLD OD LQIRUPDFLyQ UHSRUWDGD
SRU ORV FXDWUR SDtVHV D WUDYpV GH VXV LQYHQWDULRV QDFLRQDOHV YpDVH HO FXDGUR ODV IXHQWHV GH
LQIRUPDFLyQHQOtQHDYpDVHHOFXDGUR\HO\ODVPHWRGRORJtDVQLYHOHVGHDFWLYLGDGHVWDGtVWLFRV
\SDUDPpWULFRV\ORVIDFWRUHVGHHPLVLyQGHO,3&&8QPD\RUGHWDOOHVREUHODVPHWRGRORJtDV
XWLOL]DGDVVHPXHVWUDHQORV$QH[RV
/RV*(,HVWLPDGRVHQODUHSURGXFFLyQGHORVLQYHQWDULRVFRUUHVSRQGHQD&2&+\12
&8$'52
,19(17$5,261$&,21$/(6'(/263$6(6%$-2(678',2
3DtV
&KLOH
)XHQWH
3HUtRGRHYDOXDGR
HQORVLQYHQWDULRV
&21$0$,QYHQWDULR1DFLRQDOGH*DVHVGH(IHFWR,QYHUQDGHUR
,1,$&21$0$&RPSOHPHQWRV\DFWXDOL]DFLyQGHO,QYHQWDULRGH*DVHVGH(IHFWR
,QYHUQDGHUR*(,SDUD&KLOHHQORVVHFWRUHVGHDJULFXOWXUDXVRGHOVXHOR\VLOYLFXOWXUD\
UHVLGXRVDQWUySLFRV
(O6DOYDGRU 0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV,QYHQWDULR1DFLRQDOGH*DVHVGH
(IHFWR,QYHUQDGHUR(O6DOYDGRU$xR3UR\HFWR6HJXQGD&RPXQLFDFLyQ1DFLRQDOGH
&DPELR&OLPiWLFR
0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV3ULPHUD&RPXQLFDFLyQ1DFLRQDO
VREUH&DPELR&OLPiWLFR5HS~EOLFDGH(O6DOYDGRU
0p[LFR
6HFUHWDUtDGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV,QVWLWXWR1DFLRQDOGH(FRORJtD
&XDUWD&RPXQLFDFLyQ1DFLRQDODQWHOD&RQYHQFLyQ0DUFRGHODV1DFLRQHV8QLGDVVREUHHO
&DPELR&OLPiWLFR
8UXJXD\
0LQLVWHULRGH9LYLHQGD2UGHQDPLHQWR7HUULWRULDO\0HGLR$PELHQWH5HVXPHQ
HMHFXWLYR,QYHQWDULR1DFLRQDOGH*(,(YROXFLyQGH*(,
\
)XHQWH(ODERUDFLyQSURSLD
&8$'52
)8(17(6'(,1)250$&,1(1/1($'(1,9(/(6'($&7,9,'$'
3253$687,/,=$'$63$5$(/6(&725(1(5*$
3DtV
)XHQWHVGH,QIRUPDFLyQHQOtQHD
&KLOH
&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH&1(
KWWSZZZFQHFOFQHZZZRSHQFPV
(O6DOYDGRU
0p[LFR
%DODQFH1DFLRQDOGH(QHUJtDGHODxRGHOD6XEVHFUHWDUtDGH3ODQHDFLyQ\'HVDUUROOR7HFQROyJLFR
'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQ\(VWXGLRV(QHUJpWLFRV0p[LFR
KWWSZZZVHQHUJREP[UHV3(B\B'7SXEEDODQFHSGI
6WDWLFDO5HYLHZRI:RUOG(QHUJ\GH%ULWLVK3HWUROHXP
KWWSZZZESFRPSURGXFWODQGLQJGR"FDWHJRU\,G FRQWHQW,G
8UXJXD\
'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD
8UXJXD\
KWWSZZZPLHPJXEX\SRUWDOKJ[SS"26018(018
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
)8(17(6'(,1)250$&,1(1/1($1$&,21$/(,17(51$&,21$/
'(1,9(/(6'($&7,9,'$'3253$687,/,=$'$6
3$5$(/6(&725$*5,&8/785$
3DtV
)XHQWHVGH,QIRUPDFLyQHQOtQHD
&KLOH
(O6DOYDGRU
&iPDUD$JURSHFXDULD\$JURLQGXVWULDOGH(O6DOYDGRU&$0$*52
KWWSZZZFDPDJURFRPPDJ$QXDULRB(VWDGLVWLFDV
0p[LFR
8UXJXD\
0LQLVWHULRGH*DQDGHUtD$JULFXOWXUD\3HVFD0*$3
KWWSZZZPJDSJXEX\SRUWDOKJ[SSDVS["26018(018
)XHQWHV,QWHUQDFLRQDOHV %DVHGHGDWRV)$267$7GHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD
$OLPHQWDFLyQ)$2
KWWSIDRVWDWIDRRUJGHIDXOWDVS[
)XHQWH(ODERUDFLyQSURSLD
&8$'52
)8(17(6'(,1)250$&,1(1/1($1$&,21$/(,17(51$&,21$/
'(1,9(/(6'($&7,9,'$'3253$687,/,=$'$6
3$5$(/6(&72586&866
3DtV
)XHQWHVGH,QIRUPDFLyQHQOtQHD
&KLOH
8UXJXD\
'LUHFFLyQ*HQHUDO)RUHVWDOGHO0LQLVWHULRGH*DQDGHUtD$JULFXOWXUD\3HVFD
KWWSZZZPJDSJXEX\)RUHVWDO'*)KWP
)XHQWHV
LQWHUQDFLRQDOHV
%DVHGHGDWRV)$267$7GHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD
$OLPHQWDFLyQ)$2
KWWSIDRVWDWIDRRUJGHIDXOWDVS[
)XHQWH(ODERUDFLyQSURSLD
3DUDHOGHVDUUROORGHODVPpWULFDVVHXWLOL]DURQODVHPLVLRQHVRFDSWXUDVGH*(,UHSRUWDGDVSRU
ORV SDtVHV HQ UHODFLyQ FRQ LQGLFDGRUHV QDFLRQDOHV REWHQLGRV D SDUWLU GH IXHQWHV GH LQIRUPDFLyQ
LQWHUQDFLRQDOHV\S~EOLFDV
/RVGHWDOOHVPHWRGROyJLFRVVHJXLGRVHQHODQiOLVLVVHSUHVHQWDQHQORV$QH[RVGHHVWHLQIRUPH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
%&RPSDUDFLyQGHORVLQYHQWDULRVQDFLRQDOHVFRQIXHQWHV
GHLQIRUPDFLyQLQWHUQDFLRQDOHV
/RV FXDGURV D FRPSDUDQ ODV HPLVLRQHV GH *(, UHSRUWDGDV HQ ORV LQYHQWDULRV QDFLRQDOHV FRQ
UHVSHFWRDODVUHSRUWDGDVHQRWUDVIXHQWHVHQOtQHDSDUDHODxR\ORVFXDGURVDPXHVWUDQOD
FRPSDUDFLyQGHODVHPLVLRQHVGH*(,SDUDHODxR/DLQIRUPDFLyQSURSRUFLRQDGDSRU&$,7SDUD
VROR HVWLPD ODV HPLVLRQHV GH &2 \ QR OD GH ORV UHVWDQWHV *(, 3RU RWUR ODGR SDUD KDFHU
FRQVLVWHQWH OD FRPSDUDFLyQ VH KD UHVWDGR GH OD IXHQWH ('*$5 ODV HPLVLRQHV GH &2 GH RULJHQ
RUJiQLFR GHQWUR GHO 6HFWRU (QHUJtD ODV HPLVLRQHV WRWDOHV GHO 6HFWRU 8VR GH 6ROYHQWHV \ 2WURV
3URGXFWRV \ ODV HPLVLRQHV WRWDOHV GHO 6HFWRU 2WURV 6H GHEH QRWDU TXH QR WRGDV ODV IXHQWHV SRVHHQ
GDWRVGHORVVHFWRUHVFRQVLGHUDGRV/RVYDORUHVWRWDOHVUHSRUWDGRVVHJ~QIXHQWHSRUORWDQWRVRORVRQ
FRPSDUDEOHVHQODPHGLGDTXHVHFRQWDELOLFHQORVPLVPRVVHFWRUHV
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$&+,/($f2
(107&2(<325&(17$-('(9$5,$&,1&21
5(63(&72$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
&$,7D
('*$5
%3
,QYHQWDULR
1DFLRQDO
0W&2H
5D]yQ
0W&2H
5D]yQ
0W&2H
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$(/6$/9$'25$f2
(107&2(325&(17$-('(9$5,$&,1&21
5(63(&72$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
&$,7D
,QYHQWDULR
1DFLRQDO
('*$5
0W&2H
5D]yQ
0W&2H
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRWLHQHUHJLVWURVSDUD(O6DOYDGRU
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$0e;,&2$f2
(107&2(325&(17$-('(9$5,$&,1&21
5(63(&72$/,19(17$5,21$&,21$/
&$,7D
,QYHQWDULR
1DFLRQDO
6HFWRU)XHQWH
0W&2H
('*$5
%3
5D]yQ
0W&2H
5D]yQ
0W&2H
5D]yQ
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
(QHUJtD
7RWDO
)XHQWH(ODERUDFLyQSURSLD
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$858*8$<$f2
(107&2(325&(17$-('(9$5,$&,1&21
5(63(&72$/,19(17$5,21$&,21$/
&$,7D
,QYHQWDULR
1DFLRQDO
6HFWRU)XHQWH
0W&2H
('*$5
5D]yQ
0W&2H
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
86&866
'HVSHUGLFLRV
$JULFXOWXUD
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRWLHQHUHJLVWURVSDUD8UXJXD\
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$&+,/($f2
(107&2(325&(17$-('(9$5,$&,1&21
5(63(&72$/,19(17$5,21$&,21$/
&$,7
('*$5
,($D
%3
,QYHQWDULR
1DFLRQDO
0W&2H
5D]yQ
3URFHVRV
,QGXVWULDOHV
$JULFXOWXUD
86&866
6HFWRU)XHQWH
(QHUJtD
'HVSHUGLFLRV
7RWDO
0W&2H
)XHQWH(ODERUDFLyQSURSLD
D
6RORHPLVLRQHVGH&2
5D]yQ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$(/6$/9$'25$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
&$,7
,QYHQWDULR
1DFLRQDO
6HFWRU)XHQWH
0W&2H
,($D
('*$5
5D]yQ
0W&2H 5D]yQ
0W&2H
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD(O6DOYDGRU
D
6RORHPLVLRQHVGH&2
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$0e;,&2$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
,QYHQWDULR
1DFLRQDO
6HFWRU)XHQWH
&$,7
('*$5
0W&2H
5D]yQ
0W&2H
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
(QHUJtD
7RWDO
,($D
%3
5D]yQ
0W&2H
5D]yQ
0W&2H 5D]yQ
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD(O6DOYDGRU
D
6RORHPLVLRQHVGH&2
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$858*8$<$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
,QYHQWDULR
1DFLRQDO
&$,7
,($D
('*$5
0W&2H
5D]yQ
0W&2H
5D]yQ
0W&2H 5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD8UXJXD\
D
6RORHPLVLRQHVGH&2
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$&+,/($f2
(107&2(<325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
&$,7D
,QYHQWDULR
1DFLRQDO
0W&2H
('*$5
5D]yQ
%3
)XHQWH(ODERUDFLyQSURSLD
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$(/6$/9$'25$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
&$,7D
,QYHQWDULR
1DFLRQDO
('*$5
0W&2H 5D]yQ
0W&2H
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD(O6DOYDGRU
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$0e;,&2$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
&$,7D
('*$5
%3
6HFWRU)XHQWH
,QYHQWDULR
1DFLRQDO
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$858*8$<$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
&$,7D
,QYHQWDULR
1DFLRQDO
6HFWRU)XHQWH
0W&2H
('*$5
5D]yQ
0W&2H
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
86&866
'HVSHUGLFLRV
$JULFXOWXUD
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRWLHQHUHJLVWURVSDUD8UXJXD\
D
6RORSRVHHHVWLPDFLRQHVGH&2SDUDORVVHFWRUHVHVWLPDGRVHVHDxR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$&+,/($f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
(QHUJtD
,QYHQWDULR
1DFLRQDO
&$,7
('*$5
,($D
%3
3URFHVRV
,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD
D
6RORHPLVLRQHVGH&2
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$(/6$/9$'25$f2
(107&2(325&(17$-('(9$5,$&,1&215(63(&72
$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
,QYHQWDULR
1DFLRQDO
&$,7
0W&2H
,($D
('*$5
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD(O6DOYDGRU
D
6RORHPLVLRQHVGH&2
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$0e;,&2
$f2(107&2(1325&(17$-('(9$5,$&,1
&215(63(&72$/,19(17$5,21$&,21$/
&$,7
('*$5
,($D
%3
6HFWRU)XHQWH
,QYHQWDULR
1DFLRQDO
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD(O6DOYDGRU
D
6RORHPLVLRQHVGH&2
&8$'52
(0,6,21(6'(*(,5(3257$'$63$5$858*8$<
$f2(107&2(325&(17$-('(9$5,$&,1
&215(63(&72$/,19(17$5,21$&,21$/
6HFWRU)XHQWH
,QYHQWDULR
1DFLRQDO
&$,7
0W&2H
,($D
('*$5
5D]yQ
(QHUJtD
3URFHVRV,QGXVWULDOHV
$JULFXOWXUD
86&866
'HVSHUGLFLRV
7RWDO
)XHQWH(ODERUDFLyQSURSLD/DEDVHGHGDWRVGH%3QRSRVHHUHJLVWURVSDUD8UXJXD\
D
6RORHPLVLRQHVGH&2
6HSXHGHREVHUYDUDQLYHOJHQHUDOTXHSDUDORVFXDWURSDtVHVGHHVWXGLRORVYDORUHVUHVXOWDQ
VLPLODUHV SDUD HO 6HFWRU (QHUJtD FRQ GLIHUHQFLDV HQ WRUQR D XQ PLHQWUDV TXH HQ ORV RWURV
VHFWRUHV H[LVWHQ FDVRV GRQGH VH SXHGHQ YHU GLIHUHQFLDV PiV DPSOLDV FRQ UHVSHFWR DO PHQRU YDORU
UHSRUWDGR &RQ HVWR VH SUHVXPH TXH ODV PHWRGRORJtDV ORV IDFWRUHV GH HPLVLyQ \ ORV QLYHOHV GH
DFWLYLGDGFXHQWDQFRQXQQLYHOGHLQFHUWLGXPEUHPHQRUHQHO6HFWRU(QHUJtDTXHHQHOUHVWRGHORV
VHFWRUHV 'H HVWH PRGR VH REVHUYDQ PD\RUHV GLIHUHQFLDV \ IDOWD GH LQIRUPDFLyQ SDUD ORV VHFWRUHV
$JULFXOWXUD86&866\'HVSHUGLFLRV
&&RPSDUDFLyQGHORVLQYHQWDULRVQDFLRQDOHV
FRQORVUHVXOWDGRVGHODHVWLPDFLyQSURSLD
$FRQWLQXDFLyQVHSUHVHQWDQORVYDORUHVREWHQLGRVHQORVFiOFXORVSRUHVWLPDFLyQSURSLDORVFXDOHVVH
FRPSDUDQFRQORVYDORUHVSUHVHQWDGRVHQORVLQYHQWDULRVGHFDGDSDtV(VWDFRPSDUDFLyQVHUHDOL]DD
QLYHO GH FDWHJRUtD GHQWUR GH ORV VHFWRUHV UHSURGXFLGRV VROR SDUD LOXVWUDFLyQ (O GHWDOOH GH HVWD
HVWLPDFLyQVHSXHGHYHUHQ$QH[RV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
6HFWRU(QHUJtD
/RVFXDGURV\PXHVWUDQODVHPLVLRQHVGH*(,UHSRUWDGDVSRUORVSDtVHV\ORVUHVXOWDGRV
REWHQLGRVHQODVUHSURGXFFLRQHVGHO6HFWRU(QHUJtD7RGDVODVREVHUYDFLRQHVHQFXDQWRDORVYDORUHV
SUHVHQWDGRVSRUORVLQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVVHHQFXHQWUDQVHxDODGDV
&8$'52
(0,6,21(6'(*(,5(3257$'$6325/263$6(6<5(68/7$'26
2%7(1,'26'(/$(67,0$&,16(&725(1(5*$
(1.7&2($f2
3DtVFDWHJRUtD
&KLOH
)XHQWH
,QGXVWULD
GHOD(QHUJtD
0p[LFR
8UXJXD\
7RWDO
,QYHQWDULR
&iOFXOR
SURSLR
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
5D]yQ
(O6DOYDGRU
,QGXVWULD
$JULFXOWXUD
&RPHUFLDO3~EOLFR
0DQXIDFWXUHUD
(PLVLRQHV
7UDQVSRUWH
6LOYLFXOWXUD )XJLWLYDV
\GHOD
5HVLGHQFLDO
3HVFD
&RQVWUXFFLyQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUD
&KLOH,QYHQWDULR
x 1RHVWiQLQFOXLGDVODVHPLVLRQHVGH&+\12GHODTXHPDGH%LRPDVDGHQWURGHFDGD
FDWHJRUtDSHURVtHQHOYDORUWRWDOGHOVHFWRUHQHOSDtV(O,QYHQWDULRVRODPHQWHSUHVHQWD
HOFRQVXPRGHFRPEXVWLEOHDQLYHOWRWDOHQHOVHFWRUSHURQRGHVDJUHJDGRSRUFDWHJRUtDV
x /DFDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFDVRORSRVHHHVWLPDFLRQHVGH3HVFD
&KLOH&DOFXORSURSLR
x 1RKD\HVWLPDFLRQHVGHODFDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFD
(O6DOYDGRU,QYHQWDULR
x /DV HPLVLRQHV GH 12DSDUHFHQUHSRUWDGDV HQ ODHPLVLyQ WRWDO GHO VHFWRU SHUR QRHVWiQ
LQFOXLGDVGHPDQHUDGHVDJUHJDGDGHQWURGHFDGDFDWHJRUtD
x /D FDWHJRUtD &RPHUFLDO3~EOLFR5HVLGHQFLDO FRUUHVSRQGH D OD GHQRPLQDGD HQ HO
LQYHQWDULR&RPHUFLDO5HVLGHQFLDO
x 1RKD\UHSRUWHGHHPLVLRQHVIXJLWLYDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(O6DOYDGRU&DOFXORSURSLR
x 1R VH GLVSRQH GH ORV FRQVXPRV GH FRPEXVWLEOHV GHVDJUHJDGRV SRU FDWHJRUtDV 6LQ
HPEDUJRVHKDUHDOL]DGRXQDHVWLPDFLyQGHODVHPLVLRQHVGH&+\12SRUODTXHPDGH
FRPEXVWLEOHVODFXDOHVWiLQFOXLGDGHQWURGHOYDORUWRWDOGHOVHFWRU
x 'H PDQHUD GH VHU FRQVLVWHQWH OD FRPSDUDFLyQ FRQ HO LQYHQWDULR QR VH KD KHFKR XQD
HVWLPDFLyQGHODVHPLVLRQHVIXJLWLYDVHQHOSDtV
0p[LFR,QYHQWDULR
x (OLQYHQWDULRQRUHSRUWDODVHPLVLRQHVGHVDJUHJDGDVSRUFDWHJRUtDVVDOYRODVHPLVLRQHVIXJLWLYDV
x (VWiLQFOXLGRGHQWURGHOWRWDOGHOVHFWRUODVHPLVLRQHVGH&2SURYHQLHQWHVGHODTXHPD
GH%LRPDVD1RDSDUHFHHOGDWRGHHPLVLRQHVGH&2SRUTXHPDGH%LRPDVDSDUDHODxR
HQHOLQYHQWDULRGHPDQHUDGHSRGHUUHVWiUVHORDOWRWDO
0p[LFR&DOFXORSURSLR
x 1RVHGLVSRQHGHODTXHPDGHFRPEXVWLEOHVGHVDJUHJDGRSRUFDWHJRUtDVUD]yQSRUODFXDO
QRKD\XQDHVWLPDFLyQGHODVHPLVLRQHVGH&+\12SRUODTXHPDGHFRPEXVWLEOHV(Q
HOWRWDOGHOLQYHQWDULRHVWRVJDVHVVtHVWiQLQFOXLGRV
x (Q ODV HPLVLRQHV IXJLWLYDV HVWiQ LQFOXLGDV ODV HPLVLRQHV GH JDV QDWXUDO SURGXFWR GH VX
WUDQVSRUWH \ GLVWULEXFLyQ SHUR QR SRU IXJDV SRU FRQVXPR UHVLGHQFLDO \ QR UHVLGHQFLDO
GDGR TXH QR VH GLVSRQH GH ORV FRQVXPRV GH JDV QDWXUDO GH PDQHUD GHVDJUHJDGD SRU
FDWHJRUtDV
8UXJXD\,QYHQWDULR
x 1RVHUHSRUWDQODVHPLVLRQHVGHVDJUHJDGDVSRUFDWHJRUtDVSDUDHODxR
x (OLQYHQWDULRQRVHxDODVLHQHOYDORUWRWDOHVWiQLQFOXLGDVODVHPLVLRQHVIXJLWLYDVRQR
8UXJXD\&DOFXORSURSLR
1RKD\REVHUYDFLRQHV
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUDHODxR
&KLOH,QYHQWDULR
x 1RHVWiQLQFOXLGDVODVHPLVLRQHVGH&+\12GHODTXHPDGH%LRPDVDGHQWURGHFDGD
FDWHJRUtDSHURVtHQHOYDORUWRWDOGHOVHFWRUHQHOSDtV(O,QYHQWDULRVRODPHQWHSUHVHQWD
HOFRQVXPRGHFRPEXVWLEOHDQLYHOWRWDOHQHOVHFWRUSHURQRGHVDJUHJDGRSRUFDWHJRUtDV
x /DFDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFDVRORSRVHHHVWLPDFLRQHVGH3HVFD
&KLOH&DOFXORSURSLR
x 1RKD\HVWLPDFLRQHVGHODFDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFD
(O6DOYDGRU,QYHQWDULR
$SDUHFH HQ OD FDWHJRUtD &RPHUFLDO3~EOLFR5HVLGHQFLDO OD FDWHJRUtD GHQRPLQDGD HQ HO
LQYHQWDULR2WURVVXEVHFWRUHV
x 1RKD\UHSRUWHGHHPLVLRQHVIXJLWLYDV
(O6DOYDGRU&DOFXORSURSLR
x 'H PDQHUD GH VHU FRQVLVWHQWH OD FRPSDUDFLyQ FRQ HO LQYHQWDULR QR VH KD KHFKR XQD
HVWLPDFLyQGHODVHPLVLRQHVIXJLWLYDVHQHOSDtV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
0p[LFR,QYHQWDULR
x (O LQYHQWDULR QR UHSRUWD ODV HPLVLRQHV GHVDJUHJDGDV SRU FDWHJRUtDV VDOYR ODV HPLVLRQHV
IXJLWLYDV
x (VWiLQFOXLGRGHQWURGHOWRWDOGHOVHFWRUODVHPLVLRQHVGH&2SURYHQLHQWHVGHODTXHPD
GH%LRPDVD1RDSDUHFHHOGDWRGHHPLVLRQHVGH&2SRUTXHPDGH%LRPDVDSDUDHODxR
HQHOLQYHQWDULRGHPDQHUDGHSRGHUUHVWiUVHORDOWRWDO
0p[LFR&DOFXORSURSLR
x 1RVHGLVSRQHGHODTXHPDGHFRPEXVWLEOHVGHVDJUHJDGRSRUFDWHJRUtDVUD]yQSRUODFXDO
QRKD\XQDHVWLPDFLyQGHODVHPLVLRQHVGH&+\12SRUODTXHPDGHFRPEXVWLEOHV(Q
HOWRWDOGHOLQYHQWDULRHVWRVJDVHVVtHVWiQLQFOXLGRV
x (Q ODV HPLVLRQHV IXJLWLYDV HVWiQ LQFOXLGDV ODV HPLVLRQHV GH JDV QDWXUDO SURGXFWR GH VX
WUDQVSRUWH \ GLVWULEXFLyQ SHUR QR SRU IXJDV SRU FRQVXPR UHVLGHQFLDO \ QR UHVLGHQFLDO
GDGR TXH QR VH GLVSRQH GH ORV FRQVXPRV GH JDV QDWXUDO GH PDQHUD GHVDJUHJDGD SRU
FDWHJRUtDV
8UXJXD\,QYHQWDULR
x 1RVHUHSRUWDQODVHPLVLRQHVGHVDJUHJDGDVSRUFDWHJRUtDVSDUDHODxR
x (OLQYHQWDULRQRVHxDODVLHQHOYDORUWRWDOHVWiQLQFOXLGDVODVHPLVLRQHVIXJLWLYDVRQR
8UXJXD\&DOFXORSURSLR
1RKD\REVHUYDFLRQHV
6H REVHUYDQ GLIHUHQFLDV SRUFHQWXDOHV SHTXHxDV SDUD WRGRV ORV FDVRV HQ ORV GRV DxRV
DQDOL]DGRV6LQHPEDUJRHQHOFDVRGH0p[LFRVHGHEHWHQHUSUHVHQWHTXHODGLIHUHQFLDUHDOHVPD\RU
\DTXHFRPRVHVHxDODHQODVREVHUYDFLRQHVDOSLHGHODWDEODHOYDORUWRWDOGHOLQYHQWDULRLQFOX\HODV
HPLVLRQHV GH &2 SRU TXHPD GH %LRPDVD PLHQWUDV TXH HQ OD HVWLPDFLyQ SURSLD QR HVWiQ LQFOXLGDV
HVWDVHPLVLRQHVDVtFRPRODVGH&+\12GHULYDGDVGHODTXHPDGHFXDOTXLHUFRPEXVWLEOH
0iVDOOiGHOFDVRSDUWLFXODUGH0p[LFRTXHGHWRGRVPRGRVQRGHELHVHDXPHQWDUODGLIHUHQFLD
SRUFHQWXDO GH PDQHUD WDQ VLJQLILFDWLYD HO UHVXOWDGR GHO HMHUFLFLR HV TXH ODV HVWLPDFLRQHV UHVXOWDQ
EDVWDQWHVVLPLODUHVFRQUHVSHFWRDORVYDORUHVUHSRUWDGRVHQORVLQYHQWDULRV
(Q HO 6HFWRU (QHUJtD VH SXHGH FRQFOXLU TXH ODV PD\RUHV GHILFLHQFLDV VH HQFXHQWUDQ HQ OD
FDOLGDG GHO UHSRUWH GH ODV HPLVLRQHV PiV TXH HQ ORV FiOFXORV TXH SRU ODV FRPSDUDFLRQHV FRQ RWUDV
IXHQWHVHQOtQHD\FRQODHVWLPDFLyQSURSLDUHVXOWDQEDVWDQWHVLPLODUHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$6325/263$6(6<5(68/7$'26
2%7(1,'26'(/$(67,0$&,16(&725(1(5*$
(1.7&2($f2
3DtVFDWHJRUtD
&KLOH
)XHQWH
0p[LFR
8UXJXD\
(PLVLRQHV
)XJLWLYDV
7RWDO
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
(O6DOYDGRU
,QGXVWULD
$JULFXOWXUD
&RPHUFLDO3~EOLFR
,QGXVWULD
0DQXIDFWXUHUD
7UDQVSRUWH
6LOYLFXOWXUD
GHOD(QHUJtD
\GHOD
5HVLGHQFLDO
3HVFD
&RQVWUXFFLyQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
6HFWRU$JULFXOWXUD
/RV FXDGURV \ PXHVWUDQ ORV UHVXOWDGRV GH HPLVLRQHV GH *(, UHSRUWDGRV HQ ORV
LQYHQWDULRV GH ORV SDtVHV \ ORV UHVXOWDGRV REWHQLGRV SRU HODERUDFLyQ SURSLD HQ HO 6HFWRU $JULFXOWXUD
SDUD ORV DxRV \ /RV YDORUHV VH PXHVWUDQ GHVDJUHJDGRV GH DFXHUGR D ODV FDWHJRUtDV GH
HPLVLyQGHO,3&&
(Q ORV FXDGURV VH REVHUYDQ FHOGDV VLQ LQIRUPDFLyQ TXH HVWiQ UHODFLRQDGRV D SDtVHV TXH QR
PXHVWUDQ VXV HPLVLRQHV SRU FDWHJRUtD FRPR HV HO FDVR GH 8UXJXD\ D TXH DOJXQRV SDtVHV QR
FRQVLGHUDQWRGDVODVFDWHJRUtDVGHOVHFWRUHQODHVWLPDFLyQGHVXVHPLVLRQHVRDTXHQRIXHSRVLEOH
KDFHUHVWLPDFLRQHVSRUHODERUDFLyQSURSLDSDUDODVHPLVLRQHVGH*(,GHDOJXQDFDWHJRUtDSRUIDOWDGH
LQIRUPDFLyQRSRUVHUQRVLJQLILFDWLYDGHQWURGHOVHFWRU
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$6325/263$6(6<5(68/7$'26
2%7(1,'26'(/$(67,0$&,16(&725$*5,&8/785$
(1.7&2($f2
3DtVFDWHJRUtD
&KLOH
)XHQWH
)HUPHQWDFLyQ
(QWpULFD
8UXJXD\
6XHORV
$JUtFRODV
4XHPD
3UHVFULWD
GH6DEDQDV
4XHPD
GH
5HVLGXRV
$JUtFRODV
7RWDO
&iOFXOR
SURSLR
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
0p[LFR
&XOWLYRGHO
$UUR]
,QYHQWDULR
5D]yQ
(O6DOYDGRU
0DQHMRGHO
(VWLpUFRO
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUDHODxR
&KLOHLQYHQWDULR
x &KLOHXWLOL]DIDFWRUHVGHHPLVLyQSURSLRVSDUDHVWLPDUODVHPLVLRQHVGHPHWDQRGHJDQDGR
OHFKHUR \ QR OHFKHUR HQ OD IHUPHQWDFLyQ HQWpULFD \ GH JDQDGR OHFKHUR QR OHFKHUR \
SRUFLQRVSDUDHVWLPDUODVHPLVLRQHVGHPHWDQRSURYHQLHQWHVGHOPDQHMRGHOHVWLpUFRO
x (Q&KLOHQRDSOLFDODFDWHJRUtDTXHPDSUHVFULWDGHVDEDQDV
x 1RHQWUHJDLQIRUPDFLyQVREUHORVUHVLGXRVGHSRGDVGHiUEROHVIUXWDOHV \ YLGHVTXHVRQ
GHMDGRVHQHOFDPSR
&KLOHFiOFXORSURSLR
x 1RVHLQFRUSRUDQHQODHVWLPDFLyQORVUHVLGXRVGHSRGDVGHiUEROHVIUXWDOHV\YLGHV\DTXH
QRVHFRQWyFRQLQIRUPDFLyQ
(O6DOYDGRULQYHQWDULR
x 1RVHHVWLPDQODVHPLVLRQHVSURFHGHQWHVGHOPDQHMRGHOHVWLpUFRO
x 5HSRUWDODVHPLVLRQHVSRUTXHPDSUHVFULWDGHVDEDQDV\TXHPDGHUHVLGXRVGHFRVHFKDHQ
VXFRQMXQWR\QRGHVDJUHJDGDSRUFDWHJRUtD
x (OLQYHQWDULR UHSRUWD TXH ODVH[LVWHQFLDV GH RYLQRVFDSULQRVHTXLQRV PXODV \ DVQRVVH
REWXYLHURQ GH OD 'LUHFFLyQ *HQHUDO GH 6DQLGDG 9HJHWDO \ $QLPDO '*69$ GHO
0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtD0$*\QRVRQGHGRPLQLRS~EOLFR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(O6DOYDGRUFiOFXORSURSLR
x 6H XWLOL]y ORV YDORUHV GH )$267$7 VREUH ODV H[LVWHQFLDV GH RYLQRV FDSULQRV HTXLQRV
PXODV\DVQRV
x 1RVHHVWLPyODVHPLVLRQHVSRU&XOWLYRGHO$UUR]4XHPD3UHVFULWDGH6DEDQDVQL4XHPD
GH 5HVLGXRV $JUtFRODV SRU QR VHU FDWHJRUtDV VLJQLILFDWLYDV 7DPSRFR VH HVWLPy ODV
HPLVLRQHVGHODFDWHJRUtD0DQHMRGHO(VWLpUFRO
0p[LFRLQYHQWDULR
x 1RHVSHFLILFDFODVLILFDFLRQHVQLHOQLYHOGHDFWLYLGDGXWLOL]DGRV
x 0HQFLRQDHOXVRGHIDFWRUHVGHHPLVLyQSURSLRVSHURQRORVHVSHFLILFD
0p[LFRFiOFXORSURSLR
x 1RVHHVWLPyODVHPLVLRQHVGH*(,SRU&XOWLYRGHO$UUR]4XHPD3UHVFULWDGH6DEDQDV\
4XHPD GH 5HVLGXRV $JUtFRODV SRU IDOWD GH LQIRUPDFLyQ 3DUD HO FDVR GH OD FDWHJRUtD
0DQHMRGHO(VWLpUFROVyORVHHVWLPDQODVHPLVLRQHVGH12\QRGH&+SRUQRFRQWDUFRQ
ODLQIRUPDFLyQQHFHVDULDSDUDVXFiOFXOR
8UXJXD\LQYHQWDULR
x 1RHQWUHJDORVUHVXOWDGRVGHODVHPLVLRQHVGH*(,GHVDJUHJDGRSRUFDWHJRUtDV
x 1RHVSHFLILFDQLQJ~QQLYHOGHDFWLYLGDGGHODFDWHJRUtD6XHORV$JUtFRODV
8UXJXD\FDOFXORSURSLR
1RKD\REVHUYDFLRQHV
&8$'52
(0,6,21(6'(*(,5(3257$'$6325/263$6(6
<5(68/7$'262%7(1,'26'(/$(67,0$&,1
6(&725$*5,&8/785$(1.7&2($f2
3DtVFDWHJRUtD
&KLOH
)XHQWH
8UXJXD\
&XOWLYR
GHO
$UUR]
6XHORV
$JUtFRODV
4XHPD
3UHVFULWD
GH
6DEDQDV
4XHPDGH
5HVLGXRV
$JUtFRODV
7RWDO
&iOFXORSURSLR
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
0p[LFR
0DQHMRGHO
(VWLpUFRO
,QYHQWDULR
5D]yQ
(O6DOYDGRU
)HUPHQWDFLyQ
(QWpULFD
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUDHODxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&KLOHLQYHQWDULR
x &KLOHXWLOL]DIDFWRUHVGHHPLVLyQSURSLRVSDUDHVWLPDUODVHPLVLRQHVGHPHWDQRGHJDQDGR
OHFKHUR \ QR OHFKHUR HQ OD IHUPHQWDFLyQ HQWpULFD \ GH JDQDGR OHFKHUR QR OHFKHUR \
SRUFLQRVSDUDHVWLPDUODVHPLVLRQHVGHPHWDQRSURYHQLHQWHVGHOPDQHMRGHOHVWLpUFRO
x (Q&KLOHQRDSOLFDODFDWHJRUtDTXHPDSUHVFULWDGHVDEDQDV
x 1RHQWUHJDLQIRUPDFLyQVREUHORVUHVLGXRVGHSRGDVGHiUEROHVIUXWDOHV \ YLGHVTXHVRQ
GHMDGRVHQHOFDPSR
&KLOHFiOFXORSURSLR
x 1RVHLQFRUSRUDQHQODHVWLPDFLyQORVUHVLGXRVGHSRGDVGHiUEROHVIUXWDOHV\YLGHVSDUD
HVWLPDU ODV HPLVLRQHV JHQHUDGDV SRU OD TXHPD GH UHVLGXRV \ HO DSRUWH GH QLWUyJHQR GH
UHVLGXRVGHFRVHFKDSRUIDOWDGHLQIRUPDFLyQ
x 6HFRQVLGHUyORVVLJXLHQWHVFXOWLYRVSDUDODHVWLPDFLyQGHODVHPLVLRQHVDSDUWLUGHODSRUWH
GH QLWUyJHQR GH UHVLGXRV GH FRVHFKD DUUR] PDt] FDxD GH D]~FDU VR\D WULJR FHEDGD
PDQtSRURWRVHFR\YHUGHDUYHMDVHFD\YHUGHFHQWHQRSDSDVVRUJROHQWHMDUHPRODFKD
D]XFDUHUDWDEDFROXSLQR\KDED
(O6DOYDGRULQYHQWDULR
x 1RVHHVWLPDQODVHPLVLRQHVSURFHGHQWHVGHOPDQHMRGHOHVWLpUFRO
x (OLQYHQWDULR UHSRUWD TXH ODVH[LVWHQFLDV GH RYLQRVFDSULQRVHTXLQRV PXODV \ DVQRVVH
REWXYLHURQ GH OD 'LUHFFLyQ *HQHUDO GH 6DQLGDG 9HJHWDO \ $QLPDO '*69$ GHO
0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtD0$*\QRVRQGHGRPLQLRS~EOLFR
(O6DOYDGRUFiOFXORSURSLR
x 6H XWLOL]y ORV YDORUHV GH )$267$7 VREUH ODV H[LVWHQFLDV GH RYLQRV FDSULQRV HTXLQRV
PXODV\DVQRV
x 1RVHHVWLPyODVHPLVLRQHVSRU&XOWLYRGHO$UUR]4XHPD3UHVFULWDGH6DEDQDVQL4XHPD
GH 5HVLGXRV $JUtFRODV SRU QR VHU FDWHJRUtDV VLJQLILFDWLYDV 7DPSRFR VH HVWLPy ODV
HPLVLRQHVGHODFDWHJRUtD0DQHMRGHO(VWLpUFRO
0p[LFRLQYHQWDULR
x 1RHVSHFLILFDFODVLILFDFLRQHVQLQLYHOGHDFWLYLGDGXWLOL]DGRV
x 0HQFLRQDHOXVRGHIDFWRUHVGHHPLVLyQSURSLRVSHURQRORVHVSHFLILFD
0p[LFRFiOFXORSURSLR
x 1RVHHVWLPyODVHPLVLRQHVGH*(,SRU&XOWLYRGHO$UUR]4XHPD3UHVFULWDGH6DEDQDV\
4XHPD GH 5HVLGXRV $JUtFRODV SRU IDOWD GH LQIRUPDFLyQ 3DUD HO FDVR GH OD FDWHJRUtD
0DQHMRGHO(VWLpUFROVyORVHHVWLPDQODVHPLVLRQHVGH12\QRGH&+SRUQRFRQWDUFRQ
ODLQIRUPDFLyQQHFHVDULDSDUDVXFiOFXOR
8UXJXD\LQYHQWDULR
x 1RHQWUHJDORVUHVXOWDGRVGHODVHPLVLRQHVGH*(,GHVDJUHJDGRSRUFDWHJRUtDV
x 1RHVSHFLILFDQLQJ~QQLYHOGHDFWLYLGDGGHODFDWHJRUtD6XHORV$JUtFRODV
8UXJXD\FiOFXORSURSLR
1RKD\REVHUYDFLRQHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$ SDUWLU GH ORV UHVXOWDGRV UHSRUWDGRV \ ORV REWHQLGRV GH OD HVWLPDFLyQ SURSLD VH REVHUYDQ
YDULDFLRQHV VLJQLILFDWLYDV HQ OD FDWHJRUtD 6XHORV $JUtFRODV SDUD WRGRV ORV SDtVHV $ FRQWLQXDFLyQ VH
KDFHXQDQiOLVLVSRUSDtV
(QHOFDVRGH&KLOHVHREVHUYDQGLIHUHQFLDVHQODVFDWHJRUtDV6XHORV$JUtFRODV\0DQHMRGHO
(VWLpUFRO/DVGLIHUHQFLDVVXUJLGDVHQODFDWHJRUtD0DQHMRGHO(VWLpUFROVHGHEHQSUREDEOHPHQWHDORV
IDFWRUHV GH HPLVLyQ GH PHWDQR GHO JDQDGR OHFKHUR JDQDGR QR OHFKHUR \ FHUGRV \D TXH SDUD OD
HVWLPDFLyQ SRU HODERUDFLyQ SURSLD VH XWLOL]DURQ YDORUHV SRU GHIHFWR GHO ,3&& SDUD
/DWLQRDPpULFD \ &KLOH XWLOL]D IDFWRUHV GH HPLVLyQ HVSHFtILFRV /DV GLIHUHQFLDV SUHVHQWHV HQ OD
FDWHJRUtD6XHORV$JUtFRODVVHGHEHQSUREDEOHPHQWHDODVHPLVLRQHVGLUHFWDVGH12SURFHGHQWHVGHO
HVWLpUFROGHDQLPDOHVGRPpVWLFRVGHWRGRVORVVLVWHPDVGHPDQHMRGHOHVWLpUFRO60(\DTXH&KLOH
UHDOL]DXQEDODQFHGHPDVDVSDUDHOFiOFXORGHODVHPLVLRQHVHQHVWDFDWHJRUtD
(Q ORV UHVXOWDGRV GH (O 6DOYDGRU VH REVHUYDQ GLIHUHQFLDV HQ ODV FDWHJRUtDV )HUPHQWDFLyQ
(QWpULFD \ 6XHORV $JUtFRODV /DV GLIHUHQFLDV REVHUYDGDV HQ ODV HPLVLRQHV GH *(, SRU )HUPHQWDFLyQ
HQWpULFD VH GHEHUtDQ D ORV QLYHOHV GH DFWLYLGDG XWLOL]DGRV \D TXH QR IXH SRVLEOH HQFRQWUDU ODV
H[LVWHQFLDVGHRYHMDVFDEUDVFDEDOORVPXODV\DVQRVHQIXHQWHVGHLQIRUPDFLyQHQOtQHDGHHVHSDtV\
GH DFXHUGR D OR TXH UHSRUWD HO LQYHQWDULR pVWRV GDWRV QR VRQ GH GRPLQLR S~EOLFR \ SRGUtDQ VHU
GLIHUHQWHV D ORV XWLOL]DGRV HQ ODV HVWLPDFLRQHV )$267$7 ([LVWH XQD JUDQ LQFHUWLGXPEUH FRQ
UHVSHFWRDODVGLIHUHQFLDVSUHVHQWHVHQODFDWHJRUtD6XHORV$JUtFRODVSDUDDPERVDxRVSXHVWRTXHVH
XWLOL]DURQ ORVIDFWRUHV GH HPLVLyQ \ SDUiPHWURVGHO ,3&& WDO FRPR OR KL]R (O6DOYDGRU \ ODV
GLIHUHQFLDVHQORVQLYHOHVGHDFWLYLGDGTXHIXHURQXWLOL]DGRVHQODHVWLPDFLyQSURSLDGHORVLQYHQWDULRV
QRH[SOLFDUtDQODVJUDQGHVYDULDFLRQHVUHSRUWDGDVHQHVWDFDWHJRUtD
/DVGLIHUHQFLDVREVHUYDGDVSDUD0p[LFRVHFRQFHQWUDQHQODFDWHJRUtD6XHORV$JUtFRODV\VH
GHEHUtDQSULQFLSDOPHQWHDOXVRGHIDFWRUHVGHHPLVLyQHVSHFtILFRVHQVXVLQYHQWDULRV6LQHPEDUJRQR
HVSRVLEOHLGHQWLILFDUFODUDPHQWHGRQGHVHSURGXFHQODVGLVFUHSDQFLDV\DTXH0p[LFRQRUHSRUWDFXiOHV
VRQHVWRVIDFWRUHVGHHPLVLyQQLVXVYDORUHV
(QHOFDVRGH8UXJXD\VLELHQORVUHVXOWDGRVREWHQLGRVSRUHODERUDFLyQSURSLDVRQVHPHMDQWHV
DORVUHSRUWDGRVSRUHOSDtVDQLYHOVHFWRULDOHQORVGRVDxRVDQDOL]DGRVQRHVSRVLEOHLGHQWLILFDUFRQ
FHUWH]D GRQGH VH SURGXFHQ ODV GLVFUHSDQFLDV \D TXH 8UXJXD\ QR UHSRUWD ORV UHVXOWDGRV GH VXV
HPLVLRQHVSRUFDWHJRUtD
6HFWRU8VRGH6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUD
/RVFXDGURV\PXHVWUDQODVHPLVLRQHVGH*(,UHSRUWDGDVSRU(O6DOYDGRU\8UXJXD\\
ORVUHVXOWDGRVREWHQLGRVSRUHODERUDFLyQSURSLDSDUDORVDxRV\/DLQIRUPDFLyQVHPXHVWUD
GHVDJUHJDGD GH DFXHUGR D ODV FDWHJRUtDV GHO ,3&& &DEH PHQFLRQDU TXH 8UXJXD\ XWLOL]D ODV
PHWRGRORJtDV GHO ,3&& \ SDUD HVWLPDU VXV HPLVLRQHV D~Q FXDQGR XWLOL]D HO IRUPDWR GHO
,3&&SDUDUHSRUWDUODV
/RVFXDGURV\PXHVWUDQODVHPLVLRQHVGH*(,UHSRUWDGDV\ORVUHVXOWDGRVREWHQLGRVSRU
HODERUDFLyQ SURSLD SDUD &KLOH \ ODV HPLVLRQHV GH *(, UHSRUWDGDV SRU 0p[LFR GXUDQWH \
GHVDJUHJDGDV VHJ~Q ODV PHWRGRORJtDV GHO ,3&& /RV FXDGURV QR PXHVWUDQ ORV UHVXOWDGRV GH OD
HVWLPDFLyQSURSLDGH0p[LFR\DTXHQRIXHUHDOL]DGDSRUIDOWDGHLQIRUPDFLyQ
/RVYDFtRVGHLQIRUPDFLyQREVHUYDGRVHQODVWDEODV\UHODFLRQDGRVFRQORVLQYHQWDULRVGHORV
SDtVHVVHGHEHQDTXHpVWRVQRUHSRUWDQVXVHPLVLRQHVGHPDQHUDGHVDJUHJDGD\SRUORWDQWRQRIXH
SRVLEOHSUHVHQWDUHVDLQIRUPDFLyQ/RVYDFtRVGHLQIRUPDFLyQUHODFLRQDGRVFRQHOFiOFXORSURSLRVH
GHEHQDTXHQRIXHSRVLEOHODHVWLPDFLyQGHHPLVLRQHVRFDSWXUDVGH*(,GHODFDWHJRUtDHQFXHVWLyQ
SRUIDOWDGHLQIRUPDFLyQ\DVHDHQORVIDFWRUHVGHHPLVLyQRODPHWRGRORJtDXWLOL]DGDHQHOLQYHQWDULR
GH*(,UHVSHFWLYR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$6325(/6$/9$'25<858*8$<
<5(68/7$'262%7(1,'26'(/$(67,0$&,1
6(&72586&866(1.7&2($f2
3DtVFDWHJRUtD
)XHQWH
(O6DOYDGRU
&DPELRVGH
ELRPDVDHQ
ERVTXHV\HQ
RWURVWLSRVGH
YHJHWDFLyQ
OHxRVD
,QYHQWDULR
8UXJXD\
&RQYHUVLyQ
GHERVTXHV
\SUDGHUDV
$EDQGRQR
GHWLHUUDV
FXOWLYDGDV
(PLVLRQHVR
DEVRUFLRQHVGH&2HQ
ORVVXHORVGHELGRDO
PDQHMR\FDPELRGH
XVRGHODWLHUUD
7RWDO
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUD(O6DOYDGRU\8UXJXD\SDUDHODxR
(O6DOYDGRULQYHQWDULR
x 1RHQWUHJDLQIRUPDFLyQVREUHQLYHOGHDFWLYLGDGXWLOL]DGRVSDUDHODxR
(O6DOYDGRUFiOFXORSURSLR
x 1RIXHSRVLEOHHVWLPDUODVHPLVLRQHVGHHVWHVHFWRUSDUDHODxRSRUIDOWDGHLQIRUPDFLyQ
8UXJXD\LQYHQWDULR
x 1RUHSRUWDODVHPLVLRQHVGHVDJUHJDGDVSRUFDWHJRUtD
x 1RHQWUHJDLQIRUPDFLyQVREUHQLYHOGHDFWLYLGDGXWLOL]DGRVSDUDHODxR
x (Q8UXJXD\QRH[LVWHODSUiFWLFDGHTXHPDGHERVTXHVLQVLWXSRUORTXHQRVHHVWLPDQODV
HPLVLRQHVGHODFDWHJRUtD&RQYHUVLyQGH%RVTXHV\3UDGHUDVWDPSRFRDSOLFDHODEDQGRQR
GHWLHUUDVFXOWLYDGDV
8UXJXD\FiOFXORSURSLR
x 'HELGR D OD HVFDVD LQIRUPDFLyQ DSRUWDGD SRU 8UXJXD\ VyOR IXH SRVLEOH HVWLPDU ODV
HPLVLRQHVRDEVRUFLRQHVGH*(,GHODFDWHJRUtD&DPELRVGH%LRPDVDHQ%RVTXHV\HQ
2WURV7LSRVGH9HJHWDFLyQ/HxRVDDSDUWLUGHIXHQWHVGHLQIRUPDFLyQH[WHUQD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
&8$'52
(0,6,21(6'(*(,5(3257$'$6325(/6$/9$'25<858*8$<
<5(68/7$'262%7(1,'26'(/$(67,0$&,1
6(&72586&866(1.7&2($f2
3DtVFDWHJRUtD
(O6DOYDGRU
)XHQWH
&DPELRVGH
ELRPDVDHQ
ERVTXHV\HQRWURV
WLSRVGH
YHJHWDFLyQOHxRVD
(PLVLRQHVR
DEVRUFLRQHVGH&2
&RQYHUVLyQ $EDQGRQR
HQORVVXHORV
GHERVTXHV GHWLHUUDV
GHELGRDOPDQHMR\
\SUDGHUDV FXOWLYDGDV
FDPELRGHXVRGH
ODWLHUUD
7RWDO
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
8UXJXD\
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUD(O6DOYDGRU\8UXJXD\SDUDHODxR
(O6DOYDGRULQYHQWDULR
x $SRUWDWRGDODLQIRUPDFLyQQHFHVDULDVREUHQLYHOHVGHDFWLYLGDGSDUiPHWURV\IDFWRUHVGH
HPLVLyQSDUDHVWLPDUODVHPLVLRQHVGH*(,GHO6HFWRU86&866SDUDHODxR
(O6DOYDGRUFiOFXORSURSLR
1RKD\REVHUYDFLRQHV
8UXJXD\LQYHQWDULR
x 1RUHSRUWDODVHPLVLRQHVGHVDJUHJDGDVSRUFDWHJRUtD
x 1RHQWUHJDLQIRUPDFLyQVREUHORVQLYHOHVGHDFWLYLGDGXWLOL]DGRV
8UXJXD\FiOFXORSURSLR
x 'HELGR D OD HVFDVD LQIRUPDFLyQ DSRUWDGD SRU 8UXJXD\ VyOR IXH SRVLEOH HVWLPDU ODV
HPLVLRQHV R DEVRUFLRQHV GH *(, GH OD FDWHJRUtD &DPELRV GH %LRPDVD HQ %RVTXHV \ HQ
2WURV7LSRVGH9HJHWDFLyQ/HxRVDDSDUWLUGHIXHQWHVGHLQIRUPDFLyQH[WHUQDSDUDHOORVH
XWLOL]yODVPHWRGRORJtDVGHO,3&&\DTXHQRVHFRQWyFRQODLQIRUPDFLyQQHFHVDULD
SDUD XWLOL]DU ODV PHWRGRORJtDV GHO ,3&& FRPR HV HO FDPELR GH XVR GH VXHOR OD
VXSHUILFLHGHERVTXHVTXHSHUPDQHFHQFRPRERVTXHVHWF
(Q(O6DOYDGRUODHVWLPDFLyQGHODxRUHVXOWyVHUFRQVLVWHQWHFRQORUHSRUWDGRSRUHOSDtV
3DUD8UXJXD\VHXWLOL]DURQODVPHWRGRORJtDVGHO,3&&HQODHVWLPDFLyQSXHVWRTXHQR
VHFRQWyFRQODLQIRUPDFLyQQHFHVDULDSDUDHVWLPDUODVHPLVLRQHVPHGLDQWHHOXVRGHODVPHWRGRORJtDV
GHO ,3&& $GHPiV 8UXJXD\ UHSRUWD TXH VyOR FDOFXOD ODV HPLVLRQHV GH *(, GH ODV FDWHJRUtDV
&DPELRGH%LRPDVDHQ%RVTXH\HQ2WURV7LSRVGH9HJHWDFLyQ/HxRVD\(PLVLRQHVR$EVRUFLRQHVGH
&2'HELGRDO0DQHMR\&DPELRGH8VRGHOD7LHUUD(QODHVWLPDFLyQSRUHODERUDFLyQSURSLDVyORVH
SXGRFDOFXODUODVHPLVLRQHVGH*(,GHODSULPHUDFDWHJRUDSRUHVWDUD]yQ\GHELGRDTXH8UXJXD\QR
PXHVWUDVXVUHVXOWDGRVGHVDJUHJDGRVQRHVSRVLEOHLGHQWLILFDUODVFDXVDVGHODVYDULDFLRQHVREVHUYDGDV
\ VyOR VH SXHGH HVSHUDU TXH ODV GLIHUHQFLDV VH GHEDQ D ODV HPLVLRQHV R DEVRUFLRQHV GH OD FDWHJRUtD
(PLVLRQHVR$EVRUFLRQHVGH&2GHELGRDO0DQHMR\&DPELRGH8VRGHOD7LHUUD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$6325&+,/(<0e;,&2
<5(68/7$'262%7(1,'26'(/$(67,0$&,1
6(&72586&866(1.7&2($f2
3DtVFDWHJRUtD
&KLOH
0p[LFR
)XHQWH
7LHUUDV
IRUHVWDOHV
7LHUUDV
DJUtFRODV
3UDGHUDV
+XPHGDGHV
$VHQWDPLHQWRV
2WUDV
WLHUUDV
,QYHQWDULR
7RWDO
&iOFXOR
SURSLR
5D]yQ
,QYHQWDULR
&iOFXOR
SURSLR
5D]yQ
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUD&KLOH\0p[LFRSDUDHODxR
&KLOHLQYHQWDULR
x 5HSRUWDODVHPLVLRQHVGH*(,GHVDJUHJDGDSRUFDWHJRUtD
x 5HSRUWDORVQLYHOHVGHDFWLYLGDGIDFWRUHVGHHPLVLyQ\SDUiPHWURVXWLOL]DGRVVLQHPEDUJR
QRHVSHFLILFDHOFDPELRGHXVRGHVXHORSDUDHODxR\QRIXHSRVLEOHUHFRSLODUORD
SDUWLUGHRWUDVIXHQWHVGHLQIRUPDFLyQ(VWDLQIRUPDFLyQHVIXQGDPHQWDOSDUDHVWLPDUODV
HPLVLRQHVGH*(,PHGLDQWHODVPHWRGRORJtDVGHO,3&&
&KLOHFiOFXORSURSLR
x 6HXWLOL]yODPHWRGRORJtDGHO,3&&SDUDHVWLPDUODVHPLVLRQHVGH*(,GHHVWHVHFWRU
GHELGRDODIDOWDGHLQIRUPDFLyQQHFHVDULDSDUDXWLOL]DUODVPHWRGRORJtDVGHO,3&&
x 3DUDHOFiOFXORQRVHFRQVLGHUyODVXSHUILFLHDEDQGRQDGDKDVWDDxRVHOLQFUHPHQWRGH
ELRPDVD OD SURGXFFLyQ GH UROOL]R GH ERVTXH QDWLYR PDQHMDGR QL ODV HPLVLRQHV R
DEVRUFLRQHVGH&2GHVGHORVVXHORVGHELGRDODIDOWDGHLQIRUPDFLyQVREUHORVQLYHOHVGH
DFWLYLGDG\SDUiPHWURVXWLOL]DGRV
0p[LFRLQYHQWDULR
x 1R UHSRUWD OD LQIRUPDFLyQ GHVDJUHJDGD SRU FDWHJRUtD SDUD ORV DxRV \ \
WDPSRFR HQWUHJD ORV UHVXOWDGRV WRWDOHV GH ODV HPLVLRQHV GH *(, SDUD HVWRV DxRV VyOR
HQWUHJDXQYDORUSURPHGLRGHOSHUtRGR
0p[LFRFiOFXORSURSLR
x 1RIXHSRVLEOHHVWLPDUODVHPLVLRQHVGHHVWHVHFWRUSRUIDOWDGHLQIRUPDFLyQ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
(0,6,21(6'(*(,5(3257$'$6325&+,/(<0e;,&2
<5(68/7$'262%7(1,'26'(/$(67,0$&,1
6(&72586&866(1.7&2($f2
3DtVFDWHJRUtD
)XHQWH
7LHUUDV
IRUHVWDOHV
&KLOH
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
,QYHQWDULR
&iOFXORSURSLR
5D]yQ
0p[LFR
7LHUUDV
DJUtFRODV
2WUDV
WLHUUDV
7RWDO
3UDGHUDV
+XPHGDGHV
$VHQWDPLHQWRV
)XHQWH(ODERUDFLyQSURSLD
$ FRQWLQXDFLyQ VH VHxDODQ ODV REVHUYDFLRQHV HQ FXDQWR D ORV YDORUHV SUHVHQWDGRV SRU ORV
LQYHQWDULRV\ODVHVWLPDFLRQHVSURSLDVSDUD&KLOH\0p[LFRSDUDHODxR
&KLOHLQYHQWDULR
x 5HSRUWDODVHPLVLRQHVGH*(,GHVDJUHJDGDSRUFDWHJRUtD
x 5HSRUWDORVQLYHOHVGHDFWLYLGDGIDFWRUHVGHHPLVLyQ\SDUiPHWURVXWLOL]DGRVVLQHPEDUJR
QRHVSHFLILFDHOFDPELRGHXVRGHVXHORSDUDHODxR\QRIXHSRVLEOHUHFRSLODUODD
SDUWLUGHRWUDVIXHQWHVGHLQIRUPDFLyQ(VWDLQIRUPDFLyQHVIXQGDPHQWDOSDUDHVWLPDUODV
HPLVLRQHVGH*(,PHGLDQWHODVPHWRGRORJtDVGHO,3&&
&KLOHFiOFXORSURSLR
x 6HXWLOL]yODPHWRGRORJtDGHO,3&&SDUDHVWLPDUODVHPLVLRQHVGH*(,GHHVWHVHFWRU
GHELGRDODIDOWDGHLQIRUPDFLyQQHFHVDULDSDUDXWLOL]DUODVPHWRGRORJtDVGHO,3&&
x 3DUDHOFiOFXORQRVHFRQVLGHUyODVXSHUILFLHDEDQGRQDGDKDVWDDxRVHOLQFUHPHQWRGH
ELRPDVD \ OD SURGXFFLyQ GH UROOL]R GH ERVTXH QDWLYR PDQHMDGR QL ODV HPLVLRQHV R
DEVRUFLRQHVGH&2GHVGHORVVXHORVGHELGRDODIDOWDGHLQIRUPDFLyQVREUHORVQLYHOHVGH
DFWLYLGDG\SDUiPHWURVXWLOL]DGRV
0p[LFRLQYHQWDULR
x 1R UHSRUWD OD LQIRUPDFLyQ GHVDJUHJDGD SRU FDWHJRUtD SDUD ORV DxRV \ \
WDPSRFR HQWUHJD ORV UHVXOWDGRV WRWDOHV GH ODV HPLVLRQHV GH *(, SDUD HVWRV DxRV VyOR
HQWUHJDXQYDORUSURPHGLRGHOSHUtRGR
0p[LFRFiOFXORSURSLR
x 1RIXHSRVLEOHHVWLPDUODVHPLVLRQHVGHHVWHVHFWRUSRUIDOWDGHLQIRUPDFLyQ
/DHVWLPDFLyQGHODVHPLVLRQHVGH*(,SDUD&KLOHVHUHDOL]yXWLOL]DQGRODVPHWRGRORJtDVGHO
,3&& \ SRU OR WDQWR ODV FDWHJRUtDV GH IXHQWH R VXPLGHUR QR FRLQFLGHQ FRQ ODV FDWHJRUtDV
UHSRUWDGDVSRU&KLOHTXHFRUUHVSRQGHQDODVSURSXHVWDVSRUHO,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
5(68/7$'262%7(1,'26'(/$(67,0$&,13$5$&+,/(
6(&72586&866(1.7&2($f26<
&DWHJRUtDV
&DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGH
YHJHWDFLyQOHxRVD
&RQYHUVLyQGHERVTXHV\SUDGHUDV
$EDQGRQRGHWLHUUDVFXOWLYDGDV
(PLVLRQHVRDEVRUFLRQHVGH&2HQORVVXHORV
GHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUD
7RWDO
)XHQWH(ODERUDFLyQSURSLD
3DUD HO FDVR GH &KLOH VL ELHQ QRHV SRVLEOH LGHQWLILFDU ODV YDULDFLRQHV GH ORVUHVXOWDGRVSRU
FDWHJRUtDVLHVSRVLEOHLGHQWLILFDUTXHODVGLIHUHQFLDVVHGHEHUtDQDODVHPLVLRQHVRDEVRUFLRQHVGHORV
tWHPV\FDWHJRUtDVTXHQRSXGLHURQVHUHVWLPDGRV
)LQDOPHQWHDSDUWLUGHORVUHVXOWDGRVREWHQLGRVVHREVHUYDQLPSRUWDQWHVGLIHUHQFLDVHQWUHORV
UHVXOWDGRVUHSRUWDGRVSRUORVLQYHQWDULRV\ORVUHVXOWDGRVGHODHVWLPDFLyQSRUHODERUDFLyQSURSLD6H
FRQFOX\HTXHHOQLYHOGHLQFHUWLGXPEUHTXHVHJHQHUDSRUODVGLIHUHQFLDVREVHUYDGDVVHGHEHQHQVX
PD\RUtDDODHVFDVDLQIRUPDFLyQUHSRUWDGDSRUORVSDtVHVHQVXVFRPXQLFDFLRQHVQDFLRQDOHV\DODIDOWD
GHGHVDJUHJDFLyQ\WHPSRUDOLGDGGHODLQIRUPDFLyQSUHVHQWHHQOtQHDDVSHFWRTXHQRSHUPLWLUtDHOXVR
GLUHFWRGHHVWDLQIRUPDFLyQ
(Q JHQHUDO ODV HPLVLRQHV HQ HVWH VHFWRU VRQ GLUHFWDPHQWH SURSRUFLRQDOHV D OD FDQWLGDG GH
ERVTXH H[LVWHQWH VXHORV IRUHVWDOHV \ OD IRUPD HQ TXH FDPELD HVWD VXSHUILFLH HQ XQ SHUtRGR
GHWHUPLQDGR 6L ELHQ H[LVWHQ RWUDV FDWHJRUtDV GH WLHUUDV LQYROXFUDGDV VXHORV DJUtFRODV SUDGHUDV \
PDWRUUDOHV VXHORV XUEDQRV SRU HMHPSOR VRQ ORV FDPELRV GH HVWDV RWUDV FDWHJRUtDV D ERVTXH R ORV
FDPELRVGHERVTXHVDHVWDVRWUDVFDWHJRUtDVORVTXHGHWHUPLQDQHOEDODQFHGHFDSWXUDV\HPLVLRQHV\
HQGHILQLWLYDODFLIUDJOREDOGHHVWHVHFWRU
/DPHQWDEOHPHQWHODVHVWDGtVWLFDVGHFDPELRGHXVRGHOVXHORVRQHQJHQHUDOHVFDVDVHLPSUHFLVDV
HQODUHJLyQ\SRURWURODGRORTXHVHOODPDVXHORIRUHVWDOHVXQDFODVHGHXVRTXHLQYROXFUDIRUPDFLRQHV
GH ERVTXHV PX\ GLVWLQWDV FRQ HVSHFLHV \ H[LVWHQFLDV GH ELRPDVD PX\ GLVtPLOHV LQFOXVR GHQWUR GH XQ
PLVPRSDtV\HFRVLVWHPD(OVLPSOHKHFKRTXHVHDGLItFLOSUHFLVDUODELRPDVDGHXQERVTXHHQSDUWLFXODU\D
TXHHQJHQHUDO WDPSRFRKD\ SUHFLVLyQHQ ODFRPSRVLFLyQ GHHVSHFLHVKDFHTXHODVHVWLPDFLRQHV HQHVWD
FDWHJRUtDHVWpQVXMHWDVDXQDJUDQLQFHUWLGXPEUH(VWRH[SOLFDHQSDUWHODVGLIHUHQFLDVHQWUHODVHVWLPDFLRQHV
SURSLDVFXDQGRIXHSRVLEOHKDFHUODV\ODVUHSRUWDGDVHQORVLQYHQWDULRVGH*(,RWUDSDUWHLPSRUWDQWHGHEH
VHUH[SOLFDGDSRUHOXVRGHPHWRGRORJtDVGLVWLQWDVTXHDGHPiVSXHGHQUHSRUWDUGLVWLQWRVFRPSRQHQWHVGH
ELRPDVD$OQRVHUSRVLEOHGHWHUPLQDUHQEDVHDORVUHSRUWHVGHORVLQYHQWDULRVFXiOHVODPHWRGRORJtDXVDGD
\TXHFRPSRQHQWHVGHELRPDVDVHHVWiQUHSRUWDQGRVHJHQHUDQGLVFUHSDQFLDVHQODVHVWLPDFLRQHVRELHQOD
LPSRVLELOLGDGGHKDFHUFiOFXORVSURSLRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
'&RPSDUDFLyQGHORVLQYHQWDULRVQDFLRQDOHV
HQEDVHDGLVWLQWRVLQGLFDGRUHV
2WUDPDQHUDGHOOHYDUDFDERODUHYLVLyQVLPSOHGHORVLQYHQWDULRVQDFLRQDOHVFRQVLVWHHQGHVDUUROODU
LQGLFDGRUHVHQORVTXHVHUHODFLRQHQQLYHOHVGHHPLVLyQSDUDGLVWLQWRVVHFWRUHVRFDWHJRUtDVGHVHFWRUHV
\ YDULDEOHV TXH PXHVWUHQ D PRGR GH SUR[\ QLYHOHV GH DFWLYLGDG HVSHFtILFRV (VWDV YDULDEOHV SXHGHQ
UHSUHVHQWDUFRQGLFLRQHVTXHUHSUHVHQWHQODDFWLYLGDGJOREDOGHXQSDtVFRPRHOQ~PHURGHKDELWDQWHV
HO3URGXFWR,QWHUQR%UXWR3,%RODVFRQGLFLRQHVDVRFLDGDVDDOJ~QVHFWRURFDWHJRUtDGHHPLVLyQHQ
SDUWLFXODU (MHPSORV VRQ HO FRQVXPR GH FRPEXVWLEOH IyVLO HO Q~PHUR GH FDEH]DV GH JDQDGR OD
VXSHUILFLHDJUtFROD\ODWDVDGHGHIRUHVWDFLyQRIRUHVWDFLyQ
/RVFXDGURV\PXHVWUDQODVGLVWLQWDVYDULDEOHVXVDGDVHQHVWHDQiOLVLVSDUDORVSDtVHVHQ
HVWXGLR SDUD ORV DxRV \ /RV LQGLFDGRUHV VH FRQVWUX\HQ SRVWHULRUPHQWH GLYLGLHQGR OD
HPLVLyQ GH XQ VHFWRU R FDWHJRUtD HQ SDUWLFXODU SRU HO YDORU GH XQD YDULDEOH FRUUHVSRQGLHQWH /RV
FXDGURV \ PXHVWUDQ ORV LQGLFDGRUHV DVRFLDGRV D ORV VHFWRUHV (QHUJtD HPLVLRQHV WRWDOHV GHO
VHFWRU $JULFXOWXUD FDWHJRUtDV IHUPHQWDFLyQ HQWpULFD \ VXHOR DJUtFROD \ 86&866
HPLVLRQHVDEVRUFLRQHV WRWDOHV GHO VHFWRU &DEH GHVWDFDU TXH HO WRWDO GH H[LVWHQFLDV GH JDQDGR
FRQVLGHUDGDVHQORVFXDGURV\SDUDHOFiOFXORGHODVPpWULFDVQRFRQVLGHUDODVDYHVGHFRUUDO\
ORV FHUGRV SXHVWR TXH D MXLFLR GH H[SHUWRV DPEDV FDWHJRUtDV GH JDQDGR QR VRQ VLJQLILFDWLYDV HQ ODV
HPLVLRQHVGHPHWDQRSRUIHUPHQWDFLyQHQWpULFD
&8$'52
9$5,$%/(65(35(6(17$17(6'(1,9(/'($&7,9,'$'6(*13$6$f2
9DULDEOHV
&KLOH
3REODFLyQ0LOOyQKDE
3,%3330LOOyQ86'GHO
D
&RQVXPRWRWDOGHFRPEXVWLEOH 7-
(O6DOYDGRU
0p[LFR
8UXJXD\
*HQHUDFLyQHOpFWULFD7:K
*HQHUDFLyQHOpFWULFDWpUPLFD7:K
6XSHUILFLHSDtV0LOKD
6XSHUILFLHDJUtFROD0LOKD
7RWDOH[LVWHQFLDVGHJDQDGR0LOFDEH]DV
&RQVXPRGH)HUWLOL]DQWHV1LWURJHQDGRVW
6XSHUILFLHIRUHVWDO0LOKD
E
7DVDGHFDPELRDQXDOGHERVTXHVKDDxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
9$5,$%/(65(35(6(17$17(6'(1,9(/'($&7,9,'$'
6(*13$6$f2
9DULDEOHV
&KLOH
3REODFLyQ0LOOyQKDE
3,%3330LOOyQ86'GHO
&RQVXPRWRWDOGHFRPEXVWLEOHD7-
(O6DOYDGRU
*HQHUDFLyQHOpFWULFD7:K
*HQHUDFLyQHOpFWULFDWpUPLFD7:K
0p[LFR
8UXJXD\
6XSHUILFLHSDtV0LOKD
6XSHUILFLHDJUtFROD0LOKD
7RWDOH[LVWHQFLDVGHJDQDGR0LOFDEH]DV
&RQVXPRGH)HUWLOL]DQWHV1LWURJHQDGRVW
6XSHUILFLHIRUHVWDO0LOKD
7DVDGHFDPELRDQXDOGHERVTXHVKDDxRE
&8$'52
,1',&$'25(6'((0,6,16(*13$6$f2
,QGLFDGRU
&KLOH
(O6DOYDGRU
0p[LFR
8UXJXD\
(PLVLRQHV7RWDOFiSLWDW&2HKDE
(PLVLRQHV(QHUJtDFiSLWDW&2HKDE
(PLVLRQHV(QHUJtD3,%W&2H086'
(PLVLRQHV(QHUJtDFRPEXVWLEOHW&2H7-
(PLVLRQHV)HUPHQWDFLyQ(QWpULFDFDEH]DVJDQDGR
W&2HFDEH]DV
(PLVLRQHV6XHOR$JUtFRODVXSHUILFLHDJUtFRODW&2HKD
(PLVLRQHV\DEVRUFLRQHV86&866WDVDGHFDPELRDQXDO
GHERVTXHVW&2HKD
)XHQWH(ODERUDFLyQSURSLD
(V HVSHUDEOH TXH ORV LQGLFDGRUHV HVWLPDGRV SDUD FDGD VHFWRU R FDWHJRUtD VHDQ HTXLYDOHQWHV
HQWUH SDtVHV VL ORV IDFWRUHV GH HPLVLyQ VRQ VLPLODUHV DVXPLHQGR TXH OD LQIRUPDFLyQ REWHQLGD FRQ
UHVSHFWR D ORV QLYHOHV GH DFWLYLGDG VH KDQ RFXSDGR IXHQWHV GH LQIRUPDFLyQ LQWHUQDFLRQDOHV HQ HO
DQiOLVLVVHDHODGHFXDGR1RVLHPSUHHVHVSHUDEOHTXHORVIDFWRUHVGHHPLVLyQVHDQFRPSDUDEOHV(VWR
UHVXOWD REYLR DO FRPSDUDU ORV LQGLFDGRUHV PiV DJUHJDGRV D QLYHO GH SDtV GRQGH FODUDPHQWH VH YHQ
GLIHUHQFLDV HQ FXDQWR D ODV HPLVLRQHV SHU FiSLWD R HPLVLRQHV SRU SURGXFWR SDtV ,QFOXVR VL VH
FRQVLGHUDQ VRODPHQWH ODV HPLVLRQHV GH XQ VHFWRU FRPR HQHUJtD VH HVSHUDUtDQ GLIHUHQFLDV HQ HO
LQGLFDGRUTXHGLYLGHHVWDVHPLVLRQHVSRUODFDQWLGDGGHKDELWDQWHV\DTXHODVHPLVLRQHVGHHVWHVHFWRU
GHSHQGHQHQJUDQPHGLGDGHOQLYHOGHFRQVXPRGHFRPEXVWLEOHVIyVLOHVSDUDJHQHUDUHOHFWULFLGDG
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52
,1',&$'25(6'((0,6,16(*13$6$f2
,QGLFDGRU
&KLOH
(PLVLRQHV7RWDOFiSLWDW&2HKDE
(O6DOYDGRU
0p[LFR
8UXJXD\
(PLVLRQHV(QHUJtDFiSLWDW&2HKDE
(PLVLRQHV(QHUJtD3,%W&2H086'
(PLVLRQHV(QHUJtDFRPEXVWLEOHW&2H7-
(PLVLRQHV)HUPHQWDFLyQ(QWpULFDFDEH]DVJDQDGR
W&2HFDEH]DV
(PLVLRQHV6XHOR$JUtFRODVXSHUILFLHDJUtFRODW&2HKD
(PLVLRQHV\DEVRUFLRQHV86&866WDVDGHFDPELRDQXDO
GHERVTXHVW&2HKD
)XHQWH(ODERUDFLyQSURSLD
(VSRUHVWRTXHQRGHEHQH[WUDxDUODVGLIHUHQFLDVHQWUHSDtVHVFRQUHVSHFWRDHPLVLRQHVWRWDOHV
SHU FiSLWD R HPLVLRQHV GHO VHFWRU HQHUJtD SHU FiSLWD (Q HVWR ~OWLPR VH YH OD LQIOXHQFLD TXH WLHQH OD
JHQHUDFLyQKLGURHOpFWULFDSDUDGLVPLQXLUODKXHOODGHHPLVLRQHVGHSDtVHVHQODUHJLyQ$VtVHREVHUYD
TXH SDtVHV FRQ XQ PHQRU SRUFHQWDMH GH JHQHUDFLyQ HQ EDVH D HQHUJtDV UHQRYDEOHV WLHQHQ XQD PD\RU
HPLVLyQGH*(,SHUFiSLWD
6LQ HPEDUJR HQ DOJXQRV FDVRV QR GHEHUtDQ H[LVWLU GLIHUHQFLDV LPSRUWDQWHV HQWUH HVWRV
LQGLFDGRUHV\DTXHHQDOJXQRVFDVRVODYDULDEOHXWLOL]DGDUHSUHVHQWDGHPDQHUDDSUR[LPDGDHOQLYHOGH
DFWLYLGDGGHODFDWHJRUtDRVHFWRUGHHPLVLyQFRQVLGHUDGR<HQHVWHFDVRHOLQGLFDGRUFRUUHVSRQGHD
XQDYLVLyQDJUHJDGDGHXQIDFWRUGHHPLVLyQSDUDODFDWHJRUtDRVHFWRU3RUHMHPSORHQHOFDVRGHODV
HPLVLRQHVSRUIHUPHQWDFLyQHQWpULFDHOQLYHOGHDFWLYLGDGHQWpUPLQRVJHQHUDOHVYDDHVWDUGDGRSRUOD
FDQWLGDG GH FDEH]DV GH JDQDGR HQ HO SDtV3XHGHQ H[LVWLU IDFWRUHV ORFDOHV TXH LQFLGDQ D XQ PD\RU R
PHQRUQLYHOGHHPLVLyQSHURQRGHEHUtDQVLJQLILFDUFDPELRVVXVWDQFLDOHVHQODVHPLVLRQHVWRWDOHV(Q
HOJUiILFRVHFRPSDUDQORVLQGLFDGRUHVGHVDUUROODGRVSDUDDTXHOORVVHFWRUHV\FDWHJRUtDVHVSHFtILFDV
HQORVFXDOHVQRVHGHEHUtDQHVSHUDUJUDQGHVGLIHUHQFLDV
*5),&2
&203$5$&,1'(,1',&$'25(6'(6$552//$'263$5$(/$f2
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(Q HO LQGLFDGRU GH HPLVLRQHV SRU XQLGDG GH HQHUJtD FRQVXPLGD VH SXHGH REVHUYDU TXH FRQ
H[FHSFLyQ GH (O 6DOYDGRU ORV GHPiV SDtVHV DQDOL]DGRV SRVHHQ LQGLFDGRUHV PX\ VLPLODUHV FRQ
GHVYLDFLRQHVHQWRUQRDXQ6HREVHUYDWDPELpQTXH(O6DOYDGRUVHDOHMDXQSRFRGHOUHVWRGH
ORVSDtVHVFRQW&2H7-(VWRHVH[SOLFDEOH\DTXHODVHPLVLRQHVGHO6HFWRU(QHUJtDSDUDHOFDVR
GH (O 6DOYDGRU QR LQFRUSRUDQ HO &2 SURYHQLHQWH GH OD TXHPD GH %LRPDVD VRODPHQWH LQFRUSRUD HO
&+\12\(O6DOYDGRUGHVWDFDSRUVXDOWRSRUFHQWDMHGHFRQVXPRGH%LRPDVDHOFXDOUHSUHVHQWy
XQGHOFRQVXPRWRWDOGHFRPEXVWLEOHVHODxR
3RURWUD SDUWH D SDUWLU GH ORVLQGLFDGRUHV GHO VHFWRU$JULFXOWXUD QR VH REVHUYDQ GLIHUHQFLDV
VLJQLILFDWLYDV HQ ORV UHVXOWDGRV REWHQLGRV (Q HO FDVR GH ODV HPLVLRQHV SRU IHUPHQWDFLyQ HQWpULFD
WDPELpQ H[LVWHQ YDULDFLRQHV LPSRUWDQWHV VLHQGR GH WUHV YHFHV OD SURSRUFLyQ HQWUH HO LQGLFDGRU PiV
HOHYDGR\HOPHQRU)LQDOPHQWHHQHOFDVRGHODHPLVLyQ\DEVRUFLyQGHOVHFWRU86&866VHHQFRQWUy
TXHDOPHQRVODVWDVDVQHWDVGHHPLVLRQHVVRQHTXLYDOHQWHVHQVLJQRDODVWDVDVQHWDVGHGHIRUHVWDFLyQ
(OLQGLFDGRUVLQHPEDUJRWLHQHXQDDOWDYDULDELOLGDGVLHQGRODUD]yQHQWUHHOSDtVFRQPD\RULQGLFDGRU
DSUR[LPDGDPHQWHYHFHVVXSHULRUDOSDtVFRQPHQRULQGLFDGRU/DVUD]RQHVGHHVWDDOWDYDULDELOLGDG
\DKDQVLGRHVER]DGDVHQVHFFLRQHVDQWHULRUHV\VHRULJLQDQHQSDUWHSRUODLQFHUWLGXPEUHDVRFLDGDD
ODVHVWDGtVWLFDVGHERVTXHV\FDPELRGHXVRGHOVXHORHQORVGLVWLQWRVSDtVHV\HQSDUWHSRUTXHORVTXH
VH OODPD ERVTXH 6XHOR )RUHVWDO HV XQD FODVH TXH GHVFULEH HOHPHQWRV PX\ GLVWLQWRV 8Q ERVTXH
WURSLFDO HQ HO $PD]RQDV HFXDWRULDQR QR SXHGH VHU FRPSDUDGR FRQ XQ PDWRUUDO HVFOHUyILOR HQ &KLOH
&HQWUDO(VWRRULJLQDGLIHUHQFLDVLPSRUWDQWHVHQHVWHLQGLFDGRUTXHQRQHFHVDULDPHQWHLQGLFDQHUURUHV
PHWRGROyJLFRV VLQR TXH HO XVR GH IDFWRUHV GH HPLVLyQ PX\ GLVWLQWRV SDUD XQD PLVPD KHFWiUHD GH
ERVTXH GHIRUHVWDGD /DV FLIUDV GH FDPELR GH VXSHUILFLH GH ERVTXHV IXHURQ REWHQLGDV GHO )RUHVW
5HVRXUFH $VVHVVPHQW GH )$2 TXH UHFRJH VX LQIRUPDFLyQ GH ODV DJHQFLDV QDFLRQDOHV TXH
UHSRUWDQ HVWDV FLIUDV (Q HVWH VHQWLGR )$2 VyOR UHFRJH OD LQIRUPDFLyQ \ OD UHSRUWD DMXVWiQGROD HQ
DOJXQRVFDVRVSHURVLQFXHVWLRQDUQHFHVDULDPHQWHODVIXHQWHVGHLQIRUPDFLyQQLODPHWRGRORJtD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
9,,&RQFOXVLRQHV\5HFRPHQGDFLRQHV
6H UHILHUH D PHGLRV GLVSRQLEOHV S~EOLFD \ JUDWXLWDPHQWH SRU ,QWHUQHW VLQ OD QHFHVLGDG GH LU GLUHFWDPHQWH D ODV
LQVWLWXFLRQHVDVROLFLWDUODLQIRUPDFLyQ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
HPLVLyQHQDOJXQRVFDVRVSRVLEOHPHQWHLQFHQWLYDHOXVRGHSURPHGLRVWDQWRGHQLYHOHVGHDFWLYLGDG
RGHIDFWRUGHHPLVLyQORTXHSRGUtDH[SOLFDUDOJXQDVGHODVGLVFUHSDQFLDVHQODVFLIUDVUHSRUWDGDV
(QHVWHFRQWH[WRIXHSRVLEOHGHWHUPLQDU\FRPSDUDUVyORDOJXQDVFLIUDVSDUDFLHUWDVFDWHJRUtDV
GHORVVHFWRUHV$JULFXOWXUD\86&866FRQHOUHVXOWDGRTXHHQDTXHOORVFDVRVGRQGHODLQIRUPDFLyQ
XWLOL]DGDSDUDHOFiOFXORGHODVHPLVLRQHVUHSRUWDGDVHQORVLQYHQWDULRVHVWDEDFODUD\HUDUHODWLYDPHQWH
VLPSOHDSUR[LPDUODRHQFRQWUDUODHQIXHQWHVGHGDWRVLQGHSHQGLHQWHVODVFLIUDVGHFiOFXORSURSLRQR
GLVFUHSDEDQ VLJQLILFDWLYDPHQWH FRQ ODV FLIUDV GH ORV LQYHQWDULRV /DV GLIHUHQFLDV D QLYHO GH VHFWRU
JOREDO QR IXH SRVLEOH FDOFXODUODV \D TXH FRPR VH PHQFLRQy IDOWD LQIRUPDFLyQ SDUD SRGHU KDFHU
FiOFXORVSURSLRV\HQDTXHOORVFDVRVGRQGHVHSXHGHDGLFLRQDOPHQWHH[LVWHDOWDLQFHUWLGXPEUHHQORV
GDWRVTXHVHXVDQSDUDKDFHUORVUHSRUWHVGHLQYHQWDULRV
8QDUHFRPHQGDFLyQTXHVXUJHHQHVWHFRQWH[WRHVODQHFHVLGDGGHTXHORVLQYHQWDULRVGH*(,
HQHVWHVHFWRU\WDOFRPRVHKDFHHQORVVXEVHFWRUHVGH(QHUJtDGHEHQSUHVHQWDUFLIUDVGHVDJUHJDGDV
GHHPLVLRQHV ORVIDFWRUHV GHHPLVLyQ XWLOL]DGRV \ ORVQLYHOHVGHDFWLYLGDGXVDGRVSDUDHO FiOFXOR R
ELHQODVUHIHUHQFLDVGHVGHGRQGHHVSRVLEOHHQFRQWUDUHVWRVQ~PHURV$VLPLVPRUHVXOWDUHFRPHQGDEOH
SRUHOLPSDFWRTXHWLHQHQHQODVHPLVLRQHVGHHVWHVHFWRUTXHVHUHSRUWHQHOWLSRGHERVTXHVRODV
HVSHFLHV\WLSRGHiUEROHVDORVTXHVHUHILHUHQODVFLIUDVXVDQGRSRUHMHPSORODFODVLILFDFLyQXVDGDSRU
HO,3&&SDUDVXVIDFWRUHVGHHPLVLyQHQ86&866\TXHVHLQGLTXHQFODUDPHQWHORVFRPSRQHQWHVGH
&UHSRUWDGRV&HQODELRPDVDYLYDDpUHD\VXEWHUUiQHDPDGHUDPXHUWDKRMDUDVFDR&RUJiQLFRHQHO
VXHOR\DTXHHVSRVLEOHUHSRUWDUORVWRGRVRVyORDOJXQRVORTXHJHQHUDGLIHUHQFLDVGHWHFWDEOHV
6LQ SHUMXLFLR GH OR DQWHULRU DO FRPSDUDU ORV UHVXOWDGRV GH ORV GLIHUHQWHV SDtVHV D QLYHO GH
VHFWRU GH HPLVLyQ YXHOYHQ D HQFRQWUDUVH GLIHUHQFLDV LPSRUWDQWHV HQ ODV HVWLPDFLRQHV GH HPLVLRQHV
)LQDOPHQWHDVRFLDGRDWRGRORDQWHULRUXQIDFWRUFRP~QHVODGLILFXOWDGSDUDGHWHUPLQDUODPHWRGRORJtD
H[DFWD SDUD FDOFXODU ODV HPLVLRQHV &KLOH HQ HVWH VHQWLGR PXHVWUD DYDQFHV LPSRUWDQWHV VLQ VHU
FRPSOHWDPHQWH WUDQVSDUHQWH 6H UHFRPLHQGD PHMRUDU OD HQWUHJD GH LQIRUPDFLyQ HQ HVWH VHQWLGR
WUDQVSDUHQWDQGRPHWRGRORJtDXWLOL]DGDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
%LEOLRJUDItD
)$2(YDOXDFLyQGHORV5HFXUVRV)RUHVWDOHV0XQGLDOHV,QIRUPH3ULQFLSDO
,3&& 2ULHQWDFLyQ GHO ,3&& VREUH ODV EXHQDV SUiFWLFDV \ OD JHVWLyQ GH OD LQFHUWLGXPEUH HQ ORV
LQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHUR
0LQLVWHULR GH 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO VREUH
&DPELR&OLPiWLFR5HS~EOLFDGH(O6DOYDGRU0$51(O6DOYDGRU
,QYHQWDULR 1DFLRQDO GH *DVHV GH (IHFWR ,QYHUQDGHUR (O 6DOYDGRU $xR 3UR\HFWR
6HJXQGD&RPXQLFDFLyQ1DFLRQDOGH&DPELR&OLPiWLFR
6HFUHWDUtDGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV6(0$51$7,QVWLWXWR1DFLRQDOGH(FRORJtD,1(
&XDUWD&RPXQLFDFLyQ1DFLRQDODQWHOD&RQYHQFLyQ0DUFRGHODV1DFLRQHV8QLGDVVREUHHO
&DPELR &OLPiWLFR 6HFUHWDUtD GH 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV ,QVWLWXWR 1DFLRQDO GH
(FRORJtD0p[LFR
%DVHGHGDWRV)$267$7GHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD$OLPHQWDFLyQ
)$2KWWSIDRVWDWIDRRUJGHIDXOWDVS[
%DVHGHGDWRVGHO%DQFR0XQGLDOKWWSGDWDEDQNZRUOGEDQNRUJGGSKRPHGR
%DVHGHGDWRVGHO)0,KWWSZZZLPIRUJH[WHUQDOGDWDKWP
%ULWLVK3HWUROHXP%3KWWSZZZESFRP
&iPDUD$JURSHFXDULD\$JURLQGXVWULDOGH(O6DOYDGRU&$0$*52KWWSZZZFDPDJURFRPPDJ
$QXDULRB(VWDGLVWLFDV
&iPDUD$JURSHFXDULD\$JURLQGXVWULDOGH(O6DOYDGRU&$0$*52ZZZFDPDJURFRP
&HQWUR1DFLRQDOGHO0HGLR$PELHQWH&(10$ZZZFHQPDFO
&OLPDWH$QDO\VLV,QGLFDWRUV7RRO&$,79HUVLRQKWWSZZZZULRUJWRROVFDLW
&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH&1(KWWSZZZFQHFO
'LUHFFLyQ *HQHUDO GH ,QIRUPDFLyQ \ (VWXGLRV (QHUJpWLFRV GH 0p[LFR 6HFUHWDUtD 1DFLRQDO GH (QHUJtD
KWWSZZZVHQHUJREP[
'LUHFFLyQ*HQHUDO)RUHVWDOGHO0LQLVWHULRGH*DQDGHUtD$JULFXOWXUD\3HVFDKWWSZZZPJDSJXEX\
)RUHVWDO'*)KWP
'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
KWWSZZZPLHPJXEX\SRUWDOKJ[SS"26018(018
(0(3&25,1$,5GHOD$JHQFLD$PELHQWDO(XURSHDKWWSZZZHHDHXURSDHXSXEOLFDWLRQV(0(3&2
5,1$,5
(XURSHDQ&RPPLVVLRQ-5&-RLQW5HVHDUFK&HQWUH(PLVVLRQV'DWDEDVHIRU*OREDO$WPRVSKHULF5HVHDUFK
('*$5KWWSHGJDUMUFHFHXURSDHX
,($6WDWLVWLFV&2HPLVVLRQVIURPIXHOFRPEXVWLRQHGLWLRQZZZLHDRUJ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$QH[RV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$QH[R
5DQNLQJGHHPLVLRQHVSHUFiSLWDSRUVHFWRU
&8$'52$
5$1.,1*'((0,6,21(63(5&3,7$3256(&725(1(5*$
(1$0e5,&$/$7,1$<(/&$5,%((/$f2
(PLVLRQHV
W&2HKDE
5DQNLQJ
UHJLRQDO
3DtV
7ULQLGDG\7REDJRD
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
0p[LFR
$UJHQWLQD
&KLOH
-DPDLFDD
&XEDD
(FXDGRU
%UDVLO
5DQNLQJ
PXQGLDO
5HS~EOLFD'RPLQLFDQD
3DQDPiD
8UXJXD\
%ROLYLD(VWDGR3OXULQDFLRQDOGH
&RORPELD
&RVWD5LFD
3HU~
(O6DOYDGRUD
+RQGXUDVD
*XDWHPDODD
1LFDUDJXD
3DUDJXD\D
+DLWtD
$QWLJXD\%DUEXGD
%DKDPDV
%DUEDGRV
%HOLFH
'RPLQLFD
*UDQDGD
*X\DQD
6DQ&ULVWyEDO\1HYLV
6DQWD/XFtD
6DQ9LFHQWH\ODV*UDQDGLQDV
6XULQDP
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
D
1RLQFRUSRUDHPLVLRQHVGH&+\12
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5$1.,1*'((0,6,21(63(5&3,7$3256(&725352&(626,1'8675,$/(6
(1$0e5,&$/$7,1$<(/&$5,%((/$f2
(PLVLRQHV
W&2HKDE
5DQNLQJ
PXQGLDO
%DUEDGRVDE
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
0p[LFR
7ULQLGDG\7REDJRDE
8UXJXD\F
&RVWD5LFDDE
%UDVLO
&KLOHF
3DQDPiDE
-DPDLFDDE
$UJHQWLQDF
5DQNLQJ
UHJLRQDO
3DtV
DE
5HS~EOLFD'RPLQLFDQD
&RORPELDF
(FXDGRUF
3HU~F
+RQGXUDVDE
DE
*XDWHPDOD
(O6DOYDGRUDE
&XEDDE
6XULQDPDE
DE
1LFDUDJXD
3DUDJXD\DE
+DLWtDE
$QWLJXD\%DUEXGDDE
%DKDPDVDE
DE
%HOLFH
'RPLQLFDDE
*UDQDGDDE
*X\DQDDE
6DQ&ULVWyEDO\1HYLVDE
DE
6DQWD/XFtD
6DQ9LFHQWH\ODV*UDQDGLQDVDE
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
D
1RLQFRUSRUDHPLVLRQHVGH&+\12
E
1RLQFOX\HODVHPLVLRQHVGH+)&3)&\6)
F
1RLQFRUSRUDHPLVLRQHVGH&+
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5$1.,1*'((0,6,21(63(5&3,7$3256(&725$*5,&8/785$
(1$0e5,&$/$7,1$<(/&$5,%((/$f2
(PLVLRQHV
W&2HKDE
5DQNLQJ
PXQGLDO
5DQNLQJUHJLRQDO
3DtV
8UXJXD\
$UJHQWLQD
%UDVLO
&RORPELD
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
3HU~
&KLOH
(FXDGRU
0p[LFR
$QWLJXD\%DUEXGD
%DKDPDV
%DUEDGRV
%HOLFH
&RVWD5LFD
&XED
'RPLQLFD
5HS~EOLFD'RPLQLFDQD
(O6DOYDGRU
*UDQDGD
*XDWHPDOD
*X\DQD
+DLWt
+RQGXUDV
-DPDLFD
1LFDUDJXD
3DQDPi
3DUDJXD\
6DQ&ULVWyEDO\1HYLV
6DQWD/XFtD
6DQ9LFHQWH\ODV*UDQDGLQDV
6XULQDP
7ULQLGDG\7REDJR
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
?
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5$1.,1*'((0,6,21(63(5&3,7$3256(&72586&866
(1$0e5,&$/$7,1$<(/&$5,%((/$f2
(PLVLRQHV
W&2HKDE
5DQNLQJ
PXQGLDO
5DQNLQJUHJLRQDO
3DtV
%ROLYLD
%UDVLO
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
+RQGXUDV
(FXDGRU
*XDWHPDOD
3HU~
$UJHQWLQD
0p[LFR
$QWLJXD\%DUEXGD
%DKDPDV
%DUEDGRV
%HOLFH
&KLOH
&RORPELD
&RVWD5LFD
&XED
'RPLQLFD
5HS~EOLFD'RPLQLFDQD
(O6DOYDGRU
*UDQDGD
*X\DQD
+DLWt
-DPDLFD
1LFDUDJXD
3DQDPi
3DUDJXD\
6DQ&ULVWyEDO\1HYLV
6DQWD/XFtD
6DQ9LFHQWH\ODV*UDQDGLQDV
6XULQDP
7ULQLGDG\7REDJR
8UXJXD\
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5$1.,1*'((0,6,21(63(5&3,7$3256(&725'(63(5',&,26
(1$0e5,&$/$7,1$<(/&$5,%((/$f2
(PLVLRQHV
W&2HKDE
5DQNLQJ
PXQGLDO
5DQNLQJUHJLRQDO
3DtV
0p[LFR
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
8UXJXD\
&RORPELD
$UJHQWLQD
%UDVLO
&KLOH
(FXDGRU
3HU~
$QWLJXD\%DUEXGD
%DKDPDV
%DUEDGRV
%HOLFH
&RVWD5LFD
&XED
'RPLQLFD
5HS~EOLFD'RPLQLFDQD
(O6DOYDGRU
*UDQDGD
*XDWHPDOD
*X\DQD
+DLWt
+RQGXUDV
-DPDLFD
1LFDUDJXD
3DQDPi
3DUDJXD\
6DQ&ULVWyEDO\1HYLV
6DQWD/XFtD
6DQ9LFHQWH\ODV*UDQDGLQDV
6XULQDP
7ULQLGDG\7REDJR
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5$1.,1*'((0,6,21(63(5&3,7$727$/(6(1$0e5,&$/$7,1$
<(/&$5,%((/$f2
(PLVLRQHV
W&2HKDE
5DQNLQJUHJLRQDO
3DtV
7ULQLGDG\7REDJRDE
%ROLYLD(VWDGR3OXULQDFLRQDOGH
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
%UDVLO
8UXJXD\D
(FXDGRU
+RQGXUDVE
$UJHQWLQD
6XULQDPDE
%DKDPDVDE
*XDWHPDODE
*X\DQDDE
0p[LFR
%DUEDGRVDE
$QWLJXD\%DUEXGDDE
3HU~
&KLOHD
DE
5DQNLQJPXQGLDO
3DUDJXD\
-DPDLFDDE
&RORPELDE
%HOLFHDE
6DQ&ULVWyEDO\1HYLVDE
DE
&XED
3DQDPiDE
5HS~EOLFD'RPLQLFDQDDE
6DQWD/XFtDDE
*UDQDGDDE
DE
1LFDUDJXD
&RVWD5LFDDE
'RPLQLFDDE
6DQ9LFHQWH\ODV*UDQDGLQDVDE
(O6DOYDGRUDE
DE
+DLWt
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
D
1RLQFOX\HODVHPLVLRQHVGHO6HFWRU86&866
E
1RLQFOX\HODVHPLVLRQHVGH+)&3)&\6)
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5$1.,1*'(,17(16,'$''((0,6,21(6(1/$6(&2120$6
'(/263$6(6(1$0e5,&$/$7,1$<(/&$5,%(
(/$f212,1&/8<((/6(&72586&866
5DQNLQJUHJLRQDO
3DtV
(PLVLRQHV
W&2H086'
*X\DQDD
%ROLYLD(VWDGR3OXULQDFLRQDOGH
7ULQLGDG\7REDJRD
8UXJXD\
3DUDJXD\D
6XULQDPD
&XED
1LFDUDJXDD
9HQH]XHOD5HS~EOLFD%ROLYDULDQDGH
$UJHQWLQD
+DLWtD
5DQNLQJ
PXQGLDO
+RQGXUDV
%UDVLO
-DPDLFDD
%HOLFHD
&RORPELD
*XDWHPDOD
0p[LFR
(FXDGRU
5HS~EOLFD'RPLQLFDQDD
3HU~
&KLOH
%DKDPDVD
*UDQDGDD
3DQDPiD
$QWLJXD\%DUEXGDD
6DQ9LFHQWH\ODV*UDQDGLQDV
(O6DOYDGRUD
'RPLQLFDD
6DQWD/XFtDD
6DQ&ULVWyEDO\1HYLVD
%DUEDGRV
&RVWD5LFDD
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QVWLWXWR GH ORV 5HFXUVRV 0XQGLDOHV :5, &OLPDWH $QDO\VLV
,QGLFDWRUV7RRO&$,79HUVLRQZZZFDLWZULRUJFRQVXOWDGRHOGHRFWXEUHGH
D
1RLQFOX\HODVHPLVLRQHVGH+)&3)&\6)
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$QH[R
$QiOLVLVGHWDOODGRGHOFRQWHQLGRGHORVLQYHQWDULRV
(OFXDGUR$HQWUHJDLQIRUPDFLyQUHVXPLGDVREUHORVVHFWRUHVFDWHJRUtDVVXEFDWHJRUtDV\JDVHVGH
HIHFWR LQYHUQDGHUR FRQVLGHUDGRV SRU HO ,3&& \ TXH VRQ DQDOL]DGRV HQ ORV LQYHQWDULRV GH
HPLVLRQHVGH*(,GH&KLOH(O6DOYDGRU0p[LFR\8UXJXD\
&8$'52$
*$6(6'(()(&72,19(51$'(52&216,'(5$'26(1/26,19(17$5,26
&/$6,),&$'263256(&725<&$7(*25$
)XHQWH(ODERUDFLyQSURSLD
$&KLOH
3DUDHOFDVRGH&KLOHVHDQDOL]yHOFRQWHQLGRGHGRVLQIRUPHVFRPSOHPHQWDULRV\GLVWLQWRVGHPDQHUD
GHFRQRFHUODVHPLVLRQHVGHOSDtVHQWRGRVORVVHFWRUHVGHILQLGRVSRUHO,3&&
8QLQIRUPHHVHO,QYHQWDULRGH*(,GH32&+GHOTXHUHDOL]DODVHVWLPDFLRQHVGHOSDtV
SDUDORVVHFWRUHV(QHUJtD3URFHVRV,QGXVWULDOHV\8VRGH6ROYHQWHV(ORWURLQIRUPHHVHO,QYHQWDULR
*(,SDUD&KLOHHQORVVHFWRUHV$JULFXOWXUD86&866\5HVLGXRV$QWUySLFRVGHOGHO,QVWLWXWRGH
,QYHVWLJDFLRQHV$JURSHFXDULDV,1,$TXHHVWLPDORV*(,GHHVRVVHFWRUHV
/DLQIRUPDFLyQVHSUHVHQWDGHVDJUHJDGDSRUUHJLyQDGPLQLVWUDWLYD\DJUXSDGDHQWUHVPDFUR
UHJLRQHVDPELHQWDOHV1RUWH&HQWUR\6XU
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
3DUDGHWHUPLQDUODVFDWHJRUtDVFODYHGHORVVHFWRUHV$JULFXOWXUD86&866\'HVSHUGLFLRVHO
,QIRUPHGHO,1,$XWLOL]yHOLQYHQWDULRGHODxRVLJXLHQGRHOPpWRGRSRUQLYHO6HLGHQWLILFDURQODV
VLJXLHQWHVFDWHJRUtDVFODYHV
x )HUPHQWDFLyQHQWpULFD
x 0DQHMRGHOHVWLpUFROWDQWRSRUPHWDQRFRPRSRUy[LGRQLWURVR
x 6XHORVDJUtFRODVSDUDHPLVLRQHVGLUHFWDVHLQGLUHFWDV
x 5HVLGXRVVyOLGRVGRPLFLOLDULRV\
x 6XHORVIRUHVWDOHV\SODQWDFLRQHVIRUHVWDOHV
6HFWRU(QHUJtD
(O,QIRUPH32&+GHOGRFXPHQWRDQDOL]DGRTXHFRQWLHQHODVHVWLPDFLRQHVSDUD&KLOHGH
HVWH VHFWRU \ GH ORV VHFWRUHV 3URFHVRV ,QGXVWULDOHV \ 8VR GH 6ROYHQWHV SUHVHQWD HVWLPDFLRQHV GH ODV
HPLVLRQHVWRWDOHVGHO6HFWRU(QHUJtDSDUD&KLOHSDUDWRGRHOSHUtRGRFRPSUHQGLGRHQWUHORVDxRV
\XWLOL]DQGRWDQWRHOPpWRGRSRUFDWHJRUtDVGHIXHQWHWDPELpQOODPDGRGHXVRVILQDOHVFRPRGH
UHIHUHQFLD WDPELpQ OODPDGR GH FRQVXPRV DSDUHQWHV $ SDUWLU GH ORV GDWRV H[SXHVWRV HV SRVLEOH
FRPSDUDUORVUHVXOWDGRVREWHQLGRVSDUDXQPLVPRDxRFRQORVGRVPpWRGRVXWLOL]DGRV
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
(O ,QIRUPH 32&+ GHVDJUHJD ODV HPLVLRQHV GHO 6HFWRU (QHUJtD XWLOL]DQGR ODV VLJXLHQWHV
FDWHJRUtDV SDUD OD TXHPD GH FRPEXVWLEOHV ,QGXVWULD GH OD (QHUJtD ,QGXVWULD 0DQXIDFWXUHUD \ GH OD
&RQVWUXFFLyQ7UDQVSRUWH3~EOLFR5HVLGHQFLDO&RPHUFLDO\3HVFD/DVFDWHJRUtDVVHDMXVWDQELHQDODV
HVWDEOHFLGDV SRU HO ,3&& SDUD HO VHFWRU FRQ OD GLIHUHQFLD TXH 32&+ DJUXSD D
&RPHUFLDO,QVWLWXFLRQDO FRQ 5HVLGHQFLDO GHQWUR GH XQD PLVPD FDWHJRUtD 3RU RWUR ODGR OD FDWHJRUtD
3HVFD GH 32&+ VRODPHQWH UHSUHVHQWD ODV HPLVLRQHV SRU FRPEXVWLyQ GH HVD DFWLYLGDG GHQWUR GH OD
FDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFDGHILQLGRSRUHO,3&&
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVHO,QIRUPH32&+XWLOL]DWRGDVODVFDWHJRUtDVSURSXHVWDV
SRU HO ,3&& ([WUDFFLyQ \ PDQLSXODFLyQ GHO FDUEyQ $FWLYLGDGHV GHO SHWUyOHR \ JDV QDWXUDO \
(PLVLRQHVGHSUHFXUVRUHVGHOR]RQR\GH62HQODUHILQDFLyQGHOSHWUyOHR3DUDWRGDVHVWDVFDWHJRUtDV
KDFHODVHVWLPDFLRQHVSDUD&KLOHSDUDHOSHUtRGR(O,QIRUPHLQFRUSRUDORVGDWRVXWLOL]DGRV
HQ FXDQWR D SURGXFFLyQ GH FDUEyQ HQ HO SDtV GXUDQWH WRGR HO SHUtRGR GH DQiOLVLV WDQWR HQ PLQHUtD
DELHUWDFRPRHQPLQHUtDFHUUDGD
x 3DUWLGDVLQIRUPDWLYDV
(O ,QIRUPH QR LQFOX\H HVWLPDFLRQHV UHODFLRQDGDV FRQ ORV %XQNHUV ,QWHUQDFLRQDOHV SDUWLGD
LQIRUPDWLYD VROLFLWDGD SRU HO ,3&& (Q FXDQWR D OD %LRPDVD HO ,QIRUPH SURSRUFLRQD ODV
HPLVLRQHVGHQWURGHODFDWHJRUtD/HxD\%LRJiVFRQYDORUHVHVWLPDGRVSDUDWRGRHOSHUtRGR
x &iOFXOR1LYHO$YLDFLyQ
1RUHDOL]DORVFiOFXORVGHQLYHOSDUDOD$YLDFLyQVHxDODGRVSRUHO,3&&
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
(Q FXDQWR D ORV*(, HVWLPDGRV32&+ HVWLPD WRGRV ORV JDVHV VHxDODGRV SRU HO ,3&&
SDUD FDGD FDWHJRUtD (O ,QIRUPH PXHVWUD H[SOtFLWDPHQWH ODV WDEODV FRQ ORV IDFWRUHV GH HPLVLyQ GH
FDUERQR XWLOL]DGRV SDUD FDGD FRPEXVWLEOH DVt FRPR ORV IDFWRUHV GH HPLVLyQ SDUD FDGD FRPEXVWLEOH
GHQWURGHODVGLVWLQWDVFDWHJRUtDV\VXEFDWHJRUtDVSDUDFDGDXQRGHORV*(,GLVWLQWRVDO&27RGRVORV
IDFWRUHV GH HPLVLyQ XWLOL]DGRV VRQ ORV GHILQLGRV HQ HO ,3&& VLQ XWLOL]DU IDFWRUHV GH HPLVLyQ
LQWHUQRVGDGDODLQH[LVWHQFLDGHHVWRVSDUDHO6HFWRU(QHUJtDHQHOSDtV(O,QIRUPHWDPELpQPXHVWUD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
XQDWDEODFRQORVSRGHUHVFDORUtILFRVHVSHFtILFRVSDUDORVFRPEXVWLEOHVGH&KLOHGDWRVXWLOL]DGRVSDUD
ORVFiOFXORV\TXHVHREWXYLHURQGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGHOSDtV
(O,QIRUPHPXHVWUDFRQGHWDOOHORVPpWRGRV\IyUPXODVXWLOL]DGRVSDUDORVFiOFXORVGHORV*(,
GLVWLQWRV DO &2 GLVWLQJXLHQGR HO FDVR SDUWLFXODU GH OD HVWLPDFLyQ GH ODV HPLVLRQHV GH 62 GRQGH VH
LQFRUSRUDXQDWDEODFRQORVFRQWHQLGRVGHD]XIUHHQFDGDFRPEXVWLEOHHQ&KLOHSDUDFDGDDxRGHODQiOLVLV
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
6H SUHVHQWDQ HQ HO ,QIRUPH ODV HPLVLRQHV SDUD FDGD WLSR GH*(, SDUD FDGD FDWHJRUtD \ SDUD
FDGDDxRDJUXSDGRVHQWDEODVXQDSRUFDGD*(,GRQGHVHGHVDJUHJDQSDUDFDGDFDWHJRUtD\DxR6LQ
HPEDUJRHO,QIRUPHFDUHFHGHXQDWDEODTXHVXPHODVHPLVLRQHVGHWRGRVORV*(,H[SUHVDGRFRPR
&2HSDUDFDGDFDWHJRUtD\SDUDWRGRHO6HFWRU(QHUJtD6HUHFRPLHQGDWDPELpQDJUHJDUXQDWDEODTXH
PXHVWUHODFRQWULEXFLyQWRWDOGHFDGD*(,GHQWURGHOVHFWRU
x &RPEXVWLEOHV
(QFXDQWRDODFDQWLGDG\WLSRGHFRPEXVWLEOHVXWLOL]DGRVSDUDORVFiOFXORVHO,QIRUPHFDUHFH
GHHVWDLQIRUPDFLyQUHPLWLpQGRVHDVHxDODUTXHKDXWLOL]DGRODVFDQWLGDGHVSXEOLFDGDVGHFDGDDxRSRU
OD&RPLVLyQ1DFLRQDOGH(QHUJtDGHOSDtV
&RQVXPRVHQHUJpWLFRV
(O,QIRUPHSUHVHQWDXQDWDEODFRQORVFRQVXPRVHQHUJpWLFRVGHFDGDXQDGHODVFDWHJRUtDVFRQ
ODVTXHVHWUDEDMDSDUDWRGRHOSHUtRGRDQDOL]DGR6LQHPEDUJRQRVHHVSHFLILFDFyPRVHREWXYLHURQORV
YDORUHV SUHVHQWDGRV QL TXp SURGXFWRV HQHUJpWLFRV UHSUHVHQWDQ FRPEXVWLEOHV \ HOHFWULFLGDG R
VRODPHQWHFRPEXVWLEOHV
6HFWRU3URFHVRV,QGXVWULDOHV
/DPHWRGRORJtDXWLOL]DGDSDUDHVWLPDUODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR*(,HQ
HVWH VHFWRU VH EDVD HQ ODV GLUHFWULFHV VHxDODGDV SRU HO ,3&& \ VRQ GH QLYHO (O SHUtRGR GH
WLHPSR DQDOL]DGR FRPSUHQGH ORV DxRV HQWUH \ 3DUD GHWHUPLQDU ODV HPLVLRQHV GH *(, VH
XWLOL]yORVIDFWRUHVGHHPLVLyQSRUGHIHFWRHQWUHJDGRVSRUHO,3&&
(OGRFXPHQWRHQWUHJDXQDQiOLVLVGHODHYROXFLyQGHODVHPLVLRQHVGHFDGDJDVSDUDHOSHUtRGR
FRQ UHVSHFWR DO SURFHVR LQGXVWULDO DVRFLDGR /DV FDWHJRUtDV VXEFDWHJRUtDV \ ORV JDVHV
HVWLPDGRV HQ FDGDXQD GHHOODV VH GDQ DFRQRFHU HQ GHWDOOH HQ HO &XDGUR $ /DV FDWHJRUtDV \ VXE
FDWHJRUtDVTXHQRIXHURQFRQVLGHUDGDVVHGHEHDODIDOWDGHLQIRUPDFLyQRGHSURGXFFLyQHQ&KLOHRD
ODFDUHQFLDGHIDFWRUHVGHHPLVLyQGHO,3&&(QHOLQIRUPHQRVHHVSHFLILFDQODVVXEFDWHJRUtDVGHOD
FDWHJRUtD &RQVXPR GH KDORFDUERQRV \ KH[DIOXRUXUR GH D]XIUH \ HQ HVWH FDVR ORV UHVXOWDGRV VRQ
HQWUHJDGRVHQJUiILFRV\QRHQWDEODV
6HFWRU8VRGH6ROYHQWHV\2WURV3URGXFWRV
/DPHWRGRORJtDXWLOL]DGDSDUDHVWLPDUODVHPLVLRQHVGHORVFRPSXHVWRVRUJiQLFRVYROiWLOHVQR
PHWiQLFRV&29'0HQHVWHVHFWRUVHEDVDHQHOHVWXGLR$FWXDOL]DFLyQGHOLQYHQWDULRGHHPLVLRQHV
GH OD 5HJLyQ 0HWURSROLWDQD UHDOL]DGR SRU &(10$ HQ \D TXH HO ,3&& QR GHVDUUROOD
PHWRGRORJtDV SDUD HVWLPDU ODV HPLVLRQHV GH *(, GH HVWH VHFWRU /DV FDWHJRUtDV \ VXEFDWHJRUtDV
GHILQLGDVVHPXHVWUDQHQHO&XDGUR$
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
*(,(67,0$'26(1(/6(&725352&(626,1'8675,$/(6&+,/(
Categoras
Productos minerales
Industria qumica
Produccin de metales
Subcategoras
Produccin de cemento
Produccin de cal
Uso de piedra caliza y dolomita
Produccin y uso de carbonato de sodio
Impermeabilizantes asfaltados
Pavimentacin con asfalto
Vidrio
Produccin de amonio
Produccin de cido ntrico
Produccin de cido adpico
Produccin de carburos
Otros
Etileno
Metanol
cido sulfrico
Formaldehdo
Anhdrido ftlico
Polipropileno
Poliestireno expandible
Polieteno baja densidad
Produccin de hierro y acero
Produccin de cobre
Produccin de oro, plomo, plata, zinc
Produccin de Molibdeno
Pulpa y papel
Alimentos y bebidas
Produccin de
Emisiones como residuos o subproductos
Halocarburos y
Emisiones fugitivas
Consumo de
Equipos de refrigeracin y aire acondicionado
Espumas
halocarbonos y
hexafluoruro de
Extinguidores
azufre
Aerosoles
Solventes
Equipos elctricos e interruptores automticos
Gases
CO2, S2O
CO2
CO2
SO2, NOx, CO, COVNM
COVNM
N2O, NOx
COVNM, CH4
CH4
SO2
COVNM
COVNM
COVNM
COVNM
COVNM
CO2, SO2, Nox, CO, COVNM
SO2
)XHQWH(ODERUDFLyQSURSLD
&8$'52$
&$7(*25$6<68%&$7(*25$6'(/,19(17$5,2'(*(,'(/
6(&725862'(62/9(17(6<27526352'8&726
&DWHJRUtD
6XEFDWHJRUtDV
8VRGHSLQWXUDV
8VRLQGXVWULDO
8VRUHVLGHQFLDO
3LQWDGRGHDXWRV
8VRGHDGKHVLYRV
3HJDPHQWRV
$GKHVLYRV
8VRGHVROYHQWHV
GRPpVWLFRV
/tTXLGRVSDUDOLPSLDU\GHVPDQFKDGRUHV
&HUDSDUDSLVRV
'HVRGRUDQWHVDPELHQWDOHV\SHUVRQDOHV
,QVHFWLFLGDV
)XPLJDQWHV\GHVLQIHFWDQWHV
)DEULFDFLyQGHSLQWXUDV
%DVHGHDJXD
%DVHGHDFHLWH
)XHQWH(ODERUDFLyQSURSLD
/RVUHVXOWDGRVGHODVHPLVLRQHVGH&29'0\ODPHWRGRORJtDXWLOL]DGDVHH[SRQHQGHIRUPD
FODUD \ GHWDOODGD PHGLDQWH WDEODV HQ HO GRFXPHQWR ,QYHQWDULR 1DFLRQDO GH *DVHV GH (IHFWR
,QYHUQDGHURUHDOL]DGRSRU32&+
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
6HFWRU$JULFXOWXUD
(QHVWHVHFWRUVHXWLOL]DURQODVPHWRGRORJtDVSURSXHVWDVSRUHO,3&&HQFRQMXQWRFRQOD
RULHQWDFLyQGHEXHQDVSUiFWLFDVGHO,3&&6HDSOLFyXQPpWRGRGHQLYHOSDUDORVERYLQRV
OHFKHURV \ QR OHFKHURV GH ODV FDWHJRUtDV )HUPHQWDFLyQ HQWpULFD \ 0DQHMR GHO HVWLpUFRO \ SDUD ORV
SRUFLQRV GH OD FDWHJRUtD 0DQHMR GHO HVWLpUFRO /DV HPLVLRQHV GH *(, GHO UHVWR GH ODV FDWHJRUtDV VH
HVWLPRGHDFXHUGRDOPpWRGRGHQLYHO
&RPRDFWLYLGDGHVSUHYLDVDODUHDOL]DFLyQGHOLQYHQWDULRVHGHWHUPLQyHOEDODQFHGHPDVDVGHORV
UHVLGXRVGHFXOWLYRVDQXDOHVGHORVUHVLGXRVGHKXHUWRVIUXWDOHVFDGXFLIROLRV\GHOHVWLpUFRODQLPDO(VWRFRQ
HOREMHWLYRGHHYLWDUODVREUHRVXEHVWLPDFLyQGHODVHPLVLRQHVGH*(,\GLVPLQXLUODLQFHUWLGXPEUH
/DLQIRUPDFLyQHQWUHJDGDSDUDODVFDWHJRUtDV)HUPHQWDFLyQHQWpULFD\0DQHMRGHOHVWLpUFROVH
HQFXHQWUD GHVDJUHJDGD SRU HVSHFLH (Q HVWH LQIRUPH VH SUHVHQWD XQD FDUDFWHUL]DFLyQ PLQXFLRVD GHO
JDQDGR ERYLQR \ SRUFLQR 6H GHWHUPLQy OD HQHUJtD EUXWD GHO JDQDGR ERYLQR OHFKHUR \ QR OHFKHUR
HVSHFtILFRSDUDODFDWHJRUtD)HUPHQWDFLyQHQWpULFD\ODHQHUJtDEUXWDSDUDHOJDQDGRERYLQR\SRUFLQR
GHQWUR GH OD FDWHJRUtD 0DQHMR GHO HVWLpUFRO &DGD XQD GH HOODVGHDFXHUGR DORVVLVWHPDV GH PDQHMR
UHVSHFWLYRV7DPELpQVHGHWHUPLQyHOIDFWRUGHFRQYHUVLyQGHPHWDQRSDUDHVWLPDUODVHPLVLRQHVGHO
JDVGHULYDGDVGHOPDQHMRGHOHVWLpUFRO
(O ,QIRUPH ,1,$ HQWUHJD GDWRV GH DFWLYLGDG SDUD FDUDFWHUL]DU ODV HPLVLRQHV GH ODV
FDWHJRUtDV&XOWLYRGHODUUR]6XHORVDJUtFRODV\5HVLGXRVDJUtFRODV(VWRVGDWRVLQFOX\HQODVXSHUILFLH
GHFXOWLYRVDQXDOHVGHSODQWDFLRQHVIUXWDOHVGHFXOWLYRVILMDGRUHVGHQLWUyJHQR\GHKRUWDOL]DV
/RVIDFWRUHV GHHPLVLyQ XWLOL]DGRV SDUD ODHVWLPDFLyQ GH ODV HPLVLRQHV GH*(, SURGXFWR GHO
FXOWLYRGHODUUR]VXHORVDJUtFRODV\TXHPDGHUHVLGXRVDJUtFRODVVRQSRUGHIHFWR,3&&
$ FRQWLQXDFLyQ VH GDQ D FRQRFHU ORV GDWRV HVWDGtVWLFRV SRU DFWLYLGDG GHVDUUROODGRV HQ HO
LQYHQWDULR\TXHUHSUHVHQWDQXQDDFWXDOL]DFLyQGHORVGDWRVREWHQLGRVGHORVLQYHQWDULRVDQWHULRUHV
x (VWLPDFLyQGHODSREODFLyQDQXDOGHORVDQLPDOHVEtSHGRV\FXDGU~SHGRVVHULHWHPSRUDO
x $FWXDOL]DFLyQGHODVXSHUILFLHGHOFXOWLYRGHDUUR]GHOSHULRGR
x $FWXDOL]DFLyQGHOFRQVXPRGHIHUWLOL]DQWHVQLWURJHQDGRVVLQWpWLFRVSHUtRGR
x 6XSHUILFLHWRWDOSRUJUXSRGHFXOWLYRVVHJ~QUHJLyQSDUDHODxR
/RV UHVXOWDGRV REWHQLGRV HQ ORV LQYHQWDULRV VH GDQ D FRQRFHU SRU HO LQIRUPH ,1,$
PHGLDQWHJUiILFRVSDUDWRGDVODVFDWHJRUtDVDQDOL]DGDV
6HFWRU8VRGH6XHOR&DPELRGHO8VRGHO6XHOR\6LOYLFXOWXUD
(Q HVWH VHFWRU VH XWLOL]y ODV PHWRGRORJtDV SURSXHVWDV SRU OD2ULHQWDFLyQ GHO ,3&& VREUH ODV
EXHQDVSUiFWLFDVSDUD87&876,3&&pVWDPHWRGRORJtDGHVDJUHJDHOVHFWRUSRUFDWHJRUtDVGH
XVR GH VXHOR ODV FXDOHV QR FRLQFLGHQ FRQ ODV FDWHJRUtDV GHILQLGDV SRU HO ,3&& 6H XWLOL]D HO
PpWRGRGHQLYHOSDUDODVXEFDWHJRUtD6XHORVIRUHVWDOHVTXHSHUPDQHFHQFRPRVXHORVIRUHVWDOHVGHOD
FDWHJRUtD6XHORVIRUHVWDOHV\SDUDHOUHVWRGHODVFDWHJRUtDVVHXWLOL]yHOPpWRGRGHQLYHO(O&XDGUR
$GDDFRQRFHUODVFDWHJRUtDVGHXVRGHVXHORVXEFDWHJRUtDV\JDVHVDQDOL]DGRVHQHVWHLQYHQWDULR
&DGDVXEFDWHJRUtDHVGLYLGLGDHQGLVWLQWRVtWHPVTXHVRQGHILQLGRVHQHO&XDGUR$
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&$7(*25$668%&$7(*25$6<*$6(6$1$/,=$'263$5$
(/6(&72586&866&+,/(
Categoras
Subcategoras
Suelos forestales que permanecen como suelos forestales
Suelos forestales
Suelos de otros usos que pasan a suelos forestales
Praderas y matorrales que permanecen como praderas y matorrales
Praderas y matorrales
Suelos de otros usos que pasan a praderas y matorrales
Suelos agrcolas que permanecen como suellos agrcolas
Suelos agrcolas
Suelos de otros usos que pasan a suelos agrcolas
Suelos urbanos que permanecen como suelos urbanos
Suelos urbanos
Suelos de otros usos que pasan a suelos urbanos
Humedales que permanecen como humedales
Humedales
Suelos de otros usos que pasan a humedales
Suelos desnudos que permanecen como suelos desnudos
Suelos desnudos
Suelos de otros usos que pasan a suelos desnudos
Gases
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
CO2, CH4, N2O, CO y Nox
)XHQWH(ODERUDFLyQSURSLD
&8$'52$
&$7(*25$6<68%&$7(*25$6'(/6(&72586&866&216,'(5$'$6
325&+,/(6(*1,3&&
Categoras
Subcategoras
Suelos forestales
Abandono
Forestacin
Suelos agrcolas
Suelos urbanos
Humedales
Suelos desnudos
)XHQWH(ODERUDFLyQSURSLD
3UHYLDPHQWH D OD UHDOL]DFLyQ GHO LQYHQWDULR VH GHWHUPLQy HO EDODQFHGH PDVD GH OD ELRPDVD
IRUHVWDO&DEHGHVWDFDUTXHHOLQYHQWDULRVyORFRQVLGHUDFRPRELRPDVDYLYDODELRPDVDDpUHD\DTXH
QRVHFXHQWDFRQODLQIRUPDFLyQQHFHVDULDSDUDFDUDFWHUL]DUODELRPDVDVXEWHUUiQHD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(O HVWXGLR FRQVLGHUD ORV VLJXLHQWHV GDWRV HVWDGtVWLFRV SRU DFWLYLGDG SDUD OD VHULH WHPSRUDO
x 6XSHUILFLHWRWDOSRUFDWHJRUtDGHXVRGHVXHORKD
x 'DWRV DFWXDOL]DGRV GHO FDPELR HQ HO XVR GHO VXHOR SDUD ODV UHJLRQHV 9 ;,,, 9, 9,,,
;,9; \ ;,, KD SDUD HO SHUtRGR HQ VXHORVIRUHVWDOHV QDWLYRVSODQWDFLRQHV
IRUHVWDOHV SUDGHUDV \ PDWRUUDOHV VXHORV DJUtFRODV VXHORV XUEDQRV KXPHGDOHV \ VXHORV
GHVQXGRV
x 9ROXPHQP\VXSHUILFLHGHERVTXHQDWLYRSRUUHJLyQDGPLQLVWUDWLYD
x 7DVDGHLQFUHPHQWRDQXDOGHODELRPDVDDpUHDFRPHUFLDOGHERVTXHQDWLYR\SODQWDFLRQHV
IRUHVWDOHVWRQPVKDDxR
x %LRPDVDDpUHDFRPHUFLDODFXPXODGDDODFRVHFKDWRQPVKD
x )UDFFLyQGHFDUERQR\UHODFLyQ&1GHODELRPDVDIDFWRUHVGHUHVLGXRVGHSODQWDFLRQHV
IRUHVWDOHV\ERVTXHQDWLYRPDQHMDGR\IDFWRUGHR[LGDFLyQSRUFRPEXVWLyQGHODELRPDVD
/RVUHVXOWDGRVREWHQLGRVHQODVHPLVLRQHVGH*(,VRQH[SXHVWRVSRUHOLQIRUPH,1,$
SDUD HVWH VHFWRU D QLYHO GH FDWHJRUtD \ VXEFDWHJRUtD FRPR YDORUHV GH &2H \ SULQFLSDOPHQWH HQ
IRUPDWRGHJUiILFRVSDUDWRGRHOSHULRGRDQDOL]DGR
6HFWRU'HVSHUGLFLRV
/DV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR VRQ DQDOL]DGDV PHGLDQWH PpWRGRV GH QLYHO
XWLOL]DQGRODVPHWRGRORJtDVH[SXHVWDVSRUHO,3&&\ORVFRPSOHPHQWRVSURSXHVWRVSRUHO,3&&
&RPRDFWLYLGDGSUHYLDDODUHDOL]DFLyQGHOLQYHQWDULRVHGHWHUPLQyHOEDODQFHGHPDVDGHODV
DJXDVVHUYLGDV
(OHVWXGLRSUHVHQWDORVVLJXLHQWHVGDWRVGHDFWLYLGDGGHQWURGHOVHFWRU
x (VWLPDFLyQGHODSREODFLyQXUEDQD
x (VWLPDFLyQGHOD'%2GHODSREODFLyQXUEDQDNJSHUVRQDGtD
x 'HWHUPLQDFLyQGHOFDXGDOGHDJXDVVHUYLGDVHQDOFDQWDULOODGRVPDxR
x &REHUWXUDGHSREODFLyQXUEDQDVDQHDGDSRUWUDWDPLHQWRVGHDJXDVVHUYLGDVSHUtRGR
x &DXGDOGHDJXDVVHUYLGDVWUDWDGDVSHULRGR
x &DXGDOGH5,/(6WUDWDGRVDxR
x '42GHORGRVLQGXVWULDOHV\
x 0DVDGHUHVLGXRVKRVSLWDODULRVLQFLQHUDGRVHQHOVHFWRUSULYDGR\KRVSLWDOHVDxR
x $FWXDOL]DFLyQGHODPDVDGHFDGiYHUHV\UHVWRVKXPDQRVLQFLQHUDGRVHQORVFHPHQWHULRV
SHULRGR
x (VWLPDFLyQGHOPHWDQRUHFXSHUDGRHQORVGHSyVLWRVILQDOHVGH568
x 3RUFHQWDMHGHOFRPSRQHQWHRUJiQLFRGHJUDGDEOH&2'
(VWDLQIRUPDFLyQVLELHQHVLPSRUWDQWHQRHVFRKHUHQWHFRQODVXSHUILFLHWRWDOGHOSDtV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x (VWLPDFLyQGHOIDFWRUGHFRUUHFFLyQGHOPHWDQRSRUUHJLyQ\WLSRGHGLVSRVLFLyQILQDOGH
568
(O LQIRUPH ,1,$ GD D FRQRFHU ORV UHVXOWDGRV GH ODV HPLVLRQHV GH *(, GH HVWH VHFWRU
PHGLDQWHJUiILFRVTXHUHSUHVHQWDQDWRGRHOSHUtRGR
(O6DOYDGRU
(O 6DOYDGRU SRVHH LQYHQWDULRV GH *(, SDUD ORV DxRV \ GHVDUUROODGRV HQ GRV
GRFXPHQWRV GLVWLQWRV \ HQ GLVWLQWDV IHFKDV /DV HVWLPDFLRQHV GH *(, SDUD HO DxR VH GLHURQ D
FRQRFHU HQ OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO PLHQWUDV TXH ODV HVWLPDFLRQHV SDUD HO DxR
IXHURQ SXEOLFDGRV FRPR SDUWH GHO SUR\HFWR GH OD 6HJXQGD &RPXQLFDFLyQ 1DFLRQDO GH FDPELR
FOLPiWLFR GHO SDtV (O GRFXPHQWR PiV UHFLHQWH TXH HVWLPD ODV HPLVLRQHV GHO DxR FRQVWLWX\H
XQD PHMRUD HQ FXDQWR D FDOLGDG \ FDQWLGDG GH GDWRV HQ UHODFLyQ DO LQYHQWDULR GH /DV
PHWRGRORJtDVXWLOL]DGDVHQDPERVFDVRVFRUUHVSRQGHQDODVGHO,3&&MXQWRFRQODV'LUHFWULFHV
GHO ,3&& SDUD ODV HPLVLRQHV GH *(, GH ORV VHFWRUHV $JULFXOWXUD \ 86&866 SDUD HO FDVR GHO
LQYHQWDULRGHODxR/RVJDVHVGHHIHFWRLQYHUQDGHURORVVHFWRUHV\ODVFDWHJRUtDVFRQVLGHUDGDVHQ
HO LQYHQWDULR GHO DxR VH GDQ D FRQRFHU HQ HO &XDGUR /DV HPLVLRQHV GH JDVHV VRQ
FRQWDELOL]DGDVSRUVHFWRUFDWHJRUtD\WLSRGHJDVHQ*JHQDPERVLQYHQWDULRV
6HFWRU(QHUJtD
3DUD HO 6HFWRU (QHUJtD DVt FRPR SDUD WRGRV ORV VHFWRUHV VH KD FRQVLGHUDGR HYDOXDU ORV GRV
GRFXPHQWRVVHxDODGRV&RPRVHPHQFLRQyOD3ULPHUD&RPXQLFDFLyQ1DFLRQDOHVWLPDODVHPLVLRQHV
GHO DxR PLHQWUDV TXHHO LQYHQWDULR UHDOL]DGRSDUDOD6HJXQGD&RPXQLFDFLyQ1DFLRQDO OR KDFH
SDUDHODxR(QDPERVFDVRVVHHVWLPDQODVHPLVLRQHVGHO6HFWRU(QHUJtDWDQWRFRQHOPpWRGRSRU
FDWHJRUtDVGHIXHQWHFRPRGHFRQVXPRVDSDUHQWHV$SDUWLUGHORVGDWRVH[SXHVWRVHVSRVLEOHFRPSDUDU
ORVUHVXOWDGRVREWHQLGRVSDUDXQPLVPRDxRFRQORVGRVPpWRGRVXWLOL]DGRV
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
/D3ULPHUD&RPXQLFDFLyQ1DFLRQDOGHVDJUHJDODVHPLVLRQHVGHO6HFWRU(QHUJtDXWLOL]DQGRODV
VLJXLHQWHVFDWHJRUtDVSDUDODTXHPDGHFRPEXVWLEOHV,QGXVWULDGHOD(QHUJtD,QGXVWULD0DQXIDFWXUHUD
\ GH OD &RQVWUXFFLyQ 7UDQVSRUWH \ &RPHUFLDO5HVLGHQFLDO 1R HVWi SUHVHQWH OD FDWHJRUtD
$JULFXOWXUD6LOYLFXOWXUD3HVFD3RURWURODGRQRVHVDEHVLVHKDQLQFOXLGRODVHPLVLRQHVSURSLDVGHOD
VXEFDWHJRUtD,QVWLWXFLRQDOGHQWURGHODFDWHJRUtD&RPHUFLDO5HVLGHQFLDO
(QFXDQWRDOLQYHQWDULRGHODxRODVFDWHJRUtDVLQFOXLGDVSDUDODTXHPDGHFRPEXVWLEOHV
VRQ ,QGXVWULD GH OD (QHUJtD ,QGXVWULD 0DQXIDFWXUHUD \ GH OD &RQVWUXFFLyQ 7UDQVSRUWH
&RPHUFLDO,QVWLWXFLRQDO \ 5HVLGHQFLDO /D FDWHJRUtD 7UDQVSRUWH VH SUHVHQWD GHVDJUHJDGD D VX YH]HQ
ODVVXEFDWHJRUtDV$YLDFLyQ1DFLRQDO7UDQVSRUWHHQ&DUUHWHUDV\7UDQVSRUWH)HUURYLDULR6RODPHQWH
KDFHIDOWDODFDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFDDSDUWLUGHODVGHILQLGDVSRUHO,3&&
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVQLQJXQRGHORVGRVLQIRUPHVLQFOX\HHVWLPDFLRQHVWDUHD
TXHTXHGDSHQGLHQWHSDUDXQVLJXLHQWHSUR\HFWRGHLQYHQWDULRGHO6HFWRU(QHUJtDHQ(O6DOYDGRU
x 3DUWLGDVLQIRUPDWLYDV
0LQLVWHULR GH 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO 6REUH &DPELR
&OLPiWLFR5HS~EOLFDGH(O6DOYDGRU
0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV,QYHQWDULR1DFLRQDOGH*DVHVGH(IHFWR,QYHUQDGHUR
(O6DOYDGRU$xR3UR\HFWR6HJXQGD&RPXQLFDFLyQ1DFLRQDOGH&DPELR&OLPiWLFR
'LUHFWULFHVGHO,3&&GHSDUDORVLQYHQWDULRVQDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$PERVLQIRUPHVQRLQFOX\HQHVWLPDFLRQHVUHODFLRQDGDVFRQOD%LRPDVDSDUWLGDLQIRUPDWLYD
VROLFLWDGD SRU HO ,3&& (Q FXDQWR D ORV %XQNHUV ,QWHUQDFLRQDOHV HO LQYHQWDULR GHO DxR
LQFOX\HHOWRWDOGHFRPEXVWLEOHXWLOL]DGRH[SUHVDGRHQWpUPLQRVGHHQHUJtD7-SHURQRGHHPLVLRQHV
GLIHUHQFLiQGROR HQ WUDQVSRUWH PDUtWLPR \ DpUHR 1R VH VHxDOD QL ODV FDQWLGDGHV QL ORV WLSRV GH
FRPEXVWLEOH XWLOL]DGRV HQ HO EDODQFH HQHUJpWLFR /D 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO QR LQFRUSRUD
LQIRUPDFLyQUHODWLYDDORV%XQNHUV,QWHUQDFLRQDOHV
x &iOFXOR1LYHO$YLDFLyQ
1LQJXQRGHORVGRVLQIRUPHVUHDOL]DORVFiOFXORVGHQLYHOSDUDOD$YLDFLyQVHxDODGRVSRUHO
,3&&
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
(O LQYHQWDULR GHO DxR FRQVWLWX\H XQD PHMRUD VXVWDQFLDO HQ FXDQWR D FDQWLGDG GH
LQIRUPDFLyQ HQ UHODFLyQ D OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO (O LQYHQWDULR GHO DGHPiV GH
HVWLPDUORVJDVHV&2&+\12SDUDFDGDFDWHJRUtDDJUHJDODHVWLPDFLyQGHORV*(,SUHFXUVRUHV
GHOR]RQROD3ULPHUD&RPXQLFDFLyQ1DFLRQDOHQWUHJDYDORUHVSDUDORVSUHFXUVRUHVGHOR]RQRDQLYHO
WRWDO GHO VHFWRU SHUR QR ORV SUHVHQWD GHVDJUHJDGRV SRU FDWHJRUtDV 3RU RWUR ODGR OD 3ULPHUD
&RPXQLFDFLyQ1DFLRQDOQRHVFRQVLVWHQWHFRQHOQLYHOGHGHWDOOHFRQTXHSUHVHQWDODVHPLVLRQHVGHORV
GLVWLQWRV*(,3DUDORVJDVHV&2\&+LQFRUSRUDLQIRUPDFLyQGHVDJUHJDGDSRUFDWHJRUtDVQRDVtFRQ
HO12TXHORSUHVHQWDVRODPHQWHDQLYHOWRWDOGHOVHFWRU
1LQJXQRGHORVGRVLQIRUPHVHVWLPDODVHPLVLRQHVGH62HQQLQJXQDFDWHJRUtD
(Q FXDQWR D ORV GDWRV GH HPLVLRQHV SUHVHQWDGRV OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO QR
SUHVHQWDHOWRWDOGHHPLVLRQHVGH&2HGHQWURGHFDGDFDWHJRUtDVLHQGRQHFHVDULRSRUSDUWHGHOOHFWRU
VXPDUODVHPLVLRQHVGHFDGD*(,/RPLVPRRFXUUHDQLYHOWRWDOGHOVHFWRU/ODPDODDWHQFLyQHOGDWR
H[SXHVWR HQ WpUPLQRV GH &2H SDUD HO &+ \ 12 GHQWUR GH FDGD FDWHJRUtD \D TXH VH REWXYLHURQ
XWLOL]DQGRVXV3&*SDUDHOSOD]RGHDxRV\QRGHDxRVFRPRHVGHXVRFRQYHQFLRQDOHQWRGRV
ORVLQYHQWDULRVDQLYHOLQWHUQDFLRQDO
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
/RVIDFWRUHVGHHPLVLyQXWLOL]DGRVHQDPERVLQIRUPHVFRUUHVSRQGHQDORVGHO,3&&/D
3ULPHUD&RPXQLFDFLyQ1DFLRQDOQRLQFRUSRUDLQIRUPDFLyQDFHUFDGHORVSRGHUHVFDORUtILFRVXWLOL]DGRV
HQORVFRPEXVWLEOHVDGLIHUHQFLDGHOLQYHQWDULRGHODxRTXHVtORKDFH
x &RPEXVWLEOHV\FRQVXPRVHQHUJpWLFRV
/D3ULPHUD&RPXQLFDFLyQ1DFLRQDOFRQWLHQHHOFRQVXPRGHHQHUJtDSULPDULDDQLYHOQDFLRQDO
GHVDJUHJDGR SRU IXHQWH OD JHQHUDFLyQ GH HOHFWULFLGDG VHJ~Q WLSR IXHQWH \ HO FRQVXPR GH HQHUJtD
VHFXQGDULDDQLYHOQDFLRQDOWDPELpQGHVDJUHJDGRSRUWLSRGHIXHQWH(VWDLQIRUPDFLyQHVWiFRQWHQLGD
HQ XQ FDStWXOR SUHYLR DO GHO LQYHQWDULR GH *(, 3RU RWUR ODGR OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO
PXHVWUDORVFRPEXVWLEOHVFRQVXPLGRVDQLYHOGH6HFWRU(QHUJtDWDQWRSRUHQIRTXHGHUHIHUHQFLDFRPR
GH FDWHJRUtDV GH IXHQWHV 6LQ HPEDUJR HQ HVWH ~OWLPR PpWRGR VH PXHVWUDQ ORV FRQVXPRV GH FDGD
FRPEXVWLEOHDQLYHOWRWDOGHOVHFWRUVLQGHVDJUHJDUORVSRUFDWHJRUtDV
(O LQYHQWDULR GHO DxR PHMRUD OD LQIRUPDFLyQ FRQ UHVSHFWR D OD 3ULPHUD &RPXQLFDFLyQ
1DFLRQDOFRQUHVSHFWRHOFRQVXPRHQHUJpWLFR(QHVWHLQIRUPHSDUDHOPpWRGRSRUFDWHJRUtDVGHIXHQWH
VHGHVDJUHJDQORVFRPEXVWLEOHVXWLOL]DGRVSRUFDWHJRUtDV\VHPXHVWUDQWDQWRHQWpUPLQRVHQHUJpWLFRV
FRPRHQHPLVLRQHVGH&23DUDHOFDVRGHORVJDVHVGLVWLQWRVDO&2HVWRVQRVHGHVDJUHJDQVHJ~QHO
RULJHQGHOFRPEXVWLEOHXWLOL]DGRSHURVtVHGHVDJUHJDQSRURULJHQGHFDWHJRUtD(OLQYHQWDULRGHODxR
WDPELpQPXHVWUDORVFRQVXPRVGHFDGDFRPEXVWLEOHSRUHOPpWRGRGHFRQVXPRVDSDUHQWHV
6HFWRU3URFHVRV,QGXVWULDOHV
3DUD ORV DxRV \ HQ HVWH VHFWRU VyOR VH FRQWDELOL]DQ ODV HPLVLRQHV GH &2 GH OD
FDWHJRUtD3URGXFWRVPLQHUDOHVODFXDOHVWiGHVDJUHJDGDHQWUHVVXEFDWHJRUtDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x 3URGXFFLyQGHFHPHQWR
x 3URGXFFLyQGHFDO\
x 8VRGHSLHGUDFDOL]D\GRORPLWD
/DPHWRGRORJtDXWLOL]DGDSDUDHVWLPDUODVHPLVLRQHVGHODSURGXFFLyQGHFHPHQWRHVGHQLYHO
/RVGDWRVGHDFWLYLGDGHLQIRUPDFLyQEiVLFDSDUDODHVWLPDFLyQVHREWXYLHURQDSDUWLUGH&HPHQWRGH
(O6DOYDGRU6$'HPDQHUDDOWHUQDWLYDVHXWLOL]yORVGDWRVGHDFWLYLGDGGHO%DQFR&HQWUDOGH5HVHUYD
%&5\ORVYDORUHVSRUGHIHFWRDWUDYpVGHO,3&&
/DHVWLPDFLyQGHODVHPLVLRQHVGHELGRDODSURGXFFLyQGHFDO\GHELGRDOXVRGHSLHGUDFDOL]D
\GRORPLWDVHUHDOL]yFRQXQPpWRGRGHQLYHOPHGLDQWHHOXVRGHIDFWRUHVGHHPLVLyQSRUGHIHFWR
SURSXHVWRVSRUHO,3&&
(QHVWHVHFWRUORVLQIRUPHVTXHGDQFXHQWDGHODVHPLVLRQHVGH*(,GHORVLQYHQWDULRV\
HQWUHJDQ LQIRUPDFLyQ VREUH ORV UHVXOWDGRV GH ODV HPLVLRQHV GH &2 SRU FDWHJRUtD PHGLDQWH
WDEODVSHURQRHQWUHJDQYDORUHVVREUHORVGDWRVGHDFWLYLGDGXWLOL]DGRV
6HFWRU8VRGH6ROYHQWHV\2WURV3URGXFWRV
(OLQYHQWDULRGH*(,GH(O6DOYDGRUQRFRQWLHQHLQIRUPDFLyQVREUHHVWHVHFWRU
6HFWRU$JULFXOWXUD
6HXWLOL]DQPpWRGRVGHQLYHOSDUDWRGDVODVFDWHJRUtDV\SDUDORVGRVDxRVLQYHQWDULDGRV/RV*(,
FRQVLGHUDGRVSDUDHVWLPDUODVHPLVLRQHVGHQWURGHFDGDFDWHJRUtDDODxRVHPXHVWUDQHQHO&XDGUR
(O LQYHQWDULR GH QR FRQVLGHUD OD FDWHJRUtD 0DQHMR GHO HVWLpUFRO HQ OD HVWLPDFLyQ GH ODV
HPLVLRQHV 3DUD HVWH DxR VROR VH DQDOL]y ODV HPLVLRQHV GH &+ \ 12 /DV HPLVLRQHV GH &+ VH
GHWHUPLQDURQSDUDODVFDWHJRUtDV)HUPHQWDFLyQHQWpULFD&XOWLYRGHODUUR]\4XHPDSUHVFULWDGHVDEDQDV
\4XHPDHQHOFDPSRGHUHVLGXRVDJUtFRODV/RVUHVXOWDGRVGHHVWDVGRV~OWLPDVFDWHJRUtDVVHPXHVWUDQ
HQFRQMXQWR/DVHPLVLRQHVGH12GHHVWHDxRVRQHVWLPDGDVGHQWURGHODVFDWHJRUtDV4XHPDSUHVFULWD
GHVDEDQDV\4XHPDHQHOFDPSRGHUHVLGXRVDJUtFRODVHQFRQMXQWRVLQGLIHUHQFLDUHQWUHHOODV7DPELpQ
VHGHWHUPLQDQODVHPLVLRQHVGH12GHODFDWHJRUtD6XHORVDJUtFRODVODFXDOHVWiGHVDJUHJDGDHQFXDWUR
VXEFDWHJRUtDV&XOWLYRGHFDPSRV3DVWRUHR'HSRVLFLyQDWPRVIpULFD\/L[LYLDFLyQ
(O GRFXPHQWR RILFLDO GHO LQYHQWDULR QR DSRUWD LQIRUPDFLyQ UHOHYDQWH VREUH GDWRV GH
DFWLYLGDGSRUFDWHJRUtD
(OLQYHQWDULRGHODxRFRQVLGHUDWRGDVODVFDWHJRUtDVGHOVHFWRU$JULFXOWXUDHVSHFLILFDGDV
SRUHO,3&&(QHVWHLQYHQWDULRODFDWHJRUtD6XHORVDJUtFRODVPDQWLHQHODVPLVPDVVXEFDWHJRUtDV
DQDOL]DGDV HQ HO LQYHQWDULR 3DUD HVWH DxR VH LQFRUSRUDQ ODV HPLVLRQHV GH 12[ \ &2 HQ ODV
FDWHJRUtDV 4XHPD SUHVFULWD GH VDEDQDV \ 4XHPD HQ HO FDPSR GH UHVLGXRV DJUtFRODV (VWDV ~OWLPDV
FDWHJRUtDVSDUDHOLQYHQWDULRGHODxRVHPXHVWUDQGHVDJUHJDGDV
(O GRFXPHQWR RILFLDO GHO LQYHQWDULR GH *(, DSRUWD LQIRUPDFLyQ VREUH OD SURGXFFLyQ
DJUtFROD \ SHFXDULD SDUD HO SHULRGR GLIHUHQFLiQGROD SRU HVSHFLH GH FXOWLYR \ GH JDQDGR
UHVSHFWLYDPHQWH7RGDODLQIRUPDFLyQVHGDDFRQRFHUDWUDYpVGHWDEODV\JUiILFRV
6HFWRU8VRGH6XHOR&DPELRGHO8VRGHO6XHOR\6LOYLFXOWXUD
/DPHWRGRORJtDXWLOL]DGDHVGHQLYHOSDUDORVGRVDxRVLQYHQWDULDGRV3DUDODHVWLPDFLyQGH
ODV HPLVLRQHV GHO DxR VH XWLOL]DURQ GDWRV SRU GHIHFWR \ ODV PHWRGRORJtDV GHO ,3&& D
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
GLIHUHQFLDGHODxRHQTXHVLVHFRQWyFRQLQIRUPDFLyQQHFHVDULDSDUDUHSUHVHQWDUODUHDOLGDGGHO
SDtV\VHXWLOL]yODVPHWRGRORJtDVGHO,3&&GHOPDQXDOGHEXHQDVSUiFWLFDVGHO,3&&
/RVLQYHQWDULRV\QRFRQVLGHUDQODFDWHJRUtD(PLVLRQHVRDEVRUFLRQHVGH&2HQ
ORVVXHORVGHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUDSRUODIDOWDGHGDWRV
(OLQYHQWDULRGHWDPSRFRFRQVLGHUDODFDWHJRUtD&RQYHUVLyQGHERVTXHV\SUDGHUDV6LQ
HPEDUJRLQFRUSRUDXQDQXHYDFDWHJRUtDHQHOVHFWRUGHQRPLQDGD'HVFRPSRVLFLyQGHELRPDVDGHVGH
ODTXHVHHVWLPDQODVHPLVLRQHVGH&2$GHPiVODFDWHJRUtD4XHPDLQVLWXGHERVTXHVHVGHQRPLQDGD
SDUDHVWHLQYHQWDULRFRPR4XHPDGHSDVWL]DOHV\UHVLGXRVDJUtFRODVDFWLYLGDGTXHVHUHDOL]DGHIRUPD
SRVWHULRUDODVFRVHFKDVHQHVHSDtV
(OGRFXPHQWRRILFLDOGHOLQYHQWDULRGH*(,SDUDHODxRQRHQWUHJDLQIRUPDFLyQVREUHORV
GDWRVGHDFWLYLGDGTXHIXHURQUHTXHULGRVSDUDODHVWLPDFLyQGHODVHPLVLRQHV/RVUHVXOWDGRVILQDOHVGH
HPLVLRQHVVHPXHVWUDQGHWDOODGDPHQWHSRUJDV\FDWHJRUtDHQWDEODV
3DUD HO DxR VH FRQVLGHUy ODV HPLVLRQHV GH 12[ HQ OD FDWHJRUtD 4XHPD LQ VLWX GH
ERVTXHV(VWDFDWHJRUtDFRUUHVSRQGHDODOLEHUDFLyQGHJDVHVGLVWLQWRVGH&2SURFHGHQWHVGHODTXHPD
YLQFXODGD D OD FRQYHUVLyQ GH ERVTXHV \ SUDGHUDV 6X HVWLPDFLyQ VH UHDOL]y D SDUWLU GH YDORUHV SRU
GHIHFWR\DTXHQRH[LVWHVXILFLHQWHLQIRUPDFLyQORFDO
3DUD HO DxR VH LQFRUSRUy GHQWUR GHO LQYHQWDULR LQIRUPDFLyQ UHOHYDQWH VREUH GDWRV GH
DFWLYLGDGGHODVFDWHJRUtDV&DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQOHxRVD\
&RQYHUVLyQGHERVTXHV\SUDGHUDV/DVVXEFDWHJRUtDV\ODLQIRUPDFLyQUHOHYDQWHTXHHVLQFRUSRUDGD
HQHOLQYHQWDULRSDUDFDGDXQDGHHOODVVHPXHVWUDQDFRQWLQXDFLyQ
&DWHJRUtD&DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQOHxRVD
6XEFDWHJRUtD&DPELRVGHELRPDVDHQSODQWDFLRQHVIRUHVWDOHV
x ,QIRUPDFLyQVLOYLFXOWXUDOGHODVHVSHFLHVIRUHVWDOHVGHHVWXGLR
x 6XSHUILFLHGHSODQWDFLRQHVIRUHVWDOHVSRUHVSHFLH\SRUDxR
x (VWLPDFLyQGHOFDUERQRDEVRUELGRSRUODVSODQWDFLRQHVIRUHVWDOHVDxR
x (VWLPDFLyQGHODFDSWXUDGHELRPDVDGHODVSODQWDFLRQHVIRUHVWDOHVDxR
6XEFDWHJRUtD&DPELRGHELRPDVDHQERVTXHV1RVHFRQWDELOL]y\DTXHQRVHWLHQHQGDWRV
6XEFDWHJRUtD &DPELRV GH ELRPDVD HQ RWURV WLSRV GH YHJHWDFLyQ OHxRVD LQFOX\H ORV
FDIHWDOHVDUERODGRVORViUEROHVIXHUDGHERVTXHV\ODOHxD
x &DQWLGDGGHiUEROHVIXHUDGHOERVTXHDxR
x &RQVXPRGHOHxDHQ(O6DOYDGRU
x $MXVWHGHOFRQVXPRGHOHxDVHJ~QODVSUiFWLFDVGHOXVRGHODWLHUUD
&DWHJRUtDFRQYHUVLyQGHERVTXHV\SUDGHUDV
x (VWLPDFLyQGHODWDVDGHGHIRUHVWDFLyQGHOSDtV
x %LRPDVDDQWHVGHODFRQYHUVLyQ\SpUGLGDDQXDOGHELRPDVD
x %LRPDVDTXHPDGDHQHOVLWLR
x %LRPDVDTXHPDGDIXHUDGHOERVTXH
,3&& 2ULHQWDFLyQ GHO ,3&& VREUH ODV EXHQDV SUiFWLFDV \ OD JHVWLyQ GH OD LQFHUWLGXPEUH HQ ORV LQYHQWDULRV
QDFLRQDOHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x &DUERQROLEHUDGRSRUODGHVFRPSRVLFLyQGHELRPDVD
/D FDWHJRUtD $EDQGRQR GH ODV WLHUUDV FXOWLYDGDV HVWi GHVDJUHJDGD SRU WLSR GH ERVTXH (O
GRFXPHQWRHQWUHJDLQIRUPDFLyQVREUHODVXSHUILFLHGHWLHUUDVHQUHJHQHUDFLyQRERVTXHVVHFXQGDULRV
GHO DxR SURYHQLHQWH GH GLVWLQWDV IXHQWHV QR DVt SDUD HO DxR GHO FXDO QR VH HQWUHJD
LQIRUPDFLyQ 7DPELpQ VH LGHQWLILFD OD ELRPDVD SRU WLSR GH ERVTXHV SDUD HO 6LQ HPEDUJR OD
LQIRUPDFLyQH[LVWHQWHHQDPERVFDVRVHVLQFRPSOHWD
(OLQIRUPHGHOLQYHQWDULRGHODxRGDDFRQRFHUORVGDWRVGHDFWLYLGDG\ORVUHVXOWDGRVGH
HPLVLRQHVGH*(,PHGLDQWHWDEODV
6HFWRU'HVSHUGLFLRV
3DUD OD REWHQFLyQ GH ORV UHVXOWDGRV VH XWLOL]D XQ PpWRGR GH QLYHO HQ DPERV LQYHQWDULRV
VLJXLHQGRODVPHWRGRORJtDVGHO,3&&
3DUD HO DxR VyOR VH HVWLPDQ ODV HPLVLRQHV GH &+ SDUD ODV FDWHJRUtDVGHILQLGDVSRU HO
,3&& FRPR 'LVSRVLFLyQ GH GHVSHUGLFLRV VyOLGRV HQ WLHUUD GHQRPLQDGD SRU (O 6DOYDGRU FRPR
'HVHFKRVVyOLGRVPXQLFLSDOHV0DQHMR\WUDWDPLHQWRGHDJXDVUHVLGXDOHV\GHORVORGRVGRPpVWLFRV\
FRPHUFLDOHV \ 7UDWDPLHQWR GH HIOXHQWHV \ ORGRV LQGXVWULDOHV (VWDV ~OWLPDV VRQ GHQRPLQDGDV SRU (O
6DOYDGRUFRPR7UDWDPLHQWRVGHYHUWLGRVGRPpVWLFRVHLQGXVWULDOHV
6LELHQHOGRFXPHQWRRILFLDOGHOLQYHQWDULRGDDFRQRFHUORVUHVXOWDGRVGHODVHPLVLRQHV
HQ ODV FDWHJRUtDV DQWHV PHQFLRQDGDV HVWH QR HVSHFLILFD ORV DVSHFWRV FRQVLGHUDGRV D OD KRUD GH
GHILQLUODV7DPSRFRHQWUHJDLQIRUPDFLyQVREUHORVGDWRVGHDFWLYLGDGXWLOL]DGRVSDUDODHVWLPDFLyQ
(OLQYHQWDULRSDUDHVWHVHFWRUVHUHDOL]yXWLOL]DQGRORVYDORUHVSRUGHIHFWRGHO,3&&(Q
HVWHLQYHQWDULRVHHVWLPDQODVHPLVLRQHVGHWRGDVODVFDWHJRUtDVGHILQLGDVSRUHO,3&&DH[FHSFLyQGH
OD FDWHJRUtD ,QFLQHUDFLyQ GH UHVLGXRV $GHPiV LQFOX\H ODV HPLVLRQHV GH 12 SURFHGHQWHV GHO
H[FUHPHQWRKXPDQR\GHODVDJXDVUHVLGXDOHVGRPpVWLFDV\FRPHUFLDOHV3DUDHVWHDxRHOSDtVFXHQWD
FRQ DOJXQRV GDWRV GH DFWLYLGDG \ HO IDFWRU GH HPLVLyQ GH PHWDQR GH OD FDWHJRUtD 'LVSRVLFLyQ GH
GHVSHUGLFLRVVyOLGRVHQWLHUUD6LQHPEDUJRHOGRFXPHQWRRILFLDOQRHVSHFLILFDHVWRVYDORUHV\VyORGD
DFRQRFHUORVUHVXOWDGRVSRUVHFWRUSRUDFWLYLGDG\SRUWLSRGHJDV
7RGD OD LQIRUPDFLyQ HQWUHJDGD SRU ORV LQIRUPHV GHO LQYHQWDULR \ VH SUHVHQWD
UHFRSLODGDHQWDEODV\JUiILFRV
0p[LFR
/D &XDUWD &RPXQLFDFLyQ 1DFLRQDO VREUH HO &DPELR &OLPiWLFR GH 0p[LFR FRPSUHQGH ODV
HVWLPDFLRQHV SRU IXHQWHV \ VXPLGHURV GHO SHULRGR DFWXDOL]DGR (O HVWXGLR XWLOL]D FRPR
EDVH ODV PHWRGRORJtDV SURSXHVWDV SRU HO ,3&& SDUD WRGRV ORV VHFWRUHV H LQFRUSRUD OD JXtD GH
EXHQDV SUiFWLFDV ,3&& \ HO PyGXOR % GHO VRIWZDUH 81)&&&B1$,B,6 SDUD HO VHFWRU
86&866 /RV JDVHV GH HIHFWR LQYHUQDGHUR ORV VHFWRUHV \ ODV FDWHJRUtDV DQDOL]DGDV HQ OD &XDUWD
&RPXQLFDFLyQ1DFLRQDOVHPXHVWUDQHQHOFXDGUR
&RPR LQIRUPDFLyQ DGLFLRQDO HO LQYHQWDULR PXHVWUD ODV HPLVLRQHV GH &2 SHU FiSLWD \ ODV
HPLVLRQHV GH *(, SRU SURGXFWR LQWHUQR EUXWR GHO SHULRGR W&2H 6LQ HPEDUJR HO
GRFXPHQWRRILFLDOQRHVVXILFLHQWHPHQWHSUHFLVRXKRPRJpQHRDODKRUDGHGDUDFRQRFHUODLQIRUPDFLyQ
DGLFLRQDO QL ORV GDWRV GH DFWLYLGDG SRU VHFWRU HQWUHJDGRV \D TXH HQ PXFKRV FDVRV OD LQIRUPDFLyQ HV
UHSUHVHQWDGDPHGLDQWHJUiILFRVJHQHUDOHVTXHLPSLGHQREWHQHUYDORUHVSUHFLVRVSRUDxR
,3&&2ULHQWDFLyQGHO,3&&VREUHODVEXHQDVSUiFWLFDVSDUD87&876
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
6HFWRU(QHUJtD
3DUD OD HVWLPDFLyQ GH ODV HPLVLRQHV GHO 6HFWRU (QHUJtD OD &XDUWD &RPXQLFDFLyQ 1DFLRQDO
XWLOL]D WDQWR HO PpWRGR SRU FDWHJRUtDV GH IXHQWH FRPR GH FRQVXPRV DSDUHQWHV SDUD WRGR HO SHUtRGR
FRPSUHQGLGR HQWUH \ $SDUWLU GHORVGDWRVH[SXHVWRVHV SRVLEOHFRPSDUDU ORVUHVXOWDGRV
REWHQLGRVSDUDXQPLVPRDxRFRQORVGRVPpWRGRVXWLOL]DGRV
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
(O,QIRUPHGHVDJUHJDODVHPLVLRQHVGHO6HFWRU(QHUJtDXWLOL]DQGRODVVLJXLHQWHVFDWHJRUtDVSDUD
OD TXHPD GH FRPEXVWLEOHV ,QGXVWULD GH OD (QHUJtD ,QGXVWULD 0DQXIDFWXUHUD \ GH OD &RQVWUXFFLyQ
7UDQVSRUWH\2WURV6HFWRUHV/DVFDWHJRUtDVVHDMXVWDQDODVHVWDEOHFLGDVSRUHO,3&&SDUDHOVHFWRU
FRQ OD GLIHUHQFLD TXH HVWH LQIRUPH DJUXSD D &RPHUFLDO,QVWLWXFLRQDO 5HVLGHQFLDO \
$JULFXOWXUD6LOYLFXOWXUD3HVFDGHQWURGHODFDWHJRUtDGH2WURV6HFWRUHV/DLQIRUPDFLyQGHVDJUHJDGDSRU
FDWHJRUtDVVRODPHQWHHVWiGLVSRQLEOHSDUDORVDxRV\0p[LFRLQFRUSRUDODVHPLVLRQHVGHOD
DXWRJHQHUDFLyQGHHOHFWULFLGDGGHQWURGHODFDWHJRUtDGH,QGXVWULDGHOD(QHUJtDVLHQGRTXHHO,3&&
VHxDODTXHHVWDVHPLVLRQHVGHEHQVHUDVLJQDGDVHQODVFDWHJRUtDVGRQGHVRQGLUHFWDPHQWHXWLOL]DGDV
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVHO,QIRUPHXWLOL]DODVFDWHJRUtDVGH&RPEXVWLEOHVVyOLGRV
\ 3HWUyOHR \ JDV QDWXUDO TXH FRUUHVSRQGHQ UHVSHFWLYDPHQWH D ODV FDWHJRUtDV GHO ,3&& GH
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ\$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO1RHVWiHVWLPDGDOD
FDWHJRUtD GHO ,3&& GH (PLVLRQHV GH SUHFXUVRUHV GHO R]RQR \ GH 62 HQ OD UHILQDFLyQ GHO
SHWUyOHR(VWDHVWLPDFLyQGHVDJUHJDGDHQHVWDVGRVFDWHJRUtDVHVWiGLVSRQLEOHSDUDHODxR3DUDHO
UHVWRGHOSHUtRGRDQDOL]DGRVHSUHVHQWDODVHPLVLRQHVIXJLWLYDVDQLYHOWRWDO
x 3DUWLGDVLQIRUPDWLYDV
(Q FXDQWR D OD HVWLPDFLyQ GH *(, SURYHQLHQWHV GH ORV %XQNHUV ,QWHUQDFLRQDOHV HO ,QIRUPH
SUHVHQWDGDWRVSDUDWRGRHOSHUtRGRDOGHODVHPLVLRQHVGH&2&+\12DGHPiVGHORV
SUHFXUVRUHV GHO R]RQR \ 62 ~QLFD FDWHJRUtD GHO ,QIRUPH GRQGH VH HVWLPDQ JDVHV GLVWLQWRV DO &2
&+\121RVHGLIHUHQFLDQVHJ~QXVRPDUtWLPRRDpUHRVDOYRSDUDHODxR3DUDHOFDVRGHOD
%LRPDVDHO,QIRUPHLQFRUSRUDVRODPHQWHODVHPLVLRQHVGH&2\SDUDORVDxRV\
x &iOFXOR1LYHO$YLDFLyQ
/D &XDUWD &RPXQLFDFLyQ 1DFLRQDO GH 0p[LFR QR UHDOL]D ORV FiOFXORV GH QLYHO SDUD OD
$YLDFLyQVHxDODGRVSRUHO,3&&
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
(QUHODFLyQDORV*(,HVWLPDGRVHO,QIRUPHHVWLPDSDUDHODxRVRODPHQWHORVJDVHV&2
&+\12GHQWURGHO6HFWRU(QHUJtDVLQLQFRUSRUDUODVHPLVLRQHVGHORVJDVHVSUHFXUVRUHVGHOR]RQR
\62DH[FHSFLyQSDUDODVHVWLPDFLRQHVGHORV%XQNHUV,QWHUQDFLRQDOHV6HPXHVWUDODFRQWULEXFLyQ
GHFDGDJDVGHQWURGHFDGDFDWHJRUtDSDUDHODxRHQWpUPLQRVGH&2HORVWRWDOHVGHFDGD*(,
GHQWURGHOVHFWRUDVtFRPRODHPLVLyQWRWDOGHOVHFWRU
3DUDORVRWURVDxRVGLVWLQWRVDOHO,QIRUPHGHVDJUHJDSDUDFDGDDxRVHJ~QHOFULWHULRGH
WLSRGH*(,&2&+\12DQLYHOWRWDOGHVHFWRU\VHJ~QHOFULWHULRGHFODVLILFDUSRU&RQVXPRGH
&RPEXVWLEOHV )yVLOHV \ (PLVLRQHV )XJLWLYDV GH &RPEXVWLEOHV VLQ GHVDJUHJDU HVWRV JUXSRV HQ
FDWHJRUtDV1RH[LVWHLQIRUPDFLyQGHFRQWULEXFLyQGHFDGD*(,GHQWURGHFDGDFDWHJRUtD
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
(O ,QIRUPH QR VHxDOD ORV YDORUHV GH ORV IDFWRUHV GH HPLVLyQ GH FDUERQR XWLOL]DGRV (Q OD
LQWURGXFFLyQ GHO ,QIRUPH VH VHxDOD TXH VH KDQ XWLOL]DGR DOJXQRV IDFWRUHV GH HPLVLyQ SDUD HO 6HFWRU
(QHUJtD HODERUDGRV LQWHUQDPHQWH GHQWUR GH 0p[LFR 3RU OR PLVPR HV QHFHVDULR TXH HO ,QIRUPH
HVSHFLILTXHTXpIDFWRUHVVRQSURSLRVGHOSDtV\FXiOHVVHKDQPDQWHQLGRGHO,3&&3RURWURODGR
HO,QIRUPHFDUHFHGHLQIRUPDFLyQHQUHODFLyQDORVSRGHUHVFDORUtILFRVXWLOL]DGRVHQORVFRPEXVWLEOHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x &RPEXVWLEOHV
(QFXDQWRDODFDQWLGDG\WLSRGHFRPEXVWLEOHVXWLOL]DGRVSDUDORVFiOFXORVHO,QIRUPHPXHVWUD
HVWDLQIRUPDFLyQSDUDORVDxRV\HQWpUPLQRVGH&2 QRLQFRUSRUDRWURV*(,SDUDFDGD
FRPEXVWLEOHHQFDGDDxR
x &RQVXPRVHQHUJpWLFRV
)LQDOPHQWH HQ UHODFLyQ D ORV FRQVXPRV HQHUJpWLFRV HO ,QIRUPH VHxDOD OD SURGXFFLyQ GH
(QHUJtD3ULPDULDDQLYHOQDFLRQDOHO7DPELpQVHxDODORVFRQVXPRVGHFRPEXVWLEOHDQLYHOWRWDO
HO VLQ GLIHUHQFLDU SRU WLSR GH FRPEXVWLEOH SHUR VLQ GHVDJUHJDUOR SRU FDWHJRUtDV 7DPELpQ VH
PXHVWUD HO FRQVXPR HOpFWULFR GHO \ OD FRPSRVLFLyQ GH OD PDWUL] HOpFWULFD SDUD HVH DxR /D
LQIRUPDFLyQHVPX\JHQHUDO
6HFWRUHV3URFHVRV,QGXVWULDOHV\8VRGH6ROYHQWHV\2WURV3URGXFWRV
/D PHWRGRORJtD XWLOL]DGD HQ OD HVWLPDFLyQ GH ODV HPLVLRQHV GH *(, GHO VHFWRU 3URFHVRV
LQGXVWULDOHV VH EDVD HQ ODV GLUHFWULFHV GHO ,3&& (O GRFXPHQWR RILFLDO QR HVSHFLILFD OD
PHWRGRORJtD XWLOL]DGDHQ OD HVWLPDFLyQ GHODV HPLVLRQHV GH*(,GHO VHFWRU 8VRGHVROYHQWHV \ RWURV
SURGXFWRVVLQ HPEDUJR KDFHUHIHUHQFLDDODV *XtDV GH ,QYHQWDULRVGH (PLVLRQHV $WPRVIpULFDV GH OD
(0(3&25,1$,5GHOD$JHQFLD$PELHQWDO(XURSHD
/DVFDWHJRUtDVVXEFDWHJRUtDV\JDVHVHPLWLGRVTXHVRQFRQVLGHUDGRVHQHOLQYHQWDULRSDUDHO
VHFWRU3URFHVRVLQGXVWULDOHVVHPXHVWUDQHQHO&XDGUR$
&8$'52$
*(,(67,0$'26(1(/6(&725352&(626,1'8675,$/(63250e;,&2
Categoras
Productos minerales
Industria qumica
Produccin de metales
Subcategoras
Produccin de cemento
Produccin de xido e hidrxido de calcio
Uso de piedra caliza y dolomita
Produccin y uso de carbonato de sodio
Impermeabilizantes asfaltados
Pavimentacin con asfalto
Vidrio
Produccin de amonio
Produccin de cido ntrico
Produccin de cido adpico
Produccin de carburos
Otros
Produccin de hierro y acero
Produccin de ferroaleaciones
Produccin de aluminio
Uso de SF6 en fundidoras de aluminio y magnesio
Pulpa y papel
Alimentos y bebidas
Emisiones como residuos o subproductos
Produccin de Halocarburos y
Emisiones fugitivas
hexafluoruro de azufre
Equipos de refrigeracin y aire acondicionado
Consumo de halocarbonos y
Espumas
hexafluoruro de azufre
Extinguidores
Aerosoles
Solventes
Equipos elctricos e interruptores automticos
Gases
CO2
CO2
HFCs
HFCs, SF6
)XHQWH(ODERUDFLyQSURSLD
(O GRFXPHQWR &XDUWD &RPXQLFDFLyQ 1DFLRQDO DQWH OD &RQYHQFLyQ 0DUFR GH ODV 1DFLRQHV
8QLGDV VREUH HO &DPELR &OLPiWLFR QR HV KRPRJpQHR HQ OD HQWUHJD GH LQIRUPDFLyQ 3RU HMHPSOR
HQWUHJDORVGDWRVGHODVHPLVLRQHVWRWDOHVDQXDOHVGHOSHUtRGRSRUWLSRGHJDVGHWRGRHO
VHFWRU HQ IRUPD WDEXODGD VLQ HVSHFLILFDU SRU FDWHJRUtD \ PXHVWUD ODV HPLVLRQHV SRU FDWHJRUtD VLQ
GLIHUHQFLDUHOWLSRGHJDVDWUDYpVGHJUiILFRVTXHUHIOHMDQODHYROXFLyQGHODVHPLVLRQHVGHORV*(,HQ
XQLGDGHVGH&2HTXLYDOHQWHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(OGRFXPHQWRQRHQWUHJDLQIRUPDFLyQVREUHORVGDWRVGHDFWLYLGDGTXHIXHURQQHFHVDULRVSDUD
ODREWHQFLyQGHORVUHVXOWDGRV
(OLQYHQWDULRQRHVSHFLILFDHOQLYHOGHODVPHWRGRORJtDVXWLOL]DGDVSDUDODHVWLPDFLyQGHHPLVLRQHV
GH *(, GHO VHFWRU 8VR GH VROYHQWHV \ RWURV SURGXFWRV (Q HVWH VHFWRU VH FRQWDELOL]DQ SULQFLSDOPHQWH ODV
HPLVLRQHVGH&29'0VLQHPEDUJRHOGRFXPHQWRQRHQWUHJDYDORUHVGHHVWDVHPLVLRQHV
6HFWRU$JULFXOWXUD
/DVHPLVLRQHVGHOVHFWRUIXHURQDFWXDOL]DGDVXWLOL]DQGRIDFWRUHVGHHPLVLyQSURSLRVGHOSDtV \
GDWRVFHQVDOHVGHODVDFWLYLGDGHVDJUtFRODV\SHFXDULDVVLQHPEDUJRHOGRFXPHQWRQRHVSHFLILFDHOQLYHO
GHOPpWRGRXWLOL]DGRWDPSRFRHVSHFLILFDHQTXpFDWHJRUtDVVHXWLOL]DURQHVWRVIDFWRUHVGHHPLVLyQQLORV
GDWRV FHQVDOHV 6H FRQWDELOL]DURQ ODV HPLVLRQHV GH *(, GH WRGDV ODV FDWHJRUtDV GHILQLGDV SRU HO ,3&&
DH[FHSFLyQGHOD4XHPDSUHVFULWDGHVDEDQDVTXHQRIXHFDUDFWHUL]DGD
/DVFDWHJRUtDV)HUPHQWDFLyQHQWpULFD\0DQHMRGHOHVWLpUFROIXHURQGHVDJUHJDGDVHQWLSRV
GLVWLQWRVGHDQLPDOHV\ODFDWHJRUtD&XOWLYRGHDUUR]IXHGHVDJUHJDGDSRUWLSRGHPDQHMRGHULHJR6LQ
HPEDUJRDSDUWLUGHOGRFXPHQWRQRHVSRVLEOHLGHQWLILFDUODVHVSHFLHVGHJDQDGRGHHVWXGLR
(O LQIRUPH QR HQWUHJD LQIRUPDFLyQ VREUH ORV GDWRV GH DFWLYLGDG XWLOL]DGRV SDUD HVWLPDU ODV
HPLVLRQHV/DHQWUHJDGHLQIRUPDFLyQHQHVWHVHFWRUQRHVKRPRJpQHD(OGRFXPHQWRGDDFRQRFHUODV
HPLVLRQHVGH*(,GHOSHUtRGRHQXQLGDGHVGH&2HSDUDFDGDFDWHJRUtDGHIRUPDJHQHUDO\
VLQ GHVDJUHJDUOR SRU WLSR GH JDV OR TXH KDFH LPSRVLEOH TXH D SDUWLU GHO GRFXPHQWR VH SXHGD
GHWHUPLQDU ORV YDORUHV H[DFWRV GH ODV HPLVLRQHV GH FDGD JDV SRU FDWHJRUtD GH OD VHULH WHPSRUDO 6LQ
HPEDUJRHQWUHJDYDORUHVHVSHFtILFRV*JGH&2HSRUJDV\FDWHJRUtDSDUDORVDxRV\
6HFWRU8VRGH6XHOR&DPELRGHO8VRGHO6XHOR\6LOYLFXOWXUD
6HXWLOL]ySDUDHVWHVHFWRUOD PHWRGRORJtDH[SXHVWDHQ ODJXtDGHEXHQDVSUiFWLFDVGHO ,3&&
\ HO PyGXOR % GHO VRIWZDUH 81)&&&B1$,B,6 (VWD PHWRGRORJtD GHVDJUHJD OD
LQIRUPDFLyQSRUWLSRGHXVRGHVXHORDGLIHUHQFLDGHODPHWRGRORJtDSURSXHVWDSRUHO,3&&/DV
FDWHJRUtDV\ORVJDVHVDQDOL]DGRVSDUDHODxRVHGDQDFRQRFHUHQHO&XDGUR$
&8$'52$
*$6(6'(()(&72,19(51$'(52$1$/,=$'26325&$7(*25$
(1(/6(&72586&8660e;,&2
&DWHJRUtDV
*DVHV
6XHORVIRUHVWDOHV
&2&+12
3UDGHUDV\PDWRUUDOHV
&2&+12
6XHORVDJUtFRODV
&2
6XHORVXUEDQRV
+XPHGDOHV
6XHORVGHVQXGRV
)XHQWH(ODERUDFLyQSURSLD
/DHQWUHJDGHLQIRUPDFLyQGHOGRFXPHQWRRILFLDOSDUDHVWHVHFWRUHVLQVXILFLHQWH\DTXHPXHVWUD
ORVUHVXOWDGRVREWHQLGRVSRUJDV\SRUFDWHJRUtDVyORSDUDHODxR*J&2H$GHPiVQRHVSHFLILFD
ODVVXEFDWHJRUtDVFRQVLGHUDGDVHQHODQiOLVLVQLORVGDWRVGHDFWLYLGDGQHFHVDULRVSDUDODHVWLPDFLyQ
,3&&2ULHQWDFLyQGHO,3&&VREUHODVEXHQDVSUiFWLFDVSDUD87&876
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
6HFWRU'HVSHUGLFLRV
(O GRFXPHQWR HQWUHJD LQIRUPDFLyQ FODUD \ GHVDJUHJDGD SRU FDWHJRUtD \ SRU JDV VREUH ODV
HPLVLRQHVGH*(,SDUDHOSHULRGR*J&2HPHGLDQWHWDEODV\JUiILFRV6LQHPEDUJRQR
DSRUWDLQIRUPDFLyQGHWDOODGDGHORVGDWRVGHDFWLYLGDGXWLOL]DGRV
(OLQYHQWDULRQRGDFXHQWDGHODVHPLVLRQHVGH12GHULYDGDVGHOH[FUHPHQWRKXPDQR
/DFDWHJRUtD'LVSRVLFLyQGHUHVLGXRVVyOLGRVHQWLHUUDHVWiGHVDJUHJDGDHQWUHVVXEFDWHJRUtDV
TXHVRQ'LVSRVLFLyQGHUHVLGXRVVyOLGRVHQUHOOHQRVVDQLWDULRVYHUWHGHURVPDQHMDGRV'LVSRVLFLyQGH
UHVLGXRV VyOLGRV HQ WLUDGHURV D FLHOR DELHUWR FRQ SURIXQGLGDG PHQRU D PHWURV YHUWHGHURV QR
PDQHMDGRV\'LVSRVLFLyQGHUHVLGXRVVyOLGRVHQWLUDGHURVFRQSURIXQGLGDGPD\RURLJXDODPHWURV
YHUWHGHURVQRPDQHMDGRV
/DFDWHJRUtD,QFLQHUDFLyQGHUHVLGXRVFRQVLGHUDODHVWLPDFLyQGHODVHPLVLRQHVGH&2\12
JHQHUDGRVSRUODFRPEXVWLyQGHIXHQWHVQRELRJpQLFDV\SRUIXHQWHVELRJpQLFDV
'HQWUR GHO LQYHQWDULR VH HVWLPy ODV HPLVLRQHV GH ORV JDVHV GH *(, GH ODV DJXDV UHVLGXDOHV
GRPpVWLFDV \ PXQLFLSDOHV \ GH ODV DJXDV LQGXVWULDOHV GH IRUPD GHVDJUHJDGD VLQ HPEDUJR QR VH
FRQWDELOL]yODVHPLVLRQHVGHORGRV
8UXJXD\
/DV PHWRGRORJtDV XWLOL]DGDV SDUD OD HODERUDFLyQ GHO GRFXPHQWR 5HVXPHQ HMHFXWLYR
,QYHQWDULR1DFLRQDOGH*(,(YROXFLyQGH*(,FRUUHVSRQGHQDODVPHWRGRORJtDV
SURSXHVWDVSRUHO,3&&3DUDHOLQYHQWDULRGHODxRLQFRUSRUDGRHQHVWHGRFXPHQWRWDPELpQ
VHXWLOL]yHOPDQXDOGHEXHQDVSUiFWLFDVGHO,3&&/DLQIRUPDFLyQUHOHYDQWHDODVFDWHJRUtDV\D
ORVJDVHVDQDOL]DGRVVHGDDFRQRFHUHQHOFXDGUR
(OGRFXPHQWRGDFXHQWDGHODVHPLVLRQHVGH*(,GHIRUPDHVSHFtILFDSRUVHFWRUFDWHJRUtD\
WLSRGHJDVVRORGHODxRDWUDYpVGHXQDWDEODUHVXPHQFRQHOIRUPDWRGHO,3&&3DUDHO
UHVWRGHORVDxRVHQWUHJDLQIRUPDFLyQUHVXPLGDSRUWLSRGHJDV\VHFWRU/RVUHVXOWDGRVGHWDOODGRVGH
ORV LQYHQWDULRV UHDOL]DGRV HQ ORV DxRV DQWHULRUHV DO DxR HVWiQ SXEOLFDGRV HQ HO GRFXPHQWR
,QYHQWDULR1DFLRQDOGH*DVHVGH(IHFWR,QYHUQDGHUR(VWXGLRFRPSDUDWLYRGHODVHPLVLRQHVGH
*(,SDUD\GRFXPHQWRQRFRQVLGHUDGRHQHVWHDQiOLVLV
6HFWRU(QHUJtD
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
(O ,QIRUPH GHVDJUHJD ODV HPLVLRQHV GHO 6HFWRU (QHUJtD XWLOL]DQGR ODV VLJXLHQWHV FDWHJRUtDV
SDUDODTXHPDGHFRPEXVWLEOHV,QGXVWULDGHOD(QHUJtD,QGXVWULD0DQXIDFWXUHUD\GHOD&RQVWUXFFLyQ
7UDQVSRUWH2WURV6HFWRUHV\2WURV/DVFDWHJRUtDVVHDMXVWDQDODVHVWDEOHFLGDVSRUHO,3&&SDUD
HO VHFWRU FRQ OD GLIHUHQFLD TXH HVWH LQIRUPH DJUXSD D &RPHUFLDO,QVWLWXFLRQDO 5HVLGHQFLDO \
$JULFXOWXUD6LOYLFXOWXUD3HVFDGHQWURGHODFDWHJRUtDGH2WURV6HFWRUHV3RURWURODGRQRVHHVSHFtILFD
D TXp HPLVLRQHV VH UHILHUH OD FDWHJRUtD 2WURV/D LQIRUPDFLyQ GHVDJUHJDGDSRU FDWHJRUtDV VRODPHQWH
HVWi GLVSRQLEOH SDUDHO DxR3DUD ORV RWURV DxRV VH PXHVWUD OD HPLVLyQ D QLYHO WRWDO GHO VHFWRU
GHVDJUHJDGRSRUWLSRGH*(,
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
,3&&2ULHQWDFLyQGHO,3&&VREUHODVEXHQDVSUiFWLFDVSDUD87&876
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(Q FXDQWR D ODV HPLVLRQHV IXJLWLYDV HO ,QIRUPH XWLOL]D ODV FDWHJRUtDV GH &RPEXVWLEOHV
6yOLGRV\3HWUyOHR\*DV1DWXUDO/DSULPHUDFRUUHVSRQGHDODFDWHJRUtD([WUDFFLyQ\PDQLSXODFLyQ
GHOFDUEyQVHxDODGDHQHO,3&&/DVHJXQGDSUHVXPLEOHPHQWHIXQGHODVFDWHJRUtDVGHO,3&&
GH$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO\GH(PLVLRQHVGHSUHFXUVRUHVGHOR]RQR\GH62
HQ OD UHILQDFLyQ GHO SHWUyOHR /D LQIRUPDFLyQ UHODWLYD D HPLVLRQHV IXJLWLYDV VRODPHQWH HVWi
GLVSRQLEOHSDUDHODxR
x 3DUWLGDVLQIRUPDWLYDV
(O ,QIRUPH LQFOX\H HVWLPDFLRQHV UHODFLRQDGDV FRQ ORV %XQNHUV ,QWHUQDFLRQDOHV SDUWLGD
LQIRUPDWLYD VROLFLWDGD SRU HO ,3&& VRODPHQWH SDUD HO DxR /D LQIRUPDFLyQ VH HQFXHQWUD
GHVDJUHJDGDSRUWLSRGH*(,SHURQRVLFRUUHVSRQGHDXVRPDUtWLPRRDpUHR(QFXDQWRDODTXHPDGH
%LRPDVDHO,QIRUPHLQFOX\HXQDHVWLPDFLyQSDUDHODxRSHURVRODPHQWHGHOJDV&2
x &iOFXOR1LYHO$YLDFLyQ
(O,QIRUPHQRUHDOL]DORVFiOFXORVGHQLYHOSDUDOD$YLDFLyQVHxDODGRVSRUHO,3&&
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
(QFXDQWRDORV*(,HVWLPDGRVHO,QIRUPHHVWLPDWRGRVORVJDVHVVHxDODGRVSRUHO,3&&SDUD
FDGD FDWHJRUtD 6H VHxDOD TXH VH KDQ XWLOL]DGR ORV IDFWRUHV GH HPLVLyQ SURSLRV GHO ,3&& SDUD HVWH
VHFWRU(QFXDQWRDORVSRGHUHVFDORUtILFRVXWLOL]DGRVSDUDORVFiOFXORVQRKD\LQIRUPDFLyQGLVSRQLEOH
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
6H SUHVHQWDQ HQ HO ,QIRUPH ODV HPLVLRQHV SDUD FDGD WLSR GH *(, SDUD FDGD FDWHJRUtD
DJUXSDGRVHQXQDWDEODSDUDHODxR&DGD*(,HVWiH[SUHVDGRHQWpUPLQRVGHPDVD \QRFRPR
&2H 6H PXHVWUD HO WRWDO GH FDGD*(, GHQWUR GHO VHFWRU HQ WpUPLQRVGHPDVD6H UHFRPLHQGDSDUD
8UXJXD\H[SUHVDUDGLFLRQDOPHQWHODVHPLVLRQHVHQWpUPLQRVGH&2H\OXHJRODVHPLVLRQHVWRWDOHVHQ
FDGDFDWHJRUtD\HQWRGRHOVHFWRU
x &RPEXVWLEOHV\FRQVXPRVHQHUJpWLFRV
(QFXDQWRDODFDQWLGDG\WLSRGHFRPEXVWLEOHVXWLOL]DGRVSDUDORVFiOFXORVHO,QIRUPHFDUHFH
GH HVWD LQIRUPDFLyQ 7DPSRFR H[LVWH LQIRUPDFLyQ D WpUPLQRV HQHUJpWLFRV GHO WRWDO GH FRPEXVWLEOHV
XWLOL]DGRVDQLYHOQDFLRQDO
x 6HFWRU8VRGH6ROYHQWHV\2WURV3URGXFWRV
(OLQYHQWDULRGH*(,GH8UXJXD\QRFRQWLHQHLQIRUPDFLyQVREUHHVWHVHFWRU
x 6HFWRU3URFHVRV,QGXVWULDOHV
(OLQYHQWDULRFRQVLGHUDVyORODVHPLVLRQHVGH*(,SDUDODVFDWHJRUtDV3URGXFWRVPLQHUDOHV\
2WURV SURFHVRV LQGXVWULDOHV GHILQLGDV SRU HO ,3&& /DV FDWHJRUtDV VXEFDWHJRUtDV \ ORV JDVHV
HVWLPDGRVHQHVWHVHFWRUVHPXHVWUDQHQHO&XDGUR$
(QHOGRFXPHQWRRILFLDOVHGDQDFRQRFHUVyORORVUHVXOWDGRVGHODVHPLVLRQHVSRUFDWHJRUtD\
JDVSDUDHODxR(OGRFXPHQWRQRHQWUHJDLQIRUPDFLyQVREUHGDWRVGHDFWLYLGDGXWLOL]DGRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
*(,(67,0$'26(1(/6(&725352&(626,1'8675,$/(6325858*8$<
Categoras
Productos minerales
Industria qumica
Produccin de metales
Subcategoras
Produccin de cemento
Produccin de cal
Uso de piedra caliza y dolomita
Produccin y uso de carbonato de sodio
Impermeabilizantes asfaltados
Pavimentacin con asfalto
Vidrio
Produccin de amonio
Produccin de cido ntrico
Produccin de cido adpico
Produccin de carburos
Otros
Etileno
Metanol
cido sulfrico
Formaldehdo
Anhdrido ftlico
Polipropileno
Poliestireno expandible
Polieteno baja densidad
Produccin de hierro y acero
Produccin de cobre
Produccin de oro, plomo, plata, zinc
Produccin de Molibdeno
Pulpa y papel
Alimentos y bebidas
Produccin de
Emisiones como residuos o subproductos
Halocarburos y
Emisiones fugitivas
Consumo de
Equipos de refrigeracin y aire acondicionado
Espumas
halocarbonos y
hexafluoruro de
Extinguidores
azufre
Aerosoles
Solventes
Equipos elctricos e interruptores automticos
Gases
CO2, SO2
CO2
CO2
COVDM
)XHQWH(ODERUDFLyQSURSLD
6HFWRU$JULFXOWXUD
(QHVWHVHFWRUVHXWLOL]DURQIDFWRUHVGHHPLVLyQSRUGHIHFWRUHFRSLODGRVGHO,3&&SDUD
ODVHVSHFLHVGHJDQDGRDH[FHSFLyQGHOJDQDGROHFKHUR\QROHFKHUR\SDUDHVWLPDUODVHPLVLRQHVGH
*(,GHODVFDWHJRUtDV4XHPDHQHOFDPSRGHUHVLGXRVDJUtFRODV\4XHPDSUHVFULWDGHVDEDQD
3DUD OD FDWHJRUtD 6XHORV DJUtFRODV VH GHVDUUROODURQ IDFWRUHV GH HPLVLyQ HVSHFtILFRV GH
H[FUHFLyQ GH QLWUyJHQR SDUD JDQDGR YDFXQR OHFKHUR \ QR OHFKHUR XWLOL]DQGR ODV PHWRGRORJtDV
H[SXHVWDV SRU HO ,3&& 3DUD OD )HUPHQWDFLyQ HQWpULFD VH DFWXDOL]y ODV HVWLPDFLRQHV GH ORV
IDFWRUHVGHHPLVLyQHVSHFtILFRVGH&+XWLOL]DQGRXQPpWRGRGHQLYHOSDUDODVFDWHJRUtDVJDQDGRQR
OHFKHUR\JDQDGROHFKHURGHOLQYHQWDULR
6HFWRU8VRGH6XHOR&DPELRGHO8VRGHO6XHOR\6LOYLFXOWXUD
3DUD HO DxR VH XWLOL]DQ ODV PHWRGRORJtDV GHO ,3&& \ HO PDQXDO GH ODV EXHQDV
SUiFWLFDV,3&&SDUDORVDxRVDQWHULRUHVVyORVHXWLOL]DQODVPHWRGRORJtDVGHO,3&&(VWH
LQYHQWDULRFRQVLGHUDVyORODVFDWHJRUtDV&DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQ
OHxRVD\(PLVLRQHVRDEVRUFLRQHVGH&2HQORVVXHORVGHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUD
6HFWRU'HVSHUGLFLRV
(O LQYHQWDULR VH UHDOL]D GH DFXHUGR D ODV PHWRGRORJtDV GHO ,3&& SDUD WRGRV ORV DxRV
(VWH VHFWRU HV DQDOL]DGR SRU WLSR GH JDV &+ \ 12 \ SRU FDWHJRUtD /D FDWHJRUtD 'LVSRVLFLyQ GH
UHVLGXRVVyOLGRVHQWLHUUDQRVHHQFXHQWUDGHVDJUHJDGDSRUWLSRGHYHUWHGHUR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$QH[R
&iOFXORGH(PLVLRQHVGHO6HFWRU(QHUJtD
(O6HFWRU(QHUJtDVHFODVLILFDHQODVVLJXLHQWHVFDWHJRUtDVGHSULPHURUGHQ,3&&
4XHPDGHFRPEXVWLEOHV
(PLVLRQHVIXJLWLYDV
/D4XHPDGHFRPEXVWLEOHVVHVXEGLYLGHDVXYH]HQFDWHJRUtDVGHVHJXQGRRUGHQ
,QGXVWULDGHOD(QHUJtD
,QGXVWULDPDQXIDFWXUHUDGHODFRQVWUXFFLyQ\PLQDV
7UDQVSRUWH
5HVLGHQFLDO
&RPHUFLDOH,QVWLWXFLRQDO
$JULFXOWXUD6LOYLFXOWXUD\3HVFD
/DV(PLVLRQHVIXJLWLYDVSRURWURODGRVHVXEGLYLGHQHQODVVLJXLHQWHVFDWHJRUtDVGHVHJXQGRRUGHQ
0DQLSXODFLyQ\H[WUDFFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3UHFXUVRUHVGHR]RQR\62HQUHILQHUtDVGHSHWUyOHR
/D VXEFDWHJRUtD GH 3UHFXUVRUHV GH R]RQR \ 62 HQ UHILQHUtDV GH SHWUyOHR QR SRVHH ORV *(,
&2&+\12UD]yQSRUODFXDOQRHVHVWLPDGDHQHOFiOFXORSRUHODERUDFLyQSURSLD
/DVHPLVLRQHVGH&2SRUTXHPDGHFRPEXVWLEOHVRQHVWLPDGDVSRUODVLJXLHQWHIyUPXOD
(M 1G$M)(M)2M
'RQGH
(M (PLVLRQHVSRUFRQVXPRGHOFRPEXVWLEOHMHQHOSDtV
1G$M 1LYHOGH$FWLYLGDGGHOFRPEXVWLEOHMHQHOSDtVH[SUHVDGRHQWpUPLQRVHQHUJpWLFRVHQ7-
)(M )DFWRUGH(PLVLyQGHOFRPEXVWLEOHMVHJ~Q,3&&HQW&7-
)2M )DFWRUGHR[LGDFLyQGHOFRPEXVWLEOHMVHJ~Q,3&&
(OSRQGHUDGRUVHXWLOL]DSDUDWUDQVIRUPDUODPDVDGHFDUERQRTXHPDGDHQPDVDGH&2
3DUD ORV FiOFXORV GH ODV HPLVLRQHV GH &+ \ 12 SRU TXHPD GH FRPEXVWLEOHV VH XWLOL]D OD
VLJXLHQWHIyUPXOD
(MN 1G$MN)(MN
'RQGH
(MN (PLVLRQHVSRUFRQVXPRGHOFRPEXVWLEOHMHQODFDWHJRUtDNHQHOSDtV
1G$MN 1LYHO GH $FWLYLGDG GHO FRPEXVWLEOH M HQ OD FDWHJRUtD N HQ HO SDtV H[SUHVDGR HQ
WpUPLQRVHQHUJpWLFRVHQ7-
)(MN )DFWRUGH(PLVLyQGHOFRPEXVWLEOHMHQODFDWHJRUtDNVHJ~Q,3&&HQWGH&+ R
12VHJ~QFRUUHVSRQGDSRU7-
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
3DUDODTXHPDGHOD%LRPDVDVRODPHQWHVHFRQWDELOL]DODVHPLVLRQHVGH&+\12QRDVtHO
&2HOFXDOVHFRQVLGHUDQHXWUDODOIRUPDUSDUWHGHOFLFORFRUWRGHOFDUERQR
/RV IDFWRUHV GH HPLVLyQ )( XWLOL]DGRV SDUD HO FiOFXOR SRU HODERUDFLyQ SURSLD VRQ ORV
SUHVHQWDGRVSRUGHIHFWRHQHO9ROXPHQGHO,3&&SDUDHO6HFWRU(QHUJtD'HORVFXDWURSDtVHV
HQ HVWXGLR VROR 0p[LFR GLFH XWLOL]DU DOJXQRV IDFWRUHV GH HPLVLyQ GH QLYHO SDUD VXV FiOFXORV 6LQ
HPEDUJR QR HVSHFLILFD FXiOHV VRQ (O UHVWR GH ORV SDtVHV VHxDOD XWLOL]DU ORV IDFWRUHV GH HPLVLyQ SRU
GHIHFWRGHO,3&&(O&2SRVHHXQ)(SDUDFDGDWLSRGHFRPEXVWLEOHPLHQWUDVTXHSDUDHO&+
\ 12 FDGD JDV SRVHH XQ )( SDUD FDGD FRPEXVWLEOH \ SDUD FDGD VXEFDWHJRUtDGRQGH HV HPLWLGR ODV
FDQWLGDGHVGHHPLVLyQGHHVWRV*(,QRVRODPHQWHGHSHQGHQGHOFRPEXVWLEOHTXHVHTXHPDVLQRTXH
WDPELpQGHODVFRQGLFLRQHVGHODFRPEXVWLyQ
(Q FXDQWR D ORV SRGHUHV FDORUtILFRV PXFKDV IXHQWHV HQWUHJDQ ORV FRQVXPRV GH ORV
FRPEXVWLEOHV SRU SDtV HQ XQLGDGHV HQHUJpWLFDV 6LQ HPEDUJR VH KDFH QHFHVDULR GLVSRQHU GH ORV
SRGHUHVFDORUtILFRVHVSHFtILFRVHQORVFDVRVTXHORVFRQVXPRVVRQUHSRUWDGRVHQWpUPLQRVGHPDVDR
GHYROXPHQ(QDOJXQRVLQYHQWDULRVORVSRGHUHVFDORUtILFRVGHOSDtVVHPXHVWUDQH[SOtFLWDPHQWHRELHQ
VH KDQ REWHQLGR GHVGH RWUDV IXHQWHV HQ OtQHD (Q DTXHOORV FDVRV HQ ORV TXH QR VH SXGR REWHQHU ORV
SRGHUHV FDORUtILFRV HVSHFtILFRV GHO SDtV VH KD XWLOL]DGR ORV YDORUHV SRU GHIHFWR SUHVHQWDGRV HQ HO
9ROXPHQ GHO ,3&& 7RGRV ORV SRGHUHV FDORUtILFRV XWLOL]DGRV FRUUHVSRQGHQ D ORV SRGHUHV
FDORUtILFRVLQIHULRUHV/RVGHWDOOHVGHFDGDFiOFXORHQSDUWLFXODUVHHQFXHQWUDQHQ$QH[RV
/RV QLYHOHV GH DFWLYLGDG 1G$ UHSRUWDGRV HQ ORV LQYHQWDULRV VH SUHVHQWDQ HQ WpUPLQRV GH
HQHUJtDRELHQHQWpUPLQRVGHPDVDRGHYROXPHQTXHFRPRVHPHQFLRQyUHTXLHUHQGHORVSRGHUHV
FDORUtILFRVSDUDVHUH[SUHVDGRVHQWpUPLQRVGHHQHUJtD([LVWHQLQYHQWDULRVTXHQRSUHVHQWDQQLYHOGH
DFWLYLGDGGRQGHVHKDGHELGRSURFHGHUDFRQVXOWDUHQRWUDVIXHQWHVH[WHUQDVHVWDLQIRUPDFLyQ3RURWUR
ODGRH[LVWHQDOJXQRVTXHVtORVSUHVHQWDQSHURQRGHPDQHUDGHVDJUHJDGDSRUFDWHJRUtDVLQIRUPDFLyQ
QHFHVDULDSDUDODHVWLPDFLyQGHORVJDVHV&+\12
(Q UHODFLyQ D ORV )DFWRUHV GH 2[LGDFLyQ )2 VH XWLOL]DQ ORV SURSXHVWRV SRU GHIHFWR SRU HO
,3&&
3DUDHOFiOFXORGHODV(PLVLRQHV)XJLWLYDVVHUHTXLHUHFRPRPtQLPRORVGDWRVGHSURGXFFLyQ
GHFDUEyQHQHOSDtVGHSURGXFFLyQ\FRQVXPRGHSHWUyOHRFUXGRGHSURGXFFLyQGHJDVQDWXUDO\GH
FRQVXPR GH JDV QDWXUDO GHVDJUHJDGR HQ &RPHUFLDO,QVWLWXFLRQDO5HVLGHQFLDO GHQRPLQDGR HQ VX
FRQMXQWR FRPR FRQVXPR 5HVLGHQFLDO \ HQ ,QGXVWULD GH OD (QHUJtD,QGXVWULD 0DQXIDFWXUHUD \ GH OD
&RQVWUXFFLyQGHQRPLQDGRHQVXFRQMXQWRFRPR1R5HVLGHQFLDO,GHDOPHQWHVHUHTXLHUHGHOYROXPHQ
GH SHWUyOHR WUDQVSRUWDGR \ DOPDFHQDGR FRPR GDWRV GLVWLQWRV D OD SURGXFFLyQ \ FRQVXPR
UHVSHFWLYDPHQWH SHUR HQ FDVR GH DXVHQFLD VH SXHGH DVXPLU HVWRV ~OWLPRV $OJXQRV LQYHQWDULRV
GLVSRQHQ GH HVRVGDWRV(QHOFDVR GH DTXHOORVTXH QR GLVSRQHQGHHVWRVGDWRVVH KDFRQVXOWDGRHQ
RWUDVIXHQWHVHQOtQHD
/RV )DFWRUHV GH (PLVLyQ SDUD HO FiOFXOR GH ODV (PLVLRQHV )XJLWLYDV VRQ ORV SURSXHVWRV SRU
GHIHFWRSRUHO,3&&TXHGHILQHQUDQJRVSRVLEOHVVHJ~QHOtWHPTXHVHFDOFXOH(OGHWDOOHGHORV
IDFWRUHVGHHPLVLyQXWLOL]DGRVSDUDFDGDSDtVVHSUHVHQWDHQODVHFFLyQ$QH[RV
$QWHODLQVXILFLHQFLDGHODLQIRUPDFLyQUHSRUWDGDHQORVLQYHQWDULRVQDFLRQDOHVSDUDUHSURGXFLU
DO 6HFWRU (QHUJtD IXH QHFHVDULR FRQVXOWDU HQ IXHQWHV FRODWHUDOHV LQIRUPDFLyQ DGLFLRQDO PtQLPD
QHFHVDULD SDUD UHDOL]DU ORV FiOFXORV (Q HO FXDGUR $ VH SUHVHQWDQ ODV IXHQWHV FRQVXOWDGDV SDUD
REWHQHULQIRUPDFLyQVREUHORVQLYHOHVGHDFWLYLGDGGHORVSDtVHVEDMRHVWXGLR(QWRGRVORVSDtVHVVH
XWLOL]yDGHPiVHO9ROXPHQGHO,3&&FRPRIXHQWHSDUDORVIDFWRUHVGHHPLVLyQSRGHUHVFDORUtILFRV
\IDFWRUHVGHR[LGDFLyQ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)8(17(6'(,1)250$&,1(1/1($'(1,9(/(6'($&7,9,'$'3253$6
87,/,=$'$63$5$(/6(&725(1(5*$
3DtV
)XHQWHVGH,QIRUPDFLyQHQOtQHD
&KLOH
&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH&1(
KWWSZZZFQHFOFQHZZZRSHQFPV
0p[LFR
%DODQFH1DFLRQDOGH(QHUJtDGHODxRGHOD6XEVHFUHWDUtDGH3ODQHDFLyQ\'HVDUUROOR7HFQROyJLFR
'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQ\(VWXGLRV(QHUJpWLFRV0p[LFR
KWWSZZZVHQHUJREP[UHV3(B\B'7SXEEDODQFHSGI
6WDWLFDO5HYLHZRI:RUOG(QHUJ\GH%ULWLVK3HWUROHXP
KWWSZZZESFRPSURGXFWODQGLQJGR"FDWHJRU\,G FRQWHQW,G
8UXJXD\
'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
KWWSZZZPLHPJXEX\SRUWDOKJ[SS"26018(018
)XHQWH(ODERUDFLyQSURSLD
$FRQWLQXDFLyQVHSUHVHQWDQORVIDFWRUHVGHHPLVLyQSRUGHIHFWRGHO,3&&SDUDHO&2&+\
12ORVWUHV*(,TXHSRVHHQXQSRWHQFLDOGHFDOHQWDPLHQWRJOREDOGHILQLGRGHQWURGHO6HFWRU(QHUJtD
(VWRVIDFWRUHVVRQORVXWLOL]DGRVHQHOFiOFXORGHHVWLPDFLyQSURSLD
&8$'52$
)$&725(6'((0,6,1'(&<)$&725(6'(2;,'$&,187,/,=$'26
(1(/&/&8/23$5$'(7(50,1$5/$6(0,6,21(6'(&2
3HWUyOHRFUXGR'HULYDGRVGHOSHWUyOHR&RPEXVWLEOHVSDUD
HOHFWULFLGDGWpUPLFD6/9
*DVROLQD
.HURVHQH2WURNHURVHQH
*DVOLFXDGR
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ-HWNHURVHQH
1DIWD
*DVGHUHILQHUtD
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
0HWDQRO
%LRPDVDVyOLGD/HxD%DJD]R&DUEyQYHJHWDO5HVLGXRVYHJHWDOHV
%LRJiV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHO,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)$&725(6'((0,6,1'(12325&$7(*25$6
87,/,=$'26(1(/&/&8/2
)(NJ127-
WRGDVODVFDWHJRUtDV
PHQRVWUDQVSRUWH
)(NJ127-
FDWHJRUtDWUDQVSRUWH
3HWUyOHRFRPEXVWLEOH
'LHVHO
*DVROLQD63
*DVROLQD&3
.HURVHQH
*DVOLFXDGR
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ
1DIWD
*DVGHUHILQHUtD
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
0HWDQRO
/HxD\RWURV
%LRJiV
&RPEXVWLEOH
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHO,3&&
6HSXHGHREVHUYDUTXHHO*DV$OWR+RUQRHVXWLOL]DGRFRQXQIDFWRUGHR[LGDFLyQGHD
GLIHUHQFLDGHORVRWURVJDVHVTXHVRQXWLOL]DGRVFRQXQRGH
3DUD HO FDVR GHO IDFWRU GH HPLVLyQ GH 12 VH WLHQHTXH GHORVFRPEXVWLEOHV XWLOL]DGRVORV
~QLFRVTXHWLHQHQXQIDFWRUGHHPLVLyQGLVWLQWRSDUDODFDWHJRUtDGHWUDQVSRUWHHQUHODFLyQDODVRWUDV
FDWHJRUtDV VRQ OD JDVROLQD GH DYLDFLyQ \ HO TXHURVHQR GH DYLDFLyQ FRPEXVWLEOHV TXH D VX YH]
VRODPHQWHVRQXWLOL]DGRVHQODVXEFDWHJRUtDWUDQVSRUWHDpUHR
3DUD HO FiOFXOR GH ODV HPLVLRQHV IXJLWLYDV HO ,3&& SURSRQH SRU GHIHFWR XQD VHULH GH
UDQJRVGHIDFWRUHVGHHPLVLyQDSOLFDEOHVSDUDODVGLVWLQWDVDFWLYLGDGHV
7DQWR OD FDWHJRUtD 5HVWR GHO PXQGR FRPR 2WURV SURGXFWRUHV GH SHWUyOHR SRVHHQ ORV
PLVPRV UDQJRV GH HPLVLyQ SDUD ODV GLVWLQWDV DFWLYLGDGHV FRQ H[FHSFLyQ GH 9HQWHR \ TXHPD HQ
PHFKXUULRVSURFHGHQWHGHODSURGXFFLyQGHJDV
'HQWURGHORVLQYHQWDULRVDQDOL]DGRVHQGRVGHHOORVVHPXHVWUDQH[SOtFLWDPHQWHORVIDFWRUHV
GHHPLVLyQXWLOL]DGRVSDUD$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO8QRGHHOORVHVHOGH&KLOHGRQGHVH
XWLOL]DQ ORV SXQWRV PHGLRV GH WRGRV ORV UDQJRV SURSXHVWRV GHO ,3&& SDUD 5HVWR GHO PXQGR
DXQTXHVHWRPDHOSXQWRPHGLRGHOUDQJRGH(XURSD2FFLGHQWDOSDUD9HQWHR\TXHPDHQPHFKXUULRV
SURFHGHQWHGHODSURGXFFLyQGHSHWUyOHRGDGDODDXVHQFLDGHUDQJRVSURSXHVWRVSDUDRWURVVHFWRUHVGHO
PXQGR (Q ORV FiOFXORV GH HODERUDFLyQ SURSLD GH HVWH WUDEDMR VH PDQWHQGUiQ HVWRV IDFWRUHV GH
HPLVLyQ\VHKDUiQH[WHQVLYRVDOFDVRGH8UXJXD\
&RQHOREMHWLYRGHFRUURERUDUODVHPLVLRQHVSUHVHQWDGDVGHO6HFWRU(QHUJtDHQORVLQYHQWDULRV
GH ORV FXDWUR SDtVHVDQDOL]DGRV D FRQWLQXDFLyQ VH SUHVHQWD XQ UHVXPHQ SRU SDtV FRQ OD LQIRUPDFLyQ
SUHVHQWDGDHQHOLQYHQWDULRGHO6HFWRU(QHUJtD\OXHJRVHGHVDUUROODHOFiOFXORSRUHODERUDFLyQSURSLD
TXHEXVFDFRUURERUDUORVUHVXOWDGRVH[SXHVWRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)$&725(6'((0,6,1'(&+325&$7(*25$6
87,/,=$'26(1(/&/&8/2(1.*&+7-
&RPEXVWLEOHFDWHJRUtD
&HQWURVGH7UDQVI
3HWUyOHRFRPEXVWLEOH
'LHVHO
*DVROLQD63
*DVROLQD&3
.HURVHQH
*DVOLFXDGR
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ
1DIWD
*DVGHUHILQHUtD
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
0HWDQRO
,QGXVWULD\0LQHUtD
7UDQVSRUWH
&RPHUFLDO\S~EOLFR
5HVLGHQFLDO
/HxD\RWURV
%LRJiV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHO,3&&
&8$'52$
)$&725(6'((0,6,1'(&+(1/$(;75$&&,1
D
<0$1,38/$&,1'(/&$5%1(10&+7
7LSRGH0LQD
0LQDVVXEWHUUiQHDV
0LQDVDFLHORDELHUWR
5DQJRVGH)(SURSXHVWRV
SRUHO,3&&
([WUDFFLyQ
3RVW([WUDFFLyQ
)(
([WUDFFLyQ
3RVW([WUDFFLyQ
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHLQIRUPDFLyQFRQWHQLGDHQHO9ROXPHQGH,3&&
D
$ORVIDFWRUHVGHHPLVLyQGH([WUDFFLyQ\0DQLSXODFLyQGHOFDUEyQVHOHDSOLFDXQDGHQVLGDGGH*J&+ P
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)$&725(6'((0,6,1'(&+(1$&7,9,'$'(6'(/3(75/(2<*$61$785$/
(1.*&+3-3$5$27526352'8&725(6'(3(75/(2<5(672'(/081'2
$FWLYLGDG
5DQJRVGH)(SURSXHVWRV
SRUHO,3&&
)(XWLOL]DGRSDUDOD
(VWLPDFLyQSURSLDGH&KLOH
\8UXJXD\
)(XWLOL]DGRSDUDOD
(VWLPDFLyQSURSLDGH
0p[LFR
3(75/(2
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
*$6
3URGXFFLyQ
7UDQVPLVLyQ\GLVWULEXFLyQGHJDV
FRQVXPLGR
2WUDVIXJDVJDVQRUHVLGHQFLDO
FRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDO
FRQVXPLGR
9HQWHR\TXHPDGHPHFKXUULRV
3URFHGHQWHGHODSURGXFFLyQGH
SHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
QG
1R(XURSD2FFLGHQWDO
(XURSD2FFLGHQWDO
2WURVSDtVHV
H[SRUWDGRUHVGH
SHWUyOHR
5HVWRGHOPXQGR
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHLQIRUPDFLyQFRQWHQLGDHQHO9ROXPHQGHO,3&&
&KLOH
5HVXPHQGHOFRQWHQLGRGHOLQYHQWDULRGH&KLOH
(O,QYHQWDULRGH&KLOHSUHVHQWDHVWLPDFLRQHVGHODVHPLVLRQHVWRWDOHVGHO6HFWRU(QHUJtDGHO
SDtV SDUD WRGR HO SHUtRGR FRPSUHQGLGR HQWUH ORV DxRV \ XWLOL]DQGR WDQWR HO PpWRGR SRU
FDWHJRUtDV GH IXHQWH WDPELpQ OODPDGR GH XVRV ILQDOHV FRPR GH UHIHUHQFLD WDPELpQ OODPDGR GH
FRQVXPRV DSDUHQWHV $ SDUWLU GH ORV GDWRV H[SXHVWRV HV SRVLEOH FRPSDUDU ORV UHVXOWDGRV REWHQLGRV
SDUDXQPLVPRDxRFRQORVGRVPpWRGRVXWLOL]DGRV
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
(O ,QIRUPH 32&+ GHVDJUHJD ODV HPLVLRQHV GHO 6HFWRU (QHUJtD XWLOL]DQGR ODV VLJXLHQWHV
FDWHJRUtDV SDUD OD TXHPD GH FRPEXVWLEOHV ,QGXVWULD GH OD (QHUJtD ,QGXVWULD 0DQXIDFWXUHUD \ GH OD
&RQVWUXFFLyQ7UDQVSRUWH3~EOLFR5HVLGHQFLDO&RPHUFLDO\3HVFD/DVFDWHJRUtDVVHDMXVWDQELHQDODV
HVWDEOHFLGDV SRU HO ,3&& SDUD HO VHFWRU FRQ OD GLIHUHQFLD TXH 32&+ DJUXSD D
&RPHUFLDO,QVWLWXFLRQDO FRQ 5HVLGHQFLDO GHQWUR GH XQD PLVPD FDWHJRUtD 3RU RWUR ODGR OD FDWHJRUtD
3HVFD GH 32&+ VRODPHQWH UHSUHVHQWD ODV HPLVLRQHV SRU FRPEXVWLyQ GH HVD DFWLYLGDG GHQWUR GH OD
FDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFDGHILQLGRSRUHO,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVHO,QIRUPH32&+XWLOL]DWRGDVODVFDWHJRUtDVSURSXHVWDV
SRU HO ,3&& ([WUDFFLyQ \ PDQLSXODFLyQ GHO FDUEyQ $FWLYLGDGHV GHO SHWUyOHR \ JDV QDWXUDO \
(PLVLRQHVGHSUHFXUVRUHVGHOR]RQR\GH62HQODUHILQDFLyQGHOSHWUyOHR3DUDWRGDVHVWDVFDWHJRUtDV
KDFHODVHVWLPDFLRQHVSDUD&KLOHSDUDHOSHUtRGR(O,QIRUPHLQFRUSRUDORVGDWRVXWLOL]DGRV
HQ FXDQWR D SURGXFFLyQ GH FDUEyQ HQ HO SDtV GXUDQWH WRGR HO SHUtRGR GH DQiOLVLV WDQWR HQ PLQHUtD
DELHUWDFRPRHQPLQHUtDFHUUDGD
x 3DUWLGDVLQIRUPDWLYDV
(O ,QIRUPH QR LQFOX\H HVWLPDFLRQHV UHODFLRQDGDV FRQ ORV %XQNHUV ,QWHUQDFLRQDOHV SDUWLGD
LQIRUPDWLYD VROLFLWDGD SRU HO ,3&& (Q FXDQWR D OD %LRPDVD HO ,QIRUPH SURSRUFLRQD ODV
HPLVLRQHVGHQWURGHODFDWHJRUtD/HxD\%LRJiVFRQYDORUHVHVWLPDGRVSDUDWRGRHOSHUtRGR
x &iOFXOR1LYHO$YLDFLyQ
1RUHDOL]DORVFiOFXORVGHQLYHOSDUDOD$YLDFLyQVHxDODGRVSRUHO,3&&
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
(Q FXDQWR D ORV*(, HVWLPDGRV32&+ HVWLPD WRGRV ORV JDVHV VHxDODGRV SRU HO ,3&&
SDUD FDGD FDWHJRUtD (O ,QIRUPH PXHVWUD H[SOtFLWDPHQWH ODV WDEODV FRQ ORV IDFWRUHV GH HPLVLyQ GH
FDUERQR XWLOL]DGRV SDUD FDGD FRPEXVWLEOH DVt FRPR ORV IDFWRUHV GH HPLVLyQ SDUD FDGD FRPEXVWLEOH
GHQWURGHODVGLVWLQWDVFDWHJRUtDV\VXEFDWHJRUtDVSDUDFDGDXQRGHORV*(,GLVWLQWRVDO&27RGRVORV
IDFWRUHV GH HPLVLyQ XWLOL]DGRV VRQ ORV GHILQLGRV HQ HO ,3&& VLQ XWLOL]DU IDFWRUHV GH HPLVLyQ
LQWHUQRVGDGDODLQH[LVWHQFLDGHHVWRVSDUDHO6HFWRU(QHUJtDHQHOSDtV(O,QIRUPHWDPELpQPXHVWUD
XQDWDEODFRQORVSRGHUHVFDORUtILFRVHVSHFtILFRVSDUDORVFRPEXVWLEOHVGH&KLOHGDWRVXWLOL]DGRVSDUD
ORVFiOFXORV\TXHVHREWXYLHURQGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGHOSDtV
(O,QIRUPHPXHVWUDFRQGHWDOOHORVPpWRGRV\IyUPXODVXWLOL]DGRVSDUDORVFiOFXORVGHORV*(,
GLVWLQWRV DO &2 GLVWLQJXLHQGR HO FDVR SDUWLFXODU GH OD HVWLPDFLyQ GH ODV HPLVLRQHV GH 62 GRQGH VH
LQFRUSRUDXQDWDEODFRQORVFRQWHQLGRVGHD]XIUHHQFDGDFRPEXVWLEOHHQ&KLOHSDUDFDGDDxRGHODQiOLVLV
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
6H SUHVHQWDQ HQ HO ,QIRUPH ODV HPLVLRQHV SDUD FDGD WLSR GH*(, SDUD FDGD FDWHJRUtD \ SDUD
FDGDDxRDJUXSDGRVHQWDEODVXQDSRUFDGD*(,GRQGHVHGHVDJUHJDQSDUDFDGDFDWHJRUtD\DxR6LQ
HPEDUJRHO,QIRUPHFDUHFHGHXQDWDEODTXHVXPHODVHPLVLRQHVGHWRGRVORV*(,H[SUHVDGRFRPR
&2HSDUDFDGDFDWHJRUtD\SDUDWRGRHO6HFWRU(QHUJtD6HUHFRPLHQGDWDPELpQDJUHJDUXQDWDEODTXH
PXHVWUHODFRQWULEXFLyQWRWDOGHFDGD*(,GHQWURGHOVHFWRU
x &RPEXVWLEOHV
(QFXDQWRDODFDQWLGDG\WLSRGHFRPEXVWLEOHVXWLOL]DGRVSDUDORVFiOFXORVHO,QIRUPHFDUHFH
GHHVWDLQIRUPDFLyQUHPLWLpQGRVHDVHxDODUTXHKDXWLOL]DGRODVFDQWLGDGHVSXEOLFDGDVGHFDGDDxRSRU
OD&RPLVLyQ1DFLRQDOGH(QHUJtDGHOSDtV
&RQVXPRVHQHUJpWLFRV
(O,QIRUPHSUHVHQWDXQDWDEODFRQORVFRQVXPRVHQHUJpWLFRVGHFDGDXQDGHODVFDWHJRUtDVFRQ
ODVTXHVHWUDEDMDSDUDWRGRHOSHUtRGRDQDOL]DGR6LQHPEDUJRQRVHHVSHFLILFDFyPRVHREWXYLHURQORV
YDORUHV SUHVHQWDGRV QL TXp SURGXFWRV HQHUJpWLFRV UHSUHVHQWDQ FRPEXVWLEOHV \ HOHFWULFLGDG R
VRODPHQWHFRPEXVWLEOHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&iOFXORGHODHPLVLyQWRWDOGH6HFWRU(QHUJtDHQ&KLOH
6HKDFRQVXOWDGRORVEDODQFHVHQHUJpWLFRVGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOHSDUD
FRQRFHUODVFDQWLGDGHVGHFRPEXVWLEOHVFRQVXPLGRV\GHVDJUHJDGRVSRUFDWHJRUtDSDUDORVDxRV
\
4XHPDGHFRPEXVWLEOHV
6H GLVSRQH GHO FRQVXPR ILQDO GH FRPEXVWLEOHV WDQWR SULPDULRV FRPR VHFXQGDULRV GHO DxR
HQ&KLOH6HKDDJUHJDGRHOFRQVXPRGHFRPEXVWLEOHVHQORVFHQWURVGHWUDQVIRUPDFLyQORTXH
VXPDGR DO FRQVXPR ILQDO GH FDGD FRPEXVWLEOH FRQVWLWX\H HO FRQVXPR WRWDO /D LQIRUPDFLyQ
SURSRUFLRQDGD SRU OD &1( GH &KLOH HV HQ 7HUDFDORUtDV \ HQ SRGHU FDORUtILFR VXSHULRU 3&6 (Q OD
VLJXLHQWHWDEODVHSUHVHQWDQORVFRQVXPRVHQ7-\HQSRGHUFDORUtILFRLQIHULRU3&,
6H KDQ DSOLFDGR ORV 3&, XWLOL]DGRV HQ HO LQYHQWDULR GH &KLOH 32&+ GRQGH VLJXLHQGR ODV
UHFRPHQGDFLRQHVGHO,3&&KDDSOLFDGRXQGHO3&6SDUDHOFDVRGHORVJDVHV\XQGHO
3&6SDUDHOUHVWRGHORVFRPEXVWLEOHV /DH[FHSFLyQTXHDSOLFy32&+IXHSDUDHO*DVGH5HILQHUtD
GRQGHVHOHDSOLFyXQGHO3&6
&8$'52$
&216802727$/'(&20%867,%/(6(1&+,/(,1&/8<(1'2
(/&216802(1/26&(17526'(75$16)250$&,1
(17-<&2023&,$f2
&RPEXVWLEOHFDWHJRUtD
&HQWURVGH
7UDQVI
3HWUyOHRFRPEXVWLEOH
*DVROLQD63
*DVROLQD&3
.HURVHQH
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ
1DIWD
*DVGHUHILQHUtD
'LHVHO
*DVOLFXDGR
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
0HWDQRO
/HxD\RWURV
%LRJiV
7RWDOFDWHJRUtD
,QGXVWULD
\0LQHUtD
7UDQVSRUWH
&35
7RWDO
FRPEXVWLEOH
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH\GHORV3&,XWLOL]DGRVHQHO
LQYHQWDULRGH&KLOH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&216802727$/'(&20%867,%/(6(1&+,/(,1&/8<(1'2
(/&216802(1/26&(17526'(75$16)250$&,1
(17-<&2023&,$f2
&RPEXVWLEOHFDWHJRUtD
&HQWURVGH
7UDQVI
,QGXVWULD
\0LQHUtD
7UDQVSRUWH
&35
7RWDO
FRPEXVWLEOH
3HWUyOHRFRPEXVWLEOH
'LHVHO
*DVROLQD63
*DVROLQD&3
.HURVHQH
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ
1DIWD
*DVGHUHILQHUtD
*DVOLFXDGR
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
0HWDQRO
/HxD\RWURV
%LRJiV
7RWDOFDWHJRUtD
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH\GHORV3&,XWLOL]DGRVHQHO
LQYHQWDULRGH&KLOH
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(1&+,/((17&2($f2
&RPEXVWLEOHFDWHJRUtD
&HQWURVGH
7UDQVI
3HWUyOHRFRPEXVWLEOH
*DVROLQD63
*DVROLQD&3
.HURVHQH
'LHVHO
*DVOLFXDGR
,QGXVWULD
\0LQHUtD
&35
7RWDO
FRPEXVWLEOH
7UDQVSRUWH
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ
1DIWD
*DVGHUHILQHUtD
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$FRQFOXVLyQ
&RPEXVWLEOHFDWHJRUtD
0HWDQRO
/HxD\RWURVD
%LRJiVD
7RWDOFDWHRJUtDD
&HQWURVGH
7UDQVI
,QGXVWULD
\0LQHUtD
7UDQVSRUWH
&35
7RWDO
FRPEXVWLEOH
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHORVFRQVXPRVHQHUJpWLFRVGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH\ORV
3&,)(\)2XWLOL]DGRVHQHO,QYHQWDULRGH&KLOH32&+
D
6HKDLQFOXLGRODVHPLVLRQHVGH&+\12GHODELRPDVD/HxD\RWURV\%LRJiVSHURVHKDH[FOXLGRODVHPLVLRQHV
GH&2GHpVWD
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(1&+,/((17&2($f2
&HQWURVGH
7UDQVI
,QGXVWULD
\0LQHUtD
7UDQVSRUWH
3HWUyOHRFRPEXVWLEOH
'LHVHO
*DVROLQD63
*DVROLQD&3
.HURVHQH
&RPEXVWLEOHFDWHJRUtD
*DVOLFXDGR
&35
7RWDO
FRPEXVWLEOH
*DVROLQDGHDYLDFLyQ
.HURVHQHGHDYLDFLyQ
1DIWD
*DVGHUHILQHUtD
&DUEyQ
&RNH
$OTXLWUiQ
*DVFRUULHQWH
*DVDOWRKRUQR
*DVQDWXUDO
0HWDQRO
/HxD\RWURVD
%LRJiVD
727$/&$7(*25$D
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHORVFRQVXPRVHQHUJpWLFRVGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH\ORV
3&,)(\)2XWLOL]DGRVHQHO,QYHQWDULRGH&KLOH32&+
D
6HKDLQFOXLGRODVHPLVLRQHVGH&+\12GHODELRPDVD/HxD\RWURV\%LRJiVSHURVHKDH[FOXLGRODVHPLVLRQHV
GH&2GHpVWD
3DUDHOFiOFXORGHODVHPLVLRQHVGH*(,VHXWLOL]DUiHOPpWRGRSRUXVRVILQDOHVRFDWHJRUtDVGH
IXHQWHV\DTXHVHGLVSRQHGHORVFRQVXPRVILQDOHVGHORVGLVWLQWRVFRPEXVWLEOHVGHVDJUHJDGRVVHJ~Q
ODFDWHJRUtDGRQGHVRQTXHPDGRV
'DGR TXH OD &RPLVLyQ 1DFLRQDO GH (QHUJtD QR SUHVHQWD ORV FRQVXPRV HQHUJpWLFRV GH OD
FDWHJRUtD&35GHVDJUHJDGRVHQ&RPHUFLDO3~EOLFR\5HVLGHQFLDO\TXHORVIDFWRUHVGHHPLVLyQGHO
&+SDUDDOJXQRVFRPEXVWLEOHVVRQGLVWLQWRVSDUDXQFDVRXRWURIXHQHFHVDULRGHWHUPLQDUXQIDFWRUGH
HPLVLyQ SRQGHUDGR SDUD OD FDWHJRUtD&35 HQ VXFRQMXQWR HQDTXHOORVFRPEXVWLEOHV GRQGHH[LVWHQ
IDFWRUHVGHHPLVLyQGLVWLQWRV\TXHVRQFRQVXPLGRVGHQWURGHODFDWHJRUtDHVWRVVRQHOFDUEyQ\HOJDV
FRUULHQWH3DUDHOORVHREWXYRGHODPLVPD&RPLVLyQ1DFLRQDOGH(QHUJtDORVFRQVXPRVHQHUJpWLFRV
GHVDJUHJDGRVHQ&RPHUFLDO3~EOLFR\5HVLGHQFLDOGLVSRQLEOHVDSDUWLUGHODxR6HGHWHUPLQDURQ
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
ORVVLJXLHQWHVSRUFHQWDMHVGHFRQVXPRSDUDHOFDUEyQ\HOJDVFRUULHQWHSDUDODFDWHJRUtD5HVLGHQFLDO
GHQWURGHOFRQMXQWR&35
&8$'52$
325&(17$-(6'(&20%867,%/(6&21680,'26(1/$&$7(*25$
5(6,'(1&,$/'(1752'(&35
(QSRUFHQWDMH
&RPEXVWLEOH
&DUEyQ
*DVFRUULHQWH
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGH&KLOH
'DGD OD DXVHQFLD GH YDORUHV SDUD VH WRPy SDUD HVH DxR ORV YDORUHV SURPHGLRV GH ORV
SRUFHQWDMHVGHOFRQVXPRGHORVFRPEXVWLEOHVHQ5HVLGHQFLDOGHOSHUtRGRFRPSUHQGLGRHQWUHORVDxRV
\
6H DSOLFDURQ HVWRV SRUFHQWDMHV SDUD HO SHVR UHODWLYR GHO IDFWRU GH HPLVLyQ GH OD FDWHJRUtD
5HVLGHQFLDO\ODVGLIHUHQFLDVGHHVWRVSRUFHQWDMHVSDUDHOGHODFDWHJRUtD&RPHUFLDO3~EOLFRGHIRUPD
GHREWHQHUHOIDFWRUGHHPLVLyQSRQGHUDGRGH&+SDUDHOFRQMXQWRGH&35
(PLVLRQHVIXJLWLYDV
(O,QYHQWDULRGH&KLOHSRURWURODGRVHxDODODVFDQWLGDGHVGHFDUEyQWDQWRGHPLQHUtDDELHUWD
FRPR GH PLQHUtD FHUUDGD FRQVLGHUDGRV SDUD HO FiOFXOR GH ODV HPLVLRQHV IXJLWLYDV GH ([WUDFFLyQ \
PDQLSXODFLyQGHOFDUEyQ6LQHPEDUJRQRPXHVWUDODVFDQWLGDGHVGHSHWUyOHR\JDVQDWXUDOXWLOL]DGRV
SDUDODVHPLVLRQHVIXJLWLYDVSURSLDVGH$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDOSHURVtVHxDODTXpGDWRV
KDFRQVLGHUDGRGHOD&RPLVLyQ1DFLRQDOGH(QHUJtDGHOSDtVFRPRQLYHOHVGHDFWLYLGDGSDUDHOFiOFXOR
GHHVWDVHPLVLRQHV
(QODVVLJXLHQWHVWDEODVVHPXHVWUDQORVQLYHOHVGHDFWLYLGDGGHFDGDtWHPFRQVLGHUDGRVHQHO
FiOFXOR GH HVWH LQIRUPH /RVFRUUHVSRQGLHQWHV D ([WUDFFLyQ \ 0DQLSXODFLyQ GHO FDUEyQ WLHQHQ FRPR
IXHQWHDO,QYHQWDULRGH&KLOH32&+3RURWURODGRORVFRUUHVSRQGLHQWHVD$FWLYLGDGHVGHOSHWUyOHR\
JDVQDWXUDOWLHQHQFRPRIXHQWHDOD&RPLVLyQ1DFLRQDOGH(QHUJtDVHJ~QODVLQGLFDFLRQHVGHVFULWDVHQ
HOLQYHQWDULR
&8$'52$
&/&8/2'((0,6,21(6'(*(,325(0,6,21(6)8*,7,9$6
(1&+,/((17&2($f2
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
)DVH
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
0LQDV
VXEWHUUiQHDV
([WUDFFLyQ
3RVW([WUDFFLyQ
0LQDVDFLHOR
DELHUWR
([WUDFFLyQ
3RVW([WUDFFLyQ
7RWDOH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3HWUyOHR
3-GHSHWUyOHR
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
7RWDO
*DVQDWXUDO
3-GHJDVQDWXUDO
(PLVLRQHVHQW&2H
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$FRQFOXVLyQ
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVPLVLyQ\GLVWULEXFLyQJDVFRQVXPLGR
2WUDVIXJDVJDVQRUHVLGHQFLDOFRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDOFRQVXPLGR
7RWDO
9HQWHR\TXHPDGHPHFKXUULRV
3-GHFRPEXVWLEOH
(PLVLRQHVHQW&2H
3URFHGHQWHGHODSURGXFFLyQGHSHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
7RWDO
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
7RWDOHPLVLRQHVIXJLWLYDV
&8$'52$
&/&8/2'((0,6,21(6'(*(,325(0,6,21(6)8*,7,9$6
(1&+,/((17&2($f2
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
0LQDVVXEWHUUiQHDV
0LQDVDFLHORDELHUWR
)DVH
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
([WUDFFLyQ
3RVW([WUDFFLyQ
([WUDFFLyQ
3RVW([WUDFFLyQ
7RWDOH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3HWUyOHR
3-GHSHWUyOHR
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
7RWDO
*DVQDWXUDO
3-GHJDVQDWXUDO
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVPLVLyQ\GLVWULEXFLyQJDVFRQVXPLGR
2WUDVIXJDVJDVQRUHVLGHQFLDOFRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDOFRQVXPLGR
7RWDO
9HQWHR\TXHPDGHPHFKXUULRV
3-GHFRPEXVWLEOH
(PLVLRQHVHQW&2H
3URFHGHQWHGHODSURGXFFLyQGHSHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
7RWDO
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
7RWDOHPLVLRQHVIXJLWLYDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
3DUD ODV $FWLYLGDGHV GH SHWUyOHR \ JDV QDWXUDO VH KD XWLOL]DGR HO YROXPHQ GH SHWUyOHR
SURGXFLGR HQ HO SDtV HVH DxR WDQWR SDUD HO tWHP 3URGXFFLyQ FRPR SDUD HO tWHP 7UDQVSRUWH 3DUD
5HILQDFLyQ\$OPDFHQDPLHQWRHO,QYHQWDULRGH&KLOHVHxDODTXHKDWRPDGRHOFRQVXPRGHSHWUyOHR
FUXGRGHOD&RPLVLyQ1DFLRQDOGH(QHUJtD
(PLVLyQ WRWDO GHO 6HFWRU(QHUJtDHVWLPDGRSDUD&KLOH\ FRPSDUDFLyQ FRQ OR UHSRUWDGR HQ HO
LQYHQWDULRGHOSDtV
3DUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH WUDEDMR HV GH
W&2HFRUUHVSRQGLHQWHDODVXPDGHODVHPLVLRQHVSRUTXHPDGHFRPEXVWLEOHV\HPLVLRQHV
IXJLWLYDV3RURWURODGRODVXPDGHODVHPLVLRQHVUHSRUWDGDVHQHO,QYHQWDULRGH&KLOH32&+UHVXOWD
HQW&2H/D(VWLPDFLyQ3URSLDHVWDQVRORXQPD\RUDODGHOLQYHQWDULR
3RU RWUR ODGR SDUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH
WUDEDMR HV GH W&2H \ OD VXPD GH ODV HPLVLRQHV UHSRUWDGDV HQ HO ,QYHQWDULR GH &KLOH
32&+UHVXOWDHQW&2H/DFLIUDFDOFXODGDHQHVWHWUDEDMRHVWDQVRORXQPHQRUD
ODGHOLQYHQWDULR
/DSHTXHxDGLIHUHQFLDUHVXOWDQWHQRHVGHVRUSUHQGHU\DTXHHOLQYHQWDULRVLELHQFDUHFHGH
ORVYDORUHVGHORVGDWRVGHWLSRV\FDQWLGDGHVGHFRPEXVWLEOHVFRQVXPLGRVQLYHOHVGHDFWLYLGDGHV
EDVWDQWHH[SOtFLWRHQVHxDODUGHGyQGHORVWRPy3RURWURHO,QYHQWDULRGH&KLOHPXHVWUDFODUDPHQWHORV
IDFWRUHVGHHPLVLyQXWLOL]DGRVHQWRGRVORVFiOFXORV
/D PD\RU GLIHUHQFLD VH REVHUYD HQ ODV HPLVLRQHV IXJLWLYDV SURSLDV GH ODV $FWLYLGDGHV GHO
SHWUyOHR \ JDV QDWXUDO W&2H GHO FiOFXOR GH HVWH WUDEDMR YHUVXV ORV W&2H GHO
LQYHQWDULR HQ \ W&2H YV W&2H UHVSHFWLYDPHQWH SDUD HO 6H KD
WRPDGR SDUD ORV FiOFXORV GH HVWH WUDEDMR ORV GDWRV GH OD &RPLVLyQ 1DFLRQDO GH (QHUJtD VHJ~Q OR
LQGLFDGR HQ HO LQYHQWDULR SHUR QR VRQ FODUDV ODV GHVFULSFLRQHV HQ WRGRV ORV FDVRV SRU OR TXH DTXt
H[LVWHXQDIXHQWHGHLQFHUWLGXPEUH\XQDGHILFLHQFLDGHODFDOLGDGGHOUHSRUWHGHO,QYHQWDULRGH&KLOH
(O6DOYDGRU
5HVXPHQGHOFRQWHQLGRGHOLQYHQWDULRGH(O6DOYDGRU
3DUD HO 6HFWRU (QHUJtD DVt FRPR SDUD WRGRV ORV VHFWRUHV VH KD FRQVLGHUDGR HYDOXDU ORV GRV
GRFXPHQWRVVHxDODGRV&RPRVHPHQFLRQyOD3ULPHUD&RPXQLFDFLyQ1DFLRQDOHVWLPDODVHPLVLRQHV
GHO DxR PLHQWUDV TXHHO LQYHQWDULR UHDOL]DGRSDUDOD6HJXQGD&RPXQLFDFLyQ1DFLRQDO OR KDFH
SDUDHODxR(QDPERVFDVRVVHHVWLPDQODVHPLVLRQHVGHO6HFWRU(QHUJtDWDQWRFRQHOPpWRGRSRU
FDWHJRUtDVGHIXHQWHFRPRGHFRQVXPRVDSDUHQWHV$SDUWLUGHORVGDWRVH[SXHVWRVHVSRVLEOHFRPSDUDU
ORVUHVXOWDGRVREWHQLGRVSDUDXQPLVPRDxRFRQORVGRVPpWRGRVXWLOL]DGRV
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
/D3ULPHUD&RPXQLFDFLyQ1DFLRQDOGHVDJUHJDODVHPLVLRQHVGHO6HFWRU(QHUJtDXWLOL]DQGRODV
VLJXLHQWHVFDWHJRUtDVSDUDODTXHPDGHFRPEXVWLEOHV,QGXVWULDGHOD(QHUJtD,QGXVWULD0DQXIDFWXUHUD
\ GH OD &RQVWUXFFLyQ 7UDQVSRUWH \ &RPHUFLDO5HVLGHQFLDO 1R HVWi SUHVHQWH OD FDWHJRUtD
$JULFXOWXUD6LOYLFXOWXUD3HVFD3RURWURODGRQRVHVDEHVLVHKDQLQFOXLGRODVHPLVLRQHVSURSLDVGHOD
VXEFDWHJRUtD,QVWLWXFLRQDOGHQWURGHODFDWHJRUtD&RPHUFLDO5HVLGHQFLDO
(QFXDQWRDOLQYHQWDULRGHODxRODVFDWHJRUtDVLQFOXLGDVSDUDODTXHPDGHFRPEXVWLEOHV
VRQ ,QGXVWULD GH OD (QHUJtD ,QGXVWULD 0DQXIDFWXUHUD \ GH OD &RQVWUXFFLyQ 7UDQVSRUWH
&RPHUFLDO,QVWLWXFLRQDO \ 5HVLGHQFLDO /D FDWHJRUtD 7UDQVSRUWH VH SUHVHQWD GHVDJUHJDGD D VX YH]HQ
ODVVXEFDWHJRUtDV$YLDFLyQ1DFLRQDO7UDQVSRUWHHQ&DUUHWHUDV\7UDQVSRUWH)HUURYLDULR6RODPHQWH
KDFHIDOWDODFDWHJRUtD$JULFXOWXUD6LOYLFXOWXUD3HVFDDSDUWLUGHODVGHILQLGDVSRUHO,3&&
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVQLQJXQRGHORVGRVLQIRUPHVLQFOX\HHVWLPDFLRQHVWDUHD
TXHTXHGDSHQGLHQWHSDUDXQVLJXLHQWHSUR\HFWRGHLQYHQWDULRGHO6HFWRU(QHUJtDHQ(O6DOYDGRU
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x 3DUWLGDVLQIRUPDWLYDV
$PERV LQIRUPHV FXHQWDQ FRQ HVWLPDFLRQHV GH &2 SRU TXHPD GH OD %LRPDVD SDUWLGD
LQIRUPDWLYD VROLFLWDGD SRU HO ,3&& 6LQ HPEDUJR QR VH VHxDODQ ODV HPLVLRQHV GH &+ \ 12
SURFHGHQWHV GH HVWD DSDUHFHQ LQFOXLGDV HQ ODV HPLVLRQHV WRWDOHV GH ODV FDWHJRUtDV GRQGH VH TXHPD
ELRPDVDSHURQRVHVHxDODFXiQWRYLHQHGHHVWDTXHPD(QFXDQWRDORV%XQNHUV,QWHUQDFLRQDOHVHO
LQYHQWDULR GHO DxR LQFOX\H HO WRWDO GH FRPEXVWLEOH XWLOL]DGR H[SUHVDGR HQ WpUPLQRV GH HQHUJtD
7- SHUR QR GH HPLVLRQHV GLIHUHQFLiQGROR HQ WUDQVSRUWH PDUtWLPR \ DpUHR 1R VH VHxDOD QL ODV
FDQWLGDGHVQLORVWLSRVGHFRPEXVWLEOHXWLOL]DGRVHQHOEDODQFHHQHUJpWLFR/D3ULPHUD&RPXQLFDFLyQ
1DFLRQDOQRLQFRUSRUDLQIRUPDFLyQUHODWLYDDORV%XQNHUV,QWHUQDFLRQDOHV
x &iOFXOR1LYHO$YLDFLyQ
1LQJXQRGHORVGRVLQIRUPHVUHDOL]DORVFiOFXORVGHQLYHOSDUDOD$YLDFLyQVHxDODGRVSRUHO
,3&&
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
(O LQYHQWDULR GHO DxR FRQVWLWX\H XQD PHMRUD VXVWDQFLDO HQ FXDQWR D FDQWLGDG GH
LQIRUPDFLyQ HQ UHODFLyQ D OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO (O LQYHQWDULR GHO DGHPiV GH
HVWLPDUORVJDVHV&2&+\12SDUDFDGDFDWHJRUtDDJUHJDODHVWLPDFLyQGHORV*(,SUHFXUVRUHV
GHOR]RQROD3ULPHUD&RPXQLFDFLyQ1DFLRQDOHQWUHJDYDORUHVSDUDORVSUHFXUVRUHVGHOR]RQRDQLYHO
WRWDO GHO VHFWRU SHUR QR ORV SUHVHQWD GHVDJUHJDGRV SRU FDWHJRUtDV 3RU RWUR ODGR OD 3ULPHUD
&RPXQLFDFLyQ1DFLRQDOQRHVFRQVLVWHQWHFRQHOQLYHOGHGHWDOOHFRQTXHSUHVHQWDODVHPLVLRQHVGHORV
GLVWLQWRV*(,3DUDORVJDVHV&2\&+LQFRUSRUDLQIRUPDFLyQGHVDJUHJDGDSRUFDWHJRUtDVQRDVtFRQ
HO12TXHORSUHVHQWDVRODPHQWHDQLYHOWRWDOGHOVHFWRU
1LQJXQRGHORVGRVLQIRUPHVHVWLPDODVHPLVLRQHVGH62HQQLQJXQDFDWHJRUtD
(Q FXDQWR D ORV GDWRV GH HPLVLRQHV SUHVHQWDGRV OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO QR
SUHVHQWDHOWRWDOGHHPLVLRQHVGH&2HGHQWURGHFDGDFDWHJRUtDVLHQGRQHFHVDULRSRUSDUWHGHOOHFWRU
VXPDUODVHPLVLRQHVGHFDGD*(,/RPLVPRRFXUUHDQLYHOWRWDOGHOVHFWRU/ODPDODDWHQFLyQHOGDWR
H[SXHVWR HQ WpUPLQRV GH &2H SDUD HO &+ \ 12 GHQWUR GH FDGD FDWHJRUtD \D TXH VH REWXYLHURQ
XWLOL]DQGRVXV3&*SDUDHOSOD]RGHDxRV\QRGHDxRVFRPRHVGHXVRFRQYHQFLRQDOHQWRGRV
ORVLQYHQWDULRVDQLYHOLQWHUQDFLRQDO
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
/RVIDFWRUHVGHHPLVLyQXWLOL]DGRVHQDPERVLQIRUPHVFRUUHVSRQGHQDORVGHO,3&&/D
3ULPHUD&RPXQLFDFLyQ1DFLRQDOQRLQFRUSRUDLQIRUPDFLyQDFHUFDGHORVSRGHUHVFDORUtILFRVXWLOL]DGRV
HQORVFRPEXVWLEOHVDGLIHUHQFLDGHOLQYHQWDULRGHODxRTXHVtORKDFH
x &RPEXVWLEOHV\FRQVXPRVHQHUJpWLFRV
/D3ULPHUD&RPXQLFDFLyQ1DFLRQDOFRQWLHQHHOFRQVXPRGHHQHUJtDSULPDULDDQLYHOQDFLRQDO
GHVDJUHJDGR SRU IXHQWH OD JHQHUDFLyQ GH HOHFWULFLGDG VHJ~Q WLSR IXHQWH \ HO FRQVXPR GH HQHUJtD
VHFXQGDULDDQLYHOQDFLRQDOWDPELpQGHVDJUHJDGRSRUWLSRGHIXHQWH(VWDLQIRUPDFLyQHVWiFRQWHQLGD
HQ XQ FDStWXOR SUHYLR DO GHO LQYHQWDULR GH *(, 1R KD\ GDWRV GH FRQVXPRV GH FRPEXVWLEOHV D QLYHO
ILQDOHQWpUPLQRVHQHUJpWLFRV
(O LQYHQWDULR GHO DxR PHMRUD OD LQIRUPDFLyQ FRQ UHVSHFWR D OD 3ULPHUD &RPXQLFDFLyQ
1DFLRQDOFRQUHVSHFWRHOFRQVXPRHQHUJpWLFR(QHVWHLQIRUPHSDUDHOPpWRGRSRUFDWHJRUtDVGHIXHQWH
VHGHVDJUHJDQORVFRPEXVWLEOHVXWLOL]DGRVSRUFDWHJRUtDV\VHPXHVWUDQWDQWRHQWpUPLQRVHQHUJpWLFRV
FRPRHQHPLVLRQHVGH&23DUDHOFDVRGHORVJDVHVGLVWLQWRVDO&2HVWRVQRVHGHVDJUHJDQVHJ~QHO
RULJHQGHOFRPEXVWLEOHXWLOL]DGRSHURVtVHGHVDJUHJDQSRURULJHQGHFDWHJRUtD(OLQYHQWDULRGHODxR
WDPELpQPXHVWUDORVFRQVXPRVGHFDGDFRPEXVWLEOHSRUHOPpWRGRGHFRQVXPRVDSDUHQWHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&iOFXORGHODHPLVLyQWRWDOGHO6HFWRU(QHUJtDHQ(O6DOYDGRU
(O6DOYDGRUFRPRVHKDPHQFLRQDGRSRVHHGRVGRFXPHQWRVGLVWLQWRVGRQGHHVWiQUHSRUWDGDV
ODV HPLVLRQHV GHO VHFWRU SDUD ORV DxRV \ (Q QLQJXQR GH HOORV VH HVWLPDQ ODV HPLVLRQHV
IXJLWLYDV (O DxR HVWi LQYHQWDULDGR HQ OD 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO GRQGH VH GDQ D
FRQRFHUORVFRQVXPRVHQHUJpWLFRVGHOSDtVWDQWRSULPDULRVFRPRVHFXQGDULRVSHURVLQGHVDJUHJDUSRU
FDWHJRUtDV(ODxRTXHHVUHSRUWDGRHQHO3UR\HFWRGH6HJXQGD&RPXQLFDFLyQ1DFLRQDOSRVHH
GDWRV GH ORV FRQVXPRV HQHUJpWLFRV GHVDJUHJDGRV SRU FDWHJRUtDV (VWD VHJXQGD FRPXQLFDFLyQ SRVHH
GDWRV GH PHMRU FDOLGDG LQFOX\HQGR WDPELpQ ORV SRGHUHV FDORUtILFRV XWLOL]DGRV SDUD ORV GLVWLQWRV
FRPEXVWLEOHVGH(O6DOYDGRU
4XHPDGHFRPEXVWLEOHV
/D 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO SUHVHQWD UHSRUWHV GH HQHUJtD SULPDULD \ HQHUJtD ILQDO
FRQVXPLGD HQ HO SDtV 3DUD HO FiOFXOR SRU HODERUDFLyQ SURSLD VH KD FRQVLGHUDGR OD HQHUJtD ILQDO
FRQVXPLGDGRQGHVHLQFOX\HQWDQWRORVFRPEXVWLEOHVSULPDULRVFRPRVHFXQGDULRVTXHVHFRQVXPHQD
QLYHOILQDO/RVFRQVXPRVGHORVFRPEXVWLEOHVUHSRUWDGRVQRLQFOX\HQVXXVRHQFHQWUDOHVHOpFWULFDV
3DUD HVWLPDU HO FRQVXPR GH FRPEXVWLEOHV SDUD OD JHQHUDFLyQ HOpFWULFD VH KD WRPDGR OD HQHUJtD
HOpFWULFD GH RULJHQ WpUPLFR UHSRUWDGD TXH VH SURGXMR HQ HO DxR \ VH KD DVXPLGR XQD HILFLHQFLD
SURPHGLRGHO
&8$'52$
&216802727$/'(&20%867,%/(6(1(/6$/9$'25,1&/8<(1'2(/&216802
(1/26&(17526'(75$16)250$&,1(17-<&2023&,$f2
&RPEXVWLEOH
&RQVXPR7RWDO
'HULYDGRVGHSHWUyOHRD
&DUEyQD
&RPEXVWLEOHVSDUDHOHFWULFLGDGWpUPLFDE
&DUEyQGHOHxDE
/HxDE
5HVLGXRVYHJHWDOHVE
7RWDO
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHO,QYHQWDULRGHOD3ULPHUD&RPXQLFDFLyQ1DFLRQDO(O6DOYDGRU
D
([FOX\HODSDUWHGHOFRPEXVWLEOHGHULYDGRDFHQWUDOHVWpUPLFDVSDUDJHQHUDFLyQGHHOHFWULFLGDG
E
6HKDHVWLPDGRHOFRQVXPRGHORVFRPEXVWLEOHVSDUDJHQHUDFLyQHOpFWULFDDVXPLHQGRXQGHHILFLHQFLDHQODVFHQWUDOHV
3DUD HO DxR ORV FRPEXVWLEOHV FRQVXPLGRV VH SUHVHQWDQ HQ HO 3UR\HFWR GH 6HJXQGD
&RPXQLFDFLyQ1DFLRQDOGHVDJUHJDGRVSRUFDWHJRUtDVHQWpUPLQRVGHPDVDRGHYROXPHQSHURFRQXQD
WDEOD DGMXQWD FRQ ORV SRGHUHV FDORUtILFRV D XWLOL]DU SRU OR TXH UHVXOWD IiFLO REWHQHU ORV FRQVXPRV
HQHUJpWLFRV $ GLIHUHQFLD GH OR UHSRUWDGR SDUD HO DxR HQ HO EDODQFH GH FDGD FRPEXVWLEOH VH
LQFOX\HQORVFRQVXPRVSDUDODFDWHJRUtDGH,QGXVWULDGHOD(QHUJtD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&216802727$/'(&20%867,%/(6(1(/6$/9$'25
,1&/8<(1'2(/&216802(1/26&(17526'(75$16)250$&,1
(17-<&2023&,$f2
&RPEXVWLEOH
FDWHJRUtD
,QGXVWULD
GHOD
(QHUJtD
,QGXVWULD
0DQXIDFWXUHUD
\GHOD
&RQVWUXFFLyQ
7UDQVSRUWH
&RPHUFLDOH
,QVWLWXFLRQDO
5HVLGHQFLDO
7RWDO
&RPEXVWLEOH
*DVROLQD
-HWNHURVHQH
2WURNHURVHQH
&RTXH
/HxD
&DUEyQYHJHWDO
2WUDELRPDVDVyOLGD
'LHVHO
)XHORLOUHVLGXDO
*DVOLFXDGR
*DVGHUHILQHUtD
7RWDOFDWHJRUtD
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHO,QYHQWDULRGHO3UR\HFWRGH6HJXQGD&RPXQLFDFLyQ1DFLRQDO(O6DOYDGRU
3DUDHOFiOFXORGHODVHPLVLRQHVGH*(,GHODxRVLELHQQRVHGLVSRQHQORV FRQVXPRV
GHVDJUHJDGRVSRUFDWHJRUtDVVHLQFOXLUiXQDHVWLPDFLyQGH&+\12
(QHOFDVRGHO12VHWLHQHTXHWRGRVORVIDFWRUHVGHHPLVLyQSDUDXQPLVPRFRPEXVWLEOH
VRQ LJXDOHV SDUD WRGDV ODV FDWHJRUtDV D H[FHSFLyQ GH OD FDWHJRUtD GH WUDQVSRUWH SDUD HO NHURVHQR GH
DYLDFLyQ'DGRTXHQRVHHVSHFLILFDODFDQWLGDGGHNHURVHQRGHDYLDFLyQGHQWURGHORVGHULYDGRVGH
SHWUyOHRVHXWLOL]DUiHOIDFWRUGHHPLVLyQPD\RULWDULRGHNJ127-SDUDODFDWHJRUtDWUDQVSRUWHHQ
ORV'HULYDGRVGHOSHWUyOHR
3DUD HO FDVR GHO &+ GDGD OD YDULHGDG GH IDFWRUHV GH HPLVLyQ SDUD XQ PLVPR FRPEXVWLEOH
GHSHQGLHQGR GH OD FDWHJRUtD VH KD GHELGR GHWHUPLQDU IDFWRUHV HVSHFtILFRV SDUD HO FiOFXOR SRU
HODERUDFLyQ SURSLD 7HQLHQGR FRPR UHIHUHQFLD ORV FRQVXPRV SRU FDWHJRUtDV GHO DxR VH KD
WRPDGRXQYDORUSURPHGLR GHNJ&+7-SDUDORV'HULYDGRVGHOSHWUyOHRGHNJ&+7-SDUDHO
FDUEyQVHJ~QHO,QYHQWDULRGHODxRWRGRHO&RNHVHXWLOL]DHQOD,QGXVWULD0DQXIDFWXUHUD\GHOD
&RQVWUXFFLyQGHNJ&+7-SDUDORV&RPEXVWLEOHVSDUDHOHFWULFLGDGWpUPLFDIDFWRUGHHPLVLyQGH
ORVFRPEXVWLEOHVIyVLOHVOtTXLGRVHQOD,QGXVWULDGHOD(QHUJtD\GHNJ&+7-SDUDOD%LRPDVD
VyOLGDGDGRTXHODJUDQPD\RUtDVHXWLOL]DHQODFDWHJRUtD5HVLGHQFLDO
(QFXDQWRDORVIDFWRUHVGHHPLVLyQGH&2XWLOL]DGRVSDUDORV'HULYDGRVGHSHWUyOHR\SDUD
ORV &RPEXVWLEOHV SDUD OD HOHFWULFLGDG WpUPLFD VH XWLOL]DUi HO IDFWRU GH HPLVLyQ GHO 3HWUyOHR FUXGR
W&27-HOFXDOWLHQHXQYDORULQWHUPHGLRGHQWURGHORVFRPEXVWLEOHVIyVLOHVOtTXLGRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(1(/6$/9$'25(17&2($f2
&RPEXVWLEOH
7RWDOFRPEXVWLEOH
'HULYDGRVGHSHWUyOHR
&DUEyQ
&RPEXVWLEOHVSDUDHOHFWULFLGDGWpUPLFDD
&DUEyQGHOHxDE
E
/HxD
5HVLGXRVYHJHWDOHVE
7RWDO
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHO,QYHQWDULRGHOD3ULPHUD&RPXQLFDFLyQ1DFLRQDO(O6DOYDGRU
D
6HKDDSOLFDGRHOIDFWRUGHHPLVLyQ\R[LGDFLyQSURSLRGHOSHWUyOHRFUXGR
E
6HKDH[FOXLGRODVHPLVLRQHVGH&2GHOD%LRPDVD&DUEyQGHOHxD/HxD\5HVLGXRVYHJHWDOHVSHURVHKDLQFOXLGR
DODVHPLVLRQHVGH&+\12GHpVWD
3DUDHOFiOFXORSRUHVWLPDFLyQSURSLDGHODxRVHXWLOL]DQORVIDFWRUHVGHHPLVLyQXVXDOHV
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(1(/6$/9$'25(17&2($f2
&RPEXVWLEOHFDWHJRUtD
,QGXVWULDGHOD
(QHUJtD
,QGXVWULD
0DQXIDFWXUHUD
\GHOD
&RQVWUXFFLyQ
7UDQVSRUWH
&RPHUFLDO
H,QVWLWXFLRQDO
-HW.HURVHQH
2WUR.HURVHQH
'LHVHO
)XHORLOUHVLGXDO
/HxD
&DUEyQYHJHWDOD
2WUDELRPDVDVyOLGDD
*DVGHUHILQHUtD
&RTXH
D
7RWDOFDWHJRUtDD
&RQVXPR
)LQDO
*DVROLQD
*DVOLFXDGR
5HVLGHQFLDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GHO 3UR\HFWR GH 6HJXQGD &RPXQLFDFLyQ 1DFLRQDO (O
6DOYDGRU
D
6HKDH[FOXLGRODVHPLVLRQHVGH&2GHOD/HxD&DUEyQYHJHWDO\2WUDELRPDVDVyOLGDWRGRV%LRPDVDSHURVHKD
LQFOXLGRDODVHPLVLRQHVGH&+\12GHpVWDV
(PLVLRQHVIXJLWLYDV
$QWHODDXVHQFLDGHFiOFXORGHHPLVLRQHVIXJLWLYDVSRUSDUWHGH(O6DOYDGRU~QLFRSDtVGHORV
FXDWUR DQDOL]DGRV TXH FDUHFH GH HVWD LQIRUPDFLyQ QR VH KD HVWLPDGR SRU HODERUDFLyQ SURSLD HVWDV
HPLVLRQHVGHPDQHUDGHKDFHUFRQVLVWHQWHVODVFRPSDUDFLRQHV
6H SODQWHD FRPR WDUHD SDUD (O 6DOYDGRU LQFRUSRUDU ODV HPLVLRQHV IXJLWLYDV HQ VXV SUy[LPDV
HVWLPDFLRQHVGHO6HFWRU(QHUJtD
(PLVLyQWRWDOGHO6HFWRU(QHUJtDHVWLPDGRSDUD(O6DOYDGRU\FRPSDUDFLyQFRQORUHSRUWDGR
HQHOLQYHQWDULRGHOSDtV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
3DUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH WUDEDMR HV GH
W&2H \ OD VXPD GH ODV HPLVLRQHV UHSRUWDGDV HQ HO ,QYHQWDULR GH (O 6DOYDGRU UHVXOWD HQ
W&2H/DFLIUDFDOFXODGDSRUHODERUDFLyQSURSLDUHVXOWDXQPHQRUDODGHOLQYHQWDULR
(VXQDGLIHUHQFLDPX\SHTXHxDORTXHGDFXHQWDGHORVVXSXHVWRVDFHUWDGRVTXHVHXWLOL]DURQSDUDOD
HVWLPDFLyQGH*(,GHHVHDxR
3RU RWUR ODGR SDUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH
WUDEDMRHVGH W&2H/DVXPDGHODVHPLVLRQHVUHSRUWDGDVHQHO,QYHQWDULRGH(O6DOYDGRU
UHVXOWDHQW&2H/DFLIUDFDOFXODGDSRUHODERUDFLyQSURSLDHVWDQVRORXQPD\RUDOD
GHOLQYHQWDULR1ROODPDODDWHQFLyQODSRFDGLIHUHQFLDFRQUHVSHFWRDOFiOFXORGHOLQYHQWDULR\DTXH
SDUD HVWH DxR ORV GDWRV UHSRUWDGRV VRQ GH EDVWDQWH PD\RU FDOLGDG D ORV UHSRUWDGRV SDUD
GLVPLQX\HQGRODLQFHUWLGXPEUH
0p[LFR
5HVXPHQGHOFRQWHQLGRGHOLQYHQWDULRGH0p[LFR
3DUD OD HVWLPDFLyQ GH ODV HPLVLRQHV GHO 6HFWRU (QHUJtD OD &XDUWD &RPXQLFDFLyQ 1DFLRQDO
XWLOL]D WDQWR HO PpWRGR SRU FDWHJRUtDV GH IXHQWH FRPR GH FRQVXPRV DSDUHQWHV SDUD WRGR HO SHUtRGR
FRPSUHQGLGR HQWUH \ $SDUWLU GHORVGDWRVH[SXHVWRVHV SRVLEOHFRPSDUDU ORVUHVXOWDGRV
REWHQLGRVSDUDXQPLVPRDxRFRQORVGRVPpWRGRVXWLOL]DGRV
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
(O,QIRUPHGHVDJUHJDODVHPLVLRQHVGHO6HFWRU(QHUJtDXWLOL]DQGRODVVLJXLHQWHVFDWHJRUtDVSDUD
OD TXHPD GH FRPEXVWLEOHV ,QGXVWULD GH OD (QHUJtD ,QGXVWULD 0DQXIDFWXUHUD \ GH OD &RQVWUXFFLyQ
7UDQVSRUWH\2WURV6HFWRUHV/DVFDWHJRUtDVVHDMXVWDQDODVHVWDEOHFLGDVSRUHO,3&&SDUDHOVHFWRU
FRQ OD GLIHUHQFLD TXH HVWH LQIRUPH DJUXSD D &RPHUFLDO,QVWLWXFLRQDO 5HVLGHQFLDO \
$JULFXOWXUD6LOYLFXOWXUD3HVFDGHQWURGHODFDWHJRUtDGH2WURV6HFWRUHV/DLQIRUPDFLyQGHVDJUHJDGDSRU
FDWHJRUtDVVRODPHQWHHVWiGLVSRQLEOHSDUDORVDxRV\0p[LFRLQFRUSRUDODVHPLVLRQHVGHOD
DXWRJHQHUDFLyQGHHOHFWULFLGDGGHQWURGHODFDWHJRUtDGH,QGXVWULDGHOD(QHUJtDDXQTXHHO,3&&
VHxDODTXHHVWDVHPLVLRQHVGHEHQVHUDVLJQDGDVHQODVFDWHJRUtDVGRQGHVRQGLUHFWDPHQWHXWLOL]DGDV
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVHO,QIRUPHXWLOL]DODVFDWHJRUtDVGH&RPEXVWLEOHVVyOLGRV
\ 3HWUyOHR \ JDV QDWXUDO TXH FRUUHVSRQGHQ UHVSHFWLYDPHQWH D ODV FDWHJRUtDV GHO ,3&& GH
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ\$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO1RHVWiHVWLPDGDOD
FDWHJRUtD GHO ,3&& GH (PLVLRQHV GH SUHFXUVRUHV GHO R]RQR \ GH 62 HQ OD UHILQDFLyQ GHO
SHWUyOHR(VWDHVWLPDFLyQGHVDJUHJDGDHQHVWDVGRVFDWHJRUtDVHVWiGLVSRQLEOHSDUDHODxR3DUDHO
UHVWRGHOSHUtRGRDQDOL]DGRVHSUHVHQWDODVHPLVLRQHVIXJLWLYDVDQLYHOWRWDO
x 3DUWLGDVLQIRUPDWLYDV
(Q FXDQWR D OD HVWLPDFLyQ GH *(, SURYHQLHQWHV GH ORV %XQNHUV ,QWHUQDFLRQDOHV HO ,QIRUPH
SUHVHQWDGDWRVSDUDWRGRHOSHUtRGRDOGHODVHPLVLRQHVGH&2&+\12DGHPiVGHORV
SUHFXUVRUHV GHO R]RQR \ 62 ~QLFD FDWHJRUtD GHO ,QIRUPH GRQGH VH HVWLPDQ JDVHV GLVWLQWRV DO &2
&+\121RVHGLIHUHQFLDQVHJ~QXVRPDUtWLPRRDpUHRVDOYRSDUDHODxR3DUDHOFDVRGHOD
%LRPDVDHO,QIRUPHLQFRUSRUDVRODPHQWHODVHPLVLRQHVGH&2\SDUDORVDxRV\
x &iOFXOR1LYHO$YLDFLyQ
/D &XDUWD &RPXQLFDFLyQ 1DFLRQDO GH 0p[LFR QR UHDOL]D ORV FiOFXORV GH QLYHO SDUD OD
$YLDFLyQVHxDODGRVSRUHO,3&&
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
(QUHODFLyQDORV*(,HVWLPDGRVHO,QIRUPHHVWLPDSDUDHODxRVRODPHQWHORVJDVHV&2
&+\12GHQWURGHO6HFWRU(QHUJtDVLQLQFRUSRUDUODVHPLVLRQHVGHORVJDVHVSUHFXUVRUHVGHOR]RQR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&iOFXORGHODHPLVLyQWRWDOGHO6HFWRU(QHUJtDHQ0p[LFR
/RV GDWRV GH 0p[LFR HQ OD &XDUWD &RPXQLFDFLyQ 1DFLRQDO FDUHFHQ GH GDWRV GH FRQVXPRV
HQHUJpWLFRV SDUD ORV DxRV \ 3RU HVWD UD]yQ VH KD WHQLGR TXH UHFXUULU D GDWRV GH RWUDV
IXHQWHVGHPDQHUDGHUHDOL]DUHOFiOFXORSRUHODERUDFLyQSURSLD
4XHPDGHFRPEXVWLEOHV
3DUD HO DxR VH HQFRQWUDURQ GDWRV GH FRQVXPR \ SURGXFFLyQ GH FRPEXVWLEOHV IyVLOHV
SULPDULRVHQODEDVHGHGDWRVGH%ULWLVK3HWUROHXP6WDWLFDO5HYLHZRI:RUOG(QHUJ\(VWRV
GDWRV VH H[SUHVDQ HQ WpUPLQRV GH XQLGDGHV HQHUJpWLFDV 6RQ GDWRV JUXHVRV QR LQFOX\HQ HO XVR GH
ELRPDVD\QRHVWiQGHVDJUHJDGRVSRUFDWHJRUtDV
3DUD HO DxR VH HQFRQWUDURQ GDWRV GHVDUUROODGRV SRU OD LQVWLWXFLRQDOLGDG HQHUJpWLFD GH
0p[LFRHQHO%DODQFH1DFLRQDOGH(QHUJtDGHODxRGHOD6XEVHFUHWDUtDGH3ODQHDFLyQ\'HVDUUROOR
7HFQROyJLFR 'LUHFFLyQ *HQHUDO GH ,QIRUPDFLyQ \ (VWXGLRV (QHUJpWLFRV $TXt DSDUHFHQ GDWRV GH
FRQVXPR \ SURGXFFLyQ GH FRPEXVWLEOHV IyVLOHV SULPDULRV D SDUWLU GHO DxR 6H WUDWD WDPELpQ GH
Q~PHURVEDVWDQWHJUXHVRVTXHQRLQFOX\HQODELRPDVD\TXHQRHVWiQGHVDJUHJDGRVSRUFDWHJRUtDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&216802727$/'(&20%867,%/(6(10e;,&2,1&/8<(1'2(/&216802
(1/26&(17526'(75$16)250$&,1(17-<&2023&,$f2
&RPEXVWLEOH
7RWDOFRPEXVWLEOH
3HWUyOHRFUXGR
*DVQDWXUDO
&DUEyQ
7RWDO
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGH6WDWLFDO5HYLHZRI:RUOG(QHUJ\GH%ULWLVK3HWUROHXP
&8$'52$
75$16)250$&,1(17-<&2023&,$f2
&RPEXVWLEOH
7RWDOFRPEXVWLEOH
3HWUyOHRFUXGR
*DVQDWXUDO
&DUEyQ
7RWDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO %DODQFH 1DFLRQDO GH (QHUJtD GHO DxR GH OD 6XEVHFUHWDUtD GH
3ODQHDFLyQ\'HVDUUROOR7HFQROyJLFR'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQ\(VWXGLRV(QHUJpWLFRV0p[LFR
'DGR TXH QR H[LVWH LQIRUPDFLyQ UHODWLYD D ORV FRQVXPRV GHVDJUHJDGRV GH FRPEXVWLEOH SRU
FDWHJRUtDVQRHVSRVLEOHGHWHUPLQDUODVHPLVLRQHVGH&+\12SRUODTXHPDGHFRPEXVWLEOHV
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(10e;,&2(17&2($f2
&RPEXVWLEOH
7RWDOFRPEXVWLEOH
3HWUyOHRFUXGR
*DVQDWXUDO
&DUEyQ
D
7RWDO
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGH6WDWLFDO5HYLHZRI:RUOG(QHUJ\GH%ULWLVK3HWUROHXP
D
1RLQFOX\HODVHPLVLRQHVGH&+\12GHQLQJ~QFRPEXVWLEOH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(10e;,&2(17&2($f2
&RPEXVWLEOH
7RWDOFRPEXVWLEOH
3HWUyOHRFUXGR
*DVQDWXUDO
&DUEyQ
7RWDOD
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO %DODQFH 1DFLRQDO GH (QHUJtD GHO DxR GH OD 6XEVHFUHWDUtD GH
3ODQHDFLyQ\'HVDUUROOR7HFQROyJLFR'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQ\(VWXGLRV(QHUJpWLFRV0p[LFR
D
1RLQFOX\HODVHPLVLRQHVGH&+\12GHQLQJ~QFRPEXVWLEOH
(PLVLRQHVIXJLWLYDV
$ SDUWLU GH OD LQIRUPDFLyQ GHO %DODQFH 1DFLRQDO GH (QHUJtD GHO DxR GH OD 'LUHFFLyQ
*HQHUDO GH ,QIRUPDFLyQ \ (VWXGLRV (QHUJpWLFRV GH 0p[LFR VH GLVSRQH GH ORV YRO~PHQHV GH
SURGXFFLyQ\FRQVXPRGHFDUEyQSHWUyOHRFUXGR\JDVQDWXUDOGHQWURGH0p[LFRSDUD\
(VWRVGDWRVSHUPLWHQXQDHVWLPDFLyQJUXHVDGHODVHPLVLRQHVIXJLWLYDVHQHOSDtV
&8$'52$
&/&8/2'((0,6,21(6'(*(,325(0,6,21(6)8*,7,9$6
(10e;,&2(17&2($f2
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
0LQDVVXEWHUUiQHDV
0LQDVDFLHORDELHUWR
)DVH
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
([WUDFFLyQ
3RVW([WUDFFLyQ
([WUDFFLyQ
3RVW([WUDFFLyQ
7RWDOH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3HWUyOHR
3-GHSHWUyOHR
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
7RWDO
*DVQDWXUDO
3-GHJDVQDWXUDO
3URGXFFLyQ
7UDQVPLVLyQ\GLVWULEXFLyQJDVFRQVXPLGR
(PLVLRQHVHQW&2H
2WUDVIXJDVJDVQRUHVLGHQFLDOFRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDOFRQVXPLGR
7RWDO
9HQWHR\TXHPDHQPHFKXUULRV
3-GHFRPEXVWLEOH
3URFHGHQWHGHODSURGXFFLyQGHSHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
(PLVLRQHVHQW&2H
QRKD\)(GLVSRQLEOH
7RWDO
7RWDODFWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
7RWDOHPLVLRQHVIXJLWLYDV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGH6WDWLFDO5HYLHZRI:RUOG(QHUJ\GH%ULWLVK3HWUROHXP
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
&/&8/2'((0,6,21(6'(*(,325(0,6,21(6)8*,7,9$6
(10e;,&2(17&2($f2
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
0LQDVVXEWHUUiQHDV
0LQDVDFLHORDELHUWR
)DVH
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
([WUDFFLyQ
3RVW([WUDFFLyQ
([WUDFFLyQ
3RVW([WUDFFLyQ
7RWDOH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3HWUyOHR
3-GHSHWUyOHR
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
7RWDO
*DVQDWXUDO
3-GHJDVQDWXUDO
3URGXFFLyQ
(PLVLRQHVHQW&2H
2WUDVIXJDVJDVQRUHVLGHQFLDOFRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDOFRQVXPLGR
7UDQVPLVLyQ\GLVWULEXFLyQJDVFRQVXPLGR
7RWDO
9HQWHR\TXHPDHQPHFKXUULRV
3-GHFRPEXVWLEOH
3URFHGHQWHGHODSURGXFFLyQGHSHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
7RWDO
(PLVLRQHVHQW&2H
QRKD\)(GLVSRQLEOH
7RWDODFWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
7RWDOHPLVLRQHVIXJLWLYDV
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO %DODQFH 1DFLRQDO GH (QHUJtD GHO DxR GH OD 6XEVHFUHWDUtD GH
3ODQHDFLyQ\'HVDUUROOR7HFQROyJLFR'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQ\(VWXGLRV(QHUJpWLFRV0p[LFR
$QWHODIDOWDGHLQIRUPDFLyQDFHUFDGH ODSURGXFFLyQGH FDUEyQHQ PLQDVDELHUWDV\HQ PLQDV
FHUUDGDVVHKDDVLJQDGRHQSDUWHVLJXDOHVODSURGXFFLyQQDFLRQDOGHHVHPLQHUDOSDUDDPERVDxRV3RU
RWURODGRDQWHODIDOWDGHLQIRUPDFLyQVREUHHOFRQVXPRSRUFDWHJRUtDVGHJDVQDWXUDOQRHVSRVLEOHKDFHU
ODVHVWLPDFLRQHVSRUIXJDGHJDVFRQVXPLGRDQLYHOUHVLGHQFLDO\JDVFRQVXPLGRDQLYHOQRUHVLGHQFLDO
3DUD ODV $FWLYLGDGHV GH SHWUyOHR \ JDV QDWXUDO VH KD XWLOL]DGR HO YROXPHQ GH SHWUyOHR
SURGXFLGR HQ HO SDtV HVH DxR WDQWR SDUD HO tWHP 3URGXFFLyQ FRPR SDUD HO tWHP 7UDQVSRUWH 3DUD
5HILQDFLyQ\$OPDFHQDPLHQWRVHKDFRQVLGHUDGRHOFRQVXPRGHSHWUyOHR
(PLVLyQWRWDOGHO6HFWRU(QHUJtDHVWLPDGRSDUD0p[LFR\FRPSDUDFLyQFRQORUHSRUWDGRHQHO
LQYHQWDULRGHOSDtV
3DUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH WUDEDMR HV GH
W&2H FRUUHVSRQGLHQWH D OD VXPD GH ODV HPLVLRQHV SRU TXHPD GH FRPEXVWLEOHV \
HPLVLRQHV IXJLWLYDV 3RU RWUR ODGR OD VXPD GH ODV HPLVLRQHV UHSRUWDGDV HQ HO ,QYHQWDULR GH 0p[LFR
UHVXOWDHQW&2H/DFLIUDFDOFXODGDSRUHODERUDFLyQSURSLDHVXQPD\RUDODGHO
LQYHQWDULR (V LPSRUWDQWH UHFRUGDU TXH OD FLIUD FDOFXODGD SRU HODERUDFLyQ SURSLD QR LQFRUSRUD ODV
HPLVLRQHV GH &+ \ 12 SRU TXHPD GH FRPEXVWLEOHV JDVHV TXH Vt HVWiQ LQFOXLGRV HQ HO YDORU
UHSRUWDGR HQ HO ,QYHQWDULR 1DFLRQDO $GHPiV HO YDORU GHO ,QYHQWDULR GH 0p[LFR LQFRUSRUD ODV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
HPLVLRQHVGH&2SURSLDVGHODTXHPDGH%LRPDVDFLIUDTXHQRSXGRVHUGHVFRQWDGDGHOWRWDOGDGR
TXHHOLQYHQWDULRQRGLVSRQtDGHHVWHYDORUGHPDQHUDGHVDJUHJDGD(VGHFLUHOFiOFXORSRUHODERUDFLyQ
SURSLDHQUHDOLGDGUHVXOWDUtDVHUPXFKRPD\RUVLIXHVHDQiORJRHQFXDQWRDFRQWHQLGRFRQHO,QYHQWDULR
GHO SDtV (VWD GLIHUHQFLD QR VRUSUHQGH GDGR OR JUXHVR GH ORV GDWRV XWLOL]DGRV \ VXV VXSXHVWRV HQWUH
HOORVORVIDFWRUHVGHHPLVLyQXWLOL]DGRVSDUDODVHPLVLRQHVIXJLWLYDV
3RU RWUR ODGR SDUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH
WUDEDMR HV GH W&2H \ ODVXPD GH ODV HPLVLRQHV UHSRUWDGDV HQ HO ,QYHQWDULR GH 0p[LFR
UHVXOWDHQ W&2H/DFLIUDFDOFXODGDSRUHODERUDFLyQSURSLDUHVXOWDXQPHQRUDOD
GHOLQYHQWDULR$OLJXDOTXHHQHOFDVRGHHO,QYHQWDULRLQFOX\HODVHPLVLRQHVGH&+\12SRU
TXHPDGHFRPEXVWLEOHV\ODVHPLVLRQHVGH&2SRUGHODTXHPDGH%LRPDVDHPLVLRQHVTXHQRHVWiQ
HVWLPDGDVHQHOFiOFXORSRUHODERUDFLyQSURSLD/DHVWLPDFLyQSURSLDSDUDHODxRVHDMXVWDPHMRU
DODOyJLFD\DTXHHVPHQRUDOYDORUGHO,QYHQWDULR
&RPR FRPHQWDULR ILQDO OODPD OD DWHQFLyQ OD GLILFXOWDG GH GLVSRQHU GH GDWRV GH FDOLGDG HQ
UHODFLyQ D FRQVXPRV HQHUJpWLFRV SDUD XQ SDtV GH OD GLPHQVLyQ H LPSRUWDQFLD GH 0p[LFR GHQWUR GH
$PpULFD/DWLQD
8UXJXD\
5HVXPHQGHOFRQWHQLGRGHOLQYHQWDULRGH8UXJXD\
x &DWHJRUtDVFRQVLGHUDGDVHQ4XHPDGH&RPEXVWLEOHV
(O ,QIRUPH GHVDJUHJD ODV HPLVLRQHV GHO 6HFWRU (QHUJtD XWLOL]DQGR ODV VLJXLHQWHV FDWHJRUtDV
SDUDODTXHPDGHFRPEXVWLEOHV,QGXVWULDGHOD(QHUJtD,QGXVWULD0DQXIDFWXUHUD\GHOD&RQVWUXFFLyQ
7UDQVSRUWH2WURV6HFWRUHV\2WURV/DVFDWHJRUtDVVHDMXVWDQDODVHVWDEOHFLGDVSRUHO,3&&SDUD
HO VHFWRU FRQ OD GLIHUHQFLD TXH HVWH LQIRUPH DJUXSD D &RPHUFLDO,QVWLWXFLRQDO 5HVLGHQFLDO \
$JULFXOWXUD6LOYLFXOWXUD3HVFDGHQWURGHODFDWHJRUtDGH2WURV6HFWRUHV3RURWURODGRQRVHHVSHFtILFD
D TXp HPLVLRQHV VH UHILHUH OD FDWHJRUtD 2WURV/D LQIRUPDFLyQ GHVDJUHJDGDSRU FDWHJRUtDV VRODPHQWH
HVWi GLVSRQLEOH SDUD HO DxR 3DUD ORV RWURV DxRV VH PXHVWUD OD HPLVLyQ D QLYHO WRWDO GHO VHFWRU
GHVDJUHJDGRSRUWLSRGH*(,
x &DWHJRUtDVFRQVLGHUDGDVHQ(PLVLRQHV)XJLWLYDV
(QFXDQWRDODVHPLVLRQHVIXJLWLYDVHO,QIRUPHXWLOL]DODVFDWHJRUtDVGH&RPEXVWLEOHV6yOLGRV
\3HWUyOHR\*DV1DWXUDO/DSULPHUDFRUUHVSRQGHDODFDWHJRUtD([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
VHxDODGD HQ HO ,3&& /D VHJXQGD SUHVXPLEOHPHQWH IXQGH ODV FDWHJRUtDV GHO ,3&& GH
$FWLYLGDGHV GHO SHWUyOHR \ JDV QDWXUDO \ GH (PLVLRQHV GH SUHFXUVRUHV GHO R]RQR \ GH 62 HQ OD
UHILQDFLyQGHOSHWUyOHR/DLQIRUPDFLyQUHODWLYDDHPLVLRQHVIXJLWLYDVVRODPHQWHHVWiGLVSRQLEOHSDUD
HODxR
x 3DUWLGDVLQIRUPDWLYDV
(O ,QIRUPH LQFOX\H HVWLPDFLRQHV UHODFLRQDGDV FRQ ORV %XQNHUV ,QWHUQDFLRQDOHV SDUWLGD
LQIRUPDWLYD VROLFLWDGD SRU HO ,3&& VRODPHQWH SDUD HO DxR /D LQIRUPDFLyQ VH HQFXHQWUD
GHVDJUHJDGDSRUWLSRGH*(,SHURQRVLFRUUHVSRQGHDXVRPDUtWLPRRDpUHR(QFXDQWRDODTXHPDGH
%LRPDVDHO,QIRUPHLQFOX\HXQDHVWLPDFLyQSDUDHODxRSHURVRODPHQWHGHOJDV&2
x &iOFXOR1LYHO$YLDFLyQ
(O,QIRUPHQRUHDOL]DORVFiOFXORVGHQLYHOSDUDOD$YLDFLyQVHxDODGRVSRUHO,3&&
x )DFWRUHVGHHPLVLyQ\3RGHUHVFDORUtILFRV
(QFXDQWRDORV*(,HVWLPDGRVHO,QIRUPHHVWLPDWRGRVORVJDVHVVHxDODGRVSRUHO,3&&SDUD
FDGD FDWHJRUtD 6H VHxDOD TXH VH KDQ XWLOL]DGR ORV IDFWRUHV GH HPLVLyQ SURSLRV GHO ,3&& SDUD HVWH
VHFWRU(QFXDQWRDORVSRGHUHVFDORUtILFRVXWLOL]DGRVSDUDORVFiOFXORVQRKD\LQIRUPDFLyQGLVSRQLEOH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
x 3UHVHQWDFLyQGHHPLVLRQHVREWHQLGDV
6H SUHVHQWDQ HQ HO ,QIRUPH ODV HPLVLRQHV SDUD FDGD WLSR GH *(, SDUD FDGD FDWHJRUtD
DJUXSDGRVHQXQDWDEODSDUDHODxR&DGD*(,HVWiH[SUHVDGRHQWpUPLQRVGHPDVD \QRFRPR
&2H 6H PXHVWUD HO WRWDO GH FDGD*(, GHQWUR GHO VHFWRU HQ WpUPLQRVGHPDVD6H UHFRPLHQGDSDUD
8UXJXD\H[SUHVDUDGLFLRQDOPHQWHODVHPLVLRQHVHQWpUPLQRVGH&2H\OXHJRODVHPLVLRQHVWRWDOHVHQ
FDGDFDWHJRUtD\HQWRGRHOVHFWRU
x &RPEXVWLEOHV\FRQVXPRVHQHUJpWLFRV
(QFXDQWRDODFDQWLGDG\WLSRGHFRPEXVWLEOHVXWLOL]DGRVSDUDORVFiOFXORVHO,QIRUPHFDUHFH
GH HVWD LQIRUPDFLyQ 7DPSRFR H[LVWH LQIRUPDFLyQ D WpUPLQRV HQHUJpWLFRV GHO WRWDO GH FRPEXVWLEOHV
XWLOL]DGRVDQLYHOQDFLRQDO
&iOFXORGHODHPLVLyQWRWDOGHO6HFWRU(QHUJtDHQ8UXJXD\
(O GRFXPHQWR RILFLDO FRPR ,QYHQWDULR GH *(, GH 8UXJXD\ 5HVXPHQ HMHFXWLYR ,QYHQWDULR
1DFLRQDOGH*(,(YROXFLyQGH*(,FDUHFHGHGDWRVGHFRQVXPRVHQHUJpWLFRVSDUD
ORVDxRV\3RUHVWDUD]yQVHKDWHQLGRTXHUHFXUULUDGDWRVGHRWUDVIXHQWHVGHPDQHUDGH
UHDOL]DUHOFiOFXORSRUHODERUDFLyQSURSLD
4XHPDGHFRPEXVWLEOHV
3DUDORVGRVDxRVGHDQiOLVLVVHREWXYLHURQGDWRVGHFRQVXPRVHQHUJpWLFRVGHEXHQDFDOLGDG\
GHVDJUHJDGRV SRU FDWHJRUtDV HQ OD ZHE GH OD 'LUHFFLyQ 1DFLRQDO GH (QHUJtD \ 7HFQRORJtD 1XFOHDU
0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
&8$'52$
&216802727$/'(&20%867,%/(6(1858*8$<
,1&/8<(1'2(/&216802(1/26&(17526'(75$16)250$&,1
(17-<&2023&,$f2
&RPEXVWLEOHFDWHJRUtD
,QGXVWULD
GHODHQHUJtD
,QGXVWULD0DQXIDFWXUHUD
\GHOD&RQVWUXFFLyQ
7UDQVSRUWH
5HVLGHQFLDO
&RPHUFLDO
H,QVWLWXFLRQDO
$JULFXOWXUD3HVFD
1RLGHQWLILFDGR
6XSHUJiV
1DIWDVDXWRPRWRUHV
1DIWDOLYLDQD
1DIWDDYLDFLyQ
.HURVHQR
7XUERFRPELQDGR
'LHVHORLO
*DVRLO
)XHORLO
2WURVHQHUJpWLFRV
*DVPDQXIDFWXUDGR
&DUEyQPLQHUDO
&RTXH
&DUEyQYHJHWDO
5HVLGXRVELRPDVD
7RWDOFDWHJRUtD
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*DVIXHO
/HxD
7RWDO
FRPEXVWLEOH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
5HVLGHQFLDO
&RPHUFLDO
H,QVWLWXFLRQDO
7XUERFRPELQDGR
'LHVHORLO
&RPEXVWLEOHFDWHJRUtD
6XSHUJiV
*DVSURSDQR
1DIWDVDXWRPRWRUHV
1DIWDOLYLDQD
1DIWDDYLDFLyQ
.HURVHQR
,QGXVWULD
GHODHQHUJtD
,QGXVWULD0DQXIDFWXUHUD
\GHOD&RQVWUXFFLyQ
7UDQVSRUWH
$JULFXOWXUD3HVFD
1RLGHQWLILFDGR
*DVRLO
)XHORLO
2WURVHQHUJpWLFRV
*DVIXHO
*DVPDQXIDFWXUDGR
&DUEyQPLQHUDO
&RTXH
&DUEyQYHJHWDO
/HxD
5HVLGXRVELRPDVD
7RWDOFDWHJRUtD
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*DVQDWXUDO
7RWDO
FRPEXVWLEOH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
&8$'52$
&216802727$/'(&20%867,%/(6(1858*8$<
,1&/8<(1'2(/&216802(1/26&(17526'(75$16)250$&,1(17-<&2023&,$f2
,QGXVWULDGHOD(QHUJtD
,QGXVWULD0DQXIDFWXUHUD
\GHOD&RQVWUXFFLyQ
6XSHUJiV
1DIWDVDXWRPRWRUHV
&RPEXVWLEOHFDWHJRUtD
1DIWDOLYLDQD
1DIWDDYLDFLyQ
.HURVHQR
7XUERFRPELQDGR
'LHVHORLO
7UDQVSRUWH
5HVLGHQFLDO
&RPHUFLDOH,QVWLWXFLRQDO
$JULFXOWXUDSHVFD
)XHORLO
*DVIXHO
*DVPDQXIDFWXUDGR
&DUEyQPLQHUDO
&RTXH
&DUEyQYHJHWDOD
/HxDD
5HVLGXRVELRPDVDD
7RWDOFDWHJRUtDD
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
D
1RLQFOX\HODVHPLVLRQHVGH&2SRUTXHPDGH%LRPDVD
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*DVRLO
2WURVHQHUJpWLFRV
1RLGHQWLILFDGR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(1858*8$<(17&2($f2
&RPEXVWLEOHFDWHJRUtD
,QGXVWULDGH
OD(QHUJtD
,QGXVWULD0DQXIDFWXUHUD
\GHOD&RQVWUXFFLyQ
7UDQVSRUWH
5HVLGHQFLDO
&RPHUFLDOH
,QVWLWXFLRQDO
$JULFXOWXUD3HVFD
6XSHUJiV
*DVSURSDQR
1DIWDVDXWRPRWRUHV
1DIWDOLYLDQD
1DIWDDYLDFLyQ
.HURVHQR
7XUERFRPELQDGR
'LHVHORLO
)XHORLO
*DVPDQXIDFWXUDGR
*DVQDWXUDO
&DUEyQPLQHUDO
*DVIXHO
&RTXH
&DUEyQYHJHWDOD
/HxDD
5HVLGXRVELRPDVDD
7RWDOFDWHJRUtDD
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
D
1RLQFOX\HODVHPLVLRQHVGH&2SRUTXHPDGH%LRPDVD
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*DVRLO
2WURVHQHUJpWLFRV
1RLGHQWLILFDGR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
&8$'52$
&/&8/2'((0,6,21(6'(*(,325/$48(0$'(&20%867,%/(6
(1858*8$<(17&2($f2
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
([LVWHQ XQD VHULH GH FRPEXVWLEOHV FRQ QRPEUHV ORFDOHV ORV FXDOHV VH GHVFRQRFHQ VXV
FDUDFWHUtVWLFDV6HKDDVXPLGRSDUDHO7XUERFRPELQDGRHOIDFWRUGHHPLVLyQGHONHURVHQRSDUD2WURV
HQHUJpWLFRV HO IDFWRU GH HPLVLyQ GHO 3HWUyOHR FUXGR \ SDUD HO *DV IXHO \ HO *DV PDQXIDFWXUDGR VH
GHVFRQRFHVLVHWUDWDJDVPDQXIDFWXUDGRDSDUWLUGHSHWUyOHRRGHFDUEyQHOIDFWRUGHHPLVLyQGHO*DV
GHUHILQHUtD
(PLVLRQHVIXJLWLYDV
$SDUWLUGHODLQIRUPDFLyQGHOORVEDODQFHVHQHUJpWLFRVQDFLRQDOHVGHO0LQLVWHULRGH,QGXVWULD
(QHUJtD\0LQHUtDGH8UXJXD\HVSRVLEOHREWHQHUODSURGXFFLyQ\FRQVXPRGHFDUEyQSHWUyOHRFUXGR
\JDVQDWXUDO$SDUWLUGHORVGDWRVH[SXHVWRVQLHQQLHQHOKXERSURGXFFLyQSULPDULDGH
FRPEXVWLEOHV HQ HO SDtV $GHPiV SDUD HO DxR QR VH UHSRUWD UHILQDFLyQ GH SHWUyOHR FUXGR QL
FRQVXPRGHJDVQDWXUDO
&8$'52$
&/&8/2'((0,6,21(6'(*(,325(0,6,21(6)8*,7,9$6
(1858*8$<(17&2($f2
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
0LQDVVXEWHUUiQHDV
0LQDVDFLHORDELHUWR
)DVH
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
([WUDFFLyQ
3RVW([WUDFFLyQ
([WUDFFLyQ
3RVW([WUDFFLyQ
7RWDOH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3HWUyOHR
3-GHSHWUyOHR
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
7RWDO
*DVQDWXUDO
3-GHJDVQDWXUDO
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVPLVLyQ\GLVWULEXFLyQJDVFRQVXPLGR
2WUDVIXJDVJDVQRUHVLGHQFLDOFRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDOFRQVXPLGR
7RWDO
9HQWHR\TXHPDHQPHFKXUULRV
3-GHFRPEXVWLEOH
(PLVLRQHVHQW&2H
3URFHGHQWHGHODSURGXFFLyQGHSHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
7RWDO
7RWDODFWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
7RWDOHPLVLRQHVIXJLWLYDV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH
,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
3DUD DPERVDxRV VH KD WRPDGR HO FRQVXPR GH SHWUyOHR FUXGR FRPR OD FDQWLGDG GH SHWUyOHR
UHILQDGR3DUDODFDQWLGDGGHSHWUyOHRDOPDFHQDGRVHKDWRPDGRHOFRQVXPRGHGHULYDGRVGHSHWUyOHR
GHOSDtVGHGRQGHVHKDUHVWDGRORVSURGXFWRVQRHQHUJpWLFRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&RPRVHREVHUYDORVDSRUWHVGHHPLVLRQHVIXJLWLYDVHQ8UXJXD\VRQPX\SHTXHxRVGDGRTXH
QRHVXQSDtVSURGXFWRUGHFRPEXVWLEOHVIyVLOHV$GHPiVHOFRQVXPRGHJDVQDWXUDOUHSRUWDGRSDUDHO
HVSHTXHxRDQLYHOSHUFiSLWDHQHOSDtV
(PLVLyQWRWDOGHO6HFWRU(QHUJtDHVWLPDGRSDUD8UXJXD\\FRPSDUDFLyQFRQORUHSRUWDGRHQHO
LQYHQWDULRGHOSDtV
&8$'52$
&/&8/2'((0,6,21(6'(*(,325(0,6,21(6)8*,7,9$6
(1858*8$<(17&2($f2
([WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
7LSRGH0LQD
0LQDVVXEWHUUiQHDV
0LQDVDFLHORDELHUWR
)DVH
&DUEyQSURGXFLGRW
(PLVLRQHVHQW&2H
([WUDFFLyQ
3RVW([WUDFFLyQ
([WUDFFLyQ
3RVW([WUDFFLyQ
7RWDOH[WUDFFLyQ\PDQLSXODFLyQGHOFDUEyQ
$FWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
3HWUyOHR
3-GHSHWUyOHR
(PLVLRQHVHQW&2H
3URGXFFLyQ
7UDQVSRUWH
5HILQDFLyQ
$OPDFHQDPLHQWR
7RWDO
*DVQDWXUDO
3-GHJDVQDWXUDO
3URGXFFLyQ
(PLVLRQHVHQW&2H
7UDQVPLVLyQ\GLVWULEXFLyQJDVFRQVXPLGR
2WUDVIXJDVJDVQRUHVLGHQFLDOFRQVXPLGR
2WUDVIXJDVJDVUHVLGHQFLDOFRQVXPLGR
7RWDO
9HQWHR\TXHPDHQPHFKXUULRV
3-GHFRPEXVWLEOH
3URFHGHQWHGHODSURGXFFLyQGHSHWUyOHR
3URFHGHQWHGHODSURGXFFLyQGHJDV
7RWDO
(PLVLRQHVHQW&2H
7RWDODFWLYLGDGHVGHOSHWUyOHR\JDVQDWXUDO
7RWDOHPLVLRQHVIXJLWLYDV
)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHGDWRVGHOD'LUHFFLyQ1DFLRQDOGH(QHUJtD\7HFQRORJtD1XFOHDU0LQLVWHULRGH
,QGXVWULD(QHUJtD\0LQHUtD8UXJXD\
3DUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH WUDEDMR HV GH
W&2HFRUUHVSRQGLHQWHDODVXPDGHODVHPLVLRQHVSRUTXHPDGHFRPEXVWLEOHV\HPLVLRQHV
IXJLWLYDV3RURWURODGRODVXPDGHODVHPLVLRQHVUHSRUWDGDVHQHO,QYHQWDULRGH8UXJXD\UHVXOWDHQ
W&2H/DFLIUDFDOFXODGDSRUHODERUDFLyQSURSLDHVXQPD\RUDODGHOLQYHQWDULR(O
,QYHQWDULR1DFLRQDOQRVHxDODVLHQVXFLIUDHVWiQLQFRUSRUDGDVODVHPLVLRQHVIXJLWLYDVRQR
3RU RWUR ODGR SDUD HO DxR OD HPLVLyQ WRWDO GH *(, HQ HO FiOFXOR GHVDUUROODGR HQ HVWH
WUDEDMR HV GH W&2H \ OD VXPD GH ODV HPLVLRQHV UHSRUWDGDV HQ HO ,QYHQWDULR GH 8UXJXD\
UHVXOWDHQW&2H/DFLIUDFDOFXODGDSRUHODERUDFLyQSURSLDUHVXOWDXQPHQRUDODGHO
LQYHQWDULR $O LJXDO TXH HQ HO FDVR GH HO ,QYHQWDULR 1DFLRQDO QR VHxDOD VL HQ VX FLIUD HVWiQ
LQFRUSRUDGDVODVHPLVLRQHVIXJLWLYDVRQR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$QH[R
&iOFXORGH(PLVLRQHVGHO6HFWRU$JULFXOWXUD
$$VSHFWRV*HQHUDOHV
5HSUHVHQWDFLyQGHO6HFWRU$JULFXOWXUD6HJ~QHO,3&&
6HJ~QHO,3&&HOWRWDOGHHPLVLRQHVGHO6HFWRU$JULFXOWXUDFRUUHVSRQGHDODVXPDGH
ODVHPLVLRQHVGH*(,SRUFDWHJRUtDGHIXHQWH\SRUWLSR GHJDVSDUDXQDxRGDGR/DVFDWHJRUtDVGH
IXHQWHVRQ
)HUPHQWDFLyQHQWpULFD
0DQHMRGHOHVWLpUFRO
&XOWLYRGHODUUR]
6XHORVDJUtFRODV
4XHPDSUHVFULWDGHVDEDQDV
4XHPDGHUHVLGXRVDJUtFRODV
/DIXQFLyQJHQHUDO\GHQLYHOXWLOL]DGDSRUHO,3&&SDUDHOFiOFXORGHHPLVLRQHVHQ
WRGDVVXVFDWHJRUtDVHVODVLJXLHQWH
'RQGH
1G$ QLYHOHVGHDFWLYLGDGHVWDGtVWLFRVFRPRSRUHMHPSORH[LVWHQFLDVGHJDQDGRSRUWLSRGH
JDQDGRFRQVXPRQDFLRQDOGHIHUWLOL]DQWHVLQWpWLFRSURGXFFLyQGHFXOWLYRVILMDGRUHVGHQLWUyJHQRSRU
WLSRGHFXOWLYRHQWUHRWURV
1G$ GDWRVGHDFWLYLGDGSDUDPpWULFRV TXHHQOD PD\RUtDGH ORVFDVRVVRQDSRUWDGRV SRU
GHIHFWR SRU HO ,3&& (MHPSORV QLWUyJHQR H[FUHWDGR SRU WLSR GH JDQDGR IUDFFLyQ GH 1
H[FUHWDGRSRUHOJDQDGR\GHSRVLWDGRHQHOVXHORGXUDQWHHOSDVWRUHRHQWUHRWURV
)( IDFWRUGHHPLVLyQHVSHFtILFRSRUQLYHOGHDFWLYLGDG
/RVQLYHOHVGHDFWLYLGDGHVWDGtVWLFRV1G$UHTXHULGRVSDUDFDOFXODUODVHPLVLRQHVGHFDGD
FDWHJRUtD VH PXHVWUDQ HQ HO FXDGUR $ \ ORV GDWRV HVWDGtVWLFRV SDUDPpWULFRV 1G$ HQ HO FXDGUR
$(OUHVXPHQGHORVIDFWRUHVGHHPLVLyQSURSXHVWRVSRUHO,3&&SDUDHO6HFWRU$JULFXOWXUD
VHPXHVWUDHQHOFXDGUR$
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
1,9(/(6'($&7,9,'$'(67$'67,&265(48(5,'26
3$5$(67,0$5/$6(0,6,21(6'(*(,
(1(/6(&725$*5,&8/785$
&DWHJRUtDV
1LYHOHVGHDFWLYLGDGHVHVWDGtVWLFRV
)HUPHQWDFLyQ(QWpULFD\0DQHMR
GHO(VWLpUFRO
([LVWHQFLDVGHJDQDGRSRUWLSRGHJDQDGRGRPpVWLFR
JDQDGROHFKHUR
JDQDGRQROHFKHUR
E~IDORV
RYHMDV
FDEUDV
FDPpOLGRV
FDEDOORV
PXODV\DVQRV
FHUGRV
DYHVGHFRUUDO
3DUDHO0DQHMRGHO(VWLpUFROVHGHEHQDGDUDFRQRFHUODVH[LVWHQFLDVGHJDQDGRVHJ~Q]RQD
FOLPiWLFDGHILQLGDVSRUHO,3&&GHDFXHUGRDODWHPSHUDWXUDPHGLDDQXDOHQ=RQDVIUtDV
WHPSHUDWXUDPHGLDDQXDOLQIHULRUD&=RQDV7HPSODGDVWHPSHUDWXUDPHGLDDQXDOGH&D
&LQFOXVLYH=RQDV&iOLGDVWHPSHUDWXUDPHGLDDQXDOPD\RUD&
&XOWLYRGHO$UUR]
6XSHUILFLHFRVHFKDGDSRUFDWHJRUtDGHULHJR
5LHJRSDUDVXSHUILFLHVDQHJDGDVFRQWLQXDPHQWH\DQHJDGDVLQWHUPLWHQWHPHQWH
6HFDQRWDQWRSDUDORVFXOWLYRVDQHJDGL]RVFRPRSDUDORVH[SXHVWRVDODVHTXtD
$JXDVSURIXQGDVFRQSURIXQGLGDGGHODJXDHQWUHFP\SURIXQGLGDGHVPD\RUHVDFP
6XHORVDJUtFRODV
FRQVXPRWRWDOGHIHUWLOL]DQWHVLQWpWLFRHQHOSDtV
H[LVWHQFLDVGHJDQDGRGRPpVWLFRSDUDODVVLJXLHQWHVFDWHJRUtDVJDQDGROHFKHURJDQDGRQR
OHFKHURDYHVGHFRUUDORYHMDVFHUGRV\RWURVDQLPDOHV
SURGXFFLyQHQPDWHULDVHFDGHFXOWLYRVILMDGRUHVGHQLWUyJHQR
SURGXFFLyQHQPDWHULDVHFDGHFXOWLYRVQRILMDGRUHVGHQLWUyJHQR
VXSHUILFLHGHVXHORVRUJiQLFRV+LVWRVROHVHQHOSDtV
4XHPDSUHVFULWDGHVDEDQDV
6XSHUILFLHTXHPDGDGHVDEDQDVVHJ~QFDWHJRUtD
4XHPDGHUHVLGXRVDJUtFRODV
3URGXFFLyQDQXDOGHFXOWLYRVJHQHUDGRUHVGHUHVLGXRVDJUtFRODV
)XHQWH,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
1,9(/(6'($&7,9,'$'3$5$0e75,&265(48(5,'26
3$5$(67,0$5/$6(0,6,21(6'(*(,
'(/6(&725$*5,&8/785$6(*1
/$6',5(&75,&(6'(/,3&&
&DWHJRUtDV
1LYHOHVGHDFWLYLGDGSDUDPpWULFRV
)HUPHQWDFLyQ(QWpULFD
0DQHMRGHO(VWLpUFRO
1LWUyJHQRH[FUHWDGRSDUDFDGDWLSRGHJDQDGR
)UDFFLyQGH1LWUyJHQRHQHOHVWLpUFROSDUDFDGD6LVWHPDGH0DQHMRGHO(VWLpUFRO60(
&XOWLYRGHO$UUR]
)DFWRUGHHVFDODSDUDODVHPLVLRQHVGHPHWDQRSRUWLSRGHPDQHMRGHULHJRULHJRVHFDQR\
DJXDVSURIXQGDV
)DFWRUGHFRUUHFFLyQSDUDHOIHUWLOL]DQWHRUJiQLFR
6XHORVDJUtFRODV
)UDFFLyQGHO1H[FUHWDGRSRUHOJDQDGRFRQWHQLGRHQHOHVWLpUFROTXHVHTXHPDFRPR
FRPEXVWLEOH
)UDFFLyQGH1H[FUHWDGRSRUHOJDQDGR\GHSRVLWDGRHQHOVXHORGXUDQWHHOSDVWRUHR
)UDFFLyQGHOWRWDOGH1H[FUHWDGRTXHVHHPLWHFRPR12[R1+)UDFFLyQGHO1HQFXOWLYRV
ILMDGRUHVGHQLWUyJHQR\HQFXOWLYRVQRILMDGRUHVGHQLWUyJHQR
)UDFFLyQGHORVUHVLGXRVGHFRVHFKDUHWLUDGRVGHORVFDPSRV)UDFFLyQTXHPDGDGHORVUHVLGXRV
GHFRVHFKD
)UDFFLyQGH1HQHOIHUWLOL]DQWHVLQWpWLFRTXHVHYRODWLOL]D
)UDFFLyQGHOWRWDOGH1H[FUHWDGRHQHOHVWLpUFROTXHVHYRODWLOL]D)UDFFLyQGH1OL[LYLDGR
4XHPDSUHVFULWDGHVDEDQDV
'HQVLGDGGHELRPDVDSRUFDWHJRUtDGHVDEDQD
)UDFFLyQGHELRPDVDTXHPDGDUHDOPHQWHSRUFDWHJRUtDGHVDEDQD)UDFFLyQGHODELRPDVDYLYD
TXHPDGD
)UDFFLyQR[LGDGDFRUUHVSRQGLHQWHDODELRPDVDYLYD\PXHUWDSRUFDWHJRUtDGHVDEDQD
)UDFFLyQGHFDUERQRGHODELRPDVDYLYD\PXHUWDSRUFDWHJRUtDGHVDEDQD5HODFLyQ
1LWUyJHQR&DUERQR
4XHPDGHUHVLGXRVDJUtFRODV
(VSHFLILFDUSRUWLSRGHFXOWLYR
5HODFLyQUHVLGXRFXOWLYR
)UDFFLyQGHPDWHULDVHFD
)UDFFLyQTXHPDGDHQORVFDPSRV
)UDFFLyQR[LGDGD)UDFFLyQGHFDUERQRHQHOUHVLGXR5HODFLyQ1LWUyJHQR&DUERQRGHOFXOWLYR
)XHQWH,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)$&725(6'((0,6,1325'()(&72,3&&
&DWHJRUtDV
)DFWRUHVGHHPLVLyQ
)HUPHQWDFLyQ(QWpULFD
)(GH&+SURFHGHQWHGHODIHUPHQWDFLyQHQWpULFDSRUWLSRGHJDQDGRGRPpVWLFR
*DQDGROHFKHURJDQDGRQROHFKHURE~IDORVRYHMDVFDEUDVFDPpOLGRVFDEDOORVPXODV
\DVQRVFHUGRV\DYHVGHFRUUDO
0DQHMRGHO(VWLpUFRO
)(GH&+SURFHGHQWHGHOPDQHMRGHOHVWLpUFROSRUWLSRGHJDQDGRGRPpVWLFRGH
DFXHUGRDWUHVWLSRVGHFOLPDVSUHVHQWHVHQHOSDtV
=RQDVIUtDVWHPSHUDWXUDPHGLDDQXDOLQIHULRUD&
=RQDV7HPSODGDVWHPSHUDWXUDPHGLDDQXDOGH&D&LQFOXVLYH
=RQDV&iOLGDVWHPSHUDWXUDPHGLDDQXDOPD\RUD&
)(GH12SDUDFDGDWLSRGH6LVWHPDGH0DQHMRGHO(VWLpUFRO60(SRUWLSRGH
JDQDGRGRPpVWLFR
&XOWLYRGHO$UUR]
)(LQWHJUDGRGH&+SDUDWRPDUHQFXHQWDODVYDULDFLRQHVHVWDFLRQDOHVSDUDHODUUR]
DQHJDGRFRQWLQXDPHQWHVLQIHUWLOL]DQWHVRUJiQLFRV
6XHORVDJUtFRODV
)(GH12SDUDODVHPLVLRQHVGLUHFWDVGHORVKLVWRVROHV
)(GH12SDUDODVHPLVLRQHVGLUHFWDVSURYHQLHQWHVGH
IHUWLOL]DQWHVLQWpWLFR
HVWLpUFRO
FXOWLYRVILMDGRUHVGHQLWUyJHQR
UHVLGXRVGHFRVHFKDGHORVFXOWLYRV
)(GH12GHORVVXHORVSURFHGHQWHVGHOSDVWRUHRGHDQLPDOHV
)(GH12SDUDODVHPLVLRQHVLQGLUHFWDVSURFHGHQWHVGHODOL[LYLDFLyQ
)(12SDUDODVHPLVLRQHVLQGLUHFWDVSURFHGHQWHGHODGHSRVLFLyQDWPRVIpULFDGH1+
\12;
4XHPDSUHVFULWDGHVDEDQDV\4XHPDGH
UHVLGXRVDJUtFRODV
1RXWLOL]DQIDFWRUHVGHHPLVLyQ3DUDHVWLPDUODVHPLVLRQHVGH*(,XWLOL]DQ
5HODFLRQHVGHHPLVLyQGH&+&212\1R[FRQUHVSHFWRDO&DUERQR\1LWUyJHQR
5HODFLyQGHFRQYHUVLyQGH&+&212\12[FRQUHVSHFWRDODVHPLVLRQHVGH
&DUERQR\1LWUyJHQR
)XHQWH,3&&
(PLVLRQHVGH*(,GHORVSDtVHVGHHVWXGLR
(O FXDGUR $ PXHVWUD XQ UHVXPHQ GH OD SURGXFFLyQ SHFXDULD SURGXFFLyQ GH FXOWLYRV \
FRQVXPR GHIHUWLOL]DQWHV GH ORV SDtVHVEDMRHVWXGLR (OFXDGUR $ \ HO JUiILFR$ PXHVWUDQODV
HPLVLRQHV WRWDOHV GH *(, GHO 6HFWRU $JULFXOWXUD GH ORV DxRV \ MXQWR FRQ VX LQFUHPHQWR
9DORUHV QHJDWLYRV HQ ORV UHVXOWDGRV LQGLFDQ XQD GLVPLQXFLyQ HQ ODV HPLVLRQHV /RV UHVXOWDGRV VH
H[SUHVDQ HQ XQLGDGHV GH &2 HTXLYDOHQWHV &2H XWLOL]DQGR XQ 3RWHQFLDO GH &DOHQWDPLHQWR *OREDO
3&*DDxRVVHFRQVLGHUDQORVJDVHV&2&+\12
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5(680(1'(/$352'8&&,1$*5&2/$<&216802'()(57,/,=$17(6
1,752*(1$'263253$6D
'DWRGH
$FWLYLGDG
&KLOH
(O6DOYDGRU
0p[LFR
8UXJXD\
3URGXFFLyQSHFXDULD
PLOHVGHFDEH]DV
3URGXFFLyQGH
FXOWLYRVW
$xRV
&RQVXPRGHIHUWLOL]DQWH
QLWURJHQDGRVW
)XHQWH )$267$7 6,$&21 2'(3$ 0*$3 &$0$*52 6H SULRUL]y ORV YDORUHV SXEOLFDGRV SRU ORV SDtVHV VH
XWLOL]y)$267$7VyORHQORVFDVRVGRQGHQRVHREWXYRYDORUHVQDFLRQDOHV
D
/RVUHVXOWDGRVFRUUHVSRQGHQDOSURPHGLRGHDxRV
&8$'52$
(0,6,21(6727$/(6'(/6(&725$*5,&8/785$(,1&5(0(172
3253$6$f26<
3DtV
&KLOH
5D]yQ
0p[LFR
8UXJXD\
(O6DOYDGRU
)XHQWHOWLPDVFRPXQLFDFLRQHVQDFLRQDOHVGH&KLOH(O6DOYDGRU0p[LFR\8UXJXD\
&RUUHVSRQGHDODVXPDGHODSURGXFFLyQGHORVFXOWLYRVFRQVLGHUDGRVHQODHVWLPDFLyQGHORVLQYHQWDULRVHVGHFLU
FHUHDOHVOHJXPLQRVDVSDSDVWDEDFR\FDxDGHD]~FDU3DUD&KLOHVHLQFOX\HQFXOWLYRVKRUWtFRODV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
&203$5$&,1'(/$6(0,6,21(6727$/(6'(*(,
'(/6(&725$*5,&8/785$
$f26<
(PLVLRQHV0W&RH
)XHQWHOWLPDVFRPXQLFDFLRQHVQDFLRQDOHVGH&KLOH(O6DOYDGRU0p[LFR\8UXJXD\
/RV UHVXOWDGRV LQGLFDQ TXH (O 6DOYDGRU SUHVHQWD ODV PHQRUHV HPLVLRQHV GH *(, GHO 6HFWRU
$JULFXOWXUDHQFRPSDUDFLyQFRQORVRWURVWUHVSDtVHVFRQVLGHUDGRVHQHVWHHVWXGLR
$OFRPSDUDUORVLQYHQWDULRVGHORVDxRV\VHREVHUYDTXH(O6DOYDGRU\8UXJXD\
SUHVHQWDQ XQD GLVPLQXFLyQ HQ ODV HPLVLRQHV VLHQGR (O 6DOYDGRU HO SDtV GRQGH HVWDV FLIUDV VRQ PiV
VLJQLILFDWLYDV&KLOH\0p[LFRHQFDPELRDXPHQWDQODVHPLVLRQHVGH*(,GXUDQWHHOSHUtRGRDXQTXH
HQPHQRUJUDGR
/RV FXDGURV $ KDVWD $ \ ORV JUiILFRV $ KDVWD $ PXHVWUDQ ORV UHVXOWDGRV HQ ODV
HPLVLRQHVGH*(,SRUFDWHJRUtDGHIXHQWHSDUD&KLOH(O6DOYDGRU\0p[LFR
(Q HVWH SXQWR QR VH GDQ D FRQRFHU UHVXOWDGRV GH HPLVLRQHV GH *(, SRU FDWHJRUtD SDUD
8UXJXD\ \D TXH OD LQIRUPDFLyQ DSRUWDGD SRU HVWH SDtVHQ OD ~OWLPD&RPXQLFDFLyQ1DFLRQDO QR HVWi
GHVDJUHJDGDSRUFDWHJRUtDSRUORTXHQRHVSRVLEOHGHWHUPLQDUODSDUWLFLSDFLyQGHFDGDFDWHJRUtDGH
IXHQWHGHQWURGHO6HFWRU$JULFXOWXUD6LQHPEDUJR8UXJXD\PHQFLRQDFRPRFDWHJRUtDVSULQFLSDOHVGH
IXHQWHDODVHPLVLRQHVGH&+SRU)HUPHQWDFLyQ(QWpULFDGHJDQDGRERYLQR\RYLQRDODVHPLVLRQHV
GH&+SRUFXOWLYRGHODUUR]\ODVHPLVLRQHVGH12GH6XHORV$JUtFRODVSDUDODVHPLVLRQHVGLUHFWDV
LQGLUHFWDV\SRUSDVWRUHRGHDQLPDOHV
6HJ~Q ORV UHVXOWDGRV REWHQLGRV SDUD &KLOH ODV FDWHJRUtDV FRQ PD\RUHV HPLVLRQHV GH *(,
FRUUHVSRQGHQ SRU RUGHQ GHVFHQGHQWH GH SDUWLFLSDFLyQ D 6XHORV $JUtFRODV )HUPHQWDFLyQ (QWpULFD \
0DQHMRGHO(VWLpUFROFRQXQDSDUWLFLSDFLyQLJXDODO\SDUDHODxR\\
SDUDHODxRUHVSHFWLYDPHQWH/DVYDULDFLRQHVHQORVUHVXOWDGRVHQWUHORVGRVDxRVDQDOL]DGRV
VHGHEHUtDQDORV1G$
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
(0,6,21(6'(*(,325&$7(*25$'(/6(&725$*5,&8/785$
&+,/(<
(PLVLRQHVGH*(,&KLOH
0W&2H
&DWHJRUtD
5D]yQ
)HUPHQWDFLyQ(QWpULFD
0DQHMRGHO(VWLpUFRO
&XOWLYRGHO$UUR]
6XHORVDJUtFRODV
4XHPDSUHVFULWDGHVDEDQDV
4XHPDGHUHVLGXRVDJUtFRODV
7RWDO
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'(/6(&725$*5,&8/785$
&+,/(<
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
)XHQWH(ODERUDFLyQSURSLD
(O6DOYDGRUPXHVWUDXQDPD\RUSDUWLFLSDFLyQHQODVHPLVLRQHVGH*(,GHODVFDWHJRUtDV6XHORV
$JUtFRODVFRQXQSRUFHQWDMHLJXDODSDUDHODxR\SDUDHODxR\)HUPHQWDFLyQ
(QWpULFD FRQ XQ SRUFHQWDMH GH SDUWLFLSDFLyQ GH \ SDUD ORV DxRV \
UHVSHFWLYDPHQWH6HREVHUYDXQVLJQLILFDWLYRLQFUHPHQWRHQODVHPLVLRQHVGH*(,GH6XHORV$JUtFRODV
SDUD HO DxR (O 6DOYDGRU QR HVWLPD ODV HPLVLRQHV GH &+ QL 12 GH OD FDWHJRUtD 0DQHMR GHO
(VWLpUFRO/DGLVPLQXFLyQHQODVHPLVLRQHVGH*(,HQODFDWHJRUtD)HUPHQWDFLyQHQWpULFDVHGHEHDODV
YDULDFLRQHV HQ OD SURGXFFLyQ SHFXDULD GHO SDtV GXUDQWH HO SHUtRGR 6LQ HPEDUJR QR HV
SRVLEOHGHWHUPLQDUODVFDXVDVHQODGLVPLQXFLyQGHODVHPLVLRQHVGH*(,GXUDQWHHODxRSDUDOD
FDWHJRUtD 6XHORV DJUtFRODV \D TXH VL ELHQ GLVPLQX\H OD SURGXFFLyQ SHFXDULD GHO SDtV GXUDQWH HO
SHULRGR OD SURGXFFLyQ GH FXOWLYRV \ HO FRQVXPR GH IHUWLOL]DQWHV DXPHQWD FXDGUR /D WDVD GH
YDULDFLyQHVPX\DOWDFRPRSDUDVHUUHVSRQVDELOLGDGGHODVYDULDFLRQHVHQORV1G$
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
(0,6,21(6'(*(,325&$7(*25$'(/6(&725$*5,&8/785$
(/6$/9$'25<
(PLVLRQHVGH*(,(O6DOYDGRU0W&2H
&DWHJRUtD
5D]yQ
)HUPHQWDFLyQ(QWpULFD
&XOWLYRGHO$UUR]
6XHORV$JUtFRODV
4XHPD3UHVFULWDGH6DEDQD\4XHPD
GH5HVLGXRV$JUtFRODV
7RWDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GH (O 6DOYDGRU 3ULPHUD &RPXQLFDFLyQ 1DFLRQDO VREUH
&DPELR&OLPiWLFR5HS~EOLFDGH(O6DOYDGRU0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV(O6DOYDGRU
H,QYHQWDULR1DFLRQDOGH*DVHV GH(IHFWR,QYHUQDGHURGH(O6DOYDGRU3UR\HFWR6HJXQGD&RPXQLFDFLyQ1DFLRQDOGH
&DPELR&OLPiWLFR(O6DOYDGRU
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'(/6(&725$*5,&8/785$
(/6$/9$'25<
(PLVLRQHV0&2H
)HUPHQWDFLyQ(QWpULFD
&XOWLYRGHO$UUR]
6XHORV$JUtFRODV
46DEDQDV\5HVLGXRV
$JUtFRODV
)XHQWH(ODERUDFLyQSURSLD
/DVPD\RUHVHPLVLRQHVGH*(,JHQHUDGDVSRU0p[LFRSURYLHQHQGHOD)HUPHQWDFLyQ(QWpULFD
\ GH ORV 6XHORV $JUtFRODV /RV SRUFHQWDMHV GH SDUWLFLSDFLyQ VRQ )HUPHQWDFLyQ (QWpULFD \
6XHORV$JUtFRODVSDUDHODxR\HQ)HUPHQWDFLyQ(QWpULFD\HQ6XHORV$JUtFRODVSDUDHO
DxR/DVGLIHUHQFLDVHQORVUHVXOWDGRVHQWUHORVDxRV\VHGHEHQDODVYDULDFLRQHVGH
ORV1G$YpDVHHOFXDGUR$
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
(0,6,21(6'(*(,325&$7(*25$'(/6(&725$*5,&8/785$
0e;,&2<
(PLVLRQHVGH*(,0p[LFR0W&2H
&DWHJRUtD
)HUPHQWDFLyQ(QWpULFD
5D]yQ
0DQHMRGHO(VWLpUFRO
&XOWLYRGHO$UUR]
6XHORVDJUtFRODV
4XHPDSUHVFULWDGHVDEDQDV
4XHPDGHUHVLGXRVDJUtFRODV
7RWDO
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH GDWRV GHO ,QYHQWDULR GH 0p[LFR &XDUWD &RPXQLFDFLyQ 1DFLRQDO DQWH OD
&RQYHQFLyQ 0DUFR GH ODV 1DFLRQHV 8QLGDV VREUH HO &DPELR &OLPiWLFR 6HFUHWDUtD GH 0HGLR $PELHQWH \ 5HFXUVRV
1DWXUDOHV,QVWLWXWR1DFLRQDOGH(FRORJtD0p[LFR
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'(/6(&725$*5,&8/785$
0e;,&2<
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO
$UUR]
6XHORV
DJUtFRODV
4XHPD
SUHVFULWDGH
VDEDQDV
4XHPDGH
UHVLGXRV
DJUtFRODV
)XHQWH(ODERUDFLyQSURSLD
%0HWRGRORJtD
(QHOSUHVHQWHLQIRUPHVHLQWHQWyHVWLPDUODVHPLVLRQHV GH*(,GHO6HFWRU$JULFXOWXUDSDUDORVDxRV
\GHFXDWURSDtVHV&KLOH(O6DOYDGRU0p[LFR\8UXJXD\
3DUDODUHSURGXFFLyQGHORVLQYHQWDULRVVHXWLOL]yFRPREDVHODLQIRUPDFLyQUHSRUWDGDSRUORV
SDtVHV HQ VXV FRPXQLFDFLRQHV QDFLRQDOHV H LQYHQWDULRV RILFLDOHV \ OD PHWRGRORJtD SURSXHVWD SRU HO
,3&&FRQVLGHUDQGRORVIDFWRUHVGHHPLVLyQSRU GHIHFWR3RUORWDQWRODHVWLPDFLyQUHDOL]DGD
SDUDHVWH6HFWRUIXHGHQLYHO
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)8(17(6'(,1)250$&,1(1/1($'(1,9(/(6'($&7,9,'$'
(67$'67,&263253$6
3DtV
)XHQWHVGH,QIRUPDFLyQHQOtQHD
&KLOH
(O6DOYDGRU
&iPDUD$JURSHFXDULD\$JURLQGXVWULDOGH(O6DOYDGRU&$0$*52
KWWSZZZFDPDJURFRPPDJ$QXDULRB(VWDGLVWLFDV
0p[LFR
8UXJXD\
0LQLVWHULRGH*DQDGHUtD$JULFXOWXUD\3HVFD0*$3
KWWSZZZPJDSJXEX\SRUWDOKJ[SSDVS["26018(018
)XHQWHV
,QWHUQDFLRQDOHV
%DVHGHGDWRV)$267$7GHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD
$OLPHQWDFLyQ)$2
KWWSIDRVWDWIDRRUJGHIDXOWDVS[
)XHQWH(ODERUDFLyQSURSLD
&RQ OD LQIRUPDFLyQ UHFRSLODGD VH HVWLPy SDUD &KLOH ODV HPLVLRQHV GH WRGDV ODV FDWHJRUtDV
SURSXHVWDV SRU HO ,3&& SDUD ORV GRV DxRV DQDOL]DGRV D H[FHSFLyQ GH OD FDWHJRUtD 4XHPD
3UHVFULWDGH6DEDQDVTXHQRDSOLFD
3DUD(O6DOYDGRUQRVHHVWLPyODVHPLVLRQHVGH*(,SRU0DQHMRGHO(VWLpUFRO\DTXHHOSDtV
QRUHSRUWDHPLVLRQHVSDUDHVWDFDWHJRUtDSRUQRFRQWDUFRQODLQIRUPDFLyQVXILFLHQWHSDUDHOFiOFXOR
7DPSRFR VH HVWLPy ODV HPLVLRQHV SRU &XOWLYR GHO $UUR] 4XHPD 3UHVFULWD GH 6DEDQDV \ 4XHPD GH
5HVLGXRV$JUtFRODVSRUQRVHUFDWHJRUtDVVLJQLILFDWLYDVGHQWURGHOVHFWRU
3DUD0p[LFR QR VH HVWLPy ODV HPLVLRQHV GH*(, SRU&XOWLYR GHO $UUR]4XHPD3UHVFULWD GH
6DEDQDV\4XHPDGH5HVLGXRV$JUtFRODVSRUQRFRQWDUFRQODLQIRUPDFLyQQHFHVDULDSDUDVXFiOFXOR
7DPSRFRVHHVWLPyODVHPLVLRQHVGHPHWDQRSURYHQLHQWHVGHOPDQHMRGHOHVWLpUFRO
(QHOFDVRGH8UXJXD\VHHVWLPDURQWRGDVODVFDWHJRUtDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$FRQWLQXDFLyQVHGDQDFRQRFHUFRQPD\RUGHWDOOHORVQLYHOHVGHDFWLYLGDGXWLOL]DGRVSRUSDtV
\FDWHJRUtD
&DWHJRUtDV)HUPHQWDFLyQ(QWpULFD\0DQHMRGHO(VWLpUFRO
'H DFXHUGR DO ,3&& HO JDQDGR GRPpVWLFR HPLWH *(, SURGXFWR GH OD IHUPHQWDFLyQ
HQWpULFD\GHOPDQHMRGHOHVWLpUFRO3RUIHUPHQWDFLyQHQWpULFDVHHPLWHJDVPHWDQR\SRUHOPDQHMRGHO
HVWLpUFROVHHPLWHPHWDQR\y[LGRQLWURVR(QDPERVFDVRVVHGHEHLQJUHVDUODVH[LVWHQFLDVGHDQLPDOHV
SRUWLSRGHJDQDGR\ORV)(HVSHFtILFRVSDUDPHWDQR\SDUDy[LGRQLWURVR
/RV FXDGURV $ KDVWD $ PXHVWUDQ ORV QLYHOHV GH DFWLYLGDG GH SURGXFFLyQ SHFXDULD
UHFROHFWDGRVSDUDWRGRVORVSDtVHVEDMRHVWXGLR/RVYDORUHVFRUUHVSRQGHQDOSURPHGLRGHDxRV&DEH
GHVWDFDUTXHVHSULRUL]yODLQIRUPDFLyQUHSRUWDGDDQLYHOQDFLRQDO\DVHDDSDUWLUGHORVLQYHQWDULRVRD
SDUWLU GH IXHQWHV GH LQIRUPDFLyQ QDFLRQDOHV GHELHQGR XWLOL]DU ORV YDORUHV GH IXHQWHV LQWHUQDFLRQDOHV
)$267$7HQDTXHOORVFDVRVGRQGHQRVHFRQWyFRQPiVLQIRUPDFLyQ
&RQ UHVSHFWR DO JDQDGR YDFXQR VH GHEH LQGLFDU GH IRUPD GHVDJUHJDGD ODV H[LVWHQFLDV GH
JDQDGROHFKHUR\QROHFKHUR\DTXHDPERVSRVHHQ)(GLVWLQWRVVHJ~QORLQGLFDHO,3&&3RUQR
FRQWDUFRQHVWDLQIRUPDFLyQGHVDJUHJDGDVHGHWHUPLQyODVH[LVWHQFLDVGHJDQDGROHFKHUR\QROHFKHUR
XWLOL]DQGRODUHODFLyQJDQDGRYDFXQROHFKHURWRWDOJDQDGRYDFXQRTXHHQDOJXQRVFDVRVIXHREWHQLGRD
SDUWLU GH ORV LQYHQWDULRV FRPR HV HO FDVR GH &KLOH 3DUD (O 6DOYDGRU VH XWLOL]y ODV H[LVWHQFLDV GH
YDFXQRKHPEUDFRPRJDQDGROHFKHUR\YDFXQRPDFKRFRPRJDQDGRQROHFKHURWDOFRPRORPXHVWUD
ODV PHWRGRORJtDV GHO LQYHQWDULR QDFLRQDO GH HVH SDtV SDUD HO DxR 3DUD 0p[LFR VH XWLOL]y OD
LQIRUPDFLyQ VREUH JDQDGR YDFXQR OHFKH \ JDQDGR YDFXQR FDUQH UHFRSLODGDV GH OD EDVH GH GDWRV
6,$&21)LQDOPHQWHSDUD8UXJXD\VHXWLOL]yODUHODFLyQJDQDGROHFKHURWRWDOJDQDGRSUHVHQWHHQHO
SUHGLR LQIRUPDFLyQ UHFROHFWDGD D SDUWLU GHO GRFXPHQWR (YROXFLyQ \ 6LWXDFLyQ GH OD &DGHQD
$JURDOLPHQWDULDGH/iFWHRV8UXJXD\,,&$
/RV)(XWLOL]DGRVSDUDHVWLPDUODVHPLVLRQHVGH*(,SRU)HUPHQWDFLyQ(QWpULFDSDUDWRGRVORV
SDtVHVFRUUHVSRQGHQDORVGHILQLGRVSRUHO,3&&SDUDORVSDtVHVHQGHVDUUROOR\$PpULFD/DWLQD
WDEODV\GHO,3&&
3DUDGHWHUPLQDUHO)(GHPHWDQRSRUPDQHMRGHOHVWLpUFROHO,3&&SURSRQHUHDOL]DUXQ
IDFWRUGHHPLVLyQPHGLRTXHVHFDOFXODGHDFXHUGRDOSRUFHQWDMHGHODSREODFLyQGHJDQDGRSUHVHQWHHQ
ODV GLVWLQWDV ]RQDV FOLPiWLFDV GH OD UHJLyQ YDOH GHFLU ]RQD IUtD ]RQD WHPSODGD \ ]RQD FiOLGD 3DUD
&KLOH \ 8UXJXD\ VH XWLOL]y FRPR )( GHPHWDQRSRU PDQHMR GHO HVWLpUFRO HOFRUUHVSRQGLHQWHD ]RQDV
WHPSODGDV TXH VHJ~Q HO ,3&& DEDUFD GH & D & LQFOXVLYH WDEOD GHO ,3&&
3DUDHOFDVRGH(O6DOYDGRUQRVHHVWLPyODVHPLVLRQHVGHPHWDQRSRUPDQHMRGHOHVWLpUFROSXHVWRTXH
HO SDtV QR ORV HVWLPD HQ VXV LQYHQWDULRV &RQ UHVSHFWR D 0p[LFR QR VH SXGR GHWHUPLQDU HO )( GH
PHWDQRSRUPDQHMRGHOHVWLpUFROGHELGRDODGLYHUVLGDGGHFOLPDVSUHVHQWHVHQHOSDtV\DODIDOWDGH
LQIRUPDFLyQVREUHODGLVWULEXFLyQGHODSREODFLyQJDQDGHUDHQODV]RQDVFOLPiWLFDV
/DV HPLVLRQHV GH 12 GH &KLOH 8UXJXD\ \ 0p[LFR SURYHQLHQWHV GHO PDQHMR GHO HVWLpUFRO VH
FDOFXODURQXWLOL]DQGRODVH[LVWHQFLDVGHJDQDGRGHORVFXDGURV$\$\ORV)(\SDUiPHWURVGHO,3&&
1RVHHVWLPyODVHPLVLRQHVGHy[LGRQLWURVRGH(O6DOYDGRUSXHVWRTXHHOSDtVQRODVHVWLPD
&8$'52$
(67$'67,&$63(&8$5,$6&+,/(<
*DQDGR
$YHVGHFRUUDO
3URPHGLR 3URPHGLR
FDEH]DV FDEH]DV
%~IDORV
&DEDOORV
&DPHOORV
&DSULQRV
)XHQWH
2'(3$
2'(3$)$267$7
)$267$7
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$FRQFOXVLyQ
3URPHGLR
FDEH]DV
*DQDGR
&HUGRV
3URPHGLRFDEH]DV
)XHQWH
2YLQRV
2'(3$)$267$7
9DFXQR
2'(3$)$267$7
0XODV\DVQRV
2'(3$
)$267$7
&8$'52$
(67$'67,&$63(&8$5,$6(/6$/9$'25<
3URPHGLR
FDEH]DV
*DQDGR
$YHVGHFRUUDO
%~IDORV
3URPHGLR
FDEH]DV
&DEDOORV
&DPHOORV
&DSULQRV
&HUGRV
0XODV\DVQRV
)XHQWH
'*($0$*
)$267$7
)$267$7
'*($0$*
)$267$7
2YLQRV
)$267$7
9DFXQR
'*($0$*
&8$'52$
(67$'67,&$63(&8$5,$60e;,&2<
*DQDGR
$YHVGHFRUUDO
3URPHGLR
FDEH]DV
3URPHGLR
FDEH]DV
)XHQWH
&DEDOORV
&DPHOORV
&DSULQRV
6,$&21
&HUGRV
6,$&21
0XODV\DVQRV
)$267$7
2YLQRV
6,$&21
9DFXQR
6,$&21
%~IDORV
6,$&21
)$267$7
&8$'52$
(67$'67,&$63(&8$5,$6858*8$<<
*DQDGR
$YHVGHFRUUDO
3URPHGLR 3URPHGLR
FDEH]DV FDEH]DV
&DEDOORV
&DPHOORV
%~IDORV
)XHQWH
)$267$7
)$267$7
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$FRQFOXVLyQ
3URPHGLR 3URPHGLR
FDEH]DV FDEH]DV
*DQDGR
&DSULQRV
&HUGRV
0XODV\DVQRV
)XHQWH
)$267$7
0*$3
2YLQRV
)$267$7
0*$3
9DFXQR
0*$3
&XOWLYRGHO$UUR]
3DUD GHWHUPLQDU ODV HPLVLRQHV GH PHWDQR GHULYDGDV GHO FXOWLYR GHO DUUR] VHJ~Q HO ,3&&
VHGHEHGHILQLUODVXSHUILFLHFRVHFKDGDGHDUUR]VHJ~QHOUpJLPHQGHJHVWLyQGHDJXDHVGHFLU
x 'H UHJDGtR GLYLGLGDV HQ DQHJDGRV FRQWLQXDPHQWH \ DQHJDGRV LQWHUPLWHQWHPHQWH pVWD
~OWLPDVHGLYLGHDVXYH]HQDHUDFLyQVHQFLOOD\DHUDFLyQP~OWLSOH
x 'HVHFDQRTXHVHGLYLGHHQDQHJDGL]RV\HQH[SXHVWRVDODVHTXtD
x 'HDJXDVSURIXQGDVHQWUHFP\!DFP
&DGD XQD GH HVWDV FODVLILFDFLRQHV SRVHH XQ IDFWRU GH HVFDOD SDUD ODV HPLVLRQHV GH PHWDQR
GLVWLQWR,3&&
0HGLDQWHODEDVHGHGDWRVGH)$2)$267$7HVSRVLEOHREWHQHUODVXSHUILFLHFRVHFKDGDGH
DUUR]GHWRGRVORVSDtVHVGHHVWXGLRVLQHPEDUJRQRHVSRVLEOHLGHQWLILFDUODVXSHUILFLHVHJ~QUpJLPHQ
GHJHVWLyQGHDJXD&DEHGHVWDFDUTXHORVYDORUHVXWLOL]DGRVGHEHQVHUHOSURPHGLRGHDxRV
3RU OR WDQWR FRQ OD LQIRUPDFLyQ GLVSRQLEOH HQ ORV LQYHQWDULRV VyOR VH SXGR LGHQWLILFDU OD
VXSHUILFLHFRVHFKDGDGHDUUR]SRUUpJLPHQGHJHVWLyQGHDJXDGH&KLOHHQDPERVDxRVGHHVWLPDFLyQ
3DUD8UXJXD\HVWDLQIRUPDFLyQVHREWXYRDSDUWLUGHO,3&&/RVYDORUHVXWLOL]DGRVVHPXHVWUDQ
DFRQWLQXDFLyQ
&8$'52$
683(5),&,('(5(*$'20;
6XSHUILFLHGHUHJDGtR
$QHJDGRVLQWHUPLWHQWHPHQWH
$QHJDGRV
FRQWLQXDPHQWH
3DtV
$xR
$HUDFLyQVHQFLOOD
$HUDFLyQP~OWLSOH
&KLOH
3URPHGLR
3URPHGLR
8UXJXD\ 3URPHGLR
3URPHGLR
)XHQWH&iOFXORVSURSLRVFRQEDVHHQLQIRUPDFLyQVHFXHQGDULD
(Q HO FiOFXOR GH HPLVLRQHV GH PHWDQR SRU FXOWLYR GHO DUUR] GH ORV GRVSDtVHVVH XWLOL]y ORV
SDUiPHWURV\)(GHO,3&&
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
6XHORV$JUtFRODV
(QODFDWHJRUtD6XHORV$JUtFRODVVHHVWLPDQODVHPLVLRQHVGH12SURYHQLHQWHVGHHPLVLRQHV
GLUHFWDV H LQGLUHFWDV GH VXHORV DJUtFRODV \ GH ODV HPLVLRQHV SURYHQLHQWHV GHO SDVWRUHR GH DQLPDOHV
,3&&
/DVHPLVLRQHVGLUHFWDVGH12FRQVLGHUDQHODSRUWHGHQLWUyJHQRHQHOVXHORGHOFRQVXPRWRWDO
GH IHUWLOL]DQWHV VLQWpWLFRV HO DSRUWH GH QLWUyJHQR GHO HVWLpUFRO GH WRGRV ORV VLVWHPDV GH PDQHMR GHO
HVWLpUFROGHORVFXOWLYRVILMDGRUHVGHQLWUyJHQRGHORVUHVLGXRVGHFRVHFKDGHMDGRVHQHOFDPSR\HO
DSRUWHGHQLWUyJHQRGHORVVXHORVRUJiQLFRVFXOWLYDGRVKLVWRVROHV
/DVHPLVLRQHVLQGLUHFWDVFRQWDELOL]DQODVHPLVLRQHVWRWDOHVGH12SURGXFWRGHODGHSRVLFLyQ
DWPRVIpULFD GH 1+ \ 12[ \ D OD OL[LYLDFLyQ \ HVFRUUHQWtD GH QLWUyJHQR SURYHQLHQWH GHO IHUWLOL]DQWH
VLQWpWLFR\GHOQLWUyJHQRWRWDOH[FUHWDGRVSRUORVDQLPDOHVGRPpVWLFRV
(QODVHPLVLRQHVGH12SURYHQLHQWHVGHOSDVWRUHRGHDQLPDOHVVyORVHFRQVLGHUDHOQLWUyJHQR
H[FUHWDGRHQORVVLVWHPDVGHPDQHMRGHOHVWLpUFROGHDERQDGRGLDULR\GHSUDGHUDV\SDVWL]DOHV
3RUORWDQWRORVSULQFLSDOHVQLYHOHVGHDFWLYLGDGUHTXHULGRVSDUDHVWLPDUODVHPLVLRQHVGH12
GHODFDWHJRUtD6XHORV$JUtFRODV VRQ FRQVXPR GH IHUWLOL]DQWHVQLWURJHQDGRV SURGXFFLyQ GHFXOWLYRV
DJUtFRODVH[LVWHQFLDVGHJDQDGRGRPpVWLFR\VXSHUILFLHGHVXHORVRUJiQLFRVFXOWLYDGRVKLVWRVROHV
/RV)(\SDUiPHWURVUHTXHULGRVSDUDHOFiOFXORVHREWXYLHURQGHO,3&&\VHXWLOL]DURQ
FRPRYDORUHVSRUGHIHFWR
(OFRQVXPRGHIHUWLOL]DQWHVQLWURJHQDGRVVHREWXYRGHODEDVHGHGDWRV)$267$7SDUD&KLOH
(O6DOYDGRUDxR0p[LFR\8UXJXD\(OFRQVXPRGHIHUWLOL]DQWHVQLWURJHQDGRVGH(O6DOYDGRU
SDUDHODxRVHREWXYRDSDUWLUGHORVLQYHQWDULRV/RVYDORUHVFRUUHVSRQGHQDOSURPHGLRGHWUHV
DxRV$FRQWLQXDFLyQVHPXHVWUDQORVYDORUHVXWLOL]DGRV
&8$'52$
&216802'()(57,/,=$17(61,752*(1$'263253$6
3520(',2'(75(6$f26
'DWRGH$FWLYLGDG
$xRV &RQVXPRGHIHUWLOL]DQWHQLWURJHQDGRVW
&KLOH
)$267$7
)$267$7
)$267$7
,QYHQWDULRD
)$267$7
)$267$7
)$267$7
)$267$7
(O6DOYDGRU
0p[LFR
8UXJXD\
)XHQWH
D
,QYHQWDULR1DFLRQDOGH*DVHVGH(IHFWR,QYHUQDGHUR(O6DOYDGRUDxR
6H FRQVLGHUy ODV PLVPDV H[LVWHQFLDV GH JDQDGR GH ODV FDWHJRUtDV )HUPHQWDFLyQ (QWpULFD \
0DQHMR GHO (VWLpUFRO SDUD WRGRV ORV SDtVHV 1R VH FRQWDELOL]y OD VXSHUILFLH GH VXHORV RUJiQLFRV
FXOWLYDGRVSDUDQLQJXQRGHORVFXDWURSDtVHVGHHVWXGLR\DTXHQRVHFRQWyFRQHVWDLQIRUPDFLyQ
&RQUHVSHFWRDODSURGXFFLyQGHFXOWLYRVDJUtFRODV0p[LFR\8UXJXD\QRHVSHFLILFDQORVFXOWLYRV
FRQVLGHUDGRVSDUDODHVWLPDFLyQGHODVHPLVLRQHVGH*(,SURGXFWRGHORVUHVLGXRVGHFRVHFKDGHMDGRVHQ
ORVFDPSRV(VSRUHVWRTXHVHFRQVLGHUySDUDODHVWLPDFLyQODSURGXFFLyQGHFHUHDOHVFXOWLYRVILMDGRUHVGH
QLWUyJHQRSDSDVWDEDFR \ FDxDGHD]~FDU /DSURGXFFLyQ GHWRGRV ORVFXOWLYRVFRQVLGHUDGRVSRUSDtVVH
PXHVWUDQHQORVFXDGURV$KDVWD$\FRUUHVSRQGHQDOSURPHGLRGHWUHVDxRV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
(67$'67,&$6'(352'8&&,1'(&8/7,926&+,/(<
&XOWLYR
3URPHGLRW
3URPHGLRW
)XHQWH
$UUR]FiVFDUD
2'(3$
$UYHMDVVHFDV
2'(3$
$UYHMDVYHUGHV
$YHQD
&DODED]DV]DSDOORV\FDODEFRQILW
)$267$7
2'(3$
)$267$7
&HEDGD
2'(3$
&HQWHQR
2'(3$
*DUEDQ]RV
2'(3$
/HFKXJD\DFKLFRULD
)$267$7
/HQWHMDV
)$267$7
/XSLQR
2'(3$
2'(3$
0Dt]
0HORQHV
3HSLQRV\SHSLQLOORV
)$267$7
3RURWRVHFR
2'(3$
3RURWRYHUGH
)$267$7
5DSV
2'(3$
2'(3$
)$267$7
)$267$7
3DSDV
5HPRODFKDD]XFDUHUD
6DQGtDV
6RMD
)$267$7
2'(3$
7RPDWHV
)$267$7
7ULJR
2'(3$
7DEDFR%UXWR
2'(3$
&8$'52$
(67$'67,&$6'(352'8&&,1'(&8/7,926(/6$/9$'25<
&XOWLYR
$UUR]
3URPHGLRW 3URPHGLRW
)XHQWH
&$0$*52
&DxDGHD]~FDU
&$0$*52
0Dt]
&$0$*52
3RURWR
&$0$*52
6RUJR
&$0$*52
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
(67$'67,&$6'(352'8&&,1'(&8/7,9260e;,&2<
&XOWLYR
3URPHGLRW 3URPHGLRW
$PDUDQWR
$UUR]
$UYHMDYHUGH
$UYHMyQ
$YHQD
)XHQWH
6,$&21
6,$&21
6,$&21
)$267$7
6,$&21
6,$&21
6,$&21
6,$&21
+DEDJUDQR
6,$&21
+DEDYHUGH
6,$&21
/HQWHMD
6,$&21
6,$&21
3DSD
6,$&21
3RURWRVHFR
6,$&21
6,$&21
6,$&21
6,$&21
6,$&21
6,$&21
&DxDGHD]~FDU
&HQWHQR
*DUEDQ]RJUDQR
0Dt]JUDQR
3RURWRYHUGH
6RUJR
6R\D
7DEDFREUXWR
7ULJR
7ULWLFDOH
)$267$7
&8$'52$
(67$'67,&$6'(352'8&&,1'(&8/7,926858*8$<<
&XOWLYR
$UUR]FiVFDUD
$UYHMDVHFD
0*$3
&DxDGHD]~FDU
)$267$7
&HEDGD
0*$3
$YHQD
)$267$7
0*$3)$267$7
+DED
0Dt]
)$267$7
0Dt]YHUGH
)$267$7
0DQt
)$267$7
3DSDV
0*$3
)$267$7
3RURWRVHFR
)$267$7
3RURWRYHUGH
)$267$7
6RUJR
0*$3
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$FRQFOXVLyQ
&XOWLYR
3URPHGLRW 3URPHGLRW
6R\D
7DEDFREUXWR
7ULJR
)XHQWH
0*$3
)$267$7
0*$3
4XHPD3UHVFULWDGH6DEDQDV
6HJ~Q HO ,3&& SDUD HVWLPDU ODV HPLVLRQHV GH *(, HQ HVWD FDWHJRUtD VH GHEH
HVSHFLILFDUODVXSHUILFLHTXHPDGDSRUWLSRGHVDEDQD\ODELRPDVDSUHVHQWHHQFDGDXQDHOUHVWRGHORV
SDUiPHWURV\)(ORVHVSHFLILFDHO,3&&\VRQXWLOL]DGRVSRUGHIHFWR
&RQVLGHUDQGR OD LQIRUPDFLyQ FRQWHQLGD HQ ORV LQYHQWDULRV VyOR VH HVWLPy ODV HPLVLRQHV GH
*(, GH 8UXJXD\ SDUD DPERV DxRV 6HJ~Q HO LQYHQWDULR GH 8UXJXD\ pVWH QR SRVHH LQIRUPDFLyQ
HVWDGtVWLFDUHOHYDQWH\DVXPHXQiUHDDIHFWDGDSRUTXHPDSUHVFULWDGHVDEDQDVGHKDFDGDDxR
3DUDHOFDVRGH&KLOHpVWDFDWHJRUtDQRDSOLFD3DUD(O6DOYDGRU\0p[LFRVHHVWLPyHQDPERVDxRV
0p[LFRODGHQRPLQDFRPR4XHPD3URJUDPDGDGH6XHORV
4XHPDGH5HVLGXRV$JUtFRODV
6HJ~QHO,3&&SDUDGHWHUPLQDUODVHPLVLRQHVGH*(,SRUTXHPDGHUHVLGXRVDJUtFRODV
ORV SDtVHV GHEHQ LQGLFDU OD SURGXFFLyQ DQXDO GH FXOWLYRV DVRFLDGRV D HVWDV SUiFWLFDV \ OD IUDFFLyQ
TXHPDGD HQ ORV FDPSRV GH ORV UHVLGXRV GH FRVHFKD SDUD FDGD FXOWLYR (Q JHQHUDO HVWRV
FXOWLYRV FRQVLVWHQ HQ FHUHDOHV FXOWLYRV ILMDGRUHV GH QLWUyJHQR \ FDxD GH D]~FDU (O UHVWR GH ORV
SDUiPHWURV\)(VHSXHGHQREWHQHUGHO,3&&FRPRYDORUHVSRUGHIHFWR
'H DFXHUGR D OR SXEOLFDGR HQ ORV LQYHQWDULRV \ D OD LQIRUPDFLyQ UHTXHULGD VyOR VH SXGR
HVWLPDUODVHPLVLRQHVGH*(,GHpVWDFDWHJRUtDSDUD&KLOH\8UXJXD\0p[LFRQRHVSHFLILFDODIUDFFLyQ
GH FXOWLYR TXHPDGD HQ ORV FDPSRV SRU FXDO QR VH SXGR HVWLPDU VXV HPLVLRQHV (Q HO FDVR GH (O
6DOYDGRUpVWDFDWHJRUtDQRVHHVWLPySRUQRVHUVLJQLILFDWLYD
'HHVWDIRUPDVHFRQVLGHUySDUD&KLOHODSURGXFFLyQGHWULJRDYHQDFHEDGDFHQWHQR\DUUR]
HO SRUFHQWDMH GH UHVLGXR GH FRVHFKD TXHPDGR HQ ORV FDPSRV IXH GH \
UHVSHFWLYDPHQWHSDUDHODxR\GH\UHVSHFWLYDPHQWHSDUDHODxRQRVH
FRQVLGHUyORVUHVLGXRVGHSRGDVGHiUEROHVIUXWDOHV\YLGHV\DTXHQRVHFRQWyFRQpVWDLQIRUPDFLyQ
3DUD 8UXJXD\ VyOR VH FRQWDELOL]y OD SURGXFFLyQ GH FDxD GH D]~FDU FRQ XQ SRUFHQWDMH GH TXHPD GH
UHVLGXRVGHOGHDFXHUGRDORHVSHFLILFDGRSRUHOLQYHQWDULR
&5HVXOWDGRVGHO$QiOLVLV6HFWRU$JULFXOWXUD
,QIRUPDFLyQGHQLYHOHVGHDFWLYLGDG\IDFWRUHVGHHPLVLyQ
/RV FXDGURV $ \ $ PXHVWUDQ XQ UHVXPHQ GH OD LQIRUPDFLyQ UHFRSLODGD GHVGH ODV
&RPXQLFDFLRQHV1DFLRQDOHVGHORVSDtVHVEDMRHVWXGLRVREUHORVQLYHOHVGHDFWLYLGDG\)(
(QORVFXDGURVVHREVHUYDTXH0p[LFRQRDSRUWDLQIRUPDFLyQGHWDOODGDVREUHORVQLYHOHVGH
DFWLYLGDG SDUiPHWURV R IDFWRUHV GH HPLVLyQ XWLOL]DGRV SDUD HO FiOFXOR GH HPLVLRQHV &KLOH \ HO
6DOYDGRU HQ FDPELR HQWUHJDQ XQD JUDQ FDQWLGDG GH LQIRUPDFLyQ \ GHWDOOHV 3RU VX SDUWH 8UXJXD\
HQWUHJDXQQLYHOLQWHUPHGLR6LELHQ&KLOH0p[LFR\8UXJXD\VHxDODQSRVHHU)(HVSHFtILFRV0p[LFR
QRHVSHFLILFDFXiOHVVRQQLVXVYDORUHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
5(680(1'(/$,1)250$&,1(;38(67$(1/$6&2081,&$&,21(6
1$&,21$/(662%5(/261,9(/(6'($&7,9,'$'5(48(5,'26
3$5$/$5($/,=$&,1'(/26,19(17$5,26
&DWHJRUtD
&KLOH
(O6DOYDGRU
0p[LFR
8UXJXD\
)HUPHQWDFLyQ
HQWpULFD\
0DQHMRGHO
(VWLpUFRO
&RQVLGHUDWRGDVODV
FDWHJRUtDVGHJDQDGR
GRPpVWLFRSURSXHVWRSRU
HO,3&&DH[FHSFLyQ
GHE~IDORV
&RQVLGHUDWRGDVODV
FDWHJRUtDVGHJDQDGR
GRPpVWLFRSURSXHVWR
SRUHO,3&&D
H[FHSFLyQGHE~IDORV\
FDPpOLGRV
1RHVSHFLILFDODV
FDWHJRUtDVGH
JDQDGRHVWLPDGDV
6yORKDFHPHQFLyQ
GHODVFDWHJRUtDV
JDQDGROHFKHUR
JDQDGRQROHFKHUR
RYLQRVSRUFLQRV\
DYHVGHFRUUDO
&XOWLYRGHO
$UUR]
6HUHDOL]DH[FOXVLYDPHQWH
EDMRXQVLVWHPDGHULHJR
FRQDQHJDPLHQWR
SHUPDQHQWH\FRQWLQXR
6HUHDOL]D
H[FOXVLYDPHQWHEDMR
LQXQGDFLyQ\EDMR
VHFDQR
1RHVSHFLILFDHO
UpJLPHQGH
PDQHMRGHODJXD
XWLOL]DGRSDUDHO
FXOWLYRGHODUUR]
6HUHDOL]DHQVX
WRWDOLGDGHQ
FRQGLFLRQHVGH
LQXQGDFLyQ
6XHORV
$JUtFRODV
&RQVLGHUDODVHPLVLRQHV
SRUHOXVRGHIHUWLOL]DQWHV
VLQWpWLFRV&RQVLGHUD
WRGDVODVFDWHJRUtDVGH
JDQDGRGRPpVWLFR
SURSXHVWRSRUHO,3&&
DH[FHSFLyQGH
%~IDORV(VSHFLILFDORV
FXOWLYRVDJUtFRODV
FRQVLGHUDGRV1RSUHVHQWD
QLYHOHVGHDFWLYLGDGGHO
FXOWLYRGHKLVWRVROHV
&RQVLGHUDODVHPLVLRQHV
SRUHOXVRGH
IHUWLOL]DQWHVVLQWpWLFRV
&RQVLGHUDWRGDVODV
FDWHJRUtDVGHJDQDGR
GRPpVWLFRSURSXHVWR
SRUHO,3&&D
H[FHSFLyQGHE~IDORV\
FDPpOLGRV(VSHFLILFD
ORVFXOWLYRVDJUtFRODV
FRQVLGHUDGRV1R
SUHVHQWDQLYHOHVGH
DFWLYLGDGGHOFXOWLYRGH
KLVWRVROHV
1RHVSHFLILFD
QLQJ~QGDWRGH
DFWLYLGDGGHQWUR
GHODFDWHJRUtD
1RHVSHFLILFDQLQJ~Q
GDWRGHDFWLYLGDG
GHQWURGHOD
FDWHJRUtD
4XHPD
SUHVFULWDGH
VDEDQDV
1R$SOLFD
&RQVLGHUDODVXSHUILFLH
TXHPDGDDQWHVGHOD
SULPHUDVLHPEUDGH
JUDQRVEiVLFRVPDt]
IULMROVRUJR\DUUR]
1RDSOLFD
1RSRVHH
LQIRUPDFLyQ
HVWDGtVWLFDUHOHYDQWH
\DVXPHXQiUHD
DIHFWDGDGHKD
FDGDDxR
4XHPDGH
UHVLGXRV
DJUtFRODV
(OLQIRUPHHVSHFLILFDORV
SRUFHQWDMHVGHTXHPDGH
UHVLGXRVDJUtFRODVSRU
UHJLyQDGPLQLVWUDWLYDGHO
SDtV/RVFXOWLYRV
DQDOL]DGRVVRQDUUR]
DYHQDFHEDGDFHQWHQR
WULJR\UHVLGXRVGHSRGDV
GHIUXWDOHVFDGXFLIROLRV
DOPHQGURVFHUH]RV
FLUXHORVGDPDVFRV
GXUD]QHURVQHFWDULQRV
PDQ]DQRVQRJDOHV
SHUDOHVNLZLV\YLGHV
FRQVXPRHQIUHVFR
SLVTXHUDV\YLQtIHUDV
(OSRUFHQWDMHGHTXHPD
HVGHOYDORUSRU
GHIHFWRVHJ~Q/DV
EXHQDVSUiFWLFDV/RV
FXOWLYRVDQDOL]DGRVVRQ
PDt]IULMROVRUJRDUUR]
\FDxDGHD]~FDU
1RHVSHFLILFDORV
FXOWLYRV
DQDOL]DGRVQLORV
SRUFHQWDMHVGH
TXHPDGHORV
UHVLGXRV
DJUtFRODV
1RH[LVWH
LQIRUPDFLyQ
HVWDGtVWLFDFRQILDEOH
SDUDORVSRUFHQWDMHV
GHTXHPDGH
UHVLGXRVDJUtFRODVD
H[FHSFLyQGHODFDxD
GHD]~FDUTXHVH
TXHPDHQXQ
/RVFXOWLYRV
DQDOL]DGRVVRQFDxD
GHD]~FDU\FHUHDOHV
)XHQWH(ODERUDFLyQSURSLDFRQEDVHHQODVFRPXQLFDFLRQHVQDFLRQDOHVGH&KLOH(O6DOYDGRU0p[LFR\8UXJXD\
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)$&725(6'((0,6,187,/,=$'26325/263$6(6'((678',2
'($&8(5'2$/2(;38(672(1/$6/7,0$6
&2081,&$&,21(61$&,21$/(6
&DWHJRUtD
&KLOH
(O6DOYDGRU
0p[LFR
8UXJXD\
)HUPHQWDFLyQHQWpULFD
)(HVSHFtILFRV
JDQDGROHFKHUR\QR
OHFKHUR&+3DUD
HOUHVWRGHODV
FDWHJRUtDVXWLOL]D
,3&&\
,3&&
E
)(HVSHFtILFRV
JDQDGROHFKHUR\
QROHFKHUR&+
3DUDHOUHVWRGHODV
FDWHJRUtDVXWLOL]D
,3&&
0DQHMRGHO(VWLpUFRO
)(HVSHFtILFRV
JDQDGROHFKHUR
JDQDGRQROHFKHUR\
SRUFLQRV&+3DUD
HOUHVWRGHODV
FDWHJRUtDVXWLOL]D
,3&&\
E
,3&&
&XOWLYRGHO$UUR]
3&&\
,3&&
E
,3&&
6XHORV$JUtFRODV
,3&&\
,3&&
E
0HQFLRQDHOXVR
GHIDFWRUHV
HVSHFtILFRVGH
H[FUHFLyQGH1
SDUDJDQDGR
YDFXQROHFKHUR\
QROHFKHURSHURQR
HVSHFLILFDVXV
YDORUHV
4XHPDSUHVFULWDGH
VDEDQDVD
,3&&
,3&&
4XHPDGHUHVLGXRV
DJUtFRODVD
,3&&\
,3&&
E
,3&&
(VWDVFDWHJRUtDVQRSRVHHQIDFWRUHVGHHPLVLyQVHJ~QODVPHWRGRORJtDVGHODV'LUHFWULFHVGHO,3&&&XDGUR
1RHVSHFLILFD
)XHQWHVGHLQIRUPDFLyQ\QLYHOHVGHDFWLYLGDG
8Q DQiOLVLVJHQHUDO HQ HO TXH VH FRQVLGHUDQODV PHWRGRORJtDV H[SXHVWDV SRU ORVSDtVHV \ ODV
IXHQWHVGHLQIRUPDFLyQQDFLRQDOHVHLQWHUQDFLRQDOHVHQOtQHDGHVWDFDORVVLJXLHQWHVSXQWRV
/DV VHULHV WHPSRUDOHV GH ORV QLYHOHV GH DFWLYLGDG GDGRV D FRQRFHU HQ ODV IXHQWHV GH
LQIRUPDFLyQ HQ OtQHD QDFLRQDOHV VRQ LQFRPSOHWDV FRQ UHVSHFWR D OD SURGXFFLyQ GH
FXOWLYRV \ SURGXFFLyQ SHFXDULD GHELHQGR UHFXUULU HQ DOJXQRV FDVRV D ORV YDORUHV GH
)$267$7%DMRHVWHSXQWRGHYLVWD0p[LFRSRVHHODPiVFRPSOHWDEDVHGHGDWRVVREUH
SURGXFFLyQDJURSHFXDULDUHSRUWDQGRHVWDGtVWLFDVSDUDHOSHUtRGR
/DLQIRUPDFLyQGLVSRQLEOHHQOtQHDQRSRVHHHOVXILFLHQWHGHWDOOHRQRHVWiGLVSRQLEOHGH
IRUPDGLUHFWDGHXVRSDUDWRGDVODVFDWHJRUtDV(VWHSXQWRHVWiDVRFLDGRGLUHFWDPHQWHDOD
FDWHJRUtD&XOWLYRGHO$UUR]\DTXHVHUHTXLHUHGHODVXSHUILFLHFRVHFKDGDFODVLILFDGDSRU
WLSRGHULHJRLQIRUPDFLyQTXHHQPXFKRVFDVRVQRIXHSRVLEOHHQFRQWUDUFRQHVHQLYHOGH
GHWDOOHORPLVPRRFXUULyFRQODVXSHUILFLHGHVDEDQDVTXHPDGDDQXDOPHQWH2WURDVSHFWR
LPSRUWDQWHHVODFODVLILFDFLyQGHJDQDGROHFKHUR\QROHFKHURTXHGHDFXHUGRDOGHO,3&&
SRVHHQ GLVWLQWRV )( HQ PXFKRV FDVRV QR IXH SRVLEOH HQFRQWUDU GLUHFWDPHQWH ODV
HVWDGtVWLFDV GHVDJUHJDGDV \ VH RSWy SRU HVWLPDU HVWRV YDORUHV D SDUWLU GH ODV H[LVWHQFLDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
WRWDOHVGHJDQDGRYDFXQR\ODIUDFFLyQGHJDQDGROHFKHUR\QROHFKHURGHOWRWDOH[WUDtGDD
SDUWLUGHGLYHUVDVIXHQWHV
/RV YDORUHV HQWUHJDGRV SRU GLVWLQWDV IXHQWHV GH LQIRUPDFLyQ SDUD XQ PLVPR GDWR GH
DFWLYLGDG\SDtVGLILHUHQHQGLYHUVRVJUDGRV
/DV PHWRGRORJtDV XWLOL]DGDV SRU ORV SDtVHV QR VRQ FRPSOHWDPHQWH H[SOtFLWDV VHJ~Q OR
H[SXHVWRHQODV&RPXQLFDFLRQHV1DFLRQDOHVHVWRHQGLYHUVRVJUDGRV\HQGRQGH0p[LFR
SURYHHPHQRVLQIRUPDFLyQ
,QGHSHQGLHQWH GH HVWDV IDOHQFLDV VH LQWHQWy UHSOLFDU ORV UHVXOWDGRV GH ORV LQYHQWDULRV GH
HPLVLRQHV SDUD HVWH VHFWRU HQ ORV SDtVHV EDMR DQiOLVLV $ FRQWLQXDFLyQ VH PXHVWUDQ ORV UHVXOWDGRV
REWHQLGRVGHODHVWLPDFLyQ
5HSOLFDFLyQGHUHVXOWDGRVGHLQYHQWDULRVGH*(,
&KLOH
/RVUHVXOWDGRVREWHQLGRVSRUHODERUDFLyQSURSLDPXHVWUDQUHVXOWDGRVPX\VHPHMDQWHVDQLYHO
VHFWRULDO FRQ UHVSHFWR DO LQYHQWDULR GH &KLOH D~Q FXDQGR VH REVHUYDQ GLIHUHQFLDV HQ ODV FDWHJRUtDV
6XHORV$JUtFRODV\0DQHMRGHO(VWLpUFROSDUDORVDxRV\
/DVGLIHUHQFLDVVXUJLGDVHQODFDWHJRUtD0DQHMRGHO(VWLpUFROVHGHEHUtDQSUREDEOHPHQWHDORV
)(GHPHWDQRGHOJDQDGROHFKHURJDQDGRQROHFKHUR\FHUGRVXWLOL]DGRV3DUDODHODERUDFLyQSURSLD
HVWLPDFLRQHVVHXWLOL]DURQYDORUHVSRUGHIHFWRGHO,3&&SDUD/DWLQRDPpULFD\HQHOFDVRGH
&KLOHVHXWLOL]y)(HVSHFtILFRV
/DV GLIHUHQFLDV SUHVHQWHV HQ OD FDWHJRUtD 6XHORV $JUtFRODV VH GHEHUtDQ SULQFLSDOPHQWH DO
QLWUyJHQR SUHVHQWH HQ HO HVWLpUFRO GH DQLPDOHV GRPpVWLFRV SXHVWR TXH &KLOH UHDOL]D XQ %DODQFH GH
PDVDVSDUDpVWHtWHP
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325&+,/(<5(68/7$'262%7(1,'26(1/$
(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO$UUR] 6XHORVDJUtFRODV
(VWLPDFLyQ
4XHPDGH
UHVLGXRV
DJUtFRODV
,QYHQWDULR&KLOH
)XHQWH(ODERUDFLyQSURSLD
7RWDO$JULFXOWXUD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325&+,/(<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO$UUR]
(VWLPDFLyQ
,QYHQWDULR&KLOH
)XHQWH(ODERUDFLyQSURSLD
(O6DOYDGRU
$O FRPSDUDU ORV UHVXOWDGRV REWHQLGRV FRQ OR UHSRUWDGR SRU HO SDtV VH REVHUYDQ ODV PD\RUHV
GLIHUHQFLDVHQODFDWHJRUtD6XHORV$JUtFRODV\HQXQPHQRUJUDGRHQODFDWHJRUtD)HUPHQWDFLyQ(QWpULFD
(O6DOYDGRUUHSRUWDHOXVRGHORV)(GHO,3&&TXHIXHURQORVPLVPRVTXHVHXWLOL]DURQ
HQ OD HVWLPDFLyQ SURSLD SRU OR WDQWR ODV GLIHUHQFLDV REVHUYDGDV HQ ODV HPLVLRQHV GH *(, SRU
)HUPHQWDFLyQHQWpULFDVHGHEHUtDQDORV1G$XWLOL]DGRV\DTXHQRIXHSRVLEOHHQFRQWUDUODVH[LVWHQFLDV
GH RYHMDV FDEUDV FDEDOORV PXODV \ DVQRV HQ IXHQWHV GH LQIRUPDFLyQ HQ OtQHD SDUD HVH SDtV \ GH
DFXHUGRDORTXHUHSRUWDHOLQYHQWDULRGH(O6DOYDGRUpVWRVGDWRVQRVRQGHGRPLQLRS~EOLFR\SRGUtDQ
VHUGLIHUHQWHVDORVXWLOL]DGRVHQODVHVWLPDFLRQHV)$267$7
([LVWHXQDJUDQLQFHUWLGXPEUHFRQUHVSHFWRDODVGLIHUHQFLDVSUHVHQWHVHQODFDWHJRUtD6XHORV
$JUtFRODV SDUDDPERVDxRV SXHVWR TXH VH XWLOL]y ORV )( \ SDUiPHWURVGHO ,3&& WDO FRPR OR
KL]R(O6DOYDGRU\ODVHVWDGtVWLFDVSURYHQLHQWHVGH)$267$7TXHIXHURQXWLOL]DGDVHQODHVWLPDFLyQ
SURSLDGHORVLQYHQWDULRVTXHQRH[SOLFDUtDQODVJUDQGHVYDULDFLRQHVUHSRUWDGDVHQHVWDFDWHJRUtD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325(/6$/9$'25<5(68/7$'26
2%7(1,'26(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
&XOWLYRGHO$UUR]
(VWLPDFLyQ
,QYHQWDULR(O6DOYDGRU
)XHQWH(ODERUDFLyQSURSLD
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325(/6$/9$'25
<5(68/7$'262%7(1,'26(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ &XOWLYRGHO
(QWpULFD
$UUR]
6XHORV
DJUtFRODV
4XHPD
4XHPDGH
SUHVFULWDGH UHVLGXRV
VDEDQDV
DJUtFRODV
7RWDO
$JULFXOWXUD
(VWLPDFLyQ
,QYHQWDULR(O6DOYDGRU
)XHQWH(ODERUDFLyQSURSLD
0p[LFR
/DVGLIHUHQFLDVREVHUYDGDVSDUD0p[LFRVHFRQFHQWUDQHQODFDWHJRUtD6XHORV$JUtFRODV\VH
GHEHUtDQ SULQFLSDOPHQWH DO XVR GH )( HVSHFtILFRV HQ VXV LQYHQWDULRV 6LQ HPEDUJR QR HV SRVLEOH
LGHQWLILFDUFODUDPHQWHGRQGHVHSURGXFHQODVGLVFUHSDQFLDV\DTXH0p[LFRQRUHSRUWDFXiOHVVRQHVWRV
)(QLVXVYDORUHV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,5(3257$'$63250e;,&2<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO$UUR]6XHORVDJUtFRODV
(VWLPDFLyQ
4XHPDGH
UHVLGXRV
DJUtFRODV
7RWDO$JULFXOWXUD
,QYHQWDULR0p[LFR
)XHQWH(ODERUDFLyQSURSLD
*5),&2$
(0,6,21(6'(*(,5(3257$'$63250e;,&2<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO$UUR] 6XHORVDJUtFRODV
(VWLPDFLyQ
4XHPDGH
7RWDO$JULFXOWXUD
UHVLGXRVDJUtFRODV
,QYHQWDULR0p[LFR
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
8UXJXD\
(QHOFDVRGH8UXJXD\VLELHQORVUHVXOWDGRVREWHQLGRVSRUHODERUDFLyQSURSLDVRQVHPHMDQWHV
DORVUHSRUWDGRVSRUHOSDtVDQLYHOVHFWRULDOHQORVGRVDxRVDQDOL]DGRVQRHVSRVLEOHLGHQWLILFDUFRQ
FHUWH]D GRQGH VH SURGXFHQ ODV GLVFUHSDQFLDV \D TXH 8UXJXD\ QR UHSRUWD ORV UHVXOWDGRV GH VXV
HPLVLRQHVSRUFDWHJRUtD
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325858*8$<<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO
$UUR]
)HUPHQWDFLyQ
(QWpULFD
6XHORV
$JUtFRODV
4XHPD
3UHVFULWDGH
6DEDQDV
4XHPDGH
5HVLGXRV
$JUtFRODV
7RWDO
$JULFXOWXUD
(VWLPDFLyQ
,QYHQWDULR8UXJXD\
)XHQWH(ODERUDFLyQSURSLD
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325858*8$<<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHV0W&2H
)HUPHQWDFLyQ
(QWpULFD
0DQHMRGHO
(VWLpUFRO
&XOWLYRGHO
$UUR]
(VWLPDFLyQ
6XHORV
$JUtFRODV
4XHPD
3UHVFULWDGH
6DEDQDV
,QYHQWDULR8UXJXD\
)XHQWH(ODERUDFLyQSURSLD
4XHPDGH
5HVLGXRV
$JUtFRODV
7RWDO
$JULFXOWXUD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$QH[R
&iOFXORGH(PLVLRQHVGHO6HFWRU86&866
$$VSHFWRV*HQHUDOHV
5HSUHVHQWDFLyQGHO6HFWRU86&866VHJ~QHO,3&&
/DV'LUHFWULFHVGHO,3&&GHILQHQODVVLJXLHQWHVFDWHJRUtDVGHIXHQWH\HPLVLRQHVGHJDVHVGH
HIHFWRLQYHUQDGHURSDUDHO6HFWRU&DPELRGH8VRGH6XHOR\6LOYLFXOWXUD
&DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQOHxRVD
&RQYHUVLyQGHERVTXHV\SUDGHUDVDWLHUUDVGHFXOWLYRRSDVWRVSHUPDQHQWHV
4XHPDLQVLWXGHERVTXHVHPLVLRQHVGHJDVHVGLVWLQWRVGH&2
$EDQGRQRGHWLHUUDVFXOWLYDGDV
(PLVLRQHVRDEVRUFLRQHVGH&2HQORVVXHORVGHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUD
/DVHPLVLRQHVSURGXFWRGHODTXHPDLQVLWXGHERVTXHVHPLVLRQHVGHJDVHVGLVWLQWRVGH&2VH
UHSRUWDQHQODFDWHJRUtD&RQYHUVLyQGHERVTXHV\SUDGHUDVDWLHUUDVGHFXOWLYRRSDVWRVSHUPDQHQWHV
/RVQLYHOHVGHDFWLYLGDGSDUiPHWURV\IDFWRUHVGHHPLVLyQUHTXHULGRVSRUODVGLUHFWULFHVGHO,3&&
VHGDQDFRQRFHUHQORVFXDGURV$\$
$GHPiV HO ,3&& SXEOLFD HQ HO OD 2ULHQWDFLyQ 6REUH ODV %XHQDV 3UiFWLFDV SDUD HO 8VR GH
6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUD86&866/DRULHQWDFLyQVREUHODVEXHQDVSUiFWLFDVUHGXFH
ORPHMRUSRVLEOHODVLQFHUWLGXPEUHVSUHVHQWHVHQORVFiOFXORVGHHVWH6HFWRU\HVGHVXSRQHUTXHHVWHWLSRGH
HVWLPDFLRQHVVRQODVPHMRUHVDOFDQ]DGDVHQYLVWDGHOHVWDGRDFWXDOGHORVFRQRFLPLHQWRVFLHQWtILFRV\ORV
UHFXUVRVGLVSRQLEOHV/DRULHQWDFLyQVREUHODVEXHQDVSUiFWLFDVEXVFDVHUFRKHUHQWHFRQODV'LUHFWULFHVGHO
,3&&SRUTXHODVSDUWHVDFRUGDURQXWLOL]DUHVWDV~OWLPDVSDUDHVWLPDUODVHPLVLRQHV\DEVRUFLRQHVGH
JDVHVGHHIHFWRLQYHUQDGHUR/DRULHQWDFLyQVREUHODVEXHQDVSUiFWLFDVXWLOL]DORVVLJXLHQWHVWUHVFULWHULRV
/DV FDWHJRUtDV GH IXHQWHV R GH VXPLGHURV HVSHFtILFDV LQFOXLGDV HQ OD 2ULHQWDFLyQ 6REUH ODV
%XHQDV3UiFWLFDVSDUD86&866FRUUHVSRQGHQDODVFDWHJRUtDVGHODV'LUHFWULFHVGHO,3&&
(QOD2ULHQWDFLyQ6REUHODV%XHQDV3UiFWLFDVSDUD86&866VHHPSOHDQODVPLVPDVIRUPDV
IXQFLRQDOHVSDUDODVHFXDFLRQHVXWLOL]DGDVHQOD'LUHFWULFHVGHO,3&&RVXHTXLYDOHQWH
/D2ULHQWDFLyQ6REUHODV%XHQDV3UiFWLFDVSDUD86&866SHUPLWHODFRUUHFFLyQGHWRGRHUURU
RGHILFLHQFLDLGHQWLILFDGRVHQODV'LUHFWULFHVGHO,3&&
'HHVWDIRUPDODVSULQFLSDOHVFDWHJRUtDVGHXVRGHVXHORSDUDLQIRUPDUORVLQYHQWDULRVGHJDVHVGH
HIHFWRLQYHUQDGHURVRQ
7LHUUDVIRUHVWDOHV
7LHUUDVDJUtFRODV
3UDGHUDV
+XPHGDOHV
$VHQWDPLHQWRV
2WUDVWLHUUDV
&DGDXQDGHODVFDWHJRUtDVGHXVRGHVXHORDQWHVPHQFLRQDGDVVHGLYLGHHQGRVVXEVHFFLRQHV
7LHUUDVTXHGHVGHHOFRPLHQ]RKDVWDHOILQDOGHXQSHUtRGRGHLQYHQWDULRHVWiQGHVWLQDGDVD
XQPLVPRXVR
&RQYHUVLRQHVGHWLHUUDVSDUDGHVWLQDUODVDRWURXVR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
/RVQLYHOHVGHDFWLYLGDGSDUiPHWURV\IDFWRUHVGHHPLVLyQUHTXHULGRVSRUOD2ULHQWDFLyQ6REUHODV
%XHQDV3UiFWLFDVSDUDHO8VRGH6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUDSDUDODFDWHJRUtD7LHUUDV
)RUHVWDOHVVHGDQDFRQRFHUHQORVFXDGURV\
&DEH GHVWDFDU TXH WDQWR ODV 'LUHFWULFHV GHO ,3&& FRPR OD 2ULHQWDFLyQ 6REUH ODV
%XHQDV 3UiFWLFDV SDUD 86&866 QR FRQVLGHUDQ D ORV ERVTXHV QDWXUDOHV H LQDOWHUDGRV FRPR
IXHQWHV QL VXPLGHURV GH JDVHV GH HIHFWR LQYHUQDGHUR SRU FDXVDV DQWURSRJpQLFDV SRU OR TXH HVWRV
ERVTXHVGHEHQVHUH[FOXLGRVGHORVLQYHQWDULRVQDFLRQDOHV
&8$'52$
1,9(/(6'($&7,9,'$'5(48(5,'26325/$6',5(&75,&(6
'(/,3&&3$5$&$'$&$7(*25$'()8(17(<680,'(52
'(*$6(6'(()(&72,19(51$'(52
&DWHJRUtDV
1LYHOHVGHDFWLYLGDG
&DPELRVGHELRPDVDHQ
ERVTXHV\HQRWURVWLSRV
GHYHJHWDFLyQOHxRVD
6XSHUILFLHGHODVH[LVWHQFLDVGHERVTXHV\WDVDGHFUHFLPLHQWRDQXDOGHODELRPDVDSRUWLSRGHERVTXHV
ERVTXHVWURSLFDOHV
ERVTXHVWHPSODGRV
ERVTXHVERUHDOHV
iUEROHVHQ]RQDVQRERVFRVDV]RQDVXUEDQDVSXHEORV\JUDQMDVRWURV
1~PHURGHiUEROHVGH]RQDVQRERVFRVDV
&RVHFKDIRUHVWDOSRUFDWHJRUtD
&RQVXPRGHOHxDSRUFDWHJRUtDFRVHFKDGD
7RWDOGHORVRWURVXVRVGHODPDGHUDHQPDWHULDVHFDSRUFDWHJRUtDFRVHFKDGD
&RQYHUVLyQGHERVTXHV
\SUDGHUDVDWLHUUDVGH
FXOWLYRRSDVWRV
SHUPDQHQWHV\4XHPD
LQVLWXGHERVTXHV
HPLVLRQHVGHJDVHV
GLVWLQWRVGH&2
,QGLFDUSRUFDWHJRUtDGHERVTXHV\SUDGHUDVD
6XSHUILFLHFRQYHUWLGDHQWLHUUDVFXOWLYDGDV\SDVWRVSDUDHODxRLQYHQWDULDGR
%LRPDVDSUHVHQWHDQWHVGHODFRQYHUVLyQPDWHULDVHFDE
%LRPDVDGHVSXpVGHODFRQYHUVLyQPDWHULDVHFDE
3DUDGHWHUPLQDUODVHPLVLRQHVGH*(,SURYHQLHQWHVGHOFDUERQROLEHUDGRSRUODGHVFRPSRVLFLyQGHOD
ELRPDVDVHUHTXLHUHSRUFDWHJRUtDGHERVTXHV\SUDGHUDVGH
6XSHUILFLHPHGLDFRQYHUWLGDSURPHGLRGHDxRV
3URPHGLRGHODELRPDVDSUHVHQWHDQWHVGHODFRQYHUVLyQPDWHULDVHFD
3URPHGLRGHODELRPDVDSUHVHQWHGHVSXpVGHODFRQYHUVLyQPDWHULDVHFD
$EDQGRQRGHWLHUUDV
FXOWLYDGDV
6XSHUILFLHWRWDODEDQGRQDGD\HQHWDSDGHUHJHQHUDFLyQGHORV~OWLPRVDxRVDQWHULRUHVDODxRGHO
LQYHQWDULR
6XSHUILFLHWRWDODEDQGRQDGDGXUDQWHORV\DxRVDQWHVGHODxRLQYHQWDULDGRSRUWLSRGHERVTXHV\
SUDGHUDV
(PLVLRQHVR
DEVRUFLRQHVGH&2HQ
ORVVXHORVGHELGRDO
PDQHMR\FDPELRGH
XVRGHODWLHUUD
'HILQLUORVVLVWHPDVGHPDQHMRGHODWLHUUDSRUWLSRGHVXHOR
VXHORVPX\DFWLYRV
VXHORVSRFRDFWLYRV
DUHQRVRV
YROFiQLFRV
SDQWDQRVRV
6XSHUILFLHGHODVWLHUUDVSDUDFDGDVLVWHPD\SRUWLSRGHVXHORSDUDHODxRLQYHQWDULDGRW\SDUDFDGDDxR
LQYHQWDULDGRGXUDQWHORV~OWLPRVDxRVW
6XSHUILFLHGHODWLHUUDGHORVVXHORVRUJiQLFRVHQODDJULFXOWXUD
WHPSODGRIUtR
FXOWLYRVGHDOWXUD
SDVWL]DOHVERVTXHV
WHPSODGRFiOLGR
WURSLFDO
&DQWLGDGWRWDODQXDOGHFDODSOLFDGDDORVVXHORVSRUWLSRGHFDOFDUERQDWRFiOFLFR\GRORPLWD
)XHQWH(ODERUDFLyQSURSLD
D
%RVTXHVWURSLFDOHVERVTXHVWHPSODGRVERVTXHVERUHDOHVSUDGHUDVWXQGUDVVDEDQDVSUDGHUDVWURSLFDOHVSUDGHUDVRWURV
E
,QFOX\H WDQWR OD ELRPDVD TXH SHUPDQHFH HQ SLH GHVSXpV GH OD WDOD YDORU SRU GHIHFWR FRPR OD ELRPDVD GHO FXOWLYR
HVWDEOHFLGRHQHOiUHDWDODGD9DORUSRUGHIHFWR WSDUDHO~OWLPRFDVR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
3$50(7526<)$&725(6'((0,6,15(48(5,'26
325/$6',5(&75,&(6'(/,3&&3$5$(67,0$5/$6(0,6,21(6
'(*$6(6'(()(&72,19(51$'(52325&$7(*25$'()8(17(<680,'(52
&DWHJRUtDV
3DUiPHWURV\IDFWRUHVGHHPLVLyQ
&DPELRVGHELRPDVDHQERVTXHV\HQ
RWURVWLSRVGHYHJHWDFLyQOHxRVD
5HODFLyQGHFRQYHUVLyQH[SDQVLyQGHODELRPDVDHQXQLGDGHVGHPDWHULDVHFDSRUFDWHJRUtD
GHFRVHFKD
)UDFFLyQGHFDUERQRGHODPDWHULDVHFDSRUWLSRGHERVTXH
7DVDGHFUHFLPLHQWRDQXDOSRUWLSRGHERVTXHPDWHULDVHFD
&RQYHUVLyQGHERVTXHV\SUDGHUDVD
WLHUUDVGHFXOWLYRRSDVWRV
SHUPDQHQWHV
)UDFFLyQGHODELRPDVDR[LGDGDLQVLWXSRUWLSRGHERVTXH\SUDGHUD
)UDFFLyQGHODELRPDVDTXHPDGDLQVLWXSRUWLSRGHERVTXH\SUDGHUD
)UDFFLyQGHFDUERQRGHODELRPDVDDpUHDTXHPDGDLQVLWXSRUWLSRGHERVTXH\SUDGHUD
)UDFFLyQGHELRPDVDTXHPDGDIXHUDGHOERVTXH
)UDFFLyQGHELRPDVDR[LGDGDIXHUDGHOERVTXH
)UDFFLyQGHFDUERQRGHODELRPDVDDpUHDTXHPDGDIXHUDGHOERVTXH
)UDFFLyQDEDQGRQDGDTXHVHGHVFRPSRQHSURPHGLRGHDxRVSRUWLSRGHERVTXH\SUDGHUD
)UDFFLyQGHFDUERQRHQODELRPDVDDpUHDSRUWLSRGHERVTXH\SUDGHUD
5HODFLyQGH1LWUyJHQR&DUERQR
5HODFLRQHVGHHPLVLyQGHORVJDVHVGLVWLQWRVGH&2
$EDQGRQRGHWLHUUDVFXOWLYDGDV
)UDFFLyQGHFDUERQRGHODELRPDVDDpUHDSRUWLSRGHERVTXH\SUDGHUD
7DVDGHFUHFLPLHQWRDQXDOGHODELRPDVDDpUHDHQPDWHULDVHFDSRUWLSRGHERVTXH\SUDGHUD
(PLVLRQHVRDEVRUFLRQHVGH&2HQ
ORVVXHORVGHELGRDOPDQHMR\FDPELR
GHXVRGHODWLHUUD
&RQWHQLGRGHFDUERQRHQORVVXHORVFRQYHJHWDFLyQQDWXUDO
)DFWRUGHEDVH
)DFWRUGHODEUDQ]D
)DFWRUHVGHLQVXPR
7DVDDQXDOGHSpUGLGDGHFDUERQRGHORVVXHORVRUJiQLFRV
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
1,9(/(6'($&7,9,'$'$62&,$'26$/$&$7(*25$
7,(55$6)25(67$/(66(*1(/,3&&
&DWHJRUtDV
1LYHOHVGHDFWLYLGDG
7LHUUDV)RUHVWDOHV
TXHVLJXHQVLHQGR
WLHUUDVIRUHVWDOHV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQODELRPDVDYLYD
,QFUHPHQWRGHELRPDVD
6XSHUILFLHGHWLHUUDVIRUHVWDOHVPDQHMDGDVTXHVLJXHQVLHQGRWLHUUDVIRUHVWDOHVSRUWLSRVGH
ERVTXH\]RQDVFOLPiWLFDV
3pUGLGDVGHELRPDVD
9ROXPHQGHUROOL]RVH[WUDtGRVDQXDOPHQWH
9ROXPHQDQXDOGHOHxDH[WUDtGD
6XSHUILFLHVIRUHVWDOHVDIHFWDGDVSRUSHUWXUEDFLRQHVSRUWLSRGHERVTXHV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQODPDWHULDRUJiQLFDPXHUWD9DORUSRUGHIHFWR
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVPLQHUDOHV
9DORUPHGLRGHUHVHUYDVGHELRPDVDVREUHHOVXHORHQERVTXHVUHJHQHUDGRVQDWXUDOPHQWH
UHVHUYDVHVWDEOHVGHFDUERQRRUJiQLFRGHOVXHORHQHOHVWDGRDQWHULRUL
UHVHUYDVHVWDEOHVGHFDUERQRRUJiQLFRGHOVXHORHQHOHVWDGRDFWXDOM
VXSHUILFLHIRUHVWDOTXHH[SHULPHQWDXQDWUDQVLFLyQGHOHVWDGRLDOHVWDGRM
UHVHUYDVGHFDUERQRGHUHIHUHQFLDHQERVTXHVQDWLYRVQRJHVWLRQDGRVSDUDXQVXHORGDGR
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVRUJiQLFRV
6XSHUILFLHGHVXHORIRUHVWDORUJiQLFRGUHQDGR
(PLVLRQHVGLUHFWDVGH12SURFHGHQWHVGHERVTXHVPDQHMDGRV
&DQWLGDGDQXDOGHQLWUyJHQRGHIHUWLOL]DQWHVVLQWpWLFRVDSOLFDGRDORVVXHORVIRUHVWDOHV
&DQWLGDGDQXDOGHQLWUyJHQRGHIHUWLOL]DQWHVRUJiQLFRVDSOLFDGRDORVVXHORVIRUHVWDOHV
7LHUUDVFRQYHUWLGDV
DWLHUUDVIRUHVWDOHV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQODELRPDVDYLYD
,QFUHPHQWRGHELRPDVD
6XSHUILFLHGHWLHUUDVFRQYHUWLGDHQERVTXHVPDQHMDGRVLQWHQVLYDPHQWHHQHOHVWDGRN\
H[WHQVLYDPHQWHHQHOHVWDGRP
3pUGLGDGHELRPDVD
9ROXPHQGHUROOL]RVH[WUDtGRVDQXDOPHQWH
9ROXPHQDQXDOGHOHxDH[WUDtGD
6XSHUILFLHVIRUHVWDOHVDIHFWDGDVSRUSHUWXUEDFLRQHVSRUWLSRGHERVTXHV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQODPDWHULDRUJiQLFDPXHUWD9DORUSRUGHIHFWR
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVPLQHUDOHVHQWLHUUDVFRQYHUWLGDVHQWLHUUDV
IRUHVWDOHV
YDORUHVGHUHIHUHQFLDGHODVUHVHUYDVGHFDUERQRHQERVTXHVQDWLYRVQRJHVWLRQDGRV
VXSHUILFLHGHWLHUUDFRQYHUWLGDHQERVTXHJHVWLRQDGRH[WHQVLYDPHQWHHLQWHQVLYDPHQWH
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVPLQHUDOHVGXUDQWHXQDIRUHVWDFLyQ
YDORUHVGHUHIHUHQFLDGHODVUHVHUYDVGHFDUERQRHQERVTXHVQDWLYRVQRJHVWLRQDGRVSDUDXQ
VXHORGDGR
7LHUUDIRUHVWDOWRWDOREWHQLGDGHDQWHULRUHVWLHUUDVDJUtFRODVRSUDGHUDV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVRUJiQLFRV
6XSHUILFLHGHVXHORVRUJiQLFRVGUHQDGRVHQWLHUUDVFRQYHUWLGDVHQWLHUUDVIRUHVWDOHV
(PLVLRQHVGH*(,
6XSHUILFLHTXHPDGD
SURFHGHQWHVGHOD
0DVDGHFRPEXVWLEOHGLVSRQLEOHHQPDWHULDVHFD
TXHPDGHELRPDVDD
)XHQWH(ODERUDFLyQSURSLD
D
3DUDWLHUUDVIRUHVWDOHVTXHVLJXHQVLHQGRWLHUUDVIRUHVWDOHVWLHUUDVFRQYHUWLGDVHQWLHUUDVIRUHVWDOHVWLHUUDVFRQYHUWLGDV
HQWLHUUDVDJUtFRODV\WLHUUDVFRQYHUWLGDVHQSUDGHUDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
3$50(7526<)$&725(6'((0,6,1$62&,$'26
$/$&$7(*25$7,(55$6)25(67$/(66(*1(/,3&&
&DWHJRUtDV
3DUiPHWURV\IDFWRUHVGHHPLVLyQ
7LHUUDV)RUHVWDOHVTXH
VLJXHQVLHQGRWLHUUDV
IRUHVWDOHV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQODELRPDVDYLYD
,QFUHPHQWRPHGLRDQXDOGHYROXPHQQHWRDGHFXDGRSDUDHOSURFHVDPLHQWRLQGXVWULDO
)UDFFLyQGHFDUERQRGHODPDWHULDVHFDYDORUSRUGHIHFWR
'HQVLGDGEiVLFDGHODPDGHUDSRUHVSHFLH
5HODFLyQUDt]YiVWDJR
)DFWRUGHH[SDQVLyQGHODELRPDVDLQFOX\HODFRUWH]DHQUHODFLyQFRQORVGDWRV
LQFUHPHQWDOHV
)DFWRUGHH[SDQVLyQGHELRPDVDSDUDFRQYHUWLUYRO~PHQHVGHUROOL]RVH[WUDtGRVHQELRPDVD
WRWDOVREUHHOVXHORLQFOX\HODFRUWH]D
)UDFFLyQGHELRPDVDTXHTXHGDHQHOERVTXH\VHGHVFRPSRQHYDORUSRUGHIHFWR
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVPLQHUDOHV
GXUDFLyQGHODWUDQVLFLyQGHOHVWDGRDQWHULRUDOHVWDGRDFWXDOYDORUSRUGHIHFWRDxRV
IDFWRUGHDMXVWHTXHUHIOHMDHOHIHFWRGHXQFDPELRGHERVTXHQDWLYRDXQWLSRGHERVTXHHQ
HOHVWDGRL
IDFWRUGHDMXVWHTXHUHIOHMDHOHIHFWRGHODLQWHQVLGDGGHJHVWLyQRGHODVSUiFWLFDVGHJHVWLyQ
VREUHHOERVTXHHQHOHVWDGRL
IDFWRUGHDMXVWHTXHUHIOHMDHOHIHFWRGHXQFDPELRGHOUpJLPHQGHDOWHUDFLyQDOHVWDGRLFRQ
UHVSHFWRDOERVTXHQDWLYR
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVRUJiQLFRV
)DFWRUGHHPLVLyQGH&2HQVXHORVIRUHVWDOHVRUJiQLFRVGUHQDGRV
(PLVLRQHVGLUHFWDVGH12SURFHGHQWHVGHERVTXHVPDQHMDGRV
)DFWRUGHHPLVLyQGH12SRUDSRUWHGHQLWUyJHQR
7LHUUDVFRQYHUWLGDVD
WLHUUDVIRUHVWDOHV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQODELRPDVDYLYD
7DVDGHFUHFLPLHQWRDQXDOGHODELRPDVDHQERVTXHVJHVWLRQDGRVLQWHQVLYDPHQWHHQHO
HVWDGRN\H[WHQVLYDPHQWHHQHOHVWDGRP
)UDFFLyQGHFDUERQRGHODPDWHULDVHFDYDORUSRUGHIHFWR
)DFWRUGHH[SDQVLyQGHELRPDVDSDUDFRQYHUWLUYRO~PHQHVGHUROOL]RVH[WUDtGRVHQELRPDVD
WRWDOVREUHHOVXHORLQFOX\HODFRUWH]D
)UDFFLyQGHELRPDVDTXHTXHGDHQHOERVTXH\VHGHVFRPSRQHYDORUSRUGHIHFWR
'HQVLGDGEiVLFDGHODPDGHUDSRUHVSHFLH
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVPLQHUDOHVHQWLHUUDVFRQYHUWLGDVHQWLHUUDV
IRUHVWDOHV
'XUDFLyQGHODWUDQVLFLyQHQDxRVSDUDERVTXHVQXHYRVPDQHMDGRVH[WHQVLYDPHQWHH
LQWHQVLYDPHQWH
IDFWRUGHDMXVWHSDUDXQWLSRGHERVTXHGLIHUHQWHGHODYHJHWDFLyQIRUHVWDOQDWLYD
IDFWRUGHDMXVWHGHOHIHFWRGHODLQWHQVLGDGGHJHVWLyQ
IDFWRUGHDMXVWHTXHUHIOHMDHOHIHFWRVREUHHO&26GHXQUpJLPHQGHDOWHUDFLyQGLIHUHQWHGHO
QDWXUDO
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVPLQHUDOHVGXUDQWHXQDIRUHVWDFLyQ
'XUDFLyQGHODWUDQVLFLyQHQDxRV
9DULDFLyQGHODVUHVHUYDVGHFDUERQRHQVXHORVRUJiQLFRV
)DFWRUGHHPLVLyQGH&2HQVXHORVIRUHVWDOHVRUJiQLFRVGUHQDGRV
(PLVLRQHVGH*(,
SURFHGHQWHVGHOD
TXHPDGHELRPDVDD
)UDFFLyQGHELRPDVDTXHPDGD
)DFWRUGHHPLVLyQ
)XHQWH(ODERUDFLyQSURSLD
D
3DUD7LHUUDVIRUHVWDOHVTXHVLJXHQVLHQGRWLHUUDVIRUHVWDOHVWLHUUDVFRQYHUWLGDVHQWLHUUDVIRUHVWDOHVWLHUUDVFRQYHUWLGDV
HQWLHUUDVDJUtFRODV\WLHUUDVFRQYHUWLGDVHQSUDGHUDV
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
(PLVLRQHVGH*(,GHORVSDtVHVGHHVWXGLR
(OFXDGUR$\HOJUiILFR$PXHVWUDQODVHPLVLRQHVWRWDOHVGHOVHFWRU86&866SDUDORV
DxRV \ GH ORV SDtVHV HQ HVWXGLR /RV UHVXOWDGRV VH HQWUHJDQ HQ XQLGDGHV GH &2H \
FRQVLGHUDQODVHPLVLRQHV\DEVRUFLRQHVGH&2&+\12FRQXQ3RWHQFLDOGH&DOHQWDPLHQWR*OREDO
3&* D DxRV ,QFUHPHQWRV QHJDWLYRV GDQ FXHQWD GH GLVPLQXFLRQHV HQ ODV HPLVLRQHV R
GLVPLQXFLRQHVHQODVFDSWXUDVGH*(,HQWUHORVDxRV\3DUDHOFDVRGH0p[LFRVHPXHVWUDQ
UHVXOWDGRVSURPHGLRGHOSHULRGR\DTXHQRVHUHSRUWDQORVYDORUHVDFWXDOL]DGRVGHORVDxRV
\
&8$'52$
(0,6,21(6727$/(6'(*(,'(/6(&72586&866
(,1&5(0(1723253$6$f26<
3DtV
0W&2H
&KLOH
(O6DOYDGRU
0W&2H
,QFUHPHQWR
HQSRUFHQWDMH
0p[LFRD
8UXJXD\
)XHQWH(ODERUDFLyQSURSLD
D
9DORUSURPHGLRSDUD0p[LFRGHOSHUtRGR
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'()8(17(2680,'(52$f26<
)XHQWH(ODERUDFLyQSURSLD
9DORUSURPHGLRSDUD0p[LFRGHOSHUtRGR
/RVUHVXOWDGRVPXHVWUDQTXH&KLOH\8UXJXD\VRQORV~QLFRVSDtVHVTXHFDSWXUDQFDUERQRHQ
HVWHVHFWRUDFWXDQGRFRPRVXPLGHURVGH*(,$GLIHUHQFLDGH(O6DOYDGRU\0p[LFRTXHVRQIXHQWHV
GH*(,/DVHPLVLRQHV\DEVRUFLRQHVGH*(,GHORVSDtVHVHVWiQDVRFLDGDVDOPDQHMRGHVXVERVTXHV
(QJHQHUDOHQORVSDtVHVHVWXGLDGRVVHPDQWLHQHQUHODWLYDPHQWHFRQVWDQWHVODVHPLVLRQHVGH*(,HQHO
VHFWRUSDUDHODxR
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
683(5),&,(727$/'(%2648(6<683(5),&,(
'(3/$17$&,21(6)25(67$/(6$f2
6XSHUILFLHIRUHVWDOWRWDO
KD
3DtV
&KLOH
6XSHUILFLHGHSODQWDFLRQHV
KD
(O6DOYDGRU
0p[LFR
8UXJXD\
)XHQWH(YDOXDFLyQGHORVUHFXUVRVIRUHVWDOHVPXQGLDOHVLQIRUPHSULQFLSDO)$2
/RVFXDGURV$\$\ORVJUiILFRV$\$PXHVWUDQORVUHVXOWDGRVGHHPLVLRQHVSRU
FDWHJRUtD GH &KLOH \ (O 6DOYDGRU SDUD ORV DxRV \ 8UXJXD\ QR HQWUHJD LQIRUPDFLyQ GH
HPLVLRQHVGHVDJUHJDGDSRUFDWHJRUtDHOJUiILFR$VyORUHSRUWDHOWRWDOGHHPLVLRQHVVLQHPEDUJR
LQGLFD TXH ODV FDWHJRUtDV SULQFLSDOHV GH HVWH VHFWRU VRQ &DPELRV GH %LRPDVD HQ %RVTXH \ HQ 2WURV
7LSRV GH9HJHWDFLyQ /HxRVD \ (PLVLRQHV R $EVRUFLRQHV GH &2 HQ ORV 6XHORV GHELGR DO 0DQHMR \
&DPELRGH8VRGHOD7LHUUD(Q&KLOHVHREVHUYDTXHODFDWHJRUtDPiVUHSUHVHQWDWLYDHQHVWHVHFWRUHV
ODGHVXHORVIRUHVWDOHV\SODQWDFLRQHVIRUHVWDOHVFRQXQSRUFHQWDMHGHSDUWLFLSDFLyQLJXDODOSDUD
HODxR\ORTXHLQGLFDTXHHVWDFDWHJRUtDHVODUHVSRQVDEOHGHODVFDSWXUDVGHFDUERQR\HO
UHVWRGHODVFDWHJRUtDVVRQUHVSRQVDEOHVGHODVHPLVLRQHV
&8$'52$
(0,6,21(6'(*(,325&$7(*25$'(/6(&72586&866
&+,/(<
(PLVLRQHV\$EVRUFLRQHVGH*(,0W&2H
&DWHJRUtD
6XHORVIRUHVWDOHV\SODQWDFLRQHV
IRUHVWDOHV
,QFUHPHQWR
HQSRUFHQWDMH
3UDGHUDV\PDWRUUDOHV
6XHORVDJUtFRODV
6XHORVXUEDQRV
2WURV
7RWDO
+XPHGDOHV
6XHORGHVQXGRV
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'()8(17(2680,'(52&+,/(<
(PLVLRQHV\DEVRUFLRQHVGH*(,0W&2H
2WURV
7RWDO
)XHQWH(ODERUDFLyQSURSLD
/DV HPLVLRQHV GH *(, GHO VHFWRU 86&866 HQ (O 6DOYDGRU VH GHEHQ SULQFLSDOPHQWH D OD
FDWHJRUtDFDPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQOHxRVDSDUDDPERVDxRV\OD
FDWHJRUtDFRQYHUVLyQGHERVTXHV\SUDGHUDVWDPELpQSDUDHODxR6HREVHUYDXQDGLVPLQXFLyQGH
ODVHPLVLRQHVGH*(,SRUFDPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRVGHYHJHWDFLyQOHxRVDGHO
DxR FRQ UHVSHFWR D DVRFLDGR D ODV YDULDFLRQHV GH OD ELRPDVD YLYD GH ERVTXHV \ D ODV
SpUGLGDVSRUFRVHFKDUHFROHFFLyQGHOHxDHLQFHQGLRVIRUHVWDOHV7DPELpQVHREVHUYDXQDXPHQWRHQ
ODVHPLVLRQHVSRUFRQYHUVLyQGHERVTXHV\SUDGHUDVDVRFLDGRSULQFLSDOPHQWHDODTXHPDGHELRPDVD
&8$'52$
(0,6,21(6'(*(,325&$7(*25$'(/6(&72586&866
(/6$/9$'25<
(PLVLRQHV\$EVRUFLRQHVGH*(,
0W&2H
&DWHJRUtD
,QFUHPHQWR
HQSRUFHQWDMH
&DPELRVGHELRPDVDHQERVTXHV\HQRWURVWLSRV
GHYHJHWDFLyQOHxRVD
&RQYHUVLyQGHERVTXHV\SUDGHUDV
$EDQGRQRGHWLHUUDVFXOWLYDGDV
(PLVLRQHVRDEVRUFLRQHVGH&2HQORVVXHORV
GHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUD
7RWDO
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'()8(17(2680,'(52
(/6$/9$'25<
(PLVLRQHV\$EVRUFLRQHVGH*(,0W&2H
&DPELRVGH
ELRPDVDHQ
ERVTXHV\HQ
RWURVWLSRVGH
YHJHWDFLyQ
OHxRVD
&RQYHUVLyQGH $EDQGRQRGH
(PLVLRQHVR
ERVTXHV\ WLHUUDVFXOWLYDGDV DEVRUFLRQHVGH
SUDGHUDV
&2HQORV
VXHORVGHELGRDO
PDQHMR\FDPELR
GHXVRGHOD
WLHUUD
7RWDO
)XHQWH(ODERUDFLyQSURSLD
*5),&2$
(0,6,21(6'(*(,325&$7(*25$'()8(17(2680,'(52858*8$<<
(PLVLRQHVGH*(,0W&2H
&DPELRVGH
&RQYHUVLyQGH
$EDQGRQRGH
(PLVLRQHVR
ELRPDVDHQ
ERVTXHV\
WLHUUDVFXOWLYDGDV DEVRUFLRQHVGH
ERVTXHV\HQ
SUDGHUDV
&2HQORV
RWURVWLSRVGH
VXHORVGHELGRDO
YHJHWDFLyQOHxRVD
PDQHMR\FDPELR
GHXVRGHODWLHUUD
)XHQWH(ODERUDFLyQSURSLD
?
7RWDO
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
$0HWRGRORJtD
(QODSULPHUDHQWUHJDGHO(VWXGLRGHORV,QYHQWDULRVGH(PLVLRQHVGH*DVHVGH(IHFWR,QYHUQDGHUR
VH GHWHUPLQy TXH (O 6DOYDGRU XWLOL]D OD PHWRGRORJtDV GHO ,3&& SDUD HVWLPDU ODV HPLVLRQHV GH
*(,GHO6HFWRU86&866DGLIHUHQFLDGH&KLOH0p[LFR\8UXJXD\TXHXWLOL]DQODVSURSXHVWDVSRUHO
,3&&
(QHOLQWHQWRSRUUHSURGXFLUODVHPLVLRQHVGH*(,GHORVFXDWURSDtVHVSDUDORVDxRV\
VH FRQVLGHUDURQ DPEDV PHWRGRORJtDV VLQ HPEDUJR VyOR VH SXGR UHDOL]DU ODV HVWLPDFLyQ
XWLOL]DQGRODPHWRGRORJtDGHO,3&&\DTXHQRVHFRQWyFRQODLQIRUPDFLyQUHTXHULGDSDUDHOXVR
GHODVPHWRGRORJtDVGHO,3&&FRPRHVSRUHMHPSORHOFDPELRGHXVRGHVXHOR
&RQ OD LQIRUPDFLyQ GLVSRQLEOH VyOR IXH SRVLEOH HVWLPDU SDUFLDOPHQWH ODV HPLVLRQHV GH *(,
GHO6HFWRU86&866SDUD&KLOH(O6DOYDGRU\8UXJXD\
/DV IXHQWHV GH LQIRUPDFLyQ QDFLRQDOHV H LQWHUQDFLRQDOHV HQ OtQHD FRQVLGHUDGDV SDUD OD
UHFRSLODFLyQGHORVQLYHOHVGHDFWLYLGDGVHPXHVWUDQHQHOVLJXLHQWHFXDGUR
&8$'52$
)8(17(6'(,1)250$&,187,/,=$'$63$5$/$5(&23,/$&,1
(1/1($'(1,9(/(6'($&7,9,'$'(67$'67,&263253$6
3DtV
)XHQWHVGH,QIRUPDFLyQHQOtQHD
&KLOH
6DOYDGRU
0p[LFR
8UXJXD\
'LUHFFLyQ*HQHUDO)RUHVWDOGHO0LQLVWHULRGH*DQDGHUtD$JULFXOWXUD\3HVFD
KWWSZZZPJDSJXEX\)RUHVWDO'*)KWP
)XHQWHV
LQWHUQDFLRQDOHV
%DVHGHGDWRV)$267$7GHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD
$OLPHQWDFLyQ)$2
KWWSIDRVWDWIDRRUJGHIDXOWDVS[
)XHQWH(ODERUDFLyQSURSLD
$FRQWLQXDFLyQVHPXHVWUDQHQGHWDOOHODVPHWRGRORJtDVXWLOL]DGDVSDUDFDGDSDtV\FDWHJRUtD
HQODHVWLPDFLyQGHHPLVLRQHVRFDSWXUDVGH*(,
&KLOH
(QHOFDVRGH&KLOHVHHVWLPyODVHPLVLRQHVGHDPERVDxRVGHDQiOLVLV\SDUDODV
FDWHJRUtDV &DPELR GH %LRPDVD HQ%RVTXHV\ HQ2WURV 7LSRV GH9HJHWDFLyQ /HxRVD&RQYHUVLyQ GH
%RVTXHV\3UDGHUDV\$EDQGRQRGH7LHUUDV&XOWLYDGDV1RVHHVWLPyODVHPLVLRQHVRDEVRUFLRQHVGH
&2HQORVVXHORVGHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUDSRUIDOWDGHLQIRUPDFLyQ2WURDVSHFWR
TXHQRIXHFRQVLGHUDGRHQODHVWLPDFLyQSRUHODERUDFLyQSURSLDHVODSDUWLFLSDFLyQHQODVHPLVLRQHVR
,3&&2ULHQWDFLyQ6REUHODV%XHQDV3UiFWLFDVSDUDHO8VRGH6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
DEVRUFLRQHVGH*(,GHORVUHVLGXRVGHFRVHFKDGHMDGRVHQHOERVTXHDVSHFWRTXHVLFRQVLGHUD&KLOHHQ
VXVLQYHQWDULRV
6HJ~Q HO ,3&& SDUD HO FiOFXOR GH HPLVLRQHV R DEVRUFLRQHV GH *(, GH OD FDWHJRUtD
&DPELR GH %LRPDVD HQ %RVTXHV \ HQ 2WURV 7LSRV GH 9HJHWDFLyQ /HxRVD VH UHTXLHUH GHO LQFUHPHQWR
WRWDOGHFDUERQRSUHVHQWHHQODELRPDVDGHERVTXHVPDQHMDGRVFDSWXUDGHFDUERQR\ODOLEHUDFLyQDQXDO
GH FDUERQR SURGXFWR GH OD ELRPDVD H[WUDtGD SRU OD WDOD GH ORV ERVTXHV 3DUD HVWLPDU HO LQFUHPHQWR GH
FDUERQRGHODELRPDVDVyORVHFRQVLGHUyODELRPDVDDpUHD\QRGHUDtFHVGHSODQWDFLRQHVGHSLQRUDGLDWD
HXFDOLSWRDWULSOH[DOJDUURER\WDPDUXJRSLQRRUHJyQiODPR\RWUDVHVSHFLHVQRVHFRQVLGHUyDOERVTXH
QDWLYR PDQHMDGR SRU IDOWD GH LQIRUPDFLyQ VREUH VX VXSHUILFLH HQ ORV DxRV DQDOL]DGRV /D VXSHUILFLH GH
GLFKDVSODQWDFLRQHVVHREWXYRGH2'(3$\FRQVLVWHHQHOSURPHGLRGHDxRV/DWDVDGHFUHFLPLHQWR
DQXDO GH ELRPDVD FRPHUFLDO \ HO IDFWRU GH H[SDQVLyQ GH ELRPDVD DpUHD SRU HVSHFLH VH REWXYLHURQ GHO
LQYHQWDULR GH *(, GH &KLOH (O YDORU XWLOL]DGR GH OD IUDFFLyQ GH FDUERQR GH WRGDV ODV HVSHFLHV IXH
YDORUSRUGHIHFWR3DUDHVWLPDUHOFDUERQROLEHUDGRSRUODWDODGHERVTXHVVHFRQVLGHUyHOFRQVXPRWRWDO
GH PDGHUD HQ WUR]DV HQ OD LQGXVWULD IRUHVWDO YROXPHQ GH UROOL]RV GH SLQR UDGLDWD HXFDOLSWR HVSHFLHV
QDWLYDV\RWUDVH[yWLFDV\ODSURGXFFLyQGHOHxDREWHQLGRDSDUWLUGHO%ROHWtQ(VWDGtVWLFR$QXDULR
)RUHVWDO GHVDUUROODGR SRU ,1)25 /D GHQVLGDG GH OD PDGHUD \ HO IDFWRU GH H[SDQVLyQ D ELRPDVD
DpUHDVHREWXYLHURQGHOLQYHQWDULRGH*(,GH&KLOH
3DUD HVWLPDU ODV HPLVLRQHV GH *(, GHELGR D OD FRQYHUVLyQ GH ERVTXHV \ SUDGHUDV D WLHUUDV
FXOWLYDGDVHO,3&&FRQVLGHUDDOD VXSHUILFLH WRWDOGHERVTXHVFRQYHUWLGDDQXDOPHQWHGHELGRD
ODFRVHFKDGHELRPDVDDOFDUERQRSURYHQLHQWHGHODTXHPDLQVLWXGHERVTXHV\IXHUDGHOERVTXH\DO
FDUERQROLEHUDGRSRUODGHVFRPSRVLFLyQGHODELRPDVD(QHVWDFDWHJRUtDVyORVHFRQVLGHUySDUD&KLOH
HOFDUERQRSURYHQLHQWHGHODTXHPDLQVLWXGHERVTXHVSXHVWRTXHQRVHFRQWyFRQWRGDODLQIRUPDFLyQ
QHFHVDULDSDUDHVWLPDUODVHPLVLRQHVGH*(,GHODVRWUDVVXEFDWHJRUtDV
3DUDGHWHUPLQDUODELRPDVDTXHPDGDLQVLWXVHFRQVLGHUyODVXSHUILFLHIRUHVWDODIHFWDGDSRUOD
SHUWXUEDFLyQODELRPDVDDpUHDSUHVHQWHDQWHVGHODSHUWXUEDFLyQ\ODIUDFFLyQGHELRPDVDTXHPDGDLQ
VLWX /D VXSHUILFLH LQFHQGLDGD VH REWXYR GH ,1)25 HO DpUHD SUHVHQWH DQWHV GH OD SHUWXUEDFLyQ VH
HVWLPy FRPR XQ SURPHGLR SRQGHUDGR GH OD VXSHUILFLH GH SODQWDFLRQHV IRUHVWDOHV LQFHQGLDGD \ OD
ELRPDVD DpUHD DFXPXODGD D OD FRVHFKD pVWH ~OWLPR VH REWXYR PXOWLSOLFDQGR OD ELRPDVD FRPHUFLDO
DpUHDDFXPXODGDDODFRVHFKD\HOIDFWRUGHH[SDQVLyQGHODELRPDVDDpUHDDPERVUHSRUWDGRVSRUHO
LQYHQWDULRGH&KLOHODIUDFFLyQGHELRPDVDTXHPDGDLQVLWXWDPELpQVHREWXYRGHOLQYHQWDULR
/D FDWHJRUtD $EDQGRQR GH 7LHUUDV &XOWLYDGDV HVWLPD HO FDUERQR FDSWXUDGR HQ HVWDV WLHUUDV
SDUDHOORVHUHTXLHUHGHODVXSHUILFLHWRWDODEDQGRQDGD\HQHWDSDGHUHJHQHUDFLyQGHORV~OWLPRV
DxRV \ GXUDQWH PiV GH DxRV OD WDVD GH FUHFLPLHQWR DQXDO GH OD ELRPDVD DpUHD \ OD IUDFFLyQ GH
FDUERQR1RVHFRQVLGHUyODVXSHUILFLHGHWLHUUDVDEDQGRQDGDVKDVWDDxRV\DTXHQRVHFRQWyFRQOD
LQIRUPDFLyQQHFHVDULDSDUDVXHVWLPDFLyQ/DVXSHUILFLHWRWDODEDQGRQDGDGXUDQWHPiVGHDxRVGH
WLHUUDVFXOWLYDGDVUHQRYDOHVGHERVTXHQDWLYRVHREWXYRGHOLQYHQWDULRODWDVDGHFUHFLPLHQWRDQXDO
GHELRPDVDDpUHDVHFDOFXOyFRPRHOSURPHGLRSRQGHUDGRGHODWDVDGHFUHFLPLHQWRDQXDOGHELRPDVD
DpUHDFRPHUFLDOGHERVTXHQDWLYRFRQUHVSHFWRDODVXSHUILFLHGHUHQRYDOHVGH ERVTXHQDWLYRDQLYHO
UHJLRQDO\ PXOWLSOLFDGRSRUHOIDFWRUGHH[SDQVLyQDELRPDVDDpUHDWRWDOLQIRUPDFLyQTXHVHREWXYR
GHOLQYHQWDULR&RPRIUDFFLyQGHFDUERQRVHXWLOL]yYDORUHVSRUGHIHFWR
(O6DOYDGRU
&RQUHVSHFWRD(O6DOYDGRUVyORVHHVWLPyODVHPLVLRQHVRDEVRUFLRQHVGH*(,GHODxR
SXHVWRTXHQRVHFRQWyFRQQLYHOHVGHDFWLYLGDGSDUDHODxR3DUDODUHSURGXFFLyQGHOLQYHQWDULR
VH XWLOL]y ORV )( \ QLYHOHV GH DFWLYLGDG UHSRUWDGRV SRU HO ,QYHQWDULR 1DFLRQDO GH *DVHV GH (IHFWR
,QYHUQDGHURGH(O6DOYDGRUGHODxR
8UXJXD\
3DUD HO FDVR GH 8UXJXD\ QR VH FRQWy FRQ PD\RU LQIRUPDFLyQ VREUH ODV PHWRGRORJtDV
XWLOL]DGDV SRU HO SDtV \ VyOR IXHSRVLEOHHVWLPDU ODV HPLVLRQHV R DEVRUFLRQHV GH*(, GHODFDWHJRUtD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&DPELRV GH %LRPDVD HQ %RVTXHV \ HQ 2WURV 7LSRV GH 9HJHWDFLyQ /HxRVD SDUD DPERV DxRV
FRQVLGHUDQGRVyORODELRPDVDDpUHD3DUDHOFiOFXORVHH[WUDMRODVXSHUILFLHGHSODQWDFLRQHVIRUHVWDOHV
GH)$2\VHGHVDJUHJySRUHVSHFLHPXOWLSOLFiQGRODSRUODUHODFLyQVXSHUILFLHGHODHVSHFLH
IRUHVWDGDVXSHUILFLH WRWDO GH SODQWDFLRQHV IRUHVWDGD H[WUDtGD GHO %ROHWtQ (VWDGtVWLFR 8UXJXD\
GHVDUUROODGRSRUOD'LUHFFLyQ)RUHVWDOGH8UXJXD\/DWDVDGHFUHFLPLHQWRDQXDOGHELRPDVDFRPHUFLDO
\HOIDFWRUGHH[SDQVLyQGH ELRPDVDDpUHDVHREWXYLHURQGHO ,3&&/DSURGXFFLyQGHUROOL]R
LQGXVWULDO\GHOHxDVHREWXYRGH)$267$73DUDHOUHVWRGHORV)(\SDUiPHWURVVHXWLOL]yYDORUHV
SRUGHIHFWR
%5HVXOWDGRVGHO$QiOLVLV6HFWRU86&866
,QIRUPDFLyQGHQLYHOHVGHDFWLYLGDG\IDFWRUHVGHHPLVLyQ
&RPR VH PHQFLRQy DQWHULRUPHQWH HO ,3&& SURSRQH XQD PHWRGRORJtD EiVLFD SDUD HO
FiOFXORGHHPLVLRQHVGH*(,GHO6HFWRU86&866ODFXDOHVDFWXDOL]DGDFRQOD2ULHQWDFLyQ6REUHODV
%XHQDV3UiFWLFDVSDUDHO8VRGH6XHOR&DPELRGH8VRGH6XHOR\6LOYLFXOWXUD,3&&DPEDV
PHWRGRORJtDVXWLOL]DQGLIHUHQWHVFDWHJRUtDVSDUDSXEOLFDUODVHPLVLRQHVGH*(,%DMRHVWHFRQWH[WRVH
REVHUYyTXHDOJXQRVSDtVHVXWLOL]DURQODVPHWRGRORJtDVGHO,3&&\RWURVODVSURSXHVWDVSRUHO
,3&& (O 6DOYDGRU XWLOL]D OD PHWRGRORJtD GHO ,3&& PLHQWUDV TXH &KLOH 0p[LFR \
8UXJXD\XWLOL]DQODVPHWRGRORJtDVGHO,3&&D~QFXDQGR8UXJXD\SUHVHQWDVXVUHVXOWDGRVFRQ
HOIRUPDWRGHO,3&&
/RV FXDGURV $ \ $ PXHVWUDQ XQ UHVXPHQ GH OD LQIRUPDFLyQ GH QLYHOHV GH DFWLYLGDG SRU
FDWHJRUtD\SDtVREWHQLGDDSDUWLUGHORVLQYHQWDULRV\GHODV&RPXQLFDFLRQHV1DFLRQDOHVGHORVSDtVHV/RV
FXDGURV$\$PXHVWUDQXQUHVXPHQGHORV)(\SDUiPHWURVXWLOL]DGRVSRUORVSDtVHVHQHVWXGLR
/RVFXDGURVDQWHVPHQFLRQDGRVPXHVWUDQTXH8UXJXD\\0p[LFRQRHQWUHJDQGHWDOOHVVREUH
ORVQLYHOHVGHDFWLYLGDGXWLOL]DGRV0p[LFRWDPSRFRHQWUHJDPD\RULQIRUPDFLyQFRQUHVSHFWRDORV)(
6H REVHUYD TXH &KLOH DSRUWD XQD JUDQ FDQWLGDG GH LQIRUPDFLyQ SDUD ORV QLYHOHV GH DFWLYLGDG
SDUiPHWURV\)(XWLOL]DGRVFRQUHVSHFWRDHVWRVGRV~OWLPRV&KLOHXWLOL]DYDORUHVSDtVHVSHFtILFRV
&8$'52$
5(680(1'(/$,1)250$&,1(;38(67$(1/$6&2081,&$&,21(61$&,21$/(6
'((/6$/9$'25<858*8$<62%5(/261,9(/(6'($&7,9,'$'5(48(5,'26
3$5$/$5($/,=$&,1'(/26,19(17$5,26
&DWHJRUtDV
(O6DOYDGRU
8UXJXD\
&DPELRVGHELRPDVD
HQERVTXHV\HQRWURV
WLSRVGHYHJHWDFLyQ
OHxRVD
&RQVLGHUDODVHVSHFLHVFLSUpVHXFDOLSWRIORU
DPDULOODPDGUHFDFDRSLQRFDULEHSLQRRFRWHWHFD\
RWUDV(VSHFLILFDODVXSHUILFLHGHORVERVTXHV
(QWUHJDLQIRUPDFLyQVREUHODFRVHFKDFRPHUFLDO\
UDOHRVGHHXFDOLSWRSLQR\WHFD(QWUHJDGDWRV
QDFLRQDOHVVREUHHOFRQVXPRGHOHxD
1RHVSHFLILFD
&RQYHUVLyQGH
ERVTXHV\SUDGHUDVD
WLHUUDVGHFXOWLYRR
SDVWRVSHUPDQHQWHV\
4XHPDLQVLWXGH
ERVTXHVHPLVLyQGH
JDVHVGLVWLQWRVGH&2
(QWUHJDLQIRUPDFLyQVREUHODVXSHUILFLHFRQYHUWLGD
DQXDOPHQWH\ODELRPDVDSUHVHQWHDQWHV\GHVSXpV
YDORUSRUGHIHFWRGHODFRQYHUVLyQSRUWLSRGH
ERVTXH
)$2(YDOXDFLyQGHORV5HFXUVRV)RUHVWDOHV0XQGLDOHV,QIRUPH3ULQFLSDO
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&XDGUR$FRQFOXVLyQ
&DWHJRUtDV
(O6DOYDGRU
8UXJXD\
$EDQGRQRGHWLHUUDV
FXOWLYDGDV
&RQVLGHUDODVXSHUILFLHWRWDODEDQGRQDGDGHORV
ERVTXHVSDUDORVSULPHURVGHUHJHQHUDFLyQQR
LQFOX\HERVTXHVFRQPiVGHDxRVGH
UHJHQHUDFLyQ
(PLVLRQHVR
DEVRUFLRQHVGH&2
HQORVVXHORVGHELGR
DOPDQHMR\FDPELR
GHXVRGHODWLHUUD
1RHVSHFLILFD
)XHQWH(ODERUDFLyQSURSLD
&8$'52$
5(680(1'(/$,1)250$&,1(;38(67$(1/$6&2081,&$&,21(6
1$&,21$/(662%5(/261,9(/(6'($&7,9,'$''(&+,/(
<0e;,&25(48(5,'263$5$/$5($/,=$&,1'(/26,19(17$5,26
&DWHJRUtDV
&KLOH
0p[LFR
7LHUUDVIRUHVWDOHV
&RQVLGHUDODVSODQWDFLRQHVGHSLQRLQVLJQHHXFDOLSWRDWULSOH[
WDPDUXJRDOJDUURERSLQRRUHJyQiODPRQRWKRIDJXVVS\RWUDVHVSHFLHV
(QWUHJDLQIRUPDFLyQVREUHODVXSHUILFLHWRWDOGHOSHULRGR\OD
VXSHUILFLHFRVHFKDGDSDUDWUR]DVLQGXVWULDOHV(QWUHJDLQIRUPDFLyQGHOFRQVXPR
GHOHxDGHOSHULRGR\\VREUHODFRVHFKDIRUHVWDOGHSLQRLQVLJQH
HXFDOLSWRHVSHFLHVQDWLYDV\GHRWUDVHVSHFLHVH[yWLFDVSDUHOSHULRGR
DPEDVSRUUHJLyQDGPLQLVWUDWLYD(QWUHJDODVXSHUILFLHGHSODQWDFLRQHV
GHYHJHWDFLyQQDWXUDO\GHERVTXHQDWLYRDIHFWDGDSRULQFHQGLRVIRUHVWDOHVSRU
UHJLyQDGPLQLVWUDWLYDSDUDHOSHULRGR(QWUHJDODVXSHUILFLHGH
UHQRYDOHVGHERVTXHQDWLYRGHERVTXHQDWLYRTXHSDVDDSODQWDFLRQHVIRUHVWDOHV
\GHSODQWDFLRQHVIRUHVWDOHVTXHSDVDQDERVTXHQDWLYR7DPELpQLQIRUPDVREUH
ODVXSHUILFLHGHVXHORVSRUFDPELRGHXVRGHVXHORGHOSHULRGR
1RHVSHFLILFD
7LHUUDVDJUtFRODV
(QWUHJDODSURGXFFLyQGHFDOGHOSHULRGRDQLYHOUHJLRQDO,QIRUPD
VREUHODVXSHUILFLHGHVXHORVSRUFDPELRGHXVRGHVXHORSRUUHJLyQ
DGPLQLVWUDWLYDGHOSHULRGR
1RHVSHFLILFD
3UDGHUDV
&RQVLGHUDODVXSHUILFLHGHSUDGHUDV\PDWRUUDOHVTXHIXHURQDIHFWDGDVSRU
LQFHQGLRVIRUHVWDOHV(QWUHJDODVXSHUILFLHGHVXHORSRUFDPELRGHXVRGHVXHOR
GHHVWDFDWHJRUtDSRUUHJLyQDGPLQLVWUDWLYDSDUDHOSHULRGR
1RHVSHFLILFD
+XPHGDOHV
1RORVLQFOX\HSRUIDOWDGHLQIRUPDFLyQ
1RHVSHFLILFD
$VHQWDPLHQWRV
1RVHFRQVLGHUDQORVDVHQWDPLHQWRVTXHSHUPDQHFHQFRPRDVHQWDPLHQWRVSRU
IDOWDGHLQIRUPDFLyQ(QWUHJDODVXSHUILFLHGHVXHORSRUFDPELRGHXVRGHVXHOR
GHHVWDFDWHJRUtDSRUUHJLyQDGPLQLVWUDWLYDSDUDHOSHULRGR
1RHVSHFLILFD
2WUDVWLHUUDV
&KLOHORGHILQHFRPRVXHORVGHVQXGRV1RFRQVLGHUDORVVXHORVGHVQXGRVTXH
SHUPDQHFHQFRPRVXHORVGHVQXGRV
,QIRUPDVREUHODVXSHUILFLHGHVXHORVSRUFDPELRGHXVRGHVXHORSRUUHJLyQ
DGPLQLVWUDWLYDSDUDHOSHULRGRSDUDODFDWHJRUtDVXHORVGHVQXGRV
1RHVSHFLILFD
)XHQWH(ODERUDFLyQSURSLD
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
&8$'52$
)$&725(6'((0,6,1<3$50(752687,/,=$'26325(/6$/9$'25<858*8$<
'($&8(5'2$/2(;38(672(1/$6/7,0$6&2081,&$&,21(61$&,21$/(6
&DWHJRUtDV
(O6DOYDGRU
8UXJXD\
&DPELRVGHELRPDVDHQERVTXHV\
HQRWURVWLSRVGHYHJHWDFLyQOHxRVD
(VSHFLILFDODWDVDGH
FUHFLPLHQWRDQXDOSRUWLSRGH
ERVTXH3DUDHOUHVWRGHORV
SDUiPHWURV\)(XWLOL]D,3&&
,3&&
,3&&\
&RQYHUVLyQGHERVTXHV\SUDGHUDVD
WLHUUDVGHFXOWLYRRSDVWRV
SHUPDQHQWHV\4XHPDLQVLWXGH
ERVTXHVHPLVLyQGHJDVHVGLVWLQWRV
GH&2
,3&&,3&&
$EDQGRQRGHWLHUUDVFXOWLYDGDV
,3&&,3&&
(PLVLRQHVRDEVRUFLRQHVGH&2HQ
ORVVXHORVGHELGRDOPDQHMR\
FDPELRGHXVRGHODWLHUUD
,3&&\
)XHQWH(ODERUDFLyQSURSLD
&8$'52$
)$&725(6'((0,6,1<3$50(752687,/,=$'26325&+,/(<0e;,&2'(
$&8(5'2$/2(;38(672(1/$6/7,0$6&2081,&$&,21(61$&,21$/(6
&DWHJRUtDV
&KLOH
0p[LFR
7LHUUDVIRUHVWDOHV
(VSHFLILFDGHQVLGDGGHODPDGHUDSRUHVSHFLH\HOSHULRGRGHURWDFLyQ)DFWRU
GHH[SDQVLyQHVSHFtILFRGHELRPDVDFRPHUFLDOSRUHVSHFLH\OHxD7DVDGH
FUHFLPLHQWRDQXDOHVSHFtILFRVGHSLQRLQVLJQH\HXFDOLSWR7DVDGH
FUHFLPLHQWRDQXDOGHELRPDVDDpUHDFRPHUFLDO%LRPDVDDpUHDFRPHUFLDO
DFXPXODGDDODFRVHFKD)DFWRUHVHVSHFtILFRVGHUHVLGXRVGHSODQWDFLRQHV
IRUHVWDOHV\ERVTXHQDWLYR3DUDHOUHVWRGHORVIDFWRUHVGHHPLVLyQXWLOL]D
,3&&\
1RHVSHFLILFD
7LHUUDVDJUtFRODV
(VSHFLILFDODWDVDGHFUHFLPLHQWRDQXDOGHELRPDVDDpUHDFRPHUFLDOSRUUHJLyQ
DGPLQLVWUDWLYD
1RHVSHFLILFD
3UDGHUDV
(VSHFLILFDODWDVDGHFUHFLPLHQWRDQXDOGHELRPDVDDpUHDFRPHUFLDOSRUUHJLyQ
DGPLQLVWUDWLYD
1RHVSHFLILFD
+XPHGDOHV
(VSHFLILFDODWDVDGHFUHFLPLHQWRDQXDOGHELRPDVDDpUHDFRPHUFLDOSRUUHJLyQ
DGPLQLVWUDWLYD
1RHVSHFLILFD
$VHQWDPLHQWRV
(VSHFLILFDODWDVDGHFUHFLPLHQWRDQXDOGHELRPDVDDpUHDFRPHUFLDOSRU
UHJLyQDGPLQLVWUDWLYD
1RHVSHFLILFD
2WUDVWLHUUDV
(VSHFLILFDODWDVDGHFUHFLPLHQWRDQXDOGHELRPDVDDpUHDFRPHUFLDOSRU
UHJLyQDGPLQLVWUDWLYD
1RHVSHFLILFD
)XHQWH(ODERUDFLyQSURSLD
5HSOLFDFLyQGHUHVXOWDGRVGHLQYHQWDULRVGH*(,
(QHOLQWHQWRSRUUHSURGXFLUORVLQYHQWDULRVHQHVWHVHFWRUDSDUWLUGHODLQIRUPDFLyQS~EOLFDH
LQGHSHQGLHQWHVHHQFRQWUyFRQXQDVHULHGHOLPLWDQWHVDVRFLDGDVDODIDOWDGHLQIRUPDFLyQHQOtQHDGH
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
ORV QLYHOHV GH DFWLYLGDG \ SDUiPHWURV UHTXHULGRV SDUD HO FiOFXOR HQ WRGRV ORV SDtVHV SDUD ORV DxRV
DQDOL]DGRV\\ODIDOWDGHLQIRUPDFLyQ\FODULGDGHQODVFRPXQLFDFLRQHVQDFLRQDOHVGHORV
SDtVHVHQPD\RURPHQRUJUDGR
3HVHDODVOLPLWDFLRQHVHQFRQWUDGDVVHSXGRHVWLPDUODVHPLVLRQHVRDEVRUFLRQHVGH*(,GHO
6HFWRU 86&866 SDUD &KLOH \ (O 6DOYDGRU \ 8UXJXD\ \ ORV
UHVXOWDGRVVHPXHVWUDQDFRQWLQXDFLyQ
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325&+,/(<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHVR$EVRUFLRQHV0W&2H
&DPELRVGHELRPDVD &RQYHUVLyQGH
$EDQGRQRGHWLHUUDV
(PLVLRQHVR
HQERVTXHV\HQ ERVTXHV\SUDGHUDV
FXOWLYDGDV
DEVRUFLRQHVGH&2
RWURVWLSRVGH
HQORVVXHORVGHELGR
YHJHWDFLyQOHxRVD
DOPDQHMR\FDPELR
GHXVRGHODWLHUUD
727$/
(VWLPDFLyQ
,QYHQWDULR&KLOH
)XHQWH(ODERUDFLyQSURSLD
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325&+,/(<5(68/7$'262%7(1,'26
(1/$(67,0$&,1$f2
(PLVLRQHVR$EVRUFLRQHV0W&2H
&DPELRVGHELRPDVD
&RQYHUVLyQGH
$EDQGRQRGHWLHUUDV
(PLVLRQHVR
FXOWLYDGDV
DEVRUFLRQHVGH&2
HQERVTXHV\HQRWURV ERVTXHV\SUDGHUDV
WLSRVGHYHJHWDFLyQ
HQORVVXHORVGHELGR
OHxRVD
DOPDQHMR\FDPELR
GHXVRGHODWLHUUD
(VWLPDFLyQ
,QYHQWDULR&KLOH
)XHQWH(ODERUDFLyQSURSLD
727$/
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325(/6$/9$'25
<5(68/7$'262%7(1,'26(1/$(67,0$&,1$f2
(PLVLRQHVR$EVRUFLRQHV0W&2H
&DPELRVGHELRPDVD &RQYHUVLyQGH
$EDQGRQRGHWLHUUDV
(PLVLRQHVR
HQERVTXHV\HQ ERVTXHV\SUDGHUDV
FXOWLYDGDV
DEVRUFLRQHVGH&2
RWURVWLSRVGH
HQORVVXHORVGHELGR
YHJHWDFLyQOHxRVD
DOPDQHMR\FDPELR
GHXVRGHODWLHUUD
727$/
(VWLPDFLyQ
,QYHQWDULR(O6DOYDGRU
)XHQWH(ODERUDFLyQSURSLD
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325858*8$<<5(68/7$'26
2%7(1,'26(1/$(67,0$&,1$f2
(PLVLRQHVR$EVRUFLRQHVGH*(,0W&2H
&DPELRVGH
ELRPDVDHQ
ERVTXHV\HQ
RWURVWLSRVGH
YHJHWDFLyQ
OHxRVD
&RQYHUVLyQGH
$EDQGRQRGH
(PLVLRQHVR
ERVTXHV\
WLHUUDVFXOWLYDGDV DEVRUFLRQHVGH
SUDGHUDV
&2HQORV
VXHORVGHELGRDO
PDQHMR\FDPELR
GHXVRGHOD
WLHUUD
(VWLPDFLyQ
,QYHQWDULR8UXJXD\
)XHQWH(ODERUDFLyQSURSLD
727$/
&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR
,QYHQWDULRVGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
*5),&2$
(0,6,21(6'(*(,5(3257$'$6325858*8$<<5(68/7$'26
2%7(1,'26(1/$(67,0$&,1$f2
(PLVLRQHVR$EVRUFLRQHVGH*(,0W&2H
&DPELRVGHELRPDVD &RQYHUVLyQGH
$EDQGRQRGHWLHUUDV
(PLVLRQHVR
HQERVTXHV\HQ ERVTXHV\SUDGHUDV
FXOWLYDGDV
DEVRUFLRQHVGH&2
RWURVWLSRVGH
HQORVVXHORVGHELGR
YHJHWDFLyQOHxRVD
DOPDQHMR\FDPELR
GHXVRGHODWLHUUD
(VWLPDFLyQ
727$/
,QYHQWDULR8UXJXD\
)XHQWH(ODERUDFLyQSURSLD
$SDUWLUGHORVUHVXOWDGRVSUHVHQWDGRVVHREVHUYDTXHSDUD&KLOHODVHPLVLRQHVREWHQLGDVSRU
HODERUDFLyQ SURSLD QR VRQ FRPSDUDEOHV D QLYHO GH FDWHJRUtD FRQ ORV UHVXOWDGRV GHO SDtV \D TXH VH
XWLOL]DURQ PHWRGRORJtDV GLIHUHQWHV $GHPiV ODV GLIHUHQFLDV WRWDOHV REVHUYDGDV GHQWUR GHO VHFWRU FRQ
UHVSHFWR DORVUHVXOWDGRV REWHQLGRVSRU HODERUDFLyQ SURSLD \ ORV UHSRUWDGRV SRU &KLOHVH GHEHUtDQD
TXH QR VH FRQVLGHUy DO ERVTXH QDWLYR PDQHMDGR QL ODV HPLVLRQHV R DEVRUFLRQHV GH VXSHUILFLHV
DEDQGRQDGDVKDVWDDxRVWDPSRFRVHFRQVLGHUyODVHPLVLRQHVRDEVRUFLRQHVGH&2HQORVVXHORV
GHELGRDOPDQHMR\FDPELRGHXVRGHODWLHUUDSDUDODHVWLPDFLyQ
3DUD(O6DOYDGRUVHREVHUYDTXHORVUHVXOWDGRVVRQVHPHMDQWHV
3DUD8UXJXD\VHXWLOL]yODVPHWRGRORJtDVGHO,3&&HQODHVWLPDFLyQSXHVWRTXHQRVH
FRQWyFRQODLQIRUPDFLyQQHFHVDULDSDUDHVWLPDUODVHPLVLRQHVPHGLDQWHHOXVRGHODVPHWRGRORJtDVGHO
,3&&$GHPiV8UXJXD\LQGLFDTXHVyORFDOFXODODVHPLVLRQHVGH*(,GHODVFDWHJRUtDV&DPELR
GH %LRPDVD HQ %RVTXH \ HQ 2WURV7LSRVGH9HJHWDFLyQ /HxRVD \ (PLVLRQHV R $EVRUFLRQHV GH &2
'HELGR DO 0DQHMR \ &DPELR GH 8VR GH OD 7LHUUD (Q OD HVWLPDFLyQ SRU HODERUDFLyQ SURSLD VyOR VH
SXGRFDOFXODUODVHPLVLRQHVGH*(,GHODSULPHUDFDWHJRUtDSRUHVWDUD]yQ\GHELGRDTXH8UXJXD\QR
PXHVWUDVXVUHVXOWDGRVGHVDJUHJDGRVQRHVSRVLEOHLGHQWLILFDUODVFDXVDVGHODVYDULDFLRQHVREVHUYDGDV
\ VyOR VH SXHGH HVSHUDU TXH ODV GLIHUHQFLDV VH GHEDQ D ODV HPLVLRQHV R DEVRUFLRQHV GH OD FDWHJRUtD
(PLVLRQHVR$EVRUFLRQHVGH&2'HELGRDO0DQHMR\&DPELRGH8VRGHOD7LHUUD