Skip to main content

Revista 20 Aniversario CIE

Page 1

TXtPLFD

PHFiQLFD

VLVWHPDV

HOpFWULFD

RWUDV HVSHFLDOLGDGHV

F H FLH

UHYLVWD &2/(*,2 '( ,1*(1,(526 (63(&,$/,67$6 '( /$ 3529,1&,$ '( 6$17$ )( ',675,72 , /(< 1

1995 2015 ANIVERSARIO

(',&,21 (63(&,$/ _ 129,(0%5( &ROHJLR GH ,QJHQLHURV (VSHFLDOLVWDV 'LVWULWR , _ 6DQ 0DUWtQ 6DQWD )H $UJHQWLQD

ZZZ HVSHFLDOLVWDV RUJ DU


F H FLH

UHYLVWD 180(52 (63(&,$/ _ $1,9(56$5,2 129,(0%5(

',5(&725,2 _ 3UHVLGHQWH ,QJ 0HFiQLFR \ /DERUDO 5D~O %XVWDEHU 0DW 9LFHSUHVLGHQWH ,QJ (OHFWURPHFiQLFR -RVp $JOLHWWR 0DW 6HFUHWDULR ,QJ 4XtPLFR &DUORV 0D\RO 0DW 3URVHFUHWDULR /LF HQ 6LVW GH ,QIRUPDFLyQ -RUJH )DXGD 0DW 7HVRUHUR ,QJ (OHFWULFLVWD -XDQ .HU] 0DW ',5(&725(6 7,78/$5(6 $UHD (OpFWULFD ,QJ (OHFWULFLVWD &HVDU 1 0DUDJQR 0DW $UHD 4XtPLFD ,QJ 4XtPLFR -XOLR 3HQQR 0DW $UHD 0HFiQLFD ,QJ 0HFiQLFR $OHMDQGUR 1 9i]TXH] 0DW $UHD 6LVWHPDV ,QJ HQ 6LVWHPDV GH ,QI 9LYLDQD 6DQWXFFL 0DW 2WUDV $UHDV ,QJ /DERUDO 5REHUWR & 3DPSLJOLRQL 0DW ',5(&725(6 683/(17(6 $UHD (OpFWULFD ,QJ (OHFWULFLVWD -RVp $ 6WHOOD 0DW $UHD 4XtPLFD ,QJ 4XtPLFD 6LOYDQD 6DQWDUHOOL 0DW $UHD 0HFiQLFD ,QJ 0HFiQLFR -RVH / 9LOOD 0DW 1 $UHD 6LVWHPDV ,QJ HQ 6LVWHPDV GH ,QI 0DULR $ $OEDQL 0DW 2WUDV $UHDV /LF +LJ \ 6HJ HQ HO 7UDE 5XEpQ 5XRFFR 0DW 5(9,625(6 '( &8(17$6 7LWXODU ,QJ (OHFWULFLVWD -RVH 0 5HDOLQL 0DW 6XSOHQWH ,QJ ,QGXVWULDO *XLOOHUPR 0DUWLQ 5 *DOGRQ 0DW

',5(&725,2 3529,1&,$/ 3(5,2'2 -81,2 3UHVLGHQWH ,QJHQLHUR 0HFiQLFR 5D~O %XVWDEHU 9LFHSUHVLGHQWH ,QJHQLHUR 4XtPLFR /XLV )HUDEROL 6HFUHWDULR ,QJHQLHUR 4XtPLFR &DUORV 0D\RO 3UR VHFUHWDULR ,QJHQLHUR 0HFiQLFR &DUORV 4XLQFNH 7HVRUHUR ,QJHQLHUR (OHFWULFLVWD -XDQ .HU] 3UR WHVRUHUR ,QJHQLHUR (OHFWULFLVWD 2VFDU %HUFRYLFK

75,%81$/ '( (7,&$ 352)(6,21$/ < ',6&,3/,1$ 6$/$ , ,QJ 0HF \ /DE 1DWiQ 6 $ULVWHLQ ,QJ (OHFWULFLVWD /XLV 'DQLHO *XDOD ,QJ 0HF \ /DERUDO (VS HQ ,QJ $PELHQWDO -XDQ & 5DPtUH] ,QJ 0LOLWDU (VS HQ $XWRPRWRUHV $OEHUWR 0 %LORWWD ,QJ 4XtPLFR $OHMDQGUR ( %HUQDEHX ,QJ 4XtPLFR -DLPH 9pOH]

6DQ 0DUWtQ 6 )51 _ 6DQWD )H 7HO )D[ ZZZ HVSHFLDOLVWDV RUJ DU

,1',&( $1,9(56$5,2 /26 /2*526 0$6 '(67$&$'26

18(9$6 326,%,/,'$'(6 3$5$ (/ $&21',&,21$0,(172 '(/ $*8$ '( $/,0(17$&,Ð1 $ &$/'(5$6 '( %$-$ 35(6,Ð1 3RU -XOLR 3HQQR

/(*,6/$&,21 9,*(17( (1 /$ 3529,1&,$ '( 6$17$ )( 62%5( $3$5$726 620(7,'26 $ 35(6,21 3DUWH 3RU 'DQLHO )HUWRQDQL

'(6$552//2 '( 1(*2&,26 9$/25 '( /$ (035(6$ 3$5$ (/ $&&,21,67$ 3DUWH 3RU &DUORV 0D\RO

',67,1&,21(6

&+$5/$6 9,'(2&21)(5(1&,$6 < $&7,9,'$'(6

1995 2015

$ /26 352)(6,21$/(6 '( /$ &,(1&,$6 '(/ 5,(6*2 ¢126 $/&$1=$ &21 6$%(5 /2 48( 6$%(026 " 3RU +XJR 5DPE

352'8&7,9,'$' ,1'8675,$/ 3RU -RVp $JXVWtQ &UXHOOH] 5XL]

(678',26 '( $1$/,6,6 '( 5,(6*26 3RU $QGUpV 5LQWRXO

(1(5*,$ $/7(51$7,9$ (1 /$ 5(' '( 6$17$ )(

35238(67$ &,( -29(1

$&7$ '( &2167,78&,Ð1 68%&20,6,Ð1 '( 6,67(0$6 &,2V /,725$/

',5(&725(6 '( /$ 38%/,&$&,21

ANIVERSARIO ,QJ &DUORV ) 0 0D\RO ,QJ $OEHUWR - 'RQDO

5(63216$%/( ',$*5$0$&,21 0D 0LODJURV 9RQ 2HUWHO

,035(6,Ð1 - GHO &DPSLOOR 7HO LPSFDSHOHWWL#FLXGDG FRP DU /DV RSLQLRQHV R DUWtFXORV ILUPDGRV \ ORV WUDEDMRV SXEOLFDGRV VRQ UHV SRQVDELOLGDG GH ORV DXWRUHV VLQ TXH HVWR LPSOLTXH QHFHVDULDPHQWH TXH ORV HGLWRUHV OR FRPSDUWDQ 6H DXWRUL]D VX UHSURGXFFLyQ WRWDO R SDUFLDO FLWDQGR OD IXHQWH 3URSLHGDG LQWHOHFWXDO 5HJLVWUDGD HQ 'LUHFFLyQ 1DFLR QDO GHO 'HUHFKR GH $XWRU )RUP 1 ([S 1


LQVWLWXFLRQDO

$1,9(56$5,2 /26 /2*526 0$6 '(67$&$'26 (O GtD GH QRYLHPEUH HO &,( FXPSOH DxRV &UHHPRV TXH UHFRQRFHU SDUWH GHO WUDEDMR TXH VH KD ORJUDGR FRQ OD SDUWLFLSDFLyQ GH ORV PDWULFXODGRV GH ODV GLVWLQWDV HVSHFLDOLGDGHV QRV SHUPLWLUi YLVOXPEUDU HO FDPLQR TXH TXHGD SRU UHFRUUHU /RV ORJURV PiV GHVWDFDGRV

(O OD + /HJLVODWXUD GH OD SURYLQFLD GH 6DQWD )H VDQ FLRQD OD /H\ 1 GH FUHDFLyQ GHO &,( SURPXOJDGD SRU 'H FUHWR 1 GH IHFKD 3DVDQ GHO DQWLJXR &RQVHMR GH ,QJHQLHURV GH OD SURYLQFLD GH 6DQWD )H DO &,( LQJHQLHURV HVSHFLDOLVWDV $FWXDOPHQWH OD FDQWLGDG GH PDWULFXODGRV HQ HVWH 'LVWULWR , DVFLHQGH D SURIHVLRQDOHV TXH GHVDUUROODQ VX DFWL YLGDG HQ HO FHQWUR QRUWH GH OD SURYLQFLD 3RU 'HFUHWR 1 GHO (MHFXWLYR 3FLDO GH IHFKD VH ORJUy OD KRPRORJDFLyQ GH ORV (VWDWXWRV GHO &ROHJLR DSUREDGRV SRU $VDPEOHD ([WUDRUGLQDULD 3URYLQFLDO (VWH DxR SRU 'H FUHWR 1 VH DSUXHED OD 5HIRUPD GH HVH (VWDWXWR VHJ~Q OR GLV SXHVWR HQ $VDPEOHD 3URYLQFLDO GH IHFKD

'HVGH VX FUHDFLyQ HO &,( KD RUJDQL]DGR \ DXVSLFLDGR QXPH URVRV &RQJUHVRV -RUQDGDV &RQIHUHQFLDV &XUVRV GH &DSDFLWD FLyQ HWF FRQ HO ILUPH SURSyVLWR GH ´SURSHQGHU HO PHMRUD PLHQWR SURIHVLRQDO HQ WRGRV VXV DVSHFWRVµ GH DFXHUGR D ODV DWULEXFLRQHV GHFODUDGDV HQ VX /H\

_ 5(9,67$ &,( _ 129,(0%5(

'HVGH HO DxR VH HGLWD OD 5HYLVWD &,( FRQ DUWtFXORV WpF QLFRV H LQVWLWXFLRQDOHV DSDUHFLHQGR FRQ OD UHJXODULGDG \ FDOLGDG DFRVWXPEUDGD GHQWUR GH ODV SRVLELOLGDGHV SUHVXSXHVWDULDV (Q OD PLVPD VH SXEOLFDQ ODV 2EUDV GH ,QJHQLHUtD (VWXGLRV 3UR\HFWRV H ,QYHVWLJDFLRQHV TXH UHDOL]DQ QXHVWURV PDWULFXODGRV

'HVGH HO DxR HO &,( HV PLHPEUR DFWLYR GH OD )$',( )HGHUDFLyQ $UJHQWLQD GH OD ,QJHQLHUtD (VSHFLDOL]DGD

'HVGH HO DxR VH LQFRUSRUDURQ D OD &RPLVLyQ 'LUHFWLYD SURIHVLRQDOHV GH OD FLXGDG GH 5DIDHOD DPSOLDQGR HO DFFLRQDU GHO &,( HQ HVWD LPSRUWDQWH ]RQD LQGXVWULDO GH QXHVWUD SURYLQFLD

'HVGH HO DxR ORV SUR IHVLRQDOHV GH OD ,QIRUPiWLFD OR JUDURQ VX UHSUHVHQWDWLYLGDG FROHJLDO FRQ OD FUHDFLyQ GHO $ UHD GH 6LVWHPDV PRGLILFiQ GRVH HO Q~PHUR GH FDUJRV HQ OD &RPLVLyQ 'LUHFWLYD GH FDGD 'LVWULWR DFRUGH FRQ HVWD FLU FXQVWDQFLD

&RQ OD JHVWLyQ GLUHFWLYD L QDXJXUDGD HQ VH ORJUy XQ RUGHQDPLHQWR DGPLQLV WUDWLYR TXH SHUPLWLy LQFUH PHQWDU HO Q~PHUR GH LQVFULSWRV QXHYDPHQWH KDELOLWDGRV SDUD HO HMHUFLFLR SURIHVLRQDO

2WUR ORJUR GH HVD JHVWLyQ IXH OD DJLOL]DFLyQ HQ ORV GLYHUVRV WUiPLWHV TXH ORV PDWULFXODGRV GHEHQ OOHYDU D FDER HQ HO &ROH JLR \ OD DFWXDOL]DFLyQ GH VXV /HJDMRV SURIHVLRQDOHV

$ OR ODUJR GH ORV DxRV GH WUDEDMR VH KDQ ILUPDGR QXPH URVRV &RQYHQLRV GH PXWXD FRODERUDFLyQ FRQ ,QVWLWX FLRQHV $FDGpPLFDV \ RWUDV UHODFLRQDGDV FRQ HO TXHKDFHU GH OD ,QJHQLHUtD (VSHFLDOLVWD


$1,9(56$5,2 /26 /2*526 0$6 '(67$&$'26

'HVGH HO DxR HO &,( FXHQWD FRQ XQ &HQWUR GH (GLFLRQHV 7pFQLFDV TXH WLHQH SRU REMHWR GLIXQGLU OD WHPiWLFD YLQFXODGD FRQ HO HMHUFLFLR SURIHVLRQDO GH OD ,QJ (VSHFLDOLVWD HO PLVPR \D KD HGLWDGR /LEURV D VDEHU ´0H GLR $PELHQWH \ 1RUPDV $PELHQWDOHV GH OD SURYLQFLD GH 6DQWD )Hµ UD (GLFLyQ DX WRUtD GHO ,QJHQLHUR -RUJH +DPPHUO\ ´$FWXD OL]DFLyQµ GHO PLVPR DXWRUtD GHO ,QJ +DPPHUO\ \ OD 'UD 0D %HOpQ +DPPHUO\ ´$JXD 3RWDEOH $QiOLVLV $FWXDOL]DFLyQ 7HFQROyJLFD \ *HVWLyQµ GH ORV LQHQLHURV TXt PLFRV -RUJH +DPPHUO\ \ &DUORV 0D\RO 3ULPH UD (GLFLyQ \ ´(IOXHQWHV &ORDFDOHV H ,QGXVWULDOHV $QiOLVLV 'LVHxR GH WUDWD PLHQWRV \ *HVWLyQµ GH ORV LQJHQLHURV TXtPL FRV &DUORV 0D\RO -RUJH +DPPHUO\ \ OD FRDX WRUtD GH OD 'UD HQ 4XtPLFD $OHMDQGUD 0DLQH \ HO ,QJHQLHUR 4XtPLFR -DLPH 9pOH] (GLFLyQ $xR

3RU &RQYHQLR FHOHEUDGR FRQ OD $JHQFLD 6DQWDIHVLQD GH 6HJXULGDG $OLPHQWDULD $66$/ HO &,( FXHQWD FRQ $XGLWRUHV HOHJL GRV SRU FRQFXUVR SDUD OD KDELOLWDFLyQ GH /DER UDWRULRV LQVFULSWRV HQ OD 5HG GH /DERUDWRULRV GH OD &DGHQD $JURDOLPHQWDULD 5H/&D

'HVGH HO DxR HO &,( FHOHEUD HO 'tD GHO ,QJHQLHUR FRQ XQ $FWR ,QVWLWXFLRQDO GRQ GH VH SUHPLD SRU VX WUD\HFWRULD SURIHVLRQDO D GHVWDFDGRV PDWULFXODGRV \ VH GLVWLQJXH D ORV H JUHVDGRV FRQ PHMRUHV SURPHGLRV GH ODV FDUUH UDV GH ,QJHQLHUtD GH ODV XQLYHUVLGDGHV ORFDOHV

3RU LQLFLDWLYD GHO $UHD (OpFWULFD GHVGH HO DxR HO &,( GLVSRQH SDUD FRQVXOWD \ YHQWD DO S~EOLFR GH ODV 1RUPDV HGLWDGDV SRU OD $VR FLDFLyQ (OHFWURWpFQLFD $UJHQWLQD

(Q HO DxR HO &ROHJLR ORJUy DPSOLDU \ PRGHUQL]DU VX VHGH PHGLDQWH XQD LQYHUVLyQ R SRUWXQD TXH KD IDYRUHFLGR OD FRQIRUPDFLyQ GH QXHYDV &RPLVLRQHV GH WUDEDMR

'HVGH VX FUHDFLyQ HO &,( KD OOHYDGR D FDER QXPHURVDV JHVWLRQHV WHQGLHQWHV D OD FRQFUH FLyQ GH ORV DSRUWHV FROHJLDOHV \ SUHYLVLRQDOHV GH ODV 2EUDV GH ,QJHQLHUtD GHVDUUROODGDV HQ HO iPELWR WHUULWRULDO GHO 'LVWULWR , (Q HVWH VHQWLGR VH GHVDUUROOy HQ HO DxR XQ VRIWZDUH RQ OLQH SDUD IDFLOLWDU OD WDUHD GH ORV PDWULFXODGRV HQ OD JHQHUDFLyQ GH WRGD OD GRFXPHQWDFLyQ QH FHVDULD SDUD HO YLVDGR GH VXV WDUHDV SURIHVLR QDOHV 'H PRGR TXH FDGD XQR SXHGH OOHYDU XQ FRQWURO GH ORV ([SHGLHQWHV SUHVHQWDGRV D OR ODU JR GH VX DFWXDFLyQ SURIHVLRQDO \ HPLWLU VXV SUR SLDV FRQVWDQFLDV GH KDELOLWDFLyQ FXDQGR VH OR UHTXLHUDQ

'DGR TXH HO DUWtFXOR GH QXHVWUR (VWDWXWR ,QVWLWXFLRQDO GHWHUPLQD TXH VH FRQVLGHUD HMHU FLFLR SURIHVLRQDO HO GHVHPSHxR GH OD GRFHQFLD \ OD LQYHVWLJDFLyQ UHODFLRQDGDV FRQ OD ,QJHQLH UtD (VSHFLDOLVWD VH HVWDEOHFLy PHGLDQWH 5HVROX FLyQ XQD PDWUtFXOD GLIHUHQFLDO YROXQWDULD SDUD GRFHQWHV H LQYHVWLJDGRUHV TXH OR VROLFLWHQ

(VWH DxR VH KD SRGLGR DGTXLULU HO HTXL SDPLHQWR QHFHVDULR SDUD LQDXJXUDU ODV 9LGHR FRQIHUHQFLDV FRPR RWUR PHGLR PiV GH &DSD FLWDFLyQ SURIHVLRQDO \ FRQ HO ILUPH SURSyVLWR GH LQWHJUDU D ORV PDWULFXODGRV TXH YLYHQ \ WUDED MDQ HQ HO LQWHULRU GH OD SURYLQFLD GH 6DQWD )H $VLPLVPR VH LQWHQVLILFy OD FRPXQLFDFLyQ FRQ HO HQYtR TXLQFHQDO GHO 1HZVOHWWHU LQVWLWXFLRQDO \ VH FRPHQ]y D WUDEDMDU HQ ODV UHGHV VRFLDOHV FRPR )DFHERRN

&DEH GHVWDFDU TXH HO &,( GHVGH VX FUHDFLyQ RIUHFH D VXV PDWULFXODGRV DVHVRUDPLHQWR MX UtGLFR \ FRQWDEOH VLQ FDUJR

_ LQVWLWXFLRQDO

(O GH MXQLR GH OD ,QVSHFFLyQ *HQH UDO GH 3HUVRQDV -XUtGLFDV GH OD 3URY GH 6DQWD )H DXWRUL]y HO IXQFLRQDPLHQWR GH OD )XQGD FLyQ &,( SRU UHVROXFLyQ 1 GiQGR OH GRPLFLOLR HQ OD &LXGDG GH 6DQWD )H (O &,( HV VX PLHPEUR IXQGDGRU 6H HQFXHQWUD KDELOL WDGD FRPR 8QLGDG GH 9LQFXODFLyQ 7HFQR

OyJLFD SRU 5HVROXFLyQ 1 GH OD $JHQ FLD 1DFLRQDO GH 3URPRFLyQ &LHQWtILFD \ 7HFQR OyJLFD


3RU -XOLR 3HQQR &RQVXOWRU HQ XVR GH PHPEUDQDV SDUD DJXDV HIOXHQWHV \ SURFHVRV 0DWUtFXOD MXOSHQQR#JPDLO FRP

iUHDTXtPLFD

18(9$6 326,%,/,'$'(6 3$5$ (/ $&21',&,21$0,(172 '(/ $*8$ '( $/,0(17$&,Ð1 $ &$/'(5$6 '( %$-$ 35(6,Ð1 &DUDFWHUtVWLFDV TXH GHEH FXPSOLU HO DJXD GH ODV FDOGHUDV GH EDMD SUHVLyQ (Q OD WDEOD VH GDQ ORV YDORUHV DFHSWDGRV SRU ORV IDEULFDQWHV GH FDOGHUDV \ TXH VRQ FRP~QPHQWH UH FRPHQGDGRV SDUD TXH VHD DFHSWD GD OD JDUDQWtD GH IXQFLRQDPLHQWR GH OD XQLGDG

_ 5(9,67$ &,( _ 129,(0%5(

2EMHWLYRV GHO DFRQGLFLRQDPLHQWR GHO DJXD GH ODV FDOGHUDV (O REMHWLYR GHO DFRQGLFLRQD PLHQWR GHO DJXD GH DOLPHQWDFLyQ D ODV FDOGHUDV HV ORJUDU ODV FRQGLFLRQHV LQGLFDGDV HQ OD 7DEOD HYLWDQGR GH HVWD PDQHUD ORV SUREOHPDV DVRFLD GRV D OD SUHVHQFLD GH ODV GLVWLQWDV VD OHV \ JDVHV HQ OD PLVPD IRUPDFLyQ GH GHSyVLWRV \ FRUURVLyQ 7UDGLFLRQDOPHQWH HVWH REMHWLYR VH FXPSOtD FRQ HO XVR GH XQ HTXLSR DEODQGDGRU WUDWDPLHQWR H[WHUQR \ R DGLWLYRV TXtPLFRV WUDWDPLHQWR LQWHUQR /D UHFXSHUDFLyQ GH FRQ GHQVDGR \ OD PHQRV IUHFXHQWH GHVDL UHDFLyQ WpUPLFD FRODERUDQ FRQ GL FKR FRPHWLGR $FWXDOPHQWH VH GLVSRQH GH XQD QXHYD KHUUDPLHQWD FXiO HV OD GH GHV PLQHUDOL]DU HO DJXD GH UHSRVLFLyQ D ODV FDOGHUDV PHGLDQWH HO HPSOHR GH XQ HTXLSR GH yVPRVLV LQYHUVD

7DEOD $*8$ '( &$/'(5$ 3UHVLyQ GH +LHUUR &REUH 'XUH]D 7RWDO 6tOLFH $OFDOLQLGDG &RQGXFWLYLGDG 2SHUDFLyQ SVL SSP )H SSP &X SSP &D&2 SSP 6L2 7RWDO &D&2 PLFUR 6 FP

'HVFULSFLyQ GHO IXQFLRQDPLHQWR GH XQ HTXLSR GH yVPRVLV LQYHUVD 6L ELHQ HO SURFHVR GH yVPRVLV LQ YHUVD HV DPSOLDPHQWH XWLOL]DGR SDUD OD GHVPLQHUDOL]DFLyQ GH DJXD HVSH FLDOPHQWH FRQ HO REMHWLYR GH SRWDEL OL]DUOD VX XVR SDUD ORJUDU DJXD GH H[FHOHQWH FDOLGDG SDUD VHU XWLOL]DGD FRPR UHSRVLFLyQ D FDOGHUDV GH EDMD SUHVLyQ QR KD VLGR WRGDYtD VXILFLHQ WHPHQWH GLIXQGLGR 3RU OR WDQWR HV FRQYHQLHQWH UHSDVDU FyPR VH FRP SRQHQ HVWRV HTXLSRV \ FyPR IXQFLR QDQ /D yVPRVLV LQYHUVD HV XQ SURFH GLPLHQWR WHFQROyJLFR D WUDYpV GHO FXDO VH LQYLHUWH HO SURFHVR ItVLFR QD WXUDO HQ HO TXH HO VROYHQWH DJXD SD VD HVSRQWiQHDPHQWH D WUDYpV GH X QD PHPEUDQD VHPLSHUPHDEOH GHV GH XQD VROXFLyQ GLOXLGD D XQD PiV FRQFHQWUDGD


18(9$6 326,%,/,'$'(6 3$5$ (/ $&21',&,21$0,(172 '(/ $*8$ '( $/,0(17$&,Ð1 $ &$/'(5$6 '( %$-$ 35(6,Ð1

SURGXFWR FRQ XQ FRQWHQLGR GH VD OHV TXH HV YHFHV PHQRU TXH HO D JXD VDODGD GH OD TXH VH SDUWH \ HO UH FKD]R TXH VH FRQFHQWUD HQ VDOHV \ TXH VH GHVKHFKD (O DSURYHFKDPLHQWR TXH SXHGH UHDOL]DUVH GHO DJXD GHSHQGH GHO WLSR \ FDQWLGDG GH VDOHV SUHVHQWHV \ QRU PDOPHQWH RVFLOD HQWUH HO \ HO 9HQWDMDV GHO XVR GH ORV HTXLSRV GH yVPRVLV LQYHUVD 3DUD FRPSUHQGHU PHMRU HO DO FDQFH GH HVWD SRGHURVD KHUUDPLHQ WD GHEHUi FRQVLGHUDUVH ODV FDUDFWH UtVWLFDV TXH WLHQHQ OD PD\RUtD GH ODV DJXDV GH SR]R HQ QXHVWUR SDtV FXiO HV OD GH VHU DOWDPHQWH PLQHUDOL]DGDV \ HVSHFLDOPHQWH FRQ XQ DOWR FRQWH QLGR GH DOFDOLQLGDG \ PHGLDQD GXUH ]D /D WDEOD UHSUHVHQWH XQ DQiOL VLV TXtPLFR UHSUHVHQWDWLYR

6L VH XVD XQ HTXLSR DEODQGDGRU FRPR WUDWDPLHQWR H[WHUQR HO DJXD GH UHSRVLFLyQ D OD FDOGHUD WHQGUi ODV FDUDFWHUtVWLFDV LQGLFDGDV HQ OD WDEOD &RPR SXHGH REVHUYDUVH OD VDOL QLGDG GHO DJXD DEODQGDGD HV SUiFWL FDPHQWH OD PLVPD TXH GHO DJXD FUX GD SRU OR TXH ORV SURFHVRV FRUURVL YRV HQ OD FDOGHUD \ HQ OD OtQHD GH UH WRUQR GH FRQGHQVDGR DVRFLDGRV DO XVR GH HVWH DJXD SHUPDQHFHQ LQDO WHUDGRV (O DEODQGDPLHQWR VyOR SUR YHH XQD SURWHFFLyQ SDUFLDO IUHQWH D OD IRUPDFLyQ GH ORGRV \ GHSyVLWRV /D WDEOD LQGLFD FXiO VHUi OD FRPSRVL FLyQ GHO DJXD SURGXFWR GH XQ HTXL SR GH yVPRVLV LQYHUVD DOLPHQWDGR FRQ HO DJXD FUXGD HQ HVWXGLR (O DJXD SURGXFWR FRQWLHQH VyOR DOUHGHGRU GHO GHO FRQWHQLGR GH VDOHV RULJLQDO /D JHQHUDFLyQ GH DQ KtGULGR FDUEyQLFR GHQWUR GH OD FDO GHUD DVt FRPR ORV SURFHVRV FRUURVL YRV \ OD IRUPDFLyQ GH HVSXPD DVR

)LJXUD

7DEOD

$1,21(6

PHT O

PJ O

+&2

&O

62

1D

1R

S+

&$7,21(6

PHT O

PJ O

&D

0J

6L2 PJ O

7'6 PJ O

_ iUHD TXtPLFD

+DFH FDVL XQ VLJOR TXH ORV LQYHV WLJDGRUHV FRQVLGHUDEDQ SRVLEOH LQ YHUWLU HO SURFHVR QDWXUDO FRQ HO REMH WR GH REWHQHU DJXD GH EDMD VDOLQL GDG D SDUWLU GH DJXD GH PDU FRQ XQ FRQVXPR UHODWLYDPHQWH SHTXHxR GH HQHUJtD 'LFKR SURFHVR FRQVLVWH HQ DSOL FDU XQD SUHVLyQ VXILFLHQWHPHQWH HOH YDGD DO DJXD VDODGD GH IRUPD GH REOLJDU DO DJXD D SDVDU D WUDYpV GH OD PHPEUDQD VHPLSHUPHDEOH FX\D H[LVWHQFLD HV IUXWR GHO DYDQFH ORJUD GR HQ OD REWHQFLyQ GH SROtPHURV VLQ WpWLFRV /DV LQYHVWLJDFLRQHV SDUD ORJUDU HVWD PHPEUDQD FX\D SURSLHGDG PiV LPSRUWDQWH HV OD GH VHU VXILFLHQ WHPHQWH SHUPHDEOH DO DJXD SHUR QR D ODV VDOHV GLHURQ VXV IUXWRV UHFLpQ HQ OD GpFDGD GHO SXGLpQGRVH FRQVWUXLU FRQ p[LWR D SDUWLU GH HQWRQ FHV HTXLSRV D HVFDOD FRPHUFLDO /DV GLVWLQWDV OtQHDV GH LQYHVWLJD FLyQ SHUPLWLHURQ REWHQHU PHPEUD QDV GH GLYHUVDV FDUDFWHUtVWLFDV TXt PLFDV \ ItVLFDV VLHQGR ODV GH PD\RU XWLOL]DFLyQ ODV GHQRPLQDGDV GH ILOP GHOJDGR FRPSXHVWR (VWDV VRQ SOD QDV DUUROODGDV HQ HVSLUDO DOUHGHGRU GH XQ WXER FHQWUDO SRU GRQGH VH UH FRJH HO SURGXFWR \ FRORFDGDV D VX YH] GHQWUR GH XQ WXER H[WHULRU OOD PDGR WXER GH SUHVLyQ (Q OR HVHQFLDO XQ HTXLSR GH yVPRVLV LQYHUVD FRQVLVWH HQ XQD ERPED GH DOWD SUHVLyQ FDSD] GH SUHVXUL]DU HO DJXD VDODGD HQWUH \ EDU VHJ~Q OD PHQRU R PD\RU VDOL QLGDG GHO DJXD GLVSRQLEOH \ ORV WX ERV GH SUHVLyQ FRQ VXV PHPEUD QDV GH yVPRVLV LQYHUVD (O IXQFLRQDPLHQWR GHO HTXLSR HV VXPDPHQWH VHQFLOOR YHU )LJXUD (O DJXD VDODGD HV LPSXOVDGD PH GLDQWH XQD ERPED GH EDMD SUHVLyQ % D WUDYpV GH XQ VLVWHPD GH PL FURILOWUDFLyQ TXH UHWLHQH SDUWtFXODV HQ VXVSHQVLyQ $QWHV GH DWUDYHVDU HVWH VLVWHPD UHFLEH OD GRVLILFDFLyQ GH XQ SURGXFWR TXtPLFR TXH HYLWD OD GHSRVLFLyQ GH VDOHV VREUH ODV PHP EUDQDV /XHJR HV SUHVXUL]DGD SRU OD ERPED GH DOWD SUHVLyQ % \ HQ YLDGD D ORV WXERV GH SUHVLyQ FX\DV PHPEUDQDV GH yVPRVLV LQYHUVD JH QHUDQ GRV FRUULHQWHV GH DJXD HO


iUHDTXtPLFD

7DEOD

$1,21(6

)LJXUD

PHT O

PJ O

+&2

&O

62

1D

1R

S+

PHT O

PJ O

&D

0J

6L2 PJ O

FLDGRV D OD SUHVHQFLD GH VDOHV VH YHQ DVt IUDQFDPHQWH GLVPLQXLGRV 3HUR OD YHQWDMD HFRQyPLFD PiV LPSRUWDQWH VXUJH GHO KHFKR GH FR PR VH HOLPLQDQ ODV VDOHV HQ XQR \ R WUR FDVR GH IRUPD GH PDQWHQHU ORV YDORUHV LQGLFDGRV SRU ORV IDEULFDQWHV GH FDOGHUD &RQ HO DJXD DEODQGDGD FRPR DOLPHQWDFLyQ VyOR SRGUi RSHUDUVH OD FDOGHUD FRQ DOUHGHGRU GH FLFORV GH FRQFHQWUDFLyQ SDUD PDQWHQHU HQ HO DJXD GH OD PLVPD DOUHGHGRU GH SSP GH VDOHV GLVXHOWDV 3RU OR WDQWR GHEHUi H[WUDHUVH XQ FDXGDO GH DJXD GH IRQGR \ VXSHU ILFLH GH DSUR[LPDGDPHQWH XQ WHUFLR GH OD SURGXFFLyQ GH YDSRU (VWD HV OD SULQFLSDO GHVYHQWDMD GH HVWH SURFH GLPLHQWR ODV VDOHV VRQ HOLPLQDGDV DO GHVDJ H PHGLDQWH ODV H[WUDFFLRQHV GH DJXD FDOLHQWH 6LPXOWiQHDPHQWH VH HOLPLQD FD ORU (VWR VLJQLILFD TXH GHEH TXHPDU VH XQD FDQWLGDG PD\RU GH FRPEXV WLEOH SDUD SRGHU FDOHQWDU HO DJXD DGL FLRQDO D UHSRQHU 3DUD WRPDU XQD LGHD GH OD PDJ QLWXG TXH HVWR VLJQLILFD VXSRQJD

_ 5(9,67$ &,( _ 129,(0%5(

&$7,21(6

7'6 PJ O

PRV TXH OD FDOGHUD HQ HVWXGLR JH QHUD NJ K GH YDSRU /D ILJXUD UHSUHVHQWD HVTXHPiWLFDPHQWH HO SURFHVR 3DUD HO FDVR PHQFLRQDGR VHUi HQWRQFHV 9 NJ K 3DUD PDQWHQHU XQ WHQRU GH VDOHV GH DOUH GHGRU GH SSP HQ OD FDOGHUD SDUWLHQGR GHO DJXD DEODQGDGD FX\D FRPSRVLFLyQ VH LQGLFD HQ OD WDEOD VH GHEHUi RSHUDU FRQ FLFORV GH FRQFHQWUDFLyQ \ SRU OR WDQWR HO FDX GDO GH H[WUDFFLRQHV GHEHUi VHU GH 9 3 1 ² 3 NJ K 3 NJ K

(V GHFLU TXH SDUD SURGXFLU NJ K GH YDSRU HV QHFHVDULR HOLPLQDU DO GHVDJ H NJ K GH DJXD D & (O JDVWR GH FRPEXV WLEOH DGLFLRQDO DQXDO TXH HVWR VLJQLIL

7DEOD $1,21(6

PHT O

PJ O

+&2

&D

&O

0J

62

1D

1R

S+

&$7,21(6

6L2 PJ O

PHT O

PJ O

7'6 PJ O

9$325 9

$/,0(17$&,21 $

(;75$&&,21(6 3


18(9$6 326,%,/,'$'(6 3$5$ (/ $&21',&,21$0,(172 '(/ $*8$ '( $/,0(17$&,Ð1 $ &$/'(5$6 '( %$-$ 35(6,Ð1

(O GHVDUUROOR WHFQROyJLFR RFXUUL GR HQ ORV ~OWLPRV DxRV KD SHUPLWLGR OD DSDULFLyQ HQ HO PHUFDGR GH QXH YDV PHPEUDQDV GH yVPRVLV LQYHUVD FRQ ODV VLJXLHQWHV FDUDFWHUtVWLFDV RSHUDQ D PX\ EDMD SUHVLyQ VRQ GH EDMR FRVWR VRQ GH IXQFLRQDPLHQWR VHJXUR (VWR SHUPLWH TXH SXHGDQ VHU LQV WDODGRV HTXLSRV GH yVPRVLV LQYHUVD HQ OXJDU GH DEODQGDGRUHV FRPR WUD WDPLHQWR H[WHUQR GHO DJXD GH DOL PHQWDFLyQ D ODV FDOGHUDV GH EDMD SUH VLyQ /D GLIHUHQFLD GH LQYHUVLyQ HV OXHJR UHFXSHUDGD HQ SRFRV PHVHV

9DULDFLyQ GH OD FRQGXFWLYLGDG GHO 3URGXFWR

&RQGXFWLYLGDG

Y

QR

VH S

O MX

D\

P

P

DU

0HVHV

)LJXUD

&RQILDELOLGDG GH ORV HTXLSRV GH yVPRVLV LQYHUVD

9DULDFLyQ GHO &DXGDO

&DXGDO

0HVHV

Y QR

HQ

H

P DU P D\ MX O VH S

_ iUHD TXtPLFD

/DV ILJXUDV \ PXHVWUDQ ORV YD ORUHV PHGLRV PHQVXDOHV ORJUDGRV HQ XQD SODQWD GH yVPRVLV LQYHUVD LQV WDODGD HQ OD SURYLQFLD GH %XHQRV $L UHV FRQ ODV VLJXLHQWHV FDUDFWHUtVWLFDV GH GLVHxR FDXGDO GH SURGXFWR P K DO ILQDO GH ORV WUHV DxRV GH GX UDFLyQ VXSXHVWD GH OD PHPEUDQD SUHVLyQ GH RSHUDFLyQ LQFOX\HQGR OD FRQWUDSUHVLyQ GH XQD WRUUH GHFDU ERQDWDGRUD EDU FRQGXFWLYLGDG GHO DJXD GH DOLPHQWDFLyQ 6 P FRQGXFWLYLGDG GHO DJXD SUR GXFWR HVSHUDGD D ORV WUHV DxRV GH

&RQFOXVLRQHV

)LJXUD

HQ H

FD HV GH DOUHGHGRU GH 6L HQ FDPELR VH RSWD SRU FROR FDU FRPR WUDWDPLHQWR H[WHUQR XQ H TXLSR GH yVPRVLV LQYHUVD HO DJXD GH DOLPHQWDFLyQ VyOR FRQWHQGUi PJ OLWUR GH VDOHV SRU OR TXH SRGUi FRQFHQWUDUVH FRPR PtQLPR YH FHV (O FDXGDO GH H[WUDFFLRQHV VHUi HQ HVWH FDVR GH VyOR NJ K \ OD SpUGLGD GH FDORU YHFHV LQIHULRU R VHD XQ HTXLYDOHQWH D DOUHGHGRU GH DQXDOHV 6L VH FRQVLGHUDQ DGHPiV ORV DKRUURV RSHUDWLYRV TXH VLJQLILFD HO XVR GH DJXD GHVPLQHUDOL]DGD FRPR DOLPHQWDFLyQ D OD FDOGHUD FRPR SRU HMHPSOR PHQRU FRQVXPR GH SUR GXFWRV TXtPLFRV \ PHQRU SUREOH PDV GH FRUURVLyQ HQ ODV OtQHDV GH YD SRU FRQGHQVDGR OD LQYHUVLyQ DGL FLRQDO FRUUHVSRQGLHQWH D XQ HTXLSR GH yVPRVLV LQYHUVD SXHGH VHU UHFX SHUDGD HQ PHQRV GH PHVHV

XVR 6 FP FRQFHQWUDFLyQ GH Vt OLFH HQ HO DJXD FUXGD PJ OLWUR (O DJXD SURGXFWR VH PH]FOD FRQ GH FRQGHQVDGR \ VH XWLOL]D SDUD DOL PHQWDU XQD FDOGHUD FRQ XQD SUR GXFFLyQ PHGLD GH YDSRU GH NJ K D SVLJ GH SUHVLyQ GH RSH UDFLyQ (Q HO SUHVHQWH FDVR HO FRQ FHQWUDGR GHO HTXLSR VH PH]FOD FRQ HO DJXD GH SR]R GH XVR JHQHUDO \ VH UHFLFOD QR JHQHUiQGRVH GH HVWD IRU PD HIOXHQWH GH OD SODQWD (O HTXLSR LQVWDODGR OOHYD DOUHGH GRU GH PHVHV HQ IXQFLRQDPLHQWR VLQ QLQJ~Q LQFRQYHQLHQWH SURGX FLHQGR DJXD HQ FDQWLGDG \ FDOLGDG SRU HQFLPD GH ORV YDORUHV GH GLVHxR


3RU 'DQLHO )HUWRQDQL ,QJHQLHUR 4XtPLFR 0DWUtFXOD 1 GDQIHUWR#ILT XQO HGX DU

iUHDPHFiQLFD

SDUWH

/(*,6/$&,21 9,*(17( (1 /$ 3529,1&,$ '( 6$17$ )( 62%5( $3$5$726 620(7,'26 $ 35(6,21 3DUWH 68 &203$5$&,Ð1 &21 /$6 /(*,6/$&,21(6 '( 275$6 3529,1&,$6 '( /$ 5(3Ô%/,&$ $5*(17,1$

_ 5(9,67$ &,( _ 129,(0%5(

,QWURGXFFLyQ (Q OD SULPHUD SDUWH GH HVWH DUWt FXOR KLFLPRV PHQFLyQ D ODV FRQGL FLRQHV TXH GHEH UHXQLU XQ $63 SDUD TXHGDU DOFDQ]DGR SRU FDGD XQD GH ODV OHJLVODFLRQHV WHUULWRULDOHV 7DPELpQ VH GHWDOODURQ ORV UHTXL VLWRV H[LJLGRV D ORV HQFDUJDGRV GH R SHUDU ODV FDOGHUDV (Q HVWD VHJXQGD SDUWH GHVDUUR OODUHPRV ODV FRQGLFLRQHV TXH GHEH UHXQLU XQ $63 SDUD TXH VHD KDELOLWD GR D IXQFLRQDU SRU OD $XWRULGDG GH $SOLFDFLyQ FRUUHVSRQGLHQWH \ ODV SUXHEDV SHULyGLFDV D TXH GHEH VR PHWHUVH FRQ HO REMHWR GH YHULILFDU VXV FRQGLFLRQHV GH VHJXULGDG +DELOLWDFLyQ GH HTXLSRV (O FRQFHSWR GH LQVSHFFLyQ SUH YLD D OD SXHVWD HQ IXQFLRQDPLHQWR TXH VXUJH GH OD /H\ GH OD 3UR YLQFLD GH 6DQWD )H WLHQH FRPR REMH WR YHULILFDU ODV FRQGLFLRQHV GH VHJX ULGDG DQWHV GH TXH HO $63 VH KDELOLWH D HQWUDU HQ VHUYLFLR PHGLDQWH XQD LQVSHFFLyQ TXH GHEtD UHDOL]DU OD $X WRULGDG GH $SOLFDFLyQ HQ HVH HQWRQ FHV OD 2ILFLQD 7pFQLFD TXH IRUPDED SDUWH GHO 'HSDUWDPHQWR GH ,QJHQLH URV GH OD 3URYLQFLD

(Q OD DFWXDOLGDG FDGD MXULVGLF FLyQ HVWDEOHFH ORV UHTXLVLWRV TXH GH EH FXPSOLU XQ $63 SDUD TXH VHD KD ELOLWDGR D IXQFLRQDU (QWUH ORV UHTXLVLWRV VH LQFOX\H OD SUHVHQWDFLyQ GH GRFXPHQWDFLyQ WpFQLFD DQWH OD $XWRULGDG GH $SOLFD FLyQ 6L ELHQ ODV SDUWLFXODULGDGHV GHO FRQWHQLGR GH OD GRFXPHQWDFLyQ YD UtDQ GH MXULVGLFFLyQ HQ MXULVGLFFLyQ WRGDV H[LJHQ OD SUHVHQWDFLyQ GH SOD QRV PHPRULD GH FiOFXOR \ HO FXP SOLPLHQWR GH QRUPDWLYD UHFRQRFLGD HQ OD PDWHULD HQ FXDQWR D GLVHxR \ FRQVWUXFFLyQ FRPR SRU HMHPSOR FXPSOLU FRQ HO &yGLJR $60( 1RU PDV ,5$0 HWF &RQ HO ILQ GH LOXVWUDU ODV GLIHUHQ FLDV FLWDPRV HO VLJXLHQWH HMHPSOR OD SURYLQFLD GH 6DQWD )H HVWDEOHFH OD SUHVHQWDFLyQ GH XQ OHJDMR SRU HTXL SR PLHQWUDV TXH OD SURYLQFLD GH %XHQRV $LUHV SHUPLWH TXH ORV IDEUL FDQWHV GH $63 SUHVHQWHQ XQ ~QLFR OHJDMR SRU PRGHOR SRU ~QLFD YH] D PRGR GH SURWRWLSR 7RGDV ODV MXULVGLFFLRQHV H[LJHQ TXH HO $63 FXHQWH FRQ GHWHUPLQD GRV GLVSRVLWLYRV GH VHJXULGDG GLV SRVLWLYRV GH FRQWURO \ HTXLSDPLHQWR DX[LOLDU /DV SDUWLFXODULGDGHV GH FD GD XQD GH HVWDV H[LJHQFLDV VH GHWD

OODQ HQ ODV QRUPDWLYDV MXULVGLFFLRQD OHV \ VHUtD PX\ ODUJR GH SXQWXDOL]DU HQ HVWH DUWtFXOR $ PDQHUD GH HMHPSOR OD SURYLQ FLD GH 0LVLRQHV UHTXLHUH TXH ORV UHFL SLHQWHV TXH FRQWLHQHQ DPRQtDFR FXHQWHQ FRQ GREOH YiOYXOD GH VHJX ULGDG D UHVRUWH TXH RSHUHQ HQ SDUD OHOR \ VX GHVFDUJD VHD KDFLD XQ UHFL SLHQWH QHXWUDOL]DGRU PLHQWUDV TXH OD SURYLQFLD GH &yUGRED QR HVWDEOH FH QLQJ~Q UHTXLVLWR SDUWLFXODU SDUD HVWH WLSR GH HTXLSR VLQR TXH GHEH FXPSOLU FRQ UHTXLVLWRV JHQHUDOHV H[L JLGRV SDUD ORV $63 /DV UHJODPHQWDFLRQHV MXULVGLF FLRQDOHV WDPELpQ GHWDOODQ H[LJHQ FLDV \ UHFRPHQGDFLRQHV UHIHULGDV DO OXJDU GH LQVWDODFLyQ GH ORV $63 3RU HMHPSOR OD SURYLQFLD GH 6DQWD )H UH FRPLHQGD TXH HO OXJDU GH LQVWDOD FLyQ GH ODV FDOGHUDV VHD ´XQ ORFDO VHJUHJDGR R VHSDUDGR GH ODV LQVWDODFLRQHV LQGXVWULDOHVµ


/(*,6/$&,21 9,*(17( (1 /$ 3529,1&,$ '( 6$17$ )( 62%5( $3$5$726 620(7,'26 $ 35(6,21

(O REMHWR GH ODV LQVSHFFLRQHV SH ULyGLFDV HV OD YHULILFDFLyQ GH OD LQWH JULGDG GHO $63 6H HPSOHDQ WpFQLFDV QR GHVWUXFWLYDV (1' 'HQWUR GH ORV LQIRUPHV FRUUHV SRQGLHQWHV VH LQFOX\H ODV HVWLPDFLR QHV D WUDYpV GH FiOFXORV GH OD YLGD UH PDQHQWH GHO HTXLSR /D OHJLVODFLyQ QDFLRQDO HVWDEOHFH TXH GHEHUiQ UHDOL]DUVH ´ODV SUXH EDV H[LJLGDV SRU OD OHJLVODFLyQ YLJHQWH R SRU HO IDEULFDQWH SDUD HYLWDU VLWXDFLRQHV TXH SXHGDQ GHVHQFDGHQDU DFFLGHQWHVµ ([L JH TXH ODV FDOGHUDV VHDQ ´FRQWUR ODGDV H LQVSHFFLRQDGDV WRWDO PHQWH SRU OR PHQRV XQD YH] DO DxR SRU OD HPSUHVD FRQVWUXF WRUD R LQVWDODGRUD \ HQ DXVHQFLD GH pVWDV SRU RWUD HVSHFLDOL]D GDµ 1R HVSHFLILFD TXp WLSR GH HQVD \RV GHEHQ UHDOL]DUVH 7DPELpQ LQGLFD ORV FRQWUROHV D UHDOL]DU GXUDQWH HO WXUQR GH WUDEDMR SRU HMHPSOR FRQWURO GHO QLYHO GH D JXD \ FyPR DFWXDU DQWH GHWHUPL QDGDV VLWXDFLRQHV PLHQWUDV OD FDOGH UD VH HQFXHQWUD HQ IXQFLRQDPLHQWR SRU HMHPSOR FXDQGR OD SUHVLyQ HQ HO LQWHULRU GH OD FDOGHUD VH DSUR[LPD D OD SUHVLyQ GH WUDEDMR 1R KDFH RWUD UHIHUHQFLD D ORV $63 GLVWLQWRV GH ODV FDOGHUDV VREUH HVWH SXQWR $ FRQWLQXDFLyQ HQXPHUDUHPRV ORV HQVD\RV LQFOXLGRV HQ ODV LQVSHF FLRQHV SHULyGLFDV \ HQ ORV HVWXGLRV GH H[WHQVLyQ GH YLGD ~WLO H[LJLGRV HQ FDGD MXULVGLFFLyQ 3RU XQD FXHVWLyQ GH HVSDFLR QR GHWDOODUHPRV ODV SDU WLFXODULGDGHV GHVFULSWDV SDUD FDGD HQVD\R ODV TXH SXHGHQ HQFRQWUDUVH HQ ODV OHJLVODFLRQHV YLJHQWHV

3URYLQFLD GH %XHQRV $LUHV /D OHJLVODFLyQ HVWDEOHFH SDUD FDGD WLSR $63 HO VLJXLHQWH HVTXHPD GH LQV SHFFLRQHV SHULyGLFDV TXH GHEH VHU UHDOL]DGR SRU SURIHVLRQDOHV KDELOL WDGRV LQVFULSWRV HQ HO FRUUHVSRQ GLHQWH UHJLVWUR /D $XWRULGDG GH $ SOLFDFLyQ VH UHVHUYD HO GHUHFKR GH DXGLWDU ORV HQVD\RV GH LQVSHFFLyQ SHULyGLFD \ GH H[WHQVLyQ GH OD YLGD ~WLO D *HQHUDGRUHV GH YDSRU 3UXHED KLGUiXOLFD R HPLVLyQ DF~V WLFD $QXDO 0HGLFLyQ GH HVSHVRUHV $QXDO &RQWURO GHO IXQFLRQDPLHQWR GH ORV HOHPHQWRV GH VHJXULGDG VXV HQFOD YDPLHQWRV \ DFFLRQDPLHQWRV 6H PHVWUDO E 5HFLSLHQWHV SDUD FRQWHQHU D PRQtDFR &RQWURO GH HVSHVRUHV $QXDO &RQWURO GH ORV HOHPHQWRV GH VHJX ULGDG $QXDO

´

(O REMHWR GH ODV LQVSHFFLRQHV SHULyGLFDV HV OD YHULILFDFLyQ GH OD LQWHJULGDG GHO $63 6H HPSOHDQ WpFQLFDV QR GHVWUXFWLYDV (1' 'HQWUR GH ORV LQIRUPHV FRUUHVSRQGLHQWHV VH LQFOX\H ODV HVWLPDFLRQHV D WUDYpV GH FiOFXORV GH OD YLGD UHPDQHQWH GHO HTXLSR

´

,QVSHFFLRQHV SHULyGLFDV GH ORV HTXLSRV HQ IXQFLRQDPLHQWR

6L QR SXHGH UHDOL]DUVH OD 3UXHED +LGUiXOL FD SXHGH UHHPSOD]DUVH SRU 3UXHED 1HXPiWL FD WRPDQGR ODV SUHFDXFLRQHV GHO FDVR FRPR SRU HMHPSOR ODV LQGLFDGDV HQ HO &yG $60(

F 5HFLSLHQWHV SDUD FRQWHQHU FORUR 3UXHED KLGUiXOLFD R HPLVLyQ DF~V WLFD 4XLQTXHQDO &RQWURO GH HVSHVRUHV $QXDO &RQWURO YLVXDO 6HPHVWUDO G 5HFLSLHQWHV FULRJpQLFRV 3UXHED KLGUiXOLFD R HPLVLyQ DF~V WLFD &XDQGR VH IDEULTXH UHDOLFH XQD UHSDUDFLyQ FRQ GHVDUPH 3UXHED GH HVWDQTXHLGDG R GH FRQ GLFLyQ GH YDFtR 4XLQTXHQDO 0HGLFLyQ GH HVSHVRUHV $QXDO H 7DQTXHV SDUD FRQWHQHU DQKt GULGR FDUEyQLFR 3UXHED KLGUiXOLFD R HPLVLyQ DF~V WLFD 'HFHQDO &RQWURO GH HVSHVRUHV 'HFHQDO I &LOLQGURV GH FRQWLQXDV \ FLOLQ GURV HQ JHQHUDO FDOHIDFFLRQD GRV FRQ YDSRU 3UXHED KLGUiXOLFD R HPLVLyQ DF~VWL FD 4XLQTXHQDO R FXDQGR VH GHV PRQWH SDUD UHSDUDFLyQ &RQWURO GH HVSHVRUHV $QXDO

_ iUHD PHFiQLFD

(O SURIHVLRQDO DFWXDQWH SXHGH VROLFLWDU D OD $XWRULGDG GH $SOLFD FLyQ OD PRGLILFDFLyQ GH ORV HQVD\RV \ VX SHULRGLFLGDG /RV HQVD\RV GH H[WHQVLyQ GH YL GD ~WLO GHEHQ UHDOL]DUVH SRU XQ SURIH VLRQDO GH OD LQJHQLHUtD KDELOLWDGR H LQVFULSWR HQ HO 5HJLVWUR FRUUHVSRQ GLHQWH FXDQGR HO $63 KD\D FXPSOL GR DxRV GH OD IHFKD GH IDEULFD FLyQ QR FXHQWHQ FRQ SODFD GH LGHQ WLILFDFLyQ R D MXLFLR GH OD $XWRULGDG GH $SOLFDFLyQ /RV HQVD\RV H[LJLGRV VRQ ORV VLJXLHQWHV D $SDUDWRV D SUHVLyQ FRQ IXHJR ,QVSHFFLyQ YLVXDO FRQ UHWLUR GH OD DLVODFLyQ 0HGLFLyQ GH HVSHVRUHV 'HWHUPLQDFLyQ GH OD UHVLVWHQFLD PHFiQLFD GHO PDWHULDO 5HQGLPLHQWR WpUPLFR FRQ GHWHU PLQDFLyQ GH PRQy[LGR GH FDUERQR 5HFiOFXOR GH OD SUHVLyQ GH WUDEDMR \ GH OD FDSDFLGDG GH ODV YiOYXODV GH VHJXULGDG 3UXHED KLGUiXOLFD 5DGLRJUDILDGR GH VROGDGXUDV VL VH FUHH QHFHVDULR 5DGLDFLyQ WpUPLFD (VWXGLR GH SDUWtFXODV PDJQpWLFDV R WLQWDV SHQHWUDQWHV ,QVSHFFLyQ YLVXDO LQWHUQD 6L QR VH


´

SXHGH DFFHGHU VH GHEH UHFXUULU D ERURVFRStD SRU ILEUD ySWLFD $QiOLVLV TXtPLFR GH ORV GHSyVLWRV GH OD FRPEXVWLyQ \ GH ODV LQFUXVWD FLRQHV GHELGDV DO DJXD E $SDUDWRV D SUHVLyQ VLQ IXHJR 0HGLFLyQ GH HVSHVRUHV 5HFiOFXOR GH OD SUHVLyQ GH WUDEDMR \ GH OD FDSDFLGDG GH ODV YiOYXODV GH VHJXULGDG 3UXHED KLGUiXOLFD 5DGLDFLyQ WpUPLFD VL WUDEDMD D PiV GH &

(VWXGLR GH SDUWtFXODV PDJQpWLFDV R WLQWDV SHQHWUDQWHV ,QVSHFFLyQ YLVXDO LQWHUQD 6L QR VH SXHGH DFFHGHU VH GHEH UHFXUULU D ERURVFRStD SRU ILEUD ySWLFD VL ODV GL PHQVLRQHV GHO DSDUDWR OR MXVWLILFDQ

$QiOLVLV TXtPLFR GH ORV GHSyVLWRV GH OD FRPEXVWLyQ \ GH ODV LQFUXVWD FLRQHV GHELGDV DO DJXD

\ HO SHUtRGR GH WLHPSR HVWDEOHFLGR SDUD VX FXPSOLPLHQWR 6L ODV GHIL FLHQFLDV HQFRQWUDGDV VRQ JUDYHV HO LQVSHFWRU SURFHGH D OD FODXVXUD GHO $63

3URYLQFLD GH &yUGRED (O SOD]R Pi[LPR HQWUH LQVSHFFLRQHV SDUD $63 DOFDQ]DGRV SRU OD UHJODPHQWD FLyQ HV GH GRV DxRV 7DPELpQ GHEH UiQ LQVSHFFLRQDUVH FXDQGR KD\D WUDQVFXUULGR PiV GH XQ DxR GH LQDF WLYLGDG OXHJR GH XQD UHSDUDFLyQ R PRGLILFDFLyQ GH LPSRUWDQFLD FXDQ GR VHD UHLQVWDODGR R FXDQGR HO SUR SLHWDULR R OD $XWRULGDG GH $SOLFD FLyQ OR UHTXLHUDQ /D LQVSHFFLyQ FRQVWD GH ODV VL JXLHQWHV SDUWHV D RFXODU VH FRPSUXHED TXH HO $63 \ VXV DFFHVRULRV IXQFLRQDQ FRUUHF WDPHQWH E LQWHULRU F YHULILFDFLyQ GH HVSHVRUHV G GHWHUPLQDFLyQ GH OD SUHVLyQ Pi [LPD GH WUDEDMR GH ODV SDUWHV VRPHWL GDV D SUHVLyQ H WLPEUDGR GH ODV YiOYXODV GH VHJX ULGDG I HQVD\R KLGURVWiWLFR J SUXHED HQ FDOLHQWH \ VHOODGR GH OD YiOYXOD GH VHJXULGDG VH UHDOL]DQ VL ODV SUXHEDV DQWHULRUHV KDQ DUURMDGR UHVXOWDGR VDWLVIDFWRULR /XHJR GH OD LQVSHFFLyQ HO LQVSHF WRU HPLWH XQ FHUWLILFDGR 6L OD LQVSHF FLyQ HV VDWLVIDFWRULD GHMD FRQVWDQFLD GHO EXHQ IXQFLRQDPLHQWR 6L HO LQV SHFWRU FRQVLGHUD QHFHVDULR UHDOL]DU UHSDUDFLRQHV PHQRUHV GHMD FRQV WDQFLD GH ODV UHSDUDFLRQHV D UHDOL]DU

3URYLQFLD GH 0LVLRQHV /DV LQV SHFFLRQHV SHULyGLFDV GHEHQ UHDOL ]DUODV SURIHVLRQDOHV GH OD ,QJHQLHUtD KDELOLWDGRV H LQVFULSWRV HQ HO 5H JLVWUR FRUUHVSRQGLHQWH EDMR SURFH GLPLHQWRV HVFULWRV VHJ~Q QRUPDV $60( $670 $3, ,5$0 HWF /D $XWRULGDG GH $SOLFDFLyQ VH UHVHUYD HO GHUHFKR GH DXGLWRUtD GH ORV HQVD\RV SHULyGLFRV \ GH H[WHQ VLyQ GH YLGD ~WLO GH ORV $63 7DPELpQ SXHGH PRGLILFDU ORV SOD]RV HQWUH HQVD\RV R ILMDU QXHYDV SDXWDV VHJ~Q ORV DYDQFHV WHFQROyJLFDV /D UHJODPHQWDFLyQ SUHYp TXH OD YLGD ~WLO GH XQ HTXLSR ILQDOL]D FXD QGR DOFDQ]D ORV DxRV GH OD IHFKD GH IDEULFDFLyQ VHJ~Q VX SODFD GH LGHQWLILFDFLyQ FXDQGR QR SRVHH SODFD R FXDQGR DVt OR FRQVLGHUH OD $XWRULGDG GH $SOLFDFLyQ 3DUD H[ WHQGHU OD YLGD ~WLO GHEHUiQ UHDOL]DUVH HQVD\RV D WUDYpV GH 2UJDQLVPRV 2 ILFLDOHV UHFRQRFLGRV SRU OD $XWRUL GDG GH $SOLFDFLyQ (Q ORV HQVD\RV SHULyGLFRV HO SUR IHVLRQDO FRQVWDWDUi HO EXHQ IXQFLR QDPLHQWR GH ORV GLVSRVLWLYRV GH FRQ WURO \ VHJXULGDG ORV HQFODYDPLHQWRV \ ORV OD]RV GH FRQWURO /RV HQVD\RV \ VX SHULRGLFLGDG HV OD VLJXLHQWH D 3UXHED +LGUiXOLFD $QXDO E 0HGLFLRQHV $QXDO F &RQWUROHV 6HPDQDO G &DOLEUDFLyQ GH YiOYXOD GH VHJXUL

(O SURIHVLRQDO DFWXDQWH SXHGH VROLFLWDU D OD $XWRULGDG GH $SOLFDFLyQ OD PRGLILFDFLyQ GH ORV HQVD\RV \ VX SHULRGLFLGDG /RV HQVD\RV GH H[WHQVLyQ GH YLGD ~WLO GHEHQ UHDOL]DUVH SRU XQ SURIHVLRQDO GH OD LQJHQLHUtD KDELOLWDGR H LQVFULSWR HQ HO 5HJLVWUR FRUUHVSRQGLHQWH

´

_ 5(9,67$ &,( _ 129,(0%5(

iUHDPHFiQLFD

GDG DQXDO H 6LVWHPD GH VHJXULGDG $QXDO (O SURIHVLRQDO DFWXDQWH SXHGH VROLFLWDU D OD $XWRULGDG GH $SOLFD FLyQ OD PRGLILFDFLyQ GHO WLSR GH HQ VD\RV \ VX SHULRGLFLGDG 3DUD ORV $63 TXH FRQWLHQHQ D PRQtDFR VH H[LJH DGHPiV UHDOL]DU XQ HVWXGLR H[KDXVWLYR SRU XOWUDVR QLGR FDGD RFKR DxRV UHWLUDQGR WRWDOPHQWH OD DLVODFLyQ 6L ORV UHVXO WDGRV QR VRQ VDWLVIDFWRULRV GHEH UHD OL]DUVH XQD 3UXHED +LGUiXOLFD D OD SUHVLyQ GH GLVHxR 3URYLQFLD GH 6DQWD )H OD LQVSHF FLyQ DQXDO GH ODV FDOGHUDV FRQVWD GH GRV SDUWHV D ,QVSHFFLyQ LQWHUQD SDUD GHWHUPL QDU HO HVWDGR GH ODV FKDSDV \ VX HV SHVRU \ FRPSUREDU ODV FRQGLFLRQHV HQ TXH VH HQFXHQWUHQ ORV UHIXHU]RV \ FRVWXUDV 5HFiOFXOR GH OD SUHVLyQ GH WUDEDMR SRU QRUPDV UHFRQRFLGDV LQWHUQDFLRQDOPHQWH SUHIHUHQWH PHQWH SRU ODV QRUPDV FRQ OD TXH OD FDOGHUD IXH GLVHxDGD \ FRQVWUXLGD (O LQVSHFWRU SRGUi UHWLUDU R H[LJLU PXHVWUDV GH ORV PDWHULDOHV HPSOHD GRV R GH ODV VROGDGXUDV VLHPSUH TXH QR FRPSURPHWD HVWUXFWXUDO PHQWH DO HTXLSR ODV TXH VHUiQ UH PLWLGDV SDUD ORV HQVD\RV GH FDOLGDG D 2UJDQLVPRV HVSHFLDOL]DGRV /D 3UXHED +LGUiXOLFD VH UHDOL]DUi VLHP SUH TXH OD FDOGHUD HVWp HQ FRQGLFLR QHV GH WUDEDMDU


/(*,6/$&,21 9,*(17( (1 /$ 3529,1&,$ '( 6$17$ )( 62%5( $3$5$726 620(7,'26 $ 35(6,21

´

6yOR ODV SURYLQFLDV GH %XHQRV $LUHV &yUGRED 0HQGR]D 0LVLRQHV \ 6DQWD )H FXHQWDQ FRQ UHJODPHQWDFLyQ HVSHFtILFD TXH UHJXOD OD XWLOL]DFLyQ GH $63 GHQWUR GH VXV MXULVGLFFLRQHV

´ GDG 7HFQROyJLFD 1DFLRQDO R (PSUH VD KDELOLWDGD SRU OD $XWRULGDG GH $SOLFDFLyQ (O SURIHVLRQDO DFWXDQWH GHMDUi FRQVWDQFLD H[SUHVD GHO WLHPSR GH FRQILDELOLGDG GH OD FDOGHUD 5HVXPHQ \ &RQFOXVLRQHV 6yOR ODV SURYLQFLDV GH %XHQRV $L UHV &yUGRED 0HQGR]D 0LVLRQHV \ 6DQWD )H FXHQWDQ FRQ UHJODPHQWD FLyQ HVSHFtILFD TXH UHJXOD OD XWLOL]D FLyQ GH $63 GHQWUR GH VXV MXULVGLF FLRQHV /DV FRQGLFLRQHV TXH GHEH FXPSOLU XQ $63 SDUD TXH VHD DOFDQ]DGR SRU ODV UHJODPHQWDFLRQHV GLILHUH GH MXULV GLFFLyQ HQ MXULVGLFFLyQ (Q WRGDV ODV MXULVGLFFLRQHV SURYLQ FLDOHV VH HVWDEOHFH OD REOLJDWRULHGDG GH FRQWDU FRQ SHUVRQDO KDELOLWDGR SDUD OD RSHUDFLyQ GH FDOGHUDV $QWHV GH HQWUDU HQ IXQFLRQDPLHQWR ORV $63 GHEHQ VHU KDELOLWDGRV SRU OD $XWRULGDG GH $SOLFDFLyQ 6L ELHQ ODV H[LJHQFLDV VRQ VLPLODUHV SUHVHQWDQ DOJXQDV GLIHUHQFLDV HQ ORV UHTXLVLWRV SDUWLFXODUHV /D SHULRGLFLGDG \ ORV HQVD\RV D UHDOL]DU GXUDQWH ODV LQVSHFFLRQHV SH ULyGLFDV R GH H[WHQVLyQ GH YLGD ~WLO YDUtDQ GH MXULVGLFFLyQ HQ MXULVGLFFLyQ /RV HQVD\RV GH H[WHQVLyQ GH YLGD ~WLO QR VRQ H[LJLGRV HQ WRGDV ODV MXULV GLFFLRQHV &DGD MXULVGLFFLyQ HVWDEOHFH TXLpQ HV HO UHVSRQVDEOH GH UHDOL]DU ODV LQV SHFFLRQHV (Q DOJXQDV GHEH UHDOL]DU ODV OD PLVPD $XWRULGDG GH $SOLFD FLyQ \ HQ RWUDV OD $XWRULGDG VH UHVHU YD HO GHUHFKR GH DXGLWDU D ORV SURIH VLRQDOHV DFWXDQWHV

5HIHUHQFLDV %LEOLRJUiILFDV

/(< +LJLHQH \ 6HJXULGDG HQ HO 7UDEDMR 3RGHU (MHFXWLYR 1DFLRQDO %ROHWtQ 2ILFLDO 1 '(&5(72 +LJLHQH \ 6H JXULGDG HQ HO 7UDEDMR 5HJODPHQWD FLyQ 3RGHU (MHFXWLYR 1DFLRQDO %ROH WtQ 2I 1 5(62/8&,Ð1 'LVSRVLFLR QHV &RPSOHPHQWDULDV GH +LJLHQH \ 6HJXULGDG HQ HO 7UDEDMR )RUPXODULR GH $XWRHYDOXDFLyQ 6XSHULQWHQGHQFLD GH 5LHVJRV GH 7UDEDMR %ROHWtQ 2ILFLDO 1 '(&5(72 &RQWURO 8VR \ 6HJXULGDG GH *HQHUDGRUHV \ $UWHIDF WRV GH 9DSRU &yUGRED /(< /HJLVODWXUD GH OD 3URYLQ FLD GH 6DQWD )H '(&5(72 5HJODPHQWR GH ,QVSHFFLyQ GH &DOGHUDV 0RWRUHV D 9DSRU \ $SDUDWRV 6RPHWLGRV D 3UH VLyQ 3RGHU (MHFXWLYR GH OD 3URYLQFLD GH 6DQWD )H 5(62/8&,Ð1 $SDUDWRV 6RPHWLGRV D 3UHVLyQ 6HFUHWDUtD GH 3ROtWLFD $PELHQWDO GH OD 3URYLQFLD GH %XHQRV $LUHV Ã5(62/8&,Ð1 ² 0RGLILFDWR ULD GH OD 5HVROXFLyQ 6HFUHWDUtD GH 3ROtWLFD $PELHQWDO GH OD 3URYLQFLD GH %XHQRV $LUHV GH DEULO GH 5(62/8&,Ð1 0RGLILFD WRULD GH OD 5HVROXFLyQ 6HFUH WDUtD GH 3ROtWLFD $PELHQWDO GH OD 3UR YLQFLD GH %XHQRV $LUHV /(< ;9, 1 &iPDUD GH 5HSUH VHQWDQWHV 0LVLRQHV 5(62/8&,Ð1 6XEVHFUH WDUtD GH 7UDEDMR \ 6HJXULGDG 6RFLDO 3URYLQFLD GH 0HQGR]D GH MXOLR GH 5(62/8&,Ð1 6XEVHFUH WDUtD GH 7UDEDMR \ 6HJXULGDG 6RFLDO 3URYLQFLD GH 0HQGR]D

_ iUHD PHFiQLFD

E ,QVSHFFLyQ H[WHUQD TXH FRP SUHQGH (Q ORV JHQHUDGRUHV GH YDSRU OLP SLH]D H[WHUQD FRQGLFLRQHV GH IXQ FLRQDPLHQWR GH ORV DSDUDWRV GH FRQ WURO GH VHJXULGDG \ GH DOLPHQWDFLyQ \ UHJXODFLyQ \ VHOODGR GH YiOYXODV GH VHJXULGDG (Q ORV DSDUDWRV VRPHWLGRV D SUH VLyQ FRQWURO GH PDQyPHWURV \ VHOOD GR GH YiOYXODV GH VHJXULGDG /D LQVSHFFLyQ WDPELpQ GHEH UHDOL]DUVH OXHJR GH SUDFWLFDGRV ORV WUDEDMRV R UHSDUDFLRQHV \ VXEVDQD GDV ODV GHILFLHQFLDV SDUD TXH VH DX WRULFH HO IXQFLRQDPLHQWR GHO $63 (VWi SUHYLVWR TXH WRGDV ODV FDOGH UDV TXH KD\DQ FXPSOLGR WUHLQWD DxRV GHVGH OD IHFKD GH IDEULFDFLyQ R TXH QR SRVHDQ OD SODFD RULJLQDO GH LGHQWLILFDFLyQ DSOLFDGD SRU HO IDEUL FDQWH R TXH QR SXHGD OD LQVSHFFLyQ GHWHUPLQDU OD IHFKD GH IDEULFDFLyQ TXHGDUi DXWRPiWLFDPHQWH GHFODUD GD IXHUD GH XVR \ SDUD FRQWLQXDU IXQFLRQDQGR GHEHUiQ FXPSOLPHQ WDU ORV HQVD\RV WpFQLFRV TXH D FRQWL QXDFLyQ VH GHWDOODQ TXH HQ WRGRV ORV FDVRV VHUiQ GH FDUiFWHU QR GHV WUXFWLYR \ VHUiQ UHDOL]DGRV SRU SURIH VLRQDOHV KDELOLWDGRV D WDO HIHFWR PHGLFLyQ GH HVSHVRU \ FiOFXORV GH YHULILFDFLyQ YHULILFDFLyQ GH XQLIRUPLGDG GH ORV HVSHVRUHV GH SDUHGHV SRU SURFHGL PLHQWRV XOWUDVyQLFRV GHWHFFLyQ GH JULHWDV VXSHUILFLDOHV \ R SURIXQGDV YHULILFDFLRQHV GH XQLRQHV UHPD FKDGDV R VROGDGDV YHULILFDFLyQ GH GHIRUPDFLRQHV SHUPDQHQWHV HQ ODV SDUWHV FUtWLFDV GHO DUWHIDFWR HQ OD SUXHED KLGUiX OLFD HQVD\R GH OD HILFLHQFLD WHyULFD \ IXQFLRQDPLHQWR HQVD\RV FRQ WLQWDV SHQHWUDQWHV HQ WUH ORV RMDOHV GH ODV PDQGULODGXUDV \ VRODSDV GH UHPDFKDGR YHULILFDFLyQ GH SURIXQGLGDG GH SL FDGXUD VL ODV KXELHUH GHWHUPLQDFLyQ PHWDORJUiILFDV GH OD HVWUXFWXUD GHO PDWHULDO HQ OXJDUHV GH FRPSURPLVR (VWH HQVD\R GHEH Ui UHDOL]DUVH HQ HQWLGDGHV RILFLDOHV 8QLYHUVLGDG 1DF GHO /LWRUDO 8QL YHUVLGDG 1DF GH 5RVDULR 8QLYHUVL


3RU &DUORV 0D\RO ,QJHQLHUR 4XtPLFR 0DWUtFXOD 1 6HFUHWDULR &,( ' ,

'(6$552//2 '( 1(*2&,26 3$57( 9 9$/25 '( /$ (035(6$ 3$5$ (/ $&&,21,67$ 0(72'2 '(/ )/8-2 '( &$-$ '(6&217$'2

_ 5(9,67$ &,( _ 129,(0%5(

(O YDORU GH XQD HPSUHVD SDUD HO DFFLRQLVWD HVWi EDVDGR HQ HO YDORU SUHVHQWH GHO IOXMR GH FDMD D VHU REWH QLGR GH ODV RSHUDFLRQHV GH OD HP SUHVD PHQRV HO YDORU GH ODV GHXGDV (Q HVHQFLD OD JHQHUDFLyQ GH FD MD RSHUDWLYD GHSHQGH GHO FRPSRUWD PLHQWR GH ODV YHQWDV FRPSRUWD PLHQWR GH FRVWRV \ JDVWRV DOtFXRWD GHO ,PSXHVWR D ODV *DQDQFLDV LQYHU VLRQHV HQ FDSLWDO GH JLUR LQYHUVLRQHV HQ DFWLYR ILMR FRVWR GH FDSLWDO \ GX UDFLyQ GH OD SUHYLVLyQ (VWLPDFLyQ GH YDORU SDUD HO DFFLRQLVWD (O YDORU HFRQyPLFR WRWDO GH XQD HPSUHVD RSHUDFLyQ R GH XQD XQL GDG GH QHJRFLRV HV LJXDO D OD VXPD GH ORV YDORUHV GH VXV GHXGDV \ GH VX YDORU SDUD HO DFFLRQLVWD 9($ (Q UHVXPHQ 9DORU GH OD RSHUDFLyQ 'HXGDV 9DORU SDUD ORV DFFLRQLVWDV 9($

5HHVFULELHQGR OD IyUPXOD GH D UULED REWHQHPRV OD IyUPXOD GHO YD ORU SDUD ORV DFFLRQLVWDV 9DORU SDUD ORV DFFLRQLVWDV 9($ 9DORU GH OD RSHUDFLyQ 'HXGDV

3DUD GHWHUPLQDU HO YDORU GH OD HPSUHVD SDUD ORV DFFLRQLVWDV SULPH UDPHQWH HVWLPDUHPRV HO YDORU GH OD HPSUHVD RSHUDFLyQ (VWH FiOFXOR GHO YDORU GH OD HPSUHVD FRPSUHQGH ED VLFDPHQWH GRV FRPSRQHQWHV (O YDORU SUHVHQWH GHO IOXMR GH FDMD GH ODV RSHUDFLRQHV GXUDQWH HO SHUtR GR SUHYLVWR (O YDORU UHVLGXDO TXH UHSUHVHQWD HO YDORU SUHVHQWH GHO QHJRFLR DWULEXt EOH DO SHUtRGR TXH YD PiV DOOi GHO SH UtRGR GH SUHYLVLyQ 3DUD FHUUDU HO FiOFXOR GHO YDORU GH OD HPSUHVD VH GHEHUiQ FRQVLGHUDU RWURV GRV HOHPHQWRV HO YDORU DFWXDO GH ORV WtWXORV QHJRFLDEOHV \ RWUDV D SOLFDFLRQHV ILQDQFLHUDV TXH SXHGDQ VHU WUDQVIRUPDGRV HQ FDMD \ TXH QR VRQ HVHQFLDOHV SDUD HO QHJRFLR PiV HO YDORU GH PHUFDGR GH ORV DFWLYRV QR RSHUDWLYRV (Q WRGRV HVWRV FDVRV QLQJXQD GH HVWDV LQYHUVLRQHV QL ORV LQJUHVRV JHQHUDGRV SRU ORV PLVPRV FRPR XQ LQJUHVR ILQDQFLHUR VH LQFOX\H HQ HO IOXMR GH FDMD GH ODV RSHUDFLRQHV (QWUH WDQWR HVWDV LQYHUVLRQHV WLH QHQ XQ YDORU EDVWDQWH QtWLGR GH ELHQGR VHU LQFOXtGRV HQ HO SURFHVR GH GHWHUPLQDFLyQ GHO YDORU GH OD HPSUHVD $Vt HO FiOFXOR GHO YDORU GH OD HPSUHVD WLHQH VHLV FRPSRQHQWHV

9DORU GH OD HPSUHVD SDUD ORV DFFLRQLVWDV 9DORU SUHVHQWH GHO IOXMR GH FDMD RSHUDWLYR GXUDQWH HO SHUtRGR GH SUHYLVLyQ 9DORU UHVLGXDO SHUSHWXLGDG &DMD H[FHGHQWH $FWLYRV QR RSHUDWLYRV 'HXGDV $MXVWHV

&DMD H[FHGHQWH UHFXUVRV ILQDQFLHURV DSOL FDGRV TXH H[FHGHQ OD FDMD PtQLPD RSHUDWLYD $FWLYRV QR RSHUDWLYRV $FWLYRV TXH QR FRQWULEXLUiQ D OD JHQHUDFLyQ GHO IOXMR GH FDMD RSHUDWLYR WDOHV FRPR LQPXHEOHV VLQ XVR RSH UDWLYR SDUWLFLSDFLRQHV VRFLHWDULDV FUpGLWRV HQ FRQMXQWR FRQ RWUDV HPSUHVDV HWF 'HXGDV HPSUpVWLWRV \ ILQDQFLDFLRQHV GH EHQWXUHV OHDVLQJ HWF $MXVWHV ULHVJRV TXH SXHGHQ DIHFWDU HO IOX MR GH FDMD \ QR KDQ VLGR FRQVLGHUDGRV WDOHV FRPR FRQWLQJHQFLDV ODERUDOHV QR SUHYLVWDV FUpGLWRV ILVFDOHV HQ MXLFLR DMXVWHV D YDORU GH PHUFDGR GH DFWLYRV FUpGLWRV FRPHUFLDOHV GH SHUFHSFLyQ GXGRVD HWF

´

(Q HVHQFLD OD JHQHUDFLyQ GH FDMD RSHUDWLYD GHSHQGH GHO FRPSRUWDPLHQWR GH ODV YHQWDV FRPSRUWDPLHQWR GH FRVWRV \ JDVWRV DOtFXRWD GHO ,PSXHVWR D ODV *DQDQFLDV LQYHUVLRQHV HQ FDSLWDO GH JLUR LQYHUVLRQHV HQ DFWLYR ILMR FRVWR GH FDSLWDO \ GXUDFLyQ GH OD SUHYLVLyQ

´

9DORU GH OD HPSUHVD SDUD HO DFFLRQLVWD


'(6$552//2 '( 1(*2&,26 3$57( 9 9$/25 '( /$ (035(6$ 3$5$ (/ $&&,21,67$

9DORU GH OD HPSUHVD SDUD ORV DFFLRQLVWDV 9DORU SUHVHQWH GHO IOXMR GH FDMD GHO DFFLRQLVWD GXUDQWH HO SHUtRGR GH SUHYLVLyQ 9DORU UHVLGXDO SHUSHWXLGDG &DMD H[FHGHQWH DFWLYRV QR RSHUDWLYRV $MXVWHV

7UD\HQGR OD WHRUtD PDV FHUFD GH OD SUDFWLFD OD UHDOLGDG

´'HVFRQWDQGR HO IOXMR GH FDMD GHO DFFLRQLVWDµ

´

(O IOXMR GH FDMD SDUD HO DFFLRQLVWD HV HO IOXMR GH FDMD GH OD RSHUDFLyQ PHQRV ORV LQWHUHVHV GH ODV GHXGDV /D DPRUWL]DFLyQ GH ODV GHXGDV QR GHEHUi VHU FRQVLGHUDGD SUHVXPLHQGR HO UHFLFODGR GHO SULQFLSDO

FXHQWD HO IOXMR GH GLYLGHQGRV 6H SXHGH DUJXPHQWDU TXH HVWH YDORU PD\RU VH MXVWLILFD SRU OD SRVHVLyQ GHO FRQWURO GH OD HPSUHVD 7DQWR HO IOXMR GH FDMD SDUD HO DF FLRQLVWD FXDQWR HO IOXMR GH GLYLGHQ GRV SRGUiQ VHU GLYLGLGRV HQ GRV SH UtRGRV )OXMR HQ HO SHUtRGR GH FUHFLPLHQ WR )OXMR HQ HO SHUtRGR GH SHUSHWXL GDG 3HUtRGR GH FUHFLPLHQWR HV DTXHO HQ TXH ORV SUR\HFWRV RIUHFHQ XQ UH WRUQR VXSHULRU DO FRVWR GH VXV ILQDQ FLDFLRQHV SRU OR WDQWR FUHDQGR YDORU SDUD VXV DFFLRQLVWDV 3HUtRGR GH SHUSHWXLGDG HV DTXHO HQ TXH ORV SUR\HFWRV RIUHFHQ XQ UH WRUQR LJXDO DO FRVWR GH VXV ILQDQFLD FLRQHV SRU OR WDQWR QR FUHDQGR YD ORU SDUD ORV DFFLRQLVWDV $O GHWHUPLQDU HO YDORU GH XQD HPSUHVD PDGXUD HO IOXMR GH FDMD SR GUi HYLGHQFLDU XQ SHUtRGR GH SHU SHWXLGDG SUy[LPR WDO YH] GH D DxRV GH SHUtRGR GH FUHFLPLHQWR \ GHVSXpV \D VH FRQVLGHUD HO FRQWH[WR GH SHUSHWXLGDG 8QD HPSUHVD PD GXUD HV DTXHOOD FRQ XQD DOWD SDUWL FLSDFLyQ HQ XQ PHUFDGR FRPSHWLW LYR \ FRQ SHUVSHFWLYD GH EDMD WDVD GH FUHFLPLHQWR /D $UJHQWLQD HV XQ SDtV HPHU JHQWH SRU OR WDQWR OD SUHGRPLQDQFLD HV GH HPSUHVDV HPHUJHQWHV (Q FRQ VHFXHQFLD HO YDORU GH OD PD\RUtD GH ODV HPSUHVDV FRQWHPSODUi XQ JUDQ SHUtRGR GH FUHFLPLHQWR R PiV DxRV DVXPLpQGRVH OD SHUSH WXLGDG HQ HO ODUJR SOD]R WHQLHQGR pV WD XQ SHVR UHGXFLGR HQ HO YDORU GH OD FRPSDxtD (VWH SRVLFLRQDPLHQWR HV PiV D PLJDEOH SDUD HO DQDOLVWD SXHV SHU PLWH TXH HQ VXV VLPXODFLRQHV DVXPD ULWPRV GLIHUHQWHV HQ HO IOXMR GH FDMD SDUD HO DFFLRQLVWD (QWRQFHV DVXPLUHPRV TXH HO YDORU GH XQD HPSUHVD WRPDUi HQ FRQVLGHUDFLyQ HO IOXMR GH FD MD GHO DFFLRQLVWD R IOXMR GH GLYL GHQGRV \ TXH OD WDVD GH GHV FXHQWR GH HVWH IOXMR VHUi HO &&3 &RVWR GH &DSLWDO 3URSLR R 7DVD GH 5HWRUQR GHVHDGD SRU ORV $F FLRQLVWDV

_ RWUDV HVSHFLDOLGDGHV

+DELHQGR WUDWDGR EDVWDQWH ORV WHPDV GHO IOXMR GH FDMD RSHUDWLYR \ GHO IOXMR GH FDMD ILQDO OR TXH YDPRV D UHFRPHQGDU SDUD HO FiOFXOR GHO YDORU GH OD HPSUHVD HV HO GHVFXHQWR GHO IOXMR GH FDMD SDUD HO DFFLRQLVWD /yJL FD HO YDORU GH OD HPSUHVD SDUD HO DF FLRQLVWD GHSHQGH GH VX FDSDFLGDG GH JHQHUDFLyQ GH FDMD SDUD HO DFFLR QLVWD (O IOXMR GH FDMD SDUD HO DFFLRQLVWD HV HO IOXMR GH FDMD GH OD RSHUDFLyQ PHQRV ORV LQWHUHVHV GH ODV GHXGDV /D DPRUWL]DFLyQ GH ODV GHXGDV QR GHEHUi VHU FRQVLGHUDGD SUHVXPLHQ GR HO UHFLFODGR GHO SULQFLSDO 1R ROYLGDU TXH HO &&3 HV VXSH ULRU DO &&7 3RU OR WDQWR SDJDU GHX GDV FRQ UHFXUVRV SURSLRV HQ YHU GDG HV PLQLPL]DU HO UHWRUQR SRWHQ FLDO GHO DFFLRQLVWD \ SRU HQGH D SULR UL XQD DFWLWXG SRFR UHFRPHQGDEOH (VWH IOXMR GH FDMD GHO DFFLRQLVWD QHFHVDULDPHQWH QR FRUUHVSRQGH DO GLYLGHQGR D VHU SDJDGR DO DFFLRQLV WD (MHPSOR XQD HPSUHVD SRGUtD WHQHU XQ GpILFLW RSHUDWLYR HQ XQ DxR SURYRFDGR SRU HO H[FHVR GH LQYHU VLRQHV KDELHQGR VLQ HPEDUJR H[SH ULPHQWDGR OXFURV \ SDJRV GH GLYL GHQGRV TXH LPSDFWDQ HQ HO IOXMR GH FDMD GHO DFFLRQLVWD 6L GHVFRQWiUD

PRV HO IOXMR GH FDMD FRUUHUtDPRV HO ULHVJR GH WUDHU DO YDORU SUHVHQWH XQ YDORU QHJDWLYR SXHV KXER GpILFLW HQ XQ SHUtRGR HQ TXH HO DFFLRQLVWD UH FLELy GLYLGHQGRV (Q RWUR SHUtRGR OD HPSUHVD SR GUi WHQHU XQ IOXMR GH FDMD HVWLPDGR WHyULFDPHQWH HOHYDGR SDUD VHU GLV WULEXtGR DO DFFLRQLVWD $~Q OD HPSUH VD UHWHQGUi XQD SDUWH GH HVWH VXSH UiYLW SDUD VRSRUWDU QXHYDV LQYHUVLR QHV VLHQGR HO GLYLGHQGR D VHU GLVWUL EXtGR HIHFWLYDPHQWH PHQRU TXH HO WHyULFDPHQWH SRVLEOH $ SHVDU GH HVWDV UHVHUYDV HV KD ELWXDO TXH VH GHVFXHQWH HVWH IOXMR GH FDMD SDUD GHWHUPLQDU HO YDORU GH OD HPSUHVD VREUH WRGR SRU SDUWH GH D TXHOORV TXH SHUVLJXHQ HO FRQWURO /RV DFFLRQLVWDV PLQRULWDULRV GHV FXHQWDQ HO IOXMR GH GLYLGHQGRV (O GL YLGHQGR HV GLQHUR \ GHSHQGH GH OD JDQDQFLD /D SROtWLFD GH GLYLGHQGRV JLUD HQ IXQFLyQ GH OD JDQDQFLD (YLGHQWHPHQWH FXDQGR XQD HP SUHVD GLVWULEX\H GLYLGHQGRV HOOD RE VHUYD OD JDQDQFLD \ HO IOXMR GH FDMD GH VXV RSHUDFLRQHV 3HUR SDUD HO DFFLRQLVWD SULQFL SDOPHQWH HO PLQRULWDULR OR TXH FXHQWD HV HO GLYLGHQGR GLVWULEXtGR \ QR HO IOXMR GH FDMD GH OD HPSUHVD (Q HVHQFLD HO YDORU GH OD HPSUH VD HV OD VXPDWRULD GHO IOXMR IXWXUR GH GLYLGHQGRV (Q SULQFLSLR HV UD]RQDEOH DVXPLU TXH GHVFRQWDU HO IOXMR GH FDMD SDUD HO DFFLRQLVWD OOHYH D XQ YDORU GH OD HP SUHVD VXSHULRU D DTXHO HQ TXH VH GHV

´

7DQWR HO IOXMR GH FDMD RSHUDWLYR FXDQWR OD SHUSHWXLGDG VRQ GHVFRQ WDGRV D YDORU SUHVHQWH SRU HO &03& 2WUD SRVLELOLGDG HV GHVFRQWDU HO IOXMR GH FDMD GHO DFFLRQLVWD GHVSXpV GH ORV LQWHUHVHV GH OD GHXGD (O IOXMR GH FDMD GHO DFFLRQLVWD HV GHVFRQWDGR D YDORU SUHVHQWH SRU HO FRVWR GHO FDSLWDO SURSLR (Q HVWH FDVR OD H[SUHVLyQ GHO 9($ HV OD VLJXLHQWH


RWUDVHVSHFLDOLGDGHV

(Q ODV SUR\HFFLRQHV GHO IOXMR GH FDMD TXH LUiQ D VRSRUWDU HO GHVFXHQ WR GHO IOXMR GHEHUHPRV XWLOL]DU ODV H[ SHFWDWLYDV GH &&7 \ &&3 TXH SR GUiQ VHU LQIHULRUHV SULQFLSDOPHQWH HQ XQ SDtV FRPR OD $UJHQWLQD D ODV WDVDV GH GHVFXHQWR GHO QLYHO DFWXDO (VWR D SHVDU TXH KHPRV WUDQVFX UULGR \D YDULRV DxRV GH HVWDELOLGDG \ TXL]iV GHELGR D OD LQHILFLHQFLD GH ORV VLVWHPDV ILQDQFLHUR H LPSRVLWLYR ODV WDVDV GH LQWHUpV FRQWLQ~DQ DQRUPDO PHQWH DOWDV FRPSUREiQGRVH TXH QR HV OD LQIODFLyQ HO ~QLFR IDFWRU GH LQPRUDOLGDG LPSHUDQWH HQ ORV SDtVHV HPHUJHQWHV (Q UHDOLGDG HO QLYHO GHO &&3 GH EHUtD DFRPSDxDU DO GH ODV WDVDV GH LQWHUpV HQ VX WHQGHQFLD GHFOLQDQWH HQ XQ SDtV HPHUJHQWH TXH GHFLGH SROtWLFDPHQWH VHU HILFLHQWH 3RU OR WDQWR FRPR HVWDPRV GHVFRQWDQGR XQ IOXMR GH FDMD IXWXUR HO &&3 DVX PLGR SDUD HO GHVFXHQWR GHEHUi VHU HO PDUJLQDO 9DPRV D FRQFOXtU HVWH D VXQWR FRQ HO VLJXLHQWH FDVR SUiFWLFR ¢&XiO HV HO YDORU GH OD HPSUHVD IUHQWH D ORV VLJXLHQWHV SDUiPHWURV" $xR

7RWDO

/ $S

'LYLGHQGRV 3HUSHWXLGDG 9DORU GH GHO DxR SUHVHQWH &&3 / $3

HQ DGHODQWH GHO

_ 5(9,67$ &,( _ 129,(0%5(

(O YDORU MXVWR GH OD DFFLyQ HV GH 7RGRV ORV HOHPHQWRV GH OD ~OWLPD FROXPQD IXHURQ WUDtGRV DO YDORU SUHVHQWH D OD WDVD GH GHVFXHQWR LJXDO DO &&3 GHO «««««

(O YDORU GH OD SHUSHWXLGDG GH HV LJXDO D 2EVHUYHPRV TXH HQ HO DxR FRPLHQ]R GH OD SHUSHWXLGDG D VXPLPRV TXH HO GHO OXFUR HV GLWULEXtGR HQ IRUPD GH GLYL GHQGRV (VWH SURFHGL PLHQWR HV FRUUHFWR SXHV FRPR VH KD DVXPLGR TXH HO OXFUR UHWH QLGR VHUi UHLQYHUWLGR DO TXH HV OD PLVPD WDVD GH GHV FXHQWR GHO IOXMR QR KD\ FUHD FLyQ GH YDORU SDUD HO DFFLRQLVWD 3RU OR WDQWR OD SROtWLFD GH GLYL GHQGRV HV LUUHOHYDQWH 1R WLHQH

VHQWLGR KDFHU VLPXODFLRQHV GH SD\ RXWV \ VH GHEH WRPDU HO GH OD JDQDQFLD SRU DFFLyQ D SDUWLU GH HVH PRPHQWR 2EVHU YHPRV HO FXDGUR GH DEDMR $xR

7RWDO

/ $S

'LYLGHQGRV 3HUSHWXLGDG 9DORU GH GHO DxR SUHVHQWH &&3 / $3

HQ DGHODQWH GHO

(O / $S SUR\HFWDGR GH HV LJXDO DO / $S GH PiV HO LQFUH PHQWR GH (VWH YDORU UHIOHMD HO UHWHQLGR HQ HO DxR UHLQYHU WLGR DO 6H YXHOYH D GHPRVWUDU TXH OD SR OtWLFD GH GLYLGHQGRV HQ UpJLPHQ GH SHUSHWXLGDG UHVXOWD LUUHOHYDQWH &DVRV SUiFWLFRV &DVR SUiFWLFR XQ LQYHUVRU HVWi D QDOL]DQGR OD FRPSUD GHO FRQWURO DF FLRQDULR GH XQD HPSUHVD PDGXUD Ã3HUSHWXLGDG GLYLGHQGRV GHVGH HO DxR /tTXLGR GHO , *

Ã&&3 DQXDO â&XiO HV HO YDORU MXVWR D SDJDU SRU OD SDUWLFLSDFLyQ DFFLRQDULD" 6ROXFLyQ GHO FDVR SUiFWLFR Ã9DORU GH OD HPSUHVD SHUSHWXLGDG Ã(VWH UHWRUQR DQXDO GHO DVXPH TXH HO LQYHUVRU DxR D DxR UHFLELUi DGHPiV GH OD SRVLELOLGDG GH UHYHQGHU HQ FXDOTXLHU PRPHQWR VX SDUWLFLSDFLyQ DFFLRQDULD SRU ORV PLV PRV TXH KD SDJDGR &DVR SUiFWLFR WRGR OR PLVPR TXH HO FDVR SUHFHGHQWH SHUR FRQ XQD PRGLILFDFLyQ (Q HO DxR OD HVWL PDFLyQ GH SHUFHSFLyQ GH GLYLGHQ GRV HV QXOD à 3HUSHWXLGDG XQLFDPHQWH D SDUWLU GHO DxR à &&3 DQXDO à ¢&XiO HV HO YDORU MXVWR D SDJDU SRU OD SDUWLFLSDFLyQ DFFLRQDULD" 6ROXFLyQ GHO FDVR SUiFWLFR Ã9DORU GH OD HPSUHVD SHUSHWXLGDG

&DVR SUiFWLFR WRGR OR PLVPR TXH HQ ORV FDVRV SUHFHGHQWHV SHUR FRQ OD PRGLILFDFLyQ GH TXH HQ ORV DxRV \ OD HVWLPDFLyQ GH OD SHUFHSFLyQ GH GLYLGHQGRV HV QXOD à 3HUSHWXLGDG D SDUWLU GHO DxR Ã&&3 DQXDO â&XiO HV HO YDORU MXVWR D SDJDU SRU OD SDUWLFLSDFLyQ DFFLRQDULD" 6ROXFLyQ GHO FDVR SUiFWLFR Ã9DORU GH OD HPSUHVD SHUSHWXLGDG Ã&RQFOXVLyQ HO YDORU GH XQD SHUSH WXLGDG GLVPLQX\H D PHGLGD HQ TXH HOOD DFRQWHFH PiV GLVWDQWH GHO YDORU SUHVHQWH &DVR SUiFWLFR ¢&XiO HV HO YDORU GH XQD HPSUHVD SDUD HO DFFLRQLVWD FRQ HO VLJXLHQWH IOXMR GH FDMD SUR\HFWD GR" à $xR à $xR à 3HUSHWXLGDG D SDUWLU GHO DxR à &&3 DQXDO â&XiO HV HO YDORU MXVWR D SDJDU SRU OD SDUWLFLSDFLyQ DFFLRQDULD" 6ROXFLyQ GHO FDVR SUDFWLFR Ã9DORU GH OD HPSUHVD &DVR SUiFWLFR XQ LQYHUVRU HVWi D QDOL]DQGR OD FRPSUD GHO FRQWURO DF FLRQDULR GH XQD HPSUHVD PDGXUD à 3HUSHWXLGDG GLYLGHQGRV D SDUWLU GHO DxR OtTXLGR GH , *

Ã&&3 DQXDO â&XiO HV HO YDORU MXVWR D SDJDU SRU OD SDUWLFLSDFLyQ DFFLRQDULD" 6ROXFLyQ à 9DORU GH OD HPSUHVD $KRUD ELHQ VXUJH OD RSRUWXQL GDG GH XQD LQYHUVLyQ HQ XQ QXHYR SUR\HFWR GH HQ HO DxR %DMR HVWD FLUFXQVWDQFLD HO IOXMR GH FDMD HQ UpJLPHQ GH SHUSHWXLGDG SD VDUi D VHU GH D SDUWLU GHO DxR ¢/D HPSUHVD GHEHUi DFHSWDU HO QXHYR SUR\HFWR" ([SOLTXH \ GH PXHVWUH


'(6$552//2 '( 1(*2&,26 3$57( 9 9$/25 '( /$ (035(6$ 3$5$ (/ $&&,21,67$

6ROXFLyQ GHO FDVR SUiFWLFR (O YDORU GH OD HPSUHVD SHUPDQH FH HQ 3RU OR WDQWR HO SUR \HFWR QR DJUHJD YDORU D OD HPSUHVD FRQVLJXLHQWHPHQWH HV LQGLIHUHQWH SDUD OD HPSUHVD VX DFHSWDFLyQ (VWR SDVD SRUTXH OD JDQDQFLD UHWHQLGD IXH DSOLFDGD DO DQXDO TXH HV OD PLVPD WDVD GH GHVFXHQWR GHO IOXMR [

´

)RUPDWR DOWHUQDWLYR

(Q ODV SUR\HFFLRQHV GHO IOXMR GH FDMD TXH LUiQ D VRSRUWDU HO GHVFXHQWR GHO IOXMR GHEHUHPRV XWLOL]DU ODV H[SHFWDWLYDV GH &&7 \ &&3 TXH SRGUiQ VHU LQIHULRUHV SULQFLSDOPHQWH HQ XQ SDtV FRPR OD $UJHQWLQD D ODV WDVDV GH GHVFXHQWR GHO QLYHO DFWXDO

´ $xR

) & $FWXDO

7RWDO

,PSDFWR GHO 3UR\HFWR

) & /tTXLGR

9DORU SUHVHQWH GHO ) & /tTXLGR

)RUPDWR WUDGLFLRQDO *DQDQFLD RSHUDWLYD *DVWRV ILQDQFLHURV *DQDQFLD DQWHV GH , * ,PSXHVWR D ODV *DQDQFLDV *DQDQFLD GHO DFFLRQLVWD

,QWHUHVHV EUXWRV [ (FRQRPtD GHO , * HQ ORV FRVWRV [ ,QWHUHVHV OtTXLGRV

6ROXFLyQ GH OD SUHJXQWD &iOFXOR GHO 9DORU GH OD (PSUHVD SDUD HO $FFLRQLVWD 9($ &03& OtTXLGR GH , * [ ´(Q EDVH D OD FDSDFLGDG GH JHQHUD FLyQ GH FDMD RSHUDWLYDµ 9($ 9DORU GH OD 2SHUDFLyQ PH QRV GHXGDV 9DORU GH OD 2SHUDFLyQ )OXMR GH FD MD RSHUDWLYR GHVFRQWDGR SRU HO &03& 9($ ´(Q EDVH D OD FDSDFLGDG GH JHQHUD FLyQ GH FDMD SDUD HO DFFLRQLVWDµ 9($ )OXMR GH &DMD GHO $FFLRQLVWD GHVFRQWDGR SRU HO &RVWR GHO &DSLWDO 3URSLR 9($ ,PSRUWDQWH 2EVHUYH TXH HQ HVWD VL WXDFLyQ VH SUR\HFWD XQD FDSDFLGDG GH JHQHUDFLyQ GH FDMD SDUD HO DF FLRQLVWD LGpQWLFD DO FRVWR GHO FDSLWDO GHVHDGR [

5HFRUGDU &RPR HVWDPRV DVXPLHQ GR HO UpJLPHQ GH SHUSHWXLGDG GHVGH HO DxR VH SUHVXPH OD LUUHOHYDQFLD GH OD SROtWLFD GH GLYLGHQGRV R VHD VH GHVFXHQWD OD JDQDQFLD OtTXLGD FRPR VL IXHVH GLVWULEXtGD HQ IRUPD GH GLYLGHQGRV &DVR SUiFWLFR ¢&XiO VHUi HO 9($ HQ FDVR TXH OD HVWLPDFLyQ GH OD JHQHUDFLyQ GH FDMD RSHUDWLYD DQWHV GHO , * VHD GH SRU OR WDQWR GHVSXpV GHO , * 'HWHU PLQH HO 9($ SRU HO IOXMR GH FDMD GH OD RSHUDFLyQ \ GHO DFFLRQLVWD /RV GHPiV GDWRV GHO SUREOHPD SHUPDQHFHQ ORV PLVPRV

_ RWUDV HVSHFLDOLGDGHV

&DVR SUiFWLFR XQ LQYHUVRU HVWi D QDOL]DQGR OD DGTXLVLFLyQ GH OD WRWDOL GDG GHO FRQWURO DFFLRQDULR GH XQD FRPSDxtD 6XV SUR\HFFLRQHV GHO IOX MR GH JDQDQFLDV VH EDVDQ HQ ODV VL JXLHQWHV SUHPLVDV HQ FDUiFWHU GH SHUSHWXLGDG Ã ,QYHUVLRQHV RSHUDWLYDV DFWLYRV FLUFXODQWHV \ ILMRV

à )LQDQFLDFLRQHV RSHUDWLYDV SURYHHGRUHV UHWHQFLyQ OH JDO GH LPSXHVWRV HWF

à )LQDQFLDPLHQWRV EDQFDULRV FRVWR EUXWR GHO DQXDO

à &DSLWDO SURSLR FRVWR EUXWR GHO DQXDO

Ã$OtFXRWD GHO ,PSXHVWR D ODV *DQDQFLDV 3UHJXQWDV ¢&XiO HV HO YDORU GHV ODV LQYHUVLR QHV RSHUDWLYDV OtTXLGDV" ¢&~DO HV HO FRVWR PHGLR SRQGH UDGR GHO FDSLWDO &03&" ¢&XiO HV OD PHWD GH JHQHUDFLyQ GH JDQDQFLD RSHUDWLYD GHVHDGD SD UD TXH ODV FRQGLFLRQHV GHO SUREOHPD VHDQ DOFDQ]DGDV" ¢&XiO HV OD PHWD GH JHQHUDFLyQ GH JDQDQFLDV SDUD HO DFFLRQLVWD GH VHDGD SDUD TXH ODV FRQGLFLRQHV GHO SUREOHPD VHDQ DOFDQ]DGDV" ¢&XiO HV HO YDORU GH HVWD SDU WLFLSDFLyQ DFFLRQDULD" 7RPH FRPR UHIHUHQFLD OD JHQHUDFLyQ GH JDQDQ FLD FDMD RSHUDWLYD \ OD JHQHUDFLyQ GH

JDQDQFLD FDMD SDUD HO DFFLRQLVWD DPERV HQ UpJLPHQ GH SHUSHWXLGDG GHVGH HO DxR 6ROXFLyQ GHO FDVR SUiFWLFR Ã6ROXFLyQ GH OD SUHJXQWD Ã6ROXFLyQ GH ODV SUHJXQWDV \ 3DUWLFLSDFLyQ GH ODV ILQDQFLDFLRQHV EDQFDULDV HQ HO $2/ 3DUWLFLSDFLyQ GHO FDSLWDO SURSLR HQ HO $2/ &03& [ [

*DQDQFLD RSHUDWLYD GHVHDGD [ *DVWRV ILQDQFLHURV EUXWRV [

*DQDQFLD GHVSXpV GH LQWHUHVHV \ DQWHV GHO , *

,PSXHVWR D ODV *DQDQFLDV [

*DQDQFLD OtTXLGD GHVSXpV GHO , * &RVWR EUXWR GH OD GHXGD &RVWR OtTXLGR GH OD GHXGD [ &RVWR EUXWR GHO FDSLWDO SURSLR &RVWR OtTXLGR GHO FDSLWDO SURSLR 5HVXPHQ GH OD JHQHUDFLyQ GH JD QDQFLD

*DQDQFLD RSHUDWLYD ,PSXHVWR D ODV JDQDQFLDV *DQDQFLD DQWHV GH LQWHUHVHV ,PSXHVWR /tTXLGRV *DQDQFLD GHO DFFLRQLVWD


RWUDVHVSHFLDOLGDGHV

,QVWHUHVHV *DQDQFLD OtTXLGD

&RVWR GHO &DSLWDO SURSLR (9$

_ 5(9,67$ &,( _ 129,(0%5(

Ã&03& H[LVWHQWH YHU SUREOHPD DQWHULRU

Ã(O FiOFXOR GHO 9($ SRU HO IOXMR GH FDMD GHO DFFLRQLVWD HV HO VLJXLHQWH 9($ (VWH YDORU H[FHGH DO DQWHULRU HQ

(V HO YDORU GHO (9$ GHVFRQWDGR SRU HO FRVWR GHO FDSLWDO SURSLR &RPSUREDFLyQ Ã(O FiOFXOR GHO 9($ SRU OD JHQHUD FLyQ GH FDMD RSHUDWLYD HV 1XHYR &03& [ [ 9($ &DVR SUiFWLFR XQ DQDOLVWD SUR\HF Wy OD JDQDQFLD GH VX FRPSDxtD SRU DxRV 6HJ~Q VX DQiOLVLV SURVSHFWLYR ORV SULPHURV DxRV GHO IOXMR GH JD QDQFLDV UHIOHMDQ HO SHUtRGR GH FUHFL PLHQWR GRQGH ORV SUR\HFWRV RIUHFHQ XQD WDVD GH UHWRUQR VXSHULRU DO FRVWR PHGLR SRQGHUDGR GH ODV ILQDQFLD FLRQHV \ SRU OR WDQWR FUHDQ YDORU SDUD ORV DFFLRQLVWDV 'HO DxR HQ DGHODQWH VH HVWLPDQ JDQDQFLDV FRQVWDQWHV (V HO OODPDGR SHUtRGR GH SHUSHWXLGDG GRQGH ORV TXH SUR\HFWDQ GHEHUiQ RIUHFHU XQD WDVD GH UHWRUQR LJXDO DO FRVWR PHGLR GH VXV ILQDQFLDFLRQHV \ SRU HQGH QR FUHDQGR QL GHVWUX\HQGR YDORU SDUD VXV DFFLRQLVWDV ([LVWLHQGR JDQDQFLDV HO VRQ GLVWULEXtGDV D ORV DFFLRQLVWDV (O &RVWR GH &DSLWDO 3URSLR WDVD GH UHWRUQR H[LJLGD SRU ORV DFFLRQLV WDV HV GHO DQXDO ¢&XiO HV HO YDORU GH OD HPSUHVD WHQLHQGR HQ FXHQWD ORV VLJXLHQWHV YDORUHV" &R PHQWH DO Pi[LPR

$xR

'LYLGHQGRV 3HUSHWXLGDG 9DORU *DQDQFLD GH GHO DxR SUHVHQWH &&3 HQ OD JDQDQFLD HQ DGHODQWH GHO

7RWDO

6ROXFLRQ GHO FDVR SUiFWLFR $xR

'LYLGHQGRV 3HUSHWXLGDG 9DORU *DQDQFLD GH GHO DxR SUHVHQWH HQ &&3 OD JDQDQFLD HQ DGHODQWH GHO

7RWDO

(O YDORU MXVWR GH OD (PSUHVD HV GH 7RGRV ORV HOHPHQWRV GH HVWD FROXPQD IXHURQ WUDtGRV DO YDORU SUHVHQWH SRU HO &&3 GHO «««

(O YDORU GH OD SHUSHWXLGDG HV TXH SURYLHQH GH KDFHU 2EVHUYHPRV TXH HQ HO DxR FRPLHQ]R GH OD SHUSHWXLGDG D VXPLPRV TXH HO GH OD JD QDQFLD HV GLVWULEXtGR HQ OD IRU PD GH GLYLGHQGRV (V WH SURFHGLPLHQWR HV FRUUHFWR SXHV FRPR VH VXSRQH TXH OD JD QDQFLD UHWHQLGD VH UHLQYHUWLUi DO OD PLVPD WDVD GH GHVFXHQ WR GHO IOXMR QR KD\ FUHDFLyQ GH YDORU SDUD HO DFFLRQLVWD 3RU OR WDQWR OD SROtWLFD GH GLYLGHQGRV HV LUUHOHYDQWH 1R WLHQH VHQWLGR KDFHU RWUDV VLPXODFLRQHV GH SD\ RXWV 2EVHUYH HO FXDGUR GH DEDMR $xR

7RWDO

*DQDQFLD HQ

'LYLGHQGRV 3HUSHWXLGDG 9DORU GH GHO DxR SUHVHQWH &&3 / $3

HQ DGHODQWH GHO

´

(Q UHDOLGDG HO QLYHO GHO &&3 GHEHUtD DFRPSDxDU DO GH ODV WDVDV GH LQWHUpV HQ VX WHQGHQFLD GHFOLQDQWH HQ XQ SDtV HPHUJHQWH TXH GHFLGH SROtWLFDPHQWH VHU HILFLHQWH 3RU OR WDQWR FRPR HVWDPRV GHVFRQWDQGR XQ IOXMR GH FDMD IXWXUR HO &&3 DVXPLGR SDUD HO GHVFXHQWR GHEHUi VHU HO PDUJLQDO

´

*DQDQFLD RSHUDWLYD ,PSXHVWR D ODV JDQDQFLDV *DQDQFLD DQWHV GH LQWHUHVHV

/D JDQDQFLD SUR\HFWDGD GH HV LJXDO D OD JDQDQFLD GH PiV HO LQFUHPHQWR GH (VWH YDORU UHIOHMD ORV UHWHQL GRV HQ HO DxR UHLQYHUWLGRV DO 2EVHUYH TXH HO YDORU GH OD HP SUHVD QR VH KD DOWHUDGR OR TXH VLJQL ILFD TXH HQ HO SHUtRGR GH SHUSHWXL GDG OD SROtWLFD GH GLYLGHQGRV HV LUUH OHYDQWH

%,%/,2*5$),$

7pFQLFDV SDUD DQDOLVDU SUR MHWRV DYDOLDU HPSUHVDV H GHWHUPLQDU R YDORU DJUHJD GR DR QHJyFLR )UDQFLVFR &DYDOFDQWH 7RS HYHQWRV 6DQ 3DEOR %UDVLO $xR 7KH TXHVW IRU YDOXH 7KH HYDWP PDQDJHPHQW JXLGH * %HQQHWW 6WHZDUW ,,, 6WHUQ 6WHZDUW &R +DUSHU %XVLQHVV D 'LYLVLRQ RI +DUSHU &ROOLQV 3XEOLVKHUV 3ULQWHG LQ WKH 86$


LQVWLWXFLRQDO

',67,1&,21(6 5HFRQRFLPLHQWR D OD WUD\HFWRULD SURIHVLRQDO

,QJ 0HFiQLFR ,JQDFLR 3HUDOWD )56) 871 ,QJ (OHFWULFLVWD (PPDQXHO 6DQJRL )56) 871 ,QJ HQ 6LVWHPDV GH ,QIRUPDFLyQ 9DOHULD ,OLDQD %HUWRVVL )56) 871

(O ,QJ 5RGROIR *RQ]iOH] GHUHFKD UHFLELy OD GLVWLQFLyQ GH PDQRV GHO 6HFUHWDULR GHO &,( ,QJ 4XtPLFR &DUORV 0D\RO

(O LQJHQLHUR TXtPLFR 5RGROIR *RQ]iOH] LQWHJUy DGHPiV HO 7UL EXQDO GH (WLFD \ 'LVFLSOLQD GH HVWH &ROHJLR 3URIHVLRQDO HQ HO SHUtRGR

,QJ ,QGXVWULDO 0DUtD $JXVWLQD 0XxR] )56) 871 ,QJ (Q ,QIRUPDWLFD /XFDV *HQ]HOLV ),&+ 81/ ,QJ $PELHQWDO 1DGLD 0HKULQJ ),&+ 81/ ,QJ (Q $OLPHQWRV 9DOHQWLQD $OLFLD *HUODFK ),4 81/

0HMRUHV SURPHGLRV HQ ,QJHQLHUtD

,QJ 4XLPLFR 3DEOR *XVWDYR /HYUDQG ),4 81/

(Q HO PDUFR GH OD FHOHEUDFLyQ GHO 'tD GHO ,QJHQLHUR HO &,( GLV WLQJXH DQXDOPHQWH D ORV HVWXGLDQWHV HJUHVDGRV FRQ ORV PHMRUHV SURPH GLRV GH ODV FDUUHUDV GH ,QJHQLHUtD GH ODV 8QLYHUVLGDGHV ORFDOHV

,QJ ,QGXVWULDO $JXVWtQ ) 0RQWDJQD ),4 81/ ,QJ (Q 0DWHULDOHV 1LFROiV -DYLHU 5DLPRQGL ),4 81/

_ LQVWLWXFLRQDO

(O &,( GLVWLQJXH FDGD DxR D XQ LQJHQLHUR HVSHFLDOLVWD PDWUL FXODGR TXH SRU VX WUD\HFWRULD SUR IHVLRQDO \ VX GHGLFDFLyQ DO WUDEDMR VH KD GHVWDFDGR HQ HO FDPSR GH OD ,QJHQLHUtD /D GLVWLQFLyQ VH R WRUJy DO ,QJHQLHUR 4XtPLFR 5R GROIR (QULTXH *RQ]iOH] 0DWUt FXOD 1UR \ HJUHVDGR GH OD )DFXOWDG GH ,QJHQLHUtD 4XtPLFD GH OD 8QLYHUVLGDG 1DFLRQDO GHO /LWR UDO HQ GLFLHPEUH GH 7XYR VX SULPHUD H[SHULHQFLD HQ OD IiEULFD )LSODVWR 6 $ HQ OD ORFD OLGDG GH 5DPDOOR 3URYLQFLD GH %XH QRV $LUHV HQ HO iUHD GH SURGXFFLyQ 'H ORV DxRV D VH GHVHP SHxy FRPR ,QVSHFWRU GH OD /H\ GH 3URPRFLyQ ,QGXVWULDO HQ OD 'LUHF FLyQ *HQHUDO GH ,QGXVWULDV GH OD SUR YLQFLD GH 6DQWD )H (Q HO SHUtRGR D IXH DVHVRU WpFQLFR FR PHUFLDO GH LQGXVWULDV \ HVWDEOHFL PLHQWRV FRQ UHFLSLHQWHV VRPHWLGRV D SUHVLyQ (Q HO DxR IXQGD OD HPSUHVD 6LGHUFRQ GHGLFDGD D OD IDEULFDFLyQ \ FRPHUFLDOL]DFLyQ GH SURGXFWRV VLGHU~UJLFRV FRQ VHGH HQ OD FLXGDG GH 6DQWD )H \ HQ HO 3DUTXH ,QGXVWULDO 6DXFH 9LHMR $ OR ODUJR GH OD YLGD GH HVWD HPSUHVD VH KDQ LQFRU SRUDGR D OD JHVWLyQ VXV WUHV KLMRV FRQIRUPDQGR XQ HTXLSR GH WUDEDMR SURIHVLRQDO TXH HV RUJXOOR HQ QXHV WUD FLXGDG 6LGHUFRQ VH HQFXHQWUD DFWXDOPHQWH HQ XQD QXHYD IDVH GH GH DPSOLDFLyQ FRQ QXHYRV VDORQHV GH YHQWD \ RILFLQDV DGPLQLVWUDWLYDV

0(-25(6 3520(',26


LQVWLWXFLRQDO

&+$5/$6 9,'(2&21)(5(1&,$6 < $&7,9,'$'(6 &+$5/$ '( $&78$/,=$&,21 (1 (5*2120,$ (1 /$6 ,1'8675,$6 0$18)$&785(5$6

_ 5(9,67$ &,( _ 129,(0%5(

-XHYHV GH PD\R GH 2UJDQL]DGD SRU &RPLVLyQ GH +LJLHQH \ 6HJXULGDG HQ HO 7UDEDMR GHO &ROHJLR 'LVHUWDQWH /LF 3DROR %DQGHR /XJDU $XOD PXOWLPHGLRV )DFXOWDG 5HJLRQDO 6DQWD )H 8 7 1

7HPDULR GH OD &KDUOD 7HPD 3HUFHSFLyQ GH OD 9LVLyQ (U JRQyPLFD GH OR 5HDFWLYR D OR 3UR DFWLYR &RPR IXHURQ HYROXFLRQDQ GR ORV SDUDGLJPDV HUJRQyPLFRV 7HPD (UJRQRPtD 0DUFR /HJDO $FWXDO 5HV $QiOLVLV FUtWLFR GH OD PLVPD \ VX HILFLHQFLD HQ OD DSOL FDELOLGDG HQ ODV LQGXVWULDV 'HFUHWR \ 5HV 7HPD (UJRQRPtD 'HVGH OR 3DU FLDO D OR ,QWHJUDO 8QD YLVLyQ KROtVWLFD GH OD SUREOHPiWLFD HUJRQyPLFD HQ HO PDUFR GH OD FXOWXUD SUHYHQWLYD GH OD RUJDQL]DFLyQ 7HPD (UJRQRPtD $SOLFDGD &D VRV FRQFUHWRV GH SUREOHPDV HQ LQ GXVWULDV GH GLIHUHQWHV UDPDV 'HWHF FLyQ GH OD 6LWXDFLyQ 3UREOHPD \ D ERUGDMH GH ODV DOWHUQDWLYDV GH VROX FLRQHV


&+$5/$6 9,'(2&21)(5(1&,$6 < $&7,9,'$'(6

&RQ HO ILUPH SURSyVLWR GH LQ WHJUDU D ORV PDWULFXODGRV TXH YLYHQ \ WUDEDMDQ HQ HO LQWHULRU GH OD SURYLQFLD GH 6DQWD )H HVWH D xR VH KD SRGLGR DGTXLULU HO HTXLSDPLHQWR QHFHVDULR SDUD LQDXJXUDU ODV YLGHRFRQIHUHQ FLDV FRPR RWUR PHGLR PiV GH FDSDFLWDFLyQ SURIHVLRQDO /DV PLVPDV VH SXGLHURQ FRQFUH WDU JUDFLDV DO LQYDORUDEOH DSR\R GH ODV UHJLRQDOHV GH ODV FLXGDGHV GH 6DQWD )H 5DIDHOD \ 5HFRQTXLVWD GH OD XQLYHUVLGDG WHFQROyJLFD QDFLRQDO +DFHPRV S~EOLFR QXHVWUR DJUD GHFLPLHQWR D ODV DXWRULGDGHV GH GL FKDV UHJLRQDOHV DVt FRPR DO SHUVRQDO WpFQLFR \ DGPLQLVWUDWLYR TXH FRODER Uy GH PDQHUD GHVLQWHUHVDGD

0LpUFROHV GH -XQLR GH 2UJDQL]DGD SRU &RPLVLyQ GH $UHD (OpFWULFD 'LVHUWDQWH ,QJ &DUORV *DUFtD GHO &RUUR *WH 7pFQLFR GH OD $ ( $

9,'(2&21)(5(1&,$ 62%( $1É/,6,6 '( 5,(6*2 ,1&/8,'26 (1 /26 3/$1(6 '( *(67,Ð1 $0%,(17$/ 0LpUFROHV GH 2FWXEUH GH 2UJDQL]DGD SRU &RPLVLyQ GH 0HGLR $PELHQWH 'LVHUWDQWH ,QJ $QGUpV 5LQWRXO

9,'(2&21)(5(1&,$ '( 7e&1,&$6 '( 352'8&7,9,'$' ,1'8675,$/ &20(5&,$/ < $'0,1,675$7,9$ 0LpUFROHV GH 2FWXEUH GH 2UJDQL]DGD SRU &RPLVLyQ GH ,QJHQLHURV ,QGXVWULDOHV 'LVHUWDQWH ,QJ -RVp $JXVWtQ &UXHOOHV

_ LQVWLWXFLRQDO

(O $UHD (OpFWULFD RUJDQL]y OD SUL PHU 9LGHRFRQIHUHQFLD HO PLpUFROHV GH MXQLR GHVGH OD VHGH GHO &ROHJLR VREUH ,QWURGXFFLyQ D ORV VLVWH PDV GH SURWHFFLyQ FRQWUD GHV FDUJDV DWPRVIpULFDV VHJ~Q 1RU PD $($ 1 'LVHUWDQWH ,QJHQLHUR &DUORV *DUFtD GHO &R UUR *HUHQWH 7pFQLFR GH OD $VRFLD FLyQ (OHFWURWpFQLFD $UJHQWLQD /D FRPLVLyQ GH PHGLR DPELHQWH VH SURSXVR UHSOLFDU HQ 6DQWD )H OD FKDUOD TXH DXWRULGDGHV GH OD 6HFUH WDUtD GH 0HGLR $PELHQWH RIUHFLHURQ HQ OD FLXGDG GH 5RVDULR VREUH OD UH VROXFLyQ 1 GH GLFKR RU JDQLVPR UHVSHFWR GH ORV ´$QiOLVLV GH ULHVJR LQFOXLGRV HQ ORV SOD QHV GH JHVWLyQ DPELHQWDOµ (VWD YLGHRFRQIHUHQFLD VH GHVDUUROOy HO GH RFWXEUH GH D HQ OD VDOD GH OD 871 6DQWD )H HVWXYR D FDUJR GHO LQJHQLHUR $QGUpV 5LQWRXO VXEGL UHFWRU GH FRQWURO H LPSDFWR DPELHQ WDO \ FRQWy FRQ OD SUHVHQFLD GHO 6XE VHFUHWDULR GH *HVWLyQ $PELHQWDO GH 6DQWD )H LQJ (GJDUGR 6HJXUR 3RU VX SDUWH OD &RPLVLyQ GH ,QJHQLHURV ,QGXVWULDOHV FRQYRFy D SURIHVLRQDOHV JHUHQWHV SHUVRQDO GH LQJHQLHUtD GH SUR\HFWRV SURGXF WRV \ SURFHVRV PpWRGRV \ WLHPSRV MHIHV GH SURGXFFLyQ PDQGRV LQWHU PHGLRV \ HVWXGLDQWHV D OD YLGHRFRQ IHUHQFLD GLFWDGD GHVGH (VSDxD SRU HO LQJHQLHUR -RVp $JXVWtQ &UXH OOHV GH OD ILUPD =DGHFRQ VREUH 7pFQLFDV GH 3URGXFWLYLGDG ,Q GXVWULDO &RPHUFLDO \ $GPLQLV WUDWLYDµ /D PLVPD VH GHVDUUROOy HQ OD VDOD GH OD 871 6DQWD )H HO PLpU FROHV GH RFWXEUH GH D

18(675$6 $&7,9,'$'(6 9,'(2&21)(5(1&,$ '( ,1752'8&&,21 $ /26 6,67(0$6 '( 3527(&&,21 &2175$ '(6&$5*$6 $7026)(5,&$6


_ 5(9,67$ &,( _ 129,(0%5(

&+$5/$6 9,'(2&21)(5(1&,$6 < $&7,9,'$'(6

(O &,( WDPELpQ HVWXYR SUHVHQWH

HO 7UDEDMR 6HJXULGDG \ 6DOXG 2FX SDFLRQDO \ %LRWHFQRORJtD

(O \ GH 2FWXEUH HQ OD 871 6DQWD )H VHGH GH OD GD HGLFLyQ GHO 5DOO\ /DWLQRDPHULFDQR 'H ,QQRYDFLyQ FRPSHWHQFLD LQWHU Q D F L R Q D O L P S X O V D G D S R U H O &21)(', TXH WLHQH FRPR SURSy VLWR IRPHQWDU OD LQQRYDFLyQ DELHUWD HQ HVWXGLDQWHV GH FDUUHUDV GH LQJH QLHUtD GH /DWLQRDPpULFD \ TXH VH GH VDUUROOD SRU HTXLSRV GXUDQWH KR UDV FRQVHFXWLYDV (Q HO ´ &RQJUHVR 1DFLRQDO GH $OLPHQWDFLyQ 6HJXUD \ 6DOX GDEOH &RQVWUX\HQGR 3ROtWLFDV GH (VWDGR SDUD OD (TXLGDG 6R FLDOµ RUJDQL]DGR SRU OD $JHQFLD 6DQWDIHVLQD GH 6HJXULGDG $OL PHQWDULD HQ OD 6DOD *DUD\ GHO &ROHJLR ,QPDFXODGD GH 6DQWD )H ORV GtDV \ GH RFWXEUH GH (O ,QJHQLHUR 4XtPLFR -XOLR 3HQQR 'LUHFWRU WLWXODU GHO $UHD 4XtPLFD GHO &ROHJLR SDUWLFLSy HQ FDOLGDG GH PR GHUDGRU GH GRV SDQHOHV \ GRV FRQIH UHQFLDV 6H UHDOL]y 7HFQR0DWH FRPSHWHQFLD GH 3URJUDPDFLyQ RU JDQL]DGD SRU HO 'HSDUWDPHQWR GH ,QJHQLHUtD HQ 6LVWHPDV GH ,QIRU PDFLyQ GH OD )DFXOWDG 5HJLRQDO 6DQWD )H GH OD 8QLY 7HFQROyJLFD 1DFLRQDO HO SDVDGR GH VHSWLHP EUH (O REMHWLYR GH OD FRPSHWHQFLD HV HVWLPXODU D HVWXGLDQWHV GH ODV (VFXHODV 0HGLDV \ D DOXPQRV GH OD ,QJHQLHUtD HQ 6LVWHPDV GH ,QIRUPDFLyQ ,6, HQ HO DSUHQGL]DMH GH WpFQLFDV GH SURJUDPDFLyQ DYDQ ]DGD \ HO GHVDUUROOR GH KDELOLGDGHV SDUD HO WUDEDMR HQ HTXLSR

0DUDWyQ .P 8 7 1 6DQWD )H 6H UHDOL]y OD VHJXQGD (GLFLyQ HO GRPLQJR GH 0D\R GH (O &,( RIUHFLy D SURIHVLRQDOHV PD WULFXODGRV HO EHQHILFLR GH OD LQVFULS FLyQ JUDWXLWD

$FWRV GH FRODFLyQ )56) 871 WRGRV ORV DxRV HO &,( HQWUHJD D ORV QXHYRV JUDGXDGRV HQ HO $FWR GH &RODFLyQ HO )ROOHWR LQVWLWX FLRQDO TXH ORV LQYLWD D FRQRFHU VX &ROHJLR SURIHVLRQDO \ PDWULFXODUVH )%&% 81/ (O &,( HQWUHJD D QXDOPHQWH GLVWLQFLRQHV D ORV H JUHVDGRV GH OD )DFXOWDG GH %LR TXtPLFD \ &LHQFLDV %LROyJLFDV FRQ ORV PHMRUHV SURPHGLRV GH ODV /LFHQFLDWXUDV HQ 6DQHDPLHQWR $PELHQWDO +LJLHQH \ 6HJXULGDG HQ

5DOO\ /DWLQRDPHULFDQR GH ,QQRYDFLyQ

&RQJUHVR 1DFLRQDO GH &RPLGD 6HJXUD \ 6DOXGDEOH

7HFQR0DWH

$FWRV GH &RODFLyQ )56) 871

$FWRV GH &RODFLyQ )56) 81/

0DUDWyQ .P 871 6DQWD )H


3RU +XJR 5DPE ,QJHQLHUR /DERUDO 0DWUtFXOD 1 KXJRU#PE VD FRP DU

RWUDVHVSHFLDOLGDGHV

KLJLHQH \ VHJXULGDG HQ HO WUDEDMR

$ /26 352)(6,21$/(6 '( /$ &,(1&,$ '(/ 5,(6*2 ¢126 $/&$1=$ &21 6$%(5 /2 48( 6$%(026 "

/R TXH DSUHQGHPRV HQ OD )DFXOWDG HV HO 3LVR R HO 7HFKR"

(VWR\ FRQYHQFLGR TXH XQR GH ORV DVSHFWRV PiV LQWHUHVDQWHV GH QXHVWUD SURIHVLyQ HV DVXPLUQRV HQ SURFHVR GH FRQWLQXR DSUHQGL]DMH /D EXHQD QRWLFLD HV TXH VH UHFLELH URQ GHFLPRV HQ ORV DFWRV GH JUDGXD FLyQ OD PDOD HV TXH YDQ D WHQHU TXH VHJXLU HVWXGLDQGR WRGD VX YLGD < HVWR HV UHDOPHQWH DVt FXDQGR QRV D SUHQGLPRV WRGDV ODV UHVSXHVWDV QRV FDPELDQ WRGDV ODV SUHJXQWDV \ YRO YHPRV D FRPHQ]DU 6HJXUDPHQWH OD PD\RUtD FRLQFL GLPRV HQ TXH OD IDFXOWDG QRV RWRUJD XQ SLVR IRUPDWLYR \ TXH YD D GHSHQ GHU GH ODV DVSLUDFLRQHV \ GHVDItRV TXH WHQJDPRV FXiQWR QRV SURSR QHPRV FUHFHU HQ HVWD VLQJXODU DFWLYL GDG

´

&XDQGR VDOLPRV GH OD IDFXOWDG FRQ HO WtWXOR WHQHPRV HVD GREOH VHQVDFLyQ SRU XQ ODGR OD PHWD DOFDQ]DGD \ SRU RWUD SDUWH OD LQFHUWLGXPEUH VL FRQ WRGR OR HVWXGLDGR VHUi VXILFLHQWH

´

WRGDV ODV GHPiV HQWUDQ HQ HO XQLYHU VR GHO GHFUHWR 9DOH GHFLU QR YHPRV ORV ULHVJRV HVSHFtILFRV TXH SXHGHQ WHQHU ODV LQ GXVWULDV PHWDOPHFiQLFDV GHO FXHUR ODV SHWURTXtPLFDV TXH VRQ WRGD XQD HVSHFLDOLGDG GH SRU Vt ODV PDGHUH UDV R ODV LQGXVWULDV SOiVWLFDV WDPELpQ FRQ XQD VLQJXODULGDG TXH OD KDFHQ H[WUDRUGLQDULDV ORV )ULJRUtILFRV GH IDHQD YDFXQD SRUFLQD \ DYLDU HQWUH PXFKtVLPDV RWUDV VLQR TXH YHPRV ORV ULHVJRV SRU VL PLVPRV PHFiQL FRV HOpFWULFRV ELROyJLFRV HWF \ GHV SXpV YHUHPRV FXDOHV GH FDGD XQR GH HOORV OR WUDEDMDPRV HQ OD HPSUHVD TXH QRV WRTXH DVHVRUDU

_ RWUDV HVSHFLDOLGDGHV

,QWURGXFFLyQ &UHR QR HTXLYRFDUPH GHPDVLD GR VL DILUPR TXH FXDQGR VDOLPRV GH OD IDFXOWDG FRQ HO WtWXOR GH ,QJHQLHUR GH JUDGR GH OD HVSHFLDOLGDG TXH VHD EDMR HO EUD]R WHQHPRV HVD GREOH VHQVDFLyQ GH VDWLVIDFFLyQ SRU XQ OD GR SRU HO ORJUR OD PHWD DOFDQ]DGD \ SRU RWUD SDUWH XQD VXHUWH GH LQFHUWL GXPEUH VL FRQ WRGR OR HVWXGLDGR \ D SUHQGLGR HQ OD XQLYHUVLGDG YD D VHU VXILFLHQWH SDUD VDWLVIDFHU QXHVWURV SURSLRV GHVDItRV DXWRLPSXHVWRV \ ORV TXH OD PLVPD VRFLHGDG QRV YD D GHPDQGDU (VRV PLVPRV VHQWLPLHQWRV FUHR TXH VH WUDVODGDQ FDVL DXWRPiWLFD PHQWH FXDQGR HJUHVDPRV FRQ HO Wt WXOR GH SRVJUDGR HQ OD HVSHFLDOLGDG GH +LJLHQH \ 6HJXULGDG HQ HO 7UDED MR \ WDO YH] FRQ XQ SRFR GH PD\RU DQVLHGDG D~Q SXHVWR TXH HO FDPSR GH DFFLyQ HV WDQ DPSOLR FDVL LQFRQ PHQVXUDEOH \ OD FDQWLGDG GH KRUDV SDUD IRUPDU D ORV IXWXURV SURIHVLR QDOHV GH OD 3UHYHQFLyQ HQ OXJDU GH DXPHQWDU VH YDQ UHGXFLHQGR DO ULW PR GH OD UHIRUPXODFLyQ GH ORV SOD QHV GH HVWXGLR 1R VH QRV SUHSDUD SDUD DERUGDU ORV ULHVJRV SRU DFWLYLGDG \D TXH H[ FHSWXDQGR ORV 5LHVJRV HQ OD &RQV WUXFFLyQ \ HO 6HFWRU $JURSHFXDULR


RWUDVHVSHFLDOLGDGHV

_ 5(9,67$ &,( _ 129,(0%5(

02'(/2 352%$%,/,67,&2 '( 2&855(1&,$ '( 6,1,(67526

$5($

(V PiV OD PD\RUtD GH ODV YH FHV SRGUtDPRV DILUPDU TXH OD FRP ELQDFLyQ GH &RQGLFLRQHV 6XE (V WiQGDUHV FRQ &RQGXFWDV 6XE (VWiQGDUHV QR VROR QR GHULYD HQ XQ VLQLHVWUR VLQR TXH SRU HO FRQWUD ULR WLHQHQ FRQVHQFXHQFLDV SRVL WLYDV 5HVLGH DTXt FUHR \R XQD GH ODV FODYHV GH XQ DERUGDMH SUHYHQWLYR HILFLHQWH &RQVHQVXDU GHILQLU HQ QXHV WUDV HPSUHVDV FOLHQWHV OD PDWUL] GH &RQGXFWDV ,PSUXGHQWHV WHPHUDULDV R GH 5LHVJRV HQ HO FRQMXQWR GH WUD EDMDGRUHV FRQ &RQVHFXHQFLDV 3RVL WLYDV (VDV &RQVHFXHQFLDV 3RVLWL YDV HQ OD PD\RUtD GH ORV FDVRV HVWiQ DVRFLDGDV D

$KRUURV GH WLHPSR HVIXHU]RV R HQHUJtDV \ GLQHUR

2EYLDPHQWH TXH HVWH HVFHQD ULR UHTXLHUH GH QXHVWUD SDUWH XQD LQ

352%$%,/,67,&2

12 $&&,'(17(

&8$6, $&&,'(17(

$&&,'(17(

&$86$6 ,10(',$7$6

$&726 2 &21',&,21(6 68%(67$1'$5(6

&$86$6 %$6,&$6

)$&725(6 3(5621$/(6 2 '( 75$%$-2

&21752/

6,67(0$ '( *(67,21 ,1$3523,$'2

$FWLYLGDG HQ OD FXDO VH WLHQH XQD PX\ SDUWLFXODU IRUPD GH HYD OXDU QXHVWUD JHVWLyQ FRPR SUHYHQ FLRQLVWDV \ TXH HQ XQ SXQWR VLHPSUH OR FRQVLGHUp XQ SRFR LQMXVWR H LQ JUDWR 3UHJXQWR SDUD SHQVDU MXQWRV &RPR VH HYDO~D HO GHVHPSHxR GH XQ *HUHQWH GH 3ODQWD" SRU OR TXH SURGXFH GH XQ JHUHQWH GH YHQWDV" SRU OR TXH YHQGH \ FRPR HYDOXD UtDPRV ²SURDFWLYDPHQWH ² HO GHVHP SHxR GH XQ DVHVRU GH ULHVJRV" $ PL HQWHQGHU \ HQ XQ UHVXPHQ EUXWDO 3RU ORV VLQLHVWURV HYLWDGRV HQ GHILQL WLYD QRV YDQ D MX]JDU SRU HVH LQGLFD GRU 3RU ORV EHQHILFLRV SRU OR TXH 1R 6XFHGH R SUHWHQGHPRV TXH QR VX FHGD TXH VRQ ORV DFFLGHQWHV ODER UDOHV HQ SULPHUD LQVWDQFLD SRUTXH OR TXH HVWi HQ ULHVJR HV OD YLGD GH ODV SHUVRQDV \ DGHPiV ORV SDWULPRQLD OHV \ DPELHQWDOHV < PH SDUHFH TXH HV SHUWLQHQWH OD SUHJXQWD &RPR SRGUtDPRV VDEHU ORV SURIHVLRQDOHV GH OD FLHQFLD SUH YHQWLYD FXiOHV GH WRGDV QXHVWUDV DF FLRQHV LQWHUYHQFLRQHV WDUHDV HYLWD URQ TXH RFXUULHUDQ GHWHUPLQDGRV WLSRV GH VLQLHVWURV DFFLGHQWHV LQFL GHQWHV VL SUHFLVDPHQWH 1R 6XFHGLH URQ" (V PX\ GLItFLO FDVL LPSRVLEOH GDU XQD UHVSXHVWD HQ HO PDUFR GHO PRGHOR SUREDELOtVWLFR GH RFXUUHQFLD GH ORV VLQLHVWURV (V GHFLU GDGD OD ID PRVD FRPELQDFLyQ HFXDFLyQ GH &RQGLFLRQHV ,QVHJXUDV &RQ GXFWDV ,QVHJXUDV VL OD DQDOL]DPRV GH L]TXLHUGD D GH GHUHFKD QR HV SDUD QDGD 'HWHUPLQtVWLFD \ QR QH FHVDULDPHQWH HVD FRPELQDFLyQ YD D GHYHQLU HQ XQ VLQLHVWUR VLQR TXH SXHGHQ GDUVH WUHV VLWXDFLRQHV TXH VH UHIOHMDQ FODUDPHQWH HQ OD ILJXUD VL JXLHQWH HO QR VLQLHVWUR HO FXDVL DFFLGHQWH R HO VLQLHVWUR

3(5','$6

3(5','$6 5($/(6

3(5','$6 327(1&,$/(6

12 3(5','$6

$5($

WHUYHQFLyQ FRQ XQ IXHUWH VHVJR R ULHQWDGR D OD SDUWH EODQGD R VRFLR FRQGXFWXDO PiV DOOi TXH PXFKRV GH QRVRWURV QRV VHQWLPRV PXFKR PiV D JXVWR DFFLRQDQGR VREUH OD SDUWH GXUD R WHFQROyJLFD GHO ULHV JR SRUTXH HV DOOt GHVGH GRQGH YLHQH QXHVWUD IRUPDFLyQ GH EDVH FRPR LQ JHQLHURV 7HUPLQR HVWH WHPD FRQ X QD DILUPDFLyQ GH OD FXDO PH KDJR FDUJR DVRFLDGDV D

/D LQWHUYHQFLyQ VREUH ORV DVSHFWRV GXURV WHFQROyJLFRV WLHQHQ XQ WHFKR XQ OtPLWH TXH OR PDUFD HO ULWPR SURGXFWLYR TXH GHILQH OD UHQWDELOLGDG GH OD HPSUHVD


$ /26 352)(6,21$/(6 '( /$ &,(1&,$6 '(/ 5,(6*2 ¢126 $/&$1=$ &21 6$%(5 /2 48( 6$%(026 "

< VL QRV DQLPDPRV D LQYDGLU RWURV PXQGRV" +DFH WLHPSR TXH VRVWHQJR TXH SDUD ORV LQJHQLHURV QRV HV PXFKR PiV IiFLO LQYDGLU RWURV PXQGRV \ FXDQGR KDEODPRV GH 2WURV 0XQ GRV GHVGH OD LQJHQLHUtD REYLDPHQ WH TXHUHPRV GHFLU D ODV &LHQFLDV 6R FLDOHV DVRFLDGDV D OD FXHVWLyQ SUH YHQWLYD D OD *HVWLyQ GH 5LHVJRV &D GD YH] YHR PiV FROHJDV ² HV FLHUWR TXH HO IHQyPHQR VH GD HQ ORV PiV MyYHQHV ² HVWXGLDQGR VRFLRORJtD VL FRORJtD VRFLDO R PHGLDFLyQ SHUR QR UHFXHUGR YHU DERJDGRV /LFHQFLD GRV HQ 55++ R HQ &LHQFLDV GH OD (GXFDFLyQ R &RPXQLFDFLyQ HVWX GLDQGR DOJXQDV GH ODV LQJHQLHUtDV 6L FRPR VH DILUPD ² \ FRQYHQ JDPRV TXH FRLQFLGR ² HQ OD FDGHQD FDXVDO GH ORV VLQLHVWURV ODERUDOHV HQ PiV GH XQ HVWi SUHVHQWH HO GH QRPLQDGR )DFWRU +XPDQR R GLFKR GH RWUD IRUPD /2 &21'8&78$/ \ 6L SRU RWUD SDUWH KDFHPRV XQ UH SDVR GH QXHVWUD FXUUtFXOD IRUPDWLYD \ REVHUYDPRV TXH GH ORV PiV GH WUHLQWD WHPDV DERUGDGRV VROR H[LVWH XQD PDWHULD GHGLFDGD OD 6LFR VRFLR ORJtD ODERUDO HVWDPRV HTXLYRFDGR ORV TXH SHQVDPRV TXH H[LVWH XQ QR WRULR GHVEDODQFH HQWUH HO PDUFR HWLR OyJLFR GH ORV VLQLHVWURV ODERUDOHV \ OD GHGLFDFLyQ IRUPDWLYD TXH VH OHV GD HQ OD XQLYHUVLGDG D ORV SURIHVLRQDOHV GH SRVJUDGR GH OD HVSHFLDOLGDG HQ +\6 HQ HO WUDEDMR"

&RQFUHWDPHQWH FRQVLGHUR TXH ORV SURIHVLRQDOHV GH OD +\6 TXH SUR YHQLPRV GH XQD FDUUHUD GH JUDGR GH FXDOTXLHU LQJHQLHUtD GHEHPRV LQ WHQWDU DGTXLULU VDEHUHV \ FRPSHWHQ FLDV UHODFLRQDGRV FRQ FXHVWLyQ VLFR OyJLFD VRFLROyJLFD \ DQWURSROyJLFR FXOWXUDO YLQFXODGR FRQ DERUGDMH HIL FLHQWH GH ORV ULHVJRV ODERUDOHV

(Q WpUPLQRV UHODWLYDPHQWH VLPSOHV GHEHUtDPRV SRU OR PHQRV LQWHQWDU SDVDU GHO PRGHOR 7(&12&5É7,&2 81,',0(16,21$/ \ 2%-(7,92 DO 3$5$',*0$ 62&,27e&1,&2 08/7,',0(16,21$/ \ 68%-(7,92

TXH WHUFHURV GHFLGDPRV SRU HOORV D VHU VXMHWRV GH WRPDU VXV SURSLDV GH FLVLRQHV \ UHVSRQVDELOL]DUVH SRU VXV FRQVHFXHQFLDV 4XH VH HQWLHQGD ELHQ HO WHPD QR HVWDPRV GLFLHQGR TXH GHEHPRV KDFHU OR TXH HOORV GH WHUPLQHQ UHODFLRQDGR FRQ OD FXHV WLyQ SUHYHQWLYD ² OR TXH VH GHQRPL QD DVXPLU HO 5HODWLYLVPR &XOWXUDO ² SHUR WDPSRFR SRGHPRV SUHWHQGHU TXH ORV WUDEDMDGRUHV VH FRPSRUWHQ GH OD IRUPD TXH ORV VXSXHVWRV H[SHU WRV OH RUGHQHPRV R UHFRPHQGHPRV OR TXH DOJXQRV VRFLyORJRV OODPDQ FRPR RSRVLFLyQ DO PHQFLRQDGR 5H ODWLYLVPR &XOWXUDO HO 5HDOLVPR ,QJH QXR &RPR VLHPSUH OR MXVWR GHEHUtD HVWDU HQ HO 'RUDGR 3XQWR 0HGLR DO GHFLU GH 3ODWyQ

(QWHQGLHQGR HO FRQFHSWR GH OR 0XOWLGLPHQVLRQDO \ 6XEMHWLYR FRPR OD LQFRUSRUDFLyQ GH OD PLUDGD GH ORV VXMHWRV GH ULHVJR SRU H[FHOHQ FLD /RV 7UDEDMDGRUHV (Q HO PRGHOR 6RFLRWpFQLFR HVWRV SDVDQ GH VHU VX MHWRV SDVLEOHV GH VHU REVHUYDGRV \

/$ (035(6$ &202 81 &203/(-2 6,67(0$ 62&,2 7(&1,&2

""""""""""""

&21',&,21 1(&(6$5,$ 12 68),&,(17(

68%6,67(0$ 62&,$/

68%6,67(0$ 7(&1,&2

2EMHWLYRV \ ILQHV

5(17$%,/,'$'

&UHFLPLHQWR &DOLGDG 6RVWHQLE $PELHQWDO 3URGXFWLYLGDG 56(

18(675$ )250$&,21 126 //(9$ $ ,17(59(1,5 35()(5(17(0(17( 62%5( /$ ',0(16,21 7(&1,&$

_ RWUDV HVSHFLDOLGDGHV

0(',2 $0%,(17( ),6,&2 < 25*$1,=$7,92

5(17$%,/,'$' 6,1 68%9(1&,21(6 3(59(56$6


RWUDVHVSHFLDOLGDGHV

&RQFOX\HQGR 'HMR SDUD HO ILQDO XQD UHIOH[LyQ XQ UHIXHU]R HQ UHDOLGDG VREUH HO Wt WXOR GHO DUWtFXOR SXHVWR TXH \D HVWX YLPRV PDUFDQGR DOJXQRV HMHV VREUH KDFLD GRQGH FRQVLGHUR TXH GHEHUtD HYROXFLRQDU QXHVWUD PDWUL] IRUPD WLYD WDQWR HQ OD IDFXOWDG FRPR HQ QXHVWUR HMHUFLFLR SURIHVLRQDO < VL SRU RWUD SDUWH DVXPLPRV OD VLJXLHQWH GHILQLFLyQ GH ODV RUJDQL]D FLRQHV D ODV FXDOHV DVHVRUDPRV

/$6 (035(6$6

H[WHQVDV TXH KD\DQ VLGR SDUD UHDOL ]DU LQWHUYHQFLRQHV HILFLHQWHV HQ XQ FLHQWR SRU FLHQWR GHVGH OR SUHYHQWL YR (V PX\ DPSOLR \ GLYHUVR WDQWR HQ FDQWLGDG FRPR FDOLGDG ODV DFFLRQHV WDUHDV TXH HVWDPRV KDELOLWDGRV SDUD KDFHU \ FRPR \D OR PHQFLRQDPRV FRQ XQ PX\ UHODWLYR JUDGR GH FHUWH ]DV VREUH ODV FRQVHFXHQFLDV SRVLWL YDV GH QXHVWUD PDWUL] GH DFFLRQHV 3DUD WHUPLQDU FRQ XQD PLUDGD SRVLWLYD HV SUHFLVD \ FDVL SDUDGRMDO PHQWH HQ HVD GHELOLGDG SDUD OOD PDUOR GH DOJXQD IRUPD HVWi HO GHVD ItR H LQFOXVR QXHVWUD IRUWDOH]D

7HQHPRV PXFKR SDUD DSRUWDU \ VHJXLU LQFRUSRUDQGR FRQRFLPLHQWRV HQ XQ PRGHOR KHXUtVWLFR GH QXHVWUD SURIHVLyQ DSUHQGHU KDFLHQGR \ SRUTXH QR HTXLYRFiQGRQRV² DEDQ GRQDQGR SRVWXUDV PHFDQLFLVWDV WD\ORULVWDV GH PRGHORV GH JHVWLyQ FLHQWtILFR GHO WUDEDMR TXH SHUWHQH FHQ DO VLJOR SDVDGR \ TXH ODPHQWD EOHPHQWH SHUGXUDQ HQ QR SRFDV RU JDQL]DFLRQHV \ TXH KDQ GHPRVWUDGR VX IUDFDVR HQ HO WUDWDPLHQWR HILFD] GH OD UHGXFFLyQ GH OD VLQLHVWUDOLGDG OD ERUDO VREUH WRGR HQ PXFKDV GH ODV LQGXVWULDV PDQXIDFWXUHUDV GH QXHV WUD UHJLyQ \ SDtV

&202 6,67(0$6 ',1É0,&26 (1 (48,/,%5,2 ,1(67$%/( < (1 3(50$1(17( 7(16,Ð1 &5($7,9$

(V PL RSLQLyQ \ VH SXHGH QR FRPSDUWLU SRU VXSXHVWR TXH QXQFD YD DOFDQ]DU OR TXH DSUHQGLPRV QL HQ OD DFDGHPLD FRPR EDVH QL ODV H[SH ULHQFLDV ODERUDOHV SRU PiV LQWHQVDV \

´

VLQLHVWUR QR FRPR HV IUHFXHQWH HVFXFKDU LQFOXVR SODQWHDGR HQ QR SRFD ELEOLRJUDItD TXH QXHVWUD IXQFLyQ HV HYLWDU OD RFXUUHQFLD GH VXFHVRV GDxRVRV

´

_ 5(9,67$ &,( _ 129,(0%5(

1RVRWURV LQWHUYHQLPRV SDUD UHGXFLU ODV SUREDELOLGDGHV GH RFXUUHQFLD GH XQ

'RFHQWH GH 3RVJUDGR GH OD HVSHFLDOLGDG +\6 HQ HO 7UDEDMR ,QWHJUDQWH GHO *DELQHWH GH +\6 GH OD 'LUHFFLyQ 3URYLQFLDO GH 2EUDV +LGUiXOLFDV 5HVSRQVDEOH GH OD *HUHQFLD GH ,QJHQLHUtD GH %HUWRODFFLQL 6 $ 0LHPEUR DFWLYR GH OD &RPLVLyQ GH +LJLHQH \ 6HJXULGDG HQ HO 7UDEDMR GHO &,(


RWUDVHVSHFLDOLGDGHV

3RU ,QJ -RVp $JXVWtQ &UXHOOHV 5XL] =DGHFRP

LQJHQLHULD LQGXVWULDO

352'8&7,9,'$' ,1'8675,$/

0LFKDHO 3RUWHU *,$1&2/, 'RXJODV & )tVLFD SDUD ,QJHQLHUtDV 0p[LFR 3HDUVRQ (GXFDFLyQ

/D PHMRUD GH OD SURGXFWLYLGDG LQGXVWULDO VH SXHGH ORJUDU PHGLDQWH OD DSOLFDFLyQ GH ORV VLJXLHQWHV SDVRV UHOHYDU HO SURFHVR JHQHUDU XQ GLDJ QyVWLFR DSOLFDU PpWRGRV PHGLU ORV WLHPSRV FRQWURODU OD SURGXFWLYLGDG VLPXODU FDUJD \ FDSDFLGDG FRQ HO RE MHWLYR GH WHQHU FRQWURO GHO SURFHVR

´

+DELWXDOPHQWH ODV HPSUHVDV LQGXVWULDOHV \ ORJtVWLFDV WLHQHQ XQRV FRVWHV GH PDQXIDFWXUD TXH VRQ VXSHULRUHV D ORV QHFHVDULRV SDUD SURGXFLU XQD GHWHUPLQDGD XQLGDG 3RU RWUD SDUWH ORV LQGXVWULDOHV VLUYHQ IXHUD GH SOD]R FRQ GHPDVLDGD IUHFXHQFLD

_ RWUDV HVSHFLDOLGDGHV

+DELWXDOPHQWH ODV HPSUHVDV LQ GXVWULDOHV IDEULFDQWHV \ ORJtVWLFDV WLHQHQ XQRV FRVWHV GH PDQXIDFWXUD TXH VRQ VXSHULRUHV D ORV QHFHVDULRV SDUD SURGXFLU XQD GHWHUPLQDGD XQL GDG 3RU RWUD SDUWH ORV LQGXVWULDOHV VLUYHQ IXHUD GH SOD]R FRQ GHPDVLD GD IUHFXHQFLD 0XFKDV YHFHV HVWR RFXUUH LQFOXVR WHQLHQGR VREUHGL PHQVLRQDGDV ODV FDSDFLGDGHV SUR GXFWLYDV PDQR GH REUD \ PDTXLQD ULD $ FRQWLQXDFLyQ VH GD XQ GLDJ QyVWLFR GHO HVWDGR GH XQD IiEULFD TXH IiFLOPHQWH VH SRGUtD DWULEXLU DO GH ODV LQGXVWULDV

'HVGH 7D\ORU D ODV WpFQLFDV PiV PRGHUQDV FRPR ODV GH 7R\RWD KD KDELGR PXFKRV DYDQFHV HQ OD JHV WLyQ GH OD SURGXFFLyQ 1R REVWDQWH \ GDGD QXHVWUD H[SHULHQFLD DFWXDO PHQWH PiV GHO GH ODV LQGXV WULDV QR DSOLFDQ QL OR PiV EiVLFR JH QHUiQGRVH XQDV LPSURGXFWLYLGDGHV HQRUPHV TXH HVWiQ DUUDVWUDQGR D WR GD OD FDGHQD GH VXPLQLVWUR D XQD SpUGLGD GH FRPSHWLWLYLGDG JOREDO (Q =$'(&21 FUHHPRV TXH OD VLWXDFLyQ HV PiV TXH IiFLO GH UH VROYHU VH WUDWD GH RULHQWDU ODV JHVWLR QHV \ OD FXOWXUD KDFLD OD SURGXFWLYL GDG (Q (VSDxD OD PD\RUtD GH ODV IiEULFDV HVWiQ GLULJLGDV SRU (MHFXWL YRV \ &RPHUFLDOHV GHMiQGRVH VLHP SUH GH ODGR D ORV WpFQLFRV SDUD KDFHU HO WUDEDMR GLItFLO VLQ GHMDUOHV LQIOXLU HQ OD HVWUDWHJLD GH OD HPSUHVD (VWR SUR YRFD TXH HO QLYHO PHGLR GH JHVWLyQ HQ QXHVWUDV IiEULFDV UHVXOWH FRPR PXFKR PHGLRFUH +DELWXDOPHQWH ODV HPSUHVDV LQ GXVWULDOHV IDEULFDQWHV \ ORJtVWLFDV WLHQHQ XQRV FRVWHV GH PDQXIDFWXUD TXH VRQ VXSHULRUHV D ORV QHFHVDULRV SDUD SURGXFLU XQD GHWHUPLQDGD XQL GDG 3RU RWUD SDUWH ORV LQGXVWULDOHV VLUYHQ IXHUD GH SOD]R FRQ GHPDVLD GD IUHFXHQFLD 0XFKDV YHFHV HVWR R FXUUH LQFOXVR WHQLHQGR VREUHGL PHQVLRQDGDV ODV FDSDFLGDGHV SUR GXFWLYDV PDQR GH REUD \ PDTXL QDULD

´

0LFKDHO 3RUWHU GHVSXpV GH HVWX GLDU GXUDQWH DxRV D ODV QDFLR QHV PiV FRPSHWLWLYDV \ FRQ PD\RU FDOLGDG GH YLGD GHO PXQGR FRQFOX\y OR VLJXLHQWH ´/D SURVSHULGDG QDFLR QDO VH FUHD QR VH KHUHGD 1R VXUJH GH ORV GRQHV QDWXUDOHV GH XQ SDtV GH VX PDQR GH REUD GH VXV WLSRV GH LQ WHUpV R GHO YDORU GH VX PRQHGD FR PR DILUPD OD HFRQRPtD FOiVLFD /D FRPSHWLWLYLGDG GH XQD QDFLyQ GHSHQGH GH OD FDSDFLGDG GH VX LQ GXVWULD SDUD LQQRYDU \ PHMRUDU /DV HPSUHVDV ORJUDQ YHQWDMD IUHQWH D ORV PHMRUHV FRPSHWLGRUHV GHO PXQGR D FDXVD GH ODV SUHVLRQHV \ ORV UHWRV 6H EHQHILFLDQ GH WHQHU IXHUWHV ULYDOHV QDFLRQDOHV SURYHHGRUHV GLQiPLFRV UDGLFDGRV HQ HO SDtV \ FOLHQWHV QDFLR QDOHV H[LJHQWHV µ


RWUDVHVSHFLDOLGDGHV

'LDJQRVWLFR

'HVHTXLOLEULR 'HIHFWRV GH LQIRUPDFLyQ 5HSURFHVRV $YHUtDV )DOWD GH PDWHULDOHV

0pWRGRV

&RQWURO GH OD SURGXFWLYLGDG

0HGLFLyQ GH PpWRGRV

6LPXODFLyQ GH FDUJD \ FDSDFLGDG

%DMR GHVHPSHxR 0DO GLVHxR GH SURFHVR 0DO GLVHxR GH PHWRGR

&DQWLGDG PtQLPD GH WLHPSR QHFHVDULR

)LQDOLGDG

6LWXDFLyQ WUDV HO GLDJQyVWLFR

6LWXDFLyQ WUDV OD PHMRUD GH PpWRGR

6LWXDFLyQ WUDV OD PHGLFLyQ GH WLHPSRV

6LWXDFLyQ WUDV HO FRQWURO

6LWXDFLyQ ILQDO

&RQRFHU ORV WLHPSRV GH HMHFXFLyQ

0HMRUDU ORV PpWRGRV GH WUDEDMR \ ORV SURFHVRV

(VWDQGDUL]DU \ PHMRUDU ORV WLHPSRV

&RQWURO GH OD SURGXFWLYLGDG UHGXFLHQGR HO GHVSLOIDUUR SRU GHVHPSHxR

$MXVWDU SHUPDQHQWHPHQWH FDUJD \ FDSDFLGDG GH WUDEDMR

5HOHYDU (VWR VH ORJUD FRQ OD YLVLWD D OD SODQWD RILFLQDV RUJDQL]DFLyQ HQ JH QHUDO FRQ HO ILQ GH UHOHYDU \ GRFX PHQWDU ORV SURFHVRV SURGXFWLYRV R GH VHUYLFLRV &RQ HO ILQ GH UHDOL]DU XQ GLDJQyVWLFR GH OD VLWXDFLyQ LQLFLDO

_ 5(9,67$ &,( _ 129,(0%5(

'LDJQyVWLFR (O REMHWLYR HV ORJUDU XQD VLWXD FLyQ GHO SURFHVR \ OD RUJDQL]DFLyQ ¢(VWiQ ORV WLHPSRV GH IDEUL FDFLyQ FRUUHFWDPHQWH PHGL GRV" 8Q EDMR SRUFHQWDMH GH ODV LQ GXVWULDV GLVSRQHQ GH HVWXGLRV GH PpWRGRV \ WLHPSRV FLHQWtILFDPHQWH PHGLGRV /D PD\RUtD FDOFXOD VXV WLHPSRV D SDUWLU GH PHGLDV R GH HVWL PDFLRQHV DO DO]D (Q FDVR GH TXH HVWpQ PHGLGRV ¢(VWiQ LPSODQWDGRV" (V GHFLU ¢6H FXPSOHQ ORV WLHPSRV HQ OD UHDOLGDG" « < VLQ ORV WLHPSRV GH IDEULFDFLyQ DVHJXUDGRV ¢6H SXHGH SODQLILFDU" ¢6H SXHGHQ FRQRFHU ORV SOD ]RV" ¢6H SXHGHQ FRQRFHU OD FDQ WLGDG GH UHFXUVRV QHFHVDULRV" ¢(YLWDUHPRV UHFXUVRV RFLRVRV SRU XQ ODGR \ FXHOORV GH ERWHOOD SRU RWUR" ¢6H SXHGHQ FDOFXODU ORV FRV WHV" < PiV LPSRUWDQWH ¢6H SXH GHQ JDUDQWL]DU" £12 1R REVWDQWH WRGDYtD KD\ TXH KDFHUVH DOJXQDV SUHJXQWDV PiV

¢(VWiQ FRUUHFWDPHQWH IRUPD GRV HQ JHVWLyQ GH OD SURGXFFLyQ ORV UHVSRQVDEOHV GH OD IiEULFD" ¢(VWiQ IRUPDGRV ORV PDQ GRV LQWHUPHGLRV HQ OD VXSHUYL VLyQ \ FRUUHFFLyQ GH GHVYLDFLR QHV" ¢6DEHQ TXp SDUiPHWURV WLHQHQ TXH VXSHUYLVDU \ FyPR UHDFFLRQDU SDUD KDFHU TXH OD SURGXFFLyQ IOX\D" (QWRQFHV ¢6DEHQ DOLPHQWDU FRUUHFWDPHQWH GH GDWRV DO (53" ¢6DEHQ LQWHUSUHWDU ORV UH VXOWDGRV" /RV PyGXORV GH SURGXF FLyQ GH ORV (53 V VXHOHQ FDHU HQ OD LQIUDXWLOL]DFLyQ SRU IDOWD GH FRQRFL PLHQWRV 7LHPSR WRWDO GH HMHFXFLyQ GH WDUHDV

'HVHTXLOLEULR 'HIHFWRV GH LQIRUPDFLyQ 5HSURFHVRV 'LDJQRVWLFR

$YHUtDV )DOWD GH PDWHULDOHV %DMR GHVHPSHxR 0DO GLVHxR GHO SURFHVR

7LHPSR HVWDQGDU

0DO GLVHxR GHO PHWRGR &DQWLGDG PtQLPD GH WLHPSR QHFHVDULR

6LWXDFLyQ ,QLFLDO )LQDOLGDG

5DIDHO GHO 3LQR &DOYR 6RWHOR 0DQXDO &RQWUD HO 'HVSLOIDUUR KWWS ZZZ IHUURYLDO FRP ZS FRQWHQW XSORDGV 0DQXDOBGHVSLOIDUURBHV SGI

&RQRFHU ORV WLHPSRV GH HMHFXFLyQ

)DOORV GH JHVWLyQ

6LWXDFLyQ LQLFLDO

4XH OD JHVWLyQ GH OD SURGXFFLyQ QR IXQFLRQH QR HV XQD FXHVWLyQ WHF QROyJLFD VLQR HGXFDWLYD R LQFOXVR FXOWXUDO \ GH LQJHQLHUtD GH OD SUR GXFWLYLGDG LQGXVWULDO &RQ HO GLDJQyVWLFR GHVFULWR HO UH VXOWDGR HV HO TXH VH PXHVWUD HQ OD )LJXUD (O SURGXFWR TXH VH ID EULFD WLHQH DVRFLDGR XQ WLHPSR LQ WUtQVHFR TXH HV OD &071 &DQWLGDG 0tQLPD GH 7LHPSR 1HFHVDULR R FR PR OR GHQRPLQD OD 2,7 ´&RQWHQL GR GH WUDEDMRµ PiV XQ DOWR FRPSR QHQWH GH GHVSLOIDUUR ¢4Xp HV HO GHVSLOIDUUR" (V X QD SHUGLGD GH PDWHULDO WLHPSRV WUD EDMR R HQHUJtD TXH QR VH UHFXSHUD \ TXH QDGLH VH EHQHILFLD \ D WRGRV SHU MXGLFD ¢4Xp FRQVHFXHQFLDV JHQHUD HO GHVSLOIDUUR" 'RQGH ORV PiUJH QHV VRQ HVWUHFKRV \ OD FRPSHWHQFLD PX\ GXUD HO GHVSLOIDUUR SXHGH SUR GXFLU GDxRV PX\ JUDYHV D OD RUJDQL ]DFLyQ

´

+DELWXDOPHQWH ODV HPSUHVDV LQGXVWULDOHV IDEULFDQWHV \ ORJtVWLFDV WLHQHQ XQRV FRVWHV GH PDQXIDFWXUD TXH VRQ VXSHULRUHV D ORV QHFHVDULRV SDUD SURGXFLU XQD GHWHUPLQDGD XQLGDG

´

7LHPSR WRWDO GH HMHFXFLyQ GH ODV WDUHDV


352'8&7,9,'$' ,1'8675,$/

0HGLFLyQ GH WLHPSRV

&RQWURO GH OD SURGXFWLYLGDG 2EMHWLYR &RPSDUDU VLVWHPiWLFDPHQWH HO WLHPSR HPSOHDGR OR TXH VH SDJD FRQ HO WUDEDMR UHDOL]DGR OR TXH VH SURGXFH &RQRFHU \ FXDQWLILFDU ODV GHV YLDFLRQHV RFXUULGDV VLVWHPD GH DOHU WDV $QDOL]DU VXV FDXVDV \ DFWXDU VR EUH ODV PLVPDV SDUD FRUUHJLUODV HOL PLQDUODV \ R PHMRUDUODV 7HQHU XQ FRQWURO VREUH HO FXP SOLPLHQWR GH ORV WLHPSRV HVWiQGDU 7DUHDV 7DQWR HQ OD LPSODQWDFLyQ GHO 6LVWHPD %HGDX[ FRPR HQ HO 2(( \ D SDUWLU GH ORV WLHPSRV HVWiQGDU 6H GLVHxD XQ VLVWHPD GH SDUWHV \ UHFRJLGD GH LQIRUPDFLyQ 6H DQDOL]D HO FRQYHQLR TXH DIHFWD D OD LQGXVWULD \ DVSHFWRV OHJDOHV 6H HODERUD XQ VLVWHPD GH FiOFXOR SDUD OD REWHQFLyQ GH ORV GDWRV GH SURGXFWLYLGDG H LQGLFDGRUHV 6RSRUWH GXUDQWH OD LPSODQWDFLyQ %HQHILFLRV WHQHPRV XQ VLVWHPD GH LQGLFDGRUHV IiFLO GH LQWHUSUHWDU \ SUH FLVR FRQ HO TXH 3RGUHPRV DFRWDU ODV SHUPDQHQ WHV GHVYLDFLRQHV HQ FRVWHV TXH WH QHPRV XQD YH] UHDOL]DGD OD IDEULFD FLyQ &RQRFHUHPRV ODV FDXVDV GH ODV GHVYLDFLRQHV 3RU OR WDQWR WRPDPRV GHFLVLRQHV FRUUHFWDV \ PHMRUDPRV FRQ FDGD FRQWURO OD VLWXDFLyQ 0HMRUD FRQ WLQXD 6H SRGUi LPSODQWDU XQ VLVWHPD GH LQFHQWLYRV HQ IXQFLyQ GHO UHVXOWDGR GH ORV LQGLFDGRUHV (Q UHVXPHQ GHELGR D WRGR OR DQ WHULRU XQ FRQVLGHUDEOH DXPHQWR GH OD SURGXFWLYLGDG \ GHO UHQGLPLHQWR GH OD IiEULFD

´

(O PHGLDGRU HV XQ SURIHVLRQDO HVSHFLDOL]DGR HQ PDQHMR GH FRQIOLFWRV TXH D\XGD LPSDUFLDOPHQWH D ODV SDUWHV D EXVFDU XQ DFXHUGR YROXQWDULR SDUD SRQHU ILQ D OD FRQWURYHUVLD H[LVWHQWH

_ RWUDV HVSHFLDOLGDGHV

2EMHWLYR FRQRFHU GH PDQHUD SUH FLVD OD FDUJD GH WUDEDMR \ DMXVWDU OD FDSDFLGDG D OD PLVPD 7DUHDV FRQ ORV WLHPSRV HVWiQGDU FDOFXODGRV 6H UHDOL]D XQ VLPXODGRU HQ HO TXH VH FDOFXOD OD FDUJD GH WUDEDMR D SDUWLU GH OD SURGXFFLyQ TXH KD\ TXH UHD OL]DU \ ORV WLHPSRV HVWiQGDU GH GLFKD SURGXFFLyQ /D FDUJD GH WUDEDMR VH FRPSDUD FRQ OD FDSDFLGDG GH 0DQR GH 2EUD \ GH 0DTXLQDULD 6H IRUPD D ORV UHVSRQVDEOHV HQ OD LQWHUSUHWDFLyQ GH ORV UHVXOWDGRV \ HQ ODV SRVLEOHV WRPDV GH GHFLVLRQHV %HQHILFLRV WHQHPRV XQ VLVWHPD GH LQGLFDGRUHV IiFLO GH LQWHUSUHWDU \ SUH FLVR FRQ HO TXH 6H UHGXFHQ ORV FXHOORV GH ERWHOOD UHFXUVRV RFLRVRV \ KRUDV H[WUDV LQMXV WLILFDGDV 6H WLHQHQ LQIRUPDFLyQ SUHYLD GH OD FDUJD GH WUDEDMR OR TXH QRV SHU PLWH DQWLFLSDUQRV \ HYLWDU VREUHFRV WHV H LQFXPSOLPLHQWRV 6H PHMRUDQ ORV SOD]RV GH HQWUHJD

/DV GHFLVLRQHV VH WRPDQ DQWHV GH TXH VXFHGDQ ORV SUREOHPDV GH GHVH TXLOLEULR QR GHVSXpV (VWR DXPHQWD OD FDSDFLGDG GH JHVWLyQ GH ORV UHV SRQVDEOHV \D TXH WLHQHQ TXH DQWLFL SDUVH &XHVWD PXFKR PHQRV WLHPSR \ GLQHUR TXH FRUUHJLU

´

0pWRGRV 'DGR HO GLDJQyVWLFR SODQWHDGR OD VROXFLyQ HVWi HQ OD SXHVWD HQ PDU FKD \ FRRUGLQDFLyQ GH ODV VLJXLHQWHV GLVFLSOLQDV (VWXGLRV \ PHMRUD GH PpWRGRV \ WLHPSRV &URQRPHWUDMH \ 070 60(' &DPELR UiSLGR GH Pi TXLQDV /HDQ 0DQXIDFWXULQJ ² 0HMRUD GH SURFHVRV &RQWURO GH OD SURGXFWLYLGDG \ VLVWHPDV GH LQFHQWLYRV .3, V 6LVWH PD %HGDX[ \ 2(( (TXLOLEUDGR GH OD FDUJD \ FDSD FLGDG GH WUDEDMR (ODERUDFLyQ GH VL PXODGRUHV )RUPDFLyQ ,PSODQWDFLyQ GH 6LVWHPDV \ GH SDUWDPHQWRV GH 3URGXFWLYLGDG ,Q GXVWULDO (O REMHWLYR GH HVWDV VROXFLRQHV HV $XPHQWDU OD 3URGXFWLYLGDG \ XQD YH] DXPHQWDGD HVWDELOL]DUOD \ VHJXLU PHMRUDQGR


RWUDVHVSHFLDOLGDGHV

6LPXODFLyQ GH FDUJD \ GH SURGXFWLYLGDG 2EMHWLYR FRQRFHU GH PDQHUD SUH FLVD OD FDUJD GH WUDEDMR \ DMXVWDU OD FDSDFLGDG D OD PLVPD 7DUHDV FRQ ORV WLHPSRV HVWiQGDU FDOFXODGRV 6H UHDOL]D XQ VLPXODGRU HQ HO TXH VH FDOFXOD OD FDUJD GH WUDEDMR D SDUWLU GH OD SURGXFFLyQ TXH KD\ TXH UHD OL]DU \ ORV WLHPSRV HVWiQGDU GH GLFKD SURGXFFLyQ /D FDUJD GH WUDEDMR VH FRPSDUD FRQ OD FDSDFLGDG GH 0DQR GH 2EUD \ GH 0DTXLQDULD 6H IRUPD D ORV UHVSRQVDEOHV HQ OD LQWHUSUHWDFLyQ GH ORV UHVXOWDGRV \ HQ ODV SRVLEOHV WRPDV GH GHFLVLRQHV %HQHILFLRV WHQHPRV XQ VLVWHPD GH LQGLFDGRUHV IiFLO GH LQWHUSUHWDU \ SUH FLVR FRQ HO TXH

0HMRUD

0HMRUD GH *HVWLyQ 2EWHQLGD

(VWXGLR GH PpWRGRV \ WLHPSRV

6H FXDQWLILFD OD FDQWLGDG GH WUDEDMR 6H HVWDQGDUL]DQ ODV WDUHDV 6H PHMRUDQ ORV PpWRGRV 6H FRQRFHQ ORV FRVWHV HVWiQGDU

6H HOLPLQDQ ODV WDUHDV GH QR YDORU DxDGLGR 6H HOLPLQDQ VWRFNV LQWHUPHGLRV (O VHJXLPLHQWR GH OD SURGXFFLyQ VH KDFH PiV IiFLO

6H GHVWLQDQ UHFXUVRV GRQGH PiV QHFHVDULRV VRQ 6H FXPSOHQ ORV SOD]RV 6H FRQRFH HO GLPHQVLRQDPLHQWR TXH GHEH WHQHU OD IiEULFD D FRUWR PHGLR \ ODUJR SOD]R

&RQWURO GH 3URGXFWLYLGDG 2((

/RV RSHUDULRV VDEHQ TXH VH HVSHUD GH HOORV /DV FDXVDV GH SpUGLGDV GH SURGXFWLYLGDG VH FRQRFHQ 6H DGRSWDQ PHGLGDV FRUUHFWRUDV HQ EDVH D OR DQWHULRU /D PHMRUD FRQWLQXD VH PLGH 6H FRQRFHQ ODV GHVYLDFLRQHV VREUH ORV FRVWHV

727$/

12 $&808/$%/(

6H FDPLQD KDFLD XQD JHVWLyQ GH OD SURGXFFLyQ H[FHOHQWH 6H UHGXFHQ HQ ORV FRVWHV UDGLFDOPHQWH /D SURGXFWLYLGDG SDVD D VHU XQ FDPLQR D VHJXLU \ QR XQD PHWD HItPHUD

0HMRUD GH SURFHVRV

8VR GH VLPXODGRUHV GH OD FDUJD \ FDSDFLGDG GH WUDEDMR

/D FXDQWLILFDFLyQ GH OD PHMRUD GH OD SURGXFWLYLGDG LQGXVWULDO VH HVWLPD D FRQWLQXDFLyQ VL ELHQ GHSHQGH PXFKR GHO HVWDGR HQ HO TXH HVWp OD IiEULFD X RUJDQL]DFLyQ ORV GDWRV TXH VH DSRUWDQ D FRQWLQXDFLyQ VRQ WRWDO PHQWH UHDOHV \ EDVDGRV HQ H[SHULHQ FLDV \ PHMRUDV OOHYDGDV D FDER

_ 5(9,67$ &,( _ 129,(0%5(

6H UHGXFHQ ORV FXHOORV GH ERWHOOD UHFXUVRV RFLRVRV \ KRUDV H[WUDV LQMXV WLILFDGDV 6H WLHQHQ LQIRUPDFLyQ SUHYLD GH OD FDUJD GH WUDEDMR OR TXH QRV SHU PLWH DQWLFLSDUQRV \ HYLWDU VREUHFRV WHV H LQFXPSOLPLHQWRV 6H PHMRUDQ ORV SOD]RV GH HQWUHJD /DV GHFLVLRQHV VH WRPDQ DQWHV GH TXH VXFHGDQ ORV SUREOHPDV GH GHVH TXLOLEULR QR GHVSXpV (VWR DXPHQWD OD FDSDFLGDG GH JHVWLyQ GH ORV UHV SRQVDEOHV \D TXH WLHQHQ TXH DQWLFL SDUVH &XHVWD PXFKR PHQRV WLHPSR \ GLQHUR TXH FRUUHJLU

+HUUDPLHQWD

-RVp $JXVWtQ &UXHOOHV 5XL] ,QJHQLHUR ,QGXVWULDO \ *HUHQWH GH =DGHFRQ (VSDxD

WHFQLFR#]DGHFRQ FRP _ ZZZ ]DGHFRQ HV


RWUDVHVSHFLDOLGDGHV

3RU ,QJ $QGUpV 5LQWRXO 6XEGLUHFWRU GH &RQWURO H ,PSDFWR $PELHQWDO 60$ 0$63\0 3URY 6DQWD )H &RDXWRU 5HVROXFLyQ 1

PHGLR DPELHQWH

(678',26 '( $1$/,6,6 '( 5,(6*26 5(62/8&,21 1 '( /$ 6(&5(7$5,$ '( 0(',2 $0%,(17( '( /$ 3529,1&,$ '( 6$17$ )( D HOODV TXH SXGLHUHQ UHVXOWDU HQ GH WHUPLQDGDV DFWLYLGDGHV LQGXVWULDOHV R GH VHUYLFLRV DVt FRPR OD OLPLWDFLyQ GH VXV FRQVHFXHQFLDV WDQWR SDUD ODV SHUVRQDV FRPR SDUD HO PHGLR DP ELHQWH HQ HO FDVR GH RFXUULU 1HFHVLGDG (V QHFHVDULR TXH ORV WLWXODUHV \ R UHVSRQVDEOHV GH HPSUHQGLPLHQWRV FRQR]FDQ H LGHQWLILTXHQ HO ULHVJR GH VXV SURFHVRV \ R LQVWDODFLRQHV \ D GRSWHQ ODV PHGLGDV \ DFFLRQHV QH FHVDULDV SDUD UHGXFLUORV D OtPLWHV D FHSWDEOHV LPSOHPHQWDQGR ODV UHFR PHQGDFLRQHV R VDOYDJXDUGDV TXH VXUJHQ GH HVWRV HVWXGLRV $Vt OD 60$ FRPR DXWRULGDG GH DSOLFDFLyQ HQ HO PDUFR GH OD /H\ GLVSRQH GH XQ LQVWUXPHQWR SDUD VX DSOLFDFLyQ HQ IXQFLyQ GHO ULHVJR GH ODV LQGXVWULDV \ WDPELpQ GLVSRQH GH XQD KHUUDPLHQWD SDUD HODERUDU R SODQLILFDU HO RUGHQDPLHQ WR WHUULWRULDO DPELHQWDO

2EMHWR

0RWLYR GH OD SUHVHQWDFLyQ

(O REMHWR GH OD UHVROXFLyQ HV OD SUHYHQFLyQ GH OD RFXUUHQFLD GH DFFL GHQWHV JUDYHV GHULYDGRV GH FDXVDV WHFQROyJLFDV R KXPDQDV DVRFLDGDV

/D RFXUUHQFLD GH DOJXQRV DFFL GHQWHV JUDYHV \ OD H[LVWHQFLD HQ OD SURYLQFLD GH 6DQWD )H GH QXPHURVDV DFWLYLGDGHV FRQ SURFHVRV LQGXVWULD

´

(O REMHWR HV OD SUHYHQFLyQ GH OD RFXUUHQFLD GH DFFLGHQWHV JUDYHV GHULYDGRV GH FDXVDV WHFQROyJLFDV R KXPDQDV DVRFLDGDV D HOODV TXH SXGLHUHQ UHVXOWDU HQ GHWHUPLQDGDV DFWLYLGDGHV LQGXVWULDOHV R GH VHUYLFLRV WDQWR SDUD ODV SHUVRQDV FRPR SDUD HO PHGLR DPELHQWH

_ RWUDV HVSHFLDOLGDGHV

/D SUHVHQWDFLyQ GH ORV HVWXGLRV GH DQiOLVLV GH ULHVJR \ ORV SODQHV GH FRQWLQJHQFLD VRQ UHTXLVLWRV GH OD OH JLVODFLyQ DPELHQWDO SURYLQFLDO HVWD EOHFLGRV SRU HO 'HFUHWR 1 WDQWR SDUD ODV QXHYDV DFWLYLGDGHV SODVPDGDV HQ ORV HVWXGLRV GH LPSDF WR DPELHQWDO (V,$ FRPR SDUD ODV H[LVWHQWHV HQ ORV LQIRUPHV DPELHQWD OHV GH FXPSOLPLHQWR ,$& $QH[RV ,,, \ 9, UHVSHFWLYDPHQWH GHO FLWDGR GHFUHWR &RPR QR KDEtD OLQHDPLHQWR R FULWHULR HVSHFtILFR VH SURSXVR HVWD QXHYD QRUPD TXH FRPR WRGD QXHYD QRUPD GHEtD DGDSWDUVH D OD OHJLV ODFLyQ DPELHQWDO YLJHQWH \ FXPSOL PHQWDU H[LJHQFLDV TXH OD 60$ FRQ VLGHUD UHOHYDQWHV DVt VXUJLy OD 5HVR OXFLyQ 1 SUHYLD GLVFXVLyQ WpFQLFD HQ HO &RPLWp GH 7pFQLFR GH *HVWLyQ $PELHQWDO SHUWHQHFLHQWH DO &23520$ &RQVHMR 3URYLQFLDO GHO 0HGLR $PELHQWH

OHV SRWHQFLDOPHQWH ULHVJRVRV KL]R QHFHVDULR HVWDEOHFHU OR PiV FODUD PHQWH SRVLEOH ORV UHTXLVLWRV TXH GH EHQ H[KLELU ORV HVWXGLRV GH ULHVJR 'HELGR D OD FRPSOHMLGDG GHO WH PD OD 60$ EXVFy UHTXHULU HQ IRUPD GHWHUPLQDGD ORV HVWXGLRV OR TXH GH ULYy D WUDYpV GH HVWD UHVROXFLyQ FRP SOHPHQWDU DVSHFWRV SHQGLHQWHV GH UHJXODFLyQ WDOHV FRPR OD FODVLILFD FLyQ QXPpULFD R FXDQWLWDWLYD \ FXDOL WDWLYD GH ODV DFWLYLGDGHV FRQVLGHUD GDV ULHVJRVDV OD LQWURGXFFLyQ GH HOH PHQWRV TXH SHUPLWDQ SUHFLVDU ODV DFWLYLGDGHV HIHFWLYDPHQWH DOFDQ]D GDV SRU OD UHVROXFLyQ \ VX QLYHO GH ULHVJR DPELHQWDO DVRFLDGR FRPR DVt WDPELpQ OD UHIHUHQFLD D PHWRGROR JtDV DFHSWDEOHV SDUD VX HODERUDFLyQ \ HYDOXDFLyQ

´

,QWURGXFFLyQ


RWUDVHVSHFLDOLGDGHV

*HUHQFLDPLHQWR GHO ULHVJR &RPR FRQVHFXHQFLD GHO HVWXGLR GH ULHVJR GHEHQ LGHQWLILFDUVH ORV ULHV JRV \ VH GHEHUi SUHVHQWDU XQ SODQ \ XQ VLVWHPD GH JHUHQFLDPLHQWR GHO ULHVJR HQ EDVH D ODV FDUDFWHUtVWLFDV GHO HPSUHQGLPLHQWR \ OD SODQWD RSH UDGD eVWH GHEHUi WHQHU SRU HMHP SOR ODV DFFLRQHV SURFHGLPLHQWRV PRGLILFDFLyQ GH LQVWDODFLRQHV LQ FRUSRUDFLyQ GH HOHPHQWRV GH VHJX ULGDG \ R FRQWURO UHYLVLRQHV \ HYD OXDFLyQ SHULyGLFD UXWLQDV GH PDQWH QLPLHQWR \ FDSDFLWDFLRQHV HWF D ORV ILQHV GH EULQGDU PD\RU VHJXULGDG 4XLpQHV HVWiQ DOFDQ]DGRV 7RGRV UHVSRQVDEOHV GH HPSUHQ GLPLHQWRV LQGXVWULDOHV R GH DFWLYLGD GHV GH VHUYLFLRV GHEHQ SUHVHQWDU HO 3ODQ GH *HVWLyQ $PELHQWDO 3*$ D WUDYpV GH OD SUHVHQWDFLyQ GHO (V,$ R ,$& VHJ~Q 'HFUHWR TXH FRPR XQ UHTXLVLWR GH ORV $QH[RV ,,, y 9, ORV LQFOX\H HO HVWXGLR GH ULHVJR \ SODQ GH FRQWLQJHQFLD

_ 5(9,67$ &,( _ 129,(0%5(

'LVFUHWL]DFLRQ GHO JUDGR GH GHWDOOH GH ORV HVWXGLRV GH ULHVJRV /D LQWHQFLyQ GH OD 60$ IXH HOD ERUDU XQD QRUPD TXH VH DGDSWDUD D OD QRUPDWLYD DPELHQWDO SURYLQFLDO YLJHQWH TXH FRQWHPSODUD OD GLIH UHQWH FRPSOHMLGDG R ULJXURVLGDG GHO HVWXGLR KD SUHVHQWDU HQ IXQFLyQ DO ULHVJR SRWHQFLDO GH ODV GLIHUHQWHV DF WLYLGDGHV TXH GHVDUUROOD OD HPSUHVD (V SRU HOOR TXH KD VXUJLGR HVWD QRU PD HQ XQ IRUPDWR TXH VH DGDSWD DO LQFOX\H OD FRQVLGHUDFLyQ GH XQ OLVWDGR GH DFWLYLGDGHV SURYH QLHQWH GH OD 'LUHFWLYD GH OD &(( DGHPiV FRPR WHUFHU FRP SRQHQWH HO TXH LQYROXFUD D ODV VXV WDQFLDV TXtPLFDV VXUJLGR GH OD 5HVROXFLyQ GH OD 6$ \ '6 GH 1DFLyQ \ ILQDOPHQWH SDUD REWHQHU HO QLYHO GH GHWDOOH PiV H[KDXVWLYR VH LQWURGXMR OD LQIOXHQFLD R QR GHO HIHF WR GRPLQy \ OD VLQHUJLD TXH LPSOL FDQ HO FRQFDWHQDPLHQWR R HVFDOD PLHQWR GH ODV FRQVHFXHQFLDV GH XQ DFFLGHQWH

$Vt VXUJHQ ORV WUHV WLSRV GH HVWX GLRV GLVFUHWL]DGRV GH DFXHUGR D VX FRPSOHMLGDG 5LHVJR *UDGR HO PiV VHQFLOOR \ FRUUHVSRQGH OD SUHVHQWDFLyQ GH XQ HVWXGLR GH ULHVJR HQ HO FXDO VH SUH VHQWHQ PpWRGRV SDUD OD LGHQWLILFD FLyQ GH SHOLJURV D SDUWLU GH /LVWDV GH YHULILFDFLyQ &KHFN OLVWV PHWRGROR JtD ¢4Xp SDVD VL" :KDW ,I R $Qi OLVLV GH PRGR GH IDOOD \ HIHFWRV )0($ $0)( tQGLFHV GH ULHVJR D VRFLDGDV D ODV OLVWDV GH YHULILFDFLyQ DVt FRPR WDPELpQ ODV PHGLGDV GH JHUHQFLDPLHQWR GH WDOHV HVFHQDULRV LGHQWLILFDGRV 5LHVJR *UDGR LQWHUPHGLR \ FR UUHVSRQGH D OD SUHVHQWDFLyQ GH XQ HVWXGLR GH ULHVJR HQ HO FXDO VH HP SOHHQ ORV PpWRGRV GH LGHQWLILFDFLyQ H[SOLFLWDGRV HQ HO 5LHVJR *UDGR \ DGHPiV VH XWLOLFHQ PpWRGRV VHPL FXDQWLWDWLYRV HPSOHDQGR PDWULFHV VHPLFXDQWLWDWLYDV SDUD DQiOLVLV GH ULHVJRV HQ ODV FXDOHV VH GLVFUHWLFHQ OD IUHFXHQFLD SUREDELOLGDG GH RFX UUHQFLD \ ODV FRQVHFXHQFLDV VHYHUL GDG HQ FDWHJRUtDV HYDOXDQGR FD GD VLWXDFLyQ GH ULHVJR LGHQWLILFDGD (Q IXQFLyQ GHO ULHVJR DVRFLDGR D FD GD HVFHQDULR LGHQWLILFDGR SUHVHQWDU

OD PHGLGD D FRQWHPSODU SDUD HO JH UHQFLDPLHQWR GHO ULHVJR 5LHVJR *UDGR HO PDV H[KDXV WLYR R ULJXURVR TXH FRUUHVSRQGH D OD SUHVHQWDFLyQ GH XQ HVWXGLR GH ULHV JR HQ HO FXDO WDQWR OD LGHQWLILFDFLyQ FRPR OD HYDOXDFLyQ VHDQ UHDOL]DGDV HQ IRUPD VLVWHPiWLFD HYDOXDQGR FD GD VLWXDFLyQ GH ULHVJR LGHQWLILFDGD XWLOL]DQGR PHWRGRORJtDV ULJXURVDV GHO WLSR +$=23 ´+D]DUG DQG 2SH UDELOLW\ 6WXG\µ (VWXGLR GH 3HOLJUR \ RSHUDFLRQDOLGDG R )0($ \ UHDOL ]DQGR XQ DQiOLVLV GH ULHVJRV FXDQWL WDWLYR /RV FRQWHQLGRV PtQLPRV GH ORV HVWXGLRV VH HVSHFLILFDQ HQ $QH[R ,, 2WURV PpWRGRV SXHGHQ VHU SUH VHQWDGRV VLHPSUH TXH VXPLQLVWUH LQ IRUPDFLyQ FRPSDUDEOH FRQ ORV Pp WRGRV DQWHV HVWDEOHFLGRV 6H SRGUi XWLOL]DUVH SUHYLD DXWRUL]DFLyQ GH OD 60$ 3DUD HVTXHPDWL]DU OD UHODFLyQ TXH H[LVWH HQWUH ORV GLVWLQWRV QLYHOHV GH ULHVJR GH ODV DFWLYLGDGHV LQGXV WULDOHV GH VHUYLFLRV \ HO WLSR GH QLYHO R JUDGR GH FRPSOHMLGDG TXH FRUUHV SRQGH D OD SUHVHQWDFLyQ GHO HVWXGLR VH KD LQFOXLGR HO VLJXLHQWH IOXMRJUD PD

)$6 )DFWRU GH $MXVWH 6LQpUJLFR ([LVWHQFLD GH (IHFWR 'RPLQy

(VTXHPD SDUD OD HVTXHPDWL]DFLyQ GH TXH FRPSOHMLGDG GH HVWXGLR VH UHTXLHUH SUHVHQWDU


(678',26 '( $1$/,6,6 '( 5,(6*2

, $ ,QVWDODFLRQHV LQGXVWULDOHV FRQWHPSODGDV HQ HO JUiILFR DQWHULRU ,QVWDODFLRQHV GH SURGXFFLyQ R GH WUDQVIRUPDFLyQ GH VXVWDQFLDV TXtPL FDV RUJiQLFDV R LQRUJiQLFDV TXH XWL OLFHQ D WDO ILQ HQ SDUWLFXODU ,QVWDODFLRQHV SDUD OD GHVWLODFLyQ HO UHILQR R FXDOTXLHU RWUR PRGR GH WUDQVIRUPDFLyQ GHO SHWUyOHR R GH ORV SURGXFWRV SHWUROtIHURV ,QFOX\H SUR FHVRV GH SURGXFFLyQ GH ELRFRPEXV WLEOHV ,QVWDODFLRQHV GHVWLQDGDV D OD HOL PLQDFLyQ WRWDO R SDUFLDO GH ODV VXV WDQFLDV VyOLGDV R OtTXLGDV SRU FRP EXVWLyQ R SRU GHVFRPSRVLFLyQ TXt PLFD

,QVWDODFLRQHV GH SURGXFFLyQ R GH WUDQVIRUPDFLyQ GH JDVHV TXH SUR GX]FDQ HQHUJtD SRU HMHPSOR JDV GH SHWUyOHR OLFXDGR JDV QDWXUDO OLFXDGR \ JDV QDWXUDO GH VtQWHVLV ,QVWDODFLRQHV SDUD OD GHVWLODFLyQ VHFD GHO FDUEyQ R GHO OLJQLWR ,QVWDODFLRQHV SDUD OD SURGXFFLyQ GH PHWDOHV R QR PHWDOHV SRU YtD K~ PHGD R PHGLDQWH HQHUJtD HOpFWULFD ,QVWDODFLRQHV TXH PDQHMDQ JUD QRV R PDWHULDOHV GLYHUVRV TXH SXH GDQ JHQHUDU DWPyVIHUDV GH VXVSHQ VLRQHV GH SROYR FRPEXVWLEOHV \ R H[SORVLYRV \ R Wy[LFRV WDOHV FRPR SDUTXHV GH DOPDFHQDPLHQWR GH JUD QR SURFHVDGRUDV GH JUDQR SDUD OD REWHQFLyQ GH DFHLWHV \ FXDOTXLHUD GH VXV GHULYDGRV SURFHVDGRUDV GH

PDWHULDOHV SURGXFLHQGR SROYR HQ HO SURFHVR HQWUH RWUDV ,QVWDODFLRQHV TXH SXHGDQ PDQL SXODU FRPR PDWHULD SULPD SURGXF WR LQWHUPHGLR \ R VXESURGXFWR R H IOXHQWH VXVWDQFLDV TXH SXHGDQ SUR YRFDU UDGLDFLRQHV LRQL]DQWHV HOHF WURPDJQpWLFDV H[SORVLRQHV PHFiQL FDV ULHVJR HOpFWULFR ELROyJLFR R PL FURELROyJLFR HQWUH RWURV TXH SXH GDQ SRQHU HQ SHOLJUR OD VDOXG GH ORV WUDEDMDGRUHV \ R SREODFLyQ FLUFXQ GDQWH LQVWDODFLRQHV TXH SRWHQFLDO PHQWH SRVHDQ ULHVJR WR[LFROyJLFR ,QVWDODFLRQHV HQ ODV FXDOHV H[LVWHQ ULHVJRV GH HVFDODPLHQWR GRPLQy (VWR HV HVFHQDULRV GH SHOLJUR FX\DV FRQVHFXHQFLDV SXHGDQ HVFDODU SUR YRFDQGR XQD FDGHQD GH HVFHQDULRV

3$57( 6867$1&,$

&DQWLGDG XPEUDO WRQHODGDV

1LWUDWR GH DPRQLR

3HQWy[LGR GH DUVpQLFR DFLGR DUVpQLFR 9 \ R VXV VDOHV

7ULy[LGR GH DUVpQLFR DFLGR DUVpQLFR ,,, \ R VXV VDOHV

%URPR

&ORUR

&RPSXHVWRV GH QtTXHO HQ IRUPDO SXOYHUXOHQWD LQKDODEOH PRQy[LGR GH QtTXHO GLy[LGR GH QtTXHO GLVXOIXUR GH WULQLTXHO WULy[LGR GH GLQLTXHO

(WLOHQLPLQD

)O~RU

)RUPDOGHKtGR FRQFHQWUDFLyQ PD\RU R LJXDO D SRU

+LGURJHQR

$FLGR FORUKtGULFR JDV OLFXDGR

$OTXLORV GH SORPR

*DVHV OLFXDGRV H[WUHPDGDPHQWH LQIODPDEOHV LQFOXLGRV *3/ \ JDV QDWXUDO

$FHWLOHQR

2[LGR GH HWLOHQR

2[LGR GH SURSLOHQR

0HWDQRO

PHWLOHQ ELV FORURDQLOLQD \ R VXV VDOHV HQ IRUPD SXOYHUXOHQWD

,VRFLDQDWR GH PHWLOR

2[LJHQR

'LFORUXUR GH FDUERQLOR IRVJHQR

7ULKLGUXUR GH DUVHQLFR DUVLQD

7ULKLGUXUR GH IRVIRUR IRVILQD

'LFORUXUR GH D]XIUH

7ULy[LGR GH D]XIUH

3ROLFORURGLEHQ]RIXUDURV \ SROLFORURGLEHQ]RGLR[LQDV LQFOXLGD OD 7&'' FDOFXODGDV HQ HTXLYDOHQWH 7&'' YHU QRWD

/DV VLJXLHQWHV VXVWDQFLDV FDQFHUtJHQDV $PLQRGLIHQLOR \ R VXV VDOHV %HQFLGLQD \ R VXV VDOHV pWHU ELV FORURPHWLOLFLR &ORURPHWLO PHWLO HWHU &ORUXUR GH GLPHWLO FDUEDPRLOR 'LPHWLOQLWURVDPLQD 7ULDPLGD KH[DPHWLOIRVIRULFD 1DIWLODDPLQD \ R VXV VDOHV \ 1LWURIHQLO 3URSDQRVXOWLRQD

1DIWDV \ RWURV FRUWHV OLYLDQRV

_ RWUDV HVSHFLDOLGDGHV

'LVRFLDQDWR GH WROXHQR


_ 5(9,67$ &,( _ 129,(0%5(

RWUDVHVSHFLDOLGDGHV

GH LJXDO R PD\RU VHYHULGDG TXH ORV HYHQWRV LQLFLDGRUHV 3RU HMHPSOR LQ FHQGLRV RQGDV GH VREUH SUHVLyQ H[ SORVLRQHV PHFiQLFDV GH SROYR TXt PLFDV RWUDV R IUDJPHQWRV GHELGR D H[SORVLRQHV &RQVLGHUDU WDPELpQ IH QyPHQRV QDWXUDOHV WDOHV FRPR L QXQGDFLRQHV IXHUWHV YLHQWRV WHUUH PRWRV HQWUH RWURV ,QVWDODFLRQHV TXH FRQWHQJDQ GHSyVLWRV VRWHUUDGRV \ R DO DLUH OLEUH FX\DV IXJDV \ R ILOWUDFLRQHV SXHGDQ DIHFWDU ODV QDSDV GH ]RQDV XUEDQDV \ R SHULXUEDQDV R ELHQ HQ ]RQDV VHQVLEOHV WDOHV FRPR D OD YHUD GH FXU VRV GH DJXD ODJRV UHVHUYDV QDWXUD OHV HQWUH RWUDV &RPSOHMRV WDOHV FRPR SXHUWRV PDUtWLPRV R IOXYLDOHV GHSyVLWRV GH PHUFDGHUtDV PDWHULDOHV SOD\DV GH FDPLRQHV FLVWHUQDV TXH HQ DPERV FDVRV VH YLQFXOHQ D VXVWDQFLDV SHOL JURVDV WDQWR SDUD OD VDOXG FRPR SD UD ELHQHV H LQVWDODFLRQHV DOHGDxDV 3ODQWDV LQVWDODFLRQHV GH FXDO TXLHU WDPDxR LQVHUWRV HQ FRPSOH MRV SDUTXHV LQGXVWULDOHV FX\R YHFLQ GDULR IDFLOLWH HO HVFDODPLHQWR GH ORV HVFHQDULRV SHOLJURVRV HIHFWR GRPL Qy DVt FRPR OD H[LVWHQFLD GH WUDQV SRUWH GH PDWHULDV SULPDV LQWHUPH GLDULRV VXESURGXFWRV LQVXPRV VHU YLFLRV YDSRU DJXD JDV QDWXUDO FRPEXVWLEOHV SRU YtD WHUUHVWUH GXFWRV IOXYLDO \ GH FXDOTXLHU RWUR WL SR HQWUH GLVWLQWDV LQVWDODFLRQHV SODQWDV GHO FRPSOHMR ,QGHSHQGLHQWHPHQWH GH OD XEL FDFLyQ GH OD LQVWDODFLyQ R SODQWD DQDOL]DGD VL H[LVWH WUDQVSRUWH GHVGH \ KDFLD GHVWLQRV HVSHFtILFRV UHODFLR QDGRV FRQ HO DSURYLVLRQDPLHQWR HQ WUHJD GH PDWHULDV SULPDV SURGXF WRV GHVHFKRV LQWHUPHGLDULRV (Q SDUWLFXODU VL ODV UXWDV SDUD HO WUDQV SRUWH GH VXVWDQFLDV SHOLJURVDV DWUD YLHVDQ ]RQDV XUEDQDV SREODGDV \ R UXWDV DOWDPHQWH WUDQVLWDGDV HQ HO WH UULWRULR SURYLQFLDO

3$57( &$7(*25,$ '( 6867$1&,$ 3(/,*526$ YHU QRWDV DEDMR

&$17,'$' 80%5$/ WRQHODGDV

0X\ Wy[LFD YHU SXQWR GH ODV QRWDV

7y[LFD YHU SXQWR GH ODV QRWDV

&RPEXUHQWH X R[LGDQWH YHU SXQWR GH ODV QRWDV

([SORVLYD FXDQGR OD VXVWDQFLD R HO SUHSDUDGR FRLQFLGtDQ FRQ OD GHILQLFLyQ GHO SiUUDIR D GHO SXQWR GH ODV QRWDV

([SORVLYD FXDQGR OD VXVWDQFLD R HO SUHSDUDGR FRLQFLGtDQ FRQ OD GHILQLFLyQ GHO SiUUDIR E GHO SXQWR GH ODV 1RWDV

,QIODPDEOH FXDQGR OD VXVWDQFLD R HO SUHSDUDGR FRLQFLGtDQ FRQ OD GHILQLFLyQ GHO SiUUDIR D GHO SXQWR GH ODV QRWDV

D 0X\ LQIODPDEOH FXDQGR OD VXVWDQFLD R HO SUHSDUDGR FRLQFLGtDQ FRQ OD GHILQLFLyQ GHO SiUUDIR E GHO SXQWR GH ODV QRWDV

E /tTXLGR PX\ LQIODPDEOH FXDQGR OD VXVWDQFLD R HO SUHSDUDGR FRLQFLGtDQ FRQ OD GHILQLFLyQ GHO SiUUDIR E GHO SXQWR GH ODV QRWDV

([WUHPDGDPHQWH LQIODPDEOH FXDQGR OD VXVWDQFLD R HO SUHSDUDGR FRLQFLGtDQ FRQ OD GHILQLFLyQ GHO SiUUDIR F GHO SXQWR GH ODV QRWDV

6XVWDQFLDV SHOLJURVDV SDUD HO PHGLR DPELHQWH HQ FRPELQDFLyQ FRQ ODV VLJXLHQWHV IDVHV GH ULHVJR

, PX\ Wy[LFR SDUD ORV RUJDQLVPRV DFXiWLFRV

,, WR[LFR SDUD ORV RUJDQLVPRV DFXiWLFRV 3XHGH SURYRFDU D ODUJR SOD]R HIHFWRV QHJDWLYRV SDUD HO PHGLR DPELHQWH DFXiWLFR

&XDOTXLHU FODVLILFDFLyQ GLVWLQWDV HQ FRPELQDFLyQ FRQ ORV HQXQFLDGRV GH ULHVJR VLJXLHQWHV

, 5HDFFLRQD YLROHQWDPHQWH FRQ HO DJXD

,, (Q FRQWDFWR FRQ HO DJXD OLEHUD JDVHV Wy[LFRV


(678',26 '( $1$/,6,6 '( 5,(6*2

&XDQGR VH YHULILTXH OD H[LVWHQ FLD GH PiV GH XQD GH ODV VXVWDQFLDV SHOLJURVDV LQFOXLGDV HQ ODV 3DUWHV \ GH HVWH $SpQGLFH VLQ DOFDQ]DUVH HO XPEUDO FRUUHVSRQGLHQWH HQ IRUPD LQGLYLGXDO OD DGLFLyQ SDUD GHWHUPL QDU OD FDQWLGDG HTXLYDOHQWH H[LVWHQ WH HQ XQ HVWDEOHFLPLHQWR VH OOHYDUi D FDER VHJ~Q HO VLJXLHQWH SURFHGL PLHQWR GH FiOFXOR SDUD REWHQHU HO IDFWRU GH DMXVWH VLQpUJLFR )$6 XWLOL ]DGR HQ HO GLDJUDPD OyJLFR GHO SUH VHQWH $QH[R

)DFWRU DMXVWH SRU VXVWDQFLD 6XPDWRULD T 4 T 4 T 4 T 4 T 4 TQ 4Q

(IHFWR 'RPLQy 9HFLQGDULR R (QWRUQR 7HFQROyJL FR GHQWUR GHO SUHGLR R FRPSOHMR $ QDOL]DU SDUD SURFHVRV SODQWDV LQVWD ODFLRQHV GH FXDOTXLHU WDPDxR LQVHU

&RQWHQLGRV PtQLPRV GH SODQHV GH FRQWLQJHQFLDV &RPR PtQLPR ORV SODQHV GH FRQWLQJHQFLDV \ HPHUJHQFLDV GHEH UiQ FRQWHQHU 2EMHWLYR *UXSR GH WUDEDMR FRQ RUJDQLJUD PD 5ROHV 5HVSRQVDELOLGDGHV $FFLRQHV ,QWHUQDV R ([WHUQDV 6H GHEH SURYHHU DGHPiV ODV %DVHV VREUH ODV FXDOHV VH DVLHQWDQ ODV GLVWDQFLDV GH DIHFWDFLyQ HYDFXD FLyQ UHFXUVRV GLVSRQLEOHV \ D DIHFWDU FRQVLGHUDQGR IXHQWHV H[WHUQDV 5HFXUVRV GLVSRQLEOHV SDUD DEDWLU ORV HVFHQDULRV HVWDEOHFLGRV HQ WLHP SR \ IRUPD 3ODQHV GH DFFLyQ \ JHUHQFLDPLHQWR PDQWHQLPLHQWR VWRFN UHFXUVRV KX PDQRV FRQYHQLRV HWF \ ORV SURFH GLPLHQWRV GRFXPHQWDFLyQ TXH OR UHVSDOGHQ SDUD DVHJXUDU GLVSRQLEL OLGDG HQ WLHPSR \ IRUPD GH ORV UH FXUVRV GHPDQGDGRV HQ ORV UHVSHFWL YRV SODQHV GH FRQWLQJHQFLDV 3URFHGLPLHQWR R DFFLRQHV FRPR FLHUUH GH YiOYXODV GHULYDFLyQ GH FDXGDOHV HWF TXH GHEHQ LPSOHPHQ WDUVH HQ HO LQLFLR GH OD FRQWLQJHQFLD

´

6HJ~Q FULWHULR VXUJH GH OD &(( ORV GLVWLQWRV IDFWRUHV D WRWDOL]DU UHILHUHQ D ODV VXVWDQFLDV TXH WLHQHQ VLPLODUHV FDUDFWHUtVWLFDV GH SHOLJURVLGDG FRPSOHPHQWDULD TXH DJUDYDUtDQ ODV FRQVHFXHQFLDV GH SURGXFLUVH XQ DFFLGHQWH

_ RWUDV HVSHFLDOLGDGHV

GRQGH TQ OD FDQWLGDG GH VXV WDQFLD SHOLJURVD R FDWHJRUtD GH VXV WDQFLD SHOLJURVD Q SUHVHQWH FDOFX ODGD VHJ~Q OR LQGLFDGR HQ ODV 3DUWHV \ R GH HVWH $SpQGLFH 4Q OD FDQWLGDG XPEUDO FRUUHV SRQGLHQWH D OD VXVWDQFLD SHOLJURVD Q LQGLFDGDV HQ ODV SDUWHV \ R $FODUDFLyQ ORV GLVWLQWRV IDFWRUHV D WRWDOL]DU UHILHUHQ D ODV VXVWDQFLDV TXH WLHQHQ VLPLODUHV FDUDFWHUtVWLFDV GH SHOLJURVLGDG FRPSOHPHQWDULD TXH DJUDYDUtDQ ODV FRQVHFXHQFLDV GH SURGXFLUVH XQ DFFLGHQWH S HM VX PDU VXVWDQFLDV LQIODPDEOHV H[SOR VLYDV FRPEXUHQWHV \ GHEHUiQ VX PDUVH SRU VHSDUDGR ODV FRUURVLYDV X RWUDV FRPR Wy[LFDV PX\ Wy[LFD \ SH OLJURVDV DO PHGLR DPELHQWH (VWH FUL WHULR VXUJH GH OD &(( (O )DFWRU )$6 DVt FDOFXODGR FXDQGR VHD PD\RU R LJXDO LQIOX\H HQ OD VHOHFFLyQ GHO 1LYHO GHO HVWXGLR GH 5LHVJRV VHJ~Q HO HVTXHPD OyJLFR LQGLFDGR HQ HO ~OWLPR ´LIµ GHO $1(;2 ,

WRV HQ FRPSOHMRV SDUTXHV LQGXVWULD OHV TXH IDFLOLWH HO HVFDODPLHQWR GH ORV HVFHQDULRV SHOLJURVRV HIHFWR GRPL Qy 3DUD HOOR WRPDU FRPR JXtD ODV FDUDFWHUtVWLFDV GH ODV LQVWDODFLRQHV GHQWUR GHO FRPSOHMR YHULILFDQGR VL ODV PLVPDV HVWiQ LQFOXLGDV HQ HO OLVWD GR $QH[R ,$ &RQVLGHUDU VL H[LVWH WUDQVSRUWH GH PDWHULDV SULPDV LQWHUPHGLDULRV VXESURGXFWRV LQVXPRV VHUYLFLRV DJXD YDSRU JDV QDWXUDO FRPEXVWL EOHV SRU YtD WHUUHVWUH GXFWRV IOX YLDO \ GH FXDOTXLHU RWUR WLSR HQWUH GLVWLQWDV LQVWDODFLRQHV SODQWDV GHO FRPSOHMR &RQVLGHUDU OD H[LVWHQFLD HQ HO HQWRUQR GH LQVWDODFLRQHV SDUD ODV R SHUDFLRQHV GH FDUJD \ GHVFDUJD GH SyVLWRV SDUTXHV GH HVWDFLRQDPLHQ WR SXHUWRV \ RWUDV LQVWDODFLRQHV TXH PDQLSXOHQ VXVWDQFLDV VHJ~Q HO OLV WDGR GHO $QH[R ,%

´

(IHFWRV VLQpUJLFRV


)XHQWH 'LDULR /D 1DFLyQ 6HFFLyQ 7HFQRORJtD

iUHDHOpFWULFD

_ 5(9,67$ &,( _ -81,2

(1(5*Ì$ $/7(51$7,9$ (1 /$ 5(' '( 6$17$ )( /D SURYLQFLD GH 6DQWD )H HV OD TXH PiV KD DYDQ]DGR HQ OD PDWHULD \ GHVGH RFWXEUH GH ORV VDQWD IHFLQRV SXHGHQ LQ\HFWDU VX HQHUJtD VREUDQWH D OD UHG PHGLDQWH OD UHVROX FLyQ GH OD (PSUHVD 3URYLQFLDO GH OD (QHUJtD (3( 1 'DPLiQ %OH JHU VXEVHFUHWDULR GH (QHUJtDV 5H QRYDEOHV GH OD SURYLQFLD H[SOLFD ODV FDUDFWHUtVWLFDV GH HVWD QRUPDWLYD 6ROR HVWi SHUPLWLGR LQ\HFWDU HQHU JtD TXH SURYHQJD GH IXHQWHV UHQRYD EOHV /D OH\ SURYLQFLDO \ H[SUHVD TXH VH HQWLHQGH SRU HQHUJtDV UHQRYDEOHV DOWHUQDWLYDV R EODQGDV D WRGDV DTXHOODV TXH VH SUR GXFHQ QDWXUDOPHQWH HQ IRUPD LQD JRWDEOH \ VLQ RFDVLRQDU SHUMXLFLR DO HTXLOLEULR DPELHQWDO (V GHFLU TXH FXDOTXLHU FLXGDGDQR VDQWDIHVLQR TXH JHQHUH HQHUJtD D WUDYpV GHO D SURYHFKDPLHQWR GHO VRO HO YLHQWR HO ELRJiV OD ELRPDVD OD JHRWHUPLFD OD PLQL KLGUiXOLFD R ORV ELRFRPEXVWL EOHV SRGUi LQFRUSRUDU VX H[FHGHQWH D OD UHG SURYLQFLDO 3DUD TXH HOOR VHD SRVLEOH HO LQGL YLGXR GHEH SUHVHQWDU XQD SURSXHV WD GH SUR\HFWR FRQ HO WLSR GH WHFQR ORJtD D XWLOL]DU \ OD FDSDFLGDG GH JH QHUDFLyQ /XHJR GH XQ DQiOLVLV WpF QLFR GHVGH HO SXQWR GH YLVWD HOpF WULFR \ GH VHJXULGDG VH DSUXHED HO SUR\HFWR (O SURFHVR GH IDFWXUDFLyQ SRVWHULRU VH GLYLGH HQ WUHV HWDSDV VH IDFWXUD OD WRWDOLGDG GHO FRQVXPR FRQ VX WDULID QRUPDO VH FDOFXOD HO FRQVX

PR FRPR VXPD GH ODV OHFWXUDV GH GRV PHGLGRUHV XQR FRQYHQFLRQDO \ RWUR ELGLUHFFLRQDO GLJLWDO TXH PLGH OD HQHUJtD HQ DPERV VHQWLGRV OD LQ\HF WDGD OD FRQVXPLGD \ OD QHWD \ VH GHVFXHQWD OD HQHUJtD JHQHUDGD DO SUHFLR GH FRPSUD HQ HO 0(0 $O UHVSHFWR %OHJHU HVSHFtILFD (O SURWRFROR GH LQWHUFRQH[LyQ SUHYp OD

LQVHUFLyQ GH KDVWD N: FRQ HVSHFL ILFDFLRQHV WpFQLFDV SDUWLFXODUHV TXH SHUPLWHQ XWLOL]DU HTXLSDPLHQWR PR GXODU HV GHFLU LQWHJUDGRV HQ XQ PLV PR HTXLSR 3DUD SRWHQFLDV PD\RUHV GH N: KDVWD N: HQ EDMD WHQ VLyQ VH HVWDEOHFHQ UHTXHULPLHQWRV WpFQLFRV DFRUGH D WDOHV QLYHOHV GH LQV WDODFLRQHV

8QR GH ORV HGLILFLRV JXEHUQDPHQWDOHV GH OD SURYLQFLD GH 6DQWD )H FRQ SDQHOHV VRODUHV


LQVWLWXFLRQDO

35238(67$ &,( -29(1 Â&#x2021; &XUVRV \ VHPLQDULRV GH FDSDFLWD FLyQ \ DFWXDOL]DFLyQ Â&#x2021; 3URJUDPDV H LQLFLDWLYDV GH UHV SRQVDELOLGDG VRFLDO pWLFD \ FRPSUR PLVR FLXGDGDQR ,QWHJUDQWHV 6H SURSLFLDUi FRQWDU FRQ LQWH JUDQWHV PHQRUHV GH DxRV \ UHSUH VHQWDQWHV GH FDGD XQD GH ODV iUHDV GH HVSHFLDOLVWDV TXH SRVHH HO &ROH JLR

&RQWDFWR

3DUD SDUWLFLSDU GH HVWD LQLFLDWLYD SRGpV HQYLDU XQ PDLO D

FLHMRYHQ#HVSHFLDOLVWDV RUJ DU

(O ,QJ 0HFiQLFR 5D~O %XVWDEHU 3WH GHO &,( VHJXQGR GHVGH OD L]TXLHUGD MXQWR D ORV ,QJ ,QGXVWULDOHV 'LHJR $ODUFyQ 'LHJR 3HUH\UD \ 1LFROiV ,QJLJQROL

_ LQVWLWXFLRQDO

'HVGH HO &ROHJLR GH ,QJHQLH URV (VSHFLDOLVWDV GH 6DQWD )H HQ FRQMXQWR FRQ OD 6HFUHWDULD GH 5HOD FLRQHV ,QVWLWXFLRQDOHV GH OD )DFXO WDG 5HJLRQDO 6DQWD )H GH OD 871 VXUJH OD LGHD GH JHQHUDU XQ HVSDFLR GH MyYHQHV SURIHVLRQD OHV HVSHFLDOLVWDV (O SULQFLSDO RE MHWLYR GHO HVSDFLR HV TXH VLUYD FRPR iPELWR GH HQFXHQWUR H LQWHUFDPELR GH LGHDV GRQGH VH SXHGDQ FRP SDUWLU LQLFLDWLYDV H LQTXLHWXGHV FRQ XQD SDUWLFLSDFLyQ PiV DFWL YD GH ORV PLHPEURV (O &,( -RYHQ EXVFD DSRUWDU H LPSXOVDU LQLFLDWLYDV TXH DFHUTXHQ D~Q PiV DO &ROHJLR D VXV PDWULFX ODGRV \ SURSLFLDU OD LQFRUSRUDFLyQ GH QXHYRV PLHPEURV HQ iUHDV GH WUDEDMR TXH SXHGH VHU 'HSRUWHV 6DOXG eWLFD 3URIHVLRQDO 5HVSRQVD ELOLGDG 6RFLDO &LHQFLD \ 7HFQRORJtD &RQIRUPDFLyQ GH UHGHV &RPSUR PLVR &LXGDGDQR HQWUH RWUDV LGHDV $ FRQWLQXDFLyQ VH HQXPHUDQ DO JXQDV LQLFLDWLYDV TXH EXVFDQ UHD OL]DUVH GHVGH HO &,( -RYHQ Â&#x2021; $FWLYLGDGHV GHSRUWLYDV \ FXOWX UDOHV Â&#x2021; &KDUODV WpFQLFDV \ HQFXHQWUR GH 'HEDWHV VREUH SUREOHPiWLFDV R SUR \HFWRV GH DFWXDOLGDG FRQ DOWR LPSDF WR VRFLDO \ R FLXGDGDQR Â&#x2021; 5HXQLRQHV VRFLDOHV HQWUH ORV HV SHFLDOLVWDV SDUD OD FRQIRUPDFLyQ GH XQD UHG GH UHGHV


iUHDVLVWHPDV

$&7$ '( &2167,78&,Ð1 68%&20,6,Ð1 '( 6,67(0$6 &,2V /,725$/ )HFKD GH LQLFLR )HFKD GH SULPHUD UHXQLyQ D ODV KV )UHFXHQFLD GH UHXQLRQHV SULPHU GtD PDUWHV GH FDGD PHV D ODV KV D SDUWLU HO PHV GH PDU]R 3UHVLGHQWH ,QJ 'DQLHO $ 0DLQD 6HFUHWDULR ,QJ 2VFDU )LQRFKLHWWL 7HVRUHUR ,QJ 6HUJLR * 2UVL ( PDLO GH FRQWDFWR FLRVOLWRUDO#HVSHFLDOLVWDV RUJ DU

3URPRYHU IRPHQWDU PHMRUDU \ GHVDUUROODU WRGDV ODV DFWLYLGDGHV UHOD FLRQDGDV FRQ OD ODERU GH ORV UHVSRQVDEOHV GH iUHDV GH 6LVWHPDV GH LQV WLWXFLRQHV SULYDGDV \ S~EOLFDV )RPHQWDU HO LQWHUFDPELR GH YLVLRQHV GH QHJRFLR \ HVWUDWHJLDV WHFQROy JLFDV FRQ &(2V GH ODV FRPSDxtDV 5HDOL]DU DFWLYLGDGHV GH FDSDFLWDFLyQ WUDQVIHUHQFLD H LQWHUFDPELR GH H[SHULHQFLD PXWXD HQ GLVFLSOLQDV FRPR JHVWLyQ DGPLQLVWUDFLyQ GH SUR \HFWRV JHVWLyQ GH 55++ DSOLFDFLyQ GH HVWiQGDUHV \ PHMRUHV SUiFWLFDV GH OD LQGXVWULD LQWHUSUHWDFLyQ \ DSOLFDFLyQ GH OHJLVODFLRQHV \ UHJXODFLR QHV JHVWLyQ GH ODV UHODFLRQHV FRQ FOLHQWHV ,QWHUQRV \ H[WHUQRV (VWDEOHFHU UHODFLRQHV H LQWHUFDPELR FXOWXUDO \ SUDJPiWLFR FRQ HVWDEOH FLPLHQWRV HGXFDWLYRV FRPR DVt WDPELpQ RUJDQLVPRV LQWHUPHGLRV \ GH FRQGXFFLyQ PXQLFLSDO SURYLQFLDO \ QDFLRQDO (QWUH ODV DFWLYLGDGHV GH OD FRPLVLyQ XQD GH ODV PiV LPSRUWDQ WHV VRQ ORV HYHQWRV SUHVHQFLDOHV GRQGH QRV HQFRQWUDPRV SDUD WUDWDU WHPiWLFDV GH LQWHUpV D SDUWLU GH OD H[SRVLFLyQ GH HPSUH VDV GH SULPHU QLYHO PXQGLDO R H[SHUWRV HQ DOJXQD PDWHULD SUH VHQWDU FDVRV WHVWLJRV \ GHEDWLU HQWRUQR D HOOR D SDUWLU GH QXHV WUDV YLYHQFLDV

´

(QWUH ODV DFWLYLGDGHV GHO JUXSR XQD GH ODV PiV LPSRUWDQWHV VRQ ORV HYHQWRV SUHVHQFLDOHV GRQGH QRV HQFRQWUDPRV SDUD WUDWDU WHPiWLFDV GH LQWHUpV D SDUWLU GH OD H[SRVLFLyQ GH HPSUHVDV GH SULPHU QLYHO PXQGLDO R H[SHUWRV HQ DOJXQD PDWHULD

´

_ 5(9,67$ &,( _ 129,(0%5(

&,2V /LWRUDO HV OD FRPLVLyQ GH ORV UHVSRQVDEOHV GH ODV iUHDV GH VLVWHPDV GH RUJDQL]DFLRQHV S~EOLFDV \ SULYDGDV GHO OLWRUDO TXH WLHQH SRU REMHWLYR EULQGDU XQ iPELWR DGHFXDGR GH FRRSHUDFLyQ PXWXD SDUD HQIUHQWDU ORV GHVDItRV TXH OD FRQWLQXD HYROXFLyQ GH QXHVWUD DFWLYLGDG QRV SUHVHQWD 3DUD FXPSOLU FRQ QXHVWUR SURSyVLWR SHUVHJXLPRV ORV VLJXLHQWHV RE MHWLYRV


Turn static files into dynamic content formats.

Create a flipbook
Revista 20 Aniversario CIE by Colegio Ingenieros Especialistas de la Provincia de Santa Fe Distrito 1 - Issuu