3URVLVWDY 3URMHFWRV H 6LVWHPDV GH $XWRPD¸¶R /GD 7HO )D[ SURVLVWDY#SURVLVWDY SW ZZZ SURVLVWDY SW
,1)250$á2 7®&1,&2 &20(5&,$/
(92/8á2 '26 $87ð0$726 ( 7(&12/2*,$ 2V SURFHVVRV SURGXWLYRV W»P VRIULGR XPD U²SLGD HYROX¸¶R GHVGH R LQ½FLR GD DXWRPD¸¶R WDQWR SHOD QHFHVVLGDGH GH UHGX¸¶R GRV FXVWRV GH SURGX¸¶R FRPR SHOD QHFHVVLGDGH GH DXPHQWR GDV FDG»QFLDV 8P REMHFWLYR W¶R DPELFLRVR LPSOLFD TXH DV P²TXLQDV WHQKDP TXH H[HFXWDU PDLV WDUHIDV PDLV UDSLGDPHQWH H FRP PDLRU FRPSOH[LGDGH SDUD UHGX]LU DV RSHUD¸ÆHV VXEVHTXHQWHV H PHOKRUDU D TXDOLGDGH ILQDO GR SURGXWR 2V SURFHVVRV DFWXDLV FRQWLQXDP D H[LJLU FDGD YH] PDLV GRV FRQWURODGRUHV VHQGR HVVHQFLDLV RV VHJXLQWHV DVSHFWRV f 7DUHIDV H[WHQVDV GH FRPXQLFD¸¶R f )OH[LELOLGDGH QD JHVW¶R GD PHPÂULD GHYLGR D SURJUDPDV PDLV H[WHQVRV OLQJXDJHQV GH SURJUDPD¸¶R PDLV FRPSOH[DV H SURFHVVDPHQWR GH JUDQGHV TXDQWLGDGHV GH GDGRV f ([HFX¸¶R GH SURJUDPDV FRP WHPSRV GH FLFOR PDLV FXUWRV f 5HGX¸¶R GRV FXVWRV SDUD ID]HU IDFH ³ FRPSHWLWLYLGDGH f $FRPSDQKDU RV FLFORV GH HYROX¸¶R WHFQROÂJLFD FDGD YH] PDLV U²SLGD
4XDQGR RV VLQFURQLVPRV PHF´QLFRV GHL[DUDP GH VHU VXILFLHQWHV SDUD DV QHFHVVLGDGHV FRQW½QXDV GH DXPHQWRV GH SURGX¸¶R IRL QHFHVV²ULR UHFRUUHU DR FRQWUROR HOHFWUÂQLFR SDUD WDUHIDV DX[LOLDUHV 1HVWD IDVH RV FRQWURODGRUHV OÂJLFRV SURJUDP²YHLV EDVWDQWH GLIHUHQWHV GD IRUPD FRPR RV FRQKHFHPRV DFWXDOPHQWH GHPRQVWUDUDP TXH WHULDP SRWHQFLDO SDUD FRQWULEXLU SDUD RV REMHFWLYRV ILQDLV $ VHJXLQWH ILJXUD G² XPD LGHLD GD HYROX¸¶R WHFQROÂJLFD GRV VLVWHPDV GH FRQWUROR HOHFWUÂQLFR
3DUD GDU UHVSRVWD D HVWD HYROX¸¶R FRQVWDQWH GDV QHFHVVLGDGHV GR PHUFDGR R HQJHQKHLUR DOHP¶R :ROIJDQJ 6HHO IXQGRX D 9,3$ HP $EULO GH HVVHQFLDOPHQWH SDUD GHVHQYROYHU SURMHFWRV GH LQWHJUD¸¶R GH VRIWZDUH SDUD DXWRPD¸¶R &RQKHFHGRU SURIXQGR GD WHFQRORJLD 6LPDWLF 6 H GDV OLPLWD¸ÆHV GD ¹SRFD WRPRX D GHFLV¶R GH GHVHQYROYHU KDUGZDUH GHGLFDGR FRPSDW½YHO FRP D WHFQRORJLD 6 TXH XOWUDSDVVDVVH DOJXPDV GDV VXDV OLPLWD¸ÆHV H OKH SHUPLWLVVH REWHU PHOKRUHV VROX¸ÆHV W¹FQLFDV 1R VHJXLPHQWR GHVWD GHFLV¶R D 9,3$ ODQ¸RX HP R SULPHLUR 3& HP UDFN GR PXQGR SDUD D V¹ULH 6LPDWLF $ SDUWLU GH D 9,3$ SDVVRX D FRQFHQWUDU VH TXDVH WRWDOPHQWH QR GHVHQYROYLPHQWR GH KDUGZDUH H HP ODQ¸RX R SULPHLUR SURFHVVDGRU 7&3 ,3 GR PXQGR SDUD D V¹ULH 6LPDWLF 'RLV DQRV PDLV WDUGH ODQ¸RX R VHX SULPHLUR VLVWHPD GH FRQWUROR TXH GHVLJQRX SRU 6\VWHP 9 PRVWUDQGR XPD YH] PDLV D VXD FDSDFLGDGH GH LQRYD¸¶R WHFQROÂJLFD DR GHVHQYROYHU &38 FRPSDW½YHLV HP WHUPRV GH VRIWZDUH FRP RV &38 6LPDWLF 6 WHQGR QR HQWDQWR GLPHQVÆHV EDVWDQWH UHGX]LGDV / PP $ PP H 3 00 'HYLGR ³ LQFRPSDWLELOLGDGH GR KDUGZDUH D 9LSD GHVHQYROYHX WRGR XP FRQMXQWR GH PÂGXORV GH HQWUDGDV H VD½GDV GLJLWDLV H DQDOÂJLFRV GH FRPXQLFD¸¶R HQWUH RXWURV WHQGR DVVLP SHOD SULPHLUD YH] XP DXWÂPDWR FRPSOHWR 3RXFR WHPSR GHSRLV D 9,3$ FULRX R VHX SUÂSULR FHQWUR GH GHVHQYROYLPHQWR GH $6,&V TXH PDLV WDUGH IRL WUDQVIRUPDGR QXPD HPSUHVD VXEVLGL²ULD GHQRPLQDGD SRU 3URILFKLS *PE+ (P D 9,3$ ODQ¸RX R SULPHLUR DXWÂPDWR FRPSDFWR SURJUDP²YHO FRP D OLQJXDJHP 6WHSÌ GHVLJQDGR SRU 6\VWHP 9 HVWHQGHQGR HVWD IXQFLRQDOLGDGH ³ V¹ULH 9 H ³ V¹ULH 9 WHQGR VLGR HVWD ÇOWLPD GHVHQYROYLGD FRP R REMHFWLYR GH SHUPLWLU XPD FRPSDWLELOLGDGH TXDVH WRWDO FRP R 6LPDWLF 6 'HVWD IRUPD D 9,3$ WRUQRX VH QD ÇQLFD PDUFD D GHVHQYROYHU H FRPHUFLDOL]DU SURFHVVDGRUHV GH DXWÂPDWR SURJUDP²YHLV FRP R 6WHSÌ $ VROLFLWD¸¶R VHPSUH FUHVFHQWH GH DXWÂPDWRV FRP PDLRUHV SHUIRUPDQFHV H D QHFHVVLGDGH GD 9,3$ VHU UHFRQKHFLGD FRPR O½GHU QR GHVHQYROYLPHQWR GH WHFQRORJLD GH SRQWD HP SURFHVVDGRUHV GH DXWÂPDWR EDVHDGRV HP KDUGZDUH KDUG 3/& H GH VH GHVWDFDU GHILQLWLYDPHQWH GD WHFQRORJLD 6LPDWLF 6 OHYRX
> @
UREËWLFD
$ FRPSDWLELOLGDGH HP WHUPRV GH KDUGZDUH FRP R 6LPDWLF 6 DSHVDU GH YDQWDMRVD SRU SHUPLWLU LQWHJUD¸¶R GH &38V 9,3$ FRP PÂGXORV 6 H YLFH YHUVD ILFD OLPLWDGD SHOD YHORFLGDGH GH FRPXQLFD¸¶R GR EXV V¹ULH GR 6 TXDQGR D DSOLFD¸¶R QHFHVVLWD Q¶R V GH HOHYDGD FDSDFLGDGH GH SURFHVVDPHQWR PDV WDPE¹P GH JUDQGH YHORFLGDGH GH DFHVVR DRV SHULI¹ULFRV GH HQWUDGD H VD½GD H FRPXQLFD¸ÆHV &RP D WHFQRORJLD 6SHHG D 9LSD FRQFHEHX R 6SHHG %XV XP EDUUDPHQWR SDUDOHOR GH ELWV FRORFDGR ³ HVTXHUGD GR &38 $ ILJXUD VHJXLQWH PRVWUD XP &38 6SHHG OHYDQWDGR FRP XP PÂGXOR ³ GLUHLWD QR EXV V¹ULH H XP PÂGXOR ³ HVTXHUGD QR 6SHHG %XV
,17(*5$á2 '( 3(5,)®5,&26 &20 26 1ó&/(26 3/& $
&RP HVWD EDVH GH WHFQRORJLD 6SHHG D 9,3$ H D 3URILFKLS RIHUHFHP XPD SODWDIRUPD DEHUWD D WRGRV RV TXH TXHLUDP GHVHQYROYHU KDUGZDUH WHQGR HP FRQWD D VXD UDSLGH] H ILDELOLGDGH (VWD EDVH SRGH VHU IRUQHFLGD VRE D IRUPD GH |6LQJOH %RDUG 3/&} GH HOHYDGDV SUHVWD¸ÆHV FRP LQWHUIDFH 62 SDUD VLQDLV GLJLWDLV H DQDOÂJLFRV H FRPXQLFD¸ÆHV (VWHV PÂGXORV SRGHP YLU HTXLSDGRV FRP PHPÂULD DW¹ 0% &RP D WHFQRORJLD 6SHHG D 9,3$ H D 3URILFKLS LQWURGX]LUDP QRYDV UHIHU»QFLDV QR PHUFDGR GRV SURFHVVDGRUHV SURJUDP²YHLV FRP R 6WHSÌ Q¶R V SHODV SDUWLFXODULGDGHV GHVFULWDV PDV SRU DOLDU ³ VXD HQRUPH IOH[LELOLGDGH QRYDV FDUDFWHU½VWLFDV TXH LQIOXHQFLDP R GHVHPSHQKR GR SURFHVVR SURGXWLYR H RV FXVWRV DVVRFLDGRV TXHU DR GHVHQYROYLPHQWR GDV DSOLFD¸ÆHV TXHU DR KDUGZDUH SURSULDPHQWH GLWR 3RU H[HPSOR f :RUN H /RDG PHPRU\ LQWHJUDGDV Q¶R QHFHVVLWD GH 00& DGLFLRQDO
f 3RVVLELOLGDGH GH XWLOL]D¸¶R GH FDUWÆHV 00& DW¹ 0% RX *% IRUPDWDGRV HP )$7 SDUD DUPD]HQDPHQWR GH GDGRV f *HVW¶R IOH[½YHO GD PHPÂULD DWUDY¹V GH FDUW¶R 0&& 0HPRU\ &RQILJXUDWLRQ &DUG SRGHQGR GLVSRQLELOL]DU VH GHSHQGHQGR GR &38 DW¹ 0% GH PHPÂULD VHP QHFHVVLGDGH GH WURFD SRU RXWUR &38 f &RQFHLWR IOH[½YHO GH FRPXQLFD¸ÆHV 9²ULDV LQWHUIDFHV GH FRPXQLFD¸¶R LQWHJUDGDV FRPR 03, 3URILEXV '3 PDVWHU DW¹ 0E RX 56 SWS H (WKHUQHW SDUD OLJD¸ÆHV 3* 23
f &RQFHLWR IOH[½YHO GH |EDFNSODQH} z 3 %XV . %XV 6SHHG %XV f &RPSDWLELOLGDGH FRP D OLQJXDJHP GH SURJUDPD¸¶R GRV 6LPDWLF 6 H f 3RVVLELOLGDGH GH FRORFDU DW¹ PÂGXORV QD UDFN GR &38 VHP QHFHVVLGDGH GH PÂGXORV GH LQWHUIDFH SDUD H[SDQV¶R DW¹ UDFNV DGLFLRQDLV f %DL[R FRQVXPR H GLVVLSD¸¶R W¹UPLFD f *DPD DODUJDGD GH WHPSHUDWXUDV GH WUDEDOKR
> @
UREËWLFD
2 6SHHG %XV SHUPLWH UHGX]LU R WHPSR GH DFHVVR SDUD OHLWXUD GR EXV V¹ULH GH PV SDUD PV 3HUPLWH DVVLP R DFHVVR DRV PÂGXORV GR 6SHHG %XV SDUD OHLWXUD GH VLQDLV GLJLWDLV HP SRXFRV PLFURVHJXQGRV H FRPXQLFD¸ÆHV H[WUHPDPHQWH U²SLGDV HP 3URILEXV &$1 ,QWHUEXV RX (WKHUQHW 2 6SHHG %XV SRGH FRQWHU DW¹ PÂGXORV GLJLWDLV DQDOÂJLFRV RX GH FRPXQLFD¸ÆHV VHQGR WRGD D FRQILJXUD¸¶R GR KDUGZDUH HIHFWXDGD DWUDY¹V GR 6WHSÌ (P FRQFOXV¶R D WHFQRORJLD 6SHHG DOLDGD ³ IOH[LELOLGDGH GR KDUGZDUH SHUPLWH D VXD XWLOL]D¸¶R PHVPR TXDQGR D YHORFLGDGH GH SURFHVVDPHQWR Q¶R ¹ R IDFWRU PDLV LPSRUWDQWH SRU WHU XP FXVWR FRPSDW½YHO FRP DSOLFD¸ÆHV HFRQÂPLFDV H SHUPLWLQGR RXWUDV UHGX¸ÆHV GH FXVWRV FRPR SRU H[HPSOR D SRVVLELOLGDGH GH SURJUDPD¸¶R H VXSHUYLV¶R DWUDY¹V GD SRUWD (WKHUQHW LQWHJUDGD SRVVLELOLWDQGR XPD FRPXQLFD¸¶R PXLWR PDLV U²SLGD FRP R 3& RX FRQVROD VHP QHFHVVLGDGH GH FRQYHUVRUHV RX SURFHVVDGRUHV GH FRPXQLFD¸ÆHV DGLFLRQDLV 'HYLGR ³ YHORFLGDGH GH SURFHVVDPHQWR GHVWHV &38V D DFWXDOL]D¸¶R GD LQIRUPD¸¶R GLVSRQLELOL]DGD DWUDY¹V GDV UHGHV 3URILEXV RX (WKHUQHW RX QXP FDUW¶R 00& ¹ PXLWR PDLV U²SLGD TXH QXP SURFHVVDGRU FRP WHFQRORJLD FRQYHQFLRQDO R TXH WRUQD RV &38V 6SHHG D VROX¸¶R LGHDO SDUD DSOLFD¸ÆHV HP TXH ¹ QHFHVV²ULD D WUDQVIHU»QFLD GH PXLWD LQIRUPD¸¶R HQWUH R SURFHVVR H XPD UHGH GH FDPSR RX XP VLVWHPD GH VXSHUYLV¶R &RP D WHFQRORJLD 6SHHG D 9,3$ H D 3URILFKLS LU¶R DWLQJLU D FXUWR SUD]R R Q½YHO HP TXH D YHORFLGDGH GH SURFHVVDPHQWR GHL[DU² GH VHU XPD OLPLWD¸¶R
|,I \RX GRQiW NQRZ WKH GHVWLQDWLRQ WKHQ \RX KDYH QR URXWH | :ROIJDQJ 6HHO IXQGDGRU GD 9,3$ H 3URILFKLS
ZZZ SURVLVWDY SW f ZZZ YLSD GH
(92/8á2 '26 $87ð0$726 ( 7(&12/2*,$ 63(('
3/& DLQGD PDLV U²SLGR H FDSD] GH LQWHJUDU FRPXQLFD¸ÆHV (WKHU&$7 3RZHUOLQN H 3URILQHW RX R 3/& FRP f 0HPÂULD LQWHJUDGD DW¹ .% f 3URILEXV 0DVWHU 03, [
f 3URILEXV VODYH f &$1 $ % [
f (WKHUQHW f 86% f & R Q W D G R U H V U ² S L G R V 6 6 , 3:0 HQWUDGDV VD½GDV GH DOWD YHORFLGDGH